Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameYPF SA 56,763 782,678.34 795,249.63 12,571.29 ARGENTINA Energy EnergyCRESUD SACIF Y A 49,942 671,672.56 578,827.78 (92,844.78) ARGENTINA Real Estate Real EstateIRSA INVERSIONES Y REPRESENTAC 48,200 775,326.98 525,380.00 (249,946.98) ARGENTINA Real Estate Real EstateIRSA PROPIEDADES COMERCIALES S 1,335 33,375.01 27,434.25 (5,940.76) ARGENTINA Real Estate Real EstateBHP GROUP PLC 804,819 16,102,104.37 19,386,626.79 3,284,522.42 AUSTRALIA Materials MaterialsBHP GROUP LTD 511,000 13,304,849.59 13,971,440.83 666,591.24 AUSTRALIA Materials MaterialsCOMMONWEALTH BANK OF AUSTRALIA 156,242 7,872,953.24 7,840,086.70 (32,866.54) AUSTRALIA Financials BanksMACQUARIE GROUP LTD 84,038 4,306,293.15 7,725,907.23 3,419,614.08 AUSTRALIA Financials Diversified FinancialsAUSTRALIA & NEW ZEALAND BANKIN 371,323 7,275,493.82 6,865,914.71 (409,579.11) AUSTRALIA Financials BanksSOUTH32 LTD 2,560,729 6,739,835.78 6,784,921.64 45,085.86 AUSTRALIA Materials MaterialsWESTPAC BANKING CORP 364,008 7,783,740.48 6,702,214.31 (1,081,526.17) AUSTRALIA Financials BanksOIL SEARCH LTD 1,190,877 7,857,332.53 6,640,624.89 (1,216,707.64) AUSTRALIA Energy EnergyBLUESCOPE STEEL LTD 624,948 5,007,748.89 6,192,848.77 1,185,099.88 AUSTRALIA Materials MaterialsNATIONAL AUSTRALIA BANK LTD 313,846 6,854,592.31 5,633,706.60 (1,220,885.71) AUSTRALIA Financials BanksQBE INSURANCE GROUP LTD 605,758 5,559,803.96 5,296,995.40 (262,808.56) AUSTRALIA Financials InsuranceAMCOR LTD/AUSTRALIA 478,261 4,719,755.94 5,228,486.27 508,730.33 AUSTRALIA Materials MaterialsCSL LTD 35,590 2,330,588.08 4,928,347.64 2,597,759.56 AUSTRALIA Health Care Pharmaceuticals, Biotechnology & Life SciencesWESFARMERS LTD 175,639 5,115,323.61 4,323,112.93 (792,210.68) AUSTRALIA Consumer Discretionary RetailingMETCASH LTD 2,116,819 3,385,390.55 3,984,758.31 599,367.76 AUSTRALIA Consumer Staples Food & Staples RetailingFORTESCUE METALS GROUP LTD 778,100 2,842,267.72 3,929,862.91 1,087,595.19 AUSTRALIA Materials MaterialsNORTHERN STAR RESOURCES LTD 605,445 3,288,551.92 3,849,196.81 560,644.89 AUSTRALIA Materials MaterialsCIMIC GROUP LTD 111,670 2,911,232.87 3,828,214.09 916,981.22 AUSTRALIA Industrials Capital GoodsAGL ENERGY LTD 228,932 3,748,778.23 3,540,277.60 (208,500.63) AUSTRALIA Utilities UtilitiesWOODSIDE PETROLEUM LTD 143,115 3,873,108.92 3,519,529.45 (353,579.47) AUSTRALIA Energy EnergyWOOLWORTHS GROUP LTD 154,651 3,278,535.39 3,339,632.66 61,097.27 AUSTRALIA Consumer Staples Food & Staples RetailingBHP GROUP LTD 60,847 3,087,273.83 3,326,505.49 239,231.66 AUSTRALIA Materials MaterialsCLEANAWAY WASTE MANAGEMENT LTD 1,916,118 1,468,546.72 3,021,674.01 1,553,127.29 AUSTRALIA Industrials Commercial & Professional ServicesLENDLEASE GROUP 343,264 3,909,157.93 3,018,709.27 (890,448.66) AUSTRALIA Real Estate Real EstateDOWNER EDI LTD 499,312 1,986,859.41 2,723,990.62 737,131.21 AUSTRALIA Industrials Commercial & Professional ServicesOZ MINERALS LTD 355,562 1,451,789.31 2,677,278.74 1,225,489.43 AUSTRALIA Materials MaterialsQANTAS AIRWAYS LTD 635,892 1,699,069.55 2,556,655.30 857,585.75 AUSTRALIA Industrials TransportationBEACH ENERGY LTD 1,741,504 1,899,952.26 2,548,379.38 648,427.12 AUSTRALIA Energy EnergyTELSTRA CORP LTD 956,537 2,846,707.50 2,255,860.51 (590,846.99) AUSTRALIA Communication Services Telecommunication ServicesAURIZON HOLDINGS LTD 684,788 2,382,822.52 2,213,298.18 (169,524.34) AUSTRALIA Industrials TransportationNEWCREST MINING LTD 117,577 2,083,255.94 2,130,616.18 47,360.24 AUSTRALIA Materials MaterialsRAMSAY HEALTH CARE LTD 46,342 1,853,983.61 2,118,340.21 264,356.60 AUSTRALIA Health Care Health Care Equipment & ServicesCARSALES.COM LTD 218,348 1,749,400.67 1,962,059.31 212,658.64 AUSTRALIA Communication Services Media & EntertainmentBANK OF QUEENSLAND LTD 273,617 2,448,294.73 1,768,710.92 (679,583.81) AUSTRALIA Financials BanksBRAMBLES LTD 210,039 1,463,301.11 1,754,606.16 291,305.05 AUSTRALIA Industrials Commercial & Professional ServicesORIGIN ENERGY LTD 326,373 2,212,648.41 1,669,241.23 (543,407.18) AUSTRALIA Energy EnergyANSELL LTD 91,215 1,512,547.92 1,647,078.10 134,530.18 AUSTRALIA Health Care Health Care Equipment & ServicesCOCA-COLA AMATIL LTD 267,902 1,959,951.95 1,646,131.20 (313,820.75) AUSTRALIA Consumer Staples Food, Beverage & TobaccoSUNCORP GROUP LTD 164,231 1,381,519.22 1,607,595.34 226,076.12 AUSTRALIA Financials InsuranceCALTEX AUSTRALIA LTD 83,746 1,651,509.21 1,559,205.94 (92,303.27) AUSTRALIA Energy EnergyGRAINCORP LTD 238,196 1,674,437.10 1,553,279.21 (121,157.89) AUSTRALIA Consumer Staples Food, Beverage & TobaccoOCEANAGOLD CORP 491,961 1,161,503.11 1,546,641.87 385,138.76 AUSTRALIA Materials MaterialsST BARBARA LTD 636,534 961,898.54 1,523,785.69 561,887.15 AUSTRALIA Materials MaterialsALTIUM LTD 66,326 745,626.27 1,522,746.27 777,120.00 AUSTRALIA Information Technology Software & ServicesASX LTD 30,477 1,126,954.96 1,511,989.69 385,034.73 AUSTRALIA Financials Diversified FinancialsHEALTHSCOPE LTD 859,540 1,365,983.56 1,483,695.40 117,711.84 AUSTRALIA Health Care Health Care Equipment & Services

Alaska Permanent Fund Corporation

Holdings of Publicly Traded Companies

03/31/2019

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameCOMPUTERSHARE LTD 118,278 1,397,660.67 1,435,040.72 37,380.05 AUSTRALIA Information Technology Software & ServicesINDEPENDENCE GROUP NL 407,361 1,344,348.82 1,406,332.79 61,983.97 AUSTRALIA Materials MaterialsDULUXGROUP LTD 262,472 1,153,423.00 1,379,707.69 226,284.69 AUSTRALIA Materials MaterialsWORLEYPARSONS LTD 134,239 1,234,885.25 1,350,250.50 115,365.25 AUSTRALIA Energy EnergySANTOS LTD 268,469 1,367,716.12 1,302,528.50 (65,187.62) AUSTRALIA Energy EnergyNINE ENTERTAINMENT CO HOLDINGS 1,030,690 1,255,791.33 1,251,977.60 (3,813.73) AUSTRALIA Communication Services Media & EntertainmentTRANSURBAN GROUP 125,340 822,605.41 1,175,265.55 352,660.14 AUSTRALIA Industrials TransportationINSURANCE AUSTRALIA GROUP LTD 210,546 842,170.34 1,148,631.18 306,460.84 AUSTRALIA Financials InsuranceVOCUS GROUP LTD 431,890 886,561.85 1,132,066.39 245,504.54 AUSTRALIA Communication Services Telecommunication ServicesPERPETUAL LTD 39,189 1,342,116.71 1,076,770.21 (265,346.50) AUSTRALIA Financials Diversified FinancialsCOLES GROUP LTD 126,505 1,147,509.47 1,064,874.49 (82,634.98) AUSTRALIA Consumer Staples Food & Staples RetailingCSR LTD 415,606 1,281,615.61 980,149.40 (301,466.21) AUSTRALIA Materials MaterialsQUBE HOLDINGS LTD 491,510 880,610.00 977,603.57 96,993.57 AUSTRALIA Industrials TransportationAMP LTD 613,143 2,344,238.22 914,646.87 (1,429,591.35) AUSTRALIA Financials Diversified FinancialsIOOF HOLDINGS LTD 209,984 1,477,388.65 912,872.26 (564,516.39) AUSTRALIA Financials Diversified FinancialsSTEADFAST GROUP LTD 370,760 613,344.83 834,880.89 221,536.06 AUSTRALIA Financials InsurancePREMIER INVESTMENTS LTD 71,326 655,714.36 823,836.06 168,121.70 AUSTRALIA Consumer Discretionary RetailingSPARK INFRASTRUCTURE GROUP 493,139 732,863.14 798,686.94 65,823.80 AUSTRALIA Utilities UtilitiesPERSEUS MINING LTD 2,367,710 668,665.28 773,675.29 105,010.01 AUSTRALIA Materials MaterialsSANDFIRE RESOURCES NL 155,639 804,535.74 763,956.91 (40,578.83) AUSTRALIA Materials MaterialsADELAIDE BRIGHTON LTD 237,625 868,597.02 759,586.13 (109,010.89) AUSTRALIA Materials MaterialsPENDAL GROUP LTD 112,333 730,075.48 738,110.66 8,035.18 AUSTRALIA Financials Diversified FinancialsILUKA RESOURCES LTD 111,710 572,285.18 714,178.79 141,893.61 AUSTRALIA Materials MaterialsORORA LTD 324,861 534,760.73 689,987.39 155,226.66 AUSTRALIA Materials MaterialsLINK ADMINISTRATION HOLDINGS L 129,106 762,450.92 676,823.10 (85,627.82) AUSTRALIA Information Technology Software & ServicesMAGELLAN FINANCIAL GROUP LTD 25,550 361,887.72 661,184.19 299,296.47 AUSTRALIA Financials Diversified FinancialsEVOLUTION MINING LTD 253,695 391,210.16 659,576.81 268,366.65 AUSTRALIA Materials MaterialsAPA GROUP 92,978 524,033.66 659,148.29 135,114.63 AUSTRALIA Utilities UtilitiesORICA LTD 52,603 833,771.06 658,772.12 (174,998.94) AUSTRALIA Materials MaterialsG8 EDUCATION LTD 303,633 759,872.79 653,527.68 (106,345.11) AUSTRALIA Consumer Discretionary Consumer ServicesTABCORP HOLDINGS LTD 198,552 801,656.72 651,611.32 (150,045.40) AUSTRALIA Consumer Discretionary Consumer ServicesMINERAL RESOURCES LTD 57,862 429,253.45 649,415.90 220,162.45 AUSTRALIA Materials MaterialsJB HI-FI LTD 36,035 606,183.41 638,656.68 32,473.27 AUSTRALIA Consumer Discretionary RetailingSONIC HEALTHCARE LTD 35,960 455,577.38 627,365.21 171,787.83 AUSTRALIA Health Care Health Care Equipment & ServicesPLATINUM ASSET MANAGEMENT LTD 190,904 828,148.48 622,443.73 (205,704.75) AUSTRALIA Financials Diversified FinancialsALS LTD 114,779 476,833.45 618,837.47 142,004.02 AUSTRALIA Industrials Commercial & Professional ServicesATLAS ARTERIA LTD 115,504 356,307.70 592,388.48 236,080.78 AUSTRALIA Industrials TransportationTASSAL GROUP LTD 167,081 456,096.02 576,813.91 120,717.89 AUSTRALIA Consumer Staples Food, Beverage & TobaccoWHITEHAVEN COAL LTD 199,845 569,872.00 574,937.58 5,065.58 AUSTRALIA Energy EnergyINCITEC PIVOT LTD 256,512 696,661.49 568,505.49 (128,156.00) AUSTRALIA Materials MaterialsSARACEN MINERAL HOLDINGS LTD 275,636 172,661.22 567,814.30 395,153.08 AUSTRALIA Materials MaterialsAUSDRILL LTD 487,392 511,555.14 564,336.82 52,781.68 AUSTRALIA Materials MaterialsSTAR ENTERTAINMENT GRP LTD/THE 187,782 596,216.86 557,574.15 (38,642.71) AUSTRALIA Consumer Discretionary Consumer ServicesAFTERPAY TOUCH GROUP LTD 37,133 315,736.02 552,607.08 236,871.06 AUSTRALIA Information Technology Software & ServicesHARVEY NORMAN HOLDINGS LTD 189,067 517,440.13 539,901.06 22,460.93 AUSTRALIA Consumer Discretionary RetailingRESOLUTE MINING LTD 625,495 469,560.96 537,627.66 68,066.70 AUSTRALIA Materials MaterialsREGIS RESOURCES LTD 142,100 258,265.43 534,985.90 276,720.47 AUSTRALIA Materials MaterialsMCMILLAN SHAKESPEARE LTD 62,267 590,583.53 530,776.36 (59,807.17) AUSTRALIA Industrials Commercial & Professional ServicesNUFARM LTD/AUSTRALIA 153,839 799,040.46 514,706.61 (284,333.85) AUSTRALIA Materials MaterialsSOUTHERN CROSS MEDIA GROUP LTD 613,251 569,272.37 509,678.74 (59,593.63) AUSTRALIA Communication Services Media & EntertainmentNIB HOLDINGS LTD/AUSTRALIA 135,629 489,537.38 504,842.88 15,305.50 AUSTRALIA Financials InsuranceNRW HOLDINGS LTD 298,333 204,531.31 504,371.62 299,840.31 AUSTRALIA Industrials Capital GoodsBENDIGO & ADELAIDE BANK LTD 71,860 618,960.13 494,122.86 (124,837.27) AUSTRALIA Financials BanksMAYNE PHARMA GROUP LTD 984,150 783,535.26 485,868.22 (297,667.04) AUSTRALIA Health Care Pharmaceuticals, Biotechnology & Life SciencesBORAL LTD 147,877 605,315.77 482,153.93 (123,161.84) AUSTRALIA Materials Materials

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameTECHNOLOGY ONE LTD 84,794 243,670.54 481,867.34 238,196.80 AUSTRALIA Information Technology Software & ServicesAPPEN LTD 29,772 237,144.03 471,189.47 234,045.44 AUSTRALIA Information Technology Software & ServicesSUPER RETAIL GROUP LTD 82,146 512,066.00 468,569.86 (43,496.14) AUSTRALIA Consumer Discretionary RetailingMEDIBANK PVT LTD 234,809 434,173.20 460,358.54 26,185.34 AUSTRALIA Financials InsuranceAUSTRALIAN PHARMACEUTICAL INDU 425,216 488,825.81 457,609.07 (31,216.74) AUSTRALIA Health Care Health Care Equipment & ServicesASALEO CARE LTD 702,771 970,924.77 446,795.98 (524,128.79) AUSTRALIA Consumer Staples Household & Personal ProductsARISTOCRAT LEISURE LTD 25,005 164,558.25 435,354.01 270,795.76 AUSTRALIA Consumer Discretionary Consumer ServicesHEALIUS LTD 228,819 741,040.13 427,484.35 (313,555.78) AUSTRALIA Health Care Health Care Equipment & ServicesGENWORTH MORTGAGE INSURANCE AU 249,990 540,938.45 424,417.15 (116,521.30) AUSTRALIA Financials BanksNEXTDC LTD 89,752 311,037.73 402,296.15 91,258.42 AUSTRALIA Information Technology Software & ServicesBRICKWORKS LTD 32,321 356,425.54 397,653.72 41,228.18 AUSTRALIA Materials MaterialsWEBJET LTD 37,957 215,614.09 392,308.09 176,694.00 AUSTRALIA Consumer Discretionary RetailingCORPORATE TRAVEL MANAGEMENT LT 20,830 235,947.95 376,721.20 140,773.25 AUSTRALIA Consumer Discretionary Consumer ServicesMYOB GROUP LTD 155,515 399,719.19 367,865.37 (31,853.82) AUSTRALIA Information Technology Software & ServicesIRESS LTD 39,264 310,097.49 364,537.75 54,440.26 AUSTRALIA Information Technology Software & ServicesMOUNT GIBSON IRON LTD 525,554 94,793.91 347,194.38 252,400.47 AUSTRALIA Materials MaterialsWESTERN AREAS LTD 215,801 540,312.81 344,912.04 (195,400.77) AUSTRALIA Materials MaterialsCOCHLEAR LTD 2,778 160,074.47 341,942.48 181,868.01 AUSTRALIA Health Care Health Care Equipment & ServicesCROWN RESORTS LTD 41,735 383,391.96 341,230.72 (42,161.24) AUSTRALIA Consumer Discretionary Consumer ServicesTREASURY WINE ESTATES LTD 31,709 199,968.67 336,290.61 136,321.94 AUSTRALIA Consumer Staples Food, Beverage & TobaccoNAVITAS LTD 79,013 313,526.68 324,413.39 10,886.71 AUSTRALIA Consumer Discretionary Consumer ServicesIDP EDUCATION LTD 31,027 144,091.00 321,123.23 177,032.23 AUSTRALIA Consumer Discretionary Consumer ServicesINVOCARE LTD 31,203 268,313.34 314,965.38 46,652.04 AUSTRALIA Consumer Discretionary Consumer ServicesMONADELPHOUS GROUP LTD 25,334 290,110.79 312,230.72 22,119.93 AUSTRALIA Industrials Capital GoodsSIGMA HEALTHCARE LTD 836,721 531,318.14 312,041.51 (219,276.63) AUSTRALIA Health Care Health Care Equipment & ServicesWISETECH GLOBAL LTD 18,800 101,442.76 308,757.89 207,315.13 AUSTRALIA Information Technology Software & ServicesSEVEN GROUP HOLDINGS LTD 24,452 147,162.73 305,702.82 158,540.09 AUSTRALIA Industrials Capital GoodsARB CORP LTD 24,843 255,903.19 303,532.27 47,629.08 AUSTRALIA Consumer Discretionary Automobiles & ComponentsEVENT HOSPITALITY AND ENTERTAI 30,756 287,677.14 297,563.28 9,886.14 AUSTRALIA Communication Services Media & EntertainmentBAPCOR LTD 75,291 281,514.74 295,225.95 13,711.21 AUSTRALIA Consumer Discretionary RetailingSELECT HARVESTS LTD 67,670 355,413.40 292,261.86 (63,151.54) AUSTRALIA Consumer Staples Food, Beverage & TobaccoESTIA HEALTH LTD 152,283 422,618.25 290,988.67 (131,629.58) AUSTRALIA Health Care Health Care Equipment & ServicesCOSTA GROUP HOLDINGS LTD 78,036 214,718.76 284,924.97 70,206.21 AUSTRALIA Consumer Staples Food, Beverage & TobaccoBREVILLE GROUP LTD 24,513 163,981.49 283,480.54 119,499.05 AUSTRALIA Consumer Discretionary Consumer Durables & ApparelMYER HOLDINGS LTD 636,537 863,854.02 280,341.72 (583,512.30) AUSTRALIA Consumer Discretionary RetailingSYDNEY AIRPORT 51,950 181,198.25 274,186.94 92,988.69 AUSTRALIA Industrials TransportationVIVA ENERGY GROUP LTD 155,937 225,460.94 271,386.13 45,925.19 AUSTRALIA Energy EnergyDOMINO'S PIZZA ENTERPRISES LTD 8,742 312,511.09 269,632.97 (42,878.12) AUSTRALIA Consumer Discretionary Consumer ServicesCOOPER ENERGY LTD 741,381 192,475.44 263,320.00 70,844.56 AUSTRALIA Energy EnergyINGHAMS GROUP LTD 84,134 235,714.55 261,171.25 25,456.70 AUSTRALIA Consumer Staples Food, Beverage & TobaccoSMARTGROUP CORP LTD 45,788 254,087.26 257,602.01 3,514.75 AUSTRALIA Industrials Commercial & Professional ServicesHT&E LTD 211,545 744,939.86 256,963.40 (487,976.46) AUSTRALIA Communication Services Media & EntertainmentIPH LTD 50,649 180,343.15 253,288.77 72,945.62 AUSTRALIA Industrials Commercial & Professional ServicesCOLLINS FOODS LTD 47,211 186,764.50 243,473.78 56,709.28 AUSTRALIA Consumer Discretionary Consumer ServicesBLACKMORES LTD 3,610 262,962.08 238,819.18 (24,142.90) AUSTRALIA Consumer Staples Household & Personal ProductsBELLAMY'S AUSTRALIA LTD 28,099 235,294.54 221,557.39 (13,737.15) AUSTRALIA Consumer Staples Food, Beverage & TobaccoNEW HOPE CORP LTD 103,560 198,394.37 221,427.18 23,032.81 AUSTRALIA Energy EnergyGUD HOLDINGS LTD 26,069 189,413.17 220,921.11 31,507.94 AUSTRALIA Consumer Discretionary Automobiles & ComponentsMMG LTD 540,000 164,300.20 219,440.88 55,140.68 AUSTRALIA Materials MaterialsCREDIT CORP GROUP LTD 13,757 152,137.81 216,847.00 64,709.19 AUSTRALIA Financials Diversified FinancialsSEVEN WEST MEDIA LTD 613,372 606,748.89 213,497.32 (393,251.57) AUSTRALIA Communication Services Media & EntertainmentBRAVURA SOLUTIONS LTD 54,520 138,929.55 211,843.70 72,914.15 AUSTRALIA Information Technology Software & ServicesCHALLENGER LTD 35,957 255,612.69 211,488.22 (44,124.47) AUSTRALIA Financials Diversified FinancialsALUMINA LTD 121,641 148,746.96 209,106.59 60,359.63 AUSTRALIA Materials MaterialsVILLAGE ROADSHOW LTD 90,792 360,922.81 208,960.87 (151,961.94) AUSTRALIA Communication Services Media & Entertainment

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameTPG TELECOM LTD 41,968 206,880.20 207,193.19 312.99 AUSTRALIA Communication Services Telecommunication ServicesRIDLEY CORP LTD 209,612 171,560.44 206,223.58 34,663.14 AUSTRALIA Consumer Staples Food, Beverage & TobaccoSILVER LAKE RESOURCES LTD 351,940 101,559.45 205,000.48 103,441.03 AUSTRALIA Materials MaterialsAUSTAL LTD 128,196 172,957.90 204,894.06 31,936.16 AUSTRALIA Industrials Capital GoodsAUTOMOTIVE HOLDINGS GROUP LTD 162,692 450,129.79 202,244.46 (247,885.33) AUSTRALIA Consumer Discretionary RetailingSEEK LTD 15,865 147,503.38 197,670.59 50,167.21 AUSTRALIA Industrials Commercial & Professional ServicesSPEEDCAST INTERNATIONAL LTD 72,949 228,481.85 194,322.45 (34,159.40) AUSTRALIA Communication Services Telecommunication ServicesBEGA CHEESE LTD 57,810 271,876.70 187,668.57 (84,208.13) AUSTRALIA Consumer Staples Food, Beverage & TobaccoAVEO GROUP 132,608 303,787.75 185,570.25 (118,217.50) AUSTRALIA Real Estate Real EstateSUNLAND GROUP LTD 155,835 219,466.54 178,222.80 (41,243.74) AUSTRALIA Real Estate Real EstateRAMELIUS RESOURCES LTD 289,856 105,742.94 176,043.83 70,300.89 AUSTRALIA Materials MaterialsDOMAIN HOLDINGS AUSTRALIA LTD 93,304 265,130.36 169,010.17 (96,120.19) AUSTRALIA Communication Services Media & EntertainmentNAVIGATOR GLOBAL INVESTMENTS L 76,055 157,028.50 168,019.83 10,991.33 AUSTRALIA Financials Diversified FinancialsPRO MEDICUS LTD 15,161 80,374.27 159,390.33 79,016.06 AUSTRALIA Health Care Health Care Equipment & ServicesJAPARA HEALTHCARE LTD 159,419 244,266.58 158,540.60 (85,725.98) AUSTRALIA Health Care Health Care Equipment & ServicesOOH!MEDIA LTD 56,842 198,071.58 157,069.31 (41,002.27) AUSTRALIA Communication Services Media & EntertainmentVILLA WORLD LTD 96,562 168,114.59 152,276.05 (15,838.54) AUSTRALIA Real Estate Real EstateVIRTUS HEALTH LTD 52,896 276,311.53 149,922.94 (126,388.59) AUSTRALIA Health Care Health Care Equipment & ServicesFLEXIGROUP LTD/AUSTRALIA 152,108 274,849.10 149,649.15 (125,199.95) AUSTRALIA Financials Diversified FinancialsSERVICE STREAM LTD 98,412 57,125.36 147,503.70 90,378.34 AUSTRALIA Industrials Capital GoodsMACA LTD 210,841 185,581.07 146,775.49 (38,805.58) AUSTRALIA Materials MaterialsGALAXY RESOURCES LTD 109,658 201,764.23 146,443.65 (55,320.58) AUSTRALIA Materials MaterialsREA GROUP LTD 2,756 105,343.81 146,242.03 40,898.22 AUSTRALIA Communication Services Media & EntertainmentAUSNET SERVICES 114,868 102,349.88 144,833.77 42,483.89 AUSTRALIA Utilities UtilitiesELDERS LTD 33,517 163,864.56 144,519.42 (19,345.14) AUSTRALIA Consumer Staples Food, Beverage & TobaccoGWA GROUP LTD 63,929 157,264.60 144,410.05 (12,854.55) AUSTRALIA Industrials Capital GoodsCENTURIA INDUSTRIAL REIT 65,570 127,373.26 140,198.73 12,825.47 AUSTRALIA Real Estate Real EstateVIRGIN AUSTRALIA HOLDINGS LTD 1,001,322 377,004.91 135,144.92 (241,859.99) AUSTRALIA Industrials TransportationWESTGOLD RESOURCES LTD 150,116 188,332.59 134,359.98 (53,972.61) AUSTRALIA Materials MaterialsPILBARA MINERALS LTD 239,057 112,642.95 134,153.17 21,510.22 AUSTRALIA Materials MaterialsBINGO INDUSTRIES LTD 121,759 240,627.01 132,332.01 (108,295.00) AUSTRALIA Industrials Commercial & Professional ServicesAP EAGERS LTD 24,484 142,296.82 127,832.74 (14,464.08) AUSTRALIA Consumer Discretionary RetailingCEDAR WOODS PROPERTIES LTD 33,077 156,489.36 124,530.11 (31,959.25) AUSTRALIA Real Estate Real EstateWPP AUNZ LTD 277,382 160,160.03 124,134.13 (36,025.90) AUSTRALIA Communication Services Media & EntertainmentACCENT GROUP LTD 120,594 111,958.94 123,356.09 11,397.15 AUSTRALIA Consumer Discretionary RetailingFLIGHT CENTRE TRAVEL GROUP LTD 4,063 145,539.90 121,362.69 (24,177.21) AUSTRALIA Consumer Discretionary Consumer ServicesAUB GROUP LTD 12,886 109,185.03 119,820.23 10,635.20 AUSTRALIA Financials InsuranceECLIPX GROUP LTD 254,102 613,740.74 115,520.87 (498,219.87) AUSTRALIA Financials Diversified FinancialsARDENT LEISURE GROUP LTD 137,471 183,656.82 110,835.62 (72,821.20) AUSTRALIA Consumer Discretionary Consumer ServicesHUB24 LTD 11,172 107,806.67 109,914.02 2,107.35 AUSTRALIA Financials Diversified FinancialsA2B AUSTRALIA LTD 72,509 226,593.31 108,164.22 (118,429.09) AUSTRALIA Industrials Commercial & Professional ServicesSENEX ENERGY LTD 404,168 115,565.99 106,227.27 (9,338.72) AUSTRALIA Energy EnergyINFIGEN ENERGY 330,023 201,347.81 103,150.01 (98,197.80) AUSTRALIA Utilities UtilitiesNANOSONICS LTD 32,503 58,286.38 100,665.89 42,379.51 AUSTRALIA Health Care Health Care Equipment & ServicesCLINUVEL PHARMACEUTICALS LTD 5,677 39,789.78 98,759.77 58,969.99 AUSTRALIA Health Care Pharmaceuticals, Biotechnology & Life SciencesCARDNO LTD 129,162 141,293.54 97,713.99 (43,579.55) AUSTRALIA Industrials Capital GoodsREGIS HEALTHCARE LTD 39,126 146,463.97 95,608.45 (50,855.52) AUSTRALIA Health Care Health Care Equipment & ServicesHANSEN TECHNOLOGIES LTD 45,681 126,264.08 94,428.04 (31,836.04) AUSTRALIA Information Technology Software & ServicesMONEY3 CORP LTD 68,051 77,765.78 91,362.66 13,596.88 AUSTRALIA Financials Diversified FinancialsAUSTRALIAN AGRICULTURAL CO LTD 125,845 159,109.28 90,734.91 (68,374.37) AUSTRALIA Consumer Staples Food, Beverage & TobaccoMESOBLAST LTD 88,131 239,661.11 89,836.54 (149,824.57) AUSTRALIA Health Care Pharmaceuticals, Biotechnology & Life SciencesEMECO HOLDINGS LTD 64,164 118,993.65 87,967.27 (31,026.38) AUSTRALIA Industrials Capital GoodsLOVISA HOLDINGS LTD 13,553 95,215.70 86,261.27 (8,954.43) AUSTRALIA Consumer Discretionary RetailingMYSTATE LTD 27,630 94,612.89 85,181.05 (9,431.84) AUSTRALIA Financials BanksRCR TOMLINSON LTD 230,923 437,470.29 83,695.74 (353,774.55) AUSTRALIA Industrials Capital Goods

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NamePINNACLE INVESTMENT MANAGEMENT 21,979 83,575.93 82,747.75 (828.18) AUSTRALIA Financials Diversified FinancialsOFX GROUP LTD 68,459 120,484.90 81,211.85 (39,273.05) AUSTRALIA Financials Diversified FinancialsGOLD ROAD RESOURCES LTD 113,132 62,142.49 77,952.42 15,809.93 AUSTRALIA Materials MaterialsEQT HOLDINGS LTD 4,202 59,652.37 77,845.95 18,193.58 AUSTRALIA Financials Diversified FinancialsPACT GROUP HOLDINGS LTD 39,144 102,428.01 77,578.57 (24,849.44) AUSTRALIA Materials MaterialsMACMAHON HOLDINGS LTD 472,638 37,784.83 77,219.83 39,435.00 AUSTRALIA Materials MaterialsDORAY MINERALS LTD 191,920 59,309.68 75,663.36 16,353.68 AUSTRALIA Materials MaterialsMEDUSA MINING LTD 274,539 156,313.98 75,082.23 (81,231.75) AUSTRALIA Materials MaterialsSYRAH RESOURCES LTD 93,794 226,614.00 71,290.43 (155,323.57) AUSTRALIA Materials MaterialsFREEDOM FOODS GROUP LTD 22,017 74,834.63 70,222.59 (4,612.04) AUSTRALIA Consumer Staples Food, Beverage & TobaccoINTEGRATED RESEARCH LTD 37,454 82,352.12 69,174.17 (13,177.95) AUSTRALIA Information Technology Software & ServicesFLEETWOOD CORP LTD 50,596 77,381.71 69,006.47 (8,375.24) AUSTRALIA Consumer Discretionary Consumer Durables & ApparelPEET LTD 93,668 85,294.62 67,867.80 (17,426.82) AUSTRALIA Real Estate Real EstateARQ GROUP LTD 47,962 82,250.97 67,458.22 (14,792.75) AUSTRALIA Information Technology Software & ServicesOROCOBRE LTD 27,974 93,630.81 66,966.39 (26,664.42) AUSTRALIA Materials MaterialsINFOMEDIA LTD 60,426 54,417.00 65,458.50 11,041.50 AUSTRALIA Information Technology Software & ServicesJUMBO INTERACTIVE LTD 6,321 16,818.02 58,147.08 41,329.06 AUSTRALIA Consumer Discretionary Consumer ServicesAVJENNINGS LTD 169,305 87,479.24 57,727.59 (29,751.65) AUSTRALIA Real Estate Real EstateMCPHERSON'S LTD 71,127 68,327.24 56,082.83 (12,244.41) AUSTRALIA Consumer Discretionary Consumer Durables & ApparelCARNARVON PETROLEUM LTD 189,370 25,152.29 55,825.38 30,673.09 AUSTRALIA Energy EnergyNETWEALTH GROUP LTD 9,504 66,209.98 55,629.61 (10,580.37) AUSTRALIA Financials Diversified FinancialsIMDEX LTD 72,746 45,702.07 55,292.38 9,590.31 AUSTRALIA Materials MaterialsIMF BENTHAM LTD 29,479 58,783.60 54,445.06 (4,338.54) AUSTRALIA Financials Diversified FinancialsAUSTRALIAN VINTAGE LTD 157,453 60,002.33 53,686.43 (6,315.90) AUSTRALIA Consumer Staples Food, Beverage & TobaccoHOTEL PROPERTY INVESTMENTS 23,086 51,474.45 52,969.22 1,494.77 AUSTRALIA Real Estate Real EstateAURELIA METALS LTD 77,292 27,282.27 48,864.89 21,582.62 AUSTRALIA Materials MaterialsMMA OFFSHORE LTD 442,808 162,142.92 48,755.04 (113,387.88) AUSTRALIA Industrials TransportationCODAN LTD/AUSTRALIA 19,982 32,878.41 44,569.83 11,691.42 AUSTRALIA Information Technology Technology Hardware & EquipmentWASHINGTON H SOUL PATTINSON & 2,347 45,126.39 43,863.81 (1,262.58) AUSTRALIA Energy EnergySOLGOLD PLC 89,059 53,453.16 43,692.19 (9,760.97) AUSTRALIA Materials MaterialsSG FLEET GROUP LTD 27,342 56,389.91 42,729.26 (13,660.65) AUSTRALIA Industrials Commercial & Professional ServicesGRANGE RESOURCES LTD 207,400 30,577.97 40,514.81 9,936.84 AUSTRALIA Materials MaterialsDECMIL GROUP LTD 65,197 60,250.22 39,365.79 (20,884.43) AUSTRALIA Industrials Capital GoodsNICK SCALI LTD 9,765 37,638.12 39,330.34 1,692.22 AUSTRALIA Consumer Discretionary RetailingIVE GROUP LTD 24,960 41,479.22 38,652.14 (2,827.08) AUSTRALIA Communication Services Media & EntertainmentKIDMAN RESOURCES LTD 43,598 74,357.62 37,628.35 (36,729.27) AUSTRALIA Materials MaterialsCOLLECTION HOUSE LTD 40,884 75,048.85 37,464.11 (37,584.74) AUSTRALIA Financials Diversified FinancialsSUPERLOOP LTD 35,490 61,212.99 37,311.27 (23,901.72) AUSTRALIA Communication Services Telecommunication ServicesAMA GROUP LTD 46,331 34,147.77 35,873.24 1,725.47 AUSTRALIA Industrials Commercial & Professional ServicesVITA GROUP LTD 33,579 36,627.07 35,660.00 (967.07) AUSTRALIA Consumer Discretionary RetailingALTURA MINING LTD 368,167 65,966.33 35,306.20 (30,660.13) AUSTRALIA Materials MaterialsINTEGRAL DIAGNOSTICS LTD 19,239 26,390.77 34,029.39 7,638.62 AUSTRALIA Health Care Health Care Equipment & ServicesMONASH IVF GROUP LTD 44,269 50,219.20 33,490.51 (16,728.69) AUSTRALIA Health Care Pharmaceuticals, Biotechnology & Life SciencesBWX LTD 20,740 102,132.91 33,443.14 (68,689.77) AUSTRALIA Consumer Staples Household & Personal ProductsCITY CHIC COLLECTIVE LTD 30,698 21,916.99 33,254.64 11,337.65 AUSTRALIA Consumer Discretionary RetailingRURALCO HOLDINGS LTD 10,691 26,066.24 33,187.32 7,121.08 AUSTRALIA Consumer Discretionary RetailingPIONEER CREDIT LTD 21,106 50,206.72 32,833.90 (17,372.82) AUSTRALIA Financials Diversified FinancialsKAROON ENERGY LTD 44,255 70,751.49 32,694.00 (38,057.49) AUSTRALIA Energy EnergyALLIANCE AVIATION SERVICES LTD 17,031 29,004.53 32,180.61 3,176.08 AUSTRALIA Industrials TransportationKOGAN.COM LTD 12,499 81,218.72 31,430.47 (49,788.25) AUSTRALIA Consumer Discretionary RetailingMAXITRANS INDUSTRIES LTD 142,173 61,233.36 31,307.70 (29,925.66) AUSTRALIA Industrials Capital GoodsCLOVER CORP LTD 20,702 21,218.02 30,440.73 9,222.71 AUSTRALIA Materials MaterialsLIFESTYLE COMMUNITIES LTD 7,474 25,619.50 29,200.36 3,580.86 AUSTRALIA Real Estate Real EstateREJECT SHOP LTD/THE 14,901 78,869.54 28,050.05 (50,819.49) AUSTRALIA Consumer Discretionary RetailingCENTURIA CAPITAL GROUP 27,619 27,581.86 27,466.82 (115.04) AUSTRALIA Financials Diversified Financials

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameMOELIS AUSTRALIA LTD 8,682 41,690.97 26,519.21 (15,171.76) AUSTRALIA Financials Diversified FinancialsADAIRS LTD 21,529 20,555.51 26,457.11 5,901.60 AUSTRALIA Consumer Discretionary RetailingSEALINK TRAVEL GROUP LTD 9,087 28,446.68 25,948.90 (2,497.78) AUSTRALIA Consumer Discretionary Consumer ServicesWAGNERS HOLDING CO LTD 15,935 35,725.85 25,808.29 (9,917.56) AUSTRALIA Materials MaterialsPACIFIC CURRENT GROUP LTD 7,051 37,313.40 24,943.22 (12,370.18) AUSTRALIA Financials Diversified FinancialsPARAGON CARE LTD 77,029 49,661.00 24,622.90 (25,038.10) AUSTRALIA Health Care Health Care Equipment & ServicesCAPITOL HEALTH LTD 156,748 35,568.99 24,496.11 (11,072.88) AUSTRALIA Health Care Health Care Equipment & ServicesPANORAMIC RESOURCES LTD 79,090 26,045.88 23,596.26 (2,449.62) AUSTRALIA Materials MaterialsERM POWER LTD 15,723 25,808.90 21,164.94 (4,643.96) AUSTRALIA Utilities UtilitiesMICHAEL HILL INTERNATIONAL LTD 43,889 40,344.60 20,952.61 (19,391.99) AUSTRALIA Consumer Discretionary RetailingDATA#3 LTD 16,395 10,352.08 20,613.75 10,261.67 AUSTRALIA Information Technology Software & ServicesSHEFFIELD RESOURCES LTD/AU 45,997 20,844.50 20,257.86 (586.64) AUSTRALIA Materials MaterialsFAR LTD 488,175 29,634.11 20,112.96 (9,521.15) AUSTRALIA Energy EnergyPRAEMIUM LTD 47,735 23,267.89 20,006.05 (3,261.84) AUSTRALIA Information Technology Software & ServicesBABY BUNTING GROUP LTD 12,761 14,148.56 19,942.51 5,793.95 AUSTRALIA Consumer Discretionary RetailingALKANE RESOURCES LTD 99,038 22,518.95 19,346.71 (3,172.24) AUSTRALIA Materials MaterialsMNF GROUP LTD 6,429 27,023.82 18,952.39 (8,071.43) AUSTRALIA Communication Services Telecommunication ServicesBELL FINANCIAL GROUP LTD 33,500 25,558.71 18,323.47 (7,235.24) AUSTRALIA Financials Diversified FinancialsRHIPE LTD 13,303 15,764.59 17,151.37 1,386.78 AUSTRALIA Information Technology Software & ServicesAUSTIN ENGINEERING LTD 114,752 21,332.26 17,117.96 (4,214.30) AUSTRALIA Industrials Capital GoodsPRIME MEDIA GROUP LTD 96,324 62,471.08 17,105.93 (45,365.15) AUSTRALIA Communication Services Media & EntertainmentNONI B LTD 8,179 20,649.92 16,558.37 (4,091.55) AUSTRALIA Consumer Discretionary RetailingREECE LTD 2,294 20,852.56 16,067.29 (4,785.27) AUSTRALIA Industrials Capital Goods360 CAPITAL GROUP LTD 21,941 15,021.07 15,429.93 408.86 AUSTRALIA Real Estate Real EstateHORIZON OIL LTD 197,061 19,458.01 15,398.05 (4,059.96) AUSTRALIA Energy EnergyDICKER DATA LTD 5,278 12,079.22 15,371.83 3,292.61 AUSTRALIA Information Technology Technology Hardware & EquipmentAMAYSIM AUSTRALIA LTD 33,090 40,717.50 15,278.56 (25,438.94) AUSTRALIA Communication Services Telecommunication ServicesMETALS X LTD 91,267 70,034.50 15,235.41 (54,799.09) AUSTRALIA Materials MaterialsSERVCORP LTD 8,044 28,837.79 15,199.39 (13,638.40) AUSTRALIA Real Estate Real EstateDWS LTD 20,169 21,746.65 14,971.77 (6,774.88) AUSTRALIA Information Technology Software & ServicesCML GROUP LTD 42,065 17,540.79 14,641.63 (2,899.16) AUSTRALIA Financials Diversified FinancialsPANTORO LTD 80,765 20,059.85 14,342.85 (5,717.00) AUSTRALIA Materials MaterialsMORTGAGE CHOICE LTD 20,039 43,283.34 14,092.36 (29,190.98) AUSTRALIA Financials BanksISELECT LTD 29,191 40,670.58 13,893.00 (26,777.58) AUSTRALIA Consumer Discretionary Consumer ServicesAINSWORTH GAME TECHNOLOGY LTD 23,094 47,205.50 13,862.08 (33,343.42) AUSTRALIA Consumer Discretionary Consumer ServicesQMS MEDIA LTD 27,609 21,351.71 13,630.38 (7,721.33) AUSTRALIA Communication Services Media & EntertainmentBURU ENERGY LTD 72,243 20,352.68 13,342.63 (7,010.05) AUSTRALIA Energy EnergyTROY RESOURCES LTD 185,312 57,108.26 13,163.63 (43,944.63) AUSTRALIA Materials MaterialsWEBSTER LTD 12,344 10,754.47 13,152.84 2,398.37 AUSTRALIA Consumer Staples Food, Beverage & TobaccoRED RIVER RESOURCES LTD 108,780 21,039.88 13,136.22 (7,903.66) AUSTRALIA Materials MaterialsPWR HOLDINGS LTD 5,168 10,495.56 12,848.81 2,353.25 AUSTRALIA Consumer Discretionary Automobiles & ComponentsENERGY WORLD CORP LTD 190,990 49,157.93 12,617.28 (36,540.65) AUSTRALIA Utilities UtilitiesCLASS LTD 9,976 25,415.77 11,834.37 (13,581.40) AUSTRALIA Information Technology Software & ServicesPALADIN ENERGY LTD 125,223 17,265.82 11,563.78 (5,702.04) AUSTRALIA Energy EnergyCITADEL GROUP LTD/THE 2,174 10,518.33 11,412.38 894.05 AUSTRALIA Information Technology Software & ServicesRXP SERVICES LTD 31,960 20,009.31 10,443.28 (9,566.03) AUSTRALIA Information Technology Software & ServicesHELLOWORLD TRAVEL LTD 3,392 12,213.15 10,384.98 (1,828.17) AUSTRALIA Consumer Discretionary Consumer ServicesGBST HOLDINGS LTD 7,565 20,079.63 10,371.43 (9,708.20) AUSTRALIA Information Technology Software & ServicesAUSTRALIAN FINANCE GROUP LTD 11,772 12,784.27 10,369.18 (2,415.09) AUSTRALIA Financials BanksONEVUE HOLDINGS LTD 31,977 17,797.00 9,880.97 (7,916.03) AUSTRALIA Financials Diversified FinancialsNETCOMM WIRELESS LTD 12,734 12,069.75 9,678.79 (2,390.96) AUSTRALIA Information Technology Technology Hardware & EquipmentAUSWIDE BANK LTD 2,549 11,705.65 9,343.12 (2,362.53) AUSTRALIA Financials BanksAPN PROPERTY GROUP LTD 28,680 12,552.94 9,167.78 (3,385.16) AUSTRALIA Financials Diversified FinancialsJUPITER MINES LTD 36,472 10,560.11 8,808.68 (1,751.43) AUSTRALIA Materials MaterialsKINGSGATE CONSOLIDATED LTD 50,594 31,533.76 8,266.07 (23,267.69) AUSTRALIA Materials Materials

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameSRG GLOBAL LTD 37,162 18,255.34 8,051.40 (10,203.94) AUSTRALIA Industrials Capital GoodsCASH CONVERTERS INTERNATIONAL 64,704 49,951.83 8,043.44 (41,908.39) AUSTRALIA Consumer Discretionary RetailingNEOMETALS LTD 48,740 14,831.54 7,790.05 (7,041.49) AUSTRALIA Materials MaterialsPACIFIC ENERGY LTD 17,116 8,894.94 7,720.55 (1,174.39) AUSTRALIA Utilities UtilitiesSALMAT LTD 19,019 15,598.56 7,430.58 (8,167.98) AUSTRALIA Communication Services Media & EntertainmentCAPRAL LTD 77,876 9,837.91 7,191.50 (2,646.41) AUSTRALIA Materials MaterialsMICHAEL HILL INTERNATIONAL LTD 14,289 11,042.25 6,851.38 (4,190.87) AUSTRALIA Consumer Discretionary RetailingHIGHFIELD RESOURCES LTD 13,497 10,480.13 6,711.32 (3,768.81) AUSTRALIA Materials MaterialsSILVER CHEF LTD 7,702 42,438.21 6,072.94 (36,365.27) AUSTRALIA Industrials Capital GoodsSTRIKE ENERGY LTD 139,695 13,029.13 5,953.94 (7,075.19) AUSTRALIA Energy EnergyRECKON LTD 10,491 15,602.18 4,918.51 (10,683.67) AUSTRALIA Information Technology Software & ServicesCSG LTD 31,524 26,809.43 4,814.51 (21,994.92) AUSTRALIA Information Technology Software & ServicesOVATO LTD 68,533 26,498.20 4,186.69 (22,311.51) AUSTRALIA Industrials Commercial & Professional ServicesTHORN GROUP LTD 11,957 25,900.25 3,907.08 (21,993.17) AUSTRALIA Consumer Discretionary RetailingGASCOYNE RESOURCES LTD 52,621 22,253.21 3,737.93 (18,515.28) AUSTRALIA Materials MaterialsISENTIA GROUP LTD 23,033 56,203.13 3,354.11 (52,849.02) AUSTRALIA Information Technology Software & ServicesHELLOWORLD TRAVEL LTD 351 1,280.97 1,698.66 417.69 AUSTRALIA Consumer Discretionary Consumer ServicesBLUE SKY ALTERNATIVE INVESTMEN 4,297 25,408.53 1,495.66 (23,912.87) AUSTRALIA Financials Diversified FinancialsSOUTH32 LTD 452 737.27 1,182.67 445.40 AUSTRALIA Materials MaterialsOROCOBRE LTD 382 2,024.07 909.33 (1,114.74) AUSTRALIA Materials MaterialsCUDECO LTD 11,424 12,708.29 357.87 (12,350.42) AUSTRALIA Materials MaterialsWESTGOLD RESOURCES LTD-CW19 4,322 - 18.42 18.42 AUSTRALIA Materials MaterialsPRIME INFRA GRP-PRIME AETD 33,226 599.38 - (599.38) AUSTRALIA Energy EnergyJACANA MINERALS LTD 3,568 710.82 - (710.82) AUSTRALIA Materials MaterialsGUNNS LTD NPV 73,624 41,740.00 - (41,740.00) AUSTRALIA Materials MaterialsDSHE HOLDINGS LTD DL 21,706 41,834.39 - (41,834.39) AUSTRALIA Consumer Discretionary RetailingFORGE GROUP LTD DL 12,062 55,685.90 - (55,685.90) AUSTRALIA Industrials Capital GoodsQUINTIS LTD 222,335 275,867.21 - (275,867.21) AUSTRALIA Materials MaterialsOMV AG 164,479 7,380,656.16 8,933,225.30 1,552,569.14 AUSTRIA Energy EnergyRAIFFEISEN BANK INTERNATIONAL 288,373 8,909,834.89 6,479,230.45 (2,430,604.44) AUSTRIA Financials BanksERSTE GROUP BANK AG 176,005 7,872,228.82 6,474,267.53 (1,397,961.29) AUSTRIA Financials BanksVIENNA INSURANCE GROUP AG WIEN 93,182 2,862,390.69 2,396,013.45 (466,377.24) AUSTRIA Financials InsuranceVOESTALPINE AG 64,487 2,403,474.20 1,960,117.81 (443,356.39) AUSTRIA Materials MaterialsWIENERBERGER AG 87,905 1,398,173.55 1,868,469.16 470,295.61 AUSTRIA Materials MaterialsUNIQA INSURANCE GROUP AG 167,108 1,686,776.53 1,666,218.49 (20,558.04) AUSTRIA Financials InsuranceCA IMMOBILIEN ANLAGEN AG 24,851 371,553.64 898,507.05 526,953.41 AUSTRIA Real Estate Real EstateIMMOFINANZ AG 26,087 641,378.25 648,520.18 7,141.93 AUSTRIA Real Estate Real EstateANDRITZ AG 14,054 786,923.11 603,447.62 (183,475.49) AUSTRIA Industrials Capital GoodsAMS AG 20,757 837,390.61 559,828.31 (277,562.30) AUSTRIA Information Technology Semiconductors & Semiconductor EquipmentS&T AG 18,342 377,940.25 459,275.52 81,335.27 AUSTRIA Information Technology Technology Hardware & EquipmentOESTERREICHISCHE POST AG 10,682 406,826.12 452,184.51 45,358.39 AUSTRIA Industrials TransportationLENZING AG 4,029 373,841.79 432,038.44 58,196.65 AUSTRIA Materials MaterialsAT&S AUSTRIA TECHNOLOGIE & SYS 24,919 390,952.63 428,098.58 37,145.95 AUSTRIA Information Technology Technology Hardware & EquipmentRHI MAGNESITA NV 7,093 198,266.62 416,536.82 218,270.20 AUSTRIA Materials MaterialsSTRABAG SE 12,787 300,184.86 409,199.66 109,014.80 AUSTRIA Industrials Capital GoodsTELEKOM AUSTRIA AG 47,913 377,212.62 348,618.24 (28,594.38) AUSTRIA Communication Services Telecommunication ServicesS IMMO AG 16,608 140,529.74 339,771.90 199,242.16 AUSTRIA Real Estate Real EstateSCHOELLER-BLECKMANN OILFIELD E 3,695 229,311.71 307,020.88 77,709.17 AUSTRIA Energy EnergyAGRANA BETEILIGUNGS AG 14,752 344,763.60 296,169.39 (48,594.21) AUSTRIA Consumer Staples Food, Beverage & TobaccoBAWAG GROUP AG 6,175 292,792.06 272,767.77 (20,024.29) AUSTRIA Financials BanksEVN AG 18,611 281,274.05 271,247.75 (10,026.30) AUSTRIA Utilities UtilitiesMAYR MELNHOF KARTON AG 1,542 166,544.20 193,574.40 27,030.20 AUSTRIA Materials MaterialsOBERBANK AG 1,736 95,488.62 183,621.00 88,132.38 AUSTRIA Financials BanksDO & CO AG 2,140 165,482.55 176,132.49 10,649.94 AUSTRIA Consumer Discretionary Consumer ServicesPALFINGER AG 5,843 176,245.61 164,020.31 (12,225.30) AUSTRIA Industrials Capital Goods

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NamePORR AG 7,116 232,905.52 159,164.80 (73,740.72) AUSTRIA Industrials Capital GoodsVERBUND AG 3,164 103,042.39 151,984.39 48,942.00 AUSTRIA Utilities UtilitiesFACC AG 8,078 109,089.03 117,370.75 8,281.72 AUSTRIA Industrials Capital GoodsZUMTOBEL GROUP AG 13,384 248,470.64 90,169.35 (158,301.29) AUSTRIA Industrials Capital GoodsSEMPERIT AG HOLDING 5,209 195,462.08 76,036.04 (119,426.04) AUSTRIA Industrials Capital GoodsKAPSCH TRAFFICCOM AG 2,011 96,375.51 68,080.25 (28,295.26) AUSTRIA Information Technology Technology Hardware & EquipmentRHI MAGNESITA NV 845 53,114.24 49,790.71 (3,323.53) AUSTRIA Materials MaterialsUBM DEVELOPMENT AG 956 45,430.64 38,858.70 (6,571.94) AUSTRIA Real Estate Real EstateFLUGHAFEN WIEN AG 622 23,699.68 26,958.73 3,259.05 AUSTRIA Industrials TransportationROSENBAUER INTERNATIONAL AG 590 48,877.73 26,168.02 (22,709.71) AUSTRIA Industrials Capital GoodsPOLYTEC HOLDING AG 2,745 23,548.70 26,106.43 2,557.73 AUSTRIA Consumer Discretionary Automobiles & ComponentsPETRO WELT TECHNOLOGIES AG 2,712 22,369.84 15,530.36 (6,839.48) AUSTRIA Energy EnergyANHEUSER-BUSCH INBEV SA/NV 192,356 12,092,994.64 16,147,183.23 4,054,188.59 BELGIUM Consumer Staples Food, Beverage & TobaccoAGEAS 166,868 7,484,220.26 8,056,812.55 572,592.29 BELGIUM Financials InsuranceUCB SA 83,037 6,209,797.79 7,138,308.59 928,510.80 BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesKBC GROUP NV 57,687 3,492,742.79 4,034,115.25 541,372.46 BELGIUM Financials BanksACKERMANS & VAN HAAREN NV 15,045 1,895,313.18 2,272,145.93 376,832.75 BELGIUM Financials Diversified FinancialsPROXIMUS SADP 43,944 1,275,893.41 1,268,596.20 (7,297.21) BELGIUM Communication Services Telecommunication ServicesSOLVAY SA 10,274 1,116,517.60 1,111,855.20 (4,662.40) BELGIUM Materials MaterialsEURONAV NV 132,800 1,570,305.06 1,081,825.57 (488,479.49) BELGIUM Energy EnergyGALAPAGOS NV 8,046 578,638.82 938,679.47 360,040.65 BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesSOFINA SA 4,759 807,381.79 926,587.72 119,205.93 BELGIUM Financials Diversified FinancialsD'IETEREN SA/NV 23,303 952,503.40 923,651.81 (28,851.59) BELGIUM Consumer Discretionary RetailingGALAPAGOS NV 6,685 275,403.42 779,899.61 504,496.19 BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesCOLRUYT SA 10,475 492,558.51 775,106.17 282,547.66 BELGIUM Consumer Staples Food & Staples RetailingGROUPE BRUXELLES LAMBERT SA 7,841 662,541.79 762,625.60 100,083.81 BELGIUM Financials Diversified FinancialsONTEX GROUP NV 33,712 923,085.52 759,341.60 (163,743.92) BELGIUM Consumer Staples Household & Personal ProductsBEKAERT SA 31,561 1,056,082.41 742,077.34 (314,005.07) BELGIUM Materials MaterialsGIMV NV 13,208 625,322.95 741,530.14 116,207.19 BELGIUM Financials Diversified FinancialsELIA SYSTEM OPERATOR SA/NV 9,860 454,754.61 691,956.31 237,201.70 BELGIUM Utilities UtilitiesUMICORE SA 15,294 329,189.27 679,873.84 350,684.57 BELGIUM Materials MaterialsBARCO NV 3,176 211,759.02 487,139.04 275,380.02 BELGIUM Information Technology Technology Hardware & EquipmentTESSENDERLO GROUP SA 10,123 283,748.92 341,566.65 57,817.73 BELGIUM Materials MaterialsBANQUE NATIONALE DE BELGIQUE 121 440,266.03 328,792.94 (111,473.09) BELGIUM Financials Diversified FinancialsORANGE BELGIUM SA 13,972 299,994.38 301,218.44 1,224.06 BELGIUM Communication Services Telecommunication ServicesMELEXIS NV 4,937 157,315.44 299,072.39 141,756.95 BELGIUM Information Technology Semiconductors & Semiconductor EquipmentBPOST SA 26,107 675,162.92 281,856.47 (393,306.45) BELGIUM Industrials TransportationAGFA-GEVAERT NV 67,011 258,200.06 279,303.14 21,103.08 BELGIUM Health Care Health Care Equipment & ServicesFAGRON 14,983 334,765.41 269,346.82 (65,418.59) BELGIUM Health Care Health Care Equipment & ServicesCIE D'ENTREPRISES CFE 2,798 239,515.88 260,449.77 20,933.89 BELGIUM Industrials Capital GoodsKBC ANCORA 5,544 132,490.07 257,718.32 125,228.25 BELGIUM Financials Diversified FinancialsAKKA TECHNOLOGIES 3,466 171,349.46 235,842.96 64,493.50 BELGIUM Industrials Commercial & Professional ServicesTELENET GROUP HOLDING NV 4,882 234,473.69 235,057.59 583.90 BELGIUM Communication Services Media & EntertainmentKINEPOLIS GROUP NV 4,127 106,103.56 233,553.70 127,450.14 BELGIUM Communication Services Media & EntertainmentRECTICEL SA 30,985 189,274.57 232,755.18 43,480.61 BELGIUM Materials MaterialsSIPEF NV 3,621 226,269.10 202,885.40 (23,383.70) BELGIUM Consumer Staples Food, Beverage & TobaccoECONOCOM GROUP SA/NV 32,833 132,532.08 133,972.98 1,440.90 BELGIUM Information Technology Software & ServicesDECEUNINCK NV 55,969 127,210.26 132,288.30 5,078.04 BELGIUM Industrials Capital GoodsLOTUS BAKERIES NV 48 66,814.03 127,735.42 60,921.39 BELGIUM Consumer Staples Food, Beverage & TobaccoBIOCARTIS NV 9,716 122,275.38 124,369.56 2,094.18 BELGIUM Health Care Health Care Equipment & ServicesSIOEN INDUSTRIES NV 4,294 86,721.69 123,913.02 37,191.33 BELGIUM Consumer Discretionary Consumer Durables & ApparelION BEAM APPLICATIONS 6,071 113,935.46 102,729.51 (11,205.95) BELGIUM Health Care Health Care Equipment & ServicesEXMAR NV 15,210 141,055.12 96,152.23 (44,902.89) BELGIUM Energy EnergyVIOHALCO SA 23,674 100,029.84 88,253.40 (11,776.44) BELGIUM Materials MaterialsOXURION NV 20,997 138,875.82 88,176.04 (50,699.78) BELGIUM Health Care Pharmaceuticals, Biotechnology & Life Sciences

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NamePICANOL 977 39,964.34 74,597.66 34,633.32 BELGIUM Industrials Capital GoodsVAN DE VELDE NV 2,080 129,507.64 73,218.81 (56,288.83) BELGIUM Consumer Discretionary Consumer Durables & ApparelCIE IMMOBILIERE DE BELGIQUE SA 925 50,844.02 58,579.09 7,735.07 BELGIUM Real Estate Real EstateMITHRA PHARMACEUTICALS SA 1,801 64,264.79 52,174.12 (12,090.67) BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesX-FAB SILICON FOUNDRIES SE 7,850 86,488.07 38,606.95 (47,881.12) BELGIUM Information Technology Semiconductors & Semiconductor EquipmentEVS BROADCAST EQUIPMENT SA 1,400 54,685.33 31,675.60 (23,009.73) BELGIUM Information Technology Technology Hardware & EquipmentATENOR 435 22,301.98 31,260.14 8,958.16 BELGIUM Real Estate Real EstateRESILUX 165 26,721.79 26,715.97 (5.82) BELGIUM Materials MaterialsNYRSTAR NV 64,703 761,024.87 25,573.43 (735,451.44) BELGIUM Materials MaterialsJENSEN-GROUP NV 583 23,648.50 22,584.44 (1,064.06) BELGIUM Industrials Capital GoodsCO.BR.HA SOCIETE COMMERCIALE D 4 11,365.82 18,414.74 7,048.92 BELGIUM Consumer Staples Food, Beverage & TobaccoMDXHEALTH 5,380 31,535.98 9,399.69 (22,136.29) BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesGREENYARD NV 2,225 34,478.24 8,344.46 (26,133.78) BELGIUM Consumer Staples Food, Beverage & TobaccoTER BEKE SA 53 10,653.44 8,063.75 (2,589.69) BELGIUM Consumer Staples Food, Beverage & TobaccoCELYAD SA 379 10,964.59 7,987.76 (2,976.83) BELGIUM Health Care Pharmaceuticals, Biotechnology & Life SciencesROULARTA MEDIA GROUP NV 373 10,449.09 5,905.41 (4,543.68) BELGIUM Communication Services Media & EntertainmentCREDICORP LTD 109,518 14,969,492.12 26,278,844.10 11,309,351.98 BERMUDA Financials BanksATHENE HOLDING LTD 544,262 26,259,259.61 22,205,889.60 (4,053,370.01) BERMUDA Financials InsuranceAXIS CAPITAL HOLDINGS LTD 135,013 7,139,043.84 7,396,012.14 256,968.30 BERMUDA Financials InsuranceEVEREST RE GROUP LTD 30,132 5,438,793.65 6,507,306.72 1,068,513.07 BERMUDA Financials InsuranceHUDSON LTD 362,225 6,741,193.09 4,980,593.75 (1,760,599.34) BERMUDA Consumer Discretionary RetailingASSURED GUARANTY LTD 99,866 2,607,675.82 4,437,046.38 1,829,370.56 BERMUDA Financials InsuranceARGO GROUP INTERNATIONAL HOLDI 62,593 2,016,305.81 4,422,821.38 2,406,515.57 BERMUDA Financials InsuranceLAZARD LTD 109,400 4,843,769.04 3,953,716.00 (890,053.04) BERMUDA Financials Diversified FinancialsHISCOX LTD 160,140 2,087,402.41 3,255,258.66 1,167,856.25 BERMUDA Financials InsuranceARCH CAPITAL GROUP LTD 76,247 1,733,906.49 2,464,303.04 730,396.55 BERMUDA Financials InsuranceBUNGE LTD 42,406 2,710,702.26 2,250,486.42 (460,215.84) BERMUDA Consumer Staples Food, Beverage & TobaccoAIRCASTLE LTD 89,600 1,831,473.07 1,813,504.00 (17,969.07) BERMUDA Industrials Capital GoodsMARVELL TECHNOLOGY GROUP LTD 85,771 1,630,261.87 1,705,985.19 75,723.32 BERMUDA Information Technology Semiconductors & Semiconductor EquipmentSIGNET JEWELERS LTD 55,640 1,780,114.57 1,511,182.40 (268,932.17) BERMUDA Consumer Discretionary RetailingIHS MARKIT LTD 27,228 1,305,010.28 1,480,658.64 175,648.36 BERMUDA Industrials Commercial & Professional ServicesGENPACT LTD 37,794 1,214,604.68 1,329,592.92 114,988.24 BERMUDA Information Technology Software & ServicesINVESCO LTD 67,632 1,673,603.27 1,305,973.92 (367,629.35) BERMUDA Financials Diversified FinancialsNORWEGIAN CRUISE LINE HOLDINGS 20,693 1,092,957.31 1,137,287.28 44,329.97 BERMUDA Consumer Discretionary Consumer ServicesRENAISSANCERE HOLDINGS LTD 5,949 553,996.26 853,681.50 299,685.24 BERMUDA Financials InsuranceNABORS INDUSTRIES LTD 124,630 1,070,411.06 428,727.20 (641,683.86) BERMUDA Energy EnergyWHITE MOUNTAINS INSURANCE GROU 357 251,487.48 330,396.36 78,908.88 BERMUDA Financials InsuranceVEON LTD 118,048 272,839.88 246,720.32 (26,119.56) BERMUDA Communication Services Telecommunication ServicesCOSAN LTD 21,203 209,656.54 245,742.77 36,086.23 BERMUDA Energy EnergyHELEN OF TROY LTD 1,661 167,645.60 192,609.56 24,963.96 BERMUDA Consumer Discretionary Consumer Durables & ApparelAXALTA COATING SYSTEMS LTD 7,612 224,116.05 191,898.52 (32,217.53) BERMUDA Materials MaterialsCHINA YUCHAI INTERNATIONAL LTD 9,600 155,282.00 152,160.00 (3,122.00) BERMUDA Industrials Capital GoodsTRITON INTERNATIONAL LTD/BERMU 4,753 159,698.65 147,818.30 (11,880.35) BERMUDA Industrials Capital GoodsLIBERTY LATIN AMERICA LTD 6,836 143,449.10 132,960.20 (10,488.90) BERMUDA Communication Services Media & EntertainmentSEADRILL LTD 7,393 66,019.49 61,435.83 (4,583.66) BERMUDA Energy EnergyLIBERTY LATIN AMERICA LTD 2,419 48,380.00 46,783.46 (1,596.54) BERMUDA Communication Services Media & EntertainmentESSENT GROUP LTD 1,000 35,214.51 43,450.00 8,235.49 BERMUDA Financials BanksENSTAR GROUP LTD 100 15,009.90 17,400.00 2,390.10 BERMUDA Financials InsuranceITAU UNIBANCO HOLDING SA 1,955,016 12,258,134.97 17,296,091.92 5,037,956.95 BRAZIL Financials BanksSUZANO SA 1,093,886 4,743,010.40 13,084,357.30 8,341,346.90 BRAZIL Materials MaterialsB3 SA - BRASIL BOLSA BALCAO 1,478,987 9,973,975.43 12,206,763.75 2,232,788.32 BRAZIL Financials Diversified FinancialsEMBRAER SA 638,827 13,464,518.53 12,144,101.27 (1,320,417.26) BRAZIL Industrials Capital GoodsHYPERA SA 1,608,660 14,769,975.90 10,705,936.74 (4,064,039.16) BRAZIL Health Care Pharmaceuticals, Biotechnology & Life SciencesVALE SA 812,693 4,991,224.19 10,635,571.73 5,644,347.54 BRAZIL Materials MaterialsITAUSA - INVESTIMENTOS ITAU SA 3,423,357 9,529,693.41 10,538,278.10 1,008,584.69 BRAZIL Financials Banks

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NamePETROLEO BRASILEIRO SA 1,315,393 6,302,494.70 9,484,268.47 3,181,773.77 BRAZIL Energy EnergyAMBEV SA 2,205,059 13,192,887.62 9,481,753.70 (3,711,133.92) BRAZIL Consumer Staples Food, Beverage & TobaccoLOJAS RENNER SA 782,718 6,032,842.25 8,809,273.18 2,776,430.93 BRAZIL Consumer Discretionary RetailingB2W CIA DIGITAL 778,560 3,781,917.77 8,446,386.72 4,664,468.95 BRAZIL Consumer Discretionary RetailingITAU UNIBANCO HOLDING SA 945,393 7,679,475.71 8,328,912.33 649,436.62 BRAZIL Financials BanksRAIA DROGASIL SA 457,877 10,125,267.96 7,682,855.34 (2,442,412.62) BRAZIL Consumer Staples Food & Staples RetailingKROTON EDUCACIONAL SA 2,694,676 13,340,997.89 7,339,611.38 (6,001,386.51) BRAZIL Consumer Discretionary Consumer ServicesWEG SA 1,336,102 5,402,387.81 6,179,776.45 777,388.64 BRAZIL Industrials Capital GoodsIRB BRASIL RESSEGUROS S/A 242,800 5,933,173.47 5,693,013.34 (240,160.13) BRAZIL Financials InsuranceTRANSMISSORA ALIANCA DE ENERGI 851,125 5,226,505.73 5,423,825.06 197,319.33 BRAZIL Utilities UtilitiesPETROLEO BRASILEIRO SA 644,443 1,725,969.70 5,158,259.75 3,432,290.05 BRAZIL Energy EnergyPETROLEO BRASILEIRO SA 304,513 4,394,244.52 4,847,846.96 453,602.44 BRAZIL Energy EnergyCIA PARANAENSE DE ENERGIA 328,388 3,028,797.74 3,071,491.42 42,693.68 BRAZIL Utilities UtilitiesCIA DE TRANSMISSAO DE ENERGIA 153,200 2,824,678.69 3,036,680.12 212,001.43 BRAZIL Utilities UtilitiesULTRAPAR PARTICIPACOES SA 244,311 5,282,905.47 2,950,540.13 (2,332,365.34) BRAZIL Energy EnergyCCR SA 964,386 4,800,517.99 2,909,240.60 (1,891,277.39) BRAZIL Industrials TransportationBANCO BRADESCO SA 211,473 1,412,795.73 2,307,174.79 894,379.06 BRAZIL Financials BanksBANCO DO BRASIL SA 180,738 1,538,192.05 2,262,650.10 724,458.05 BRAZIL Financials BanksJBS SA 518,421 2,131,648.07 2,120,734.47 (10,913.60) BRAZIL Consumer Staples Food, Beverage & TobaccoQGEP PARTICIPACOES SA 519,414 1,711,397.79 2,042,046.96 330,649.17 BRAZIL Energy EnergyCIELO SA 804,279 3,587,180.76 1,961,252.86 (1,625,927.90) BRAZIL Information Technology Software & ServicesBRF SA 236,719 3,249,770.74 1,377,704.58 (1,872,066.16) BRAZIL Consumer Staples Food, Beverage & TobaccoCIA BRASILEIRA DE DISTRIBUICAO 56,400 709,377.23 1,312,992.00 603,614.77 BRAZIL Consumer Staples Food & Staples RetailingBANCO DO ESTADO DO RIO GRANDE 209,263 789,505.56 1,300,735.41 511,229.85 BRAZIL Financials BanksCIA DE SANEAMENTO DO PARANA 64,938 944,355.22 1,250,636.77 306,281.55 BRAZIL Utilities UtilitiesTELEFONICA BRASIL SA 95,829 1,313,495.76 1,156,656.03 (156,839.73) BRAZIL Communication Services Telecommunication ServicesTIM PARTICIPACOES SA 74,394 1,308,097.15 1,121,861.52 (186,235.63) BRAZIL Communication Services Telecommunication ServicesUNIPAR CARBOCLORO SA 106,789 852,173.43 1,046,843.37 194,669.94 BRAZIL Materials MaterialsSUL AMERICA SA 126,859 634,641.89 971,400.21 336,758.32 BRAZIL Financials InsuranceQUALICORP CONSULTORIA E CORRET 232,200 1,381,268.36 935,554.13 (445,714.23) BRAZIL Health Care Health Care Equipment & ServicesCIA SIDERURGICA NACIONAL SA 221,021 705,798.81 922,884.93 217,086.12 BRAZIL Materials MaterialsBANCO BRADESCO SA 81,644 801,565.98 900,838.55 99,272.57 BRAZIL Financials BanksCIA DE SANEAMENTO DO PARANA 251,765 632,213.53 899,230.03 267,016.50 BRAZIL Utilities UtilitiesEMBRAER SA 187,686 1,105,330.52 889,792.81 (215,537.71) BRAZIL Industrials Capital GoodsVALE SA 68,118 1,203,311.76 889,621.08 (313,690.68) BRAZIL Materials MaterialsEDP - ENERGIAS DO BRASIL SA 184,234 817,907.32 803,837.22 (14,070.10) BRAZIL Utilities UtilitiesBANCO SANTANDER BRASIL SA 66,200 492,620.68 743,426.00 250,805.32 BRAZIL Financials BanksSMILES FIDELIDADE SA 57,900 987,346.04 709,671.86 (277,674.18) BRAZIL Communication Services Media & EntertainmentENGIE BRASIL ENERGIA SA 64,522 568,372.04 708,105.62 139,733.58 BRAZIL Utilities UtilitiesEQUATORIAL ENERGIA SA 32,900 395,430.73 676,311.13 280,880.40 BRAZIL Utilities UtilitiesGERDAU SA 172,659 371,194.59 671,700.61 300,506.02 BRAZIL Materials MaterialsBANCO SANTANDER BRASIL SA 54,367 232,361.85 614,260.35 381,898.50 BRAZIL Financials BanksPETROLEO BRASILEIRO SA 40,733 805,929.64 582,481.90 (223,447.74) BRAZIL Energy EnergyBR MALLS PARTICIPACOES SA 177,250 601,485.30 572,508.80 (28,976.50) BRAZIL Real Estate Real EstateCYRELA BRAZIL REALTY SA EMPREE 135,852 415,635.69 567,955.41 152,319.72 BRAZIL Consumer Discretionary Consumer Durables & ApparelCOSAN SA 49,378 517,036.57 541,144.42 24,107.85 BRAZIL Energy EnergyAMBEV SA 118,859 873,415.18 514,016.23 (359,398.95) BRAZIL Consumer Staples Food, Beverage & TobaccoMRV ENGENHARIA E PARTICIPACOES 141,465 342,333.64 508,542.63 166,208.99 BRAZIL Consumer Discretionary Consumer Durables & ApparelENEVA SA 106,108 498,754.02 504,406.30 5,652.28 BRAZIL Utilities UtilitiesUSINAS SIDERURGICAS DE MINAS G 187,712 377,500.02 484,268.70 106,768.68 BRAZIL Materials MaterialsDURATEX SA 153,606 308,320.95 432,987.59 124,666.64 BRAZIL Materials MaterialsESTACIO PARTICIPACOES SA 57,400 318,630.39 392,332.40 73,702.01 BRAZIL Consumer Discretionary Consumer ServicesAES TIETE ENERGIA SA 126,597 466,518.09 360,432.40 (106,085.69) BRAZIL Utilities UtilitiesCVC BRASIL OPERADORA E AGENCIA 25,011 292,435.30 351,864.80 59,429.50 BRAZIL Consumer Discretionary Consumer ServicesENERGISA SA 31,379 276,757.08 326,956.97 50,199.89 BRAZIL Utilities Utilities

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name GICS Industry Group NameCIA ENERGETICA DE MINAS GERAIS 90,010 342,328.55 321,489.06 (20,839.49) BRAZIL Utilities UtilitiesBANCO ABC BRASIL SA 61,335 223,237.95 300,236.85 76,998.90 BRAZIL Financials BanksNATURA COSMETICOS SA 24,710 248,752.01 288,199.74 39,447.73 BRAZIL Consumer Staples Household & Personal ProductsBANCO BRADESCO SA 28,594 235,585.68 278,100.29 42,514.61 BRAZIL Financials BanksSLC AGRICOLA SA 26,339 139,529.67 277,893.81 138,364.14 BRAZIL Consumer Staples Food, Beverage & TobaccoALUPAR INVESTIMENTO SA 45,072 234,885.96 268,924.08 34,038.12 BRAZIL Utilities UtilitiesRUMO SA 48,926 131,780.80 240,751.57 108,970.77 BRAZIL Industrials TransportationCIA ENERGETICA DE SAO PAULO 38,100 231,043.17 236,332.19 5,289.02 BRAZIL Utilities UtilitiesODONTOPREV SA 53,900 187,286.52 227,139.81 39,853.29 BRAZIL Health Care Health Care Equipment & ServicesIOCHPE MAXION SA 41,077 164,438.24 226,405.34 61,967.10 BRAZIL Industrials Capital GoodsCIA DE SANEAMENTO DE MINAS GER 14,260 79,340.67 223,773.21 144,432.54 BRAZIL Utilities UtilitiesEZ TEC EMPREENDIMENTOS E PARTI 31,327 136,498.16 215,731.84 79,233.68 BRAZIL Consumer Discretionary Consumer Durables & ApparelMARCOPOLO SA 210,520 143,630.84 210,968.99 67,338.15 BRAZIL Industrials Capital GoodsALIANSCE SHOPPING CENTERS SA 41,034 158,773.34 210,563.24 51,789.90 BRAZIL Real Estate Real EstateBANCO BTG PACTUAL SA 22,311 153,228.70 207,533.52 54,304.82 BRAZIL Financials Diversified FinancialsBRF SA 35,567 308,325.36 207,002.73 (101,322.63) BRAZIL Consumer Staples Food, Beverage & TobaccoAZUL SA 20,891 213,047.44 205,436.85 (7,610.59) BRAZIL Industrials TransportationCIA ENERGETICA DE MINAS GERAIS 55,724 196,761.12 198,934.68 2,173.56 BRAZIL Utilities UtilitiesRANDON SA IMPLEMENTOS E PARTIC 79,279 72,576.22 197,601.64 125,025.42 BRAZIL Industrials Capital GoodsCONSTRUTORA TENDA SA 41,834 123,580.36 181,452.30 57,871.94 BRAZIL Consumer Discretionary Consumer Durables & ApparelVALID SOLUCOES E SERVICOS DE S 35,943 314,366.54 178,066.41 (136,300.13) BRAZIL Industrials Commercial & Professional ServicesSAO MARTINHO SA 36,747 140,838.95 173,173.67 32,334.72 BRAZIL Consumer Staples Food, Beverage & TobaccoTOTVS SA 17,053 141,556.16 172,646.45 31,090.29 BRAZIL Information Technology Software & ServicesSANTOS BRASIL PARTICIPACOES SA 159,130 123,015.71 163,967.24 40,951.53 BRAZIL Industrials TransportationFLEURY SA 30,424 92,727.34 159,480.33 66,752.99 BRAZIL Health Care Health Care Equipment & ServicesCIA DE LOCACAO DAS AMERICAS 15,767 112,494.80 157,965.76 45,470.96 BRAZIL Industrials TransportationGOL LINHAS AEREAS INTELIGENTES 21,343 103,931.41 142,041.70 38,110.29 BRAZIL Industrials TransportationTELEFONICA BRASIL SA 11,620 224,106.89 141,827.48 (82,279.41) BRAZIL Communication Services Telecommunication ServicesSER EDUCACIONAL SA 26,005 146,894.53 136,048.97 (10,845.56) BRAZIL Consumer Discretionary Consumer ServicesTUPY SA 28,984 141,070.28 134,951.33 (6,118.95) BRAZIL Consumer Discretionary Automobiles & ComponentsCIA BRASILEIRA DE DISTRIBUICAO 5,594 185,726.64 131,466.26 (54,260.38) BRAZIL Consumer Staples Food & Staples RetailingPETRO RIO SA 25,646 37,610.69 124,549.53 86,938.84 BRAZIL Energy EnergyCENTRAIS ELETRICAS BRASILEIRAS 13,248 122,004.63 124,001.28 1,996.65 BRAZIL Utilities UtilitiesBB SEGURIDADE PARTICIPACOES SA 18,100 157,457.98 123,342.50 (34,115.48) BRAZIL Financials InsuranceCIA FERRO LIGAS DA BAHIA - FER 21,831 50,526.81 121,785.08 71,258.27 BRAZIL Materials MaterialsEVEN CONSTRUTORA E INCORPORADO 77,116 79,180.07 118,893.03 39,712.96 BRAZIL Consumer Discretionary Consumer Durables & ApparelLIGHT SA 22,500 112,119.99 118,810.55 6,690.56 BRAZIL Utilities UtilitiesAREZZO INDUSTRIA E COMERCIO SA 9,100 64,611.82 116,868.72 52,256.90 BRAZIL Consumer Discretionary Consumer Durables & ApparelCIA HERING 15,200 94,908.09 116,742.81 21,834.72 BRAZIL Consumer Discretionary Consumer Durables & ApparelVIA VAREJO SA 104,658 42,802.11 113,486.85 70,684.74 BRAZIL Consumer Discretionary RetailingECORODOVIAS INFRAESTRUTURA E L 45,800 103,353.71 112,861.22 9,507.51 BRAZIL Industrials TransportationGERDAU SA 35,287 44,281.67 110,620.40 66,338.73 BRAZIL Materials MaterialsINTERNATIONAL MEAL CO ALIMENTA 61,431 146,663.20 102,445.51 (44,217.69) BRAZIL Consumer Discretionary Consumer ServicesLOCALIZA RENT A CAR SA 11,932 65,501.65 101,362.37 35,860.72 BRAZIL Industrials TransportationCIA DE SANEAMENTO BASICO DO ES 9,163 108,503.94 98,888.92 (9,615.02) BRAZIL Utilities UtilitiesDIRECIONAL ENGENHARIA SA 43,932 55,203.62 97,872.51 42,668.89 BRAZIL Consumer Discretionary Consumer Durables & ApparelCOSAN LOGISTICA SA 23,417 57,639.64 91,460.90 33,821.26 BRAZIL Industrials TransportationSONAE SIERRA BRASIL SA 12,383 79,334.68 91,320.52 11,985.84 BRAZIL Real Estate Real EstateLOJAS AMERICANAS SA 20,808 119,218.95 89,665.23 (29,553.72) BRAZIL Consumer Discretionary RetailingGUARARAPES CONFECCOES SA 2,371 44,088.07 87,731.33 43,643.26 BRAZIL Consumer Discretionary Consumer Durables & ApparelGRENDENE SA 39,394 71,286.55 84,827.12 13,540.57 BRAZIL Consumer Discretionary Consumer Durables & ApparelALLIAR MEDICOS A FRENTE SA 20,300 75,902.20 75,739.65 (162.55) BRAZIL Health Care Health Care Equipment & ServicesUSINAS SIDERURGICAS DE MINAS G 25,200 77,163.45 75,437.47 (1,725.98) BRAZIL Materials MaterialsMAGAZINE LUIZA SA 1,601 46,447.04 71,108.47 24,661.43 BRAZIL Consumer Discretionary RetailingCENTRAIS ELETRICAS BRASILEIRAS 7,047 52,469.79 68,556.01 16,086.22 BRAZIL Utilities Utilities

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Security Description Shares Book Value (USD) Market Value (USD) Gain/Loss (USD) Country of Registration GICS Sector Name