SA 2015 Marshall Wace UCITS 240216€¦ · MW TOPS UCITS Fund MW Liquid Alpha Fund MW Liquid Protection Fund MW Liquid Trading Strategies Fund MW TOPS China Equities UCITS Fund MW

MARSHALL WACE UCITS FUNDS PLC

INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 JULY 2015 TO 31 DECEMBER 2015


TABLE OF CONTENTS

1

PAGE

COMPANY INFORMATION 2 - 5

NOTICE TO THE READER 6

COLLECTIVE NOTES TO THE FINANCIAL STATEMENTS 7 - 16

COMBINED STATEMENT OF FINANCIAL POSITION 17

COMBINED STATEMENT OF COMPREHENSIVE INCOME 18

COMBINED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO

HOLDERS OF REDEEMABLE PARTICIPATING SHARES 19

COMBINED STATEMENT OF CASH FLOW 20

FINANCIAL STATEMENTS FOR THE SUB-FUNDS:

• MW TOPS UCITS FUND 22 - 41

• MW LIQUID ALPHA FUND 42 - 56

• MW LIQUID PROTECTION FUND 58 - 72

• MW LIQUID TRADING STRATEGIES FUND 74 - 88

SCHEDULE OF INVESTMENTS 90 - 267


COMPANY INFORMATION

2

DIRECTORS: Ronan Daly (Chairman)

David Hammond

Linburgh Martin

Robert Bovet

All the Directors are independent non-executive

Directors

REGISTERED OFFICE: Beaux Lane House

Mercer Street Lower

Dublin 2

Ireland

Registration number: 465375

INVESTMENT MANAGER, PROMOTER Marshall Wace LLP

AND DISTRIBUTOR: 13th Floor, The Adelphi Building

1-11 John Adam Street

London WC2N 6HT

England

COMPANY SECRETARY: MFD Secretaries Limited

Beaux Lane House

Mercer Street Lower

Dublin 2

Ireland

ADMINISTRATOR: Citco Fund Services (Ireland) Limited

Custom House Plaza, Block 6

International Financial Services Centre

Dublin 1

Ireland

CUSTODIAN: J.P. Morgan Bank (Ireland) plc

J.P. Morgan House

International Financial Services Centre

Dublin 1

Ireland

PRINCIPAL COUNTERPARTIES: Barclays Bank plc

5 The North Colonnade

Canary Wharf

London E14 4BB

England

Credit Suisse Securities (Europe) Limited

One Cabot Square,

London E14 4QJ

England


COMPANY INFORMATION (Continued)

3

PRINCIPAL COUNTERPARTIES Deutsche Bank AG

(Continued): Winchester House

1 Great Winchester Street

London EC2N 2DB

England

Goldman Sachs Bank USA

200 West Street

New York NY 10282

United States

Goldman Sachs International

Peterborough Court, 133 Fleet Street,

London EC4A 2BB

England

J.P. Morgan Securities plc

25 Bank Street

London E14 5JP

England

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

England

Morgan Stanley Capital Services LLC

1585 Broadway

New York 10036 – 8293

United States of America

Morgan Stanley & Co International plc

25 Cabot Square

London E14 4QA

England

UBS AG London Branch

1 Finsbury Avenue

London EC2M 2PP

England



4

LEGAL ADVISORS: Dillon Eustace Solicitors

(in Ireland) 33 Sir John Rogerson’s Quay

Dublin 2

Ireland

LEGAL ADVISORS: Schulte Roth and Zabel International LLP

(in England) One Eagle Place

London SW1Y 6AF

England

AUDITORS: Ernst & Young

Chartered Accountants

Harcourt Centre

Harcourt Street

Dublin 2

Ireland

PAYING AGENT IN BELGIUM: Société Générale Private Banking NV/SA

Kortrijksesteenweg 302

B-9000 Gent

Belgium

PAYING AGENT IN FRANCE: Société Générale

Tour Granite, 17

Cours Valmy

Paris La Défense 7

France

PAYING AGENT IN GERMANY: Société Générale

Neue Mainzer Straße 46-50

60311 Frankfurt

Germany

PAYING AGENT IN LUXEMBOURG Société Générale Bank & Trust

11 avenue Emile Reuter

L-2420 Luxembourg

Luxembourg



5

REPRESENTATIVE AND Société Générale, Zürich Branch*

PAYING AGENT IN SWITZERLAND: Talacker 50

P.O. Box 1928

CH – 8021 Zürich

Switzerland

*Société Générale, Paris, Zürich Branch (regulated by the FINMA) acts as representative in Switzerland

for the Marshall Wace UCITS Funds PLC and also assumes the service of payment.

The prospectus, the KIID, the Memorandum and Articles of Association, the annual and half-yearly

reports of the Company, as well as the list of purchases and sales above 1% of total purchases and sales

made by each Sub-Fund during the period, can be obtained, on request and free of charge, in the office of

the representative in Switzerland, Société Générale, Paris, Zürich Branch, Talacker 50, P.O. Box 1928,

CH - 8021 Zürich.


NOTICE TO THE READER

6

Marshall Wace UCITS Fund Plc (the “Company”) is an umbrella fund, which consists of the following

Sub-Funds as at 31 December 2015:

MW TOPS UCITS Fund

MW Liquid Alpha Fund

MW Liquid Protection Fund

MW Liquid Trading Strategies Fund

MW TOPS China Equities UCITS Fund

MW TOPS China Equities UCITS Fund was authorised by the Central Bank on 17 November 2015 as a

Sub-Fund but had not commenced operations as at 31 December 2015.

The interim report and unaudited financial statements includes the combined financial statements of the

Company and a Statement of Financial Position, Statement of Comprehensive Income, Statement of

Changes in Net Assets Attributable to Holders of Redeemable Participating Shares, Statement of Cash

Flow, and relevant notes of each individual Sub-Fund.

The Combined Statement of Financial Position, Combined Statement of Comprehensive Income,

Combined Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares and Combined Statement of Cash Flow represent the total of the Statements of Financial

Position, Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to

Holders of Redeemable Participating Shares and Statements of Cash Flow of the individual Sub-Funds,

expressed in US Dollars.

In addition to each of the Sub-Funds’ financial statements, certain information and disclosures relevant to

all Sub-Funds in their entirety have been presented in the first part of this report. This includes Company

Information and Collective Notes to the financial statements as detailed on pages 7 to 16. This

information forms an integral part of the interim reporting for each of the Sub-Funds and should be read in

conjunction with each of the Sub-Fund’s interim financial statements.


COLLECTIVE NOTES TO THE FINANCIAL STATEMENTS

For the period from 1 July 2015 to 31 December 2015

7

1. COMPANY INFORMATION

The Company was incorporated in Ireland on 11 December 2008 as an investment company with

variable capital structured as an umbrella fund with segregated liability between sub-funds,

incorporated pursuant to the Companies Act 2014 with limited liability and is authorised by the

Central Bank of Ireland (the “Central Bank”) pursuant to the European Communities

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

“UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section

48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (“the

Central Bank UCITS Regulations”). The Company commenced its operations on 4 March 2009.

As at 31 December 2015 the Company had four active sub-funds; MW TOPS UCITS Fund, MW

Liquid Alpha Fund, MW Liquid Protection Fund and MW Liquid Trading Strategies Fund (the

“Sub-Funds”).

MW Liquid Alpha Fund was authorised on 24 June 2015 and commenced operations on 1 July

2015, MW Liquid Protection Fund and MW Liquid Trading Strategies Fund were authorised on 20

August 2015 and commenced operations on 2 November 2015.

MW TOPS China Equities UCITS Fund was authorised by the Central Bank on 17 November

2015 as a Sub-Fund but had not commenced operations as at 31 December 2015.

Subject to the UCITS Regulations and the Articles of Association of the Company, the Directors

may establish additional sub-funds from time to time.

The assets of each sub-fund are segregated from one another and are invested in accordance

with the investment objectives and investment policies applicable to each sub-fund. The liabilities

of a particular sub-fund (in the event of winding up of the Company or a repurchase of the shares

in the Company or all the shares of any sub-fund) shall be binding on the Company but only to

the extent of each sub-fund’s assets and in the event of a particular sub-fund’s liabilities

exceeding its assets, recourse shall not be made against the assets of another sub-fund to satisfy

any such deficit.

The active Sub-Funds at 31 December 2015 are as follows:

Sub-Fund date of

commencement of

operations

MW TOPS UCITS Fund 4 March 2009

MW Liquid Alpha Fund 1 July 2015

MW Liquid Protection Fund 2 November 2015

MW Liquid Trading Strategies Fund 2 November 2015


COLLECTIVE NOTES TO THE FINANCIAL STATEMENTS (Continued)


8

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The condensed interim financial statements are prepared in accordance with the Central Bank

UCITS Regulations Part 7 ‘Annual and half-yearly reports of a UCITS’. Assets and liabilities are

measured and recognised in accordance with IFRS. The financial statements are presented in

United States Dollars (“US$”) and have been prepared on a historical cost basis, except for

financial instruments classified at fair value through profit or loss that have been measured at fair

value.

The interim condensed financial statements do not include all the information and disclosures

required in the annual financial statements, and should be read in conjunction with the annual

financial statements as at 30 June 2015.

As disclosed in Note 3, the functional and presentation currency of the MW TOPS UCITS Fund

changed from Sterling (“GBP”) to US$ in accordance with a resolution of the Directors with effect

from 1 October 2015. The presentation currency of the Company also changed to US$ with effect

from 1 October 2015.

(b) Significant accounting policies

The accounting policies adopted in the preparation of the condensed interim financial statements

are consistent with those followed in the preparation of the annual financial statements for the

year ended 30 June 2015.

3. FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

Items included in the Company’s financial statements are measured and presented in US$ (the

“functional currency”).

The functional currency of the MW TOPS UCITS Fund changed from GBP to US$ in accordance

with a resolution of the Directors with effect from 1 October 2015. In accordance with the

guidance in IAS 21 a change in functional currency is treated prospectively. Given the change in

functional currency, the presentation currency of the MW TOPS UCITS Fund and the Company

have also changed from GBP to US$.

A change in presentation currency is treated retrospectively. Comparative information has been

restated into US$. The assets and liabilities have been restated by translating all amounts into

US$ at the closing rates of exchange. The comparatives and associated notes have been

translated from GBP to US$ as follows: (i) assets and liabilities were translated into US$ at

closing rates of exchange at the Statement of Financial Position date; (ii) income and expenses

and Shareholders’ capital transactions were translated into US$ at the average rates of exchange

for the period; and (iii) differences resulting from the retranslation on the opening net assets and

the results for the period have been taken to Other Comprehensive Income.




9

3. FOREIGN CURRENCY TRANSLATION (Continued)

Functional and presentation currency (Continued)

The following GBP/EUR exchange rates were used to convert the prior period balances to US$.

Currency

US$ Rate

30 June 2015

US$ Average rate

for the period ended

31 December 2014

US$ Rate

31 December 2014

GBP 1.5727 1.6258 1.5593

As a result of the change in presentation currency, the following exchange gains/(losses) have

been taken to Other Comprehensive Income for the current period and prior periods:

31 December

2015

31 December

2014

US$ US$

MW TOPS UCITS Fund (90,445,823) (221,780,305)

The audited financial statements for the Company as of and for the year ended 30 June 2015 and

the interim unaudited financial statements for the period from 1 July 2014 to 31 December 2014

were prepared in GBP and may be obtained by contacting Citco Fund Services (Ireland) Limited.

Foreign currency transactions

Monetary assets and liabilities and financial instruments categorised as at fair value through profit

or loss denominated in currencies other than the functional currency are translated into US$ at

the closing rates of exchange at each period end. Transactions during the period, including

purchases and sales of securities, income and expenses, are translated at the rate of exchange

prevailing on the date of the transaction. Foreign currency transaction gains and losses are

included in the Statement of Comprehensive Income.

The Company does not isolate that portion of the results of operations resulting from changes in

foreign exchange rates on investments from the fluctuations arising from changes in the market

prices of securities. Such fluctuations are included in the Statement of Comprehensive Income.




10

3. FOREIGN CURRENCY TRANSLATION (Continued)

Foreign currency transactions (Continued)

Currency

US$ Rate

31 December

2015

US$ Rate

30 June

2015

AUD 1.3745 1.3011

BRL 3.9563 3.1064

CAD 1.3891 1.2485

CHF 1.0010 0.9346

CNY 6.4936 6.2010

DKK 6.8698 6.6953

EUR 0.9206 0.8975

GBP 0.6785 0.6358

HKD 7.7502 7.7526

HUF 290.9004 282.9564

ILS 3.8911 3.7724

JPY 120.2950 122.3650

MXN 17.2712 15.6907

NOK 8.8514 7.8675

NZD 1.4607 1.4786

PLN 3.9490 3.7609

RUB 73.0350 55.7149

SEK 8.4306 8.2975

SGD 1.4187 1.3465

TRY 2.9189 2.6790

ZAR 15.4955 12.1378

4. DERIVATIVE CONTRACTS

Typically, derivative contracts serve as components of the Company’s investment strategy and

are utilised primarily to structure and hedge investments to enhance performance and reduce risk

to the Company (the Company does not designate any derivatives as hedges for hedge

accounting purposes as described under IAS 39). Derivative instruments are also used for trading

purposes where the Investment Manager believes this would be more effective than investing

directly in the underlying financial instruments. The derivative contracts that the Company holds

or issues are forward contracts, futures, options, warrants and CFDs.

The Company records its derivative activities on a fair value basis.




11

4. DERIVATIVE CONTRACTS (Continued)

Forward contracts

Forward contracts entered into by the Company represent a firm commitment to buy or sell an

underlying asset or currency at a specified value and point in time based upon an agreed or

contracted quantity. The realised/unrealised gain or loss is equal to the difference between the

value of the contract at the onset and the value of the contract at settlement date/period end date

and is included in the Statement of Comprehensive Income.

Futures

Futures are contracts for delayed delivery of commodities, securities or money market

instruments in which the seller agrees to make delivery at a specified future date of a specified

commodity or instrument, at a specified price or yield. Gains and losses on futures are recorded

by the Company based upon market fluctuations and are recorded as realised or unrealised gains

or losses in the Statement of Comprehensive Income. Index futures contracts are entered into for

speculative purposes or to hedge the Company’s overall market risks.

Options

Options are contractual agreements that convey the right, but not the obligation, for the purchaser

either to buy or sell a specific amount of a financial instrument at a fixed price, either at a fixed

future date or at any time within a specified year. The Company purchases and sells put and call

options through regulated exchanges and over the counter (“OTC markets”). Options purchased

by the Company provide the Company with the opportunity to purchase (call options) or sell (put

options) the underlying asset at an agreed-upon value either on or before the expiration of the

option. The Company is exposed to credit risk on purchased options only to the extent of their

carrying amount, which is their fair value.

Options written by the Company provide the purchaser the opportunity to purchase from or sell to

the Company the underlying asset at an agreed-upon value either on or before the expiration of

the option. Options are generally settled on a net basis.

Contracts for difference (CFDs)

CFDs represent agreements that obligate two parties to exchange cash flows at specified

intervals based upon or calculated by reference to changes in specified prices or rates for a

specified amount of an underlying asset or otherwise deemed notional amount. The payment

flows are usually netted against each other, with the difference being paid by one party to the

other. Therefore amounts required for the future satisfaction of the CFD may be greater or less

than the amount recorded. The ultimate gain or loss depends upon the prices at which the

underlying financial instruments of the CFD is valued at the CFD settlement date and is included

in the Statement of Comprehensive Income.

Warrants

A warrant is a derivative security that gives the holder the right to purchase securities (usually

equity) from the issuer at a specific price within a certain timeframe. Warrants which are traded

on an active market are valued at the quoted price. The fair value of warrants which are not

traded on an active market is considered to be the intrinsic basis of valuation.




12

5. FEES AND EXPENSES

Investment management and performance fees

The Investment Manager is entitled to receive an investment management fee, as set out in the

notes to the individual Sub-Funds’ financial statements. The Company runs multiple strategies by

way of separate sub-funds, each of which has distinct fee arrangements. All management fees

are calculated as a percentage of the Net Asset Value (“NAV”) of the share class as at the end of

each valuation point before deduction of that month’s fees, expenses, borrowings and interest

together with value added tax, if any, on such a fee and before deduction of any accrued

performance fees.

The Investment Manager is also entitled to receive a Performance Fee, also set out in the notes

to the individual Sub-Funds’ financial statements.

Administration fees

The Company has entered into an administration agreement with Citco Fund Services (Ireland)

Limited with effect from 31 March 2012. The Company pays to the Administrator out of the assets

of the Company an annual administration fee based on the Company’s net assets subject to a

monthly minimum charge. Administration fees for the period totalled US$826,946 (31 December

2014: US$953,765) of which US$141,663 (30 June 2015: US$162,358) was payable at the

period-end.

The Administrator shall also be entitled to be repaid out of the assets of the Company all of its

reasonable out-of-pocket expenses incurred on behalf of the Company.

Custodian fees

The Custodian shall be entitled to receive out of the assets of the Company an annual fee,

accrued at each Valuation Point and payable monthly in arrears, subject to an annual minimum

fee per Sub-Fund. Custodian fees of US$236,086 (31 December 2014: US$212,616) were

charged during the period, of which US$124,385 (30 June 2015: US$141,920) was payable at

period end.

The Custodian shall also be entitled to be repaid all reasonable out-of-pocket expenses out of the

assets of the Company.

Auditors’ remuneration

Remuneration for all work carried out for the Company by the statutory audit firm in each of the

following categories of work is disclosed below:

• the audit of the accounts;

• other assurance services;

• tax advisory services;

• other non-audit services.

As at 31 December 2015, the remuneration for all work carried out for the Company by the

statutory auditor, Ernst & Young, during the period amounted to US$27,617 (31 December 2014:

US$27,928) of which US$25,120 (30 June 2015: US$47,966) was payable at period end.




13

6. TAXATION

Under current Irish law and practice the Company qualifies as an investment undertaking under

Section 739B of the Taxes Consolidation Act, 1997 and is not therefore chargeable to Irish tax on

its relevant income or relevant gains. No stamp, transfer or registration tax is payable in Ireland

on the issue, redemption or transfer of shares in the Company. Distributions and interest on

securities issued in countries other than Ireland may be subject to taxes including withholding

taxes imposed by such countries. The Company may not be able to benefit from a reduction in

the rate of withholding tax by virtue of the double taxation agreement in operation between

Ireland and other countries. The Company may not, therefore, be able to reclaim withholding tax

suffered by it in particular countries.

To the extent that a chargeable event arises in respect of a shareholder, the Company may be

required to deduct tax in connection with that chargeable event and pay the tax to the Irish

Revenue Commissioners. A chargeable event can include dividend payments to Irish resident

shareholders, appropriation, cancellation, redemption, repurchase or transfer of shares by an Irish

resident shareholder, or a deemed disposal of shares every 8 years beginning from the date of

acquisition of those shares by an Irish resident shareholder. Certain exemptions can apply. To

the extent that shareholders have appropriate tax declarations of non-residency in place with the

Company there may be no requirement to deduct tax.

Uncertainties exist with respect to the interpretation of complex tax regulations and changes in

tax laws on foreign withholding tax. Given the wide range of international investments, differences

arising between the actual investment income and the assumptions made, or future changes to

such assumptions, could necessitate future adjustments to tax expense already recorded. The

Company establishes provisions, based on reasonable estimates, for possible consequences of

audits by the tax authorities for the respective countries, in which it invests. The amount of such

provisions are based on various factors, such as experience of previous tax audits and differing

interpretations of tax regulations by the taxable entity and the responsible tax authority. Such

differences of interpretation may arise on a wide variety of issues depending on the conditions

prevailing in the respective investment’s domicile. As the Company assesses the probability for

litigation and subsequent cash outflow with respect to taxes as remote, no contingent liability has

been recognised.

7. RELATED PARTY TRANSACTIONS

The Articles provide that the remuneration of the Directors shall be determined by a resolution of

the Directors. Directors’ fees of US$28,027 (31 December 2014: US$32,544) were charged

during the period ended 31 December 2015, of which US$13,649 (30 June 2015: US$13,561)

remained payable as at 31 December 2015. Directors’ expenses of US$2,182 (31 December

2014: US$2,489) were charged during the period ended 31 December 2015, of which US$12,080

(30 June 2015: US$10,518) remained payable as at 31 December 2015.




14

7. RELATED PARTY TRANSACTIONS (Continued)

Investment management fees and performance fees for the period ended 31 December 2015 are

paid by the Sub-Fund to the Investment Manager and these are presented on the Statement of

Comprehensive Income. Investment management fees and performance fees payable as at 31

December 2015 are presented on the Statement of Financial Position. The method of calculation

for the investment management fees and performance fees are disclosed in the individual Sub-

Fund notes.

Other related party holdings are disclosed in the individual Sub-Fund notes.

Transactions with connected parties

The Central Bank UCITS Regulations, Part 7 Chapter 10 -’Transactions involving Connected

Persons’ states that any transaction carried out with a UCITS by a management company or

depositary to a UCITS; and the delegates or sub-delegates of such a management company or

depositary (excluding any non-group company sub-custodians appointed by a depositary); and

any associated or group company of such a management company, depositary, delegate or sub-

delegate (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions

must be in the best interests of the shareholders.

The Board of Directors is satisfied that there are arrangements in place, to ensure that the

obligations set out in Chapter 10 are applied to all transactions with connected parties; and the

Board is satisfied that transactions with connected parties entered into during the year complied

with the obligations set out in this paragraph.

Aggregated settlement

Marshall Wace LLP (the “Investment Manager”) in their role as Investment Manager, effect

trades on behalf of the Sub-Funds, in securities with a number of executing brokers. Some of

these trades involve the Sub-Funds entering into transactions in the same security on the same

day with the same executing broker. For each settlement transaction the executing broker

receives a fee in the normal course of business. To increase cost efficiencies certain executions

with the same broker are aggregated into a single settlement transaction and settled at an

aggregate settlement price equal to the volume weighted average price of the actual execution

prices achieved on behalf of the relevant Sub-Funds for those related transactions.

Upon settlement the Sub-Funds accrue a balancing payable or receivable to each relevant Sub-

Fund. The balancing amount is equal to the difference between the aggregate settlement price

and the actual execution price achieved by each Sub-Fund. The receivable and payable amount

is subsequently settled between the relevant Sub-Funds.




15

7. RELATED PARTY TRANSACTIONS (Continued)

Aggregated settlement (Continued)

31 December

2015

30 June

2015

US$ US$

Tops UCITS Fund (1,166,093) (611,126)

Liquid Alpha Fund (115,591) –

Liquid Protection Fund (2,918) –

Liquid Trading Strategies Fund (5,821) –

Non-Marshall Wace UCITS Funds PLC Funds* 1,290,423 611,126

Total – –

* This category includes other Funds managed by the Investment Managers but not part of the

Marshall Wace UCITS Funds Plc umbrella structure.

8. DEALING COMMISSION ARRANGEMENTS

During the period, the Investment Manager effected transactions through brokers with whom it

has arrangements whereby the broker agrees to use a proportion of the commission earned on

such transactions to discharge the broker’s own costs or the costs of third parties in providing

certain services to the Investment Manager. The services which were paid for under such

arrangements were those permitted under the regulatory rules applicable to the Investment

Manager, namely those that relate to the execution of transactions on behalf of customers or the

provision of investment research to the Investment Manager to the extent permitted by Rule 11.6

of the FCA’s Conduct of Business Sourcebook.

9. TRANSACTION COSTS

Transaction costs are incremental costs, which are separately identifiable and directly attributable

to the acquisition, issue or disposal of a financial asset or financial liability.

Transaction costs incurred by the Company during the period are disclosed in the Statement of

Comprehensive Income. Transaction costs include broker commissions and custodian

transaction fees.

10. CROSS INVESTMENT BETWEEN SUB-FUNDS

Under the Investment Funds, Companies and Miscellaneous Provisions Act 2005, the Company

is permitted to engage in cross-investment between Sub-Funds within the umbrella structure.

Cross investments are disclosed in the individual Sub-Fund notes.




16

11. SIGNIFICANT EVENTS DURING THE PERIOD

A new Sub-Fund, MW Liquid Alpha Fund, was authorised by the Central Bank of Ireland on 24

June 2015 and commenced operations on 1 July 2015. Two new sub-funds, MW Liquid

Protection Fund and MW Liquid Trading Strategies Fund, were authorised on 20 August 2015

and commenced operations on 2 November 2015.

On 26 August 2015, the Directors resolved to change the functional and presentation currency of

the Company from Sterling (“GBP”) to United States Dollars (“US$”) with effect from 1 October

2015. The reason for the change in base currency is to align the base currency to:

• one of the larger investor denominations

• the currency of significant funding and hedging requirements, consistent with recent

prospectus/investment changes

• those of the other funds under the Marshall Wace platform, thus allowing consolidation of

hedging and financing transactions and reduce frictional costs for all investors.

12. SUBSEQUENT EVENTS

There were no other significant events subsequent to the period end.

13. APPROVAL OF FINANCIAL STATEMENTS

The financial report was approved and authorised for issue by the Directors on 23 February 2016.


COMBINED STATEMENT OF FINANCIAL POSITION

As at 31 December 2015

17

31 December

2015

30 June

2015

US$ US$

Assets

Cash and cash equivalents 802,133,393 630,648,281

Amounts held with custodian 1,518,455,397 1,984,946,993

Amounts due from principal counterparties 51,547,429 55,023,718

Financial assets at fair value through profit or loss 1,826,232,739 1,538,445,639

Dividends receivable 2,783,809 4,575,470

Interest receivable 437,073 737,010

Subscriptions receivable 5,999,508 44,250

Other receivables 56,773 425,472

Total assets 4,207,646,121 4,214,846,833

Liabilities

Amounts due to custodian 1,428,480,213 1,714,869,310

Amounts due to principal counterparties 4,133,501 2,406,316

Financial liabilities at fair value through profit or loss 74,849,656 60,221,805

Dividends payable 2,191,116 2,249,063

Interest payable 2,207,024 2,609,675

Custodian fees payable 124,385 141,920

Investment management fees payable 3,923,774 3,752,020

Performance fee payable 17,995,337 57,598,269

Administration fee payable 141,663 162,358

Audit fee payable 25,120 47,966

Professional fees payable 261,610 155,015

Directors’ fees and expenses payable 25,729 13,561

Subscriptions received in advance 90,796 566,147

Accrued expenses and other liabilities 40,384 84,740

Redemptions payable 3,397,606 –

Total liabilities (other than liabilities attributable to

redeemable participating shares) 1,537,887,914 1,844,878,165

Net assets attributable to holders of redeemable

participating shares 2,669,758,207 2,369,968,668


COMBINED STATEMENT OF COMPREHENSIVE INCOME


18

31 December

2015

31 December

2014

US$ US$

Investment income

Dividend income 24,388,208 16,764,728

Less: Withholding tax (1,234,941) (1,154,541)

Interest income 4,694,771 7,027,936

Net realised gain on financial assets and financial liabilities

at fair value through profit or loss and foreign exchange 198,735,824 273,160,943

Net change in unrealised gain on financial assets and

financial liabilities at fair value through profit or loss and

foreign exchange 15,449,601 41,424,631

Other income – 6,790

Total investment income 242,033,463 337,230,487

Expenses

Performance fee 30,360,131 41,805,736

Investment management fees 22,654,435 21,917,768

Interest expense 18,606,577 21,870,437

Dividend expense 15,158,226 27,920,085

Transaction costs 11,956,115 17,243,144

Administration fee 826,946 953,765

Market data fees 429,552 367,757

Professional fees 250,203 169,166

Custodian fees 236,086 212,616

Bank fees 98,296 65,656

Directors’ fees and expenses 30,209 32,544

Audit fees 27,617 27,928

Other expenses – 50,945

Total expenses 100,634,393 132,637,547

Operating profit 141,399,070 204,592,940

Other comprehensive income

Exchange differences on foreign exchange translation (90,445,823) (221,780,305)

Total other comprehensive income (90,445,823) (221,780,305)

Increase/(decrease) in net assets attributable to holders

of redeemable participating shares 50,953,247 (17,187,365)


COMBINED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES


19

31 December

2015

31 December

2014

US$ US$

Net assets attributable to holders of redeemable participating

shares at the beginning of the period 2,369,968,668 2,542,779,722

Increase in net assets attributable to holders of redeemable

participating shares 141,399,070 204,592,940

Other comprehensive income (90,445,823) (221,780,305)

Issue of redeemable participating shares 452,400,567 173,536,547

Redemption of redeemable participating shares (203,564,275) (431,424,863)


shares at the end of the period 2,669,758,207 2,267,704,041


COMBINED STATEMENT OF CASH FLOW

For the period ended 31 December 2015

20

31 December

2015

31 December

2014

US$ US$

Cash flows from operating activities:

Increase/(decrease) in net assets attributable to holders of

redeemable participating shares 50,953,247 (17,187,365)

Adjustments to reconcile increase/(decrease) in net

assets attributable to holders of redeemable

participating shares to net cash used in operating

activities:


Financial assets at fair value through profit or loss (287,787,100) (118,353,491)

Dividends and interest receivable 2,091,598 2,979,618

Receivable for securities sold not yet settled 135,088,386 203,221,442

Other receivables (12,523) 21,288

Amounts due to principal counterparties 1,727,185 (1,280,213)


Dividends and interest payable (460,598) (3,230,605)

Payables for securities purchased not yet received (171,380,507) (140,467,766)

Accrued expenses and other liabilities (39,417,847) 17,926,931

Net cash used in operating activities (291,094,019) (48,506,156)

Cash flows from financing activities:

Proceeds from subscription of redeemable participating

shares 446,351,180 164,965,692

Payments for redemption of redeemable participating

shares (200,166,669) (427,773,600)

Net cash provided by/(used in) financing activities 246,184,511 (262,807,908)

Net change in cash and cash equivalents (44,909,508) (311,314,064)

Cash and cash equivalents at the beginning of the period 935,889,095 961,358,729

Net cash and cash equivalents at the end of the period 890,979,587 650,044,665

21

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

22

MARSHALL WACE UCITS FUNDS PLC – MW TOPS UCITS FUND


FOR THE PERIOD FROM 1 JULY 2015 TO 31 DECEMBER 2015


STATEMENT OF FINANCIAL POSITION


See notes to the financial statements

23

31 December

2015

30 June

2015

Note US$ US$

Assets

Cash and cash equivalents 4 787,102,257 630,648,281

Amounts held with custodian 5 1,439,052,576 1,984,946,993

Amounts due from principal counterparties 6 41,365,670 55,023,718

Financial assets at fair value through profit or loss 2 1,739,536,929 1,538,445,639

Dividends receivable 2,624,408 4,575,470

Interest receivable 424,495 737,010


Subscriptions receivable 5,999,508 425,472

Total assets 4,016,117,769 4,214,846,833

Liabilities

Amounts due to custodian 5 1,390,439,582 1,714,869,310

Amounts due to principal counterparties 6 3,241,580 2,406,316

Financial liabilities at fair value through profit or loss 2 66,150,898 60,221,805

Dividends payable 1,992,222 2,249,063

Interest payable 2,086,729 2,609,675

Custodian fees payable 108,587 141,920

Investment management fees payable 7 3,900,876 3,752,020

Performance fee payable 7 17,963,652 57,598,269

Administration fee payable 134,274 162,358

Audit fee payable 24,137 47,966

Professional fees payable 228,285 155,015

Directors’ fees and expenses payable 25,024 13,561

Subscriptions received in advance 90,796 566,147

Redemptions payable 3,397,606 –

Accrued expenses and other liabilities 35,488 84,740

Total liabilities (other than liabilities attributable to

redeemable participating shares) 1,489,819,736 1,844,878,165

Net assets attributable to holders of redeemable

participating shares 2,526,298,033 2,369,968,668


STATEMENT OF FINANCIAL POSITION (Continued)



24

Net Asset Value

31 December

2015

30 June

2015

30 June

2014

Class A CHF CHF6,130,896 CHF4,894,293 CHF4,076,091

Class A Euro €747,154,575 €648,828,611 €538,320,437

Class A USD US$188,684,337 US$197,508,049 US$285,661,114

Class A GBP £138,218,773 £101,595,621 £73,654,681

Class B Euro €14,957,954 €13,090,463 €14,793,494

Class B USD – US$25,118 –

Class B GBP £14,336,676 £12,273,703 £11,768,946

Class C USD US$39,586,796 US$57,190,709 US$43,269,364

Class C GBP £43,365,124 £40,795,034 £35,073,394

Class C2 USD US$30,325,409 US$32,021,921 US$83,812,514

Class D CHF CHF12,140,913 CHF11,008,572 CHF8,620,723

Class D Euro €182,306,086 €177,774,544 €198,037,827

Class D USD US$230,155,579 US$232,257,470 US$278,776,659

Class D GBP £6,899,301 £6,607,899 £6,621,448

Class E Euro €4,327,202 €4,158,494 €4,945,920

Class E USD US$3,507,006 US$3,455,084 US$3,273,563

Class E GBP £5,859,129 £5,705,559 £5,175,639

Class F Euro €142,875,920 €132,442,466 €103,417,570

Class F USD US$109,266,925 US$117,937,363 US$126,512,212

Class F GBP £39,305,701 £33,948,638 £27,954,807

Class G Euro €115,795,953 €96,731,117 €59,458,257

Class G USD US$107,316,056 US$59,955,153 US$53,798,337

Class G GBP £82,828,660 £89,679,985 £70,850,806





25

Net Asset Value per share

31 December

2015

30 June

2015

30 June

2014

Class A CHF CHF123.8961 CHF118.8947 CHF105.9005

Class A Euro €176.1695 €168.3251 €148.7070

Class A USD US$169.9405 US$162.0646 US$143.1779

Class A GBP £189.6963 £180.7732 £159.1173

Class B Euro €163.6594 €156.3610 €138.1313

Class B USD – US$113.6878 –

Class B GBP £168.7048 £160.7627 £141.5013

Class C USD US$132.0307 US$124.4229 US$106.9521

Class C GBP £192.2401 £180.9950 £154.9361

Class C2 USD US$138.6806 US$129.5019 US$108.9346

Class D CHF CHF122.7052 CHF117.9893 CHF105.5301

Class D Euro €156.6286 €149.9456 €133.0105

Class D USD US$147.7123 US$141.1484 US$125.2087

Class D GBP £154.7786 £147.7874 £130.6205

Class E Euro €157.9807 €151.2356 €134.1489

Class E USD US$158.7013 US$151.6466 US$134.5081

Class E GBP £160.2346 £152.9896 £135.2040

Class F Euro €133.8312 €127.6137 €112.2801

Class F USD US$133.6474 US$127.1920 US$111.9086

Class F GBP £137.5302 £130.7888 £114.6541

Class G Euro €129.2427 €123.5108 €109.3696

Class G USD US$129.5306 US$123.5765 US$109.4371

Class G GBP £128.3432 £122.3529 £107.9515





26

Number of shares

31 December

2015

30 June

2015

30 June

2014

Class A CHF 49,484.17 41,164.93 38,489.81

Class A Euro 4,241,111.33 3,854,615.92 3,620,007.38

Class A USD 1,110,296.66 1,218,699.51 1,995,148.09

Class A GBP 728,632.06 562,005.99 462,895.49

Class B Euro 91,396.84 83,719.49 107,097.33

Class B USD – 220.94 –

Class B GBP 84,980.84 76,346.71 83,172.00

Class C USD 299,830.15 459,647.77 404,567.69

Class C GBP 225,577.98 225,393.15 226,373.29

Class C2 USD 218,670.93 247,269.89 769,383.78

Class D CHF 98,943.72 93,301.44 81,689.70

Class D Euro 1,163,938.71 1,185,593.60 1,488,888.68

Class D USD 1,558,134.20 1,645,484.26 2,226,495.92

Class D GBP 44,575.29 44,712.19 50,692.26

Class E Euro 27,390.70 27,496.79 36,868.88

Class E USD 22,098.15 22,783.79 24,337.29

Class E GBP 36,565.94 37,293.77 38,280.22

Class F Euro 1,067,582.74 1,037,838.93 921,067.67

Class F USD 817,576.42 927,238.85 1,130,495.89

Class F GBP 285,796.83 259,568.39 243,818.65

Class G Euro 895,957.64 783,179.42 543,645.19

Class G USD 828,499.34 485,166.30 491,591.40

Class G GBP 645,368.28 732,961.66 656,320.72


STATEMENT OF COMPREHENSIVE INCOME



27

31 December

2015

31 December

2014

Note US$ US$

Investment income

Dividend income 23,319,933 16,764,728

Less: Withholding tax (1,125,793) (1,154,541)

Interest income 4,556,817 7,027,936

Net realised gain on financial assets and financial liabilities

at fair value through profit or loss and foreign exchange 195,029,835 273,160,943

Net change in unrealised gain on financial assets and

financial liabilities at fair value through profit or loss and

foreign exchange 17,166,557 41,424,631

Other income – 6,790

Total investment income 238,947,349 337,230,487

Expenses

Performance fee 7 30,328,248 41,805,736

Investment management fees 7 22,611,124 21,917,768

Interest expense 17,729,395 21,870,437

Dividend expense 13,861,068 27,920,085

Transaction costs 11,428,907 17,243,144

Administration fee 797,731 953,765

Market data fees 426,068 367,757

Custodian fees 214,239 212,616

Professional fees 195,058 169,166

Bank fees 97,762 65,656

Directors’ fees and expenses 28,959 32,544

Audit fees 26,621 27,928

Other expenses – 50,945

Total expenses 97,745,180 132,637,547


Other comprehensive income

Exchange differences on foreign exchange translation (90,445,823) (221,780,305)

Total other comprehensive income (90,445,823) (221,780,305)

Increase/(decrease) in net assets attributable to holders

of redeemable participating shares 50,756,346 (17,187,365)


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE

PARTICIPATING SHARES



28

31 December

2015

31 December

2014

US$ US$


shares at the beginning of the period 2,369,968,668 2,542,779,722


Other comprehensive income (90,445,823) (221,780,305)

Issue of redeemable participating shares 296,826,967 173,536,547

Redemption of redeemable participating shares (191,253,948) (431,424,863)


shares at the end of the period 2,526,298,033 2,267,704,041


STATEMENT OF CASH FLOW



29

31 December

2015

31 December

2014

Note US$ US$


Increase/(decrease) in net assets attributable to holders of

redeemable participating shares 50,756,346 (17,187,365)

Adjustments to reconcile increase/(decrease) in net

assets attributable to holders of redeemable

participating shares to net cash used in operating

activities:


Financial assets at fair value through profit or loss (201,091,290) (118,353,491)

Dividends and interest receivable 2,263,577 2,979,618

Receivable for securities sold not yet settled 142,466,181 203,221,442


Amounts due to principal counterparties 835,264 (1,280,213)


Dividends and interest payable (779,787) (3,230,605)

Payables for securities purchased not yet received (177,028,308) (140,467,766)

Accrued expenses and other liabilities (39,535,526) 17,926,931

Net cash used in operating activities (202,494,078) (48,506,156)


Proceeds from subscription of redeemable participating

shares 290,777,580 164,965,692

Payments for redemption of redeemable participating

shares (187,856,342) (427,773,600)

Net cash provided by/(used in) financing activities 102,921,238 (262,807,908)

Net change in cash and cash equivalents (99,572,840) (311,314,064)

Cash and cash equivalents at the beginning of the period 935,889,095 961,358,729

Net cash and cash equivalents at the end of the period* 4, 5 836,316,255 650,044,665

*Net cash and cash equivalents at the end of the period as reported in the above Statement of Cash Flow

includes cash and cash equivalents as presented in Note 4 and cash held with/due to custodian as

presented in Note 5 of these financial statements. Amounts receivable or payable for securities sold or

purchased but not yet settled are not reported as cash balances in the Statement of Cash Flow.


NOTES TO THE FINANCIAL STATEMENTS


30

1. GENERAL INFORMATION

The investment objective of the MW TOPS UCITS Fund (the “Sub-Fund”) is to provide investors

with consistent absolute returns primarily through investing in equities of companies incorporated

in or whose principal operations are in Europe.

The functional and presentation currency of the Sub-Fund changed from GBP to USD with effect

from 1 October 2015.

2. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

31 December

2015

30 June

2015

US$ US$

Financial assets at fair value through profit or loss

– Collective investment scheme 32,507,802 –

Financial assets held for trading:

– Listed equity securities held for trading 1,600,287,448 1,429,210,642

– Derivatives 106,737,345 109,234,997

– Unlisted or suspended equity securities held for trading 4,334 –

Total financial assets at fair value through profit or loss 1,739,536,929 1,538,445,639

Financial liabilities at fair value through profit or loss

Financial liabilities held for trading:

– Derivatives (66,150,898) (60,221,805)

Total financial liabilities at fair value through profit or

loss (66,150,898) (60,221,805)

All of the above listed equity securities have been valued using quoted market prices in active

markets. The unlisted or suspended equity securities are valued at fair value.

Derivatives have been valued using market observable inputs which may include underlying

equity prices and foreign exchange rates. Investments in Collective Investment Schemes have

been valued at NAV per unit as calculated by the underlying Administrator.


NOTES TO THE FINANCIAL STATEMENTS (Continued)


31


As at 31 December 2015 and 30 June 2015, the following derivative contracts were included in

the Sub-Fund’s Statement of Financial Position at fair value through profit or loss:

Assets

31 December

2015

US$

Liabilities

31 December

2015

US$

Assets

30 June

2015

US$

Liabilities

30 June

2015

US$

Contracts for

difference 105,418,094 (64,787,095) 101,225,348 (58,611,374)

Forward foreign

exchange contracts 474,672 (192,603) 25,748 (146,401)

Futures contracts 468,032 (1,171,200) 6,948,928 (1,230,267)

Option contracts 376,547 – 960,303 (233,763)

Warrants – – 74,670 –

Total 106,737,345 (66,150,898) 109,234,997 (60,221,805)

Notional exposures on derivative contracts were as follows:

Notional

Assets

31 December

2015

US$

Notional

Liabilities

31 December

2015

US$

Notional

Assets

30 June

2015

US$

Notional

Liabilities

30 June

2015

US$

Contracts for

difference 1,411,753,697 (2,182,785,059) 1,374,575,486 (1,999,831,106)

Futures contracts 23,196,994 (81,432,512) 22,221,282 (305,102,554)

Total 1,434,950,691 (2,264,217,571) 1,396,796,768 (2,304,933,660)




32


As at 31 December 2015, the following forward foreign exchange contracts were included in the

Sub-Fund’s Statement of Financial Position at fair value through profit or loss:

Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 USD 4,345,200 EUR (4,000,000) –

05-Jan-16 EUR 3,802,050 GBP (2,576,945) 3,891

05-Jan-16 USD 5,268,680 GBP (3,573,139) 2,231

05-Jan-16 USD 49,950 CHF (50,000) –

16-Mar-16 USD 20,028,768 CNH (130,000,000) 449,037

21-Sep-16 USD 5,200,000 SAR (19,687,200) 19,513

Net unrealised gain on forward foreign exchange contracts 474,672

Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

04-Jan-16 TRY 9,750,000 USD (3,344,149) (3,792)

02-Feb-16 EUR 1,207,400,000 USD (1,312,510,207) (22,479)

02-Feb-16 GBP 330,800,000 USD (487,609,124) (4,728)

02-Feb-16 CHF 18,270,000 USD (18,274,751) (864)

16-Mar-16 USD 8,456,660 KRW (10,000,000,000) (56,639)

16-Mar-16 USD 7,374,631 INR (500,000,000) (104,101)

Net unrealised loss on forward foreign exchange contracts (192,603)

As at 30 June 2015, the following forward foreign exchange contracts were included in the Sub-

Fund’s Statement of Financial Position at fair value through profit or loss:

Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

02-Jul-15 CHF 160,000 GBP (108,858) 3

02-Jul-15 EUR 16,200,000 GBP (11,476,890) 337

02-Jul-15 GBP 2,988,491 USD (4,700,000) –

16-Sep-15 USD 7,127,715 KRW (12,500,000,000) 25,408





33


Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

01-Jul-15 USD 2,215,440 EUR (1,416,926) (12,961)

02-Jul-15 EUR 1,416,926 USD (2,228,860) (459)

02-Jul-15 USD 2,039,547 CHF (3,000,000) (2,505)

04-Aug-15 CHF 16,100,000 GBP (10,975,751) (8,806)

04-Aug-15 EUR 1,083,500,000 GBP (768,139,741) (30,435)

04-Aug-15 USD 717,000,000 GBP (456,018,103) (20,190)

16-Sep-15 USD 3,069,264 TWD (150,000,000) (42,704)

16-Sep-15 USD 2,943,746 INR (300,000,000) (25,951)

16-Sep-15 USD 10,695,917 CNH (105,000,000) (2,354)

16-Dec-15 USD 1,593,094 CNH (15,720,000) (36)


4. CASH AND CASH EQUIVALENTS

31 December

2015

US$

30 June

2015

US$

Cash held at bank 1,898,078 1,345,719

Short term deposit accounts 785,204,179 629,302,562

787,102,257 630,648,281




34

5. AMOUNTS HELD WITH/DUE TO SUB-CUSTODIANS

31 December

2015

30 June

2015

US$ US$

Amounts held with custodian:

Cash held with custodian* 1,412,294,807 1,815,723,043

Receivable from securities sold but not yet settled 26,757,769 169,223,950

Total 1,439,052,576 1,984,946,993

Amounts due to custodian:

Cash due to custodian* (1,363,080,809) (1,510,482,229)

Payables for securities purchased but not yet settled (27,358,773) (204,387,081)

Total (1,390,439,582) (1,714,869,310)

*Cash held with/due to custodian is encumbered cash. Cash and cash equivalents held with or

due to the custodian are recorded as an asset where the net position by currency is positive and

is recorded as a liability where the net position by currency is negative.

6. AMOUNTS DUE TO/FROM PRINCIPAL COUNTERPARTIES

31 December

2015

30 June

2015

US$ US$

Amounts due from prime principal counterparties:

Collateral accounts 1,705,066 10,871,545

Trading accounts 18,014,237 3,566,657

Margin accounts 21,646,367 40,585,516

Total 41,365,670 55,023,718

Amounts due to prime principal counterparties:

Trading accounts (2,143,025) (1,711,084)

Margin accounts (1,098,555) (695,232)

Total (3,241,580) (2,406,316)

Collateral accounts represent deposits with counterparties, transferred as collateral for OTC and

derivative securities.




35



For the Sub-Fund, the Investment Manager will receive from the Company an annual investment

Management Fee, calculated as a percentage of the NAV of each class based on the following

percentages:

Name of Class

Investment

Management

Fee Rate

Class A 2.00%

Class B 2.00%

Class C 0.60%

Class D 2.50%

Class E 2.50%

Class F 1.50%

Class G 1.33%

Such fee is payable every month and is accrued and calculated as at 11.59 p.m. (Dublin time) on

the last Business Day of each month (in accordance with the methodology that applies at each

Valuation Point) and at each Valuation Point. There is no Investment Management Fee charged

on Class C2 shares.

The Performance Fee will be calculated in respect of each period of twelve months beginning on

1 October and ending on the following 30 September (a “Calculation Period”). The Performance

Fee will be calculated and accrued as at 11.59 p.m. (Dublin time) on the last Business Day of

each month (in accordance with the methodology that applies at each Valuation Point) and at

each Valuation Point as an expense of the relevant Class and will be payable to the Investment

Manager in arrears within 14 Business Days of the end of each Calculation Period after

verification of the calculation of the Performance Fee by the Custodian.

The Performance Fee is based on net realised and net unrealised gains and losses as at the end

of each Calculation Period and as a result, performance fees may be paid on unrealised gains,

which may subsequently never be realised.




36

7. FEES AND EXPENSES (Continued)

Investment management and performance fees (Continued)

For each Calculation Period, the Performance Fee will be equal to a percentage of any “New Net

Appreciation”, based on the following percentages:

Name of Class

Performance

Fee Rate

Class A 20.00%

Class B 20.00%

Class C 10.00%

Class D 20.00%

Class E 20.00%

Class F 20.00%

Class G 25.00%

There is no Performance Fee charged on Class C2 shares.

The New Net Appreciation shall equal the amount, if any, by which the NAV of the relevant Class

(prior to reduction for accrued Performance Fee) as of the end of the relevant Calculation Period

exceeds the “High Water Mark”.

The High Water Mark attributable to each Class is the greater of:

a) the NAV of the relevant Class as of the most recent 30 September at which a Performance

Fee was paid by such relevant Class (after reduction for the Performance Fee then paid and

for the dividends paid out to the shareholders of such relevant Class in relation to the

Calculation Period then ending). The NAV referred to in the previous sentence shall be

increased when additional subscriptions are made to the relevant Class, by an amount equal

to such subscriptions and shall be reduced proportionately whenever a redemption is made

from the relevant Class by being multiplied by the fraction, the numerator of which is the NAV

of the relevant Class immediately after, and the denominator of which is the NAV of the

relevant Class immediately prior to, such redemption (NAV of the relevant Class in each case

to be calculated prior to reduction for any accrued Performance Fee); and

b) if no Performance Fee has ever been paid, then the aggregate subscriptions minus the

aggregate redemptions to the relevant Class through the date of determination.

If a redemption is made from the relevant Class as of a date other than 30 September, a

Performance Fee (if accrued as of the date of such redemption) shall be crystallised in respect of

the Shares being redeemed and paid to the Investment Manager 14 days after the Dealing Day

(or upon termination of the Investment Management and Distribution Agreement, if earlier).

Crystallised Performance Fees shall remain in the relevant Class (but shall not participate in

subsequent gains and losses of the relevant Class) until paid to the Investment Manager, and

shall not be used or made available to satisfy redemptions or pay any fees and expenses of the

relevant Class.




37



The Investment Manager may from time to time and in its sole discretion and out of its own

resources decide to rebate to some or all Shareholders (or their agents including the directors), or

to intermediaries, or to the Sub-Fund, part or all of the Investment Management Fee and/or

Performance Fee. Any such rebates may be applied in paying up additional Shares to be issued

to the Shareholder.

If the appointment of the Investment Manager is terminated during a Calculation Period the

Performance Fee in respect of the then current Calculation Period will be calculated and paid as

though the date of termination were the end of the relevant period. Performance fees for the

period were US$30,328,248 (31 December 2014: US$41,805,736) of which US$17,963,652

(30 June 2015: US$57,598,269) was payable at period end.

8. SHAREHOLDERS’ CAPITAL

For the period from

1 July 2015 to

31 December 2015

Shares in

issue at the

beginning of

the period

Shares

Subscribed

Shares

Redeemed

Shares in

issue at the

end of the

period

Class A CHF 41,164.93 8,319.24 – 49,484.17

Class A EUR 3,854,615.92 739,080.57 (352,585.16) 4,241,111.33

Class A USD 1,218,699.51 75,251.75 (183,654.60) 1,110,296.66

Class A GBP 562,005.99 177,013.05 (10,386.98) 728,632.06

Class B EUR 83,719.49 12,748.88 (5,071.53) 91,396.84

Class B USD 220.94 604.13 (825.07) –

Class B GBP 76,346.71 15,412.12 (6,777.99) 84,980.84

Class C USD 459,647.77 25,676.26 (185,493.88) 299,830.15

Class C GBP 225,393.15 563.93 (379.10) 225,577.98

Class C2 USD 247,269.89 – (28,598.96) 218,670.93

Class D CHF 93,301.44 11,790.07 (6,147.79) 98,943.72

Class D EUR 1,185,593.60 75,878.13 (97,533.02) 1,163,938.71

Class D USD 1,645,484.26 60,174.07 (147,524.13) 1,558,134.20

Class D GBP 44,712.19 3,406.99 (3,543.89) 44,575.29

Class E EUR 27,496.79 822.98 (929.07) 27,390.70

Class E USD 22,783.79 318.46 (1,004.10) 22,098.15

Class E GBP 37,293.77 157.58 (885.41) 36,565.94

Class F EUR 1,037,838.93 30,084.12 (340.31) 1,067,582.74

Class F USD 927,238.85 10,262.14 (119,924.57) 817,576.42

Class F GBP 259,568.39 30,061.40 (3,832.96) 285,796.83

Class G EUR 783,179.42 137,072.53 (24,294.31) 895,957.64

Class G USD 485,166.30 351,315.44 (7,982.40) 828,499.34

Class G GBP 732,961.66 162,939.15 (250,532.53) 645,368.28




38

8. SHAREHOLDERS’ CAPITAL (Continued)

For the year ended

30 June 2015

Shares in

issue at the

beginning of

the year

Shares

subscribed

Shares

redeemed

Shares in

issue at the

end of the year

Class A CHF 38,489.81 7,701.41 (5,026.29) 41,164.93

Class A EUR 3,620,007.38 1,105,786.73 (871,178.19) 3,854,615.92

Class A USD 1,995,148.09 216,227.91 (992,676.49) 1,218,699.51

Class A GBP 462,895.49 141,601.40 (42,490.90) 562,005.99

Class B EUR 107,097.33 4,607.65 (27,985.49) 83,719.49

Class B USD – 220.94 – 220.94

Class B GBP 83,172.00 16,069.67 (22,894.96) 76,346.71

Class C USD 404,567.69 76,101.58 (21,021.50) 459,647.77

Class C GBP 226,373.29 1,142.85 (2,122.99) 225,393.15

Class C2 USD 769,383.78 – (522,113.89) 247,269.89

Class D CHF 81,689.70 24,551.82 (12,940.08) 93,301.44

Class D EUR 1,488,888.68 102,072.27 (405,367.35) 1,185,593.60

Class D USD 2,226,495.92 161,691.00 (742,702.66) 1,645,484.26

Class D GBP 50,692.26 11,117.31 (17,097.38) 44,712.19

Class E EUR 36,868.88 262.20 (9,634.29) 27,496.79

Class E USD 24,337.29 266.64 (1,820.14) 22,783.79

Class E GBP 38,280.22 3,411.84 (4,398.29) 37,293.77

Class F EUR 921,067.67 296,304.89 (179,533.63) 1,037,838.93

Class F USD 1,130,495.89 63,249.99 (266,507.03) 927,238.85

Class F GBP 243,818.65 44,025.52 (28,275.78) 259,568.39

Class G EUR 543,645.19 358,061.71 (118,527.48) 783,179.42

Class G USD 491,591.40 297,637.80 (304,062.90) 485,166.30

Class G GBP 656,320.72 301,338.12 (224,697.18) 732,961.66




39


The following table provides information on related party shareholdings in the Sub-Fund as at

31 December 2015 and 30 June 2015:

31 December

2015

30 June

2015

No. of Shares No. of Shares

Partners

Class B GBP Shares 1,657.58 1,657.58

Class C GBP Shares 213,947.37 213,947.37

Class C USD Shares 299,469.74 459,287.36

Connected persons to the Investment Manager

Class B GBP Shares 545.08 487.63

Class C GBP Shares 4,163.85 4,462.79

MW TOPS (US) Fund II held 218,670.93 (30 June 2015: 247,269.89) Class C2 USD Shares in

the Sub-Fund at 31 December 2015. The Investment Manager to the Company also acts as an

Investment Manager to MW TOPS (US) Fund II.

Cross investments

As at 31 December 2015, the Sub-Fund had investments in other funds managed by Marshall

Wace LLP.

The issue and redemption of units in other Marshall Wace UCITS Funds Plc funds and the

related gains/(losses) on financial assets and liabilities through the profit and loss (“gain/(loss)”)

during the year ended 31 December 2015 were:

Opening Issue of Redemptions Closing

Fair Value Units of Units Gain Fair Value

US$ US$ US$ US$ US$

MW Liquid

Alpha UCITS

Fund – 43,951,000 (12,442,642) 999,444 32,507,802

The impact of the above cross-investment transactions has been eliminated from the Combined

Statement of Financial Position, Combined Statement of Comprehensive Income and the

Combined Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Units.




PORTFOLIO CHANGES


40

The top 20 purchases and sales for the period ended 31 December 2015 were as follows:

Top 20 purchases at cost Cost US$ Bayer N Ord 82,487,880 Deutsche Bank N Ord 66,886,300 Snam Ord 62,651,582 Merck Ord 53,402,955 ENI Ord 52,441,684 Roche Holding Par 51,728,928 Amadeus It Holding Ord 51,344,591 E.On N Ord 50,975,951 Rwe Ord 50,719,928 Royal Dutch Shell Cl A Ord 49,122,947 Kpn Kon Ord 48,877,943 Ing Groep Gdr 45,045,197 Enel Ord 41,488,094 Deutsche Post N Ord 40,722,268 Commerzbank Ord 39,003,810 Ericsson B Ord 38,791,919 Actelion Ord 37,282,028 Telecom Italia Svgs 36,406,409 Statoil Ord 35,775,081 Telecom Italia Ord 35,001,143 Top 20 sales at proceeds Proceeds US$ Deutsche Bank N Ord 61,564,188 Bayer N Ord 49,910,392 Enel Ord 41,705,400 Kpn Kon Ord 39,999,694 Roche Holding Par 38,889,885 Amadeus It Holding Ord 35,297,041 ENI Ord 34,433,085 Deutsche Post N Ord 34,268,333 Royal Dutch Shell Cl A Ord 34,084,025 Telecom Italia Ord 32,146,562 Repsol Ord 31,566,950 E.On N Ord 31,117,131 Volkswagen Nv Prf 29,370,529 KBC Groep Ord 29,323,292 Deutsche Telekom N Ord 28,935,429 Rwe Ord 26,914,802 Merck Ord 26,360,878 Bankia Ord 26,307,763 Electrolux B Ord 25,077,673 Sap Ord 24,932,394


TOTAL EXPENSE RATIO


41

The average total expense ratio (“TER”) table shows the annualised actual expenses incurred by the

Sub-Fund during the reporting period expressed as a percentage of the average net assets of the Sub-

Fund for the corresponding period.

Expense Ratio

Expense Ratio

(incl Management fee)

Expense Ratio

(incl Management &

Performance Fee)

Period Ended

31 December

2015

Period Ended

31 December

2015

Period Ended

31 December

2015

MW TOPS UCITS Fund

Class A EUR 0.15% 2.17% 4.43%

Class A USD 0.15% 2.18% 4.66%

Class A GBP 0.15% 2.15% 4.52%

Class A CHF 0.15% 2.16% 4.17%

Class B EUR 0.15% 2.17% 4.42%

Class B GBP 0.15% 2.17% 4.61%

MW Class C USD 0.15% 0.75% 2.02%

MW Class C GBP 0.15% 0.75% 2.09%

MW Class C2 USD 0.15% 0.15% 0.15%

Class D EUR 0.15% 2.68% 4.85%

Class D USD 0.15% 2.68% 5.05%

Class D GBP 0.15% 2.67% 4.97%

Class D CHF 0.15% 2.67% 4.61%

Class E EUR 0.15% 2.68% 4.92%

Class E GBP 0.15% 2.68% 5.02%

Class E USD 0.15% 2.68% 5.04%

Class F EUR 0.15% 1.66% 3.99%

Class F GBP 0.15% 1.66% 4.17%

Class F USD 0.15% 1.67% 4.24%

Class G EUR 0.15% 1.49% 4.47%

Class G GBP 0.15% 1.50% 4.75%

Class G USD 0.15% 1.49% 4.63%

All Expenses included in the TER are allocated to each share class based on a percentage of the Net

Assets with the exception of management and performance fee. These are class specific.

42

MARSHALL WACE UCITS FUNDS PLC – MW LIQUID ALPHA FUND


FOR THE PERIOD FROM 1 JULY 2015 (DATE OF COMMENCEMENT OF OPERATIONS) TO

31 DECEMBER 2015





43

31 December

2015

Note US$

Assets

Cash and cash equivalents 4 15,008,876

Amounts held with custodian 5 53,091,247

Amounts due from principal counterparties 6 5,408,210

Financial assets at fair value through profit or loss 2 104,958,639

Dividends receivable 136,107

Interest receivable 7,775

Other receivables 44,847

Total assets 178,655,701

Liabilities

Amounts due to custodian 5 35,496,090

Amounts due to principal counterparties 6 492,784

Financial liabilities at fair value through profit or loss 2 7,499,825

Dividends payable 174,320

Interest payable 111,496

Custodian fees payable 7,908

Investment management fees payable 7 1,310

Performance fee payable 7 552

Administration fee payable 5,436

Audit fee payable 862

Professional fees payable 20,815

Directors’ fees and expenses payable 553

Accrued expenses and other liabilities 1,260

Total liabilities (other than liabilities attributable to redeemable

participating shares) 43,813,211

Net assets attributable to holders of redeemable participating shares 134,842,490





44

Net Asset Value

31 December

2015

Class A USD US$51,630

Class C GBP £2,977,515

Class C2 USD US$130,350,931

Class D USD US$51,369


31 December

2015

Class A USD US$103.2599

Class C GBP £99.2505

Class C2 USD US$104.6075

Class D USD US$102.7387

Number of shares

31 December

2015

Class A USD 500.00

Class C GBP 30,000.00

Class C2 USD 1,246,095.00

Class D USD 500.00



For the period from 1 July 2015 (date of commencement of operations) to 31 December 2015


45

31 December

2015

Note US$

Investment income

Dividend income 984,166

Less: Withholding tax (92,933)

Interest income 131,057

Net realised gain on financial assets and financial liabilities at fair value through

profit or loss and foreign exchange 6,000,433

Net change in unrealised loss on financial assets and financial liabilities at fair

value through profit or loss and foreign exchange (925,449)

Total investment income 6,097,274

Expenses

Dividend expense 1,228,653

Interest expense 845,989

Transaction costs 500,972

Professional fees 34,217

Administration fee 25,423

Custodian fees 13,957

Market data fees 3,484

Investment management fees 7 1,999

Directors’ fees and expenses 1,098

Audit fees 875

Performance fee 7 750

Bank fees 498

Total expenses 2,657,915

Increase in net assets attributable to holders of redeemable participating

shares 3,439,359






46

31 December

2015

US$

Net assets attributable to holders of redeemable participating shares at the

beginning of the period –

Increase in net assets attributable to holders of redeemable participating shares 3,439,359

Issue of redeemable participating shares 156,156,100

Redemption of redeemable participating shares (24,752,969)

Net assets attributable to holders of redeemable participating shares at the end of

the period 134,842,490





47

31 December

2015

Note US$


Increase in net assets attributable to holders of redeemable participating shares 3,439,359

Adjustments to reconcile increase in net assets attributable to holders of

redeemable participating shares to net cash used in operating activities:

Amounts due from principal counterparties (5,408,210)

Receivable for securities sold not yet settled (6,745,613)

Financial assets at fair value through profit or loss (104,958,639)

Dividends and interest receivable (143,882)

Other receivables (44,847)

Amounts due to principal counterparties 492,784

Payables for securities purchased not yet received 5,173,571

Financial liabilities at fair value through profit or loss 7,499,825

Dividends and interest payable 285,816


Net cash used in operating activities (100,371,140)


Proceeds from subscription of redeemable participating shares 156,156,100

Payments for redemption of redeemable participating shares (24,752,969)

Net cash provided by financing activities 131,403,131

Net change in cash and cash equivalents 31,031,991

Cash and cash equivalents at the beginning of the period –

Net cash and cash equivalents at the end of the period 4,5 31,031,991




48


The investment objective of the MW Liquid Alpha Fund (the “Sub-Fund”) is to provide investors

with consistent absolute returns. The Sub-Fund aims to generate absolute returns irrespective of

whether markets are trending up or down.

The Sub-Fund launched on 1 July 2015.


31 December

2015

US$



– Listed equity securities held for trading 98,302,750

– Derivatives 6,655,889

Total financial assets at fair value through profit or loss 104,958,639



– Derivatives (7,499,825)

Total financial liabilities at fair value through profit or loss (7,499,825)


markets. Derivatives have been valued using market observable inputs which may include

underlying equity prices and foreign exchange rates.




49


As at 31 December 2015, the following derivative contracts were included in the Sub-Fund’s

Statement of Financial Position at fair value through profit or loss:

Assets

31 December

2015

US$

Liabilities

31 December

2015

US$

Contracts for difference 6,189,227 (7,215,461)

Forward foreign exchange contracts 82,457 (32,164)

Futures contracts 384,205 (252,200)

Total 6,655,889 (7,499,825)

Notional exposures on derivatives contracts were as follows:

Notional

Assets

31 December

2015

US$

Notional

Liabilities

31 December

2015

US$


Futures contracts 8,828,566 (7,694,070)

Total 111,033,968 (219,406,021)



Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 GBP 20,000 USD (29,478) –

16-Mar-16 MYR 5,000,000 USD (1,159,017) 3,433

16-Mar-16 USD 3,410,646 KRW (4,000,000,000) 5,326

16-Mar-16 USD 2,136,293 TWD (70,000,000) 11,827

16-Mar-16 USD 4,580,270 CNH (30,000,000) 61,871





50


Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 SEK 5,640,000 USD (669,189) (198)

05-Jan-16 EUR 117,932 NOK (1,140,000) (684)

02-Feb-16 GBP 2,980,000 USD (4,392,609) (42)

16-Mar-16 RUB 60,000,000 USD (835,538) (28,387)

16-Mar-16 USD 371,083 INR (25,000,000) (2,853)



31 December

2015

US$

Cash held at bank 5,319

Short term deposit accounts 15,003,557

15,008,876


31 December

2015

US$


Cash held with custodian* 46,345,634

Receivable from securities sold but not yet settled 6,745,613

Total 53,091,247


Cash due to custodian* (30,322,519)

Payables for securities purchased but not yet settled (5,173,571)

Total (35,496,090)







51


31 December

2015

US$


Collateral accounts 1,131,633

Trading accounts 1,587,749

Margin accounts 2,688,828

Total 5,408,210


Collateral accounts (7,488)

Trading accounts (195,152)

Margin accounts (290,144)

Total (492,784)







percentages:

Name of Class

Investment

Management

Fee Rate

Class A 1.00%

Class B 1.50%

Class C 0.60%

Class D 2.25%

Class F 1.50%

Such fee is payable every month and is accrued and calculated as at each Valuation Point. There

is no Investment Management Fee charged on Class C2 shares.




52





Fee will be calculated and accrued as at each Valuation Point as an expense of the relevant

Class and will be payable to the Investment Manager in arrears within 14 Business Days of the

end of each Calculation Period after verification of the calculation of the Performance Fee by the

Custodian.






Name of Class

Performance

Fee Rate

Class A 20.00%

Class B 20.00%

Class C 10.00%

Class D 20.00%

Class F 20.00%



















53












relevant Class.





to the Shareholder.




period were US$750 of which US$552 was payable at period end.


For the period from

1 July 2015 to

31 December 2015

Shares in

issue at the

beginning of

the period

Shares

Subscribed

Shares

Redeemed

Shares in

issue at the

end of the

period

Class A USD – 500.00 – 500.00

Class C GBP – 30,000.00 – 30,000.00

Class C2 USD – 1,489,295.00 (243,200.00) 1,246,095.00

Class D USD – 500.00 – 500.00




54


The following table provides information on related party shareholdings in the Sub-Fund as at

31 December 2015:

31 December

2015

No. of Shares

Partners

Class C GBP Shares 30,000.00

Investment Manager

Class A USD Shares 500.00

Class D USD Shares 500.00

Collective Investment Scheme

Class C2 USD 1,246,095.00

Class C2 Shares are only available for subscription by other Marshall Wace Funds.




PORTFOLIO CHANGES


55


Top 20 purchases at cost Cost US$ Brcl Bk Ipth S&P 500 Vix Sh Ftrs Etn 7,460,651 CS Velocityshrs Daly 2x Vix Shrt Etn 3,474,037 CS Velocityshrs Dly Inv Vix Shrt Etn 2,696,077 MSCI Ord 2,566,409 Intuit Ord 2,239,735 Sigma Aldrich Ord 2,196,402 Factset Research Systems Ord 2,179,697 Arthur J Gallagher Ord 2,137,991 Robert Half Ord 2,133,668 Mid America Apartment Communiti Reit 1,985,855 Travelers Companies Ord 1,978,935 Gilead Sciences Ord 1,971,784 Kilroy Realty Reit 1,886,927 Assured Guaranty Ord 1,885,878 T Rowe Price Group Ord 1,876,990 Amadeus It Holding Ord 1,858,870 Voya Financial Ord 1,854,783 Ansaldo Sts Ord 1,847,234 Moodys Ord 1,821,800 Perkinelmer Ord 1,781,750 Top 20 sales at proceeds Proceeds US$ Brcl Bk Ipth S&P 500 Vix Sh Ftrs Etn 7,393,031 CS Velocityshrs Daly 2x Vix Shrt Etn 3,559,270 CS Velocityshrs Dly Inv Vix Shrt Etn 2,635,700 Sigma Aldrich Ord 2,197,207 Arthur J Gallagher Ord 2,146,367 MSCI Ord 1,931,936 Rhoen Klinikum Ord 1,755,225 American Campus Communities Reit 1,711,869 Agilent Technologies Ord 1,614,385 Home Properties Reit 1,506,765 Digital Realty Reit Ord 1,483,938 T Rowe Price Group Ord 1,435,003 INC Research Holdings Cl A Ord 1,352,824 American Capital Agency Reit 1,331,133 Cboe Holdings Ord 1,312,405 Tecnicas Reunidas Ord 1,301,030 Everest Re Group Ord 1,276,781 Travelers Companies Ord 1,271,467 Central Pacific Financial Ord 1,257,758 Vornado Realty Reit 1,256,766


TOTAL EXPENSE RATIO


56




Expense Ratio

Expense Ratio


Expense Ratio

(incl Management &

Performance Fee)

Period Ended

31 December

2015

Period Ended

31 December

2015

Period Ended

31 December

2015


Class A USD 0.16% 1.16% 1.97%

Class C GBP 0.16% 0.86% 0.86%

Class C2 USD 0.16% 0.16% 0.16%

Class D USD 0.16% 2.42% 3.09%



57


58

MARSHALL WACE UCITS FUNDS PLC – MW LIQUID PROTECTION FUND


FOR THE PERIOD FROM 2 NOVEMBER 2015 (DATE OF COMMENCEMENT OF OPERATIONS) TO

31 DECEMBER 2015





59

31 December

2015

Note US$

Assets

Cash and cash equivalents 4 11,707







Liabilities

Amounts due to custodian 5 1,721,546


Financial liabilities at fair value through profit or loss 2 437,875





Performance fee payable 7 31,133

Administration fee payable 890












60

Net Asset Value

31 December

2015


Class C GBP £12,688,207



31 December

2015




Number of shares

31 December

2015

Class A USD 500.00


Class D USD 500.00



For the period from 2 November 2015 (date of commencement of operations) to 31 December 2015


61

31 December

2015

Note US$

Investment income




Net realised loss on financial assets and financial liabilities at fair value through

profit or loss and foreign exchange (800,484)

Net change in unrealised gain on financial assets and financial liabilities at fair

value through profit or loss and foreign exchange 320,128

Total investment expense (453,541)

Expenses

Dividend expense 58,238

Performance fee 7 31,133







Directors’ fees and expenses 70

Audit fees 56

Bank fees 18

Total expenses 149,066

Decrease in net assets attributable to holders of redeemable participating

shares (602,607)






62

31 December

2015

US$



Decrease in net assets attributable to holders of redeemable participating shares (602,607)








63

31 December

2015

Note US$


Decrease in net assets attributable to holders of redeemable participating shares (602,607)

Adjustments to reconcile decrease in net assets attributable to holders of



Receivable for securities sold not yet settled (452,477)




Payables for securities purchased not yet received 373,164

Financial liabilities at fair value through profit or loss 437,875









Net cash and cash equivalents at the end of the period* 4, 5 13,937,421

*Net cash and cash equivalents at the end of the period as reported in the above Statement of Cash Flow includes cash and cash equivalents as presented in Note 4 and cash held with/due to custodian as presented in Note 5 of these financial statements. Amounts receivable or payable for securities sold or purchased but not yet settled are not reported as cash balances in the Statement of Cash Flow.




64


The investment objective of the MW Liquid Protection Fund (the “Sub-Fund”) is to provide

investors with net short exposure to global markets.

The Sub-Fund launched on 2 November 2015.


31 December

2015

US$




– Derivatives 889,155




– Derivatives (437,875)

Total financial liabilities at fair value through profit or loss (437,875)


markets. Derivatives have been valued using market observable inputs which may include

underlying equity prices and foreign exchange rates.




65




Assets

31 December

2015

US$

Liabilities

31 December

2015

US$

Contracts for difference 888,949 (437,684)

Forward foreign exchange contracts 206 (191)

Total 889,155 (437,875)


Notional

Assets

31 December

2015

US$

Notional

Liabilities

31 December

2015

US$


Total 1,474,316 (22,168,047)



Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

16-Mar-16 MYR 300,000 USD (69,541) 206

Net unrealised gain on forward foreign exchange contracts 206

Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 GBP 11,000 USD (16,223) (10)

02-Feb-16 GBP 12,670,000 USD (18,675,960) (181)

Net unrealised loss on forward foreign exchange contracts (191)




66


31 December

2015

US$


11,707


31 December

2015

US$



Receivable from securities sold but not yet settled 452,477

Total 15,726,573


Cash due to custodian* (1,348,382)

Payables for securities purchased but not yet settled (373,164)

Total (1,721,546)







67


31 December

2015

US$


Collateral accounts 100,152

Trading accounts 100,892


Total 1,467,862




Total (97,332)







percentages:

Name of Class

Investment

Management

Fee Rate

Class A 1.00%

Class B 1.50%

Class C 0.60%

Class D 2.25%

Class F 1.50%






68








Custodian.






Name of Class

Performance

Fee Rate

Class A 20.00%

Class B 20.00%

Class C 10.00%

Class D 20.00%

Class F 20.00%






a) with respect to the first Calculation Period for the relevant Class, then the aggregate

subscriptions minus the aggregate redemptions to the relevant Class through the date of

determination; and

b) with respect to each subsequent Calculation Period, the NAV of the relevant Class as of the

most recent 30 September. The NAV referred to in the previous sentence shall be increased

when additional subscriptions are made to the relevant Class, by an amount equal to such

subscriptions and shall be reduced proportionately whenever a redemption is made from the

relevant Class by being multiplied by the fraction, the numerator of which is the NAV of the


to be calculated prior to reduction for any accrued Performance Fee).




69



If a Redemption is made from the relevant Class as of a date other than 30 September, a







relevant Class.





to the Shareholder.




period were US$31,133 of which US$31,133 was payable at period end.


For the period from

2 November 2015 to

31 December 2015

Shares in

issue at the

beginning of

the period

Shares

Subscribed

Shares in

issue at the

end of the

period

Class A USD – 500.00 500.00

Class C GBP – 125,000.00 125,000.00

Class D USD – 500.00 500.00




70


The following table provides information on related party shareholdings in the Sub-Fund as at 31

December 2015:

31 December

2015

No. of Shares

Partners


Investment Manager






PORTFOLIO CHANGES


71


Top 20 purchases at cost Cost US$ Precision Castparts Ord 368,837 KCG Holdings Cl A Ord 249,098 Tessera Technologies Ord 232,880 Legg Mason Ord 232,801 Moodys Ord 229,378 CI Financial Ord 212,583 Sigma Aldrich Ord 205,777 Clorox Ord 200,091 Mckesson Ord 196,128 Camden Property Reit 195,365 Power Corporation of Canada Ord 175,431 Constellation Software Ord 169,117 Toyota Motor Adr Rep 2 Ord 168,677 Allied World Assurance Holdings Ord 164,570 Lincoln Electric Holdings Ord 152,906 George Weston Ord 150,034 Adt Ord 144,270 Sealed Air Ord 143,637 Amgen Ord 142,370 Kaman Ord 140,647 Top 20 sales at proceeds Proceeds US$ Precision Castparts Ord 368,886 Sigma Aldrich Ord 205,431 Mckesson Ord 200,728 Clorox Ord 200,272 Camden Property Reit 194,891 Power Corporation of Canada Ord 178,345 Toyota Motor Adr Rep 2 Ord 168,194 Moodys Ord 150,506 Adt Ord 143,891 George Weston Ord 143,632 Amgen Ord 141,640 Allied World Assurance Holdings Ord 136,967 Sealed Air Ord 132,410 Healthcare Real Reit 132,121 Cooper Ord 126,321 Apollo Commercial Real Est Fin Reit 125,467 Kaman Ord 122,056 Gartner Ord 119,027 Washington Federal Ord 115,309 Eastman Chemical Ord 115,187


TOTAL EXPENSE RATIO


72




Expense Ratio

Expense Ratio


Expense Ratio

(incl Management &

Performance Fee)

Period Ended

31 December

2015

Period Ended

31 December

2015

Period Ended

31 December

2015


Class A USD 0.32% 1.34% 1.67%

Class C GBP 0.32% 0.93% 1.10%

Class D USD 0.32% 2.62% 2.91%



73


74

MARSHALL WACE UCITS FUNDS PLC – MW LIQUID TRADING STRATEGIES FUND


FOR THE PERIOD FROM 2 NOVEMBER 2015 (DATE OF COMMENCEMENT OF OPERATIONS) TO

31 DECEMBER 2015





75

31 December

2015

Note US$

Assets

Cash and cash equivalents 4 10,553







Liabilities

Amounts due to custodian 5 822,995


Financial liabilities at fair value through profit or loss 2 761,058





Administration fee payable 1,063












76

Net Asset Value

31 December

2015


Class C GBP £15,079,861



31 December

2015




Number of shares

31 December

2015

Class A USD 500.00


Class D USD 500.00





77

31 December

2015

Note US$

Investment income




Net realised loss on financial assets and financial liabilities at fair value through

profit or loss and foreign exchange (1,276,318)

Net change in unrealised loss on financial assets and financial liabilities at fair

value through profit or loss and foreign exchange (329,833)

Total investment expense (1,558,175)

Expenses





Dividend expense 10,267



Directors’ fees and expenses 82

Audit fees 65

Bank fees 18

Total expenses 82,232

Decrease in net assets attributable to holders of redeemable participating

shares (1,640,407)






78

31 December

2015

US$



Decrease in net assets attributable to holders of redeemable participating shares (1,640,407)








79

31 December

2015

Note US$


Decrease in net assets attributable to holders of redeemable participating shares (1,640,407)

Adjustments to reconcile decrease in net assets attributable to holders of



Receivable for securities sold not yet settled (179,705)




Payables for securities purchased not yet received 101,066

Financial liabilities at fair value through profit or loss 761,058









Net cash and cash equivalents at the end of the period* 4, 5 9,693,920

*Net cash and cash equivalents at the end of the period as reported in the above Statement of Cash Flow includes cash and cash equivalents as presented in Note 4 and cash held with/due to custodian as presented in Note 5 of these financial statements. Amounts receivable or payable for securities sold or purchased but not yet settled are not reported as cash balances in the Statement of Cash Flow.




80


The investment objective of the MW Liquid Trading Strategies Fund (the “Sub-Fund”) is to

provide investors with consistent absolute returns. The Sub-Fund aims to generate absolute

returns irrespective of whether markets are trending up or down.

The Sub-Fund launched on 2 November 2015.


31 December

2015

US$




– Derivatives 576,745




– Derivatives (761,058)

Total financial liabilities at fair value through profit or loss (761,058)


markets.

Derivatives have been valued using market observable inputs which may include underlying

equity prices and foreign exchange rates.




81




Assets

31 December

2015

US$

Liabilities

31 December

2015

US$

Contracts for difference 438,920 (382,509)

Forward foreign exchange contracts 4,311 (693)

Futures contracts 133,514 (377,856)

Total 576,745 (761,058)


Notional

Assets

31 December

2015

US$

Notional

Liabilities

31 December

2015

US$


Futures contracts 215,797,492 (31,413,564)

Total 223,724,808 (37,328,293)



Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 GBP 40,000 USD (58,596) –

16-Mar-16 USD 259,710 KRW (300,000,000) 4,311





82


Settlement

Date

Purchase

Currency Amount

Sale

Currency Amount

Fair Value

US$

05-Jan-16 AUD 100,000 USD (72,870) (115)

05-Jan-16 USD 48,854 EUR (45,000) (30)

02-Feb-16 GBP 15,130,000 USD (22,302,074) (216)

16-Mar-16 USD 90,717 TWD (3,000,000) (332)

Net unrealised loss on forward foreign exchange contracts (693)


31 December

2015

US$


10,553


31 December

2015

US$



Receivable from securities sold but not yet settled 179,705

Total 10,585,001


Cash due to custodian* (721,929)

Payables for securities purchased but not yet settled (101,066)

Total (822,995)







83


31 December

2015

US$


Collateral accounts 96,900

Trading accounts 556,249


Total 3,305,687




Total (301,805)







percentages:

Name of Class

Investment

Management

Fee Rate

Class A 1.00%

Class B 1.50%

Class C 0.60%

Class D 2.25%

Class F 1.50%






84








Custodian.






Name of Class

Performance

Fee Rate

Class A 25.00%

Class B 25.00%

Class C 10.00%

Class D 25.00%

Class F 25.00%



















85












relevant Class.





to the Shareholder.




period were US$Nil of which US$Nil was payable at period end.


For the period from

2 November 2015 to

31 December 2015

Shares in

issue at the

beginning of

the period

Shares

Subscribed

Shares in

issue at the

end of the

period

Class A USD – 500.00 500.00

Class C GBP – 155,345.36 155,345.36

Class D USD – 500.00 500.00




86


The following table provides information on related party shareholdings in the Sub-Fund as at 31

December 2015:

31 December

2015

No. of Shares

Partners


Investment Manager






PORTFOLIO CHANGES


87


Top 20 purchases at cost Cost US$ Johnson & Johnson Ord 237,278 Pfizer Ord 228,663 Gilead Sciences Ord 215,530 Nike Cl B Ord 209,867 Precision Castparts Ord 198,059 Apple Ord 195,075 Coca-Cola Ord 194,171 Microsoft Ord 191,734 Qualcomm Ord 179,235 Comcast Cl A Ord 174,705 Bristol Myers Squibb Ord 173,271 Honeywell International Ord 167,569 Medtronic Ord 166,141 Amgen Ord 164,034 United Technologies Ord 161,987 Alphabet Cl A Ord 159,560 General Dynamics Ord 158,363 CBS Cl B Ord 152,684 Assured Guaranty Ord 152,484 Lyondellbasell Industries Cl A Ord 152,100 Top 20 sales at proceeds Proceeds US$ Johnson & Johnson Ord 197,088 Mckesson Ord 138,853 Apple Ord 102,231 Allergan Ord 87,099 Caterpillar Ord 79,923 Precision Castparts Ord 79,060 Digital Realty Reit Ord 65,907 JM Smucker Ord 62,973 Biogen Ord 40,751 Olin Ord 38,819 Ashland Ord 36,444 Western Digital Ord 35,256 Molson Coors Brewing Nonvtg Cl B Ord 35,172 Gilead Sciences Ord 30,814 Western Union Ord 30,334 Merck & Co Ord 25,239 Adecco N Ord 24,814 Symantec Ord 24,170 Allstate Ord 23,999 Assured Guaranty Ord 23,002


TOTAL EXPENSE RATIO


88




Expense Ratio

Expense Ratio


Expense Ratio

(incl Management &

Performance Fee)

Period Ended

31 December

2015

Period Ended

31 December

2015

Period Ended

31 December

2015

MW Liquid Trading Strategies

Fund

Class A USD 0.36% 1.37% 1.37%

Class C GBP 0.36% 0.97% 0.97%

Class D USD 0.36% 2.64% 2.64%



89


90


SCHEDULE OF INVESTMENTS

AS AT 31 DECEMBER 2015


CONDENSED SCHEDULE OF INVESTMENTS


91

MW TOPS UCITS Fund

Financial assets by sector at fair value through profit or loss

Asset Type Fair Value US$

% of Net Assets

Common Stock

Consumer Discretionary 174,244,946 6.90%

Consumer Staples 105,798,439 4.19%

Energy 108,625,592 4.30%

Financials 342,000,234 13.54%

Health Care 214,720,193 8.50%

Industrials 232,038,711 9.18%

Information Technology 153,084,141 6.06%

Materials 103,574,202 4.10%

Telecommunication Services 71,514,592 2.83%

Utilities 94,690,732 3.75%

Total Common Stock 1,600,291,782 63.35%

Contracts for Difference



Energy 10,886,363 0.43%

Financials 11,583,213 0.46%

Funds 357,064 0.01%

Health Care 2,958,317 0.12%

Industrials 10,999,658 0.44%


Materials 20,605,703 0.82%


Utilities 3,409,054 0.13%

Total Contracts for Difference 105,418,094 4.17%

Forward Contracts

EUR–GBP 3,891 0.00%

USD–CHF – 0.00%

USD–CNH 449,037 0.02%

USD–GBP 2,231 0.00%

USD–SAR 19,513 0.00%

USD–EUR – 0.00%

Total Forward Contracts 474,672 0.02%

Futures Contracts

Financials 468,032 0.02%

Total Futures Contracts 468,032 0.02%


CONDENSED SCHEDULE OF INVESTMENTS (Continued)


92

MW TOPS UCITS Fund (Continued)

Financial assets by sector at fair value through profit or loss (Continued)


% of Net Assets

Equity Option

Materials 44 0.00%

Total Equity Option 44 0.00%

OTC FX Option


Total OTC FX Option 376,503 0.01%

Collective Investment Schemes

Hedge Fund 32,507,802 1.29%

Total Collective Investment Schemes 32,507,802 1.29%

Total financial assets at fair value through profit or loss 1,739,536,929 68.86%




93


Financial liabilities by sector at fair value through profit or loss


% of Net Assets


Consumer Discretionary (8,643,735) (0.34)%

Consumer Staples (2,826,071) (0.11)%

Energy (4,745,087) (0.19)%

Financials (11,508,048) (0.46)%

Funds (155,143) (0.01)%

Health Care (9,909,311) (0.39)%

Industrials (11,082,194) (0.44)%

Information Technology (4,582,749) (0.18)%

Materials (5,601,702) (0.22)%

Telecommunication Services (2,629,210) (0.10)%

Utilities (3,103,845) (0.12)%

Total Contracts for Difference (64,787,095) (2.56)%

Forward Contracts

CHF–USD (864) (0.00)%

EUR–USD (22,479) (0.00)%

GBP–USD (4,728) (0.00)%

USD–INR (104,101) (0.01)%

USD–KRW (56,639) (0.00)%

TRY–USD (3,792) (0.00)%

Total Forward Contracts (192,603) (0.01)%

Futures Contracts

Financials (1,171,200) (0.05)%

Total Futures Contracts (1,171,200) (0.05)%

Total financial liabilities at fair value through profit or loss (66,150,898) (2.62)%


DETAILED SCHEDULE OF INVESTMENTS


94




% of Net Assets

Collective Investment Scheme

Hedge Fund

MW – Liquid Alpha UCIT Fund C2 USD 32,507,802 1.29%

Total Collective Investment Scheme 32,507,802 1.29%

Common Stock

Consumer Discretionary

2U Ord 156,408 0.01%

Advance Auto Parts Ord 90,306 0.00%

Altice Cl B Ord 667,208 0.03%

Amaya Ord 2,114,136 0.08%

Amazon Com Ord 4,066,830 0.16%

Amc Networks Cl A Ord 231,583 0.01%

Arcelik A Ord 332,411 0.01%

Autogrill Ord 12,150,863 0.48%

Autoliv Sdr 8,077,219 0.32%

Best Buy Ord 698,279 0.03%

Betsson B Ord 258,595 0.01%

Bmw Prf 100,404 0.00%

Bona Film Group Adr Rep 1/2 Ord 226,577 0.01%

Brunswick Ord 1,860,182 0.07%

Cablevision Systems Cl A Ord 6,298,496 0.25%

Cairn Homes Ord 271,226 0.01%

Cairo Communication Ord 106,183 0.00%

Calatlantic Group Ord 225,245 0.01%

Carnival Ord 295,445 0.01%

CBS Cl B Ord 422,803 0.02%

Coach Ord 861,486 0.03%

Comcast Cl A Ord 1,473,726 0.06%

Cooper Tire And Rubber Ord 187,698 0.01%

Cst Brands Ord 155,229 0.01%

Daimler N Ord 9,945,564 0.39%

Diamond Resorts International Ord 441,884 0.02%

Dish Network Cl A Ord 585,237 0.02%

Dogus Otomotiv Servis A Ord 496,190 0.02%

Dollar General Ord 331,536 0.01%

Dollar Tree Ord 964,401 0.04%

Dollarama Ord 383,961 0.02%

Dometic Group Ord 573,207 0.02%

Dominos Pizza Ord 658,044 0.03%

Dreamworks Animation Skg Cl A Ord 190,621 0.01%

Duluth Holdings Cl B Ord 67,756 0.00%

E Commerce China Dangdang Inc 232,259 0.01%


DETAILED SCHEDULE OF INVESTMENTS (Continued)


95




% of Net Assets

Common Stock (Continued)

Consumer Discretionary (Continued)

Edag Engineering Group Ord 452,759 0.02%

Evolution Gaming Group Ord 319,348 0.01%

Fiat Chrysler Automobiles Ord 7,280,065 0.29%

Fiesta Restaurant Group Ord 400,882 0.02%

Foot Locker Ord 126,730 0.01%

Ford Otomotiv A Ord 1,870,506 0.07%

Freni Brembo Ord 158,858 0.01%

FTD Ord 3,742 0.00%

G Iii Apparel Group Ord 604,857 0.02%

Gannett Ord 288,333 0.01%

Gildan Activewear A Ord 28,022 0.00%

Hanesbrands Ord 303,718 0.01%

Harman International Ord 253,142 0.01%

Hasbro Inc 289,850 0.01%

Hella Kgaa Hueck Ord 1,891,559 0.07%

Hilton Worldwide Holdings Inc. Ord 1,373,752 0.05%

Homeinns Hotel Group Adr Rep 2 Ord 314,853 0.01%

Hugo Boss N Ord 7,327,940 0.29%

Husqvarna B Ord 2,448,693 0.10%

Imax Ord 294,449 0.01%

Jarden Ord 991,660 0.04%

JM Ord 2,124,687 0.08%

Kabel Deutschland Holding Ord 27,900 0.00%

Kate Spade Ord 715,562 0.03%

KB Home Ord 217,945 0.01%

Kuoni Reisen Holding Ord 2,181,552 0.09%

Lennar Cl A Ord 1,054,793 0.04%

Leoni N Ord 218,142 0.01%

Liberty Broadband Srs C Ord 176,428 0.01%

Liberty Global Cl A Ord 3,068,389 0.12%

Liberty Global Lilac Cl C Ord 140,309 0.01%

Liberty Media Srs C Ord 337,579 0.01%

Lithia Motors Cl A Ord 412,173 0.02%

Lowe’s Companies Ord 196,487 0.01%

McDonald’s Ord 2,200,239 0.09%

Media General Ord 79,297 0.00%

Mediaset Ord 1,340,581 0.05%

Michael Kors Holdings Ord 275,573 0.01%

Modern Times Group Mtg B Ord 3,545,222 0.14%

Newell Rubber Ord 794,278 0.03%

NH Hotel Gr Ord 965,907 0.04%

Nike Cl B Ord 946,250 0.04%

Nordstrom Ord 986,288 0.04%




96




% of Net Assets



Norwegian Cruise Line Holdings Ord 155,759 0.01%

Office Depot Ord 4,622,567 0.18%

Pandora Ord 9,967,618 0.39%

Panera Bread Cl A Ord 27,464 0.00%

Papa Johns International Ord 90,230 0.00%

Penn National Gaming Ord 187,786 0.01%

Penske Automotive Group Vtg Ord 563,334 0.02%

Pep Boys Manny Moe And Jack Ord 97,021 0.00%

Porsche Automobil Holding Prf 2,267,887 0.09%

Pultegroup Ord 693,447 0.03%

Puma Ord 178,893 0.01%

Rai Way Ord 234,061 0.01%

Regal Entertainment Cl A Ord 777,972 0.03%

Restaurant Brands International Ord 605,979 0.02%

Restoration Hardware Holdings Ord 680,887 0.03%

Rizzoli Corriere Della Sera Ord 1,310,501 0.05%

Ross Stores Ord 141,251 0.01%

Royal Caribbean Cruises Ord 34,929 0.00%

Sally Beauty Holdings Ord 219,968 0.01%

Scandic Hotels Group Ord 1,584,984 0.06%

Schaeffler Prf 821,030 0.03%

Service Ord 978,638 0.04%

Signet Jewelers Ord 915,553 0.04%

Sirius Xm Holdings Ord 123,435 0.00%

Six Flags Entertainment Ord 1,047,541 0.04%

Starbucks Ord 662,551 0.03%

Starwood Hotels & Resorts Wldwde Ord 708,319 0.03%

Stroeer Ord 8,476,032 0.34%

Tal Education Grp Adr Rep 2 Cl A Ord 121,751 0.00%

Taylor Morrison Home Cl A Ord 228,208 0.01%

Time Warner Cable Ord 5,868,727 0.23%

TJX Ord 87,928 0.00%

Tod’s Ord 222,668 0.01%

Tripadvisor Ord 213,978 0.01%

Tui N Ord 4,541,684 0.18%

Under Armour Cl A Ord 30,148 0.00%

Viacom Cl B Ord 1,732,713 0.07%

Visteon Ord 1,410,640 0.06%

Volkswagen Nv Prf 6,085,000 0.24%

Wayfair Cl A Ord 362,341 0.01%

Whirlpool Ord 167,872 0.01%

Yoox Net-A-Porter Ord 6,468,507 0.26%

Yum Brands Ord 382,711 0.02%




97




% of Net Assets



Zalando Ord 2,742,428 0.11%

Zooplus Ord 173,508 0.01%

Total Consumer Discretionary 174,244,946 6.90%

Consumer Staples

AB Inbev Ord 11,876,744 0.47%

AGT Food And Ingredients Ord 39,151 0.00%

Alimentation Couche-Tard Inc 409,896 0.02%

Archer Daniels Midland Ord 533,034 0.02%

Aryzta Ord 4,519,996 0.18%

Beiersdorf Ord 99,468 0.00%

Bim Birlesik Magazalar A Ord 927,796 0.04%

Coca-Cola Enterprises Ord 975,444 0.04%

Coca-Cola Icecek A Ord 1,160,332 0.05%

Constellation Brands Cl A Ord 1,314,436 0.05%

Cott Ord 648,498 0.03%

CVS Health Ord 2,061,480 0.08%

Darling Ingredients Ord 1,220,110 0.05%

Delhaize Ord 14,128,214 0.56%

Dr Pepper Snapple Group Ord ( 1,690,834 0.07%

Ebro Foods Ord 1,916,188 0.08%

Edgewell Personal Care Ord 2,419,204 0.10%

Elizabeth Arden Ord 104,227 0.00%

Emmi N Ord 524,917 0.02%

Energizer Holdings Ord 442,780 0.02%

Fomento Econ Adr Representing 10 Ord 154,317 0.01%

Heineken Ord 494,668 0.02%

Ica Gruppen Ord 5,572,259 0.22%

Jeronimo Martins Ord 3,100,594 0.12%

Kellogg Ord 832,406 0.03%

Keurig Green Mountain Ord 1,562,503 0.06%

Koninklijke Ahold Ord 1,508,803 0.06%

Kroger Ord 738,550 0.03%

Loblaw Companies Ord 710,316 0.03%

Marine Harvest Ord 6,306,701 0.25%

Marr Ord 259,684 0.01%

Molson Coors Brewing Nonvtg Cl B Ord 1,136,244 0.04%

Pilgrims Pride Ord 579,863 0.02%

Refresco Gerber Ord Wi 672,110 0.03%

Rite Aid Ord 438,695 0.02%

Royal Unibrew Ord 960,441 0.04%

Scandi Standard Ord 147,816 0.01%




98




% of Net Assets


Consumer Staples (Continued)

Sonae Ord 2,826,039 0.11%

Sprouts Farmers Market Ord 30,605 0.00%

Svenska Cellulosa B Ord 3,598,907 0.14%

Swedish Match Ord 17,844,178 0.70%

Tat Gida Sanayi As Ord 52,668 0.00%

Treehouse Foods Ord 274,845 0.01%

Ulker Biskuvi A Ord 2,321,969 0.09%

Unilever Drc 4,732,407 0.18%

Whitewave Foods Ord 1,928,102 0.08%

Total Consumer Staples 105,798,439 4.19%

Energy

Anadarko Petroleum Ord 401,611 0.02%

Antero Resources Ord 5,005,258 0.20%

Baker Hughes Ord 5,652,083 0.22%

Bankers Petroleum Ord 63,149 0.00%

Cabot Oil & Gas Ord 380,618 0.02%

California Resources Ord 64,564 0.00%

Cameron International Ord 464,394 0.02%

CDN Natural Resource Ord 34,808 0.00%

Cimarex Energy Ord 821,492 0.03%

Concho Resources Ord 3,381,218 0.13%

Conocophillips Ord 2,303,731 0.09%

Continental Resources Ord 640,889 0.03%

Crescent Point Energy Ord 182,193 0.01%

Devon Energy Ord 748,416 0.03%

DHT Holdings Inc 2,543,358 0.10%

Diamondback Energy Ord 163,504 0.01%

ENI Ord 16,997,732 0.67%

EOG Resources Ord 528,518 0.02%

Erg Ord 1,420,261 0.06%

Euronav Nv 3,410,692 0.14%

Exterran Ord 194,028 0.01%

Frontline Ord 1,947,339 0.08%

Frontline Ord 2,037,232 0.08%

Gaslog Ord 2,899,796 0.11%

Gulfport Energy Ord 4,636,040 0.18%

Husky Energy Ord 1,432 0.00%

Meg Energy Ord 54,271 0.00%

Newalta Ord 23,868 0.00%

Newfield Exploration Ord 681,383 0.03%

Oasis Petroleum Ord 398,754 0.02%




99




% of Net Assets


Energy (Continued)

Occidental Petroleum Ord 1,057,015 0.04%

Painted Pony Petroleum Ord 62,129 0.00%

Parsley Energy Cl A Ord 953,551 0.04%

PDC Energy Ord 338,216 0.01%

Petroleum Geo Services Ord 573,824 0.02%

Peyto Exploration & Development Ord 37,598 0.00%

Pioneer Natural Resource Ord 572,485 0.02%

Range Resources Ord 56,652 0.00%

Repsol Ord 1,072,765 0.04%

Royal Dutch Shell Cl A Ord 14,470,221 0.57%

Rsp Permian Ord 121,852 0.00%

Saras Ord 2,206,938 0.09%

Scorpio Tankers Ord 7,065,580 0.29%

Ship Finance Int Ord 29,809 0.00%

Statoil Ord 15,164,048 0.60%

Transocean Ord 1,222,748 0.05%

Turkiye Petrol Rafinerileri A Ord 2,571,255 0.10%

Vopak Nv Ord 2,059,913 0.08%

Williams Ord 906,361 0.04%

Total Energy 108,625,592 4.30%

Financials

Aareal Bank Ord 4,829,380 0.19%

ABN Amro Group Gdr Wi 8,355,246 0.33%

Aegon Ord 9,072,944 0.36%

Ageas Ord 3,156,639 0.12%

Allianz Ord 394,770 0.02%

American Capital Ord 510,409 0.02%

American International Group Ord 489,563 0.02%

American Tower Reit 1,076,533 0.04%

Anima Holding Ord 2,872,623 0.11%

Assicurazioni Generali Ord 1,302,476 0.05%

Assured Guaranty Ord 280,264 0.01%

Baloise N Ord 942,532 0.04%

Banca Ifis Ord 259,814 0.01%

Banca Mediolanum Ord 4,259,767 0.17%

Banca Monte Dei Paschi Di Siena Ord 1,387,755 0.05%

Banca Piccolo Credito Valtellin. Ord 896,783 0.04%

Banca Popolare Di Milano Ord 17,195,519 0.68%

Banca Popolare Di Sondrio Ord 258,301 0.01%

Banco Bilbao Vizcaya Argentaria Ord 18,833,294 0.75%

Banco De Sabadell Ord 6,148,258 0.24%




100




% of Net Assets


Financials (Continued)

Banco Popolare Sc 14,462,828 0.57%

Befimmo Sicafi Reit 255,476 0.01%

Bolsas Y Mercados Espanoles Ord 92,112 0.00%

Camden Property Reit 315,484 0.01%

Capital One Financial Ord 517,964 0.02%

Castellum Ord 2,076,307 0.08%

Cembra Money Bank N Ord 3,492,333 0.14%

Cerved Information Solutions Ord 644,051 0.03%

Chimera Investment Reit 54,096 0.00%

Chubb Ord 701,135 0.03%

Citigroup Ord 1,289,662 0.05%

Citizens Financial Group Ord 964,971 0.04%

CME Group Cl A Ord 487,972 0.02%

Commerzbank Ord 19,577,952 0.77%

Communications Sales And Leasing Ord 470,988 0.02%

Conwert Immobilien Invest Ord 163,086 0.01%

Danske Bank Ord 7,520,687 0.30%

Delta Lloyd Ord 17,840,384 0.71%

Deutsche Boerse N Ord 13,819,986 0.55%

Deutsche Euroshop N Ord 489,314 0.02%

Discover Financial Services Ord 2,557,406 0.10%

E Trade Financial Ord 570,214 0.02%

Element Financial Ord 132,244 0.01%

Emlak Konut Gayrimenkul A Ord 4,598,646 0.18%

Equity One Reit 5,104 0.00%

Essent Group Ord 573,518 0.02%

Eurostoxx Banks Optimised Source Etf 4,947,426 0.20%

Exor Ord 7,598,097 0.30%

Fastighets Balder B Ord 1,953,719 0.08%

GDL Ord 234,720 0.01%

Haci Omer Sabanci Holding A Ord 1,190,135 0.05%

Hancock Holding Ord 216,563 0.01%

Hannover Ruckversicherung N Ord 488,336 0.02%

HDFC Bank Adr Rep 3 Ord 259,090 0.01%

Helvetia Holding Ord 1,165,926 0.05%

Iberiabank Ord 126,771 0.01%

Immobiliare Grande Distribuzion Reit 418,835 0.02%

Ing Groep Gdr 19,878,864 0.79%

Inmobiliaria Colonial Ord 1,025,524 0.04%

Intesa Sanpaolo Ord 11,783,990 0.47%

Intesa Sanpaolo Svgs 5,519,511 0.22%

Investment Kinnevik B Ord 1,012,124 0.04%

Iron Mountain Ord 696,723 0.03%




101




% of Net Assets



Jones Lang Lasalle Ord 125,970 0.00%

Julius Baer N Ord 5,043,675 0.20%

KBC Groep Ord 3,249,684 0.13%

Komercni Banka Ord 471,015 0.02%

Liberbank Ord 1,050,124 0.04%

Mgic Investment Ord 481,871 0.02%

Monogram Residential Reit 636,811 0.03%

Morgan Stanley Ord 763,981 0.03%

Muenchener Rueckver N Ord 10,164,167 0.40%

Navient Ord 208,401 0.01%

New York Community Bancorp Ord 262,687 0.01%

New York Reit 27,807 0.00%

NN Group Nv Ord 1,382,080 0.05%

Nordea Bank Ord 8,561,199 0.34%

Opus Bank Ord 763,467 0.03%

Partnerre Ord 447,587 0.02%

Partners Group Holding Ord 4,609,637 0.18%

PHH Ord 547,560 0.02%

Picc P&C Ord H 43,772 0.00%

Popular Ord 423,003 0.02%

Poste Italiano Spa 4,512,626 0.18%

Qts Realty Cl A Reit 46,102 0.00%

Rayonier Reit 661,493 0.03%

Regions Financial Ord 493,891 0.02%

Santander Consumer Usa Holdings Ord 260,352 0.01%

SEI Investments Ord 944,038 0.04%

Sino Land Ord 14,658 0.00%

Skandiabanken Asa 329,000 0.01%

Sl Green Rlty Reit 1,074,101 0.04%

Spirit Realty Capital Reit 186,663 0.01%

Src Sx Opt Food Etf 83,145 0.00%

Src Sx Opt Tele Etf 2,995,022 0.12%

Storebrand Ord 3,911,027 0.15%

SVB Financial Group Ord 247,907 0.01%

Swiss Re Ag Ord 363,086 0.01%

Synchrony Financial Ord 3,075,819 0.12%

Talanx Ord 1,111,466 0.04%

Tanger Factory Reit 23,871 0.00%

Topdanmark Ord 1,613,210 0.06%

Tricon Capital Group Ord 225,766 0.01%

Tryg Ord 6,801,138 0.27%

Turkiye Garanti Bankasi A Ord 9,563,034 0.38%

Turkiye Halk Bankasi A Ord 15,314,369 0.61%




102




% of Net Assets



Unipol Gruppo Finanziario Ord 586,839 0.02%

Unipolsai Ord 7,405,304 0.29%

United Community Banks Ord 125,262 0.00%

Validus Holdings Ord 644,820 0.03%

Vienna Insurance Group Ord 47,253 0.00%

Wells Fargo Ord 112,743 0.00%

Wereldhave Reit 3,522,238 0.14%

Weyerhaeuser Reit 231,086 0.01%

WR Berkley Ord 713,666 0.03%

Zions Bancorporation Ord 781,597 0.03%

Total Financials 342,000,234 13.54%

Health Care

Abbvie Ord 610,409 0.02%

Acelrx Pharmaceuticals Ord 28,490 0.00%

Actelion Ord 27,397,860 1.08%

Adamas Pharmaceuticals Ord 128,601 0.01%

Adaptimmune Therapeuti Adr Rep 6 Ord 342,588 0.01%

Allergan Ord 1,748,438 0.07%

Amgen Ord 182,784 0.01%

Amplifon Ord 2,510,781 0.10%

Aquinox Pharmaceuticals Ord 111,621 0.00%

Athenahealth Ord 1,054,032 0.04%

Attendo Ord 462,909 0.02%

Bavarian Nordic Ord 1,871,544 0.07%

Baxalta Ord 241,049 0.01%

Bayer N Ord 31,768,026 1.26%

Bb Biotech Ord 504,212 0.02%

Biomarin Pharmaceutical Ord 357,127 0.01%

Bristol Myers Squibb Ord 5,277,362 0.21%

Catalent Ord 396,475 0.02%

Celesio Ag 1,467,118 0.06%

Cigna Ord 6,667,380 0.26%

Compugroup Medical A Ord 260,433 0.01%

Concordia Healthcare Ord 146,529 0.01%

Diasorin Ord 119,210 0.00%

Diplomat Pharmacy Ord 1,040,083 0.04%

Edwards Lifesciences Ord 858,986 0.03%

Eli Lilly Ord 1,387,425 0.05%

Examworks Group Ord 275,656 0.01%

Genomic Health Ord 975,357 0.04%

Gerresheimer Ord 3,408,525 0.13%




103




% of Net Assets


Health Care (Continued)

Getinge B Ord 400,551 0.02%

Gilead Sciences Ord 1,603,760 0.06%

Gn Store Nord Ord 2,865,842 0.11%

Grifols Ord Cl A 1,920,989 0.08%

Grifols Ord Cl B 1,003,854 0.04%

H.Lundbeck Ord 1,661,520 0.07%

Health Net Ord 758,674 0.03%

Healthsouth Ord 622,090 0.02%

Humana Ord 6,479,020 0.26%

ICU Medical Ord 764,197 0.03%

Idera Pharmaceuticals Ord 200,658 0.01%

INC Research Holdings Cl A Ord 709,216 0.03%

Incyte Ord 163,434 0.01%

Insmed Inc 57,481 0.00%

Intra Cellular Therapies Ord 148,460 0.01%

Lonza Group Ord 8,118,176 0.32%

Mckesson Ord 203,739 0.01%

Meda A Ord 6,695,764 0.27%

Medicines Ord 1,011,653 0.04%

Merck & Co Ord 1,041,769 0.04%

Merck Ord 27,021,347 1.07%

Mindray Medical Intl Adr Cl A Ord 455,426 0.02%

Mylan Ord 1,188,134 0.05%

Nektar Therapeutics Ord 210,339 0.01%

Novartis N Ord 16,682,076 0.66%

Pfizer Ord 693,439 0.03%

Pozen Ord 45,078 0.00%

Ptc Therapeutics Ord 272,549 0.01%

Qiagen Ord 116,130 0.00%

Recordati Industria Chim. Farma. Ord 1,908,241 0.08%

Rhoen Klinikum Ord 2,329,399 0.09%

Roche Holding Ord 2,014,110 0.08%

Roche Holding Par 14,551,176 0.58%

Sage Therapeutics Ord 380,816 0.02%

Santhera Pharma Ord 717,958 0.03%

Select Medical Holdings Ord 442,683 0.02%

St Jude Medical Ord 469,267 0.02%

Steris Ord 1,768,079 0.07%

Straumann Holding Ord 9,700,889 0.36%

Teva Pharma Ind Adr Rep 1 Ord 391,871 0.02%

Unitedhealth Grp Ord 748,190 0.03%

Valeant Pharmaceuticals Intl Ord 1,426,556 0.06%

Vertex Pharmaceuticals Ord 1,219,041 0.05%




104




% of Net Assets



Zimmer Biomet Holdings Ord 177,070 0.01%

Zoetis Cl A Ord 1,758,472 0.07%

Total Health Care 214,720,193 8.50%

Industrials

ACS Actividades De Construccion Ord 655,217 0.03%

Adecco N Ord 19,510,883 0.77%

Aecon Group Ord 144,882 0.01%

Agco Ord 578,359 0.02%

Alfa Laval Ord 371,569 0.01%

Allegion Ord 659,398 0.03%

Amadeus Fire Ord 454,230 0.02%

Andritz Ord 831,551 0.03%

Ansaldo Sts Ord 4,346,267 0.17%

Applus Services Ord 2,259,225 0.09%

Arcadis Ord 222,787 0.01%

Argan Ord 78,246 0.00%

Assa Abloy B Ord 3,153,860 0.12%

Astm Ord 388,473 0.02%

Atlantia Ord 5,708,938 0.23%

Atlas Copco A Ord 3,961,123 0.16%

Atlas Copco B Ord 867,622 0.03%

Bam Groep Koninklijke Ord 4,721,592 0.19%

Bertrandt Ord 1,031,946 0.04%

Boeing Ord 101,068 0.00%

Bpost Ord 2,373,879 0.09%

Bravida Holding Ord 1,680,589 0.07%

CH Robinson Worldwide Ord 1,896,013 0.08%

CNH Industrial Ord 1,372,835 0.05%

CSX Ord 335,482 0.01%

CTT Correios De Portugal Ord 1,753,630 0.07%

Cubic Ord 1,244,565 0.05%

Danaher Ord 292,015 0.01%

Delta Air Lines Ord 1,919,934 0.08%

Deutsche Post N Ord 7,606,030 0.30%

Dksh Holding Ord 1,677,731 0.07%

Dorma+Kaba Hold Ord 658,236 0.03%

DSV Ord 3,746,207 0.15%

Dycom Industries Ord 432,073 0.02%

Eaton Ord 2,203,217 0.09%

Enka Insaat A Ord 112,826 0.00%

Expeditors International Of Wasn Ord 460,020 0.02%




105




% of Net Assets


Industrials (Continued)

Ferrovial Ord 12,896,441 0.51%

Finmeccanica Ord 8,846,423 0.35%

Fomento De Construcciones Contr.Ord 6,617,795 0.26%

Fortune Brands Home And Security Ord 85,970 0.00%

Gategroup N Ord 1,049,236 0.04%

Gea Group Ord 1,520,123 0.06%

Genesee & Wyoming Cl A Ord 353,710 0.01%

Georg Fischer N Ord 518,238 0.02%

Hapag Lloyd Ord 342,362 0.01%

HD Supply Holdings Ord 3,794,801 0.15%

Illinois Tool Ord 1,510,313 0.06%

IMCD Group Ord 4,809,219 0.19%

Insperity Ord 116,956 0.00%

Intl Consolidated Airlines Group Ord 10,596,821 0.42%

Intrum Justitia Ord 1,479,184 0.06%

Inwido Ord 308,987 0.01%

Joy Global Ord 482,257 0.02%

Loomis B Ord 469,289 0.02%

Macquarie Infrastructure Ord 310,801 0.01%

Maire Tecnimont Ord 117,839 0.00%

Man Ord 108,051 0.00%

Masonite International Ord 245,655 0.01%

Middleby Ord 466,430 0.02%

Moleskine Ord 417,457 0.02%

Mota-Engil Sgps Ord 925,387 0.04%

Mtu Aero Engines Holding N Ord 1,846,032 0.07%

Mueller Water Products Ser A Ord 79,430 0.00%

New Flyer Industries Ord 170,601 0.01%

Nordex Ord 6,014,640 0.24%

Norfolk Southern Ord 1,046,378 0.04%

Norma Group Ord 118,463 0.00%

Northrop Grumman Ord 842,659 0.03%

Norwegian Air Shuttle Ord 3,209,005 0.13%

Obrascon Huarte Lain Ord 2,839,810 0.11%

Osterreichische Post Ord 426,003 0.02%

Panalpina Welttransport Holding Ord 512,263 0.02%

PGT Ord 234,008 0.01%

Precision Castparts Ord 2,016,863 0.08%

Progressive Waste Solutions Ord 212,021 0.01%

Raytheon Ord 1,042,565 0.04%

Republic Services Ord 562,896 0.02%

Royal Mail Ord 162,438 0.01%

Ryanair Holdings Adr Rep 5 Ord 4,802,161 0.19%




106




% of Net Assets



SAS Ord 311,508 0.01%

Schindler Holding Ord 2,056,701 0.08%

Schindler P Par 89,622 0.00%

Sias Ord 1,146,376 0.05%

Simpson Manuf Ord 213,335 0.01%

Skf B Ord 9,206,523 0.36%

Skywest Ord 1,024,664 0.04%

Spirit Airlines Ord 294,850 0.01%

Sulzer N Ord 436,310 0.02%

Talgo Ord 456,253 0.02%

Tav Havalimanlari Holding A Ord 591,327 0.02%

Tnt Express Ord 3,980,909 0.17%

Towers Watson Cl A Ord 4,047,903 0.17%

Transdigm Group Ord 1,360,877 0.05%

Trelleborg B Ord 5,173,218 0.20%

United Continental Holdings Ord 488,196 0.02%

Usg People Ord 2,661,236 0.11%

Uti Worldwide Ord (Ms) 459,495 0.02%

Vestas Wind Systems Ord 14,607,101 0.58%

Volvo B Ord 18,272,282 0.72%

Wienerberger Ord 624,522 0.02%

Wsp Global Ord 159,960 0.01%

Ww Grainger Ord 35,044 0.00%

Total Industrials 232,038,711 9.18%

Information Technology

21vianet Group Adr Rep Six Ord 300,949 0.01%

58.Com Adr Rep 2 Cl A Ord 380,655 0.02%

Accenture Cl A Ord 1,067,572 0.04%

Activision Blizzard Ord 1,808,222 0.07%

Adobe System Ord 269,138 0.01%

Adva Optical Networking Ord 762,383 0.03%

Alliance Data Systems Ord 558,948 0.02%

Alphabet Cl A Ord 7,734,975 0.31%

Amadeus It Holding Ord 17,811,256 0.71%

Anoto Group Ord 44,185 0.00%

Apple Ord 1,203,859 0.05%

Applied Material Ord 816,364 0.03%

Arista Networks Ord 443,065 0.02%

ASML Holding Ord 9,338,478 0.37%

Atmel Ord 866,795 0.03%




107




% of Net Assets


Information Technology (Continued)

Austriamicrosystems Ord 3,504,282 0.14%

Baidu Adr Rep 1/10 Cl A Ord 428,554 0.02%

Benefitfocus Ord 70,888 0.00%

Blackbaud Stk 237,425 0.01%

Blackberry Ord 489,279 0.02%

Broadcom Cl A Ord 1,342,870 0.05%

Ciena Ord 387,751 0.02%

Citrix Systems Ord 195,480 0.01%

Commscope Holding Ord 200,389 0.01%

Computer Sciences Ord 613,469 0.02%

Constant Contact Ord 974,569 0.04%

Cyberark Software Ltd 403,055 0.02%

DH Ord 442,193 0.02%

Dialog Semicon Ord 7,959,851 0.32%

Electronic Arts Ord 929,713 0.04%

EMC Ord 566,295 0.02%

Envestnet Ord 192,562 0.01%

Ericsson B Ord 19,676,979 0.78%

Facebook Cl A Ord 3,101,599 0.12%

Fleetcor Technologies Ord 1,723,736 0.07%

Genpact Ord 413,544 0.02%

Gigamon Ord 288,391 0.01%

Godaddy Cl A Ord 472,404 0.02%

Harris Ord 2,083,341 0.08%

Iac/Interactive Ord 875,469 0.03%

Infinera Ord 269,354 0.01%

Infoblox Ord 248,228 0.01%

Interxion Holding Ord 1,466,104 0.06%

Lam Research Ord 245,408 0.01%

Linkedin Cl A Ord 954,789 0.04%

Logitech N Ord 3,362,708 0.13%

Lumentum Holdings Ord 611,826 0.02%

Marketo Ord 161,580 0.01%

Marvell Technology Group Ord 239,666 0.01%

Maximus Ord 274,613 0.01%

Maxlinear Cl A Ord 237,433 0.01%

Mercury Systems Ord 291,649 0.01%

Methode Electronics Ord 529,938 0.02%

Micron Technology Ord 1,290,273 0.05%

Microsoft Ord 333,657 0.01%

Mobileiron Ord 135,422 0.01%

Mobileye Ord 1,318,840 0.05%

Netent Ord 3,508,237 0.14%




108




% of Net Assets



Nokia Adr Repsg 1 Ser A Ord 434,047 0.02%

Nokia Ord 1,215,956 0.05%

NXP Semiconductors Ord 1,803,540 0.07%

Omnivision Technologies Ord 2,762,820 0.11%

Open Text Ord 1,859,870 0.07%

Pandora Media Ord 1,137,436 0.05%

Paylocity Holding Ord 230,324 0.01%

Paypal Holdings Ord 1,580,963 0.06%

Pmc Sierra Ord 626,190 0.02%

Qihoo 360 Techn 2 Adr Rep 3 Cl A Ord 1,311,162 0.05%

Qlik Technologies Ord 370,929 0.01%

Qualcomm Ord 343,547 0.01%

Qualys Ord 449,131 0.02%

Red Hat Ord 530,067 0.02%

Renren Adr Rep 3 Cl A Ord 139,122 0.01%

Rovi Ord 25,990 0.00%

Sabre Ord 632,262 0.03%

Salesforce.Com Ord 2,096,416 0.08%

Sandisk Ord 171,281 0.01%

Sandvine Ord 5,357 0.00%

Sina Ord 232,032 0.01%

SMA Solar Technology Ord 3,301,339 0.13%

Software Ord 605,887 0.02%

Tableau Software Cl A Ord 357,376 0.01%

Temenos Group N Ord 3,273,680 0.13%

Trina Solar Adr Reptg 50 Ord 100,646 0.00%

United Internet N Ord 4,277,341 0.17%

Visa Cl A Ord 186,896 0.01%

Vmware Cl A Ord 378,001 0.01%

Web.Com Group Ord 118,131 0.00%

Webmd Health Ord 756,523 0.03%

Western Digital Ord 482,622 0.02%

Wincor Nixdorf Ord 2,771,500 0.11%

Wirecard Ord 3,746,546 0.15%

Worldpay Group Ord 1,190,607 0.05%

Yahoo! Ord 2,853,641 0.11%

Yandex Cl A Ord 1,193,745 0.06%

Yirendai Ads Rep 2 Ord 58,505 0.00%

Youku Tudou Adr Rep 18 Cl A Ord 1,861,525 0.07%

Yy Adr Rep Cl A Ord 272,244 0.01%

Zebra Technologies Cl A Ord 878,287 0.03%

Total Information Technology 153,084,141 6.06%




109




% of Net Assets


Materials

Agnico Eagle Ord 446,760 0.02%

Agrium Ord 462,603 0.02%

Agrium Ord 427,339 0.02%

Air Products And Chemicals Ord 435,999 0.02%

Airgas Ord 998,809 0.04%

Akzo Nobel Ord 6,391,750 0.25%

Alamos Gold Cl A Ord 51,653 0.00%

Aperam Ord 1,046,235 0.04%

Boliden Ord 1,413,202 0.06%

Braas Monier Building Group Sa 318,150 0.01%

Buzzi Unicem Non-Conv Svgs 648,335 0.03%

Buzzi Unicem Senza Vincoli Ord 1,349,937 0.05%

Canfor Ord (T) 239,821 0.01%

Centerra Gold Ord 79,701 0.00%

CF Industries Holdings Ord 1,445,898 0.06%

Clariant N Ord 2,917,798 0.12%

Commercial Metals Ord 1,408,496 0.06%

Constellium Cl A Ord 170,794 0.01%

Covestro Ord 8,355,478 0.33%

E I Du Pont De Nemours Ord 1,011,787 0.04%

Ems-Chemie Holding Ord 146,706 0.01%

Evonik Industries Ord 3,718,939 0.15%

Franco Nevada Ord 787,907 0.03%

Harmony Gold Mng Adr Rep 1 Ord 22,761 0.00%

Interfor Ord 123,309 0.00%

International Paper Ord 362,222 0.01%

Italcementi Fabbriche Riunite Ord 4,423,822 0.18%

Kapstone Paper And Packaging Ord 63,817 0.00%

Koninklijke Dsm Ord 9,283,892 0.37%

Lanxess Ord 10,391,125 0.41%

Linde Ord 14,836,323 0.59%

Monsanto Ord 1,408,343 0.06%

Multi Packagng Solutns Intrnatnl Ord 150,581 0.01%

Norbord Ord 152,356 0.01%

Norsk Hydro Ord 2,128,078 0.08%

Oci Ord 3,770,105 0.15%

Packaging Corp Of America Ord 92,684 0.00%

Pan Amer Silver Ord 80,600 0.00%

Petkim Petrokimya Holding A Ord 1,090,978 0.04%

Resolute Forest Products Ord 29,568 0.00%

Semafo Ord 49,778 0.00%

Sherwin Williams Ord 142,261 0.01%

Sirius Minerals Ord 346,144 0.01%




110




% of Net Assets


Materials (Continued)

Symrise Ord 2,089,290 0.08%

Syngenta N Ord 4,905,122 0.19%

Tahoe Resources Ord 148,205 0.01%

Ten Cate Kon Ord 665,720 0.03%

Turquoise Hill Resources Ord 105,588 0.00%

Umicore Ord 3,682,759 0.15%

Wacker Chemie Ord 2,967,223 0.12%

West Fraser Timber Ord 166,390 0.01%

Yara International Ord 5,621,061 0.20%

Total Materials 103,574,202 4.10%

Telecommunication Services At&T Inc Contigent Value Rgts Exp 03/16/2016 Ord 4,334 0.00%

Boingo Wireless Ord 30,161 0.00%

Cellnex Telecom Sa 14,638,650 0.58%

Euskaltel Ord 4,305,624 0.17%

Frontier Communications Ord 224,917 0.01%

Inwit Ord 6,770,556 0.27%

Kpn Kon Ord 9,021,637 0.36%

Level 3 Communications Ord 344,697 0.01%

Proximus Ord 6,379,883 0.25%

Sunrise N Ord 1,986,610 0.08%

T Mobile Us Ord 1,036,524 0.04%

TDC Ord 5,796,546 0.23%

Telecom Italia Ord 1,592,701 0.06%

Telecom Italia Svgs 12,819,751 0.51%

Telefonica Deutschland Holding N Ord 4,240,242 0.17%

Turk Telekomunikasyon A Ord 320,933 0.01%

Turkcell Iletisim Hizmetleri A Ord 369,429 0.01%

Vimpelcom Ads Rep 1 Ord 180,726 0.01%

Zayo Group Holdings Ord 1,450,671 0.06%

Total Telecommunication Services 71,514,592 2.83%

Utilities

A2a Ord 396,997 0.02%

American Electric Power Ord 441,279 0.02%

E.On N Ord 19,635,644 0.78%




111




% of Net Assets


Utilities (Continued)

EDP Renovaveis Ord 272,640 0.01%

Enagas Ord 1,673,021 0.07%

Hera Ord 260,733 0.01%

Iren Ord 520,204 0.02%

Pepco Holdings Ord 729,685 0.03%

Red Electrica Corporacion Ord 2,964,345 0.12%

Rwe Ord 27,748,404 1.10%

Snam Ord 39,924,790 1.57%

Teco Energy Ord 122,990 0.00%

Total Utilities 94,690,732 3.75%

Total Common Stock 1,600,291,782 63.35%



Abc Mart Ord 2,232 0.00%

Accordia Golf Ord 196 0.00%

Ali Pictures Ord 2,524 0.00%

American Eagle Outfitters Ord 506 0.00%

Apollo Tyres 373 0.00%

Ashok Leyland Ltd 9,945 0.00%

Asics Ord 67,211 0.00%

Askul Ord 1,044 0.00%

Asos Ord 1,371,773 0.07%

Bajaj Auto Ltd 749 0.00%

Bandai Namco Hld Ord 4,747 0.00%

Barratt Developments Ord 310,388 0.01%

Bashi Media Ord A 1,241 0.00%

Bed Bath And Beyond Ord 29,961 0.00%

Bellway Ord 639,884 0.03%

Berkeley Group Holdings The Ord 967 0.00%

Betfair Group Ord 37,197 0.00%

Bic Camera Ord 175 0.00%

Bosch Ltd 3,993 0.00%

Bovis Homes Group Ord 54,379 0.00%

Brilliance Chi Ord 2,784 0.00%

Brp Sub Vot Ord 8,727 0.00%

Burberry Group Ord 10,930 0.00%

Bwin.Party Digital Entertainment Plc 6,123 0.00%

Cairn Homes Ord 10,699 0.00%




112




% of Net Assets

Contracts for Difference (Continued)


Calsonic Kansei Ord 5,058 0.00%

Carnival Ord 111,567 0.00%

Casio Computer Ord 27,279 0.00%

Changan Auto Ord A 2,495 0.00%

Charter Communications Cl A Ord 7,748 0.00%

Cheil Worldwide Ord 1,482 0.00%

Cheng Shin Rub Ord 19,778 0.00%

Chipotle Mexican Grill Ord 45,758 0.00%

Chiyoda Co Ltd 1,714 0.00%

Chow Tai Fook Ord 36,666 0.00%

Christian Dior Se Ord 11,744 0.00%

Clarion Ord 934 0.00%

Conns Ord 17,070 0.00%

Continental Ord 10,067 0.00%

Crown Resorts Ord 45 0.00%

Ctc Media Ord 81,907 0.00%

Ctrip.Com Internatl 8 Adr Rep Ord 18,219 0.00%

Daikyonishikawa Ord 2,938 0.00%

Dalata Hotel Group Ord 17,125 0.00%

Dcm Holdings Ord 1,713 0.00%

Debenhams Ord 4,932 0.00%

Dfs Furniture Ord 24,713 0.00%

Dillards Cl A Ord 350,527 0.01%

Discovery Communications Srs A Ord 58,621 0.00%

Domino’s Pizza Enterprises Ord 117,422 0.01%

Domino’s Pizza Group Ord 33,982 0.00%

Don Quijote Hldg Ord 90,500 0.00%

Dufry N Ord 9,308 0.00%

Eutelsat Communications Ord 19,694 0.00%

Expedia Ord 6,432 0.00%

Express Ord 8,260 0.00%

Fairfax Media Ord 20,903 0.00%

Fast Retailing Ord 219,810 0.01%

Faurecia Ord 778,230 0.04%

Fcc Ord 26,339 0.00%

Ferrari Ord 110,649 0.00%

Fila Korea Ord 664 0.00%

Flight Centre Travel Group Ord 17,120 0.00%

Foster Electric Ord 1,573 0.00%

Fuji Media Hldg Ord 200 0.00%

Fujita Kanko Ord 6,922 0.00%

Fujitsu General Ord 7,194 0.00%




113




% of Net Assets



Fuyao Glass Industry Group Co Ltd 20,049 0.00%

Fuyao Glass Ord A 86,017 0.00%

Gamestop Cl A Ord 279,187 0.01%

Geely Auto Ord 10,491 0.00%

General Motors Ord 87,980 0.00%

Gentherm Ord 1,063 0.00%

Genting Singapore Ord 962 0.00%

Gerry Webber International Ord 6,508 0.00%

Gkn Ord 373,687 0.01%

Goldwin Ord 6,130 0.00%

Gome Ord 50 0.00%

Gopro Cl A Ord 29,807 0.00%

Gosun Holding Ord A 560 0.00%

Group Lease Nvdr 6,395 0.00%

Gud Holdings Ord 13,653 0.00%

Hana Tour Ord 2,992 0.00%

Hanon Systems Ord 1,826 0.00%

Hanssem Ord 1,186 0.00%

Harmony Auto Ord 1,139 0.00%

Havas Ord 21,524 0.00%

Heilan Ord A 185 0.00%

Hennes & Mauritz B Ord 71,585 0.00%

Hermes International Ord 147,826 0.01%

Hero Motocorp Future 117 0.00%

Hikari Tsushin Ord 66 0.00%

Honda Motor Ord 46 0.00%

Hotel Shilla Ord 50,373 0.00%

Howden Joinery Group Ord 58,361 0.00%

Huayi Brothers Ord A 690 0.00%

Huayu Automotive Ord A 41,135 0.00%

Hyundai Motor Ord 9,152 0.00%

Iida Group Hldg Ord 7,562 0.00%

Imax China Ord 19,958 0.00%

Inchcape Ord 566,295 0.03%

Inditex Ord 375,640 0.02%

Intercontinental Hotels Group Ord 85,685 0.00%

Isetan Mitsuko H Ord 40,165 0.00%

Isuzu Motors Ord 5,398 0.00%

Itv Ord 332,615 0.01%

J.Front Retailin Ord 135,771 0.01%

Janus Dongguan Ord A 3,705 0.00%

Jc Penney Ord 84,653 0.00%




114




% of Net Assets



Jcdecaux Ord 69,429 0.00%

Jiangling Moto Ord A 1,281 0.00%

Jin Ord 1,015 0.00%

Jinjiang Hotel Ord A 4,479 0.00%

Jollibee Foods Ord 2,548 0.00%

Jubilant Foodworks 616 0.00%

Keihin(Teq) Ord 3,806 0.00%

Kering Ord 514,244 0.02%

Kia Motors Ord 23,764 0.00%

Kingfisher Ord 15,634 0.00%

Koito Mfg Ord 963 0.00%

Kyoritsu Maint Ord 21,101 0.00%

Ladbrokes Ord 244,053 0.01%

Laox Ord 30,095 0.00%

Li And Fung Ord 18,573 0.00%

Little Swan Ord A 1,118 0.00%

L’occitane Ord 756 0.00%

Lotte Shopping Ord 5,096 0.00%

Lpp Ord 114,125 0.00%

Luk Fook Holdings (International) Ltd 363 0.00%

Luxottica Group Ord 703,634 0.04%

Lvmh Moet Hennessy Louis Vuitton Se 2,028,017 0.11%

Macauto Indu Ord 191 0.00%

Macys Ord 76,401 0.00%

Mahindra & Mahindra (250) 808 0.00%

Man Wah Hldgs Ord 5,336 0.00%

Mando Ord 5,734 0.00%

Mantra Group Ord 3,611 0.00%

Marriott International Cl A Ord 49,544 0.00%

Maruti Suzuki 79 0.00%

Mattress Firm Holding Ord 47,047 0.00%

Mazda Motor Ord 19,530 0.00%

McDonalds Hldgs Ord 91 0.00%

Mediaset Espana Comunicacion Ord 2,048 0.00%

Melco Int’l Dev Ord 7,498 0.00%

Melia Hotels International Ord 4,218 0.00%

Mgm China Ord 4,984 0.00%

Midea Group Ord A 111,269 0.00%

Moncler Ord 459,204 0.02%

Montupet Ord 281 0.00%

Motherson Sumi Systems Ord 806 0.00%

Naspers N Ord 562,250 0.03%




115




% of Net Assets



Netflix Ord 20,417 0.00%

News Corporation Cdi 21 0.00%

Next Ord 123,487 0.01%

Nine Entertainment Ord 5,364 0.00%

Nitori Holdings Ord 1,791 0.00%

Nokian Renkaat Stk 226,954 0.01%

Nos Sgps Ord 7,356 0.00%

O’reilly Automotive Ord 484 0.00%

Oriental Land Ord 2,166 0.00%

Outerwall Ord 61,763 0.00%

Pearson Ord 22,152 0.00%

Persimmon Ord 17,774 0.00%

Plastic Omnium Ord 157,817 0.01%

Polaris Industries Ord 99,268 0.00%

Premier Investments Ord 1 0.00%

Prosiebensat1 Media N Ord 32,721 0.00%

Publicis Groupe Ord 910,945 0.04%

Qingdao Haier Ord A 23 0.00%

Redrow Ord 3,108 0.00%

Renault Par 95,372 0.00%

Retail Food Group Ord 218 0.00%

Rexlot Holdings Ord 5,924 0.00%

Richemont N Ord 394,202 0.02%

Rightmove Ord 448,835 0.02%

Robinson Dept Nvdr 1,886 0.00%

Round One Ord 66 0.00%

Ryohin Keikaku Ord 23,415 0.00%

Saic Motor Ord A 3,881 0.00%

Saizeriya Ord 7,455 0.00%

Salvatore Ferragamo Ord 68,190 0.00%

Samsonite Ord 1 0.00%

Sanrio Ord 13,072 0.00%

Sante Cableway Ord A 2,399 0.00%

Schibsted A Ord 81,763 0.00%

Schibsted B Ord 6,828 0.00%

Sekisui Chem Ord 11,491 0.00%

Select Comfort Ord 20,924 0.00%

Seria Ord 1,205 0.00%

Ses Fdr 16,709 0.00%

Shanghai Lianming Machinery Ord A 4,351 0.00%

Shangri La Asia Ord 1,346 0.00%

Shenzhou Intl Ord 10,596 0.00%




116




% of Net Assets



Shinsegae Ord 1,242 0.00%

Skechers Usa Cl A Ord 1,084 0.00%

Sky Ord 110,795 0.00%

Skycity Entertainment Group Ord 84 0.00%

Smi Holdings Ord 13,436 0.00%

Sodexo Ord 6,090 0.00%

Solocal Group Ord 11,593 0.00%

Staples Ord 546,789 0.02%

Sumitomo Elec Ord 2,999 0.00%

Sumitomo Rubber Ord 130,285 0.01%

Suzuki Motor Ord 560 0.00%

Swatch Group Ord 1,110,525 0.05%

Takashimaya Ord 7,607 0.00%

Tatts Group Ord 10,976 0.00%

Taylor Wimpey Ord 806,448 0.04%

Technicolor Ord 86,368 0.00%

Techtronic Ind Ord N1 11,878 0.00%

Tfg Ord 735 0.00%

The Priceline Group Ord 11,558 0.00%

The Star Entertainment Group Ord 1,348 0.00%

Thomas Cook Group Ord 69,333 0.00%

Tiffany Ord 35,510 0.00%

Tofas Turk Otomobil Fabrikasi A Ord 10,262 0.00%

Tokyo Dome Ord 499 0.00%

Tong Yang Ind Ord 2,420 0.00%

Toridoll Ord 25,287 0.00%

Toyota Industri Ord 1,752 0.00%

Tractor Supply Ord 4,555 0.00%

Trade Me Group Ord 14 0.00%

Trade Me Ltd 395 0.00%

Tui Ag 66,727 0.00%

Tung Thih Ord 118,287 0.01%

Universal Entert Ord 46,652 0.00%

Valeo Ord 1,795 0.00%

Vf Ord 6,396 0.00%

Walt Disney Ord 2,921 0.00%

Weifu Hi-Tech Ord A 3,330 0.00%

Winnebago Inds Ord 34,062 0.00%

Wisdom Sports Ord 2,081 0.00%

Wpp Ord 1,326,872 0.07%

Wynn Macau Ord 27,382 0.00%

Wynn Resorts Ord 5,166 0.00%




117




% of Net Assets



Yokohama Rubber Ord 29,146 0.00%

Yonwoo Ord 32,421 0.00%

Yujin Robot Ord 490 0.00%

Zensho Holdings Ord 416 0.00%


Consumer Staples

A2 Milk Corp Stk 4,876 0.00%

Adani Ports And Special Ez Future 421 0.00%

Aeon Ord 1,483 0.00%

Ajinomoto Ord 17,830 0.00%

Amorepacific Ord 13,458 0.00%

Amorepacific-1p Prf 50 0.00%

Biocon Ltd Future 237 0.00%

Biostime Ord 36,712 0.00%

Blackmores Ord 171,555 0.01%

Booker Group Ord 26,265 0.00%

British American Tobacco Ord 493 0.00%

British American Tobacco Ord 138,559 0.01%

Britvic Ord 60,349 0.00%

Cal Maine Foods Ord 50,727 0.00%

Carrefour Ord 1,846,497 0.08%

Casino Guichard Perrachon Ord 1,133,804 0.04%

Coca Cola Amatil Ord 99 0.00%

Coca Cola Hbc Ag 900 0.00%

Cosmax Ord 466 0.00%

Costco Wholesale Ord 574 0.00%

Coty Inc Cl A Ord 15,429 0.00%

Dahu Aquaculture Ord A 1,622 0.00%

Davide Campari Milano Ord 46,366 0.00%

Diageo Ord 21,837 0.00%

Distribuidora Intern.De Alimen. Ord 1,287,059 0.05%

Dr Reddy’s Lab Future (400) 4,087 0.00%

Emami Ord 3,645 0.00%

Eveready Industries India Ord 38,474 0.00%

Fj Sunner Deve Ord A 989 0.00%

Foshan Haitian Ord A 25 0.00%

Godrej Consumer Products Ord 666 0.00%

Golden Agri Resources Ord 6,546 0.00%

Gudang Garam Ord 27,441 0.00%

Hain Celestial Group Ord 109,284 0.00%




118




% of Net Assets



Hengan Intl Ord 24,663 0.00%

Hindustan Unilever 34 0.00%

Hindustan Unilever Ord 9,965 0.00%

Huishan Dairy Ord 2,242 0.00%

Imperial Tobacco Group Ord 187,778 0.01%

Japan Tobacco Ord 16,357 0.00%

Jiugui Liquor Ord A 516 0.00%

Kerry Group Ord 1,548 0.00%

Kimberly Clark Ord 1,172 0.00%

Kobe Bussan Ord 1 0.00%

Kose Ord 4,856 0.00%

Kt G Ord 1,541 0.00%

Lao Jiao Ord A 5,905 0.00%

Lg Household Ord 19,906 0.00%

L’oreal Ord 1,129,364 0.04%

Lupin Ltd 730 0.00%

Magnit Oao 22,116 0.00%

Marico Ltd 1,529 0.00%

Marico Ord 525 0.00%

Massmart Holdings Ltd 114,554 0.01%

Mbws Ord 38,119 0.00%

Metcash Ord 6,629 0.00%

Morinaga Ord 1,876 0.00%

Morrisonwm.Supermarkets Ord 18,593 0.00%

Moutai Ord A 12,007 0.00%

Nestle India Ord 516 0.00%

Nh Foods Ord 7,507 0.00%

Nippon Suisan Ord 65,104 0.00%

Origin Enterprises Ord 29,864 0.00%

President Chain Ord 114 0.00%

Reckitt Benckiser Group Ord 3,614 0.00%

Remy Cointreau Ord 9,714 0.00%

Reynolds Amrican Ord 122 0.00%

Sabmiller Ord 218,866 0.02%

Sainsburyj Ord 96,985 0.00%

San-A Ord 1,270 0.00%

Shoprite Hldgs Ord 210,135 0.02%

Sun Pharmaceutical 1,304 0.00%

Sunart Retail Ord 6,459 0.00%

Tesco Ord 136,888 0.01%

Thai Beverage Public Ord 2,660 0.00%

Tiger Brands Ord 9,036 0.00%




119




% of Net Assets



Tingyi Ord 18,847 0.00%

Toyo Suisan Ord 308 0.00%

Treasury Wine Estates Ord 138,113 0.01%

Tsingtao Brewery Ord H 5,774 0.00%

Unicharm Ord 68,712 0.00%

Unilever Ord 37,953 0.00%

U-Presid China Ord 28,133 0.00%

Want Want China Ord 7,665 0.00%

Wilmar International Ord 15,843 0.00%

X5 Retail Group Gdr 174,878 0.01%

Yakult Honsha Ord 11,752 0.00%


Energy

Apache Ord 16,496 0.00%

Arc Resources Ord 10,524 0.00%

Baytex Energy Ord 21,818 0.00%

Beach Energy Ord 9,260 0.00%

Bg Group Ord 6,005 0.00%

Bp Ord 137,816 0.01%

Caltex Australia Ord 145,403 0.01%

Canadian Energy Services & Tech Ord 19,327 0.00%

Chevron Ord 2,414 0.00%

China Coal Ord H 9,530 0.00%

China Shenhua Ord H 10,588 0.00%

Cnooc Ord 12,008 0.00%

Compagnie Generale Geophysique Ord 255,618 0.01%

Cosmo Energy Hd Ord 1,485 0.00%

Det Norske Oljeselskap Ord 4,387 0.00%

DNO Ord 66,761 0.00%

Encana Ord 12,011 0.00%

Energen Ord 20,784 0.00%

Enerplus Ord 58,644 0.00%

Formosa Petro Ord 356 0.00%

Fugro C Gdr 665,642 0.03%

Galp Energia (Sgps) Ord 4,410 0.00%

Genel Energy Ord 12,254 0.00%

Halliburton Ord 1,624,978 0.07%

Hess Ord 38,899 0.00%

Hoegh Lng Holdings Ord 112,467 0.00%

Hornbeck Offshore Services Ord 135,836 0.01%




120




% of Net Assets


Energy (Continued)

Hunting Ord 86,292 0.00%

Husky Energy Ord 3,597 0.00%

Jpn Petroleum Ex Ord 9,393 0.00%

Jx Holdings Ord 3,742 0.00%

Kinder Morgan Ord 34,158 0.00%

Marathon Oil Ord 148,630 0.01%

Modec Ord 2,393 0.00%

Murphy Oil Ord 35,756 0.00%

National Oilwell Varco Ord 130,806 0.01%

Nippon Gas Ord 121,761 0.00%

Noble Ord 159,074 0.01%

Oao Gazprom Adr 184,299 0.01%

Oceaneering International Ord 63,597 0.00%

Offshore Logst Stk 118,723 0.00%

Oil India Ltd 2,261 0.00%

Ojsc Oc Rosneft Gdr 103,030 0.00%

Patterson Uti Energy Ord 3,279 0.00%

Pjsc Lukoil Spon Adr Rep Ord 200,542 0.01%

Premier Oil Ord 2,554 0.00%

Prosafe Ord 45,928 0.00%

Rowan Companies Cl A Ord 49,707 0.00%

Royal Dutch Shell Cl B Ord 106,969 0.00%

Saipem Ord 1,526,469 0.06%

Santos Ord 11,686 0.00%

Sasol Ord 126,553 0.01%

Sbm Offshore Ord 113,640 0.00%

Schlumberger Ord 40,053 0.00%

Schoeller-Bleckmann Oilfield Eq. Ord 74,302 0.00%

Seadrill 1,308,315 0.05%

Sinopec Corp Ord H 234 0.00%

S-Oil Ord 9,245 0.00%

Subsea 7 Sa 167,789 0.01%

Superi Ener Svcs Ord 24,382 0.00%

Technip Ord 274,014 0.01%

Tecnicas Reunidas Ord 310,711 0.02%

Tenaris Ord 893,515 0.04%

Tgs Nopec Geophysical Ord 659,989 0.03%

Total Ord 93,163 0.00%

Transocean Ord 175,622 0.01%

Unit Ord 8,310 0.00%

Whiting Petroleum Ord 30,559 0.00%

Worleyparsons Ord 64 0.00%




121




% of Net Assets


Energy (Continued)

Yanzhou Coal Ord H 5,536 0.00%

Total Energy 10,886,363 0.43%

Financials

Abacus Property Group Unt 1,361 0.00%

Aberdeen Asset Management Ord 24,297 0.00%

Acom Ord 29,107 0.00%

Aeon Financl Svc Ord 7,733 0.00%

Aeon Mall Ord 270 0.00%

Aia Ord 2,667 0.00%

Alaris Royalty Ord 5,755 0.00%

Allstate Ord 2,435 0.00%

American Express Ord 138,491 0.01%

Amlin Ord 9,175 0.00%

Amp Ord 2,214 0.00%

Ashmore Group Ord 5,464 0.00%

Aveo Group Unt 78 0.00%

Aviva Ord 724,929 0.04%

Axa Ord 6,312 0.00%

Azimut Holding Ord 40,076 0.00%

Banca Carige Cassa Di Risparmio Ord 174,536 0.01%

Banca Popolare Dell Emilia Roma. Ord 6,769 0.00%

Banco Com Ord 243,615 0.01%

Banco Popular Espanol Ord 62,779 0.00%

Banco Santander Ord 347,056 0.02%

Bank Mandiri Tbk Ord 5,814 0.00%

Bank Negara Indo Ord 1,770 0.00%

Bank Of Baroda 494 0.00%

Bank Of Ireland Ord 20,619 0.00%

Bank Of Ningbo Ord A 1,204 0.00%

Bank Of Queensland Ord 3,200 0.00%

Bank Of Yokohama Ord 19,164 0.00%

Bank Rakyat Indo Ord 1,280 0.00%

Bank Zachodni Ord 61,078 0.00%

Bankia Ord 247,146 0.01%

Bankinter Ord 12,350 0.00%

Beazley Ord 100,477 0.00%

Bm&F Bovespa Bolsa De Valores Ord 1,637 0.00%

Bnk Financial Gr Ord 5,562 0.00%

British Land Reit 6,878 0.00%

Bt Investment Management Ord 4,654 0.00%




122




% of Net Assets



Caixabank Ord 1,147,155 0.06%

Canadian Imperial Bank Commerce Ord 8,340 0.00%

Capitaland Ord 74 0.00%

Cathay Fin Hldg Ord 14,223 0.00%

Chailease Holding Ord 10,308 0.00%

China Life Insurance Co Ltd (Taiwan) 2 0.00%

China Overseas Ord 43,621 0.00%

China Pacific Ord A 8,209 0.00%

China Re Ord H 394 0.00%

China Res Land Ord 40,169 0.00%

China Vanke Ord H 3,201 0.00%

Cicc Ord H 29,480 0.00%

Citic Bank Ord H 19,369 0.00%

City Developments Ord 27,314 0.00%

Cm Bank Ord H 11,290 0.00%

Countrywide Ord 259,157 0.01%

Cover More Group Ord 35 0.00%

Cpic Ord H 1,436 0.00%

Credicorp Ord 458 0.00%

Credit Agricole Ord 147,181 0.01%

Credit Saison Ord 185 0.00%

Dahsing Banking Ord 7,932 0.00%

Daito Tr Const Ord 37,731 0.00%

Derwent London Reit 127,377 0.01%

Dewan Housing Finance Ord Future 57 0.00%

Dlf Limited 157 0.00%

Dnb Ord 87,452 0.00%

Dongbu Ins Ord 29,609 0.00%

Dupont Fabros Technology Reit 6,937 0.00%

Euronext Ord Wi 73,971 0.00%

Everest Re Group Ord 2,238 0.00%

Firstmerit Ord 26,209 0.00%

Fubon Financial Holding Co Ltd 16,794 0.00%

Fukuoka Fin Grp Ord 33,342 0.00%

Gateway Lifestyle Group Unt 8,080 0.00%

Gf Sec Ord H 4,320 0.00%

Goodman Group Unt 11,270 0.00%

Greentown China Ord 166 0.00%

Haitong Int’l Securities Group Ord 6,641 0.00%

Hammerson Reit Ord 3,843 0.00%

Hang Lung Ppt Ord 20,336 0.00%

Hang Seng Bank Ord 19,364 0.00%




123




% of Net Assets



Henderson Group Ord 452,997 0.02%

Hitachi Capital Ord 28,234 0.00%

Hkex Ord 14,658 0.00%

Hokkoku Bank Ord 841 0.00%

Hongkong Land Holdings Ord 38 0.00%

Housing Development Finance Corp Ord 47,814 0.00%

Icade Reit 4,199 0.00%

Icap Ord 132,571 0.01%

Ichigo Group Hd Ord 9,377 0.00%

Icici Bank Ord 15,341 0.00%

Ig Group Holdings Ord 82,191 0.00%

Industrial Dev Bank Ltd Future 1,923 0.00%

Intu Properties Reit Ord 6 0.00%

Intu Properties Reit Ord 11,074 0.00%

Investec Ord 6,289 0.00%

Ioof Holdings Ord 1,289 0.00%

Ishares Core Ftse 100 Ucits (Dist) E 119,082 0.01%

Ishares Dj Eur Sx50 Etf 101,544 0.00%

Japan Post Bank Ord 596 0.00%

Japan Post Hldg Ord 27,000 0.00%

Joyo Bank Ord 153 0.00%

Jyske Bank Ord 5,991 0.00%

Kaisa Group Ord 19,573 0.00%

KB Insurance Ord 1,564 0.00%

Keppel Reit Unt 624 0.00%

Kingland Ord A 1,101 0.00%

Klepierre Reit 31,287 0.00%

Kyokuto Sec Ord 2,265 0.00%

Kyushu Fg Ord 7,602 0.00%

Lancashire Hoings Ord 492 0.00%

Lendlease Group Unt 169,376 0.01%

Leonteq Ord 19,520 0.00%

Lic Housing Finance 1,560 0.00%

Lic Housing Finance Ord 67,552 0.00%

Link Reit 3,591 0.00%

London Stock Exchange Group Ord 1,762 0.00%

Lpl Financial Holdings Ord 1,642 0.00%

Macquarie Group Ord 22,293 0.00%

Main Street Capital Corp 21,845 0.00%

Malayan Banking Ord 2,520 0.00%

Man Group Ord 181,833 0.01%

Mapfre Ord 138,566 0.01%




124




% of Net Assets



Medibank Private Ord 2,826 0.00%

Mega Fhc Ord 53,918 0.00%

Merchants Bank Ord A 144 0.00%

Meritz Financial Ord 1,956 0.00%

Merlin Properties Reit 63,741 0.00%

Mirvac Group Unt 25 0.00%

Mitsubishi Est Ord 7,939 0.00%

Monex Group Ord 164 0.00%

Ms&Ad Insurance Ord 6,382 0.00%

Msstwkeu Index 437,945 0.02%

Nanjing Gaoke Ord A 22 0.00%

National Australia Bank Ord 37,035 0.00%

Natixis Ord 270,373 0.01%

New China Life Insurance Ord A 1,985 0.00%

Nordea Bank Ord 253 0.00%

Osaka Sec Exchgs Ord 1,275 0.00%

Oversea Chinese Banking Corp Ord 156 0.00%

Perpetual Ord 42,609 0.00%

Pko Bank Polski Ord 298,270 0.01%

Poly Property Ord 4,525 0.00%

Provident Financial Ord 111,825 0.00%

Psg Group Ord 3,309 0.00%

Qbe Insurance Group Ord 19,711 0.00%

Realogy Holdings Ord 271 0.00%

Redefine Properties Ord 380,988 0.02%

Relo Holdings Ord 3,228 0.00%

Resilient Ord 29,533 0.00%

Resona Holdings Ord 1,402 0.00%

RLJ Lodging Reit 1,519 0.00%

Royal Bank Of Canada Ord 3,412 0.00%

Rsa Insurance Group Ord 326,866 0.02%

Sampo Stk A 823 0.00%

Samsung Card Ord 6,770 0.00%

Sanlam Ord 44,788 0.00%

Sberbank Of Russia Adr 28,089 0.00%

Scor Ord 23,811 0.00%

Shawbrook Group Ord 10,641 0.00%

Shimao Property Ord 3,254 0.00%

Shinsei Bank Ord 1,227 0.00%

Siam Com Bank Nvdr 21,336 0.00%

Sm Prime Hldgs Ord 272 0.00%

Societe Generale Ord 276,649 0.01%




125




% of Net Assets



Sompo Japan Nipp Ord 212 0.00%

Src Djs 600 Etf 19,694 0.00%

Src Sx Opt Ind Etf 155,691 0.01%

Src Sx Opt Ins Etf 61,358 0.00%

Src Sx Opt Ret Etf 8,014 0.00%

Src Sx Opt Util Etf 5,665 0.00%

Srisawad Power Ord Nvdr 10,498 0.00%

Stanchart Ord 3,992 0.00%

Standard Chartered Ord 64,952 0.00%

Standard Life Ord 20,363 0.00%

Stockland Unt 8,377 0.00%

Sunac Ord 42,832 0.00%

Suncorp Group Ord 643 0.00%

Swedbank A Ord 10,730 0.00%

Swire Pacific A Ord 4,073 0.00%

Swire Properties Ord 8,114 0.00%

Synovus Financial Ord 20,334 0.00%

T Rowe Price Group Ord 6,024 0.00%

Tag Immobilien Ord 7 0.00%

Tokio Marine Hld Ord 63 0.00%

Toyo Securities Ord 123 0.00%

Tullett Prebon Ord 1,931 0.00%

Unicredit Ord 778,121 0.04%

Unione Di Banche Italiane Ord 662,598 0.03%

Virgin Money Holdings (Uk) Ord 42,717 0.00%

Vonovia Ord 258,654 0.01%

Wanda Comm Ord H 430 0.00%

Westpac Banking Corporation Ord 7,262 0.00%

Wharf Holdings Ord 24,305 0.00%

Yapi Kredi Bankasi A Ord 403,182 0.02%

Zhejiang Whwh Ord A 4,207 0.00%

Zurich Insurance Group Ord 33,131 0.00%


Health Care

Aduro Biotech Ord 10,552 0.00%

Ajanta Pharma Ord 1 0.00%

Alkem Laboratories Ord 341 0.00%

Amarin Adr Rep 1 Ord 773 0.00%

Ansell Ord 54,034 0.00%

Ardelyx Ord 2,402 0.00%




126




% of Net Assets



Asahi Intecc Ord 21,191 0.00%

Astellas Pharma Ord 8,711 0.00%

Australian Pharmaceutical Ord 461 0.00%

Baiyunshan Ph Ord H 5,108 0.00%

Bangkok Dusit Nvdr 6,972 0.00%

Binex Ord 35,188 0.00%

Biosensors International Ord 1,580 0.00%

Cellectis Ord 99,673 0.00%

Chiasma Ord 1,341 0.00%

Chularat Hospi Nvdr 10,448 0.00%

Cochlear Ord 34,833 0.00%

Cooper Ord 60,788 0.00%

Cyberdyne Ord 58,452 0.00%

Daiichi Sankyo Ord 1,564 0.00%

Dainpn Sumi Phar Ord 343 0.00%

Dong-E E-Jiao Ord A 47,836 0.00%

Endo International Ord 1,069 0.00%

Essilor International Ord 141,997 0.01%

Estia Health Ord 1,349 0.00%

Flexion Therapeutics Ord 55 0.00%

Foamix Pharmaceuticals Ord 76 0.00%

Gedeon Richter Ord 454,071 0.03%

Glaxosmithkline Ord 446,125 0.03%

Greencross Ord 1,154 0.00%

Hanger Ord 6,863 0.00%

Healthscope Ord 3,679 0.00%

Henan Lingrui Ord A 3,309 0.00%

Hikma Pharmaceuticals Ord 4,580 0.00%

Immune Design Ord 1,987 0.00%

Inbody Ord 38,808 0.00%

Indivior Ord 110,247 0.01%

Intercept Pharmaceuticals Ord 4,884 0.00%

Japara Healthcare Ord 1,411 0.00%

Juno Therapeutics Ord 5,821 0.00%

Kaken Pharm Ord 56 0.00%

Kalbe Farma Ord 1,240 0.00%

Kangmei Pharm Ord A 16 0.00%

Kossan Rubber Industries Ord 2,075 0.00%

Kyowa Hakko Krn Ord 1,110 0.00%

Lion Biotechnologies Ord 78 0.00%

Luye Pharma Ord 9,756 0.00%

Mccarthy And Stone Ord 78,569 0.00%




127




% of Net Assets



Neptunus Bioen Ord A 824 0.00%

Neuroderm Ltd 605 0.00%

Oncotherapy Sci Ord 2,156 0.00%

Ono Pharm Ord 89,223 0.00%

Osstem Implant Ord 22,293 0.00%

Otonomy Inc 3,495 0.00%

Ovascience Ord 2,664 0.00%

Peptidream Ord 85,812 0.00%

Pihlajalinna 6,406 0.00%

Pra Health Sciences Ord 8,161 0.00%

Primary Health Care Ord 23,539 0.00%

Resmed Cdi 14,781 0.00%

Rohto Pharm Ord 4,474 0.00%

Santen Pharm Ord 15,084 0.00%

Sawai Pharm Ord 65 0.00%

Seres Therapeutics Ord 14,322 0.00%

Shire Ord 373,926 0.02%

Siloam Intl Hospital Ord 2,853 0.00%

Sino Biopharm Ord 23,178 0.00%

Sirtex Medical Ord 346 0.00%

Smith And Nephew Ord 108,720 0.01%

Sonic Healthcare Ord 5,379 0.00%

Sonova Holding Ord 63,965 0.00%

St.Shine Optical Ord 25,158 0.00%

Stryker Ord 250 0.00%

Sun Pharmaceutical Industries Ord 168,357 0.01%

Supermax Ord 5,037 0.00%

Sysmex Ord 1,458 0.00%

Taimed Bio Ord 101 0.00%

Tasly Pharmaceutical Ord A 962 0.00%

Top Glove Ord 97,538 0.00%

Torrent Pharmaceuticals Ord 453 0.00%

Viromed Co Ltd 1,529 0.00%

Xencor Inc 1,710 0.00%

Yunnan Baiyao Ord A 516 0.00%

Total Heath Care 2,958,317 0.12%

Industrials

A P Moller Maersk B Ord 50,153 0.00%

AA Ord 8,706 0.00%

ABB Ltd N Ord 274,132 0.01%

Aggreko Ord 2,386 0.00%




128




% of Net Assets



Air France-Klm Ord 196,176 0.01%

Airasia Ord 32 0.00%

Airbus Group Ord 118,360 0.00%


Airports Of Th Nvdr 10,810 0.01%

Allegiant Travel Ord 21,332 0.00%

Alstom Ord 197 0.00%

Ambuja Cement Future 35 0.00%

Ana Holdings Ord 1,017 0.00%

Asahi Glass Ord 34,900 0.00%

Asanuma Ord 162 0.00%

Ashtead Group Ord 4,002 0.00%

Atkins Ws Ord 142,238 0.01%

Aurizon Ord 110,115 0.01%

Avichina Ord H 2,545 0.00%

Babcock International Group Ord 46,399 0.00%

Bae Systems Ord 59,394 0.00%

Baiyun Airport Ord A 963 0.00%

Beijing Airport Ord H 2,015 0.00%

Berendsen Ord 11,879 0.00%

Bharat Electronics Ltd 6,871 0.00%

Bodycote Ord 13,011 0.00%

Bouygues Ord 15,634 0.00%

Brenntag N Ord 280,308 0.01%

Broad-Ocean Ord A 1,546 0.00%

Bucher Industries Ord 4,046 0.00%

Bureau Veritas International Ord 115,834 0.01%

Capita Ord 188,041 0.01%

Car Inc Ord 14,891 0.00%

Cargotec Corp 14,392 0.00%

Century Textile 1,022 0.00%

China Cosco Ord H 22,856 0.00%

China Mer Hold Ord 1,989 0.00%

China Railway Ord 17,788 0.00%

Citic Ord 28,259 0.00%

Cj Korea Express Ord 3,755 0.00%

Ckh Holdings Ord 3,208 0.00%

Comfortdelgro Ord 406 0.00%

Comsys Holdings Ord 6,959 0.00%

Conch Venture Ord 17,207 0.00%

Cosco Corp Singapore Ord 3,627 0.00%

Cosco Intl Ord 2,577 0.00%




129




% of Net Assets



Crane Ord 143,730 0.01%

Cscl Ord H 2,538 0.00%

Csr Times Elec Ord H 2,676 0.00%

Cummins Ord 2,856 0.00%

Daikin Inds Ord 30,953 0.00%

Dart Group Ord 35,294 0.00%

Dassault Aviat Ord 188,597 0.01%

Deere Ord 15,196 0.00%

Deluxe Ord 6,853 0.00%

Dongguan Devel Ord A 85 0.00%

Duerr Ord 137,839 0.01%

Duskin Co Ltd 75 0.00%

Edenred Ord 78,500 0.00%

Elbit Systems Ord 7,770 0.00%

Elior Promesses Ord 141,848 0.01%

En Japan Ord 19,189 0.00%

Eve Energy Ord A 822 0.00%

Experian Ord 205,945 0.01%

Fincantieri Ord 38,265 0.00%

Firstgroup Ord 43,964 0.00%

Flowserve Ord 9,644 0.00%

Flsmidth & Co Ord 30,156 0.00%

Furukawa Elec Ord 3,764 0.00%

Gmr Infrastructure Ord 10,593 0.00%

Golden Ocean Group Ord 4,138 0.00%

Goldwind Ord H 45,319 0.00%

Grafton Group Unt 233,822 0.01%

Gs Const Ord 8,320 0.00%

Hankyu Hanshin H Ord 22,100 0.00%

Havells India Ltd Future 3,393 0.00%

Hillenbrand Ord 4,035 0.00%

Hitachi Const Ord 8,936 0.00%

Hyundai Corp Ord 688 0.00%

Hyundai Elevator Ord 63 0.00%

Hyundai Hvy Ind Ord 1,153 0.00%

Interglobe Aviation Ord B 41,297 0.00%

Intl Consolidated Airlines Group Ord 608,961 0.03%

Iph Ord 2 0.00%

Irb Infrastructure 729 0.00%

Is Dongseo Ord 3,323 0.00%

Iwatani Ord 2,750 0.00%

Jamco Corp Ord 2,709 0.00%




130




% of Net Assets



Japan Airp Term Ord 77,117 0.00%

Jardine Matheson Holdings Ord 3,525 0.00%

Jasa Marga Ord 1,223 0.00%

Jejuair Ord 285 0.00%

Jetblue Airways Ord 18,493 0.00%

Jiangsu Leike Ord A 11,078 0.00%

Kansas City Southern Ord 32,805 0.00%

Kennametal Ord 73,211 0.00%

Keppel Ord 33,293 0.00%

Kintetsu Express Ord 304 0.00%

Kion Group Ord 668 0.00%

Kloeckner + Co N Ord 111,195 0.01%

Komatsu Ord 390 0.00%

Koninklijke Philips Ord 735,882 0.04%

Krones Ord 21,276 0.00%

Kubota Ord 266 0.00%

Kyowa Exeo Ord 32 0.00%

Larsen & Toubro 5,023 0.00%

Lennox International Ord 54,396 0.00%

Lg Hausys Ord 26 0.00%

Lignex1 Ord 94 0.00%

Lincoln Electric Holdings Ord 11,316 0.00%

Lixil Group Ord 30 0.00%

Marubeni Ord 95,104 0.00%

Mcc Ord H 311 0.00%

Mcmillan Shakespeare Ord 899 0.00%

Meggitt Ord 39,401 0.00%

Merchaant Shekou Ord A 3,609 0.00%

Metso Stk 95,636 0.00%

Mig Technology Ord A 1,055 0.00%

Mineral Resources Ord 1,094 0.00%

Misc Ord 4,421 0.00%

Mitsui Eng Sbldg Ord 27 0.00%

Mitsui Ord 17,867 0.00%

Nakamura Choukou Ord 11,859 0.00%

Ncc B Ord 61,103 0.00%

Nidec Ord 191,846 0.01%

Nippon Yusen Ord 19,353 0.00%

Nishimatsu Const Ord 10,886 0.00%

Noble Group Ord 2,129 0.00%

Nordson Ord 22,523 0.00%

Okamura Ord 425 0.00%




131




% of Net Assets



Okuma Ord 1,862 0.00%

Osram Licht N Ord 169,179 0.01%

Outotec Oyj Ord 24,499 0.00%

Park24 Ord 5,955 0.00%

Parker Hannifin Ord 12,608 0.00%

Pfeiffer Vacuum Technology Ord 37,629 0.00%

Polypipe Group Ord Wi 7,957 0.00%

Qantas Airways Ord 69,949 0.00%

Qinetiq Group Ord 212,215 0.01%

Qube Holdings Ord 814 0.00%

Ritchie Bros Auctioneers Ord 3,328 0.00%

Rockwell Automat Ord 15,831 0.00%

Rolls-Royce Holdings Ord 29,628 0.00%

Ryanair Holdings Ord 285,299 0.01%

Sacyr Ord 1,042,413 0.05%

Sai Global Ord 524 0.00%

Samsung Eng Rgts Exp 02/12/2016 Ord 28,637 0.00%

Samsung Heavy Ord 51,526 0.00%

Sandvik Ord 290,846 0.01%

Sanwa Holdings Ord 2,276 0.00%

Schneider Electric Se Ord 4,798 0.00%

Seibu Holdings Ord 680 0.00%

Sembcorp Industry Ord 32,936 0.00%

Sembcorp Marine Ord 6,527 0.00%

Sgs N Ord 39,881 0.00%

Sh Airport Ord A 9,855 0.00%

Shimizu Ord 71 0.00%

Siemens N Ord 405,313 0.02%

Sig Ord 8,711 0.00%

Sime Darby Ord 3,130 0.00%

Singapore Airlines Ord 6,290 0.00%

Smiths Group Ord 2,447 0.00%

Sodick Ord 10 0.00%

Sporton Ord 2,158 0.00%

Spotless Group Holdings Ord 5 0.00%

Spring Airlines Ord A 312 0.00%

Sumitomo Ord 81,255 0.00%

Tadano Ord 3,250 0.00%

Taisei Ord 1,451 0.00%

Teco Electric Ord 21 0.00%

Terex Ord 12,985 0.00%

Textron Ord 12,667 0.00%

Thales Ord 136,944 0.01%




132




% of Net Assets



Tiger Airways Ord 6,352 0.00%

Toa(Con) Ord 108 0.00%

Toda Ord 31,331 0.00%

Toshiba Ord 293,521 0.01%

United Parcel Service Cl B Ord 18,321 0.00%

United Rental Ord 8,108 0.00%

Veda Group Ord 29,573 0.00%

Vinci Ord 87,669 0.00%

Wartsila 2,503 0.00%

Weir Group Ord 52,033 0.00%

West Japan Ry Ord 52,931 0.00%

Wizz Air Holdings Ord 25,825 0.00%

Wolseley Ord 123,525 0.01%

Yutong Bus Ord A 4,006 0.00%

Zodiac Aerospace Ord 439,045 0.02%



1 Page Ord 97,396 0.00%

Aac Tech-500 Ord N1 16,977 0.00%

Aconex Ord 9,216 0.00%

Advantest Ord 6,317 0.00%

Aixtron Se 374,589 0.01%

Akamai Technologies Ord 53,045 0.00%

Alcatel Lucent Ord 2,131,104 0.10%

Alibaba Group Holding Adr Rep 1 Ord 71,927 0.00%

Alps Electric Ord 108,032 0.01%

Arm Holdings Ord 414,403 0.02%

Arris Group Ord 69,131 0.00%

ASM Intl Ord 541 0.00%

ASM Pacific Tech Ord 172 0.00%

Aspen Technology Stk 802 0.00%

Asustek Ord 562 0.00%

Atos Ord 1,009,511 0.05%

Au Optronics Ord 465 0.00%

Auto Trader Group Ord 263,065 0.01%

Aveva Group Ord 39,136 0.00%

Canon Adr 3,494 0.00%

Canon Ord 3,772 0.00%

Cap Gemini Ord 739,825 0.03%

Check Point Software Technologis Ord 35,145 0.00%




133




% of Net Assets



Chicony Ord 1,235 0.00%

Chinasoft Int’l Ord 1,484 0.00%

Chipbond Technology Corp 340 0.00%

Cognizant Technology Solutn Cl A Ord 6,026 0.00%

Compal Electron Ord 55 0.00%

Criteo Adr Rep Ord 1,228 0.00%

Crucialtec Ord 9,005 0.00%

Dassault System Ord 538,457 0.02%

Delta Elec Nvdr 6,847 0.00%

Delta Electronic Ord 10 0.00%

Dexerials Ord 919 0.00%

Dhc Software Ord A 49 0.00%

Digital Garage Ord 777 0.00%

Egis Ord 19,984 0.00%

Ellie Mae Ord 33,745 0.00%

Eo Technics Ord 89,046 0.00%

Equiniti Group Ord 7,511 0.00%

Everlight Elec Ord 528 0.00%

Ferrotec Ord 503 0.00%

Fireeye Ord 25,990 0.00%

First Data Cl A Ord 1,485 0.00%

Flexium Ord 5,222 0.00%

Gcl-Poly Energy Rgts Exp 01/20/2016 Ord 986 0.00%

Gemalto Ord 143,351 0.01%

Gigasolar Ord 144 0.00%

Gintech Ord 6,510 0.00%

Global Lighting Technologies Inc 91,077 0.00%

Grg Banking Ord A 3,005 0.00%

Grinm Materials Ord A 31,806 0.00%

Halma Ord 308,582 0.01%

Hansol Technics Ord 4,635 0.00%

Hitachi Kokusai Ord 5,266 0.00%

Horiba Ord 2,718 0.00%

Ibiden Ord 32,204 0.00%

Imagination Technologies Group Ord 137,690 0.01%

Imperva Ord 1,278 0.00%

Indra Sistemas Ord 854,704 0.03%

Infosys Technology Futures 366 0.00%

Innolux Corp 74 0.00%

Internet I Japan Ord 352 0.00%

Intersil Cl A Ord 5,508 0.00%

Iproperty Group Ord 13,980 0.00%

Isentia Group Ord 10,244 0.00%




134




% of Net Assets



Japan Aviation Ord 5,934 0.00%

Just Eat Ord Wi 137,718 0.01%

Kakaku Com Inc Ord 4,526 0.00%

Kce Elec Nvdr 8,129 0.00%

Keybridge Com Ord A 8,623 0.00%

Klab Ord 34,606 0.00%

Koei Tecmo Hldg Ord 613 0.00%

Konami Holdings Ord 45,054 0.00%

Konica Minolta Ord 3,044 0.00%

Kyocera Ord 8,788 0.00%

Land Mark Ord 36,907 0.00%

Lenovo Group Ord 80,579 0.00%

Lg Display Adr Rep 1/2 Ord 246 0.00%

Lg Display Ord 44,479 0.00%

Lg Innotek Co Ltd 7,069 0.00%

Link Administration Holdings Ord 1 0.00%

Manz Ord 17,494 0.00%

Mastercard Cl A Ord 1,551 0.00%

Mediatek Inc Ord 83,806 0.00%

Micro Focus International Ord 597,392 0.02%

Miteno Tech Ord A 16,757 0.00%

Moneysupermarket.Com Group Ord 205,180 0.01%

Nanya Technology Corp 206 0.00%

Ncsoft Ord 456 0.00%

New Beiyang It Ord A 25,584 0.00%

Niit Ord 24,048 0.00%

Nokia Stk 114,045 0.01%

NTT Data Ord 21,798 0.00%

Oki Elec Ind Ord 24,472 0.00%

Omron Ord 31,295 0.00%

Oracle Ord 2,449 0.00%

Osi Systems Ord 3,667 0.00%

Otsuka Corp Ord 3,381 0.00%

Palo Alto Networks Ord 22,920 0.00%

Paysafe Group Ord 1,057,038 0.05%

Playtech Plc Ord 337,767 0.01%

Polaris Consulting And Serv Ord 1,893 0.00%

Radiant Ord 11,868 0.00%

Rapoo Technology Ord A 30,721 0.00%

Ricoh Ord 12,813 0.00%

Rolls-Royce Holdings Cl C Jan 2016 Ord – 0.00%

Samsung El-Mech 18,049 0.00%

Samsung Sdi Ord 10,560 0.00%




135




% of Net Assets



Sanken Electric Ord 1,484 0.00%

Screen Holdings Ord 1,483 0.00%

Sdg Info Ord A 9,401 0.00%

Seagate Technology Ord 9,469 0.00%

Servicenow Ord 53 0.00%

Shinko Elec Inds Ord 304 0.00%

Siliconware Ord 20,900 0.00%

Silverlake Axis Ord 59 0.00%

Softcat Ord 133,248 0.01%

Sophos Group Ord 36,141 0.00%

Spectris Ord 174,640 0.01%

Synchronoss Technologies Ord 4,065 0.00%

Tata Consultancy Svcs Ltd 1,331 0.00%

Tdk Ord 24 0.00%

Telecity Group Ord 179,274 0.01%

Tencent Ord 11,873 0.00%

Teradata Ord 741 0.00%

Tietoenator Stk 100,878 0.01%

Travelsky Tech Ord H 411 0.00%

Twitter Ord 59,649 0.00%

Twn Semicont Man Ord 2,770 0.00%

Ulvac Inc Ord 23,538 0.00%

Viasat Ord 18,375 0.00%

Viatron Tech Ord 3,140 0.00%

Wellnet Ord 61 0.00%

Wipro Ltd Future 884 0.00%

Wistron Neweb Ord 3,377 0.00%

Worldpay Group Ord 981,304 0.04%

Xurpas Ord 698 0.00%

Yahoo Japan Ord 1,541 0.00%

Yamaichi Eltr Ord 6,778 0.00%

Yaskawa Elec Ord 13,169 0.00%

Yokogawa Elec Ord 149 0.00%


Materials

Acerinox Ord 275,112 0.01%

Adelaide Brighton Ord 4,896 0.00%

Air Liquide Ord 3,396,527 0.14%

Alacer Gold Ord 793 0.00%

Allegheny Technologies Ord 660,906 0.03%

Angang Steel Ord H 2,015 0.00%




136




% of Net Assets



Anglo American Ord 1,149 0.00%

Anglo American Plat Ord 774,526 0.04%

Anhui Conch Ord H 848 0.00%

Antofagasta Ord 1,312,090 0.05%

Arcelormittal Ord 464,974 0.02%

Asahi Kasei Ord 2,075 0.00%

Asian Paint Ltd 957 0.00%

Aurubis Ord 150,779 0.01%

B2gold Ord 6,153 0.00%

Barrick Gold Ord 9,684 0.00%

Basf Se 875,427 0.04%

Bbmg Corp Ord A 688 0.00%

Bbmg Ord H 226 0.00%

Bhp Billiton Ord 19,990 0.00%

Boise Cascade Ord 6,358 0.00%

Boral Ord 17,202 0.00%

Century Aluminum Ord 343,805 0.01%

China Shanshui Cement Group Ltd 5,531 0.00%

China Steel Corp Ord 71,084 0.00%

Chinares Cement Ord 73 0.00%

Cnbm Ord H 18,629 0.00%

Crh Ord 1,493,467 0.06%

Croda International Ord 132,618 0.01%

Daido Steel Ord 2,738 0.00%

Dalmia Bharat Ord 5,956 0.00%

Dinglong Chem Ord A 6,141 0.00%

Dowa Holdings Ord 2,152 0.00%

Duluxgroup Ord 9,477 0.00%

Elementis Ord 57,462 0.00%

Eregli Demir Celik Fabrikalari A Ord 367,874 0.01%

Evolva Hold Ord 14,777 0.00%

Fletcher Building Ord 379 0.00%

Fletcher Building Ord 1,286 0.00%

Formosa Plastics Ord 3,370 0.00%

Hanwha Chemical Ord 14,843 0.00%

Hindalco Industry Ltd Future 2 0.00%

Ibstock Ord 55,464 0.00%

Icl Israel Chemicals Ord 57,347 0.00%

Impala Platinum Ord 1,238,215 0.05%

Incitec Pivot Ord 8,836 0.00%

Indocement Ord 18,266 0.00%

James Hardie Industries Cdi 41,621 0.00%

Jfe Holdings Ord 4 0.00%




137




% of Net Assets



Jsr Ord 1,718 0.00%

Jsw Steel Ltd 11,457 0.00%

K+S N Ord 56,898 0.00%

Kaneka Ord 16,671 0.00%

Kansai Paint Ord 74 0.00%

Kaz Minerals Ord 72,213 0.00%

Kghm Polska Miedz Ord 214,162 0.01%

Kobe Steel Ord 26,475 0.00%

Korea Petro Chem Ord 1,132 0.00%

Kuraray Ord 6,698 0.00%

Lafargeholcim Ltd Ord 477,079 0.02%

Lafargeholcim Ltd Ord 1,579,146 0.06%

Lg Chem Ord 21,591 0.00%

Lg Chem Preference S1 11,909 0.00%

Lundin Mining Corporation Sdb Sdr 37,839 0.00%

Mitsubishi Matls Ord 31,860 0.00%

Mmc Norilsk Nickel Spon Adr Rep Ord 109,217 0.01%

Nippon Soda Ord 11,682 0.00%

Nisshin Steel Ord 5,454 0.00%

Nitto Denko Ord 22,224 0.00%

Novagold Resources Ord 520 0.00%

Np Stl & Smtm Ml Ord 4,551 0.00%

Oci Materials Ord 449 0.00%

Oji Holdings Ord 354 0.00%

Okamoto Inds Ord 49 0.00%

Org Packaging Ord A 2,555 0.00%

Orica Ord 11,400 0.00%

Osaka Titan Tech Ord 158,266 0.01%

Osisko Gold Royalties Ord 242 0.00%

Outokumpu Stk 48,742 0.00%

Oz Minerals Ord 1,853 0.00%

Pact Group Holdings Ltd 1,441 0.00%

Posco Ord 1,102 0.00%

Potash Corp Of Saskatchewan Ord 27,369 0.00%

Public Joint Stock Company Severstal 216,219 0.01%

Rexam Ord 136,261 0.01%

Rio Tinto Ord 118,121 0.01%

Sappi Ord 362,594 0.01%

Semen Indonesia Ord 43 0.00%

Shandong Sinocera Funct Matrl Ord A 9,561 0.00%

Showa Denko Ord 49,692 0.00%

South32 Ord G 27,469 0.00%




138




% of Net Assets



Ssab A Ord 2,939,503 0.12%

Ssab B Ord 68,486 0.00%

St Barbara Ord 19,110 0.00%

Steel Authority 587 0.00%

Stora Enso R Ord 4,963 0.00%

Stora Enso Stk R 43,280 0.00%

Suzano Papel A Prf 960 0.00%

Syrah Resources Ord 11 0.00%

Tata Chemicals Ltd 98 0.00%

Thyssenkrupp Ord 210,570 0.01%

Toho Titanium Ord 34,037 0.00%

Tokuyama Ord 5,009 0.00%

Toray Inds Ord 3,651 0.00%

Ube Industries Ord 11,893 0.00%

Ultra Tech Cement 6,412 0.00%

Upl Ltd Future 270 0.00%

Upm Kymmene Stk 554,912 0.02%

Vedanta Ltd Future 2,363 0.00%

Victrex Ord 1,202 0.00%

Voestalpine Ord 766,193 0.04%

W Scope Ord 15,356 0.00%

Westlake Chem Ord 10,566 0.00%

Yamana Gold Ord 57,127 0.00%


Telecommunication Services

Advanced Info Sv Nvdr 10,663 0.00%

Bharti Infratel 879 0.00%

Bharti Infratel Ord 27,585 0.00%

China Unicom Ord 1,009 0.00%

Chorus Ord 51,757 0.00%

Digi.Com Ord 18,844 0.00%

Dish Tv India Ltd Future 12,294 0.00%

Drillisch Ord 6,753 0.00%

Intouch Hldgs Pub Comp Nvdr 3,051 0.00%

M1 Ord 673 0.00%

M2 Group Ord 95 0.00%

Millicom International Cellular Sdr 190,283 0.01%

NTT Docomo Ord 21,118 0.00%

NTT Ord 905 0.00%

Orange Ord 47,067 0.00%




139




% of Net Assets


Telecommunication Services (Continued)

Philippine Long Distance Telephone Co 2,210 0.00%

Singapore Telecommunications Ord 7,177 0.00%

Smartone Tele Ord 1,210 0.00%

Softbank Group Ord 95,410 0.00%

Spark New Zealand Ltd Ord 1,911 0.00%

Spark New Zealand Ord 791 0.00%

Swisscom N Ord 93,259 0.00%

Talktalk Telecom Group Ord 66,434 0.00%

Telenor Ord 28 0.00%

Time Dotcom Ord 6,167 0.00%

True Corporati Nvdr 971 0.00%

Vocus Communications Ord 31,854 0.00%

Vodafone Group Ord 2,452,355 0.11%


Utilities

AGL Energy Ord 46 0.00%

Apa Group Unt 11,126 0.00%

Ausnet Services 2,296 0.00%

BJ Ent Water Ord 3,911 0.00%

Brookfield Infrastructur Partner Unt 17,178 0.00%

Endesa Ord 146,408 0.01%

Enel Green Power Ord 137,546 0.01%

Enel Ord 4,397 0.00%

Engie Ord 130,616 0.01%

Fortum Stk 1,601,342 0.06%

Gas Natural Ord 743,749 0.02%

Indraprastha Gas Ord 1,292 0.00%

Osaka Gas Ord 21,265 0.00%

P Gas Negara Tbk Ord 401 0.00%

Pennon Group Ord 467,428 0.02%

Power Assets Ord 17,655 0.00%

Reliance Infrastructure 2,856 0.00%

Spark Infrastructure Group Unt 1,035 0.00%

Suez Environnement Ord 57,767 0.00%

Telecom Plus Ord 8,508 0.00%

Tohoku Elec Pwr Ord 21,311 0.00%

Tokyo Elec Pwr Ord 709 0.00%

Tokyo Gas Ord 2,104 0.00%




140



Asset Type Counterparty Fair Value US$

% of Net Assets



United Utilities Group Ord 14 0.00%

Veolia Environnement Ve Ord 8,094 0.00%


Funds

Cs Velocityshrs Dly Inv Vix Shrt Etn 357,064 0.01%

Total Funds 357,064 0.01%


Forward Contracts

EUR–GBP J.P. Morgan 3,891 0.00%

USD–GBP J.P. Morgan 2,231 0.00%

USD–CHF J.P. Morgan – 0.00%

USD–SAR J.P. Morgan 19,513 0.00%

USD–CNH Morgan Stanley 449,037 0.02%

USD–EUR J.P. Morgan – 0.00%


Futures Contracts

Financials

Amsterdam Eoe Stock Index Jan-16 9,332 0.00%

Cac 40 Stock Index - 10 Eur Jan-16 15,476 0.00%

Cboe Volatility Index 1000 (Vix) Feb ‘16 Cbf 343,155 0.02%

Djia Mini (Cbot) Mar-16 2,994 0.00%

E-Mini S&P 500 Stock Index Mar-16 65,910 0.00%

Ftse/Xinhua China A50 Index [Sgx] Jan-16 710 0.00%

Hang Seng China Enterprises Index Jan-16 25,619 0.00%

Hang Seng Index Jan-16 3,099 0.00%

Sgx Cnx Nifty Ets Index Jan-16 1,737 0.00%


Equity Option

Materials

Kenmare Warrant 2019-10-16 29.090 C A J.P. Morgan 44 0.00%

Total Equity Option 44 0.00%




141




% of Net Assets

OTC FX Option

Financials

GBP 2016-06-21 1.4600 P E J.P. Morgan 376,503 0.01%

Total OTC FX Option 376,503 0.01%

Total financial assets at fair value through profit or loss 1,739,536,929 68.86%




142




% of Net Assets



Abercrombie And Fitch Cl A Ord (36,913) (0.00)%

Accor Ord (16,712) (0.00)%

Adastria Ord (3,654) (0.00)%

Adidas N Ord (288,470) (0.02)%

Aimia Ord (853) (0.00)%

Aisin Seiki Ord (64) (0.00)%

Altice Cl A Ord (251,548) (0.01)%

Amer Sports A (3,993) (0.00)%

Anta Sports Products Ltd (768) (0.00)%

Aoyama Trading Ord (2,322) (0.00)%

Apn Outdoor Group Ltd (4,440) (0.00)%

Ardent Leisure Unt (419) (0.00)%

Aristocrat Leisure Ord (12,801) (0.00)%

Astra Intl Ord (33,956) (0.00)%

Axel Springer N Ord (205,795) (0.01)%

B&M European Value Retail Ord (75,154) (0.00)%

Baoxin Auto Ord (10,633) (0.00)%

Basso Indu Ord (421) (0.00)%

Belle Int’l Ord (19,671) (0.00)%

Bmw Ord (13,022) (0.00)%

Borgwarner Ord (20,577) (0.00)%

Bridgestone Ord (15,722) (0.00)%

Brinker International Ord (9,987) (0.00)%

Brunello Cucinel Ord (464) (0.00)%

Byd Company Ord H (1,020) (0.00)%

Canon Marketing Ord (730) (0.00)%

Carnival Adr Rep 1ord (21,608) (0.00)%

Cheng Da Ord A (949) (0.00)%

Chengdu Hongqi Chain Ord A (3,376) (0.00)%

China Dongxiang Ord (95) (0.00)%

Cineworld Group Ord (739) (0.00)%

Compass Group Ord (6,047) (0.00)%

Coway Ord (27,034) (0.00)%

Cuckoo Electr Ord (3,754) (0.00)%

Cyber Agent Ord (28,629) (0.00)%

D R Horton Ord (30,432) (0.00)%

Daihatsu Motor Ord (211,660) (0.01)%

Daily Mail And General Nv Ord (5,143) (0.00)%

Denso Ord (3,503) (0.00)%

Dixons Carphone Ord (214,945) (0.01)%

Dsw Cl A Ord (18,969) (0.00)%

Eclat Textile Co Ltd (8,176) (0.00)%




143


Financial liabilities by sector at fair value through profit or loss (Continued)


% of Net Assets



Eicher Motors Ltd (2,439) (0.00)%

Electrolux B Ord (28,199) (0.00)%

Enterprise Inns Ord (37,230) (0.00)%

Entertainment One Ord (24,334) (0.00)%

Esprit Holdings Ord (2,352) (0.00)%

Feng Tay Enterprises Co Ltd (301) (0.00)%

Fulin Precision Machining Ord A (1,927) (0.00)%

Funai Electric Stk (347) (0.00)%

G8 Education Ord (1,206) (0.00)%

Gac Group Ord H (750) (0.00)%

Galaxy Ent Ord (12) (0.00)%

Garmin Ord (747) (0.00)%

Gd Advertising Ord A (840) (0.00)%

Gildan Activewear A Ord (11,606) (0.00)%

Grandvision Ord (31,875) (0.00)%

Greatwall Motor Ord H (15,774) (0.00)%

Gree Electric Ord A (3,157) (0.00)%

Greene King Ord (20,220) (0.00)%

Gulliver Interna Ord (2,320) (0.00)%

H2o Retailing Ord (8,110) (0.00)%

Halfords Group Ord (84,945) (0.00)%

Harvey Norman Holdings Ord (47,565) (0.00)%

Haseko Ord (2,993) (0.00)%

His Ord (2) (0.00)%

Home Retail Group Ord (17,687) (0.00)%

Hota Ind Ord (17,983) (0.00)%

Hu Lane Ord (224) (0.00)%

Huace Film Ord A (21,478) (0.00)%

Hyundai Dept Ord (9,770) (0.00)%

Hyundai Wia Ord (4,106) (0.00)%

Imperial Ord (59,314) (0.00)%

Informa Ord (27) (0.00)%

Innocean Ord (2,920) (0.00)%

Interparkholding Ord (730) (0.00)%

Intime Ord (329) (0.00)%

Iselect Ord (4,236) (0.00)%

Itc Ltd (1,722) (0.00)%

Jack In The Box Ord (6,724) (0.00)%

Jardine Cycle And Carriage Ord (7,059) (0.00)%

Jb Hi-Fi Ord (26,681) (0.00)%

Jcontentree Ord (456) (0.00)%

Jianghuai Auto Ord A (5,403) (0.00)%




144




% of Net Assets



Jinjiang Hotels Ord H (36) (0.00)%

Jvc Kenwood Ord (2,330) (0.00)%

Kadokawa Dwango Ord (30,429) (0.00)%

Kangwon Land Ordinary (762) (0.00)%

Kasai Kogyo Ord (218) (0.00)%

Kohl’s Ord (78,941) (0.00)%

K’s Holdings Ord (336) (0.00)%

Lao Feng Xiang Ord A (426) (0.00)%

Lg Electronics Ord (39,201) (0.00)%

Li Cheng Enterprise Co Ltd (5,316) (0.00)%

Li Ning Ord (2,792) (0.00)%

Liberty Global Cl C Ord (5,688) (0.00)%

Loncin Motor Ord A (1,291) (0.00)%

Longsheng Auto Parts Ord A (959) (0.00)%

Lotte Himart Ord (1,682) (0.00)%

Lululemon Athletica Ord (122) (0.00)%

Mahindra & Mahindra (169) (0.00)%

Marks And Spencer Group Ord (257,986) (0.01)%

Marui Group Ord (3,857) (0.00)%

Melco Crown Entertain Adr Rep 3 Ord (45,100) (0.00)%

Merlin Entertainments Group Ord (28,589) (0.00)%

Michelin Ord (101,732) (0.01)%

Mitsubishi Motor Ord (586) (0.00)%

Mohawk Industries Ord (5,122) (0.00)%

Momo (784) (0.00)%

Mothercare Ord (7,102) (0.00)%

Mr Price Group Ord (10,331) (0.00)%

Myer Holding Ord (22,681) (0.00)%

Next Ord (103) (0.00)%

Ngk Spark Plug Ord (29,964) (0.00)%

Nissin Kogyo Ord (8,402) (0.00)%

Nojima Ord (11,668) (0.00)%

Nok Ord (118,355) (0.01)%

Numericable Sfr Ord (1,040,978) (0.06)%

Ocado Group Ord (362,816) (0.02)%

Panasonic Ord (379,252) (0.02)%

Peugeot Ord (122,453) (0.01)%

Pioneer Ord (21,863) (0.00)%

Pou Chen Corp Ord (508) (0.00)%

Pressance Ord (724) (0.00)%

Qingdao Haier Co Ltd (2,166) (0.00)%

Rakuten Ord (89,049) (0.00)%




145




% of Net Assets



Ralph Lauren Cl A Ord (998) (0.00)%

Regina Miracle Ord (465) (0.00)%

Relx Ord (78,959) (0.00)%

Restaurant Brands Intrnational Ord (3,421) (0.00)%

Restaurant Group Ord (152) (0.00)%

Royal Caribbean Cruises Ord (851,274) (0.04)%

Royal Holdings Ord (2,486) (0.00)%

Sands China Ltd Ord (2,159) (0.00)%

Seb Ord (13,138) (0.00)%

Septeni Holdings Ord (3,390) (0.00)%

Shimamura Ord (18,704) (0.00)%

Shimano Ord (40,900) (0.00)%

Skyworth Digital Ord (139) (0.00)%

Sonic Ord (6,348) (0.00)%

Sony Ord (12,781) (0.00)%

Sports Direct International Ord (26,838) (0.00)%

Stanley Electric Ord (2) (0.00)%

Start Today Ord (28,404) (0.00)%

Steinhoff International Holding Ord (1,370) (0.00)%

Super Retail Group Ord (14,046) (0.00)%

Supergroup Ord (25,711) (0.00)%

Tabcorp Holdings Ord (76) (0.00)%

Takata Ord (5,012) (0.00)%

Target Ord (2,583) (0.00)%

Tata Motors Dvr A (48) (0.00)%

Tata Motors Ltd (587) (0.00)%

Ted Baker Ord (11,099) (0.00)%

Telenet Group Holding Ord (64,879) (0.00)%

Television Francaise 1 Ord (6,232) (0.00)%

Tesla Motors Ord (4,580) (0.00)%

Texas Roadhouse Ord (22,715) (0.00)%

Titan Industries (766) (0.00)%

Tokai Rika Ord (749) (0.00)%

Tomtom N.V. Ord (876,871) (0.04)%

Toyota Boshoku Ord (4,010) (0.00)%

Toyota Motor Ord (36,167) (0.00)%

Truworths Int Ord (54,842) (0.00)%

Tv & Broadcast Ord A (2,364) (0.00)%

Tvs Motor Company Ltd Future (3,008) (0.00)%

Tyo Broadcast Hd Ord (2) (0.00)%

Ubm Ord (2,518) (0.00)%

Ulta Salon Cosmetics Fragrance Ord (862) (0.00)%




146




% of Net Assets



Unibet Group Sdr (5,478) (0.00)%

Uss Ord (18,338) (0.00)%

Viti Eelectronics (21) (0.00)%

Vivendi Ord (199,604) (0.01)%

Volkswagen Ord (531,725) (0.02)%

Wh Smith Ord (2,209) (0.00)%

Whitbread Ord (430,401) (0.02)%

William Hill Ord (4,984) (0.00)%

Wolters Kluwer C Ord (6,236) (0.00)%

Woolworths Holding Ord (62,417) (0.00)%

Xebio Holdings Ord (812) (0.00)%

Yamada Denki Ord (151,054) (0.01)%

Yamaha Motor Ord (24,664) (0.00)%

Total Consumer Discretionary (8,643,735) (0.34)%

Consumer Staples Ain Holdings Ord (954) (0.00)% Ajanta Pharma Ltd (643) (0.00)% Asahi Group Hldg Ord (28,712) (0.00)% Asaleo Care Ord (9) (0.00)% Associated British Foods Ord (3,774) (0.00)% Aurobindo Pharma (2,410) (0.00)% Avi Ord (118,911) (0.00)% Bailian Ord A (1,987) (0.00)% Bakkafrost Ord (259,085) (0.02)% Barry Callebaut N Ord (78,427) (0.00)% Bellamy’s Australia Ord (44,447) (0.00)% Bgf Retail Ord (14,136) (0.00)% Britannia Industries Ord (22,981) (0.00)% British American Tobacco Ord (174,437) (0.01)% Cadilac Healthcare (4,080) (0.00)% Carlsberg B Ord (46,441) (0.00)% Chelsea Therapeutics Intrntnl Cvr – (0.00)% Chengde Lolo Ord A (1,954) (0.00)% China Agri Ord (2,660) (0.00)% China Res Beer Ord (845) (0.00)% Chlitina Holding Ltd (11,310) (0.00)% Chocoladef. Lindt & Spruengli Par (236,078) (0.02)% Chocoladefabr Lindt&Spruen Ord (58,783) (0.00)% Cj Cheiljedang Ord (508) (0.00)% Coca-Cola East J Ord (3,908) (0.00)% Colruyt (D) Ord (138,484) (0.01)%




147




% of Net Assets



Cosmos Pharm Ord (68,782) (0.00)%

Costa Group Holdings Ord (5,423) (0.00)%

Dabur India Ltd (24) (0.00)%

Dairy Crest Group Ord (86,726) (0.00)%

Dali Foods Group (19,132) (0.00)%

Danone Ord (376) (0.00)%

E-Mart Ord (1,428) (0.00)%

Estee Lauder Cl A Ord (184,030) (0.02)%

Eurocash Ord (81,887) (0.00)%

Familymart Ord (3,167) (0.00)%

First Resources Ltd (1,613) (0.00)%

Gfpt Nvdr (7,458) (0.00)%

Glenmark Pharmaceuticals (102) (0.00)%

Gmr Infrastructure Future (3,758) (0.00)%

Graincorp Ord (10,631) (0.00)%

Greencore Group Ord (86,524) (0.00)%

Gs Retail Ord (5,950) (0.00)%

Hershey Foods Ord (8,104) (0.00)%

Hyundai C&F Ord (5,393) (0.00)%

Imperial Pac Ord (50,255) (0.00)%

Ingredion Ord (818) (0.00)%

Kao Ord (17,387) (0.00)%

Kewpie Ord (4,632) (0.00)%

Kirin Holdings Ord (11,569) (0.00)%

Kusuri No Aoki Ord (311) (0.00)%

Kweichow Moutai Co Ltd (17,690) (0.00)%

Lawson Ord (17,879) (0.00)%

Lion Ord (1,403) (0.00)%

Matsumotokiyoshi Holdings Co Ltd (2,193) (0.00)%

Mead Johnson Nutrition Ord (592) (0.00)%

Mengniu Dairy Ord (8,089) (0.00)%

Metro Ord (384,979) (0.03)%

Nissin Foods Hld Ord (180) (0.00)%

Ontex Group Ord (1,619) (0.00)%

Orion Corp Ord (182) (0.00)%

Pernod Ricard Ord (43,829) (0.00)%

Pigeon Ord (31,757) (0.00)%

Pik N Pay Stores Ord (21,615) (0.00)%

Pnr Foods Ord (7,650) (0.00)%

Pola Orbis Hldg Ord (13,416) (0.00)%

Real Nutri Ord (349) (0.00)%

Sabmiller Ord (17,768) (0.00)%

Select Harvests Ord (1,488) (0.00)%




148




% of Net Assets



Seven & I Hldg Ord (524) (0.00)%

Shiseido Ord (5,684) (0.00)%

Suedzucker Mannheim Ochsenfurt Ord (41,837) (0.00)%

Suntory Beverage Ord (128) (0.00)%

Tate And Lyle Ord (15,766) (0.00)%

Thai Union Gro Nvdr (18,995) (0.00)%

Uni President Ord (113) (0.00)%

Unilever Indon Ord (1,700) (0.00)%

Unione Di Banche Italiane Rts Exp 01/12/16 – (0.00)%

United Spirits Ord (5,583) (0.00)%

Uny Group Hldg Ord (1,919) (0.00)%

Wesfarmers Ord (124,213) (0.00)%

Wh Group Ord (13,353) (0.00)%

Whole Foods Market Ord (69,228) (0.00)%

Woolworths Ord (21,816) (0.00)%

Wuliangye Ord A (10,031) (0.00)%

Wumart Ord H (1,059) (0.00)%

Total Consumer Staples (2,826,071) (0.11)%

Energy

Amec Foster Wheeler Ord (3,412) (0.00)%

Awe Ord (46,496) (0.00)%

Bharat Petroleum (3,609) (0.00)%

Bw Lpg Ord (14,339) (0.00)%

Cefc International Ord (1,089) (0.00)%

China Oilfield Ord H (2,458) (0.00)%

Coal India Future (73) (0.00)%

DNO Ord (921) (0.00)%

Drillsearch Energy Ord (2,694) (0.00)%

Enbridge Income Fund Holdings Cf (6,095) (0.00)%

Energy Transfer Equity Unt (141,487) (0.01)%

Euronav Ord (54,268) (0.00)%

Ezion Holdings Ord (224) (0.00)%

Ezra Holdings Ord (17,249) (0.00)%

Hindustan Petroleum (8,132) (0.00)%

Indian Oil Corporation (54) (0.00)%

Inpex Ord (6,100) (0.00)%

Kunlun Energy Ord (9,530) (0.00)%

Lundin Petroleum Ord (8,835) (0.00)%

Merchants Ship Ord A (5,177) (0.00)%

Mol Hungarian Oil And Gas Ord (31,462) (0.00)%

Neste Oyj (1,584,536) (0.07)%




149




% of Net Assets


Energy (Continued)

Nordic American Tankers Ord (129,246) (0.01)%

Oil & Natural Gas Corp (19) (0.00)%

Oil Search Ord (45,030) (0.00)%

Omv Ord (510,028) (0.02)%

Ophir Energy Ord (13,478) (0.00)%

Origin Energy Ord (20,882) (0.00)%

Paladin Energy Ord (510) (0.00)%

Pbf Energy Cl A Ord (11,230) (0.00)%

Petrochina Ord H (9,390) (0.00)%

Petrofac Ord (187,090) (0.01)%

Petronet Lng Ltd (1,402) (0.00)%

Polski Koncern Naftowy Orlen Ord (159,152) (0.01)%

Royal Dutch Shell Cl A Ord (92,045) (0.00)%

Sanchez Energy Ord (38,944) (0.00)%

Sapura Kencana Ord (10,663) (0.00)%

Showa Shell Ord (2,108) (0.00)%

Sk Innovation Ord (2,177) (0.00)%

Tidewater Ord (1,875) (0.00)%

Tonengeneral Ord (68,541) (0.00)%

Tullow Oil Ord (1,280,021) (0.05)%

Ultra Petroleum Ord (9,973) (0.00)%

Whitehaven Coal Ord (15,430) (0.00)%

Wood Group John Ord (143,986) (0.01)%

Woodside Petroleum Ord (43,337) (0.00)%

Z Energy Ltd (290) (0.00)%

Total Energy (4,745,087) (0.19)%

Financials

3i Group Ord (191,639) (0.01)%

Ace Ord (1,702) (0.00)%

Admiral Group Ord (15,329) (0.00)%

Agile Property Ord (6,276) (0.00)%

Aiful Ord (372) (0.00)%

Alam Sutera Realty (6,161) (0.00)%

Alstria Office Ord (14,907) (0.00)%

Amata Nvdr (14,933) (0.00)%

Amundi Ord (67,484) (0.00)%

Aozora Bank Ord (15,099) (0.00)%

Apamanshop Hldg Ord (373) (0.00)%

Ascendas Unt (2,184) (0.00)%

Ascendas Unt Rgts Exp 01/13/2016 (124) (0.00)%

Australia New Zealand Banking Ord (171) (0.00)%




150




% of Net Assets



Axis Bank Ltd (4,366) (0.00)%

Bajaj Finance Ltd (1,248) (0.00)%

Bank East Asia Ord (307) (0.00)%

Bank Of China Ord H (198) (0.00)%

Bank Of Kyoto Ord (1,361) (0.00)%

Bank Pekao Ord (58,172) (0.00)%

Baoan Real Estate Ord A (11,641) (0.00)%

Barclays Africa Group Ord (198,015) (0.01)%

Barclays Ord (506,397) (0.02)%

Berkshire Hathway Cl B Ord (993) (0.00)%

Blackstone Group Unt (295) (0.00)%

Bnk Central Asia Stk (3) (0.00)%

Bnp Paribas Ord (1,184,835) (0.07)%

Boardwalk Real Estate Investment Unt (8,534) (0.00)%

Boc Hong Kong Ord (15,219) (0.00)%

Brcl Bk Ipth S&P 500 Vix Sh Ftrs Etn (55,681) (0.00)%

Canara Bank Ltd (5,187) (0.00)%

Capital & Counties Properties Plc (39,147) (0.00)%

Capital & Counties Properties Reit (145,137) (0.01)%

Capitaland Mall Trust Unt (8,972) (0.00)%

Ccb Ord H (8,983) (0.00)%

Challenger Ord (50,496) (0.00)%

China Jinmao Ord (5,624) (0.00)%

China Life Ord H (24,627) (0.00)%

China Merchants Bank Co Ltd (534) (0.00)%

China Ovs Ppt Ord (5,105) (0.00)%

China Pacific Insurance Group Co Ltd (7,243) (0.00)%

China Taiping Ord (12,656) (0.00)%

Cimb Group Holdings Ord (177) (0.00)%

Cn Ping An Ord A (1,578) (0.00)%

Cofco Property Ord A (4,554) (0.00)%

Commonwealth Bank Of Australia Ord (150,403) (0.01)%

Coronat Ord (118,772) (0.00)%

Country Garden Holdings Company Ltd (23,365) (0.00)%

Cqrc Bank Ord H (4,981) (0.00)%

Cs Group Ag N Ord (766,291) (0.04)%

Daewoo Sec Ord (18,276) (0.00)%

Dah Sing Ord (8,405) (0.00)%

Dai-Ichi Life Ord (123,965) (0.01)%

Daiwa House Ord (8,626) (0.00)%

Daiwa Securities Group Ord (108,981) (0.00)%

Dbs Group Holdings Ord (9,291) (0.00)%

Deutsche Bank N Ord (114,556) (0.00)%




151




% of Net Assets



Deutsche Wohnen Ord (23,515) (0.00)%

Dexus Property Reits (20) (0.00)%

Direct Line Insurance Group Ord (1,721) (0.00)%

Discovery Ord (6,303) (0.00)%

Douglas Emmett Reit (3,547) (0.00)%

E.S.F.H Ord (167) (0.00)%

Equinix Reit (64,228) (0.00)%

Erste Group Bank Ord (40,213) (0.00)%

Evergrande Ord (427) (0.00)%

Fe Horizon Ord (12,359) (0.00)%

Federal Bank Ltd (426) (0.00)%

Federal Reit (19,366) (0.00)%

Financial St Ord A (192) (0.00)%

Finecobank Banca Fineco Spa (240,445) (0.01)%

First American Financial Ord (185) (0.00)%

Firstrand Ord (493,214) (0.02)%

Fonciere Des Regions Reit (2,343) (0.00)%

Gam N Ord (25,542) (0.00)%

Gecina Reit (30,726) (0.00)%

Genworth Mortgage Insurance Aus Ord (65,483) (0.00)%

Global Logistic Properties Ord (37) (0.00)%

Gpt Group Unt (9,434) (0.00)%

Grand City Properties Ord (221,081) (0.01)%

Great Portland Estates Reit (58,179) (0.00)%

Growthpoint Unt (41,726) (0.00)%

Hang Lung Group Ord (23,059) (0.00)%

Hargreaves Lansdown Ord (23,996) (0.00)%

Hastings Group Holdings Ord (139) (0.00)%

Hcp Reit (147,255) (0.01)%

Heiwa R Est Ord (8,662) (0.00)%

Henderson Ord (890) (0.00)%

Hong Leong Bank Ord (3,439) (0.00)%

Hsbc Holdings Ord (157,421) (0.01)%

Hsbc Holdings Plc (3,177) (0.00)%

Huaye Ord A (4,292) (0.00)%

Ibk Ord (6,709) (0.00)%

Icbc Ord H (5,541) (0.00)%

Icici Bank Ltd (339) (0.00)%

Indiabulls Housing Finance Ltd (808) (0.00)%

Indiabulls Real Estate Ltd (1,554) (0.00)%

Indusind Bank Future (6,330) (0.00)%

Insurance Australia Group Ord (3,558) (0.00)%

Investa Office Reit (2,147) (0.00)%




152




% of Net Assets



Investec Ord (95,672) (0.00)%

Invincible Inves Reit (445) (0.00)%

Jafco Ord (6,767) (0.00)%

Japan Real Estat Reit (9) (0.00)%

Jsc Vtb Bank Gdr (946) (0.00)%

Kasikornbank Nvdr (23,178) (0.00)%

KB Fgi Ord (26,972) (0.00)%

Kenedix Ord (42,455) (0.00)%

Kenedix Retail Reit Ord (116) (0.00)%

Kospi 200 Index Future (54,065) (0.00)%

Kotak Mahindra Bank (1,046) (0.00)%

Kwg Property Ord (13) (0.00)%

Land & House Nvdr (5,973) (0.00)%

Land Securities Group Reit Ord (192,696) (0.01)%

Leg Immobilien N Ord (234,839) (0.01)%

Legal And General Group Ord (184,938) (0.01)%

Leopalace21 Ord (4,410) (0.00)%

Liberty Holding Ord (43,669) (0.00)%

Liontrust Asset Management Ord (2,373) (0.00)%

Lloyds Banking Group Ord (4,351) (0.00)%

Lyxor Cac 40 Etf (16,336) (0.00)%

Matsui Sec Ord (6,888) (0.00)%

Meritz Fire Ins Ord (2,096) (0.00)%

Meritz Sec Ord (28,566) (0.00)%

Mirae Asset Sec Ord (492) (0.00)%

Mitsub Ufj Fg Ord (78,646) (0.00)%

Mitsui Fudosan Ord (77,874) (0.00)%

Mmi Hldg Ltd (1,206) (0.00)%

Mori Hills Reit (26) (0.00)%

National Retail Properties Reit (11,494) (0.00)%

Nci Ord H (3,266) (0.00)%

Nedbank Ord (815,124) (0.04)%

New World Dev Ord (44) (0.00)%

Nhinves&Secur Ord (2,495) (0.00)%

Nippon Build Fun Reit Ord (975) (0.00)%

Nomura Holdings Ord (351) (0.00)%

Nomura Real Mf Reit Ord (30) (0.00)%

Nordea Bank Dr (642) (0.00)%

NTT Urban Dev Ord (288) (0.00)%

Och Ziff Capt Management Gp Cl A Ord (207,006) (0.01)%

Okasan Sec Group Ord (2,890) (0.00)%

Old Mutual Ord (360,211) (0.02)%




153




% of Net Assets



Open House Ord (2,118) (0.00)%

Otp Bank Ord (160,449) (0.01)%

Ozforex Group Ord (5,740) (0.00)%

Paragon Group Of Companies Ord (123,139) (0.01)%

Permanent Tsb Group Holdings Ord (11,109) (0.00)%

Phoenix Group Holdings Ord (13,767) (0.00)%

Picc Group Ord H (3,726) (0.00)%

Picc P&C Ord H (9,940) (0.00)%

Ping An Bank Ord A (68) (0.00)%

Ping An Ord H (928) (0.00)%

Power Finance Corp Future (276) (0.00)%

Powszechny Zaklad Ubezpieczen Sa (680,378) (0.04)%

Prudential Ord (105,650) (0.00)%

Public Bank Ord (94) (0.00)%

R&F Properties Ord H (30,501) (0.00)%

Raiffeisen Bank International Ord (33,809) (0.00)%

Rand Merchant Insurance Ord (131,031) (0.01)%

Reliance Capital Future (7,710) (0.00)%

Royal Bank Of Scotland Group Ord (273,253) (0.01)%

Ruentex Development Co Ltd (6,457) (0.00)%

Samsung Life Ord (443) (0.00)%

Savills Reit (1,756) (0.00)%

Scentre Group Ord (5,428) (0.00)%

Se Banken A Ord (61) (0.00)%

Shinhan Financ Ord (30,976) (0.00)%

Shk Ppt Ord (25,045) (0.00)%

Shriram Transport (164) (0.00)%

Shui On Land Ord (3,306) (0.00)%

Singapore Exchange Ord (1,206) (0.00)%

Sino Land Ord (2,023) (0.00)%

Sino-Ocean Land Ord (1) (0.00)%

Smfg Ord (85,165) (0.00)%

Source Ftse 250 Ucits Etf (20,920) (0.00)%

Src Sx Opt Auto Etf (3,726) (0.00)%

Src Sx Opt Bank Etf (13,488) (0.00)%

Src Sx Opt Chem Etf (3,384) (0.00)%

Src Sx Opt Hc Etf (16,904) (0.00)%

Src Sx Opt O&G Etf (13,384) (0.00)%

Src Sx Opt Rsrc Etf (36,875) (0.00)%

Src Sx Opt Tech Etf (11,247) (0.00)%

Src Sx Opt Trav Etf (3,881) (0.00)%




154




% of Net Assets



St Modwen Properties Reit (50,159) (0.00)%

St Paul Travlrs Ordinary (15) (0.00)%

St.James’s Place Ord (326,687) (0.01)%

Standard Bank Ord (304,486) (0.01)%

State Bank India (11,751) (0.00)%

State Bank Of India Ord (14,190) (0.00)%

Sumitomo Mitsui Ord (6,796) (0.00)%

Sumitomo Realty Ord (122,510) (0.01)%

Sundy Land Investment Ord A (5,542) (0.00)%

Suntec Unt (441) (0.00)%

Suruga Bank Ord (3,114) (0.00)%

Swiss Life Hldg N Ord (55,421) (0.00)%

Swiss Prime Site N Ord (5,168) (0.00)%

T&D Holdings Inc Ord (5,067) (0.00)%

Takara Leben Ord (412) (0.00)%

Tmb Bank Nvdr (23,821) (0.00)%

Tokyo Tatemono Ord (694) (0.00)%

Tokyu Fudosan Hd Ord (9,595) (0.00)%

Turkiye Vakiflar Bankasi Tao A Ord (30,295) (0.00)%

Ubs Group N Ord (153,099) (0.01)%

Unibail Rodamco Reit (881) (0.00)%

Unite Group Reit (9,761) (0.00)%

United Overseas Bank Ord (1,268) (0.00)%

United Urban Inv Reit (60) (0.00)%

Uol Group Ord (362) (0.00)%

Vicinity Centres Res (162) (0.00)%

Walter Investment Management Ord (4,907) (0.00)%

Washington Reit (2,678) (0.00)%

Westfield Corporation Unt (4,910) (0.00)%

Woori Bank Ord (357) (0.00)%

Yes Bank Ltd (9,042) (0.00)%

Yuanta Fhc Ord (1,938) (0.00)%

Zenkoku Hosho Ord (908) (0.00)%

Total Financials (11,508,048) (0.46)%

Health Care

3sbio Inc (4,581) (0.00)%

Ablynx Ord (11,264) (0.00)%

Aetna Ord (35,888) (0.00)%

Agios Pharmaceuticals Ord (2,407) (0.00)%




155




% of Net Assets



Al Noor Hospital Grp Wi (61,183) (0.00)%

Alexion Pharmaceuticals Ord (11,367) (0.00)%

Amn Healthcare Ord (24,366) (0.00)%

Anthem Ord (137,238) (0.01)%

Applied Genetic Technologies Ord (5,981) (0.00)%

Aska Pharma Ord (4,546) (0.00)%

Aspen Ord (12,324) (0.00)%

Astrazeneca Ord (896,486) (0.04)%

Atara Biotherapeutics Ord (13,904) (0.00)%

Bellicum Pharmaceuticals Ord (2,996) (0.00)%

Blueprint Medicines Ord (5,348) (0.00)%

Btg Ord (23,604) (0.00)%

Bumrungrad Hosp Nvdr (5,925) (0.00)%

Cadila Healthcare Ord (29,986) (0.00)%

Centene Ord (2,359) (0.00)%

Cerner Ord (12,126) (0.00)%

China Biologic Products Ord (28,549) (0.00)%

Chugai Pharm Ord (5,004) (0.00)%

Coherus Biosciences Ord (1,558) (0.00)%

Collegium Pharmaceutical Ord (3,184) (0.00)%

Coloplast B Ord (69,344) (0.00)%

Concordia Healthcare Ord (9,050) (0.00)%

Csl Ltd (68,092) (0.00)%

Dbv Technologies Adr Rep 0.5 Ord (1,322) (0.00)%

Dermira Ord (20,908) (0.00)%

Dong-A St Ord (1,355) (0.00)%

Elekta B Ord (1,267,659) (0.06)%

Erytech Pharma Ord (3,956) (0.00)%

Fibrogen Inc (6,478) (0.00)%

Fresenius Medical Care Ord (94,462) (0.00)%

Fresenius Ord (499,499) (0.02)%

Galapagos Ord (282,464) (0.01)%

Galenica Ag (1,349,567) (0.06)%

Genmab Ord (642,362) (0.03)%

Hangzhou Tigermed Consulting Ord A (73) (0.00)%

Hanmi Pharm Ord (1,620) (0.00)%

Hanmi Science Ord (180) (0.00)%

Hengrui Medi Ord A (4,235) (0.00)%

Hisamitsu Pharm Ord (5,096) (0.00)%

Hoya Ord (2,467) (0.00)%

Jcr Pharmaceutic Ord (142) (0.00)%

Jeol Ord (402) (0.00)%




156




% of Net Assets



Korian Ord (67,388) (0.00)%

Kyorin Holdings Ord (1,480) (0.00)%

M3 Ord (56,558) (0.00)%

Mallinckrodt Ord (65,924) (0.00)%

Mediclinic International Ord (208,422) (0.01)%

Message Co Ltd Ord (969) (0.00)%

Mitsub Tanabe Ord (24) (0.00)%

Nantkwest Ord (8,405) (0.00)%

Netcare Ord (526,796) (0.02)%

Nichi-Iko Pharm Ord (385) (0.00)%

Nihon Kohden Ord (1,685) (0.00)%

Nippon Shinyaku Ord (6,944) (0.00)%

Novo Nordisk B Ord (272,133) (0.01)%

Olympus Corp Ord (300) (0.00)%

Phoenixhealth Ord (20,086) (0.00)%

Pronai Therapeutics Ord (767) (0.00)%

Qiagen Ord (3,187) (0.00)%

Raffles Medical Group Ord (2,396) (0.00)%

Ramsay Health Care Ord (30,108) (0.00)%

Regis Healthcare Ltd (3,044) (0.00)%

Sanofi Ord (1,831,561) (0.08)%

Sarepta Therapeutics Ord (101,833) (0.00)%

Seegene Ord (1,513) (0.00)%

Shionogi Ord (10) (0.00)%

Sihuan Pharm Ord (131,357) (0.01)%

Sosei Group Ord (1,459) (0.00)%

Spark Therapeutics Ord (5,192) (0.00)%

Spire Healthcare Group Ord (4,655) (0.00)%

Stada Arznei N Ord (547,467) (0.02)%

Teligent Ord (380) (0.00)%

Terumo Ord (12,075) (0.00)%

Tesaro Ord (13,076) (0.00)%

Toho Holdings Ord (57,184) (0.00)%

Trevena Inc (2,985) (0.00)%

Tsumura Ord (15,179) (0.00)%

Ucb Ord (181,758) (0.01)%

Uniqure Ord (1,962) (0.00)%

Vitae Pharmaceuticals Ord (5,215) (0.00)%

Vital Therapies Inc (6,883) (0.00)%

Weigao Group Ord H (3,090) (0.00)%

William Demant Ord (3,307) (0.00)%

Xbiotech Ord (1,331) (0.00)%




157




% of Net Assets



Yuhan Ord (25,159) (0.00)%

Zogenix Ord (4,772) (0.00)%

Total Health Care (9,909,311) (0.39)%

Industrials

A P Moller Maersk A Ord (1,896) (0.00)%

Abertis Infraestructuras Ord (646,189) (0.04)%

Acc Ltd Future (2,760) (0.00)%

Aena Ord (148,799) (0.01)%

Aero Engine Ctrl Ord A (93) (0.00)%

Als Ord (306) (0.00)%

Amada Holdings Ord (10,884) (0.00)%

Asciano Ord (2,362) (0.00)%

Astaldi Ord (78,961) (0.00)%

Auckland International Airport Ord (2,098) (0.00)%

Balfour Beatty Ord (10,067) (0.00)%

Bba Aviation Ord (77,783) (0.00)%

Beijing Ent Ord (71) (0.00)%

Bellsystem24 Hld Ord (1,546) (0.00)%

Bharat Heavy Electricals Future (3,031) (0.00)%

Bilfinger Ord (750,756) (0.04)%

Black Diamond Group Ord (315) (0.00)%

Boskalis Westmin C Ord (7,397) (0.00)%

Brambles Ord (86,150) (0.00)%

Broadspectrum Ord (8) (0.00)%

Bts Group Nvdr (4,539) (0.00)%

Byucksan Ord (2,334) (0.00)%

C Transmission Ord (1,906) (0.00)%

Cae Ord (34,821) (0.00)%

Cahya Mata Sarawak Ord (5,706) (0.00)%

Caterpillar Ord (92,302) (0.00)%

Cathay Pac Air Ord (3,442) (0.00)%

Centre Testing Ord A (17,866) (0.00)%

China Comm Cons Ord H (24,981) (0.00)%

China Rail Cons Ord H (16,888) (0.00)%

China South Air Ord H (17,492) (0.00)%

China State Con Ord (13,898) (0.00)%

Cimic Ord (19,751) (0.00)%

Citic Enviro Ord (4,898) (0.00)%

Cj Corp Ord (1,095) (0.00)%

Compagnie De Saint Gobain Ord (11,835) (0.00)%




158




% of Net Assets



Costain Ord (11,085) (0.00)%

Crrc Ord H (3,097) (0.00)%

Ctci Corp Ord (1,057) (0.00)%

Daifuku Ord (44) (0.00)%

Daiho Ord (726) (0.00)%

Dcc Ord (15,513) (0.00)%

Deutsche Lufthansa Ord (486,018) (0.02)%

Dmg Mori Ord (70,615) (0.00)%

Dmg Mori Seiki Ord (2,046) (0.00)%

Doosan Ord (346) (0.00)%

Dover Ord (3,986) (0.00)%

East Japan Ry Ord (1,610) (0.00)%

Easyjet Ord (629,199) (0.04)%

Ebara Ord (126) (0.00)%

Eiffage Ord (281,894) (0.01)%

Eva Airways Corp Ord (72) (0.00)%

Fanuc Ord (2,993) (0.00)%

Finning International Ord (17,892) (0.00)%

Flughafen Zuerich Ord (103,696) (0.00)%

Fosun Intl Ord (282) (0.00)%

Fraport Ord (94,583) (0.00)%

Ft Ene Ord (4,424) (0.00)%

Fujikura Ord (119) (0.00)%

Fullcast Hldg Ord (5,763) (0.00)%

G4s Ord (46,766) (0.00)%

Gamesa Corporacion Tecnologica Ord (338,007) (0.01)%

Gamuda Ord (87) (0.00)%

Gati Ord (3,913) (0.00)%

Geberit N Ord (22,918) (0.00)%

General Electric Ord (61,739) (0.00)%

Greenbrier Ord (8,929) (0.00)%

Groupe Eurotunnel Ord (1,422) (0.00)%

Gs Yuasa Corp Ord (8,219) (0.00)%

Halcyon Agri Ord (725) (0.00)%

Hanjin Trans Ord (16,130) (0.00)%

Hanwa Ord (19,804) (0.00)%

Havells India Ord (52) (0.00)%

Hays Ord (44,643) (0.00)%

Hino Motors Ord (210) (0.00)%

Hitachi Zosen Ord (2,583) (0.00)%

Honeywell International Ord (1,169) (0.00)%




159




% of Net Assets



Hoshizaki Elec Ord (343) (0.00)%

Hyundai Dvlp Ord (41,764) (0.00)%

IHI Ord (25,611) (0.00)%

IJM Ord (1,402) (0.00)%

Ingersoll Rand Ord (1,349) (0.00)%

Iss A/S Ord (115,525) (0.01)%

Japan Airlines Ord (25,080) (0.00)%

Jardine Strat (380) (0.00)%

JGC Ord (1,330) (0.00)%

John Laing Group Ord (757) (0.00)%

Jtekt Ord (19) (0.00)%

Jx Sp Elec Motor Ord A (3,944) (0.00)%

Kajima Ord (3,537) (0.00)%

Kamigumi Ord (309) (0.00)%

Kawasaki Kisen Ord (6,137) (0.00)%

Kcc Ordinary (17,909) (0.00)%

Kepco Plant S&E Ord (12,523) (0.00)%

King Long Moto Ord A (12) (0.00)%

Kingspan Group Ord (10,020) (0.00)%

Kintetsu Group H Ord (4,409) (0.00)%

Kone Corporation (222,749) (0.01)%

Konecranes Plc (15,070) (0.00)%

Korean Air Line Ord (19) (0.00)%

Kuehne & Nagel Ord (35,419) (0.00)%

Kumagai Gumi Ord (7,752) (0.00)%

Kurita Water Ord (41,896) (0.00)%

Landstar System Ord (33,989) (0.00)%

Legrand Ord (838,917) (0.04)%

Lg International Ord (449) (0.00)%

Luxshare Precision Ord A (178) (0.00)%

Macdonald Dettwiler And Asscts Ord (1,476) (0.00)%

Macquarie Atlas Roads Group Unt (6,723) (0.00)%

Maeda Ord (9,820) (0.00)%

Makino Milling Ord (14,276) (0.00)%

Makita Ord (2,074) (0.00)%

Meitec Ord (1,130) (0.00)%

Melrose Industries Ord (208,384) (0.01)%

Michael Page International Ord (4,938) (0.00)%

Minebea Ord (103,586) (0.00)%

Misumi Group Ord (4,959) (0.00)%

Mitie Group Ord (57,666) (0.00)%

Mitsubishi Elec Ord (1,388) (0.00)%




160




% of Net Assets



Mitsubishi Heavy Ord (36,007) (0.00)%

Mitsubishi Ord (381) (0.00)%

Mitsui Osk Lines Ord (9,078) (0.00)%

Monadelphous Group Ord (688) (0.00)%

Monotaro Ord (683) (0.00)%

Mtr Corporation Ord (1,232) (0.00)%

Navistar International Ord (25,335) (0.00)%

Neptune Orient Lines Ord (1,840) (0.00)%

Nexans Ord (74,852) (0.00)%

Ngk Insulators Ord (163) (0.00)%

Nibe Industrier B Ord (2,695) (0.00)%

Nielsen Holdings Ord (3,862) (0.00)%

Nishi Nip Rr Ord (1,533) (0.00)%

Nissha Printing Ord (1,577) (0.00)%

Nittobo Ord (7,254) (0.00)%

Nsk Ord (37) (0.00)%

Ntn Ord (39,795) (0.00)%

Obayashi Ord (1,470) (0.00)%

Oc Oerlikon Ord (7,703) (0.00)%

Ooil Ord (189) (0.00)%

Osg Ord (1,539) (0.00)%

Outsourcing Ord (5,612) (0.00)%

Pilot Corp Ord (1,178) (0.00)%

Postnl Ord (1,510,242) (0.08)%

Programmed Maintenance Services Ord (647) (0.00)%

Prosegur Compania De Seguridad Ord (264) (0.00)%

Prysmian Ord (142,168) (0.01)%

Qiangsheng Ord A (8,742) (0.00)%

Raito Kogyo Ord (2,937) (0.00)%

Randstad Ord (222,424) (0.01)%

Recall Holdings Ord (702) (0.00)%

Recruit Holdings Co Ltd (17,867) (0.00)%

Regus Ord (14,158) (0.00)%

Rexel Ord (16,990) (0.00)%

Rheinmetall Ord (334,202) (0.01)%

Rizhao Port Ord A (7) (0.00)%

Rotork Ord (53,405) (0.00)%

Royal Mail Ord (185,123) (0.01)%

S-1 Ord (1,041) (0.00)%

Safran Ord (1,311,675) (0.07)%

Sats (1,258) (0.00)%




161




% of Net Assets



Secom Ord (11,014) (0.00)%

Securitas B Ord (23,797) (0.00)%

Seek Ord (55,305) (0.00)%

Seino Hldg Ord (22,912) (0.00)%

Senior Ord (2,844) (0.00)%

Serco Group Ord (332,564) (0.01)%

Seven Group Holdings Ord (1,786) (0.00)%

Sh Electric Ord H (24,587) (0.00)%

Siemens India Ltd (155) (0.00)%

Singapore Post Ltd (947) (0.00)%

Singapore Technologies Eng Ord (29) (0.00)%

Sinopec Seg Ord H (2) (0.00)%

Sino-Thai Engi Nvdr (3,333) (0.00)%

Sinotrans Ord H (1,807) (0.00)%

Sk Holdings Ord (15,091) (0.00)%

Sk Networks Ordinary (9,740) (0.00)%

Skanska B Ord (2,792) (0.00)%

Sojitz Ord (803) (0.00)%

Spirit Aerosystems Cl A Ord (2,703) (0.00)%

Stagecoach Group Ord (866) (0.00)%

Suzlon Energy Ord (8,407) (0.00)%

Sydney Airport Unt (8,182) (0.00)%

Sz Airport Ord A (10,416) (0.00)%

Takeuchi Mfg Ord (5,547) (0.00)%

Taser International Ord (2,359) (0.00)%

Teleperformance Ord (1,812) (0.00)%

Temp Holdings Ord (12,827) (0.00)%

Thk Ord (21,730) (0.00)%

Tkh Group Nv Ord (8,820) (0.00)%

Tokyu Const Ord (1,422) (0.00)%

Toto Ord (26,265) (0.00)%

Transurban Group Ord (13,544) (0.00)%

Travis Perkins Ord (23,631) (0.00)%

Ultra Electronics Holdings Ord (109) (0.00)%

Vallourec Ord (13,896) (0.00)%

Valmet Ord (26,105) (0.00)%

Voltas Ltd Future (641) (0.00)%

Voltronic Power Technology Corp (581) (0.00)%

Vossloh Ord (1,765) (0.00)%

Wijaya Karya Ord (10,956) (0.00)%

Yangzijiang Shipbldg Holdings Ord (211) (0.00)%

Yumeshin Holding Ord (4,962) (0.00)%




162




% of Net Assets



Zhejiang Express Ord H (7,627) (0.00)%

Zhongchao Hold Ord A (79) (0.00)%

Zoomlion Ord H (3,722) (0.00)%

Total Industrials (11,082,194) (0.44)%


Advanced Semiconductor Engineering Inc (12,005) (0.00)%

Ai Holdings Ord (4,340) (0.00)%

Avago Technologies Ord (45,280) (0.00)%

Avg Technologies Ord (3,672) (0.00)%

Capcom Ord (701) (0.00)%

Catcher Tech Ord (177,483) (0.02)%

Chennai Super Kings Cricket Ord (9) (0.00)%

Cisco Systems Ord (7,113) (0.00)%

Cmk Ord (1,231) (0.00)%

Colopl Ord (24,357) (0.00)%

Compeq Mftg Ord (2,217) (0.00)%

Computershare Ord (3,410) (0.00)%

Corning Ord (6,669) (0.00)%

Crooz Ord (11,566) (0.00)%

Dahua Tech Ord A (283) (0.00)%

Dawn Info Indus Ord A (4,751) (0.00)%

Deren Electronic Ord A (3,617) (0.00)%

Dip Corp Ord (1,534) (0.00)%

Doubleu Games Co Ltd (1,861) (0.00)%

Dts Corp Ord (1,706) (0.00)%

East Money Info Ord A (21,049) (0.00)%

Elite Matl Ord (32,726) (0.00)%

Epistar Corp Ord (29) (0.00)%

Ericsson Adr B (15,835) (0.00)%

F-Gis Ord (53,424) (0.00)%

Fih Ord (17) (0.00)%

Fuji Soft Ord (262) (0.00)%

Fujifilm Holding Ord (2,212) (0.00)%

Fujitsu Ord (122,510) (0.01)%

Gcl-Poly Energy Ord (28,044) (0.00)%

Gft Technologies Ord (3,484) (0.00)%

Global Payments Ord (207) (0.00)%

Globetronics Technology Ord (509) (0.00)%

Gmo Internet Ord (15,163) (0.00)%




163




% of Net Assets



Gree Ord (4,192) (0.00)%

Green Energy Ord (415) (0.00)%

Hcl Technologies (484) (0.00)%

Hermes Ord (1,193) (0.00)%

Hexagon B Ord (25,036) (0.00)%

Hexin Royalflush Info Ord A (2,384) (0.00)%

Hik Vision Digi Ord A (4,882) (0.00)%

Hirose Electric Ord (797) (0.00)%

Hitachi High Tec Ord (2,652) (0.00)%

Hitachi Ord (29,044) (0.00)%

Hon Hai Ind Ord (2,721) (0.00)%

Htc Corp Ord (70,228) (0.00)%

Infineon Technologies N Ord (2,070,794) (0.09)%

Infomart Ord (703) (0.00)%

Infosys Adr Rep One Ord (14,703) (0.00)%

Ingenico Ord Group (653,496) (0.04)%

Inotera Memo Ord (6,019) (0.00)%

International Business Machines Ord (4,147) (0.00)%

Inventec Corp Ord (2,100) (0.00)%

Iress Ord (4,356) (0.00)%

Iriso Electronic Ord (4,930) (0.00)%

Istyle Ord (7,311) (0.00)%

Itochu Tech-Solu Ord (134) (0.00)%

Japan Display Ord (5,767) (0.00)%

Keyence Ord (28,714) (0.00)%

Kinaxis Ord (2,554) (0.00)%

King Yuan Elec Ord (2,258) (0.00)%

Kingdee Intl Ord (25,288) (0.00)%

Kinsus Ord (787) (0.00)%

Largan Precision Ord (219) (0.00)%

Mail.Ru Group Ltd (2,471) (0.00)%

Maxim Integrated Products Ord (7,817) (0.00)%

Mitsumi Electric Ord (43,249) (0.00)%

Mixi Ord (1,118) (0.00)%

Morpho Ord (3,075) (0.00)%

Motech Industries Inc (2,038) (0.00)%

Mts Systems Ord (7,299) (0.00)%

Murata Mfg Ord (3,830) (0.00)%

Nanya Technology Corp (23) (0.00)%

Nec N & S Integ Ord (753) (0.00)%

Nec Ord (13,007) (0.00)%

Nhn Entertain Ord (982) (0.00)%




164




% of Net Assets



Nintendo Ord (3,762) (0.00)%

Nippon Elec Glas Ord (75,103) (0.00)%

Nomura Research Ord (3,223) (0.00)%

Novatek Microele Ord (8,599) (0.00)%

Obic Business Ord (4,724) (0.00)%

Oracle Jpn Ord (775) (0.00)%

Pace Ord (3,472) (0.00)%

Pax Global Ord (78,742) (0.01)%

Pegatron Corp (68,203) (0.00)%

Primax Electronics Ltd (668) (0.00)%

Realtek Semicon Ord (7,042) (0.00)%

Rec Silicon Ord (38,451) (0.00)%

Rocket Internet Ord (22,319) (0.00)%

Sage Group Ord (12,651) (0.00)%

Samsung Elec Preference S1 (23,558) (0.00)%

Samsung Electr Ord (38,916) (0.00)%

Samsung Electronics Reg S Gdr (47,892) (0.00)%

Sap Ord (8,041) (0.00)%

Scsk Ord (318) (0.00)%

Seiko Epson Ord (3,845) (0.00)%

Seoul Semicon Ord (6,662) (0.00)%

Sk Hynix Ord (12,848) (0.00)%

Smic Ord (15,429) (0.00)%

Sourcenext Ord (905) (0.00)%

Splunk Ord (42,464) (0.00)%

Square Enix Hldg Ord (796) (0.00)%

Stmicroelectronics Ord (34,463) (0.00)%

Stmicroelectronics Ord (12,888) (0.00)%

Sumco Ord (2,169) (0.00)%

Symantec Ord (19,202) (0.00)%

Tech Mahindra (677) (0.00)%

Tokyo Electron Ord (315) (0.00)%

Topcon Ord (11,300) (0.00)%

Topoint Tech Ord (14,506) (0.00)%

Towa Ord (527) (0.00)%

Trend Micro Ord (57,832) (0.00)%

Truecar Ord (23,574) (0.00)%

Ubic Ord (61) (0.00)%

Ubiquiti Networks Ord (2,113) (0.00)%

U-Blox N Ord (28,550) (0.00)%

United Microelectronics Corp (2,128) (0.00)%

Universal Display Ord (27,429) (0.00)%

V Technology Ord (12,594) (0.00)%




165




% of Net Assets



Wistron Corp (198) (0.00)%

Xinyi Solar Ord (7,858) (0.00)%

Yelp Cl A Ord (82,590) (0.01)%

Yonyou Software Ord A (11,821) (0.00)%

Zhen Ding Technology Holding Ltd (26,482) (0.00)%

Zte Ord H (818) (0.00)%

Total Information Technology (4,582,749) (0.18)%

Materials

Alumina Ord (7,805) (0.00)%

Amcor Ord (218) (0.00)%

Anglo American Ord (138,468) (0.01)%

Anglogold Ord (7,919) (0.00)%

Anhui Conch Ord A (2,422) (0.00)%

Arcelormittal Ord (68,288) (0.00)%

Arkema Ord (71,493) (0.00)%

Ball Ord (61,616) (0.00)%

Bekaert (D) Ord (83,510) (0.00)%

Bhp Billiton Ord (14,270) (0.00)%

Bhp Billiton Ord (151,725) (0.01)%

Bluescope Steel Ord (92,080) (0.00)%

Chinahongqiao Ord (799) (0.00)%

Chr Hansen Holding Ord (13,196) (0.00)%

Csr Ord (48,282) (0.00)%

Daicel Ord (1,047) (0.00)%

Daio Paper Ord (4,337) (0.00)%

Denka Ord (2,809) (0.00)%

Dic Ord (5,294) (0.00)%

Enf Technology Ord (8,696) (0.00)%

Essentra Ord (2,505) (0.00)%

Evolution Mining Ord (2,108) (0.00)%

First Majestic Silver Ord (1,964) (0.00)%

Fortescue Metals Group Ord (22,194) (0.00)%

Fresnillo Ord (185,725) (0.01)%

Glencore Ord (60,868) (0.00)%

Heidelbergcement Ord (912,780) (0.05)%

Hitachi Chem Ord (26,925) (0.00)%

Hitachi Metals Ord (13,438) (0.00)%

Hongda Xingye Ord A (515) (0.00)%

Huhtamaki Oyj (3,902) (0.00)%

Hyundai Steel Ord (670) (0.00)%

Iluka Resources Ord (29,869) (0.00)%




166




% of Net Assets



Independence Group Ord (3,919) (0.00)%

Jiangxi Copper Ord H (1,366) (0.00)%

Jindal Steel & Power (15,640) (0.00)%

Johnson Matthey Ord (498,750) (0.02)%

Kio Ord (48,417) (0.00)%

Korea Zinc Ord (837) (0.00)%

Kureha Ord (18,712) (0.00)%

Lianhe Chem Tech Ord A (1,274) (0.00)%

Lotte Chemical Ord (22,721) (0.00)%

Louisiana Pacific Ord (31,556) (0.00)%

Mitsub Chem Hldg Ord (17) (0.00)%

Mitsubishi Gas Ord (14,971) (0.00)%

Mitsui Min&Smelt Ord (796) (0.00)%

Mondi Ltd (28,993) (0.00)%

Mondi Ord (576,868) (0.03)%

Mondi Plc (3,828) (0.00)%

Nampak N Ord (35,505) (0.00)%

Newcrest Mining Ord (24,352) (0.00)%

Nine Dragons Paper Holdings Ord (1,512) (0.00)%

Nippon Kayaku Ord (3,142) (0.00)%

Nippon Paint Hld Ord (8,628) (0.00)%

Nippon Paper Ind Ord (1,343) (0.00)%

Northern Star Resources Ord (11,293) (0.00)%

Novozymes B Ord (722,755) (0.04)%

Nyrstar Ord (29,256) (0.00)%

Oceanagold Corp Ord (436) (0.00)%

Orora Ord (1,095) (0.00)%

Pacific Metals Ord (25,035) (0.00)%

Polymetal International Ord (10,505) (0.00)%

Pretium Resources Ord (142) (0.00)%

Randgold Res Ord (445,970) (0.02)%

Regis Resources Ord (48,037) (0.00)%

Rio Tinto Ord (3,238) (0.00)%

Salzgitter Ord (72,858) (0.00)%

Sandfire Resources Ord (25) (0.00)%

Sandstorm Gold Ord (402) (0.00)%

Seabridge Gold Ord (2,441) (0.00)%

Siam Cement50 Ord (12,234) (0.00)%

Sika Ord (4,792) (0.00)%

Sims Metal Management Ord (9,170) (0.00)%

Smith Ds Ord (811) (0.00)%

Smurfit Kappa Group Ord (74,718) (0.00)%

Solvay Ord (485,845) (0.02)%




167




% of Net Assets



South32 Ord (11,067) (0.00)%

Sumitomo Bakelit Ord (18) (0.00)%

Sumitomo Chem Ord (41,140) (0.00)%

Sumitomo M & M Ord (112,459) (0.01)%

Sumitomo Osaka Ord (155) (0.00)%

Synthomer Plc (16,714) (0.00)%

Taiheiyo Cement Ord (2,663) (0.00)%

Taiyo Npn Sanso Ord (20,413) (0.00)%

Tata Steel Ltd (2,970) (0.00)%

Teijin Ord (11,065) (0.00)%

Tokyo Ohka Kogyo Ord (75) (0.00)%

Tosoh Ord (1,289) (0.00)%

Toyo Seikan Hldg Ord (9,263) (0.00)%

United Company Rusal Plc (6,847) (0.00)%

Westchinacement Ord (3,340) (0.00)%

Western Areas Ord (7,170) (0.00)%

Yamato Kogyo Ord (1,467) (0.00)%

Ygg Ord (783) (0.00)%

Zeon Ord (862) (0.00)%

Total Materials (5,601,702) (0.22)%


At&T Ord (14,123) (0.00)%

Bezeq Israeli Telecomunication Ord (131,501) (0.01)%

Bharti Airtel (15,937) (0.00)%

Bt Group Ord (35,726) (0.00)%

Cable And Wireless Communication Ord (73,341) (0.00)%

China Mobile Ord (110,470) (0.00)%

China Telecom Ord H (94,323) (0.00)%

Chinacomservice Ord H (79) (0.00)%

Chunghwa Telecom Co Ltd (454) (0.00)%

Deutsche Telekom N Ord (61,552) (0.00)%

Elisa Comms (304,146) (0.02)%

Freenet N Ord (11,538) (0.00)%

Hkt-Ss Ord (3,233) (0.00)%

Idea Cellular (4000) (18,981) (0.00)%

Iliad Ord (36) (0.00)%

Inmarsat Ord (73,079) (0.00)%

Kddi Ord (1,156) (0.00)%

Kt Ord (9) (0.00)%

Lg Uplus Ord (29,170) (0.00)%




168




% of Net Assets



Link Net Ord (10,819) (0.00)%

Mobistar Ord (17,926) (0.00)%

Mtn Ord (997,112) (0.05)%

Pccw Ord (1,557) (0.00)%

Reliance Communication (4,734) (0.00)%

Sk Telecom Ord (95) (0.00)%

Tele2 B Ord (391,159) (0.02)%

Telefonica Ord (22,524) (0.00)%

Telekom Malaysia Ord (834) (0.00)%

Teliasonera (2,828) (0.00)%

Teliasonera Ord (30,731) (0.00)%

Telkom Ord (58,656) (0.00)%

Total Access Nvdr (1,469) (0.00)%

Tpg Telecom Ord (41) (0.00)%

Verizon Communications Ord (4,109) (0.00)%

Vodacom Ord (105,762) (0.00)%

Total Telecommunication Services (2,629,210) (0.10)%

Utilities

Acciona Ord (116,552) (0.00)%

Centrica Ord (106,891) (0.00)%

CGN Power Ord H (16,506) (0.00)%

Cheung Kong Infr Ord (32,477) (0.00)%

China Longyuan Ord H (389) (0.00)%

China Power Ord (1,246) (0.00)%

China Res Gas Ord (22,639) (0.00)%

China Res Power Ord (3,411) (0.00)%

Chugoku Elec Pwr Ord (4,160) (0.00)%

Clp Holdings Ord (7,480) (0.00)%

Contact Energy Ord (10,828) (0.00)%

Cteg Ord (395) (0.00)%

Drax Group Ord (63,936) (0.00)%

Duet Group Unt (286) (0.00)%

Edf Ord (5,717) (0.00)%

EDP Ord (788,946) (0.04)%

Electric Power D Ord (7,453) (0.00)%

ENN Energy Ord (9,066) (0.00)%

Gail India Future (1,879) (0.00)%

Hk & China Gas Ord (5,240) (0.00)%

Hkelectric-Ss Unt (1,031) (0.00)%

Hn Renewables Ord H (3,568) (0.00)%

Hokkaido Elec Pw Ord (14,970) (0.00)%




169




% of Net Assets



Huadian Power Ord H (15,135) (0.00)%

Huajing Ord A (16,801) (0.00)%

Huaneng Power Ord H (7,775) (0.00)%

Iberdrola Ord (894,611) (0.05)%

Indraprastha Gas Future (328) (0.00)%

Kansai Elec Pwr Ord (7,930) (0.00)%

Korea Elec Power Ord (12,083) (0.00)%

Kyushu Ele Pwr Ord (16,777) (0.00)%

National Grid Ord (353,023) (0.01)%

Polska Grupa Energetyczna Ord (36,004) (0.00)%

Severn Trent Ord (8,934) (0.00)%

Southern Ord (12,713) (0.00)%

Sse Ord (63,837) (0.00)%

Terna Rete Elettrica Nazionale Ord (432,828) (0.02)%

Total Utilities (3,103,845) (0.12)%

Funds

Cs Velocityshrs Daly 2x Vix Shrt Etn (155,143) (0.01)%

Total Funds (155,143) (0.01)%


Forward Contracts

TRY–USD J.P. Morgan (3,792) (0.00)%

EUR–USD J.P. Morgan (22,479) (0.00)%

GBP–USD J.P. Morgan (4,728) (0.00)%

CHF–USD J.P. Morgan (864) (0.00)%

KRW–USD Morgan Stanley (56,639) (0.00)%

INR–USD Morgan Stanley (104,101) (0.01)%


Futures Contracts

Financials

Cboe Volatility Index 1000 (Vix) Apr ‘16 Cbf (145,140) (0.01)%

Cboe Volatility Index 1000 (Vix) Aug-16 (3,250) (0.00)%

Cboe Volatility Index 1000 (Vix) Jan ‘16 Cbf (250,997) (0.01)%

Cboe Volatility Index 1000 (Vix) Jul-16 (12,431) (0.00)%

Cboe Volatility Index 1000 (Vix) Jun ‘16 Cbf (2,486) (0.00)%




170




% of Net Assets

Futures Contracts (Continued)


Cboe Volatility Index 1000 (Vix) Mar ‘16 Cbf (132,077) (0.01)%

Cboe Volatility Index 1000 (Vix) May ‘16 Cbf (6,398) (0.00)%

Dax Stock Index Mar-16 (400,315) (0.02)%

Dow Jones Euro Stoxx 50 Mar-16 (78,786) (0.00)%

E-Mini Nasdaq 100 Index Mar-16 (11,912) (0.00)%

E-Mini S&P Midcap 400 Mar-16 (4,875) (0.00)%

Ftse Mib Index Mar-16 (1,336) (0.00)%

Ibex 35 Index Jan ‘16 Mrv (6,499) (0.00)%

MSCI Singapore Index Jan-16 (2,240) (0.00)%

Nikkei 225 Stock Index (Simex) Mar-16 (13,039) (0.00)%

Omx 30 Index Future Jan-16 (5,457) (0.00)%

Russell 2000 Mini Index Mar-16 (48,488) (0.00)%

S&P/Tse 60 Index Mar ‘16 Mon (1,187) (0.00)%

Share Price Index 200 (Day) Mar ‘16 Sfe (44,287) (0.00)%

Total Futures Contracts (1,171,200) (0.05)%





171




% of Net Assets

Common Stock



Energy 2,530,337 1.88%

Financials 25,852,233 19.17%

Health Care 19,585,623 14.52%

Industrials 13,828,716 10.26%


Materials 4,371,048 3.24%


Utilities 1,035,698 0.77%

Total Common Stock 98,302,750 72.91%


Consumer Discretionary 932,499 0.68%

Consumer Staples 331,084 0.25%

Energy 190,523 0.14%

Financials 1,422,638 1.05%

Health Care 721,716 0.54%

Industrials 777,824 0.58%


Materials 388,372 0.29%

Telecommunication Services 72,820 0.05%

Utilities 276,610 0.21%


Forward Contracts

MYR–USD 3,433 0.00%

USD–CNH 61,871 0.05%

USD–KRW 5,326 0.00%

USD–TWD 11,827 0.01%

GBP–USD – 0.00%


Futures Contracts

Index 384,205 0.28%


Total financial assets at fair value through profit or loss 104,958,639 77.84%




172

MW Liquid Alpha Fund (Continued)



% of Net Assets


Consumer Discretionary (997,031) (0.74)%

Consumer Staples (455,082) (0.34)%

Energy (275,712) (0.20)%

Financials (2,193,638) (1.63)%

Health Care (835,064) (0.62)%

Industrials (823,505) (0.61)%

Information Technology (765,586) (0.57)%

Materials (458,367) (0.34)%

Telecommunication Services (136,795) (0.10)%

Utilities (274,681) (0.20)%


Forward Contracts

GBP–USD (42) (0.00)%

EUR–NOK (684) (0.00)%

RUB–USD (28,387) (0.02)%

SEK–USD (198) (0.00)%

USD–INR (2,853) (0.00)%


Futures Contracts

Index (252,200) (0.19)%

Total Futures Contracts (252,200) (0.19)%





173




% of Net Assets

Common Stock


Autoliv Sdr

1,344,782 1.00%

Big Lots Ord

258,565 0.19%

Brunswick Ord

94,908 0.07%

Cablevision Systems Cl A Ord

11,452 0.01%

Canadian Tire Cl A Ord

289,212 0.21%

Cie Automotive Ord

538,963 0.40%

Coach Ord

6,186 0.00%

Dana Holding Ord 1,184,178 0.88%

Darden Restaurants Ord 22,783 0.02%

Dillards Cl A Ord 48,888 0.04%

Dollarama Ord 138,115 0.10%

Dometic Group Ord 45,498 0.03%

Forbo Holding Ord 47,233 0.04%

Ford Otomotiv A Ord 324,373 0.24%

Freni Brembo Ord 14,512 0.01%

Gentex Ord 286,243 0.21%

Genuine Parts Ord 6,699 0.00%

H&R Block Ord 3,198 0.00%


Hella Kgaa Hueck Ord 183,744 0.14%

Husqvarna B Ord 878,287 0.65%

Jack In The Box Ord 91,438 0.07%

JM Ord 576,942 0.43%

Lear Ord 62,398 0.05%

Leggett & Platt Ord 151,356 0.11%

Liberty Ventures Srs A Ord 53,365 0.04%

Macys Ord 238,669 0.18%

Magna International Ord 83,635 0.06%

Magna International Ord 133,322 0.10%

Mediaset Espana Comunicacion Ord 2,920 0.00%

Meredith Ord 8,953 0.01%

Schaeffler Prf 582,494 0.43%

Schibsted B Ord 427,643 0.32%

Servicemaster Global Holdings Ord 7,730 0.01%

Time Warner Ord 363,833 0.27%

Tui N Ord 55,065 0.04%

Twenty First Century Fox Cl A Ord 95,522 0.07%

Twenty First Century Fox Cl B Ord 117,443 0.09%

Unibet Group Sdr 139,583 0.10%

Viacom Cl B Ord 124,591 0.09%

Xxl Ord 122,404 0.09%




174




% of Net Assets



Zalando Ord 3,519 0.00%


Consumer Staples

Archer Daniels Midland Ord 450,871 0.33%

Bakkafrost Ord 78,144 0.06%

Bunge Ord 14,817 0.01%

Church And Dwight Ord 1,230,760 0.91%

CVS Health Ord 95,618 0.07%

Delhaize Ord 6,828 0.01%

Ebro Foods Ord 4,082 0.00%

Loblaw Companies Ord 4,704 0.00%

Marine Harvest Ord 419,036 0.31%

Orkla Ord 709,383 0.53%

Royal Unibrew Ord 7,380 0.01%

Salmar Ord 91,095 0.07%

Swedish Match Ord 96,499 0.07%

Ulker Biskuvi A Ord 12,265 0.01%

Unilever Adr Rep 1 Ord 354,057 0.26%

Unilever Nv 210,232 0.16%

Viscofan Ord 33,303 0.02%


Energy

Atwood Oceanics Ord 143,271 0.11%

Canadian Oil Sands Ord 136,335 0.10%

Cimarex Energy Ord 24,222 0.02%

Consol Energy Ord 27,002 0.02%

Devon Energy Ord 208,095 0.15%

DNO Ord 111,936 0.08%

Encana Ord 151,319 0.11%

Marathon Petroleum Ord 14,256 0.01%

Nabors Industries Ord 191,484 0.14%

Oneok Ord 111,833 0.08%

Phillips 66 Ord 671,169 0.50%

Qep Resources Ord 57,071 0.04%

Rice Energy Ord 107,300 0.08%

Statoil Ord 297,324 0.23%

Subsea 7 Sa 57,506 0.04%


Targa Resources Ord 3,518 0.00%




175




% of Net Assets


Energy (Continued)

US Silica Holdings Ord 8,972 0.01%

Valero Energy Ord 91,993 0.07%

Western Refining Ord 66,431 0.05%

Total Energy 2,530,337 1.88%

Financials

Aareal Bank Ord 307,748 0.23%

ABN Amro Group Gdr Wi 24,520 0.02%

Alarko Gayrimenkul Yatirim A Ord 152,506 0.11%

Allstate Ord 243,269 0.18%

American International Group Ord 1,176,067 0.87%

Ameriprise Finance Ord 501,877 0.37%

Aon Cl A Ord 541,826 0.40%

Assurant Ord 37,934 0.03%

Assured Guaranty Ord 1,165,167 0.86%

Banco Bilbao Vizcaya Argentaria Ord 903,103 0.68%


Castellum Ord 1,112,881 0.83%

Central Pacific Financial Ord 474,927 0.35%

CIT Group Ord 4,963 0.00%

Comerica Ord 6,651 0.00%

Cullen Frost Bankers Ord 822,960 0.61%

Emlak Konut Gayrimenkul A Ord 156,306 0.12%

Fabege Ab Ord 334,737 0.25%

Factset Research Systems Ord 1,366,563 1.01%

Fidelity National Financial Inc 99,330 0.07%

Grupo Catalana Occidente Ord 264,492 0.20%

Hemfosa Fastigheter Ab 430,020 0.32%

Industrivarden A Ord 8,538 0.01%

Inmobiliaria Colonial Ord 235,296 0.17%

Jones Lang Lasalle Ord 656,065 0.49%

KCG Holdings Cl A Ord 865,024 0.64%

Kilroy Realty Reit 946,542 0.70%

Legg Mason Ord 540,786 0.40%

Liberty Property Reit 176,830 0.13%

Lincoln National Ord 668,257 0.50%

Marsh & Mclennan Ord 1,335,346 0.99%

Mid America Apartment Communiti Reit 1,081,820 0.80%

Mobimo Holding Ord 43,606 0.03%

Moodys Ord 826,099 0.61%

MSCI Ord 806,990 0.60%

Navient Ord 164,754 0.12%




176




% of Net Assets



Northstar Asset Management Group Ord 174,767 0.13%

Partnerre Ord 456,111 0.34%

Patrizia Immobilien N Ord 3,490 0.00%

Plum Creek Timber Reit 75,493 0.06%

Radian Group Ord 220,306 0.16%

SEI Investments Ord 9,746 0.01%

Simon Prop Grp Reit 424,268 0.31%

Sovran Self Storage Reit 1,020,625 0.76%

SVB Financial Group Ord 1,084,368 0.80%

T Rowe Price Group Ord 330,427 0.25%

Topdanmark Ord 17,432 0.01%

Torchmark Ord 371,997 0.28%

Travelers Companies Ord 765,304 0.57%

Unum Ord 655,380 0.49%

Voya Financial Ord 1,341,199 0.99%

Wereldhave Reit 28,193 0.02%


Health Care

Abbott Laboratories Ord 1,158,947 0.86%

Actelion Ord 583,503 0.43%

Agfa-Gevaert Ord 11,999 0.01%

Almirall Ord 587,462 0.44%

Amerisourcebergen Ord 346,703 0.26%

Amgen Ord 575,622 0.43%

Amsurg Ord 4,484 0.00%

Bavarian Nordic Ord 102,726 0.08%

Baxalta Ord 5,230 0.00%



Biogen Ord 40,745 0.03%

C R Bard Ord 677,437 0.50%

Cardinal Health Ord 5,624 0.00%

Celgene Ord 294,250 0.22%

Chrls River Labs Ord 591,992 0.44%


Depomed Ord 77,760 0.06%

Deva Holding A Ord 39,285 0.03%

Dexcom Ord 135,872 0.10%

Evotec Ord 320,936 0.23%

Getinge B Ord 88,492 0.07%




177




% of Net Assets



Gilead Sciences Ord 1,340,464 0.99%

Health Net Ord 120,353 0.09%

Icon Ord 387,335 0.29%

INC Research Holdings Cl A Ord 240,998 0.18%

Jazz Pharmaceuticals Ord 464,270 0.34%

Johnson & Johnson Ord 1,348,097 1.00%

Lannett Company Ord 75,867 0.06%

Lonza Group Ord 90,919 0.07%

Mallinckrodt Ord 4,851 0.00%

Medivation Ord 249,483 0.19%

Merck & Co Ord 47,115 0.03%

Merck Ord 929,409 0.69%

Mettler Toledo Ord 361,852 0.27%

Novartis Adr Repsg 1 Ord 51,624 0.04%

Novartis N Ord 345,899 0.26%

Novo Nordisk Adr Repsg 1 Ord 8,189 0.01%

Parexel International Ord 1,326,841 0.98%

Perkinelmer Ord 956,653 0.71%

Pfizer Ord 1,357,083 1.01%

Pharma Mar Ord 141,380 0.10%

Quintiles Transnational Holdings Ord 815,406 0.60%

Regeneron Pharmaceuticals Ord 83,602 0.06%

Resmed Ord 616,308 0.45%

Rhoen Klinikum Ord 6,104 0.00%

Shire Ads Rep 3 Ord 426,810 0.32%

Sirona Dental Systems Ord 305,591 0.23%


St Jude Medical Ord 229,970 0.17%

Straumann Holding Ord 49,970 0.04%

Swedish Orphan Biovitrum Ord 160,391 0.12% United Therapeutics Ord 311,184 0.23%

Waters Ord 4,979 0.00%


Industrials

A O Smith Ord 31,027 0.02%

ABB Ltd N Ord 141,096 0.10%

ACS Actividades De Construccion Ord 1,085,112 0.80%

Acuity Brands Ord 29,225 0.02%

Ansaldo Sts Ord 1,172,352 0.87%

Atlas Copco A Ord 332,699 0.25%





178




% of Net Assets



Boskalis Westmin C Ord 39,774 0.03%

Bpost Ord 66,698 0.05%

Builders Firstsource Ord 6,637 0.00%

CH Robinson Worldwide Ord 7,628 0.01%

CTT Correios De Portugal Ord 38,367 0.03%

Fedex Ord 376,498 0.28%

Gamesa Corporacion Tecnologica Ord 305,056 0.23%

Gea Group Ord 405,464 0.30%

General Dynamics Ord 1,344,480 1.00%

Georg Fischer N Ord 5,427 0.00%

Haldex Ord 324,239 0.24%

Honeywell International Ord 457,469 0.34%

Huntington Ingalls Industries Ord 217,548 0.16%

Intrum Justitia Ord 378,679 0.28%

Inwido Ord 235,664 0.17%

Krones Ord 685,005 0.51%

Maire Tecnimont Ord 96,607 0.07%

Nibe Industrier B Ord 105,997 0.08%

Nkt Holding B Ord 377,899 0.28%

Nordex Ord (Fra) 102,068 0.08%

Norma Group Ord 29,560 0.02%

Peab B Ord 673,092 0.50%

Robert Half Ord 1,130,511 0.84%

Ryanair Holdings Adr Rep 5 Ord 142,745 0.11%

Schindler Holding Ord 191,623 0.14%

Schindler P Par 316,531 0.23%

Spirit Aerosystems Hldgs A Ord 1,291,104 0.96%

Union Pacific Ord 340,483 0.25%

United Technologies Ord 363,433 0.27%

Volvo B Ord 197,398 0.15%

Wabco Holdings Ord 452,194 0.34%

Wienerberger Ord 8,113 0.01%

Zardoya Otis Ord 15,528 0.01%



Amadeus It Holding Ord 1,351,385 1.00%

Amdocs Ord 285,128 0.21%

Amphenol Cl A Ord) 5,902 0.00%




179




% of Net Assets



Anoto Group Ord 5,892 0.00%

Apple Ord 1,350,802 1.00%

Arrow Electronics Ord 502,194 0.37%

ASM Intl Ord 373,794 0.28%

ASML Holding Ord 63,669 0.05%

Aspen Technology Ord 1,243,814 0.92%

Avnet Ord 177,400 0.13%

Bechtle Ord 16,645 0.01%

Brocade Communications Systems Ord 992,688 0.74%

Cadence Design Systems Ord 14,296 0.01%

Canadian Solar Ord 10,223 0.01%

Cisco Systems Ord 746,654 0.55%


Comscore Ord 7,654 0.01%

Constellation Software Ord 373,761 0.28%

Dialog Semicon Ord 66,519 0.05%

Ebay Ord 4,562 0.00%

F5 Networks Ord 1,072,475 0.81%

Fabrinet Ord 4,002 0.00%

Hexagon B Ord 303,912 0.23%

HP Ord 75,516 0.06%


Ingram Micro Cl A Ord 5,742 0.00%

Integrated Device Technology Ord 184,371 0.14%

Intuit Ord 1,039,016 0.77%

King Digital Entertainment Ord 275,388 0.20%

Kla Tencor Ord 79,198 0.06%

Linear Technology Ord 158,116 0.12%

Logitech N Ord 488,031 0.36%

Manhattan Associates Ord 886,678 0.66%



Melexis (D) Ord 223,384 0.17%

Mercadolibre Ord 179,056 0.13%

Mycronic Ord 197,240 0.15%

Netapp Ord 118,536 0.09%

Netent Ord 932,796 0.69%

Software Ord 164,136 0.12%

Solarwinds Ord 109,554 0.08%

Solera Holdings Ord 15,681 0.01%

Stmicroelectronics Ord 5,370 0.00%

Teradata Ord (Nys) 6,288 0.00%

Tyler Technologies Ord 131,437 0.10%




180




% of Net Assets



Vantiv Cl A Ord 20,770 0.02%

Western Digital Ord 172,103 0.13%

Youku Tudou Adr Rep 18 Cl A Ord 63,104 0.05%

Yy Adr Rep Cl A Ord 339,899 0.25%


Materials

Ashland Ord 86,165 0.06%

Aurubis Ord 61,389 0.05%

Barrick Gold Ord 3,697 0.00%

Berry Plastics Group Ord (Nys 16,028 0.01%

Boliden Ord 13,357 0.01%

Covestro Ord 751,069 0.56%

Eagle Materials Ord 19,579 0.01%

Eastman Chemical Ord 5,266 0.00%

Graphic Packaging Holding Ord 971,924 0.72%

Gubre Fabrikalari Tas A Ord 82,842 0.06%

Hexpol B Ord 145,825 0.11%

Holmen B Ord 683,122 0.51%

Italcementi Fabbriche Riunite Ord 886,524 0.66%

Monsanto Ord 5,911 0.00%

Norsk Hydro Ord 162,529 0.12%



Royal Gold Ord 116,266 0.09% Thyssenkrupp Ord 202,893 0.15%




America Movil Adr Rep 20 Sr L Ord 47,312 0.04%

America Movil L Ord 247,787 0.19%

Centurylink Ord 4,353 0.00%

Euskaltel Ord 71,564 0.05%

Inwit Ord 199,097 0.15%

Proximus Ord 87,501 0.06%

Telenor Ord 272,378 0.21%

Turk Telekomunikasyon A Ord 71,214 0.05%

Turkcell Iletisim Hizmetleri A Ord 135,504 0.10%




181




% of Net Assets



Verizon Communications Ord 138,105 0.10%


Utilities

American Water Works Ord 80,065 0.06%

Centerpoint Energy Ord 7,968 0.01%

E.On N Ord 27,825 0.02%

Enagas Ord 612,890 0.45%

Gas Natural Ord 7,542 0.01%

Hera Ord 9,741 0.01%

Nisource Ord 6,692 0.00%

Oge Energy Ord 20,873 0.02%

Ren Ord 4,370 0.00%

Teco Energy Ord 257,732 0.19%





Adastria Ord 26,418 0.02%

Aisin seiki Ord 5,153 0.00%

Ascena Retail Group Ord 29,497 0.02%

Asics Ord 2,038 0.00%

Autonation Ord 6,868 0.01%

B&M European Value Retail Ord 188 0.00%

Bed Bath and Beyond Ord 95,020 0.08%

Beijing Dahao Technoord A 274 0.00%

Belle Int’l Ord 10,473 0.01%

Berkeley Group Holdings The ord 1,118 0.00%

Buffalo Wild Wings Ord 216 0.00%

Calatlantic Group Ord 531 0.00%

Carmax Ord 23,235 0.02%


Cineworld Group Ord 529 0.00%

Clarion Ord 2,235 0.00%

Ctrip.Com Internatl 8 Adr Rep Ord 9,457 0.01%

Cyber Agent Ord 4,134 0.00%

Deckers Outdoor Ord 668 0.00%




182




% of Net Assets



Denso Ord 311 0.00%

Don Quijote Hldg Ord 1,052 0.00%

Dongfeng Group Ord H 2,882 0.00%

Dufry N Ord 7,599 0.01%

Ege Endustri A Ord 16,484 0.01%

Faurecia Ord 59,350 0.05%

Faway Auto Ord A 4,212 0.00%

Fengfan Ord A 2,771 0.00%

Fuji Heavy Inds Ord 31,821 0.02%

Fuyao Glass Ord A 21,379 0.02%


Gerry Webber International Ord 20,002 0.01%

Gildan Activewear A Ord 313 0.00%

Gkn Ord 17,010 0.01%

Gome Ord 386 0.00%

Greek Organition of Football R Ord 12,575 0.01%

Hangmin Ord A 4,792 0.00%

Haseko Ord 2,334 0.00%

Hindustan Unilever 493 0.00%

Hotel Shilla Ord 2,934 0.00%

Huayu Automotive Ord A 4,964 0.00%

Hyundai Mobis Ord 3,162 0.00%

Iida Group Hldg Ord 2,891 0.00%

Inchcape Ord 28,804 0.02%

Isuzu Motors Ord 23,630 0.02%

Koito Mfg Ord 26,575 0.02%

L Brands Ord 3,630 0.00%

Laox Ord 1,355 0.00%

Lennar Cl A Ord 180 0.00%

Li and Fung Ord 5,377 0.00%

Lingyun Ind Ord A 71 0.00%

Lions Gate Entertainment Ord 4,468 0.00%

Lotte Shopping Ord 2,244 0.00%

Lupin Ltd 111 0.00%

Mazda Motor Ord 4,150 0.00%

Mitsubishi Motor Ord 6,173 0.01%

Mohawk Industries Ord 259 0.00%

Nok Ord 5,194 0.00%

Pultegroup Ord 1,884 0.00%



Rightmove Ord 3,727 0.00%

RTL Group Ord 7,625 0.01%




183




% of Net Assets



Saic Motor Ord A 710 0.00%

Salvatore Ferragamo Ord 481 0.00%

Shanghai Jiao Yun Group Ord A 4,966 0.00%

Shimamura Ord 1,955 0.00%

Sodexo Ord 5,786 0.01%

Sports Direct International Ord 5,478 0.00%

Stanley Electric Ord 6,318 0.01%

Sumitomo Elec Ord 43,999 0.04%

Sun Pharmaceutical Jan-16 Trsw Exp: 498 0.00%

Techtronic Ind Ord N1 8,228 0.01%

Telenet Group Holding Ord 11,187 0.01%

Tod’s Ord 5,049 0.00%

Toyota Industri Ord 20,502 0.02%

Toyota Motor Ord 16,383 0.01%

Truworths Int Ord 2,540 0.00%

Tupperware Brands Ord 4,009 0.00%

Under Armour A Ord 108,314 0.09%

Wh Smith Ord 294 0.00%

Woolworths Holding Ord 1,938 0.00%

Wynn Macau Ord 7 0.00%

Xingyu Lighting Ord A 2,914 0.00%

Yamada Denki Ord 855 0.00%

Youngor Group Ord A 1,657 0.00%

Total Consumer Discretionary 932,499 0.68%

Consumer Staples

Ambev Adr Rep One Ord 31,926 0.03%

Amorepacific Ord 8,163 0.01%

Ashok Leyland Ltd 3,416 0.00%

Associated British Foods Ord 24 0.00%


Chlitina Holding Ltd 1,010 0.00%

Cj Cheiljedang Ord 16,492 0.01%

Clicks Ord 676 0.00%

Coca Cola Hbc Ag 13,979 0.01%

Colgate Palmolive Ord 34 0.00%

Coreana Cosmetic Ord 1,178 0.00%

Dali Foods Group 17,068 0.01%

Diageo Adr Rep 4 Ord 14,599 0.01%

Eurocash Ord 15,206 0.01%

Greggs Ord 14,722 0.01%

Herbalife Ord 3,498 0.00%




184




% of Net Assets



Hs Laobaigan Ord A 2,762 0.00%

Imperial Tobacco Group Ord 22,254 0.02%

Japan Tobacco Ord 20 0.00%

Kikkoman Ord 2,832 0.00%

Kings Luck Brewery Ord A 44 0.00%

Kobe Bussan Ord 10,377 0.01%

Kraft Heinz Ord 5,058 0.01%

Lawson Ord 1,372 0.00%

Lenta Ltd-Reg S-Wi Eqsw Exp: 3,249 0.00%


Mahindra & Mahindra (250) 179 0.00%

Mengniu Dairy Ord 1,764 0.00%

Metro Ord 136 0.00%

MorrisonwmSupermarkets Ord 124 0.00%

Motherson Sumi Systems Ltd 605 0.00%

Nu Skin Enterprises Cl A Ord 1,363 0.00%

Orion Corp Ord 3,760 0.00%

Pernod Ricard Ord 1,284 0.00%

Pigeon Ord 9,257 0.01%

Suntory Beverage Ord 336 0.00%

Tate And Lyle Ord 4,620 0.00%

Tiger Brands Ord 95 0.00%


Tsuruha Holdings Ord 6,592 0.01%

UNICHARM ORD 355 0.00%

United Natural Foods Ord 1,429 0.00%

Want Want China Ord 29,843 0.03%

Wesfarmers Ord 3,675 0.00%

Woolworths Ord 963 0.00%

X5 Retail Group Gdr 1,912 0.00%

Yakult Honsha Ord 307 0.00%

Yamazaki Baking Ord 29,024 0.03%

Yili Company Ord A 11,611 0.01%

Total Consumer Staples 331,084 0.25%

Energy


Carrizo Oil and Gas Ord 7,820 0.01%

China Coal Ord H 19,586 0.01% Cnooc Ord 5,690 0.01%

Columbia Pipeline Group Ord 897 0.00%




185




% of Net Assets


Energy


Exxaro Ord 3,165 0.00%

Fugro C Gdr 7,276 0.01%

Genel Energy Ord 444 0.00%

Lundin Petroleum Ord 5,118 0.00%

Magellan Midstream Partners Unt 659 0.00%

Matador Resources Ord 9,528 0.01%

Maurel Et Prom Ord 451 0.00%

National Oilwell Varco Ord 1,367 0.00%

Oao Novatek Gdr 2,327 0.00%

Oil Search Ord 13,461 0.01%

Omv Ord 651 0.00%

Ophir Energy Ord 553 0.00%

Polski Koncern Naftowy Orlen Ord 681 0.00%

Saipem Ord 260 0.00%

Saras Ord 3,443 0.00%


Sinopec Corp Ord H 4,345 0.00%

S-Oil Ord 9,980 0.01%

Transcanada Ord 407 0.00%

Total Energy 190,523 0.14%

Financials

Acom Ord 21,971 0.02%

Alexandria Real Estate Equities Reit 259 0.00%

Ally Financial Ord 10,103 0.01%

Amlin Ord 4,700 0.00%

Amp Ord 47,402 0.04%

Ashmore Group Ord 2,546 0.00%


Banca Mediolanum Ord 7,706 0.01%

Banca Monte Dei Paschi Di Siena Ord 16,484 0.01%

Banco Popular Espanol Ord 7,554 0.01%

Bank of America Ord 23,184 0.02%

Bank of Baroda 3,245 0.00%

Bank Pekao Ord 416 0.00%

Bankia Ord 217 0.00%

Barclays Ord 11,520 0.01%

Blackrock Ord 30,518 0.02%

Bnp Paribas Ord 1,434 0.00%

Capitaland Ord 47,191 0.04%

Cgs Ord H 512 0.00%




186




% of Net Assets



China Res Land Ord 13,909 0.01%

Cicc Ord H 17,444 0.01%

Ck Property Ord 31,329 0.02%

Cnp Assurances Ord 19,871 0.01%

Commercial Intl Bank (Egypt) Sae Gdr 12,827 0.01%

Cpic Ord H 3,285 0.00%


Credit Suisse Gp 103,245 0.09%

Cs Velocityshrs Daly 2x Vix Shrt Etn 106,969 0.09%

Ctbc Financial Holding Co Ltd 333 0.00%

Daito Tr Const Ord 12,332 0.01%

Danske Bank Ord 9,465 0.01%

Deutsche Bank N Ord 7,885 0.01%


Direct Line Insurance Group Ord 6,646 0.01%

Dlf Limited [Nsi] Jan-16 Trsw Exp: 157 0.00%


Finansbank A Ord 1,693 0.00%

Fortressa Ord 1,476 0.00%

Haitong Sec Ord H 1,182 0.00%

Hang Lung Ppt Ord 4,433 0.00%

Henderson Ord 1,626 0.00%

Hkex Ord 2,602 0.00%

Hongkong Land Holdings Ord 419 0.00%

Hsbc Holdings Adr Rep 5 Ord 652 0.00%

Ig Group Holdings Ord 25,149 0.02%

Immofinanz Ord 12,872 0.01%

Indiabulls Housing Finance Ltd 484 0.00%

Industrial Dev Bank Ltd Future 4,143 0.00%

Intermediate Capital Group Ord 68,750 0.05%

Japan Post Bank Ord 1,393 0.00%

Japan Post Hldg Ord 23,882 0.02%

Japan Post Insur Ord 14,460 0.01%

Jpmorgan Chase Ord 4,880 0.00%

Jyske Bank Ord 3,940 0.00%



Lancashire Hoings Ord 3,049 0.00%


Leopalace21 Ord 144 0.00%

Link Reit 4,777 0.00%


Manulife Financial Ord 3,496 0.00%




187




% of Net Assets



Markel Or 4,708 0.00%

Mbank Ord 6,919 0.01%

Mega Fhc Ord 8,355 0.01%

Minsheng Bank Ord H 204 0.00%

Mitsub Ufj Fg Ord 31,735 0.02%

Mitsubishi Est Ord 7,378 0.01%

Mizuho Financial Ord 27,202 0.02%

Ms&Ad Insurance Ord 744 0.00%

National Australia Bank Ord 34,048 0.03%

New World Dev Ord 277 0.00%

Nomura Holdings Ord 10,523 0.01%

Nomura Real Est Ord 7,242 0.01%

Nordea Bank Dr 1,494 0.00%

Nordea Bank Ord 2,333 0.00%

Pargesa Ord 4,356 0.00%

Plus500 Ord 44 0.00%

Poste Italiano Spa 18 0.00%


Psg Group Ord 1,077 0.00%

Resilient Ord 22 0.00%

Royal Bank Of Scotland Group Ord 26,638 0.02%

Santander Consumer Usa Holdings Ord 23,359 0.02%

Savills Reit 6,270 0.01%

Schroders Ord 5,934 0.00%

Scor Ord 947 0.00%

Seven Bank Ord 273 0.00%

Sh Shi Mao Ord A 403 0.00%

Shinsei Bank Ord 1,075 0.00%

Singapore Exchange Ord 1,465 0.00%

Smfg Ord 32,315 0.02%

Sompo Japan Nipp Ord 3,002 0.00%

Soochow Securities Ord A 2,336 0.00%

Sumitomo Mitsui Ord 822 0.00%

Suncorp Group Ord 8,527 0.01%

Suruga Bank Ord 103 0.00%

Svenska Handelsbanken A Ord 6,039 0.01%

Synchrony Financial Ord 3,320 0.00%

Texas Capital Bancshares Ord 52,085 0.04%

Tokio Marine Hld Ord 18,186 0.01%

Turkiye Halk Bankasi A Ord 746 0.00%


Unite Group Reit 5,779 0.00%

Vonovia Ord 1,547 0.00%




188




% of Net Assets



Wharf Holdings Ord 3,190 0.00%

Yes Bank Ltd 17 0.00%

Zions Bancorporation Ord 344 0.00%


Health Care

Agios Pharmaceuticals Ord 3,698 0.00%

Alder Biopharmaceuticals Ord 8,177 0.01%

Alfresa Holdings Ord 357 0.00%

Allergan Ord 1,538 0.00%

Alnylam Pharmaceuticals Ord 4,051 0.00%

Amicus Therapeutics Ord 2,014 0.00%

Anacor Pharmaceuticals Ord 422 0.00%

Aspen Ord 31,621 0.02%

Astellas Pharma Ord 26,793 0.02%

Biomerieux Ord 16,335 0.01%

Bluebird Bio Ord 61,324 0.05%

Cellectis Ord 722 0.00%

Cerner Ord 2,009 0.00%

Chugai Pharm Ord 8,654 0.01%

Clovis Oncology Ord 65,618 0.05%

Cn National Med Ord A 5,697 0.00%


Cooper Ord 357 0.00%

Csl Ltd 24,442 0.02%

Daiichi Sankyo Ord 736 0.00%

Eisai Ord 737 0.00%

Exact Sciences Ord 60,378 0.05%

Fresenius Medical Care Ord 78 0.00%

Ginwa Ord A 287 0.00%

Guangxi Liuzhou Pharm Ord A 1,923 0.00%

Hanmi Pharm Ord 2,922 0.00%

Henan Lingrui Ord A 11,490 0.01%

Hengrui Medi Ord A 145 0.00%

Hoya Ord 12,675 0.01%

Huahai Pharma Ord A 996 0.00%

Innate Pharma Ord 15,292 0.01%


Intrexon Ord 66,834 0.05%

Ipsen Ord 14,901 0.01%

Jinyu Group Ord A 2,930 0.00%

Juno Therapeutics Ord 1,780 0.00%




189




% of Net Assets



Kaken Pharm Ord 81 0.00%

Kite Pharma Ord 15,877 0.01%

Lianhuan Pharm Ord A 1,772 0.00%

M3 Ord 10,176 0.01%

Mayinglong Pharmaceutical Group Co Ltd 575 0.00%

Medicines Ord 20,290 0.02%

Mitsub Tanabe Ord 135 0.00%

Obi Ord 12,382 0.01%

Ophthotech Ord 248 0.00%

Opko Health Ord 5,670 0.00%

Orion Corp B 578 0.00%

Otsuka Holdings Ord 1,979 0.00%

Pharmally International Holding Co Ltd 4,426 0.00%

Pientzehuang Ord A 9,383 0.01%

Radius Health Inc 1,572 0.00%

Ramsay Health Care Ord 120 0.00%

Santen Pharm Ord 30,361 0.02%

Sawai Pharm Ord 7,181 0.01%

Shionogi Ord 919 0.00%

Shire Ord 16,101 0.01%

Sun Pharmaceutical Industries Ord 6,136 0.01%

Takeda Pharm Ord 20 0.00%

Trans Genic Ord 168 0.00%

Zhuzhou Qianjin Pharmaceutical Co Ltd 455 0.00%

Total Health Care 721,716 0.54%

Industrials

Aercap Holdings Ord 525 0.00%



Amada Holdings Ord 3,548 0.00%

American Airlines Group Ord 7,572 0.01%

Asahi Glass Ord 3,871 0.00%

Ashtead Group Ord 200 0.00%


Avic Heavy Ord A 466 0.00%

Avis Budget Group Ord 10,224 0.01%

Bodycote Ord 14,051 0.01%

Canadian National Railway Ord 1,054 0.00%

Canadian National Railway Ord 222 0.00%

Cargotec Corp 6,948 0.01%




190




% of Net Assets



China Mer Hold Ord 701 0.00%

China South Air Ord H 5,111 0.00%

Chint Electrics Ord A 399 0.00%

Citic Ord 9,308 0.01%

CNH Industrial Ord 21,076 0.02%

Copa Holdings Cl A Ord 359 0.00%

Cscl Ord H 6,758 0.01%

Dai Nip Print Or 25,150 0.02%

Deere Ord 1,893 0.00%

Easyjet Ord 1,998 0.00%

Experian Ord 32,709 0.03%

Fanuc Ord 4,032 0.00%

Fastenal Ord 4,181 0.00%

Flsmidth & Co Ord 47 0.00%

Fosun Intl Ord 5,173 0.00%

Fujian Express Ord A 7,833 0.01%

Ganyue Express Ord A 487 0.00%

Genesee & Wyoming Cl A Ord 10,084 0.01%

HD Supply Holdings Ord 523 0.00%

Hino Motors Ord 2,431 0.00%

Hyundai Hvy Ind Ord 9,305 0.01%

Intl Consolidated Airlines Group Ord 1,008 0.00%

Japan Airlines Ord 1,071 0.00%


Koc Holding A Ord 1,715 0.00%

Konecranes Plc 3,621 0.00%


Kumagai Gumi Ord 4,284 0.00%

Larsen & Toubro 1,645 0.00%

Lg Corp Ord 123 0.00%

Mabuchi Motor Ord 5,736 0.01%

Mcc Ord H 1,335 0.00%

Mg Stationery Ord A 4,547 0.00%

Mitsubishi Ord 2,452 0.00%

Mitsui Ord 982 0.00%

Nabtesco Corp Ord 10,824 0.01%

Nexans Ord 31,460 0.02%

Nidec Ord 18,660 0.01%

Ningbo Sanxing Medical Electric Ord A 143 0.00%

Norfolk Southern Ord 15,819 0.01%

Obayashi Ord 1,167 0.00%

Obrascon Huarte Lain Ord 32,389 0.03%

Okuma Ord 31,241 0.02%




191




% of Net Assets



Oshkosh Ord 5,003 0.00%

Qantas Airways Ord 23,120 0.02%

Qinetiq Group Ord 33,005 0.03%

Rockwool Inter B Ord 7,332 0.01%

Samsung Heavy Ord 3,323 0.00%

SAS Ord 156 0.00%

Schneider Electric Se Ord 26 0.00%

Sd Expressway Ord A 2,629 0.00%

Serco Group Ord 2,112 0.00%

Sgl Carbon Ord 33,994 0.03%

Shimizu Ord 1,864 0.00%

Solarcity Ord 510 0.00%

Southwest Airlines Ord 3,903 0.00%

Spirax-Sarco Engineering Ord 25,607 0.02%

Spring Airlines Ord A 3,801 0.00%

Stagecoach Group Ord 404 0.00%

Stericycle Ord 1,999 0.00%

Sumitomo Heavy Ord 19,781 0.02%

Swift Transportation Cl A Ord 22,447 0.02%

Sz Expressway Ord A 604 0.00%

Teleperformance Ord 1,181 0.00%

Tongling Jingda Ord A 1,840 0.00%


Toto Ord 14,853 0.01%


Usg Ord 2,348 0.00%

Verisk Analytics Ord 777 0.00%

West Japan Ry Ord 1,385 0.00%

Xylem Ord 77 0.00%

Yamato Holdings Ord 1,246 0.00%

Zhejiang Dingli Ord A 140 0.00%

Zhejiang Jianfeng Group Co Ltd 523 0.00%


Total Industrials 777,824 0.58%


3d Systems Ord 48,645 0.04%

Accton Ord 32,694 0.03%

Advanced Semiconductor Engineering Inc 2,921 0.00%

Aixtron Se 2,457 0.00%

Alcatel Lucent Ord 645 0.00%

Alps Electric Ord 216 0.00%




192




% of Net Assets



Atmel Ord 250 0.00%

Atos Ord 16,276 0.01%

Au Optronics Ord 5,943 0.00%

Auto Trader Group Ord 6,572 0.01%

Canon Ord 108 0.00%

Cap Gemini Ord 36,504 0.03%

Check Point Software Technologis Ord 17,875 0.01%

Cielo Ord 54,256 0.04%

Dassault System Ord 22,620 0.02%

Doubleu Games Co Ltd 4,213 0.00%

Equiniti Group Ord 9,969 0.01%


Gcl-Poly Energy Ord 3,676 0.00%


Globo Ord 32,265 0.03%

Grubhub Ord 4,777 0.00%

Halma Ord 124,321 0.10%

Hanchang Ord 4,809 0.00%

Hitachi High Tec Ord 5,585 0.00%

Jiangsu Changjiang Electronics Technology Co Ltd 204 0.00%

Kingdee Intl Ord 303 0.00%

Kingsoft Ord 1,590 0.00%

Land Mark Ord 12,711 0.01%

Lenovo Group Ord 942 0.00%

Merry Eltrs Ord 2,984 0.00%

Micro Focus International Ord 894 0.00%

Microchip Technology Ord 252 0.00%


Motorola Solutions Ord 1,501 0.00%

Murata Mfg Ord 5,090 0.00%

Ncr Ord 15,195 0.01%

Nec Ord 83 0.00%

Nokia Adr Repsg 1 Ser A Ord 4,369 0.00%

Nomura Research Ord 1,291 0.00%

NXP Semiconductors Ord 548 0.00%

Otsuka Corp Ord 4,547 0.00%

Pandora Media Ord 9,833 0.01%

Paysafe Group Ord 30,793 0.02% Qlik Technologies Ord 147 0.00%

Qorvo Ord 16,444 0.01%

Sage Group Ord 49,877 0.04%

Samsung Elec Preference S1 17,996 0.01%

Samsung Sds Ord 1,121 0.00%




193




% of Net Assets



Sap Ord 114 0.00%

Screen Holdings Ord 664 0.00%

Shimadzu Ord 9,109 0.01%

Siliconware Ord 28,050 0.02%

Spectris Ord 286 0.00%

Splunk Ord 2,156 0.00%

Square Enix Hldg Ord 1,769 0.00%

Stratasys Ord 14,353 0.01%

Sunedison Ord 28,432 0.02%

Sunny Elec Ord 139 0.00%

Systex Ord 1,613 0.00%

Tableau Software Cl A Ord 310 0.00%

Take Two Interactive Software Ord 576 0.00%

Tata Consultancy Svcs Ltd 319 0.00%

Tata Elxsi Ord 29,874 0.02%

Tech Mahindra 3,758 0.00%

Telecity Group Ord 36,713 0.03%

Tencent Ord 719 0.00%

Tietoenator Stk 32,566 0.03%

Tpk Holding Ord 499 0.00%


Twn Semicont Man Ord 7,416 0.01%

Universal Sci Indus (Shanghai) Ord A 1,448 0.00%

Watchstone Group Ord 27,590 0.02%

Worldpay Group Ord 14,091 0.01%

Yahoo Japan Ord 6,934 0.01%

Yahoo! Ord 12,888 0.01%

Yaskawa Elec Ord 1,045 0.00%

Yokogawa Elec Ord 1,958 0.00%

Zillow Group Cl C Ord 26,896 0.02%


Materials

Agrium Ord 844 0.00%

Alumina Ord 3,103 0.00%

Anhui Conch Ord H 6,088 0.00%

Antofagasta Ord 1,557 0.00% Arcelormittal Adr 40,657 0.04%


Befar Group Ord A 296 0.00%

Bhp Billiton Adr Rep 2 Ord 4,185 0.00%

Bhp Billiton Ltd 22,600 0.02%




194




% of Net Assets



Boral Ord 73,623 0.06%

Co Vale Do Rio Adr Rep 1 A Pfd 21,044 0.02%

Evolva Hold Ord 538 0.00%

Fmc Ord 8,071 0.01%

Fuchs Petrolub Prf 2,086 0.00%

Guodong Constr Ord A 528 0.00%

Hanwha Chemical Ord 9,011 0.01%

Hitachi Metals Ord 411 0.00%

Ibstock Ord 16,765 0.01%

Imerys Ord 570 0.00%

Impala Platinum Ord 3,148 0.00%

James Hardie Industries Cdi 40,085 0.04%

Js Yabang Ord A 2,086 0.00%

Jsr Ord 119 0.00%

Kartonsan Karton A Ord 640 0.00%

Kobe Steel Ord 6,691 0.00%



Lotte Chemical Ord 223 0.00%

Mitsubishi Matls Ord 84 0.00%

Mondi Ltd 3,317 0.00%

Mondi Ord 902 0.00%

Mondi Plc 1,252 0.00%

Nampak N Ord 3,804 0.00%

Newcrest Mining Ord 40 0.00%


Olin Ord 1,428 0.00%

Randgold Res Ord 1,512 0.00%

Rexam Ord 10,374 0.01%

Rio Tinto Ord 3,693 0.00%

South32 Ord 26,724 0.02%

South32 Ord G 4,016 0.00%

Sumitomo Osaka Ord 493 0.00%

Swancor Ord 586 0.00%

Teck Resources Cl B Ord 1,836 0.00%

Tongkun Group Ord A 1,482 0.00%

Tosoh Ord 112 0.00%

Vedanta Ltd Future 1,909 0.00%

Western Mining Ord A 252 0.00% WR Grace Ord 2,199 0.00%

Total Materials Total 388,372 0.29%




195




% of Net Assets



Cellcom Israel Ord 6,892 0.01%

China Mobile Ord 10,598 0.01%

Chunghwa Telecom Co Ltd 2,743 0.00%

Just Dial Ord 292 0.00%

Partner Communications Ord 5,913 0.00%

Rogers Communications Cl B Ord 1,466 0.00%

Singapore Telecommunications Ord 18,722 0.01%


Sprint Ord 5,971 0.00%

Telkom Indonesia Ord 90 0.00%

Tpg Telecom Ord 715 0.00%

Total Telecommunication Services 72,820 0.05%

Utilities

China Longyuan Ord H 24,318 0.03%

Chubu Elec Pwr Ord 16,754 0.01%

Clp Holdings Ord 627 0.00%

Contact Energy Ord 5,011 0.00%

Drax Group Ord 4,062 0.00%

Duet Group Unt 9,152 0.01%

Hk & China Gas Ord 18,089 0.01%

Huaneng Power Ord H 3,569 0.00%

Jingneng Power Ord A 2,123 0.00%

Jinshan Ord A 198 0.00%

Korea Elec Power Ord 852 0.00%

Kyushu Ele Pwr Ord 12,737 0.01%

Pennon Group Ord 913 0.00%

Talen Energy Ord 123,061 0.10%

Tenaga Nasional Ord 889 0.00%

Terraform Power Cl A Ord 18,757 0.01%

Tokyo Elec Pwr Ord 33,985 0.03%

Westar Energy Ord 1,342 0.00%

Xcel Energy Ord 171 0.00%

Total Utilities 276,610 0.21%


Forward Contracts

GBP–USD J.P. Morgan – 0.00%

MYR–USD Morgan Stanley 3,433 0.00%

USD–CNH Morgan Stanley 61,871 0.05%




196




% of Net Assets

Forward Contracts (Continued)

USD–KRW Morgan Stanley 5,326 0.00%

USD–TWD Morgan Stanley 11,827 0.01%


Futures contracts

Index

Cboe Volatility Index 1000 (Vix) Feb ‘16 Cbf 158,909 0.11%

E-Mini Nasdaq 100 Index Mar-16 7,515 0.01%

E-Mini S&P 500 Stock Index Mar-16 15,841 0.01%

Ftse/Xinhua China A50 Index [Sgx] Jan-16 1,725 0.00%

MSCI Singapore Index Jan-16 548 0.00%

Share Price Index 200 (Day) Mar-16 199,667 0.15%

Total Index 384,205 0.28%

Total Futures contracts 384,205 0.28%





197




% of Net Assets



Abercrombie And Fitch Cl A Ord (11,838) (0.01)%

Adidas N Ord (56,236) (0.05)%

Altice Cl A Ord (3,710) (0.00)%

Altice Cl B Ord (873) (0.00)%

Amc Networks Cl A Ord (993) (0.00)%

Aurobindo Pharma (700) (0.00)%

Axel Springer N Ord (644) (0.00)%

Bwin.Party Digital Entertainment Plc (60,299) (0.05)%

Byd Company Ord H (1,314) (0.00)%

Cabelas Ord (4,287) (0.00)%

Charter Communications Cl A Ord (1,692) (0.00)%

Cipla Ltd (119) (0.00)%

Cj Cgv Ordinary (1,247) (0.00)%

Coway Ord (19,048) (0.02)%

Crown Resorts Ord (14,196) (0.01)%

Cts Eventim Ord (206) (0.00)%

D R Horton Ord (7,329) (0.01)%


Dixons Carphone Ord (1,380) (0.00)%

Dogus Otomotiv Servis A Ord (2,899) (0.00)%

Dollar General Ord (45) (0.00)%

Dollar Tree Ord (30,485) (0.02)%

Dr Reddy’s Lab Future (400) (202) (0.00)%

Dsw Cl A Ord (1,564) (0.00)%

Dunkin’ Brands Group Ord (3,135) (0.00)%

Fangda Steel Ord A (1,157) (0.00)%

Five Below Ord (11) (0.00)%

Galaxy Ent Ord (17,078) (0.01)%

Glenmark Pharmaceuticals (441) (0.00)%

Greatwall Motor Ord H (2,549) (0.00)%

Greene King Ord (143) (0.00)%


Hana Tour Ord (14,693) (0.01)%

Hanssem Ord (183) (0.00)%

Harley Davidson Ord (20) (0.00)%

Heilan Ord A (2,913) (0.00)%

Isetan Mitsuko H Ord (574) (0.00)%

Itc Ltd (1,451) (0.00)%

Jb Hi-Fi Ord (16,939) (0.01)%

Jd.Com Adr Rep 2 Cl A Ord (9,733) (0.01)%

Kia Motors Ord (5,657) (0.00)%

Kuoni Reisen Holding Ord (82,766) (0.07)%

Kyoritsu Maint Ord (13,723) (0.01)%




198




% of Net Assets



Lao Feng Xiang Co Ltd (4,976) (0.00)%

Lao Feng Xiang Ord A (2,295) (0.00)%

Lg Electronics Ord (332) (0.00)%

Lkq Ord (1,577) (0.00)%

Lululemon Athletica Ord (9,670) (0.01)%

Lumber Liquidators Holdings Ord (2,019) (0.00)%

Luxottica Group Ord (385) (0.00)%

Madison Square Garden Cl A Ord (1,222) (0.00)%


Marui Group Ord (30,149) (0.02)%

Mattel Ord (16,738) (0.01)%

Media General Ord (3,216) (0.00)%


Merlin Entertainments Group Ord (10,110) (0.01)%

Mgm Resorts International Ord (4,190) (0.00)%

Naspers N Ord (46,452) (0.04)%

Nbtm New Mat Ord A (497) (0.00)%

New Orientl Eductn Grp Adr Rep 1 Ord (13,003) (0.01)%

Newell Rubber Ord (5,437) (0.00)%

Next Ord (667) (0.00)%

Ngk Spark Plug Ord (8,044) (0.01)%

Nikon Ord (31,769) (0.02)%

Norwegian Cruise Line Holdings Ord (609) (0.00)%

Nos Sgps Ord (7,812) (0.01)%

Panasonic Ord (36,659) (0.03)%

Rakuten Ord (1,020) (0.00)%

Red Dragonfly Footwear (1,258) (0.00)%

Renault Par (309) (0.00)%

Royal Caribbean Cruises Ord (8,046) (0.01)%

Ryohin Keikaku Ord (1,148) (0.00)%

Sally Beauty Holdings Ord (6,048) (0.01)%

Sands China Ltd Ord (8,473) (0.01)%

Seaworld Entertainment Ord (93,832) (0.08)%

Seb Ord (7,538) (0.01)%

Sega Sammy Hldg Ord (83) (0.00)%

Sekisui Chem Ord (416) (0.00)%

Ses Fdr (14,456) (0.01)%

Shanghai Lianming Machinery Ord A (192) (0.00)%

Sharp Ord (364) (0.00)%

Shimano Ord (573) (0.00)%

Sky Ord (6,745) (0.01)%

Solocal Group Ord (3,628) (0.00)%

Start Today Ord (7,257) (0.01)%




199




% of Net Assets



Stroeer Ord (3,945) (0.00)%

Sumitomo Rubber Ord (23,121) (0.02)%

Supergroup Ord (10,673) (0.01)%

Suzuki Motor Ord (213) (0.00)%


Thomas Cook Group Ord (5,705) (0.00)%

Tofas Turk Otomobil Fabrikasi A Ord (140) (0.00)%

Tomtom N.V. Ord (810) (0.00)%


Toyota Motor Adr Rep 2 Ord (1,778) (0.00)%

Uss Ord (2,090) (0.00)%

Volkswagen Ord (1,852) (0.00)%

Wockhardt Ltd (1,395) (0.00)%

Wynn Resorts Ord (7,946) (0.01)%


Yamaha Ord (4,249) (0.00)%

Yoox Net-A-Porter Ord (18,173) (0.01)%

Zhejiang Daily Media Group Co Ltd (307) (0.00)%

Total Consumer Discretionary (997,031) (0.74)%

Consumer Staples

Aeon Ord (6,829) (0.01)%

Anheuser Busch Adr Rep 1 Ord (3,546) (0.00)%

Asahi Group Hldg Ord (6,647) (0.01)%

Avi Ord (5,343) (0.00)%

Barry Callebaut N Ord (11,135) (0.01)%

Beiersdorf Ord (438) (0.00)%

Bgf Retail Ord (296) (0.00)%

Booker Group Ord (19,248) (0.01)%

Brf Sa Ord (2,390) (0.00)%

British American Tobacco Ord (29,999) (0.02)%


Calbee Ord (5,038) (0.00)%

Caseys General Stores Ord (396) (0.00)%

China Res Beer Ord (34,538) (0.03)%

Colruyt (D) Ord (93,718) (0.08)%

Davide Campari Milano Ord (1,361) (0.00)%

Foshan Haitian Ord A (1,432) (0.00)%

Hainan Yedao Ord A (347) (0.00)%

Hormel Foods Ord (19,456) (0.01)%

Inner Mongolia Yili Industrial Group Co Ltd (7,231) (0.01)%

Kellogg Ord (17,396) (0.01)%




200




% of Net Assets



Kerry Group Ord (12,165) (0.01)%

Kirin Holdings Ord (11,348) (0.01)%

Kt G Ord (10,644) (0.01)%

L’oreal Ord (Par) (4,062) (0.00)%

Maruti Suzuki (3) (0.00)%

Mccormick Ord (20,782) (0.02)%

Megmilk Snow Brand Co (230) (0.00)%

Meiji Holdings Co Ltd (1,688) (0.00)%

Molson Coors Brewing Nonvtg Cl B Ord (2,059) (0.00)%

Moutai Ord A (2,814) (0.00)%

Nh Foods Ord (1,429) (0.00)%

Pnr Foods Ord (17,028) (0.01)%

Remy Cointreau Ord (6,713) (0.01)%

Reynolds Amrican Ord (6,407) (0.00)%

Sainsburyj Ord (25,286) (0.02)%

Seven & I Hldg Ord (344) (0.00)%

Sprouts Farmers Market Ord (20,696) (0.02)%

Suedzucker Mannheim Ochsenfurt Ord (11,763) (0.01)%

Toyo Suisan Ord (14,542) (0.01)%

Tyson Foods Cl A Ord (2,701) (0.00)%

Xinjiang Yilite Industry Co Ltd (222) (0.00)%

Total Consumer Staples (455,082) (0.34)%

Energy

Amec Foster Wheeler Ord (13,066) (0.01)%

Antero Resources Ord (9,298) (0.01)%

Bharat Petroleum (4,579) (0.00)%

Bharat Petroleum Corp Ord (2,254) (0.00)%

Coal India Future (3,894) (0.00)%

Euronav Ord (18,810) (0.01)%

Hindustan Petroleum (2,059) (0.00)%

Inpex Ord (2,930) (0.00)%

Jx Holdings Ord (467) (0.00)%

Mol Hungarian Oil And Gas Ord (163) (0.00)%

Neste Oyj (28,191) (0.02)%

Origin Energy Ord (21,285) (0.02)%

Parsley Energy Cl A Ord (9,682) (0.01)%

Plains All American Pipeline Unt (10,747) (0.01)%

Polskie Gornictwo Naftowe I Gaz. Ord (1,412) (0.00)%

Premier Oil Ord (28,501) (0.02)%

Reliance Industry (590) (0.00)%

Rsp Permian Ord (6,582) (0.01)%




201




% of Net Assets


Energy (Continued)

Santos Ord (17,877) (0.01)%

Sk Innovation Ord (171) (0.00)%


Vopak Nv Ord (1,845) (0.00)%

Woodside Petroleum Ord (22,157) (0.02)%

Total Energy (275,712) (0.20)%

Financials

3i Group Ord (1,440) (0.00)%

Ace Ord (14,297) (0.01)%

Admiral Group Ord (7,377) (0.01)%

Aia Ord (1,972) (0.00)%

Aiful Ord (2,509) (0.00)%

Alstria Office Ord (10,456) (0.01)%

Amundi Ord (23,048) (0.02)%

Annaly Capital Management Reit (3,520) (0.00)%

Aozora Bank Ord (10,514) (0.01)%

Apartment Investment Mgt Cl A Reit (2,717) (0.00)%

Avalonbay Communities Reit (1,312) (0.00)%

Aviva Ord (77,729) (0.07)%

Axa Ord (1) (0.00)%

Banco Com Ord (1,317) (0.00)%

Bank Hapoalim Bm Ord (4,206) (0.00)%

Bank of Ozarks Ord (16,397) (0.01)%

Bank of Yokohama Ord (5,665) (0.00)%

Bank Zachodni Ord (2,483) (0.00)%

Banque Cantonale Vaudoise Ord (49,423) (0.04)%

Bb And T Ord (11,773) (0.01)%

Bb Seguridade Participacoes Ord (57,792) (0.04)%

Brcl Bk Ipth S&P 500 Vix Sh Ftrs Etn (25,825) (0.02)%

British Land Reit (1,625) (0.00)%

Canara Bank Ltd (5,800) (0.00)%

Capitec Bank Ord (2,177) (0.00)%

Cathay Fin Hldg Ord (12,676) (0.01)%

Cattolica Ass Ord (12,158) (0.01)%

Ccb Ord H (27,595) (0.02)%

Challenger Ord (41,664) (0.03)%

Charles Schwab Ord (89,576) (0.08)%

China Cinda Ord H (17,983) (0.01)%

China Life Ord H (6,245) (0.00)%

Cinda Realestate Ord A (594) (0.00)%

Close Bros Group Ord (54) (0.00)%




202




% of Net Assets



Cofinimmo Ord (15) (0.00)%

Commonwealth Bank of Australia Ord (122,636) (0.10)%

Cs Group Ag N Ord (19,328) (0.01)%

Cs Velocityshrs Dly Inv Vix Shrt (19,113) (0.01)%

Daiwa House Ord (28,334) (0.02)%


Dbs Group Holdings Ord (18) (0.00)%

Deutsche Boerse N Ord (8,411) (0.01)%

Dexus Property Reits (10,456) (0.01)%

E Trade Financial Ord (21,399) (0.02)%

Element Financial Ord (1,287) (0.00)%

Equinix Reit (12,026) (0.01)%

Equity One Reit (12,382) (0.01)%

Erste Group Bank Ord (8,379) (0.01)%

Fifth Third Bancorp Ord (3,787) (0.00)%

First Niagara Financial Group Ord (1,606) (0.00)%

Firstrand Ord (25,314) (0.02)%

Gecina Reit (1,105) (0.00)%

General Growth Properties Reit (18,341) (0.01)%

Gf Sec Ord H (3,706) (0.00)%

Global Logistic Properties Ord (1,724) (0.00)%


Guotai Junan I Ord (8,167) (0.01)%

Haitong Int’l Securities Group Ord (20,386) (0.02)%

Hang Seng Bank Ord (15,284) (0.01)%

Hansteen Holdings Reit (1,215) (0.00)%

Hargreaves Lansdown Ord (12,421) (0.01)%

Hcp Reit (40,700) (0.03)%

Helvetia Holding Ord (252) (0.00)%

Housing Dev Fin (3,712) (0.00)%


Hsbc Holdings Plc (36,446) (0.03)%

Htsc Ord H (1,061) (0.00)%

Hyprop Ord (22,707) (0.02)%

Ichigo Group Hd Ord (869) (0.00)%

Icici bank ltd : (170) (0.00)%

Insurance Australia Group Ord (23,242) (0.02)%

Japan Real Estat Reit (24,933) (0.02)%

Japan Retail Fun Reit Ord (22,282) (0.02)%

Jupiter Fund Management (1,229) (0.00)%

KB Fgi Ord (26,124) (0.02)%

Kenedix Ord (244) (0.00)%

Land Securities Group Reit Ord (674) (0.00)%




203




% of Net Assets



Lazard Cl A Ord (12,073) (0.01)%

Leg Immobilien N Ord (6,505) (0.00)%

Legal And General Group Ord (13,151) (0.01)%

Lloyds Banking Group Ord (13,243) (0.01)%

Loews Ord (10,156) (0.01)%

London Stock Exchange Group Ord (4,634) (0.00)%

Lpl Financial Holdings Ord (347) (0.00)%

M&T Bank Ord (4,555) (0.00)%

Macerich Reit (1,714) (0.00)%

Malayan Banking Ord (47,085) (0.03)%

Medibank Private Ord (28,523) (0.02)%

Medical Properties Reit (12,215) (0.01)%

Mercialys Reit (33,458) (0.03)%

Merlin Properties Reit (27,014) (0.02)%

Mizrahi Tefahot Bank Ord (11,180) (0.01)%

Nci Ord H (1,730) (0.00)%

Nedbank Ord (1,539) (0.00)%

New Europe Property Investments Plc (10,033) (0.01)%

Nhinves&Secur Ord (955) (0.00)%

Nomura Real Mf Reit Ord (5,127) (0.00)%

Old Republic International Ord (15,415) (0.01)%

Orient Ord (17,973) (0.01)%

Orix Ord (1,529) (0.00)%

Osaka Sec Exchgs Ord (1,584) (0.00)%


Partners Group Holding Ord (6,767) (0.01)%

Peoples United Financial Ord (24,929) (0.02)%

Picc Group Ord H (6,690) (0.01)%

Picc P&C Ord H (5,728) (0.00)%

Ping An Ord H (2,694) (0.00)%

Pko Bank Polski Ord (154) (0.00)%

Progressive Ord (8,186) (0.01)%

Prudential Ord (7,597) (0.01)%

Public Bank Ord (121) (0.00)%

Qbe Insurance Group Ord (8,807) (0.01)%

Rand Merchant Insurance Ord (7,183) (0.01)%

Ratos B Ord (1,664) (0.00)%

Raymond James Ord (16,656) (0.01)%

Realty Income Reit (39,162) (0.03)%

Reinet Gdr (26,425) (0.02)%

Samsung Fire Ins Ord (496) (0.00)%

Samsung Life Ord (5,827) (0.00)%

Scentre Group Ord (2,062) (0.00)%




204




% of Net Assets



Senior Housing Reit (42,089) (0.03)%

Shaftesbury Reit (4,416) (0.00)%

Shinhan Financ Ord (135) (0.00)%

Shk Ppt Ord (16,023) (0.01)%

Sks Microfinance Ltd Future Jan ‘16 Nsi Trsw Exp: (6,242) (0.00)%

Sony Financial Ord (1,557) (0.00)%

Spirit Realty Capital Reit (3,893) (0.00)%

St.James’s Place Ord (41,367) (0.03)%

Stanchart Ord (30,566) (0.02)%

Standard Chartered Ord (938) (0.00)%

Standard Life Ord (3,545) (0.00)%

Stockland Unt (1,574) (0.00)%


Suntrust Banks Ord (1,522) (0.00)%

Swire Pacific A Ord (2,652) (0.00)%

Swiss Prime Site N Ord (19,247) (0.01)%

Synovus Financial Ord (6,998) (0.01)%

Tag Immobilien Ord (53,674) (0.04)%

Tokyo Tatemono Ord (610) (0.00)%

Tokyu Fudosan Hd Ord (5,198) (0.00)%

Toronto Dominion Ord (57) (0.00)%

Toronto Dominion Ord (1,434) (0.00)%

Turkiye Vakiflar Bankasi Tao A Ord (1,544) (0.00)%

Ubs Group N Ord (19,504) (0.01)%

Unione Di Banche Italiane Ord (7,671) (0.01)%

Unipol Gruppo Finanziario Ord (12,889) (0.01)%

United Overseas Bank Ord (3,539) (0.00)%

United Urban Inv Reit (8,111) (0.01)%

Ventas Reit (72,092) (0.07)%

Vicinity Centres Res (393) (0.00)%

Vornado Realty Reit (78) (0.00)%

Welltower Ord (2,995) (0.00)%

Wendel Ord (135) (0.00)%

Westfield Corporation Unt (2,692) (0.00)%

Westpac Banking Corporation Ord (71,226) (0.07)%

Willis Group Holdings Ord (21,569) (0.02)%

Xinhu Zhongbao Ord A (6,328) (0.00)%

Total Financials (2,193,638) (1.63)%

Health Care

Abcam Ord (6,486) (0.01)%

Ablynx Ord (60,613) (0.05)%




205




% of Net Assets


Health Care

Acadia Pharmaceuticals Ord (21,137) (0.02)%

Alkermes Ord (16,242) (0.01)%

Allscripts Healthcare Solutions Ord (32,552) (0.02)%

Athenahealth Ord (3,278) (0.00)%

Biomarin Pharmaceutical Ord (428) (0.00)%

Btg Ord (32,890) (0.02)%

Cempra Ord (39,013) (0.03)%

China Resources Double-Crane Pharmaceutical Co Ltd (1,175) (0.00)%

Clinigen Group Ord (46,863) (0.03)%

Dbv Technologies Ord (354) (0.00)%

Elekta B Ord (7,670) (0.01)%

Eurofins Scientific Ord (223) (0.00)%

Exelixis Ord (1,075) (0.00)%

Galapagos Ord (747) (0.00)%

Galenica Ag (94,911) (0.08)%

Glaxosmithkline Ord (745) (0.00)%

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd (920) (0.00)%

H.Lundbeck Ord (21,466) (0.02)%

Hanmi Science Ord (490) (0.00)%

Harbin Pharm Ord A (2,182) (0.00)%

Henry Schein Ord (12,110) (0.01)%

Indivior Ord (15,613) (0.01)%

Jiangzhong Pharmaceutical Co Ltd (148) (0.00)%

Joincare Pharmaceutical Group Industry Co Ltd (4) (0.00)%

Kyowa Hakko Krn Ord (5,435) (0.00)%

Laboratory Corprtn Of Amer Hldgs Ord (10,367) (0.01)%

Netcare Ord (18,392) (0.01)%

Neurocrine Biosciences Ord (21,511) (0.02)%

Nichi-Iko Pharm Ord (12,020) (0.01)%

Novavax Ord (5,513) (0.00)%

Olympus Corp Ord (4) (0.00)%

Ono Pharm Ord (1,783) (0.00)%

Orpea Ord (1,027) (0.00)%

Pacira Pharmaceuticals Ord (13,487) (0.01)%


Relypsa Inc (26,343) (0.02)%

Renmintongtai Pharm Ord A (1,259) (0.00)%

Resmed Cdi (45,985) (0.03)%

Roche Hldg Adr Rep 0.125 Ord Eqsw Exp: (5,092) (0.00)%

Sanofi Ord (10,012) (0.01)%

Sarepta Therapeutics Ord (20,504) (0.02)%

Seattle Genetics Ord (18,213) (0.01)%

Seegene Ord (4,073) (0.00)%




206




% of Net Assets



Shapuaisi Pharma Ord A (2,381) (0.00)%

Sinopharm Ord H (4,268) (0.00)%

Sonic Healthcare Ord (7,131) (0.01)%

Sosei Group Ord (51,079) (0.04)%


Steris Ord (312) (0.00)%

Tasly Pharmaceutical Group Co Ltd (2,281) (0.00)%

Ultragenyx Pharmaceutical Ord (17,388) (0.01)%

Viromed Co Ltd (1,129) (0.00)%


Zhejiang Hisun Pharmaceutical Co Ltd (722) (0.00)%

Total Health Care (835,064) (0.62)%

Industrials

Abertis Infraestructuras Ord (27,427) (0.02)%

Air France-Klm Ord (18,543) (0.02)%

Allegion Ord (8,212) (0.01)%

Alstom Ord (55) (0.00)%

Asanuma Ord (1,775) (0.00)%

Asciano Ord (469) (0.00)%

Barloworld Ord (26,042) (0.02)%

Bba Aviation Ord (1,109) (0.00)%

Bilfinger Ord (68,289) (0.06)%

Bollore Investissement (49) (0.00)%

Brambles Ord (84,503) (0.07)%

Bucher Industries Ord (5,267) (0.00)%

Caterpillar Ord (7,119) (0.01)%

China Comm Cons Ord H (1,475) (0.00)%

China Railway Ord (902) (0.00)%

Chiyoda Ord (4,155) (0.00)%

Ckh Holdings Ord (599) (0.00)%

Csr Times Elec Ord H (4,537) (0.00)%

D/S Norden Ord (6,480) (0.01)%

Daqin Railway Ord A (3,476) (0.00)%

Dart Group Ord (7,006) (0.01)%

Delta Air Lines Ord (126) (0.00)%

Deutsche Lufthansa Ord (1,013) (0.00)%

Dmg Mori Ord (11,910) (0.01)%

Dmg Mori Seiki Ord (1,254) (0.00)%

DSV Ord (15,173) (0.01)%

Ebara Ord (5,778) (0.00)%

Eiffage Ord (2,060) (0.00)%




207




% of Net Assets



Elior Promesses Ord (128) (0.00)%

Enka Insaat A Ord (9,289) (0.01)%

Flughafen Zuerich Ord (179) (0.00)%

Fortune Brands Home And Security Ord (987) (0.00)%

Fraport Ord (53,205) (0.04)%

Furukawa Elec Ord (641) (0.00)%

G4s Ord (2,356) (0.00)%

Gategroup Holdings Ord (618) (0.00)%


Heidelberger Druckmaschinen Ord (328) (0.00)%

Hertz Global Holdings Ord (793) (0.00)%

Hualing Xingma Ord A (269) (0.00)%


Hyundai Eng&Con Ord (2,044) (0.00)%

Hyundai Glovis Ord (168) (0.00)%

Ihi Ord (8,711) (0.01)%

Illinois Tool Ord (545) (0.00)%

Jacobs Engineering Group Ord (2,160) (0.00)%

Japan Airp Term Ord (1,194) (0.00)%

Jgc Ord (285) (0.00)%

Jiangsu Exp Ord A (16) (0.00)%

Kajima Ord (3,827) (0.00)%

Kawasaki Heavy Ord (745) (0.00)%

Kawasaki Kisen Ord (224) (0.00)%

Keppel Ord (5,898) (0.01)%

Kintetsu Group H Ord (14,650) (0.01)%

Kloeckner + Co N Ord (2,119) (0.00)%

Kuehne & Nagel Ord (18,036) (0.02)%

Manitowoc Ord (1,256) (0.00)%


Middleby Ord (1,617) (0.00)%

Minebea Ord (5,379) (0.00)%

Misumi Group Ord (662) (0.00)%

Mitsubishi Heavy Ord (11,158) (0.01)%

Mitsui Osk Lines Ord (5,139) (0.00)%

Mrc Global Ord (4,252) (0.00)%

Neptune Orient Lines Ord (440) (0.00)%

Norwegian Air Shuttle Ord (18,105) (0.02)%

Ntn Ord (5,162) (0.00)%

Park24 Ord (8,228) (0.01)%

Postnl Ord (27,009) (0.02)%

Raytheon Ord (465) (0.00)%

Recruit Holdings Co Ltd (3,482) (0.00)%




208




% of Net Assets



Rheinmetall Ord (1,859) (0.00)%

Rolls-Royce Holdings Ord (195) (0.00)%

Safran Ord (9,283) (0.01)%

Samsung C&T Ord (773) (0.00)%

Secom Ord (252) (0.00)%

Seibu Holdings Ord (952) (0.00)%

Senior Ord (28,803) (0.02)%

Sh Intl Port Ord A (1,515) (0.00)%

Shuangliang Ord A (211) (0.00)%

Sk Holdings Ord (4,108) (0.00)%

Smc Ord (167) (0.00)%

Sohgo Security Ord (3,068) (0.00)%

Tangshan Port Ord A (1,995) (0.00)%

Tbea Ord A (804) (0.00)%

Temp Holdings Ord (948) (0.00)%

Tianjin Benefo Tejing Electric Co Ltd (1,589) (0.00)%

Tnt Express Ord (509) (0.00)%

Tobu Rw Ord (1,441) (0.00)%

Tokyu Ord (52,661) (0.04)%

Toppan Printing Ord (3,638) (0.00)%

Transurban Group Ord (9,766) (0.01)%

Turk Hava Yollari Ao A Ord (3,265) (0.00)%

Turkiye Sise Cam Fabrikalari A Ord (743) (0.00)%

Ultra Electronics Holdings Ord (2,062) (0.00)%

Valmet Ord (9,018) (0.01)%

Vinci Ord (149) (0.00)%

Vossloh Ord (1,502) (0.00)%

Ww Grainger Ord (31,000) (0.02)%

Total Industrials (823,505) (0.61)%


58.Com Adr Rep 2 Cl A Ord (4,967) (0.00)%

Aac Tech-500 Ord N1 (339) (0.00)%

Activision Blizzard Ord (16,509) (0.01)%

Advanced Micro Devices Ord (33,947) (0.03)%

Alcatel Lucent Teletas Telekom A Ord (7,800) (0.01)%

Alibaba Group Holding Adr Rep 1 Ord (215) (0.00)%

Arris Group Ord (337) (0.00)%

Asia Vital Components Co Ltd (11,475) (0.01)%

Asustek Ord (9,846) (0.01)%

Autodesk Ord (6,205) (0.01)%





209




% of Net Assets



Aveva Group Ord (35,737) (0.03)%

Brother Inds Ord (7,655) (0.01)%


Cgi Group Sub Voting A Stk (127) (0.00)%

China Security Ord A (8,076) (0.01)%

Colopl Ord (4,013) (0.00)%

Cypress Semiconductor Ord (5,025) (0.00)%

Dawn Info Indus Ord A (84) (0.00)%

Delta Electronic Ord (592) (0.00)%

Disco Ord (366) (0.00)%

Facebook Cl A Ord (4,174) (0.00)%

Foxconn Tech Ord (61,147) (0.06)%

Fujitsu Ord (6,235) (0.01)%

Gcl-Poly Energy Rgts Exp 01/20/2016 Ord (559) (0.00)%

Harris Ord (3,393) (0.00)% Hcl Technologies (126) (0.00)%

Hermes Ord (2,122) (0.00)%

Hewlett Packard Enterprise Ord (3,988) (0.00)%

Hitachi Ord (15,917) (0.01)%

Ibiden Ord (15,100) (0.01)%

Imperva Ord (1,757) (0.00)%

Infosys Ord (203) (0.00)%

Infosys Technology Futures (943) (0.00)%

Innolux Corp (8,466) (0.01)%

Inotera Memo Ord (311) (0.00)%

Japan Aviation Ord (32,400) (0.02)%

Just Eat Ord Wi (14,489) (0.00)%

Kakaku Com Inc Ord (1,175) (0.00)%

Klab Ord (22,408) (0.02)%

Konami Holdings Ord (163) (0.00)%

Konica Minolta Ord (948) (0.00)%

Largan Precision Ord (26,852) (0.02)%

Lg Display Ord (974) (0.00)%

Luxnet Ord (40) (0.00)%

Mail.Ru Group Ltd (16,663) (0.01)%

Marvelous Ord (19,123) (0.02)%

Mixi Ord (15,956) (0.01)%

Naver Ord (741) (0.00)%

Neojapan Ord (17,854) (0.01)%

Netsuite Ord (6,309) (0.01)%

Nexon Ord (864) (0.00)%

Nice Systems Ord (292) (0.00)%





210




% of Net Assets



Obic Ord (748) (0.00)%

Oki Elec Ind Ord (9,535) (0.01)%

Palo Alto Networks Ord (3,212) (0.00)%

Parade Ord (2,911) (0.00)%


Phison Elec Ord (17,643) (0.01)%

Proofpoint Ord (3,610) (0.00)%

R&D Computer Ord (26,284) (0.02)%

Rakus Ord (36,033) (0.04)%

Rib Software Ord (3,810) (0.00)%

Rocket Internet Ord (5,914) (0.00)%

Salesforce.Com Ord (2,109) (0.00)%


Samsung El-Mech (13,169) (0.01)%

Samsung Sdi Ord (1,681) (0.00)%

Sap Adr Rep 1 Ord (2,102) (0.00)%

Seiko Epson Ord (58) (0.00)%


Sina Ord (36,450) (0.04)%

Sk Hynix Ord (4,442) (0.00)%

SMA Solar Technology Ord (15,932) (0.01)%

Tdk Ord (7,237) (0.01)%

Tokyo Electron Ord (150) (0.00)%

Trend Micro Ord (18,924) (0.02)%

Truelight Ord (25) (0.00)%

United Microelectronics Corp (16) (0.00)%

Workday Cl A Ord (3,025) (0.00)%

Xac Automation Ord (312) (0.00)%

Yandex Cl A Ord (4,752) (0.00)%

Yelp Cl A Ord (4,820) (0.00)%

Total Information Technology (765,586) (0.57)%

Materials

Acerinox Ord (2,426) (0.00)%

Albemarle Ord (90,515) (0.08)%

Amcor Ord (235) (0.00)%



Anglogold Ashanti Adr Rep 1 Ord (1,886) (0.00)%

Chr Hansen Holding Ord (13,846) (0.01)%

Elementis Ord (5,463) (0.00)%

Formosa Plastics Ord (200) (0.00)%




211




% of Net Assets



Fresnillo Ord (750) (0.00)%

Hyosung Corp Ord (2,803) (0.00)%

Hyundai Steel Ord (1,867) (0.00)%

Incitec Pivot Ord (11,221) (0.01)%

International Flavors & Fragrans Ord (2,025) (0.00)%

Jfe Holdings Ord (87) (0.00)%

Johnson Matthey Ord (47) (0.00)%

Kaneka Ord (25,793) (0.02)%

Kghm Polska Miedz Ord (348) (0.00)%

Kuraray Ord (2,002) (0.00)%

Mitsub Chem Hldg Ord (6,702) (0.00)%

Mitsubishi Gas Ord (10,891) (0.01)%

Nippon Paint Hld Ord (1,624) (0.00)%

Novolipetsk Steel Pao (19) (0.00)%

Orica Ord (15,826) (0.01)%

Petra Diamonds Ord (19,344) (0.01)%

Shin Etsu Chem Ord (992) (0.00)%

Sibanye Gold Ord (1,054) (0.00)%

Smith Ds Ord (15,171) (0.01)%


Sumitomo Chem Ord (6,567) (0.00)%

Sumitomo M & M Ord (26,956) (0.03)%

Syngenta N Ord (1,274) (0.00)%

Taiheiyo Cement Ord (3,447) (0.00)%

Tata Steel Ltd (2,835) (0.00)%

Teijin Ord (106) (0.00)%

Toray Inds Ord (3,495) (0.00)%

Ube Industries Ord (1,535) (0.00)%

Vale Prf (809) (0.00)%

Victrex Ord (2,580) (0.00)%

Yangnong Chem Ord (925) (0.00)%

Total Materials (458,367) (0.34)%



Bezeq Israeli Telecomunication Ord (3,330) (0.00)%


China Unicom Ord (4,919) (0.00)%

Drillisch Ord (6) (0.00)%

Elisa Comms (373) (0.00)%

Furyu Ord (516) (0.00)%

Kddi Ord (7,757) (0.01)%




212




% of Net Assets



NTT Docomo Ord (25,439) (0.02)%

NTT Ord (25,873) (0.02)%

Reliance Communication (6,642) (0.01)%

So-Net Media Net Ord (468) (0.00)%

T Mobile Us Ord (4,913) (0.00)%

Telecom Italia Ord (234) (0.00)%

Telecom Italia Svgs (2,503) (0.00)%

Telstra Corporation Ord (3,564) (0.00)%

Vodacom Ord (21,819) (0.02)%

Total Telecommunication Services (136,795) (0.10)%

Utilities

Acciona Ord (44) (0.00)%

AGL Energy Ord (56,277) (0.04)%

Atmos Energy Ord (6,566) (0.01)%

CGN Power Ord H (16,480) (0.01)%

China Res Power Ord (4,965) (0.00)%

Electric Power D Ord (62,693) (0.05)%

ENN Energy Ord (16,477) (0.01)%

Iberdrola Ord (5,880) (0.00)%


Osaka Gas Ord (891) (0.00)%

Pg&E Ord (87) (0.00)%

Southern Ord (8,294) (0.01)%


Tohoku Elec Pwr Ord (4,832) (0.00)%

Wec Energy Group Ord (23,990) (0.02)%

Wenshan Elec Ord A (593) (0.00)%

Wuhan Sanzhen Ord A (2,454) (0.00)%

Total Utilities (274,681) (0.20)%

Total Contracts For Difference (7,215,461) (5.35)%

Forward Contracts

GBP–USD J.P. Morgan (42) (0.00)%

NOK–EUR J.P. Morgan (684) (0.00)%

RUB–USD Morgan Stanley (28,387) (0.02)%

SEK–USD J.P. Morgan (198) (0.00)%

USD–INR Morgan Stanley (2,853) (0.00)%





213




% of Net Assets


Futures Contracts

Index Futures

Cboe Volatility Index 1000 (67,888) (0.05)%







Hang Seng Index Jan-16 (239) (0.00)%

Total Index Futures (252,200) (0.19)%






214




% of Net Assets

Common Stock



Energy 72,784 0.39%

Financials 1,064,733 5.66%



Information Technology 675,721 3.59%

Materials 289,858 1.54%






Energy 144,039 0.77%





Materials 62,369 0.33%


Utilities 22,957 0.12%

Total Contracts for Difference 888,949 4.73%

Forward Contracts

MYR–USD 206 0.00%

Total Forward Contracts 206 0.00%





215

MW Liquid Protection Fund (Continued)



% of Net Assets




Energy (8,211) (0.04)%

Financials (65,295) (0.35)%

Health Care (65,443) (0.35)%

Industrials (44,138) (0.23)%


Materials (31,602) (0.17)%


Utilities (19,966) (0.11)%

Total Contracts for Difference (437,684) (2.33)%

Forward Contracts

GBP–USD (10) (0.00)%

GBP–USD (181) (0.00)%

Total Forward Contracts (191) (0.00)%

Total financial liabilities at fair value through profit or loss (437,875) (2.33)%




216




% of Net Assets

Common Stock


Bona Film Group Adr Rep 1/2 Ord 2,236 0.01%

Cooper Tire and Rubber Ord 6,245 0.03%

Dana Holding Ord 47,293 0.26%

Gentex Ord 76,769 0.41%

Graham Holdings Cl B Ord 15,519 0.08%

Group 1 Automotive Ord 17,335 0.09%

Macys Ord 43,935 0.24%

Tower International Ord 1,943 0.01%


Consumer Staples

Bakkafrost Ord 14,345 0.08%


Energy

Parkland Fuel Ord 21,796 0.12%

Rex American Resources Ord 50,988 0.27%


Financials

Alaris Royalty Ord 23,684 0.13%

Allied World Assurance Holdings Ord 30,793 0.16%


CI Financial Ord 96,926 0.52%

Cousins Properties Reit 34,693 0.18%

Cowen Group Cl A Ord 11,685 0.06%

Diamondrock Hospitality Reit 23,758 0.13%

Eastgroup Properties Reit 9,231 0.05%

First Industrial Realty Trust Ord 16,996 0.09%



Maiden Holdings Ord 74,565 0.40%

Moodys Ord 90,406 0.48%

Pennantpark Investment Ord 6,131 0.03%

Post Properties Reit 109,388 0.58%

RLJ Lodging Reit 85,460 0.45%





217




% of Net Assets


Health Care

Actelion Ord 20,222 0.11%

Healthsouth Ord 12,392 0.07%

Jazz Pharmaceuticals Ord 49,196 0.25%

Merck Ord 73,753 0.39%

Parexel International Ord 7,221 0.04%

Pdl Biopharma Ord 5,940 0.03%

Quality Systems Ord 20,327 0.11%

Quintiles Transnational Holdings Ord 33,987 0.18%


Straumann Holding Ord 6,703 0.04%


Industrials

ABB Ltd N Ord 6,334 0.03%


Intrum Justitia Ord 67,780 0.36%

Kaman Ord 22,037 0.12%

Lincoln Electric Holdings Ord 123,031 0.65%

Loomis B Ord 2,510 0.01%

Nordex Ord 60,160 0.33%

Robert Half Ord 72,171 0.38%

Spx Ord 11,541 0.06%



Amadeus It Holding Ord 65,720 0.35%

Arrow Electronics Ord 13,274 0.07%

CDK Global Ord 19,225 0.10%

Constellation Software Ord 124,587 0.66%

Interdigital Ord 99,257 0.53%


Plantronics Ord 93,844 0.50%

Stmicroelectronics Ord 17,150 0.09%

Tessera Technologies Ord 209,410 1.11%

Vasco Data Security Intl Ord 4,986 0.03%

Total Information Technology 675,721 3.59%




218




% of Net Assets


Materials

Canfor Ord 17,442 0.09%

Domtar Ord 23,463 0.13%

Graphic Packaging Holding Ord 49,344 0.26%

Innophos Holdings Ord 114,906 0.61%

Minerals Technologies Ord 84,703 0.45%

Total Materials 289,858 1.54%


Telenor Ord 11,242 0.06%





Abc Mart Ord 473 0.00%

Bed Bath And Beyond Ord 13,757 0.07%

Bharat Forge Ltd 947 0.01%

Bosch Ltd 68 0.00%

Bridgestone Ord 95 0.00%

Byd Company Ord H 1,096 0.01%

Canon Marketing Ord 520 0.00%

Charter Communications Cl A Ord 498 0.00%

Cheng Shin Rub Ord 1,995 0.01%


Ctrip.Com Internatl 8 Adr Rep Ord 241 0.00%

Dufry N Ord 587 0.00%


Gildan Activewear A Ord 245 0.00%


Hanon Systems Ord 1,110 0.01%

Homeinns Hotel Group Adr Rep 2 Ord 88 0.00%

Honda Motor Ord 787 0.00%

Huayu Automotive Ord A 119 0.00%

Inditex Ord 1,072 0.01%

Kering Ord 2,994 0.02%

K’s Holdings Ord 2,001 0.01%

Li And Fung Ord 2,697 0.01%

Loen Entertain Ord 1,246 0.01%




219




% of Net Assets



Luxottica Group Ord 1,751 0.01%

Lvmh Moet Hennessy Louis Vuitton Se 3,437 0.02%

Melco Int’l Dev Ord 405 0.00%

Melia Hotels International Ord 286 0.00%

Mgm China Ord 1,535 0.01%

Nokian Renkaat Stk 464 0.00%

Party City Holdco Inc 6,435 0.03%

Prosiebensat1 Media N Ord 258 0.00%

Publicis Groupe Ord 669 0.00%

Puerto Liverpool C1 Ord 1,738 0.01%



Salvatore Ferragamo Ord 1,676 0.01%

Sands China Ltd Ord 1,126 0.01%

Sjm Holdings Ord 1,599 0.01%

Sky Ord 189 0.00%

Skyworth Digital Ord 147 0.00%

Stanley Electric Ord 3,114 0.02%

Steven Madden Ord 2,437 0.01%

Truworths Int Ord 4,490 0.02%


Walt Disney Ord 23,323 0.12%

Zojirushi Ord 601 0.00%


Consumer Staples

Aeon Ord 31 0.00%

Ambev Ord 5,634 0.03%

Britannia Industries Ltd Future 669 0.00%

British American Tobacco Ord 1,163 0.01%

Danone Ord 1,700 0.01%

Diageo Adr Rep 4 Ord 2,245 0.01%

Graincorp Ord 957 0.01%

Imperial Tobacco Group Ord 499 0.00%

Koninklijke Ahold Ord 228 0.00%

Kraft Heinz Ord 4,219 0.02%

Mondelez International Cl A Ord 1,663 0.01%

Monster Beverage Ord 265 0.00%

Nestle N Ord 732 0.00%

Sainsburyj Ord 5,184 0.03%

Seven & I Hldg Ord 1,639 0.01%

Sunart Retail Ord 2,006 0.01%




220




% of Net Assets



Tate And Lyle Ord 1,154 0.01%

Tesco Ord 1,646 0.01%

Unicharm Ord 1,807 0.01%

Unilever Drc 2 0.00%


Energy

Amara Raja Batteries Ltd 4 0.00%

Bp Ord 7,140 0.04%

Chevron Ord 3,933 0.02%

China Shenhua Ord H 1,764 0.01%

Cnooc Adr Rep 100 Ord 985 0.01%

Cobalt International Energy Shares 24,472 0.14%

Conocophillips Ord 2,388 0.01%


Enbridge Ord 450 0.00%

Exxon Mobil Ord 14,488 0.08%

Ezion Holdings Ord 443 0.00%

Genesis Energy Unt 5,166 0.03%

Jpn Petroleum Ex Ord 258 0.00%

Matador Resources Ord 17,486 0.09%

Matrix Service Ord 802 0.00%

Noble Energy Ord 1,269 0.01%

Oil Search Ord 5,796 0.03%

Oneok Partners Lp 1,292 0.01%

Origin Energy Ord 779 0.00%

Parsley Energy Cl A Ord 2,299 0.01%

Repsol Ord 1,154 0.01%

Rsp Permian Ord 7,356 0.04%

Santos Ord 478 0.00%


Seacor Holdings Ord 383 0.00%

Sunoco Logistics Unt 1,044 0.01%

Targa Resources Partners Unt 15,221 0.08%

Tenaris Ord 2,329 0.01%

Ultrapar Adr Rep 1 Ord 4,473 0.02%

Western Gas Partners Unt 1,128 0.01%

Woodside Petroleum Ord 714 0.00%

Worleyparsons Ord 12,354 0.07%





221




% of Net Assets


Financials

Acom Ord 1,672 0.01%

Aia Ord 404 0.00%

American Express Ord 305 0.00%

Axa Ord 12 0.00%

Bank Nova Scotia Ord 1,504 0.01%

Bank Of America Ord 3,624 0.02%


Bank Of China Ord H 171 0.00%

Bank Of Montreal Ord 72 0.00%

Bank Zachodni Ord 783 0.00%

Barclays Ord 2,052 0.01%

Bbcn Bancorp Ord 2,218 0.01%

Berkshire Hathway Cl B Ord 40 0.00%

Blackrock Ord 9,274 0.05%

Bnp Paribas Ord 2,617 0.01%

Caixabank Ord 367 0.00%

Chailease Holding Ord 917 0.01%

Charles Schwab Ord 4,174 0.02%

China Dvlp Fin Ord 389 0.00%

Ck Property Ord 1,576 0.01%

Credit Suisse Gp 18,253 0.10%

Cs Group Ag N Ord 8,705 0.05%

Cyrusone Reit 20 0.00%

Danske Bank Ord 915 0.01%



Deutsche Boerse N Ord 18 0.00%

E Trade Financial Ord 1,848 0.01%

Encore Capital Group Ord 2,466 0.01%

Flagstar Bancorp Ord 613 0.00%

Genworth Mortgage Insurance Aus Ord 406 0.00%

Green Dot Cl A Ord 21,569 0.12%

Hkex Ord 244 0.00%

Insurance Australia Group Ord 95 0.00%

Jsw Steel Ltd 520 0.00%



M&T Bank Ord 1,771 0.01%

Mitsub Ufj Fg Ord 1,902 0.01%

Mitsub Ufj Lease Ord 1,049 0.01%

Mizuho Financial Ord 3,341 0.02%

New Senior Investment Group Ord 433 0.00%




222




% of Net Assets



Northwest Bancshares Ord 3,347 0.02%

Ocwen Financial Ord 75 0.00%

Osaka Sec Exchgs Ord 447 0.00%

Peoples United Financial Ord 584 0.00%

Ping An Ord H 105 0.00%

Pko Bank Polski Ord 388 0.00%

Progressive Ord 2,180 0.01%


Prudential Ord 964 0.01%

Royal Bank Of Canada Ord 325 0.00%

Royal Bank Of Canada Ord 3,414 0.02%

Royal Bank Of Scotland Group Ord 1,713 0.01%

Se Banken A Ord 620 0.00%

Smfg Ord 8,828 0.05%

Societe Generale Ord 766 0.00%

Spirit Realty Capital Reit 1,050 0.01%

State Street Ord 426 0.00%

Sterling Ban Ord 309 0.00%

Sumitomo Mit Adr Rep 1/5th Of Ord 1,501 0.01%

Svenska Handelsbanken A Ord 4,168 0.02%

Texas Capital Bancshares Ord 29,231 0.17%

Ubs Group N Ord 1,814 0.01%


Vicinity Centres Res 390 0.00%

Vonovia Ord 435 0.00%

Washington Federal Ord 742 0.00%

Total Financials 180,923 0.96%

Health Care

Atara Biotherapeutics Ord 1,767 0.01%

Biodelivery Science Internationl Ord 9,545 0.05%


Coherus Biosciences Ord 1,781 0.01%

Cooper Ord 4,145 0.02%

Diplomat Pharmacy Ord 682 0.00%

Fresenius Ord 880 0.01%


La Jolla Pharmaceutical Ord 639 0.00%

M3 Ord 1,482 0.01%

Medicines Ord 2,293 0.01%

Mirati Therapeutics Ord 1,423 0.01%




223




% of Net Assets



Puma Biotechnology Ord 1,586 0.01%

Sirtex Medical Ord 1,225 0.01%

Sonic Healthcare Ord 472 0.00%

Sorrento Therapeutics Inc Ord 1,002 0.01%

Trevena Inc 268 0.00%


Industrials

3m Ord 317 0.00%

Agco Ord 1,324 0.01%

Airbus Group Ord 908 0.00%


Avichina Ord H 1,998 0.01%

Caterpillar Ord 10,726 0.06%

CNH Industrial Ord 2,052 0.01%

Danaher Ord 588 0.00%

Deere Ord 975 0.01%

Embraer Adr Rep Four Ord 1,083 0.01%

Emerson Electric Ord 675 0.00%

Havells India Ltd Future Jan ‘16 Nsi Trsw Exp: 452 0.00%


Keppel Ord 1,399 0.01%

Koninklijke Philips Adr 11,335 0.06%


Korea Aerospace Ord 85 0.00%

Lockheed Martin Ord 360 0.00%

Mitsui Osk Lines Ord 3,650 0.02%

Nidec Ord 6,055 0.03%

Norfolk Southern Ord 4,753 0.03%

Now Ord 3,926 0.02%

Obayashi Ord 1,205 0.01%

Obrascon Huarte Lain Ord 3,894 0.02%

Raytheon Ord 1,566 0.01%

Rolls-Royce Holdings Ord 6,772 0.04%

Secom Ord 92 0.00%

Serco Group Ord 702 0.00%

Sgs N Ord 280 0.00%


United Parcel Service Cl B Ord 11,551 0.06%

Vinci Ord 541 0.00%

Voltronic Power Technology Corp 2,098 0.01%




224




% of Net Assets






Apple Ord 17,987 0.09%

Atos Ord 27 0.00%

Autodesk Ord 983 0.01%

Canon Adr 358 0.00%

Canon Ord 86 0.00%

Cielo Ord 3,947 0.02%

Facebook Cl A Ord 2,060 0.01%



Halma Ord 7,407 0.04%

Konami Holdings Ord 88 0.00%


Murata Mfg Ord 3,037 0.02%

Ncsoft Ord 7 0.00%

Nintendo Ord 2,273 0.01%

Nuance Communications Ord 76 0.00%

Oracle Jpn Ord 800 0.00%

Oracle Ord 8,699 0.05%

Palo Alto Networks Ord 1,104 0.01%

Paypal Holdings Ord 310 0.00%

Paysafe Group Ord 5,394 0.03%

Ricoh Ord 955 0.01%

Samsung Electr Ord 580 0.00%

Sap Ord 23 0.00%

Square Enix Hldg Ord 453 0.00%


Tokyo Electron Ord 386 0.00%


Viasat Ord 249 0.00%

Visa Cl A Ord 7,909 0.04%

Wipro Adr Rep 1 Ord 105 0.00%

Workday Cl A Ord 1,137 0.01%

Yahoo! Ord 2,025 0.01%





225




% of Net Assets


Materials

Acerinox Ord 4,313 0.03%

Adelaide Brighton Ord 145 0.00%

Air Liquide Ord 6,287 0.03%

Alumina Ord 245 0.00%

Basf Adr 6,914 0.04%

Basf Se 6,537 0.03%

Bhp Billiton Ltd 497 0.00%

China Steel Corp Ord 229 0.00%

Evolution Mining Ord 474 0.00%

Fmc Ord 1,896 0.01%

Franco Nevada Ord 95 0.00%

Glencore Ord 1,363 0.01%

Johnson Matthey Ord 767 0.00%

K+S N Ord 637 0.00%



Linde Ord 5,496 0.03%

Mitsubishi Gas Ord 12 0.00%

Nisshin Steel Ord 50 0.00%


Olin Ord 10,720 0.06%

Posco Adr Repsg 1/4 Ord 1,636 0.01%

Randgold Res Ord 1,169 0.01%

Zeon Ord 166 0.00%



Bt Group Ord 799 0.00%

China Mobile Ord 893 0.00%

China Unicom Hng Kng Adr Rep 10 Ord 637 0.00%

China Unicom Ord 543 0.00%

Deutsche Telekom N Ord 653 0.00%

Orange Ord 121 0.00%


Telecom Italia Ord 3,071 0.02%

Telecom Italia Svgs 872 0.00%

Telefonica Ord 3,937 0.03%





226




% of Net Assets


Utilities

Dominion Resources Ord 577 0.00%

Drax Group Ord 3,997 0.02%

Empire District Electric Ord 432 0.00%

Enel Green Power Ord 1,718 0.01%

Hk & China Gas Ord 1,261 0.01%

Kyushu Ele Pwr Ord 5,644 0.03%

Pg&E Ord 115 0.00%

Snam Ord 47 0.00%

Terraform Global Cl A Ord 1,672 0.01%

Tokyo Elec Pwr Ord 6,957 0.04%

Veolia Environnement Ve Ord 28 0.00%

Wec Energy Group Ord 509 0.00%



Forward Contracts

MYR–USD Morgan Stanley 206 0.00%

Total Forward Contracts 206 0.00%





227




% of Net Assets



Adidas N Ord (3,250) (0.02)%

Amazon Com Ord (2,687) (0.01)%

Cabelas Ord (952) (0.01)%

Chuy’s Holdings Ord (426) (0.00)%

Conns Ord (1,704) (0.01)%

Coway Ord (659) (0.00)%


D R Horton Ord (2,987) (0.02)%



El Pollo Loco Holdings Ord (603) (0.00)%

Genting Singapore Ord (384) (0.00)%


Havas Ord (497) (0.00)%

International Game Technology Ord (9) (0.00)%

Jd.Com Adr Rep 2 Cl A Ord (2,597) (0.01)%

Kuoni Reisen Holding Ord (9,755) (0.05)%

L Brands Ord (1,894) (0.01)%

Lululemon Athletica Ord (1,225) (0.01)%

Mahindra & Mahindra Financial Jan ‘16 Nsi Trsw Exp: (79) (0.00)%


Mr Price Group Ord (166) (0.00)%

Naspers N Ord (405) (0.00)%

Netflix Ord (1,376) (0.01)%


Nikon Ord (934) (0.00)%

Seaworld Entertainment Ord (4,256) (0.02)%

Supergroup Ord (508) (0.00)%


Thomas Cook Group Ord (1,005) (0.01)%

TJX Ord (4,789) (0.03)%

Toyota Motor Adr Rep 2 Ord (336) (0.00)%

Tui Ag (145) (0.00)%

Ulta Salon Cosmetics Fragrance Ord (2,011) (0.01)%

Volkswagen Ord (221) (0.00)%

Wpp Adr Rep 5 Ord (167) (0.00)%

Yoox Net-A-Porter Ord (1,923) (0.01)%


Consumer Staples

Ain Holdings Ord (233) (0.00)%

Anheuser Busch Adr Rep 1 Ord (3,088) (0.02)%




228




% of Net Assets



Avi Ord (287) (0.00)%

Blue Buffalo Pet Products Ord (1,906) (0.01)%


China Res Beer Ord (3,007) (0.02)%

Colgate Palmolive Ord (3,247) (0.02)%

Familymart Ord (798) (0.00)%

Hormel Foods Ord (20,499) (0.11)%

Itc Ltd [Nsi] Jan-16 Trsw Exp: (174) (0.00)%

Kimberly Clark Ord (6,194) (0.04)%

Mccormick Ord (541) (0.00)%

Molson Coors Brewing Nonvtg Cl B Ord (87) (0.00)%

Nh Foods Ord (345) (0.00)%

Sabmiller Ord (158) (0.00)%

Spar Group Ord (315) (0.00)%

Sprouts Farmers Market Ord (3,727) (0.02)%

Tiger Brands Ord (253) (0.00)%

Woolworths Ord (460) (0.00)%


Energy

Columbia Pipeline Group Ord (2,090) (0.01)%

Inpex Ord (440) (0.00)%

Kunlun Energy Ord (2,135) (0.01)%

Northern Tier Energy Com Unt (846) (0.00)%

Petronet Lng Ltd (2,205) (0.02)%

Polski Koncern Naftowy Orlen Ord (215) (0.00)%

Soco International Ord (35) (0.00)%

Vopak Nv Ord (245) (0.00)%

Total Energy (8,211) (0.04)%

Financials

Ace Ord (2,931) (0.02)%

Admiral Group Ord (303) (0.00)%

Aviva Ord (4,458) (0.02)%

Bank East Asia Ord (369) (0.00)%

Bank Of Montreal Ord (800) (0.00)%

Chubb Ord (331) (0.00)%

Commonwealth Bank Of Australia Ord (6,156) (0.03)%

Emlak Konut Gayrimenkul A Ord (1,828) (0.01)%

Equity Residential Reit (44) (0.00)%




229




% of Net Assets



Fairfax Financial Holdings Sv Stk (2,698) (0.02)%

Hang Seng Bank Ord (2,681) (0.02)%

Hcp Reit (2,153) (0.01)%

Healthcare Real Reit (10,105) (0.06)%

Housing Dev Fin (977) (0.01)%


Hsbc Holdings Plc (228) (0.00)%

Invincible Inves Reit (170) (0.00)%

Jpmorgan Chase Ord (1,075) (0.01)%

Lazard Cl A Ord (613) (0.00)%

Legal And General Group Ord (195) (0.00)%

Lloyds Banking Group Ord (335) (0.00)%

Mack Cali Realty Reit (83) (0.00)%

Malayan Banking Ord (787) (0.00)%

Mori Hills Reit (312) (0.00)%

National Australia Bank Ord (245) (0.00)%

Power Finance Corp Future [Nsi] Jan-16 Trsw Exp: (559) (0.00)%

Qts Realty Cl A Reit (76) (0.00)%

Shriram Transport [Nsi] Jan-16 Trsw Exp: (145) (0.00)%

Singapore Exchange Ord (139) (0.00)%

Toronto Dominion Ord (664) (0.00)%

Ventas Reit (9,849) (0.06)%

Welltower Ord (2,179) (0.01)%

Westpac Banking Corporation Ord (8,839) (0.05)%

Total Financials (65,295) (0.35)%

Health Care

Allergan Ord (819) (0.01)%

Amicus Therapeutics Ord (47) (0.00)%

Anthem Ord (347) (0.00)%

Astellas Pharma Ord (34) (0.00)%

Axovant Sciences Ord (1,829) (0.01)%

Celldex Therapeutics Ord (200) (0.00)%

Cempra Ord (627) (0.00)%

Cerus Ord (6,502) (0.03)%

Cytokinetics Ord (1) (0.00)%

Elekta B Ord (1,457) (0.01)%

Foundation Medicine Ord (1,290) (0.01)%

H.Lundbeck Ord (2,675) (0.01)%

Heartware International Ord (817) (0.00)%

Immunogen Ord (1,027) (0.01)%




230




% of Net Assets



Intersect Ent Ord (3,232) (0.02)%

Nantkwest Ord (7,520) (0.05)%

Nevro Ord (5,178) (0.03)%

Nichi-Iko Pharm Ord (302) (0.00)%

Novo Nordisk B Ord (1,755) (0.01)%

Relypsa Inc (7,046) (0.04)%

Roche Hldg Adr Rep 0.125 Ord Eqsw Exp: (4,501) (0.02)%

Roche Holding Par (6,728) (0.04)%


Teva Ord (2,161) (0.01)%

Ucb Ord (377) (0.00)%


Wright Medical Group Ord (730) (0.00)%


Industrials

Advisory Board Ord (6,635) (0.04)%

Brambles Ord (6,286) (0.04)%

CNH Industrial Ord (818) (0.00)%

Csr Times Elec Ord H (2,407) (0.01)%

Duskin Co Ltd (1,169) (0.01)%


Hoshizaki Elec Ord (686) (0.00)%


Meitec Ord (679) (0.00)%

Mineral Resources Ord (2) (0.00)%

Norwegian Air Shuttle Ord (482) (0.00)%

Precision Castparts Ord (22) (0.00)%

Randstad Ord (18) (0.00)%

Seibu Holdings Ord (2,569) (0.01)%

Verisk Analytics Ord (10,975) (0.06)%

Zhejiang Express Ord H (707) (0.00)%



Activision Blizzard Ord (9,541) (0.05)%

Adobe System Ord (3,283) (0.02)%

Alibaba Group Holding Adr Rep 1 Ord (1,342) (0.01)%

Alphabet Cl A Ord (1,667) (0.01)%

Alphabet Cl C Ord (3,613) (0.02)%




231




% of Net Assets




Computershare Ord (1,742) (0.01)%

Infineon Technologies N Ord (2,982) (0.01)%

Intel Ord (490) (0.00)%

Microsoft Ord (3,376) (0.02)%

Naver Ord (210) (0.00)%

Pros Holdings Ord (895) (0.00)%

Salesforce.Com Ord (1,369) (0.01)%

Sap Adr Rep 1 Ord (141) (0.00)%

Scsk Ord (1,100) (0.01)%

Sina Ord (302) (0.00)%

Soufun Holding Adr Rep 0.20 Cl A Ord (173) (0.00)%


Materials

Alcoa Ord (599) (0.00)%

Anglogold Ashanti Adr Rep 1 Ord (201) (0.00)%

Csr Ord (668) (0.00)%

E I Du Pont De Nemours Ord (1,079) (0.01)%

Fresnillo Ord (2,389) (0.01)%

Hyundai Steel Ord (220) (0.00)%

James Hardie Industries Cdi (1,007) (0.01)%

Kanto Denka Kogy Ord (695) (0.00)%

Mondi Ord (3,836) (0.02)%

Syngenta Adr Reprsntg One Fifth Ord (10,517) (0.07)%

Syngenta N Ord (7,809) (0.04)%

Tahoe Resources Ord (745) (0.00)%

Tata Steel Ltd (218) (0.00)%

Victrex Ord (1,619) (0.01)%




Bharti Infratel (746) (0.00)%

Kddi Ord (2,402) (0.01)%

Kpn Kon Ord (192) (0.00)%

Nippon Telegrph Adr Rep Ord (3,650) (0.02)%

NTT Ord (2,630) (0.02)%

Spark New Zealand Ord (476) (0.00)%

Telkom Ord (194) (0.00)%




232




% of Net Assets



Telstra Corporation Ord (1,187) (0.01)%

Vodafone Group Ord (52) (0.00)%


Utilities

AGL Energy Ord (6,486) (0.04)%

Atmos Energy Ord (2,572) (0.01)%

Clp Holdings Ord (61) (0.00)%

Hokkaido Elec Pw Ord (863) (0.01)%

Iberdrola Ord (1,083) (0.01)%


National Grid Ord (2,717) (0.01)%

Southern Ord (2,787) (0.01)%




Forward Contracts








233

MW Liquid Trading Strategies Fund



% of Net Assets

Common Stock



Energy 338,766 1.52%

Financials 1,359,288 6.08%

Health Care 1,684,658 7.55%

Industrials 1,344,994 6.03%


Materials 843,334 3.78%


Utilities 245,801 1.10%





Energy 26,135 0.12%





Materials 36,096 0.16%


Utilities 13,304 0.06%


Forward Contracts

GBP–USD – 0.00%

USD–KRW 4,311 0.02%


Future Contracts

Currency 72,404 0.32%

Interest Rate 44,202 0.20%

Index 16,908 0.08%

Total Future Contracts 133,514 0.60%





234

MW Liquid Trading Strategies Fund (Continued)



% of Net Assets




Energy (45,476) (0.21)%

Financials (79,060) (0.35)%

Health Care (47,541) (0.21)%

Industrials (28,560) (0.13)%


Materials (31,105) (0.15)%


Utilities (12,108) (0.05)%


Forward Contracts

AUD–USD (115) (0.00)%

GBP–USD (216) (0.00)%

USD–EUR (30) (0.00)%

USD–TWD (332) (0.00)%


Future Contracts

Currency (44,090) (0.20)%

Interest Rate (192,398) (0.86)%

Index (141,368) (0.63)%

Total Future Contracts (377,856) (1.69)%





235




% of Net Assets

Common Stock


2U Ord 7,946 0.04%

Advance Auto Parts Ord 3,763 0.02%

Amazon Com Ord 134,502 0.60%

Aramark Ord 51,536 0.23%

BJ’s Restaurants Ord 24,256 0.11%

CBS Cl B Ord 126,968 0.57%

Coach Ord 6,808 0.03%

Comcast Cl A Ord 160,713 0.72%

Darden Restaurants Ord 29,593 0.13%

Expedia Ord 11,933 0.05%

General Motors Ord 31,595 0.14%

Hanesbrands Ord 3,679 0.02%


Hilton Worldwide Holdings Inc. Ord 22,063 0.10%

Interpublic Group Of Companies Ord 90,350 0.40%

Johnson Controls Ord 45,097 0.20%

Liberty Global Cl C Ord 61,237 0.27%

Liberty Intractv Qvc Grp Srs A Ord 120,836 0.54%

Liberty Ventures Srs A Ord 67,304 0.30%

Marriott International Cl A Ord 20,715 0.09%

McDonald’s Ord 124,283 0.56%

Motorcar Parts Of America Ord 5,748 0.03%

Nike Cl B Ord 29,500 0.13%

Office Depot Ord 10,225 0.05%

O’reilly Automotive Ord 9,377 0.04%

Restaurant Brands International Ord 59,776 0.27%

Servicemaster Global Holdings Ord 88,328 0.39%

Sothebys Ord 2,447 0.01%

Starbucks Ord 17,949 0.08%

Starwood Hotels & Resorts Wldwde Ord 11,847 0.05%

The Priceline Group Ord 82,872 0.37%

Time Warner Ord 43,200 0.19%

Twenty First Century Fox Cl A Ord 57,932 0.26%

Twenty First Century Fox Cl B Ord 51,165 0.23%

Walt Disney Ord ( 28,477 0.13%

World Wrestling Entertainm Cl A Ord 16,306 0.07% Yoox Net-A-Porter Ord 3,453 0.02%





236




% of Net Assets


Consumer Staples

Arca Continental Ord 7,273 0.03%

Avon Products Ord 4,139 0.02%

Coca-Cola Ord 182,838 0.82%

Cott Ord 6,418 0.03%

CVS Health Ord 57,782 0.26% Dr Pepper Snapple Group Ord 4,287 0.02%

Edgewell Personal Care Ord 7,602 0.03%


Energy

Anadarko Petroleum Ord 3,886 0.02%

Chesapeake Energy Ord 7,830 0.04%

Crew Energy Ord 3,207 0.01%

Encana Ord 1,012 0.00%

Enerplus Ord 1,710 0.01%

ENI Ord 48,286 0.22%

Hollyfrontier Ord 11,967 0.05%

Marathon Petroleum Ord 55,106 0.25%

Newfield Exploration Ord 17,485 0.08%

Parex Resources Ord 1,807 0.01%

Phillips 66 Ord 14,806 0.07%

Pioneer Natural Resource Ord 35,733 0.15%

Qep Resources Ord 38,900 0.17%

Range Resources Ord 3,593 0.02%

Rice Energy Ord 39,360 0.18%


Ultra Petroleum Ord 2,145 0.01%

Valero Energy Ord 7,566 0.03%

Whiting Petroleum Ord 6,844 0.03%

WPX Energy Ord 32,660 0.15%


Financials

Affiliated Managers Group Ord 11,183 0.05%

American International Group Ord 38,112 0.17%

Ameriprise Finance Ord 28,201 0.13%

Assicurazioni Generali Ord 36,172 0.16%


Banca Popolare Di Milano Ord 11,171 0.05%

Banco Popolare Sc 2,157 0.01%





237




% of Net Assets



Central Pacific Financial Ord 26,337 0.12%

CI Financial Ord 48,463 0.22%

CIT Group Ord 6,789 0.03%

Corrections Corpor Of Amer Reit 4,397 0.02%

Digital Realty Reit Ord 77,057 0.35% Empire State Realty Cl A Reit 27,737 0.12%

Equity One Reit 7,358 0.03%

Huntington Bancshares Ord 16,855 0.08%

Intercontinental Exchange Ord 12,813 0.06%

Intesa Sanpaolo Ord 40,455 0.18%

Invesco Ord 42,219 0.19%



Lendingtree Ord 8,839 0.04%

Marsh & Mclennan Ord 7,763 0.03%

Mcgraw Hill Financial Ord 9,069 0.04%

Moodys Ord 131,947 0.59%

MSCI Ord 105,526 0.46%

Picc P&C Ord H 11,938 0.05%

PNC Financial Services Group Ord 7,815 0.04%

Popular Ord 5,583 0.03%

Qts Realty Cl A Reit 7,443 0.03%

Radian Group Ord 16,122 0.07%

Regions Financial Ord 4,080 0.02%

Stifel Financial Ord 5,676 0.03%

SVB Financial Group Ord 64,683 0.29%

Travelers Companies Ord 130,353 0.58%

Weyerhaeuser Reit 41,552 0.19%


Health Care

Abbott Laboratories Ord 38,353 0.17%

Agilent Technologies Ord 81,655 0.37%

Amerisourcebergen Ord 22,920 0.10%

Amgen Ord 164,603 0.74%

Biogen Ord 5,514 0.02%

Bristol Myers Squibb Ord 159,318 0.71%

C R Bard Ord 24,438 0.11%

Cardinal Health Ord 85,431 0.38%


Dexcom Ord 31,204 0.14%

Eli Lilly Ord 16,852 0.08%




238




% of Net Assets



Endo International Ord 16,285 0.07%

Envision Healthcare Holdings Ord 28,957 0.13%

Express Scripts Hold Ord 6,731 0.03%

Gilead Sciences Ord 173,440 0.78%

ICU Medical Ord 23,909 0.11% INC Research Holdings Cl A Ord 82,515 0.37%

Johnson & Johnson Ord 41,910 0.19%

Mallinckrodt Ord 37,837 0.17%

Merck & Co Ord 44,738 0.20%

Perrigo Ord 118,220 0.53%

Pfizer Ord 187,740 0.84%

Portola Pharmaceuticals Ord 54,588 0.25%

Select Medical Holdings Ord 4,645 0.02%

Stryker Ord 31,414 0.14%

Team Health Holdings Ord 3,116 0.01%

Unitedhealth Grp Ord 53,879 0.24%

VWR Ord 5,747 0.03%

Zoetis Cl A Ord 97,996 0.44%


Industrials

Acuity Brands Ord 13,560 0.06%

Ansaldo Sts Ord 5,071 0.02%

Armstrong World Industries Ord 2,607 0.01%

B/E Aerospace Ord 90,968 0.41%

Builders Firstsource Ord 23,334 0.10%

CH Robinson Worldwide Ord 16,931 0.08%

Circor International Ord 2,234 0.01%

CSX Ord 114,673 0.51%

Curtiss Wright Ord 24,318 0.11%

Delta Air Lines Ord 5,120 0.02%

Expeditors International Of Wasn Ord 11,320 0.05%

Fedex Ord 12,068 0.05%

General Dynamics Ord 138,184 0.62%

Hertz Global Holdings Ord 21,260 0.10%

Honeywell International Ord 153,387 0.69%

Huntington Ingalls Industries Ord 22,960 0.10%

Macquarie Infrastructure Ord 11,180 0.05%

Masco Ord 44,290 0.20%

Northrop Grumman Ord 139,531 0.63%

Precision Castparts Ord 119,253 0.52%




239




% of Net Assets



Raytheon Ord 86,548 0.39%

Robert Half Ord 6,505 0.03%

Rockwell Automat Ord 8,928 0.04%

Simpson Manuf Ord 23,905 0.11%

Skywest Ord 3,671 0.02% Southwest Airlines Ord 27,343 0.12%

Spirit Aerosystems Hldgs A Ord 3,605 0.02%

Textron Ord 10,923 0.05%

Transforce Ord 3,399 0.02%

Transunion 25,640 0.11%

Union Pacific Ord 12,356 0.06%


United Technologies Ord 147,756 0.66%

YRC Worldwide Ord 7,983 0.04%


Materials

Axalta Coating Systems Ord 15,057 0.07%

Ball Ord 80,076 0.36%

Celanese Sr A Ord 31,578 0.14%

CF Industries Holdings Ord 17,018 0.08%

Dow Chemical Ord 115,573 0.52%

E I Du Pont De Nemours Ord 50,082 0.21%

Eagle Materials Ord 22,420 0.10%

Eastman Chemical Ord 47,931 0.22%

Ferro Ord 18,804 0.08%

Greif Cl A Ord 29,855 0.13%

Lyondellbasell Industries Cl A Ord 128,351 0.57%

Minerals Technologies Ord 26,415 0.12%

Owens Illinois Ord 31,461 0.14%

Polyone Ord 3,843 0.02%

Ppg Industries Ord 68,186 0.31%

Sealed Air Ord 22,032 0.10%

Sherwin Williams Ord 81,255 0.36%




Accenture Cl A Ord 3,762 0.02%

Alphabet Cl A Ord 120,592 0.55%

Alphabet Cl C Ord 88,789 0.40%

Apple Ord 81,787 0.36%




240




% of Net Assets



Applied Material Ord 16,318 0.07%

Brocade Communications Systems Ord 9,152 0.04%

CA Ord 20,620 0.09%

Cisco Systems Ord 82,551 0.37%

Citrix Systems Ord 63,016 0.28%


Comscore Ord 24,114 0.11%

Constant Contact Ord 7,456 0.03%

DH Ord 27,316 0.12%

Electronic Arts Ord 59,580 0.27%

EMC Ord 34,411 0.15%

F5 Networks Ord 121,200 0.54%

Fabrinet Ord 18,079 0.08%

Fidelity National Informatn Svcs Ord 87,264 0.39%

Flextronics International Ord 104,208 0.47%


Integrated Device Technology Ord 3,953 0.02%

Intel Ord 5,478 0.02%

Intuit Ord 85,789 0.39%

Lexmark International Cl A Ord 30,049 0.13%

Linear Technology Ord 5,224 0.02%

Linkedin Cl A Ord 37,138 0.17%

Logmein Ord 25,163 0.11%


Methode Electronics Ord 4,584 0.02%

Microsoft Ord 182,529 0.82%

Netapp Ord 8,649 0.04%

Omnivision Technologies Ord 28,004 0.13%

Open Text Ord 28,655 0.13%

Pandora Media Ord 43,408 0.19%

Paycom Software Ord 26,680 0.12%

Paylocity Holding Ord 36,860 0.17%

Qualcomm Ord 141,658 0.63%

Rovi Ord 7,830 0.04%

Salesforce.Com Ord 4,782 0.02%

Sandisk Ord 27,280 0.12%

Silicon Motion Techno Adr Rep 4 Ord 9,910 0.04%

Tessera Technologies Ord 55,248 0.26%

Travelport Worldwide Ord 42,312 0.19%

Vmware Cl A Ord 16,009 0.07%

Webmd Health Ord 11,785 0.05%




241




% of Net Assets



Western Union Ord 37,342 0.17%



Inwit Ord 10,075 0.05%


Utilities

Black Hills Ord 24,468 0.10%

Calpine Ord 28,926 0.13%

Exelon Ord 115,690 0.52%

Nextera Energy Partners Unt 7,671 0.03%

NRG Energy Ord 13,112 0.06%

NRG Yield Cl A Ord 16,762 0.08%

NRG Yield Cl C Ord 2,317 0.01%

Snam Ord 34,981 0.16%

Terraform Power Cl A Ord 1,874 0.01%




Consumer Discretionary Abc Mart Ord 62 0.00%

Asics Ord 904 0.00%

Autoneum N Ord 103 0.00%

Belle Int’l Ord 27 0.00%

Bellway Ord 2,568 0.01%

Bovis Homes Group Ord 260 0.00%

Brilliance Chi Ord 242 0.00%

Bwin.Party Digital Entertainment Plc 14 0.00%

Cairn Homes Ord 82 0.00%

Canon Marketing Ord 24 0.00%

Cheil Worldwide Ord 88 0.00%


Chow Tai Fook Ord 234 0.00%

Daikyonishikawa Ord 150 0.00%

Dcm Holdings Ord 27 0.00%

Discovery Communications Srs C Ord 284 0.00%




242




% of Net Assets



Domino’s Pizza Enterprises Ord 5,382 0.03%

Domino’s Pizza Group Ord 134 0.00%

Don Quijote Hldg Ord 320 0.00%

Dsw Cl A Ord 18 0.00%

Esprit Holdings Ord 48 0.00%

Express Ord 2,807 0.01%


Fcc Ord 522 0.00%

Flight Centre Travel Group Ord 1,039 0.01%

Fujita Kanko Ord 439 0.00%

Fuyao Glass Industry Group Co Ltd 254 0.00%

Fuyao Glass Ord A 482 0.00%

Galaxy Ent Ord 184 0.00%


Gap Ord 3,814 0.03%

Gkn Ord 619 0.00%

Gree Electric Ord A 146 0.00%


Gulliver Interna Ord 40 0.00%

Hana Tour Ord 14 0.00%

Harley Davidson Ord 3,233 0.02%

Haseko Ord 153 0.00%

Howden Joinery Group Ord 319 0.00%

Intime Ord 586 0.00%

Isetan Mitsuko H Ord 269 0.00%

Itv Ord 797 0.00%

J.Front Retailin Ord 395 0.00%

Jumei Intl Hldg Adr Rep Cl A Ord 394 0.00%

Ladbrokes Ord 211 0.00%

L’occitane Ord 273 0.00%

Luxottica Group Ord 593 0.00%

Mando Ord 640 0.00%

Mdc Holdings Ord 36 0.00%

Melco Int’l Dev Ord 549 0.00%

Meritage Homes Ord 154 0.00%

Nine Entertainment Ord 307 0.00%

Pier 1 Imports Ord 5,830 0.04%

Porsche Automobil Holding Prf 3,013 0.01%

Publicis Groupe Ord 934 0.00%

Puerto Liverpool C1 Ord 589 0.00%

Puma Ord 205 0.00%

Pvh Ord 163 0.00%

Red Robin Gourmet Burgers Ord 629 0.00%




243




% of Net Assets




Rightmove Ord 589 0.00%

Saf Holland Ord 37 0.00%

Saic Motor Ord A 202 0.00%

Sanrio Ord 309 0.00%

Sekisui Chem Ord 248 0.00%

Septeni Holdings Ord 533 0.00%

Skyworth Digital Ord 43 0.00%

Smi Holdings Ord 1 0.00%

Stage Stores Stk 180 0.00%

Start Today Ord 751 0.00%

Stroeer Ord 652 0.00%

Sumitomo Elec Ord 77 0.00%

Sumitomo Rubber Ord 2,477 0.01%

Sun Pharmaceutical Jan-16 Trsw Exp: 58 0.00%

Swatch Group Ord 630 0.00%

Swatch Group Ord 780 0.00%

Taylor Wimpey Ord 406 0.00%

Techtronic Ind Ord N1 536 0.00%

Tianneng Power Ord 368 0.00%

Toridoll Ord 144 0.00%

Toyota Industri Ord 66 0.00%

Tri Pointe Group Ord 1,155 0.01%

Truworths Int Ord 81 0.00%


Vf Ord 1,240 0.01%

Volkswagen Nv Prf 1,984 0.01%

Woolworths Holding Ord 105 0.00%

Wpp Ord 4,335 0.03%

Yokohama Rubber Ord 908 0.00%

Zalando Ord 4,387 0.03%

Zensho Holdings Ord 66 0.00%

Zumiez Ord 443 0.00%


Consumer Staples AB Inbev Ord 607 0.00%

Ambev Ord 4,805 0.03%

Aryzta Ord 193 0.00%

Ashok Leyland Ltd 200 0.00%

Barry Callebaut N Ord 13 0.00%




244




% of Net Assets



Blackmores Ord 6,055 0.04%

Britannia Industries Ltd Future 216 0.00%


By-Health Bio Ord A 318 0.00%

Carlsberg B Ord 389 0.00%

Casino Guichard Perrachon Ord 4,091 0.02%

China Agri Ord 973 0.00%

Chlitina Holding Ltd 1,551 0.01%

Coca Cola Femsa L Ord 258 0.00%

Coca-Cola Femsa Adr Rep 10 Sr L Ord 2,029 0.01%

Dali Foods Group 454 0.00%

Distribuidora Intern.De Alimen. Ord 585 0.00%

Emami Ord 40 0.00%

Fomento Econ Adr Representing 10 Ord 1,313 0.01%

Fomento Econ Mex Ubd Ord 298 0.00%

Godrej Consumer Products Ord 43 0.00%

Golden Agri Resources Ord 1,340 0.01%

Jubilant Foodworks Jan-16 Trsw Exp: 237 0.00%


Marico Ord 109 0.00%

Nippon Suisan Ord 4,996 0.03%

Origin Enterprises Ord 734 0.00%

Remy Cointreau Ord 322 0.00%

Royal Unibrew Ord 646 0.00%

Sabmiller Ord 869 0.00%

Sunart Retail Ord 162 0.00%

Tat Gida Sanayi As Ord 41 0.00%

Tesco Ord 132 0.00%


Unicharm Ord 406 0.00%

Uny Group Hldg Ord 12 0.00%

Wesfarmers Ord 17 0.00%

X5 Retail Group Gdr 948 0.00%


Energy Basic Energy Services Ord 686 0.00%


Energen Ord 1,739 0.01%

Fugro C Gdr 2,023 0.01%

Galp Energia 213 0.00%




245




% of Net Assets


Energy (Continued)

Genel Energy Ord 345 0.00%

Helmerich And Payne Ord 1,153 0.01%

Hunting Ord 515 0.00%

Indian Oil Corporation 21 0.00%

Jpn Petroleum Ex Ord 21 0.00%

Lundin Petroleum Ord 91 0.00%

Murphy Oil Ord 8,051 0.04%

Nippon Gas Ord 212 0.00%

Oil States International Ord 543 0.00%

Prosafe Ord 244 0.00%

Rowan Companies Cl A Ord 371 0.00%

Saipem Ord 442 0.00%

Santos Ord 1,280 0.01%

Seadrill 1,303 0.01%

Sk Innovation Ord 101 0.00%

S-Oil Ord 209 0.00%

Technip Ord 134 0.00%

Tecnicas Reunidas Ord 1,912 0.01%

Tgs Nopec Geophysical Ord 385 0.00%

Unit Ord 279 0.00%


Financials Aeon Financl Svc Ord 110 0.00%

Ageas Ord 232 0.00%

Amp Ord 146 0.00%

Astoria Financial Ord 73 0.00%

Aviva Ord 683 0.00%


Bank Negara Indo Ord 102 0.00%

Bank Of America Ord 652 0.00%


Bank Of Ireland Ord 13 0.00%

Bank Of Yokohama Ord 108 0.00%

Bank Rakyat Indo Ord 106 0.00%

Bnk Financial Gr Ord 269 0.00%

Boc Hong Kong Ord 36 0.00%

Bt Investment Management Ord 674 0.00%

Castellum Ord 249 0.00%

China Overseas Ord 169 0.00%

China Pacific Ord A 197 0.00%




246




% of Net Assets



China Res Land Ord 756 0.00%

Cicc Ord H 1,116 0.01%

City Developments Ord 205 0.00%

Countrywide Ord 66 0.00%

Cpic Ord H 21 0.00%

Credicorp Ord 2,622 0.02%


Derwent London Reit 12 0.00%

Direct Line Insurance Group Ord 1,787 0.02%


Fastighets Balder B Ord 427 0.00%

Goldman Sachs Group Ord 396 0.00%

Goodman Group Unt 430 0.00%

Henderson Group Ord 690 0.00%

Hkex Ord 63 0.00%

Icap Ord 52 0.00%

Insurance Australia Group Ord 56 0.00%

Investor B Ord 59 0.00%

Invincible Inves Reit 117 0.00%

Jpmorgan Chase Ord 490 0.00%

Jsw Steel Ltd 300 0.00%

KBC Groep Ord 851 0.00%


Macquarie Group Ord 143 0.00%


Mega Fhc Ord 474 0.00%

Merlin Properties Reit 677 0.00%

Muenchener Rueckver N Ord 825 0.00%

National Australia Bank Ord 378 0.00%

Perpetual Ord 665 0.00%

Ping An Bank Ord 69 0.00%

Progressive Ord 1,838 0.02%

Qbe Insurance Group Ord 481 0.00%

Resilient Ord 133 0.00%

Royal Bank Of Scotland Group Ord 812 0.00%

Sampo Stk A 965 0.00%

Samsung Card Ord 51 0.00%

Savills Reit 37 0.00%

Scor Ord 430 0.00%

Shui On Land Ord 20 0.00%

Sino-Ocean Land Ord 23 0.00%

Sks Microfinance Ltd Future 115 0.00%

Sompo Japan Nipp Ord 498 0.00%




247




% of Net Assets



Sul America Sa 638 0.00%

Sunac Ord 434 0.00%

Tokio Marine Hld Ord 260 0.00%

Topdanmark Ord 1,266 0.02%

Tryg Ord 638 0.00%

Virgin Money Holdings 1 0.00%

Vonovia Ord 140 0.00%

Wereldhave Reit 869 0.00%

Wharf Holdings Ord 423 0.00%

Total Financials 43,607 0.20%

Health Care Acadia Pharmaceuticals Ord 1,017 0.00%

Agios Pharmaceuticals Ord 3,892 0.02%

Alnylam Pharmaceuticals Ord 118 0.00%

Ansell Ord 1,599 0.01%

Astellas Pharma Ord 256 0.00%

Cerner Ord 5,510 0.02%



Coloplast B Ord 93 0.00%

Fresenius Medical Care Ord 910 0.00%

Gerresheimer Ord 170 0.00%

Glaxosmithkline Ord 112 0.00%

Greencross Ord 158 0.00%

Hca Holdings Ord 416 0.00%

Inbody Ord 1,588 0.01%


Kalbe Farma Ord 16 0.00%

Laboratory Corprtn Of Amer Hldgs Ord 171 0.00%

Luye Pharma Ord 455 0.00%

Mediclinic International Ord 84 0.00%

Novo Nordisk B Ord 1,532 0.01%

Olympus Corp Ord 621 0.00%

Ono Pharm Ord 1,332 0.01%

Osstem Implant Ord 938 0.00%

Peptidream Ord 20 0.00%

Raptor Pharmaceutical Ord 333 0.00%

Roche Holding Par 2,088 0.01%




248




% of Net Assets



St.Shine Optical Ord 4,284 0.02%

Sun Pharmaceutical Industries Ord 219 0.00%

Top Glove Ord 587 0.00%


Industrials Abertis Infraestructuras Ord 782 0.00%

Adecco N Ord 1,392 0.01%

Agco Ord 267 0.00%

Als Ord 176 0.00%

Amada Holdings Ord 265 0.00%

Applus Services Ord 155 0.00%

Asahi Glass Ord 91 0.00%

Ashtead Group Ord 168 0.00%

Astaldi Ord 229 0.00%


Bae Systems Ord 290 0.00%

Bertrandt Ord 592 0.00%

Brenntag N Ord 759 0.00%

Bucher Industries Ord 17 0.00%

Capita Ord 492 0.00%

Cathay Pac Air Ord 168 0.00%

Central Japan Ry Ord 496 0.00%

Citic Ord 91 0.00%

CNH Industrial Ord 69 0.00%

Compagnie De Saint Gobain Ord 540 0.00%

Conch Venture Ord 736 0.00%

Copa Holdings Cl A Ord 1,875 0.01%

Dassault Aviat Ord 961 0.00%

Dover Ord 145 0.00%

Duerr Ord 121 0.00%

Elior Promesses Ord 459 0.00%

Experian Ord 697 0.00%

Fanuc Ord 182 0.00%

Firstgroup Ord 1,221 0.01%

Fomento De Construcciones Contr.Ord 2,026 0.02%

Gati Ord 4 0.00%

Generac Holdings Ord 608 0.00%

Goldwind Ord H 1,714 0.01%

Grafton Group Unt 1,575 0.01%

Gs Yuasa Corp Ord 54 0.00%




249




% of Net Assets



Hankyu Hanshin H Ord 1,045 0.00%

Hays Ord 344 0.00%

Hitachi Zosen Ord 56 0.00%

Hutchison Port Holdings Unt 94 0.00%

Intl Consolidated Airlines Group Ord 608 0.00%

Intl Consolidated Airlines Group Ord 114 0.00%

Iph Ord 1 0.00%

Jardine Matheson Holdings Ord 429 0.00%

Jetblue Airways Ord 4,468 0.03%



Komatsu Ord 254 0.00%

Krones Ord 133 0.00%

Man Ord 172 0.00%

Meggitt Ord 1,437 0.01%

Mineral Resources Ord 4 0.00%

Misumi Group Ord 293 0.00%

Mitsui Ord 12 0.00%

Navistar International Ord 2,816 0.02%

Nidec Ord 1,603 0.01%

Nippon Yusen Ord 133 0.00%

Osram Licht N Ord 20 0.00%

Proto Labs Ord 241 0.00%

Qantas Airways Ord 247 0.00%

Qinetiq Group Ord 250 0.00%

Recall Holdings Ord 20 0.00%

Rolls-Royce Holdings Ord 396 0.00%

Ryanair Holdings Ord 1,911 0.01%

Sacyr Ord 671 0.00%

Schindler Holding Ord 435 0.00%

Sembcorp Industry Ord 1,079 0.00%

Senior Ord 201 0.00%

Sfs Group Ord 63 0.00%

Singapore Airlines Ord 88 0.00%

Singapore Post Ltd 23 0.00%

Stericycle Ord 616 0.00%

Taisei Ord 245 0.00%


Trelleborg B Ord 282 0.00%

Usg People Ord 23 0.00%

Veda Group Ord 1,566 0.01%

Vestas Wind Systems Ord 6,140 0.04%




250




% of Net Assets



Wienerberger Ord 228 0.00%

Wizz Air Holdings Ord 434 0.00%


Information Technology Aixtron Se 9 0.00%

Amadeus It Holding Ord 1,314 0.01%

Arm Holdings Ord 122 0.00%

Au Optronics Ord 15 0.00%

Austriamicrosystems Ord 86 0.00%

Autodesk Ord 338 0.00%

Corning Ord 327 0.00%

Dassault System Ord 343 0.00%

Faro Technologies Ord 386 0.00%

Fireeye Ord 489 0.00%

First Data Cl A Ord 681 0.00%

Gcl-Poly Energy Rgts 6 0.00%

Global Lighting Technologies Inc 1,148 0.01%

Green Energy Ord 71 0.00%

Hirose Electric Ord 204 0.00%

Hitachi High Tec Ord 172 0.00%

Imagination Technologies Group Ord 1,336 0.01%

Indra Sistemas Ord 835 0.00%

Isentia Group Ord 69 0.00%

Japan Display Ord 20 0.00%

Konami Holdings Ord 130 0.00%

Konica Minolta Ord 54 0.00%

Logitech N Ord 917 0.00%

Mentor Graphics Ord 388 0.00%


Microchip Technology Ord 671 0.00%




Nec Ord 75 0.00%

Oracle Jpn Ord 1,063 0.00%

Paysafe Group Ord 5,398 0.03%

Qlogic Ord 100 0.00%

Ricoh Ord 284 0.00%

Rocket Internet Ord 10 0.00%

Sdg Info Ord A 656 0.00%

Silicon Laboratories Ord 63 0.00%




251




% of Net Assets



Siliconware Ord 637 0.00%


Textura Ord 375 0.00%

Tietoenator Stk 219 0.00%

Trimble Navigation Ord 262 0.00%

Twn Semicont Man Ord 385 0.00%

Ulvac Inc Ord 2,576 0.02%

Wincor Nixdorf Ord 118 0.00%

Workday Cl A Ord 581 0.00%

Xac Automation Ord 69 0.00%


Materials Adelaide Brighton Ord 119 0.00%

Allegheny Technologies Ord 1,542 0.01%

Antofagasta Ord 824 0.00%


Aurubis Ord 225 0.00%

Axiall Ord 767 0.00%

Bhp Billiton Ord 515 0.00%

Boise Cascade Ord 462 0.00%

Boral Ord 98 0.00%

Bradespar Prf 4,155 0.03%

Cnbm Ord H 809 0.00%

Covestro Ord 4,024 0.03%

Crh Ord 340 0.00%

Croda International Ord 352 0.00%

Daicel Ord 22 0.00%

Duluxgroup Ord 507 0.00%

Fibria Celulose Adr Rep 1 Ord 327 0.00%

Fletcher Building Ord 122 0.00%

Formosa Chemicals & Fibre Corp 90 0.00%

Formosa Plastics Ord 2 0.00%

Franco Nevada Ord 181 0.00%

Goldcorp Ord 3,424 0.03%

Goldcorp Ord 229 0.00%

Kaneka Ord 661 0.00%

Kinross Gold Ord 181 0.00%

Labrador Iron Ore Royalty Ord 789 0.00%

Lafargeholcim Ltd Ord 155 0.00%

Lg Chem Ord 217 0.00%




252




% of Net Assets



Linde Ord 249 0.00%

Mitsubishi Gas Ord 1,522 0.01%

Mitsui Min&Smelt Ord 79 0.00%

Mmc Norilsk Nickel Spon Adr Rep Ord 95 0.00%

New Gold Ord 415 0.00%

Nisshin Steel Ord 109 0.00%

Np Stl & Smtm Ml Ord 944 0.00%

Orica Ord 8 0.00%

Public Joint Stock Company Severstal 245 0.00%

Randgold Res Ord 143 0.00%

Sappi Ord 2,019 0.02%

South32 Ord G 600 0.00%

Southern Copper Ord 215 0.00%

Ssab A Ord 134 0.00%

Steel Authority 32 0.00%

Synthomer Plc 29 0.00%

Toho Titanium Ord 421 0.00%

Tosoh Ord 179 0.00%

Ube Industries Ord 465 0.00%

Vale Adr Reptg One Ord 1,185 0.01%

Vale Prf 1,735 0.01%

Voestalpine Ord 823 0.00%

Westchinacement Ord 143 0.00%

Yamana Gold Ord 813 0.00%

Yamana Gold Ord 690 0.00%


Telecommunication Services America Movil L Ord 389 0.00%

Bt Group Ord 179 0.00%

Cellnex Telecom Sa 360 0.00%

Chorus Ord 935 0.00%

Euskaltel Ord 949 0.00%

Kpn Kon Ord 876 0.00%

Millicom International Cellular Sdr 335 0.00%

NTT Ord 188 0.00%

Sba Communications Cl A Ord 847 0.00%

Smartone Tele Ord 398 0.00%

Sprint Ord 11,731 0.06%

Tele2 B Ord 178 0.00%

Telef Brasil 1,471 0.01%

Telefonica Brasil Adr Rep One Prf 758 0.00%




253




% of Net Assets



Telstra Corporation Ord 1,043 0.00%

Tim Participacoes Ord 6,429 0.04%

Tim Participacs Adr Rep 5 Ord 1,674 0.01%

Vodafone Group Ord 2,740 0.02%

Zee Entertainment (2000) 417 0.00%


Utilities Aes Ord 1,636 0.01%

Ausnet Services 62 0.00%

Canadian Utilities Co Non Voting Stk 171 0.00%

Cemig Prf 489 0.00%

Centrica Ord 940 0.00%

Engie Ord 273 0.00%

Indraprastha Gas Ord 111 0.00%

Osaka Gas Ord 126 0.00%

Rwe Prf 272 0.00%

Sempra Energy Ord 9,210 0.05%

Tohoku Elec Pwr Ord 14 0.00%



Forward Contracts GBP–USD J.P. Morgan – 0.00%

USD–KRW Morgan Stanley 4,311 0.02%





254




% of Net Assets

Futures Contracts

Interest Rate Futures 90 Day Australian Bills (Day Session) Mar ‘17 Sfe 53 0.00%

10 Year Japanese Govt Bond (Day Session) Mar-16 11,638 0.05%

10 Yr Canadian Govt Bond Mar ‘16 Mon 14,998 0.08%

2 Yr German Debt In Euro Schatz Mar-16 3,129 0.01%

Euro Bund Mar-16 3,161 0.01%

German Euro Bobl Mar-16 4,291 0.02%

Long Gilt Mar ‘16 Ieu 1,901 0.01%

Us Long Bond Mar ‘16 Cbt 5,031 0.02%

Total Interest Rate Futures 44,202 0.20%

Currency Futures Canadian Dollar (Day Session) Mar-16 56,370 0.25%

Euro Fx (Day Session) Mar-16 2,113 0.01%

Mexican Peso (Day Session) Mar-16 13,921 0.06%

Total Currency Futures 72,404 0.32%

Index Futures Cac 40 Stock Index - 10 Eur Jan-16 3,063 0.01%

Dow Jones Euro Stoxx 50 Mar-16 3,769 0.02%

Ftse Mib Index Mar-16 10,076 0.05%

Total Index Futures 16,908 0.08%






255




% of Net Assets



Adastria Ord (902) (0.00)%

Adidas N Ord (2,957) (0.01)%

Aristocrat Leisure Ord (364) (0.00)%

Aurobindo Pharma (50) (0.00)%

Bridgestone Ord (274) (0.00)%

Brownn.Group Ord (159) (0.00)%

Cabelas Ord (2,721) (0.01)%

Cadilac Healthcare (1,360) (0.01)%

Children S Place Ord (164) (0.00)%

Conns Ord (830) (0.00)%

Coway Ord (3,590) (0.03)%


Cyber Agent Ord (212) (0.00)%

D R Horton Ord (260) (0.00)%


Dixons Carphone Ord (706) (0.00)%


Dufry N Ord (198) (0.00)%

Fuji Heavy Inds Ord (9) (0.00)%

Fuji Media Hldg Ord (45) (0.00)%

Fujitsu General Ord (674) (0.00)%

Genting Singapore Ord (97) (0.00)%

Haier Elec Ord (82) (0.00)%

Hankook Tire Ord (326) (0.00)%

Hella Kgaa Hueck Ord (38) (0.00)%

Hennes & Mauritz B Ord (1,159) (0.01)%

Husqvarna B Ord (587) (0.00)%

Inchcape Ord (57) (0.00)%

Innocean Ord (287) (0.00)%

Jb Hi-Fi Ord (1,232) (0.01)%

Kadokawa Dwango Ord (86) (0.00)%

Kohl’s Ord (29) (0.00)%

Kroton Educacional Ord (473) (0.00)%

Lg Electronics Ord (234) (0.00)%

Lojas Renner Ord (239) (0.00)%

Mahindra & Mahindra Financial Jan ‘16 Nsi Trsw Exp: (26) (0.00)%

Mantra Group Ord (0) (0.00)%

Mattel Ord (807) (0.00)%

Mattress Firm Holding Ord (204) (0.00)%


Merlin Entertainments Group Ord (437) (0.00)%





256




% of Net Assets



Ngk Spark Plug Ord (490) (0.00)%

Nok Ord (365) (0.00)%

Numericable Sfr Ord (2,218) (0.01)%

Oriental Land Ord (28) (0.00)%

Panasonic Ord (6,409) (0.04)%

Rakuten Ord (5,489) (0.03)%

Rea Group Ord (315) (0.00)%

Saizeriya Ord (1,024) (0.00)%

Schibsted A Ord (684) (0.00)%

Schibsted B Ord (33) (0.00)%

Skechers Usa Cl A Ord (58) (0.00)%

Super Retail Group Ord (674) (0.00)%

Supergroup Ord (762) (0.00)%

Tabcorp Holdings Ord (0) (0.00)%

Takata Ord (167) (0.00)%


Tomtom N.V. Ord (1,961) (0.01)%


Tyo Broadcast Hd Ord (230) (0.00)%

Ulta Salon Cosmetics Fragrance Ord (1,603) (0.01)%

Urban Outfitters Ord (316) (0.00)%

Vestel Elektronik A Ord (143) (0.00)%

Vivendi Ord (2,333) (0.01)%

Whitbread Ord (434) (0.00)%

Wisdom Sports Ord (20) (0.00)%

Wynn Resorts Ord (765) (0.00)%

Yamada Denki Or (3,292) (0.02)%



Consumer Staples

Anadolu Efes Biracilik Malt A Ord (166) (0.00)%

Asahi Group Hldg Ord (477) (0.00)%

Beiersdorf Ord (409) (0.00)%

Coca Cola Amatil Ord (0) (0.00)%

Coca-Cola East J Ord (213) (0.00)%

Cosmos Pharm Ord (2,062) (0.02)%

Diageo Ord (191) (0.00)%

Graincorp Ord (901) (0.00)%

Jbs Sa (1,078) (0.01)%

Jm Smucker Ord (120) (0.00)%




257




% of Net Assets



Mengniu Dairy Ord (194) (0.00)%

Moutai Ord A (213) (0.00)%

Nestle N Ord (484) (0.00)%

Pernod Ricard Ord (515) (0.00)%

Pigeon Ord (179) (0.00)%

Reckitt Benckiser Group Ord (94) (0.00)%

Svenska Cellulosa B Ord (198) (0.00)%

Ulker Biskuvi A Ord (1,064) (0.00)%

Unilever Drc (1,142) (0.02)%

Unilever Indon Ord (72) (0.00)%

United Natural Foods Ord (866) (0.00)%


Energy

Amec Foster Wheeler Ord (80) (0.00)%

Bg Group Ord (9) (0.00)%

Bharat Petroleum (39) (0.00)%

Bp Ord (5,576) (0.03)%

Bw Lpg Ord (80) (0.00)%

Cosan Ord (296) (0.00)%

Euronav Ord (18) (0.00)%

Exxon Mobil Ord (30) (0.00)%

Hess Ord (28) (0.00)%

Hindustan Petroleum (6) (0.00)%

Kunlun Energy Ord (329) (0.00)%

Neste Oyj (6,949) (0.04)%

Oil Search Ord (406) (0.00)%

Omv Ord (663) (0.00)%

Origin Energy Ord (761) (0.00)%

Patterson Uti Energy Ord (322) (0.00)%

Petrobras Ord (4,194) (0.02)%

Petrofac Ord (140) (0.00)%

Precision Drill Ord (195) (0.00)%

Repsol Ord (2,915) (0.01)%



Royal Dutch Shell Cl B Ord (3,053) (0.01)%

Sbm Offshore Ord (3) (0.00)%

Soco International Ord (5) (0.00)%

Statoil Ord (2,360) (0.01)%

Tenaris Ord (25) (0.00)%




258




% of Net Assets


Energy (Continued)


Total Ord (2,366) (0.01)%

Tullow Oil Ord (3,925) (0.02)%

Vopak Nv Ord (239) (0.00)%

Woodside Petroleum Ord (91) (0.00)%

Z Energy Ltd (52) (0.00)%

Total Energy (45,476) (0.21)%

Financials

3i Group Ord (159) (0.00)%

Aareal Bank Ord (48) (0.00)%

Acc Ltd Future (14) (0.00)%

Ally Financial Ord (96) (0.00)%

Alstria Office Ord (17) (0.00)%

Amundi Ord (128) (0.00)%

Ascendas Unt (33) (0.00)%

Ascendas Unt Rgts Exp 01/13/2016 (2) (0.00)%

Baloise N Ord (5) (0.00)%

Banco Bilbao Vizcaya Argentaria Ord (3,044) (0.01)%

Bank Of China Ord H (224) (0.00)%

Bb Seguridade Participacoes Ord (6,332) (0.04)%

Bnp Paribas Ord (3,848) (0.02)%

Capitaland Mall Trust Unt (363) (0.00)%

Carlyle Group Unt (1,388) (0.01)%

Cathay Fin Hldg Ord (109) (0.00)%

Ccb Ord H (2,870) (0.01)%

China Jinmao Ord (509) (0.00)%

China Life Ord H (889) (0.00)%

China Taiping Ord (292) (0.00)%

Commerzbank Ord (5,357) (0.03)%

Country Garden Holdings Company Ltd (1,173) (0.01)%

Cqrc Bank Ord H (662) (0.00)%

Dai-Ichi Life Ord (569) (0.00)%


Delta Lloyd Ord (687) (0.00)%

Deutsche Bank N Ord (2,041) (0.01)%

Deutsche Euroshop N Ord (259) (0.00)%

Dexus Property Reits (2) (0.00)%

Discover Financial Services Ord (28) (0.00)%

Fe Horizon Ord (399) (0.00)%

Fortress Investment Group Cl A Ord (209) (0.00)%




259




% of Net Assets




Hcp Reit (4,050) (0.03)%

Heiwa R Est Ord (1,559) (0.01)%

Ibk Ord (275) (0.00)%

Icbc Ord H (362) (0.00)%

Indiabulls Housing Finance Ltd (14) (0.00)%

Ing Groep Gdr (4,529) (0.03)%

Inmobiliaria Colonial Ord (1,102) (0.00)%

Investa Office Reit (7) (0.00)%

Investment Kinnevik B Ord (39) (0.00)%

Jyske Bank Ord (39) (0.00)%

KB Fgi Ord (171) (0.00)%

Kenedix Ord (732) (0.00)%

Lazard Cl A Ord (928) (0.00)%

Meritz Sec Ord (623) (0.00)%

Mitsui Fudosan Ord (2,011) (0.01)%

Ms&Ad Insurance Ord (112) (0.00)%

Nationstar Mortgage Holdings Ord (28) (0.00)%

Nci Ord H (246) (0.00)%

Nedbank Ord (774) (0.00)%

Ocwen Financial Ord (988) (0.00)%

Orix Ord (192) (0.00)%

Otp Bank Ord (1,491) (0.01)%


Phoenix Group Holdings Ord (106) (0.00)%

R&F Properties Ord H (453) (0.00)%

Realogy Holdings Ord (12) (0.00)%

Scentre Group Ord (49) (0.00)%

Schroders Ord (21) (0.00)%

Shinhan Financ Ord (629) (0.00)%

Shk Ppt Ord (3,589) (0.02)%

Smfg Ord (498) (0.00)%

Societe Generale Ord (672) (0.00)%

St Modwen Properties Reit (154) (0.00)%

Standard Bank Ord (1,025) (0.00)%

Standard Chartered Ord (0) (0.00)%

Standard Life Ord (114) (0.00)%

State Bank India (413) (0.00)%

Sumitomo Mitsui Ord (433) (0.00)%


Swire Properties Ord (192) (0.00)%

Swiss Life Hldg N Ord (626) (0.00)%




260




% of Net Assets



T&D Holdings Inc Ord (1,461) (0.01)%

Turkiye Halk Bankasi A Ord (2,137) (0.01)%

Westfield Corporation Unt (63) (0.00)%

Total Financials (79,060) (0.35)%

Health Care

3sbio Inc (54) (0.00)%

Ablynx Ord (539) (0.00)%

Acceleron Pharma Ord (312) (0.00)%

Actelion Ord (29) (0.00)%

Athenahealth Ord (433) (0.00)%

Bayer N Ord (2,652) (0.01)%

Bellicum Pharmaceuticals Ord (879) (0.00)%

Bluebird Bio Ord (1,110) (0.00)%

Cempra Ord (3,218) (0.01)%

Cepheid Ord (1,312) (0.01)%

China Biologic Products Ord (2,601) (0.01)%

Cooper Ord (1,126) (0.01)%

Daiichi Sankyo Ord (13) (0.00)%

Dentsply International Ord (5) (0.00)%

Foundation Medicine Ord (572) (0.00)%

Gn Store Nord Ord (196) (0.00)%

Halyard Health Ord (610) (0.00)%

Heartware International Ord (975) (0.00)%

Hengrui Medi Ord A (98) (0.00)%

Hisamitsu Pharm Ord (90) (0.00)%

Hoya Ord (341) (0.00)%

Illumina Ord (4,226) (0.03)%

Immunogen Ord (666) (0.00)%

Indivior Ord (1,273) (0.01)%

Intersect Ent Ord (3,011) (0.01)%

Keryx Biopharmaceuticals Ord (200) (0.00)%

Korian Ord (228) (0.00)%

Kyorin Holdings Ord (69) (0.00)%

M3 Ord (12) (0.00)%

Medidata Solutions Ord (461) (0.00)%

Merck Ord (1,244) (0.01)%

Novartis N Ord (708) (0.00)%


Sage Therapeutics Ord (1,294) (0.01)%

Sanofi Ord (11,362) (0.06)%




261




% of Net Assets



Shire Ord (82) (0.00)%

Sonic Healthcare Ord (79) (0.00)%


Straumann Holding Ord (14) (0.00)%

Tesaro Ord (384) (0.00)%

Torrent Pharmaceuticals Ord (8) (0.00)%

Weigao Group Ord H (165) (0.00)%

Yuhan Ord (193) (0.00)%


Industrials

Asciano Ord (1) (0.00)%

Balfour Beatty Ord (467) (0.00)%

Bilfinger Ord (2,108) (0.01)%

Brambles Ord (1,416) (0.01)%

Bureau Veritas International Ord (16) (0.00)%

Byucksan Ord (9) (0.00)%

Caterpillar Ord (479) (0.00)%

China State Con Ord (483) (0.00)%

Ckh Holdings Ord (45) (0.00)%

Daelim Ind Ord (674) (0.00)%

Deutsche Post N Ord (177) (0.00)%

Dmg Mori Ord (432) (0.00)%

Dmg Mori Seiki Ord (132) (0.00)%

Doosan Ord (105) (0.00)%

DSV Ord (840) (0.00)%

East Japan Ry Ord (359) (0.00)%

Easyjet Ord (626) (0.00)%

Eiffage Ord (186) (0.00)%

Finning International Ord (542) (0.00)%

Fujikura Ord (96) (0.00)%

G4s Ord (762) (0.00)%

Gea Group Ord (42) (0.00)%


Havells India Ord (19) (0.00)%

Japan Airp Term Ord (17) (0.00)%

Kajima Ord (104) (0.00)%

Kcc Ordinary (495) (0.00)%

Kone Corporation (296) (0.00)%

Kumagai Gumi Ord (0) (0.00)%

Legrand Ord (104) (0.00)%




262




% of Net Assets



Makino Milling Ord (2,088) (0.01)%


Minebea Ord (1,404) (0.01)%

Mitie Group Ord (28) (0.00)%

Mitsui Osk Lines Ord (362) (0.00)%

Nittobo Ord (291) (0.00)%

Northgate Ord (39) (0.00)%

Nsk Ord (69) (0.00)%

Postnl Ord (829) (0.00)%

Quanta Services Ord (29) (0.00)%

Recruit Holdings Co Ltd (281) (0.00)%

Royal Mail Ord (119) (0.00)%

Safran Ord (2,466) (0.01)%

Sanwa Holdings Ord (65) (0.00)%

Sats (66) (0.00)%

Schneider Electric Se Ord (969) (0.00)%

Seek Ord (285) (0.00)%

Seino Hldg Ord (1,901) (0.01)%

Serco Group Ord (547) (0.00)%

Sk Holdings Ord (846) (0.00)%

Skf B Ord (761) (0.00)%

Takeuchi Mfg Ord (138) (0.00)%

Thk Ord (177) (0.00)%

Tnt Express Ord (53) (0.00)%

Toto Ord (127) (0.00)%

Verisk Analytics Ord (276) (0.00)%

Waste Connections Ord (259) (0.00)%



21vianet Group Adr Rep Six Ord (186) (0.00)%

Advanced Micro Devices Ord (1,032) (0.00)%

Alcatel Lucent Ord (196) (0.00)%

Ambarella Ord (5) (0.00)%

ASML Holding Ord (2,493) (0.01)%

Atos Ord (21) (0.00)%


Colopl Ord (578) (0.00)%

Equiniti Group Ord (48) (0.00)%

Ericsson B Ord (467) (0.00)%

F-Gis Ord (1,249) (0.01)%




263




% of Net Assets



First Solar Ord (1,934) (0.01)%

Fujitsu Ord (1,760) (0.01)%

Globant Ord (381) (0.00)%

Hitachi Ord (481) (0.00)%

Infineon Technologies N Ord (3,657) (0.03)%

Infoblox Ord (1,584) (0.01)%

Ingenico Ord Group (285) (0.00)%

Inventec Corp Ord (22) (0.00)%

Istyle Ord (67) (0.00)%

Mitsumi Electric Ord (1,582) (0.01)%

Netease Adr Rep 25 Ord (139) (0.00)%

Netent Ord (361) (0.00)%


Nokia Stk (967) (0.00)%

Novatek Microele Ord (796) (0.00)%

NXP Semiconductors Ord (1,798) (0.01)%

Oki Elec Ind Ord (26) (0.00)%

Otsuka Corp Ord (216) (0.00)%


Playtech Plc Ord (692) (0.00)%

Pros Holdings Or (509) (0.00)%

Qihoo 360 Techn 2 Adr Rep 3 Cl A Ord (547) (0.00)%

Radware Ord (64) (0.00)%


Seiko Epson Ord (42) (0.00)%


Shutterstock Ord (2,260) (0.01)%

Smic Ord (393) (0.00)%

Topcon Ord (56) (0.00)%

Totvs Ord (782) (0.00)%

Zhen Ding Technology Holding Ltd (588) (0.00)%

Zte Ord H (37) (0.00)%


Materials

Acerinox Ord (384) (0.00)%

Alumina Ord (5) (0.00)%

Arkema Ord (139) (0.00)%

Bekaert (253) (0.00)%

Braskem A Prf (561) (0.00)%

Canfor Ord (346) (0.00)%




264




% of Net Assets



China Steel Corp Ord (299) (0.00)%

Csr Ord (2,722) (0.02)%

Denka Ord (129) (0.00)%

Evonik Industries Ord (2,591) (0.02)%

Fresnillo Ord (1,066) (0.00)%

Glencore Ord (3,063) (0.02)%

Hitachi Chem Ord (94) (0.00)%

Hitachi Metals Ord (48) (0.00)%

Iluka Resources Ord (436) (0.00)%

Independence Group Ord (313) (0.00)%

James Hardie Industries Cdi (1,265) (0.01)%

Jfe Holdings Ord (16) (0.00)%

Johnson Matthey Ord (834) (0.00)%

Korea Zinc Ord (120) (0.00)%

Lanxess Ord (411) (0.00)%

Lotte Chemical Ord (44) (0.00)%

Louisiana Pacific Ord (1,132) (0.01)%

Maruichi Steel Ord (461) (0.00)%

Mitsub Chem Hldg Ord (1) (0.00)%

Nampak N Ord (250) (0.00)%

New Gold Ord (178) (0.00)%

Newcrest Mining Ord (52) (0.00)%

Nine Dragons Paper Holdings Ord (353) (0.00)%

Novozymes B Ord (225) (0.00)%

Nyrstar Ord (120) (0.00)%

Osaka Titan Tech Ord (210) (0.00)%

Pacific Metals Ord (94) (0.00)%

Pact Group Holdings Ltd (16) (0.00)%

Polymetal International Ord (917) (0.00)%

Regis Resources Ord (1,117) (0.01)%

Reliance Steel Ord (83) (0.00)%

Rio Tinto Ord (1,464) (0.01)%

Sims Metal Management Ord (238) (0.00)%


Solvay Ord (427) (0.00)%

South32 Ord (121) (0.00)%

Ssab B Ord (81) (0.00)%

Sumitomo M & M Ord (2,015) (0.02)%

Symrise Ord (792) (0.00)%

Taiyo Npn Sanso Ord (739) (0.00)%

Tata Steel Ltd (21) (0.00)%

Teijin Ord (108) (0.00)%




265




% of Net Assets



Toyo Seikan Hldg Ord (142) (0.00)%

Upm Kymmene Stk (464) (0.00)%

Western Areas Ord (441) (0.00)%



China Mobile Ord (2,750) (0.01)%


Lg Uplus Ord (673) (0.00)%

Mtn Ord (116) (0.00)%

Orange Ord (1,500) (0.01)%

Proximus Ord (61) (0.00)%

Telefonica Deutschland Holding N Ord (7,364) (0.03)%


Utilities

A2a Spa Ord (260) (0.00)%

Acciona Ord (47) (0.00)%

Alliant Energy Ord (382) (0.00)%

Cheung Kong Infr Ord (367) (0.00)%

China Longyuan Ord H (228) (0.00)%

Companhia De Saneamento Basico Ord (211) (0.00)%

Consolidated Edison Ord (220) (0.00)%

Drax Group Ord (638) (0.00)%

E.On N Ord (3,533) (0.03)%

Fortum Stk (275) (0.00)%

Hk & China Gas Ord (39) (0.00)%

Hokkaido Elec Pw Ord (769) (0.00)%

Iberdrola Ord (376) (0.00)%

Korea Elec Power Ord (296) (0.00)%

Rwe Ord (2,888) (0.01)%

Severn Trent Ord (113) (0.00)%

Telecom Plus Ord (9) (0.00)%







266




% of Net Assets

Forward Contracts

AUD–USD J.P. Morgan (115) (0.00)%


USD–EUR J.P. Morgan (30) (0.00)%

USD–TWD Morgan Stanley (332) (0.00)%


Futures Contracts

Interest Rate Futures

3 Mo Eurodollar Future Mar ‘16 Cme (8,475) (0.04)%

3 Mo Eurodollar Future Mar ‘17 Cme (44,282) (0.20)%

3 Mo Sterling Ir Mar ‘16 Ieu (538) (0.00)%

3 Mo Sterling Ir Mar-17 (58,901) (0.26)%

3m Euribor Mar ‘16 Ieu (12,859) (0.06)%

3m Euribor Mar ‘17 Ieu (19,621) (0.09)%

90 Day Australian Bills (16) (0.00)%

10 Yr Us Govt Treasury Note Mar ‘16 Cbt (2,859) (0.01)%

2 Yr U.S. Treasury Notes - Day (Cbot) Mar-16 (10,938) (0.05)%

3y Australian T Bonds (Day Session)(Sfe) Mar-16 (18,542) (0.08)%

5 Yr U.S. Treasury Note Mar ‘16 Cbt (13,415) (0.06)%

6%10y Australian Tbond(Day Session)(Sfe) Mar-16 (1,192) (0.01)%

Euro Buxl 30y Bond Mar-16 (760) (0.00)%

Total Interest Rate Futures (192,398) (0.86)%

Currency Futures

Australian Dollar Future Mar ‘16 Cme (3,455) (0.02)%

British Pound Sterling (Day Session) Mar-16 (25,131) (0.11)%

Japanese Yen Future Mar ‘16 Cme (8,212) (0.04)%

New Zealand Dollar (Day Session) Mar-16 (7,292) (0.03)%

Total Currency Futures (44,090) (0.20)%

Index Futures

Djia Mini (Cbot) Mar-16 (645) (0.00)%

E-Mini Nasdaq 100 Index Mar-16 (8,599) (0.04)%

E-Mini S&P 500 Stock Index Mar-16 (3,743) (0.02)%

Ftse 100 Index Mar-16 (8,401) (0.04)%

Nikkei 225 Stock Index (Day Session) Mar-16 (14,597) (0.07)%

S&P/Tse 60 Index Mar ‘16 Mon (20,920) (0.09)%

Share Price Index 200 (Day) Mar-16 (76,275) (0.33)%

Tokyo Stock Price Index (Day Session) Mar-16 (8,188) (0.04)%




267




% of Net Assets

Future Contracts (Continued)

Total Index Futures (141,368) (0.63)%



Documents

SA 2015 Marshall Wace UCITS 240216€¦ · MW TOPS UCITS Fund MW Liquid Alpha Fund MW Liquid Protection Fund MW Liquid Trading Strategies Fund MW TOPS China Equities UCITS Fund MW