Major Shareholders 

BAY

Name Shares
Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
Star Rating
VA CollegeAmerica EuroPacific Gr 529F 21,038,384 2.54 690,000 3.39 2.54 12/31/2014
VA CollegeAmerica Cap World G/I 529E 12,312,929 1.49 0 0.00 2.1 12/31/2014
Dodge & Cox International Stock 9,847,650 1.19 -67,100 -0.68 2.1 12/31/2014
Vanguard Total Intl Stock Index Inv 5,645,262 0.68 151,876 2.76 0.59 01/31/2015
Artisan International Investor 5,236,317 0.63 137,965 2.71 4.01 12/31/2014
VA CollegeAmerica New Perspective 529E 4,685,000 0.57 4,685,000 New 1.21 12/31/2014
VA CollegeAmerica Invmt Co of Amer 529E 4,181,500 0.51 4,181,500 New 0.81 12/31/2014
iShares MSCI Germany 3,962,584 0.47 0 0.00 9.59 02/20/2015
MFS® International Value A 3,206,858 0.39 65,369 2.08 2.15 01/31/2015
WisdomTree Europe Hedged Equity ETF 2,960,388 0.36 118,056 4.15 3.5 03/02/2015
Vanguard Developed Markets Idx Admiral 2,796,237 0.34 42,836 1.56 0.87 01/31/2015
Fidelity® Diversified International 2,761,262 0.33 -59,900 -2.12 1.67 01/31/2015
MFS® Instl International Equity 2,307,491 0.28 -82,976 -3.47 4.77 01/31/2015
Fidelity® Contrafund® 2,047,959 0.25 -358,961 -14.91 0.28 01/31/2015
Fidelity® Series International Growth 1,858,900 0.23 25,000 1.36 2.19 01/31/2015
iShares MSCI EMU 1,799,266 0.21 49,600 2.83 2.94 02/20/2015
American Funds IS® International 3 1,819,055 0.22 115,000 6.75 3.37 12/31/2014
Vanguard European Stock Index Inv 1,682,919 0.20 2,681 0.16 1.44 01/31/2015
CREF Stock 1,681,837 0.20 -213,061 -11.24 0.18 12/31/2014
SPDR® EURO STOXX 50 ETF 1,445,232 0.18 11,520 0.80 4.8 02/27/2015