| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| NESTLE SA | 7123870 | 452,007 | $17,583,257.50 | 3.18% |
| NOVARTIS, REGISTERED | 7103065 | 319,395 | $16,217,449.87 | 2.93% |
| EAST JAPAN RAILWAY | 6298542 | 2,235 | $15,907,495.70 | 2.88% |
| ROCHE HOLDINGS - GENUS | 7110388 | 102,549 | $15,687,906.31 | 2.84% |
| HSBC HLDS - NEW | 0540528 | 1,239,518 | $14,678,035.11 | 2.66% |
| NTT CORP | 6641373 | 3,238 | $13,216,063.57 | 2.39% |
| TOTAL SA NEW | B15C557 | 236,206 | $12,993,023.55 | 2.35% |
| TELEFONICA | 5732524 | 657,162 | $12,165,927.18 | 2.20% |
| NINTENDO (7974.T) | 6639550 | 34,600 | $11,119,524.51 | 2.01% |
| BROWN BROS CAYMAN STIF | CAYMANBBH | 10,319,888 | $10,319,888.87 | 1.87% |
| FRANCE TELECOM | 5176177 | 402,278 | $10,142,515.84 | 1.83% |
| SANOFI-AVENTIS EUR2 | 5671735 | 145,367 | $9,208,983.70 | 1.66% |
| ROYAL DUTCH SHELL B SHRES | B03MM40 | 335,773 | $9,101,486.16 | 1.64% |
| CENTRICA PLC | B033F22 | 1,845,032 | $9,064,251.84 | 1.64% |
| SUMITOMO CORP | 6858946 | 1,002,800 | $8,824,467.68 | 1.59% |
| ITOCHU CORP | 6467803 | 1,630,000 | $8,615,893.55 | 1.56% |
| ROYAL DUTCH SHELL A SHRS | B03MLX2 | 313,527 | $8,612,265.34 | 1.56% |
| UBS AG - REGISTERED | B18YFJ4 | 503,283 | $8,542,287.52 | 1.54% |
| BRITISH AMERICAN TOBACCO | 0287580 | 308,740 | $8,466,744.18 | 1.53% |
| BARCLAYS | 3134865 | 2,874,509 | $8,238,287.29 | 1.49% |
| VIVENDI UNIVERSAL | 4834777 | 307,664 | $8,041,145.32 | 1.45% |
| GAZ DE FRANCE | B0C2CQ3 | 174,043 | $7,746,407.11 | 1.40% |
| DAIICHI SANKYO CO. LTD. | B0J7D91 | 369,079 | $7,569,471.90 | 1.37% |
| BAE SYSTEMS PLC | 0263494 | 1,235,058 | $6,940,757.68 | 1.25% |
| ALLIANZ SE | 5231485 | 90,945 | $6,842,776.07 | 1.24% |
| ELECTRIC POWER DEV CO | B02Q328 | 224,346 | $6,680,785.15 | 1.21% |
| BHP BILLITON LIMITED | 6144690 | 336,995 | $6,471,675.40 | 1.17% |
| HONDA MOTOR | 6435145 | 258,932 | $6,439,754.15 | 1.16% |
| ASTRAZENECA | 0989529 | 151,765 | $6,430,220.53 | 1.16% |
| INDUSTRL & COMMERCAL BNK | B1G1QD8 | 13,586,760 | $6,393,056.38 | 1.15% |
| STATOIL ASA | 7133608 | 308,635 | $6,211,732.63 | 1.12% |
| SIEMENS AG | 5727973 | 102,935 | $6,182,736.05 | 1.12% |
| AHOLD NV | 5252602 | 570,942 | $6,128,575.74 | 1.11% |
| KONINKLIJKE PHILIPS ELECT | 5986622 | 309,336 | $5,715,820.70 | 1.03% |
| ARCELORMITTAL SA LUXEMBOU | 03938L104 | 216,534 | $5,684,017.50 | 1.03% |
| TOYOTA MOTOR CORP | 6900643 | 143,448 | $5,602,913.76 | 1.01% |
| NATL AUSTRALIA BANK | 6624608 | 345,294 | $5,600,691.66 | 1.01% |
| WM MORRISON SUPERMARKETS | 0604316 | 1,268,309 | $5,399,247.53 | 0.97% |
| DENSO CORP | 6640381 | 276,400 | $5,388,291.01 | 0.97% |
| BANQUE NATL PARIS A | 7309681 | 74,101 | $5,349,579.14 | 0.96% |
| CITIC INTERNATIONAL | 6484493 | 9,003,000 | $5,181,215.00 | 0.93% |
| ASTRAZENECA PLC-SPONS ADR | 046353108 | 121,379 | $5,153,752.34 | 0.93% |
| G4S | B01FLG6 | 1,621,204 | $4,909,102.22 | 0.88% |
| LINDE | 5740817 | 57,766 | $4,858,405.72 | 0.88% |
| ORIX CORP | 6661144 | 46,290 | $4,756,944.42 | 0.86% |
| CENTENNIAL COAL COMPANY | 6185622 | 2,012,187 | $4,730,038.97 | 0.85% |
| CHINA MOBILE ADR | 16941M109 | 106,967 | $4,694,781.63 | 0.85% |
| RESEARCH IN MOTION LTD. | 760975102 | 92,635 | $4,671,583.05 | 0.84% |
| E.ON AG (FORMERLY VEBA) | 4942904 | 120,636 | $4,616,313.47 | 0.83% |
| UNICREDITO ITALIANO | 4232445 | 1,848,465 | $4,524,564.96 | 0.82% |
| BRITISH LAND CO. | 0136701 | 451,788 | $4,504,098.83 | 0.81% |
| WHARF HLDGS | 6435576 | 2,236,500 | $4,462,454.70 | 0.80% |
| MIZUHO FINANCIAL GROUP | 6591014 | 1,810 | $4,420,558.68 | 0.80% |
| PUBLICIS GROUPE | 4380429 | 189,848 | $4,290,243.74 | 0.77% |
| ABB LTD | 7108899 | 318,518 | $4,180,750.83 | 0.75% |
| MONDI PLC | B1CRLC4 | 1,137,602 | $4,127,902.80 | 0.74% |
| PEUGEOT | 7103526 | 151,713 | $4,047,977.89 | 0.73% |
| AVIVA PLC | 0216238 | 652,392 | $3,890,707.39 | 0.70% |
| VINCI S.A. | B1XH026 | 102,803 | $3,699,186.23 | 0.67% |
| SABMILLER PLC | 0483548 | 232,627 | $3,694,221.56 | 0.66% |
| ING GROEP NV | 7154182 | 392,281 | $3,679,314.63 | 0.66% |
| INTERBREW | 4755317 | 90,942 | $3,667,557.77 | 0.66% |
| BHP BILLITON PLC. | 0056650 | 215,103 | $3,651,798.26 | 0.66% |
| AISIN SEIKI CO LTD | 6010702 | 205,100 | $3,630,084.13 | 0.65% |
| ASAHI KASEI CORPORATION | 6054603 | 957,000 | $3,600,402.44 | 0.65% |
| UBS AG-REGISTERED | H89231338 | 212,343 | $3,588,596.70 | 0.65% |
| ENERPLUS RESOURCES FUND | 29274D604 | 128,108 | $3,421,764.68 | 0.62% |
| MACQUARIE INFRASTRUCT | 6456942 | 2,513,515 | $3,293,325.12 | 0.59% |
| VENTURE CORP LTD | 6927374 | 899,000 | $3,286,381.37 | 0.59% |
| IND & COMM BANK OF CHINA | 6912530 | 3,102,731 | $3,269,612.19 | 0.59% |
| DRAX GROUP | B1VNSX3 | 346,870 | $3,222,535.04 | 0.58% |
| HENNES & MAURITZ, CL B | 5687431 | 88,717 | $3,183,062.72 | 0.57% |
| XSTRATA PLC | 3141100 | 181,200 | $3,098,650.62 | 0.56% |
| MAN | 5563520 | 62,143 | $3,017,658.71 | 0.54% |
| SUMITOMO MITSUI FINANCIAL | 6563024 | 738 | $2,959,143.36 | 0.53% |
| NATIONAL GRID TRANSCO | B08SNH3 | 259,528 | $2,922,998.52 | 0.52% |
| PRUDENTIAL CORP | 0709954 | 558,421 | $2,804,548.40 | 0.50% |
| SHIN-ETSU CHEMICAL | 6804585 | 52,300 | $2,780,594.44 | 0.50% |
| UNITED OVERSEAS BANK | 6916781 | 298,000 | $2,695,053.71 | 0.48% |
| NOVARTIS AG - ADR | 66987V109 | 52,643 | $2,684,266.57 | 0.48% |
| DOWNER EDI LTD | 6465573 | 806,529 | $2,618,282.65 | 0.47% |
| UBISOFT ENTERTAINMENT SA | B1L3CS6 | 48,823 | $2,580,450.11 | 0.46% |
| ALFA LAVAL AB | 7332687 | 355,325 | $2,566,446.58 | 0.46% |
| ADIDAS AG | 4031976 | 74,531 | $2,551,966.50 | 0.46% |
| VOLKSWAGEN | 5497102 | 4,185 | $2,532,785.59 | 0.45% |
| FUTABA INDUSTRIAL CO. LTD | 6357744 | 392,931 | $2,447,495.26 | 0.44% |
| MITSUBISHI UFJ FINL ADR | 606822104 | 369,383 | $2,316,031.41 | 0.41% |
| ORIX JREIT INC REIT | 6527774 | 471 | $2,159,585.03 | 0.39% |
| GAME GROUP PLC | 0736015 | 1,010,426 | $2,119,086.87 | 0.38% |
| ROYAL BANK OF SCOTLAND | 0754783 | 1,836,015 | $2,021,976.88 | 0.36% |
| BASF AG | 5086577 | 58,962 | $1,979,177.79 | 0.35% |
| SOC GENERALE | 5966516 | 35,166 | $1,916,504.74 | 0.34% |
| NIDEC CORP | 6640682 | 33,383 | $1,795,816.90 | 0.32% |
| MITSUI & CO LTD | 6597302 | 180,000 | $1,744,465.54 | 0.31% |
| TAKATA CORP. | B1FSLW4 | 240,528 | $1,740,390.35 | 0.31% |
| OMV AG ATS100 (AMVV.VI) | 4651459 | 54,278 | $1,737,235.50 | 0.31% |
| KONINKLIJKE DSM NV | B0HZL93 | 58,453 | $1,627,636.63 | 0.29% |
| NOMURA REAL ESTATE OFFICE | 6718211 | 283 | $1,609,243.76 | 0.29% |
| MTN GROUP LTD | 6563206 | 115,947 | $1,303,662.39 | 0.23% |
| MACQUARIE GROUP | B28YTC2 | 60,190 | $1,193,669.41 | 0.21% |
| ROYAL BANK OF SCOTLAND | 780097721 | 949,545 | $870,733.22 | 0.15% |
| UNITED TRACTORS TBK | 6230845 | 2,742,928 | $806,870.76 | 0.14% |
| FORTIS GROUP RIGHTS | B3DWVD3 | 866,146 | $0.00 | 0.00% |
| Total Fund Assets | | | $551,637,078.36 | 100.00% |
