interim financial statements - sanlamuniversa… · 4.8 sanlam global financial fund 71 4.9 sanlam...

Interim Financial StatementsSanlam Global Funds plc &Sanlam Universal Funds plc

Managed by Sanlam Asset Management

(Ireland) Limitedfor the

period ended

30 June

2011

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1 Company Information 2

2 Economic & Market Review 5

3 Investment Manager’s Report 9

4 Portfolio Statements and Shares in issue as at 30 June 2011

(Unaudited)

4.1 Sanlam Universal Equity Fund 25

4.2 Sanlam World Equity Tracker Fund 42

4.3 8IP Asia Equity Opportunities Fund 61

4.4 8IP Asia Pacific Equity Fund 63

4.5 SIIP India Opportunities Fund 65

4.6 Sanlam African Frontier Markets Fund 67

4.7 Sanlam Global Best Ideas Fund 69

4.8 Sanlam Global Financial Fund 71

4.9 Sanlam Universal Bond Fund 74

4.10 SPI Global Balanced Fund 85

4.11 SPI Global Equity Fund 88

4.12 PSolve Inflation Plus Fund 92

4.13 Grindrod International Property Fund 94

4.14 Sanlam US Dollar Liquidity Fund 95

5 Balance Sheet (Unaudited) 96

6 Income Statement (Unaudited) 105

7 Statement of Changes in Net Assets Attributable to Holders of

Redeemable Participating Shares (Unaudited) 118

8 Cash Flow Statement (Unaudited) 126

9 Notes to the Unaudited Financial Statements 134

10 Major Purchases and Sales for the period ended 30 June 2011

(Unaudited) 173

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NON-EXECUTIVE DIRECTORS REGISTERED OFFICE

Christiaan Gerhardus Swanepoel – South African Beech House

Peter Murray – Irish Beech Hill Road

Paul Dobbyn – Irish Dublin 4

Ireland

MANAGER & SECRETARY CUSTODIAN

Sanlam Asset Management (Ireland) Limited Northern Trust Fidicuary Services (Ireland) Limited

Beech House New Century House

Beech Hill Road International Financial Services Centre

Dublin 4 Dublin 1

Ireland Ireland

ADMINISTRATOR & REGISTRAR BROKERS

J.P. Morgan Administration Services NCB Stockbrokers Limited

(Ireland) Limited 3 George’s Dock

JPMorgan House International Financial Services Centre

International Financial Services Centre Dublin 1

Dublin 1 Ireland

Ireland

INDEPENDENT AUDITORS STOCK LENDING AGENT

Ernst & Young JPMorgan Chase Bank (London Branch)

Harcourt Centre 125 London Wall

Harcourt Street London EC2Y 5AJ

Dublin 2 United Kingdom

Ireland

IRISH LEGAL ADVISORS INVESTMENT TRANSITION MANAGERS

Terminated 31 December 2010 Morgan Stanley & Co. International Limited

A & L Goodbody 25 Cabot Square

North Wall Quay Canary Wharf

International Financial Services Centre London E14 4QA

Dublin 1 United Kingdom

Ireland

State Street Bank Europe Limited

Appointed 01 January 2011 1 Royal Exchange

Maples and Calder London EC3V 3LL

75 St. Stephens Green United Kingdom

Dublin 2

Ireland J.P. Morgan Securities Services Limited

60 Victoria Embankment

DISTRIBUTORS London EC4G OJP

Sanlam Collective Investments Limited United Kingdom

2 Strand Road

Bellville 7530 INVESTMENT MANAGERS – SANLAM

South Africa UNIVERSAL EQUITY FUND

Alliance Bernstein Limited

Sanlam Investment Management (Pty) Limited Devonshire House

Willie Van Schoor Avenue 1 Mayfair Place

Bellville 7530 London W1J 8AJ

South Africa United Kingdom

PSolve Investments Limited FOUR Capital Partners Limited

126 Jermyn Street 6-8 Long Lane

London SW1Y 4UJ London EC1A 9HF

United Kingdom United Kingdom

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INVESTMENT MANAGERS – SANLAM INVESTMENT MANAGER – SANLAM GLOBAL

UNIVERSAL EQUITY FUND (continued) BEST IDEAS FUND

Sanlam Investment Management (Pty) Limited Sanlam Investment Management (Pty) Limited

Willie Van Schoor Avenue Willie Van Schoor Avenue

Bellville 7530 Bellville 7530

South Africa South Africa

Eight Investment Partners (Pty) Limited INVESTMENT MANAGER – SANLAM GLOBAL

Level 11, 131 Macquary Street FINANCIAL FUND

Sydney Sanlam Investment Management (Pty) Limited

New South Wales Willie Van Schoor Avenue

Australia, 2000 Bellville 7530

South Africa

Centre Asset Management , LLC

48 Wall Street INVESTMENT MANAGER – SANLAM

Suite 1100 UNIVERSAL BOND FUND

New York BlackRock Investment Management UK Limited

N.Y. 10005 33 King William Street

United States of America London EC4R 9AS

United Kingdom

INVESTMENT MANAGER – SANLAM WORLD

EQUITY TRACKER INVESTMENT MANAGER – SPI GLOBAL

Sanlam Investment Management (Pty) Limited BALANCED FUND

Willie Van Schoor Avenue Pictet & Cie, Banquiers

Bellville 7530 29 Boulevard Georges-Favon

South Africa CH-1204

Geneva, Switzerland

INVESTMENT MANAGER – 8IP ASIA EQUITY

OPPORTUNITIES FUND INVESTMENT – MANAGER SPI GLOBAL

Eight Investment Partners (Pty) Limited EQUITY FUND

Level 11, 131 Macquary Street Centre Asset Management LLC

Sydney 48 Wall Street

New South Wales Suite 1100

Australia, 2000 New York

N.Y. 10005

INVESTMENT MANAGER – 8IP ASIA PACIFIC United States of America

EQUITY FUND

Eight Investment Partners (Pty) Limited Terminated 01 April 2011

Level 11, 131 Macquary Street Pictet & Cie, Banquiers

Sydney 29 Boulevard Georges-Favon

New South Wales CH-1204

Australia, 2000 Geneva, Switzerland

INVESTMENT MANAGER – SIIP INDIA INVESTMENT MANAGER – PSOLVE INFLATION

OPPORTUNITIES FUND PLUS FUND

Sanlam Investment Management (Pty) Limited PSolve Investments Limited

Willie Van Schoor Avenue 126 Jermyn Street

Bellville 7530 London SW1Y 4UJ

South Africa United Kingdom

INVESTMENT MANAGER – SANLAM AFRICAN

FRONTIER MARKETS FUND

Sanlam Investment Management (Pty) Limited

Willie Van Schoor Avenue

Bellville 7530

South Africa

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ontinued INVESTMENT MANAGER – GRINDROD

INTERNATIONAL PROPERTY FUND

Grindrod Bank Limited

20 Kingsmead Boulevard

Durban, 4001

South Africa

INVESTMENT MANAGER – SANLAM US

DOLLAR LIQUIDITY FUND



Bellville 7530

South Africa

INVESTMENT ALLOCATION MANAGER

Terminated 01 January 2011



Bellville 7530

South Africa

Appointed 01 January 2011

Sanlam International Investments Limited

33 Cavendish Square

London

WIG OWP

United Kingdom

Registered Number: 267451

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ECONOMIC REVIEW – 2011

The sharp deceleration in global growth in the second quarter reflects factors that will hopefully prove

to be temporary. First, Japan’s devastating earthquake in March had an immediate impact on real

economic activity as global industrial production recorded outright declines in March and April.

Meanwhile, the fall in the global Purchasing Managers Index (“PMI”) manufacturing new orders to

inventory ratio suggests no immediate recovery in global production of any real consequence is likely

over the next couple of months.

Second, the spike in oil prices in the first half of 2011 eroded real income growth, constraining final

consumption expenditure by households in oil importing countries. Firms left with too much inventory

have had to scale back production.

Recent economic activity releases, while still mixed, have been more encouraging. In Japan, available

data points to a nascent recovery in consumer spending and industrial production. Manufacturers

appear eager to increase production in the months ahead. Also, both the manufacturers and services

components of the July Reuters Tankan survey were upbeat. Encouragingly, the global auto industry,

which had been hit by supply disruptions from Japan in March and April, appears to have steadied.

Importantly, in the US the renewed decline in jobless claims in the first half of July suggests US non-

farm payrolls data should perk up in the months ahead after collapsing in May and June, although

further falls in claims are required to justify this optimism.

Moreover, in China, retail sales data has been more buoyant of late and industrial production has

improved, although exports are weaker.

Provided Japan rebounds as expected and employment growth holds up in the US and elsewhere

thereby supporting final demand, global real economic activity should improve in the second half of

2011. However, it seems the best we can hope for is growth somewhere between the elevated level of

late 2010 / early 2011 and the disappointing second quarter outcome.

But, while this is a plausible best case scenario we should not ignore the risks that continue to stalk

financial markets and the global economy. Foremost amongst these, is the high and rising level of

government debt in developed economies.

ECONOMIC OUTLOOK

There is a pressing need to make progress on much needed fiscal consolidation in numerous

advanced economies, not least because sovereign debt risk is intertwined with systemic financial

sector risk in Europe. Moreover, the required fiscal consolidation cannot be achieved in the absence of

far-reaching structural reform needed to raise potential economic growth rates.

The International Monetary Fund (“IMF”) indicated in April 2011 it expects gross central government

debt of advanced economies, in aggregate, to rise above 100% of Gross Domestic Product (“GDP”)

this year. Further, the organisation forecasts the total gross debt level of this group will continue

increasing over the next five years. The expected improvement in the collective primary budget

balance of advanced economies from -5.3% of GDP in 2011 to -0.6% of GDP in 2016 is simply not big

enough to stabilize and reduce debt levels.

Meanwhile, the continued increase in government bond yields since mid-2010 in countries such as

Greece, Ireland and Portugal suggests bond market participants in these countries believe the fiscal

arithmetic leaves much room for doubt on whether the required fiscal adjustment will be achieved.

Ironically, the higher bond yields rise, the greater the required adjustment to primary budget balances

to stabilize debt ratios. Any disorderly default would deal a significant blow to hopes of a robust

recovery in growth into 2012.

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ECONOMIC REVIEW – 2011 (continued)

Projections of the future path of government debt are subject to numerous assumptions and are by

nature fluid. Still, given the level of interest rates on government debt, growth in these economies is

simply not sufficiently robust to ease the concerns of market participants. But, it is difficult for

governments to cut spending when unemployment is high and rising taxes makes it harder for the

private sector to sustain an economic recovery.

Even in the UK and the US, dauntingly large primary budget deficits must be turned into primary

budget surpluses in order to stabilise and ultimately reduce government debt levels. At the very least

this implies less spending and/or higher taxes and, ultimately, lower potential economic growth.

Overall, current real economic indicators suggest global GDP should stabilize in the third quarter 2011,

partly supported by Japan’s improvement and less drag on real income growth in developed

economies as the impact of energy prices on inflation eases. The important caveat is heightened risk

aversion and uncertainty must not affect decisions relating to consumption, fixed investment and

employment. In that instance additional monetary policy support through measures such as

quantitative easing can be expected.

As regards inflation, the annual advance in global headline Consumer Prices Index (''CPI'') has held

steady at close to 4 per cent in recent months and could ease in the months ahead as the influence of

former food and fuel price increases wane.

Underlying the headline number the annual advance in developed market core inflation remained

unchanged at about 1.5 per cent from May through to July. However, US core CPI increased further to

1.8 per cent (up from 0.6 per cent in October 2010), partially driven by rising rents CPI. As regards

momentum, US core inflation advanced at a shade more than 3 per cent annualised in the three

months to July compared with the previous three months.

Emerging market (''EM'') core inflation is advancing at about 3.5 per cent, up from 2.5 per cent in late

2010. Encouragingly, though, China’s core CPI recorded virtually no change in July. Generally, EM

central banks should adopt less hawkish monetary policy stances.

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MARKET REVIEW – 2011

The first half of 2011 has been one of the most eventful periods of recent times. The extent and

diversity of news that the market has had to digest has been substantial. There were the pressures

carried into the year such as the ongoing European sovereign debt crisis, which was primarily focused

on Ireland and Portugal in the first quarter. While Greece escaped attention for much of the first

quarter, the renewed focus on the European sovereign debt crisis during the second quarter saw

Greece once again come to the fore. Then there were the political issues that surfaced in North Africa

and the Middle East. These have seen changes in Tunisia, and more notably Egypt, and there have

also been tensions in Iran, Bahrain, Yemen and Saudi Arabia. And then there is Libya, which has

differentiated itself primarily because of external international involvement.

If one then changes emphasis, there have been natural disasters: the floods in Australia have almost

been forgotten, being dwarfed by the even more catastrophic earthquake in Japan, the subsequent

tsunami, and then the nuclear power plant disaster. Any one of these political or natural events would

have been significant in isolation, but to have all of them in one period is indeed remarkable, and this

is to say nothing of the traditional considerations that impact equity markets, inflation, GDP growth,

corporate earnings, etc. And then of course there is the oil price: this rose significantly during the first

quarter, but dropped back somewhat during the second quarter as the European sovereign debt crisis

took the headlines.

EQUITY MARKET REVIEW

Despite all this news flow, global equity markets have managed to post a healthy return over the

period. For the first half of 2011, the MSCI World (Developed Markets) Index rose by 5.29%1. While

the absolute level of return may not be impressive, and is easily overshadowed, even just by the last

quarter of 2010, what is impressive is that the market has continued to rise in spite of all these events.

The persistence of the market to push higher was primarily a function of the first quarter when global

equity markets rose 4.80%. The second quarter did see markets rise slightly, by 0.47%, although this

disguises the nature of the quarter, which saw markets rise by over 4% in April, only to sell off in May

and the majority of June, before sparking a significant rebound, to end the period slightly higher.

At a regional level there were some contrasting returns over the period. In dollar terms Europe led the

way rising over 9%, while North America rose over 5.5%. The developed markets in the Pacific

excluding Japan region also posted a positive return of 2.5%, but Japan was the clear laggard

declining -4.8%. In local terms the Japanese market fell by -5.2%, while the European market only

rose 2.4%, thus indicating that the appreciation of the euro was the primary driver of the strong

European markets in dollar terms. The Pacific excluding Japan market actually declined in local terms

by nearly -1%. Finally, looking over the first half of 2011 Emerging Markets have only delivered nearly

1%, and hence are significantly lagging Developed Markets.

Turning to sectors, the first half of 2011 is really a tale of two parts: the first linked to the rising oil

price, and the second when this started to decline – these are conveniently roughly approximated by

the first and second quarters. For the first quarter the Energy sector was the best performing sector,

with a rise of nearly 14% for the quarter. The next best sector was the Industrials sector rising just over

7%. For that period the Utility sector was the weakest sector with a return of just over 1%. Turning to

the second quarter, Health Care was the best performing component with a return of nearly 8%, while

Consumer Staples delivered over 6% and Consumer Discretionary almost 5%. In contrast, Energy was

the clear laggard falling nearly -5%. Despite this poor performance in the second quarter, for the first

half of 2011, the Energy sector was the second best performer rising over 8%, and only lagging Health

Care which rose almost 13%. Information Technology was the weakest sector rising only 0.9%, while

Materials and Financials both failed to rise by more than 2%.

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

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MARKET REVIEW – 2011 (continued)

During the first quarter of 2011, the rise in global bond yields paused briefly before continuing to rise

again and credit markets performed remarkably well. Global fixed income markets, as measured by

the Barclays Capital Global Aggregate Index, produced a US dollar return of 1.24% in the quarter. The

second quarter, with the economic recovery faltering somewhat, saw a US dollar return of 3.10%.

Hence, global fixed income markets have produced a return of 4.38% for the first half of 2011, and

are less than 1% behind the year-to-date return of global equities.

The overall market picture remains little changed with the low level of yields prevailing in most of the

developed world, although some clear deviations have started to emerge. In the US there were no

changes to headline interest rates, although the second phase of quantitative easing did come to an

end on 30th June. In the first quarter, US Treasury yields gained 15 to 30 basis points (bps) during

the quarter, with the front-end underperforming. Meanwhile for the second quarter, yield levels along

the US treasury curve have fallen slightly, most noticeably in the middle part of the curve.

European Central Bank (ECB) rhetoric became more hawkish in January. But it was only at the March

press conference that Trichet used the term "strong vigilance" and the market understood that the

ECB was determined to hike the official refinancing rate in April. The second quarter saw this first rise

in euro interest rates from 0.25% to 1.25%, while this was also followed in early July with a second

0.25% rise to 1.50%. The ECB is sticking to its mandate to control inflation, despite the issues with

the peripheral European countries.

During the first quarter the Bank of England continued to send mixed signals in its response to

growing negative real rates and loss in purchasing power. Nevertheless, Gilt yields were 15 to 30 bps

higher in the quarter, with the long-end outperforming. The market is pricing in 3 rate hikes by the

end of the year. With the weakening of the overall economy during the second quarter, the Bank of

England has further signalled that it is in no rush to rise UK interest rates, and consequently investors

have further postponed their expectations of the first interest rate increase. The first interest rate rise

does not look like happening in 2011 and is expected to happen in mid 2012.

In Japan, the economic consequences of the earthquake are still uncertain. At least the reconstruction

effort should be stimulatory in the medium-term. In response the Bank of Japan expanded its asset

purchase program, and this led the current account balance to increase and reach historically high

levels. Despite some volatility in the aftermath of the earthquake, yields were only a few basis points

higher at the end of the first quarter compared to the start of the year. The second quarter saw some

stabilisation, but further along the curve yields came in, especially in the over 15-year segment of the

curve.

In emerging markets, policy makers focused on controlling rising inflation fuelled by increasing

commodity prices and contracting output gaps. Central banks across the emerging world hiked

interest rates (China, India, Brazil, Russia, Korea, etc), many of them in addition to quantitative

tightening methods such as hiking reserve requirement ratios (e.g. China, Brazil).

Global credit indices increased during the first quarter, with the Barclays Capital Global Corporate

Index returning 1.74% more than like-duration government bonds - bringing the total return for the

quarter to 2.37%. For the second quarter, non-sovereign components of the global fixed income

markets did not perform as strongly as the wider market. However, global credit still managed to post

a positive return, rising just over 2.6%, as measured by the same index.

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SANLAM UNIVERSAL EQUITY FUND

INVESTMENT OBJECTIVE

The Sanlam Universal Equity Fund (“the Fund”) aims to provide above average long-term capital

growth by investing primarily in global equities.

FUND PERFORMANCE

-5%

0%

5%

10%

15%

20%

25%

30%

35%

1st Qtr 2011 2nd Qtr 2011 Year to date 12 Months Since Inception

Fund USD- terms 4.09% 0.16% 4.26% 31.31% 5.11%

Benchmark* 4.80% 0.47% 5.29% 30.51% 5.93%

Excess return -0.71% -0.31% -1.03% 0.80% -0.82%

*The Fund is benchmarked against the MSCI World.

Note: Fund launched 17 August 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund has struggled in 2011 so far in the overall rising market environment, which has been

choppier than the overall market return levels suggest. For the first quarter the Fund rose over 4%, but

this was insufficient to keep pace with the market, and so the Fund under-performed by -0.71%. The

second quarter was also challenging. Here the Fund did manage to keep broadly in line with the

market’s overall movements, but eventually found itself lagging by -0.31% at the end of the quarter.

The Fund is therefore over -1% behind its benchmark year-to-date, but despite this the Fund is still

showing healthy out-performance over the last twelve months with a relative gain of nearly 0.8%. Since

inception the Fund is still lagging its benchmark by around -0.8%. FUND OUTLOOK

The outlook for the Fund remains positive despite the global equity market uncertainty. The increasing

issues around the slowdown in US economic growth, as evident from data released during the second

quarter, are one of the major factors of concern. The other significant threat to economic growth

continues to be the sovereign debt crisis. Meanwhile, the main item arising from the non-developed

markets is the extent of inflation in emerging markets, most noticeably in China. On the positive side

the health of corporations continues, and their overall balance sheet strength and cash levels means

that their situation, in the main, is a marked contrast to that of many sovereign entities. Hence, the

market is likely to continue to oscillate in a broadly trade-range bounded environment, until clarity can

be clearly established. With that backdrop the Fund’s diversified approach and positioning should

enable it to out-perform. INVESTMENT MANAGERS

FOUR Capital Partners Limited


Eight Investment Partners (Pty) Limited

Centre Asset Management, LLC

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SANLAM WORLD EQUITY TRACKER FUND


The objective of the Sanlam World Equity Tracker Fund (“the Fund”) is to replicate the performance

of world equity markets by tracking the MSCI World Index in US$.

FUND PERFORMANCE

-5%

0%

5%

10%

15%

20%

25%

30%

35%

1st Qtr 2011 2nd Qtr 2011 Year to date 1 Year 3 years Since Inception

Fund USD- terms 4.27% 0.47% 4.77% 29.96% 0.41% 5.25%

Benchmark* 4.80% 0.47% 5.29% 30.51% 0.47% 5.93%

Excess return -0.53% 0.00% -0.52% -0.55% -0.06% -0.68%

*The Fund is benchmarked against the MSCI World.

Note: Fund launched 17 August 2004. Performance figures longer than 12 months are annualised. Figures are

quoted gross of fees. The Fund’s performance has been disappointing over the first half of 2011, but this also needs to be

viewed in terms of activity within the Fund. For the first quarter the Fund failed to track its benchmark

and deviated by -0.53%. In the second quarter the Fund did successfully match the return of its

benchmark. The primary cause of the Fund’s disappointing first quarter was due to some significant

redemptions from the Fund taking place during this period. This performance differential has then

been carried into the year-to-date numbers, where the Fund finds itself just over -0.5% away from the

return of its benchmark. This also filters through to the twelve month numbers where the Fund has

deviated by almost the same amount. The Fund’s since inception numbers also show the Fund

deviating on the downside from its benchmark’s overall return.

FUND OUTLOOK

The outlook for the Fund remains positive despite the global equity market uncertainty. The increasing

issues around the slowdown in US economic growth, as evident from data released during the second

quarter, are one of the major factors of concern. The other significant threat to economic growth

continues to be the sovereign debt crisis. Meanwhile, the main item arising from the non-developed

markets is the extent of inflation in emerging markets, most noticeably in China. On the positive side

the health of corporations continues, and their overall balance sheet strength and cash levels means

that their situation, in the main, is a marked contrast to that of many sovereign entities. Hence, the

market is likely to continue to oscillate in a broadly trade-range bounded environment, until clarity can

be clearly established. With that backdrop the Fund’s diversified approach and positioning should

enable it to successfully track the market return.

INVESTMENT MANAGERS

Sanlam Investment Management (Pty) Limited.

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8IP ASIA EQUITY OPPORTUNITIES FUND


The investment objective of the 8IP Asia Equity Opportunities Fund (the “Fund”) is to provide long-

term capital growth.

FUND PERFORMANCE

-10%

-5%

0%

5%

10%

1st Qtr 2011 2nd Qtr 2011 Year to date Since Inception

Fund USD-terms 0.83% -1.60% -0.79% 6.54%

Benchmark* 2.03% -0.11% 1.92% 8.25%

Excess return -1.20% -1.49% -2.71% -1.71%

*The Fund is benchmarked against the MSCI Asia Pacific excluding Japan Index (NDUEACAPF).

Note: Fund launched 12 October 2010. Figures are quoted gross of fees. This Fund was launched in early October 2010 and so has not been in existence for twelve months

yet. The Fund has found the market environment difficult year-to-date. The Fund failed to keep pace

with the market rally in the first quarter and found itself under-performing by -1.20% over that period.

During the second quarter despite the overall eventual flat market environment the Fund declined in

absolute terms and again under-performed its benchmark by -1.49%. The Fund is therefore over

-2.7% behind its benchmark for the first half of 2011. The Fund did out-perform in the part-year of

2010, and so the Fund’s since inception performance numbers although exhibiting under-

performance are not as poor as the year-to-date returns. In other words, the under-performance in

2011 so far has turned the since inception number negative in relative terms.

FUND OUTLOOK

The Fund is positioned for Chinese inflation to peak during the first half of the third quarter, and the

subsequent end of the tightening policy there. This is expected to drive Asian equity markets higher.

Accompanied with fewer global macroeconomic events the reduction in risk aversion should also lead

to positive flows into the Asia and emerging markets. From a valuation perspective Asian markets are

trading on low relative and absolute valuations and offer attractive long-term investment returns. The

Fund is seeking to benefit from such an outcome and has selected its holdings to be consistent with

this. The Fund is generally poised for cyclical growth and a positive outcome in the Asian equity

market region.

INVESTMENT MANAGERS

Eight Investment Partners (Pty) Limited.

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8IP ASIA PACIFIC EQUITY FUND


The investment objective of the 8IP Asia Pacific Equity Fund (the “Fund”) is to provide long-term

capital growth.

FUND PERFORMANCE

-5%

0%

5%

10%

15%

20%

25%


Fund USD-terms 1.91% -1.33% 0.55% 19.22%

Benchmark* -0.70% -0.01% -0.72% 14.78%

Excess return 2.61% -1.32% 1.27% 4.44%

*The Fund is benchmarked against the MSCI Asia Pacific Index (NDUEACAP).

Note: Fund launched 13 September 2010. Figures are quoted gross of fees.

This Fund was launched in mid-September 2010 and so has not been in existence for twelve months

yet. For the first quarter the Fund successfully delivered some meaningful out-performance of over

2.6%, and managed to produce a positive absolute return despite the overall equity market decline.

In the second half there was a reversal and the Fund gave back around half of its gains from the first

quarter, and delivered under-performance of -1.32%. Due to the first quarter for 2011 so far the

Fund has out-performed by 1.27%. The Fund has also managed to retain a positive absolute return

for the first six months of 2011, in the backdrop of the negative equity market environment. The

Fund is also comfortably ahead of its benchmark since inception with out-performance of over 4%.

FUND OUTLOOK

The Fund is positioned for Chinese inflation to peak during the first half of the third quarter, and the

subsequent end of the tightening policy there. This is expected to drive Asian equity markets higher.

Accompanied with fewer global macroeconomic events the reduction in risk aversion should also

lead to positive flows into the Asia and emerging markets. From a valuation perspective Asian

markets are trading on low relative and absolute valuations and offer attractive long-term investment

returns. The Fund is seeking to benefit from such an outcome and has selected its holdings to be

consistent with this. The Fund is generally poised for cyclical growth and a positive outcome in the

Asian equity market region. The rebuilding effort in Japan post the tsunami and earthquake should

also provide a positive medium-term boost to that economy and present investment opportunities

that the Fund will seek to identify and exploit.

INVESTMENT MANAGERS

Eight Investment Partners (Pty) Limited.

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SIIP INDIA OPPORTUNITIES FUND


The investment objective of the SIIP India Opportunities Fund (the “Fund”) is to provide long-term

capital growth.

FUND PERFORMANCE

-20%

-10%

0%

10%

20%


Fund USD- terms -6.37% -2.01% -8.25% -7.40%

Benchmark* -8.36% -2.82% -10.94% -4.81%

Excess return 1.99% 0.81% 2.69% -2.59%

*The Fund is benchmarked against the Bombay Stock Exchange 500 Index.

Note: Fund launched 13 September 2010. Figures are quoted gross of fees. This Fund was launched during the third quarter of 2010 and so has not been in existence for twelve

months yet. The Fund has had a good start to 2011. This began in the first quarter where the Fund

produced out-performance of nearly 2%. The difficult market environment meant that the Fund held

up much better than the overall market. The second quarter again saw the benchmark decline, but

the Fund continued to out-perform, producing an additional 0.81% of out-performance. The Fund

therefore finds itself nearly 2.7% ahead of its benchmark for the first half of 2011. FUND OUTLOOK

The Indian equity market continues to be troubled by the threat of higher inflation and the overheating

of the Indian economy. The Reserve Bank of India has raised the interest rate ten times in the last

fifteen months to leave the repurchase rate at 7.5%. The risk of domestic inflation remaining high

continues to persist and has not yet been tamed. The correction in the oil price is a positive and it has

led to some easing of inflation concerns. The backdrop for the Fund is therefore likely to be more

positive in absolute terms for the second half of 2011, with the potential for the Indian equity market to

rally. Despite the Fund’s good relative performance in 2011 so far, the pursuit of further out-

performance continues, and the Fund is seeking to deploy capital to areas of opportunity that are

identified as offering long-term opportunity.

INVESTMENT MANAGERS


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SANLAM AFRICAN FRONTIER MARKETS FUND


The Sanlam African Frontier Markets Fund (“the Fund”) aims to achieve long-term capital growth by

investing in listed African equities (ex South Africa) that offer above average growth potential.

FUND PERFORMANCE

-15%

-10%

-5%

0%

5%

10%

15%


Fund USD- terms -9.93% 0.41% -9.56% -1.65% -1.50%

Benchmark* -12.10% -1.89% -13.76% -4.09% -6.41%

Excess return 2.17% 2.30% 4.20% 2.44% 4.91%

*The Fund is benchmarked against MSCI EFM Africa ex South Africa.

Note: Fund launched 5 January 2009 and started trading 1 March 2010. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees.

The outperformance recorded in 2010 was sustained and expanded to over 627 basis points since

inception, and 4.1% over the six months to June 2011, during this period there were two subscriptions

amounting to 86% and 45% of the Fund’s NAV. These were received at the end of April and early June

(May was the strongest month for the benchmark, which rose 3.5% in the month). The Africa ex South

Africa universe’s performance has been overshadowed by the North African markets, principally Egypt

(down 24.8% year to date to June 2011), and by currency weakness vis-à-vis the USD. The underweight

positioning and stock selection in Morocco and Egypt early in the period saw the Fund escape the worst

of the North African markets’ debacle – the Fund did not have any exposure in Tunisia. January also

offered opportunity to take profits in Nigerian and Kenyan positions, raising cash holdings, which were

deployed in rebalancing banking stocks in Kenya and Nigeria when prices softened through March and

offered more attractive valuations. The Egyptian market’s re-opening late in March was used to buy more

of the beaten defensive and consumer oriented names that were already held in the portfolio. With prices

succumbing to retail selling pressure on re-opening, these stocks were picked at their re-opening lows,

and subsequently experienced gains ranging from 7% to 30% and allowing for profit taking. The recovery

in Kenya and Nigeria equities in April underpinned positive performance through April and May, with

Nigerian holdings sustaining the rally on the back of a successful and credible presidential election. In

June however, crises returned in Egypt and Morocco to drag returns since inception back into negative

territory.

15

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SANLAM AFRICAN FRONTIER MARKETS FUND (continued)

FUND OUTLOOK

While the unrest and uncertainty in North Africa will act as a drag on economic activity, the underlying

macroeconomic framework across the Fund’s universe generally remains intact. In the short-term

nevertheless, in Egypt, we acknowledge that there is a transitional government and therefore policy

hesitation. This ambiguity presents near-term headwinds to corporate profitability as aggregate demand

falls and margins thin. We see macro risks and political events dominating the market over the next

number of months to democratic elections. Kenya is experiencing macroeconomic headwinds of its own,

brought on by drought and high oil prices, and manifesting in high inflation and currency weakness.

While real GDP expectations have not suffered large downward revisions, investors will approach the

market cautiously, especially with inflation remaining stubbornly high and suggesting policy tightening.

Valuations in Nigerian banking stocks remain appealing, and we anticipate that the steady resumption of

risk asset growth will boost Return on Equity (“ROE”) for the lazy balance sheets. There is also optimism

that the Nigerian leadership, emboldened by the credibility of the presidential vote, has the opportunity to

appoint a plausible administration that can drive the key reform initiatives, the most significant being in

the power sector. This will provide a boost to the wider transformation agenda, and win the popular

support that is necessary to entrench the momentum. We have been pleased to see the robust

performance of recent exposure in Ghana, and as was the case with this exposure, the Manager will

continue to seek out value focused investment opportunities over the coming months in some of Africa’s

smaller equity markets.

INVESTMENT MANAGERS


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SANLAM GLOBAL BEST IDEAS FUND


The investment objective of the Sanlam Global Best Ideas Fund (“the Fund”) is to provide above

average long-term capital growth by investing in global equities which the Investment Manager has

identified as being under valued and as offering above average growth potential.

FUND PERFORMANCE

-20%

-10%

0%

10%

20%

30%

40%


Fund USD- terms -1.72% -0.24% -1.96% 18.08% 10.75%

Benchmark* 4.80% 0.47% 5.29% 30.51% 5.71%

Excess return -6.52% -0.71% -7.25% -12.43% 5.04%

*The Fund is benchmarked against MSCI World Index. Note: Fund launched 30 September 2006. Performance figures longer than 12 months are annualised. Figures are

quoted gross of fees. Despite the Fund having little exposure to the European financial crisis, the Fund’s performance year

to date was disappointing. This is due to Chinese small cap stocks being sold down due to rising

interest rates, food inflation and fears about poor corporate governance, which we believe are used by

short-sellers to push stocks lower in an uncertain environment. The negative performance of the Fund's holdings in India was driven by the risk of central banks

having to raise interest rates to combat inflation induced by higher food prices. On the opposite side

the US and developed market banks showed large gains which ensured the positive gains for the

benchmark. A number of our investments performed well (Adira, Redecard, DBA, China Essence) and a number

of our large cap investment showed positive gains in a difficult market proving their defensiveness

(Ahold, Pfizer, Kraft). The Fund takes concentrated positions based on longer-term views. At the same time, investing in

smaller companies (often undiscovered, and with attractive upside) can lead to volatility in the short-

term. We maintain our opinion that the companies we are invested in have excellent prospects (both

on a 12 month and 3 year basis) whilst the environment in the USA and Europe has not settled. FUND OUTLOOK The companies the Fund is invested in are well positioned and results, when released should prove

this. Hence, once inflation peaks (in both China and India), the prospect of lower interest rates, and

continued good results will open investors eyes to the very attractive valuations in emerging market.

Hence we believe that the Fund is well positioned for a rally in the last quarter of the year, unless food

inflation continues to be a problem. INVESTMENT MANAGERS


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SANLAM GLOBAL FINANCIAL FUND


The Sanlam Global Financial Fund (“the Fund”) is an investment vehicle for investors wishing to

achieve steady growth in the US Dollar value of investments primarily through global investment in

securities of companies of which the principal operations specifically focus on, and derive benefit

from or pertain to, the provision of banking, insurance and other financial services.

FUND PERFORMANCE

-20%

-10%

0%

10%

20%

30%

40%

!st Qtr 2011 2nd Qtr 2011 Year to date 12 Months Since Inception

Fund USD- terms 0.60% 2.63% 3.24% 35.34% 13.40%

Benchmark* 4.52% -2.67% 1.73% 13.87% -1.48%

Excess return -3.92% 5.30% 1.51% 21.47% 14.88%

*The Fund is benchmarked against MSCI World Financial Index. Note: Fund launched 12 April 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

During the first two months of the year the Fund underperformed the benchmark by a large margin

due to sharp declines in the Indian holdings which was driven by the risk of central banks having to

raise interest rates to combat inflation induced by higher food prices. This coupled with the Fund

being underweight in US and developed market banks when these were showing large gains during

the same period.

At the end of February the Emerging Markets (“EM”) banks sell-down looked to have settled.

The markets were tested in March with the eartquake and tsunami in Japan, Libyan protests, Middle

East unrest, a decline in US housing starts, increase in unemployment there and political woes in

Europe, but the Fund held its ground. During this time we started investing in catastrophe insurers

and Japanese banks, which performed well, as we saw an investment opportunity in these areas

where the market overreacted.

During the second half of this reporting period the Fund gained all its lost ground against the

benchmark with holdings like Adira and other Indonesian companies the main contributors.

It is pleasing that our stance of remaining invested in undervalued emerging market growth financial

services companies rather than very cheap but high risk developed market banks paid off.

FUND OUTLOOK

The Fund has had a satisfactory first half. At this stage the Fund has virtually no exposure to

European banks. The drivers of performance in the second half of 2011 will be the continued

recovery of the Japanese economy and the end of monetary tightening in India.

INVESTMENT MANAGERS


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SANLAM UNIVERSAL BOND FUND


The Sanlam Universal Bond Fund (“the Fund”) aims to provide income with the possibility of long-

term growth from capital appreciation.

FUND PERFORMANCE

-2%

0%

2%

4%

6%

8%

10%

12%


Fund USD- terms 1.58% 2.43% 4.06% 9.93% 4.96%

Benchmark* 1.24% 3.10% 4.38% 10.51% 5.97%

Excess return 0.34% -0.67% -0.32% -0.58% -1.01%

*The Fund is benchmarked against the Barclays Global Aggregate Index. Note: Fund launched 17 August 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had a mixed start to 2011. For the first quarter the Fund was able to out-perform its

benchmark by 0.34%. However, the second quarter saw the Fund more than give back this out-

performance as it lagged its benchmark by -0.67%. The primary reason for this under-performance

relates to the Fund’s overall underweight duration position, especially in certain regions of the world,

which was not rewarded during the second quarter. For the year-to-date timeframe the Fund is

lagging its benchmark by -0.32%. This has not helped the twelve month performance, which now

shows the Fund under-performing by -0.58%. This should however be viewed in the context of the

overall global bond market rising by over 10.5% over that period. The Fund’s since inception

performance remains behind its benchmark at around -1% under-performance.

FUND OUTLOOK

Despite the recent under-performance of the Fund, it continues to retain an underweight duration

position. The factors that have led to this under-performance are expected to be temporary, and

once those have reversed the outlook for the Fund will be more positive. From a valuation

perspective, the Fund sees that the current levels of short-term yields are not consistent with a

global economy growing at a moderate rate with inflation above central banks' 'target' levels in most

developed markets. This is expected to push yields higher across the curve and so justify the Fund’s

underweight duration stance. The tightening interest rate environment which although not formally

truly global yet is gaining traction and in turn this will reduce the freedom of capital within the

financial markets. This tighter liquidity environment could easily lead to higher volatility and so the

Fund is seeking to reduce its higher risk exposures such as certain credit positions.

INVESTMENT MANAGERS

BlackRock Investment Management (UK) Limited.

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SPI GLOBAL BALANCED FUND


The SPI Global Balanced Fund (“the Fund”) aims to provide above average long-term capital growth

through investing in equities, debt and money market securities.

FUND PERFORMANCE

*The Fund is Benchmarked against a composite benchmark made up of 40% MSCI World, 40% JPMorgan Global Bond and 20% Euro Deposit (USD).

Note: Fund launched 20 December 2006. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

Yield curves retreated as the end of the second round of US quantitative easing approached. The

10-year US and German government bond yields have fallen to 2.9% and 3% respectively,

significantly lower than the 3.6% level of mid-April. In the wake of the current uncertainties and the

eurozone's financial crisis, we increased the recommended sovereign bond exposures from

underweight to neutral in the Fund during the quarter. We consider German and US government

bonds as the best and most liquid assets to protect the Fund in the event of a prolonged European

crisis. We believe such a positioning offers very attractive hedging characteristics that should provide

a positive contribution against a Greek tail event scenario or a further downgrade to global growth

expectations, namely safe-haven status and ample liquidity.

In sharp contrast to the strong rally experienced by stock markets in the first quarter, investors shied

away from risky assets in May and literally deserted them in June. Once the boost to share prices

induced by forecast-beating corporate earnings started to wane, investors shifted their focus to the

general macroeconomic backdrop for guidance. The US economy has entered a soft patch, raising

doubts about the self-sustainability of the recovery. Investors were also concerned by a new round of

sovereign spread widening on the debt of peripheral European countries, linked to the Greek

financial crisis. This situation caused the euro to weaken sharply. The equity market correction

gathered pace in May and June when the MSCI World Index lost 9% from peak to bottom. Shares

rallied strongly towards the end of June as investors bet that the Greek Parliament would endorse a

new round of budgetary cuts and that an agreement could subsequently be found about the rollover

of loans coming due. Quarter 1 2011, we lost ground against the benchmark as we were building

our exposure from 45% equity exposure to 58% in rising markets. We only cut our exposure back in

early June when the crisis started to culminate. The weaker dollar and higher commodity prices

have caused S&P 500 companies’ sales growth estimates for 2011 to be increased to a rate above

10%. As a result, consensus profit growth estimates for 2011 have been revised upwards as well,

from 15% to 24%. Earnings growth momentum for European companies has been more moderate.

-15%

-10%

-5%

0%

5%

10%

15%

20%


Funds 0.36% 0.31% 0.67% 11.25% 7.00%

Benchmark* 2.19% 1.62% 3.85% 16.23% 17.74%

Excess return -1.83% -1.31% -3.18% -4.98% -10.74%

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SPI GLOBAL BALANCED FUND (continued)

FUND PERFORMANCE (continued)

The rise in equity markets since the beginning of the year does not reflect the upward momentum in

earnings revisions. The Price Earnings Ratio (“PER”) valuations for 2011 of the S&P 500 and the

Eurostoxx 50 stand at 2 to 3 points below historical averages.

FUND OUTLOOK

A decision was taken to terminate the Fund in the second half of 2011.

INVESTMENT MANAGERS

Pictet & Cie, Banquiers.

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SPI GLOBAL EQUITY FUND


The SPI Global Equity Fund (“the Fund”) aims to provide above average long-term capital growth by

investing in global equity markets.

FUND PERFORMANCE

-20%

-10%

0%

10%

20%

30%

40%

1st Qtr 2011 2nd Qtr 2011 Year to date 12 months Since Inception

Funds 1.44% 0.14% 1.58% 17.99% -3.13%

Benchmark* 4.80% 0.25% 5.06% 30.23% -0.46%

Excess Retrun -3.36% -0.11% -3.48% -12.24% -2.67%

*The Fund is benchmarked against MSCI World. Note: Fund launched 20 December 2006. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund has had a poor start to 2011. For the first quarter the Fund under-performed by -3.36%.

The Fund meaningfully failed to keep up with the global equity market rally. Partly as a result of this a

change of appointed Investment Manager was made at the end of the first quarter. The Fund’s

performance for the second quarter was significantly improved although the Fund didn’t quite

manage to out-perform its benchmark. As a function of the first quarter, the Fund finds itself -3.48%

behind its benchmark for the first half of 2011. The Fund’s underperformance over the last twelve

months has been poor with significant under-performance against its benchmark. The Fund’s since

inception numbers also indicate some noticeable under-performance.

FUND OUTLOOK

The outlook for the Fund remains positive despite the global equity market uncertainty. The

increasing issues around the slowdown in US economic growth, as evident from data released during

the second quarter, are one of the major factors of concern. The other significant threat to economic

growth continues to be the sovereign debt crisis. Meanwhile, the main item arising from the non-

developed markets is the extent of inflation in emerging markets, most noticeably in China. On the

positive side the health of corporations continues, and their overall balance sheet strength and cash

levels means that their situation, in the main, is a marked contrast to that of many sovereign entities.

Hence, the market is likely to continue to oscillate in a broadly trade-range bounded environment,

until clarity can be clearly established. With that backdrop the Fund’s diversified approach and

positioning should enable it to out-perform.

INVESTMENT MANAGERS

Centre Asset Management, LLC.

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PSOLVE INFLATION PLUS FUND


The objective of the Fund is to provide a significant total return in excess of UK inflation by way of

income and capital growth. The Fund will also aim to reduce the risk of underperforming UK index

linked gilt securities in the medium term.

FUND PERFORMANCE

-4%

-2%

0%

2%

4%

6%

8%

10%


Inflation Plus Fund 0.01% 0.85% 0.85% 9.24% 8.39%

Benchmark* 1.80% 1.16% 2.98% 4.95% 3.42%

Value Added -1.79% -0.31% -2.13% 4.29% 4.97%

*The Fund is benchmarked against UK Retail Price Index.

Note: Fund launched 1 March 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The Fund size as at 30 June 2011 was £39.7m. The Fund has returned 0.85% over the year so far

underperforming its benchmark which returned 2.98% for the same period. The main contributors to

performance were the allocation to the Lyxor Eastern Europe ETF, the iShares Global 100 ETF and

iShares MDAX ETF all returning over 4% with allocations to emerging market debt also all returning over

2%. Given the challenging market conditions over the first half of 2011, we are pleased with the Fund’s

resilience and its strong position in the peer group.

FUND OUTLOOK

Heading into the second half of 2011 we believe that the outlook for traditional on-risk assets remains

uncertain. The start of the year has been dominated by unrest in the middle east and the debt crisis in

Europe spreading across the Mediterranean with the true impact still unclear. As a result, we will be

going into this period with the portfolio defensively positioned, having reduced the equity allocation

substantially over the last quarter, crystallising profits in areas where we now feel that the potential

downside outweighs the potential upside.

During this time, we will continue to research alternative sources of return. It remains to be our belief

that selective emerging markets both from an equity and a debt perspective remain an attractive area of

long term investment and we will be looking at ways to increase allocations to this area as well as

increase exposures to the drivers of these growing economies such as agriculture and commodities.

INVESTMENT MANAGERS

PSolve Investments Limited.

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GRINDROD INTERNATIONAL PROPERTY FUND


The Grindrod International Property Fund (“the Fund”) aims to provide investors with a high level of

current income, as well as long-term income and capital growth, by investing primarily in a global range

of transferable securities of real estate companies and real estate related companies, or in companies

which own significant real estate assets at the time of investment or in Real Estate Investment Trusts

(REITS) including publicly traded closed-ended real estate Funds listed or traded on a regulated stock

exchange or market. FUND PERFORMANCE

-10%

-5%

0%

5%

10%

15%

20%


Funds (USD) 3.21% 4.50% 7.86% 7.50%

Benchmark (USD)* 6.23% 4.35% 10.84% 15.73%

Excess return -3.02% 0.15% -2.98% -8.23%

*The Fund is benchmarked against the GPR 250 REIT Index. Note: The Fund was launched on 17 November 2010 and there is no 12 month performance data available. The Fund’s performance was negatively impacted by the large cash position throughout the fourth

quarter of 2010, but in particular, at the beginning of December (due to large inflows into the Fund). In

the first three days of December, the Benchmark returned 3.5%, while the Fund’s cash holdings

averaged 50% of the net assets. The Fund’s performance was also negatively impacted by the higher

costs associated with all Fund start-ups. The Fund’s net asset value now exceeds US$15 million and as

a result, future performance will not be impacted by start-up costs. This was clearly evident in the

second quarter of 2011, when the Fund outperformed the benchmark by 15 basis points, after costs. FUND OUTLOOK

We have seen a continued improvement in property fundamentals across all the major geographies in

which the Fund is invested. As a result, a number of the underlying securities have recently announced

significant increases in the distributions/dividends they pay to shareholders. This has lent support to the

sharp upward move in prices we witnessed during the second half of 2009 and into 2010. It also

creates a sound fundamental platform for the next 2 to 3 years. Monetary policy across most of the

Western world is likely to remain accommodative in the short-term, which should lend further support to

interest rate sensitive asset classes like listed property. The REIT model continues to gain worldwide

acceptance as the vehicle of choice for securitising property portfolios and a number of countries are

likely to adopt the model over the next 2 years, thereby increasing the investment universe and

opportunity set of the Fund. The Fund’s exposure to Australia has been increased quite substantially to

take advantage of unusually high dividend yields in that country, while exposure to Canada was

reduced after a strong relative performance from that market. INVESTMENT MANAGERS

Grindrod Bank Limited.

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SANLAM US DOLLAR LIQUIDITY FUND


The Sanlam US Dollar Liquidity Fund (“the Fund”) aims to provide a high degree of safety of principal

together with an investment return exceeding that available from cash deposits in US Dollars.

FUND PERFORMANCE

-1%

0%

1%

2%

3%

4%


Fund USD- terms -0.13% -0.18% -0.31% -0.64% 2.68%

Benchmark* 0.04% 0.02% 0.06% 0.16% 3.04%

Excess return -0.17% -0.20% -0.37% -0.80% -0.36%

*The Fund is benchmarked against the Federal Reserve Effective Overnight Rate.

Note: Fund launched 5 August 1999. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

The performance of this Fund needs to be viewed in the context of the size of this overall Fund and its

achieved investment exposures. The Fund has struggled to out-perform its benchmark. For the first

quarter the Fund under-performed its benchmark by -0.17%. A similar picture was unfortunately

reflected for the second quarter where the Fund under-performed its benchmark by -0.20%. Hence,

the Fund has under-performed its benchmark by nearly -0.4% for the first half of 2011. The Fund

also failed to produce an absolute return over the period as the Fund has declined by -0.31%. Over

the last twelve months the Fund has also failed to out-perform and finds itself materially behind its

benchmark with an under-performance of -0.80%. The Fund’s since inception returns are not as

relatively poor, but do indicate some under-performance since the Fund started.

FUND OUTLOOK

The US Federal Reserve continues to keep interest rates on hold and at low historical absolute levels.

Given the weakening of US economic data over the second quarter, and the slower than anticipated

economic recovery market participants do not expect US interest rates to rise in the foreseeable

future. This is reinforced by the second phase of quantitative easing only coming to an end on 30th

June 2011. The uncertain macroeconomic outlook especially in terms of the strength of the US

recovery is postponing any rise, until the Federal Reserve is clear that the recovery will not be

derailed. With this backdrop the Fund retains its focus on trying to balance capital preservation with a

very conservative risk approach and the ability to generate some yield enhancement.

INVESTMENT MANAGERS


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PORTFOLIO OF INVESTMENTS – SANLAM UNIVERSAL EQUITY FUND

Nominal Security Classification Fair Value

USD

% Net

Assets

Financial assets at fair value through profit or loss

Equity - 98.49% (2010: 95.10%)

Australia - 2.90%

759,933 Atlas Iron Ltd 3,018,578 0.14

484,367 Ausenco Ltd 1,452,064 0.07

110,606 Australia & New Zealand Banking Group Ltd 2,604,096 0.12

194,900 Bank of Queensland Ltd 1,698,593 0.08

9,787,333 Bellzone Mining PLC 6,482,458 0.31

266,500 Bendigo and Adelaide Bank Ltd 2,522,334 0.12

20,777 BHP Billiton Ltd 973,449 0.05

382,222 Echo Entertainment Group Ltd 1,681,941 0.08

223,495 Fortescue Metals Group Ltd 1,512,300 0.07

393,072 Iluka Resources Ltd 7,032,370 0.34

334,774 Incitec Pivot Ltd 1,376,373 0.07

1,975,674 Industrea Ltd 2,823,902 0.14

148,430 Macquarie Group Ltd 4,955,083 0.24

231,532 National Australia Bank Ltd 6,341,101 0.30

137,592 OZ Minerals Ltd 1,944,555 0.09

64,589 Rio Tinto Ltd 5,722,419 0.27

382,222 Tabcorp Holdings Ltd 1,317,725 0.06

68,000 Westpac Banking Corp 1,616,274 0.08

60,273 Woodside Petroleum Ltd 2,645,817 0.14

92,384 WorleyParsons Ltd 2,740,857 0.13

Total Australia 60,462,289 2.90

Austria - 0.13%

62,900 OMV AG 2,735,972 0.13

Total Austria 2,735,972 0.13

Belgium - 0.59%

7,031 Anheuser-Busch InBev NV 407,619 0.02

36,580 Delhaize Group 2,742,041 0.13

37,600 KBC Groep NV 1,472,489 0.07

141,000 Umicore 7,688,865 0.37

Total Belgium 12,311,014 0.59

Bermuda - 0.30%

18,575 Arch Capital Group Ltd 592,728 0.03

93,500 Nabors Industries Ltd 2,301,970 0.11

2,074,150 North Atlantic Drilling Ltd 3,459,365 0.16

Total Bermuda 6,354,063 0.30

Brazil - 0.38%

53,300 Banco do Brasil SA 945,766 0.05

49,700 Cia de Saneamento Basico do Estado de Sao Paulo 1,478,720 0.07

50,889 Companhia de Bebidas das Americas 1,671,760 0.08

40,300 Itau Unibanco Holding SA-Petrobas 935,139 0.04

64,200 Petroleo Brasileiro SA-ADR 974,384 0.05

33,500 Petroleo Brasileiro SA 1,027,780 0.05

33,000 Vale SA 942,767 0.04

Total Brazil 7,976,316 0.38

Canada - 2.60%

4,300 Agnico-Eagle Mines Ltd 271,696 0.01

30,200 Agrium Inc 2,645,747 0.13

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PORTFOLIO OF INVESTMENTS – SANLAM UNIVERSAL EQUITY FUND (continued)


USD

% Net

Assets

Canada - 2.60% (continued)

10,700 Bank of Montreal 678,853 0.03

16,907 Bank of Nova Scotia 1,016,067 0.05

13,600 Barrick Gold Corp 615,389 0.03

8,900 Cameco Corp 233,866 0.01

8,100 Canadian Imperial Bank of Commerce 638,701 0.03

11,684 Canadian National Railway Co 932,081 0.05

16,500 Canadian Natural Resources Ltd 689,167 0.03

7,300 Canadian Pacific Railway Ltd 454,217 0.02

20,450 Cenovus Energy Inc 769,391 0.04

11,600 Crescent Point Energy Corp 535,708 0.03

3,677,238 Eastern Platinum Ltd 3,048,172 0.15

26,637 Enbridge Inc 863,060 0.04

13,500 EnCana Corp 415,449 0.02

1,760 First Quantum Minerals Ltd 256,313 0.01

14,100 Fortis Inc Canada 472,630 0.02

11,300 Goldcorp Inc 544,686 0.03

336,152 HudBay Minerals Inc 5,008,668 0.24

20,800 Kinross Gold Corp 327,593 0.02

86,600 Magna International Inc 4,670,532 0.22

29,000 Manulife Financial Corp 511,729 0.03

36,200 National Bank of Canada 2,929,833 0.14

286,100 New Gold Inc 2,940,744 0.14

174,665 Nexen Inc 3,921,864 0.19

63,630 Potash Corp of Saskatchewan Right 3,624,756 0.17

7,800 Research In Motion Ltd 224,681 0.01

17,516 Rogers Communications Inc 690,767 0.03

20,568 Royal Bank of Canada 1,171,935 0.06

8,500 Silver Wheaton Corp 280,339 0.01

22,600 Suncor Energy Inc 882,362 0.04

272,003 Talisman Energy Inc 5,569,142 0.27

9,400 Teck Resources Ltd 475,795 0.02

14,400 Tim Hortons Inc 702,020 0.03

58,440 Toronto-Dominion Bank 4,950,233 0.24

21,525 Yamana Gold Inc 249,798 0.01

Total Canada 54,213,984 2.60

Cayman Islands - 0.25%

148,513 Seadrill Ltd 5,255,603 0.25

Total Cayman Islands 5,255,603 0.25

China - 1.03%

1,414,000 Aluminium Corp of China Ltd 1,190,266 0.06

1,947,300 Bank of China Ltd 948,474 0.04

3,732,334 BYD Electronic International Co Ltd 1,582,880 0.08

2,408,000 China Communications Construction Co Ltd 2,054,840 0.10

4,743,000 China Construction Bank 3,931,572 0.19

545,100 China Life Insurance 1,859,919 0.09

914,000 China Minzhong Food Corp Ltd 1,116,722 0.05

1,180,000 China Shipping Development Co Ltd 1,081,247 0.05

11,468,000 Huiyin Household Appliances Holdings Co Ltd 2,343,356 0.11

27

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Assets

China - 1.03% (continued)

1,565,000 Industrial & Commercial Bank of China 1,186,642 0.06

151,000 Jiangxi Copper Co Ltd 501,639 0.02

1,891,000 PetroChina Co Ltd 2,755,866 0.13

37,100 Tencent Holdings Ltd 1,002,213 0.05

Total China 21,555,636 1.03

Cyprus - 0.04%

289,421 Bank of Cyprus Ltd 851,855 0.04

Total Cyprus 851,855 0.04

Denmark - 0.63%

4,542 Coloplast A/S 687,366 0.03

114,624 Danske Bank A/S 2,116,807 0.10

3,316 Novo Nordisk A/S 415,773 0.02

61,300 Novozymes A/S 9,973,971 0.48

Total Denmark 13,193,917 0.63

Finland - 0.53%

208,909 Elisa OYJ 4,498,041 0.22

202,055 Sampo OYJ 6,524,235 0.31

Total Finland 11,022,276 0.53

France - 5.38%

173,735 Alstom SA 10,710,762 0.51

296,481 BNP Paribas 22,881,954 1.10

226,431 Bouygues SA 9,931,184 0.48

31,700 Cap Gemini SA 1,856,865 0.09

9,600 Christian Dior 1,510,222 0.07

238,290 Eutelsat Communications 10,703,529 0.51

84,000 France Telecom SA 1,786,081 0.09

47,900 L’Oreal SA 6,214,430 0.30

75,800 Renault SA 4,493,378 0.21

73,328 Sanofi-Aventis SA 5,887,929 0.28

176,883 Societe Generale 10,494,494 0.50

365,812 Total SA 21,128,202 1.01

169,840 Vivendi SA 4,721,882 0.23

Total France 112,320,912 5.38

Germany - 3.36%

49,596 Allianz SE 6,926,326 0.33

4,410 BASF SE 431,729 0.02

27,066 Bayer AG 2,175,640 0.10

103,553 Bilfinger Berger AG 10,238,189 0.49

129,349 Daimler AG 9,712,896 0.47

34,084 Deutsche Bank AG 2,007,136 0.10

26,724 Deutsche Telekom AG 417,889 0.02

219,697 E.ON AG 6,237,012 0.30

174,494 Henkel AG & Co KGAA 9,915,064 0.47

534,989 Infineon Technologies AG 6,013,100 0.29

13,600 K+S AG 1,045,092 0.05

24,900 Muenchener Rueckversicherungs AG 3,807,025 0.18

6,655 SAP AG 402,706 0.02

8,839 Siemens AG 1,213,520 0.06

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Assets

Germany - 3.36% (continued)

62,900 ThyssenKrupp AG 3,260,367 0.16

260,771 United Internet AG 5,459,668 0.26

4,200 Volkswagen AG 865,820 0.04

Total Germany 70,129,179 3.36

Guernsey - 0.16%

2,680,819 Raven Russia Ltd 2,475,066 0.12

303,301 SKIL Ports & Logistics Ltd 935,032 0.04

Total Guernsey 3,410,098 0.16

Hong Kong - 0.98%

1,443,500 China Everbright Ltd 2,756,697 0.13

145,300 China Mobile Ltd 1,343,538 0.06

1,340,350 CNOOC Ltd 3,128,149 0.15

521,807 Esprit Holdings Ltd 1,616,145 0.08

94,500 Hang Seng Bank Ltd 1,504,723 0.07

3,615,500 KWG Property Holding Ltd 2,397,571 0.12

22,350,000 Ming Fung Jewellery Group Ltd 2,814,861 0.14

3,368,000 New World Department Store China Ltd 2,622,999 0.13

688,500 Yue Yuen Industrial Holdings Ltd 2,185,518 0.10

Total Hong Kong 20,370,201 0.98

India - 0.37%

820,000 Housing Development & Infrastructure Ltd 2,930,275 0.14

140,600 Tata Steel Ltd 1,919,918 0.09

421,200 Yes Bank Ltd 2,941,049 0.14

Total India 7,791,242 0.37

Indonesia - 0.20%

1,993,000 Adaro Energy 569,229 0.03

174,500 Astra International 1,292,781 0.06

126,500 Bank Central Asia 112,815 0.00

283,700 Gudang Garam Tbk PT 1,647,034 0.08

1,240,500 Perusahaan Gas Negara 582,072 0.03

Total Indonesia 4,203,931 0.20

Ireland - 1.45%

66,270 Accenture PLC 4,003,371 0.19

1,319,035 C&C Group PLC 6,850,490 0.33

128,910 Covidien PLC 6,856,723 0.33

274,260 Ingersoll-Rand PLC 12,454,147 0.60

Total Ireland 30,164,731 1.45

Israel - 0.08%

33,767 Teva Pharmaceutical Industries Ltd 1,625,620 0.08

Total Israel 1,625,620 0.08

Italy - 1.22%

38,039 Assicurazioni Generali SpA 799,166 0.04

210,000 Atlantia SpA 4,466,725 0.21

158,762 Enel SpA 1,032,172 0.05

120,380 ENI SpA 2,841,506 0.13

157,288 Intesa Sanpaolo SpA 418,477 0.02

6 Intesa Sanpaolo SpA Rights 1 0.00

1,679,836 Piaggio & C SpA 7,024,281 0.34

1,418,400 Telecom Italia RNC 1,641,124 0.08

29

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Assets

Italy - 1.22% (continued)

2,510,200 Telecom Italia SpA 3,488,512 0.17

1,806,616 UniCredit SpA 3,813,880 0.18

Total Italy 25,525,844 1.22

Japan - 8.04%

202,800 Aeon Co Ltd 2,425,765 0.12

121,200 Asahi Breweries Ltd 2,422,199 0.12

221,000 Asahi Glass Co Ltd 2,561,367 0.12

21,700 Astellas Pharma Inc 660,996 0.03

186,000 Bridgestone Corp 4,251,560 0.20

62,250 Canon Inc 2,932,903 0.14

10,900 Denso Corp 402,069 0.02

30,200 East Japan Railway Co 1,720,159 0.08

20,600 Eisai Co Ltd 799,666 0.04

9,400 Fanuc Ltd 1,557,355 0.07

11,000 Fast Retailing Co Ltd 1,765,230 0.08

339,700 Honda Motor Co Ltd 12,976,405 0.62

461,000 Isuzu Motors Ltd 2,157,727 0.10

181,000 Itochu Corp 1,864,686 0.09

1,531 Japan Tobacco Inc 5,857,838 0.28

185,900 JFE Holdings Inc 5,071,046 0.24

95,000 JGC Corp 2,577,328 0.12

497,300 JX Holdings Inc 3,312,870 0.16

237 KDDI Corp 1,693,276 0.08

100,700 Komatsu Ltd 3,111,027 0.15

99,400 K's Holdings Corp 4,270,901 0.21

158,700 Mitsubishi Corp 3,928,198 0.19

110,000 Mitsubishi Electric Corp 1,263,992 0.06

40,000 Mitsubishi Estate Co Ltd 695,889 0.03

241,200 Mitsubishi UFJ Financial Group Inc 1,164,785 0.06

57,600 Mitsui & Co Ltd 984,963 0.05

203,000 Mitsui Fudosan Co Ltd 3,461,256 0.17

300,000 Mizuho Financial Group Inc 486,627 0.02

378,400 MS&AD Insurance Group Holdings 8,780,604 0.42

11,700 Nidec Corp 1,074,963 0.05

88,500 Nikon Corp 2,068,945 0.10

141,000 Nippon Shokubai Co Ltd 1,704,012 0.08

250,000 Nippon Steel Corp 801,758 0.04

73,400 Nippon Telegraph & Telephone Corp 3,512,766 0.17

636,400 Nissan Motor Co Ltd 6,635,077 0.32

79,400 Nomura Holdings Inc 389,331 0.02

506,000 OJI Paper Co Ltd 2,405,944 0.12

79,610 ORIX Corp 6,062,426 0.29

207,690 PanaHome Corp 1,337,281 0.06

860 Rakuten Inc 883,853 0.04

5,292 SBI Holdings Inc 486,214 0.02

20,900 Secom Co Ltd 995,053 0.05

466,000 Sharp Corp 4,206,464 0.20

40,000 Shin-Etsu Chemical Co Ltd 2,065,379 0.10

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Assets

Japan - 8.04% (continued)

17,800 Softbank Corp 666,729 0.03

192,900 Sumco Corp 3,224,554 0.15

232,100 Sumitomo Corp 3,129,729 0.15

478,200 Sumitomo Electric Industries Ltd 6,898,254 0.33

167,700 Sumitomo Mitsui Financial Group Inc 5,118,629 0.25

82,000 Sumitomo Realty & Development Co Ltd 1,815,453 0.09

218,500 Sumitomo Rubber Industries Ltd 2,624,381 0.13

22,800 T&D Holdings Inc 536,686 0.03

9,500 Terumo Corp 509,349 0.02

90,000 THK Co Ltd 2,270,059 0.11

21,600 Tokio Marine Holdings Inc 599,376 0.03

489,900 Tokyo Electric Power Co Inc 1,977,556 0.09

37,200 Tokyo Electron Ltd 2,010,624 0.10

347,000 Tokyo Gas Co Ltd 1,559,695 0.07

1,077,578 Toshiba Corp 5,617,389 0.27

91,500 Toyota Motor Corp 3,727,526 0.18

28,500 Unicharm Corp 1,235,141 0.06

49,700 West Japan Railway Co 1,929,291 0.09

238,000 Yaskawa Electric Corp 2,643,462 0.13

Total Japan 167,882,036 8.04

Malaysia - 0.14%

960,000 CIMB Group Holdings Bhd 2,831,483 0.14

Total Malaysia 2,831,483 0.14

Mexico - 0.05%

855,600 America Movil SAB de CV 1,146,987 0.05

Total Mexico 1,146,987 0.05

Netherlands - 2.94%

359,000 Aegon NV 2,446,426 0.12

147,720 ASML Holding NV 5,440,174 0.26

13,100 Heineken Holding NV 669,910 0.03

2,052,672 ING Groep NV 25,264,800 1.21

398,200 Koninklijke Ahold NV 5,346,861 0.26

61,500 Koninklijke DSM NV 3,990,322 0.19

65,200 LyondellBasell Industries NV 2,511,504 0.12

235,400 Royal Dutch Shell PLC - Class A (GBP) 8,355,215 0.40

12,830 Unilever NV 420,505 0.02

312,295 Wolters Kluwer 6,914,231 0.33

Total Netherlands 61,359,948 2.94

New Zealand - 0.10%

996,389 Telecom Corp of New Zealand Ltd 2,005,579 0.10

Total New Zealand 2,005,579 0.10

Philippines - 0.03%

4,200,000 Energy Development Corp 638,110 0.03

Total Philippines 638,110 0.03

Poland - 0.06%

17,300 KGHM Polska Miedz SA 1,241,612 0.06

Total Poland 1,241,612 0.06

31

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Assets

Portugal - 0.14%

825,800 Energias de Portugal SA 2,929,872 0.14

Total Portugal 2,929,872 0.14

Russia - 0.32%

181,800 Gazprom OAO 2,648,040 0.12

57,600 Lukoil OAO 3,672,000 0.18

29,400 Sberbank of Russia 417,278 0.02

Total Russia 6,737,318 0.32

Singapore - 0.56%

512,570 Flextronics International Ltd 3,285,574 0.16

1,113,000 Olam International Ltd 2,456,813 0.12

655,000 OSIM International Ltd 794,942 0.04

626,000 SembCorp Industries Ltd 2,544,384 0.12

1,060,000 Straits Asia Resources Ltd 2,572,941 0.12

Total Singapore 11,654,654 0.56

South Korea - 1.07%

21,148 GS Engineering & Construction Corp 2,565,063 0.12

28,200 Hana Financial Group Inc 983,862 0.05

72,980 Kangwon Land Inc 1,954,919 0.09

40,947 KB Financial Group Inc 1,956,857 0.09

3,300 LG Chem Ltd 1,506,772 0.07

29,802 LG Corp 2,238,611 0.11

10,860 LG Electronics Inc 843,225 0.04

70,268 Mirae Asset Securities Co Ltd 2,945,164 0.14

6,009 Samsung Electronics Co Ltd 4,643,175 0.22

2,360,999 Woongjin Chemical Co Ltd 2,686,773 0.14

Total South Korea 22,324,421 1.07

Spain - 1.44%

34,286 Banco Bilbao Vizcaya Argentaria SA 401,867 0.02

287,471 Banco Santander SA 3,317,775 0.16

298,900 Gas Natural SDG SA 6,251,461 0.30

46,600 Iberdrola SA 414,515 0.02

219,500 Obrascon Huarte Lain SA 8,381,227 0.40

18,174 Red Electrica de Espana 1,093,945 0.05

413,117 Telefonica SA 10,098,815 0.49

Total Spain 29,959,605 1.44

Sweden - 0.54%

60,100 Atlas Copco AB 1,584,687 0.08

69,800 Saab AB 1,600,440 0.08

39,900 Swedbank AB 672,081 0.03

422,300 Volvo AB 7,394,332 0.35

Total Sweden 11,251,540 0.54

Switzerland - 5.27%

47,323 ACE Ltd 3,113,853 0.15

99,198 Adecco SA 6,350,840 0.30

199,300 Clariant AG 3,804,194 0.18

90,329 Implenia AG 2,945,161 0.14

291,700 Informa PLC 2,023,821 0.10

167,145 Julius Baer Group Ltd 6,895,054 0.33

4,824 LEM Holding SA 3,300,421 0.16

40,947 Nestle SA 2,538,821 0.12

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Assets

Switzerland - 5.27% (continued)

94,920 Noble Corp 3,737,950 0.18

204,178 Novartis AG 12,477,679 0.60

81,335 Roche Holding AG 13,573,545 0.65

3,150 Sika AG 7,584,095 0.36

27,540 Syngenta AG 9,270,502 0.44

47,500 TE Connectivity Ltd 1,746,100 0.08

35,600 Transocean Ltd 2,306,664 0.11

146,353 Tyco International Ltd 7,226,911 0.35

663,103 UBS AG 12,074,319 0.58

17,300 Weatherford International Ltd 324,375 0.02

394,712 Xstrata PLC 8,682,650 0.42

Total Switzerland 109,976,955 5.27

Taiwan - 0.66%

1,149,480 AU Optronics Corp 782,327 0.04

440,000 Catcher Technology Co Ltd 2,764,839 0.13

37,500 HTC Corp 1,261,096 0.06

670,000 Kinsus Interconnect Technology Corp 2,728,982 0.13

479,000 Nan Ya Plastics Corp 1,270,663 0.06

684,000 Powertech Technology Inc 2,285,953 0.11

1,069,000 Taiwan Semiconductor Manufacturing Co Ltd 2,679,478 0.13

Total Taiwan 13,773,338 0.66

Thailand - 0.17%

461,700 Advanced Info Service PCL 1,556,546 0.07

452,500 Bank of Ayudhya PCL 412,703 0.02

189,700 Kasikornbank PCL 760,036 0.04

790,400 LPN Development PCL 244,586 0.01

59,200 PTT PCL 644,065 0.03

Total Thailand 3,617,936 0.17

Turkey - 0.14%

446,000 Turkiye Garanti Bankasi AS 2,020,907 0.10

274,900 Turkiye Is Bankasi 839,441 0.04

Total Turkey 2,860,348 0.14

United Kingdom - 9.12%

228,868 Associated British Foods PLC 3,976,159 0.19

161,207 AstraZeneca PLC 8,040,937 0.39

437,100 Aviva PLC 3,081,036 0.15

715,300 BAE Systems PLC 3,658,045 0.18

809,403 Barclays PLC 3,332,874 0.16

1,587,282 BBA Aviation PLC 5,538,156 0.27

286,841 BG Group Plc 6,507,809 0.31

55,100 BHP Billiton PLC 2,168,434 0.10

2,929,546 BP PLC 21,555,306 1.03

9,520 BP PLC-SPONS ADR 421,546 0.02

30,300 Burberry Group PLC 705,443 0.03

1,137,267 Centrica PLC 5,903,635 0.28

221,800 Cookson Group PLC 2,391,437 0.12

34,100 Diageo PLC 697,002 0.03

743,700 GKN PLC 2,764,395 0.13

293,366 GlaxoSmithKline PLC 6,283,723 0.30

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Assets

United Kingdom - 9.12% (continued)

1,881,691 HSBC Holdings PLC 18,665,843 0.90

403,144 Imperial Tobacco Group PLC 13,399,295 0.64

288,100 Inchcape PLC 1,933,156 0.09

6,661,029 Lloyds TSB Group PLC 5,240,159 0.25

220,513 Lonmin PLC 5,144,595 0.25

4,530,000 Patagonia Gold PLC 3,945,930 0.19

2,134,923 Premier Foods PLC 651,309 0.03

12,282 Reckitt Benckiser Group PLC 677,206 0.03

823,900 Rentokil Initial PLC 1,257,413 0.06

119,900 Rio Tinto PLC 8,628,642 0.41

29,500 Scottish & Southern Energy PLC 659,819 0.03

611,449 Thomas Cook Group PLC 1,305,760 0.06

636,200 TUI Travel PLC 2,292,281 0.11

493,127 Unilever PLC 15,867,478 0.76

10,937,230 Vodafone Group PLC 29,028,968 1.39

1,281,000 William Hill PLC 4,693,709 0.23

Total United Kingdom 190,417,500 9.12

United States - 45.12%

10,311 3M Co 977,792 0.05

223,834 Abbott Laboratories 11,769,192 0.56

108,140 Adobe Systems Inc 3,399,922 0.16

388,420 Advanced Micro Devices Inc 2,711,172 0.13

40,700 AES Corp 518,111 0.02

11,720 Aetna Inc 516,383 0.02

10,844 Aflac Inc 506,198 0.02

9,500 Agilent Technologies Inc 485,545 0.02

7,470 Air Products & Chemicals Inc 713,758 0.03

389,910 Alcoa Inc 6,176,174 0.30

7,200 Allergan Inc 599,328 0.03

10,700 Altera Corp 495,945 0.02

221,176 Altria Group Inc 5,839,046 0.28

23,002 Amazon.com Inc 4,702,529 0.23

31,031 Ameren Corp 894,313 0.04

16,000 American Express Co 827,040 0.04

12,216 American Tower Corp 638,775 0.03

7,875 Ameriprise Financial Inc 453,994 0.02

45,238 Amgen Inc 2,638,733 0.13

9,793 Anadarko Petroleum Corp 751,417 0.04

36,569 Annaly Capital Management Inc 658,973 0.03

6,500 Apache Corp 801,710 0.04

81,866 Apple Inc 27,470,136 1.32

491,790 Applied Materials Inc 6,398,188 0.31

13,300 Archer-Daniels-Midland Co 400,596 0.02

253,669 Arrow Electronics Inc 10,517,117 0.50

354,938 AT&T Inc 11,141,504 0.53

14,100 Automatic Data Processing Inc 742,506 0.04

154,560 Avon Products Inc 4,324,589 0.21

8,000 Baker Hughes Inc 580,320 0.03

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Assets

United States - 45.12% (continued)

1,295,727 Bank of America Corp 14,188,211 0.68

263,410 Bank of New York Mellon Corp 6,745,930 0.32

11,700 Baxter International Inc 697,788 0.03

17,500 BB&T Corp 469,700 0.02

8,900 Bed Bath & Beyond Inc 519,404 0.02

11,600 Berkshire Hathaway Inc - Class A 897,376 0.04

9,000 Best Buy Co Inc 282,690 0.01

6,601 Biogen Idec Inc 705,713 0.03

2,100 BlackRock Inc 402,591 0.02

9,110 BMC Software Inc 498,317 0.02

316,306 Boart Longyear Ltd 1,351,243 0.07

11,700 Boeing Co 864,981 0.04

49,753 Boston Scientific Corp 343,793 0.02

31,160 Bristol-Myers Squibb Co 901,770 0.04

10,400 Broadcom Corp 349,752 0.02

133,600 Bunge Ltd 9,210,384 0.44

8,659 Cameron International Corp 435,375 0.02

100,950 Capital One Financial Corp 5,216,086 0.25

11,200 Cardinal Health Inc 508,592 0.02

13,440 Carnival Corp 505,747 0.02

85,262 Caterpillar Inc 9,074,435 0.43

8,900 Celgene Corp 536,403 0.03

99,100 CenterPoint Energy Inc 1,917,585 0.09

24,280 Charles Schwab Corp 398,920 0.02

15,100 Chesapeake Energy Corp 448,017 0.02

82,369 Chevron Corp 8,464,238 0.41

35,900 Cia Vale Rio Doce-SP ADR SA 1,038,946 0.05

79,458 Cisco Systems Inc 1,239,545 0.06

6,362 CIT Group Inc 281,264 0.01

229,566 Citigroup Inc 9,549,946 0.46

5,200 Citrix Systems Inc 415,896 0.02

4,200 Cliffs Natural Resources Inc 388,290 0.02

1,850 CME Group Inc 539,423 0.03

114,500 CMS Energy Corp 2,254,505 0.11

7,000 Coach Inc 447,510 0.02

195,583 Coca-Cola Co 13,158,824 0.63

18,690 Coca-Cola Enterprises Inc 545,187 0.03

7,056 Cognizant Technology Solutions Corp 517,487 0.02

8,600 Colgate-Palmolive Co 751,468 0.04

442,910 Comcast Corp - Class A 11,218,910 0.54

40,700 Comcast Corp - Special Class A 985,754 0.05

93,580 Comerica Inc 3,235,061 0.16

80,825 Commercial Metals Co 1,159,031 0.06

76,700 ConAgra Foods Inc 1,977,326 0.09

3,810 Concho Resources Inc 349,949 0.02

84,944 ConocoPhillips 6,382,692 0.31

122,900 Constellation Brands Inc 2,558,778 0.12

697,730 Corning Inc 12,656,822 0.61

7,900 Costco Wholesale Corp 641,796 0.03

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% Net

Assets


22,800 CSX Corp 597,588 0.03

4,300 Cummins Inc 444,749 0.02

21,267 CVS Caremark Corp 798,576 0.04

10,700 Danaher Corp 566,886 0.03

7,400 Deere & Co 610,130 0.03

709,416 Dell Inc 11,825,965 0.57

676,730 Delta Air Lines Inc 6,205,614 0.30

83,700 Devon Energy Corp 6,594,723 0.32

60,100 DirecTV 3,054,282 0.15

145,766 Dow Chemical Co 5,247,576 0.25

55,100 DTE Energy Co 2,756,102 0.13

50,380 Du Pont - 0.00

120,590 Eaton Corp 6,201,944 0.30

17,800 eBay Inc 574,228 0.03

60,500 Edison International 2,343,165 0.11

40,000 EI du Pont de Nemours & Co 2,161,200 0.10

17,800 Eli Lilly & Co 667,856 0.03

30,500 EMC Corp/Massachusetts 840,275 0.04

15,780 Emerson Electric Co 887,309 0.04

5,300 EOG Resources Inc 553,850 0.03

10,815 Equity Residential 648,900 0.03

17,100 Exelon Corp 732,393 0.04

8,031 Expeditors International of Washington Inc 411,107 0.02

10,400 Express Scripts Inc 561,288 0.03

182,079 Exxon Mobil Corp 14,804,843 0.71

37,530 F5 Networks Inc 4,137,307 0.20

114,980 Fastenal Co 4,138,130 0.20

6,477 FedEx Corp 614,279 0.03

220,370 Fifth Third Bancorp 2,805,310 0.13

6,300 Fluor Corp 407,295 0.02

164,500 Foot Locker Inc 3,908,520 0.19

342,400 Ford Motor Co 4,721,696 0.23

123,176 Freeport-McMoRan Copper & Gold Inc 6,513,547 0.31

100,900 Gannett Co Inc 1,444,888 0.07

156,100 Gap Inc 2,823,849 0.14

46,680 General Dynamics Corp 3,478,594 0.17

696,387 General Electric Co 13,119,931 0.63

16,000 General Mills Inc 595,200 0.03

100,315 General Motors Co 3,045,563 0.15

16,174 Genuine Parts Co 879,380 0.04

128,000 Gilead Sciences Inc 5,299,200 0.25

6,600 Goldman Sachs Group Inc 877,866 0.04

18,483 Google Inc 9,354,431 0.45

14,400 Halliburton Co 734,256 0.04

78,010 Harley-Davidson Inc 3,196,070 0.15

178,820 Health Net Inc 5,738,334 0.27

37,500 Helmerich & Payne Inc 2,477,250 0.12

64,200 Hess Corp 4,798,950 0.23

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Assets


608,559 Hewlett-Packard Co 22,151,548 1.06

24,500 Home Depot Inc 886,655 0.04

12,100 Honeywell International Inc 720,555 0.03

26,680 Host Hotels & Resorts Inc 452,226 0.02

168,200 Huntsman Corp 3,167,206 0.15

71,755 Illinois Tool Works Inc 4,052,722 0.19

431,670 Intel Corp 9,557,174 0.46

136,043 International Business Machines Corp 23,320,491 1.12

159,140 International Game Technology 2,797,681 0.13

12,900 International Paper Co 384,291 0.02

411,310 Interpublic Group of Cos Inc 5,137,262 0.25

8,300 Intuit Inc 430,023 0.02

301,160 Johnson & Johnson 20,015,094 0.96

13,400 Johnson Controls Inc 557,842 0.03

266,638 JPMorgan Chase & Co 10,908,161 0.52

10,200 Juniper Networks Inc 321,300 0.02

409,800 KeyCorp 3,409,536 0.16

9,637 Kimberly-Clark Corp 641,150 0.03

68,790 KLA-Tencor Corp 2,782,556 0.13

8,981 Kohl's Corp 449,140 0.02

26,600 Kraft Foods Inc 936,852 0.04

315,040 Kroger Co 7,812,992 0.37

122,950 Lam Research Corp 5,441,767 0.26

6,300 Las Vegas Sands Corp 265,860 0.01

66,600 Lear Corp 3,561,768 0.17

177,650 Lexmark International Inc 5,198,039 0.25

8,700 Liberty Global Inc 391,500 0.02

10,373 Limited Brands Inc 398,842 0.02

207,000 Lowe's Cos Inc 4,825,170 0.23

194,760 Macy's Inc 5,690,887 0.27

66,655 Manpower Inc 3,574,041 0.17

129,200 Marathon Oil Corp 6,798,504 0.33

108,270 Marriott International Inc 3,842,502 0.18

1,700 Mastercard Inc 511,870 0.02

18,585 Mattel Inc 510,716 0.02

19,943 Maxim Integrated Products Inc 509,743 0.02

114,000 McDermott International Inc 2,257,200 0.11

90,490 McDonald's Corp 7,626,497 0.37

9,950 McGraw-Hill Cos Inc 417,005 0.02

6,300 McKesson Corp 526,932 0.03

9,220 Mead Johnson Nutrition Co 622,811 0.03

8,300 Medco Health Solutions Inc 469,116 0.02

310,220 Medtronic Inc 11,943,470 0.57

514,430 Merck & Co Inc 18,143,946 0.87

17,854 MetLife Inc 782,898 0.04

100,820 Microchip Technology Inc 3,821,078 0.18

1,313,570 Microsoft Corp 34,126,549 1.64

67,600 Monsanto Co 4,903,028 0.23

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% Net

Assets


174,247 Morgan Stanley 4,009,423 0.19

10,468 Motorola Mobility Holdings Inc 230,296 0.01

94,274 Motorola Solutions Inc 4,337,547 0.21

101,224 National Oilwell Varco Inc 7,909,643 0.38

7,100 NetApp Inc 374,738 0.02

6,836 Newmont Mining Corp 368,802 0.02

301,800 News Corp Class A 5,338,842 0.26

7,600 Nike Inc 683,620 0.03

93,200 NiSource Inc 1,887,300 0.09

28,800 Northeast Utilities 1,012,896 0.05

251,799 Northrop Grumman Corp 17,462,261 0.84

100,060 Novellus Systems Inc 3,616,168 0.17

61,830 Nucor Corp 2,548,014 0.12

17,941 Nvidia Corp 285,800 0.01

2,300 NVR Inc 1,668,604 0.08

11,465 Occidental Petroleum Corp 1,192,589 0.06

9,460 Omnicom Group Inc 455,594 0.02

454,619 Oracle Corp 14,952,419 0.72

71,100 Paccar Inc 3,632,499 0.17

43,000 Parker Hannifin Corp 3,858,820 0.18

7,787 Peabody Energy Corp 458,576 0.02

49,556 People's United Financial Inc 666,033 0.03

116,999 PepsiCo Inc 8,234,390 0.39

703,602 Pfizer Inc 14,487,165 0.69

18,490 PG&E Corp 776,580 0.04

183,538 Philip Morris International Inc 12,249,326 0.59

4,300 Pioneer Natural Resources Co 385,151 0.02

58,530 PNC Financial Services Group Inc 3,487,217 0.17

43,510 PPG Industries Inc 3,948,968 0.19

8,307 Praxair Inc 900,063 0.04

4,136 Precision Castparts Corp 680,579 0.03

1,020 priceline.com Inc 522,158 0.03

240,736 Principal Financial Group Inc 7,323,189 0.35

204,870 Procter & Gamble Co 13,013,342 0.62

8,300 Prudential Financial Inc 527,714 0.03

121,176 Qualcomm Inc 6,877,950 0.33

48,265 Raytheon Co 2,405,045 0.12

19,890 Republic Services Inc 613,209 0.03

99,480 Robert Half International Inc 2,686,955 0.13

5,800 Rockwell Automation Inc 503,034 0.02

37,200 Ross Stores Inc 2,980,464 0.14

91,900 Royal Caribbean Cruises Ltd 3,459,116 0.17

2,600 Salesforce.com Inc 387,348 0.02

5,900 SanDisk Corp 244,850 0.01

110,056 Schlumberger Ltd 9,503,336 0.46

6,600 Simon Property Group Inc 767,118 0.04

104,800 Smithfield Foods Inc 2,291,976 0.11

18,500 Southern Co 746,845 0.04

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Assets


11,300 Southwestern Energy Co 484,092 0.02

27,069 Spectra Energy Corp 741,691 0.04

69,800 Sprint Nextel Corp 375,524 0.02

8,400 St Jude Medical Inc 400,428 0.02

20,743 Staples Inc 327,739 0.02

132,300 Starbucks Corp 5,224,527 0.25

9,310 Starwood Hotels & Resorts Worldwide Inc 521,732 0.03

9,900 State Street Corp 446,193 0.02

123,300 SunTrust Banks Inc 3,177,441 0.15

22,700 Symantec Corp 447,190 0.02

18,612 Sysco Corp 580,322 0.03

11,300 Target Corp 529,970 0.03

77,100 Tesoro Corp 1,766,361 0.08

222,550 Texas Instruments Inc 7,299,640 0.35

129,960 Textron Inc 3,068,356 0.15

9,887 Thermo Fisher Scientific Inc 636,426 0.03

66,718 Time Warner Cable Inc 5,206,673 0.25

20,000 Time Warner Inc 727,400 0.03

9,500 TJX Cos Inc 498,750 0.02

85,200 Travelers Cos Inc 4,973,976 0.24

48,400 TRW Automotive Holdings Corp 2,856,568 0.14

103,400 Tyson Foods Inc 2,005,960 0.10

104,400 UGI Corp 3,329,316 0.16

8,420 Union Pacific Corp 878,795 0.04

102,680 United Continental Holdings Inc 2,323,648 0.11

78,513 United Parcel Service Inc 5,725,953 0.27

12,474 United Technologies Corp 1,103,949 0.05

276,740 UnitedHealth Group Inc 14,274,249 0.69

157,560 US Bancorp 4,017,780 0.19

13,200 Valero Energy Corp 337,524 0.02

35,800 Verizon Communications Inc 1,332,118 0.06

7,500 Visa Inc 631,950 0.03

7,448 Vornado Realty Trust 694,005 0.03

11,730 Vulcan Materials Co 451,605 0.02

16,585 Walgreen Co 704,033 0.03

22,739 Wal-Mart Stores Inc 1,207,668 0.06

24,948 Walt Disney Co 973,471 0.05

71,700 WellPoint Inc 5,647,092 0.27

655,619 Wells Fargo & Co 18,390,113 0.88

192,100 Western Digital Corp 6,982,835 0.34

19,800 Western Union Co 396,396 0.02

17,600 Williams Cos Inc 532,048 0.03

50,785 Windstream Corp 658,174 0.03

31,700 Xerox Corp 329,997 0.02

25,200 Yahoo! Inc 378,756 0.02

10,495 Yum! Brands Inc 579,429 0.03

Total United States 941,266,483 45.12

Total Equity 2,055,350,408 98.49

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USD

% Net

Assets

Exchange Traded Fund - 1.33% (2010: 2.67%)

Singapore - 0.16%

446,801 iShares MSCI India 3,297,392 0.16



324,930 Energy Select Sector SPDR Fund 24,437,985 1.17


Total Exchange Traded Fund 27,735,377 1.33

Nominal Security Classification Maturity Fair Value

USD

% Net

Assets

Derivatives – 0.17% (2010: 0.16 %)

Futures – 0.01% (2010: Nil)

121 DJ Euro Stoxx 50 Sep11 A 16/09/11 156,140 0.01

(JPMorgan Chase London)**

22 S&P500 Emini Future Sep 11 A 16/09/11 37,125 0.00

(JPMorgan Chase London)** A

Total Futures 193,265 0.01


USD

% Net

Assets

Forward currency contracts - 0.16% (2010: 0.16%)

Buy AUD 10,504,000 A 15/08/11 17,844 0.00

(JPMorgan Chase London)** Sell USD 11,163,651

Buy AUD 10,605,000 A 15/08/11 53,012 0.00


Buy AUD 4,352,000 A 15/08/11 170,158 0.01


Buy AUD 4,467,000 A 15/08/11 133,111 0.01


Buy CAD 2,303,000 A 15/08/11 27,320 0.00


Buy CHF 3,353,000 A 15/08/11 142,152 0.01


Buy CHF 4,091,000 A 15/08/11 242,271 0.01


Buy CHF 8,693,000 A 15/08/11 514,803 0.02


Buy EUR 7,445,000 A 15/08/11 3,380 0.00


Buy JPY 270,904,000 A 15/08/11 21,585 0.00


Buy NOK 115,719,000 A 15/08/11 560,959 0.03


Buy NZD 6,409,000 A 15/08/11 225,947 0.01


Buy NZD 8,197,000 A 15/08/11 401,199 0.02


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Assets

Buy NZD 8,214,000 A 15/08/11 310,527 0.02


Buy USD 11,804,949 A 15/08/11 155,366 0.01

(JPMorgan Chase London)** Sell GBP 7,259,000

Buy USD 12,974,715 A 15/08/11 281,982 0.01


Buy USD 5,213,758 A 15/08/11 68,619 0.00


Buy USD 5,225,701 A 15/08/11 48,465 0.00


Buy USD 7,283,949 A 15/08/11 28,776 0.00

(JPMorgan Chase London)** Sell CAD 7,010,000

Buy USD 7,512,505 A 15/08/11 4,798 0.00


Buy USD 9,236,400 A 15/08/11 21,873 0.00

(JPMorgan Chase London)** Sell JPY 743,992,000

Total Forward currency contracts 3,434,147 0.16

Total Financial assets at fair value through profit or loss 2,086,713,197 99.99


USD

% Net

Assets

Financial liabilities at fair value through profit or loss

Derivatives - (0.07)% (2010: (0.15)%)

Forward currency contracts - (0.07)% (2010: (0.15)%)

Buy CHF 6,067,000 A 15/08/11 (184) 0.00


Buy GBP 3,206,000 A 15/08/11 (75,351) 0.00


Buy SEK 123,591,000 A 15/08/11 (78,876) 0.00


Buy USD 1,698,958 A 15/08/11 (103,300) 0.00

(JPMorgan Chase London)** Sell CHF 1,517,000

Buy USD 10,515,839 A 15/08/11 (264,923) (0.01)

(JPMorgan Chase London)** Sell EUR 7,445,000

Buy USD 3,330,903 A 15/08/11 (32,926) 0.00


Buy USD 3,591,253 A 15/08/11 (126,799) (0.01)


Buy USD 3,651,742 A 15/08/11 (203,923) (0.01)


Buy USD 5,100,429 A 15/08/11 (128,494) (0.01)


Buy USD 5,227,226 A 15/08/11 (10,781) 0.00


Buy USD 6,471,301 A 15/08/11 (570,221) (0.03)


Total Forward currency contracts (1,595,778) (0.07)

Total Financial liabilities at fair value through profit or loss (1,595,778) (0.07)

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Fair Value

USD

% Net

Assets

Cash and cash equivalents 22,936,374 1.09

Other net assets and liabilities (21,168,448) (1.01)

Net assets attributable to holders of redeemable participating

shares as at 30/06/2011 2,086,885,345 100.00

** Counterparty

Please refer to the Balance Sheet for details of cash held at broker (margin accounts)

Classification

A Transferable securities dealt in/on other regulated markets

Analysis of total assets % of total assets

Transferable securities admitted to official stock exchange listing 98.12

Transferable securities as described in classification A above 0.17

Other assets 1.71

100.00

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PORTFOLIO OF INVESTMENTS – SANLAM WORLD EQUITY TRACKER FUND


USD

% Net

Assets


Equity - 95.32% (2010: 99.55%)

Australia - 3.93%

13,781 Amcor Ltd 105,940 0.09

27,750 AMP Ltd 144,989 0.12

10,021 Australia & New Zealand Banking Group Ltd 235,933 0.20

17,486 BHP Billiton Ltd 819,258 0.69

14,041 Brambles Ltd 108,089 0.09

6,840 Commonwealth Bank of Australia 382,278 0.32

6,909 Crown Ltd 65,095 0.06

2,910 CSL Ltd 102,972 0.09

19,755 Dexus Property Group 18,507 0.02

360 Echo Entertainment Group Ltd 1,584 0.00

21,057 Fairfax Media Ltd 21,981 0.02

3,445 Insurance Australia Group Ltd 12,430 0.01

6,728 Lend Lease Corp Ltd 63,390 0.05

1,286 Macquarie Group Ltd 42,931 0.04

65,815 Mirvac Group 87,730 0.08

8,609 National Australia Bank Ltd 235,780 0.20

3,078 Newcrest Mining Ltd 124,175 0.11

2,866 Orica Ltd 80,610 0.07

8,504 Origin Energy Ltd 143,403 0.12

3,309 QBE Insurance Group Ltd 60,866 0.05

3,224 Rio Tinto Ltd 285,638 0.24

7,678 Santos Ltd 110,895 0.09

5,026 Sonic Healthcare Ltd 68,986 0.06

10,755 Suncorp Group Ltd 93,271 0.08

360 Tabcorp Holdings Ltd 1,241 0.00

31,300 Telstra Corp Ltd 96,849 0.08

10,057 Toll Holdings Ltd 52,008 0.05

16,404 Transurban Group 91,504 0.08

5,810 Wesfarmers Ltd 197,456 0.16

14,162 Westfield Group 131,006 0.11

21,862 Westfield Retail Trust 63,199 0.05

12,005 Westpac Banking Corp 285,344 0.24

2,729 Woodside Petroleum Ltd 119,795 0.10

6,478 Woolworths Ltd 192,329 0.16


Austria - 0.19%

873 Erste Bank der Oesterreichischen Sparkassen AG 45,314 0.04

2,400 OMV AG 104,393 0.09

1,685 Verbund - Oesterreichische Elektrizitaetswirtschafts AG 73,110 0.06

Total Austria 222,817 0.19

Belgium - 0.38%

15,706 Ageas 42,584 0.04


1,000 Delhaize Group 74,960 0.06

5,764 Dexia SA 17,910 0.02

1,471 Groupe Bruxelles Lambert SA 130,677 0.11

100 KBC Groep NV 3,916 0.00

Total Belgium 447,449 0.38

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PORTFOLIO OF INVESTMENTS – SANLAM WORLD EQUITY TRACKER FUND (continued)


USD

% Net

Assets

Bermuda - 0.11%

4,207 Marvell Technology Group Ltd 62,095 0.05

2,659 Nabors Industries Ltd 65,465 0.06

Total Bermuda 127,560 0.11

Canada - 5.07%

1,209 Agnico-Eagle Mines Ltd 76,391 0.07

1,200 Agrium Inc 105,129 0.09

2,695 Bank of Montreal 170,982 0.15

5,360 Bank of Nova Scotia 322,122 0.27

5,000 Barrick Gold Corp 226,246 0.19

4,178 Brookfield Asset Management Inc 138,314 0.12

1,832 Cameco Corp 48,140 0.04

2,053 Canadian Imperial Bank of Commerce 161,883 0.14

2,540 Canadian National Railway Co 202,626 0.17

4,626 Canadian Natural Resources Ltd 193,217 0.16

1,753 Canadian Pacific Railway Ltd 109,074 0.09

4,540 Cenovus Energy Inc 170,809 0.15

4,224 Enbridge Inc 136,861 0.12

3,824 EnCana Corp 117,680 0.10

4,100 Enerplus Corp 129,190 0.11

3,991 Fortis Inc Canada 133,778 0.11

3,305 Goldcorp Inc 159,309 0.13

2,332 Husky Energy Inc 63,453 0.05

2,535 Imperial Oil Ltd 117,806 0.10

1,886 Ivanhoe Mines Ltd 47,604 0.04

6,729 Kinross Gold Corp 105,979 0.09

1,255 Loblaw Cos Ltd 50,520 0.04

1,723 Magna International Inc 92,925 0.08

8,904 Manulife Financial Corp 157,119 0.13

1,045 Metro Inc 51,952 0.04

1,523 National Bank of Canada 123,263 0.10

3,852 Nexen Inc 86,491 0.07

8,120 Osisko Mining Corp 125,784 0.11

4,162 Potash Corp of Saskatchewan Inc 236,800 0.20

2,850 Research In Motion Ltd 82,095 0.07

2,418 Rogers Communications Inc 95,357 0.08

6,091 Royal Bank of Canada 347,056 0.29

4,095 Shaw Communications Inc 93,263 0.08

2,111 Shoppers Drug Mart Corp 86,772 0.07

1,875 Silver Wheaton Corp 61,839 0.05

1,873 SNC-Lavalin Group Inc 114,115 0.10

1,969 Sun Life Financial Inc 59,064 0.05

7,109 Suncor Energy Inc 277,554 0.24

7,275 Talisman Energy Inc 148,952 0.13

2,564 Teck Resources Ltd 129,781 0.11

1,340 TELUS Corp 73,672 0.06

1,086 TELUS Corp – Non-voting 56,995 0.05

4,185 Toronto-Dominion Bank 354,496 0.30

2,642 TransCanada Corp 115,524 0.10

2,477 Yamana Gold Inc 28,746 0.03

Total Canada 5,986,728 5.07

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% Net

Assets

Denmark - 0.59%

20 AP Moller – Maersk A/S 172,310 0.15

450 Coloplast A/S 68,101 0.06

4,133 Danske Bank A/S 76,326 0.06

2,000 Novo Nordisk A/S 250,768 0.21

295 Novozymes A/S 47,999 0.04

1,500 Vestas Wind Systems A/S 34,845 0.03

500 William Demant Holding 45,099 0.04

Total Denmark 695,448 0.59

Finland - 0.43%

3,705 Elisa OYJ 79,773 0.07

1,100 Fortum Oyj 31,786 0.03

1,051 Kesko OYJ 48,809 0.04

1,318 Metso Oyj 74,834 0.06

13,365 Nokia OYJ 86,620 0.07

1,256 Rautaruukki OYJ 28,354 0.02

6,302 Stora Enso Oyj 66,108 0.06

5,051 UPM-Kymmene Oyj 92,276 0.08

Total Finland 508,560 0.43

France - 4.31%

1,953 Accor SA 87,314 0.07

1,551 Air Liquide SA 222,272 0.19

7,323 Alcatel-Lucent 42,343 0.04

688 Alstom SA 42,415 0.04

1,018 Atos Origin SA 57,409 0.05

10,710 AXA SA 243,332 0.21

3,993 BNP Paribas 308,174 0.26

703 Bouygues SA 30,833 0.03

684 Cap Gemini SA 40,066 0.03

3,256 Carrefour SA 133,696 0.11

843 Casino Guichard Perrachon SA 79,374 0.07

2,486 Cie de St-Gobain 160,957 0.14

1,660 Cie Generale d’Optique Essilor International SA 134,615 0.11

713 Compagnie Generale des Etablissements Michelin 69,625 0.06

2,570 Credit Agricole SA 38,604 0.03

3,225 Danone 240,484 0.20

1,953 Edenred 59,536 0.05

1,828 EDF SA 71,840 0.06

7,945 France Telecom SA 168,933 0.14

5,138 GDF Suez 187,991 0.16

457 L’Oreal SA 59,290 0.05

1,686 Lafarge SA 107,071 0.09

1,182 Lagardere SCA 49,931 0.04

1,150 LVMH Moet Hennessy Louis Vuitton SA 206,840 0.18

940 Pernod-Ricard SA 92,637 0.08

280 PPR 49,854 0.04

892 Renault SA 52,877 0.04

4,006 Sanofi-Aventis SA 321,665 0.27

1,082 Schneider Electric SA 180,726 0.15

2,444 Societe Generale 145,003 0.12

1,214 Sodexo 94,997 0.08

45

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USD

% Net

Assets

France - 4.31% (continued)

1,741 Suez Environnement Co 34,709 0.03

1,280 Technip SA 137,205 0.12

8,976 Total SA 518,427 0.44

536 Unibail-Rodamco SE 123,916 0.11

580 Vallourec SA 70,631 0.06

3,690 Veolia Environnement 104,061 0.09

2,710 Vinci SA 173,555 0.15

5,238 Vivendi SA 145,627 0.12

Total France 5,088,835 4.31

Germany - 3.87%

760 Adidas AG 60,121 0.05

2,134 Allianz SE 298,024 0.25

4,340 BASF SE 424,876 0.36

4,147 Bayer AG 333,347 0.28

1,350 Bayerische Motoren Werke AG 134,491 0.11

9,558 Commerzbank AG 40,979 0.03

4,656 Daimler AG 349,622 0.30

3,781 Deutsche Bank AG 222,655 0.19

1,520 Deutsche Boerse AG 115,658 0.10

3,006 Deutsche Post AG 57,727 0.05


8,797 E.ON AG 249,739 0.21

1,300 Henkel AG & Co KGAA 73,868 0.06

856 K+S AG 65,779 0.06

1,186 Linde AG 206,953 0.18

1,000 MAN SE 132,985 0.11

684 Merck KGAA 74,331 0.06

618 Metro AG 37,419 0.03

757 Muenchener Rueckversicherungs AG 115,795 0.10

2,046 Porsche Automobil Holding SE 162,090 0.14

1,596 RWE AG 88,339 0.07

4,815 SAP AG 291,364 0.25

3,934 Siemens AG 540,105 0.46

1,210 ThyssenKrupp AG 62,719 0.05

1,080 Volkswagen AG 222,640 0.19


Greece - 0.14%

4,693 Alpha Bank AE 23,611 0.02

3,632 EFG Eurobank Ergasias SA 17,009 0.01

2,702 Hellenic Telecommunications Organization SA 25,190 0.02

7,524 National Bank of Greece SA 53,455 0.05

2,737 OPAP SA 42,502 0.04

Total Greece 161,767 0.14

Hong Kong - 0.98%

39,625 AIA Group Ltd 137,240 0.12

17,732 Bank of East Asia Ltd 72,808 0.06

13,100 BOC Hong Kong Holdings Ltd 37,964 0.03

6,300 Cheung Kong Holdings Ltd 91,895 0.08

13,100 CLP Holdings Ltd 115,912 0.10

9,319 Esprit Holdings Ltd 28,863 0.02

46

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USD

% Net

Assets

Hong Kong - 0.98% (continued)

5,700 Hang Seng Bank Ltd 90,761 0.08

39,930 Hong Kong & China Gas Co Ltd 90,521 0.08

12,000 Hong Kong Electric Holdings Ltd 90,449 0.08

5,265 Hong Kong Exchanges and Clearing Ltd 110,358 0.09

10,400 Hutchison Whampoa Ltd 112,271 0.09

8,093 Sun Hung Kai Properties Ltd 117,840 0.10

4,500 Swire Pacific Ltd 65,755 0.05


Ireland - 0.59%

2,578 Accenture PLC 155,737 0.13

2,290 Covidien PLC 121,805 0.10

3,929 CRH PLC 86,817 0.07

4,554 Experian PLC 57,985 0.05

1,473 Ingersoll-Rand PLC 66,889 0.06

4,113 Seagate Technology 66,466 0.06

4,500 Shire PLC 140,463 0.12

Total Ireland 696,162 0.59

Israel - 0.28%

21,990 Bank Leumi Le-Israel BM 103,403 0.09

4,675 Teva Pharmaceutical Industries Ltd 224,504 0.19

Total Israel 327,907 0.28

Italy - 1.16%


3,381 Atlantia SpA 71,914 0.06

14,908 Banco Popolare SC 34,282 0.03

21,811 Enel SpA 141,801 0.12

10,013 ENI SpA 236,352 0.20

1,300 Fiat Industrial SpA 16,766 0.01

7,500 Fiat SpA 81,883 0.07

4,512 Finmeccanica SpA 54,233 0.05


10,200 Mediaset SpA 47,828 0.04

6,966 Mediobanca SpA 70,145 0.06

2,800 Saipem SpA 144,039 0.12

42,534 Telecom Italia RNC 49,213 0.04

16,019 Telecom Italia SpA 22,262 0.02

56,634 UniCredit SpA 119,558 0.10

9,536 Unione di Banche Italiane SCPA 53,551 0.05

Total Italy 1,371,193 1.16

Japan - 8.58%

5,900 Aeon Co Ltd 70,572 0.06

1,900 Aisin Seiki Co Ltd 72,697 0.06

6,000 Ajinomoto Co Inc 70,802 0.06

4,800 Asahi Glass Co Ltd 55,631 0.05

15,000 Asahi Kasei Corp 100,111 0.08

1,700 Astellas Pharma Inc 51,783 0.04

6,000 Bank of Yokohama Ltd 29,643 0.03

1,900 Bridgestone Corp 43,430 0.04

4,763 Canon Inc 224,408 0.19

17 Central Japan Railway Co 132,826 0.11

47

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USD

% Net

Assets


8,000 Chiba Bank Ltd 49,728 0.04

3,900 Chubu Electric Power Co Inc 75,672 0.06

28,390 Chuo Mitsui Trust Holdings Inc 97,727 0.08

3,100 Credit Saison Co Ltd 51,667 0.04

1,000 Dai Nippon Printing Co Ltd 11,169 0.01

1,800 Daiichi Sankyo Co Ltd 34,926 0.03

15,000 Daiwa Securities Group Inc 65,379 0.06

1,900 Denso Corp 70,085 0.06

1,700 East Japan Railway Co 96,830 0.08

2,200 Eisai Co Ltd 85,401 0.07

1,200 Fanuc Ltd 198,811 0.17

1,900 Fujifilm Holdings Corp 58,793 0.05

7,000 Fujitsu Ltd 39,611 0.03

24,000 Hitachi Ltd 140,267 0.12

5,500 Hokkaido Electric Power Co Inc 90,645 0.08

8,400 Honda Motor Co Ltd 320,877 0.27

1,100 Hoya Corp 24,149 0.02

3,780 Isetan Mitsukoshi Holdings Ltd 36,649 0.03

11,200 Itochu Corp 115,384 0.10

6,000 Japan Steel Works Ltd 40,787 0.03

32 Japan Tobacco Inc 122,437 0.10

3,600 JFE Holdings Inc 98,202 0.08

14,000 Joyo Bank Ltd 58,247 0.05

22,340 JX Holdings Inc 148,823 0.13

4,700 Kamigumi Co Ltd 43,590 0.04

2,300 Kansai Electric Power Co Inc 45,254 0.04

5,000 Kansai Paint Co Ltd 45,196 0.04

2,751 Kao Corp 71,773 0.06

7,000 Kawasaki Kisen Kaisha Ltd 24,183 0.02

25 KDDI Corp 178,616 0.15

10,891 Keikyu Corp 78,082 0.07

5,000 Keisei Electric Railway Co Ltd 29,346 0.02

440 Keyence Corp 123,566 0.11

7,000 Kintetsu Corp 22,276 0.02

1,000 Kirin Holdings Co Ltd 13,806 0.01

33,000 Kobe Steel Ltd 73,960 0.06

5,500 Komatsu Ltd 169,917 0.14

6,500 Konica Minolta Holdings Inc 53,845 0.05

10,000 Kubota Corp 87,667 0.07

2,700 Kurita Water Industries Ltd 79,536 0.07

600 Kyocera Corp 58,841 0.05

6,000 Marubeni Corp 39,524 0.03

5,200 Mitsubishi Corp 128,712 0.11

11,500 Mitsubishi Electric Corp 132,145 0.11

7,000 Mitsubishi Estate Co Ltd 121,781 0.10

11,000 Mitsubishi Gas Chemical Co Inc 79,817 0.07

3,700 Mitsubishi Heavy Industries Ltd 17,226 0.02

2,000 Mitsubishi Tanabe Pharma Corp 33,284 0.03

57,900 Mitsubishi UFJ Financial Group Inc 279,606 0.24

8,000 Mitsui & Co Ltd 136,800 0.12

48

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% Net

Assets


5,100 Mitsui Fudosan Co Ltd 86,958 0.07

9,000 Mitsui OSK Lines Ltd 47,920 0.04

86,500 Mizuho Financial Group Inc 140,311 0.12

1,500 MS&AD Insurance Group Holdings 34,807 0.03

1,600 Murata Manufacturing Co Ltd 105,597 0.09

23,000 NEC Corp 52,117 0.04

5,000 NGK Spark Plug Co Ltd 68,351 0.06

900 Nidec Corp 82,689 0.07

2,000 Nikon Corp 46,756 0.04

600 Nintendo Co Ltd 111,293 0.09


700 Nippon Telegraph & Telephone Corp 33,500 0.03

10,100 Nissan Motor Co Ltd 105,302 0.09

200 Nitori Co Ltd 18,895 0.02

2,200 Nitto Denko Corp 110,327 0.09

6,000 NKSJ Holdings Inc 39,227 0.03


63 NTT DoCoMo Inc 111,397 0.09

13,000 Obayashi Corp 56,018 0.05

800 Ono Pharmaceutical Co Ltd 42,496 0.04

770 ORIX Corp 58,637 0.05

8,181 Panasonic Corp 99,173 0.08

3,700 Resona Holdings Inc 17,272 0.02

4,000 Ricoh Co Ltd 43,982 0.04

1,300 Secom Co Ltd 61,893 0.05

4,300 Sega Sammy Holdings Inc 82,316 0.07

3,400 Seven & I Holdings Co Ltd 90,641 0.08

8,000 Sharp Corp 72,214 0.06

900 Shimano Inc 48,867 0.04

2,100 Shin-Etsu Chemical Co Ltd 108,432 0.09

4,000 Shionogi & Co Ltd 55,027 0.05

4,000 Shiseido Co Ltd 74,146 0.06

4,000 Shizuoka Bank Ltd 36,503 0.03

2,900 Softbank Corp 108,624 0.09

4,800 Sony Corp 123,447 0.11

16,000 Sumitomo Chemical Co Ltd 79,049 0.07

7,000 Sumitomo Corp 94,391 0.08

1,800 Sumitomo Electric Industries Ltd 25,966 0.02

7,000 Sumitomo Heavy Industries Ltd 48,279 0.04

34,000 Sumitomo Metal Industries Ltd 75,780 0.06

7,200 Sumitomo Mitsui Financial Group Inc 219,762 0.19

2,000 Sumitomo Realty & Development Co Ltd 44,279 0.04

2,900 Suzuki Motor Corp 64,744 0.05

1,200 T&D Holdings Inc 28,247 0.02

3,030 Takeda Pharmaceutical Co Ltd 135,817 0.11

1,400 Terumo Corp 75,062 0.06

1,700 THK Co Ltd 42,879 0.04

3,000 Toho Co Ltd 49,368 0.04

6,100 Tohoku Electric Power Co Inc 87,618 0.07

4,400 Tokio Marine Holdings Inc 122,095 0.10

49

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% Net

Assets


4,000 Tokyo Electric Power Co Inc 16,147 0.01

1,400 Tokyo Electron Ltd 75,669 0.06

9,755 Tokyo Gas Co Ltd 43,847 0.04

13,000 Tokyu Corp 53,764 0.05

7,000 Tokyu Land Corp 29,383 0.03

5,000 Toray Industries Inc 36,652 0.03

22,800 Toshiba Corp 118,856 0.10

12,466 Toyota Motor Corp 507,840 0.43

3,400 Toyota Tsusho Corp 57,635 0.05

2,500 Trend Micro Inc 76,987 0.07

500 West Japan Railway Co 19,409 0.02

195 Yahoo! Japan Corp 66,594 0.06

1,100 Yamada Denki Co Ltd 88,806 0.08

4,100 Yamaha Motor Co Ltd 74,629 0.06

5,000 Yamato Holdings Co Ltd 77,885 0.07

Total Japan 10,145,878 8.58

Luxembourg - 0.10%

3,429 ArcelorMittal 119,222 0.10

Total Luxembourg 119,222 0.10

Netherlands - 2.07%

11,214 Aegon NV 76,418 0.06

1,094 Akzo Nobel NV 68,992 0.06

2,624 ASML Holding NV 96,636 0.08

2,879 European Aeronautic Defence and Space Co NV 96,342 0.08

1,803 Heineken NV 108,410 0.09

16,867 ING Groep NV 207,603 0.17

7,680 Koninklijke Ahold NV 103,124 0.09

3,993 Koninklijke Philips Electronics NV 102,474 0.09

926 Randstad Holding NV 42,789 0.04

7,474 Reed Elsevier NV 100,260 0.08

17,591 Royal Dutch Shell PLC - Class A 626,475 0.53

11,172 Royal Dutch Shell PLC - Class B 398,949 0.34

9,438 Royal KPN NV 137,116 0.12

1,375 TNT Express NV 14,244 0.01

1,375 TNT NV 11,649 0.01

7,816 Unilever NV 256,170 0.22


New Zealand - 0.05%

30,645 Telecom Corp of New Zealand Ltd 61,877 0.05

Total New Zealand 61,877 0.05

Norway - 0.40%

11,256 Norsk Hydro ASA 86,378 0.07

8,600 Orkla ASA 82,134 0.07

7,319 Statoil ASA 186,037 0.16

7,100 Telenor ASA 116,830 0.10

Total Norway 471,379 0.40

Portugal - 0.06%

8,351 Energias de Portugal SA 29,629 0.03

3,900 Portugal Telecom SGPS SA 38,615 0.03

Total Portugal 68,244 0.06

50

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% Net

Assets

Singapore - 0.87%

37,850 CapitaLand Ltd 89,407 0.08

9,445 DBS Group Holdings Ltd 112,783 0.10

6,091 Flextronics International Ltd 39,043 0.03

17,000 Fraser and Neave Ltd 80,174 0.07

48,000 Genting Singapore PLC 75,458 0.06

15,400 Keppel Corp Ltd 138,734 0.12

14,146 Oversea-Chinese Banking Corp Ltd 107,734 0.09

22,000 Singapore Press Holdings Ltd 69,529 0.06

69,900 Singapore Telecommunications Ltd 179,348 0.15

8,490 United Overseas Bank Ltd 135,680 0.11


Spain - 1.53%

996 ACS Actividades de Construccion y Servicios SA 46,962 0.04


23,496 Banco Popular Espanol SA 66,772 0.06

40,154 Banco Santander SA 463,427 0.39

19,259 Iberdrola SA 171,312 0.15

1,467 Inditex SA 133,661 0.11

1,300 Red Electrica de Espana 78,251 0.07

5,481 Repsol YPF SA 190,091 0.16

17,814 Telefonica SA 435,471 0.37

Total Spain 1,803,782 1.53

Sweden - 1.29%

7,500 Atlas Copco AB 176,959 0.15

3,068 Getinge AB 82,402 0.07

4,500 Hennes & Mauritz AB 155,448 0.13

16,745 Nordea Bank AB 180,298 0.15

5,100 Sandvik AB 89,622 0.08

4,000 Securitas AB 42,245 0.04

11,900 Skandinaviska Enskilda Banken AB 97,488 0.08

4,500 Skanska AB 80,719 0.07

1,900 Svenska Handelsbanken AB 58,739 0.05

2,785 Swedish Match AB 93,601 0.08

12,682 Telefonaktiebolaget LM Ericsson 183,273 0.15

16,800 TeliaSonera AB 123,522 0.10

9,400 Volvo AB 164,591 0.14

Total Sweden 1,528,907 1.29

Switzerland - 4.09%

10,052 ABB Ltd 260,285 0.22

2,816 ACE Ltd 185,293 0.16

3,664 Cie Financiere Richemont SA 239,581 0.20

4,742 Credit Suisse Group AG 184,126 0.16

600 Geberit AG 141,679 0.12

1,649 Holcim Ltd 124,277 0.10

1,080 Julius Baer Group Ltd 44,552 0.04

15,178 Nestle SA 941,076 0.80

1,970 Noble Corp 77,579 0.06

8,629 Novartis AG 527,333 0.45

2,892 Roche Holding AG 482,630 0.41

400 Schindler Holding AG 48,509 0.04

51

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% Net

Assets


698 Sonova Holding AG 65,083 0.05

6,119 STMicroelectronics NV 60,959 0.05

292 Swatch Group AG 146,884 0.12

424 Syngenta AG 142,727 0.12

1,580 Transocean Ltd 102,374 0.09

1,944 Tyco Electronics Ltd 71,461 0.06

1,339 Tyco International Ltd 66,120 0.06

17,237 UBS AG 313,865 0.27

5,490 Weatherford International Ltd 102,938 0.09

2,226 Wolseley PLC 72,592 0.06

10,568 Xstrata PLC 232,469 0.20

765 Zurich Financial Services AG 193,090 0.16

Total Switzerland 4,827,482 4.09


8,358 3i Group PLC 37,724 0.03

7,220 Anglo American PLC 357,812 0.30

6,746 AstraZeneca PLC 336,488 0.28

13,692 Aviva PLC 96,512 0.08

9,094 BAE Systems PLC 46,507 0.04

50,561 Barclays PLC 208,195 0.18

17,647 BG Group Plc 400,373 0.34

10,582 BHP Billiton PLC 416,450 0.35

86,493 BP PLC 636,407 0.54

9,420 British American Tobacco PLC 413,070 0.35

2,898 British Land Co PLC 28,315 0.02

4,330 British Sky Broadcasting Group PLC 58,853 0.05

48,940 BT Group PLC 158,340 0.13

8,267 Capita Group PLC/The 94,909 0.08

24,301 Centrica PLC 126,148 0.11

14,860 Compass Group PLC 143,279 0.12

9,809 Diageo PLC 200,495 0.17

23,066 GlaxoSmithKline PLC 494,060 0.42

15,757 Home Retail Group PLC 41,416 0.04

79,391 HSBC Holdings PLC 787,536 0.67

5,878 Imperial Tobacco Group PLC 195,367 0.17

1,374 Intercontinental Hotels Group PLC 28,107 0.02

16,717 International Power PLC 86,323 0.07

15,170 Invensys PLC 78,383 0.07

7,656 Kingfisher PLC 32,847 0.03

8,791 Land Securities Group PLC 120,192 0.10

31,660 Legal & General Group PLC 60,087 0.05

160,103 Lloyds TSB Group PLC 125,951 0.11

3,064 London Stock Exchange Group PLC 52,198 0.04

975 Lonmin PLC 22,747 0.02

14,131 Man Group PLC 53,774 0.05

6,854 National Grid PLC 67,406 0.06

2,649 Next PLC 98,848 0.08

29,974 Old Mutual PLC 64,154 0.05

8,694 Pearson PLC 164,164 0.14

12,301 Prudential PLC 142,109 0.12

52

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% Net

Assets

United Kingdom - 7.93% (continued)


977 Reed Elsevier PLC 8,879 0.01

7,276 Rio Tinto PLC 523,620 0.44

898,944 Rolls-Royce Group PLC – Class C 1,443 0.00

9,364 Rolls-Royce Holdings PLC 96,903 0.08

142,300 Royal Bank of Scotland Group PLC 87,875 0.07

4,746 SABMiller PLC 173,098 0.15


6,171 Smith & Nephew PLC 65,891 0.06

4,356 Smiths Group PLC 83,931 0.07

11,301 Standard Chartered PLC 297,223 0.25

38,785 Tesco PLC 250,315 0.21

4,320 Tullow Oil PLC 86,012 0.07

5,224 Unilever PLC 168,094 0.14

5,905 United Utilities Group PLC 56,746 0.05

225,878 Vodafone Group PLC 599,512 0.51

10,703 WM Morrison Supermarkets PLC 51,161 0.04

8,501 WPP PLC 106,467 0.09



2,598 3M Co 246,368 0.21

6,305 Abbott Laboratories 331,517 0.28

5,800 Activision Blizzard Inc 67,744 0.06

2,216 Adobe Systems Inc 69,671 0.06

4,348 Advanced Micro Devices Inc 30,349 0.03

3,910 AES Corp 49,774 0.04

1,501 Aetna Inc 66,134 0.06

1,421 Aflac Inc 66,332 0.06

1,265 Agilent Technologies Inc 64,654 0.05

1,242 Air Products & Chemicals Inc 118,673 0.10

3,575 Alcoa Inc 56,628 0.05

1,900 Allergan Inc 158,156 0.13

1,900 Alliant Energy Corp 77,273 0.07

2,161 Allstate Corp 65,975 0.06

1,308 Altera Corp 60,626 0.05

7,803 Altria Group Inc 205,999 0.17

1,684 Amazon.com Inc 344,277 0.29

2,000 Ameren Corp 57,640 0.05

849 American Electric Power Co Inc 31,965 0.03

4,245 American Express Co 219,424 0.19

921 American International Group Inc 26,995 0.02

1,481 American Tower Corp 77,441 0.07

1,932 Ameriprise Financial Inc 111,380 0.09

3,530 AmerisourceBergen Corp 146,142 0.12

4,247 Amgen Inc 247,728 0.21

904 Amphenol Corp 48,780 0.04

2,193 Anadarko Petroleum Corp 168,269 0.14

2,597 Analog Devices Inc 101,647 0.09

4,200 Annaly Capital Management Inc 75,684 0.06

833 AON Corp 42,708 0.04

53

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% Net

Assets


2,274 Apache Corp 280,475 0.24

1,353 Apollo Group Inc 59,099 0.05

4,141 Apple Inc 1,389,513 1.18

2,980 Archer-Daniels-Midland Co 89,758 0.08

25,723 AT&T Inc 807,445 0.68

2,181 Autodesk Inc 84,165 0.07

2,541 Automatic Data Processing Inc 133,809 0.11

201 AutoZone Inc 59,273 0.05

783 AvalonBay Communities Inc 100,537 0.09

818 Avery Dennison Corp 31,583 0.03

1,434 Avon Products Inc 40,123 0.03

2,198 Baker Hughes Inc 159,443 0.13

2,660 Ball Corp 102,197 0.09

46,464 Bank of America Corp 508,781 0.43

4,354 Bank of New York Mellon Corp 111,506 0.09

3,040 Baxter International Inc 181,306 0.15

5,170 BB&T Corp 138,763 0.12

591 Becton Dickinson and Co 50,921 0.04

1,162 Bed Bath & Beyond Inc 67,814 0.06


512 Best Buy Co Inc 16,082 0.01

1,051 Biogen Idec Inc 112,362 0.10

1,615 BMC Software Inc 88,341 0.07

2,861 Boeing Co 211,514 0.18

1,075 Boston Properties Inc 114,122 0.10

4,128 Boston Scientific Corp 28,524 0.02

9,767 Bristol-Myers Squibb Co 282,657 0.24

1,355 Broadcom Corp 45,569 0.04

1,207 Bunge Ltd 83,211 0.07

429 CA Inc 9,798 0.01

2,186 Cablevision Systems Corp 79,133 0.07

1,120 Cameron International Corp 56,314 0.05

1,200 Campbell Soup Co 41,424 0.04

2,525 Capital One Financial Corp 130,467 0.11

2,787 Cardinal Health Inc 126,558 0.11

2,893 CareFusion Corp 78,574 0.07

2,461 Carnival Corp 92,607 0.08

3,043 Caterpillar Inc 323,866 0.27

826 CBS Corp 23,516 0.02

1,981 Celgene Corp 119,395 0.10

4,604 CenterPoint Energy Inc 89,087 0.08

3,432 CenturyLink Inc 138,687 0.12

800 Cephalon Inc 63,920 0.05

1,800 CH Robinson Worldwide Inc 141,894 0.12

2,491 Charles Schwab Corp 40,927 0.03

2,233 Chesapeake Energy Corp 66,253 0.06

9,073 Chevron Corp 932,341 0.79

1,679 Chubb Corp 105,122 0.09

2,556 Cigna Corp 131,455 0.11

2,219 Cincinnati Financial Corp 64,684 0.05

54

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% Net

Assets


24,153 Cisco Systems Inc 376,787 0.32

13,062 Citigroup Inc 543,379 0.46

886 Citrix Systems Inc 70,862 0.06

235 Clorox Co 15,846 0.01

247 CME Group Inc 72,020 0.06

1,503 Coach Inc 96,087 0.08

9,412 Coca-Cola Co 633,239 0.54

1,636 Cognizant Technology Solutions Corp 119,984 0.10

2,175 Colgate-Palmolive Co 190,052 0.16

9,074 Comcast Corp - Class A 229,844 0.19

3,822 Comcast Corp - Special Class A 92,569 0.08

1,799 Comerica Inc 62,191 0.05

661 Computer Sciences Corp 25,092 0.02

4,294 ConAgra Foods Inc 110,699 0.09

6,900 ConocoPhillips 518,466 0.44

1,847 Consol Energy Inc 89,506 0.08

2,019 Consolidated Edison Inc 107,431 0.09

2,099 Constellation Brands Inc 43,701 0.04

1,615 Constellation Energy Group Inc 61,305 0.05

520 Cooper Industries PLC 31,028 0.03

7,323 Corning Inc 132,839 0.11

2,059 Costco Wholesale Corp 167,273 0.14

1,592 Coventry Health Care Inc 58,012 0.05

500 CR Bard Inc 54,930 0.05

1,912 Crown Castle International Corp 77,990 0.07

6,516 CSX Corp 170,784 0.14

1,500 Cummins Inc 155,145 0.13

4,828 CVS Caremark Corp 181,291 0.15

3,692 Danaher Corp 195,602 0.17

1,481 Darden Restaurants Inc 73,650 0.06

2,574 Deere & Co 212,226 0.18

6,775 Dell Inc 112,939 0.10

1,608 DENTSPLY International Inc 61,217 0.05

2,450 Devon Energy Corp 193,036 0.16

3,218 DirecTV 163,539 0.14

3,768 Discover Financial Services 100,756 0.09

1,664 Dover Corp 112,803 0.10

4,939 Dow Chemical Co 177,804 0.15

3,149 DR Horton Inc 36,276 0.03

1,914 Dr Pepper Snapple Group Inc 80,254 0.07

1,065 DTE Energy Co 53,271 0.05

4,763 Duke Energy Corp 89,592 0.08

1,114 Eaton Corp 57,293 0.05

4,881 eBay Inc 157,461 0.13

1,900 Ecolab Inc 107,065 0.09

2,500 Edison International 96,825 0.08

4,236 EI du Pont de Nemours & Co 228,871 0.19

5,753 El Paso Corp 116,096 0.10

2,446 Electronic Arts Inc 57,726 0.05

4,009 Eli Lilly & Co 150,418 0.13

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% Net

Assets



3,540 Emerson Electric Co 199,054 0.17

543 Entergy Corp 37,076 0.03

1,398 EOG Resources Inc 146,091 0.12

1,620 Equifax Inc 56,214 0.05

917 Equity Residential 55,020 0.05

645 Estee Lauder Cos Inc 67,848 0.06

2,591 Exelon Corp 110,973 0.09

2,396 Expeditors International of Washington Inc 122,651 0.10

2,494 Express Scripts Inc 134,601 0.11

22,401 Exxon Mobil Corp 1,821,425 1.54

2,944 Fastenal Co 105,955 0.09

935 FedEx Corp 88,675 0.08

2,670 Fidelity National Financial Inc 42,026 0.04

1,737 Fidelity National Information Services Inc 53,465 0.05

2,648 Fifth Third Bancorp 33,709 0.03

500 First Solar Inc 66,135 0.06

2,215 FirstEnergy Corp 97,792 0.08

1,600 Fiserv Inc 100,192 0.08

1,528 Fluor Corp 98,785 0.08

13,815 Ford Motor Co 190,509 0.16

2,700 Forest Laboratories Inc 106,218 0.09

1,390 Fortune Brands Inc 88,585 0.07

740 Franklin Resources Inc 97,140 0.08

4,646 Freeport-McMoRan Copper & Gold Inc 245,680 0.21

4,790 Frontier Communications Corp 38,560 0.03

2,600 GameStop Corp 69,290 0.06

1,590 Gap Inc 28,763 0.02

1,569 General Dynamics Corp 116,922 0.10

46,194 General Electric Co 870,295 0.74

3,817 General Growth Properties Inc 63,706 0.05

2,544 General Mills Inc 94,637 0.08

2,300 General Motors Co 69,828 0.06

4,686 Gilead Sciences Inc 194,000 0.16

2,181 Goldman Sachs Group Inc 290,095 0.25

1,300 Goodrich Corp 124,137 0.11

1,085 Google Inc 549,129 0.46

3,159 H&R Block Inc 50,670 0.04

4,020 Halliburton Co 204,980 0.17

1,900 Harley-Davidson Inc 77,843 0.07

3,309 Hartford Financial Services Group Inc 87,192 0.07

2,600 HCP Inc 95,394 0.08

1,530 Hershey Co 86,981 0.07

2,100 Hess Corp 156,975 0.13

9,861 Hewlett-Packard Co 358,940 0.30

2,832 HJ Heinz Co 150,861 0.13

7,686 Home Depot Inc 278,156 0.24

4,347 Honeywell International Inc 258,864 0.22

1,456 Hospira Inc 82,468 0.07

4,949 Host Hotels & Resorts Inc 83,886 0.07

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Assets


200 Hudson City Bancorp Inc 1,636 0.00

700 Humana Inc 56,357 0.05

2,416 Illinois Tool Works Inc 136,456 0.12

795 Illumina Inc 59,736 0.05

24,507 Intel Corp 542,585 0.46

5,494 International Business Machines Corp 941,781 0.80

1,348 International Flavors & Fragrances Inc 86,555 0.07

2,716 International Game Technology 47,747 0.04

2,956 International Paper Co 88,059 0.07

1,422 Intuit Inc 73,674 0.06

300 Intuitive Surgical Inc 111,543 0.09

4,390 Invesco Ltd 102,682 0.09

149 ITT Corp 8,776 0.01

300 Jacobs Engineering Group Inc 12,966 0.01

137 JC Penney Co Inc 4,728 0.00

11,480 Johnson & Johnson 762,961 0.65

3,876 Johnson Controls Inc 161,358 0.14

17,356 JPMorgan Chase & Co 710,034 0.60

2,242 Juniper Networks Inc 70,623 0.06

1,620 Kellogg Co 89,570 0.08

3,224 KeyCorp 26,824 0.02

2,560 Kimberly-Clark Corp 170,317 0.14

2,300 Kimco Realty Corp 42,849 0.04

1,743 KLA-Tencor Corp 70,504 0.06

1,268 Kohl's Corp 63,413 0.05

8,191 Kraft Foods Inc 288,487 0.24

608 Kroger Co 15,078 0.01

65 L-3 Communications Holdings Inc 5,684 0.01

1,315 Lam Research Corp 58,202 0.05

2,130 Las Vegas Sands Corp 89,886 0.08

994 Legg Mason Inc 32,563 0.03

900 Leucadia National Corp 30,690 0.03

927 Liberty Global Inc 41,715 0.04

4,613 Liberty Media Corp - Interactive 77,314 0.07

554 Life Technologies Corp 28,841 0.02

3,028 Limited Brands Inc 116,427 0.10

2,093 Lincoln National Corp 59,567 0.05

100 Linear Technology Corp 3,302 0.00

531 Lockheed Martin Corp 42,995 0.04

800 Loews Corp 33,672 0.03

1,100 Lorillard Inc 119,757 0.10

7,339 Lowe's Cos Inc 171,072 0.14

647 M&T Bank Corp 56,871 0.05

3,825 Macy's Inc 111,767 0.09

990 Manpower Inc 53,084 0.04

3,401 Marathon Oil Corp 178,961 0.15

1,041 Marriott International Inc 36,945 0.03

4,096 Marsh & McLennan Cos Inc 127,672 0.11

2,235 Marshall & Ilsley Corp 17,791 0.02

3,564 Masco Corp 42,804 0.04

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Assets


640 Mastercard Inc 192,704 0.16

175 Mattel Inc 4,809 0.00

4,636 McDonald's Corp 390,722 0.33

676 McGraw-Hill Cos Inc 28,331 0.02

2,197 MeadWestvaco Corp 73,094 0.06

1,724 Medco Health Solutions Inc 97,440 0.08

4,974 Medtronic Inc 191,499 0.16

13,106 Merck & Co Inc 462,249 0.39

4,361 MetLife Inc 191,230 0.16

2,106 Microchip Technology Inc 79,817 0.07

5,663 Micron Technology Inc 42,303 0.04

35,349 Microsoft Corp 918,367 0.78

633 Mohawk Industries Inc 37,974 0.03

2,406 Monsanto Co 174,507 0.15

1,770 Moody's Corp 67,862 0.06

3,433 Morgan Stanley 78,993 0.07

1,300 Mosaic Co/The 88,023 0.07

1,987 Motorola Mobility Holdings Inc 43,714 0.04

71 Motorola Solutions Inc 3,267 0.00

1,500 Murphy Oil Corp 98,475 0.08

1,914 National Oilwell Varco Inc 149,560 0.13

2,906 National Semiconductor Corp 71,517 0.06

1,630 NetApp Inc 86,031 0.07

3,298 Newell Rubbermaid Inc 52,009 0.04

1,988 Newmont Mining Corp 107,253 0.09

7,680 News Corp 138,778 0.12

1,866 NextEra Energy Resources Inc 107,164 0.09

1,357 NII Holdings Inc 57,496 0.05

2,291 Nike Inc 206,075 0.17

1,100 Noble Energy Inc 98,582 0.08

1,506 Norfolk Southern Corp 112,799 0.10

1,200 Northern Trust Corp 55,152 0.05

1,993 Northrop Grumman Corp 138,215 0.12

2,800 NRG Energy Inc 68,768 0.06

1,131 Nucor Corp 46,609 0.04

3,410 Nvidia Corp 54,321 0.05

915 NYSE Euronext 31,320 0.03

4,157 Occidental Petroleum Corp 432,411 0.37

5,100 Old Republic International Corp 59,925 0.05

2,522 Omnicom Group Inc 121,460 0.10

19,076 Oracle Corp 627,410 0.53

1,140 O'Reilly Automotive Inc 74,681 0.06

1,944 Paccar Inc 99,319 0.08

1,572 Pall Corp 88,362 0.07

600 Parker Hannifin Corp 53,844 0.05

1,582 Patterson Cos Inc 52,016 0.04

2,948 Paychex Inc 90,504 0.08

1,189 Peabody Energy Corp 70,020 0.06

5,968 PepsiCo Inc 420,028 0.36

37,997 Pfizer Inc 782,358 0.66

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Assets


3,119 PG&E Corp 130,998 0.11

8,503 Philip Morris International Inc 567,490 0.48

2,274 Pinnacle West Capital Corp 101,284 0.09

2,054 Pitney Bowes Inc 47,180 0.04

1,814 PNC Financial Services Group Inc 108,078 0.09

813 PPG Industries Inc 73,788 0.06

3,237 PPL Corp 90,086 0.08

1,406 Praxair Inc 152,340 0.13

1,000 Precision Castparts Corp 164,550 0.14

235 priceline.com Inc 120,301 0.10

2,400 Principal Financial Group Inc 73,008 0.06

11,220 Procter & Gamble Co 712,694 0.60

1,713 Progressive Corp 36,590 0.03

1,838 ProLogis Inc 65,782 0.06

2,627 Prudential Financial Inc 167,025 0.14

1,134 Public Service Enterprise Group Inc 36,991 0.03

405 Public Storage 46,158 0.04

2,249 Pulte Group Inc 17,227 0.01

1,988 QEP Resources Inc 83,098 0.07

7,598 Qualcomm Inc 431,262 0.36

390 Quest Diagnostics Inc 23,037 0.02

5,487 Regions Financial Corp 33,965 0.03

987 Republic Services Inc 30,429 0.03

1,845 Robert Half International Inc 49,833 0.04

442 Rockwell Automation Inc 38,335 0.03

1,589 Rockwell Collins Inc 98,025 0.08

1,270 Roper Industries Inc 105,740 0.09

2,178 Safeway Inc 50,878 0.04

715 Salesforce.com Inc 106,521 0.09

1,713 SanDisk Corp 71,090 0.06

6,421 Sara Lee Corp 121,806 0.10

6,519 Schlumberger Ltd 562,916 0.48

1,915 Sealed Air Corp 45,558 0.04

684 Sears Holdings Corp 48,858 0.04

468 Sempra Energy 24,734 0.02

134 Sherwin-Williams Co 11,239 0.01

1,136 Simon Property Group Inc 132,037 0.11

2,791 SLM Corp 46,917 0.04

3,240 Southern Co 130,799 0.11

1,600 Southwestern Energy Co 68,544 0.06

5,797 Spectra Energy Corp 158,838 0.13

11,330 Sprint Nextel Corp 60,955 0.05

723 SPX Corp 59,763 0.05

1,360 St Jude Medical Inc 64,831 0.05

972 Stanley Black & Decker Inc 69,974 0.06

2,847 Staples Inc 44,983 0.04

4,663 Starbucks Corp 184,142 0.16

769 Starwood Hotels & Resorts Worldwide Inc 43,095 0.04

2,324 State Street Corp 104,743 0.09

1,308 Stryker Corp 76,740 0.06

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Assets


3,623 SunTrust Banks Inc 93,365 0.08

6,630 Symantec Corp 130,611 0.11

177 Synthes Inc 31,031 0.03

2,216 T Rowe Price Group Inc 133,669 0.11

2,253 Target Corp 105,666 0.09

6,147 Texas Instruments Inc 201,622 0.17

419 Textron Inc 9,893 0.01

2,394 Thermo Fisher Scientific Inc 154,102 0.13

1,407 Thomson Reuters Corp 52,717 0.04

1,529 Time Warner Cable Inc 119,323 0.10

5,377 Time Warner Inc 195,561 0.17

3,018 TJX Cos Inc 158,445 0.13

2,915 Travelers Cos Inc 170,178 0.14

1,932 Ultra Petroleum Corp 88,370 0.07

2,264 Union Pacific Corp 236,294 0.20

2,408 United Parcel Service Inc 175,615 0.15

1,516 United States Steel Corp 69,751 0.06

3,845 United Technologies Corp 340,282 0.29

5,731 UnitedHealth Group Inc 295,605 0.25

168 Unum Group 4,281 0.00

100 URS Corp 4,474 0.00

7,937 US Bancorp 202,394 0.17

2,138 Valero Energy Corp 54,669 0.05

1,112 Varian Medical Systems Inc 77,840 0.07

1,805 Ventas Inc 95,142 0.08

2,422 VeriSign Inc 81,040 0.07

12,657 Verizon Communications Inc 470,967 0.40

3,730 Viacom Inc-Class B 190,118 0.16

2,697 Virgin Media Inc 80,721 0.07

1,810 Visa Inc 152,511 0.13

1,140 Vornado Realty Trust 106,225 0.09

981 Vulcan Materials Co 37,769 0.03

4,189 Walgreen Co 177,823 0.15

8,280 Wal-Mart Stores Inc 439,751 0.37

8,872 Walt Disney Co 346,185 0.29

3,238 Waste Management Inc 120,648 0.10

208 Waters Corp 19,914 0.02

1,280 WellPoint Inc 100,813 0.09

21,746 Wells Fargo & Co 609,975 0.52

1,695 Western Union Co 33,934 0.03

3,978 Weyerhaeuser Co 86,880 0.07

659 Whirlpool Corp 53,564 0.05

1,175 Whole Foods Market Inc 74,554 0.06

2,104 Williams Cos Inc 63,604 0.05

1,500 WR Berkley Corp 48,660 0.04

240 WW Grainger Inc 36,876 0.03

4,241 Xerox Corp 44,149 0.04

247 Xilinx Inc 9,008 0.01

3,331 Yahoo! Inc 50,065 0.04

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Assets


2,290 Yum! Brands Inc 126,431 0.11

284 Zimmer Holdings Inc 17,937 0.02


Total Equity 112,638,267 95.32

Collective Investment Scheme - 4.13% (2010: 0.06%)


8,201 iShares MSCI Canada 258,414 0.22

36,644 iShares MSCI EAFE Index Fund 2,203,770 1.86

18,291 iShares S&P 500 Index Fund 2,420,631 2.05


Total Collective Investment Scheme 4,882,815 4.13

Total Financial assets at fair value through profit or loss 117,521,082 99.45

Cash and cash equivalents 744,270 0.63

Other net assets and liabilities (89,675) (0.08)


shares as at 30/06/2011 118,175,677 100.00



Other assets 0.86

100.00

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PORTFOLIO OF INVESTMENTS – 8IP ASIA EQUITY OPPORTUNITIES FUND


USD

% Net

Assets


Equity - 99.06% (2010: 92.62%)

Australia - 21.68%

134,200 Atlas Iron Ltd 533,064 2.43

165,000 Ausenco Ltd 494,647 2.25

426,119 Industrea Ltd 609,067 2.78

285,600 Macquarie Atlas Roads Group 519,829 2.37


37,289 OZ Minerals Ltd 526,997 2.40

6,375 Rio Tinto Ltd 564,809 2.57


17,670 WorleyParsons Ltd 524,235 2.39


China - 14.39%

492,000 BYD Electronic International Co Ltd 208,657 0.95

354,000 China Construction Bank 293,438 1.33

86,000 China Life Insurance 293,438 1.33

400,000 China Minzhong Food Corp Ltd 488,718 2.23

368,000 China Shipping Development Co Ltd 337,202 1.54

2,564,100 Huiyin Household Appliances Holdings Co Ltd 523,945 2.39


390,000 PetroChina Co Ltd 568,370 2.59

Total China 3,158,931 14.39

Hong Kong - 12.31%

3,018,000 Apollo Solar Energy Technology Holdings Ltd 129,933 0.59

274,500 China Everbright Ltd 524,221 2.39

3,470,000 Emperor Watch & Jewellery Ltd 642,163 2.93

888,000 KWG Property Holding Ltd 588,866 2.68

2,340,000 Ming Fung Jewellery Group Ltd 294,710 1.34

670,000 New World Department Store China Ltd 521,796 2.38


India - 7.34%

40,100 Gitanjali Gems Ltd 271,835 1.24

254,000 Housing Development & Infrastructure Ltd 907,671 4.13

61,796 Yes Bank Ltd 431,493 1.97

Total India 1,610,999 7.34

Indonesia - 2.30%

1,770,000 Adaro Energy 505,537 2.30

Total Indonesia 505,537 2.30

Malaysia - 3.42%

132,000 CIMB Group Holdings Bhd 389,329 1.78

578,360 KNM Group Bhd 360,337 1.64

Total Malaysia 749,666 3.42

Singapore - 5.13%

137,000 Olam International Ltd 302,411 1.38


169,000 Straits Asia Resources Ltd 410,214 1.87


South Korea - 15.42%

4,690 GS Engineering & Construction Corp 568,855 2.59

3,390 Kangwon Land Inc 90,808 0.41

3,000 LG Corp 225,348 1.03

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PORTFOLIO OF INVESTMENTS – 8IP ASIA EQUITY OPPORTUNITIES FUND (continued)


USD

% Net

Assets

South Korea - 15.42% (continued)

24,903 Mirae Asset Securities Co Ltd 1,043,767 4.76

412 Samsung Electronics Co Ltd 318,354 1.45

8,272 Silicon Works Co Ltd 216,547 0.99

584,400 Woongjin Chemical Co Ltd 665,036 3.03

19,560 Woori Finance Holdings Co Ltd 254,649 1.16


Taiwan - 12.80%

125,800 Catcher Technology Co Ltd 790,493 3.60

184,200 Kinsus Interconnect Technology Corp 750,266 3.42

179,000 Nan Ya Plastics Corp 474,841 2.16

84,000 Powertech Technology Inc 280,731 1.28

205,000 Taiwan Semiconductor Manufacturing Co Ltd 513,838 2.34

Total Taiwan 2,810,169 12.80

Thailand - 1.89%

209,850 Bank of Ayudhya PCL 191,394 0.87


9,900 PTT PCL 107,707 0.49

Total Thailand 414,489 1.89


120,500 Boart Longyear Ltd 522,511 2.38

Total United States 522,511 2.38

Total Equity 21,742,131 99.06



Other net assets and liabilities 59,950 0.27


shares as at 30/06/2011 21,947,691 100.00



Other assets 1.05

100.00

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PORTFOLIO OF INVESTMENTS – 8IP ASIA PACIFIC EQUITY FUND


USD

% Net

Assets


Equity - 99.25% (2010: 87.59%)

Australia - 13.51%

166,382 Atlas Iron Ltd 660,896 2.25

167,400 Ausenco Ltd 501,841 1.71

419,147 Industrea Ltd 599,102 2.04


41,870 OZ Minerals Ltd 591,739 2.02

6,034 Rio Tinto Ltd 534,597 1.82



China - 8.64%

630,166 BYD Electronic International Co Ltd 267,253 0.91


515,000 China Minzhong Food Corp Ltd 629,225 2.15

348,000 China Shipping Development Co Ltd 318,876 1.09



13,407 Silicon Works Co Ltd 350,972 1.20

Total China 2,534,892 8.64

Hong Kong - 10.17%

5,200,000 Apollo Solar Energy Technology Holdings Ltd 223,873 0.76

303,217 China Everbright Ltd 579,063 1.97

3,680,000 Emperor Watch & Jewellery Ltd 681,026 2.32

2,898,000 Huiyin Household Appliances Holdings Co Ltd 592,174 2.02

573,000 KWG Property Holding Ltd 379,977 1.30

4,200,000 Ming Fung Jewellery Group Ltd 528,967 1.80


India - 5.22%

68,627 Gitanjali Gems Ltd 465,217 1.59

172,446 Housing Development & Infrastructure Ltd 616,237 2.10

64,505 Yes Bank Ltd 450,409 1.53

Total India 1,531,863 5.22

Indonesia - 1.57%

1,613,000 Adaro Energy 460,696 1.57


Japan - 34.66%

3,100 Fanuc Ltd 513,596 1.75

112,000 Isuzu Motors Ltd 524,220 1.79

15,100 JFE Holdings Inc 411,903 1.40

20,000 JGC Corp 542,595 1.85

162,000 Kajima Corp 459,361 1.56

10,200 Misumi Group Inc 261,441 0.89

14,800 Mitsubishi Corp 366,335 1.25

28,300 Mitsui & Co Ltd 483,931 1.65

3,146 Monex Group Inc 620,552 2.11



5,990 ORIX Corp 456,148 1.55

473 Rakuten Inc 486,119 1.66

6,630 SBI Holdings Inc 609,146 2.08

12,300 Softbank Corp 460,717 1.57

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PORTFOLIO OF INVESTMENTS – 8IP ASIA PACIFIC EQUITY FUND (continued)


USD

% Net

Assets


34,200 Sumitomo Corp 461,166 1.57

14,400 Sumitomo Mitsui Financial Group Inc 439,525 1.50

190,000 Taisei Corp 430,535 1.47

18,200 THK Co Ltd 459,057 1.56

7,200 Tokyo Electron Ltd 389,153 1.33

81,422 Toshiba Corp 424,451 1.45

41,000 Yaskawa Electric Corp 455,386 1.55

Total Japan 10,172,836 34.66

Malaysia - 2.43%

57,700 CIMB Group Holdings Bhd 170,184 0.58

697,000 New World Department Store China Ltd 542,824 1.85

Total Malaysia 713,008 2.43

Singapore - 5.33%

944,000 KNM Group Bhd 588,143 2.00

75,000 Olam International Ltd 165,553 0.57


120,000 Straits Asia Resources Ltd 291,276 0.99


South Korea - 7.56%

1,336 GS Engineering & Construction Corp 162,045 0.55

6,700 Kangwon Land Inc 179,473 0.61

1,319 LG Corp 99,078 0.34

18,084 Mirae Asset Securities Co Ltd 757,960 2.58

897,000 Woongjin Chemical Co Ltd 1,020,770 3.48


Taiwan - 7.28%

135,300 Catcher Technology Co Ltd 850,188 2.90

175,000 Kinsus Interconnect Technology Corp 712,793 2.43

82,000 Powertech Technology Inc 274,047 0.93

119,000 Taiwan Semiconductor Manufacturing Co Ltd 298,277 1.02

Total Taiwan 2,135,305 7.28

Thailand - 0.90%


18,600 PTT PCL 202,358 0.69



133,870 Boart Longyear Ltd 580,486 1.98


Total Equity 29,129,012 99.25





shares as at 30/06/2011 29,349,662 100.00



Other assets 2.94

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PORTFOLIO OF INVESTMENTS – SIIP INDIA OPPORTUNITIES FUND


USD

% Net

Assets


Equity - 97.62% (2010: 97.83%)

India - 97.62%

3,870 Adani Enterprises Ltd 61,908 0.71

9,474 Aditya Birla Nuvo Ltd 190,816 2.19

5,665 Axis Bank Ltd 162,889 1.87

5,345 Bajaj Auto Ltd 168,148 1.93

23,381 Bajaj Electricals Ltd 125,642 1.44

2,193 Bharat Electronics Ltd 78,890 0.91

3,750 Bharat Heavy Electricals Ltd 172,065 1.97

34,097 Bharti Airtel Ltd 301,296 3.46

602 Bosch Ltd 92,294 1.06

13,296 Century Textile & Industries Ltd 104,874 1.20

8,867 Divi's Laboratories Ltd 156,249 1.79

5,735 eClerx Services Ltd 107,783 1.24

9,353 Educomp Solutions Ltd 82,019 0.94

24,420 Engineers India Ltd 149,831 1.72

8,815 GAIL India Ltd 86,552 0.99

2,000 GlaxoSmithKline Consumer Healthcare Ltd 107,559 1.23

188,353 GMR Infrastructure Ltd 137,609 1.58

43,215 Gujarat Mineral Development Corp Ltd 145,001 1.66

10,444 Havells India Ltd 89,857 1.03

5,857 HDFC Bank Ltd 327,987 3.76

28,336 Hindustan Zinc Ltd 86,390 0.99

21,130 Housing Development Finance Corp Ltd 330,307 3.79

11,957 ICICI Bank Ltd 290,631 3.33

6,828 Infosys Technologies Ltd 442,911 5.08

74,564 ITC Ltd 338,616 3.88

55,190 IVRCL Infrastructures & Projects Ltd 86,200 0.99

21,798 Jain Irrigation Systems Ltd 83,090 0.95

28,719 Kalpataru Power Transmission Ltd 80,328 0.92

8,301 Larsen & Toubro Ltd 338,755 3.88

18,578 LIC Housing Finance Ltd 101,079 1.16

18,796 Lupin Ltd 188,927 2.17

38,064 Madras Cements Ltd 69,161 0.79

11,121 Mahindra & Mahindra Ltd 172,949 1.98

27,301 Marico Ltd 95,025 1.09

4,449 Maruti Suzuki India Ltd 115,327 1.32

10,703 Mphasis Ltd 104,060 1.19

14,370 Nava Bharat Ventures Ltd 67,509 0.77

17,238 Oil & Natural Gas Corp Ltd 105,669 1.21

65,044 OnMobile Global Ltd 157,698 1.81

15,719 Ranbaxy Laboratories Ltd 190,411 2.18

28,916 Reliance Industries Ltd 577,964 6.63

23,979 Rural Electrification Corp Ltd 104,791 1.20

36,101 Shipping Corp of India Ltd 82,720 0.95

3,525 State Bank of India 189,091 2.17

22,465 Tata Chemicals Ltd 186,974 2.14

8,382 Tata Consultancy Services Ltd 221,385 2.54

5,988 Tata Power Co Ltd 174,924 2.01

15,551 Tata Steel Ltd 212,352 2.44

9,630 Thermax Ltd 128,353 1.47

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PORTFOLIO OF INVESTMENTS – SIIP INDIA OPPORTUNITIES FUND (continued)


USD

% Net

Assets


India - 97.62% (continued)

7,081 Torrent Pharmaceuticals Ltd 100,661 1.15

7,110 Ultratech Cement Ltd 146,607 1.68

13,473 Yes Bank Ltd 94,076 1.08

Total India 8,514,210 97.62

Total Equity 8,514,210 97.62





shares as at 30/06/2011 8,721,905 100.00



Other assets 2.53

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PORTFOLIO OF INVESTMENTS – SANLAM AFRICAN FRONTIER MARKETS FUND


USD

% Net

Assets


Equity - 97.02% (2010: 96.73%)

Egypt - 36.91%

151,660 Cairo Poultry Co 343,376 0.90

652,220 Commercial International Bank Egypt 3,224,483 8.44

407,890 Credit Agricole Egypt 693,830 1.82

220,043 Egyptian International Pharmaceutical Industrial Co 1,364,805 3.57

127,640 Housing & Development Bank 355,304 0.93

816,492 Juhayna Food Industries 747,117 1.96

24,660 Mobinil - Egyptian Co for Mobile Services 525,973 1.38

92,950 National Societe Generale Bank 532,122 1.39

80,200 Orascom Construction Industries 3,508,666 9.18

1,370,493 Orascom Telecom Holdings 930,199 2.43

758,556 Talaat Moustafa Group 611,472 1.60

520,600 Telecom Egypt 1,265,947 3.31

Total Egypt 14,103,294 36.91

Ghana - 0.34%

585,000 UT Bank Ltd 131,226 0.34

Total Ghana 131,226 0.34

Kenya - 14.00%

371,370 Athi River Mining Ltd 755,610 1.98

291,149 Bamburi Cement Co Ltd 569,604 1.49

328,527 East African Breweries Ltd 712,513 1.87

4,059,340 Equity Bank Ltd 1,145,873 3.00

4,689,457 Kenya Commercial Bank Ltd 1,231,998 3.22

1,607,814 Kenya Power & Lighting Ltd 381,957 1.00

12,987,760 Safaricom Ltd 551,744 1.44

Total Kenya 5,349,299 14.00

Mauritius - 3.59%

57,640 Mauritius Commercial Bank 384,953 1.01

54,800 New Mauritius Hotels Ltd 201,586 0.53

230,400 State Bank of Mauritius Ltd 785,828 2.05

Total Mauritius 1,372,367 3.59

Morocco - 9.82%

23,935 Attijariwafa Bank 1,091,094 2.86

145,710 Maroc Telecom 2,660,639 6.96

Total Morocco 3,751,733 9.82

Nigeria - 32.36%

20,554,300 Access Bank PLC 959,944 2.51

37,768,505 Diamond Bank PLC 1,259,571 3.30

22,348,242 First Bank of Nigeria PLC 1,819,906 4.76

17,070,470 Guaranty Trust Bank PLC 1,740,453 4.55

240,755 Guinness Nigeria PLC 385,224 1.01

3,195,980 Lafarge Cement Wapco PLC 949,597 2.49

3,248,878 Nigerian Breweries PLC 1,850,701 4.84

29,052,703 United Bank for Africa PLC 1,077,831 2.82

24,091,555 Zenith Bank PLC 2,323,185 6.08

Total Nigeria 12,366,412 32.36

Total Equity 37,074,331 97.02


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PORTFOLIO OF INVESTMENTS – SANLAM AFRICAN FRONTIER MARKETS FUND (continued)

Fair Value

USD

% Net

Assets




shares as at 30/06/2011 38,211,625 100.00



Other assets 3.69

100.00

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PORTFOLIO OF INVESTMENTS – SANLAM GLOBAL BEST IDEAS FUND


USD

% Net

Assets


Equity - 97.11% (2010: 95.65%)

Bermuda - 1.00%

77,000 RenaissanceRe Holdings Ltd 5,384,610 1.00


Brazil - 7.29%

451,000 Banco do Brasil SA 8,002,638 1.48

1,187,300 Redecard SA 17,822,420 3.30

391,500 Saraiva SA Livreiros Editores 7,648,560 1.41

459,459 Valid Solucoes e Servicos de Seguranca SA 5,958,673 1.10

Total Brazil 39,432,291 7.29

China - 3.32%

38,289,000 China Essence Group Ltd 9,512,214 1.76

8,678,873 Xingda International Holdings Ltd 8,443,308 1.56

Total China 17,955,522 3.32

France - 4.05%

771,964 SCOR SE 21,881,827 4.05

Total France 21,881,827 4.05

Germany - 1.89%

173,700 Deutsche Bank AG 10,228,832 1.89


Greece - 2.32%

873,486 Folli Follie SA 12,538,077 2.32

Total Greece 12,538,077 2.32

Hong Kong - 11.89%

42,079,574 Chaoda Modern Agriculture Holdings Ltd 18,116,302 3.35

35,509,400 China Green Holdings Ltd/Bermuda 22,497,988 4.16

77,012,464 DBA Telecommunication Asia Holdings Ltd 23,654,422 4.38


India - 9.06%

2,927,337 Dena Bank 5,928,037 1.10

766,021 Educomp Solutions Ltd 6,717,468 1.24

2,733,262 Escorts Ltd 6,911,135 1.28

5,967,105 Indiabulls Financial Services Ltd 21,517,095 3.98

897,320 Indian Bank 4,273,765 0.79

6,570,367 South Indian Bank Ltd 3,521,152 0.65

7,000 Tata Motors Ltd 84,927 0.02

Total India 48,953,579 9.06

Indonesia - 4.53%

11,983,000 Adira Dinamika Multi Finance PT 18,299,988 3.39

299,823,339 Panin Life Tbk PT 6,186,609 1.14


Japan - 7.18%

1,452,000 Chiba Bank Ltd 9,025,557 1.67

3,755,400 Mitsubishi UFJ Financial Group Inc 18,135,290 3.36


Total Japan 38,802,142 7.18

Netherlands - 5.23%

2,106,859 Koninklijke Ahold NV 28,290,012 5.23


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PORTFOLIO OF INVESTMENTS – SANLAM GLOBAL BEST IDEAS FUND (continued)


USD

% Net

Assets

South Africa - 0.84%

522,392 Net 1 UEPS Technologies Inc 4,534,363 0.84

Total South Africa 4,534,363 0.84

South Korea - 7.62%

773,580 DGB Financial Group Inc 11,628,914 2.15

379,568 Hana Financial Group Inc 13,242,646 2.45

1,252,000 Woori Finance Holdings Co Ltd 16,299,640 3.02


Thailand - 1.94%

8,628,200 Tisco Financial Group PCL 10,469,070 1.94



4,700,000 Accident Exchange Group PLC - 0.00

1,840,282 Amlin PLC 11,999,655 2.22

2,484,500 Ladbrokes PLC 6,079,605 1.12

1,621,000 Tesco PLC 10,461,801 1.94

3,918,131 William Hill PLC 14,356,414 2.66



1,415,600 Bank of America Corp 15,500,820 2.87

370,400 Hewlett-Packard Co 13,482,560 2.49

33,500 International Business Machines Corp 5,742,570 1.06

334,100 Kraft Foods Inc 11,767,002 2.18

672,000 Microsoft Corp 17,458,560 3.23

629,630 Pfizer Inc 12,964,082 2.40

420,760 Viacom Inc-Class B 21,446,137 3.97

104,534 World Acceptance Corp 6,848,022 1.27

257,133 WR Berkley Corp 8,341,395 1.54


Total Equity 524,845,457 97.11



Other net assets and liabilities 11,254,246 2.08


shares as at 30/06/2011 540,466,787 100.00



Other assets 3.03

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PORTFOLIO OF INVESTMENTS – SANLAM GLOBAL FINANCIAL FUND


USD

% Net

Assets


Equity - 95.57% (2010: 98.61%)

Bermuda - 3.01%

439,979 Hiscox Ltd 2,956,506 1.23

61,200 RenaissanceRe Holdings Ltd 4,279,716 1.78


Brazil - 6.41%

170,500 Banco do Brasil SA 3,025,388 1.25

371,918 Parana Banco SA 2,978,296 1.24

493,300 Redecard SA 7,404,868 3.08

155,410 Valid Solucoes e Servicos de Seguranca SA 2,015,495 0.84

Total Brazil 15,424,047 6.41

China - 0.92%

2,314,000 Bank of Communications Co Ltd 2,212,533 0.92

Total China 2,212,533 0.92

France - 4.04%

343,221 SCOR SE 9,728,825 4.04

Total France 9,728,825 4.04

Georgia - 0.47%

69,082 JSC Bank of Georgia 1,122,583 0.47

Total Georgia 1,122,583 0.47

Germany - 6.38%

84,976 Aareal Bank AG 2,910,770 1.21

239,000 ADC African Development Corp 2,564,303 1.07

167,700 Deutsche Bank AG 9,875,505 4.10


Hong Kong - 0.12%

944,000 DBA Telecommunication Asia Holdings Ltd 289,950 0.12

Total Hong Kong 289,950 0.12

India - 14.24%

122,000 Bank of Baroda 2,384,173 0.99

3,680,910 City Union Bank Ltd 3,673,497 1.53

2,263,257 Dena Bank 4,583,235 1.90

3,734,777 Indiabulls Financial Services Ltd 13,467,427 5.60

476,679 Indian Bank 2,270,332 0.94

571,268 Magma FinCorp Ltd 932,513 0.39

29,418 Punjab National Bank 717,019 0.30

162,000 Rural Electrification Corp Ltd 707,957 0.29

66,150 Shriram City Union Finance Ltd 799,380 0.33

155,100 Shriram Transport Finance Co Ltd 2,140,130 0.89

4,868,352 South Indian Bank Ltd 2,609,018 1.08

Total India 34,284,681 14.24

Indonesia - 13.17%

11,568,000 Adira Dinamika Multi Finance PT 17,666,216 7.34

15,069,600 BFI Finance Indonesia 9,662,252 4.01

176,689,656 Panin Life Tbk PT 3,645,846 1.52

5,471,800 Panin Sekuritas Tbk PT 727,192 0.30


Japan - 12.76%

1,224,600 Chiba Bank Ltd 7,612,050 3.16

1,626,900 Mitsubishi UFJ Financial Group Inc 7,856,501 3.26

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PORTFOLIO OF INVESTMENTS – SANLAM GLOBAL FINANCIAL FUND (continued)


USD

% Net

Assets


1,484,000 Nishi-Nippon City Bank Ltd 4,318,227 1.80

913,700 Resona Holdings Inc 4,265,291 1.77


Total Japan 30,724,295 12.76

Luxembourg - 0.28%

41,205 Insinger de Beaufort Holdings SA A 687,049 0.28


South Africa - 0.00%

200,000 Saambou Holdings Ltd - 0.00

Total South Africa - 0.00

South Korea - 10.41%

452,987 DGB Financial Group Inc 6,809,570 2.83

252,576 Hana Financial Group Inc 8,812,056 3.66

199,170 Korea Exchange Bank 1,783,367 0.74

587,200 Woori Finance Holdings Co Ltd 7,644,687 3.18


Thailand - 3.88%

1,906,700 Aeon Thana Sinsap Thailand PCL 2,204,816 0.91

1,402,400 Kiatnakin Bank PCL 1,496,045 0.62

4,652,600 Tisco Financial Group PCL 5,645,256 2.35


Turkey - 3.47%

2,241,000 Albaraka Turk Katilim Bankasi AS 3,021,480 1.26

2,413,454 Is Yatirim Menkul Degerler AS 3,224,278 1.34

281,293 Turkiye Halk Bankasi AS 2,095,454 0.87

Total Turkey 8,341,212 3.47


2,215,749 Accident Exchange Group PLC - 0.00

848,434 Amlin PLC 5,532,258 2.30

432,000 B.P. Marsh & Partners PLC A 638,150 0.26

498,000 Barclays PLC 2,050,612 0.85

1,452,115 Novae Group PLC Class B B 23,316 0.01

1,114,314 Novae Group PLC Class C 6,351,662 2.64



929,750 Bank of America Corp 10,180,762 4.23


59,000 JPMorgan Chase & Co 2,413,690 1.00

139,500 US Bancorp 3,557,250 1.48

62,941 World Acceptance Corp 4,123,265 1.71

83,200 WR Berkley Corp 2,699,008 1.12


Total Equity 230,051,723 95.57



Other net assets and liabilities (1,315,698) (0.54)


shares as at 30/06/2011 240,710,803 100.00

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PORTFOLIO OF INVESTMENTS – SANLAM GLOBAL FINANCIAL FUND (continued)

Classification


B Transferable securities dealt in/on other unregulated markets




Transferable securities as described in classification B above 0.01

Other assets 6.58

100.00

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PORTFOLIO OF INVESTMENTS – SANLAM UNIVERSAL BOND FUND

Nominal Security Classification Coupon Maturity Fair Value

USD

% Net

Assets


Debt - 94.04% (2010: 96.54%)

Government Bonds - 48.89%

1,005,000 Australia Government Bond 5.25 15/03/19 1,083,732 0.18



3,095,000 Belgium Government Bond 2.75 28/03/16 4,372,131 0.73

18,225,000 Bundesrepublik Deutschland 2.25 15/04/13 29,980,043 5.02


10,000 Bundesrepublik Deutschland 3.75 04/01/19 15,485 0.00

735,000 Bundesrepublik Deutschland 6.25 04/01/30 1,433,980 0.24

991,000 Bundesrepublik Deutschland 4.00 04/01/37 1,484,704 0.25


1,650,000 Canadian Government Bond 4.00 01/06/17 1,846,663 0.31





4,200,000 European Investment Bank 3.50 15/04/16 6,268,030 1.05



10,400,440 Fannie Mae Pool 5.50 01/04/34 11,325,471 1.90

5,700,000 Fannie Mae Pool 4.50 15/07/34 5,896,828 0.99

2,460,958 Fannie Mae Pool 5.50 01/09/34 2,678,301 0.45

3,779,808 Fannie Mae Pool 5.00 01/07/35 4,037,917 0.68

1,705,831 Fannie Mae Pool 6.00 01/10/38 1,876,792 0.32

946,000 France Government Bond OAT 3.50 25/04/20 1,391,636 0.23

470,000 France Government Bond OAT 6.00 25/10/25 848,140 0.14

1,468,000 France Government Bond OAT 4.50 25/04/41 2,238,077 0.38

1,159,516 Freddie Mac Gold Pool 5.50 01/09/34 1,261,377 0.21



3,100,000 Ginnie Mae I pool 0.00 15/07/34 3,357,688 0.56

2,300,000 Instituto de Credito Oficial 2.88 15/11/13 3,227,070 0.54

1,043,000 Ireland Government Bond 4.00 15/01/14 1,202,137 0.20

2,455,000 Ireland Government Bond 5.00 18/10/20 2,247,444 0.38

4,483,000 Italy Buoni Poliennali Del Tesoro 3.00 15/04/15 6,306,880 1.06




992,000,000 Japan Government Ten Year Bond 1.40 20/09/19 12,730,630 2.13

1,352,000,000 Japan Government Ten Year Bond 1.10 20/06/20 16,906,496 2.83

1,080,000,000 Japan Government Ten Year Bond 1.00 20/09/20 13,352,189 2.24

590,000,000 Japan Government Thirty Year Bond 2.50 20/09/35 8,018,104 1.34

1,159,000,000 Japan Government Twenty Year Bond 2.10 20/12/27 15,113,498 2.53

770,000,000 Japanese Government CPI Linked Bond 1.09 10/12/16 9,784,849 1.64

2,695,000 MDC-GMTN BV 5.75 06/05/14 2,942,401 0.49

1,850,000 New Jersey State 7.41 01/01/40 2,233,024 0.37

4,330,000 New South Wales Treasury Corp 3.01 20/11/25 4,990,348 0.84

2,625,000 Poland Government International Bond 5.13 21/04/21 2,710,575 0.45

3,695,000 Portugal Obrigacoes do Tesouro OT 5.45 23/09/13 4,601,205 0.77

1,030,000 Portugal Obrigacoes do Tesouro OT 6.40 15/02/16 1,161,643 0.19

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PORTFOLIO OF INVESTMENTS – SANLAM UNIVERSAL BOND FUND (continued)


USD

% Net

Assets

Government Bonds - 48.89% (continued)

770,000 Portugal Obrigacoes do Tesouro OT 4.20 15/10/16 763,588 0.13

715,000 Portugal Obrigacoes do Tesouro OT 4.95 25/10/23 620,144 0.10

1,000,000 Province of Ontario Canada 4.20 08/03/18 1,098,259 0.18

700,000 Province of Ontario Canada 6.20 02/06/31 910,530 0.15

1,675,000 Province of Quebec Canada 5.00 29/04/19 2,673,394 0.45

1,000,000 Queensland Treasury Corp 6.00 14/10/15 1,103,287 0.18

2,125,000 Spain Government Bond 3.15 31/01/16 2,910,360 0.50




1,110,000 State of Hesse 3.13 13/05/14 1,643,193 0.28

2,475,000 Svensk Exportkredit AB 3.25 16/09/14 2,616,570 0.44

200,000 United Kingdom Gilt 3.75 07/09/20 330,379 0.06

800,000 United Kingdom Gilt 4.25 07/06/32 1,288,992 0.22

3,397,000 United Kingdom Gilt 4.75 07/12/38 5,887,915 0.99



800,000 United Kingdom Gilt 4.50 07/12/42 1,337,071 0.22

2,750,000 United States Treasury Note/Bond 2.13 15/02/40 3,113,278 0.52

Total Government Bonds 291,746,713 48.89

Corporate Bonds - 45.15%

750,000 ABN Amro Bank NV 3.75 15/07/14 1,119,182 0.19

383,361 Ally Auto Receivables Trust 1.21 15/06/12 383,556 0.06

396,000 Altria Group Inc 9.25 06/08/19 516,127 0.09

592,000 Altria Group Inc 10.20 06/02/39 849,084 0.14

1,145,000 Anheuser-Busch InBev NV 6.50 23/06/17 2,097,696 0.35

585,000 Arkle Master Issuer PLC 1.53 17/02/52 840,675 0.14

4,070,000 Arkle Master Issuer PLC 1.66 17/05/60 4,081,201 0.68

14,000 AT&T Corp 8.00 15/11/31 18,004 0.00

1,000,000 AT&T Inc 6.50 01/09/37 1,068,600 0.18

457,000 AT&T Inc 5.35 01/09/40 433,175 0.07

314,102 Auto ABS 1.54 25/02/19 452,893 0.08

508,976 Auto ABS 1.49 25/10/20 730,111 0.12

500,000 Aviva PLC 5.90 27/07/20 646,917 0.11

1,250,000 Aviva PLC 6.63 03/06/21 1,948,459 0.33

1,000,000 Aviva PLC 5.75 14/11/21 1,451,936 0.24

1,100,000 Aviva PLC 5.25 02/10/23 1,598,565 0.27

1,200,000 BAE Systems Holdings Inc 4.95 01/06/14 1,289,278 0.22

1,337,244 Banc of America Commercial Mortgage Inc 5.12 11/07/43 1,358,260 0.23

1,100,000 Banco Bilbao Vizcaya Argentaria SA 4.25 30/03/15 1,573,365 0.26

1,550,000 Banco Popular Espanol SA 4.25 30/09/15 2,169,595 0.36

1,400,000 Bank of America Corp 1.55 05/02/14 1,965,318 0.33

600,000 Bank of Baroda 5.00 24/08/16 613,380 0.10

870,000 Bank of India 6.25 16/02/21 885,138 0.15

1,200,000 Barclays Bank PLC 6.75 22/05/19 1,348,680 0.23

2,575,000 Bayerische Landesbank 1.88 30/06/14 3,674,145 0.62

1,600,000 BBVA Senior Finance SAU 3.63 14/05/12 2,330,520 0.39

1,900,000 BBVA Senior Finance SAU 2.75 10/09/12 2,733,609 0.46

2,000,000 BHP Billiton Finance USA Ltd 5.50 01/04/14 2,224,900 0.37

1,800,000 BNP Paribas 3.25 27/03/12 2,631,231 0.44

1,500,000 BNP Paribas 4.73 12/04/16 1,937,364 0.32

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% Net

Assets

Corporate Bonds - 45.15% (continued)

2,000,000 Boeing Co 5.00 15/03/14 2,197,400 0.37

2,100,000 Bumper 2 SA 2.57 23/02/23 3,044,802 0.51

1,950,000 Caja de Ahorros de Asturias 3.50 08/10/13 2,751,261 0.46

2,200,000 Caja de Ahorros y Monte de Piedad de

Madrid

3.88 30/11/13 3,126,316 0.52

1,650,000 Caja de Ahorros y Monte de Piedad de

Madrid

3.50 13/11/14 2,236,364 0.37

3,175,000 California State 5.25 01/04/14 3,413,125 0.57

640,000 Canara Bank 5.13 09/09/16 657,600 0.11

1,000,000 Capital One Bank 8.80 15/07/19 1,227,241 0.21

1,400,000 Capital One Capital VI 8.88 15/05/40 1,443,971 0.24

905,000 Capital One Multi-Asset Execution Trust 0.25 15/01/16 902,331 0.15

905,000 Capital One Multi-Asset Execution Trust 0.25 15/07/16 902,975 0.15

544,851 Cars Alliance Funding PLC 1.39 08/10/23 787,373 0.13

950,000 Cellco Partnership / Verizon Wireless

Capital LLC

7.63 19/12/11 1,411,570 0.24

1,098,000 Citibank Omni Master Trust 3.35 15/08/12 1,124,084 0.19

2,050,000 Citibank Omni Master Trust 2.29 16/05/16 2,074,674 0.34

740,000 Citibank Omni Master Trust 2.94 15/08/18 777,934 0.13

285,000 Citigroup Inc 6.38 12/08/14 314,954 0.05

500,000 CNP Assurances 4.75 22/12/16 573,945 0.10

2,000,000 Comcast Cable Communications

Holdings Inc

8.38 15/03/13 2,240,078 0.38

800,000 Comcast Cable Holdings LLC 9.80 01/02/12 841,281 0.14

1,910,000 Comcast Corp 6.40 01/03/40 2,044,128 0.34

1,030,000 Commonwealth Bank of Australia 5.75 17/12/13 1,105,426 0.19

1,520,000 COX Communications Inc 8.38 01/03/39 1,987,538 0.33

650,000 Credit Agricole Covered Bonds 3.50 21/07/14 961,476 0.16

1,270,000 Credit Suisse First Boston Mortgage

Securities Corp

4.94 15/12/35 1,317,998 0.22

3,050,000 Credit Suisse/New York 5.50 01/05/14 3,341,580 0.56

500,000 Crown Castle Towers LLC 6.11 15/01/20 545,560 0.09

851,430 Daimler Chrysler Auto Trust 5.28 08/03/13 864,617 0.14

1,469,493 DBUBS Mortgage Trust 3.74 01/06/17 1,503,011 0.25

800,000 Depfa ACS Bank 4.20 30/11/12 818,500 0.14

1,900,000 Deutsche Bank AG/London 4.88 20/05/13 2,016,090 0.34

1,450,000 Dexia Credit Local 2.38 23/09/11 1,455,546 0.24

402,000 Dexia Kommunalbank Deutschland AG 1.63 21/10/13 569,515 0.10

2,175,000 Duesseldorfer Hypothekenbank AG 1.00 04/08/11 3,151,653 0.53

2,250,000 Duesseldorfer Hypothekenbank AG 1.88 13/12/13 3,232,275 0.54

1,220,000 Eksportfinans ASA 3.00 17/11/14 1,276,364 0.21

1,260,000 European Financial Stability Facility 2.75 18/07/16 1,819,026 0.30

1,960,000 FIH Erhvervsbank A/S 2.45 17/08/12 2,001,748 0.34

1,800,000 FMS Wertmanagement 0.94 11/04/12 2,895,069 0.49

595,000 Ford Credit Floorplan Master Owner Trust 1.74 15/09/14 603,057 0.10

4,350,000 Fortis Bank Nederland NV 3.38 19/05/14 6,497,564 1.09

960,000 Fosse Master Issuer PLC 2.08 18/10/54 1,535,568 0.26

918,320 GE Capital Commercial Mortgage Corp 5.00 10/12/37 949,675 0.16

900,000 General Electric Capital Corp 6.75 15/03/32 991,350 0.17

667,784 Globaldrive BV 4.00 20/10/16 974,750 0.16

600,000 Goldman Sachs Group Inc 5.45 01/11/12 633,390 0.11

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Assets


2,000,000 Goldman Sachs Group Inc 4.75 15/07/13 2,094,200 0.35

4,370,000 Governor & Co. Bank of Ireland 2.75 02/03/12 4,097,251 0.69

1,618,697 Greenwich Capital Commercial Funding

Corp

4.31 10/08/42 1,624,918 0.27

968,933 Headingley RMBS 2.71 11/03/51 1,404,862 0.24

1,550,000 Holcim GB Finance Ltd 8.75 24/04/17 3,041,265 0.51

1,682,000 Holmes Master Issuer PLC 1.68 15/10/54 1,686,568 0.28

735,000 Hong Leong Bank Berhad 3.75 17/03/16 739,704 0.12

1,100,000 HSBC Capital Funding LP/Jersey

Channel Islands

8.03 30/06/12 1,642,105 0.28

1,050,000 HSBC Holdings PLC 6.00 10/06/19 1,610,396 0.27

300,000 Imperial Tobacco Finance PLC 4.38 22/11/13 447,760 0.08

1,450,000 ING Bank NV 6.13 29/05/18 2,162,281 0.36

5,450,000 International Finance Corp 3.00 22/04/14 5,754,655 0.96

1,595,000 International Paper Co 9.38 15/05/19 2,036,839 0.34

1,000,000 Intesa Sanpaolo SpA 4.00 08/11/18 1,370,306 0.23

1,400,000 Intesa Sanpaolo SpA 5.15 16/07/20 1,978,512 0.33

2,700,000 Irish Life & Permanent Group Holdings

PLC

3.60 14/01/13 2,269,914 0.38

1,180,000 JP Morgan Chase Commercial Mortgage

Securities Corp

4.53 12/01/37 1,184,777 0.20

1,000,000 JPMorgan Chase & Co 3.70 20/01/15 1,039,807 0.17

445,000 Kinder Morgan Energy Partners LP 6.85 15/02/20 514,525 0.09

1,000,000 Kommunalbanken AS 5.13 30/05/12 1,041,600 0.17

2,225,000 Kraft Foods Inc 6.13 01/02/18 2,558,083 0.43

415,000 Kraft Foods Inc 5.38 10/02/20 452,724 0.08

375,000 Kraft Foods Inc 6.50 01/11/31 423,150 0.07

700,000 Kreditanstalt fuer Wiederaufbau 5.50 08/08/13 755,280 0.13

900,000 Kreditanstalt fuer Wiederaufbau 5.50 07/12/15 1,633,092 0.27

1,080,000 Kreditanstalt fuer Wiederaufbau 4.13 04/07/17 1,658,913 0.28

5,475,000 LeasePlan Corp NV 3.00 07/05/12 5,586,143 0.94

1,400,000 LeasePlan Corp NV 3.25 22/05/14 2,083,863 0.35

1,150,000 Legal & General Group PLC 6.39 02/05/17 1,651,140 0.28

2,400,000 Lloyds TSB Bank PLC 3.75 07/09/15 3,374,685 0.57

850,000 Lotte Shopping Co Ltd 3.88 07/04/16 857,140 0.14

366,000 Marks & Spencer PLC 5.63 24/03/14 624,457 0.10

2,000,000 Medtronic Inc 4.50 15/03/14 2,172,284 0.36

350,000 MetLife Inc 5.38 09/12/24 544,444 0.09

700,000 Metropolitan Life Global Funding I 2.88 17/09/12 715,369 0.12

2,460,000 Morgan Stanley 6.00 13/05/14 2,675,742 0.45

930,000 News America Inc 6.40 15/12/35 972,562 0.16

1,320,000 Nordic Investment Bank 6.00 20/08/14 1,439,987 0.24

1,230,000 Northern Rock Asset Management PLC 5.63 22/06/17 1,294,244 0.22

46,825,000 Nykredit Realkredit A/S 4.00 01/10/41 8,447,105 1.42

1,495,000 Oracle Corp 5.38 15/07/40 1,511,717 0.25

1,000,000 PacifiCorp 6.00 15/01/39 1,104,013 0.19

2,955,000 Petrobras International Finance Co 3.88 27/01/16 3,009,963 0.50

715,000 POSCO 5.25 14/04/21 722,570 0.12

900,000 Prudential Financial Inc 3.88 14/01/15 939,398 0.16

1,550,000 Qatari Diar Finance QSC 5.00 21/07/20 1,593,090 0.27

2,000,000 Rabobank Nederland 3.88 20/04/16 2,947,368 0.49

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Assets


1,250,000 Santander Issuances SA Unipersonal 7.30 27/09/14 2,041,586 0.34

2,000,000 Shell International Finance BV 4.00 21/03/14 2,145,800 0.36

1,953,271 SLM Student Loan Trust 0.59 25/03/25 1,950,255 0.33

1,309,060 SLM Student Loan Trust 6.19 15/07/42 1,246,276 0.21

5,580,000 Societe Financement de l'Economie

Francaise

3.38 05/05/14 5,915,358 0.99

1,150,000 Societe Generale 5.92 05/04/17 994,750 0.17

700,000 Societe Generale 8.88 16/06/18 1,113,504 0.19

1,450,000 Standard Chartered PLC 5.75 30/04/14 2,251,421 0.38

2,000,000 Statoil ASA 5.25 15/04/19 2,216,200 0.37

1,108,900 Storm BV 2.31 22/03/52 1,605,339 0.27

1,995,000 Svensk Exportkredit AB 3.63 27/05/14 2,981,942 0.50

1,450,000 Svenska Handelsbanken AB 3.00 20/08/12 2,119,603 0.36

2,125,000 Svenska Handelsbanken AB 2.88 14/09/12 2,174,088 0.36

1,801,000 Swedbank Hypotek AB 2.00 31/01/14 2,570,544 0.43

895,000 Swedish Covered Bond Corp 3.00 03/02/15 1,305,062 0.22

250,000 Telefonica Emisiones SAU 4.67 07/02/14 372,590 0.06

1,500,000 Telefonica Emisiones SAU 5.46 16/02/21 1,509,450 0.25

1,090,000 Time Warner Cable Inc 5.88 15/11/40 1,059,807 0.18

1,850,000 Tokyo Electric Power Co Inc 4.50 24/03/14 2,246,716 0.38

1,400,000 UBS AG/London 4.88 21/01/13 2,097,260 0.35

1,000,000 UBS AG/London 6.38 20/07/16 1,785,003 0.30

1,400,000 UniCredit SpA 4.88 12/02/13 2,071,277 0.35

1,000,000 UniCredit SpA 6.13 19/04/21 1,409,453 0.24

1,350,000 Veolia Environnement 5.25 24/04/14 2,078,534 0.35

1,860,000 Verizon Communications Inc 6.90 15/04/38 2,118,726 0.36

1,125,000 Virgin Media Secured Finance PLC 5.50 15/01/21 1,788,475 0.30

450,000 Vodafone Group PLC 1.79 06/06/14 650,631 0.11

1,580,000 Vodafone Group PLC 4.15 10/06/14 1,694,550 0.28

1,900,000 Volkswagen International Finance NV 1.63 12/08/13 1,912,941 0.32

1,865,000 Westpac Banking Corp 4.88 19/11/19 1,932,327 0.32

400,000 Wyeth 5.50 01/02/14 443,495 0.07

Total Corporate Bonds 269,406,451 45.15

Total Debt 561,153,164 94.04

Debt - "To Be Announced" Contracts - 3.48% (2010: 0.44%)

Government Bonds - 3.48%

1,700,000 Fannie Mae Pool B 0.00 15/06/34 1,866,057 0.31

2,500,000 Fannie Mae Pool B 0.00 15/08/34 2,698,047 0.45

16,200,000 Fannie Mae Pool B 0.00 13/07/39 16,200,000 2.72

Total Government Bonds 20,764,104 3.48

Total Debt - "To Be Announced" Contracts 20,764,104 3.48

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Nominal Security Fair Value

USD

% Net

Assets

Collective Investment Scheme - 2.52% (2010: 4.74%)

Institutional Cash Series PLC - 2.52%

15,049,434 Institutional US Dollar Liquidity Fund 15,054,686 2.52

Total Institutional Cash Series PLC 15,054,686 2.52

Total Collective Investment Scheme 15,054,686 2.52


USD

% Net

Assets

Derivatives - 0.86% (2010: 0.33%)

Futures - 0.04% (2010: 0.03%)

(8) US 10 Year Note Future Sep 11 A 30/09/11 625 0.00

(Societe Generale)**

156 US 5 Year Note (CBT) Sep 11 A 05/10/11 81,414 0.02

(BNP Paribas)**

(87) US Long Bond (CBT) Sep 11 A 30/09/11 125,513 0.02

(Barclays)**

Total Futures 207,552 0.04


USD

% Net

Assets

Forward currency contracts - 0.82% (2010: 0.30%)

Buy AUD 23,043,500 A 07/07/11 581,548 0.10


Buy AUD 335,000 A 07/10/11 235 0.00

(JPMorgan Chase London)** Sell USD 353,992

Buy AUD 397,800 A 07/07/11 5,916 0.00


Buy CAD 915,900 A 07/10/11 20,404 0.00


Buy CHF 4,778,000 A 07/07/11 476,406 0.08


Buy CZK 15,000,000 A 07/07/11 31,640 0.01


Buy CZK 15,000,000 A 07/10/11 22,943 0.00


Buy EUR 1,115,000 A 27/07/11 10,885 0.00


Buy EUR 1,387,900 A 27/07/11 17,566 0.00


Buy EUR 1,450,000 A 27/07/11 36,535 0.01


Buy EUR 147,000 A 27/07/11 3,004 0.00


Buy EUR 161,100 A 27/07/11 266 0.00


Buy EUR 172,600 A 27/07/11 6,451 0.00


Buy EUR 366,500 A 27/07/11 12,437 0.00


Buy EUR 420,000 A 27/07/11 11,790 0.00


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Assets

Forward currency contracts - 0.82% (continued)

Buy EUR 905,000 A 27/07/11 848 0.00


Buy GBP 8,006,000 A 07/07/11 48,260 0.01


Buy JPY 3,160,708,000 A 07/10/11 161,755 0.03


Buy JPY 4,279,352,000 A 07/07/11 2,469,700 0.41


Buy JPY 91,375,000 A 07/07/11 4,434 0.00


Buy KRW 5,801,061,000 A 12/08/11 71,764 0.01


Buy MXN 17,572,000 A 07/07/11 36,460 0.01


Buy MXN 21,692,000 A 07/10/11 40,266 0.01


Buy NOK 3,843,000 A 07/07/11 32,794 0.01


Buy NOK 3,843,000 A 07/10/11 23,410 0.01


Buy PLN 9,274,000 A 07/07/11 135,322 0.02


Buy PLN 9,274,000 A 07/10/11 45,779 0.01


Buy SEK 24,849,000 A 07/07/11 44,448 0.01


Buy SEK 24,849,000 A 07/10/11 19,465 0.00


Buy SGD 1,266,000 A 07/07/11 27,824 0.01


Buy SGD 1,266,000 A 07/10/11 9,837 0.00


Buy USD 1,150,335 A 01/09/11 10,038 0.00

(JPMorgan Chase London)** Sell DKK 5,875,000

Buy USD 1,372,553 A 01/09/11 6,526 0.00


Buy USD 1,777,163 A 01/09/11 1,017 0.00


Buy USD 2,171,884 A 27/07/11 13,028 0.00


Buy USD 2,529,882 A 07/07/11 7,310 0.00


Buy USD 211,906 A 07/10/11 205 0.00

(JPMorgan Chase London)** Sell GBP 132,000

Buy USD 3,553,332 A 07/07/11 10,514 0.00


Buy USD 3,833,555 A 27/07/11 13,540 0.00


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USD

% Net

Assets

Forward currency contracts - 0.82% (continued)

Buy USD 34,572,396 A 27/07/11 113,289 0.02


Buy USD 361,591 A 07/07/11 6,747 0.00


Buy USD 5,724,404 A 07/07/11 49,242 0.01


Buy USD 578,253 A 07/07/11 8,255 0.00


Buy USD 589,033 A 07/07/11 11,213 0.00

(JPMorgan Chase London)** Sell AUD 540,000

Buy USD 594,210 A 27/07/11 14,651 0.00

(JPMorgan Chase London)** Sell EUR 400,000

Buy USD 6,117,761 A 09/09/11 37,151 0.01


Buy USD 9,821,445 A 07/07/11 176,438 0.03


Total Forward currency contracts 4,889,556 0.82



USD

% Net

Assets

Financial liabilities at fair value through profit or loss

Debt - (0.63)%

Government Bonds - (0.63)%

(1,700,000) Fannie Mae Pool 0.00 15/06/35 (1,866,323) (0.32)

(1,700,000) Fannie Mae Pool 0.00 15/08/37 (1,864,688) (0.31)

Total Government Bonds (3,731,011) (0.63)

Total Debt (3,731,011) (0.63)


USD

% Net

Assets

Debt - "To Be Announced" Contracts - (0.25)% (2010: (0.60)%)

Government Bonds - (0.25)% (2010: (0.60)%)

(1,400,000) Fannie Mae Pool 0.00 15/07/34 (1,487,719) (0.25)

Total Government Bonds (1,487,719) (0.25)

Total Debt - "To Be Announced" Contracts (1,487,719) (0.25)

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Assets

Derivatives - (0.60)% (2010: (0.01)%)

Futures - (0.06)%

78 Australia 10 Year Bond Future Sep 11 A 15/09/11 (11,391) 0.00

(UBS)**

(129) Australia 3 Year Bond Future Sep 11 A 15/09/11 (24,195) (0.01)

(UBS)**

52 Euro-Bnd Future Sep 11 A 12/09/11 (17,631) 0.00

(HSBC)**

(58) Euro-Bobl Future Sep 11 A 12/09/11 (5,887) 0.00

(Societe Generale)**

(416) Euro-Schatz Future Sep 11 A 12/09/11 (23,575) 0.00

(Jefferies International Ltd)**

(15) JPN 10 Year Bond (TSE) Sep 11 A 20/09/11 (50,149) (0.01)

(Royal Bank of Scotland)**

(66) Long Gilt Future Sep 11 A 30/09/11 (66,763) (0.01)

(Deutsche Bank)**

(346) US 2 Year Note (CBT) Sep 11 A 05/10/11 (171,823) (0.03)

(Morgan Stanley)**

Total Futures (371,414) (0.06)


USD

% Net

Assets

Forward currency contracts - (0.54)% (2010: (0.39)%)

Buy CAD 4,143,000 A 07/07/11 (17,939) 0.00


Buy CHF 4,778,000 A 07/10/11 (50,735) (0.01)


Buy CNY 52,984,560 A 13/02/12 (48,993) (0.01)


Buy EUR 110,100 A 27/07/11 (2,220) 0.00


Buy EUR 173,000 A 27/07/11 (5,334) 0.00


Buy GBP 172,300 A 07/07/11 (5,118) 0.00


Buy GBP 215,000 A 07/07/11 (13,783) 0.00


Buy GBP 255,000 A 07/07/11 (9,446) 0.00


Buy GBP 4,770,420 A 08/09/11 (124,365) (0.02)


Buy JPY 101,000,000 A 07/07/11 (1,149) 0.00


Buy JPY 23,798,200 A 07/07/11 (1,072) 0.00


Buy MXN 4,120,000 A 07/07/11 (1,343) 0.00


Buy MYR 2,653,591 A 12/08/11 (5,754) 0.00


Buy TWD 57,942,195 A 12/08/11 (13,950) 0.00


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USD

% Net

Assets

Forward currency contracts - (0.54)% (continued)

Buy USD 1,021,309 A 07/07/11 (9,864) 0.00

(JPMorgan Chase London)** Sell SGD 1,266,000

Buy USD 1,184,645 A 27/07/11 (10,695) 0.00


Buy USD 1,185,417 A 27/07/11 (2,679) 0.00


Buy USD 1,362,454 A 27/07/11 (20,518) 0.00


Buy USD 1,809,632 A 07/07/11 (39,575) (0.01)

(JPMorgan Chase London)** Sell MXN 21,692,000

Buy USD 12,792,523 A 07/10/11 (47,489) (0.01)


Buy USD 12,914,877 A 07/07/11 (256,184) (0.05)

(JPMorgan Chase London)** Sell JPY 1,063,677,000

Buy USD 13,523,823 A 27/07/11 (230,552) (0.04)


Buy USD 2,768,445 A 27/07/11 (51,832) (0.01)


Buy USD 2,846,617 A 22/08/11 (51,395) (0.01)

(JPMorgan Chase London)** Sell AUD 2,725,000

Buy USD 2,854,519 A 22/08/11 (43,492) (0.01)


Buy USD 2,974,826 A 22/08/11 (79,918) (0.01)


Buy USD 22,864,976 A 07/07/11 (1,023,064) (0.17)


Buy USD 23,802,783 A 07/10/11 (563,297) (0.10)


Buy USD 267,724 A 01/09/11 (4,200) 0.00


Buy USD 273,276 A 01/09/11 (7,092) 0.00


Buy USD 3,290,486 A 07/07/11 (53,296) (0.01)


Buy USD 3,328,369 A 07/07/11 (48,514) (0.01)

(JPMorgan Chase London)** Sell PLN 9,274,000

Buy USD 3,915,470 A 07/07/11 (20,957) 0.00

(JPMorgan Chase London)** Sell SEK 24,849,000

Buy USD 38,972,972 A 07/07/11 (164,734) (0.03)

(JPMorgan Chase London)** Sell JPY 3,160,708,000

Buy USD 450,731 A 27/07/11 (10,018) 0.00


Buy USD 588,654 A 07/10/11 (3,488) 0.00


Buy USD 595,389 A 07/10/11 (4,809) 0.00

(JPMorgan Chase London)** Sell CHF 505,000

Buy USD 627,111 A 01/09/11 (18,733) 0.00


Buy USD 654,612 A 07/07/11 (8,811) 0.00


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USD

% Net

Assets

Forward currency contracts - (0.54)% (continued)

Buy USD 692,144 A 07/07/11 (23,776) (0.01)

(JPMorgan Chase London)** Sell NOK 3,843,000

Buy USD 7,304,103 A 27/07/11 (95,412) (0.02)


Buy USD 777,715 A 07/10/11 (2,843) 0.00


Buy USD 833,641 A 07/07/11 (1,192) 0.00


Buy USD 928,246 A 07/07/11 (20,653) 0.00

(JPMorgan Chase London)** Sell CAD 915,900

Buy USD 951,863 A 27/07/11 (19,623) 0.00


Total Forward currency contracts (3,239,906) (0.54)

Total Financial liabilities at fair value through profit or loss (8,830,050) (1.48)




Transferable securities as described in classification B above 3.22

Other assets 6.56

100.00




shares as at 30/06/2011 596,712,216 100.00

**Counterparty

Please refer to the Balance Sheet for details of cash held at broker (margin accounts).

Classification


B "To Be Announced" contracts dealt in/on other regulated markets

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PORTFOLIO OF INVESTMENTS – SPI GLOBAL BALANCED FUND


USD

% Net

Assets


Debt - 48.53% (2010: 37.19%)

Canada - 1.81%

100,000 Canadian Government Bond 2.50 01/06/15 105,134 1.81

Total Canada 105,134 1.81

Germany - 8.97%

100,000 Bundesrepublik Deutschland 2.50 04/01/21 139,814 2.40

9,000,000 Kreditanstalt fuer Wiederaufbau 1.35 20/01/14 114,629 1.97

160,000 Kreditanstalt fuer Wiederaufbau 3.25 24/02/14 267,566 4.60

Total Germany 522,009 8.97

Luxembourg - 5.16%

150,000 ArcelorMittal 3.75 05/08/15 152,745 2.63

100,000 Enel Finance International NV 4.00 14/09/16 147,455 2.53


Netherlands - 12.28%

100,000 Bank Nederlandse Gemeenten 4.13 28/06/16 152,704 2.62

200,000 Rabobank Nederland NV 4.25 16/01/17 298,594 5.14

250,000 Shell International Finance BV 3.25 22/09/15 262,900 4.52

Total Netherlands 714,198 12.28

Spain - 2.49%

100,000 Instituto de Credito Oficial 5.13 25/01/16 144,643 2.49

Total Spain 144,643 2.49


150,000 Bank of America Corp 3.70 01/09/15 152,310 2.62


Supranational - 15.20%

52,000,000 European Investment Bank 1.40 20/06/17 673,695 11.58

200,000 Inter-American Development Bank 3.88 14/02/20 210,240 3.62

Total Supranational 883,935 15.20

Total Debt 2,822,429 48.53

Equity - 41.36% (2010: 42.05%)

Belgium - 0.80%

800 Anheuser-Busch InBev NV 46,380 0.80


China - 0.50%

200 PetroChina Co Ltd 29,192 0.50

Total China 29,192 0.50

Denmark - 0.44%

1,400 Danske Bank A/S 25,854 0.44


France - 6.18%

2,300 AXA SA 52,256 0.90

400 BNP Paribas 30,871 0.53

700 Cie de St-Gobain 45,322 0.78

500 Cie Generale d’Optique Essilor International SA 40,547 0.70

600 Publicis Groupe SA 33,449 0.57

800 Societe Generale 47,464 0.82

400 Technip SA 42,877 0.74

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PORTFOLIO OF INVESTMENTS – SPI GLOBAL BALANCED FUND (continued)


USD

% Net

Assets

France - 6.18% (continued)

600 Total SA 34,654 0.59

500 Vinci SA 32,021 0.55

Total France 359,461 6.18

Germany - 4.71%

540 Allianz SE 75,414 1.30

500 Fresenius Medical Care AG & Co KGAA 37,306 0.64

500 Heidelberg-Cement AG 31,800 0.55

500 SAP AG 30,256 0.52

720 Siemens AG 98,850 1.70

Total Germany 273,626 4.71

Hong Kong - 2.34%

3,500 Jardine Strategic Holdings Ltd 107,100 1.84

18,000 Noble Group Ltd 28,883 0.50


Italy - 0.30%

1,600 Fiat SpA 17,468 0.30

Total Italy 17,468 0.30

Japan - 1.21%

1,300 Sony Corp 33,434 0.58

900 Toyota Motor Corp 36,664 0.63

Total Japan 70,098 1.21

Netherlands - 1.97%

700 Core Laboratories NV 78,078 1.34

2,500 Royal KPN NV 36,320 0.63


Switzerland - 0.42%

400 Novartis AG 24,445 0.42

Total Switzerland 24,445 0.42


1,800 BG Group PLC 40,838 0.70

900 BHP Billiton PLC 35,419 0.61

800 Reckitt Benckiser Group PLC 44,111 0.76

Total United Kingdom 120,368 2.07


570 Apache Corp 70,304 1.21

200 Apple Inc 67,110 1.15

1,300 Capital One Financial Corp 67,171 1.16

590 Cimarex Energy Co 53,053 0.91

1,100 Danaher Corp 58,278 1.00

1,400 Darden Restaurants Inc 69,622 1.20

1,600 Dresser-Rand Group Inc 86,000 1.48


1,000 Gilead Sciences Inc 41,400 0.71

105 Google Inc 53,141 0.91


620 McDonald's Corp 52,254 0.90

400 Occidental Petroleum Corp 41,608 0.72

700 PepsiCo Inc 49,266 0.85

500 Philip Morris International Inc 33,370 0.57

500 Praxair Inc 54,175 0.93

600 Qualcomm Inc 34,056 0.59

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PORTFOLIO OF INVESTMENTS – SPI GLOBAL BALANCED FUND (continued)


USD

% Net

Assets


500 Regal-Beloit Corp 33,385 0.57

800 Stanley Black & Decker Inc 57,592 0.99

2,100 SunTrust Banks Inc 54,117 0.93

1,000 TJX Cos Inc 52,500 0.90


Total Equity 2,404,718 41.36


Hong Kong - 1.04%

36,200 iShares FTSE A50 China Index 60,200 1.04


Japan - 1.58%

8,500 Nomura TOPIX 91,883 1.58


Total Exchange Traded Fund 152,083 2.62





shares as at 30/06/2011 5,814,866 100.00

Analysis of total assets

% of total

assets


Other assets 7.86

100.00

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PORTFOLIO OF INVESTMENTS – SPI GLOBAL EQUITY FUND


USD

% Net

Assets


Equity - 97.78% (2010: 92.02%)

Australia - 4.59%

5,088 BHP Billiton Ltd 238,384 1.49

38,901 Fortescue Metals Group Ltd 263,227 1.64

9,800 Westpac Banking Corp 232,934 1.46

Total Australia 734,545 4.59

Belgium - 0.63%



Brazil - 4.22%

6,623 Cia de Bebidas das Americas 217,573 1.36

6,400 Cia de Saneamento Basico do Estado de Sao Paulo 190,419 1.19

3,700 Itau Unibanco Holding SA 85,856 0.54

5,900 Petroleo Brasileiro SA 89,546 0.56

3,200 Vale SA 91,420 0.57

Total Brazil 674,814 4.22

China - 3.04%

152,000 Bank of China Ltd 74,035 0.46


23,000 China Life Insurance 78,478 0.49

102,900 Industrial & Commercial Bank of China 78,023 0.49


3,800 Tencent Holdings Ltd 102,652 0.64

Total China 486,087 3.04

Denmark - 2.52%

1,603 Coloplast A/S 242,591 1.52

1,280 Novo Nordisk A/S 160,491 1.00


France - 5.45%

1,610 BNP Paribas 124,258 0.78

1,190 Christian Dior SA 187,204 1.17

1,200 L’Oreal SA 155,685 0.97

2,065 Sanofi-Aventis SA 165,811 1.04

4,133 Total SA 238,710 1.49

Total France 871,668 5.45

Germany - 9.98%

640 Allianz SE 89,379 0.56

1,306 BASF SE 127,854 0.80

1,488 Bayer AG 119,610 0.75

1,944 Daimler AG 145,976 0.91

1,280 Deutsche Bank AG 75,377 0.47


4,855 E.ON AG 137,829 0.86

3,300 K+S AG 253,588 1.59

1,361 SAP AG 82,357 0.52

1,961 Siemens AG 269,229 1.69

1,050 Volkswagen AG 216,455 1.35


Hong Kong - 3.35%

17,600 China Mobile Ltd 162,741 1.02

55,300 CNOOC Ltd 129,061 0.81

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PORTFOLIO OF INVESTMENTS – SPI GLOBAL EQUITY FUND (continued)


USD

% Net

Assets

Hong Kong - 3.35% (continued)

15,300 Hang Seng Bank Ltd 243,622 1.52


Indonesia - 1.45%

40,000 Gudang Garam Tbk PT 232,222 1.45


Israel - 1.56%

5,190 Teva Pharmaceutical Industries Ltd 250,158 1.56

Total Israel 250,158 1.56

Italy - 3.88%


33,996 Enel SpA 221,021 1.38

6,593 ENI SpA 155,624 0.97


4 Intesa Sanpaolo SpA Rights 1 0.00

41,063 UniCredit SpA 86,686 0.54

Total Italy 620,302 3.88

Japan - 5.59%

4,500 Canon Inc 212,017 1.33

5,200 Honda Motor Co Ltd 198,638 1.24

8,400 Komatsu Ltd 259,510 1.62

5,500 Toyota Motor Corp 224,059 1.40


Mexico - 0.58%

69,600 America Movil SAB de CV 93,303 0.58

Total Mexico 93,303 0.58

Netherlands - 2.01%

2,324 Heineken Holding NV 118,845 0.74

6,180 Unilever NV 202,550 1.27


Russia - 1.99%

10,400 Gazprom OAO 151,320 0.95

1,400 Lukoil OAO 89,250 0.56

5,450 Sberbank of Russia 77,353 0.48

Total Russia 317,923 1.99

South Korea - 1.88%

450 LG Chem Ltd 205,469 1.28

124 Samsung Electronics Co Ltd 95,815 0.60

Total South Korea 301,284 1.88

Spain - 3.31%


6,931 Banco Santander SA 79,992 0.50

9,898 Iberdrola SA 88,045 0.55

3,328 Red Electrica de Espana 200,322 1.25

3,278 Telefonica SA 80,132 0.50

Total Spain 529,882 3.31

Sweden - 2.25%

9,000 Atlas Copco AB 237,307 1.49

7,233 Swedbank AB 121,834 0.76

Total Sweden 359,141 2.25

Switzerland - 2.57%

3,400 Nestle SA 210,809 1.32

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USD

% Net

Assets


1,300 Novartis AG 79,445 0.50

6,600 UBS AG 120,178 0.75

Total Switzerland 410,432 2.57

Taiwan - 0.82%

3,900 HTC Corp 131,154 0.82

Total Taiwan 131,154 0.82

Thailand - 1.22%

57,800 Advanced Info Service PCL 194,863 1.22



17,607 BP PLC 129,550 0.81

10,100 Burberry Group PLC 235,148 1.47

11,500 Diageo PLC 235,059 1.47

7,736 HSBC Holdings PLC 76,739 0.48

7,501 Imperial Tobacco Group PLC 249,311 1.56



29,998 Vodafone Group PLC 79,619 0.50



800 Apple Inc 268,440 1.68

7,000 AT&T Inc 219,730 1.37

2,300 Chevron Corp 236,348 1.48

3,910 Citigroup Inc 162,656 1.02

3,350 Coca-Cola Co 225,388 1.41

3,810 Exxon Mobil Corp 309,791 1.94

10,150 General Electric Co 191,226 1.19

430 Google Inc 217,627 1.36

10,000 Intel Corp 221,400 1.38

1,250 International Business Machines Corp 214,275 1.34

3,500 Johnson & Johnson 232,610 1.45


5,930 Merck & Co Inc 209,151 1.31

9,700 Microsoft Corp 252,006 1.58

5,950 Oracle Corp 195,696 1.22

11,400 Pfizer Inc 234,726 1.47

2,700 Philip Morris International Inc 180,198 1.13

2,450 Procter & Gamble Co 155,624 0.97

2,400 Schlumberger Ltd 207,240 1.30

2,600 Wells Fargo & Co 72,930 0.46


Total Equity 15,634,928 97.78





shares as at 30/06/2011 15,989,795 100.00

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Other assets 2.43

100.00

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PORTFOLIO OF INVESTMENTS – PSOLVE INFLATION PLUS FUND


GBP

% Net

Assets


Debt - 17.25% (2010: 10.23%)

Australia - 4.89%




1,386,942 UK Government Bond 4.75 07/03/20 1,544,401 3.90

136,883 UK Treasury Index Linked Bond 6.32 26/07/16 451,947 1.14

2,170,387 UK Treasury Index Linked Bond 1.45 22/11/17 2,901,840 7.32


Total Debt 6,834,063 17.25


Deutsche Bank X-Trackers - 1.18%

25,471 FTSE Vietnam 468,123 1.18

Total Deutsche Bank X-Trackers 468,123 1.18

First State Investments ICVC - 7.87%

839,164 Asia Pacific Leaders Fund 3,117,999 7.87

Total First State Investments ICVC 3,117,999 7.87

Fund Of Funds - 8.47%

37,867 Global X Uranium 269,436 0.68

20,447 Lyxor ETF Eastern Europe 411,414 1.04

20,708 Source Physical Markets Gold P-ETC 1,938,244 4.90

24,468 Vanguard Emerging Markets 734,758 1.85

Total Fund Of Funds 3,353,852 8.47

iShares II Public Limited Company - 10.38%

129,200 iShares MSCI Canada 2,502,604 6.32

107,584 iShares MSCI World Islamic Fund 1,607,843 4.06

Total iShares II Public Limited Company 4,110,447 10.38

iShares III Public Limited Company - 1.99%

12,579 iShares Barclays Capital Emerging Market Local Govt Bond 790,132 1.99

Total iShares III Public Limited Company 790,132 1.99

iShares Public Limited Company - 16.75%

47,349 iShares JPMorgan Emerging Markets Bond Fund 3,183,747 8.04

17,338 iShares MDAX DE 1,565,704 3.95

230,703 iShares S&P 500 Index Fund 1,884,844 4.76

Total iShares Public Limited Company 6,634,295 16.75

iShares Trust - 17.50%

40,215 iShares Markit IBOXX Euro High Yield 3,734,889 9.42

134,866 iShares MSCI Australia Index Fund 2,146,710 5.42

26,284 iShares S&P Global 100 Index Fund 1,053,318 2.66

Total iShares Trust 6,934,917 17.50

PIMCO Funds Global Investors Series PLC - 8.85%

204,945 Emerging Local Bond Fund 3,506,606 8.85

Total PIMCO Funds Global Investors Series PLC 3,506,606 8.85

SPDR Series Trust - 6.82%

108,340 SPDR Barclays Capital High Yield Bond 2,702,462 6.82

Total SPDR Series Trust 2,702,462 6.82

Total Exchange Traded Fund 31,618,833 79.81


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PORTFOLIO OF INVESTMENTS – PSOLVE INFLATION PLUS FUND (continued)

Fair Value

GBP

% Net

Assets




shares as at 30/06/2011 39,617,118 100.00



Other assets 4.89

100.00

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PORTFOLIO OF INVESTMENTS – GRINDROD INTERNATIONAL PROPERTY FUND


USD

% Net

Assets


Equity - 58.81% (2010: 50.38%)

Australia - 17.86%

334,262 CFS Retail Property Trust 644,188 4.29

693,671 Commonwealth Property Office Fund 694,414 4.63

916,082 Cromwell Group 671,859 4.48

975,340 Investa Office Fund 668,327 4.46


Guernsey - 4.57%

407,000 ING Global Real Estate Secs Ltd 601,220 4.01

104,000 Picton Property Income Ltd 83,494 0.56

Total Guernsey 684,714 4.57

Isle of Man - 5.44%

95,000 New Europe Property Investments PLC 469,277 3.13

3,448,970 Wichford PLC 346,669 2.31

Total Isle of Man 815,946 5.44

Jersey - 3.79%

680,400 Redefine International PLC 568,093 3.79

Total Jersey 568,093 3.79


32,091 Associated Estates Realty Corp 521,479 3.48

93,979 Campus Crest Communities Inc 1,214,209 8.10

18,500 Digital Realty Trust Inc 1,142,930 7.62

7,805 Mid-America Apartment Communities Inc 526,291 3.51

63,315 U-Store-It Trust 665,440 4.44


Total Equity 8,817,890 58.81

Exchange Traded Funds - 40.46% (2010: 45.26%)


154,784 Alpine Global Premier Properties Fund 1,109,801 7.40

52,840 Cohen & Steers Quality Income Realty Fund Inc 514,133 3.43

33,310 Cohen & Steers REIT and Preferred Income Fund Inc 539,622 3.60

135,172 ING Clarion Global Real Estate Income Fund 1,127,334 7.52

50,448 LMP Real Estate Income Fund Inc 529,200 3.53

152,570 Neuberger Berman Real Estate Securities Income Fund Inc 653,000 4.35

45,055 Nuveen Real Estate Income Fund 503,264 3.36

30,114 RMR Asia Pacific Real Estate Fund 556,808 3.71

16,218 RMR Real Estate Income Fund 533,734 3.56


Total Exchange Traded Funds 6,066,896 40.46





shares as at 30/06/2011 14,994,959 100.00



Other assets 3.73

100.00

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PORTFOLIO OF INVESTMENTS – SANLAM US DOLLAR LIQUIDITY FUND

Fair Value

USD

% Net

Assets



Net assets attributable to holders of redeemable participating shares as

at 30/06/2011, held in cash or cash related products 6,628,369 100.00


Other assets 100.00

100.00

The accompanying notes form an integral part of these financial statements. 96

5 B

ala

nce S

heet (U

naud

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Sanlam

Universal

Equity

Fund

30/06/2011

USD

Sanlam

World Equity

Tracker

Fund

30/06/2011

USD

8IP Asia

Equity

Opportunities

Fund

30/06/2011

USD

8IP Asia

Pacific

Equity

Fund

30/06/2011

USD

Assets

Cash and cash equivalents 22,279,644 744,270 145,610 315,277

Margin accounts 656,730 - - -

Accrued income 3,491,037 204,423 70,820 57,505

Amounts receivable on sale of

securities 9,816,020 71,734 - 489,699

Amounts receivable on issue

of shares - - - -

Other debtors 6,754 4,226 14,039 21,335

Financial assets at fair value

through profit or loss

2,086,713,197 117,521,082 21,742,131 29,129,012

Total assets 2,122,963,382 118,545,735 21,972,600 30,012,828

Liabilities

Margin accounts - - - -

Financial liabilities at fair

value through profit or loss

(1,595,778) - - -

Accrued expenses (660,685) (46,219) (20,706) (19,844)

Administration fees accrued (5,922) (2,154) (4,203) (2,153)

Amounts payable on purchases of

securities (9,652,961) (321,685) - (641,169)

Amounts payable on repurchases

of shares (24,162,691) - - -

Liabilities (excluding net assets

attributable to holders of

redeemable participating shares) (36,078,037) (370,058) (24,909) (663,166)

Net assets attributable to holders

of redeemable participating

shares 2,086,885,345 118,175,677 21,947,691 29,349,662


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SIIP

India

Opportunities

Fund

30/06/2011

USD

Sanlam

African

Frontier

Markets

Fund

30/06/2011

USD

Sanlam

Global

Best Ideas

Fund

30/06/2011

USD

Sanlam

Global

Financial

Fund

30/06/2011

USD

Assets

Cash and cash equivalents 172,482 1,384,157 4,367,084 11,974,778


Accrued income 24,699 35,027 1,239,380 507,821


securities 67 - 10,674,786 1,857,744

Amounts receivable on issue of

shares - - 104,360 1,852,563

Other debtors 23,914 2,786 5,933 14,136


through profit or loss 8,514,210 37,074,331 524,845,457 230,051,723

Total assets 8,735,372 38,496,301 541,237,000 246,258,765

Liabilities



value through profit or loss - - - -


Administration fees accrued (3,220) (7,741) (3,312) -


securities - (188,597) (329,200) (4,772,671)


of shares - (1,733) (8,815) (13,694)



redeemable participating shares) (13,467) (284,676) (770,213) (5,547,962)



shares 8,721,905 38,211,625 540,466,787 240,710,803


5 B

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Sanlam

Universal

Bond

Fund

30/06/2011

USD

SPI

Global

Balanced

Fund

30/06/2011

USD

SPI

Global

Equity

Fund

30/06/2011

USD

PSolve

Inflation

Plus

Fund

30/06/2011

GBP

Assets

Cash and cash equivalents 2,652,748 422,059 296,750 1,897,289

Margin accounts 4,080,376 - - -

Accrued income 5,731,404 30,720 21,923 69,676


securities 29,782,858 - - -


shares - - 62,056 -

Other debtors 11,294 5,946 8,038 7,962


through profit or loss 602,069,062 5,379,230 15,634,928 38,452,896

Total assets 644,327,742 5,837,955 16,023,695 40,427,823

Liabilities

Margin accounts (3,356,775) - - -


value through profit or loss

(8,830,050) - - -


Administration fees accrued - (4,926) (2,891) (6,943)


securities (33,613,383) - (50) (790,603)


of shares (1,649,650) - - -






shares 596,712,216 5,814,866 15,989,795 39,617,118


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Grindrod

International

Property

Fund

30/06/2011

USD

Sanlam

US Dollar

Liquidity

Fund

30/06/2011

USD

Total

30/06/2011

USD

Assets

Cash and cash equivalents 482,024 6,953,584 55,236,853

Margin accounts - - 4,737,106

Accrued income 76,365 - 11,603,000

Amounts receivable on

sale of securities - - 52,692,908


issue of shares - - 2,018,979

Other debtors 19,123 1,539 151,847

Financial assets at fair

value through profit or loss 14,884,786 - 3,755,301,114

Total assets 15,462,298 6,955,123 3,881,741,807

Liabilities

Margin accounts - - (3,356,775)


value through profit or loss - - (10,425,828)

Accrued expenses (29,926) (19,270) (2,319,904)

Administration fees

accrued (2,672) (4,737) (55,079)

Amounts payable on

purchases of securities (434,741) - (51,223,890)

Amounts payable on

repurchases of shares - (302,747) (26,139,330)

Liabilities (excluding net

assets attributable to

holders of redeemable

participating shares) (467,339) (326,754) (93,520,806)

Net assets attributable to


participating shares 14,994,959 6,628,369 3,788,221,001


5 B

ala

nce S

heet (U

naud

ited)

- continued

Sanlam

Universal

Equity

Fund

31/12/2010

USD

Sanlam

World Equity

Tracker

Fund

31/12/2010

USD

8IP Asia

Equity

Opportunities

Fund

31/12/2010

USD

8IP Asia

Pacific

Equity

Fund

31/12/2010

USD

Assets


Margin accounts 1,159,815 - - -

Accrued income 1,239,504 172,876 - 1,367

Amounts receivable on sale

of securities - 131 - -


issue of shares 551,599 - 71 -

Other debtors 2,796 5,485 3,318 6,327


value through profit or loss 1,791,681,361 173,934,665 3,126,372 10,732,385

Total assets 1,833,286,910 174,680,326 3,142,575 11,287,180

Liabilities



value through profit or loss (2,827,098) -

- -


Administration fees

accrued - -

(4,159) (4,241)

Amounts payable on

purchases of securities (171,769) - - (499,019)

Amounts payable on

repurchases of shares (35,288) - - -

Liabilities (excluding net



participating shares) (3,905,610) (64,244) (19,443) (524,921)

Net assets attributable to


participating shares 1,829,381,300 174,616,082 3,123,132 10,762,259


Bala

nce S

heet (U

nau

dite

d) - c

ontin

ued

5

SIIP

India

Opportunities

Fund

31/12/2010

USD

Sanlam

African

Frontier

Markets

Fund

31/12/2010

USD

Sanlam

Global

Best Ideas

Fund

31/12/2010

USD

Sanlam

Global

Financial

Fund

31/12/2010

USD

Assets

Cash and cash equivalents 25,068 553,295 23,082,671 3,566,673


Accrued income - 14,563 423,644 26,523


securities - - 5,556,296 3,967,375


shares - - 13,478,698 5,837

Other debtors 22,888 995 3,049 5,550


value through profit or loss 1,216,566 15,264,746 529,386,108 177,513,561

Total assets 1,264,522 15,833,599 571,930,466 185,085,519

Liabilities




Accrued expenses (17,125) (45,006) (752,342) (3,938,975)

Administration fees accrued (3,907) (7,957) - -


securities - - (4,859,496) (1,114,322)


of shares - (99) (12,851,953) (8,605)



redeemable participating shares) (21,032) (53,062) (18,463,791) (5,061,902)



shares

1,243,490 15,780,537 553,466,675 180,023,617


5 B

ala

nce S

heet (U

naud

ited)

- continued

Sanlam

Universal

Bond

Fund

31/12/2010

USD

SPI

Global

Balanced

Fund

31/12/2010

USD

SPI

Global

Equity

Fund

31/12/2010

USD

PSolve

Inflation

Plus

Fund

31/12/2010

GBP

Assets



Accrued income 6,114,741 41,038 2,774 115,510


securities - - - -


shares - - - -

Other debtors 6,739 8,177 8,561 3,886


value through profit or loss 619,866,253 5,970,353 12,996,278 36,490,386

Total assets 637,491,473 6,914,932 13,118,960 37,316,478

Liabilities

Margin accounts (137,628) - - -


value through profit or loss (6,495,447) - - -


Administration fees accrued - (9,169) (8,705) (9,593)


securities (10,405,182) - - (893)


of shares (12,810,913) - - -






shares 607,391,633 6,878,830 13,071,465 37,282,682


Bala

nce S

heet (U

nau

dite

d) - c

ontin

ued

5

Grindrod

International

Property

Fund

31/12/2010

USD

Sanlam

US Dollar

Liquidity

Fund

31/12/2010

USD

Sanlam

Euro

Liquidity

Fund*

31/12/2010

EUR

Sanlam

Sterling

Liquidity

Fund*

31/12/2010

GBP

Assets

Cash and cash equivalents 173,520 7,463,963 5,387 5,238


Accrued income 33,691 - - -


securities - - - -


shares - - - -

Other debtors 15,468 2,237 1,782 384


value through profit or loss 4,336,685 - - -

Total assets 4,559,364 7,466,200 7,169 5,622

Liabilities





Administration fees accrued (2,758) (8,691) - -

Amounts payable on purchases

of securities (11,455) - - -


of shares - (2,959) - -



redeemable participating shares) (24,781) (33,774) (7,169) (5,622)



shares 4,534,583 7,432,426 - -

*For company comparative purposes, Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund discontinued operations on 12 April 2010 and 15 April 2010, respectively.


5 B

ala

nce S

heet (U

naud

ited)

- continued

Total

31/12/2010

USD

Assets

Cash and cash equivalents 88,276,449

Margin accounts 1,159,815

Accrued income 8,251,573


securities 9,523,802


shares 14,036,205

Other debtors 100,666


value through profit or loss 3,403,157,611

Total assets 3,524,506,121

Liabilities

Margin accounts (137,628)


value through profit or loss (9,322,545)

Accrued expenses (6,130,094)

Administration fees accrued (64,607)


securities (17,062,641)


of shares (25,709,817)



redeemable participating shares) (58,427,332)



shares 3,466,078,789

Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.

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

105

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

*The 8IP Asia Pacific Equity Fund and 8IP Asia Equity Opportunities Fund commenced operations on 13 September

2010 and 12 October 2010 respectively, therefore no comparative data is available.

Sanlam

Universal

Equity

Fund

Period Ended

30/06/2011

USD

Sanlam

World Equity

Tracker

Fund

Period Ended

30/06/2011

USD

8IP Asia

Equity

Opportunities

Fund*

Period Ended

30/06/2011

USD

8IP Asia

Pacific

Equity

Fund*

Period Ended

30/06/2011

USD

Revenue:

Net gains on financial assets and

liabilities – held for trading 53,792,396 8,070,876 498,429 266,148

Income from stock lending 876,334 53,868 1,795 2,702

Income from financial assets at

fair value through profit or loss 30,108,221 1,955,379 145,805 251,332

Bank interest 9,919 213 58 93

Other income - - - -

Expenses:

Management Fee Class A - (797) (10,383) (101)

Management Fee Class A (EUR) - - - -

Management Fee Class A (GBP) - - - -

Management Fee Class B (19,966) (67,898) - -

Management Fee Class C (1,654,485) - - -

Management Fee Class C (GBP) - - - -

Management Fee Class D - - (9,196) (50,355)

Management Fee Class F - - - -

Management Fee Class F (GBP) - - - -

Distributing Class - - - -

Non Distributing Class - - - -

Performance fee - - - -

Administration fees - (2,909) (9,175) (8,032)

Audit fee (66,878) (8,218) (6,627) (2,065)

Director fee (15,724) (1,625) (1,479) (32)

Custody fee (145,615) (14,158) (9,674) (5,232)

Other (194,060) (15,747) (12,876) (9,176)

Operating profit 82,690,142 9,968,984 586,677 445,282

Finance costs:

Distribution - - - -

Income equalisation 2,523,112 (1,294,277) 5,823 4,704

Total finance costs 2,523,112 (1,294,277) 5,823 4,704

Profit before tax 85,213,254 8,674,707 592,500 449,986

Withholding tax (6,030,514) (400,492) (12,738) (22,055)

Net increase in assets


redeemable participating shares 79,182,740 8,274,215 579,762 427,931



106

6 In

com

e S

tate

ment (U

naud

ited)

*

The 8IP Asia Pacific Equity Fund and 8IP Asia Equity Opportunities Fund commenced operations on 13 September

2010 and 12 October 2010 respectively, therefore no comparative data is available.

Sanlam

Universal

Equity

Fund

Period Ended

30/06/2011

USD

Sanlam

World Equity

Tracker

Fund

Period Ended

30/06/2011

USD

8IP Asia

Equity

Opportunities

Fund*

Period Ended

30/06/2011

USD

8IP Asia

Pacific

Equity

Fund*

Period Ended

30/06/2011

USD

Distribution per share

(in cents/pence)

Class A - - - -

Class A (EUR) - - - -

Class A (GBP) - - - -

Class B - - - -

Class B (GBP) - - - -

Class C - - - -

Class C (GBP) - - - -

Class D - - - -

Class E - - - -

Class F - - - -

Class F (GBP) - - - -



107

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

SIIP

India

Opportunities

Fund*

Period Ended

30/06/2011

USD

Sanlam

African Frontier

Markets

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Best Ideas

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Financial

Fund

Period Ended

30/06/2011

USD

Revenue:

Net gains/(losses) on

financial assets and

liabilities – held for trading 242,724 (3,021,182) (19,653,003) 3,018,601

Income from stock lending - - 295,562 75,761

Income from financial

assets at fair value through

profit or loss 45,230 683,750 10,108,206 4,750,802

Bank interest (21) 267 6,491 4,001

Other income - - - -

Expenses:

Management Fee Class A (727) - (772,541) (265,396)

Management Fee Class A (EUR) - - (87) (412)

Management Fee Class A (GBP) - - (6,066) (12,102)

Management Fee Class B - - (532,069) (157,445)

Management Fee Class C - - (330,784) (494,760)

Management Fee Class C (GBP) - - - (168)

Management Fee Class D (4,161) (76,960) (107,283) (28)

Management Fee Class F - - (495) (22)

Management Fee Class F (GBP) - - (124) -



Performance fee - - - (544,992)

Administration fees (458) (11,611) (16,333) (7,204)

Audit fee (10,340) (2,039) (19,848) (7,760)

Director fee (5) (51) (4,256) (1,474)

Custody fee (7,571) (77,526) (191,589) (49,581)

Other (13,208) (24,227) (76,624) (45,809)

Operating profit/(loss) 251,463 (2,529,579) (11,300,843) 6,262,012

Finance costs:


Income equalisation (4,706) 576,657 (119,559) (2,796,747)

Total finance costs (4,706) 576,657 (119,559) (2,796,747)

Profit/(loss) before tax 246,757 (1,952,922) (11,420,402) 3,465,265

Withholding tax - (39,332) (1,392,447) (577,510)

Net increase/(decrease) in



participating shares 246,757 (1,992,254) (12,812,849) 2,887,755

*The SIIP India Opportunities Fund commenced operations on 13 September 2010, therefore no comparative data is

available.



108

6 In

com

e S

tate

ment (U

naud

ited)

- continued

-

SIIP

India

Opportunities

Fund*

Period Ended

30/06/2011

USD

Sanlam

African Frontier

Markets

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Best Ideas

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Financial

Fund

Period Ended

30/06/2011

USD


(in cents/pence)

Class A - - - -



Class B - - - -


Class C - - - -


Class D - - - -

Class E - - - -

Class F - - - -

Class F (GBP) - - - -

*The SIIP India Opportunities Fund commenced operations on 13 September 2010, therefore no comparative data is

available.



109

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

Sanlam

Universal

Bond

Fund

Period Ended

30/06/2011

USD

SPI

Global

Balanced

Fund

Period Ended

30/06/2011

USD

SPI

Global

Equity

Fund

Period Ended

30/06/2011

USD

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2011

GBP

Revenue:



liabilities – held for trading 13,242,252 (16,398) 33,465 236,835




profit or loss 10,412,906 78,789 249,394 392,242

Bank interest 26,243 37 (48) (200)

Other income 13,029 - - -

Expenses:

Management Fee Class A (579) (41,375) (79,946) (319)

Management Fee Class A (EUR) - - - -


Management Fee Class B (410,092) (4,109) (15,330) (10,008)

Management Fee Class C (378,380) - - -

Management Fee Class C (GBP) - - - -

Management Fee Class D - - - -






Administration fees (22,335) (5,411) (4,565) (8,143)

Audit fee (4,749) (2,109) (2,082) (2,422)

Director fee (71,867) (111) (91) (326)

Custody fee - (12,276) (16,355) (2,756)

Other (19,590) (7,669) (10,287) (8,212)

Operating profit/(loss) 22,806,600 (7,576) 166,253 610,875

Finance costs:

Distribution - - - (1,133,515)

Income equalisation - - - 69,185

Total finance costs - - - (1,064,330)

Profit/(loss) before tax 22,806,600 (7,576) 166,253 (453,455)

Withholding tax 69,741 (9,220) (49,140) (39,398)




participating shares 22,876,341 (16,796) 117,113 (492,853)



110

6 In

com

e S

tate

ment (U

naud

ited)

- continued

-

Sanlam

Universal

Bond

Fund

Period Ended

30/06/2011

USD

SPI

Global

Balanced

Fund

Period Ended

30/06/2011

USD

SPI

Global

Equity

Fund

Period Ended

30/06/2011

USD

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2011

GBP


(in cents/pence)

Class A - - - 1.32



Class B - - - 3.88


Class C - - - 3.33


Class D - - - -

Class E - - - -





111

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

Grindrod

International

Property

Fund*

Period Ended

30/06/2011

USD

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2011

USD

Total

Period Ended

30/06/2011

USD

Revenue:



liabilities – held for trading 454,634 - 57,311,737

Income from stock lending - - 1,363,863



profit or loss 294,147 - 59,717,939

Bank interest 28 - 46,958

Other income - - 13,029

Expenses:

Management Fee Class A - (21,649) (1,194,010)

Management Fee Class A (EUR) - - (499)

Management Fee Class A (GBP) - - (18,168)

Management Fee Class B - (1,163) (1,224,248)

Management Fee Class C - - (2,858,409)

Management Fee Class C (GBP) - - (168)

Management Fee Class D - - (247,983)

Management Fee Class F - - (517)

Management Fee Class F (GBP) - - (124)

Distributing Class (1,174) - (1,174)

Non Distributing Class (68,216) - (68,216)

Performance fee - - (544,992)

Administration fees (7,919) (5,683) (114,796)

Audit fee (9,382) (1,912) (147,924)

Director fee (99) (64) (97,405)

Custody fee (2,768) (8,632) (545,432)

Other (9,939) (5,830) (458,315)

Operating profit/(loss) 649,312 (44,933) 110,931,146

Finance costs:

Distribution - - (1,832,090)

Income equalisation 81,001 - (912,169)

Total finance costs 81,001 - (2,744,259)

Profit/(loss) before tax 730,313 (44,933) 108,186,887

Withholding tax (55,756) - (8,583,142)




participating shares 674,557 (44,933) 99,603,745

*The Grindrod International Property Fund commenced operations on 17 November 2010, therefore

no comparative data is available.



112

6 In

com

e S

tate

ment (U

naud

ited)

- continued

Grindrod

International

Property

Fund*

Period Ended

30/06/2011

USD

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2011

USD


(in cents/pence)

Class A - -

Class A (EUR) - -

Class A (GBP) - -

Class B - -

Class B (GBP) - -

Class C - -

Class C (GBP) - -

Class D - -

Class E - -

Class F - -

Class F (GBP) - -

Gains and losses arose solely from continuing operations. There were no gains or losses other than those reflected above.


113

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6


(in cents/pence)

Class A - - - -

Class B - - - -

Class C - - - -

Class E - - - -

Sanlam

Universal

Equity

Fund

Period Ended

30/06/2010

USD

Sanlam

World Equity

Tracker

Fund

Period Ended

30/06/2010

USD

Sanlam

African Frontier

Markets

Fund

Period Ended

30/06/2010

USD

Sanlam

Global

Best Ideas

Fund

Period Ended

30/06/2010

USD

Revenue:

Net losses on financial

assets and liabilities – held

for trading (208,266,622) (18,449,418) (164,346) (19,584,045)

Income from stock lending 647,228 49,423 - 147,223



profit or loss 20,500,919 2,474,005 121,044 4 ,005,701

Bank interest 7,262 819 33 2,899

Other income 61,073 - - 18,810

Expenses:

Management Fee Class A - (492) - (494,161)

Management Fee Class A (GBP) - - - (1,997)

Management Fee Class B (14,151) (47,520) - (318,692)

Management Fee Class C (1,253,980) - - (296,067)

Management Fee Class D - - (13,029) -

Performance fee - - - (2,564,986)

Administration fees - - (5,515) -

Audit fee (147,715) (23,395) (1,337) (19,559)

Director fee (6,722) (1,970) (686) (2,857)

Custody fee (168,559) (14,158) (2,907) (100,176)

Other (212,191) (28,412) (24,293) (57,740)

Operating loss (188,853,458) (16,041,118) (91,036) (19,265,647)

Finance costs:


Income equalisation 980,649 (62,110) - (18,868)

Total finance costs 980,649 (62,110) - (18,868)

Loss before tax (187,872,809) (16,103,228) (91,036) (19,284,515)

Withholding tax (3,973,620) (576,947) (6,686) (454,501)

Net decrease in assets


redeemable participating

shares (191,846,429) (16,680,175) (97,722) (19,739,016)

Gains and losses arise solely from continuing operations with the exception of the Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund, where all amounts relate to discontinued operations.


6 In

com

e S

tate

ment (U

naud

ited)

- continued

Sanlam

Global

Financial

Fund

Period Ended

30/06/2010

USD

Sanlam

Universal

Bond

Fund

Period Ended

30/06/2010

USD

SPI

Global

Balanced

Fund

Period Ended

30/06/2010

USD

SPI

Global

Equity

Fund

Period Ended

30/06/2010

USD

Revenue:



liabilities – held for trading 8,059,826 (7,787,010) (614,061) (963,935)




profit or loss 2,271,415 8,316,148 102,581 73,430

Bank interest 544 440 270 65

Other income 8,887 37,765 5,853 5,639

Expenses:

Management Fee Class A (189,750) (645) (23,761) (56,897)

Management Fee Class A (GBP) (3,639) - - -

Management Fee Class B (177,136) (41,556) (3,743) (6,792)

Management Fee Class C (290,129) (441,746) (28,042) (107)

Performance fee (5,556,964) - - -

Administration fees - (27,968) (8,926) (8,430)

Audit fee (8,613) (3,023) (2,227) (1,931)

Director fee (1,919) (64,709) - -

Custody fee (94,469) (16,045) (2,590) (2,494)

Other (31,651) - (8,576) (10,093)

Operating profit/(loss) 4,020,615 (7,890) (580,684) (967,302)

Finance costs:


Income equalisation 307,505 - - -

Total finance costs 307,505 - - -

Profit/(loss) before tax 4,328,120 (7,890) (580,684) (967,302)

Withholding tax (271,838) - (11,090) (18,864)




participating shares 4,056,282 (7,890) (591,774) (986,166)


(in cents/pence)

Class A - - - -


Class B - - - -

Class C - - - -


Class E - - - -

Gains and losses arise solely from continuing operations with the exception of the Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund, where all amounts relate to discontinued operations. The accompanying notes form an integral part of these financial statements.

115

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2010

GBP

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2010

USD

Sanlam

Euro

Liquidity

Fund*

Period Ended

30/06/2010

EUR

Sanlam

Sterling

Liquidity

Fund*

Period Ended

30/06/2010

GBP

Revenue:



liabilities – held for trading 890,727 - - -

Income from stock lending 36,853 - - -



profit or loss 667,708 - - -

Bank interest 1,214 64 38 113

Other income 1,403 2,593 1,756 367

Expenses:

Management Fee Class A (402) (22,371) (208) (447)


Management Fee Class B (7,072) (679) (1,712) -

Management Fee Class C - (318) - -

Management Fee Class D - - - -


Administration fees (7,964) (9,124) (3,070) (2,702)

Audit fee (1,071) (1,169) (311) (324)

Director fee (819) - (790) (567)

Custody fee (2,756) (1,821) (14) (72)

Other (5,657) (9,000) (3,491) (2,806)

Operating profit/(loss) 1,572,164 (41,825) (7,802) (6,438)

Finance costs:

Distribution (286,097) - - -

Income equalisation 7,890 - - -

Total finance costs (278,207) - - -

Profit/(loss) before tax 1,293,957 (41,825) (7,802) (6,438)

Withholding tax (109,639) - - -




participating shares 1,184,318 (41,825) (7,802) (6,438)

Gains and losses arise solely from continuing operations with the exception of the Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund, where all amounts relate to discontinued operations.


6 In

com

e S

tate

ment (U

naud

ited)

- continued

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2010

GBP

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2010

USD

Sanlam

Euro

Liquidity

Fund*

Period Ended

30/06/2010

EUR

Sanlam

Sterling

Liquidity

Fund*

Period Ended

30/06/2010

GBP


(in cents/pence)

Class A 2.25 - - -


Class B 2.21 - - -

Class C 0.86 - - -


Class E - - - -

*For company comparative purposes, Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund discontinued operations on 12 April 2010 and 15 April 2010, respectively.

Gains and losses arose solely from continuing operations. There were no gains or losses other than those reflected above.


117

Incom

e S

tate

ment (U

naud

ited) - c

ontin

ued

6

Total

Period Ended

30/06/2010

USD

Revenue:

Net loss on financial assets and

liabilities – held for trading (246,412,852)

Income from stock lending 961,462

Income from financial assets at

fair value through profit or loss 38,882,297

Bank interest 14,468

Other income 145,641

Expenses:

Management Fee Class A (789,646)

Management Fee Class A (GBP) (5,636)

Management Fee Class B (621,041)

Management Fee Class C (2,312,655)

Management Fee Class D (13,029)

Performance fee (8,121,950)

Administration fees (52,306)

Audit fee (236,451)

Director fee (20,334)

Custody fee (456,208)

Other (415,514)

Operating profit/(loss) (219,453,754)

Finance costs:

Distribution (435,784)

Income equalisation 1,219,194

Total finance costs 783,410

Loss before tax (218,670,344)

Withholding tax (5,480,549)

Net (decrease) in assets


redeemable participating

shares (224,150,893)


7 Sta

tem

ent of C

hanges

in N

et A

ssets

Attributa

ble

to H

old

ers

of R

ed

eem

able

Part

icip

ating S

hare

s (U

naud

ited)

-

ccconcin

cin

tinued

*The 8IP Asia Pacific Equity Fund and 8IP Asia Equity Opportunities Fund commenced operations on 13 September 2010 and 12 October 2010 respectively, therefore no comparative data is available.

Sanlam

Universal

Equity

Fund

Period Ended

30/06/2011

USD

Sanlam

World Equity

Tracker

Fund

Period Ended

30/06/2011

USD

8IP Asia

Equity

Opportunities

Fund*

Period Ended

30/06/2011

USD

8IP Asia

Pacific

Equity

Fund*

Period Ended

30/06/2011

USD



shares at the start of the period

1,829,381,300

174,616,082 3,123,132 10,762,259

Proceeds from redeemable

participating shares issued 284,753,183 29,822,748 18,260,148 18,647,327

Redemption of redeemable

participating shares (106,431,878) (94,537,368) (15,351) (487,855)

Net increase/(decrease) from

share transactions 178,321,305 (64,714,620) 18,244,797 18,159,472

Net increase in assets attributable

to holders of redeemable

participating shares from

operations 79,182,740 8,274,215 579,762 427,931

Exchange difference due to

presentation of these financial

statements in USD - - - -



shares at the end of the period 2,086,885,345 118,175,677 21,947,691 29,349,662


Sta

tem

ent o

f Changes in

Net A

ssets A

ttributa

ble

to H

old

ers o

f Redeem

able

Partic

ipatin

g S

hare

s (Unaudite

d)

7

SIIP

India

Opportunities

Fund*

Period Ended

30/06/2011

USD

Sanlam

African

Frontier

Markets

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Best Ideas

Fund

Period Ended

30/06/2011

USD

Sanlam

Global

Financial

Fund

Period Ended

30/06/2011

USD




1,243,490

15,780,537

553,466,675

180,023,617




participating shares (202) - (27,855,543) (24,570,705)


share transactions 7,231,658 24,423,342 (187,039) 57,799,431

Net increase/(decrease) in assets


redeemable participating shares

from operations 246,757 (1,992,254) (12,812,849) 2,887,755






shares at the end of the period 8,721,905 38,211,625 540,466,787 240,710,803

*The SIIP India Opportunities Fund commenced operations on 13 September 2010, therefore no comparative data is available.


7 Sta

tem

ent of C

hanges

in N

et A

ssets

Attributa

ble

to H

old

ers

of R

edeem

able

Part

icip

ating S

hare

s (U

naud

ited)

- continued

ccconcin

cin

tinued

Sanlam

Universal

Bond

Fund

Period Ended

30/06/2011

USD

SPI

Global

Balanced

Fund

Period Ended

30/06/2011

USD

SPI

Global

Equity

Fund

Period Ended

30/06/2011

USD

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2011

GBP




607,391,633

6,878,830

13,071,465 37,282,682


participating shares issued 500,453,843 72,689 4,026,364 2,930,418


participating shares (534,009,601) (1,119,857) (1,225,147) (103,129)

Net (decrease)/increase from

share transactions (33,555,758) (1,047,168) 2,801,217 2,827,289




from operations 22,876,341 (16,796) 117,113 (492,853)






shares at the end of the period 596,712,216 5,814,866 15,989,795 39,617,118


Sta

tem

ent o

f Changes in

Net A

ssets A

ttributa

ble

to H

old

ers o

f Redeem

able

Partic

ipatin

g S

hare

s (Unaudite

d) - c

on

tinued

7

Grindrod

International

Property

Fund*

Period Ended

30/06/2011

USD

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2011

USD

Total

Period Ended

30/06/2011

USD




4,534,583

7,432,426

3,466,078,789


participating shares issued 11,996,907 855,250 1,015,318,713


participating shares (2,211,088) (1,614,374) (794,245,656)


share transactions 9,785,819 (759,124) 221,073,057




from operations 674,557 (44,933) 99,603,745



statements in USD - - 1,465,410



shares at the end of the period 14,994,959 6,628,369 3,788,221,001

*The Grindrod International Property Fund commenced operations on 17 November 2010, therefore no comparative data is available.


7 Sta

tem

ent of C

hanges

in N

et A

ssets

Attributa

ble

to H

old

ers

of R

edeem

able

Part

icip

ating S

hare

s (U

naud

ited)

- continued

ccconcin

cin

tinued

Sanlam

Universal

Equity

Fund

Period Ended

30/06/2010

USD

Sanlam

World Equity

Tracker

Fund

Period Ended

30/06/2010

USD

Sanlam

African

Frontier

Markets

Fund

Period Ended

30/06/2010

USD

Sanlam

Global

Best Ideas

Fund

Period Ended

30/06/2010

USD



shares at the start of the period 1,593,712,121 174,487,877 524

406,365,378


participating shares issued

108,807,847

4,332,429 5,000,100

42,511,018


participating shares

(40,560,546)

(10,980,425) -

(23,610,382)


share transactions

68,247,301

(6,647,996) 5,000,100

18,900,636

Net decrease in assets



from operations

(191,846,429)

(16,680,175) (97,722)

(19,739,016)






shares at the end of the period

1,470,112,993

151,159,706 4,902,902

405,526,998


Sta

tem

ent o

f Changes in

Net A

ssets A

ttributa

ble

to H

old

ers o

f Redeem

able

Partic

ipatin

g S

hare

s (Unaudite

d) - c

on

tinued

7

Sanlam

Global

Financial

Fund

Period Ended

30/06/2010

USD

Sanlam

Universal

Bond

Fund

Period Ended

30/06/2010

USD

SPI

Global

Balanced

Fund

Period Ended

30/06/2010

USD

SPI

Global

Equity

Fund

Period Ended

30/06/2010

USD




134,894,718 493,212,450 11,421,221 7,816,978


participating shares issued 58,408,744

32,404,475 2,712,887

4,147,915



(58,534,263)

(27,347,157)

(1,814,177)

(828,758)

Net (decrease)/increase from

share transactions (125,519)

5,057,318

898,710 3,319,157




from operations 4,056,282

(7,890)

(591,774) (986,166)







138,825,481

498,261,878

11,728,157 10,149,969


7 Sta

tem

ent of C

hanges

in N

et A

ssets

Attributa

ble

to H

old

ers

of R

edeem

able

Part

icip

ating S

hare

s (U

naud

ited)

- continued

ccconcin

cin

tinued

*For company comparative purposes, Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund discontinued operations on 12 April 2010 and 15 April 2010 respectively.

PSolve

Inflation

Plus

Fund

Period Ended

30/06/2010

GBP

Sanlam

US Dollar

Liquidity

Fund

Period Ended

30/06/2010

USD

Sanlam

Euro

Liquidity

Fund*

Period Ended

30/06/2010

EUR

Sanlam

Sterling

Liquidity

Fund*

Period Ended

30/06/2010

GBP




32,145,268

8,311,740 5,346,599

282,835



589,315

720,462

- -



(62,121)

(1,679,299) (5,338,797)

(276,397)


share transactions

527,194

(958,837) (5,338,797)

(276,397)




from operations

1,184,318

(41,825)

(7,802)

(6,438)







33,856,780

7,311,078

- -


Sta

tem

ent o

f Changes in

Net A

ssets A

ttributa

ble

to H

old

ers o

f Redeem

able

Partic

ipatin

g S

hare

s (Unaudite

d) - c

on

tinued

7

Total

Period Ended

30/06/2010

USD



shares at the start of the period 2,890,256,391



259,943,524


participating shares (172,938,327)

Net increase from share

transactions

87,005,197

Net (decrease) in assets



from operations (224,150,893)



statements in USD

(4,470,482)



shares at the end of the period 2,748,640,213

The accompanying notes form an integral part of these financial statements 126

8 C

ash

Flo

w S

tate

ment (U

nau

dited)

*The 8IP Asia Pacific Equity Fund and 8IP Asia Equity Opportunities Fund commenced operations on 13 September 2010 and 12 October 2010 respectively, therefore no comparative data is available.

Sanlam

Universal

Equity

Fund

30/06/2011

USD

Sanlam

World Equity

Tracker

Fund

30/06/2011

USD

8IP Asia

Equity

Opportunities

Fund*

30/06/2011

USD

8IP Asia

Pacific

Equity

Fund*

30/06/2011

USD

Cash flows from operating

activities

Purchases of financial assets

and settlement of financial

liabilities (934,994,487) (29,445,427) (20,274,640) (23,400,908)

Proceeds from sale of

investments (including

realised gains) 692,785,708 94,055,379 2,178,606 4,916,947

Dividends received 21,826,174 1,523,340 133,067 230,644

Interest received 9,919 213 (70,762) (57,412)

Income from stock lending

received 876,334 53,868 1,795 2,702

Other income received - - - -

Operating expenses paid (2,305,534) (125,964) (64,408) (93,906)

Net cash (outflow)/inflow

from operating activities (221,801,886) 66,061,409 (18,096,342) (18,401,933)

Cash flows from financing

activities

Distributions paid to holders


shares - - - -




participating shares (82,304,475) (94,537,368) (15,608) (487,855)

Equalisation 2,523,112 (1,294,277) 5,823 4,704

Net cash provided by/(used

in) financing activities 205,523,419 (66,008,897) 18,250,434 18,164,176

Net (decrease)/increase in

cash and cash equivalents (16,278,467) 52,512 154,092 (237,757)

Cash and cash equivalents

at the start of the period 39,811,650 567,169 12,814 547,101

Exchange (losses)/gains on

cash and cash equivalents (596,809) 124,589 (21,296) 5,933


at the end of the period 22,936,374 744,270 145,610 315,277


Cash

Flo

w S

tate

ment (U

nau

dite

d) - c

ontin

ued

7

*The SIIP India Opportunities Fund commenced operations on 13 September 2010, therefore no comparative

data is available.

SIIP

India

Opportunities

Fund*

30/06/2011

USD

Sanlam

African

Frontier

Markets

Fund

30/06/2011

USD

Sanlam

Global

Best Ideas

Fund

30/06/2011

USD

Sanlam

Global

Financial

Fund

30/06/2011

USD


activities



liabilities (7,612,436) (26,483,348) (298,100,191) (164,038,394)



realised gains) 575,539 1,912,625 273,786,307 120,488,867

Dividends received 20,531 623,954 7,900,023 3,691,994

Interest received (21) 267 6,491 4,001


received - - 295,562 75,761

Other income received - - -

Operating expenses paid (45,062) (152,821) (2,381,127) (4,773,118)


from operating activities (7,061,449) (24,099,323) (18,492,935) (44,550,889)


activities



shares - - - -




participating shares (202) 1,634 (40,698,681) (24,565,615)

Equalisation (4,706) 576,657 (119,559) (2,796,747)

Net cash provided by

financing activities 7,226,953 25,001,633 224,602 53,161,049


cash and cash equivalents 165,504 902,310 (18,268,333) 8,610,160


at the start of the period 25,068 553,295 23,082,671 3,566,673

Exchange (losses) on cash

and cash equivalents (18,090) (71,448) (447,254) (202,055)


at the end of the period 172,482 1,384,157 4,367,084 11,974,778

Cash

Flo

w S

tate

ment (U

nau

dited)

- continued


8

Sanlam

Universal

Bond

Fund

30/06/2011

USD

SPI

Global

Balanced

Fund

30/06/2011

USD

SPI

Global

Equity

Fund

30/06/2011

USD

PSolve

Inflation

Plus

Fund

30/06/2011

GBP


activities



liabilities (428,894,824) (2,520,576) (49,535,783) (19,581,009)



realised gains) 464,039,901 3,101,222 46,965,226 18,681,974

Dividends received 99,573 40,321 181,105 406,001

Interest received 10,792,654 39,603 (48) (7,524)


received 19,762 3,056 12,098 14,184

Other income received 13,029 - - -

Operating expenses paid (997,149) (83,843) (141,778) (49,063)

Net cash inflow/(outflow)

from operating activities 45,072,946

579,783

(2,519,180)

(535,437)


activities



shares - - - (1,133,515)


participating shares issued 500,453,843 72,689 3,964,308 2,930,418


participating shares (547,365,789) (1,119,857) (1,225,147) (103,129)

Equalisation - 69,185

Net cash (used in)/provided

by financing activities (46,911,946)

(1,047,168) 2,739,161 1,762,959

Net (decrease)/increase in

cash and cash equivalents (1,839,000) (467,385) 219,981 1,227,522


at the start of the period 11,366,112 895,364 111,347 706,696


and cash equivalents (6,150,763) (5,920) (34,578) (36,929)


at the end of the period 3,376,349 422,059 296,750 1,897,289


Cash

Flo

w S

tate

ment (U

nau

dite

d) - c

ontin

ued

8

Grindrod

International

Property

Fund*

30/06/2011

USD

Sanlam

US Dollar

Liquidity

Fund

30/06/2011

USD

Total

30/06/2011

USD


activities



liabilities (11,471,868) - (2,028,213,166)



realised gains) 1,806,798 - 1,736,609,872

Dividends received 195,717 - 37,118,339

Interest received (28) - 10,712,796


received - - 1,363,713

Other income received - - 13,029

Operating expenses paid (83,881) (51,044) (11,378,413)

Net cash (outflow) from

operating activities (9,553,262) (51,044) (253,773,830)


activities



shares - - (1,820,031)


participating shares issued 11,996,906 855,251 1,027,304,760


participating shares (2,211,088) (1,314,586) (796,010,226)

Equalisation 81,001 - (912,905)


in) financing activities 9,866,819 (459,335) 228,561,598


cash and cash equivalents 313,557 (510,379) (25,212,232)


at the start of the period 173,520 7,463,963 89,298,636


and cash equivalents

(5,053) - (7,469,220)


at the end of the period 482,024

6,953,584 56,617,184

*The Grindrod International Property Fund commenced operations on 17 November 2010, therefore no

comparative data is available.

Cash

Flo

w S

tate

ment (U

nau

dited)

- continued


8

Sanlam

Universal

Equity

Fund

30/06/2010

USD

Sanlam

World Equity

Tracker

Fund

30/06/2010

USD

Sanlam

African

Frontier

Markets

Fund

30/06/2010

USD

Sanlam

Global

Best Ideas

Fund

30/06/2010

USD


activities



liabilities (2,319,867,418)

(4,247,863)

(5,520,180)

(334,994,665)



realised gains)

2,245,999,638

9,099,181 519,771

321,376,849

Dividends received 15,635,594 1,830,550 96,639 3,193,775

Interest received 9,619 819 33 2,899


received 647,228 49,423 - 147,223

Other income received 58,716 10,084 - 18,810

Operating expenses paid (1,592,750) (88,454) (36,271) (1,263,094)


from operating activities

(59,109,373)

6,653,740

(4,940,008)

(11,518,203)


activities



shares - - - -



108,807,847

4,332,429

5,000,100

42,573,757



(40,560,546)

(10,908,966) -

(23,527,070)

Equalisation 980,649 (62,110) - (18,868)


in) financing activities

69,227,950

(6,638,647)

5,000,100

19,027,819


cash and cash equivalents

10,118,577

15,093

60,092

7,509,616


at the start of the period

33,425,891

573,781

524 10,198,326

Exchange gains/(losses) on


8,608,264

42,094

(25,272) (2,554,417)


at the end of the period

52,152,732

630,968

35,344

15,153,525


Cash

Flo

w S

tate

ment (U

nau

dite

d) - c

ontin

ued

8

Sanlam

Global

Financial

Fund

30/06/2010

USD

Sanlam

Universal

Bond

Fund

30/06/2010

USD

SPI

Global

Balanced

Fund

30/06/2010

USD

SPI

Global

Equity

Fund

30/06/2010

USD


activities



liabilities

(145,896,744) (370,658,630)

(4,596,096)

(7,275,977)



realised gains)

149,671,396

348,660,542

2,812,126 4,261,662

Dividends received 2,026,265 2,753,427 68,072 53,067

Interest received (202,496) 8,291,062 59,942 65


received 34,213 20,459 2,538 4,243

Other income received 8,889 37,765 5,854 5,639

Operating expenses paid (4,393,328) (571,091) (83,095) (90,505)

Net cash inflow/(outflow)

from operating activities

1,248,195

(11,466,466) (1,730,659)

(3,041,806)


activities



shares - - - -



58,257,112

32,404,475

2,712,887

4,147,915



(58,433,532)

(27,320,929)

(1,592,558)

(791,423)

Equalisation 307,505 - - -


financing activities

131,085 5,083,546

1,120,329

3,356,492



1,379,280

(6,382,920)

(610,330)

314,686



4,461,538

4,804,631 2,043,456

225,586

Exchange (losses)/gains on


(775,979)

4,831,880 (5,549)

(8,472)


at the end of the period 5,064,839

3,253,591

1,427,577

531,800


8 C

ash

Flo

w S

tate

ment (U

nau

dited)

- continued

PSolve

Inflation

Plus

Fund

30/06/2010

GBP

Sanlam

US Dollar

Liquidity

Fund

30/06/2010

USD

Sanlam

Euro

Liquidity

Fund*

30/06/2010

EUR

Sanlam

Sterling

Liquidity

Fund*

30/06/2010

GBP


activities



liabilities

(11,179,338)

-

- -



realised gains)

9,797,341

-

- -

Dividends received 468,666 - (161) (24)

Interest received 99,638 (1,119) 38 113


received 35,585 - - -

Other income received 1,403 2,592 1,756 367

Operating expenses paid (27,510) (46,376) (17,973) (11,682)


operating activities (804,215)

(44,903)

(16,340)

(11,226)


activities



shares

(286,097) - - -



589,315

721,642

- -



(62,121)

(1,679,299)

(5,338,797)

(276,397)

Equalisation 7,890 - - -


in) financing activities

248,987

(957,657)

(5,338,797)

(276,397)

Net (decrease) in cash and

cash equivalents

(555,228)

(1,002,560)

(5,355,137)

(287,623)



1,207,588 8,334,881

5,361,995 293,256


and cash equivalents

(5,936) -

-

-



646,424

7,332,321

6,858

5,633

*For company comparative purposes, Sanlam Euro Liquidity Fund and Sanlam Sterling Liquidity Fund

discontinued operations on 12 April 2010 and 15 April 2010, respectively.


Cash

Flo

w S

tate

ment (U

nau

dite

d) - c

ontin

ued

8

Total

30/06/2010

USD


activities



liabilities

(3,209,785,596)



realised gains)

3,097,061,259

Dividends received 26,358,437

Interest received 8,310,131


received 958,574

Other income received 153,150

Operating expenses paid (8,245,642)


operating activities (85,189,687)


activities



shares

(428,097)



259,839,976



(171,865,909)

Equalisation 1,218,982


financing activities 88,764,952

Net increase in cash and

cash equivalents

3,575,265



74,185,029

Exchange gains on cash and

cash equivalents

8,806,506



86,566,800

134

9 N

ote

s to

the U

naud

ited F

inancia

l Sta

tem

ents

1. GENERAL AND BACKGROUND INFORMATION Sanlam Universal Funds plc (the “Company”) is an investment company with variable capital and was incorporated on 9 June 1997 with registration number 267451 under the laws of Ireland and is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the UCITS Regulations. The Company is domiciled in Ireland. At 30 June 2011 the Company comprised fourteen separate investment sub-Funds (‘Fund(s)’). The Articles of Association of the Company provide segregated liability between the various Funds. These Funds are Sanlam Universal Equity Fund, Sanlam World Equity Tracker Fund, 8IP Asia Equity Opportunities Fund, 8IP Asia Pacific Equity Fund, SIIP India Opportunities Fund, Sanlam African Frontier Markets Fund, Sanlam Best Ideas Fund, Sanlam Global Financial Fund, Sanlam Universal Bond Fund, SPI Global Balanced Fund, SPI Global Equity Fund, PSolve Inflation Plus Fund, Grindrod International Property Fund and Sanlam US Dollar Liquidity Fund. The comparative figures contained in this report relate to 31 December 2010 for the Balance Sheet and associated notes and for the period ended 30 June 2010 for all other information. The SIIP India Opportunities Fund, 8IP Asia Pacific Fund, 8IP Asia Equity Opportunities Fund and Grindrod International Property Fund commenced operations on 13 September 2010, 13 September 2010, 12 October 2010 and 17 November 2010 respectively, therefore no 30 June 2010 comparatives are available. Prices There is a single price for buying, selling and switching Share classes in each Fund. This is represented by the Net Asset Value per Share class of the relevant Fund. In the case of subscriptions, a preliminary charge of up to 5% may be added to the Net Asset Value per Share classes of Sanlam African Frontier Markets Fund and Sanlam PSolve Inflation Plus and to the Class A shares and Class A (GBP) shares of the other Funds. The Company may waive in whole or in part the preliminary charge. No preliminary charge will be charged in respect of the other share classes. A conversion fee of up to 2% may be charged on applications to convert Shares of any class to Shares of another class. No repurchase fee will be charged in respect of the Class A shares and Class A (GBP) shares of the Funds. For the other classes, a repurchase fee of up to 3% may be deducted from the Net Asset Value per Share class. The Company may waive in whole or in part the repurchase fee. Dealing The Dealing Day is, except where otherwise clarified in the Prospectus, any day other than Saturday or Sunday on which banks are open for business in Dublin or London. The valuation point is, except where otherwise clarified in the Prospectus, the close of business in each relevant market on the Business Day immediately preceding a Dealing Day. Shares Applications for Shares must be sent so as to arrive at the Administrator’s office, as detailed below, no later than 4.00pm (Irish time) on the Business Day preceding the relevant Dealing day, or such later time as the Directors may from time to time permit. Applications which are received late, or Funds which are not cleared by the relevant time, will be held over and invested at the next Dealing Day. Requests for repurchases should be sent so as to arrive at the Administrator’s office by post, facsimile or telex by no later than 4.00pm on the Business Day preceding the relevant Dealing Day. As at 30 June 2011, the following Share classes were admitted to the official list of the Irish Stock Exchange. Fund Share Class Launched

Sanlam Universal Equity Fund A 17 August 2004

B 17 August 2004

C 17 August 2004

Sanlam World Equity Tracker Fund A 17 August 2004

B 17 August 2004

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1. GENERAL AND BACKGROUND INFORMATION (continued) Fund Share Class Launched

8IP Asia Equity Opportunities Fund A 12 October 2010

A (GBP) 16 June 2011

D 12 October 2010

8IP Asia Pacific Equity Fund A 13 September 2010


D 18 October 2010

SIIP India Opportunities Fund A 13 September 2010


D 24 October 2010

Sanlam African Frontier Markets Fund A 5 January 2009

A (GBP) 5 January 2009

C 5 January 2009

C (GBP) 5 January 2009

D 1 March 2010

Sanlam Global Best Ideas Fund A 1 September 2006

A (EUR) 20 January 2011

A (GBP) 20 December 2007

B 1 September 2006

C 1 September 2006

C (GBP) 1 October 2008

D 21 December 2010

F 08 April 2011

F (GBP) 08 April 2011

Sanlam Global Financial Fund A 17 August 2004

A (EUR) 20 December 2010

A (GBP) 20 December 2007

B 12 April 2004

C 11 November 2009

C (GBP) 03 July 2008

D 07 March 2011

F 08 April 2011

Sanlam Universal Bond Fund A 17 August 2004

B 17 August 2004

C 17 August 2004

SPI Global Balanced Fund A 20 December 2006

B 20 December 2006

C 20 December 2006

SPI Global Equity Fund A 20 December 2006

B 20 December 2006

C 20 December 2006

PSolve Inflation Plus Fund A 1 March 2004

B 1 March 2004

Grindrod International Property Fund Distributing 17 November 2010

Non Distributing 17 November 2010

Sanlam US Dollar Liquidity Fund A 21 May 2001

B 5 August 1999

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1. GENERAL AND BACKGROUND INFORMATION (continued) Minimum Subscription The minimum initial investment for each of the Funds is as follows: Class A Class B Class C Class E Class F

Fund Shares Shares Shares Shares Shares

Sanlam Universal Equity Fund None None None None None

Sanlam World Equity Tracker Fund None None None None None

8IP Asia Equity Opportunities Fund USD 500 USD 500 USD 2,000,000 None None

8IP Asia Pacific Equity Fund USD 500 USD 500 USD 2,000,000 None None

SIIP India Opportunities Fund USD 500 USD 500 USD 2,000,000 None None

Sanlam African Frontier Markets Fund USD 1,000 None USD 1,000,000 None None

Sanlam Global Best Ideas Fund None None None None None

Sanlam Global Financial Fund USD 1,000 USD 1,000,000 USD 5,000,000 None USD 1,000

Sanlam Universal Bond Fund None None None None None

SPI Global Balanced Fund None None None None None

SPI Global Equity Fund None None None None None

PSolve Inflation Plus Fund GBP 1,000 GBP 500,000 GBP 400,000 None None

Sanlam US Dollar Liquidity Fund None None None None None

Class A Class A Class C Class D Class F

Shares Shares Shares Shares Shares

Fund EUR GBP GBP GBP

Sanlam Universal Equity Fund None None None None None

Sanlam World Equity Tracker Fund None None None None None

8IP Asia Equity Opportunities Fund None GBP 500 None USD 10,000,000 None

8IP Asia Pacific Equity Fund None GBP 500 None USD 10,000,000 None

SIIP India Opportunities Fund None GBP 500 None USD 10,000,000 None

Sanlam African Frontier Markets Fund None GBP 1,000 USD 1,000,000 USD 2,000,000 None

Sanlam Global Best Ideas Fund EUR 1,000 None USD 5,000,000 USD 10,000,000 GBP 1,000

Sanlam Global Financial Fund EUR 1,000 GBP 1,000 USD 5,000,000 USD 1.000 None

Sanlam Universal Bond Fund None None None None None

SPI Global Balanced Fund None None None None None

SPI Global Equity Fund None None None None None

PSolve Inflation Plus Fund None None GBP 2,500,000 GBP 1,000,000 None

Sanlam US Dollar Liquidity Fund None None None None None

Distributing Non distributing Fund Shares Shares

Grindrod International Property Fund USD 10,000 USD 1,000

Minimum Additional Subscription There are no minimum additional subscription amounts except for Class A and Class B Shares of the

PSolve Inflation Plus Fund which is GBP 500 and GBP 50,000, respectively. And the Non-distributing

Class and Distributing Class of Grindrod International Property Fund is USD 500 and USD 5,000,

respectively.

Contingent Deferred Sales Charge

Upon the subscription for Class F (USD) Shares, the Class F (GBP) Shares and the Class F (EUR)

Shares the Distributor or at its direction any sub-distributor or intermediaries shall receive a fee of 5%

of the Net Asset Value attributable to the value thereof at the time of subscription the (“Distribution

Charge”).

This fee shall be recovered either: (i) by being amortised over a five year period against the assets of

the Fund attributable to the particular Class or Share or (ii) by way of the levy of the Contingent

Deferred Sales Charge as described below.

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1. GENERAL AND BACKGROUND INFORMATION (continued)

Contingent Deferred Sales Charge (continued) A Contingent Deferred Sales Charge will be levied upon shareholders in the Class F (USD) Shares, the

Class F (GBP) Shares and the Class F (EUR) Shares who redeem within 60 months of the Share's

purchase date. The Contingent Deferred Sales Charge will initially be 5% of the Net Asset Value per

Share at the time of subscription which will decline to 0% of the Net Asset Value per Share at the time

of subscription 60 months after the purchase date as shown in the following table:

Number of Months after the Purchase Date Contingent Deferred sales Charge

12 months or less 5%

13 to 24 months 4%

25 to 36 months 3%

37 to 48 months 2%

49 to 60 months 1%

Over 60 months None

The Contingent Deferred Sales Charge is payable to the Fund attributable to the particular share Class

and will be applied to repay the unamortised balance of the Distribution Charge, which will be a

benefit to the Class F (USD) Shares, the Class F (GBP) Shares and the Class F (EUR) Shares. If the

amount of the Contingent Deferred Sales Charge Fee that is assessed on the redemption of Class F

(USD) Shares, the Class F (GBP) Shares and the Class F (EUR) Shares exceeds the unamortised

balance of the Contingent Deferred Sales Charge with respect to the Shares, the Fund will retain such

excess amount, subject to the charge not exceeding 5% for any Shareholder. Any Contingent

Deferred Sales Charge applicable is calculated on a first in first out basis, from the Dealing Day at

purchase to the Dealing Day at redemption as a percentage of the lower of the Net Asset Value per

Share on the Dealing Day at the time of subscription or Net Asset Value per Share at the time of

redemption of the relevant Classes of Shares. For the purposes of calculating the Contingent Deferred

Sales Charge, a transfer will be treated as a redemption by the transfer or and a subscription by the

transferee.

As and from the launch of the Class F (USD) Shares, the Class F (GBP) Shares and the Class F (EUR)

Shares, the calculation of the Contingent Deferred Sales Charge shall be calculated based on a

percentage of the lower of either (i) Net Asset Value per Share on the Dealing Day at the time of

subscription for the relevant Classes of Shares or (ii) Net Asset Value per Share on the Dealing Day at

the time of redemption for the relevant Classes of Shares. Depending on when a Shareholder redeems

out of the Fund potential inequalities may arise. In the event that such inequalities occur, neither the

Company, the Manager, the Investment Manager, Administrator or Custodian shall be liable to any

Shareholder for any excess Contingent Deferred Sales Charge so levied.

2. SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared in accordance with the UCITS Notices, the UCITS Regulations and IAS 34 (Interim Financial Reporting). There have been no changes to the significant accounting policies since the last audited financial statements to 31 December 2010, except the 2010 annual improvements project amended IAS 34 and introduced the requirement to disclose significant transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. This is effective for all periods beginning on or after 1 January 2011.

3. FAIR VALUE OF FINANCIAL INSTRUMENTS During the period ended 30 June 2011, there were no significant transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments.

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4. EXCHANGE RATES The following period ended USD exchange rates have been used in this report: 1 USD = 30/06/2011 31/12/2010 30/06/2010

ARS 4.1040 3.9703 3.9333

AUD 0.9340 0.9765 1.1836

BRL 1.5622 1.6610 1.8023

CAD 0.9651 0.9938 1.0627

CHF 0.8419 0.9311 1.0785

CLP 468.5500 467.9500 548.2000

CNY 6.4635 6.6000 6.7814

CZK 16.7810 - -

DKK 5.1442 5.5541 6.0814

EGP 5.9670 - 5.6950

EUR 0.6897 0.7453 0.8157

GBP 0.6228 0.6387 0.6683

GHS 1.5157 - -

HKD 7.7812 7.7738 7.7870

HUF 183.1300 207.4300 232.5900

IDR 8578.0000 8,979.0000 9,053.0000

ILS 3.4026 3.5410 3.8835

INR 44.6900 44.7100 46.4525

JPY 80.7600 81.1100 88.4800

KES 89.4500 - 81.6300

KRW 1067.6800 1,122.6500 1,221.4700

MAD 7.8314 - 8.9823

MUR 28.0000 - 31.8520

MXN 11.7264 12.3333 12.8843

MYR 3.0175 3.0600 3.2255

NGN 152.0250 - 149.8000

NOK 5.3662 5.8150 6.5032

NZD 1.2109 1.2807 1.4544

PHP 43.3750 43.6150 46.4360

PLN 2.7449 2.9545 3.3779

RUB 27.8910 30.4800 31.2367

SAR 3.7503 - 3.7503

SEK 6.3108 6.7222 7.7796

SGD 1.2277 1.2812 1.3963

THB 30.7000 29.9700 32.4200

TND 1.3661 - 1.5192

TRY 1.6243 1.5394 1.5833

TWD 28.7250 29.1450 32.1100

ZAR 6.7808 6.6203 7.6638

The following average USD exchange rates have been used in this report: 1 USD = 30/06/2011 31/12/2010 30/06/2010

EUR 0.7119 0.7554 0.7554

GBP 0.6187 0.6475 0.6565

5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS All related party transactions have been entered into and conducted under normal market conditions.

Significant Agreements

The Manager is a related party to the Company. Pursuant to the Management Agreement dated 29 July 1999, Sanlam Asset Management (Ireland) Limited acts as Manager to the Company. The Manager is an indirect subsidiary Company of Sanlam Limited a significant indirect shareholder of the Company.

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5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued) Significant Agreements (continued) The Manager is entitled to receive a management fee (a percentage of the net assets per annum) from each of the Funds, as follows:

Fund

Class A

Class A

(GBP)

Class A

(EUR)

Class B

Class C

Class C

(GBP)

Class D

Class F Class F

(GBP)

Sanlam Universal Equity Fund 1.50% - 1.50% 0.85% 0.75% - 0.75% - -

Sanlam World Equity Tracker

Fund 1.00% - - 0.50% - - - - -

8IP Asia Equity Opportunities 1.50% 1.50% - 1.10% 0.75% - 0.75% - -

8IP Asia Pacific Equity Fund 1.50% 1.50% - 1.10% 0.75% - 0.75% - -

SIIP India Opportunities Fund 1.50% 1.50% - 1.10% 0.75% - 0.75% - -

Sanlam African Frontier Markets

Fund 1.75% 1.75% - - 1.00% 1.00% 0.75% - -

Sanlam Global Best Ideas Fund 1.50% 1.50% 1.50% 0.85% 0.75% 0.75% 0.75% - 1.50%

Sanlam Global Financial Fund 1.25% 1.50% 1.50% 1.00% 0.75% 0.75% - 1.50% 1.50%

Sanlam Universal Bond Fund 1.00% - - 0.75% 0.60% - 0.50% - -

SPI Global Balanced Fund 1.50% - - 1.00% 0.75% - - - -

SPI Global Equity Fund 1.50% - - 1.00% 0.75% - - - -

PSolve Inflation Plus Fund 1.25% - - 0.60% - - 0.35% - -

Sanlam US Dollar Liquidity

Fund 0.65% - - 0.50% 0.30% - - - -

Fund Distributing

Non-

distributing

Grindrod International Property Fund 1.75% 1.75%

No fees are charged on Class E. For the Sanlam Global Best Ideas Fund, Sanlam Global Financial Fund, Sanlam African Frontier Markets Fund 8IP Asia Equity Opportunities Fund, 8IP Asia Pacific Equity Fund and SIIP India Opportunities Fund, the Manager shall also be entitled to receive out of the assets of the Fund a performance fee in respect of each performance period. The performance periods for the Fund comprise each successive six month period from 1 January to 30 June and from 1 July to 31 December. (a) The performance fee shall be equal to 20% of the difference between the percentage

movement in the Net Asset Value per Share (A) being the Initial Issue Price for the first

performance period and the percentage movement in the relevant index as set out in the

prospectus (the “Index”) (B) during the performance period multiplied by the average of the

Net Asset Value of the Fund as at each Valuation Point during the performance period prior to

any accrual for performance fees but after accruing for all other fees and expenses. (b) Where the Fund has underperformed the Index during a performance period (where A-B is a

negative number), the Manager will not repay any amounts of performance fee paid by the

Fund in respect of previous performance periods but no further performance fees will be

charged until such time as any underperformance is recaptured by the Fund (until A-B

measured since the end of the last performance period in respect of which a performance fee

was paid becomes positive). (c) For the performance period in which any underperformance is first recaptured, the performance

fee will be calculated in accordance with paragraph (b) above, except that the performance fee

will only take into account any subsequent outperformance (A-B will be measured since the end

of the last performance period in respect of which a performance fee was paid). Performance

fee calculations in subsequent performance periods will revert to being based on the

performance over the relevant performance period as calculated in accordance with paragraph

(a) above. (d) The performance fee shall be calculated by the Administrator (subject to verification by the

Custodian) and accrued in the Net Asset Value calculated in respect of each Dealing Day based on the performance to date of the Fund during that performance period.

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5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)

Significant Agreements (continued) Net realised and unrealised capital gains plus net realised and unrealised capital losses as of the relevant Valuation Point shall be taken into account in calculating the Net Asset Value per Share. As a result, performance fees may be paid on unrealised gains which may subsequently never be realised. Benchmarks will take account of income and capital gains/losses. The Manager will pay out of its fees, the fees and expenses of the Investment Allocation Manager, any Investment Transition Manager, the Distributors and the fees of each of the Investment Managers. The Administrator is not a related party of the Company. The Administrator will be entitled to receive out of assets of the Fund a fee. This fee is charged on the overall structure value of all Funds within the Sanlam Group relationship with JPMorgan, as outlined below. These fees are paid monthly in arrears and calculated using the month end NAV for each Fund. The Administrator will be entitled to receive out of the assets of the Fund an annual fee which will not exceed 0.025% of the net assets of the Fund, plus USD 20,000 per annum and USD 20,000 for each additional Investment Manager (where there is more than one Investment Manager) (plus VAT, if any) together with transfer agency fees which will be charged at normal commercial rates and its reasonable costs and expenses incurred by the Administrator in the performance of its duties as Administrator of the Fund. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The 8IP Asia Equity Opportunities Fund, 8IP Asia Pacific Equity Fund, SIIP India Opportunities Fund, Sanlam African Frontier Markets Fund, SPI Global Balanced Fund, SPI Global Equity Fund, PSolve Inflation Plus Fund, Grindrod International Property Fund and Sanlam US Dollar Liquidity Fund paid administration fees during the period. The administration fees for the remaining Funds were borne by Sanlam Asset Management (Ireland) Limited. The Custodian is not a related party to the Company. The Custodian will be entitled to receive from the Company out of the assets of the Fund an annual fee which will not exceed 0.05% of the net assets of the Fund (plus VAT, if any,) (subject to certain minimums per Fund) (inclusive of sub-custodian fees) together with reasonable costs and expenses incurred by the Custodian in the performance of its duties as Custodian of the Fund. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Custodian shall also be entitled to be reimbursed out of the assets of the Fund all agreed transaction charges (which will be charged at normal commercial rates). The Investment Managers and Investment Allocation Manager are appointed and paid by the Manager. Sanlam International Investments Ltd, Four Capital Partners Ltd, Sanlam Investment Management (Pty) Ltd, Eight Investment Partners (Pty) Ltd and Centre Asset Management LLC are related parties to the Fund.

Significant Shareholders

Significant shareholders at period end 30 June 2011:

Shareholder Fund % held

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam Universal Equity Fund 71.76%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam World Equity Tracker Fund 64.91%

SBSA ITF Sanlam Asia Pacific 8IP Asia Equity Opportunities 11.12%

Chase Nominees Ltd 8IP Asia Equity Opportunities 22.49%

NorthernTrust Fidicuary (Services) Ireland Ltd* 8IP Asia Equity Opportunities 56.99%

Standard Bank of South Africa 8IP Asia Pacific Equity Fund 24.86%

SBSA ITF Sanlam Asia Pacific 8IP Asia Pacific Equity Fund 29.06%

NorthernTrust Fidicuary (Services) Ireland Ltd* 8IP Asia Pacific Equity Fund 46.05%

SBSA ITF Sanlam Asia Pacific SIIP India Opportunities Fund 14.41%

NorthernTrust Fidicuary (Services) Ireland Ltd* SIIP India Opportunities Fund 82.60%

Sanlam Life Insurance Ltd Sanlam African Frontier Markets Fund 100.00%

SBSA I.T.F. Sim Global Best Ideas Sanlam Global Best Ideas Fund 10.56%

Sanlam Life Insurance Ltd Sanlam Global Best Ideas Fund 15.04%

Sanlam Global Best Ideas Feeder Fund Sanlam Global Best Ideas Fund 45.23%

*At 30 June 2011 Northern Trust Fidicuary (Services) Ireland Limited held all of the Class E shares in each of the

Funds on behalf of some of the Funds of Sanlam Global Funds plc.

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Significant Shareholders (continued)

Shareholder Fund % held

Mine Employees Pension Fund Sanlam Global Financial Fund 16.47%

Sanlam Life Insurance Ltd Sanlam Global Financial Fund 24.86%

Sentinel Mining Industry Retirement Sanlam Global Financial Fund 42.97%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam Universal Bond Fund 51.09%

Chase Nominees Ltd Sanlam Universal Bond Fund 21.32%

Botswana Insurance Fund Management Sanlam Universal Bond Fund 17.50%

Agulhas Nominees (Pty) Ltd SPI Global Balanced Fund 99.46%

Agulhas Nominees (Pty) Ltd SPI Global Equity Fund 99.77%

KAS Nominees Ltd Sanlam PSolve Inflation Plus Fund 93.31%

BNP Paribas Securities Nominees Ltd Sanlam Grindrod Global Property Fund 10.06%

Agulhas Nominees (Pty) Ltd Sanlam Grindrod Global Property Fund 11.70%

Deutsche Bank Nominees (Jersey) Sanlam Grindrod Global Property Fund 11.84%


SBSA ITF Grindrod Global Property Sanlam Grindrod Global Property Fund 14.47%

Grange Nominees Ltd Sanlam Grindrod Global Property Fund 29.17%

Agulhas Nominees (Pty) Ltd Sanlam Universal US Dollar Liquidity Fund 10.20%

Axis Nominees Ltd Sanlam Universal US Dollar Liquidity Fund 15.63%

Sanlam Collective Investments Scheme Sanlam Universal US Dollar Liquidity Fund 67.00%

Significant shareholders at 31 December 2010: Shareholder Fund % held

Botswana Insurance Fund Management Sanlam Universal Equity Fund 12.37%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam Universal Equity Fund 76.73%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam World Equity Tracker Fund 83.98%

Agulhas Nominees (Pty) Ltd 8IP Asia Equity Opportunities 20.96%

SBSA ITF Asia Equity Opportunities 8IP Asia Equity Opportunities 79.04%

SBSA ITF Sanlam Asia Pacific 8IP Asia Pacific Equity Fund 40.26%

Standard Bank of South Africa 8IP Asia Pacific Equity Fund 59.51%

SBSA ITF SIIP Indian Opportunities SIIP India Opportunities Fund 99.99%

Sanlam Life Insurance Ltd Sanlam African Frontier Markets Fund 100.00%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam Global Best Ideas Fund 45.53%

Sanlam Life Insurance Ltd Sanlam Global Best Ideas Fund 14.23%

SBSA I.T.F. Sim Global Best Ideas Sanlam Global Best Ideas Fund 10.22%

Mine Employees Pension Fund Sanlam Global Financial Fund 12.84%

Sanlam Life Insurance Ltd Sanlam Global Financial Fund 42.48%

Sentinel Mining Industry Retirement Sanlam Global Financial Fund 37.54%

Botswana Insurance Fund Management Sanlam Universal Bond Fund 16.55%

Chase Nominees Ltd Sanlam Universal Bond Fund 20.52%

NorthernTrust Fidicuary (Services) Ireland Ltd* Sanlam Universal Bond Fund 55.28%

Agulhas Nominees (Pty) Ltd SPI Global Balanced Fund 99.54%

Agulhas Nominees (Pty) Ltd SPI Global Equity Fund 99.96%

KAS Nominees Ltd Sanlam PSolve Inflation Plus Fund 93.49%


BNP Paribas Securities Nominees Ltd Sanlam Grindrod Global Property Fund 30.71%

SBSA ITF Grindrod Global Property Sanlam Grindrod Global Property Fund 44.23%

Agulhas Nominees (Pty) Ltd Sanlam Universal US Dollar Liquidity Fund 15.50%

Axis Nominees Ltd Sanlam Universal US Dollar Liquidity Fund 15.54%

Sanlam Collective Investments Ltd Sanlam Universal US Dollar Liquidity Fund 64.45%

* At 30 June 2011 Northern Trust Fidicuary (Services) Ireland Limited held all of the Class E shares in each of the

Funds on behalf of some of the Funds of Sanlam Global Funds plc.

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5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued) The summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2011, as follows:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific

Equity

Fund

USD

SIIP

India

Opportunities

Fund

USD

Fees incurred during the period ended

30/06/2011

Class A Management Fees - (797) (10,383) (101) (727)

Class A (EUR) Management Fees - - - - -

Class A (GBP) Management Fees - - - - -

Class B Management Fees (19,966) (67,898) - - -

Class C Management Fees (1,654,485) - - - -

Class C (GBP) Management Fees - - - - -

Class D Management Fees - - (9,196) (50,355) (4,161)

Class F Management Fees - - - - -

Class F (GBP) Management Fees - - - - -

Distributing Class Management Fees - - - - -

Non-distributing Class Management Fees - - - - -

Performance Fees - - - - -

(1,674,451) (68,695) (19,579) (50,456) (4,888)

Fees accrued at 30/06/2011

Class A Management Fees - (135) (2,389) (6) (286)

Class A (EUR) Management Fees - - - - -


Class B Management Fees (2,923) (11,916) - - -

Class C Management Fees (275,241) - - - -

Class C (GBP) Management Fees - - - - -

Class D Management Fees - - (1,508) (10,105) (684)

Class F Management Fees - - - - -

Class F (GBP) Management Fees - - - - -




(278,164) (12,051) (3,897) (10,111) (970)

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Sanlam

African

Frontier

Markets

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD


30/06/2011

Class A Management Fees - (772,541) (265,396) (579) (41,375)

Class A (EUR) Management Fees - (87) (412) - -

Class A (GBP) Management Fees - (6,066) (12,102) - -

Class B Management Fees - (532,069) (157,445) (410,092) (4,109)

Class C Management Fees - (330,784) (494,760) (378,380) -

Class C (GBP) Management Fees - - (168) - -

Class D Management Fees (76,960) (107,283) (28) - -

Class F Management Fees - (495) (22) - -

Class F (GBP) Management Fees - (124) - - -



Performance Fees - - (544,992) - -

(76,960) (1,749,449) (1,475,325) (789,051) (45,484)


Class A Management Fees - (126,770) (43,422) (81) (6,339)

Class A (EUR) Management Fees - (16) (74) - -

Class A (GBP) Management Fees - (1,194) (1,985) - -

Class B Management Fees - (84,236) (23,780) (17,719) (523)

Class C Management Fees - (56,364) (99,838) (64,654) -

Class C (GBP)Management Fees - - (34) - -

Class D Management Fees (22,023) (17,525) (10) - -

Class F Management Fees - (352) (22) - -

Class F (GBP) Management Fees - (124) - - -



Performance Fees - (45) - - -

(22,023) (286,626) (169,165) (82,454) (6,862)

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SPI

Global

Equity

Fund

USD

PSolve

Inflation

Plus

Fund

GBP

Grindrod

International

Property

Fund

USD

Sanlam

US Dollar

Liquidity

Fund

USD

Total

USD


30/06/2011

Class A Management Fees (79,946) (319) - (21,649) (1,194,010)

Class A (EUR) Management Fees - - - - (499)

Class A (GBP) Management Fees - - - - (18,168)

Class B Management Fees (15,330) (10,008) - (1,163) (1,224,248)

Class C Management Fees - - - - (2,858,409)

Class C (GBP) Management Fees - - - - (168)

Class D Management Fees - - - - (247,983)

Class F Management Fees - - - - (517)

Class F (GBP) Management Fees - - - - (124)

Distributing Class Management Fees - - (1,174) - (1,174)

Non-distributing Class Management Fees - - (68,216) - (68,216)

Performance Fees - - - - (544,992)

(95,276) (10,327) (69,390) (22,812) (6,158,508)


Class A Management Fees (14,730) (66) - (3,139) (197,403)

Class A (GBP) Management Fees - - - - (3,179)

Class A (EUR) Management Fees - - - - (90)

Class B Management Fees (2,803) (1,689) - (436) (147,048)

Class C Management Fees - - - - (496,097)

Class C (GBP) Management Fees - - - - (34)



Class F Management Fees - - - - (374)

Class F (GBP) Management Fees - - - - (124)

Distributing Class Management Fees - - (42) - (42)

Non-distributing Class Management Fees - - (18,551) - (18,551)

Performance Fees - - - - (45)

(17,533) (1,755) (18,593) (3,575) (1,049,000) The summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2010, as follows:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Sanlam

African

Frontier Markets

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD

Fees incurred during the period

ended 30/06/2010

Class A Management Fees - (492) - (494,161) (189,750)

Class A (GBP) Management Fees - - - (1,997) (3,639)

Class B Management Fees (14,151) (47,520) - (318,692) (177,136)

Class C Management Fees (1,253,980) - - (296,067) (290,129)

Class D Management Fees - - (13,029) - -

Performance Fees - - - (2,564,986) (5,556,964)

(1,268,131) (48,012) (13,029) (3,675,903) (6,217,618)


Class A Management Fees - (84) - (85,843) (32,689)

Class A (GBP) Management Fees - - - (261) (543)

Class B Management Fees (2,468) (6,740) - (55,148) (19,440)

Class C Management Fees (195,684) - - (46,601) (52,396)

Class D Management Fees - - (3,113) - -

Performance Fees - - - (2,565,039) (5,556,965)

(198,152) (6,824) (3,113) (2,752,892) (5,662,033)

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Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD

SPI

Global

Equity

Fund

USD

PSolve

Inflation

Plus

Fund

GBP

Sanlam

US Dollar

Liquidity

Fund

USD


ended 30/06/2010

Class A Management Fees (645) (23,761) (56,897) (402) (22,371)


Class B Management Fees (41,556) (3,743) (6,792) (7,072) (679)

Class C Management Fees (441,746) (28,042) (107) - (318)

Class D Management Fees - - - - -


(483,947) (55,546) (63,796) (7,474) (23,368)


Class A Management Fees (94) (4,266) (9,897) (69) (3,761)


Class B Management Fees (7,156) (1,016) (1,852) (1,200) (103)

Class C Management Fees (75,690) (4,438) - - -

Class D Management Fees - - - - -


(82,940) (9,720) (11,749) (1,269) (3,864)

Sanlam

Euro

Liquidity

Fund

EUR

Sanlam

Sterling

Liquidity

Fund

GBP

Total

USD


ended 30/06/2010

Class A Management Fees (208) (447) (789,646)

Class A (GBP) Management Fees - - (5,636)

Class B Management Fees - - (621,041)

Class C Management Fees (1,712) - (2,312,655)

Class D Management Fees - - (13,029)

Performance Fees - - (8,121,950)

(1,920) (447) (11,863,957)


Class A Management Fees - - (136,739)

Class A (GBP) Management Fees - - (804)

Class B Management Fees - - (95,751)

Class C Management Fees - - (374,809)

Class D Management Fees - - (3,113)

Performance Fees - - (8,122,004)

- - (8,733,220)

Some of the Sanlam Universal Funds plc sub-Funds operate as master Funds to some of the Sanlam Global Funds plc sub-Funds. The Sanlam Qualifying Investors Funds plc (the “QIF Funds”) invests in the Class E shares of the Sanlam Universal Bond Fund. Sanlam Investment and Pensions Limited invest in the E classes of the Sanlam Universal Bond Fund and the 8IP Asia Equity Opportunities Fund.

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5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued) The following transactions occurred between Sanlam Universal Funds plc, Sanlam Global Funds plc, Sanlam Qualifying Investors Funds plc and Sanlam Investments and Pensions during the period ended 30 June 2011:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

8IP Asia

Equity

Opportunities

Fund

USD

8IP Asia

Pacific

Equity

Fund

USD

SIIP

Indian

Opportunities

Fund

USD

Subscriptions:

Global Balanced Fund 36,785,251 - - - -

Global Best Ideas Feeder Fund - - - - -

Global Equity Fund 200,089,433 13,482,000 11,940,000 12,178,000 7,000,000

Global Bond Fund - - - - -

Sanlam Investments and Pensions - - 4,910,496 - -

Total subscriptions 236,874,684 13,482,000 16,850,496 12,178,000 7,000,000

Sanlam

Global Best

Ideas

Fund

USD

Sanlam

Universal

Bond

Fund

USD

Subscriptions:

Institutional Bond Fund - 447,702,829

Global Balanced Fund 2,236,000 17,208,964

Global Best Ideas Feeder Fund - -

Global Equity Fund - -

Global Bond Fund - 9,701,000

Sanlam Investments and Pensions - 12,998,907

Total subscriptions 2,236,000 487,611,700

The following transactions occurred between Sanlam Universal Funds plc and Sanlam Global Funds plc during the period ended 30 June 2010:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Sanlam

Universal

Bond

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Subscriptions:

Global Balanced Fund 7,638,000 833,000 4,897,000 515,000

Global Best Ideas Feeder Fund - - - -

Global Equity Fund 72,686,000 1,804,000 - -

Global Bond Fund - - 6,227,000 -

Total subscriptions 80,324,000 2,637,000 11,124,000 515,000

The following transactions occurred between Sanlam Universal Funds plc and Sanlam Global Funds plc and the Sanlam Qualifying Investors Funds plc during the period ended 30 June 2011:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Universal

Bond

Fund

USD

Redemptions:

Institutional Bond Fund - - - - 220,055,148

Global Balanced Fund 3,505,000 - 6,507,000 - 2,370,000

Global Best Ideas Feeder Fund - - 1,787,175 - -

Global Equity Fund 69,026,650 91,551,433 - 119 -

Global Bond Fund - - - - 294,079,406

Sanlam Investments and Pensions - - - - 14,854,157

Total redemptions 72,531,650 91,551,433 8,294,175 119 531,358,711

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5. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued) The following transactions occurred between Sanlam Universal Funds Plc and Sanlam Global Funds Plc during the period ended 30 June 2010:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Sanlam

Universal

Bond

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Redemptions:

Global Balanced Fund 9,870,000 1,388,000 5,323,000 1,362,000

Global Best Ideas Feeder Fund - - - 1,207,029

Global Equity Fund 15,803,000 2,683,000 - -

Global Bond Fund - - 12,188,000 -

Total redemptions 25,673,000 4,071,000 17,511,000 2,569,029

6. EFFICIENT PORTFOLIO MANAGEMENT The Funds may enter into forward foreign currency contracts for efficient portfolio management. Forward foreign currency exchange contracts are used to hedge against anticipated future changes in exchange rates which otherwise might either adversely affect the value of the Fund’s portfolio securities or adversely affect the price of securities which the Funds intend to purchase at a later date. The Funds may also enter into futures contracts for efficient portfolio management. The primary purposes for which the Funds use futures contracts are cash equalisation, hedging and return enhancement. The purpose of cash equalisation is to expose uninvested cash within the Funds to equity market-like returns and ensure that the Funds’ liquid assets are utilised as though invested in the markets. Hedging is used by the Funds to limit or control risks, such as adverse movements in exchange rates and interest returns. Return enhancement can be accomplished through the use of futures in the Funds. Interest rate swaps are used for hedging against adverse movements in interest rates. By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio characteristics that assist the Funds in meeting their investment objectives. As at 30 June 2011, the Sanlam Universal Equity Fund had a net unrealised gain on open forward foreign currency exchange contracts of USD 1,838,369 (31 December 2010: gain of USD 23,553) and the Sanlam Universal Bond Fund had a net unrealised gain on open forward foreign exchange contracts of USD 1,649,650 (31 December 2010: gain of USD 545,275).

7. SOFT COMMISSIONS During the period Investment Manager and connected persons to the Sanlam Universal Equity Fund have entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process were received. The Investment Manager and connected persons do not make direct payment for these services but do transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions. The goods and services utilised for the Company include computer hardware and software used for economic and political analysis, portfolio analysis including valuation and performance measurement, market analysis, data and quotation services and investment related publications. The Investment Manager considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains best execution on behalf of the Company and the brokerage rates are not in excess of customary institutional full service brokerage rates.

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8. CROSS LIABILITY OF FUNDS The Directors are not aware of any such existing or contingent liability at 30 June 2011. The Company’s amended Articles provide for segregated liability between the various Funds. The Companies Acts of Ireland provide for segregated liability between Funds. These provisions, and the Fund’s application of them may not yet have been fully tested by Irish or foreign courts. Accordingly, while the liabilities of one Fund will not generally impact on or be paid out of the assets of another Fund, it is not entirely free from doubt that the assets of any Fund are protected from the liabilities of other Funds of the Company. 9. STOCK LENDING ACTIVITIES The Company has entered into arrangements whereby it transfers securities to a counterparty, in return for which it is agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The arrangement has the substance of a loan of the Company’s securities in return for collateral. The collateral held is in a form required by the Central Bank of Ireland. Stock lending activities are conducted through JP Morgan Bank Plc, London in accordance with the terms of the Stock Lending Agreement, dated 12 March 2004, between the Company, the Manager and JP Morgan Bank Plc.

Aggregate income arising from stock lending activities consists of fees charged to a counterparty, where the counterparty has provided collateral other than cash, plus net realised income derived from investments of cash collateral less any rebate payable to a counterparty on cash collateral less any commissions or similar transaction costs. JP Morgan Bank Plc charge a fee of 15% of income earned on stock lending. The Manager is paid 38.25% and the Company is paid 46.75% of income earned on stock lending.

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2011:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

8IP

Asia Equity

Opportunities

Fund

USD

8IP

Asia Pacific

Equity

Fund

USD

Sanlam

Indian

Opportunities

Fund

USD

Income 876,334 53,868 1,795 2,702 -

Sanlam

African

Frontier

Markets Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD

Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD

Income - 295,562 75,761 19,762 3,056

SPI

Global

Equity

Fund

USD

PSolve

Inflation

Plus

Fund

GBP

Grindrod

International

Property

Fund

USD

Sanlam

US Dollar

Liquidity

Fund

USD

Total

USD

Income 12,098 14,184 - - 1,363,863

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9. STOCK LENDING ACTIVITIES (continued)

Summary of collateral as at 30 June 2011:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

8IP

Asia Equity

Opportunities

Fund

USD

8IP

Asia Pacific

Equity

Fund

USD

Aggregate value of securities on loan at the

period end 116,290,003 5,100,457 - -

Aggregate value of collateral held in respect of

the loans 123,864,709 5,375,981 - -

Collateral % 106.51% 105.40% - -

Sanlam

Indian

Opportunities

Fund

USD

Sanlam

African

Frontier

Market Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD


period end - - 20,956,777 1,130,193


the loans - - 22,992,449 1,244,753

Collateral % - - 109.71% 110.14%

Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD

SPI

Global

Equity

Fund

USD

PSolve

Inflation

Plus

Fund

GBP


period end 25,834,481 88,568 - 6,477,697


the loans 26,736,015 93,907 - 6,615,943

Collateral % 103.49% 106.03% - 102.13%

Grindrod

International

Property

Fund

USD

Sanlam

US Dollar

Liquidity

Fund

USD


period end - -


the loans - -

Collateral % - -

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The Funds received income as follows under the terms of those agreements for the period ended 30 June 2010:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World Equity

Tracker

Fund

USD

Sanlam

African

Frontier

Markets

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD

Sanlam

Global

Financial

Fund

USD

Income 647,228 49,423 - 147,223 34,213

Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD

SPI

Global

Equity

Fund

USD

PSolve

Inflation Plus

Fund

GBP

Sanlam

US Dollar

Liquidity

Fund

USD

Income 20,459 2,538 4,243 36,853 -

Sanlam

Sterling

Liquidity

Fund

GBP

Sanlam

Euro

Liquidity

Fund

EUR

Total

USD

Income - - 961,462

Summary of collateral as at 30 June 2010:

Sanlam

Universal

Equity

Fund

USD

Sanlam

World

Equity

Tracker Fund

USD

Sanlam

African

Frontier

Markets

Fund

USD

Sanlam

Global

Best Ideas

Fund

USD


period end 66,463,200 3,464,983

- 26,761,421


the loans 71,145,030 3,668,053

- 28,881,061

Collateral % 107.04% 105.86% - 107.92%

Sanlam

Global

Financial

Fund

USD

Sanlam

Universal

Bond

Fund

USD

SPI

Global

Balanced

Fund

USD

SPI

Global

Equity

Fund

USD


period end 2,941,767 31,757,802 158,411 262,895


the loans 3,132,556 32,644,188 163,408 271,497

Collateral % 106.49% 102.79% 103.15% 103.27%

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PSolve

Inflation Plus

Fund

GBP

Sanlam

US Dollar

Liquidity

Fund

USD

Sanlam

Sterling

Liquidity

Fund

GBP

Sanlam

Euro

Liquidity

Fund

EUR


period end 11,806,355 - - -


the loans 12,086,475 - - -

Collateral % 102.37% - - -

10. FEES OF UNDERLYING INVESTMENTS

The following tables summarise the investment management fees and incentive fees paid by the Funds in which the Company held investments:

Period ended 30 June 2011

Investment

Management Fees

as a % of Net Assets

Incentive fees as a % of

Net Asset Gains above

the benchmarks

Institutional US Dollar Liquidity Fund 0.03% -

iShares MSCI India 0.99% -

Energy Select Sector SPDR Fund 0.05% -

Alpine Global Premier Properties Fund 1.00% -

Cohen & Steers Quality Income Realty Fund Inc 0.85% -

Cohen & Steers REIT and Preferred Income Fund Inc 0.65% -

ING Clarion Global Real Estate Income Fund 0.85% -

LMP Real Estate Income Fund Inc 0.90% -

Neuberger Berman Real Estate Securities Income Fund Inc 0.60% -

Nuveen Real Estate Income Fund 0.70% -

RMR Real Estate Income Fund 0.85% -

RMR Asia Pacific Real Estate Fund 1.00% -

iShares MDAX DE 0.50% -

Lyxor ETF Eastern Europe 0.50% -

Asia Pacific Leaders Fund 0.85% -

iShares S&P 500 Index Fund 0.40% -

iShares MSCI World Islamic Fund 0.60% -

iShares JPMorgan Emerging Markets Bond Fund 0.00% -

Emerging Local Bond Fund 0.89% -

iShares MSCI Canada 0.59% -

Source Physical Markets Gold P-ETC 0.29% -

iShares Barclays Capital Emerging Market Local Govt Bond 0.50% -

iShares Markit IBOXX Euro High Yield 0.50% -

FTSE Vietnam 0.65% -

Global X-Uranium 0.69% -

iShares MSCI Australia Index Fund 0.53% -

iShares S&P Global 100 Index Fund 0.40% -

SPDR Barclays Capital High Yield Bond 0.40% -

Vanguard Emerging Markets 0.22% -

iShares FTSE A50 China Index 0.99% -

Nomura TOPIX 0.11% -



iShares MSCI EAFE Index Fund 0.35% -

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10. FEES OF UNDERLYING INVESTMENTS (continued)

Year ended 31 December 2010

Investment

Management Fees

as a % of Net Assets

Incentive fees as a % of

Net Asset Gains above

the Benchmarks

Blackrock Inv Mgmt UK Ltd - Inst Liquidity Fund 0.03% -

Health Care Select Sector SPDR Fund 0.05% -

Energy Select Sector SPDR Fund 0.05% -

iShares MSCI India 0.99% -


Alpine Global Premier Properties Fund 1.00% -

Cohen & Steers Quality Income Realty Fund Inc 0.85% -

Cohen & Steers REIT and Preferred Income Fund Inc 0.65% -

Cohen and Steers Total Return Realty Fund Inc 0.70% -

DWS RReef World Real Estate Fund Inc 0.90% -

ING Clarion Global Real Estate Income Fund 0.85% -

ING Global Real Estate Securities Ltd 1.00% -

ING UK Real Estate Income Trust Ltd 1.00% -

LMP Real Estate Income Fund Inc 0.90% -

Neuberger Berman Real Estate Securities Income Fund Inc 0.60% -

Nuveen Real Estate Income Fund 0.70% -

RiverSource LaSalle International Real Estate Fund Inc 1.00% -

RMR Asia Pacific Real Estate Fund 1.00% -

RMR Real Estate Fund 0.85% -

FTSE Vietnam 0.85% -

Asia Pacific Leaders Fund 0.85% -

iShares DEX All Government Bond Index Fund 0.35% -

iShares DEX Real Return Bond Index Fund 0.35% -

iShares IBOXX USD High Yield Corporate Bond Fund 0.50% -

iShares JPMorgan Emerging Markets Bond Fund 0.00% -

iShares Markit IBOXX Euro High Yield 0.50% -

iShares MSCI Australia Index Fund 0.55% -


iShares MSCI Emerging Markets 0.00% -

iShares MSCI Turkey 0.74% -

iShares MSCI World Islamic Fund 0.60% -


iShares S&P Global 100 Index Fund 0.40% -

Lyxor Eastern Europe 0.50% -

Lyxor Euro Stoxx 50 0.70% -

SPDR Barclays Capital High Yield Bond 0.40% -

Vanguard Emerging Markets 0.27% -

iShares MSCI Japan Index Fund 0.56% -

iShares MSCI Asia Ex-Japan 0.75% -

SPDR Gold Trust 0.40% -

iShares CSI 300 A-Share Index 0.99% -

Nomura TOPIX 0.11% -

Nomura TOPIX Banks 0.22% -

iShares MSCI EAFE Index Fund 0.35% -


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11. NET ASSET VALUE PER SHARE

Sanlam Universal

Equity Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 7,486 USD 131 USD 104

Number of Shares in Issue 5,515 101 101

Net asset value per share for financial

statement purposes USD 1.3573 USD 1.3031 USD 1.0343

Add: IAS 39 valuation adjustment USD 0.0024 USD 0.0010 USD 0.0010

Net asset value per share for

shareholder dealing USD1.3597 USD 1.3041 USD 1.0353

Share class B

Net Asset Value USD 4,287,434 USD 5,234,192 USD 3,369,269

Number of Shares in Issue 3,178,263 4,024,353 3,249,429





shareholder dealing USD 1.3514 USD 1.3016 USD 1.0379

Share class C








Share class E

Net Asset Value USD 1,644,795,042 USD 1,418,640,152 USD 1,147,115,406

Number of Shares in Issue 1,151,063,017 1,034,067,281 1,053,333,850






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11. NET ASSET VALUE PER SHARE (continued)

Sanlam World Equity

Tracker Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 167,736 USD 151,022 USD 98,107

Number of Shares in Issue 121,680 114,119 91,585


financial statements purposes USD 1.3785 USD 1.3234 USD 1.0712




Share class B








Share class E








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8IP Asia Equity

Opportunities Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 2,016,196 USD 641,842 -

Number of Shares in Issue 1,964,606 615,911 -


financial statements purposes USD 1.0263 USD 1.0421 -

Add: IAS 39 valuation adjustment USD 0.0037 USD 0.0036 -


shareholder dealing USD 1.0300 USD 1.0457 -

Share class A (GBP)

Net Asset Value GBP 101 - -

Number of Shares in Issue 100 - -


financial statements purposes GBP 1.0078 - -

Add: IAS 39 valuation adjustment GBP 0.0036 - -


shareholder dealing GBP 1.0114 - -

Share class D

Net Asset Value USD 2,453,073 USD 2,481,290 -

Number of Shares in Issue 2,322,299 2,322,206 -






Share class E

Net Asset Value USD 17,478,260 - -

Number of Shares in Issue 16,605,166 - -


financial statements purposes USD 1.0526 - -

Add: IAS 39 valuation adjustment USD 0.0038 - -


shareholder dealing USD 1.0564 - -

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8IP Asia Pacific

Equity Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 8,178 USD 24,930 -

Number of Shares in Issue 7,120 21,199 -






Share class A (GBP)








Share class D








Share class E








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SIIP India

Opportunities Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 236,764 USD 103 -

Number of Shares in Issue 252,579 100 -






Share class A (GBP)








Share class D








Share class E








158

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ote

s to

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ited F

inancia

l Sta

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ents

- c

ontin

ued


Sanlam African

Frontiers Market Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value USD 101 USD 112 USD 102

Number of Shares in Issue 100 100 100






Share class A (GBP)

Net Asset Value GBP 91 GBP 104 GBP 99



financial statements purposes GBP 0.9096 GBP 1.0368 GBP 0.9858

Add: IAS 39 valuation adjustment GBP 0.0132 GBP 0.0066 GBP 0.0135


shareholder dealing GBP 0.9228 GBP 1.0434 GBP 0.9993

Share class C








Share class C (GBP)








159

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s to th

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inancia

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ents

- contin

ued

9


Sanlam African

Frontiers Market Fund (continued)

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class D








160

9 N

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s to

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ited F

inancia

l Sta

tem

ents

- c

ontin

ued


Sanlam Global Best

Ideas Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A







shareholder dealing USD1.8710 USD 1.9224 USD 1.6082

Share class A (EUR)

Net Asset Value EUR 9,218 - -

Number of Shares in Issue 10,227 - -


financial statements purposes EUR 0.9013 - -

Add: IAS 39 valuation adjustment EUR 0.0023 - -


shareholder dealing EUR 0.9036 - -

Share class A (GBP)

Net Asset Value GBP 638,594 GBP 294,758 GBP 138,046







Share class B








161

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inancia

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ents

- contin

ued

9


Sanlam Global Best

Ideas Fund (continued)

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class C








Share class C (GBP)




financial statements purposes

GBP 1.4858 GBP 1.5536 GBP 1.3438

Add: IAS 39 valuation adjustment

GBP 0.0037 GBP 0.0035 GBP 0.0079


shareholder dealing

GBP 1.4895 GBP 1.5571 GBP 1.3517

Share class D (USD)




financial statements purposes

USD 0.9995 USD 1.0234 -

Add: IAS 39 valuation adjustment

USD 0.0026 USD 0.0023 -


shareholder dealing

USD 1.0021 USD 1.0257 -

Share class E








162

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ote

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ited F

inancia

l Sta

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ents

- c

ontin

ued


Sanlam Global Best

Ideas Fund (continued)

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class F (GBP)

Net Asset Value GBP 83,476 - -







Share class F (USD)

Net Asset Value USD 293,802 - -







163

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s to th

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ited F

inancia

l Sta

tem

ents

- contin

ued

9


Sanlam Global

Financial Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A








Share class A (GBP)

Net Asset Value GBP 989,020 GBP 1,052,737 GB 454,454







Share class A (EUR)

Net Asset Value EUR 42,325 EUR 19,922 -

Number of Shares in Issue 44,790 20,000 -


financial statements purposes EUR 0.9450 EUR 0.9961 -

Add: IAS 39 valuation adjustment EUR 0.0030 EUR 0.0028 -


shareholder dealing EUR 0.9480 EUR 0.9989 -

Share class B


Number of Shares in Issue 872,987 1,467,784 1,328,396






164

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ents

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ontin

ued


Sanlam Global

Financial Fund (continued)

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class C








Share class C (GBP)

Net Asset Value GBP 53,407 GBP 27,720 GBP 141

Number of Shares in Issue 31,422 16,350 103






Share class D (USD)








Share class E








165

N

ote

s to th

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ited F

inancia

l Sta

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ents

- contin

ued

9


Sanlam Global

Financial Fund (continued)

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class F (USD)








166

9 N

ote

s to

the U

naud

ited F

inancia

l Sta

tem

ents

- c

ontin

ued


Sanlam Universal

Bond Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A








Share class B








Share class C








Share class E








167

N

ote

s to th

e U

naud

ited F

inancia

l Sta

tem

ents

- contin

ued

9


SPI Global

Balanced Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A








Share class B

Net Asset Value USD 642,898 USD 1,073,977 USD 1,236,414

Number of Shares in Issue 637,002 1,064,561 1,332,768






Share class C

Net Asset Value USD 103 USD 103 USD 6,772,412

Number of Shares in Issue 100 100 7,171,401






Share class E








168

9 N

ote

s to

the U

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ited F

inancia

l Sta

tem

ents

- c

ontin

ued


SPI Global

Equity Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A








Share class B








Share class C








Share class E








169

N

ote

s to th

e U

naud

ited F

inancia

l Sta

tem

ents

- contin

ued

9


PSolve Inflation

Plus Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A

Net Asset Value GBP 64,811 GBP 28,898 GBP 69,050







Share class B

Net Asset Value GBP 3,514,791 GBP 3,244,119 GBP 2,437,863







Share class C

Net Asset Value GBP 36,037,516 GBP 34,009,665 GBP 31,349,867







170

9 N

ote

s to

the U

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inancia

l Sta

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ents

- c

ontin

ued


Grindrod International

Property Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class Distributing

Net Asset Value USD 29,234 USD 2,398,429 -

Number of Shares in Issue 27,128 2,409,207 -






Share class Non - Distributing








171

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inancia

l Sta

tem

ents

- contin

ued

9


Sanlam US Dollar

Liquidity Fund

Period ended

30/06/2011

Year ended

31/12/2010

Period ended

30/06/2010

Share class A





Add: IAS 39 valuation adjustment - - -



Share class B





Add: IAS 39 valuation adjustment - - -



172

9 N

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ontin

ued

12. SIGNIFICANT EVENTS DURING THE PERIOD

Maples and Calder were appointed as Legal Advisors to the Company on 1 January 2011.

The Investment policy of the Sanlam Universal Equity Funds was changed.

The Egyptian stock exchange was closed for a large part of the 1st quarter 2011. The Sanlam

African Frontiers Market Fund trades in this market.

In March 2011, Director Christiaan Swanepoel was appointed as a Director to Sanlam Life and

Sanlam Limited.

Pictet & Cie, Banquiers were terminated as Investment Manager to the SPI Global Equity Fund on 1

April 2011, and Centre Asset Management LLC was appointed as Investment Manager on 1 April

2011.

The Sanlam Global Best Ideas Fund launched the Class A (EUR) Shares and the Class F (USD)

Shares on the 20 January 2011 and 14 April 2011 respectively. The Sanlam Global Financial Fund

launched the Class D (USD) Shares and Class F (USD) Shares on 7 March 2011 and 14 April 2011

respectively. The SIIP India Opportunities Fund, 8IP Asia Equity Opportunities Fund and the 8IP

Asia Pacific Equity Fund all launched Class A (GBP) Shares on 16 June 2011.

Revised Supplements to the Prospectuses for Sanlam Global Financial and Sanlam Global Best

Ideas Funds was issued on 8 April 2011 in respect of the three new share classes proposed for the

Sanlam Global Best Ideas Fund and the Sanlam Global Financial Fund, namely one class of US

Dollar denominated shares called Class F (USD) Shares, one class of Sterling Pound denominated

shares called Class F (GBP) Shares and one class of Euro denominated shares called Class F (EUR)

Shares.

On 1 June 2011, Northern Trust Fiduciary Services (Ireland) Ltd merged with The Governor and

Company of the Bank of Ireland, and were appointed as Custodians of the Company.

On 21 July 2011, a notice was circulated to all Shareholders of the Company, which detailed out the

change in the “Business Day” of all the Funds of the Company with the exception of PSolve Inflation

Plus Fund and the SPI Global Balanced Fund.

The new “Business Day” of the twelve Funds is defined as “Any day (except Saturday or Sunday) on

which the banks in Dublin are open for business and such other days as the Directors may, with the

consent of the Custodian, determine and notify in advance to Shareholders”.

The change in Business Day will be effective from 19 August 2011.

13. SIGNIFICANT EVENTS SINCE THE END OF THE PERIOD

The Company plans to terminate the SPI Global Balanced Fund and the Sanlam Global Bond Fund

before the year end.

On 1 July 2011 the Manager became a UCITS IV Management Company.

14. OFF BALANCE SHEET ARRANGEMENTS

The Company was not party to off balance sheet arrangements for the six months from 1 January

2011 to 30 June 2011.

15. APPROVAL OF FINANCIAL STATEMENTS

The Financial Statements were approved by the Board of Directors on 29 August 2011.

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SANLAM UNIVERSAL EQUITY FUND

Purchases Cost (USD)

(being the largest 20 purchases in the period to 30 June 2011)

Energy Select Sector SPDR Fund 15,748,666

Merck & Co Inc 13,649,999

Abbott Laboratories 12,365,662

Apple Inc 11,598,513

BNP Paribas 11,450,002

ING Groep NV 10,940,959

Wells Fargo & Co 10,695,717

Oracle Corp 10,600,079

Citigroup Inc 10,337,354

Alstom SA 9,922,105

Microsoft Corp 9,558,385

Total SA 9,217,118

Philip Morris International Inc 8,933,872

Exxon Mobil Corp 8,820,592

Bank of America Corp 8,730,080

Obrascon Huarte Ence SA 8,726,595

Intel Corp 8,008,021

Sika AG-Bearer 7,976,371

Macy's Inc 7,644,846

Dell Inc 7,616,245

Sales Proceeds (USD)

(being the largest 20 sales in the period to 30 June 2011)

iShares MSCI Canada 14,755,975

Health Care Select Sector SPDR Fund 14,726,970

Seadrill Ltd 10,581,407

Coach Inc 10,500,594


Repsol YPF SA 8,644,314

Statoil ASA 8,308,721

Ryanair Holdings PLC 8,082,787

Western Union Co 7,681,060

Energy Select Sector SPDR Fund 7,246,559

FLSmidth & Co A/S 6,904,569

Ford Motor Co 6,872,421

Microsoft Corp 6,729,431

International Paper Co 6,620,792

National Bank of Greece SA 6,368,741

PPG Industries Inc 6,159,287

Johnson Controls Inc 6,019,336

Merck & Co Inc 5,942,799

Macy's Inc 5,930,105

Cisco Systems Inc 5,782,064

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0 SANLAM WORLD EQUITY TRACKER FUND



iShares S&P 500 Index Fund 9,709,784

iShares MSCI EAFE Index Fund 8,809,529

iShares MSCI Canada 1,018,240

Illumina Inc 265,993

Bank Leumi Le-Israel 265,420

Citigroup Inc 264,000

Salesforce.com Inc 179,936

priceline.com Inc 178,986

Teva Pharmaceutical Industries Ltd 177,664

International Business Machines Corp 177,114

General Motors Co 176,603

Genting Singapore PLC 176,368

Transocean Ltd 176,284

Volkswagen-Pfd 175,887

Sanofi-Aventis SA 175,753

Hokuhoku Financial Group Inc 175,519

Sumitomo Mitsui Financial Group Inc 174,905

Mitsubishi UFJ Financial Group Inc 174,455

Newcrest Mining Ltd 173,171

American International Group Inc 110,634




iShares MSCI EAFE Index Fund 6,852,435


Apple Inc 874,065

iShares MSCI Canada 803,824

Royal Dutch Shell PLC - Class A (EUR) 700,753

General Electric Co 627,477

Chevron Corp 625,532

Microsoft Corp 609,664

JPMorgan Chase & Co 564,862

Google Inc 494,483

Oracle Corp 459,238

BHP Billiton Ltd 450,122

Nestle SA 446,500

Procter & Gamble Co 444,279

AT&T Inc 427,424

HSBC Holdings PLC 426,822

Wells Fargo & Co 405,377

Philip Morris International Inc 403,002

Merck & Co Inc 389,147

175

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8IP ASIA EQUITY OPPORTUNITIES FUND



Mirae Asset Securities Co Ltd 954,898

Housing Development & Infrastructure Ltd 904,718

Kinsus Interconnect Technology Corp 650,354

Woongjin Chemical Co Ltd 615,859

Catcher Technology Co Ltd 571,492

China Everbright Ltd 567,216

Boart Longyear Ltd 565,948

Taiwan Semiconductor Manufacturing Co Ltd 537,015

PetroChina Co Ltd 534,280

China Minzhong Food Corporation Ltd 528,229

KWG Property Holding Ltd 528,101

New World Deptartment Store China Ltd 507,542

Industrea Ltd 479,877

Huiyin Household Appliances Holdings Co Ltd 475,743

KNM Group Bhd 461,818

Macquarie Atlas Roads Group 456,717

Ausenco Ltd 454,228

Rio Tinto Ltd 439,523

WorleyParsons Ltd 434,827

Nan Ya Plastics Corp 431,372


(being the largest sales in the period to 30 June 2011)

United Overseas Bank Ltd 325,652

iShares MSCI India 292,556

Mingyuan Medicare Development Co Ltd 242,717

Pacific Basin Shipping Ltd 222,353

Midland Holdings Ltd 221,222

Bank of East Asia Ltd 213,705


Unitech Ltd 132,013


China Security & Surveillance Technology Inc 63,237

Hon Hai Precision Industry Co Ltd 52,093

First Resources Ltd 45,360

Hyundai Engineering & Construction Co Ltd 44,360

Taewoong Co Ltd 43,455

Wilmar International Ltd 16,603

176

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continued

8IP ASIA PACIFIC EQUITY FUND



Woongjin Chemical Co Ltd 750,543

KNM Group Bhd 716,323

China Minzhong Food Corp Ltd 712,532

Mirae Asset Securities Co Ltd 688,975

China Everbright Ltd 636,032

Boart Longyear Ltd 632,428

Monex Group Inc 610,879

Housing Development & Infrastructure Ltd 607,528

ORIX Corp 575,424

New World Department Store China Ltd 559,866



SBI Holdings Inc 512,677

Nomura Holdings Inc 485,523


Kajima Corp 465,613

Taisei Corp 464,816

Yes Bank Ltd 439,762

BYD Electronic International Co Ltd 437,941

Huiyin Household Appliances Holdings Co Ltd 436,478



iShares MSCI All Country Asia ex Japan Index Fund 584,415

iShares MSCI India 536,763

Denso Corp 517,230

Yahoo! Japan Corp 424,468

Nidec Corp 389,699


iShares MSCI Japan Index Fund 294,068

Midland Holdings Ltd 244,573

Pacific Basin Shipping Ltd 220,049

Mingyuan Medicare Development Co Ltd 210,150


Macquarie Atlas Roads Group 177,611

China Security & Surveillance Technology Inc 171,822

Unitech Ltd 159,394

United Overseas Bank Ltd 159,329

Samsung Electronics Co Ltd 136,987

Hon Hai Precision Industry Co Ltd 121,170

Heng Tai Consumables Group Ltd 103,738

Woori Finance Holdings Co Ltd 97,218

POSCO 90,165

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SIIP INDIA OPPORTUNITIES FUND



Reliance Industries Ltd 556,096

Infosys Technologies Ltd 404,073

Housing Development Finance Corp Ltd 252,684

HDFC Bank Ltd 251,867

ITC Ltd 241,911

Larsen & Toubro Ltd 240,899

ICICI Bank Ltd 228,320

Bharti Airtel Ltd 216,943

Tata Steel Ltd 183,686

OnMobile Global Ltd 170,646

State Bank of India 167,730

Tata Consultancy Services Ltd 165,003

Lupin Ltd 164,012

Engineers India Ltd 161,573

GMR Infrastructure Ltd 159,120

Tata Chemicals Ltd 151,220

VIP Industries Ltd 149,204

Bajaj Auto Ltd 141,522

Bharat Heavy Electricals Ltd 139,224

Ranbaxy Laboratories Ltd 139,065



VIP Industries Ltd 191,569

Ashok Leyland Ltd 86,477

Orchid Chemicals & Pharmaceuticals Ltd 86,025

Bharat Petroleum Corp Ltd 29,590

United Phosphorus Ltd 26,871

Jindal Steel & Power Ltd 26,271

Cox & Kings Ltd 25,888

Orient Paper & Industries Ltd 24,128

Infrastructure Development Finance Co Ltd 18,758

Gujarat State Petronet Ltd 16,624

Clariant Chemicals India Ltd 12,321

Honeywell Automation India Ltd 11,570

Anant Raj Industries Ltd 11,041

Hindustan Petroleum Corp Ltd 8,474

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SANLAM AFRICAN FRONTIER MARKETS FUND



Commercial International Bank Egypt 2,474,693

Orascom Construction Industries 2,176,200

Maroc Telecom 1,674,200

Zenith Bank PLC 1,577,409

Diamond Bank PLC 1,352,744

First Bank of Nigeria PLC 1,304,417

Kenya Commercial Bank Ltd 1,122,866

Egyptian International Pharmaceutical Industrial Co 1,099,999

Nigerian Breweries PLC 1,094,931

Guaranty Trust Bank PLC 968,993

United Bank for Africa PLC 953,015

Telecom Egypt 937,501

Equity Bank Ltd 892,740

Attijariwafa Bank 808,481

Athi River Mining Ltd 775,719

Access Bank PLC 723,884

National Societe Generale Bank 678,043

Credit Agricole Egypt 659,597

State Bank of Mauritius Ltd 649,911

Juhayna Food Industries 584,019



Orascom Telecom Holdings 335,617

Dangote Sugar Refinery PLC 295,093

Guinness Nigeria PLC 204,081

Mauritius Commercial Bank 143,346

Sidi Kerir Petrochemcials Co 137,222

Cairo Poultry Co 128,107

Access Bank PLC 125,739

United Bank for Africa PLC 118,192

Maroc Telecom 113,803

Kenya Electricity Generating Co Ltd 105,516

Equity Bank Ltd 103,128

Orascom Construction Industries 58,112

Diamond Bank PLC 44,670

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SANLAM GLOBAL BEST IDEAS FUND



Mitsubishi UFJ Financial Group Inc 18,380,738

Hewlett-Packard Co 17,271,222

Woori Finance Holdings Co Ltd 17,224,497

Koninklijke Ahold NV 17,093,872

China Green Holdings Ltd/Bermuda 14,335,571

Turkiye Halk Bankasi AS 13,961,492

Sumitomo Mitsui Financial Group Inc 12,619,183

William Hill PLC 12,185,859

Deutsche Bank AG 11,705,882

Heineken NV 11,026,711

Tesco PLC 11,001,208


Chiba Bank Ltd 9,254,430

Banco do Brasil SA 8,371,511

Folli Follie Group 6,791,105

Barclays PLC 6,756,551

Renault SA 6,322,912

Ladbrokes PLC 6,103,184

Turkiye Garanti Bankasi AS 5,785,358

Chaoda Modern Agriculture Holdings Ltd 5,732,775






JPMorgan Chase & Co 12,882,221

Heineken NV 11,136,528

Hana Financial Group Inc 11,089,625

Turkiye Is Bankasi 9,805,658


Pfizer Inc 9,665,555

Xingda International Holdings Ltd 9,269,427

Golden Meditech Holdings Ltd 9,178,169

Daegu Bank Ltd 8,114,680

Turkiye Sinai Kalkinma Bankasi AS 7,781,974

PGM Holdings K K 7,139,556

World Acceptance Corp 6,880,409

NET Holding AS 6,559,600

Renault SA 6,552,159

Citigroup Inc 5,921,577

Fufeng Group Ltd 5,904,103


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SANLAM GLOBAL FINANCIAL FUND



Deutsche Bank AG 10,734,192

Societe Generale 8,558,399


Woori Finance Holdings Co Ltd 8,050,681

Mitsubishi UFJ Financial Group Inc 7,868,184

Chiba Bank Ltd 7,597,432

Sumitomo Mitsui Financial Group Inc 6,856,719


Indiabulls Financial Services Ltd 5,705,344

Resona Holdings Inc 4,203,700

Nishi-Nippon City Bank Ltd 4,176,570

Renaissancere Holdings Ltd 4,085,542

DnB NOR ASA 3,994,395

UBS AG 3,933,428


US Bancorp 3,572,573

Novae Group PLC 3,351,295

Bank Rakyat Indonesa 3,233,002


Aareal Bank AG 3,192,098



Societe Generale 8,395,107




DnB NOR ASA 5,936,571

Hana Financial Group Inc 5,548,244


US Bancorp 4,355,135

JPMorgan Chase & Co 4,240,841

Daegu Bank Ltd 4,232,325

UBS AG 4,092,070

Bank Rakyat Indonesa 3,359,850


Kiatnakin Bank PCL 3,279,386

OTP Bank PLC 3,209,874

World Acceptance Corp 2,866,623

Is Finansal Kiralama AS 2,791,968

Union Bank of India 2,595,714

United Bank of India 2,450,820

Turkiye Sinai Kalkinma Bankasi AS 2,342,344

181

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SANLAM UNIVERSAL BOND FUND

Purchases Coupon Maturity Cost (USD)


Institutional US Dollar Liquidity Fund 75,939,641

Bundesrepublik Deutschland 2.25 15/04/2013 29,495,735

Fannie Mae Pool 4.00 15/05/2039 16,849,078

Fannie Mae Pool 4.00 13/07/2039 16,255,688

Fannie Mae Pool 4.00 15/06/2039 15,964,594

Fannie Mae Pool 4.00 15/04/2039 15,901,313

Fannie Mae Pool 4.00 15/04/2039 15,879,250

United States Treasury Note/Bond 2.00 30/04/2016 15,278,850

Japan Government Ten Year Bond 1.00 20/09/2020 12,886,393

Ginnie Mae I pool 5.00 15/05/2035 9,870,371

Fannie Mae Pool 4.00 15/02/2039 9,688,281


Nykredit Realkredit A/S 4.00 01/10/2041 8,424,106

Freddie Mac Gold Pool 4.00 15/07/2039 7,641,266







Sales Coupon Maturity Proceeds (USD)


Institutional US Dollar Liquidity Fund 89,694,186



Fannie Mae Pool 4.00 15/05/2039 17,015,664

Fannie Mae Pool 4.00 15/06/2039 16,309,477

Fannie Mae Pool 4.00 15/03/2039 15,958,938

Fannie Mae Pool 4.00 15/04/2039 15,904,320




Australia Government Bond 5.75 15/05/2021 10,427,009

Ginnie Mae I pool 5.00 20/09/2020 10,013,121


Fannie Mae Pool 4.00 15/01/2039 9,716,570

Fannie Mae Pool 4.00 15/05/2035 9,681,258






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SPI GLOBAL BALANCED FUND

Purchases Coupon Maturity Cost (USD)


Bundesrepublik Deutschland 2.50 04/01/2021 138,793

Enel Finance International NV 4.00 14/09/2016 135,522

Instituto de Credito Oficial 5.13 25/01/2016 134,380

European Investment Bank 1.40 20/06/2017 131,280

Motorola Mobility Holdings Inc 129,742


Apache Corp 69,986

Core Laboratories NV 69,598

ArcelorMittal 69,460

Capital One Financial Corp 69,340

Western Union Co 68,634

Cimarex Energy Co 68,334

SunTrust Banks Inc 67,964

iShares FTSE A50 China Index 62,214

United States Steel Corp 57,061

Caterpillar Inc 56,191

Stanley Black & Decker Inc 53,855

Hewlett-Packard Co 52,132

Societe Generale 51,790

McDonald's Corp 51,322

Sales Coupon Maturity Proceeds (USD)


SPDR Gold Trust 253,537

Bundesrepublik Deutschland 3.75 04/01/2019 239,578

Barrick Gold Corp 148,090

Coach Inc 118,214

Kreditanstalt fuer Wiederaufbau 1.35 20/01/2014 111,949


Weatherford International Ltd 92,428

Nomura TOPIX Banks 85,692

Swatch Group AG 77,564

Alpha Natural Resources Inc 77,175

TJX Cos Inc 75,836

Netflix Inc 73,681

Gilead Sciences Inc 73,401

Nestle SA 72,223

Impala Platinum Holdings Ltd 70,250

Sulzer AG 64,053

ArcelorMittal 62,875

Western Union Co 62,185

Danaher Corp 62,062

Cree Inc 61,871

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SPI GLOBAL EQUITY FUND



iShares MSCI ACWI Index Fund 915,933




Red Electrica de Espana 572,247

Total SA 571,697

Exxon Mobil Corp 549,739

Apple Inc 545,138



Komatsu Ltd 531,568

Toyota Motor Corp 523,717


Danaher Corp 504,406

Fortescue Metals Group Ltd 497,892

SunTrust Banks Inc 496,501

Siemens AG 493,908

Hewlett-Packard Co 491,725


Google Inc 489,146



Danaher Corp 1,009,766

iShares MSCI ACWI Index Fund 889,141

Nomura TOPIX 813,826



Dresser-Rand Group Inc 697,424


Allianz SE 666,884

EMC Corp/Massachusetts 665,608

Barrick Gold Corp 622,286

TJX Cos Inc 619,057


Praxair Inc 590,875


Gilead Sciences Inc 575,613

Church & Dwight Co Inc 567,490

Nomura TOPIX Banks 562,948

Apple Inc 550,017



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PSOLVE INFLATION PLUS FUND

Purchases Coupon Maturity Cost (GBP)

(being the largest purchases in the period to 30 June 2011)

PIMCO Emerging Local Bond Fund 3,277,061

Source Physical Markets Gold P-ETC 1,936,133

Commonwealth Bank of Australia 2.50 05/18/2011 1,897,049

iShares MDAX DE 1,874,770


UK Treasury Index Linked Bond 2.95 03/07/2020 1,609,296

UK Government Bond 2.95 03/07/2020 1,544,958

iShares Markit IBOXX Euro High Yield 1,458,860

SPDR Barclays Capital High Yield Bond 882,060

iShares Barclays Capital Emerging Market Local Government Bond 792,867

UK Treasury Index Linked Bond 787,846

iShares S&P Global 100 Index Fund 728,186

iShares MSCI Australia Index Fund 707,612

iShares JPMorgan Emerging Markets Bond Fund 689,189

Global X Uranium 367,822

FTSE Vietnam 136,497

Sales Coupon Maturity Proceeds (GBP)


iShares IBOXX USD High Yield Corporate Bond Fund 3,256,394

UK Treasury Index Linked Bond 2.50 03/15/2011 3,124,799

iShares MSCI Emerging Markets 2,935,357


SPDR Barclays Capital High Yield Bond 1,724,777

iShares JPMorgan Emerging Markets Bond Fund 1,583,654

Lyxor ETF Euro Stoxx 50 1,548,217

iShares MSCI World Islamic Fund 993,028

iShares MDAX DE 401,607

iShares DEX Real Return Bond Index Fund 359,258

iShares S&P Global 100 Index Fund 338,941

iShares DEX All Government Bond Index Fund 336,539

iShares MSCI Turkey 325,101

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GRINDROD INTERNATIONAL PROPERTY FUND



Campus Crest Communities Inc 1,105,640

Alpine Global Premier Properties Fund 921,241

Digital Realty Trust Inc 879,047

ING Clarion Global Real Estate Income Fund 760,641

U-Store-It Trust 735,965

CFS Retail Property Trust 720,125

Commonwealth Property Office Fund 685,537

ING Office Fund 614,665

Cromwell Group 525,694

Mid-America Apartment Communities Inc 522,922

Neuberger Berman Real Estate Securities Income Fund Inc 503,456

ING Global Real Estate Secs Ltd 503,160

New Europe Property Investment Plc 407,784

RMR Asia Pacific Real Estate Fund 403,948

LMP Real Estate Income Fund Inc 386,283

RMR Real Estate Income Fund 380,920

Associated Estates Realty Corp 373,766

Cohen & Steers REIT and Preferred Income Fund Inc 337,630

Cohen & Steers Quality Income Realty Fund Inc 300,051

Nuveen Real Estate Income Fund 210,993



Challenger Diversified Property Group 268,178

H&R Real Estate Investment Trust 210,782

Canadian Real Estate Investment Trust 206,833

Primaris Retail Real Estate Investment Trust 206,082

Killam Properties Inc 187,554

DWS RREEF World Real Estate Fund Inc 118,126

RiverSource LaSalle International Real Estate Fund Inc 104,453

U-Store-It Trust 104,144

Charter Hall Group 88,188

CFS Retail Property Trust 84,865

Invista Foundation Property Trust Ltd 78,555

Cohen & Steers Total Return Realty Fund Inc 75,110

Realex Properties Corp 40,043

First Potomac Realty Trust 33,662

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SANLAM US DOLLAR LIQUIDITY FUND

There were neither purchases nor sales for the period 1 January 2011 to 30 June 2011.

Issued by

Sanlam Asset Management (Ireland Limited)Beech Hill House

Beech Hill Road

Dublin 4

Ireland

interim financial statements - sanlamuniversa… · 4.8 sanlam global financial fund 71 4.9 sanlam...

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