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T. Rowe Price Funds SICAV

Audited AnnuAl RepoRt

An open-ended investment company organised under the laws of Luxembourg

31 december 2013

R.C.S. B-82218

T. R o w e P r i c e F u n d s S I C A V - A u d i t e d A n n u a l R e p o r t - D e c e m b e r 2 0 1 3

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T a b l e o f C o n t e n t s

No subscriptions can be received on the basis of this report alone. Subscriptions for shares of each fund are only valid if made on the basis of the latest Prospectus or the Key Investor Information Documents (‘’KIID’’) of T.Rowe Price Funds SICAV (as applicable) together with the latest audited annual report (and, if published, subsequent semi-annual report).

2 Management and Administration

4 Letter from the Board of Directors

6 Statement of Investments

6 Emerging Local Markets Bond Fund

10 EURO Corporate Bond Fund

13 European High Yield Bond Fund

15 Global Aggregate Bond Fund

26 Global Emerging Markets Bond Fund

30 Global Emerging Markets Corporate Bond Fund

33 Global Fixed Income Absolute Return Fund

37 Global High Yield Bond Fund

44 US Aggregate Bond Fund

50 Asian ex-Japan Equity Fund

52 Emerging Europe Equity Fund

54 European Equity Fund

56 European ex-UK Equity Fund

58 European Smaller Companies Equity Fund

60 European Structured Research Equity Fund

63 Global Emerging Markets Equity Fund

65 Global Focused Growth Equity Fund

67 Global Growth Equity Fund

70 Global Natural Resources Equity Fund

72 Global Real Estate Securities Fund

74 Global Value Equity Fund

76 Japanese Equity Fund

78 Latin American Equity Fund

80 Middle East & Africa Equity Fund

82 US Blue Chip Equity Fund

84 US Large Cap Equity Fund

86 US Large Cap Growth Equity Fund

88 US Large Cap Value Equity Fund

90 US Smaller Companies Equity Fund

93 Financial Statements

93 Statement of Net Assets

105 Statement of Operations and Changes in Net Assets

111 Statement of Changes in Number of Shares

117 Statement of NAV per Share and Net Asset Statistics

123 Notes to the Financial Statements

136 Risk Measurement and Global Exposure Appendix (unaudited)

137 Further Information

139 Audit Report


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R E G I S T E R E D O F F I C EEuropean Bank and Business Center6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

B O A R D O F D I R E C T O R SEdward C. Bernard (Chairman) DirectorT. Rowe Price Group 100 East Pratt Street Baltimore, Maryland 21202 United States of America

Christopher D. Alderson President - International EquityT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

Peter Preisler Vice PresidentT. Rowe Price International Ltd Tuborg Havnevej 19 2900 Hellerup Denmark

Timothy D. Noel Vice PresidentT. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, Maryland 21202 United States of America

Christopher J. Rothery Vice PresidentT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

Ian Hoddy Vice PresidentT. Rowe Price International Ltd 35 Boulevard Prince Henri L-1724 Luxembourg Grand Duchy of Luxembourg

Robert Higginbotham Vice PresidentT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

P E R S O N S C O N D U C T I N G T H E B U S I N E S S O F T H E C O M P A N YIan Hoddy Vice PresidentT. Rowe Price International Ltd 35 Boulevard Prince Henri L-1724 Luxembourg Grand Duchy of Luxembourg

M a n a g e m e n t a n d A d m i n i s t r a t i o n

Jeremy Fisher Vice PresidentT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

Christopher W. Edge Vice PresidentT. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, Maryland 21202 United States of America

C U S T O D I A NJP Morgan Bank Luxembourg S.A.European Bank and Business Center 6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

D O M I C I L I A R Y, A D M I N I S T R A T I O N , R E G I S T R A R , T R A N S F E R A N D P A Y I N G A G E N TJP Morgan Bank Luxembourg S.A.European Bank and Business Center 6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

R E P R E S E N T A T I V E A N D P A Y I N G A G E N T I N G E R M A N YJP Morgan AGJunghofstraße 14 60311 Frankfurt am Main Germany

R E P R E S E N T A T I V E A N D P A Y I N G A G E N T I N D E N M A R KNordea Bank Danmark A/SStrandgade 3 DK-0900 Copenhagen C Denmark

R E P R E S E N T A T I V E I N S W I T Z E R L A N DFirst Independent Fund Services LtdKlausstrasse 33 8008 Zürich Switzerland

P A Y I N G A G E N T I N S W I T Z E R L A N DJP Morgan Chase Bank, National Association, ColumbusZurich Branch Dreikönigstrasse 21 8002 Zürich Switzerland


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M a n a g e m e n t a n d A d m i n i s t r a t i o n > > > c o n t i n u e dI N V E S T M E N T M A N A G E RT. Rowe Price International Ltd60 Queen Victoria Street London, EC4N 4TZ United Kingdom

I N V E S T M E N T S U B - M A N A G E R ST. Rowe Price Associates, Inc.100 East Pratt Street Baltimore, Maryland 21202 United States of America

T. Rowe Price Hong Kong Limited21/F Jardine House 1 Connaught Place Central, Hong Kong

T. Rowe Price Singapore Private Ltd.290 Orchard Road 14-04 Paragon 238859 Singapore

A U D I T O RPricewaterhouseCoopers, Société coopérative400 route d’Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

L E G A L A D V I S E RLinklaters LLP35 avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg


4

Closing out a strong year for equities, stock markets in the developed world produced excellent returns, while emerging markets stocks ended the period in negative territory. The U.S. economy strengthened and the picture in the eurozone improved, but the expected reduction of Fed asset purchases and slowing economic growth in the developing world reduced investors’ appetite for emerging market equities.

As the year began, federal tax increases and automatic spending cuts threatened to derail the economic recovery, but their impact was mitigated by strong jobs growth and $85 billion in monthly asset purchases by the Federal Reserve to suppress long-term interest rates. However, comments by Fed Chairman Ben Bernanke in May about possibly slowing the central bank’s quantitative easing measures caused long-term bond yields to climb, which weighed on equities.

Investors were surprised but pleased that the Fed delayed a widely expected mid-September tapering of its asset purchases. One reason for the delay was near-term uncertainty about U.S. fiscal policy. As the federal government’s new fiscal year started on October 1, many agencies were forced to temporarily furlough employees because Congress failed to pass a budget or a continuing resolution to fund the government. Stocks climbed after the government shutdown and debt ceiling showdown ended with a temporary solution that put fiscal policy concerns on hold until early 2014.

As the year ended, investors welcomed the Fed’s mid-December announcement that it would reduce its asset purchases by $10 billion in January 2014 because the central bank also pledged to keep short-term interest rates low if unemployment falls below 6.5%—as long as inflation remains contained. In addition, President Obama signed a bipartisan two-year budget bill that could add slightly to 2014 economic growth.

Equities in developed international markets underperformed U.S. shares but still produced very good returns. In the eurozone, core countries Germany and the Netherlands and peripheral markets Greece and Ireland were among the top performers. Many parts of the currency union emerged from recession in 2013, current account balances showed improvement, and countries started to relax austerity measures that have restrained growth since the onset of the sovereign debt crisis a few years ago. Developed Asian markets lagged, but Japanese equities led the region. Demand for the country’s exports improved as the yen declined significantly against the dollar due to highly accommodative policies enacted by Prime Minister Shinzo Abe and the Bank of Japan to fight deflation and lift the economy. Japan also benefited from economic improvement in the U.S. and Europe.

Emerging markets equities significantly underperformed developed equity markets. The expected reduction of Fed asset purchases and slowing economic growth in the developing world reduced investors’ appetite for the asset class. Latin America, hurt by reduced commodities demand from China, was the worst-performing emerging region. Markets in emerging Europe generally held up better amid mild gains in Poland and Russia, but Turkish stocks plunged. The sharp downturn stemmed from a significant drop in the lira, capital outflows, slower economic growth expectations due to rising interest rates, and, most recently, a corruption scandal that is diminishing trust in the government. Emerging Asian markets outperformed the broad emerging markets universe, as positive returns in Taiwan, Malaysia, China, and South Korea offset deep losses in Indonesia and Thailand. In the frontier markets of the Middle East, shares in the United Arab Emirates and Qatar soared, benefiting from strong economic growth in 2013 and the announcement that MSCI will upgrade them to emerging markets, effective May 2014.

Among the sectors in the MSCI All Country World Index, consumer discretionary, industrials and business services, and information technology delivered the strongest performance. Only the materials sector detracted slightly for the year, while utilities and energy produced weaker, albeit positive, results.

With investors bracing for the Federal Reserve to begin scaling back its $85 billion in monthly asset purchases, Treasury yields rose sharply in 2013, leading to losses for most fixed income sectors. High yield bonds managed to produce relatively strong gains, but emerging markets bonds declined sharply; returns for investment-grade U.S. credit fell in between. Bonds in developed non-U.S. markets produced mixed results in local currency terms. Japanese bonds gained slightly in yen terms but produced deep losses when converted to U.S. dollars due to the Japanese government’s aggressive increase in its asset purchase program to combat deflation and stimulate a sluggish economy. Safe-haven German bunds declined in euro terms, but peripheral European sovereigns produced solid gains as the eurozone emerged from recession and sentiment toward beleaguered countries such as Italy and Spain improved.

The yield on the closely watched 10-year U.S. Treasury note, which began the year near 1.8%, dipped in March and April following a string of disappointing data releases that seemed to suggest another mid-year swoon for the U.S. economy. But the environment quickly changed in May after the government reported that job growth in April was stronger than expected and upwardly revised previous months’ reports. Shortly thereafter, Federal Reserve officials began discussing “tapering” asset purchases if these positive employment trends were sustained, and longer-term Treasury yields suddenly shot higher. Investors reacted to rising rates by retreating from bonds. The asset class saw record outflows, particularly in June. Amid poor market liquidity, credit spreads widened at the same time that Treasury yields were rising—an unusual occurrence when economic data are improving. Returns for many sectors turned negative for the year. Emerging markets bonds were particularly impacted by capital outflows, driven not only by higher U.S. rates but also concerns about elevated inflation and slower growth in formerly bourgeoning economies.

The U.S. labor market continued to steadily improve, and consensus built that the Federal Open Market Committee (FOMC) would begin slowing the pace of its bond purchases in September. The 10-year Treasury yield approached 3% early in the month. However, the FOMC surprised markets by announcing that it had decided to wait for stronger evidence of economic and labor market growth before adjusting policy. The Fed noted that financial conditions had tightened in recent months, potentially slowing the economic recovery. In addition, there were concerns that uncertain fiscal policy stemming from political gridlock in Washington could restrain economic growth.

The delay of tapering, combined with the Fed’s efforts to reassure investors that monetary policy would remain highly accommodative even after quantitative easing ends, provided a reprieve for fixed income assets. Longer-term Treasury yields eased off their highs, and credit spreads, which had peaked in late June during the depths of the bond market sell-off, ground tighter. On December 18, the FOMC announced that it would begin reducing its monthly purchases of Treasuries and mortgage-backed securities in January, trimming each by $5 billion. The FOMC also enhanced guidance on short-term interest rates, saying that it expects to keep the fed funds rate near 0% “well past” the time when the unemployment rate falls to 6.5%. Although the yield on the 10-year Treasury note climbed above 3% near year-end—the highest level since July 2011—the reaction to the taper announcement was rather subdued, suggesting that its impact had already been mostly priced in. Meanwhile, credit spreads continued to tighten as market participants appeared to welcome greater certainty about the timing of the taper.

Currency performance was widely divergent in 2013. The U.S. dollar strengthened versus many emerging markets currencies on expectations for the Fed to begin tapering. Countries with sizable current account deficits and perceived governance and policy challenges—such as Brazil, India, Indonesia, South Africa, and Turkey—saw their currencies plummet. The currencies of emerging markets with stronger fundamentals, such as the Mexican peso, held up relatively well. The dollar’s performance against developed market currencies was similarly mixed. The Japanese yen tumbled more than 17% versus the dollar as the Bank of Japan remained committed to massive quantitative easing and a weaker currency. But the euro rose in value as a weak recovery progressed in the eurozone. The British pound also gained as economic data in the UK were surprisingly robust.

L e t t e r F r o m t h e B o a r d o f D i r e c t o r s


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During 2013, the Company’s marketing activities generated net subscriptions to the Funds of some USD 4.7 billion. This coupled with positive market movements resulted in an increase in the Company’s net assets from USD 7.8 billion to USD 10.1 billion for the year.

The Company has regulatory approvals to market itself to both retail and institutional clients in Austria, Denmark, Estonia, Finland, France, Germany, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Singapore (institutional only), Spain, Sweden, Switzerland, and the UK. Certain sub-funds are registered for sale in Taiwan and on a limited basis in Peru.

Sincerely,

The Board of Directors,

Luxembourg, 17 April 2014

L e t t e r F r o m t h e B o a r d o f D i r e c t o r s > > > c o n t i n u e d


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I n v e s t m e n t O b j e c t i v e

The fund’s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supranational and corporate issuers incorporated, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The portfolio’s emphasis will be on investing in securities denominated in the currencies of the respective emerging countries. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in currencies and bonds using various derivative instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps.

S t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

Transferable Securities Admitted to an Official Exchange ListingBrazil Brazil Notas do Tesouro Nacional Series B 6%/2017 BRL 3,400 34,400 0.26Brazil Notas do Tesouro Nacional Series B 6%/2020 BRL 9,800 98,638 0.74Brazil Notas do Tesouro Nacional Series B 6%/2045 BRL 2,500 23,462 0.18Brazil Notas do Tesouro Nacional Series F 10%/2015 BRL 53,600 236,608 1.79Brazil Notas do Tesouro Nacional Series F 10%/2017 BRL 249,300 1,049,669 7.93Brazil Notas do Tesouro Nacional Series F 10%/2021 BRL 47,400 184,245 1.39Brazil Notas do Tesouro Nacional Series F 10%/2023 BRL 68,400 258,630 1.95

Total Brazil 1,885,652 14.24

Chile Chilean Government 3%/2017 CLP 2,000 92,839 0.70Chilean Government 6%/2018 CLP 50,000,000 100,213 0.76

Total Chile 193,052 1.46

Colombia Colombian Government International Bond 7.75%/2021 COP 557,000,000 319,176 2.41Colombian Government International Bond 9.85%/2027 COP 152,000,000 98,913 0.75Colombian Government International Bond 12%/2015 COP 325,000,000 190,160 1.43

Total Colombia 608,249 4.59

Hungary Hungarian Government 5.375%/2023 USD 40,000 39,682 0.30Hungarian Government Ser17/B 6.75%/2017 HUF 34,450,000 171,754 1.29Hungarian Government Ser18/A 5.5%/2018 HUF 10,980,000 52,737 0.40Hungarian Government Ser19/A 6.5%/2019 HUF 18,500,000 92,694 0.70Hungarian Government Ser22/A 7%/2022 HUF 17,520,000 88,632 0.67

Total Hungary 445,499 3.36

Indonesia Indonesian Government International Bond

SerFR55 7.375%/2016 IDR 340,000,000 27,558 0.21Indonesian Treasury Bond SerFR39 11.75%/2023 IDR 300,000,000 29,497 0.22Indonesian Treasury Bond SerFR43 10.25%/2022 IDR 270,000,000 24,431 0.19Indonesian Treasury Bond SerFR44 10%/2024 IDR 1,178,000,000 105,083 0.79Indonesian Treasury Bond SerFR47 10%/2028 IDR 1,648,000,000 146,195 1.10Indonesian Treasury Bond SerFR53 8.25%/2021 IDR 938,000,000 76,438 0.58Indonesian Treasury Bond SerFR54 9.5%/2031 IDR 1,242,000,000 106,691 0.81Indonesian Treasury Bond SerFR57 9.5%/2041 IDR 320,000,000 27,081 0.20Indonesian Treasury Bond SerFR58 8.25%/2032 IDR 2,010,000,000 154,224 1.17Indonesian Treasury Bond SerFR61 7%/2022 IDR 1,078,000,000 81,010 0.61

Total Indonesia 778,208 5.88

Ireland Alfa Bank Via Alfa Bond Issuance SerRegS 8.625%/2016 RUB 5,000,000 151,847 1.15RusHydro Finance SerEMTN 7.875%/2015 RUB 3,500,000 106,062 0.80

Total Ireland 257,909 1.95

Mexico Mexican Bonos SerM 6.5%/2022 MXN 2,719,000 210,426 1.59Mexican Bonos SerM 7.75%/2042 MXN 722,000 56,442 0.43Mexican Bonos SerM 8%/2023 MXN 404,000 34,445 0.26Mexican Bonos SerM10 7.25%/2016 MXN 2,054,000 169,276 1.28Mexican Bonos SerM20 10%/2024 MXN 618,000 60,475 0.46Mexican Bonos SerM20 7.5%/2027 MXN 3,590,000 292,848 2.21Mexican Bonos SerM30 8.5%/2038 MXN 1,695,000 143,340 1.08Mexican Bonos SerM30 10%/2036 MXN 1,170,000 113,784 0.86Mexican Bonos SerS 4%/2019 MXN 434,000 185,983 1.40Petroleos Mexicanos Ser144A 7.19%/2024 MXN 450,000 32,681 0.25

Total Mexico 1,299,700 9.82

Montenegro Republic of Montenegro Ser3Y VR 6.19%/2016 1 EUR 100,000 137,756 1.04

Total Montenegro 137,756 1.04

Nigeria Nigerian Government 15.1%/2017 NGN 15,368,000 100,964 0.76Nigerian Government 16.39%/2022 NGN 21,400,000 154,255 1.17

Total Nigeria 255,219 1.93

E m e r g i n g L o c a l M a r k e t s B o n d F u n d

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


7

Philippines Philippine Government International Bond 4.95%/2021 PHP 6,000,000 144,085 1.09

Total Philippines 144,085 1.09

Peru Peruvian Government International Bond 7.125%/2019 USD 38,000 46,075 0.35

Total Peru 46,075 0.35

Poland Polish Government Ser417 4.75%/2017 PLN 253,000 87,640 0.66Polish Government Ser429 5.75%/2029 PLN 351,000 130,237 0.98Polish Government Ser718 2.5%/2018 PLN 1,017,000 321,755 2.43Polish Government Ser1017 5.25%/2017 PLN 339,000 119,822 0.91Polish Government Ser1023 4%/2023 PLN 45,000 14,556 0.11

Total Poland 674,010 5.09

Romania Romanian Government International Bond

Ser5Y 5.9%/2017 RON 540,000 174,848 1.32Romanian Government International Bond

Ser10Y 5.85%/2023 RON 260,000 82,917 0.63Romanian Government International Bond

SerRegS 4.375%/2023 USD 34,000 32,946 0.25

Total Romania 290,711 2.20

Russia Russian Government Federal Bond Ser6204 7.5%/2018 RUB 6,844,000 213,585 1.61Russian Government Federal Bond Ser6206 7.4%/2017 RUB 2,900,000 90,026 0.68Russian Government Federal Bond Ser6207 8.15%/2027 RUB 2,489,000 78,327 0.59Russian Government Federal Bond Ser6208 7.5%/2019 RUB 6,905,000 214,355 1.62Russian Government Federal Bond Ser6209 7.6%/2022 RUB 9,347,000 285,616 2.16Russian Government Federal Bond Ser6212 7.05%/2028 RUB 3,300,000 93,865 0.71Russian Government Foreign Bond SerRegS 7.85%/2018 RUB 5,000,000 156,554 1.18

Total Russia 1,132,328 8.55

Serbia Republic of Serbia SerRegS step coupon 6.75%/2024 USD 31,720 31,348 0.24

Total Serbia 31,348 0.24

South Africa South African Government Ser2048 8.75%/2048 ZAR 1,255,000 113,761 0.86South African Government SerR186 10.5%/2026 ZAR 1,106,000 123,740 0.94South African Government SerR203 8.25%/2017 ZAR 5,513,000 545,894 4.12South African Government SerR204 8%/2018 ZAR 1,443,000 141,637 1.07South African Government SerR207 7.25%/2020 ZAR 822,000 77,183 0.58South African Government SerR208 6.75%/2021 ZAR 547,000 49,374 0.37South African Government SerR209 6.25%/2036 ZAR 543,000 37,898 0.29South African Government SerR213 7%/2031 ZAR 1,252,000 99,828 0.75South African Government SerR214 6.5%/2041 ZAR 2,903,000 203,405 1.54

Total South Africa 1,392,720 10.52

South Korea Export-Import Bank of Korea SerRegS 8.4%/2016 IDR 370,000,000 28,289 0.21

Total South Korea 28,289 0.21

Supranational International Finance SerGDIF 7.75%/2016 INR 2,080,000 33,688 0.25

Total for Supranational 33,688 0.25

Thailand Thai Government 2.8%/2017 THB 1,491,000 45,094 0.34Thai Government 3.58%/2027 THB 3,483,000 100,658 0.76Thai Government 3.625%/2023 THB 1,751,000 52,521 0.40Thai Government 3.775%/2032 THB 2,267,000 64,733 0.49Thai Government 3.875%/2019 THB 7,740,000 242,493 1.83Thai Government 4.75%/2024 THB 1,596,000 51,977 0.39Thai Government 5.125%/2018 THB 3,658,000 119,911 0.91Thai Government 5.4%/2016 THB 3,485,000 113,224 0.85Thai Government 5.5%/2019 THB 600,000 20,246 0.15Thai Government SerILB 1.2%/2021 THB 3,500,000 105,751 0.80Thai Government SerILB 1.25%/2028 THB 600,000 15,963 0.12

Total Thailand 932,571 7.04


Turkey Turkish Government 3%/2021 TRY 264,000 150,157 1.13Turkish Government 7.1%/2023 TRY 160,000 60,961 0.46Turkish Government 8.5%/2022 TRY 463,000 194,476 1.47Turkish Government 9%/2016 TRY 434,000 197,823 1.49Turkish Government 10%/2015 TRY 182,000 84,649 0.64Turkish Government 10.5%/2020 TRY 362,000 171,480 1.30

Total Turkey 859,546 6.49

Venezuela Petroleos de Venezuela SerRegS 8.5%/2017 USD 15,000 12,484 0.09

Total Venezuela 12,484 0.09

Total Transferable Securities Admitted to an Official Exchange Listing 11,439,099 86.39

Transferable Securities Traded on Another Regulated MarketMalaysia Malaysian Government Ser0111 4.16%/2021 MYR 549,000 168,404 1.27Malaysian Government Ser0112 3.418%/2022 MYR 63,000 18,192 0.14Malaysian Government Ser0207 3.814%/2017 MYR 538,000 165,366 1.25Malaysian Government Ser0311 4.392%/2026 MYR 381,000 114,751 0.87Malaysian Government Ser0411 4.232%/2031 MYR 127,000 37,238 0.28Malaysian Government Ser0412 4.127%/2032 MYR 138,000 39,521 0.30Malaysian Government Ser0902 4.378%/2019 MYR 832,000 258,885 1.95Malaysian Government Ser2/03 4.24%/2018 MYR 430,000 133,524 1.01

Total Malaysia 935,881 7.07

Peru Peruvian Government International Bond

Ser144A 6.95%/2031 PEN 160,000 57,331 0.43Peruvian Government International Bond

SerRegS 6.9%/2037 PEN 304,000 106,721 0.81

Total Peru 164,052 1.24

Sri Lanka Sri Lankan Government SerA 11%/2015 LKR 3,900,000 30,844 0.23Sri Lankan Government SerB 6.6% 1/6/2014 LKR 12,990,000 98,725 0.75Sri Lankan Treasury Bills Ser364 0% 17/1/2014 LKR 4,900,000 37,309 0.28Sri Lankan Treasury Bills Ser364 0% 25/4/2014 LKR 5,000,000 37,095 0.28

Total Sri Lanka 203,973 1.54

Total Transferable Securities Traded on Another Regulated Market 1,303,906 9.85

Total Investment Securities 12,743,005 96.24

E m e r g i n g L o c a l M a r k e t s B o n d F u n d > > > c o n t i n u e d

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


8



Forward Currency Exchange Contracts

Settlement Receive Deliver Counterparty

Unrealised Gain (Loss)

(USD)% of Net

Assets15 January 2014 250,290 RON 76,735 USD JP Morgan Chase 308 15 January 2014 254,303 RON 78,000 USD JP Morgan Chase 279 15 January 2014 13,920 RON 4,211 USD JP Morgan Chase 74 15 January 2014 25,000 RON 7,644 USD JP Morgan Chase 51 15 January 2014 400,236 RUB 12,000 USD JP Morgan Chase 144 15 January 2014 107,010 RUB 3,229 USD JP Morgan Chase 18 15 January 2014 69,466 USD 225,000 RON JP Morgan Chase 207 15 January 2014 32,558 USD 1,052,000 RUB JP Morgan Chase 639 15 January 2014 10,000 USD 324,880 RUB JP Morgan Chase 143 15 January 2014 13,429 USD 441,000 RUB JP Morgan Chase 49 21 January 2014 104,521,000 KRW 99,432 USD Citibank 48 21 January 2014 31,831 USD 373,062,000 IDR HSBC Bank 1,385 21 January 2014 37,238 USD 454,300,000 IDR Société Générale 161 04 February 2014 2,050,000 INR 32,426 USD JP Morgan Chase 446 20 February 2014 31,000 AUD 27,561 USD JP Morgan Chase 88 20 February 2014 61,000 CHF 67,083 USD JP Morgan Chase 1,409 20 February 2014 142,209,000 COP 72,862 USD JP Morgan Chase 690 20 February 2014 30,000 EUR 41,116 USD JP Morgan Chase 210 20 February 2014 21,000 GBP 33,897 USD JP Morgan Chase 838 20 February 2014 24,000 GBP 39,261 USD JP Morgan Chase 436 20 February 2014 64,562,000 HUF 288,343 USD HSBC Bank 10,236 20 February 2014 1,910,000 HUF 8,703 USD JP Morgan Chase 130 20 February 2014 6,652,000 MXN 504,425 USD Morgan Stanley 2,685 20 February 2014 552,941 MXN 42,148 USD JP Morgan Chase 5 20 February 2014 231,000 PEN 81,481 USD JP Morgan Chase 960 20 February 2014 134,000 PEN 47,350 USD Credit Suisse First Boston 473 20 February 2014 2,832,000 PLN 899,084 USD Goldman Sachs 37,958 20 February 2014 166,438 USD 180,000 AUD HSBC Bank 5,897 20 February 2014 34,014 USD 37,000 AUD JP Morgan Chase 1,013 20 February 2014 524,565 USD 1,246,000 BRL Credit Suisse First Boston 3,630 20 February 2014 99,995 USD 105,000 CAD Royal Bank of Canada 1,286 20 February 2014 318,423 USD 167,659,000 CLP Goldman Sachs 1,199 20 February 2014 35,895 USD 431,822,000 IDR JP Morgan Chase 793 20 February 2014 333,402 USD 33,073,000 JPY HSBC Bank 18,103 20 February 2014 12,262 USD 159,263 MXN JP Morgan Chase 121 20 February 2014 8,000 USD 104,730 MXN JP Morgan Chase 16 20 February 2014 352 USD 4,594 MXN JP Morgan Chase 2 20 February 2014 22,625 USD 74,000 MYR JP Morgan Chase 119 20 February 2014 79,941 USD 3,460,000 PHP JP Morgan Chase 1,997 20 February 2014 63,655 USD 2,783,000 PHP HSBC Bank 962 20 February 2014 34,303 USD 1,497,000 PHP JP Morgan Chase 580 20 February 2014 28,192 USD 917,000 THB JP Morgan Chase 208 20 February 2014 38,651 USD 80,000 TRY JP Morgan Chase 1,854 20 February 2014 32,861 USD 69,000 TRY JP Morgan Chase 1,123 20 February 2014 13,000 USD 26,713 TRY JP Morgan Chase 713 20 February 2014 114,279 USD 1,202,000 ZAR Deutsche Bank 918 20 February 2014 25,845 USD 270,031 ZAR JP Morgan Chase 378 20 February 2014 6,716 USD 70,000 ZAR JP Morgan Chase 114 04 March 2014 5,249,000 INR 81,993 USD JP Morgan Chase 1,663 04 March 2014 2,072,000 INR 32,846 USD JP Morgan Chase 177 17 March 2014 480,000 EGP 67,227 USD JP Morgan Chase 936 20 March 2014 290,360 UAH 34,000 USD Deutsche Bank 808

Unrealised Gain on Open Forward Currency Exchange Contracts 104,680 0.79

15 January 2014 29,000 RON 8,948 USD JP Morgan Chase (21)15 January 2014 353,815 RUB 10,807 USD JP Morgan Chase (72)15 January 2014 10,898,000 RUB 333,211 USD JP Morgan Chase (2,550)15 January 2014 70,127 USD 229,000 RON JP Morgan Chase (363)15 January 2014 58,539 USD 193,163 RON JP Morgan Chase (920)15 January 2014 249,190 USD 823,000 RON JP Morgan Chase (4,144)15 January 2014 37,284 USD 1,231,000 RUB JP Morgan Chase (66)15 January 2014 94,533 USD 3,118,590 RUB JP Morgan Chase (89)15 January 2014 71,790 USD 2,375,000 RUB JP Morgan Chase (271)15 January 2014 70,010 USD 2,335,000 RUB JP Morgan Chase (837)21 January 2014 932,248,000 IDR 79,884 USD HSBC Bank (3,803)20 February 2014 59,500 BRL 25,000 USD JP Morgan Chase (124)20 February 2014 22,000 BRL 9,349 USD Credit Suisse First Boston (151)20 February 2014 124,000 BRL 52,053 USD JP Morgan Chase (210)



(USD)% of Net

Assets20 February 2014 42,000 BRL 17,869 USD JP Morgan Chase (309)20 February 2014 150,000 BRL 63,702 USD JP Morgan Chase (989)20 February 2014 34,000 CAD 32,281 USD JP Morgan Chase (318)20 February 2014 35,257,000 CLP 67,374 USD Credit Suisse First Boston (665)20 February 2014 242,120,000 IDR 20,000 USD JP Morgan Chase (318)20 February 2014 932,248,000 IDR 79,205 USD Deutsche Bank (3,423)20 February 2014 2,700,000 JPY 25,864 USD JP Morgan Chase (124)20 February 2014 6,153,000 JPY 60,298 USD JP Morgan Chase (1,639)20 February 2014 112,000 MYR 34,605 USD JP Morgan Chase (542)20 February 2014 88,000 MYR 27,327 USD JP Morgan Chase (563)20 February 2014 1,292,000 MYR 401,891 USD HSBC Bank (8,946)20 February 2014 1,474,000 PHP 33,331 USD JP Morgan Chase (126)20 February 2014 107,000 THB 3,358 USD Merrill Lynch International (93)20 February 2014 627,000 THB 19,304 USD JP Morgan Chase (170)20 February 2014 1,682,949 THB 52,000 USD JP Morgan Chase (641)20 February 2014 2,132,000 THB 66,430 USD HSBC Bank (1,368)20 February 2014 66,883 TRY 32,645 USD JP Morgan Chase (1,881)20 February 2014 208,000 TRY 99,513 USD Goldman Sachs (3,840)20 February 2014 66,429 USD 61,000 CHF JP Morgan Chase (2,063)20 February 2014 251,609 USD 490,324,000 COP Merrill Lynch International (1,994)20 February 2014 70,292 USD 52,000 EUR JP Morgan Chase (1,340)20 February 2014 135,906 USD 100,000 EUR Barclays Capital (1,848)20 February 2014 168,203 USD 125,000 EUR Goldman Sachs (3,990)20 February 2014 234,684 USD 147,000 GBP Deutsche Bank (8,464)20 February 2014 18,756 USD 4,177,000 HUF JP Morgan Chase (561)20 February 2014 30,907 USD 6,946,430 HUF JP Morgan Chase (1,218)20 February 2014 95,697 USD 1,255,426 MXN JP Morgan Chase (9)20 February 2014 37,366 USD 492,000 MXN JP Morgan Chase (141)20 February 2014 43,000 USD 567,595 MXN JP Morgan Chase (270)20 February 2014 44,000 USD 136,650 PLN JP Morgan Chase (1,214)20 February 2014 65,993 USD 2,167,000 THB JP Morgan Chase (138)20 February 2014 115,785 ZAR 10,983 USD JP Morgan Chase (63)20 February 2014 202,938 ZAR 19,788 USD JP Morgan Chase (649)04 March 2014 14,558 USD 932,000 INR JP Morgan Chase (295)

Unrealised Loss on Open Forward Currency Exchange Contracts (63,833) (0.48)

Net Unrealised Gain on Open Forward Currency Exchange Contracts 40,847 0.31

Futures Contracts

Investment Broker Expiration

Contract Value

(USD)


(USD)% of Net

Assets

Short, 1 ten-year Mini Japanese Government Bond Contracts Goldman Sachs March 2014 (136,552) 925

Short, 1 ten-year US Treasury Note Contracts Goldman Sachs March 2014 (123,063) 2,234

Short, 1 US Ultra Bond Note Contracts Goldman Sachs March 2014 (137,156) 1,141

Net Unrealised Gain on Open Futures Contracts 4,300 0.03


9

Interest Rate Swap Contracts

Investment Counterparty ExpirationCurrency

Denomination Notional

Market Value

(USD)% of Net

Assets

Receive fixed rate 7.05%, Pay floating rate Mos Prime 3 Months Morgan Stanley February 2017 RUB 4,500,000 7,380

Receive fixed rate 3.93%, Pay floating rate MYR-KLIBOR-BNM 3 Months Citibank November 2018 MYR 226,000 (254)

Total Swap Contracts at Market Value 7,126 0.05

Other Assets Less Liabilities 445,626 3.37

Net Assets 13,240,904 100.00

Counterparty

Unrealised Gain (Loss)/ Market Value

(USD)% of Net

Assets

Citibank (206)Deutsche Bank (10,161)Goldman Sachs 35,627 JP Morgan Chase (6,317)Royal Bank of Canada 1,286 Barclays Capital (1,848)Merrill Lynch International (2,087)HSBC Bank 22,466 Morgan Stanley 10,065 Credit Suisse First Boston 3,287 Société Générale 161

Total 52,273 0.39

1These securities are valued at their fair value under the direction of the Board of Directors.

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933EMTN: Euro Medium Term Notestep coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)VR: variable rate, rate shown is effective rate at year-end

AUD: Australian DollarBRL: Brazilian RealCAD: Canadian DollarCHF: Swiss FrancCLP: Chilean PesoCOP: Colombian PesoEGP: Egyptian PoundEUR: European Union EuroGBP: Great Britain PoundHUF: Hungarian ForintIDR: Indonesian RupiahINR: Indian RupeeJPY: Japanese YenKRW: South Korean WonLKR: Sri Lankan RupeeMXN: Mexican PesoMYR: Malaysian RinggitNGN: Nigerian NairaPEN: Peruvian New SolPHP: Philippine PesoPLN: Polish ZlotyRON: New Romanian LeuRUB: Russian RubleTHB: Thai BahtTRY: Turkish LiraUAH: Ukrainian hryvniaUSD: United States DollarZAR: South African Rand

The accompanying notes are an integral part of these financial statements.




10

E U R O C o r p o r a t e B o n d F u n d


The fund’s objective is to maximise total return through investment primarily in a diversified portfolio of corporate bonds denominated in Euro. Investments may include preferred stock and other transferable debt securities including transferable debt securities issued by the governments of those countries participating in the Euro. The fund may maintain a limited exposure to securities denominated in other European currencies. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices.


Transferable Securities Admitted to an Official Exchange ListingAustria Telekom Finanzmanagement SerEMTN 3.125%/2021 EUR 400,000 400,338 0.47

Total for Austria 400,338 0.47

Australia CNOOC Curtis Funding No 1 Pty SerRegS 2.75%/2020 EUR 500,000 502,435 0.59Commonwealth Bank of Australia

SerEMTN 5.5%/6/8/2019 EUR 400,000 460,668 0.54Commonwealth Bank of Australia

SerEMTN 5.5%/10/9/2019 EUR 600,000 680,903 0.80National Australia Bank SerEMTN 2%/2020 EUR 400,000 393,317 0.47Origin Energy Finance SerRegS 3.5%/2021 EUR 400,000 411,433 0.49Transurban Finance Co Pty SerEMTN 2.5%/2020 EUR 400,000 401,880 0.48Westpac Banking SerEMTN 4.25%/2016 EUR 100,000 108,667 0.13

Total for Australia 2,959,303 3.50

Belgium Delhaize Group SerRegS 3.125%/2020 EUR 400,000 409,682 0.49

Total for Belgium 409,682 0.49

Brazil Vale SerEMTN 3.75%/2023 EUR 650,000 648,868 0.77Votorantim Cimentos SerRegS 5.25%/2017 EUR 525,000 565,950 0.67

Total for Brazil 1,214,818 1.44

Cayman Islands Hutchison Whampoa Europe Finance

SerEMTN 2.5%/2017 EUR 400,000 414,626 0.49IPIC GMTN SerRegS 5.875%/2021 EUR 600,000 713,250 0.84Petrobras International Finance

SerEMTN 5.875%/2022 EUR 250,000 276,250 0.33Principal Financial Global Funding II

SerEMTN 4.5%/2017 EUR 500,000 543,437 0.64

Total for Cayman Islands 1,947,563 2.30

Czech Republic RPG Byty SerRegS 6.75%/2020 EUR 200,000 203,156 0.24

Total for Czech Republic 203,156 0.24

Denmark Danske Bank SerEMTN 3.875%/2016 EUR 300,000 320,695 0.38Danske Bank SerRegS VR 3.875%/2023 EUR 600,000 611,868 0.73TDC SerRegS 3.5%/2015 EUR 100,000 103,129 0.12

Total for Denmark 1,035,692 1.23

Finland CRH Finland Services SerEMTN 2.75%/2020 EUR 400,000 402,010 0.48

Total for Finland 402,010 0.48

France Banque PSA Finance SerEMTN 3.5% 17/1/2014 EUR 400,000 400,388 0.47BNP Paribas SerEMTN 2.5%/2019 EUR 400,000 412,354 0.49BNP Paribas SerEMTN 2.875%/2017 EUR 800,000 844,975 1.00Carrefour SerEMTN 1.875%/2017 EUR 200,000 202,672 0.24Casino Guichard Perrachon SerEMTN 3.311%/2023 EUR 400,000 401,588 0.48Casino Guichard Perrachon SerEMTN 3.994%/2020 EUR 400,000 429,972 0.51Casino Guichard Perrachon SerEMTN 5.5%/2015 EUR 400,000 419,910 0.50Eutelsat 2.625%/2020 EUR 200,000 198,503 0.23Eutelsat SerRegS 5%/2019 EUR 300,000 336,450 0.40PPR SerEMTN 7.75% 3/6/2014 EUR 400,000 411,395 0.49RCI Banque SerEMTN 2.875%/2018 EUR 300,000 310,351 0.37RCI Banque SerEMTN 4.25%/2017 EUR 300,000 324,378 0.38RCI Banque SerEMTN 4.375%/2015 EUR 210,000 217,374 0.26Renault SerEMTN 3.625%/2018 EUR 200,000 205,909 0.24Rexel SerRegS 5.125%/2020 EUR 100,000 105,642 0.12Sanofi SerEMTN 2.5%/2023 EUR 300,000 296,128 0.35Société Générale SerEMTN 3.75% 21/8/2014 EUR 300,000 306,103 0.36Société Générale SerEMTN 4%/2023 EUR 600,000 601,937 0.71Thales SerEMTN 2.25%/2021 EUR 300,000 294,953 0.35Unibail-Rodamco SE SerEMTN 1.875%/2018 EUR 400,000 400,072 0.47

Total for France 7,121,054 8.42

InvestmentCurrency

DenominationNominal

Value

Market Value

(EUR)% of Net

Assets


11

Netherlands (continued)

E U R O C o r p o r a t e B o n d F u n d > > > c o n t i n u e d


Germany Allianz SerRegS VR 4.75%/2049 EUR 400,000 410,287 0.49Deutsche Raststaetten Gruppe IV

SerRegS 6.75%/2020 EUR 100,000 104,850 0.12MAN SerEMTN 7.25%/2016 EUR 33,000 38,061 0.04Techem SerRegS 6.125%/2019 EUR 100,000 109,083 0.13

Total for Germany 662,281 0.78

Ireland Allied Irish Banks SerEMTN 2.875%/2016 EUR 400,000 399,052 0.47Aquarius and Investments for Zurich Insurance

SerEMTN VR 4.25%/2043 EUR 400,000 400,316 0.47Bank of Ireland Mortgage Bank SerEMTN 3.625%/2020 EUR 400,000 417,716 0.49ESB Finance SerEMTN 3.494%/2024 EUR 200,000 199,084 0.24ESB Finance SerRegS 4.375%/2019 EUR 400,000 437,993 0.52GE Capital European Funding SerEMTN 1.25%/2015 EUR 800,000 805,956 0.95GE Capital European Funding SerEMTN 2.875%/2019 EUR 800,000 833,961 0.99GE Capital European Funding SerEMTN 5.25%/2015 EUR 700,000 742,208 0.88Rosneft Oil via Rosneft International Finance

SerRegS 4.199%/2022 USD 400,000 267,344 0.32Rottapharm SerRegS 6.125%/2019 EUR 150,000 155,936 0.18Russian Railways SerRegS 3.374%/2021 EUR 500,000 483,000 0.57VimpelCom Via VIP Finance Ireland

SerRegS 9.125%/2018 USD 200,000 169,749 0.20

Total for Ireland 5,312,315 6.28

Italy Aeroporti di Roma SerEMTN 3.25%/2021 EUR 600,000 605,403 0.72Assicurazioni Generali SerEMTN 5.125%/2024 EUR 400,000 435,961 0.51Edison SerEMTN 3.25%/2015 EUR 400,000 412,075 0.49Enel SerEMTN 6.25%/2019 GBP 200,000 267,456 0.32Eni SerEMTN 3.25%/2023 EUR 400,000 407,279 0.48Eni SerEMTN 4.25%/2020 EUR 600,000 664,571 0.79Gtech Spa SerRegS 3.5%/2020 EUR 500,000 519,043 0.61Intesa Sanpaolo SerEMTN 3%/2019 EUR 400,000 403,540 0.48Intesa Sanpaolo SerEMTN 4.125%/2016 EUR 800,000 838,518 0.99Intesa Sanpaolo SerEMTN 4.875%/2015 EUR 500,000 525,617 0.62Sisal Holding Istituto di Pagamento

SerRegS 7.25%/2017 EUR 100,000 102,439 0.12Snam SerEMTN 3.875%/2018 EUR 400,000 432,976 0.51Snam SerEMTN 4.375%/2016 EUR 400,000 430,835 0.51Telecom Italia SerEMTN 4.625%/2015 EUR 400,000 414,796 0.49Telecom Italia SerEMTN 4.875%/2020 EUR 600,000 615,822 0.73UniCredit SerEMTN 2.25%/2016 EUR 600,000 606,402 0.72UniCredit SerEMTN 3.625%/2019 EUR 500,000 517,221 0.61UniCredit SerEMTN VR 5.75%/2025 EUR 200,000 204,522 0.24

Total for Italy 8,404,476 9.94

Japan Sumitomo Mitsui Banking 2.25%/2020 EUR 400,000 396,614 0.47

Total for Japan 396,614 0.47

Luxembourg Altice Financing SerRegS 8%/2019 EUR 100,000 109,529 0.13Clariant Finance 5.625%/2017 EUR 300,000 334,003 0.39Fiat Industrial Finance Europe SerEMTN 6.25%/2018 EUR 400,000 454,620 0.54Gazprom Neft Via GPN Capital SerRegS 2.933%/2018 EUR 700,000 695,800 0.82Gazprom Via Gaz Capital SerRegS 3.755%/2017 EUR 200,000 209,037 0.25Sberbank of Russia SerRegS 5.717%/2021 USD 500,000 380,695 0.45Wind Acquisition Finance SerRegS 11.75%/2017 EUR 350,000 372,631 0.44

Total for Luxembourg 2,556,315 3.02

Mexico America Movil SerA VR 5.125%/2073 EUR 300,000 313,520 0.37Petroleos Mexicanos SerEMTN 5.5%/2017 EUR 350,000 388,961 0.46Petroleos Mexicanos SerRegS 3.125%/2020 EUR 500,000 506,181 0.60

Total for Mexico 1,208,662 1.43

Netherlands ABN AMRO Bank SerEMTN 6.375%/2021 EUR 400,000 463,290 0.55Adecco International Financial Services

SerEMTN 2.75%/2019 EUR 500,000 500,485 0.59Allianz Finance II SerEMTN VR 5.75%/2041 EUR 400,000 449,169 0.53Allianz Finance II VR 6.5%/2025 EUR 450,000 476,087 0.56

Bharti Airtel International Netherlands 4%/2018 EUR 600,000 603,519 0.71Brenntag Finance SerRegS 5.5%/2018 EUR 300,000 336,666 0.40Cable Communications Systems SerRegS 7.5%/2020 EUR 100,000 103,077 0.12Cooperatieve Centrale Raiffeisen-Boerenleenbank

SerEMTN 4.125%/2022 EUR 600,000 622,523 0.74Cooperatieve Centrale Raiffeisen-Boerenleenbank

SerGMTN 4%/2022 EUR 800,000 878,260 1.04Deutsche Post Finance SerEMTN 1.875%/2017 EUR 325,000 332,425 0.39Deutsche Telekom International Finance

SerEMTN 4%/2015 EUR 400,000 414,558 0.49Enel Finance International SerEMTN 4.875%/2023 EUR 350,000 386,646 0.46Gas Natural Fenosa Finance SerEMTN 3.5%/2021 EUR 300,000 312,485 0.37Iberdrola International SerEMTN 3%/2022 EUR 500,000 500,496 0.59ING Bank SerEMTN 1.875%/2018 EUR 600,000 606,977 0.72KBC Internationale Financieringsmaatschappij

SerEMTN 3.625% 7/3/2014 EUR 100,000 100,528 0.12KBC Internationale Financieringsmaatschappij

SerEMTN 4.5%/2017 EUR 600,000 660,701 0.78Koninklijke KPN 3.25%/2021 EUR 400,000 406,074 0.48Petrobras Global Finance 4.25%/2023 EUR 400,000 402,830 0.48PortAventura Entertainment Barcelona

SerRegS 7.25%/2020 EUR 100,000 102,449 0.12Repsol International Finance SerEMTN 2.625%/2020 EUR 200,000 197,543 0.23Repsol International Finance SerEMTN 3.625%/2021 EUR 400,000 413,775 0.49Repsol International Finance SerEMTN 4.375%/2018 EUR 300,000 328,202 0.39SABIC Capital I SerRegS 2.75%/2020 EUR 500,000 502,646 0.59Urenco Finance SerEMTN 4%/2017 EUR 200,000 215,193 0.26Volkswagen International Finance VR 3.875%/2049 EUR 300,000 311,323 0.37Ziggo SerRegS 3.625%/2020 EUR 350,000 350,551 0.42

Total for Netherlands 10,978,478 12.99

New Zealand BNZ International Funding SerGMTN 1.25%/2018 EUR 400,000 393,476 0.47

Total for New Zealand 393,476 0.47

Norway Albain Bidco Norway SerRegS 6.75%/2020 EUR 100,000 102,182 0.12DNB Bank SerEMTN VR 3%/2023 EUR 400,000 403,500 0.48DNB Bank SerRegS 4.375%/2021 EUR 100,000 112,844 0.13

Total for Norway 618,526 0.73

Spain Banco Bilbao Vizcaya Argentaria 3.5%/2017 EUR 900,000 962,199 1.14BBVA Senior Finance SerGMTN 3.25%/2015 EUR 500,000 513,361 0.61BBVA Senior Finance SerGMTN 3.25%/2016 EUR 400,000 415,506 0.49Ferrovial Emisiones SerRegS 3.375%/2021 EUR 400,000 402,172 0.48Gas Natural Capital Markets Ser10 4.5%/2020 EUR 200,000 221,092 0.26Iberdrola Finanzas SerEMTN 4.625%/2017 EUR 600,000 660,513 0.78Prosegur Cia de Seguridad SerRegS 2.75%/2018 EUR 400,000 406,374 0.48Santander International Debt SerEMTN 4%/2017 EUR 1,100,000 1,177,154 1.39Telefonica Emisiones SerEMTN 4.71%/2020 EUR 700,000 775,858 0.92Telefonica Emisiones SerEMTN 4.797%/2018 EUR 500,000 554,767 0.66Telefonica Emisiones SerGMTN 3.961%/2021 EUR 300,000 317,773 0.37

Total for Spain 6,406,769 7.58

Sweden Nordea Bank SerEMTN VR 4.625%/2022 EUR 500,000 535,593 0.63Skandinaviska Enskilda Banken SerEMTN VR 4%/2022 EUR 600,000 634,909 0.75Skandinaviska Enskilda Banken SerGMTN 3.75%/2016 EUR 100,000 106,473 0.13SKF SerRegS 2.375%/2020 EUR 300,000 297,301 0.35Svenska Handelsbanken SerEMTN 2.25%/2020 EUR 400,000 401,468 0.48

Total for Sweden 1,975,744 2.34

Switzerland Credit Suisse/London Branch SerEMTN 3.875%/2017 EUR 800,000 868,398 1.03

Total for Switzerland 868,398 1.03

Turkey Turkiye Halk Bankasi SerRegS 3.875%/2020 USD 300,000 191,190 0.23Turkiye Is Bankasi SerRegS 7.85%/2023 USD 400,000 288,982 0.34

Total for Turkey 480,172 0.57

InvestmentCurrency

DenominationNominal

Value

Market Value

(EUR)% of Net


DenominationNominal

Value

Market Value

(EUR)% of Net

Assets


12

United Kingdom Abbey National Treasury Services SerEMTN 2.625%/2020 EUR 400,000 402,634 0.48Aviva SerEMTN VR 6.875%/2038 EUR 475,000 542,101 0.64Barclays Bank SerEMTN 5.25% 27/5/2014 EUR 200,000 203,729 0.24Barclays Bank SerRegS 6.625%/2022 EUR 450,000 531,792 0.63Co-Operative Bank SerEMTN 2.375%/2015 EUR 600,000 582,819 0.69Coventry Building Society SerEMTN 2.25%/2017 EUR 400,000 408,858 0.48FCE Bank SerEMTN 1.75%/2018 EUR 700,000 694,022 0.82FCE Bank SerEMTN 2.875%/2017 EUR 600,000 624,658 0.74G4S International Finance SerEMTN 2.625%/2018 EUR 700,000 700,568 0.83GKN Holdings SerEMTN 5.375%/2022 GBP 450,000 564,811 0.67HBOS SerEMTN 5.374%/2021 EUR 400,000 417,645 0.49HSBC Bank SerEMTN 3.875%/2018 EUR 150,000 165,889 0.20HSBC Holdings SerEMTN 6%/2019 EUR 700,000 813,461 0.96HSBC Holdings SerEMTN VR 3.375%/2024 EUR 400,000 407,887 0.48HSBC Holdings SerRegS 3.875%/2016 EUR 600,000 639,006 0.76Infinis SerRegS 7%/2019 GBP 150,000 192,614 0.23Legal & General Group SerEMTN VR 4%/2025 EUR 470,000 486,772 0.58Lloyds Bank SerEMTN 4.625%/2017 EUR 400,000 441,095 0.52Lloyds Bank SerEMTN 6.375%/2016 EUR 575,000 648,874 0.77Nationwide Building Society SerEMTN 6.75%/2020 EUR 600,000 707,676 0.84Nationwide Building Society SerEMTN VR 4.125%/2023 EUR 400,000 416,089 0.49NGG Finance VR 4.25%/2076 EUR 400,000 405,864 0.48Priory Group No 3 SerRegS 7%/2018 GBP 200,000 253,659 0.30Rentokil Initial SerEMTN 3.375%/2019 EUR 400,000 414,097 0.49SSE SerEMTN 2.375%/2022 EUR 300,000 297,495 0.35Standard Chartered Bank SerEMTN 5.875%/2017 EUR 300,000 339,109 0.40Standard Chartered SerEMTN 3.625%/2022 EUR 700,000 682,683 0.81Tescoorate Treasury Services SerEMTN 2.125%/2020 EUR 400,000 393,124 0.46WM Morrison Supermarkets SerEMTN 2.25%/2020 EUR 400,000 393,058 0.46

Total for United Kingdom 13,772,089 16.29

United States of America American Honda Finance SerEMTN 1.875%/2019 EUR 300,000 299,265 0.35Bank of America SerEMTN 2.5%/2020 EUR 400,000 402,150 0.48Bank of America SerEMTN 4.625%/2017 EUR 800,000 884,784 1.05Bank of America SerEMTN 7%/2016 EUR 300,000 342,020 0.40Bank of America SerEMTN VR 1.062%/2018 EUR 300,000 289,462 0.34Citigroup SerEMTN 3.5%/2015 EUR 225,000 234,311 0.28Citigroup SerEMTN 4.375%/2017 EUR 1,000,000 1,095,697 1.30Citigroup SerEMTN VR 0.977%/2017 EUR 65,000 63,538 0.07Citigroup VR 4.75%/2019 EUR 200,000 198,508 0.23GE Capital Trust IV SerRegS VR 4.625%/2066 EUR 150,000 153,933 0.18Goldman Sachs Group 5.125% 16/10/2014 EUR 800,000 827,132 0.98Goldman Sachs Group SerEMTN 2.625%/2020 EUR 400,000 400,384 0.47Goldman Sachs Group SerEMTN 6.375%/2018 EUR 270,000 319,969 0.38JPMorgan Chase & Co SerEMTN 2.75%/2022 EUR 800,000 807,307 0.96JPMorgan Chase & Co SerEMTN VR 4.375%/2019 EUR 600,000 610,999 0.72Manpowergroup SerRegS 4.5%/2018 EUR 700,000 756,840 0.90Metropolitan Life Global Funding I

SerEMTN 4.625%/2017 EUR 100,000 111,143 0.13Metropolitan Life Global Funding I

SerGMTN 2.375%/2019 EUR 400,000 407,141 0.48Morgan Stanley SerGMTN 5.375%/2020 EUR 400,000 468,153 0.55Morgan Stanley SerGMTN 5.5%/2017 EUR 1,000,000 1,137,464 1.35National Grid North America SerEMTN 1.75%/2018 EUR 300,000 302,720 0.36National Grid USA SerEMTN 3.25%/2015 EUR 100,000 103,488 0.12SABMiller Holdings SerEMTN 1.875%/2020 EUR 300,000 295,723 0.35Simon Property Group 2.375%/2020 EUR 250,000 250,006 0.30Virgin Media Secured Finance SerRegS 6%/2021 GBP 200,000 247,741 0.29

Total for United States of America 11,009,878 13.02


E U R O C o r p o r a t e B o n d F u n d > > > c o n t i n u e d


Transferable Securities Traded on Another Regulated MarketNetherlands Enel Finance International SerRegS 6.25%/2017 USD 400,000 324,921 0.39

Total for Netherlands 324,921 0.39

Total Transferable Securities Traded on Another Regulated Market 324,921 0.39





(EUR)% of Net

Assets20 February 2014 1,385,201 EUR 1,861,380 USD JP Morgan Chase 33,966 20 February 2014 294,261 EUR 400,000 USD Goldman Sachs 3,888


20 February 2014 1,533,797 EUR 1,287,630 GBP Citibank (12,313) 20 February 2014 14,293 USD 10,475 EUR JP Morgan Chase (100)

Unrealised loss on Open Forward Currency Exchange Contracts (12,413) (0.01)


Net Unrealised Loss on Open Forward Currency Exchange Contracts attributable to Hedged Shares (See note 3a) (352,976) (0.42)

Credit Default Swap Contracts



Market Value

(EUR)% of Net

Assets

Protection bought (Relevant Credit: United Utilities 6.875% 2028), Pay 1.00%, Payment upon credit default JP Morgan Chase June 2017 EUR 200,000 (2,879)

Total Swap Contracts at Market Value (2,879) –

Other Assets Less Liabilities 3,798,710 4.49

Net Assets 84,531,026 100.00

Counterparty


(EUR)% of Net

Assets

Citibank (12,313)Goldman Sachs 3,888 JP Morgan Chase (321,989)

Total (330,414) (0.40)

EMTN: Euro Medium Term NoteGMTN: Global Medium Term NoteVR: variable rate, rate shown is effective rate at year-end

EUR: European Union EuroGBP: Great Britain PoundUSD: United States Dollar


InvestmentCurrency

DenominationNominal

Value

Market Value

(EUR)% of Net


DenominationNominal

Value

Market Value

(EUR)% of Net

Assets


13

E u r o p e a n H i g h Y i e l d B o n d F u n d


The fund’s objective is to maximise total return through investment primarily in a diversified portfolio of high yield corporate bonds denominated in European currencies. Investments may include, income producing convertible securities and preferred stock and other transferable debt securities. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices.


Transferable Securities Admitted to an Official Exchange ListingAustria Wienerberger VR 6.5%/2049 EUR 275,000 270,875 1.90

Total Austria 270,875 1.90

Bermuda Central European Media Enterprises

SerRegS 11.625%/2016 EUR 250,000 250,854 1.76

Total Bermuda 250,854 1.76

Cayman Islands Brakes Capital SerRegS 7.125%/2018 GBP 100,000 119,661 0.84

Total Cayman Islands 119,661 0.84

Croatia Agrokor SerRegS 9.125%/2020 EUR 200,000 224,347 1.57

Total Croatia 224,347 1.57

Czech Republic RPG Byty SerRegS 6.75%/2020 EUR 200,000 203,156 1.42

Total Czech Republic 203,156 1.42

France Cegedim SerRegS 6.75%/2020 EUR 200,000 207,099 1.45Europcar Groupe SerRegS 11.5%/2017 EUR 200,000 234,417 1.65Holding Medi-Partenaires SAS SerRegS 7%/2020 EUR 100,000 103,106 0.72

Total France 544,622 3.82

Germany Deutsche Raststaetten Gruppe IV SerRegS 6.75%/2020 EUR 100,000 104,850 0.74Faenza SerRegS 8.25%/2021 EUR 200,000 217,125 1.52KraussMaffei Group SerRegS 8.75%/2020 EUR 200,000 224,166 1.57Unitymedia KabelBW SerRegS 9.5%/2021 EUR 300,000 349,813 2.46

Total Germany 895,954 6.29

Greece Frigoglass Finance SerRegS 8.25%/2018 EUR 200,000 210,909 1.48

Total Greece 210,909 1.48

Ireland Eircom Finance SerRegS 9.25%/2020 EUR 100,000 106,700 0.75Nara Cable Funding II SerRegS 8.5%/2020 EUR 100,000 116,591 0.82Rottapharm SerRegS 6.125%/2019 EUR 150,000 155,936 1.09Smurfit Kappa Group com stk EUR 6,600 118,074 0.83


Italy Cerved Group SerRegS 8%/2021 EUR 100,000 106,416 0.75Sisal Holding Istituto di Pagamento SerRegS 7.25%/2017 EUR 100,000 102,439 0.72Telecom Italia SerEMTN 6.375%/2019 GBP 200,000 251,583 1.76

Total Italy 460,438 3.23

Jersey Hastings Insurance Group Finance SerRegS 8%/2020 GBP 100,000 124,555 0.87

Total Jersey 124,555 0.87

Luxembourg Altice Finco SerRegS 9%/2023 EUR 425,000 466,729 3.27ARD Finance SerRegS 11.125%/2018 1 EUR 374,557 403,585 2.83Beverage Packaging Holdings Luxembourg II

SerRegS 9.5%/2017 EUR 200,000 207,720 1.46Bormioli Rocco Holdings SerRegS 10%/2018 EUR 200,000 219,421 1.54Cirsa Funding Luxembourg SerRegS 8.75%/2018 EUR 275,000 292,969 2.06Gategroup Finance Luxembourg SerRegS 6.75%/2019 EUR 200,000 212,295 1.49Geo Debt Finance SerRegS 7.5%/2018 EUR 150,000 160,075 1.12INEOS Group Holdings SerRegS 6.5%/2018 EUR 200,000 205,467 1.44Intralot Finance Luxembourg SerRegS 9.75%/2018 EUR 150,000 164,374 1.15Magnolia SerRegS 9%/2020 EUR 225,000 236,531 1.66Matterhorn Financing & CY SerRegS 9%/2019 EUR 200,000 206,212 1.45Mobile Challenger Intermediate Group

SerRegS 8.75%/2019 CHF 150,000 127,171 0.89Numericable Finance SerRegS 12.375%/2019 EUR 300,000 360,501 2.53Wind Acquisition Finance SerRegS 11.75%/2017 EUR 200,000 212,932 1.49Xella Holdco Finance SerRegS 9.125%/2018 EUR 300,000 314,250 2.21

Total Luxembourg 3,790,232 26.59

InvestmentCurrency

Denomination

Number of Shares or Nominal

Value

Market Value

(EUR)% of Net

Assets


14

InvestmentCurrency

Denomination


Value

Market Value

(EUR)% of Net

Assets

Netherlands ABN AMRO Bank VR 4.31%/2049 EUR 100,000 99,559 0.70Bite Finance International SerRegS VR 7.703%/2018 EUR 100,000 102,426 0.72Cable & Wireless International Finance 8.625%/2019 GBP 180,000 247,857 1.74Cable Communications Systems SerRegS 7.5%/2020 EUR 300,000 309,231 2.17Polish Television Holding SerRegS 11%/2021 EUR 325,000 351,994 2.47PortAventura Entertainment Barcelona

SerRegS 7.25%/2020 EUR 100,000 102,450 0.72Schaeffler Holding Finance SerRegS 6.875%/2018 EUR 200,000 214,329 1.50Telefonica Europe SerRegS VR 6.75%/2049 GBP 200,000 245,271 1.72

Total Netherlands 1,673,117 11.74

Norway Albain Bidco Norway SerRegS 6.75%/2020 EUR 100,000 102,182 0.72

Total Norway 102,182 0.72

Poland Ciech Group Financing SerRegS 9.5%/2019 EUR 200,000 229,370 1.61


Sweden Eileme 2 SerRegS 11.75%/2020 EUR 200,000 242,405 1.70

Total Sweden 242,405 1.70

Switzerland Credit Suisse Group SerRegS VR 7.5%/2049 USD 200,000 153,581 1.08

Total Switzerland 153,581 1.08

United Kingdom Arqiva Broadcast Finance SerRegS 9.5%/2020 GBP 300,000 401,140 2.81Barclays VR 8%/2049 EUR 200,000 206,477 1.45DFS Furniture Holdings SerRegS 7.625%/2018 GBP 200,000 257,132 1.80Equiniti Newco 2 SerRegS 7.125%/2018 GBP 100,000 127,318 0.89IDH Finance SerRegS 6%/2018 GBP 100,000 121,913 0.86Infinis SerRegS 7%/2019 GBP 150,000 192,614 1.35Kerling SerRegS 10.625%/2017 EUR 150,000 159,750 1.12New Look Bondco I SerRegS 8.75%/2018 GBP 250,000 317,794 2.23Priory Group No 3 SerRegS 7%/2018 GBP 100,000 126,829 0.89Priory Group No 3 SerRegS 8.875%/2019 GBP 100,000 124,126 0.87R&R Pik SerRegS 9.25%/2018 EUR 150,000 155,250 1.09Towergate Finance SerRegS 8.5%/2018 GBP 100,000 126,792 0.89Towergate Finance SerRegS 10.5%/2019 GBP 100,000 126,492 0.89Vougeot Bidco SerRegS 7.875%/2020 GBP 100,000 128,790 0.90Voyage Care Bondco SerRegS 6.5%/2018 GBP 100,000 123,737 0.87

Total United Kingdom 2,696,154 18.91

United States of America Travelport SerRegS 10.875%/2016 EUR 150,000 152,250 1.07Virgin Media Finance SerRegS 7%/2023 GBP 100,000 125,293 0.88

Total United States of America 277,543 1.95


Transferable Securities Traded on Another Regulated MarketLuxembourg Boardriders SerRegS 8.875%/2017 EUR 300,000 322,050 2.26

Total Luxembourg 322,050 2.26

Spain Cemex Espana SerRegS 9.875%/2019 EUR 200,000 227,972 1.60

Total Spain 227,972 1.60

United States of America Infor US 10%/2019 EUR 200,000 225,000 1.58Momentive Performance Materials 9.5%/2021 EUR 100,000 84,200 0.59WMG Acquisition SerRegS 6.25%/2021 EUR 90,000 94,725 0.66




E u r o p e a n H i g h Y i e l d B o n d F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3




(EUR)% of Net

Assets20 February 2014 148,825 EUR 199,986 USD JP Morgan Chase 3,649 20 February 2014 147,131 EUR 200,000 USD Goldman Sachs 1,944 20 February 2014 176,839 GBP 211,146 EUR JP Morgan Chase 1,192 20 February 2014 3,642 GBP 4,358 EUR JP Morgan Chase 15


20 February 2014 125,871 EUR 155,000 CHF JP Morgan Chase (469) 20 February 2014 119,744 EUR 100,000 GBP JP Morgan Chase (330) 20 February 2014 29,687 EUR 25,000 GBP JP Morgan Chase (331) 20 February 2014 226,549 EUR 189,002 GBP Barclays Capital (393) 20 February 2014 3,210,225 EUR 2,695,000 GBP Citibank (25,771) 20 February 2014 15,785 GBP 19,097 EUR JP Morgan Chase (143) 20 February 2014 36,816 GBP 44,468 EUR JP Morgan Chase (262) 20 February 2014 199,986 USD 147,351 EUR Royal Bank of Canada (2,175)


Net Unrealised Loss on Open Forward Currency Exchange Contracts (23,074) (0.16)




Market Value

(EUR)% of Net

Assets

Protection sold (Relevant Credit: Wind Acquisition Finance, 11.75% 2017), Receive 5.00% Payment upon credit default Barclays Bank December 2018 EUR 70,000 6,384



Net Assets 14,254,749 100.00

Counterparty


(EUR)% of Net

Assets

Citibank (25,771)Goldman Sachs 1,944 JP Morgan Chase 3,321 Royal Bank of Canada (2,175)Barclays Capital 5,991

Total (16,690) (0.12)


com stk: common stockEMTN: Euro Medium Term NoteVR: variable rate, rate shown is effective rate at year-end

CHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundUSD: United States Dollar



15

G l o b a l A g g r e g a t e B o n d F u n d


The fund’s objective is to maximise total return through investment primarily in a global portfolio of fixed income securities which may include, but is not limited to, transferable debt securities of governments and their agencies, supranational organisations, corporations and banks as well as mortgage- and asset-backed securities that qualify as eligible investments for UCITS within the meaning of article 41 (1) of the law of 17 December 2010 on undertakings for collective investments. Investment in mortgage and asset-backed securities by the fund may exceed 20% of Net Asset Value. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, interest rate swap futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in currencies, bonds and credit indices using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices.


Transferable Securities Admitted to an Official Exchange ListingAustralia National Australia Bank SerGMTN 4.75%/2016 EUR 50,000 75,532 0.10New South Wales Treasury Series 22 6%/2022 AUD 425,000 420,476 0.60

Total Australia 496,008 0.70

Austria Hypo Alpe-Adria-Bank International

SerRegS 2.375%/2022 EUR 200,000 267,492 0.38Republic of Austria 3.9%/2020 EUR 371,000 584,501 0.83Republic of Austria Ser144A 3.4%/2022 EUR 257,000 390,682 0.56

Total Austria 1,242,675 1.77

Belgium Anheuser-Busch InBev SerEMTN 2%/2019 EUR 30,000 41,540 0.06Anheuser-Busch InBev SerEMTN 6.5%/2017 GBP 6,000 11,407 0.02Eni Finance International SerEMTN 5%/2019 GBP 10,000 17,834 0.03Kingdom of Belgium Ser44 5%/2035 EUR 67,000 115,544 0.16Kingdom of Belgium Ser48 4%/2022 EUR 113,000 176,218 0.25Kingdom of Belgium Ser52 4%/2018 EUR 321,000 495,802 0.70

Total Belgium 858,345 1.22

Brazil Brazil Notas do Tesouro Nacional Series B 6%/2020 BRL 37,900 381,466 0.54Brazil Notas do Tesouro Nacional Series F 10%/2017 BRL 382,100 1,608,819 2.29Brazil Notas do Tesouro Nacional Series F 10%/2021 BRL 16,200 62,970 0.09Brazil Notas do Tesouro Nacional Series F 10%/2023 BRL 82,100 310,432 0.44Vale SerEMTN 4.375%/2018 EUR 50,000 75,116 0.11Votorantim Cimentos SerRegS 5.25%/2017 EUR 50,000 74,250 0.10

Total Brazil 2,513,053 3.57

Canada Province of Manitoba Canada 1.3%/2017 USD 35,000 35,308 0.05Province of Ontario Canada 1.2%/2018 USD 35,000 34,373 0.05Province of Ontario Canada 1.6%/2016 USD 60,000 61,154 0.09Talisman Energy 3.75%/2021 USD 30,000 29,147 0.04

Total Canada 159,982 0.23

Cayman Islands Pacific Life Funding SerEMTN 5.125%/2015 GBP 25,000 42,927 0.06Petrobras International Finance 4.875%/2018 EUR 206,000 306,780 0.44Petrobras International Finance 5.75%/2020 USD 85,000 87,943 0.12Petrobras International Finance 5.875%/2018 USD 20,000 21,363 0.03Petrobras International Finance 7.875%/2019 USD 15,000 17,087 0.03Transocean 2.5%/2017 USD 50,000 50,648 0.07Transocean 6%/2018 USD 15,000 16,854 0.02Vale Overseas 4.375%/2022 USD 35,000 34,091 0.05


Colombia Ecopetrol 4.25%/2018 USD 30,000 31,725 0.05


Czech Republic Czech Republic International Bond

SerEMTN 3.875%/2022 EUR 490,000 752,990 1.07

Total Czech Republic 752,990 1.07

Denmark Kingdom of Denmark 7%/2024 DKK 798,000 220,220 0.31

Total Denmark 220,220 0.31

Finland Finnish Government 3.375%/2020 EUR 115,000 176,339 0.25

Total Finland 176,339 0.25

France BNP Paribas Home Loan Covered Bonds

SerEMTN 3.75%/2020 EUR 50,000 77,685 0.11BNP Paribas SerEMTN 2.375%/2019 GBP 10,000 16,128 0.02BNP Paribas SerEMTN 2.5%/2019 EUR 10,000 14,201 0.02BNP Paribas SerEMTN 2.875%/2017 EUR 20,000 29,100 0.04

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


16

Italy (continued)France (continued)


G l o b a l A g g r e g a t e B o n d F u n d > > > c o n t i n u e d

BNP Paribas SerEMTN 2.875%/2022 EUR 10,000 14,090 0.02Caisse d’ Amortissement de la Dette Sociale

SerEMTN 2.5%/2022 EUR 158,000 221,108 0.32Carrefour SerEMTN 4%/2020 EUR 50,000 75,143 0.11Eutelsat 4.125%/2017 EUR 50,000 74,443 0.11France Telecom SerEMTN 8%/2017 GBP 10,000 19,950 0.03GDF Suez SerEMTN 2.625%/2022 EUR 30,000 41,657 0.06Government of France OAT 3.75%/2021 EUR 503,000 783,270 1.11Government of France OAT 4%/2038 EUR 217,000 333,257 0.47Government of France OAT 4.25%/2018 EUR 443,000 698,181 0.99Pernod-Ricard SerEMTN 7%/2015 EUR 50,000 73,242 0.10RCI Banque SerEMTN 2.875%/2018 EUR 15,000 21,376 0.03RCI Banque SerEMTN 3.25%/2018 GBP 20,000 33,398 0.05RCI Banque SerEMTN 4.25%/2017 EUR 11,000 16,384 0.02RCI Banque SerEMTN 4.375%/2015 EUR 7,000 9,982 0.02Total Capital SerEMTN 3.875%/2018 GBP 5,000 8,857 0.01

Total France 2,561,452 3.64

Germany Daimler SerEMTN 2.625%/2019 EUR 25,000 35,994 0.05Deutsche Bundesrepublik 1.5%/2023 EUR 482,000 645,084 0.92Deutsche Bundesrepublik 2.5%/2044 EUR 166,000 217,149 0.31Deutsche Bundesrepublik 3%/2020 EUR 27,000 41,178 0.06Deutsche Raststaetten Gruppe IV Ser144A 6.75%/2020 EUR 100,000 144,644 0.21Kreditanstalt fuer Wiederaufbau 4.7%/2037 CAD 69,000 66,078 0.09Kreditanstalt fuer Wiederaufbau SerGMTN 0.5%/2016 USD 74,000 73,808 0.10Kreditanstalt fuer Wiederaufbau SerMTN 6%/2020 AUD 285,000 276,360 0.39MAN SerEMTN 7.25%/2016 EUR 7,000 11,122 0.02Merck Financial Services SerEMTN 3.375%/2015 EUR 9,000 12,816 0.02

Total Germany 1,524,233 2.17

Hungary Hungarian Government 6%/2019 EUR 49,000 74,194 0.11


Iceland Icelandic Government International Bond

Ser144A 5.875%/2022 USD 106,000 108,509 0.15Icelandic Government International Bond

SerRegS 5.875%/2022 USD 486,000 499,829 0.71

Total Iceland 608,338 0.86

Indonesia Perusahaan Penerbit SBSN Indonesia

SerRegS 6.125%/2019 USD 530,000 563,902 0.80


Ireland AIB Mortgage Bank SerEMTN 4.875%/2017 EUR 50,000 75,257 0.11Bank of Ireland Mortgage Bank SerEMTN 3.625%/2020 EUR 100,000 143,857 0.20Cloverie for Zurich Insurance SerEMTN VR 7.5%/2039 EUR 50,000 82,363 0.12GE Capital European Funding SerEMTN 2.625%/2023 EUR 30,000 40,672 0.06GE Capital European Funding SerEMTN 5.375%/2018 EUR 25,000 39,487 0.06GE Capital UK Funding SerEMTN 4.375%/2019 GBP 10,000 17,619 0.02GE Capital UK Funding SerEMTN 5.625% 12/12/2014 GBP 20,000 34,550 0.05GE Capital UK Funding SerEMTN 5.625%/2019 GBP 16,000 29,779 0.04Irish Government 4.5%/2018 EUR 115,000 175,875 0.25Irish Government 4.5%/2020 EUR 135,000 203,683 0.29Irish Government 5%/2020 EUR 128,000 198,547 0.28Irish Government SerRegs 5.5%/2017 EUR 88,000 137,951 0.20

Total Ireland 1,179,640 1.68

Israel Israeli Government Ser0217 5.5%/2017 ILS 348,000 116,905 0.17

Total Israel 116,905 0.17

Italy Atlantia SerEMTN 6.25%/2022 GBP 6,000 11,005 0.02Buoni Poliennali Del Tesoro 3.5%/2017 EUR 70,000 100,735 0.14Buoni Poliennali Del Tesoro 4.75%/2017 EUR 439,000 655,942 0.93Buoni Poliennali Del Tesoro 5%/2040 EUR 461,000 654,548 0.93Buoni Poliennali Del Tesoro 5.75%/2033 EUR 26,000 40,823 0.06

Eni 4.125%/2019 EUR 50,000 75,799 0.11Intesa Sanpaolo SerEMTN 4.125%/2016 EUR 100,000 144,389 0.20Lottomatica Group 5.375%/2016 EUR 50,000 76,098 0.11Telecom Italia SerEMTN 5.25%/2022 EUR 50,000 70,374 0.10UniCredit SerEMTN 2.625%/2020 EUR 150,000 207,555 0.29

Total Italy 2,037,268 2.89

Japan Japan-32 (30 Year Issue) 2.3%/2040 JPY 2,200,000 23,670 0.04Japan-46 (20 Year Issue) 2.2%/2020 JPY 650,000 6,908 0.01Japan-111 (5 Year Issue) 0.4%/2018 JPY 151,850,000 1,459,264 2.07Japan-137 (20 Year Issue) 1.7%/2032 JPY 150,450,000 1,488,556 2.12Japan-288 (10 Year Issue) 1.7%/2017 JPY 75,700,000 762,117 1.08

Total Japan 3,740,515 5.32

Jersey Heathrow Funding SerRegS 4.6%/2018 EUR 50,000 76,702 0.11Heathrow Funding SerRegS 5.225%/2023 GBP 50,000 89,700 0.13


Luxembourg Altice Financing SerRegS 8%/2019 EUR 100,000 150,883 0.21Cirsa Funding Luxembourg SerRegS 8.75%/2018 EUR 100,000 146,757 0.21Gazprom Via Gaz Capital SerEMTN 6.605%/2018 EUR 50,000 78,474 0.11Magnolia SerRegS 9%/2020 EUR 100,000 144,816 0.21Telecom Italia Capital 5.25%/2015 USD 15,000 15,783 0.02Telecom Italia Capital 6.175% 18/6/2014 USD 20,000 20,430 0.03


Mexico Mexican Bonos SerM 6.5%/2021 MXN 612,000 48,033 0.07Mexican Bonos SerM 7.75%/2042 MXN 2,037,000 159,241 0.22Mexican Bonos SerM30 8.5%/2038 MXN 9,734,000 823,172 1.17


Netherlands ABN AMRO Bank SerEMTN 4.125%/2022 EUR 50,000 76,234 0.11Allianz Finance II VR 6.5%/2025 EUR 18,000 26,233 0.04Cable Communications Systems Ser144A 7.5%/2020 EUR 100,000 141,973 0.20Cooperatieve Centrale Raiffeisen-Boerenleenbank

SerEMTN 4.25%/2017 EUR 25,000 37,671 0.05Cooperatieve Centrale Raiffeisen-Boerenleenbank

SerGMTN 4%/2022 EUR 28,000 42,345 0.06Daimler International Finance SerEMTN 3.5%/2019 GBP 6,000 10,248 0.02Deutsche Post Finance SerEMTN 1.875%/2017 EUR 10,000 14,090 0.02Deutsche Telekom International Finance

SerEMTN 2.125%/2021 EUR 15,000 20,479 0.03Deutsche Telekom International Finance

SerEMTN 4.25%/2020 EUR 5,000 7,716 0.01Deutsche Telekom International Finance

SerEMTN 6.5%/2022 GBP 4,000 7,775 0.01Deutsche Telekom International Finance

SerEMTN 7.375%/2019 GBP 5,000 10,134 0.01E.ON International Finance SerEMTN 6%/2019 GBP 50,000 95,367 0.14Enel Finance International SerEMTN 4%/2016 EUR 50,000 73,399 0.10Heineken SerEMTN 3.5%/2024 EUR 8,000 11,556 0.02Heineken SerEMTN 7.25%/2015 GBP 20,000 35,304 0.05Koninklijke KPN SerEMTN 5.75%/2016 GBP 50,000 89,362 0.13Linde Finance 6.5%/2016 GBP 10,000 18,226 0.03Netherlands Government Ser144A 5.5%/2028 EUR 217,000 399,949 0.57Repsol International Finance SerEMTN 4.625% 8/10/2014 EUR 20,000 28,318 0.04RWE Finance SerEMTN 5.625%/2023 GBP 9,000 16,405 0.02RWE Finance SerEMTN 6.625%/2019 EUR 50,000 83,932 0.12Volkswagen Financial Services NV SerEMTN 1.75%/2017 GBP 5,000 8,209 0.01Volkswagen International Finance SerEMTN 3.25%/2019 EUR 16,000 23,645 0.03


Norway DNB Bank SerEMTN 3.875%/2020 EUR 50,000 75,780 0.11DNB Boligkreditt SerEMTN 1.125%/2018 EUR 150,000 204,949 0.29Norwegian Government Ser472 4.25%/2017 NOK 362,000 64,292 0.09


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


17



Poland Polish Government 3%/2023 USD 60,000 54,798 0.08Polish Government 3.875%/2015 USD 40,000 41,943 0.06Polish Government Ser417 4.75%/2017 PLN 788,000 272,965 0.39Polish Government Ser1023 4%/2023 PLN 183,000 59,195 0.08



SerEMTN 4.625%/2020 EUR 270,000 388,446 0.55


Russia Russian Government Federal Bond Ser6205 7.6%/2021 RUB 5,727,000 176,828 0.25Russian Government Federal Bond Ser6209 7.6%/2022 RUB 6,260,000 191,287 0.27Russian Government Federal Bond Ser6211 7%/2023 RUB 6,150,000 180,819 0.26Russian Government Foreign Bond

Ser144A step coupon 7.5%/2030 USD 28,600 33,382 0.05

Total Russia 582,316 0.83

Singapore Singapore Government 3.125%/2022 SGD 119,000 98,915 0.14

Total Singapore 98,915 0.14

Slovenia Slovenian Government International Bond

SerRegS 4.75%/2018 USD 311,000 319,207 0.45Slovenian Government International Bond

SerRegS 5.85%/2023 USD 200,000 204,500 0.29

Total Slovenia 523,707 0.74

South Africa South African Government SerR186 10.5%/2026 ZAR 253,000 28,306 0.04South African Government SerR208 6.75%/2021 ZAR 1,619,000 146,137 0.21

Total South Africa 174,443 0.25

South Korea Export-Import Bank of Korea 4.625%/2017 EUR 89,000 134,202 0.19Export-Import Bank of Korea SerEMTN 2%/2020 EUR 100,000 133,612 0.19Korean Treasury Bond Ser1503 4.5%/2015 KRW 516,270,000 502,436 0.71Korean Treasury Bond Ser1809 3.25%/2018 KRW 69,670,000 66,537 0.10Korean Treasury Bond Ser2006 5%/2020 KRW 153,290,000 159,494 0.23Korean Treasury Bond Ser2106 4.25%/2021 KRW 297,170,000 297,747 0.42Korean Treasury Bond Ser2206 3.75%/2022 KRW 10,470,000 10,143 0.01

Total South Korea 1,304,171 1.85

Spain Banco Bilbao Vizcaya Argentaria 3.5%/2017 EUR 100,000 147,276 0.21Banco Santander 4%/2020 EUR 100,000 151,131 0.21BBVA Senior Finance SerGMTN 3.875%/2015 EUR 50,000 71,722 0.10Gas Natural Capital Markets Ser10 4.5%/2020 EUR 50,000 76,142 0.11Instituto de Credito Oficial SerRegS 4.375%/2019 EUR 20,000 29,291 0.04Instituto de Credito Oficial SerRegS 6%/2021 EUR 57,000 89,389 0.13Telefonica Emisiones 3.992%/2016 USD 95,000 99,726 0.14Telefonica Emisiones SerEMTN 4.693%/2019 EUR 50,000 76,564 0.11Telefonica Emisiones SerEMTN 5.375%/2018 GBP 50,000 89,123 0.13


Supranational European Investment Bank 8.75%/2017 GBP 110,000 227,047 0.32Inter-American Development Bank 4.4%/2026 CAD 105,000 103,670 0.15

Total Supranational 330,717 0.47

Sweden Nordea Bank SerEMTN 3.875%/2015 GBP 50,000 86,746 0.12Skandinaviska Enskilda Banken

SerEMTN 6.625% 9/7/2014 GBP 50,000 85,171 0.12Svensk Exportkredit 5.125%/2017 USD 45,000 50,624 0.07Swedish Government Ser1051 3.75%/2017 SEK 1,450,000 243,700 0.35Swedish Government Ser1054 3.5%/2022 SEK 245,000 41,484 0.06Swedish Government Ser1057 1.5%/2023 SEK 395,000 56,007 0.08


Switzerland Credit Suisse/London Branch SerEMTN 5.125%/2017 EUR 50,000 78,261 0.11UBS/London Branch SerEMTN 6.375%/2016 GBP 16,000 29,586 0.04


Thailand Thai Government 3.875%/2019 THB 32,498,000 1,018,157 1.45

Total Thailand 1,018,157 1.45

Turkey Turkiye Halk Bankasi SerRegS 4.875%/2017 USD 200,000 197,887 0.28


United Kingdom Arqiva Broadcast Finance SerRegS 9.5%/2020 GBP 100,000 184,198 0.26Aviva 9.5%/2016 GBP 7,000 13,697 0.02Aviva SerEMTN VR 6.875%/2038 EUR 50,000 78,608 0.11Barclays Bank SerEMTN 4%/2019 EUR 200,000 313,796 0.45Barclays Bank SerRegS 6.625%/2022 EUR 50,000 81,397 0.12BAT International Finance SerEMTN 6.375%/2019 GBP 12,000 23,433 0.03British Telecommunications 8.625%/2020 GBP 16,000 33,958 0.05BSKYB Finance UK SerRegS 5.75%/2017 GBP 50,000 92,817 0.13Eastern Power Networks SerEMTN 5.75%/2024 GBP 16,000 29,886 0.04GKN Holdings 6.75%/2019 GBP 6,000 11,248 0.02HSBC Holdings SerEMTN 5.75%/2027 GBP 22,000 38,945 0.06Imperial Tobacco Finance SerEMTN 6.25%/2018 GBP 16,000 30,327 0.04Imperial Tobacco Finance SerEMTN 8.375%/2016 EUR 50,000 79,294 0.11Invesco Finance 4%/2024 USD 25,000 24,867 0.04Kingfisher SerEMTN 5.625% 15/12/2014 GBP 10,000 17,178 0.02Lloyds Bank SerEMTN 6.5%/2020 EUR 50,000 79,953 0.11Lloyds Bank SerEMTN 7.625%/2025 GBP 14,000 27,284 0.04Marks & Spencer SerEMTN 5.625% 24/3/2014 GBP 12,000 20,038 0.03National Grid Gas SerEMTN 6%/2017 GBP 23,000 43,066 0.06National Grid SerEMTN 5%/2018 EUR 20,000 31,594 0.05Nationwide Building Society SerEMTN 3.75%/2015 EUR 50,000 70,998 0.10Nationwide Building Society SerEMTN 4.375%/2022 EUR 100,000 162,583 0.23Nationwide Building Society SerEMTN 6.75%/2020 EUR 50,000 81,239 0.12New Look Bondco I SerRegS 8.75%/2018 GBP 100,000 175,112 0.25Next 5.875%/2016 GBP 50,000 91,495 0.13Northumbrian Water Finance 6%/2017 GBP 8,000 15,057 0.02Rolls-Royce SerEMTN 7.375%/2016 GBP 15,000 28,276 0.04Safeway 6.125%/2018 GBP 5,000 9,474 0.01Scottish Power UK 8.375%/2017 GBP 16,000 31,127 0.04Severn Trent Utilities Finance 6.125%/2024 GBP 8,000 15,487 0.02SSE SerRegS 5.875%/2022 GBP 8,000 15,417 0.02Standard Chartered SerEMTN 3.625%/2022 EUR 100,000 134,348 0.19Tesco SerEMTN 5.5%/2019 GBP 20,000 36,882 0.05UK Treasury 4.25%/2039 GBP 231,000 422,821 0.60UK Treasury 4.5%/2042 GBP 601,000 1,152,129 1.64UK Treasury SerRegS 1.25%/2018 GBP 1,423,000 2,292,396 3.26UK Treasury SerRegS 2.25%/2023 GBP 229,000 354,538 0.50UK Treasury SerRegS 3.75%/2020 GBP 58,000 103,810 0.15Vodafone Group SerEMTN 5.625%/2025 GBP 12,000 22,135 0.03


United States of America Actavis 3.25%/2022 USD 55,000 51,633 0.07Ahold Finance USA SerEMTN 6.5%/2017 GBP 12,000 22,459 0.03Altria Group 4.75%/2021 USD 55,000 59,713 0.08Altria Group 9.25%/2019 USD 20,000 26,383 0.04American International Group 4.125%/2024 USD 45,000 44,804 0.06American International Group 6.4%/2020 USD 20,000 23,743 0.03American Tower 3.4%/2019 USD 25,000 25,703 0.04Anadarko Petroleum 6.375%/2017 USD 40,000 45,882 0.07Appalachian Power 6.375%/2036 USD 30,000 33,618 0.05Avon Products 4.6%/2020 USD 30,000 30,257 0.04Bank of America 5.625%/2020 USD 110,000 125,595 0.18Bank of America SerEMTN 4.625%/2017 EUR 50,000 76,178 0.11Bank of America SerEMTN 5.5%/2019 GBP 12,000 22,192 0.03Bank of America SerMTNL 5.65%/2018 USD 75,000 85,264 0.12Berkshire Hathaway Finance 4.25%/2021 USD 45,000 48,157 0.07Bill Barrett 7%/2022 USD 50,000 52,125 0.07Boardwalk Pipelines 3.375%/2023 USD 50,000 45,201 0.06

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


18

United States of America (continued)United States of America (continued)



Bunge Ltd Finance 4.1%/2016 USD 40,000 42,287 0.06Bunge NA Finance 5.9%/2017 USD 35,000 38,274 0.05Burlington Northern Santa Fe 5.05%/2041 USD 25,000 25,160 0.04Burlington Northern Santa Fe 5.15%/2043 USD 50,000 51,374 0.07Cellco Partnership 8.5%/2018 USD 30,000 38,262 0.05Citigroup SerEMTN 5%/2019 EUR 20,000 31,668 0.04Citigroup SerEMTN 5.5%/2015 GBP 25,000 44,417 0.06Citigroup VR 4.75%/2019 EUR 10,000 13,673 0.02CNA Financial 5.875%/2020 USD 35,000 39,984 0.06ConAgra Foods 3.2%/2023 USD 55,000 51,221 0.07Concho Resources 5.5%/2023 USD 80,000 82,500 0.12Constellation Energy Group 5.15%/2020 USD 105,000 111,216 0.16DCP Midstream Operating 2.5%/2017 USD 20,000 20,094 0.03DCP Midstream Operating 3.25%/2015 USD 20,000 20,672 0.03Delphi 5%/2023 USD 80,000 82,800 0.12Dollar General 3.25%/2023 USD 60,000 55,371 0.08Dow Chemical 4.25%/2020 USD 50,000 53,121 0.08El Paso Natural Gas 5.95%/2017 USD 7,000 7,825 0.01Energy Transfer Partners 3.6%/2023 USD 75,000 69,698 0.10Energy Transfer Partners 5.2%/2022 USD 105,000 110,259 0.16Enterprise Products Operating 7.55%/2038 USD 20,000 25,477 0.04EQT 4.875%/2021 USD 40,000 41,195 0.06EQT 8.125%/2019 USD 30,000 36,631 0.05Equity One 3.75%/2022 USD 55,000 51,360 0.07Federal National Mortgage Association 2.5% 15/5/2014 USD 500,000 504,175 0.72Federal National Mortgage Association 4.375%/2015 USD 85,000 91,073 0.13FHLMC (Gold) Pool A28566 6.5%/2034 USD 37,279 41,234 0.06FHLMC (Gold) Pool A91566 4.5%/2040 USD 20,991 22,240 0.03FHLMC (Gold) Pool A91812 5%/2040 USD 24,098 26,022 0.04FHLMC (Gold) Pool A93101 5%/2040 USD 15,571 16,815 0.02FHLMC (Gold) Pool A93996 4.5%/2040 USD 60,029 63,602 0.09FHLMC (Gold) Pool A95825 4%/2040 USD 107,734 110,814 0.16FHLMC (Gold) Pool A95961 4%/2040 USD 26,149 26,897 0.04FHLMC (Gold) Pool A96413 4%/2041 USD 13,735 14,128 0.02FHLMC (Gold) Pool A97047 4.5%/2041 USD 52,229 55,338 0.08FHLMC (Gold) Pool A97059 4%/2041 USD 66,974 68,889 0.10FHLMC (Gold) Pool B10343 5%/2018 USD 3,280 3,479 0.00FHLMC (Gold) Pool C04238 3.5%/2042 USD 108,195 107,468 0.15FHLMC (Gold) Pool C09007 3.5%/2042 USD 83,069 82,511 0.12FHLMC (Gold) Pool C68248 7%/2032 USD 546 600 0.00FHLMC (Gold) Pool C72128 6%/2032 USD 5,736 6,348 0.01FHLMC (Gold) Pool E01497 5.5%/2018 USD 2,413 2,543 0.00FHLMC (Gold) Pool E99933 5%/2018 USD 2,850 3,023 0.00FHLMC (Gold) Pool G01444 6.5%/2032 USD 4,365 4,828 0.01FHLMC (Gold) Pool G04653 6%/2038 USD 4,015 4,444 0.01FHLMC (Gold) Pool G05659 4.5%/2039 USD 27,019 28,628 0.04FHLMC (Gold) Pool G05937 4.5%/2040 USD 32,694 34,640 0.05FHLMC (Gold) Pool G06020 5.5%/2039 USD 2,992 3,274 0.00FHLMC (Gold) Pool G07240 3%/2042 USD 290,734 275,788 0.39FHLMC (Gold) Pool G08353 4.5%/2039 USD 20,604 21,830 0.03FHLMC (Gold) Pool G08361 4.5%/2039 USD 26,941 28,545 0.04FHLMC (Gold) Pool G08435 4.5%/2041 USD 56,185 59,530 0.08FHLMC (Gold) Pool G13682 4.5%/2024 USD 39,959 42,401 0.06FHLMC (Gold) Pool G14116 3.5%/2026 USD 50,159 52,345 0.07FHLMC (Gold) Pool G14272 5%/2025 USD 12,712 13,481 0.02FHLMC (Gold) Pool G14817 3.5%/2026 USD 60,128 62,749 0.09FHLMC (Gold) Pool G18465 2.5%/2028 USD 33,308 33,021 0.05FHLMC (Gold) Pool J03640 6%/2021 USD 6,119 6,420 0.01FHLMC (Gold) Pool Q04674 4%/2041 USD 35,848 36,873 0.05FHLMC (Gold) Pool Q11220 3.5%/2042 USD 89,853 89,249 0.13FHLMC Pool 1B0527 VR 1.1%/2032 USD 181 183 0.00FHLMC Pool 1B3203 VR 0.5%/2037 USD 2,828 3,007 0.00FHLMC Pool 1G0661 VR 0.1%/2036 USD 484 518 0.00FHLMC Pool 1G1326 VR 0.8%/2036 USD 1,903 1,978 0.00FHLMC Pool 1G1353 VR 5.899%/2036 USD 2,363 2,441 0.00FHLMC Pool 1Q0196 VR 3.063%/2037 USD 9,103 9,715 0.01FNMA Interest Strip 319 2 6.5%/2032 USD 1,003 191 0.00FNMA Pool 190360 5%/2035 USD 7,727 8,395 0.01FNMA Pool 190396 4.5%/2039 USD 26,247 27,859 0.04FNMA Pool 254140 5.5%/2017 USD 518 550 0.00FNMA Pool 254234 5.5%/2017 USD 1,164 1,237 0.00FNMA Pool 254473 5.5%/2017 USD 2,810 2,986 0.00FNMA Pool 254550 6.5%/2032 USD 6,088 6,750 0.01

FNMA Pool 254793 5%/2033 USD 5,475 5,948 0.01FNMA Pool 357280 6.5%/2017 USD 2,000 2,215 0.00FNMA Pool 357748 5.5%/2035 USD 3,217 3,538 0.01FNMA Pool 535041 7%/2029 USD 2,883 3,280 0.00FNMA Pool 545120 7%/2031 USD 623 721 0.00FNMA Pool 545759 6.5%/2032 USD 14,260 16,038 0.02FNMA Pool 545830 5.5%/2017 USD 492 523 0.00FNMA Pool 545898 5.5%/2017 USD 1,412 1,501 0.00FNMA Pool 555285 6%/2033 USD 6,304 7,094 0.01FNMA Pool 555345 5.5%/2018 USD 578 614 0.00FNMA Pool 555417 6%/2033 USD 4,658 5,170 0.01FNMA Pool 625931 5.5%/2017 USD 388 413 0.00FNMA Pool 625997 5.5%/2017 USD 1,118 1,188 0.00FNMA Pool 650075 6.5%/2032 USD 1,466 1,636 0.00FNMA Pool 685202 5.5%/2018 USD 1,589 1,702 0.00FNMA Pool 725162 6%/2034 USD 43,734 48,538 0.07FNMA Pool 725205 5%/2034 USD 154,447 167,793 0.24FNMA Pool 725231 5%/2034 USD 8,868 9,634 0.01FNMA Pool 725238 5%/2034 USD 8,843 9,607 0.01FNMA Pool 725528 5.5%/2019 USD 3,313 3,521 0.01FNMA Pool 725594 5.5%/2034 USD 73,495 80,811 0.11FNMA Pool 725704 6%/2034 USD 12,394 13,949 0.02FNMA Pool 725946 5.5%/2034 USD 19,556 21,503 0.03FNMA Pool 735318 4.5%/2019 USD 7,773 8,270 0.01FNMA Pool 735502 6%/2035 USD 2,603 2,889 0.00FNMA Pool 735578 5%/2035 USD 2,103 2,284 0.00FNMA Pool 735580 5%/2035 USD 29,143 31,661 0.04FNMA Pool 735676 5%/2035 USD 8,056 8,752 0.01FNMA Pool 745089 6%/2035 USD 166,692 185,002 0.26FNMA Pool 745216 VR 2.661%/2035 USD 13,368 14,150 0.02FNMA Pool 745246 6%/2034 USD 11,242 12,477 0.02FNMA Pool 745275 5%/2036 USD 3,462 3,761 0.01FNMA Pool 745279 5%/2021 USD 8,238 8,777 0.01FNMA Pool 745355 5%/2036 USD 5,570 6,051 0.01FNMA Pool 745392 4.5%/2020 USD 17,394 18,506 0.03FNMA Pool 745418 5.5%/2036 USD 4,990 5,486 0.01FNMA Pool 745428 5.5%/2036 USD 150,287 165,245 0.24FNMA Pool 745440 4.5%/2020 USD 14,620 15,554 0.02FNMA Pool 745761 VR 2.754%/2036 USD 9,932 10,544 0.01FNMA Pool 789885 5.5%/2019 USD 2,575 2,784 0.00FNMA Pool 790217 6%/2034 USD 2,030 2,253 0.00FNMA Pool 790237 6%/2034 USD 6,697 7,433 0.01FNMA Pool 790629 6%/2034 USD 7,564 8,395 0.01FNMA Pool 790788 6%/2034 USD 6,118 6,790 0.01FNMA Pool 791574 6%/2034 USD 5,195 5,765 0.01FNMA Pool 793573 5.5%/2019 USD 2,489 2,645 0.00FNMA Pool 813764 5%/2020 USD 9,970 10,623 0.02FNMA Pool 846551 VR 2.819%/2035 USD 1,515 1,611 0.00FNMA Pool 848476 VR 2.538%/2035 USD 3,576 3,774 0.01FNMA Pool 848522 VR 2.237%/2035 USD 556 587 0.00FNMA Pool 888564 5%/2021 USD 21,385 22,785 0.03FNMA Pool 888884 5.5%/2035 USD 140,495 154,478 0.22FNMA Pool 889139 5.5%/2037 USD 40,712 44,764 0.06FNMA Pool 889143 4.5%/2022 USD 5,706 6,071 0.01FNMA Pool 889396 6%/2037 USD 11,075 12,292 0.02FNMA Pool 889565 5.5%/2037 USD 1,093 1,202 0.00FNMA Pool 889579 6%/2038 USD 3,707 4,114 0.01FNMA Pool 889983 6%/2038 USD 9,695 10,760 0.02FNMA Pool 890297 4%/2026 USD 37,743 39,990 0.06FNMA Pool 893353 6%/2036 USD 11,421 12,676 0.02FNMA Pool 896329 6.5%/2036 USD 4,781 5,301 0.01FNMA Pool 904108 6.5%/2036 USD 6,353 7,043 0.01FNMA Pool 905196 VR 3.04%/2036 USD 6,527 6,997 0.01FNMA Pool 907036 VR 2.748%/2037 USD 1,799 1,908 0.00FNMA Pool 915831 6.5%/2037 USD 7,149 7,925 0.01FNMA Pool 929836 6%/2038 USD 8,526 9,463 0.01FNMA Pool 942399 6%/2022 USD 9,741 10,511 0.02FNMA Pool 949782 VR 2.659%/2037 USD 3,680 3,912 0.01FNMA Pool 964926 6%/2038 USD 7,008 7,778 0.01FNMA Pool 995023 5.5%/2037 USD 2,162 2,377 0.00FNMA Pool 995112 5.5%/2036 USD 56,038 61,615 0.09FNMA Pool 995203 5%/2035 USD 304,758 331,091 0.47FNMA Pool 995722 5%/2038 USD 16,763 18,211 0.03

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


19




FNMA Pool 995838 5.5%/2039 USD 14,488 15,930 0.02FNMA Pool AB2085 4%/2041 USD 9,200 9,489 0.01FNMA Pool AB2819 5%/2041 USD 16,341 17,753 0.03FNMA Pool AB5174 3.5%/2042 USD 15,132 15,063 0.02FNMA Pool AB6491 3%/2042 USD 27,890 26,535 0.04FNMA Pool AB6633 3.5%/2042 USD 188,996 188,140 0.27FNMA Pool AB6670 3%/2042 USD 18,924 18,004 0.03FNMA Pool AB7143 2.5%/2027 USD 62,219 61,626 0.09FNMA Pool AB8700 3%/2043 USD 453,340 431,311 0.61FNMA Pool AC1877 4.5%/2039 USD 35,678 37,869 0.05FNMA Pool AC7330 4.5%/2039 USD 55,761 59,185 0.08FNMA Pool AC8518 5%/2039 USD 3,064 3,329 0.01FNMA Pool AD0220 6%/2038 USD 15,439 17,135 0.02FNMA Pool AD0227 5.5%/2034 USD 21,603 23,753 0.03FNMA Pool AD0330 5%/2038 USD 28,672 31,149 0.04FNMA Pool AD1045 4.5%/2040 USD 4,894 5,195 0.01FNMA Pool AD1067 4.5%/2040 USD 14,116 14,983 0.02FNMA Pool AD3812 5%/2040 USD 2,240 2,434 0.00FNMA Pool AD7859 5%/2040 USD 12,013 13,051 0.02FNMA Pool AD9194 5%/2040 USD 2,684 2,916 0.00FNMA Pool AE0105 5.5%/2038 USD 7,564 8,317 0.01FNMA Pool AE0115 5.5%/2035 USD 36,009 39,593 0.06FNMA Pool AE0624 4%/2040 USD 44,351 45,744 0.06FNMA Pool AE0678 5%/2034 USD 21,043 22,862 0.03FNMA Pool AE0698 4.5%/2040 USD 8,715 9,251 0.01FNMA Pool AE0801 6%/2039 USD 10,767 11,950 0.02FNMA Pool AE0949 4%/2041 USD 547,283 564,471 0.80FNMA Pool AE0984 4.5%/2041 USD 101,889 108,145 0.15FNMA Pool AE4834 5%/2040 USD 16,559 17,990 0.03FNMA Pool AE7731 4.5%/2040 USD 36,083 38,299 0.06FNMA Pool AE7758 3.5%/2025 USD 36,008 37,668 0.05FNMA Pool AJ5679 3.5%/2026 USD 18,273 19,115 0.03FNMA Pool AJ9354 3%/2027 USD 54,794 55,950 0.08FNMA Pool AL0065 4.5%/2041 USD 131,924 140,025 0.20FNMA Pool AL0160 4.5%/2041 USD 155,246 164,779 0.23FNMA Pool AL0161 4%/2041 USD 24,036 24,791 0.04FNMA Pool AL0609 5%/2036 USD 2,940 3,194 0.01FNMA Pool AL1105 4.5%/2040 USD 47,396 50,306 0.07FNMA Pool AL1948 4%/2042 USD 14,980 15,451 0.02FNMA Pool AL2088 4%/2026 USD 90,447 95,832 0.14FNMA Pool AL2146 4.5%/2042 USD 91,548 97,170 0.14FNMA Pool AL2456 4.5%/2026 USD 47,528 50,566 0.07FNMA Pool AL2462 2.5%/2027 USD 257,482 255,028 0.36FNMA Pool AL2579 4%/2026 USD 63,894 67,697 0.10FNMA Pool AL2661 4%/2026 USD 15,910 16,857 0.02FNMA Pool AL3072 3%/2043 USD 15,212 14,473 0.02FNMA Pool AL3649 4%/2042 USD 75,535 77,907 0.11FNMA Pool AO7977 3%/2027 USD 109,237 111,541 0.16FNMA Pool AP7534 2.5%/2027 USD 14,659 14,520 0.02FNMA Pool AP9736 3.5%/2042 USD 151,289 150,603 0.21FNMA Pool AQ0546 3.5%/2042 USD 99,441 98,990 0.14FNMA Pool AQ9330 3.5%/2043 USD 117,137 116,606 0.17FNMA Pool AT2060 2.5%/2028 USD 99,139 98,194 0.14FNMA Pool AT2721 3%/2043 USD 110,841 105,455 0.15FNMA Pool AU1635 3.5%/2043 USD 34,189 34,034 0.05FNMA Pool AU1656 2.5%/2028 USD 29,775 29,491 0.04FNMA Pool AU3746 3.5%/2043 USD 14,800 14,733 0.02FNMA Pool MA0500 5%/2040 USD 1,717 1,865 0.00FNMA Pool MA0516 5%/2040 USD 5,726 6,220 0.01GATX 2.5%/2019 USD 40,000 39,756 0.06GATX 3.5%/2016 USD 15,000 15,685 0.02GATX 4.85%/2021 USD 20,000 20,486 0.03General Electric Capital 5.3%/2021 USD 105,000 118,126 0.17General Electric Capital SerGMTN 6.875%/2039 USD 90,000 115,461 0.16GNMA 2010-103 IN 4.5%/2039 USD 52,991 7,154 0.01GNMA 2010-92 PI 4.5%/2037 USD 61,743 8,701 0.01GNMA 2011-41 AI 4.5%/2039 USD 79,917 14,225 0.02GNMA I Pool 520473 7.5%/2030 USD 679 735 0.00GNMA I Pool 543869 7.5%/2031 USD 424 458 0.00GNMA I Pool 783403 3.5%/2041 USD 85,627 86,443 0.12GNMA II Pool 3490 6.5%/2033 USD 2,634 2,917 0.00GNMA II Pool 3598 6%/2034 USD 5,981 6,597 0.01GNMA II Pool 3819 5.5%/2036 USD 3,602 3,966 0.01GNMA II Pool 4495 4.5%/2039 USD 80,978 86,634 0.12

GNMA II Pool 4577 4.5%/2039 USD 9,974 10,671 0.02GNMA II Pool 4578 5%/2039 USD 25,084 27,205 0.04GNMA II Pool 4697 5%/2040 USD 16,079 17,438 0.03GNMA II Pool 4715 5%/2040 USD 25,265 27,401 0.04GNMA II Pool 4800 4%/2040 USD 18,659 19,432 0.03GNMA II Pool 4801 4.5%/2040 USD 40,123 42,925 0.06GNMA II Pool 4833 4%/2040 USD 68,722 71,568 0.10GNMA II Pool 4835 5%/2040 USD 22,950 24,890 0.04GNMA II Pool 4882 4%/2040 USD 61,954 64,519 0.09GNMA II Pool 4946 4.5%/2041 USD 126,526 135,363 0.19GNMA II Pool 4978 4.5%/2041 USD 10,599 11,339 0.02GNMA II Pool 4979 5%/2041 USD 10,045 10,894 0.02GNMA II Pool MA0204 2.5%/2027 USD 34,493 34,455 0.05GNMA II Pool MA0221 4%/2042 USD 65,018 67,711 0.10GNMA II Pool MA0374 2.5%/2027 USD 166,689 166,507 0.24GNMA II Pool MA0443 2.5%/2027 USD 26,957 26,927 0.04GNMA II Pool MA0601 2.5%/2027 USD 55,840 55,779 0.08GNMA II Pool MA0781 2.5%/2043 USD 30,047 27,826 0.04GNMA II Pool MA0850 2.5%/2043 USD 122,911 113,950 0.16GNMA II Pool MA0986 2.5%/2028 USD 64,494 64,674 0.09GNMA II Pool MA1010 2.5%/2043 USD 73,831 68,418 0.10GNMA II Pool MA1011 3%/2043 USD 189,166 182,989 0.26GNMA II Pool MA1012 3.5%/2043 USD 212,682 214,908 0.31GNMA II Pool MA1064 2.5%/2028 USD 25,455 25,526 0.04GNMA II Pool MA1089 3%/2043 USD 215,463 208,427 0.30GNMA II Pool MA1447 3%/2043 USD 64,673 62,561 0.09Goldman Sachs Group 2.375%/2018 USD 15,000 15,048 0.02Goldman Sachs Group 2.9%/2018 USD 50,000 51,005 0.07Goldman Sachs Group 5.5%/2021 GBP 10,000 17,623 0.03Goldman Sachs Group 5.75%/2022 USD 155,000 174,365 0.25Goldman Sachs Group SerEMTN 2.625%/2020 EUR 12,000 16,547 0.02Goldman Sachs Group SerEMTN 6.125%/2017 GBP 10,000 18,393 0.03Goldman Sachs Group SerEMTN 6.375%/2018 EUR 15,000 24,488 0.04HSBC Finance SerEMTN 4.875%/2017 EUR 50,000 77,103 0.11Hyatt Hotels 3.875%/2016 USD 40,000 42,269 0.06International Paper 4.75%/2022 USD 65,000 68,479 0.10Interpublic Group of Companies 2.25%/2017 USD 15,000 14,815 0.02Interpublic Group of Companies 3.75%/2023 USD 20,000 18,770 0.03Interpublic Group of Companies 4%/2022 USD 45,000 43,220 0.06JPMorgan Chase & Co 2%/2017 USD 185,000 186,944 0.27JPMorgan Chase & Co SerEMTN VR 4.375%/2019 EUR 50,000 70,141 0.10Kilroy Realty 4.8%/2018 USD 20,000 21,442 0.03Kroger 3.3%/2021 USD 30,000 29,904 0.04Metropolitan Life Global Funding I SerEMTN 4.625%/2017 EUR 50,000 76,553 0.11Mondelez International SerEMTN 7.25%/2018 GBP 50,000 98,923 0.14Morgan Stanley 2.125%/2018 USD 115,000 114,423 0.16Morgan Stanley SerGMTN 5%/2019 EUR 50,000 79,008 0.11Morgan Stanley SerGMTN 5.125%/2015 GBP 50,000 88,026 0.13Morgan Stanley SerGMTN 5.5%/2021 USD 45,000 50,310 0.07Morgan Stanley SerMTN 5.95%/2017 USD 100,000 114,181 0.16Murphy Oil 4%/2022 USD 70,000 67,216 0.10Nestle Holdings SerEMTN 1.625%/2017 GBP 10,000 16,429 0.02Nevada Power 5.45%/2041 USD 95,000 103,832 0.15Newell Rubbermaid 2.05%/2017 USD 15,000 14,890 0.02Nisource Finance 5.95%/2041 USD 25,000 26,268 0.04Noble Energy 4.15%/2021 USD 35,000 35,936 0.05Noble Energy 6%/2041 USD 35,000 38,338 0.06ONEOK Partners 3.2%/2018 USD 10,000 10,248 0.02Packaging of America 4.5%/2023 USD 45,000 45,174 0.07Pemex Project Funding Master Trust SerRegS 5.5%/2025 EUR 120,000 189,256 0.27Petrohawk Energy 7.25%/2018 USD 15,000 16,186 0.02Pioneer Natural Resources 3.95%/2022 USD 50,000 49,930 0.07Plains All American Pipeline 2.85%/2023 USD 25,000 22,718 0.03Plains All American Pipeline 5.75%/2020 USD 35,000 40,052 0.06PPL Capital Funding 3.5%/2022 USD 25,000 23,685 0.03Principal Financial Group 6.05%/2036 USD 20,000 22,884 0.03Provident 7%/2018 USD 25,000 28,543 0.04Public Service of Oklahoma 5.15%/2019 USD 15,000 16,685 0.02Range Resources 5%/2022 USD 80,000 78,426 0.11Reinsurance Group of America 5%/2021 USD 20,000 21,061 0.03Reinsurance Group of America 6.45%/2019 USD 40,000 46,242 0.07Reinsurance Group of America SerMTN 4.7%/2023 USD 20,000 20,369 0.03Republic Services 3.55%/2022 USD 55,000 53,409 0.08Republic Services 5.7%/2041 USD 35,000 37,833 0.05

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


20

United States of America (continued)



Reynolds American 3.25%/2022 USD 30,000 27,721 0.04Rowan 4.875%/2022 USD 15,000 15,288 0.02Southwest Airlines 5.125%/2017 USD 55,000 59,826 0.09Synovus Financial 7.875%/2019 USD 80,000 90,200 0.13Tampa Electric 6.15%/2037 USD 10,000 11,676 0.02Teco Finance 5.15%/2020 USD 35,000 38,386 0.05Thermo Fisher Scientific 1.85%/2018 USD 5,000 4,976 0.01Thermo Fisher Scientific 2.4%/2019 USD 30,000 29,808 0.04Thermo Fisher Scientific 4.15%/2024 USD 25,000 24,890 0.04Toyota Motor Credit SerEMTN 2.375%/2023 EUR 20,000 27,320 0.04Tyson Foods 4.5%/2022 USD 20,000 20,467 0.03Union Pacific 4.75%/2041 USD 30,000 29,555 0.04UnitedHealth Group 4.625%/2041 USD 20,000 19,117 0.03Unum Group 5.625%/2020 USD 10,000 11,010 0.02US Airways 2012-2 Class A Pass Through Trust

4.625%/2025 USD 34,880 35,599 0.05US Treasury 0.25% 28/2/2014 USD 200,000 200,055 0.28US Treasury 0.625%/2017 USD 1,680,000 1,638,197 2.33US Treasury 0.875%/2017 USD 2,015,000 2,015,000 2.86US Treasury 1.25%/2018 USD 445,000 436,430 0.62US Treasury 2%/2023 USD 51,000 47,374 0.07US Treasury 2.625%/2016 USD 20,000 20,982 0.03US Treasury 3.125%/2043 USD 475,000 409,465 0.58US Treasury 4.625%/2040 USD 150,000 170,473 0.24US Treasury Inflation Indexed 2% 15/7/2014 USD 261,000 330,720 0.47Valmont Industries 6.625%/2020 USD 25,000 27,985 0.04Verizon Communications 4.5%/2020 USD 55,000 58,923 0.08Verizon Communications 5.15%/2023 USD 75,000 80,731 0.12Verizon Communications 6.4%/2033 USD 185,000 213,542 0.30Weingarten Realty Investors 3.5%/2023 USD 10,000 9,186 0.01Western Gas Partners 4%/2022 USD 65,000 62,279 0.09Whirlpool SerMTN 3.7%/2023 USD 35,000 33,497 0.05Williams Partners 4.125%/2020 USD 70,000 71,693 0.10Williams Partners 6.3%/2040 USD 10,000 10,849 0.02Xerox 6.35%/2018 USD 45,000 51,873 0.07

Total United States of America 20,831,634 29.60


Transferable Securities Traded on Another Regulated MarketAustralia SMART Trust 2012-2USA A4A Ser144A 2.06%/2018 USD 100,000 101,827 0.14SMART Trust 2012-4US A4A 1.25%/2018 USD 90,000 89,673 0.13

Total Australia 191,500 0.27

Canada Canadian Government 3.5%/2020 CAD 321,000 325,408 0.46Canadian Government 4%/2017 CAD 413,000 421,630 0.60Canadian Government 4%/2041 CAD 86,000 92,257 0.13Canadian Government 5%/2037 CAD 16,000 19,500 0.03Canadian Province of British Columbia 3.7%/2020 CAD 418,000 416,877 0.59Cogeco Cable Ser144A 4.875%/2020 USD 80,000 77,700 0.11Province of Quebec Canada 5%/2038 CAD 250,000 261,461 0.37

Total Canada 1,614,833 2.29

France BNP Paribas SerMTN 2.7%/2018 USD 45,000 45,770 0.07RCI Banque Ser144A 4.6%/2016 USD 40,000 42,424 0.06

Total France 88,194 0.13

Luxembourg Holcim US Finance Ser144A 6%/2019 USD 30,000 34,182 0.05SES Ser144A 3.6%/2023 USD 30,000 28,210 0.04


Malaysia Malaysian Government Ser0411 4.232%/2031 MYR 46,000 13,487 0.02Malaysian Government Ser0412 4.127%/2032 MYR 62,000 17,756 0.02Malaysian Government Ser0902 4.378%/2019 MYR 198,000 61,610 0.09

Total Malaysia 92,853 0.13

Mexico Petroleos Mexicanos 4.875%/2022 USD 60,000 61,707 0.09Petroleos Mexicanos 5.5%/2044 USD 50,000 45,858 0.06Petroleos Mexicanos 6.5%/2041 USD 45,000 47,072 0.07

Total Mexico 154,637 0.22

Netherlands EADS Finance Ser144A 2.7%/2023 USD 55,000 50,662 0.07Heineken Ser144A 2.75%/2023 USD 45,000 40,520 0.06LYB International Finance 4%/2023 USD 15,000 14,812 0.02

Total Netherlands 105,994 0.15

Norway Statoil SerFXD 1.95%/2018 USD 35,000 34,777 0.05


United Kingdom British Sky Broadcasting Group Ser144A 6.1%/2018 USD 10,000 11,406 0.02Fosse Master Issuer 2012-1A 3A1

Ser144A VR 1.737%/2054 USD 150,000 154,465 0.22PPL WEM Holdings Ser144A 3.9%/2016 USD 90,000 94,120 0.13WPP Finance 2010 3.625%/2022 USD 80,000 76,976 0.11WPP Finance 2010 4.75%/2021 USD 20,000 20,868 0.03

Total United Kingdom 357,835 0.51

United States of America Aflac 3.625%/2023 USD 50,000 48,422 0.07Ally Auto Receivables Trust 2012-A D

Ser144A 3.15%/2018 USD 20,000 20,650 0.03Ally Master Owner Trust 2012-5 A 1.54%/2019 USD 85,000 84,547 0.12AMC Networks 4.75%/2022 USD 25,000 23,938 0.03AmeriCredit Automobile Receivables Trust

2012-1 C 2.67%/2018 USD 10,000 10,235 0.01AmeriCredit Automobile Receivables Trust

2012-5 C 1.69%/2018 USD 30,000 29,983 0.04AmeriCredit Automobile Receivables Trust

2013-5 C 2.29%/2019 USD 45,000 45,077 0.06Antero Resources Finance 6%/2020 USD 50,000 52,750 0.07Apple 2.4%/2023 USD 105,000 94,482 0.13Avis Budget Rental Car Funding AESOP

2013-1A A Ser144A 1.92%/2019 USD 100,000 98,328 0.14Avon Products 5%/2023 USD 45,000 44,403 0.06Banc of America Commercial Mortgage Trust

2006-5 AM 5.448%/2047 USD 55,000 58,974 0.08Bank of America 3.875%/2017 USD 60,000 64,024 0.09Bank of America Commercial Mortgage Trust

2007-4 A4 VR 5.743%/2051 USD 160,000 177,140 0.25Bank of America Commercial Mortgage Trust

2007-4 AM VR 5.81%/2051 USD 40,000 44,245 0.06Bank of America Commercial Mortgage Trust

2007-5 A4 5.492%/2051 USD 40,000 43,803 0.06Bank of America Commercial Mortgage Trust

2008-1 A4 VR 6.207%/2051 USD 95,000 108,641 0.15Bank of America Merrill Lynch Commercial Mortgage

2005-3 A2 4.501%/2043 USD 11,435 11,473 0.02Bank of America Mortgage Securities

2004-A 2A2 VR 2.793%/2034 USD 4,153 4,109 0.01Bank of America Mortgage Securities

2004-H 2A2 VR 2.754%/2034 USD 2,475 2,459 0.00Bank of America Mortgage Securities

2004-I 3A2 VR 2.746%/2034 USD 1,327 1,347 0.00Bank of America Mortgage Securities

2005-J 2A1 VR 3.099%/2035 USD 19,886 18,428 0.03Bank of America Mortgage Securities

2005-J 3A1 VR 3.136%/2035 USD 7,409 6,875 0.01Bank of New York Mellon SerD VR 4.5%/2049 USD 35,000 31,450 0.04Baxter International 3.2%/2023 USD 30,000 28,822 0.04Bay Area Toll Authority California 6.263%/2049 USD 55,000 66,732 0.09Bear Stearns Commercial Mortgage Securities Trust

2005-PWR9 AAB 4.804%/2042 USD 12,100 12,257 0.02Bear Stearns Commercial Mortgage Securities Trust

2007-PW17 A4 VR 5.694%/2050 USD 30,000 33,688 0.05

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


21




Berkshire Hathaway Finance 4.3%/2043 USD 30,000 27,165 0.04Capital Auto Receivables Asset Trust

2013-1 B 1.29%/2018 USD 5,000 4,954 0.01Capital Auto Receivables Asset Trust

2013-1 C 1.74%/2018 USD 5,000 4,944 0.01CarMax Auto Owner Trust 2010-2 B 3.96%/2016 USD 35,000 35,673 0.05CarMax Auto Owner Trust 2012-3 D 2.29%/2019 USD 25,000 25,522 0.04Catholic Health Initiatives 2.95%/2022 USD 30,000 27,379 0.04CC Holdings GS V / Crown Castle GS III 3.849%/2023 USD 110,000 103,295 0.15CCO Holdings Capital 5.25%/2022 USD 80,000 74,534 0.11Celgene 5.25%/2043 USD 30,000 30,527 0.04Chase Funding Trust Series 2002-2 1M1 5.599%/2031 USD 2,269 2,015 0.00Chicago Illinois Metropolitan Water Reclamation

5.72%/2038 USD 50,000 53,701 0.08Chicago Illinois O’Hare International Airport

General Third Lien Series B 6.395%/2040 USD 15,000 16,726 0.02Chicago Illinois Transit Authority Sales And

Taxable-pension Funding Series A 6.899%/2040 USD 30,000 33,695 0.05City of Houston 5%/2023 USD 15,000 17,157 0.02City of Los Angeles Department of Airports

7.053%/2040 USD 25,000 29,792 0.04City of New York 5.846%/2040 USD 20,000 22,088 0.03CKE Restaurant Holdings 2013-1A A2

Ser144A 4.474%/2043 USD 64,269 64,911 0.09CNH Equipment Trust 2012-D B 1.27%/2020 USD 50,000 49,740 0.07CNH Equipment Trust 2013-C A3 1.02%/2018 USD 20,000 20,100 0.03Comcast 6.95%/2037 USD 85,000 105,188 0.15Commercial Mortgage Pass Through Certificates

2012-CR3 A3 2.822%/2045 USD 40,000 37,824 0.05Commercial Mortgage Pass Through Certificates

2013-CR13 C VR 4.757%/2046 USD 25,000 24,482 0.03Commercial Mortgage Trust 2007-GG9 AM

5.475%/2039 USD 25,000 26,687 0.04Commercial Mortgage Trust 2007-GG9 AMFX

5.475%/2039 USD 30,000 31,762 0.05Commonwealth of Massachusetts 4.5%/2031 USD 25,000 24,827 0.04Commonwealth of Massachusetts 5%/2025 USD 10,000 11,302 0.02Commonwealth of Pennsylvania 5%/2025 USD 15,000 17,030 0.02Commonwealth of Virginia 5%/2023 USD 10,000 11,891 0.02Continental Airlines 2012-1 Class A Pass Through

Trust SerA 4.15%/2024 USD 39,016 39,381 0.06Countrywide Asset-Backed Certificates 2004-BC1

M2 VR 1.763%/2034 USD 8,387 6,733 0.01COX Communications Ser144A 3.25%/2022 USD 65,000 59,062 0.08COX Communications Ser144A 8.375%/2039 USD 20,000 24,502 0.03Crown Castle Towers Ser144A 6.113%/2020 USD 59,000 66,348 0.09Dallas Independent School District 5%/2029 USD 30,000 32,877 0.05DCP Midstream Operating 3.875%/2023 USD 25,000 23,145 0.03Denver City & County School District No 1 4.242%/2037 USD 20,000 18,009 0.03Diamond Resorts Owner Trust 2013-2 A 2.27%/2026 USD 96,993 96,811 0.14DIRECTV Holdings 2.4%/2017 USD 45,000 45,987 0.07DIRECTV Holdings 5.875%/2019 USD 20,000 22,837 0.03DISH DBS 4.25%/2018 USD 25,000 25,500 0.04DISH DBS 5.125%/2020 USD 25,000 25,062 0.04District of Columbia 5.25%/2034 USD 20,000 21,533 0.03District of Columbia 5.591%/2034 USD 10,000 10,977 0.02Domino’s Pizza Master Issuer 2012-1A A2

Ser144A 5.216%/2042 USD 121,719 129,365 0.18DSLA Mortgage Loan Trust 2004-AR1 A1A V

R 0.08%/2044 USD 32,995 31,106 0.04E*Trade Financial 6.75%/2016 USD 50,000 54,477 0.08East Bay Municipal Utility District 5.874%/2040 USD 45,000 51,720 0.07Eaton 4%/2032 USD 25,000 23,142 0.03Enterprise Products Operating 3.35%/2023 USD 90,000 85,545 0.12ERAC USA Finance Ser144A 2.8%/2018 USD 5,000 5,064 0.01ERAC USA Finance Ser144A 3.3%/2022 USD 55,000 51,312 0.07ERAC USA Finance Ser144A 5.25%/2020 USD 20,000 22,060 0.03Ferrellgas 6.5%/2021 USD 80,000 82,000 0.12FHLMC Multifamily Structured Pass Through

Certificates 1.875%/2022 USD 39,245 38,618 0.05FHLMC Multifamily Structured Pass Through

Certificates K502 A2 1.426%/2017 USD 20,000 20,092 0.03FirstEnergy SerA 2.75%/2018 USD 20,000 19,690 0.03FirstEnergy SerB 4.25%/2023 USD 35,000 32,759 0.05

Fiserv 3.125%/2016 USD 10,000 10,459 0.02Fiserv 3.5%/2022 USD 30,000 28,191 0.04Florida Hurricane Catastrophe Fund Finance

1.298%/2016 USD 25,000 25,096 0.04Florida Hurricane Catastrophe Fund Finance

SerA 2.995%/2020 USD 45,000 42,760 0.06Ford Credit Auto Lease Trust 2012-B B 1.1%/2015 USD 100,000 100,354 0.14FREMF Mortgage Trust 2012-K22 B

Ser144A VR 3.686%/2045 USD 35,000 32,447 0.05FREMF Mortgage Trust 2012-K711

B Ser144A VR 3.562%/2045 USD 45,000 44,012 0.06FREMF Mortgage Trust 2013-K24






B Ser144A VR 3.165%/2046 USD 30,000 28,228 0.04GE Capital Credit Card Master Note Trust

2009-4 C Ser144A 7.82%/2017 USD 100,000 105,696 0.15GE Capital Credit Card Master Note Trust

2012-6 B 1.83%/2020 USD 100,000 99,037 0.14GE Equipment Small Ticket Series

2013-1A A3 1.02%/2017 USD 100,000 100,400 0.14Greenwich Capital Commercial Funding

2005-GG3 AAB 4.619%/2042 USD 2,543 2,558 0.00GS Mortgage Securities II 2012-GCJ9 A3 2.773%/2045 USD 45,000 42,145 0.06GSAA Home Equity Trust 2005-MTR1 A4 VR 0.54%/2035 USD 50,000 46,718 0.07GSAA Trust 2005-8 A3 VR 0.6%/2035 USD 74,140 70,341 0.10GTP Acquisition Partners I Ser144A 2.364%/2018 USD 35,000 34,254 0.05GTP Acquisition Partners I Ser144A 4.347%/2016 USD 25,000 26,360 0.04Gulf South Pipeline 4%/2022 USD 20,000 19,577 0.03Housing Development 6.42%/2027 USD 953 953 0.00Hyundai Auto Lease Securitization Trust

2013-B A2 0.75%/2016 USD 110,000 110,172 0.16Hyundai Capital America Ser144A 1.875%/2016 USD 15,000 15,084 0.02Hyundai Capital America Ser144A 2.875%/2018 USD 25,000 25,140 0.04ING US 2.9%/2018 USD 30,000 30,684 0.04JobsOhio Beverage System 4.532%/2035 USD 25,000 23,202 0.03JP Morgan Chase Commercial Mortgage Securities

2005-LDP4 ASB VR 4.824%/2042 USD 16,748 17,015 0.02JP Morgan Chase Commercial Mortgage Securities

2006-LDP9 A3 5.336%/2047 USD 40,000 43,874 0.06JP Morgan Chase Commercial Mortgage Securities

2007-CB18 A4 5.44%/2047 USD 175,000 192,701 0.27JP Morgan Chase Commercial Mortgage Securities

2007-CB19 AM VR 5.711%/2049 USD 35,000 37,701 0.05JP Morgan Chase Commercial Mortgage Securities

2007-LD12 A4 VR 5.882%/2051 USD 85,000 95,361 0.14JP Morgan Chase Commercial Mortgage Securities

2007-LD12 AM VR 6%/2051 USD 40,000 44,473 0.06JP Morgan Chase Commercial Mortgage Securities

2012-C8 A3 2.829%/2045 USD 50,000 47,290 0.07JP Morgan Chase Commercial Mortgage Securities

Trust 2007-CB19 A4 VR 5.71%/2049 USD 55,000 61,215 0.09JPMorgan Chase & Co 3.375%/2023 USD 40,000 37,452 0.05Kaiser Foundation Hospitals 3.5%/2022 USD 20,000 19,031 0.03Kansas Development Finance Authority 5.501%/2034 USD 15,000 15,558 0.02Kilroy Realty 6.625%/2020 USD 20,000 22,763 0.03LB-UBS Commercial Mortgage Trust

2006-C7 A3 5.347%/2038 USD 48,000 52,794 0.08LB-UBS Commercial Mortgage Trust

2007-C6 AM VR 6.114%/2040 USD 15,000 16,501 0.02LB-UBS Commercial Mortgage Trust

2008-C1 AM VR 6.16%/2041 USD 10,000 11,351 0.02Life Technologies 3.5%/2016 USD 25,000 26,152 0.04Life Technologies 6%/2020 USD 30,000 34,611 0.05Los Angeles Department of Water & Power

5%/2043 USD 40,000 41,399 0.06

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


22




MarkWest Energy Partners 5.5%/2023 USD 70,000 70,875 0.10Maryland State Transportation Authority 5.754%/2041 USD 45,000 48,516 0.07Maryland State Transportation Authority

5.888%/2043 USD 55,000 62,551 0.09Mediacom Broadband 6.375%/2023 USD 80,000 82,200 0.12Merrill Lynch Mortgage Trust 2006-C2 AM VR

5.782%/2043 USD 25,000 27,486 0.04Merrill Lynch Mortgage Trust 2008-C1 A4 5.69%/2051 USD 160,000 179,307 0.26Metropolitan Transportation Authority New York

Taxable SerC-build America Bds- 7.336%/2039 USD 50,000 65,477 0.09Midcontinent Communications & Midcontinent

Finance Ser144A 6.25%/2021 USD 50,000 50,625 0.07Morgan Stanley 5%/2025 USD 95,000 95,753 0.14Nabors Industries 4.625%/2021 USD 70,000 70,542 0.10NBCUniversal Media 5.15%/2020 USD 60,000 67,352 0.10New Jersey Transportation Trust Fund Authority

5.25%/2022 USD 35,000 39,989 0.06New York City Transitional Finance Authority Future

Tax Secured Revenue 5%/2023 USD 15,000 17,172 0.03New York City Transitional Finance Authority Future



Tax Secured Revenue 5.508%/2037 USD 50,000 55,920 0.08New York State Dormitory Authority 4%/2022 USD 20,000 21,494 0.03Nissan Auto Receivables 2013-B Owner Trust

2013-B A3 0.84%/2017 USD 30,000 30,152 0.04Nordstrom Credit Card Master Note Trust II

2011-1A A Ser144A 2.28%/2019 USD 100,000 102,690 0.15NRG Energy 6.625%/2023 USD 80,000 81,012 0.12NVR 3.95%/2022 USD 45,000 42,750 0.06O’Reilly Automotive 3.8%/2022 USD 65,000 63,138 0.09O’Reilly Automotive 4.875%/2021 USD 35,000 36,803 0.05Outerwall 6%/2019 USD 75,000 76,687 0.11PDC Energy 7.75%/2022 USD 80,000 86,800 0.12Pemex Project Funding Master Trust 6.625%/2035 USD 10,000 10,558 0.02Philadelphia Authority for Industrial Development

3.964%/2026 USD 85,000 75,332 0.11Phillips 66 4.3%/2022 USD 30,000 30,564 0.04Port Authority of New York & New Jersey

4.458%/2062 USD 100,000 86,339 0.12PPL Capital Funding 3.4%/2023 USD 15,000 14,006 0.02President and Fellows of Harvard College

3.619%/2037 USD 20,000 17,081 0.02Regional Transportation District 5%/2038 USD 20,000 20,605 0.03Rite Aid 6.75%/2021 USD 80,000 84,200 0.12San Diego County Water Authority 6.138%/2049 USD 20,000 23,248 0.03SBA Tower Trust Ser144A 2.933%/2017 USD 25,000 25,522 0.04Sequoia Mortgage Trust 2013-6 A1 VR 6.1%/2043 USD 97,363 88,862 0.13Sierra Timeshare 2013-1 Receivables Funding

2013-1A A 1.59%/2029 USD 60,399 60,140 0.09Sierra Timeshare 2013-2 Receivables Funding

2013-2A A Ser144A 2.28%/2025 USD 76,640 76,568 0.11South Carolina State Public Service Authority

4.322%/2027 USD 25,000 23,993 0.03Spectra Energy Capital 3.3%/2023 USD 55,000 48,850 0.07SPX 6.875%/2017 USD 50,000 56,897 0.08Starz 5%/2019 USD 80,000 82,200 0.12State of California 5%/2043 USD 10,000 10,117 0.01State of Florida Lottery Revenue 5%/2020 USD 55,000 64,055 0.09State of Georgia 5%/2024 USD 20,000 23,224 0.03State of Georgia 5%/2025 USD 15,000 17,259 0.02State of Georgia SerA 5%/2021 USD 50,000 59,525 0.08State of Georgia SerA 5%/2023 USD 20,000 23,487 0.03State of Hawaii 5%/2023 USD 30,000 34,622 0.05State of Hawaii 5%/2024 USD 25,000 28,560 0.04State of Hawaii 5%/2025 USD 45,000 51,036 0.07State of Minnesota 5%/2027 USD 25,000 27,511 0.04State of Washington 5%/2022 USD 60,000 70,115 0.10State of Washington 5%/2024 USD 15,000 17,114 0.02State Street 3.1%/2023 USD 20,000 18,570 0.03Swift Energy 7.875%/2022 USD 50,000 50,011 0.07

TCM Sub Ser144A 3.55%/2015 USD 30,000 30,847 0.04Tempur Sealy International 6.875%/2020 USD 80,000 87,200 0.12Terwin Mortgage Trust Series TMTS 2005-14HE AF2

step coupon 3.3%/2036 USD 5,480 5,700 0.01Texas Transportation Commission St Highway

Fund Taxable-first Tier Series B 5.178%/2030 USD 25,000 26,941 0.04Tompkins County Industrial Development Agency

5%/2037 USD 20,000 21,017 0.03tw telecom holdings 5.375%/2022 USD 50,000 49,125 0.07University of Texas System 5%/2043 USD 50,000 52,533 0.08University of Virginia 5%/2040 USD 45,000 46,151 0.07University of Virginia 5%/2043 USD 15,000 16,057 0.02US Airways 2013-1 Class A Pass Through Trust

3.95%/2025 USD 35,000 34,278 0.05Utah Transit Authority 5.937%/2039 USD 45,000 51,363 0.07Verisk Analytics 5.8%/2021 USD 15,000 16,253 0.02Virginia College Building Authority 5%/2022 USD 15,000 17,560 0.02Virginia Commonwealth Transportation Board

5.35%/2035 USD 5,000 5,208 0.01Virginia Public Building Authority 5.9%/2030 USD 40,000 43,697 0.06WaMu Mortgage Pass-Through Certificates

Series 2005-AR12 2A1 VR 2.548%/2035 USD 5,682 5,696 0.01Wells Fargo Mortgage Backed Securities Trust

2003-O 5A1 VR 2.514%/2034 USD 7,962 7,881 0.01Wells Fargo Mortgage Backed Securities Trust

2004-G A3 VR 4.692%/2034 USD 10,090 10,128 0.01Wells Fargo Mortgage Backed Securities Trust

2005-AR2 2A2 VR 2.673%/2035 USD 9,738 9,866 0.01Williams Companies 3.7%/2023 USD 45,000 39,503 0.06WM Wrigley Jr Ser144A 2.4%/2018 USD 50,000 49,681 0.07World Financial Network Credit Card Master Trust

2010-A A 3.96%/2019 USD 30,000 31,363 0.05



Recently Issued Transferable SecuritiesLuxembourg Intelsat Jackson Holdings Ser144A 5.5%/2023 USD 80,000 76,300 0.11


United States of America American Airlines 2013-1 Class A Pass Through Trust

Ser144A 4%/2025 USD 25,000 24,609 0.03American Airlines 2013-2 Class A Pass Through Trust

Ser144A 4.95%/2023 USD 200,000 208,500 0.30General Motors Ser144A 6.25%/2043 USD 50,000 52,250 0.07Kansas City Southern Railway Ser144A 4.3%/2043 USD 85,000 73,935 0.10MetroPCS Wireless Ser144A 6.25%/2021 USD 80,000 83,100 0.12Nabors Industries Ser144A 2.35%/2016 USD 5,000 5,059 0.01Netflix Ser144A 5.375%/2021 USD 80,000 81,400 0.12PNK Finance Ser144A 6.375%/2021 USD 50,000 51,250 0.07Post Holdings Ser144A 7.375%/2022 USD 50,000 53,750 0.08


Total Recently Issued Transferable Securities 710,153 1.01


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


23





(USD)% of Net

Assets20 February 2014 434,159 USD 457,933 CAD JP Morgan Chase 3,663 20 February 2014 18,719 USD 19,859 CAD JP Morgan Chase 49 20 February 2014 7,899 USD 7,000 CHF JP Morgan Chase 39 20 February 2014 12,379 USD 11,000 CHF JP Morgan Chase 28 20 February 2014 93,800 USD 68,000 EUR JP Morgan Chase 128 20 February 2014 205,349 USD 149,000 EUR Deutsche Bank 95 20 February 2014 144,443 USD 14,864,000 JPY JP Morgan Chase 2,738 20 February 2014 32,926 USD 3,376,408 JPY JP Morgan Chase 738 20 February 2014 319,010 USD 4,141,127 MXN UBS AG London 3,314 20 February 2014 587,884 USD 7,676,000 MXN Merrill Lynch International 2,711 20 February 2014 60,752 USD 788,793 MXN JP Morgan Chase 619 20 February 2014 22,964 USD 301,000 MXN JP Morgan Chase 18 20 February 2014 26,858 USD 81,000 PLN JP Morgan Chase 57 20 February 2014 401,756 USD 13,068,000 THB JP Morgan Chase 2,959 20 February 2014 217,273 USD 7,044,000 THB HSBC Bank 2,311 20 February 2014 211,080 USD 6,858,000 THB HSBC Bank 1,794 20 February 2014 18,400 USD 584,000 THB JP Morgan Chase 578 20 February 2014 15,600 USD 497,000 THB Merrill Lynch International 433 20 February 2014 515,747 USD 1,078,000 TRY Goldman Sachs 19,901 20 February 2014 17,844 USD 37,000 TRY JP Morgan Chase 825 20 February 2014 28,535 USD 300,755 ZAR JP Morgan Chase 171 21 January 2014 348,119,000 KRW 325,619 USD Société Générale 5,710 21 January 2014 9,541,000 KRW 8,846 USD JP Morgan Chase 235 21 January 2014 15,167,000 KRW 14,205 USD JP Morgan Chase 231 21 January 2014 17,348,000 KRW 16,320 USD JP Morgan Chase 191 21 January 2014 12,097,000 KRW 11,338 USD JP Morgan Chase 175 21 January 2014 13,540,000 KRW 12,717 USD JP Morgan Chase 170 21 January 2014 12,027,000 KRW 11,300 USD JP Morgan Chase 147 21 January 2014 10,813,000 KRW 10,147 USD JP Morgan Chase 144 21 January 2014 9,698,000 KRW 9,111 USD JP Morgan Chase 119 21 January 2014 8,825,000 KRW 8,327 USD JP Morgan Chase 72 15 January 2014 181,000 RUB 5,430 USD JP Morgan Chase 61 15 January 2014 1,115,784 USD 36,562,000 RUB Credit Suisse First Boston 6,441


15 January 2014 259,000 RUB 7,883 USD JP Morgan Chase (25) 15 January 2014 190,000 RUB 5,800 USD JP Morgan Chase (35) 15 January 2014 217,053 RUB 6,630 USD JP Morgan Chase (44) 15 January 2014 361,000 RUB 11,178 USD JP Morgan Chase (225) 15 January 2014 526,000 RUB 16,233 USD JP Morgan Chase (273) 15 January 2014 16,248,000 RUB 496,790 USD JP Morgan Chase (3,802) 21 January 2014 17,157 USD 18,108,000 KRW JP Morgan Chase (78) 21 January 2014 61,836 USD 65,769,000 KRW Barclays Capital (761) 21 January 2014 91,352 USD 97,938,000 KRW JP Morgan Chase (1,863) 20 February 2014 591,000 AUD 532,366 USD Royal Bank of Canada (5,254) 20 February 2014 37,000 BRL 15,587 USD JP Morgan Chase (118) 20 February 2014 67,000 BRL 28,252 USD JP Morgan Chase (240) 20 February 2014 43,000 BRL 18,411 USD JP Morgan Chase (434) 20 February 2014 19,859 CAD 18,671 USD JP Morgan Chase (2) 20 February 2014 15,000 CAD 14,136 USD JP Morgan Chase (35) 20 February 2014 13,000 CAD 12,302 USD JP Morgan Chase (81) 20 February 2014 19,000 CAD 17,991 USD JP Morgan Chase (129) 20 February 2014 15,000 CAD 14,348 USD JP Morgan Chase (246) 20 February 2014 61,378 CAD 58,471 USD JP Morgan Chase (771) 20 February 2014 488,000 CAD 464,737 USD Royal Bank of Canada (5,976) 20 February 2014 748,000 JPY 7,510 USD JP Morgan Chase (379) 20 February 2014 2,156,000 JPY 21,087 USD JP Morgan Chase (533) 20 February 2014 4,253,000 JPY 41,291 USD JP Morgan Chase (746) 20 February 2014 2,632,000 JPY 26,331 USD JP Morgan Chase (1,239) 20 February 2014 2,081,000 JPY 21,104 USD JP Morgan Chase (1,265) 20 February 2014 5,100,000 JPY 50,128 USD JP Morgan Chase (1,507) 20 February 2014 5,932,000 JPY 58,070 USD JP Morgan Chase (1,518) 20 February 2014 3,774,000 JPY 37,701 USD JP Morgan Chase (1,722) 20 February 2014 7,153,000 JPY 70,465 USD JP Morgan Chase (2,272) 20 February 2014 10,036,000 JPY 98,091 USD JP Morgan Chase (2,414) 20 February 2014 6,120,000 JPY 61,672 USD JP Morgan Chase (3,327) 20 February 2014 11,120,000 JPY 110,012 USD JP Morgan Chase (4,000) 20 February 2014 678,644,000 JPY 6,841,273 USD HSBC Bank (371,466) 20 February 2014 34,000 MYR 10,551 USD JP Morgan Chase (210) 20 February 2014 119,000 MYR 37,016 USD HSBC Bank (824) 20 February 2014 7,000 SGD 5,603 USD Deutsche Bank (61)




(USD)% of Net

Assets20 February 2014 91,000 BRL 37,756 USD JP Morgan Chase 290 20 February 2014 20,597 CAD 19,215 USD JP Morgan Chase 147 20 February 2014 7,733 CAD 7,217 USD JP Morgan Chase 53 20 February 2014 26,000 CAD 24,394 USD JP Morgan Chase 48 20 February 2014 528,000 CHF 574,992 USD JP Morgan Chase 17,860 20 February 2014 12,000 CHF 13,213 USD JP Morgan Chase 261 20 February 2014 11,000 CHF 12,159 USD JP Morgan Chase 192 20 February 2014 7,000 CHF 7,684 USD JP Morgan Chase 175 20 February 2014 1,587,000 CZK 78,963 USD Barclays Capital 930 20 February 2014 50,000 CZK 2,478 USD JP Morgan Chase 39 20 February 2014 228,860 DKK 41,304 USD JP Morgan Chase 978 20 February 2014 51,000 DKK 9,312 USD JP Morgan Chase 111 20 February 2014 396,000 EUR 529,532 USD Royal Bank of Scotland 15,973 20 February 2014 410,000 EUR 549,408 USD Deutsche Bank 15,383 20 February 2014 280,260 EUR 375,428 USD JP Morgan Chase 10,640 20 February 2014 118,000 EUR 159,622 USD JP Morgan Chase 2,928 20 February 2014 230,159 EUR 314,242 USD Merrill Lynch International 2,811 20 February 2014 275,590 EUR 377,397 USD Goldman Sachs 2,239 20 February 2014 88,000 EUR 119,033 USD JP Morgan Chase 2,191 20 February 2014 75,000 EUR 102,054 USD JP Morgan Chase 1,261 20 February 2014 36,000 EUR 48,356 USD JP Morgan Chase 1,235 20 February 2014 32,000 EUR 42,896 USD JP Morgan Chase 1,186 20 February 2014 45,000 EUR 60,862 USD JP Morgan Chase 1,127 20 February 2014 37,000 EUR 49,944 USD JP Morgan Chase 1,025 20 February 2014 43,000 EUR 58,502 USD JP Morgan Chase 732 20 February 2014 12,000 EUR 16,253 USD JP Morgan Chase 278 20 February 2014 14,000 EUR 19,063 USD JP Morgan Chase 223 20 February 2014 12,000 EUR 16,331 USD JP Morgan Chase 200 20 February 2014 34,000 EUR 46,754 USD JP Morgan Chase 82 20 February 2014 687,182 GBP 1,112,091 USD Merrill Lynch International 24,556 20 February 2014 44,000 GBP 71,217 USD JP Morgan Chase 1,562 20 February 2014 29,000 GBP 46,601 USD JP Morgan Chase 1,367 20 February 2014 11,000 GBP 17,757 USD JP Morgan Chase 438 20 February 2014 21,000 GBP 34,322 USD JP Morgan Chase 414 20 February 2014 7,000 GBP 11,278 USD JP Morgan Chase 301 20 February 2014 10,346 GBP 16,864 USD JP Morgan Chase 249 20 February 2014 19,000 GBP 31,182 USD JP Morgan Chase 245 20 February 2014 7,000 GBP 11,415 USD JP Morgan Chase 164 20 February 2014 6,000 GBP 9,823 USD JP Morgan Chase 101 20 February 2014 4,100 GBP 6,695 USD JP Morgan Chase 87 20 February 2014 58,028,000 HUF 262,979 USD Deutsche Bank 5,382 20 February 2014 1,047,701 ILS 298,178 USD HSBC Bank 4,016 20 February 2014 20,675,000 MXN 1,567,796 USD Morgan Stanley 8,344 20 February 2014 641,594 MXN 48,306 USD JP Morgan Chase 606 20 February 2014 305,000 MXN 22,953 USD JP Morgan Chase 299 20 February 2014 190,000 MXN 14,338 USD JP Morgan Chase 146 20 February 2014 305,000 MXN 23,134 USD JP Morgan Chase 117 20 February 2014 378,247 MXN 28,724 USD JP Morgan Chase 112 20 February 2014 115,000 MXN 8,712 USD JP Morgan Chase 55 20 February 2014 189,000 MXN 14,359 USD JP Morgan Chase 49 20 February 2014 490,000 MXN 37,324 USD JP Morgan Chase 30 20 February 2014 113,000 MXN 8,586 USD JP Morgan Chase 28 20 February 2014 356,294 MXN 27,159 USD JP Morgan Chase 3 20 February 2014 9,727,000 NOK 1,561,116 USD Credit Suisse First Boston 37,288 20 February 2014 236,000 NOK 38,301 USD JP Morgan Chase 480 20 February 2014 84,000 NOK 13,693 USD JP Morgan Chase 111 20 February 2014 72,000 NOK 11,742 USD JP Morgan Chase 90 20 February 2014 63,000 NOK 10,318 USD JP Morgan Chase 34 20 February 2014 129,000 NZD 105,447 USD State Street 331 20 February 2014 2,691,000 PLN 854,320 USD Goldman Sachs 36,068 20 February 2014 341,074 PLN 107,995 USD JP Morgan Chase 4,859 20 February 2014 39,000 PLN 12,500 USD JP Morgan Chase 405 20 February 2014 40,000 PLN 12,883 USD JP Morgan Chase 352 20 February 2014 23,000 PLN 7,409 USD JP Morgan Chase 201 20 February 2014 21,000 PLN 6,884 USD JP Morgan Chase 64 20 February 2014 7,250,891 SEK 1,096,508 USD Royal Bank of Canada 29,521 20 February 2014 169,000 SEK 25,948 USD JP Morgan Chase 297 20 February 2014 865,479 USD 936,000 AUD HSBC Bank 30,662 20 February 2014 19,913 USD 22,000 AUD JP Morgan Chase 291 20 February 2014 2,363,070 USD 5,613,000 BRL Credit Suisse First Boston 16,352 20 February 2014 39,316 USD 92,000 BRL JP Morgan Chase 852 20 February 2014 26,177 USD 62,000 BRL Morgan Stanley 256 20 February 2014 30,627 USD 73,000 BRL JP Morgan Chase 107


24



Futures Contracts


Contract Value

(USD)


(USD)% of Net

Assets

Short, 2 US Long Bond Note Contracts Goldman Sachs March 2014 (257,500) 2,172

Long, 6 Euro BTP Contracts Goldman Sachs March 2014 949,029 3,471

Short, 5 Euro BOBL Contracts Goldman Sachs March 2014 (857,049) 9,436

Short, 7 five-year US Treasury Note Contracts Goldman Sachs March 2014 (835,188) 11,226

Short, 54 ten-year US Treasury Note Contracts Goldman Sachs March 2014 (6,645,375) 113,391

Unrealised Gain on Open Futures Contracts 139,696

Long, 2 US Ultra Bond Note Contracts Goldman Sachs March 2014 274,313 (1,763)

Long, 10 ten-year Mini Japanese Government Bond Contracts Goldman Sachs March 2014 1,365,517 (9,150)

Long, 29 Euro SCHATZ Contracts Goldman Sachs March 2014 4,406,401 (9,788)

Long, 5 Euro BUXL Contracts Goldman Sachs March 2014 840,449 (15,703)

Unrealised Loss on Open Futures Contracts (36,404)





Market Value

(USD)% of Net

Assets

Protection bought (Relevant Credit: United Utilities 6.875% 2028), Pay 1.00%, Payment upon credit default JP Morgan Chase June 2017 EUR 20,000 (397)

Protection sold (Relevant Credit: CMBX.NA.AM.3), Receive 0.50%, Payment upon credit default Goldman Sachs December 2049 USD 15,000 (894)

Total Swap Contracts at Market Value (1,291) –


Net Assets 70,375,715 100.00



(USD)% of Net

Assets20 February 2014 499,000 THB 15,372 USD JP Morgan Chase (144) 20 February 2014 8,009 USD 9,000 AUD JP Morgan Chase (18) 20 February 2014 27,240 USD 29,000 CAD JP Morgan Chase (22) 20 February 2014 190,943 USD 203,521 CAD JP Morgan Chase (384) 20 February 2014 8,870 USD 8,000 CHF JP Morgan Chase (112) 20 February 2014 27,198 USD 149,000 DKK JP Morgan Chase (330) 20 February 2014 238,296 USD 173,000 EUR JP Morgan Chase (19) 20 February 2014 128,256 USD 93,813 EUR State Street (975) 20 February 2014 235,921 USD 173,603 EUR JP Morgan Chase (3,225) 20 February 2014 259,512 USD 191,646 EUR JP Morgan Chase (4,488) 20 February 2014 199,858 USD 149,508 EUR JP Morgan Chase (6,095) 20 February 2014 575,629 USD 425,753 EUR Royal Bank of Canada (10,863) 20 February 2014 640,663 USD 475,211 EUR JP Morgan Chase (13,959) 20 February 2014 21,282 USD 13,000 GBP JP Morgan Chase (221) 20 February 2014 49,082 USD 30,000 GBP JP Morgan Chase (540) 20 February 2014 80,392 USD 49,061 GBP JP Morgan Chase (759) 20 February 2014 55,632 USD 34,495 GBP JP Morgan Chase (1,425) 20 February 2014 97,287 USD 60,705 GBP JP Morgan Chase (3,124) 20 February 2014 428,065 USD 264,634 GBP JP Morgan Chase (9,657) 20 February 2014 302,049 USD 189,000 GBP JP Morgan Chase (10,570) 20 February 2014 411,723 USD 255,852 GBP JP Morgan Chase (11,475) 20 February 2014 3,010,980 USD 1,886,000 GBP Deutsche Bank (108,593) 20 February 2014 259,162 USD 58,028,000 HUF HSBC Bank (9,200) 20 February 2014 320,867 USD 1,135,000 ILS Goldman Sachs (6,507) 20 February 2014 117,900 USD 12,397,000 JPY JP Morgan Chase (285) 20 February 2014 14,376 USD 88,000 NOK JP Morgan Chase (84) 20 February 2014 9,871 USD 61,000 NOK JP Morgan Chase (153) 20 February 2014 520,013 USD 3,244,000 NOK Deutsche Bank (13,062) 20 February 2014 25,891 USD 79,000 PLN JP Morgan Chase (248) 20 February 2014 1,006,748 USD 6,743,000 SEK Credit Suisse First Boston (40,407) 20 February 2014 195,000 ZAR 18,539 USD Deutsche Bank (149) 20 February 2014 57,000 ZAR 5,526 USD JP Morgan Chase (151)



Net Unrealised Loss on Open Forward Currency Exchange Contracts attributable to Hedged Shares (See note 3a) (178,121) (0.25)

Option Contracts

Investment Counterparty ExpirationNumber of

Contracts Currency

Market Value

(USD)% of Net

Assets

EUR Put / USD Call, FXO Option, Strike Price 1.2868 JP Morgan 28 May 2014 4,500,000 USD 17,545

Total Options Contracts at Market Value 17,545 0.02


25



Counterparty


(USD)% of Net

Assets

Deutsche Bank (101,006)Goldman Sachs 154,099 JP Morgan Chase (43,907)Royal Bank of Canada 7,427 State Street (644)Barclays Capital 169 Royal Bank of Scotland 15,973 Merrill Lynch International 30,511 HSBC Bank (342,706)Morgan Stanley (133,553)Credit Suisse First Boston 19,674 UBS AG London 3,314 Société Générale 5,710

Total (384,939) (0.55)

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933EMTN: Euro Medium Term NoteFHLMC: Federal Home Loan Mortgage CorporationFNMA: Federal National Mortgage AssociationGMTN: Global Medium Term NoteGNMA: Government National Mortgage AssociationMTN: Medium Term Notestep coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)VR: variable rate, rate shown is effective rate at year-end

AUD: Australian DollarBRL: Brazilian RealCAD: Canadian DollarCHF: Swiss FrancCZK: Czech KorunaDKK: Danish KroneEUR: European Union EuroGBP: Great Britain PoundHUF: Hungarian ForintILS: Israeli New ShekelJPY: Japanese YenKRW: South Korean WonMXN: Mexican PesoMYR: Malaysian RinggitNOK: Norwegian KroneNZD: New Zealand DollarPLN: Polish ZlotyRUB: Russian RubleSEK: Swedish KronaSGD: Singapore DollarTHB: Thai BahtTRY: Turkish LiraUSD: United States DollarZAR: South African Rand



26

G l o b a l E m e r g i n g M a r k e t s B o n d F u n d


The fund’s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supranational and corporate issuers incorporated or conducting the predominant part of their business activity in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in currencies and bonds using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps.


Transferable Securities Admitted to an Official Exchange ListingArgentina Republic of Argentina 7%/2015 USD 10,000 9,977 0.10Republic of Argentina Serpar€ step coupon 2.26%/2038 EUR 30,000 16,063 0.15Republic of Argentina SerX 7%/2017 USD 25,000 22,603 0.22

Total Argentina 48,643 0.47

Armenia Republic of Armenia SerRegS 6%/2020 USD 200,000 198,758 1.91

Total Armenia 198,758 1.91

Bermuda Bermuda Government International Bond

Ser144A 4.854%/2024 USD 200,000 201,004 1.93

Total Bermuda 201,004 1.93

Brazil Brazil Notas do Tesouro Nacional Series B 6%/2016 BRL 12,700 131,011 1.26Brazil Notas do Tesouro Nacional Series B 6%/2024 BRL 4,400 43,641 0.42Brazil Notas do Tesouro Nacional Series F 10%/2017 BRL 48,900 205,892 1.98Brazil Notas do Tesouro Nacional Series F 10%/2021 BRL 43,400 168,697 1.62Brazilian Government International Bond 2.625%/2023 USD 200,000 172,550 1.66Brazilian Government International Bond 5.625%/2041 USD 100,000 97,377 0.94

Total Brazil 819,168 7.88

Cayman Islands Country Garden Holdings SerRegS 7.5%/2023 USD 200,000 192,955 1.86Odebrecht Finance Ser144A 7.125%/2042 USD 200,000 185,365 1.78


Colombia Colombian Government International Bond

6.125%/2041 USD 100,000 107,777 1.04Colombian Government International Bond

7.375%/2019 USD 100,000 120,500 1.16Colombian Government International Bond

11.75%/2020 USD 60,000 86,310 0.83Ecopetrol 5.875%/2023 USD 10,000 10,614 0.10


Croatia Croatian Government International Bond

SerRegS 6.625%/2020 USD 200,000 214,286 2.06

Total Croatia 214,286 2.06

Cyprus UkrLandFarming SerRegS 10.875%/2018 USD 200,000 177,500 1.71

Total Cyprus 177,500 1.71

Dominican Republic Dominican Republic SerRegS 9.04%/2018 USD 73,776 80,142 0.77

Total Dominican Republic 80,142 0.77

Egypt Egyptian Government SerRegS 5.75%/2020 USD 100,000 95,777 0.92

Total Egypt 95,777 0.92

Hong Kong Metropolitan Light International

SerEMTN 5.25%/2018 USD 200,000 201,658 1.94

Total Hong Kong 201,658 1.94

Hungary Hungarian Government 5.75%/2023 USD 100,000 100,470 0.97



SerRegS 4.875%/2016 USD 100,000 104,059 1.00

Total Iceland 104,059 1.00

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


27


G l o b a l E m e r g i n g M a r k e t s B o n d F u n d > > > c o n t i n u e d


SerRegS 3.375%/2023 USD 200,000 171,581 1.65Indonesian Government International Bond

SerRegS 5.875%/2020 USD 150,000 159,192 1.53Indonesian Government International Bond

SerRegS 6.875%/2018 USD 100,000 112,359 1.08Perusahaan Listrik Negara SerRegS 5.25%/2042 USD 200,000 150,748 1.45


Israel Israel Electric SerRegS 6.875%/2023 USD 200,000 214,013 2.06

Total Israel 214,013 2.06

Ivory Coast Ivory Coast Government International Bond

SerRegS step coupon 5.75%/2032 USD 100,000 89,350 0.86

Total Ivory Coast 89,350 0.86

Lithuania Lithuanian Government International Bond

SerRegS 7.375%/2020 USD 100,000 120,566 1.16

Total Lithuania 120,566 1.16

Luxembourg Gazprom Via Gaz Capital SerRegS 7.288%/2037 USD 110,000 116,904 1.13Rosneft Finance SerRegS 7.25%/2020 USD 100,000 113,525 1.09VTB Bank SerRegS 6.551%/2020 USD 100,000 106,331 1.02


Mexico Mexican Bonos SerM 6.5%/2022 MXN 100,000 7,739 0.07Mexican Bonos SerM 7.75%/2042 MXN 1,975,000 154,394 1.49Mexican Bonos SerM 8%/2020 MXN 1,450,000 124,074 1.19Mexican Bonos SerM20 7.5%/2027 MXN 860,000 70,153 0.68Mexican Bonos SerM30 8.5%/2038 MXN 200,000 16,913 0.16Mexican Bonos SerS 2.5%/2020 MXN 19,000 7,481 0.07Mexican Government International Bond 5.75%/2110 USD 4,000 3,722 0.04Mexican Government International Bond

SerMTN 4.75%/2044 USD 50,000 45,438 0.44Petroleos Mexicanos 3.5%/2023 USD 65,000 59,626 0.57


Mongolia Mongolian Government International Bond

SerRegS 4.125%/2018 USD 200,000 182,773 1.76

Total Mongolia 182,773 1.76

Namibia Republic of Namibia SerRegS 5.5%/2021 USD 200,000 205,284 1.98

Total Namibia 205,284 1.98

Netherlands Intergas Finance SerRegS 6.375%/2017 USD 200,000 216,251 2.08Kazakhstan Temir Zholy Finance SerRegS 7%/2016 USD 100,000 110,223 1.06


Panama Republic of Panama 6.7%/2036 USD 15,000 16,856 0.16

Total Panama 16,856 0.16

Peru BBVA Banco Continental SerRegS 3.25%/2018 USD 15,000 15,031 0.15Peruvian Government International Bond 5.625%/2050 USD 95,000 96,072 0.92

Total Peru 111,103 1.07

Philippines Philippine Government International Bond

6.375%/2034 USD 100,000 119,083 1.15

Total Philippines 119,083 1.15

Poland Polish Government 3%/2023 USD 80,000 73,068 0.70



SerEMTN 4.875%/2019 EUR 60,000 88,357 0.85Romanian Government International Bond

SerRegS 4.375%/2023 USD 10,000 9,690 0.09Romanian Government International Bond

SerRegS 6.75%/2022 USD 80,000 91,126 0.88


Russia Russian Government Federal Bond

Ser6204 7.5%/2018 RUB 3,200,000 99,864 0.96Russian Government Foreign Bond



Serbia Republic of Serbia SerRegS 5.25%/2017 USD 200,000 201,671 1.94Republic of Serbia SerRegS step coupon 6.75%/2024 USD 35,874 35,453 0.34

Total Serbia 237,124 2.28

Slovenia Slovenian Government International Bond

SerRegS 5.85%/2023 USD 200,000 204,500 1.97

Total Slovenia 204,500 1.97

South Africa South African Government International Bond

5.875%/2022 USD 100,000 107,661 1.03South African Government International Bond

5.875%/2025 USD 200,000 208,633 2.01South African Government SerR204 8%/2018 ZAR 250,000 24,539 0.24

Total South Africa 340,833 3.28

Sri Lanka Republic of Sri Lanka SerRegS 6.25%/2020 USD 100,000 99,204 0.96

Total Sri Lanka 99,204 0.96

Turkey Turkish Government International Bond 6.75%/2040 USD 100,000 98,127 0.95Turkish Government International Bond 6.875%/2036 USD 125,000 124,659 1.20Turkiye Halk Bankasi SerRegS 4.875%/2017 USD 200,000 197,887 1.90


Ukraine Ukrainian Government International Bond

SerRegS 6.58%/2016 USD 220,000 206,932 1.99Ukrainian Government International Bond

SerRegS 6.875%/2015 USD 100,000 97,812 0.94

Total Ukraine 304,744 2.93

Venezuela Petroleos de Venezuela SerRegS 5.25%/2017 USD 135,800 100,792 0.97Petroleos de Venezuela SerRegS 5.375%/2027 USD 20,000 10,797 0.10Petroleos de Venezuela SerRegS 8.5%/2017 USD 45,000 37,451 0.36Venezuelan Government International Bond

SerRegS 12.75%/2022 USD 50,000 46,500 0.45Venezuelan Government International Bond

SerRegS 8.25%/2024 USD 35,000 24,903 0.24



InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


28



Transferable Securities Traded on Another Regulated MarketChile Corporación Nacional del Cobre de Chile

SerRegS 3%/2022 USD 200,000 181,379 1.75

Total Chile 181,379 1.75

Mexico Controladora Mabe Ser144A 7.875%/2019 USD 100,000 112,000 1.08Petroleos Mexicanos 6.5%/2041 USD 50,000 52,303 0.50


Peru Scotiabank Peru Ser144A VR 4.5%/2027 USD 20,000 17,660 0.17Scotiabank Peru SerRegS VR 4.5%/2027 USD 10,000 8,813 0.08

Total Peru 26,473 0.25

United Kingdom Tullow Oil SerRegS 6%/2020 USD 200000 204,218 1.96


United States of America Laureate Education Ser144A 9.25%/2019 USD 10,000 10,925 0.11


Venezuela Petroleos de Venezuela Ser2015 5%/2015 USD 119,324 99,126 0.95Petroleos de Venezuela Ser2016 5.125%/2016 USD 46,873 36,103 0.35



Other Transferable SecuritiesArgentina Republic of Argentina VR 5.83%/2033 ARS 2 1 0.00

Total Argentina 1 0.00

Total Other Transferable Securities 1 0.00




(USD)% of Net

Assets20 February 2014 59,625 USD 140,000 BRL State Street 1,093 20 February 2014 18,495 USD 9,738,000 CLP Goldman Sachs 70 20 February 2014 6,723 USD 79,466,000 IDR HSBC Bank 263 20 February 2014 35,934 USD 439,577,000 IDR Société Générale 201 20 February 2014 7,097 USD 86,446,000 IDR HSBC Bank 69 20 February 2014 131,969 USD 1,705,191 MXN JP Morgan Chase 1,975 20 February 2014 40,577 USD 529,582 MXN Barclays Capital 204 20 February 2014 25,835 USD 54,000 TRY Goldman Sachs 997 20 February 2014 13,543 USD 28,000 TRY Royal Bank of Scotland 664 20 February 2014 10,204 USD 21,000 TRY JP Morgan Chase 544 20 February 2014 24,739 USD 258,810 ZAR JP Morgan Chase 331 04 March 2014 7,420 USD 24,000 MYR HSBC Bank 126


15 January 2014 2,443,000 RUB 74,696 USD JP Morgan Chase (572) 15 January 2014 34,133 USD 1,129,360 RUB JP Morgan Chase (134) 15 January 2014 19,916 USD 662,000 RUB Credit Suisse First Boston (170) 15 January 2014 36,635 USD 1,214,000 RUB Credit Suisse First Boston (199) 15 January 2014 34,845 USD 1,157,812 RUB Deutsche Bank (285) 20 February 2014 694,775,000 IDR 59,029 USD Deutsche Bank (2,551) 20 February 2014 631,000 MXN 48,587 USD JP Morgan Chase (484) 20 February 2014 253,000 THB 7,851 USD JP Morgan Chase (130) 20 February 2014 586,000 THB 18,393 USD Merrill Lynch International (510) 20 February 2014 7,898 USD 4,212,000 CLP JP Morgan Chase (71) 20 February 2014 32,999 USD 24,000 EUR Barclays Capital (62) 20 February 2014 5,206 USD 3,829 EUR JP Morgan Chase (68) 20 February 2014 10,631 USD 7,823 EUR JP Morgan Chase (145) 20 February 2014 162,859 USD 121,000 EUR JP Morgan Chase (3,824) 20 February 2014 6,040 USD 1,320,000 HUF JP Morgan Chase (65) 20 February 2014 14,685 USD 3,288,000 HUF HSBC Bank (521) 20 February 2014 7,224 USD 89,002,000 IDR UBS AG London (11) 20 February 2014 39,635 USD 519,967 MXN JP Morgan Chase (4) 20 February 2014 62,187 USD 820,000 MXN JP Morgan Chase (325) 20 February 2014 527,000 ZAR 50,196 USD Barclays Capital (495)






Market Value

(USD)% of Net

Assets

Protection sold (Relevant Credit: Markit CDX.Emerging Markets Index Series 17 1.075% 2017), Receive 5.00%, Payment upon credit default JPMorgan Chase June 2017 USD 400,000 29,979



Net Assets 10,393,867 100.00

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets




(USD)% of Net

Assets15 January 2014 265,000 RUB 8,016 USD JP Morgan Chase 24 15 January 2014 31,688 USD 1,042,260 RUB JP Morgan Chase 65 16 January 2014 11,134 USD 480,000 PHP HSBC Bank 323 16 January 2014 4,760 USD 210,000 PHP JP Morgan Chase 30 19 February 2014 454,000 CNY 74,104 USD Société Générale 226 20 February 2014 14,461,000 COP 7,421 USD Merrill Lynch International 59 20 February 2014 29,000 EUR 39,129 USD Merrill Lynch International 819 20 February 2014 12,000 EUR 16,223 USD Royal Bank of Scotland 308 20 February 2014 2,925 EUR 3,957 USD JP Morgan Chase 73 20 February 2014 1,581,000 INR 25,087 USD HSBC Bank 176 20 February 2014 469,000 INR 7,360 USD HSBC Bank 134 20 February 2014 457,000 INR 7,231 USD UBS AG London 72 20 February 2014 181,728 MXN 13,852 USD JP Morgan Chase 2 20 February 2014 115,000 PLN 36,509 USD Goldman Sachs 1,541 20 February 2014 49,000 PLN 15,756 USD Credit Suisse First Boston 457 20 February 2014 142,000 PLN 46,726 USD Merrill Lynch International 259 20 February 2014 373,848 USD 888,000 BRL Credit Suisse First Boston 2,587


29



Counterparty


(USD)% of Net

Assets

Deutsche Bank (2,836)Goldman Sachs 2,608 JP Morgan Chase 27,200 State Street 1,093 Barclays Capital (353)Royal Bank of Scotland 972 Merrill Lynch International 627 HSBC Bank 571 Credit Suisse First Boston 2,675 UBS AG London 61 Société Générale 427

Total 33,045 0.32

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933EMTN: Euro Medium Term NoteMTN: Medium Term Notestep coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)VR: variable rate, rate shown is effective rate at year-end

ARS: Argentine PesoBRL: Brazilian Real

BRL: Brazilian RealCLP: Chilean PesoCNY: Chinese RenminbiCOP: Colombian PesoEUR: European Union EuroHUF: Hungarian ForintIDR: Indonesian RupiahINR: Indian RupeeMXN: Mexican PesoMYR: Malaysian RinggitPHP: Phillipine PesoPLN: Polish ZlotyRUB: Russian RubleTHB: Thai BahtTRY: Turkish LiraUSD: United States DollarZAR: South African Rand



30

G l o b a l E m e r g i n g M a r k e t s C o r p o r a t e B o n d F u n dI n v e s t m e n t O b j e c t i v e

The fund’s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by companies incorporated, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The fund may, from time to time, maintain a limited exposure to transferable debt securities issued by the governments of the same countries. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in currencies and bonds using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps.


Transferable Securities Admitted to an Official Exchange ListingBrazil Embraer 5.15%/2022 USD 15,000 15,051 0.11

Total for Brazil 15,051 0.11

British Virgin Islands Bestgain Real Estate SerRegS 2.625%/2018 USD 200,000 186,909 1.39PCCW Capital No 4 SerRegS 5.75%/2022 USD 200,000 202,562 1.50Talent Yield Investments SerRegS 4.5%/2022 USD 200,000 197,241 1.47Yingde Gases Investment SerRegS 8.125%/2018 USD 200,000 208,845 1.55

Total for British Virgin Islands 795,557 5.91

Cayman Islands Alliance Global Group 6.5%/2017 USD 100,000 106,074 0.79China Shanshui Cement Group SerRegS 8.5%/2016 USD 200,000 209,323 1.55Country Garden Holdings 10.5%/2015 USD 100,000 109,768 0.81Golden Eagle Retail Group SerRegS 4.625%/2023 USD 200,000 172,436 1.28Hongkong Land Finance Cayman Island

SerEMTN 4.5%/2022 USD 200,000 201,285 1.49KWG Property Holding SerRegS 12.5%/2017 USD 200,000 221,796 1.65Longfor Properties SerEMTN 6.875%/2019 USD 200,000 208,691 1.55Odebrecht Finance Ser144A 7.125%/2042 USD 200,000 185,365 1.38Odebrecht Offshore Drilling Finance

SerRegS 6.75%/2022 USD 196,920 201,746 1.50Shimao Property Holdings SerRegS 9.65%/2017 USD 100,000 107,819 0.80Sun Hung Kai Properties Capital Market 4%/2020 USD 100,000 101,104 0.75Votorantim Overseas IV SerRegS 7.75%/2020 USD 156,000 180,146 1.34


Colombia Ecopetrol 5.875%/2023 USD 45,000 47,761 0.36Ecopetrol 7.375%/2043 USD 30,000 32,551 0.24

Total for Colombia 80,312 0.60

Cyprus UkrLandFarming SerRegS 10.875%/2018 USD 200,000 177,500 1.32

Total for Cyprus 177,500 1.32

Georgie Bank of Georgia SerRegS 7.75%/2017 USD 200,000 209,848 1.56

Total for Georgie 209,848 1.56

Greece Frigoglass Finance SerRegS 8.25%/2018 EUR 100,000 145,270 1.08

Total for Greece 145,270 1.08

Hong Kong Metropolitan Light International SerEMTN 5.25%/2018 USD 200,000 201,658 1.50Swire Properties MTN Financing SerEMTN 4.375%/2022 USD 200,000 199,700 1.48

Total for Hong Kong 401,358 2.98

India HDFC Bank SerEMTN 3%/2018 USD 200,000 192,763 1.43ICICI Bank SerRegS 4.7%/2018 USD 200,000 204,603 1.52

Total for India 397,366 2.95

Indonesia Adaro Indonesia SerRegS 7.625%/2019 USD 100,000 106,198 0.79Gajah Tunggal SerRegS 7.75%/2018 USD 200,000 197,462 1.47

Total for Indonesia 303,660 2.26

Ireland EuroChem Mineral & Chemical via EuroChem GI

SerRegS 5.125%/2017 USD 200,000 201,595 1.50Sibur Securities SerRegS 3.914%/2018 USD 200,000 194,763 1.45Vimpel Communications SerRegS 7.748%/2021 USD 200,000 217,315 1.61

Total for Ireland 613,673 4.56

Israel Israel Electric SerRegS 7.25%/2019 USD 200,000 223,352 1.66

Total for Israel 223,352 1.66

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


31

Luxembourg Altice Finco SerRegS 8.125%/2024 USD 200,000 207,000 1.54Altice Finco SerRegS 9.875%/2020 USD 200,000 225,261 1.67Gazprom Via Gaz Capital SerRegS 7.288%/2037 USD 130,000 138,159 1.03MHP SerRegS 8.25%/2020 USD 200,000 178,217 1.32Offshore Drilling Holding SerRegS 8.375%/2020 USD 200,000 213,563 1.58Rosneft Finance SerRegS 6.625%/2017 USD 120,000 132,969 0.99Sberbank of Russia SerRegS 5.125%/2022 USD 200,000 191,536 1.42VTB Bank SerRegS 6.551%/2020 USD 200,000 212,661 1.58Willow No 2 SerRegS 9.625%/2015 USD 210,000 208,642 1.55


Mexico Banco Santander Mexico SerRegS 4.125%/2022 USD 150,000 142,160 1.06Controladora Mabe SerRegS 7.875%/2019 USD 120,000 133,893 0.99Grupo Cementos de Chihuahua SerRegS 8.125%/2020 USD 200,000 211,353 1.57Grupo Televisa SAB SerEMTN 7.25%/2043 MXN 2,000,000 123,810 0.92

Total for Mexico 611,216 4.54

Netherlands Bharti Airtel International Netherlands

SerRegS 5.125%/2023 USD 200,000 185,418 1.38GTB Finance SerRegS 6%/2018 USD 200000 197,856 1.47Indosat Palapa SerRegS 7.375%/2020 USD 140,000 152,464 1.13Lukoil International Finance SerRegS 7.25%/2019 USD 100,000 115,609 0.86


Peru BBVA Banco Continental SerRegS 3.25%/2018 USD 70,000 70,146 0.52

Total for Peru 70,146 0.52

Philippines SM Investments 5.5%/2017 USD 100,000 103,831 0.77

Total for Philippines 103,831 0.77

Singapore TBG Global Pte SerRegS 4.625%/2018 USD 200,000 194,188 1.44

Total for Singapore 194,188 1.44

Sweden TVN Finance III SerRegS 7.375%/2020 EUR 100,000 148,690 1.10

Total for Sweden 148,690 1.10

Turkey Coca-Cola Icecek SerRegS 4.75%/2018 USD 200,000 204,202 1.51Turkiye Garanti Bankasi SerRegS 6.25%/2021 USD 200,000 197,685 1.47Turkiye Halk Bankasi SerRegS 4.875%/2017 USD 200,000 197,887 1.47

Total for Turkey 599,774 4.45

United Arab Emirates Ruwais Power PJSC SerRegS 6%/2036 USD 200000 210,017 1.56

Total for United Arab Emirates 210,017 1.56

United States of America Reliance Holdings USA SerRegS 5.4%/2022 USD 250,000 254,115 1.89Southern Copper 6.75%/2040 USD 150,000 146,328 1.08

Total for United States of America 400,443 2.97

United Kingdom Vedanta Resources SerRegS 7.125%/2023 USD 200,000 183,759 1.36

Total for United Kingdom 183,759 1.36

Venezuela Petroleos de Venezuela SerRegS 12.75%/2022 USD 25,000 23,025 0.17

Total for Venezuela 23,025 0.17


Transferable Securities Traded on Another Regulated MarketBrazil Banco do Estado do Rio Grande do Sul

SerRegS 7.375%/2022 USD 200,000 197,819 1.47BR Malls International Finance SerRegS 8.5%/2049 USD 96,000 95,940 0.71BR Properties SerRegS 9%/2049 USD 100,000 100,136 0.75


British Virgin Islands Arcos Dorados Holdings SerRegS 6.625%/2023 USD 100,000 101,923 0.76


Cayman Islands BFF International SerRegS 7.25%/2020 USD 100,000 110,499 0.82ENN Energy Holdings Ser144A 6%/2021 USD 200,000 214,574 1.59Marfrig Overseas SerRegS 9.5%/2020 USD 100,000 93,761 0.70

Total for Cayman Islands 418,834 3.11

Chile Banco Santander Chile SerRegS 3.875%/2022 USD 150,000 143,395 1.06

Total for Chile 143,395 1.06

Ireland Metalloinvest Finance SerRegS 6.5%/2016 USD 200,000 211,701 1.57


Mexico BBVA Bancomer SA/Texas SerRegS 6.5%/2021 USD 150,000 158,758 1.18Mexico Generadora de Energia SerRegS 5.5%/2032 USD 200,000 191,591 1.42


Peru Banco de Credito del Peru/Panama

SerRegS 5.375%/2020 USD 210,000 219,503 1.63Scotiabank Peru SerRegS VR 4.5%/2027 USD 120,000 105,757 0.79

Total for Peru 325,260 2.42

Sweden Eileme 2 SerRegS 11.625%/2020 USD 200,000 241,500 1.79


United States of America Laureate Education Ser144A 9.25%/2019 USD 25,000 27,313 0.20


United Kingdom Tullow Oil SerRegS 6%/2020 USD 200,000 204,218 1.52




G l o b a l E m e r g i n g M a r k e t s C o r p o r a t e B o n d F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


32




(USD)% of Net

Assets20 February 2014 4,010 EUR 5,425 USD JP Morgan Chase 100 20 February 2014 1,823 EUR 2,488 USD JP Morgan Chase 24

Unrealised Gains on Open Forward Currency Exchange Contracts 124 -

20 February 2014 74,111 MXN 5,678 USD Barclays Capital (29) 20 February 2014 296,036 USD 220,000 EUR Goldman Sachs (7,022) 20 February 2014 130,580 USD 1,722,000 MXN Morgan Stanley (695)




Net Assets 13,466,412 100.00

Counterparty


(USD)% of Net

Assets

Goldman Sachs (7,022)JP Morgan Chase 124 Barclays Capital (29)Morgan Stanley (695)

Total (7,622) (0.06)

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933EMTN: Euro Medium Term NoteMTN: Medium Term NoteVR: variable rate, rate shown is effective rate at year-end

EUR: European Union EuroMXN: Mexican PesoUSD: United States Dollar


G l o b a l E m e r g i n g M a r k e t s C o r p o r a t e B o n d F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3


33

G l o b a l F i x e d I n c o m e A b s o l u t e R e t u r n F u n dI n v e s t m e n t O b j e c t i v e

The fund’s objective is to provide positive absolute return by investing primarily in an actively managed global portfolio of fixed income securities including, transferable debt securities of governments and their agencies, supranational organisations, corporations and banks, mortgage- and asset-backed securities and money market instruments that qualify as eligible investments for UCITS within the meaning of article 41 (1) of the law of 17 December 2010 on undertakings for collective investments. Investment in mortgage and asset-backed securities by the fund may exceed 20% of Net Asset Value. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On a regular basis, the fund may create synthetic short positions in currencies, bonds and credit indices using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. The total absolute aggregate net short positions in currencies will not exceed 40% of the Net Asset Value of the fund. The total aggregate net short position in terms of duration will not exceed minus 3 years at the fund level.


Transferable Securities Admitted to an Official Exchange ListingAustralia New South Wales Treasury 4%/2023 AUD 55,000 46,948 0.42New South Wales Treasury Series 22 6%/2022 AUD 11,000 10,883 0.10

Total for Australia 57,831 0.52

Brazil Brazil Notas do Tesouro Nacional Series B 6%/2020 BRL 8,000 80,520 0.72Brazil Notas do Tesouro Nacional Series F 10% 1/1/2014 BRL 8,800 39,052 0.35Brazil Notas do Tesouro Nacional Series F 10%/2017 BRL 86,700 365,047 3.25Brazil Notas do Tesouro Nacional Series F 10%/2021 BRL 8,600 33,429 0.30Brazil Notas do Tesouro Nacional Series F 10%/2023 BRL 9,900 37,433 0.33




Czech Republic Czech Republic International Bond

SerEMTN 3.875%/2022 EUR 85,000 130,621 1.16

Total for Czech Republic 130,621 1.16

France Sanofi SerEMTN 3.125% 10/10/2014 EUR 4,000 5,623 0.05

Total for France 5,623 0.05

Germany Deutsche Bundesrepublik 1.5%/2023 EUR 204,000 273,023 2.43Kreditanstalt fuer Wiederaufbau SerMTN 6%/2020 AUD 40,000 38,787 0.35Merck Financial Services SerEMTN 3.375%/2015 EUR 9,000 12,816 0.11Volkswagen Financial Services AG

SerEMTN 3.375% 28/7/2014 EUR 10,000 13,997 0.13



SerRegS 5.875%/2022 USD 100,000 102,846 0.92

Total for Iceland 102,846 0.92

Ireland Irish Government 4.5%/2020 EUR 67,000 101,087 0.90


Italy Enel 5.25%/2015 EUR 10,000 14,371 0.13

Total for Italy 14,371 0.13

Japan Japan-329 (10 Year Issue) 0.8%/2023 JPY 3,050,000 29,344 0.26


Luxembourg ArcelorMittal 6%/2021 USD 10,000 10,597 0.09

Total for Luxembourg 10,597 0.09

Mexico Mexican Bonos SerM 7.75%/2042 MXN 321,000 25,094 0.22Mexican Bonos SerM30 8.5%/2038 MXN 1,910,000 161,522 1.44


Netherlands Daimler International Finance

SerEMTN 7.875% 16/1/2014 EUR 10,000 13,804 0.12Heineken SerEMTN 7.125% 7/4/2014 EUR 10,000 14,007 0.12Repsol International Finance

SerEMTN 4.625% 8/10/2014 EUR 5,000 7,079 0.07


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


34


SerEMTN 4.625%/2020 EUR 85,000 122,289 1.09

Total for Romania 122,289 1.09

Russia Russian Government Federal Bond Ser6205 7.6%/2021 RUB 990,000 30,567 0.27Russian Government Federal Bond Ser6209 7.6%/2022 RUB 1,240,000 37,891 0.34Russian Government Federal Bond Ser6211 7%/2023 RUB 1,409,000 41,427 0.37Russian Government Foreign Bond


Total for Russia 151,606 1.35

Slovenia Slovenian Government International Bond 4%/2018 EUR 45,000 63,696 0.57

Total for Slovenia 63,696 0.57

Thailand Thai Government 3.875%/2019 THB 5,652,000 177,076 1.58

Total for Thailand 177,076 1.58

United Kingdom Barclays Bank SerEMTN 4%/2019 EUR 50,000 78,449 0.70UK Treasury SerRegS 1.25%/2018 GBP 306,000 492,954 4.39


United States of America Ally Financial 8%/2020 USD 10,000 11,946 0.11Bill Barrett 7%/2022 USD 10,000 10,425 0.09CIT Group 5%/2022 USD 10,000 9,760 0.09Concho Resources 5.5%/2023 USD 10,000 10,313 0.09Delphi 5%/2023 USD 10,000 10,350 0.09HCA 7.5%/2022 USD 10,000 10,993 0.10Penn Virginia Resource Partners Finance 8.25%/2018 USD 10,000 10,636 0.10Range Resources 5%/2022 USD 10,000 9,803 0.09Synovus Financial 7.875%/2019 USD 10,000 11,275 0.10US Treasury 0.75%/2018 USD 114,000 111,021 0.99US Treasury 2%/2023 USD 145,000 134,691 1.20US Treasury 2.75%/2019 USD 85,000 89,104 0.79



Transferable Securities Traded on Another Regulated MarketAustralia Commonwealth Bank of Australia CP 0% 6/1/2014 USD 250,000 249,993 2.23National Australian Bank CP 0% 2/1/2014 USD 250,000 249,998 2.23


Canada Cogeco Cable Ser144A 4.875%/2020 USD 10,000 9,712 0.09Precision Drilling 6.625%/2020 USD 10,000 10,735 0.09

Total for Canada 20,447 0.18

Japan Bank of Tokyo-Mitsubishi CP 0% 27/1/2014 USD 250,000 249,967 2.23Sumitomo Mitsui Banking CP 0% 4/3/2014 USD 250,000 249,912 2.23


Netherlands Sensata Technologies Ser144A 4.875%/2023 USD 10,000 9,475 0.08


Switzerland UBS Finance CP 0% 10/3/2014 USD 250,000 249,918 2.23


Sweden Nordea Bank CP 0% 10/2/2014 USD 250,000 249,955 2.23


United States of America Abbot Laboratories CP 0% 7/1/2014 USD 250,000 249,991 2.23AMC Networks 4.75%/2022 USD 10,000 9,575 0.08Antero Resources Finance 6%/2020 USD 25,000 26,375 0.23Baptist MRML Health CP 0.13% 12/2/2014 USD 250,000 250,000 2.23State of California CP 0.15% 4/3/2014 USD 250,000 250,000 2.23Capella Healthcare 9.25%/2017 USD 20,000 21,450 0.19CCO Holdings Capital 5.25%/2022 USD 10,000 9,317 0.08CNH Capital 6.25%/2016 USD 10,000 11,043 0.10CommScope Ser144A 8.25%/2019 USD 8,000 8,810 0.08Community Health Systems 5.125%/2018 USD 10,000 10,399 0.09Continental Airlines Ser144A 6.75%/2015 USD 10,000 10,350 0.09Cott Beverages 8.125%/2018 USD 10,000 10,819 0.10County of St Joseph CP 0% 22/1/2014 USD 250,000 249,974 2.23CPPIB Capital CP 0% 27/2/2014 USD 250,000 249,943 2.23Darling Escrow Ser144A 5.375%/2022 USD 10,000 10,062 0.09DE Health Facility Authority CP 0.1% 15/1/2014 USD 250,000 250,000 2.23Del Monte 7.625%/2019 USD 10,000 10,410 0.09Department Of Apt CP 0% 13/1/2014 USD 250,000 249,988 2.23DISH DBS 4.25%/2018 USD 5,000 5,100 0.04DISH DBS 5.125%/2020 USD 5,000 5,012 0.04E*Trade Financial 6.75%/2016 USD 10,000 10,895 0.10Equinix 7%/2021 USD 10,000 10,965 0.10Fairway Finance CP 0% 10/2/2014 USD 250,000 249,951 2.23Ferrellgas 6.5%/2021 USD 10,000 10,250 0.09First Data Ser144A 6.75%/2020 USD 10,000 10,450 0.09General Motors Financial Ser144A 4.75%/2017 USD 10,000 10,663 0.09GlaxoSmithKline CP 0% 6/1/2014 USD 250,000 249,989 2.23Hanesbrands 6.375%/2020 USD 10,000 10,950 0.10Howard Hughes Ser144A 6.875%/2021 USD 10,000 10,450 0.09Hughes Satellite Systems 7.625%/2021 USD 10,000 11,100 0.10Johnson City Health & Educational Facilities

Board VR 0.18%/2033 USD 250,000 250,000 2.23Kindred Healthcare 8.25%/2019 USD 10,000 10,696 0.10Liberty Street Funding CP 0% 3/1/2014 USD 250,000 249,997 2.23MarkWest Energy Partners 5.5%/2023 USD 10,000 10,125 0.09Mediacom Broadband 6.375%/2023 USD 10,000 10,275 0.09MetLife CP 0% 22/1/2014 USD 250,000 249,981 2.23MGM Resorts International 6.75%/2020 USD 10,000 10,818 0.10Midcontinent Communications & Midcontinent

Finance Ser144A 6.25%/2021 USD 10,000 10,125 0.09Northwestern University CP 0% 25/2/2014 USD 150,000 149,974 1.34Old Line Funding CP 0% 10/2/2014 USD 250,000 249,957 2.23Outerwall 6%/2019 USD 10,000 10,225 0.09Paccar Financial CP 0% 10/1/2014 USD 250,000 249,987 2.23PDC Energy 7.75%/2022 USD 10,000 10,850 0.10Peabody Energy 6%/2018 USD 10,000 10,700 0.09Peninsula Gaming Ser144A 8.375%/2018 USD 10,000 10,950 0.10University of Michigan CP 0.14% 6/3/2014 USD 250,000 250,000 2.23Rite Aid 6.75%/2021 USD 10,000 10,525 0.09Sentara Healthcare CP 0.22% 7/2/2014 USD 250,000 250,000 2.23SM Energy 6.5%/2021 USD 10,000 10,650 0.09Southern Ute Tribe of Southern Ute Indian

Reservation VR 0.29%/2027 USD 250,000 250,000 2.23Sprint Ser144A 7.125%/2024 USD 10,000 10,150 0.09County of St Joseph CP 0% 8/1/2014 USD 250,000 249,986 2.23St Of Tn Gen Oblgtn CP 0.16% 4/2/2014 USD 250,000 250,000 2.23Starz 5%/2019 USD 10,000 10,275 0.09SunEdison 7.75%/2019 USD 10,000 10,721 0.10Swift Energy 7.875%/2022 USD 10,000 10,002 0.09Tempur Sealy International 6.875%/2020 USD 10,000 10,900 0.10Tenet Healthcare 6.25%/2018 USD 10,000 11,112 0.10Universal Health Services 7%/2018 USD 10,000 10,702 0.09University of California VR 0.16%/2041 USD 200,000 200,000 1.78Valeant Pharmaceuticals International

Ser144A 6.75%/2018 USD 10,000 11,037 0.10Vulcan Materials 7.5%/2021 USD 10,000 11,450 0.10



G l o b a l F i x e d I n c o m e A b s o l u t e R e t u r n F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

AssetsInvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


35

Recently Issued Transferable SecuritiesLuxembourg Intelsat Jackson Holdings Ser144A 5.5%/2023 USD 10,000 9,537 0.09


United States of America General Motors Ser144A 6.25%/2043 USD 10,000 10,450 0.09MetroPCS Wireless Ser144A 6.25%/2021 USD 10,000 10,388 0.09Netflix Ser144A 5.375%/2021 USD 10,000 10,175 0.09PNK Finance Ser144A 6.375%/2021 USD 10,000 10,250 0.09Post Holdings Ser144A 7.375%/2022 USD 10,000 10,750 0.10tw telecom holdings Ser144A 5.375%/2022 USD 10,000 9,825 0.09







(USD)% of Net

Assets15 January 2014 114,000 RUB 3,404 USD JP Morgan Chase 55 15 January 2014 220,734 USD 7,233,000 RUB Credit Suisse First Boston 1,274 15 January 2014 3,879 USD 125,000 RUB JP Morgan Chase 86 21 January 2014 119,938,000 KRW 112,186 USD Société Générale 1,967 20 February 2014 19,000 BRL 7,883 USD JP Morgan Chase 60 20 February 2014 200,299 EUR 268,101 USD JP Morgan Chase 7,820 20 February 2014 77,000 EUR 103,182 USD Deutsche Bank 2,889 20 February 2014 105,078 EUR 142,797 USD JP Morgan Chase 1,952 20 February 2014 112,184 EUR 153,932 USD JP Morgan Chase 606 20 February 2014 7,436 EUR 10,110 USD JP Morgan Chase 133 20 February 2014 3,000 EUR 4,083 USD JP Morgan Chase 50 20 February 2014 219,603 GBP 355,392 USD Merrill Lynch International 7,847 20 February 2014 1,000 GBP 1,641 USD JP Morgan Chase 13 20 February 2014 12,578,000 HUF 57,003 USD Deutsche Bank 1,167 20 February 2014 208,686 ILS 59,356 USD JP Morgan Chase 837 20 February 2014 4,194,030 MXN 318,036 USD Morgan Stanley 1,693 20 February 2014 126,000 MXN 9,508 USD JP Morgan Chase 97 20 February 2014 90,000 MXN 6,773 USD JP Morgan Chase 88 20 February 2014 123,924 MXN 9,411 USD JP Morgan Chase 37 20 February 2014 59,803 MXN 4,559 USD JP Morgan Chase 1 20 February 2014 2,050,000 NOK 329,011 USD Credit Suisse First Boston 7,859 20 February 2014 704,000 PLN 223,501 USD Goldman Sachs 9,436 20 February 2014 22,000 PLN 7,094 USD JP Morgan Chase 186 20 February 2014 1,582,453 SEK 239,305 USD Royal Bank of Canada 6,443 20 February 2014 324,042 USD 350,446 AUD HSBC Bank 11,480 20 February 2014 10,897 USD 12,000 AUD JP Morgan Chase 194 20 February 2014 464,362 USD 1,103,000 BRL Credit Suisse First Boston 3,213 20 February 2014 99,145 USD 232,000 BRL JP Morgan Chase 2,149 20 February 2014 8,012 USD 19,000 BRL JP Morgan Chase 68 20 February 2014 57,931 USD 60,816 CAD JP Morgan Chase 759 20 February 2014 38,589 USD 28,000 EUR Deutsche Bank 18 20 February 2014 224,784 USD 22,298,259 JPY HSBC Bank 12,205 20 February 2014 56,751 USD 5,771,015 JPY JP Morgan Chase 1,734 20 February 2014 15,378 USD 1,583,408 JPY JP Morgan Chase 283 20 February 2014 13,763 USD 1,415,000 JPY JP Morgan Chase 273 20 February 2014 11,592 USD 1,194,000 JPY JP Morgan Chase 209 20 February 2014 6,142 USD 628,000 JPY JP Morgan Chase 155 20 February 2014 68,557 USD 891,314 MXN JP Morgan Chase 609 20 February 2014 121,084 USD 1,581,000 MXN Merrill Lynch International 558 20 February 2014 13,207 USD 171,477 MXN JP Morgan Chase 134 20 February 2014 89,002 USD 2,895,000 THB JP Morgan Chase 656 20 February 2014 44,986 USD 1,460,000 THB HSBC Bank 431 20 February 2014 46,137 USD 1,499,000 THB HSBC Bank 392 20 February 2014 109,082 USD 228,000 TRY Goldman Sachs 4,209 20 February 2014 1,929 USD 4,000 TRY JP Morgan Chase 89




(USD)% of Net

Assets15 January 2014 37,521 RUB 1,146 USD JP Morgan Chase (8) 15 January 2014 54,000 RUB 1,661 USD JP Morgan Chase (22) 15 January 2014 3,758,364 RUB 114,914 USD JP Morgan Chase (879) 15 January 2014 8,731 USD 289,681 RUB JP Morgan Chase (58) 21 January 2014 1,261 USD 1,340,000 KRW JP Morgan Chase (15) 20 February 2014 121,000 AUD 108,995 USD Royal Bank of Canada (1,076) 20 February 2014 1,339,000 JPY 13,036 USD JP Morgan Chase (270) 20 February 2014 2,456,765 JPY 23,958 USD JP Morgan Chase (537) 20 February 2014 35,000 NOK 5,855 USD JP Morgan Chase (103) 20 February 2014 76,000 THB 2,341 USD JP Morgan Chase (22) 20 February 2014 9,636 USD 7,000 EUR JP Morgan Chase (7) 20 February 2014 20,627 USD 15,000 EUR JP Morgan Chase (36) 20 February 2014 75,509 USD 55,855 EUR JP Morgan Chase (1,434) 20 February 2014 155,780 USD 115,109 EUR Merrill Lynch International (2,787) 20 February 2014 1,838,211 USD 1,366,070 EUR Goldman Sachs (43,605) 20 February 2014 945,369 USD 592,155 GBP Deutsche Bank (34,095) 20 February 2014 2,769 USD 619,000 HUF JP Morgan Chase (94) 20 February 2014 53,411 USD 11,959,000 HUF HSBC Bank (1,896) 20 February 2014 58,996 USD 208,686 ILS Goldman Sachs (1,196) 20 February 2014 1,474 USD 9,000 NOK JP Morgan Chase (5) 20 February 2014 112,531 USD 702,000 NOK Deutsche Bank (2,827) 20 February 2014 4,594 USD 14,000 PLN JP Morgan Chase (38) 20 February 2014 9,550 USD 30,000 PLN JP Morgan Chase (377) 20 February 2014 3,794 USD 25,222 SEK JP Morgan Chase (123) 20 February 2014 232,499 USD 1,557,231 SEK Credit Suisse First Boston (9,332)



Option Contracts

Investment Counterparty ExpirationNumber of

Contracts Currency

Market Value

(USD)% of Net

Assets

EUR Put / USD Call, FXO Option, Strike Price 1.2868 JP Morgan 28 May 2014 970,000 USD 3,782

Total Options Contracts at Market Value 3,782 0.03


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


36


Futures Contracts


Contract Value

(USD)


(USD)% of Net

Assets

Short, 1 Euro OAT Contracts Goldman Sachs March 2014 (181,066) 2,741

Short, 2 Euro BOBL Contracts Goldman Sachs March 2014 (342,820) 3,775

Short, 4 five-year US Treasury Note Contracts Goldman Sachs March 2014 (477,250) 6,062

Short, 9 ten-year Mini Japanese Government Bond Contracts Goldman Sachs March 2014 (1,228,965) 8,321

Short, 7 ten-year US Treasury Note Contracts Goldman Sachs March 2014 (861,438) 15,641

Unrealised Gain on Futures Contracts 36,540

Short, 1 ten-year Australian Bond Contracts Goldman Sachs March 2014 (102,594) (1,290)

Unrealised Loss on Futures Contracts (1,290)



Net Assets 11,217,931 100.00

Counterparty


(USD)% of Net

Assets

Deutsche Bank (32,848)Goldman Sachs 4,094 JP Morgan Chase 19,087 Royal Bank of Canada 5,367 Merrill Lynch International 5,618 HSBC Bank 22,612 Morgan Stanley 1,693 Credit Suisse First Boston 3,014 Société Générale 1,967

Total 30,604 0.26

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933EMTN: Euro Medium Term NoteMTN: Medium Term Notestep coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)VR: variable rate, rate shown is effective rate at period-end

AUD: Australian DollarBRL: Brazilian RealCAD: Canadian DollarEUR: European Union EuroGBP: Great Britain PoundHUF: Hungarian ForintILS: Israeli New ShekelJPY: Japanese YenKRW: South Korean WonMXN: Mexican PesoNOK: Norwegian KronePLN: Polish ZlotyRUB: Russian RubleSEK: Swedish KronaTHB: Thai BahtTRY: Turkish LiraUSD: United States Dollar



37


G l o b a l H i g h Y i e l d B o n d F u n d


The fund’s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of high-yield corporate bonds, income producing convertible securities and preferred stocks. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices.

Transferable Securities Admitted to an Official Exchange ListingAustria ESAL SerRegS 6.25%/2023 USD 5,705,000 5,136,440 0.25JBS Investments SerRegS 7.75%/2020 USD 1,520,000 1,554,238 0.08Wienerberger VR 6.5%/2049 EUR 1,125,000 1,526,508 0.07

Total for Austria 8,217,186 0.40

Bermuda Central European Media Enterprises

SerRegS 11.625%/2016 EUR 5,075,000 7,014,992 0.35Pacnet SerRegS 9%/2018 USD 200,000 205,021 0.01

Total for Bermuda 7,220,013 0.36

British Virgin Islands Studio City Finance SerRegS 8.5%/2020 USD 3,625,000 4,031,326 0.20

Total for British Virgin Islands 4,031,326 0.20

Croatia Agrokor SerRegS 9.125%/2020 EUR 2,250,000 3,476,829 0.17

Total for Croatia 3,476,829 0.17

Czech Republic RPG Byty SerRegS 6.75%/2020 EUR 3,175,000 4,442,771 0.22

Total for Czech Republic 4,442,771 0.22

France Europcar Groupe SerRegS 11.5%/2017 EUR 4,425,000 7,144,682 0.35Holding Medi-Partenaires SAS SerRegS 7%/2020 EUR 3,350,000 4,758,185 0.24


Germany Deutsche Raststaetten Gruppe IV SerRegS 6.75%/2020 EUR 1,000,000 1,444,372 0.07Faenza SerRegS 8.25%/2021 EUR 3,100,000 4,636,092 0.23KraussMaffei Group SerRegS 8.75%/2020 EUR 2,975,000 4,593,431 0.22Techem SerRegS 6.125%/2019 EUR 675,000 1,014,311 0.05Trionista Holdco SerRegS 5%/2020 EUR 575,000 810,276 0.04Unitymedia KabelBW SerRegS 9.5%/2021 EUR 4,525,000 7,268,494 0.36WEPA Hygieneprodukte SerRegS 6.5%/2020 EUR 925,000 1,372,646 0.07

Total for Germany 21,139,622 1.04

Greece Frigoglass Finance SerRegS 8.25%/2018 EUR 2,000,000 2,905,398 0.14

Total for Greece 2,905,398 0.14

Ireland Ardagh Packaging Finance SerRegS 9.25%/2020 EUR 5,450,000 8,188,350 0.40Nara Cable Funding SerRegS 8.875%/2018 USD 3,225,000 3,473,599 0.17Smurfit Kappa Group com stk EUR 132,625 3,258,435 0.16Vimpel Communications SerRegS 7.748%/2021 USD 2,375,000 2,580,616 0.13


Israel Israel Electric SerRegS 5.625%/2018 USD 4,050,000 4,294,012 0.21

Total for Israel 4,294,012 0.21

Italy Cerved Group SerRegS 6.375%/2020 EUR 1,100,000 1,610,705 0.08Telecom Italia SerEMTN 6.375%/2019 GBP 3,950,000 6,844,775 0.34


Japan SoftBank com stk JPY 30,900 2,709,493 0.14Softbank SerRegS 4.5%/2020 USD 7,375,000 7,165,624 0.35

Total for Japan 9,875,117 0.49

Luxembourg Aguila 3 SerRegS 7.875%/2018 CHF 2,475,000 2,936,285 0.15ALROSA Finance SerRegS 7.75%/2020 USD 2,375,000 2,642,496 0.13Altice Financing SerRegS 6.5%/2022 USD 7,250,000 7,340,625 0.36Altice Finco SerRegS 8.125%/2024 USD 625,000 646,875 0.03Altice Finco SerRegS 9%/2023 EUR 3,800,000 5,748,700 0.28Altice Finco SerRegS 9.875%/2020 USD 4,302,000 4,845,364 0.24

InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net

Assets


38

United Kingdom (continued)Luxembourg (continued)

InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net


Denomination


Value

Market Value

(USD)% of Net

Assets

ArcelorMittal 6%/2021 USD 3,675,000 3,894,287 0.19ArcelorMittal 6.125%/2018 USD 5,900,000 6,470,058 0.32ArcelorMittal 6.75%/2022 USD 1,625,000 1,774,687 0.09ArcelorMittal 10.35%/2019 USD 3,225,000 4,093,944 0.20ArcelorMittal VR 5.75%/2020 USD 1,700,000 1,815,770 0.09Bormioli Rocco Holdings SerRegS 10%/2018 EUR 3,175,000 4,798,466 0.24Cirsa Funding Luxembourg SerRegS 8.75%/2018 EUR 2,375,000 3,485,478 0.17Elior Finance SerRegS 6.5%/2020 EUR 825,000 1,241,703 0.06Gategroup Finance Luxembourg SerRegS 6.75%/2019 EUR 825,000 1,206,353 0.06Gestamp Funding Luxembourg SerRegS 5.625%/2020 USD 1,775,000 1,814,938 0.09Gestamp Funding Luxembourg SerRegS 5.875%/2020 EUR 1,350,000 1,970,795 0.10Intralot Finance Luxembourg SerRegS 9.75%/2018 EUR 1,225,000 1,849,225 0.09Magnolia SerRegS 9%/2020 EUR 1,800,000 2,606,688 0.13Matterhorn Financing & CY SerRegS 9%/2019 EUR 3,600,000 5,113,249 0.25Matterhorn Midco & Cy SerRegS 7.75%/2020 EUR 4,225,000 6,037,953 0.30Matterhorn Mobile SerRegS 6.75%/2019 CHF 2,150,000 2,630,309 0.13MHP SerRegS 8.25%/2020 USD 2,055,000 1,831,180 0.09Millicom International Cellular SerRegS 6.625%/2021 USD 1,200,000 1,246,932 0.06Mobile Challenger Intermediate Group

SerRegS 8.75%/2019 CHF 2,950,000 3,445,314 0.17Numericable Finance SerRegS 12.375%/2019 EUR 4,775,000 7,904,404 0.39Offshore Drilling Holding SerRegS 8.375%/2020 USD 2,865,000 3,059,290 0.15Sunrise Communications Holdings

SerRegS 8.5%/2018 EUR 4,475,000 6,726,914 0.33Sunrise Communications International

SerRegS 7%/2017 EUR 800,000 1,165,520 0.06Wind Acquisition Finance SerRegS 6.5%/2020 USD 3,100,000 3,324,750 0.16Wind Acquisition Finance SerRegS 7.25%/2018 USD 1,775,000 1,868,187 0.09


Mexico Cemex SerRegS 9%/2018 USD 8,440,000 9,304,087 0.46


Netherlands ABN AMRO Bank VR 4.31%/2049 EUR 4,000,000 5,485,940 0.27Bite Finance International SerRegS VR 7.703%/2018 EUR 1,275,000 1,798,999 0.09Cable Communications Systems SerRegS 7.5%/2020 EUR 4,575,000 6,496,260 0.32InterXion Holding SerRegS 6%/2020 EUR 1,050,000 1,527,981 0.08OI European Group SerRegS 6.75%/2020 EUR 1,225,000 1,965,950 0.10Polish Television Holding SerRegS 11%/2021 EUR 2,350,000 3,506,153 0.17PortAventura Entertainment Barcelona

SerRegS 7.25%/2020 EUR 650,000 917,347 0.04UPC Holding SerRegS 6.75%/2023 CHF 2,150,000 2,482,541 0.12UPC Holding SerRegS 6.75%/2023 EUR 4,100,000 5,802,920 0.29VimpelCom Holdings SerRegS 5.2%/2019 USD 1,885,000 1,892,625 0.09


Norway Albain Bidco Norway SerRegS 6.75%/2020 EUR 3,000,000 4,222,855 0.21

Total for Norway 4,222,855 0.21

Poland Ciech Group Financing SerRegS 9.5%/2019 EUR 2,900,000 4,581,578 0.22

Total for Poland 4,581,578 0.22

Sweden Norcell Sweden Holding 2 SerRegS 10.75%/2019 EUR 2,755,000 4,248,455 0.21TVN Finance III SerRegS 7.375%/2020 EUR 1,425,000 2,118,838 0.11Verisure Holding SerRegS 8.75%/2018 EUR 3,250,000 4,914,614 0.24


Switzerland Credit Suisse Group SerRegS VR 7.5%/2049 USD 2,375,000 2,512,358 0.12

Total for Switzerland 2,512,358 0.12

United Kingdom Arqiva Broadcast Finance SerRegS 9.5%/2020 GBP 3,450,000 6,354,843 0.31Barclays VR 8%/2049 EUR 850,000 1,208,846 0.06Equiniti Newco 2 SerRegS 7.125%/2018 GBP 650,000 1,140,019 0.06Infinis SerRegS 7%/2019 GBP 2,350,000 4,156,953 0.20

Kerling SerRegS 10.625%/2017 EUR 2,225,000 3,264,301 0.16Liberty Global com stk USD 52,300 4,678,235 0.23New Look Bondco I SerRegS 8.375%/2018 USD 2,250,000 2,334,386 0.12New Look Bondco I SerRegS 8.75%/2018 GBP 2,500,000 4,377,803 0.22Priory Group No 3 SerRegS 7%/2018 GBP 900,000 1,572,435 0.08R&R Ice Cream SerRegS 8.375%/2017 EUR 2,350,000 3,459,828 0.17R&R Pik SerRegS 9.25%/2018 EUR 2,875,000 4,099,102 0.20Rexam SerRegS VR 6.75%/2067 EUR 2,175,000 3,212,099 0.16Towergate Finance SerRegS 10.5%/2019 GBP 1,300,000 2,265,251 0.11Towergate Finance SerRegS 8.5%/2018 GBP 1,325,000 2,314,294 0.11Vougeot Bidco SerRegS 7.875%/2020 GBP 725,000 1,286,267 0.06Voyage Care Bondco SerRegS 6.5%/2018 GBP 600,000 1,022,731 0.05


United States of America AK Steel 7.625%/2020 USD 5,580,000 5,563,400 0.27Ally Financial 5.5%/2017 USD 3,850,000 4,175,441 0.21Ally Financial pref stk 8.50% USD 13,475 362,612 0.02American Axle & Manufacturing 6.25%/2021 USD 150,000 159,833 0.01American Axle & Manufacturing 6.625%/2022 USD 4,825,000 5,130,543 0.25American International Group warrants/19/01/2021 USD 51,500 1,041,845 0.05AmeriGas Finance 7%/2022 USD 2,875,000 3,140,406 0.15Anixter 5.625%/2019 USD 2,790,000 2,943,589 0.15Ares Capital com stk USD 238,725 4,251,692 0.21Atwood Oceanics 6.5%/2020 USD 1,875,000 2,010,937 0.10Bank of America warrants/16/01/2019 USD 288,400 1,860,180 0.09Bill Barrett 7%/2022 USD 7,050,000 7,349,625 0.36Bill Barrett 7.625%/2019 USD 7,450,000 8,045,106 0.40CBRE Services 5%/2023 USD 6,825,000 6,603,187 0.33Celanese US Holdings 4.625%/2022 USD 7,375,000 7,074,432 0.35Cemex Finance SerRegS 9.375%/2022 USD 3,690,000 4,176,166 0.21Centene 5.75%/2017 USD 2,850,000 3,057,309 0.15CenturyLink SerS 6.45%/2021 USD 2,525,000 2,637,716 0.13CenturyLink SerV 5.625%/2020 USD 8,200,000 8,410,617 0.41Charter Communications Class A com stk USD 24,000 3,249,120 0.16Chesapeake Energy 5.75%/2023 USD 9,725,000 10,045,050 0.49CIT Group 5%/2022 USD 11,975,000 11,688,019 0.58CIT Group 5%/2023 USD 1,950,000 1,883,066 0.09CIT Group 5.25%/2018 USD 4,000,000 4,294,900 0.21CIT Group 5.375%/2020 USD 3,275,000 3,486,499 0.17CMS Energy 5.05%/2022 USD 1,875,000 2,026,659 0.10Community Health Systems 7.125%/2020 USD 4,400,000 4,559,082 0.22Concho Resources 5.5%/2023 USD 11,525,000 11,885,156 0.59Concho Resources 7%/2021 USD 1,275,000 1,405,515 0.07Crown Castle International SerA 4.5%/2016 USD 41,650 4,166,666 0.20Dana Holding 5.375%/2021 USD 4,100,000 4,141,287 0.20Delphi 5%/2023 USD 2,225,000 2,302,875 0.11Delta Air Lines com stk USD 124,900 3,445,991 0.17Discover Financial Services 10.25%/2019 USD 3,700,000 4,683,205 0.23El Paso SerGMTN 7.75%/2032 USD 3,950,000 4,032,812 0.20El Paso SerGMTN 7.8%/2031 USD 1,075,000 1,095,183 0.05El Paso SerMTN 8.25%/2016 USD 165,000 180,775 0.01General Motors com stk USD 107,278 4,395,180 0.22GMAC Capital Trust I Ser2 VR 8.125%/2040 USD 202,375 5,389,246 0.27Graphic Packaging International 4.75%/2021 USD 2,025,000 2,009,792 0.10Greif 7.75%/2019 USD 450,000 513,000 0.02Hartford Financial Services Group warrants/26/06/2019 USD 43,800 1,216,764 0.06HCA Holdings 6.25%/2021 USD 3,300,000 3,456,074 0.17Howard Hughes com stk USD 18,000 2,148,840 0.11iStar Financial 7.125%/2018 USD 3,300,000 3,646,500 0.18JPMorgan Chase & Co warrants/28/10/2018 USD 93,050 1,753,062 0.09KB Home 8%/2020 USD 4,025,000 4,464,349 0.22Manitowoc 5.875%/2022 USD 1,400,000 1,419,831 0.07Manitowoc 8.5%/2020 USD 3,750,000 4,249,069 0.21MarkWest Energy Partners 4.5%/2023 USD 9,525,000 8,960,644 0.44MGM Resorts International 6.625%/2021 USD 9,750,000 10,337,974 0.51MPT Operating Partnership 6.375%/2022 USD 2,325,000 2,406,375 0.12Navistar International 8.25%/2021 USD 2,100,000 2,183,349 0.11Newfield Exploration 5.75%/2022 USD 3,800,000 3,931,423 0.19Penn Virginia Resource Partners Finance 8.25%/2018 USD 3,075,000 3,270,447 0.16Range Resources 5%/2022 USD 1,375,000 1,347,947 0.07Range Resources com stk USD 24,050 2,036,554 0.10

G l o b a l H i g h Y i e l d B o n d F u n d > > > c o n t i n u e d



39

Canada (continued)United States of America (continued)Reynolds Group Issuer 5.75%/2020 USD 1,375,000 1,405,903 0.07Reynolds Group Issuer 9%/2019 USD 8,400,000 9,019,542 0.44Reynolds Group Issuer 9.875%/2019 USD 2,550,000 2,837,844 0.14Rite Aid 7.7%/2027 USD 4,125,000 4,255,701 0.21Sears Holdings com stk USD 44,800 2,133,824 0.10Springleaf Finance SerMTN 6.9%/2017 USD 2,000,000 2,183,650 0.11Swift Energy 7.125%/2017 USD 1,275,000 1,309,814 0.06Swift Energy 8.875%/2020 USD 3,650,000 3,814,250 0.19Synovus Financial 5.125%/2017 USD 10,450,000 10,863,402 0.53Synovus Financial 7.875%/2019 USD 3,100,000 3,495,250 0.17Terex 6%/2021 USD 6,350,000 6,577,203 0.32Terex 6.5%/2020 USD 2,000,000 2,152,550 0.11Texas Industries 9.25%/2020 USD 5,900,000 6,608,000 0.33Time Warner Entertainment 8.375%/2023 USD 2,750,000 3,197,906 0.16T-Mobile USA 6.464%/2019 USD 4,650,000 4,944,694 0.24T-Mobile USA 6.633%/2021 USD 4,650,000 4,899,938 0.24T-Mobile USA 6.731%/2022 USD 5,575,000 5,824,844 0.29T-Mobile USA 6.836%/2023 USD 2,325,000 2,423,557 0.12Toll Brothers Finance 5.875%/2022 USD 2,225,000 2,311,219 0.11TRW Automotive Holdings com stk USD 40,725 3,012,836 0.15United Rentals North America 6.125%/2023 USD 2,125,000 2,162,623 0.11United States Steel 6.875%/2021 USD 4,450,000 4,671,788 0.23US Airways 2012-2 Class A Pass Through Trust

4.625%/2025 USD 906,877 925,581 0.05US Airways 2012-2 Class B Pass Through Trust

6.75%/2021 USD 413,380 439,216 0.02US Treasury Bill 0% 29/5/2014 USD 2,000,000 1,999,251 0.10USG 9.75%/2018 USD 6,950,000 8,197,942 0.40WellCare Health Plans 5.75%/2020 USD 3,100,000 3,189,125 0.16Wells Fargo warrants/28/10/2018 USD 109,750 1,745,025 0.09Wolverine World Wide 6.125%/2020 USD 1,300,000 1,399,125 0.07



Transferable Securities Traded on Another Regulated MarketAustralia Bluescope Steel Finance Ser144A 7.125%/2018 USD 2,575,000 2,703,750 0.13


Austria Sappi Papier Holding Ser144A 7.75%/2017 USD 2,250,000 2,469,375 0.12Sappi Papier Holding Ser144A 8.375%/2019 USD 1,675,000 1,840,406 0.09Sappi Papier Holding SerRegS 6.625%/2021 USD 3,400,000 3,377,101 0.17


Belgium Barry Callebaut Services SerRegS 5.5%/2023 USD 11,225,000 11,505,625 0.57

Total for Belgium 11,505,625 0.57

Bermuda Aircastle 6.25%/2019 USD 4,100,000 4,412,625 0.22Aircastle 6.75%/2017 USD 1,150,000 1,284,924 0.06Aircastle 7.625%/2020 USD 4,875,000 5,496,563 0.27Digicel Group SerRegS 8.25%/2020 USD 4,225,000 4,401,436 0.22Digicel SerRegS 6%/2021 USD 3,525,000 3,422,440 0.17NCL 5%/2018 USD 1,575,000 1,630,125 0.08

Total for Bermuda 20,648,113 1.02

Canada Cascades 7.875%/2020 USD 5,275,000 5,662,660 0.28Cogeco Cable SerRegS 4.875%/2020 USD 1,650,000 1,602,562 0.08Eldorado Gold SerRegS 6.125%/2020 USD 5,325,000 5,165,250 0.25Great Canadian Gaming Ser144A 6.625%/2022 CAD 1,875,000 1,859,594 0.09MDC Partners 6.75%/2020 USD 775,000 814,719 0.04MDC Partners Ser144A 6.75%/2020 USD 1,325,000 1,392,906 0.07MDC Partners SerRegS 6.75%/2020 USD 3,200,000 3,364,000 0.17MPL 2 Acquisition Canco Ser144A 9.875%/2018 USD 1,975,000 2,078,688 0.10Novelis 8.75%/2020 USD 4,625,000 5,168,437 0.25

Precision Drilling 6.5%/2021 USD 875,000 936,250 0.05Precision Drilling 6.625%/2020 USD 4,625,000 4,964,891 0.24Seven Generations Energy SerRegS 8.25%/2020 USD 2,250,000 2,441,250 0.12Tervita Ser144A 9.75%/2019 USD 1,900,000 1,871,500 0.09Tervita SerRegS 10.875%/2018 USD 2,575,000 2,629,719 0.13Tervita SerRegS 8%/2018 USD 3,700,000 3,838,750 0.19Videotron 5%/2022 USD 4,880,000 4,794,600 0.24

Total for Canada 48,585,776 2.39

Cayman Islands UPCB Finance V SerRegS 7.25%/2021 USD 4,525,000 4,932,250 0.24UPCB Finance VI SerRegS 6.875%/2022 USD 2,900,000 3,095,750 0.15


Ireland Ardagh Packaging Finance USA SerRegS 7%/2020 USD 2,900,000 2,943,500 0.15Nara Cable Funding SerRegS 8.875%/2018 USD 800,000 856,000 0.04


Luxembourg Aguila 3 Ser144A 7.875%/2018 USD 675,000 718,875 0.03Aguila 3 SerRegS 7.875%/2018 USD 1,350,000 1,437,750 0.07ARD Finance Ser144A 11.125%/2018 1 USD 1,293,961 1,391,008 0.07Beverage Packaging Holdings Luxembourg II

SerRegS 5.625%/2016 USD 2,350,000 2,399,938 0.12Beverage Packaging Holdings Luxembourg II

SerRegS 6%/2017 USD 1,350,000 1,366,875 0.07Boardriders SerRegS 8.875%/2017 EUR 2,375,000 3,512,175 0.17Capsugel SerRegS 7%/2019 USD 2,175,000 2,219,859 0.11INEOS Group Holdings SerRegS 6.125%/2018 USD 2,250,000 2,264,062 0.11Intelsat Jackson Holdings 6.625%/2022 USD 2,750,000 2,846,250 0.14Silver II Borrower Ser144A 7.75%/2020 USD 2,725,000 2,895,313 0.14Wind Acquisition Finance SerRegS 7.25%/2018 USD 2,225,000 2,347,375 0.12Wind Acquisition Finance SerRegS 11.75%/2017 USD 9,100,000 9,691,500 0.48


Netherlands AerCap Aviation Solutions 6.375%/2017 USD 3,050,000 3,332,125 0.16Marfrig Holding Europe SerRegS 11.25%/2021 USD 4,000,000 3,838,100 0.19NXP Funding Ser144A 5.75%/2023 USD 2,425,000 2,473,500 0.12Playa Resorts Holding SerRegS 8%/2020 USD 1,350,000 1,439,439 0.07Schaeffler Finance SerRegS 4.75%/2021 USD 2,625,000 2,638,125 0.13Schaeffler Holding Finance SerRegS 6.875%/2018 USD 2,750,000 2,928,750 0.15Sensata Technologies Ser144A 4.875%/2023 USD 4,250,000 4,026,875 0.20VimpelCom Holdings Ser144A 7.504%/2022 USD 2,750,000 2,886,125 0.14


United Kingdom Barclays VR 8.25%/2049 USD 3,550,000 3,671,304 0.18Jaguar Land Rover Automotive SerRegS 5.625%/2023 USD 5,150,000 5,185,277 0.26


United States of America 99 Cents Only Stores 11%/2019 USD 2,675,000 3,049,500 0.15Activision Blizzard SerRegS 5.625%/2021 USD 7,675,000 7,962,812 0.39Activision Blizzard SerRegS 6.125%/2023 USD 2,000,000 2,095,000 0.10AEP Industries 8.25%/2019 USD 2,075,000 2,241,000 0.11Affinia Group 7.75%/2021 USD 825,000 874,500 0.04AGCO 5.875%/2021 USD 3,450,000 3,706,404 0.18Alcatel-Lucent USA SerRegS 6.75%/2020 USD 1,550,000 1,608,125 0.08Alcatel-Lucent USA SerRegS 8.875%/2020 USD 2,475,000 2,772,000 0.14Aleris International 7.875%/2020 USD 2,700,000 2,875,500 0.14Allison Transmission Ser144A 7.125%/2019 USD 1,275,000 1,380,187 0.07Ally Financial pref stk 7% 1 USD 6,225 5,960,437 0.29AMC Networks 4.75%/2022 USD 5,975,000 5,721,062 0.28American Axle & Manufacturing 5.125%/2019 USD 775,000 802,977 0.04American Builders & Contractors Supply

Ser144A 5.625%/2021 USD 1,600,000 1,612,000 0.08American Capital Ser144A 6.5%/2018 USD 3,675,000 3,849,562 0.19Ancestry.com 11%/2020 USD 2,725,000 3,174,625 0.16Ancestry.com SerRegS 9.625%/2018 USD 2,925,000 3,042,000 0.15



InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net


Denomination


Value

Market Value

(USD)% of Net

Assets


40

United States of America (continued)United States of America (continued)Antero Resources Finance 6%/2020 USD 6,140,000 6,477,700 0.32Ares Capital 4.875%/2018 USD 5,325,000 5,462,390 0.27A-S Co-Issuer Subsidiary Ser144A 7.875%/2020 USD 1,650,000 1,740,750 0.09Ashtead Capital 6.5%/2022 USD 1,450,000 1,547,875 0.08Ashtead Capital SerRegS 6.5%/2022 USD 1,500,000 1,603,125 0.08Associated Materials 9.125%/2017 USD 5,600,000 5,975,676 0.29Aviv Healthcare Properties 7.75%/2019 USD 1,350,000 1,458,000 0.07Bankrate SerRegS 6.125%/2018 USD 3,550,000 3,709,750 0.18BC Mountain Finance Ser144A 7%/2021 USD 200,000 203,000 0.01BI-LO Finance Ser144A 8.625%/2018 USD 2,025,000 2,121,187 0.10Biomet 6.5%/2020 USD 8,175,000 8,603,002 0.42BMC Software Finance SerRegS 8.125%/2021 USD 3,800,000 3,933,000 0.19Boise Cascade 6.375%/2020 USD 5,325,000 5,631,187 0.28Builders FirstSource Ser144A 7.625%/2021 USD 1,425,000 1,492,687 0.07Building Materials Holding SerRegS 9%/2018 USD 3,800,000 4,113,500 0.20Caesars Entertainment Operating 8.5%/2020 USD 4,450,000 4,317,657 0.21CCO Holdings 5.125%/2023 USD 2,150,000 1,985,944 0.10CCO Holdings 6.625%/2022 USD 12,175,000 12,494,594 0.62CCO Holdings Capital 5.25%/2022 USD 5,575,000 5,194,088 0.26CDR DB Sub Ser144A 7.75%/2020 USD 2,800,000 2,786,000 0.14CDW Finance 8.5%/2019 USD 9,475,000 10,524,451 0.52Cedar Fair 5.25%/2021 USD 3,100,000 3,053,500 0.15CEDC Finance International 10%/2018 USD 1,066,637 922,641 0.05CEDC Finance International step coupon 8%/2018 USD 2,378,639 2,206,188 0.11Cequel Communications Holdings I

Ser144A 5.125%/2021 USD 2,500,000 2,362,500 0.12Cequel Communications Holdings I

Ser144A 6.375%/2020 USD 10,150,000 10,454,500 0.52Chester Downs & Marina Ser144A 9.25%/2020 USD 4,525,000 4,558,937 0.22Chinos Intermediate Holdings A SerRegS 7.75%/2019 USD 4,025,000 4,105,500 0.20Chrysler Group 8.25%/2021 USD 9,325,000 10,681,368 0.53Claire’s Stores Ser144A 6.125%/2020 USD 1,600,000 1,544,000 0.08Clean Harbors 5.125%/2021 USD 2,050,000 2,070,500 0.10Clean Harbors 5.25%/2020 USD 1,525,000 1,572,542 0.08Clear Channel Communications 9%/2019 USD 6,350,000 6,540,500 0.32Clear Channel Worldwide Holdings 6.5%/2022 USD 575,000 585,781 0.03Clear Channel Worldwide Holdings SerA 7.625%/2020 USD 550,000 574,750 0.03Clear Channel Worldwide Holdings SerB 6.5%/2022 USD 3,000,000 3,078,750 0.15Clear Channel Worldwide Holdings SerB 7.625%/2020 USD 1,150,000 1,211,496 0.06CNH Capital 3.625%/2018 USD 2,575,000 2,611,681 0.13Columbus McKinnon 7.875%/2019 USD 3,875,000 4,194,687 0.21Community Health Systems 8%/2019 USD 2,875,000 3,123,515 0.15Continental Airlines 2009-2 Class A Pass Through

Trust SerA 7.25%/2019 USD 578,254 664,269 0.03Continental Airlines 2009-2 Class B Pass Through

Trust SerB 9.25%/2017 USD 304,811 337,578 0.02Continental Resources 5%/2022 USD 2,675,000 2,772,437 0.14CoreLogic 7.25%/2021 USD 1,775,000 1,936,969 0.10Corrections Corporation of America 4.625%/2023 USD 2,825,000 2,662,562 0.13Crown Castle International 5.25%/2023 USD 10,450,000 10,293,250 0.51CSC Holdings 6.75%/2021 USD 3,225,000 3,491,062 0.17CST Brands 5%/2023 USD 3,375,000 3,256,875 0.16Darling Escrow Ser144A 5.375%/2022 USD 1,950,000 1,962,187 0.10Dell 4.625%/2021 USD 750,000 678,086 0.03Dell 5.65%/2018 USD 2,175,000 2,235,095 0.11Dell 5.875%/2019 USD 2,875,000 2,898,546 0.14Dell 7.1%/2028 USD 2,825,000 2,544,350 0.13Denali Borrower Ser144A 5.625%/2020 USD 500,000 496,250 0.02Dex Media 14%/2017 USD 4,220,375 2,236,799 0.11DISH DBS 4.25%/2018 USD 3,925,000 4,003,500 0.20DISH DBS 5.125%/2020 USD 4,175,000 4,185,437 0.21DISH DBS 5.875%/2022 USD 3,000,000 3,003,480 0.15Downstream Development Authority of the Quapaw

Tribe of Oklahoma Ser144A 10.5%/2019 USD 1,400,000 1,421,000 0.07DPL 7.25%/2021 USD 1,750,000 1,780,625 0.09DreamWorks Animation SKG Ser144A 6.875%/2020 USD 750,000 796,875 0.04DuPont Fabros Technology 5.875%/2021 USD 3,025,000 3,130,875 0.15Dycom Investments 7.125%/2021 USD 3,300,000 3,564,000 0.18E*Trade Financial 6.375%/2019 USD 1,175,000 1,266,656 0.06E*Trade Financial 6.75%/2016 USD 8,725,000 9,506,193 0.47Eagle Midco SerRegS 9%/2018 USD 4,750,000 4,975,625 0.25EarthLink 7.375%/2020 USD 1,050,000 1,055,402 0.05

Earthlink 8.875%/2019 USD 2,100,000 2,077,309 0.10Energy Transfer Equity 5.875%/2024 USD 4,500,000 4,487,670 0.22Epicor Software 8.625%/2019 USD 3,100,000 3,379,000 0.17Equinix 5.375%/2023 USD 3,650,000 3,555,720 0.18Equinix 7%/2021 USD 4,250,000 4,660,359 0.23Euramax International 9.5%/2016 USD 3,675,000 3,702,562 0.18Exopack Holding 10%/2018 USD 2,325,000 2,522,625 0.12Ferrellgas 6.5%/2021 USD 6,825,000 6,995,625 0.34First Data 12.625%/2021 USD 15,825,000 18,612,890 0.92First Data Ser144A 6.75%/2020 USD 9,275,000 9,692,375 0.48Florida East Coast Holdings 10.5%/2017 USD 1,599,689 1,655,678 0.08Florida East Coast Railway 8.125%/2017 USD 3,700,000 3,880,375 0.19Foresight Energy SerRegS 7.875%/2021 USD 3,150,000 3,252,375 0.16Fresenius Medical Care US Finance 6.875%/2017 USD 316,000 360,539 0.02Fresenius Medical Care US Finance II

SerRegS 5.625%/2019 USD 5,825,000 6,261,875 0.31Fresenius Medical Care US Finance II

SerRegS 5.875%/2022 USD 1,175,000 1,245,500 0.06FTI Consulting 6%/2022 USD 2,400,000 2,442,000 0.12FTI Consulting 6.75%/2020 USD 825,000 895,125 0.04Gannett SerRegS 5.125%/2019 USD 2,000,000 2,090,000 0.10Gannett SerRegS 6.375%/2023 USD 1,500,000 1,556,250 0.08Gardner Denver Ser144A 6.875%/2021 USD 3,450,000 3,458,625 0.17General Cable Ser144A 6.5%/2022 USD 575,000 566,375 0.03General Motors Financial Ser144A 4.75%/2017 USD 4,750,000 5,064,687 0.25GenOn Energy 9.5%/2018 USD 14,450,000 16,436,875 0.81Goodman Networks Ser144A 13.125%/2018 USD 2,575,000 2,729,500 0.13Goodyear Tire & Rubber 6.5%/2021 USD 2,575,000 2,736,774 0.13Goodyear Tire & Rubber 8.25%/2020 USD 3,965,000 4,447,144 0.22Goodyear Tire & Rubber 8.75%/2020 USD 800,000 939,380 0.05Graton Economic Development Authority

Ser144A 9.625%/2019 USD 300,000 349,500 0.02GTP Acquisition Partners I Ser144A 7.628%/2016 USD 750,000 807,173 0.04Gymboree 9.125%/2018 USD 4,625,000 4,287,491 0.21H&E Equipment Services 7%/2022 USD 1,850,000 2,025,750 0.10Halcon Resources Ser144A 9.75%/2020 USD 1,725,000 1,800,469 0.09Harbinger Group Ser144A 7.875%/2019 USD 4,875,000 5,265,000 0.26HD Supply 7.5%/2020 USD 5,775,000 6,251,438 0.31HD Supply 11.5%/2020 USD 1,225,000 1,463,875 0.07Healthcare Technology Intermediate

Ser144A 7.375%/2018 USD 1,500,000 1,563,750 0.08Hertz 5.875%/2020 USD 625,000 648,722 0.03Hexion US Finance 6.625%/2020 USD 6,175,000 6,325,886 0.31Hexion US Finance 8.875%/2018 USD 6,725,000 6,988,519 0.34Hologic 6.25%/2020 USD 2,275,000 2,411,500 0.12Howard Hughes SerRegS 6.875%/2021 USD 6,525,000 6,818,625 0.34Hughes Satellite Systems 6.5%/2019 USD 4,920,000 5,350,500 0.26Huntsman International 8.625%/2020 USD 1,375,000 1,526,250 0.08IASIS Healthcare 8.375%/2019 USD 4,975,000 5,283,251 0.26Igloo Holdings SerRegS 8.25%/2017 USD 2,250,000 2,295,000 0.11Infor US 9.375%/2019 USD 4,200,000 4,746,000 0.23Infor US 11.5%/2018 USD 1,175,000 1,360,063 0.07Interline Brands 10%/2018 USD 1,650,000 1,808,813 0.09Isle of Capri Casinos 5.875%/2021 USD 500,000 493,958 0.02Jaguar Holding I Ser144A 9.375%/2017 USD 1,125,000 1,195,313 0.06Jaguar Holding II Ser144A 9.5%/2019 USD 950,000 1,073,500 0.05Jefferies LoanCore / JLC Finance Ser144A 6.875%/2020 USD 200,000 199,000 0.01JMC Steel Group Ser144A 8.25%/2018 USD 6,100,000 6,183,875 0.30Jo-Ann Stores Holdings Ser144A 9.75%/2019 USD 1,850,000 1,942,500 0.10Jo-Ann Stores Ser144A 8.125%/2019 USD 3,225,000 3,386,250 0.17Kindred Healthcare 8.25%/2019 USD 3,375,000 3,609,799 0.18Kinetic Concepts USA 10.5%/2018 USD 3,500,000 4,029,165 0.20Kinetic Concepts USA 12.5%/2019 USD 1,650,000 1,872,750 0.09Ladder Capital Finance Holdings 7.375%/2017 USD 4,150,000 4,388,625 0.22Land O’Lakes Capital Trust I Ser144A 7.45%/2028 USD 380,000 368,600 0.02Laredo Petroleum 7.375%/2022 USD 3,825,000 4,169,250 0.21Laureate Education Ser144A 9.25%/2019 USD 6,100,000 6,664,250 0.33Lender Processing Services 5.75%/2023 USD 4,775,000 4,971,969 0.24Level 3 Communications 8.875%/2019 USD 1,275,000 1,396,125 0.07Level 3 Financing 7%/2020 USD 1,200,000 1,278,000 0.06Level 3 Financing 8.625%/2020 USD 5,775,000 6,481,051 0.32Levi Strauss 6.875%/2022 USD 1,975,000 2,175,917 0.11



InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net


Denomination


Value

Market Value

(USD)% of Net

Assets


41

United States of America (continued)United States of America (continued)Magnetation Ser144A 11%/2018 USD 2,850,000 3,120,750 0.15Mcron Finance Ser144A 8.375%/2019 USD 2,400,000 2,688,000 0.13MedAssets 8%/2018 USD 3,350,000 3,634,750 0.18Mediacom Broadband 6.375%/2023 USD 3,075,000 3,159,563 0.16Mercer International 9.5%/2017 USD 5,575,000 6,104,625 0.30Meritage Homes 7%/2022 USD 1,525,000 1,620,313 0.08MGM Resorts International 6.75%/2020 USD 3,775,000 4,083,701 0.20Michael Foods Holding SerRegS 8.5%/2018 USD 2,325,000 2,458,688 0.12Midcontinent Communications & Midcontinent

Finance Ser144A 6.25%/2021 USD 2,875,000 2,910,938 0.14Milacron Finance Ser144A 7.75%/2021 USD 3,775,000 3,973,188 0.20Momentive Performance Materials 8.875%/2020 USD 1,700,000 1,793,101 0.09Momentive Performance Materials 9%/2021 USD 8,675,000 7,699,887 0.38MPH Intermediate Holding 2 Ser144A 8.375%/2018 USD 2,025,000 2,111,063 0.10MPT Operating Partnership 6.875%/2021 USD 2,775,000 2,983,125 0.15Murray Energy Ser144A 8.625%/2021 USD 4,200,000 4,368,000 0.22National CineMedia 6%/2022 USD 3,050,000 3,164,375 0.16Nationstar Mortgage 6.5%/2021 USD 2,925,000 2,802,633 0.14Nationstar Mortgage 6.5%/2022 USD 3,125,000 2,948,422 0.15New Academy Finance SerRegS 8%/2018 USD 6,500,000 6,686,940 0.33NII Capital 10%/2016 USD 9,450,000 5,106,544 0.25NII Capital 7.625%/2021 USD 5,075,000 2,043,220 0.10Northwest Airlines Ser992A 7.575%/2019 USD 460,106 523,370 0.03NRG Energy 6.625%/2023 USD 3,525,000 3,569,574 0.18NuStar Logistics 6.75%/2021 USD 2,875,000 2,981,134 0.15Omega Healthcare Investors 5.875%/2024 USD 775,000 786,625 0.04Opal Acquisition SerRegS 8.875%/2021 USD 3,800,000 3,790,500 0.19Outerwall 6%/2019 USD 5,800,000 5,930,500 0.29Pantry 8.375%/2020 USD 2,075,000 2,215,063 0.11Par Pharmaceutical 7.375%/2020 USD 1,900,000 1,980,750 0.10PBF Finance 8.25%/2020 USD 6,825,000 7,439,250 0.37PDC Energy 7.75%/2022 USD 8,950,000 9,710,750 0.48Peabody Energy 6%/2018 USD 4,575,000 4,895,158 0.24Peabody Energy 6.25%/2021 USD 550,000 555,486 0.03Peninsula Gaming Ser144A 8.375%/2018 USD 2,400,000 2,628,000 0.13Penn Virginia 8.5%/2020 USD 4,925,000 5,294,375 0.26Penn Virginia Resource Partners Finance 8.375%/2020 USD 2,617,000 2,906,610 0.14Penske Automotive Group 5.75%/2022 USD 4,075,000 4,166,687 0.20PH Glatfelter 5.375%/2020 USD 4,150,000 4,274,500 0.21Pinnacle Entertainment 7.5%/2021 USD 1,900,000 2,073,831 0.10Pittsburgh Glass Works Ser144A 8%/2018 USD 1,850,000 1,956,375 0.10PolyOne 5.25%/2023 USD 2,625,000 2,565,937 0.13Post Holdings 7.375%/2022 USD 1,125,000 1,202,917 0.06PQ Ser144A 8.75%/2018 USD 6,000,000 6,555,000 0.32Prestige Brands 8.125%/2020 USD 1,800,000 2,025,000 0.10Provident Funding Associates Ser144A 6.75%/2021 USD 3,250,000 3,250,000 0.16Provident Funding Associates Ser144A 10.125%/2019 USD 1,275,000 1,396,125 0.07Quiksilver 10%/2020 USD 3,325,000 3,765,562 0.19Quiksilver Ser144A 7.875%/2018 USD 2,150,000 2,343,500 0.11Range Resources 5%/2023 USD 4,375,000 4,298,437 0.21Regency Energy Partners 5.5%/2023 USD 2,175,000 2,135,426 0.10Reynolds Group Issuer 7.125%/2019 USD 1,025,000 1,093,762 0.05Rite Aid 6.75%/2021 USD 4,925,000 5,183,562 0.25Rite Aid 9.25%/2020 USD 5,000,000 5,751,325 0.28Rockies Express Pipeline Ser144A 6%/2019 USD 3,650,000 3,394,500 0.17Rockies Express Pipeline Ser144A 6.85%/2018 USD 375,000 366,562 0.02RSI Home Products Ser144A 6.875%/2018 USD 500,000 526,250 0.03rue21 SerRegS 9%/2021 USD 2,800,000 2,072,000 0.10Ryerson 11.25%/2018 USD 7,150,000 7,614,750 0.37Ryerson 9%/2017 USD 3,975,000 4,218,469 0.21Sabine Pass LNG 6.5%/2020 USD 4,375,000 4,560,938 0.22Safway Group Holding Ser144A 7%/2018 USD 1,425,000 1,503,375 0.07Samson Investment Ser144A 10.25%/2020 USD 4,700,000 5,158,250 0.25Sealed Air SerRegS 5.25%/2023 USD 3,850,000 3,763,375 0.18Select Medical 6.375%/2021 USD 4,425,000 4,347,563 0.21Seminole Hard Rock Entertainment

Ser144A 5.875%/2021 USD 1,650,000 1,629,375 0.08ServiceMaster 8%/2020 USD 1,875,000 1,921,125 0.09Severstal Columbus 10.25%/2018 USD 3,725,000 3,962,469 0.20Shea Homes 8.625%/2019 USD 5,325,000 5,924,063 0.29Shearer’s Foods Ser144A 9%/2019 USD 2,250,000 2,385,000 0.12

Sinclair Television Group 6.125%/2022 USD 3,800,000 3,857,000 0.19Sirius XM Holdings SerRegS 5.75%/2021 USD 3,300,000 3,349,500 0.17SIWF Merger Sub Ser144A 6.25%/2021 USD 1,600,000 1,616,000 0.08Six Flags Entertainment Ser144A 5.25%/2021 USD 1,500,000 1,470,000 0.07SM Energy 6.5%/2021 USD 1,875,000 1,996,875 0.10SM Energy 6.5%/2023 USD 6,425,000 6,770,344 0.33SM Energy 6.625%/2019 USD 825,000 880,688 0.04Sonic Automotive 5%/2023 USD 3,600,000 3,375,000 0.17Sonic Automotive 7%/2022 USD 1,925,000 2,098,250 0.10Spanish Broadcasting System com stk 1 USD 1,788 1,430,400 0.07Spectrum Brands Escrow Ser144A 6.375%/2020 USD 1,375,000 1,471,250 0.07Spectrum Brands Escrow Ser144A 6.625%/2022 USD 1,275,000 1,357,875 0.07Sprint Communications 11.5%/2021 USD 6,025,000 7,922,875 0.39Sprint Ser144A 7.125%/2024 USD 17,375,000 17,635,625 0.87Starz 5%/2019 USD 5,200,000 5,343,000 0.26Station Casinos 7.5%/2021 USD 4,400,000 4,708,000 0.23Steel Dynamics 6.125%/2019 USD 2,050,000 2,234,920 0.11Summit Materials Finance 10.5%/2020 USD 3,425,000 3,784,625 0.19SunEdison 7.75%/2019 USD 3,975,000 4,261,478 0.21SunGard Data Systems 6.625%/2019 USD 3,225,000 3,402,375 0.17Swift Energy 7.875%/2022 USD 5,575,000 5,576,227 0.27Syniverse Holdings 9.125%/2019 USD 4,875,000 5,356,406 0.26Targa Resources Partners 5.25%/2023 USD 650,000 630,500 0.03Tempur Sealy International 6.875%/2020 USD 2,175,000 2,370,750 0.12Tenet Healthcare 4.5%/2021 USD 6,425,000 6,149,464 0.30Townsquare Radio Ser144A 9%/2019 USD 2,175,000 2,387,063 0.12TransUnion Holding 8.125%/2018 USD 1,675,000 1,771,313 0.09Travelport 11.875%/2016 USD 4,500,000 4,583,498 0.23Travelport Ser144A 13.875%/2016 USD 2,503,531 2,666,261 0.13Truven Health Analytics 10.625%/2020 USD 1,625,000 1,846,406 0.09tw telecom holdings 5.375%/2022 USD 4,725,000 4,642,313 0.23United Continental Holdings 6%/2020 USD 4,050,000 4,060,631 0.20United Continental Holdings 6.375%/2018 USD 3,675,000 3,876,004 0.19United Continental Holdings 8%/2024 USD 3,025,000 3,031,050 0.15United Continental Holdings SerA 6%/2026 USD 1,000,000 865,000 0.04United Continental Holdings SerB 6%/2028 USD 1,000,000 852,500 0.04Universal Health Services 7%/2018 USD 3,400,000 3,638,680 0.18Universal Hospital Services 7.625%/2020 USD 3,825,000 4,051,077 0.20Univision Communications Ser144A 5.125%/2023 USD 2,900,000 2,892,750 0.14Univision Communications SerRegS 5.125%/2023 USD 6,650,000 6,633,375 0.33Univision Communications SerRegS 6.75%/2022 USD 3,200,000 3,528,000 0.17Univision Communications SerRegS 7.875%/2020 USD 5,125,000 5,682,344 0.28Univision Communications SerRegS 8.5%/2021 USD 14,200,000 15,779,750 0.78US Airways Group 6.125%/2018 USD 7,875,000 8,056,558 0.40US Coatings Acquisition Ser144A 7.375%/2021 USD 1,800,000 1,926,000 0.09US Coatings Acquisition SerRegS 5.75%/2021 EUR 575,000 831,044 0.04US Foods 8.5%/2019 USD 9,650,000 10,566,750 0.52USG Ser144A 8.375%/2018 USD 550,000 600,875 0.03USG Ser144A 9.75% 1/8/2014 USD 975,000 1,023,750 0.05USG SerRegS 5.875%/2021 USD 1,000,000 1,041,250 0.05Valeant Pharmaceuticals International

Ser144A 6.375%/2020 USD 2,225,000 2,358,500 0.12Valeant Pharmaceuticals International

SerRegS 6.75%/2018 USD 4,650,000 5,132,438 0.25ViaSat 6.875%/2020 USD 4,250,000 4,526,250 0.22Vulcan Materials 7.5%/2021 USD 3,675,000 4,207,875 0.21Walter Investment Management Ser144A 7.875%/2021 USD 4,700,000 4,782,250 0.24Watco Finance Ser144A 6.375%/2023 USD 2,075,000 2,075,000 0.10WaveDivision Escrow Ser144A 8.125%/2020 USD 1,025,000 1,096,750 0.05Western Refining 6.25%/2021 USD 3,000,000 3,037,500 0.15WideOpenWest Finance 10.25%/2019 USD 3,275,000 3,659,813 0.18WideOpenWest Finance 13.375%/2019 USD 3,125,000 3,632,813 0.18William Lyon Homes 8.5%/2020 USD 3,200,000 3,480,000 0.17WMG Acquisition SerRegS 6%/2021 USD 1,547,000 1,614,681 0.08Wok Acquisition Ser144A 10.25%/2020 USD 3,700,000 4,037,625 0.20WPX Energy 6%/2022 USD 4,950,000 4,967,474 0.24

Total for United States of America 1,014,222,876 49.97

Total Transferable Securities Traded on Another Regulated Market 1,182,691,122 58.27



InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net


Denomination


Value

Market Value

(USD)% of Net

Assets


42

Recently Issued Transferable SecuritiesLuxembourg Intelsat Jackson Holdings Ser144A 5.5%/2023 USD 7,325,000 6,986,219 0.34Intelsat Jackson Holdings Ser144A 6.625%/2022 USD 2,650,000 2,729,500 0.14Intelsat Luxembourg Ser144A 7.75%/2021 USD 7,375,000 7,928,125 0.39Intelsat Luxembourg Ser144A 8.125%/2023 USD 3,100,000 3,340,250 0.17Trinseo Materials Operating Ser144A 8.75%/2019 USD 4,175,000 4,331,562 0.21


United States of America American Airlines 2013-1 Class A Pass Through

Trust Ser144A 4%/2025 USD 845,000 831,797 0.04American Airlines 2013-1 Class B Pass Through

Trust Ser144A 5.625%/2021 USD 885,000 889,425 0.04Antero Resources Finance Ser144A 5.375%/2021 USD 3,625,000 3,681,641 0.18Aramark Ser144A 5.75%/2020 USD 2,100,000 2,201,325 0.11Athlon Holdings Ser144A 7.375%/2021 USD 8,675,000 9,152,125 0.45Exterran Partners Ser144A 6%/2021 USD 5,175,000 5,162,062 0.25Ferrellgas Ser144A 6.75%/2022 USD 2,075,000 2,116,500 0.10General Motors Financial Ser144A 3.25%/2018 USD 3,325,000 3,333,312 0.16General Motors Ser144A 6.25%/2043 USD 2,625,000 2,743,125 0.14Goodman Networks Ser144A 12.125%/2018 USD 1,025,000 1,086,500 0.05Hilton Worldwide Finance Ser144A 5.625%/2021 USD 4,750,000 4,937,031 0.24Icahn Enterprises Ser144A 6%/2020 USD 2,600,000 2,697,500 0.13McGraw-Hill Global Education Holdings

Ser144A 9.75%/2021 USD 3,050,000 3,370,250 0.17MetroPCS Wireless Ser144A 6.25%/2021 USD 6,175,000 6,414,281 0.32Netflix Ser144A 5.375%/2021 USD 10,325,000 10,505,688 0.52PC Nextco Holdings Ser144A 8.75%/2019 USD 3,850,000 3,965,500 0.20Penn Virginia Resource Partners Finance

Ser144A 6.5%/2021 USD 450,000 468,000 0.02PNK Finance Ser144A 6.375%/2021 USD 3,625,000 3,715,625 0.18Post Holdings Ser144A 7.375%/2022 USD 1,375,000 1,478,125 0.07Sabine Pass Liquefaction Ser144A 5.625%/2023 USD 1,625,000 1,519,375 0.07SM Energy Ser144A 5%/2024 USD 3,825,000 3,662,438 0.18Targa Resources Partners Finance Ser144A 4.25%/2023 USD 9,150,000 8,235,000 0.41Tenet Healthcare Ser144A 6%/2020 USD 3,050,000 3,189,156 0.16tw telecom holdings Ser144A 5.375%/2022 USD 2,675,000 2,628,188 0.13William Carter Ser144A 5.25%/2021 USD 5,475,000 5,584,500 0.28William Lyon Homes Ser144A 8.5%/2020 USD 1,400,000 1,522,500 0.08


Total Recently Issued Transferable Securities 120,406,625 5.93

Other Transferable SecuritiesUnited States of America Smurfit-Stone Container pref stk 1 USD 7,275 0 0.00Spanish Broadcasting System pref stk 1 USD 24,424 195 0.00

Total for United States of America 195 0.00

Total Other Transferable Securities 195 0.00

Total Investment Securities 1,956,327,715 96.38




(USD)% of Net

Assets10 January 2014 2,289,909 GBP 3,745,095 USD Goldman Sachs 43,616 12 March 2014 5,051,213 EUR 6,953,510 USD Citibank 4,718 12 March 2014 2,675,325 USD 275,009,995 JPY Citibank 53,302






(USD)% of Net

Assets10 January 2014 3,971,131 USD 2,483,000 GBP Deutsche Bank (137,054) 10 January 2014 1,007,448 USD 623,075 GBP JP Morgan Chase (23,446) 10 January 2014 1,683,691 USD 1,029,000 GBP JP Morgan Chase (18,815) 10 January 2014 26,380,612 USD 16,403,201 GBP Royal Bank of Canada (758,895) 10 January 2014 1,706,687 USD 1,056,207 GBP State Street (40,834) 12 February 2014 2,200,000 CHF 2,473,205 USD Merrill Lynch (3,136) 12 February 2014 13,652,330 USD 12,581,032 CHF JP Morgan Chase (473,133) 12 March 2014 188,652,160 USD 137,077,752 EUR Deutsche Bank (177,372) 12 March 2014 2,242,485 USD 1,637,514 EUR Goldman Sachs (13,249)

Unrealised Loss on Open Forward Currency Exchange Contracts (1,645,934) (0.08)

Net Unrealised Loss on Open Forward Currency Exchange Contracts (1,544,298) (0.08)

Net Unrealised Gain on Open Forward Currency Exchange Contracts attributable to Hedged Shares (See note 3a) 14,127,544 0.70




Market Value

(USD)% of Net

Assets

Protection sold (Relevant Credit: JC Penney, 6.375% 2036), Receive 5.00% Payment upon credit default Barclays Bank June 2014 USD 2,125,000 (63,504)

Protection sold (Relevant Credit: Clear Channel Communications, 6.875% 2018), Receive 5.00% Payment upon credit default Barclays Bank December 2015 USD 1,500,000 (47,430)

Protection sold (Relevant Credit: Clear Channel Communications, 6.875% 2018), Receive 5.00% Payment upon credit default Barclays Bank December 2015 USD 725,000 (22,924)

Protection sold (Relevant Credit: Sears Roebuck Acceptance, 7% 2032), Receive 5.00% Payment upon credit default Barclays Bank December 2015 USD 2,250,000 (136,612)

Protection sold (Relevant Credit: Dell Inc, 7.1% 2028), Receive 1.00% Payment upon credit default JP Morgan Chase December 2018 USD 2,000,000 (226,665)

Protection sold (Relevant Credit: Dell Inc, 7.1.% 2028), Receive 1.00% Payment upon credit default Deutche Bank December 2018 USD 1,250,000 (141,665)

InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net

Assets


43



Protection sold (Relevant Credit: Wind Acquisition Finance, 11.75% 2017), Receive 5.00% Payment upon credit default Barclays Bank December 2018 EUR 1,425,000 179,027

Total Swap Contracts at Market Value (459,773) (0.02)


Net Assets 2,029,781,019 100.00

Counterparty


(USD)% of Net

Assets

Barclays Bank (91,443)Citibank 58,020 Deutsche Bank 6,151,481 Goldman Sachs 259,908 JP Morgan Chase 212,707 Morgan Stanley 943,978 Merrill Lynch (626,400)Royal Bank of Canada (758,895)State Street 1,969,725 UBS AG London 4,004,392

Total 12,123,473 0.60


144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933com stk: common stockGMTN: Global Medium Term NoteMTN: Medium Term Notepref stk: preferred stockstep coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)VR: variable rate, rate shown is effective rate at year-end

CAD: Canadian DollarCHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundJPY: Japanese YenUSD: United States Dollar




Market Value

(USD)% of Net

Assets


44


U S A g g r e g a t e B o n d F u n d

Transferable Securities Admitted to an Official Exchange ListingBelgium Delhaize Group 6.5%/2017 USD 140,000 157,492 0.14



Ser144A 4.854%/2024 USD 205,000 206,029 0.18

Total for Bermuda 206,029 0.18

British Virgin Islands CNOOC Finance 2013 1.75%/2018 USD 200,000 195,763 0.17


Canada Province of Manitoba Canada 1.3%/2017 USD 275,000 277,416 0.25Province of Ontario Canada 1.6%/2016 USD 415,000 422,978 0.37


Cayman Islands Petrobras International Finance 5.75%/2020 USD 130,000 134,501 0.12Petrobras International Finance 7.875%/2019 USD 150,000 170,870 0.15Transocean 2.5%/2017 USD 95,000 96,231 0.08Transocean 5.05%/2016 USD 100,000 109,988 0.10Vale Overseas 4.375%/2022 USD 175,000 170,453 0.15

Total for Cayman Islands 682,043 0.60

Chile Chilean Government 3.875%/2020 USD 155,000 162,363 0.14




Germany Kreditanstalt fuer Wiederaufbau SerGMTN 0.5%/2016 USD 240,000 239,376 0.21



Ser144A 11.625%/2019 USD 135,000 180,610 0.16

Total for Indonesia 180,610 0.16

Jersey Heathrow Funding Ser144A 4.875%/2021 USD 180,000 189,712 0.17

Total for Jersey 189,712 0.17

Luxembourg Gazprom Via Gaz Capital Ser144A 4.95%/2016 USD 200,000 213,168 0.19Telecom Italia Capital 5.25%/2015 USD 65,000 68,394 0.06


Panama Republic of Panama 5.2%/2020 USD 100,000 109,306 0.10

Total for Panama 109,306 0.10

Poland Polish Government 3%/2023 USD 80,000 73,064 0.07Polish Government 3.875%/2015 USD 265,000 277,870 0.24

Total for Poland 350,934 0.31

Russia Russian Government Foreign Bond

Ser144A step coupon 7.5%/2030 USD 100,100 116,836 0.10


Spain Telefonica Emisiones 3.192%/2018 USD 185,000 188,682 0.17Telefonica Emisiones 6.221%/2017 USD 145,000 164,513 0.14

Total for Spain 353,195 0.31


The fund’s objective is to maximise total return through investment primarily in a portfolio of US fixed income securities which may include, but is not limited to, transferable debt securities of the US government and its agencies, corporations and banks as well as mortgage and asset backed securities that qualify as eligible investments for UCITS within the meaning of article 41 (1) of the law of 17 December 2010 on undertakings for collective investment. Investment in mortgage and asset-backed securities by the fund may exceed 20% of Net Asset Value. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the fund may create synthetic short positions in bonds using various instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps.

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


45



U S A g g r e g a t e B o n d F u n d > > > c o n t i n u e d

Sweden Nordea Bank Ser144A 4.875%/2021 USD 290,000 303,015 0.27Svensk Exportkredit 5.125%/2017 USD 350,000 393,745 0.34


United Kingdom Invesco Finance 4%/2024 USD 85,000 84,547 0.07Lloyds Bank Ser144A 6.5%/2020 USD 200,000 227,878 0.20


United States of America Actavis 3.25%/2022 USD 175,000 164,287 0.14Altria Group 9.25%/2019 USD 215,000 283,622 0.25American International Group 4.125%/2024 USD 175,000 174,239 0.15American International Group 6.4%/2020 USD 65,000 77,165 0.07American Tower 3.4%/2019 USD 185,000 190,204 0.17Ameriprise Financial 7.3%/2019 USD 140,000 172,348 0.15Anadarko Petroleum 6.375%/2017 USD 185,000 212,206 0.19Avon Products 4.6%/2020 USD 160,000 161,370 0.14Bank of America 2%/2018 USD 250,000 249,563 0.22Bank of America 5.75%/2016 USD 145,000 159,907 0.14Boardwalk Pipelines 3.375%/2023 USD 160,000 144,642 0.13Bunge Ltd Finance 3.2%/2017 USD 65,000 67,100 0.06Bunge NA Finance 5.9%/2017 USD 205,000 224,175 0.20Burlington Northern Santa Fe 5.15%/2043 USD 240,000 246,596 0.22Burlington Northern Santa Fe 5.4%/2041 USD 75,000 78,921 0.07Cellco Partnership 8.5%/2018 USD 130,000 165,801 0.15CNA Financial 5.875%/2020 USD 215,000 245,615 0.22ConAgra Foods 3.2%/2023 USD 185,000 172,288 0.15DCP Midstream Operating 2.5%/2017 USD 90,000 90,421 0.08Dollar General 3.25%/2023 USD 200,000 184,571 0.16El Paso Natural Gas 5.95%/2017 USD 110,000 122,957 0.11Energy Transfer Partners 3.6%/2023 USD 150,000 139,395 0.12Energy Transfer Partners 5.2%/2022 USD 345,000 362,279 0.32Enterprise Products Operating 7.55%/2038 USD 115,000 146,491 0.13EQT 4.875%/2021 USD 275,000 283,217 0.25Equity One 3.75%/2022 USD 165,000 154,079 0.14Exelon Generation 6.25%/2039 USD 175,000 177,726 0.16Federal National Mortgage Association 4.375%/2015 USD 300,000 321,433 0.28FHLMC (Gold) Pool A90053 4.5%/2039 USD 93,477 99,041 0.09FHLMC (Gold) Pool A91947 5%/2040 USD 29,701 32,073 0.03FHLMC (Gold) Pool A93101 5%/2040 USD 159,717 172,469 0.15FHLMC (Gold) Pool A93451 4.5%/2040 USD 381,117 403,806 0.35FHLMC (Gold) Pool A94185 4%/2040 USD 3,484 3,584 0.00FHLMC (Gold) Pool A94251 4%/2040 USD 3,150 3,240 0.00FHLMC (Gold) Pool A94576 4%/2040 USD 1,852 1,905 0.00FHLMC (Gold) Pool A94713 4%/2040 USD 3,290 3,384 0.00FHLMC (Gold) Pool A95734 4%/2040 USD 25,716 26,451 0.02FHLMC (Gold) Pool A96312 4%/2041 USD 120,897 124,353 0.11FHLMC (Gold) Pool A97620 4.5%/2041 USD 5,207 5,517 0.00FHLMC (Gold) Pool C01787 6%/2034 USD 109,458 122,838 0.11FHLMC (Gold) Pool C04238 3.5%/2042 USD 669,239 664,742 0.58FHLMC (Gold) Pool C09036 3.5%/2043 USD 344,090 341,779 0.30FHLMC (Gold) Pool C09042 3.5%/2043 USD 254,239 252,531 0.22FHLMC (Gold) Pool E01341 5.5%/2018 USD 21,804 22,980 0.02FHLMC (Gold) Pool E01497 5.5%/2018 USD 6,167 6,499 0.01FHLMC (Gold) Pool G03551 6%/2037 USD 259,121 286,774 0.25FHLMC (Gold) Pool G04814 5.5%/2038 USD 1,139,586 1,246,956 1.10FHLMC (Gold) Pool G05535 4.5%/2039 USD 284,691 301,639 0.27FHLMC (Gold) Pool G05659 4.5%/2039 USD 377,521 399,995 0.35FHLMC (Gold) Pool G05955 5%/2040 USD 285,456 308,248 0.27FHLMC (Gold) Pool G05958 5%/2040 USD 791,738 854,953 0.75FHLMC (Gold) Pool G06231 4%/2040 USD 208,526 214,489 0.19FHLMC (Gold) Pool G06252 4%/2041 USD 5,030 5,174 0.00FHLMC (Gold) Pool G06506 4%/2040 USD 1,086 1,117 0.00FHLMC (Gold) Pool G08016 6%/2034 USD 630,561 697,854 0.61FHLMC (Gold) Pool G14817 3.5%/2026 USD 74,276 77,514 0.07FHLMC (Gold) Pool G18465 2.5%/2028 USD 199,845 198,128 0.17FHLMC (Gold) Pool J03640 6%/2021 USD 63,869 67,013 0.06FHLMC (Gold) Pool J15139 4%/2026 USD 115,026 121,515 0.11FHLMC (Gold) Pool Q04674 4%/2041 USD 82,388 84,744 0.07FHLMC (Gold) Pool Q14426 3%/2043 USD 759,604 720,556 0.63FHLMC (Gold) Pool V80025 3%/2043 USD 48,240 45,760 0.04FHLMC Pool 1B3203 VR 0.5%/2037 USD 39,116 41,603 0.04FHLMC Pool 1G1762 VR 2.9%/2035 USD 54,794 58,291 0.05

FirstEnergy SerC 7.375%/2031 USD 155,000 170,382 0.15FNMA 7.125%/2030 USD 100,000 136,392 0.12FNMA Pool 190360 5%/2035 USD 581,905 632,185 0.56FNMA Pool 254140 5.5%/2017 USD 16,705 17,751 0.02FNMA Pool 555526 5.5%/2018 USD 16,784 17,836 0.02FNMA Pool 569097 6.5%/2016 USD 18,132 20,078 0.02FNMA Pool 670373 6.5%/2017 USD 51,813 57,375 0.05FNMA Pool 725238 5%/2034 USD 64,309 69,866 0.06FNMA Pool 735318 4.5%/2019 USD 61,214 65,126 0.06FNMA Pool 735500 5.5%/2035 USD 41,763 45,920 0.04FNMA Pool 735575 5.5%/2018 USD 18,560 19,722 0.02FNMA Pool 735578 5%/2035 USD 107,238 116,504 0.10FNMA Pool 735997 5.5%/2035 USD 40,066 44,053 0.04FNMA Pool 745428 5.5%/2036 USD 260,574 286,509 0.25FNMA Pool 745453 5.5%/2021 USD 61,747 65,616 0.06FNMA Pool 745458 6%/2036 USD 786 872 0.00FNMA Pool 745516 5.5%/2036 USD 207,625 228,291 0.20FNMA Pool 745947 6.5%/2036 USD 13,277 14,719 0.01FNMA Pool 750412 6.5%/2033 USD 18,032 19,991 0.02FNMA Pool 763199 VR 1.861%/2033 USD 25,128 26,192 0.02FNMA Pool 764852 5%/2019 USD 134,544 143,352 0.13FNMA Pool 848522 VR 2.237%/2035 USD 19,561 20,634 0.02FNMA Pool 888223 5.5%/2036 USD 45,674 50,220 0.04FNMA Pool 888437 5.5%/2036 USD 41,306 45,418 0.04FNMA Pool 889307 5%/2037 USD 45,620 49,562 0.04FNMA Pool 889829 5%/2035 USD 382,494 415,544 0.37FNMA Pool 900724 5.5%/2021 USD 9,611 10,213 0.01FNMA Pool 901646 6.5%/2036 USD 4,946 5,483 0.00FNMA Pool 902382 6.5%/2036 USD 22,053 24,447 0.02FNMA Pool 905743 6.5%/2036 USD 30,239 33,523 0.03FNMA Pool 906064 6%/2037 USD 1,845 2,048 0.00FNMA Pool 923129 5.5%/2034 USD 23,524 25,865 0.02FNMA Pool 929836 6%/2038 USD 99,545 110,479 0.10FNMA Pool 933051 6.5%/2037 USD 68,845 76,321 0.07FNMA Pool 942477 6%/2022 USD 5,764 6,179 0.01FNMA Pool 948410 6%/2022 USD 10,593 11,356 0.01FNMA Pool 952502 6.5%/2037 USD 52,207 57,876 0.05FNMA Pool 953221 6%/2037 USD 4,870 5,405 0.00FNMA Pool 995051 6%/2037 USD 369,926 410,560 0.36FNMA Pool 995112 5.5%/2036 USD 82,769 91,008 0.08FNMA Pool 995203 5%/2035 USD 150,199 163,177 0.14FNMA Pool 995388 5.5%/2037 USD 26,254 28,868 0.03FNMA Pool 995434 5%/2023 USD 182,349 194,287 0.17FNMA Pool AB6491 3%/2042 USD 83,671 79,606 0.07FNMA Pool AB6496 3%/2042 USD 299,976 285,399 0.25FNMA Pool AB6633 3.5%/2042 USD 805,720 802,069 0.70FNMA Pool AB6670 3%/2042 USD 66,233 63,014 0.06FNMA Pool AB6768 3%/2042 USD 234,406 223,015 0.20FNMA Pool AB7143 2.5%/2027 USD 286,209 283,481 0.25FNMA Pool AB7846 3%/2043 USD 279,343 265,769 0.23FNMA Pool AB8700 3%/2043 USD 1,156,932 1,100,712 0.97FNMA Pool AC9582 5.5%/2040 USD 129,229 142,091 0.12FNMA Pool AE0624 4%/2040 USD 222,522 229,510 0.20FNMA Pool AE0698 4.5%/2040 USD 310,852 329,940 0.29FNMA Pool AE3884 4.5%/2040 USD 512,331 543,791 0.48FNMA Pool AE5471 4.5%/2040 USD 59,474 63,126 0.06FNMA Pool AH0921 4%/2040 USD 151,481 156,238 0.14FNMA Pool AH1111 4%/2040 USD 1,234,963 1,273,748 1.12FNMA Pool AL0065 4.5%/2041 USD 254,730 270,373 0.24FNMA Pool AL0160 4.5%/2041 USD 1,402,860 1,489,004 1.31FNMA Pool AL0546 5%/2041 USD 361,571 392,812 0.34FNMA Pool AL1105 4.5%/2040 USD 445,964 473,349 0.42FNMA Pool AL1321 3.5%/2026 USD 236,534 247,437 0.22FNMA Pool AL1408 3.5%/2027 USD 86,425 90,409 0.08FNMA Pool AL1524 4.5%/2040 USD 50,326 53,416 0.05FNMA Pool AL1697 4%/2041 USD 603,368 622,318 0.55FNMA Pool AL1938 4%/2026 USD 152,182 161,242 0.14FNMA Pool AL2118 4%/2042 USD 216,707 223,513 0.20FNMA Pool AL2462 2.5%/2027 USD 797,772 790,169 0.69FNMA Pool AL2579 4%/2026 USD 447,871 474,533 0.42FNMA Pool AL2645 4.5%/2027 USD 436,243 464,121 0.41FNMA Pool AL2661 4%/2026 USD 42,197 44,709 0.04FNMA Pool AO7977 3%/2027 USD 632,820 646,168 0.57FNMA Pool AP7539 3%/2027 USD 222,065 226,750 0.20

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


46




FNMA Pool AP9736 3.5%/2042 USD 652,931 649,973 0.57FNMA Pool AP9785 2.5%/2027 USD 356,521 353,123 0.31FNMA Pool AQ0546 3.5%/2042 USD 305,490 304,105 0.27FNMA Pool AQ9330 3.5%/2043 USD 135,158 134,545 0.12FNMA Pool AT2060 2.5%/2028 USD 273,813 271,203 0.24FNMA Pool AT2721 3%/2043 USD 779,294 741,425 0.65FNMA Pool MA0639 4%/2041 USD 381,027 392,994 0.35FNMA Pool MA0907 4%/2041 USD 122,479 126,325 0.11FNMA Pool MA0971 4%/2042 USD 349,772 360,757 0.32Ford Motor Credit 5.75%/2021 USD 600,000 674,874 0.59GATX 2.5%/2019 USD 150,000 149,086 0.13GATX 3.5%/2016 USD 110,000 115,021 0.10GATX 4.85%/2021 USD 150,000 153,645 0.13GNMA 2010-103 IN 4.5%/2039 USD 111,281 15,024 0.01GNMA 2010-92 PI 4.5%/2037 USD 332,463 46,850 0.04GNMA 2011-41 AI 4.5%/2039 USD 489,925 87,205 0.08GNMA 2011-88 EI 4.5%/2039 USD 88,046 15,658 0.01GNMA 2013-24 OI 4%/2043 USD 129,612 31,864 0.03GNMA I Pool 616826 5.5%/2035 USD 20,397 22,421 0.02GNMA I Pool 783403 3.5%/2041 USD 170,503 172,128 0.15GNMA II Pool 3306 5.5%/2032 USD 193,146 212,672 0.19GNMA II Pool 3490 6.5%/2033 USD 396,142 438,789 0.39GNMA II Pool 3611 6%/2034 USD 108,735 119,932 0.11GNMA II Pool 4060 6%/2037 USD 16,441 18,134 0.02GNMA II Pool 4498 6%/2039 USD 15,496 17,091 0.01GNMA II Pool 4559 5%/2039 USD 71,396 78,219 0.07GNMA II Pool 4577 4.5%/2039 USD 32,417 34,681 0.03GNMA II Pool 4618 5%/2040 USD 77,451 83,998 0.07GNMA II Pool 4800 4%/2040 USD 59,088 61,534 0.05GNMA II Pool 4801 4.5%/2040 USD 129,586 138,636 0.12GNMA II Pool 4833 4%/2040 USD 165,186 172,026 0.15GNMA II Pool 4854 4.5%/2040 USD 104,953 112,283 0.10GNMA II Pool 4882 4%/2040 USD 213,963 222,823 0.20GNMA II Pool 4946 4.5%/2041 USD 423,336 452,904 0.40GNMA II Pool 4978 4.5%/2041 USD 325,385 348,111 0.31GNMA II Pool 4979 5%/2041 USD 284,918 309,003 0.27GNMA II Pool 5301 3.5%/2027 USD 250,381 261,725 0.23GNMA II Pool MA0072 2.5%/2027 USD 249,190 248,918 0.22GNMA II Pool MA0221 4%/2042 USD 240,992 250,971 0.22GNMA II Pool MA0374 2.5%/2027 USD 560,360 559,747 0.49GNMA II Pool MA0392 3.5%/2042 USD 381,441 385,434 0.34GNMA II Pool MA0623 2.5%/2042 USD 130,647 121,142 0.11GNMA II Pool MA0624 3%/2042 USD 683,304 660,990 0.58GNMA II Pool MA0697 2.5%/2043 USD 492,541 456,139 0.40GNMA II Pool MA0781 2.5%/2043 USD 244,253 226,201 0.20GNMA II Pool MA0986 2.5%/2028 USD 476,510 477,837 0.42GNMA II Pool MA1011 3%/2043 USD 392,884 380,054 0.33GNMA II Pool MA1012 3.5%/2043 USD 1,179,416 1,191,763 1.05GNMA II Pool MA1064 2.5%/2028 USD 37,702 37,807 0.03GNMA II Pool MA1089 3%/2043 USD 631,698 611,069 0.54GNMA II Pool MA1447 3%/2043 USD 243,768 235,808 0.21Goldman Sachs Group 2.375%/2018 USD 100,000 100,319 0.09Goldman Sachs Group 2.9%/2018 USD 225,000 229,525 0.20Goldman Sachs Group 3.625%/2023 USD 165,000 160,090 0.14Goldman Sachs Group 5.75%/2022 USD 315,000 354,354 0.31Goldman Sachs Group SerGMTN 7.5%/2019 USD 200,000 243,866 0.21Hospitality Properties Trust 5.625%/2017 USD 115,000 124,821 0.11Hyatt Hotels 3.875%/2016 USD 290,000 306,452 0.27International Paper 4.75%/2022 USD 330,000 347,662 0.31Interpublic Group of Companies 2.25%/2017 USD 50,000 49,384 0.04Interpublic Group of Companies 3.75%/2023 USD 70,000 65,694 0.06Interpublic Group of Companies 4%/2022 USD 65,000 62,430 0.05JPMorgan Chase & Co 2%/2017 USD 110,000 111,156 0.10JPMorgan Chase & Co 4.5%/2022 USD 495,000 525,103 0.46Kilroy Realty 4.8%/2018 USD 145,000 155,457 0.14Kroger 3.3%/2021 USD 110,000 109,649 0.10Merrill Lynch SerMTN 6.875%/2018 USD 400,000 473,158 0.42Morgan Stanley 2.125%/2018 USD 355,000 353,220 0.31Morgan Stanley SerGMTN 5.5%/2021 USD 185,000 206,829 0.18Morgan Stanley SerGMTN 7.3%/2019 USD 175,000 212,968 0.19Morgan Stanley SerMTN 5.95%/2017 USD 215,000 245,489 0.22Murphy Oil 4%/2022 USD 215,000 206,448 0.18Newell Rubbermaid 2.05%/2017 USD 55,000 54,597 0.05Nisource Finance 5.95%/2041 USD 125,000 131,340 0.11

Nisource Finance 6.25%/2040 USD 90,000 97,558 0.09Noble Energy 6%/2041 USD 120,000 131,446 0.11ONEOK Partners 3.2%/2018 USD 30,000 30,744 0.03Packaging of America 4.5%/2023 USD 55,000 55,212 0.05Pioneer Natural Resources 3.95%/2022 USD 130,000 129,819 0.11Plains All American Pipeline 5.75%/2020 USD 250,000 286,089 0.25PPL Capital Funding 3.5%/2022 USD 90,000 85,266 0.07Principal Financial Group 6.05%/2036 USD 180,000 205,955 0.18Principal Financial Group 8.875%/2019 USD 20,000 25,687 0.02Provident 7%/2018 USD 165,000 188,385 0.16Reinsurance Group of America 5%/2021 USD 105,000 110,568 0.10Reinsurance Group of America 5.625%/2017 USD 50,000 55,207 0.05Reinsurance Group of America 6.45%/2019 USD 70,000 80,923 0.07Republic Services 5.7%/2041 USD 110,000 118,905 0.10Reynolds American 3.25%/2022 USD 90,000 83,162 0.07Rowan 4.875%/2022 USD 100,000 101,921 0.09Rowan 5%/2017 USD 105,000 114,350 0.10Southwest Airlines 5.125%/2017 USD 140,000 152,283 0.13Thermo Fisher Scientific 1.85%/2018 USD 10,000 9,952 0.01Thermo Fisher Scientific 2.4%/2019 USD 40,000 39,744 0.03Thermo Fisher Scientific 4.15%/2024 USD 90,000 89,606 0.08Tyson Foods 4.5%/2022 USD 130,000 133,035 0.12Unum Group 5.625%/2020 USD 80,000 88,079 0.08US Airways 2012-2 Class A Pass Through Trust

4.625%/2025 USD 119,588 122,055 0.11US Treasury 0.625%/2017 USD 2,630,000 2,564,558 2.25US Treasury 0.875%/2017 USD 5,800,000 5,800,000 5.10US Treasury 1.25%/2018 USD 240,000 235,378 0.21US Treasury 2.625%/2016 USD 5,225,000 5,481,556 4.82US Treasury 3.125%/2043 USD 2,685,000 2,314,554 2.03US Treasury 4.625%/2040 USD 810,000 920,552 0.81US Treasury Inflation Indexed 2% 15/7/2014 USD 956,000 1,211,371 1.06Valmont Industries 6.625%/2020 USD 150,000 167,908 0.15Verizon Communications 4.5%/2020 USD 210,000 224,980 0.20Verizon Communications 5.15%/2023 USD 175,000 188,372 0.16Verizon Communications 6.4%/2033 USD 720,000 831,082 0.73Walt Disney SerMTN 1.1%/2017 USD 185,000 182,433 0.16Weingarten Realty Investors 3.5%/2023 USD 40,000 36,745 0.03Western Gas Partners 4%/2022 USD 175,000 167,673 0.15Whirlpool SerMTN 3.7%/2023 USD 125,000 119,633 0.10Williams Partners 4.125%/2020 USD 70,000 71,693 0.06Williams Partners 6.3%/2040 USD 180,000 195,286 0.17Xerox 6.35%/2018 USD 185,000 213,255 0.19



Transferable Securities Traded on Another Regulated MarketAustralia Origin Energy Finance Ser144A 3.5%/2018 USD 200,000 201,427 0.18SMART Trust 2012-4US A4A 1.25%/2018 USD 190,000 189,310 0.17SMART Trust 2013-1US A4A 1.05%/2018 USD 90,000 89,464 0.08SMART Trust 2013-2US A4A 1.18%/2019 USD 110,000 108,581 0.09



Ser144A 5.603%/2020 USD 100,000 108,000 0.10


Chile Banco Santander Chile Ser144A 3.875%/2022 USD 150,000 143,057 0.13Corporación Nacional del Cobre de Chile

Ser144A 7.5%/2019 USD 155,000 184,831 0.16


France BNP Paribas SerMTN 2.7%/2018 USD 160,000 162,738 0.14RCI Banque Ser144A 4.6%/2016 USD 200,000 212,119 0.19


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


47




Ireland Iberdrola Finance Ireland Ser144A 3.8% 11/9/2014 USD 135,000 137,595 0.12Perrigo Ser144A 2.3%/2018 USD 200,000 198,160 0.17


Italy Intesa Sanpaolo 3.125%/2016 USD 200,000 204,135 0.18


Luxembourg Holcim US Finance Ser144A 6%/2019 USD 135,000 153,821 0.14SES Ser144A 3.6%/2023 USD 95,000 89,331 0.08


Mexico Petroleos Mexicanos 3.5%/2018 USD 95,000 97,786 0.09Petroleos Mexicanos 4.875%/2022 USD 535,000 550,218 0.48


Netherlands Cooperatieve Centrale Raiffeisen-Boerenleenbank

4.625%/2023 USD 250,000 250,797 0.22EADS Finance Ser144A 2.7%/2023 USD 190,000 175,016 0.15LYB International Finance 4%/2023 USD 45,000 44,435 0.04Petrobras Global Finance 4.375%/2023 USD 125,000 111,709 0.10


Norway Statoil SerFXD 1.95%/2018 USD 125,000 124,204 0.11


Trinidad & Tobago National Gas of Trinidad & Tobago Ser144A 6.05%/2036 USD 340,000 357,000 0.31

Total for Trinidad & Tobago 357,000 0.31

United Kingdom Holmes Master Issuer 2012-1A A2

Ser144A VR 1.927%/2054 USD 221,748 224,613 0.20Lanark Master Issuer 2013-1A 1A1

Ser144A VR 0.741%/2054 USD 265,000 264,862 0.23Motor 12A A1C Ser144A 1.286%/2020 USD 250,000 250,294 0.22PPL WEM Holdings Ser144A 3.9%/2016 USD 240,000 250,986 0.22Santander UK Ser144A 5%/2023 USD 200,000 201,359 0.18WPP Finance 2010 4.75%/2021 USD 300,000 313,023 0.27


United States of America Aflac 3.625%/2023 USD 190,000 184,003 0.16Ally Auto Receivables Trust 2012-A D

Ser144A 3.15%/2018 USD 70,000 72,275 0.06American Express Credit Account Master Trust

2012-5 C Ser144A 1.07%/2018 USD 100,000 100,406 0.09Apple 2.4%/2023 USD 380,000 341,935 0.30Avis Budget Rental Car Funding AESOP

2013-1A A Ser144A 1.92%/2019 USD 270,000 265,485 0.23Avon Products 5%/2023 USD 165,000 162,810 0.14Banc of America Commercial Mortgage Trust

2006-5 AM 5.448%/2047 USD 275,000 294,871 0.26Bank of America 3.875%/2017 USD 190,000 202,741 0.18Bank of America Commercial Mortgage Trust

2007-4 AM VR 5.81%/2051 USD 120,000 132,736 0.12Bank of America Merrill Lynch Commercial Mortgage

2005-3 A2 4.501%/2043 USD 78,661 78,922 0.07Bank of America Mortgage Securities

2004-A 2A2 VR 2.793%/2034 USD 18,687 18,492 0.02Bank of America Mortgage Securities

2004-B 2A2 VR 2.879%/2034 USD 115,149 115,229 0.10Bank of America Mortgage Securities

2004-D 2A2 VR 2.866%/2034 USD 259,726 256,401 0.22Bank of America Mortgage Securities

2004-H 2A2 VR 2.754%/2034 USD 111,985 111,285 0.10Bank of America Mortgage Securities

2004-I 3A2 VR 2.746%/2034 USD 50,945 51,732 0.05

Bank of America Mortgage Securities 2005-J 2A1 VR 3.099%/2035 USD 279,940 259,411 0.23

Bank of America Mortgage Securities 2005-J 3A1 VR 3.136%/2035 USD 125,950 116,874 0.10

Bank of New York Mellon SerD VR 4.5%/2049 USD 145,000 130,295 0.11Baxter International 3.2%/2023 USD 115,000 110,486 0.10Bay Area Toll Authority California 6.263%/2049 USD 150,000 181,995 0.16Bear Stearns Commercial Mortgage Securities Trust

2005-PWR9 AAB 4.804%/2042 USD 343,640 348,111 0.31Bear Stearns Commercial Mortgage Securities Trust

2007-PW17 A4 VR 5.694%/2050 USD 120,000 134,753 0.12Berkshire Hathaway Finance 4.3%/2043 USD 110,000 99,606 0.09Cabela’s Master Credit Card Trust 2012-1A

Ser144A 1.63%/2020 USD 100,000 101,016 0.09California Educational Facilities Authority

5.25%/2040 USD 110,000 128,061 0.11Capital Auto Receivables Asset Trust

2013-1 B 1.29%/2018 USD 15,000 14,861 0.01Capital Auto Receivables Asset Trust

2013-1 C 1.74%/2018 USD 20,000 19,774 0.02CarMax Auto Owner Trust 2010-2 B 3.96%/2016 USD 380,000 387,306 0.34CC Holdings GS V / Crown Castle GS III 3.849%/2023 USD 350,000 328,666 0.29Celgene 5.25%/2043 USD 110,000 111,933 0.10Chase Issuance Trust 2013-A8 A8 1.01%/2018 USD 145,000 144,819 0.13Chicago Illinois Metropolitan Water Reclamation

5.72%/2038 USD 225,000 241,654 0.21Chicago Illinois O’Hare International Airport General

Third Lien Series B 6.395%/2040 USD 170,000 189,560 0.17Chicago Illinois Transit Authority Sales And

Taxable-pension Funding Series A 6.899%/2040 USD 170,000 190,941 0.17City of Houston 5%/2023 USD 105,000 120,098 0.11City of Los Angeles Department of Airports

7.053%/2040 USD 185,000 220,457 0.19City of New York 5.846%/2040 USD 100,000 110,441 0.10CKE Restaurant Holdings 2013-1A A2

Ser144A 4.474%/2043 USD 291,681 294,598 0.26CNH Equipment Trust 2012-D B 1.27%/2020 USD 105,000 104,454 0.09CNH Equipment Trust 2013-C A3 1.02%/2018 USD 70,000 70,351 0.06CNH Equipment Trust 2013-D A3 0.77%/2018 USD 150,000 149,821 0.13CNH Wholesale Master Note Trust

2013-2A A VR 0.768%/2019 USD 155,000 155,310 0.14Comcast 6.95%/2037 USD 185,000 228,939 0.20Commercial Mortgage Pass Through Certificates

2013-CR13 C VR 4.757%/2046 USD 85,000 83,240 0.07Commercial Mortgage Trust 2007-GG9 AM 5.475%/2039 USD 75,000 80,061 0.07Commercial Mortgage Trust 2007-GG9 AMFX 5.475%/2039 USD 140,000 148,224 0.13Commonwealth of Massachusetts 4.5%/2031 USD 160,000 158,893 0.14Commonwealth of Pennsylvania 5%/2021 USD 115,000 134,624 0.12Commonwealth of Pennsylvania 5%/2024 USD 55,000 62,596 0.06Commonwealth of Pennsylvania 5%/2025 USD 45,000 51,088 0.04Commonwealth of Virginia 5%/2023 USD 40,000 47,563 0.04Continental Airlines 2009-2 Class A Pass Through Trust

SerA 7.25%/2019 USD 82,608 94,895 0.08Continental Airlines 2010-1 Class A Pass Through Trust

SerA 4.75%/2021 USD 62,447 66,349 0.06Continental Airlines 2012-1 Class A Pass Through Trust

SerA 4.15%/2024 USD 43,893 44,304 0.04COX Communications Ser144A 3.25%/2022 USD 230,000 208,988 0.18COX Communications Ser144A 8.375%/2039 USD 110,000 134,759 0.12Credit Suisse First Boston Commercial Mortgage

Pass-Through Certificates Series 2008-C1 A3 VR 6.038%/2041 USD 545,000 617,068 0.54

Crown Castle Towers Ser144A 6.113%/2020 USD 213,000 239,526 0.21DCP Midstream Operating 3.875%/2023 USD 85,000 78,691 0.07Delta Air Lines 2010-2 Class A Pass Through Trust

Ser2A 4.95%/2019 USD 54,199 58,721 0.05Delta Air Lines 2011-1 Class A Pass Through Trust

SerA 5.3%/2019 USD 49,580 54,398 0.05Denver City & County School District No 1 4.242%/2037 USD 70,000 63,031 0.06Diamond Resorts Owner Trust 2013-2 A 2.27%/2026 USD 121,242 121,014 0.11DIRECTV Holdings 5.875%/2019 USD 230,000 262,621 0.23District of Columbia 5.25%/2034 USD 170,000 183,029 0.16District of Columbia 5.591%/2034 USD 60,000 65,863 0.06

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


48




Domino’s Pizza Master Issuer 2012-1A A2 Ser144A 5.216%/2042 USD 326,206 346,697 0.30

East Bay Municipal Utility District 5.874%/2040 USD 220,000 252,855 0.22Enogex Ser144A 6.25%/2020 USD 60,000 65,114 0.06Enterprise Fleet Financing 2013-2 A2 1.06%/2019 USD 200,000 200,188 0.18Enterprise Products Operating 3.35%/2023 USD 185,000 175,842 0.15FHLMC Multifamily Structured Pass Through

Certificates 1.875%/2022 USD 122,642 120,681 0.11FHLMC Multifamily Structured Pass Through

Certificates K502 A2 1.426%/2017 USD 75,000 75,345 0.07FirstEnergy SerA 2.75%/2018 USD 65,000 63,992 0.06FirstEnergy SerB 4.25%/2023 USD 130,000 121,675 0.11Fiserv 3.125%/2016 USD 80,000 83,672 0.07Fiserv 3.5%/2022 USD 80,000 75,175 0.07Florida Hurricane Catastrophe Fund Finance

1.298%/2016 USD 125,000 125,481 0.11Florida Hurricane Catastrophe Fund Finance

SerA 2.995%/2020 USD 140,000 133,032 0.12Ford Credit Floorplan Master Owner Trust

2010-3 C Ser144A 4.99%/2017 USD 590,000 613,137 0.54FREMF Mortgage Trust 2012-K22 B

Ser144A VR 3.686%/2045 USD 95,000 88,071 0.08FREMF Mortgage Trust 2012-K711 B







Ser144A VR 3.165%/2046 USD 150,000 141,140 0.12GE Equipment Small Ticket Series

2013-1A A3 1.02%/2017 USD 115,000 115,459 0.10Grain Spectrum Funding Ser144A 4%/2018 USD 195,000 193,836 0.17Greenwich Capital Commercial Funding

2005-GG3 AAB 4.619%/2042 USD 127,149 127,922 0.11GS Mortgage Securities II 2012-GCJ9 A3 2.773%/2045 USD 135,000 126,434 0.11GSAA Trust 2005-8 A3 VR 0.6%/2035 USD 95,946 91,029 0.08GTP Acquisition Partners I Ser144A 2.364%/2018 USD 125,000 122,336 0.11GTP Acquisition Partners I Ser144A 4.347%/2016 USD 70,000 73,807 0.06Gulf South Pipeline 4%/2022 USD 120,000 117,462 0.10Housing Development 6.42%/2027 USD 14,047 14,056 0.01Huntington Auto Trust 2011-1A C

Ser144A 2.53%/2017 USD 155,000 157,452 0.14Hyundai Auto Lease Securitization Trust

2012-A A4 Ser144A 1.05%/2017 USD 100,000 100,388 0.09Hyundai Auto Lease Securitization Trust

2013-B A2 0.75%/2016 USD 200,000 200,313 0.18Hyundai Capital America Ser144A 1.875%/2016 USD 55,000 55,310 0.05Hyundai Capital America Ser144A 2.875%/2018 USD 90,000 90,504 0.08ING US 2.9%/2018 USD 95,000 97,166 0.09JobsOhio Beverage System 4.532%/2035 USD 100,000 92,807 0.08JP Morgan Chase Commercial Mortgage Securities

2005-LDP4 ASB VR 4.824%/2042 USD 295,876 300,604 0.26JP Morgan Chase Commercial Mortgage Securities

2006-CB15 A4 VR 5.814%/2043 USD 716,234 773,959 0.68JP Morgan Chase Commercial Mortgage Securities

2006-LDP9 A3 5.336%/2047 USD 160,000 175,497 0.15JP Morgan Chase Commercial Mortgage Securities

2007-CB18 A4 5.44%/2047 USD 380,000 418,436 0.37JP Morgan Chase Commercial Mortgage Securities

2007-CB19 AM VR 5.711%/2049 USD 180,000 193,890 0.17JP Morgan Chase Commercial Mortgage Securities

2007-LD12 A4 VR 5.882%/2051 USD 210,000 235,598 0.21JP Morgan Chase Commercial Mortgage Securities

2007-LD12 AM VR 6%/2051 USD 140,000 155,654 0.14JP Morgan Chase Commercial Mortgage Securities

2012-C8 A3 2.829%/2045 USD 185,000 174,973 0.15

JP Morgan Chase Commercial Mortgage Securities Trust 2007-CB19 A4 VR 5.71%/2049 USD 200,000 222,601 0.20

JP Morgan Chase Commercial Mortgage Series Trust 2013-LC11 2013-LC11 A5 2.96%/2046 USD 145,000 136,529 0.12

JPMorgan Chase & Co 3.375%/2023 USD 140,000 131,081 0.12Kansas Development Finance Authority 5.501%/2034 USD 200,000 207,444 0.18Kilroy Realty 6.625%/2020 USD 90,000 102,432 0.09LB-UBS Commercial Mortgage Trust

2007-C6 AM VR 6.114%/2040 USD 65,000 71,505 0.06LB-UBS Commercial Mortgage Trust

2008-C1 AM VR 6.16%/2041 USD 40,000 45,405 0.04Life Technologies 3.5%/2016 USD 175,000 183,064 0.16Life Technologies 6%/2020 USD 125,000 144,214 0.13Los Angeles Department of Water & Power 5%/2043 USD 125,000 129,371 0.11Maryland State Transportation Authority 5.754%/2041 USD 200,000 215,628 0.19Maryland State Transportation Authority 5.888%/2043 USD 165,000 187,653 0.16Massachusetts Bay Transportation Authority 5%/2020 USD 80,000 94,282 0.08McKesson 1.4%/2018 USD 130,000 125,154 0.11Mercedes Benz Auto Lease Trust 2013-B A4 0.76%/2019 USD 135,000 135,004 0.12Merrill Lynch Mortgage Trust 2006-C2 AM VR 5.782%/2043 USD 135,000 148,427 0.13Merrill Lynch Mortgage Trust 2008-C1 A4 5.69%/2051 USD 430,000 481,888 0.42Metropolitan Transportation Authority New York

Taxable SerC-build America Bds- 7.336%/2039 USD 80,000 104,763 0.09Morgan Stanley 3.75%/2023 USD 240,000 234,382 0.21Morgan Stanley 5%/2025 USD 240,000 241,903 0.21MVW Owner Trust 2013-1 2013-1A A

Ser144A 2.15%/2030 USD 90,821 91,222 0.08Navistar Financial Dealer Note Master Trust 2013-2 A

Ser144A VR 0.84%/2018 USD 145,000 145,102 0.13NBCUniversal Enterprise Ser144A 1.974%/2019 USD 110,000 107,202 0.09NBCUniversal Media 2.875%/2023 USD 80,000 74,281 0.07New York City Transitional Finance Authority Future




Tax Secured Revenue 5.508%/2037 USD 270,000 301,965 0.26New York City Water & Sewer System 5.952%/2042 USD 120,000 139,291 0.12New York State Urban Development 5%/2043 USD 190,000 195,635 0.17Nissan Auto Lease Trust 2013-B 2013-B A3 0.75%/2016 USD 35,000 35,024 0.03Nissan Auto Receivables 2013-B Owner Trust 2013-B A3

0.84%/2017 USD 100,000 100,507 0.09Nordstrom Credit Card Master Note Trust II 2011-1A A

Ser144A 2.28%/2019 USD 385,000 395,357 0.35NVR 3.95%/2022 USD 195,000 185,250 0.16O’Reilly Automotive 4.875%/2021 USD 175,000 184,015 0.16Philadelphia Authority for Industrial Development

3.964%/2026 USD 270,000 239,290 0.21Phillips 66 4.3%/2022 USD 120,000 122,256 0.11Port Authority of New York & New Jersey 4.458%/2062 USD 330,000 284,919 0.25PPL Capital Funding 3.4%/2023 USD 85,000 79,370 0.07Regional Transportation District 5%/2038 USD 165,000 169,990 0.15San Diego County Water Authority 6.138%/2049 USD 125,000 145,300 0.13SBA Tower Trust Ser144A 2.933%/2017 USD 150,000 153,129 0.13Sequoia Mortgage Trust 2010-H1 A1 VR 0.06%/2040 USD 6,703 6,606 0.01Sequoia Mortgage Trust 2013-6 A1 VR 6.1%/2043 USD 184,991 168,838 0.15Sequoia Mortgage Trust 2013-7 A2 VR 2.5%/2043 USD 97,539 90,518 0.08Sierra Timeshare 2013-1 Receivables Funding

2013-1A A 1.59%/2029 USD 87,579 87,203 0.08Sierra Timeshare 2013-2 Receivables Funding

2013-2A A Ser144A 2.28%/2025 USD 164,777 164,622 0.14Sierra Timeshare Receivables Funding 2013-3A A

Ser144A 2.2%/2030 USD 143,603 142,961 0.13Spectra Energy Capital 3.3%/2023 USD 185,000 164,314 0.14State of California 5%/2043 USD 25,000 25,294 0.02State of Florida Lottery Revenue 5%/2020 USD 440,000 512,442 0.45State of Georgia SerA 5%/2021 USD 100,000 119,050 0.10State of Georgia SerA 5%/2023 USD 100,000 117,437 0.10State Street 3.1%/2023 USD 65,000 60,352 0.05Texas Transportation Commission St Highway Fund

Taxable-first Tier Series B 5.178%/2030 USD 130,000 140,092 0.12

InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net


DenominationNominal

Value

Market Value

(USD)% of Net

Assets


49




Tompkins County Industrial Development Agency 5%/2037 USD 170,000 178,646 0.16

University of Texas System 5%/2043 USD 165,000 173,357 0.15University of Virginia 5%/2040 USD 200,000 205,114 0.18University of Virginia 5%/2043 USD 40,000 42,818 0.04US Airways 2013-1 Class A Pass Through Trust

3.95%/2025 USD 125,000 122,422 0.11Utah Transit Authority 5.937%/2039 USD 185,000 211,157 0.19Utility Debt Securitization Authority Series

2013-T T1 2.042%/2021 USD 100,000 99,431 0.09Verisk Analytics 5.8%/2021 USD 115,000 124,606 0.11Virginia College Building Authority 5%/2022 USD 45,000 52,679 0.05Virginia Commonwealth Transportation Board

5.35%/2035 USD 45,000 46,871 0.04Virginia Public Building Authority 5.9%/2030 USD 100,000 109,242 0.10Virginia Public School Authority 5%/2023 USD 150,000 173,520 0.15Volkswagen Auto Lease Trust 2012-A A4 1.06%/2017 USD 160,000 160,787 0.14WEA Finance Ser144A 3.375%/2022 USD 105,000 99,810 0.09Wells Fargo Mortgage Backed Securities Trust

2005-AR2 2A2 VR 2.673%/2035 USD 87,643 88,791 0.08WF-RBS Commercial Mortgage Trust

2013-C13 A4 3.001%/2045 USD 185,000 174,326 0.15Williams Companies 3.7%/2023 USD 135,000 118,510 0.10WM Wrigley Jr Ser144A 2.4%/2018 USD 70,000 69,554 0.06



Recently Issued Transferable SecuritiesUnited States of America American Airlines 2013-1 Class A Pass Through Trust

Ser144A 4%/2025 USD 75,000 73,828 0.07American Airlines 2013-2 Class A Pass Through Trust

Ser144A 4.95%/2023 USD 200,000 208,500 0.18Kansas City Southern Railway Ser144A 4.3%/2043 USD 305,000 265,297 0.23Nabors Industries Ser144A 2.35%/2016 USD 25,000 25,293 0.02




Net Unrealised Gain on Open Forward Currency Exchange Contracts attributable to Hedged Shares (See note 3a) 153,971 0.13

Futures Contracts


Contract Value

(USD)


(USD)% of Net

Assets

Short, 9 US Long Bond Note Contracts Goldman Sachs March 2014 (1,158,469) 10,055

Short, 79 ten-year US Treasury Note Contracts Goldman Sachs March 2014 (9,721,938) 158,000

Unrealised Gain on Futures Contracts 168,055


Contract Value

(USD)


(USD)% of Net

Assets

Long, 3 US Ultra Bond Note Contracts Goldman Sachs March 2014 411,469 (4,771)

Long, 9 five-year US Treasury Note Contracts Goldman Sachs March 2014 1,073,813 (13,178)

Unrealised Loss on Futures Contracts (17,949)



Net Assets 113,760,387 100.00

Counterparty


(USD)% of Net

Assets

Goldman Sachs 150,106 JP Morgan Chase 153,971

Total 304,077 0.27

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933

FHLMC: Federal Home Loan Mortgage CorporationFNMA: Federal National Mortgage AssociationGMTN: Global Medium Term NoteGNMA: Government National Mortgage AssociationMTN: Medium Term Note

VR: variable rate, rate shown is effective rate at year-endUSD: United States Dollar


InvestmentCurrency

DenominationNominal

Value

Market Value

(USD)% of Net

Assets


50


A s i a n e x - J a p a n E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in the markets of Asia (excluding Japan).

Transferable Securities Admitted to an Official Exchange ListingCommon stocks China AAC Technologies Holdings HKD 2,567,500 12,466,486 1.15Agile Property Holdings HKD 4,898,000 5,249,143 0.49Anhui Conch Cement H-shares HKD 3,470,000 12,865,774 1.19Baidu ADR USD 187,900 33,295,880 3.07China Cinda Asset Management H-shares HKD 88,000 54,928 0.01China Construction Bank H-shares HKD 11,263,000 8,497,253 0.78China Longyuan Power Group H-shares HKD 3,395,000 4,373,951 0.40China Pacific Insurance Group H-shares HKD 3,358,000 13,165,061 1.22China Vanke A-shares1 CNY 721,000 956,331 0.09Ctrip.com International ADR USD 111,700 5,560,426 0.51Dongfeng Motor Group H-shares HKD 12,152,000 19,025,455 1.76ENN Energy Holdings HKD 1,292,000 9,555,745 0.88Home Inns & Hotels Management ADR USD 32,132 1,388,424 0.13Huaneng Renewables H-shares HKD 6,624,000 3,177,839 0.29Mindray Medical International ADR USD 300,900 10,976,832 1.01Ping An Insurance Group of China H-shares HKD 496,500 4,446,928 0.41Tencent Holdings HKD 230,600 14,708,962 1.36Uni-President China Holdings HKD 5,029,000 5,123,625 0.47Want Want China Holdings HKD 564,000 814,640 0.08Wumart Stores H-shares HKD 3,339,000 5,425,697 0.50Zhongsheng Group Holdings HKD 3,994,500 5,512,071 0.51Zoomlion Heavy Industry Science and Technology H-shares HKD 5,374,200 5,017,888 0.46

Total China 181,659,339 16.77

Hong Kong AIA Group HKD 7,464,600 37,447,665 3.46Ajisen China Holdings HKD 3,230,000 3,340,762 0.31China Mengniu Dairy HKD 1,400,000 6,644,227 0.61China Merchants Holdings International HKD 4,358,000 15,905,315 1.47China Unicom HKD 5,682,000 8,500,174 0.78CIMC Enric Holdings HKD 1,728,000 2,785,623 0.26CNOOC HKD 12,511,000 23,266,223 2.15Dah Chong Hong Holdings HKD 4,001,000 2,992,714 0.28Digital China Holdings HKD 480,000 565,791 0.05Hang Lung Properties HKD 2,701,000 8,534,130 0.79HKT Trust / HKT HKD 5,575,000 5,507,344 0.51Hutchison Whampoa HKD 2,751,000 37,393,817 3.45Jardine Matheson Holdings USD 400,000 20,924,000 1.93Jardine Strategic Holdings USD 227,000 7,264,000 0.67Li & Fung HKD 3,840,000 4,952,219 0.46Sino Biopharmaceutical HKD 800,000 634,503 0.06Sun Hung Kai Properties HKD 789,000 10,007,370 0.92Swire Pacific Class A HKD 1,062,000 12,449,646 1.15Trinity HKD 9,142,000 3,065,372 0.28VTech Holdings HKD 400,800 5,205,061 0.48Yue Yuen Industrial Holdings HKD 2,625,500 8,769,612 0.81

Total Hong Kong 226,155,568 20.88

India Aditya Birla Nuvo INR 219,184 4,399,256 0.41Bharti Airtel INR 2,483,436 13,246,463 1.22Cummins India INR 791,077 6,122,015 0.56GAIL India INR 1,030,669 5,698,102 0.53HDFC Bank INR 1,049,288 11,513,387 1.06ICICI Bank INR 301,637 5,352,881 0.49Infosys INR 380,097 21,398,451 1.98ITC INR 1,354,737 7,042,269 0.65Maruti Suzuki India INR 283,941 8,089,212 0.75NTPC INR 3,064,251 6,780,302 0.63Oberoi Realty INR 797,796 3,016,459 0.28Phoenix Mills INR 928,967 3,415,640 0.32Tata Consultancy Services INR 121,769 4,271,798 0.39Ultratech Cement INR 164,534 4,687,950 0.43

Total India 105,034,185 9.70

InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net

Assets


51


A s i a n e x - J a p a n E q u i t y F u n d > > > c o n t i n u e d

Indonesia Astra International IDR 594,000 332,035 0.03Hero Supermarket IDR 10,567,980 2,106,646 0.19Matahari Department Store IDR 4,284,000 3,873,736 0.36XL Axiata IDR 19,549,000 8,356,334 0.77

Total Indonesia 14,668,751 1.35

Luxembourg L’Occitane International HKD 3,954,000 8,413,743 0.78


Macau Wynn Macau HKD 1,370,000 6,210,328 0.57

Total Macau 6,210,328 0.57

Malaysia Astro Malaysia Holdings MYR 10,801,700 9,884,124 0.91Bursa Malaysia MYR 2,328,100 5,844,216 0.54CIMB Group Holdings MYR 3,714,800 8,634,063 0.80Lafarge Malayan Cement MYR 702,300 1,835,812 0.17Tenaga Nasional MYR 5,815,400 20,185,833 1.86

Total Malaysia 46,384,048 4.28

Philippines Ayala Land PHP 16,427,700 9,155,271 0.85Energy Development PHP 76,505,600 9,182,050 0.85Globe Telecom PHP 135,605 5,007,705 0.46

Total Philippines 23,345,026 2.16

Singapore Asian Pay Television Trust SGD 3,174,000 1,859,366 0.17Avago Technologies USD 236,300 12,429,380 1.15CapitaMall Trust SGD 6,936,000 10,459,965 0.97Genting Singapore SGD 5,168,000 6,116,315 0.56Singapore Telecommunications SGD 7,038,000 20,280,414 1.87United Overseas Bank SGD 964,000 16,209,055 1.50

Total Singapore 67,354,495 6.22

South Korea Amorepacific KRW 13,368 12,740,529 1.18GS Retail KRW 321,380 8,576,259 0.79Hite Jinro KRW 71,290 1,498,160 0.14Hyundai Mobis KRW 30,273 8,468,073 0.78Hyundai Motor KRW 127,519 28,742,667 2.65KEPCO Plant Service & Engineering KRW 108,260 5,654,180 0.52Kia Motors KRW 208,153 11,129,267 1.03KT&G KRW 159,066 11,294,179 1.04LG Chem KRW 38,699 11,046,319 1.02LS Industrial Systems KRW 65,663 4,111,565 0.38MegaStudy KRW 16,054 1,191,905 0.11NAVER KRW 19,994 13,796,193 1.27Samsung Electronics KRW 36,752 48,056,940 4.44Shinsegae KRW 21,357 5,139,521 0.48SK Hynix KRW 352,440 12,361,012 1.14


Taiwan Catcher Technology TWD 759,000 4,924,275 0.45China Life Insurance TWD 2,255,000 2,283,353 0.21Gourmet Master TWD 823,000 5,560,252 0.51President Chain Store TWD 2,364,000 16,367,678 1.51Quanta Computer TWD 7,366,000 17,164,694 1.59Taiwan Cement TWD 10,805,795 16,756,681 1.55Taiwan Semiconductor Manufacturing TWD 13,263,275 46,916,195 4.33

Total Taiwan 109,973,128 10.15

Thailand Glow Energy (Foreign) THB 2,107,200 4,543,740 0.42Kasikornbank THB 3,725,700 17,776,700 1.64


United Kingdom Standard Chartered HKD 520,900 11,648,555 1.08


United States of America Samsonite International HKD 6,942,600 21,130,158 1.95


Total Transferable Securities Admitted to an Official Exchange Listing 1,028,104,533 94.92



Net Assets 1,083,170,708 100.00

1China A-shares are subject to certain restrictions. The Total market value of Class A held at 31 December 2013were USD 956,331, 0.09% of net assets. See note 3c.

ADR: American Depositary ReceiptsCNY: Chinese RenminbiHKD: Hong Kong DollarIDR: Indonesian RupiahINR: Indian RupeeKRW: South Korean WonMYR: Malaysian RinggitPHP: Philippine PesoSGD: Singapore DollarTHB: Thai BahtTWD: Taiwan DollarUSD: United States Dollar


InvestmentCurrency

Denomination


Value

Market Value

(USD)% of Net


Denomination


Value

Market Value

(USD)% of Net

Assets


52


E m e r g i n g E u r o p e E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in the economically developing countries of Central and Eastern Europe, including those of the former Soviet Union, and Mediterranean region.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks British Virgin Islands Luxoft Holding USD 2,700 74,127 0.97


Cyprus Eurasia Drilling GDR USD 9,135 298,408 3.91Globaltrans Investment GDR USD 11,709 135,147 1.77MD Medical Group Investments GDR USD 10,486 86,016 1.12

Total for Cyprus 519,571 6.80

Greece Piraeus Bank EUR 27,365 41,868 0.55


Guernsey Etalon Group GDR USD 35,683 137,286 1.80

Total for Guernsey 137,286 1.80

Kazakhstan Halyk Savings Bank of Kazakhstan GDR USD 26,704 198,696 2.60KCell GDR USD 9,287 115,282 1.51

Total for Kazakhstan 313,978 4.11

Luxembourg MHP GDR USD 15,089 186,756 2.44


Netherlands Yandex Class A USD 7,500 232,748 3.05


Poland Bank Zachodni PLN 1,423 132,881 1.74Eurocash PLN 9,495 109,093 1.43LPP PLN 10 21,683 0.28PKP Cargo PLN 1,828 37,862 0.50

Total for Poland 301,519 3.95

Portugal Jeronimo Martins EUR 11,659 165,733 2.17

Total for Portugal 165,733 2.17

Russia Aeroflot - Russian Airlines USD 57,950 107,451 1.41Alrosa RUB 103,440 80,097 1.05Bank St Petersburg USD 72,622 67,464 0.88Cherkizovo Group GDR USD 10,223 91,279 1.19Gazprom ADR USD 77,635 481,851 6.31Lukoil ADR USD 8,419 381,665 5.00Magnit GDR USD 14,180 681,434 8.92Mail.ru Group GDR USD 10,961 354,874 4.65MMC Norilsk Nickel ADR USD 15,052 181,600 2.38Mobile Telesystems USD 8,101 58,815 0.77Mobile Telesystems ADR USD 10,000 157,307 2.06Mostotrest USD 25,969 76,712 1.00NovaTek GDR USD 4,121 409,539 5.36Sberbank of Russia ADR USD 81,949 748,366 9.80Sistema USD 135,000 133,566 1.75

Total for Russia 4,012,020 52.53

Turkey BIM Birlesik Magazalar TRY 14,279 206,615 2.71Bizim Toptan Satis Magazalari TRY 10,574 84,705 1.11Coca-Cola Icecek TRY 6,556 113,882 1.49Pegasus Hava Tasimaciligi TRY 8,048 99,080 1.30TAV Havalimanlari Holding TRY 16,669 85,460 1.12Tofas Turk Otomobil Fabrikasi TRY 10,469 46,434 0.61Turkiye Garanti Bankasi TRY 111,045 259,935 3.40Turkiye Halk Bankasi TRY 64,805 266,671 3.49Ulker Biskuvi Sanayi TRY 7,434 39,241 0.51Yapi ve Kredi Bankasi TRY 35,888 44,788 0.59

Total for Turkey 1,246,811 16.33

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


53


E m e r g i n g E u r o p e E q u i t y F u n d > > > c o n t i n u e d

United Kingdom Bank of Georgia Holdings GBP 8,098 232,952 3.05International Personal Finance GBP 11,974 71,623 0.94





Net Assets 7,636,924 100.00

ADR: American Depositary ReceiptsGDR: Global Depositary ReceiptsEUR: European Union EuroGBP: Great Britain PoundPLN: Polish ZlotyRUB: Russian RubleTRY: Turkish LiraUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


54

E u r o p e a n E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in Europe.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Austria Andritz EUR 68,103 3,104,816 1.39


Belgium Anheuser-Busch InBev EUR 59,882 4,626,483 2.07D’Ieteren EUR 73,188 2,649,406 1.18KBC Groep EUR 83,921 3,461,741 1.55


Denmark SimCorp DKK 120,595 3,451,709 1.54

Total for Denmark 3,451,709 1.54

Finland Sampo Class A EUR 46,962 1,677,483 0.75

Total for Finland 1,677,483 0.75

France BNP Paribas EUR 48,210 2,731,096 1.22Edenred EUR 130,593 3,177,328 1.42Eutelsat Communications EUR 82,643 1,873,104 0.84Gecina EUR 25,991 2,495,916 1.12Iliad EUR 15,970 2,377,933 1.06JCDecaux EUR 109,272 3,274,882 1.47M6 Métropole Télévision EUR 152,390 2,537,294 1.14Schneider Electric EUR 52,986 3,359,312 1.50Société Générale EUR 59,529 2,513,314 1.12Unibail-Rodamco EUR 14,796 2,755,755 1.23Zodiac Aerospace EUR 26,151 3,366,941 1.51


Germany Bayerische Motoren Werke EUR 30,138 2,568,360 1.15Fraport EUR 46,645 2,537,022 1.14Fresenius EUR 31,053 3,465,515 1.55GEA Group EUR 75,637 2,617,040 1.17SAP EUR 62,375 3,886,586 1.74Sky Deutschland EUR 429,647 3,437,176 1.54Wirecard EUR 129,614 3,721,866 1.66


Ireland Experian GBP 213,162 2,852,184 1.28


Italy DiaSorin EUR 90,450 3,083,441 1.38ENI EUR 204,370 3,574,431 1.60Intesa Sanpaolo EUR 1,805,906 3,239,795 1.45Prysmian EUR 157,453 2,945,946 1.32Snam EUR 612,034 2,488,530 1.11Tod’s EUR 20,023 2,430,792 1.09


Netherlands Royal Dutch Shell Class B GBP 163,092 4,466,322 2.00


Norway Gjensidige Forsikring NOK 160,644 2,221,090 0.99

Total for Norway 2,221,090 0.99

Spain Amadeus IT Holding Class A EUR 132,505 4,121,568 1.84Atresmedia de Medios de Comunicaion EUR 189,375 2,276,287 1.02Bankia EUR 4,620,958 5,702,262 2.55Bankinter EUR 701,294 3,497,353 1.57Bolsas y Mercados Espanoles EUR 120,368 3,329,379 1.49Enagas EUR 136,062 2,584,498 1.16Gas Natural EUR 244,332 4,567,787 2.04

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


55

Spain (continued)

E u r o p e a n E q u i t y F u n d > > > c o n t i n u e d


Mediaset Espana Comunicacion EUR 330,711 2,774,335 1.24Red Electrica EUR 60,560 2,937,160 1.31Telefonica EUR 290,825 3,441,914 1.54


Sweden Autoliv SEK 45,916 3,066,838 1.37Skandinaviska Enskilda Banken Class A SEK 357,160 3,417,147 1.53Svenska Cellulosa Class B SEK 122,290 2,731,877 1.22Swedbank Class A SEK 143,839 2,937,381 1.32


Switzerland Compagnie Financière Richemont CHF 52,275 3,782,146 1.69Credit Suisse Group Registered CHF 91,686 2,037,133 0.91Dufry CHF 19,658 2,508,201 1.12Nestlé CHF 129,175 6,872,630 3.07Novartis Registered CHF 54,992 3,190,148 1.43Roche Holding CHF 14,599 2,964,165 1.33Sika Bearer CHF 994 2,568,112 1.15Swatch Group Bearer CHF 6,725 3,230,036 1.44UBS CHF 184,420 2,542,375 1.14Zurich Insurance Group CHF 13,790 2,904,398 1.30


United Kingdom Aggreko GBP 117,005 2,401,757 1.07Barclays GBP 956,053 3,122,867 1.40Burberry Group GBP 108,668 1,978,716 0.89Capita GBP 217,219 2,708,181 1.21GlaxoSmithKline GBP 248,787 4,815,490 2.15Johnson Matthey GBP 55,052 2,168,850 0.97Land Securities Group GBP 266,908 3,088,843 1.38Liberty Global Class A USD 43,900 2,850,587 1.28Lloyds Banking Group GBP 2,311,250 2,189,759 0.98London Stock Exchange Group GBP 114,693 2,387,360 1.07Persimmon GBP 155,355 2,311,953 1.03Restaurant Group GBP 302,656 2,152,056 0.96Rolls-Royce Holdings GBP 144,981 2,220,260 0.99Rotork GBP 97,111 3,347,594 1.50


Preferred stocks Germany Draegerwerk KGaA EUR 19,855 1,884,636 0.84


Italy Telecom Italia RSP EUR 4,008,687 2,280,943 1.02


United Kingdom Rolls-Royce Holdings Class C1 GBP 8,342,774 10,021 0.00





Net Assets 223,550,812 100.00

1 These securities are valued at their fair value under the direction of the Board of Directors.

CHF: Swiss FrancDKK: Danish KroneEUR: European Union EuroGBP: Great Britain PoundNOK: Norwegian KroneSEK: Swedish KronaUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net


DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


56


E u r o p e a n e x - U K E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in Europe excluding the UK.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Austria Andritz EUR 2,925 133,351 1.61

Total Austria 133,351 1.61

Belgium Anheuser-Busch InBev EUR 1,733 133,891 1.62D’Ieteren EUR 2,858 103,460 1.25KBC Groep EUR 4,447 183,439 2.22


Denmark SimCorp DKK 6,090 174,310 2.11


Finland Sampo Class A EUR 3,777 134,915 1.63


France BNP Paribas EUR 2,138 121,118 1.47Edenred EUR 4,820 117,270 1.42Eutelsat Communications EUR 3,550 80,461 0.97Gecina EUR 1,137 109,186 1.32Iliad EUR 676 100,656 1.22JCDecaux EUR 4,725 141,608 1.72M6 Métropole Télévision EUR 6,791 113,070 1.37Rexel EUR 5,011 95,585 1.16Schneider Electric EUR 1,955 123,947 1.50Société Générale EUR 2,062 87,058 1.05Unibail-Rodamco EUR 599 111,564 1.35Zodiac Aerospace EUR 1,195 153,856 1.86

Total France 1,355,379 16.41

Germany Bayer EUR 1,076 109,698 1.33Bayerische Motoren Werke EUR 1,456 124,080 1.50Fraport EUR 2,473 134,507 1.63Fresenius EUR 1,346 150,214 1.82GEA Group EUR 2,559 88,541 1.07SAP EUR 2,578 160,635 1.95Wirecard EUR 4,670 134,099 1.62


Italy DiaSorin EUR 3,404 116,042 1.40ENI EUR 9,434 165,001 2.00Intesa Sanpaolo EUR 78,219 140,325 1.70Prysmian EUR 5,041 94,317 1.14Snam EUR 23,596 95,941 1.16Tod’s EUR 884 107,318 1.30


Luxembourg Millicom International Cellular SEK 1,013 73,204 0.89


Netherlands Royal Dutch Shell Class A EUR 2,198 56,939 0.69


Norway Gjensidige Forsikring NOK 7,138 98,691 1.20


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


57


E u r o p e a n e x - U K E q u i t y F u n d > > > c o n t i n u e d

Spain Amadeus IT Holding Class A EUR 4,880 151,792 1.84Atresmedia de Medios de Comunicaion EUR 9,537 114,635 1.39Bankia EUR 206,015 254,223 3.08Bankinter EUR 27,362 136,454 1.65Bolsas y Mercados Espanoles EUR 6,835 189,056 2.29Enagas EUR 4,730 89,846 1.09Gas Natural EUR 9,704 181,416 2.19Mediaset Espana Comunicacion EUR 15,218 127,664 1.54Red Electrica EUR 2,442 118,437 1.43Telefonica EUR 11,418 135,132 1.64

Total Spain 1,498,655 18.14

Sweden Autoliv SEK 1,864 124,501 1.51Nordea Bank SEK 9,585 93,705 1.13Skandinaviska Enskilda Banken Class A SEK 11,678 111,730 1.35Svenska Cellulosa Class B SEK 5,060 113,037 1.37Swedbank Class A SEK 5,988 122,283 1.48


Switzerland Compagnie Financière Richemont CHF 2,096 151,648 1.84Credit Suisse Group Registered CHF 3,903 86,719 1.05Dufry CHF 774 98,756 1.19Nestlé CHF 6,074 323,161 3.91Novartis Registered CHF 1,448 84,000 1.02Roche Holding CHF 856 173,802 2.10Sika Bearer CHF 39 100,761 1.22Swatch Group Bearer CHF 337 161,862 1.96UBS CHF 7,865 108,425 1.31Zurich Insurance Group CHF 555 116,892 1.42

Total Switzerland 1,406,026 17.02

United Kingdom Liberty Global Class A USD 1,500 97,401 1.18


Preferred stocks Germany Draegerwerk KGaA EUR 875 83,055 1.01


Italy Telecom Italia RSP EUR 187,014 106,411 1.29





Net Assets 8,260,001 100.00

CHF: Swiss FrancDKK: Danish KroneEUR: European Union EuroNOK: Norwegian KroneSEK: Swedish KronaUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


58

E u r o p e a n S m a l l e r C o m p a n i e s E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of smaller companies incorporated, or conducting the predominant part of their business activity, in Europe and whose market capitalisation, at the time of purchase, falls within or below the range covered by the S&P Pan Europe Small Cap Index.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Belgium Arseus EUR 6,868 189,832 1.17D’Ieteren EUR 4,660 168,692 1.04


British Virgin Islands Luxoft Holding USD 2,600 71,381 0.44


Denmark Ambu Class B DKK 3,253 129,087 0.80Matas DKK 5,804 116,715 0.72


Finland Nokian Renkaat EUR 2,140 74,622 0.46Rapala VMC EUR 13,555 70,486 0.44Sanitec SEK 13,193 100,474 0.62Vacon EUR 3,031 177,313 1.09


France BioMerieux EUR 779 59,414 0.37Edenred EUR 4,830 117,514 0.72Iliad EUR 1,632 243,005 1.50Mersen EUR 9,123 229,808 1.42Sopra Group EUR 1,673 122,966 0.76Zodiac Aerospace EUR 1,819 234,196 1.44


Germany Aixtron EUR 11,303 118,851 0.73Brenntag EUR 1,622 218,564 1.35CTS Eventim EUR 3,211 118,197 0.73NORMA Group EUR 9,775 352,731 2.17Sky Deutschland EUR 43,510 348,080 2.15Takkt EUR 12,432 167,708 1.03Tom Tailor Holding EUR 7,958 131,307 0.81Wirecard EUR 11,400 327,351 2.02

Total Germany 1,782,789 10.99

Hong Kong Hutchison China MediTech GBP 50,000 372,644 2.30

Total Hong Kong 372,644 2.30

Ireland DCC GBP 4,351 155,161 0.96Paddy Power EUR 2,360 146,320 0.90


Isle of Man Playtech GBP 19,104 169,112 1.04

Total Isle of Man 169,112 1.04

Italy Autogrill EUR 8,390 51,515 0.32Banca Generali EUR 11,146 250,896 1.55Davide Campari-Milano EUR 11,338 68,935 0.42World Duty Free EUR 11,472 104,854 0.65Yoox EUR 6,817 222,234 1.37


Jersey Petra Diamonds GBP 40,911 58,082 0.36


Luxembourg Eurofins Scientific EUR 1,455 285,907 1.76


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


59

United Kingdom (continued)

E u r o p e a n S m a l l e r C o m p a n i e s E q u i t y F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

Netherlands Aalberts Industries EUR 5,183 120,116 0.74ASM International EUR 3,275 78,436 0.48Brunel International EUR 2,746 122,170 0.75Kendrion EUR 6,637 158,292 0.98


Norway Electromagnetic GeoServices NOK 45,101 42,416 0.26Opera Software NOK 35,529 352,182 2.17Schibsted NOK 4,254 203,952 1.26


Russia Mail.ru Group GDR USD 4,282 138,634 0.86X5 Retail Group GDR USD 8,012 97,536 0.60


Spain Acerinox EUR 20,756 191,931 1.19Amadeus IT Holding Class A EUR 5,179 161,093 0.99Baron de Ley EUR 2,000 118,000 0.73Grifols EUR 6,217 216,134 1.33Grifols Class B EUR 1,363 35,281 0.22Laboratorios Farmaceuticos Rovi EUR 12,396 123,712 0.76Vidrala EUR 3,502 131,115 0.81


Sweden Avanza Bank Holding SEK 6,772 159,687 0.98Byggmax Group SEK 18,384 100,390 0.62Elekta Class B SEK 12,126 134,554 0.83Indutrade SEK 2,436 73,795 0.46Opus Group SEK 74,806 123,646 0.76Opus Group BTA SEK 5,754 9,478 0.06


Switzerland Dufry CHF 1,370 174,801 1.08Kuoni Reisen Holding CHF 266 87,287 0.54Leonteq CHF 1,188 103,569 0.64Partners Group Holding CHF 1,113 215,735 1.33Tecan Group CHF 1,369 117,676 0.72


United Kingdom 3i Group GBP 48,503 224,349 1.38Abcam GBP 32,502 191,679 1.18Aveva Group GBP 11,760 305,666 1.89Blinkx GBP 49,895 123,005 0.76Carclo GBP 24,632 84,393 0.52Carphone Warehouse Group GBP 80,851 263,171 1.62Direct Line Insurance Group GBP 38,348 114,966 0.71Domino Printing Sciences GBP 20,634 189,595 1.17Electrocomponents GBP 46,109 154,571 0.95GW Pharmaceuticals GBP 50,857 121,253 0.75GW Pharmaceuticals ADR USD 1,500 46,430 0.29Hays GBP 110,039 171,555 1.06Huntsworth GBP 200,000 165,753 1.02Hyder Consulting GBP 21,409 163,287 1.01Intermediate Capital Group GBP 35,855 180,876 1.12Intertek Group GBP 4,818 182,173 1.12Investec GBP 38,467 202,185 1.25IQE GBP 1,102,674 311,242 1.92ITE Group GBP 51,488 189,919 1.17Jazztel EUR 24,401 189,815 1.17Jupiter Fund Management GBP 66,167 305,974 1.89Ladbrokes GBP 46,006 98,857 0.61Ophir Energy GBP 35,107 138,225 0.85Oxford Instruments GBP 9,562 202,940 1.25Partnership Assurance Group GBP 34,578 121,896 0.75PayPoint GBP 23,914 290,393 1.79Perform Group GBP 21,760 58,545 0.36Rathbone Brothers GBP 2,611 50,617 0.31

Salamander Energy GBP 54,770 73,515 0.45STV Group GBP 79,666 285,627 1.76Ted Baker GBP 12,058 331,660 2.05Victrex GBP 10,974 242,135 1.49Xchanging GBP 150,000 276,555 1.71YouGov GBP 400,000 432,399 2.67


Preferred stocks Germany Draegerwerk KGaA EUR 1,690 160,415 0.99Sartorius EUR 2,225 192,507 1.19





Net Assets 16,212,985 100.00

ADR: American Depositary Receipts GDR: Global Depositary Receipts CHF: Swiss Franc DKK: Danish Krone EUR: European Union Euro GBP: Great Britain Pound NOK: Norwegian Krone SEK: Swedish Krona USD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net


DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


60

E u r o p e a n S t r u c t u r e d R e s e a r c h E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investing primarily in a widely diversified portfolio of transferable equity and equity-related securities of European companies selected by T. Rowe Price’s team of research analysts. Company selection will take place within tightly controlled stock, industry and sector limits relative to the MSCI Europe index.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Austria Andritz EUR 142 6,474 0.11Erste Group Bank EUR 1,474 37,336 0.60Wienerberger EUR 225 2,593 0.04

Total for Austria 46,403 0.75

Belgium Ageas EUR 105 3,250 0.05Anheuser-Busch InBev EUR 1,277 98,661 1.60Anheuser-Busch InBev VVPR strip1 EUR 1,880 2 0.00Groupe Bruxelles Lambert EUR 73 4,871 0.08


Bermuda Hiscox GBP 1,621 13,532 0.22


Denmark A.P. Moller - Maersk Class B DKK 4 31,558 0.51Coloplast Class B DKK 247 11,888 0.19Novo Nordisk Class B DKK 357 47,573 0.77TDC DKK 238 1,678 0.03

Total for Denmark 92,697 1.50

Finland Kone Class B EUR 206 6,757 0.11Metso EUR 26 806 0.01Nokia EUR 2,582 15,027 0.24Sampo Class A EUR 1,394 49,794 0.81Stora Enso Class R EUR 141 1,029 0.02UPM-Kymmene EUR 494 6,066 0.10Wartsila EUR 161 5,759 0.09

Total for Finland 85,238 1.38

France Air Liquide EUR 118 12,130 0.20Air Liquide EUR 118 12,130 0.20Alcatel-Lucent EUR 2,740 8,927 0.14Alstom EUR 288 7,625 0.12AtoS EUR 105 6,908 0.11AXA EUR 1,238 25,020 0.41BNP Paribas EUR 929 52,628 0.85Bureau Veritas EUR 65 1,381 0.02Carrefour EUR 489 14,088 0.23Casino Guichard Perrachon EUR 38 3,183 0.05Christian Dior EUR 87 11,950 0.19Compagnie Générale des Etablissements Michelin Class B EUR 90 6,953 0.11Edenred EUR 2,423 58,952 0.95Electricité de France EUR 36 925 0.01Essilor International EUR 126 9,737 0.16European Aeronautic Defence and Space EUR 398 22,212 0.36Eutelsat Communications EUR 569 12,896 0.21GDF Suez EUR 1,299 22,206 0.37Gecina EUR 259 24,872 0.40Iliad EUR 187 27,844 0.45JCDecaux EUR 203 6,084 0.10Kering EUR 60 9,219 0.15Legrand EUR 257 10,295 0.17LVMH EUR 208 27,581 0.45M6 Métropole Télévision EUR 198 3,297 0.05Nexans EUR 129 4,750 0.08Pernod-Ricard EUR 675 55,897 0.90Rémy Cointreau EUR 268 16,345 0.26Renault EUR 268 15,665 0.25Sanofi EUR 734 56,606 0.92Schneider Electric EUR 548 34,743 0.56SCOR EUR 271 7,199 0.12Société Générale EUR 649 27,401 0.44Suez Environnement EUR 541 7,047 0.11Total EUR 1,081 48,137 0.78Unibail-Rodamco EUR 9 1,676 0.03

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of Shares

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(EUR)% of Net

Assets


61

Netherlands (continued)France (continued)


E u r o p e a n S t r u c t u r e d R e s e a r c h E q u i t y F u n d > > > c o n t i n u e d

Vallourec EUR 198 7,841 0.13Vinci EUR 444 21,188 0.34


Germany Adidas EUR 97 8,986 0.15Allianz Registered EUR 473 61,656 1.00BASF EUR 668 51,763 0.84Bayer EUR 1,373 139,977 2.26Bayerische Motoren Werke EUR 354 30,168 0.49Brenntag EUR 206 27,758 0.45Continental EUR 65 10,361 0.17Daimler Registered EUR 810 50,949 0.82Deutsche Boerse EUR 188 11,318 0.18E.ON EUR 941 12,624 0.20Fraport EUR 109 5,929 0.09Fresenius EUR 288 32,141 0.52GEA Group EUR 166 5,744 0.09Hannover Rueckversicherung EUR 123 7,673 0.12HeidelbergCement EUR 147 8,107 0.13Hochtief EUR 130 8,068 0.13Infineon Technologies EUR 1,492 11,578 0.19Linde EUR 35 5,322 0.09Metro EUR 95 3,344 0.05Muenchener Rueckversicherungs EUR 94 15,053 0.24RWE EUR 222 5,906 0.10SAP EUR 1,019 63,494 1.03Siemens EUR 707 70,198 1.14Telefonica Deutschland Holding EUR 2,300 13,800 0.22ThyssenKrupp EUR 409 7,235 0.12


Greece Piraeus Bank EUR 6,305 9,647 0.16


Ireland Experian GBP 2,104 28,152 0.46Perrigo USD 20 2,224 0.04Prothena USD 10 193 0.00Ryanair Holdings EUR 2,407 15,075 0.24Shire GBP 443 15,175 0.25Smurfit Kappa Group EUR 809 14,429 0.23


Italy Atlantia EUR 366 5,970 0.10Enel EUR 3,615 11,474 0.19ENI EUR 4,846 84,757 1.37Pirelli EUR 1,047 13,171 0.21Prysmian EUR 295 5,519 0.08Snam EUR 5,791 23,546 0.38Telecom Italia EUR 11,752 8,473 0.14Terna Rete Elettrica Nazionale EUR 517 1,878 0.03UniCredit EUR 9,534 51,293 0.83


Luxembourg ArcelorMittal EUR 1,723 22,346 0.36Millicom International Cellular SEK 39 2,818 0.05


Mexico Fresnillo GBP 443 3,967 0.06


Netherlands Aegon EUR 516 3,541 0.06ASML Holding EUR 418 28,441 0.46Corio EUR 115 3,746 0.06ING Groep EUR 2,801 28,290 0.46Koninklijke Ahold EUR 799 10,427 0.17Koninklijke DSM EUR 694 39,669 0.64

Koninklijke Philips Electronics EUR 993 26,458 0.43Randstad Holding EUR 18 849 0.01Royal Dutch Shell Class A GBP 5,272 136,967 2.21Royal Dutch Shell Class B GBP 1,988 54,442 0.88Unilever EUR 3,197 93,592 1.51Ziggo EUR 350 11,620 0.19


Norway DNB NOK 2,369 30,716 0.50Gjensidige Forsikring NOK 1,708 23,615 0.38Orkla NOK 694 3,924 0.06Telenor NOK 546 9,435 0.15


Portugal EDP - Energias de Portugal EUR 3,367 8,990 0.15Jeronimo Martins EUR 253 3,596 0.05

Total for Portugal 12,586 0.20

Romania BRD-Groupe Société Générale RON 5,370 10,803 0.17

Total for Romania 10,803 0.17

Russia Sberbank of Russia USD 5,698 12,739 0.21


Spain Abertis Infraestructuras EUR 273 4,409 0.07Acerinox EUR 666 6,158 0.10Amadeus IT Holding Class A EUR 729 22,676 0.38Banco Bilbao Vizcaya Argentaria EUR 8,188 73,266 1.18Banco Santander EUR 4,305 28,008 0.45Bankia EUR 16,423 20,266 0.33EDP Renovaveis EUR 787 3,039 0.05Enagas EUR 573 10,884 0.18Gas Natural EUR 642 12,002 0.19Iberdrola EUR 1,883 8,728 0.14Inditex EUR 95 11,381 0.18Telefonica EUR 6,799 80,466 1.30


Sweden Alfa Laval SEK 188 3,500 0.06Assa Abloy Class B SEK 306 11,731 0.18Atlas Copco Class A SEK 662 13,317 0.21Atlas Copco Class B SEK 413 7,605 0.12Electrolux Class B SEK 134 2,547 0.04Elekta Class B SEK 1,104 12,250 0.20Getinge Class B SEK 182 4,517 0.07Hennes & Mauritz Class B SEK 791 26,434 0.43Hexagon Class B SEK 426 9,771 0.16Investor Class B SEK 425 10,611 0.17Sandvik SEK 899 9,200 0.15Scania Class B SEK 330 4,688 0.08Skandinaviska Enskilda Banken Class A SEK 6,577 62,926 1.02Skanska Class B SEK 374 5,545 0.09SKF Class B SEK 405 7,709 0.12Swedbank Class A SEK 244 4,983 0.08Telefonaktiebolaget LM Ericsson Class B SEK 2,000 17,714 0.29Volvo Class B SEK 2,372 22,601 0.37


Switzerland ABB CHF 2,226 42,585 0.69Baloise Holding CHF 47 4,350 0.07Compagnie Financière Richemont CHF 754 54,553 0.88Credit Suisse Group Registered CHF 3,504 77,854 1.26GAM Holding CHF 1,616 22,844 0.37Geberit CHF 39 8,595 0.14Glencore Xstrata GBP 9,896 37,168 0.60Holcim CHF 815 44,324 0.72

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(EUR)% of Net


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(EUR)% of Net

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62

Switzerland (continued) United Kingdom (continued)Informa GBP 1,419 9,775 0.16Julius Baer Group CHF 1,082 37,767 0.61Kuehne & Nagel International CHF 207 19,750 0.32Lonza Group CHF 65 4,480 0.07Nestlé CHF 4,188 222,818 3.60Novartis Registered CHF 2,758 159,995 2.59Roche Holding CHF 539 109,438 1.77Schindler Holding CHF 21 2,247 0.04Schindler Holding Registered CHF 23 2,466 0.04SGS Registered CHF 5 8,360 0.14Sonova Holding Registered CHF 248 24,247 0.39Sulzer Registered CHF 24 2,814 0.05Swatch Group Bearer CHF 43 20,653 0.33Swatch Group Registered CHF 89 7,280 0.12Swiss Re CHF 100 6,685 0.11Syngenta CHF 183 52,961 0.86UBS CHF 694 9,567 0.15Wolseley GBP 284 11,683 0.19Zurich Insurance Group CHF 198 41,702 0.66


United Kingdom Aberdeen Asset Management GBP 983 5,903 0.10Aggreko GBP 137 2,812 0.06Alent GBP 2,037 8,686 0.14Anglo American GBP 806 12,779 0.21ARM Holdings GBP 2,037 26,889 0.43AstraZeneca GBP 16 687 0.01Aviva GBP 5,759 31,107 0.50Barclays GBP 30,128 98,411 1.59BG Group GBP 6,314 98,400 1.59BHP Billiton GBP 2,459 55,201 0.89BP GBP 12,267 71,909 1.16British American Tobacco GBP 1,412 54,915 0.89British Sky Broadcasting Group GBP 3,436 34,832 0.56Burberry Group GBP 1,950 35,507 0.57Capita GBP 2,024 25,234 0.41CNH Industrial EUR 406 3,364 0.05Compass Group GBP 4,543 52,820 0.85Diageo GBP 122 2,931 0.05Direct Line Insurance Group GBP 6,073 18,207 0.29GKN GBP 2,887 12,945 0.21GlaxoSmithKline GBP 7,280 140,911 2.28HSBC Holdings GBP 13,868 110,336 1.78IMI GBP 291 5,330 0.10Intertek Group GBP 152 5,747 0.09Invensys GBP 633 3,866 0.06Jardine Lloyd Thompson Group GBP 170 2,079 0.03Kingfisher GBP 2,159 9,976 0.16Land Securities Group GBP 1,820 21,062 0.34Legal & General Group GBP 3,049 8,156 0.13Liberty Global Class A USD 373 24,220 0.39London Stock Exchange Group GBP 1,353 28,163 0.47Lonmin GBP 1,321 4,895 0.08Marks & Spencer Group GBP 4,725 24,551 0.40Melrose Industries GBP 1,300 4,773 0.08Mondi GBP 290 3,643 0.06National Grid GBP 6,334 59,950 0.97Next GBP 214 14,009 0.23Old Mutual GBP 3,396 7,713 0.12Ophir Energy GBP 4,468 17,592 0.28Partnership Assurance Group GBP 1,900 6,698 0.11Persimmon GBP 293 4,360 0.07Petrofac GBP 428 6,292 0.10Prudential GBP 2,131 34,298 0.55Rio Tinto GBP 1,283 52,541 0.85Rolls-Royce Holdings GBP 3,720 56,969 0.92SABMiller GBP 1,999 74,456 1.20Salamander Energy GBP 10,438 14,010 0.24Serco Group GBP 3,382 20,278 0.33Smith & Nephew GBP 546 5,646 0.09Smiths Group GBP 376 6,684 0.11SSE GBP 2,105 34,638 0.56

Standard Chartered GBP 3,634 59,362 0.96Standard Life GBP 2,575 11,122 0.18Tesco GBP 11,273 45,271 0.73Tullow Oil GBP 4,350 44,672 0.72Unilever GBP 1,254 37,384 0.60United Utilities Group GBP 948 7,646 0.12Vedanta Resources GBP 133 1,491 0.02Vodafone Group GBP 63,814 181,655 2.94Weir Group GBP 97 2,484 0.04WM Morrison Supermarkets GBP 1,162 3,643 0.06WPP GBP 3,114 51,616 0.83


Preferred stocks Germany Henkel KGaA EUR 207 17,452 0.28Porsche Automobil Holding EUR 117 8,852 0.14Volkswagen EUR 245 50,017 0.81


Italy Telecom Italia RSP EUR 46,647 26,542 0.43


United Kingdom Rolls-Royce Holdings Class C1 GBP 319,920 384 0.01

Total for United Kingdom 384 0.01




Net Assets 6,184,596 100.00


RSP: Risparmio SharesVVPR: Verlaagde Voorheffing/précompte réduitCHF: Swiss FrancDKK: Danish KroneEUR: European Union EuroGBP: Great Britain PoundNOK: Norwegian KroneRON: New Romanian LeuSEK: Swedish KronaUSD: United States Dollar



E u r o p e a n S t r u c t u r e d R e s e a r c h E q u i t y F u n d > > > c o n t i n u e d

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net


DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


63


The fund’s objective is to provide long-term capital appreciation by investing primarily in a widely diversified, global portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East.


G l o b a l E m e r g i n g M a r k e t s E q u i t y F u n d

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Brazil BM&F BOVESPA BRL 1,971,262 9,228,426 0.65BR Malls Participacoes BRL 2,894,400 20,888,686 1.47BRF BRL 288,212 6,008,229 0.42Companhia de Concessoes Rodoviarias BRL 932,800 7,016,235 0.50Lojas Renner BRL 1,078,700 27,852,148 1.96Natura Cosmeticos BRL 213,100 3,731,618 0.26Petroleo Brasileiro ADR USD 774,900 10,639,377 0.75Petroleo Brasileiro ADR USD 1,166,700 17,080,488 1.20Raia Drogasil BRL 740,900 4,635,133 0.33Usinas Siderurgicas de Minas Gerais BRL 493,100 2,588,123 0.18

Total Brazil 109,668,463 7.72

Chile Banco Santander (Chile) ADR USD 229,443 5,371,260 0.38SACI Falabella CLP 930,712 8,345,597 0.59

Total Chile 13,716,857 0.97

China Baidu ADR USD 201,900 35,776,680 2.52Bank of China H-shares HKD 36,970,100 17,021,093 1.20China Longyuan Power Group H-shares HKD 7,725,000 9,952,509 0.70China National Building Material H-shares HKD 8,424,000 9,060,518 0.64China Shanshui Cement Group HKD 16,042,000 6,889,240 0.49China Vanke A-shares1 CNY 2,619,883 3,475,002 0.24China Vanke Class B HKD 2,540,250 3,963,971 0.28Dongfeng Motor Group H-shares HKD 6,762,000 10,586,745 0.75Huaneng Renewables H-shares HKD 8,930,000 4,284,134 0.30Industrial & Commercial Bank of China H-shares HKD 27,130,445 18,333,982 1.29Ping An Insurance Group of China A-shares1 CNY 804,700 5,546,768 0.39Ping An Insurance Group of China H-shares HKD 2,087,800 18,699,489 1.32Shimao Property Holdings HKD 1,802,000 4,141,246 0.29Sina USD 148,300 12,246,614 0.86Tencent Holdings HKD 558,200 35,605,128 2.51Want Want China Holdings HKD 9,648,000 13,935,544 0.98Wumart Stores H-shares HKD 2,781,000 4,518,977 0.32

Total China 214,037,640 15.08

Cyprus Eurasia Drilling GDR USD 119,394 5,372,730 0.38

Total Cyprus 5,372,730 0.38

Hong Kong AIA Group HKD 5,316,200 26,669,785 1.88Beijing Enterprises Holdings HKD 3,447,000 34,185,051 2.41Belle International Holdings HKD 3,388,000 3,919,263 0.27C C Land Holdings HKD 16,912,000 4,253,027 0.30China Unicom HKD 9,412,000 14,080,190 0.99CNOOC HKD 14,098,000 26,217,506 1.85Li & Fung HKD 3,972,000 5,122,451 0.36

Total Hong Kong 114,447,273 8.06

India Adani Ports and Special Economic Zone INR 3,443,399 8,642,562 0.61Axis Bank INR 386,437 8,111,026 0.57Bharti Airtel INR 1,382,922 7,376,403 0.52Container of India INR 514,871 6,352,782 0.45Housing Development Finance INR 1,341,928 17,223,017 1.21ICICI Bank INR 914,000 16,219,939 1.14Infosys INR 431,445 24,289,207 1.71Jaiprakash Associates INR 5,762,514 5,067,736 0.36Maruti Suzuki India INR 242,586 6,911,047 0.49NTPC INR 1,763,135 3,901,308 0.27Power Grid of India INR 3,513,699 5,669,362 0.40Tata Motors INR 1,366,774 8,309,032 0.59

Total India 118,073,421 8.32

Indonesia Astra International IDR 15,430,500 8,625,352 0.61Bank Mandiri IDR 16,612,983 10,720,256 0.76XL Axiata IDR 11,786,000 5,037,994 0.35

Total Indonesia 24,383,602 1.72

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


64

Luxembourg Tenaris ADR USD 266,600 11,605,098 0.82


Macau Wynn Macau HKD 948,000 4,297,365 0.30

Total Macau 4,297,365 0.30

Malaysia Astro Malaysia Holdings MYR 6,319,100 5,782,309 0.41CIMB Group Holdings MYR 5,070,108 11,784,116 0.83


Mexico Fresnillo GBP 503,729 6,213,519 0.44Grupo Financiero Banorte Class O MXN 1,721,800 11,968,345 0.84Wal-Mart de Mexico (Series V) MXN 10,821,140 28,343,545 2.00

Total Mexico 46,525,409 3.28

Netherlands Yandex Class A USD 235,900 10,084,725 0.71


Oman BankMuscat OMR 1,608,669 2,657,783 0.19BankMuscat GDR USD 291,742 1,928,021 0.13

Total Oman 4,585,804 0.32

Philippines GT Capital Holdings PHP 345,510 6,006,163 0.42Metro Pacific Investments PHP 25,107,200 2,442,313 0.17SM Investments PHP 759,202 12,154,754 0.86Universal Robina PHP 4,139,360 10,541,806 0.74

Total Philippines 31,145,036 2.19

Qatar Qatar National Bank QAR 364,693 17,225,175 1.21

Total Qatar 17,225,175 1.21

Russia Lukoil ADR USD 140,272 8,759,986 0.62Magnit GDR USD 608,048 40,252,778 2.83NovaTek GDR USD 79,807 10,925,578 0.77Sberbank of Russia ADR USD 2,865,045 36,042,266 2.54

Total Russia 95,980,608 6.76

South Africa Aspen Pharmacare Holdings ZAR 446,176 11,387,148 0.80FirstRand ZAR 1,432,551 4,883,063 0.34Life Healthcare Group Holdings ZAR 691,546 2,749,344 0.19Sanlam ZAR 1,786,790 9,034,837 0.64Shoprite Holdings ZAR 1,519,065 23,660,774 1.67Truworths International ZAR 662,613 4,830,629 0.34Woolworths Holdings ZAR 2,464,491 17,472,932 1.23


South Korea Amorepacific KRW 4,240 4,040,982 0.28Hyundai Glovis KRW 33,970 7,478,742 0.53Hyundai Mobis KRW 36,187 10,122,358 0.71Hyundai Motor KRW 129,532 29,196,396 2.06KEPCO Plant Service & Engineering KRW 24,762 1,293,264 0.09LG Household & Health Care KRW 57,873 30,225,784 2.13NAVER KRW 17,094 11,795,145 0.83Samsung Electronics KRW 40,907 53,490,020 3.77SK Hynix KRW 286,340 10,042,709 0.71


Switzerland Compagnie Financière Richemont ZAR 1,872,147 18,595,049 1.31


Taiwan Catcher Technology TWD 2,151,000 13,955,356 0.98China Life Insurance TWD 2,989,000 3,026,582 0.21Far EasTone Telecommunications TWD 3,589,000 7,881,961 0.56Quanta Computer TWD 4,493,000 10,469,858 0.74Siliconware Precision Industries TWD 4,050,000 4,834,200 0.34Taiwan Semiconductor Manufacturing TWD 13,447,050 47,566,262 3.35Uni-President Enterprises TWD 13,901,042 25,028,867 1.76

Total Taiwan 112,763,086 7.94

Thailand Bangkok Bank THB 1,816,400 9,888,950 0.70CP ALL (Foreign) THB 5,672,300 7,286,637 0.51Kasikornbank THB 3,941,800 18,807,793 1.32Siam Cement THB 788,800 9,650,405 0.68


Turkey Anadolu Efes Biracilik Ve Malt Sanayii TRY 340,483 3,646,563 0.26BIM Birlesik Magazalar TRY 786,869 15,684,732 1.10Turkiye Garanti Bankasi TRY 1,921,395 6,195,744 0.43Turkiye Halk Bankasi TRY 642,655 3,642,966 0.26

Total Turkey 29,170,005 2.05

United Arab Emirates DP World USD 724,249 12,826,450 0.90Emaar Properties AED 2,911,912 6,056,904 0.43First Gulf Bank AED 444,438 2,274,825 0.16

Total United Arab Emirates 21,158,179 1.49

United Kingdom SABMiller ZAR 490,354 24,810,866 1.75Tullow Oil GBP 761,310 10,770,123 0.76


Preferred stocks Brazil Banco Bradesco BRL 1,077,199 13,263,796 0.93Itau Unibanco Holding BRL 2,278,640 30,237,191 2.13

Total Brazil 43,500,987 3.06




Net Assets 1,419,840,836 100.00

ADR: American Depositary ReceiptsGDR: Global Depositary Receipts

1China A-shares are subject to certain restrictions. The Total market value of Class A held at 31 December 2013 wereUSD 9,021,770, 0.63% of net assets. See note 3c.

AED: United Arab Emirates DirhamBRL: Brazilian RealCLP: Chilean PesoCNY: Chinese RenminbiGBP: Great Britain PoundHKD: Hong Kong DollarIDR: Indonesian RupiahINR: Indian RupeeKRW: South Korean WonMXN: Mexican PesoMYR: Malaysian RinggitOMR: Omani RialPHP: Phillipine PesoQAR: Qatari RialTHB: Thai BahtTRY: Turkish LiraTWD: Taiwan DollarUSD: United States DollarZAR: South African Rand



G l o b a l E m e r g i n g M a r k e t s E q u i t y F u n d > > > c o n t i n u e d

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


65


G l o b a l F o c u s e d G r o w t h E q u i t y F u n d ( 1 )


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies listed on the world’s equity markets. The portfolio may include investments in the securities of companies listed on the stock exchanges of developing countries. The fund will emphasise investment in companies that have the potential for above average and sustainable rates of earnings growth.

(1) This fund was formerly named Global Equity Fund.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Belgium D’Ieteren EUR 29,157 1,453,992 0.94

Total Belgium 1,453,992 0.94

Brazil Arezzo Industria e Comercio BRL 73,000 919,259 0.59BR Malls Participacoes BRL 111,500 804,688 0.52

Total Brazil 1,723,947 1.11

Canada Lululemon Athletica USD 2,600 153,946 0.10


China Baidu ADR USD 10,400 1,842,880 1.19Ctrip.com International ADR USD 29,200 1,453,576 0.94

Total China 3,296,456 2.13

France Gecina EUR 8,670 1,146,929 0.74Iliad EUR 9,363 1,920,526 1.24Legrand EUR 37,376 2,062,597 1.33


Hong Kong AIA Group HKD 627,400 3,147,478 2.03


India HDFC Bank INR 99,144 1,087,865 0.70Power Grid of India INR 715,285 1,154,114 0.75

Total India 2,241,979 1.45

Ireland James Hardie Industries AUD 251,934 2,916,875 1.88


Japan Fanuc JPY 10,200 1,871,426 1.21Olympus JPY 73,400 2,329,603 1.50Sanwa Holdings JPY 306,000 2,079,470 1.34Tokio Marine Holdings JPY 57,800 1,936,399 1.25Zenkoku Hosho JPY 38,100 1,670,416 1.08

Total Japan 9,887,314 6.38

Malaysia Tenaga Nasional MYR 410,200 1,423,845 0.92


Mexico Controladora Vuela Cia de Aviacion ADR USD 72,100 980,560 0.63Grupo Financiero Banorte Class O MXN 333,200 2,316,095 1.50


Singapore Avago Technologies USD 52,400 2,756,240 1.78


South Korea NAVER KRW 2,818 1,944,467 1.26


Spain Amadeus IT Holding Class A EUR 52,609 2,254,243 1.45Banco Bilbao Vizcaya Argentaria EUR 124,023 1,528,758 0.99Bankia EUR 786,762 1,337,424 0.86

Total Spain 5,120,425 3.30

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


66

Sweden Assa Abloy Class B SEK 32,682 1,726,027 1.11Elekta Class B SEK 79,629 1,217,198 0.79Hexagon Class B SEK 65,695 2,075,799 1.34

Total Sweden 5,019,024 3.24

Switzerland Credit Suisse Group Registered CHF 64,082 1,961,386 1.27Holcim CHF 21,781 1,631,815 1.05Nestlé CHF 36,113 2,646,784 1.71


Taiwan Taiwan Semiconductor Manufacturing TWD 998,000 3,530,226 2.28

Total Taiwan 3,530,226 2.28

United Arab Emirates DP World USD 94,178 1,667,892 1.08Emaar Properties AED 462,356 961,721 0.62


United Kingdom ARM Holdings GBP 61,616 1,120,429 0.73Barclays GBP 519,906 2,339,413 1.51BG Group GBP 62,146 1,334,177 0.86Burberry Group GBP 82,858 2,078,388 1.34Liberty Global Class A USD 31,000 2,772,950 1.79Rotork GBP 37,930 1,801,183 1.16


United States of America Agilent Technologies USD 59,100 3,389,976 2.19Alnylam Pharmaceuticals USD 6,200 398,722 0.26Amazon.Com USD 7,000 2,762,130 1.78Apple USD 8,800 4,918,848 3.17Autodesk USD 54,200 2,706,206 1.75Bank of America USD 197,900 3,075,366 1.99Biogen Idec USD 6,200 1,738,790 1.12Boeing USD 19,300 2,632,327 1.70Bristol-Myers Squibb USD 30,800 1,622,544 1.05Cabot Oil & Gas USD 31,700 1,227,741 0.79Charter Communications Class A USD 7,800 1,055,964 0.68Concho Resources USD 11,100 1,190,031 0.77Crown Castle International USD 14,800 1,084,988 0.70Cummins USD 9,200 1,293,244 0.83Ecolab USD 22,100 2,300,168 1.48Expeditors International of Washington USD 43,100 1,909,330 1.23Flowserve USD 24,700 1,939,197 1.25Gilead Sciences USD 34,900 2,603,191 1.68Google Class A USD 2,450 2,713,057 1.75Hospira USD 36,400 1,501,500 0.97Incyte USD 7,900 401,162 0.26Juniper Networks USD 140,800 3,190,528 2.06LinkedIn Class A USD 9,600 2,059,680 1.33Martin Marietta Materials USD 22,600 2,278,758 1.47Netflix USD 4,200 1,543,080 1.00NetSuite USD 9,700 989,788 0.64Pharmacyclics USD 8,400 891,492 0.58Pioneer Natural Resources USD 6,900 1,262,010 0.81Precision Castparts USD 11,600 3,127,592 2.02Priceline.com USD 1,450 1,678,389 1.08Procter & Gamble USD 47,700 3,886,119 2.51Range Resources USD 19,400 1,642,792 1.06Ross Stores USD 21,100 1,578,491 1.02Samsonite International HKD 403,800 1,228,986 0.79State Street USD 42,800 3,130,820 2.02TD Ameritrade Holding USD 62,000 1,891,620 1.22United Continental Holdings USD 39,300 1,483,575 0.96Valero Energy USD 33,900 1,691,949 1.09Visa Class A USD 14,700 3,255,462 2.10Workday Class A USD 2,500 206,775 0.13


G l o b a l F o c u s e d G r o w t h E q u i t y F u n d ( 1 )

> > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3




Net Assets 154,929,305 100.00

1This fund was formerly named Global Equity Fund.

ADR: American Depositary ReceiptsAED: United Arab Emirates DirhamAUD: Australian DollarBRL: Brazilian RealCHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundHKD: Hong Kong DollarINR: Indian RupeeJPY: Japanese YenKRW: South Korean WonMXN: Mexican PesoMYR: Malaysian RinggitSEK: Swedish KronaTWD: Taiwan DollarUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


67


G l o b a l G r o w t h E q u i t y F u n d ( 1 )


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies, listed on the world’s equity markets, whose market capitalisation, at the time of purchase, falls within or above the range covered by the MSCI All Country World Large Cap Index. The portfolio may include investments in the securities of companies listed on the stock exchanges of developing countries. The fund will emphasise investment in companies that have the potential for above average and sustainable rates of earnings growth.

(1) This fund was formerly named Global Large Cap Equity Fund.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Austria Andritz EUR 37,469 2,353,164 0.46


Belgium Anheuser-Busch InBev EUR 32,408 3,449,193 0.67


Brazil BR Malls Participacoes BRL 650,900 4,697,501 0.91Multiplan Empreendimentos Imobiliarios BRL 72,170 1,524,352 0.30


Canada Valeant Pharmaceuticals International USD 29,880 3,487,594 0.68


China Agile Property Holdings HKD 2,806,000 3,007,165 0.59Baidu ADR USD 21,140 3,746,008 0.73China Longyuan Power Group H-shares HKD 2,340,000 3,014,741 0.59Ctrip.com International ADR USD 52,090 2,593,040 0.50Sun Art Retail Group HKD 2,527,500 3,565,965 0.69Want Want China Holdings HKD 2,237,000 3,231,117 0.63

Total for China 19,158,036 3.73

France Edenred EUR 94,007 3,150,742 0.61Iliad EUR 16,252 3,333,589 0.65Legrand EUR 55,456 3,060,342 0.60


Germany Bayer EUR 46,181 6,485,763 1.26


Hong Kong AIA Group HKD 752,200 3,773,562 0.73Beijing Enterprises Holdings HKD 305,500 3,029,746 0.59Hang Lung Properties HKD 871,000 2,752,028 0.54Jardine Strategic Holdings USD 151,000 4,832,000 0.94

Total for Hong Kong 14,387,336 2.80

India Adani Enterprises INR 707,452 2,999,373 0.58Axis Bank INR 94,194 1,977,062 0.39HDFC Bank INR 229,521 2,518,436 0.49Housing Development Finance INR 159,699 2,049,662 0.40ITC INR 369,751 1,922,060 0.37Kotak Mahindra Bank INR 132,243 1,555,454 0.30Power Grid of India INR 1,925,243 3,106,384 0.61

Total for India 16,128,431 3.14

Indonesia Bank Central Asia IDR 6,188,500 4,883,650 0.95Bank Rakyat Indonesia Persero IDR 3,987,500 2,376,438 0.46

Total for Indonesia 7,260,088 1.41

Ireland James Hardie Industries AUD 353,982 4,098,380 0.81


Italy ENI EUR 172,094 4,146,351 0.81


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


68

G l o b a l G r o w t h E q u i t y F u n d ( 1 ) > > > c o n t i n u e d


Japan AEON Financial Service JPY 89,500 2,405,547 0.47FamilyMart JPY 67,700 3,100,443 0.60Honda Motor JPY 87,000 3,590,450 0.70Japan Tobacco JPY 102,800 3,350,896 0.65Olympus JPY 104,000 3,300,801 0.64SoftBank JPY 40,500 3,551,277 0.69Sumitomo JPY 269,600 3,394,411 0.66Takeda Pharmaceutical JPY 74,300 3,416,865 0.67Tokio Marine Holdings JPY 133,000 4,455,728 0.87Unicharm JPY 39,300 2,247,427 0.44

Total for Japan 32,813,845 6.39

Macau Wynn Macau HKD 783,600 3,552,126 0.69

Total for Macau 3,552,126 0.69

Malaysia Astro Malaysia Holdings MYR 4,307,900 3,941,955 0.77Public Bank (Foreign) MYR 521,200 3,106,374 0.60

Total for Malaysia 7,048,329 1.37

Mexico Grupo Financiero Santander Mexico ADR Class B USD 178,690 2,423,036 0.47


Nigeria Guaranty Trust Bank GDR USD 260,490 2,136,018 0.42Nestle Nigeria NGN 410,437 3,075,394 0.60

Total for Nigeria 5,211,412 1.02

Peru Credicorp USD 28,170 3,697,876 0.72

Total for Peru 3,697,876 0.72

Philippines Alliance Global Group PHP 4,040,100 2,347,097 0.46Ayala Land PHP 3,303,100 1,840,841 0.36SM Investments PHP 163,812 2,622,615 0.51Universal Robina PHP 940,980 2,396,416 0.46

Total for Philippines 9,206,969 1.79

Russia Sberbank of Russia ADR USD 273,408 3,439,473 0.67

Total for Russia 3,439,473 0.67

Singapore Avago Technologies USD 59,930 3,152,318 0.61Global Logistic Properties SGD 1,941,000 4,440,681 0.87United Overseas Bank SGD 145,000 2,438,084 0.47

Total for Singapore 10,031,083 1.95

South Africa Shoprite Holdings ZAR 107,049 1,667,382 0.33

Total for South Africa 1,667,382 0.33

South Korea LG Household & Health Care KRW 4,988 2,605,122 0.51NAVER KRW 3,821 2,636,553 0.51

Total for South Korea 5,241,675 1.02

Spain Amadeus IT Holding Class A EUR 83,184 3,564,351 0.70


Sweden Assa Abloy Class B SEK 64,906 3,427,866 0.67Hexagon Class B SEK 125,344 3,960,559 0.77Svenska Handelsbanken Class A SEK 52,445 2,575,768 0.50


Switzerland Compagnie Financière Richemont CHF 37,366 3,724,186 0.73Credit Suisse Group Registered CHF 143,036 4,377,965 0.85Nestlé CHF 96,849 7,098,231 1.38Novartis Registered CHF 56,000 4,475,173 0.87


Taiwan Taiwan Semiconductor Manufacturing TWD 1,246,000 4,407,477 0.86

Total for Taiwan 4,407,477 0.86

Thailand Central Pattana THB 56,700 71,103 0.01Central Pattana (Foreign) THB 1,018,900 1,277,715 0.25CP ALL (Foreign) THB 1,637,900 2,104,046 0.41Siam Commercial Bank (Foreign) THB 1,099,200 4,824,444 0.94

Total for Thailand 8,277,308 1.61

Turkey BIM Birlesik Magazalar TRY 79,659 1,587,850 0.31Coca-Cola Icecek TRY 64,961 1,554,452 0.30Turkiye Garanti Bankasi TRY 421,797 1,360,130 0.26Turkiye Halk Bankasi TRY 466,376 2,643,707 0.52

Total for Turkey 7,146,139 1.39

United Arab Emirates DP World USD 153,139 2,712,092 0.53Emaar Properties AED 1,725,365 3,588,834 0.70

Total for United Arab Emirates 6,300,926 1.23

United Kingdom ARM Holdings GBP 178,769 3,250,745 0.63Barclays GBP 530,793 2,388,401 0.47BG Group GBP 159,820 3,431,085 0.67BHP Billiton GBP 115,785 3,580,590 0.70Burberry Group GBP 151,887 3,809,894 0.74GlaxoSmithKline GBP 117,658 3,137,219 0.61Liberty Global Class A USD 45,820 4,098,599 0.80Rotork GBP 86,334 4,099,744 0.80SABMiller GBP 42,015 2,155,754 0.42Standard Chartered GBP 128,573 2,893,222 0.56Tullow Oil GBP 124,982 1,768,099 0.35Unilever GBP 179,029 7,352,215 1.43


United States of America AES USD 292,000 4,225,240 0.82Agilent Technologies USD 83,810 4,807,342 0.94Altera USD 55,100 1,791,301 0.35Amazon.Com USD 28,640 11,301,058 2.20American Tower USD 37,480 2,979,660 0.58Anadarko Petroleum USD 30,380 2,407,615 0.47Apache USD 42,050 3,607,049 0.70Apple USD 21,620 12,084,715 2.36Applied Materials USD 164,690 2,893,603 0.56Bank of America USD 129,590 2,013,829 0.39Biogen Idec USD 10,470 2,936,311 0.57Boeing USD 39,940 5,447,417 1.06CarMax USD 34,050 1,596,264 0.31Chipotle Mexican Grill USD 5,430 2,883,058 0.56Cognizant Technology Solutions Class A USD 39,680 3,987,840 0.78Concho Resources USD 35,440 3,799,522 0.74Danaher USD 64,780 4,989,356 0.97Delta Air Lines USD 173,500 4,786,865 0.93Discovery Communications Class A USD 8,070 725,896 0.14Discovery Communications Class C USD 36,820 3,072,997 0.60Ecolab USD 38,610 4,018,529 0.78EQT USD 39,590 3,561,120 0.69Fiserv USD 49,840 2,942,554 0.57Gilead Sciences USD 136,490 10,180,789 1.98Google Class A USD 9,930 10,996,184 2.14HCA Holdings USD 75,910 3,617,111 0.71

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


69


G l o b a l G r o w t h E q u i t y F u n d ( 1 ) > > > c o n t i n u e d


Intercontinental Exchange Group USD 12,450 2,779,089 0.54Invesco USD 115,320 4,219,559 0.82Las Vegas Sands USD 57,560 4,516,733 0.88LinkedIn Class A USD 14,300 3,068,065 0.60Lowe’s Companies USD 88,660 4,368,278 0.85McKesson USD 18,600 3,000,366 0.59Netflix USD 6,070 2,230,118 0.44Pharmacyclics USD 12,510 1,327,686 0.26Phillips 66 USD 49,170 3,758,555 0.73Pioneer Natural Resources USD 30,010 5,488,829 1.07Precision Castparts USD 28,660 7,727,309 1.51Priceline.com USD 3,005 3,478,318 0.68Procter & Gamble USD 70,400 5,735,488 1.12Range Resources USD 89,790 7,603,417 1.48Red Hat USD 71,200 4,027,072 0.79Regeneron Pharmaceuticals USD 8,200 2,258,280 0.44Roper Industries USD 30,970 4,305,140 0.84SanDisk USD 24,710 1,748,727 0.34State Street USD 86,550 6,331,133 1.23TD Ameritrade Holding USD 172,290 5,256,568 1.02Tesla Motors USD 13,330 2,022,961 0.40UnitedHealth Group USD 50,000 3,748,000 0.73US Bancorp USD 125,360 5,064,544 0.99Visa Class A USD 29,290 6,486,563 1.26Whole Foods Market USD 39,440 2,278,449 0.44Workday Class A USD 19,770 1,635,177 0.32


Preferred stocks Brazil Itau Unibanco Holding BRL 243,690 3,233,728 0.63




Counterparty


(USD)% of Net

Assets

Citibank 393,752 Merrill Lynch International (913)

Total 392,839 0.08

1This fund was formerly named Global Large Cap Equity Fund.


AED: United Arab Emirates DirhamAUD: Australian DollarBRL: Brazilian RealCHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundHKD: Hong Kong DollarIDR: Indonesian RupiahINR: Indian RupeeJPY: Japanese YenKRW: South Korean WonMYR: Malaysian RinggitNGN: Nigerian NairaPHP: Philippine PesoSEK: Swedish KronaSGD: Singapore DollarTHB: Thai BahtTRY: Turkish LiraTWD: Taiwan DollarUSD: United States DollarZAR: South African Rand


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets




(USD)% of Net

Assets07 January 2014 1,612,760,000 JPY 15,353,039 USD Merrill Lynch International 18,291 07 January 2014 15,765,082 USD 1,612,760,000 JPY Citibank 393,752


04 February 2014 15,381,780 USD 1,615,553,000 JPY Merrill Lynch International (19,204)

Unrealised Loss on Open Forward Currency Exchange Contracts (19,204) -



Net Assets 513,338,668 100.00


70

G l o b a l N a t u r a l R e s o u r c e s E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a widely diversified portfolio of transferable equity and equity-related securities of companies that own or develop natural resources and other basic commodities.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Australia BHP Billiton AUD 100,349 3,410,980 1.58Iluka Resources AUD 122,569 946,430 0.44Santos AUD 124,195 1,625,718 0.75


Bermuda Energy XXI Bermuda USD 36,300 977,922 0.45


Brazil Petroleo Brasileiro ADR USD 114,300 1,673,352 0.78


Canada Africa Oil SEK 73,679 638,417 0.30ARC Resources CAD 20,146 563,719 0.26Computer Modelling Group CAD 9,500 238,734 0.11Franco-Nevada CAD 57,700 2,330,852 1.08Kelt Exploration CAD 15,400 136,972 0.07Methanex USD 31,300 1,847,639 0.86Potash Corporation of Saskatchewan USD 37,400 1,233,452 0.57Talisman Energy CAD 221,100 2,572,092 1.19Trican Well Service CAD 107,000 1,299,130 0.60Trilogy Energy CAD 20,000 511,069 0.24West Fraser Timber CAD 4,700 457,446 0.21


Cyprus Eurasia Drilling GDR USD 25,286 1,137,870 0.53

Total for Cyprus 1,137,870 0.53

France Constellium Class A USD 41,300 956,095 0.44


India GAIL India GDR USD 21,367 710,239 0.33

Total for India 710,239 0.33

Italy ENI EUR 183,981 4,432,751 2.06


Jersey Petra Diamonds GBP 884,879 1,730,591 0.80Randgold Resources GBP 12,357 774,899 0.36

Total for Jersey 2,505,490 1.16

Mexico Fresnillo GBP 108,193 1,334,565 0.62


Netherlands Royal Dutch Shell ADR USD 86,100 6,120,849 2.84


Russia NovaTek GDR USD 3,420 468,198 0.22


Spain Vidrala EUR 5,251 270,825 0.12


Switzerland Holcim CHF 14,409 1,079,510 0.50Sulzer Registered CHF 2,488 401,840 0.19


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


71


G l o b a l N a t u r a l R e s o u r c e s E q u i t y F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

United Kingdom BG Group GBP 238,644 5,123,313 2.38Ophir Energy GBP 332,087 1,801,166 0.83Rio Tinto ADR USD 31,800 1,792,884 0.83Salamander Energy GBP 371,456 686,828 0.32Tullow Oil GBP 104,477 1,478,018 0.69Victrex GBP 4,247 129,088 0.06


United States of America AES USD 91,400 1,322,558 0.61Air Products & Chemicals USD 19,700 2,212,310 1.03Airgas USD 40,000 4,471,200 2.07American Electric Power USD 41,100 1,910,739 0.89Anadarko Petroleum USD 59,300 4,699,525 2.18Apache USD 41,200 3,534,136 1.64Aptargroup USD 5,300 358,651 0.17Archer-Daniels-Midland USD 25,900 1,130,535 0.52Athlon Energy USD 14,600 430,846 0.20Babcock & Wilcox USD 75,850 2,616,825 1.21Ball USD 22,800 1,181,268 0.55Berry Plastics Group USD 53,400 1,275,726 0.59Bill Barrett USD 63,100 1,725,154 0.80Bunge USD 19,100 1,561,807 0.72Cabot Oil & Gas USD 69,900 2,707,227 1.26Cameron International USD 30,200 1,794,484 0.83Celanese Class A USD 58,400 3,236,528 1.50CenterPoint Energy USD 27,900 644,490 0.30Chevron USD 28,300 3,521,652 1.63Cimarex Energy USD 41,700 4,320,537 2.00Compass Minerals International USD 9,400 750,402 0.35Concho Resources USD 41,300 4,427,773 2.05Consol Energy USD 50,300 1,899,831 0.88Continental Resources USD 2,600 290,680 0.13Crown Holdings USD 41,300 1,844,871 0.86Diamondback Energy USD 21,900 1,154,787 0.54Ecolab USD 33,900 3,528,312 1.64Entergy USD 31,600 1,994,276 0.92EOG Resources USD 12,100 2,031,469 0.94EPL Oil & Gas USD 15,900 447,744 0.21EQT USD 51,800 4,659,410 2.16Exterran Holdings USD 35,300 1,209,378 0.56ExxonMobil USD 56,110 5,662,060 2.63Flotek Industries USD 13,500 272,295 0.13Flowserve USD 50,900 3,996,159 1.85FMC Technologies USD 32,800 1,706,912 0.79Halliburton USD 31,500 1,595,475 0.74Harsco USD 44,900 1,260,343 0.58Hess USD 32,500 2,689,375 1.25International Paper USD 45,400 2,231,864 1.04Jacobs Engineering Group USD 26,500 1,648,035 0.76KapStone Paper and Packaging USD 6,100 343,064 0.16Laredo Petroleum Holdings USD 38,500 1,062,215 0.49Magnum Hunter Resources USD 44,200 321,334 0.15Martin Marietta Materials USD 36,200 3,650,046 1.69Matador Resources USD 52,400 987,216 0.46MeadWestvaco USD 22,700 833,544 0.39Monsanto USD 13,100 1,523,137 0.71NewMarket USD 1,100 373,747 0.17NiSource USD 134,100 4,383,729 2.03Noble Energy USD 8,600 580,242 0.27NRG Energy USD 56,979 1,629,600 0.76Oasis Petroleum USD 45,700 2,129,163 0.99PDC Energy USD 10,800 568,188 0.26PG&E USD 46,600 1,877,048 0.87Phillips 66 USD 75,600 5,778,864 2.68Pioneer Natural Resources USD 30,100 5,505,290 2.55PNM Resources USD 30,600 736,542 0.34Praxair USD 23,700 3,080,763 1.43Quanta Services USD 107,832 3,380,533 1.57Range Resources USD 55,300 4,682,804 2.17RPM International USD 53,200 2,201,416 1.02Schlumberger USD 63,154 5,671,229 2.63SM Energy USD 47,700 3,989,151 1.85

Southern Copper USD 53,500 1,529,030 0.71Spectra Energy USD 56,700 2,007,747 0.93US Silica Holdings USD 10,600 362,096 0.17Valero Energy USD 111,700 5,574,947 2.58Valspar USD 4,800 344,544 0.16Vulcan Materials USD 19,800 1,179,882 0.55Weyerhaeuser USD 99,633 3,140,432 1.46Worthington Industries USD 2,900 122,757 0.06WPX Energy USD 135,333 2,755,380 1.28





Net Assets 215,622,754 100.00


AUD: Australian DollarCAD: Canadian DollarCHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundSEK: Swedish KronaUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


72

G l o b a l R e a l E s t a t e S e c u r i t i e s F u n d


The fund’s objective is to provide long-term total return growth through investments primarily in a diversified, global portfolio of real estate securities. the portfolio may include investments in real estate operating companies (reocs), real estate investment trusts (REITs), or similar entities, as well as in the transferable equity and equity-related securities of companies committing the predominant part of their assets to, or, deriving the predominant part of their revenues or profits from, owning, operating, managing, financing, servicing, developing, acquiring or selling real estate.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Australia CFS Retail Property Trust Group AUD 340,097 591,860 1.89Charter Hall Retail AUD 166,383 534,441 1.71Goodman Group AUD 45,031 190,577 0.61Stockland AUD 116,203 375,337 1.20Westfield Retail Trust AUD 278,690 740,585 2.36

Total Australia 2,432,800 7.77

Brazil Aliansce Shopping Centers BRL 15,800 122,387 0.39BR Malls Participacoes BRL 18,100 130,626 0.42Iguatemi Empresa de Shopping Centers BRL 13,200 124,597 0.40

Total Brazil 377,610 1.21

Canada Brookfield Canada Office Properties CAD 28,500 699,839 2.24Canadian Real Estate Investment Trust CAD 10,000 402,361 1.28


France Gecina EUR 4,350 575,449 1.84Unibail-Rodamco EUR 4,278 1,097,609 3.51


Germany Deutsche Euroshop EUR 5,275 231,260 0.74


Hong Kong Hang Lung Properties HKD 191,000 603,487 1.93Hongkong Land Holdings USD 83,000 489,700 1.56Hysan Development HKD 35,000 150,759 0.48Kerry Properties HKD 94,000 326,099 1.04Sun Hung Kai Properties HKD 54,000 684,915 2.19Wharf Holdings HKD 38,500 294,431 0.94


Japan Frontier Real Estate Investment JPY 42 208,158 0.67GLP J-Reit JPY 298 291,979 0.93Mitsubishi Estate JPY 45,000 1,348,885 4.31Mitsui Fudosan JPY 35,000 1,262,629 4.03Nippon Accommodations Fund JPY 103 695,044 2.22Nippon Prologis REIT JPY 27 258,883 0.83

Total Japan 4,065,578 12.99

Mexico Concentradora Fibra Danhos MXN 103,200 198,606 0.64


Norway Norwegian Property NOK 65,535 78,431 0.25


Singapore CapitaMall Trust SGD 319,000 481,074 1.54Global Logistic Properties SGD 189,000 432,400 1.38Mapletree Industrial Trust SGD 452,720 478,451 1.53


Sweden Hufvudstaden Class A SEK 28,064 375,768 1.20


Switzerland PSP Swiss Property CHF 6,920 586,401 1.87


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


73

G l o b a l R e a l E s t a t e S e c u r i t i e s F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

United Kingdom Derwent London GBP 11,409 470,989 1.51Great Portland Estates GBP 28,487 282,336 0.90Hammerson GBP 42,702 354,687 1.13Land Securities Group GBP 26,377 420,504 1.34Shaftesbury GBP 62,391 647,266 2.07


United States of America Alexandria Real Estate Equities USD 5,575 357,134 1.14American Campus Communities USD 7,700 252,175 0.81AvalonBay Communities USD 5,441 646,391 2.07Boston Properties USD 6,490 655,879 2.09BRE Properties USD 4,750 261,202 0.83Douglas Emmett USD 28,500 673,170 2.15Equity Residential USD 8,300 433,758 1.38Essex Property Trust USD 3,620 521,678 1.67Federal Realty Investment Trust USD 4,850 492,372 1.57General Growth Properties USD 51,149 1,033,721 3.30Healthcare Realty Trust USD 13,000 278,330 0.89Hilton Worldwide Holdings USD 1,000 22,270 0.07Kilroy Realty USD 7,050 353,769 1.13Kimco Realty USD 29,500 587,345 1.88Macerich USD 14,256 846,094 2.70Plum Creek Timber USD 3,950 183,794 0.59ProLogis USD 24,721 920,116 2.94Public Storage USD 4,345 654,922 2.09Regency Centers USD 12,900 599,721 1.92Simon Property Group USD 10,050 1,544,986 4.94SL Green Realty USD 8,460 786,611 2.51Starwood Hotels & Resorts Worldwide USD 4,700 374,308 1.20Taubman Centers USD 3,700 238,280 0.76Vornado Realty Trust USD 5,551 497,314 1.59





Net Assets 31,300,334 100.00

AUD: Australian DollarBRL: Brazilian RealCAD: Canadian DollarCHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundHKD: Hong Kong DollarJPY: Japanese YenMXN: Mexican PesoNOK: Norwegian KroneSEK: Swedish KronaSGD: Singapore DollarUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


74


G l o b a l V a l u e E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a widely diversified portfolio of transferable equity and equity-related securities of companies listed on the developed world’s equity markets. The fund will emphasise investment in companies that are selling at discounted valuations relative to their historical average and/or the average of their industries. The portfolio may include investments in the securities of companies listed on the stock exchanges of developing countries.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Canada Talisman Energy USD 1,027 11,934 0.44


France Alten EUR 360 16,365 0.61AtoS EUR 272 24,651 0.91Electricité de France EUR 904 31,986 1.18M6 Métropole Télévision EUR 1,013 23,235 0.86Nexans EUR 359 18,212 0.68Vivendi EUR 1,046 27,601 1.02


Germany Aixtron EUR 1,059 15,339 0.57Bayerische Motoren Werke EUR 204 23,949 0.89


Ireland Ryanair Holdings ADR USD 299 13,951 0.52XL Group USD 837 26,742 0.99


Italy ENI EUR 1,062 25,587 0.95Snam EUR 4,664 26,124 0.97Telecom Italia EUR 25,923 25,747 0.95UniCredit EUR 2,961 21,945 0.81


Japan Amada JPY 2,000 17,671 0.65Central Japan Railway JPY 200 23,599 0.87Daiwa Securities Group JPY 2,000 20,015 0.74Fujitsu JPY 3,000 15,555 0.58Iida Group Holdings JPY 828 16,588 0.61Inpex JPY 1,500 19,272 0.71Japan Tobacco JPY 800 26,077 0.96Mitsubishi UFJ Financial Group JPY 3,700 24,474 0.91NHK Spring JPY 1,400 15,825 0.59Nippon Telegraph & Telephone JPY 500 26,973 1.00ORIX JPY 900 15,843 0.59Panasonic JPY 1,500 17,499 0.65Toyota Motor JPY 400 24,476 0.91


Netherlands Brunel International EUR 214 13,116 0.49Koninklijke DSM EUR 231 18,189 0.67LyondellBasell Industries Class A USD 301 24,065 0.89NXP Semiconductor USD 514 23,562 0.87


Singapore Avago Technologies USD 564 29,667 1.10

Total for Singapore 29,667 1.10

South Korea KT&G KRW 241 17,112 0.63

Total for South Korea 17,112 0.63

Spain Banco Bilbao Vizcaya Argentaria EUR 1,841 22,693 0.84Bankia EUR 6,501 11,051 0.41Bolsas y Mercados Espanoles EUR 624 23,776 0.88Mediaset Espana Comunicacion EUR 887 10,250 0.38Telefonica EUR 1,544 25,173 0.93


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


75



G l o b a l V a l u e E q u i t y F u n d > > > c o n t i n u e d

Switzerland Credit Suisse Group Registered CHF 849 25,986 0.96Nestlé CHF 742 54,382 2.01Novartis Registered CHF 578 46,190 1.71TE Connectivity USD 407 22,267 0.83Tyco International USD 583 24,002 0.89Zurich Insurance Group CHF 73 21,180 0.79


Taiwan Taiwan Semiconductor Manufacturing TWD 10,000 35,373 1.31

Total for Taiwan 35,373 1.31

United Kingdom AstraZeneca GBP 478 28,271 1.05Aviva GBP 2,631 19,577 0.73Barclays GBP 6,317 28,424 1.05British American Tobacco GBP 819 43,879 1.63Direct Line Insurance Group GBP 5,190 21,434 0.79GKN GBP 3,530 21,803 0.81GlaxoSmithKline GBP 1,973 52,608 1.95Investec GBP 2,614 18,927 0.70Marks & Spencer Group GBP 3,177 22,740 0.84Serco Group GBP 1,747 14,430 0.53


United States of America AES USD 1,706 24,686 0.91Agilent Technologies USD 788 45,200 1.67Allstate USD 451 24,476 0.91American Airlines Group USD 1,310 32,553 1.21Apache USD 377 32,339 1.20Applied Materials USD 1,414 24,844 0.92Archer-Daniels-Midland USD 318 13,881 0.51Autodesk USD 484 24,166 0.90Bank of America USD 1,683 26,154 0.97Boeing USD 275 37,507 1.39Celanese Class A USD 573 31,756 1.18Charter Communications Class A USD 300 40,614 1.50Citigroup USD 607 31,558 1.17Concho Resources USD 171 18,333 0.68E*Trade Financial USD 1,329 25,783 0.96Fidelity National Financial Class A USD 1,203 39,061 1.45HCA Holdings USD 459 21,871 0.81Hess USD 160 13,240 0.49Honeywell International USD 476 43,359 1.61Humana USD 209 21,406 0.79International Paper USD 735 36,133 1.34Invesco USD 519 18,990 0.70Johnson & Johnson USD 497 45,530 1.69JPMorgan Chase USD 771 44,864 1.66Lowe’s Companies USD 650 32,025 1.19Merck USD 785 39,022 1.45MetLife USD 545 29,196 1.08Micron Technology USD 1,009 21,966 0.81Microsoft USD 736 27,475 1.02Pfizer USD 1,789 54,869 2.03PG&E USD 455 18,327 0.68State Street USD 378 27,651 1.02Texas Instruments USD 590 25,954 0.96Textron USD 513 18,894 0.70Thermo Fisher Scientific USD 406 44,940 1.66Time Warner Cable USD 185 24,971 0.92TRW Automotive Holdings USD 336 24,857 0.92United Continental Holdings USD 732 27,633 1.02United Technologies USD 436 49,364 1.83UnitedHealth Group USD 592 44,376 1.64

US Bancorp USD 924 37,330 1.38Valero Energy USD 598 29,846 1.11Weyerhaeuser USD 1,142 35,996 1.33







(USD)% of Net

Assets07 January 2014 9,489,000 JPY 90,333 USD Merrill Lynch International 108 07 January 2014 92,778 USD 9,489,000 JPY JP Morgan Chase 2,338


04 February 2014 94,944 USD 9,972,000 JPY Merrill Lynch International (119)

Unrealised Loss on Open Forward Currency Exchange Contracts (119) –



Net Assets 2,699,959 100.00

Counterparty


(USD)% of Net

Assets

JP Morgan Chase 2,338 Merrill Lynch International (11)

Total 2,327 0.09

ADR: American Depositary Receipts

CHF: Swiss FrancEUR: European Union EuroGBP: Great Britain PoundJPY: Japanese YenKRW: South Korean WonTWD: Taiwan DollarUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


76

J a p a n e s e E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a widely diversified portfolio of transferable equity and equity-related securities of companies incorporated or conducting the predominant part of their business activity in Japan.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Japan Aeon JPY 3,200 31,550 1.51AEON Financial Service JPY 1,000 19,511 0.94Ai Holdings JPY 1,300 11,783 0.56Aisin Seiki JPY 700 20,680 0.99Astellas Pharma JPY 500 21,552 1.03Best Bridal JPY 300 1,378 0.07Bridgestone JPY 1,000 27,537 1.32Central Japan Railway JPY 500 42,827 2.06CyberAgent JPY 500 14,806 0.71Daiichikosho JPY 600 12,354 0.59Daikin Industries JPY 500 22,659 1.09Daiwa Securities Group JPY 5,000 36,324 1.74East Japan Railway JPY 600 34,788 1.67FamilyMart JPY 600 19,947 0.96Fanuc JPY 100 13,319 0.64Fujitsu General JPY 1,000 7,763 0.37GMO internet JPY 1,400 13,367 0.64GMO Payment Gateway JPY 200 5,784 0.28Hikari Tsushin JPY 300 16,460 0.79Hitachi JPY 8,000 44,059 2.12Hitachi Metals JPY 2,000 20,563 0.99Honda Motor JPY 2,600 77,892 3.74Ichiyoshi Securities JPY 1,200 14,588 0.70Iida Group Holdings JPY 942 13,700 0.66Itochu JPY 4,500 40,444 1.94Jamco JPY 800 8,314 0.40Japan Tobacco JPY 2,300 54,423 2.61Jin JPY 500 15,394 0.74JX Holdings JPY 4,500 16,844 0.81Kao JPY 1,200 27,481 1.32KDDI JPY 900 40,288 1.93Koito Manufacturing JPY 1,000 13,886 0.67KYB JPY 1,000 3,826 0.18Miraca Holdings JPY 400 13,727 0.66Mitsubishi Electric JPY 4,000 36,531 1.75Mitsubishi Estate JPY 1,000 21,760 1.04Mitsubishi Heavy Industries JPY 4,000 18,017 0.87Mitsubishi UFJ Financial Group JPY 7,900 37,933 1.82Mitsui JPY 1,500 15,204 0.73Mitsui Fudosan JPY 1,000 26,188 1.26Murata Manufacturing JPY 500 32,311 1.55Nabtesco JPY 700 11,745 0.56Nakanishi JPY 200 20,826 1.00NHK Spring JPY 1,600 13,129 0.63Nihon Nohyaku JPY 2,000 20,798 1.00Nihon Parkerizing JPY 1,000 15,187 0.73Nippon Accommodations Fund JPY 2 9,797 0.47Nippon Kanzai JPY 600 8,170 0.39Nippon Seiki JPY 1,000 14,073 0.68Nippon Telegraph & Telephone JPY 1,600 62,657 3.01Nissan Motor JPY 2,400 14,679 0.70Olympus JPY 1,400 32,255 1.55ORIX JPY 2,600 33,225 1.60Pola Orbis Holdings JPY 300 7,794 0.37Rinnai JPY 300 16,999 0.82Rohto Pharmaceutical JPY 2,000 22,209 1.07Sankyo Tateyama JPY 600 8,668 0.42Sanrio JPY 600 18,369 0.88Sanwa Holdings JPY 5,000 24,666 1.18Sawai Pharmaceutical JPY 300 14,114 0.68Sekisui Jushi JPY 1,000 10,344 0.50Shin-Etsu Chemical JPY 400 16,993 0.82SHO-BOND Holdings JPY 400 13,367 0.64SMS JPY 400 6,263 0.30Softbank JPY 1,400 89,114 4.28Sony Financial Holdings JPY 2,200 29,134 1.40Start Today JPY 600 10,839 0.52Sumitomo JPY 2,700 24,677 1.18Sumitomo Densetsu JPY 800 8,391 0.40Sumitomo Mitsui Financial Group JPY 1,100 41,250 1.98Sumitomo Mitsui Trust Holdings JPY 10,950 41,972 2.02

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


77

Japan (continued)

J a p a n e s e E q u i t y F u n d > > > c o n t i n u e d


Suntory Beverage & Food JPY 1,100 25,534 1.23Suzuki Motor JPY 1,100 21,523 1.03Taiheiyo Cement JPY 4,000 11,181 0.54Takeda Pharmaceutical JPY 1,300 43,398 2.08Temp Holdings JPY 500 9,676 0.46Toei JPY 2,000 8,233 0.40Tokio Marine Holdings JPY 1,900 46,207 2.22Tokyo Tatemono JPY 2,000 16,162 0.78Toyota Motor JPY 2,100 93,279 4.48Toyota Tsusho JPY 1,000 18,010 0.86United Arrows JPY 300 8,178 0.39VT Holdings JPY 1,400 16,796 0.81Wacom JPY 1,700 8,680 0.42West Holdings JPY 400 3,731 0.18Wowow JPY 300 7,420 0.36Yahoo! Japan JPY 7,600 30,761 1.48Yellow Hat JPY 100 1,297 0.06Yumeshin Holdings JPY 1,600 12,609 0.61Zenkoku Hosho JPY 600 19,096 0.92

Total Japan 2,031,237 97.54




Net Assets 2,082,451 100.00

EUR: European Union EuroJPY: Japanese Yen


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(EUR)% of Net

Assets


78

L a t i n A m e r i c a n E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a widely diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in the countries of Latin America.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Argentina MercadoLibre USD 1,121 120,295 0.54

Total Argentina 120,295 0.54

Brazil AMBEV ADR USD 150,700 1,088,054 4.88Arezzo Industria e Comercio BRL 5,200 65,482 0.29BM&F BOVESPA BRL 188,055 880,376 3.95BR Malls Participacoes BRL 56,900 410,643 1.84Brasil Brokers Participacoes BRL 54,460 134,853 0.60BRF BRL 44,191 921,230 4.13Companhia de Concessoes Rodoviarias BRL 81,300 611,514 2.74EDP - Energias do Brasil BRL 22,400 107,615 0.48Localiza Rent a Car BRL 18,665 262,930 1.18Lojas Renner BRL 29,533 762,545 3.42Mills Estruturas e Servicos de Engenharia BRL 7,012 97,945 0.44Odontoprev BRL 34,800 144,797 0.65Petroleo Brasileiro ADR USD 3,788 52,009 0.23Petroleo Brasileiro ADR USD 83,294 1,219,424 5.47Raia Drogasil BRL 11,000 68,817 0.31Tim Participacoes ADR USD 9,500 249,090 1.12Totvs BRL 4,900 76,658 0.34Transmissora Alianca de Energia Eletrica BRL 7,200 55,467 0.25Usinas Siderurgicas de Minas Gerais BRL 38,280 200,919 0.90Vale ADR USD 41,520 632,350 2.84Vale pref stk ADR USD 41,450 577,813 2.59Via Varejo BRL 8,900 94,745 0.42

Total Brazil 8,715,276 39.07

Chile Banco Santander (Chile) ADR USD 27,965 654,661 2.94Forus CLP 8,498 42,980 0.19Latam Airlines Group ADR USD 10,153 162,956 0.73SACI Falabella CLP 78,258 701,731 3.15Sociedad Quimica y Minera de Chile ADR USD 2,040 52,183 0.23

Total Chile 1,614,511 7.24

Colombia Almacenes Exito COP 14,145 219,813 0.98


Luxembourg Tenaris ADR USD 5,880 255,956 1.15


Mexico America Movil (Series L) ADR USD 46,563 1,091,902 4.90Compartamos MXN 271,420 517,149 2.32Controladora Vuela Cia de Aviacion ADR USD 7,600 103,360 0.46El Puerto de Liverpool MXN 33,100 380,276 1.70Fomento Economico Mexicano ADR USD 8,500 829,175 3.72Fresnillo GBP 12,964 159,911 0.72Grupo Financiero Banorte Class O MXN 142,777 992,452 4.45Grupo Lala MXN 102,500 226,906 1.02Grupo Mexico Class B MXN 102,300 343,101 1.54OHL Mexico MXN 96,600 243,930 1.09Wal-Mart de Mexico (Series V) MXN 399,400 1,046,139 4.69

Total Mexico 5,934,301 26.61

Panama Copa Holdings Class A USD 1,200 191,964 0.86

Total Panama 191,964 0.86

Peru Credicorp USD 3,734 490,162 2.20Grana y Montero ADR USD 7,600 162,716 0.73

Total Peru 652,878 2.93


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


79


United States of America Southern Copper USD 8,382 239,558 1.07


Preferred stocks Brazil Banco Bradesco BRL 124,676 1,535,164 6.88Itau Unibanco Holding BRL 160,523 2,130,115 9.55

Total Brazil 3,665,279 16.43




Net Assets 22,305,112 100.00

ADR: American Depositary Receipts

BRL: Brazilian RealCLP: Chilean PesoCOP: Colombian PesoGBP: Great Britain PoundMXN: Mexican PesoUSD: United States Dollar


L a t i n A m e r i c a n E q u i t y F u n d > > > c o n t i n u e d

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


80

M i d d l e E a s t & A f r i c a E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their business activity, in the emerging markets of the Middle East and Africa.


Transferable Securities Admitted to an Official Exchange ListingCommon stocks Canada Africa Oil SEK 25,596 221,785 0.50


Egypt Commercial International Bank Egypt GDR USD 84,498 379,396 0.86

Total Egypt 379,396 0.86

Ghana Ghana Commercial Bank GHS 94,799 195,441 0.44Unilever Ghana GHS 18,000 140,098 0.32

Total Ghana 335,539 0.76

Jersey Petra Diamonds GBP 241,661 472,626 1.07


Kenya Safaricom KES 7,834,700 985,012 2.22

Total Kenya 985,012 2.22

Kuwait Kuwait Projects Holding KWD 505,950 1,111,190 2.51

Total Kuwait 1,111,190 2.51

Netherlands OCI EUR 5,945 268,086 0.61


Morocco Attijariwafa Bank MAD 11,389 430,597 0.97

Total Morocco 430,597 0.97

Nigeria Dangote Cement NGN 240,201 328,452 0.74Guaranty Trust Bank GDR USD 50,107 410,877 0.93Nestle Nigeria NGN 137,317 1,028,913 2.32Nigerian Breweries NGN 587,398 615,824 1.39Zenith Bank NGN 3,577,620 612,094 1.38

Total Nigeria 2,996,160 6.76

Oman BankMuscat OMR 249,561 412,315 0.93

Total Oman 412,315 0.93

Qatar Commercial Bank of Qatar QAR 44,330 861,864 1.95Doha Bank QAR 14,560 232,698 0.52Gulf Warehousing QAR 66,663 759,698 1.71Qatar National Bank QAR 33,571 1,585,625 3.58

Total Qatar 3,439,885 7.76

South Africa Aspen Pharmacare Holdings ZAR 62,389 1,592,270 3.60Bidvest Group ZAR 23,963 610,733 1.38Grindrod ZAR 83,512 222,321 0.50Group Five ZAR 96,279 370,701 0.84Impala Platinum Holdings ZAR 116,494 1,360,873 3.07Life Healthcare Group Holdings ZAR 65,041 258,580 0.58Mr Price Group ZAR 50,294 782,132 1.77MTN Group ZAR 73,313 1,511,087 3.41Naspers ZAR 27,964 2,910,868 6.57Raubex Group ZAR 141,946 293,218 0.66Sanlam ZAR 210,327 1,063,511 2.40Shoprite Holdings ZAR 72,875 1,135,092 2.56Woolworths Holdings ZAR 91,733 650,376 1.47


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


81

M i d d l e E a s t & A f r i c a E q u i t y F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

Tanzania National Microfinance Bank TZS 25,146 41,553 0.09

Total Tanzania 41,553 0.09

Uganda Umeme UGX 1,036,418 149,819 0.34

Total Uganda 149,819 0.34

United Arab Emirates Abu Dhabi Commercial Bank AED 509,129 900,991 2.03Air Arabia PJSC AED 932,815 393,646 0.89Aramex AED 1,349,109 1,116,605 2.52DAMAC Real Estate Development GDR USD 38,467 596,239 1.35DP World USD 53,823 953,205 2.15Emaar Properties AED 984,762 2,048,348 4.62Emirates AED 343,072 593,114 1.34First Gulf Bank AED 201,504 1,031,384 2.33


United Kingdom Centamin GBP 438,684 323,365 0.73Ophir Energy GBP 49,347 267,647 0.60


Zambia Standard Chartered Bank Zambia ZMW 826,648 299,510 0.68Zambeef Products ZMW 180,525 121,004 0.27

Total Zambia 420,514 0.95

Participation notes1 Saudi Arabia Al Mouwasat Medical Services, Citigroup Global

Markets Holdings/2014 USD 33,324 817,451 1.84Al Mouwasat Medical Services, Goldman Sachs

International/2015 USD 11,340 278,175 0.63Al Rajhi Bank, Goldman Sachs International/2015 USD 4,655 90,606 0.20Al Rajhi Bank, HSBC Bank/2015 USD 26,387 513,605 1.16Al Rajhi Bank, Merrill Lynch/2014 USD 4,201 95,771 0.22Banque Saudi Fransi, Citigroup Global Markets

Holdings/2014 USD 34,771 323,563 0.73Banque Saudi Fransi, Deutsche Bank/2016 USD 43,296 402,893 0.91Dallah Healthcare Holdings, HSBC Bank/2015 USD 12,515 232,751 0.52Etihad Etisalat, Goldman Sachs International/2015 USD 3,406 77,647 0.17Etihad Etisalat, HSBC Bank/2014 USD 14,235 324,519 0.73Etihad Etisalat, Morgan Stanley/2015 USD 19,360 441,355 1.00Herfy Food Services, Morgan Stanley/2014 USD 9,211 272,613 0.62Jarir Marketing, Citigroup Global Markets Holdings/2014 USD 18,236 773,103 1.75Riyad Bank, HSBC Bank/2014 USD 61,377 477,047 1.08Riyad Bank, Morgan Stanley/2014 USD 8,218 63,983 0.14Samba Financial Group, Deutsche Bank/2016 USD 52,737 703,076 1.59Samba Financial Group, HSBC Bank/2015 USD 27,299 363,938 0.82Samba Financial Group, Morgan Stanley/2015 USD 44,051 587,276 1.33Saudi Basic Industries, Deutsche Bank/2016 USD 27,720 824,109 1.86Saudi Basic Industries, Goldman Sachs

International/2015 USD 19,958 593,347 1.34Saudi Basic Industries, HSBC Bank/2016 USD 14,500 431,065 0.97Saudi British Bank, Goldman Sachs International/2015 USD 18,581 217,991 0.49Saudi British Bank, HSBC Bank/2015 USD 43,608 511,606 1.15Savola Group, Goldman Sachs International/2015 USD 35,182 588,641 1.33Savola Group, Merrill Lynch International/2014 USD 5,707 95,486 0.22United Electronics, HSBC Bank/2014 USD 2,012 52,976 0.12United Electronics, Merrill Lynch/2014 USD 12,768 336,184 0.76United International Transport, Morgan Stanley/2014 USD 20,854 398,943 0.90Yanbu National Petrochemicals, Merrill Lynch/2014 USD 38,887 764,686 1.73

Total Saudi Arabia 11,654,406 26.31



Other Assets Less Liabilities (5,117) (0.01)

Net Assets 44,300,072 100.00

1Participation Notes: please refer to note 3b) for further information.GDR: Global Depositary Receipts

AED: United Arab Emirates DirhamEUR: European Union EuroGBP: Great Britain PoundGHS: New Ghana CediKES: Kenyan ShillingKWD: Kuwaiti DinarMAD: Moroccan DirhamNGN: Nigerian NairaOMR: Omani RialQAR: Qatari RialSEK: Swedish KronaTZS: Tanzanian ShillingUGX: Ugandan ShillingUSD: United States DollarZAR: South African RandZMW: Zambian kwacha


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


82

U S B l u e C h i p E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of large- and medium-sized ‘blue chip’ US corporations.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Canada Canadian Pacific Railway USD 1,400 212,520 0.17Lululemon Athletica USD 3,800 224,998 0.18Valeant Pharmaceuticals International USD 4,600 536,912 0.43


Hong Kong Michael Kors Holdings USD 1,500 121,170 0.10

Total for Hong Kong 121,170 0.10

Ireland Accenture Class A USD 350 28,749 0.02Covidien USD 5,000 340,850 0.28Perrigo USD 2,200 337,040 0.27


United Kingdom Liberty Global Class A USD 1,300 116,285 0.09


United States of America 3M USD 1,100 154,143 0.12Aetna USD 100 6,820 0.01Airgas USD 100 11,178 0.01Akamai Technologies USD 11,000 519,970 0.42Alexion Pharmaceuticals USD 9,500 1,255,805 1.01Allergan USD 1,900 209,076 0.17Alliance Data Systems USD 2,000 525,260 0.42Amazon.Com USD 17,050 6,727,759 5.41American Express USD 17,400 1,575,396 1.27American Tower USD 29,250 2,325,375 1.87Ameriprise Financial USD 6,240 717,912 0.58AmerisourceBergen USD 900 63,207 0.05Apple USD 3,900 2,179,944 1.75Autodesk USD 530 26,463 0.02Becton Dickinson USD 1,300 143,702 0.12Biogen Idec USD 9,500 2,664,275 2.14Boeing USD 15,700 2,141,323 1.72Cabot Oil & Gas USD 2,300 89,079 0.07Cameron International USD 300 17,826 0.01Cardinal Health USD 2,900 194,880 0.16Carnival USD 1,600 64,704 0.05Celgene USD 14,530 2,452,519 1.97Chipotle Mexican Grill USD 2,700 1,433,565 1.15Citigroup USD 4,500 233,955 0.19Citrix Systems USD 600 38,016 0.03Cognizant Technology Solutions Class A USD 12,300 1,236,150 0.99Concho Resources USD 4,700 503,887 0.40Constellation Brands Class A USD 1,900 132,848 0.11Costco Wholesale USD 3,300 392,436 0.32CVS Caremark USD 9,100 651,560 0.52Danaher USD 46,610 3,589,902 2.88Delta Air Lines USD 18,400 507,656 0.41Discovery Communications Class C USD 20,305 1,694,655 1.36Dollar Tree USD 5,200 294,060 0.24eBay USD 24,320 1,321,549 1.06Ecolab USD 14,800 1,540,384 1.24EOG Resources USD 1,020 171,248 0.14EQT USD 9,000 809,550 0.65Express Scripts Holding USD 2,820 198,613 0.16Facebook Class A USD 38,600 2,102,542 1.69Fastenal USD 9,120 436,666 0.35FedEx USD 7,100 1,017,075 0.82Fiserv USD 12,340 728,554 0.59Flowserve USD 6,200 486,762 0.39FMC USD 4,300 324,220 0.26FMC Technologies USD 400 20,816 0.02Fossil Group USD 6,000 721,260 0.58Franklin Resources USD 21,820 1,253,995 1.01Gilead Sciences USD 55,000 4,102,450 3.30Goldman Sachs Group USD 30 5,303 0.00


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


83

United States of America (continued) United States of America (continued)

U S B l u e C h i p E q u i t y F u n d > > > c o n t i n u e d

Google Class A USD 6,800 7,530,116 6.05Green Mountain Coffee Roasters USD 5,300 399,991 0.32Harley-Davidson USD 12,400 859,320 0.69Henry Schein USD 400 45,736 0.04Home Depot USD 16,300 1,335,622 1.07Honeywell International USD 8,300 756,047 0.61IHS Class A USD 1,600 189,968 0.15Intercontinental Exchange Group USD 3,650 814,753 0.65Intuit USD 100 7,653 0.01Invesco USD 34,800 1,273,332 1.02JB Hunt Transport Services USD 2,100 161,889 0.13Johnson Controls USD 2,800 143,444 0.12JPMorgan Chase USD 200 11,638 0.01Juniper Networks USD 800 18,128 0.01Kansas City Southern USD 8,900 1,099,506 0.88L Brands USD 11,300 698,905 0.56Las Vegas Sands USD 27,800 2,181,466 1.75Lennar Class A USD 900 35,775 0.03LinkedIn Class A USD 4,200 901,110 0.72Lowe’s Companies USD 24,500 1,207,115 0.97Marriott International Class A USD 6,759 332,745 0.27Marsh & McLennan Companies USD 7,000 338,940 0.27Mastercard Class A USD 5,300 4,418,133 3.55McKesson USD 17,270 2,785,824 2.24Monsanto USD 6,190 719,711 0.58Monster Beverage USD 3,000 202,170 0.16Morgan Stanley USD 27,900 870,759 0.70Netflix USD 2,400 881,760 0.71Nike Class B USD 7,920 622,354 0.50Northern Trust USD 4,180 258,449 0.21O’Reilly Automotive USD 8,400 1,086,540 0.87PepsiCo USD 3,400 280,772 0.23Pharmacyclics USD 700 74,291 0.06Pioneer Natural Resources USD 8,800 1,609,520 1.29Praxair USD 10,480 1,362,295 1.09Precision Castparts USD 10,450 2,817,529 2.26Priceline.com USD 3,680 4,259,637 3.42Procter & Gamble USD 5,000 407,350 0.33PVH USD 5,300 715,659 0.58Qualcomm USD 21,150 1,563,196 1.26Ralph Lauren USD 2,800 492,436 0.40Range Resources USD 12,007 1,016,753 0.82Red Hat USD 8,900 503,384 0.40Regeneron Pharmaceuticals USD 3,400 936,360 0.75Roper Industries USD 4,800 667,248 0.54Ross Stores USD 7,200 538,632 0.43Salesforce.com USD 26,500 1,464,655 1.18Schlumberger USD 9,880 887,224 0.71Sherwin-Williams USD 8,200 1,505,930 1.21Starbucks USD 30,100 2,352,616 1.89Starwood Hotels & Resorts Worldwide USD 15,900 1,266,276 1.02State Street USD 14,600 1,067,990 0.86Stryker USD 4,900 368,480 0.30TD Ameritrade Holding USD 22,400 683,424 0.55Tesla Motors USD 1,900 288,344 0.23Thermo Fisher Scientific USD 13,300 1,472,177 1.18Tiffany USD 2,900 267,322 0.21Tractor Supply USD 9,400 725,022 0.58Trimble Navigation USD 3,700 128,723 0.10TripAdvisor USD 2,200 180,334 0.14Twenty-First Century Fox Class A USD 16,100 566,237 0.44Union Pacific USD 6,970 1,163,851 0.94United Continental Holdings USD 20,000 755,000 0.61United Technologies USD 5,100 577,422 0.46UnitedHealth Group USD 4,700 352,312 0.28US Bancorp USD 8,200 331,280 0.27Vertex Pharmaceuticals USD 300 22,170 0.02VF USD 2,800 174,580 0.14Visa Class A USD 12,420 2,750,533 2.21

Wabtec USD 3,400 252,416 0.20Walt Disney USD 5,500 418,440 0.34Whole Foods Market USD 14,800 854,996 0.69WW Grainger USD 900 229,752 0.18Wynn Resorts USD 6,800 1,315,528 1.06





Net Assets 124,459,682 100.00

USD: United States Dollar



InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


84

U S L a r g e C a p E q u i t y F u n d


The fund’s objective is to provide long term capital appreciation by investing primarily in a diversified portfolio of the transferable equity and equity-related securities of large US companies. Company selection will reflect a blend of growth and value investment approaches.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Ireland Covidien USD 770 52,491 1.21XL Group USD 1,840 58,788 1.35


Switzerland Tyco International USD 1,680 69,166 1.59


United Kingdom Delphi Automotive USD 330 19,849 0.46


United States of America Agilent Technologies USD 1,360 78,010 1.80Altera USD 1,250 40,637 0.94Amazon.Com USD 185 72,999 1.68American Electric Power USD 1,270 59,042 1.36American Tower USD 650 51,675 1.19Apache USD 635 54,470 1.26Apple USD 142 79,372 1.83Applied Materials USD 2,780 48,845 1.13AutoZone USD 115 55,438 1.28Ball USD 1,070 55,437 1.28Bank of America USD 1,790 27,817 0.64Boeing USD 650 88,653 2.04Celanese Class A USD 880 48,770 1.12Citigroup USD 1,130 58,749 1.35Coach USD 460 25,866 0.60Concho Resources USD 210 22,514 0.52Crown Castle International USD 770 56,449 1.30Danaher USD 1,165 89,728 2.07eBay USD 930 50,536 1.16Ecolab USD 550 57,244 1.32Entergy USD 720 45,439 1.05General Electric USD 2,450 68,355 1.58Gilead Sciences USD 1,160 86,524 1.99Google Class A USD 86 95,234 2.19Hess USD 580 47,995 1.11Honeywell International USD 740 67,407 1.55Intel USD 2,390 62,164 1.43International Paper USD 980 48,177 1.11Invesco USD 1,250 45,737 1.05Johnson & Johnson USD 1,114 102,054 2.35JPMorgan Chase USD 1,300 75,647 1.74Juniper Networks USD 1,410 31,951 0.74Las Vegas Sands USD 520 40,804 0.94Lowe’s Companies USD 1,210 59,617 1.37Marsh & McLennan Companies USD 1,760 85,219 1.96McKesson USD 480 77,429 1.78Merck USD 1,040 51,698 1.19MetLife USD 1,030 55,177 1.27Mondelez International Class A USD 2,090 73,150 1.69PepsiCo USD 1,315 108,593 2.50Pfizer USD 3,500 107,345 2.47PG&E USD 990 39,877 0.92Phillips 66 USD 740 56,566 1.30Pioneer Natural Resources USD 70 12,803 0.30Praxair USD 560 72,794 1.68Precision Castparts USD 290 78,190 1.80Procter & Gamble USD 1,510 123,020 2.84Progressive USD 1,440 39,197 0.90Qualcomm USD 790 58,389 1.35Range Resources USD 480 40,646 0.94State Street USD 790 57,788 1.33TD Ameritrade Holding USD 1,640 50,036 1.15Thermo Fisher Scientific USD 810 89,659 2.07Time Warner Cable USD 210 28,346 0.65Trimble Navigation USD 1,150 40,008 0.92Twenty-First Century Fox Class A USD 1,580 55,569 1.28United Continental Holdings USD 960 36,240 0.84United Technologies USD 1,325 150,016 3.46


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


85


U S L a r g e C a p E q u i t y F u n d > > > c o n t i n u e d

UnitedHealth Group USD 780 58,469 1.35US Bancorp USD 2,620 105,848 2.44Visa Class A USD 260 57,580 1.33Wal-Mart Stores USD 1,090 85,423 1.97Weyerhaeuser USD 2,040 64,301 1.48Xcel Energy USD 2,290 63,822 1.47





Net Assets 4,339,448 100.00




InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


86

U S L a r g e C a p G r o w t h E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of the transferable equity and equity-related securities of large US companies. The fund will emphasise investment in companies that have the potential for above average and sustainable rates of earnings growth.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Canada Lululemon Athletica USD 56,900 3,369,049 0.21Valeant Pharmaceuticals International USD 188,290 21,977,209 1.39


United States of America Akamai Technologies USD 348,000 16,449,960 1.04Alexion Pharmaceuticals USD 112,900 14,924,251 0.94Amazon.Com USD 208,300 82,193,097 5.18Antero Resources USD 84,000 5,272,680 0.33Apple USD 46,700 26,103,432 1.65Biogen Idec USD 111,620 31,303,829 1.97Boeing USD 308,310 42,050,401 2.65Cardinal Health USD 210,100 14,118,720 0.89Celgene USD 168,400 28,424,236 1.79Chipotle Mexican Grill USD 35,800 19,008,010 1.20Cognizant Technology Solutions Class A USD 223,500 22,461,750 1.42Crown Castle International USD 611,500 44,829,065 2.83Danaher USD 545,600 42,022,112 2.65Discovery Communications Class C USD 188,800 15,757,248 0.99Dollar Tree USD 178,700 10,105,485 0.64DR Horton USD 683,900 15,182,580 0.96eBay USD 298,100 16,198,754 1.02Ecolab USD 140,900 14,664,872 0.92Facebook Class A USD 424,600 23,127,962 1.46Fastenal USD 246,900 11,821,572 0.75FedEx USD 192,900 27,632,925 1.74Flowserve USD 130,100 10,214,151 0.64Fossil Group USD 77,330 9,295,839 0.59Gilead Sciences USD 890,700 66,437,313 4.19Google Class A USD 100,600 111,401,422 7.02Green Mountain Coffee Roasters USD 53,588 4,044,286 0.25Hilton Worldwide Holdings USD 67,500 1,503,225 0.09Intuitive Surgical USD 16,100 6,105,442 0.38Juniper Networks USD 1,312,500 29,741,250 1.88Kansas City Southern USD 88,500 10,933,290 0.69Las Vegas Sands USD 426,400 33,459,608 2.11LinkedIn Class A USD 46,400 9,955,120 0.63Lowe’s Companies USD 509,500 25,103,065 1.58Mastercard Class A USD 46,800 39,012,948 2.46McKesson USD 234,500 37,827,195 2.39MGM Resorts International USD 350,200 8,229,700 0.52Morgan Stanley USD 638,200 19,918,222 1.26Netflix USD 37,200 13,667,280 0.86NetSuite USD 62,800 6,408,112 0.40PepsiCo USD 182,600 15,079,108 0.95Pioneer Natural Resources USD 148,600 27,178,940 1.71Praxair USD 163,000 21,188,370 1.34Precision Castparts USD 168,500 45,430,970 2.86Priceline.com USD 51,200 59,264,512 3.74Procter & Gamble USD 237,900 19,381,713 1.22Qualcomm USD 266,902 19,726,727 1.24Range Resources USD 348,530 29,513,521 1.86Red Hat USD 241,400 13,653,584 0.86Regeneron Pharmaceuticals USD 38,800 10,685,520 0.67Salesforce.com USD 398,500 22,025,095 1.39ServiceNow USD 153,900 8,584,542 0.54Sherwin-Williams USD 102,200 18,769,030 1.18Starbucks USD 345,800 27,027,728 1.70State Street USD 341,500 24,980,725 1.58TD Ameritrade Holding USD 699,300 21,335,643 1.35Tesla Motors USD 61,200 9,287,712 0.59Tractor Supply USD 206,600 15,935,058 1.00Twenty-First Century Fox Class A USD 526,700 18,524,039 1.17Twitter USD 19,400 1,238,302 0.08United Continental Holdings USD 521,300 19,679,075 1.24United Technologies USD 94,800 10,733,256 0.68UnitedHealth Group USD 304,100 22,795,336 1.44Vantiv Class A USD 186,000 6,046,860 0.38Vertex Pharmaceuticals USD 64,300 4,751,770 0.30Visa Class A USD 138,800 30,738,648 1.94Vulcan Materials USD 140,900 8,396,231 0.53


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


87


U S L a r g e C a p G r o w t h E q u i t y F u n d > > > c o n t i n u e d

Wabtec USD 171,400 12,724,736 0.80Whole Foods Market USD 213,900 12,357,003 0.78Workday Class A USD 85,000 7,030,350 0.44Wynn Resorts USD 84,300 16,308,678 1.03

Total for United States of America 1,547,283,191 97.55




Net Assets 1,586,104,602 100.00




InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


88

U S L a r g e C a p V a l u e E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation by investing primarily in a conservative, diversified portfolio of the transferable equity and equity-related securities of large US companies. The fund will emphasise investment in companies that are selling at discounted valuations relative to their historical average and/or the average of their industries.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Canada Canadian Pacific Railway USD 43,450 6,595,710 1.53


Ireland Covidien USD 66,350 4,523,080 1.05Allegion USD 14,233 631,518 0.15Ingersoll-Rand USD 42,700 2,629,466 0.61Mallinckrodt USD 8,000 417,840 0.10XL Group USD 135,472 4,328,330 1.00


Switzerland TE Connectivity USD 61,700 3,375,607 0.79


United States of America 3M USD 63,450 8,891,248 2.07AES USD 346,600 5,015,302 1.17Allstate USD 102,450 5,559,961 1.29American Express USD 68,150 6,170,301 1.43Ameriprise Financial USD 35,850 4,124,543 0.96Amgen USD 40,450 4,648,514 1.08Anadarko Petroleum USD 15,750 1,248,187 0.29Apache USD 81,800 7,016,804 1.63AT&T USD 224,350 7,892,633 1.83Avon Products USD 150,300 2,591,172 0.60Baker Hughes USD 64,400 3,545,864 0.82Bank of America USD 541,700 8,418,018 1.96Boeing USD 32,050 4,371,299 1.02Carnival USD 125,550 5,077,242 1.18Celanese Class A USD 152,750 8,465,405 1.97Charles Schwab USD 156,650 4,063,501 0.94Chevron USD 88,675 11,034,717 2.56Cisco Systems USD 238,550 5,300,581 1.23Comcast Class A USD 36,150 1,800,270 0.42Comcast Class A USD 55,300 2,870,070 0.67Consol Energy USD 74,000 2,794,980 0.65Dell1 USD 251,950 3,464,312 0.81Emerson Electric USD 40,050 2,815,915 0.65Entergy USD 69,900 4,411,389 1.03EQT USD 45,750 4,115,212 0.96Exelon USD 125,650 3,462,914 0.79ExxonMobil USD 104,700 10,565,277 2.46Fifth Third Bancorp USD 180,800 3,804,032 0.88General Electric USD 320,600 8,944,740 2.08General Motors USD 187,400 7,677,778 1.78Goldman Sachs Group USD 10,475 1,851,666 0.43Hess USD 80,750 6,682,062 1.55Honeywell International USD 53,350 4,859,651 1.13Illinois Tool Works USD 44,650 3,762,656 0.87International Paper USD 143,250 7,042,170 1.64Invesco USD 95,600 3,498,004 0.81Johnson & Johnson USD 86,500 7,924,265 1.84JPMorgan Chase USD 229,150 13,334,238 3.10Kellogg USD 46,950 2,876,626 0.67Kohl’s USD 107,350 6,074,936 1.41Liberty Media Class A USD 8,325 1,219,529 0.28Lockheed Martin USD 14,850 2,193,791 0.51Lowe’s Companies USD 151,100 7,444,697 1.73Marsh & McLennan Companies USD 166,900 8,081,298 1.88Merck USD 188,550 9,372,821 2.18MetLife USD 86,550 4,636,484 1.08Microsoft USD 217,250 8,109,943 1.89Morgan Stanley USD 261,800 8,170,778 1.90Murphy Oil USD 5,250 339,203 0.08Newfield Exploration USD 32,250 778,838 0.18NRG Energy USD 238,500 6,821,100 1.59PepsiCo USD 56,600 4,674,028 1.09Pfizer USD 399,600 12,255,732 2.85PG&E USD 111,050 4,473,094 1.04PNC Financial Services Group USD 45,450 3,527,829 0.82


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


89

U S L a r g e C a p V a l u e E q u i t y F u n d > > > c o n t i n u e d

Procter & Gamble USD 85,500 6,965,685 1.62Raytheon USD 46,350 4,183,551 0.97SLM USD 131,200 3,436,128 0.80Southwest Airlines USD 474,350 8,936,754 2.08Spectra Energy USD 95,750 3,390,508 0.79St. Joe USD 86,750 1,665,600 0.39Texas Instruments USD 83,150 3,657,769 0.85Thermo Fisher Scientific USD 64,850 7,178,247 1.67Time Warner USD 110,200 7,702,980 1.79Time Warner Cable USD 53,750 7,255,175 1.69Union Pacific USD 36,175 6,040,502 1.40United Technologies USD 64,550 7,308,351 1.70US Bancorp USD 162,450 6,562,980 1.53Vulcan Materials USD 42,600 2,538,534 0.59Wal-Mart Stores USD 38,550 3,021,164 0.70Wells Fargo USD 102,900 4,668,573 1.09Western Union USD 157,250 2,720,425 0.63Weyerhaeuser USD 195,250 6,154,280 1.43





Net Assets 430,199,326 100.00





InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets



90

U S S m a l l e r C o m p a n i e s E q u i t y F u n d


The fund’s objective is to provide long-term capital appreciation through investment primarily in a widely diversified portfolio of transferable equity and equity-related securities of smaller US companies whose market capitalisation falls within or below the range covered by the Russell 2500 Index. Company selection will reflect a blend of growth and value investment approaches.

Transferable Securities Admitted to an Official Exchange ListingCommon stocks Bermuda Assured Guaranty USD 203,700 4,764,543 0.39Energy XXI Bermuda USD 110,000 2,963,400 0.24Enstar Group USD 32,879 4,494,231 0.37

Total Bermuda 12,222,174 1.00

Canada Aimia CAD 330,800 6,068,154 0.49Computer Modelling Group CAD 69,000 1,733,962 0.14Franco-Nevada CAD 146,100 5,901,863 0.48Trican Well Service CAD 156,600 1,901,344 0.16

Total Canada 15,605,323 1.27

Ireland Alkermes USD 113,900 4,584,475 0.38


Puerto Rico Triple-S Management Class B USD 63,400 1,228,692 0.10

Total Puerto Rico 1,228,692 0.10

United Kingdom Willis Group Holdings USD 81,300 3,648,744 0.30


United States of America Acadia Healthcare USD 93,100 4,342,184 0.35Actuant Class A USD 136,800 5,024,664 0.41Acuity Brands USD 55,900 6,133,907 0.50Aegerion Pharmaceuticals USD 38,000 2,702,940 0.22Akamai Technologies USD 107,000 5,057,890 0.41Alexander & Baldwin USD 43,900 1,817,021 0.15Alexion Pharmaceuticals USD 10,900 1,440,871 0.12Allegiant Travel USD 44,900 4,714,500 0.38Alnylam Pharmaceuticals USD 44,600 2,868,226 0.23AMAG Pharmaceuticals USD 159,400 3,752,276 0.31AMCOL International USD 94,040 3,207,704 0.26American Public Education USD 78,200 3,358,690 0.27Analogic USD 38,000 3,341,340 0.27Angie’s List USD 123,700 1,857,974 0.15ANN USD 212,900 7,915,622 0.65Annie’s USD 42,600 1,820,298 0.15AO Smith USD 119,400 6,494,166 0.53Ares Capital USD 188,700 3,360,747 0.27Array BioPharma USD 329,700 1,628,718 0.13Aruba Networks USD 168,900 3,021,621 0.25athenahealth USD 29,400 3,926,076 0.32Autodesk USD 105,700 5,277,601 0.43AVANIR Pharmaceuticals Class A USD 408,838 1,324,635 0.11AZZ USD 26,800 1,313,200 0.11Ball USD 125,200 6,486,612 0.53BancorpSouth USD 224,600 5,707,086 0.47BankUnited USD 131,900 4,332,915 0.35BBCN Bancorp USD 230,600 3,823,348 0.31Berry Plastics Group USD 207,200 4,950,008 0.40Bill Barrett USD 157,100 4,295,114 0.35BioMarin Pharmaceutical USD 12,400 858,948 0.07BJ’s Restaurants USD 60,800 1,897,568 0.15Bloomin’ Brands USD 466,500 11,354,610 0.93Bonanza Creek Energy USD 55,400 2,399,374 0.20Boston Beer Class A USD 18,300 4,381,569 0.36Brown & Brown USD 178,100 5,567,406 0.45Bruker USD 98,700 1,960,182 0.16Brunswick USD 289,300 13,212,331 1.08Cabot Microelectronics USD 45,900 2,089,368 0.17Capital Bank Financial Class A USD 211,400 4,851,630 0.40Capitol Federal Financial USD 437,000 5,274,590 0.43CarMax USD 127,000 5,953,760 0.49Celanese Class A USD 103,500 5,735,970 0.47CenterPoint Energy USD 86,000 1,986,600 0.16Chesapeake Utilities USD 95,800 5,748,000 0.47Chico’s FAS USD 506,800 9,558,248 0.78


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets


91

U S S m a l l e r C o m p a n i e s E q u i t y F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

Chipotle Mexican Grill USD 6,100 3,238,795 0.26Choice Hotels International USD 81,200 4,017,776 0.33Church & Dwight USD 95,600 6,330,632 0.52Cleco USD 75,000 3,485,250 0.28CNA Financial USD 201,059 8,595,272 0.70Concho Resources USD 33,700 3,612,977 0.29Concur Technologies USD 60,700 6,208,396 0.51Cooper USD 23,300 2,930,907 0.24Cray USD 194,800 5,353,104 0.44Denny’s USD 190,800 1,421,460 0.12DENTSPLY International USD 121,300 5,868,494 0.48Diamondback Energy USD 101,700 5,362,641 0.44DiamondRock Hospitality USD 227,700 2,664,090 0.22DigitalGlobe USD 200,300 8,346,501 0.68Diodes USD 122,200 2,894,918 0.24Dolby Laboratories Class A USD 141,900 5,471,664 0.45Dollar Tree USD 94,000 5,315,700 0.43Donaldson USD 145,400 6,317,630 0.52Dr Pepper Snapple Group USD 104,300 5,087,754 0.41DreamWorks Animation Class A USD 120,800 4,288,400 0.35Dynegy USD 148,900 3,219,218 0.26E*Trade Financial USD 682,700 13,244,380 1.08East West Bancorp USD 114,500 4,001,775 0.33EastGroup Properties USD 49,100 2,839,944 0.23El Paso Electric USD 54,800 1,924,576 0.16EMCOR Group USD 152,100 6,432,309 0.52EnPro Industries USD 94,600 5,486,800 0.45EQT USD 53,300 4,794,335 0.39Exelixis USD 314,900 1,886,251 0.15Express USD 102,200 1,922,382 0.16Exterran Holdings USD 158,600 5,433,636 0.44Factset Research Systems USD 65,800 7,174,174 0.59Fastenal USD 39,100 1,872,108 0.15Federal Realty Investment Trust USD 41,500 4,213,080 0.34Fidelity National Financial Class A USD 140,400 4,558,788 0.37Fiesta Restaurant Group USD 81,900 4,298,931 0.35Fifth & Pacific Companies USD 138,900 4,451,745 0.36Financial Engines USD 71,000 4,935,920 0.40First Horizon National USD 404,200 4,717,014 0.38Five Below USD 63,900 2,766,231 0.23Flotek Industries USD 141,800 2,860,106 0.23Flowers Foods USD 130,800 2,817,432 0.23Forum Energy Technologies USD 77,600 2,189,096 0.18Francesca’s Holdings USD 88,400 1,660,152 0.14G&K Services Class A USD 65,500 4,101,610 0.33Glacier Bancorp USD 194,000 5,794,780 0.47Global Payments USD 52,900 3,430,036 0.28Graco USD 92,800 7,236,544 0.59Groupon USD 355,400 4,087,100 0.33Halozyme Therapeutics USD 41,600 634,816 0.05Harman International Industries USD 86,000 7,006,420 0.57Harsco USD 231,900 6,509,433 0.53Hasbro USD 80,700 4,440,114 0.36Haynes International USD 32,300 1,783,929 0.15Healthcare Services Group USD 170,200 4,896,654 0.40Henry Schein USD 78,400 8,964,256 0.73Hittite Microwave USD 47,100 2,920,200 0.24HMS Holdings USD 75,800 1,716,870 0.14Home BancShares USD 145,498 5,537,654 0.45Hospira USD 101,400 4,182,750 0.34HSN USD 18,800 1,192,108 0.10HUB Group Class A USD 66,900 2,667,303 0.22Hubbell Class B USD 26,600 2,902,858 0.24Idenix Pharmaceuticals USD 110,500 678,470 0.06IDEX USD 57,700 4,269,800 0.35Idexx Laboratories USD 62,300 6,611,899 0.54IHS Class A USD 47,600 5,651,548 0.46Incyte USD 267,300 13,573,494 1.11Infinity Property & Casualty USD 37,500 2,694,375 0.22Interactive Intelligence Group USD 46,300 3,129,880 0.26Interface USD 89,500 1,986,900 0.16InterMune USD 258,400 3,852,744 0.31Interval Leisure Group USD 152,800 4,757,428 0.39

IPG Photonics USD 43,300 3,380,864 0.28Iron Mountain USD 325,200 9,944,616 0.81Isis Pharmaceuticals USD 120,100 4,772,774 0.39Jack Henry & Associates USD 70,600 4,173,872 0.34JDS Uniphase USD 245,100 3,188,751 0.26JM Smucker USD 24,400 2,530,280 0.21John Bean Technologies USD 145,300 4,264,555 0.35Jones Lang LaSalle USD 61,700 6,335,356 0.52Kemper USD 112,233 4,603,798 0.38Kilroy Realty USD 67,700 3,397,186 0.28Knight Transportation USD 132,800 2,450,160 0.20Kopin USD 441,100 1,852,620 0.15Koppers Holdings USD 151,000 6,917,310 0.56Krispy Kreme Doughnuts USD 281,800 5,492,282 0.45Landstar System USD 38,000 2,191,460 0.18LaSalle Hotel Properties USD 37,500 1,176,750 0.10Lennox International USD 30,300 2,603,073 0.21Linear Technology USD 88,100 4,027,932 0.33Lumber Liquidators Holdings USD 74,200 7,541,688 0.62M&T Bank USD 49,800 5,810,166 0.47Manitowoc USD 378,000 8,890,560 0.73ManpowerGroup USD 51,600 4,460,304 0.36Markel USD 3,600 2,088,000 0.17MarketAxess Holdings USD 75,000 5,037,750 0.41Mattel USD 129,300 6,167,610 0.50Matthews International Class A USD 96,850 4,067,700 0.33MDU Resources Group USD 68,500 2,087,195 0.17Medicines USD 38,000 1,459,200 0.12Mednax USD 80,900 4,298,217 0.35MGIC Investment USD 123,100 1,035,271 0.08Mine Safety Appliances USD 116,600 5,910,454 0.48Monolithic Power Systems USD 102,400 3,534,848 0.29Monro Muffler Brake USD 58,400 3,277,992 0.27Morningstar USD 33,400 2,650,290 0.22Multi-Color USD 66,100 2,486,682 0.20Myers Industries USD 204,400 4,382,336 0.36National Instruments USD 146,300 4,662,581 0.38Netflix USD 13,900 5,106,860 0.42Neurocrine Biosciences USD 170,200 1,586,264 0.13NewMarket USD 4,500 1,528,965 0.12Nordson USD 73,200 5,491,464 0.45Northern Oil and Gas USD 340,200 5,072,382 0.41NRG Energy USD 176,300 5,042,180 0.41NVR USD 3,600 3,699,900 0.30Oasis Petroleum USD 73,200 3,410,388 0.28OGE Energy USD 66,600 2,249,082 0.18OpenTable USD 64,000 4,995,200 0.41Pacira Pharmaceuticals USD 67,000 3,790,860 0.31Packaging of America USD 79,300 5,041,894 0.41Pall USD 80,500 6,868,260 0.56Pantry USD 114,100 1,937,418 0.16PDC Energy USD 48,500 2,551,585 0.21PennyMac Financial Services Class A USD 141,653 2,483,177 0.20Pharmacyclics USD 53,600 5,688,568 0.46Pinnacle Financial Partners USD 51,257 1,683,792 0.14PNM Resources USD 258,700 6,226,909 0.51Polaris Industries USD 19,700 2,867,532 0.23Potlatch USD 53,100 2,231,793 0.18PROS Holdings USD 63,100 2,555,550 0.21Prosperity Bancshares USD 68,200 4,336,838 0.35PS Business Parks USD 93,600 7,170,696 0.59Puma Biotechnology USD 22,300 2,333,026 0.19Quiksilver USD 799,600 7,060,468 0.58Rackspace Hosting USD 86,800 3,335,550 0.27Radian Group USD 342,400 4,875,776 0.40RBC Bearings USD 87,300 6,191,316 0.51Red Hat USD 38,800 2,194,528 0.18Red Robin Gourmet Burgers USD 62,100 4,670,541 0.38Reliance Steel & Aluminum USD 59,800 4,528,654 0.37Restoration Hardware Holdings USD 148,000 9,720,640 0.79Rexnord USD 138,300 3,706,440 0.30RigNet USD 99,600 4,795,740 0.39RLI USD 33,600 3,285,072 0.27

InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets

United States of America (continued) United States of America (continued)


92

U S S m a l l e r C o m p a n i e s E q u i t y F u n d > > > c o n t i n u e dS t a t e m e n t o f I n v e s t m e n t sA s a t 3 1 D e c e m b e r 2 0 1 3

Robert Half International USD 49,700 2,101,316 0.17Rockwood Holdings USD 154,300 11,148,175 0.91Royal Caribbean Cruises USD 190,600 9,068,748 0.74RPM International USD 258,600 10,700,868 0.87Sapient USD 76,300 1,338,302 0.11Saul Centers USD 85,600 4,125,064 0.34SBA Communications Class A USD 12,400 1,112,404 0.09Seacor Holdings USD 68,400 6,257,916 0.51Seattle Genetics USD 18,300 736,026 0.06Select Medical Holdings USD 96,400 1,112,456 0.09Semtech USD 230,100 5,800,821 0.47ServiceNow USD 105,500 5,884,790 0.48Sigma-Aldrich USD 40,500 3,805,785 0.31Signature Bank USD 48,000 5,140,800 0.42Sirona Dental Systems USD 60,100 4,231,040 0.35Skywest USD 119,000 1,763,580 0.14SL Green Realty USD 25,300 2,352,394 0.19SM Energy USD 66,700 5,578,121 0.46Sonic USD 151,300 3,094,085 0.25SS&C Technologies Holdings USD 212,900 9,339,923 0.76Stage Stores USD 183,000 4,133,970 0.34Starwood Property Trust USD 79,000 2,178,030 0.18State Auto Financial USD 164,993 3,407,106 0.28Stein Mart USD 608,600 8,447,368 0.69Stericycle USD 38,800 4,509,336 0.37Steris USD 292,700 14,037,892 1.15Sun Hydraulics USD 71,500 2,931,500 0.24Supertex USD 55,900 1,418,742 0.12SVB Financial Group USD 47,500 4,968,975 0.41Tangoe USD 385,800 7,029,276 0.57Team USD 46,400 1,948,336 0.16Team Health Holdings USD 53,900 2,450,833 0.20Teledyne Technologies USD 57,100 5,252,058 0.43Terex USD 119,800 5,057,956 0.41Terreno Realty USD 294,200 5,277,948 0.43Tesla Motors USD 31,300 4,750,088 0.39TETRA Technologies USD 206,400 2,551,104 0.21Texas Capital Bancshares USD 49,800 3,074,652 0.25Tile Shop Holdings USD 123,300 2,242,827 0.18Toro USD 78,800 4,991,192 0.41TreeHouse Foods USD 73,700 5,140,575 0.42Trimas USD 141,300 5,652,000 0.46Trimble Navigation USD 243,600 8,474,844 0.69Tumi Holdings USD 209,400 4,837,140 0.39tw telecom USD 68,700 2,114,586 0.17Ulta Salon Cosmetics & Fragrance USD 23,100 2,168,859 0.18Universal Forest Products USD 53,100 2,761,731 0.23UNS Energy USD 17,370 1,040,116 0.08Valmont Industries USD 39,700 5,933,562 0.48Vantiv Class A USD 98,700 3,208,737 0.26VeriSign USD 172,900 10,311,756 0.84Verisk Analytics Class A USD 61,000 4,033,320 0.33Vulcan Materials USD 180,800 10,773,872 0.88WABCO Holdings USD 59,200 5,541,120 0.45Waddell & Reed Financial Class A USD 55,800 3,652,110 0.30Washington Real Estate Investment Trust USD 120,200 2,848,740 0.23Waste Connections USD 170,000 7,410,300 0.60WellCare Health Plans USD 53,500 3,715,575 0.30Western Alliance Bancorp USD 323,100 7,731,783 0.63Whole Foods Market USD 118,800 6,863,076 0.56Xilinx USD 57,800 2,655,332 0.22XO Group USD 482,700 7,221,192 0.59Xoom USD 320,100 8,783,544 0.72Zillow Class A USD 19,500 1,593,150 0.13Zions Bancorporation USD 80,200 2,403,594 0.20Zumiez USD 80,700 2,115,954 0.17

Total United States of America 1,139,658,987 92.99


Transferable Securities Traded on Another Regulated MarketCommon stocks United States of America EnteroMedics warrants/08/06/20161 USD 10,800 15,070 0.00EnteroMedics warrants/28/09/20161 USD 2,000 2,987 0.00


Bonds United States of America E*Trade Financial SerA CV 0%/2019 USD 80,000 150,350 0.01Forest City Enterprises CV 4.25%/2018 USD 500,000 557,500 0.05MGIC Investment CV 5%/2017 USD 600,000 679,500 0.05



Other Transferable SecuritiesUnited States of America Penson Worldwide Ser144A CV 8%/ 1/6/2014 USD 459,000 58,810 0.01


Total Other Transferable Securities 58,810 0.01



Net Assets 1,225,511,583 100.00


144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the SecuritiesAct of 1933

CV: convertible bond

CAD: Canadian DollarUSD: United States Dollar


InvestmentCurrency

DenominationNumber

of Shares

Market Value

(USD)% of Net


DenominationNumber

of Shares

Market Value

(USD)% of Net

Assets



93

S t a t e m e n t o f N e t A s s e t sAs at 31 December 2013

EmergingLocal Markets

Bond Fund

EURO Corporate

Bond Fund

EuropeanHigh YieldBond Fund

GlobalAggregateBond Fund

GlobalEmerging

MarketsBond Fund

Base Currency USD EUR EUR USD USD

AssetsInvestments at cost 14,052,359 78,990,291 13,034,960 69,196,173 9,291,905Unrealised appreciation (depreciation) (1,309,354) 2,072,439 886,243 (315,221) (108,403)Investments at market value 12,743,005 81,062,730 13,921,203 68,880,952 9,183,502Cash at banks 239,603 2,299,717 60,785 976,854 1,060,201Dividends and interest receivable 216,979 1,569,084 315,954 678,277 137,073Receivables for investments sold – – – 212,594 – Subscriptions receivable – – – – – Unrealised gain on open forward currency exchange contracts 104,680 37,854 6,800 345,564 13,692 Unrealised gain on open futures contracts 4,300 – – 139,696 – Deposits on futures 9,534 – – 126,429 – Receivables for swaps contracts – – – – – Swap contracts at market value 7,380 – 6,384 – 29,979 Options at market value – – – 17,545 – Other assets 6,948 4,316 5,157 18,997 15,384Total assets 13,332,429 84,973,701 14,316,283 71,396,908 10,439,831LiabilitiesPayables for investments purchased – – – 59,195 – Redemptions payable – 19,915 – – – Investment management fees 7,577 23,892 10,885 18,886 5,688Bank overdraft – – – 70 –Unrealised loss on open forward currency exchange contracts 63,833 365,389 29,874 850,049 10,626 Swap contracts at market value 254 2,879 – 1,291 – Provision on foreign taxes – – – – – Unrealised loss on open futures contracts – – – 36,404 – Deposits on futures 5 – – 10,437 – Other liabilities 19,856 30,600 20,775 44,861 29,650Total liabilities 91,525 442,675 61,534 1,021,193 45,964Net assets 13,240,904 84,531,026 14,254,749 70,375,715 10,393,867(Non-share amounts in USD unless otherwise noted)Class ANet assets – 738,580 EUR 7,175,195 EUR 8,676,084 584,808 Shares outstanding – 53,129 513,962 520,043 36,444 Net asset value per share – 13.90 EUR 13.96 EUR 16.68 16.05 Class A (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class AdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class Ah (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (NOK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (SEK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class INet assets 13,240,904 26,937,761 EUR 7,079,554 EUR 28,179,647 8,099,088 Shares outstanding 1,000,000 1,563,199 500,000 1,903,220 428,235 Net asset value per share 13.24 17.23 EUR 14.16 EUR 14.81 18.91 Class IdNet assets – – – 1,727,689 1,709,971 Shares outstanding – – – 156,025 151,308 Net asset value per share – – – 11.07 11.30 Dividends declared per share – – – 0.2881 0.6409 Class I (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (USD)Net assets (Base Currency) – 39,257,185 EUR – – – Net assets (Class Currency) – 54,079,127 – – – Shares outstanding – 5,226,990 – – – Net asset value per share (Class Currency) – 10.35 – – –



94

S t a t e m e n t o f N e t A s s e t s > > > c o n t i n u e dAs at 31 December 2013


Bond Fund

EURO Corporate

Bond Fund



GlobalEmerging

MarketsBond Fund


Class JNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class JdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class QNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Q (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Q (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class SNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Sh (JPY)Net assets (Base Currency) – – – 23,112,815 – Net assets (Class Currency) – – – 2,424,996,502 JPY – Shares outstanding – – – 238,305 – Net asset value per share (Class Currency) – – – 10,176.02 JPY – Class ZNet assets – 17,597,500 EUR – 8,679,480 – Shares outstanding – 906,694 – 368,485 – Net asset value per share – 19.41 EUR – 23.55 –



95


Global EmergingMarkets Corporate

Bond Fund

Global FixedIncome Absolute

Return Fund

GlobalHigh YieldBond Fund

USAggregateBond Fund

Asianex-Japan

Equity Fund

Base Currency USD USD USD USD USD

AssetsInvestments at cost 12,735,412 10,344,426 1,869,539,015 111,193,997 965,399,778Unrealised appreciation (depreciation) (44,080) 2,009 86,788,700 (44,328) 62,704,755Investments at market value 12,691,332 10,346,435 1,956,327,715 111,149,669 1,028,104,533Cash at banks 605,151 747,457 27,082,900 1,423,948 48,743,530Dividends and interest receivable 204,361 42,404 33,965,608 760,358 1,874,875Receivables for investments sold – 26,454 5,098,825 242 10,937,296Subscriptions receivable – – 1,329,287 159,544 2,366,839 Unrealised gain on open forward currency exchange contracts 124 92,414 15,143,003 154,545 – Unrealised gain on open futures contracts – 36,540 – 168,055 – Deposits on futures – 49,814 – 46,019 – Receivables for swaps contracts – – 130,760 – – Swap contracts at market value – – 179,027 – – Options at market value – 3,782 – – – Other assets 6,781 8,039 8,069 4,524 1,689 Total assets 13,507,749 11,353,339 2,039,265,194 113,866,904 1,092,028,762LiabilitiesPayables for investments purchased – 10,000 1,950,000 – 5,514,269Redemptions payable – – 291,020 25,744 1,836,089 Investment management fees 12,036 4,416 836,540 12,438 1,136,796Bank overdraft – – 1,926,800 5,229 –Unrealised loss on open forward currency exchange contracts 7,746 100,842 2,559,757 574 – Swap contracts at market value – – 638,800 – – Provision on foreign taxes – – – – 90,283 Unrealised loss on open futures contracts – 1,290 – 17,949 – Deposits on futures – – – – –Other liabilities 21,555 18,860 1,281,258 44,583 280,617Total liabilities 41,337 135,408 9,484,175 106,517 8,858,054Net assets 13,466,412 11,217,931 2,029,781,019 113,760,387 1,083,170,708(Non-share amounts in USD unless otherwise noted)Class ANet assets 6,669,663 – 238,486,095 – 247,995,398 Shares outstanding 600,000 – 9,710,316 – 21,661,835 Net asset value per share 11.12 – 24.56 – 11.45 Class A (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class AdNet assets – – 95,042,270 – – Shares outstanding – – 7,322,701 – – Net asset value per share – – 12.98 – – Dividends declared per share – – 0.6760 – – Class Ah (EUR)Net assets (Base Currency) – – 660,255,476 – – Net assets (Class Currency) – – 479,293,455 EUR – – Shares outstanding – – 23,090,802 – – Net asset value per share (Class Currency) – – 20.76 EUR – – Class Ah (NOK)Net assets (Base Currency) – – 136,727,593 – – Net assets (Class Currency) – – 830,572,272 NOK – – Shares outstanding – – 4,436,197 – – Net asset value per share (Class Currency) – – 187.23 NOK – – Class Ah (SEK)Net assets (Base Currency) – – 101,070,175 – – Net assets (Class Currency) – – 650,290,563 SEK – – Shares outstanding – – 5,566,666 – – Net asset value per share (Class Currency) – – 116.82 SEK – – Class INet assets 6,796,749 11,217,931 650,809,101 4,937,938 787,904,776 Shares outstanding 600,000 1,100,000 25,184,269 465,179 46,341,581 Net asset value per share 11.33 10.20 25.84 10.62 17.00 Class IdNet assets – – – – 26,702,660 Shares outstanding – – – – 2,675,500 Net asset value per share – – – – 9.98 Dividends declared per share – – – – – Class I (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (EUR)Net assets (Base Currency) – – – 30,817,528 – Net assets (Class Currency) – – – 22,371,097 EUR – Shares outstanding – – – 2,062,372 – Net asset value per share (Class Currency) – – – 10.85 EUR – Class Ih (USD)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – –



96



Bond Fund


Return Fund



Asianex-Japan

Equity Fund


Class JNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class JdNet assets – – 77,281,210 78,004,921 – Shares outstanding – – 7,465,788 7,337,144 – Net asset value per share – – 10.35 10.63 – Dividends declared per share – – 0.8477 0.1741 – Class QNet assets – – 32,091,873 – 20,567,874 Shares outstanding – – 3,011,450 – 2,085,118 Net asset value per share – – 10.66 – 9.86 Class Q (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Q (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class SNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Sh (JPY)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class ZNet assets – – 38,017,226 – – Shares outstanding – – 1,301,272 – – Net asset value per share – – 29.22 – –



97


EmergingEurope

Equity FundEuropean

Equity Fund

Europeanex-UK

Equity Fund

EuropeanSmaller Companies

Equity Fund

EuropeanStructured

ResearchEquity Fund

Base Currency EUR EUR EUR EUR EUR

AssetsInvestments at cost 6,631,325 191,486,800 5,319,579 10,424,777 4,811,850Unrealised appreciation (depreciation) 905,667 29,388,812 2,505,522 5,778,938 1,350,328Investments at market value 7,536,992 220,875,612 7,825,101 16,203,715 6,162,178Cash at banks 97,717 2,718,981 245,308 17,975 17,786Dividends and interest receivable 7,670 308,687 35,375 25,710 18,282Receivables for investments sold – – 149 3,110 – Subscriptions receivable 19,915 177,894 169,851 – – Unrealised gain on open forward currency exchange contracts – – – – – Unrealised gain on open futures contracts – – – – – Deposits on futures – – – – – Receivables for swaps contracts – – – – – Swap contracts at market value – – – – – Options at market value – – – – – Other assets 7,316 6,335 5,703 6,790 5,198Total assets 7,669,610 224,087,509 8,281,487 16,257,300 6,203,444LiabilitiesPayables for investments purchased – 192,865 – – – Redemptions payable – 148,333 – – – Investment management fees 9,649 132,098 4,462 18,606 2,902Bank overdraft – – – – –Unrealised loss on open forward currency exchange contracts – – – – – Swap contracts at market value – – – – – Provision on foreign taxes – – – – – Unrealised loss on open futures contracts – – – – – Deposits on futures – – – – –Other liabilities 23,037 63,401 17,024 25,709 15,946Total liabilities 32,686 536,697 21,486 44,315 18,848Net assets 7,636,924 223,550,812 8,260,001 16,212,985 6,184,596(Non-share amounts in USD unless otherwise noted)Class ANet assets 3,742,887 EUR 13,147,896 EUR – 7,974,002 EUR – Shares outstanding 197,353 1,184,896 – 265,079 – Net asset value per share 18.97 EUR 11.10 EUR – 30.08 EUR – Class A (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class AdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class Ah (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (NOK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (SEK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class INet assets 3,894,037 EUR 155,409,963 EUR 8,255,224 EUR 7,408,054 EUR 6,184,596 EURShares outstanding 195,000 13,032,599 719,822 235,000 375,000 Net asset value per share 19.97 EUR 11.92 EUR 11.47 EUR 31.52 EUR 16.49 EURClass IdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class I (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (USD)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – –



98


EmergingEurope

Equity FundEuropean

Equity Fund

Europeanex-UK

Equity Fund


Equity Fund

EuropeanStructured

ResearchEquity Fund


Class JNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class JdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class QNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Q (EUR)Net assets (Base Currency) – 54,992,953 EUR – 830,929 EUR – Net assets (Class Currency) – 54,992,953 EUR – 830,929 EUR – Shares outstanding – 5,210,248 – 80,297 – Net asset value per share – 10.55 EUR – 10.35 EUR – Class Q (GBP) GBPNet assets (Base Currency) – – 4,777 EUR – – Net assets (Class Currency) – – 3,977 GBP – – Shares outstanding – – 350 – – Net asset value per share – – 11.36 GBP – – Class SNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Sh (JPY)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class ZNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – –



99


GlobalEmerging

MarketsEquity Fund

Global FocusedGrowth

Equity Fund(1)

GlobalGrowth

Equity Fund(2)

GlobalNatural

ResourcesEquity Fund

GlobalValue

Equity Fund


AssetsInvestments at cost 1,264,076,038 127,006,075 438,487,408 186,554,305 2,117,489Unrealised appreciation (depreciation) 112,745,800 25,835,372 69,219,553 26,602,477 532,869Investments at market value 1,376,821,838 152,841,447 507,706,961 213,156,782 2,650,358Cash at banks 42,927,245 2,299,012 2,755,072 2,083,390 56,338Dividends and interest receivable 1,509,383 109,801 447,720 94,168 3,040Receivables for investments sold 358,983 891,180 453,676 371,885 – Subscriptions receivable 1,582,692 – 2,300,000 280,124 – Unrealised gain on open forward currency exchange contracts – – 412,043 – 2,446 Unrealised gain on open futures contracts – – – – – Deposits on futures – – – – – Receivables for swaps contracts – – – – – Swap contracts at market value – – – – – Options at market value – – – – – Other assets 6,208 – 1,071 411 6,381Total assets 1,423,206,349 156,141,440 514,076,543 215,986,760 2,718,563LiabilitiesPayables for investments purchased 16,918 997,545 329,644 29,820 – Redemptions payable 1,533,758 27,140 – 103,803 – Investment management fees 1,297,010 103,133 264,920 76,497 2,708Bank overdraft – – - – –Unrealised loss on open forward currency exchange contracts – – 19,204 – 119 Swap contracts at market value – – – – – Provision on foreign taxes 200,938 – – – – Unrealised loss on open futures contracts – – – – – Deposits on futures – – – – –Other liabilities 316,889 84,317 124,107 153,886 15,777Total liabilities 3,365,513 1,212,135 737,875 364,006 18,604Net assets 1,419,840,836 154,929,305 513,338,668 215,622,754 2,699,959(Non-share amounts in USD unless otherwise noted)Class ANet assets 66,076,197 10,175,948 2,085,774 16,881,841 1,343,196 Shares outstanding 2,899,555 401,857 81,783 1,958,591 99,999 Net asset value per share 22.79 25.32 25.50 8.62 13.43 Class A (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class AdNet assets 27,485,121 – – – – Shares outstanding 3,011,017 – – – – Net asset value per share 9.13 – – – – Dividends declared per share 0.0470 – – – – Class Ah (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (NOK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (SEK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class INet assets 1,297,370,606 144,753,357 391,849,699 83,028,371 1,356,763 Shares outstanding 45,962,321 10,286,017 14,645,922 6,424,120 100,000 Net asset value per share 28.23 14.07 26.75 12.92 13.57 Class IdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class I (GBP)Net assets (Base Currency) – – 22,629,156 – – Net assets (Class Currency) – – 13,676,511 GBP – – Shares outstanding – – 727,014 – – Net asset value per share (Class Currency) – – 18.81 GBP – – Class Ih (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (USD)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – –

(1) This fund was formerly named Global Equity Fund. (2) This fund was formerly named Global Large Cap Equity Fund. The accompanying notes are an integral part of these financial statements.


100The accompanying notes are an integral part of these financial statements.


GlobalEmerging

MarketsEquity Fund

Global FocusedGrowth

Equity Fund(1)

GlobalGrowth

Equity Fund(2)

GlobalNatural


GlobalValue

Equity Fund


Class JNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class JdNet assets 8,995,059 – – – – Shares outstanding 1,257,792 – – – – Net asset value per share 7.15 – – – – Dividends declared per share 0.1344 – – – – Class QNet assets 12,630,366 – – – – Shares outstanding 1,342,268 – – – – Net asset value per share 9.41 – – – – Class Q (EUR)Net assets (Base Currency) – – – 115,712,542 – Net assets (Class Currency) – – – 83,998,188 EUR – Shares outstanding – – – 7,830,273 – Net asset value per share – – – 10.73 EUR – Class Q (GBP)Net assets (Base Currency) 7,283,487 – 6,690,934 – – Net assets (Class Currency) 4,401,962 GBP – 4,043,838 GBP – – Shares outstanding 434,815 – 373,874 – – Net asset value per share 10.12 GBP – 10.82 GBP – – Class SNet assets – – 90,083,105 – – Shares outstanding – – 6,791,363 – – Net asset value per share – – 13.26 – – Class Sh (JPY)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class ZNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – –

1This fund was formerly named Global Equity Fund. 2This fund was formerly named Global Large Cap Equity Fund.


101


GlobalReal Estate

Securities FundJapanese

Equity FundLatin American

Equity FundMiddle East &

Africa Equity FundUS Blue ChipEquity Fund

Base Currency USD EUR USD USD USD

AssetsInvestments at cost 30,224,773 1,655,960 24,297,896 36,832,239 82,067,722Unrealised appreciation (depreciation) 229,377 375,277 (2,688,065) 7,472,950 41,724,090Investments at market value 30,454,150 2,031,237 21,609,831 44,305,189 123,791,812Cash at banks 603,468 67,112 699,477 3,372 595,949Dividends and interest receivable 124,700 1,751 37,936 496 34,890Receivables for investments sold 185,495 4,750 – 330,947 12,025 Subscriptions receivable – – – – 686,337Unrealised gain on open forward currency exchange contracts – – – – – Unrealised gain on open futures contracts – – – – – Deposits on futures – – – – – Receivables for swaps contracts – – – – – Swap contracts at market value – – – – – Options at market value – – – – – Other assets 18,517 6,975 5,556 2,976 4,150Total assets 31,386,330 2,111,825 22,352,800 44,642,980 125,125,163LiabilitiesPayables for investments purchased 22,327 3,355 – 17,408 201,318Redemptions payable – – – – 251,420 Investment management fees 24,474 2,107 20,607 47,989 152,183Bank overdraft – – – 241,651 –Unrealised loss on open forward currency exchange contracts – – – – – Swap contracts at market value – – – – – Provision on foreign taxes – – – – – Unrealised loss on open futures contracts – – – – – Deposits on futures – – – – –Other liabilities 39,195 23,912 27,081 35,860 60,560Total liabilities 85,996 29,374 47,688 342,908 665,481Net assets 31,300,334 2,082,451 22,305,112 44,300,072 124,459,682(Non-share amounts in USD unless otherwise noted)Class ANet assets 5,542,471 1,028,037 EUR 1,966,448 6,679,720 118,571,243 Shares outstanding 274,998 142,564 164,771 850,836 4,337,885 Net asset value per share 20.15 7.21 EUR 11.93 7.85 27.33 Class A (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class AdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class Ah (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (NOK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ah (SEK)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class INet assets 25,757,863 1,054,414 EUR 20,338,664 37,620,352 – Shares outstanding 1,218,304 130,000 2,515,950 3,443,617 – Net asset value per share 21.14 8.11 EUR 8.08 10.92 – Class IdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class I (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class Ih (USD)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – –



102


GlobalReal Estate






Class JNet assets – – – – 3,550,204 Shares outstanding – – – – 192,306 Net asset value per share – – – – 18.46 Class JdNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Dividends declared per share – – – – – Class QNet assets – – – – 2,338,235 Shares outstanding – – – – 189,961 Net asset value per share – – – – 12.31 Class Q (EUR)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Q (GBP)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class SNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – – Class Sh (JPY)Net assets (Base Currency) – – – – – Net assets (Class Currency) – – – – – Shares outstanding – – – – – Net asset value per share (Class Currency) – – – – – Class ZNet assets – – – – – Shares outstanding – – – – – Net asset value per share – – – – –



103

AssetsInvestments at cost 3,199,549 1,161,921,530 332,551,486 924,733,490 8,106,124,129Unrealised appreciation (depreciation) 1,023,299 410,707,919 83,504,891 253,679,122 1,237,863,161Investments at market value 4,222,848 1,572,629,449 416,056,377 1,178,412,612 9,343,987,290Cash at banks 120,529 13,663,925 13,827,428 47,296,657 215,423,272Dividends and interest receivable 3,887 464,416 339,194 622,315 44,816,271Receivables for investments sold 15,401 2,215,448 – 187,506 21,308,990Subscriptions receivable – 6,300,962 973,972 2,170,791 18,657,036Unrealised gain on open forward currency exchange contracts – – – – 16,330,026Unrealised gain on open futures contracts – – – – 348,591Deposits on futures – – – – 231,796 Receivables for swaps contracts – – – – 130,760 Swap contracts at market value – – – – 225,181 Options at market value – – – – 21,327 Other assets 7,535 689 2,686 3,785 196,232Total assets 4,370,200 1,595,274,889 431,199,657 1,228,693,666 9,661,676,772LiabilitiesPayables for investments purchased 8,421 4,371,063 162,450 957,375 14,918,066Redemptions payable – 3,068,781 326,609 681,585 8,377,727Investment management fees 4,054 1,400,086 374,405 1,232,293 7,316,594Bank overdraft – – – – 2,173,750Unrealised loss on open forward currency exchange contracts – – – – 4,157,264Swap contracts at market value – – – – 644,311 Provision on foreign taxes – – – – 291,221 Unrealised loss on open futures contracts – – – – 55,643 Deposits on futures – – – – 10,442 Other liabilities 18,277 330,357 136,867 310,830 3,698,872Total liabilities 30,752 9,170,287 1,000,331 3,182,083 41,643,890Net assets 4,339,448 1,586,104,602 430,199,326 1,225,511,583 9,620,032,882(Non-share amounts in USD unless otherwise noted)Class ANet assets 2,218,826 898,204,759 208,340,624 498,211,664 Shares outstanding 109,063 40,219,648 8,917,187 16,860,775 Net asset value per share 20.34 22.33 23.36 29.55 Class A (EUR)Net assets (Base Currency) – – – 3,007,755 Net assets (Class Currency) – – – 2,183,393 EURShares outstanding – – – 199,837 Net asset value per share – – – 10.93 EURClass AdNet assets – – – – Shares outstanding – – – – Net asset value per share – – – – Dividends declared per share – – – – Class Ah (EUR)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class Ah (NOK)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class Ah (SEK)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class INet assets 2,120,622 628,606,425 183,690,688 676,283,270 Shares outstanding 100,000 24,297,690 8,815,982 17,281,097 Net asset value per share 21.21 25.87 20.84 39.13 Class IdNet assets – – – – Shares outstanding – – – – Net asset value per share – – – – Dividends declared per share – – – – Class I (GBP)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class Ih (EUR)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class Ih (USD)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – –


US Large CapEquity Fund

US Large CapGrowth

Equity FundUS Large Cap

Value Equity Fund

US SmallerCompanies

Equity Fund

Combinedtotal of all

funds+

Base Currency USD USD USD USD

+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars. The accompanying notes are an integral part of these financial statements.


104

Class JNet assets – 7,108,409 7,138,007 – Shares outstanding – 381,224 496,795 – Net asset value per share – 18.65 14.37 – Class JdNet assets – – – – Shares outstanding – – – – Net asset value per share – – – – Dividends declared per share – – – – Class QNet assets – 52,185,009 31,030,007 37,005,966 Shares outstanding – 3,771,197 2,477,262 3,073,500 Net asset value per share – 13.84 12.53 12.04 Class Q (EUR)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share – – – – Class Q (GBP)Net assets (Base Currency) – – – 11,002,928 Net assets (Class Currency) – – – 6,649,902 GBPShares outstanding – – – 517,733 Net asset value per share – – – 12.84 GBPClass SNet assets – – – – Shares outstanding – – – – Net asset value per share – – – – Class Sh (JPY)Net assets (Base Currency) – – – – Net assets (Class Currency) – – – – Shares outstanding – – – – Net asset value per share (Class Currency) – – – – Class ZNet assets – – – – Shares outstanding – – – – Net asset value per share – – – –



US Large CapGrowth


Value Equity Fund

US SmallerCompanies

Equity Fund

Combinedtotal of all

funds+




105

S t a t e m e n t o f O p e r a t i o n s a n d C h a n g e s i n N e t A s s e t sFor the year ended 31 December 2013

Income Interest (net of withholding taxes) 792,131 2,591,984 1,040,946 2,502,708 455,332Dividends (net of withholding taxes) – 1,006 2,632 130 –Interest on swaps 2,744 – 4,433 6 30,389

Total income 794,875 2,592,990 1,048,011 2,502,844 485,721Expenses Investment management 91,604 272,674 116,986 322,183 56,809Custody 5,405 20,455 3,399 17,687 2,951Accounting and shareholder servicing 45,974 46,532 38,848 74,647 67,436Taxe d'Abonnement 1,399 8,754 4,058 16,450 1,108Professional services 22,058 28,780 19,313 35,828 21,059Interest on swaps 2,425 3,039 – 404 –Interest charges 81 738 7 550 16Other expenses – – – – –

Total expenses 168,946 380,972 182,611 467,749 149,379Net investment income (loss) before expenses waived or borne by the Investment Manager 625,929 2,212,018 865,400 2,035,095 336,342Expenses waived or borne by the Investment Manager 60,771 37,346 47,534 56,649 84,007

Net investment income (loss) 686,700 2,249,364 912,934 2,091,744 420,349

Net realised gain (loss) on: Swing Pricing – – – 31,459 8,219Investments (net of foreign taxes) (234,282) 1,450,049 1,102,422 (1,096,563) 249,483Forward currency exchange contracts 187,958 (1,112,652) (10,684) (5,472,280) 20,933Futures contracts 2,152 – – 323,383 –Options – – – (4,931) –Swaps 254 – 5,392 1,058 –Foreign currency transactions (27,726) (829,750) 21,063 3,742,489 (4,248)Net movement in foreign tax provision – – – – –

Net realised gain (loss) (71,644) (492,353) 1,118,193 (2,475,385) 274,387

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (1,972,168) (1,444,268) (453,136) (2,980,531) (1,008,367)Forward currency exchange contracts (56,364) (343,477) (36,390) 128,641 6,629Futures contracts 3,441 – – 70,582 –Options – – – (8,420) –Swaps 1,344 (2,760) 6,384 (1,275) (20,434)Other assets and liabilities denominated in foreign currency (293) 1,001 1,214 (3,946) (102)

Net change in unrealised appreciation (depreciation) (2,024,040) (1,789,504) (481,928) (2,794,949) (1,022,274)

Net increase (decrease) in net assets as a result of operations (1,408,984) (32,493) 1,549,199 (3,178,590) (327,538)

Distributions: Net decrease in net assets as a result of distributions – – – (48,328) (101,869)Capital transactions: Proceeds received on subscription of shares – 41,662,409 – 37,178,669 3,199,374Payments for redemption of shares – (41,587,283) – (51,596,689) (849,976)

Net increase (decrease) in net assets as a result of capital transactions – 75,126 – (14,418,020) 2,349,398

Total increase (decrease) in net assets (1,408,984) 42,633 1,549,199 (17,644,938) 1,919,991Net assets at the beginning of the year 14,649,888 83,730,153 12,705,550 91,779,057 8,473,876Translation difference – 758,240 – (3,758,404) –

Net assets at the end of the year 13,240,904 84,531,026 14,254,749 70,375,715 10,393,867


Bond Fund

EURO Corporate

Bond Fund



GlobalEmerging

MarketsBond Fund




106

Income Interest (net of withholding taxes) 765,595 134,145 131,668,175 4,058,366 458Dividends (net of withholding taxes) – 4,132 632,963 – 22,684,283Interest on swaps – – 1,768,797 – –

Total income 765,595 138,277 134,069,935 4,058,366 22,684,741Expenses Investment management 137,996 50,605 13,447,288 135,705 13,111,701Custody 3,176 3,239 5,475,831 11,520 270,806Accounting and shareholder servicing 51,304 45,855 482,527 81,582 251,316Taxe d'Abonnement 4,054 1,136 710,374 12,035 223,737Professional services 20,313 20,877 435,151 32,065 184,313Interest on swaps – – 36,071 – –Interest charges 3 – 20,116 6,581 16Other expenses – – 19,288 – 19,076

Total expenses 216,846 121,712 20,626,646 279,488 14,060,965Net investment income (loss) before expenses waived or borne by the Investment Manager 548,749 16,565 113,443,289 3,778,878 8,623,776Expenses waived or borne by the Investment Manager 60,668 59,859 56,979 41,175 7,378

Net investment income (loss) 609,417 76,424 113,500,268 3,820,053 8,631,154

Net realised gain (loss) on: Swing Pricing – – 867,295 2,329 730,498Investments (net of foreign taxes) 272,258 48,118 70,266,106 88,207 (3,440,906)Forward currency exchange contracts (9,506) (8,166) 11,154,647 1,008,845 53,069Futures contracts – 44,787 (41,349) 252,243 –Options – (1,032) 1,015,480 – –Swaps – – 2,772,178 – –Foreign currency transactions 2,298 (18,895) 27,979,131 527,817 (1,227,593)Net movement in foreign tax provision – – – – (2,348)

Net realised gain (loss) 265,050 64,812 114,013,488 1,879,441 (3,887,280)

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (958,150) (178,313) (21,945,679) (6,388,840) (16,729,099)Forward currency exchange contracts (7,622) (3,832) (9,254,228) 158,188 –Futures contracts – 31,681 – 128,583 –Options – (1,815) – – –Swaps – – 159,079 – –Other assets and liabilities denominated in foreign currency 9 (864) 1,946 (49) 27,257

Net change in unrealised appreciation (depreciation) (965,763) (153,143) (31,038,882) (6,102,118) (16,701,842)

Net increase (decrease) in net assets as a result of operations (91,296) (11,907) 196,474,874 (402,624) (11,957,968)

Distributions: Net decrease in net assets as a result of distributions – – (11,394,244) (2,838,088) –Capital transactions: Proceeds received on subscription of shares – – 1,686,956,181 56,109,612 649,853,811Payments for redemption of shares – – (1,944,847,551) (58,449,785) (464,847,206)

Net increase (decrease) in net assets as a result of capital transactions – – (257,891,370) (2,340,173) 185,006,605

Total increase (decrease) in net assets (91,296) (11,907) (72,810,740) (5,580,885) 173,048,637Net assets at the beginning of the year 13,557,708 11,229,838 2,125,693,052 119,791,246 910,122,071Translation difference – – (23,101,293) (449,974) –

Net assets at the end of the year 13,466,412 11,217,931 2,029,781,019 113,760,387 1,083,170,708

S t a t e m e n t o f O p e r a t i o n s a n d C h a n g e s i n N e t A s s e t s > > > c o n t i n u e dFor the year ended 31 December 2013


Bond Fund


Return Fund



Asianex-Japan

Equity Fund




107


EmergingEurope

Equity FundEuropean

Equity Fund

Europeanex-UK

Equity Fund


Equity Fund

EuropeanStructured

ResearchEquity Fund


Income Interest (net of withholding taxes) – – 2 – 124Dividends (net of withholding taxes) 398,236 2,747,049 191,137 257,126 159,854Interest on swaps – – – – –

Total income 398,236 2,747,049 191,139 257,126 159,978Expenses Investment management 165,614 780,917 55,099 194,889 31,437Custody 9,070 31,309 3,707 5,723 7,480Accounting and shareholder servicing 43,532 57,386 37,658 44,003 34,964Taxe d'Abonnement 2,735 20,097 705 4,544 577Professional services 15,746 33,499 16,751 17,115 15,078Interest on swaps – – – – –Interest charges 136 – – 9 –Other expenses – 1,365 – 491 –

Total expenses 236,833 924,573 113,920 266,774 89,536Net investment income (loss) before expenses waived or borne by the Investment Manager 161,403 1,822,476 77,219 (9,648) 70,442Expenses waived or borne by the Investment Manager 55,273 19,984 50,290 52,620 52,368

Net investment income (loss) 216,676 1,842,460 127,509 42,972 122,810

Net realised gain (loss) on: Swing Pricing 15,788 148,495 8,406 4,143 –Investments (net of foreign taxes) 1,125,824 3,305,608 2,708,187 1,252,891 142,494Forward currency exchange contracts 14,181 27,823 621 (493) (185)Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions (8,303) (11,081) (1,260) (3,138) (287)Net movement in foreign tax provision – – – – –

Net realised gain (loss) 1,147,490 3,470,845 2,715,954 1,253,403 142,022

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (1,140,333) 27,102,969 (191,489) 2,263,261 670,366Forward currency exchange contracts – – – – –Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency 441 (4,330) (990) (196) (242)

Net change in unrealised appreciation (depreciation) (1,139,892) 27,098,639 (192,479) 2,263,065 670,124

Net increase (decrease) in net assets as a result of operations 224,274 32,411,944 2,650,984 3,559,440 934,956

Distributions: Net decrease in net assets as a result of distributions – – – – –Capital transactions: Proceeds received on subscription of shares 3,633,234 111,844,173 341,788 2,456,998 –Payments for redemption of shares (9,079,837) (2,109,291) (7,658,104) (1,614,285) –

Net increase (decrease) in net assets as a result of capital transactions (5,446,603) 109,734,882 (7,316,316) 842,713 –

Total increase (decrease) in net assets (5,222,329) 142,146,826 (4,665,332) 4,402,153 934,956Net assets at the beginning of the year 12,859,253 81,403,986 12,925,333 11,810,832 5,249,640Translation difference – – – – –




108


GlobalEmerging

MarketsEquity Fund

Global Focused

GrowthEquity Fund(1)

GlobalGrowth

Equity Fund(2)

GlobalNatural


GlobalValue

Equity Fund


Income Interest (net of withholding taxes) 5,064 – – 44 21Dividends (net of withholding taxes) 26,615,692 2,064,249 5,922,125 3,329,890 48,956Interest on swaps – – – – –

Total income 26,620,756 2,064,249 5,922,125 3,329,934 48,977Expenses Investment management 14,351,745 1,908,863 2,898,639 2,034,105 27,766Custody 341,335 42,546 92,919 29,826 1,751Accounting and shareholder servicing 305,336 74,464 112,604 88,551 50,381Taxe d'Abonnement 187,238 36,970 49,523 70,503 728Professional services 225,609 52,672 88,767 63,775 22,622Interest on swaps – – – – –Interest charges – 1,686 127 – 11Other expenses 12,440 4,704 155,123 1,610 –

Total expenses 15,423,703 2,121,905 3,397,702 2,288,370 103,259Net investment income (loss) before expenses waived or borne by the Investment Manager 11,197,053 (57,656) 2,524,423 1,041,564 (54,282)Expenses waived or borne by the Investment Manager 22,515 – 6,553 – 72,268

Net investment income (loss) 11,219,568 (57,656) 2,530,976 1,041,564 17,986

Net realised gain (loss) on: Swing Pricing 1,596,082 139,669 153,684 121,380 –Investments (net of foreign taxes) (14,802,378) 54,400,053 44,002,610 14,044,212 147,499Forward currency exchange contracts (351,492) 244,218 1,095,435 (15,580) 4,110Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions (820,686) (340,463) (124,204) 24,833 (223)Net movement in foreign tax provision 7,268 – – – –

Net realised gain (loss) (14,371,206) 54,443,477 45,127,525 14,174,845 151,386

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (52,729,510) 3,283,333 38,113,823 23,558,304 468,190Forward currency exchange contracts – – 392,839 – 2,327Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency (42,166) 3,609 3,985 280 66

Net change in unrealised appreciation (depreciation) (52,771,676) 3,286,942 38,510,647 23,558,584 470,583

Net increase (decrease) in net assets as a result of operations (55,923,314) 57,672,763 86,169,148 38,774,993 639,955

Distributions: Net decrease in net assets as a result of distributions (334,345) – – – –Capital transactions: Proceeds received on subscription of shares 594,373,426 15,250,432 117,898,719 125,574,912 15,000Payments for redemption of shares (236,149,628) (135,397,470) (118,782,967) (119,785,334) (15,000)

Net increase (decrease) in net assets as a result of capital transactions 358,223,798 (120,147,038) (884,248) 5,789,578 –

Total increase (decrease) in net assets 301,966,139 (62,474,275) 85,284,900 44,564,571 639,955Net assets at the beginning of the year 1,117,874,697 217,403,580 428,053,768 171,058,183 2,060,004Translation difference – – – – –

Net assets at the end of the year 1,419,840,836 154,929,305 513,338,668 215,622,754 2,699,959

(1) This fund was formerly named Global Equity Fund. (2) This fund was formerly named Global Large Cap Equity Fund.The accompanying notes are an integral part of these financial statements.


109


GlobalReal Estate






Income Interest (net of withholding taxes) 6 – – – –Dividends (net of withholding taxes) 721,643 34,223 778,388 1,019,054 604,823Interest on swaps – – – – –

Total income 721,649 34,223 778,388 1,019,054 604,823Expenses Investment management 243,046 23,079 325,297 485,255 1,506,019Custody 6,310 1,523 9,456 16,203 8,410Accounting and shareholder servicing 72,753 45,731 57,729 65,895 80,333Taxe d'Abonnement 5,310 607 3,764 6,585 52,124Professional services 24,258 14,012 22,854 24,457 35,155Interest on swaps – – – – –Interest charges – – 169 3,828 853Other expenses 127 – – 3,264 5,502

Total expenses 351,804 84,952 419,269 605,487 1,688,396Net investment income (loss) before expenses waived or borne by the Investment Manager 369,845 (50,729) 359,119 413,567 (1,083,573)Expenses waived or borne by the Investment Manager 78,685 59,205 26,274 18,690 14,728

Net investment income (loss) 448,530 8,476 385,393 432,257 (1,068,845)

Net realised gain (loss) on: Swing Pricing 22,668 – 49,650 206,951 29,443Investments (net of foreign taxes) 518,779 180,233 (3,871,343) 2,487,515 13,566,870Forward currency exchange contracts 43,796 (728) (1,570) (150,955) (49)Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions (37,519) (1,544) (60,672) 99,012 1Net movement in foreign tax provision – – – – –

Net realised gain (loss) 547,724 177,961 (3,883,935) 2,642,523 13,596,265

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (1,167,757) 233,005 (1,798,942) 5,001,536 23,497,140Forward currency exchange contracts – – – – –Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency 377 26 (1,399) 630 –

Net change in unrealised appreciation (depreciation) (1,167,380) 233,031 (1,800,341) 5,002,166 23,497,140

Net increase (decrease) in net assets as a result of operations (171,126) 419,468 (5,298,883) 8,076,946 36,024,560

Distributions: Net decrease in net assets as a result of distributions – – – – –Capital transactions: Proceeds received on subscription of shares 25,522,882 18,117 11,270,449 29,708,591 71,640,320Payments for redemption of shares (967,764) (17,078) (23,123,493) (19,775,325) (54,563,536)

Net increase (decrease) in net assets as a result of capital transactions 24,555,118 1,039 (11,853,044) 9,933,266 17,076,784

Total increase (decrease) in net assets 24,383,992 420,507 (17,151,927) 18,010,212 53,101,344Net assets at the beginning of the year 6,916,342 1,661,944 39,457,039 26,289,860 71,358,338Translation difference – – – – –




110



US Large CapGrowth


Value Equity Fund

US SmallerCompanies

Equity Fund

Combinedtotal of

all funds+


Income Interest (net of withholding taxes) – 212 – 55,289 145,264,244Dividends (net of withholding taxes) 50,322 5,199,066 4,782,468 5,920,855 85,415,924Interest on swaps – – – – 1,807,825

Total income 50,322 5,199,278 4,782,468 5,976,144 232,487,993Expenses Investment management 41,366 11,498,585 3,256,605 10,502,787 78,613,715Custody 337 93,500 24,753 68,372 6,636,159Accounting and shareholder servicing 51,347 283,299 118,396 239,526 3,164,459Taxe d'Abonnement 1,198 327,247 104,018 281,215 2,152,617Professional services 20,043 165,865 68,967 169,387 1,969,054Interest on swaps – – – – 42,937Interest charges – – 222 – 35,441Other expenses – 12,453 13,489 7,938 257,480

Total expenses 114,291 12,380,949 3,586,450 11,269,225 92,871,862Net investment income (loss) before expenses waived or borne by the Investment Manager (63,969) (7,181,671) 1,196,018 (5,293,081) 139,616,131Expenses waived or borne by the Investment Manager 67,711 7,275 12,200 18,084 1,270,171

Net investment income (loss) 3,742 (7,174,396) 1,208,218 (5,274,997) 140,886,302

Net realised gain (loss) on: Swing Pricing 87 442,375 68,934 773,027 5,478,680Investments (net of foreign taxes) 447,958 157,078,663 6,864,507 60,441,496 416,448,582Forward currency exchange contracts – – – 8,177 6,373,943Futures contracts – – – – 581,216Options – – – – 1,009,517Swaps – – – – 2,780,654Foreign currency transactions – – – (20,739) 28,584,203Net movement in foreign tax provision – – – – 4,920

Net realised gain (loss) 448,045 157,521,038 6,933,441 61,201,961 461,261,715

Net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) 604,609 272,761,124 70,146,653 221,181,505 586,683,366Forward currency exchange contracts – – – – (9,138,095)Futures contracts – – – – 234,287Options – – – – (10,235)Swaps – – – – 143,529Other assets and liabilities denominated in foreign currency – – – 97 (14,650)

Net change in unrealised appreciation (depreciation) 604,609 272,761,124 70,146,653 221,181,602 577,898,202

Net increase (decrease) in net assets as a result of operations 1,056,396 423,107,766 78,288,312 277,108,566 1,180,046,219

Distributions: Net decrease in net assets as a result of distributions – – – – (14,716,874)Capital transactions: Proceeds received on subscription of shares 147,601 895,441,378 322,747,486 924,622,069 5,780,021,499Payments for redemption of shares – (734,236,436) (99,831,972) (419,576,338) (4,565,254,126)

Net increase (decrease) in net assets as a result of capital transactions 147,601 161,204,942 222,915,514 505,045,731 1,214,767,373

Total increase (decrease) in net assets 1,203,997 584,312,708 301,203,826 782,154,297 2,380,096,718Net assets at the beginning of the year 3,135,451 1,001,791,894 128,995,500 443,357,286 7,246,188,679Translation difference – – – – (6,252,515)

Net assets at the end of the year 4,339,448 1,586,104,602 430,199,326 1,225,511,583 9,620,032,882

+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.The accompanying notes are an integral part of these financial statements.


111

S t a t e m e n t o f C h a n g e s i n N u m b e r o f S h a r e sFor the year ended 31 December 2013


Bond Fund

EURO Corporate

Bond Fund



GlobalEmerging

MarketsBond Fund

Class AShares outstanding at the beginning of the year – 47,617 513,962 1,937,482 75,763 Number of shares issued – 20,803 – 215,305 530 Number of shares redeemed – (15,291) – (1,632,744) (39,849)Shares outstanding at the end of the year – 53,129 513,962 520,043 36,444 Class A (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class AdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (NOK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (SEK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class IShares outstanding at the beginning of the year 1,000,000 1,563,199 500,000 1,405,997 263,852 Number of shares issued – – – 616,626 164,383Number of shares redeemed – – – (119,403) – Shares outstanding at the end of the year 1,000,000 1,563,199 500,000 1,903,220 428,235 Class IdShares outstanding at the beginning of the year – – – 172,019 159,006 Number of shares issued – – – 10,954 8,541 Number of shares redeemed – – – (26,948) (16,239)Shares outstanding at the end of the year – – – 156,025 151,308 Class I (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (USD)Shares outstanding at the beginning of the year – 5,226,990 – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – 5,226,990 – – – Class JShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class QShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Q (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Q (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class SShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – 219,998 – Number of shares issued – – – 19,337 – Number of shares redeemed – – – (1,030) – Shares outstanding at the end of the year – – – 238,305 – Class ZShares outstanding at the beginning of the year – 906,694 – 368,485 – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – 906,694 – 368,485 –



112

Class AShares outstanding at the beginning of the year 600,000 – 9,778,607 – 17,298,112 Number of shares issued – – 8,140,023 – 16,422,726 Number of shares redeemed – – (8,208,314) – (12,059,003)Shares outstanding at the end of the year 600,000 – 9,710,316 – 21,661,835 Class A (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class AdShares outstanding at the beginning of the year – – 12,752,282 – – Number of shares issued – – 4,158,363 – – Number of shares redeemed – – (9,587,944) – – Shares outstanding at the end of the year – – 7,322,701 – – Class Ah (EUR)Shares outstanding at the beginning of the year – – 29,537,715 – – Number of shares issued – – 2,236,213 – – Number of shares redeemed – – (8,683,126) – – Shares outstanding at the end of the year – – 23,090,802 – – Class Ah (NOK)Shares outstanding at the beginning of the year – – 4,257,450 – – Number of shares issued – – 1,268,384 – – Number of shares redeemed – – (1,089,637) – – Shares outstanding at the end of the year – – 4,436,197 – – Class Ah (SEK)Shares outstanding at the beginning of the year – – 2,251,860 – – Number of shares issued – – 6,811,467 – – Number of shares redeemed – – (3,496,661) – – Shares outstanding at the end of the year – – 5,566,666 – – Class IShares outstanding at the beginning of the year 600,000 1,100,000 29,046,286 485,145 39,875,908 Number of shares issued – – 7,698,304 767,457 24,052,528 Number of shares redeemed – – (11,560,321) (787,423) (17,586,855)Shares outstanding at the end of the year 600,000 1,100,000 25,184,269 465,179 46,341,581 Class IdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – 2,675,500 Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – 2,675,5002

Class I (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – 1,331,908 – Number of shares issued – – – 1,184,627 – Number of shares redeemed – – – (454,163) – Shares outstanding at the end of the year – – – 2,062,372 – Class Ih (USD)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JdShares outstanding at the beginning of the year – – 9,338,825 8,522,552 – Number of shares issued – – 639,807 330,231 – Number of shares redeemed – – (2,512,844) (1,515,639) – Shares outstanding at the end of the year – – 7,465,788 7,337,144 – Class QShares outstanding at the beginning of the year – – – – – Number of shares issued – – 3,040,883 – 2,751,676 Number of shares redeemed – – (29,433) – (666,558)Shares outstanding at the end of the year – – 3,011,4501 – 2,085,1183

Class Q (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Q (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class SShares outstanding at the beginning of the year – – – – 1,745,177 Number of shares issued – – – – – Number of shares redeemed – – – – (1,745,177)Shares outstanding at the end of the year – – – – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class ZShares outstanding at the beginning of the year – – 967,636 – – Number of shares issued – – 479,915 – – Number of shares redeemed – – (146,279) – – Shares outstanding at the end of the year – – 1,301,272 – –

S t a t e m e n t o f C h a n g e s i n N u m b e r o f S h a r e s > > > c o n t i n u e dFor the year ended 31 December 2013

1 Class was launched on 14 January 2013. 2 Class was launched on 11 October 2013.3 Class was launched on 31 January 2013.The accompanying notes are an integral part of these financial statements.


Bond Fund


Return Fund



Asianex-Japan

Equity Fund


113


EmergingEurope

Equity FundEuropean

Equity Fund

Europeanex-UK

Equity Fund


Equity Fund

EuropeanStructured

ResearchEquity Fund

Class AShares outstanding at the beginning of the year 199,566 60,671 – 259,025 – Number of shares issued 1,056 1,150,255 – 62,227 – Number of shares redeemed (3,269) (26,030) – (56,173) – Shares outstanding at the end of the year 197,353 1,184,896 – 265,079 – Class A (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class AdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (NOK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (SEK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class IShares outstanding at the beginning of the year 457,622 8,923,885 1,500,000 235,000 375,000 Number of shares issued 183,710 4,131,907 30,203 – – Number of shares redeemed (446,332) (23,193) (810,381) – – Shares outstanding at the end of the year 195,000 13,032,599 719,822 235,000 375,000 Class IdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class I (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (USD)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class QShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Q (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – 5,363,793 – 80,464 – Number of shares redeemed – (153,545) – (167) – Shares outstanding at the end of the year – 5,210,2484 – 80,2976 – Class Q (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – 350 – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – 3505 – – Class SShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class ZShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – 4 Class was launched on 16 Oct 2013. 5 Class was launched on 24 May 2013. 6 Class was launched on 4 December 2013. The accompanying notes are an integral part of these financial statements.


114


GlobalEmerging

MarketsEquity Fund

Global Focused Growth

Equity Fund(1)

GlobalGrowth

Equity Fund(2)

GlobalNatural


GlobalValue

Equity Fund

Class AShares outstanding at the beginning of the year 2,887,877 2,952,522 297,614 1,877,787 100,000 Number of shares issued 1,579,843 138,943 17,061 847,636 1,393 Number of shares redeemed (1,568,165) (2,689,608) (232,892) (766,832) (1,394)Shares outstanding at the end of the year 2,899,555 401,857 81,783 1,958,591 99,999 Class A (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class AdShares outstanding at the beginning of the year 2,633,880 – – – – Number of shares issued 822,284 – – – – Number of shares redeemed (445,147) – – – – Shares outstanding at the end of the year 3,011,017 – – – – Class Ah (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (NOK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (SEK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class IShares outstanding at the beginning of the year 34,580,113 15,272,150 16,469,055 14,247,780 100,000 Number of shares issued 18,273,929 907,453 2,983,393 746,974 – Number of shares redeemed (6,891,721) (5,893,586) (4,806,526) (8,570,634) – Shares outstanding at the end of the year 45,962,321 10,286,017 14,645,922 6,424,120 100,000 Class IdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class I (GBP)Shares outstanding at the beginning of the year – – 696,535 – – Number of shares issued – – 30,479 – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – 727,014 – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (USD)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JdShares outstanding at the beginning of the year 1,476,632 – – – – Number of shares issued 27,532 – – – – Number of shares redeemed (246,372) – – – – Shares outstanding at the end of the year 1,257,792 – – – – Class QShares outstanding at the beginning of the year – – – – – Number of shares issued 1,462,193 – – – – Number of shares redeemed (119,925) – – – – Shares outstanding at the end of the year 1,342,2681 – – – – Class Q (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – 8,150,388 – Number of shares redeemed – – – (320,115) – Shares outstanding at the end of the year – – – 7,830,2739 – Class Q (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued 434,815 – 380,346 – – Number of shares redeemed – – (6,472) – – Shares outstanding at the end of the year 434,8157 – 373,8748 – – Class SShares outstanding at the beginning of the year – – 3,622,331 – – Number of shares issued – – 3,169,032 – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – 6,791,363 – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class ZShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – 1 Class was launched on 14 January 2013. 9 Class was launched on 18 January 2013.7 Class was launched on 5 September 2013. (1) This fund was formerly named Global Equity Fund.8 Class was launched on 28 Aug 2013. (2) This fund was formerly named Global Large Cap Equity Fund.The accompanying notes are an integral part of these financial statements.


115


GlobalReal Estate





Class AShares outstanding at the beginning of the year 224,857 142,434 164,771 1,339,556 3,532,403 Number of shares issued 79,587 2,526 16,296 682,534 3,128,707Number of shares redeemed (29,446) (2,396) (16,296) (1,171,254) (2,323,225)Shares outstanding at the end of the year 274,998 142,564 164,771 850,836 4,337,885 Class A (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class AdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (NOK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ah (SEK)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class IShares outstanding at the beginning of the year 117,211 130,000 3,891,936 2,022,084 – Number of shares issued 1,118,304 – 1,215,683 2,651,699 – Number of shares redeemed (17,211) – (2,591,669) (1,230,166) – Shares outstanding at the end of the year 1,218,304 130,000 2,515,950 3,443,617 – Class IdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class I (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Ih (USD)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class JShares outstanding at the beginning of the year – – – – 226,727 Number of shares issued – – – – 73,903 Number of shares redeemed – – – – (108,324)Shares outstanding at the end of the year – – – – 192,306 Class JdShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class QShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – 190,461 Number of shares redeemed – – – – (500)Shares outstanding at the end of the year – – – – 189,96110

Class Q (EUR)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Q (GBP)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class SShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – – Class ZShares outstanding at the beginning of the year – – – – – Number of shares issued – – – – – Number of shares redeemed – – – – – Shares outstanding at the end of the year – – – – –

10 Class was launched on 13 May 2013.The accompanying notes are an integral part of these financial statements.


116



US Large CapGrowth


Value Equity Fund

US SmallerCompanies

Equity Fund

Class AShares outstanding at the beginning of the year 100,000 21,956,149 2,763,678 12,375,127 Number of shares issued 9,063 35,598,084 10,501,193 16,628,111 Number of shares redeemed – (17,334,585) (4,347,684) (12,142,463)Shares outstanding at the end of the year 109,063 40,219,648 8,917,187 16,860,775 Class A (EUR)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – 230,804Number of shares redeemed – – – (30,967)Shares outstanding at the end of the year – – – 199,83711

Class AdShares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Ah (EUR)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Ah (NOK)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Ah (SEK)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class IShares outstanding at the beginning of the year 100,000 36,832,823 4,847,145 6,771,155 Number of shares issued – 7,017,633 4,157,998 13,216,788 Number of shares redeemed – (19,552,766) (189,161) (2,706,846)Shares outstanding at the end of the year 100,000 24,297,690 8,815,982 17,281,097 Class IdShares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class I (GBP)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Ih (EUR)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Ih (USD)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class JShares outstanding at the beginning of the year – 458,280 550,108 – Number of shares issued – 145,060 220,463 – Number of shares redeemed – (222,116) (273,776) – Shares outstanding at the end of the year – 381,224 496,795 – Class JdShares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class QShares outstanding at the beginning of the year – – – – Number of shares issued – 4,359,290 2,593,647 3,468,139 Number of shares redeemed – (588,093) (116,385) (394,639)Shares outstanding at the end of the year – 3,771,1971 2,477,2623 3,073,50012

Class Q (EUR)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Q (GBP)Shares outstanding at the beginning of the year – – – –Number of shares issued – – – 556,848 Number of shares redeemed – – – (39,115)Shares outstanding at the end of the year – – – 517,73313

Class SShares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class Sh (JPY)Shares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – Class ZShares outstanding at the beginning of the year – – – – Number of shares issued – – – – Number of shares redeemed – – – – Shares outstanding at the end of the year – – – – 1 Class was launched on 14 January 2013. 12 Class was launched on 8 May 2013.3 Class was launched on 31 January 2013. 13 Class was launched on 18 January 2013.11 Class was launched on 22 May 2013.The accompanying notes are an integral part of these financial statements.


117

S t a t e m e n t o f N A V p e r S h a r e a n d N e t A s s e t S t a t i s t i c s


Bond Fund

EURO Corporate

Bond Fund



GlobalEmerging

MarketsBond Fund

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 – 13.90 EUR 13.96 EUR 16.68 16.05 31 December 2012 – 13.62 EUR 12.48 EUR 17.27 16.89 31 December 2011 – 11.74 EUR 10.25 EUR 16.23 14.51 Net asset value per Class A (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ad share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I share as at:31 December 2013 13.24 17.23 EUR 14.16 EUR 14.81 18.91 31 December 2012 14.65 16.78 EUR 12.58 EUR 15.25 19.77 31 December 2011 12.40 14.41 EUR 10.26 EUR 14.27 16.87 Net asset value per Class Id share as at:31 December 2013 – – – 11.07 11.30 31 December 2012 – – – 11.70 12.47 31 December 2011 – – – 11.27 11.26 Net asset value per Class I (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (USD) share as at:31 December 2013 – 10.35 – – – 31 December 2012 – 10.06 – – – 31 December 2011 – – – – – Net asset value per Class J share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Jd share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class S share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – 10,176.02 JPY – 31 December 2012 – – – 10,195.47 JPY – 31 December 2011 – – – – – Net asset value per Class Z share as at:31 December 2013 – 19.41 EUR – 23.55 – 31 December 2012 – 18.81 EUR – 24.13 – 31 December 2011 – 16.05 EUR – 22.44 – Net assets as at:31 December 2013 13,240,904 84,531,026 EUR 14,254,749 EUR 70,375,715 10,393,867 31 December 2012 14,649,888 83,730,153 EUR 12,705,550 EUR 91,779,057 8,473,876 31 December 2011 12,516,447 20,926,001 EUR 10,254,212 EUR 52,270,671 8,412,271



118

S t a t e m e n t o f N A V p e r S h a r e a n d N e t A s s e t S t a t i s t i c s > > > c o n t i n u e d

Global Emerging

Markets Corporate

Bond Fund

Global Fixed

Income Absolute

Return Fund



Asianex-Japan

Equity Fund

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 11.12 – 24.56 – 11.45 31 December 2012 11.23 – 22.85 – 11.59 31 December 2011 9.59 – 20.02 – 9.55 Net asset value per Class A (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ad share as at:31 December 2013 – – 12.98 – – 31 December 2012 – – 12.73 – – 31 December 2011 – – 11.84 – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – 20.76 EUR – – 31 December 2012 – – 19.36 EUR – – 31 December 2011 – – 17.01 EUR – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – 187.23 NOK – – 31 December 2012 – – 172.03 NOK – – 31 December 2011 – – 149.36 NOK – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – 116.82 SEK – – 31 December 2012 – – 108.13 SEK – – 31 December 2011 – – – – – Net asset value per Class I share as at:31 December 2013 11.33 10.20 25.84 10.62 17.00 31 December 2012 11.36 10.21 23.90 10.84 17.06 31 December 2011 9.63 9.96 20.82 10.29 13.91 Net asset value per Class Id share as at:31 December 2013 – – – – 9.98 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – 10.85 EUR – 31 December 2012 – – – 11.08 EUR – 31 December 2011 – – – 10.54 EUR – Net asset value per Class Ih (USD) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class J share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Jd share as at:31 December 2013 – – 10.35 10.63 – 31 December 2012 – – 10.15 11.15 – 31 December 2011 – – 9.44 10.88 – Net asset value per Class Q share as at:31 December 2013 – – 10.66 – 9.86 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class S share as at:31 December 2013 – – – – – 31 December 2012 – – – – 16.46 31 December 2011 – – – – 13.29 Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Z share as at:31 December 2013 – – 29.22 – – 31 December 2012 – – 26.84 – – 31 December 2011 – – 23.23 – – Net assets as at:31 December 2013 13,466,412 11,217,931 2,029,781,019 113,760,387 1,083,170,708 31 December 2012 13,557,708 11,229,838 2,125,693,052 119,791,246 910,122,071 31 December 2011 11,533,448 10,955,983 1,959,497,046 150,745,676 533,769,619



119


EmergingEurope

Equity FundEuropean

Equity Fund

Europeanex-UK

Equity Fund

EuropeanSmaller

CompaniesEquity Fund

EuropeanStructured

ResearchEquity Fund

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 18.97 EUR 11.10 EUR – 30.08 EUR – 31 December 2012 19.01 EUR 8.51 EUR – 23.48 EUR – 31 December 2011 15.69 EUR 7.13 EUR – 17.63 EUR – Net asset value per Class A (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ad share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I share as at:31 December 2013 19.97 EUR 11.92 EUR 11.47 EUR 31.52 EUR 16.49 EUR31 December 2012 19.81 EUR 9.06 EUR 8.62 EUR 24.38 EUR 14.00 EUR31 December 2011 16.18 EUR 7.53 EUR 6.99 EUR 18.14 EUR 11.95 EURNet asset value per Class Id share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (USD) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class J share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Jd share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – 10.55 – 10.35 – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 – – 11.36 GBP – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class S share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Z share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net assets as at:31 December 2013 7,636,924 EUR 223,550,812 EUR 8,260,001 EUR 16,212,985 EUR 6,184,596 EUR 31 December 2012 12,859,253 EUR 81,403,986 EUR 12,925,333 EUR 11,810,832 EUR 5,249,640 EUR31 December 2011 10,742,915 EUR 6,022,099 EUR 10,488,953 EUR 8,661,483 EUR 4,480,532 EUR



120


GlobalEmerging

MarketsEquity Fund

Global Focused Growth

Equity Fund(1)

Global Growth

Equity Fund(2)

GlobalNatural


GlobalValue

Equity Fund

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 22.79 25.32 25.50 8.62 13.43 31 December 2012 23.96 19.14 21.28 7.43 10.30 31 December 2011 20.28 16.85 17.76 7.42 – Net asset value per Class A (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ad share as at:31 December 2013 9.13 – – – – 31 December 2012 9.65 – – – – 31 December 2011 8.21 – – – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I share as at:31 December 2013 28.23 14.07 26.75 12.92 13.57 31 December 2012 29.39 10.53 22.12 11.03 10.30 31 December 2011 24.64 9.19 18.29 10.90 – Net asset value per Class Id share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I (GBP) share as at:31 December 2013 – – 18.81 GBP – – 31 December 2012 – – 15.94 GBP – – 31 December 2011 – – 13.69 GBP – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (USD) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class J share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Jd share as at:31 December 2013 7.15 – – – – 31 December 2012 7.51 – – – – 31 December 2011 6.34 – – – – Net asset value per Class Q share as at:31 December 2013 9.41 – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – – – 10.73 EUR – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 10.12 GBP – 10.82 GBP – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class S share as at:31 December 2013 – – 13.26 – – 31 December 2012 – – 10.88 – – 31 December 2011 – – 8.93 – – Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Z share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net assets as at:31 December 2013 1,419,840,836 154,929,305 513,338,668 215,622,754 2,699,959 31 December 2012 1,117,874,697 217,403,580 428,053,768 171,058,183 2,060,004 31 December 2011 821,582,159 362,470,952 185,711,527 224,831,222 –

(1) This fund was formerly named Global Equity Fund. (2) This fund was formerly named Global Large Cap Equity Fund.The accompanying notes are an integral part of these financial statements.


121


GlobalReal Estate


Equity Fund

Latin American



(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 20.15 7.21 EUR 11.93 7.85 27.33 31 December 2012 19.95 5.78 EUR 14.25 6.38 19.38 31 December 2011 15.89 5.39 EUR 13.01 – 16.74 Net asset value per Class A (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ad share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I share as at:31 December 2013 21.14 8.11 EUR 8.08 10.92 – 31 December 2012 20.74 6.45 EUR 9.54 8.77 – 31 December 2011 16.36 5.95 EUR 8.60 – – Net asset value per Class Id share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class I (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Ih (USD) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class J share as at:31 December 2013 – – – – 18.46 31 December 2012 – – – – 12.88 31 December 2011 – – – – 10.94 Net asset value per Class Jd share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q share as at:31 December 2013 – – – – 12.31 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class S share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net asset value per Class Z share as at:31 December 2013 – – – – – 31 December 2012 – – – – – 31 December 2011 – – – – – Net assets as at:31 December 2013 31,300,334 2,082,451 EUR 22,305,112 44,300,072 124,459,682 31 December 2012 6,916,342 1,661,944 EUR 39,457,039 26,289,860 71,358,338 31 December 2011 5,027,837 1,685,766 EUR 21,375,659 – 75,251,669



122



US Large CapGrowth


Value Equity Fund

US SmallerCompanies

Equity Fund

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:31 December 2013 20.34 22.33 23.36 29.55 31 December 2012 15.42 15.50 17.48 21.01 31 December 2011 13.59 13.48 15.32 18.07 Net asset value per Class A (EUR) share as at:31 December 2013 – – – 10.93 EUR31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ad share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ah (EUR) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ah (NOK) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ah (SEK) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class I share as at:31 December 2013 21.21 25.87 20.84 39.13 31 December 2012 15.93 17.80 15.45 27.62 31 December 2011 13.91 15.34 13.41 23.60 Net asset value per Class Id share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class I (GBP) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ih (EUR) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Ih (USD) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class J share as at:31 December 2013 – 18.65 14.37 – 31 December 2012 – 12.74 10.58 – 31 December 2011 – 10.90 9.12 – Net asset value per Class Jd share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Q share as at:31 December 2013 – 13.84 12.53 12.04 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Q (EUR) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Q (GBP) share as at:31 December 2013 – – – 12.84 GBP31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class S share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Sh (JPY) share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net asset value per Class Z share as at:31 December 2013 – – – – 31 December 2012 – – – – 31 December 2011 – – – – Net assets as at:31 December 2013 4,339,448 1,586,104,602 430,199,326 1,225,511,583 31 December 2012 3,135,451 1,001,791,894 128,995,500 443,357,286 31 December 2011 2,749,923 1,001,081,610 169,738,961 208,888,136



123

N o t e s t o t h e F i n a n c i a l S t a t e m e n t s

As at 31 December 2013

1 . T H E C O M P A N YT. Rowe Price Funds SICAV (the “Company”) is an open-ended investment company organised under the laws of the Grand Duchy of Luxembourg as a self-managed Société d’Investissement à Capital Variable (“SICAV”) and was authorised under Part I of the Law of 17 December 2010 relating to Undertakings for Collective Investment. The Company was incorporated on 5 June 2001 and qualifies as an Undertakings for Collective Investment in Transferable Securities (“UCITS”).

The Company is structured to provide both institutional and individual investors with a choice of investment portfolios (“fund(s)”) each offering different investment objectives designed to meet specific risk expectations and diversification requirements. During the year ended 31 December 2013, the following funds had the following shares outstanding:

Fund Class Inception dateBase

Currency

Emerging Local Markets Bond Fund I 9 August 2007 USD

EURO Corporate Bond Fund A 9 November 2004 EUR

I 5 February 2002 EUR

Ih (USD) 7 December 2012 USD

Z 20 June 2001 EUR

European High Yield Bond Fund A 20 September 2011 EUR

I 20 September 2011 EUR

Global Aggregate Bond Fund A 28 March 2003 USD

I 28 December 2004 USD

Id 7 October 2008 USD

Sh (JPY) 21 September 2012 JPY

Z 9 July 2001 USD

Global Emerging Markets Bond Fund A 27 June 2006 USD



Global Emerging Markets Corporate Bond Fund A 18 May 2011 USD

I 18 May 2011 USD

Global Fixed Income Absolute Return Fund I 25 June 2009 USD

Global High Yield Bond Fund A 17 August 2001 USD

Ad 2 June 2009 USD

Ah (EUR) 2 April 2003 EUR

Ah (NOK) 15 July 2004 NOK

Ah (SEK) 26 June 2012 SEK

I 4 March 2002 USD

Jd 5 December 2003 USD

Q 14 January 2013 USD

Z 28 June 2001 USD

US Aggregate Bond Fund I 7 June 2011 USD

Ih (EUR) 1 June 2011 EUR

Jd 5 December 2003 USD


Currency

Asian ex-Japan Equity Fund A 28 January 2008 USD



S 27 June 2008 USD


Emerging Europe Equity Fund A 11 November 2008 EUR

I 11 November 2008 EUR

European Equity Fund A 3 May 2007 EUR

I 26 February 2007 EUR

Q 16 October 2013 EUR

European ex-UK Equity Fund I 26 February 2007 EUR

Q (GBP) 24 May 2013 GBP

European Smaller Companies Equity Fund A 26 November 2008 EUR

I 26 November 2008 EUR

Q 4 December 2013 EUR

European Structured Research Equity Fund I 7 January 2005 EUR

Global Emerging Markets Equity Fund A 26 October 2004 USD

Ad 9 March 2011 USD


Jd 31 October 2007 USD


Q (GBP) 5 September 2013 GBP

Global Focused Growth Equity Fund (1) A 28 March 2003 USD

I 12 January 2006 USD

Global Growth Equity Fund (2) A 27 October 2008 USD

I 27 October 2008 USD

I (GBP) 10 July 2009 GBP

Q (GBP) 28 August 2013 GBP

S 11 March 2011 USD

Global Natural Resources Equity Fund A 5 November 2007 USD

I 15 November 2006 USD

Q (EUR) 18 January 2013 EUR

Global Value Equity Fund A 28 November 2012 USD

I 28 November 2012 USD

Global Real Estate Securities Fund A 27 October 2008 USD

I 27 October 2008 USD

Japanese Equity Fund A 11 April 2006 EUR

I 16 December 2005 EUR

(1) This fund was formerly named Global Equity Fund.(2) This fund was formerly named Global Large Cap Equity Fund.


124

N o t e s t o t h e F i n a n c i a l S t a t e m e n t s > > > c o n t i n u e dAs at 31 December 2013


Currency

Latin American Equity Fund A 19 June 2009 USD

I 24 April 2008 USD

Middle East & Africa Equity Fund A 24 December 2007 USD

I 4 September 2007 USD

US Blue Chip Equity Fund A 5 February 2003 USD

J 20 February 2007 USD

Q 13 May 2013 USD

US Large Cap Equity Fund A 26 June 2009 USD

I 26 June 2009 USD

US Large Cap Growth Equity Fund A 13 November 2003 USD

I 31 July 2003 USD



US Large Cap Value Equity Fund A 3 January 2003 USD

I 27 March 2002 USD



US Smaller Companies Equity Fund A 31 July 2001 USD

A (EUR) 22 May 2013 EUR

I 28 September 2001 USD

Q 8 May 2013 USD

Q (GBP) 18 January 2013 GBP

As at 31 December 2013, up to six classes of shares may be offered to investors (“Class”): Class A Shares, Class I Shares, Class J Shares, Class Q Shares, Class S Shares and Class Z Shares. The shares of any Class may further be sub-divided into categories of shares that either distribute income (“Distributing Shares”) or accumulated income (“Accumulating Shares”), and may be hedged (’’Hedged Shares’’) or denominated into a currency other than the currency of denomination for a particular fund. Outstanding Ad and Ah Shares represent Distributing Shares and Hedged Shares, respectively, of Class A. Ad and Ah Shares are currently only offered to investors of the Global High Yield Bond Fund and of Global Emerging Markets Equity Fund, and I (GBP) Shares are currently only offered to investors of the Global Growth Equity Fund and Ih Shares are currently only offered to investors of the US Aggregate Bond Fund and EURO Corporate Bond Fund. Sh Shares are currently only offered to investors of the Global Aggregate Bond Fund. Class A and Q Shares are available for all investors. Class I, J, S, and Z Shares are reserved for institutional investors. Class Id, Jd and Sd Shares are Distributing Shares of Class I, J and S, respectively, and may be offered to investors in all funds with the exception of Class Id which is only available in Global Aggregate Bond Fund, Global Emerging Markets Bond Fund, Global Emerging Markets Corporate Bond Fund and Global Fixed Income Absolute Return Fund. All classes belonging to the same fund will be commonly invested in adherence with the specific investment objective of the relevant fund but may differ with regard to fee structure, minimum subscription amount, dividend policy, currency hedging, or other particular features described in the Company’s prospectus. The Luxembourg supervisory authority, the Commission for the Supervision of the Financial Sector (“CSSF”), has approved a new prospectus date 1st November 2013.

2 . S I G N I F I C A N T A C C O U N T I N G P O L I C I E S

a) General

These financial statements are prepared in accordance with accounting principles generally accepted in the Grand Duchy of Luxembourg.

b) Valuation of Securities

In determining the value of the assets of the funds, securities which are quoted or dealt in on an official exchange or another regulated market are valued at the latest available sale price, or official closing price for certain markets, on the official exchange or market which is normally the principal market for such securities.

Securities which are not quoted or dealt in on an official exchange or another regulated market, as well as securities which are so quoted or dealt in but for which the last sale price is not available, and securities for which the last sale price is not representative of fair value are valued in good faith by and under the direction of the Board of Directors on the basis of reasonably expected sale prices.

Short-term debt investments purchased with original maturities less than one year are valued at amortised cost, which approximates fair value when combined with accrued interest. However, if amortised cost is deemed not to reflect fair value, the securities are valued at fair value as determined in good faith by and under the direction of the Board of Directors.

The 2011 and 2012 NAV information has been amended to reflect the official NAV of the funds on the respective dates. Prior year information showed reporting NAV which included investment valuations at the official closings versus latest available sales price.

c) Conversion of Foreign Currencies

The books and records of each fund are kept in the base currency of that fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency using currency exchange rates prevailing on each such business day, and (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions.

Net realised gains and losses on foreign currency transactions represent:

(i) foreign exchange gains and losses from the holding and sale of foreign currencies, (ii) gains and losses between trade date and settlement date on securities transactions, and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held during the year.

The reference currency of the Company’s combined statements is the US dollar (“USD”). For those funds and Share Classes that are denominated in a base currency other than USD, financial statement items are translated on the following basis: (i) assets and liabilities are converted at currency exchange rates prevailing on the date of the financial statements, and (ii) balances in the Statement of Operations and Changes in Net Assets are converted at the average currency exchange rate for the year. Exchange rates, expressed as 1 USD equivalent, used in such translations are as follows:


125

Currency At 31 December 2013Average for the year ended

31 December 2013

EUR 0.7259 0.7527

NOK 6.0747 0.1703

SEK 6.4341 6.512

JPY 104.92 97.63

GBP 0.6044 0.6396

d) Securities Transactions and Investment Income

Securities transactions are recorded on a trade date basis. Realised gains and losses are determined on the basis of the average cost of securities sold.

Dividend income is accrued on the ex-dividend date. Interest income and expenses are recorded on the accrual basis. Premiums and discounts on debt securities are recognised in income on a straight-line basis.

Cash at banks includes cash balances in time deposits ranging from overnight to three months in duration with various financial institutions meeting certain credit standards. Each fund could experience a delay in recovering the value of these deposits and a possible loss of income or value if the counterparty fails to return deposited amounts. Earnings, net of fees, are accrued daily as interest income and bank overdraft charges are included in other expenses in the accompanying Statement of Operations and Changes in Net Assets.

e) Class Accounting and Formation Expenses

Expenses incurred by each Class are charged directly to the Class to which they relate. Expenses common to all Classes, investment income and realised and unrealised gains and losses are allocated daily to each Class based on relative net assets.

The costs and expenses incurred in connection with the formation of a new fund and the initial issuance of shares may be deferred and amortised over a period not exceeding five years against the assets of that fund and in such amounts in each year as determined by the Board of Directors on an equitable basis.

f) Collateral

As at 31 December 2013, the collateral received or paid which is composed of margin deposits for futures and options and cash collateral granted to or received from brokers and counterparties for the purpose of transaction in OTC derivatives is as follows:

Name of Sub–fundsSub–fund Currency

Counterparty/Broker

Type of collateral

Collateral Amount received

(in Sub-fund currency)

Collateral Amount paid (in Sub-fund

currency)

Emerging Local Markets Bond Fund

USD Goldman Sachs Cash - 9,534

EURO Corporate Bond Fund EUR Goldman Sachs Cash – 381,000

Global Aggregate Bond Fund USD Goldman Sachs Cash 10,437 126,429

Global Aggregate Bond Fund USD JP Morgan Cash – 520,000

Global Fixed Income Absolute Return Fund

USD Goldman Sachs Cash - 49,814

Global High Yield Bond Fund USD Deutsche Bank Cash 6,200,000 –

Global High Yield Bond Fund USD Goldman Sachs Cash – 1,420,000

Global High Yield Bond Fund USD JP Morgan Cash – 370,000

Global High Yield Bond Fund USD Morgan Stanley Cash – 818,385

US Aggregate Bond Fund USD Goldman Sachs Cash - 46,019

US Aggregate Bond Fund USD RBS Cash 270,000 –

Global Growth Equity Fund (1) USD Citibank Cash 280,000 –

(1) This fund was formerly named Global Large Cap Equity Fund.

3 . I N V E S T M E N T T R A N S A C T I O N Sa) Derivatives

Each fund may enter into forward currency exchange, financial futures, option and swap contracts which, except for purchased options, represent market risk in excess of the amount reflected in the Statement of Net Assets. The amount of the contracts represents the extent of each fund’s participation in these financial instruments. Forward currency exchange and financial future contracts are valued daily using prevailing forward exchange rates and current settlement prices, respectively. Option and swap contracts are valued daily using an independent pricing service. Changes in contract value are recorded daily as unrealised gains or losses until termination or maturity. Net periodic receipts or payments required by swap contracts are accrued daily as interest income or interest expense on swaps.

Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, interest rates, credit quality, indices and security values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate with changes in the value of currencies, indices, or securities being hedged or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract. Open contracts attributable to all classes of a fund, if applicable, are reflected in each fund’s Statement of Investments.

The funds may deposit cash into an account held at the broker in order to meet initial margin requirements on open future contracts and to keep additional funds available to settle future variation margin liabilities. The deposits held at the broker are included in Deposits on futures in the Statement of Net Assets.

EURO Corporate Bond Fund - Class Ih Hedged Shares

Class Ih is intended to reduce a Shareholder’s currency exposure to those net assets attributable to the specific Hedged Share Class that are not denominated in that specific hedge open share class currency. As at 31 December 2013, the unrealised gain (loss) on forward currency exchange contracts reflected in the Statement of Net Assets consists of the following contracts attributable to Hedged Shares:



(EUR)

Class Ih (USD):

31 January 2014 54,179,803 USD 39,683,791 EUR JP Morgan Chase (352,976)

Net Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (352,976)

Global Aggregate Bond Fund – Class Sh Hedged Shares

Class Sh is intended to reduce a Shareholder’s currency exposure to those net assets attributable to the specific Hedged Share Class that are not denominated in that specific hedge open share class currency. As at 31 December 2013, the unrealised gain (loss) on forward currency exchange contracts reflected in the Statement of Net Assets consists of the following contracts attributable to Hedged Shares:



(USD)

Class Sh (JPY):

31 January 2014 12,842 CAD 12,000 USD JP Morgan Chase 78

31 January 2014 22,436 GBP 37,000 USD JP Morgan Chase 115

N o t e s t o t h e F i n a n c i a l S t a t e m e n t s> > > c o n t i n u e d

As at 31 December 2013


126



(USD)

31 January 2014 3,680,456 JPY 35,000 USD JP Morgan Chase 85

31 January 2014 85,783 USD 1,121,325 MXN JP Morgan Chase 168

31 January 2014 58,574 USD 615,512 ZAR JP Morgan Chase 363

Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 809

29 January 2014 256,612 USD 272,866,050 KRW JP Morgan Chase (2,949)

30 January 2014 104,483 USD 343,531 MYR JP Morgan Chase (125)

30 January 2014 36,587 USD 46,381 SGD JP Morgan Chase (129)

31 January 2014 108,014 EUR 149,000 USD JP Morgan Chase (206)

31 January 2014 2,012,761,424 JPY 19,267,346 USD Morgan Stanley (80,235)

31 January 2014 338,716 USD 382,099 AUD JP Morgan Chase (2,503)

31 January 2014 647,737 USD 693,979 CAD JP Morgan Chase (4,969)

31 January 2014 204,007 USD 183,141 CHF JP Morgan Chase (1,597)

31 January 2014 6,428,406 USD 4,711,529 EUR Morgan Stanley (61,918)

31 January 2014 1,424,916 USD 872,535 GBP JP Morgan Chase (18,516)

31 January 2014 98,595 USD 301,592 PLN JP Morgan Chase (1,313)

31 January 2014 185,521 USD 1,223,024 SEK JP Morgan Chase (4,470)

Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (178,930)

Net Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (178,121)

Global High Yield Bond Fund – Class Ah Hedged Shares

Class Ah is intended to reduce a Shareholder’s currency exposure to those net assets attributable to the specific Hedged Share Class that are not denominated in that specific Hedged share class currency. In this regard, up to 100% of the non-Euro net asset value attributable to Class Ah (EUR), up to 100% of the non-Norwegian Krone net asset value attributable to Class Ah (NOK) and up to 100% of the non-Swedish Krona net asset value attributable to Class Ah (SEK), as reasonably practicable, are hedged into Euro, Norwegian Krone and Swedish Krona respectively, through the use of forward currency exchange contracts. Realised and unrealised currency gains or losses are solely attributable to each Hedged Share Class and not to any other class of the Global High Yield Bond Fund. As at 31 December 2013, the unrealised gain (loss) on open forward currency exchange contracts reflected in the Statement of Net Assets consists of the following contracts attributable to Hedged Shares:



(USD)

Class Ah (EUR):

16 January 2014 138,866,060 EUR 184,687,000 USD Deutsche Bank 6,607,572

16 January 2014 46,079 EUR 62,657 USD JP Morgan Chase 818

16 January 2014 106,890 USD 77,532 EUR JP Morgan Chase 86

14 February 2014 86,494,449 EUR 117,139,000 USD State Street 2,010,559

14 February 2014 496,487 EUR 673,145 USD JP Morgan Chase 10,786







(USD)







14 February 2014 32,485 EUR 44,247 USD JP Morgan Chase 502



14 March 2014 104,118,887 EUR 140,050,836 USD UBS AG London 3,376,569

14 March 2014 290,660 EUR 391,210 USD JP Morgan Chase 9,184



14 March 2014 1,604,000 EUR 2,206,711 USD JP Morgan Chase 2,855

14 April 2014 144,531,414 EUR 198,754,687 USD Goldman Sachs 343,681

14 April 2014 21,900 EUR 30,147 USD JP Morgan Chase 21

Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 12,421,109

16 January 2014 87,822 USD 63,943 EUR JP Morgan Chase (262)

16 January 2014 346,979 USD 254,009 EUR JP Morgan Chase (2,930)

16 January 2014 671,965 USD 490,595 EUR JP Morgan Chase (3,853)

16 January 2014 3,758,553 USD 2,739,817 EUR JP Morgan Chase (15,675)

14 February 2014 66,592 EUR 91,844 USD JP Morgan Chase (111)

14 February 2014 274,171 EUR 377,897 USD JP Morgan Chase (215)

14 February 2014 919,815 EUR 1,267,918 USD JP Morgan Chase (837)

14 March 2014 352,403 EUR 486,127 USD JP Morgan Chase (679)


Class Ah (NOK):

16 January 2014 112,520 USD 669,157 NOK JP Morgan Chase 2,417

14 February 2014 461,300 NOK 74,309 USD JP Morgan Chase 1,511

14 February 2014 709,040 NOK 115,111 USD JP Morgan Chase 1,428

14 February 2014 898,020 NOK 146,721 USD JP Morgan Chase 879











14 March 2014 196,928,610 NOK 31,706,426 USD UBS AG London 627,823

14 March 2014 3,922,480 NOK 629,759 USD JP Morgan Chase 14,284




127



(USD)






14 March 2014 371,360 NOK 60,200 USD JP Morgan Chase 774



14 April 2014 228,125,727 NOK 36,625,816 USD JP Morgan Chase 786,263

14 April 2014 4,005,665 NOK 653,926 USD JP Morgan Chase 2,994


16 January 2014 82,069 NOK 13,636 USD JP Morgan Chase (133)












16 January 2014 266,070 NOK 44,817 USD JP Morgan Chase (1,038)



16 January 2014 4,377,125 NOK 734,829 USD JP Morgan Chase (14,621)

16 January 2014 6,316,800 NOK 1,055,723 USD JP Morgan Chase (16,361)

16 January 2014 173,877,884 NOK 29,233,000 USD Merrill Lynch (623,264)

16 January 2014 245,395 USD 1,503,510 NOK JP Morgan Chase (1,991)

14 February 2014 10,000 NOK 1,683 USD JP Morgan Chase (40)

14 February 2014 6,250,000 NOK 1,027,443 USD JP Morgan Chase (187)

14 February 2014 181,480 NOK 30,121 USD JP Morgan Chase (293)

14 February 2014 1,508,913 NOK 250,959 USD JP Morgan Chase (2,953)

14 February 2014 1,019,798 NOK 170,901 USD JP Morgan Chase (3,286)

14 February 2014 183,236,137 NOK 30,231,000 USD Goldman Sachs (114,140)


Class Ah (SEK):

15 January 2014 564,662,215 SEK 86,799,000 USD Morgan Stanley 943,978

15 January 2014 26,765,481 SEK 4,123,115 USD JP Morgan Chase 35,979




15 January 2014 3,702,000 SEK 559,595 USD JP Morgan Chase 15,659




(USD)






15 January 2014 906,000 SEK 135,569 USD JP Morgan Chase 5,214














15 January 2014 1,095,000 SEK 169,321 USD JP Morgan Chase 831

15 January 2014 142,000 SEK 21,363 USD JP Morgan Chase 703




15 January 2014 38,975 USD 250,594 SEK JP Morgan Chase 35


15 January 2014 131,920 SEK 20,653 USD JP Morgan Chase (154)

15 January 2014 942,000 SEK 146,552 USD JP Morgan Chase (175)

15 January 2014 525,000 SEK 82,739 USD JP Morgan Chase (1,159)

15 January 2014 774,865 SEK 122,004 USD JP Morgan Chase (1,598)

15 January 2014 1,402,000 SEK 219,530 USD JP Morgan Chase (1,673)





15 January 2014 9,164 USD 60,076 SEK JP Morgan Chase (172)





15 January 2014 96,830 USD 634,000 SEK JP Morgan Chase (1,688)

15 January 2014 85,811 USD 564,157 SEK JP Morgan Chase (1,854)






128




(USD)


15 January 2014 1,059,786 USD 6,895,000 SEK JP Morgan Chase (11,630)


15 January 2014 1,203,816 USD 7,874,000 SEK JP Morgan Chase (19,726)


Net Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 14,127,544

US Aggregate Bond Fund – Class Ih Hedged Shares

Class Ih is intended to reduce a Shareholder’s currency exposure to those net assets attributable to the specific Hedged Share Class that are not denominated in that specific hedge open share class currency. As at 31 December 2013, the unrealised gain (loss) on forward currency exchange contracts reflected in the Statement of Net Assets consists of the following contracts attributable to Hedged Shares:



(USD)

Class Ih (EUR):

31 January 2014 22,308,126 EUR 30,575,853 USD JP Morgan Chase 154,502

31 January 2014 4,305 EUR 5,887 USD JP Morgan Chase 43

Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 154,545

31 January 2014 99,800 EUR 137,669 USD JP Morgan Chase (191)

31 January 2014 66,879 USD 48,828 EUR JP Morgan Chase (383)

Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (574)

Net Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 153,971

b) Participation Notes

During the year ended 31 December 2013, the Middle East & Africa Equity Fund was a party to participation notes, through which a counterparty provides exposure to common stock, in the form of an unsecured interest, in markets where direct investment by the fund is not possible. Participation notes provide the economic benefit of common stock ownership to the fund, while legal ownership and voting rights are retained by the counterparty. Although, participation notes are usually structured with a defined maturity or termination date, early redemption may be possible. Risks associated with participation notes include the possible failure of the counterparty to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock.

c) China A-shares

During the year ended 31 December 2013, the Asian ex-Japan Equity Fund and the Global Emerging Markets Equity Fund invested in certain Chinese equity securities (A-shares) available only to local Chinese investors and Qualified Foreign Institutional Investors (QFII). The funds gained access to the A-share market through T. Rowe Price International, Inc. (TRPI), which served as the registered QFII for all participating T. Rowe Price-sponsored products. Investment decisions

related to A-shares are specific to each participating fund, and each fund bears the resultant economic and tax consequences of its holdings and transactions in A-shares. Each fund is subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances, investment proceeds, and earnings associated with its A-shares and may incur substantial delays in gaining access to its assets or a loss of value in the event of non-compliance with applicable Chinese rules or requirements. Current Chinese tax law is unclear whether capital gains realised on each fund’s investments in A-shares will be subject to tax. Because management believes it is more likely than not that Chinese capital gains taxes ultimately will be imposed, an accrual for potential tax liability is reflected in the accompanying financial statements.

d) TBA Purchase Commitments

Certain funds may enter into to be announced (“TBA”) purchase commitments, pursuant to which they agreed to purchase mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such mortgage-backed securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage term, and be within industry-accepted “good delivery” standards. The funds generally enter into TBA transactions with the intention of taking possession of the underlying mortgage securities. Until settlement, the funds maintain cash reserves and liquid assets sufficient to settle its TBA commitments.

e) Portfolio Turnover Ratios

Portfolio turnover ratios, as calculated under the method prescribed by the “Commission de Surveillance du Secteur Financier”, for the year ended 31 December 2013 are as follows:

FundPortfolio Turnover

Ratio

Emerging Local Markets Bond Fund 140.48

EURO Corporate Bond Fund 34.01

European High Yield Bond Fund 200.54

Global Aggregate Bond Fund 100.33

Global Emerging Markets Bond Fund 119.35

Global Emerging Markets Corporate Bond Fund 147.75

Global Fixed Income Absolute Return Fund 219.60

Global High Yield Bond Fund (32.42)

US Aggregate Bond Fund 28.49

Asian ex-Japan Equity Fund 48.81

Emerging Europe Equity Fund 58.89

European Equity Fund 78.27

European ex-UK Equity Fund 87.07

European Smaller Companies Equity Fund 41.05

European Structured Research Equity Fund 49.20

Global Emerging Markets Equity Fund 18.91

Global Focused Growth Equity Fund (1) 288.05

Global Growth Equity Fund (2) 151.58

Global Natural Resources Equity Fund 98.69

Global Value Equity Fund 154.16

Global Real Estate Securities Fund 48.83


129

Fund Class CurrencyAmount

per Share Ex-date

Id USD 0.109007 22 November 2013

Id USD 0.039664 20 December 2013

Global High Yield Bond Fund Ad USD 0.180572 22 March 2013

Ad USD 0.171403 24 June 2013

Ad USD 0.158630 20 September 2013

Ad USD 0.165349 20 December 2013

Jd USD 0.065562 24 January 2013

Jd USD 0.053227 22 February 2013

Jd USD 0.055433 22 March 2013

Jd USD 0.059963 24 April 2013

Jd USD 0.053559 24 May 2013

Jd USD 0.054236 24 June 2013

Jd USD 0.058650 24 July 2013

Jd USD 0.051612 23 August 2013

Jd USD 0.046006 20 September 2013

Jd USD 0.062771 24 October 2013

Jd USD 0.050641 22 November 2013

Jd USD 0.050614 20 December 2013

US Aggregate Bond Fund Jd USD 0.031114 24 January 2013


Jd USD 0.028703 22 March 2013

Jd USD 0.031103 24 April 2013

Jd USD 0.027921 24 May 2013

Jd USD 0.026030 24 June 2013

Jd USD 0.030803 24 July 2013

Jd USD 0.027791 23 August 2013

Jd USD 0.027237 20 September 2013

Jd USD 0.046238 24 October 2013


Jd USD 0.027804 20 December 2013

Global Emerging Markets Equity Fund Ad USD 0.042839 24 June 2013

Ad USD 0.004210 20 September 2013

Ad USD 0.000000 20 December 2013


Jd USD 0.052888 24 May 2013

Jd USD 0.049312 23 August 2013


5 . C U S T O D I A N F E E SThe fund is subject to an annual custodian fee, based upon a reducing scale, from 0.001% to 0.025% depending upon the value of the assets held in custody. This fee is calculated and accrued each business day and paid monthly in arrears.

FundPortfolio Turnover

Ratio

Japanese Equity Fund 144.85

Latin American Equity Fund 35.30

Middle East & Africa Equity Fund 70.53

US Blue Chip Equity Fund 25.79

US Large Cap Equity Fund 126.52

US Large Cap Growth Equity Fund 28.26

US Large Cap Value Equity Fund (38.52)

US Smaller Companies Equity Fund (19.25)(1) This fund was formerly named Global Equity Fund(2) This fund was formerly named Global Large Cap Equity Fund

4 . D I V I D E N D SThe Company intends to declare and distribute dividends representing substantially all of the net investment income attributable to Distributing Shares. Dividends in respect of these Shares will be declared in the currency of denomination of the relevant fund and will be recorded on ex-date. Interim dividends in respect of the Distributing Shares of any particular fund may be paid from the attributable net investment income and realised capital gains with a frequency and at such intervals as the Board of Directors may decide.

The following dividend payments were made during the year ended 31 December 2013:

Fund Class CurrencyAmount

per Share Ex-date

Global Aggregate Bond Fund Id USD 0.025123 24 January 2013

Id USD 0.023240 22 February 2013

Id USD 0.020956 22 March 2013

Id USD 0.023669 24 April 2013

Id USD 0.020696 24 May 2013

Id USD 0.020645 24 June 2013

Id USD 0.025277 24 July 2013

Id USD 0.030743 23 August 2013

Id USD 0.023056 20 September 2013

Id USD 0.032812 24 October 2013

Id USD 0.020858 22 November 2013

Id USD 0.021036 20 December 2013

Global Emerging Markets Bond Fund Id USD 0.091218 24 January 2013

Id USD 0.044869 22 February 2013

Id USD 0.038759 22 March 2013

Id USD 0.046850 24 April 2013

Id USD 0.040390 24 May 2013

Id USD 0.040370 24 June 2013

Id USD 0.062146 24 July 2013

Id USD 0.038931 23 August 2013

Id USD 0.036002 20 September 2013

Id USD 0.052681 24 October 2013



130


6 . A C C O U N T I N G A N D S H A R E H O L D E R S E R V I C I N GAccounting and Shareholder Servicing in the Statement of Operations and Changes in Net Assets include transfer agent fees, domiciliary fees and administration fee.

The fund is subject to an annual administration fee, based upon a reducing scale, from 0.07% to 0.01% depending upon the value of the fund’s net assets. Each Sub-fund is, however, subject to a minimum annual administration fee of USD 40,000. This fee is calculated and accrued each business day and paid monthly.

7 . T A X A T I O NUnder current law and practice, the Company is not liable for any Luxembourg income tax, nor are dividends paid by the Company subject to any Luxembourg withholding tax. Additionally, no Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

a) Taxe d’Abonnement

For the year ended 31 December 2013, the fund was subject to a tax (“Taxe d’Abonnement”) of 0.05% per annum in respect to Class A and Q Shares (“Advisers Classes”) and 0.01 % per annum in respect to Class I, J, S and Z Shares (“Institutional Classes”), as provided by the relevant Luxembourg laws. The Taxe d’Abonnement is payable quarterly on the basis of the value of the net assets of each class at the end of the relevant calendar quarter.

b) Provision for Foreign Taxes

Each fund is subject to foreign income taxes imposed by certain countries in which it invests. Taxes attributable to income are accrued by each fund as a reduction of income. Capital gains realised by a fund upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. To the extent that tax rates vary based upon holding period, each fund accrues a deferred tax liability using the minimum applicable tax rate.

Current and deferred tax expenses attributable to net capital gains are reflected net of eligible refunds as a component of realised and/or change in unrealised, respectively, gain (loss) from investments. For the year ended 31 December 2013, no tax amounts attributable to Indian capital gains are netted with net realised and unrealised gain (loss) on investments in the Asian ex-Japan Equity Fund, Global Emerging Markets Equity Fund, Global Focused Growth Equity Fund and Global Growth Equity Fund, as presented in the Statement of Operations and Changes in Net Assets. As at 31 December 2013, none of these funds had a deferred tax liability related to Indian capital gain taxes on unrealised gains, but had the following capital loss carry forwards to offset future realised gains on Indian securities subject to Indian capital gain taxes:

Asian ex-Japan Equity Fund USD 16,926,470Global Emerging Markets Equity Fund USD 4,491,395Global Focused Growth Equity Fund (1) USD 23,777,637Global Growth Equity Fund (2) USD 415,545(1) This fund was formerly named Global Equity Fund.(2) This fund was formerly named Global Large Cap Equity Fund.

The capital loss carry forwards would be eligible to be set off against the realised gains for a period of 8 years from the year when the loss was first incurred.

8 . R E L A T E D P A R T Y T R A N S A C T I O N Sa) Investment Management Fees

The funds are managed by T. Rowe Price International Ltd. (the “Investment Manager”) and T. Rowe Price Associates, Inc, T. Rowe Price Hong Kong Limited and T. Rowe Price Singapore Private Ltd. (the “Investment Sub-Managers”). The Discretionary Investment Management Agreement (the “Agreement”) between the Company and the Investment Manager provides for an annual investment management fee. The fee is computed daily and paid monthly and is calculated on the daily net assets of each fund at the following annual rates:

FundClass

A*Class I**

Class Q***

Emerging Local Markets Bond Fund 1.25% 0.65% 0.65%

EURO Corporate Bond Fund 0.90% 0.40% 0.40%

European High Yield Bond Fund 1.15% 0.60% 0.60%

Global Aggregate Bond Fund 0.90% 0.45% 0.45%

Global Emerging Markets Bond Fund 1.25% 0.65% 0.65%

Global Emerging Markets Corporate Bond Fund 1.35% 0.70% 0.70%

Global Fixed Income Absolute Return Fund 0.90% 0.45% 0.45%

Global High Yield Bond Fund 1.15% 0.60% 0.60%

US Aggregate Bond Fund 0.90% 0.40% 0.40%

Asian ex-Japan Equity Fund 1.90% 1.00% 1.00%

Emerging Europe Equity Fund 1.90% 1.00% 1.00%

European Equity Fund 1.50% 0.65% 0.65%

European ex-UK Equity Fund 1.50% 0.65% 0.65%

European Smaller Companies Equity Fund 1.80% 0.95% 0.95%

European Structured Research Equity Fund 1.20% 0.55% 0.55%

Global Emerging Markets Equity Fund 1.90% 1.00% 1.00%

Global Focused Growth Equity Fund (1) 1.60% 0.75% 0.75%

Global Growth Equity Fund (2) 1.60% 0.75% 0.75%

Global Natural Resources Equity Fund 1.60% 0.75% 0.75%

Global Value Equity Fund 1.60% 0.75% 0.75%

Global Real Estate Securities Fund 1.60% 0.75% 0.75%

Japanese Equity Fund 1.60% 0.75% 0.75%

Latin American Equity Fund 1.90% 1.00% 1.00%

Middle East & Africa Equity Fund 2.00% 1.10% 1.10%

US Blue Chip Equity Fund 1.50% 0.65% 0.65%

US Large Cap Equity Fund 1.50% 0.65% 0.65%

US Large Cap Growth Equity Fund 1.50% 0.65% 0.65%

US Large Cap Value Equity Fund 1.50% 0.65% 0.65%

US Smaller Companies Equity Fund 1.60% 0.95% 0.95%(1) This fund was formerly named Global Equity Fund.(2) This fund was formerly named Global Large Cap Equity Fund.* Includes Ad, A (EUR), Ah (EUR), Ah (NOK) and Ah (SEK) Shares.** Includes Id, Ih (EUR), Ih (USD) and I (GBP) Shares.*** Includes Q (EUR) and Q (GBP) Shares.There is no Investment Management Fees for Share Classes S, J and Z


131

Fund ClassTotal Expense

Ratio*Expense

Limit

Ah (SEK) 1.27 1.32

I 0.66 0.70

Jd 0.04 -

Q** 0.77 0.77

Z - -

US Aggregate Bond Fund I 0.68 0.68

Ih (EUR) 0.54 0.68

Jd 0.04 -

Asian ex-Japan Equity Fund A 2.02 2.07

I 1.07 1.10

Id** 1.10 1.10

S 0.08 0.32

Q** 1.17 1.17

Emerging Europe Equity Fund A 2.07 2.07

I 1.10 1.10

European Equity Fund A 1.67 1.67

I 0.75 0.75

Q** 0.82 0.82

European ex-UK Equity Fund I 0.75 0.75

Q (GBP)** 0.82 0.82

European Smaller Companies Equity Fund A 1.97 1.97

I 1.05 1.05

Q** 1.12 1.12

European Structured Research Equity Fund I 0.65 0.65

Global Emerging Markets Equity Fund A 2.04 2.07

Ad 2.07 2.07

I 1.07 1.10

Jd 0.05 -

Q** 1.17 1.17

Q (GBP)** 1.17 1.17

Global Focused Growth Equity Fund (1) A 1.76 1.77

I 0.84 0.85

Global Growth Equity Fund (2) A 1.77 1.77

I 0.82 0.85

I (GBP) 0.84 0.85

Q (GBP)** 0.92 0.92

S 0.07 0.10

Global Natural Resources Equity Fund A 1.88 2.00

I 0.82 0.85

Q (EUR)** 0.88 0.92

Global Value Equity Fund A 1.77 1.77

I 0.85 0.85

Global Real Estate Securities Fund A 1.77 1.77

I 0.85 0.85

The Investment Manager may use investment management fees in part to pay remunerations (trailer fees) for distribution activities concerning the funds. In addition, the Investment Manager may make reimbursements to institutional investors which, from a commercial perspective, hold Shares of the funds for third parties.

b) Expense Waivers

Class A and Q Shares Classes A and Q are available to all investors. In the case of any individual fund, the Investment Manager may, for such time as it considers appropriate, choose to waive all or part of the fees which it is entitled to receive and/or reimburse the Class certain other expenses in order to reduce the impact such fees and expenses may have on the performance of the Class.

Class I Shares I Class Shares are available to Institutional Investors only and are subject both to the Investment Management fee and the operating & administrative expenses attributable to them.

Class S Shares The fees attributable to Class S Shares charged by the Investment Manager for its services are borne by the Investment Manager. Class S Shares are only available to institutional investors having a professional services arrangement with the Investment Manager. The Investment Manager may, for such time as it considers appropriate, choose to reimburse the Class certain other expenses in order to reduce the impact such expenses may have on the performance of the Class.

While expense waivers are not contractual and are not guaranteed to continue in the future, the following expense limits were applied to certain classes for the year ended 31 December 2013:


Ratio*Expense

Limit

Emerging Local Markets Bond Fund I 0.75 0.75

EURO Corporate Bond Fund A 1.07 1.07

I 0.50 0.50

Ih(USD) 0.50 0.50

Z - -

European High Yield Bond Fund A 1.32 1.32

I 0.70 0.70

Global Aggregate Bond Fund A 1.07 1.07

I 0.55 0.55

Id 0.55 0.55

Sh (JPY) 0.10 0.10

Z - -

Global Emerging Markets Bond Fund A 1.42 1.42

I 0.75 0.75

Id 0.75 0.75

Global Emerging Markets Corporate Bond Fund A 1.52 1.52

I 0.80 0.80

Global Fixed Income Absolute Return Fund I 0.55 0.55

Global High Yield Bond Fund A 1.26 1.32

Ad 1.27 1.32

Ah (EUR) 1.24 1.32

Ah (NOK) 1.26 1.32



132



Ratio*Expense

Limit

Japanese Equity Fund A 1.77 1.77

I 0.85 0.85

Latin American Equity Fund A 2.40 2.40

I 1.20 1.20

Middle East & Africa Equity Fund A 2.49 2.50

I 1.30 1.30

US Blue Chip Equity Fund A 1.66 1.67

J 0.04 -

Q** 0.82 0.82

US Large Cap Equity Fund A 1.67 1.67

I 0.75 0.75

US Large Cap Growth Equity Fund A 1.60 1.67

I 0.70 0.75

J 0.03 -

Q** 0.80 0.82

US Large Cap Value Equity Fund A 1.63 1.67

I 0.72 0.75

J 0.03 -

Q** 0.82 0.82

US Smaller Companies Equity Fund A 1.71 1.77

A (EUR) ** 1.77 1.77

I 1.01 1.05

Q** 1.12 1.12

Q (GBP)** 1.12 1.12

(1) This fund was formerly named Global Equity Fund.(2) This fund was formerly named Global Large Cap Equity Fund.* The Total Expense Ratio expresses the total fees and expenses borne by a particular Class, net of any expenses waived,

during the period ended 31 December 2013 as a percentage of the average net assets of that Class.** Class incepted during the year ended 31 December 2013; the Total Expense Ratio indicated is an annualised figure.

c) Shareholder Transactions

The Investment Manager or its affiliates may invest in a new fund for the purpose of providing seed capital (“Direct Investment”), with the intent of remaining invested until the fund has substantial net assets. Additionally, other funds and accounts managed by the Investment Manager or its affiliates may invest in the funds (“Affiliated Accounts”). However, no affiliated party may invest for the purpose of exercising management or control over any fund or the Company. As at 31 December 2013, the following funds had a percentage of their net assets held by the Investment Manager or its affiliates.

Fund Name Percentage

Emerging Local Markets Bond Fund 100%

EURO Corporate Bond Fund 96%

European High Yield Bond Fund 99%

Global Aggregate Bond Fund 42%

Global Emerging Markets Bond Fund 78%

Global Emerging Markets Corporate Bond Fund 100%

Fund Name Percentage

Global Fixed Income Absolute Return Fund 100%

Emerging Europe Equity Fund 100%

European Equity Fund 48%

European ex-UK Equity Fund 96%

European Smaller Companies Equity Fund 89%

European Structured Research Equity Fund 100%

Global Real Estate Securities Fund 89%

Global Value Equity Fund 100%

Japanese Equity Fund 99%

Latin American Equity Fund 3%

Middle East & Africa Equity Fund 11%

US Large Cap Equity Fund 96%

Affiliated investments Percentage

Global High Yield Bond Fund 4%

US Aggregate Bond Fund 69%

Global Emerging Markets Equity Fund 1%

US Blue Chip Equity Fund 3%

US Large Cap Value Equity Fund 2%


133


9 . P E R F O R M A N C E S U M M A R Y

Fund Class

SICAV 31 December 2013

Year to Date %

SICAV31 December 2012

Year to Date %


Year to Date %Emerging Local Markets Bond Fund I (9.62) 18.15 (2.59)EURO Corporate Bond Fund A 2.06 16.01 (0.09)

I 2.68 16.45 0.42 Ih (USD) 2.88 N/A N/A

Z 3.19 17.20 1.07 European High Yield Bond Fund A 11.86 21.76 N/A

I 12.56 22.61 N/AGlobal Aggregate Bond Fund A (3.42) 6.41 3.64

I (2.89) 6.87 4.08 Id (2.93) 6.81 4.08

Sh (JPY) (0.19) N/A N/AZ (2.40) 7.53 4.86

Global Emerging Markets Bond Fund A (4.97) 16.40 2.62 I (4.35) 17.19 3.31

Id (4.33) 17.20 3.29Global Emerging Markets Corporate Bond Fund A (0.98) 17.10 N/A

I (0.26) 17.96 N/AGlobal Fixed Income Absolute Return Fund I (0.11) 2.50 (1.67)Global High Yield Bond Fund A 7.48 14.14 2.77

Ad 7.45 14.11 2.78 Ah (EUR) 7.18 13.87 3.09 Ah (NOK) 8.84 15.18 4.13 Ah (SEK) 8.04 N/A N/A

I 8.12 14.79 3.43 Jd 8.75 15.59 4.05 Q N/A N/A N/AZ 8.87 15.54 4.12

US Aggregate Bond Fund I (2.03) 5.34 N/AIh (EUR) (2.16) 5.22 N/A

Jd (1.45) 6.18 6.99 Asian ex-Japan Equity Fund A (1.21) 21.36 (13.42)

I (0.35) 22.65 (12.63)Id N/A N/A N/AS N/A 23.85 (11.75)Q N/A N/A N/A

Emerging Europe Equity Fund A (0.21) 21.16 (31.03)I 0.81 22.44 (30.38)

European Equity Fund A 30.43 19.35 (7.64)I 31.57 20.32 (6.81)Q N/A N/A N/A

European Ex-UK Equity Fund I 33.06 23.32 (11.07)Q (GBP) N/A N/A N/A

European Smaller Companies Equity Fund A 28.11 33.18 (15.00)I 29.29 34.40 (14.19)Q N/A N/A N/A

European Structured Research Equity Fund I 17.79 17.15 (7.65)Global Emerging Markets Equity Fund A (4.88) 18.15 (19.52)

Ad (4.85) 17.97 N/AI (3.95) 19.28 (18.76)

Jd (2.97) 20.54 (17.96)Q N/A N/A N/A

Q (GBP) N/A N/A N/AGlobal Focused Growth Equity Fund** A 32.29 13.59 (12.69)

I 33.62 14.58 (11.80)


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Fund Class

SICAV 31 December 2013

Year to Date %


Year to Date %


Year to Date %Global Growth Equity Fund*** A 19.83 19.82 (11.82)

I 20.93 20.94 (11.00)I (GBP) 18.75 15.70 (10.81)

S 21.88 21.84 N/AQ (GBP) N/A N/A N/A

Global Value Equity Fund A 30.39 N/A N/AI 31.75 N/A N/A

Global Natural Resources Equity Fund A 16.02 0.13 (15.78)I 17.14 1.19 (14.84)

Q (EUR) N/A N/A N/AGlobal Real Estate Securities Fund A 1.00 25.55 (5.81)

I 1.93 26.77 (4.99)Japanese Equity Fund A 24.74 7.24 (8.18)

I 25.74 8.40 (7.32)Latin American Equity Fund A (16.28) 9.78 (25.06)

I (15.30) 11.19 (24.20)Middle East & Africa Equity Fund A 23.04 17.93 (17.28)

I 24.52 19.16 (16.27)US Blue Chip Equity Fund A 41.02 15.77 0.60

J 43.32 17.73 2.24 Q N/A N/A N/A

US Large Cap Equity Fund A 31.91 13.47 0.30 I 33.15 14.52 1.24

US Large Cap Growth Equity Fund A 44.06 14.99 (2.39)I 45.34 16.04 (1.48)J 46.39 16.88 (0.91)Q N/A N/A N/A

US Large Cap Value Equity Fund A 33.64 14.10 (2.36)I 34.89 15.21 (1.47)J 35.82 16.01 (0.87)Q N/A N/A N/A

US Smaller Companies Equity Fund A 40.65 16.27 (0.66)A (EUR) N/A N/A N/A

I 41.67 17.03 0.04 Q N/A N/A N/A

Q (GBP) N/A N/A N/A

**This fund was formerly named Global Equity Fund ***This fund was formerly named Global Large Cap Equity Fund


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1 0 . S W I N G P R I C I N GWhere the Board is of the view that the level of subscriptions, conversions or redemptions in a particular Fund will require significant purchases of assets, or sales of assets in order to provide the required liquidity, the Board may decide, in the best interests of Shareholders, to adjust the Net Asset Value of such Fund to account for the estimated dealing spreads, costs and charges incurred in purchasing or liquidating investments and thus more closely reflect the actual prices of the underlying transactions. The adjustment shall not exceed 2 per cent of the Net Asset Value of the relevant Fund on the relevant Valuation Day.

The official Net Asset Value per Share as at year-end, disclosed in the Statement of Share and Net Assets Statistics may therefore include a Swing pricing adjustment, which would not be recognized in the Statement of Net Assets and the Statement of Operations and Changes in Net Assets.

1 1 . T R A N S A C T I O N C O S T SThe transaction costs are costs incurred by the funds in connection with transactions on securities and derivatives instruments. They consist of commissions and taxes relating to these transactions.

For the year ended 31 December 2013, the amounts are as follows:

Name of Sub-funds Currency

Total Transaction

Costs

Emerging Local Markets Bond Fund USD -

EURO Corporate Bond Fund EUR -

European High Yield Bond Fund EUR 942

Global Aggregate Bond Fund USD 12

Global Emerging Markets Bond Fund USD -

Global Emerging Markets Corporate Bond Fund USD -

Global Fixed Income Absolute Return Fund USD 1,152

Global High Yield Bond Fund USD 125,456

US Aggregate Bond Fund USD -

Asian ex-Japan Equity Fund USD 3,793,557

Emerging Europe Equity Fund EUR 19,140

European Equity Fund EUR 355,603

European ex-UK Equity Fund EUR 13,184

European Smaller Companies Equity Fund EUR 20,528

European Structured Research Equity Fund EUR 4,073

Global Emerging Markets Equity Fund USD 2,256,329

Global Focused Growth Equity Fund (1) USD 649,840

Global Growth Equity Fund (2) USD 1,156,439

Global Natural Resources Equity Fund USD 361,551

Global Real Estate Securities Fund USD 34,965

Global Value Equity Fund USD 3,262

Japanese Equity Fund EUR 3,018

Latin American Equity Fund USD 63,680

Name of Sub-funds Currency

Total Transaction

Costs

Middle East & Africa Equity Fund USD 236,731

US Blue Chip Equity Fund USD 36,226

US Large Cap Equity Fund USD 1,469

US Large Cap Growth Equity Fund USD 521,536

US Large Cap Value Equity Fund USD 96,074

US Smaller Companies Equity Fund USD 725,341 (1) This fund was formerly named Global Equity Fund.(2) This fund was formerly named Global Large Cap Equity Fund.

There are no brokerage fees charged separately for transactions on fixed income instruments and derivatives (except for futures). The transaction costs are included in the transaction price, which is known as “marked up”. For this reason there is currently no data available to disclose for Emerging Local Markets Bond Fund, EURO Corporate Bond Fund, Global Emerging Markets Bond Fund, Global Emerging Markets Corporate Bond Fund and US Aggregate Bond Fund.

P E R F O R M A N C E D I S C L O S U R EPast performance is not indicative of current or future performance. Investment in the Shares of the funds is subject to risks, including possible loss of principal amount invested. Performance data provided for the funds and their related benchmarks is based on the base currency of denomination of the relevant fund shares (unless otherwise noted) and include changes in principal value and reinvested dividends but does not take into account any commissions and costs incurred on the issue and redemption of fund shares. For performance calculation purposes, securities are valued using prices as of the close of each primary market on 31 December 2013.

Please note that investment management fees and administration agent fees to the Class J Shares, investment management fees to the Class S Shares and investment management fees nor other expenses to Class Z Shares are born by the Investment Manager. Therefore, performance of those Shares is shown gross of such charges. Investors should understand that returns would be reduced by such charges if they were. Class J, S and Z Shares are available for an initial purchase of 10 million, 10 million and 25 million in base currency, respectively, and are only available to institutional investors having a professional services arrangement with the Investment Manager. For availability of other Classes of Shares and their respective fees and expenses, please refer to the Prospectus or contact the funds’ Distributor.


136

R i s k M e a s u r e m e n t a n d G l o b a l E x p o s u r e A p p e n d i x ( u n a u d i t e d )

The global exposure is calculated for all sub-funds regardless of their investment strategies. The methods used to measure the global exposure are the commitment approach or the (absolute or relative) VaR approach according to the CSSF Circular 11/512. The commitment approach is used by all of the equity funds. The funds in the table hereafter use the VaR approach

Var Ratio Data

Funds

Global Exposure

MethodologyLevel of

Leverage %

Level of Leverage %

(Av) Lowest Highest Average Reference Portfolio

Emerging Local Markets Bond Fund Relative VaR 70.2 71.2 1.0 1.1 1.0 JP Morgan GBI-EM Global Diversified Returns Index

EURO Corporate Bond Fund Relative VaR 4.1 4.6 0.9 1.1 1.0 Barclays Capital Euro-Aggregate: Corporate Returns Index

European High Yield Bond Fund Relative VaR 31.9 28.0 1.2 1.7 1.5 BofA Merrill Lynch European Currency High Yield Constrained Index ex. Sub-Financials

Global Aggregate Bond Fund Relative VaR 82.0 72.5 1.0 1.1 1.0 Barclays Capital Global Aggregate Returns Index

Global Emerging Markets Bond Fund Relative VaR 21.6 26.4 0.8 1.0 0.9 JP Morgan Emerging Markets Global Diversified Bond Index

Global Emerging Markets Corporate Bond Fund Relative VaR 3.3 2.2 1.1 1.3 1.2 JP Morgan CEMBI Broad Diversified Index

Global Fixed Income Absolute Return Fund Absolute VaR 102.7 104.0 1% 2% 1% -

Global High Yield Bond Fund Relative VaR 59.5 62.6 0.9 1.1 1.0 JP Morgan Global High Yield Index

US Aggregate Bond Fund Relative VaR 38.2 37.1 0.9 1.0 1.0 Barclays Capital US Aggregate Index


137

F u r t h e r I n f o r m a t i o n

S T A T E M E N T O F C H A N G E S I N P O R T F O L I OA statement giving the changes in the portfolio of investments for the year ended 31 December 2013 can be obtained free of charge from the registered office of the Company. Additional information regarding the portfolio of each fund may be requested from the registered office of the Company.

S O F T C O M M I S S I O NThe Investment Manager and its delegates currently use full service broker-dealers that provide bundled proprietary research and have also entered into commission sharing arrangements on a limited basis for the purchase of independent, third-party vendor research all subject to best execution obligations. Lower commissions may be available from other brokers that do not provide research. In addition, the Investment Manager and its delegates pay directly for other services such as market data services.

G E N E R A L I N F O R M A T I O NThe Company’s articles of incorporation (“Articles of Incorporation”) may be amended from time to time by a meeting of Shareholders, subject to the quorum and majority requirements as provided for by Luxembourg law. Any amendment thereto shall be published in the Mémorial, in a Luxembourg daily newspaper and, if necessary, in the official publications specified for the respective countries in which Company shares are sold. Such amendments become legally binding on all Shareholders, following their approval by the General Meeting of Shareholders.

Any amendments affecting the rights of the holders of shares of any Class vis-à-vis those of any other Class shall be subject further to the said quorum and majority requirements in respect of each relevant Class.

The Company is a single legal entity. However, each fund is regarded as being separate from the others and is liable for all of its own obligations, unless other terms have been specifically agreed with its creditors.

The Annual General Meeting of Shareholders of the Company will be held in Luxembourg at 11:30 a.m. on the last Friday of April in each year (or if such day is not a bank business day in Luxembourg, on the next following bank business day in Luxembourg).

Notices of all Annual General Meetings are sent by mail to all registered Shareholders at their registered address at least eight days prior to each such meeting, and notices of all extraordinary general meetings at least 21 days prior to each such meeting. Such notice will indicate the time and place of such meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Mémorial and in one Luxembourg newspaper.

The annual report, containing the audited combined financial accounts of the Company expressed in US dollars and of each fund expressed in the relevant currency of denomination, in respect to the preceding financial year, will be sent to investors whose names appear in the register of Shareholders at their registered addresses and made available at the Company’s registered office within four months of the end of the Company’s fiscal year.

Unaudited semi-annual reports will also be sent, on demand, to Shareholders whose names appear in the register and will be made available at the Company’s registered office within two months of the end of the period to which they relate.

The Company has regulatory approvals to market itself to both retail and institutional clients in seventeen countries. These are Austria, France,

Estonia, Denmark, Finland, Germany, Italy, Ireland, Latvia, Lithuania, Luxembourg, The Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom. The Company has also been granted limited, institutional-only registrations in Singapore. In addition, a selection of sub-funds has been approved for distribution in Taiwan and Peru (Pension funds only).

Copies of the Company’s latest Prospectus, Key Investor Information Document, Application Form, Articles of Incorporation and the latest annual and (where applicable) semi-annual reports may be obtained free of charge from the offices of the Administrator or the Distributor. Furthermore, the Company’s latest Prospectus, Key Investor Information Document, Application Form, Articles of Incorporation and the latest annual and (where applicable) semi-annual reports may be downloaded from the Distributor’s website at www.troweprice.com, where the daily issue and redemption prices are also published.

Pursuant to Directive 2009/65/EC of the European Council and of the Parliament, Commission Regulation No 583/2010 and associated implementing legislation, the simplified prospectus produced in respect of the SICAV has been replaced with Key Investor Information Documents (“KIID”) prior to 1 July 2012.

KIID is available in the same languages as the prospectus and is available to the investors at www.trpfundsicavkiid.com.

Additional Information for Investors in the Federal Republic of Germany:

J.P. Morgan AG, Junghofstrasse 14, 60311 Frankfurt am Main, has undertaken the function of Paying and Information Agent for the Company in the Federal Republic of Germany (the “German Paying and Information Agent”).

Applications for the redemption and conversion of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying and Information Agent.

The Prospectus, the Key Investor Information Documents, the Articles of Incorporation of the Company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Paying and Information Agent during normal opening hours. The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and Information Agent available.

Issue, redemption, and conversion prices of the shares and any notices to Shareholders, are also available free of charge from the German Paying and Information Agent.

Notices to Shareholders will be communicated by mail.

The subscription, conversion and redemption prices together with the interim profit and total profit value, which are calculated for the holders of the foreign investment shares after 31st December 1993, are published on every day the stock exchange is open on the website “www.fundinfo.com”.

Swiss investors may obtain copies of the Prospectus, Key Investor Information Document, Application Form, Articles of Incorporation and the latest annual and semi-annual reports of the funds, as well as the list of the purchases and sales which the funds have undertaken during the financial year, free of charge from the Office of the Swiss Representative:

First Independent Fund Services Ltd Klausstrasse 33 CH-8008 Zürich Switzerland

Issue and redemption prices of the Shares will appear daily on the website www.fundinfo.com.


138

F u r t h e r I n f o r m a t i o n > > > c o n t i n u e d

Applications for shares of each fund can only be made on the basis of the current Prospectus or the Key Investor Information Documents (“KIID”) of T. Rowe Price Funds SICAV (as applicable) together with the latest audited annual report (and, if published, subsequent semi-annual report). Please read the Prospectus or the KIID (as applicable) carefully prior to investing. It is the responsibility of any persons in possession of these documents and any persons wishing to make applications for shares pursuant to the Prospectus or the KIID (as applicable) to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. In certain jurisdictions, shares may not be available, publicly and/or otherwise, for purchase and the distribution of this document may be restricted.


139

Audit Repor t

To the Shareholders of T. Rowe Price Funds SICAVWe have audited the accompanying financial statements of T. Rowe Price Funds SICAV and of each of its sub-funds, which comprise the statement of net assets and the statement of investments as at 31 December 2013 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of T. Rowe Price Funds SICAV and of each of its sub-funds as of 31 December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other mattersSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Société coopérative Luxembourg, 17 April 2014 Represented by

Valérie Piastrelli

PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

PRISMA 14/1000 TRP AR ENG 1213