Sanlam Universal Funds plc

SANLAM UNIVERSAL FUNDS PLC

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SANLAM UNIVERSAL FUNDS PLC Unaudited condensed interim financial statements for the six months ended 30 June 2014


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UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2014 Contents Page(s) Company information 3 - 7 Directors’ report 8 - 13 Economic & market review 14 - 18 Investment Managers’ reports 19 - 55 Statement of comprehensive income

of the Company 56 of the Funds 57 - 68

Statement of financial position


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


Statement of cash flows


Portfolio of investments 109 - 264

Centre Global Equity Fund 109 - 113 Grindrod International Property Fund 114 - 115 P-Solve Inflation Plus Fund 116 - 117 Sanlam African Frontier Markets Fund 118 - 119 Sanlam Global Best Ideas Fund 120 - 122 Sanlam Global Bond Fund 123 - 137 Sanlam Global Financial Fund 138 - 140 Sanlam Global Property Fund 141 - 146 Sanlam Strategic Cash Fund 147 - 148 Sanlam World Equity Fund 149 - 169 Sanlam World Equity Tracker Fund 170 - 189 SIIP India Opportunities Fund 190 - 191 SIM Global Equity Income Fund 192 - 193 SPI Strategic Investment Grade Bond Fund 194 - 196 Sanlam Fund of Alternative UCITS Fund 197 Sanlam Accel Income Fund 198 - 199 Sanlam North America Equity Tracker Fund 200 - 212


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UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2014 Contents (continued) Page(s) Portfolio of investments (continued)

Sanlam UK Equity Tracker Fund 213 - 215 Sanlam Europe (ex UK) Equity Tracker Fund 216 - 223 Sanlam Equity Allocation Fund 224 - 229 Sanlam Emerging Market Equity Tracker Fund 230 - 246 Sanlam P2strategies Global Fund 246 - 248 Sanlam P2strategies UK Fund 248 - 250 Sanlam P2strategies North America Fund 250 - 252 Sanlam P2strategies Emerging Market Fund 252 - 253 Sanlam P2strategies Europe (ex UK) Fund 254 - 255 Sanlam S&P Africa Tracker Fund 256 - 259 FOUR European L/S Fund 260 - 262 SPI Global High Quality Fund 263 - 264

Notes to the unaudited condensed interim financial statements 265 - 368 Purchases and Sales for the period ended 30 June 2014 369 - 399


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COMPANY INFORMATION

Directors of Sanlam Ùniversal Peter Murray – Irish

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Funds Plc (the “Company”) Paul Dobbyn – Irish1

Anton Gildenhuys – South African Thomas Murray – Irish

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All Directors are non-executive

Registered number 267451 Funds of the Company 8IP Asia Equity Opportunities Fund

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8IP Asia Pacific Equity Fund3

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 Tracker Fund Sanlam Equity Allocation Fund Sanlam Emerging Market Equity Tracker Fund

Sanlam P2strategies Global Fund Sanlam P2strategies UK Fund Sanlam P2strategies North America Fund Sanlam P2strategies Emerging Market Fund Sanlam P2strategies Europe (ex UK) Fund Sanlam S&P Africa Tracker Fund FOUR European L/S Fund

SPI Global High Quality 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 1 Peter Murray and Paul Dobbyn are considered independent Directors by the Irish Stock Exchange only

2Thomas Murray is considered an independent Director by the Irish Stock Exchange and in line with the Corporate Governance

Code that was adopted by the Company with effect from 19 December 2012. 3 8IP Asia Equity Opportunities Fund and 8IP Asia Pacific Equity Fund closed during the period ended 30 June 2014. As at 31

January 2014, the Investment Manager, Eight Investment Partners (Pty) Limited, was replaced as Investment Manager by Sanlam International Investments Limited to manage the closure of the Funds.The final redemption date for the Funds was 20 March 2014.


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COMPANY INFORMATION (CONTINUED)

Administrator Sanlam Asset Management (Ireland) Limited Beech House Beech Hill Road Dublin 4 Ireland

Registrar & Transfer Agent4 J.P. Morgan Administration Services (Ireland) Limited

JPMorgan House IFSC Dublin 1 Ireland

Investment manager5 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, Sanlam Strategic Cash Sevenoaks Fund and SPI Global High Quality 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 manager – P-Solve P-Solve Investments Limited Inflation Plus Fund 11 Strand London WC2N 5HR United Kingdom Investment manager – Sanlam BlackRock Investment Management UK Limited Global Bond Fund 33 King William Street London EC4R 9AS United Kingdom 4 With effect from 1 September 2014, Brown Brothers Harriman Fund Administration (Ireland) Limited is replacing J.P. Morgan

Administration Services (Ireland) Limited as the appointed Registrar & Transfer Agent. 5 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 America Equity Tracker Fund, Sanlam UK Equity Tracker Fund, Sanlam Europe (ex UK) Equity Tracker Fund, Sanlam Emerging Market Equity Tracker Fund, Sanlam S&P Africa Tracker Fund and SIM Global Equity Income Fund are managed by Sanlam Investment Management (Pty) Limited.


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COMPANY INFORMATION (CONTINUED) 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 1 Ely Place London EC1N 6RY 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 1 Ely Place Accel Income Fund London EC1N 6RY United Kingdom Investment manager - Sanlam Equity FOUR Capital Partners Limited Allocation Fund and FOUR European 1 Ely Place L/S Fund London EC1N 6RY United Kingdom Investment managers – Sanlam International Investments Limited Sanlam P2strategies UK Fund 1 Ely Place Sanlam P2strategies Europe (ex UK) Fund London Sanlam P2strategies Emerging Market Fund EC1N 6RY Sanlam P2strategies North America Fund United Kingdom Sanlam P2strategies Global Fund

Milliman Financial Strategies Ltd 11 Old Jewry London EC2R 8DU

United Kingdom


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COMPANY INFORMATION (CONTINUED) Investment allocation manager

6 Sanlam International Investments Limited

1 Ely Place London EC1N 6RY United Kingdom

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

State Street Bank Europe Limited 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 1 Ely Place London EC1N 6RY United Kingdom

Custodian7 Northern Trust Fiduciary Services (Ireland) Limited

George's Court 54-62 Townsend Street Dublin 2 Ireland

Sub-custodian7 J.P. Morgan Bank (Ireland) plc

J.P. Morgan House IFSC Dublin 1 Ireland

Sponsoring broker Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland

Auditor8 Ernst & Young

Harcourt Centre Harcourt Street Dublin 2 Ireland

6 Sanlam International Investments Limited is the investment allocation manager to 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, Sanlam S&P Africa Tracker Fund and Sanlam Equity Allocation Fund. 7

With effect from 1 September 2014, Brown Brothers Harriman Trustee Services (Ireland) Limited is replacing Northern Trust

Fiduciary Services (Ireland) Limited as Custodian to the Company. This will include the removal of J.P. Morgan Bank (Ireland) Limited as current Sub-Custodian with all global custody services provided by Brown Brothers Harriman Trustee Services (Ireland) Limited. 8

The auditor has not expressed an opinion nor have they reviewed the unaudited condensed interim financial statements for the six

months ended 30 June 2014.


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COMPANY INFORMATION (CONTINUED) Legal adviser Maples and Calder 75 St. Stephens Green Dublin 2 Ireland Stock lending agent

9 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

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 9 With effect from 1 September 2014, and subject to the approval of the Central Bank of Ireland, the Manager will replace J.P.

Morgan Chase Bank (London Branch) as Stock lending agent.


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DIRECTOR’S REPORT

The Directors of Sanlam Universal Funds plc (the “Company”) present herewith the unaudited

condensed interim financial statements for the period ended 30 June 2014.

RESULTS AND BUSINESS ACTIVITIES

Detailed investment reviews are included in the Investment Managers’ Report on pages 19 to 55. The

results of operations are set out in the Statement of Comprehensive Income on pages 56 to 68.

The Directors also draw your attention to the significant events during the year disclosed in Note 14 on

page 368.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is exposed to the risks associated with the financial instruments and markets in which

they invest. There has been no significant change to the principal risks and uncertainties to which the

Company is exposed since the most recent annual financial statements of the Company. A further

comprehensive summary of the risk factors that investors should consider is included in the prospectus

of the Company and the offering supplement of each Fund.

DIVIDENDS

The present intention of the Directors is to distribute sufficient surplus net income of specific share

classes, currently:

Fund Name Classes

Distribution

Frequency

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

Sanlam Global Best Ideas Fund A GBP / C GBP Annual

Sanlam Global Financial Fund A GBP / C GBP Annual

Sanlam African Frontier Market Fund A GBP / C GBP Annual

SIIP India Opportunities Fund A GBP Annual

SIM Global Equity Income Fund A USD / C USD / I USD Semi-Annual

Sanlam Fund of Alternative UCITS A GBP Annual

Sanlam World Equity Tracker Fund I GBP Annual

Sanlam Europe excluding UK Equity Tracker Fund I GBP Annual

Sanlam Emerging Market Equity Tracker Fund I GBP / J GBP Annual

Sanlam UK Equity Tracker Fund I GBP Annual

Sanlam North America Equity Tracker Fund I GBP Annual

Sanlam P2strategies Emerging Market Fund A GBP / I GBP Annual

Sanlam P2strategies Europe excluding UK Fund A GBP / I GBP Annual

Sanlam P2strategies Global Fund A GBP / I GBP Annual

Sanlam P2strategies North America Fund A GBP / I GBP Annual

Sanlam P2strategies UK Fund I GBP / A GBP Annual

SPI Strategic Investment Grade Bond Fund A Income (GBP) / P Income (GBP) /

I Income (GBP)

Monthly

Sanlam Accel Income Fund Class A Income Monthly

SPI Global High Quality Fund C Income (GBP) / D Income (USD) /

E Income (USD)

Semi-Annual


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DIRECTOR’S REPORT (CONTINUED)

DIVIDENDS (CONTINUED)

The dividends (if any) will be declared and paid in May for the year ended 31 December in each calendar

year for those share classes that distribute annually. For those share classes that distribute semi-

annually, the dividends (if any) will be declared and paid in or around May and November of each year.

The Sanlam Accel Income Fund and SPI Strategic Investment Grade Bon Fund will distribute on a

monthly basis, subject to the discretion of the Directors.

Payment will be made in cash unless the payment is for an amount less than USD100, EUR100 or

GBP100 (depending on the functional currency of each Fund) in which case such payment will be

automatically reinvested in the purchase of shares of the relevant class, for the account of the relevant

shareholder.

The Directors reserve the right to change the dividend policy of the Fund to reflect changes that may

occur from time to time in the requirements for qualifying as a reporting Fund for the purposes of United

Kingdom taxation.

With reference to the Statement of Comprehensive Income on pages 56 to 68, Shareholders should note

that surplus net income for the year ended was distributed during the course of 2014. Grindrod

International Property Fund distributed USD Nil (2013: USD 664), PSolve Inflation Plus Fund distributed

GBP 611,379 (2013: GBP 1,136,554), Sanlam African Frontier Markets Fund distributed USD 3,119

(2013: USD 6,512), Sanlam Global Best Ideas Fund distributed USD 4,246 (2013: USD 5,295), Sanlam

Global Financial Fund USD 35,152 (2013: USD Nil), Sanlam World Equity Tracker Fund USD 111 (2013:

USD Nil), SIM Global Equity Income Fund distributed USD 358,553 (2013: USD 194,293), SPI Strategic

Investment Grade Bond Fund distributed GBP 1,474,668 (2013: GBP 1,493,528), Sanlam Accel Income

Fund distributed GBP 365,183 (2013: GBP Nil), Sanlam North America Equity Tracker USD 1,159 (2013:

USD Nil) and Sanlam UK Equity Tracker Fund GBP 5,487 (2013: USD Nil).

DIRECTORS

The Directors of the Company during the year are as follows:

Peter Murray (Irish) Paul Dobbyn (Irish) Anton Gildenhuys (South African) Thomas Murray (Irish)

Peter Murray is also a Director of Sanlam Asset Management (Ireland) Ltd (SAMI), Sanlam Global Funds

Plc, Sanlam Qualifying Investors Funds Plc, Blue Ink Global Circa Fund Plc (In liquidation), Sanlam

Global Fund of Hedge Fund Plc (formerly Blue Ink global Diversified Fund), Blue Ink Global Medium Hub

Fund Plc (In liquidation), Gensec Ireland Limited and Sanlam Ireland Limited.

Paul Dobbyn is also a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc, Blue

Ink Global Circa Fund Plc (In liquidation), Sanlam Global Fund of Hedge Fund Plc (formerly Blue Ink

global Diversified Fund) and Blue Ink Global Medium Hub Fund Plc (In liquidation). Paul Dobbyn is also

a Partner in Maples and Calder.

Anton Gildenhuys is also a Director of Sanlam Global Funds Plc, Sanlam Qualifying Funds Plc, Blue Ink

Global Circa Fund Plc (In liquidation), Sanlam Global Fund of Hedge Fund Plc (formerly Blue Ink global

Diversified Fund), Blue Ink Global Medium Hub Fund Plc (In liquidation), Sanlam Financial Services UK

Ltd, Sanlam Life and Pensions UK Ltd, Sanlam Developing Markets Ltd, Channel Life Limited, Eternity

Private Health Fund Administrators (Pty) Ltd, Active Health Fund Administrators (Pty) Ltd, Eternity

Healthcare (Pty) Ltd, Sanlam Healthcare Management and Glacier Financial Holdings (Pty) Ltd.


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DIRECTOR’S REPORT (CONTINUED) DIRECTORS (CONTINUED)

Thomas Murray is also a director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc,

Blue Ink Global Circa Fund Plc (In liquidation) and Sanlam Global Fund of Hedge Fund Plc (formerly

Blue Ink Global Diversified Fund Plc).

DIRECTOR’S AND SECRETARY’S INTEREST IN SHARES AND CONTRACTS

At 30 June 2014, Anton Guildenhuys, a Director of the Company, holds holds non-participating shares in

Sanlam Global Best Ideas Fund (Class C USD - 33,614.48 units), Sanlam Global Financial Fund (Class

C USD – 93,567.14 units), SIM Global Equity Income Fund (Class C – 94,948.73 units) and Sanlam

World Equity Tracker Fund (Class A (formerly class C) – 46,574.94 units).

None of the other Directors had no interest in the shares of the Company or Funds at that date or at any

time during the financial period. None of the Directors has a service contract with the Company.

The Manager holds non-participating shares of the Company as explained in the notes to the unaudited

condensed interim financial statements.

RELATED PARTIES

Disclosures in respect of related parties are contained in note 7 to the unaudited condensed interim

financial statements.

CONNECTED PARTIES

The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to

ensure that the obligations set out in paragraph 1 of UCITS Notice 14 are applied to all transactions with

connected parties; and the Directors are satisfied that transactions with connected parties entered into

during the period complied with the obligations set out in paragraph 1 of UCITS Notice 14.

BOOKS OF ACCOUNT

The measures taken by the Directors to ensure compliance with the Company’s obligation to keep

proper books of account are the use of appropriate systems and procedures which are carefully

implemented by the Administrator, Sanlam Asset Management (Ireland) Ltd (“SAMI”). The books of

account are kept at Beech House, Beech Hill Road, Dublin 4, Ireland. SUBSEQUENT EVENTS

Other than as disclosed in note 16, up to the date of the approval of these unaudited condensed interim

financial statements there were no events subsequent to the period end, which, in the opinion of the

Directors of the Company, may have had an impact on the financial statements for the period ended 30

June 2014.

STATEMENT OF DIRECTOR’S RESPONSIBILITIES

Irish Company law requires the Directors to prepare financial statements for each financial period which

give a true and fair view of the state of affairs of the Company and of the results of the Company for that

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


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DIRECTOR’S REPORT (CONTINUED) STATEMENT OF DIRECTOR’S RESPONSIBILITIES (CONTINUED)

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

follow applicable accounting standards or disclose or explain material departures from them in the financial statements;

provide a fair review of the development and performance of the Company and its subsidiaries;

give a description of principal risks and uncertainties that they face; and

prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping proper books of account which disclose with reasonable

accuracy, at any time, the financial position of the Company and to enable them to ensure that the

financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”)

as adopted by the EU and comply with the Irish Companies Acts, 1963 to 2013 and the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the

“UCITS Regulations”). They are also responsible for safeguarding the assets of the Company and in

fulfilment of this responsibility, they have entrusted the assets of the Company to the Custodian for

safekeeping, in accordance with the Memorandum and Articles of Association of the Company. The

Directors are responsible for taking reasonable steps for the prevention and detection of fraud and other

irregularities. CORPORATE GOVERNANCE CODE

The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I.83 of 2010) (the

“Regulations”) requires the inclusion of a corporate governance statement in the Director’s Report.

Although there is no specific statutory corporate governance code applicable to Irish collective investment

schemes whose shares are admitted to trading on the Irish Stock Exchange (ISE), the Irish Funds Industry

Association (“IFIA”) has published a corporate governance code (“IFIA Code”) that may be adopted on a

voluntary basis by Irish authorised collective investments schemes. This code became effective from 1

January 2012, with a twelve month transitional period. It should be noted that the IFIA Code reflects

existing corporate governance practices imposed on Irish authorised collective investment schemes, as

noted above.

On 19 December 2012 the Board of Directors voluntarily adopted the IFIA Code as the Company’s

corporate governance code. The Board of Directors has assessed the measures included in the IFIA

Code as being consistent with its corporate governance practices and procedures for the financial year.

The code is available at www.sanlam.ie.

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

i) The Irish Companies Act 1963 to 2013 which are available for inspection at the registered office of the company, and may also be obtained at www.irishstatutebook.ie/home.html

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

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

http://www.sanlam.ie/

http://www.irishstatutebook.ie/home.html

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


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CORPORATE GOVERNANCE CODE (CONTINUED)

iv) The Irish Stock Exchange (“ISE”) through the ISE Code of Listing Requirements and Procedures

which can be obtained from the ISE’s website at http://www.ise.ie/Investment-Funds/Listing_Rules_Publications_/Listing_Rules_Publications.html

v) SAMI’s Business Plan and Code of Conduct, which is available for inspection at the registered office of SAMI at Beech House, Beech Hill Road, Dublin 4, Ireland

vi) SAMI is also subject to the Corporate Governance Code of the Sanlam Group.

The Board of Directors is responsible for establishing and maintaining internal control and risk

management systems of the company in relation to the financial reporting process. Such systems are

designed to manage rather than eliminate the risk of error or fraud in achieving the company’s financial

reporting objectives and can only provide reasonable and not absolute assurance against material

misstatement and loss. The Board of Directors has delegated this duty to SAMI.

SAMI is appointed as Administrator to maintain the books and records of the Company. SAMI is

authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the

Central Bank of Ireland. SAMI also monitors and evaluates the external auditor’s performance,

qualifications and independence.

The Company has procedures in place to ensure all relevant books of accounts are properly maintained

and are readily available, including production of annual and half-yearly financial statements. The annual

financial statements of the Company are required to be approved by the Board of Directors of the

Company and the annual and half yearly financial statements are required to be filed with the Central

Bank of Ireland and the ISE.

The statutory financial statements are required to be audited by the independent auditors who report

annually to the Board on their findings.

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

Shareholder meeting

The convening and conduct of shareholders meetings are governed by the Articles of Association of the

Company and the Companies Acts. Although the Directors may convene an extraordinary general

meeting of the Company at any time, the Directors of the Company are required to convene a general

meeting within eighteen months of incorporation and fifteen months of the previous annual general

meeting thereafter. Shareholders representing not less than one-tenth of the paid up share capital of the

Company may also request to convene a shareholders meeting. Not less than twenty one days notice of

every annual general meeting and any meeting for the passing of a special resolution must be given to

shareholders and fourteen days’ notice must be given in the case of any other general meeting unless the

auditors of the Company and all the shareholders entitled to attend and vote agree to shorter notice.

Two members present either in person or by proxy constitutes a quorum at a general meeting provided

that the quorum for a general meeting convened to consider any alteration to the class rights of shares is

two shareholders holding or representing by proxy at least one third of the issued shares of the relevant

Funds or class.

Every holder of participating shares or non-participating shares present in person or by proxy who votes

on a show of hands is entitled to one vote. On a poll, every holder of participating shares present in

person or by proxy is entitled to one vote in respect of each share held by him and every holder of non-

participating shares is entitled to one vote in respect of all non-participating shares held by him.The

Chairman of a general meeting of the Company, or at least two members present in person or by proxy, or

any holder or holders of participating shares present in person or by proxy representing at least one-tenth

of the shares in issue having the right to vote at such meeting, may demand a poll.

http://www.ise.ie/Investment-Funds/Listing_Rules_Publications_/Listing_Rules_Publications.html

http://www.ise.ie/Investment-Funds/Listing_Rules_Publications_/Listing_Rules_Publications.html


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CORPORATE GOVERNANCE CODE (CONTINUED)

Shareholder meeting (continued)

Shareholders may decide to sanction an ordinary resolution or special resolution at a shareholder’s

meeting. An ordinary resolution of the Company (or of the shareholders of a particular Funds or class)

requires a simple majority vote cast by the shareholders voting in person or by proxy at the meeting at

which the resolution is proposed. A special resolution of the Company (or of the shareholders of a

particular Fund or class ) requires a majority vote of not less than 75% of the shareholders present in

person or by proxy and voting in general meeting in order to pass a special resolution including a

resolution to amend the Articles of Association.

Composition and Operation of the Board

Unless otherwise determined by an ordinary resolution of the Company in a general meeting, the number

of Directors may not be less than two. Currently the Board of Directors of the Company is composed of

four Non-Executive Directors, being those listed on page 1 of these financial statements with Peter

Murray, Thomas Murray and Paul Dobbyn being Irish residents. None of the Company’s Directors hold

directorships with the Custodian.

The business of the Company is managed by the Directors, unless the Companies Acts or the Articles of Association requires to be exercised by the Company in a general meeting.

A Director may, and the Company Secretary of the Company on the requisition of a Director will, at any

time summon a meeting of Directors. Questions arising at any meeting of Directors are determined by a

majority of votes. In the case of quality of votes, the Chairman has a second or casting vote. The quorum

necessary for the transaction of business at a meeting of the Directors is two.

All key management functions of the Company have been delegated to SAMI. SAMI will manage these in

terms of their business plan. SAMI is approved by Central Bank of Ireland, and is authorised as a UCITS

IV Management Company.

Approved by the Board of Directors on 20 August 2014.


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ECONOMIC & MARKET REVIEW

for the six months ended 30 June 2014

Economic Review Global real GDP growth recorded one of the weakest growth rates of the current expansion in 1Q14. A primary source of the slowdown was US real GDP growth, which fell 2.9 per cent annualised, while growth in emerging markets (EM) has disappointed.

Amongst the latter, real economic activity has been constrained by modest external demand, slow productivity growth, weaker corporate profits and a credit overhang. Some countries are also plagued by relatively high inflation levels, while commodity producers have experienced a decline in their terms of trade.

EM credit extension growth has been excessive in some countries during the post-recession recovery. China has been a focal point notably due to uncertainty surrounding its shadow banking system. Authorities have implemented measures to constrain the pace of expansion in credit. But, whereas the advance in shadow bank lending has slowed, it remains robust. Accordingly, the share of China’s social financing (a broad measure of credit extension) in GDP, currently close to 200 per cent of GDP, continues to increase.

Elsewhere, Japan’s economy experienced a sharp contraction in the second quarter, following the implementation of its VAT rate hike in April 2014; while positive, but soft growth in Europe serves as a reminder that potential real GDP growth around the world is slower in the post-recession period, given the debt overhang, deleveraging and increased regulatory constraints on the financial sector.

However, the weak first quarter US GDP print partly reflected poor weather conditions and available data suggests an improvement in real economic activity from 2Q14. Non-farm payrolls data was relatively firm in the second quarter and the US unemployment rate has continued to decline.

Further, after weakening the wake of last year’s back-up in mortgage rates, US home sales data has picked-up of late. A decline in housing inventory in recent years has also helped support house prices. The annual advance in house prices has slowed over the past year, but remains in positive territory.

In addition, on credit extension, the US Federal Reserve’s quantitative easing programme largely achieved what it was designed to do as the “Great Recession” unfolded – that is to stabilise the financial system, lower credit spreads and boost asset prices, which in turn were expected to support credit extension and, hence, domestic demand. Admittedly, the private sector has been deleveraging in subsequent years and private sector credit extension is not booming. Nonetheless, US commercial bank loan growth is in positive territory.

Moreover, an improvement has been recorded in the global PMI manufacturing index in the second quarter, following its dip early in 2014. The buoyant index is consistent with relatively firm global industrial production growth.

The nascent improvement in China’s manufacturing PMI data in 2Q14 is encouraging. Despite the weakness in China’s real estate sector real GDP growth firmed in the second quarter, increasing 7.5% year-on-year, supported by retail spending, firmer exports and government stimulus measures.

Meanwhile, global consumer price inflation has lifted in recent months, notably in developed economies (DM). The latter, to a significant extent reflects Japan’s VAT rate hike. But, US core consumer price inflation has drifted higher. In addition, although US wage growth is modest, the US jobs market, which has perked up of late, bears close monitoring. Inflation does, nonetheless, remain low in the Euro area, where the HICP overall index advanced just 0.5 per cent in the year to May 2014. In response, the European Central Bank (ECB) announced a monetary policy stimulus package early in June 2014. The package included additional decreases in the Bank’s key policy rates, the announcement of a large targeted longer-term refinancing operation programme (TLTRO) and “preparatory work” related to outright purchases of asset-backed securities. The reduction in policy rates included a cut of 10bp in the Bank’s deposit rate applicable to reserve holdings in excess of the minimum reserve requirement, which left the deposit rate at -0.10%.


15

ECONOMIC & MARKET REVIEW (CONTINUED)

for the six months ended 30 June 2014 Economic Review (continued) In contrast, the US Federal Open Market Committee (FOMC) continues to scale back its quantitative easing programme and announced a further decrease in the pace of its asset purchases in June. As from July, the Committee will purchase US$15 billion of agency mortgage-backed securities per month (compared with US$20 billion per month previously) and will increase its longer-term Treasury securities holdings by US$20 billion per month (compared with US$25 billion per month previously). Elsewhere, the increase in asset prices has created some angst, including house prices in the UK. To date, the Bank of England (BOE) has focused on macro-prudential measures (more stringent rules for mortgage lending) to address the inherent risk in the housing market. Economic Outlook The increase in real economic activity in the US and the rebound in Japan’s economy following its second quarter slump should lift global growth in the second half of 2014 – especially if China’s economy continues to hold up. Better demand conditions amongst the DM countries should also benefit EM exporters. This view is supported by the buoyant global manufacturing PMI data, especially the significant improvement in the new orders series. A notable exception is Europe where the industrial production and manufacturing PMI data deteriorated late in the second quarter. On balance, although global growth is expected to firm it is expected to remain moderate for the foreseeable future, which poses challenges in economies plagued by high debt levels. The IMF (Fiscal Monitor, April 2014) expects the average gross debt ratio in DM to stabilize at 107 per cent of GDP in 2014, but this may prove difficult to achieve if growth in nominal income is weaker than expected. In Europe, in particular, the risks implied by unhealthy banks and the debt overhang of corporations and governments continue to lurk in the background. Amongst EM, China’s high level of social financing bears monitoring, considering the implied risk to China’s economy and financial system - especially if the nascent downturn in the housing market intensifies markedly. At least, shadow banking activity is relatively limited compared with the size of China’s total financial system. Loan to deposit ratios are also below 100. Further, China’s credit boom in recent years has been supported by domestic rather than foreign funding. Moreover, there is a high level of state ownership of the bank system, while the government has material resources at its disposal, including a high level of foreign exchange reserves. This suggests the country should, hopefully, be able to manage the situation without losing control. Geo-political risk has also escalated. Events in Syria and Iraq, for example, coincided with an increase in oil prices late in the second quarter of 2014. Oil prices declined early in the third quarter, but, arguably, any renewed spike would be more damaging for the growth outlook than inflation, given the implied deterioration in the terms of trade of DM. In tandem, modest growth and relatively well contained consumer price inflation have encouraged DM central banks to maintain accommodative monetary policies. That said although lower global grain prices are helpful for the inflation outlook, it appears as though the post-recession period of global disinflation has drawn to a close. Also, unemployment rates in the US and the UK have declined faster than central bank projections. While the inflation outlook remains relatively favourable in the UK, the economy has been relatively buoyant and it appears as though the BOE may increase its policy rate by late 2014 or early 2015. Attention is likely to increasingly shift towards the pace and timing of probable hikes by the US Federal Reserve. Given current projections for unemployment and inflation the US monetary authorities are not expected to increase the US policy rate before mid-2015. However, any upside surprise in real economic activity and/or inflation in that prompts earlier and/or more aggressive US policy rate increases than currently expected holds potential market and liquidity risk for EM.


16


for the six months ended 30 June 2014 Market Review

Unlike the beginning of recent previous years, 2014 commenced with a genuine fundamentally based

optimism. This was perhaps best seen by the equity market rally of 2013 which formed high expectations

for what 2014 would bring. Investors perceived a continuing improvement in the global economic

environment, and further recovery from the global financial crisis. An expectation of a return to a normal

economic environment existed and additionally that in certain parts of the world that the threat of deflation

had been virtually eliminated – the euro-zone and Japan being two notable exceptions to this.

Now roughly half-way through 2014, it is clear that while there is cause for optimism many challenges still

remain. The weak US GDP growth for the first quarter of 2014, was put mainly down to the exceptionally

harsh North American winter, and it has not been till the better than expected rebound in US GDP growth

for the second quarter of 2014, that investors have been able to say for certain that the first quarter was a

weather induced economic blip. Elsewhere China has continued to come under pressure from investors

for its ability to deliver economic growth in line with expectations, although for now it is broadly meeting

those targets. In the long-run however, most investors are cognisant that China’s growth will slow over the

coming years if only because the absolute size of the economy becomes ever larger.

The first half of 2014 has also seen geo-political events leading to rising concerns about their potential

economic consequences. For the first quarter, the events in the Ukraine and Crimea are most notable,

and these have continued to remain as potential genuine threats to the global economy. The economic

cause of this now links to sanctions on Russia, which are gradually being increased, and the possibility of

Russian retaliation in other economic ways. Fortunately, the likelihood of a breakout in open warfare does

not suit either side and that remains a distant scenario. During the second quarter the emergence of ISIS

(The Islamic State in Iraq and the Levant) in Iraq and neighbouring countries caused fresh geo-political

worries, and there is a more obvious potential threat to global growth with concerns about Iraq’s oil

production, and the subsequent knock-on effect to the oil price. Equity Market Review

Despite the challenges to markets 2014 has seen solid positive performance for equity markets during the

first half of 2014. For the first six-months of the year equity markets, as measured by the MSCI World

Index, delivered a return of 6.18%1. While this was not a continuation of the rate of progress in 2014, this

more modest gain is much healthier for markets in the long-term. Markets made progress in both the first

and second quarters of 2014, with rises of 1.26% and 4.86% respectively. The first quarter started poorly

with January seeing rotation and profit taking from 2013, and so equity markets declined by almost -4%.

However, February saw a strong rebound with markets rising just over 5%, while March overall was a

relatively flat absolute month.

On the surface for the second quarter appeared much more positive, and while markets made consistent

gains in all three months of 1.02%, 1.97% and 1.79% for April, May and June respectively, there were

ongoing challenges for markets during the second quarter. There was a significant degree of sustained

market rotation during the quarter and this made the environment difficult for active investment managers

whose positioning was generally not best suited to the market’s change in direction. That said it is clear

that the equity market continues to remain optimistic. Investors are still waiting for more solid corporate

earnings growth, which thus far has been mixed, and not as widespread as the expectations which built

up 2013 would demand, and so valuations in certain regions now look to be on the expensive side of fair

value.


17


for the six months ended 30 June 2014 Equity Market Review (continued)

At a regional level the developed world made sound progress. Despite the economic challenges in North

America over the winter, the North America region has risen 7.17% in 2014 so far, though the

overwhelming majority of this arose in the second quarter, but positive progress was still achieved in the

first quarter. The Pacific excluding Japan region was the only major developed region to out-perform North

America so far in 2014, with a gain of 7.40%. This rise was more evenly spread across the first two

quarters of 2014. Europe also posted fairly consistent positive returns in both quarters and gained 5.48%,

which means it is lagging the overall global market in 2014 to this point. The sharp contrast was Japan

however, which managed to post a gain of only 0.68% for the first-half of 2014. This masks the -5.61%

decline in the first quarter and the 6.66% rise in the second quarter – an example of the rotation seen in

the second quarter of 2014.

On a sector basis all sectors achieved positive returns over the first half of 2014. Additionally, they all rose

during the second quarter, and it was only in the first quarter that there were some modest declines in

Consumer Discretionary, Industrials and Telecommunication Services. The strongest sector in 2014 so far

has been Utilities which has risen over 16% – this was strong in both quarters. The Energy sector was the

next best performer rising almost 14%, although this was driven almost entirely by the second quarter

which saw it being the best performing sector by far and gaining almost 12% in that period. Health Care

was the only other sector to post a double-digit return for the first six-months of 2014. At the other end of

the spectrum Consumer Discretionary was the weakest sector of the year so far, with a return of only

1.12%. Telecommunications has performed slightly better rising 2.51%, while Industrials gained just over

3%. Financials and Consumer Staples were the only other two sectors to under-perform the wider market

during the first half of 2014. Fixed Income Market Review

Many investors expected that the difficult market environment for fixed income markets experienced

during 2013 would continue into 2014. And so many investors had positioned themselves accordingly.

However, 2014 has seen a substantial resilience by bond markets in the face of the threat of pending

interest rate rises. Global bond markets, as measured by the Barclays Capital Global Aggregate Bond

Index, achieved a positive return of 4.93% for the first six-months of 2014. This return was well above the

expectations of most investors. Furthermore this was produced with a level of sustainability and

consistency, with both quarters producing returns approaching the 2.5% level. Meanwhile there has only

been one-month, March, in 2014, where global bond markets have actually declined and that was only a

fall of -0.07%. This strong performance has been seen both in sovereign and non-sovereign markets. The

steady income stream from bond coupons has enabled the global bond market to progress even while

pure capital levels remain under threat. However, even there sovereign yield levels have lowered, despite

the expectations of upcoming interest rate rises in certain regions.

There is a notable difference in global bond markets in 2014. In recent previous years global central banks

have loosely co-ordinated policy in the fight against deflation and to spur economic growth in the

aftermath of the global financial crisis. This was reinforced by many of the major economies facing similar

if not identical threats. However, with those policies have been pursued for a number of years, their

success has been achieved to differing degrees in the developed world and so now, in 2014, the

divergence in central bank policy is clearly underway. In very broad terms, on the one-hand there is the

European Central Bank and the Bank of Japan, which continue in their fight to prevent deflation and to

reflate their respective economies. Each of these central banks introduced further policy measures during

the second quarter.


18


for the six months ended 30 June 2014 Fixed Income Market Review (continued)

On the other-hand there is the Federal Reserve and the Bank of England. Here the success of

quantitative easing has helped their economies recover, and investors are adjusting to the upcoming

interest rate rises. The Federal Reserve has not yet ceased its quantitative easing program, but tapering

of this continues, and this is expected to finish around the end of the third quarter of 2014. Based on

indications by the new Federal Reserve head, Janet Yellen, interest rate rises will then follow about six-

months after tapering has ceased implying the US will see its first interest rate rise around the beginning

of the second quarter of 2015. Meanwhile the Bank of England may even raise interest rates during 2014,

as the increasing strength of the UK economy is likely to dictate a need to do so fairly shortly. Many

investors have been rapidly adjusting their expectations and the possibility of UK interest rate rises in

2014 remains very real. That said for both the USA and the UK the pace and extent of interest rate rises

are likely to be much slower and lower than in previous rate tightening cycles, as policymakers remain

vigilant in choking off economic growth.


19

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

The Fund is benchmarked against MSCI All Country World. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has struggled during 2014, due primarily to the continued difficult environment in emerging

market equities and poor stock selection within the Fund. In the first quarter the Fund failed to keep up

with the market rally and even declined somewhat, leading it to under-perform its benchmark by -2.76%.

In the second quarter the Fund fared somewhat better, and whilst managing to produce a positive

absolute return, it under-performed its benchmark by -1.33% for the period. As a result for 2014 so far the

Fund has managed to deliver a positive absolute return of around 2%, but the Fund is over -4% behind its

benchmark. With the poor performance seen in 2013 this has caused the Fund to under-perform by

-5.84% over the last twelve months. The Fund’s track record since inception is now over -2.6% behind its

benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of global equity markets. With the rise in

equity markets over 2013 and the rise continuing into 2014, valuations, especially in certain regions, look

increasingly stretched, in the absence of significant earnings growth to support the rise in equity markets.

The Fund will continue to drive the majority of its relative performance from bottom-up stock picking,

though regional equity allocation is utilised as an additional tool for generating relative performance. Given

the regional equity valuation differences regional equity allocation could be more important than normal for

the remainder of 2014 compared to average over a market cycle. In the short-term the immediate direction

for global equity markets is somewhat unclear, and with the low level of volatility, increasing signs of geo-

political tensions, there could be a healthy pull-back in equity markets, in the absence of corporate

earnings growth coming through. This Fund will benefit further if emerging markets continue on their

improving relative trend and especially if they start out-performing on a sustained basis relative to

developed markets.

Investment Manager

Centre Asset Management LLC

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1st Qtr 2014 2nd Qtr 2014 Year to date 12 Months Inception

Fund USD-terms -1.68% 3.71% 1.97% 17.11% 1.17%

Benchmark 1.08% 5.04% 6.18% 22.95% 3.79%

Excess return -2.76% -1.33% -4.21% -5.84% -2.62%


20

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

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

The Grindrod International Property Fund advanced 7.67% after fees in the second quarter of 2014. The

Fund continues to favour investments in high quality Real Estate Investment Trusts (REITs) that are

expected to withstand a potential slowdown in global economic activity, as well as increased borrowing

costs when bond yields and official interest rates do start rising. This position has been vindicated by the

strong results being posted by the larger, higher quality REITs, relative to their smaller counterparts.

Fund Outlook

A significant shortage of new supply is helping reduce vacancies and drive market rentals higher. This is

particularly true of property markets in the United States and in and around London, where rental growth

has accelerated sharply and investor demand for property has increased. The increase in investor

demand has driven cap rates lower (i.e. property prices have increased), although the increase in physical

property prices has not manifested itself in higher prices for global property securities. As a result, the

outlook for global property securities continues to improve, with securities now trading on average at

discounts to net asset value and strong cash flow growth forecast over the next 2 years. The threat of

higher bond yields in the short term has diminished somewhat and investors throughout the world are

increasing their allocation to real estate.

The Fund continues to offer investors a high level of initial income in US dollars, as well as inflation-

beating income and capital growth in US dollars over the medium and long term.

Investment Manager

Grindrod Asset Managament

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Fund USD-terms 6.07% 7.67% 14.21% 8.00% 6.97%

Benchmark 7.62% 8.34% 16.60% 14.71% 13.62%

Excess return -1.55% -0.67% -2.39% -6.71% -6.65%


21

P-SOLVE INFLATION PLUS FUND Investment Objective

The investment objective of the Inflation Plus 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

The Fund is benchmarked against UK RPI Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund size as of 30 June 2014 was £58.4m. The Fund has returned 2.38% over the first half of 2014,

outperforming its benchmark which returned 1.14% for the same period. The main contributors to

performance over the year so far have been the larger allocations to high yield bonds, US equity and

select economies in Asia through the First State Asia Pacific Leaders fund.

Investor optimism was high going into the New Year and, in general, global economic data showed further

signs of improvement. However, high expectations left markets more susceptible to negative surprises

and the improvements have failed to translate into any meaningful increase in momentum.

Increasing signs of emerging market fragility, the threat of war in Ukraine and general profit taking

contributed to a wide-reaching sell-off across equity markets at the start of the year, however most

recovered towards the end of March. Developed market equities produced a small positive return over the

first quarter as a whole.

Debt markets in general performed well, with both broad sovereign and corporate debt producing positive

returns. Elsewhere in debt markets, although short-dated UK gilt yields rose slightly over Q1, those with

longer maturities fell.

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2nd Qtr 2014 Year to date 12 Months 5 Years Inception

Inflation Plus Fund 2.17% 2.38% 6.40% 41.72% 6.93%

RPI 0.59% 1.14% 2.64% 20.10% 3.27%

Value Added 1.58% 1.24% 3.76% 21.62% 3.66%


22

P-SOLVE INFLATION PLUS FUND (CONTINUED) Fund Performance (continued)

Equity markets posted positive returns in the second quarter, supported by a steadily improving global

economy and continued accommodative monetary policy. Emerging markets outperformed their

developed counterparts, shrugging off increased geopolitical concerns to recover from their negative first

quarter.

In general, broad global sovereign and corporate bond yields fell, resulting in another quarter of positive

returns in the majority of major credit markets.

US tapering will likely continue to be one of the key themes throughout 2014. Many are expecting it to be

completed by the end of the year; however the impact of each announcement on the path of future US

interest rates will perhaps draw more attention.

Fund Outlook

The sell-off at the start of the year acted as a reminder that improving growth does not necessarily always

translate into positive returns in equity markets over the short term. Negative surprises and short-term

fluctuations in investor confidence were exaggerated by stretched valuations, causing an increase in

volatility.

As many return seeking assets now look fairly valued and market conditions fragile, we believe it is not an

appropriate time to be significantly increasing the level of risk in the portfolio, however we remain well

positioned to take advantage of tactical opportunities and, in general, with economic growth improving in

much of the developed world, the outlook remains largely positive.

Investment Manager

P-Solve Investments Limited


23

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

The Fund is benchmarked against MSCI EFM Africa ex South Africa. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

Equity markets performance in 2014, has been mixed in the Africa space. The Nigerian market which lost 9% in 1Q14, clawed back its loss in 2Q, rallying by +11%, in USD terms, bringing the year-to-date return to +1.9%, while the Kenyan market rallied by +9.7 in 2Q14, pushing the year-to-date return to +12%. The West African market of Ghana has been having a tough time this year due to currency weakness. The Ghana Cedi (GHS) has lost 27% of its value year-to-date. Consequently, the Ghana stock market returns have been decimated in hard currency posting a year-to-date decline of 19%. In North Africa, the Egyptian market has been a strong performer posting a +17% return YTD, while the Moroccan market is only up +1%. Although the Nigerian market recovered in 2Q, it is noteworthy that the Nigeria Banking 10 Index is still down 5% YTD in USD terms- the banking Index make up about 25% of the Nigerian Stock Exchange All Share Index. The Sanlam African Frontier Markets Fund has returned +2.31% for the year to June 2014, while the benchmark has posted a return of +4.65%, leading to a negative alpha of 234bps for the six month period. 2Q14 has been particularly tough for the Fund; our performance for 2Q14 was hurt by high cash holding which averaged 8% during 2Q. Cash negatively impacted the fund return by about 75bps. On a stock selection level we were hurt by three off-benchmark bets which are i) GlaxoSmithKline Nigeria, ii) Orascom Construction Industries (OCI NA) and iii) ARM Cement, these three stocks detracted value by 111bps in the six month period. Underperformance was also exacerbated by our underweight position in FBH bank Nigeria which detracted value by 51bps. The Fund received an inflow of USD 2.2million from an existing client, All Seasons Capital Management, a fund of funds based in Mauritius. The inflow was received at the end of April 2014. We therefore closed the half year period with AUM of USD 82million.

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Fund USD-terms -3.58% 6.11% 2.31% 21.71% 7.42%

Benchmark -3.77% 8.74% 4.65% 21.55% 6.70%

Excess return 0.19% -2.63% -2.34% 0.16% 0.72%


24

SANLAM AFRICAN FRONTIER MARKETS FUND (CONTINUED)

Fund Outlook

After three years of political transition and instability in Egypt, finally a new President was elected in June.

However, we do not expect the elections to completely settle the political differences in Egypt but we

believe getting a government in place could help in setting economic policies and reforms. Given that the

political environment is stabilising, we expect corporates to start spending and consumer confidence to

improve. The newly elected President has already formed his new government and a tightened budget for

2014/15 was approved. Egypt is currently implementing economic reforms to bring its economy back on

track. Some of these reforms are positive in the long-term, but we believe there will be some short-term

pain. The reforms announced so far include an increase in corporate tax rates from 25% to 30% and an

increase of PAYE tax. The government has also started to reduce energy subsidies which could pose

some risk to inflation. The increase in electricity and gas prices will to some extend negatively affect profit

margins of industrial businesses as some them won’t be able to pass through the full cost increase.

Terrorist attacks by local extremist groups have been increasing in Nigeria and Kenya. The governments

of both countries have been struggling to contain these terrorist activities. We are not too concerned with

these activities in Nigeria as they are confined to the Northern region, however, an extended period of

these terror attacks could eventually hamper distribution of FMCG businesses. In Kenya, the attacks have

negatively affected the Tourism industry and consequently FX inflows. However, following Kenya’s

successful international Eurobond offer in June 2014, we expect some exchange rate stability and support

from the bond FX inflows and that should help stabilize Kenya’s inflation which depends on FX

movements. In that respect we would not expect interest rates to be tightened in Kenya if the currency

remains stable.

We are bottom up investors and we will continue to look for undervalued businesses that we believe can

withstand some of the challenges especially in Nigeria, Egypt and Kenya.

Investment Manager

Sanlam Investment Management (Pty) Limited


25

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

The Fund is benchmarkedagainst the MSCI World. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees in USD.

The Fund delivered a return of 3.6% for the quarter, underperforming the benchmark MSCI World Index by 1.7% largely as a result of a poor June (underperformed by 1.0%) and the impairment, during May, of the Fund’s remaining investment in DBA Telecommunication (equivalent to 1.0% of performance). This impairment was motivated by the news that the company is experiencing labour and operational problems, which are hampering its efforts to satisfy the criteria that have been set by the Hong Kong Stock Exchange for the lifting of the suspension of trading in its shares. Despite its operations being disrupted by the increment weather that affected most of the northern USA during the first quarter, Halliburton continued to rerate based on an improving medium-term industry outlook. Halliburton and Schlumberger, both leading global oil services companies, provided guidance during the second quarter that suggested a robust recovery, and better operating margins, are expected from their North American operations during the second half of the year. Esprit Holdings released a trading update during May which revealed that sales during the first quarter had decreased in all of its important markets and segments. Most analysts reacted negatively to this news, with many of them reducing their forecasts. While the news was undeniably disappointing, we are encouraged by signs of progress in important internal processes and eagerly await the introduction of the first products produced by the new team. We remain confident that our patience will be rewarded. Announcements from Microsoft point to a distinctly positive shift in strategy under Satya Nadella, the newly appointed CEO. In the enterprise arena increased emphasis is to be placed on further developing the group’s growing cloud computing and subscription based services, while in the consumer space the group’s products are to be offered to a wider audience by making them available on a wider range of devices and operating systems.

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Fund USD-terms 1.68% 3.58% 5.31% 10.58% 7.96%

Benchmark 1.27% 4.86% 6.18% 24.05% 7.55%

Excess return 0.41% -1.28% -0.87% -13.47% 0.41%


26

SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) Fund Outlook Based on current consensus forecasts the Fund trades on a significantly lower forward price/earnings multiple than the benchmark MSCI World Index (12.9x versus 15.0x), while having delivered a superior return on equity (21.9% versus 16.5%) during the past year. In our opinion, this signals that the portfolio harbours significant value to unlock in coming years. Investment Manager Sanlam Investment Management (Pty) Limited


27

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

Fund Performance

The Fund is benchmarked against Barclays Capital Global Aggregate. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has delivered solid performance in 2014 so far. The Fund rose 2.52% in the first quarter, which

enabled it to out-perform its benchmark by +0.12%. The second quarter saw a very similar environment

with the Fund rising 2.57%, and delivering +0.10% out-performance. As a result for 2014 so far the Fund

has out-performed by +0.22%, and has been able to achieve an “absolute return” of more than 5%. The

Fund’s performance over the last twelve months has also seen the Fund deliver noticeable out-

performance of +0.53%, with absolute returns approaching 8%. Since inception the Fund remains behind

its benchmark though the under-performance now is -0.57%.

Fund Outlook

At the start of the year the outlook for global bonds was widely perceived to be quite negative, given

investors’ expectations of a pending rate rising environment. However, global fixed income markets have

shown significant resilience and managed to deliver stable positive returns in 2014 so far. This has caught

many investors by surprise, and the ability for bonds to continue to perform well should not be

underestimated. However, the raising interest rate environment has not yet formally commenced and will

not do so uniformly across the developed world, but will be led by the US and the UK. Hence, the

performance of global fixed income markets continues to face challenges in the short to medium-term.

The Fund itself has shown its ability to out-perform in a variety of conditions over recent quarters and

regardless of the overall direction of global fixed income markets the Fund is expected to continue to

perform well going forward.

Investment Managers

BlackRock Investment Management (UK) Limited Cameron Hume Limited

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Fund USD-terms 2.52% 2.57% 5.16% 7.92% 4.35%

Benchmark 2.40% 2.47% 4.93% 7.39% 4.92%

Excess return 0.12% 0.10% 0.22% 0.53% -0.57%


28

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

The Fund is benchmarked against the MSCI World Financials. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees in USD.

The Fund was able to generate excellent returns (9.69% for the six months to June 2014) largely driven by the strong Indian market (Power Finance Corporation gaining 80%) but also the Indonesia banks we hold (Bank Rakyat and Adira Dinamika gained 40%+). At this point it is important to point out that 46% of the Fund is invested in 5 markets (India, Indonesia, Turkey, Russia and Brazil), all of which have bank sectors that have grown their shareholders capital at a compound rate exceeding 19% over the past 10 years. However, these 10 years included significant currency and market volatility. Hence investors must expect intra-year volatility but know that in the background the Companys the Fund is invested in keeps growing their shareholders capital. A good example in the past 6 months was Sberbank (Russia) which grew shareholder capital by 19% whilst the share price fell by 17% reflecting fears about the Russian/Ukraine conflict. The remaining 54% of the Fund is invested in the USA (60% of the 55%) and 33% in the UK/Europe/Korea. Generally these investments all generated good operational results with the exception of the investment banks (Citigroup, Barclays, JP Morgan) whilst the share prices of Korean financials continued to disappoint. We continuously debate our holdings (about 8% of the fund) in investment banking, but we feel the valuations of these companies are pricing in a continuation of the penalties and legal cases against them into perpetuity. The insurance investments in the Fund (19%) should benefit from higher interest rates whilst the US regional banks (7%) will be squeezed in terms of funding costs when interest rates rise. On the other hand higher interest rates would imply a higher economic growth rate from which they would benefit.

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Fund USD-terms 3.24% 6.24% 9.69% 16.12% 11.58%

Benchmark 0.66% 2.89% 3.57% 20.71% 2.02%

Excess return 2.58% 3.35% 6.12% -4.59% 9.56%


29

SANLAM GLOBAL FINANCIAL FUND (CONTINUED)

Fund Outlook

The Fund is diversified enough via the combination of high ROE (return on capital) and growth in emerging markets, stability of the US regional banks and insurance companies and then attractive valuations of the investment banks to ensure the Fund should generate satisfactory growth over the next 6 months and more importantly, the next 5 years. The weighted average return on capital exceeds 16% for a price to net asset value of 1.3x which is about 50% below where the market has traded a similar ROE in the past. The Fund should hence benefit from both the compounding of the return of capital plus a more possible higher rating of the financial sector over the next 5 years. Investment Manager



30

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

The Fund is benchmarked against Global Real Estate Equities. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has delivered disappointing performance over 2014 so far. In the first quarter the Fund rose nearly 2.5%, but it under-performed its benchmark by -1.36%. In the second quarter the Fund rose substantially gaining 8.90%, while its benchmark only rose 7.62%, hence the Fund out-performed by +1.28%. With the contrasting relative performance of the first and second quarters the Fund finds itself -0.15% behind its benchmark for the first six months of 2014, although the Fund has produced a decent absolute return of 11.59%. Despite the disappointing performance in 2014 so far over the last 12 months the Fund is +1.00% ahead of its benchmark. Since inception the Fund has risen over 19% and is out-performing its benchmark by +0.83%.

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 pending start of interest rate rises in the USA and the UK could also start to

have an impact on listed property as an asset class. The rate of returns seen year-to-date will probably

moderate somewhat, though the near term outlook is somewhat unclear. Equity valuations in certain

regions and segments of the market are beginning to look increasingly stretched, and so with the low level

of volatility, increasing signs of geo-political tensions, there could be a healthy pull-back in equity markets,

in the absence of corporate earnings growth coming through. The Fund will continue to drive the majority

of its relative performance from bottom-up stock picking, though regional and sector allocation are utilised

as additional tools for generating relative performance. Investment Manager

AllianceBernstein Limited

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 2.47% 8.90% 11.59% 14.55% 19.04%

Benchmark 3.83% 7.62% 11.74% 13.55% 18.21%

Excess return -1.36% 1.28% -0.15% 1.00% 0.83%


31

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

The Fund is benchmarked against JP Morgan 3 Month US Dollar Libor. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has effectively performed indifferently to its benchmark in 2014 so far. The Fund started the

year reasonably well producing an absolute return of 0.11%, which enabled it to out-perform by +0.02%

for the first quarter. The second quarter saw the Fund produce a positive absolute return but not one that

was able to out-perform its benchmark, and so the Fund lagged its benchmark by -0.02% for the quarter.

For the first six-months of 2014 the Fund has risen 0.18% and hence effectively matched the performance

of its benchmark, with relative performance of 0.00%. Over the last twelve months the Fund has risen

0.38% and has been able to out-perform by +0.02%. Since inception the Fund has produced a positive

absolute return, but it is lagging its benchmark by -0.49%. Fund Outlook

The US Federal Reserve has continued on its tapering program during 2014, so US quantitative easing is

expected to come to an end well before the end of 2014. Following this with an appropriate lag, which

markets think will be around six-months, the US Federal Reserve is likely to commence its interest rate

tightening cycle. However, given the nature of the financial crisis, the Federal Reserve is not expected to

raise interest rates at the speed or to the extent that would normally be expected. As a result of this the

absolute level of returns that are likely to be achieved in the medium-term remain subdued, but these are

expected to gradually increase from current prevailing rates. With this backdrop the Fund will continue to

face a difficult environment, but will remain focused on trying to deliver positive absolute returns and

returns that are above its benchmark.

Investment Manager

Sanlam Private Investments (UK) Limited.

-1.0%

-0.5%

0.0%

0.5%

1.0%


Fund USD-terms 0.11% 0.06% 0.18% 0.38% 0.08%

Benchmark 0.09% 0.08% 0.17% 0.36% 0.57%

Excess return 0.02% -0.02% 0.00% 0.02% -0.49%


32

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

The Fund is benchmarked against MSCI World. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund’s performance for 2014 so far has been disappointing, though it is showing signs of moderate improvement. In the first quarter of 2014 the Fund performed satisfactorily with a positive absolute return and out-performance of 0.38% over the benchmark. However, in the second quarter, despite the better absolute return, the market conditions proved challenging, and the Fund failed to keep up with the market rally, and so under-performed by -1.33% for the quarter. The extent of the under-performance did decrease during the quarter, which is an encouraging sign looking forward. The Fund finds itself -0.95% behind its benchmark for the first six months of 2014. The Fund is ahead of its benchmark by +0.16% over the last 12 months, with an absolute rise of over 24%. Since inception the Fund continues to lag its benchmark, and it is now -1.04% behind over that period.

Fund Outlook




The Fund will continue to drive the majority of its relative performance from bottom-up stock picking,

though regional equity allocation is utilised as an additional tool for generating relative performance. Given

the regional equity valuation differences regional equity allocation could be more important than normal for

the remainder of 2014 compared to average over a market cycle. In the short-term the immediate direction

for global equity markets is somewhat unclear, and with the low level of volatility, increasing signs of geo-

political tensions, there could be a healthy pull-back in equity markets, in the absence of corporate

earnings growth coming through.

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

-10%

-5%

0%

5%

10%

15%

20%

25%

30%


Fund USD-terms 1.65% 3.52% 5.23% 24.21% 6.65%

Benchmark 1.26% 4.86% 6.18% 24.05% 7.69%

Excess return 0.38% -1.33% -0.95% 0.16% -1.04%


33

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

The Fund is benchmarked against MSCI World. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had an unexpected positive start in 2014. The Fund performed broadly in line with its

benchmark during the first quarter, with a differential of -0.03%. The second quarter saw the Fund perform

relatively better than its benchmark, leading to a positive deviation in performance, as the Fund differed to

its benchmark by 0.18%. Primarily as a result of the Fund’s performance over the second quarter, the

Fund is ahead of its benchmark in 2014 so far. However, over the last twelve months the Fund has

successfully tracked the performance of its benchmark, with a deviation of 0.00%. Since inception the

Fund continues to lag relative to its benchmark. Fund Outlook




In the short-term the immediate direction for global equity markets is somewhat unclear, and with the low

level of volatility, increasing signs of geo-political tensions, there could be a healthy pull-back in equity

markets, in the absence of corporate earnings growth coming through. 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 Manager

Sanlam Investment Management (Pty) Limited.

-10%

-5%

0%

5%

10%

15%

20%

25%

30%


Fund USD-terms 1.23% 5.03% 6.33% 24.04% 7.16%

Benchmark 1.26% 4.86% 6.18% 24.05% 7.69%

Excess return -0.03% 0.18% 0.15% 0.00% -0.53%


34

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

The Fund is benchmarked against Bombay Stock Exchange 500. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has produced very disappointing performance over 2014 so far. In the first quarter the Fund

under-performed its benchmark by -0.04%, whilst producing an absolute return approaching 9.5%,

although this masked the intra-quarter relative monthly deviations in performance. Then in the second

quarter the Fund under-performed its benchmark by -6.86%, but still managed to produce a return of

10.70%. The under-performance in 2014 so far is therefore -7.55%, while the Fund has risen over 21% in

absolute terms. Over the last 12 months the Fund has risen nearly 27%, but it is under-performing its

benchmark by -8.93%. Since inception both the Fund and benchmark are down in absolute terms,

although increasingly close to producing a positive absolute return, and the Fund remains behind its

benchmark, and now by -3.25%.

Fund Outlook

India has undergone some significant changes during 2014 so far with the election of Prime Minister Modi

during the second quarter. The build-up to the election and uncertainty of the outcome, which over the

course of 2014 was increasingly not over who was going to win, but the extent to which they were going to

win by, has created substantial distortions in the Indian equity market. These movements have, in many

cases, not been driven by company fundamentals, but by investors’ expectations of pending government

reform on the back of the election result. While reforms are expected post the election the extent and

nature of them remains unclear, and so the impact on specific sectors and companies is even less

transparent. Consequently, some re-adjustment in the Indian equity market is likely and this will hopefully

see the Fund recoup its relative losses experienced in 2014 so far. The longer-term environment for

India’s equity market is now more positive, but, as stated, short to medium-term volatility remains a risk. Investment Manager

Sanlam Investment Management (Pty) Limited.

-20%

-10%

0%

10%

20%

30%

40%


Fund USD-terms 9.45% 10.70% 21.16% 26.74% -3.30%

Benchmark 9.49% 17.56% 28.71% 35.67% -0.05%

Excess return -0.04% -6.86% -7.55% -8.93% -3.25%


35

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

The Fund is benchmarked against the US CPI + Yield on MSCI World High Dividend Yield index. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees in USD.

The Fund delivered a satisfactory performance during the past 6 months, posting a return of 8.3%. This beat the 3.4% target of the Fund’s composite benchmark handsomely and also bettered the 6.2% return posted by the overall market, as represented by the MSCI World Index. The price of AstraZeneca rose sharply during April when Pfizer launched its much publicised bid for the company. Despite a significant fall in the wake of the board’s rejection of the offer, the share price remains substantially higher than it was before the bid. This appears to lend credence to the commonly held opinion that Pfizer will return for another attempt once the statutory six month waiting period has elapsed. Prices of all the shares in the UK FMCG retail sector retreated in the face of generally disappointing results and indications that the industry is going to suffer a price war as Morrisons and Tesco fight to protect their market share from erosion by the discounters and new online competitors. Mooted changes to the UK retirement savings legislation announced in the budget resulted in a sharp correction in the prices of all those companies involved in the annuity business during the first quarter. The price of Legal & General immediately dropped by 15% on the day of the announcement, but began to recover subsequently as it became apparent that their business will not be as severely affected as initially feared (+14%). We believe that it will recover further as more clarity emerges regarding the effects of the intended changes. Shares of Tatts Group, an Australian betting and lottery operator, rerated markedly in response to the positive resolution of two outstanding disputes. First, the company was awarded compensation of AUD451m by the Supreme Court of Victoria as it ruled in the company’s favour in its quarrel with the State of Victoria regarding the loss of a gaming licence in 2012. Second, the company obtained a favourable extension, until 2098, of its race and sports wagering licence in the State of Queensland, while its retail exclusivity was also extended until 2044. These developments, coupled with its current dividend yield of 4.5%, support our view that Tatts Group represents an attractive defensive source of dividend income.

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 2.75% 5.42% 8.31% 24.46% 15.32%

Benchmark 1.25% 2.09% 3.37% 5.38% 5.23%

Excess return 1.50% 3.33% 4.94% 19.08% 10.09%


36

SIM GLOBAL EQUITY INCOME FUND (CONTINUED) Fund Outlook Despite the pleasing appreciation of many of the shares in the Fund, it continues to trade at a discount to the overall market and, based on consensus estimates, promises to deliver a yield, net of withholding taxes, in the region of 4.0%. This is significantly higher than the net yield of 3.3% calculated for the MSCI World High Dividend Index. Based on our current projections, we expect the Fund to deliver a yield, net of withholding taxes due by the Fund, of around 4.1% during the next twelve months. This compares very favourably to our estimate of 3.4% for the MSCI World High Dividend Yield index. Much of this difference is explained by our greater exposure to European and United Kingdom domiciled companies, which liberates us from the 30% dividend withholding tax levied in the USA. Investment Manager Sanlam Investment Management (Pty) Limited


37

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

The Fund is benchmarked against IMA Sterling Strategic Bond Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund increased recorded strong absolute and relative performance in H1 2014, being up by 5.7%.

The IMA strategic bond sector returned 4.2. Gilts were up 3.3%, and iBoxx GBP Corporate bonds were up

4.7%. A broader Global Broad index, such as Merrill Lynch was up 4.3% in H1.

The Fund continued to benefit from its broad sectoral exposure to Tier 1 financials bonds, with an Old

Mutual, and a Barclays bond being the most significant contributors to performance. Tactical exposures in

long maturity US Treasuries were very positive contributors too in Q2. Some short term exposure to USD

denominated Ukraine bonds added some value. EM local currency exposure in January detracted a little,

but this was quickly substituted for further GBP financials exposure towards the end of that month.

Fund Outlook

The ECB’s hurdle for QE remains doesn’t appear to be as high as before, given they are close to utilizing

all other options. We are particularly interested in the ABS support, an area of the market that can still

provide attractive returns for investors. In the US, the Fed are fully expected to continuing their tapering of

QE at $10bn per meeting, as recent activity data continues to improve from the weather impacted start to

2014. This positive growth momentum was highlighted again by a strong payrolls report for June. In the

UK it is becoming clearer that the Bank of England wish to raise rates within the next 12 months and

perhaps as soon as in 2014. Floating rate notes should start to become more valuable to investors in the

near term as a result.

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%


Fund USD-terms 1.89% 3.74% 5.70% 9.07% 7.08%

Benchmark 2.20% 2.01% 4.25% 7.65% 6.83%

Excess return -0.30% 1.73% 1.45% 1.42% 0.25%


38

SPI STRATEGIC INVESTMENT GRADE BOND FUND (CONTINUED)

Fund Outlook (continued)

The Fund maintains a large exposure to higher yielding and short dated investment grade corporate

bonds, mostly in old style Tier 1 financials where we still see absolute and relative value versus other

corporate bond sectors. The Fund finished June with no non-GBP currency exposure and only a 3%

position in government bonds. We believe the Fund is well positioned for the risk of rising rates with

almost 70% of exposure in fixed to floating rate notes, and in the meantime can continue to provide an

attractive source of income, as the Fund’s holdings see further spread tightening. It is also flexible enough

to add tactical exposure to government bonds should we see short term opportunities to benefit from flight

to safety rallies.

Investment Manager

Sanlam Private Investments (UK) Limited


39

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

The Fund is benchmarked against HFRU Hedge Fund Composite. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund’s performance during the first half of 2014 was -3.12% below that of its benchmark. The under-

performance during the first half was driven almost entirely by three underlying managers who were

responsible for circa 3% of the 3.12% under-performance. The Fund reduced the position in one of these

managers by a half and maintained the allocations to the other two. There was one new manager added

in June, it is an absolute return TMT approach. The under-performance during the first half occurred from

March to early May and was caused by a strong rotation out of momentum-growth stocks and into

defensive-value oriented names. This resulted in a few of the long/short equity managers losing money on

their longs and their shorts.

Fund Outlook

The investment manager is constructive on the UCITS investment opportunity and the Fund’s ability to

recoup the relative under-performance. The Fund now consists of 13 managers and the investment

manager continues to maintain an equity bias in the Fund. The managers in the Fund consist of

specialists across certain regions, sectors and market caps that give the Fund the ability to generate

strong returns going forward. While there were no material changes to the Fund during the first half of

2014 the Fund had several portfolio rebalancing exercises to bring position weights in line with longer-

term views.

Investment Manager

Sanlam International Investments Limited

-6%

-4%

-2%

0%

2%

4%

6%

8%


Fund USD-terms -0.66% 0.42% -0.24% 3.49% 1.86%

Benchmark 0.86% 2.01% 2.89% 6.70% 4.23%

Excess return -1.52% -1.59% -3.12% -3.21% -2.37%


40

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

The Fund is benchmarked against a composite benchmark comprising: 25% FTSE All-Share; 20% MSCI World ex UK; 5% MSCI Emerging Markets; 22.5% iBoxx Sterling Corporate All Maturities; 22.5% iBoxx Sterling Gilts All Maturities; 5% 7-Day LIBID Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had a successful start to 2014. It has outperformed its benchmark over one month, three months and six months. Through the first half it has added 71bp against its benchmark which in turn was up 3.08%. A distribution yield approaching 5% is also a key target. Year to date, the fund has paid out a dividend of 2.8pence per share. Based on the fund price at the start of the year it equates to a six month yield of circa 2.75% and amounts to an annualised rate circa 5.5%. Adjusting the scale of the April pay-out to a more normal level, the yield still comes in just below 5%.

Fund Outlook

With investors continuing to value income products, it is getting increasingly difficult to find yield without

compromising the quality of the assets held. We see no reason this trend will end any time soon. The

offset is that as economic growth gains traction, and companies benefit from the trend, we expect higher

profits and dividend pay-outs to follow - a small but growing dividend is the effective outcome. That is

good news for the years ahead, but more painful to take now if relying on the income. The concern is the

risk to capital that chasing low quality assets create. This makes for a difficult balancing act. For now we

are happy with the low quality assets, with economies seemingly in recovery mode, and credit risk falling.

However, we do need to be cognisant of the risks and we will move to protect capital, if at cost to near

term dividend, should we feel it necessary.

Investment Manager

Sanlam International Investments Limited.

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 1.53% 2.23% 3.79% 10.47% 6.36%

Benchmark 1.09% 1.96% 3.08% 7.72% 4.40%

Excess return 0.44% 0.27% 0.71% 2.75% 1.96%


41

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

The Fund is benchmarked against MSCI North America. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had disappointing performance in 2014. The Fund struggled to perform in line with its

benchmark. In the first quarter the Fund deviated by -0.10% from its benchmark, while in the second

quarter the Fund deviated by -0.14%. Due to the Fund’s negative deviations in both the first and second

quarters the Fund’s performance over the first-half of 2014 sees it lagging its benchmark by -0.25%. Over

the last 12 months the Fund’s absolute returns have been very strong, but the Fund has deviated by -

0.34% compared to its benchmark. Since inception the Fund continues to lag relative to its benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of North America equity markets. With the

rise in equity markets over 2013 and the rise continuing into 2014, valuations, especially in certain

regions, look increasingly stretched, in the absence of significant earnings growth to support the rise in

equity markets. In the short-term the immediate direction for North American equity markets is somewhat

unclear, and with the low level of volatility, increasing signs of geo-political tensions, there could be a

healthy pull-back in equity markets, in the absence of corporate earnings growth coming through. 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 Manager


-10%

-5%

0%

5%

10%

15%

20%

25%

30%


Fund USD-terms 1.59% 5.25% 6.92% 24.03% 18.05%

Benchmark 1.68% 5.39% 7.17% 24.38% 18.20%

Excess return -0.10% -0.14% -0.25% -0.34% -0.15%


42

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

The Fund is benchmarked against MSCI UK. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.



quarter the Fund deviated by -0.25%. Due to the Fund’s negative deviations in both the first and second

quarters the Fund’s performance over the first-half of 2014 sees it lagging its benchmark by -0.33%. Over

the last 12 months the Fund’s absolute returns have been very strong, but the Fund has deviated by -

1.14% compared to its benchmark. Since inception the Fund continues to lag relative to its benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of UK equity markets. With the rise in



In the short-term the immediate direction for UK equity markets is somewhat unclear, and with the low




achieve such an objective over the long-run, regardless of the overall market direction and volatility. Investment Manager


-10%

-5%

0%

5%

10%

15%

20%


Fund GBP-terms -1.56% 3.15% 1.54% 11.13% 1.58%

Benchmark -1.48% 3.40% 1.88% 12.27% 2.71%

Excess return -0.08% -0.25% -0.33% -1.14% -1.13%


43

SANLAM EUROPE (EX UK) EQUITY TRACKER 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

The Fund is benchmarked against MSCI Europe Ex UK. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had slightly disappointing performance in 2014. The Fund did not quite perform in line with

its benchmark. In the first quarter the Fund deviated by -0.03% from its benchmark, while in the second

quarter the Fund successfully tracked the performance of its benchmark. Due to the Fund’s negative

deviation in the first quarter the Fund’s performance over the first-half of 2014 sees it lagging its

benchmark by -0.04%. Over the last 12 months the Fund’s absolute returns have been very strong, but

the Fund has deviated by -0.65% compared to its benchmark. Since inception the Fund continues to lag

relative to its benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of European (excluding UK) equity

markets. With the rise in equity markets over 2013 and the rise continuing into 2014, valuations, especially

in certain regions, look increasingly stretched, in the absence of significant earnings growth to support the

rise in equity markets. While the European (excluding UK) market is one of the less stretched regional

markets, the weak economic growth in the euro-zone presents other challenges. In the short-term the

immediate direction for European (excluding UK) equity markets is somewhat unclear, and with the low




achieve such an objective over the long-run, regardless of the overall market direction and volatility.

Investment Manager


-10%

-5%

0%

5%

10%

15%

20%

25%

30%


Fund EUR-terms 3.44% 2.74% 6.27% 23.40% 12.85%

Benchmark 3.47% 2.74% 6.31% 24.05% 13.50%

Excess return -0.03% 0.00% -0.04% -0.65% -0.64%


44

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

The Fund is benchmarked against MSCI Europe. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had disappointing performance in 2014. During the first quarter the Fund was not quite able

to keep up with the market rally, and so the Fund under-performed its benchmark by -0.16%. The second

quarter saw the Fund perform better in absolute terms, but again in struggled in the rising market

environment, and consequently the Fund under-performed its benchmark by -0.22%. Due to the

performance of the Fund being under-performance in both the first and second quarters the Fund finds

itself -0.38% behind its benchmark in 2014, though it has risen over 5% in absolute terms. Over the last

12 months the performance of the Fund in absolute terms has been very strong, but the Fund is lagging

its benchmark by -0.49%. Since inception the Fund continues to lag relative to its benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of global equity markets, especially

European equity markets given the Fund’s current allocation there. With the rise in equity markets over

2013 and the rise continuing into 2014, valuations, especially in certain regions, look increasingly

stretched, in the absence of significant earnings growth to support the rise in equity markets. The Fund will

continue to drive the majority of its relative performance from bottom-up stock picking, though its

European allocation stance will have a significant impact on the Fund’s performance relative to global

equity markets going forward. In the short-term the immediate direction for global equity markets is

somewhat unclear, and with the low level of volatility, increasing signs of geo-political tensions, there

could be a healthy pull-back in equity markets, in the absence of corporate earnings growth coming

through.

Investment Manager

FOUR Capital Partners Limited

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%


Fund USD-terms 1.95% 3.09% 5.09% 28.79% 17.49%

Benchmark 2.10% 3.30% 5.48% 29.28% 18.14%

Excess return -0.16% -0.22% -0.38% -0.49% -0.65%


45

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

The Fund is benchmarked against MSCI Emerging Markets Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.



quarter the Fund not only successfully tracked its benchmark, but actually produce a minor positive

deviation of +0.02%. Due to the Fund’s negative deviation in the first the Fund’s performance over the

first-half of 2014 sees it lagging its benchmark by -0.39%. Over the last 12 months the Fund’s absolute

returns have been strong, but the Fund has deviated by -0.89% compared to its benchmark. Since

inception the Fund continues to lag relative to its benchmark.

Fund Outlook

The outlook for the Fund will be determined by the performance of Emerging Market equity markets. While

Emerging Markets have not risen in the same was as developed equity markets over 2013 and into 2014,

overall equity market valuations have started to be called into question, especially in certain regions. This

could have a knock-on effect to Emerging Market equities, which themselves are likely to see increasing

distortions between the performance of individual countries within the Emerging Market equity segments.

In the short-term the immediate direction for Emerging Market equity markets is somewhat unclear, and

with the low level of volatility, increasing signs of geo-political tensions, there could be a healthy pull-back

in equity markets, in the absence of corporate earnings growth coming through. 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 Manager


-10%

-5%

0%

5%

10%

15%

20%


Fund USD-terms -0.81% 6.61% 5.75% 13.42% 3.93%

Benchmark -0.43% 6.60% 6.14% 14.31% 4.86%

Excess return -0.38% 0.02% -0.39% -0.89% -0.93%


46

SANLAM P2STRATEGIES GLOBAL FUND

Investment Objective The investment objective of the Sanlam P2strategies Global Fund (“the Fund”) is to provide long term capital growth through exposure to world equity markets. The Fund also utilises a risk management strategy designed to reduce volatility and minimise losses in declining markets. Income will not be a consideration.

Fund Performance

The Fund is benchmarked against a composite of Sanlam World Equity Tracker (60%) and 3-Month USD LIBOR (40%). Note: Fund inception date is 1st July 2013.

In April 2014, an appropriate benchmark was added that provides advisors and clients with a more realistic expectation of how the P2strategies Global Fund should perform. The Fund outperformed the benchmark for the six months ending on 30th June 2014, returning 5.63% vs. 3.86%. This equates to an outperformance of 1.78%. The outperformance was due to a slightly higher allocation to equity than the benchmark.

Fund Outlook The P2strategies Funds do not take a forward looking view of the equity markets due to the nature of the investment strategy. However, an outlook of the underlying index tracker fund used in the P2strategies Fund can be viewed in that fund’s investment outlook. Below illustrates the intended behaviour of P2strategies in different market conditions.

Performance in rising markets P2strategies will rise, albeit not to the same degree as the markets. The reason for this is that during a rising market a proportion of the investment will be invested in assets which fall in value as markets rise. It is these assets which provide the “smoothing” effect.

Performance in falling markets It is anticipated that the P2strategies will most likely outperform from a return perspective versus the stock markets as the P2account will cushion the decline. The overall value of the investment is likely to fall, but not by as much as would have been the case without the cushioning effect of the P2account. Please note that the P2account is not intended to provide a cushion against sudden and extreme market falls (for example, those brought about by a catastrophic event such as 9/11). It is anticipated that over the long-term the P2strategies will “smooth” the investment experience, and provide better risk adjusted returns over multiple market cycles.

Investment Managers

Sanlam International Investments Limited Milliman Financial Strategies Ltd

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 1.12% 4.46% 5.63% 16.37% 16.37%

Benchmark 0.81% 3.02% 3.86% 14.09% 14.09%

Excess return 0.31% 1.44% 1.78% 2.28% 2.28%


47

SANLAM P2STRATEGIES UK FUND

Investment Objective The investment objective of the Sanlam P2strategies UK Fund (“the Fund”) is to provide long term capital growth through exposure to UK equity markets. The Fund also utilises a risk management strategy designed to reduce volatility and minimise losses in declining markets. Income will not be a consideration. Fund Performance

The Fund is benchmarked against a composite of Sanlam UK Equity Tracker (60%) and 3-Month GBP LIBOR (40%). Note: Fund inception date is 1st July 2013.

In April 2014, an appropriate benchmark was added that provides advisors and clients with a more realistic expectation of how the P2strategies UK Fund should perform. The Fund outperformed the benchmark for the six months ending on 30th June 2014, returning 1.34% vs. 1.10%. This equates to an outperformance of only 0.24% which is in line with expectations. Fund Outlook The P2strategies Funds do not take a forward looking view of the equity markets due to the nature of the investment strategy. However, an outlook of the underlying index tracker fund used in the P2strategies Fund can be viewed in that fund’s investment outlook. Below illustrates the intended behaviour of P2strategies in different market conditions.



Investment Managers


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund GBP-terms -1.15% 2.52% 1.34% 7.22% 7.22%

Benchmark -0.84% 1.95% 1.10% 6.91% 6.91%

Excess return -0.31% 0.57% 0.24% 0.31% 0.31%


48

SANLAM P2STRATEGIES NORTH AMERICA FUND

Investment Objective The investment objective of the Sanlam P2strategies North America Fund (“the Fund) is to provide long term capital growth through exposure to North American equity markets. The Fund also utilises a risk management strategy designed to reduce volatility and minimise losses in declining markets. Income will not be a consideration. Fund Performance

The Fund is benchmarked against a composite of Sanlam North America Equity Tracker (60%) and 3-Month USD LIBOR (40%). Note: Fund inception date is 1st July 2013.

In April 2014, an appropriate benchmark was added that provides advisors and clients with a more realistic expectation of how the P2strategies North America Fund should perform. The Fund underperformed the benchmark for the six months ending on 30th June 2014, returning 4.06% vs. 4.20%. This equates to an underperformance of only 0.14% which is in line with expectations.




Investment Manager


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 0.57% 3.47% 4.06% 14.75% 14.75%

Benchmark 1.01% 3.16% 4.20% 14.03% 14.03%

Excess return -0.44% 0.31% -0.14% 0.73% 0.73%


49

SANLAM P2STRATEGIES EMERGING MARKET FUND

Investment Objective The investment objective of the Sanlam P2strategies Emerging Market Fund (“the Fund”) is to provide long term capital growth through exposure to emerging equity markets. The Fund also utilises a risk management strategy designed to reduce volatility and minimise losses in declining markets. Income will not be a consideration. Fund Performance

The Fund is benchmarked against a composite of Sanlam Emerging Markets Equity Tracker (60%) and 3-Month USD LIBOR (40%). Note: Fund inception date is 1st July 2013.

In April 2014, an appropriate benchmark was added that provides advisors and clients with a more realistic expectation of how the P2strategies Emerging Markets Fund should perform. The Fund underperformed the benchmark for the six months ending on 30

th June 2014, returning 3.34% vs. 3.57%.

This equates to an underperformance of only 0.23% which is in line with expectations.




Investment Managers Sanlam International Investments Limited Milliman Financial Strategies Ltd

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms -1.50% 4.92% 3.34% 6.46% 6.46%

Benchmark -0.37% 3.96% 3.57% 8.16% 8.16%

Excess return -1.13% 0.96% -0.23% -1.70% -1.70%


50

SANLAM P2STRATEGIES EUROPE (EX UK) FUND

Investment Objective The investment objective of the Sanlam P2strategies Europe (ex UK) Fund (“the Fund”) is to provide long term capital growth through exposure to European equity markets excluding the UK. The Fund also utilises a risk management strategy designed to reduce volatility and minimise losses in declining markets. Income will not be a consideration.

Fund Performance

The Fund is benchmarked against a composite of Sanlam Europe ex UK Equity Tracker (60%) and 3-Month EUR LIBOR (40%). Note: Fund inception date is 1st July 2013.

In April 2014, an appropriate benchmark was added that provides advisors and clients with a more realistic expectation of how the P2strategies Europe ex UK Fund should perform. The Fund outperformed the benchmark for the six months ending on 30th June 2014, returning 4.30% vs. 3.81%. This equates to an outperformance of 0.50% which is in line with expectations.




Investment Managers


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund EUR-terms 2.68% 1.58% 4.30% 12.83% 12.83%

Benchmark 2.11% 1.67% 3.81% 13.68% 13.68%

Excess return 0.57% -0.08% 0.50% -0.85% -0.85%


51

SANLAM S&P AFRICA TRACKER FUND Investment Objective The Sanlam S&P Africa Tracker Fund (“the Fund”) aims to replicate the performance of the S&P Africa ex South Africa Custom Index by investing fully into the underlying stocks.

Fund Performance

The Fund is benchmarked against S&P Africa ex SA Custom Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.



quarter the Fund coincidentally deviated by the same amount being -0.57%. However, the Fund’s

absolute performance in the first and second quarters were very different being -4.70% and 8.69%

respectively. Due to the Fund’s negative deviations in both the first and second quarters the Fund’s

performance over the first-half of 2014 sees it behind its benchmark by -1.17%. The Fund only started at

the end of August 2013, so it has not been in existence for a year yet, so there is no one-year number.

Since inception the Fund is exhibiting significant negative deviation compared to its benchmark. Fund Outlook

The outlook for the Fund will be determined by the performance of Emerging Market equity markets,

especially those on the African continent excluding South Africa. While African excluding South Africa

equity markets have not risen in the same was as developed equity markets or even emerging markets in

2014, overall equity market valuations have started to be called into question, especially in certain

regions. This could have a knock-on effect to African excluding South Africa equities. The underlying

growth in African economies should help them function somewhat independently of global equity trends,

but risks do remain. In the short-term the immediate direction for African excluding South Africa equity

markets is somewhat unclear, but in the medium to long-term these should be markets that will grow

significantly. 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 Manager


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

1st Qtr 2014 2nd Qtr 2014 Year to date Inception

Fund USD-terms -4.70% 8.69% 3.58% 8.07%

Benchmark -4.14% 9.27% 4.74% 12.55%

Excess return -0.57% -0.57% -1.17% -4.48%


52

FOUR EUROPEAN LONG SHORT FUND Investment Objective The investment objective of the FOUR European L/S Fund (“the Fund”) is to deliver a positive return in the form of capital growth over the medium to longer term in all market conditions. Fund Performance

There is no official benchmark for this Fund. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

In the six months to June 30th 2014 European equity markets have registered small positive returns, with

the MSCI European Index returning 5.6% YTD on a total return basis. Despite a number of events

attempting to disrupt investors’ confidence this year, equity indices have so far been in positive

territory. Since the financial crisis, equity markets have benefited from unprecedented monetary

interventions by central banks in the form of quantitative easing, and, more recently, the stated

commitment to a low interest rate environment for an extended period of time, both of which have

reassured investors and pushed money into higher return asset classes. Two key drivers of markets

during the first six months of the year are reflected in relative sector performance. The strongest sector in

European equities has been utilities, reversing their underperformance and whose sector index has

increased for the first 6-monthly period since the start of 2008. Valuations in the sector, typically based on

long term DCF models, are benefitting from the low interest rates environment. The second strongest

sector in pan-European equities this year has been Energy. This was driven by increased uncertainty in

the Middle East, again, and the Ukraine/Crimean crisis. The resulting higher price of oil this year is

combining with controls of their capital spending by oil companies which in turn is improving their cash

flow profile. The worst performing sectors during the period were Technology (-3.9% in USD terms),

Media (-3.0%) and Banks (-1.7%).

The FOUR Capital European Long Short Fund declined in value during the period. The Fund’s NAV

returned a negative 2.43% for the six months to June 30th. Performance over the period was negative in

January, April and June, as our positions were affected by geopolitical events in the Ukraine earlier in the

year, and the Middle East towards the end of the 6 month period. Overall, the Long portion of the fund

contributed positively to performance, while the short book and the hedging strategy detracted from

performance. This is to be expected in a rising market, but a few of our short positions suffered

particularly, with our worst four positions accounting for about half of the overall decline in NAV during the

period. Net exposure of the fund was maintained in the range between 50% and 64%, reflecting our

overall positive view of European equities.

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

1st Qtr 2014 2nd Qtr 2014 Year to date Inception

Fund USD-terms 0.15% -2.58% -2.43% 1.74%


53

FOUR EUROPEAN LONG SHORT FUND (CONTINUED)

Fund Outlook

The rise in equity markets in recent years has been accompanied by higher valuations, and while

comparisons with history suggest that European equities are not especially expensive, neither can it be

claimed that they are particularly cheap. It can therefore be expected that further market rises will be

driven by earnings growth coming through at the company level. We remain focused on identifying such

opportunities.

Investment Manager

FOUR Capital Partners Limited


54

SPI GLOBAL HIGH QUALITY FUND Investment Objective

The SPI Global High Quality Fund (the “Fund”) aims to produce compounded total returns in excess of the

MSCI World index over the medium to long term, through a concentrated portfolio of high quality stocks,

using our proprietary quantitative screening process combined with rigorous fundamental research.

Fund Performance

The Fund is benchmarked against MSCI World Total Return Index (NDDUWI). Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has outperformed the market since inception with the net asset value increasing by 2.83%

compared to a gain of 2.71% for the comparative benchmark, the MSCI World Total Return Index. The

second quarter proved a difficult period for the Fund on a relative basis despite posting an absolute return

of +1.19%. The Fund’s allocation to consumer staples and information technology and limited exposure to

financials contributed to the relative under performance. The energy and utility sectors have performed

strongly this year and the Fund has no exposure to any companies in these sectors. Instead we prefer

exposure to certain stocks in the materials and industrials sectors where the firms have clear pricing

power due to their industry positioning, for example Syngenta (crop protection and seeds) and Intertek

(testing and inspection industry).

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 1.62% 1.19% 2.83% 2.83% 7.96%

Benchmark 0.43% 2.27% 2.71% 2.71% 7.55%

Excess return 1.19% -1.08% 0.12% 0.12% 0.41%


55

SPI GLOBAL HIGH QUALITY FUND (CONTINUED)

Fund Outlook

Global equity markets continue to perform robustly this year, amid low volatility and Central Bank action.

This year has not gone quite according to script as sterling has been stronger than we expected versus

the US dollar. Emerging markets have rebounded strongly, yet the market seems unfazed by underlying

risks. Economic momentum continues along a slightly more positive path than at the outset of the year.

Revisions of weather-hit US Q1 GDP estimates were very poor and have probably served to downgrade

expectations for 2014 as a whole. Overall, the outlook for equities remains constructive over the longer

term; albeit the question of whether financial markets are prepared for the Fed tightening from the middle

2015 is open to debate. With stronger-than-expected reported earnings, forward earnings estimates have

been revised upwards, supporting equities. That said our return expectations over the short-term are

muted, as last years’ “taper tantrum” faded from memory. The backdrop of easy money and low inflation

has contributed to valuations moving up to uneasy levels. Ominously, volatility remains very low yet

investors have been rotating into energy and utilities stocks which seems an inappropriate strategy if

interest rates are set to increase. We continue to focus on companies that typically have strong balance

sheets enabling comfortable debt servicing, high cash returns on assets, and relatively low capital

requirements.

For our companies, free cash flows are growing at a reasonable pace and balance sheets are in good

shape. An example of an attractively priced business is Oracle. During its recent results announcement

management highlighted the $10bn recurring cloud software revenue growth opportunity in which Oracle

has just shy of 5% market share. Oracle, with its large installed customer base trades at only 13 times

earnings for next year, has a significant buy back program and maintains a 25% return on equity.

Investment Manager

Sanlam Private Investments (UK) Limited


56

STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the six months ended 30 June 2014

Six months ended

30 June 2014 Six months ended

30 June 2013

US$ US$ Investment income

Net gains on financial assets and liabilities at fair

value through profit or loss – held for trading 186,984,396 69,455,176

Income from stock lending 852,774 928,195

Income from financial assets at fair value

through profit or loss 66,821,998 63,593,653

Bank interest 22,533 59,533

Other income 328,099 152,987

Net investment income 255,009,801 134,189,544

Operating expenses

Management fee (7,280,735) (6,921,483)

Custody fees (715,553) (574,608)

Other operating expenses (700,517) (535,218)

Administration fees (368,246) (441,635)

Audit fee (179,158) (116,495)

Non Distributing Class Fee (96,181) (102,524)

Directors’ fees (30,638) (27,084)

Distributing Class Fee - (990)

Total operating expenses (9,371,028) (8,720,037)

Operating profit 245,638,773 125,469,507

Finance costs

Distribution to shareholders (4,498,917) (4,374,881)

Interest expense (4,280) (18,341)

Income equalisation (3,399,307) (14,958,375)

Total finance costs (7,902,504) (19,351,597)

Profit before tax 237,736,269 106,117,910

Withholding tax (10,931,042) (9,384,948)

Change in net assets attributable to

holders of redeemable participating shares 226,805,227 96,732,962

The unaudited condensed interim financial statements were approved by the Board of Directors on 20 August 2014. The accompanying notes form an integral part of these unaudited condensed interim financial statements.


57

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS for the six months ended 30 June 2014

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/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (258,265) (490,584) 120,136 1,346,601 897,186 Income from stock lending 184 685 4,142 1,195 2,486 Income from financial assets at fair value through profit or loss 100,689 57,371 313,168 271,668 608,090 Bank interest 180 - 174 - 318 Other income 2,688 1,185 666 1,761 1,284

Net investment income/(deficit) (154,524) (431,343) 438,286 1,621,225 1,509,364

Operating expenses Management fee (4,579) (11,542) (154,892) - (27,925) Distributing Class Fee - - - - - Non Distributing Class Fee - - - (96,181) - Administration fees (4,456) (6,355) (8,824) (4,558) (8,614) Audit fee (16,884) (17,884) (4,316) (4,316) (2,555) Directors’ fees (63) (567) (177) (61) (330) Custody fees (53,981) (48,824) (10,952) (1,657) (1,998) Other operating expenses (24,535) (22,644) (8,966) (9,881) (9,591)

Total operating expenses (104,498) (107,816) (188,127) (116,654) (51,013)

Operating profit/(loss) (259,022) (539,159) 250,159 1,504,571 1,458,351

Finance costs

Distribution to shareholders - - - - (611,379) Interest expense - (76) - (29) - Income equalisation (837,907) (756,986) (27,599) (33,380) 10,207

Profit/(loss) before tax (1,096,929) (1,296,221) 222,560 1,471,162 857,179

Withholding tax (25,410) (8,364) (55,672) (59,936) (41,409) Change in net assets attributable to

holders of redeemable participating shares (1,122,339) (1,304,585) 166,888 1,411,226 815,770

.


58

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the six months ended 30 June 2014

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/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (495,773) 14,376,452 14,647,687 24,678,870 14,366,844 Income from stock lending - 114,263 10,279 7,982 26,676 Income from financial assets fair value through profit or loss through profit or loss 2,641,519 5,676,026 5,366,045 5,185,370 2,978,067 Bank interest 1,128 5,321 1,326 4,206 409 Other income 2,029 73,880 30,007 20,658 1,028

Net investment income/(deficit) 2,148,903 20,245,942 20,055,344 29,897,086 17,373,024

Operating expenses Management fee (382,280) (1,048,812) (458,969) (1,312,213) (174,037) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Administration fees (13,140) (54,079) (25,205) (60,267) (11,634) Audit fee (4,316) (8,129) (10,790) (8,129) (4,316) Directors’ fees (309) (3,554) (2,982) (2,239) (507) Custody fees (80,400) (155,200) (7,178) (95,764) (1,656) Other operating expenses (14,031) (73,718) (35,292) (80,431) (18,831)

Total operating expenses (494,476) (1,343,492) (540,416) (1,559,043) (210,981)

Operating profit/(loss) 1,654,427 18,902,450 19,514,928 28,338,043 17,162,043

Finance costs Distribution to shareholders (3,119) (4,246) - (35,152) - Interest expense - - - - - Income equalization 46,510 (4,103,854) 409,587 27,677 (624,590)

Profit/(loss) before tax 1,697,818 14,794,350 19,924,515 28,330,568 16,537,453

Withholding tax (186,769) (1,157,322) (209) (599,236) (756,139) Change in net assets attributable to

holders of redeemable participating shares 1,511,049 13,637,028 19,924,306 27,731,332 15,781,314


59


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/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (281,826) 70,112,282 25,742,423 3,376,824 1,348,993 Income from stock lending 55 327,271 114,135 - 5,209 Income from financial assets at fair value through profit or loss 343,159 23,292,629 6,910,138 104,074 583,243 Bank interest 188 6,679 469 - 159 Other income 2,259 182,897 4,124 1,995 -

Net investment income/(deficit) 63,835 93,921,758 32,771,289 3,482,893 1,937,604

Operating expenses Management fee (20,493) (1,689,134) (892,847) (22,620) (104,291) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Administration fees (5,052) (63,430) (27,916) (3,909) (4,246) Audit fee (4,316) (14,386) (3,339) (4,316) (4,316) Directors’ fees (142) (11,988) (1,118) (139) (41) Custody fees (3,499) (158,569) (7,216) (13,634) (2,272) Other operating expenses (9,430) (133,490) (19,870) (22,767) (13,638)

Total operating expenses (42,932) (2,070,997) (952,306) (67,385) (128,804)

Operating profit/(loss) 20,903 91,850,761 31,818,983 3,415,508 1,808,800

Finance costs

Distribution to shareholders - - (111) - (358,553) Interest expense - - - (40) - Income equalisation (502,156) 7,178,582 (2,275,226) (313) 16,688

Profit/(loss) before tax (481,253) 99,029,343 29,543,646 3,415,155 1,466,935

Withholding tax - (4,936,477) (1,443,821) - (79,595) Change in net assets attributable to

holders of redeemable participating shares (481,253) 94,092,866 28,099,825 3,415,155 1,387,340


60


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/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 1,656,276 (172,352) 355,526 7,859,309 (265,393) Income from stock lending 10,401 - - 17,236 7,880 Income from financial assets at fair value through profit or loss 1,886,034 (4,926) 442,982 1,591,902 750,264 Bank interest 1,026 306 240 - - Other income 6,785 - - - 141,879

Net investment income/(deficit) 3,560,522 (176,972) 798,748 9,468,447 634,630

Operating expenses Management fee (127,004) (2,591) (45,656) (1,384) (6,226) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Administration fees (1,762) (3,862) (5,775) (5,528) (3,269) Audit fee (6,383) (4,675) (3,127) (6,752) (3,879) Directors’ fees (442) (143) (77) (894) (185) Custody fees (73) (2,148) (1,502) (3,130) (1,836) Other operating expenses (16,800) (12,885) (7,645) (23,159) (9,370)


Operating profit/(loss) 3,408,058 (203,276) 734,966 9,427,600 609,865

Finance costs

Distribution to shareholders (1,474,668) - (365,183) (1,159) (5,487) Interest expense - - - (336) (170) Income equalization (347,746) 2,036 166,042 (1,822,781) 238,852

Profit/(loss)before tax 1,585,644 (201,240) 535,825 7,603,324 843,060

Withholding tax (6) - (45,705) (449,342) (72,832)

Change in net assets attributable to holders of redeemable participating shares 1,585,638 (201,240) 490,120 7,153,982 770,228


61


Sanlam Europe (ex UK) Equity Tracker Fund

Sanlam Equity Allocation Fund

Sanlam Emerging Market Equity Tracker Fund

Sanlam P2strategies Global Fund

Sanlam P2strategies UK Fund

EUR US$ US$ US$ GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 2,456,427 1,935,106 1,136,855 1,345,669 42,923 Income from stock lending 83,070 50,695 16,419 - - Income from financial assets at fair value through profit or loss 1,472,451 1,517,002 500,444 - - Bank interest - 170 - - - Other income 82,874 - - - -

Net investment income/(deficit) 4,094,822 3,502,973 1,653,718 1,345,669 42,923

Operating expenses Management fee (17,598) - (28,674) (67,168) (44,676) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Administration fees (3,632) (5,509) (5,813) - - Audit fee (4,359) (6,791) (6,203) - - Directors’ fees (465) (489) (377) - - Custody fees (2,020) (3,148) (3,595) - - Other operating expenses (12,100) (17,414) (14,252) (1,885) (1,241)


Operating profit/(loss) 4,054,648 3,469,622 1,594,804 1,276,616 (2,994)

Finance costs

Distribution to shareholders - - - - - Interest expense (108) - (1,286) (945) (618) Income equalization 274,967 (28,130) (330,233) (52,246) (33,639)

Profit/(loss) before tax 4,329,507 3,441,492 1,263,285 1,223,425 (37,251)

Withholding tax (299,640) (259,321) (56,255) - -


holders of redeemable participating shares 4,029,867 3,182,171 1,207,030 1,223,425 (37,251)


62


Sanlam P2strategies North America Fund

Sanlam P2strategies Emerging Market

Fund

Sanlam P2strategies Europe (ex UK) Fund

Sanlam S&P Africa Tracker Fund

FOUR European L/S Fund

US$ US$ EUR US$ GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 2,162,535 186,427 677,908 995,063 (409,989) Income from stock lending - - - 1,261 3,935 Income from financial assets at fair value through profit or loss - - - 780,575 103,577 Bank interest - - - 246 346 Other income - - - 106 405

Net investment income/(deficit) 2,162,535 186,427 677,908 1,777,251 (301,726)

Operating expenses Management fee (135,972) (55,237) (43,029) (79,146) (46,817) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Administration fees - - - (8,867) (1,834) Audit fee - - - (8,729) (49) Directors’ fees - - (112) (776) (1,002) Custody fees - - - (37,090) (7,115) Other operating expenses (1,885) (1,884) (1,488) (26,012) (5,721)


Operating profit/(loss) 2,024,678 129,306 633,279 1,616,631 (364,264)

Finance costs

Distribution to shareholders - - - - - Interest expense (275) (862) (541) - - Income equalization (94,934) 20,169 (27,160) 9,209 (22,356)

Profit/(loss) before tax 1,929,469 148,613 605,578 1,625,840 (386,620)

Withholding tax - - - (67,613) (25,642) Change in net assets attributable to

holders of redeemable participating shares 1,929,469 148,613 605,578 1,558,227 (412,262)


63


SPI Global High

Quality Fund GBP

Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 326,799 Income from stock lending 33 Income from financial assets at fair value through profit or loss 164,644 Bank interest 39 Other income -

Net investment income/(deficit) 491,515

Operating expenses Management fee (31,992) Distributing Class Fee - Non Distributing Class Fee - Administration fees (3,105) Audit fee (2,167) Directors’ fees (24) Custody fees (1,192) Other operating expenses (6,601)

Total operating expenses (45,081)

Operating profit/(loss) 446,434

Finance costs

Distribution to shareholders - Interest expense - Income equalization 13,209

Profit/(loss) before tax 459,643

Withholding tax (41,648) Change in net assets attributable to

holders of redeemable participating shares 417,995


64






Property Fund


US$ US$ US$ US$ GBP Investment income

Net gains/(losses) 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 income/(deficit) (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)


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

Finance costs

Distribution to shareholders - - - (664) (1,136,554) Interest expense - - - - - Income equalization 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


65



Fund





US$ US$ US$ US$ US$ Investment income

Net gains/(losses) 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)


66


Sanlam Strategic Cash Fund

Sanlam World Equity Fund

Sanlam World Equity Tracker

Fund

SIIP India Opportunities

Fund

SIM Global Equity Income

Fund


Bond Fund US$ US$ US$ US$ US$ GBP Investment income

Net gains/(losses) 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 (2,730,881) Income from stock lending 160 495,088 114,864 - - 17,894 Income from financial assets at fair value through profit or loss 271,705 23,462,874 4,741,635 141,130 406,128 1,797,689 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 (915,298)

Operating expenses

Management fee (13,543) (1,619,985) (748,723) (24,812) (62,445) (138,735) Distributing Class Fee - - - - - - Non Distributing Class Fee - - - - - - Performance fee - - - - - - Administration fees (5,054) (130,481) (43,439) (4,470) (3,114) (1,762) Audit fee (4,315) (14,387) (7,193) (4,316) (4,316) (6,384) Directors’ fees (142) (11,988) (2,410) (140) (41) (442) Custody fees (3,499) (158,570) (15,540) (13,635) (2,271) (77) Other operating expenses (9,333) (132,648) (31,984) (22,958) (13,258) (15,159)

Total operating expenses (35,886) (2,068,059) (849,289) (70,331) (85,445) (162,559)

Operating profit/(loss) 665 131,975,364 26,603,705 (2,628,183) 492,535 (1,077,857)

Finance costs

Distribution to shareholders - - - - (194,293) (1,493,528) Interest expense - - - - - (8) Income equalisation 124,515 (12,066,031) (1,308,899) 588 (1,358) 263,711

Profit/(loss) before tax 125,180 119,909,333 25,294,806 (2,627,595) 296,884 (2,307,682)

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 (2,307,682)


67



Fund



Tracker Fund

Sanlam UK Equity Tracker

Fund US$ GBP US$ GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (897,806) (302,839) (2,582,926) (1,756,701) Income from stock lending - - - - Income from financial assets at fair value through profit or loss - 11,708 232,118 76,735 Bank interest 1,016 15 20 1 Other income - - - -

Net investment income/(deficit) (896,790) (291,116) (2,350,788) (1,679,965)

Operating expenses Management fee - (14,917) - - Distributing Class Fee - - - - Non Distributing Class Fee - - - - Performance fee - - - - Administration fees (3,178) (2,158) (1,430) (802) Audit fee (3,952) (1,987) (1,763) (968) Directors’ fees (122) (49) (234) (46) Custody fees (1,816) (955) (817) (458) Other operating expenses (10,357) (4,670) (5,019) (2,149)

Total operating expenses (19,425) (24,736) (9,263) (4,423)

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

Finance costs

Distribution to shareholders - - - - Interest expense - - - - Income equalisation 80,797 (53,579) - -

Profit/(loss) before tax (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 (835,418) (370,213) (2,445,277) (1,692,062)


68


Sanlam Europe (ex UK) Equity

Fund


Sanlam Emerging Market

Equity Tracker Fund

EUR US$ US$ Investment income

Net gains/(losses) 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 income/(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 profit/(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) -

Profit/(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)


69

STATEMENT OF FINANCIAL POSITION OF THE COMPANY as at 30 June 2014

30 June 2014 31 December 2013

US$ US$

Assets

Cash and cash equivalents 110,517,112 72,821,648

Margin accounts 5,998,491 3,338,704

Accrued income 12,014,202 9,559,862

Amounts receivable on sale of securities 33,433,788 7,717,193

Amounts receivable on issue of shares 15,033,278 13,184,181

Other debtors 808,105 510,887

Financial assets at fair value through profit or loss 4,498,202,946 4,354,686,860

Total assets 4,676,007,922 4,461,819,335

Liabilities

Bank overdraft - (218,025)

Margin accounts (120,000) -

Financial liabilities at fair value through profit or loss (5,375,090) (9,185,723)

Accrued expenses (4,977,226) (3,880,318)

Administration fees accrued (539,741) (261,812)

Amounts payable on purchases of securities (63,177,123) (14,376,301)

Amounts payable on repurchases of shares (5,970,675) (290,743)

Liabilities (excluding net assets attributable to

holders of redeemable participating shares) (80,159,855) (28,212,922)

Net assets attributable to holder of redeemable

participating shares 4,595,848,067 4,433,606,413

The unaudited condensed interim financial statements were approved by the Board of Directors on 20 August 2014. The accompanying notes form an integral part of these unaudited condensed interim financial statements.


70

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS as at 30 June 2014





Property Fund


US$ US$ US$ US$ GBP Assets

Cash and cash equivalents 124,671 113,409 616,995 192,612 2,090,690 Margin accounts - - - - - Accrued income - - 37,223 51,625 76,277 Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares - - - - - Other debtors - - 10,997 7,915 8,369 Financial assets at fair value through profit or loss - - 19,805,280 11,298,082 56,332,641

Total assets 124,671 113,409 20,470,495 11,550,234 58,507,977

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (94,437) (95,671) (83,933) (63,630) (44,917) Administration fees accrued (4,251) (4,747) (18,262) (4,790) (9,432) Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares - - - - -


holders of redeemable participating shares) (98,688) (100,418) (102,195) (68,420) (54,349)


participating shares 25,983 12,991 20,368,300 11,481,814 58,453,628


71

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 30 June 2014


Fund





US$ US$ US$ US$ US$ Assets

Cash and cash equivalents 2,739,066 11,716,552 13,516,823 12,098,142 1,220,230 Margin accounts - - 613,276 - - Accrued income 480,713 351,539 3,224,852 808,127 597,452 Amounts receivable on sale of securities 958,207 337,969 4,423,229 - 2,486,491 Amounts receivable on issue of shares - - - - - Other debtors 26,675 11,258 77,055 32,708 87,911 Financial assets at fair value through profit or loss 79,612,847 367,109,995 434,784,732 332,964,244 156,193,996

Total assets 83,817,508 379,527,313 456,639,967 345,903,221 160,586,080

Liabilities Bank overdraft - - - - - Margin accounts (120,000) Financial liabilities at fair value through profit or loss - - (4,756,737) - (274,395) Accrued expenses (246,626) (817,798) (260,973) (591,418) (85,994) Administration fees accrued (7,757) (90,991) (32,869) (71,227) (11,312) Amounts payable on purchases of securities (1,091,585) - (24,077,848) (84,647) (2,920,634) Amounts payable on repurchases of shares (490) (178,351) (3,747) (82,158) -


holders of redeemable participating shares) (1,346,458) (1,087,140) (29,252,174) (829,450) (3,292,335)


participating shares 82,471,050 378,440,173 427,387,793 345,073,771 157,293,745


72


Sanlam Strategic





Income Fund US$ US$ US$ US$ US$

Assets

Cash and cash equivalents 94,772 35,824,454 6,086,214 148,058 902,009 Margin accounts - - - - - Accrued income 123,894 2,325,237 674,747 59,938 78,779 Amounts receivable on sale of securities - 5,263,948 3,281,090 - - Amounts receivable on issue of shares - - - - - Other debtors 3,546 19,446 42,219 58,243 40,325 Financial assets at fair value through profit or loss 14,032,015 1,830,013,909 473,432,925 19,770,789 24,306,707

Total assets 14,254,227 1,873,414,271 483,517,195 20,037,028 25,327,820

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (33,557) (1,228,030) (333,585) (71,177) (63,209) Administration fees accrued (5,799) (144,115) (36,746) (1,378) (4,756) Amounts payable on purchases of securities - (312,488) (1,581,995) (1,673) - Amounts payable on repurchases of shares (2,842) - (4,634,997) - -


holders of redeemable participating shares) (42,198) (1,684,633) (6,587,323) (74,228) (67,965)


participating shares 14,212,029 1,871,729,638 476,929,872 19,962,800 25,259,855


73



Bond Fund


Fund



Tracker Fund


GBP US$ GBP US$ GBP Assets

Cash and cash equivalents 1,856,370 55,904 2,003,004 811,760 246,108 Margin accounts - - - - - Accrued income 1,243,762 1,341 82,806 66,729 155,380 Amounts receivable on sale of securities 9,009,767 - - 797,924 - Amounts receivable on issue of shares - - 140,085 - 2,400,836 Other debtors 60,161 23,388 16,968 11,804 6,427 Financial assets at fair value through profit or loss 57,684,991 100,468,946 23,441,422 56,599,947 37,887,249

Total assets 69,855,051 100,549,579 25,684,285 58,288,164 40,696,000

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss (1,220) - - - - Accrued expenses (141,708) (18,733) (38,522) (36,615) (18,509) Administration fees accrued - (2,992) (4,934) (8,160) (3,680) Amounts payable on purchases of securities (8,722,555) - (1,000,000) (989,998) (2,319,597) Amounts payable on repurchases of shares (367,138) - - (280,408) -


holders of redeemable participating shares) (9,232,621) (21,725) (1,043,456) (1,315,181) (2,341,786)




74







EUR US$ US$ US$ GBP Assets

Cash and cash equivalents 530,002 554,020 605,006 1,130,998 489,655 Margin accounts - - - 201,507 751,827 Accrued income 33,158 120,617 137,204 - - Amounts receivable on sale of securities - 1,588 111,826 - - Amounts receivable on issue of shares 6,972,860 386,541 114 17,552 Other debtors 21,925 29,620 81,348 7,607 4,449 Financial assets at fair value through profit or loss 77,818,979 66,172,732 28,467,782 23,753,222 14,031,480

Total assets 85,376,924 66,878,577 29,789,707 25,093,448 15,294,963

Liabilities Bank overdraft - - - - - Margin accounts - - - - - Financial liabilities at fair value through profit or loss - - (397) (8,338) (42,648) Accrued expenses (27,971) (31,214) (37,155) (15,213) (9,373) Administration fees accrued (4,653) (11,379) (9,150) - - Amounts payable on purchases of securities (7,343,446) - (576,113) - - Amounts payable on repurchases of shares - - - - -


holders of redeemable participating shares) (7,376,070) (42,593) (622,815) (23,551) (52,021)




75




Fund




US$ US$ EUR US$ GBP Assets

Cash and cash equivalents 2,687,703 1,330,457 2,556,734 10,791 352,077

Margin accounts 1,301,119 348,129 73,080 - 1,258,019

Accrued income - - - 122,766 12,703

Amounts receivable on sale of securities - - - 57,828 185,883

Amounts receivable on issue of shares - - - - 0

Other debtors 8,028 8,000 6,359 10,366 4,478,993

Financial assets at fair value through profit or loss 43,310,719 13,979,484 14,287,897 38,544,809 3,662

Total assets 47,307,569 15,666,070 16,924,070 38,746,560 6,291,337

Liabilities Bank overdraft - - - - - Margin accounts - - - - - Financial liabilities at fair value through profit or loss (26,774) (2,783) (151,968) - (13,317) Accrued expenses (28,316) (9,422) (10,311) (123,938) (29,310) Administration fees accrued - - - (12,235) (8,378) Amounts payable on purchases of securities (264,128) - - (18,074) - Amounts payable on repurchases of shares - (59,198) (73,893) - -






76


SPI Global High Quality Fund

GBP Assets

Cash and cash equivalents 986,762 Margin accounts - Accrued income 12,651 Amounts receivable on sale of securities - Amounts receivable on issue of shares 429,100 Other debtors - Financial assets at fair value through profit or loss 18,244,390

Total assets 19,672,903

Liabilities Bank overdraft - Margin accounts - Financial liabilities at fair value through profit or loss - Accrued expenses (41,978) Administration fees accrued (3,104) Amounts payable on purchases of securities (369,610) Amounts payable on repurchases of shares -


holders of redeemable participating shares) (414,692)


participating shares 19,258,211


77

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2013





Property Fund


US$ US$ US$ US$ GBP Assets

Cash and cash equivalents 254,364 114,239 943,711 381,910 793,744 Margin accounts - - - - - Accrued income 3,049 4,394 9,364 67,283 47,653 Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares - - - - 453,131 Other debtors 16,158 15,908 3,003 7,693 4,436 Financial assets at fair value through profit or loss 15,666,673 18,208,137 23,082,653 10,179,642 53,716,159

Total assets 15,940,244 18,342,678 24,038,731 10,636,528 55,015,123

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (56,781) (61,647) (74,115) (57,111) (48,810) Administration fees accrued (2,326) (686) (11,791) (1,909) (13,560) Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares (21,424) - - - -






78



Fund





US$ US$ US$ US$ US$ Assets

Cash and cash equivalents 2,240,871 15,822,613 10,525,120 5,746,153 1,005,798 Margin accounts - - 652,633 - - Accrued income 268,868 240,816 3,613,327 98,647 545,479 Amounts receivable on sale of securities 1,206,964 716,942 2,804,468 2,874,885 1,630 Amounts receivable on issue of shares - - - - - Other debtors 11,872 5,920 50,773 56,007 62,260 Financial assets at fair value through profit or loss 75,453,601 409,877,677 404,161,517 323,259,410 152,377,662

Total assets 79,182,176 426,663,968 421,807,838 332,035,102 153,992,829

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - (8,654,977) - (200,652) Accrued expenses (181,859) (640,726) (267,725) (378,678) (74,553) Administration fees accrued (1,281) (44,271) (13,770) (23,892) (1,661) Amounts payable on purchases of securities - - (6,473,055) (3,377,870) - Amounts payable on repurchases of shares - (1,114,719) - (236,139) -


holders of redeemable participating shares) (183,140) (1,799,716) (15,409,527) (4,016,579) (276,866)




79


Sanlam Strategic





Income Fund US$ US$ US$ US$ US$

Assets

Cash and cash equivalents 574,736 20,473,137 2,361,415 177,844 339,496 Margin accounts - - - - - Accrued income 212,695 1,246,554 403,643 3,680 53,627 Amounts receivable on sale of securities - - 29,383 - - Amounts receivable on issue of shares - - 304,714 - - Other debtors 8,560 11,472 25,288 41,333 26,285 Financial assets at fair value through profit or loss 20,829,491 1,630,440,175 471,246,442 16,081,175 19,044,546

Total assets 21,625,482 1,652,171,338 474,370,885 16,304,032 19,463,954

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (42,828) (1,024,294) (258,121) (74,839) (43,988) Administration fees accrued (2,793) (83,030) (10,752) (659) (1,448) Amounts payable on purchases of securities - (857,884) - - - Amounts payable on repurchases of shares - (12,563) - - -


holders of redeemable participating shares) (45,621) (1,977,771) (268,873) (75,498) (45,436)


participating shares 21,579,861 1,650,193,567 474,102,012 16,228,534 19,418,518


80



Bond Fund


Fund



Tracker Fund


GBP US$ GBP US$ GBP Assets

Cash and cash equivalents 1,227,789 138,979 969,228 119,405 - Margin accounts - - - - - Accrued income 1,375,158 6,266 45,817 154,607 73,176 Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares 143,582 - 105,506 1,386,817 248,229 Other debtors 49,881 17,119 12,844 - - Financial assets at fair value through profit or loss 63,076,811 96,443,337 17,060,894 186,514,132 29,583,954

Total assets 65,873,221 96,605,701 18,194,289 188,174,961 29,905,359

Liabilities Bank overdraft (3,951) - - - (48,024) Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (68,831) (23,380) (26,763) (36,821) (20,476) Administration fees accrued - (625) (1,241) (5,713) (2,660) Amounts payable on purchases of securities - - (500,000) (312,810) (43,703) Amounts payable on repurchases of shares - (566) - - -






81







EUR US$ US$ US$ GBP Assets

Cash and cash equivalents 174,275 414,943 - 2,030,569 509,798 Margin accounts - - - 412,466 293,213 Accrued income 1,766 54,245 15,565 - - Amounts receivable on sale of securities 60,140 - - - - Amounts receivable on issue of shares 325,302 - 840,870 297,295 381,854 Other debtors 1,224 10,684 7,846 497 280 Financial assets at fair value through profit or loss 58,639,849 65,645,194 40,738,003 13,359,291 7,353,582

Total assets 59,202,556 66,125,066 41,602,284 16,100,118 8,538,727

Liabilities Bank overdraft - - (131,613) - (209) Financial liabilities at fair value through profit or loss - - - (47,127) (46,905) Accrued expenses (25,597) (27,414) (31,697) (11,770) (6,702) Administration fees accrued (3,602) (6,379) (6,086) - - Amounts payable on purchases of securities (83,871) - (244,647) (979,355) - Amounts payable on repurchases of shares - - - - -


holders of redeemable participating shares) (113,070) (33,793) (414,043) (1,038,252) (53,816)




82




Fund




US$ US$ EUR US$ GBP Assets

Cash and cash equivalents 948,311 992,423 435,338 344,652 141,214 Margin accounts 445,782 505,675 297,724 - 257,330 Accrued income - - - 2,240 - Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares 4,679,930 921,013 1,522,228 - - Other debtors 457 478 517 - 10,386 Financial assets at fair value through profit or loss 19,949,000 16,813,047 6,987,294 15,972,099 4,693,868

Total assets 26,023,480 19,232,636 9,243,101 16,318,991 5,102,798

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss (63,530) (42,695) (51,425) - (17,010) Accrued expenses (16,329) (13,685) (8,020) (52,358) (59,861) Administration fees accrued - - - (4,184) (2,824) Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares (16,778) (3,273) - - -

- -






83

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES OF THE COMPANY for the six months ended 30 June 2014

Six months ended 30 June 2014


US$ US$

Operating activities


participating shareholders from operations 226,805,227 96,732,962

Capital transactions

Issue of shares during the year 690,392,964 731,528,995 Redemption of shares during the year (762,540,188) (620,900,029)

Net (decrease)/increase in net assets attributable to holders of redeemable participating shares from capital transactions

(72,147,224) 110,628,966

Net increase in net assets attributable to holders of redeemable participating shares in the period

154,658,003 207,361,928

Net assets attributable to holders of redeemable participating

shares at the beginning of the period 4,433,606,415 3,653,284,604 Exchange differences due to presentation of these financial statements in USD

7,583,649

(14,629,605)

Net assets attributable to holders of redeemable participating shares at the end of the period 4,595,848,067 3,846,016,927

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


84

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS for the six months ended 30 June 2014





Property Fund


US$ US$ US$ US$ GBP Operating activities

Change in net assets attributable to participating shareholders from operations (1,122,339) (1,304,585) 166,888 1,411,226 815,770


Issue of shares during the year - - 128,979 108,319 3,444,311 Redemption of shares during the year (14,711,391) (16,962,769) (3,880,392) (615,239) (759,206)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions

(14,711,391) (16,962,769) (3,751,413) (506,920) 2,685,105

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period

(15,833,730) (18,267,354) (3,584,525) 904,306 3,500,875

Net assets attributable to holders of redeemable participating shares at the beginning of the period

15,859,713 18,280,345 23,952,825 10,577,508 54,952,753

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 25,983 12,991 20,368,300 11,481,814 58,453,628


85

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2014


Fund





US$ US$ US$ US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations 1,511,049 13,637,028 19,924,306 27,731,332 15,781,314


Issue of shares during the year 2,398,961 2,474,618 43,965,819 22,511,191 14,024,396 Redemption of shares during the year (437,996) (62,535,725) (42,900,643) (33,187,275) (26,227,928)


1,960,965 (60,061,107) 1,065,176 (10,676,084) (12,203,532)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period

3,472,014 (46,424,079) 20,989,482 17,055,248 3,577,782


78,999,036 424,864,252 406,398,311 328,018,523 153,715,963


- - - - -

Net assets attributable to holders of redeemable participating shares at the end of the period 82,471,050 378,440,173 427,387,793 345,073,771 157,293,745


86




Sanlam World Equity Tracker Fund

SIIP India Opportunities Fund

SIM Global Equity Income Fund

US$ US$ US$ US$ US$ Operating activities Change in net assets attributable to

participating shareholders from operations (481,253) 94,092,866 28,099,825 3,415,155 1,387,340


Issue of shares during the year 8,231,814 230,725,969 137,556,123 424,856 5,048,845 Redemption of shares during the year (15,118,393) (103,282,764) (162,828,088) (105,745) (594,848)


(6,886,579) 127,443,205 (25,271,965) 319,111 4,453,997

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the year

(7,367,832) 221,536,071 2,827,860 3,734,266 5,841,337


21,579,861 1,650,193,567 474,102,012 16,228,534 19,418,518 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

14,212,029 1,871,729,638 476,929,872 19,962,800 25,259,855


87



Bond Fund


Fund



Tracker Fund


GBP US$ GBP US$ GBP Operating activities Change in net assets attributable to

participating shareholders from operations 1,585,638 (201,240) 490,120 7,153,982 770,228


Issue of shares during the year 4,934,003 4,147,964 10,331,044 37,740,470 11,529,980 Redemption of shares during the year (11,697,650) - (3,846,620) (175,741,086) -3,736,490


(6,763,647) 4,147,964 6,484,424 (138,000,616) 7,793,490


(5,178,009) 3,946,724 6,974,544 (130,846,634) 8,563,718


65,800,439 96,581,130 17,666,285 187,819,617 29,790,496 Exchange differences due to presentation of these financial statements in USD

- - - - -



88


Sanlam Europe (ex UK) Equity Fund





EUR US$ US$ US$ GBP Operating activities


participating shareholders from operations 4,029,867 3,182,171 1,207,030 1,223,425 (37,251)


Issue of shares during the year 21,435,710 1,770,240 23,113,420 12,463,317 12,494,809 Redemption of shares during the year (6,554,209) (4,207,700) (36,341,799) (3,678,711) (5,699,527)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 14,881,501 (2,437,460) (13,228,379) 8,784,606 6,795,282

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the year 18,911,368 744,711 (12,021,349) 10,008,031 6,758,031

Net assets attributable to holders of redeemable participating shares at the beginning of the period 59,089,486 66,091,273 41,188,241 15,061,866 8,484,911 Exchange differences due to presentation of these financial statements in USD - - - - -



89




Fund




US$ US$ EUR US$ GBP Operating activities


participating shareholders from operations 1,929,469 148,613 605,578 1,558,227 (412,262)


Issue of shares during the year 38,479,655 14,475,473 13,654,125 20,771,637 2,860,527 Redemption of shares during the year (19,347,616) (18,202,402) (6,755,461) - (1,231,036)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 19,132,039 (3,726,929) 6,898,664 20,771,637 1,629,491

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the year 21,061,508 (3,578,316) 7,504,242 22,329,864 1,217,229

Net assets attributable to holders of redeemable participating shares at the beginning of the period 25,926,843 19,172,983 9,183,656 16,262,449 5,023,103 Exchange differences due to presentation of these financial statements in USD - - - - -



90



GBP Operating activities


participating shareholders from operations 417,995


Issue of shares during the year 19,680,654 Redemption of shares during the year (840,438)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 18,840,216

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the year 19,258,211

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 19,258,211


91






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 year 130,670 135,838 1,847,768 4,137,905 1,909,755 Redemption of shares during the year (559,437) (3,480,495) (2,102,405) (742,158) (190,065)


(428,767) (3,344,657) (254,637) 3,395,747 1,719,690


(2,318,143) (3,570,772) (303,547) 3,865,494 2,951,546


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

- - - - -



92



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 year 28,346,205 7,845,086 44,477,918 21,929,311 104,812,533 Redemption of shares during the year (27,631,482) (49,312,421) (70,716,466) (24,110,354) (29,960,951)


714,723 (41,467,335) (26,238,548) (2,181,043) 74,851,582


2,765,467 (42,321,008) (44,218,786) (3,670,682) 73,971,777


64,615,204 478,739,406 403,170,484 326,383,552 77,710,101


- - - - -



93





Fund


Fund


Fund

SPI Strategic Investment

Grade Bond Fund

US$ US$ US$ US$ USD 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 (2,307,682)

Capital transactions Issue of shares during the year 7,559,478 61,188,332 39,768,380 58,953 3,468,807 17,523,138 Redemption of shares during the year (1,783,494) (297,359,080) (80,229,426) (277,361) (2,573,048) (7,441,812)

Net increase/(decrease) 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 10,081,326

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the year 5,901,164 (121,231,731) (16,181,343) (2,846,003) 1,123,696 7,773,644

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 67,741,233

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 75,514,877


94


Sanlam Fund of Alternative

UCITS Fund



Tracker Fund

Sanlam UK Equity Tracker

Fund US$ GBP US$ GBP Operating activities Change in net assets attributable to

participating shareholders from operations (835,418) (370,213) (2,445,277) (1,692,062)

Capital transactions Issue of shares during the year 76,916,519 11,220,212 88,221,444 20,068,282 Redemption of shares during the year (2,356,832) (322,951) - -

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 74,559,687 10,897,261 88,221,444 20,068,282

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 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 - - - - 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 73,724,269 10,527,048 85,776,167 18,376,220


95


Sanlam Europe (ex UK)

Equity Fund


Sanlam Emerging Market

Equity Tracker Fund

EUR US$ US$ Operating activities


participating shareholders from operations (3,293,266) (4,074,181) (2,802,391)

Capital transactions Issue of shares during the year 44,991,045 67,464,402 35,000,358 Redemption of shares during the year - (15,097,917) -

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 44,991,045 52,366,485 35,000,358

Net increase/(decrease) 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


96

STATEMENT OF CASH FLOWS OF THE COMPANY for the year ended 30 June 2014



US$ US$

Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (2,627,705,688) (3,239,335,750)

Proceeds from sale of investments (including realised gains) 2,699,398,221 3,114,901,421

Dividends received 43,903,992 39,655,713

Income from financial assets through profit or loss 9,782,168 -

Interest received 15,579 9,024,017

Income from stock lending received 840,496 899,701

Other income received 697,115 179,855

Operating expenses paid (8,319,519) (5,982,343)

Net cash inflow/(outflow) from operating activities 118,612,364 (80,657,386)

Cash flows from financing activities

Distributions paid to holders of redeemable participating shares (4,600,421) (4,195,968)

Proceeds from redeemable participating shares issued 690,863,091 729,084,427

Payments on redemption of redeemable participating shares (761,030,810) (617,442,646)

Income equalization (3,398,803) (14,973,540)

Net cash (used in)/provided by financing activities (78,166,943) 92,472,273

Net increase in cash and cash equivalents 40,445,421 11,814,887

Cash and cash equivalents at the start of the period 75,942,328 70,950,820

Exchange gains/(losses) on cash and cash equivalents 7,854 (1,926,316)

Cash and cash equivalents at the end of the period 116,395,603 80,839,391

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


97

STATEMENTS OF CASH FLOWS OF THE FUNDS for the six months ended 30 June 2014

8IP Asia Equity Opportunities

Fund




Property Fund


US$ US$ US$ US$ GBP


Purchases of financial assets and settlement of financial liabilities (5,204,023) (7,605,132) (7,960,558) (3,503,740) (10,280,573)

Proceeds from sale of investments (including realised gains) 20,657,234 25,386,732 11,369,833 3,723,505 8,551,328

Dividends received 78,328 53,401 229,637 227,390 454,152

Income from financial assets through profit of loss - - - 1,195 83,905

Interest received 180 - 174 - 318

Income from stock lending received 184 685 4,142 - 2,486

Other income 2,688 1,185 666 1,761 1,284

Operating expenses paid (48,759) (53,899) (179,832) (107,505) (62,967)

Net cash inflow/(outflow) from operating activities 15,485,832 17,782,972 3,464,062 342,606 (1,250,067)


Distributions paid to holders of redeemable participating shares - - - - (611,379)

Proceeds from redeemable participating shares issued - - 128,979 108,319 3,897,442

Payment on redemption of redeemable participating shares (14,732,815) (16,962,769) (3,880,392) (615,239) (759,206)

Income equalization (837,907) (756,986) (27,599) (33,380) 10,207

Net cash provided/(used in) by financing activities (15,570,722) (17,719,755) (3,779,012) (540,300) 2,537,064

Net increase/(decrease) in cash and cash equivalents (84,890) 63,217 (314,950) (197,694) 1,286,997

Cash and cash equivalents at the start of the period 254,364 114,239 943,711 381,910 793,744

Exchange gains/(losses) on cash and cash equivalents (44,803) (64,047) (11,766) 8,396 9,949

Cash and cash equivalents at the end of the period 124,671 113,409 616,995 192,612 2,090,690


98

STATEMENTS OF CASH FLOWS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2014


Fund





US$ US$ US$ US$ US$




Dividends received 2,242,905 4,407,981 11,245 3,876,654 2,169,955

Income from financial assets through profit of loss - 5,321 5,742,888 4,206 -

Interest received 1,128 - 1,326 - 409

Income from stock lending received - 114,263 10,279 7,982 26,676

Other income 2,029 73,880 31,511 20,658 1,028

Operating expenses paid (438,038) (1,125,038) (554,351) (1,275,669) (215,540)

Net cash inflow/(outflow) from operating activities (1,406,800) 60,993,667 1,687,064 17,349,891 12,776,738


Distributions paid to holders of redeemable participating shares (3,119) (4,246) - (35,152) -

Proceeds from redeemable participating shares issued 2,398,961 2,474,618 43,965,819 22,511,191 14,024,396

Payment on redemption of redeemable participating shares (437,506) (63,472,093) (42,896,896) (33,341,256) (26,227,928)

Income equalisation 46,510 (4,103,854) 409,587 27,677 (624,590)

Net cash provided by/(used in) financing activities 2,004,846 (65,105,575) 1,478,510 (10,837,540) (12,828,122)

Net increase/(decrease) in cash and cash equivalents 598,046 (4,111,908) 3,165,574 6,512,351 (51,384)

Cash and cash equivalents at the start of the period 2,240,871 15,822,613 11,177,753 5,746,153 1,005,798

Exchange gains/(losses) on cash and cash equivalents (99,851) 5,847 (333,228) (160,362) 265,816

Cash and cash equivalents at the end of the period 2,739,066 11,716,552 14,010,099 12,098,142 1,220,230


99





Fund



US$ US$ US$ US$ US$


Purchases of financial assets and settlement of financial liabilities (43,400,296) (1,310,236,649) (107,511,820) (6,649,650) (4,188,075)

Proceeds from sale of investments (including realised gains) 49,915,946 1,175,005,908 129,382,314 6,357,354 267,375

Dividends received - 17,277,469 5,195,213 47,816 478,496

Income from financial assets through profit of loss 431,960 - 0 - 5,209

Interest received 188 6,679 469 (40) 159

Income from stock lending received 55 327,271 114,135 - -

Other income 2,259 182,897 4,124 1,995 -

Operating expenses paid (44,183) (1,814,150) (867,779) (87,238) (120,315)

Net cash inflow/(outflow) from operating activities 6,905,929 (119,250,575) 26,316,656 (329,763) (3,557,151)


Distributions paid to holders of redeemable participating shares - - (111) - (358,553)

Proceeds from redeemable participating shares issued 8,231,814 230,725,969 137,860,837 424,856 5,048,845

Payment on redemption of redeemable participating shares (15,115,551) (103,295,327) (158,193,091) (105,745) (594,848)

Income equalisation (502,156) 7,178,582 (2,275,226) (313) 16,688

Net cash provided by/(used in) financing activities (7,385,893) 134,609,224 (22,607,591) 318,798 4,112,132

Net increase/(decrease) in cash and cash equivalents (479,964) 15,358,649 3,709,065 (10,965) 554,981

Cash and cash equivalents at the start of the period 574,736 20,473,137 2,361,415 177,844 339,496

Exchange gains/(losses) on cash and cash equivalents - (7,332) 15,734 (18,821) 7,532

Cash and cash equivalents at the end of the period 94,772 35,824,454 6,086,214 148,058 902,009


100



Bond Fund


Fund



Tracker Fund


GBP US$ GBP US$ GBP



Proceeds from sale of investments (including realised gains) 173,152,926 19,462,159 750,000 173,439,080 9,560,212

Dividends received - (1) 360,288 1,230,438 595,228

Income from financial assets through profit of loss 2,017,430 - - - -

Interest received 1,026 306 240 - -

Income from stock lending received 10,401 - - 17,236 7,880

Other income 6,785 - - - 141,879


Net cash inflow/(outflow) from operating activities 8,812,275 (4,220,810) (5,216,926) 138,852,520 (5,560,797)


Distributions paid to holders of redeemable participating shares (1,474,668) - (365,183) (1,159) (5,487)


Payment on redemption of redeemable participating shares (11,330,512) (566) (3,846,620) (175,460,678) (3,736,490)

Income equalization (347,746) 2,036 166,042 (1,822,781) 238,852

Net cash provided by/(used in) financing activities (8,075,341) 4,149,434 6,250,704 (138,157,331) 5,874,248

Net increase/(decrease) in cash and cash equivalents 736,934 (71,376) 1,033,778 695,189 313,451

Cash and cash equivalents at the start of the period 1,223,838 138,979 969,228 119,405 (48,024)

Exchange gains/(losses) on cash and cash equivalents (104,402) (11,699) (2) (2,834) (19,319)

Cash and cash equivalents at the end of the period 1,856,370 55,904 2,003,004 811,760 246,108


101





Sanlam P2strategies Global

Fund

Sanlam P2strategies UK

Fund EUR US$ US$ US$ GBP




Dividends received 1,141,419 1,191,309 322,550 - -

Income from financial assets through profit of loss - - - - -

Interest received (108) 170 (1,286) (945) (618)

Income from stock lending received 83,070 50,695 16,419 - -

Other income 82,874 - - - -


Net cash inflow/(outflow) from operating activities (8,081,362) 2,581,923 13,878,720 (10,273,871) (6,549,173)


Distributions paid to holders of redeemable participating shares - - - - -


Payment on redemption of redeemable participating shares (6,554,209) (4,207,700) (36,341,799) (3,678,711) (5,699,525)

Income equalisation 274,967 (28,130) (330,233) (52,246) (33,639)

Net cash provided by/(used in) financing activities 8,508,910 (2,465,590) (13,104,283) 9,029,541 7,125,947

Net increase/(decrease) in cash and cash equivalents 427,548 116,333 774,437 (1,244,330) 576,774

Cash and cash equivalents at the start of the period 174,275 414,943 (131,613) 2,443,035 802,802

Exchange gains/(losses) on cash and cash equivalents (71,821) 22,744 (37,818) 133,800 (138,094)

Cash and cash equivalents at the end of the period 530,002 554,020 605,006 1,332,505 1,241,482


102


Sanlam P2strategies North

America Fund

Sanlam P2strategies

Emerging Market Fund

Sanlam P2strategies

Europe (ex UK) Fund



US$ US$ EUR US$ GBP




Dividends received - - - 592,436 65,232

Income from financial assets through profit of loss - - - - 346

Interest received (275) (862) (541) 246 3,935

Income from stock lending received - - - 1,261 0

Other income - 3,176 - 106 405


Net cash inflow/(outflow) from operating activities (21,679,540) 2,767,584 (6,860,334) (21,093,949) (328,379)


Distributions paid to holders of redeemable participating shares - - - - -


Payment on redemption of redeemable participating shares (19,100,267) (18,146,477) (6,681,569) - (1,231,036)

Income equalisation (94,934) 20,169 (27,160) 9,209 (22,356)

Net cash provided by/(used in) financing activities 23,964,384 (2,729,822) 8,467,624 20,780,846 1,607,135

Net increase/(decrease) in cash and cash equivalents 2,284,844 37,762 1,607,290 (313,103) 1,278,756

Cash and cash equivalents at the start of the period 1,394,093 1,498,098 733,062 344,652 398,544

Exchange gains/(losses) on cash and cash equivalents 309,885 142,726 289,462 (20,758) (67,204)

Cash and cash equivalents at the end of the period 3,988,822 1,678,586 2,629,814 10,791 1,610,096


103



GBP


Purchases of financial assets and settlement of financial liabilities (17,516,682)

Proceeds from sale of investments (including realised gains) 0

Dividends received 110,345

Income from financial assets through profit of loss 0

Interest received 39

Income from stock lending received 33

Other income 0

Operating expenses paid 1

Net cash inflow/(outflow) from operating activities (17,406,264)


Distributions paid to holders of redeemable participating shares -

Proceeds from redeemable participating shares issued 19,251,554

Payment on redemption of redeemable participating shares (840,438)

Income equalisation 13,209

Net cash provided by/(used in) financing activities 18,424,325

Net increase/(decrease) in cash and cash equivalents 1,018,061

Cash and cash equivalents at the start of the period -

Exchange gains/(losses) on cash and cash equivalents (31,299)

Cash and cash equivalents at the end of the period 986,862


104


8IP Asia Equity Opportunities

Fund




Property Fund


US$ US$ US$ US$ GBP



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


Net cash inflow/(outflow) from operating activities 437,516 3,525,614 1,242,713 (2,937,268) (3,390,142)


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 provided by/(used in) 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


105



Fund





US$ US$ US$ US$ US$




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)


Distributions paid to holders of redeemable participating shares (6,512) (5,295) - - -


Payment on redemption of redeemable participating shares (27,650,831) (49,312,421) (69,905,292) (24,107,424) (29,645,701)

Income equalization (2,196,547) (2,248,664) (554,948) 225,307 2,554,902

Net cash provided by/(used in) 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


106





Fund



US$ US$ US$ US$ US$


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)


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 equalization 124,515 (12,066,031) (1,308,899) 588 (1,358)

Net cash provided by/(used in) 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


107



Fund



Tracker Fund



Bond Fund US$ GBP US$ GBP GBP



Proceeds from sale of investments (including realised gains) 2,000,000 252,939 185,175,312 40,061,290 142,657,444

Dividends received - 6,959 59,214 2,384 7

Interest received 1,016 15 20 1 1,384,305

Income from stock lending received - - - - -

Other income - - - - 17,894

Operating expenses paid (17,348) (10,840) (161) (210) (26,544)

Net cash inflow/(outflow) from operating activities (72,006,961) (10,445,866) (87,618,478) (19,995,220) (12,000,386)


Distributions paid to holders of redeemable participating shares - - - - (1,493,528)


Payment on redemption of redeemable participating shares (2,356,832) (322,951) - - (7,267,306)

Income equalization 80,797 (53,579) - - 263,711

Net cash provided by/(used in) financing activities 74,640,484 10,587,673 88,221,444 20,068,282 9,488,024

Net increase/(decrease) in cash and cash equivalents 2,633,523 141,807 602,966 73,062 (2,512,362)

Cash and cash equivalents at the start of the period - - - - 2,014,343

Exchange gains/(losses) on cash and cash equivalents (102,823) (3) (4,727) 300 (17,928)

Cash and cash equivalents at the end of the period 2,530,700 141,804 598,239 73,362 (515,947)


108


Sanlam Europe (ex UK)

Equity Fund



EUR US$ US$


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)


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 provided by/(used in) 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


109

PORTFOLIO OF INVESTMENTS OF CENTRE GLOBAL EQUITY FUND as at 30 June 2014

Nominal Security

Classification Fair Value % of

US$ Net Assets

Financial assets at fair value through profit or loss

Equity – 97.24%

Australia – 2.44% 6,108 BHP Billiton Ltd

206,729 1.01%

2,630 Common wealth Bank of Australia

200,542 0.98%

2,810 Westpac Banking Corp Ltd

89,755 0.44%

Total Australia

497,026 2.44%

Belgium – 0.87% 1,539 Anheuser-Busch InBev

176,686 0.87%

Total Belgium

176,686 0.87%

Brazil – 1.65% 13,650 Ambev SA

97,611 0.48%

9,677 Banco Itaú Holding Financeira SA

140,376 0.69%

12,500 Petróleo Brasileiro SA

98,065 0.48%

Total Brazil

336,052 1.65%

Cayman Islands – 1.07% 17,550 Sands China Ltd

132,582 0.65%

5,650 Tencent Holdings Ltd

86,168 0.42%

Total Cayman Islands

218,750 1.07%

China – 2.17% 175,790 Bank of China

78,706 0.39%

90,000 China Construction Bank Corp

68,049 0.33%

23,200 The China Life Insurance Co Ltd

60,767 0.30%

80,000 China Resources Petroleum Co Ltd

76,281 0.37%

63,660 PetroChina Co Ltd

80,414 0.39%

10,000 Ping An Insurance Group Co of China Ltd

77,416 0.38%

Total China

441,633 2.17%

Denmark – 0.96% 4,250 Novo Nordisk AS

195,598 0.96%

Total Denmark

195,598 0.96%

France – 5.51% 3,860 Accor SA

200,659 0.99%

2,160 BNP Paribas

146,438 0.72%

1,570 L'oreal SA

270,367 1.33%

1,745 Sanofi-Aventis SA

185,245 0.91%

4,430 Total SA

319,944 1.57%

Total France

1,122,653 5.51%


110

PORTFOLIO OF INVESTMENTS OF CENTRE GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net Assets

Financial assets at fair value through profit or loss (continued)

Germany – 6.66% 690 Allianz SE

114,906 0.56%

2,276 Basf SE

264,817 1.30%

888 Bayer AG

125,338 0.62%

3,114 Daimler AG

291,458 1.43%

1,020 Deutsche Bank AG

35,863 0.18%

7,330 Deutsche Telekom AG

128,385 0.63%

1,411 SAP AG

108,895 0.53%

2,181 Siemens AG

287,845 1.41%

Total Germany

1,357,507 6.66%

Great Britain – 4.43% 28,315 Barclays Plc

102,964 0.51%

18,796 HSBC Holdings Plc

190,433 0.93%

1,630 Next Plc

180,352 0.89%

2,720 Reckitt Benckiser Group Plc

237,047 1.16%

39,420 Tesco Plc

191,442 0.94%

Total Great Britain

902,238 4.43%

Greece – 0.86% 9,810 OPAP SA

174,507 0.86%

Total Greece

174,507 0.86%

Hong Kong – 0.60% 3,660 China Mobile Hong Kong Ltd

35,512 0.17%

23,130 CNOOC Ltd

41,543 0.20%

70,000 Industrial and Commercial Bank of China Ltd

44,256 0.22%

Total Hong Kong

121,311 0.60%

India – 0.96% 2,000 HDFC Bank Ltd

93,640 0.46%

3,000 Reliance Industries Ltd

100,950 0.50%

Total India

194,590 0.96%

Israel – 0.81% 3,140 Teva Pharmaceutical Industries Ltd

164,598 0.81%

Total Israel

164,598 0.81%

Italy – 4.66% 7,640 Assicurazioni Generali

167,373 0.82%

47,630 Enel SpA

277,255 1.36%

2,700 ENI-Ente Nazionale Idrocarburi SpA

73,818 0.36%

85,720 Intesa Sanpaolo SPA

264,620 1.30%

19,953 Unicredit Spa

166,958 0.82%

Total Italy

950,024 4.66%

Japan – 6.87% 17,110 Daiwa Securities Y50

148,129 0.73%

510 Fast Retailing Co Ltd

167,802 0.82%

740 Keyence Corp

322,846 1.59%


111


Nominal Security


US$ Net

Assets


Japan – 6.87% (continued)

30,550 Mitsubishi UFJ Holdings Inc

187,281 0.92%

1,760 Murata Manufacturing Co Ltd

164,724 0.81%

4,740 Toyota Motor Co

284,681 1.40%

26,900 Yahoo Japan Corp

124,276 0.61%

Total Japan

1,399,739 6.87%

Korea (South) – 2.07% 580 Hyundai Motor Co

131,571 0.65%

80 Samsung Electronics Co Ltd

104,538 0.51%

4,020 Shinhan Financial Group Ltd

186,161 0.91%

Total Korea (South)

422,270 2.07%

Mexico – 0.20% 39,960 America Movil SAB de CV

41,433 0.20%

Total Mexico

41,433 0.20%

Netherlands – 2.59% 3,370 Schlumberger Ltd

397,492 1.95%

2,990 Unilever NV

130,741 0.64%

Total Netherlands

528,233 2.59%

Norway – 0.94%

6,240 Statoil ASA

191,568 0.94%

Total Norway

191,568 0.94%

Russia – 1.20% 1,000 Lukoil

59,820 0.29%

520 Lukoil

31,048 0.15%

10,740 OAO Gazprom

93,599 0.46%

5,950 Sberbank Sponsored ADR

60,094 0.30%

Total Russia

244,561 1.20%

Spain – 5.26% 10,248 Banco Bilbao Viscaya SA

130,540 0.64%

37,755 Banco Santander SA

394,185 1.94%

1,370 Inditex SA

210,712 1.03%

2,440 Red Electrica de Espana

223,032 1.09%

6,630 Telefonica SA

113,585 0.56%

Total Spain

1,072,054 5.26%

Switzerland – 2.95% 8,680 Coca-Cola HBC AG

199,053 0.98%

1,870 Novartis AG

169,348 0.83%

780 Roche Holding AG

232,672 1.14%

Total Switzerland

601,073 2.95%

Taiwan – 2.74% 31,320 Delta Electronics Inc

228,074 1.12%

9,430 MediaTek Inc

159,440 0.78%

40,450 Taiwan Semiconductor Manufacturing Co Ltd

171,318 0.84%

Total Taiwan

558,832 2.74%


112


Nominal Security


US$ Net

Assets


United States of America -38.75 % 1,230 Amgen Corp Co Npv

145,595 0.71%

9,310 Apple Inc

865,178 4.25%

4,720 AT & T Inc

166,899 0.82%

22,180 Bank of America Corp

340,907 1.67%

1,920 Berkshire Hathaway Inc

242,995 1.19%

1,290 Chevron Corp

168,410 0.83%

4,920 Coca-Cola Co

208,411 1.02%

7,310 Discover Financial Services Inc

453,074 2.22%

3,960 Exxon Corp

398,692 1.96%

8,320 General Electric Co

218,650 1.07%

5,530 Gilead Sciences Inc

458,492 2.25%

550 Google Inc

321,569 1.58%

1,380 Infosys Technologies

74,203 0.36%

970 International Business Machines Corp

175,832 0.86%

3,350 Johnson & Johnson

350,477 1.72%

6,200 JP Morgan Chase & Co

357,244 1.75%

1,960 Kimberley Clark Corp

217,991 1.07%

3,630 Merck & Co

209,996 1.03%

8,820 Microsoft Corp

367,794 1.81%

10,660 Pfizer Inc

316,389 1.55%

2,750 Procter & Gamble Co

216,123 1.06%

6,000 Qualcomm Inc

475,200 2.33%

2,880 United Technologies Corp

332,496 1.63%

4,550 Verizon Communications Inc

222,632 1.09%

11,170 Wells Fargo & Co

587,095 2.88%

Total United States of America

7,892,344 38.75%

Total Equity

19,805,280 97.24%

Total financial assets at fair value through profit or loss

19,805,280 97.24%

Cash and cash equivalents

616,995 3.03%

Other net assets and liabilities

(53,975) (0.27%)

Net assets attributable to holders of redeemable participating shares

20,368,300 100.00%


113



Summary

Classification Description

Fair Value % of % of

Net Assets Total Assets

Tranferable securities and money market instruments admitted to

official stock exchange listing or traded on regulated market

19,805,280 97.24% 96.75%

A Transferabe securities and money market instruments other than

those referred above

- - -

B Collective Investment Schemes

- - -

C Financial derivative instruments dealt in on a regulated market - - -

D Over the counter financial derivative instrument

- - -


616,995 3.03% (3.01%)


(53,975) (0.27%) (0.27%)

Net assets attributable to holders of redeemable participating shares 20,368,300 100.00%


114

PORTFOLIO OF INVESTMENTS OF GRINDROD INTERNATIONAL PROPERTY FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 98.40 %

Australia – 12.12% 95,000 Charter Hall Retail REIT

347,506 3.03%

94,366 General Property Group

341,629 2.98%

153,793 Growthpoint Properties Australia

355,230 3.09%

16,413 Growthpoint Properties Ltd

928 0.01%

41,114 Scentre Group Ltd

124,036 1.08%

32,997 Westfield Corp

222,427 1.94%

Total Australia

1,391,756 12.12%

Canada – 2.44% 10,910 RioCan Real Estate Investment Trust

279,715 2.44%

Total Canada

279,715 2.44%

France – 3.42% 1,350 Unibail-Rodamco

392,457 3.42%

Total France

392,457 3.42%

Great Britain – 6.25% 30,000 British Land Co Plc

360,133 3.14%

20,200 Land Securities Group Plc

357,608 3.11%

Total Great Britain

717,741 6.25%

Hong Kong – 2.44% 52,000 The Link Real Estate Investment Trust

279,783 2.44%

Total Hong Kong

279,783 2.44%

Isle of Man – 2.33% 30,000 New Europe Property Investment Plc

267,935 2.33%

Total Isle of Man

267,935 2.33%

Singapore – 7.57% 150,000 Capitamall Trust

237,665 2.07%

180,000 CDL Hospitality Trust

254,152 2.21%

430,000 Fortune REIT

377,276 3.29%

Total Singapore

869,093 7.57%

United States of America – 61.83% 11,900 Acadia Realty Trust

334,271 2.91%

2,500 AvalonBay Communities Inc

355,475 3.10%

15,400 BioMed Realty Trust Inc

336,182 2.93%

3,000 Boston Properties Inc

354,540 3.09%

17,900 CBL & Associates Properties Inc

340,100 2.96%

12,000 Columbia Property Trust Inc

312,120 2.72%

18,200 Cubesmart

333,424 2.90%

19,200 DDR Corp

338,496 2.95%

5,800 Digital Realty Trust Inc

338,256 2.95%


115

PORTFOLIO OF INVESTMENTS OF GRINDROD INTERNATIONAL PROPERTY FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


United States of America – 61.83% (continued) 18,900 Duke Realty Corp

343,224 2.99%

31,800 Education Realty Trust Inc

341,532 2.97%

2,800 Federal Realty Investment Trust

338,576 2.95%

13,400 Healthcare Realty Trust Inc

340,628 2.97%

14,400 Kimco Realty Corp

330,912 2.88%

9,000 Liberty Property Trust

341,370 2.97%

5,000 The Macerich Co

333,750 2.91%

6,300 Post Properties Inc

336,797 2.93%

8,000 Prologis Inc

328,720 2.86%

1,900 Public Storage Inc

325,565 2.84%

7,800 Realty Income Corp

346,476 3.02%

2,100 Simon Property Group Inc

349,188 3.04%


7,099,602 61.83%

Total Equity

11,298,082 98.40%


11,298,082 98.40%


192,612 1.68%


(8,880) (0.08%)


11,481,814 100.00%

Grindrod International Property Fund

Summary





official stock exchange listing or traded on regulated market 11,298,082 98.40% 97.82%



- - -


- - -



- - -


192,612 1.68% 1.67%


(8,880) (0.08%) (0.08%)



116

PORTFOLIO OF INVESTMENTS OF P SOLVE INFLATION PLUS FUND as at 30 June 2014

Nominal Security Coupon Maturity Classification Fair Value % of

GBP Net

Assets


Government Debt – 10.38% 2,077,000 Australian Government 4.50% 21/10/2014

1,152,352 1.97%

1,034,000 Canadian Government 1.00% 01/11/2014

568,246 0.97%

1,216,743 UK Treasury 1.75% 07/09/2022

1,147,784 1.96%

1,113,520 UK Treasury 2.75% 07/09/2024

1,112,156 1.90%

4,767,000 Norwegian Government 5.00% 15/05/2015

468,133 0.80%

1,058,000 Singapore Government 1.38% 01/10/2014

498,956 0.85%

19,959,000 Republic of South Africa 8.75% 21/12/2014

1,118,758 1.91%

Total Government Debt

6,066,386 10.38%

Exchange Traded Funds – 53.36% 12,481 Lyxor ETF Eastern Europe

185,209 0.32%

20,859 iShares Barclays Capital Emerging Market Local Govt Bond

1,027,903 1.76%

104,521 iShares MSCI Europe Ex-UK

2,280,126 3.90%

87,854 iShares MSCI Japan GBP Hedged UCITS ETF

3,850,641 6.59%

66,722 iShares MSCI World Islamic

1,175,975 2.01%

51,701 Ishares S&P 500 Index Fund

594,044 1.02%

165,656 Vanguard FTSE 100 ETF

5,036,771 8.62%

288,486 Vanguard S&P 500 ETF

6,312,074 10.80%

13,801 ETFS Brent 1Mth Oil Security

594,384 1.02%

5,979 iShares MSCI South Korea Index Fund

228,023 0.39%

41,771 iShares Core MSCI Emerging Markets ETF

1,270,114 2.17%

3,156 iShares MSCI All Peru Capped

65,600 0.11%

9,601 iShares MSCI China ETF

261,782 0.45%

73,421 Vanguard Emerging Market ETF

1,861,839 3.19%

32,317 Vanguard MSCI European ETF

1,137,257 1.95%

50,403 Vanguard S&P 500 ETF

5,310,196 9.08%

Total Exchange Traded Funds

31,191,937 53.36%

Collective Investment Schemes – 32.63% 681,026 First State Investments ICVC - Asia Pacific Leaders Fund

B 3,076,604 5.26%

118,671 GLG Treasury Plus Fund

B 1,731,170 2.96%

4,580 Finsbury High Income Fund

B 3,453,057 5.91%

982,087 Insight Liquidity Funds Plc

B 982,088 1.68%

133,379 PIMCO Global Investors

B 2,202,086 3.77%

390,325 Pimco-Hi Yield Bond

B 6,932,171 11.86%

4,950 IFDC - Japan Dynamic Fund

B 691,763 1.18%

5,378 Institutional Sterling Liquidity Fund - Class A B 5,378 0.01%

Total Collective Investment Scheme

19,074,318 32.63%


56,332,641 96.37%


2,090,690 3.58%


30,297 0.05%


58,453,628 100.00%


117

PORTFOLIO OF INVESTMENTS OF P SOLVE INFLATION PLUS FUND (CONTINUED) as at 30 June 2014


Summary








- - -


19,074,318 32.63% 32.60%



- - -


2,090,690 3.58% 3.57%


30,297 0.05% 0.05%



118

PORTFOLIO OF INVESTMENTS OF SANLAM AFRICAN FRONTIER FUND as at 30 June 2014

Nominal Security


US$ Net Assets


Equity - 96.53%

Botswana - 2.28% 6,228,532 Letshego Holdings Ltd

1,597,658 1.94%

105,713 Sechaba Breweries Ltd

278,959 0.34%

Total Botswana

1,876,617 2.28%

Egypt - 28.69% 227,180 Arabian Cement Co

349,185 0.42%

1,534,591 Commercial International Bank

7,640,654 9.26%

629,984 Credit Agricole Egypt

1,315,459 1.60%

88,279 Eastern Tobacco Co

1,852,228 2.25%

220,043 Egyptian International Pharmaceutical Industry Co

1,563,976 1.90%

4,665,862 Global Telecom Holding SAE

3,347,628 4.06%

429,740 Oriental Weavers Co

3,063,432 3.71%

240,981 Suez Cement

1,247,017 1.51%

2,073,556 Talaat Moustafa Group Holding Co

2,476,632 3.00%

430,073 Telecom Egypt SAE

806,000 0.98%

Total Egypt

23,662,211 28.69%

Ghana - 0.42% 2,915,000 UT Bank Ltd

347,013 0.42%

Total Ghana

347,013 0.42%

Ivory Coast - 1.83% 33,000 Sonatel

1,508,103 1.83%

Total Ivory Coast

1,508,103 1.83%

Kenya - 14.15% 1,486,850 Athi River Mining Ltd

1,357,389 1.65%

456,579 Bamburi Cement Co Ltd

906,593 1.10%

6,549,230 Co-operative Bank of Kenya Ltd

1,442,430 1.75%

568,658 East African Breweries Ltd

1,836,474 2.23%

5,291,097 Equity Bank Ltd

2,777,479 3.37%

4,181,537 Kenya Commercial Bank Ltd

2,433,623 2.95%

6,420,126 Safaricom Ltd

912,137 1.11%

Total Kenya

11,666,125 14.15%

Mauritius - 3.39% 247,908 MCB Group Ltd

1,764,908 2.14%

29,609,700 State Bank of Mauritius Ltd

1,029,476 1.25%

Total Mauritius

2,794,384 3.39%

Morocco - 5.60% 58,605 Attijariwafa Bank

2,171,507 2.63%

191,800 Douja Prom Addoha

1,331,215 1.61%

96,398 Maroc Telecom

1,115,106 1.35%

Total Morocco

4,617,828 5.60%


119

PORTFOLIO OF INVESTMENTS OF SANLAM AFRICAN FRONTIER FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net Assets


Netherlands - 1.92% 40,685 OCI NV

1,586,648 1.92%

Total Netherlands

1,586,648 1.92%

Nigeria - 37.11% 19,966,589 FBN Holdings Plc

1,911,499 2.32%

4,200,000 Glaxo Smith Kline Consumer Nigeria Plc

1,649,586 2.00%

32,553,771 Guaranty Trust Bank plc

5,783,563 7.01%

1,166,593 Guinness Nigeria Plc

1,431,842 1.74%

130,000 Nestle Foods Nigeria Plc

917,459 1.11%

5,921,271 Nigerian Breweries Plc

6,249,766 7.58%

60,634,724 United Bank for Africa Plc

2,865,220 3.47%

4,528,500 West African Portland Cement

3,084,771 3.74%

43,636,399 Zenith Bank Ltd

6,708,142 8.13%

Total Nigeria

30,601,848 37.11%

Zimbabwe - 1.15% 1,421,000 Econet Wireless Zimbambwe Ltd

952,070 1.15%

Total Zimbabwe

952,070 1.15%

Total Equity

79,612,847 96.53%


79,612,847 96.53%


2,739,066 3.32%


119,137 0.15%


82,471,050 100.00%

Sanlam African Frontier Markets Fund

Summary








- - -


- - -



- - -


2,739,066 3.32% 3.27%


119,137 0.15% 0.14%



120

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 97.01%

Bermuda - 3.03% 1,252,865 Catlin Group Ltd

11,453,909 3.03%

Total Bermuda

11,453,909 3.03%

Canada - 3.37% 336,000 The Potash Corporation of Saskatchewan Inc

12,754,560 3.37%

Total Canada

12,754,560 3.37%

Cayman Islands - 0.64% 46,398,418 DBA Telecommunication Asia Holdings Ltd

2,430,584 0.64%


2,430,584 0.64%

Finland - 1.79% 174,000 Nokiaan Renkaat OYJ

6,785,714 1.79%

Total Finland

6,785,714 1.79%

France - 4.41% 57,800 Renault SA

5,222,406 1.38%

159,002 Total SA

11,483,478 3.03%

Total France

16,705,884 4.41%

Great Britain - 8.98% 961,000 Barclays Plc

3,494,545 0.92%

657,546 IG Group Holdings Plc

6,601,303 1.74%

352,748 Imperial Tobacco Group Plc

15,853,165 4.19%

2,085,000 Legal & General Group Plc

8,030,742 2.12%

Total Great Britain

33,979,755 8.98%

Hong Kong - 3.16% 8,422,001 Esprit Holdings Ltd

11,953,345 3.16%

Total Hong Kong

11,953,345 3.16%

Indonesia - 2.13% 8,402,500 Adira Dinamika Multi Finance Tbk

8,044,570 2.13%

Total Indonesia

8,044,570 2.13%

Korea (South) - 5.61% 25,700 Hyundai Motor Co

5,829,997 1.54%

14,700 Samsung Electronics Co Ltd

15,401,951 4.07%

Total Korea (South)

21,231,948 5.61%

Netherlands - 2.34% 75,000 Schlumberger Ltd

8,846,250 2.34%

Total Netherlands

8,846,250 2.34%

Russia - 2.30% 147,777 Magnit OJSC

8,718,843 2.30%

Total Russia

8,718,843 2.30%


121

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Spain - 1.59% 131,300 ACS, Actividades de Construcción y Servicios SA

6,000,848 1.59%

Total Spain

6,000,848 1.59%

Switzerland - 3.34% 139,500 Novartis International AG

12,633,190 3.34%

Total Switzerland

12,633,190 3.34%

United States of America - 54.32% 328,451 Allison Transmission Holdings Inc

10,214,826 2.70%

264,600 American International Group Inc

14,441,868 3.82%


13,307,784 3.52%

510,000 Cisco Systems Inc

12,673,500 3.35%

150,900 Citigroup Inc

7,107,391 1.88%

111,000 Deere & Co

10,051,050 2.66%

180,300 Halliburton Co

12,803,103 3.38%

344,574 Hewlett-Packard Co

11,605,252 3.07%

131,800 Illinois Tool Works Inc

11,540,409 3.05%


7,173,690 1.90%

58,700 Lockheed Martin Corp Co

9,434,851 2.49%

190,000 Medtronic Co

12,114,400 3.20%


19,543,831 5.16%

93,500 National-Oilwell Inc

7,699,725 2.03%

23,375 NOW Inc

846,409 0.22%

5,175 NVR Inc

5,954,356 1.57%

315,000 Oracle Corp Co

12,766,950 3.37%

95,000 Qualcomm Inc

7,524,000 1.99%

112,200 Time Warner Inc

7,882,050 2.08%

145,000 Wal-Mart Stores Inc

10,885,150 2.88%


205,570,595 54.32%

Total equity

367,109,995 97.01%


367,109,995 97.01%


11,716,552 3.10%


(386,374) (0.11%)


378,440,173 100.00%


122

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) as at 30 June 2014


Summary



US$ Net Assets Total Assets





- - -


- - -

C Financial derivative instruments dealt in on a regulated market

- - -

D Over the counter financial derivative instrument - - -


11,716,552 3.10% 3.09%


(386,374) (0.11%) (0.10%)



123

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BOND FUND as at 30 June 2014


US$ Net Assets


Debt – 96.79%

Australia – 1.40% 98,000 Australian Government 4.50 15/04/2020

99,147 0.02%

61,000 Australian Government 4.75 21/04/2027

63,334 0.01%


14,853 0.00%


512,377 0.12%


153,281 0.04%


150,539 0.04%

907,000 CNOOC Curtis Funding 4.50 03/10/2023

159,213 0.04%

690,000 Queensland Treasury Corp 6.00 14/10/2015

951,443 0.22%

600,000 Westpac Banking Corp 7.25 11/02/2020

2,534,708 0.59%

125,000 Australian ILB 3.41 20/09/2025

678,928 0.16%

1,980,000 New South Wales ILB 3.32 20/11/2025

655,899 0.15%

Total Australia

5,973,721 1.40%

Austria – 0.23% 81,000 Autobahn Schnell AG 4.50 16/10/2017

126,050 0.03%

43,000 Energie Oberoesterreich 4.50 04/03/2025

69,228 0.02%

97,000 Republic of Austria 1.95 18/06/2019

142,102 0.03%


109,360 0.03%


181,891 0.04%


96,385 0.02%


141,762 0.03%


101,599 0.02%

Total Austria

968,377 0.23%

Belgium – 1.31% 67,000 Kingdom of Belgium 5.50 28/03/2028

128,419 0.03%

190,000 Kingdom of Belgium 3.50 28/06/2017

285,307 0.07%

2,020,000 Kingdom of Belgium 2.25 22/06/2023

2,941,411 0.69%

400,000 KBC Bank NV 1.13 11/12/2017

560,263 0.13%


1,149,910 0.27%


200,662 0.05%


337,231 0.08%

Total Belgium

5,603,202 1.31%

Brazil – 0.19% 760,000 Banco Nac de Desen 5.75 26/09/2023

818,535 0.19%

Total Brazil

818,535 0.19%

Canada – 2.09% 576,000 Barrick Gold Corp 4.10 01/05/2023

567,683 0.13%

635,000 Provence of British Columbia 4.70 18/06/2037

704,896 0.16%

106,000 Government of Canada 3.75 01/06/2019

109,857 0.03%


886,931 0.21%


895,588 0.21%


39,398 0.01%


119,923 0.03%


431,228 0.10%

559,000 CDP Financial 4.60 15/07/2020

589,752 0.14%


179,546 0.04%


124

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BOND FUND (CONTINUED) as at 30 June 2014


US$ Net Assets


Canada – 2.09% (continued)

510,000 Husky Energy Inc 4.00 15/04/2024

530,517 0.12%

690,000 Ontario Province 4.20 08/03/2018

706,045 0.17%

480,000 Ontario Province 6.20 02/06/2031

601,054 0.14%

686,000 Province of Alberta 1.85 01/09/2016

652,737 0.15%

1,165,000 Quebec Province 5.00 29/04/2019

1,917,595 0.45%

Total Canada

8,932,751 2.09%

Cayman Islands – 0.98% 1,160,000 Petrobras International Finance 5.75 20/01/2020

1,240,342 0.29%

2,055,000 Petrobras International Finance 3.88 27/01/2016

2,121,726 0.50%

460,000 Petrobras International Finance 5.38 27/01/2021

478,193 0.11%

375,000 Saudi Electricity 5.06 08/04/2043

367,024 0.09%


4,207,284 0.98%

Czechoslovakia – 0.05% 4,220,000 Czech Republic 2.50 25/08/2028

218,978 0.05%

Total Czechoslovakia

218,978 0.05%

Denmark – 0.16% 463,000 Dong Energy AS 2.63 19/09/2022

674,207 0.16%

Total Denmark

674,207 0.16%

European Union – 1.00%

220,000 European Financial Stability Facility Bond 1.63 17/07/2020

315,264 0.07%

660,853 Red Black Auto Lease 0.91 15/04/2024

905,475 0.21%

862,968 Volta Electricity ABS 2.98 16/02/2021

1,186,716 0.28%

575,000 Abest Asset Backed European Securiitisation F 1.30 10/12/2028

788,282 0.18%

201,956 Copernic 1.16 25/12/2015

277,309 0.06%

600,000 Sunrise SRL ABS 1.13 27/05/2031

821,839 0.19%

Total European Union

4,294,884 1.00%

France – 5.01% 1,195,000 BNP Paribas 2.88 20/03/2026

1,662,764 0.39%

103,000 BNP Paribas 2.88 26/09/2023

150,869 0.04%

400,000 Bpce SA 2.13 17/03/2021

563,667 0.13%

300,000 BPCE SFH 2.75 16/02/2017

436,334 0.10%

220,000 Caisse D'Amort Dette Soc 4.38 25/10/2021

369,903 0.09%

380,000 Caisse Française de Financement Local 4.25 07/02/2019

604,943 0.14%

315,000 Caisse Refinance 3.60 08/03/2024

508,763 0.12%

200,000 Credit Agricole Public 1.88 07/06/2023

282,384 0.07%

400,000 Credit Mutuel CIC Home 4.13 19/01/2024

670,564 0.16%

193,065 Driver France 0.47 21/10/2020

264,343 0.06%

400,000 Electricite De France 5.50 17/10/2041

772,215 0.18%

1,867,000 Electricite De France FRN 5.25 31/12/2049

1,909,269 0.45%

154,069 FCT GINKO FRN 1.58 18/07/2038

212,075 0.05%

276,000 Government of France 8.50 25/04/2023

603,571 0.14%


477,045 0.11%


658,652 0.15%


781,069 0.18%


730,269 0.17%


1,312,037 0.31%


125



US$ Net

Assets


France – 5.01% (continued)

1,068,000 Government of France 4.50 25/04/2041

1,990,955 0.47%

705,000 French Treasury Note 2.50 25/07/2016

1,012,333 0.24%

744,000 GDF Suez 6.38 18/01/2021

1,339,994 0.31%

500,000 GDF Suez FRN 3.00 02/06/2049

690,948 0.16%

600,000 ICADE 2.25 30/01/2019

854,335 0.20%

300,000 Master Credit Cards Pass France FRN 0.74 25/10/2025

411,320 0.10%

75,282 Red and Black Auto France FRN 0.95 28/12/2021

103,252 0.02%

300,000 Reseau Ferre de France 4.25 07/10/2026

506,991 0.12%

250,000 RTE EDF Transport SA 4.13 27/09/2016

369,704 0.09%

800,000 Societe Generale SFH 1.75 05/03/2020

1,150,389 0.27%

Total France

21,400,955 5.01%

Germany – 7.34% 520,000 Bayer Ag 3.00 01/07/2075

719,789 0.17%

835,000 Bayer Ag 3.75 01/07/2074

1,156,900 0.27%

348,000 Bundesrep Deutschland 2.00 04/01/2022

517,562 0.12%

283,021 Bundesobligation 0.50 07/04/2017

392,047 0.09%

1,250,000 Bundesobligation 0.80 15/04/2018

1,919,571 0.45%

640,000 Bundesobligation 1.00 22/02/2019

903,750 0.21%

2,360,000 Bundesrepub 1.75 15/02/2024

3,390,643 0.79%

450,000 Bundesrepub Deutschland 2.50 15/08/2046

659,883 0.15%

427,088 Bundesrepub Deutschland 4.00 04/01/2037

779,605 0.18%

1,795,000 Bundesrepub Deutschland 1.50 15/05/2024

2,514,179 0.59%

350,000 Deutsche Bank AG 5.00 24/06/2020

555,800 0.13%

382,073 Driver GMBH FRN 0.37 21/03/2019

522,748 0.12%

305,000 ENBW 3.63 02/04/2076

417,317 0.10%

216,000 Ewe AG 4.88 14/10/2019

349,472 0.08%

900,000 FMS Wertmanagement 1.13 07/12/2016

1,527,678 0.36%


567,663 0.13%


837,635 0.20%

342,750 Republic of Germany 4.00 04/01/2018

533,106 0.12%


271,062 0.06%


409,215 0.10%

287,000 Hypothekenbank Frankfurt 4.38 02/07/2019

463,273 0.11%

9,000,000 KFW 0.50 30/09/2015

9,031,050 2.11%

401,000 KFW 2.25 21/09/2017

584,506 0.14%

500,000 Kreditanst Fur Wie 5.05 04/02/2025

542,594 0.13%

870,000 Kreditanstalt Fur Wiederaufbau 1.88 13/06/2018

821,207 0.19%

885,000 Kreditanstalt Fur Wiederaufbau 3.75 16/08/2017

759,753 0.18%

27,000 Land Nord-Rhein Westfalen 2.00 15/10/2025

38,072 0.01%

300,000 Munich Re Finance FRN 6.63 26/05/2042

589,014 0.14%

Total Germany

31,775,095 7.43%


126



US$ Net

Assets


Great Britain – 5.53% 780,000 Abbey National Treasury Serv FRN 0.83 20/01/2017

1,335,423 0.31%

280,000 Aon Plc 2.88 14/05/2026

392,352 0.09%

402,667 Arkle Master Issue FRN 1.93 17/05/2060

409,390 0.10%

12,672 Asset Backed European Securitisation FRN 0.96 15/06/2019

21,664 0.01%

266,000 Barclays Bank Plc 5.14 14/10/2020

291,406 0.07%

134,000 Bat International Finance Plc 6.38 12/12/2019

268,547 0.06%

75,172 E-Carat Plc 1.30 18/06/2020

128,859 0.03%

397,777 Fosse Master Issue FRN 1.93 18/10/2054

679,833 0.16%

346,000 Hammerson Plc 2.75 26/09/2019

507,325 0.12%

200,000 HSBC Holdings Plc 5.25 14/03/2044

214,302 0.05%

450,000 Legal and General Group 6.39 02/05/2017

827,386 0.19%

430,000 Lloyds bank Plc FRN 0.77 14/01/2017

736,320 0.17%

134,400 Motor Plc 1.29 25/02/2020

134,572 0.03%

394,000 Network Rail Infra Finance 4.75 22/01/2024

777,665 0.18%

1,030,000 NGG Finance Plc FRN 4.25 18/06/2076

1,504,000 0.35%

199,000 Northern Gas Networks 4.88 15/11/2035

358,135 0.08%

870,000 Northern Rock Asset Management 5.63 22/06/2017

975,749 0.23%

312,000 Nram Covered 4.13 27/03/2017

469,473 0.11%

450,000 Reed Elsevier Investment 5.63 20/10/2016

833,215 0.19%

279,000 Treasury UK 3.75 07/09/2019

517,356 0.12%

215,000 TSY 4.25 07/12/2027

417,869 0.10%

405,000 TSY 4.75 07/09/2015

725,394 0.17%

269,000 Turbo Finance Plc FRN 1.07 14/12/2020

460,545 0.11%

1,006 Turbo Finance Plc FRN 1.89 20/02/2019

1,720 0.00%

2,865,000 Government of UK 4.25 07/09/2039

5,621,069 1.32%

475,000 UK Gilt 1 1.00 07/09/2017

799,010 0.19%

380,000 UK Gilt 3.50 22/07/2068

670,799 0.16%

912,000 Government of UK Bond 4.50 07/12/2042

1,874,774 0.44%

135,000 Government of UK 4.25 07/12/2040

265,508 0.06%

400,000 UK Treasury 3.25 22/01/2044

661,791 0.15%

395,000 UK Treasury 4.00 07/03/2022

749,704 0.18%

Total Great Britain

23,631,155 5.53%

Hong Kong – 0.07% 265,000 AIA Group 4.88 11/03/2044

280,317 0.07%

Total Hong Kong

280,317 0.07%

India – 0.10% 390,000 Bank of Baroda 5.00 24/08/2016

411,832 0.10%

Total India

411,832 0.10%

Indonesia – 0.09% 330,000 Republic of Indonesia 6.75 15/01/2044

380,401 0.09%

Total Indonesia

380,401 0.09%


127



US$ Net

Assets


Ireland – 0.70% 370,000 Bank of Ireland 1.75 19/03/2019

523,250 0.12%

625,000 Bank of Ireland Mortgage Bank 1.88 13/05/2017

883,039 0.21%

31,699 Cars Alliance Auto Loans 1.38 25/09/2021

43,486 0.01%

30,000 Republic of Ireland 5.40 13/03/2025

52,072 0.01%

195,000 Irish Treasury 3.40 18/03/2024

290,920 0.07%

150,000 Irish Treasury 4.50 18/04/2020

243,048 0.06%

962,000 Pertamina Persero Pt 6.45 30/05/2044

955,593 0.22%

Total Ireland

2,991,409 0.70%

Italy – 4.47% 234,215 Auto ABS 2.80 27/04/2025

324,830 0.08%

1,067,000 Buoni Poliennali 3.50 01/11/2017

1,580,103 0.37%

339,000 Buoni Poliennali 4.25 01/09/2019

528,739 0.12%


482,470 0.11%


8,102 0.00%

703,000 Buoni Poliennali Del Tes 1.50 15/12/2016

979,352 0.23%


181,116 0.04%


818,101 0.19%


675,022 0.16%

4,635,000 Buoni Poliennali Del Tes ILB 2.15 12/11/2017

6,617,971 1.55%


2,452,109 0.57%


4,463,277 1.04%

900,000 Buoni Poliennalii 4.75 01/09/2044

1,406,810 0.33%

405,000 Republic of Italy 5.00 01/08/2039

658,724 0.15%

162,000 Unicredit 3.00 31/01/2024

237,649 0.06%

Total Italy

21,414,374 5.01%

Japan – 14.98% 233,000,000 Government of Japan 1.40 20/03/2020

2,457,563 0.58%

170,600,000 Government of Japan 1.40 20/09/2019

1,791,637 0.42%


8,796,721 2.06%


1,763,535 0.41%

118,050,000 Japan 10 Year 0.80 20/09/2020

1,207,187 0.28%

85,500,000 Japan 10 Year 1.80 20/09/2016

876,379 0.21%

23,900,000 Japan 10 Year 2.40 20/06/2028

282,612 0.07%

527,400,000 Japan 20 Year 1.50 20/03/2034

5,288,369 1.24%

314,200,000 Japan 36 20 year issue 3.00 20/09/2017

3,391,003 0.79%

102,450,000 Japan 90 20 Year Issue 2.20 20/09/2026

1,184,779 0.28%

1,308,900,000 Government of Japan 1.00 20/09/2021

13,557,258 3.17%


5,200,196 1.22%


2,341,984 0.55%


4,575,440 1.07%

362,900,000 Japan ILB 0.10 10/09/2023

3,959,696 0.93%

381,350,000 Japan 24 30 Year Issue 2.50 20/09/2036

4,465,974 1.04%

261,800,000 Japan 57 20 year issue 1.90 20/06/2022

2,893,859 0.68%

Total Japan

64,034,193 14.98%

Jersey Channel Isle – 0.17% 310,000 Annington Repack 5.32 10/01/2023

587,829 0.14%

73,000 Heathrow Funding Ltd 6.75 03/12/2026

157,113 0.04%

Total Jersey Channel Isle

744,943 0.17%


128



US$ Net

Assets


Korea (South) – 0.65% 1,050,000 Korea Development Bank 1.00 22/01/2016

1,050,378 0.25%

781,000 Korea Development Bank 1.50 30/05/2018

1,087,223 0.25%

611,000 Korea Finance Corp 2.88 22/08/2018

628,414 0.15%

Total Korea (South)

2,766,014 0.65%

Luxembourg – 0.72% 470,949 Bumper2SA FRN 1.36 23/02/2023

646,886 0.15%

226,003 E-Car ABS FRN 0.53 18/09/2021

309,571 0.07%

222,099 E-CARAT FRN 1.38 18/09/2020

305,077 0.07%

770,000 Gelf Bond Issuer I SA 3.13 03/04/2018

1,113,708 0.26%

75,453 Highway FRN 1.20 26/03/2024

103,467 0.02%

424,665 Volkswagen Car Lease FRN 0.47 21/11/2019

581,485 0.14%

Total Luxembourg

3,060,195 0.72%

Malaysia – 0.48% 400,000 Export Import Bank of Malaysia 2.88 14/12/2017

415,864 0.10%

485,000 Hong Leong Bank Berh 3.75 17/03/2016

502,382 0.12%

1,511,000 Malaysia Government 3.84 12/08/2015

474,218 0.11%

419,000 Malaysia Government 4.13 15/04/2032

124,990 0.03%


132,214 0.03%


119,656 0.03%


224,501 0.05%


69,996 0.02%

Total Malaysia

2,063,821 0.48%

Mexico – 0.71% 390,000 America Movil SAB 5.00 16/10/2019

440,244 0.10%

431,000 America Movil SAB 6.13 30/03/2040

511,446 0.12%

13,377,900 Mex Bonos Desarr 6.50 10/06/2021

1,106,674 0.26%

8,000,000 Mex Bonos Desarr fix rt 8.00 07/12/2023

722,996 0.17%

246,000 United Mexican States 4.75 08/03/2044

251,424 0.06%

Total Mexico

3,032,784 0.71%

Netherlands – 2.62% 500,000 ABN Amro Bank 3.75 15/07/2014

684,969 0.16%

500,000 Allianz Finance II FRN 5.75 08/07/2021

803,318 0.19%

712,000 Deutsche Post Finance 2.95 27/06/2022

1,064,765 0.25%

368,000 Deutsche Telekom International Finance 4.75 31/05/2016

544,296 0.13%

25,000 ENBW International Finance BV 6.13 07/07/2039

49,766 0.01%

150,000 Enel Finance International NV 4.88 11/03/2020

242,231 0.06%

520,000 ING Bank NV 6.13 29/05/2018

812,760 0.19%

814,000 Koninklijke KPN NV 4.75 17/01/2017

1,224,820 0.29%

193,000 Neder Waterschapsbank 4.13 23/01/2017

290,115 0.07%

100,000 Nederlandse Gasunie NV 2.63 13/07/2022

147,219 0.03%

690,000 Netherlands Government 2.00 15/07/2024

989,850 0.23%

37,000 Government of Netherlands 5.50 15/01/2028

72,995 0.02%


188,886 0.04%


257,156 0.06%


155,860 0.04%


253,715 0.06%


129



US$ Net

Assets


Netherlands – 2.62% (continued)


153,839 0.04%

230,000 NN Group FRN 4.63 08/04/2044

329,550 0.08%

386,000 Petrobras Global Finance 3.00 15/01/2019

378,878 0.09%

194,000 Rabobank Nederland 2.38 22/05/2023

278,284 0.07%

160,000 Rabobank Nederland 3.88 08/02/2022

169,899 0.04%

302,583 Storm 2010 BV FRN 1.01 22/03/2052

415,335 0.10%

168,418 Storm BV FRN 0.78 20/10/2053

230,918 0.05%

319,695 Storm BV FRN 1.07 22/08/2054

440,021 0.10%

715,000 Volkswagen Int Fin NV 4.63 24/03/2049

1,030,831 0.24%

Total Netherlands

11,210,279 2.62%

Norway – 1.83% 365,000 DNB Bank ASA 3.00 26/09/2023

525,824 0.12%

580,000 DNB Boligkreditt 1.88 21/11/2022

827,484 0.19%

730,000 DNB Boligkreditt AS 2.75 21/03/2022

1,110,373 0.26%

560,000 DNB BOLIGKREDITT AS 2.90 29/03/2017

582,053 0.14%

705,000 Sparebank 1 Boligkreditt 1.50 12/06/2020

996,222 0.23%

600,000 Sparebank 1 Boligkreditt 2.75 01/02/2019

899,680 0.21%

850,000 Statoil ASA 2.88 10/09/2025

1,270,348 0.30%

1,390,000 Statoilhydro ASA 5.25 15/04/2019

1,592,537 0.37%

Total Norway

7,804,521 1.83%

Poland – 0.07% 300,000 Republic of Poland 4.00 22/01/2024

312,366 0.07%

Total Poland

312,366 0.07%

Portugal – 0.21% 400,000 Caixa Geral de Depositos 3.00 15/01/2019

581,965 0.14%

223,697 Atlantes FRN 2.62 20/03/2033

308,512 0.07%

Total Portugal

890,477 0.21%

Russia – 0.18% 755,000 Russian Agricultural 5.10 25/07/2018

763,713 0.18%

Total Russia

763,713 0.18%

Slovenia – 0.83% 843,000 Republic of Slovenia 4.13 18/02/2019

888,944 0.21%

200,000 Republic of Slovenia 5.25 18/02/2024

215,866 0.05%

630,000 Republic of Slovenia 2.75 17/03/2015

875,603 0.20%

1,400,000 Republic of Slovenia 5.85 10/05/2023

1,579,858 0.37%

Total Slovenia

3,560,271 0.83%

Spain – 4.12% 900,000 Banco Bilbao Vizcaya ARG 3.88 30/01/2023

1,430,850 0.33%

750,000 Banco Bilbao Vizcaya ARG 4.25 30/03/2015

1,054,834 0.25%

400,000 Banco Santander 3.25 17/02/2015

556,935 0.13%

1,100,000 Bankia SA 3.50 17/01/2019

1,601,307 0.37%

241,000 Bonos Spain Governament Bond 4.20 31/01/2037

355,844 0.08%

860,000 Bonos Y Oblig Del Estado 2.75 30/04/2019

1,257,638 0.29%

2,180,000 Bonos Y Oblig Del Estado 3.25 30/04/2016

3,134,212 0.73%


130

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BOND FUND (CONTINUED)

as at 30 June 2014


US$ Net

Assets


Spain – 4.12% (continued)


15,019 0.00%


260,800 0.06%


364,098 0.09%


360,445 0.08%

200,000 Fondo De Amortizacion Del Defi 5.60 17/09/2018

322,917 0.08%

1,100,000 Santander International Debt 4.38 04/09/2014

1,515,811 0.35%

1,200,000 Santander Intl Debt SA 4.63 21/03/2016

1,749,195 0.41%

390,000 Kingdom of Spain 4.70 30/07/2041

608,657 0.14%

100,000 Kingdom of Spain 5.40 31/01/2023

168,306 0.04%

269,000 Kingdom of Spain 5.50 30/07/2017

420,278 0.10%

393,000 Kingdom of Spain 5.50 30/04/2021

662,609 0.16%

420,000 Spain 4.80 31/01/2024

680,557 0.16%

669,412 Spain ILB 1.80 30/11/2024

952,670 0.22%

130,000 Telefonica Emisiones SAU 5.46 16/02/2021

147,657 0.03%

Total Spain

17,620,641 4.12%

Supra-National – 1.49% 2,200,000 Euro Stability Mechanism 1.25 15/10/2018

3,116,426 0.73%

221,000 European Fin Stability Facility 3.50 04/02/2022

354,634 0.08%

130,000 European Invest Bank 4.00 15/10/2037

233,331 0.05%

245,000 European Investment Bank 2.50 16/09/2019

368,053 0.09%


183,688 0.04%


528,115 0.12%

760,000 International Finance Corp 3.50 06/06/2018

724,339 0.17%

920,000 Nordic Investment Bank 6.00 20/08/2014

871,229 0.20%

Total Supra-National

6,379,816 1.49%

Sweden – 0.89% 825,000 Nordea Bank AB 1.38 12/04/2018

1,153,860 0.27%

3,000,000 Sbab Bank AB 3.38 16/06/2015

459,201 0.11%

377,000 Stadshypotek AB 1.88 02/10/2019

372,925 0.09%

1,715,000 Sweden Government 2.25 01/06/2032

255,634 0.06%

615,000 Swedish Covered Bond 3.00 03/02/2015

855,437 0.20%

4,400,000 Swedish Government 4.50 12/08/2015

688,017 0.16%

Total Sweden

3,785,074 0.89%

Switzerland – 0.63% 520,000 Credit Suisse FRN 7.50 11/12/2048

576,009 0.13%

266,000 Credit Suisse NY 6.00 15/02/2018

303,102 0.07%

770,000 UBS AG 5.13 15/05/2024

774,035 0.18%

885,000 Zauercher Kantonalbank 1.63 03/03/2016

1,022,905 0.24%

Total Switzerland

2,676,051 0.63%

Thailand – 0.48% 600,000 Ptt Explo and Product PCL 3.71 16/09/2018

628,164 0.15%

12,992,000 Thailand Government Bond 3.63 16/06/2023

397,811 0.09%


541,033 0.13%


494,230 0.12%

Total Thailand

2,061,238 0.48%


131


as at 30 June 2014


US$ Net

Assets


Turkey – 0.33% 2,945,000 Turkey Government Bond 8.80 27/09/2023

1,395,398 0.33%

Total Turkey

1,395,398 0.33%

United Arab Emirates – 0.19% 578,000 Emirates Telecom Corp 2.75 18/06/2026

792,591 0.19%

Total United Arab Emirates

792,591 0.19%

United States of America - 34.24% 1,780,000 AT&T 2.50 15/08/2015

1,819,320 0.43%

166,000 AT&T Inc 4.35 15/06/2045

157,519 0.04%

50,000 AT&T Inc 4.30 15/12/2042

47,364 0.01%

156,000 Bank of America Corp 4.88 01/04/2044

161,409 0.04%

1,090,000 Bank of America 3.30 11/01/2023

1,076,015 0.25%

1,510,000 Bank of America Corp 4.00 01/04/2024

1,544,443 0.36%


72,304 0.02%


466,787 0.11%


394,468 0.09%

258,000 Bank of New York Mellon 3.95 18/11/2025

270,663 0.06%

410,000 California Pollution CTL FING 5.00 21/11/2045

421,419 0.10%

615,000 California St HLTH FACS 5.00 15/08/2052

674,796 0.16%

2,590,000 Capital One Bank USA 3.38 15/02/2023

2,570,109 0.60%

2,033,000 CBS Corp 1.95 01/07/2017

2,067,012 0.48%

320,000 Central Plains Energy Revenue Bond 5.00 01/09/2042

326,362 0.08%

105,000 Citigroup Inc 6.38 12/08/2014

105,662 0.02%

445,000 Comcast Corp 4.75 01/03/2044

469,417 0.11%

300,000 Comcast Corp 6.40 01/03/2040

384,570 0.09%

375,000 County of Broward Florida Airport 5.00 01/10/2042

401,846 0.09%

640,000 County of Miami-Dade Florida 5.00 01/10/2038

660,480 0.15%

770,000 Cox Communications Inc 8.38 01/03/2039

1,081,796 0.25%

710,000 Dallas Fort Worth International Airport 5.00 01/11/2045

740,835 0.17%

878,231 DBUBS Mortgage Trust 3.74 01/06/2017

915,354 0.21%

81,000 Devon Energy Corp 7.95 15/04/2032

114,690 0.03%

984,000 Energy Transfer Partners 3.60 01/02/2023

974,593 0.23%

1,259,617 Fannie Mae 3.50 01/03/2040

1,294,847 0.30%

57,413 Fannie Mae 4.50 01/03/2018

60,921 0.01%

3,760,227 Fannie Mae 4.50 01/05/2040

4,069,858 0.95%

43,647 Fannie Mae 5.50 01/03/2023

49,135 0.01%

3,744,497 Fannie Mae 5.50 01/11/2035

4,189,741 0.98%

31,415 Fannie Mae 6.00 01/02/2017

33,560 0.01%

1,200,000 Fed Home Loan Mortgage 4.00 15/07/2039

1,269,938 0.30%

4,784,429 Fed Home Loan MTG 4.50 01/01/2040

5,177,649 1.21%

1,345,000 Fed Natl Mort Assc 2.50 31/12/2049

1,365,385 0.32%


3,633,895 0.85%


1,381,406 0.32%


1,089,867 0.26%


3,572,191 0.84%

426,028 Fed Natl Mort Assc 6.50 01/10/2038

482,610 0.11%


132


as at 30 June 2014


US$ Net

Assets


United States of America – 34.24%(continued)

395,000 FHLM 3.50 31/12/2049

405,554 0.09%

265,034 FHLMC Gold 5.50 01/09/2019

281,681 0.07%

120,500 FHLMC Gold 5.50 01/10/2019

128,069 0.03%

364,004 FHLMC PC Gold Comb 5.50 01/09/2034

406,433 0.10%

3,056,876 FNMA 4.00 01/02/2042

3,241,243 0.76%

1,164,036 FNMA 5.00 01/07/2035

1,292,080 0.30%

765,554 FNMA Pass-Thru Lng 30year 5.50 01/09/2034

856,702 0.20%

1,050,000 FNMA TBA 5.00 15/07/2044

1,165,336 0.27%

9,080,000 FNMA TBA 4.00 15/07/2044

9,626,219 2.25%

820,000 FNMA TBA 6.00 15/07/2044

923,653 0.22%

731,652 Ford Credit Auto 1.35 15/12/2016

734,853 0.17%

1,110,000 Ford Credit Floorplan 1.92 15/01/2019

1,131,506 0.26%

102,000 Fordo 1.15 15/02/2016

102,701 0.02%

401,000 Freddie Mac 2.38 13/01/2022

400,427 0.09%

1,695,987 Freddie Mac 3.00 01/04/2028

1,756,671 0.41%

810,000 Freddie Mac 3.38 12/06/2020

871,058 0.20%

232,934 Freddie Mac 3.50 01/10/2041

239,158 0.06%

56,131 Freddie Mac 5.50 01/04/2016

59,648 0.01%

782,000 Freddie Mac 5.63 23/11/2035

831,110 0.19%

943,000 Freddie Mac 6.25 15/07/2032

1,303,339 0.30%

612,000 Freeport McMoran 3.88 15/03/2023

611,890 0.14%

1,962,176 Ginnie Mae 4.00 20/02/2041

2,097,382 0.49%

1,225,000 GNMA 3.00 15/07/2042

1,234,762 0.29%

1,580,000 GNMA 3.50 20/07/2041

1,643,941 0.38%

235,000 Goldman Sachs Group Inc 6.15 01/04/2018

269,822 0.06%

730,000 Goldman Sachs Group Inc 5.75 24/01/2022

845,501 0.20%

880,000 IBM Corp 8.38 01/11/2019

1,150,706 0.27%

201,000 Jefferies Group LLC 6.25 15/01/2036

213,888 0.05%

1,320,000 JP Morgan 3.63 13/05/2024

1,325,834 0.31%

152,000 JP Morgan 4.85 01/02/2044

160,365 0.04%

690,000 JP Morgan Chase & Co 3.70 20/01/2015

702,116 0.16%


120,307 0.03%

230,000 Metlife Inc 5.38 09/12/2024

448,476 0.10%

1,760,000 MidAmerican Energy Co 4.80 15/09/2043

1,924,930 0.45%

360,000 New York Water and Sewerage Revenue Bond 5.00 15/06/2047

404,100 0.09%

515,000 New York Water Sewerage 5.00 15/06/2047

571,073 0.13%

650,000 Pacificorp 6.00 15/01/2039

822,933 0.19%

780,000 Plains Exploration & Pro 6.50 15/11/2020

869,872 0.20%

620,000 Prudential Financial Inc 3.88 14/01/2015

631,520 0.15%

1,345,000 QVC Inc 4.85 01/04/2024

1,411,933 0.33%

51,458 Santander Drive Auto Receivables Trust 1.08 15/04/2016

51,474 0.01%

304,366 SLM Student Loan Trust FRN 1.25 15/08/2023

306,839 0.07%

232,832 SLM Student Loan Trust FRN 1.55 15/08/2025

235,815 0.06%

683,416 Slm Student Loan Trust FRN 0.55 25/03/2025

683,843 0.16%

1,496,431 Slm Student Loan Trust FRN 1.53 25/01/2018

1,507,187 0.35%

400,000 South Cal Edison 5.95 01/02/2038

502,404 0.12%

2,413,000 Symantec 3.95 15/06/2022

2,437,878 0.57%

1,088,000 Tennessee Valley Authority 5.50 18/07/2017

1,234,303 0.29%

110,000 Time Warner Cable Inc 6.55 01/05/2037

137,288 0.03%


133


as at 30 June 2014


US$ Net

Assets


United States of America – 34.24% (continued)

200,000 University of Massachussets 5.00 01/11/2044

228,250 0.05%

2,080,000 US Treasury 0.38 30/04/2016

2,079,350 0.49%

700 US Treasury 0.38 30/06/2015

702 0.00%

4,000,000 US Treasury 0.50 15/08/2014

4,002,031 0.94%

13,030,000 US Treasury 0.50 15/10/2014

13,047,814 3.05%

196,000 US Treasury 2.00 31/05/2021

194,423 0.05%

820,000 US Treasury 2.75 15/02/2024

837,617 0.20%

1,100,000 US Treasury 3.63 15/02/2044

1,156,203 0.27%

5,500,000 US Treasury 4.00 15/02/2015

5,634,063 1.32%

188,100 US Treasury 6.75 15/08/2026

267,367 0.06%

280,000 US Treasury 1.50 31/08/2018

281,411 0.07%

1,753,900 US Treasury 2.00 15/02/2022

1,725,399 0.40%

4,627,700 US Treasury 0.75 30/06/2017

4,608,538 1.08%

1,621,300 US Treasury 3.75 15/08/2041

1,754,677 0.41%

2,013,700 US Treasury 3.63 15/02/2020

2,214,441 0.52%

78,000 Valero Energy Corp 6.63 15/06/2037

96,577 0.02%

105,000 Valet 1.15 21/09/2015

105,853 0.02%

1,560,000 Verizon Communications 2.45 01/11/2022

1,463,920 0.34%

450,000 Verizon Communications 3.25 17/02/2026

670,000 0.16%

825,000 Verizon Communications 4.50 15/09/2020

910,091 0.21%


2,372,755 0.56%


1,779,335 0.42%

275,000 Virginia St Small Business Fing Auth Revenue 5.50 01/01/2042

292,377 0.07%

485,000 Wellpoint Inc 5.10 15/01/2044

526,080 0.12%

350,000 Wells Fargo & Co FRN 7.98 31/12/2049

399,014 0.09%

725,000 Wells Fargo and Co 2.25 03/09/2020

1,046,002 0.24%


273,202 0.06%


687,709 0.16%


380,114 0.09%


139,354 0.03%

1,165,000 Wells Fargo FRN 5.90 15/12/2050

1,236,321 0.29%


146,317,045 34.24%

Virgin Islands – 0.17% 745,000 CNPC General Capital 3.40 16/04/2023

718,664 0.17%

Total Virgin Islands

718,664 0.17%

Total Debt

415,967,574 97.33%

Collective investment scheme – 4.18% 17,854,771 Blackrock Inv Mgmt UK Ltd - Inst Liquidity Fund

B 17,857,396 4.18%

Total collective investment scheme

17,857,396 4.18%


134



Derivative Financial Instruments*

Forward Contracts - 0.10%

D

Buy Currency Buy Amount Sell Currency Sell Amount Maturity Fair Value % of

US$ Net Assets

USD 50,000 SEK (332,790) 24/07/2014 250 0.00%9

AUD 145,000 USD (135,790) 22/08/2014 504 0.00%4

USD 31,320 EUR (22,500) 24/07/2014 519 0.00%9

USD 148,500 SEK (988,386) 24/07/2014 743 0.00%9

SGD 527,000 USD (421,767) 23/07/2014 1,017 0.00%4

RUB 1,730,000 USD (49,337) 24/07/2014 1,207 0.00%9

USD 296,892 THB (9,600,000) 24/07/2014 1,288 0.00%9

AUD 415,000 USD (388,693) 22/08/2014 1,391 0.00%1

TRY 98,000 USD (44,465) 24/07/2014 1,544 0.00%1

USD 93,264 EUR (67,000) 24/07/2014 1,546 0.00%9

AUD 135,000 USD (125,329) 23/07/2014 1,836 0.00%3

CAD 84,000 USD (76,923) 24/07/2014 1,885 0.00%2

PLN 2,548,479 USD (835,891) 23/07/2014 2,077 0.00%6

USD 126,291 SEK (830,000) 24/07/2014 2,212 0.00%9

AUD 1,265,000 USD (1,188,974) 23/07/2014 2,613 0.00%4

CAD 145,000 USD (133,367) 23/07/2014 2,674 0.00%4

ILS 960,000 USD (276,667) 23/07/2014 3,288 0.00%1

MXN 3,443,121 USD (261,638) 23/07/2014 3,365 0.00%7

RUB 5,160,000 USD (147,155) 24/07/2014 3,600 0.00%9

USD 890,676 THB (28,800,000) 24/07/2014 3,864 0.00%9

JPY 38,545,650 EUR (275,000) 24/07/2014 4,125 0.00%9

TRY 292,000 USD (132,486) 24/07/2014 4,600 0.00%1

CAD 265,000 USD (243,971) 23/07/2014 4,656 0.00%3

CAD 235,000 USD (215,265) 23/07/2014 5,216 0.00%4

CAD 252,000 USD (230,769) 24/07/2014 5,654 0.00%2

MXN 8,000,000 USD (605,883) 24/10/2014 6,044 0.00%1

USD 380,396 SEK (2,500,000) 24/07/2014 6,663 0.00%9

CAD 205,000 USD (185,328) 23/07/2014 7,006 0.00%4

CAD 235,000 USD (213,368) 23/07/2014 7,113 0.00%3

EUR 1,148,000 USD (1,562,173) 01/07/2014 8,708 0.00%4

MYR 2,013,320 USD (616,486) 11/08/2014 9,849 0.00%3

MXN 10,080,000 USD (765,783) 24/07/2014 9,976 0.00%2

KRW 361,000,000 USD (346,051) 24/07/2014 10,641 0.00%9

GBP 373,000 SEK (4,181,032) 24/10/2014 11,293 0.00%9

JPY 126,149,400 EUR (900,000) 24/07/2014 13,499 0.00%9

GBP 4,310,000 USD (7,346,947) 07/07/2014 18,192 0.00%4

RUB 13,515,000 USD (376,584) 09/07/2014 19,709 0.00%4

KRW 1,082,000,000 USD (1,037,193) 24/07/2014 31,894 0.01%9

JPY 584,915,000 USD (5,737,712) 07/07/2014 36,627 0.01%5

KRW 3,152,764,460 USD (3,065,252) 11/08/2014 47,739 0.01%5

GBP 2,943,000 USD (4,958,481) 22/08/2014 68,848 0.02%4

CAD 2,369,000 USD (2,153,198) 23/07/2014 69,433 0.02%4

Total Forward Contracts

444,908 0.10%


135



Nominal Security

Classification Maturity Fair Value % of

US$ Net

Assets

Futures Contracts - 0.03%

0 RXZ3 - Euro-bond Future Dec13

C

260 0.00%1

5 OATZ3 - Euro-OAT Fut Dec 13

C

287 0.00%1

1 BTSU4 - Short Euro-BTP Sep14

C

2,463 0.00%1

1 IKU4- Euro- BTP Fut Sep 14

C

3,051 0.00%1

7 OATU4- Euro-OAT Fut Sep 14

C

3,996 0.00%1

17 CNU4 - CAN 10year Bond Fu Sep14

C

7,510 0.00%1

50 OEU4A - Euro-Bobl Fut Sep 14

C

9,775 0.00%1

24 USU4 - US Long Bond (CBT) Sep14

C

27,344 0.01%1

0 UBU4 - Euro Buxl 30 Year Bond Sep14

C

93,897 0.02%1

Total Futures Contracts

148,583 0.03%1

Interest rate swaps- 0.09% 6,985,000 SWAP BRL 11.18

C 04/01/2016 2,459 0.00%2

-3,430,000 SWAP USD 2.628

C 01/07/2024 4,891 0.00%2

-1,715,000 SWAP USD 2.64

C 27/06/2024 4,982 0.00%2

7,725,000 IRS SWAP EUR

C 26/06/2018 6,295 0.00%2

7,100,000 IRS SWP GBP

C 31/03/2017 17,752 0.00%1

-3,625,000 SWAP USD 2.665%

C 30/06/2024 18,502 0.00%2

291,000,000 IRS SWAP JPY

C 02/05/2021 18,882 0.00%2

-3,125,000 SWAP GBP 2.21

C 18/06/2019 21,536 0.01%2

3,715,000 SWP BRL 11.91%

C 04/01/2016 21,747 0.01%2

3,800,000 IRS SWP USD 3.795

C 19/06/2024 22,251 0.01%2

3,637,500 SWP BRL 11.735%

C 04/01/2016 22,452 0.01%2

3,708,923 SWAP BRL 11.945%

C 04/01/2016 23,133 0.01%2

4,790,000 IRS SWAP AUD

C 29/01/2018 58,811 0.01%2

2,300,000 IRS SWAP EUR

C 05/05/2020 59,133 0.01%2

3,400,000 IRS SWAP GBP

C 31/03/2024 63,444 0.01%1

Total interest rate swaps

366,271 0.09%


434,784,732 101.73%

Financial liabilities at fair value through profit or loss

Short Securities - Debt – (0.96%) (350,000) FHLMC Gold 15/07/2035 (390,742) (0.09%)

(2,960,000) FNMA 15/07/2034 (3,311,963) (0.77%)

(355,000) FNMA TBA 15/07/2036 (402,093) (0.09%)

Total short securities

(4,104,798) (0.96%)


136


Financial liabilities at fair value through profit or loss (continued)

Derivative financial instruments*

Forward Contracts - (0.09%)

D


US$ Net

Assets

USD 1,518,660 JPY (153,805,000) 22/08/2014 (237) (0.00%)5

JPY 8,273,700 AUD (87,000) 24/07/2014 (254) (0.00%)9

USD 23,275 AUD (25,000) 23/07/2014 (274) (0.00%)4

PLN 233,000 USD (76,982) 24/07/2014 (374) (0.00%)9

USD 118,862 GBP (70,000) 07/07/2014 (758) (0.00%)4

JPY 25,677,000 AUD (270,000) 24/07/2014 (788) (0.00%)9

PLN 697,000 USD (230,284) 24/07/2014 (1,119) (0.00%)9

USD 252,153 USD (25,670,000) 07/07/2014 (1,263) (0.00%)4

THB 21,427,035 USD (661,273) 23/07/2014 (1,463) (0.00%)4

USD 159,983 TRY (344,000) 23/07/2014 (1,551) (0.00%)4

USD 415,832 EUR (305,000) 07/07/2014 (1,623) (0.00%)4

USD 117,767 GBP (70,000) 24/07/2014 (1,837) (0.00%)1

EUR 177,000 USD (245,185) 24/07/2014 (2,885) (0.00%)9

USD 232,136 MYR (755,000) 24/07/2014 (2,944) (0.00%)2

USD 133,595 AUD (145,000) 23/07/2014 (2,990) (0.00%)4

USD 786,295 AUD (838,000) 24/07/2014 (3,006) (0.00%)9

USD 297,939 JPY (30,500,000) 24/07/2014 (3,202) (0.00%)1

CZK 7,263,189 USD (365,989) 23/07/2014 (3,557) (0.00%)5

USD 379,421 NZD (439,000) 23/07/2014 (4,462) (0.00%)3

INR 41,209,600 USD (685,000) 22/08/2014 (5,097) (0.00%)8

USD 407,980 GBP (242,500) 24/07/2014 (6,365) (0.00%)1

USD 1,066,277 AUD (1,140,000) 23/07/2014 (7,563) (0.00%)4

USD 694,871 MYR (2,260,000) 24/07/2014 (8,813) (0.00%)2

USD 1,562,212 EUR (1,148,000) 07/07/2014 (9,064) (0.00%)1

DKK 4,963,051 USD (923,745) 23/07/2014 (12,177) (0.00%)4

USD 2,255,115 JPY (229,600,000) 22/08/2014 (12,293) (0.00%)4

EUR 873,000 USD (1,209,301) 24/07/2014 (14,229) (0.00%)9

NOK 3,461,000 USD (577,859) 23/07/2014 (14,371) (0.00%)6

USD 525,572 AUD (574,000) 24/07/2014 (15,072) (0.00%)9

EUR 1,701,694 CHF (2,079,462) 22/08/2014 (16,088) (0.00%)3

USD 696,849 AUD (760,000) 22/08/2014 (17,523) (0.00%)4

USD 1,214,625 TRY (2,626,000) 23/07/2014 (18,479) (0.00%)5

USD 1,438,939 AUD (1,551,000) 22/08/2014 (18,944) (0.00%)4

CNY 42,337,715 USD (6,831,970) 22/08/2014 (24,497) (0.01%)3

CHF 2,965,493 USD (3,376,386) 23/07/2014 (31,356) (0.01%)3

SEK 10,241,000 USD (1,565,494) 23/07/2014 (34,515) (0.01%)4

USD 8,215,973 EUR (6,050,000) 07/07/2014 (64,706) (0.02%)3


(365,741) (0.09%)


137



Nominal Security


US$ Net

Assets

Futures Contracts - (0.05%) (15) JBU4A - JPN 10YBnd (OSE) Sep14

C

(80,355) (0.02%)1

(15) XMU4 - Aust 10 Year Bond Future

C

(35,906) (0.01%)1

(38) G U4 - Long Gilt Fut Sep14

C

(31,323) (0.01%)1

(23) RXUA - Euro-Bund Fut Sep 14

C

(29,520) (0.01%)1

(177) DUU4 - Euro-Schatz Fut Sep 14

C

(10,839) (0.00%)1

66 FVU4 - US 5YNote (CBT) Sep14

C

(9,943) (0.00%)1

67 TUU4 - US 2YNote(CBT) Sep14

C

(3,610) (0.00%)1

(8) WNU4 - US Ultra Bond (CBT) Sep 14

C

(2,617) (0.00%)1

(4) TYU4A - US 10YR Note(CBT)Fut Sep14

C

(2,137) (0.00%)1

0 UBZ3 - Eur Buxl 30 Year Bond Dec13

C

(547) (0.00%)1

Total futures contracts

(206,797) (0.05%)

Interest Rate Swaps - (0.02%)

4,100,000 IRS SWAP

C

(29,734) (0.01%)2

15,600,000 IRS SWAP USD

C

(18,754) 0.00%2

320,000,000 IRS SWAP JPY

C

(18,336) 0.00%2

843,000 IRS SWAP EUR

C

(12,577) 0.00%2

Total interest rate swaps

(79,401) (0.02%)

Total financial liabilities at fair value through profit or loss

(4,756,737) (1.11%)


14,010,099 3.28%


(16,650,301) (3.90%)


427,387,793 100.00%

Summary








- - -


17,857,396 4.18% 3.91%

C Financial derivative instruments dealt in on a regulated market 228,656 0.05% 0.05%


79,167 0.02% 0.02%


14,010,099 3.28% 3.07%


(16,650,301) (3.90%) (3.65%)


*The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2014: JP Morgan1; Morgan Stanley

2;

UBS3 ; Deutsche Bank

4; Barclays

5; RBS

6; BNP Paribas

7; Goldman Sachs

8; State Street Bank and Trust Company

9.


138

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 96.49%

Bermuda - 2.36% 892,224 Catlin Group Ltd

8,156,867 2.36%

Total Bermuda

8,156,867 2.36%

Brazil - 4.58% 366,600 Banco Abc Brasil SA

2,262,244 0.66%

1,344,500 Banco Daycoval SA

5,710,114 1.65%


4,584,364 1.33%

820,600 Itausa Investimentos Itau SA

3,235,634 0.94%

Total Brazil

15,792,356 4.58%

Cayman Islands - 1.26% 4,000,000 DBA Telecommunication Asia Holdings Ltd

209,540 0.06%

126,100 Greenlight Capital Re Ltd

4,153,734 1.20%

Total Cayman

4,363,274 1.26%

Cyprus - 2.08% 1,094,392 TCS Group Holding Plc

7,168,268 2.08%

Total Cyprus

7,168,268 2.08%

Georgia - 1.03% 250,000 TBC Bank JSC

3,537,500 1.03%

Total Georgia

3,537,500 1.03%

Germany - 0.68% 154,003 ADC African Development Corp GmbH & KGaA

1,925,038 0.56%

41,205 IdB Holdings SA

436,971 0.13%

Total Germany

2,362,009 0.68%

Great Britain - 11.17% 1,609,249 Arrow Global Group Plc

6,324,800 1.83%

370,063 Bank of Georgia Holdings Plc

14,860,698 4.31%

760,778 Barclays Plc

2,766,465 0.80%


3,767,349 1.09%

852,491 Legal & General Group Plc

3,283,518 0.95%

483,658 Novae Group Plc

4,388,626 1.27%

364,300 Polar Capital Holdings Plc

3,153,075 0.91%

Total Great Britain

38,544,531 11.17%

India - 9.83% 209,502 Axis Bank Ltd

6,688,900 1.94%

396,679 Jammu & Kashmir Bank Ltd

10,310,024 2.99%

1,826,750 Power Finance Corp

9,334,358 2.71%

155,678 Shriram City Union Finance Ltd

3,798,440 1.10%

252,424 Shriram Transport Finance Co

3,801,270 1.10%

Total India

33,932,992 9.83%


139

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Indonesia - 10.97% 11,572,000 Adira Dinamika Multi Finance Tbk

11,079,055 3.21%

67,200,200 Bank Bukopin Tbk

3,542,819 1.03%

10,405,400 Bank Rakyat Indonesia

9,062,485 2.63%

38,281,700 Clipan Finance Indonesia

1,378,852 0.40%

21,566,000 Panin Sekuritas Tbk

9,368,612 2.71%

99,691,400 Bank Pembangunan Daerah Jawa Timur Tbk

3,430,965 0.99%

Total Indonesia

37,862,788 10.97%

Korea (South) - 4.70% 683,117 DGB Financial Group Inc

10,229,638 2.96%

581,310 Korean Reinsurance Co

6,004,497 1.74%

Total Korea (South)

16,234,135 4.70%

Netherlands - 2.51% 617,400 ING Groep NV

8,667,931 2.51%

Total Netherlands

8,667,931 2.51%

Norway - 1.82% 1,087,900 Sparebanken Nord-Norge

6,293,255 1.82%

Total Norway

6,293,255 1.82%

Russia - 4.36% 1,484,570 Sberbank of Russia ADR

15,038,694 4.36%

Total Russia

15,038,694 4.36%

Thailand - 0.82% 2,249,130 Tisco Financial Group Pcl

2,841,561 0.82%

Total Thailand

2,841,561 0.82%

Turkey - 7.59% 10,464,102 IS Yatirim Menkul

6,120,801 1.77%

851,000 Turkiye Garanti Bankasi

3,327,888 0.96%

534,000 Turkiye Halk Bankasi

4,005,189 1.16%

15,596,076 Turkiye Sinai Kalkin

12,727,587 3.69%

Total Turkey

26,181,465 7.59%

United States of America - 30.71% 312,300 American International Group Inc

17,045,334 4.94%


8,507,295 2.47%

124,200 BB&T Corp

4,897,206 1.42%


14,608,821 4.23%


14,685,780 4.26%

22,000 Credicorp

3,420,340 0.99%

466,000 Fifth Third Bancorp

9,949,100 2.88%


10,809,512 3.13%

61,000 PNC Financial Services Group Inc

5,432,050 1.57%

59,800 Prosperity Bancshares

3,743,480 1.08%

297,500 US Bancorp

12,887,700 3.73%


105,986,618 30.71%

Total Equity

332,964,244 96.49%


140

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2014

Total financial assets at fair value through profit or loss 332,964,244 96.49%


12,098,142 3.51%


11,385 0.00%


345,073,771 100.00%






332,964,244 96.49% 96.26%



- - -


- - -



- - -


12,098,142 3.51% 3.50%


11,385 0.00% 0.00%



141

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 99.28%

Australia – 7.46% 292,150 CFS Retail Property Trust

561,880 0.36%

216,640 CSR Ltd

712,806 0.45%

481,090 Federation Centres

1,129,362 0.72%

190,250 Goodman Group

905,782 0.58%

236,950 Harvey Norman Holdings Ltd

692,510 0.44%

274,888 ING Office Fund

881,134 0.56%

84,800 Lend Lease Corp

1,048,108 0.67%

897,262 Scentre Group

2,706,928 1.72%

579,888 Stockland

2,121,208 1.35%


980,858 0.62%

Total Australia

11,740,576 7.46%

Austria – 0.76% 62,870 CA Immobilien Anlagen AG

1,191,502 0.76%

Total Austria

1,191,502 0.76%

Brazil – 0.22% 445,576 Rossi Residential SA

349,765 0.22%

Total Brazil

349,765 0.22%

Canada – 3.86% 28,560 Allied Properties Real Estate Investment Trust

947,799 0.60%

37,054 Brookfield Residential Properties Inc

768,871 0.49%

73,040 Chartwell Retirement Residences

743,291 0.47%

58,164 Cominar Real Estate Investment Trust

1,029,282 0.65%

31,763 Dream Office Real Estate Investment Trust

873,393 0.56%

35,450 Granite Real Estate Investment Trust

1,319,095 0.84%

15,019 RioCan Real Estate Investment Trust

385,063 0.24%

Total canada

6,066,794 3.86%

Cayman Islands – 1.36% 2,480,000 CIFI Holdings Group Co Ltd

457,582 0.29%

2,353,000 Country Garden Holdings Company Ltd

935,092 0.59%

1,319,500 KWG Property Holdings Ltd

754,214 0.48%


2,146,888 1.36%

China – 0.71% 626,361 China Vanke Co Ltd

1,112,051 0.71%

Total China

1,112,051 0.71%

European Union – 0.64% 8,060 Cofinimmo

1,003,750 0.64%


1,003,750 0.64%


142

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


France – 3.57% 7,380 ICADE

790,714 0.50%

35,780 Klepierre

1,822,048 1.16%

10,350 Unibail-Rodamco

3,008,836 1.91%

Total France

5,621,598 3.57%

Germany – 0.86% 19,990 LEG Immobilien GmbH

1,345,660 0.86%

Total Germany

1,345,660 0.86%

Great Britain – 3.54% 189,068 British Land

2,269,656 1.44%

230,940 Hansteen Holdings Plc

405,684 0.26%

93,260 Mitchells & Butlers Plc

621,043 0.39%

190,780 Safestore Holdings Ltd

710,698 0.45%

383,710 Taylor Wimpey PLlc

747,487 0.48%

84,150 Workspace Group Plc

819,643 0.52%

Total Great Britain

5,574,211 3.54%

Hong Kong – 5.45% 84,000 Cheung Kong Holdings Ltd

1,490,265 0.95%

294,000 China Overseas Land & Investment Ltd

713,159 0.45%

77,880 Henderson Land Development Co Ltd

455,706 0.29%

65,500 The Link Real Estate Investment Trust

352,419 0.22%

583,560 New World Development Co

664,103 0.42%

11,166 Sun Hung Kai Properties Ltd

14,580 0.01%


1,769,312 1.12%

360,000 Swire Properties Ltd

1,052,088 0.67%

286,000 The Wharf Holdings Ltd

2,059,120 1.31%

Total Hong Kong

8,570,752 5.45%

Ireland – 0.25% 286,140 Irish Residential Properties Reit Plc

395,459 0.25%

Total Ireland

395,459 0.25%

Italy – 0.39% 36,210 Buzzi Unicem SPA

608,950 0.39%

Total Italy

608,950 0.39%

Japan – 11.96% 27,820 Aeon Mall Co Ltd

732,987 0.47%

79 Comforia Residential Reit Inc

598,934 0.38%

9,500 East Japan Railway Co

748,277 0.48%

240 Fukuoka REIT Corp

421,718 0.27%

545 Japan Excellent Inc

724,156 0.46%

1,824 Japan Hotel REIT Investment Corp

959,716 0.61%

219 Japan Logistics Fund Inc

519,503 0.33%

217 Japan Real Estate

1,263,870 0.80%

669 Japan Rental Housing Investment Inc

450,403 0.29%

353 Japan Retail Fund Investment

793,814 0.50%

137 Kenedix Realty Investment Co

745,183 0.47%


143


Nominal Security


US$ Net

Assets


Japan – 11.96% (continued) 198 Kenedix Residential Investment Corp

459,720 0.29%

75,000 Mitsubishi Estate

1,851,678 1.18%

79,700 Mitsui Fudosan Co Ltd

2,687,613 1.71%

210 Nippon Prologis Reit Inc

489,654 0.31%

405 Nomura Real Estate Master Fund Inc

494,956 0.31%

41,600 NTT Urban Development Corp

468,154 0.30%

664 Orix Jreit Inc

930,780 0.59%

31,000 Sekisui Chemical Co Ltd

358,963 0.23%

43,000 Sumitomo Realty Development Co Ltd

1,845,222 1.17%

100,000 Taiheiyo Cement Corp

402,764 0.26%

53,300 Tokyu Fudosan Holdings Corp

420,402 0.27%

98 Top Reit Inc

438,243 0.28%

Total Japan

18,806,710 11.96%

Jersey Channel Isle – 0.94% 79,050 Kennedy Wilson Europe Real Estate Plc

1,485,902 0.94%


1,485,902 0.94%

Luxembourg – 1.25% 107,980 Gagfah SA

1,964,414 1.25%

Total Luxembourg

1,964,414 1.25%

Mexico – 0.90% 405,070 Fibra Uno Administracion SA

1,413,645 0.90%

Total Mexico

1,413,645 0.90%

Netherlands – 0.75% 23,272 Vastned Retail NV

1,184,299 0.75%

Total Netherlands

1,184,299 0.75%

Singapore – 2.38% 291,000 Frasers Centrepoint Ltd

433,057 0.28%

598,000 Mapletree Industrial Trust

686,033 0.44%

872,661 Mapletree Logistics Trust

815,604 0.52%

187,852 United Overseas Land Ltd

982,587 0.62%

526,000 Wing Tai Holdings Ltd

831,304 0.53%

Total Singapore

3,748,585 2.38%

Spain – 1.34% 160,000 Merlin Properties Socimi SA

2,112,753 1.34%

Total Spain

2,112,753 1.34%

Sweden – 1.29% 58,520 Fabege AB

827,411 0.53%

41,000 Hemfosa Fastigheter AB

688,218 0.44%

101,508 Klovern AB

516,101 0.33%

Total Sweden

2,031,730 1.29%

Thailand – 0.70%

522,400 Pruksa Real Estate

470,855 0.30%

925,300 Supalai Public Company Ltd

624,432 0.40%

Total Thailand

1,095,287 0.70%


144


Nominal Security


US$ Net

Assets


United states of America – 41.75% 42,080 Altisource Residential Corp

1,095,342 0.70%

53,190 Armada Hoffler Properties Inc

514,879 0.33%

85,213 Ashford Hospitality Prime Inc

1,462,255 0.93%

133,042 Ashford Hospitality Trust

1,535,305 0.98%

128,540 Associated Estates Realty Corp

2,316,291 1.47%


804,806 0.51%

63,870 Chatham Lodging Trust

1,398,753 0.89%

48,880 Columbia Property Trust Inc

1,271,369 0.81%

135,463 Cousins Property Inc

1,686,514 1.07%

71,240 DDR Corp

1,255,961 0.80%

135,000 DiamondRock Hospitality Co

1,730,700 1.10%

15,000 Digital Realty Trust Inc

874,800 0.56%

14,970 Equity Residential

943,110 0.60%

9,420 Essex Property Trust Inc

1,741,852 1.11%

13,410 Extra Space Storage

714,083 0.45%

2,380 Federal Realty Inv Trust

287,790 0.18%

103,290 Felcor Lodging Trust Inc

1,085,578 0.69%

30,940 General Growth Properties Inc

728,946 0.46%

70,650 Glimcher Realty Trust

765,140 0.49%

273,220 Gramercy Property Trust Inc

1,652,981 1.05%

23,190 HCP Inc

959,602 0.61%

241,600 Hersha Hospitality Trust

1,621,136 1.03%

155,000 Hongkong Land Holdings Ltd

1,033,850 0.66%

63,610 Host Hotels & Resorts Inc

1,400,056 0.89%

13,163 Intrawest Resorts Holdings Inc

150,848 0.10%

54,510 Kennedy Wilson Holdings Inc

1,461,958 0.93%

9,010 Kilroy Realty Corp

561,143 0.36%


432,713 0.28%

128,415 Kite Realty Group Trust

788,468 0.50%

31,110 LTC Properties Inc

1,214,534 0.77%

98,430 Medical Properties Trust Inc

1,303,213 0.83%

24,320 Mid-America Apartment Communities Inc

1,776,576 1.13%

124,360 New York Reit Inc

1,375,422 0.87%

43,870 Omega Healthcare Investors Inc

1,617,048 1.03%

75,010 Parkway Properties Inc

1,548,957 0.98%

16,840 Pebblebrook Hotel Trust

622,406 0.40%

66,670 Pennsylvania Real Estate Investment Trust

1,254,729 0.80%

9,560 Prologis Inc

392,820 0.25%


1,653,528 1.05%

92,720 Ramco Gershenson Properties Trust

1,541,006 0.98%

70,770 Regal Entertainment Group

1,493,247 0.95%

11,220 Regency Centers Corp

624,730 0.40%

105,300 Retail Opportunity Investments Corp

1,656,369 1.05%


5,656,846 3.60%

23,347 SL Green Realty Corp

2,554,395 1.62%

46,810 Spirit Realty Cap Inc

531,762 0.34%

64,880 STAG Industrial Inc

1,557,769 0.99%

8,960 Starwood Hotels & Resorts Inc

724,147 0.46%

9,170 United Dominion Realty Estate

262,537 0.17%

14,770 Ventas Inc

946,757 0.60%


145


Nominal Security


US$ Net

Assets


United states of America – 41.75% (continued)

5,570 Vornado Realty Trust

594,486 0.38%

94,320 Washington Prime Group Inc

1,767,557 1.12%

21,900 Weingarten Realty Investors

719,196 0.46%


65,666,266 41.75%

Virgin Islands – 6.95% 5,870,794 Mas Real Estate Inc

10,925,397 6.95%


10,925,397 6.95%

Total Equity

156,162,944 99.28%


Forward Contracts – 0.02% D

Buy Buy Sell Sell Maturity Fair Value % of

Currency Amount Currency Amount US$ Net

Assets

SEK 4,671,000 USD (697,063) 17/09/2014 1,900 0.00%1

JPY 152,610,000 USD (1,500,971) 17/09/2014 6,397 0.00%1

NZD 876,000 USD (739,177) 17/09/2014 22,754 0.01%1


31,052 0.02%


156,193,996 99.30%


Derivative Financal Instruments*

Forward Contracts- (0.17)%

D



Assets

NOK 24,299,000 USD (4,053,051) 17/09/2014 (105,415) (0.07%)1

USD 2,380,675 AUD (2,603,000) 17/09/2014 (61,692) (0.04%)1

USD 1,566,425 GBP (935,000) 17/09/2014 (30,415) (0.02%)1

USD 2,058,250 EUR (1,519,000) 17/09/2014 (21,573) (0.01%)1

USD 1,026,329 CAD (1,118,000) 17/09/2014 (21,164) (0.01%)1

USD 2,015,059 AUD (2,167,000) 17/09/2014 (18,214) (0.01%1

SEK 19,575,000 USD (2,941,258) 17/09/2014 (12,076) (0.01%)1

USD 557,529 EUR (410,000) 17/09/2014 (3,845) (0.00%)1


(274,395) (0.17%)


(274,395) (0.17%)


1,220,230 0.77%


153,914 0.10%


157,293,745 100.00%


146



Summary






156,162,944 99.22% 97.25%



- - -


- - -



(243,343) (0.17%) (0.15%)


1,220,230 0.77% 0.76%


153,914 0.10% 0.10%


*JP Morgan1 acts as counterparty to the open derivative positions at 30 June 2014.


147

PORTFOLIO OF INVESTMENTS OF SANLAM STRATEGIC CASH FUND as at 30 June 2014


US$ Net

Assets


Debt - 98.73%

Corporate Bonds - 86.77%

Australia - 7.85%

600,000 Australia & New Zealand Banking Group 3.70 13/01/2015

610,566 4.30%

500,000 Commonwealth Bank Australia NY 1.95 16/03/2015

505,625 3.56%

Total Australia

1,116,191 7.85%

Canada - 8.54%

600,000 Bank of Nova Scotia 2.05 07/10/2015

611,760 4.30%

600,000 Royal Bank of Canada 1.45 30/10/2014

602,334 4.24%

Total Canada

1,214,094 8.54%

Germany - 2.19%

300,000 Deutsche Bank AG 3.25 11/01/2016

311,400 2.19%

Total Germany

311,400 2.19%

Great Britain - 4.30%

600,000 Standard Chartered 5.50 18/11/2014

611,274 4.30%

Total Great Britain

611,274 4.30%

Netherlands - 4.26%

600,000 Volkswagen International Finance NV 1.63 22/03/2015

605,274 4.26%

Total Netherlands

605,274 4.26%

Sweden - 4.99%

700,000 Nordea Bank AB 3.70 13/11/2014

708,785 4.99%

Total Sweden

708,785 4.99%

United States of America - 54.64%

600,000 Allstate Corp 5.00 15/08/2014

603,180 4.24%

500,000 American Express Credit 5.13 25/08/2014

503,430 3.54%

500,000 Anheuser Busch 1.50 14/07/2014

500,185 3.52%

600,000 AT&T 5.10 15/09/2014

605,664 4.26%

600,000 Bank of New York Mellon 1.70 24/11/2014

603,061 4.24%

600,000 Caterpillar Financial SE 1.10 29/05/2015

604,212 4.25%

400,000 Comcast Corp 6.50 15/01/2015

412,865 2.91%

600,000 Daimler Finance NA LLC 2.30 09/01/2015

605,658 4.26%

500,000 Ford Motor Credit Co LLC 2.75 15/05/2015

508,985 3.58%

500,000 HSBC Finance Corp 5.00 30/06/2015

521,510 3.67%


605,514 4.26%

470,000 Pepsico Inc 3.10 15/01/2015

476,839 3.36%

600,000 The Procter & Gamble Co 3.50 15/02/2015

611,676 4.30%

600,000 Wachovia Corp 5.25 01/08/2014

602,220 4.24%


7,764,997 54.64%

Total Corporate Bonds

12,332,015 86.77%


148

PORTFOLIO OF INVESTMENTS OF SANLAM STRATEGIC CASH FUND (CONTINUED) as at 30 June 2014


US$ Net

Assets


Government Bonds - 11.96%

United States of America - 11.96% 1,700,000 US Treasury Bill 0.00 21/08/2014

1,700,000 11.96%

Total United States

1,700,000 11.96%

Total Government Bonds

1,700,000 11.96%

Total Debt

14,032,015 98.73%


14,032,015 98.73%


94,772 0.67%


85,242 0.60%


14,212,029 100.00%


Summary








- - -


- - -



- - -


94,772 0.67% 0.66%


85,242 0.60% 0.60%



149

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 97.29%

Australia - 2.01% 90,818 Australia and New Zealand Banking Group Ltd

2,854,598 0.15%

61,699 Amcor Ltd

606,694 0.03%


3,692,080 0.20%

70,500 Fortescue Metals Group Ltd

289,125 0.02%

154,352 Telstra Corp

758,154 0.04%

31,802 Coca-Cola Amatil

283,631 0.02%

12,198 ASX Ltd

409,858 0.02%

123,944 BHP Billiton Ltd

4,194,956 0.22%

33,778 CSL Ltd

2,119,285 0.11%

81,191 Transurban Group

565,666 0.03%

44,989 Origin Energy Ltd

620,099 0.03%


4,610,778 0.25%

18,042 Rio Tinto Ltd

1,008,835 0.05%

105,529 Insurance Australia Group

581,021 0.03%

22,927 Orica Ltd

421,060 0.02%


351,128 0.02%

50,845 Suncorp Group Ltd

649,044 0.03%

78,019 National Australia Bank Ltd

2,411,109 0.13%

29,828 Newcrest Mining Ltd

295,833 0.02%

123,895 AMP Ltd

619,066 0.03%

46,850 Q.B.E. Insurance Group

480,116 0.03%

38,608 Santos Ltd

519,044 0.03%

25,773 Sonic Healthcare Ltd

421,086 0.02%

146,008 Stockland

534,092 0.03%

40,230 Wesfarmers Ltd

1,586,898 0.08%

25,224 Woodside Petroleum Ltd

976,666 0.05%

43,414 Woolworths Ltd

1,441,540 0.08%

114,150 Goodman Group

543,469 0.03%

19,225 Seek Ltd

287,278 0.02%

31,353 AGL Energy Ltd

457,570 0.02%

72,780 Brambles Ltd

630,572 0.03%

11,182 Macquarie Group Ltd

628,625 0.03%

118,844 Aurizon Holdings Ltd

557,974 0.03%


767,979 0.04%


536,779 0.03%

Total Australia

37,711,708 2.01%

Belgium - 0.20% 3,846 Anheuser-Busch InBev

441,543 0.02%

65,610 Belgacom SA

2,175,778 0.12%

96,538 Euronav SA

1,180,437 0.06%

Total Belgium

3,797,758 0.20%


150

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Bermuda - 0.48% 75,690 Marvell Technology Group Ltd

1,084,638 0.06%

15,160 Partnerre Ltd

1,655,624 0.09%

1,884 Arch Capital Group Ltd

108,217 0.01%

23,440 Bunge Ltd

1,773,002 0.09%

229,000 Noble Group Ltd

251,689 0.01%

12,690 Validus Holdings Ltd

485,266 0.03%

350,046 North Atlantic Drilling Ltd

3,717,489 0.20%

Total Bermuda

9,075,925 0.48%

Brazil - 0.06% 51,000 Petroleo Brasileiro SA

400,104 0.02%


370,674 0.02%

39,400 Ambev SA

281,748 0.02%

Total Brazel

1,052,526 0.06%

Canada - 2.13% 2,534 Agnico Eagle Mines Ltd

97,202 0.01%

3,085 Barrick Gold Corp

56,591 0.00%

314,988 Talisman Energy Inc

3,335,585 0.18%

2,032 The Bank of Montreal

149,901 0.01%

3,384 The Bank of Nova Scotia

226,002 0.01%

5,420 CCL Industries Inc

522,817 0.03%

28,972 Cameco Corp

569,268 0.03%

20,594 Rogers Communications Inc

830,179 0.04%

1,363 The Canadian Imperial Bank of Commerce

124,246 0.01%

27,565 Canadian Natural Resources Limited

1,268,787 0.07%

14,690 Canadian Utilities Ltd

551,634 0.03%

17,607 Canadian National Railway Co

1,147,133 0.06%

580 Agrium Inc

53,225 0.00%

65,145 Yamana Gold Inc

536,963 0.03%

2,646 Eldorado Gold Corp

20,270 0.00%

166,831 Finning International Inc

4,673,523 0.25%

2,524 Fortis Inc

76,938 0.00%

2,399 First Quantum Minerals Ltd

51,394 0.00%

11,540 Imperial Oil Ltd

609,176 0.03%

3,458 Enbridge Inc

164,362 0.01%

93,860 Jean Coutu Group Inc

1,996,684 0.11%

47,176 Manulife Financial Corp

939,357 0.05%

1,317 Loblaw Companies Ltd

58,877 0.00%

29,850 Pacific Rubiales Energy Corp

607,537 0.03%

22,854 Magna International Inc

2,464,336 0.13%

2,493 Sun Life Financial Inc

91,791 0.00%

4,090 Methanex Corp

253,302 0.01%

20,700 Onex Corp

1,282,965 0.07%

10,701 Transcanada Corp

511,643 0.03%

2,172 Goldcorp Inc

60,723 0.00%

16,764 The Potash Corporation of Saskatchewan Inc

638,644 0.03%

13,860 Power Financial Corp

432,117 0.02%

9,595 Royal Bank of Canada

687,107 0.04%

641 Canadian Pacific Railway Ltd

116,327 0.01%

17,357 Encana Corp

411,927 0.02%

26,494 Teck Resources Ltd

605,890 0.03%


151


Nominal Security


US$ Net

Assets


Canada - 2.13% (continued)

57,903 The Toronto-Dominion Bank

2,985,929 0.16%

2,945 Kinross Gold Corp

12,220 0.00%

1,407 ING Canada Inc

97,190 0.01%

1,291 Silver Wheaton Corp

34,032 0.00%

9,790 BCE Inc

444,833 0.02%

95,627 Suncor Energy Inc

4,084,706 0.22%

964 Valeant Pharmaceuticals International Inc

122,120 0.01%

1,172 Tim Hortons Inc

64,222 0.00%

2,727 Cenovus Energy Inc

88,553 0.00%

44,270 Vermilion Energy Inc

3,085,850 0.16%

2,641 Penn West Petroleum Ltd

25,835 0.00%

12,003 Crescent Point Energy Corp

532,878 0.03%

153,998 Pengrowth Energy Corp

1,105,975 0.06%

47,880 Aimia Inc

839,653 0.04%

563 Catamaran Corp

24,905 0.00%

1,328 BlackBerry Ltd

13,639 0.00%

2,409 Osisko Gold Royalties Ltd

36,298 0.00%

Total Canada

39,823,261 2.13%

Cayman Islands - 0.23% 16,361,807 Tiangong International Company Ltd

2,786,677 0.15%

57,624 Wynn Macau Ltd

226,026 0.01%

1,146 Seagate Technology Plc

65,116 0.00%

141,531 Sands China Ltd

1,069,202 0.06%


189,875 0.01%


4,336,896 0.23%

China - 0.11% 113,000 PetroChina Co Ltd

142,739 0.01%


201,191 0.01%

63,000 China Life Insurance Company Ltd

165,013 0.01%


247,732 0.01%

165,000 China Construction Bank Corp

124,756 0.01%

2,645,000 Bank of China Ltd

1,184,232 0.06%

Total China

2,065,663 0.11%

Denmark - 1.41% 27,337 Carlsberg AS

2,944,510 0.16%

229,900 Novozymes AS

11,530,677 0.62%

15,852 Coloplast AS

1,433,495 0.08%

227,280 Novo Nordisk AS

10,460,114 0.56%

Total Denmark

26,368,796 1.41%

Finland - 1.01% 190,638 Sampo Oyj

9,638,853 0.51%

36,500 Elisa Corp

1,115,777 0.06%

1,087,000 Nokia OYJ

8,225,383 0.44%

Total Finland

18,980,013 1.01%


152


Nominal Security


US$ Net

Assets


Finland - 1.01% 190,638 Sampo Oyj

9,638,853 0.51%

36,500 Elisa Corp

1,115,777 0.06%

1,087,000 Nokia OYJ

8,225,383 0.44%

Total Finland

18,980,013 1.01%

France - 3.70% 110,588 Airbus Group

7,405,825 0.40%

64,426 L'oreal SA

11,094,707 0.59%

18,340 Cap Gemini SA

1,307,490 0.07%

36,460 Lagardere S.C.A.

1,186,646 0.06%

77,148 Atos SE

6,422,666 0.34%

4,975 Sanofi SA

528,134 0.03%

9,500 Accor SA

493,849 0.03%

124,233 Societe Generale SA

6,503,193 0.35%

258,526 BNP Paribas

17,526,917 0.94%

231,219 Total SA

16,699,150 0.89%

Total France

69,168,577 3.70%

Germany - 2.26% 33,542 United Internet AG

1,476,757 0.08%

3,958 SAP AG

305,461 0.02%

74,960 Henkel AG & Co KGAA

7,539,080 0.40%

2,540 Bayer AG

358,513 0.02%

60,784 Henkel AG & Co KGAA Vozug

7,022,432 0.38%

17,427 Basf SE

2,027,665 0.11%

25,853 Bilfinger Berger AG

2,945,431 0.16%

1,750 Allianz SE

291,427 0.02%

54,567 Volkswagen AG

14,097,222 0.75%

53,222 Daimler AG

4,981,369 0.27%

5,170 Siemens AG

682,330 0.04%


67,859 0.00%


527,203 0.03%

Total Germany

42,322,749 2.26%

Great Britain - 8.15% 302,103 Aberdeen Asset Management Plc

2,343,208 0.13%

146,382 ARM Holdings Plc

2,203,734 0.12%

212,699 Tullow Oil Plc

3,102,163 0.17%

29,980 British American Tobbacco Co

1,781,792 0.10%

247,590 Fenner Plc

1,514,648 0.08%

128,548 Standard Chartered Plc

2,622,801 0.14%

422,770 Hays Plc

1,055,480 0.06%

173,870 Hunting Plc

2,549,222 0.14%


12,551,644 0.67%


4,980,390 0.27%


2,436,573 0.13%

232,578 Mears Group plc

1,848,065 0.10%

352,145 Pace Plc

2,136,218 0.11%


153


Nominal Security


US$ Net

Assets


Great Britain - 8.15% (continued)

31,010 Associated British Foods Plc

1,615,678 0.09%

289,382 Prudential Corp

6,631,259 0.35%

109,962 Rio Tinto Plc

5,841,027 0.31%

163,020 BP Plc

1,434,364 0.08%

511,302 DS Smith Plc

2,418,462 0.13%

365,470 BG Group Plc

7,712,841 0.41%

139,540 Tesco Plc

677,670 0.04%

45,660 Weir Group Plc

2,043,464 0.11%

786,856 GKN Plc

4,882,218 0.26%

3,376,349 Barclays Plc

12,277,633 0.66%

270,950 William Hill Plc

1,518,653 0.08%

19,680 Next Plc

2,177,512 0.12%

1,231,091 ITV Plc

3,748,811 0.20%

278,000 Genting Singapore Plc

296,623 0.02%

207,580 Cobham Plc

1,107,779 0.06%

87,034 Petrofac Ltd

1,789,164 0.10%

210,008 Qinetiq Plc

742,134 0.04%

228,754 Investec Plc

2,106,945 0.11%

91,400 Experian Group Ltd

1,543,117 0.08%

438,720 BBA Aviation Plc

2,316,550 0.12%

371,024 Avanti Communications Group Plc

1,604,051 0.09%

59,800 Capita Group Plc

1,170,044 0.06%


3,398,315 0.18%

271,721 Reed Elsevier Plc

4,364,623 0.23%

99,686 Shire Plc

7,784,775 0.42%

469,734 OPG Power Ventures Plc

814,730 0.04%


2,135,987 0.11%

57,535 Betfair Group Plc

1,006,764 0.05%

957 Ensco Plc

53,180 0.00%

889 Mead Johnson Nutrition Co

82,828 0.00%

34,306 Aon Plc

3,090,628 0.17%

163,186 Rolls-Royce Holdings Plc

2,980,961 0.16%

28,379 Johnson Matthey Plc

1,503,330 0.08%

203,779 Tungsten Corp Plc

1,006,359 0.05%

50,070 Rowan Companies Plc

1,598,735 0.09%

33,730 Intercontinental Hotels Group Plc

1,395,426 0.07%

313,000 Crest Nicholson Holdings

1,844,197 0.10%

1,813 Liberty Global Plc

80,171 0.00%

762 Liberty Global Plc

32,240 0.00%

18,780 Noble Corp Plc

630,257 0.03%

2,352,587 Vodafone Group Plc

7,839,277 0.42%

285,849 Patisserie Holdings Ltd

969,601 0.05%

410,800 OneSavings Bank Plc

1,161,781 0.06%

360,978 AA Plc

1,529,777 0.08%

116,688 Quindell Plc

458,617 0.02%

19,149,404 Rolls Royce Holdings Plc

32,723 0.00%

Total Great Britain

152,577,219 8.15%

Greece – 0.00% 1,900 OPAP SA

33,799 0.00%

Total Greece

33,799 0.00%


154


Nominal Security


US$ Net

Assets


Hong Kong - 0.71% 10,722 ASM Pacific Technology

117,177 0.01%

80,397 Hang Lung Properties Ltd

247,924 0.01%

11,000 China Mobile Hong Kong Ltd

106,731 0.01%

46,439 The Bank of East Asia Ltd

192,639 0.01%

59,966 CLP Holdings Ltd

492,089 0.03%

46,158 Cheung Kong Holdings

818,901 0.04%

25,690 Cheung Kong Infrastructure Holdings

177,171 0.01%

38,046 Hong Kong Exchanges and Clearing Ltd

709,346 0.04%

204,083 Li & Fung Ltd

302,294 0.02%

60,562 Mass Transit Railway Corp

233,252 0.01%

26,686 Hang Seng Bank Ltd

435,912 0.02%

42,748 Henderson Land Development Co Ltd

250,135 0.01%

49,011 Power Assets Holdings Ltd

428,434 0.02%

54,273 The Wharf Holdings Ltd

390,750 0.02%

211,999 Hong Kong & China Gas Co

463,918 0.02%

69,831 Hutchison Whampoa

955,071 0.05%

70,163 Galaxy Entertainment Group Ltd

561,282 0.03%

128,996 Boc Hong Kong Holdings Ltd

373,658 0.02%

184,936 New World Development Co

210,461 0.01%

112,429 Sino Land Co Ltd

185,102 0.01%

54,581 Sun Hung Kai Properties

748,611 0.04%

24,860 Swire Pacific

306,007 0.02%

39,254 Wheelock & Co Ltd

163,847 0.01%

78,000 CNOOC Ltd

140,093 0.01%

79,446 The Link Real Estate Investment Trust

427,454 0.02%


113,802 0.01%

77,946 SJM Holdings Ltd

195,310 0.01%

658,509 AIA Group Ltd

3,309,411 0.18%

50,215 Swire Properties Ltd

146,752 0.01%

Total Hong Kong

13,203,534 0.71%

India - 0.03% 5,400 HDFC Bank Ltd

252,828 0.01%

9,100 Reliance Industries Limited

306,215 0.02%

Total India

559,043 0.03%

Ireland - 1.15% 22,171,981 Kenmare Resources Plc

5,872,620 0.31%

166,831 Grafton Group Plc

1,653,486 0.09%

13,309 Accenture Plc

1,075,900 0.06%

55,597 Ingersoll-Rand Plc

3,475,368 0.19%

92,963 Covidien Plc

8,383,403 0.45%

1,677 Eaton Corp Plc

129,431 0.01%

3,255 Actavis Plc

726,028 0.04%

575 Perrigo Company Plc

83,812 0.00%

2,857 Weatherford International Plc

65,711 0.00%

Total Ireland

21,465,759 1.15%


155


Nominal Security


US$ Net

Assets


Israel - 0.03% 9,080 Teva Pharmaceutical Industries Ltd

475,974 0.03%

Total Israel

475,974 0.03%

Italy - 2.14% 21,680 Assicurazioni Generali SpA

474,955 0.03%

3,130,195 Intesa Sanpaolo SpA

9,662,999 0.52%

289,690 Enel SpA

1,686,291 0.09%


9,655,988 0.52%

1,799,130 HERA SpA

5,120,677 0.27%

114,460 Unione Di Banche Italiane SpA

989,857 0.05%

80,000 EI Towers SpA

4,324,028 0.23%

185,767 Azimut Holding SpA

4,783,983 0.26%

314,530 Terna SpA

1,657,867 0.09%

69,448 Unicredit SpA

581,109 0.03%

173,460 Cerved Information Solutions SpA

1,172,540 0.06%

Total Italy

40,110,294 2.14%

Japan - 7.08% 8,000 Ajinomoto Co Inc

125,410 0.01%

24,000 All Nippon Airways Co Ltd

56,624 0.00%

500 Aeon Credit Service Co Ltd

13,075 0.00%

25,700 Acom Co Ltd

122,284 0.01%

600 Asahi Breweries Ltd

18,835 0.00%

5,300 Asics Corp

123,632 0.01%

27,000 Hiroshima Bank Ltd

129,003 0.01%

3,000 Bank of Kyoto Ltd

27,275 0.00%


421,801 0.02%

2,500 NTT Data Corp

96,002 0.01%

14,000 NTT Communications Corp

239,368 0.01%

4,100 Brother Industries Ltd

71,032 0.00%

18,500 Canon Inc

601,935 0.03%

800 Casio Computer Co Ltd

11,609 0.00%

6,500 Central Japan Railway Co

927,196 0.05%

18,100 Chubu Electric Power Co Inc

224,955 0.01%

15,400 Chugoku Electric Power Co

210,097 0.01%

7,300 Chugai Pharmaceutical Co Ltd

205,740 0.01%

24,500 Rakuten Inc

316,589 0.02%

17,800 KDDI Corp

1,085,747 0.06%

20,500 Daito Trust Construction Co Ltd

2,410,217 0.13%

6,500 Daikin Industries Ltd

410,148 0.02%

6,800 Dainippon Pharmaceutical Co Ltd

78,203 0.00%

133,800 Daiwa Securities Group Inc

1,158,367 0.06%

20,700 Mitsubishi UFJ Lease & Finance Co Ltd

118,928 0.01%

2,000 Don Quijote Co Ltd

111,550 0.01%


897,933 0.05%

5,400 SBI Holdings Inc

66,101 0.00%

3,100 Fast Retailing Co Ltd

1,019,970 0.05%


156


Nominal Security


US$ Net

Assets


Japan - 7.08% (continued)


2,889,213 0.15%

24,000 Fuji Electric Holdings Co Ltd

113,722 0.01%

65,000 Fuji Heavy Industries Ltd

1,799,852 0.10%

10,800 Fujifilm Holdings Corp

301,185 0.02%

5,100 Fanuc Ltd

879,536 0.05%

46,000 Fujitsu Ltd

344,659 0.02%

2,700 Nomura Research Institute

85,025 0.00%

10 Japan Real Estate

58,243 0.00%

20,000 Gunma Bank Ltd

118,263 0.01%

24,000 Hachijuni Bank Ltd

148,549 0.01%

42,000 Hankyu Holdings Inc

239,645 0.01%

4,400 Dentsu Inc

179,171 0.01%

15,400 Resona Holdings Inc

89,694 0.00%

100 Hisamitsu Pharmaceutical Co

4,472 0.00%

123,000 Hitachi Ltd

900,948 0.05%

9,700 Hokkaido Electric Power Co

74,976 0.00%

87,000 Chuo Mitsui Trust Holdings Inc

397,641 0.02%

12,600 The Hokuriku Electric Power Co

167,046 0.01%

300,815 Honda Motor Co

10,503,284 0.56%

12,100 Hoya Pentax HD Corp

402,059 0.02%

13,000 The Ishikawajima-Harima

60,573 0.00%

473,000 Isuzu Motors Ltd

3,128,430 0.17%

16,600 Iyo Bank Ltd

167,803 0.01%

1,000 JGC Corp

30,385 0.00%

26,000 Japan Tobacco International

947,858 0.05%

32,000 Joyo Bank Ltd/The

170,582 0.01%

186,800 Aeon Co Ltd

2,297,658 0.12%

10,000 Kamigumi Co Ltd

92,004 0.00%

25,200 Kansai Electric Power Co

237,572 0.01%

91,200 Kao Corp

3,589,481 0.19%

127,154 K's Holdings Corp

3,687,843 0.20%

18,000 Keikyu Corp

161,698 0.01%

3,880 Keyence Corp

1,692,760 0.09%

3,000 Kinden Corp

29,171 0.00%

24,000 Kinki Nippon Railway Co Ltd

87,423 0.00%

104,100 Komatsu Ltd

2,417,011 0.13%

1,700 Konami Corp

37,575 0.00%

111,500 Konica Minolta Inc

1,101,792 0.06%

2,700 JTEKT Corp

45,498 0.00%

15,000 Kubota Corp

212,636 0.01%

1,000 Kyowa Hakko Kogyo Co Ltd

13,534 0.00%

21,000 The Kyūshū Electric Power Co

236,535 0.01%

21,200 Tokio Marine Holdings Inc

697,319 0.04%

20 Japan Prime Realty Investment Corp

71,767 0.00%

2,200 Aeon Mall Co Ltd

57,964 0.00%

600 Makita Electric Works

37,078 0.00%

37,200 Sumitomo Mitsui Financial Group Inc

1,558,507 0.08%

102,000 Marubeni Corp

746,120 0.04%

73,200 Panasonic Corp

891,696 0.05%

1,145,700 Mizuho Financial Group Inc

2,352,474 0.13%


157


Nominal Security


US$ Net

Assets



1,300 Credit Saison Co Ltd

27,052 0.00%

73,000 Mitsubishi Estate Co Ltd

1,802,300 0.10%

62,600 Mitsubishi Corp

1,302,055 0.07%

56,000 Mitsubishi Electric Corp

691,017 0.04%

44,000 Mitsubishi Heavy Industries Ltd

274,511 0.01%

26,000 Mitsui & Co

416,821 0.02%

1,000 Mitsui O.S.K. Lines Ltd

3,722 0.00%


2,293,070 0.12%


1,965,459 0.11%

39,800 Seiko Epson Corp

1,693,366 0.09%

6,000 NGK Insulators Ltd

136,229 0.01%

3,400 Nintendo Co

406,960 0.02%

49,000 Nishi-Nippon City Bank Ltd

120,444 0.01%

3,400 Denso Corp

162,280 0.01%

63,000 Nec Corp

200,879 0.01%

10,000 Nippon Paint Co Ltd

211,649 0.01%

5,400 Nidec Corp

331,356 0.02%

7,800 The Nippon Telegraph and Telephone Corp

486,480 0.03%

26,700 Nitto Denko Corp

1,251,184 0.07%

333,000 Nippon Express Co

1,614,047 0.09%

2,400 Yamaha Corp

37,931 0.00%

11,300 Nissan Motor Co Ltd

107,199 0.01%

88,300 Nomura Securities Co Ltd

624,986 0.03%

6,000 Nippon Yusen Kabushiki Kaisha

17,295 0.00%

1,200 Oriental Land Co Ltd

205,587 0.01%

1,000 Obayashi Corp

7,137 0.00%

8,000 Olympus Corp

275,617 0.01%

5,800 Omron Tateisi Electronics Co

244,482 0.01%

4,900 Ono Pharmaceutical Co Ltd

431,471 0.02%

44,600 Orix Corp

739,224 0.04%

30,000 Osaka Gas Co

126,160 0.01%

4,100 Park24 Co Ltd

74,553 0.00%

150,000 Hokugin Financial Group Inc

319,842 0.02%

2,400 Alfresa Holdings Corp

154,709 0.01%

4,800 Kakaku.Com Inc

84,107 0.00%

66,000 Shinsei Bank Ltd

148,549 0.01%

9,000 Ricoh Company Ltd

107,236 0.01%

100 Rinnia Corp

9,654 0.00%

10,400 Osaka Securities Exchange Co

256,150 0.01%

14,500 T&D Holdings Inc

197,103 0.01%

500 SMC Corp

133,810 0.01%

62,100 Softbank Corp

4,624,090 0.25%

185,000 Sankyo Co Ltd

7,113,277 0.38%

500 Sanrio Co Ltd

14,526 0.00%

3,200 Santen Pharmaceutical Co Ltd

180,059 0.01%

4,400 Mediceo Paltac Holdings Co Ltd

62,373 0.00%

3,000 Secom Co

183,317 0.01%

3,000 Sekisui Chemical Co Ltd

34,738 0.00%

12,100 Shikoku Electric Power Co

168,898 0.01%

24,000 Shimizu Corp

169,872 0.01%


158


Nominal Security


US$ Net

Assets



4,200 Shionogi & Co Ltd

87,649 0.00%

2,000 Shimano Inc

221,915 0.01%

375,500 Shiseido Co Ltd

6,846,481 0.37%

11,400 Hulic Co Ltd

150,237 0.01%

26,500 Sony Corp

440,010 0.02%

231,000 Sumitomo Metal Mining Co

3,751,185 0.20%

8,000 Sumitomo Realty & Development Co Ltd

343,297 0.02%

15,000 Suruga Bank Ltd/The

291,116 0.02%

40,500 Suzuki Motor Corp

1,268,574 0.07%

3,000 Suzuken Co Ltd

111,649 0.01%

91,200 THK Co Ltd

2,149,907 0.11%

13,000 Taisei Corp

71,994 0.00%

48,300 Takeda Pharmaceutical Co Ltd

2,240,491 0.12%

5,400 Mitsubishi Tanabe Pharma Corp

80,867 0.00%

2,000 Sysmex Corp

75,123 0.00%

15,000 TOHO Gas Co

82,478 0.00%

25,500 Tohoku Electric Power Co Inc

299,304 0.02%

56,200 Tohoku Electric Power Co Inc

234,120 0.01%

12,000 Tokyo Tatemono Co Ltd

110,997 0.01%

41,000 Tokyo Gas Co

239,605 0.01%

31,900 Tokyo Electron Ltd

2,156,478 0.12%

17,000 Tokyu Corp

120,494 0.01%

18,000 Toshiba Corp

84,047 0.00%

8,000 Toto Ltd

107,799 0.01%

8,900 JS Group Corp

240,203 0.01%

32,000 Mazda Motor Corp

150,049 0.01%


5,302,029 0.28%

2,400 West Japan Railway Co

105,666 0.01%

3,900 Yakult Honsha Co

197,502 0.01%

70,300 Astellas Pharma Inc

923,685 0.05%

9,400 Yamato Holdings Co Ltd

194,774 0.01%

1,700 Yaskawa Electric Corp

20,591 0.00%

5,400 Yokogawa Electric Corp

68,286 0.00%

6,500 So-Net M3 Inc

103,435 0.01%

8,000 The Electric Power Development Co Ltd

259,822 0.01%

6,000 Sega Sammy Holdings Inc

118,045 0.01%

12,300 Gungho Online Entertainment

79,410 0.00%

18,600 Seven & I Holdings Co Ltd

783,660 0.04%

7,000 Daiichi Sankyo Co

130,602 0.01%

7,300 Namco Bandai Hldgs Inc

170,934 0.01%

217,600 Inpex Holdings Inc

3,308,036 0.18%

6,000 Yamaguchi Financial Group Inc

63,258 0.00%

36,000 Aozora Bank Ltd

118,342 0.01%

76,300 Seven Bank Ltd

311,828 0.02%

214,700 MS&AD Insurance Group Holdings Inc

5,186,287 0.28%

1,300 Taisho Pharmaceutical Holdings Co Ltd

94,837 0.01%

3,000 Calbee Inc

82,744 0.00%

5,800 Otsuka Holdings Co. Ltd

179,783 0.01%

21,600 The Dai-ichi Mutual Life Insurance Co

321,761 0.02%

2,200 Meiji Holdings Co Ltd

145,726 0.01%


159


Nominal Security


US$ Net

Assets



13,500 NKSJ Holdings Inc

363,554 0.02%

31,700 Japan Airlines Co Ltd

1,752,419 0.09%

8,700 Iida Group Holdings Co Ltd

132,175 0.01%

Total Japan

132,575,649 7.08%

Jersey Channel Isle - 0.53% 569,042 Glencore Plc

3,165,612 0.17%

2,266 Delphi Automotive Plc

155,765 0.01%

306,060 WPP Plc

6,663,029 0.36%


9,984,406 0.53%

Korea (South) - 0.44% 7,800 Shinhan Financial Group Ltd

361,207 0.02%

980 Hyundai Motor Co

222,311 0.01%


236,517 0.01%

7,081 Samsung Electronics Co Ltd

7,419,130 0.40%

Total Korea (South)

8,239,165 0.44%

Liberia - 0.06% 19,230 Royal Caribbean Cruises Ltd

1,069,188 0.06%

Total Liberia

1,069,188 0.06%

Marshall Islands - 0.19% 938,760 Navios Maritime Acquisition Corp

3,482,800 0.19%

Total Marshall Islands

3,482,800 0.19%

Mexico - 0.01% 238,300 America Movil SAB de CV

247,085 0.01%

Total Mexico

247,085 0.01%

Netherlands - 2.54% 4,450 Core Laboratories Inc

743,417 0.04%

132,574 Schlumberger Ltd

15,637,103 0.84%

158,431 Aegon NV

1,381,827 0.07%

361,409 ING Groep NV

5,073,969 0.27%

39,906 Heineken NV

2,862,988 0.15%

69,383 Gemalto NV

7,187,046 0.38%

7,900 Unilever NV

345,436 0.02%

63,722 LyondellBasell Industries NV

6,222,453 0.33%

85,957 ASML Holding NV

7,999,364 0.43%

Total Netherlands

47,453,603 2.54%

Norway - 0.37% 126,820 Statoil ASA

3,893,379 0.21%

169,820 Gjensidige Forsikring ASA

3,043,964 0.16%

Total Norway

6,937,343 0.37%


160


Nominal Security


US$ Net

Assets


Phillippines - 0.18% 24,132,970 Vista Land & Lifescapes Inc

3,383,204 0.18%

Total Phillippines

3,383,204 0.18%

Republic of Panama - 0.04% 5,560 Copa Holdings SA

792,689 0.04%

Total Republic of Panama

792,689 0.04%

Russia - 0.27% 2,000 LUKOIL OAO

119,640 0.01%

900 LUKOIL OAO

53,739 0.00%

30,142 OAO Gazprom-Spon ADR

262,688 0.01%


195,945 0.01%


309,057 0.02%

400,901 Sberbank of Russia ADR

4,061,127 0.22%

Total Russia

5,002,196 0.27%

Singapore - 1.05% 68,000 DBS Bank Ltd

913,759 0.05%

3,687,938 Ezion Holdings Ltd

6,153,960 0.33%

131,000 CapitaLand Ltd

336,302 0.02%

148,000 Ascendas Real Estate Inv Trust

273,085 0.01%

49,000 United Overseas Bank Ltd

885,263 0.05%

96,000 Singapore Press Holdings Ltd

321,155 0.02%

678,000 Singapore Telecommunications Ltd

2,094,103 0.11%

106,000 Oversea-Chinese Bank

812,114 0.04%

116,000 Wilmar International Ltd

296,863 0.02%

10,708,765 Cambridge Industrial Trust

6,658,077 0.36%

68,000 Keppel Corp Ltd

588,624 0.03%

162,000 Global Logistic Properties Ltd

350,903 0.02%

Total Singapore

19,684,208 1.05%

Spain - 2.08% 225,331 Obrascon Huarte Ence SA

9,880,586 0.53%

61,259 Banco Bilbao Vizcaya Argentaria S.A

780,323 0.04%

180,740 Gas Natural SDG SA

5,704,390 0.30%


2,862,033 0.15%


1,776,946 0.09%

17,700 Telefonica SA

303,235 0.02%

58,500 Inditex SA

8,997,537 0.48%

95,340 Cintra Concesiones De Infrae

2,121,928 0.11%

327,450 Banco De Sabadell SA

1,116,592 0.06%

472,299 Iberdrola SA

3,608,163 0.19%

193,097 Distribuidora Interncional de Alimentacion SA

1,776,662 0.09%

Total Spain

38,928,395 2.08%


161


Nominal Security


US$ Net

Assets


Sweden - 0.89% 686,981 Skandinaviska Enskilda Banken SEB

9,173,855 0.49%

89,240 Securitas AB

1,057,583 0.06%

76,540 Skanska AB

1,745,476 0.09%

36,710 Atlas Copco AB

1,060,040 0.06%

80,036 Tyco International Ltd

3,649,642 0.19%

Total Sweden

16,686,596 0.89%

Switzerland - 3.46% 12,835 Syngenta AG

4,781,099 0.26%

1,202 Sika AG

4,915,363 0.26%

54,614 Novartis AG

4,945,871 0.26%

88,269 Roche Holding AG

26,330,383 1.41%

77,092 Adecco SA

6,346,810 0.34%

72,840 Clariant AG

1,426,077 0.08%

27,040 Nestle SA

2,095,013 0.11%

40,000 Implenia AG

2,693,132 0.14%

403,483 UBS AG

7,403,483 0.40%

1,020 ACE Ltd

105,774 0.01%

8,750 Garmin Ltd

532,875 0.03%

17,590 Swiss RE AG

1,565,187 0.08%

8,641 TE Connectivity Ltd

534,359 0.03%

48,940 Coca-Cola HBC AG

1,122,308 0.06%

Total Switzerland

64,797,734 3.46%

Taiwan - 0.08% 87,830 Delta Electronics Inc

639,582 0.03%

28,300 MediaTek Inc

478,489 0.03%


453,177 0.02%

Total Taiwan

1,571,248 0.08%

United States of America - 52.20% 94,872 Verizon Communications Inc

4,648,728 0.25%

22,339 Amazon.Com Inc

7,255,260 0.39%

65,214 Abbott Laboratories

2,667,253 0.14%

112,056 AES Corp

1,742,471 0.09%

46,749 International Business Machines Corp

8,474,191 0.45%

1,889 Adobe Systems Inc

136,688 0.01%

787 Air Products & Chemicals Inc

101,224 0.01%

884 Allergan Inc

149,590 0.01%

10,992 Du Pont De Nemours and Co

719,316 0.04%

2,013 Allstate Corp

118,203 0.01%

66,525 Honeywell International Inc

6,183,499 0.33%

2,305 Altera Corp

80,122 0.00%

99,857 Alcoa Inc

1,486,871 0.08%

55,410 Amgen Corp

6,558,882 0.35%

14,849 Amerada Hess Corp

1,468,418 0.08%

77,727 American Express Co

7,373,960 0.39%

1,575 Aflac Inc

98,044 0.01%


8,786,998 0.47%


162


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued)

56,981 Anadarko Petroleum Corp

6,237,710 0.33%

664 Alexion Pharmaceuticals Inc

103,750 0.01%

1,840 Valero Energy Corp

92,184 0.00%

1,203 Apache Corp

121,046 0.01%

114,335 Comcast Corp

6,137,503 0.33%

380,138 Apple Inc

35,326,224 1.89%

5,134 Applied Material Inc

115,772 0.01%

159,788 Archer-Daniels-Midland Co

7,048,249 0.38%

3,765 Ameren Corp

153,913 0.01%

114,955 Arrow Electronics Inc

6,944,432 0.37%

1,617 Automatic Data Processing LLC

128,196 0.01%

2,270 Avon Products Inc

33,165 0.00%

1,521 Baker Hughes

113,238 0.01%


992,230 0.05%

93,431 Baxter International Inc

6,755,061 0.36%

928 Bed Bath & Beyond Inc

53,249 0.00%

870 Becton Dickinson & Co

102,921 0.01%

2,492 Comcast Corp

132,898 0.01%


8,504,621 0.45%

13,010 Yum Brands Inc

1,056,412 0.06%

14,940 FirstEnergy Corp

518,717 0.03%

100,850 SLM Corp Securities

838,064 0.04%

81,260 American Capital Ltd

1,242,465 0.07%

41,805 Boeing Com

5,318,850 0.28%

375,956 Boston Scientific Corp

4,800,958 0.26%

6,819 Annaly Mortgage Management Inc

77,941 0.00%

4,438 Bristol-Myers Squibb

215,287 0.01%

6,400 Oneok Inc

435,712 0.02%

19,000 American Financial Corp

1,131,640 0.06%

1,069 FDX Corp

161,825 0.01%

18,233 VeriSign Inc

889,953 0.05%

892 Brown-Forman Corp

84,000 0.00%

116,930 Quanta Services

4,043,439 0.22%

63,730 CSX Corp

1,963,521 0.10%

1,794 Cabot Oil & Gas Corp

61,247 0.00%

7,740 Constellation Brands Inc

682,126 0.04%

37,607 Cardinal Health Inc

2,578,336 0.14%

5,911 Caterpillar Inc

642,348 0.03%

17,482 Check Point Software Technologies Ltd

1,171,818 0.06%

110,518 Celgene Corp

9,491,286 0.51%

1,048 Citrix Systems Inc

65,552 0.00%

2,323 Chesapeake Energy Corp

72,199 0.00%

2,093 CenturyLink Inc

75,767 0.00%


6,747,763 0.36%

39,010 Brinker International Inc

1,897,837 0.10%

7,800 Cigna Corp

717,366 0.04%


826,064 0.04%

938 Clorox Co

85,733 0.00%


163


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 351 Equinix Inc

73,742 0.00%

213,725 Coca-Cola Co

9,053,391 0.48%

45,859 Colgate-Palmolive Com

3,126,667 0.17%

25,205 Marriott International Inc.

1,615,641 0.09%

104,360 NRG Energy Inc

3,882,192 0.21%

15,650 Computer Sciences

989,080 0.05%

18,450 Consolidated Edison Inc

1,065,303 0.06%

8,424 Cameron International Corp

570,389 0.03%

678,479 Corning Inc

14,892,614 0.80%

961 Cree Inc

48,002 0.00%

9,120 WR Grace and Co

862,114 0.05%

124,690 Sealed Air Corp

4,260,657 0.23%

2,431 Broadcom Corp

90,239 0.00%

768 Cummins Inc

118,495 0.01%

8,442 Danaher Corp

664,639 0.04%

1,030 Moody's Corp

90,290 0.00%

2,375 Cognizant Tech Solutions CRP

116,161 0.01%

1,794 Target Corp

103,962 0.01%

7,592 Deere & Co

687,456 0.04%

36,472 Morgan Stanley

1,179,140 0.06%

1,899 Republic Serv Inc

72,105 0.00%

75,769 Walt Disney Co

6,496,434 0.35%

1,491 Dollar Tree Stores Inc

81,200 0.00%

3,506 Dow Chemical Co

180,419 0.01%

1,228 Omnicom Group

87,458 0.00%

4,960 DTE Energy Co

386,235 0.02%

1,385 Crown Castle International Corp

102,850 0.01%

3,240 eBay Inc

162,194 0.01%

32,383 EMC Corp

852,968 0.05%


11,401,282 0.61%


2,413,451 0.13%

20,300 DISH Network Corp

1,321,124 0.07%

1,097 Ecolab Inc

122,140 0.01%

6,465 Salesforce Com Inc

375,487 0.02%

2,160 Emerson Electric Co

143,338 0.01%

70,486 Eog Resources Inc

8,236,994 0.44%


122,535 0.01%

879 Estee Lauder Cos

65,275 0.00%

1,729 Expeditors International of Washington, Inc

76,353 0.00%

81,010 Exxon Corp

8,156,087 0.44%

5,726 NextEra Energy Inc

586,800 0.03%

7,690 Assurant Inc

504,080 0.03%

1,372 Fastenal Co

67,900 0.00%


2,377,024 0.13%

718 M & T Bank Corp

89,068 0.00%

1,416 Macy's Inc

82,156 0.00%

13,510 Franklin Resources Inc

781,418 0.04%

2,971 Freeport-McMoRan Copper & Gold Inc

108,442 0.01%

32,010 General Dynanics Corp

3,730,766 0.20%

10,803 General Mills Inc

567,590 0.03%


164


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 1,564 Genuine Parts Co

137,319 0.01%


20,248,612 1.08%

9,605 Mckesson Corp

1,788,547 0.10%

284,266 Nvidia Corp

5,270,292 0.28%


1,394,101 0.07%

3,700 Infosys Technologies Ltd

198,949 0.01%


11,224,835 0.60%

32,591 Goldman Sachs Group Inc

5,457,037 0.29%

48,200 Harris Corp

3,651,150 0.20%

2,281 HCP Inc

94,388 0.01%

9,169 Hershey Foods Corp

892,786 0.05%

487,610 Hewlett Packard Co

16,422,705 0.88%

447 F5 Networks Inc

49,814 0.00%

2,120 Juniper Networks Inc

52,025 0.00%

28,300 Unum Group

983,708 0.05%

111,211 Home Depot

9,003,643 0.48%

9,338 Humana Inc

1,192,649 0.06%

10,340 Biogen Idec Inc

3,260,305 0.17%

14,600 Idex Corp

1,178,804 0.06%


9,000,993 0.48%

1,531 Intuit Inc

123,291 0.01%

152,083 Intel Corp

4,699,365 0.25%

40,800 International Flavors & Fragrances Inc

4,254,624 0.23%

1,811 International Paper Co

91,401 0.00%

18,230 Incyte Corp

1,028,901 0.05%


15,816,138 0.85%

2,238 Johnson Controls Inc

111,743 0.01%

26,170 Kla-Tencor Corp

1,900,989 0.10%

1,451 Devon Energy Corp

115,209 0.01%

61,600 Kellogg Co

4,047,120 0.22%


1,598,788 0.09%

15,405 Blackrock Inc

4,923,438 0.26%

1,146 Kohls Corp

60,371 0.00%

41,867 Kroger Co

2,069,486 0.11%

57,040 LAM Research Corp

3,854,763 0.21%

128,494 Lilly (Eli) & Co

7,988,472 0.43%

127,510 Linear Technology Corp

6,001,896 0.32%

58,630 United Parcel Service Inc

6,018,956 0.32%

1,454 Agilent Technologies Inc

83,518 0.00%

1,076 Lockheed Martin Corp

172,945 0.01%

24,556 Carnival Corp

924,533 0.05%

40,700 Range Resources Corp

3,538,865 0.19%

75,802 Lowes Com

3,637,738 0.19%

2,182 Dominion Resources Inc

156,057 0.01%

2,290 MGM Resorts International

60,456 0.00%

11,593 McDonald's Corp

1,167,879 0.06%

23,816 McGraw-Hill Cos Inc

1,977,442 0.11%

689 Manpower Inc

58,462 0.00%


112,647 0.01%

41,309 Marsh & McLennan Cos

2,140,632 0.11%


165


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 2,066 Mattel Inc

80,512 0.00%

2,725 Metlife Inc

151,401 0.01%

2,447 Maxim Integrated Products Inc

82,733 0.00%

166,906 Medtronic Inc

10,641,927 0.57%

68,320 Activision Blizzard Inc

1,523,536 0.08%

26,484 Caremark Corp

1,996,099 0.11%


38,034,028 2.03%

184,300 Micron Technology Inc

6,072,685 0.32%

92,800 Microchip Technology Inc

4,529,568 0.24%

104,356 The 3M Co

14,947,953 0.80%

1,493 Mylan Inc

76,979 0.00%

10,092 Ford Motor Co

173,986 0.01%


4,257,742 0.23%

84,168 Netapp Inc

3,073,815 0.16%

84,190 Newfield Exploration Co

3,721,198 0.20%

1,675 Newmont Mining Corp

42,613 0.00%

2,317 Nike Inc

179,683 0.01%

1,437 Noble Energy Inc

111,310 0.01%

1,037 Norfolk Southern Corp

106,842 0.01%

2,904 Northeast Utilities

137,272 0.01%

1,352 Coach Inc

46,225 0.00%

32,972 Northrop Grumman Corp

3,944,440 0.21%


13,205,280 0.71%

1,570 Nucor Corp

77,323 0.00%

54,664 Monsanto Co

6,818,787 0.36%

11,100 Capital One Financial Corp

916,860 0.05%

13,453 Occidental Petroleum Corp

1,380,681 0.07%

580,085 Oracle Corp

23,510,845 1.26%

81,779 Paccar Inc

5,138,175 0.27%

3,583 Exelon Corp

130,708 0.01%

881 Parker Hannifin Corp

110,768 0.01%

90,214 Pepsico Inc Com

8,059,719 0.43%

340,140 Pfizer Inc

10,095,355 0.54%

71,107 Conocophillips Co

6,096,003 0.33%

29,983 PG&E Corp

1,439,784 0.08%

545 Pioneer Natural Resources Co

125,246 0.01%

158,882 Altria Group Inc

6,663,511 0.36%


415,330 0.02%

9,790 Aetna Inc

793,773 0.04%

1,306 Fluor Corp

100,431 0.01%

609 PPG Industries Inc

127,981 0.01%

928 Praxair Inc

123,276 0.01%

528 Precision Castparts Corp

133,267 0.01%

1,252 Costco Wholesale Corp

144,180 0.01%

38,387 T Rowe Price Group

3,240,247 0.17%


11,124,807 0.59%

26,210 Public Service Enterprise Group

1,069,106 0.06%

68,800 Pulte Group Inc

1,387,008 0.07%

118,117 Qualcomm Inc

9,354,866 0.50%

290 Regeneron Pharmaceuticals Inc

81,916 0.00%


166


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 92,625 US Bancorp

4,012,515 0.21%

1,575 Peabody Energy Corp

25,751 0.00%

754 Rockwell International Corp

94,371 0.01%

1,351 Raytheon Co

124,630 0.01%

76,451 FMC Technologies Inc

4,668,863 0.25%

61,354 Sandisk Corp

6,407,198 0.34%

1,366 ST Jude Medical Inc

94,596 0.01%

10,787 Travelers Cos Inc

1,014,733 0.05%

185,077 Merck & Co

10,706,704 0.57%

2,269 Priceline Group Incorporated

2,729,607 0.15%

4,444 Charles Schwab Corp

119,677 0.01%

11,620 Zimmer Holdings Inc

1,206,854 0.06%

31,531 Wellpoint Inc

3,393,051 0.18%

24,760 Amerisourcebergen Corp

1,799,062 0.10%

959 Simon Property Group Inc

159,463 0.01%

1,586 Prudential Financial Inc

140,789 0.01%

75,683 Southwestern Energy

3,442,820 0.18%

2,796 Southern Co

126,882 0.01%

2,689 BB&T Corp

106,027 0.01%

42,150 Southwest Airlines Co

1,132,149 0.06%

118,244 AT & T Inc

4,181,108 0.22%

53,870 Chevron Corp

7,032,729 0.38%

3,614 Staples Inc

39,176 0.00%

1,474 State Street Corp

99,141 0.01%

91,378 Starbucks Corp

7,070,830 0.38%

540 Public Storage Inc

92,529 0.00%

1,317 Stryker Corp

111,049 0.01%

200 Netflix Inc

88,120 0.00%

2,219 Suntrust Banks Inc

88,893 0.00%

3,087 Symantec Corp

70,692 0.00%

2,333 Sysco Corp

87,371 0.00%

148 Intuitive Surgical Inc

60,946 0.00%

85,922 Tupperware Brands Corp

7,191,671 0.38%

208,185 Texas Instruments Inc

9,949,161 0.53%

1,204 Thermo Fisher Scientific Inc

142,072 0.01%

45,960 Tiffany & Co

4,607,490 0.25%

809 Davita Inc

58,507 0.00%

55,876 Tyson Foods Inc

2,097,585 0.11%

32,773 Marathon Oil Corp

1,308,298 0.07%

66,903 Union Pacific Corp

6,673,574 0.36%

90,956 United TechnologiesCorp

10,500,870 0.56%

219,322 United Healthcare Corp

17,929,574 0.96%

18,190 US Cellular Corp

742,152 0.04%

1,714 Ventas Inc

109,867 0.01%

8,040 VF Corp

506,520 0.03%

22,517 Vertex Pharmaceuticals Inc

2,131,910 0.11%

64,455 Vulcan Materials Co

4,109,006 0.22%


115,909 0.01%

2,511 Walgreen Co

186,140 0.01%


261,093 0.01%


167


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 575 JM Smucker Co

61,278 0.00%

72,290 Western Digital Corp

6,672,367 0.36%

512 Whirlpool Corp

71,281 0.00%

1,379 Whole Foods Market Inc

53,271 0.00%

1,279 CME Group Inc

90,745 0.00%

2,424 The Williams Companies Inc

141,101 0.01%

1,075 Carmax Inc

55,911 0.00%

4,415 Xerox Corp

54,923 0.00%

103,307 Yahoo Inc

3,629,175 0.19%

53,303 TJX Cos Inc

2,833,054 0.15%

80,234 Autoliv Inc

8,578,674 0.46%

48,430 Genworth Financial Inc

842,682 0.05%

8,127 Regions Financial Corp

86,309 0.00%

21,479 Google Inc

12,558,127 0.67%

70,039 Las Vegas Sands Corp

5,338,373 0.29%

117,174 VeriFone Holdings Inc

4,306,145 0.23%

292 CF Industries Holdings Inc

70,235 0.00%

1,056 Ameriprise Financial Inc

126,720 0.01%

12,990 Fidelity National Financial Inc

425,552 0.02%

162,237 Viacom Inc

14,070,815 0.75%

1,903 CBS Corp

118,252 0.01%

169 Chipotle Mexican Grill Inc

100,134 0.01%

21,510 Transdigm Group Incorporated

3,597,763 0.19%

96,939 Mastercard Inc

7,122,108 0.38%

1,239 Starwood Hotels & Resorts Worldwide Inc

100,136 0.01%

2,177 Liberty Media Corp

63,917 0.00%

18,240 Ocwen Financial Corp

676,704 0.04%

18,307 Hanesbrands Inc

1,802,141 0.10%

3,476 Western Union Co

60,274 0.00%

49,850 First Solar Inc

3,542,341 0.19%

13,120 Spirit AeroSystems Holdings Inc

442,144 0.02%

2,895 Spectra Energy Corp

122,980 0.01%

68,585 People's United Financial Inc

1,040,434 0.06%

127,700 Delta Air Lines Inc

4,944,544 0.26%


3,547,611 0.19%

634 Concho Resources Inc

91,613 0.00%

3,294 Bank New York Mellon Corp

123,459 0.01%

956 Teradata Corp

38,431 0.00%

185,610 Calpine Corp

4,419,374 0.24%

65,003 Philip Morris International Inc

5,480,403 0.29%

32,116 Visa Inc

6,767,162 0.36%

2,660 American Water Works Co Inc

131,537 0.01%

3,484 American Capital Agency Corp

81,560 0.00%

9,360 Colfax Corp

697,694 0.04%

1,745 Lorillard Inc

106,393 0.01%

889 Discovery Communications Inc

64,533 0.00%

40,242 Marathon Petroleum Corp

3,141,693 0.17%

9,417 The Mosiac Co

465,671 0.02%

39,394 Kinder Morgan Inc

1,428,426 0.08%

750 PVH Corp

87,450 0.00%


168


Nominal Security


US$ Net

Assets


United States of America - 52.20% (continued) 46,840 Air Lease Corp

1,807,087 0.10%

412 LinkedIn Corp

70,646 0.00%

100,406 Coca-Cola Enterprises Inc

4,797,399 0.26%

2,555 Prologis Inc

104,985 0.01%

1,271 HCA Holdings Inc

71,659 0.00%

26,090 Verisk Analytics Inc

1,565,922 0.08%

1,155 United Continental Holdings Inc

47,436 0.00%

249,428 Cobalt International Energy Inc

4,577,004 0.24%

971 CIT Group Inc

44,433 0.00%

73,495 CBOE Holdings Inc

3,616,689 0.19%

1,375 Dollar General Corp

78,870 0.00%

1,273 Motorola Solutions Inc

84,744 0.00%

944 Time Warner Cable Inc

139,051 0.01%


169,654 0.01%

566 O'Reilly Automotive Inc

85,241 0.00%

55,548 General Motors Co

2,016,392 0.11%

914 Monster Beverage Corp

64,921 0.00%

20,105 Phillips 66

1,617,045 0.09%

1,877 American Tower Corp

168,892 0.01%

283,587 Express Scripts Holdings Inc

19,661,087 1.05%

106,554 Facebook Inc

7,170,019 0.38%

60,928 Duke Energy Corp

4,520,248 0.24%

38,228 ADT Corp

1,335,686 0.07%

49,769 Directv

4,230,863 0.23%

109,395 Mondelez International Inc

4,114,346 0.22%

1,958 Kraft Foods Inc

117,382 0.01%

112,795 AbbVie Inc

6,366,150 0.34%

17,670 Zoetis Inc

570,211 0.03%

1,297 L Brands Inc

76,082 0.00%

125,941 News Corp

2,259,382 0.12%

5,154 Twenty First Century Fox Inc

181,163 0.01%

5,365 Sprint Corp

45,763 0.00%

5,479 Windstream Holdings Inc

54,571 0.00%

15,925 Google Inc

9,161,334 0.49%

471 Keurig Green Mountain Inc

58,691 0.00%

57,120 Voya Financial Inc

2,075,741 0.11%

2,409 Navient Corp

42,663 0.00%


977,111,017 52.20%

Total Equity

1,821,076,020 97.29%


169


Nominal Security


US$ Net

Assets


Exchange Traded Funds - 0.48% 1,528,000 PSigma American Growth AP

3,737,490 0.20%

2,540,000 PSigma Global Equity Fund

5,167,676 0.28%

Total Exchange traded funds

8,905,166 0.48%


1,829,981,186 97.77%


35,824,454 1.91%


5,923,998 0.32%


1,871,729,638 100.00%


Summary






1,829,981,186 97.77% 97.68%



- - -


- - -



- - -


35,824,454 1.91% 1.91%


5,923,998 0.32% 0.32%

Net assets attributable to holders of redeemable participating shares 1,871,729,638 100.00%


170

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY TRACKER FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 98.66%

Australia - 3.13% 28,553 Amcor Ltd

280,765 0.06%

47,994 AMP Ltd

239,812 0.05%

37,628 Australia and New Zealand Banking Group Ltd

1,182,726 0.25%

34,443 BHP Billiton Ltd

1,165,742 0.24%

32,507 Brambles Ltd

281,644 0.06%


1,809,068 0.38%

6,909 Crown Resorts Ltd

98,486 0.02%

5,310 CSL Ltd

333,158 0.07%

174,101 Dexus Property Group

182,193 0.04%

43,416 Insurance Australia Group

239,040 0.05%


341,760 0.07%

5,158 Macquarie Group Ltd

289,970 0.06%

190,939 Mirvac Group

321,322 0.07%

33,634 National Australia Bank Ltd

1,039,429 0.22%

11,624 Newcrest Mining Ltd

115,287 0.02%

8,631 Orica Ltd

158,510 0.03%

27,800 Origin Energy Ltd

383,177 0.08%

26,764 Q.B.E. Insurance Group

274,275 0.06%

9,809 Rio Tinto Ltd

548,479 0.12%

18,201 Santos Ltd

244,693 0.05%


280,606 0.06%

20,529 Sonic Healthcare Ltd

335,408 0.07%

17,478 Suncorp Group Ltd

223,109 0.05%

72,066 Sydney Airport

286,715 0.06%

37,648 Tabcorp Hldgs Ltd

119,258 0.03%

76,212 Telstra Corp

374,342 0.08%

54,957 Toll Holdings Ltd

264,241 0.06%

20,478 Transurban Group

142,672 0.03%

19,839 Wesfarmers Ltd

782,561 0.16%


197,918 0.04%


1,298,441 0.27%

12,517 Woodside Petroleum Ltd

484,655 0.10%

18,597 Woolworths Ltd

617,504 0.13%

Total Australia

14,936,966 3.13%

Austria – 0.06% 4,472 Erste Group Bank AG

144,538 0.03%

3,650 OMV AG

164,819 0.03%

Total Austria

309,357 0.06%

Belgium – 0.50% 7,903 Ageas NV

315,071 0.07%

10,470 Anheuser-Busch InBev

1,202,015 0.25%

1,072 Delhaize Group

72,479 0.02%

5,512 Groupe Bruxelles Lambert SA

572,394 0.12%

4,100 KBC Bankverzekeringsholding

223,009 0.05%

Total Belgium

2,384,968 0.50%


171

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Bermuda – 0.26% 4,057 Bunge Ltd

306,871 0.06%

10,490 Invesco Ltd

395,998 0.08%

12,907 Marvell Technology Group Ltd

184,957 0.04%

4,559 Nabors Industries Ltd

133,898 0.03%

5,900 Seadrill Ltd

233,912 0.05%

Total Bermuda

1,255,636 0.26%

Canada – 4.27% 8,491 Agnico Eagle Mines Ltd

325,706 0.07%

2,900 Agrium Inc

266,124 0.06%

16,676 Bank of Nova Scotia

1,113,716 0.23%


491,618 0.10%


45,703 0.01%

10,181 Brookfield Asset Management Inc

449,314 0.09%

6,232 Cameco Corp

122,452 0.03%


760,976 0.16%

18,926 Canadian Natural Resources

871,143 0.18%

8,800 Canadian Oil Sands Ltd

199,760 0.04%

3,653 Canadian Pacific Railway Ltd

662,938 0.14%


392,953 0.08%


417,317 0.09%

12,958 Enbridge Inc

615,906 0.13%

8,024 Encana Corp

190,431 0.04%

8,434 Enerplus Corp

212,909 0.04%

17,180 Fortis Inc

523,690 0.11%

10,205 Goldcorp Inc

285,303 0.06%

10,402 Husky Energy Inc

336,512 0.07%


294,875 0.06%

6,797 ING Canada Inc

469,511 0.10%


56,553 0.01%

2,735 Loblaw Companies Ltd

122,269 0.03%

3,170 Magna International Inc

341,820 0.07%


557,609 0.12%

3,245 Metro Inc

200,969 0.04%

7,387 National Bank of Canada

313,871 0.07%

16,479 Potash Corp of Saskatchewan

627,786 0.13%


355,267 0.07%


1,434,726 0.30%

11,695 Shaw Communications Inc

300,390 0.06%

6,475 Silver Wheaton Corp

170,689 0.04%


506,414 0.11%


1,068,259 0.22%


157,837 0.03%


218,719 0.05%

8,270 Telus Corp Co NPV

308,766 0.06%

10,974 The Bank of Montreal

809,554 0.17%


478,846 0.10%


172


Nominal Security


US$ Net

Assets


Canada – 4.27% (continued) 5,107 Thomson Reuters Corp

186,263 0.04%

6,083 Tim Hortons Inc

333,332 0.07%

28,802 Toronto-Dominion Bank

1,485,255 0.31%


476,883 0.10%

10,286 Turquoise Hill Resources Ltd

34,473 0.01%

5,500 Valeant Pharmaceuticals International

696,742 0.15%


92,952 0.02%

Total Canada

20,385,101 4.27%

Cayman Islands – 0.13% 38,000 Sands China Ltd

287,073 0.06%


335,977 0.07%


623,050 0.13%

Denmark – 0.66% 200 AP Moller - Maersk AS

496,961 0.10%

4,250 Coloplast AS

384,327 0.08%

13,401 Danske Bank AS

378,765 0.08%


1,341,801 0.28%

6,759 Novozymes AS

338,999 0.07%

2,161 The William Demant Holding Group

196,213 0.04%

Total Denmark

3,137,066 0.66%

Finland – 0.29% 10,321 Elisa Corp

315,505 0.07%

5,786 Fortum Oyj

155,259 0.03%

4,551 Metso Oyj

172,313 0.04%

59,719 Nokia Oyj

451,897 0.09%

17,551 Upm-Kymmene Oyj

299,722 0.06%

Total Finland

1,394,696 0.29%

France – 4.06% 9,503 Accor SA

494,005 0.10%

4,896 Air Liquide RTS

66,057 0.01%

4,896 Air Liquide SA

660,571 0.14%

9,029 Airbus Group

604,651 0.13%

63,200 Alcatel-Lucent

225,541 0.05%

3,222 Alstom

117,386 0.02%

3,426 Atos SE

285,219 0.06%

26,130 AXA

624,109 0.13%

15,638 BNP Paribas

1,060,187 0.22%

3,160 Bouygues

131,407 0.03%

3,174 Cap Gemini SA

226,280 0.05%

7,206 Carrefour SA

265,640 0.06%

843 Casino Guichard

111,696 0.02%

3,571 Cie Generale D'Optique Essilor International

378,454 0.08%

9,536 Compagnie De Saint-Gobain SA

537,672 0.11%

23,919 Credit Agricole SA

337,118 0.07%

6,403 Edenred

194,026 0.04%


173


Nominal Security


US$ Net

Assets


France – 4.06% (continued) 1,128 Électricité de France SA

35,501 0.01%

14,646 Gdf Suez SA

402,925 0.08%

4,236 Lafarge

367,491 0.08%

3,159 L'oreal

544,007 0.11%

3,201 LVMH Moet Hennessy Louis Vuitton SA

616,723 0.13%

2,993 Michelin

357,374 0.07%

34,959 Orange

551,317 0.12%

3,941 Pernod-Ricard SA

472,942 0.10%

1,683 Pinault-Printemps

368,818 0.08%

3,372 Renault SA

304,670 0.06%

15,517 Sanofi SA

1,647,248 0.35%

9,526 Schneider Electric SE

896,158 0.19%

7,750 Scor SE

266,393 0.06%

10,253 Société Générale SA

536,711 0.11%

2,617 Sodexo

281,288 0.06%

13,163 STMicroelectronics

118,013 0.02%

14,027 Suez Environment SA

268,333 0.06%

2,846 Technip SA

311,121 0.07%

9,058 The Groupe Danone

672,285 0.14%

29,509 Total SA

2,131,206 0.45%


738,400 0.15%

1,808 Vallourec SA

80,912 0.02%

3,690 Veolia Environnement

70,260 0.01%

7,642 Vinci SA

570,954 0.12%

17,216 Vivendi SA

420,977 0.09%

Total France

19,352,046 4.06%

Germany – 3.67% 4,769 Adidas AG

482,708 0.10%

7,277 Allianz SE

1,211,838 0.25%

12,670 Basf SE

1,474,179 0.31%

13,728 Bayer AG

1,937,662 0.41%

5,168 Bayerische Motoren Werke AG

654,981 0.14%

13,652 Commerzbank AG

214,457 0.04%

16,715 Daimler AG

1,564,458 0.33%


468,614 0.10%

2,583 Deutsche Boerse AG

200,334 0.04%

17,557 Deutsche Post AG

634,483 0.13%


838,796 0.18%

22,558 E.ON AG

465,483 0.10%


645,489 0.14%

2,302 K+S AG

75,647 0.02%

2,000 Kabel Deutschland Holding AG

292,693 0.06%

3,382 Linde AG

718,698 0.15%

3,200 Man SE

395,183 0.08%

3,130 Merck KGAA

271,498 0.06%

5,268 Metro AG

229,448 0.05%


174


Nominal Security


US$ Net

Assets


Germany – 3.67% (continued) 2,411 Muenchener Rueckversicherungs AG

534,128 0.11%

4,877 Osram Licht AG

245,819 0.05%

2,046 Porsche AG

213,027 0.04%

8,665 RWE AG

371,891 0.08%

13,231 SAP AG

1,021,112 0.21%

10,825 Siemens AG

1,428,669 0.30%

7,649 ThyssenKrupp AG

222,834 0.05%

2,630 Volkswagen AG

690,249 0.14%

Total Germany

17,504,378 3.67%

Great Britain – 8.58% 39,675 3I Group Plc

272,477 0.06%

7,284 Aggreko Plc

205,376 0.04%

21,649 Anglo American Plc

529,017 0.11%

6,133 Aon Plc

552,522 0.12%


447,124 0.09%

17,375 Astrazeneca Plc

1,288,725 0.27%

68,384 Aviva Plc

596,549 0.13%


874,731 0.18%

49,705 BG Group Plc

1,048,969 0.22%

33,071 Bhp Billiton Plc

1,067,800 0.22%

255,258 BP Plc

2,245,939 0.47%

59,818 British Aerospace Plc

442,502 0.09%

26,605 British American Tobacco Plc

1,581,206 0.33%

40,695 British Land

488,521 0.10%

15,450 British Sky Broadcasting Group Plc

238,667 0.05%

114,458 BT Group Plc

752,818 0.16%


333,756 0.07%

69,759 Centrica Plc

372,636 0.08%

31,862 Compass Group Plc

553,719 0.12%

37,900 Diageo Plc

1,208,500 0.25%


378,688 0.08%

144,000 Genting Singapore Plc

153,646 0.03%

65,853 GlaxoSmithKline Plc

1,759,981 0.37%


2,570,108 0.54%


724,284 0.15%


345,692 0.07%

43,527 Kingfisher Plc

267,023 0.06%


392,979 0.08%


383,704 0.08%


408,757 0.09%


169,053 0.04%

756,115 Lloyds Bank Plc

959,356 0.20%

3,754 London Stock Exchange Group

128,747 0.03%

3,500 Mead Johnson Nutrition Co

326,095 0.07%

48,399 National Grid Plc

694,722 0.15%

4,749 Next Plc

525,458 0.11%


196,997 0.04%

87,320 Old Mutual Plc

294,996 0.06%

15,558 Pearson

306,800 0.06%


175


Nominal Security


US$ Net

Assets


Great Britain – 8.58% (continued) 44,042 Prudential Corp

1,009,233 0.21%


868,534 0.18%


519,490 0.11%


1,040,540 0.22%

4,053,500 Rolls Royce Holdings

6,927 0.00%


552,585 0.12%

42,865 Royal Dutch Shell A

1,771,514 0.37%

44,298 Royal Dutch Shell B

1,924,601 0.40%

13,264 Sabmiller Plc

767,916 0.16%

14,285 Scottish & Southern Energy Plc

382,512 0.08%

9,200 Shire Plc

718,455 0.15%

23,757 Smith & Nephew Plc

421,796 0.09%

13,456 Smiths Group Plc

298,230 0.06%


797,360 0.17%

126,323 Tesco Plc

613,483 0.13%

56,530 The Royal Bank of Scotland Plc

317,233 0.07%


229,637 0.05%

19,225 Unilever Plc

870,907 0.18%

20,605 United Utilities Group Plc

310,554 0.07%

374,880 Vodafone Group Plc

1,249,173 0.26%

46,588 WM Morrison Supermarkets Plc

146,005 0.03%

Total Great Britain

40,905,325 8.58%

Hong Kong – 1.00% 180,625 AIA Group Ltd

907,751 0.19%

18,601 Bank of East Asia

77,161 0.02%

46,100 Boc Hong Kong Holdings Ltd

133,536 0.03%

29,300 Cheung Kong (Holdings) Ltd

519,819 0.11%

25,100 CLP Holdings Ltd

205,974 0.04%

30,000 Galaxy Entertainment Group Ltd

239,991 0.05%

7,639 Hang Seng Bank Ltd

124,782 0.03%

141,388 Hong Kong & China Gas Co

309,400 0.06%

19,059 Hong Kong Exchanges and Clearing Ltd

355,344 0.07%

35,400 Hutchison Whampoa Ltd

484,162 0.10%

169,000 Li & Fung Ltd

250,328 0.05%

30,000 Link Reit

161,413 0.03%

34,000 Power Assets Holdings Ltd

297,214 0.06%


346,209 0.07%

14,500 The Swire Group

178,483 0.04%

24,817 The Wharf (Holdings) Ltd

178,675 0.04%

Total Hong Kong

4,770,242 1.00%

Ireland – 0.95% 9,678 Accenture Plc

782,370 0.16%

3,100 Actavis Plc

691,455 0.14%

5,797 Covidien Plc

522,773 0.11%

9,643 CRH Plc

247,277 0.05%


643,218 0.13%

4,073 Ingersoll-Rand Plc

254,603 0.05%


176


Nominal Security


US$ Net

Assets


Ireland – 0.95% (continued)

5,650 Kerry Group Plc

424,059 0.09%

4,801 Pentair Plc

346,248 0.07%

2,000 Perrigo Company Plc

291,520 0.06%


317,170 0.07%

Total Ireland

4,520,693 0.95%

Israel – 0.24% 122,190 Bank Leumi Le-Israel

477,241 0.10%

12,775 Teva Pharmaceutical Industries Ltd

675,957 0.14%

Total Israel

1,153,198 0.24%

Italy – 0.93% 16,813 Assicurazioni Generali

368,331 0.08%

12,840 Atlantia SpA

365,803 0.08%

120,368 Enel SpA

700,664 0.15%


898,881 0.19%

12,300 Fiat SpA

121,351 0.03%

4,512 Finmeccanica SpA

42,879 0.01%

176,323 Intesa Sanpaolo Spa

544,314 0.11%

6,966 Mediobanca SpA

69,393 0.01%

5,777 SAIPEM SpA

155,729 0.03%

42,534 Telecom Italia RNC

41,993 0.01%

149,419 Telecom Italis SpA

189,125 0.04%


601,534 0.13%

36,924 Unione Di Banche Italiane SCPA

319,321 0.07%

Total Italy

4,419,318 0.93%

Japan – 8.14% 5,900 Aeon Co Ltd

72,571 0.02%

4,900 Aisin Seiki Co Ltd

194,936 0.04%

17,000 Ajinomoto Co Inc

266,496 0.06%

31,000 Asahi Chemical Industry Co Ltd

237,167 0.05%

32,800 Asahi Glass Co

193,303 0.04%

33,000 Astellas Pharma Inc

433,593 0.09%

6,680 Bridgestone Corp

233,767 0.05%

9,146 Canon Inc

297,584 0.06%

1,700 Central Japan Railway Co

242,498 0.05%

11,400 Chubu Electric Power Co Inc

141,684 0.03%

77,390 Chuo Mitsui Trust Holdings Inc

353,717 0.07%

3,100 Credit Saison Co Ltd

64,509 0.01%

9,000 Dai Nippon Printing Co

93,998 0.02%

12,800 Daiichi Sankyo Co

238,815 0.05%

4,000 Daito Trust Construction Co Ltd

470,286 0.10%

38,000 Daiwa Securities Group Inc

328,983 0.07%

6,577 Denso Corp

313,917 0.07%


283,558 0.06%

5,200 Eisai Co

217,856 0.05%

3,200 Fanuc Ltd

551,866 0.12%

1,000 Fast Retailing Co Ltd

329,023 0.07%


177


Nominal Security


US$ Net

Assets



15,000 Fuji Heavy Industries Ltd

415,350 0.09%

13,000 Fuji Photo Film Co

362,537 0.08%

37,721 Fujitsu Ltd

282,628 0.06%

68,000 Hitachi Ltd

498,085 0.10%

21,500 Honda Motor Co

750,696 0.16%

7,100 Hoya Pentax HD Corp

235,919 0.05%

15,880 Isetan Mitsukoshi Holdings Ltd

206,926 0.04%

25,200 Itochu Corp

323,645 0.07%

17,400 Japan Tobacco International

634,336 0.13%

8,600 JFE Holdings Inc

177,518 0.04%

48,340 JX Holdings Inc

258,640 0.05%

20,700 Kamigumi Co

190,448 0.04%

11,100 Kansai Electric Power Co

104,645 0.02%

19,000 Kansai Paint Co Ltd

317,542 0.07%

12,751 Kao Corp

501,858 0.11%

8,000 KDDI Corp

487,976 0.10%

32,411 Keikyu Corp

291,155 0.06%

29,000 Keisei Electric Railway Co

288,855 0.06%

1,184 Keyence Corp

516,554 0.11%

61,000 Kinki Nippon Railway Co Ltd

222,201 0.05%

21,000 Kirin Holdings Co Ltd

303,287 0.06%

134,000 Kobe Steel Ltd

201,066 0.04%

12,500 Komatsu Ltd

290,227 0.06%

6,500 Konica Minolta Inc

64,230 0.01%

25,000 Kubota Corp

354,393 0.07%

12,155 Kurita Water Industries Ltd

281,617 0.06%

5,200 Kyocera Corp

246,808 0.05%

23,000 Marubeni Corp

168,243 0.04%

37,000 Mazda Motor Corp

173,495 0.04%

22,000 Mitsubishi Chemical Holdings Corp

97,512 0.02%

16,300 Mitsubishi Corp

339,034 0.07%

42,500 Mitsubishi Electric Corp

524,432 0.11%

19,950 Mitsubishi Estate

492,546 0.10%

41,000 Mitsubishi Gas

262,270 0.05%

39,700 Mitsubishi Heavy Industries

247,684 0.05%

21,931 Mitsubishi Motors Corp

242,042 0.05%

12,200 Mitsubishi Tanabe Pharma Corp

182,699 0.04%


1,049,508 0.22%

23,300 Mitsui & Co

373,536 0.08%


441,753 0.09%

42,000 Mitsui O.S.K. Lines Ltd

156,308 0.03%

283,800 Mizuho Financial Group Inc

582,729 0.12%

11,500 MS&AD Insurance Group Holdings Inc

277,794 0.06%


421,170 0.09%

97,000 Nec Corp

309,289 0.06%

8,000 NGK Spark Plug Co Ltd

225,706 0.05%

7,600 Nidec Corp

466,353 0.10%

6,100 Nikon Corp

96,046 0.02%

1,600 Nintendo Co

191,510 0.04%


178


Nominal Security


US$ Net

Assets



126,690 Nippon Steel Corp

405,208 0.08%

4,700 Nippon TeL & Tel

293,135 0.06%

36,500 Nissan Motor Co Ltd

346,264 0.07%

6,400 Nitori Holdings Co Ltd

350,010 0.07%

3,400 Nitto Denko Corp

159,327 0.03%

13,250 NKSJ Holdings Inc

356,821 0.07%

42,300 Nomura Securities Co Ltd

299,399 0.06%

28,200 NTT Mobile Communications

482,156 0.10%

20,720 Obayashi Corp

147,883 0.03%

2,800 Ono Pharmaceutical Co Ltd

246,555 0.05%

33,700 Orix Corp

558,562 0.12%

37,461 Panasonic Corp

456,336 0.10%

37,985 Resona Holdings Inc

221,235 0.05%

15,000 Ricoh Co Ltd

178,727 0.04%

3,300 Secom Co

201,649 0.04%

4,300 Sega Sammy Holdings Inc

84,599 0.02%

9,668 Seven & I Holdings Co

407,335 0.09%

28,000 Sharp Corp

89,832 0.02%

2,900 Shimano Inc

321,777 0.07%

5,200 Shin-Etsu Chemical Co

316,107 0.07%

4,000 Shionogi & Co Ltd

83,475 0.02%

17,000 Shiseido Co

309,961 0.06%

18,000 Shizuoka Bank

194,571 0.04%

13,600 Softbank Corp

1,012,683 0.21%

11,670 Sony Corp

193,770 0.04%

50,000 Sumitomo Chemical Co

189,042 0.04%

16,000 Sumitomo Corp

216,071 0.05%

12,000 Sumitomo Electric Industries Ltd

168,806 0.04%

32,000 Sumitomo Heavy Industries Ltd

152,261 0.03%

19,100 Sumitomo Mitsui Financial Group Inc

800,201 0.17%

7,000 Sumitomo Realty & Development Co Ltd

300,385 0.06%

8,900 Suzuki Motor Corp

278,773 0.06%

10,600 T&D Holdings Inc

144,089 0.03%

14,030 Takeda Pharmaceutical Co Ltd

650,809 0.14%

10,800 Terumo Corp

241,481 0.05%

22,000 The Bank of Yokohama Ltd

126,614 0.03%

29,350 The Chiba Bank Ltd

207,159 0.04%

49,430 The Joyo Bank Ltd

263,497 0.06%

11,000 Toho Co

258,006 0.05%

22,100 Tohoku Electric Power Co

259,397 0.05%

7,200 Tokio Marine Holdings Inc

236,825 0.05%

24,600 Tokyo Electric Power Co

102,480 0.02%

4,400 Tokyo Electron Ltd

297,445 0.06%

36,755 Tokyo Gas Co

214,797 0.05%

34,000 Tokyu Corp

240,987 0.05%

27,000 Tokyu Fudosan Holdings Corp

212,962 0.04%

20,000 Toray Inds Inc

131,491 0.03%

61,800 Toshiba Corp

288,563 0.06%


2,282,851 0.48%


179


Nominal Security


US$ Net

Assets



11,860 Toyota Tsusho Corp

341,048 0.07%

2,500 Trend Micro Inc

82,305 0.02%

2,500 West Japan Railway Co

110,069 0.02%


104,900 0.02%

31,500 Yamada Denki Co Ltd

112,256 0.02%

14,500 Yamaha Motor Co Ltd

249,492 0.05%

6,300 Yamato Holdings Co Ltd

130,540 0.03%

Total Japan

38,803,907 8.14%

Jersey Channel Isle – 0.50% 8,700 Delphi Automotive Plc

598,038 0.13%

165,653 Glencore Plc

921,537 0.19%

6,518 Wolseley Plc

356,752 0.07%

23,660 WPP Plc

515,086 0.11%

Total jersey Channel Isle

2,391,413 0.50%

Luxembourg – 0.05% 15,285 ArcelorMittal SA

226,514 0.05%

Total Luxembourg

226,514 0.05%

Netherlands – 1.78% 39,314 Aegon NV

342,895 0.07%

3,166 Akzo Nobel NV

237,190 0.05%


524,593 0.11%

30,832 CNH Industrial NV

316,420 0.07%

5,203 Heineken NV

373,280 0.08%

64,247 ING Groep NV

901,990 0.19%

14,104 Koninklijke Ahold NV

264,595 0.06%

15,811 Koninklijke Philips NV

501,396 0.11%


585,900 0.12%

3,726 Randstad Holdings NV

201,850 0.04%

21,311 Reed Elsevier NV

488,450 0.10%

70,538 Royal KPN NV

256,844 0.05%


2,315,241 0.49%

19,867 TNT Express NV

179,695 0.04%

22,308 Unilever NV

975,441 0.20%

Total Netherlands

8,465,780 1.78%

New Zealand – 0.02% 37,814 Telecom Corp of New Zealand Ltd

88,756 0.02%

Total New Zealand

88,756 0.02%

Norway – 0.31% 37,850 Norsk Hydro ASA

202,486 0.04%

25,818 Orkla ASA

229,917 0.05%

21,603 Statoil ASA

663,213 0.14%

15,861 Telenor ASA

361,065 0.08%

Total Norway

1,456,681 0.31%


180


Nominal Security


US$ Net

Assets


Portugal – 0.09% 84,304 Energias De Portugal SA

422,674 0.09%

Total Portugal

422,674 0.09%

Singapore – 0.64% 134,850 CapitaLand Ltd

346,185 0.07%

32,562 DBS Bank Ltd

437,556 0.09%

26,291 Flextronics International Ltd

291,041 0.06%

38,400 Keppel Corp Ltd

332,400 0.07%

74,000 Singapore Press Holdings Ltd

247,557 0.05%

125,900 Singapore Telecommunications Ltd

388,861 0.08%

49,408 The Oversea-Chinese Banking Corp

378,537 0.08%

28,691 United Overseas Bank Ltd

518,348 0.11%

42,000 Wilmar International Ltd

107,485 0.02%

Total Singapore

3,047,970 0.64%

Spain – 1.50% 5,196 ACS, Actividades de Construcción y Servicios SA

237,475 0.05%

10,700 Amadeus IT Holding SA

441,002 0.09%

96,910 Banco Bilbao Viscaya SA

1,234,449 0.26%

48,266 Banco Popular Espanol SA

322,302 0.07%


1,637,923 0.34%

113,500 Bankia SA

219,918 0.05%


180,632 0.04%

85,952 Iberdrola SA

656,637 0.14%

2,967 Inditex SA

456,337 0.10%


439,026 0.09%

12,512 Repsol SA

329,750 0.07%


997,625 0.21%

Total Spain

7,153,076 1.50%

Sweden – 1.24% 17,400 Atlas Copco AB

464,454 0.10%

8,120 Getinge AB

213,224 0.04%

12,816 Hennes & Mauritz AB

559,617 0.12%

43,492 Nordea Bank AB

613,305 0.13%

16,273 Sandvik AB

222,174 0.05%

20,140 Securitas AB

238,679 0.05%

33,600 Skandinaviska Enskilda Banken SEB

448,690 0.09%

21,500 Skanska AB

490,302 0.10%

10,900 SKF AB

277,912 0.06%

7,969 Svenska Handelsbanken AB

389,798 0.08%

18,500 Swedbank AB

490,220 0.10%

4,749 Swedish Match AB

164,758 0.03%

48,941 Telefonaktiebolaget LM Ericsson

590,978 0.12%

30,913 Teliasonera AB

225,635 0.05%

5,839 Tyco International Ltd

266,258 0.06%

19,966 Volvo AB

274,834 0.06%

Total Sweden

5,930,838 1.24%


181


Nominal Security


US$ Net

Assets


Switzerland – 3.90% 35,823 ABB Ltd

824,975 0.17%

3,695 ACE Ltd

383,172 0.08%

10,218 Compagnie Financiere Richemont SA

1,072,273 0.22%

21,368 Credit Suisse Group AG

611,134 0.13%

1,350 Geberit AG

473,954 0.10%

350 Givaudan

583,794 0.12%

3,999 Holcim Ltd

351,553 0.07%

3,630 Julius Baer Group Ltd

149,670 0.03%

41,774 Nestle SA

3,236,578 0.68%

32,946 Novartis AG

2,983,606 0.63%

9,522 Roche Holding AG Genusschein

2,840,385 0.60%

2,451 Schindler Holding AG Part Cert

372,612 0.08%

208 SGS SA

498,478 0.10%

2,048 Sonova Holdings AG

312,501 0.07%

587 Swatch Group AG

354,504 0.07%

5,591 Swiss RE AG

497,496 0.10%

466 Swisscom AG

270,918 0.06%

1,774 Syngenta AG

660,824 0.14%


362,939 0.08%

4,711 Transocean Ltd

211,775 0.04%

57,063 UBS AG

1,047,045 0.22%

1,657 Zurich Financial Services AG

499,511 0.10%

Total Switzerland

18,599,697 3.90%

United States of America – 51.71% 8,498 3M Co

1,217,254 0.26%

21,705 Abbott Laboratories Ltd

887,735 0.19%

24,905 AbbVie Inc

1,405,638 0.29%


160,560 0.03%


485,970 0.10%

2,919 ADT Corp

101,990 0.02%

11,910 AES Corp

185,201 0.04%

8,112 Aetna Inc

657,721 0.14%

6,821 Aflac Inc

424,607 0.09%


222,006 0.05%

4,242 Air Products & Chemicals Inc

545,606 0.11%

26,475 Alcoa Inc

394,213 0.08%

3,300 Alexion Pharmaceuticals Inc

515,625 0.11%

4,600 Allergan Inc

778,412 0.16%

5,200 Alliant Energy Corp

316,472 0.07%

5,561 Allstate Corp

326,542 0.07%

4,408 Altera Corp

153,222 0.03%


1,163,122 0.24%


1,943,484 0.41%

7,500 Amerada Hess Corp

741,675 0.16%

6,500 Ameren Corp

265,720 0.06%

7,049 American Electric Power

393,123 0.08%


1,313,475 0.28%


1,147,326 0.24%


781,116 0.16%


182


Nominal Security


US$ Net

Assets



4,632 Ameriprise Financial Inc

555,840 0.12%

3,530 Amerisourcebergen Corp

256,490 0.05%

10,847 Amgen Corp Co

1,283,959 0.27%

4,404 Amphenol Corp

424,281 0.09%


885,941 0.19%

6,097 Analog Devices Inc

329,665 0.07%


251,460 0.05%

6,374 Apache Corp

641,352 0.13%

88,483 Apple Inc

8,222,725 1.72%


588,427 0.12%

72,823 AT & T Inc

2,575,021 0.54%

5,981 Autodesk Inc

337,209 0.07%


606,571 0.13%

1,101 Autozone

590,400 0.12%

3,683 AvalonBay Communities Inc

523,686 0.11%

6,218 Avery Dennison Corp

318,673 0.07%

5,534 Avon Products Inc

80,852 0.02%

6,598 Baker Hughes

491,221 0.10%

6,160 Ball Corp

386,109 0.08%

15,354 Bank New York Mellon

575,468 0.12%


2,345,078 0.49%

2,000 Bard CR Inc

286,020 0.06%

7,040 Baxter International Inc

508,992 0.11%

11,570 BB&T Corp

456,205 0.10%

2,791 Becton Dickinson & Co

330,175 0.07%

3,862 Bed Bath & Beyond Inc

221,602 0.05%


1,881,061 0.39%

3,812 Best Buy Co Inc

118,210 0.02%

3,433 Biogen Idec Inc

1,082,459 0.23%

1,579 Blackrock Inc

504,648 0.11%

10,161 Boeing Co

1,292,784 0.27%


457,948 0.10%


232,772 0.05%

24,967 Bristol-Myers Squib

1,211,149 0.25%

9,055 Broadcom Corp

336,122 0.07%

3,900 C.H.Robinson Worldwide Inc

248,781 0.05%

5,629 CA Inc

161,777 0.03%

5,020 Cameron International Corp

339,904 0.07%

4,100 Campbell Soup Co

187,821 0.04%


596,785 0.13%

7,526 Cardinal Health

515,983 0.11%

2,893 Carefusion Corp

128,305 0.03%

5,261 Carnival Corp

198,077 0.04%


950,102 0.20%

7,926 CBS Corp

492,522 0.10%

12,162 Celgene Corp

1,044,473 0.22%

12,204 Centerpoint Energy Inc

311,690 0.07%


355,918 0.07%


183


Nominal Security


US$ Net

Assets




546,437 0.11%


395,742 0.08%

23,740 Chevron Corp

3,099,257 0.65%


474,008 0.10%

3,332 Chubb Corp

307,110 0.06%

5,086 Cigna Corp

467,759 0.10%

2,219 Cincinnati Financial Corp

106,601 0.02%

75,446 Cisco Systems

1,874,833 0.39%


1,954,085 0.41%

22,490 Citizens Communications Co

131,342 0.03%

3,286 Citrix Systems Inc

205,539 0.04%

3,349 Clorox Co

306,099 0.06%

4,735 CME Group Inc

335,948 0.07%

5,103 Coach Inc

174,472 0.04%

54,924 Coca-Cola Co

2,326,581 0.49%

9,672 Cognizant Tech Solutions Corp

473,058 0.10%

13,250 Colgate-Palmolive Co

903,385 0.19%

23,874 Comcast Corp

1,281,556 0.27%

12,141 Comcast Corp-Special

647,480 0.14%

1,799 Comerica Inc

90,238 0.02%

4,761 Computer Sciences

300,895 0.06%

9,594 Conagra Foods Inc

284,750 0.06%

2,400 Concho Resources Inc

346,800 0.07%

17,220 Conocophillips Co

1,476,271 0.31%

5,647 Consol Energy Inc

260,157 0.05%


249,379 0.05%

3,999 Constellation Brands Inc

352,432 0.07%

19,623 Corning Inc

430,725 0.09%


731,151 0.15%

5,812 Crown Castle Intl Corp

431,599 0.09%

17,116 CSX Corp

527,344 0.11%

2,700 Cummins Inc

416,583 0.09%

17,328 CVS Caremark Corp

1,306,011 0.27%

7,392 Danaher Corp

581,972 0.12%

2,181 Darden Restuarants Inc

100,915 0.02%

5,374 Deere & Co

486,616 0.10%

3,508 Dentsply International Inc

166,104 0.03%


686,810 0.14%

8,018 Directv

681,610 0.14%


617,817 0.13%


572,160 0.12%

4,964 Dover Corp

451,476 0.09%


948,871 0.20%

10,349 DR Horton Inc

254,378 0.05%

5,514 Dr Pepper Snapple Group Inc

323,010 0.07%

3,965 DTE Energy Co

308,755 0.06%

13,436 Du Pont De Nemours and Co

879,252 0.18%


602,497 0.13%


184


Nominal Security


US$ Net

Assets



16,981 eBay Inc

850,069 0.18%

5,400 Ecolab Inc

601,236 0.13%

5,900 Edison International

342,849 0.07%

9,146 Electronic Arts Inc

328,067 0.07%

30,931 EMC Corp

814,723 0.17%


745,886 0.16%

1,743 Entergy Corp

143,083 0.03%


995,764 0.21%

4,020 Equifax Inc

291,611 0.06%


580,671 0.12%

3,990 Estee Lauder Cos

296,297 0.06%

16,226 Exelon Corp

591,924 0.12%

6,846 Expeditors International of Washington Inc

302,319 0.06%


857,473 0.18%

56,254 Exxon Corp

5,663,653 1.19%

28,042 Facebook Inc

1,886,946 0.40%

6,844 Fastenal Co

338,710 0.07%

5,001 FDX Corp

757,051 0.16%

10,970 Fidelity National Financial Inc

359,377 0.08%

6,237 Fidelity National Information Services

341,413 0.07%


231,605 0.05%


194,953 0.04%

6,200 Fiserv Inc

373,984 0.08%

3,928 Fluor Corp

302,063 0.06%

5,287 FMC Technologies Inc

322,877 0.07%


889,843 0.19%

3,407 Forest Laboraties Inc

337,293 0.07%


406,037 0.09%

15,696 Freeport-Mcmoran Copper

572,904 0.12%

2,600 Gamestop Corp

105,222 0.02%

6,590 Gap Inc

273,946 0.06%

5,169 General Dynanics Corp

602,447 0.13%


3,508,196 0.74%


299,613 0.06%


448,902 0.09%


671,550 0.14%


1,802,298 0.38%

3,653 Google Inc

2,135,800 0.45%

4,485 Google Inc

2,580,131 0.54%

1,440 Grainger (W.W.) Inc

366,149 0.08%

10,959 H&R Block Inc

367,346 0.08%


881,944 0.18%

5,000 Harley Davidson Inc

349,250 0.07%

9,609 Hartford Financial Services Group Inc

344,098 0.07%

9,600 HCP Inc

397,248 0.08%

3,030 Hershey Foods Corp

295,031 0.06%


914,782 0.19%

19,805 Home Depot

1,603,413 0.34%


1,045,409 0.22%


185


Nominal Security


US$ Net

Assets



7,356 Hospira Inc

377,878 0.08%


300,414 0.06%

17,567 Hudson City Bancorp Inc

172,684 0.04%

2,215 Humana Inc

282,900 0.06%


464,506 0.10%

1,695 Illumina Inc

302,625 0.06%

63,340 Intel Corp

1,957,206 0.41%

1,955 Intercontinental Exchange Inc

369,300 0.08%


2,406,178 0.50%

2,363 International Flavors & Fragrances Inc

246,414 0.05%


371,257 0.08%

5,722 Intuit Inc

460,793 0.10%


210,427 0.04%

3,350 Jacobs Engineering Group Inc

178,488 0.04%


3,984,243 0.84%


627,920 0.13%


2,574,001 0.54%


155,633 0.03%

7,220 Kellogg Co

474,354 0.10%

1,600 Keurig Green Mountain Inc

199,376 0.04%

16,024 Keycorp

229,624 0.05%

5,160 Kimberley Clark Corp Co

573,895 0.12%


176,946 0.04%


383,776 0.08%

4,343 Kla-Tencor Corp

315,476 0.07%

3,068 Kohls Corp

161,622 0.03%


413,895 0.09%

6,643 Kroger Co

328,363 0.07%

5,228 L Brands Inc

306,674 0.06%

3,665 L-3 Communications Holdings Inc

442,549 0.09%

3,835 LAM Research Corp

259,169 0.05%


535,827 0.11%

994 Legg Mason Inc

51,002 0.01%

11,900 Leucadia National Corp

312,018 0.07%

13,313 Liberty Media Corp

390,870 0.08%


744,797 0.16%

6,693 Lincoln National Corp

344,288 0.07%

6,800 Linear Technology Corp

320,076 0.07%

1,500 LinkedIn Corp

257,205 0.05%

4,931 Lockheed Martin Corp co

792,560 0.17%

7,300 Loews Corp

321,273 0.07%

7,200 Lorillard Inc

438,984 0.09%

17,339 Lowes Co

832,099 0.17%

2,347 M & T Bank Corp

291,145 0.06%

8,125 Macy's Inc

471,413 0.10%

3,890 Manpower Inc

330,067 0.07%


459,120 0.10%

5,400 Marathon Petroleum Corp

421,578 0.09%

7,141 Marriott International Inc

457,738 0.10%


186


Nominal Security


US$ Net

Assets



7,011 Marsh & McLennan Cos

363,310 0.08%

7,928 Masco Corp

176,002 0.04%


1,131,438 0.24%

5,875 Mattel Inc

228,949 0.05%

11,238 McDonald's Corp NPV

1,132,116 0.24%

5,776 McGraw-Hill Cos Inc

479,578 0.10%

3,175 Mckesson Corp

591,217 0.12%

2,197 Meadwestvaco Corp

97,239 0.02%

14,994 Medtronic Com

956,017 0.20%

40,764 Merck & Co

2,358,197 0.49%

11,711 Metlife Inc

650,663 0.14%

6,841 Microchip Technology Inc

333,909 0.07%


588,586 0.12%


4,551,221 0.95%

1,533 Mohawk Industries Inc

212,075 0.04%


1,070,794 0.22%

7,206 Monsanto Co

898,876 0.19%

6,170 Moody's Corp

540,862 0.11%


741,424 0.16%

4,671 Motorola Solutions Inc

310,948 0.07%

3,800 Murphy Oil Corp

252,624 0.05%

6,300 Mylan Inc

324,828 0.07%


635,248 0.13%

9,891 Navient Corp

175,170 0.04%

9,960 Netapp Inc

363,739 0.08%

857 Netflix Inc

377,594 0.08%

10,898 Newell Co

337,729 0.07%


205,759 0.04%

16,475 News Corp

295,562 0.06%


611,396 0.13%

9,982 Nike Inc

774,104 0.16%


526,728 0.11%

6,206 Norfolk Southern Corp

639,404 0.13%

4,370 Northern Trust Corp

280,598 0.06%

4,093 Northrop Grumman Corp

489,646 0.10%


222,977 0.05%

6,731 Nucor Corp

331,502 0.07%

12,710 Nvidia Corp

235,643 0.05%


1,311,098 0.27%

4,422 Omnicom Group

314,935 0.07%

5,800 Oneok Inc

394,864 0.08%


2,191,700 0.46%

2,940 O'Reilly Automotive Inc

442,764 0.09%

6,644 Paccar Inc

417,443 0.09%

3,572 Pall Corp

305,013 0.06%

1,900 Parker Hannifin Corp

238,887 0.05%

1,582 Patterson Cos Inc

62,505 0.01%

6,048 Paychex Inc Co

251,355 0.05%


53,775 0.01%


187


Nominal Security


US$ Net

Assets



20,629 Pepsico Inc Co

1,842,995 0.39%

84,591 Pfizer Inc

2,510,661 0.53%

5,619 PG&E Corp

269,824 0.06%


1,981,707 0.42%

9,650 Phillips 66

776,150 0.16%

3,774 Pinnacle West Capital Corp

218,288 0.05%

2,100 Pioneer Natural Resources Co

482,601 0.10%


553,357 0.12%

3,013 PPG Industries Inc

633,182 0.13%

15,037 PPL Corp

534,265 0.11%

4,106 Praxair Inc

545,441 0.11%

2,200 Precision Castparts Corp

555,280 0.12%

735 Priceline Group Incorporated

884,205 0.19%

7,500 Principal Financial Group

378,600 0.08%

31,624 Procter & Gamble

2,485,330 0.52%

13,113 Progressive Corp

332,546 0.07%

15,338 Prologis Inc

630,238 0.13%


677,049 0.14%


348,102 0.07%


334,133 0.07%

7,288 QEP Resources Inc

251,436 0.05%

24,398 Qualcomm Inc

1,932,322 0.41%

3,445 Quest Diagnostics Inc

202,187 0.04%

1,100 Regeneron Pharmaceuticals Inc

310,714 0.07%


318,462 0.07%


253,905 0.05%

6,045 Robert Half International Inc

288,588 0.06%

4,519 Rockwell Collins Inc

353,115 0.07%

2,489 Rockwell International Corp

311,523 0.07%

1,670 Roper Industries Inc

243,837 0.05%

2,178 Safeway Stores Inc

74,793 0.02%


584,285 0.12%

4,713 Sandisk Corp

492,179 0.10%

8,915 Sealed Air Corp

304,626 0.06%

684 Sears Holdings Corp

27,333 0.01%

3,403 Sempra Energy

356,328 0.07%

2,434 Sherwin-Williams Co

503,619 0.11%


698,043 0.15%

7,500 Southwestern Energy Co

341,175 0.07%


390,689 0.08%

8,549 Sprint Corp

72,923 0.02%

723 SPX Corp

78,236 0.02%

7,160 ST Jude Medical Inc

495,830 0.10%

2,872 Stanley Black & Decker Inc

252,219 0.05%

8,947 Staples Inc

96,985 0.02%


842,127 0.18%

4,769 Starwood Hotels and Resorts Worldwide Inc

385,431 0.08%


445,530 0.09%

3,008 Stryker Corp

253,635 0.05%


433,569 0.09%

13,730 Symantec Corp

314,417 0.07%


188


Nominal Security


US$ Net

Assets



8,800 Sysco Corp

329,560 0.07%

4,616 T. Rowe Price

389,637 0.08%

10,053 Target Corp

582,571 0.12%

1,600 Tesla Motors Inc

384,096 0.08%


843,350 0.18%

5,219 Textron Inc

199,836 0.04%

17,286 The Cablevision Systems Corp

305,098 0.06%

4,680 The Goldman Sachs Group Inc

783,619 0.16%

5,000 The Mosiac Co

247,250 0.05%

10,240 The Southern Co

464,691 0.10%


577,489 0.12%

4,177 Time Warner Cable Inc

615,272 0.13%


946,759 0.20%

13,336 TJX Cos Inc

708,808 0.15%


434,133 0.09%


210,900 0.04%

21,680 Twenty-First Century Fox Inc

742,106 0.16%


900,543 0.19%


1,245,134 0.26%


935,027 0.20%


1,344,415 0.28%

3,968 Unum Group

137,928 0.03%

22,851 US Bancorp

989,905 0.21%

4,115 USD Waste Services

184,064 0.04%


410,469 0.09%

3,112 Varian Medical Systems

258,732 0.05%

6,505 Ventas Inc

416,971 0.09%

2,922 VeriSign Inc

142,623 0.03%


2,931,788 0.61%

4,300 Vertex Pharmaceuticals Inc

407,124 0.09%

9,600 VF Corp

604,800 0.13%

6,630 Viacom Inc

575,020 0.12%

6,910 Visa Inc

1,456,006 0.31%


508,568 0.11%

4,881 Vulcan Materials Co

311,164 0.07%

12,476 Walgreen Co

924,846 0.19%


1,510,408 0.32%


2,108,004 0.44%

1,208 Waters Corp

126,164 0.03%

4,580 Wellpoint Inc

492,854 0.10%


3,516,790 0.74%


203,450 0.04%

10,978 Weyerhaeuser Co

363,262 0.08%

2,059 Whirlpool Corp

286,654 0.06%


229,849 0.05%

11,504 Williams Cos

669,645 0.14%

5,400 WR Berkley Corp

250,074 0.05%

10,400 Xcel Energy Inc

335,192 0.07%

15,541 Xerox Corp Co

193,330 0.04%

4,547 Xilinx Inc

215,119 0.05%


189


Nominal Security


US$ Net

Assets



4,849 Xylem Inc

189,499 0.04%

17,831 Yahoo Inc

626,403 0.13%


510,748 0.11%

2,784 Zimmer Holdings Inc

289,146 0.06%

11,100 Zoetis Inc

358,197 0.08%


246,609,616 51.71%

Virgin Islands – 0.06% 3,300 Michael Kors Holdings Ltd

292,545 0.06%


292,545 0.06%

Total Equity

470,541,507 98.66%

Exchange Traded Funds - 0.61% 3,887 Ishares MSCI Canada

125,200 0.03%

8,055 Ishares S&P 500 Index Fund

1,586,835 0.33%

17,250 Ishares MSCI EAFE Index Fund

1,179,383 0.25%


2,891,418 0.61%


473,432,925 99.27%


6,086,214 1.27%


(2,589,267) (0.54%)


476,929,872 100.00%


Summary






473,432,925 99.27% 97.891%



- - -


- - -



- - -


6,086,214 1.27% 1.26%


(2,589,267) (0.54%) (0.54%)



190

PORTFOLIO OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 99.04%

India – 99.04% 9,930 Amara Raja Batteries Ltd

77,788 0.39%

9,695 Apollo Hospitals Enterprise

160,516 0.80%

22,467 Asian Paints Ltd

222,053 1.11%

8,040 Aurobindo Pharma Ltd

99,109 0.50%

24,493 Axis Bank Ltd

782,003 3.92%

4,270 Bajaj Auto Ltd

164,562 0.82%

17,430 Balkrishna Industries Ltd

218,760 1.10%

18,911 Bank of Baroda

275,783 1.38%

8,499 Bata India Ltd

181,371 0.91%

23,760 Berger Paints India Ltd

114,728 0.57%

31,881 Bharat Petroleum Corp Ltd

318,492 1.60%

21,187 Britannia Industries Ltd

355,490 1.78%

21,504 Cipla Ltd

156,718 0.79%

30,868 Coal India Ltd

197,714 0.99%

6,268 Container Corp of India Ltd

124,009 0.62%

13,949 Cummins India Ltd

150,306 0.75%

8,790 Dr Reddy's Laboratories Ltd

383,784 1.92%

2,813 Eicher Motors Ltd

374,188 1.87%

4,472 Fag Bearings India Ltd

185,997 0.93%

23,639 GAIL India Ltd

182,130 0.91%

27,575 Gujarat Pipavav Port Inc

53,705 0.27%

10,357 Havells India Ltd

202,056 1.01%

21,014 HCL Technololgies Ltd

524,528 2.63%

70,245 HDFC Bank Ltd

960,229 4.81%

36,703 Hindustan Zinc Ltd

102,170 0.51%

54,510 Housing Development Finance Corp Ltd

900,231 4.51%

37,363 ICICI Bank Ltd

881,636 4.42%

153,330 Idea Cellular Ltd

337,913 1.69%

21,512 Indraprastha Gas Ltd

128,374 0.64%

30,469 Indusind Bank Ltd

289,836 1.45%

14,515 Infosys Ltd

786,261 3.94%

25,314 ING Vysya bank Ltd

273,716 1.37%

8,374 IPCA Laboratories Ltd

122,315 0.61%

157,467 ITC Ltd

851,658 4.27%

1,763 Jammu & Kashmir Bank Ltd

45,822 0.23%

103,455 JSW Energy Ltd

145,198 0.73%

18,616 Kotak Mahindra Bank Ltd

273,680 1.37%

34,692 Larsen & Toubro Ltd

982,286 4.92%

41,183 LIC Housing Finance Ltd

224,314 1.12%

13,276 Lupin Ltd

231,513 1.16%

12,558 Mahindra & Mahindra Ltd

239,709 1.20%

13,080 Maruti Suziki India Ltd

530,893 2.66%

11,664 MindTree Ltd

170,884 0.86%


191

PORTFOLIO OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


India – 99.04% (continued) 149,833 NTPC Ltd

389,416 1.95%

75,756 Oil & Natural Gas Corp

535,523 2.68%

21,159 Oil India Ltd

206,890 1.04%

9,186 Persistent Systems Ltd

165,256 0.83%

170,976 Power Grid Corporation of India Ltd

396,004 1.98%

41,736 Reliance Industries Ltd

705,137 3.53%

30,387 Rural Electrification Corp Ltd

181,665 0.91%

1,660 Shree Cement Ltd

198,980 1.00%

9,842 State Bank of India

439,901 2.20%

25,272 Sun Pharmaceutical Industries Ltd

289,282 1.45%

10,789 TATA Consultancy Services Ltd

435,402 2.18%

72,600 Tata Global Beverages Ltd

208,681 1.05%

38,922 Tata Steel Ltd

342,204 1.71%

13,647 Tech Mahindra Ltd

488,658 2.45%

32,353 Titan Industries Ltd

190,054 0.95%

11,209 Ultratech Cement Ltd

483,414 2.42%

26,603 Zee Entertainment Enterprises Ltd

129,894 0.65%

Total India

19,770,789 99.04%

Total Equity

19,770,789 99.04%


19,770,789 99.04%


148,058 0.74%


43,953 0.22%


19,962,800 100.00%


Summary








- - -


- - -



- - -


148,058 0.74% 0.74%


43,953 0.22% 0.22%



192

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 96.23%

Australia – 2.13% 174,512 Tattersall's Ltd

537,998 2.13%

Total Australia

537,998 2.13%

Bermuda – 2.50% 69,127 Catlin Group Ltd

631,971 2.50%

Total Bermuda

631,971 2.50%

Finland – 1.88% 12,205 Nokiaan Renkaat OYJ

475,975 1.88%

Total Finland

475,975 1.88%

France – 8.17% 6,783 Sanofi-Aventis

720,067 2.85%

16,690 Scor SE

573,690 2.27%

10,663 Total SA

770,106 3.05%

Total France

2,063,863 8.17%

Great Britain – 41.95% 73,052 Amlin Plc

584,341 2.31%


682,894 2.70%


898,094 3.56%

73,024 BP Plc

642,516 2.54%

16,445 British American Tobbacco Plc

977,370 3.87%


721,225 2.86%


662,945 2.62%


1,026,024 4.06%


1,024,430 4.06%

42,297 Micro Focus International Plc

627,372 2.48%

12,531 Royal Dutch Shell Plc

518,524 2.05%

86,129 Sainsbury Plc

464,349 1.84%

80,702 Tesco Plc

391,926 1.55%

16,020 Unilever Plc

725,718 2.87%


648,538 2.57%

Total Great Britain

10,596,266 41.95%

Israel – 2.17% 63,875 Israel Chemicals Ltd

547,771 2.17%

Total Israel

547,771 2.17%

Netherlands – 2.88% 38,749 Koninklijke Ahold NV

726,941 2.88%

Total Netherlands

726,941 2.88%

Singapore – 3.05% 249,823 Singapore Telecommunications Ltd

771,616 3.05%

Total Singapore

771,616 3.05%


193

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Switzerland – 9.39% 9,831 Novartis AG

890,300 3.52%

2,882 Roche Holding AG Genusschein

859,692 3.40%


620,997 2.46%

Total Switzerland

2,370,989 9.39%

United States of America – 22.10% 20,800 Cisco Systems Internetworking Ltd

516,881 2.05%

15,793 Lexmark International Inc

760,591 3.01%


623,441 2.47%

4,618 Lockheed Martin Corp Co

742,251 2.94%

6,950 McDonald's Corp NPV

700,143 2.77%


830,706 3.29%

15,215 Reynolds American Inc

918,226 3.64%


491,078 1.94%

Total united States of America

5,583,317 22.10%

Total Equity

24,306,707 96.23%


24,306,707 96.23%


902,009 3.57%


51,139 0.20%


25,259,855 100.00%


Summary








- - -


- - -



- - -


902,009 3.57% 3.56%


51,139 0.20% 0.20%



194

PORTFOLIO OF INVESTMENTS OF SPI STRATEGIC INVESTMENT GRADE BOND FUND as at 30 June 2014

Nominal Security Coupon Maturity Classification Fair

Value % of

GBP Net

Assets


Debt - 91.76%

France - 5.46% 1,000,000 Credit Agricole SA F/R 26102049 8.13 26/10/2049

1,154,370 1.90%

500,000 Electricite De France F/R 29072049 6.00 29/07/2049

533,923 0.88%

1,420,000 Societe Generale F/R Perpetual 8.88 16/06/2050

1,622,400 2.68%

Total France

3,310,692 5.46%

Germany - 4.58% 100,000 Deutsche Bank AG FR 7.13 30/04/2047

100,630 0.17%

1,000,000 Munich Re Finance FR 6.63 26/05/2042

1,150,830 1.90%

1,400,000 RWE AG 7.00 31/12/2049

1,522,080 2.51%

Total Germany

2,773,540 4.58%

Great Britain - 65.11% 1,000,000 Aviva Plc 6.63 03/06/2041

1,124,505 1.85%

29,000 Aviva Plc 9.50 20/06/2016

33,249 0.05%

900,000 Aviva Plc 6.13 29/09/2050

966,555 1.59%

270,000 Bank of Scotland Plc 7.28 30/05/2049

312,904 0.52%

870,000 Barclays Bank Plc 6.37 15/12/2049

911,778 1.50%

1,000,000 Barclays Bank Plc 5.75 14/09/2026

1,093,320 1.80%

1,900,000 Barclays Bank Plc 14.00 15/06/2019

2,599,295 4.29%

490,890 Canary Wharf Finance II Plc 6.46 22/10/2033

563,918 0.93%

10,000 Compass Group Plc 7.00 08/12/2014

10,259 0.02%

1,000,000 The Co-operative Group 7.50 08/07/2026

1,077,970 1.78%

1,800,000 Coventry Building Society 6.38 01/11/2049

1,800,207 2.97%

2,000,000 Coventry Building Society 6.09 29/06/2090

2,059,300 3.40%

500,000 Direct Line Insurance 9.25 27/04/2042

637,295 1.05%

1,000,000 Friends Life Group Plc 12.00 21/05/2021

1,336,410 2.20%

388,000 Friends Life Group Plc 8.25 21/04/2022

440,250 0.73%

1,000,000 Friends Life Holdings Plc 6.88 21/11/2050

1,056,285 1.74%

450,000 Friends Life Holdings Plc 6.29 30/06/2050

458,529 0.76%

8,000 Hammerson Plc 6.00 23/02/2026

9,430 0.02%

1,500,000 HSBC Bank Plc 6.00 29/03/2040

1,704,038 2.81%

10,000 HSBC Bank Plc 6.50 07/07/2023

11,775 0.02%

26,000 ILB British Telecom Plc 3.50 25/04/2025

48,658 0.08%

1,761,000 Investec Bank Plc 9.63 17/02/2022

2,068,330 3.41%

1,514,000 LBG Capital 15.00 21/12/2019

2,207,215 3.64%

1,000,000 Liverpool Victoria Friendly Society Ltd 6.50 22/05/2043

1,015,755 1.68%

900,000 Lloyds Bank Plc 13.00 22/01/2049

1,510,736 2.49%

1,294,000 Nationwide Building Society 6.00 15/12/2016

1,365,331 2.25%

12,530 Nationwide Building Society 10.25 20/06/2050

1,623,286 2.68%

1,000,000 Old Mutual 6.38 24/03/2050

1,046,770 1.73%

57,000 Pearson Plc 7.00 27/10/2014

58,061 0.10%

11,000 Prudential plc 6.88 20/01/2023

13,709 0.02%

1,000,000 RL Finance Bonds Plc 6.13 30/11/2043

1,048,395 1.73%

40,000 Rolls-Royce Plc 7.38 14/06/2016

44,452 0.07%

6,000 Safeway Ltd 6.50 05/08/2014

6,028 0.01%

1,000,000 Scottish Widows Plc 7.00 16/06/2043

1,155,495 1.91%

4,000 Segro Plc 6.25 30/09/2015

4,219 0.01%

70,000 Severn Trent Utilities Finance Plc 5.25 08/12/2014

71,259 0.12%


195

PORTFOLIO OF INVESTMENTS OF SPI STRATEGIC INVESTMENT GRADE BOND FUND (CONTINUED) as at 30 June 2014


GBP Net

Assets



2,000,000 SL Financial Services Corp 6.75 12/07/2027

2,255,910 3.72%

328,000 Society of Lloyd's 7.42 21/06/2049

360,064 0.59%

1,250,000 Standard Chartered Bank Plc 4.38 18/01/2038

1,230,956 2.03%

2,000,000 Standard Chartered Bank Plc 7.75 31/01/2090

2,375,030 3.92%

1,000,000 UK Treasury 4.25 07/12/2027

1,140,200 1.88%

6,000 UK Treasury 4.75 07/09/2015

6,289 0.01%

113 UK Treasury 5.00 07/03/2025

136 0.00%

534,000 Zurich Finance Plc 6.63 02/10/2055

610,041 1.01%

Total Great Britain

39,473,600 65.11%

Ireland - 0.12% 71,000 GE Capital UK Funding 5.13 03/03/2015

72,965 0.12%

Total Ireland

72,965 0.12%

Jersey Channel Isle - 3.44% 2,000,000 HSBC Bank Funding Sterling 5.84 05/11/2094

2,088,310 3.44%


2,088,310 3.44%

Mexico - 1.77% 1,000,000 America Movil SAB de CV 6.38 06/09/2073

1,073,405 1.77%

Total Mexico

1,073,405 1.77%

Netherlands - 10.48% 2,325,000 Brit Insurance Holdings NV 6.63 09/12/2030

2,385,752 3.94%

650,000 Elm BV 6.30 25/11/2048

714,662 1.18%

500,000 Generali Finance BV 6.21 16/06/2090

518,842 0.86%

2,500,000 Rabobank Nederland 6.91 10/12/2055

2,736,387 4.51%

Total Netherlands

6,355,644 10.48%

Supra-National - 0.02% 9,000 European Investment Bank 5.38 07/06/2021

10,608 0.02%

Total Supra-National

10,608 0.02%

United States of America - 0.77% 432,000 National Capital Trust 5.62 29/09/2049

458,821 0.76%

8,000 Wal-Mart Stores Inc 5.25 28/09/2035

9,383 0.02%


468,203 0.77%

Total Debt

55,626,966 91.76%


196

PORTFOLIO OF INVESTMENTS OF SPI STRATEGIC INVESTMENT GRADE BOND FUND (CONTINUED) as at 30 June 2014


GBP Net

Assets


Equity - 3.39%

Great Britain - 3.39% 60,000 General Accident Plc

81,750 0.13%

300,000 Lloyds Banking Group Plc

421,500 0.70%


217,875 0.36%


108,500 0.18%

350,000 National Westminster Bank Plc

469,875 0.78%

100,000 Santander Uk Plc

146,500 0.24%


493,025 0.81%

100,000 RSA Insurance Group Plc

119,000 0.20%

Total Great Britain

2,058,025 3.39%

Total Equity

2,058,025 3.39%


57,684,991 95.15%


1,855,150 3.06%


1,082,289 1.79%


60,622,430 100.00%

SPI Strategic Investment Grade Bond Fund

Summary



GBP Net Assets Total Assets



57,684,991 95.15% 82.58%



- - -


- - -



- - -


1,855,150 3.06% 2.66%


1,082,289 1.79% 1.55%


*JP Morgan1 acts as counterparty to the open derivative positions at 30 June 2014


197

PORTFOLIO OF INVESTMENTS OF SANLAM FUND OF ALTERNATIVE UCITS as at 30 June 2014

Nominal Security


US$ Net

Assets


Collective Investment Schemes – 99.94%

Great Britain – 12.57% 4,010,918 Cazenove Absolute UK Dynamic Fund

10,095,835 10.04%

253,228 FOUR European Long Short Fund

2,544,489 2.53%

Total Great Britain

12,640,324 12.57%

Ireland – 44.59% 3,984,231 Absolute Insight Emerging Market Debt Fund

4,522,900 4.50%

310,052 GAM Star Alpha Technology

3,042,291 3.03%

419,971 GAM Star Fund Plc - Technology

6,982,094 6.95%

52,229 GLG Investments VI PLC - GLG European Equity

5,716,965 5.69%

28,372 GLG Investments VI Plc - Global Equity Alternative

2,622,169 2.61%

9,664 Lamp Ucits Funds Visium Global

10,422,249 10.37%

77,954 Skyline UCITS Fund

11,516,856 11.46%

Total Ireland

44,825,524 44.59%

Luxembourg – 42.78% 86,503 Credit Suisse Custom Markets - RAII Holt Fund

11,576,644 11.52%

2,305,263 Henderson Gartmore Fund United Kingdom Absolute Return Fund

13,946,840 13.87%

86,445 Select Equity Long/Short UCITS Sub-Fund

10,916,724 10.86%

548,590 Standard Life Investments Global SICAV

6,562,890 6.53%

Total Luxembourg

43,003,098 42.78%

Total Collective Investment Schemes

100,468,946 99.94%


100,468,946 99.94%


55,904 0.06%


3,004 0.00%


100,527,854 100.00%


Summary






100,468,946 99.94% 99.92%



- - -


- - -



- - -


55,904 0.06% 0.06%


3,004 0.00% 0.00%



198

PORTFOLIO OF INVESTMENTS OF SANLAM ACCEL INCOME FUND as at 30 June 2014

Nominal Security


GBP Net

Assets


Collective Investment Schemes - 95.13%

Great Britain - 79.79% 1,458,353 Artemis Global Income Fund

B 1,123,223 4.56%

348,770 Artemis Income Fund

B 751,042 3.05%

910,598 Artemis Strategic Bond Fund

B 505,564 2.05%

1,317,159 Cazenove Strategic Bond Fund

B 1,339,551 5.44%

1,162,949 Fidelity Enhanced Income Fund

B 1,297,851 5.27%

851,956 Fidelity Institutional Funds ICVC - UK Corp

B 1,020,643 4.14%

496,906 Henderson UK & Europe Funds - Strategic Bond

B 686,227 2.78%

154,491 Henderson UK & Europe Funds - UK Equity Income

B 1,064,601 4.32%

967,127 Invesco Perpetual Fixed Interest Corporate Bond

B 1,143,628 4.64%

1,192,601 JPMorgan Fund ICVC - Sterling Corporate Bond

B 1,355,987 5.50%

992,927 Jupiter Strategic Bond - II

B 667,843 2.71%

422,660 Kames ICVC - High Yield Bond Fund

B 439,821 1.78%

1,250,743 Kames ICVC - Sterling Corporate Bond Fund

B 1,299,647 5.27%

1,361,733 Lazard Investment Funds - Global Equity Income

B 1,421,649 5.77%

845,018 M&G Corporate Bond

B 327,613 1.33%

97,603 M&G Short Dated Coporate Bond Fund

B 1,000,929 4.06%

552,736 Mellon Investments Funds - Newton Global High

B 624,205 2.53%

1,026,614 PFS Chelverton UK Equity Fund

B 1,074,874 4.36%

1,969,483 Schroder Income Maximiser Fund

B 1,072,581 4.35%

591,501 Schroder UK Alph Fund

B 1,009,692 4.10%

266,219 Trojan Investment Funds - Trojan Income Fund

B 432,845 1.76%

Total Great Britain

19,660,016 79.79%

Ireland - 13.92% 2,404 Muzinich Emerging Markets Short Duration Fund

B 249,952 1.01%

1,052,807 SPI Strategic Investment Grade Bond Fund

B 1,093,761 4.44%

8,443 Vanguard Investment Series - UK Government Bond

B 954,455 3.87%

6,571 Veritas Funds Plc - Global Equity Income Fund

B 1,132,505 4.60%

Total Ireland

3,430,673 13.92%

Luxembourg - 1.42% 3,490 Airlie Select US High Yield Account

B 350,733 1.42%

Total Luxembourg

350,733 1.42%


23,441,422 95.13%


23,441,422 95.13%


2,003,004 8.13%


(803,597) (3.26%)


24,640,829 100.00%


199

PORTFOLIO OF INVESTMENTS OF SANLAM ACCEL INCOME FUND (CONTINUED) as at 30 June 2014


Summary





official stock exchange listing or traded on regulated market - - -

A Transferabe securities and money market instruments other than - - -


- - -


23,441,422 95.13% 91.27% C Financial derivative instruments dealt in on a regulated market - - -

D Over the counter financial derivative instrument - - -


2,003,004 8.13% 7.80%


(803,597) (3.26%) (3.13%)



200

PORTFOLIO OF INVESTMENTS OF SANLAM NORTH AMERICA EQUITY TRACKER FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 99.35%

Bermuda - 0.31% 1,038 Arch Capital Group Ltd

59,623 0.10%

437 Bunge Ltd

33,055 0.06%

1,512 Invesco Ltd

57,078 0.10%

1,948 Marvell Technology Group Ltd

27,915 0.05%

Total Bermuda

177,671 0.31%

Canada - 7.17% 879 Agnico Eagle Mines Ltd

33,718 0.06%

519 Agrium Inc

47,627 0.08%

2,601 Alimentation Couche-Tard Inc

71,374 0.13%

1,356 ARC Resources Ltd

41,360 0.07%

1,946 Bank of Montreal

143,557 0.25%

3,501 Bank of Nova Scotia

233,816 0.41%


60,425 0.11%

1,055 BCE Inc

47,937 0.08%


21,866 0.04%

6,073 Bombardier Inc

21,494 0.04%

1,869 Brookfield Asset Management Inc

82,484 0.14%

1,239 Cameco Corp

24,345 0.04%


111,576 0.20%


161,903 0.28%

3,408 Canadian Natural Resources Ltd

156,867 0.28%

1,855 Canadian Oil Sands Ltd

42,108 0.07%

516 Canadian Pacific Railway Ltd

93,642 0.16%

457 Catamaran Corp

20,216 0.04%


85,046 0.15%

742 CGI Group Inc

26,345 0.05%


75,517 0.13%

1,449 Eldorado Gold Corp

11,100 0.02%

2,754 Enbridge Inc

130,900 0.23%

2,503 Encana Corp

59,403 0.10%


35,862 0.06%

1,395 Fortis Inc

42,523 0.07%

688 Franco-Nevada Corp

39,561 0.07%

2,278 Goldcorp Inc

63,686 0.11%

1,097 Husky Energy Inc

35,489 0.06%


59,334 0.10%

920 ING Canada Inc

63,550 0.11%


7,000 0.01%

675 Loblaw Companies Ltd

30,176 0.05%

753 Magna International Inc

81,196 0.14%


114,254 0.20%

291 Methanex Corp

18,022 0.03%

1,494 National Bank of Canada

63,480 0.11%

1,409 Pacific Rubiales Energy Corp

28,677 0.05%


201

PORTFOLIO OF INVESTMENTS OF SANLAM NORTH AMERICA EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Canada - 7.17% (continued)

1,767 Pembina Pipeline Corp

76,158 0.13%

1,794 Penn West Petroleum Ltd

17,549 0.03%

2,558 The Potash Corporation of Saskatchewan Inc

97,450 0.17%

1,410 Power Corp of Canada

39,248 0.07%


54,743 0.10%


292,388 0.51%

1,804 Shaw Communications Inc

46,336 0.08%

853 Silver Wheaton Corp

22,486 0.04%

540 SNC Lavalin Group Inc

28,450 0.05%


84,574 0.15%


189,014 0.33%


29,873 0.05%


31,673 0.06%

1,103 Thomson Reuters Corp

40,229 0.07%

648 Tim Hortons Inc

35,509 0.06%

5,221 Toronto-Dominion Bank

269,235 0.47%


102,462 0.18%

945 Valeant Pharmaceuticals International Inc

119,713 0.21%


22,576 0.04%

Total Canada

4,087,102 7.17%

Cayman Islands - 0.15% 418 Herbalife Ltd

26,978 0.05%


59,547 0.10%


86,525 0.15%

Great Britain - 0.56% 1,019 Aon Plc

91,802 0.16%

611 Ensco Plc

33,953 0.06%


50,101 0.09%


42,691 0.07%

681 Mead Johnson Nutrition Co

63,449 0.11%


34,802 0.06%

Total Great Britain

316,798 0.56%

Ireland - 1.42% 1,874 Accenture Plc

151,494 0.27%

527 Actavis Plc

117,547 0.21%

1,381 Covidien Plc

124,539 0.22%


108,978 0.19%

921 Ingersoll-Rand Plc

57,572 0.10%

705 Pentair Plc

50,845 0.09%

443 Perrigo Company Plc

64,572 0.11%


55,154 0.10%

591 Willis Group Holdings Plc

25,590 0.04%

1,671 XL Group Plc

54,692 0.10%

Total Ireland

810,983 1.42%


202


Nominal Security


US$ Net

Assets


Jersey Channel Isle - 0.13% 1,062 Delphi Automotive Plc

73,002 0.13%


73,002 0.13%

Netherlands - 1.05% 138 Core Laboratories Inc

23,054 0.04%


134,269 0.24%


441,959 0.78%

Total Netherlands

599,282 1.05%

Singapore - 0.11% 847 Avago Technologies Ltd

61,043 0.11%

Total Singapore

61,043 0.11%

Sweden - 0.14% 1,702 Tyco International Ltd

77,611 0.14%

Total Sweden

77,611 0.14%

Switzerland - 0.33% 962 ACE Ltd

99,759 0.18%


85,772 0.15%

Total Switzerland

185,531 0.33%

United States of America - 87.89% 1,757 3M Company

251,673 0.44%

4,419 Abbott Laboratories

180,737 0.32%

4,538 AbbVie Inc

256,125 0.45%


38,245 0.07%


103,547 0.18%

834 ADT Corp

29,140 0.05%

2,222 AES Corp

34,552 0.06%

1,007 Aetna Inc

81,648 0.14%

183 Affiliated Managers Group Inc

37,588 0.07%

1,325 Aflac Inc

82,481 0.14%

373 AGCO Corp

20,970 0.04%


63,701 0.11%

592 Air Products & Chemicals Inc

76,143 0.13%

709 Akamai Technologies Inc

43,292 0.08%

3,313 Alcoa Inc

49,331 0.09%

596 Alexion Pharmaceuticals Inc

93,125 0.16%

872 Allergan Inc

147,560 0.26%

177 Alliance Data Systems Corp

49,781 0.09%

1,488 Allstate Corp

87,375 0.15%

926 Altera Corp

32,188 0.06%


232,599 0.41%


362,130 0.64%

962 Amerada Hess Corp

95,132 0.17%

1,278 Ameren Corp

52,245 0.09%

1,560 American Capital Agency Corp

36,520 0.06%

1,552 American Electric Power

86,555 0.15%


260,134 0.46%


203


Nominal Security


US$ Net

Assets




218,866 0.38%


111,665 0.20%

714 Ameriprise Financial Inc

85,680 0.15%

767 Amerisourcebergen Corp

55,730 0.10%

940 Ametek Inc

49,143 0.09%

2,099 Amgen Corp Com

248,459 0.44%

581 Amphenol Corp

55,974 0.10%


163,548 0.29%

1,006 Analog Devices Inc

54,394 0.10%


26,289 0.05%

1,124 Apache Corp

113,097 0.20%

17,779 Apple Inc

1,652,202 2.90%

3,892 Applied Material Inc Com

87,765 0.15%


94,087 0.17%

14,454 AT & T Inc

511,093 0.90%

766 Autodesk Inc

43,187 0.08%


120,823 0.21%

114 Autozone

61,131 0.11%

538 AvalonBay Communities Inc.

76,498 0.13%

947 Avon Products Inc

13,836 0.02%

1,422 Baker Hughes Inc

105,868 0.19%

523 Ball Corp

32,782 0.06%

3,399 Bank New York Mellon

127,395 0.22%


460,593 0.81%

1,589 Baxter International

114,885 0.20%

2,382 BB&T Corp

93,922 0.16%

653 Becton Dickinson & Co

77,250 0.14%

561 Bed Bath & Beyond Inc

32,190 0.06%


401,448 0.70%

647 Best Buy Co Inc

20,063 0.04%

674 Biogen Idec Inc

212,519 0.37%

653 Biomarin Pharmaceutical inc

40,623 0.07%

396 Blackrock Inc

126,562 0.22%

2,056 Boeing Com

261,585 0.46%

821 Borgwarner Incorporated

53,521 0.09%

634 Boston Properties Inc

74,926 0.13%


52,497 0.09%

4,712 Bristol-Myrs Squib

228,579 0.40%

1,602 Broadcom Corp

59,466 0.10%

636 C.H.Robinson Worldwide Inc

40,570 0.07%

1,545 CA Inc

44,403 0.08%

1,259 Cabot Oil & Gas Corp

42,982 0.08%

654 Cameron International Corp

44,282 0.08%


140,090 0.25%

1,170 Cardinal Health Inc

80,215 0.14%

624 Carmax Inc

32,454 0.06%

1,207 Carnival Corp

45,444 0.08%


193,976 0.34%

989 CBRE Group Inc

31,688 0.06%


204


Nominal Security


US$ Net

Assets



1,725 CBS Corp

107,192 0.19%

470 Celanese Corp

30,212 0.05%

2,324 Celgene Corp

199,585 0.35%

2,177 Centerpoint Energy Inc

55,601 0.10%


71,061 0.12%

1,009 Cerner Corp

52,044 0.09%

175 CF Industries Holdings Inc

42,093 0.07%


91,320 0.16%

204 Charter Communication Inc

32,310 0.06%

735 Cheniere Energy Inc

52,700 0.09%


51,562 0.09%

5,227 Chevron Corp

682,385 1.20%


66,361 0.12%

836 Chubb Corp

77,054 0.14%

547 Church&Dwight Co Inc

38,263 0.07%

884 Cigna Corp

81,301 0.14%

289 Cimarex Energy Co

41,460 0.07%


364,053 0.64%

483 CIT Group Inc

22,102 0.04%

8,578 Citigroup Inc

404,024 0.71%

569 Citrix Systems Inc

35,591 0.06%

469 Clorox Co

42,867 0.08%

1,082 CME Group Inc

76,768 0.13%

549 Coach Inc

18,770 0.03%

1,004 Cobalt International Energy Inc

18,423 0.03%

10,947 Coca-Cola Co

463,715 0.81%

826 Coca-Cola Enterprises Inc

39,466 0.07%

1,741 Cognizant Tech Solutions CRP

85,152 0.15%


181,359 0.32%

5,774 Comcast Corp

309,948 0.54%

1,619 Comcast Corp

86,341 0.15%

479 Computer Sciences

30,273 0.05%

1,492 Conagra Foods Inc

44,283 0.08%

398 Concho Resources Inc

57,511 0.10%

3,510 Conocophillips

300,912 0.53%

664 Consol Energy Inc

30,590 0.05%


59,068 0.10%

603 Constellation Brands Inc

53,142 0.09%

3,751 Corning Inc

82,334 0.14%


136,465 0.24%

548 Cree Inc

27,373 0.05%

1,151 Crown Castle Intl Corp

85,473 0.15%

771 Crown Holdings Inc

38,365 0.07%

3,189 CSX Corp

98,253 0.17%

585 Cummins Inc

90,260 0.16%

3,358 CVS/Caremark Corp

253,092 0.44%

1,862 Danaher Corp

146,595 0.26%

548 Davita Inc

39,631 0.07%

970 Deere & Co

87,834 0.15%

1,305 Denbury Resources Inc

24,090 0.04%


205


Nominal Security


US$ Net

Assets




85,355 0.15%

1,390 Directv Group

118,164 0.21%

1,534 Discover Financial Services

95,077 0.17%

762 Discovery Communications Inc

56,601 0.10%

677 DISH Network Corp

44,059 0.08%

924 Dollar General Corp

53,001 0.09%

673 Dollar Tree Stores Inc

36,652 0.06%


121,012 0.21%

609 Dover Corp

55,389 0.10%


183,609 0.32%

791 DR Horton Inc

19,443 0.03%

798 Dr Pepper Snapple Group Inc

46,747 0.08%

772 DTE Energy Co

60,116 0.11%

2,721 Du Pont De Nemours

178,062 0.31%


144,151 0.25%

526 Eastman Chemical Co

45,946 0.08%

3,544 eBay Inc

177,413 0.31%

915 Ecolab Inc

101,876 0.18%

1,125 Edison International

65,374 0.11%

347 Edwards Lifesciences Corp

29,786 0.05%

960 Electronic Arts Inc

34,435 0.06%

6,067 EMC Corp

159,805 0.28%


140,550 0.25%

644 Entergy Corp

52,866 0.09%


191,066 0.34%

168 Equinix Inc

35,295 0.06%

521 Equitable Resources Inc

55,695 0.10%


84,168 0.15%

736 Estee Lauder Cos

54,655 0.10%

2,312 Exelon Corp

84,342 0.15%

845 Expeditors International of Washington Inc

37,315 0.07%


159,598 0.28%

12,111 Exxon Corp

1,219,335 2.14%

208 F5 Networks

23,180 0.04%

5,371 Facebook Inc

361,415 0.63%

304 Family Dollar Stores Inc

20,107 0.04%

875 Fastenal Co

43,304 0.08%

945 FDX Corp

143,054 0.25%

1,086 Fidelity National Information Services

59,448 0.10%


67,445 0.12%


42,532 0.07%

938 Fiserv Inc

56,580 0.10%

635 Fluor Corp

48,832 0.09%

511 FMC Corp

36,378 0.06%

718 FMC Technologies Inc

43,848 0.08%


180,934 0.32%

758 Forest Laboraties Inc

75,042 0.13%

300 Fossil Group Inc

31,356 0.06%


77,043 0.14%

3,184 Freeport-Mcmoran Copper

116,216 0.20%


206


Nominal Security


US$ Net

Assets



554 Gamestop Corp

22,420 0.04%

879 The Gap Inc

36,540 0.06%

898 General Dynanics Corp

104,662 0.18%


731,767 1.28%


45,471 0.08%


103,924 0.18%


128,647 0.23%

674 Genuine Parts Co

59,177 0.10%


361,073 0.63%

1,200 The Goldman Sachs Group Inc

200,928 0.35%

834 Google Inc

479,784 0.84%

767 Google Inc

448,442 0.79%

220 Grainger W.W. Inc

55,939 0.10%

924 H&R Block Inc

30,971 0.05%


181,715 0.32%

713 Harley Davidson

49,803 0.09%

1,483 Hartford Financial Services Group Inc

53,106 0.09%

996 HCA Holdings Inc

56,154 0.10%

1,625 HCP Inc

67,243 0.12%

1,167 Health Care Reit Inc

73,136 0.13%

367 Helmerich & Payne Inc

42,612 0.07%

404 Henry Schein Inc

47,943 0.08%

521 Hershey Foods Corp

50,730 0.09%

1,429 Hertz Global Holdings Inc

40,055 0.07%


186,857 0.33%

641 HollyFrontier Corp

28,005 0.05%

1,386 Hologic Inc

35,135 0.06%

3,933 Home Depot

318,416 0.56%


201,330 0.35%

576 Hospira Inc

29,589 0.05%


62,398 0.11%

527 Humana Inc

67,308 0.12%


104,109 0.18%

404 Illumina Inc

72,130 0.13%

13,823 Intel Corp

427,131 0.75%

391 Intercontinental Exchange Inc

73,860 0.13%


68,387 0.12%

1,351 Interpublic Group Co Inc

26,358 0.05%

2,733 International Business Machine

495,411 0.87%

822 Intuit Inc

66,196 0.12%


46,122 0.08%

643 Jacobs Engineering Group Inc

34,259 0.06%

341 JM Smucker Co

36,340 0.06%


810,282 1.42%


93,569 0.16%

493 Joy Global Inc

30,359 0.05%


594,350 1.04%


32,491 0.06%

314 The Kansas City Southern Railway Co

33,758 0.06%


207


Nominal Security


US$ Net

Assets



744 KBR Inc

17,744 0.03%

875 Kellogg Co

57,488 0.10%

373 Keurig Green Mountain Inc

46,480 0.08%

3,407 Keycorp

48,822 0.09%


123,898 0.22%


46,626 0.08%


77,379 0.14%

534 Kla-Tencor Corp

38,790 0.07%

577 Kohls Corp

30,396 0.05%


102,215 0.18%

1,520 Kroger Co

75,134 0.13%

717 L Brands Inc

42,059 0.07%

252 Laboratory Corp of America Holdings

25,805 0.05%

485 LAM Research Corp

32,776 0.06%


93,827 0.16%

556 Lennar Corp

23,341 0.04%

817 Leucadia National Corp

21,422 0.04%

244 Liberty Media Corp

33,350 0.06%

1,520 Liberty Media-Interactive

44,627 0.08%


176,376 0.31%

943 Lincoln National Corp

48,508 0.09%

860 Linear Technology Corp

40,480 0.07%

331 LinkedIn Corp

56,757 0.10%

1,207 LKQ Corp

32,215 0.06%

868 Lockheed Martin Corp

139,514 0.24%

982 Loews Corp

43,218 0.08%

1,238 Lorillard Inc

75,481 0.13%

3,002 Lowes Com

144,066 0.25%

248 Lululemon Athletica Inc

10,039 0.02%

512 M & T Bank Corp

63,514 0.11%

772 Macerich Co

51,531 0.09%

1,179 Macy's Inc

68,406 0.12%

415 Manpower Inc

35,213 0.06%


87,704 0.15%

904 Marathon Petroleum Corp

70,575 0.12%

748 Marriott International Inc

47,947 0.08%

1,878 Marsh & McLennan Co

97,318 0.17%

1,024 Masco Corp

22,733 0.04%


218,500 0.38%

1,179 Mattel Inc

45,946 0.08%

875 Maxim Integrated Products

29,584 0.05%


274,114 0.48%

935 McGraw-Hill Cos Inc

77,633 0.14%

680 Mckesson Corp

126,623 0.22%

2,838 Medtronic Com

180,951 0.32%

8,227 Merck & Co

475,932 0.84%

2,671 Metlife Inc

148,401 0.26%

1,002 MGM Resorts International

26,453 0.05%


97,993 0.17%


925,657 1.62%


208


Nominal Security


US$ Net

Assets



208 Mohawk Industries Inc

28,775 0.05%

571 Molson Coors Brewing Co

42,345 0.07%


186,470 0.33%

1,529 Monsanto Co

190,727 0.33%

477 Monster Beverage Corp

33,881 0.06%

674 Moody's Corp

59,083 0.10%


142,252 0.25%

819 Motorola Solutions Inc

54,521 0.10%

533 Murphy Oil Corp

35,434 0.06%

1,203 Mylan Inc

62,027 0.11%


95,526 0.17%

2,044 Navient Corp

36,199 0.06%

951 Netapp Inc

34,731 0.06%

175 Netflix Inc

77,105 0.14%

922 Newell Co

28,573 0.05%


30,503 0.05%

1,348 News Corp

24,183 0.04%


127,690 0.22%

2,046 Nike Inc

158,667 0.28%


79,009 0.14%

355 Nordstrom Inc

24,114 0.04%

852 Norfolk Southern Corp

87,782 0.15%

1,388 Northeast Utilities

65,611 0.12%

983 Northern Trust Corp

63,118 0.11%

686 Northrop Grumman Corp

82,066 0.14%


41,255 0.07%

1,469 Nuance Communications Inc

27,573 0.05%

951 Nucor Corp

46,837 0.08%

1,596 Nvidia Corp

29,590 0.05%

2,624 NY Com Bancorp

41,932 0.07%


234,407 0.41%

380 Oceaneering International Inc

29,689 0.05%

888 Omnicom Group Inc

63,243 0.11%

804 Oneok Inc

54,736 0.10%


413,244 0.73%

363 O'Reilly Automotive Inc

54,668 0.10%

1,131 Paccar Inc

71,061 0.12%

480 Parker Hannifin Corp

60,350 0.11%

1,230 Paychex Inc Co

51,118 0.09%


22,955 0.04%

4,191 Pepsico Inc Co

374,424 0.66%

499 Petsmart Inc

29,840 0.05%

17,851 Pfizer Inc

529,818 0.93%

1,477 PG&E Corp

70,926 0.12%

251 Pharmacyclics Inc

22,517 0.04%

4,360 Philip Morris International

367,592 0.65%

1,699 Phillips 66

136,651 0.24%

421 Pioneer Natural Resources Co

96,750 0.17%


134,109 0.24%

502 PPG Industries Inc

105,495 0.19%


209


Nominal Security


US$ Net

Assets



2,247 PPL Corp

79,836 0.14%

908 Praxair Inc

120,619 0.21%

475 Precision Castparts Corp

119,890 0.21%

152 Priceline Group Incorporated

182,856 0.32%

1,089 The Principal Financial Group

54,973 0.10%


595,162 1.04%

2,220 Progressive Corp

56,299 0.10%

1,907 Prologis Inc

78,359 0.14%


125,610 0.22%


71,342 0.13%

435 Public Storage Inc

74,537 0.13%

1,347 Pulte Group Inc

27,156 0.05%

351 PVH Corp

40,927 0.07%

937 QEP Resources Inc

32,326 0.06%

4,761 Qualcomm Inc

377,071 0.66%

873 Quanta Services

30,188 0.05%

402 Quest Diagnostics Inc

23,593 0.04%

232 Ralph Lauren Corp

37,280 0.07%

551 Range Resources Corp

47,909 0.08%

1,024 Raytheon Co

94,464 0.17%

889 Realty Income Corp

39,489 0.07%

626 Red Hat Inc

34,599 0.06%

244 Regeneron Pharmaceuticals Inc

68,923 0.12%


48,587 0.09%


38,008 0.07%

1,150 Reynolds American Inc

69,403 0.12%

355 Rock Tenn Co

37,484 0.07%

560 Rockwell Collins

43,758 0.08%

503 Rockwell International Corp

62,955 0.11%

379 Roper Industries Inc

55,338 0.10%

666 Ross Stores Inc

44,043 0.08%

681 Safeway Stores Inc Co

23,386 0.04%


106,808 0.19%

744 Sandisk Corp

77,696 0.14%

480 SBA Communications Corp

49,104 0.09%

824 Sempra Energy

86,281 0.15%

320 Sherwin-Williams Co

66,211 0.12%

458 Sigma-Aldrich Corp

46,478 0.08%

901 Simon Property Group Inc

149,818 0.26%

7,349 Sirius XM Holdings Inc

25,428 0.04%

2,470 Southern Co

112,089 0.20%

1,150 Southwestern Energy Co

52,314 0.09%


94,772 0.17%

3,586 Sprint Corp

30,589 0.05%

989 ST Jude Medical Inc

68,488 0.12%

509 Stanley Black & Decker Inc

44,700 0.08%

2,628 Staples Inc

28,488 0.05%


173,099 0.30%

549 Starwood Hotels and Resorts Worldwide Inc

44,370 0.08%


90,532 0.16%


210


Nominal Security


US$ Net

Assets



1,089 Stryker Corp

91,824 0.16%


71,467 0.13%

2,193 Symantec Corp

50,220 0.09%

2,045 Sysco Corp

76,585 0.13%

960 T Rowe Price Group Inc

81,034 0.14%

1,587 Target Corp

91,967 0.16%

721 Teradata Corp

28,984 0.05%

272 Tesla Motors Inc

65,295 0.11%

506 Tesoro Petroleum Corp

29,687 0.05%


153,071 0.27%

926 Textron Inc

35,457 0.06%

913 The Mosiac Co

45,148 0.08%


136,644 0.24%

369 Tiffany & Co

36,992 0.06%

805 Time Warner Cable Inc

118,577 0.21%


185,671 0.33%

1,995 TJX Cos Inc

106,034 0.19%

714 Tractor Supply Co

43,126 0.08%


99,996 0.18%

809 Trimble Navigation Ltd

29,893 0.05%

350 Tripadvisor Inc

38,031 0.07%

323 TRW Automotive Holdings Corp

28,914 0.05%


99,088 0.17%

2,800 Twenty-First Cent Fox

95,844 0.17%

787 Tyson Foods Inc

29,544 0.05%

298 Ulta Salon, Cosmetics & Fragrance Inc

27,240 0.05%

451 Under Armour Inc

26,830 0.05%


252,966 0.44%

599 United Continental Holdings Inc

24,601 0.04%


230,943 0.41%


214,148 0.38%

974 Unum Group

33,856 0.06%

5,038 US Bancorp

218,246 0.38%

1,580 USD Waste Services

70,673 0.12%


284,469 0.50%


81,162 0.14%

420 Varian Medical Systems of Palo Alto

34,919 0.06%

1,155 Ventas Inc

74,035 0.13%

498 VeriSign Inc

24,307 0.04%

576 Verisk Analytics Inc

34,572 0.06%


569,398 1.00%

710 Vertex Pharmaceuticals Inc

67,223 0.12%

1,118 VF Corp

70,434 0.12%

1,159 Viacom Inc

100,520 0.18%

1,426 Visa Inc

300,472 0.53%

423 VMWare Inc

40,951 0.07%

680 Vornado Realty Trust

72,576 0.13%

437 Vulcan Materials Co

27,859 0.05%

2,593 Walgreen Co

192,219 0.34%


326,328 0.57%


211


Nominal Security


US$ Net

Assets




403,149 0.71%

273 Waters Corp

28,512 0.05%

888 Wellpoint Inc

95,558 0.17%


717,758 1.26%

742 Western Digital Corp

68,487 0.12%


28,438 0.05%

1,830 Weyerhaeuser Co

60,555 0.11%

230 Whirlpool Corp

32,021 0.06%


39,905 0.07%

2,024 Williams Cos

117,816 0.21%

3,157 Windstream Holdings Inc

31,444 0.06%

318 Workday Inc

28,575 0.05%

725 WR Berkley Corp

33,575 0.06%

423 Wyndham Worldwide Corp

32,029 0.06%

237 Wynn Resorts Ltd

49,191 0.09%

1,988 Xcel Energy Inc

64,072 0.11%

3,395 Xerox Corp Co

42,234 0.07%

839 Xilinx Inc

39,693 0.07%

2,907 Yahoo Inc

102,123 0.18%


104,342 0.18%

586 Zimmer Holdings Inc

60,861 0.11%

1,476 Zoetis Inc

47,631 0.08%


50,071,830 87.89%

Virgin Islands - 0.09% 593 Michael Kors Holdings Ltd

52,569 0.09%


52,569 0.09%

Total Equity

56,599,947 99.35%


56,599,947 99.35%


811,760 1.42%


(438,724) (0.77%)


56,972,983 100.00%


212


Sanlam North America Equity Tracker Fund

Summary






56,599,947 99.35% 97.10%



- - -


- - -



- - -


811,760 1.42% 1.39%


(438,724) (0.77%) (0.75%)



213

PORTFOLIO OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND as at 30 June 2014

Nominal Security


GBP Net

Assets


Equity - 98.78%

Great Britain - 94.67% 23,688 3I Group Plc

95,202 0.25%

22,154 Aberdeen Asset Management Plc

100,557 0.26%

4,031 Admiral Group Plc

62,440 0.16%

5,193 Aggreko Plc

85,685 0.22%

7,256 Amec Plc

88,160 0.23%


436,608 1.14%

8,073 Antofagasta Plc

61,597 0.16%


270,678 0.71%

1,108 Asos Plc

32,797 0.09%


237,456 0.62%


1,202,015 3.13%

65,843 Aviva Plc

336,129 0.88%

11,577 Babcock Intl Group Plc

134,525 0.35%


764,024 1.99%

74,776 BG Group Plc

923,484 2.41%


874,442 2.28%

406,554 BP Plc

2,093,347 5.46%


297,255 0.78%


1,442,744 3.76%

21,649 The British Land Co Plc

152,084 0.40%


204,819 0.53%

173,598 BT Group Plc

668,179 1.74%

7,699 Bunzl Plc

124,878 0.33%

10,129 Burberry Group Plc

150,213 0.39%


170,216 0.44%

4,539 Carnival Plc

100,221 0.26%

112,900 Centrica Plc

352,925 0.92%

23,290 Cobham Plc

72,735 0.19%


405,610 1.06%

2,763 Croda Internationa Plc

60,814 0.16%

55,126 Diageo Plc

1,028,651 2.68%

30,317 Direct Line Insurance Group Plc

81,795 0.21%

3,251 Easyjet Plc

44,376 0.12%


215,354 0.56%

4,564 Fresnillo Plc

39,798 0.10%

31,677 G4S Plc

80,840 0.21%

37,624 GKN Plc

136,613 0.36%


1,673,402 4.36%

14,420 Hammerson Plc

83,636 0.22%

4,894 Hargreaves LansdownPlc

60,588 0.16%


2,458,863 6.41%

11,260 Icap Plc

42,788 0.11%

6,634 IMI Plc

98,648 0.26%


551,406 1.44%

8,674 Inmarsat Plc

64,838 0.17%


146,132 0.38%

3,850 Intertek Group Plc

105,837 0.28%

18,114 Intu Properties Plc

56,443 0.15%

11,172 Investec Plc

60,217 0.16%

87,217 ITV Plc

155,421 0.41%


214

PORTFOLIO OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


GBP Net

Assets


Great Britain - 94.67% (continued) 4,691 Johnson Matthey Plc

145,421 0.38%


188,906 0.49%


182,429 0.48%


289,700 0.76%

1,255,791 Lloyds Bank Plc

932,425 2.43%

4,411 The London Stock Exchange Group Plc

88,529 0.23%

36,993 Marks and Spencer Plc

157,294 0.41%

19,168 Meggitt Plc

96,990 0.25%

21,793 Melrose Industries Plc

56,705 0.15%

51,029 WM Morrison Supermarkets Plc

93,587 0.24%


685,222 1.79%

3,390 Next Plc

219,503 0.57%


212,114 0.55%

18,035 Pearson

208,124 0.54%

7,540 Persimmon Plc

95,984 0.25%

5,276 Petrofac Ltd

63,470 0.17%


754,245 1.97%


727,719 1.90%


237,923 0.62%

18,832 Rexam Plc

100,751 0.26%


867,582 2.26%

4,991,634 Rolls-Royce Holdings Plc

4,992 0.01%


439,819 1.15%

55,359 The Royal Bank of Scotland Plc

181,799 0.47%

86,456 Royal Dutch Shell A

2,090,938 5.45%

53,145 Royal Dutch Shell B

1,351,212 3.52%

13,296 Royal Mail Plc

66,347 0.17%

23,791 RSA Insurance Group Plc

112,960 0.29%

21,199 Sabmiller Plc

718,222 1.87%

29,974 Sainsbury (J) Plc

94,568 0.25%

2,562 Schroders Plc

64,204 0.17%

20,655 Scottish & Southern Energy Plc

323,664 0.84%

15,025 Segro Plc

51,866 0.14%

5,683 Severn Trent Plc

109,796 0.29%

12,835 Shire Plc

586,560 1.53%


204,402 0.53%

9,260 Smiths Group Plc

120,102 0.31%

5,553 Sports Direct International

39,232 0.10%


637,309 1.66%

52,518 Standard Life Plc

196,470 0.51%

9,454 Tate & Lyle Plc

64,713 0.17%

175,228 Tesco Plc

497,998 1.30%

26,506 The Sage Group Plc

101,810 0.27%

6,023 Travis Perkins Plc

98,657 0.26%


173,619 0.45%

28,161 Unilever Plc

746,548 1.95%

15,669 United Utilities Group Plc

138,201 0.36%


1,129,538 2.95%


129,064 0.34%

4,132 WHITBREAD Plc

182,180 0.47%


59,932 0.16%

Total Great Britain

36,308,830 94.67%


215

PORTFOLIO OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


GBP Net

Assets


Guernsey Channel Island - 0.24% 29,017 Friends Life Group Ltd

91,491 0.24%

Total Guernsey Channel Island

91,491 0.24%

Jersey Channel Isle - 3.47% 234,263 Glencore Plc

762,643 1.99%

5,857 Wolseley Plc

187,600 0.49%

29,791 WPP Plc

379,537 0.99%


1,329,780 3.47%

Switzerland - 0.14% 4,136 Coca-Cola HBC AG

55,505 0.14%

Total Switzerland

55,505 0.14%

United States of America - 0.27% 2,097 Randgold Resources

102,187 0.27%


102,187 0.27%

Total Equity

37,887,249 98.78%


37,887,249 98.78%


246,108 0.64%


220,857 0.58%


38,354,214 100.00%


Summary






37,887,249 98.78% 93.10%



- - -


- - -



- - -


246,108 0.64% 0.64%


220,857 0.58% 0.54%



216

PORTFOLIO OF INVESTMENTS OF SANLAM EUROPE (EX UK) EQUITY TRACKER FUND as at 30 June 2014

Nominal Security


EUR Net

Assets


Equity - 99.77%

Austria - 0.55% 1,789 Andritz AG

75,505 0.10%

4,933 Erste Group Bank AG

116,517 0.15%

30,943 Immofinanz AG

79,833 0.10%

2,863 OMV AG

94,479 0.12%

1,861 Voestalpine AG

64,679 0.08%

Total Austria

431,013 0.55%

Belgium - 2.64% 4,421 Ageas NV

128,806 0.17%

13,421 Anheuser-Busch InBev

1,126,022 1.44%

2,473 Belgacom SA

59,933 0.08%

2,135 Delhaize Group

105,490 0.14%

1,944 Groupe Bruxelles Lambert SA

147,530 0.19%


162,220 0.21%

958 Solvay SA

120,421 0.15%

2,249 UCB SA

139,056 0.18%

1,946 Umicore NV

66,028 0.08%

Total Belgium

2,055,506 2.64%

Bermuda - 0.24% 6,475 Seadrill Ltd

187,602 0.24%

Total Bermuda

187,602 0.24%

Denmark - 3.25% 157 AP Moller Maersk AS

269,924 0.35%

1,846 Carlsberg AS

145,309 0.19%

1,824 Coloplast AS

120,541 0.15%


240,221 0.31%

4,084 DSV AS

97,292 0.12%


1,133,991 1.45%

4,627 Novozymes AS

169,595 0.22%

1,895 Pandora AS

106,184 0.14%

16,330 TDC AS

123,502 0.16%

3,521 Vestas Wind Systems AS

129,813 0.17%

Total Denmark

2,536,372 3.25%

European Union - 0.18% 7,555 Premiere AG

50,830 0.07%

5,247 REXEL SA

89,619 0.11%


140,449 0.18%


217

PORTFOLIO OF INVESTMENTS OF SANLAM EUROPE (EX UK) EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


EUR Net

Assets


Finland - 1.79% 7,996 Fortum Oyj

156,802 0.20%

5,475 Kone Oyj

166,878 0.21%

1,852 Metso Oyj

51,245 0.07%

64,320 Nokia Oyj

355,690 0.46%

2,302 Nokiaan Renkaat Oyj

65,607 0.08%

7,965 Sampo Oyj

294,307 0.38%

11,218 Stora Enso Oyj

79,760 0.10%

10,085 Upm-Kymmene Oyj

125,861 0.16%

2,807 Wartsila Oyj

101,670 0.13%

Total Finland

1,397,820 1.79%

France - 21.73% 2,852 Accor SA

108,347 0.14%

5,805 Air Liquide SA

572,373 0.73%


45,011 0.06%

9,915 Airbus Group

485,240 0.62%

51,945 Alcatel-Lucent

135,473 0.17%

4,218 Alstom

112,304 0.14%

888 Arkema

63,119 0.08%

1,556 AtoS

94,667 0.12%

30,987 AXA

540,878 0.69%

18,020 BNP Paribas

892,801 1.14%

3,407 Bouygues

103,539 0.13%

4,460 Bureau Veritas

90,404 0.12%

2,438 Cap Gemini

127,020 0.16%

10,365 Carrefour SA

279,233 0.36%

1,173 Casino Guichard

113,582 0.15%

1,040 Christian Dior

151,112 0.19%


260,077 0.33%

7,463 Compagnie De Saint-Gobain

307,513 0.39%


199,542 0.26%

9,413 Danone

510,561 0.65%

1,266 Dassault Systemes SA

118,953 0.15%

3,316 Edenred

73,433 0.09%

4,793 Electricite De France

110,239 0.14%

3,275 Eutelsat Communications

83,103 0.11%

24,193 Gdf Suez

486,400 0.62%

10,398 Groupe Eurotunnel SA

102,701 0.13%

489 Iliad SA

107,947 0.14%

2,321 Klepierre

86,376 0.11%

3,399 Lafarge

215,497 0.28%

3,304 Lagardere S.C.A.

78,586 0.10%

4,708 Legrand SA

210,377 0.27%

3,976 L'oreal SA

500,380 0.64%


669,222 0.86%

3,309 Michelin

288,743 0.37%

18,940 Natixis

88,677 0.11%

31,702 Orange

365,366 0.47%

3,682 Pernod-Ricard

322,911 0.41%


218


Nominal Security


EUR Net

Assets


France - 21.73% (continued)

7,812 Peugeot SA

84,331 0.11%

1,362 Pinault-Printemps

218,124 0.28%

3,600 Publicis Groupe

222,984 0.29%

3,324 Renault SA

219,484 0.28%

4,892 Safran SA

233,911 0.30%

20,397 Sanofi-Aventis

1,582,399 2.03%


608,644 0.78%

4,223 Scor SE

106,082 0.14%

12,434 Societe Generale

475,663 0.61%

1,956 Sodexo

153,644 0.20%

10,846 Stmicroelectronic

71,063 0.09%

5,324 Suez Environment SA

74,430 0.10%

1,840 Technip

146,998 0.19%

1,567 Thales SA

69,222 0.09%

35,899 Total SA

1,894,749 2.43%


369,026 0.47%

1,449 Valeo

142,132 0.18%

2,495 Vallourec

81,599 0.10%

8,114 Veolia Environnement

112,906 0.14%

8,191 Vinci SA

447,229 0.57%

20,606 Vivendi SA

368,229 0.47%

848 Wendel

88,701 0.11%

3,070 Zodiac SA

75,890 0.10%

Total France

16,949,147 21.73%

Germany - 20.18% 3,809 Adidas AG

281,752 0.36%

7,886 Allianz SE

959,726 1.23%

15,428 Basf SE

1,311,843 1.68%

13,943 Bayer AG

1,438,220 1.84%


553,312 0.71%

2,063 Beiersdorf AG

145,792 0.19%

1,040 Brenntag AG

135,720 0.17%


182,773 0.23%

1,916 Continental AG

324,091 0.42%

16,363 Daimler AG

1,119,229 1.43%


598,051 0.77%


200,080 0.26%


433,969 0.56%


676,339 0.87%


89,665 0.11%


506,567 0.65%


196,949 0.25%


240,778 0.31%


132,856 0.17%

1,367 Hannover Rueckversicherung AG

89,962 0.12%

2,638 Heidelberg-Cement AG

164,427 0.21%


166,110 0.21%

3,102 Henkel KGAA-VORZUG

261,902 0.34%


219


Nominal Security


EUR Net

Assets


Germany - 20.18% (continued)

21,164 Infineon Technologies AG

193,206 0.25%

2,985 K+S AG

71,685 0.09%

725 Kabel Deutschland Holding AG

77,539 0.10%

1,718 Lanxess

84,689 0.11%

3,105 Linde AG

482,207 0.62%

3,909 Lufthansa AG

61,293 0.08%

671 MAN SE

60,558 0.08%

2,502 Merck KGAA

158,602 0.20%

2,556 Metro AG

81,357 0.10%

3,034 Muenchener Rueckversicherungs AG

491,205 0.63%

1,400 Osram Licht AG

51,569 0.07%

2,534 Porsche AG

192,812 0.25%

4,414 Prosieben Sat 1 Media AG

143,609 0.18%

5,121 Qiagen NV

90,642 0.12%

8,160 RWE AG

255,938 0.33%

15,457 SAP AG

871,775 1.12%

13,306 Siemens AG

1,283,364 1.65%

7,875 ThyssenKrupp AG

167,659 0.21%

2,637 United Internet AG

84,845 0.11%

482 Volkswagen AG

91,002 0.12%

2,804 Volkswagen

537,807 0.69%

Total Germany

15,743,476 20.18%

Ireland - 0.63% 424,681 Bank of Ireland

104,896 0.13%

13,259 CRH Plc

248,474 0.32%

2,536 Kerry Group Plc

139,100 0.18%

Total Ireland

492,470 0.63%


336,642 0.43%

8,521 Atlantia SpA

177,407 0.23%

6,419 Banco Popolare Societa Cooperativa

77,221 0.10%

40,566 Enel Green Power SpA

83,890 0.11%

111,859 Enel SpA

475,848 0.61%


889,550 1.14%

17,019 Fiat SpA

122,707 0.16%

216,191 Intesa Sanpaolo SpA

487,727 0.63%

2,943 Luxottica Group SpA

124,401 0.16%

11,079 Mediobanca SpA

80,655 0.10%

3,537 Prysmian SpA

58,361 0.07%

4,809 Saipem

94,737 0.12%

38,939 Snam Rete Gas

171,332 0.22%

111,518 Telecom Italia RNC

80,460 0.10%

188,297 Telecom Italis SpA

174,175 0.22%

32,620 Terna SpA

125,652 0.16%


470,121 0.60%

15,512 Unione Di Banche Italiane SpA

98,036 0.13%

Total Italy

4,128,922 5.29%


220


Nominal Security


EUR Net

Assets


Luxembourg - 0.80% 5,106 Acergy SA

69,561 0.09%

17,295 Arcelormittal

187,305 0.24%

1,085 Millicom International Cellular SDR

72,566 0.09%

5,618 Ses

155,619 0.20%

8,236 Tenaris SA

141,659 0.18%

Total Luxembourg

626,710 0.80%

Netherlands - 6.02% 32,620 Aegon NV

207,920 0.27%

4,199 Akzo Nobel NV

229,895 0.29%


411,665 0.53%

18,675 CNH Industrial NV

140,063 0.18%

3,310 Delta Lloyd NV

61,367 0.08%

1,174 Fugro NV

49,091 0.06%

1,583 Gemalto NV

119,833 0.15%

1,921 Heineken Holding NV

92,237 0.12%

4,335 Heineken NV

227,284 0.29%

65,087 ING Groep NV

667,793 0.86%


228,751 0.29%

3,281 Koninklijke DSM NV

174,516 0.22%


384,056 0.49%

1,317 OCI NV

37,535 0.05%

2,174 Randstad Holdings NV

86,069 0.11%


233,931 0.30%

52,931 Royal KPN NV

140,849 0.18%

28,423 Unilever NV

908,257 1.16%

1,278 VOPAK

45,625 0.06%

6,627 Wolters Kluwer V

143,276 0.18%

3,184 Ziggo NV

107,524 0.14%

Total Netherlands

4,697,537 6.02%

Norway - 1.53% 17,310 DNB ASA

231,284 0.30%

21,563 Norsk Hydro ASA

84,302 0.11%

18,244 Orkla ASA

118,732 0.15%

18,913 Statoil ASA

424,324 0.54%

13,189 Telenor ASA

219,414 0.28%

3,076 Yara International ASA

112,566 0.14%

Total Norway

1,190,622 1.53%

Portugal - 0.45% 49,790 Banco Espirito Santo SA

29,974 0.04%

37,372 Energias De Portugal SA

136,931 0.18%

7,968 Galp Energia SGPS SA

106,612 0.14%

6,193 Jeronimo Martin SA

74,409 0.10%

Total Portugal

347,926 0.45%


221


Nominal Security


EUR Net

Assets


Spain - 8.04% 8,498 Abertis Infraestruct

142,809 0.18%

3,420 ACS Actividades Cons Y Serv

114,228 0.15%

6,836 Amadeus IT Holding SA

205,900 0.26%


933,060 1.20%

58,819 Banco De Sabadell SA

146,577 0.19%

28,491 Banco Popular Espanol SA

139,036 0.18%


1,524,291 1.95%

76,757 Bankia SA

108,688 0.14%

8,474 Cintra Concesiones De Infrae

137,830 0.18%

34,042 Criteria Caixacorp SA

153,427 0.20%


72,068 0.09%

3,335 Enagas

78,373 0.10%


158,364 0.20%

2,453 Grifols SA

97,912 0.13%

83,328 Iberdrola SA

465,220 0.60%

3,837 Inditex SA

431,279 0.55%

17,745 International Consolidated Airlines Group SA

82,177 0.11%


122,244 0.16%

15,097 Repsol SA

290,768 0.37%


867,423 1.11%

Total Spain

6,271,674 8.04%

Sweden - 6.65% 5,624 Alfa Laval AB

105,836 0.14%

6,133 Assa Abloy AB

227,880 0.29%


342,115 0.44%

6,291 Boliden AB

66,653 0.09%

5,039 Electrolux AB

93,065 0.12%

8,430 Elekta AB

78,307 0.10%

4,165 Getinge AB

79,927 0.10%


509,966 0.65%

5,188 Hexagon AB

122,124 0.16%

8,350 Investor AB

228,768 0.29%

4,570 Kinnevik Investment AB

142,236 0.18%

3,410 Lundin Petroleum AB

50,383 0.06%


526,463 0.67%

19,208 Sandvik AB

191,649 0.25%


270,549 0.35%

6,822 Skanska AB

113,694 0.15%

6,849 SKF AB

127,616 0.16%

396 Sulzer AG

40,601 0.05%

9,510 Svenska cellulosa AB

180,940 0.23%

8,574 Svenska Handelsbanken

306,491 0.39%

15,208 Swedbank AB

294,503 0.38%

4,009 Swedish Match AB

101,643 0.13%

6,063 Tele2 AB

52,145 0.07%


451,062 0.58%

39,957 Teliasonera

213,136 0.27%

26,495 Volvo AB

266,527 0.34%

Total Sweden

5,184,279 6.65%


222


Nominal Security


EUR Net

Assets


Switzerland - 19.79% 36,715 ABB Ltd

617,904 0.79%

1,769 Actelion Ltd

163,585 0.21%

2,950 Adecco SA

177,487 0.23%

1,731 Aryzta AG

119,839 0.15%

1,281 Baloise Holding

110,328 0.14%

40 Barry Callebaut AG

39,725 0.05%


680,776 0.87%


524,871 0.67%

739 Geberit AG

189,603 0.24%

151 Givaudan AG

184,063 0.24%

3,986 Holcim Ltd

256,080 0.33%

4,271 Julius Baer Group Ltd

128,694 0.16%

1,071 Kuehne & Nagel International AG

104,158 0.13%

3 Lindt and Spruengli AG

135,446 0.17%

1,078 Lonza AG

85,737 0.11%

54,012 Nestle SA

3,058,221 3.92%

38,890 Novartis AG

2,573,803 3.30%

410 Partners Group Holding AG

81,910 0.11%

11,930 roche holding AG genusschein

2,600,686 3.33%

1,149 Schindler Holding Part Cert

127,653 0.16%

102 SGS SA

178,641 0.23%

39 Sika AG Bearer

116,551 0.15%

1,032 Sonova Holdings AG

115,080 0.15%

510 Swatch Group AG

225,088 0.29%

1,003 Swatch Group AG

81,425 0.10%

595 Swiss Life Holding AG

103,128 0.13%

1,507 Swiss Prime Site AG

91,290 0.12%

5,931 Swiss RE AG

385,680 0.49%

426 Swisscom AG

180,992 0.23%

1,553 Syngenta AG

422,768 0.54%


208,675 0.27%

60,963 UBS AG

817,477 1.05%


550,097 0.71%

Total Switzerland

15,437,461 19.79%

Total Equity

77,818,979 99.77%


77,818,979 99.77%


530,002 0.68%


(348,127) (0.45%)


78,001,854 100.00%


223


Sanlam Europe (ex UK) Equity Fund

Summary






77,818,979 99.77% 91.15%



- - -


- - -



- - -


530,002 0.68% 0.62%


(348,127) (0.45%) (0.41%)



224

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 99.01%

Belgium - 1.15% 5,821 Anheuser-Busch InBev

668,284 1.00%


98,505 0.15%

Total Belgium

766,789 1.15%

Bermuda - 0.16% 2,742 Seadrill Ltd

108,710 0.16%

Total Bermuda

108,710 0.16%

Denmark - 2.55% 48 AP Moller - Maersk AS

119,271 0.18%


136,176 0.20%


1,002,612 1.50%

8,924 Novozymes AS

447,585 0.67%

Total Denmark

1,705,644 2.55%

Finland - 1.62% 70,173 Nokia Oyj

531,003 0.79%

10,877 Sampo Oyj

549,952 0.82%

Total Finland

1,080,955 1.62%

France - 14.46% 2,494 Air Liquide SA

336,492 0.50%

8,677 Airbus Group

581,079 0.87%

2,771 Atos SE

230,689 0.35%

13,224 AXA Insurance

315,852 0.47%

14,206 BNP Paribas

963,104 1.44%

4,458 Carrefour SA

164,338 0.25%


156,638 0.23%

3,226 Compagnie de Saint-Gobain SA

181,893 0.27%


100,308 0.15%

4,213 Danone

312,689 0.47%

10,727 Gdf Suez

295,110 0.44%

1,356 Lafarge

117,639 0.18%

1,926 Legrand SA

117,766 0.18%

4,148 L'oreal SA

714,321 1.07%


391,882 0.59%

1,360 Michelin

162,389 0.24%

12,963 Orange

204,432 0.31%

1,540 Pernod-Ricard

184,808 0.28%

548 Pinault-Printemps

120,091 0.18%

1,258 Publicis Groupe

106,624 0.16%

1,396 Renault SA

126,133 0.19%


30,654 0.05%

1,951 Safran SA

127,651 0.19%

8,623 Sanofi-Aventis

915,397 1.37%


357,955 0.54%


225

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


France - 14.46% (continued)

5,224 Societe Generale

273,459 0.41%

19,285 Total SA

1,392,806 2.08%

703 Unibail-Rodamco

204,368 0.31%

3,522 Vinci SA

263,138 0.39%

8,774 Vivendi SA

214,548 0.32%

Total France

9,664,253 14.46%

Germany - 12.85% 1,520 Adidas AG

153,851 0.23%

3,314 Allianz SE

551,880 0.83%

6,681 Basf SE

777,347 1.16%

5,985 Bayer AG

844,763 1.26%


305,565 0.46%

1,036 Bilfinger Berger AG

118,031 0.18%


108,375 0.16%

797 Continental AG

184,473 0.28%

7,000 Daimler AG

655,172 0.98%


260,396 0.39%


107,341 0.16%


238,189 0.36%


401,340 0.60%

1,116 Porsche AG

116,197 0.17%

1,055 Volkswagen

276,887 0.41%

14,696 E.ON AG

303,251 0.45%

1,558 Fresenius Medical Care

104,655 0.16%

921 Fresenius SE

137,243 0.21%

3,724 Henkel Kgaa-Vorzug

430,237 0.64%

8,078 Infineon Technologies AG

100,909 0.15%

1,349 Linde AG

286,672 0.43%

1,303 Muenchener Rueckversicherungs AG

288,664 0.43%

3,552 RWE AG

152,447 0.23%

6,706 SAP AG

517,540 0.77%

5,767 Siemens AG

761,121 1.14%

1,561 Volkswagen AG

403,280 0.60%

Total Germany

8,585,826 12.85%

Great Britain - 31.73% 12,003 Aberdeen Asset Management Plc

93,099 0.14%


247,073 0.37%


242,486 0.36%


136,142 0.20%

9,153 Astrazeneca PLlc

678,889 1.02%

14,950 Avanti Communications Group Plc

64,633 0.10%

21,438 Aviva Plc

187,015 0.28%


625,509 0.94%

17,542 BBA Aviation Plc

92,626 0.14%

2,299 Betfair Group Plc

40,229 0.06%

39,281 BG Group Plc

828,982 1.24%


493,588 0.74%

133,479 BP Plc

1,174,442 1.76%


171,821 0.26%


226


Nominal Security


US$ Net

Assets




809,116 1.21%


115,101 0.17%

57,008 BT Group Plc

374,955 0.56%

35,719 Centrica Plc

190,802 0.29%


223,942 0.34%

12,460 Crest Nicholson Holdings Plc

73,414 0.11%

18,198 Diageo Plc

580,271 0.87%

19,044 DS Smith Plc

90,078 0.13%


182,456 0.27%

9,815 Fenner Plc

60,044 0.09%

31,666 GKN Plc

196,479 0.29%


929,874 1.39%


1,366,021 2.04%

6,959 Hunting Plc

102,030 0.15%


313,784 0.47%

9,082 Investec Plc

83,650 0.13%

49,593 ITV Plc

151,016 0.23%


107,215 0.16%


212,535 0.32%

415,451 Lloyds Bank Plc

527,123 0.79%

9,185 Mears Group Plc

72,984 0.11%


389,598 0.58%

1,116 Next Plc

123,481 0.18%


80,294 0.12%


119,813 0.18%

18,745 OPG Power Ventures Plc

32,512 0.05%

14,155 Pace Plc

85,869 0.13%

11,474 Patisserie Holdings Ltd

38,920 0.06%

5,954 Pearson

117,411 0.18%

3,489 Petrofac Ltd

71,724 0.11%


690,803 1.03%

20,276 Qinetiq Plc

71,652 0.11%

4,662 Quindell Plc

18,323 0.03%


411,695 0.62%


219,885 0.33%


726,450 1.09%


362,039 0.54%

18,110 Royal Bank of Scotland Group Plc

101,629 0.15%


1,191,768 1.78%


786,646 1.18%

7,019 Sabmiller Plc

406,363 0.61%

7,050 Scottish & Southern Energy

188,779 0.28%

7,800 Shire Plc

609,125 0.91%


115,333 0.17%


464,664 0.70%

17,310 Standard Life Plc

110,657 0.17%

56,187 Tesco Plc

272,870 0.41%


122,935 0.18%

8,122 Tungsten Corp Plc

40,110 0.06%

9,339 Unilever Plc

423,064 0.63%


779,910 1.17%


227


Nominal Security


US$ Net

Assets




82,168 0.12%


59,261 0.09%

2,580,170 Rolls Royce Holdings Plc

4,409 0.01%

11,825 Wolfson Microelectronics Plc

46,779 0.07%

Total Great Britain

21,206,363 31.73%

Ireland - 0.40% 5,336 CRH Plc

136,864 0.20%

6,743 Grafton Group PLC UTS

66,831 0.10%

250,147 Kenmare Resources Plc

66,256 0.10%

Total Ireland

269,951 0.40%


185,951 0.28%

7,411 Azimut Holding SpA

190,853 0.29%

3,194 EI Towers SpA

172,637 0.26%

47,838 Enel SpA

278,466 0.42%


507,538 0.76%

79,812 HERA SpA

227,161 0.34%

222,469 Intesa Sanpaolo SpA

686,768 1.03%


268,422 0.40%

Total Italy

2,517,796 3.77%

Jersey Channel Isle – 1.46% 100,431 Glencore Plc

558,702 0.84%

1,990 Wolseley Plc

108,920 0.16%

14,148 WPP Plc

308,007 0.46%


975,629 1.46%

Luxembourg - 0.16% 7,243 ArcelorMittal SA

107,337 0.16%

Total Luxembourg

107,337 0.16%

Netherlands - 3.88% 12,918 Aegon NV

112,670 0.17%

1,751 Akzo Nobel NV

131,181 0.20%


562,376 0.84%

2,792 Gemalto NV

289,210 0.43%

1,673 Heineken NV

120,027 0.18%

27,908 ING Groep NV

391,812 0.59%


126,331 0.19%


226,803 0.34%


115,242 0.17%

11,855 Unilever NV

518,372 0.78%

Total Netherlands

2,594,024 3.88%

Norway - 0.94%

7,127 DNB ASA

130,304 0.19%

6,782 Gjensidige Forsikring ASA

121,565 0.18%

8,093 Statoil ASA

248,455 0.37%


228


Nominal Security


US$ Net

Assets


Norway - 0.94% (continued) 5,537 Telenor ASA

126,046 0.19%

Total Norway

626,370 0.94%

Spain - 5.30% 2,775 Amadeus IT Holding SA

114,372 0.17%


547,623 0.82%


897,068 1.34%


227,652 0.34%

56,232 Iberdrola SA

429,588 0.64%

1,598 Inditex SA

245,779 0.37%

9,146 Obrascon Huarte Ence SA

401,045 0.60%

6,281 Repsol SA

165,534 0.25%


509,451 0.76%

6,281 Repsol SA RTS

4,272 0.01%

Total Spain

3,542,384 5.30%

Sweden - 3.85% 2,433 Assa Abloy AB

123,702 0.19%


141,146 0.21%


301,205 0.45%

3,313 Investor AB

124,203 0.19%


311,602 0.47%

7,757 Sandvik AB

105,906 0.16%


453,377 0.68%

4,288 Svenska cellulosa AB

111,637 0.17%

3,635 Svenska Handelsbanken AB

177,804 0.27%

6,607 Swedbank AB

175,075 0.26%


266,961 0.40%

17,172 TeliaSonera AB

125,339 0.19%

11,166 Volvo AB

153,701 0.23%

Total Sweden

2,571,658 3.85%

Switzerland - 14.22% 16,000 ABB Ltd

368,467 0.55%

4,314 Adecco SA

355,162 0.53%


396,882 0.59%


313,031 0.47%

66 Givaudan

110,087 0.16%

1,680 Holcim Ltd

147,689 0.22%

1,608 Implenia AG

108,264 0.16%

23,512 Nestle SA

1,821,670 2.73%

16,735 Novartis AG

1,515,530 2.27%

7,028 Roche Holding AG genusschein

2,096,432 3.14%

47 Sika AG Bearer

192,198 0.29%

227 Swatch Group AG

137,091 0.21%

2,548 Swiss RE AG

226,725 0.34%

1,192 Syngenta AG

444,026 0.66%


117,418 0.18%

45,192 UBS AG

829,225 1.24%


324,968 0.49%

Total Switzerland

9,504,865 14.22%


229


Nominal Security


US$ Net

Assets


United States of America - 0.51% 3,219 Autoliv Inc

344,178 0.51%


344,178 0.51%

Total Equity

66,172,732 99.01%


66,172,732 99.01%


554,020 0.83%


109,232 0.16%


66,835,984 100.00%


Summary






66,172,732 99.01% 98.94%



- - -


- - -



- - -


554,020 0.83% 0.83%


109,232 0.16% 0.16%



230

PORTFOLIO OF INVESTMENTS OF SANLAM EMERGING MARKET EQUITY TRACKER FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 83.85%

Bermuda - 0.91% 31,960 Beijing Enterprises Water Group Ltd

21,361 0.07%

20,028 Brilliance China Automotive Holdings Ltd

37,574 0.13%

17,154 China Gas Holdings Ltd

35,590 0.12%

8,889 China Resources Gas Group Ltd

27,985 0.10%

17,544 Cosco Pacific Ltd

24,312 0.08%

94,933 GOME Electrical Appliances Holdings Ltd

15,556 0.05%

8,877 Haier Electronics Group Co Ltd

23,194 0.08%

64,670 Hanergy Solar Group Ltd

9,930 0.03%

21,365 Kunlun Energy Company Ltd

35,230 0.12%

16,242 Nine Dragons Paper Holdings Ltd

11,044 0.04%

39,372 Sihuan Pharmaceutical Holdings Group Ltd

24,079 0.08%

Total Bermuda

265,855 0.91%

Brazil – 10.73% 4,378 All America Latina Logistica

16,547 0.06%

34,110 Ambev SA

243,919 0.84%

3,426 Anhanguera Educacional Participacoes SA

28,603 0.10%

4,395 Banco Bradesco SA

64293 0.00%

15,055 Banco Bradesco SA

218,936 0.75%

6,324 Banco Do Brazil

71,306 0.24%

1,725 Banco Estado Rio Grande Sul

8,414 0.03%

19,635 Banco Itau Holding Financeira

284,827 0.98%

5,721 BB Seguridade Participacoes SA

84,209 0.29%

12,068 Bovespa

63,464 0.22%

2,164 BR Malls Participacoes SA

18,460 0.06%

1,820 BR Properties SA

10,992 0.04%

1,831 Bradespar SA

16,824 0.06%

6,031 CCR SA

49,257 0.17%

1,506 CESP - Companhia Energetica de Sao Paulo

18,997 0.07%

936 CETIP SA

13,357 0.05%

4,842 Cia Brasileira de Meios de Pagamentos

99,964 0.34%

2,058 Cia de Saneamento Basico do Estado de Sao Pau

21,991 0.08%

486 Cia. Hering

4,904 0.02%

605 Companhia de Saneamento de Minas Gerais

11,118 0.04%

6,329 Companhia Siderurgica Nacional SA

26,994 0.09%

1,218 Cosan SA Industria e Comercio

22,162 0.08%

2,319 CPFL Energia SA

21,392 0.07%

2,157 Cyrela Brazil Realty

13,526 0.05%

2,774 Duratex SA

11,353 0.04%

1,512 Ecorodovias Infraestrutura e Logistica SA

10,387 0.04%

2,320 EDP - Energias do Brasil SA

11,422 0.04%

4,204 Embraer SA

38,513 0.13%

1,840 Estacio Participacoes SA

24,420 0.08%

2,600 Fibria Celulose SA

25,282 0.09%

1,760 Hypermarcas SA

15,373 0.05%

22,417 Itausa Investimentos Itau SA

88,390 0.30%

4,095 JBS SA

14,121 0.05%

4,630 Klabin SA

23,319 0.08%


231

PORTFOLIO OF INVESTMENTS OF SANLAM EMERGING MARKET EQUITY TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security

Classification Fair

Value % of

US$ Net

Assets


Brazil – 10.73% (continued) 1,352 Kroton Educacional SA

38,010 0.13%

1,410 Localiza Rent a Car

23,313 0.08%

3,772 Lojas Americanas SA

24,132 0.08%

734 Lojas Renner SA

23,580 0.08%

2,930 MRV Engenharia

9,918 0.03%

257 Multiplan Empreendimentos Imobiliarios SA

5,982 0.02%

863 Natura Cosmeticos

14,586 0.05%

4,600 Perdigao SA

111,457 0.38%

28,419 Petroleo Brasileiro SA

222,952 0.76%

21,627 Petroleo Brasileiro SA

159,364 0.55%

1,192 Porto Seguro SA

17,232 0.06%

2,542 Qualicorp SA

30,104 0.10%

2,203 Raia Drogasil SA

18,233 0.06%

2,328 Souza Cruz SA

24,052 0.08%

5,508 Tim Participacoes SA

32,290 0.11%

1,143 Totvs SA

19,708 0.07%

617 Tractebel Energia SA

9,239 0.03%

2,620 Ultrapar Participacoes SA

62,531 0.21%

3,587 Usiminas Usi Sd Mg

12,337 0.04%

9,639 Vale SA

127,884 0.44%

12,370 Vale SA

147,897 0.51%

1,880 WEG SA

24,132 0.08%

5,546 Banco Santander Brasil SA

38,049 0.13%

1,011 AES Tiete SA

8,918 0.03%

1,507 Braskem SA

9,635 0.03%

3,155 Centrais Eletricas Brasileiras SA

15,031 0.05%

874 Companhia Brasileira de Distribuicao Grupo Pa

40,843 0.14%

5,712 Companhia Energetica de Minas Gerais

41,831 0.14%

463 Companhia Paranaense de Energia-Copel

7,118 0.02%

5,283 Gerdau SA

31,019 0.11%

3,868 Marcopolo SA

7,529 0.03%

2,673 Metalurgica Gerdau SA

18,957 0.06%

14,558 Oi S.A Preference

12,881 0.04%

1,999 Telefonica Brasil SA

40,816 0.14%

Total Brazil

3,128,596 10.73%

Cayman Islands - 3.53% 5,870 AAC Technologies Holdings Inc

38,210 0.13%

4,401 Anta Sports Products Ltd

6,996 0.02%

28,819 Belle International Holdings Ltd

31,979 0.11%

140 Biostime International Holdings Ltd

777 0.00%

7,668 Chailease Holding Co Ltd

19,280 0.07%

10,303 China Mengniu Dairy Co Ltd

47,658 0.16%

9,000 China State Construction Intl Holdings Ltd

15,793 0.05%

12,946 Country Garden Holdings Company ltd

5,145 0.02%

4,920 ENN Energy Holdings Ltd

35,359 0.12%

31,773 Evergrande Real Estate Group Ltd

12,340 0.04%

72,621 GCL-Poly Energy Holdings Ltd

24,269 0.08%

46,924 Geely Automobile Holdings Ltd

16,529 0.06%


232


Nominal Security


US$ Net

Assets


Cayman Islands - 3.53% (continued)

8,191 Golden Eagle Retail Group Ltd

9,945 0.03%

6,287 Greentown China Holdings Ltd

6,279 0.02%

5,890 Hengan International Group Co Ltd

62,014 0.21%

6,910 Intime Retail Group Co Ltd

6,054 0.02%

788 Kingboard chemical Holdings Ltd

1,625 0.01%

19,193 Lee & Man Paper Manufacturing Ltd

10,203 0.03%

15,470 New World China Land Ltd

9,242 0.03%

5,690 Shenzhou International Group

19,419 0.07%

7,938 Shimao Property Holdings Ltd

14,585 0.05%

37,134 Shui On Land Ltd

9,056 0.03%

29,310 Sino Biopharmaceutical Ltd

23,750 0.08%


540,725 1.85%

11,121 Uni-President China Holdings Ltd

8,523 0.03%

37,255 Want Want China Holdings Ltd

53,549 0.18%


1,029,304 3.53%

China - 7.94% 138,370 Agricultural Bank of China

61,059 0.21%

20,055 Air China Ltd

11,748 0.04%

9,014 Anhui Conch Cement Co Ltd

30,937 0.11%

13,700 AviChina Industry & Technology Company Limited

7,742 0.03%

544,038 Bank of China

243,579 0.84%

62,104 Bank of Communications Co Ltd

42,870 0.15%

19,467 Beijing Capital International Airport Co

13,388 0.05%

5,126 BYD Co Ltd

29,465 0.10%

21,880 China Bluechemical Ltd

11,942 0.04%

57,448 China Citic Bank

34,838 0.12%

23,501 China Communication Services Corp Ltd

11,432 0.04%

26,181 China Communications Construction Co

17,566 0.06%

487,366 China Construction Bank

368,497 1.26%

6,007 China International Marine Containers Group Co Ltd

11,580 0.04%

51,900 China Life Insurance

135,939 0.47%

14,368 China Longyuan Power Group Corp

15,591 0.05%

33,789 China Merchants Bank

66,616 0.23%

43,808 China Minsheng Banking Corp Ltd

39,680 0.14%

27,555 China National Building Material Co Ltd

24,283 0.08%

16,536 China Oilfield Services

39,770 0.14%

18,167 China Pacific Insurance Company Ltd

64,109 0.22%


169,836 0.58%

19,392 China Railway Construction Corp

17,064 0.06%

14,398 China Railway Group Ltd

7,041 0.02%

23,419 China Shenhua Energy Co Ltd

67,686 0.23%

20,531 China South Locomotive and Rolling Stock Corp

15,444 0.05%

12,300 China Vanke Co Ltd

21,838 0.07%

17,339 China Coa lEnergy Co

9,016 0.03%

27,273 Chongqing Rural Commercial Bank Co Ltd

12,598 0.04%

28,782 Datang International Power Generation Co

11,252 0.04%

16,960 Dongfeng Motor Grp Co Ltd

30,374 0.10%

7,875 Great Wall Motor Co Ltd

29,263 0.10%


233


Nominal Security


US$ Net

Assets


China - 7.94% (continued)

10,024 Guangzhou Automobile Group Co Ltd

11,614 0.04%

8,746 Guangzhou R&F Properties Co Ltd

10,799 0.04%

11,519 Haitong Securiies Co Ltd

17,865 0.06%

16,778 Huaneng Power International Inc

18,942 0.06%

11,600 Inner Mongolia Yitai Coal Co

14,848 0.05%

12,471 Jiangsu Express Co Ltd

14,755 0.05%

10,339 Jiangxi Copper Co Ltd

16,355 0.06%

12,904 Longfor Properties Co Ltd

15,900 0.05%

6,699 New China Life Insurance Co Ltd

22,214 0.08%

52,256 People's Insurance Company of China Holdings Co

20,632 0.07%

148,248 PetroChina Co Ltd

187,263 0.64%

19,680 PICC Property & Casual Co Ltd

29,811 0.10%


109,985 0.38%

15,815 Shandong Weigao Group Medical Polymer Co

15,447 0.05%

32,161 Shanghai Electric Group Co Ltd

12,947 0.04%

6,236 Shanghai Pharmaceuticals Holding Co Ltd

12,970 0.04%

27,975 Sino-Ocean Land Holdings

14,185 0.05%

5,137 Sinopharm Group Co

14,217 0.05%

3,597 Tsingtao Brewery Co Ltd

28,125 0.10%

3,559 Yanzhou Coal Mining Co

2,691 0.01%

17,042 Zhejiang Expressway Co Ltd

17,261 0.06%

5,171 Zhuzhou CSR Times Electric Co Ltd

15,713 0.05%

4,997 Zijin Mining Group Co Ltd

1,135 0.00%

15,517 Zoomlion Heavy Industry Science & Technology Development Co Ltd

9,610 0.03%

2,964 ZTE Corp

5,844 0.02%

Total China

2,315,171 7.94%

Colombia - 0.96% 1,240 Almacenes Exito SA

20,826 0.07%

3,158 Bancolombia SA

46,157 0.16%

4,408 Cementos Argos SA

27,692 0.09%

799 Corporacion Financiera Colombiana SA

16,282 0.06%

30,211 Ecopetrol SA

54,754 0.19%

1,339 Grupo Argos SA

16,084 0.06%

1,259 Grupo de Inversiones Suramericana SA

26,699 0.09%

3,898 Interconexion Electrica SA ESP

18,998 0.07%

8,460 Isagen SA ESP

13,939 0.05%

430 Banco Davivienda S.A.

6,929 0.02%

1,347 Grupo Argos SA

16,037 0.05%

800 Grupo de Inversiones Suramericana

16,923 0.06%

Total Colombia

281,320 0.96%

Czechoslovakia - 0.28% 1,220 Cez

36,819 0.13%

117 Komercni Banka as

26,906 0.09%

1,213 Telefonica 02 Czech Republic

17,185 0.06%

Total Czechoslovakia

80,910 0.28%


234


Nominal Security


US$

Net Assets


Egypt - 0.19% (continued) 6,347 Commercial International Bank

31,601 0.11%

32,994 Global Telecom Holding

23,672 0.08%

Total Egypt

55,273 0.19%

Greece - 0.70% 27,530 Alpha Bank A.E.

25,616 0.09%

54,040 Eurobank Ergasias SA

27,286 0.09%

1,590 Hellenic Telecommunications Organization SA

23,498 0.08%

539 Jumbo SA

8,821 0.03%

11,030 National Bank of Greece

40,298 0.14%

1,580 OPAP SA

28,106 0.10%

14,170 Piraeus Bank SA

31,411 0.11%

1,220 Public Power Corp

18,848 0.06%

Total Greece

203,884 0.70%

Hong Kong - 5.31% 14,147 Agile Properties Holdings Ltd

9,966 0.03%

3,700 Beijing Enterprises Holdings Ltd

35,017 0.12%

33,872 China Cosco Holdings Co Ltd

13,199 0.05%

15,580 China Everbright International Ltd

22,274 0.08%

10,871 China Everbright Ltd

14,616 0.05%

9,265 China Insurance International

16,593 0.06%

7,331 China Merchants Holdings Intlernational

22,891 0.08%

41,612 China Mobile Hong Kong Ltd

403,755 1.38%

28,852 China Overseas Land & Investments Ltd

69,987 0.24%

12,635 China Resources Energy

35,866 0.12%

6,181 China Resources Enterprise Ltd

17,147 0.06%

10,319 China Resources Land Ltd

18,880 0.06%

98,896 China Telecom Corp Ltd

48,361 0.17%

35,208 China Unicom Hong Kong Ltd

54,423 0.19%

15,290 Citic Pacific

26,791 0.09%

124,456 CNOOC Ltd

223,530 0.77%

8,628 Fosun International Ltd

11,466 0.04%

33,750 Franshion Properties China Ltd

8,884 0.03%

33,597 Fushan International Energy Group Ltd

6,893 0.02%

12,048 Guangdong Investment Ltd

13,897 0.05%


314,251 1.08%

45,403 Lenovo Group Ltd

61,980 0.21%

18,560 Poly Hong Kong Investment Ltd

7,735 0.03%

3,259 Shanghai Industrial Holdings Ltd

9,924 0.03%

12,189 Sun Art Retail Group Ltd

13,950 0.05%

13,052 Tingyi (Cayman Islands) Holding Corp

36,544 0.13%

55,037 Yuexiu Property Company Ltd

10,510 0.04%

5,077 Weichai Power Co Ltd

19,619 0.07%

Total Hong Kong

1,548,949 5.31%

Hungary - 0.26% 267 Mol Magyar Olaj- es Gazipari Nryt

14,289 0.05%

1,850 OTP Bank Nyrt

35,578 0.12%

1,410 Richter Gedeon Nyrt

27,066 0.09%

Total Hungary

76,933 0.26%


235


Nominal Security


US$ Net

Assets


Indonesia - 2.44% 162,418 Astra International Tbk

99,670 0.34%

82,856 Bank Central Asia PT

76,880 0.26%

30,757 Bank Danamon PT

10,754 0.04%

67,121 Bank Mandiri

55,061 0.19%

43,962 Bank Negara Indonesia

17,670 0.06%

75,493 Bank Rakyat Indonesa

65,750 0.23%

36,570 Bumi Serpong Damai

4,581 0.02%

61,609 Global Mediacom Tbk PT

11,043 0.04%

4,571 Gudang Garam Tbk PT

20,628 0.07%

4,223 Indo Tambangraya Megah PT

9,618 0.03%

7,126 Indocement Tunggal Prakarsa Tbk PT

13,555 0.05%

14,500 Indofood CBP Sukses Makmur Tbk PT

12,231 0.04%

19,423 Jasa Marga Persero Tbk PT

9,789 0.03%

143,717 Kalbe Farma Tbk PT

20,124 0.07%

17,376 Matahari Department Store Tbk PT

20,227 0.07%

68,749 Perusahaan Gas Negara Tbk PT

32,330 0.11%

143,595 Adaro Energy Tbk PT

14,232 0.05%

79,255 Charoen Pokphand Indonesia Tbk PT

25,204 0.09%

37,143 Indofood Sukses Makmur Tbk PT

20,992 0.07%

86,290 Lippo Karawaci Tbk PT

6,988 0.02%

343,940 Telekomunikasi Indonesia Persero Tbk PT

71,515 0.25%

25,097 XL Axiata Tbk PT

10,797 0.04%

25,984 Semen Gresik (Persero) Tbk PT

33,042 0.11%

8,253 Tambang Batubara Bukit Asam Tbk PT

7,466 0.03%

8,708 Unilever Idonesia Tbk PT

21,504 0.07%

9,919 United Tractors Tbk PT

19,328 0.07%

Total Indonesia

710,979 2.44%

Korea (South) - 14.87% 20 Amorepacific Corp

14,767 0.05%

20 Amorepacific Corp

30,128 0.10%

1,750 BS Financial Group Inc

25,774 0.09%

310 Celltrion Inc

14,264 0.05%

361 Cheil Industries Inc

25,049 0.09%

963 Cheil Worldwide Inc

21,703 0.07%

50 CJ CheilJedang Corp

17,026 0.06%

132 CJ Corp

18,266 0.06%

124 Daelim Industrial Co

10,332 0.04%

100 Daewoo International Corp

3,618 0.01%

1,860 Daewoo Securities Co Ltd

16,032 0.05%

920 Daewoo Shipbuilding & Marine Engineering Co Ltd

23,371 0.08%

1,320 DGB Financial Group Inc

19,767 0.07%

230 Dongbu Insurance Co Ltd

11,822 0.04%

510 Doosan Heavy Industries & Construction Co Ltd

17,669 0.06%

1,230 Doosan Infracore Co Ltd

15,744 0.05%

159 E- Mart Co Ltd

36,462 0.13%

320 GS Engineering & Construction Corp

10,659 0.04%


236


Nominal Security


US$ Net

Assets


Korea (South) - 14.87% (continued)

187 GS Holdings

8,336 0.03%

241 Halla Visteon Climate Control Corp

10,910 0.04%

1,809 Hana Financial Holdings

67,054 0.23%

548 Hankook Tire Co Ltd

32,717 0.11%

920 Hanwha Chemical Corp

16,687 0.06%

510 Hanwha Corp

13,031 0.04%

130 Honam Petrochemicals Corp

23,708 0.08%

240 Hotel Shilla Co Ltd

21,683 0.07%

3,991 Hynix Semiconductor Inc

191,524 0.66%

241 Hyosung Corp

16,103 0.06%

72 Hyundai Department Store Co Ltd

9,892 0.03%

620 Hyundai Development Co

19,703 0.07%

410 Hyundai Engineering & Construction Co Ltd

23,343 0.08%

73 Hyundai Glovis Co Ltd

19,446 0.07%

284 Hyundai Heavy Industries Co Ltd

49,687 0.17%

90 Hyundai Hysco

6,005 0.02%

720 Hyundai Marine & Fire Insurance Co

20,532 0.07%

500 Hyundai Merchant Marine Co

4,527 0.02%

101 Hyundai Mipo Dockyard Co Ltd

14,626 0.05%

489 Hyundai Mobis

137,271 0.47%

1,067 Hyundai Motor Co

242,047 0.83%

272 Hyundai Motor Co Ltd

43,017 0.15%

1,580 Industrial Bank of Korea

21,084 0.07%

544 INI Steel Company

40,006 0.14%

990 Kangwon Land Inc

29,063 0.10%

2,756 KB Financial Group Inc

95,890 0.33%

30 KCC Corp

18,296 0.06%

1,875 Kia Motors Corp

104,899 0.36%

220 KJB Financial Group Co

2,425 0.01%

336 KNB Financial Group Co

4,268 0.01%

170 Korea Aerospace Industries Ltd

5,243 0.02%

1,740 Korea Electric Power Corp

64,152 0.22%

276 Korea Gas Corp

15,059 0.05%

420 Korea Investment Holdings Co Ltd

16,689 0.06%

104 Korea Kumho Petrochemical Co

9,118 0.03%

53 Korea Zinc Co Ltd

20,798 0.07%

330 Korean Air Lines Co Ltd

10,895 0.04%

729 KT&G Corp

64,492 0.22%

347 LG Chem Ltd

101,525 0.35%

737 LG Corp

45,530 0.16%

1,625 LG Display Co Ltd

51,078 0.18%

650 LG Electronics Inc

47,737 0.16%

69 LG Household & Health Care Ltd

31,066 0.11%

1,850 LG Telecom Ltd

16,860 0.06%

59 Lotte Shopping Co

17,991 0.06%

204 LS Cable Ltd

14,982 0.05%

125 NCsoft Corp

22,549 0.08%

194 NHN Corp

160,118 0.55%

161 NHN Entertainment Corp

12,477 0.04%


237


Nominal Security


US$ Net

Assets


Korea (South) - 14.87% (continued)

100 OCI Company Ltd

17,001 0.06%

20 Orion Corp

18,326 0.06%

460 POSCO

138,224 0.47%

773 Samsung C&T Corp

56,999 0.20%

400 Samsung Card Co

17,061 0.06%

365 Samsung Electro-Mechanics Co

21,034 0.07%


140,399 0.48%


990,497 3.40%

156 Samsung Engineering Co Ltd

12,351 0.04%

257 Samsung Fire & Marine Insurance

65,413 0.22%

970 Samsung Heavy Industries Co Ltd

25,935 0.09%

449 Samsung Life Insurance Co Ltd

45,269 0.16%

206 Samsung SDI Co Ltd

32,986 0.11%

264 Samsung Securities Co Ltd

11,560 0.04%

119 Samsung Techwin Co Ltd

6,234 0.02%

2,963 Shinhan Financial Group Ltd

137,213 0.47%

126 SK C and C Co Ltd

20,737 0.07%

212 SK Corp Ltd

38,243 0.13%

402 SK Energy Co Ltd

44,901 0.15%

97 SK Telecom

22,675 0.08%

167 S-Oil Corp

9,393 0.03%

353 Woongjin Coway Co Ltd

29,554 0.10%

1,633 Woori Finance Holdings Co

19,450 0.07%

30 Woori Investment &Securities Co Ltd

259 0.00%

104 Yuhan Corp

18,606 0.06%

188 Hyundai Motor Company

28,153 0.10%

Total Korea (South)

4,337,065 14.87%

Malaysia - 3.73% 10,000 Alliance Financial Group BHD

14,707 0.05%

11,674 AMMB Holding BHD

25,899 0.09%

16,040 Astro Malaysia Holdings BHD

17,542 0.06%

18,402 Axiata Group BHD

39,964 0.14%

620 British American Tobacco BHD

12,661 0.04%

12,200 Bumi Armada BHD

12,925 0.04%

37,037 CIMB Group Holdings BHD

84,474 0.29%

8,320 Dialog Group BHD

9,825 0.03%

20,670 Digi.com BHD

36,904 0.13%

12,100 Felda Golbal Ventures Holdings BHD

15,684 0.05%

6,520 Gamuda BHD

9,569 0.03%

14,220 Genting BHD

44,263 0.15%

5,100 Hong Leong Bank BHD

21,929 0.08%

14,560 IHH Healthcare BHD

19,871 0.07%

4,660 IJM Corporation BHD

9,728 0.03%

20,800 IOI Corporation BHD

34,025 0.12%


238


Nominal Security


US$ Net

Assets


Malaysia - 3.73% (continued)

9,686 IOI Properties Group Sdn BHD

7,605 0.03%

3,190 Kuala Lumpur Kepong BHD

24,054 0.08%

4,000 Lafarge Malayan Cement BHD

12,276 0.04%

30,740 Malayan Banking BHD

94,153 0.32%

10,880 Maxis BHD

22,883 0.08%

4,140 MISC BHD

8,385 0.03%

1,980 Perlis Plantations Group BHD

9,340 0.03%

19,883 Petronas Chemicals Group BHD

41,942 0.14%

4,427 Petronas Gas BHD

33,795 0.12%

19,860 Public Bank BHD

121,162 0.42%

21,280 Resorts World BHD

27,848 0.10%

6,000 RHB Capital BHD

15,984 0.05%

21,290 SapuraKencana Petroleum BHD

29,055 0.10%

22,357 SIME DARBY BHD

67,362 0.23%

10,000 Telekom Malaysia BHD

19,786 0.07%

19,620 Tenaga Nasionl BHD

74,460 0.26%

15,400 UEM Land Holdings BHD

9,741 0.03%

5,000 UMW Holdings BHD

17,013 0.06%

47,300 YTL Corp BHD

23,875 0.08%

18,520 Airasia BHD

13,272 0.05%

1,986 Public Bank Berhad RTS

3,403 0.01%

Total Malaysia

1,087,364 3.73%

Mexico – 5.06% 20,899 Alfa SAB de CV

57,855 0.20%

237,402 America Movil SAB de CV

246,154 0.84%

2,949 Arca Continental SAB de CV

19,985 0.07%

2,596 Coca-Cola Femsa SAB de CV

29,455 0.10%

10,068 Compartamos SAB de CV

19,404 0.07%

1,690 El Puerto de Liverpool SAB de CV

20,013 0.07%

16,360 Fibra Uno Administracion SAB de CV

57,094 0.20%

14,219 Fomento Economico Mexicano SAB DE CV

133,281 0.46%

3,340 Genomma Lab International SAB de CV

9,061 0.03%

1,940 Gruma SAB de CV

23,218 0.08%

2,923 Grupo Aeroportuario del Pacifico SAB de CV

19,739 0.07%

851 Grupo Aeroportuario del Sureste SAB de CV

10,821 0.04%

10,779 Grupo Bimbo SAB de CV

31,635 0.11%

2,951 Grupo Carso SAB de CV

15,351 0.05%

18,122 Grupo Financiero Banorte SAB de CV

129,630 0.44%

16,033 Grupo Financiero Inbursa SAB de CV

47,561 0.16%

11,396 Grupo Financiero Santander Mexico SAB de CV

30,256 0.10%

28,593 Grupo Mexico SAB de CV

95,289 0.33%


239


Nominal Security


US$ Net Assets


Mexico – 5.06% (continued)

18,375 Grupo Televisa SAB de CV

126,086 0.43%

80 Industrias CH SAB de CV

452 0.00%

887 Industrias Penoles SAB de CV

22,183 0.08%

9,393 Kimberly-Clark de Mexico SAB de CV

26,292 0.09%

5,907 Mexichem SAB de CV

24,444 0.08%

5,864 Minera Frisco SAB de CV

11,555 0.04%

5,670 OHL Mexico SAB de CV

17,401 0.06%

2,400 Promotora y operadora de inf

32,071 0.11%

38,839 Walmart De Mexico

103,896 0.36%

79,555 Cemex SAB de CV

105,364 0.36%

2,673 Controladora Comercial Mexican SAB de C.V.

10,017 0.03%

Total Mexico

1,475,563 5.06%

Peru - 0.07% 1,670 Compania de Minas Buenaventura SAA

19,723 0.07%

Total Peru

19,723 0.07%

Phillippines - 0.99% 8,930 Aboitiz Equity Ventures Inc

11,455 0.04%

18,900 Aboitiz Power Corp

15,867 0.05%

21,000 Alliance Global Group Inc

13,998 0.05%

1,750 Ayala Corp

25,956 0.09%

31,050 Ayala Land Inc

21,693 0.07%

7,050 Bank of Philippine Islands

14,696 0.05%

13,769 BDO Unibank Inc

29,490 0.10%

8,350 DMCI Holdings Inc

14,154 0.05%

305 Globe Telecom Inc

11,179 0.04%

3,010 International Container Terminal Services Inc

7,653 0.03%

10,900 JG Summit Holdings Inc

12,796 0.04%

4,240 Jollibee Foods Corp

17,094 0.06%

420 Philippine Long Distance Telephone Co

28,747 0.10%

715 SM Investments Corp

13,365 0.05%

64,800 SM Prime Holdings Inc

23,542 0.08%

7,650 Universal Robina Corp

27,039 0.09%

Total Phillippines

288,724 0.99%

Poland - 1.51% 405 Bank Handlowy w Warszawie SA

15,970 0.05%

882 Bank Pekao SA

50,493 0.17%

242 Bank Zachodni WBK SA

29,405 0.10%

676 Eurocash SA

8,951 0.03%

269 Grupa Azoty SA

6,421 0.02%

896 KGHM Polska Miedz SA

36,719 0.13%

111 MBANK SA

18,459 0.06%

7,051 PGE SA

50,268 0.17%

2,363 Polski Koncern Naftowy Orlen SA

31,903 0.11%

11,951 Polskie Gornictwo Naftowe i Gazownictwo SA

20,661 0.07%

6,383 Powszechna Kasa Oszczednosci Bank Polski SA

79,241 0.27%

484 Powszechny Zaklad Ubezpieczen SA

70,724 0.24%

6,895 Telekomunikacja SA

22,024 0.08%

Total Poland

441,239 1.51%


240


Nominal Security


US$ Net Assets


Qatar - 0.30% 2,810 Masraf AL Rayan

35,124 0.12%

810 Ooredoo QSC

26,458 0.09%

580 Qatar National Bank

26,020 0.09%

Total Qatar

87,602 0.30%

Russia - 0.11% 520 Magnit OJSC

30,680 0.11%

Total Russia

30,680 0.11%

South Africa - 7.46% 8,613 African Bank Investments Ltd

5,498 0.02%

1,024 African Rainbow Minerals Ltd

18,005 0.06%

2,281 AngloGold Ashanti Ltd

38,139 0.13%

2,296 Aspen Pharmacare Holdings Ltd

64,516 0.22%

296 Assore Ltd

9,925 0.03%

2,535 Barclays Africa Group Ltd

38,489 0.13%

2,338 Barloworld Ltd

22,255 0.08%

2,345 Bidvest Group Ltd

62,297 0.21%

2,973 Discovery Ltd

27,153 0.09%

1,325 Exxaro Resources Ltd

17,252 0.06%

23,236 FirstRand Ltd

89,017 0.31%

7,336 Gold Fields Ltd

26,484 0.09%

11,154 Growthpoint Properties Ltd

25,932 0.09%

3,497 Harmony Gold Mining Company Ltd

10,241 0.04%

4,523 Impala Platinum Holdings Ltd

45,447 0.16%

1,420 Imperial Holdings Ltd

26,700 0.09%

2,248 Investec Ltd

20,601 0.07%

337 Kumba Iron Ore Ltd

10,740 0.04%

1,001 Liberty Holdings Ltd

12,234 0.04%

4,899 Life Healthcare Group HoldingsLtd

19,109 0.07%

995 Massmart Holdings Ltd

12,348 0.04%

2,910 Mediclinic International Ltd

22,348 0.08%

4,947 MMI Holdings Ltd

12,208 0.04%

1,977 Mr Price Group Ltd

33,606 0.12%

11,907 Mtn Group Ltd

250,736 0.86%

2,380 Nampak Ltd

8,232 0.03%

2,813 Naspers Ltd

331,100 1.14%

1,361 Nedbank Group Ltd

29,322 0.10%

8,706 Netcare Ltd

23,490 0.08%

1,520 Pick n Pay Stores Ltd

8,321 0.03%

5,092 PPC Ltd

15,008 0.05%

3,251 Remgro Ltd

70,296 0.24%

450 Reunert Ltd

2,744 0.01%

4,053 RMB Holdings Ltd

20,038 0.07%

6,221 RMI Holdings Ltd

19,171 0.07%

13,165 Sanlam Ltd

76,426 0.26%

5,497 Sappi Ltd

19,777 0.07%

3,874 Sasol Ltd

230,308 0.79%


241


Nominal Security


US$ Net Assets


South Africa - 7.46% (continued)

3,509 Shoprite Holdings Ltd

50,803 0.17%

9,190 Standard Bank Group Ltd

125,276 0.43%

12,644 Steinhoff International Holdings Ltd

70,430 0.24%

1,904 The Foschini Group Ltd

19,958 0.07%

492 The Spar Group Ltd

5,754 0.02%

1,071 Tiger Brands Ltd

30,875 0.11%

2,108 Truworths International Ltd

14,861 0.05%

2,803 Vodacom Group Ltd

34,639 0.12%

4,579 Woolworths Holdings Ltd

33,642 0.12%

16,958 Redefine Properties Ltd

15,289 0.05%

Total South Africa

2,177,040 7.46%

Taiwan - 11.41% 27,162 Acer Inc

19,416 0.07%

42,254 Advanced Semiconductor Engineering

54,961 0.19%

1,346 Advantech Co Ltd

11,492 0.04%

13,129 Asia Cement Corp

17,978 0.06%

4,798 Asustek Computer Inc

53,493 0.18%

58,815 AU Optronics Corp

24,910 0.09%

4,455 Catcher Technology Co Ltd

41,540 0.14%

55,848 Cathay Financial Holding Co

87,227 0.30%

31,662 Chang HWA Commercial Bank

19,611 0.07%

12,394 Cheng Shin Rubber Industry Co

31,703 0.11%

5,124 Chicony Electronics Co Ltd

13,827 0.05%

44,759 China Airlines Ltd

15,360 0.05%

80,083 China Development Financial Holdings Corp

26,330 0.09%

20,695 China Life Insurance Co Ltd

19,089 0.07%

79,100 China Steel Corp

66,473 0.23%

84,854 Chinatrust Financial Holding Co

56,535 0.19%

26,876 Chunghwa Telecom Co Ltd

86,563 0.30%

25,295 Compal Electronics

20,664 0.07%

13,032 Delta Electronics Inc

94,900 0.33%

44,403 E.Sun Financial Holding Company Ltd

28,469 0.10%

630 Eclat Textile Company Ltd

7,636 0.03%

4,049 Epistar Corp

10,032 0.03%

28,963 Eva Airways Corp

13,915 0.05%

18,413 Far Eastern Textile Ltd

19,820 0.07%

8,404 Far Eastone Telecomm Co Ltd

19,133 0.07%

8,720 Farglory Land Development Co Ltd

11,868 0.04%

42,630 First Financial Holding Co

27,404 0.09%

24,323 Formosa Chemicals & Fibre Corp

61,565 0.21%

5,588 Formosa Petrochemical Corp

14,556 0.05%

26,667 Formosa Plastics Corp

71,248 0.24%

45,539 Fubon Financial Holding Co

65,790 0.23%

1,352 Giant Manufacturing Co Ltd

10,524 0.04%

380 Hermes Microvision Inc

15,076 0.05%

853 Hiwin Technologies Corp

10,524 0.04%


242


Nominal Security


US$ Net Assets


Taiwan - 11.41% (continued)

78,969 Hon Hai Precision Industry Co Ltd

264,393 0.91%

1,700 Hotai Motor CoLtd

21,685 0.07%

3,355 HTC Corp

15,501 0.05%

28,810 Hua Nan Financial Holdings Co Ltd

18,038 0.06%

69,089 Innolux Display Corp

32,384 0.11%

15,300 Inotera Memories Inc

27,815 0.10%

16,540 Inventec Co Ltd

15,838 0.05%

661 Largan Precision Co Ltd

52,670 0.18%

14,269 Lite On Tecno Corp

23,815 0.08%

9,759 MediaTek Inc

165,003 0.57%

71,777 Mega Financial Holding Co Ltd

59,718 0.20%

2,034 Merida Industry Co Ltd

13,484 0.05%

34,093 Nan Ya Plastics Corp

82,071 0.28%

4,650 Novatek Microelectronics Ltd

22,886 0.08%

13,961 Pegatron Corp

26,643 0.09%

2,000 Phison Electronics Corp

16,104 0.06%

21,078 Pou Chen Corp

25,370 0.09%

8,109 Powertech Technology Inc

14,661 0.05%

3,860 President Chain Store Corp

30,887 0.11%

18,306 Quanta Computer Inc

53,322 0.18%

1,816 Radiant Opto-Electronics Corp

7,783 0.03%

5,176 Realtek Semi-conductor Corp

16,394 0.06%

7,195 Ruentex Development Co Ltd

13,032 0.04%

6,092 Ruentex Industries Ltd

15,746 0.05%

67,740 Hon Hai Precision Industry Co Ltd

20,888 0.07%

21,524 Siliconware Precision Industries Co

35,347 0.12%

1,423 Simplo Technology Co Ltd

8,814 0.03%

63,707 Sinopac Financial Holdings Co Ltd

28,687 0.10%

4,656 Synnex Technology International Corp

7,841 0.03%

52,604 Taishin Financial Holdings Co Ltd

26,947 0.09%

24,258 Taiwan Cement Corp

36,710 0.13%

30,298 Taiwan Cooperative Financial Holding Co

17,346 0.06%

9,932 Taiwan Fertilizer Co

19,686 0.07%

13,042 Taiwan Mobile Co Ltd

40,347 0.14%


712,479 2.44%

21,187 TECO Electric & Machinery Co Ltd

24,366 0.08%

7,148 TSRC Corp

10,099 0.03%

15,358 Unimicron Technology Corp

14,860 0.05%

30,887 Uni-President Enterprises Corp

55,429 0.19%

8,021 Wistron Corp

7,318 0.03%

5,496 WPG Holdings Ltd

7,563 0.03%

53,409 Yuanta Financial Holdings Co Ltd

28,879 0.10%

11,040 Yulon Motor Co Ltd

17,964 0.06%

8,499 Foxconn Technology Co Ltd

20,602 0.07%

Total Taiwan

3,327,047 11.41%


243


Nominal Security


US$ Net Assets


Thailand - 2.40% 4,120 Advanced Info Service PCL

27,930 0.10%

2,280 Advanced Info Service PCL

15,457 0.05%

4,720 Airports of Thailand PCL

28,871 0.10%

6,560 Bangkok Bank PCL

39,014 0.13%

2,070 Bangkok Bank PCL

12,343 0.04%

3,460 Bank of Ayudhya PCL

4,958 0.02%

23,200 Banpu PCL

21,090 0.07%

2,820 BEC World PCL

4,236 0.01%

38,880 C.P.Seven Eleven PCL

57,508 0.20%

12,100 Central Pattana PCL

18,270 0.06%

29,100 Charoen Pokphand Foods PCL

24,435 0.08%

4,600 Glow Energy PCL

11,801 0.04%

25,136 Indorama Ventures PCL

21,494 0.07%

11,150 IRPC PCL

1,161 0.00%

6,150 Kasikornbank PCL

38,850 0.13%

9,476 Kasikornbank PCL

59,860 0.21%

23,506 Minor International PCL

21,187 0.07%

9,130 PTT Exploration and Production PCL

47,124 0.16%

10,140 PTT Global Chemical PCL

21,091 0.07%

2,650 PTT PCL

25,968 0.09%

4,315 PTT PCL

42,282 0.14%

2,020 Siam Cement PCL

28,384 0.10%

1,340 Siam Cement PCL

18,664 0.06%

8,390 Siam Commercial Bank PCL

43,563 0.15%

5,280 Siam Commercial Bank PCL

27,415 0.09%

7,380 Thai Oil PCL

11,825 0.04%

84,500 True Corp PCL

24,867 0.09%

Total Thailand

699,648 2.40%

Turkey - 1.70% 12,003 Akbank TAS

44,106 0.15%

1,361 Anadolu Efes Biracilik ve Malt Sanayii AS

16,660 0.06%

2,425 Arcelik AS

14,757 0.05%

1,329 BIM Birlesik Magazalar AS

30,468 0.10%

531 Coca-Cola Icecek AS

13,100 0.04%

12,953 Emlak Konut Gayrimenkul Yatirim Ortakligi AS

16,253 0.06%

14,951 Eregli Demir ve Celik Fabrikalari

26,730 0.09%

1,006 Ford Otomotiv Sanayi AS

12,528 0.04%

8,164 Haci Omer Sabanci Holding AS

38,088 0.13%

4,525 Koc Holding AS

22,199 0.08%

912 Tupras-Turkiye Petrol Rafinerileri AS

21,252 0.07%

6,294 Turk Hava Yollari Anonim Ortakligi

19,269 0.07%

4,727 Turk Telekomunikasyon AS

13,647 0.05%

5,528 Turkcell Iletisim Hizmet As

34,552 0.12%

16,590 Turkiye Garanti Bankasi

64,876 0.22%

5,090 Turkiye Halk Bankasi

38,177 0.13%

12,503 Turkiye IS Bankasi

33,795 0.12%

7,552 Turkiye Vakiflar Bankasi TAO

17,705 0.06%

8,490 Yapi Ve Kredi Bankasi

18,503 0.06%

Total Turkey

496,665 1.70%


244


Nominal Security


US$ Net

Assets


United Arab Emirates - 0.51% 10,830 Abu Dhabi Commercial Bank

20,817 0.07%

32,540 Aldar Properties PJSC

27,464 0.09%

1,540 DP World Ltd

30,338 0.10%

20,310 Dubai Financial Market

14,432 0.05%

12,730 Emaar Properties

29,148 0.10%

6,530 National Bank of Abu Dhabi

25,245 0.09%

Total United Arab Emirates

147,444 0.51%

United States of America - 0.50% 451 Credicorp

70,117 0.24%

1,089 Southern Copper Corp

33,073 0.11%

82,761 United MicroElectronics Corp

41,426 0.14%


144,616 0.50%

Total Equity

24,457,594 83.86%

Exchange Traded Funds - 13.75% 10,159 iShares MSCI Chile Capped Investable Market I

460,914 1.58%

66,632 iShares MSCI India Index Fund

1,981,303 6.79%

77,505 iShares MSCI Russia Capped Index Fund

1,567,926 5.38%


4,010,143 13.75%



D


US$ Net Assets

USD 8,340 ZAR (8,318) 07/07/2014 23 0.00%1

USD 8,314 ZAR (8,291) 07/07/2014 22 0.00%1

Total Forwards

45 0.00%1


28,467,782 97.61%


245





D


US$ Net Assets

ZAR 146,937 USD (13,869) 07/07/2014 (67) 0.00%1

ZAR 125,099 USD (11,808) 07/07/2014 (57) 0.00%1

ZAR 136,595 USD (12,893) 07/07/2014 (62) 0.00%1

ZAR 180,039 USD (16,994) 07/07/2014 (82) 0.00%1

ZAR 285,466 USD (26,945) 07/07/2014 (130) 0.00%1

Total Forwards

(397) 0.00%


(397) 0.00%


605,006 2.07%


94,501 0.32%


29,166,892 100.00%


Summary








- - -


- - -



(352) 0.00% 0.00%


605,006 2.07% 2.03%


94,501 0.32% 0.32%


*JP Morgan1 acts as counterparty to the open derivative positions at 30 June 2014.


246

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES GLOBAL FUND as at 30 June 2014

Nominal Security

Classification Maturity Fair

Value % of

US$ Net Assets


Collective Investment Schemes - 94.61% 12,679,121 Sanlam World Equity Tracker Fund

B

23,717,563 94.61%


23,717,563 94.61%


Nominal Security


US$ Net Assets

Futures - 0.01% (3) VGU4A - Euro STOXX 50 Sep 14

C 19/09/2014 1,681 0.01%

0 Z M4A - FTSE100 IDX Fut Jun 14

C 20/06/2014 388 0.00%

(3) Z U4A - FTSE 100 Idx Fut Sep 14

C 19/09/2014 613 0.00%

Total Futures

2,682 0.01%


D


Currency Amount Currency Amount US$ Net Assets

GBP 113 USD (192) 18/07/2014 1 0.00%1

GBP 2,590,880 USD (4,394,228) 18/07/2014 32,879 0.13%1

GBP 3,414 USD (5,797) 18/07/2014 37 0.00%1

GBP 3,653 USD (6,212) 18/07/2014 30 0.00%1

GBP 2,614 USD (4,439) 18/07/2014 28 0.00%1

GBP 349 USD (593) 18/07/2014 3 0.00%1

Total Forward contracts

32,977 0.13%


23,753,222 94.75%



Nominal Security


US$ Net Assets

Futures (1) NKU4 - Nikkei 225 (OSE) Sep14

C 11/09/2014 (1,362) (0.01%)

2

(6) ESU4 - S&P500 Emini Fut Sep14

C 19/09/2014 (6,976) (0.03%)2

Total Futures

(8,338) (0.03%)


(8,338) (0.03%)


1,332,505 5.31%


(7,492) (0.03%)


25,069,897 100.00%


247

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES GLOBAL FUND (CONTINUED) as at 30 June 2014


Summary






- - -



- - -


23,717,563 94.61% 94.52%

C Financial derivative instruments dealt in on a regulated market (5,656) (0.02%) (0.02%)


32,977 0.13% 0.13%


1,332,505 5.31% 5.31%


(7,492) (0.03%) (0.03%)


*JP Morgan1 and Goldman Sachs

2 acts as counterparty or clearing broker to the open derivative positions at 30 June 2014


248

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES UK FUND as at 30 June 2014

Nominal Security

Maturity Classification Fair Value % of

GBP Net

Assets


Collective Investment Schemes – 92.04%

13,414,578 Sanlam UK EquityTracker Fund

B 14,030,307 92.04%

Collective Investment Schemes

14,030,307 92.04%

Derivative Financal Instruments

Forward Contracts- 0.00%

D


Currency Amount Currency Amount GBP Net

Assets

GBP 56,032 USD (95,151) 18/07/2014

348 0.00%

1


348 0.00%

Nominal Security


GBP Net

Assets

Futures Contracts -0.01 % (11) Z U4A - FTSE 100 Idx Fut Sep14

C 19/09/2014 825 0.01%2


825 0.01%


14,031,480 92.05%



Forward Contracts- (0.28%)

D



Assets

USD 9,593,898 GBP (5,656,656) 18/07/2014 (42,135) (0.28%)1

USD 15,800 GBP (9,305) 18/07/2014 (58) (0.00%)1

USD 2,229 GBP (1,314) 18/07/2014 (10) (0.00%)1

USD 23,000 GBP (13,582) 18/07/2014 (122) (0.00%)1

USD 42,146 GBP (24,710) 18/07/2014 (45) (0.00%)1

USD 7,054 GBP (4,145) 18/07/2014 (17) (0.00%)1

USD 2,097 GBP (1,233) 18/07/2014 (6) (0.00%)1

USD 16,821 GBP (9,912) 18/07/2014 (68) (0.00%)1

USD 51,667 GBP (30,383) 18/07/2014 (147) (0.00%)1

USD 15,511 GBP (9,116) 18/07/2014 (39) (0.00%)1


(42,648) (0.28%)


(42,648) (0.28%)


1,241,482 8.15%


12,628 0.08%


15,242,942 100.00%


249

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES UK FUND (CONTINUED) as at 30 June 2014


Summary





official stock exchange listing or traded on regulated market - - -



- - -


14,030,307 92.04% 91.73%

C Financial derivative instruments dealt in on a regulated market 825 0.01% 0.01%


(42,300) (0.28%) (0.28%)


1,241,482 8.15% 8.12%


12,628 0.08% 0.08





250

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES NORTH AMERICA FUND as at 30 June 2014

Nominal Security


US$ Net Assets


Collective Investment Schemes – 92.00% 35,865,101 Sanlam North America Equity Tracker Fund

B 43,228,207 92.00%


43,228,207 92.00%

Derivative Financal Instruments


D



GBP 182 USD (310) 18/07/2014 1 0.00%1

GBP 1,541 USD (2,620) 18/07/2014 13 0.00%1

GBP 2,764 USD (4,686) 18/07/2014 36 0.00%1

GBP 4,648 USD (7,872) 18/07/2014 71 0.00%1

USD 7,161 GBP (12,161) 18/07/2014 76 0.00%1

GBP 7,818 USD (13,268) 18/07/2014 92 0.00%1

GBP 11,190 USD (19,029) 18/07/2014 92 0.00%1

GBP 43,775 USD (74,664) 18/07/2014 136 0.00%1

GBP 14,934 USD (25,359) 18/07/2014 159 0.00%1

GBP 6,468,586 USD (10,970,962) 18/07/2014 81,836 0.17%1


82,512 0.17%


43,310,719 92.17%




D



GBP 4,988 GBP (4,988) 18/07/2014 (37) 0.00%1


(37) 0.00%

Nominal Security


US$ Net Assets

Futures Contracts - 0.06% (23) ESU4 - S&P500 Emini Fut Sep14

C 19/09/2014 (26,737) (0.06%)2


(26,737) (0.06%)


(26,774) (0.06%)


3,988,822 8.49%


(284,416) (0.60%)


46,988,351 100.00%


251

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES NORTH AMERICA FUND (CONTINUED) as at 30 June 2014


Summary






- - -



- - -


43,228,207 92.00% 91.38%



82,475 0.17% 0.17%


3,988,822 8.49% 8.43%


(284,416) (0.60%) (0.60%)





252

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES EMERGING MARKET FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Collective Investment Schemes - 89.53% 13,381,626 Sanlam Emerging MarketEquity Tracker Fund B 13,962,388 89.53%


13,962,389 89.53%


D



Assets

GBP 56 USD (96) 18/07/2014 0 0.00%1

GBP 108 USD (183) 18/07/2014 1 0.00%1

GBP 707 USD (1,200) 18/07/2014 5 0.00%1

GBP 1,604 USD (2,728) 03/07/2014 8 0.00%1

GBP 1,901 USD (3,234) 04/07/2014 9 0.00%1

GBP 1,178 USD (1,994) 18/07/2014 11 0.00%1

GBP 2,499 USD (4,244) 18/07/2014 15 0.00%1

GBP 3,726 USD (6,336) 18/07/2014 18 0.00%1

GBP 11,169 USD (19,049) 18/07/2014 20 0.00%1

GBP 4,504 USD (7,649) 18/07/2014 28 0.00%1

GBP 7,127 USD (12,127) 18/07/2014 30 0.00%1

GBP 18,597 USD (31,562) 01/07/2014 125 0.00%1

GBP 2,265,490 USD (3,842,355) 18/07/2014 16,824 0.11%1


17,095 0.11%


13,979,484 89.64%



D

Nominal Security


US$ Net

Assets

Futures Contracts - 0.02% (15) MESU4 - Mini MSCI Emg Mkt Sep 14 C 19/09/2014 (2,625) (0.02%)

2


(2,625) (0.02%)


253

PORTFOLIO OF INVESTMENTS OF SANLAM P2STRATEGIES EMERGING MARKET FUND (CONTINUED) as at 30 June 2014



D



Assets

USD 10,347 GBP (10,347) 18/07/2014 (71) (0.00%)1

USD 8,249 GBP (8,249) 01/07/2014 (56) (0.00%)1

USD 2,499 GBP (2,499) 02/07/2014 (15) (0.00%)1

USD 1,661 GBP (1,661) 03/07/2014 (8) (0.00%)1

USD 1,186 GBP (1,186) 18/07/2014 (5) (0.00%)1

USD 715 GBP (715) 04/07/2014 (3) (0.00%)1


(158) (0.00%)

Total financial liabilities at fair value through profit or loss (2,783) (0.02%)


1,678,586 10.76%


(60,620) (0.38%)


Sanlam P2strategies Emerging Market Fund

Summary






- - -



- - -


13,962,389 89.53% 89.13%



16,937 0.11% 0.11%


1,678,586 10.76% 10.71%


(60,620) (0.38%) (0.38%)





254

PORTFOLIO OF INVESTMENTS OF SANLAM P2 STRATEGIES EUROPE (EX UK) FUND as at 30 June 2014

Nominal Security


GBP Net

Assets


Collective Investment Schemes - 85.56%

12,230,798 Sanlam Europe(ex UK) Equity Tracker Fund

B 14,278,233 85.56%


14,278,233 85.56%

Nominal Security


GBP Net

Assets

Futures Contracts - 0.05%

(21) VGU4A - Euro STOXX 50 Sep 14

C 19/09/2014

8,820 0.05%2


8,820 0.05%



D



Assets

EUR 2,085 USD (2,085) 18/07/2014 12 0.00%1

EUR 278,969 USD (278,969) 18/07/2014 794 0.00%1

GBP 1,902 EUR (2,373) 18/07/2014 2 0.00%1

GBP 6,332 EUR (7,902) 18/07/2014 5 0.00%1

GBP 3,403 EUR (4,238) 18/07/2014 12 0.00%1

EUR 4,541 GBP (4,541) 18/07/2014 19 0.00%1


844 0.01%


14,287,897 85.62%


255

PORTFOLIO OF INVESTMENTS OF SANLAM P2 EUROPE STRATEGIES (EX UK) FUND (CONTINUED) as at 30 June 2014



Forward Contracts- (0.91%)

D Buy Buy Sell Sell Maturity Fair Value % of


Assets

USD 18,004,454 EUR (13,292,609) 18/07/2014 (140,503) (0.84%)1

USD 146,465 EUR (107,765) 18/07/2014 (772) (0.00%)1

USD 87,039 EUR (63,848) 18/07/2014 (266) (0.00%)1

USD 38,432 EUR (28,315) 18/07/2014 (240) (0.00%)1

USD 26,400 EUR (19,458) 18/07/2014 (173) (0.00%)1

USD 26,306 EUR (19,287) 18/07/2014 (70) (0.00%)1

USD 3,698 EUR (2,731) 18/07/2014 (29) (0.00%)1

USD 3,540 EUR (2,604) 18/07/2014 (18) (0.00%)1

USD 27,920 EUR (20,534) 18/07/2014 (139) (0.00%)1

GBP 2,884,398 EUR (3,611,718) 18/07/2014 (9,676) (0.06%)1

GBP 18,007 EUR (22,531) 18/07/2014 (43) (0.00%)1

GBP 6,669 EUR (8,346) 18/07/2014 (18) (0.00%)1

GBP 5,261 EUR (6,581) 18/07/2014 (11) (0.00%)1

GBP 1,208 EUR (1,513) 18/07/2014 (4) (0.00%)1

GBP 1,190 EUR (1,489) 18/07/2014 (3) (0.00%)1

EUR 1,942 GBP (1,942) 18/07/2014 (3) (0.00%)1


(151,968) (0.91%)


(151,968) (0.91%)


2,629,814 15.76%


(77,845) (0.47%)


16,687,898 100.00%

Sanlam P2 Europe (ex-UK) Strategies Fund

Summary






- - -



- - -


14,278,233 85.56% 84.37%



(151,124) (0.91%) (0.89%)


2,629,814 15.76% 15.54%


(77,845) (0.47%) (0.46%)





256

PORTFOLIO OF INVESTMENTS OF SANLAM S&P AFRICA TRACKER FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity - 99.88%

Bermuda - 0.74% 100,200 African Minerals Ltd

119,000 0.31%

14,988 Kosmos Energy Ltd

168,315 0.44%

Total Bermuda

287,315 0.74%

Botswana - 0.76% 330,600 First National Bank of Botswana Ltd

130,579 0.34%

633,500 Letshego Holdings Ltd

162,497 0.42%

Total Botswana

293,076 0.76%

Canada - 11.28% 69,602 Africa Oil Corp

476,995 1.24%


2,812,224 7.29%

85,716 Nevsun Resources Ltd

321,878 0.83%

117,995 Semafo Inc

554,971 1.44%

24,676 TransGlobe Energy Corp

185,556 0.48%

Total Canada

4,351,624 11.28%

Cayman Islands - 0.34% 101,200 Lekoil Ltd

131,429 0.34%


131,429 0.34%

Egypt - 11.62% 385,061 Commercial International Bank

1,917,200 4.97%

187,202 EFG-Hermes Holding SAE

401,104 1.04%

235,038 Egypt Kuwait Holding Co

246,790 0.64%

1,080,031 Global Telecom Holding SAE

774,893 2.01%

440,830 Talaat Moustafa Group Holding

526,522 1.36%

36,186 Etablissements Maurel Et Prom

619,688 1.61%

Total Egypt

4,486,197 11.62%

Ghana - 0.77% 30,424 Ecobank Ghana Ltd

66,732 0.17%

82,012 Ghana Commercial Bank Ltd

132,289 0.34%

11,625 Standard Chartered Bank Ghana

62,621 0.16%

6,932 Unilever Ghana Ltd

36,330 0.09%

Total Ghana

297,972 0.77%

Great Britain - 7.68% 352,800 Afren Plc

874,163 2.27%

97,400 Ophir Energy Plc

366,665 0.95%


1,723,918 4.47%

Total Great Britain

2,964,746 7.68%

Ivory Coast - 1.89% 3,233,899 Ecobank Transnational Inc

335,198 0.87%

8,597 Sonatel

392,884 1.02%

Total Ivory Coast

728,082 1.89%


257

PORTFOLIO OF INVESTMENTS OF SANLAM S&P AFRICA TRACKER FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Jersey Channel Isle - 0.96% 343,200 Centamin Plc

372,406 0.96%


372,406 0.96%

Kenya - 8.09% 80,626 Athi River Mining Ltd

73,606 0.19%

723,740 Barclays Bank Ltd

137,926 0.36%


79,498 0.21%

735,554 Co-operative Bank of Kenya Ltd

162,002 0.42%

36,391 Diamond Trust Bank Kenya Ltd

99,667 0.26%

176,703 East African Breweries Ltd

570,660 1.48%

1,034,520 Equity Bank Ltd

543,055 1.41%

951,086 Kenya Commercial Bank Ltd

553,525 1.43%

27,418 The Nation Media Group

96,994 0.25%

114,261 NIC Bank Ltd

74,974 0.19%

4,298,350 Safaricom Ltd

610,686 1.58%

32,781 Standard Chartered Bank Ltd

115,592 0.30%

3,639 Diamond Trust Bank Kenya RTS

3,115 0.01%

Total Kenya

3,121,300 8.09%

Mauritius - 3.36% 294,763 Ciel Ltd

67,542 0.18%

107,619 MCB Group Ltd

766,162 1.99%

56,895 New Mauritius Hotels Ltd

163,903 0.42%

6,136,177 State Bank of Mauritius Ltd

213,344 0.55%

70,393 Terra Mauricia Ltd

86,243 0.22%

Total Mauritius

1,297,194 3.36%

Morocco - 7.71% 30,619 Attijariwafa Bank

1,134,534 2.94%

13,883 Banque Centrale Populaire

317,471 0.82%

14,310 Banque Marocaine du Commerce

355,463 0.92%

61,004 Douja Prom Addoha

423,407 1.10%

64,237 Maroc Telecom

743,076 1.93%

Total Morocco

2,973,951 7.71%

Nigeria - 35.94% 4,802,369 Access Bank Nigeria Plc

281,452 0.73%

152,406 Cadbury Nigeria Plc

74,823 0.19%

572,467 Dangote Cement Plc

843,155 2.18%

1,206,172 Dangote Sugar Refinery Plc

70,246 0.18%

3,903,217 Diamond Bank Plc

153,302 0.40%

9,262,284 FBN Holdings Plc

886,724 2.30%

5,523,621 FCMB Group Plc

142,370 0.37%

8,224,202 Fidelity Bank Nigeria Plc

104,474 0.27%

619,162 Flour Mills Nigeria Plc

296,377 0.77%

243,115 Forte Oil Plc

307,792 0.80%


258


Nominal Security


US$ Net

Assets


Nigeria - 35.94% (continued)

167,508 Glaxo Smith Kline Consumer Nigeria Plc

65,790 0.17%

8,272,932 Guaranty Trust Bank Plc

1,469,783 3.81%

465,343 Guinness Nigeria Plc

571,148 1.48%

163,175 Julius Berger Nigeria Plc

76,556 0.20%

212,994 Nestle Foods Nigeria Plc

1,503,180 3.90%

2,336,953 Nigerian Breweries Plc

2,466,600 6.39%

1,353,876 Oando Plc

243,025 0.63%

880,197 PZ Cussons Nigeria Plc

202,021 0.52%

84,400 Seplat Petroleum Development Co

376,425 0.98%

3,752,172 Skye Bank Plc

75,988 0.20%

1,192,127 Stanbic IBTC Holding Co

190,214 0.49%

4,448,760 Sterling Bank Plc

64,157 0.17%

10,034,051 Transnational Corporation of Nigeria Plc

310,966 0.81%

1,290,386 UAC of Nigeria Plc

490,972 1.27%

1,270,760 Unilever Nigeria Plc

421,117 1.09%

8,702,625 United Bank for Africa Plc

411,231 1.07%

705,739 The West African Portland Cement Co Plc

480,743 1.25%

8,376,880 Zenith Bank Ltd

1,287,762 3.34%

Total Nigeria

13,868,393 35.94%

Tunisia - 0.53% 19,342 Banque De Tunisie

112,701 0.29%

2,412 Banque International Arabe de Tunisie

90,355 0.23%

Total Tunisia

203,056 0.53%

United States of America - 8.02% 56,646 Cobalt International Energy Inc

1,039,454 2.69%

24,700 Randgold Resources Ltd

2,056,786 5.33%


3,096,240 8.02%

Zambia - 0.19% 78,698 Zambian Breweries Plc

71,828 0.19%

Total Zambia

71,828 0.19%

Total Equity

38,544,809 99.88%


38,544,809 99.88%


10,791 0.02%


36,713 0.10%


38,592,313 100.00%


259



Summary








- - -


- - -




10,791 0.02% 0.02%


36,713 0.10% 0.09%



260

PORTFOLIO OF INVESTMENTS OF FOUR EUROPEAN L/S FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 70.49%

Belgium -1.85 % 15,930 Euronav SA

115,259 1.85%

Total Belgium

115,259 1.85%

Denmark- 5.77 % 6,710 Novo Nordisk AS

178,639 2.86%

6,220 Novozymes AS

181,358 2.91%

Total Denmark

359,997 5.77%

Finland – 7.39% 61,450 Nokia Oyj

272,528 4.37%

6,390 Sampo Oyj

188,468 3.02%

Total Finland

460,996 7.39%

France – 9.20% 3,090 Airbus Group

121,132 1.94%

2,520 AtoS

123,532 1.98%

3,710 BNP Paribas

146,329 2.34%

1,820 L'oreal SA

183,161 2.94%

Total France

574,154 9.20%

Germany – 3.80% 1,585 Henkel AG & Co KGaA

106,628 1.71%

865 Volkswagen AG

130,654 2.09%

Total Germany

237,282 3.80%

Italy – 10.21% 13,060 Azimut Holding SPA

195,789 3.14%

4,140 EI Towers SPA

131,461 2.11%

110,700 Hera SPA

183,962 2.95%

70,000 Intesa Sanpaolo SPA

125,861 2.02%

Total Italy

637,073 10.21%

Netherlands – 5.93% 3,555 ASML Holding NV

192,955 3.09%

2,920 Gemalto NV

177,136 2.84%

Total Netherlands

370,091 5.93%

Norway – 1.45% 8,640 Gjensidige Forsikring ASA

90,633 1.45%

Total Norway

90,633 1.45%

Spain – 5.94% 20,907 Iberdrola SA

93,510 1.50%

1,800 Inditex SA

161,894 2.59%

4,500 Obrascon Huarte Ence SA

115,309 1.85%

Total Spain

370,713 5.94%


261

PORTFOLIO OF INVESTMENTS OF FOUR EUROPEAN L/S FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Sweden – 2.30% 18,480 Skandinaviska Enskilda Banken AB

143,882 2.30%

Total Sweden

143,882 2.30%

Switzerland – 12.24% 10,080 AFG Arbonia Forster Holding AG

198,582 3.18%

3,250 Implenia AG

126,876 2.03%

1,430 roche holding AG Genusschein

249,213 3.99%

45 Sika AG

106,917 1.71%

380 Syngenta AG

82,024 1.31%

Total Switzerland

763,612 12.24%

United States of America – 4.41% 4,440 Autoliv Inc

275,469 4.41%


275,469 4.41%

Total Equity

4,399,161 70.49%


Equity Swaps – 0.26% (4,500) SKF AB CFD

B 274 0.00%1

(2,100) SEB SA CFD

B 370 0.01%1

(4,300) Atlas Copco AB CFD

B 674 0.01%1

(2,650) Osram Licht AG CFD

B 2,654 0.04%1

(16,000) Domino's Pizza Group Plc CFD

B 6,001 0.10%1

(580) Iliad SA CFD

B 6,018 0.10%1

Total equity Swaps

15,991 0.26%

Forward Contracts – 1.02%

D



Assets

USD 6,586,303 EUR

10,950,000 03/07/2014

63,841 1.02%

1

Total forward contracts

63,841 1.02%

Total financial assets at fair value

4,478,993 71.77%


262

PORTFOLIO OF INVESTMENTS OF FOUR EUROPEAN L/S FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets



Equity Swaps – (0.21%) (3,530) RWE AG CFD

B (5,374) (0.09%)1

(1,700) Anheuser Busch Inbev CFD

B (4,127) (0.07%)1

(5,050) Hamburger Hafen und Logistik AG CFD

B (3,156) (0.05%)1

(6,100) Getinge AB CFD

B (453) (0.01%)1

(5,440) TGS Nopec Geophysical Co ASA CFD

B (207) (0.00%)1

Total equity swaps

(13,317) (0.21%)


(13,317) (0.21%)


1,610,096 25.80%


164,560 2.64%


6,240,332 100.00%

FOUR European Long Short Fund

Summary






4,399,161 70.50% 69.92%



- - -


- - -


D Over the counter financial derivative instrument 63,841 1.02% 1.01%


1,610,096 25.80% 25.59%


164,560 2.64% 2.62%


*JP Morgan1 acts as counterparty to the open derivative positions at 30 June 2014


263

PORTFOLIO OF INVESTMENTS OF SPI GLOBAL HIGH QUALITY FUND as at 30 June 2014

Nominal Security


US$ Net

Assets


Equity – 94.74%

Belgium – 4.39% 12,584 Anheuser-Busch InBev

845,447 4.39%

Total Belgium

845,447 4.39%

France – 4.23% 7,223 LVMH Moet Hennessy Louis Vuitton SA

814,378 4.23%

Total France

814,378 4.23%

Great Britain – 22.66% 23,205 British American Tobacco Plc

807,070 4.19%

44,675 Burberry Group Plc

662,530 3.44%

44,987 Diageo Plc

839,457 4.36%


566,844 2.94%

24,141 Intertek Group Plc

663,636 3.45%

31,107 Unilever Plc

824,647 4.28%

Total Great Britain

4,364,184 22.66%

Ireland – 3.44% 13,989 Accenture Plc

661,787 3.44%

Total Ireland

661,787 3.44%

Korea (South) – 3.84% 1,957 Samsung Electronics Co Ltd

739,823 3.84%

Total Korea (South)

739,823 3.84%

Switzerland – 6.64% 16,584 Nestle SA

751,923 3.90%

2,420 Syngenta AG

527,535 2.74%

Total Switzerland

1,279,458 6.64%

United States of America – 49.53% 20,166 American International Group Inc

644,106 3.34%


626,328 3.25%

33,665 Coca-Cola Co

834,524 4.33%


770,887 4.00%


583,436 3.03%


446,994 2.32%


872,103 4.53%


735,262 3.82%


906,639 4.71%


752,648 3.91%


783,589 4.07%


944,009 4.90%


638,788 3.32%


9,539,313 49.53%

Total Equity

18,244,390 94.74%


18,244,390 94.74%


264

PORTFOLIO OF INVESTMENTS OF SPI GLOBAL HIGH QUALITY FUND (CONTINUED) as at 30 June 2014

Nominal Security


US$ Net

Assets


Derivative Financial Instruments

Forward Contracts – (0.01%)

D

Buy Currency Buy Amount

Sell Currency

Sell Amount Maturity Fair Value % of

US$ Net

Assets

USD 7,173 GBP (7,173) 30/06/2014 (48) (0.00%) USD 24,250 GBP (24,250) 30/06/2014 (116) (0.00%) USD 53,870 GBP (53,870) 30/06/2014 (67) (0.00%) USD 294,357 GBP (294,357) 30/06/2014 (1,792) (0.01%)


(2,023) (0.01%)


(2,023) (0.01%)


988,785 5.13%


27,059 0.14%


19,258,211 100.00%


Summary






18,244,390 94.74% 92.74%

A Transferabe securities and money market instruments other than - - -


- - -


- - -



(2,023) (0.01%) (0.01%)


988,785 5.13% 5.03%


27,059 0.14% 0.14%



265

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2014 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 2014, the Company comprised twenty nine separate investment sub-funds (“Fund(s)”). The Articles of Association of the Company provide segregated liability between the various Funds. A list of Funds active during the year and their status at the year end is set out below:

Name Status at 30 June 2014

8IP Asia Equity Opportunities Fund Closed – 20 March 2014

8IP Asia Pacific Equity Fund Closed – 20 March 2014

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 Sanlam Accel Income Fund Active Sanlam North America Equity Tracker Fund Active Sanlam UK Equity Tracker Fund Active Sanlam Europe (ex UK) Equity Tracker Fund Active Sanlam Equity Allocation Fund Active Sanlam Emerging Market Equity Tracker Fund Active Sanlam P2strategies Global Fund Active Sanlam P2strategies UK Fund Active Sanlam P2strategies North America Fund Active Sanlam P2strategies Emerging Market Fund Active Sanlam P2strategies Europe (ex UK) Fund Active Sanlam S&P Africa Tracker Fund Active FOUR European L/S Fund Active SPI Global High Quality Fund Active – launched on 3 March 2014 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.


266

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 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 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 or is disclosed in the supplement. 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 or such other time disclosed in the supplement. As at 30 June 2014, the following Share classes were admitted to the official list of the Irish Stock Exchange.

Fund Share Class Launched

Centre Global Equity Fund A 21 December 2006

B 21 December 2006

C 21 December 2006

Grindrod International Property Fund Non distributing 17 November 2010 P-Solve Inflation Plus Fund A 23 December 2005 B 1 March 2004 B (Accumulation) 20 September 2013

Sanlam African Frontier Markets Fund A 6 January 2009

A (GBP) 6 January 2009

C 6 January 2009

C (GBP) 6 January 2009

D 1 March 2010

G 21 January 2013

H 6 August 2013

Sanlam Global Best Ideas Fund A 4 September 2006

A (EUR) 22 February 2011

A (GBP) 20 December 2007

B 4 September 2006

C 4 September 2006

C (GBP) 3 November 2008

D 22 February 2011

F 27 July 2011


267


Shares (continued)


Sanlam Global Bond Fund A 17 August 2004

B 17 August 2004

C 17 August 2004

Sanlam Global Financial Fund A 12 April 2004

A (EUR) 22 February 2011

A (GBP) 20 December 2007

B 12 April 2004

C 13 November 2009

C (GBP) 03 July 2008

D 07 March 2011

F 29 July 2011

F (EUR) 23 May 2012

F (GBP) 03 February 2012

Sanlam Global Property Fund A 08 November 2012 B 28 March 2012 C 15 December 2011 Sanlam Strategic Cash Fund A 21 May 2001 B 5 August 1999 F 16 November 2011

Sanlam World Equity Fund A 17 August 2004

B 17 August 2004

C 17 August 2004

Sanlam World Equity Tracker Fund A 17 August 2004

B 17 August 2004

C 08 December 2001

I 11 June 2013

I (GBP) 23 May 2013

SIIP India Opportunities Fund A 14 September 2010

A (GBP) 17 June 2011

C 07 March 2012

D 25 August 2010


268

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014

1 General – The Company (continued)

Shares (continued)


SIM Global Equity Income Fund A 05 September 2012

B 21 October 2012

C 23 October 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 P Accumulating (USD) 29 May 2013 I Income 09 May 2014 I Accumulating 09 May 2014 Sanlam Fund of Alternative UCITS Fund A 29 August 2013 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 B 30 August 2013 I 11 June 2013 I (GBP) 11 June 2013

Sanlam UK Equity Tracker Fund A 11 June 2013 B 30 August 2013 C 11 July 2013 I 11 June 2013 I (GBP) 11 June 2013 Sanlam Europe (ex UK) Equity Tracker Fund A 11 June 2013 B 30 August 2013 C 11 July 2013 I 11 June 2013 I (GBP) 11 June 2013 Sanlam Equity Allocation Fund - - Sanlam Emerging Market Equity Tracker Fund A 11 June 2013 B 11 June 2013 I 11 June 2013 I (GBP) 11 June 2013

Sanlam P2strategies Global Fund A 2 January 2014

A (GBP) 10 July 2013

I 5 July 2013

I (GBP) 10 July 2013


269

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 1 General – The Company (continued) Shares (continued)


Sanlam P2strategies UK Fund A 2 January 2014


I 5 July 2013


Sanlam P2strategies North America Fund A 2 January 2014


I 5 July 2013


Sanlam P2strategies Emerging Market Fund A 2 January 2014 A (GBP) 10 July 2013 I 5 July 2013 I (GBP) 10 July 2013 Sanlam P2strategies Europe (Ex UK) Fund A 10 July 2013 A (EUR) 2 January 2014 A (GBP) 10 July 2013 I 10 July 2013 I (EUR) 5 July 2013 I (GBP) 10 July 2013 Sanlam S&P Africa Tracker Fund A 11 March 2014 I 2 September 2013 FOUR European L/S Fund A 26 September 2013 SPI Global High Quality Fund A Income 3 March 2014 A Accumulation 3 March 2014 I Income 3 March 2014 I Accumulation 3 March 2014 P Accumulation (USD) 3 March 2014


270


Minimum Subscription The minimum initial investment for each of the Funds is as follows:

Minimum initial

Fund Share Class investment

Centre Global Equity Fund A US$5,000

B US$5,000,000

C US$20,000,000

E None

Grindrod International Property Fund Non distributing US$1,000

P-Solve Inflation Plus Fund A (GBP) GBP£1,000

B (GBP) GBP£500,000 B Accumulation (GBP) GBP£500,000

C (GBP) GBP £2,500,000

Sanlam African Frontier Markets Fund A US$1,000

A (GBP) GBP£1,000

C US$1,000,000

C (GBP) GBP£1,000,000

D US$2,000,000

G US$50,000,000

H US$50,000,000

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

Sanlam Global Bond Fund A US$1,000

B US$750,000

C US$1,000,000

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

C (GBP) GBP£5,000,000


271


Minimum Subscription (continued)

Minimum initial


Sanlam Global Financial Fund (continued) C US$5,000,000

D US$1,000

E None

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

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$5,000,000

I (GBP) US$5,000,000

SIIP India Opportunities Fund A US$ 500

A (GBP) GBP£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

E US$20,000,000

I US$1,000


272



Minimum initial


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 (USD) US$10,000,000 I Income (GBP) GBP£500,000 I Accumulation (GBP) GBP£500,000 Sanlam Fund of Alternative UCITS Fund A (GBP) GBP£1,000 A US$1,000 E US$10,000,000

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 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 E (GBP) None I US$10,000,000 I (GBP) GBP£10,000,000 Sanlam Europe (ex UK) Equity Tracker Fund A US$1,000 B US$10,000,000 C US$1,000,000 E None E (EUR) None I US$10,000,000 I (GBP) GBP£10,000,000 Sanlam Emerging Market Equity Tracker Fund A US$1,000 B US$10,000,000 E None I (USD) US$10,000,000 I (GBP) GBP£10,000,000


273



Minimum initial


Sanlam Equity Allocation Fund E None

Sanlam P2strategies Global Fund A US$1,000

A (GBP) GBP£1,000

I US$1,000

I (GBP) GBP£1,000

Sanlam P2strategies UK Fund A US$1,000

A (GBP) GBP£1,000

I US$1,000

I (GBP) GBP£1,000

Sanlam P2strategies North America Fund A US$1,000

A (GBP) GBP£1,000

I US$1,000

I (GBP) GBP£1,000

Sanlam P2strategies Emerging Market Fund A US$1,000 A (GBP) GBP£1,000 I US$1,000 I (GBP) GBP£1,000 Sanlam P2strategies Europe (Ex UK Fund) A US$1,000 A (GBP) GBP£1,000 A (EUR) EUR€1,000 I US$1,000 I (GBP) GBP£1,000 I (EUR) EUR€1,000 Sanlam S&P Africa Tracker Fund A US$1,000 E NONE I US$10,000,000 FOUR European L/S Fund A (USD) US$250,000 SPI Global High Quality Fund C Income (GBP) GBP£350 C Accumulation (GBP) GBP£350 D Income (USD) US$500 D Accumulation (USD) US$500 E Income (USD) US$500 E Accumulation (USD) US$500

Minimum Additional Subscription There are no minimum additional subscription amounts except for Class A, Class B and Class B Accumulation Shares of the P-Solve Inflation Plus Fund which are GBP 500, GBP 50,000 and GBP 50,000 respectively, and the Non-distributing Class of Grindrod International Property Fund which is USD 500.


274


2 Significant accounting policies

The financial statements are prepared in accordance with the UCITS Notices, and IAS 34 Interim Financial

Reporting.

There have been no changes to the significant accounting policies since the last audited financial

statements at 31 December 2013. (a) Standards, interpretations and amendments to published standards that are not yet effective

The following new standards, amendments to standards and interpretations that may be relevant to

investment funds have been issued to date and are not yet effective for these financial statements of the

Company for the period ended 30 June 2014, and have not been applied nor early adopted in preparing

these financial statements:

Standard:

Narrative:

Effective date

Annual periods

beginning on or after

IFRS 9 Financial Instruments: Classification and

Measurement

1 January 2018

IFRS 9 Financial Instruments (“IFRS 9”) IFRS 9, issued on 24 July 2014 is the International Acounting Standard Board’s (“IASB”) replacement of IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.

The IASB completed its project to replace IAS 39 in phases, adding to the standard in each phase. The

complete standard issued on 24 July 2014 includes requirements previously issued and additional

amendments to incorporate a new expected loss impairment model and to introduce limited amendments

to the classification and measurement requirements for financial assets. This version of IFRS 9

supersedes all previous versions and is mandatorily effective for periods beginning on or after 1 January

2018 with early adoption permitted (subject to local endorsement requirements). For a limited period,

previous versions of IFRS 9 may be adopted early if not already done so provided the relevant date of

initial application is before 1 February 2015.

IFRS 9 uses business models and contractual cash flow characteristics to determine whether a financial

asset is measured at amortised cost, fair value through profit or loss or fair value through other

comprehensive income, replacing the four category classification in IAS 39. The approach is also based

on how an entity manages its financial instruments (its business model) and the contractual cash flow

characteristics of the financial assets. Most of the requirements for financial liabilities were carried forward

unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities

to address the issue of own credit risk.

IFRS 9 introduces a substantially-reformed model for hedge accounting with enhanced disclosures about

risk management activity.

As part of IFRS 9 the IASB has introduced a new, expected loss impairment model that will require more

timely recognition of expected credit losses. Specifically, the new Standard requires entities to account for

expected credit losses from when financial instruments are first recognised and it lowers the threshold for

recognition of full lifetime expected losses.

The Directors are currently assessing the impact of IFRS 9 on the financial statements of the Company.


275


3 Fair value of financial instruments

The following table shows financial instruments recognised at fair value. The fair value hierarchy shall

have the following levels:

Quoted prices in active markets for identical assets or liabilities (Level 1);

Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks

associated with investing in those securities.

Assets measured at fair value at 30 June 2014

The following table analyses within the fair value hierarchy the Funds’ financial assets measured at fair

value through profit or loss at 30 June 2014:


Level 1 Level 2 Level 3 Total

USD USD USD USD

Listed Equities 19,805,280 - - 19,805,280

Total financial assets at fair value through

profit or loss 19,805,280 - - 19,805,280



USD USD USD USD

Listed Equities 11,298,082 - - 11,298,082


profit or loss 11,298,082 - - 11,298,082

P Solve Inflation Plus Fund


GBP GBP GBP GBP

Bonds 6,066,386 - - 6,066,386

Exchange Traded Funds 31,191,938 - - 31,191,938

Collective Investment Schemes 19,074,317 - - 19,074,317


profit or loss 56,332,641 - - 56,332,641



USD USD USD USD

Listed Equities 79,612,847 - - 79,612,847


profit or loss 79,612,847 - - 79,612,847


276

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 3 Fair value of financial instruments (continued)

Assets measured at fair value at 30 June 2014 (continued)



USD USD USD USD

Listed Equities 364,679,411 - 2,430,584 367,109,995


profit or loss 364,679,411 - 2,430,584 367,109,995



USD USD USD USD

Bonds 415,967,574 - - 415,967,574


Futures 148,583 - - 148,583

Forward Currency Contracts - 444,908 - 444,908

Swaps - 366,271 - 248,072


profit or loss 433,973,553 811,179 - 434,784,732



USD USD USD USD

Listed Equities 332,754,704 - 209,540 332,964,244


profit or loss 332,754,704 - 209,540 332,964,244


Sanlam Global Property Fund USD USD USD USD

Listed Equities 156,162,944 - - 156,162,944

Forward Currency contracts - 31,052 - 31,052


profit or loss 156,162,944 31,052 - 156,193,996


Sanlam Strategic Cash Fund USD USD USD USD

Bonds 14,032,015 - - 14,032,015


profit or loss 14,032,015 - - 14,032,015


277





USD USD USD USD

Listed Equities 1,821,076,020 - - 1,821,076,020

Exchange traded funds 8,905,166 - - 8,905,166


profit or loss 1,829,981,186 - - 1,829,981,186



USD USD USD USD

Listed Equities 470,544,584 - 6,923 470,541,507



profit or loss 473,426,002 - 6,923 473,432,925



USD USD USD USD

Listed Equities 19,770,789 - - 19,770,789


profit or loss 19,770,789 - - 19,770,789


SIM Global Equity Income Fund USD USD USD USD

Listed Equities 24,306,707 - - 24,306,707


profit or loss 24,306,707 - - 24,306,707



GBP GBP GBP GBP

Listed Equities 2,058,025 - - 2,058,025

Bonds 55,626,966 - - 55,626,966


profit or loss 57,684,991 - - 57,684,991


278



Sanlam Fund of Alternative UCITS Fund


USD USD USD USD



profit or loss 100,468,946 - - 100,468,946



GBP GBP GBP GBP



profit or loss 23,441,422 - - 23,441,422



USD USD USD USD

Listed Equities 56,599,947 - - 56,599,947


profit or loss 56,599,947 - - 56,599,947


Sanlam UK Equity Tracker Fund GBP GBP GBP GBP

Listed Equities 37,882,257 - 4,992 37,887,249


profit or loss 37,882,257 - 4,992 37,887,249


Sanlam Europe ex UK Equity Tracker Fund EUR EUR EUR EUR

Listed Equities 77,818,979 - - 77,818,979


profit or loss 77,818,979 - - 77,818,979


Sanlam Equity Allocation Fund USD USD USD USD

Listed Equities 66,164,051 4,272 4,409 66,172,732


profit or loss 66,164,051 4,272 4,409 66,172,732


279




Sanlam Emerging Market Equity Tracker Fund USD USD USD USD

Listed Equities 24,321,128 136,466 - 24,457,594


Forwards - 45 - 45


profit or loss 28,331,271 136,511 - 28,467,782



USD USD USD USD



Futures 2,682 - - 2,682


profit or loss 23,720,245 32,977 - 23,753,222


Sanlam P2strategies UK Fund GBP GBP GBP GBP


Futures 825 - - 825

Forwards - 348 - 348


profit or loss 14,031,132 348 - 14,031,480


Sanlam P2strategies North America Fund USD USD USD USD




profit or loss 43,228,207 82,512 - 43,310,719


Sanlam P2strategies Emerging Market Fund USD USD USD USD




profit or loss 13,962,389 17,095 - 13,979,484


Sanlam P2strategies Europe ex UK Fund EUR EUR EUR EUR


Forward Currency Contracts - 844 - 844

Futures 8,820 - - 8,820


profit or loss 14,287,053 844 - 14,287,897


280




Sanlam S&P Africa Tracker Fund USD USD USD USD

Listed Equities 38,544,809 - - 38,544,809


profit or loss 38,544,809 - - 38,544,809



GBP GBP GBP GBP

Listed Equities 4,399,161 - - 4,399,161

Forwards - 63,841 - 63,841

Swaps - 15,991 - 15,991


profit or loss 4,399,161 79,832 - 4,478,993



GBP GBP GBP GBP

Listed Equities 18,244,390 - - 18,244,390


profit or loss 18,244,390 - - 18,244,390

Assets measured at fair value at 31 December 2013

The following table analyses within the fair value hierarchy the Funds’ financial assets measured at fair

value through profit or loss at 31 December 2013:



USD USD USD USD

Listed Equities 15,468,383 198,290 - 15,666,673


profit or loss 15,468,383 198,290 - 15,666,673



USD USD USD USD

Listed Equities 17,976,074 232,063 - 18,208,137


profit or loss 17,976,074 232,063 - 18,208,137



USD USD USD USD

Listed Equities 23,082,653 - 23,082,653


profit or loss 23,082,653 - - 23,082,653


281

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 3 Fair value of financial instruments (continued) Assets measured at fair value at 31 December 2013 (continued)



USD USD USD USD

Listed Equities 10,179,642 - - 10,179,642


profit or loss 10,179,642 - - 10,179,642

P Solve Inflation Plus Fund


GBP GBP GBP GBP

Bonds 2,477,354 - - 2,477,354




profit or loss 53,716,159 - - 53,716,159



USD USD USD USD

Listed Equities 75,453,601 - - 75,453,601


profit or loss 75,453,601 - - 75,453,601



USD USD USD USD

Listed Equities 403,833,801 - 6,043,876 409,877,677


profit or loss 403,833,801 - 6,043,876 409,877,677



USD USD USD USD

Bonds 382,960,228 - - 382,960,228


Futures 517,984 - - 517,984


Swaps - 129,688 - 129,688


profit or loss 403,473,812 687,705 - 404,161,517

Sanlam Global Financial Find


USD USD USD USD

Listed Equities 322,735,319 2,343 521,042 323,258,704



profit or loss 322,735,319 3,049 521,042 323,259,410


282




Listed Equities 151,637,957 484,164 - 152,122,141



profit or loss 151,637,957 739,705 - 152,377,662

Sanlam Global Financial Find


USD USD USD USD

Listed Equities 322,735,319 2,343 521,042 323,258,704



profit or loss 322,735,319 3,049 521,042 323,259,410



Listed Equities 151,637,957 484,164 - 152,122,141



profit or loss 151,637,957 739,705 - 152,377,662


Sanlam Strategic Cash Fund USD USD USD USD

Bonds 20,829,491 - - 20,829,491


profit or loss 20,829,491 - - 20,829,491



USD USD USD USD

Listed Equities 1,629,190,133 1,250,042 - 1,630,440,175


profit or loss 1,629,190,133 1,250,042 - 1,630,440,175



USD USD USD USD

Listed Equities 433,988,584 18,102 4,280 434,010,876



profit or loss 471,224,150 18,102 4,280 471,246,442


283




USD USD USD USD

Listed Equities 16,081,175 - - 16,081,175


profit or loss 16,081,175 - - 16,081,175


SIM Global Equity Income Fund USD USD USD USD

Listed Equities 19,044,546 - - 19,044,546


profit or loss 19,044,546 - - 19,044,546



GBP GBP GBP GBP

Listed Equities 2,356,106 2,356,106

Bonds 60,720,705 - - 60,720,705


profit or loss 63,076,811 - - 63,076,811



USD USD USD USD



profit or loss 96,443,337 - - 96,443,337



GBP GBP GBP GBP



profit or loss 17,060,894 - - 17,060,894



USD USD USD USD

Listed Equities 186,514,132 - - 186,514,132


profit or loss 186,514,132 - - 186,514,132


Sanlam UK Equity Tracker Fund GBP GBP GBP GBP

Listed Equities 29,581,574 - 2,380 29,583,954


profit or loss 29,581,574 - 2,380 29,583,954


284



Sanlam Europe ex UK Equity Tracker Fund EUR EUR EUR EUR

Listed Equities 58,634,291 5,558 - 58,639,849


profit or loss 58,634,291 5,558 - 58,639,849


Sanlam Equity Allocation Fund USD USD USD USD

Listed Equities 65,639,042 4,275 1,877 65,645,194


profit or loss 65,639,042 4,275 1,877 65,645,194


Sanlam Emerging Market Equity Tracker Fund USD USD USD USD

Listed Equities 34,623,129 164,667 - 34,787,796



profit or loss 40,573,336 164,667 - 40,738,003



USD USD USD USD




profit or loss 13,313,412 45,879 - 13,359,291


Sanlam P2strategies UK Fund GBP GBP GBP GBP



profit or loss 7,353,582 - - 7,353,582


Sanlam P2strategies North America Fund USD USD USD USD




profit or loss 19,881,936 67,064 - 19,949,000


Sanlam P2strategies Emerging Market Fund USD USD USD USD




profit or loss 16,764,847 48,200 - 16,813,047


285



Sanlam P2strategies Europe ex UK Fund EUR EUR EUR EUR




profit or loss 6,957,115 30,179 - 6,987,294


Sanlam S&P Africa Tracker Fund USD USD USD USD

Listed Equities 15,972,099 - - 15,972,099


profit or loss 15,972,099 - - 15,972,099



GBP GBP GBP GBP

Listed Equities 4,651,895 - - 4,651,895

Swaps - 33,876 - 33,876

Options 8,097 - - 8,097


profit or loss 4,659,992 33,876 - 4,693,868

Liabilities measured at fair value at 30 June 2014

The following table analyses within the fair value hierarchy the Funds’ financial liabilities measured at fair

value through profit or loss at 30 June 2014:



USD USD USD USD

Bonds (4,104,798) - - (4,104,798)

Futures (206,797) - - (206,797)

Forward Currency Contracts - (365,741) - (365,741)

Swaps - (79,401) - (79,401)

Total financial liabilities at fair value through

profit or loss (4,311,595) (445,142) - (4,756,737)


286

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 3 Fair value of financial instruments (continued) Liabilities measured at fair value at 30 June 2014 (continued)



USD USD USD USD



profit or loss - (274,395) - (274,395)



USD USD USD USD

Forward Currency Contracts - (397) - (397)


profit or loss - (397) - (397)



USD USD USD USD

Futures (8,338) - - (8,338)


profit or loss (8,338) - - (8,338)



GBP GBP GBP GBP



profit or loss - (42,648) - (42,648)



USD USD USD USD

Futures (26,737) - - (26,737)

Forwards - (37) - (37)


profit or loss (26,737) (37) - (26,774)


287

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 3 Fair value of financial instruments (continued) Liabilities measured at fair value at 30 June 2014 (continued)



USD USD USD USD

Futures (2,625) - - (2,625)

Forwards - (158) (158)


profit or loss (2,625) (158) - (2,783)



EUR EUR EUR EUR



profit or loss - (151,968) - (151,968)



USD USD USD USD

Swaps - (13,317) - (13,317)


profit or loss - (13,317) - (13,317)

Liabilities measured at fair value at 31 December 2013

The following table analyses within the fair value hierarchy the Funds’ financial liabilities measured at fair

value through profit or loss at 31 December 2013:



USD USD USD USD

Bonds (7,137,024) - - (7,137,024)

Futures (410,235) - - (410,235)


Swaps - (108,130) - (108,130)


profit or loss (7,547,259) (1,107,718) - (8,654,977)



USD USD USD USD



profit or loss - (200,652) - (200,652)


288

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 3 Fair value of financial instruments (continued) Liabilities measured at fair value at 31 December 2013 (continued)



USD USD USD USD

Futures (47,127) - - (47,127)


profit or loss (47,127) - - (47,127)



GBP GBP GBP GBP

Futures (26,565) - - (26,565)



profit or loss (26,565) (20,340) - (46,905)



USD USD USD USD

Futures (63,530) - - (63,530)


profit or loss (63,530) - - (63,530)



USD USD USD USD

Futures (42,695) - - (42,695)


profit or loss (42,695) - - (42,695)



EUR EUR EUR EUR

Futures (34,280) - - (34,280)



profit or loss (34,280) (17,145) - (51,425)



USD USD USD USD

Swaps - (17,010) - (17,010)


profit or loss - (17,010) - (17,010)


289


Investments whose values are based on quoted market prices in active markets, and therefore classified

within level 1, include active listed equities, exchange traded derivatives, government bonds, corporate

bonds, mortgage backed securities and collective investment schemes. The Fund does not adjust the

quoted price for these instruments nor does it apply a discount to securities where the volume traded in

the market is low to the Fund’s holding.

Financial instruments that trade in markets that are not considered to be active but are valued based on

quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are

classified within level 2. Over-the-counter derivatives such as futures and forward currency contracts are

classified within level 2. As level 2 investments include positions that are not traded in active markets

and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-

transferability, which are generally based on available market information.

Investments classified within level 3 have significant unobservable inputs, as they trade infrequently.

Level 3 instruments include illiquid government bonds and illiquid corporate bonds.

Significant transfers between levels 1, 2 and 3

There were no significant transfers between levels during the period ended 30 June 2014

The following table shows significant transfers between level 1 and level 3 of the fair value hierarchy for

financial assets recognised at fair value for the year ended 31 December 2013:

Sanlam Global Best Ideas Fund - 2013

Financial assets held for trading:

Transfer from level

1 to level 3

Equities 34,088,309

Level 3 Assets measured at fair value reconciliation

The following tables show a reconciliation of all movements in the fair value of financial instruments

categorised within Level 3 between 1 January and 30 June 2014:


Investment in securities

2014 2013

Balance as at 1 January 6,043,876 3,828,149

Realised gains/(losses) (10,823,630) 2,339,641

Change in unrealised 7,531,800 (30,831,177)

Gross Purchases - -

Gross Sales (321,462) (3,381,046)

Transfers in and out of level 3 - 34,088,309

Balance as at 30 June/31 December 2,430,584 6,043,876

Total unrealised gains and losses for the year included in profit or

loss for level 3 assets held at period/year end (18,308,304) (25,840,105)


290


Level 3 Assets measured at fair value reconciliation (continued)

The level 3 position held by the Sanlam Global Best Ideas Fund at 30 June 2014 end is DBA Telecommunications Asia. At the period end, DBA Telecommunications Asia is valued at USD 2,430,584.

Shares in DBA Telecommunications Asia have been suspended since June 2013 and the position was

written down by 50% on 17 December 2013 with a further writedown of 30% on 22 May 2014 pending

further news and financial information from the company.

For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant in this case and would result in this position (possibly) being written down to zero.



2014 2013

Balance as at 1 January 521,042 -

Realised gains/(losses) - -

Change in unrealised (311,502) (942,364)

Gross Purchases - 1,463,406

Gross Sales - -

Transfers in and out of level 3 - -

Balance as at 30 June/31 December 209,540 521,042

Total unrealised gains and losses for the year included in profit or

loss for level 3 assets held at period/year end (1,253,865) (942,364)

The level 3 position held by the Sanlam Global Financial Fund at 30 June 2014 is DBA Telecommunications Asia which is valued at USD 209,540. Shares in DBA Telecommunications Asia have been suspended since June 2013 and the position was written down by 50% on 17 December 2013 with a further writedown of 30% on 22 May 2014 pending further news and financial information from the company.

For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs

used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant in this

case and would result in this position (possibly) being written down to zero.



2014 2013

Balance as at 1 January 4,280 3,712


Change in unrealised 2,643 568

Gross Purchases - -

Gross Sales - -



Total unrealised gains and losses for the year included in profit or loss

for level 3 assets held at period/year end 6,923 4,280


291



The level 3 position held by the Sanlam World Equity Tracker Fund at 30 June 2014 and 31 December 2013 year end is Rolls-Royce Group - C Shares which is valued at USD 6,293 (2012: USD 4,280). This security is thinly traded and is classified as level 3 due to its trading status.






2014 2013



Change in unrealised 2,612 2,380

Gross Purchases - -

Gross Sales - -





The level 3 position held by the Sanlam UK Equity Tracker Fund at 30 June 2014 and 31 December 2013 is Rolls-Royce Group - C Shares which is valued at USD 4,922 (2013: USD 2,380). This security is thinly traded and is classified as level 3 due to its trading status.






2014 2013



Change in unrealised 2,532 1,877

Gross Purchases - -

Gross Sales - -






292



The level 3 position held by the Sanlam Equity Allocation Fund at 30 June 2014 and 31 December 2013 is Rolls-Royce Group - C Shares which is valued at USD 4,409 (2013: USD 1,877). This security is thinly traded and is classified as level 3 due to its trading status.




4 Distributions per share

The following distributions were made by the Funds during the period ended 30 June 2014:

P-Solve Inflation

Plus Fund

Sanlam African Frontier Market

Fund Sanlam Global

Best Ideas Fund Sanlam Global Financial Fund

GBP US$ US$ US$

Distribution per share (in cents/pence)

Management fee Class A (GBP) - 2.60 0.70 - Management fee Class B 1.18 - - - Management fee Class C 1.41 - - - Management fee Class C (GBP) - - 3.37 3.77


Fund


Fund


Grade Bond Fund


US$ US$ GBP GBP


Management fee Class A - 1.80 - - Management fee Class A (Income) - - 3.04 2.80 Management fee Class C - 1.80 - - Management fee Class P (Income) - - 3.08 - Management fee Class I (GBP) 0.03 - - -

Management fee Class I (Income) - - 0.39 -

Sanlam North American Equity

Tracker Fund Sanlam UK

Equity Tracker US$ GBP

Distribution per share (in cents/pence) Management fee Class I (GBP) 0.31 1.51


293


4 Distributions per share (continued)

The following distributions were made by the Funds during the period ended 30 June 2013:


Property Fund P-Solve Inflation

Plus Fund

Sanlam African Frontier Market

Fund Sanlam Global

Best Ideas Fund

US$ GBP US$ US$


Management fee Class A - 1.50 - - Management fee Class A (GBP) - - 11.33 4.22 Management fee Class B - 2.60 - - Management fee Class C - 2.70 - - Management fee Class C (GBP) - - 11.74 3.17 Distributing Class Fee 0.70 - - -

SIM Global

Equity Income Fund


Grade Bond Fund

US$ GBP


Management fee Class A 0.86 - Management fee Class A (Income) - 2.11 Management fee Class C 1.49 - Management fee Class P (Income) - 2.54

5 Assets and liabilities not carried at fair value but for which fair value is disclosed

For all non-financial assets and liabilities at fair value through profit and loss, their carrying values are

a reasonable approximation of fair value.


294


6 Exchange rates

The following year ended USD exchange rates have been used in this report:

1 USD = 30 June 2014 31 December 2013 30 June 2013

AED 3.6730 - -

AUD 1.0607 1.1179 -

BRL 2.2039 2.3621 -

BWP 8.8107 8.7785 8.5547

CAD 1.0652 1.0625 -

CHF 0.8867 0.8892 0.9440

CNY - 6.0559 -

COP 1,881.4998 1932.0001 -

CZK 20.0466 19.8630 -

DKK 5.4451 5.4140 -

EGP 7.1501 6.9479 -

EUR 0.7308 0.7253 0.7676

GBP 0.5852 0.6039 0.6540

GHS 3.3601 2.3750 2.0180

HKD 7.7503 7.7537 -

HUF 226.0900 215.5500 -

IDR 11,855.0006 12,170.9996 9,935.7814

ILS 3.4283 3.4707 -

INR 60.1000 61.8475 59.8002

JPY 101.3000 105.1100 98.0666

KES 87.6300 86.3000 84.6278

KRW 1,011.6900 1052.9800 -

MAD 8.2125 8.1637 -

MUR 30.2000 30.0000 30.0177

MXN 12.9718 13.0970 -

MYR 3.2094 3.2815 3.1673

NAD 10.6369 - -

NGN 162.9500 160.4900 160.7846

NOK 6.1368 6.0679 -

NZD 1.1418 1.2147 -

PHP 43.6550 44.3900 -

PLN 3.0368 3.0619 -

QAR 3.6401 - -

SEK 6.6872 6.4223 -

SGD 1.2465 1.2625 -

THB 32.4520 32.7410 -

TND 1.6819 1.6456 -

TRY 2.1199 2.1480 -

TWD 29.8680 29.8127 -

XOF 481.2900 - -

ZMW 6.3000 - -

ZAR 10.6369 - -

The following average USD exchange rates have been used in this report:

1 USD = 30 June 2014 31 December 2013 30 June 2013

EUR 0.7297 0.7781 0.7614

GBP 0.5997 0.6381 0.6477


295


7 Related party transactions and significant agreements

Directors’ interests At 30 June 2014 and 31 December 2013 Anton Guildenhuys, a Director of the Company, holds an interest in the shares of Sanlam Global Best Ideas Fund (Class C USD - 33,614.48 units), Sanlam Global Financial Fund (Class C USD – 93,567.14 units), SIM Global Equity Income Fund (Class C – 94,948.73 units) and Sanlam World Equity Tracker Fund (Class A (formerly class C) – 46,574.94 units). None of the other Directors hold an interest in the shares of the Company or Funds at 30 June 2014 or at any time during the financial period.

Connected parties

The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in paragraph 1 of UCITS Notice 14 are applied to all transactions with connected parties; and the Directors are satisfied that transactions with connected parties entered into during the period complied with the obligations set out in paragraph 1 of UCITS Notice 14. Significant Agreements Manager 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

Centre Global Equity Fund A 1.50%

B 1.00%

C 0.75%

E None Grindrod International Property Fund Non distributing 1.75%

P-Solve Inflation Plus Fund A (GBP) 1.25% B (GBP) 0.60% B Accumulation

(GBP) 0.60% C (GBP) *

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.


296


7 Related party transactions and significant agreements (continued)

Significant Agreements (continued)

Manager (continued)


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%

Sanlam Global Bond Fund A 1.00%

B 0.75%

C 0.60%

E None

Sanlam Global Financial Fund A 1.25%

A (GBP) 1.50%

A (EUR) 1.50%

B 1.00%

C 0.75%

C (GBP) 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 Sanlam Strategic Cash Fund A 0.60% B 0.40% E None F 0.75%


297




Manager (continued)


Sanlam World Equity Fund A 1.50%

B 0.85%

C 0.75%

E None

Sanlam World Equity Tracker Fund A 0.50%

B 0.40%

C 0.75%

E None

I 0.30%

I (GBP) 0.30%

SIIP India Opportunities Fund A 1.50%

A (GBP) 1.50%

C 0.75%

D 0.75%

E None

SIM Global Equity Income Fund A 1.25%

B 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


298




Manager (continued)


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% 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 Tracker 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 E None

Sanlam Emerging Market Equity Tracker Fund A 0.75%

B 0.60% E None I 0.45% I (GBP) 0.45%


299




Manager (continued)


Sanlam P2strategies Global Fund A 1.25% A (GBP) 1.25% I 0.75% I (GBP) 0.75% Sanlam P2strategies UK Fund A 1.25% A (GBP) 1.25% I 0.75% I (GBP) 0.75% Sanlam P2strategies North America Fund A 1.25% A (GBP) 1.25% I 0.75% I (GBP) 0.75% Sanlam P2strategies Emerging Market Fund A 1.25% A (GBP) 1.25% I 0.75% I (GBP) 0.75%

Sanlam P2strategies Europe (ex UK) Fund A 1.25% A (GBP) 1.25% A (EUR) 1.25% I 0.75% I (GBP) 0.75% I (EUR) 0.75%

Sanlam S&P Africa Tracker Fund A 1.00% E None I 0.30% FOUR European L/S Fund A (USD) 1.50% SPI Global High Quality Fund C Income (GBP) 0.55% C Accumulation

(GBP) 0.55% D Income (USD) 0.75% D Accumulation

(USD) 0.75% E Income (USD) 1.25% E Accumulation

(USD) 1.25% Performance Fee For certain share classes of the 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 FOUR European L/S 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.


300




Performance Fee (continued) The performance periods for the Fund comprise each successive six month period from 1 January to 30 June and from 1 July to 31 December.

(a) The performance fee shall be equal to 10% to 20% (depending on the fund) of the difference between the percentage movement in the Net Asset Value per Share (A) being the Initial Issue Price for the first performance period and the percentage movement in the relevant index as set out in the prospectus (the “Index”) (B) during the performance period multiplied by the average of the Net Asset Value of the Fund as at each Valuation Point during the performance period prior to any accrual for performance fees but after accruing for all other fees and expenses.

(b) Where the Fund has underperformed the Index during a performance period (where A-B is a negative number), the Manager will not repay any amounts of performance fee paid by the Fund in respect of previous performance periods but no further performance fees will be charged until such time as any underperformance is recaptured by the Fund (until A-B measured since the end of the last performance period in respect of which a performance fee was paid becomes positive).

(c) For the performance period in which any underperformance is first recaptured, the

performance fee will be calculated in accordance with paragraph (b) above, except that the performance fee will only take into account any subsequent outperformance (A-B will be measured since the end of the last performance period in respect of which a performance fee was paid). Performance fee calculations in subsequent performance periods will revert to being based on the performance over the relevant performance period as calculated in accordance with paragraph (a) above.

(d) The performance fee shall be calculated by the Administrator (subject to verification by the

Custodian) and accrued in the Net Asset Value calculated in respect of each Dealing Day based on the performance to date of the Fund during that performance period.

Net realised and unrealised capital gains plus net realised and unrealised capital losses as of the relevant Valuation Point shall be taken into account in calculating the Net Asset Value per Share. As a result, performance fees may be paid on unrealised gains which may subsequently never be realised. Benchmarks will take account of income and capital gains/losses. The Manager will pay out of its fees, the fees and expenses of the Investment Allocation Manager, any Investment Transition Manager, the Distributors and the fees of each of the Investment Managers. Other remuneration The Manager receives remuneration for services provided as part of the Company’s stock lending arrangements. The terms of which are set out in the Stock Lending Agreement between the Company, the Manager and JP Morgan Chase Bank Plc. The remuneration received by the Manager during the period ended 30 June 2014 is disclosed in note 11.


301



Significant Agreements (continued) Administrator

SAMI as the Administrator is a related party of the Company. In its role as Administrator, SAMI is entitled to receive out of the assets of each Fund an annual fee ranging from 0.025% - 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. 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.

Registrar and Transfer Agent

J.P. Morgan Administration Services (Ireland) Limited are 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). 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, Sanlam Private Investments (UK) Limited, 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.


302



Significant shareholders at the year-end

Shareholder Fund % held at

30/06/2014 % held at

31/12/2013

Northern Trust Fiduciary (Services) Ireland Ltd* 8IP Asia Equity Opportunities - 59.23% SBSA ITF Sanlam Asia Pacific*** 8IP Asia Equity Opportunities - 14.45% Northern Trust Fiduciary (Services) Ireland Ltd* 8IP Asia Pacific Equity Fund - 63.65% SBSA ITF Sanlam Asia Pacific*** 8IP Asia Pacific Equity Fund - 32.19% Agulhas Nominees (Pty) Ltd**** Centre Global Equity Fund 93.05% 91.61% Agulhas Nominees (Pty) Ltd**** Grindrod International Property Fund 41.87% 42.71% Grindrod Pension Fund Grindrod International Property Fund 16.37% 15.59% KAS Nominees P-Solve Inflation Plus Fund 83.16% 86.27% Sanlam Life Insurance Ltd** Sanlam African Frontier Markets Fund 52.88% 56.80% Sentinel Mining Industry Retirement Sanlam African Frontier Markets Fund 35.65% 36.22% Sanlam Life Insurance Ltd** Sanlam Global Best Ideas Fund 18.03% 17.25% SBSA ITF Sim Global Best Ideas*** Sanlam Global Best Ideas Fund 16.52% 14.26% Sanlam Man Global Sanlam Global Best Ideas Fund 34.66% 35.41% Sanlam Life and Pensions ** Sanlam Global Bond Fund 26.63% - Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam Global Bond Fund - 26.26% Sanlam Life Insurance Ltd** Sanlam Global Bond Fund - 22.52% Sanlam Institutional ** Sanlam Global Bond Fund 33.95% 32.14% BIFM Global Sanlam Global Bond Fund 27.84% - Sentinel Mining Industry Retirement Sanlam Global Financial Fund 55.97% 57.77% Sanlam Life Insurance Ltd** Sanlam Global Property Fund 25.01% 24.12% Sanlam Life & Pensions ** Sanlam Global Property Fund 53.18% 47.29% Standard Bank of SA Ltd*** Sanlam Global Property Fund 11.08% 10.85% Glacier International Ltd Sanlam Strategic Cash Fund 38.51% - Sanlam Collective Investments Scheme**** Sanlam Strategic Cash Fund 16.04% - Sanlam Man Global Sanlam Strategic Cash Fund 35.50% 78.88% Sanlam Life Insurance Ltd** Sanlam World Equity Fund - 27.09% SBSA ITF SIM Balanced Fund Sanlam World Equity Fund - 14.57% Sanlam Man Global Sanlam World Equity Fund 72.74% 73.48% Sanlam Life Insurance Ltd** Sanlam World Equity Tracker Fund 31.61% - SBSA ITF Sim Balanced Fund*** Sanlam World Equity Tracker Fund 12.55% - SBSA ITF Symmetry Inflation Plus*** Sanlam World Equity Tracker Fund 12.32% - Northern Trust Fiduciary (Services) Ireland Ltd* SIIP India Opportunities Fund 63.60% 65.5% Standard Bank of South Africa*** SIIP India Opportunities Fund 34.86% 34.4% African Life Assurance Company** SIM Global Equity Income Fund 10.15% 12.23% Agulhas Nominees (Pty) Ltd**** SIM Global Equity Income Fund 23.25% 24.74% Fundsettle Nominees Ltd SIM Global Equity Income Fund 13.58% - SBSA ITF Sim Inflation Plus Fund*** SIM Global Equity Income Fund 11.18% 13.47% SBSA ITF Symmetry Inflation Plus*** SIM Global Equity Income Fund 10.79% 13.00% Principal Nominees Ltd**** SPI Strategic Investment Grade Bond Fund 88.27% 87.92% Somers Dublin Ltd Sanlam Fund of Alternative UCITS Fund 25.81% 26.34% Sanlam Life & Pensions ** Sanlam Fund of Alternative UCITS Fund 73.92% 72.62% Cofunds Nominees Limited Sanlam Accel Income Fund 88.76% 89.34% Sanlam Man Global Sanlam North America Equity Tracker Fund 20.24% 88.79% Chase Nominees Limited Sanlam North America Equity Tracker Fund 75.53% - Chase Nominees Limited Sanlam UK Equity Tracker 81.96% 23.93% SBSA ITF SIM Balanced Fund Sanlam UK Equity Tracker 6.98% 14.36% Chase Nominees Limited Sanlam Eur ex UK Equ Tracker 72.82% 111.55% SBSA ITF SIM Balanced Fund Sanlam Eur ex UK Equ Tracker 8.58% 14.47% Chase Nominees Limited Sanlam Equity Allocation Cl E USD Shares 87.86% 88.48% Sanlam Man Global Sanlam Equity Allocation Cl E USD Shares 11.84% 11.41%

Sanlam Man Global Sanlam Emerging Market Equity Tracker Fund - 48.14% Chase Nominees Limited Sanlam Emerging Market Equity Tracker Fund 47.44% 38.99% SIM Limited Pooled Segregated Sanlam Emerging Market Equity Tracker Fund 17.02% 10.55% SBSA ITF SIM Inflation Plus Fund Sanlam Emerging Market Equity Tracker Fund 13.44% - Somers Dublin Ltd Sanlam P2strategies Global Fund 32.04% 36.34%


303



Significant shareholders at the year-end (continued)

Shareholder Fund

% held at 30/06/201

4 % held at

31/12/2013

Fundsettle Nominees Ltd Sanlam P2strategies Global Fund 53.75% 43.28% Cofunds Nominees Limited Sanlam P2strategies UK Fund 56.60% 29.29% Somers Dublin Ltd Sanlam P2strategies UK Fund 20.61% 40.33% Fundsettle Nominees Ltd Sanlam P2strategies UK Fund 22.72% 34.19%

Somers Dublin Ltd Sanlam P2strategies North America - 21.13%

Fundsettle Nominees Ltd Sanlam P2strategies North America 76.59% 46.16%

Cofunds Nominees Limited Sanlam P2strategies North America 21.13% - Fundsettle Nominees Ltd Sanlam P2strategies Emerging Market 77.24% 53.52% Cofunds Nominees Ltd Sanlam P2strategies Emerging Market 19.94% -

Somers Dublin Ltd Sanlam P2strategies Emerging Market - 26.73% Somers Dublin Ltd Sanlam P2strategies Europe ex UK 35.58% 45.00% Fundsettle Nominees Ltd Sanlam P2strategies Europe ex UK 43.59% 34.89% Cofunds Nominees Ltd Sanlam P2strategies Europe ex UK 19.35% - Sanlam Life Insurance Ltd** Sanlam S&P Africa Tracker Fund 52.07% 99.02% Municipal Gratuity Fund Sanlam S&P Africa Tracker Fund 42.06% -

Principal Nominee SPI Global High Quality Fund 89.37% -

Agulhas Nominees (Pty) Ltd**** SPI Global High Quality Fund 8.65% -

* At 31 December 2013 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.

Management Fees

A summary of fees earned by the Manager during the year and outstanding accrued fees as at 30 June 2014 follows:

8IP Asia Equity

Opportunities

Fund

8IP Asia Pacific Equity

Fund

Centre Global

Equity Fund


Property Fund

USD USD USD USD

Fees incurred during the period ended 30/6/2014

Class A Management Fees (899) (2,258) (135,440) -

Class A (GBP) Management Fees (1) - - -

Class B Management Fees - - (19,224) -

Class C Management Fees (28) - (228) -

Class D Management Fees (3,651) (9,284) - -

Non-distributing Class Management Fees - - - (96,181)

(4,579) (11,542) (154,892) (96,181)

Fees accrued at 30/06/2014

Class A Management Fees - - (42,975) -

Class B Management Fees - - (6,388) -

Class C Management Fees - - (81) -

Non-distributing Class Management Fees - - - (33,322)

- - (49,444) (33,322)


304



Management Fees (continued)

A summary of fees earned by the Manager during the year and outstanding accrued fees as at 30 June 2014 follows (continued):

P-Solve Inflation Plus

Fund

Sanlam African

Frontier Markets

Fund


Sanlam Global Bond

Fund

GBP USD USD USD

Fees incurred during the period ended 30/06/2014 Class A Management Fees (193) (767) (371,559) (406)

Class A (EUR) Management Fees - - (2) -

Class A (GBP) Management Fees - (1,005) (948) -

Class B Management Fees (22,579) - (295,920) (2,809) Class B (Accumulation) Management Fees (5,153) - - -

Class C Management Fees - (527) (289,456) (455,754)

Class C (GBP) Management Fees - (2) (489) -

Class D Management Fees - (166,639) (90,154) -

Class F Management Fees - - (128) -

Class F (GBP) Management Fees (156) -

Class G Management Fees - (213,340) -

(27,925) (382,280) (1,048,812) (458,969)


Class A Management Fees (66) (404) (109,209) (138)

Class A (EUR) Management Fees - - (1) -

Class A (GBP) Management Fees - (375) (326) -

Class B Management Fees (7,747) - (96,864) (394) Class B (Accumulation) Management Fees (1,967) - - -

Class C Management Fees - (172) (98,021) (153,660)

Class C (GBP) Management Fees - (1) (169) -

Class D Management Fees - (57,522) (31,291) -


Class F (GBP) Management Fees - - (25) -

Class G Management Fees - (73,679) - -

(9,780) (132,153) (335,950) (154,192)


305




A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2014 follows (continued):

Sanlam Global

Financial Fund

Sanlam Global

Property Fund

Sanlam Strategic


Equity Fund

USD USD USD USD

Fees incurred during the year ended 30/06/2014 Class A Management Fees (221,239) - (9,388) (185)

Class A (EUR) Management Fees (2) - - -

Class A (GBP) Management Fees (2,565) - - -

Class B Management Fees (140,590) (2,646) (11,105) (168,013)

Class C Management Fees (932,959) (171,391) - (1,520,936)

Class C (GBP) Management Fees (6,217) - - -

Class D Management Fees (2,632) - - -

Class F Management Fees (1,428) - - -

Class F (EUR) Management Fees (434) - - -

Class F (GBP) Management Fees (4,417) - - -

(1,312,213) (174,037) (20,493) (1,689,134)


Class A Management Fees (74,688) - - (64)

Class A (EUR) Management Fees (1) - - -

Class A (GBP) Management Fees (907) - - -

Class B Management Fees (48,916) (964) (3,012) (61,465)

Class C Management Fees (338,563) (59,542) (4,113) (545,565)

Class C (GBP) Management Fees (2,209) - - -

Class D Management Fees (949) - - -

Class F Management Fees (101) - - -

Class F (EUR) Management Fees (154) - - -

Class F (GBP) Management Fees (1,476) - - -

(467,964) (60,506) (7,125) (607,094)


306





Sanlam

World Equity

Tracker Fund

SIIP India

Opportunities

Fund


Fund


Grade Bond Fund

USD USD USD GBP

Fees incurred during the year ended 30/06/2014 Class A Management Fees (418,973) (129) (50,413) -

Class A (GBP) Management Fees - (2) - -

Class A Accumulation Management Fees - - - (13,445)

Class A Income Management Fees - - - (14,892)

Class B Management Fees (78,733) - - -

Class C Management Fees (3,571) (22,489) (50,289) -

Class I Management Fees (391,351) - (3,589) -

Class I (GBP) Management Fees (219) - - -

Class P Income Management Fees - - - (78,376)

Class P Accumulation Management Fees - - - (20,291)

(892,847) (22,620) (104,291) (127,004)


Class A Management Fees (153,389) (47) (20,499) -

Class A (GBP) Management Fees (1) - -

Class A Accumulation Management Fees - - - (10,172)

Class A Income Management Fees - - - (12,406)


Class C Management Fees (1,091) (8,258) (17,936) -

Class I Management Fees (130,767) - (1,412) -

Class I (GBP) Management Fees (162) - - -

Class P Income Management Fees - - - (64,472)

Class P Accumulation Management Fees - - - (16,601

(309,622) (8,306) (39,847) (103,651)


307



Management Fees (continued) A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2014 follows (continued):

Sanlam Fund of

Alternative UCITS Fund



Tracker Fund

Sanlam UK Equity

Tracker Fund

USD GBP USD GBP

Fees incurred during the year ended 30/06/2014

Class A Management Fees (1,882) - - - Class A (GBP) Management Fees (709) - - -

Class A Income Management Fees - (29,644) - - Class A Accumulation Management Fees - (16,012) - -

Class I Management Fees - - (876) (5,669)

Class I (GBP) Management Fees - - (508) (557)

(2,591) (45,656) (1,384) (6,226)


Class A Management Fees (1,558) - - -

Class A (GBP) Management Fees (600) (16,378) (629) -

Class A Income Management Fees - (11,367) (226) - Class A Accumulating Management Fees - - - -

Class I Management Fees - - - (2,079

Class I (GBP) Management Fees - - - (199)

(2,158) (27,745) (855) (2,278)


Tracker Fund

Sanlam Equity

Allocation Fund

Sanlam Emerging

Market Equity

Tracker Fund


EUR USD USD USD


Class A Management Fees (55) - (17,911) -

Class B Management Fees (32) - - -

Class C Management Fees (1,920) - - -

Class I Management Fees (142) - (9,811) (53,750)

Class I (GBP) Management Fees (15,449) - (952) (13,418)

(17,598) - (28,674) (67,168)


Class A Management Fees (23) - (6,256) -

Class B Management Fees (11) - - -

Class C Management Fees (729) - - -

Class I Management Fees (65) - (5,644) (12,484)

Class I (GBP) Management Fees (6,299) - (382) (2,729)

(7,128) - (12,282) (15,213)


308





Sanlam P2strategies

UK Fund

Sanlam P2 Strategies

North America

Fund

Sanlam P2 Strategies Emerging

Market Fund

Sanlam P2 Strategies

Europe (ex UK) Fund

GBP USD USD EUR


Class I Management Fees (11,044) (107,546) (45,108) (27,408)

Class I (GBP) Management Fees (33,632) (28,426) (10,129) (9,324)

Class I (EUR) Management Fees - - - (6,297)

(44,676) (135,972) (55,237) (43,029)


Class I Management Fees (3,489) (21,509) (7,040) (8,081)

Class I (GBP) Management Fees (5,884) (6,807) (2,382) (2,216)

Class I (EUR) Management Fees - - - (14)

(9,373) (28,316) (9,422) (10,311)

Sanlam S&P

Africa Tracker

Fund


SPI Global High Quality

Fund

USD GBP GBP


Class A Management Fees (49,984) (46,817) -

Class C Income Management Fees - - (29,035)

Class C Accumulation Management Fees - - (286)

Class D Accumulation Management Fees - - (696)

Class E Accumulation Management Fees - - (1,975)

Class I Management Fees (29,162) - -

(79,146) (46,817) (31,992)


Class A Management Fees (26,824) (15,926) -

Class C Income Management Fees - - (29,035)

Class C Accumulation Management Fees - - (286)

Class D Accumulation Management Fees - - (696)

Class E Accumulation Management Fees - - (1,975)

Class I Management Fees (10,327) - -

(37,151) (15,926) (31,992)


309





8IP Asia Equity

Opportunities

Fund

USD

8IP Asia Pacific

Equity Fund USD

Centre

Global

Equity Fund

USD


Property Fund USD

Fees incurred during the period ended 30/06/2013

Class A Management Fees (7,571) (6,747) (149,791) (102,524)

Class B Management Fees - - (23,107) (990)

Class C Management Fees (103) - (138) -


Class F Management Fees (2) (2) - -

(19,431) (32,334) (173,036) (103,514)


Class A Management Fees (7,571) (6,747) (149,791) (102,524)

Class B Management Fees - - (23,107) (990)

Class C Management Fees (103 - (138) -


Class F Management Fees (2) (2) - -

(19,431) (32,334) (173,036) (103,514)


310





P-Solve Inflation

Plus Fund GBP

Sanlam African Frontier

Markets Fund USD


USD

Sanlam Global Bond

Fund USD

Fees incurred during the period ended 30/06/2013 Class A Management Fees (188) (19,995) (558,559) (445)


Class C Management Fees - - (335,219) (520,317)

Class D Management Fees - - (219) -

Class F Management Fees - (212) (1,559) -

Class G Management Fees - (175,894) (99,829) -

Class H Management Fees - - (2) -

Class I Management Fees - - (414) -

Class J Management Fees - - (205) -

(17,643) (361,859) (1,402,039) (549,247)


Class A Management Fees (188) (19,995) (84,456) (73)


Class C Management Fees - - (52,629) (85,295)

Class D Management Fees - - (82) -

Class F Management Fees - (212) (159) -

Class G Management Fees - (175,894) (14,476) -

Class I Management Fees - - (57) -

Class J Management Fees - - (32) -

(17,643) (361,854) (215,992) (86,701)


311





Sanlam Global

Financial Fund USD

Sanlam Global

Property Fund USD

Sanlam Strategic

Cash Fund USD

Sanlam World Equity

Fund USD

Fees incurred during the period ended 30/06/2013 Class A Management Fees (257,666) - (11,601) (158)


Class C Management Fees (988,411) (167,810) - (1,427,072)

(1,457,356) (185,215) (13,543) (1,619,985)


Class A Management Fees (40,594) - (11,601) (27)

Class B Management Fees (37,257) (447) (1,942) (27,384)

Class C Management Fees (182) (27,432) - (234,155)

Class D Management Fees (150,474) - - -

Class F Management Fees (1,774) - - -

Class H Management Fees (403) - - -

Class I Management Fees (408) - - -

Class J Management Fees (490) - - -

Class K Management Fees (70)

(231,652) (27,879) (13,543) (261,566)

.


312





Sanlam

World Equity

Tracker

Fund

USD


Fund USD


Fund USD


Grade Bond Fund GBP

Fees incurred during the period ended 30/06/2013 Class A Management Fees (919) (1,111) (21,863) -

Class A Income Management Fees - - - (12,549) Class A Accumulation Management Fees - - - (5,468)


Class C Management Fees (644,630) (23,699) -

Class P Income Management Fees - - - (101,754) Class P Accumulation Management Fees - - - (18,951)

(748,723) (24,810) (21,863) (138,722)


Class A Management Fees (919) (1,111) (4,536) -

Class A Income Management Fees - - - (12,549) Class A Accumulation Management Fees - - - (5,468)


Class C Management Fees (644,630) (23,699) - -


Class G Management Fees - - (6,677) -

Class P Income Management Fees - - - (101,754) Class P Accumulation Management Fees - - - (18,951)

(748,723) (24,810) (11,511) (138,722)


313





Sanlam Fund of

Alternative UCITS Fund

Sanlam Accel

Income Fund

Sanlam North America

Equity Tracker Fund

Sanlam UK Equity

Tracker Fund

Fees incurred during the period ended 30/06/2013 Class A Management Fees - (13,641) - -

Class B Management Fees - (1,276) - -

- (14,917) - -


Class A Management Fees - (13,641) - -

Class B Management Fees - (1,276) - -

- (14,917) - -


Fund

Sanlam Equity

Allocation Fund

Sanlam Emerging

Market Equity Tracker

Fund

Fees incurred during the period ended 30/06/2013 Management Fees - - -

- - -


Management Fees - - -

- - -


314



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. 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 2014:

Sanlam Equity Allocation

Fund USD

Sanlam Global Bond

Fund USD

Sanlam Strategic Cash

Fund USD

Subscriptions:

Global Equity Fund - - -

Global Best Ideas Feeder Fund - - -

Global Balanced Fund 7,644,409 20,600,000 3,000,000 Sanlam International Multi-Asset I Fund - - -

Sanlam Accel Income Fund - - -

Sanlam Institutional Bond Fund - - - Sanlam Institutional Equity Flexible Fund - - -

BIFM World Equity Fund - - -

BIFM Global Fixed Income Fund - 17,523,769 -

7,644,409 38,123,769 3,000,000

Sanlam World Equity

Fund USD

Sanlam Universal

Global Property Fund

Sanlam North America Equity Tracker

Fund USD


Fund

Subscriptions:

Global Equity Fund 1,010,705,818 - 74,942,229 11,997,702

Global Best Ideas Feeder Fund - - -

Global Balanced Fund 28,263,814 8,839,847 12,303,653 - Sanlam International Multi-Asset I Fund - - - -

Sanlam Accel Income Fund - - - -

Sanlam Institutional Bond Fund - - - - Sanlam Institutional Equity Flexible Fund - - - -

BIFM World Equity Fund 30,926 - - -

1,039,000,558 8,839,847 87,245,882 11,997,702


315



Related Transactions (continued)

8IP Asia

Equity Opportunities

Fund USD

8IP Asia Pacific Equity

Fund USD

Sanlam Global Best Ideas

Fund USD

Sanlam Global Bond

Fund USD

Redemptions:

Global Equity Fund 9,246,872 11,302,019 - -

Global Best Ideas Feeder Fund - - 26,325,813 -

Global Balanced Fund - - - 400,000 Sanlam International Multi-Asset III Fund - - - -



BIFM Emerging Market Equity Fund - - 5,200,000 -

BIFM Global Fixed Income Fund - - - 23,000,000

9,246,872 11,302,019 31,525,813 23,400,000

Sanlam

Global Property

Fund USD

Sanlam Strategic

Cash Fund USD

Sanlam World Equity

Fund USD

Sanlam World

Equity Tracker Fund USD

Redemptions:

Global Equity Fund - - 933,678,574 -

Global Best Ideas Feeder Fund - - - -

Global Balanced Fund 22,248,505 15,000,000 23,048,062 - Sanlam International Multi-Asset I Fund - - 70,000 39,000



22,248,505 15,000,000 956,796,636 39,000


316





Fund USD

Sanlam Emerging

MarketEquity Tracker Fund

USD

Sanlam North America Equity Tracker

Fund USD


Fund USD

Redemptions:

Global Equity Fund 11,997,702 33,547,051 247,966,221 7,644,409


Global Balanced Fund - - 1,400,000 -

Sanlam International Multi-Asset I Fund - - -

-


Sanlam Institutional Bond Fund - - - -

Sanlam Institutional Equity Flexible Fund - - -

Total Redemptions 11,997,702 33,547,051 249,366,221 7,644,409

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 World

Equity Fund USD

Sanlam Europe (Ex-UK)

Equity Fund USD

Sanlam Global

Bond Fund USD

Sanlam Global

Property Fund USD

Subscriptions:

Global Equity Fund - - - -


Global Balanced Fund 310,000 - 1,900,000 1,000,000 Sanlam International Multi-Asset III Fund - - - -


Sanlam Institutional Bond Fund - - - - Sanlam Institutional Equity Flexible Fund - 57,835,823 - -

310,000 57,835,823 1,900,000 1,000,000


317





Fund USD


Tracker Fund USD


Grade Bond Fund USD

Sanlam Strategic

Cash Fund USD

Subscriptions:

Global Equity Fund - 88,221,089 - -


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

Sanlam UK Equity

Tracker Fund USD

Sanlam Emerging

Market Equity Tracker

Fund 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


318




Sanlam World

Equity Fund USD


USD

Sanlam Global

Bond Fund USD

Sanlam Global

Property Fund 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

Sanlam Equity

Allocation Fund USD

Sanlam World Equity

Tracker Fund USD

SIM Global Equity

Income Fund USD

Sanlam Strategic

Cash Fund USD

Redemptions:

Global Equity Fund - - 1,749,419 -


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


319


8 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.

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 PORTFOLIO OF INVESTMENTS of each Fund.

9 Soft commissions

During the period Investment Manager and connected persons to the Sanlam World Equity Fund have entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process were received. The Investment Manager and connected persons do not make direct payment for these services but do transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions. The goods and services utilised for the Company include computer hardware and software used for economic and political analysis, portfolio analysis including valuation and performance measurement, market analysis, data and quotation services and investment related publications. The Investment Manager considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains best execution on behalf of the Company and the brokerage rates are not in excess of customary institutional full service brokerage rates.

10 Contingent and cross liability of funds

The Directors are not aware of any such existing or contingent liability at 30 June 2014. The Company’s amended Articles provide for segregated liability between the various Funds. These provisions, and the Fund’s application of them may not yet have been fully tested by Irish or foreign courts. Accordingly, while the liabilities of one Fund will not generally impact on or be paid out of the assets of another Fund, it is not entirely free from doubt that the assets of any Fund are protected from the liabilities of other Funds of the Company. As at 30 June 2014 and 31 December 2013 there was no cross liabilities held between the Funds.

11 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.


320


11 Stock lending activities (continued)

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 counterparty on cash collateral less any commissions or similar transaction costs. The tables below disclose the income arising from stock lending activities, the costs and fees incurred, the exposure at the reporting date and the amount of collateral held. Effective from 1 September 2014 the Funds will retain a higher proportion of securities lending income. The type of collateral held at the reporting date is cash (44.34%) or high quality government bonds (56.66%).

The counterparties to the Funds’ stock lending activities are Citigroup, Credit Suisse, Deutsche Bank,

HSBC, ING, JP Morgan, Merrill Lynch, Morgan Stanley, Nomura and UBS

The Funds incurred the following costs and fees in relation to stock lending activities for the period

ended 30 June 2014:

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific

Equity Fund

USD

Centre Global

Equity Fund

USD

Grindod

International

Property

Fund

USD

P-Solve

Inflation Plus

Fund

GBP

Sanlam

African

Frontiers

Market Fund

USD

Stock lending

agent fees 18 42 1,442 315 938 -

Manager fees 82 209 3,678 803 2,392 -

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Bond Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Global

Property

Fund

USD

Sanlam

Global

Cash Fund

USD

Sanlam World

Equity Fund

USD

Stock lending

agent fees 26,217 3,053 3,128 8,100 12 131,127

Manager fees 66,853 7,789 7,977 20,654 29 334,377

Sanlam

World Equity

Tracker Fund

USD

SIIP India

Opportunities

Fund

USD

SIM Global

Equity

Income Fund

USD

SPI Strategic

Investment

Grade Bond

Fund

GBP

Sanlam Fund

of Alternative

UCITS Fund

USD

Sanlam Accel

Income Fund

GBP

Stock lending

agent fees 36,631 - 1,402 3,030 - -

Manager fees 93,400 - 3,575 7,728 - -


321



Sanlam North

America

Equity

Tracker Fund

USD

Sanlam UK

Equity

Tracker

Fund

GBP

Sanlam

Europe

(ex UK)

Equity

Tracker Fund

EUR

Sanlam

Equity

Allocation

Fund

USD

Sanlam

Emerging

Market Equity

Tracker Fund

USD

Sanlam

P2strategies

Global Fund

USD

Stock lending

agent fees 3,345 2,079 24,386 15,628 3,581 -

Manager fees 4,945 3,807 58,804 36,919 6,419 -

Sanlam P2

Strategies UK

Fund

GBP

Sanlam P2

Strategies

North

America

Fund

USD

Sanlam P2

Strategies

Emerging

Market Fund

USD

Sanlam P2

Strategies

Europe

(ex-UK) Fund

EUR

Sanlam S&P

Africa Tracker

Fund

USD

Four

European

L/S Fund

GBP

Stock lending

agent fees - - - - 437 2,073

Manager fees - - - - 1,030 5,074

SPI Global

High Quality

Fund

GBP

Stock lending

agent fees 14

Manager fees 36

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2014:

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific Equity

Fund

USD

Centre Global

Equity Fund

USD

Grindod

International

Property

Fund

USD

P-Solve

Inflation Plus

Fund

GBP

Sanlam

African

Frontiers

Market Fund

USD

Income 184 685 4,142 1,195 2,486 -

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Bond Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Global

Property

Fund

USD

Sanlam

Strategic

Cash

Fund

USD

Sanlam World

EquityFund

USD

Income 114,263 10,279 7,982 26,676 55 327,271


322

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2014 11 Stock lending activities (continued)

Sanlam

World Equity

Tracker Fund

USD

SIIP India

Opportunities

Fund

USD

SIM Global

Equity

IncomeFund

USD

SPI Strategic

Investment

Grade Bond

Fund

GBP

Sanlam

Fund of

Alternative

UCITS Fund

USD

Sanlam

Accel Income

Fund

GBP

Income 114,135 - 5,209 10,401 - -

Sanlam North

America

Equity

Tracker Fund

USD

Sanlam UK

Equity

Tracker

Fund

GBP

Sanlam

Europe

(ex UK)

Equity

Tracker Fund

EUR

Sanlam

Equity

Allocation

Fund

USD

Sanlam

Emerging

Market Equity

Tracker Fund

USD

Sanlam

P2strategies

Global Fund

USD

Income 17,236 7,880 83,070 50,695 16,419 -

Sanlam P2

Strategies UK

Fund

GBP

Sanlam P2

Strategies

North

America

Fund

USD

Sanlam P2

Strategies

Emerging

Market Fund

USD

Sanlam P2

Strategies

Europe

(ex-UK) Fund

EUR

Sanlam S&P

Africa Tracker

Fund

USD

Four

European

L/S Fund

GBP

Income - - - - 1,261 3,935

SPI Global

High Quality

Fund

GBP

Manager fees 33

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2013:

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific Equity

Fund

USD

Centre

Global Equity

Fund

USD

Grindrod

International

Property

Fund

GBP

P-Solve

Inflation Plus

Fund

GBP

Sanlam

Global

Best Ideas

Fund

USD

Income 2,517 2,910 10,182 3,166 2,002 149,439

Sanlam

Global Bond

Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Global

Property

Fund

USD

Sanlam

Strategic

Cash

Fund

USD

Sanlam

World Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Income 14,353 76,463 27,522 160 495,088 114,864

SPI Strategic

Investment

Grade Bond

Fund

GBP

Income 17,894


323


Summary of collateral as at 30 June 2014:

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific Equity

Fund

USD

Centre Global

Equity Fund

USD

P-Solve

Inflation Plus

Fund

GBP

Aggregate value of securities on loan at the year

end - - 609,621 9,263,274

Aggregate value of collateral held in respect of the

loans - - 642,951 9,524,271

Collateral % - - 105.46% 102.82%

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Bond Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Global

Property

Fund

USD


end 20,494,907 13,365,575 5,038,242 4,434,669


loans 22,198,865 13,620,315 5,317,679 4,709,083

Collateral % 108.31% 101.91% 105.55% 106.19%

Sanlam World

Equity Fund

USD

Sanlam World

Equity

Tracker

Fund

USD

SIM Global

Equity

Income

Fund

USD

SPI Strategic

Investment

Grade Bond

Fund

GBP


end 64,904,942 13,577,646 1,554,668 6,952,894


loans 69,031,942 14,346,777 1,607,318 7,178,478

Collateral % 106.36% 105.66% 103.39% 103.24%

Sanlam Fund

of Alternative

UCITS Fund

USD

Sanlam Accel

Income Fund

GBP

Sanlam North

America

Equity

Tracker

Fund

USD

Sanlam UK

Equity

Tracker

Fund

GBP


end - - 431,466 1,237,416


loans - - 446,690 1,356,143

Collateral % - - 103.53% 109.59%


324


Summary of collateral as at 30 June 2014 (continued):

Sanlam

Europe

(ex-UK)

Equity

Tracker Fund

EUR

Sanlam

Equity

Allocation

Fund

USD

Sanlam

Emerging

Markets

Equity

Tracker

Fund

USD

Sanlam

P2strategies

Global Fund

USD


end 3,363,925 3,150,051 299,506 -


loans 3,523,348 3,285,085 318,561 -

Collateral % 104.74% 104.28% 106.36% -

Sanlam

P2strategies

UK Fund

GBP

Sanlam

P2strategies

North

America

Fund

USD

Sanlam

P2strategies

Emerging

Markets

Fund

USD

Sanlam

P2strategies

Europe

(Ex-UK) Fund

EUR


end - - - -


loans - - - -

Collateral % - - - -

Sanlam S&P

Africa Tracker

Fund

USD

Sanlam FOUR

European L/S

Fund

GBP


end 660,530 736,796


loans 697,363 756,648

Collateral % 105.58 102.69%


325



Summary of collateral as at 31 December 2013: (continued)

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific Equity

Fund

USD

Centre Global

Equity Fund

USD

P-Solve

Inflation Plus

Fund

GBP


end 752,228 819,023 15,124 2,761,807


loans 795,313 873,541 15,942 2,823,576

Collateral % 105.73% 106.66% 105.41% 102.24%

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Bond Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Global

Property

Fund

USD


end 14,424,978 1,286,614 5,022,833 11,167,558


loans 14,998,770 1,315,601 5,188,048 11,691,483

Collateral % 103.98% 102.25% 103.29% 104.69%

Sanlam World

Equity Fund

USD

Sanlam World

Equity

Tracker

Fund

USD

SIM Global

Equity

Income

Fund

USD

SPI Strategic

Investment

Grade Bond

Fund

GBP


end 49,674,766 14,899,227 960,880 7,802,163


loans 51,971,409 15,787,390 999,703 8,048,364

Collateral % 104.62% 105.96% 104.04% 103.16%

Sanlam Fund

of Alternative

UCITS Fund

USD

Sanlam Accel

Income Fund

GBP

Sanlam

North

America

Equity

Tracker

Fund

USD

Sanlam UK

Equity

Tracker

Fund

GBP


end - - 3,116,168 112,431


loans - - 3,313,817 118,519

Collateral % - - 106.34% 105.41%


326



Summary of collateral as at 31 December 2013: (continued)

Sanlam

Europe

(ex-UK)

Equity

Tracker Fund

EUR

Sanlam

Equity

Allocation

Fund

USD

Sanlam

Emerging

Markets

Equity

Tracker

Fund

USD

Sanlam

P2strategies

Global Fund

USD


end 2,939,362 2,666,132 294,510 -


loans 3,058,958 2,790,972 314,796 -

Collateral % 104.07% 104.68% 106.89% -

Sanlam

P2strategies

UK Fund

GBP

Sanlam

P2strategies

North

America

Fund

USD

Sanlam

P2strategies

Emerging

Markets

Fund

USD

Sanlam

P2strategies

Europe

(Ex-UK) Fund

EUR


end - - - -


loans - - - -

Collateral % - - - -

Sanlam S&P

Africa Tracker

Fund

USD

Sanlam FOUR

European L/S

Fund

GBP


end - -


loans - -

Collateral % - -


327


12 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: Period ended 30 June 2014 Investment Incentive fees as a %

Management Fees of Net Asset Gains

as a % of Net Assets

above the Benchmarks

8IP Asia Equity Opp Fnd Sanlam Class E 0.00% -

8IP Asia Pacific Equ Fnd Sanlam Class E 0.00% -

8IP Australian Small Companies fund 1.29% -

Aberdeen Global - World Equity Fund Z2 0.00% -

Absolute Insight Emerging Market Debt Fund 1.00% -

Artemis Global Income Fund - I 0.75% -

Artemis Income Fund 0.75% -

Artemis Strategic Bond Fund 0.50% -

ASPECT UCITS FUNDS 1.50% -

Black Rock Institutional Liquidity Fund plc I 0.00% -

Black Rock Institutional Liquidity Fund plc I 0.00% -

BlackRock Institutional Cash Series-Sterling 0.00% -

BlackRock Institutional Cash Series-Sterling 0.00% -

BlackRockInstitutional Euro Fund A (Irish UCI 0.00% -

BlackRockInstitutional Euro Fund A (Irish UCI 0.00% -

Cazenove Absolute UK Dynamic Fund 1.00% -

Cazenove Investment Fund Company - UK Equity 0.75% -

Cazenove Strategic Bond Fund 0.50% -

Credit Suisse Custom Markets - RAII Holt Fund 0.50% -

Drexel Hamilton Multi Asset Real Return Fund 0.55% -

ETFS Brent 1Mth Oil Security 0.49% -

Fidelity Enhanced Income Fund 0.75% -

Fidelity Institutional Funds ICVC - UK Corpor 0.35% -

Finsbury High Income Fund 1.00% -

First State Investments ICVC - Asia Pacific L 0.85% -

FOUR ACTIVE EUROPEAN EX UK EQY CL B(D) EUR 0.00% -

Four Active GL Income & Growth Class B(I) USD 0.00% -

Four Active UK Equity Fund Class B 0.00% -

FOUR Capital Funds Plc -Multi Strategy Fund U 0.00% -

FOUR European Long Short Fund Class A USD (Hi 1.50% -

Four Stable Global Equity Fund USD Class B 0.00% -

Franklin Templeton Investment Funds - Templet 1.10% -

GAM Star Fund Plc - Technology 0.15% -

GLG Investments VI PLC - GLG Atlas Macro Alte 2.00% -

GLG Investments VI PLC - GLG European Equity 2.00% -

GLG Investments VI Plc - Global Equity Altern 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 1.75% -

Ignis GBP Liquidity Fund 2 0.10% -

Insight Liquidity Funds Plc 0.10% -

Institutional Cash Series Plc - Insti Sterlin 0.00% -

Invesco Perpetual Fixed Interest - Corporate 0.91% -


328


12 Fees of underlying investments (continued) Period ended 30 June 2014 (continued) Investment Incentive fees as a %



above the Benchmarks


iShares Core MSCI Emerging Markets ETF 0.18% -

iShares Developed Markets Property Yield Fund 0.59% -

iShares DJ Stoxx Global Select Dividend 100 0.46% -

iShares Global Inflation Linked Government Bo 0.00% -

IShares III Plc Barclays Capital Emerging Mar 0.50% -

iShares MSCI All Peru Capped 0.74% -

iShares MSCI China ETF 0.61% -

iShares MSCI Europe Ex-UK 0.00% -

iShares MSCI Japan Monthly GBP Hedged 0.64% -

iShares MSCI South Korea Index Fund 0.59% -

iShares MSCI World Islamic 0.60% -

iShares MSCI World UCITS ETF 0.00% -

iShares MSCI World UCITS ETF 0.40% -

Ishares S&P 500 Index Fund 0.00% -

iShares S&P SmallCap 600 0.00% -

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% -

Lamp Ucits Funds Visium Global MA1 USD 2.20% -

Lazard Investment Funds - Global Equity Incom 0.75% -

Lyxor ETF Eastern Europe 0.50% -

M&G Corporate Bond 0.50% -

Mellon Investments Funds - Newton Global High 0.75% -

New Europe Property Investment Plc 1.00% -

PFS Chelverton UK Equity Fund 0.75% -

PIMCO Funds Global Investoes Series Plc - Unc 1.25% -

PIMCO Global Investors 0.89% -

Pimco Global Investors Series - Global High Y 0.55% -

Pimco-Hi Yield Bond 0.55% -

PSigma American Growth-I Acc 0.75% -

PSigma Global Equity Fund 0.75% -

PSigma Income Fund 0.75% -

Sanlam Emerging MarketEquity Tracker Fund Cla 0.00% -

Sanlam Emerging MarketEquity Tracker Fund Cla 0.00% -

Sanlam Equity Allocation Fund Class E 0.00% -

Sanlam Equity Allocation Fund Class E 0.00% -

Sanlam Europe (ex UK) Equity Tracker Fund Cla 0.00% -

Sanlam Europe(ex UK) Equity Tracker Fund Clas 0.00% -

Sanlam Global Best Ideas Universal Fund Class 0.00% -

Sanlam Global Best Ideas Universal Fund E 0.00% -

Sanlam Global Bond Fund class C 0.60% -

Sanlam Global Bond Fund class E 0.00% -

Sanlam Global Bond Fund class E 0.00% -

Sanlam North America Equity Tracker Fund Clas 0.00% -

Sanlam North America Equity Tracker Fund Clas 0.00% -


329


12 Fees of underlying investments (continued)

Period ended 30 June 2014 (continued) Investment Incentive fees as a %



above the

Benchmarks

Sanlam Strategic Cash Fund Class E 0.00% -

Sanlam UK EquityTracker Fund Class E 0.00% -

Sanlam UK EquityTracker Fund Class E GBP 0.00% -

Sanlam Unv Global Prop Fund Class E 0.00% -

Sanlam World Equity Fund Class C 0.75% -

Sanlam World Equity Fund Class E 0.00% -

Sanlam World Equity Fund Class E 0.00% -

Sanlam World Equity Tracker Fund Class E USD 0.00% -

Schroder Income Maximiser Fund 0.75% -

Schroder International Selection Fund - Globa 0.00% -

Select Equity Long/Short UCITS Sub-Fund 1.55% -

SIIP Indian Opp Fund Class E 0.00% -

Skyline UCITS Fund 1.50% -

SPDR S&P 400 US Mid Cap ETF 0.30% -

SPI Strategic Investment Grade Bond Fund 0.15% -

Standard Life Investments Global SICAV 0.85% -

The NewPlat ETF 0.40% -

Threadneedle Investment Funds - UK Equity Inc 1.00% -

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 MSCI European ETF 0.12% -

Vanguard S&P 500 ETF 0.09% -


Veritas Funds Plc - Global Equity Income Fund 0.75% -

Period ended 30 June 2013

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% -


330


12 Fees of underlying investments (continued)

Incentive fees as a %

Investment of Net Asset Gains

Management Fees above the

Period ended 30 June 2013 (continued) as a % of Net Assets Benchmarks

Institutional Cash Series Plc - Insti Sterlin 0.00% -


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% -

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% -


Veritas Funds Plc - Global Equity Income Fund 0.75% -


331


13 Net asset value per share


Period Ended Year Ended Period Ended

30/06/2014 31/12/2013 30/06/2013

Share class A

Net Asset Value - USD 351,669 USD 823,721

Number of Shares in Issue - 439,803 1,089,002

Net asset value per share for financial statement purposes - USD 0.7996 USD 0.7570

Add: Valuation adjustment - - -

Net asset value per share for shareholder dealing - USD 0.7996 USD 0.7570

Share class A (GBP)

Net Asset Value - GBP 76 GBP 79

Number of Shares in Issue - 100 100

Net asset value per share for financial statement purposes - GBP 0.7595 GBP0.7854


Net asset value per share for shareholder dealing - GBP 0.7595 GBP0.7854

Share class C


Number of Shares in Issue - 18,337 27,441




Share class D

Net Asset Value - USD 2,300,314 USD 2,890,502

Number of Shares in Issue - 2,743,460 3,657,230




Share class E







332


13 Net asset value per share (continued)



30/06/2014 31/12/2013 30/06/2013

Share class A






Share class A (GBP)

Net Asset Value - GBP 90 GBP 90

Number of Shares in Issue - 100 100

Net asset value per share for financial statement purposes - GBP 0.9049 GBP 0.8995


Net asset value per share for shareholder dealing - GBP 0.9049 GBP 0.8995

Share class D






Share class E







333





30/06/2014 31/12/2013 30/06/2013

Share class A

Net Asset Value USD 16,418,620 USD 19,833,561 USD 19,264,459

Number of Shares in Issue 16,617,566 20,318,060 22,501,120

Net asset value per share for financial statement purposes USD0.9880 USD 0.9762 USD 0.8562


Net asset value per share for shareholder dealing USD 0.9880 USD 0.9762 USD 0.8562

Share class B



Net asset value per share for financial statement purposes USD 1.0188 USD 1.0041 USD 0.8785



Share class C

Net Asset Value USD 65,516 USD 40,985 USD 35,812

Number of Shares in Issue 61,147 38,863 38,863




Share class E

Net Asset Value USD 110 USD 108 USD 94

Number of Shares in Issue 100 100 100





334




Property Fund


30/06/2014 31/12/2013 30/06/2013

Share class Distributing

Net Asset Value - - USD 107,769

Number of Shares in Issue - - 95,730

Net asset value per share for financial statement purposes - - USD 1.1259


Net asset value per share for shareholder dealing - - USD 1.1259

Share class Non – Distributing







335





30/06/2014 31/12/2013 30/06/2013

Share class A

Net Asset Value GBP 31,778 GBP 31,184 GBP 29,980


Net asset value per share for financial statement purposes GBP 1.6327 GBP 1.6022 GBP 1.5396


Net asset value per share for shareholder dealing GBP 1.6327 GBP 1.6022 GBP 1.5396

Share class B

Net Asset Value GBP 7,840,057 GBP 7,511,853 GBP 6,153,271 Number of Shares in Issue 4,653,688 4,526,412 3,869,265

Net asset value per share for financial statement purposes GBP 1.6847 GBP 1.6596 GBP 1.5895 Add: Valuation adjustment - - -


Share class B Accumulation

Net Asset Value GBP 1,974,735 GBP 5,071 -

Number of Shares in Issue 1,901,461 4,992 -

Net asset value per share for financial statement purposes GBP 1.0385 GBP 1.0159 - Add: Valuation adjustment - - -

Net asset value per share for shareholder dealing GBP 1.0385 GBP 1.0159 -

Share class C

Net Asset Value GBP 48,607,087 GBP 47,404,690 GBP 44,643,308


Net asset value per share for financial statement purposes GBP 1.2166 GBP 1.2003 GBP 1.1461 Add: Valuation adjustment - - -



336



Sanlam African

Frontier Markets Fund


30/06/2014 31/12/2013 30/06/2013

Share class A






Share class A (GBP)






Share class C

Net Asset Value USD 108,838 USD 113,659 USD 118

Number of Shares in Issue 76,215 81,027 100




Share class C (GBP)

Net Asset Value GBP 120 GBP 122 GBP 112






337



Sanlam African Frontier Markets Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class D






Share class G

Net Asset Value USD 29,545,640 USD 29,092,184 USD28,041,017





Share class H

Net Asset Value USD 6,384,969 USD 4,041,848 -

Number of Shares in Issue 5,531,397 3,582,597 -

- Net asset value per share for financial statement purposes USD 1.1543 USD 1.1282 -


Net asset value per share for shareholder dealing USD 1.1543 USD 1.1282 -


338





30/06/2014 31/12/2012 30/06/2013

Share class A

Net Asset Value USD 42,981,383 USD 60,495,987 USD 65,924,203 Number of Shares in Issue 22,500,282 33,103,429 37,473,555

Net asset value per share for financial statement purposes USD 1.9103 USD 1.8275 USD1.7534

Add: Valuation adjustment - -

Net asset value per share for shareholder dealing USD 1.9103 USD 1.8275 USD1.7534

Share class A (EUR)

Net Asset Value EUR 106 EUR 101 EUR 104


Net asset value per share for financial statement purposes EUR 0.9538 EUR 0.9100 EUR 0.9310


Net asset value per share for shareholder dealing EUR 0.9538 EUR 0.9100 EUR 0.9310

Share class A (GBP)






Share class B







339



Share class C (GBP)






Share class D






Share class E






Sanlam Global

Best Ideas Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class C







340



Sanlam Global

Best Ideas Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class F






Share class F (GBP)

Net Asset Value - GBP 16,211 GBP 17,158


Net asset value per share for financial statement purposes - GBP 0.9269 GBP 0.9811


Net asset value per share for shareholder dealing - GBP 0.9269 GBP 0.9811


341



Sanlam Global

Bond Fund


30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B

Net Asset Value USD 314,287 USD 2,174,008 USD 2,128,836

Number of Shares in Issue 220,206 1,595,563 1,597,284




Share class C






Share class E







342





30/06/2014 31/12/2013 30/06/2013

Share class A






Share class A (EUR)

Net Asset Value EUR 114 EUR 105 EUR 106





Share class A (GBP)






Share class B






Share class C







343



Sanlam Global

Financial Fund (continued)

Year Ended Year Ended Period Ended

31/12/2014 31/12/2013 30/06/2013

Share class C (GBP)

Net Asset Value GBP 1,038,483 GBP 1,006,599 GBP 773,299





Share class D






Share class E






Share class F

Net Asset Value USD 40,738 USD 305,082 USD 339,658 Number of Shares in Issue 36,006 290,237 337,711

Net asset value per share for financial statement purposes USD 1.1314 USD 1.0511 USD1.0058 Add: Valuation adjustment - - -

Net asset value per share for shareholder dealing USD 1.1314 USD 1.0511 USD1.0058

Share class F (EUR)

Net Asset Value EUR 45,323 EUR 41,540 EUR 42,045






344


13 Net asset value per share (continued) Sanlam Global

Financial Fund (continued)

Period Ended Year Ended Period Ended 30/06/2014 31/12/2013 30/06/2013

Share class F (GBP)








30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B






Share class C






Share class E







345





30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B

Net Asset Value USD 6,186,941 USD 1,053,970 USD 877,230

Number of Shares in Issue 4,893,044 833,331 693,393




Share class E






Share class F







346





30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B






Share class C






Share class E

Net Asset Value USD

1,363,152,035 USD

1,216,002,219 USD

1,159,027,490






347





30/06/2014 31/12/2013 30/06/2013

Share class A

Net Asset Value USD 188,605,816 USD 159,226,449 USD 186,213

Number of Shares in Issue 124,330,388 111,313,125 122,715




Share class B






Share class C

Net Asset Value USD 881,252 USD 844,324 USD

239,123,113

Number of Shares in Issue 472,240 479,226 194,525,268




Share class E

Net Asset Value USD 23,917,611 USD 13,421,941 USD 152

Number of Shares in Issue 12,785,923 7,629,015 101





348



Sanlam World Equity Tracker Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I






Share class I (GBP)



Net asset value per share for financial statement purposes GBP 1.0347 GBP 1.0060 USD 0.9427


Net asset value per share for shareholder dealing GBP 1.0347 GBP 1.0060 USD 0.9427


349



SIIP India

Opportunities Fund


30/06/2014 31/12/2013 30/06/2013

Share class A






Share class A (GBP)

Net Asset Value GBP 89 GBP 76 GBP 80





Share class C






Share class D






Share class E







350





30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B

Net Asset Value USD 114 - -

Number of Shares in Issue 100 - -

Net asset value per share for financial statement purposes USD 1.1419 -


Net asset value per share for shareholder dealing USD 1.1419 - -

Share class C






Share class E






Share class I







351





30/06/2014 31/12/2013 30/06/2013

Share class A Accumulating






Share class A Income






Share class P Accumulating (USD)






Share class P Accumulating






Share class P Income







352



SPI Strategic Investment Grade Bond Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I Accumulating

Net Asset Value GBP 102 - -


Net asset value per share for financial statement purposes GBP 1.0213 - -


Net asset value per share for shareholder dealing GBP 1.0213 - -

Share class I Income








30/06/2014 31/12/2013 30/06/2013

Share class A (USD)

Net Asset Value USD 507,146 USD 510,329 GBP 25,588


Net asset value per share for financial statement purposes USD 1.0240 USD 1.0304 GBP 0.9977


Net asset value per share for shareholder dealing USD1.0240 USD 1.0304 GBP 0.9977

Share class A (GBP)

Net Asset Value GBP 111,866 GBP 116,175 -

Number of Shares in Issue 123,041 123,041 - Net asset value per share for financial statement purposes GBP 0.9092 USD 0.9442 -


Net asset value per share for shareholder dealing GBP 0.9092 USD 0.9442 -


353



Sanlam Fund of Alternative UCITS Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class E





Net asset value per share for shareholder dealing USD1.0265 USD 1.029 USD 0.9919



30/06/2014 31/12/2013 30/06/2013

Share class A Net Income






Share class A Net Accumulation








30/06/2014 31/12/2013 30/06/2013

Share class A







354



Sanlam North America Equity Tracker Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class B

Net Asset Value USD 121 USD 113 -

Number of Shares in Issue 100 100 -

Net asset value per share for financial statement purposes USD 1.2087 USD 1.1303 -



Share class E






Share class I

Net Asset Value USD 1,315,038 USD 114 USD 98

Number of Shares in Issue 1,088,694 101 100




Share class I (GBP)

Net Asset Value GBP 314,693 GBP 117,204 GBP 100






355





30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B






Share class C






Share class E






Share class E (GBP) Net Asset Value GBP 14,508,973 GBP 7,400,276 GBP 94






356



Sanlam UK Equity

Tracker Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I






Share class I (GBP)

Net Asset Value GBP 425,165 GBP 363,017 GBP 97







30/06/2014 31/12/2013 30/06/2013

Share class A

Net Asset Value USD 37,026 USD 24,388 USD 95





Share class B

Net Asset Value USD 22,788 USD 21,653 -

Number of Shares in Issue 18,899 18,899 -



Net asset value per share for shareholder dealing USD 1. 2058 USD 1.1457 -


357



Sanlam Europe (ex UK) Equity Tracker Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class C

Net Asset Value USD 794,301 USD 656,539 -

Number of Shares in Issue 627,259 544,684 -




Share class E






Share class E (EUR)

Net Asset Value EUR 14,372,151 EUR 7,039,400 EUR 95




Net asset value per share for shareholder dealing EUR 1. 1674 EUR 1.0986 EUR 0.9461

Share class I





Net asset value per share for shareholder dealing USD 1. 2293 USD 1.1668 USD 0.9473

Share class I (GBP)

Net Asset Value GBP 106,501 GBP 111 GBP 97

Number of Shares in Issue 94,929 101 100



Net asset value per share for shareholder dealing GBP 1. 1219 GBP 1.0992 GBP 0.9740


358





30/06/2014 31/12/2013 30/06/2013

Share class E





Net asset value per share for shareholder dealing USD 1. 1958 USD 1.1379 USD 0.9286



30/06/2014 31/12/2013 30/06/2013

Share class A






Share class B






Share class E






Share class I

Net Asset Value USD 8,927,962 USD 16,818 USD 97

Number of Shares in Issue 8,136,145 16,184 100





359



Sanlam Emerging Market Equity Tracker Fund (continued)


30/06/2014 31/12/2012 30/06/2013

Share class I (GBP)

Net Asset Value GBP 306,045 GBP 114 GBP 100

Number of Shares in Issue 305,181 116 100

Net asset value per share for financial statement purposes GBP 1.0029 GBP 0.9807 GBP 100


Net asset value per share for shareholder dealing GBP 1.0029 GBP 0.9807 GBP 100

Sanlam P2Strategies Global Fund


30/06/2014 31/12/2012 30/06/2013

Share class A (USD)



Net asset value per share for financial statement purposes USD 1.0562 - -



Share class A (GBP)

Net Asset Value GBP 114 GBP 108 -


Net asset value per share for financial statement purposes GBP 1.1427 GBP 1.0824 -



Share class I (USD)





Net asset value per share for shareholder dealing USD 1. 1549 USD 1.0976 -


360



Sanlam P2Strategies Global Fund (continued)


30/06/2014 31/12/2012 30/06/2013

Share class I (GBP)

Net Asset Value GBP 2,611,234 GBP 1,608,532 -





Sanlam P2Strategies UK Fund


30/06/2014 31/12/2013 30/06/2013

Share class A






Share class I






Share class A (GBP)







361



Sanlam P2Strategies UK Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I (GBP)





Net asset value per share for shareholder dealing GBP 1. 0649 GBP 1.0541 -

Sanlam P2Strategies North America Fund


30/06/2014 31/12/2013 30/06/2013

Share class A (USD)





Net asset value per share for shareholder dealing USD 1. 0409 - -

Share class A (GBP)






Share class I (USD)







362



Sanlam P2Strategies North America Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I (GBP)

Net Asset Value GBP 6,628,252 GBP 2,463,656 - Number of Shares in Issue 5,946,327 2,292,182 -




Sanlam P2Strategies Emerging Market Fund


30/06/2014 31/12/2013 30/06/2013

Share class A (USD)






Share class A (GBP)






Share class I (USD)






Share class I (GBP)

Net Asset Value GBP 2,295,511 GBP 1,704,902 - Number of Shares in Issue 2,133,375 1,635,658 -





363



Sanlam P2Strategies Europe (ex UK) Fund


30/06/2014 31/12/2013 30/06/2013

Share class A (USD)






Share class A (EUR)

Net Asset Value EUR 105 - -


Net asset value per share for financial statement purposes EUR 1.0453 - -


Net asset value per share for shareholder dealing EUR 1. 0453 - -

Share class A (GBP)






Share class I (USD)






Share class I (EUR)

Net Asset Value EUR 21,755 EUR 4,155,826 -

Number of Shares in Issue 19,387 3,855,109 -

Net asset value per share for financial statement purposes EUR 1.1221 EUR 1.0780 -


Net asset value per share for shareholder dealing EUR 1.1221 EUR 1.0780 -


364



Sanlam P2Strategies Europe (ex UK) Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class I (GBP)








30/06/2014 31/12/2013 30/06/2013

Share classA

Net Asset Value USD 16,353,647 - -

Number of Shares in Issue 15,512,260 - -




Share class E






Share class I







365





30/06/2014 31/12/2013 30/06/2013

Share class A


Number of Shares in Issue 1,057,987 800,000 -






30/06/2014 31/12/2013 30/06/2013

Share class C Income (GBP)

Net Asset Value GBP 16,996,554 - -





Share class C Accumulation (GBP)

Net Asset Value GBP 243,135 - -

Number of Shares in Issue 236,434 - -




Share class D Income (USD)







366



SPI Global High Quality Fund (continued)


30/06/2014 31/12/2013 30/06/2013

Share class D Accumulation (USD)






Share class E Income (USD)






Share class E Accumulation (USD)







367


14 Significant events during the period

During the period the following Funds launched/closed:

Name Status

SPI High Quality Fund Active – launched 3 March 2014 8IP Asia Equity Opportunities Fund Closed – 20 March 2014 8IP Asia Pacific Equity Fund Closed – 20 March 2014

The following new or revised offering supplements were issued during the period:

Fund Name Date of revised offering supplement

Sanlam Emerging Markets Equity Tracker Fund 25 March 2014 Sanlam World Equity Fund 14 January 2014 Sanlam P2strategies Emerging Market Fund 25 February 2014 Sanlam P2strategies Europe (ex UK) Fund 12 May 2014 Sanlam P2strategies Global Fund 25 February 2014 Sanlam P2strategies North America Fund 25 February 2014 Sanlam P2strategies UK Fund 25 February 2014

There were no other significant events during the period.

15 Index Tracking The Company has six index-tracking Funds in existence at 30 June 2014 and 31 December 2013. The following table details the benchmark index name and the size of the tracking error as at 30 June 2014 for each index-tracking Fund.

Fund name Benchmark index name

Realised Tracking

Error

%

Sanlam World Equity Tracker Fund MSCI World 0.15%

Sanlam North America Equity Tracker Fund MSCI North America (0.25%)

Sanlam UK Equity Tracker Fund MSCI UK 0.33%

Sanlam Europe (ex UK) Equity Tracker Fund MSCI Europe ex UK (0.04%)

Sanlam Emerging Markets Equity Tracker Fund MSCI Emerging Markets (0.39%)

Sanlam S&P Africa Tracker Fund S&P Africa ex SA Custom (1.17%)

The following table details the benchmark index name and the size of the tracking error as at 31 December 2013 for each index-tracking Fund.

Fund name Benchmark index name

Realised Tracking

Error

%

Sanlam World Equity Tracker Fund MSCI World 0.78%

Sanlam North America Equity Tracker Fund MSCI North America 0.20%

Sanlam UK Equity Tracker Fund MSCI UK 0.52%

Sanlam Europe (ex UK) Equity Tracker Fund MSCI Europe ex UK 0.47%

Sanlam Emerging Markets Equity Tracker Fund MSCI Emerging Markets 0.92%

Sanlam S&P Africa Tracker Fund S&P Africa ex SA Custom 1.34%


368


16 Significant events since the end of the period The following distributions were made subsequent to the reporting date: Fund Class Ex-Date Currency Rate (pps) Total

SPI Strategic Investment Grade Bond Fund Class P Inc 01/07/2014 GBP 0.52 222,862

SPI Strategic Investment Grade Bond Fund Class A Acc 01/07/2014 GBP 0.51 15,050

SPI Strategic Investment Grade Bond Fund Class I Inc 01/07/2014 GBP 0.88 1

Sanlam Accel Income Fund Class A Inc 03/07/2014 GBP 0.47 74,903

With effect from 1 September 2014, Brown Brothers Harriman Fund Administration (Ireland) Limited is replacing J.P. Morgan Administration Services (Ireland) Limited as the appointed Registrar & Transfer Agent. Furthermore, Brown Brothers Harriman Trustee Services (Ireland) Limited will be the appointed Depositary to the Funds, replacing Northern Trust Fiduciary Services (Ireland) Limited who are the current Custodian. Up to the date of approval of the financial statements, there were no other material subsequent events affecting the Company which necessitate disclosure or revision of the figures included in the financial statements.

17 Off balance sheet arrangements

The Company was not party to off balance sheet arrangements for six months from 01 January 2014 to 30 June 2014.

18 Approval of the Financial Statements

The unaudited condensed interim financial statements were approved by the Board of Directors on 20

August 2014.


369

Purchases and Sales for the six months ended 30 June 2014 8IP Asia Equity Opportunities Fund

Purchases

Cost (USD)

(being the largest 20 purchases in the period ended 30 June 2014)

Tencent HoldingsLtd

259,409

Hon Hai Precision

110,359

Hutchison Whampoa

99,313

CNOOC Limited

76,363

Common wealth Bank

76,108

Galaxy Entertainment

72,188

NHN Corp

71,289

Hynix Semiconductor

68,380

Csl Limited

68,245

Reliance Industries

67,602

Sun Hung Kai Prop

65,711

Mediatek Inc

63,992

Westfield Group

61,644

Tata Consult Serv

61,420

Hong Kong Exchng

60,696

POSCO

55,544

Hyundai Mobis

52,377

China Life Insurance

51,409

Singapore Telecommun

50,045

Clp Holdings Ltd

47,956

Sales

Proceeds (USD))

(being the largest 20 sales in the period ended 30 June 2014)

Samsung Electronics

641,584

Westpac Banking

505,001

Taiwan Semiconductor

485,675

BHP Billiton Ltd

476,426

Aust And Nz Bank

439,360

National Australia Bank

421,746

Bank of China

345,503

Industrial & Commercial Bank of China

318,910

Tencent HoldingsLtd

285,473

Woolworths Limited

282,118

Catcher Technology Co Ltd

272,737

Minth Group Ltd

265,355

China Mobile (HK)

263,803

MGM China Holdings

252,493

AIA Group Ltd

250,198

Common wealth Bank

241,346

Sands China Ltd

233,702

Infosys Ltd

230,446

Wesfarmers Ltd

226,446

Kangwon Land Inc

223,781


370

Purchases and Sales for the six months ended 30 June 2014 (continued) 8IP Asia Pacific Equity Fund

Purchases

Cost (USD)

(being the largest 20 purchases in the period ended 30 June 2014) TencentHoldingsLtd

188,953

Common wealth Bank

173,267

China Mobile (HK)

162,844

AIA Group Ltd

153,540

Csl Limited

91,039

KDDI Corp

84,881

Hutchison Whampoa

73,528

Infosys Ltd

72,948

Hitachi ORD

70,117

CNOOC Limited

67,664

Mitsui Fudosan Co

65,286

Mitsubishi Estate

65,246

Fanuc Ltd

64,490

Singapore Telecommun

64,398

DBS Bank Ltd

61,006

Panasonic Corp

60,803

Aust And Nz Bank

60,116

Westfield Group

59,762

Wesfarmers Ltd

55,669

Galaxy Entertainment

54,014

Sales

Proceeds (USD)


China South City

585,045

Toyota Motor Co

550,491

Westpac Banking

522,706

Samsung Electronics

498,072

Catcher Technology Co Ltd

470,201

Softbank Corp

433,422


402,273

TPG Telecom Ltd

393,262

Nat Australia Bank

383,883

Mitsubishi UFJ Holdings

367,891

Takeda Pharmaceutical

346,624

NCsoft Corp

318,293

Honda Motor Co

299,016

Sumitomo Mitsui Fin

286,761

China Insurance International

275,705

Samsung Electronics

269,204

Mitsubishi Corp

265,274

Softbank Corp

257,409

Mitsub Elec Corp

256,643

BHP Billiton Ltd

251,713


371

Purchases and Sales for the six months ended 30 June 2014 (continued) Centre Global Equity Fund

Purchases

Cost (USD)

(being the largest 20 purchases in the period ended 30 June 2014) Apple Inc

370,905

Google Inc

359,380

Wells Fargo & Co

311,623

Google Inc

286,232

Gilead Sciences Inc

278,105

Berkshire Hath

262,935

Bank of America Corp

249,157

Discover Financial

245,036

Amgen Corp Com Npv

241,295

Kimberley Clark Corp

240,386

Reckitt Benckiser

240,110

Verizon Communications Ltd

235,922

Directv

234,900

Directv

223,903

Merck & Co

221,967

Discover Financial

207,406

Red Electrica de Esp

201,886

Gilead Sciences Inc

197,018

Statoil ASA

196,953

Accor SA

195,550

Sales

Proceeds (USD)


Directv

493,734

Linde Ag

346,328

Royal Bank Canada

339,573

Pepsico Inc Com

319,393

Denso Corp

313,143

Continental AG

309,658

Daikin Inds

300,584

Koninklijke Philips

300,392

Google Inc

292,776

Honda Motor Co

281,848

Conocophillips

257,486

Softbank Corp

235,512

Mastercard Inc

212,950

Eni Spa

195,591

China Life Insurance

195,093

Citigroup Inc

187,200

Nomura Securities

183,721

Coloplast AS

164,145

PetroChina Co Ltd

157,777

Ping an Insurance

155,534


372

Purchases and Sales for the six months ended 30 June 2014 (continued) Grindrod International Property Fund

Purchases

Cost (USD)


New Europe Prop Inv

754,462

CBL & Ass Properties

340,517

Federal Realty Investment

336,312

Public Storage Inc

325,590

Simon Property

323,050

Columbia Prop Trust

317,184

Link Reit

276,399

Land Securities Group

138,354

British Land

135,480


108,637

Scentre Group

108,091

British Land

95,636

British Land

58,167


57,840

British Land

56,356


52,714

Washington Prime Group

18,950

Sales

Proceeds (USD)


New Europe Property Investment

1,088,111

New Europe Property Investment

754,462

Health Care Reit Inc

318,919

Campus Crest Comm

290,988

Calloway Real Est

248,536

Dream Office Real Es

200,182

Education Realty Tru

48,057

Kimco Realty Corp

43,652

Prologis Inc

40,099

Macerich Co

39,905

Duke Realty Corp

37,442

Post Properties Inc

34,492

Education Realty Trust

33,994

Boston Properties

33,673

Realty Income Corp

32,861

BioMed Realty Trust

32,518

DDR Corp

31,532

Acadia Realty

31,180

Macerich Co

30,090

Cubesmart

27,763


373

Purchases and Sales for the six months ended 30 June 2014 (continued) P-Solve Inflation Plus Fund

Purchases Coupon Maturity Cost (USD)


Pimco-Hi Yield Bond

1,709,410

UK Treasury 1.75% 07/09/2022 1,134,479

South Africa 8.75% 21/12/2014 1,118,880

UK Treasury 2.75% 07/09/2024 1,105,948

Vanguard S&P500 ETF

697,963

Finsbury High Inc F

520,600

Pimco-Hi Yield Bond

506,500

Finsbury High Inc F

429,907

iShares MSCI Jap Mon

335,448

Vanguard Emerg ETF

316,775

IShares III Plc

300,528

First State Asia Pac

258,800

iShares Core MSCI Em

247,290

Vanguard S&P 500 ETF

222,127


212,378

Pimco-Hi Yield Bond

204,000

Australia 4% 21/10/2014 172,245


134,034

IShares III Plc

125,567

Vangrd FTSE 100 ETF

110,125

Sales

Proceeds (USD)


iShares S&P SmallCap

2,342,398

SPDR S&P 400 US Mid

1,148,561

Ishares S&P 500 I/F

1,097,896

Ignis GBP Liquid 2

981,650

Institu Cash Series

978,436

Ishares S&P 500 I/F

817,645

Ishares S&P 500 I/F

754,483

Vangrd FTSE 100 ETF

428,906


374

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam African Frontier Markets Fund

Purchases

Cost (USD)


Attijariwafa Bank

1,667,322

Econet Wireless Zim

1,646,865

Eastern Tobacco

1,505,769

Sonatel

1,028,173

MCB Group Ltd

923,429

Credit Agricole Egypt

750,746

Global Telecom Holdings

743,554

GlaxSmitKlin Nigeria

718,051

Nestle Foods Nigeria

712,278

Commercial International Bank

674,198

Douja Proma Addoha

667,010

Sonatel

579,676

Global Telecom Holding

523,408

Attijariwafa Bank

512,434

Suez Cement

480,119

Co-operative Bank

458,115

Zenith Bank Ltd

446,741


391,373

Douja Proma Addoha

353,280

Co-operative Bank

346,667

Sales

Proceeds (USD)



2,016,500

Diamond Bank Plc

1,721,814

Safaricom Ltd

1,495,078

Dangote Flour Mills

1,354,025

Global Telecom Holdings

1,341,170

Attijariwafa Bank

802,847

Econet Wireless Zim

802,071


705,161

Access Bank PLC

639,025

Juhayna Food Industrial

587,667

Telecom Egypt

445,928

FBN Holdings Plc

444,960

FBN Holdings Plc

430,979

FBN Holdings Plc

328,320


299,808

ElSwedy Cables

236,127


208,527

ElSwedy Cables

206,163

ElSwedy Cables

158,372

Attijariwafa Bank

147,361


375

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Global Best Ideas Fund

Purchases

Cost (USD)


Oracle Corp

11,329,034

Qualcomm Inc

7,576,345

Time Warner Inc

7,489,129

Schlumberger

7,464,390

Legal & Gen Group

5,761,058

Renault SA

5,642,952

Allison Transmission

5,485,429

NVR Inc

3,929,959


2,691,998

Magnit Ojsc

2,641,057

Citigroup Inc

2,382,027

American Int Group

2,245,081

ACS ActividadesCnsY

2,020,355

ACS ActividadesCnsY

1,999,276

NVR Inc

1,962,717

American Int Group

1,441,160

Citigroup Inc

1,435,620


1,370,880

JP Morgan Chase & Co

1,267,972


1,255,625

Sales

Proceeds (USD)


Deutsche Bank

7,084,737

Sberbank of Russia ADR

5,008,549

Cisco Systems

4,391,264

Lockheed Martin Corp

4,121,255

Power Fin Corp

3,865,011

Tesco Plc

3,737,788

Tesco Plc

3,662,321

Standard Chartered

3,608,627

Microsoft Corp

3,324,715

National-Oilwell Inc

3,226,857

IG Group Holdings

3,139,122

Microsoft Corp

3,015,197

Yes Bank

2,766,257

Samsung Electronics

2,669,816

Total SA

2,663,259

Hewlett Packard

2,587,910

Illinois Tool Wo

2,553,598

Hyundai Motor Co

2,550,705

Microsoft Corp

2,438,433

Lancashire Holdings

2,438,406


376

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Global Bond Fund



Federal National Mortgage Association 4.00% 15/05/2039 6,765,952






US Treasury Bond 4.00% 15/02/2015 5,641,162

US Treasury Bond 0.50% 15/01/2014 5,510,546

US Treasury Bond 0.50% 15/08/2014 5,506,679

Federal National Mortgage Association 5.50%

5,017,425

US Treasury Bond 0.50% 15/10/2014 4,836,989




Japan Government Bond 1.50% 20/03/2034 4,098,813






Sales Coupon Maturity Proceeds (USD)


Blackrock Investment Management

10,531,856


9,432,698


6,792,386






US Treasury Bond 0.37% 30/06/2015 5,341,264


5,053,780


5,030,076

Federal National Mortgage Association 5.50%

5,017,425

US Treasury Bond 1.50% 31/08/2018 4,720,914

US Treasury Bond 1.50% 31/08/2018 4,424,654


4,264,230




3,930,407




377

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Global Financial Fund

Purchases

Cost (USD)


Fifth Third Banc

4,245,909

Pnc Financial Se

3,443,030

Credicorp

3,415,755

Fifth Third Banc

3,400,210

TBC Bank JSC

3,250,000

Itausa-Investment It

3,231,467

Berkshire Hath

3,219,109

Sberbank of Russia ADR

3,005,223

Krung Thai Bank Pubic

2,276,842

Turkiye Halk

2,266,768

Arrow Global Group

2,179,005

TCS Group Holding Reg

1,971,733

Citigroup Inc

1,938,859

Turkiye Garanti Bank

1,738,522

Turkiye Garanti Bank

1,716,011

Pnc Financial Se

1,710,436

Turkiye Halk

1,709,113

Bank of America Corp

1,662,840

China Construction Bank

1,639,348

Legal & Gen Group

1,541,084

Sales

Proceeds (USD)


Standard Chartered

7,607,623

Power Fin Corp

6,050,677

Renaissancere Hldgs

5,671,178

Turkiye Halk

5,374,553


3,888,926

Raiffeisen International Bank

3,686,243

Bank Rakyat Indonesia

3,425,083

Barclays Plc

3,260,449

Yes Bank

3,087,189

Krung Thai Bank Public

3,040,539


2,918,137

Deutsche Bank

2,815,807

Renaissancere Holdings

2,707,571

Barclays Plc

2,507,683

Catlin Group Ltd

2,448,609

LancashireHoldings

2,315,372

Bank of Georgia

2,244,824

Barclays Plc

2,164,006

Deutsche Bank

2,088,895

Raiffeisen International Bank

2,008,899


378

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Global Property Fund

Purchases

Cost (USD)


Mas Real Estate Inc

8,839,847

Merlin Properties

2,176,466

WP Carey Inc

1,657,396

Omega Healthcare Investment

1,441,981

Kennedy Wilson Europe

1,427,716

Extra Space Storage

787,827

New York Reit Inc

722,035

East Japan Railway

715,989

Safestore Holdings Ltd

691,482

Hemfosa Fastigheter

622,935

Fibra Uno Administra

593,554

Gagfah SA

587,073

Goodman Group

557,496

Glimcher Realty Trust

557,373

Mitsui Fudosan Co

555,125

Federal Realty Investment

550,847

Columbia Prop Trust

538,624

Spirit Realty Cap

519,025

Scentre Group

507,583

Westfield Retail Trust

490,737

Sales

Proceeds (USD)


Spirit Realty Cap

1,341,316

Simon Property

1,272,801

Geo Group Inc

1,201,076

Westfield Group

1,116,139

Northstar Realty Finance

1,098,613

Starwood Property

959,610

Mitsui Fudosan Co

946,274


932,116

Sun Hung Kai Property

930,569

Avalonbay Commun

913,469

Mitsubishi Estate

906,351

Health Care Reit Inc

864,129


827,870

Simon Property

743,592

Prologis Inc

721,346

Unibail-Rodamco

719,430

Intercontinental Hot

662,392

Hopewell Holdings

649,373

Correct Corp of Amer

572,353

Icade

559,338


379

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Strategic Cash Fund



United States Treasury

01/05/2014 4,499,886


06/02/2014 4,199,994


29/05/2014 2,999,995


09/01/2014 2,699,991


27/03/2014 1,999,792


29/05/2014 1,799,996


21/08/2014 1,699,995


27/03/2014 1,399,969

Common wealth Bank 1.95% 16/03/2015 1,015,000

Volkswagan 1.63% 22/03/2015 1,012,040

Hewlett Packard 1.55% 30/05/2014 903,420

United States Treasury 1.20% 15/03/2014 901,230


06/02/2014 900,000


06/02/2014 899,998


27/03/2014 899,985


26/06/2014 899,973

NovaSco 2.05% 07/10/2015 818,352

Daimler 2.30% 09/01/2015 811,112


26/06/2014 799,996


27/03/2014 799,995




29/05/2014 4,799,991


01/05/2014 3,999,998


06/02/2014 3,500,000


27/03/2014 999,974

Bank 7.38% 15/05/2014 919,998

Orange 4.38% 08/07/2014 860,923


27/03/2014 799,999

BOFA 5.25% 01/12/2015 741,888

Vodafone Plc 0.90% 26/03/2014 704,921

Deutsche 3.8% 180814 3.80% 18/08/2014 503,500

Goldman Sachs 6.00% 01/05/2014 405,308

Anheuser Bush 1.50% 14/07/2014 400,516

Allstate 5.00% 15/08/2014 306,144

Common wealth Bank 1.95% 16/03/2015 253,393

Common wealth Bank 1.95% 16/03/2015 253,108

NovaSco 2.05% 07/10/2015 204,294

Canada Government Bond 1.45% 30/10/2014 203,118

Allstate 5.00% 15/08/2014 202,700

Daimler 2.30% 09/01/2015 202,122

Volkswagan 1.63% 22/03/2015 202,080


380

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam World Equity Tracker Fund

Purchases

Cost (USD)


Ishares S&P 500 Index Fund

3,758,605

Ishares MSCI EAFE Index Fund

2,640,695


2,611,526


1,939,041


1,884,234


1,864,959


1,684,638


1,582,486


1,553,156


1,550,910

Google Inc

1,415,342


1,407,079


1,200,180


1,102,098


1,025,758


974,590


878,991


869,618


753,359


715,906

Sales

Proceeds (USD)



23,072,677


17,487,098


9,840,282


7,938,857


7,496,824


5,912,644

Ishares MSCI Canada

1,775,767


1,036,903

Verizon Communi INC

855,372


784,006

Ishares MSCI Canada

741,126


686,355


634,834

Ishares MSCI Canada

617,950


588,344


558,008


551,256


546,539


518,067

Exxon Corp

494,518


381

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam World Equity Fund

Purchases

Cost (USD)


Google Inc

5,849,721

UTD Technologies

5,648,453

Novo Nordisk AS

5,612,620

PSigma Glbl Equity

5,009,692

Celgene Corp

4,822,740

Priceline Group Inc

4,631,479

Illinois Tool Works

4,211,629

FMCTechnologies Inc

4,195,222

Halliburton Co

4,181,698

Softbank Corp

3,959,248

HSBC Holdings

3,889,676

Vulcan Materials

3,856,608

Linear Tech Corp

3,826,075

Samsung Electronics

3,822,743

NRG Energy Inc

3,725,631

Apple Inc

3,725,216

Las Vegas Sands Corp

3,668,616

Archer-Daniels

3,608,838

Range Resources Co

3,570,949

PSigma American Growth

3,554,122

Sales

Cost (USD)


Biogen Idec Inc

5,496,213

UBS AG

4,764,557

Toyota Motor Co

4,733,630

Electrolux

4,628,461

Novartis

4,467,303

Coca-Cola Co

4,391,962

Celgene Corp

4,125,332

Samsung Electronics

4,052,883

State St Corp

4,014,991

Softbank Corp

3,959,248

Oracle Corp

3,936,236

Priceline Group Inc

3,886,281

Bank New York Mellon

3,840,337

Samsung Electronics

3,822,743

HCA Holdings Inc

3,822,691

Urban Outfitters Inc

3,686,940

Costco Wholesale

3,639,240

Harley Davidson

3,573,620

Sumitomo Mitsui Finance

3,506,983

Reckitt Benckiser

3,501,767


382

Purchases and Sales for the six months ended 30 June 2014 (continued) SIIP India Opportunities Fund

Purchases

Cost (USD)


State Bnk of India

193,416

Reliance Industries

191,782

ICICI Bank Limited

191,003

Power Grid Corp

147,109

NTPC Ltd

142,901

ICICI Bank Limited

133,309

ICICI Bank Limited

115,440

State Bnk of India

107,050

NTPC Ltd

97,800

Power Grid Corp

97,117

Tata Steel Limited

96,928

NTPC Ltd

96,725

Oil & Natural Gas Co

96,681

LIC Housing Finance

96,027

Power Grid Corp

95,292

Reliance Industries

95,094

Indusind Bank Ltd

93,763

Tata Steel Limited

93,541

Bank of Baroda

91,332

Tata Steel Limited

87,906

Sales

Proceeds (USD)


PI Industries Ltd

334,098

Tata Consultancy Services

283,955


210,343

Lupin Limited

206,767

HCL Technololgies Ltd

193,375

Asian Paints Ltd

191,059


184,472

Pidilite Industries

175,640

Tech Mahindra Ltd

165,344


158,200

Torrent Pharma Ltd

153,507

Glenmark Pharm Ltd

148,764

IPCA Laboratories

148,123

Dr Reddy's Labs Ltd

141,468

Tata Consult Serv

111,494

PI Industries Ltd

109,401

Sun Pharmaceutical

95,559

Lupin Limited

94,359

Lupin Limited

94,153

Asian Paints Limited

93,903


383

Purchases and Sales for the six months ended 30 June 2014 (continued) SIM Global Equity Income Fund

Purchases

Cost (USD)


Cisco Systems

469,623

Verizon Communi INC 166,085

Vodafone Group Plc

158,739

Legal & Gen Group

146,668

Verizon Communi Inc 128,954

Unilever Plc

110,166

Novartis-Reg Shs

105,991

Sainsbury (J) Plc

105,009

Vodafone Group Plc

103,942

Koninklijke Ahold Nv

100,209

Glaxosmithkline

93,957

Zurich Finl Svcs

92,244

Astrazeneca Plc

88,812

Roche Hldg-Genus

83,766

Glaxosmithkline

82,462

Lexmark Intern Inc

81,886

British American Tobacco

76,712

Tesco Plc

76,634

Roche Holding-Genus

74,599

BP Plc

72,898

Sales

Proceeds (USD)


Astrazeneca Plc

156,404

Vodafone Group Plc

110,971


384

Purchases and Sales for the six months ended 30 June 2014 (continued) SPI Strategic Investment Grade Bond Fund


(being the largest 20 purchases in the period ended 30 June 2014) UK Government

5,656,200

United States Treasury 3.00% 15/05/2019 5,055,018


4,623,266


Lloyds F/R Perp

3,097,500

UK Government 5.00% 07/03/2025 3,012,325


3,011,558

UK Government 4.50%

2,999,675

LBG Cap 15.00% 21/12/2019 2,937,000

UK Government 4.25% - 2,898,425

UK Government 2.25% 07/09/2023 2,868,360

United States Treasury 2.38%

2,682,953

United States Treasury 6.13%

2,574,782



UK Government 4.50% 2,376,000

UK Government

2,370,220

ILB Tsy 0.25% 22/03/2052 2,349,871

Old Mutual F/R

2,344,800

UK Government 4.50% 07/09/2034 2,343,600


(being the largest 20 sales in the period ended 30 June 2014) United States Treasury

4,617,203


UK Government

3,273,897


UK Government 4.50%

3,025,100

UK Government 5.00% 07/03/2025 3,015,125


3,004,399

UK Government 4.25%

2,912,300

UK Government 2.25% 07/09/2023 2,863,170


UK Government 5.00% 07/03/2025 2,756,412

United States Treasury 2.38% 2,729,287

United States Treasury 6.13% 2,553,026


LBG 7.63% 09/12/2019 2,393,160

Gazprom 5.33% 25/09/2020 2,391,000

ILB Tsy 0.25% 22.03/2052 2,376,591

UK Government

2,369,073

UK Government 4.50% 07/09/2034 2,364,960

UK Government 4.25%

2,325,300


385

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Fund of Alternative UCITS Fund

Purchases

Cost (USD)


Cazenove Absolute UK Dynamics Fund

4,186,895

CS Custom Markets

4,000,000

GAM Star Fund Plc

3,000,000

Henderson Gartmore Fund

2,500,000

Standard Life Investmnts

2,000,000

GLG Investments VI Plc

2,000,000


1,811,526


1,500,000

Henderson Gartmore F

1,000,000

FOUR Euro LS A US(C)

650,000

Skyline UCITS Fund

500,000

GAM Star Fund Plc

500,000

Sales

Proceeds (USD)



7,000,000

Absol Ins EM Debt Fd

3,500,000

Henderson Gartmore F

2,000,000


2,000,000


1,811,526


1,500,000


1,000,000


550,000


100,000


386

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Accel Income Fund

Purchases

Cost (USD)


M&G Sht Dated Corp Bond

500,000

M&G Sht Dated Corp Bond

500,000

Artemis Global Income Fund

400,000

JPM Fd - Corp Bond Fd

300,000

JPM Fd - Corp Bond Fd

300,000

Kames Ster Corp Bond

300,000

Cazenove Strategic Bond Fund

250,000

Cazenove Strategic Bond Fund

250,000

Veritas Funds Global Equity Income

250,000


250,000

Fidelity Enhanced Income

250,000

Muzin Emerging Markets Share

250,000

Henderson UK Equity Income

200,000

Lazard Investment Fund Global Equity

200,000


200,000

Henderson UK Equity Income

150,000

Schroder UK Alpha Fund

150,000

PFS Chel UK Equity

150,000

Invesco Perp Corp Bond

150,000

JPM Fd - Corp Bond Fund

150,000

JPM Fd - Corp Bond Fund

150,000

Sales

Proceeds (USD)


Mellon Investment Fund Inccome Fund

300,000

Vanguard UK Governemnt Bond

150,000

M&G Corp Bond

150,000

Jupiter Strategic Bond

150,000


387

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam North America Equity Tracker Fund

Purchases

Cost (USD)


Google Inc

1,050,595

Procter & Gamble

401,638

Toronto-Dominion Bank

350,269

Chevron Corp

321,254

Verizon Communications Inc

300,042


235,925

Cognizant Technology Solutions

219,696

Apple Inc

166,871

Waste Management Inc

163,056

Ford Motor Co

147,194

WR Berkley Corp

146,543

Entergy Corp

146,332

Philip Morris International

146,210

MGM Resorts International

138,365

Keurig Green Mountain

137,611

Pharmacyclics Inc

134,665

Methanex Corp

132,180

Berkshire Hath

130,234

Texas Instruments

127,259

Facebook Inc

123,042

Sales

Proceeds (USD)


Apple Inc

1,772,090

Exxon Corp

1,341,628

Apple Inc

1,261,494

Exxon Corp

1,100,095

Microsoft Corp

1,013,564

Johnson & Johnson

860,315

General Electric Co

846,521

Google Inc

846,447

Microsoft Corp

843,129

Wells Fargo & Co

787,497

Chevron Corp

735,702

Johnson & Johnson

698,292

General Electric Co

686,273

Procter & Gamble

642,961

Wells Fargo & Co

640,658


630,772


614,834


600,135

Pfizer Inc

580,868

AT & T Inc

578,635


388

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam UK Equity Tracker Fund

Purchases

Cost (USD)


HSBC Holdings

354,257

Royal Dutch Shell

287,652

BP Plc

282,302

Verizon Communi Inc

264,660

Glaxosmithkline

229,394


200,735

Astrazeneca Plc

190,022

Royal Dutch Shell

185,370

Vodafone Group Plc

174,892

HSBC Holdings

152,209

Diageo

142,786

Bhp Billiton Plc

132,327

BP Plc

129,010

Bg Group Plc

125,021

Rio Tinto Plc

123,950

Royal Dutch Shell

121,010

Lloyds Bank Plc

113,991

Barclays Plc

112,588

Glaxosmithkline

111,984

Prudential Corp

108,410

Sales

Proceeds (USD)



641,005

HSBC Holdings

379,154

BP Plc

311,749

Royal Dutch Shell

278,423

Glaxosmithkline

270,381

Vodafone Group Plc

257,361


217,237

Royal Dutch Shell

210,494

Vodafone Group Plc

194,016

Astrazeneca Plc

187,894

Diageo

159,565

Bg Group Plc

137,267

Lloyds Bank Plc

135,865

Bhp Billiton Plc

132,591

Rio Tinto Plc

125,334

Barclays Plc

117,156

National Grid Plc

111,908

Prudential Corp Ord

108,663

Glencore Plc

106,966

Unilever Plc

102,123


389

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Europe (ex UK) Equity

Purchases

Cost (USD)


Nestle SA

278,450

Novartis-Reg Shs

256,669

Roche Holding-Genus

234,671

Nestle SA

198,168

Total SA

173,645

Roche Holding-Genus

164,137

Novartis

161,254

Sanofi-Aventis

149,927

Deutsche Bank

141,168

Banco Santander SA

135,155

Vestas Wind Syst

135,099

Bayer AG

128,300

Anheuser-Busch InBev

127,901

Siemens Ag

119,593

Daimler AG

118,395

Valeo

115,602

Basf SE

114,069

Sanofi-Aventis

112,130

Total SA

110,186

Bayer AG

109,670

Sales

Proceeds (USD)


Nestle SA

238,987

Roche Holding-Genus

165,626

Banco Santander SA

129,002

Novartis

126,814

Nestle SA

100,190

Scania AB

91,135

Roche Holding-Genus

83,384

Total SA

81,295

Siemens AG

80,499

Sanofi-Aventis

77,782


75,549

Basf SE

75,468

Allianz SE

74,026

Groupe Brux Lamb

66,626

Bayer AG

63,929

Telefonica SA

60,416

BNP Paribas

56,407

Givaudan

56,020

Kerry Group

56,017

Kerry Group

55,355


390

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Equity Allocation Fund

Purchases

Cost (USD)


Verizon Communi Inc

333,198

Zurich Financial Services

305,712

Novo Nordisk AS

271,446

EI Towers SPA

134,459

Implenia AG

118,807

Lafarge

108,878

Givaudan

108,082

Seadrill Ltd

104,752

Swisscom

104,490

Royal Bank of Scotland

104,321

Adecco SA

101,408

Smith & Nephew

100,955

Credit Agricole SA

99,666

SGS SA

99,012

Infineon Technology

98,035

Kone OYJ

97,635

Seadrill Ltd

97,231

Infineon Tech

97,066

Smith & Nephew

96,655

Swisscom

95,953

Sales

Cost (USD)


Verizon Communi INC

530,527

Zurich Financial Services

340,721

Glaxosmithkline

257,986

Electrolux

227,880

Vodafone Group Plc

209,632

MTU Aero Engines AG

118,476

MTU Aero Engines AG

114,958

Smith & Nephew

104,599

Lafarge

102,349

Swisscom

101,362

Seadrill Ltd

101,322

Swisscom

98,906

Henkel AG & Co KGAA

98,181

SGS SA

96,414

Kone OYJ

95,545

Kone OYJ

94,501

Seadrill Ltd

92,906

Infineon Tech

88,921

Getinge AB

87,702

Nokia Oyj

73,624


391

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam Emerging Market Equity Tracker Fund

Purchases

Cost (USD)


iShares MSCI India

181,607

iShares MSCI Russia

135,554

Samsung Electronics

134,886

iShares MSCI Russia

115,450

iShares MSCI India

108,068

iShares MSCI Russia

106,703

Public Bank Berhad

103,446

iShares MSCI Russia

102,078

Ind & Comm Bk-China

99,140

iShares MSCI Russia

98,095

iShares MSCI Russia

94,034

Samsung Electronics

87,613

iShares MSCI India

78,503

Banco Bradesco SA

71,556

iShares MSCI India

68,204

iShares MSCI India

67,700


67,295

Emaar Properties

67,286

iShares MSCI India

66,708

iShares MSCI Russia

61,842

Sales

Proceeds (USD)


iShares MSCI India

395,878

iShares MSCI Russia

383,518

iShares MSCI India

375,421

iShares MSCI India

343,909

iShares MSCI India

312,315

iShares MSCI Russia

305,828

iShares MSCI India

288,265

iShares MSCI Russia

257,849

iShares MSCI Russia

252,030

iShares MSCI India

246,285

Samsung Electronics

216,232

Samsung Electronics

201,726

iShares MSCI Russia

198,693

Samsung Electronics

198,178

iShares MSCI Russia

183,501

Samsung Electronics

177,911


163,262

Samsung Electronics

152,450

TencentHoldingsLtd

131,110


123,062


392

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam P2strategies Global Fund

Purchases

Cost (USD)



2,584,245


979,355


900,000


711,553


707,707


560,658


315,625


310,400


300,941


182,472


150,245


145,004


129,362


128,913


113,025


108,891


108,748


105,664


104,738


89,925

Sales

Proceeds (USD)



691,959


371,983


307,220


217,578


150,889


69,693


69,222


66,145


64,842


47,294


40,621


26,651


22,711


22,445


19,468


18,095


17,896


15,461


14,389


13,605


393

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam P2strategies UK Fund

Purchases

Cost (USD)



800,000


700,000


468,560


246,427


241,395


235,513


219,725


210,061


208,192


204,577


193,270


183,799


177,365


169,279


125,647


115,094


114,996


113,618


113,616


111,607

Sales

Proceeds (USD)



800,000


478,239


336,538


237,039


169,975


130,975


100,272


81,444


71,112


60,934


48,589


35,305


10,758


10,538


9,185


8,684


7,546


6,287


4,931


4,579


394

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam P2strategies North America Fund

Purchases

Cost (USD)


Sanlam North America Tracker Fund

3,381,501


2,680,479


2,631,115


2,557,165


1,300,000


1,217,664


1,190,309


1,141,765


868,921


854,065


719,900


548,784


533,553


519,063


425,149


416,497


411,272


401,214


391,285


391,047

Sales

Proceeds (USD)



4,738,792


2,578,677


2,170,207


1,414,515


1,082,916


819,237


774,503


500,000


400,000


369,247


238,387


81,793


79,469


72,381


66,099


56,605


48,687


47,633


44,069


40,246


395

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam P2strategies Emerging Market Fund

Purchases

Cost (USD)


Sanlam Emerging Market Tracker Fund

890,826


833,568


695,450


509,176


494,492


486,606


477,540


397,318


192,811


187,065


175,558


170,775


169,311


159,760


154,961


147,366


142,937


140,694


137,958


137,732

Sales

Proceeds (USD)



5,521,234


4,177,828


1,202,263


1,098,459


608,028


509,677


312,938


218,370


196,346


177,655


158,517


83,390


59,485


42,055


39,858


34,429


31,966


22,550


21,907


17,885


396

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam P2strategies Europe (Ex UK) Fund

Purchases

Cost (EUR)


Sanlam Europe Equity Tracker Fund

1,619,314


1,020,210


800,000


461,696


214,108


210,885


203,483


128,253


103,597


103,184


100,501


100,181


100,000


98,739


94,660


89,158


83,538


82,149


78,417


74,741

Sales

Proceeds (EUR)



482,924


480,119


315,025


217,042


209,344


200,000


177,064


159,096


43,014


33,487


30,646


28,332


18,272


17,838


14,610


12,675


11,071


9,827


8,227


7,601


397

Purchases and Sales for the six months ended 30 June 2014 (continued) Sanlam S&P Africa Tracker Fund

Purchases

Cost (USD)


First Quantum Mineral

1,078,724

Randgold Resources

898,808

Tullow Oil Plc

688,521

Commercial Internatioal Bank

634,538

Guaranty Trust Bank

552,682


540,733

Attijariwafa Bank

522,955

Zenith Bank Ltd

476,789

Cobalt International Energy

447,228

Afren Plc

415,457

Centamin Plc

365,952

Maroc Telecom

345,779

Global Telecom Holding

321,352

FBN Holdings Plc

321,208

Nigerian Breweries

312,080

Nigerian Breweries

286,054

Seplat Petroleum Dev

269,087

Safaricom Ltd

257,272

Dangote Cement Plc

255,042

Maurel Et Prom

251,856

Sales

Proceeds (USD)


PZ Cussons Plc

281,167

Telecom Egypt

268,492

IAMGOLD Corp

212,099

Vaalco Energy Inc

164,917

Alteo Ltd

58,760

Amen Bank

57,828

First Quantum Mineral

47,271

CAL Bank Ltd

46,764

Nigerian Breweries

41,806

Commercial Internatioal Bank

34,549

Bowleven Plc

33,945

Randgold Resources

32,816

Tullow Oil Plc

30,885

Barclays Bank of Botswana

30,222

Poulina Group Holding

29,203

Guaranty Trust Bank

25,847


24,129

Union Bank Nigeria

22,415

Kenya Pwer&Light Ltd

21,864

Zenith Bank Ltd

21,744


398

Purchases and Sales for the six months ended 30 June 2014 (continued) FOUR European L/S Fund

Purchases

Cost (USD)


L'oreal

200,404

Inditex

159,717

EI Towers SPA

147,828

AFG Arbonia-Forster

141,656

Euronav SA

139,893

Novo Nordisk AS

138,686

Obrascon Huarte

133,422

Intesa Sanpaolo SPA

130,262

ASML Holding NV

113,751

UBS AG

101,131

Nokia Oyj

63,678

Roche Holding-Genus

63,353

Hera SPA

59,215

Autoliv Inc

54,947

BNP Paribas

50,761

Novo Nordisk AS

33,836

Azimut Holding SPA

27,754

Azimut Holding SPA

23,970

Autoliv Inc

17,734

Euronav SA

13,957

Sales

Proceeds (USD)


Intesa Sanpaolo SPA

239,939

L'oreal

209,237

UBS AG

183,899

Adecco SA

176,045

Arm Holdings

153,310

Galenica AG

118,939

Qiagen Nv

104,888

Getinge AB

89,112

Electrolux

85,642

Intesa Sanpaolo SPA

76,774

Nokia Oyj

29,769

Autoliv Inc

29,345

Roche Holding-Genus

27,789

Azimut Holding SPA

23,953

UBS AG

22,180

Gemalto NV

21,631

Sampo Oyj

21,243

HERA SPA

21,199

AFG Arbonia-Forster

20,705

ASML Holding NV

20,298


399

Purchases and Sales for the six months ended 30 June 2014 (continued) SPI Global High Quality Fund

Purchases

Cost (USD)


McDonald's Corp NPV

509,428

Coca-Cola Co.

500,937

Philip Morris International

479,363

American Int Group

473,283

Procter & Gamble

466,088

Microsoft Corp

377,374

Samsung Electronics

369,632

Mastercard Inc

366,687

Microsoft Corp

363,946

Unilever Plc

353,103

Unilever Plc

316,707


307,984


307,488

Oracle Corp

302,157


291,935

International Business Machine

276,059

Colgate-Palmolive Co

260,749

Accenture Plc

246,880

Burberry Group Plc

245,313

Imperial Tobacco

244,240


400

Issued by

Sanlam Asset Management (Ireland) Limited Beech Hill House Beech Hill Road Dublin 4 Ireland

Sanlam Universal Funds plc

Documents