| Stock | 99.74% |
| Cash | 0.05% |
| Other* | 0.22% |
Holdings Detailas of 2/9/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| ABI | ANHEUSER-BUSCH INBEV NV | 23.99 | $6,178,909 | BE0003793107 | XBRU | Consumer Staples | 0.75 |
| SOLB | SOLVAY SA | 6.06 | $1,561,717 | BE0003470755 | XBRU | Materials | 0.75 |
| DELB | DELHAIZE GROUP | 6.04 | $1,557,030 | BE0003562700 | XBRU | Consumer Staples | 0.75 |
| GBLB | GROUPE BRUXELLES LAMBERT SA | 5.93 | $1,527,040 | BE0003797140 | XBRU | Financials | 0.75 |
| BELG | BELGACOM SA | 5.69 | $1,465,458 | BE0003810273 | XBRU | Telecom Services | 0.75 |
| UMI | UMICORE | 5.06 | $1,303,837 | BE0003884047 | XBRU | Materials | 0.75 |
| COLR | COLRUYT SA | 4.47 | $1,150,747 | BE0974256852 | XBRU | Consumer Staples | 0.75 |
| AGS | AGEAS | 4.41 | $1,136,503 | BE0003801181 | XBRU | Financials | 0.75 |
| UCB | UCB SA | 4.27 | $1,100,367 | BE0003739530 | XBRU | Health Care | 0.75 |
| ELI | ELIA SYSTEM OPERATOR SA/NV | 3.48 | $896,164 | BE0003822393 | XBRU | Utilities | 0.75 |
| KBC | KBC GROEP NV | 3.30 | $848,864 | BE0003565737 | XBRU | Financials | 0.75 |
| COFB | COFINIMMO | 2.54 | $654,406 | BE0003593044 | XBRU | Financials | 0.75 |
| TNET | TELENET GROUP HOLDING NV | 2.47 | $636,339 | BE0003826436 | XBRU | Telecom Services | 0.75 |
| MOBB | MOBISTAR SA | 2.37 | $609,932 | BE0003735496 | XBRU | Telecom Services | 0.75 |
| ACKB | ACKERMANS&VAN HAAREN | 2.00 | $515,068 | BE0003764785 | XBRU | Financials | 0.75 |
| GIMB | GIMV NV | 1.38 | $356,473 | BE0003699130 | XBRU | Financials | 0.75 |
| NYR | NYRSTAR | 1.31 | $336,224 | BE0003876936 | XBRU | Materials | 0.75 |
| BEFB | BEFIMMO S.C.A. | 1.24 | $318,158 | BE0003678894 | XBRU | Financials | 0.75 |
| BEKB | BEKAERT NV | 1.20 | $308,137 | BE0974258874 | XBRU | Industrials | 0.75 |
| DIE | S.A. D'IETEREN N.V. | 1.14 | $294,063 | BE0974259880 | XBRU | Consumer Discretionary | 0.75 |
| SIP | SIPEF NV | 1.00 | $258,590 | BE0003898187 | XBRU | Consumer Staples | 0.75 |
| TESB | TESSENDERLO CHEMIE | 0.83 | $213,978 | BE0003555639 | XBRU | Materials | 0.75 |
| WDP | WAREHOUSES DE PAUW SCA | 0.75 | $194,052 | BE0003763779 | XBRU | Financials | 0.75 |
| THR | THROMBOGENICS NV | 0.75 | $193,409 | BE0003846632 | XBRU | Health Care | 0.75 |
| RCUS | ARSEUS NV | 0.68 | $176,008 | BE0003874915 | XBRU | Health Care | 0.75 |
| WEHB | WERELDHAVE BELGIUM | 0.63 | $162,453 | BE0003724383 | XBRU | Financials | 0.75 |
| KIN | KINEPOLIS | 0.58 | $149,564 | BE0003722361 | XBRU | Consumer Discretionary | 0.75 |
| LEAS | LEASINVEST REAL ESTATE SCA | 0.57 | $147,442 | BE0003770840 | XBRU | Financials | 0.75 |
| BAR | BARCO N.V. | 0.56 | $144,766 | BE0003790079 | XBRU | Information Technology | 0.75 |
| EVS | EVS BROADCAST EQUIPMENT S.A. | 0.54 | $138,238 | BE0003820371 | XBRU | Information Technology | 0.75 |
| ECONB | ECONOCOM GROUP | 0.52 | $134,607 | BE0003563716 | XBRU | Information Technology | 0.75 |
| CFEB | CIE FRANCOIS D' ENTREPRISES | 0.44 | $112,813 | BE0003883031 | XBRU | Industrials | 0.75 |
| INTO | INTERVEST OFFICES&WAREHOUSES | 0.44 | $112,322 | BE0003746600 | XBRU | Financials | 0.75 |
| RHJI | RHJ INTERNATIONAL | 0.41 | $106,802 | BE0003815322 | XBRU | Financials | 0.75 |
| CMB | CMB CIE MARITIME BELGE | 0.37 | $94,927 | BE0003817344 | XBRU | Industrials | 0.75 |
| AGFB | AGFA GEVAERT NV | 0.30 | $76,172 | BE0003755692 | XBRU | Health Care | 0.75 |
| MELE | MELEXIS NV | 0.29 | $75,073 | BE0165385973 | XBRU | Information Technology | 0.75 |
| GLPG | GALAPAGOS NV | 0.25 | $64,802 | BE0003818359 | XBRU | Health Care | 0.75 |
| DEXB | DEXIA SA | 0.21 | $53,137 | BE0003796134 | XBRU | Financials | 0.75 |
| EXM | EXMAR NV | 0.20 | $52,081 | BE0003808251 | XBRU | Energy | 0.75 |
| IBAB | ION BEAM APPLICATIONS | 0.17 | $42,615 | BE0003766806 | XBRU | Health Care | 0.75 |
| KBCA | KBC ANCORA | 0.16 | $41,620 | BE0003867844 | XBRU | Financials | 0.75 |
| HAMO | HAMON SA | 0.14 | $35,463 | BE0003700144 | XBRU | Industrials | 0.75 |
| REC | RECTICEL | 0.13 | $33,799 | BE0003656676 | XBRU | Materials | 0.75 |
| ABLX | ABLYNX NV | 0.13 | $33,242 | BE0003877942 | XBRU | Health Care | 0.75 |
| DECB | DECEUNINCK NV | 0.10 | $26,026 | BE0003789063 | XBRU | Industrials | 0.75 |
| DEVG | DEVGEN | 0.09 | $22,856 | BE0003821387 | XBRU | Health Care | 0.75 |
| ROU | ROULARTA MEDIA GROUP NV | 0.08 | $21,548 | BE0003741551 | XBRU | Consumer Discretionary | 0.75 |
| EURN | EURONAV SA | 0.06 | $16,676 | BE0003816338 | XBRU | Energy | 0.75 |
| -- | BLACKROCK FDS III | 0.05 | $12,740 | -- | S-T Securities | 1.00 |

