List of Stock Holdings

March 2014

Equities
Name
Valuation (£m)
% of net assets
Cumulative %
Pfizer Inc.
71.0
2.5
2.5
Walt Disney Company
66.9
2.4
4.9
Visa Inc. Class A
61.8
2.2
7.0
Qualcomm Incorporated
59.0
2.1
9.1
Enterprise Products Partners L.P.
54.5
1.9
11.0
United Technologies Corporation
52.0
1.8
12.9
CVS Caremark Corporation
50.0
1.8
14.6
Prudential plc
49.8
1.8
16.4
Express Scripts Holding Company
47.7
1.7
18.0
Accenture Plc
46.3
1.6
19.7
National Grid plc
43.2
1.5
21.2
SAP AG
42.0
1.5
22.7
Wells Fargo & Company
41.6
1.5
24.1
Amgen Inc.
41.4
1.5
25.6
HSBC Holdings plc
40.3
1.4
27.0
Eni S.p.A.
38.1
1.3
28.4
Reckitt Benckiser Group plc
38.1
1.3
29.7
Google Inc. Class A
37.6
1.3
31.0
GlaxoSmithKline plc
37.3
1.3
32.3
Deutsche Post AG
36.5
1.3
33.6
Danaher Corporation
35.9
1.3
34.9
Legal & General Group Plc
35.6
1.3
36.1
Noble Energy, Inc.
35.5
1.2
37.4
Roche Holding Ltd Genusssch.
34.6
1.2
38.6
Continental AG
33.4
1.2
39.8
Total SA
33.4
1.2
41.0
Rogers Communications Inc. Class B
32.0
1.1
42.1
Swedbank AB Class A
31.6
1.1
43.2
Toronto-Dominion Bank
30.9
1.1
44.3
Sanofi
30.9
1.1
45.4
Resolution Limited
30.8
1.1
46.5
Twenty-First Century Fox, Inc. Class A
30.4
1.1
47.5
BNP Paribas SA Class A
29.0
1.0
48.5
Fanuc Corporation
28.4
1.0
49.5
Diageo plc
27.7
1.0
50.5
Toyota Motor Corp.
27.3
1.0
51.5
Novo Nordisk A/S Class B
27.3
1.0
52.4
Mitsubishi UFJ Financial Group, Inc.
27.0
1.0
53.4
Samsung Electronics Co., Ltd.
26.5
0.9
54.3
Aviva plc
26.4
0.9
55.2
Barclays PLC
26.3
0.9
56.2
Praxair, Inc.
26.2
0.9
57.1
Grupo Financiero Banorte SAB de CV Class O
26.2
0.9
58.0
Coach, Inc.
25.2
0.9
58.9
Schneider Electric SA
25.2
0.9
59.8
AmerisourceBergen Corporation
24.6
0.9
60.7
Citigroup Inc.
24.3
0.9
61.5
BASF SE
23.9
0.8
62.4
Monsanto Company
23.8
0.8
63.2
WPP Plc
23.7
0.8
64.0
Cummins Inc.
23.1
0.8
64.8
Glencore Xstrata plc
23.1
0.8
65.7
China Gas Holdings Limited
22.8
0.8
66.5
Cadence Design Systems, Inc.
22.4
0.8
67.2
Volkswagen AG Pref
22.1
0.8
68.0
Aberdeen Asset Management PLC
21.8
0.8
68.8
Schlumberger NV
21.7
0.8
69.6
Petrofac Limited
21.7
0.8
70.3
Melrose Industries Plc
21.2
0.7
71.1
Fomento Economico Mexicano SAB de CV Units Cons. Of 1 ShsB And 4 ShsD
20.8
0.7
71.8
Standard Chartered PLC
20.6
0.7
72.5
Intuitive Surgical, Inc.
20.1
0.7
73.2
Zurich Insurance Group AG
20.0
0.7
73.9
Eaton Corp. Plc
19.9
0.7
74.6
Unilever PLC
19.7
0.7
75.3
Henkel AG & Co. KGaA Pref
19.7
0.7
76.0
Bpost SA de Droit Public
18.8
0.7
76.7
Seadrill Ltd.
18.7
0.7
77.3
Marsh & McLennan Companies, Inc.
18.3
0.6
78.0
Vodafone Group PLC
18.3
0.6
78.6
American Tower Corporation
18.0
0.6
79.3
Telecom Corporation of New Zealand Limited
17.2
0.6
79.9
PT Perusahaan Gas Negara (Persero) Tbk Class B
16.9
0.6
80.5
Humana Inc.
16.7
0.6
81.1
Wisconsin Energy Corporation
16.4
0.6
81.6
Mattel, Inc.
16.3
0.6
82.2
Bangkok Bank Public Company Limited (Alien Mkt)
16.3
0.6
82.8
Charoen Pokphand Foods Public Co. Ltd.(Alien Mkt)
16.2
0.6
83.3
GTECH S.p.A.
15.9
0.6
83.9
Oceaneering International, Inc.
15.6
0.5
84.5
Plum Creek Timber Company, Inc.
14.3
0.5
85.0
Ascendas Real Estate Investment Trust
14.3
0.5
85.5
Taiwan Mobile Co. Ltd.
13.4
0.5
85.9
Cerner Corporation
12.9
0.5
86.4
Rolls-Royce Holdings plc
12.3
0.4
86.8
Royal Dutch Shell Plc Class B
11.8
0.4
87.2
M1 Limited
11.6
0.4
87.6
VTech Holdings Limited
11.2
0.4
88.0
Liberty Global Plc Class A
11.2
0.4
88.4
Experian PLC
11.1
0.4
88.8
Komercni Banka as
10.9
0.4
89.2
Liberty Global Plc Class C
10.9
0.4
89.6
Och-Ziff Capital Management Group LLC Class A
10.3
0.4
90.0
Ashmore Global Opportunities Ltd April 13 Redemption GBP
8.7
0.3
90.3
Verizon Communications Inc.
5.2
0.2
90.4
Sub Total Equities
2569.6
90.4
OEICS
Name
£m
% of net assets
Monthly Income Bond Fund
141.8
5.0
95.4
Dynamic Bond Fund
53.8
1.9
97.3
Global Thematic Opportunities Fund
201.7
7.1
104.4
Luxcellence SICAV - Alliance Trust Sustainable Future Pan-European Equity Fund Capitalisation I
25.4
0.9
105.3
Sub Total OEICS
422.6
14.9
Other Asset Classes
Name
£m
% of net assets
Unlisted Private Equity
118.0
4.2
109.5
Operating Subsidiaries
39.5
1.4
110.9
Real Estate
14.3
0.5
111.4
Cash
27.5
1.0
112.3
Other Assets
29.7
1.0
113.4
Gearing
(380.0)
(13.4)
100.0
Net Assets
2841.3
100.0
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