NORTHERN TRUST INVESTMENT FUNDS PLC

NORTHERN TRUST INVESTMENT FUNDS PLC 

(Investment Company with Variable Capital) 

Interim Report and 

Financial Statements 

Six months ended 30 September 2012 

Unaudited

CONTENTS 

the nt europe (ex-uk) equit y index fund 

investment review ................................................................................... 4 

portfolio and schedule of investments ..................................................... 5 

portfolio changes – material acquisitions and disposals ..........................18 

the nt euro government bond index fund 

investment review ................................................................................. 20 

portfolio and schedule of investments ................................................... 22 

portfolio changes – material acquisitions and disposals ......................... 28 

the nt index linked bond index fund 


portfolio and schedule of investments .................................................. 32 

portfolio changes – material acquisitions and disposals ........................ 34 

the nt japan equit y index fund 

investment review ................................................................................ 36 



the nt north americ a equit y index fund 


portfolio and schedule of investments ....................................................51 


the nt pacific (ex-japan) equit y index fund 




the nt uk equit y index fund 




2 of 162 | Northern Trust Quantitative Fund PLC - Interim Report and Financial Statements | northerntrust.com

the nt emerging markets index fund 



portfolio changes – material acquisitions and disposals ....................... 120 

the nt euro government infl ation linked index fund 

investment review ................................................................................122 

portfolio and schedule of investments ................................................. 124 


the nt all country asia (ex-japan) equit y index fund 

investment review ................................................................................128 

portfolio and schedule of investments ................................................. 129 


profit and loss account ............................................................................... 150 

bal ance sheet ...............................................................................................152 

statement of changes in net assets attributable to holders of 

redeemable participating shares ......................................................................154 

profit and loss account (march 2012 comparative) .......................................... 155 

bal ance sheet (march 2012 comparative) ..........................................................157 


redeemable participating shares 

(march 2012 comparative) ..............................................................................158 

profit and loss account (september 2011 comparative) ......................................159 



(september 2011 comparatives) ......................................................................... 161 

statement of accounting policies ...................................................................162 

notes forming part of the financial statements .............................................. 164 

directors and other information .................................................................. 184 

northerntrust.com | Northern Trust Quantitative Fund PLC - Interim Report and Financial Statements | 3 of 162

THE NT EUROPE (EX-UK) EQUITY INDEX FUND 

INVESTMENT REVIEW - UNAUDITED 

FOR THE SIX MONTHS ENDED 30 SEPTEMbER 2012 

Launch Date 

10th December 2003 

Fund Size 

€185.95 million 

Benchmark 

MSCI Europe (ex-UK) Index 

Fund Review 

During the six months ended 30 September 2012, 

the Sub-Fund returned 3.44% against a benchmark 

return of 2.90%. Since the Sub-Fund inception date, 

in December 2003, the Sub-Fund has posted an 

annualised return of 5.07% against an annualised 

benchmark return of 4.56%. 

MSCI implemented changes to their series of 

indexes at the end of May 2012. These changes 

included normal investment review changes such as 

additions, deletions, and float and shares changes. For 

MSCI Europe (ex-UK), there were 10 additions, 14 

deletions and a number of free float changes and share 

in issue changes. The turnover at the MSCI review in 

May 2012 was 1.38%. 

The MSCI quarterly review in August 2012 saw no 

additions or deletions for the region and only a few 

small share in issue and float factor changes, resulting 

in minimal turnover for the portfolio and the index. 

The index changes were carefully traded to 

minimise any deviation from the benchmark (resulting 

from trading costs) and were used as an opportunity to 

equitise some of the futures exposure. 

Northern Trust Global Investments Limited 

London 

October 2012 

4 of 184 | Northern Trust Investment Funds PLC - Interim Report and Financial Statements | northerntrust.com

THE NT EUROPE (EX-UK) EqUITY INDEX FUND 

PORTFOLIO aND SCHEDULE OF INVESTMENTS 

As at 30 September 2012 

Holdings Security Description Fair Value 

€ 

Financial assets at fair value through profit or loss 

Investments in transferable securities 

EqUITIES: 99.81% (MaRCH 2012: 97.39%) 

austria: 0.65% (March 2012: 0.60%) 

% of Net 

Assets 

4,069 Andritz 179,321 0.10 

12,054 Erste Bank 209,318 0.11 

38,441 Immoeast Rights - - 

31,571 Immofinanz Rights - - 

51,004 Immofinanz Immobilen 143,984 0.08 

8,293 OMV 225,860 0.12 

2,561 Raiffeisen Bank International 72,182 0.04 

11,937 Telekom Austria 65,653 0.04 

4,116 Verbund 66,268 0.04 

2,093 Vienna InsuranceWiener Versicherung Gruppe 69,069 0.04 

6,334 Voestalpine 147,519 0.08 

Total Austria 1,179,174 0.65 

Belgium: 2.74% (March 2012: 2.38%) 

13,110 Ageas 244,633 0.13 

44,782 Anheuser-Busch InBev 2,963,225 1.59 

8,608 Belgacom 204,440 0.11 

4,337 Colruyt 147,003 0.08 

5,502 Delhaize 165,307 0.09 

4,467 Groupe Bruxelles Lambert 257,969 0.14 

9,034 KBC Groep 168,665 0.09 

1,540 Mobistar 37,807 0.02 

3,260 Solvay 293,596 0.16 

2,555 Telenet 89,042 0.05 

5,987 UCB 256,184 0.14 

6,272 Umicore 255,114 0.14 

Total Belgium 5,082,985 2.74 

Denmark: 2.83% (March 2012: 2.59%) 

31 AP Moller - Maersk - A Shares 163,509 0.09 

73 AP Moller - Maersk - B Shares 406,581 0.22 

5,887 Carlsberg 405,904 0.22 

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€ 

6 of 184 | Northern Trust Investment Funds PLC - Interim Report and Financial Statements | northerntrust.com 

% of Net 

Assets 

1,282 Coloplast 207,741 0.11 

36,334 Danske Bank 510,301 0.27 

10,201 DSV 178,438 0.10 

22,636 Novo Nordisk 2,782,908 1.50 

13,402 Novozymes Class B 287,465 0.15 

26,935 TDC 152,691 0.08 

1,406 Tryg 71,085 0.04 

1,464 William Demant 102,120 0.05 

Total Denmark 5,268,743 2.83 

Finland: 1.76% (March 2012: 2.04%) 

6,919 Elisa 121,705 0.07 

24,783 Fortum 355,140 0.19 

3,691 Kesko Class B 81,387 0.04 

8,586 Kone 462,356 0.25 

6,882 Metso 191,388 0.10 

7,354 Neste Oil 75,011 0.04 

210,131 Nokia 422,363 0.23 

6,123 Nokian Renkaat 193,793 0.10 

5,176 Orion Class B 86,180 0.05 

7,561 Pohjola Bank Class A 77,425 0.04 

23,338 Sampo Class A 565,013 0.30 

31,882 Stora Enso 154,117 0.08 

29,638 UPM-Kymmene 260,666 0.14 

9,208 Wartsila 248,156 0.13 

Total Finland 3,294,700 1.76 

France: 20.94% (March 2012: 20.54%) 

8,386 Accor 217,659 0.12 

1,409 Aeroports de Paris 87,442 0.05 

17,359 Air Liquide 1,674,275 0.90 

109,832 Alcatel-Lucent 94,346 0.05 

11,357 Alstom 309,876 0.17 

3,513 Arkema 255,957 0.14 

3,123 AtoS 169,391 0.09 

98,291 AXA 1,139,193 0.61 

53,801 BNP Paribas 1,989,561 1.07





€ 

% of Net 

Assets 

10,212 Bouygues 194,028 0.10 

3,081 Bureau Veritas 246,233 0.13 

8,383 Cap Gemini 276,010 0.15 

32,031 Carrefour 516,980 0.28 

3,150 Casino Guichard Perrachon 217,003 0.12 

3,024 Christian Dior 315,706 0.17 

21,795 Cie de St-Gobain 595,766 0.32 

7,336 Cie Generale de Geophysique - Veritas 179,732 0.10 

7,336 Cie Generale de Geophysique - Veritas Rights 9,214 - 

10,081 Cie Generale des Etablissements Michelin 614,538 0.33 

11,125 Cie Generale d'Optique Essilor International 810,679 0.44 

8,210 CNP Assurances 83,455 0.04 

55,133 Credit Agricole 296,064 0.16 

32,208 Danone 1,543,085 0.83 

3,401 Dassault Systemes 278,066 0.15 

9,497 Edenred 207,652 0.11 

13,605 Electricite de France 221,829 0.12 

1,811 Eurazeo 64,562 0.03 

7,171 Eutelsat Communications 179,382 0.10 

1,470 Fonciere Des Regions Reits 85,995 0.05 

103,141 France Telecom 968,288 0.52 

67,603 GDF Suez 1,176,292 0.63 

1,260 Gecina 100,372 0.05 

30,350 Groupe Eurotunnel 166,379 0.09 

1,260 ICADE Reits 79,884 0.04 

1,209 Iliad 153,180 0.08 

1,436 Imerys 65,568 0.04 

3,672 JCDecaux 64,847 0.03 

5,410 Klepierre Reits 147,639 0.08 

10,321 Lafarge 432,553 0.23 

5,716 Lagardere 121,493 0.07 

13,338 Legrand 391,203 0.21 

13,416 L'Oreal 1,291,424 0.69 

14,140 LVMH Moet Hennessy Louis Vuitton 1,654,380 0.89 

53,228 Natixis 130,409 0.07 

11,812 Pernod-Ricard 1,031,306 0.55 

12,193 Peugeot 74,987 0.04 






€ 


% of Net 

Assets 

4,191 PPR 500,405 0.27 

9,861 Publicis Groupe 429,446 0.23 

1,173 Remy Cointreau 104,983 0.06 

10,761 Renault 392,992 0.21 

6,284 Rexel 98,407 0.05 

12,654 Safran 354,122 0.19 

66,020 Sanofi 4,380,427 2.36 

28,991 Schneider Electric 1,335,180 0.72 

9,008 SCOR 180,745 0.10 

16,617 SES Receipt 351,699 0.19 

1,565 Societe BIC 147,141 0.08 

38,780 Societe Generale 857,038 0.46 

5,166 Sodexo 302,676 0.16 

15,999 Suez Environnement 141,095 0.08 

5,513 Technip 476,930 0.26 

5,180 Thales 138,436 0.07 

118,187 Total 4,562,018 2.45 

5,089 Unibail-Rodamco Reits 789,304 0.42 

5,824 Vallourec 191,901 0.10 

18,463 Veolia Environnement 155,015 0.08 

25,513 Vinci 845,628 0.45 

71,774 Vivendi 1,089,170 0.59 

1,535 Wendel 100,850 0.05 

1,657 Zodiac Aerospace 125,899 0.07 

Total France 38,975,390 20.94 

Germany: 20.26% (March 2012: 19.83%) 

11,582 Adidas 739,395 0.40 

25,273 Allianz 2,340,027 1.26 

2,268 Axel Springer 76,477 0.04 

51,037 BASF 3,350,579 1.80 

46,115 Bayer 3,081,865 1.66 

18,369 Bayerische Motoren Werke 1,045,380 0.56 

2,453 Bayerische Motoren Werke - Preference Shares 97,973 0.05 

5,516 Beiersdorf 314,964 0.17 

2,823 Brenntag 281,171 0.15 

4,591 Celesio 63,700 0.03





€ 

% of Net 

Assets 

200,279 Commerzbank 278,188 0.15 

4,453 Continental 339,319 0.18 

50,426 Daimler 1,899,295 1.02 

51,743 Deutsche Bank 1,590,839 0.86 

10,706 Deutsche Boerse 461,054 0.25 

12,978 Deutsche Lufthansa 136,918 0.07 

46,822 Deutsche Post 711,694 0.38 

156,290 Deutsche Telekom 1,496,477 0.80 

99,933 E.ON 1,845,263 0.99 

1,643 FraportFrankfurt Airport Services Worldwide 73,943 0.04 

6,877 Fresenius 621,268 0.33 

11,650 Fresenius Medical Care 664,749 0.36 

9,797 GEA 230,670 0.12 

3,426 Hannover Rueckversicherung 170,358 0.09 

7,863 HeidelbergCement 320,575 0.17 

7,234 Henkel 367,270 0.20 

9,849 Henkel - Preference Shares 609,555 0.33 

1,556 Hochtief 56,732 0.03 

1,403 Hugo Boss 96,106 0.05 

59,944 Infineon Technologies 296,003 0.16 

9,511 K+S 363,938 0.20 

4,895 Kabel Deutschland 271,721 0.15 

4,530 Lanxess 292,321 0.16 

10,266 Linde 1,375,644 0.74 

2,400 MAN 171,000 0.09 

3,574 Merck 343,104 0.18 

6,993 Metro 162,762 0.09 

10,000 Muenchener Rueckversicherungs 1,215,000 0.65 

8,492 Porsche Automobil - Preference Shares 395,260 0.21 

3,972 ProSiebenSat.1 Media - Preference Shares 77,871 0.04 

27,241 RWE 948,395 0.51 

2,181 RWE - Preference Shares 67,655 0.04 

2,260 Salzgitter 67,947 0.04 

51,127 SAP 2,817,609 1.52 

45,731 Siemens 3,549,183 1.91 

3,403 Suedzucker 93,753 0.05 

21,532 ThyssenKrupp 356,139 0.19 






€ 


% of Net 

Assets 

5,352 United Internet 84,936 0.05 

1,614 Volkswagen Class A 210,143 0.11 

8,048 Volkswagen - Preference Shares 1,142,414 0.61 

822 Wacker Chemie 41,067 0.02 

Total Germany 37,705,669 20.26 

Greece: 0.12% (March 2012: 0.20%) 

10,941 Coca Cola Hellenic Bottling 158,863 0.09 

13,327 OPAP 53,308 0.03 

Total Greece 212,171 0.12 

Ireland: 0.66% (March 2012: 0.66%) 

40,424 CRH 606,360 0.33 

27,788 Elan 233,141 0.13 

66,122 Irish Bank Resolution Corp - - 

8,263 Kerry 329,281 0.18 

9,188 Ryanair 40,740 0.02 

Total Ireland 1,209,522 0.66 

Italy: 5.02% (March 2012: 5.17%) 

64,550 Assicurazioni Generali 722,315 0.39 

18,711 Atlantia 226,029 0.12 

6,681 Autogrill 49,406 0.03 

332,230 Banca Monte dei Paschi di Siena 74,951 0.04 

82,731 Banco Popolare SC 96,382 0.05 

365,693 Enel 1,006,387 0.54 

101,391 Enel Green Power 133,431 0.07 

141,082 ENI 2,401,216 1.29 

3,764 Exor 73,661 0.04 

48,910 Fiat 203,074 0.11 

47,733 Fiat Industrial 363,009 0.20 

21,908 Finmeccanica 80,972 0.04 

562,889 Intesa Sanpaolo 665,898 0.36 

55,983 Intesa Sanpaolo (Non CNV) 56,319 0.03 

6,441 Luxottica 177,321 0.10 

40,437 Mediaset 59,078 0.03





€ 

% of Net 

Assets 

27,555 Mediobanca 114,574 0.06 

13,768 Pirelli & C 115,376 0.06 

11,140 Prysmian 154,623 0.08 

14,661 Saipem 547,882 0.29 

92,139 Snam 317,880 0.17 

517,874 Telecom Italia 403,942 0.22 

324,701 Telecom Italia RSP 221,284 0.12 

73,795 Terna Rete Elettrica Nazionale 214,006 0.12 

224,850 UniCredit 726,715 0.39 

45,658 Unione di Banche Italiane SCPA 131,312 0.07 

Total Italy 9,337,043 5.02 

Luxembourg: 0.54% (March 2012: 0.56%) 

52,380 ArcelorMittal 584,561 0.31 

26,500 Tenaris 420,820 0.23 

Total Luxembourg 1,005,381 0.54 

Netherlands: 6.42% (March 2012: 6.27%) 

95,662 Aegon 386,953 0.21 

12,908 Akzo Nobel 567,823 0.31 

23,201 ASML 964,930 0.52 

3,631 Corio Reits 120,132 0.06 

32,736 DE Master Blenders 1753 306,900 0.17 

7,507 Delta Lloyd 89,071 0.05 

22,745 European Aeronautic Defence and Space 561,005 0.30 

3,904 Fugro 206,600 0.11 

4,315 Gemalto 295,362 0.16 

12,794 Heineken 593,514 0.32 

5,538 Heineken - A Shares 209,309 0.11 

213,084 ING Groep 1,310,254 0.70 

54,817 Koninklijke KPN 325,942 0.18 

58,021 Koninklijke Ahold 565,531 0.30 

3,374 Koninklijke Boskalis Westminster 94,911 0.05 

8,665 Koninklijke DSM 336,202 0.18 

57,854 Koninklijke Philips Electronics 1,050,339 0.56 

3,847 Koninklijke Vopak 210,200 0.11 

13,189 QIAGEN 188,866 0.10 






€ 


% of Net 

Assets 

6,893 Randstad 178,287 0.10 

38,030 Reed Elsevier 395,702 0.21 

9,934 SBM Offshore 110,168 0.06 

18,511 TNT Express 150,420 0.08 

90,420 Unilever 2,489,263 1.34 

17,127 Wolters Kluwer 250,568 0.13 

Total Netherlands 11,958,252 6.42 

Norway: 2.33% (March 2012: 2.24%) 

8,900 Aker Solutions 131,114 0.07 

54,475 DNB 519,605 0.28 

9,581 Gjensidige Forsikring 103,356 0.06 

52,671 Norsk Hydro 191,948 0.10 

43,699 Orkla 258,161 0.14 

19,534 Seadrill 593,317 0.32 

61,977 Statoil 1,244,597 0.67 

15,802 Subsea 7 283,644 0.15 

39,837 Telenor 604,185 0.32 

10,289 Yara International 400,945 0.22 

Total Norway 4,330,872 2.33 

Portugal: 0.41% (March 2012: 0.45%) 

115,121 Banco Espirito Santo 65,158 0.04 

103,942 EDP - Energias de Portugal 222,644 0.12 

12,579 Galp Energia Class B 158,747 0.09 

12,577 Jeronimo Martins 163,312 0.09 

35,435 Portugal Telecom 136,318 0.07 

Total Portugal 746,179 0.41 

Spain: 6.88% (March 2012: 6.72%) 

19,470 Abertis Infraestructuras 222,932 0.12 

1,090 Acciona 48,276 0.03 

5,968 Acerinox 52,077 0.03 

7,690 ACS Actividades de Construccion y Servicios 123,271 0.07 

5 ACS Actividades de Construccion y Servicios Rights 5 - 

17,475 Amadeus IT Class A 316,822 0.17 

299,469 Banco Bilbao Vizcaya Argentaria 1,830,654 0.98





€ 

% of Net 

Assets 

153,893 Banco de Sabadell 321,636 0.17 

64,957 Banco Popular Espanol 110,492 0.06 

546,793 Banco Santander 3,168,665 1.70 

53,048 Bankia 68,962 0.04 

43,549 CaixaBank 127,424 0.07 

35,242 Distribuidora Internacional de Alimentacion 151,364 0.08 

10,051 Enagas 154,283 0.08 

22,964 Ferrovial 232,511 0.13 

19,432 Gas Natural 214,043 0.12 

8,149 Grifols 209,429 0.11 

214,929 Iberdrola 758,270 0.41 

12,147 Inditex 1,173,765 0.63 

51,520 International Consolidated Airlines 96,394 0.05 

40,978 Mapfre 87,365 0.05 

5,925 Red Electrica 218,603 0.12 

45,168 Repsol 681,585 0.37 

224,428 Telefonica 2,328,441 1.25 

8,324 Zardoya Otis 76,165 0.04 

Total Spain 12,773,434 6.88 

Sweden: 7.70% (March 2012: 7.37%) 

19,266 Alfa Laval 272,029 0.15 

18,576 Assa Abloy 469,517 0.25 

31,718 Atlas Copco Class A 576,447 0.31 

25,446 Atlas Copco Class B 414,494 0.22 

14,647 Boliden 190,140 0.10 

13,233 Electrolux Class B 254,147 0.14 

20,816 Elekta Class B 214,081 0.12 

10,847 Getinge Class B 254,874 0.14 

52,658 Hennes & Mauritz Class B 1,424,595 0.77 

13,405 Hexagon Class B 223,759 0.12 

2,974 Holmen Class B 63,287 0.03 

23,661 Husqvarna Class B 93,998 0.05 

6,414 Industrivarden Class C 71,477 0.04 

11,832 InvestmentKinnevik Class B 191,330 0.10 

25,409 Investor Class B 435,579 0.23 

12,048 Lundin Petroleum 228,675 0.12 






€ 


% of Net 

Assets 

3,483 Millicom International Cellular Receipt 251,674 0.14 

2,678 Modern Times Class B 92,102 0.05 

146,646 Nordea Bank 1,129,174 0.61 

11,320 Ratos Class B 77,770 0.04 

56,333 Sandvik 595,382 0.32 

17,691 Scania Class B 252,727 0.14 

14,617 Securitas Class B 85,397 0.05 

79,131 Skandinaviska Enskilda Banken 515,966 0.28 

21,001 Skanska Class B 264,658 0.14 

21,901 SKF Class B 367,913 0.20 

8,149 SSAB Class A 45,087 0.02 

32,160 Svenska Cellulosa Class B 465,144 0.25 

27,587 Svenska Handelsbanken Class A 804,874 0.43 

45,598 Swedbank Class A 667,072 0.36 

11,395 Swedish Match 358,801 0.19 

17,222 Tele2 Class B 243,372 0.13 

167,447 Telefonaktiebolaget LM Ericsson Class B 1,188,100 0.64 

120,897 TeliaSonera 677,649 0.36 

77,532 Volvo Class B 846,549 0.46 

Total Sweden 14,307,840 7.70 

Switzerland: 20.55% (March 2012: 19.52%) 

122,404 ABB 1,785,866 0.96 

6,000 Actelion 233,637 0.13 

7,430 Adecco 275,064 0.15 

4,958 Aryzta 184,943 0.10 

2,724 Baloise 166,610 0.09 

157 Banque Cantonale Vaudoise 63,304 0.03 

105 Barry Callebaut 75,772 0.04 

29,049 Cie Financiere Richemont 1,355,080 0.73 

67,978 Credit Suisse 1,120,548 0.60 

9,685 GAM 98,127 0.05 

2,118 Geberit 358,240 0.19 

463 Givaudan 341,778 0.18 

12,656 Holcim 627,015 0.34 

11,499 Julius Baer 311,953 0.17 

2,968 Kuehne + Nagel International 260,701 0.14





€ 

% of Net 

Assets 

5 Lindt & Spruengli 140,399 0.08 

51 Lindt & Spruengli - Participating Non Cumulative Shares 125,533 0.07 

2,504 Lonza 101,875 0.05 

183,312 Nestle 8,990,842 4.84 

127,739 Novartis 6,080,281 3.27 

1,530 Pargesa 78,838 0.04 

718 Partners 116,217 0.06 

39,020 Roche 5,670,402 3.05 

1,019 Schindler 97,850 0.05 

2,717 Schindler- Participating Non Cumulative Shares 259,778 0.14 

304 SGS 485,775 0.26 

122 Sika 193,537 0.11 

2,698 Sonova 212,104 0.12 

36,389 STMicroelectronics 152,579 0.08 

454 Straumann 46,975 0.03 

1,367 Sulzer 154,897 0.08 

1,698 Swatch (Bearer) 526,933 0.28 

2,102 Swatch Group 113,614 0.06 

1,725 Swiss Life 159,652 0.09 

2,714 Swiss Prime Site 174,416 0.09 

19,444 Swiss Re 972,158 0.52 

1,302 Swisscom 407,059 0.22 

5,262 Syngenta 1,529,787 0.82 

19,429 Transocean 674,120 0.36 

202,624 UBS 1,918,895 1.03 

8,160 Zurich Insurance 1,580,636 0.85 

Total Switzerland 38,223,790 20.55 

Total investments in transferable securities 185,611,145 99.81 





Counterparty Fair Value 

€ 


No. of 

Contracts 

FINaNCIaL DERIVaTIVE INSTRUMENTS DEaLT ON a REGULaTED MaRKET 

Futures Contracts: (0.01%) (March 2012: (0.04%)) 

Unrealised 

Gain/(Loss) € 

% of Net 

Assets 

Citigroup Euro Stoxx 50 Index Futures December 2012 589,200 24 (27,340) (0.01) 

Citigroup OBX Index Futures October 2012 16,939 3 (371) - 

Citigroup OMXS 30 Index Futures October 2012 63,722 5 (2,076) - 

Citigroup Swiss Market Index Futures December 2012 161,482 3 (1,557) - 

Total Futures Contracts (31,344) (0.01) 

Total value of investments 185,579,801 99.80 

Cash 133,194 0.07 

Margin cash 256,173 0.14 

Other net liabilities (17,712) (0.01) 

Net Assets Attributable to Holders of Redeemable Participating Shares 185,951,456 100.00 

PORTFOLIO CLaSSIFICaTION % of Total 

Assets 

Transferable securities admitted to an official stock exchange listing 99.61 

Other current assets 0.39 

100.00



PORTFOLIO CHaNGES – aCqUISITIONS 

Schedule of material changes in investments for the six months ended 30 September 2012 

Acquisitions Nominal Asset Name Cost € 

27,995 Nestle 1,327,952 

19,613 Novartis 860,115 

5,974 Roche 806,592 

13,014 Sanofi 749,819 

146,293 Banco Santander 722,835 

18,435 Total 676,062 

28,511 ENI 481,744 

6,974 Siemens 480,587 

81,563 Banco Bilbao Vizcaya Argentaria 460,818 

7,870 BASF 458,267 

6,945 Anheuser-Busch InBev 405,725 

3,488 Novo Nordisk 401,904 

13,771 BNP Paribas 393,724 

7,068 Bayer 388,502 

7,927 SAP 381,799 

13,840 Unilever 364,784 

33,333 Telefonica 337,788 

34,088 DE Master Blenders 1753 311,866 

3,919 Allianz 309,155 

7,814 Daimler 297,879 



PORTFOLIO CHaNGES – DISPOSaLS 


Disposals Nominal Asset Name Proceeds € 

3,395 Synthes 449,313 

5,706 Nestle 278,080 

5,687 Novartis 256,031 

30,213 Koninklijke KPN 218,633 

7,062 BNP Paribas 218,353 

34,218 Banco Santander 180,891 

1,585 Novo Nordisk 180,881 

1,209 Roche 175,193 

2,537 Sanofi 167,817 

3,850 Total 155,898 

5,461 Hennes & Mauritz Class B 139,588 

7,236 GDF Suez 132,799 

1,396 Siemens 108,099 

1,635 BASF 104,776 

9,366 Telefonica 99,174 

1,681 SAP 90,644 

4,758 ENI 85,098 

1,273 Anheuser-Busch InBev 84,383 

1,269 Bayer 81,501 

2,919 Unilever 80,151 


THE NT EURO GOVERNMENT bOND INDEX FUND 



Launch Date 

13 February 2004 

Fund Size 


Benchmark 

Citigroup EMU Government Bond Index 

Fund Review 

Performance data 

6MTD YTD 1 year 3 year 

Fund 3.76% 7.51% 7.00% 4.01% 

Benchmark 3.78% 7.42% 6.96% 3.92% 

Portfolio summary 

Portfolio Country Breakdown 

■ Austria 4% 

■ Belgium 6% 

■ Finland 1% 

■ France 24% 

■ Germany 23% 

■ Ireland 2% 

■ Italy 22% 

■ Netherlands 7% 

■ Spain 10% 

■ Cash 1% 


Performance Commentary 

For the six months ended 30 September 2012, the Sub- 

Fund returned 3.76% versus a benchmark return of 

3.78%. The Sub-Fund underperformed the benchmark 

by 2 basis points (bps). Since inception the Sub-Fund 

has outperformed the benchmark, on an annualized 

basis, by 4 basis points and is up 4.41%. During the 

period the Sub-Fund was subject to a net inflow of 

€10.56 million. 

The index reconstitutes on a monthly basis to 

include new government bonds that have been issued 

and to exclude those bonds, which have fallen below 

the minimum maturity of one year. Overall the 

modified duration of the benchmark lengthened from 

6.22 years to 6.34 years. 

The period began on a relatively calm note however 

managed to fall into the midst of economic turmoil, as 

political uncertainty and financial instability loomed 

large across the region. There was a reversal to the 

positive start to the year, with the Spanish bailout, a 

new Greek government, concerns of contagion and 

slowdown in China. The European Central Bank 

(ECB) cut key rates by 25bps in July, bringing the main 

base interest rate to 0.75% and, more importantly, 

the deposit rate to 0.00%, thus entering a new 

environment where the ECB no longer paid banks 

for leaving money with the central bank. However, it 

refrained from relaxing rates any further through the 

quarter. 

In July, ECB President Mario Draghi also relieved 

some tension stating "the ECB is willing to do whatever 

it takes to preserve the Euro". Draghi delivered on 

his commitment in September, unveiling a new and 

ambitious scheme to engage in a potentially unlimited 

bond buying program, hoping to address the high 

borrowing costs prevalent in the Eurozone. Economic 

data in the region persisted on the disappointing path. 

After stagnating for the first three months of the year, 

the Eurozone contracted 0.2% in the April to June 

ending period. Economic confidence in the region, 

having fallen for seven months, dropped by 1.1 points 

to 85 in September, the lowest since August 2009. 

Considering a high probability of Greece exiting 

the euro zone, Moody's changed its stance from 

‘stable’ to ‘negative’ for Germany, the Netherlands and 

Luxembourg, stating that it would result in a chain of 

financial sector shocks. Moody’s also downgraded the 

European Financial Stability Facility (EFSF), the fund 

that seeks to contain the debt crisis from spreading. 

Fitch downgraded the credit rating of 18 Spanish 

banks while Spain’s bleak economic outlook led to a 

three notch downgrade (one notch above junk status). 

French President Hollande restated his intentions to 

deliver on his deficit cutting promises in France’s first 

Socialist budget in a decade. President Hollande has 

promised to raise taxes by €20 billion next year, aiming 

to reduce the deficit to 3%. Spain ventured into a fifth 

round of budget cuts and tax increases, announcing 

a crisis budget for 2013 amidst austerity measures, to 

meet a budget deficit reduction target of 4.5%. The EU 

Summit at the end of June began the arduous path of 

mapping out solutions for the debt situation in Europe. 

The politicians proposed to recapitalise banks from 

EFSF/ESM and to move towards a banking union. 

The capital of the European Investment Bank (EIB) 

was also to be increased by €10 billion along with a 

€120 billion growth pact. Global economic growth 

remains weak as downside risks to economic outlook 

persist on the back of the euro zone sovereign debt 

crisis and allied moderate growth outlook in most 

developed economies. 


London 

October 2012 


THE NT EURO GOVERNMENT BOND INDEX FUND 




€ 



BONDS: 98.59% (MaRCH 2012: 96.53%) 

austria: 4.18% (March 2012: 4.03%) 


% of Net 

Assets 

300,000 Austria Government Bond 3.4% 20/10/2014 320,358 0.32 


400,000 Austria Government Bond 4% 15/09/2016 454,168 0.45 







Total Austria 4,245,985 4.18 

Belgium: 6.31% (March 2012: 6.24%) 

550,000 Belgium Government Bond 2.75% 28/09/2016 587,768 0.58 



900,000 Belgium Government Bond 3.75% 28/09/2020 1,006,254 0.99 

700,000 Belgium Government Bond 4% 28/03/2018 795,739 0.78 







Total Belgium 6,402,440 6.31 

Finland: 1.47% (March 2012: 1.57%) 

200,000 Finland Government Bond 3.125% 15/09/2014 211,988 0.21 



250,000 Finland Government Bond 4% 04/07/2025 304,615 0.30 

Total Finland 1,492,847 1.47





€ 

France: 23.97% (March 2012: 22.84%) 

% of Net 

Assets 

200,000 France Government Bond 3% 25/04/2022 214,212 0.21 

1,940,000 France Government Bond 3.25% 25/04/2016 2,127,676 2.10 



1,800,000 France Government Bond 4% 25/10/2013 1,874,700 1.85 





570,000 France Government Bond 4.25% 25/10/2017 661,451 0.65 


800,000 France Government Bond 4.75% 25/04/2035 1,016,344 1.00 







1,550,000 French Treasury Note BTAN 2% 12/07/2015 1,622,416 1.60 

150,000 French Treasury Note BTAN 2.25% 25/02/2016 158,992 0.16 

Total France 24,332,496 23.97 

Germany: 22.63% (March 2012: 21.96%) 

1,350,000 Bundesobligation 0.5% 07/04/2017 1,356,318 1.34 



300,000 Bundesobligation 2.5% 10/10/2014 314,964 0.31 

650,000 Bundesobligation 4% 11/10/2013 676,585 0.67 

700,000 Bundesrepublik Deutschland 0.25% 14/03/2014 702,548 0.69 

1,750,000 Bundesrepublik Deutschland 2.25% 04/09/2021 1,896,282 1.87 

1,800,000 Bundesrepublik Deutschland 2.5% 04/01/2021 1,992,564 1.96 












€ 


% of Net 

Assets 

1,900,000 Bundesrepublik Deutschland 4% 04/07/2016 2,167,862 2.14 

1,500,000 Bundesrepublik Deutschland 4% 04/01/2018 1,767,540 1.74 

500,000 Bundesrepublik Deutschland 4% 04/01/2037 668,315 0.66 


800,000 Bundesrepublik Deutschland 4.75% 04/07/2028 1,096,432 1.08 






Total Germany 22,979,319 22.63 

Ireland: 1.81% (March 2012: 1.48%) 

1,200,000 Ireland Government Bond 4.5% 18/04/2020 1,159,618 1.14 

650,000 Ireland Government Bond 4.6% 18/04/2016 679,484 0.67 

Total Ireland 1,839,102 1.81 

Italy: 21.82% (March 2012: 21.78%) 

600,000 Italy Buoni Poliennali Del Tesoro 3% 01/04/2014 607,350 0.60 

1,600,000 Italy Buoni Poliennali Del Tesoro 3% 15/04/2015 1,604,976 1.58 

800,000 Italy Buoni Poliennali Del Tesoro 3.75% 15/12/2013 816,160 0.80 

1,400,000 Italy Buoni Poliennali Del Tesoro 3.75% 15/04/2016 1,424,304 1.40 









2,050,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 1,994,929 1.97 


1,000,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 897,438 0.88 

950,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/08/2017 1,004,872 0.99 




Total Italy 22,143,666 21.82





€ 

Netherlands: 6.72% (March 2012: 6.12%) 

% of Net 

Assets 

250,000 Netherlands Government Bond 1% 15/01/2014 253,143 0.25 

350,000 Netherlands Government Bond 2.75% 15/01/2015 370,741 0.37 


1,080,102 Netherlands Government Bond 3.5% 15/07/2020 1,250,002 1.23 








650,000 Netherlands Government Bond 7.5% 15/01/2023 1,000,532 0.99 

Total Netherlands 6,816,644 6.72 

Spain: 9.68% (March 2012: 10.51%) 

850,000 Spain Government Bond 3% 30/04/2015 832,342 0.82 

884,000 Spain Government Bond 3.15% 31/01/2016 852,778 0.84 


1,100,000 Spain Government Bond 3.8% 31/01/2017 1,057,553 1.04 

1,900,000 Spain Government Bond 4% 30/04/2020 1,715,692 1.69 

1,000,000 Spain Government Bond 4.1% 30/07/2018 946,380 0.93 


1,200,000 Spain Government Bond 4.25% 31/01/2014 1,214,820 1.20 








340,000 Spain Government Bond 6% 31/01/2029 322,666 0.32 

Total Spain 9,814,953 9.68 






Cash 879,871 0.87 

Other net assets 544,592 0.54 



Assets 




100.00






2,300,000 France Government Bond 3.75% 25/04/2021 2,491,247 

1,350,000 Bundesobligation 0.5% 07/04/2017 1,362,420 

1,150,000 Italy Buoni Poliennali Del Tesoro 4.5% 15/07/2015 1,179,707 

1,100,000 Bundesobligation 2.25% 11/04/2014 1,141,358 

1,000,000 Bundesrepublik Deutschland 3.5% 04/01/2016 1,116,483 

1,000,000 France Government Bond 4% 25/04/2018 1,108,040 

950,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/08/2017 1,010,401 

900,000 France Government Bond 4% 25/04/2014 958,065 

800,000 Bundesrepublik Deutschland 3.75% 04/01/2017 924,400 

900,000 Italy Buoni Poliennali Del Tesoro 3.75% 15/04/2016 859,050 

600,000 Netherlands Government Bond 4.5% 15/07/2017 712,920 

650,000 France Government Bond 3.25% 25/04/2016 712,790 




700,000 Spain Government Bond 3.8% 31/01/2017 655,758 


550,000 Belgium Government Bond 2.75% 28/09/2016 587,840 

500,000 Netherlands Government Bond 4% 15/07/2018 585,538 




PORTFOLIO CHaNGES – DISPOSaLS aND MaTURITIES 





1,450,000 France Government Bond 4% 25/10/2014 1,565,539 


900,000 Bundesschatzanweisungen 1.75% 14/06/2013 915,030 

900,000 Italy Buoni Poliennali Del Tesoro 3% 01/04/2014 906,489 



700,000 France Government Bond 4% 25/10/2013 737,009 

650,000 Belgium Government Bond 4.25% 28/09/2013 676,423 



544,000 Italy Buoni Poliennali Del Tesoro 3% 15/04/2015 516,365 



300,000 French Treasury Note BTAN 2% 12/07/2015 310,815 

300,000 Belgium Government Bond 4% 28/03/2013 309,894 


250,000 Finland Government Bond 3.125% 15/09/2014 265,590 



THE NT INDEX LINKED bOND INDEX FUND 



Launch Date 

10th December 2003 

Fund Size 

£22.64 million 

Benchmark 

FTSE Actuaries Government Securities 

Over 5 Years UK Index Linked Gilts Index 

Fund Review 



Fund -2.40% -4.31% 4.90% 9.26% 

Benchmark -2.40% -4.32% 5.02% 9.31% 



■ 0-5 yrs; 0.14% 

■ 5-10 yrs; 13.78% 

■ 10+ yrs; 86.08% 



For the six months ended 30 September 2012, the 

Sub-Fund and the benchmark returned -2.40%. 

Since inception, the Sub-Fund has outperformed the 

benchmark, on an annualized basis, by 19 basis points 

and is up 7.60%. During the period there were net 

inflows of £0.22 million. 

During the past quarter there were a number 

of Linker auctions, as the DMO re-opened issues 

across the curve. Overall the modified duration of the 

benchmark shortened from 19.80 to 17.65. 

The Bank of England (BoE) unanimously voted 

to keep its base rate at 0.50% while acknowledging 

that the circumstances were rather compelling and 

required additional easing. An additional £50 billion 

easing was implemented at its July meeting pushing 

the asset purchase target to £375 billion. The Bank also 

announced the creation of a Government and BoE 

Funding for Lending Scheme (FLS) while also pushing 

for the activation of the Bank’s Extended Collateral 

Term Repo Facility (ECTR). The governor indicated 

that the struggling economy is beginning to exhibit 

signs of recovery; however, its performance is reliant 

on global economic health. It noted that downside 

risks to the outlook had increased as a result of weak 

data across the euro zone, the US and some emerging 

markets. However, even in the backdrop of a subdued 

economic outlook in Europe, a few positive events 

appeared to improve overall sentiment. 

The second Greek election resulted in a coalition 

of moderate centre aligned parties which calmed the 

markets temporarily. Secondly, the EU Summit at 

the end of June helped to begin the arduous path of 

mapping out solutions for the current situation in 

Europe. Despite the guarded optimism, downside risks 

to economic outlook persist as a result of the Euro 

zone sovereign debt crisis and a moderate growth 

outlook in most developed economies. Developments 

abroad, particularly in the Euro area, continue to be a 

major headwind for the UK economy. 

Acknowledging Eurozone’s crisis impact being 

greater than envisaged; the BoE cut its economic 

growth forecast and is now expecting the economy 

to grow about 2 % over two years. Economic data 

remained subdued, with the economy mired in 

recession, indicating slowed recovery. Second quarter 

GDP shrank less than previously estimated, falling to 

-0.4% after holding steady at -0.3% quarter on quarter 

in Q1. The service sector continued to rise at a gradual 

pace with the PMI Services rising from 51 to 53.7 in 

August. The manufacturing PMI which recorded its 

lowest figure since beginning of 2009, at 45.2, edged 

significantly higher, as the volume of activity rose to 

49.5. However, despite higher global oil prices, inflation 

receded with the Core CPI slipping from 2.3% year 

on year to 2.1% year on year in August. The current 

account deficit widened to a record £20.8 billion 

quarter on quarter compared to the previous £15.4 

billion quarter on quarter. 


London 

October 2012 


THE NT INDEX LINKED BOND INDEX FUND 



Nominal 

Holding 

Security Description Fair Value 

£ 



BONDS: 99.64% (MaRCH 2012: 99.66%) 

United Kingdom: 99.64% (March 2012: 99.66%) 


% of Net 

Assets 

668,300 United Kingdom Gilt Inflation Linked 0.125% 22/03/2029 691,626 3.05 




853,800 United Kingdom Gilt Inflation Linked 0.50% 22/03/2050 1,032,460 4.56 







1,171,384 United Kingdom Gilt Inflation Linked 1.25% 22/11/2027 1,769,358 7.81 








Total value of investments in transferable securities 22,559,969 99.64 

Cash 17,662 0.08 


Net Assets Attributable to Holders of Redeemable Participating Shares 22,641,529 100.00


Assets 



The above entities are classified according to the country of risk. 

100.00 





Acquisitions Nominal Asset Name Cost £ 

1,231,100 United Kingdom Gilt Inflation Linked 1.875% 22/11/2022 1,463,223 

306,000 United Kingdom Gilt Inflation Linked 0.375% 22/03/2062 364,325 









PORTFOLIO CHaNGES – DISPOSaLS aND MaTURITIES 


Disposals Nominal Asset Name Proceeds £ 

1,271,100 United Kingdom Gilt Inflation Linked 1.875% 22/11/2022 1,523,166 




















THE NT JAPAN EQUITY INDEX FUND 



Launch Date 

13th February 2004 

Fund Size 


Benchmark 

MSCI Japan Index 

Fund Review 



return of 1.65%. Since the Sub-Fund inception date, in 

February 2004, the Sub-Fund has posted an annualised 

return of 1.19% against an annualised benchmark 

return of 1.16%. 





MSCI Japan, there were three additions, three deletions 

and a number of free float changes and share in issue 

changes. The turnover at the MSCI review in May 2012 

was 0.89%. 










London 

October 2012 


THE NT JaPaN EqUITY INDEX FUND 




€ 




Basic Materials: 5.66% (March 2012: 6.41%) 

% of Net 

Assets 

2,287 Air Water 21,844 0.09 

18,000 Asahi Kasei 72,475 0.31 

4,000 Daicel 18,703 0.08 

4,000 Daido Steel 14,507 0.06 

7,000 Denki Kagaku Kogyo 16,925 0.07 

1,400 Hitachi Chemical 14,757 0.06 

3,000 Hitachi Metals 20,861 0.09 

5,000 Japan Steel Works 21,730 0.09 

7,000 JFE 72,035 0.31 

2,600 JSR 33,250 0.14 

4,000 Kaneka 15,026 0.06 

3,000 Kansai Paint 25,927 0.11 

33,929 Kobe Steel 21,017 0.09 

4,700 Kuraray 41,652 0.18 

20,000 Mitsubishi Chemical 59,746 0.25 

6,000 Mitsubishi Gas Chemical 23,499 0.10 

16,000 Mitsubishi Materials 39,325 0.17 

12,000 Mitsui Chemicals 18,344 0.08 

1,700 Nippon Paper 15,643 0.07 

110,015 Nippon Steel 175,866 0.75 

10,000 Nisshin Steel 8,392 0.04 

2,400 Nitto Denko 89,200 0.38 

11,000 OJI Paper 26,157 0.11 

5,900 Shin-Etsu Chemical 258,778 1.10 

21,000 Showa Denko 26,017 0.11 

21,000 Sumitomo Chemical 41,753 0.18 

8,000 Sumitomo Metal Mining 78,729 0.33 

3,000 Taiyo Nippon Sanso 12,319 0.05 

7,000 Tosoh 10,351 0.04 

14,000 UBE Industries 23,499 0.10 

600 Yamato Kogyo 13,806 0.06 

Total Basic Materials 1,332,133 5.66 






€ 

Communications: 6.29% (March 2012: 5.29%) 


% of Net 

Assets 

1,500 Dena 38,845 0.16 

2,637 Dentsu 52,166 0.22 

1,300 Gree 18,560 0.08 

340 Hakuhodo DY 17,868 0.08 

28 Jupiter Telecommunications 22,156 0.09 

3,900 KDDI 236,128 1.00 

6,233 Nippon Telegraph & Telephone 231,660 0.98 

218 NTT DoCoMo 275,741 1.17 

10,300 Rakuten 81,812 0.35 

2,980 SBI 14,976 0.06 

12,700 Softbank 400,960 1.70 

1,500 Trend Micro 32,671 0.14 

209 Yahoo! Japan 62,080 0.26 

Total Communications 1,485,623 6.29 

Consumer, Cyclical: 26.17% (March 2012: 27.58%) 

400 ABC-Mart 13,788 0.06 

8,600 Aeon 75,870 0.32 

2,800 Aisin Seiki 62,104 0.26 

16,000 All Nippon Airways 26,216 0.11 

2,000 Asics 21,041 0.09 

9,200 Bridgestone 166,371 0.71 

3,500 Citizen Holdings 13,883 0.06 

3,000 Daihatsu Motor 39,025 0.17 

7,000 Daiwa House Industry 79,239 0.34 

6,900 Denso 168,967 0.72 

800 FamilyMart 30,692 0.13 

800 Fast Retailing 145,070 0.62 

9,000 Fuji Heavy Industries 58,268 0.25 

4,000 Hino Motors 20,422 0.09 

800 Hitachi High-Technologies 15,050 0.06 

23,300 Honda Motor 558,000 2.37 

4,880 Isetan Mitsukoshi 39,688 0.17 

17,000 Isuzu Motors 64,033 0.27 

21,400 Itochu 169,122 0.72 

6,800 J Front Retailing 29,757 0.13 

2,900 JTEKT 17,877 0.08





€ 

% of Net 

Assets 

1,897 Koito Manufacturing 17,096 0.07 

900 Lawson 53,952 0.23 

23,993 Marubeni 119,378 0.51 

3,000 Marui 16,575 0.07 

38,000 Mazda Motor 34,549 0.15 

900 McDonald's 19,989 0.08 

20,200 Mitsubishi 286,381 1.22 

2,000 Mitsubishi Logistics 18,563 0.08 

53,000 Mitsubishi Motors 38,126 0.16 

25,000 Mitsui 274,254 1.16 

2,400 Namco Bandai 31,700 0.13 

4,000 NGK Insulators 37,366 0.16 

3,000 NGK Spark Plug 24,608 0.10 

2,300 NHK Spring 15,396 0.07 

1,490 Nintendo 147,229 0.63 

35,600 Nissan Motor 236,528 1.00 

500 Nitori 36,218 0.15 

1,400 NOK 17,470 0.07 

700 Oriental Land 71,895 0.31 

31,800 Panasonic 163,941 0.70 

700 Sankyo 25,422 0.11 

600 Sanrio 16,767 0.07 

2,900 Sega Sammy 42,911 0.18 

6,000 Sekisui Chemical 37,706 0.16 

8,000 Sekisui House 61,944 0.26 

10,700 Seven & I 256,249 1.09 

14,000 Sharp 26,996 0.11 

300 Shimamura 27,246 0.12 

1,100 Shimano 62,424 0.27 

16,700 Sojitz 16,852 0.07 

14,500 Sony 133,136 0.57 

1,889 Stanley Electric 21,817 0.09 

16,000 Sumitomo 168,329 0.71 

10,900 Sumitomo Electric Industries 89,844 0.38 

2,300 Sumitomo Rubber Industries 21,302 0.09 

5,200 Suzuki Motor 78,709 0.33 

4,000 Takashimaya 21,421 0.09 

13,000 Teijin 24,808 0.11 






€ 


% of Net 

Assets 

1,500 Toho 21,506 0.09 

21,000 Toray Industries 96,933 0.41 

900 Toyoda Gosei 14,054 0.06 

800 Toyota Boshoku 6,474 0.03 

2,400 Toyota Industries 52,393 0.22 

39,500 Toyota Motor 1,199,724 5.10 

3,100 Toyota Tsusho 51,693 0.22 

290 USS 23,904 0.10 

1,240 Yamada Denki 42,432 0.18 

2,100 Yamaha 15,190 0.06 

3,900 Yamaha Motor 26,574 0.11 

Total Consumer, Cyclical 6,160,457 26.17 

Consumer, Non-cyclical: 13.02% (March 2012: 11.20%) 

9,000 Ajinomoto 110,061 0.47 

600 Alfresa 23,109 0.10 

5,500 Asahi 105,725 0.45 

6,400 Astellas Pharma 253,533 1.08 

1,000 Benesse 37,766 0.16 

3,100 Chugai Pharmaceutical 50,640 0.22 

898 Coca-Cola 11,610 0.05 

8,000 Dai Nippon Printing 43,481 0.18 

9,600 Daiichi Sankyo 123,729 0.53 

2,100 Dainippon Sumitomo Pharma 18,002 0.08 

3,600 Eisai 126,606 0.54 

900 Hisamitsu Pharmaceutical 38,800 0.16 

12,800 Japan Tobacco 299,507 1.27 

7,600 Kao 174,643 0.74 

2,000 Kikkoman 21,321 0.09 

12,000 Kirin 125,168 0.53 

4,000 Kyowa Hakko Kirin 37,686 0.16 

2,100 MEDIPAL 22,534 0.10 

840 Meiji 32,521 0.14 

817 Miraca Holdings 28,610 0.12 

3,300 Mitsubishi Tanabe Pharma 39,136 0.17 

3,000 Nippon Meat Packers 30,033 0.13 

2,500 Nisshin Seifun Group 23,978 0.10 

800 Nissin Foods 24,458 0.10





€ 

% of Net 

Assets 

1,200 Ono Pharmaceutical 57,608 0.24 

5,276 Otsuka Holdings 127,565 0.54 

1,000 Santen Pharmaceutical 35,868 0.15 

3,000 Secom 121,991 0.52 

4,000 Shimadzu 21,860 0.09 

4,100 Shionogi 48,828 0.21 

5,200 Shiseido 55,642 0.24 

997 Suzuken 25,849 0.11 

1,054 Sysmex 39,542 0.17 

500 Taisho Pharmaceutical 31,821 0.14 

11,300 Takeda Pharmaceutical 405,871 1.72 

2,200 Terumo 73,854 0.31 

8,000 Toppan Printing 36,207 0.15 

1,000 Toyo Suisan Kaisha 19,503 0.08 

800 Tsumura 19,598 0.08 

1,600 Unicharm 71,616 0.30 

1,400 Yakult Honsha 51,754 0.22 

1,904 Yamazaki Baking 19,879 0.08 

Total Consumer, Non-cyclical 3,067,513 13.02 

Energy: 1.53% (March 2012: 1.67%) 

8,000 Cosmo Oil 11,510 0.05 

300 Idemitsu Kosan 19,183 0.08 

31 Inpex 144,176 0.61 

400 Japan Petroleum Exploration 12,509 0.05 

31,840 JX 135,835 0.58 

2,700 Showa Shell Sekiyu 11,168 0.05 

4,000 TonenGeneral Sekiyu 27,056 0.11 

Total Energy 361,437 1.53 

Financial: 16.98% (March 2012: 16.34%) 

1,000 Aeon Credit Service 16,785 0.07 

1,000 Aeon Mall 19,083 0.08 

8,000 Aozora Bank 19,103 0.08 

5,000 Bank of Kyoto 33,020 0.14 

17,000 Bank of Yokohama 63,013 0.27 

11,000 Chiba Bank 49,895 0.21 

3,000 Chugoku Bank 32,970 0.14 






€ 


% of Net 

Assets 

2,200 Credit Saison 41,477 0.18 

121 Dai-ichi Life Insurance 107,110 0.45 

1,100 Daito Trust Construction 86,273 0.37 

24,000 Daiwa Securities 71,216 0.30 

11,000 Fukuoka Financial 34,839 0.15 

5,000 Gunma Bank 19,832 0.08 

6,000 Hachijuni Bank 25,957 0.11 

3,400 Hulic 16,034 0.07 

4,000 Iyo Bank 25,417 0.11 

9,000 Joyo Bank 34,349 0.15 

18,000 Mitsubishi Estate 268,679 1.14 

182,550 Mitsubishi UFJ Financial 667,534 2.83 

860 Mitsubishi UFJ Lease & Finance 28,269 0.12 

12,000 Mitsui Fudosan 187,392 0.80 

327,988 Mizuho Financial 416,171 1.77 

7,232 MS&AD Insurance 97,617 0.41 

9,000 Nishi-Nippon City Bank 16,275 0.07 

5,400 NKSJ 82,438 0.35 

51,600 Nomura 143,835 0.61 

1,300 Nomura Real Estate 17,820 0.08 

14 NTT Urban Development 8,868 0.04 

1,510 ORIX 118,278 0.50 

27,016 Resona 86,374 0.37 

7,300 Seven Bank 17,358 0.07 

20,858 Shinsei Bank 21,048 0.09 

8,000 Shizuoka Bank 63,863 0.27 

2,600 Sony Financial 34,757 0.15 

19,193 Sumitomo Mitsui Financial 467,890 1.99 

45,330 Sumitomo Mitsui Trust 105,071 0.45 

5,000 Sumitomo Realty & Development 103,507 0.44 

3,000 Suruga Bank 26,526 0.11 

8,400 T&D 70,916 0.30 

10,300 Tokio Marine 205,198 0.87 

6,000 Tokyu Land 25,057 0.11 

3,000 Yamaguchi Financial 18,943 0.08 

Total Financial 3,996,057 16.98





€ 

Industrial: 19.99% (March 2012: 20.18%) 

% of Net 

Assets 

2,200 Advantest 22,310 0.09 

5,000 Amada 17,085 0.07 

15,000 Asahi Glass 77,930 0.33 

3,300 Brother Industries 23,871 0.10 

3,100 Casio Computer 17,128 0.07 

2,100 Central Japan Railway 143,931 0.61 

2,554 Chiyoda 30,978 0.13 

3,400 Daikin Industries 68,720 0.29 

4,846 East Japan Railway 250,314 1.06 

2,700 FANUC 339,356 1.44 

8,000 Fuji Electric 12,709 0.05 

6,500 Fujifilm 84,944 0.36 

9,000 Furukawa Electric 13,218 0.06 

5,000 GS Yuasa 16,235 0.07 

1,017 Hamamatsu Photonics 27,241 0.12 

16,000 Hankyu Hanshin 67,459 0.29 

400 Hirose Electric 34,969 0.15 

66,000 Hitachi 286,183 1.22 

1,500 Hitachi Construction Machinery 18,928 0.08 

6,200 Hoya 106,235 0.45 

1,700 Ibiden 19,380 0.08 

18,000 IHI 31,292 0.13 

3,000 JGC 78,080 0.33 

12,000 Kajima 25,537 0.11 

3,000 Kamigumi 19,363 0.08 

21,000 Kawasaki Heavy Industries 32,521 0.14 

12,000 Kawasaki Kisen Kaisha 11,749 0.05 

7,000 Keikyu 51,474 0.22 

8,000 Keio 47,078 0.20 

4,000 Keisei Electric Railway 28,175 0.12 

693 Keyence 138,476 0.59 

2,000 Kinden 9,831 0.04 

23,000 Kintetsu 70,317 0.30 

13,400 Komatsu 205,773 0.87 

6,500 Konica Minolta 38,965 0.17 

16,000 Kubota 126,287 0.54 

1,600 Kurita Water Industries 27,639 0.12 






€ 


% of Net 

Assets 

2,200 Kyocera 148,587 0.63 

3,800 LIXIL 70,693 0.30 

300 Mabuchi Motor 10,700 0.05 

1,600 Makita 48,437 0.21 

600 Maruichi Steel Tube 10,011 0.04 

28,000 Mitsubishi Electric 161,135 0.68 

44,000 Mitsubishi Heavy Industries 148,587 0.63 

15,000 Mitsui OSK Lines 27,275 0.12 

2,900 Murata Manufacturing 120,387 0.51 

1,385 Nabtesco 19,829 0.08 

38,000 NEC 47,078 0.20 

1,600 Nidec 91,278 0.39 

4,800 Nikon 103,012 0.44 

5,000 Nippon Electric Glass 21,531 0.09 

12,000 Nippon Express 35,488 0.15 

24,000 Nippon Yusen 33,090 0.14 

6,000 NSK 27,156 0.12 

6,000 NTN 9,412 0.04 

9,000 Obayashi 32,011 0.14 

9,000 Odakyu Electric Railway 73,824 0.31 

3,100 Olympus 47,078 0.20 

2,800 Omron 41,962 0.18 

500 Rinnai 29,074 0.12 

8,000 Shimizu 21,021 0.09 

800 SMC 100,550 0.43 

8,000 Sumitomo Heavy Industries 21,341 0.09 

15,000 Taiheiyo Cement 25,177 0.11 

14,000 Taisei 31,332 0.13 

1,600 THK 19,151 0.08 

15,000 Tobu Railway 62,944 0.27 

16,000 Tokyu 59,627 0.25 

58,000 Toshiba 144,870 0.62 

4,000 TOTO 22,939 0.10 

2,000 Toyo Seikan Kaisha 16,685 0.07 

1,500 Ushio 14,057 0.06 

2,400 West Japan Railway 79,968 0.34 

5,400 Yamato 66,684 0.28 

3,000 Yaskawa Electric 15,676 0.07





€ 

% of Net 

Assets 

2,700 Yokogawa Electric 24,332 0.10 

Total Industrial 4,705,670 19.99 

Technology: 3.82% (March 2012: 4.79%) 

16,200 Canon 403,828 1.71 

27,000 Fujitsu 79,039 0.34 

400 Itochu Techno-Solutions 16,225 0.07 

1,400 Konami 24,800 0.11 

1,500 Nexon 16,081 0.07 

1,400 Nomura Research Institute 22,506 0.10 

18 NTT Data 44,042 0.19 

500 Oracle 20,107 0.09 

200 Otsuka 13,987 0.06 

9,000 Ricoh 59,257 0.25 

1,400 Rohm 36,759 0.15 

1,696 Seiko Epson 8,066 0.03 

900 Square Enix 10,709 0.05 

1,500 Sumco 7,883 0.03 

1,800 TDK 52,261 0.22 

2,500 Tokyo Electron 83,051 0.35 

Total Technology 898,601 3.82 

Utilities: 2.87% (March 2012: 3.46%) 

9,100 Chubu Electric Power 92,464 0.39 

4,200 Chugoku Electric Power 43,515 0.18 

1,600 Electric Power Development 32,835 0.14 

2,600 Hokkaido Electric Power 16,469 0.07 

2,400 Hokuriku Electric Power 22,708 0.10 

10,600 Kansai Electric Power 64,602 0.27 

6,200 Kyushu Electric Power 39,892 0.17 

27,000 Osaka Gas 92,797 0.39 

2,300 Shikoku Electric Power 20,245 0.09 

6,000 Toho Gas 31,112 0.13 

6,600 Tohoku Electric Power 41,410 0.18 

21,200 Tokyo Electric Power 27,112 0.12 

35,000 Tokyo Gas 150,365 0.64 

Total Utilities 675,526 2.87 






€ 


% of Net 

Assets 


Collective Investment Schemes: 1.10% (March 2012: 0.78%) 

4,800 iShares MSCI Japan Fund ETF 34,236 0.15 

12 Japan Prime Realty Investment 28,199 0.12 

8 Japan Real Estate Investment 62,825 0.27 

27 Japan Retail Fund Investment 37,631 0.16 

9 Nippon Building Fund 75,622 0.32 

4 Nomura Real Estate Office Fund 19,562 0.08 

Total Collective Investment Schemes 258,075 1.10 


€ 

No. of 

Contracts 


Futures Contracts: (0.01%) (March 2012: 0.02%) 

Unrealised 

Loss 

% of Net 

Assets 

Citigroup Mini-TOPIX Index Futures December 2012 609,503 83 (2,606) (0.01) 



Cash 369,729 1.57 


Other net liabilities 223,095 0.95 


Portfolio Classification % of Total 

Assets 


Collective investment schemes admitted to an official stock exchange listing 1.09 


100.00






5,700 Toyota Motor 177,932 

26,500 Mitsubishi UFJ Financial 96,137 

3,300 Honda Motor 86,439 

9,800 iShares MSCI Japan Fund ETF 72,780 

2,300 Canon 72,176 

17,000 Hankyu Hanshin 66,505 

2,700 Sumitomo Mitsui Financial 66,012 

48,400 Mizuho Financial 60,539 

1,700 Takeda Pharmaceutical 59,199 

2,300 Otsuka Holdings 56,722 

1,900 Softbank 51,881 

11,000 Hitachi 51,765 

400 FANUC 51,654 

3,000 Mitsubishi 47,663 

3,800 Mitsui 44,451 

606 Japan Tobacco 40,760 

3,000 Mitsubishi Estate 39,964 

200 Keyence 39,195 

30 NTT DoCoMo 38,916 

5,100 Nissan Motor 38,714 






2,600 Toyota Motor 85,377 

12,100 Mitsubishi UFJ Financial 48,693 

1,500 Honda Motor 41,458 

5,000 iShares MSCI Japan Fund ETF 36,292 

1,100 Canon 35,054 

1,200 Sumitomo Mitsui Financial 32,443 

800 Takeda Pharmaceutical 29,375 

21,600 Mizuho Financial 29,342 

200 FANUC 27,005 

900 Softbank 26,520 

5 KDDI 25,789 

5,000 Hitachi 25,228 

1,300 Mitsubishi 21,975 

1,700 Mitsui 21,201 

17,000 Hokuhoku Financial 20,160 

100 Keyence 19,927 

800 Japan Tobacco 19,226 

14 NTT DoCoMo 18,889 

6,895 Hiroshima Bank 18,865 

900 Komatsu 18,026 


THE NT NORTH AMERICA EQUITY INDEX FUND 



Launch Date 


Fund Size 


Benchmark 

MSCI North America Index 

Fund Review 








indexes at the end of May 2012.These changes included 

normal investment review changes such as additions, 

deletions, and float and shares changes. For MSCI 

North America, there were 25 additions, four deletions 


changes. The turnover at the MSCI review in May 2012 

was 1.24%. 

The MSCI quarterly review in August 2012 saw 

two additions and three deletions for the region and 

only a few small share in issue and float factor changes, 

resulting in minimal turnover for the portfolio and 

the index. 






London 

October 2012 


THE NT NORTH aMERICa EqUITY INDEX FUND 




€ 





% of Net 

Assets 

3,461 Agnico-Eagle Mines 139,440 0.06 

3,166 Agrium 255,110 0.11 

4,296 Air Products & Chemicals 276,160 0.12 

1,297 Airgas 82,972 0.04 

1,870 Albemarle 76,573 0.03 

24,351 Alcoa 167,514 0.07 

2,074 Allegheny Technologies 51,427 0.02 

20,392 Barrick Gold 661,771 0.28 

7,733 Cameco 116,986 0.05 

2,976 Celanese 87,695 0.04 

2,774 Centerra Gold 26,976 0.01 

1,328 CF Industries 229,409 0.10 

2,717 Cliffs Natural Resources 82,640 0.04 

24,294 Dow Chemical 546,875 0.23 

3,513 Eastman Chemical 155,675 0.07 

5,716 Ecolab 287,955 0.12 

19,151 EI du Pont de Nemours 748,326 0.32 

13,708 Eldorado Gold 162,328 0.07 

9,124 First Quantum Minerals 151,003 0.06 

2,565 FMC 110,416 0.05 

2,888 Franco-Nevada 132,211 0.06 

19,685 Freeport-McMoRan Copper & Gold 605,622 0.26 

16,224 Goldcorp 578,544 0.25 

8,148 IAMGOLD 100,349 0.04 

1,041 Inmet Mining 38,429 0.02 

1,552 International Flavors & Fragrances 71,876 0.03 

8,426 International Paper 237,880 0.10 

21,827 Kinross Gold 173,464 0.07 

6,147 LyondellBasell Industries 246,836 0.11 

3,205 MeadWestvaco 76,232 0.03 

10,676 Monsanto 755,328 0.32 

5,808 Mosaic 260,085 0.11 






€ 


% of Net 

Assets 

9,203 New Gold 87,606 0.04 

9,790 Newmont Mining 426,225 0.18 

6,346 Nucor 188,728 0.08 

6,801 Osisko Mining 52,330 0.02 

2,926 Pan American Silver 48,726 0.02 

17,565 Potash Corp of Saskatchewan 592,923 0.25 

3,092 PPG Industries 276,009 0.12 

6,006 Praxair 484,962 0.21 

1,700 Sherwin-Williams 196,772 0.08 

2,637 Sigma-Aldrich 147,520 0.06 

7,066 Silver Wheaton 218,145 0.09 

4,451 Sino-Forest - - 

11,658 Teck Resources 267,171 0.11 

8,087 Turquoise Hill Resources 53,472 0.02 

2,607 United States Steel 38,644 0.02 

2,617 Vulcan Materials 96,218 0.04 

15,190 Yamana Gold 225,357 0.10 



7,239 Amazon.com 1,431,032 0.61 

118,350 AT&T 3,468,166 1.48 

1,582 Bell Aliant 34,106 0.01 

5,063 Bell Canada Enterprises 172,986 0.07 

4,581 Cablevision Systems 56,439 0.02 

12,202 CBS 344,577 0.15 

12,734 CenturyLink 399,886 0.17 

820 Charter Communications 47,849 0.02 

107,595 Cisco Systems 1,596,571 0.68 

42,796 Comcast Class A 1,189,905 0.50 

11,403 Comcast Special Class A 308,453 0.13 

32,097 Corning 328,080 0.14 

5,989 Crown Castle International 298,403 0.13 

13,048 DIRECTV 532,062 0.23 

3,154 Discovery Communications - Class A 146,190 0.06 

2,139 Discovery Communications - Class C 93,175 0.04 

3,986 DISH Network 94,840 0.04





€ 

% of Net 

Assets 

23,645 eBay 889,743 0.38 

907 Equinix 145,268 0.06 

2,083 Expedia 93,650 0.04 

1,645 F5 Networks 133,876 0.06 

8,490 Facebook 142,875 0.06 

17,910 Frontier Communications 68,215 0.03 

5,251 Google 3,079,580 1.31 

2,737 Harris 108,969 0.05 

8,205 Interpublic Group 70,921 0.03 

10,325 Juniper Networks 137,319 0.06 

3,314 Level 3 Communications 59,170 0.03 

3,040 Liberty Global - Class A 143,552 0.06 

2,201 Liberty Global - Class C 96,526 0.04 

173 Liberty Interactive Corp 1,821 - 

10,371 Liberty Media 149,136 0.06 

2,125 Liberty Media- Liberty Capital 172,065 0.07 

1,314 LinkedIn 122,974 0.05 

5,349 McGraw-Hill 226,974 0.10 

5,732 MetroPCS Communications 52,174 0.02 

5,223 Motorola Solutions 205,226 0.09 

1,085 Netflix 45,913 0.02 

33,150 News - Class A 632,079 0.27 

8,940 News - Class B 172,337 0.07 

2,545 Nielsen 59,307 0.03 

5,366 Omnicom Group 215,057 0.09 

1,021 priceline.com 491,040 0.21 

2,071 Rackspace Hosting 106,391 0.05 

8,181 Rogers Communications 257,221 0.11 

2,657 SBA Communications 129,907 0.06 

1,733 Scripps Networks Interactive 82,481 0.04 

7,857 Shaw Communications 124,883 0.05 

75,858 Sirius XM Radio 153,308 0.06 

61,106 Sprint Nextel 262,188 0.11 

15,283 Symantec 213,831 0.09 

3,036 Telus (Non Voting) 147,501 0.06 

7,331 Thomson Reuters 164,590 0.07 

19,094 Time Warner 672,780 0.29 






€ 


% of Net 

Assets 

6,349 Time Warner Cable 469,130 0.20 

3,246 VeriSign 122,851 0.05 

57,034 Verizon Communications 2,020,241 0.86 

9,485 Viacom Class B 395,104 0.17 

5,687 Virgin Media 130,140 0.05 

34,306 Walt Disney 1,394,106 0.59 

79 Washington Post 22,293 0.01 

11,146 Windstream 87,591 0.04 

24,093 Yahoo! 299,173 0.13 



1,661 Abercrombie & Fitch 43,794 0.02 

1,477 Advance Auto Parts 78,574 0.03 

2,453 Alimentation Couche Tard 87,551 0.04 

2,267 Arrow Electronics 59,402 0.03 

1,838 Autoliv 88,535 0.04 

708 AutoZone 203,441 0.09 

4,529 Bed Bath & Beyond 221,785 0.09 

6,165 Best Buy 82,376 0.04 

2,516 BorgWarner 135,158 0.06 

5,550 Brands 212,509 0.09 

1,620 Canadian Tire 90,557 0.04 

5,159 CarMax 113,486 0.05 

8,763 Carnival 248,211 0.11 

621 Chipotle Mexican Grill 153,278 0.07 

2,635 Cintas 84,898 0.04 

6,001 Coach 261,311 0.11 

8,805 Costco Wholesale 685,271 0.29 

25,590 CVS Caremark 963,131 0.41 

2,620 Darden Restaurants 113,537 0.05 

6,450 Delphi Automotive 155,422 0.07 

3,320 Delta Air Lines 23,639 0.01 

1,794 Dicks Sporting Goods 72,304 0.03 

840 Dolby Laboratories 21,384 0.01 

5,296 Dollar General 212,169 0.09 

4,750 Dollar Tree 178,240 0.08





€ 

% of Net 

Assets 

6,423 DR Horton 103,048 0.04 

1,833 Family Dollar Stores 94,464 0.04 

5,917 Fastenal 197,724 0.08 

72,727 Ford Motor 557,395 0.24 

946 Fossil 62,282 0.03 

3,048 Gamestop 49,754 0.02 

6,545 Gap 182,029 0.08 

15,654 General Motors 276,820 0.12 

3,089 Genuine Parts 146,538 0.06 

2,376 Gildan Activewear 58,506 0.02 

4,447 Goodyear Tire & Rubber 42,137 0.02 

4,964 Harley-Davidson 163,486 0.07 

2,676 Hasbro 79,396 0.03 

30,819 Home Depot 1,446,205 0.62 

5,594 International Game Technology 56,918 0.02 

2,861 JC Penney 54,018 0.02 

13,771 Johnson Controls 293,296 0.12 

4,435 Kohl's 176,573 0.08 

8,345 Las Vegas Sands 300,783 0.13 

23,652 Lowe's 555,955 0.24 

1,862 Lululemon Athletica 107,016 0.05 

9,027 Macy's 263,969 0.11 

4,407 Magna International 147,996 0.06 

5,314 Marriott International 161,506 0.07 

26,782 Marriott International - Fractions - - 

6,621 Mattel 182,599 0.08 

20,747 McDonald's 1,479,625 0.63 

6,278 MGM Resorts International 52,459 0.02 

1,235 Mohawk Industries 76,817 0.03 

5,879 Newell Rubbermaid 87,237 0.04 

7,568 NIKE 558,320 0.24 

3,346 Nordstrom 143,515 0.06 

2,514 O'Reilly Automotive 163,405 0.07 

6,582 PACCAR 204,776 0.09 

2,321 PetSmart 124,448 0.05 

1,320 PVH 96,160 0.04 

1,196 Ralph Lauren 140,592 0.06 






€ 


% of Net 

Assets 

4,506 Ross Stores 226,263 0.10 

2,584 Royal Caribbean Cruises 60,678 0.03 

599 Sears 25,836 0.01 

4,162 Shoppers Drug Mart 134,574 0.06 

4,571 Southwest Airlines 31,160 0.01 

13,071 Staples 117,045 0.05 

15,570 Starbucks 614,207 0.26 

3,788 Starwood Hotels & Resorts Worldwide 170,659 0.07 

12,492 Target 616,298 0.26 

2,356 Tiffany 113,322 0.05 

3,117 Tim Hortons 125,975 0.05 

14,700 TJX 511,786 0.22 

3,065 Toll Brothers 79,168 0.03 

1,360 Tractor Supply 104,540 0.04 

2,169 TRW Automotive Holdings 73,694 0.03 

1,128 Ulta Salon Cosmetics & Fragrance 84,440 0.03 

2,068 United Continental Holdings 31,345 0.01 

2,541 Urban Outfitters 74,186 0.02 

1,692 VF 209,590 0.09 

17,261 Walgreen 488,916 0.21 

37,354 Wal-Mart Stores 2,142,810 0.91 

1,446 Whirlpool 93,189 0.04 

1,203 WW Grainger 194,846 0.08 

2,810 Wyndham Worldwide 114,628 0.05 

1,599 Wynn Resorts 143,481 0.06 

9,108 Yum! Brands 469,666 0.20 

Total Consumer, Cyclical 20,530,032 8.74 


31,589 Abbott Laboratories 1,683,437 0.72 

6,816 Aetna 209,805 0.09 

3,965 Alexion Pharmaceuticals 352,581 0.15 

6,306 Allergan 448,895 0.19 

1,090 Alliance Data Systems 120,269 0.05 

41,605 Altria 1,079,822 0.46 

5,244 AmerisourceBergen 157,789 0.07 

15,541 Amgen 1,018,591 0.43





€ 

% of Net 

Assets 

2,441 Apollo Group 55,119 0.02 

12,820 Archer-Daniels-Midland 270,849 0.12 

9,903 Automatic Data Processing 451,543 0.19 

2,017 Avery Dennison 49,888 0.02 

8,693 Avon Products 107,776 0.05 

11,040 Baxter International 517,117 0.22 

2,722 Beam 121,744 0.05 

4,013 Becton Dickinson 245,053 0.10 

4,671 Biogen 541,821 0.23 

27,584 Boston Scientific 123,072 0.05 

34,121 Bristol-Myers Squibb 895,129 0.38 

2,277 Brown-Forman 115,487 0.05 

2,863 Bunge 149,214 0.06 

3,959 Campbell Soup 107,153 0.05 

6,917 Cardinal Health 209,526 0.09 

4,320 CareFusion 95,332 0.04 

1,874 Catamaran 142,639 0.06 

9,047 Celgene 537,265 0.23 

2,652 Church & Dwight 111,295 0.05 

5,762 Cigna 211,266 0.09 

2,686 Clorox 150,429 0.06 

82,300 Coca-Cola 2,426,459 1.03 

5,672 Coca-Cola Enterprises 137,865 0.06 

9,634 Colgate-Palmolive 802,921 0.34 

8,279 ConAgra Foods 177,550 0.08 

2,998 Constellation Brands 75,387 0.03 

2,914 Coventry Health Care 94,430 0.04 

10,247 Covidien 473,282 0.20 

1,906 CR Bard 155,043 0.07 

1,875 DaVita 151,006 0.06 

2,631 DENTSPLY International 77,999 0.03 

4,283 Dr Pepper Snapple 148,249 0.06 

2,319 Edwards Lifesciences 193,541 0.08 

21,332 Eli Lilly Class C 786,125 0.33 

741 Empire Class A 34,643 0.01 

2,461 Equifax 89,105 0.04 

4,810 Estee Lauder Cos Class A 230,200 0.10 






€ 


% of Net 

Assets 

16,558 Express Scripts Class C 806,599 0.34 

5,374 Forest Laboratories 148,751 0.06 

13,789 General Mills 427,121 0.18 

919 George Weston 45,919 0.02 

15,428 Gilead Sciences 795,444 0.34 

2,673 Green Mountain Coffee Roasters 49,346 0.02 

5,948 H&R Block 80,123 0.03 

3,281 HCA 84,798 0.04 

1,724 Henry Schein 106,227 0.04 

2,261 Herbalife 83,305 0.04 

3,000 Hershey 165,309 0.07 

4,928 Hertz Global 52,593 0.02 

6,965 HJ Heinz 302,908 0.13 

4,831 Hologic 76,004 0.03 

2,797 Hormel Foods 63,571 0.03 

3,430 Hospira 87,503 0.04 

3,225 Humana 175,852 0.07 

2,214 Illumina 82,950 0.04 

777 Intuitive Surgical 299,343 0.13 

2,449 Iron Mountain 64,932 0.03 

2,184 JM Smucker 146,556 0.06 

54,903 Johnson & Johnson 2,940,821 1.25 

4,985 Kellogg 200,175 0.09 

8,046 Kimberly-Clark 536,483 0.23 

33,722 Kraft Foods 1,083,875 0.46 

10,427 Kroger 190,790 0.08 

1,832 Laboratory Corp of America 131,679 0.06 

3,938 Life Technologies 149,623 0.06 

2,166 Loblaw 58,451 0.02 

2,537 Lorillard 229,641 0.10 

1,546 Manpower 44,223 0.02 

2,185 Mastercard 766,797 0.33 

2,209 McCormickInc 106,526 0.05 

4,887 McKesson 326,800 0.14 

4,066 Mead Johnson Nutrition 231,602 0.10 

20,676 Medtronic 693,004 0.30 

61,326 Merck 2,149,866 0.92





€ 

% of Net 

Assets 

2,057 Metro 94,900 0.04 

2,820 Molson Coors Brewing 98,749 0.04 

2,994 Monster Beverage 126,044 0.05 

3,925 Moody's 134,759 0.06 

9,206 Mylan 174,603 0.07 

2,476 Omnicare 65,379 0.03 

1,442 Patterson 38,379 0.02 

7,059 Paychex 182,662 0.08 

31,769 PepsiCo 1,747,604 0.74 

1,797 Perrigo 162,268 0.07 

150,718 Pfizer 2,911,265 1.24 

34,478 Philip Morris International 2,410,378 1.03 

55,204 Procter & Gamble 2,976,253 1.27 

3,959 Quanta Services 76,010 0.03 

3,193 Quest Diagnostics 157,429 0.07 

1,096 Ralcorp 62,190 0.03 

1,417 Regeneron Pharmaceuticals 168,146 0.07 

6,818 Reynolds American 229,687 0.10 

1,475 Ritchie Bros Auctioneers 22,034 0.01 

2,745 Robert Half International 56,820 0.02 

5,133 Safeway 64,197 0.03 

4,552 SAIC 42,601 0.02 

2,617 Saputo 87,347 0.04 

2,386 SEI Investments 39,782 0.02 

6,002 St Jude Medical 196,552 0.08 

6,453 Stryker 279,187 0.12 

11,888 Sysco 288,953 0.12 

3,351 Total System Services 61,732 0.03 

5,292 Tyson Foods 65,898 0.03 

20,901 UnitedHealth Group 900,213 0.38 

5,721 Valeant Pharmaceuticals International 245,227 0.10 

2,215 Varian Medical Systems 103,854 0.04 

2,628 Verisk Analytics 97,255 0.04 

4,268 Vertex Pharmaceuticals 185,616 0.08 

4,291 Warner Chilcott 45,028 0.02 

2,559 Watson Pharmaceuticals 169,393 0.07 

6,613 WellPoint 298,189 0.13 






€ 


% of Net 

Assets 

12,619 Western Union 178,716 0.08 

3,626 Whole Foods Market 274,522 0.12 

3,467 Zimmer 182,230 0.08 


Diversified: 0.03% (March 2012: 0.04%) 

4,025 Leucadia National 71,177 0.03 

Total Diversified 71,177 0.03 

Energy: 12.47% (March 2012: 12.56%) 

10,318 Anadarko Petroleum 560,773 0.24 

8,038 Apache 540,261 0.23 

5,511 ARC Resources 104,051 0.04 

7,535 Athabasca Oil 78,454 0.03 

8,727 Baker Hughes 306,819 0.13 

2,435 Baytex Energy 89,871 0.04 

4,171 Bonavista Energy 57,465 0.02 

4,140 Cabot Oil & Gas 144,490 0.06 

5,184 Cameron International 225,936 0.10 

22,578 Canadian Natural Resources 540,972 0.23 

9,958 Canadian Oil Sands 165,593 0.07 

15,432 Cenovus Energy 418,273 0.18 

13,513 Chesapeake Energy 198,205 0.08 

39,745 Chevron 3,600,993 1.53 

1,538 Cimarex Energy 69,996 0.03 

3,591 Cobalt International Energy 62,162 0.03 

2,014 Concho Resources 148,330 0.06 

24,357 ConocoPhillips 1,082,575 0.46 

4,451 CONSOL Energy 103,966 0.04 

863 Continental Resources 51,585 0.02 

946 Core Laboratories 89,328 0.04 

6,537 Crescent Point Energy 224,794 0.10 

7,091 Denbury Resources 89,072 0.04 

7,629 Devon Energy 358,768 0.15 

1,307 Diamond Offshore Drilling 66,859 0.03 

15,289 Enbridge 463,797 0.20 

14,784 Encana 251,451 0.11





€ 

% of Net 

Assets 

1,305 Energen 53,164 0.02 

3,625 Enerplus 46,678 0.02 

4,608 Ensco 195,424 0.08 

5,412 EOG Resources 471,368 0.20 

3,059 EQT 140,288 0.06 

94,203 Exxon Mobil 6,696,358 2.85 

4,756 FMC Technologies 171,164 0.07 

18,887 Halliburton 494,600 0.21 

2,234 Helmerich & Payne 82,674 0.04 

6,359 Hess 265,531 0.11 

4,144 HollyFrontier 132,937 0.06 

6,673 Husky Energy 139,274 0.06 

5,909 Imperial Oil 211,227 0.09 

11,024 Kinder Morgan 304,370 0.13 

1,937 Kinder Morgan Management 115,031 0.05 

370,253 Kinder Morgan Management - Fractions - - 

13,869 Marathon Oil 318,777 0.14 

6,770 Marathon Petroleum 287,271 0.12 

2,998 MEG Energy 88,553 0.04 

3,995 Murphy Oil 166,725 0.07 

6,765 Nabors Industries 73,776 0.03 

8,497 National Oilwell Varco 529,106 0.23 

2,320 Newfield Exploration 56,481 0.02 

10,505 Nexen 206,639 0.09 

5,060 Noble 140,728 0.06 

3,520 Noble Energy 253,664 0.11 

16,457 Occidental Petroleum 1,100,886 0.47 

4,105 ONEOK 154,149 0.07 

6,133 Pacific Rubiales Energy 113,808 0.05 

5,452 Peabody Energy 94,462 0.04 

5,420 Pembina Pipeline 118,175 0.05 

11,451 Pengrowth Energy 59,976 0.03 

9,217 Penn West Petroleum 101,865 0.04 

11,889 Phillips 66 428,522 0.18 

2,233 Pioneer Natural Resources 181,209 0.08 

2,550 Plains Exploration & Production 74,270 0.03 

4,129 Precision Drilling 25,214 0.01 






€ 


% of Net 

Assets 

4,109 Progress Energy Resources 71,088 0.03 

3,756 QEP Resources 92,433 0.04 

3,274 Range Resources 177,811 0.08 

2,242 Rowan 58,851 0.03 

26,809 Schlumberger 1,507,264 0.64 

7,359 Southwestern Energy 198,948 0.08 

13,218 Spectra Energy 301,656 0.13 

31,765 Suncor Energy 811,533 0.35 

2,215 Sunoco 80,628 0.03 

2,982 Superior Energy Services 47,564 0.02 

20,503 Talisman Energy 212,829 0.09 

2,387 Tourmaline Oil 57,872 0.02 

14,352 TransCanada 507,254 0.21 

2,890 Ultra Petroleum 49,376 0.02 

11,316 Valero Energy 278,656 0.12 

1,711 Vermilion Energy 62,447 0.03 

1,165 Walter Energy 29,394 0.01 

16,293 Weatherford International 160,587 0.07 

2,123 Whiting Petroleum 78,187 0.03 

12,310 Williams 334,614 0.14 

Total Energy 29,308,175 12.47 


6,683 ACE 392,720 0.17 

997 Affiliated Managers Group 95,321 0.04 

9,323 Aflac 346,976 0.15 

245 Alleghany 65,690 0.03 

9,941 Allstate 306,073 0.13 

20,947 American Express 925,804 0.39 

22,320 American International 568,887 0.24 

29,280 American International - Warrants - - 

4,303 Ameriprise Financial 189,613 0.08 

6,395 Aon 259,926 0.11 

2,667 Arch Capital 86,405 0.04 

1,726 Assurant 50,043 0.02 

2,430 Axis Capital 65,958 0.03 

218,496 Bank of America 1,499,666 0.64





€ 

% of Net 

Assets 

13,000 Bank of Montreal 596,673 0.25 

24,010 Bank of New York 422,158 0.18 

22,363 Bank of Nova Scotia 952,571 0.41 

14,474 BB&T 373,073 0.16 

18,591 Berkshire Hathaway 1,274,564 0.54 

2,629 BlackRock 364,361 0.16 

11,139 Brookfield Asset 298,659 0.13 

5,111 Brookfield Office Properties 65,974 0.03 

8,227 Canadian Imperial Bank of Commerce 500,112 0.21 

11,698 Capital One Financial 518,386 0.22 

6,500 CBRE Group 93,016 0.04 

21,639 Charles Schwab 215,128 0.09 

5,556 Chubb 329,430 0.14 

3,322 CI Financial 59,625 0.03 

2,894 Cincinnati Financial 85,234 0.04 

3,881 CIT 118,828 0.05 

59,607 Citigroup 1,516,006 0.65 

6,315 CME 281,267 0.12 

4,328 Comerica 104,457 0.04 

10,464 Discover Financial Services 323,152 0.14 

2,395 Eaton Vance 53,913 0.02 

1,121 Everest Re Group 93,200 0.04 

371 Fairfax Financial 111,293 0.05 

3,514 Fidelity National Financial 58,426 0.02 

19,325 Fifth Third Bancorp 232,982 0.10 

1,724 First Republic Bank 46,179 0.02 

2,953 Franklin Resources 287,083 0.12 

8,901 Genworth Financial 36,185 0.02 

9,521 Goldman Sachs 841,312 0.36 

5,829 Great-West Lifeco 102,963 0.04 

7,987 Hartford Financial Services Group 120,690 0.05 

9,529 Hudson City Bancorp 58,959 0.03 

2,190 IGM Financial 66,417 0.03 

2,676 Industrial Alliance Insurance & Financial Services 59,276 0.03 

2,563 Intact Financial 121,078 0.05 

1,489 Intercontinental Exchange 154,409 0.07 

10,061 Invesco 195,433 0.08 






€ 


% of Net 

Assets 

76,894 JPMorgan Chase 2,419,486 1.03 

19,080 KeyCorp 129,622 0.06 

2,495 Legg Mason 47,864 0.02 

5,640 Lincoln National 106,049 0.04 

6,646 Loews 213,147 0.09 

2,288 M&T Bank 169,239 0.07 

35,796 Manulife Financial 335,097 0.14 

11,395 Marsh & McLennan 300,530 0.13 

16,826 MetLife 450,699 0.19 

28,973 Morgan Stanley 376,998 0.16 

2,746 Nasdaq OMX 49,723 0.02 

3,141 National Bank of Canada 184,611 0.08 

9,055 New York Community Bancorp 99,665 0.04 

4,331 Northern Trust 156,256 0.07 

5,004 NYSE Euronext 95,879 0.04 

1,992 Onex 61,057 0.03 

1,364 PartnerRe 78,755 0.03 

7,616 People's United Bank 71,868 0.03 

10,604 PNC Financial 520,103 0.22 

4,959 Power Financial 99,544 0.04 

7,159 Power of Canada 135,166 0.06 

6,481 Principal Financial 135,716 0.06 

12,199 Progressive 196,663 0.08 

9,370 Prudential Financial 397,014 0.17 

29,154 Regions Financial 163,389 0.07 

1,214 RenaissanceRe 72,698 0.03 

29,235 Royal Bank of Canada 1,305,798 0.56 

9,251 SLM 113,040 0.05 

9,787 State Street 319,209 0.14 

11,840 Sun Life Financial 213,444 0.09 

11,117 SunTrust Banks 244,289 0.10 

5,345 T Rowe Price Group 262,991 0.11 

4,462 TD Ameritrade 53,308 0.02 

1,950 Torchmark 77,833 0.03 

18,337 Toronto-Dominion Bank 1,187,699 0.50 

7,778 Travelers 412,690 0.17 

5,726 Unum 85,545 0.04





€ 

% of Net 

Assets 

38,010 US Bancorp 1,013,403 0.43 

10,735 Visa 1,120,479 0.48 

100,905 Wells Fargo 2,708,317 1.15 

3,231 Willis Group Holdings 92,723 0.04 

2,023 WR Berkley 58,952 0.03 

6,172 XL Group 115,284 0.05 

Total Financial 32,437,396 13.82 


13,357 3M 959,544 0.41 

1,734 AGCO 63,996 0.03 

6,871 Agilent Technologies 205,356 0.09 

4,983 AMETEK 137,308 0.06 

3,254 Amphenol Class A 148,928 0.06 

2,782 Avnet 62,906 0.03 

3,262 Ball 107,280 0.05 

14,337 Boeing 775,858 0.33 

29,185 Bombardier 85,075 0.04 

5,277 CAE 43,897 0.02 

8,790 Canadian National Railway 604,053 0.26 

3,369 Canadian Pacific Railway 217,148 0.09 

13,232 Caterpillar 884,945 0.38 

3,250 CH Robinson Worldwide 147,911 0.06 

3,192 Cooper Industries 186,235 0.08 

2,883 Crown Holdings 82,355 0.04 

20,751 CSX 334,694 0.14 

3,671 Cummins 263,119 0.11 

12,041 Danaher 516,177 0.22 

7,596 Deere 487,053 0.21 

3,928 Dover 181,638 0.08 

6,732 Eaton 247,302 0.11 

14,955 Emerson Electric 561,118 0.24 

1,337 Energizer 77,539 0.03 

4,140 Expeditors International of Washington 117,008 0.05 

5,884 FedEx 387,022 0.16 

3,237 Finning International 60,963 0.03 

13,314 Flextronics International 62,094 0.03 






€ 


% of Net 

Assets 

2,909 FLIR Systems 45,167 0.02 

1,043 Flowserve 103,562 0.04 

3,747 Fluor 163,919 0.07 

2,277 Garmin 73,876 0.03 

5,990 General Dynamics 307,858 0.13 

213,225 General Electric 3,763,964 1.60 

15,041 Honeywell International 698,562 0.30 

8,804 Illinois Tool Works 406,975 0.17 

5,924 Ingersoll-Rand 206,385 0.09 

2,537 Jacobs Engineering Group 79,729 0.03 

1,956 JB Hunt Transport Services 79,122 0.03 

2,101 Joy Global 91,552 0.04 

2,114 Kansas City Southern 124,523 0.05 

2,953 KBR 68,448 0.03 

2,052 L-3 Communications 114,379 0.05 

3,032 Leggett & Platt 59,037 0.03 

5,460 Lockheed Martin 396,312 0.17 

912 Martin Marietta Materials 58,747 0.03 

6,879 Masco 80,473 0.03 

6,553 Norfolk Southern 324,110 0.14 

5,091 Northrop Grumman 262,880 0.11 

3,148 Owens-Illinois 45,905 0.02 

2,298 Pall 113,408 0.05 

3,144 Parker Hannifin 204,256 0.09 

2,109 Pentair 72,967 0.03 

2,854 Precision Castparts 362,357 0.15 

6,564 Raytheon 291,643 0.12 

5,966 Republic Services 127,575 0.05 

1,367 Rock-Tenn Class A 76,697 0.03 

3,051 Rockwell Automation 164,941 0.07 

2,900 Rockwell Collins 120,914 0.05 

1,950 Roper Industries 166,565 0.07 

3,599 Sealed Air 43,250 0.02 

1,754 Sensata Technologies 40,588 0.02 

3,079 SNC-Lavalin Group 92,308 0.04 

995 SPX 50,589 0.02 

3,413 Stanley Black & Decker 202,286 0.09





€ 

% of Net 

Assets 

1,826 Stericycle 128,480 0.05 

8,549 TE Connectivity 226,002 0.10 

5,939 Textron 120,811 0.05 

7,589 Thermo Fisher Scientific 347,035 0.15 

890 TransDigm Group 98,146 0.04 

2,413 Trimble Navigation 89,393 0.04 

9,136 Tyco International 399,527 0.17 

9,665 Union Pacific 891,749 0.38 

14,808 United Parcel Service Class B 823,792 0.35 

17,465 United Technologies 1,062,833 0.45 

1,404 URS 38,535 0.02 

5,700 Viterra 72,542 0.03 

8,762 Waste Management 218,488 0.09 

1,753 Waters 113,546 0.05 

3,262 Xylem 63,769 0.03 

Total Industrial 22,388,999 9.55 


12,991 Accenture Class A 707,159 0.30 

7,993 Activision Blizzard 70,082 0.03 

9,901 Adobe Systems 249,815 0.11 

10,734 Advanced Micro Devices 28,118 0.01 

3,291 Akamai Technologies 97,873 0.04 

6,545 Altera 172,897 0.07 

6,612 Analog Devices 201,418 0.09 

1,834 ANSYS 104,637 0.04 

18,846 Apple 9,774,724 4.16 

25,204 Applied Materials 218,735 0.09 

4,289 Autodesk 111,251 0.05 

4,591 Avago Technologies 124,419 0.05 

3,252 BMC Software 104,878 0.04 

9,684 Broadcom Class A 260,298 0.11 

6,622 CA 132,620 0.06 

2,905 Cerner 174,797 0.07 

4,258 CGI Group Class A 88,803 0.04 

3,916 Citrix Systems 233,073 0.10 

6,090 Cognizant Technology Solutions 330,985 0.14 






€ 


% of Net 

Assets 

3,294 Computer Sciences 82,472 0.04 

2,259 Cree 44,829 0.02 

31,010 Dell 237,667 0.10 

1,061 Dun & Bradstreet 65,664 0.03 

6,322 Electronic Arts 62,360 0.03 

42,361 EMC 897,928 0.38 

4,575 Fidelity National Information Services 111,023 0.05 

2,566 Fiserv 147,657 0.06 

40,476 Hewlett-Packard 536,744 0.23 

1,118 IHS Class A 84,600 0.04 

101,517 Intel 1,789,666 0.76 

22,047 International Business Machines 3,555,111 1.51 

5,657 Intuit 258,907 0.11 

3,481 KLA-Tencor 129,080 0.05 

3,852 Lam Research 95,170 0.04 

5,207 Linear Technology 128,910 0.05 

12,028 LSI 64,604 0.03 

9,772 Marvell Technology 69,502 0.03 

5,591 Maxim Integrated Products 115,688 0.05 

3,643 Microchip Technology 92,710 0.04 

19,776 Micron Technology 92,001 0.04 

152,788 Microsoft 3,536,748 1.52 

7,644 NetApp 195,363 0.08 

4,507 Nuance Communications 87,197 0.04 

11,702 NVIDIA 121,341 0.05 

1,188 Open Text 50,876 0.02 

80,254 Oracle 1,964,398 0.84 

3,502 Pitney Bowes 37,620 0.02 

34,665 QUALCOMM 1,683,806 0.72 

3,874 Red Hat 171,462 0.07 

8,357 Research In Motion 49,646 0.02 

2,593 Salesforce.com 307,754 0.13 

5,002 SanDisk 168,859 0.07 

7,400 Seagate Technology 178,313 0.08 

2,907 Synopsys 74,613 0.03 

3,373 Teradata 197,713 0.08 

23,168 Texas Instruments 496,136 0.21





€ 

% of Net 

Assets 

2,045 VeriFone Systems 44,270 0.02 

1,573 VMware Class A 118,284 0.05 

4,791 Western Digital 144,233 0.06 

27,153 Xerox 154,919 0.07 

5,773 Xilinx 149,923 0.06 

Total Technology 31,782,349 13.53 


12,977 AES 110,655 0.05 

1,822 Alliant Energy 61,451 0.03 

4,689 Ameren 119,075 0.05 

10,157 American Electric Power 346,909 0.15 

3,359 American Water Works 96,762 0.04 

5,946 Calpine 79,958 0.03 

1,088 Canadian Utilities 59,039 0.03 

8,845 CenterPoint Energy 146,443 0.06 

5,781 CMS Energy 105,824 0.05 

5,879 Consolidated Edison 273,683 0.12 

11,667 Dominion Resources 480,102 0.20 

3,188 DTE Energy 148,534 0.06 

14,340 Duke Energy 722,295 0.31 

6,126 Edison International 217,565 0.09 

3,497 Entergy 188,373 0.08 

17,458 Exelon 482,826 0.21 

8,513 FirstEnergy 291,818 0.12 

3,781 Fortis 100,151 0.04 

1,589 Integrys Energy 64,474 0.03 

3,655 MDU Resources 62,617 0.03 

7,945 NextEra Energy 434,335 0.18 

6,227 NiSource 123,330 0.05 

6,115 Northeast Utilities 181,715 0.08 

4,382 NRG Energy 72,857 0.03 

4,470 Pepco 65,669 0.03 

8,772 PG&E 290,945 0.12 

1,961 Pinnacle West Capital 80,483 0.03 

11,355 PPL 256,403 0.11 

10,047 Public Service Enterprise Group 251,312 0.11 






€ 


% of Net 

Assets 

2,258 SCANA 84,721 0.04 

4,538 Sempra Energy 227,482 0.10 

17,901 Southern 641,319 0.27 

3,940 TransAlta 46,844 0.02 

4,412 Wisconsin Energy 129,188 0.06 

9,940 Xcel Energy 214,098 0.09 

Total Utilities 7,259,255 3.10 



6,766 American Capital Agency Reits 181,917 0.08 

7,770 American Tower Reits 431,170 0.18 

2,587 Digital Realty Trust Reits 140,460 0.06 

8,182 General Growth Properties Reits 123,891 0.05 

1,608 H&R Real Estate Investment Trust Reits 31,999 0.01 

8,284 Helmerich & Payne Reits 286,415 0.12 

5,142 Health Care REIT Reits 230,820 0.10 

19,113 Annaly Capital Management Reits 250,185 0.11 

1,988 AvalonBay Communities Reits 210,142 0.09 

2,937 Boston Properties Reits 252,516 0.11 

1,594 Camden Property Trust Reits 79,904 0.03 

7,216 Duke Realty Reits 82,453 0.04 

5,890 Equity Residential Reits 263,390 0.11 

1,398 Federal Realty Investment Trust Reits 114,426 0.05 

14,253 Host Hotels & Resorts Reits 177,816 0.08 

9,163 Kimco Realty Reits 144,372 0.06 

2,377 Liberty Property Trust Reits 66,959 0.03 

2,498 Macerich Reits 111,124 0.05 

3,539 Plum Creek Timber Reits 120,598 0.05 

9,102 Prologis Reits 247,838 0.11 

2,907 Public Storage Reits 314,471 0.13 

2,283 Rayonier Reits 86,972 0.04 

2,648 Realty Income Reits 84,164 0.04 

2,186 Regency Centers Reits 82,801 0.04 

2,840 RioCan Real Estate Investment Trust Reits 62,079 0.03 

6,094 Simon Property Group Reits 719,106 0.31





€ 

% of Net 

Assets 

1,674 SL Green Realty Reits 104,187 0.04 

4,915 UDR Reits 94,823 0.04 

6,022 Ventas Reits 291,387 0.12 

3,468 Vornado Realty Trust Reits 218,485 0.09 

10,924 Weyerhaeuser Reits 221,961 0.09 

Total Collective Investment Scheme 5,828,831 2.49 


€ 

No. of 

Contracts 


Futures Contracts: (0.02%) (March 2012: 0.03%) 

Unrealised 

Loss € 

% of Net 

Assets 

Citigroup S&P/CAN 60 Index Future December 2012 221,416 2 (4,091) - 

Citigroup E-Mini S&P 500 Index Future December 2012 2,341,096 42 (36,810) (0.02) 



Cash 2,146,341 0.91 





assets 




100.00 






1,167 Apple 577,237 

12,116 American International 311,857 

4,140 Exxon Mobil 286,227 

8,760 Microsoft 212,962 

4,608 Ensco 209,696 

8,490 Facebook 204,126 

12,360 General Electric 202,197 

7,514 American Capital Agency Reits 200,073 

380 Google 192,224 

25,864 Bank of America 160,017 

5,488 AT&T 159,577 

1,808 Chevron 158,992 

994 International Business Machines 156,050 

6,450 Delphi Automotive 153,997 

1,417 Regeneron Pharmaceuticals 153,948 

2,817 Johnson & Johnson 151,671 

5,541 Wells Fargo 148,765 

2,802 Procter & Gamble 143,926 

1,874 Catamaran 140,690 

3,526 Coca-Cola 140,466 






2,555 Goodrich 263,349 

1,392 International Business Machines 217,221 

5,659 Motorola Mobility 177,426 

7,418 El Paso 170,092 

3,002 Medco Health Solutions 158,670 

11,533 DE Master Blenders 1753 102,770 

3,900 MetLife 92,157 

1,198 Exxon Mobil 76,204 

1,217 Telus 60,745 

1,466 TMX Group 59,953 

2,284 Hillshire Brands 52,157 

1,354 Covance 50,824 

4,650 Goodyear Tire & Rubber 38,491 

876 ConocoPhillips 36,963 

1,488 Comcast 36,786 

734 Zimmer 35,994 

1,706 Intel 35,662 

2,551 Hartford Financial Services Group 35,597 

1,925 Pfizer 34,057 

1,501 Seagate Technology 33,341 


THE NT PACIFIC (EX-JAPAN) EQUITY INDEX FUND 



Launch Date 


Fund Size 


Benchmark 

MSCI Pacific (ex-Japan) Index 

Fund Review 











MSCI Pacific (ex-Japan), there were two additions, no 



May 2012 was 1.25%. 










London 

October 2012 


THE NT PaCIFIC (EX-JaPaN) EqUITY INDEX FUND 




€ 




australia: 61.85% (March 2012: 62.19%) 

% of Net 

Assets 

21,956 AGL Energy 265,679 0.58 

13,745 ALS 95,438 0.21 

98,809 Alumina 67,889 0.15 

49,045 Amcor 307,637 0.67 

116,357 AMP 407,251 0.89 

25,195 APA 96,533 0.21 

39,753 Asciano 140,421 0.31 

7,101 ASX 169,728 0.37 

107,913 Australia & New Zealand Banking 2,158,891 4.70 

16,471 Bendigo and Adelaide Bank 102,250 0.22 

130,006 BHP Billiton 3,472,044 7.57 

31,349 Boral 97,305 0.21 

62,464 Brambles 354,445 0.77 

5,577 Caltex Australia 74,517 0.16 

51,826 Centro Retail Australia 87,554 0.19 

78,776 CFS Retail Property Trust 122,895 0.27 

23,124 Coca-Cola Amatil 253,457 0.55 

2,264 Cochlear 122,887 0.27 

64,137 Commonwealth Bank of Australia 2,891,286 6.30 

17,895 Computershare 120,058 0.26 

15,785 Crown 116,110 0.25 

20,625 CSL 766,891 1.67 

187,290 Dexus Property 143,820 0.31 

30,575 Echo Entertainment 94,656 0.21 

88,436 Fairfax Media 29,666 0.06 

55,658 Fortescue Metals 157,013 0.34 

62,732 Goodman Group 200,801 0.44 

56,859 GPT 156,264 0.34 

21,715 Harvey Norman 34,052 0.07 

16,677 Iluka Resources 133,859 0.29 

66,027 Incitec Pivot 159,045 0.35 

84,405 Insurance Australia 298,148 0.65 






€ 


% of Net 

Assets 

17,237 James Hardie Industries 121,217 0.26 

5,984 Leighton 80,390 0.18 

22,170 Lend Lease 140,675 0.31 

67,214 Lynas 42,921 0.09 

13,280 Macquarie 305,503 0.67 

33,791 Metcash 96,691 0.21 

139,182 Mirvac Group Stapled Securities 160,880 0.35 

90,191 National Australia Bank 1,858,296 4.05 

30,866 Newcrest Mining 727,029 1.58 

14,844 Orica 298,407 0.65 

43,807 Origin Energy 400,841 0.87 

12,522 OZ Minerals 68,322 0.15 

43,049 Qantas Airways 42,453 0.09 

47,609 QBE Insurance 498,357 1.09 

68,391 QR National 188,510 0.41 

5,224 Ramsay Health Care 101,428 0.22 

17,535 Rio Tinto 756,316 1.65 

38,457 Santos 353,131 0.77 

6,433 Sims Metal Management 49,815 0.11 

15,052 Sonic Healthcare 164,860 0.36 

66,254 SP AusNet 55,964 0.12 

91,497 Stockland 247,022 0.54 

51,726 Suncorp-Metway 386,334 0.84 

14,384 Sydney Airport 36,741 0.08 

28,032 Tabcorp Holdings 62,538 0.14 

55,873 Tatts 122,392 0.27 

175,241 Telstra 555,269 1.21 

27,737 Toll Holdings 98,874 0.22 

52,915 Transurban Group 256,633 0.56 

40,535 Wesfarmers 1,122,534 2.45 

87,105 Westfield Group Stapled Investments 715,350 1.56 

123,085 Westpac Banking 2,472,369 5.39 

18,387 Whitehaven Coal 42,655 0.09 

26,502 Woodside Petroleum 709,926 1.55 

49,537 Woolworths 1,151,597 2.51 

8,323 WorleyParsons 190,324 0.41 

Total Australia 28,381,054 61.85





€ 

Hong Kong: 21.74% (March 2012: 20.53%) 

% of Net 

Assets 

412,434 AIA 1,194,975 2.61 

7,890 ASM Pacific Technology 72,575 0.16 

55,686 Bank of East Asia 162,460 0.35 

148,122 BOC Hong Kong 366,052 0.80 

48,368 Cathay Pacific Airways 61,196 0.13 

55,547 Cheung Kong 633,180 1.38 

19,310 Cheung Kong Infrastructure 90,892 0.20 

72,857 CLP 481,352 1.05 

85,000 First Pacific 71,838 0.16 

58,232 Galaxy Entertainment 151,789 0.33 

34,937 Hang Lung 172,153 0.38 

90,695 Hang Lung Properties 240,955 0.53 

30,579 Hang Seng Bank 364,512 0.80 

37,962 Henderson Land Development 212,368 0.46 

209,031 Hong Kong & China Gas 412,003 0.90 

41,324 Hong Kong Exchanges and Clearing 485,553 1.06 

23,802 Hopewell Holdings 63,952 0.14 

211,000 Hutchison Port Holdings 118,908 0.26 

85,977 Hutchison Whampoa 648,196 1.41 

26,337 Hysan Development 93,207 0.20 

29,355 Kerry Properties 115,365 0.25 

237,386 Li & Fung 286,066 0.62 

20,905 Lifestyle International 33,575 0.07 

38,400 MGM China 51,664 0.11 

58,032 MTR 171,049 0.37 

146,312 New World Development 176,316 0.38 

157,518 Noble 132,251 0.29 

57,206 NWS 71,461 0.16 

8,618 Orient Overseas International 36,936 0.08 

156,869 PCCW 49,854 0.11 

55,780 Power Assets 368,248 0.80 

97,907 Sands China 284,164 0.62 

62,901 Shangri-La Asia 94,844 0.21 

117,142 Sino Land 170,289 0.37 

78,241 SJM Holdings 132,251 0.29 

63,415 Sun Hung Kai Properties 722,232 1.57 






€ 


% of Net 

Assets 

27,679 Swire Pacific 263,621 0.58 

61,318 Wharf 331,040 0.72 

37,435 Wheelock 125,539 0.27 

7,181 Wing Hang Bank 52,411 0.11 

61,107 Wynn Macau 128,346 0.28 

30,094 Yue Yuen Industrial 78,746 0.17 

Total Hong Kong 9,974,384 21.74 

Malta: 0.00% (March 2012: 0.00%) 

185,687 BGP Holdings - - 

Total Malta - - 

New Zealand: 0.90% (March 2012: 0.91%) 

38,409 Auckland International Airport 64,978 0.14 

14,608 Contact Energy 49,803 0.11 

27,927 Fletcher Building 125,687 0.27 

23,277 Sky City Entertainment 56,814 0.12 

76,612 Telecom 117,736 0.26 

Total New Zealand 415,018 0.90 

People's Republic of China: 0.15% (March 2012: 0.11%) 

92,790 Foxconn International 23,722 0.05 

75,101 Yangzijiang Shipbuilding 46,636 0.10 

Total People's Republic of China 70,358 0.15 

Singapore: 12.27% (March 2012: 12.99%) 

102,535 CapitaLand 206,610 0.45 

57,000 CapitaMalls Asia 59,595 0.13 

19,769 City Developments 147,063 0.32 

75,264 ComfortDelGro 81,791 0.18 

43,000 Cosco Singapore 26,293 0.06 

73,207 DBS 667,522 1.45 

37,211 Fraser and Neave 209,380 0.46 

248,000 Genting International 215,290 0.47 

83,919 Global Logistic Properties 133,471 0.29 

262,601 Golden Agri-Resources 109,823 0.24 

4,215 Jardine Cycle & Carriage 128,468 0.28





€ 

% of Net 

Assets 

58,218 Keppel 420,546 0.92 

30,327 Keppel Land 68,220 0.15 

38,500 Neptune Orient Lines 27,567 0.06 

63,000 Olam International 81,836 0.18 

103,869 Oversea-Chinese Banking 614,730 1.34 

39,739 SembCorp Industries 142,775 0.31 

33,000 SembCorp Marine 103,926 0.23 

21,303 Singapore Airlines 144,976 0.32 

34,502 Singapore Exchange 153,036 0.33 

65,408 Singapore Press 168,685 0.37 

63,000 Singapore Technologies 141,317 0.31 

320,567 Singapore Telecommunications 650,011 1.42 

24,000 StarHub 56,573 0.12 

51,254 United Overseas Bank 638,179 1.39 

18,238 United Overseas Land 66,219 0.14 

78,249 Wilmar International 161,144 0.35 

Total Singapore 5,625,046 12.27 



78,371 Ascendas Real Estate Investment Trust 119,681 0.26 

94,000 CapitaMall Trust 120,318 0.26 

3,000 HSBC MSCI Pacific Ex Japan ETF 29,541 0.06 

90,867 Link Real Estate Investment Trust 334,788 0.73 

117,036 Westfield Retail Trust 273,400 0.60 

Total Collective Investment Schemes 877,728 1.91 






€ 


Assets 




The above entities are classified according to the country of risk. 


No. of 

Contracts 


Futures Contracts: 0.00% (March 2012: 0.02%) 

Unrealised 

Gain/(Loss) € 

% of Net 

Assets 

Citigroup Hang Seng Index Futures October 2012 104,641 1 1,745 - 

Citigroup SFE SPI 200 Index Futures December 2012 354,366 4 (1,768) - 

Total Futures Contracts (23) - 


Cash 240,500 0.52 




100.00






17,630 BHP Billiton 469,513 

9,029 Commonwealth Bank of Australia 397,788 

36,200 HSBC MSCI Pacific Ex Japan ETF 348,166 

10,480 ComStage MSCI Pacific Ex Japan ETF 338,156 

118,000 AIA 318,860 

17,099 Westpac Banking 310,715 

15,817 Australia & New Zealand Banking 293,158 

13,154 National Australia Bank 256,858 

6,702 Woolworths 150,139 

5,265 Wesfarmers 134,184 

14,000 Sun Hung Kai Properties 133,757 

4,038 Woodside Petroleum 110,457 

12,380 DBS 108,885 

2,301 Rio Tinto 108,706 

8,657 QBE Insurance 92,650 

43,000 Singapore Telecommunications 89,418 

12,000 Hutchison Whampoa 85,785 

7,000 United Overseas Bank 84,988 

10,602 Westfield Group Stapled Investments 82,495 

8,000 Cheung Kong 81,669 






12,910 ComStage MSCI Pacific Ex Japan ETF 414,231 

33,200 HSBC MSCI Pacific Ex Japan ETF 323,656 

2,817 BHP Billiton 74,476 

1,432 Commonwealth Bank of Australia 63,603 

2,727 Westpac Banking 53,423 

2,415 Australia & New Zealand Banking 47,679 

2,029 National Australia Bank 41,493 

5,000 CLP 32,708 

10,996 GPT 28,403 

1,115 Woolworths 26,710 

811 Wesfarmers 22,757 

8,000 AIA 22,311 

2,000 Cheung Kong 22,123 

7,800 Bank of East Asia 21,217 

8,000 Hang Lung Properties 20,858 

517 CSL 18,552 

2,000 DBS 18,343 

655 Woodside Petroleum 18,292 

815 Macquarie 17,900 

2,000 Swire Pacific 17,728 


THE NT UK EQUITY INDEX FUND 



Launch Date 


Fund Size 


Benchmark 

MSCI UK Index 

Fund Review 











MSCI UK, there were four additions, no deletions 


changes. The turnover at the MSCI review in May 

2012 was 0.78%. 










London 

October 2012 


THE NT UK EqUITY INDEX FUND 




€ 





% of Net 

Assets 

15,416 Anglo American Mining 351,589 1.65 

4,373 Antofagasta 69,270 0.33 

23,424 BHP Billiton 565,980 2.66 

1,501 Croda International 45,688 0.22 

2,856 Eurasian Natural Resources 11,066 0.05 

3,715 Evraz 11,499 0.05 

1,988 Fresnillo 46,238 0.22 

42,226 Glencore International 181,848 0.85 

2,273 Johnson Matthey 68,844 0.32 

2,323 Kazakhmys 20,192 0.09 

1,798 Lonmin 12,582 0.06 

967 Randgold Resources 92,428 0.43 

14,866 Rio Tinto 538,330 2.53 

1,179 Vedanta Resources 15,228 0.07 

23,311 Xstrata 280,162 1.32 



12,134 British Sky Broadcasting 113,238 0.53 

86,568 BT 250,677 1.18 

4,971 Inmarsat 36,813 0.17 

41,004 ITV 45,498 0.21 

9,050 Pearson 137,449 0.65 

13,503 Reed Elsevier 100,337 0.47 

547,293 Vodafone 1,207,325 5.68 

13,977 WPP 147,631 0.69 



4,866 Burberry 61,139 0.29 

2,010 Carnival 57,598 0.27 

20,827 Compass 178,679 0.84 

17,243 GKN 46,490 0.22 






€ 


% of Net 

Assets 

3,232 InterContinental Hotels 65,720 0.31 

26,278 Kingfisher 87,143 0.41 

17,821 Marks & Spencer 79,812 0.38 

1,836 Next 79,506 0.37 

4,960 TUI Travel 14,574 0.07 

1,973 Whitbread 56,167 0.26 

3,165 Wolseley 104,958 0.49 

Total Consumer, Cyclical 831,786 3.91 


2,975 Aggreko 86,372 0.41 

3,951 Associated British Foods 63,925 0.30 

14,012 AstraZeneca 519,717 2.44 

3,983 Babcock International 46,345 0.22 

21,690 British American Tobacco 865,620 4.07 

3,674 Bunzl 51,142 0.24 

7,252 Capita 70,500 0.33 

27,785 Diageo 606,658 2.85 

11,190 Experian 144,529 0.68 

15,645 Group 4-Securicor 52,177 0.25 

55,631 GlaxoSmithKline 996,786 4.69 

11,040 Imperial Tobacco 317,609 1.49 

1,783 Intertek 61,321 0.29 

13,581 J Sainsbury 59,237 0.28 

7,216 Reckitt Benckiser 322,898 1.52 

10,597 SABMiller 361,794 1.70 

5,525 Serco 40,223 0.19 

6,239 Shire 142,057 0.67 

9,944 Smith & Nephew 85,312 0.40 

5,167 Tate & Lyle 43,161 0.20 

89,166 Tesco 371,575 1.75 

14,234 Unilever 402,350 1.89 

25,934 WM Morrison Supermarkets 92,839 0.43 


Energy: 18.52% (March 2012: 19.72%) 

3,572 AMEC 51,381 0.24





€ 

% of Net 

Assets 

37,672 BG 591,068 2.78 

211,012 BP 1,156,113 5.44 

2,877 Petrofac 57,598 0.27 

40,990 Royal Dutch Shell Class A 1,102,063 5.18 

29,324 Royal Dutch Shell Class B 809,021 3.80 

10,054 Tullow Oil 172,889 0.81 

Total Energy 3,940,133 18.52 


10,770 3i Group 30,105 0.14 

9,542 Aberdeen Asset Management 37,260 0.18 

2,257 Admiral 29,831 0.14 

32,361 Aviva 129,453 0.61 

128,886 Barclays 347,576 1.63 

9,366 British Land Reits 61,367 0.29 

6,237 Capital Shopping Centres Reits 25,615 0.12 

7,905 Hammerson Reits 44,749 0.21 

198,550 HSBC 1,428,765 6.72 

6,090 ICAP 24,545 0.12 

5,972 Investec 28,665 0.13 

8,642 Land Securities Reits 82,603 0.39 

65,142 Legal & General 107,849 0.51 

468,074 Lloyds Banking Group 228,134 1.07 

1,954 London Stock Exchange 23,128 0.11 

20,191 Man 20,870 0.10 

53,976 Old Mutual 115,107 0.54 

28,299 Prudential 284,698 1.34 

13,958 Resolution 38,036 0.18 

23,117 Royal Bank of Scotland 74,572 0.35 

39,386 RSA Insurance 54,628 0.26 

1,253 Schroders 23,874 0.11 

8,227 Segro Reits 23,420 0.11 

26,047 Standard Chartered 457,715 2.15 

26,148 Standard Life 89,502 0.42 

Total Financial 3,812,067 17.93 






€ 



% of Net 

Assets 

36,024 BAE Systems 147,000 0.69 

7,625 Balfour Beatty 29,067 0.14 

11,962 Cobham 33,287 0.16 

3,561 IMI 40,228 0.19 

9,014 Invensys 26,487 0.12 

8,465 Meggitt 41,959 0.20 

13,345 Melrose 40,570 0.19 

9,729 Rexam 53,109 0.25 

20,764 Rolls-Royce 219,709 1.03 

4,355 Smiths 56,686 0.27 

2,357 Weir Group 52,306 0.25 

Total Industrial 740,408 3.49 


15,271 ARM 110,216 0.52 

14,054 Sage Group 55,285 0.26 

Total Technology 165,501 0.78 


57,494 Centrica 236,560 1.11 

39,586 National Grid 339,368 1.60 

2,642 Severn Trent 55,679 0.26 

10,477 SSE 183,057 0.86 

7,561 United Utilities 67,952 0.32 

Total Utilities 882,616 4.15 



28,725 Deutsche Bank X-Trackers FTSE 100 ETF 210,338 0.99 

Total Collective Investment Schemes 210,338 0.99





€ 

No. of 

Contracts 



Unrealised 

Loss € 

% of Net 

Assets 

Citigroup Liffe FTSE 100 Index Futures December 2012 501,962 7 (13,093) (0.06) 



Cash 426,376 2.00 





Assets 




100.00 






89,744 Deutsche Bank X-Trackers FTSE 100 ETF 652,573 

34,211 HSBC 230,726 

7,499 Royal Dutch Shell Class A 202,680 

39,958 Glencore International 192,816 

29,509 BP 157,556 

61,179 Vodafone 138,868 

7,101 GlaxoSmithKline 129,505 

2,754 British American Tobacco 111,990 

3,724 Royal Dutch Shell Class B 103,279 

5,128 BG 82,355 

3,869 Diageo 79,584 

3,030 Anglo American Mining 72,165 


3,740 Standard Chartered 64,978 

7,476 National Grid 62,936 

1,422 Reckitt Benckiser 61,848 

1,644 Rio Tinto 60,719 

2,091 Croda International 58,460 

5,013 IMI 55,584 

19,083 Melrose 54,905 






88,227 HSBC 642,458 

71,619 Deutsche Bank X-Trackers FTSE 100 ETF 511,828 

17,979 Royal Dutch Shell Class A 501,350 

224,538 Vodafone 486,520 

86,550 BP 477,029 

22,822 GlaxoSmithKline 409,034 

8,900 British American Tobacco 358,434 

12,032 Royal Dutch Shell Class B 344,841 

15,434 BG 243,744 

6,166 Rio Tinto 241,769 

11,395 Diageo 241,736 


5,859 AstraZeneca 214,879 

11,357 Standard Chartered 209,097 

41,143 Tesco 174,103 

5,836 Unilever 166,935 

6,317 Anglo American Mining 159,588 

18,208 National Grid 156,195 

52,836 Barclays 147,754 

4,343 SABMiller 145,535 


THE NT EMERGING MARKETS INDEX FUND 



Launch Date 

26th October 2007 

Fund Size 

US$104.72 million 

Benchmark 

MSCI Emerging Markets Index 

Fund Review 

During the six months ended 30 September 2012, the 

Sub-Fund returned -1.86% against a benchmark return 

of -1.84%. Since the Sub-Fund inception date, in 

October 2007, the Sub-Fund has posted an annualised 

return of -3.10% against an annualised benchmark 

return of -3.01%. 





MSCI Emerging Market, there were 23 additions, 20 



May 2012 was 2.12%. 


two additions and four deletions for the region and 



the index. 






London 

October 2012 


THE NT EMERGING MaRKETS INDEX FUND 




US$ 




Brazil: 12.46% (March 2012: 14.81%) 

% of Net 

Assets 

2,700 AES Tiete Pref 30,343 0.03 

12,200 All America Latina Logistica 50,392 0.05 

3,401 Amil Participacoes 40,819 0.04 

3,390 Anhanguera Educacional Participacoes 56,311 0.05 

54,644 Banco Bradesco Pref 877,245 0.84 

17,202 Banco do Brasil 210,277 0.20 

4,900 Banco do Estado do Rio Grande do Sul Pref 41,638 0.04 

21,518 Banco Santander Brasil 157,185 0.15 

52,244 BM & F Bovespa 315,452 0.30 

11,764 BR Malls Participacoes 163,228 0.16 

5,500 BR Properties 71,705 0.07 

6,200 Bradespar Pref 85,996 0.08 

4,300 Braskem Pref 30,245 0.03 

19,324 BRF - Brasil Foods 333,465 0.32 

25,000 CCR 226,119 0.22 

7,400 Centrais Eletricas Brasileiras 44,134 0.04 

6,700 Centrais Eletricas Brasileiras Pref 60,203 0.06 

5,947 CETIP- Mercados Organizados 77,972 0.07 

2,807 Cia Brasileira de Distribuicao Grupo Pao de Acucar Pref 125,283 0.12 

21,428 Cia de Bebidas das Americas Pref 820,555 0.78 

3,400 Cia de Saneamento Basico do Estado de Sao Paulo 139,080 0.13 

1,500 Cia de Saneamento de Minas Gerais-COPASA 34,084 0.03 

804 Cia de Transmissao de Energia Eletrica Paulista Pref 14,932 0.01 

13,428 Cia Energetica de Minas Gerais Pref 162,687 0.16 

5,100 Cia Energetica de Sao Paulo Pref 54,424 0.05 

3,784 Cia Hering 85,479 0.08 

2,900 Cia Paranaense de Energia Pref 47,314 0.05 

20,800 Cia Siderurgica Nacional 117,082 0.11 

8,287 Cielo 206,644 0.20 

3,294 CosanIndustria e Comercio 60,123 0.06 

7,000 CPFL Energia 77,252 0.07 

8,100 Cyrela Brazil RealtyEmpreendimentos e Participacoes 69,470 0.07 






US$ 


% of Net 

Assets 

6,355 Diagnosticos da America 38,215 0.04 

6,572 Duratex 43,051 0.04 

4,534 EcoRodovias Infraestrutura e Logistica 39,445 0.04 

6,603 EDP - Energias do Brasil 41,887 0.04 

2,573 Eletropaulo Metropolitana Eletricidade de Sao Paulo Pref 24,984 0.02 

15,200 Embraer 101,968 0.10 

7,609 Fibria Celulose 69,122 0.07 

24,028 Gerdau Pref 228,342 0.22 

9,406 Hypermarcas 69,033 0.07 

65,800 Itau Unibanco Pref 992,124 0.95 

72,908 Itausa - Investimentos Itau Pref 324,507 0.31 

11,439 JBS 37,889 0.04 

11,900 Klabin Pref 62,175 0.06 

2,000 Light 23,176 0.02 

3,567 Localiza Rent a Car 62,591 0.06 

12,288 Lojas Americanas Pref 96,123 0.09 

3,498 Lojas Renner 117,071 0.11 

5,900 Marcopolo Pref 34,461 0.03 

8,600 Metalurgica Gerdau Pref 103,558 0.10 

6,305 MMX Mineracao e Metalicos 15,445 0.01 

3,600 MPX Energia 19,164 0.02 

9,700 MRV Engenharia e Participacoes 57,995 0.06 

2,235 Multiplan Empreendimentos Imobiliarios 65,757 0.06 

1,300 Multiplus 25,951 0.02 

5,300 Natura Cosmeticos 144,334 0.14 

2,900 Obrascon Huarte Lain Brasil 26,587 0.03 

7,215 Odontoprev 40,364 0.04 

38,600 OGX Petroleo e Gas Participacoes 117,010 0.11 

6,108 Oi 29,866 0.03 

24,083 Oi Pref 96,745 0.09 

33,392 PDG RealtyEmpreendimentos e Participacoes 62,873 0.06 

85,999 Petroleo Brasileiro 987,666 0.94 

120,524 Petroleo Brasileiro Pref 1,328,924 1.27 

3,100 Porto Seguro 31,156 0.03 

5,791 Raia Drogasil 66,479 0.06 

10,500 Souza Cruz 142,325 0.14 

3,052 Sul America 22,565 0.02





US$ 

% of Net 

Assets 

8,847 Telefonica Brasil Pref 193,136 0.18 

24,584 Tim Participacoes 94,880 0.09 

3,035 Totvs 62,995 0.06 

4,800 Tractebel Energia 75,710 0.07 

9,300 Ultrapar Participacoes 209,076 0.20 

10,050 Usinas Siderurgicas de Minas Gerais Pref 50,131 0.05 

37,500 Vale 674,475 0.64 

58,000 Vale Pref 1,008,310 0.96 

Total Brazil 13,046,779 12.46 

Chile: 1.88% (March 2012: 1.84%) 

65,940 AES Gener 39,922 0.04 

60,023 Aguas Andinas 40,246 0.04 

574,786 Banco de Chile 80,316 0.08 

864 Banco de Credito e Inversiones 54,471 0.05 

1,869,450 Banco Santander Chile 132,167 0.13 

2,011 CAP 70,049 0.07 

30,192 Cencosud 182,800 0.18 

2,899 Cia Cervecerias Unidas 41,375 0.04 

226,510 Colbun 63,850 0.06 

2,908,503 Corpbanca 35,064 0.03 

14,513 E.CL 35,424 0.03 

98,846 Empresa Nacional de Electricidad 159,851 0.15 

32,266 Empresas CMPC 126,997 0.12 

13,008 Empresas COPEC 191,651 0.18 

383,781 Enersis 125,296 0.12 

3,426 ENTEL Chile 71,365 0.07 

2,153 Latam Airlines BDR 53,591 0.05 

5,399 Latam Airlines NPV 136,866 0.13 

13,520 SACI Falabella 136,459 0.13 

2,622 Sociedad Quimica y Minera de Chile Pref 161,768 0.15 

14,076 Vina Concha y Toro 29,392 0.03 

Total Chile 1,968,920 1.88 

Colombia: 1.20% (March 2012: 1.09%) 

5,933 Almacenes Exito 97,187 0.09 

2,380 Banco Davivienda Pref 28,678 0.03 






US$ 


% of Net 

Assets 

6,364 Bancolombia 93,292 0.09 

675 Bancolombia ADR 40,304 0.04 

6,550 Bancolombia Pref 96,964 0.09 

11,085 Cementos Argos 48,134 0.05 

1,953 Corp Financiera Colombiana 36,872 0.04 

139,235 Ecopetrol 409,765 0.39 

3,861 Grupo Argos Pref 42,450 0.04 

49,684 Grupo Aval Acciones y Valores Pref 32,830 0.03 

6,464 Grupo de Inversiones Suramericana 109,259 0.10 

2,366 Grupo de Inversiones Suramericana Pref 43,749 0.04 

10,818 Interconexion Electrica 57,187 0.05 

8,160 Inversiones Argos 90,078 0.09 

21,661 Isagen 29,468 0.03 

Total Colombia 1,256,217 1.20 

Czech Republic: 0.31% (March 2012: 0.33%) 

4,652 CEZ 173,352 0.17 

465 Komercni Banka 92,657 0.09 

3,069 Telefonica Czech Republic 61,968 0.05 

Total Czech Republic 327,977 0.31 

Egypt: 0.37% (March 2012: 0.36%) 

16,042 Commercial International Bank Egypt 91,041 0.09 

9,232 Egyptian Financial Group-Hermes 18,232 0.02 

19,751 Egyptian KuwaitiAE 26,466 0.03 

2,780 Orascom Construction Industries 130,939 0.13 

73,271 Orascom Telecom 45,188 0.04 

24,604 Talaat Moustafa 22,357 0.02 

14,036 Telecom Egypt 33,520 0.03 

2,125 National Societe Generale Bank 14,932 0.01 

Total Egypt 382,675 0.37 

Hong Kong: 0.85% (March 2012: 7.86%) 

137,000 Belle International 248,087 0.24 

64,907 Bosideng International 18,250 0.02 

79,775 China Gas 43,832 0.04 

36,000 China Mengniu Dairy 107,722 0.10





US$ 

% of Net 

Assets 

53,825 China Resources Cement 31,309 0.03 

62,000 China Resources Land 136,583 0.13 

45,528 Far East Horizon 27,834 0.03 

231,153 GCL-Poly Energy 35,478 0.03 

268,120 GOME Electrical Appliances 28,357 0.03 

21,000 Haier Electronics 24,350 0.02 

74,636 Hengdeli 21,659 0.02 

67,000 Huabao International 38,109 0.04 

16,500 Kingboard Chemical 39,626 0.04 

61,466 Lee & Man Paper Manufacturing 26,954 0.03 

37,627 Minmetals Resources 14,414 0.01 

81,000 Shougang Fushan Resources 21,939 0.02 

25,000 Yingde Gases 22,152 0.02 

Total Hong Kong 886,655 0.85 

Hungary: 0.28% (March 2012: 0.30%) 

12,865 Magyar Telekom Telecommunications 24,675 0.02 

1,145 MOL Hungarian Oil and Gas 94,923 0.09 

6,496 OTP Bank 114,186 0.11 

379 Richter Gedeon Nyrt 66,363 0.06 

Total Hungary 300,147 0.28 

India: 6.94% (March 2012: 6.46%) 

1,450 ACC 40,413 0.04 

6,020 Adani Enterprises 22,958 0.02 

10,991 Adani Ports and Special Economic Zone 26,568 0.03 

1,057 Aditya Birla Nuvo 17,995 0.02 

17,097 Ambuja Cements 65,477 0.06 

828 Asian Paints 61,769 0.06 

6,735 Axis Bank 145,056 0.14 

2,384 Bajaj Auto 82,718 0.08 

2,370 Bank of Baroda 35,848 0.03 

2,367 Bank of India 13,966 0.01 

16,030 Bharat Heavy Electricals 75,052 0.07 

4,752 Bharat Petroleum 31,416 0.03 

16,164 Bharti Airtel 81,349 0.08 

6,811 Cairn India 42,749 0.04 






US$ 


% of Net 

Assets 

4,610 Canara Bank 37,709 0.04 

9,233 Cipla /India 66,536 0.06 

15,226 Coal India 103,619 0.10 

10,197 Dabur India 24,746 0.02 

11,095 DLF 49,065 0.05 

2,831 Dr Reddy's Laboratories 88,328 0.08 

10,916 GAIL India 79,213 0.08 

20,728 GMR Infrastructure 9,746 0.01 

3,171 Godrej Consumer Products 40,217 0.04 

2,315 HCL Technologies 25,345 0.02 

44,680 HDFC Bank 532,950 0.51 

1,288 Hero Motocorp 45,916 0.04 

30,325 Hindalco Industries 69,395 0.07 

24,736 Hindustan Unilever 255,989 0.24 

37,720 Housing Development Finance 553,804 0.53 

11,909 ICICI Bank 239,061 0.23 

16,590 Idea Cellular 26,830 0.03 

30,024 Infrastructure Development Finance 87,917 0.08 

12,494 Infosys 600,468 0.57 

62,687 ITC 323,745 0.31 

26,168 Jaiprakash Associates 40,806 0.04 

10,244 Jindal Steel & Power 82,960 0.08 

2,455 JSW Steel 35,232 0.03 

8,046 Kotak Mahindra Bank 98,964 0.09 

6,095 Larsen & Toubro 184,520 0.18 

11,706 LIC Housing Finance 62,541 0.06 

4,038 Lupin 45,624 0.04 

8,601 Mahindra & Mahindra 141,005 0.13 

1,058 Maruti Suzuki India 27,091 0.03 

15,734 NTPC 50,145 0.05 

22,751 Oil & Natural Gas 121,142 0.12 

1,752 Piramal Healthcare 15,419 0.01 

8,093 Power Finance 28,992 0.03 

30,798 Power Grid of India 70,360 0.07 

3,459 Ranbaxy Laboratories 34,741 0.03 

2,585 Reliance Capital 21,145 0.02 

12,937 Reliance Communications 15,894 0.02





US$ 

% of Net 

Assets 

37,315 Reliance Industries 592,286 0.57 

2,239 Reliance Infrastructure 22,821 0.02 

227 Reliance Infrastructure GDR 6,929 0.01 

15,319 Reliance Power 28,521 0.03 

8,112 Rural Electrification 33,566 0.03 

19,664 Satyam Computer Services 41,289 0.04 

9,557 Sesa Goa 31,020 0.03 

3,409 Shriram Transport Finance 40,062 0.04 

1,877 Siemens /Kolkata 25,232 0.02 

3,714 State Bank of India 157,770 0.15 

37,106 Sterlite Industries India 70,033 0.07 

8,542 Sun Pharmaceutical Industries 112,644 0.11 

13,338 Tata Consultancy Services 327,703 0.31 

42,351 Tata Motors 214,826 0.21 

27,284 Tata Power 55,323 0.05 

8,586 Tata Steel 65,260 0.06 

5,912 Titan Industries 29,367 0.03 

2,371 Ultratech Cement 88,459 0.08 

46,473 Unitech 21,410 0.02 

11,796 United Phosphorus 29,442 0.03 

2,326 United Spirits 53,629 0.05 

13,459 Wipro 97,233 0.09 

12,073 Zee Entertainment Enterprises 44,714 0.04 

Total India 7,270,053 6.94 

Indonesia: 2.68% (March 2012: 2.72%) 

389,500 Adaro Energy 61,050 0.06 

13,000 Astra Agro Lestari 29,817 0.03 

590,000 Astra International 456,217 0.43 

359,000 Bank Central Asia 296,353 0.28 

90,998 Bank Danamon Indonesia 59,429 0.06 

276,588 Bank Mandiri Persero 236,993 0.23 

206,437 Bank Negara Indonesia Persero 84,667 0.08 

309,500 Bank Rakyat Indonesia Persero 240,938 0.23 

422,500 Bumi Resources 32,228 0.03 

202,545 Charoen Pokphand Indonesia 64,023 0.06 

13,862 Gudang Garam 67,282 0.06 






US$ 


% of Net 

Assets 

10,842 Indo Tambangraya Megah 47,752 0.04 

40,500 Indocement Tunggal Prakarsa 86,121 0.08 

120,500 Indofood Sukses Makmur 71,142 0.07 

30,500 Indosat 17,210 0.02 

60,500 Jasa Marga Persero 36,983 0.04 

125,170 Kalbe Farma 61,473 0.05 

321,500 Perusahaan Gas Negara Persero 138,578 0.13 

81,500 Semen Gresik Persero 123,059 0.12 

22,000 Tambang Batubara Bukit Asam Persero 37,241 0.04 

284,500 Telekomunikasi Indonesia Persero 280,933 0.27 

42,800 Unilever Indonesia 116,504 0.11 

48,348 United Tractors 104,577 0.10 

66,000 Vale Indonesia 20,345 0.02 

54,252 XL Axiata 37,699 0.04 

Total Indonesia 2,808,614 2.68 

Malaysia: 3.56% (March 2012: 3.33%) 

34,200 AirAsia 33,792 0.03 

25,500 Alliance Financial 34,122 0.03 

46,000 AMMB 95,717 0.09 

78,275 Axiata 166,461 0.16 

55,246 Berjaya Corp 11,297 0.01 

24,500 Berjaya Sports Toto 34,708 0.03 

3,100 British American Tobacco Malaysia 61,260 0.06 

36,100 Bumi Armada 43,582 0.04 

138,900 CIMB 340,831 0.33 

90,500 DiGi.Com 156,336 0.15 

30,500 Felda Global Ventures 48,197 0.05 

45,075 Gamuda 50,731 0.05 

57,700 Genting 164,426 0.16 

81,000 Genting Malaysia 92,753 0.09 

5,400 Genting Plantations 16,254 0.02 

15,600 Hong Leong Bank 68,392 0.07 

6,300 Hong Leong Financial 24,446 0.02 

56,200 IHH Healthcare 58,839 0.06 

31,380 IJM Corp 48,459 0.05 

93,313 IOI Corp 152,036 0.14





US$ 

% of Net 

Assets 

13,100 Kuala Lumpur Kepong 94,548 0.09 

12,800 Lafarge Malayan Cement 37,271 0.03 

97,987 Malayan Banking 288,848 0.28 

17,409 Malaysia Airports 31,668 0.03 

13,242 Malaysia Marine and Heavy Engineering 20,622 0.02 

69,100 Maxis 156,444 0.15 

30,280 MISC 42,104 0.04 

16,300 MMC Corp 14,665 0.01 

23,917 Parkson 37,716 0.04 

79,200 Petronas Chemicals 165,837 0.16 

6,800 Petronas Dagangan 50,057 0.05 

17,200 Petronas Gas 106,920 0.10 

13,100 PPB 51,689 0.05 

29,100 Public Bank - Foreign Registered 136,908 0.13 

332 Public Bank 1,562 - 

19,178 RHB Capital 45,239 0.04 

62,300 Sapurakencana Petroleum 47,288 0.04 

81,300 Sime Darby 260,671 0.25 

13,200 SP Setia 15,720 0.02 

29,600 Telekom Malaysia 59,946 0.06 

78,700 Tenaga Nasional 175,604 0.17 

36,820 UEM Land 20,238 0.02 

14,100 UMW 46,131 0.04 

136,458 YTL Corp 76,790 0.07 

9,097 YTL Corp Rts 4,524 - 

58,657 YTL Power International 31,857 0.03 

Total Malaysia 3,723,506 3.56 

Mexico: 4.89% (March 2012: 4.74%) 

80,000 Alfa 147,839 0.14 

1,129,218 America Movil Series L 1,443,881 1.38 

9,368 Arca Continental 66,661 0.06 

308,656 Cemex 257,108 0.25 

12,711 Coca-Cola Femsa Series L 164,636 0.16 

26,704 Compartamos 31,341 0.03 

5,300 El Puerto de Liverpool 46,882 0.04 

55,400 Fomento Economico Mexicano 510,858 0.49 






US$ 


% of Net 

Assets 

9,900 Grupo Aeroportuario del Pacifico 41,772 0.04 

45,400 Grupo Bimbo 113,136 0.11 

15,800 Grupo Carso Series A 54,243 0.05 

52,224 Grupo Financiero Banorte 295,539 0.28 

60,900 Grupo Financiero Inbursa 170,613 0.16 

107,953 Grupo Mexico Series B 356,674 0.34 

18,600 Grupo Modelo Series C 167,855 0.16 

73,841 Grupo Televisa SAB Series C 349,011 0.33 

4,040 Industrias Penoles 199,240 0.19 

42,897 Kimberly-Clark de Mexico 102,594 0.10 

22,085 Mexichem 105,381 0.10 

17,400 Minera Frisco 73,580 0.07 

150,800 Wal-Mart de Mexico 424,700 0.41 

Total Mexico 5,123,544 4.89 

Morocco: 0.08% (March 2012: 0.14%) 

776 Attijariwafa Bank 29,127 0.03 

3,345 Douja Promotion Groupe Addoha 24,839 0.02 

1,881 Maroc Telecom 22,458 0.02 

1,239 Maroc Telecom - Itissalat 14,951 0.01 

Total Morocco 91,375 0.08 

People's Republic of China: 16.32% (March 2012: 9.34%) 

38,000 Agile Property 42,836 0.04 

612,389 Agricultural Bank of China 238,534 0.23 

56,000 Air China 35,247 0.03 

106,000 Aluminum of China 43,886 0.04 

30,000 Angang Steel 15,477 0.02 

35,000 Anhui Conch Cement 109,019 0.10 

23,838 Anta Sports Products 18,325 0.02 

48,836 AviChina Industry & Technology 18,581 0.02 

2,174,665 Bank of China 827,429 0.79 

210,130 Bank of Communications 142,557 0.14 

30,500 BBMG 23,367 0.02 

50,000 Beijing Capital International Airport 33,534 0.03 

16,000 Beijing Enterprises 106,691 0.10 

72,437 Brilliance China Automotive 79,881 0.08





US$ 

% of Net 

Assets 

14,100 Byd 24,587 0.02 

44,000 China Agri-Industries 24,913 0.02 

48,000 China BlueChemical 28,416 0.03 

214,400 China Citic Bank 101,763 0.10 

119,000 China Coal Energy 108,667 0.10 

131,000 China Communications Construction 105,939 0.10 

64,800 China Communications Services 37,526 0.04 

2,065,010 China Construction Bank 1,432,916 1.37 

70,000 China COSCO 28,620 0.03 

24,000 China Everbright 30,119 0.03 

17,900 China International Marine Containers 22,302 0.02 

215,000 China Life Insurance 621,159 0.59 

72,000 China Longyuan Power 47,361 0.05 

111,215 China Merchants Bank 187,337 0.18 

31,715 China Merchants International 97,764 0.09 

154,946 China Minsheng Banking 122,306 0.12 

172,935 China Mobile 1,917,101 1.83 

82,000 China National Building Material 90,638 0.09 

42,000 China Oilfield Services 76,489 0.07 

115,600 China Overseas Land & Investment 294,023 0.28 

58,017 China Pacific Insurance 175,475 0.17 

478,000 China Petroleum & Chemical 446,357 0.43 

146,000 China Railway 63,836 0.06 

73,500 China Railway Construction 65,790 0.06 

34,000 China Resources Enterprise 113,578 0.11 

22,000 China Resources Gas 44,946 0.04 

53,800 China Resources Power 117,825 0.11 

81,941 China Rongsheng Heavy Industries 10,886 0.01 

46,239 China Shanshui Cement 30,117 0.03 

97,000 China Shenhua Energy 376,578 0.36 

97,000 China Shipping Container Lines 19,767 0.02 

30,000 China Shipping Development 12,459 0.01 

46,565 China Southern Airlines 20,480 0.02 

54,299 China State Construction International 63,871 0.06 

26,400 China Taiping Insurance 41,473 0.04 

414,000 China Telecom 239,218 0.23 

133,898 China Unicom Hong Kong 219,673 0.21 






US$ 


% of Net 

Assets 

36,160 China Vanke 45,473 0.04 

37,000 China Yurun Food 26,533 0.03 

23,500 China ZhengTong Auto Services 14,822 0.01 

44,083 China Zhongwang 16,944 0.02 

61,352 Chongqing Rural Commercial Bank 24,214 0.02 

39,000 Citic Pacific 46,831 0.05 

19,000 CITIC Securities 33,524 0.03 

518,000 CNOOC 1,062,290 1.01 

44,831 COSCO Pacific 62,679 0.06 

119,598 Country Garden 46,585 0.04 

17,700 CSG Class B 11,278 0.01 

49,000 CSR 32,421 0.03 

22,000 Dah Chong Hong 20,033 0.02 

24,160 Daphne International 24,243 0.02 

88,000 Datang International Power Generation 29,624 0.03 

9,200 Dongfang Electric 12,530 0.01 

80,000 Dongfeng Motor 93,380 0.09 

21,221 ENN Energy 89,365 0.09 

143,476 Evergrande Real Estate 56,811 0.05 

44,000 Fosun International 21,111 0.02 

112,000 Franshion Properties China 34,236 0.03 

99,625 Geely Automobile 37,777 0.04 

17,960 Golden Eagle Retail 35,256 0.03 

27,875 Great Wall Motor 73,523 0.07 

68,000 Guangdong Investment 53,763 0.05 

59,090 Guangzhou Automobile 38,793 0.04 

29,200 Guangzhou R&F Properties 33,632 0.03 

21,000 Hengan International 198,536 0.19 

86,000 Huaneng Power International 65,444 0.06 

1,886,400 Industrial & Commercial Bank of China 1,114,334 1.06 

18,200 Inner Mongolia Yitai Coal 98,244 0.09 

26,065 Intime Department Store 28,239 0.03 

34,000 Jiangsu Expressway 28,197 0.03 

44,000 Jiangxi Copper 111,458 0.11 

92,000 Kunlun Energy 161,140 0.15 

174,000 Lenovo 144,079 0.14 

34,906 Longfor Properties 54,025 0.05





US$ 

% of Net 

Assets 

65,000 Metallurgicalof China 12,743 0.01 

43,097 Nine Dragons Paper 21,678 0.02 

38,000 Parkson Retail 31,858 0.03 

604,000 PetroChina 791,493 0.76 

78,400 PICC Property & Casualty 96,265 0.09 

54,677 Ping An Insurance Group 413,255 0.40 

48,631 Poly Hong Kong Investments 26,093 0.03 

24,653 Sany Heavy Equipment International 13,418 0.01 

44,000 Shandong Weigao Medical Polymer 56,864 0.05 

76,000 Shanghai Electric 27,054 0.03 

15,000 Shanghai Industrial 44,594 0.04 

21,500 Shanghai Pharmaceuticals 39,876 0.04 

37,500 Shimao Property 64,521 0.06 

69,880 Shui On Land 26,408 0.03 

63,009 Sihuan Pharmaceutical 22,999 0.02 

94,473 Sino-Ocean Land 53,492 0.05 

52,000 Sinopec Shanghai Petrochemical 13,414 0.01 

21,404 Sinopharm 68,602 0.07 

56,500 Soho China 34,979 0.03 

52,000 Sun Art Retail 64,721 0.06 

29,200 Tencent 995,020 0.95 

56,000 Tingyi Cayman Islands 168,652 0.16 

8,000 Tsingtao Brewery 44,162 0.04 

29,000 Uni-President China 33,364 0.03 

169,000 Want Want China 215,575 0.21 

13,200 Weichai Power 40,435 0.04 

14,250 Wumart Stores 21,283 0.02 

54,000 Yanzhou Coal Mining 82,324 0.08 

133,883 Yuexiu Property 34,018 0.03 

23,978 Zhaojin Mining Industry 43,544 0.04 

46,000 Zhejiang Expressway 32,038 0.03 

15,000 Zhongsheng 18,747 0.02 

11,679 Zhuzhou CSR Times Electric 30,066 0.03 

159,000 Zijin Mining 64,189 0.06 

35,178 Zoomlion Heavy Industry Science and Technology 39,973 0.04 

16,384 ZTE 26,288 0.03 

Total People's Republic of China 17,093,011 16.32 






US$ 

Peru: 0.65% (March 2012: 0.64%) 


% of Net 

Assets 

1,714 Cia de Minas Buenaventura 62,711 0.06 

3,678 Cia de Minas Buenaventura ADR 143,295 0.14 

1,956 Credicorp 245,048 0.23 

1,714 Southern Copper 58,893 0.06 

3,192 Southern Copper - Lima Traded 109,326 0.10 

2,139 Volcan Cia Minera SAA 2,268 - 

51,662 Volcan Cia Minera SAA - Lima Traded 58,099 0.06 

Total Peru 679,640 0.65 

Philippines: 0.90% (March 2012: 0.78%) 

53,021 Aboitiz Equity Ventures 62,090 0.06 

50,501 Aboitiz Power 40,616 0.04 

113,100 Alliance Global Group 39,855 0.04 

4,752 Ayala 48,551 0.04 

160,100 Ayala Land 91,535 0.09 

20,389 Bank of the Philippine Islands 39,004 0.04 

40,074 BDO Unibank 62,347 0.06 

19,850 DMCI 27,623 0.03 

205,200 Energy Development 29,908 0.03 

930 Globe Telecom 25,794 0.02 

21,130 International Container Terminal Services 35,660 0.03 

13,840 Jollibee Foods 33,509 0.03 

6,170 Manila Electric 37,717 0.04 

12,111 Metropolitan Bank & Trust 26,855 0.03 

1,315 Philippine Long Distance Telephone 87,761 0.08 

12,640 San Miguel 33,422 0.03 

6,330 SM Investments 110,773 0.11 

187,875 SM Prime 63,954 0.06 

22,550 Universal Robina 37,624 0.04 

Total Philippines 934,598 0.90 

Poland: 1.46% (March 2012: 1.39%) 

1,777 Asseco Poland 24,784 0.02 

873 Bank Handlowy w Warszawie 23,981 0.02 

9,088 Bank Millennium 11,007 0.01 

3,438 Bank Pekao 169,349 0.16





US$ 

% of Net 

Assets 

387 BRE Bank 38,150 0.04 

5,536 Cyfrowy Polsat 25,403 0.02 

3,513 Enea 17,929 0.02 

2,280 Eurocash 28,041 0.03 

1,580 Grupa Lotos 15,487 0.01 

1,190 Jastrzebska Spolka Weglowa 33,933 0.03 

1,974 Kernel 40,052 0.04 

4,062 KGHM Polska Miedz 193,365 0.18 

21,807 PGE 125,932 0.12 

8,854 Polski Koncern Naftowy Orlen S.A. 125,753 0.12 

48,042 Polskie Gornictwo Naftowe i Gazownictwo 61,036 0.06 

21,881 Powszechna Kasa Oszczednosci Bank Polski 243,156 0.23 

1,569 Powszechny Zaklad Ubezpieczen 176,317 0.17 

15,312 Synthos 27,244 0.03 

28,471 Tauron Polska Energia 43,548 0.04 

20,269 Telekomunikacja Polska 104,080 0.10 

3,194 TVN 6,919 0.01 

Total Poland 1,535,466 1.46 

Republic of South Korea: 15.40% (March 2012: 15.10%) 

171 Amorepacific 132,718 0.13 

5,180 BS Financial Group 55,928 0.05 

3,055 Celltrion 76,964 0.07 

1,438 Cheil Industries 131,324 0.12 

416 CJ 37,617 0.04 

210 CJ CheilJedang 58,101 0.05 

761 Daelim Industrial 64,979 0.06 

2,841 Daewoo Engineering & Construction 26,712 0.03 

1,191 Daewoo International 45,114 0.04 

4,762 Daewoo Securities 54,629 0.05 

2,620 Daewoo Shipbuilding & Marine Engineering 61,173 0.06 

3,610 DGB Financial Group 47,747 0.05 

1,162 Dongbu Insurance 50,602 0.05 

891 Dongkuk Steel Mill 13,067 0.01 

275 Doosan 34,022 0.03 

1,397 Doosan Heavy Industries & Construction 70,389 0.07 

2,760 Doosan Infracore 47,183 0.04 






US$ 


% of Net 

Assets 

578 E-Mart 126,113 0.12 

1,372 GS 82,461 0.08 

979 GS Engineering & Construction 67,473 0.06 

6,440 Hana Financial Group 197,298 0.19 

2,860 Hankook Tire 107,048 0.10 

1,232 Hanwha 38,409 0.04 

2,298 Hanwha Chem 44,144 0.04 

420 Honam Petrochemical 100,331 0.10 

624 Hyosung 34,978 0.03 

404 Hyundai Department Store 55,615 0.05 

1,548 Hyundai Development 30,990 0.03 

1,940 Hyundai Engineering & Construction 117,822 0.11 

363 Hyundai Glovis 79,529 0.08 

1,176 Hyundai Heavy Industries 267,171 0.25 

885 Hyundai Hysco 37,584 0.04 

1,760 Hyundai Marine & Fire Insurance 54,791 0.05 

1,170 Hyundai Merchant Marine 28,055 0.03 

301 Hyundai Mipo Dockyard 36,832 0.03 

1,963 Hyundai Mobis 548,405 0.52 

4,451 Hyundai Motor 1,009,202 0.96 

618 Hyundai Motor Pref 40,035 0.04 

1,027 Hyundai Motor 2nd Pref 71,705 0.07 

2,820 Hyundai Securities 23,546 0.02 

1,612 Hyundai Steel 128,069 0.12 

472 Hyundai Wia 79,628 0.08 

5,480 Industrial Bank of Korea 60,400 0.06 

2,690 Kangwon Land 60,508 0.06 

10,621 KB Financial Group 379,381 0.36 

113 KCC 29,637 0.03 

7,590 Kia Motors 473,938 0.45 

1,220 Korea Aerospace Industries 30,626 0.03 

7,380 Korea Electric Power 185,259 0.18 

7,050 Korea Exchange Bank 53,854 0.05 

688 Korea Gas 44,446 0.04 

1,067 Korea Investment 38,497 0.04 

5,320 Korea Life Insurance 36,953 0.03 

232 Korea Zinc 101,970 0.10





US$ 

% of Net 

Assets 

980 Korean Air Lines 41,927 0.04 

1,230 KP Chemical 14,608 0.01 

779 KT 24,672 0.02 

3,108 KT&G 236,856 0.23 

354 Kumho Petro chemical 39,336 0.04 

2,770 LG 155,021 0.15 

1,314 LG Chem 391,921 0.37 

210 LG Chem Pref 18,744 0.02 

6,670 LG Display 170,137 0.16 

3,142 LG Electronics 195,063 0.19 

261 LG Household & Health Care 149,119 0.14 

307 LG Innotek 22,374 0.02 

6,347 LG Uplus 41,574 0.04 

19 Lotte Confectionery 26,532 0.03 

283 Lotte Shopping 81,481 0.08 

485 LS 42,285 0.04 

352 LS Industrial Systems 22,106 0.02 

348 Mando 48,219 0.05 

596 Mirae Asset Securities 18,152 0.02 

430 NCSoft 91,887 0.09 

1,208 NHN 315,742 0.30 

428 OCI 69,316 0.07 

100 Orion Corp/Republic of South Korea 87,365 0.08 

1,885 POSCO 619,896 0.59 

501 S1 30,833 0.03 

3,491 Samsung C&T 207,307 0.20 

1,175 Samsung Card 42,341 0.04 

1,724 Samsung Electro-Mechanics 149,532 0.14 

3,171 Samsung Electronics 3,840,265 3.67 

597 Samsung Electronics Pref 423,810 0.40 

878 Samsung Engineering 151,676 0.14 

1,025 Samsung Fire & Marine Insurance 220,415 0.21 

4,620 Samsung Heavy Industries 156,712 0.15 

1,686 Samsung Life Insurance 145,781 0.14 

995 Samsung SDI 141,897 0.14 

1,809 Samsung Securities 85,288 0.08 

1,015 Samsung Techwin 58,721 0.06 






US$ 


% of Net 

Assets 

12,447 Shinhan Financial 425,007 0.41 

202 Shinsegae 38,167 0.04 

806 SK 112,768 0.11 

668 SK C&C 59,983 0.06 

14,970 SK Hynix 306,424 0.29 

1,762 SK Innovation 267,132 0.26 

4,610 SK Networks 42,515 0.04 

293 SK Telecom 38,753 0.04 

1,303 S-Oil 124,271 0.12 

1,470 Woongjin Coway 40,671 0.04 

9,870 Woori Finance 97,685 0.09 

4,693 Woori Investment & Securities 49,614 0.05 

228 Yuhan 31,387 0.03 

Total Republic of South Korea 16,124,260 15.40 

Russian Federation: 6.02% (March 2012: 6.14%) 

43 AK Transneft Pref 78,555 0.07 

8,560,252 Federal Grid Unified Energy System 63,733 0.06 

2,585 Federal Hydrogenerating ADR 6,876 0.01 

3,386,929 Federal Hydrogenerating 92,757 0.09 

255,021 Gazprom 1,289,357 1.23 

7,330 Gazprom ADR 73,960 0.07 

17,212 Gazprom ADR - London Listed 172,636 0.16 

452,000 IDGC 34,174 0.03 

44,958,285 Inter Rao Ues 38,616 0.04 

4,869 LSR GDR 22,641 0.02 

11,739 Lukoil 723,236 0.69 

2,882 Lukoil ADR 177,531 0.17 

147 Magnit 19,845 0.02 

6,694 Magnit GDR 227,529 0.22 

4,000 Mechel ADR 28,160 0.03 

1,073 MMC Norilsk Nickel 170,229 0.16 

1,355 MMC Norilsk Nickel ADR - London Listed 21,612 0.02 

1,939 MMC Norilsk Nickel ADR 30,656 0.03 

14,960 Mobile Telesystems ADR 262,099 0.25 

2,667 NovaTek GDR 315,506 0.30 

1,809 Novolipetsk Steel GDR 35,818 0.03





US$ 

% of Net 

Assets 

27,116 Rosneft Oil 183,304 0.18 

10,587 Rosneft Oil GDR 71,145 0.07 

34,224 Rostelecom 147,421 0.14 

238,911 Sberbank of Russia 696,719 0.67 

5,387 Sberbank of Russia ADR 62,759 0.06 

27,313 Sberbank of Russia Pref 57,994 0.06 

2,607 Severstal 32,971 0.03 

2,096 Severstal GDR 26,221 0.03 

3,669 Sistema JSFC GDR 74,701 0.07 

124,201 Surgutneftegas 112,107 0.11 

2,030 Surgutneftegas ADR 18,481 0.02 

5,953 Surgutneftegas ADR - London Listed 53,696 0.05 

204,670 Surgutneftegas Pref 137,077 0.13 

34,638 Tatneft 223,495 0.21 

833 Tatneft ADR 34,545 0.03 

1,463 TMK GDR 22,252 0.02 

36,751 Uralkali 303,337 0.29 

507 Uralkali GDR 20,975 0.02 

66,818,675 VTB Bank 113,715 0.11 

5,378 VTB Bank GDR 17,909 0.02 

Total Russian Federation 6,296,350 6.02 

South africa: 7.76% (March 2012: 7.58%) 

8,335 ABSA 139,907 0.13 

19,750 African Bank Investments 79,109 0.08 

2,945 African Rainbow Minerals 58,171 0.06 

1,962 Anglo American Platinum 101,772 0.10 

10,848 AngloGold Ashanti 384,452 0.37 

4,869 ArcelorMittal South Africa 24,194 0.02 

8,277 Aspen Pharmacare 143,448 0.14 

1,035 Assore 41,357 0.04 

10,668 Aveng 40,455 0.04 

6,628 Barloworld 57,756 0.05 

8,388 Bidvest 209,417 0.20 

8,046 Discovery 54,120 0.05 

3,432 Exxaro Resources 66,942 0.06 

87,418 FirstRand 295,485 0.28 






US$ 


% of Net 

Assets 

5,565 Foschini Group 85,325 0.08 

21,141 Gold Fields 273,514 0.26 

46,762 Growthpoint Properties 140,947 0.13 

11,586 Harmony Gold Mining 98,053 0.09 

15,916 Impala Platinum 268,123 0.25 

5,471 Imperial 124,330 0.12 

6,310 Investec 39,078 0.04 

2,331 Kumba Iron Ore 142,078 0.14 

3,110 Liberty 37,409 0.04 

26,866 Life Healthcare 103,379 0.10 

3,501 Massmart 70,821 0.07 

28,653 MMI 73,585 0.07 

6,815 Mr Price 104,061 0.10 

48,733 MTN 946,233 0.90 

11,265 Naspers 703,070 0.67 

6,225 Nedbank 138,055 0.13 

23,467 Netcare 50,909 0.05 

7,858 Northam Platinum 28,590 0.03 

5,863 Pick n Pay Stores 31,720 0.03 

14,325 Pretoria Portland Cement 50,348 0.05 

79,009 Redefine Properties 89,540 0.09 

12,278 Remgro 216,137 0.21 

4,882 Reunert 40,796 0.04 

19,429 RMB 87,124 0.08 

20,394 RMI 53,215 0.05 

50,556 Sanlam 230,197 0.22 

14,648 Sappi 42,003 0.04 

15,786 Sasol 712,261 0.68 

12,583 Shoprite 256,718 0.24 

4,682 Spar Group 72,632 0.07 

33,699 Standard Bank 431,410 0.41 

32,407 Steinhoff International 102,431 0.10 

4,727 Tiger Brands 156,468 0.15 

12,842 Truworths International 146,301 0.14 

10,254 Vodacom 126,883 0.12 

21,036 Woolworths 154,982 0.15 

Total South Africa 8,125,311 7.76





US$ 

Taiwan: 11.02% (March 2012: 10.96%) 

% of Net 

Assets 

70,621 Acer 69,384 0.07 

182,023 Advanced Semiconductor Engineering 140,335 0.13 

6,900 Advantech 25,186 0.02 

2,000 Airtac International 10,030 0.01 

52,724 Asia Cement 66,639 0.06 

20,759 Asustek Computer 225,553 0.21 

203,286 AU Optronics 73,510 0.07 

49,735 Capital Securities 18,918 0.02 

15,840 Catcher Technology 74,570 0.07 

212,558 Cathay Financial 228,413 0.22 

118,449 Chang Hwa Commercial Bank 64,248 0.06 

54,435 Cheng Shin Rubber Industry 142,989 0.14 

9,342 Cheng Uei Precision Industry 22,372 0.02 

13,398 Chicony Electronics 31,537 0.03 

148,292 Chimei Innolux 53,877 0.05 

68,467 China Airlines 28,612 0.03 

398,545 China Development Financial 98,571 0.09 

58,581 China Life Insurance Taiwan 54,257 0.05 

14,000 China Motor 13,516 0.01 

37,600 China Petrochemical Development 31,875 0.03 

325,693 China Steel 297,211 0.28 

315,988 Chinatrust Financial 190,799 0.18 

107,736 Chunghwa Telecom 345,111 0.32 

21,000 Clevo 31,127 0.03 

115,200 Compal Electronics 103,554 0.10 

15,000 CTCI 34,285 0.03 

53,929 Delta Electronics 208,810 0.20 

22,000 E Ink 24,016 0.02 

108,339 E.Sun Financial 61,352 0.06 

21,029 Epistar 44,908 0.04 

22,627 Eternal Chemical 19,336 0.02 

55,161 Eva Airways 32,366 0.03 

54,999 Evergreen MarineTaiwan 28,988 0.03 

9,356 Everlight Electronics 15,145 0.01 

26,066 Far Eastern Department Stores 28,144 0.03 

91,009 Far Eastern New Century 102,765 0.10 






US$ 


% of Net 

Assets 

44,000 Far EasTone Telecommunications 108,824 0.10 

16,000 Farglory Land Development 29,911 0.03 

12,210 Feng Hsin Iron & Steel 21,160 0.02 

181,379 First Financial 112,304 0.11 

89,170 Formosa Chemicals & Fibre 239,705 0.23 

1,210 Formosa International Hotels 14,509 0.01 

31,480 Formosa Petrochemical 94,611 0.09 

113,430 Formosa Plastics 324,268 0.31 

17,000 Formosa Taffeta 16,296 0.02 

20,467 Foxconn Technology 79,596 0.08 

158,253 Fubon Financial 172,217 0.16 

9,168 Giant Manufacturing 48,634 0.05 

12,000 Highwealth Construction 20,161 0.02 

5,439 Hiwin Technologies 39,892 0.04 

286,387 Hon Hai Precision Industry 898,822 0.86 

7,000 Hotai Motor 50,028 0.05 

20,846 HTC 201,964 0.19 

140,086 Hua Nan Financial 78,613 0.08 

68,188 Inotera Memories 11,770 0.01 

74,069 Inventec 29,311 0.03 

6,020 Kinsus Interconnect Technology 17,682 0.02 

3,040 Largan Precision 62,950 0.06 

12,003 LCY Chemical 17,423 0.02 

56,045 Lite-On Technology 72,366 0.07 

96,243 Macronix International 32,143 0.03 

33,718 MediaTek 356,004 0.34 

231,057 Mega Financial 178,139 0.17 

8,062 Motech Industries 8,498 0.01 

4,311 MStar Semiconductor 34,634 0.03 

24,548 Nan Kang Rubber Tire 34,167 0.03 

133,860 Nan Ya Plastics 268,510 0.26 

4,251 Nan Ya Printed Circuit Board 6,939 0.01 

14,058 Novatek Microelectronics 50,835 0.05 

46,094 Pegatron 59,989 0.06 

3,000 Phison Electronics 24,204 0.02 

59,709 Pou Chen 61,107 0.06 

20,011 Powertech Technology 38,433 0.04





US$ 

% of Net 

Assets 

17,088 President Chain Store 91,522 0.09 

70,543 Quanta Computer 187,467 0.18 

13,330 Radiant Opto-Electronics 57,752 0.06 

10,507 Realtek Semiconductor 20,825 0.02 

3,425 Richtek Technology 20,505 0.02 

14,781 Ruentex Development 27,985 0.03 

11,461 Ruentex Industries 26,899 0.03 

160,737 Shin Kong Financial 44,799 0.04 

90,410 Siliconware Precision Industries 100,701 0.10 

7,999 Simplo Technology 47,890 0.05 

9,700 Sino-American Silicon Products 13,137 0.01 

164,333 SinoPac Financial 69,235 0.07 

7,440 Standard Foods 20,635 0.02 

35,283 Synnex Technology International 79,922 0.08 

222,563 Taishin Financial 85,795 0.08 

71,055 Taiwan Business Bank 21,379 0.02 

90,731 Taiwan Cement 112,356 0.11 

158,378 Taiwan Cooperative Financial 87,797 0.08 

20,000 Taiwan Fertilizer 54,241 0.05 

24,770 Taiwan Glass Industry 25,139 0.02 

48,540 Taiwan Mobile 177,180 0.17 

708,562 Taiwan Semiconductor Manufacturing 2,170,634 2.07 

44,000 Teco Electric and Machinery 30,471 0.03 

6,378 TPK 83,659 0.08 

6,405 Transcend Information 17,327 0.02 

11,073 Tripod Technology 27,198 0.03 

13,750 TSRC 30,489 0.03 

19,636 Tung Ho Steel Enterprise 20,096 0.02 

11,000 U-Ming Marine Transport 17,599 0.02 

36,050 Unimicron Technology 42,982 0.04 

119,153 Uni-President Enterprises 211,369 0.20 

355,515 United Microelectronics 147,962 0.14 

79,000 Walsin Lihwa 27,624 0.03 

27,150 Wan Hai Lines 15,236 0.01 

40,395 Wintek 21,153 0.02 

61,912 Wistron 74,345 0.07 

36,364 WPG 48,380 0.05 






US$ 


% of Net 

Assets 

31,678 Yang Ming Marine Transport 13,184 0.01 

233,086 Yuanta Financial 122,453 0.12 

23,000 Yulon Motor 46,293 0.04 

6,300 Zhen Ding Technology 19,794 0.02 

Total Taiwan 11,520,337 11.02 

Thailand: 2.19% (March 2012: 2.03%) 

22,271 Advanced Info Service 154,841 0.15 

3,301 Advanced Info Service Receipt 22,950 0.02 

11,100 Bangkok Bank 69,961 0.07 

24,300 Bangkok Bank - Foreign Registered 158,684 0.15 

3,800 Bangkok Bank Receipt 23,951 0.02 

49,272 Bank of Ayudhya 50,425 0.05 

3,250 Banpu 41,391 0.04 

24,516 BEC World 49,382 0.05 

5,600 BEC World Receipt 11,280 0.01 

72,720 Charoen Pokphand Foods 79,146 0.08 

20,400 Charoen Pokphand Foods Receipt 22,203 0.02 

109,424 CP ALL 126,204 0.12 

19,700 CP ALL Receipt 22,721 0.02 

10,910 Glow Energy 23,482 0.02 

5,600 Glow Energy Receipt 12,053 0.01 

39,332 Indorama Ventures 36,738 0.04 

270,503 IRPC 37,438 0.04 

4,500 Kasikornbank 26,681 0.03 

41,400 Kasikornbank - Foreign Registered 245,468 0.23 

6,800 Kasikornbank Receipt 40,318 0.04 

75,854 Krung Thai Bank 45,098 0.04 

18,963 Krung Thai Bank Rights 3,512 - 

21,871 PTT 233,774 0.22 

29,710 PTT Exploration & Production 156,851 0.15 

4,005 PTT Exploration & Production Receipt 21,144 0.02 

34,644 PTT Global Chemical 70,909 0.07 

15,396 PTT Global Chemical Receipt 31,512 0.03 

3,103 PTT Receipt 33,167 0.03 

8,100 Siam Cement 104,737 0.10 

4,600 Siam Cement Receipt 52,157 0.05





US$ 

% of Net 

Assets 

40,007 Siam Commercial Bank 221,611 0.21 

4,600 Siam Commercial Bank Receipt 25,182 0.02 

22,202 Thai Oil 47,066 0.04 

Total Thailand 2,302,037 2.19 

Turkey: 1.66% (March 2012: 1.37%) 

53,730 Akbank 212,454 0.20 

5,531 Anadolu Efes Biracilik Ve Malt Sanayii 82,244 0.08 

6,990 Arcelik 37,216 0.04 

14,067 Asya Katilim Bankasi 15,512 0.01 

3,003 BIM Birlesik Magazalar 125,432 0.12 

2,085 Coca-Cola Icecek 39,015 0.04 

14,024 Emlak Konut Gayrimenkul Yatirim Ortakligi Reits 19,604 0.02 

11,652 Enka Insaat ve Sanayi 29,202 0.03 

24,974 Eregli Demir ve Celik Fabrikalari 30,738 0.03 

1,747 Ford Otomotiv Sanayi 18,096 0.02 

22,389 Haci Omer Sabanci 98,254 0.09 

17,335 KOC 69,316 0.07 

1,355 Koza Altin Isletmeleri 29,128 0.03 

5,591 TAV Havalimanlari 27,712 0.03 

3,803 Tupras Turkiye Petrol Rafinerileri 86,836 0.08 

16,283 Turk Hava Yollari 34,097 0.03 

14,389 Turk Telekomunikasyon 57,376 0.05 

23,775 Turkcell Iletisim Hizmetleri 144,986 0.14 

65,259 Turkiye Garanti Bankasi 272,579 0.26 

8,517 Turkiye Halk Bankasi 66,406 0.06 

43,770 Turkiye Is Bankasi 137,482 0.13 

9,569 Turkiye Sise ve Cam Fabrikalari 13,270 0.01 

20,415 Turkiye Vakiflar Bankasi 44,113 0.04 

23,661 Yapi ve Kredi Bankasi 56,398 0.05 

Total Turkey 1,747,466 1.66 







US$ 


Assets 




No. of 

Contracts 



Unrealised 

Loss US$ 

% of Net 

Assets 

Citigroup E-Mini MSCI EM Index Futures December 2012 1,192,800 24 (19,930) (0.02) 



Cash 802,854 0.77 




100.00





Acquisitions Nominal Asset Name Cost US$ 

423,000 China Construction Bank 293,369 

144 Samsung Electronics 161,402 

227,000 Industrial & Commercial Bank of China 133,432 

317,000 Bank of China 121,045 

8,382 Housing Development Finance 109,378 

6,815 Mr Price 84,176 

30,000 Taiwan Semiconductor Manufacturing 81,769 

7,000 China Mobile 77,323 

23,360 Akbank 75,326 

946 Kia Motors 63,967 

5,500 BR Properties 61,905 

5,387 Sberbank of Russia ADR 61,458 

5,111 Coca-Cola Femsa Series L 59,457 

3,300 Vale Pref 59,037 

56,200 IHH Healthcare 58,882 

45,200 America Movil Series L 57,949 

29,000 CNOOC 57,263 

5,500 Petroleo Brasileiro Pref 55,647 

30,500 Felda Global Ventures 52,781 

7,000 Ping An Insurance Group 51,706 





Disposals Nominal Asset Name Proceeds US$ 

9,700 Redecard 166,270 

1,960 Grupo Elektra 72,410 

34,500 Alibaba 60,030 

24,500 Wal-Mart de Mexico 59,320 

9,442 Rosneft Oil 56,835 

30,000 China Unicom Hong Kong 41,173 

1,000 Telemar Norte Leste 40,710 

884 Mobinil 29,620 


283 SK Telecom 28,804 

9,400 JBS 25,304 

1,865 Maroc Telecom 23,625 

4,766 Usinas Sid Minas Gerais Usiminas 22,926 

4,600 BM & F Bovespa 21,699 

10,300 Maxis 20,489 

44,050 Skyworth Digital 19,452 

8,450 HRT Participacoes Em Petrole 19,356 

15,600 America Movil Series L 19,148 

6,700 Malayan Banking 18,368 

525,326 Semiconductor Manufacturing International 18,129 


THE NT EURO GOVERNMENT INFLATION LINKED 

INDEX FUND 



Launch Date 

1 July 2009 

Fund Size 


Benchmark 

Markit Iboxx EUR Sovereigns EUR Inflation-Linked 

ex-Italy ex-Greece Index 

Fund Review 



Fund 7.44% 10.29% 9.59% 6.95% 

Benchmark 7.47% 10.34% 9.63% 6.97% 



■ France; 67% 

■ Germany; 33% 

■ Cash; 0% 



For the six months ended 30 September 2012, the Sub- 

Fund returned 7.44% versus a benchmark return of 

7.47%. The Sub-Fund underperformed the benchmark 

by three basis points. Since inception the Sub-Fund 

has underperformed the benchmark, on an annualized 

basis, by 2 basis points and is up 7.47%. During the 

period the Sub-Fund was subject to a net inflow of 

€7.15 million. 

The index reconstitutes on a monthly basis to 

include new inflation-linked government bonds that 

have been issued and to exclude those bonds, which 

have fallen below the minimum maturity of one year. 

Overall during the quarter the benchmark duration 

lengthened from 8.75 years to 8.79 years. 

The period began on a relatively calm note however 

managed to fall into the midst of economic turmoil, as 

political uncertainty and financial instability loomed 

large across the region. There was a reversal to the 

positive start to the year, with the Spanish bailout, a 

new Greek government, concerns of contagion and 

slowdown in China. The ECB cut key rates by 25bps 

in July, bringing the main base interest rate to 0.75% 

and, more importantly, the deposit rate to 0.00%, thus 

entering a new environment where the ECB no longer 

paid banks for leaving money with the central bank. 

However, it refrained from relaxing rates any further 

through the quarter. 

In July, ECB President Mario Draghi also relieved 

some tension stating "the ECB is willing to do whatever 

it takes to preserve the Euro". Draghi delivered on 

his commitment in September, unveiling a new and 

ambitious scheme to engage in a potentially unlimited 

bond buying program, hoping to address the high 

borrowing costs prevalent in the Eurozone. Economic 

data in the region persisted on the disappointing path. 

After stagnating for the first three months of the year, 

the Eurozone contracted 0.2% in the April to June 

ending period. Economic confidence in the region, 

having fallen for seven months, dropped by 1.1 points 

to 85 in September, the lowest since August 2009. 

Considering a high probability of Greece exiting 

the euro zone, Moody's changed its stance from 

‘stable’ to ‘negative’ for Germany, the Netherlands and 

Luxembourg, stating that it would result in a chain 

of financial sector shocks. Moody’s also downgraded 

the EFSF, the fund that seeks to contain the debt crisis 

from spreading. Fitch downgraded the credit rating 

of 18 Spanish banks while Spain’s bleak economic 

outlook led to a three notch downgrade (one notch 

above junk status). French President Hollande restated 

his intentions to deliver on his deficit cutting promises 

in France’s first Socialist budget in a decade. President 

Hollande has promised to raise taxes by €20 billion 

next year, aiming to reduce the deficit to 3%. Spain 

ventured into a fifth round of budget cuts and tax 

increases, announcing a crisis budget for 2013 amidst 

austerity measures, to meet a budget deficit reduction 

target of 4.5%. The EU Summit at the end of June 

began the arduous path of mapping out solutions for 

the debt situation in Europe. The politicians proposed 

to recapitalise banks from EFSF/ESM and to move 

towards a banking union. The capital of the EIB was 

also to be increased by €10 billion along with a €120 

billion growth pact. Global economic growth remains 

weak as downside risks to economic outlook persist 

on the back of the Euro zone sovereign debt crisis 

and allied moderate growth outlook in most 

developed economies. 


London 

October 2012 


THE NT EURO GOVERNMENT INFLaTION LINKED INDEX FUND 




€ 



BONDS: 99.99% (MaRCH 2012: 98.67%) 

France: 67.35% (March 2012: 60.19%) 





% of Net 

Assets 








Total France 308,958,869 67.35 

Germany: 32.64% (March 2012: 38.48%) 

17,750,000 Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 20,125,642 4.39 

16,500,000 Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 17,709,218 3.86 



Total Germany 149,727,203 32.64 


Cash 1,118,118 0.24 

Other net liabilities (1,050,185) (0.23) 


Assets 

100.00





16,500,000 Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 17,287,187 









4,050,000 Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 4,602,575 










2,300,000 Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 2,588,168 




800,000 France Government Bond 3.15% 25/07/2032 1,228,560 


THE NT ALL COUNTRY ASIA (EX-JAPAN) EQUITY 

INDEX FUND 


FOR THE PERIOD 3 MAY 2012 TO 30 SEPTEMbER 2012 

Launch Date 

3 May 2012 

Fund Size 


Benchmark 

MSCI AC Asia (ex-Japan) Index 


The Sub-Fund launched on 3 May 2012, when the 

first subscriptions were made. Since the Sub-Fund 

inception date, the Sub-Fund returned 1.47% against a 

benchmark return of 0.84%. 




additions, deletions, and float and shares changes. 

For MSCI All Country Asia ex Japan, there were 12 

additions, 10 deletions and a number of free float 

changes and share in issue changes. The turnover at 

the MSCI review in May 2012 was 1.98%. 


three additions and no deletions for the region and 



the index. 






London 

October 2012 


THE NT aLL COUNTRY aSIa (EX-JaPaN) EqUITY INDEX FUND 




US$ 



EqUITIES: 97.33% 

Hong Kong: 12.66% 

% of Net 

Assets 

334,200 AIA 1,245,720 1.38 

6,500 ASM Pacific Technology 76,919 0.09 

44,772 Bank of East Asia 168,041 0.19 

152,000 Belle International 275,250 0.31 

120,500 BOC Hong Kong 383,107 0.43 

98,000 Bosideng International 27,555 0.03 

39,000 Cathay Pacific Airways 63,480 0.07 

45,000 Cheung Kong 659,917 0.73 

16,000 Cheung Kong Infrastructure 96,888 0.11 

106,000 China Gas 58,241 0.06 

40,000 China Mengniu Dairy 119,692 0.13 

72,000 China Resources Cement 41,882 0.05 

66,000 China Resources Land 145,394 0.16 

59,000 CLP 501,480 0.56 

38,000 Far East Horizon 23,232 0.03 

70,000 First Pacific 76,110 0.09 

48,000 Galaxy Entertainment 160,965 0.18 

257,000 GCL-Poly Energy 39,445 0.04 

295,000 GOME Electrical Appliances 31,200 0.03 

24,000 Haier Electronics 27,828 0.03 

29,000 Hang Lung 183,839 0.20 

73,000 Hang Lung Properties 249,508 0.28 

24,900 Hang Seng Bank 381,854 0.42 

31,000 Henderson Land Development 223,106 0.25 

64,000 Hengdeli 18,573 0.02 

170,500 Hong Kong & China Gas 432,339 0.48 

33,500 Hong Kong Exchanges and Clearing 506,394 0.56 

18,500 Hopewell Holdings 63,947 0.07 

60,000 Huabao International 34,128 0.04 

171,000 Hutchison Port Holdings 123,975 0.14 

70,000 Hutchison Whampoa 678,941 0.75 

21,091 Hysan Development 96,026 0.11 

23,500 Kerry Properties 118,815 0.13 






US$ 


% of Net 

Assets 

21,500 Kingboard Chemical 51,634 0.06 

69,000 Lee & Man Paper Manufacturing 30,258 0.03 

192,000 Li & Fung 297,661 0.33 

17,500 Lifestyle International 36,159 0.04 

31,200 MGM China 54,004 0.06 

48,000 MMG 18,387 0.02 

47,500 MTR 180,118 0.20 

120,000 New World Development 186,038 0.21 

126,118 Noble 136,224 0.15 

47,000 NWS 75,532 0.08 

6,500 Orient Overseas International 35,840 0.04 

138,000 PCCW 56,423 0.06 

45,500 Power Assets 386,441 0.43 

78,800 Sands China 294,233 0.33 

52,000 Shangri-La Asia 100,871 0.11 

86,000 Shougang Fushan Resources 23,293 0.03 

96,000 Sino Land 179,538 0.20 

63,000 SJM Holdings 136,998 0.15 

51,000 Sun Hung Kai Properties 747,248 0.83 

22,000 Swire Pacific 269,564 0.30 

49,000 Wharf 340,328 0.38 

30,000 Wheelock 129,430 0.14 

6,000 Wing Hang Bank 56,338 0.06 

50,800 Wynn Macau 137,266 0.15 

26,500 Yingde Gases 23,481 0.03 

24,500 Yue Yuen Industrial 82,475 0.09 

Total Hong Kong 11,399,573 12.66 

India: 9.20% 

1,704 ACC 47,492 0.05 

8,521 Adani Enterprises 32,496 0.04 

14,954 Adani Ports and Special Economic Zone 36,148 0.04 

878 Aditya Birla Nuvo 14,947 0.02 

19,962 Ambuja Cements 76,449 0.08 

931 Asian Paints 69,453 0.08 

7,385 Axis Bank 159,055 0.18 

2,731 Bajaj Auto 94,758 0.11 

2,827 Bank of Baroda 42,760 0.05





US$ 

% of Net 

Assets 

3,062 Bank of India 18,066 0.02 

19,093 Bharat Heavy Electricals 89,393 0.10 

5,960 Bharat Petroleum 39,402 0.04 

18,556 Bharti Airtel 93,387 0.10 

7,491 Cairn India 47,017 0.05 

2,364 Canara Bank 19,337 0.02 

11,063 Cipla 79,724 0.09 

16,355 Coal India 111,302 0.12 

14,867 Dabur India 36,079 0.04 

13,212 DLF 58,426 0.06 

3,268 Dr Reddy's Laboratories 101,962 0.11 

12,356 GAIL India 89,663 0.10 

25,969 GMR Infrastructure 12,210 0.01 

3,892 Godrej Consumer Products 49,361 0.06 

3,021 HCL Technologies 33,074 0.04 

49,650 HDFC Bank 592,232 0.66 

1,325 Hero Motocorp 47,235 0.05 

33,796 Hindalco Industries 77,338 0.09 

28,127 Hindustan Unilever 291,082 0.32 

43,099 Housing Development Finance 632,778 0.70 

13,877 ICICI Bank 278,566 0.31 

23,348 Idea Cellular 37,759 0.04 

34,293 IDFC 100,418 0.11 

14,057 Infosys 675,586 0.75 

71,278 ITC 368,113 0.41 

32,351 Jaiprakash Associates 50,448 0.06 

12,198 Jindal Steel & Power 98,784 0.11 

2,770 JSW Steel 39,753 0.04 

8,841 Kotak Mahindra Bank 108,742 0.12 

6,779 Larsen & Toubro 205,227 0.23 

9,860 LIC Housing Finance 52,679 0.06 

4,719 Lupin 53,319 0.06 

9,992 Mahindra & Mahindra 163,809 0.18 

1,314 Maruti Suzuki India 33,647 0.04 

18,604 NTPC 59,291 0.07 

24,919 Oil & Natural Gas 132,686 0.15 

1,842 Piramal Enterprises 16,211 0.02 

9,984 Power Finance 35,766 0.04 






US$ 


% of Net 

Assets 

35,805 Power Gridof India 81,799 0.09 

4,234 Ranbaxy Laboratories 42,525 0.05 

2,622 Reliance Capital 21,448 0.02 

13,770 Reliance Communications 16,917 0.02 

42,678 Reliance Industries 677,411 0.75 

3,859 Reliance Infrastructure 39,333 0.04 

20,845 Reliance Power 38,809 0.04 

10,432 Rural Electrification 43,166 0.05 

21,734 Satyam Computer Services 45,635 0.05 

12,220 Sesa Goa 39,664 0.04 

4,071 Shriram Transport Finance 47,842 0.05 

2,522 Siemens 33,903 0.04 

4,370 State Bank of India 185,637 0.21 

43,924 Sterlite Industries India 82,901 0.09 

10,008 Sun Pharmaceutical Industries 131,976 0.15 

15,312 Tata Consultancy Services 376,203 0.42 

48,301 Tata Motors 245,008 0.27 

31,530 Tata Power 63,933 0.07 

9,809 Tata Steel 74,555 0.08 

7,656 Titan Industries 38,030 0.04 

2,287 Ultratech Cement 85,325 0.10 

34,885 Unitech 16,072 0.02 

6,039 United Phosphorus 15,073 0.02 

2,812 United Spirits 64,834 0.07 

15,966 Wipro 115,344 0.13 

15,552 Zee Entertainment Enterprises 57,599 0.06 

Total India 8,284,372 9.20 

Indonesia: 3.56% 

471,500 Adaro Energy 73,903 0.08 

11,500 Astra Agro Lestari 26,377 0.03 

662,000 Astra International 511,891 0.57 

399,000 Bank Central Asia 329,373 0.37 

108,500 Bank Danamon Indonesia 70,859 0.08 

302,000 Bank Mandiri Persero 258,767 0.29 

242,000 Bank Negara Indonesia Persero 99,253 0.11 

359,000 Bank Rakyat Indonesia Persero 279,472 0.31 

525,000 Bumi Resources 40,047 0.04





US$ 

% of Net 

Assets 

241,500 Charoen Pokphand Indonesia 76,336 0.09 

15,500 Gudang Garam 75,232 0.08 

13,000 Indo Tambangraya Megah 57,257 0.06 

48,000 Indocement Tunggal Prakarsa 102,069 0.11 

143,500 Indofood Sukses Makmur 84,720 0.09 

39,500 Indosat 22,288 0.03 

65,000 Jasa Marga Persero 39,733 0.04 

142,000 Kalbe Farma 69,739 0.08 

356,000 Perusahaan Gas Negara Persero 153,448 0.17 

97,000 Semen Gresik Persero 146,463 0.16 

26,500 Tambang Batubara Bukit Asam Persero 44,859 0.05 

329,000 Telekomunikasi Indonesia Persero 324,875 0.36 

50,000 Unilever Indonesia 136,102 0.15 

55,000 United Tractors 118,966 0.13 

72,500 Vale Indonesia 22,347 0.03 

61,500 XL Axiata 42,735 0.05 

Total Indonesia 3,207,111 3.56 

Malaysia: 4.71% 

36,400 AirAsia 35,965 0.04 

33,500 Alliance Financial 44,827 0.05 

56,000 AMMB 116,525 0.13 

82,900 Axiata 176,296 0.20 

74,400 Berjaya Corp 15,213 0.02 

21,700 Berjaya Sports Toto 30,741 0.03 

3,700 British American Tobacco Malaysia 73,116 0.08 

35,200 Bumi Armada 42,496 0.05 

157,900 CIMB 387,453 0.43 

101,300 DiGi.Com 174,992 0.19 

35,800 Felda Global Ventures 56,573 0.06 

54,800 Gamuda 61,676 0.07 

67,200 Genting 191,497 0.21 

97,700 Genting Malaysia 111,876 0.12 

6,600 Genting Plantations 19,866 0.02 

18,400 Hong Leong Bank 80,667 0.09 

6,100 Hong Leong Financial 23,670 0.03 

64,700 IHH Healthcare 67,738 0.08 

38,700 IJM Corp 59,762 0.07 






US$ 


% of Net 

Assets 

105,300 IOI Corp 171,567 0.19 

15,700 Kuala Lumpur Kepong 113,313 0.13 

12,400 Lafarge Malayan Cement 36,107 0.04 

112,200 Malayan Banking 330,745 0.37 

15,900 Malaysia Airports 28,923 0.03 

16,100 Malaysia Marine and Heavy Engineering 25,073 0.03 

73,300 Maxis 165,953 0.18 

36,800 MISC 51,170 0.06 

22,200 MMC Corp 19,974 0.02 

21,600 Parkson 34,062 0.04 

91,800 Petronas Chemicals 192,220 0.21 

8,100 Petronas Dagangan 59,627 0.07 

19,400 Petronas Gas 120,595 0.13 

15,700 PPB 61,947 0.07 

34,400 Public Bank 161,843 0.18 

23,057 RHB Capital 54,389 0.06 

73,800 Sapurakencana Petroleum 56,017 0.06 

87,900 Sime Darby 281,832 0.31 

14,100 SP Setia 16,792 0.02 

35,700 Telekom Malaysia 72,299 0.08 

89,400 Tenaga Nasional 199,479 0.22 

54,200 UEM Land 29,791 0.03 

17,400 UMW 56,928 0.06 

151,954 YTL Corp 85,510 0.09 

10,130 YTL Corp Rts 5,038 0.01 

79,600 YTL Power International 43,231 0.05 

Total Malaysia 4,245,374 4.71 

People's Republic of China: 21.74% 

48,000 Agile Property 54,109 0.06 

702,000 Agricultural Bank of China 273,439 0.30 

62,000 Air China 39,024 0.04 

136,000 Aluminumof China 56,307 0.06 

32,000 Angang Steel 16,509 0.02 

40,500 Anhui Conch Cement 126,150 0.14 

25,000 Anta Sports Products 19,218 0.02 

60,000 AviChina Industry & Technology 22,829 0.03





US$ 

% of Net 

Assets 

2,457,000 Bank of China 934,853 1.04 

229,000 Bank of Communications 155,359 0.17 

32,500 BBMG 24,899 0.03 

66,000 Beijing Capital International Airport 44,265 0.05 

16,500 Beijing Enterprises 110,025 0.12 

82,000 Brilliance China Automotive 90,427 0.10 

15,000 BYD 26,157 0.03 

47,000 China Agri-Industries 26,612 0.03 

52,000 China BlueChemical 30,785 0.03 

244,000 China Citic Bank 115,812 0.13 

134,000 China Coal Energy 122,364 0.14 

145,000 China Communications Construction 117,261 0.13 

86,000 China Communications Services 49,804 0.06 

2,356,000 China Construction Bank 1,634,834 1.82 

75,000 China COSCO 30,665 0.03 

26,000 China Everbright 32,629 0.04 

18,800 China International Marine Containers 23,423 0.03 

243,000 China Life Insurance 702,054 0.78 

72,000 China Longyuan Power 47,361 0.05 

128,000 China Merchants Bank 215,610 0.24 

36,968 China Merchants International 113,957 0.13 

170,000 China Minsheng Banking 134,189 0.15 

197,000 China Mobile 2,183,878 2.43 

94,000 China National Building Material 103,902 0.12 

50,000 China Oilfield Services 91,059 0.10 

134,000 China Overseas Land & Investment 340,822 0.38 

64,200 China Pacific Insurance 194,175 0.22 

548,000 China Petroleum & Chemical 511,723 0.57 

132,000 China Railway 57,715 0.06 

65,000 China Railway Construction 58,182 0.06 

40,000 China Resources Enterprise 133,621 0.15 

22,000 China Resources Gas 44,946 0.05 

61,400 China Resources Power 134,469 0.15 

91,000 China Rongsheng Heavy Industries 12,089 0.01 

64,000 China Shanshui Cement 41,686 0.05 

111,000 China Shenhua Energy 430,929 0.48 

146,000 China Shipping Container Lines 29,753 0.03 






US$ 


% of Net 

Assets 

38,000 China Shipping Development 15,782 0.02 

52,000 China Southern Airlines 22,870 0.03 

58,000 China State Construction International 68,224 0.08 

28,200 China Taiping Insurance 44,301 0.05 

454,000 China Telecom 262,331 0.29 

154,000 China Unicom Hong Kong 252,653 0.28 

45,100 China Vanke 56,715 0.06 

40,000 China Yurun Food 28,685 0.03 

25,500 China ZhengTong Auto Services 16,083 0.02 

47,200 China Zhongwang 18,142 0.02 

89,000 Chongqing Rural Commercial Bank 35,126 0.04 

42,000 Citic Pacific 50,433 0.06 

17,000 CITIC Securities 29,995 0.03 

583,000 CNOOC 1,195,589 1.33 

52,907 COSCO Pacific 73,971 0.08 

29,000 CoscoSingapore 22,813 0.03 

145,000 Country Garden 56,480 0.06 

22,200 CSG 14,145 0.02 

68,000 CSR 44,993 0.05 

24,000 Dah Chong Hong 21,854 0.02 

26,000 Daphne International 26,090 0.03 

86,000 Datang International Power Generation 28,950 0.03 

10,000 Dongfang Electric 13,620 0.02 

90,000 Dongfeng Motor 105,053 0.12 

24,000 ENN Energy 101,067 0.11 

171,000 Evergrande Real Estate 67,710 0.07 

47,000 Fosun International 22,551 0.02 

63,000 Foxconn International 20,720 0.02 

112,000 Franshion Properties China 34,236 0.04 

125,000 Geely Automobile 47,399 0.05 

22,000 Golden Eagle Retail 43,187 0.05 

34,000 Great Wall Motor 89,679 0.10 

82,000 Guangdong Investment 64,832 0.07 

72,000 Guangzhou Automobile 47,268 0.05 

28,000 Guangzhou R&F Properties 32,250 0.04 

24,000 Hengan International 226,898 0.25 

104,000 Huaneng Power International 79,141 0.09





US$ 

% of Net 

Assets 

2,126,000 Industrial & Commercial Bank of China 1,255,871 1.39 

19,600 Inner Mongolia Yitai Coal 105,801 0.12 

29,000 Intime Department Store 31,419 0.03 

36,000 Jiangsu Expressway 29,856 0.03 

46,000 Jiangxi Copper 116,524 0.13 

104,000 Kunlun Energy 182,158 0.20 

202,000 Lenovo 167,264 0.19 

43,000 Longfor Properties 66,553 0.07 

84,000 Metallurgicalof China 16,468 0.02 

48,000 Nine Dragons Paper 24,145 0.03 

41,000 Parkson Retail 34,373 0.04 

688,000 PetroChina 901,568 1.00 

86,000 PICC Property & Casualty 105,597 0.12 

61,500 Ping An Insurance Groupof China 464,824 0.52 

58,000 Poly Property 31,120 0.03 

27,000 Sany Heavy Equipment International 14,696 0.02 

56,000 Shandong Weigao Medical Polymer 72,372 0.08 

102,000 Shanghai Electric 36,310 0.04 

19,000 Shanghai Industrial 56,486 0.06 

25,500 Shanghai Pharmaceuticals 47,295 0.05 

45,500 Shimao Property 78,286 0.09 

76,000 Shui On Land 28,721 0.03 

87,000 Sihuan Pharmaceutical 31,756 0.03 

92,717 Sino-Ocean Land 52,498 0.06 

68,000 Sinopec Shanghai Petrochemical 17,541 0.02 

25,600 Sinopharm 82,051 0.09 

74,500 Soho China 46,123 0.05 

62,500 Sun Art Retail 77,790 0.09 

33,100 Tencent 1,127,917 1.25 

64,000 Tingyi Cayman Islands 192,745 0.21 

10,000 Tsingtao Brewery 55,203 0.06 

38,000 Uni-President China 43,718 0.05 

194,000 Want Want China 247,465 0.27 

16,200 Weichai Power 49,624 0.05 

18,000 Wumart Stores 26,884 0.03 

63,000 Yangzijiang Shipbuilding 50,330 0.06 

64,000 Yanzhou Coal Mining 97,569 0.11 






US$ 


% of Net 

Assets 

182,000 Yuexiu Property 46,244 0.05 

31,000 Zhaojin Mining Industry 56,296 0.06 

42,000 Zhejiang Expressway 29,252 0.03 

16,500 Zhongsheng 20,622 0.02 

16,000 Zhuzhou CSR Times Electric 41,190 0.05 

198,000 Zijin Mining 79,933 0.09 

45,200 Zoomlion Heavy Industry Science and Technology 51,361 0.06 

23,400 ZTE 37,545 0.04 

Total People's Republic of China 19,571,079 21.74 

Philippines: 1.18% 

63,140 Aboitiz Equity Ventures 73,940 0.08 

64,200 Aboitiz Power 51,634 0.06 

147,500 Alliance Global Group 51,978 0.06 

5,880 Ayala 60,076 0.07 

179,500 Ayala Land 102,627 0.11 

23,490 Bank of the Philippine Islands 44,936 0.05 

46,830 BDO Unibank 72,858 0.08 

22,970 DMCI 31,965 0.04 

218,600 Energy Development 31,861 0.04 

965 Globe Telecom 26,765 0.03 

27,750 International Container Terminal Services 46,832 0.05 

12,080 Jollibee Foods 29,248 0.03 

5,230 Manila Electric 31,970 0.04 

5,200 Metropolitan Bank & Trust 11,531 0.01 

1,415 Philippine Long Distance Telephone 94,435 0.10 

16,990 San Miguel 44,924 0.05 

7,020 SM Investments 122,848 0.14 

228,425 SM Prime 77,757 0.09 

28,540 Universal Robina 47,618 0.05 

Total Philippines 1,055,803 1.18 

Republic of South Korea: 20.37% 

97 Amorepacific Group 43,027 0.05 

104 Amorepacific 110,417 0.12 

5,670 BS Financial Group 61,219 0.07 

3,413 Celltrion 85,983 0.10





US$ 

% of Net 

Assets 

1,532 Cheil Industries 139,909 0.16 

422 CJ 38,159 0.04 

255 CJ CheilJedang 70,551 0.08 

908 Daelim Industrial 77,530 0.09 

3,370 Daewoo Engineering & Construction 31,686 0.04 

1,300 Daewoo International 49,243 0.05 

5,320 Daewoo Securities 61,030 0.07 

3,120 Daewoo Shipbuilding & Marine Engineering 72,847 0.08 

4,620 DGB Financial Group 61,105 0.07 

1,450 Dongbu Insurance 63,144 0.07 

1,080 Dongkuk Steel Mill 15,839 0.02 

231 Doosan 28,578 0.03 

1,540 Doosan Heavy Industries & Construction 77,594 0.09 

3,460 Doosan Infracore 59,149 0.07 

681 E-Mart 148,586 0.17 

1,659 GS 99,711 0.11 

1,166 GS Engineering & Construction 80,361 0.09 

7,530 Hana Financial Group 230,692 0.26 

2,490 Hankook Tire Worldwide 93,199 0.10 

1,590 Hanwha 49,570 0.05 

2,910 Hanwha Chemical 55,900 0.06 

467 Honam Petrochemical 111,558 0.12 

820 Hyosung 45,964 0.05 

499 Hyundai Department Store 68,693 0.08 

1,650 Hyundai Development 33,032 0.04 

2,177 Hyundai Engineering & Construction 132,215 0.15 

427 Hyundai Glovis 93,551 0.10 

1,365 Hyundai Heavy Industries 310,109 0.34 

1,130 Hyundai Hysco 47,989 0.05 

2,100 Hyundai Marine & Fire Insurance 65,376 0.07 

1,620 Hyundai Merchant Marine 38,845 0.04 

358 Hyundai Mipo Dockyard 43,807 0.05 

2,225 Hyundai Mobis 621,601 0.69 

5,034 Hyundai Motor 1,141,389 1.27 

775 Hyundai Motor Pref 50,206 0.06 

1,225 Hyundai Motor 2nd Pref 85,530 0.09 

3,470 Hyundai Securities 28,973 0.03 






US$ 


% of Net 

Assets 

1,806 Hyundai Steel 143,482 0.16 

503 Hyundai Wia 84,857 0.09 

5,230 Industrial Bank of Korea 57,644 0.06 

3,140 Kangwon Land 70,630 0.08 

11,980 KB Financial Group 427,925 0.47 

123 KCC 32,260 0.04 

8,596 Kia Motors 536,755 0.60 

980 Korea Aerospace Industries 24,601 0.03 

8,370 Korea Electric Power 210,111 0.23 

8,660 Korea Exchange Bank 66,152 0.07 

680 Korea Gas 43,929 0.05 

1,400 Korea Investment 50,512 0.06 

5,060 Korea Life Insurance 35,147 0.04 

277 Korea Zinc 121,749 0.13 

1,240 Korean Air Lines 53,051 0.06 

1,430 KP Chemical 16,984 0.02 

2,007 KT ADR 31,389 0.03 

3,579 KT&G 272,750 0.30 

455 Kumho Petro chemical 50,559 0.06 

3,093 LG 173,097 0.19 

1,514 LG Chem 451,574 0.50 

222 LG Chem Pref 19,815 0.02 

7,580 LG Display 193,349 0.21 

3,474 LG Electronics 215,674 0.24 

305 LG Household & Health Care 174,258 0.19 

375 LG Innotek 27,330 0.03 

8,000 LG Uplus 52,401 0.06 

21 Lotte Confectionery 29,325 0.03 

333 Lotte Shopping 95,877 0.11 

617 LS 53,793 0.06 

437 LS Industrial Systems 27,445 0.03 

416 Mando 57,641 0.06 

670 Mirae Asset Securities 20,406 0.02 

500 NCSoft 106,845 0.12 

1,334 NHN 348,676 0.39 

502 OCI 81,301 0.09 

116 Orion Corp 101,344 0.11





US$ 

% of Net 

Assets 

2,132 POSCO 701,123 0.78 

498 S1 30,648 0.03 

4,070 Samsung C&T 241,690 0.27 

1,490 Samsung Card 53,692 0.06 

1,938 Samsung Electro-Mechanics 168,093 0.19 

3,607 Samsung Electronics 4,368,286 4.85 

670 Samsung Electronics Pref 475,633 0.53 

978 Samsung Engineering 168,951 0.19 

1,157 Samsung Fire & Marine Insurance 248,800 0.28 

5,270 Samsung Heavy Industries 178,761 0.20 

1,943 Samsung Life Insurance 168,003 0.19 

1,109 Samsung SDI 158,154 0.18 

1,961 Samsung Securities 92,455 0.10 

1,202 Samsung Techwin 69,540 0.08 

13,920 Shinhan Financial 475,303 0.53 

227 Shinsegae 42,891 0.05 

840 SK 117,525 0.13 

735 SK C&C 65,999 0.07 

16,970 SK Hynix 347,363 0.39 

1,958 SK Innovation 296,847 0.33 

4,200 SK Networks 38,734 0.04 

2,947 SK Telecom ADR 42,849 0.05 

1,461 S-Oil 139,340 0.15 

1,820 Woongjin Coway 50,354 0.06 

11,820 Woori Finance 116,985 0.13 

4,610 Woori Investment & Securities 48,737 0.05 

331 Yuhan 45,566 0.05 

Total Republic of South Korea 18,336,827 20.37 

Singapore: 6.48% 

84,000 CapitaLand 217,755 0.24 

44,000 CapitaMalls Asia 59,183 0.07 

16,000 City Developments 153,126 0.17 

62,000 ComfortDelGro 86,680 0.10 

59,086 DBS 693,118 0.77 

30,000 Fraser and Neave 217,168 0.24 

199,000 Genting Singapore 222,247 0.25 






US$ 


% of Net 

Assets 

67,000 Global Logistic Properties 137,091 0.15 

218,000 Golden Agri-Resources 117,290 0.13 

3,000 Jardine Cycle & Carriage 117,633 0.13 

47,000 Keppel 436,782 0.49 

25,000 Keppel Land 72,349 0.08 

35,000 Neptune Orient Lines 32,241 0.04 

52,000 Olam International 86,900 0.10 

84,000 Oversea-Chinese Banking 639,570 0.71 

32,000 SembCorp Industries 147,909 0.16 

27,000 SembCorp Marine 109,391 0.12 

18,000 Singapore Airlines 157,594 0.17 

28,000 Singapore Exchange 159,778 0.18 

53,000 Singapore Press 175,846 0.19 

50,000 Singapore Technologies Engineering 144,290 0.16 

260,000 Singapore Telecommunications 678,242 0.75 

20,000 StarHub 60,651 0.07 

42,000 United Overseas Bank 672,781 0.75 

15,000 United Overseas Land 70,066 0.08 

63,000 Wilmar International 166,911 0.18 

Total Singapore 5,832,592 6.48 

Taiwan: 14.54% 

80,000 Acer 78,599 0.09 

198,143 Advanced Semiconductor Engineering 152,763 0.17 

8,000 Advantech 29,202 0.03 

2,000 Airtac International 10,030 0.01 

63,650 Asia Cement 80,449 0.09 

22,000 Asustek Computer 239,037 0.27 

246,000 AU Optronics 88,956 0.10 

52,000 Capital Securities 19,779 0.02 

18,000 Catcher Technology 84,739 0.09 

232,050 Cathay Financial 249,359 0.28 

144,210 Chang Hwa Commercial Bank 78,221 0.09 

60,160 Cheng Shin Rubber Industry 158,027 0.18 

11,110 Cheng Uei Precision Industry 26,606 0.03 

17,455 Chicony Electronics 41,087 0.05 

178,664 Chimei Innolux 64,911 0.07





US$ 

% of Net 

Assets 

96,000 China Airlines 40,118 0.05 

302,200 China Development Financial 74,742 0.08 

59,439 China Life Insurance (Taiwan Listing) 55,052 0.06 

16,000 China Motor 15,447 0.02 

41,000 China Petrochemical Development 34,757 0.04 

375,575 China Steel 342,731 0.38 

361,112 Chinatrust Financial 218,046 0.24 

124,000 Chunghwa Telecom 397,209 0.44 

13,000 Clevo 19,269 0.02 

137,000 Compal Electronics 123,150 0.14 

20,000 CTCI 45,713 0.05 

59,000 Delta Electronics 228,444 0.25 

24,000 E Ink 26,200 0.03 

126,950 E.Sun Financial 71,891 0.08 

24,000 Epistar 51,253 0.06 

20,000 Eternal Chemical 17,091 0.02 

47,000 Eva Airways 27,578 0.03 

57,000 Evergreen MarineTaiwan 30,042 0.03 

10,000 Everlight Electronics 16,187 0.02 

28,080 Far Eastern Department Stores 30,318 0.03 

99,370 Far Eastern New Century 112,206 0.13 

52,000 Far EasTone Telecommunications 128,610 0.14 

14,000 Farglory Land Development 26,172 0.03 

13,000 Feng Hsin Iron & Steel 22,529 0.03 

214,080 First Financial 132,552 0.15 

102,000 Formosa Chemicals & Fibre 274,194 0.31 

1,100 Formosa International Hotels 13,190 0.01 

37,000 Formosa Petrochemical 111,201 0.12 

130,000 Formosa Plastics 371,638 0.41 

22,000 Formosa Taffeta 21,089 0.02 

24,000 Foxconn Technology 93,336 0.10 

186,290 Fubon Financial 202,727 0.23 

9,000 Giant Manufacturing 47,743 0.05 

12,000 Highwealth Construction 20,161 0.02 

5,200 Hiwin Technologies 38,139 0.04 

326,700 Hon Hai Precision Industry 1,025,343 1.14 

8,000 Hotai Motor 57,175 0.06 






US$ 


% of Net 

Assets 

24,000 HTC 232,521 0.26 

171,500 Hua Nan Financial 96,241 0.11 

55,000 Inotera Memories 9,494 0.01 

68,310 Inventec 27,032 0.03 

85,000 KGI Securities 39,291 0.04 

8,000 Kinsus Interconnect Technology 23,498 0.03 

3,000 Largan Precision 62,122 0.07 

13,000 LCY Chemical 18,870 0.02 

68,305 Lite-On Technology 88,196 0.10 

102,760 Macronix International 34,319 0.04 

37,558 MediaTek 396,548 0.44 

262,165 Mega Financial 202,123 0.22 

9,000 Motech Industries 9,487 0.01 

7,000 MStar Semiconductor 56,237 0.06 

17,289 Nan Kang Rubber Tire 24,064 0.03 

154,000 Nan Ya Plastics 308,909 0.34 

6,000 Nan Ya Printed Circuit Board 9,794 0.01 

17,000 Novatek Microelectronics 61,473 0.07 

52,000 Pegatron 67,675 0.08 

4,000 Phison Electronics 32,272 0.04 

73,000 Pou Chen 74,710 0.08 

25,000 Powertech Technology 48,015 0.05 

19,000 President Chain Store 101,762 0.11 

82,000 Quanta Computer 217,913 0.24 

14,360 Radiant Opto-Electronics 62,214 0.07 

16,120 Realtek Semiconductor 31,950 0.04 

4,000 Richtek Technology 23,948 0.03 

17,000 Ruentex Development 32,187 0.04 

17,000 Ruentex Industries 39,900 0.04 

204,000 Shin Kong Financial 56,857 0.06 

97,000 Siliconware Precision Industries 108,041 0.12 

8,700 Simplo Technology 52,087 0.06 

17,000 Sino-American Silicon Products 23,024 0.03 

197,803 SinoPac Financial 83,336 0.09 

7,440 Standard Foods 20,635 0.02 

41,000 Synnex Technology International 92,872 0.10 

215,373 Taishin Financial 83,024 0.09





US$ 

% of Net 

Assets 

85,280 Taiwan Business Bank 25,659 0.03 

103,000 Taiwan Cement 127,549 0.14 

154,693 Taiwan Cooperative Financial 85,754 0.10 

24,000 Taiwan Fertilizer 65,089 0.07 

27,170 Taiwan Glass Industry 27,575 0.03 

55,000 Taiwan Mobile 200,761 0.22 

804,000 Taiwan Semiconductor Manufacturing 2,463,002 2.74 

61,000 Teco Electric and Machinery 42,243 0.05 

7,183 TPK 94,218 0.10 

6,000 Transcend Information 16,231 0.02 

16,000 Tripod Technology 39,299 0.04 

16,500 TSRC 36,587 0.04 

21,000 Tung Ho Steel Enterprise 21,492 0.02 

12,000 U-Ming Marine Transport 19,199 0.02 

40,000 Unimicron Technology 47,691 0.05 

135,280 Uni-President Enterprises 239,977 0.27 

401,000 United Microelectronics 166,892 0.19 

108,000 Walsin Lihwa 37,764 0.04 

32,000 Wan Hai Lines 17,958 0.02 

59,000 Wintek 30,895 0.03 

67,900 Wistron 81,535 0.09 

46,000 WPG 61,200 0.07 

41,000 Yang Ming Marine Transport 17,064 0.02 

263,000 Yuanta Financial 138,168 0.15 

29,000 Yulon Motor 58,369 0.06 

5,250 Zhen Ding Technology 16,495 0.02 

Total Taiwan 13,096,315 14.54 

Thailand: 2.89% 

3,100 Advanced Info Service 21,553 0.02 

26,000 Advanced Info Service Receipt 180,767 0.20 

10,200 Bangkok Bank 64,289 0.07 

35,100 Bangkok Bank Receipt 221,228 0.25 

7,600 Bank of Ayudhya 7,716 0.01 

53,100 Bank of Ayudhya Receipt 53,911 0.06 

600 Banpu 7,641 0.01 

3,200 Banpu Receipt 40,754 0.05 






US$ 


% of Net 

Assets 

5,800 BEC World 11,683 0.01 

26,200 BEC World Receipt 52,775 0.06 

12,900 Charoen Pokphand Foods 14,040 0.02 

87,700 Charoen Pokphand Foods Receipt 95,450 0.11 

19,900 CP ALL 22,952 0.03 

123,300 CP ALL Receipt 142,208 0.16 

14,900 Glow Energy Receipt 32,070 0.04 

9,000 Indorama Ventures 8,406 0.01 

42,100 Indorama Ventures Receipt 39,323 0.04 

62,800 IRPC 8,692 0.01 

291,900 IRPC Receipt 40,399 0.04 

14,400 Kasikornbank 85,380 0.09 

46,370 Kasikornbank Receipt 274,936 0.30 

32,200 Krung Thai Bank 19,144 0.02 

81,500 Krung Thai Bank Receipt 48,455 0.05 

20,375 Krung Thai 3,773 - 

3,600 PTT 38,480 0.04 

5,300 PTT Exploration & Production 27,981 0.03 

32,500 PTT Exploration & Production Receipt 171,581 0.19 

5,800 PTT Global Chemical 11,871 0.01 

48,600 PTT Global Chemical Receipt 99,474 0.11 

24,300 PTT Receipt 259,737 0.29 

4,500 Siam Cement 51,023 0.06 

9,400 Siam Cement Receipt 106,582 0.12 

5,300 Siam Commercial Bank 29,358 0.03 

45,500 Siam Commercial Bank Receipt 249,082 0.28 

3,900 Thai Oil 8,268 0.01 

23,800 Thai Oil Receipt 50,453 0.06 

Total Thailand 2,601,435 2.89 


Collective Investment Schemes: 0.67% 

73,895 Link Real Estate Investment Trust 350,258 0.39 

62,000 Ascendas Real Estate Investment Trust 121,806 0.14 

76,000 CapitaMall Trust 125,149 0.14 

Total Collective Investment Schemes 597,213 0.67





US$ 

No. of 

Contracts 


Futures Contracts: 0.02% 

Unrealised 

Gain US$ 

% of Net 

Assets 

Citigroup Hang Seng Index Futures October 2012 807,726 6 13,464 0.01 

Citigroup KSE Kospi Index Futures December 2012 475,426 4 10,964 0.01 

Citigroup SGX MSCI Singapore Index Futures October 2012 114,779 2 489 - 

Citigroup SGX MSCI Taiwan Index Futures October 2012 330,480 12 1,800 - 

Total Futures Contracts 26,717 0.02 


Cash 1,292,362 1.44 





Assets 



Financial derivative instruments dealt on a regulated market 0.03 


100.00 





Acquisitions Nominal Asset Name Cost US$ 

3,825 Samsung Electronics 4,711,247 

852,000 Taiwan Semiconductor Manufacturing 2,506,956 

209,000 China Mobile 2,374,613 

2,477,000 China Construction Bank 1,842,583 

2,237,000 Industrial & Commercial Bank of China 1,448,892 

621,000 CNOOC 1,336,882 

348,400 AIA 1,257,321 

5,347 Hyundai Motor 1,247,083 

35,100 Tencent 1,124,408 

730,000 PetroChina 1,066,036 

2,573,000 Bank of China 1,032,926 

320,000 Hon Hai Precision Industry 983,715 

2,262 POSCO 751,594 

75,000 Hutchison Whampoa 733,634 

258,000 China Life Insurance 727,622 


62,086 DBS 714,902 

276,000 Singapore Telecommunications 703,157 

14,057 Infosys 679,429 

42,678 Reliance Industries 667,357 





Disposals Nominal Asset Name Proceeds US$ 

1,818,397 iShares MSCI Far East Ex-Japan ETF 79,982,579 


3,045 Infosys ADR 140,798 

48,000 Taiwan Semiconductor Manufacturing 131,670 

12,000 China Mobile 129,833 

3,020 HDFC Bank 106,054 

121,000 China Construction Bank 82,374 

38,000 CNOOC 74,463 

313 Hyundai Motor 64,614 

36,500 Alibaba 63,510 

46,000 China Unicom Hong Kong 62,742 

5,568 SK Telecom ADR 62,027 

111,000 Industrial & Commercial Bank of China 61,029 

2,000 Tencent 59,172 


8,138 Sterlite Industries 56,395 

18,000 Hon Hai Precision Industry 54,529 

6,500 CLP 53,937 

6,261 Wipro 53,192 

42,000 PetroChina 53,177 


PROFIT aND LOSS aCCOUNT 

For the six months ended 30 September 2012 

Period Ended 

30 September 

2012 

Total €* 

AC Asia 

(Ex-Japan) 

Equity Index 

Fund** US$* 

Euro Govt 

Inflation 

Linked Index 

€ 

Emerging 

Markets 

Index 

US$* 

UK 

Equity 

Index 

€ 

Pacific 

(Ex Japan) 

Equity Index 

€ 

North 

America 

Equity Index 

€ 

Japan 

Equity 

Index 

€ 

Index 

Linked 

Bond Index 

£* 

Euro 

Govt 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Income 

Income from financial assets at fair value 

through profit or loss - held for trading: 

Dividend income 4,351,816 - 

- 285,428 2,459,446 1,299,997 636,021 2,075,094 - 1,373,193 11,755,048 

Bond interest income - 1,748,488 128,318 - 

- 

- 

- 

- 3,450,366 - 5,358,963 

Securities lending income 13 209,831 23,827 119 6,927 32,655 8,114 5,314 26,051 - 8,327 313,957 


Gains and losses from financial assets 

at fair value through profit or loss: 

(1,060,190) (5) 288,537 108,406 2,084,309 732,357 28,302 (845,661) 3,616,698 (703,719) 4,646,701 

Net realised (loss)/gain on investments - 

held for trading 

349,050 489,610 

(62,701) 204,025 6,200 (11,648) (27,502) - 

- 

99,880 - 

Net realised gain/(loss) on futures 

contracts - held for trading 

11,284 4 69 44,536 130,616 25,421 10,986 (49,975) 3 58,552 229,707 

Net realised gain/(loss) on foreign 

currency - held for trading 

4,585,724 1,836,337 (974,118) (1,405,889) 9,575,860 1,974,837 1,256,412 (1,887,031) 24,640,199 (343,620) 39,486,977 

Movement in unrealised gain/(loss) on 

investments - held for trading 

26,717 (79,013) 

(6,320) (109,429) (6,648) (1,693) (10,125) - 

- 

31,978 - 


futures - held for trading 

1,305 (5,089) 

(2,192) 2 1 (19,882) 2,054 12,172 (1,450) 4,022 - 

Movement in unrealised (loss)/gain on 

foreign currency - held for trading 

Income from financial assets that are not 

at fair value through profit or loss 

4,615 

22 5 271 1,964 592 1,692 3 - 

Bank interest income 6 417 - 

Net investment income/(loss) 8,228,548 3,608,653 (557,052) (1,049,490) 14,379,807 4,054,414 1,922,836 (713,435) 31,707,269 769,805 62,201,476



Period Ended 

30 September 

2012 

Total €* 

AC Asia 

(Ex-Japan) 

Equity Index 

Fund** US$* 

Euro Govt 

Inflation 

Linked Index 

€ 

Emerging 

Markets 

Index 

US$* 

UK 

Equity 

Index 

€ 

Pacific 

(Ex Japan) 

Equity Index 

€ 

North 

America 

Equity Index 

€ 

Japan 

Equity 

Index 

€ 

Index 

Linked 

Bond Index 

£* 

Euro 

Govt 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Operating expenses 

Administration fee 1, 6 17,177 9,436 2,328 2,313 21,935 4,184 2,720 9,737 43,898 5,964 116,963 

Custody fee 1, 6 17,177 9,436 2,328 2,313 21,935 4,251 2,720 - 43,898 29,820 128,177 

Sub-custody fee 1 - 

- 

- 

- 

- 

- 

- 65,725 - 

- 51,888 

Investment Management fee 1, 6 85,311 37,743 9,313 11,228 105,462 20,672 13,248 93,473 92,018 23,856 469,931 

Directors' fees 11 3,257 1,813 472 440 4,260 823 517 1,964 8,505 960 22,512 

Audit fee 4,301 4,342 3,516 4,378 4,335 4,370 4,373 5,415 4,397 4,640 42,821 

28,339 

Management Company fee 6 4,703 1,784 524 557 5,138 919 661 3,755 10,959 - 

5,354 

Company Secretarial fee 6 1,505 646 151 75 1,805 80 80 153 854 - 

56,479 80,076 

4,854 3,390 3,070 3,884 4,582 - 

- 

Transaction costs 16,672 - 

Other operating expenses 5,442 3,851 1,982 2,002 6,413 (30,792) 2,127 6,412 24,000 3,656 23,464 

155,545 69,051 20,614 28,160 174,673 7,577 30,330 191,216 228,529 125,375 969,525 

Total operating expenses before 

finance costs 

8,073,003 3,539,602 (577,666) (1,077,650) 14,205,134 4,046,837 1,892,506 (904,651) 31,478,740 644,430 61,231,951 

Net income/((oss) from 

operations before finance costs 

Finance costs 

northerntrust.com | Northern Trust Investment Funds PLC - Interim Report and Financial Statements | 149 of 184 

(10,936) (8,680) 

- 

- 

- 

- 

- 

- 

(46) - 

Overdraft interest expense 6 - 

(21,876,706) 

Dividends (4,749,050) (2,812,525) (216,397) (459,954) (2,556,485) (1,392,582) (890,477) (2,670,807) (6,637,085) - 

(152,930) (1,947,995) 

(19,976) (736,083) (197,811) (60,804) (247,694) - 

- 

(617,038) - 

Withholding taxes on dividends and 

other investment income 

2,706,915 727,031 (794,063) (1,557,580) 10,912,566 2,456,444 941,225 (3,823,152) 24,841,655 480,564 37,398,570 

Changes in net assets attributable to holders 

of redeemable participating shares 

All results arise from continuing operations. The accompanying notes form an integral part of these financial statements. *Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for 

the period of 1.2478 and 0.7895, respectively, for the purpose of aggregation. ** The NT All Country Asia (Ex-Japan) Equity Index Fund launched on 3 May 2012, when the first subscriptions were made.

BaLaNCE SHEET 


As at 

AC Asia 

Euro Govt 

UK 

Pacific 

North 

Japan 

Equity 

Index 

America 

Linked 

Euro 

Govt 

30 September 

2012 

(Ex-Japan) 

(Ex Japan) 

Equity Index 

Emerging 

Markets 

Index 

Total €* 

Fund** US$* 

Inflation Linked 

Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Assets 

Financial assets at fair value through 

profit or loss - held for trading 

Investments in transferable securities 185,611,145 00,067,452 22,559,969 22,683,017 226,407,767 44,465,860 20,526,570 103,544,938 458,686,072 87,630,481 1,235,365,938 


597,213 7,639,187 

- 

258,075 5,828,831 877,728 210,338 - 

- 

- 

Investments in collective investment schemes - 

26,717 22,512 

- 

- 

1,745 - 

- 

- 

- 

Unrealised gain on futures contracts - 

Loans and receivables 

Cash at bank 5 133,194 879,871 17,662 369,729 2,146,341 240,500 426,376 802,854 1,118,118 1,292,362 6,964,914 

408,092 1,110,697 

13,736 337,689 50,619 42,721 119,063 - 

- 

Margin cash 5 256,173 - 

Other assets 2 340,609 3,554,311 74,657 251,122 306,242 313,562 95,155 358,085 4,462,023 109,011 9,779,807 

Total assets 186,341,121 104,501,634 22,652,288 23,575,679 235,026,870 45,950,014 21,301,160 104,824,940 464,266,213 90,063,876 1,260,883,055

As at 

AC Asia 

Euro Govt 

UK 

Pacific 

North 

Japan 

Equity 

Index 

America 

Linked 

Euro 

Govt 

30 September 

2012 

(Ex-Japan) 

(Ex Japan) 

Equity Index 

Emerging 

Markets 

Index 

Total €* 

Fund** US$* 


Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Liabilities 

Financial liabilities at fair value through 

profit or loss - held for trading 

105,204 

- 

2,606 40,901 1,768 13,093 19,930 - 

- 

Unrealised loss on futures contracts 31,344 - 

Financial liabilities measured at amortised cost 

Administration fee payable 1, 6 6,175 3,184 749 776 7,597 1,497 929 3,264 14,805 2,420 40,321 

14,805 12,098 45,408 

Custody fee payable 1, 6 6,175 3,184 749 776 7,597 1,598 929 - 

16,447 

- 

4 21,066 - 

59 - 

- 

- 

Sub-custody fee payable 1 9 - 

Investment Management fee payable 1, 6 30,063 12,737 2,996 3,699 36,521 7,397 4,526 31,475 31,036 4,637 157,809 

Audit fee payable 5,054 5,084 4,426 5,082 5,092 5,082 5,083 6,822 5,077 4,640 50,019 

Operating expenses payable 16,767 8,386 1,839 1,550 19,917 2,353 1,509 9,481 81,814 1,654 143,260 

16,144 106,020 44,711 3,050 9,013 5,364,671 717 8,813,381 

Other liabilities 2 294,078 2,977,144 - 

389,665 3,009,719 10,759 30,633 223,704 64,406 29,123 101,051 5,512,208 26,166 9,371,849 

Total liabilities (excluding net assets attributable 

to holders of redeemable participating shares) 

185,951,456 101,491,915 22,641,529 23,545,046 234,803,166 45,885,608 21,272,037 104,723,889 458,754,005 90,037,710 1,251,511,206 

Net assets attributable to holders of 


The accompanying notes form an integral part of these financial statements. * Sub-Funds denominated in £ and US$ have been converted to € at the closing exchange rates for the period of 1.2552 and 0.7773, respectively, for the purpose of aggregation. 

** The NT All Country Asia (Ex-Japan) Equity Index Fund launched on 3 May 2012, when the first subscriptions were made. 


STaTEMENT OF CHaNGES IN NET aSSETS aTTRIBUTaBLE TO HOLDERS OF REDEEMaBLE PaRTICIPaTING SHaRES 


Six months 

ended 

AC Asia 

UK 

Pacific 

North 

Index 

(Ex-Japan) 

Euro Govt 

Inflation 

Emerging 

Markets 

Index 

(Ex Japan) 

America 

Japan 

Equity 

Linked 

Euro 

Govt 

Europe 

(Ex-UK) 

30 September 

2012 Total €* 

Equity Index 

Fund** US$* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Equity Index 

€ 

1,082,206,248 

165,442,007 90,200,521 23,219,195 22,904,347 208,959,959 37,839,812 25,567,430 102,104,629 426,761,914 - 

Net assets attributable to holders 


at the beginning of the period 

30,935,925 18,229,682 216,397 4,416,834 24,627,774 8,622,774 4,008,513 9,159,179 9,023,238 95,791,466 182,990,775 

Proceeds from redeemable participating 

shares issued 


(2,222,126) (9,700,327) (3,038,502) (9,256,704) (2,725,314) (1,872,802) (6,683,402) (54,320,977) 

(13,136,316) (7,666,244) - 

Payments for redeemable participating 

shares redeemed 

2,706,915 727,031 (794,063) (1,557,580) 10,912,566 2,456,444 941,225 (3,823,152) 24,841,655 480,564 37,398,570 

Changes in net assets attributable to 

holders of redeemable participating shares 

449,082 388,554 

3,571 3,194 5,080 11,573 8,547 - 

Dilution levy 2,925 925 - 

2,848,036 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Foreign exchange adjustments on aggregation - 

185,951,456 101,491,915 22,641,529 23,545,046 234,803,166 45,885,608 21,272,037 104,723,889 458,754,005 90,037,710 1,251,511,206 



at the end of the period 

The accompanying notes form an integral part of these financial statements. * Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for the period of 1.2478 and 0.7895 respectively for the purpose of aggregation. 

** The NT All Country Asia (Ex-Japan) Equity Index Fund launched on 3 May 2012, when the first subscriptions were made.


For the year ended 31 March 2012 

Year ended 

31 March 

2012 

Euro Govt 

Inflation 

Emerging 

Markets 

Index 

UK 

Pacific 

North 

Japan 

Equity 

Index 

(Ex Japan) 

America 

Euro 

Govt 

Total €* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Linked Bond 

Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Income 



16,032,773 

567,346 3,972,756 1,930,206 1,088,837 3,624,582 - 

- 

Dividend income 5,838,709 - 

17,177,036 20,790,821 

- 

- 

- 

- 

2,520,984 942,501 - 

Bond interest income - 

372,897 

Securities lending income 13 251,953 23,514 44 5,597 52,740 9,345 3,436 36,125 - 



(6,954,934) (633,380) 839,847 (98,742) 1,926,763 501,257 (313,427) (5,920,080) 2,556,237 (6,346,099) 



923,607 

(52,312) 624,555 (57,853) 56,025 (3,211) - 

- 

355,526 - 

Net realised gain / (loss) on futures 


63,756 12 (85) (161,103) (112,164) (105,039) 18,068 (375,579) 49 (569,550) 

Net realised gain / (loss) on foreign 


(8,192,904) 4,464,899 2,242,360 1,493,836 18,897,271 (1,408,312) 1,443,050 (15,784,345) 12,117,564 19,940,795 

Movement in unrealised (loss) / gain on 


(257,532) 

8,688 (15,505) (16,868) (27,536) (42,985) - 

- 

(175,063) - 

Movement in unrealised (loss) / gain on 

futures contracts - held for trading 


(11,071) 

5,086 30 (426) 2,667 (20,721) (8,025) 14,627 (5,834) - 

Movement in unrealised gain / (loss) on 




126 26,428 

Bank interest income 6 13,351 2,537 118 208 1,581 6,836 1,652 - 

Net investment (loss) / income (8,794,520) 6,378,596 4,024,359 1,766,185 25,327,276 851,547 2,284,732 (18,471,327) 31,851,012 50,903,069



Year ended 

31 March 

2012 

Euro Govt 

Inflation 

Emerging 

Markets 

Index 

UK 

Pacific 

North 

Japan 

Equity 

Index 

(Ex Japan) 

America 

Euro 

Govt 

Total €* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Linked Bond 

Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 


Administration fee 1, 6 30,468 15,064 4,312 4,413 36,747 7,328 5,186 23,315 82,462 203,617 

82,462 187,317 

Custody fee 1, 6 30,468 15,064 4,312 4,413 36,747 7,977 5,186 - 

114,408 

157,379 - 

- 

- 

- 

- 

- 

- 

Sub-custody fee 1 - 


Investment Management fee 1, 6 151,266 60,254 17,249 21,371 176,489 36,114 20,399 218,443 172,762 817,454 

Directors' fees 11 5,572 2,807 801 799 6,891 1,422 921 4,053 14,232 36,519 

Audit fee 10,855 11,244 9,986 11,367 11,201 11,334 11,348 15,443 11,438 101,592 

Management Company fee 6 16,033 2,033 1,398 1,915 14,895 3,379 4,039 12,714 40,002 93,159 

Company Secretarial fee 6 3,019 1,296 303 150 3,621 161 161 307 1,814 10,796 

122,766 

7,421 13,663 4,922 2,633 83,946 - 

- 


Other operating expenses 4,728 7,892 5,707 6,659 5,937 41,618 7,313 7,741 25,654 112,045 

285,511 115,654 44,068 58,508 306,191 114,255 57,186 523,341 430,826 1,799,673 


finance costs 

(9,080,031) 6,262,942 3,980,291 1,707,677 25,021,085 737,292 2,227,546 (18,994,668) 31,420,186 49,103,396 

Net (loss) / income from operations 

before finance costs 

Finance costs 

Overdraft interest expense 6 - - - - - - - (1,469) - (1,068) 

Dividends (7,118,586) (1,901,768) (243,523) (321,796) (1,840,365) (1,006,249) (622,092) (1,337,880) (6,900,873) (20,966,669) 

(2,729,198) 

(39,657) (1,065,096) (378,333) (110,880) (390,881) - 

- 

(851,078) - 



(17,049,695) 4,361,174 3,736,768 1,346,224 22,115,624 (647,290) 1,494,574 (20,724,898) 24,519,313 25,406,461 



All results arise from continuing operations. The accompanying notes form an integral part of these financial statements. 

* Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for the year of 1.1595 and 0.7270, respectively, for the purpose of aggregation.

BaLaNCE SHEET 

As at 31 March 2012 

As at 

Euro Govt 

Inflation 

UK 

Pacific 

North 

Japan 

Equity 

Index 

America 

Linked 

Euro 

Govt 

31 March 

2012 

Emerging 

Markets 

Index 

(Ex Japan) 

Total €* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Assets 

Financial assets at fair value through profit or loss - held for trading 

Investments in transferable securities 161,129,336 87,069,489 23,139,128 22,201,816 201,699,011 36,601,181 24,917,333 101,396,489 421,103,411 1,058,624,016 

5,402,459 

- 

177,799 4,475,506 673,420 75,734 - 

- 

- 

Investments in collective investment schemes - 

83,162 

- 

- 

3,714 68,624 7,594 - 

- 

Unrealised gain on futures contracts 3,230 - 

Loans and receivables 

633,523 295,763 7,705,768 

Cash at bank 5 3,193,782 1,544,734 15,732 222,349 1,714,907 239,634 - 

2,292,435 

22,155 857,367 68,664 123,010 141,411 - 

- 

Margin cash 5 1,115,051 - 

Other assets 2 330,484 1,813,886 76,622 298,278 320,044 330,391 1,176,914 254,178 5,494,464 10,047,258 

Total assets 165,771,883 90,428,109 23,231,482 22,926,111 209,135,459 37,920,884 26,292,991 102,425,601 426,893,638 1,084,155,098 

Liabilities 

Financial liabilities at fair value through profit or loss - held for trading 

86,381 

97 969 11,400 9,805 - 

- 

- 

Unrealised loss on futures contracts 66,552 - 

Financial liabilities measured at amortised cost 

Administration fee payable 1, 6 5,385 2,802 744 866 6,938 1,366 971 3,291 13,731 35,423 

13,731 33,093 

Custody fee payable 1, 6 5,385 2,802 744 866 6,938 1,507 971 - 


16,751 

4 22,213 - 

59 - 

- 

- 

Sub-custody fee payable 1 8 - 

Investment Management fee payable 1, 6 13,877 5,823 1,506 2,182 17,359 3,481 7,453 16,053 14,637 78,673 

Audit fee payable 9,492 9,482 7,900 9,444 9,496 9,452 9,449 12,682 9,420 85,236 

653,371 

- 

653,371 - 

- 

- 

- 

- 

- 

Bank overdraft - 

Operating expenses payable 12,065 7,302 1,393 1,285 13,890 35,295 1,289 7,274 57,850 136,109 

7,121 120,723 29,002 40,653 249,654 22,355 823,813 

Other liabilities 2 217,112 199,377 - 

329,876 227,588 12,287 21,764 175,500 81,072 725,561 320,972 131,724 1,948,850 

Total liabilities (excluding net assets attributable 

to holders of redeemable participating shares) 


165,442,007 90,200,521 23,219,195 22,904,347 208,959,959 37,839,812 25,567,430 102,104,629 426,761,914 1,082,206,248 


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

* Sub-Funds denominated in £ and US$ have been converted to € at the closing exchange rates for the year of 1.1998 and 0.7509, respectively, for the purpose of aggregation.



Year ended 

31 March 

2012 

Euro Govt 

Inflation 

Emerging 

Markets 

Index 

UK 

Pacific 

North 

Index 

(Ex Japan) 

America 

Japan 

Equity 

Linked 

Euro 

Govt 

Europe 

(Ex-UK) 

Total €* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Equity Index 

€ 

171,106,705 64,902,875 19,238,904 20,291,362 186,969,905 33,469,375 24,057,012 133,390,151 398,769,199 1,015,294,145 



at the beginning of the year 

81,352,258 32,486,589 243,523 14,972,604 84,059,185 17,552,784 14,051,571 51,842,171 8,357,736 290,802,168 

Proceeds from redeemable 

participating shares issued 


(13,710,639) (84,202,387) (12,540,743) (14,051,007) (62,729,552) (4,884,334) (256,544,701) 

(69,998,781) (11,555,057) - 

Payments for redeemable 

participating shares redeemed 

(17,049,695) 4,361,174 3,736,768 1,346,224 22,115,624 (647,290) 1,494,574 (20,724,898) 24,519,313 25,406,461 

Changes in net assets attributable 

to holders of redeemable 

participating shares 

317,393 

4,796 17,632 5,686 15,280 326,757 - 

Dilution levy 31,520 4,940 - 

6,930,782 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Foreign exchange adjustments on 

aggregation 

165,442,007 90,200,521 23,219,195 22,904,347 208,959,959 37,839,812 25,567,430 102,104,629 426,761,914 1,082,206,248 



at the end of the year 


* Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for the year of 1.1595 and 0.7270, respectively, for the purpose of aggregation.



Six months 

ended 

Euro Govt 

Emerging 

Markets 

Index 

UK 

Pacific 

North 

Japan 

Equity 

Index 

(Ex Japan) 

America 

Linked 

Euro 

Govt 

30 September 

2011 Total €* 


Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 

Income 



Dividend income 4,399,801 - - 245,196 1,773,540 992,548 509,089 2,895,819 - 9,951,591 

Bond interest income - 1,471,099 139,751 - - - - - 3,862,566 5,492,464 

Securities lending income 13 208,896 11,668 44 2,358 26,179 3,965 2,270 13,351 - 264,752 



(4,273,250) (323,979) 508,631 (119,781) (115,672) 114,929 (206,783) (3,605,479) 596,757 (6,279,065) 



(530,536) - - (101,641) (79,887) (88,736) (27,174) (85,618) - (888,035) 

Net realised (loss)/gain on futures 


47,740 (31) (52) 38,038 (91,411) (9,206) 5,363 (377,935) 47 (274,640) 

Net realised gain/(loss) on foreign 


(32,102,474) 2,437,614 1,757,977 (198,261) (18,924,325) (6,523,813) (2,464,915) (31,933,262) 18,969,861 (59,209,907) 



(31,075) - - 8,935 (152,305) (34,559) (23,478) (183,604) - (361,280) 


futures - held for trading 


2,070 54 (2) 9,956 (67,260) (8,933) 5,249 (30,852) - (80,509) 





Bank interest income 6 10,289 2,179 80 213 1,419 3,351 700 - 609 18,851 

Net investment (loss)/income (32,268,539) 3,598,604 2,406,429 (114,987) (17,629,722) (5,550,454) (2,199,679) (33,307,580) 23,429,840 (51,365,778)



Six months 

ended 

Euro Govt 

Inflation 

Emerging 

Markets 

Index 

UK 

Pacific 

North 

Japan 

Equity 

Index 

(Ex Japan) 

America 

Linked 

Euro 

Govt 

30 September 

2011 Total €* 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

Equity Index 

€ 

Equity Index 

€ 

Index 

€ 

Bond Index 

£* 

Bond Index 

€ 

Notes Europe 

(Ex-UK) 

Equity Index 

€ 


Administration fee 1, 6 15,756 7,111 2,039 2,034 17,427 3,501 2,427 14,099 41,126 101,589 

Custody fee 1, 6 15,756 7,111 2,039 2,044 17,427 3,760 2,427 - 41,126 91,968 

Sub-custody fee 1 - - - - - - - 95,170 - 66,762 


Investment Management fee 1, 6 78,253 28,445 8,155 9,879 83,638 17,148 15,381 131,608 86,114 420,448 

Directors' fees 11 2,524 1,473 416 385 3,345 688 435 1,984 7,678 18,392 

Audit fee 5,238 5,238 4,610 5,238 5,238 5,238 5,238 7,467 5,238 47,142 

Management Company fee 6 11,330 250 873 1,358 9,757 2,460 3,378 8,959 29,042 64,852 

Company Secreterial fee 6 1,514 650 152 75 1,815 81 81 154 917 5,413 

21,843 

456 5,073 1,722 1,206 1,550 - 

- 


Other operating expenses 2,644 1,419 (7,688) (729) (8,895) (282) (1,590) 28,503 7 3,832 

145,314 51,697 10,596 20,740 134,826 34,315 28,983 289,494 211,247 842,241 


finance costs 

(32,413,853) 3,546,907 2,395,833 (135,727) (17,764,548) (5,584,769) (2,228,662) (33,597,074) 23,218,593 (52,208,021) 

Net (loss)/income from 

operations before finance costs 

Finance costs 

Overdraft interest expense - - - - - - - (2,643) - (1,854) 

Dividends (1,938,876) (1,901,768) (243,523) (321,077) (1,840,365) (1,005,879) (622,092) (1,337,880) (6,900,873) (15,746,168) 

(603,728) - - (17,113) (488,404) (167,438) (50,970) (325,170) - (1,555,760) 



(34,956,457) 1,645,139 2,152,310 (473,917) (20,093,317) (6,758,086) (2,901,724) (35,262,767) 16,317,720 (69,511,803) 



All results arise from continuing operations. The accompanying notes form an integral part of these financial statements. 

* Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for the period of 1.1363 and 0.7015, respectively, for the purpose of aggregation.



Six months ended 

30 September 

2011 

Total € 

Euro Govt 

Inflation 

Global 

UK 

Pacific 

North 

Japan 

Equity 

Index 

Euro 

Govt 

Europe 

(Ex-UK) 

Emerging 

Markets 

Linked Index 

€ 

US$* 

Equity 

Index 

€ 

(Ex Japan) 

Equity 

€ 

America 

Equity 

€ 

Index 

€ 

Linked 

Bond 

£* 

Bond 

€ 

Equity 

€ 

171,106,705 64,902,875 19,238,904 20,291,362 186,969,905 33,469,375 24,057,012 133,390,151 398,769,199 1,015,294,145 



at the beginning of the year 

48,395,049 15,195,901 243,523 9,859,068 57,274,008 11,400,979 10,742,233 42,772,869 7,613,826 190,762,946 

Proceeds from redeemable 

participating shares issued 

(8,100,510) (60,719,555) (5,633,089) (8,194,744) (55,623,240) (3,177,571) (193,309,692) 

(63,431,537) (5,032,983) - 

Payments for redeemable 

participating shares redeemed 

(34,956,457) 1,645,139 2,152,310 (473,917) (20,093,317) (6,758,086) (2,901,724) (35,262,767) 16,317,720 (69,511,803) 

Changes in net assets attributable 

to holders of redeemable 

participating shares 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Dilution levy - 

- - - - - - - - - 3,979,544 

Foreign exchange adjustments 

on aggregation 

121,113,760 76,710,932 21,634,737 21,576,003 163,431,041 32,479,179 23,702,777 85,277,013 419,523,174 947,215,140 



at the end of the period 


* Sub-Funds denominated in £ and US$ have been converted to € at the average exchange rates for the period of 1.1363 and 0.7015 respectively for the purpose of aggregation. 


STATEMENT OF ACCOUNTING POLICIES 

Six months ended 30 September 2012 

GENERaL 

Northern Trust Investment Funds Plc (the “Company”) 

was incorporated on 13 November 2003 with limited 

liability as an open-ended investment company with 

variable capital under the laws of the Republic of 

Ireland. 

The Company is authorised by the Central 

Bank of Ireland as an Undertaking for Collective 

Investment in Transferable Securities in accordance 

with the provisions of the European Communities 

(Undertakings for Collective Investment in 

Transferable Securities) Regulations, 2011. The 

Company is structured as an umbrella fund, in that 

different series of shares (each allocated to a particular 

Sub-Fund) may be issued from time to time at the 

direction of the Directors with the approval of the 

Central Bank of Ireland. The assets of each Sub-Fund 

will be separate from one another and will be invested 

separately in accordance with the investment objectives 

and policies of each Sub-Fund. At the period end there 

were 10 active Sub-Funds: The NT Europe (Ex-UK) 

Equity Index Fund, the NT Euro Government Bond 

Index Fund, the NT Index Linked Bond Index Fund, 

the NT Japan Equity Index Fund, the NT North 

America Equity Index Fund, the NT Pacific (Ex-Japan) 

Equity Index Fund, the NT UK Equity Index Fund, 

the NT Emerging Markets Index Fund, The NT Euro 

Government Inflation Linked Index Fund and The NT 

All Country Asia (Ex-Japan) Equity Index Fund. The 

NT All Country Asia (Ex-Japan) Equity Index Fund 

launched on 3 May 2012 when the first subscriptions 

were made. As set out in the respective Prospectus 

Supplements of each Sub-Fund, the Company has 


admitted the share classes of each Sub-Fund to the 

Official List of the Irish Stock Exchange. 

Principal accounting Policies 

The principal accounting policies applied in the 

preparation of these financial statements are consistent 

with the accounting policies applied in the preparation 

of the Audited Financial Statements for the year ended 

31 March 2012. 

Basis of preparation 

These financial statements are prepared in accordance 

with Generally Accepted Accounting Principles and 

comply with the ASB Statement on Interim Reports 

and as such condensed Financial Statements and 

selected note disclosures have been presented. The 

same accounting policies and methods of computation 

followed in the most recent annual financial statements 

have been used in the preparation of the interim 

financial statements. 

The financial statements have been prepared for 

the period ended 30 September 2012. 

Foreign Currency 

The functional and presentation currency of the 

Company is Euro(“€”). The assets and liabilities at 

the date of the financial statements of the Sterling 

Sub-Fund, The NT Index Linked Bond Index Fund 

and the US Dollar Sub-Funds, The NT Emerging 

Markets Index Fund and The NT All Country Asia 

(Ex-Japan) Equity Index Fund are denominated in 

British Pound Sterling (“£”) and US Dollar (“US$”), 

respectively, as for the purpose of foreign exchange

ate determination these Sub-Funds are considered 

to be foreign operations of the Company. Assets 

and liabilities denominated in other currencies 

are translated at the exchange rates prevailing 

at the Balance Sheet date. Non monetary assets 

and liabilities that are measured at fair value are 

translated at the exchange rates prevailing at the 

dates the fair values are determined. Transactions in 

other currencies during the period are translated at 

the rates ruling at the date of the transaction. The 

resulting profits or losses are dealt with in the Profit 

and Loss Account. 

For the purposes of combining the financial 

statements of the British Pound Sterling Sub-Fund, 

The NT Index Linked Bond Index Fund and the US 

Dollar Sub-Funds, The NT Emerging Markets Index 

Fund and The NT All Country Asia (Ex-Japan) Equity 

Index Fund, amounts in the Balance Sheet have been 

translated into Euro at the British Pound Sterling 

exchange rate of 1.2552 ruling at 30 September 

2012 (31 March 2012: 1.1998) and at the US Dollar 

exchange rate of 0.7773 ruling at 30 September 

2012 (31 March 2012: 0.7509). The amounts in the 

Profit and Loss Account as well as proceeds from 

the subscription and redemption of shares in the 

Statement of Changes in Net Assets Attributable to 

Holders of Redeemable Participating Shares have 

been translated at the average British Pound Sterling 

exchange rate of 1.2478 (31 March 2012: 1.1595) and 

at the average US Dollar exchange rate of 0.7895 (31 

March 2012: 0.7270). The method of translation has 

no effect on the Net Asset Value per share attributable 

to the individual Sub-Funds. 

The amount of €,848,036 (31 March 2012: 

€6,930,782) included in the Statement of Changes in 

the Net Assets Attributable to Holders of Redeemable 

Participating Shares reflects the notional foreign 

exchange adjustment as a result of the method of 

translation. 


NOTES FORMING PART OF THE FINANCIAL STATEMENTS 


1. Manager, Investment Manager, 

administration and Custodian Fees 

The Investment Manager is entitled to receive from the 

Company out of the assets of the Sub-Funds an annual 

fee not exceeding 0.1% (plus VAT, if any) of the net 

assets of the Sub-Fund with the exception of The NT 

Emerging Markets Index Sub Fund (0.50% of the net 

assets of the Sub-Fund), The NT Euro Government 

Bond Index Fund, The NT Euro Government Inflation 

Linked Index Fund and The NT Index Linked Bond 

Index Fund (0.08% of net assets of the Sub-Funds). 

Such fees shall accrue and be calculated on each 

Dealing Day and be payable monthly in arrears in 

respect of the relevant shares. The Investment Manager 

will not be paid any annual fees out of the assets of 

the Sub-Fund in respect of the Class A Shares. The 

Investment Manager shall be entitled to be reimbursed 

out of the assets of the Sub-Fund for its reasonable 

out-of-pocket costs and expenses incurred by the 

Investment Manager in the performance of its duties. 

Below is a schedule of the rates at the period end: 


Fund Share 

Class 

Management 

Fee 

NT Europe (Ex-UK) Equity Index Fund Class A EUR 0.00% 

Class B EUR 0.10% 

Class C EUR 0.015% 

Class B GBP 0.10% 

Class A USD 0.00% 

Class B USD 0.10% 

NT Euro Government Bond Index Fund Class A EUR 0.00% 



NT Index Linked Bond Index Fund Class A GBP 0.00% 


NT Japan Equity Index Fund Class A EUR 0.00% 



Class A GBP 0.00% 




NT North America Equity Index Fund Class A EUR 0.00% 





Class B USD 0.10%

Fund Share 

NT Pacific (Ex-Japan) Equity Index Fund 

Class 

Management 

Fee 

Class A EUR 0.00% 






NT UK Equity Index Fund Class A EUR 0.00% 






NT Emerging Markets Index Fund Class A EUR 0.00% 

NT Euro Government Inflation Linked 

Index Fund 

NT All Country Asia (Ex-Japan) Equity 

Index Fund 


Class A GBP 0.00% 



Class C USD 0.015% 

Class A EUR 0.00% 




The Administrator shall be entitled to receive 

out of the net assets of the Sub-Fund an annual fee, 

accrued and calculated on each Dealing Day and 

payable monthly in arrears at an annual rate of up 

to 2 basis points (bps) on combined market value of 

Sub-Funds subject to a minimum fee of €100,000 per 

annum (plus VAT if any). 

The Custodian shall be entitled to receive out of 

the net assets of the Sub-Fund an annual fee, accrued 

and calculated on each Dealing Day and payable 

monthly in arrears, at an annual rate of up to 2 bps 

of the net assets of the Sub-Funds (plus VAT thereon, 

if any). 


2. Other assets/Liabilities 


Total 

€ 

AC Asia 

(Ex-Japan) 

Equity Index 

Fund 

US$ 

Euro Govt 

Inflation 

Linked 

Index 

€ 

Emerging 

Markets 

Index 

US$ 

UK 

Equity 

Index 

€ 

Pacific 

(Ex Japan) 

Equity 

Index 

€ 

North 

America 

Equity 

Index 

€ 

Japan 

Equity 

Index 

€ 

Index 

Linked 

Bond 

Index 

£ 

Euro 

Govt 

Bond 

Index 

€ 

Europe 

(Ex-UK) 

Equity 

Index 

€ 

Other assets 

Investment income receivable 53,814 1,560,302 71,071 231,681 235,760 301,100 88,446 176,374 1,697,409 82,244 4,458,743 

Receivable for securities sold 200,734 1,913,792 - 

- 1,271 - 

- 168,102 2,758,819 123 5,005,378 

Receivable for shares issued 82,999 77,147 - 16,515 67,090 8,402 3,900 - 3,039 - 259,092 


Sundry receivables 3,062 3,070 3,586 2,926 2,121 4,060 2,809 13,609 2,756 26,644 56,594 

340,609 3,554,311 74,657 251,122 306,242 313,562 95,155 358,085 4,462,023 109,011 9,779,807 

- 46,721 - 

- 

- 5,364,624 - 8,334,100 

16,144 59,211 44,711 3,050 - 

47 - 470,129 

- 88 - 

- 9,013 - 717 9,152 

Other liabilities 

Payable for securities purchased - 2,922,755 - 

Payable for shares redeemed 293,919 53,047 - 

Sundry liabilities 159 1,342 - 

16,144 106,020 44,711 3,050 9,013 5,364,671 717 8,813,381 

294,078 2,977,144 -

As at 31 March 2012 

Total" 

€ 

Euro Govt 

Inflation 

Linked 

Index 

€ 

Emerging 

Markets 

Index 

US$ 

UK 

Equity 

Index 

€ 

Pacific 

(Ex Japan) 

Equity 

Index 

€ 

North 

America 

Equity 

Index 

€ 

Japan 

Equity 

Index 

€ 

Index 

Linked 

Bond 

Index 

£ 

Euro 

Govt 

Bond 

Index 

€ 

Europe 

(Ex-UK) 

Equity 

Index 

€ 

Other assets 

Investment income receivable 157,357 1,563,171 75,243 273,266 220,474 229,643 181,925 249,538 5,490,438 8,393,932 

1,005,917 

30,040 974,567 918 - 

- 

- 

- 

Receivable for securities sold 621 - 

1,076 619,347 

23,288 97,338 68,831 9,702 - 

Receivable for shares issued 170,326 248,786 - 

Sundry receivables 2,180 1,929 1,379 1,724 2,232 1,877 10,720 3,722 2,950 28,062 

330,484 1,813,886 76,622 298,278 320,044 330,391 1,176,914 254,178 5,494,464 10,047,258 

Other liabilities 

236,585 

21,078 28,037 249,654 - 

- 

- 

- 

- 

Payable for securities purchased - 

21,844 586,607 

511 621 

7,117 120,723 7,818 12,616 - 

4 - 

106 - 

- 

Payable for shares redeemed 217,112 199,377 - 

Sundry liabilities - 

- - 

7,121 120,723 29,002 40,653 249,654 22,355 823,813 

217,112 199,377 - 


3. Net asset Value attributable per 

Participating Share 

The Net Asset Value per Participating Share is 

determined by dividing the value of the net assets of 

the Company attributable to each class of share in each 

Sub-Fund by the total number of Shares of that class 

and Sub-Fund in issue at that time. 

4. Soft Commission arrangements 

There were no soft commission arrangements affecting 

the Company during the period under review or in the 

prior year. 

5. Cash Balances 

All cash balances were held with Northern Trust 

(Guernsey) Limited in the current and prior period. 

Margin cash represents cash deposits with Citigroup, 

broker, transferred as collateral for all open futures 

contracts, in the current and prior period. 

6. Related Parties 

The following transactions with related parties were 

entered into during the period under review by the 

Company in the ordinary course of business and on 

normal commercial terms: 

■ Northern Trust Global Investments Limited, as 

Investment Manager, earned fees of €469,931 

(2011: €420,448), of which €157,809 (31 March 

2012: €78,673) was due at the period end. 

■ Northern Trust International Fund Administration 

Services (Ireland) Limited, as Administrator, earned 

fees of €116,963 (2011: €101,589), of which €40,321 

(31 March 2012: €35,423) was due at the period end. 

■ Northern Trust Fiduciary Services (Ireland) 

Limited, as Custodian, earned fees of €180,065 

(2011: €158,730), of which €61,855 (31 March 


■ Northern Trust Fund Managers (Ireland) Limited, 

as Manager, earned fees of €28,339 (2011: 

€64,852), of which €20,939 (31 March 2012: 

€22,973) was due at the period end. 


■ Northern Trust International Fund Administration 

Services (Ireland) Limited, as Secretary, earned fees of 

€5,354 (2011: €5,413), of which €16,350 (31 March 


■ The NT North America Equity Index Fund 

held 4,331 (31 March 2012: 4,352) shares in the 

Northern Trust Corporation at the period end. 

■ Penelope Biggs and Malcolm Palmer, who served 

as Directors of the Company during the period, are 

also employees of Northern Trust. 

■ All cash and bank overdraft balances were held 

with Northern Trust (Guernsey) Limited in the 

current and prior period. The Company paid net 

bank interest expense of €4,065 (2011: €16,997 

earned) during the period. 

■ The Northern Trust Company is the securities lending 

agent for the Company. The Company earned a fee 

of €313,957 (2011: €264,752) during the period 

in relation to securities lending. There were no fees 

outstanding at the period end (31 March 2012: nil). 

■ Northern Trust Fund Managers (Ireland) Limited, 

at 30 September 2012, held 1 share in each the NT 

Euro Government Bond Index Fund and the NT 

Index Linked Bond Index Fund, 2 shares in each 

the NT Europe (ex-UK) Equity Index Fund; the NT 

Japan Equity Index Fund; the NT North America 

Equity Index Fund; the NT Pacific (ex-Japan) 

Equity Index Fund and the NT UK Equity Index 

Fund, 4 shares in the NT Emerging Markets Index 

Fund and 200 shares in the NT Euro Government 

Inflation Linked Index Fund. All Directors who 

held office during the period were also Directors of 

Northern Trust Fund Managers (Ireland) Limited. 

■ The Company used Northern Trust (Guernsey) 

Limited as a counterparty to forward currency 

contracts during the period. 

7. Efficient Portfolio Management 

The Company may use the following instruments 

for efficient portfolio management namely: spot & 

forward currency contracts, options on securities,

indices and currencies, swaps, futures and options 

on futures, when-issued and forward commitment 

securities and may enter into stock lending agreements. 

During the period, futures contracts were entered into 

for the purpose of efficient portfolio management 

and forward currency contracts were entered into, in 

order to hedge currency exposure of European based 

investors. Details of open futures contracts at the 

period end are disclosed on the Portfolio and Schedule 

of Investments of each Sub-Fund. 

8. Share Capital 

The authorised share capital of the Company is 

1,000,000,000,000 unclassified participating shares of 

no par value. The minimum issued share capital of 

the Company is €2 represented by 2 shares issued for 

the purposes of the incorporation of the Company 

and to obtain a certificate to commence trade at an 

issue price of €1 per share which is paid fully up 

and which is beneficially owned by the Manager. The 

maximum issued share capital of the Company is 

1,000,000,000,000 unclassified shares of no par value. 

Every share holder or proxy shall have one vote for 

every Share of which he is the holder and every holder 

of a participating share or proxy shall have one vote 

in respect of his holding of participating shares. On 

winding up the proportion of the assets in a Sub-Fund 

attributable to each class of Share shall be distributed 

to the holders of Shares in the relevant class in the 

proportion that the number of Shares held by each 

holder bears to the total number of Shares relating 

to each such class of Shares in issue as at the date of 

commencement to wind up. 

Voting Rights 

Subject to any rights or restrictions for the time being 

attached to any class or classes of Shares, on a show 

of hands every holder who is present in person or by 

proxy shall have one vote and the holders of subscriber 

shares present in person or by proxy shall have one 

vote in respect of all the subscriber shares in issue and 

on a poll every holder present in person or by proxy 

shall have one vote for every Share of which he is the 

holder and every holder of a subscriber share present 

in person or by proxy shall have one vote in respect 

of his holding of subscriber shares. Shareholders who 

hold a fraction of a Share may not exercise any voting 

rights, whether on a show of hands or on a poll, in 

respect of such fraction of a Share. 

Distribution on winding up 

Subject to the provisions of the Companies Acts 

1963 to 2012, if the Company shall be wound up the 

liquidator shall apply the assets of each Sub-Fund in 

such manner and order as he thinks fit in satisfaction 

of creditors' claims relating to that Sub-Fund. The 

assets available for distribution amongst the Holders 

shall be applied as follows: 

First the proportion of the assets in a Sub-Fund 

attributable to each class of share shall be distributed 

to the holders of shares in the relevant class in the 

proportion that the number of shares held by each 

holder bears to the total number of shares relating 

to each such class of shares in issue as at the date of 

commencement to wind up; secondly, in the payment 

to the holders of the Subscriber Shares of sums 

up to the nominal amount paid thereon out of the 

assets of the Company not attributable to any class 

of share. 

In the event that there are insufficient assets to 

enable such payment in full to be made, no recourse 

shall be had to the assets of the Company attributable 

to each class of share; and thirdly, any balance then 

remaining and not attributable to any of the classes 

of shares shall be apportioned pro-rata as between 

the classes of shares based on the Net Asset Value 

attributable to each class of shares as at the date 

of commencement to wind up and the amount so 

apportioned to a class shall be distributed to Holders 

pro-rata to the number of shares in that class of 

shares held by them. The Company does not have any 

externally imposed capital requirements. 


Europe (Ex-UK) 

Shares in 

Opening at 31 March 2012 Closing at 30 September 2012 

Issue 

NAV Per 

Share 

Net Asset 

Value 

Creations/ 

Distributions 

Class A EUR 1 €147.86 €148 - 


Liquidations Shares in 

- 

issue 

NAV Per 

Share 

Net Asset 

Value 

1 €152.55 €153 

Class B EUR 1,008,244 €148.69 €149,914,795 175,850 (86,156) 1,097,938 €153.68 €168,731,992 

Class B GBP 443 £122.58 £54,263 1,358 - 

Class A USD 17,130 $92.02 $1,576,375 - 

Class B USD 224,610 $84.65 $19,014,326 14,613 - 

Europe Govt Bond 

Class A EUR 1 €139.85 €111 - 

- 

- 

1,801 £121.10 £218,097 

17,130 $91.92 $1,574,661 

239,223 $84.55 $20,226,033 

1 €114.77 €115 

Class B EUR 647,796 €139.24 €90,200,410 109,370 (54,174) 702,992 €144.37 €101,491,800 

Index Linked Bond 

Class A GBP 1 £196.05 £196 - 

Class B GBP 120,864 £192.11 £23,218,999 - 

Japan Equity Index 

Class A EUR 1 €115.71 €116 - 

- 

- 

- 

1 £191.16 £191 

120,864 £187.33 £22,641,338 

1 €109.98 €110 

Class B EUR 106,451 €115.06 €12,248,351 18,238 (5,908) 118,781 €109.37 €12,990,500 

Class B GBP 20,230 £106.51 £2,154,649 11,941 (12,310) 19,861 £96.77 £1,921,881 

Class A USD 8,703 $101.49 $883,262 - 

Class B USD 99,681 $98.96 $9,864,599 6,661 - 

North America 

Class A EUR 1 €137.44 €137 - 

- 

- 

8,703 $93.24 $811,445 

106,342 $90.87 $9,663,382 

1 €146.12 €146 

Class B EUR 1,001,533 €137.45 €137,660,326 71,447 (64,289) 1,008,691 €146.12 €147,393,540 

Class B GBP 5,038 £113.30 £570,804 20,234 - 

Class A USD 98,232 $111.66 $10,968,188 - 

- 

25,272 £115.13 £2,909,520 

98,232 $114.73 $11,270,138 

Class B USD 694,675 $119.58 $83,069,346 97,747 (6,779) 785,643 $122.81 $96,484,356 

Pacific (Ex-Japan) 

Class A EUR 1 €228.58 €229 - 

- 

1 €251.08 €251 

Class B EUR 144,057 €228.60 €32,932,347 28,759 (12,065) 160,751 €250.01 €40,189,314 

Class B GBP 1 £113.51 £114 524 (524) 1 £118.79 £119 

Class A USD 5,190 $99.43 $516,052 - 

Class B USD 65,747 $91.55 $6,019,045 4,374 - 

- 

5,190 $105.11 $545,508 

70,121 $96.72 $6,782,451

UK Equity Index 

Shares in 

Opening at 31 March 2012 Closing at 30 September 2012 

Issue 

NAV Per 

Share 

Net Asset 

Value 

Creations/ 

Distributions 

Class A EUR 1 €135.42 €135 - 


- 


issue 

NAV Per 

Share 

Net Asset 

Value 

1 €143.94 €144 

Class B EUR 116,235 €137.72 €16,008,357 9,496 (62,459) 63,272 €146.37 €9,260,967 

Class B GBP 9,347 £106.36 £994,175 10,762 - 

Class A USD 8,332 $102.45 $853,548 - 

Class B USD 106,574.00 $96.53 $10,287,645 4,987 - 

Emerging Markets 

Class A EUR 1 €64.36 €64 - 

- 

- 

20,109 £108.15 £2,174,746 

8,332 $105.29 $877,189 

111,561 $99.17 $11,063,087 

1 €66.49 €66 

Class B EUR 197,436 €93.62 €18,484,546 33,954 (12,601) 218,789 €95.42 €20,875,829 

Class A GBP 1 £53.33 £53 - 

Class A USD 12,050 $86.11 $1,037,705 - 

- 

- 

1 £52.58 £53 

12,050 $85.08 $1,025,147 

Class B USD 201,056 $93.82 $18,862,325 28,970 (13,866) 216,160 $92.52 $19,998,834 

Class C USD 671,357 $85.78 $57,588,559 - 

Euro Govt Inflation 

Class A EUR 100 €1.18 €118 - 

- 

- 

671,357 $84.67 $56,842,985 

100 €1.27 €127 

Class B EUR 17,394,222 €1.17 €20,382,256 398,036 (239,683) 17,552,575 €1.26 €22,081,914 

Class C EUR 346,544,656 €1.17 €406,379,540 1,517,630 (1,288,445) 346,773,841 €1.26 €436,671,964 

AC Asia (Ex-Japan) 

Class B EUR - 

- 

- 

7,283,645 (531,017) 6,752,628 €10.36 €69,986,564

Europe (Ex-UK) 

Shares in 

Opening at 31 March 2011 Closing at 31 March 2012 

Issue 

NAV Per 

Share 

Net Asset 

Value 

Creations/ 

Distributions 

Class A EUR 1 €156.18 €156 - 



- 

issue 

NAV Per 

Share 

Net Asset 

Value 

1 €147.86 €148 

Class B EUR 1,068,824 €157.34 €168,170,998 409,863 (470,443) 1,008,244 €148.69 €149,914,795 

Class C EUR 17 €158.53 €2,755 - 

(17) - 

Class B GBP 14,602 £101.90 £1,487,873 443 (14,602) 443 £122.58 £54,263 

Class A USD 17,130 $103.73 $1,776,946 - 

Class B USD - 

Europe Govt Bond 

Class A EUR 1 €129.26 €102 - 

- 

- 

- 

- 

17,130 $92.02 $1,576,375 

243,529 (18,919) 224,610 $84.65 $19,014,326 

- 

1 €139.85 €111 

Class B EUR 504,248 €128.71 €64,902,773 229,824 (86,276) 647,796 €139.24 €90,200,410 

Index Linked Bond 

Class A GBP 1 £162.42 £162 - 

Class B GBP 120,864 £159.18 £19,238,742 - 

Japan Equity Index 

Class A EUR 1 €108.53 €109 - 

- 

- 

- 

1 £196.05 £196 

120,864 £192.11 £23,218,999 

1 €115.71 €116 

Class B EUR 171,511 €107.92 €18,508,732 44,435 (109,495) 106,451 €115.06 €12,248,351 

Class B GBP 11,007 £106.11 £1,167,917 17,074 (7,851) 20,230 £106.51 £2,154,649 

Class A USD 6,486 $101.36 $657,387 2,217 - 

Class B USD - 

North America 

Class A EUR 1 €122.16 €122 - 

- 

- 

8,703 $101.49 $883,262 

110,094 (10,413) 99,681 $98.96 $9,864,599 

- 

1 €137.44 €137 

Class B EUR 1,403,000 €122.16 €171,393,276 208,413 (609,880) 1,001,533 €137.45 €137,660,326 

Class B GBP 41,375 £101.82 £4,212,944 5,038 (41,375) 5,038 £113.30 £570,804 

Class A USD 98,232 $105.65 $10,378,281 - 

- 

98,232 $111.66 $10,968,188 

Class B USD 43,908 $113.26 $4,973,201 702,205 (51,438) 694,675 $119.58 $83,069,346 

Pacific (Ex-Japan) 

Class A EUR 1 €228.57 €229 - 

- 

1 €228.58 €229 

Class B EUR 143,405 €227.59 €32,637,566 53,790 (53,138) 144,057 €228.60 €32,932,347 

Class B GBP 4,364 £103.25 £450,515 1 (4,364) 1 £113.51 £114 

Class A USD 4,348 $105.39 $458,237 842 - 

Class B USD - 

- 

- 

5,190 $99.43 $516,052 

66,636 (889) 65,747 $91.55 $6,019,045 

-

UK Equity Index 

Shares in 

Opening at 31 March 2011 Closing at 31 March 2012 

Issue 

NAV Per 

Share 

Net Asset 

Value 

Creations/ 

Distributions 

Class A EUR 1 €126.06 €126 - 


- 


issue 

NAV Per 

Share 

Net Asset 

Value 

1 €135.42 €135 

Class B EUR 174,441 €128.20 €22,363,023 36,799 (95,005) 116,235 €137.72 €16,008,357 

Class B GBP 9,237 £105.20 £971,685 7,673 (7,563) 9,347 £106.36 £994,175 

Class A USD 8,332 $101.57 $846,197 - 

Class B USD - 

Emerging Markets 

Class A EUR 1 €67.63 €68 - 

- 

- 

- 

8,332 $102.45 $853,548 

112,895 (6,321) 106,574 $96.53 $10,287,645 

- 

1 €64.36 €64 

Class B EUR 128,871 €97.55 €12,571,791 86,482 (17,917) 197,436 €93.62 €18,484,546 

Class A GBP 1 £59.77 £60 - 

Class A USD 11,005 $95.61 $1,052,174 1,045 - 

- 

1 £53.33 £53 

12,050 $86.11 $1,037,705 

Class B USD 7,337 $104.36 $765,670 197,954 (4,235) 201,056 $93.82 $18,862,325 

Class C USD 1,192,132 $95.40 $113,731,486 202,812 (723,587) 671,357 $85.78 $57,588,559 

Euro Govt Inflation 

Class A EUR 100 €1.09 €109 - 

- 

100 €1.18 €118 

Class B EUR 17,046,909 €1.09 €18,521,515 1,291,794 (944,481) 17,394,222 €1.17 €20,382,256 

Class C EUR 349,849,257 €1.09 €380,247,575 - 

(3,304,601) 346,544,656 €1.17 €406,379,540

9. Financial Instruments and associated Risks 

The Company’s investment activities expose it to the 

various types of risk which are associated with the 

financial instruments and markets in which the Sub- 

Funds invest. The Company’s risk management policies 

seek to minimise the potential adverse effects of these 

risks on each Sub-Fund's financial performance in order 

to satisfy the investment objectives of the Sub-Funds. 

The Investment Manager assesses the risk profile of 

the Company and the related Sub-Funds on the basis 

of the investment policy, strategy and the use made of 

financial derivative instruments. Based on the risk profile, 

the Investment Manager has determined to calculate 

global exposure for all Sub-Funds using the 

commitment approach. 

Market Risk 

Market risk embodies the potential for both loss and gains 

and includes price risk, interest rate risk and currency risk. 

The Sub-Fund’s strategy on the management of 

investment risk is driven by the Sub-Fund’s investment 

objective. The investment objective of each Sub-Fund is 

to closely match the risk and return characteristics of its 

benchmark index. 

Price Risk 

Price risk is the risk that value of an instrument 

will fluctuate as a result of changes in market prices 

(other than those arising from interest rate risk or 

currency risk), whether caused by factors specific to an 

individual investment, its issuer or all factors affecting all 

instruments traded in the market. 

Price risk is managed by each Sub-Fund’s Investment 

Manager by investing in diversified portfolios of freely 

transferable equity or debt securities or equity or debt 

related securities issued by companies or linked to 

companies making up the relevant index that each Sub- 

Fund tracks. The Sub-Funds’ investments are 

subject to the investment restrictions contained in the 

UCITS Notices. 


The Sub-Funds may also use the following 

instruments for the purpose of efficient portfolio 

management: spot and forward currency contracts, 

options on securities, indices and currencies, swaps, 

futures contracts and options on futures contracts, whenissued 

and forward commitment securities subject to the 

investment and borrowing limits (10% of the Sub-Fund’s 

net assets). The use of techniques and instruments for 

efficient portfolio management purposes is subject to the 

conditions and within the limits laid down by the Central 

Bank of Ireland. 

The Company’s overall market positions are 

monitored on a daily basis by the Investment 

Manager and are reviewed on a regular basis by 

the Board of Directors. 

Interest Rate Risk 

The NT Index Linked Bond Index Fund, the NT 

Euro Government Bond Index Fund and the NT 

Euro Government Inflation Linked Index Fund 

hold interest-bearing financial assets and liabilities 

that expose them to risks associated with the 

effects of fluctuations in the prevailing levels of 

market interest rates on their financial position 

and cash flows. 

The other Sub-Funds invest in equities and collective 

investment schemes and therefore do not have significant 

exposure to interest rate risk. The underlying collective 

investment scheme may face interest rate risk; however, 

the Investment Manager monitors the exposure as part of 

their market risk analysis. 

The Sub-Funds’ interest rate risk is managed on a 

daily basis by the Investment Manager in accordance with 

policies and procedures in place. The Sub-Funds’ overall 

interest rate risks are monitored on a regular basis by the 

Board of Directors. Where the interest rate risks are not in 

accordance with the investment policy or guidelines of the 

Sub-Fund, the Investment Manager will rebalance 

the portfolio.

Currency Risk 

The Sub-Funds may invest in financial instruments and 

enter into transactions denominated in currencies other 

than their functional currencies. They are therefore 

exposed to currency risk, as the value of the securities 

denominated in other currencies will fluctuate due to 

changes in exchange rates. 

The Company’s currency risk is managed by the 

Investment Manager in accordance with policies and 

procedures in place. Forward currency contracts may be 

used to hedge the value of the Sub-Funds’ investments 

which are designated in a currency other than base 

currency of the Sub-Funds. 

Other Price Risk 

Other price risk is the risk that value of the instruments 

will fluctuate as a result of changes in market prices 

(other than those from interest rate risk or currency 

risk), whether caused by factors specific to an individual 

investment, its issuer of all factors affecting all 

instruments traded in the market. 

As the majority of the Sub-Fund’s financial instruments 

are carried at fair value with fair value changes recognised 

in the income statement, all changes in market conditions 

will directly affect net investment income. 

Credit Risk 

Credit risk is the risk that a counterparty to a financial 

instrument will fail to discharge an obligation or 

commitment that has entered into with the Sub-Fund. 

Impairment provisions are provided for losses that have 

been incurred by the Balance Sheet date, if any. 

The carrying amounts of financial assets best 

represent the maximum credit risk exposure at the 

Balance Sheet date. 

All transactions in listed securities are settled/paid for 

upon delivery using approved brokers. All transactions 

in listed securities are settled/paid for upon delivery 

using approved brokers. The risk of default is considered 

minimal, as the exchange of cash and securities between 

counterparties is simultaneous. The trade will fail if either 

party fails to meet its obligation. 

The Investment Manager analyses credit 

concentration based on the counterparty of the financial 

assets that the Sub-Funds hold. Details of counterparties 

are disclosed in the Portfolio and Schedule of Investments. 

Substantially all of the cash assets are held with 

Northern Trust (Guernsey) Limited (NTGL). Cash 

deposited with NTGL is deposited as banker and is held 

on its Balance Sheet. Accordingly, in accordance with 

usual banking practice, NTGL’s liability to the Company 

in respect of such cash deposits shall be that of debtor and 

the Company will rank as a general creditor of NTGL. 

The financial assets are held with the Custodian, Northern 

Trust Fiduciary Services (Ireland) Limited. These assets 

are held distinct and separately from the proprietary assets 

of the Custodian. Securities are clearly recorded to ensure 

they are held on behalf of the Company. Bankruptcy or 

insolvency of the Custodian and or one of its agents or 

affiliates may cause the Company’s rights with respect to 

the securities held by the Custodian to be delayed. 

Both Northern Trust Fiduciary Services (Ireland) 

Limited and Northern Trust (Guernsey) Limited 

are wholly owned subsidiaries of Northern Trust 

Corporation. As at 30 September 2012 Northern Trust 

Corporation had a long term rating from Standard & 

Poor’s of A+ (31 March 2012: A+). 

Risk is managed by monitoring the credit 

quality and financial positions of the Custodian the 

Company uses. 

Northern Trust acts as its own sub-custodian in the 

US, the UK, Ireland and Canada. In all other markets 

Northern Trust appoints a local sub-custodian. Northern 

Trust continually reviews its sub-custodian network 

to ensure clients have access to the most efficient, 

creditworthy and cost-effective provider in each market. 

The NT Index Linked Bond Index Fund, the NT 

Euro Government Bond Index Fund and the NT Euro 

Government Inflation Linked Index Fund invest in 

financial assets, which have an investment grade as rated 


y a well-known credit ratings agency. For unrated 

assets a rating is assigned using an approach that in the 

opinion of the Board of Directors is consistent with 

ratings agencies. 

In accordance with the Company’s policy, the 

Investment Manager monitors the Sub-Funds’ credit 

position on a daily basis and the Board of Directors 

review it on a regular basis. 

Liquidity Risk 

The main liability of the Sub-Funds is the redemption 

of any shares that investors wish to sell. The Sub- 

Funds’ constitution provides for the daily creation and 

cancellation of shares and it is therefore exposed to 

the liquidity risk of meeting shareholder redemptions 

at any time. The Directors are entitled to limit the 

number of shares in a Sub-Fund repurchased on any 

dealing day to shares representing ten per cent of the 

total Net Asset Value of that Sub-Fund on that dealing 

day. The Company may satisfy the repurchase request 

of a shareholder by a distribution of investments of the 

relevant Sub-Fund if the repurchase request would result 

in shares representing more than five per cent of the 

Net Asset Value of any Fund being repurchased by the 

Company on any dealing day. 

The Sub-Funds’ financial instruments include bonds 

which may not be easily liquidated at an amount close 

to fair value in order to meet liquidity requirements, or 

to respond to specific events such as deterioration in the 

credit worthiness of any particular issuer. The Sub-Funds’ 

listed securities are considered to be readily realisable as 

they are all listed on major worldwide stock exchanges. 

The Sub-Funds may borrow up to 10% of their Net Asset 

Value for temporary purposes. 

The Sub-Funds may, from time to time, invest in 

derivative contracts traded over the counter, which are not 

traded in an organised market and may be illiquid. As a 

result, the Sub-Funds may not be able to liquidate quickly 

their investments in these instruments at an amount close 

to their fair value to meet their liquidity requirements or 


to respond to specific events such as deterioration in the 

creditworthiness of any particular issuer. 

In accordance with the Company’s policy, the 

Investment Manager monitors the Sub-Funds’ liquidity 

risk on a daily basis. If there are material issues the Board 

of Directors is notified by the Investment Manager. It 

is the Investment Manager’s policy to have liquid assets 

equal to 1.05 of the anticipated redemptions. 

Operational Risk 

Operational risk is the risk of direct or indirect loss 

arising from a wide variety of causes associated with 

the Company’s processes and infrastructure, and from 

external factors other than market, credit, and liquidity 

issues such as those arising from legal and regulatory 

requirements and generally accepted standards to 

corporate behaviour. 

Operational risks arise from all of the Company’s 

operations. The Company was incorporated with the 

purpose of engaging in those activities outlined in the 

preceding paragraphs. All administration functions have 

been outsourced to Northern Trust International Fund 

Administration Services (Ireland) Limited. 

Fair Value of Financial assets and Liabilities 

Many of the Company’s financial instruments are carried 

at fair value on the Balance Sheet. Usually the fair value 

of the financial instruments can be reliably determined 

within a reasonable range of estimates. For certain other 

financial instruments, including amounts due from/ 

to brokers, accounts payable and accrued expenses, 

the carrying amounts approximate fair value due to 

the immediate or short-term nature of these financial 

instruments. The carrying value of all the Company’s 

financial assets and liabilities at the Balance Sheet date 

approximated their fair values. 

Collective investment schemes are valued at the price 

as calculated by the relevant stock exchange, at close of 

business, of the collective investment schemes in which 

the Company invests. At 30 September 2012, the value 

of collective investment schemes valued by the relevant

stock exchange amounted to €7,639,187 (31 March 2012: 

€5,402,459). 

Fair Value Estimation 

FRS 29 requires the Company to classify fair value 

measurements using a fair value hierarchy that reflects the 

significance of the inputs used in making the measurements. 

The fair value hierarchy has the following levels: 

■ Quoted prices (unadjusted) in active markets for 

identical assets or liabilities (level 1); 

■ Inputs other than quoted prices included within 

level 1 that are observable for the asset or liability, 

either directly (that is, as prices) or indirectly (that is, 

derived from prices) (level 2); 

■ Inputs for the asset or liability that are not based on 

observable market data (that is, unobservable inputs) 

(level 3). 

The level in the fair value hierarchy within which the 

fair value measurement is categorised in its entirety is 

determined on the basis of the lowest level input that is 

significant to the fair value measurement in its entirety. 

For this purpose, the significance of an input is 

assessed against the fair value measurement in its entirety. 

If a fair value measurement uses observable inputs that 

require significant adjustment based on unobservable 

inputs, that measurement is a level 3 measurement. 

Assessing the significance of a particular input to the fair 

value measurement in its entirety requires judgement, 

considering factors specific to the asset or liability. 

The determination of what constitutes ‘observable’ 

requires significant judgement by the Company. The 

Company considers observable data to be that market 

data that is readily available, regularly distributed or 

updated, reliable and verifiable, not proprietary, and 

provided by independent sources that are actively 

involved in the relevant market. 

10. Taxation 

The Company will not be liable to tax in respect of its 

income and gains, other than on the occurrence of a 

chargeable event. Generally a chargeable event arises on 

any distribution, redemption, repurchase, cancellation, 

transfer of shares or on the ending of a “Relevant Period”. 

A “Relevant Period” is an eight year period beginning 

with the acquisition of the shares by the shareholder 

and each subsequent period of eight years beginning 

immediately after the preceding Relevant Period. 

A chargeable event does not include: 

(i) any transactions in relation to shares held in 

a recognised clearing system as designated by 

order of the Revenue Commissioners of Ireland; 

or 

(ii) an exchange of shares representing one Sub- 

Fund for another Sub-Fund of the Company; or 

(iii) an exchange of shares arising on a qualifying 

amalgamation or reconstruction of the 

Company with another Company; or 

(iv) certain exchanges of Shares between spouses 

and former spouses. 

A chargeable event will not occur in respect of 

shareholders who are neither resident nor ordinarily 

resident in Ireland and who have provided the Company 

with a relevant declaration to that effect. 

In the absence of an appropriate declaration, the 

Company will be liable to Irish tax on the occurrence of a 

chargeable event. 

There were no chargeable events during the period 

under review. 

Capital gains, dividends and interest received may 

be subject to withholding taxes imposed by the country 

of origin and such taxes may not be recoverable by the 

Company or its shareholders. 

11. Directors’ Remuneration 

A fee of €20,000 (2012: €12,000) is payable annually 

to each of those Directors who is not affiliated to The 

Northern Trust Company. 


12. Exchange Rates 

The exchange rates at 30 September 2012 to The exchange rates at 31 March 2012 to 

Euro (€) are: Euro (€) are: 

Argentinian Peso 6.03530 Argentinian Peso 5.83118 

Australian Dollar 1.23714 Australian Dollar 1.28549 

Brazilian Real 2.61005 Brazilian Real 2.42942 

British Pound Sterling 0.79669 British Pound Sterling 0.83348 

Canadian Dollar 1.26585 Canadian Dollar 1.33097 

Chilean Peso 610.50854 Chilean Peso 650.06933 

Colombian Peso 2,316.85773 Colombian Peso 2,391.99947 

Czech Republic Koruna 25.19900 Czech Republic Koruna 24.85498 

Danish Krone 7.45475 Danish Krone 7.43961 

Egyptian Pound 7.84347 Egyptian Pound 8.04347 

Euro 1.00000 Euro 1.00000 

Hong Kong Dollar 9.97456 Hong Kong Dollar 10.33932 

Hungarian Forint 285.07005 Hungarian Forint 294.94497 

Indian Rupee 67.85644 Indian Rupee 67.84345 

Japanese Yen 100.08969 Japanese Yen 109.59225 

Jordanian Dinar 0.91110 Jordanian Dinar 0.94451 

Korean Won 1,429.84819 Korean Won 1,508.88264 

Malaysian Dollar 3.93219 Malaysian Dollar 4.07966 

Mexican Peso 16.54081 Mexican Peso 17.05974 

New Zealand Dollar 1.54869 New Zealand Dollar 1.62511 

Norwegian Kronor 7.36495 Norwegian Kronor 7.59608 

Polish Zloty 4.12137 Polish Zloty 4.15331 

Russian Ruble 40.14041 Russian Ruble 39.21257 

Singapore Dollar 1.57815 Singapore Dollar 1.67441 

South African Rands 10.61510 South African Rands 10.22020 

Swedish Krona 8.43507 Swedish Krona 8.83630 

Swiss Franc 1.20905 Swiss Franc 1.20366 

Taiwan Dollar 37.71182 Taiwan Dollar 39.30446 

Turkish Lira 2.31004 Turkish Lira 2.37429 

US Dollar 1.28650 US Dollar 1.33170 


13. Securities Lending 

The Company has a securities-lending program 

whereby the Sub-Funds can lend securities to approved 

brokers. The Securities Lending Agent is The Northern 

Trust Company. The Company receives cash, letters of 

credit or eligible instruments as collateral for loans of 

its securities to these approved borrowers. 

Income earned from the investment of cash collateral, 

net of (1) expenses, including but not limited to, 

transaction accounting and reporting expenses, auditing 

fees, brokerage fees and other commissions, and any 

miscellaneous expenses, (2) any applicable payment or 

withholding of tax, (3) loan rebate fees paid or accrued 

to the borrowers, and (4) any adjustments to provide 

for regular returns as provided below, together with 

loan fees for loans collateralized by non-cash collateral, 

is distributed to participating lenders of the collateral 

section on a monthly basis in the currency in which 

the income was earned. Income shall be credited and 

recorded as interest income, on the fifteenth day of 

each month. 

Initial collateral levels will not be less than: 

■ 102% of the market value of borrowed securities; 

■ 105% if borrowed securities and the collateral are 

denominated in different currencies. 

Eligible collateral: 

■ Cash in the form of US Dollars, British Pound 

Sterling and Euro; 

■ Obligations issued or guaranteed by United States, 

United Kingdom and other OECD member 

states or their local governments, agencies, 

instrumentalities or authorities; 

■ Obligations issued by supranational entities; 

■ Equity issues which are part of indices approved 

by the Agent’s appropriate credit committee, at 

the time of receipt and are subject to a 

concentration limit. 

Eligible investments: 

■ Daily dealing money market funds which have and 

maintain a rating of Aaa or equivalent, including 

units of Northern Trust Global Funds plc; 

■ End of day residual cash balances, which cannot 

be invested in the marketplace will be swept into 

a short term investment with The Northern Trust 

Company and any of its worldwide branches or 

affiliated US or non-US banks or bank holding 

companies. 

The central securities depositary system used for 

stock lending is a system called ‘GSL’ – Global Securities 

Lending. 

Income earned by each Sub-Fund is included in the 

Profit and Loss Account on page 150. 


The below table shows the value of stock out on loan by borrower as at 30 September 2012: 

Borrower Name Shares Fair Value Collateral % 

ABN AMRO Bank 14,000 12,267 106% 

ABN AMRO Securities (USA) 45,493 549,346 106% 

Barclays Capital 308,708 4,725,931 105% 

Barclays Capital Securities 1,170,074 4,025,990 111% 

BNP Paribas Prime Brokerage 77,014 2,324,275 102% 

BNP Paribas Securities Corporation 100,000 32,182 109% 

Credit Suisse Securities (Europe) 5,787,434 23,611,788 113% 

Credit Suisse Securities (USA) 501,419 6,335,863 104% 

Deutsche Bank (London) 273,940 594,305 117% 

Deutsche Bank Securities 104,725 2,501,380 104% 

Goldman Sachs International 2,661,999 1,474,160 107% 

Goldman Sachs & Co 4,394,711 2,708,148 109% 

HSBC Bank 115,750 296,994 107% 

ING Bank (London) 28,301 1,343,909 108% 

J.P. Morgan Clearing Corporation 7,160 26,697 102% 

J.P. Morgan Securities Limited 13,464,210 26,985,102 106% 

Merrill Lynch International 3,330,950 7,452,129 108% 

Mizuho Securities USA 9,748 393,907 106% 

Morgan Stanley & Co International 5,337,917 9,251,741 106% 

Morgan Stanley & Co 809,483 3,457,417 106% 

Morgan Stanley Securities 32,946 125,299 105% 

National Financial Services 58,616 1,648,611 103% 

Newedge USA 3,666 35,713 108% 

RBC Capital Markets 100 9,738 102% 

SG Americas Securities 1,856 180,738 102% 

Societe Generale (Paris) 8,128 311,657 107% 

UBS (London) 6,735,911 10,779,023 108% 

UBS Securities 1,094,198 6,244,735 104% 


The below table shows the value of stock out on loan by borrower as at 31 March 2012: 

Borrower Name Shares Fair Value Collateral % 

ABN AMRO Bank 525,326 19,561 111% 

ABN AMRO Securities (USA) 17,913 230,266 105% 

Barclays Capital 712,951 6,176,562 105% 

Barclays Capital Securities 408,640 6,729,428 108% 

BNP Paribas Prime Brokerage 78,176 1,609,196 103% 

BNP Paribas Securities Corporation 56,500 30,766 110% 

Credit Suisse Securities (Europe) 3,648,342 28,134,083 107% 

Credit Suisse Securities (USA) 772,067 6,182,718 104% 

Deutsche Bank (London) 15,000 22,342 106% 

Deutsche Bank Securities 279,922 4,823,013 104% 

Goldman Sachs International 618,351 519,266 107% 

Goldman Sachs & Co 6,217,969 4,062,187 108% 

HSBC Bank 6,000 8,565 105% 

ING Bank (London) 14,742 439,940 110% 

J.P. Morgan Clearing Corporation 5,836 44,347 102% 

J.P. Morgan Securities Limited 25,480,411 38,300,120 105% 

Merrill Lynch International 5,330,015 8,879,603 104% 

Mizuho Securities USA 105,160 1,116,485 106% 

Morgan Stanley & Co International 386,350 7,001,204 110% 

Morgan Stanley & Co 432,931 4,856,522 104% 

Morgan Stanley Securities 56,970 649,249 109% 

National Financial Services 148,339 2,116,447 103% 

Newedge USA 925 25,827 102% 

RBS Securities 300 9,081 102% 

Societe Generale (Paris) 17,304 480,104 118% 

UBS (London) 2,621,598 8,610,817 106% 

UBS Securities 1,476,914 5,178,903 104% 


The below table shows the value of stock out on loan by Sub-Fund as at 30 September 2012 and 31 March 2012: 

Sub-Fund Sunday, 30 September 12 Saturday, 31 March 12 

Borrower Name Shares Fair Value € Shares Fair Value € 

Europe (ex-UK) Equity Index Fund 1,876,256 24,512,639 2,417,310 37,280,328 

Euro Government Bond Index Fund 25,380,468 29,256,649 31,453,720 36,299,930 

Index Linked Bond Index Fund 1,272,758 3,115,175 - 

Japan Equity Index Fund 2,393,599 15,863,696 2,759,073 21,939,774 

North America Equity Index Fund 892,201 23,490,437 1,028,275 22,775,929 

Pacific (ex-Japan) Equity Index Fund 2,227,957 8,647,791 1,724,257 7,725,386 

UK Equity Index Fund 141,923 684,741 642,374 2,486,107 

Emerging Markets Index Fund 7,213,586 7,000,388 9,409,943 7,749,148 

All Country Asia (ex-Japan) Equity Index Fund 5,079,709 4,867,529 - 


- 

-

14. Cross Liability Risk 

The Company has segregated liability between its Sub- 

Funds and accordingly any liability incurred on behalf 

of or attributable to any Sub-Fund shall be discharged 

solely out of the assets of that Sub-Fund. 

15. Financial Reporting Standard No.1 

Under Financial Reporting Standard 1, the Company 

is exempt from the requirement to prepare a cash flow 

statement, as it complies with the conditions for open 

ended investment funds. 

16. Financial Reporting Standard No.3 

Other than set out in the Profit and Loss Account, 

there are no other recognised gains or losses for the 

period, and thus a separate statement as required by 

Financial Reporting Standard 3, is not considered 

necessary. The change in net assets attributable to 

holders of redeemable participating shares arose solely 

from continuing operations. 

17. Commitments and Contingencies 

The Company has no undisclosed commitments 

or contingencies at 30 September 2012 

(31 March 2012: Nil). 

18. Comparative Figures 

The comparative figures are for the year ended 

31 March 2012 and the six months ended 

30 September 2011. 

19. Events During the Period 

The NT All Country Asia (Ex-Japan) Equity Index 

Fund launched on 3 May 2012, when the first 

subscriptions were made. 

The following distributions were declared during the 

period: 

The NT Europe (Ex-UK) Equity Index Fund €4,749,050 

The NT Euro Government Index Bond Fund €2,812,525 

The NT Index Linked Bond Index Fund £216,397 

The NT Japan Equity Index Fund €459,954 

The NT North America Equity Index Fund €2,556,485 

The NT Pacific (Ex-Japan) Equity Index Fund €1,392,582 

The NT UK Equity Index Fund €890,477 

The NT Emerging Markets Index Fund US$2,670,807 

The NT Euro Government Inflation Linked Bond Index Fund €6,637,085 

The NT All Country Asia (Ex-Japan) Equity Index Fund Nil 

There were no other material events during 

the period. 

20. Subsequent Events 

There were no significant events subsequent to 

the period end which require amendment to the 

financial statements. 

21. approval of Financial Statements 

The financial statements were approved by the 

Directors on 16 November 2012. 


NORTHERN TRUST QUANTITATIVE FUND PLC 

Registered Office Georges Court 

54-62 Townsend Street 

Dublin 2, Ireland 

Directors Gerry Brady (Chairman) Irish Independent 

John Fitzpatrick Irish Independent 

Michael Boyce Irish Independent 

Michael Griffin Irish Independent 

Penelope Biggs British 

Malcolm Palmer British 

Manager Northern Trust Fund Managers (Ireland) Limited 

Georges Court 



Investment Manager Northern Trust Global Investments Limited 

50 Bank Street 

Canary Wharf 

London E14 5NT 

United Kingdom 

Custodian Northern Trust Fiduciary Services (Ireland) Limited 

Georges Court 



Administrator Northern Trust International Fund Administration Services (Ireland) Limited 

Independent Auditor KPMG 

Georges Court 



Chartered Accountants 

Registered Auditor 

1 Harbourmaster Place 

International Financial Services Centre 

Dublin, Ireland 


Legal Advisor Maples and Calder 

75 St. Stephen’s Green 


Sponsoring Broker Maples and Calder 

75 St. Stephen’s Green 


Secretary Northern Trust International Fund Administration Services (Ireland) Limited 

Georges Court 




IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not 

intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by 

law. For more information about this notice, see http://www.northerntrust.com/circular230. 


northerntrust.com

NORTHERN TRUST INVESTMENT FUNDS PLC

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