t. rowe price funds sicav - fundsquare

Audited AnnuAl RepoRt31 December 2015

R.C.S. B-82218

t. Rowe price Funds SiCAV

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

T. Rowe Price Funds SICAV - Audited Annual Report - December 2015

1t. RoWe pRiCe

tAble oF ContentS

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 Schedule of investments

6 Emerging Local Markets Bond Fund

11 Emerging Markets Bond Fund

17 Emerging Markets Corporate Bond Fund

20 Euro Corporate Bond Fund

25 European High Yield Bond Fund

29 Global Aggregate Bond Fund

41 Global High Income Bond Fund

45 Global High Yield Bond Fund

55 Global Investment Grade Corporate Bond Fund

59 Global Unconstrained Bond Fund

63 US Aggregate Bond Fund

75 Asian ex-Japan Equity Fund

77 Asian Opportunities Equity Fund

79 Continental European Equity Fund

81 Emerging Europe Equity Fund

83 Emerging Markets Equity Fund

86 Emerging Markets Value Equity Fund

88 European Equity Fund

90 European Smaller Companies Equity Fund

92 European Structured Research Equity Fund

96 Frontier Markets Equity Fund

98 Global Focused Growth Equity Fund

100 Global Growth Equity Fund

103 Global Natural Resources Equity Fund

106 Global Real Estate Securities Fund

108 Global Technology Equity Fund

110 Global Value Equity Fund

112 Japanese Equity Fund

114 Latin American Equity Fund

116 Middle East & Africa Equity Fund

118 US Blue Chip Equity Fund

120 US Large Cap Equity Fund

122 US Large Cap Growth Equity Fund

124 US Large Cap Value Equity Fund

126 US Smaller Companies Equity Fund

130 Financial Statements

130 Statement of Net Assets

137 Statement of Operations and Changes in Net Assets

144 Statement of Changes in Number of Shares

165 Statement of NAV per Share and Net Asset Statistics

186 Notes to the Financial Statements

201 Risk Measurement and Global exposure Appendix (unaudited)

202 Further information

203 Audit Report


2 t. RoWe pRiCe

ReGiSteRed oFFiCe

european bank and business Center 6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

boARd oF diReCtoRS

Robert Higginbotham (Chairman)Head of Global Investment ServicesT. Rowe Price International Ltd 60 Queen Victoria StreetLondon, EC4N 4TZ United Kingdom

Christopher d. Alderson(until 30 April 2015)Head of International Equity T. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

peter preisler Head of Investment Services, EMEAT. Rowe Price International Ltd Tuborg Havnevej 19 2900 Hellerup Denmark

timothy d. noel(until 31 December 2015)Head of Portfolio SpecialistsT. Rowe Price Associates, Inc. 100 East Pratt StreetBaltimore, Maryland 21202 United States of America

Christopher J. Rothery(until 31 December 2015)Portfolio ManagerT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

ian Hoddy Head of Product Management – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35 Boulevard Prince Henri L-1724 Luxembourg Grand Duchy of Luxembourg

MAnAGeMent CoMpAnY

t. Rowe price (luxembourg) Management S.à r.l.European Bank & Business Center6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

MAnAGeMent And AdMiniStRAtion

boARd oF MAnAGeRS oF tHe MAnAGeMent CoMpAnY

Robert Higginbotham (Chairman)Head of Global Investment ServicesT. Rowe Price International Ltd 60 Queen Victoria StreetLondon, EC4N 4TZ United Kingdom

david oestreicherChief Legal CounselT. Rowe Price Associates, Inc.100 East Pratt StreetBaltimore, Maryland 21202United States of America

paul WojcikChief Risk OfficerT. Rowe Price Associates, Inc.100 East Pratt StreetBaltimore, Maryland 21202United States of America

peRSonS ConduCtinG tHe buSineSS oF tHe MAnAGeMent CoMpAnY

ian HoddyHead of Product Management – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35 Boulevard Prince Henri L-1724 Luxembourg Grand Duchy of Luxembourg

Jeremy FisherDirector of International ComplianceT. Rowe Price International Ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

Christopher edge Head of Equity RiskT. Rowe Price Associates, Inc. 100 East Pratt StreetBaltimore, Maryland 21202 United States of America

Claude SchortgenSenior Product Manager – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35 Boulevard du Prince HenriL-1724 LuxembourgGrand Duchy of Luxembourg

CuStodiAn

Jp Morgan bank luxembourg S.A. European Bank and Business Center 6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg


3t. RoWe pRiCe

MAnAGeMent And AdMiniStRAtion continued

doMiCiliARY, AdMiniStRAtion, ReGiStRAR, tRAnSFeR And pAYinG AGent Jp Morgan bank luxembourg S.A. European Bank and Business Center 6C route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

CentRAliZinG CoRReSpondent in FRAnCe Société Générale 29, boulevard Haussmann75009 ParisFrance

RepReSentAtiVe And pAYinG AGent in GeRMAnY Jp Morgan AG Junghofstraße 1460311 Frankfurt am MainGermany

RepReSentAtiVe And pAYinG AGent in denMARKnordea bank danmark A/SStrandgade 3DK-0900Copenhagen CDenmark

RepReSentAtiVe in SWitZeRlAnd First independent Fund Services ltd Klausstrasse 338008 ZürichSwitzerland

pAYinG AGent in SWitZeRlAnd Jp Morgan Chase bank, national Association, Columbus(Until 27 May 2015)Zurich Branch Dreikönigstrasse 21 8002 Zürich Switzerland

neue Helvetische bank AG(From 27 May 2015)Seefeldstrasse 2158002 ZürichSwitzerland

pAYinG AGent in AuStRiARaiffeisen Bank International AGAm Stadtpark 9, A-1030 ViennaAustria

pAYinG AGent in belGiuMbnp paribas Securities ServicesBoulevard Louis Schmidt, 21040 BrusselsBelgium

pAYinG AGent in itAlY:Société Générale Securities Services S.p.A Via Benigno Crespi, 19/A MAC2Milan, Italy

pAYinG AGent in SWedenSkandinaviska enskilda banken Ab (publ)KungsträdgårdsgatanSE-106 40 StockholmSweden

FACilitieS AGent in iRelAndJ.p. Morgan bank Administration Services (ireland) limitedJ.P. Morgan HouseInternational Financial Services CentreDublin 1Ireland

tAX RepReSentAtiVe in AuStRiAdeloitte tax Wirtschaftsprüfungs GmbHRenngasse 1 / FreyungA-1013 ViennaAustria

inVeStMent MAnAGeR And diStRibutoRt. Rowe price international ltd 60 Queen Victoria Street London, EC4N 4TZ United Kingdom

inVeStMent Sub-MAnAGeRS t. Rowe price Associates, inc. 100 East Pratt Street Baltimore, Maryland 21202 United States of America

t. Rowe price Hong Kong limited 21/F Jardine House 1 Connaught Place Central, Hong Kong

t. Rowe price Singapore private ltd. (Until 27 May 2015)290 Orchard Road 14-04 Paragon 238859 Singapore

AuditoR pricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorL-2182 Luxembourg Grand Duchy of Luxembourg

leGAl AdViSeR linklaters llp 35 avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg


4 t. RoWe pRiCe

letteR FRoM tHe boARd oF diReCtoRS

2015 Global Financial Markets Review

Global equities were mixed over the 12-month period ending December 31, 2015. While markets exhibited broad-based strength in the first half of the year, the latter portion was characterized by periods of extreme volatility as investors became intermittently concerned about slowing growth in China, plunging commodities prices, and uncertainty about when the U.S. Federal Reserve would raise interest rates.

Major U.S. stock index returns were narrowly mixed in 2015. In the first part of the year, equities benefited from steady economic and employment growth; generally favorable corporate earnings outside of the energy sector, which has been hammered by plummeting oil prices since mid-2014; increased merger activity; and aggressive stimulus measures by central banks in Europe and Asia. During the summer, however, U.S. markets followed along with a broad-based global market correction stemming from China’s decelerating economy and uncertainty regarding its policy responses. Although the Federal Reserve decided not to raise interest rates in September because of “global economic and financial developments,” the Fed finally acted on December 16 in response to the improving U.S. economy, lifting the fed funds target rate range to 0.25% to 0.50%. It had been 0.00% to 0.25% since December 2008.

Stocks in developed non-U.S. markets were also mixed. Japan strongly outpaced other developed Asian markets, helped by the Bank of Japan’s (BoJ) stimulus efforts, lower energy prices, and increased capital spending. However, persistently low inflation, sluggish consumer spending growth, and waning demand from China and other Asian markets were ongoing concerns. In Europe, markets were widely mixed as inflation and economic growth remained stubbornly weak despite the European Central Bank’s (ECB’s) quantitative easing program. Markets were volatile as Greece’s debt crisis flared up around mid-year, resulting in a default to the International Monetary Fund, the imposition of capital controls, and the threat of an exit from the currency union. Ultimately, the Greek government agreed to implement new austerity measures and reforms in exchange for its third bailout since 2010. While various markets pared their losses in the final months of the year, gains were capped by disappointment with the ECB’s relatively mild early-December expansion of its stimulus efforts.

Emerging markets equities fell sharply in U.S. dollar terms over the past year. Most Asian markets declined, though China’s A shares for domestic investors posted positive returns for the year, even though Chinese stocks fell sharply in the second half of 2015. In Latin America, Brazil was one of the worst performing markets. Factors weighing on Brazilian assets included a deep recession, a corruption scandal at a major state-owned oil company, the downgrade of the country’s credit rating to below investment grade by two of the three major ratings agencies, and a growing lack of confidence in President Dilma Rousseff’s administration. In emerging Europe, most markets declined sharply. Currency weakness posed a significant challenge for regional heavyweights Russia and Turkey. However, Russian stocks advanced for the year in dollar terms while Turkish stocks plunged. Russia benefited from easing tensions in Ukraine, but continued U.S. and EU sanctions and plunging oil prices took a heavy toll on the economy. In Turkey, escalating violence, protracted political uncertainty, elevated inflation, and concerns that rising U.S. interest rates would draw capital away from Turkey weighed on the lira and created an unfavorable market environment.

Sector performance in the MSCI All Country World Index was mixed. Health care, consumer staples, and consumer discretionary were the strongest performers. Energy and materials were, by far, the worst performers, posting double-digit losses.

Most investment-grade U.S. fixed income sectors produced modest positive returns. Global growth concerns and uncertainty regarding the timing of the Fed’s first interest rate hike since 2006 led to considerable volatility in U.S. Treasuries. Ultimately, Treasury yields climbed for the year, especially short-term yields, which weighed on government bond returns. The Fed’s December interest rate move was well telegraphed, and investors began selling off shorter-maturity bonds well in advance. Generally, weaker and volatile oil and commodity prices and slowing global growth contributed to waning risk appetite for many parts of 2015 with investors rotating more toward safe-haven assets.

Tax-free municipal bonds outperformed taxable bonds amid strong demand and declining issuance in the latter part of the year. Investment-grade corporate bonds recorded modest losses amid heavy new issuance as companies financed mergers or otherwise took advantage of low interest rates. Securitized assets, such as mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities, posted relatively strong returns. These asset classes remained somewhat insulated from global market turmoil and weakness in oil and commodity industries. High yield bonds declined and significantly lagged investment-grade debt. Below investment-grade bonds performed well in the first half of the year, partly due to their lower sensitivity to interest rate changes amid uncertainty about the timing of the Fed’s rate hike. However, July saw the onset of falling oil prices after a limited recovery earlier in the year. Concerns about growth in China and the resulting prospect of weaker commodity demand from one of the world’s largest consumers deepened pressure on oil prices and weighed on the asset class.

Bonds in developed non-U.S. markets declined over the last year, as a stronger U.S. dollar versus other major developed market currencies, especially the euro, resulted in negative returns in dollar terms. At the beginning of 2015, the ECB decision to expand its monthly asset purchases to include sovereign debt fueled a rally in eurozone government bonds and weakened the euro to an 11-year low. Part of this move retraced during the second quarter before expectations that the ECB will expand its monetary stimulus measures sent yields on core and periphery bonds lower again in the second half of the year. Following months of speculation, the ECB announced in December that it was cutting the deposit rate, extending its asset-buying program to at least March 2017, and broadening the purchases to include regional and local government bonds. In Japan, yields remained very low as the BoJ continued buying government bonds as part of its stimulus efforts to boost inflation and the economy. In December, the BoJ made a minor adjustment to its easing measures, acknowledging that it expects modest economic growth and near-zero inflation to persist in the near future.

U.S. dollar-denominated emerging markets debt advanced modestly but significantly outperformed local-currency bonds, which posted steep losses as nearly all developing market currencies—especially the Russian ruble, the Brazilian real, and the South African rand—weakened versus the dollar. On the positive side, the Ukraine ended the year with strong returns after restructuring its debt. Argentina also performed well as political changes bolstered investor sentiment for the nation. However, Brazil moved closer to losing its investment-grade status during the year. S&P downgraded Brazil’s sovereign credit rating to BB+ and maintained a negative outlook. Fitch lowered Brazil’s sovereign credit rating to BBB-, its lowest investment-grade rating, citing political gridlock as a factor impeding attempts to improve the economy. It similarly assigned a negative outlook. Plunging commodity prices, expectations for short-term U.S. interest rates to begin rising, slowing economic growth in China, and other country-specific factors weighed on local-currency bond performance.


5t. RoWe pRiCe

letteR FRoM tHe boARd oF diReCtoRS continued

During 2015, the Company’s marketing activities generated net redemptions to the Funds of some USD 440 million. This, coupled with negative market movements, resulted in decrease in the Company’s net assets from USD 10.3 billion to USD 9.6 billion for the year.

The Company has regulatory approvals to market itself to both retail and institutional clients in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Iceland (institutional only), Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Portugal, 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.


6 t. RoWe pRiCe

SCHedule oF inVeStMentSAs at 31 December 2015

investments Currency

Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsARGentinAArgentine Republic Bond 7%

17/04/2017USD 81,000 83,087 0.78

83,087 0.78bRAZilBrazil Notas do Tesouro Nacional 10%

01/01/2017BRL 33,500 80,543 0.75

Brazil Notas do Tesouro Nacional 10% 01/01/2018

BRL 85,000 193,699 1.81


BRL 117,900 237,174 2.21


BRL 24,000 45,526 0.42


BRL 158,000 285,566 2.66


BRL 3,100 18,485 0.17

860,993 8.02CHileBonos del Banco Central de Chile

en Pesos 4.5% 01/04/2020CLP 50,000,000 70,887 0.66

70,887 0.66CHinAChina Government Bond, Reg. S 3.1%

29/06/2022CNH 1,500,000 222,449 2.07

222,449 2.07ColoMbiAColombia Government International

Bond 7.75% 14/04/2021COP 78,000,000 24,930 0.23

Colombian TES 3.5% 10/03/2021 COP 532,000 38,432 0.36Colombian TES 7% 04/05/2022 COP 294,400,000 87,688 0.82Colombian TES 10% 24/07/2024 COP 304,400,000 105,737 0.98Colombian TES 7.5% 26/08/2026 COP 416,500,000 120,815 1.13Colombian TES 6% 28/04/2028 COP 247,200,000 60,937 0.57Empresas Publicas de Medellin ESP,

Reg. S 7.625% 10/09/2024COP 80,000,000 21,871 0.20

460,410 4.29HunGARYHungary Government Bond 6.5%

24/06/2019HUF 38,890,000 152,103 1.42

Hungary Government Bond 7% 24/06/2022

HUF 78,430,000 332,489 3.10

Hungary Government Bond 5.5% 24/06/2025

HUF 21,300,000 86,154 0.80

570,746 5.32indoneSiAIndonesia Treasury 7.875%

15/04/2019IDR 1,070,000,000 75,657 0.71

Indonesia Treasury 7% 15/05/2022 IDR 2,787,000,000 183,460 1.71Indonesia Treasury 5.625%

15/05/2023IDR 1,220,000,000 72,935 0.68

Indonesia Treasury 11.75% 15/08/2023

IDR 300,000,000 25,110 0.23

Indonesia Treasury 10% 15/09/2024 IDR 1,178,000,000 90,750 0.85Indonesia Treasury 10% 15/02/2028 IDR 1,648,000,000 127,806 1.19Indonesia Treasury 9.5% 15/07/2031 IDR 1,242,000,000 93,315 0.87Indonesia Treasury 8.25% 15/06/2032 IDR 1,762,000,000 118,014 1.10Indonesia Treasury 9.5% 15/05/2041 IDR 1,069,000,000 79,948 0.74

866,995 8.08

emerging local Markets bond Fund

inVeStMent obJeCtiVe

The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from emerging market issuers, with a focus on bonds that are denominated in the local currency. Specifically, the fund invests at least two-thirds of total assets in debt securities issued by governments, government agencies, supra-national organizations and companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

Schedule of investmentsbond Funds


7t. RoWe pRiCe


emerging local Markets bond Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SoutH AFRiCASouth Africa Government Bond 8%

21/12/2018ZAR 3,000 189 –

South Africa Government Bond 6.75% 31/03/2021

ZAR 239,000 13,742 0.13


ZAR 1,620,000 94,304 0.88


ZAR 735,000 49,666 0.46

South Africa Government Bond 8% 31/01/2030

ZAR 2,173,000 117,622 1.10


ZAR 7,859,000 383,362 3.57


ZAR 1,090,000 59,169 0.55


ZAR 2,053,000 87,070 0.81


ZAR 581,000 31,743 0.30

836,867 7.80SupRAnAtionAlEuropean Investment Bank, 144A

6.95% 06/02/2020IDR 730,000,000 50,146 0.47

European Investment Bank, Reg. S 8% 01/04/2020

TRY 150,000 46,878 0.44

European Investment Bank 8.125% 21/12/2026

ZAR 500,000 28,517 0.26

International Finance Corp. 7.75% 03/12/2016

INR 2,080,000 31,669 0.29

International Finance Corp. 6.45% 30/10/2018

INR 3,500,000 52,451 0.49

209,661 1.95tHAilAndThailand Government Bond 5.5%

13/08/2019THB 600,000 18,766 0.17

Thailand Government Bond 3.65% 17/12/2021

THB 2,324,000 69,529 0.65


THB 930,000 27,946 0.26


THB 1,872,000 61,318 0.57


THB 1,361,000 42,241 0.39


THB 2,533,000 76,121 0.71


THB 1,837,000 55,678 0.52

Thailand Government Bond, Reg. S 1.25% 12/03/2028

THB 2,774,000 69,312 0.65

420,911 3.92tuRKeYTurkey Government Bond 10.5%

15/01/2020TRY 172,000 59,052 0.55

Turkey Government Bond 8.5% 14/09/2022

TRY 647,000 200,590 1.87


TRY 468,000 132,884 1.24


TRY 778,000 264,214 2.46

Turkey Government Bond 8% 12/03/2025

TRY 241,000 70,902 0.66

727,642 6.78VietnAMVietnam Government Bond 6.5%

15/02/2016VND 730,500,000 32,567 0.31

Vietnam Government Bond 6.1% 28/02/2016

VND 608,700,000 27,137 0.25


Quantity/nominal

Value

Market Value uSd

% of net Assets

MeXiCoMexican Bonos 5% 11/12/2019 MXN 1,610,000 92,171 0.86Mexican Bonos 8% 11/06/2020 MXN 2,783,000 177,257 1.65Mexican Bonos 6.5% 09/06/2022 MXN 4,324,000 257,618 2.40Mexican Bonos 10% 05/12/2024 MXN 2,958,000 216,685 2.02Mexican Bonos 7.5% 03/06/2027 MXN 2,465,000 154,681 1.44Mexican Bonos 10% 20/11/2036 MXN 533,000 41,279 0.39Mexican Bonos 8.5% 18/11/2038 MXN 2,078,000 141,458 1.32Mexican Udibonos 2.5% 10/12/2020 MXN 340,000 102,918 0.96Mexico Government International Bond

3.625% 15/03/2022USD 64,000 64,354 0.60

Petroleos Mexicanos, 144A 7.19% 12/09/2024

MXN 900,000 50,484 0.47

1,298,905 12.11MonteneGRoMontenegro Government International

Bond, Reg. S, FRN 5.837% 09/12/2016

EUR 45,000 49,708 0.46

49,708 0.46peRuPeruvian Government International

Bond, Reg. S 6.95% 12/08/2031PEN 100,000 27,697 0.26

27,697 0.26pHilippineSPhilippine Government International

Bond 4.95% 15/01/2021PHP 11,000,000 238,855 2.23

238,855 2.23polAndPoland Government Bond 2.5%

25/07/2018PLN 589,000 152,702 1.42

Poland Government Bond 1.5% 25/04/2020

PLN 330,000 81,479 0.76


PLN 596,000 180,435 1.68

Poland Government Bond 4% 25/10/2023

PLN 835,000 230,547 2.15


PLN 104,000 33,133 0.31

678,296 6.32RoMAniARomania Government Bond 4.75%

24/06/2019RON 200,000 52,540 0.49

Romania Government Bond 5.95% 11/06/2021

RON 840,000 234,043 2.18

Romania Government Bond 5.85% 26/04/2023

RON 710,000 196,930 1.84

483,513 4.51RuSSiARussian Federal Bond - OFZ 7.6%

20/07/2022RUB 18,213,000 223,242 2.08

Russian Federal Bond - OFZ 8.15% 03/02/2027

RUB 13,539,000 167,893 1.57

Russian Federal Bond - OFZ 7.05% 19/01/2028

RUB 6,300,000 71,222 0.66

Russian Foreign Bond, Reg. S 7.85% 10/03/2018

RUB 5,000,000 64,855 0.60

527,212 4.91SeRbiASerbia Treasury 10% 08/11/2017 RSD 3,000,000 29,361 0.27Serbia Treasury 10% 24/01/2018 RSD 1,070,000 10,530 0.10Serbia Treasury 10% 02/03/2018 RSD 2,100,000 20,744 0.19Serbia Treasury 10% 21/08/2019 RSD 2,040,000 21,096 0.20Serbia Treasury 10% 05/02/2022 RSD 7,930,000 79,581 0.74

161,312 1.50


8 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

units of authorised uCitS or other collective investment undertakingsCollective investment Schemes - uCitSluXeMbouRGT. Rowe Price Funds SICAV - Emerging

Markets Bond Fund - Class Sd†USD 31,504 292,358 2.72

292,358 2.72total Collective investment Schemes - uCitS 292,358 2.72total units of authorised uCitS or other

collective investment undertakings292,358 2.72

total investments 10,178,957 94.86

Forward Currency exchange Contracts

Currency purchased

Amount purchased

Currency Sold

Amount Sold

Maturity date Counterparty

unrealised Gain/(loss)

uSd% of net

Assets

AUD 77,000 USD 55,433 22/02/2016 Standard Chartered

790 0.01

BRL 156,000 USD 38,358 02/03/2016 J.P. Morgan 293 –COP 75,344,000 USD 23,183 22/01/2016 Credit Suisse 504 0.01EUR 12,016 USD 13,006 22/02/2016 J.P. Morgan 87 –HUF 14,176,045 USD 48,290 22/02/2016 HSBC 506 0.01HUF 7,850,000 USD 26,731 22/02/2016 BNP Paribas 290 –IDR 403,005,000 USD 28,321 22/02/2016 J.P. Morgan 413 –INR 6,012,000 USD 90,136 08/01/2016 Standard

Chartered665 0.01

INR 12,076,000 USD 178,665 22/02/2016 Standard Chartered

2,554 0.02

INR 4,235,000 USD 63,064 22/02/2016 J.P. Morgan 489 –INR 7,909,000 USD 117,075 03/03/2016 J.P. Morgan 1,445 0.01INR 3,838,000 USD 56,868 03/03/2016 Standard

Chartered647 0.01

INR 6,177,000 USD 91,742 06/04/2016 J.P. Morgan 283 –JPY 6,483,000 USD 52,986 22/02/2016 Citibank 953 0.01JPY 7,121,000 USD 58,100 22/02/2016 Bank of

America1,146 0.01

KRW 3,860,000 USD 3,265 22/02/2016 Standard Chartered

11 –

MYR 131,000 USD 29,719 13/01/2016 Standard Chartered

641 0.01

MYR 341,000 USD 77,386 13/01/2016 HSBC 1,644 0.02MYR 505,000 USD 115,376 22/02/2016 Deutsche Bank 1,617 0.02PHP 5,098,000 USD 107,735 22/02/2016 J.P. Morgan 368 –PLN 2,464,567 USD 617,139 22/02/2016 Bank of

America9,539 0.09

PLN 174,231 USD 43,715 22/02/2016 J.P. Morgan 588 –RON 57,000 USD 13,673 22/01/2016 J.P. Morgan 46 –THB 4,680,000 USD 127,581 15/01/2016 J.P. Morgan 2,196 0.02TRY 522,102 USD 176,780 22/02/2016 Credit Suisse 181 –TRY 55,000 USD 18,547 22/02/2016 J.P. Morgan 95 –USD 39,360 BRL 150,000 02/03/2016 Morgan Stanley 2,196 0.02USD 51,213 BRL 203,000 02/03/2016 Citibank 919 0.01USD 81,047 CAD 108,000 22/02/2016 RBC 3,124 0.03USD 53,272 CAD 73,000 22/02/2016 J.P. Morgan 602 0.01USD 13,447 CNH 86,000 22/01/2016 J.P. Morgan 391 –USD 110,922 CNH 717,000 22/02/2016 Standard

Chartered2,584 0.02


Quantity/nominal

Value

Market Value uSd

% of net Assets

Vietnam Government Bond 7.8% 31/03/2016

VND 500,000,000 22,402 0.21

82,106 0.77total bonds 8,878,252 82.74total transferable securities

and money market instruments admitted to an official exchange listing

8,878,252 82.74

transferable securities and money market instruments dealt in on another regulated marketbondsbRAZilPetrobras Global Finance BV 3.25%

17/03/2017USD 59,000 54,847 0.51

54,847 0.51MAlAYSiAMalaysia Government Bond 4.378%

29/11/2019MYR 261,000 62,870 0.59

Malaysia Government Bond 3.659% 15/10/2020

MYR 350,000 82,252 0.77


MYR 975,000 230,459 2.15


MYR 865,000 193,899 1.81


MYR 132,000 30,464 0.28


MYR 127,000 28,133 0.26


MYR 188,000 41,230 0.38


MYR 176,000 41,801 0.39

711,108 6.63peRuPeruvian Government International

Bond, Reg. S 5.7% 12/08/2024PEN 50,000 13,496 0.12

Peruvian Government International Bond, Reg. S 6.9% 12/08/2037

PEN 354,000 95,295 0.89

108,791 1.01SeRbiASerbia Treasury 10% 17/10/2016 RSD 890,000 8,359 0.08

8,359 0.08SRi lAnKASri Lanka Government Bonds 8.5%

01/06/2018LKR 7,660,000 52,682 0.49

52,682 0.49united KinGdoMStandard Chartered Bank, 144A 9%

19/03/2029IDR 1,000,000,000 72,560 0.68


and money market instruments dealt in on another regulated market

1,008,347 9.40


9t. RoWe pRiCe



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

RON 273,798 USD 67,927 22/01/2016 J.P. Morgan (2,026) (0.02)RON 322,000 USD 77,715 22/01/2016 HSBC (212) –RUB 20,939,711 USD 308,848 19/02/2016 J.P. Morgan (29,829) (0.28)RUB 5,935,000 USD 84,847 19/02/2016 Credit Suisse (5,764) (0.06)RUB 1,176,000 USD 17,385 19/02/2016 Societe

Generale(1,715) (0.02)

THB 1,780,000 USD 49,600 15/01/2016 J.P. Morgan (241) –THB 1,952,000 USD 54,545 15/01/2016 RBS (415) –THB 2,707,000 USD 75,540 15/01/2016 Standard

Chartered(475) –

TRY 12,880 USD 4,366 22/02/2016 RBS (1) –USD 54,681 AUD 77,000 22/02/2016 Standard

Chartered(1,542) (0.01)

USD 59,611 CAD 83,000 22/02/2016 J.P. Morgan (274) –USD 174,604 EUR 161,637 22/02/2016 RBC (1,520) (0.01)USD 56,255 EUR 53,000 22/02/2016 Standard

Chartered(1,495) (0.01)

USD 64,352 HUF 18,713,566 22/02/2016 Societe Generale

(63) –

USD 189,244 HUF 55,155,676 22/02/2016 Morgan Stanley (612) (0.01)USD 52,151 IDR 724,273,000 22/01/2016 J.P. Morgan (39) –USD 42,920 IDR 605,648,000 22/01/2016 Standard

Chartered(721) (0.01)

USD 18,351 IDR 258,030,000 22/02/2016 J.P. Morgan (47) –USD 13,063 IDR 185,635,000 22/02/2016 Standard

Chartered(173) –

USD 90,474 INR 6,012,000 08/01/2016 J.P. Morgan (328) –USD 89,333 INR 6,038,000 22/02/2016 Standard

Chartered(1,277) (0.01)

USD 17,344 INR 1,161,000 22/02/2016 J.P. Morgan (79) –USD 141,505 MXN 2,466,545 22/02/2016 J.P. Morgan (500) (0.01)USD 135,678 PHP 6,423,000 22/02/2016 Deutsche Bank (521) (0.01)USD 19,877 PLN 79,000 22/02/2016 J.P. Morgan (210) –USD 48,499 TRY 144,000 22/02/2016 J.P. Morgan (308) –USD 97,022 TRY 292,000 22/02/2016 Citibank (1,948) (0.02)USD 54,101 TWD 1,787,000 22/02/2016 HSBC (40) –ZAR 37,735 USD 2,581 22/02/2016 Morgan Stanley (170) –ZAR 1,201,689 USD 80,257 22/02/2016 J.P. Morgan (3,481) (0.03)ZAR 846,000 USD 57,751 22/02/2016 BNP Paribas (3,700) (0.04)total unrealised loss on

Forward Currency exchange Contracts(97,545) (0.91)

net unrealised Gain on Forward Currency exchange Contracts

19,459 0.18

Financial Futures Contracts

Security descriptionnumber of Contracts Currency

Global exposure

uSd


uSd% of net

Assets

Euro-Bund, 08/03/2016 (1) EUR (171,865) 2,634 0.02Korea 10 Year Bond,

15/03/2016 1 KRW 107,356 1,310 0.01

Korea 3 Year Bond, 15/03/2016

1 KRW 93,263 187 –

US 10 Year Note, 21/03/2016 (4) USD (503,750) 969 0.01US 5 Year Note, 31/03/2016 (4) USD (473,344) 875 0.01total unrealised Gain on

Financial Futures Contracts 5,975 0.05

Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 141,213 CNH 948,000 15/08/2016 J.P. Morgan 339 –USD 111,145 CNH 729,000 15/08/2016 Citibank 2,815 0.03USD 50,826 CNH 334,000 15/08/2016 HSBC 1,193 0.01USD 55,899 COP 164,789,000 22/01/2016 Credit Suisse 4,093 0.04USD 53,325 COP 163,340,000 22/01/2016 J.P. Morgan 1,975 0.02USD 110,780 GBP 73,000 22/02/2016 J.P. Morgan 2,741 0.03USD 28,587 GBP 19,000 22/02/2016 Credit Suisse 467 –USD 29,771 HUF 8,618,450 22/02/2016 J.P. Morgan 105 –USD 77,505 ILS 302,366 22/02/2016 Credit Suisse 9 –USD 391,517 KRW 455,714,000 22/02/2016 Standard

Chartered4,704 0.04

USD 51,413 LKR 7,660,000 06/12/2016 HSBC 471 –USD 120,253 MXN 2,066,887 22/02/2016 J.P. Morgan 1,257 0.01USD 88,416 MYR 374,000 13/01/2016 Barclays 1,738 0.02USD 23,311 MYR 98,000 13/01/2016 HSBC 599 0.01USD 58,181 MYR 245,000 22/02/2016 HSBC 1,422 0.01USD 44,263 PEN 146,000 22/01/2016 RBS 1,574 0.02USD 89,233 PEN 300,000 22/02/2016 Credit Suisse 1,985 0.02USD 60,985 PLN 239,000 22/02/2016 J.P. Morgan 213 –USD 49,517 PLN 193,000 22/02/2016 HSBC 442 –USD 394,026 RON 1,554,000 22/01/2016 Citibank 19,989 0.19USD 122,780 RON 480,000 22/01/2016 Deutsche Bank 7,246 0.06USD 9,420 RON 39,000 22/01/2016 J.P. Morgan 33 –USD 98,253 RON 406,656 22/01/2016 Societe

Generale374 –

USD 57,848 RUB 3,834,159 19/02/2016 Bank of America

6,758 0.06

USD 57,622 RUB 4,060,325 19/02/2016 J.P. Morgan 3,518 0.04USD 72,135 THB 2,596,000 15/01/2016 J.P. Morgan 148 –USD 275,008 TWD 8,990,000 22/02/2016 HSBC 2,637 0.03USD 38,701 ZAR 552,424 22/02/2016 Bank of

America3,407 0.03

USD 106,811 ZAR 1,590,484 22/02/2016 J.P. Morgan 5,195 0.05USD 55,399 ZAR 841,000 22/02/2016 Barclays 1,668 0.02ZAR 212,000 USD 13,463 22/02/2016 J.P. Morgan 82 –total unrealised Gain on

Forward Currency exchange Contracts117,004 1.09

BRL 227,000 USD 58,885 02/03/2016 Morgan Stanley (2,644) (0.03)BRL 181,000 USD 46,595 02/03/2016 Deutsche Bank (1,751) (0.02)BRL 47,000 USD 11,779 02/03/2016 State Street (135) –CLP 17,077,000 USD 24,914 22/01/2016 HSBC (889) (0.01)CLP 53,651,000 USD 76,009 22/02/2016 Credit Suisse (789) (0.01)CNH 86,000 USD 13,404 22/01/2016 Citibank (348) –CNH 717,000 USD 110,071 22/02/2016 HSBC (1,732) (0.02)CNH 633,000 USD 97,326 15/08/2016 Standard

Chartered(3,261) (0.03)

CNH 582,000 USD 88,175 15/08/2016 J.P. Morgan (1,689) (0.02)COP 429,249,000 USD 145,157 22/01/2016 Credit Suisse (10,210) (0.09)EUR 62,837 USD 68,735 22/02/2016 J.P. Morgan (266) –HUF 42,930,732 USD 149,305 22/02/2016 J.P. Morgan (1,530) (0.01)IDR 1,329,921,000 USD 96,127 22/01/2016 HSBC (296) –IDR 1,400,000,000 USD 99,964 22/02/2016 Deutsche Bank (144) –ILS 302,366 USD 78,066 22/02/2016 Bank of

America(570) (0.01)

MXN 2,452,345 USD 145,318 22/02/2016 RBS (4,130) (0.04)MXN 2,179,572 USD 128,578 22/02/2016 HSBC (3,095) (0.03)MXN 928,000 USD 53,944 22/02/2016 J.P. Morgan (516) (0.01)MYR 229,000 USD 53,182 22/02/2016 Credit Suisse (130) –PEN 51,000 USD 14,982 22/01/2016 BNP Paribas (71) –RON 240,000 USD 61,390 22/01/2016 Deutsche Bank (3,623) (0.03)


10 t. RoWe pRiCe



nominal Amount Currency Counterparty

Security description

Maturity date

Market Value uSd


uSd% of net

Assets

226,000 MYR Citibank Pay floating KLIBOR 3 month Receive fixed 3.930%

29/11/2018 (180) (180) –

230,000 MYR Deutsche Bank

Pay floating KLIBOR 3 month Receive fixed 4.060%

11/07/2019 (93) (93) –

total unrealised loss on interest Rate Swap Contracts

(1,065) (1,065) (0.01)

net unrealised loss on interest Rate Swap Contracts

(580) (580) (0.01)

Cash 318,002 2.96other Assets/(liabilities) 233,628 2.18total net Assets 10,730,587 100.00

Geographic Allocation of portfolio% of net Assets

Mexico 12.11Brazil 8.53Indonesia 8.08South Africa 7.80Turkey 6.78Malaysia 6.63Poland 6.32Hungary 5.32Russia 4.91Romania 4.51Colombia 4.29Thailand 3.92Luxembourg 2.72Philippines 2.23China 2.07Supranational 1.95Serbia 1.58Peru 1.27Argentina 0.78Vietnam 0.77United Kingdom 0.68Chile 0.66Sri Lanka 0.49Montenegro 0.46total investments 94.86Cash and Other Assets/(Liabilities) 5.14total 100.00

† Managed by an affiliate of the Investment Manager.

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


Global exposure

uSd


uSd% of net

Assets

Euro-Bobl, 08/03/2016 (1) EUR (142,208) (337) –Japan 10 Year Bond Mini,

11/03/2016 (1) JPY (123,917) (441) –

total unrealised loss on Financial Futures Contracts

(778) –

net unrealised Gain on Financial Futures Contracts

5,197 0.05

purchased option Contracts

QuantitySecurity description Currency Counterparty

Global exposure

uSd

Market Value uSd

% of net Assets

105,000 Foreign Exchange USD/IDR, Call, 14,900.000, 17/03/2016

USD J.P. Morgan 105,000 988 0.01

105,000 Foreign Exchange USD/MXN, Call, 17.900, 17/03/2016

USD J.P. Morgan 105,000 1,271 0.01

105,000 Foreign Exchange USD/PLN, Call, 4.200, 17/03/2016

USD J.P. Morgan 105,000 332 –

total option purchased Contracts 2,591 0.02

interest Rate Swap Contracts



Maturity date

Market Value uSd


uSd% of net

Assets

2,500,000 THB Citibank Pay floating THBFIX 6 month Receive fixed 2.130%

24/06/2020 288 288 –

300,000 MYR Citibank Pay floating KLIBOR 3 month Receive fixed 4.320%

09/12/2020 115 115 –

2,600,000 HKD J.P. Morgan Pay fixed 1.520% Receive floating HIBOR 3 month

07/12/2020 82 82 –

total unrealised Gain on interest Rate Swap Contracts

485 485 –

330,000 USD J.P. Morgan Pay floating LIBOR 3 month Receive fixed 1.670%

08/12/2020 (792) (792) (0.01)


11t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAlbAniAAlbania Government International

Bond, Reg. S 5.75% 12/11/2020EUR 1,215,000 1,355,580 0.81

1,355,580 0.81AnGolAAngolan Government International

Bond, Reg. S 9.5% 12/11/2025USD 200,000 186,365 0.11

186,365 0.11ARGentinAArgentine Republic Bond 7%

17/04/2017USD 5,365,000 5,503,256 3.30

Argentine Republic Bond 8.75% 07/05/2024

USD 1,749,552 1,878,966 1.13

Argentine Republic Government International Bond 8.75% 02/06/2017

USD 2,920,000 3,338,670 2.00


EUR 282,101 326,755 0.20


USD 2,096,047 2,412,864 1.45

Argentine Republic Government International Bond 0% 15/12/2035

USD 4,970,000 512,034 0.31


EUR 940,000 588,953 0.35


USD 675,000 423,259 0.25

YPF SA, Reg. S 8.5% 28/07/2025 USD 240,000 229,106 0.1415,213,863 9.13

beRMudABermuda Government International

Bond, Reg. S 4.854% 06/02/2024USD 300,000 310,011 0.19

310,011 0.19bRAZilBanco do Brasil SA, Reg. S, FRN

6.25% 29/10/2049USD 200,000 96,770 0.06


BRL 400,000 722,952 0.43

Brazilian Government International Bond 4.25% 07/01/2025

USD 900,000 729,653 0.44


USD 195,000 189,004 0.11


USD 160,000 116,352 0.07

Brazilian Government International Bond 5% 27/01/2045

USD 2,270,000 1,516,133 0.91

Minerva Luxembourg SA, Reg. S 7.75% 31/01/2023

USD 220,000 208,728 0.13

Petrobras Global Finance BV 2.75% 15/01/2018

EUR 100,000 89,207 0.05

Petrobras Global Finance BV, FRN 2.46% 15/01/2019

USD 400,000 303,726 0.18

Petrobras Global Finance BV 3% 15/01/2019

USD 1,810,000 1,391,076 0.83


USD 1,325,000 1,178,190 0.71


USD 30,000 22,604 0.01


USD 305,000 228,605 0.14


USD 310,000 201,298 0.12

emerging Markets bond Fund (1)


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from emerging market issuers. Specifically, the fund invests at least two-thirds of total assets in debt securities issued by governments, government agencies, supra-national organizations and companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

(1) This Fund was formerly named Global Emerging Markets Bond Fund.


12 t. RoWe pRiCe


emerging Markets bond Fund (1) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

eCuAdoREcuador Government International

Bond, Reg. S 10.5% 24/03/2020USD 400,000 325,308 0.20

325,308 0.20el SAlVAdoREl Salvador Government International

Bond, Reg. S 5.875% 30/01/2025USD 55,000 46,406 0.03

El Salvador Government International Bond, Reg. S 6.375% 18/01/2027

USD 2,060,000 1,751,402 1.05

1,797,808 1.08GAbonGabon Government International Bond,

Reg. S 6.375% 12/12/2024USD 1,125,000 895,331 0.54

Gabon Government International Bond, Reg. S 6.95% 16/06/2025

USD 300,000 239,829 0.14

1,135,160 0.68GReeCeHellenic Republic Government Bond,

Reg. S, 144A 3.375% 17/07/2017EUR 1,035,000 1,066,089 0.64

Hellenic Republic Government Bond, Reg. S, 144A 4.75% 17/04/2019

EUR 505,000 506,951 0.30

OTE plc, Reg. S 7.875% 07/02/2018 EUR 200,000 233,787 0.141,806,827 1.08

HonG KonGPCCW Capital No. 4 Ltd., Reg. S

5.75% 17/04/2022USD 300,000 326,901 0.20

SmarTone Finance Ltd., Reg. S 3.875% 08/04/2023

USD 400,000 382,354 0.23

709,255 0.43HunGARYHungary Government International

Bond 5.375% 25/03/2024USD 1,050,000 1,152,548 0.69

1,152,548 0.69indiABharti Airtel International Netherlands

BV, Reg. S 5.125% 11/03/2023USD 320,000 332,549 0.20

Export-Import Bank of India, Reg. S 4% 14/01/2023

USD 380,000 385,430 0.23

GCX Ltd., Reg. S 7% 01/08/2019 USD 450,000 422,870 0.26ICICI Bank Ltd., Reg. S, FRN 6.375%

30/04/2022USD 200,000 203,988 0.12

Vedanta Resources plc, Reg. S 6% 31/01/2019

USD 500,000 318,968 0.19

1,663,805 1.00indoneSiAIndonesia Government International

Bond, Reg. S 4.875% 05/05/2021USD 1,000,000 1,038,660 0.62

Indonesia Government International Bond, Reg. S 3.375% 15/04/2023

USD 250,000 232,873 0.14


USD 450,000 409,147 0.25


USD 400,000 344,900 0.21

Majapahit Holding BV, Reg. S 7.875% 29/06/2037

USD 400,000 433,998 0.26

Pertamina Persero PT, Reg. S 5.625% 20/05/2043

USD 4,750,000 3,741,304 2.24

Perusahaan Gas Negara Persero Tbk. PT, 144A 5.125% 16/05/2024

USD 450,000 432,672 0.26

Perusahaan Gas Negara Persero Tbk. PT, Reg. S 5.125% 16/05/2024

USD 200,000 192,299 0.12


Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 1,690,000 1,032,007 0.62


USD 612,000 398,562 0.24

Votorantim Cimentos SA, Reg. S 7.25% 05/04/2041

USD 500,000 382,462 0.23

8,807,329 5.28CHinAAgile Property Holdings Ltd., Reg. S

9.875% 20/03/2017USD 200,000 209,922 0.13

Agile Property Holdings Ltd., Reg. S 8.875% 28/04/2017

USD 250,000 253,728 0.15

CIFI Holdings Group Co. Ltd., Reg. S 8.875% 27/01/2019

USD 410,000 435,812 0.26

KWG Property Holding Ltd., Reg. S 13.25% 22/03/2017

USD 400,000 437,642 0.26

Longfor Properties Co. Ltd., Reg. S 6.75% 29/01/2023

USD 520,000 537,646 0.32

Shimao Property Holdings Ltd., Reg. S 6.625% 14/01/2020

USD 650,000 678,717 0.41

West China Cement Ltd., Reg. S 6.5% 11/09/2019

USD 600,000 633,545 0.38

3,187,012 1.91ColoMbiAColombia Government International

Bond 4.375% 12/07/2021USD 800,000 805,220 0.48

Colombia Government International Bond 6.125% 18/01/2041

USD 2,050,000 1,991,216 1.20

Colombia Government International Bond 5.625% 26/02/2044

USD 200,000 182,280 0.11

Colombia Government International Bond 5% 15/06/2045

USD 2,050,000 1,723,784 1.03

Colombian TES 7% 04/05/2022 COP 2,294,000,000 683,275 0.41Colombian TES 10% 24/07/2024 COP 780,000,000 270,943 0.16Ecopetrol SA 7.375% 18/09/2043 USD 365,000 307,518 0.18Pacific Exploration and Production

Corp., Reg. S 5.375% 26/01/2019USD 570,000 109,725 0.07

6,073,961 3.64CoStA RiCAInstituto Costarricense de Electricidad,

Reg. S 6.375% 15/05/2043USD 450,000 340,474 0.20

340,474 0.20CRoAtiACroatia Government International

Bond, Reg. S 6.75% 05/11/2019USD 1,300,000 1,395,225 0.84

Croatia Government International Bond, Reg. S 6.625% 14/07/2020

USD 1,330,000 1,427,004 0.86

Croatia Government International Bond, Reg. S 6.375% 24/03/2021

USD 350,000 372,353 0.22

Croatia Government International Bond, Reg. S 6% 26/01/2024

USD 675,000 703,876 0.42

3,898,458 2.34doMiniCAn RepubliCDominican Republic International

Bond, 144A 6.6% 28/01/2024USD 100,000 103,542 0.06

Dominican Republic International Bond, Reg. S 7.5% 06/05/2021

USD 700,000 753,882 0.45


USD 1,050,000 1,014,379 0.61


USD 1,570,000 1,582,332 0.95


USD 100,000 94,940 0.06

3,549,075 2.13


13t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Mexico Government International Bond 5.75% 12/10/2110

USD 1,200,000 1,127,514 0.68

Petroleos Mexicanos, Reg. S 5.625% 23/01/2046

USD 10,000 7,675 –

PLA Administradora Industrial S de RL de CV, REIT, Reg. S 5.25% 10/11/2022

USD 500,000 484,398 0.29

12,544,245 7.52MoRoCCoMorocco Government International

Bond, Reg. S 4.25% 11/12/2022USD 1,500,000 1,489,455 0.89

1,489,455 0.89oMAnLamar Funding Ltd., Reg. S 3.958%

07/05/2025USD 300,000 268,650 0.16

268,650 0.16pAKiStAnPakistan Government International

Bond, Reg. S 6.75% 03/12/2019USD 2,550,000 2,592,967 1.56

Pakistan Government International Bond, Reg. S 8.25% 30/09/2025

USD 250,000 255,290 0.15

2,848,257 1.71pAnAMAAutoridad del Canal de Panama, Reg.

S 4.95% 29/07/2035USD 200,000 205,968 0.12

205,968 0.12pHilippineSAlliance Global Group Cayman Islands,

Inc., Reg. S 6.5% 18/08/2017USD 370,000 387,504 0.23

ICTSI Treasury BV, Reg. S 5.875% 17/09/2025

USD 250,000 268,170 0.16

Power Sector Assets & Liabilities Management Corp., Reg. S 7.39% 02/12/2024

USD 1,380,000 1,785,665 1.07

SM Investments Corp., Reg. S 4.25% 17/10/2019

USD 450,000 455,094 0.28

2,896,433 1.74RuSSiAALROSA Finance SA, Reg. S 7.75%

03/11/2020USD 250,000 264,166 0.16

Gazprom OAO, Reg. S 8.146% 11/04/2018

USD 1,170,000 1,264,197 0.76

Lukoil International Finance BV, Reg. S 4.563% 24/04/2023

USD 475,000 428,374 0.26

MMC Norilsk Nickel OJSC, Reg. S 6.625% 14/10/2022

USD 200,000 204,476 0.12


USD 2,600,000 2,622,945 1.57


USD 800,000 814,320 0.49


USD 200,000 190,154 0.12

Sberbank of Russia, Reg. S 6.125% 07/02/2022

USD 800,000 806,348 0.48

VimpelCom Holdings BV, Reg. S 7.504% 01/03/2022

USD 270,000 271,419 0.16

Vnesheconombank, Reg. S 6.902% 09/07/2020

USD 1,500,000 1,525,342 0.92

Vnesheconombank, Reg. S 6.8% 22/11/2025

USD 500,000 487,173 0.29

8,878,914 5.33


Quantity/nominal

Value

Market Value uSd

% of net Assets

Perusahaan Listrik Negara PT, Reg. S 5.25% 24/10/2042

USD 450,000 358,724 0.22

Perusahaan Penerbit SBSN Indonesia III, Reg. S 4.35% 10/09/2024

USD 700,000 670,236 0.40

TBG Global Pte. Ltd., Reg. S 5.25% 10/02/2022

USD 400,000 372,709 0.22

8,227,522 4.94iSRAelIsrael Electric Corp. Ltd., Reg. S

6.875% 21/06/2023USD 450,000 515,185 0.31

Israel Electric Corp. Ltd., Reg. S 7.75% 15/12/2027

USD 370,000 438,352 0.26

953,537 0.57iVoRY CoAStIvory Coast Government International

Bond, Reg. S 5.375% 23/07/2024USD 1,330,000 1,184,884 0.71

Ivory Coast Government International Bond, Reg. S, STEP 5.75% 31/12/2032

USD 2,400,000 2,141,268 1.29

3,326,152 2.00JAMAiCAJamaica Government International

Bond 7.625% 09/07/2025USD 3,270,000 3,484,986 2.09

Jamaica Government International Bond 6.75% 28/04/2028

USD 400,000 397,312 0.24

Jamaica Government International Bond 8% 15/03/2039

USD 100,000 103,671 0.06


USD 430,000 418,397 0.25

4,404,366 2.64KAZAKHStAnHalyk Savings Bank of Kazakhstan

JSC, Reg. S 7.25% 28/01/2021USD 450,000 463,286 0.28

KazMunayGas National Co. JSC, Reg. S 9.125% 02/07/2018

USD 2,700,000 2,979,342 1.79

KazMunayGas National Co. JSC, Reg. S 7% 05/05/2020

USD 1,400,000 1,486,807 0.89

KazMunayGas National Co. JSC, Reg. S 5.75% 30/04/2043

USD 2,820,000 2,427,343 1.45

7,356,778 4.41KenYAKenya Government International Bond,

Reg. S 6.875% 24/06/2024USD 750,000 659,539 0.40

659,539 0.40MeXiCoCemex Finance LLC, Reg. S 9.375%

12/10/2022USD 820,000 869,499 0.52

Controladora Mabe SA de CV, Reg. S 7.875% 28/10/2019

USD 450,000 490,547 0.29

Grupo Cementos de Chihuahua SAB de CV, Reg. S 8.125% 08/02/2020

USD 300,000 312,323 0.19

Grupo Televisa SAB 6.125% 31/01/2046

USD 230,000 229,676 0.14

Mexican Bonos 5% 11/12/2019 MXN 30,271,000 1,732,990 1.04Mexican Bonos 6.5% 09/06/2022 MXN 36,472,000 2,172,949 1.30Mexican Bonos 8% 07/12/2023 MXN 7,000,000 453,478 0.27Mexican Bonos 10% 05/12/2024 MXN 18,900,000 1,384,500 0.83Mexican Bonos 7.75% 13/11/2042 MXN 39,454,000 2,498,176 1.50Mexico Government International Bond

3.6% 30/01/2025USD 800,000 780,520 0.47


14 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

uKRAineMHP SA, Reg. S 8.25% 02/04/2020 USD 400,000 349,274 0.21Mriya Agro Holding plc, Reg. S 9.45%

19/04/2018§USD 200,000 29,000 0.02

Ukraine Government International Bond, 144A 7.75% 01/09/2019

USD 136,000 126,938 0.08


USD 1,298,000 1,201,740 0.72


USD 1,139,000 1,041,000 0.62


USD 1,139,000 1,036,815 0.62


USD 1,139,000 1,021,170 0.61


USD 1,139,000 1,012,998 0.61


USD 1,030,000 908,990 0.54


USD 1,030,000 901,956 0.54


USD 813,000 709,733 0.43

Ukraine Government International Bond, FRN, 144A 0% 31/05/2040

USD 2,171,000 877,529 0.53

9,217,143 5.53united ARAb eMiRAteSDP World Ltd., Reg. S 6.85%

02/07/2037USD 850,000 841,632 0.51

Emirate of Dubai Government International Bonds, Reg. S 5.25% 30/01/2043

USD 300,000 256,623 0.15

1,098,255 0.66VeneZuelA, boliVARiAn RepubliC oFPetroleos de Venezuela SA, Reg. S

5.25% 12/04/2017USD 8,020,800 3,986,779 2.39

Petroleos de Venezuela SA, Reg. S 8.5% 02/11/2017

USD 91,333 48,814 0.03

4,035,593 2.42VietnAMDebt and Asset Trading Corp., Reg. S

1% 10/10/2025USD 230,000 111,550 0.07

Vietnam Government International Bond, Reg. S 6.75% 29/01/2020

USD 350,000 385,329 0.23

Vietnam Government International Bond, Reg. S 4.8% 19/11/2024

USD 1,075,000 1,039,127 0.62

1,536,006 0.92ZAMbiAZambia Government International

Bond, Reg. S 5.375% 20/09/2022USD 300,000 217,891 0.13

Zambia Government International Bond, Reg. S 8.97% 30/07/2027

USD 250,000 198,048 0.12



147,132,194 88.26


Quantity/nominal

Value

Market Value uSd

% of net Assets

SeRbiARepublic of Serbia, Reg. S 5.25%

21/11/2017USD 650,000 674,687 0.41

Republic of Serbia, Reg. S 4.875% 25/02/2020

USD 5,770,000 5,923,598 3.55

Republic of Serbia, Reg. S, STEP 6.75% 01/11/2024

USD 1,141,622 1,167,069 0.70

Serbia Treasury 10% 06/02/2019 RSD 18,000,000 183,373 0.11Serbia Treasury 10% 05/02/2022 RSD 66,440,000 666,753 0.40

8,615,480 5.17SoutH AFRiCAEskom Holdings SOC Ltd., Reg. S

6.75% 06/08/2023USD 650,000 565,373 0.34

Eskom Holdings SOC Ltd., Reg. S 7.125% 11/02/2025

USD 1,450,000 1,260,557 0.76

Petra Diamonds US Treasury plc, Reg. S 8.25% 31/05/2020

USD 760,000 632,472 0.38


ZAR 250,000 15,717 0.01

South Africa Government International Bond 4.665% 17/01/2024

USD 875,000 837,279 0.50

South Africa Government International Bond 5.875% 16/09/2025

USD 1,450,000 1,488,012 0.89

4,799,410 2.88SRi lAnKASri Lanka Government International

Bond, Reg. S 6.25% 04/10/2020USD 1,600,000 1,550,394 0.93

1,550,394 0.93tuRKeYAkbank TAS, Reg. S 5.125%

31/03/2025USD 275,000 255,658 0.15

Anadolu Efes Biracilik Ve Malt Sanayii A/S, Reg. S 3.375% 01/11/2022

USD 600,000 503,556 0.30

Arcelik A/S, Reg. S 5% 03/04/2023 USD 500,000 456,143 0.27Hazine Mustesarligi Varlik Kiralama

A/S, Reg. S 4.489% 25/11/2024USD 2,010,000 1,942,273 1.16

Mersin Uluslararasi Liman Isletmeciligi A/S, Reg. S 5.875% 12/08/2020

USD 400,000 411,842 0.25

TC Ziraat Bankasi A/S, Reg. S 4.25% 03/07/2019

USD 200,000 197,106 0.12

Turkey Government International Bond 7.5% 07/11/2019

USD 850,000 955,499 0.57


USD 1,050,000 1,080,959 0.65


USD 300,000 326,857 0.20

Turkey Government International Bond 6% 14/01/2041

USD 1,400,000 1,433,579 0.86


USD 750,000 661,512 0.40

Turkiye Garanti Bankasi A/S, Reg. S 6.25% 20/04/2021

USD 450,000 467,928 0.28

Turkiye Halk Bankasi A/S, Reg. S 4.875% 19/07/2017

USD 200,000 203,635 0.12


USD 400,000 382,006 0.23

Turkiye Is Bankasi, Reg. S 6% 24/10/2022

USD 500,000 494,487 0.30

Turkiye Is Bankasi, Reg. S 7.85% 10/12/2023

USD 300,000 323,654 0.19

Turkiye Vakiflar Bankasi TAO, Reg. S, FRN 6.875% 03/02/2025

USD 200,000 194,625 0.12

10,291,319 6.17


15t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments dealt in on another regulated marketbondsARGentinABanco Hipotecario SA, Reg. S 9.75%

30/11/2020USD 450,000 463,120 0.28

463,120 0.28bRAZilBanco Bradesco SA, Reg. S 5.9%

16/01/2021USD 230,000 220,747 0.13

Banco Bradesco SA, Reg. S 5.75% 01/03/2022

USD 200,000 186,265 0.11

Banco do Estado do Rio Grande do Sul SA, Reg. S 7.375% 02/02/2022

USD 450,000 362,174 0.22

BR Malls International Finance Ltd., 144A 8.5% Perpetual

USD 365,000 288,350 0.17

BR Properties SA, Reg. S 9% Perpetual USD 600,000 500,250 0.30Itau Unibanco Holding SA, Reg. S

5.65% 19/03/2022USD 250,000 231,664 0.14

Marfrig Overseas Ltd., Reg. S 9.5% 04/05/2020

USD 450,000 443,893 0.27

2,233,343 1.34ColoMbiAPacific Exploration and Production

Corp., 144A 5.625% 19/01/2025USD 100,000 20,486 0.01

20,486 0.01JAMAiCADigicel Group Ltd., 144A 8.25%

30/09/2020USD 200,000 165,708 0.10

Digicel Group Ltd., Reg. S 8.25% 30/09/2020

USD 300,000 248,503 0.15


USD 52,941 55,875 0.03

470,086 0.28MeXiCoAlfa SAB de CV, 144A 6.875%

25/03/2044USD 350,000 329,812 0.20

BBVA Bancomer SA, Reg. S 6.5% 10/03/2021

USD 600,000 644,325 0.39

Cemex Finance LLC, 144A 9.375% 12/10/2022

USD 200,000 212,184 0.13

Controladora Mabe SA de CV, 144A 7.875% 28/10/2019

USD 100,000 108,550 0.06


USD 200,000 175,705 0.11

Petroleos Mexicanos 6.5% 02/06/2041

USD 2,790,000 2,423,324 1.45


USD 2,160,000 1,642,043 0.98


USD 35,000 26,504 0.02

5,562,447 3.34RuSSiASeverstal OAO, Reg. S 5.9%

17/10/2022USD 300,000 291,279 0.17

291,279 0.17tAnZAniA, united RepubliC oFTanzania Government International

Bond, Reg. S, FRN 6.537% 09/03/2020

USD 200,000 189,501 0.11

189,501 0.11


Quantity/nominal

Value

Market Value uSd

% of net Assets

tRinidAd And tobAGoPetroleum Co. of Trinidad & Tobago

Ltd., 144A 9.75% 14/08/2019USD 500,000 525,495 0.32

525,495 0.32uKRAineFinancing of Infrastructural Projects

State Enterprise, Reg. S 8.375% 03/11/2017

USD 100,000 78,942 0.05

78,942 0.05united StAteS oF AMeRiCACommonwealth of Puerto Rico 8%

01/07/2035USD 325,000 236,437 0.14

236,437 0.14VeneZuelA, boliVARiAn RepubliC oFPetroleos de Venezuela SA 5.125%

28/10/2016USD 46,873 31,919 0.02

31,919 0.02total bonds 10,103,055 6.06

Convertible bondsARGentinAMercadoLibre, Inc. 2.25% 01/07/2019 USD 313,000 350,560 0.21

350,560 0.21RuSSiAYandex NV 1.125% 15/12/2018 USD 210,000 182,238 0.11

182,238 0.11total Convertible bonds 532,798 0.32total transferable securities


10,635,853 6.38



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 51,738 USD 55,206 22/02/2016 Morgan Stanley 1,169 –INR 147,706,000 USD 2,185,323 22/02/2016 Standard

Chartered31,230 0.02

USD 171,126 BRL 662,000 02/03/2016 Morgan Stanley 7,110 0.01USD 820,150 BRL 3,162,910 02/03/2016 BNP Paribas 36,516 0.02USD 149,644 CNH 997,000 15/08/2016 HSBC 1,488 –USD 181,918 CNH 1,206,000 31/08/2016 HSBC 2,927 –USD 176,318 CNH 1,157,000 31/08/2016 Citibank 4,600 –USD 168,156 CNH 1,129,000 31/08/2016 Standard

Chartered594 –

USD 1,097,943 COP 3,266,380,000 22/02/2016 Credit Suisse 74,717 0.05USD 121,166 EUR 106,000 22/02/2016 Barclays 5,666 0.01USD 289,407 EUR 261,695 22/02/2016 J.P. Morgan 4,256 –USD 8,090,984 MXN 136,736,826 22/02/2016 HSBC 218,726 0.13USD 154,372 PEN 519,000 22/02/2016 Credit Suisse 3,434 –USD 23,259 ZAR 340,004 22/02/2016 Morgan Stanley 1,536 –total unrealised Gain on



16 t. RoWe pRiCe



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

BRL 662,000 USD 171,814 02/03/2016 Morgan Stanley (7,799) (0.01)CNH 997,000 USD 153,873 15/08/2016 Deutsche Bank (5,718) (0.01)CNH 2,363,000 USD 364,423 31/08/2016 Deutsche Bank (13,714) (0.01)EUR 155,946 USD 169,936 22/02/2016 HSBC (13) –GBP 106,155,400 USD 159,300,530 29/01/2016 Standard

Chartered(2,196,700) (1.32)

GBP 95,300 USD 144,266 29/01/2016 J.P. Morgan (3,227) –MXN 4,748,135 USD 278,405 22/02/2016 RBC (5,043) –USD 926,975 EUR 861,602 22/02/2016 HSBC (11,848) (0.01)USD 116,019 EUR 107,852 22/02/2016 RBC (1,499) –USD 576,374 EUR 538,756 22/02/2016 Bank of

America(10,668) –

USD 2,780,773 EUR 2,588,258 22/02/2016 Credit Suisse (39,460) (0.02)USD 1,092,662 INR 73,853,000 22/02/2016 Standard

Chartered(15,615) (0.01)

USD 651,201 MXN 11,342,949 22/02/2016 Morgan Stanley (1,839) –USD 336,182 TWD 11,131,000 15/03/2016 Standard

Chartered(1,146) –

total unrealised loss on Forward Currency exchange Contracts

(2,314,289) (1.39)

net unrealised loss on Forward Currency exchange Contracts

(1,920,320) (1.15)

Credit default Swap Contracts


Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value uSd


uSd% of net

Assets

25,000 USD Deutsche Bank

Assured Guaranty Ltd. 7% 01/06/2034

Buy (5.00)% 20/09/2019 (1,684) (1,684) –

25,000 USD Goldman Sachs

Commonwealth of Puerto Rico 5.25% 01/07/2034

Sell 5.00% 20/09/2019 (7,502) (7,502) (0.01)

total unrealised loss on Credit default Swap Contracts

(9,186) (9,186) (0.01)

net unrealised loss on Credit default Swap Contracts

(9,186) (9,186) (0.01)

Cash 8,426,528 5.05other Assets/(liabilities) 504,427 0.31total net Assets 166,699,002 100.00


Mexico 10.86Argentina 9.62Brazil 6.62Turkey 6.17Russia 5.61Ukraine 5.58Serbia 5.17Indonesia 4.94

% of net Assets

Kazakhstan 4.41Colombia 3.65Jamaica 2.92South Africa 2.88Venezuela, Bolivarian Republic of 2.44Croatia 2.34Dominican Republic 2.13Ivory Coast 2.00China 1.91Philippines 1.74Pakistan 1.71Greece 1.08El Salvador 1.08India 1.00Sri Lanka 0.93Vietnam 0.92Morocco 0.89Albania 0.81Hungary 0.69Gabon 0.68United Arab Emirates 0.66Israel 0.57Hong Kong 0.43Kenya 0.40Trinidad and Tobago 0.32Zambia 0.25Costa Rica 0.20Ecuador 0.20Bermuda 0.19Oman 0.16United States of America 0.14Panama 0.12Tanzania, United Republic of 0.11Angola 0.11total investments 94.64Cash and Other Assets/(Liabilities) 5.36total 100.00

§ Security is currently in default.



17t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsARGentinAArgentine Republic Bond 7%

17/04/2017USD 70,000 71,804 0.51

YPF SA, Reg. S 8.875% 19/12/2018 USD 160,000 163,493 1.16235,297 1.67

bRAZilBrazilian Government International

Bond 5% 27/01/2045USD 200,000 133,580 0.95

Minerva Luxembourg SA, Reg. S 7.75% 31/01/2023

USD 200,000 189,753 1.35


EUR 100,000 89,207 0.63

Petrobras Global Finance BV 3% 15/01/2019

USD 60,000 46,113 0.33


USD 20,000 15,746 0.11


USD 10,000 6,493 0.05


USD 200,000 152,985 1.08

633,877 4.50CHinAAgile Property Holdings Ltd., Reg. S

8.875% 28/04/2017USD 100,000 101,491 0.72

China Merchants Finance Co. Ltd., Reg. S 5% 04/05/2022

USD 200,000 211,757 1.50

China Shenhua Overseas Capital Co. Ltd., Reg. S 3.875% 20/01/2025

USD 200,000 197,305 1.40

CIFI Holdings Group Co. Ltd., Reg. S 12.25% 15/04/2018

USD 200,000 216,979 1.54

CNOOC Nexen Finance 2014 ULC 4.25% 30/04/2024

USD 200,000 202,238 1.43


USD 200,000 218,821 1.55

Longfor Properties Co. Ltd., Reg. S 6.75% 29/01/2023

USD 200,000 206,787 1.47

Shimao Property Holdings Ltd., Reg. S 8.375% 10/02/2022

USD 200,000 215,163 1.53

Talent Yield Investments Ltd., Reg. S 4.5% 25/04/2022

USD 200,000 208,090 1.48

West China Cement Ltd., Reg. S 6.5% 11/09/2019

USD 200,000 211,182 1.50

1,989,813 14.12ColoMbiABanco Bilbao Vizcaya Argentaria

Colombia SA, Reg. S 4.875% 21/04/2025

USD 150,000 144,340 1.02

Bancolombia SA 6.125% 26/07/2020 USD 120,000 123,442 0.88267,782 1.90

HonG KonGPCCW Capital No. 4 Ltd., Reg. S

5.75% 17/04/2022USD 200,000 217,934 1.54

SmarTone Finance Ltd., Reg. S 3.875% 08/04/2023

USD 200,000 191,177 1.36

409,111 2.90indiABharti Airtel International Netherlands

BV, Reg. S 5.125% 11/03/2023USD 200,000 207,843 1.48

GCX Ltd., Reg. S 7% 01/08/2019 USD 200,000 187,942 1.33

emerging Markets Corporate bond Fund (2)


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of corporate bonds from emerging market issuers. Specifically, the fund invests at least two-thirds of total assets in debt securities issued by companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.


18 t. RoWe pRiCe


emerging Markets Corporate bond Fund (2) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SM Investments Corp., Reg. S 4.875% 10/06/2024

USD 200,000 201,969 1.43

642,083 4.56RuSSiAGazprom OAO, Reg. S 8.146%

11/04/2018USD 100,000 108,051 0.77

Gazprom OAO, Reg. S 9.25% 23/04/2019

USD 100,000 112,010 0.79

Lukoil International Finance BV, Reg. S 6.656% 07/06/2022

USD 100,000 103,042 0.73

MMC Norilsk Nickel OJSC, Reg. S 6.625% 14/10/2022

USD 200,000 204,476 1.45

Mobile Telesystems OJSC, Reg. S 8.625% 22/06/2020

USD 100,000 110,919 0.79

Sberbank of Russia, Reg. S 6.125% 07/02/2022

USD 240,000 241,904 1.72

880,402 6.25SeRbiAUnited Group BV, 144A 7.875%

15/11/2020EUR 150,000 172,632 1.22

172,632 1.22tuRKeYAkbank TAS, Reg. S 5.125%

31/03/2025USD 200,000 185,933 1.32

Turkiye Garanti Bankasi A/S, Reg. S 5.25% 13/09/2022

USD 200,000 197,013 1.40


USD 200,000 188,047 1.33

570,993 4.05uKRAineMriya Agro Holding plc, Reg. S 9.45%

19/04/2018§USD 200,000 29,000 0.21

29,000 0.21united ARAb eMiRAteSDP World Ltd., Reg. S 6.85%

02/07/2037USD 200,000 198,031 1.40

EMG SUKUK Ltd., Reg. S 4.564% 18/06/2024

USD 200,000 202,748 1.44

Emirates Airline, Reg. S 4.5% 06/02/2025

USD 180,952 182,933 1.30



10,172,941 72.18

transferable securities and money market instruments dealt in on another regulated marketbondsbRAZilBR Malls International Finance Ltd.,

144A 8.5% PerpetualUSD 25,000 19,750 0.14

BR Malls International Finance Ltd., Reg. S 8.5% Perpetual

USD 96,000 75,840 0.54

BR Properties SA, Reg. S 9% Perpetual USD 100,000 83,375 0.59Itau Unibanco Holding SA, Reg. S

5.75% 22/01/2021USD 150,000 143,507 1.02


USD 100,000 98,643 0.70

421,115 2.99


Quantity/nominal

Value

Market Value uSd

% of net Assets

ICICI Bank Ltd., Reg. S, FRN 6.375% 30/04/2022

USD 200,000 203,988 1.45

Vedanta Resources plc, Reg. S 9.5% 18/07/2018

USD 100,000 74,814 0.53

674,587 4.79indoneSiAMajapahit Holding BV, Reg. S 7.75%

20/01/2020USD 100,000 112,173 0.80

Pertamina Persero PT, Reg. S 5.625% 20/05/2043

USD 200,000 157,529 1.12

Perusahaan Gas Negara Persero Tbk. PT, Reg. S 5.125% 16/05/2024

USD 200,000 192,299 1.36

Pratama Agung Pte. Ltd., Reg. S 6.25% 24/02/2020

USD 200,000 194,159 1.38

TBG Global Pte. Ltd., Reg. S 5.25% 10/02/2022

USD 200,000 186,354 1.32

842,514 5.98JoRdAnHikma Pharmaceuticals plc, Reg. S

4.25% 10/04/2020USD 200,000 194,683 1.38

194,683 1.38KAZAKHStAnHalyk Savings Bank of Kazakhstan

JSC, Reg. S 7.25% 28/01/2021USD 200,000 205,905 1.46

KazMunayGas National Co. JSC, Reg. S 7% 05/05/2020

USD 100,000 106,201 0.75

312,106 2.21luXeMbouRGAltice Finco SA, 144A 9.875%

15/12/2020USD 200,000 212,000 1.50

212,000 1.50MAlAYSiAAxiata SPV2 Bhd., Reg. S 3.466%

19/11/2020USD 200,000 199,682 1.42

199,682 1.42MeXiCoBanco Santander Mexico SA, Reg. S

4.125% 09/11/2022USD 150,000 149,651 1.06

Cemex Finance LLC, Reg. S 9.375% 12/10/2022

USD 200,000 212,073 1.50

Controladora Mabe SA de CV, Reg. S 7.875% 28/10/2019

USD 120,000 130,813 0.93

Grupo Cementos de Chihuahua SAB de CV, Reg. S 8.125% 08/02/2020

USD 200,000 208,215 1.48

Grupo Televisa SAB 6.625% 15/01/2040

USD 100,000 105,028 0.74

Nemak SAB de CV, Reg. S 5.5% 28/02/2023

USD 200,000 201,195 1.43

1,006,975 7.14oMAnLamar Funding Ltd., Reg. S 3.958%

07/05/2025USD 200,000 179,100 1.27

179,100 1.27peRuBBVA Banco Continental SA, Reg. S,

FRN 5.25% 22/09/2029USD 140,000 136,592 0.97

136,592 0.97pHilippineSAlliance Global Group Cayman Islands,

Inc., Reg. S 6.5% 18/08/2017USD 130,000 136,150 0.97

FPT Finance Ltd., Reg. S 6.375% 28/09/2020

USD 100,000 109,551 0.78

Royal Capital BV, Reg. S, FRN 5.5% Perpetual

USD 200,000 194,413 1.38


19t. RoWe pRiCe


emerging Markets Corporate bond Fund (2) continued


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 29,867 CNH 198,000 31/08/2016 HSBC 480 –USD 15,087 CNH 99,000 31/08/2016 Citibank 393 –USD 90,841 EUR 82,884 22/02/2016 J.P. Morgan 529 0.01USD 15,035 KRW 17,500,000 22/02/2016 Standard

Chartered181 –

total unrealised Gain on Forward Currency exchange Contracts

1,583 0.01

USD 171,615 EUR 159,734 22/02/2016 Credit Suisse (2,435) (0.02)total unrealised loss on



(852) (0.01)



China 16.01Mexico 13.86Brazil 7.49Russia 6.86Indonesia 5.98India 4.79Philippines 4.56Hong Kong 4.31United Arab Emirates 4.14Turkey 4.05Chile 3.80Kazakhstan 2.21Argentina 1.95Colombia 1.90Luxembourg 1.50Malaysia 1.42Jordan 1.38Panama 1.38Oman 1.27Serbia 1.22Jamaica 1.17Peru 0.97South Korea 0.78Ukraine 0.21total investments 93.21Cash and Other Assets/(Liabilities) 6.79total 100.00

§ Security is currently in default.



Quantity/nominal

Value

Market Value uSd

% of net Assets

CHileBanco Santander Chile, Reg. S 3.875%

20/09/2022USD 150,000 150,297 1.07

SACI Falabella, Reg. S 4.375% 27/01/2025

USD 200,000 199,259 1.41

VTR Finance BV, Reg. S 6.875% 15/01/2024

USD 200,000 185,554 1.32

535,110 3.80CHinABCP Singapore VI Cayman Financing

Co. Ltd., Reg. S 8% 15/04/2021USD 60,000 48,345 0.34

ENN Energy Holdings Ltd., Reg. S 6% 13/05/2021

USD 200,000 218,324 1.55

266,669 1.89HonG KonGHutchison Whampoa International 14

Ltd., Reg. S 3.625% 31/10/2024USD 200,000 198,816 1.41

198,816 1.41JAMAiCADigicel Group Ltd., Reg. S 8.25%

30/09/2020USD 200,000 165,669 1.17

165,669 1.17MeXiCoAlfa SAB de CV, Reg. S 6.875%

25/03/2044USD 200,000 188,532 1.34

BBVA Bancomer SA, Reg. S 6.5% 10/03/2021

USD 150,000 161,081 1.14

Elementia SAB de CV, Reg. S 5.5% 15/01/2025

USD 200,000 184,877 1.31


USD 130,000 98,827 0.70

Servicios Corporativos Javer SAPI de CV, Reg. S 9.875% 06/04/2021

USD 110,000 114,077 0.81

Trust F, REIT, Reg. S 5.25% 15/12/2024

USD 200,000 200,259 1.42

947,653 6.72pAnAMASable International Finance Ltd., Reg. S

6.875% 01/08/2022USD 200,000 194,133 1.38

194,133 1.38SoutH KoReAHyundai Capital America, 144A 3%

30/10/2020USD 110,000 109,719 0.78

109,719 0.78total bonds 2,838,884 20.14





2,964,864 21.03



20 t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAuStRAliAAPT Pipelines Ltd., Reg. S 1.375%

22/03/2022EUR 600,000 571,578 0.57

AusNet Services Holdings Pty. Ltd., Reg. S 1.5% 26/02/2027

EUR 500,000 455,989 0.45

Commonwealth Bank of Australia, Reg. S, FRN 2% 22/04/2027

EUR 500,000 475,949 0.47

Macquarie Bank Ltd., Reg. S 1.125% 20/01/2022

EUR 400,000 389,538 0.38

Origin Energy Finance Ltd., Reg. S 3.5% 04/10/2021

EUR 800,000 776,104 0.77

Origin Energy Finance Ltd., Reg. S, FRN 4% 16/09/2074

EUR 200,000 166,500 0.16

SGSP Australia Assets Pty. Ltd., Reg. S 2% 30/06/2022

EUR 800,000 797,977 0.79

Transurban Finance Co. Pty. Ltd. 2.5% 08/10/2020

EUR 400,000 421,764 0.42


EUR 500,000 490,719 0.49

4,546,118 4.50AuStRiAErste Group Bank AG, Reg. S 7.125%

10/10/2022EUR 700,000 830,823 0.82

830,823 0.82belGiuMKBC Groep NV, Reg. S, FRN 2.375%

25/11/2024EUR 800,000 822,450 0.82

Solvay SA, Reg. S 1.625% 02/12/2022 EUR 600,000 600,108 0.591,422,558 1.41

bRAZilVotorantim Cimentos SA, Reg. S 3.25%

25/04/2021EUR 300,000 231,000 0.23

231,000 0.23CHinATalent Yield Euro Ltd., Reg. S 1.435%

07/05/2020EUR 250,000 245,625 0.24

245,625 0.24CZeCH RepubliCRPG Byty Sro, Reg. S 6.75%

01/05/2020EUR 200,000 208,933 0.21

208,933 0.21denMARKDanske Bank A/S, Reg. S, FRN

3.875% 04/10/2023EUR 1,100,000 1,172,734 1.16

1,172,734 1.16FinlAndCitycon OYJ, Reg. S 3.75%

24/06/2020EUR 600,000 655,185 0.65

Citycon Treasury BV, Reg. S 2.375% 16/09/2022

EUR 200,000 201,467 0.20

Citycon Treasury BV, Reg. S 2.5% 01/10/2024

EUR 500,000 491,267 0.48

1,347,919 1.33FRAnCeAXA SA, Reg. S, FRN 5.125%

04/07/2043EUR 300,000 343,960 0.34

Banque Federative du Credit Mutuel SA, Reg. S 3% 11/09/2025

EUR 200,000 206,084 0.20

BNP Paribas SA, Reg. S 2.875% 27/11/2017

EUR 800,000 841,449 0.83

BNP Paribas SA, Reg. S, FRN 2.875% 20/03/2026

EUR 900,000 921,993 0.91

BNP Paribas SA, Reg. S, FRN 2.625% 14/10/2027

EUR 400,000 397,787 0.39

euro Corporate bond Fund


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of corporate bonds that are denominated in euro. Specifically, the fund invests at least two-thirds of total assets in debt securities denominated in euro. The fund may also invest in debt securities issued by Eurozone governments and government agencies, and in securities denominated in other currencies than the euro. Portfolio debt securities can include fixed and floating rate bonds as well as preferred stocks and other transferable debt securities of any type, including high yield securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.


21t. RoWe pRiCe


euro Corporate bond Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

indiABharti Airtel International Netherlands

BV, Reg. S 4% 10/12/2018EUR 400,000 427,978 0.42

Bharti Airtel International Netherlands BV, Reg. S 3.375% 20/05/2021

EUR 400,000 419,140 0.42

847,118 0.84iRelAndCRH Funding BV, Reg. S 1.875%

09/01/2024EUR 100,000 100,892 0.10

Kerry Group Financial Services, Reg. S 2.375% 10/09/2025

EUR 600,000 622,316 0.62

723,208 0.72itAlYAssicurazioni Generali SpA, Reg. S

4.125% 04/05/2026EUR 900,000 963,104 0.95

Assicurazioni Generali SpA, Reg. S, FRN 5.5% 27/10/2047

EUR 600,000 635,808 0.63

Autostrade per l'Italia SpA, Reg. S 1.125% 04/11/2021

EUR 600,000 603,048 0.60

Banca Monte dei Paschi di Siena SpA 3.5% 20/03/2017

EUR 400,000 415,100 0.41

Banca Monte dei Paschi di Siena SpA, Reg. S 1.25% 20/01/2022

EUR 600,000 594,079 0.59

CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018

EUR 400,000 429,348 0.42

Enel Finance International NV, Reg. S 5.625% 14/08/2024

GBP 400,000 636,971 0.63

Enel SpA, Reg. S, FRN 5% 15/01/2075 EUR 600,000 629,133 0.62FCA Capital Ireland plc, Reg. S 2.625%

17/04/2019EUR 500,000 519,156 0.51

Finmeccanica SpA 4.875% 24/03/2025

EUR 350,000 390,178 0.39

Intesa Sanpaolo SpA, Reg. S 4.125% 14/01/2016

EUR 800,000 800,788 0.79


EUR 800,000 803,539 0.80


EUR 350,000 359,951 0.36

Mediobanca SpA, Reg. S 0.875% 14/11/2017

EUR 800,000 805,034 0.80

Mediobanca SpA, Reg. S 2.25% 18/03/2019

EUR 200,000 208,165 0.21

UniCredit SpA 0% 31/10/2017 EUR 400,000 394,200 0.39UniCredit SpA, Reg. S, FRN 5.75%

28/10/2025EUR 400,000 433,722 0.43

9,621,324 9.53luXeMbouRGAltice Luxembourg SA, Reg. S 7.25%

15/05/2022EUR 100,000 93,860 0.09

GELF Bond Issuer I SA, REIT, Reg. S 1.75% 22/11/2021

EUR 600,000 592,677 0.59

686,537 0.68netHeRlAndSABN AMRO Bank NV, Reg. S, FRN

2.875% 30/06/2025EUR 300,000 308,038 0.31

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S 4.125% 14/09/2022

EUR 600,000 671,615 0.66

Delta Lloyd NV, Reg. S, FRN 4.375% Perpetual

EUR 800,000 671,798 0.67

ING Bank NV 1.875% 27/02/2018 EUR 600,000 621,083 0.61JAB Holdings BV, Reg. S 2.125%

16/09/2022EUR 500,000 500,603 0.50

Nyrstar Netherlands Holdings BV, Reg. S 8.5% 15/09/2019

EUR 200,000 163,189 0.16

2,936,326 2.91


Quantity/nominal

Value

Market Value euR

% of net Assets

BPCE SA, Reg. S, FRN 2.75% 08/07/2026

EUR 800,000 811,733 0.80

Credit Agricole SA, Reg. S 2.625% 17/03/2027

EUR 200,000 191,152 0.19

Edenred, Reg. S 1.375% 10/03/2025 EUR 600,000 525,782 0.52Eutelsat SA, Reg. S 5% 14/01/2019 EUR 300,000 337,991 0.33Eutelsat SA, Reg. S 2.625%

13/01/2020EUR 200,000 211,907 0.21

Gecina SA, REIT, Reg. S 1.5% 20/01/2025

EUR 400,000 379,482 0.38

Havas SA, Reg. S 1.875% 08/12/2020 EUR 600,000 598,443 0.59ICADE, REIT, Reg. S 1.875%

14/09/2022EUR 500,000 503,575 0.50

Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 500,000 581,971 0.58RCI Banque SA, Reg. S 2.875%

22/01/2018EUR 300,000 313,557 0.31

RCI Banque SA, Reg. S 1.125% 30/09/2019

EUR 600,000 604,596 0.60

Societe Fonciere Lyonnaise SA, REIT, Reg. S 2.25% 16/11/2022

EUR 800,000 806,058 0.80

TDF Infrastructure SAS, Reg. S 2.875% 19/10/2022

EUR 1,000,000 1,026,362 1.02

TOTAL SA, Reg. S, FRN 2.625% 29/12/2049

EUR 400,000 354,049 0.35

Transport et Infrastructures Gaz France SA, Reg. S 2.2% 05/08/2025

EUR 500,000 502,429 0.50

Veolia Environnement SA, Reg. S 1.59% 10/01/2028

EUR 500,000 473,364 0.47

10,933,724 10.82GeRMAnYAllianz Finance II BV, FRN 5.75%

08/07/2041EUR 400,000 464,317 0.46

Allianz SE, Reg. S, FRN 4.75% Perpetual

EUR 900,000 974,008 0.96

Bayer AG, Reg. S, FRN 2.375% 02/04/2075

EUR 200,000 188,167 0.19

Bertelsmann SE & Co. KGaA, Reg. S, FRN 3% 23/04/2075

EUR 400,000 372,673 0.37

Brenntag Finance BV, Reg. S 5.5% 19/07/2018

EUR 300,000 335,301 0.33

Commerzbank AG 0.625% 14/03/2019

EUR 600,000 599,409 0.59

Deutsche Wohnen AG, Reg. S 1.375% 24/07/2020

EUR 250,000 252,341 0.25

Eurogrid GmbH, Reg. S 1.625% 03/11/2023

EUR 700,000 703,821 0.70

LBBW, Reg. S, FRN 2.875% 27/05/2026

EUR 750,000 737,566 0.73

Mahle GmbH, Reg. S 2.375% 20/05/2022

EUR 400,000 403,694 0.40

ProSiebenSat.1 Media SE, Reg. S 2.625% 15/04/2021

EUR 900,000 931,266 0.92

Symrise AG, Reg. S 1.75% 10/07/2019 EUR 800,000 821,136 0.81Unitymedia Hessen GmbH & Co. KG,

Reg. S 3.5% 15/01/2027EUR 100,000 92,561 0.09

Vonovia Finance BV, Reg. S 1.625% 15/12/2020

EUR 1,000,000 998,835 0.99

Vonovia Finance BV, Reg. S, FRN 4% Perpetual

EUR 400,000 389,837 0.39

8,264,932 8.18iCelAndArion Banki HF, Reg. S 3.125%

12/03/2018EUR 400,000 405,678 0.40

Islandsbanki HF, Reg. S 2.875% 27/07/2018

EUR 400,000 399,196 0.40

804,874 0.80


22 t. RoWe pRiCe




Quantity/nominal

Value

Market Value euR

% of net Assets

Credit Suisse Group Funding Guernsey Ltd., Reg. S 1.25% 14/04/2022

EUR 1,200,000 1,164,578 1.15

Swiss Reinsurance Co., Reg. S, FRN 2.6% Perpetual

EUR 1,000,000 924,070 0.91

UBS AG, Reg. S 0.5% 15/05/2018 EUR 500,000 502,547 0.50UBS Group Funding Jersey Ltd., Reg.

S 1.75% 16/11/2022EUR 500,000 501,229 0.50

4,946,871 4.90united KinGdoMAbbey National Treasury Services plc,

Reg. S 2.625% 16/07/2020EUR 400,000 430,078 0.43

Abbey National Treasury Services plc, Reg. S 1.125% 14/01/2022

EUR 500,000 494,903 0.49

Abbey National Treasury Services plc, Reg. S 1.125% 10/03/2025

EUR 1,000,000 944,438 0.94

Aviva plc, Reg. S, FRN 3.875% 03/07/2044

EUR 400,000 404,948 0.40


EUR 600,000 572,339 0.57

Barclays plc, Reg. S, FRN 2.625% 11/11/2025

EUR 400,000 399,647 0.40

Bat International Finance plc, Reg. S 1% 23/05/2022

EUR 600,000 588,199 0.58

Delphi Automotive plc 1.5% 10/03/2025

EUR 600,000 556,633 0.55

FCE Bank plc, Reg. S 1.75% 21/05/2018

EUR 300,000 307,980 0.30

FCE Bank plc, Reg. S 1.528% 09/11/2020

EUR 500,000 504,616 0.50

G4S International Finance plc, Reg. S 2.625% 06/12/2018

EUR 700,000 736,331 0.73

HBOS plc 5.374% 30/06/2021 EUR 500,000 576,139 0.57Heathrow Funding Ltd., Reg. S 1.5%

11/02/2030EUR 600,000 532,894 0.53

HSBC Holdings plc, Reg. S 3.875% 16/03/2016

EUR 600,000 604,572 0.60

HSBC Holdings plc, Reg. S, FRN 3.375% 10/01/2024

EUR 400,000 420,325 0.42

Leeds Building Society, Reg. S 2.625% 01/04/2021

EUR 500,000 526,734 0.52

Nationwide Building Society, Reg. S, FRN 4.125% 20/03/2023

EUR 970,000 1,029,618 1.02

Priory Group No. 3 plc, Reg. S 7% 15/02/2018

GBP 122,441 170,417 0.17

Royal Bank of Scotland Group plc, Reg. S 1.625% 25/06/2019

EUR 1,000,000 1,019,005 1.01

RSA Insurance Group plc, Reg. S, FRN 5.125% 10/10/2045

GBP 500,000 659,327 0.65

Sky plc, Reg. S 2.25% 17/11/2025 EUR 750,000 749,535 0.74Standard Chartered Bank, Reg. S

5.875% 26/09/2017EUR 300,000 323,404 0.32

Standard Chartered plc, Reg. S, FRN 4% 21/10/2025

EUR 400,000 405,103 0.40

Tesco plc 5% 24/03/2023 GBP 400,000 532,441 0.53Urenco Finance NV, Reg. S 2.25%

05/08/2022EUR 600,000 600,934 0.59

Virgin Media Secured Finance plc, Reg. S 6% 15/04/2021

GBP 180,000 253,835 0.25

WM Morrison Supermarkets plc, Reg. S 2.25% 19/06/2020

EUR 600,000 609,568 0.60

WPP Finance SA, Reg. S 2.25% 22/09/2026

EUR 800,000 810,139 0.80

15,764,102 15.61


Quantity/nominal

Value

Market Value euR

% of net Assets

neW ZeAlAndBNZ International Funding Ltd., Reg. S

1.25% 23/05/2018EUR 400,000 407,906 0.40

407,906 0.40SAudi ARAbiASABIC Capital I BV, Reg. S 2.75%

20/11/2020EUR 500,000 523,750 0.52

523,750 0.52SpAinAbertis Infraestructuras SA, Reg. S

2.5% 27/02/2025EUR 600,000 623,918 0.62

Amadeus Capital Markets SA, Reg. S 1.625% 17/11/2021

EUR 600,000 602,250 0.60

Amadeus Finance BV, Reg. S 0.625% 02/12/2017

EUR 600,000 601,905 0.60

Banco Bilbao Vizcaya Argentaria SA, FRN 4.7% 09/08/2021

EUR 200,000 196,996 0.20

BBVA Subordinated Capital SAU, Reg. S, FRN 3.5% 11/04/2024

EUR 500,000 519,035 0.51

Cellnex Telecom SAU, Reg. S 3.125% 27/07/2022

EUR 400,000 384,808 0.38

Gas Natural Capital Markets SA, Reg. S 4.5% 27/01/2020

EUR 200,000 229,075 0.23

Gas Natural Fenosa Finance BV, Reg. S 1.375% 21/01/2025

EUR 500,000 479,776 0.47

Iberdrola International BV, Reg. S 1.75% 17/09/2023

EUR 500,000 510,422 0.51

IE2 Holdco SAU, Reg. S 2.375% 27/11/2023

EUR 500,000 489,735 0.48

Inmobiliaria Colonial SA, Reg. S 2.728% 05/06/2023

EUR 800,000 793,930 0.79

Prosegur Cia de Seguridad SA, Reg. S 2.75% 02/04/2018

EUR 400,000 417,955 0.41

Redexis Gas Finance BV, Reg. S 2.75% 08/04/2021

EUR 300,000 317,249 0.31

Repsol International Finance BV, Reg. S 2.25% 10/12/2026

EUR 500,000 454,598 0.45

Santander Consumer Finance SA, Reg. S 1.1% 30/07/2018

EUR 300,000 303,809 0.30


EUR 700,000 691,376 0.68


EUR 600,000 604,260 0.60

Santander International Debt SAU, Reg. S 4% 27/03/2017

EUR 400,000 418,253 0.41

Santander Issuances SAU, Reg. S 2.5% 18/03/2025

EUR 400,000 376,265 0.37

Telefonica Emisiones SAU, Reg. S 4.71% 20/01/2020

EUR 800,000 917,430 0.91

Telefonica Europe BV, Reg. S, FRN 4.2% Perpetual

EUR 400,000 395,030 0.39

10,328,075 10.22SWedenNordea Bank AB, Reg. S, FRN 4.625%

15/02/2022EUR 500,000 521,245 0.52

Nordea Bank AB, Reg. S, FRN 1.875% 10/11/2025

EUR 400,000 397,803 0.39

919,048 0.91SWitZeRlAndAdecco International Financial Services

BV, Reg. S 2.75% 15/11/2019EUR 500,000 533,815 0.53

Credit Suisse AG, Reg. S 0.625% 20/11/2018

EUR 800,000 805,718 0.80

Credit Suisse AG, Reg. S 1.375% 29/11/2019

EUR 500,000 514,914 0.51


23t. RoWe pRiCe




Currency purchased

Amount purchased

Currency Sold

Amount Sold



euR% of net

Assets

EUR 3,177,838 GBP 2,244,165 22/01/2016 J.P. Morgan 127,440 0.13USD 59,012,000 EUR 53,703,906 29/01/2016 RBS 487,287 0.48total unrealised Gain on


GBP 523,593 EUR 742,754 22/01/2016 J.P. Morgan (31,056) (0.03)total unrealised loss on



583,671 0.58

Swaption Contracts

Quantity Security description Currency Counterparty

Global exposure

euR

Market Value euR

10,000,000 CDS Buy iTraxx Europe Series 24 Version 1, Call, 0.008%, 20/01/2016

EUR Citibank 75,000 25,288

10,000,000 CDS Buy iTraxx Europe Series 24 Version 1, Call, 0.009%, 20/01/2016

EUR Citibank 90,000 4,282

Market value on Swaption Contracts

29,570

(10,000,000) CDS Buy iTraxx Europe Series 24 Version 1, Put, 0.01%, 20/01/2016

EUR Citibank (100,000) (1,703)

(10,000,000) CDS Buy iTraxx Europe Series 24 Version 1, Put, 0.01%, 20/01/2016

EUR Citibank (100,000) (1,703)


(3,406)


26,164



Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value euR


euR% of net

Assets

200,000 EUR J.P. Morgan United Utilities Group plc 6.875% 15/08/2028

Buy (1.00)% 20/06/2017 (2,294) (2,294) –


(2,294) (2,294) –


(2,294) (2,294) –

Cash 3,460,102 3.43other Assets/(liabilities) 1,691,625 1.67total net Assets 101,011,429 100.00


Quantity/nominal

Value

Market Value euR

% of net Assets

united StAteS oF AMeRiCAAlbemarle Corp., Reg. S 1.875%

08/12/2021EUR 600,000 581,052 0.57

Alliance Data Systems Corp., Reg. S 5.25% 15/11/2023

EUR 200,000 199,151 0.20

Ball Corp. 3.5% 15/12/2020 EUR 400,000 411,400 0.41Bank of America Corp., Reg. S 4.625%

07/08/2017EUR 800,000 854,871 0.85

Bank of America Corp., FRN 0.709% 28/03/2018

EUR 300,000 298,422 0.30

Bank of America Corp., Reg. S 2.5% 27/07/2020

EUR 400,000 426,538 0.42


EUR 600,000 604,141 0.60

Carnival Corp. 1.125% 06/11/2019 EUR 695,000 695,473 0.69Citigroup, Inc. 4.375% 30/01/2017 EUR 400,000 418,277 0.41Citigroup, Inc., Reg. S 1.375%

27/10/2021EUR 600,000 603,266 0.60

Expedia, Inc. 2.5% 03/06/2022 EUR 600,000 592,570 0.59Flowserve Corp. 1.25% 17/03/2022 EUR 750,000 710,726 0.70GE Capital European Funding, Reg. S

2.875% 18/06/2019EUR 800,000 867,645 0.86

GE Capital Trust IV, Reg. S, FRN 4.625% 15/09/2066

EUR 150,000 152,419 0.15

General Motors Financial International BV, Reg. S 1.875% 15/10/2019

EUR 900,000 918,241 0.91

Goldman Sachs Group, Inc. (The), Reg. S 2.625% 19/08/2020

EUR 400,000 428,363 0.42


EUR 400,000 425,418 0.42


EUR 400,000 398,635 0.39

Goodyear Dunlop Tires Europe BV, Reg. S 3.75% 15/12/2023

EUR 250,000 254,389 0.25

J.P. Morgan Chase & Co., Reg. S 1.5% 26/10/2022

EUR 600,000 605,659 0.60

ManpowerGroup, Inc., Reg. S 4.5% 22/06/2018

EUR 700,000 763,444 0.76

ManpowerGroup, Inc., Reg. S 1.875% 11/09/2022

EUR 800,000 816,668 0.81

Metropolitan Life Global Funding I, Reg. S 2.375% 30/09/2019

EUR 400,000 427,634 0.42

Mohawk Industries, Inc. 2% 14/01/2022

EUR 800,000 809,906 0.80

Morgan Stanley 5.5% 02/10/2017 EUR 400,000 436,105 0.43Morgan Stanley 5.375% 10/08/2020 EUR 400,000 478,348 0.47Morgan Stanley 2.375% 31/03/2021 EUR 300,000 318,254 0.31Priceline Group, Inc. (The) 2.15%

25/11/2022EUR 510,000 511,289 0.51

Priceline Group, Inc. (The) 2.375% 23/09/2024

EUR 600,000 592,878 0.59

Principal Financial Global Funding II LLC 4.5% 26/01/2017

EUR 500,000 521,292 0.52

Prologis International Funding II SA, Reg. S 1.876% 17/04/2025

EUR 600,000 558,954 0.55

Thermo Fisher Scientific, Inc. 1.5% 01/12/2020

EUR 500,000 504,500 0.50

Thermo Fisher Scientific, Inc. 2% 15/04/2025

EUR 400,000 395,681 0.39

Tyco International Finance SA 1.375% 25/02/2025

EUR 600,000 564,588 0.56

18,146,197 17.96total bonds 95,859,702 94.90

total transferable securities and money market instruments admitted to an official exchange listing

95,859,702 94.90



24 t. RoWe pRiCe




United States of America 17.96United Kingdom 15.61France 10.82Spain 10.22Italy 9.53Germany 8.18Switzerland 4.90Australia 4.50Netherlands 2.91Belgium 1.41Finland 1.33Denmark 1.16Sweden 0.91India 0.84Austria 0.82Iceland 0.80Ireland 0.72Luxembourg 0.68Saudi Arabia 0.52New Zealand 0.40China 0.24Brazil 0.23Czech Republic 0.21total investments 94.90Cash and Other Assets/(Liabilities) 5.10total 100.00



25t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsbelGiuMSolvay Finance SA, Reg. S, FRN

5.118% PerpetualEUR 750,000 748,635 0.27

748,635 0.27CAnAdAEntertainment One Ltd., 144A 6.875%

15/12/2022GBP 825,000 1,121,820 0.41

Entertainment One Ltd., Reg. S 6.875% 15/12/2022

GBP 1,975,000 2,683,339 0.97

3,805,159 1.38CHinANord Anglia Education Finance LLC,

Reg. S 5.75% 15/07/2022CHF 2,725,000 2,627,346 0.95

2,627,346 0.95CZeCH RepubliCRPG Byty Sro, Reg. S 6.75%

01/05/2020EUR 1,850,000 1,932,630 0.70

1,932,630 0.70FRAnCeCegedim SA, Reg. S 6.75%

01/04/2020EUR 600,000 638,487 0.23

CGG SA 6.875% 15/01/2022 USD 400,000 152,532 0.06Ephios Bondco plc, Reg. S 6.25%

01/07/2022EUR 1,300,000 1,356,427 0.49

Europcar Groupe SA, Reg. S 5.75% 15/06/2022

EUR 3,050,000 3,175,706 1.15

Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020

EUR 2,475,000 2,639,414 0.96

HomeVi SAS, Reg. S 6.875% 15/08/2021

EUR 3,475,000 3,670,052 1.33

Horizon Holdings I SASU, Reg. S 7.25% 01/08/2023

EUR 6,250,000 6,486,875 2.35

Loxam SAS, Reg. S 7% 23/07/2022 EUR 5,175,000 5,302,952 1.93Numericable-SFR SAS, Reg. S 5.375%

15/05/2022EUR 650,000 665,824 0.24

Numericable-SFR SAS, Reg. S 5.625% 15/05/2024

EUR 700,000 711,242 0.26

Numericable-SFR SAS, Reg. S 6.25% 15/05/2024

USD 350,000 311,150 0.11

Synlab Unsecured Bondco plc, Reg. S 8.25% 01/07/2023

EUR 3,025,000 3,072,114 1.12

28,182,775 10.23GeRMAnYCeramTec Group GmbH, Reg. S

8.25% 15/08/2021EUR 1,900,000 2,054,356 0.75

Douglas GmbH, Reg. S 6.25% 15/07/2022

EUR 1,375,000 1,446,534 0.52

Garfunkelux Holdco 3 SA, Reg. S 7.5% 01/08/2022

EUR 3,175,000 3,264,916 1.18


GBP 1,675,000 2,306,901 0.84

JH-Holding Finance SA, Reg. S 8.25% 01/12/2022

EUR 4,800,000 5,051,688 1.83

Kirk Beauty One GmbH, Reg. S 8.75% 15/07/2023

EUR 2,475,000 2,556,329 0.93

KraussMaffei Group GmbH, Reg. S 8.75% 15/12/2020

EUR 640,000 691,949 0.26

Pfleiderer GmbH, Reg. S 7.875% 01/08/2019

EUR 6,800,000 7,096,514 2.58

Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021

EUR 1,725,000 1,829,285 0.66

Unitymedia Hessen GmbH & Co. KG, Reg. S 4% 15/01/2025

EUR 800,000 775,300 0.28

european High Yield bond Fund


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds that are denominated in European currencies. Specifically, the fund invests at least two-thirds of total assets in debt securities that are rated below BBB- by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality), and are issued by companies and denominated in euro or another European currency. Portfolio debt securities can include fixed and floating rate bonds as well as preferred stocks, convertible bonds and other transferable debt securities of any type. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.


26 t. RoWe pRiCe


european High Yield bond Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

pAnAMACable & Wireless International Finance

BV 8.625% 25/03/2019GBP 750,000 1,148,080 0.42

1,148,080 0.42polAndEileme 2 AB, Reg. S 11.75%

31/01/2020EUR 400,000 427,000 0.16

Play Topco SA, Reg. S 7.75% 28/02/2020

EUR 5,950,000 6,097,500 2.21

6,524,500 2.37SeRbiAUnited Group BV, Reg. S 7.875%

15/11/2020EUR 5,550,000 5,867,960 2.13

5,867,960 2.13SoutH AFRiCAPetra Diamonds US Treasury plc, Reg.

S 8.25% 31/05/2020USD 715,000 546,745 0.20

546,745 0.20SpAinCirsa Funding Luxembourg SA, Reg. S

8.75% 15/05/2018EUR 1,380,813 1,401,919 0.51

Cirsa Funding Luxembourg SA, Reg. S 5.875% 15/05/2023

EUR 4,725,000 4,482,159 1.63

5,884,078 2.14SWedenVerisure Holding AB, Reg. S 6%

01/11/2022EUR 775,000 807,864 0.29

807,864 0.29SWitZeRlAndCredit Suisse Group AG, Reg. S, FRN

7.5% PerpetualUSD 1,150,000 1,111,499 0.40

SIG Combibloc Holdings SCA, Reg. S 7.75% 15/02/2023

EUR 5,100,000 5,344,214 1.94

6,455,713 2.34united KinGdoMAA Bond Co. Ltd., Reg. S 5.5%

31/07/2022GBP 1,800,000 2,337,929 0.85

Arqiva Broadcast Finance plc, Reg. S 9.5% 31/03/2020

GBP 4,885,000 7,208,276 2.62

Barclays plc, Reg. S, FRN 7.875% Perpetual

GBP 700,000 951,861 0.35

Boparan Finance plc, Reg. S 5.5% 15/07/2021

GBP 1,875,000 2,268,141 0.82

Brakes Capital, Reg. S 7.125% 15/12/2018

GBP 1,750,000 2,469,222 0.90

Cognita Financing plc, Reg. S 7.75% 15/08/2021

GBP 1,550,000 2,188,964 0.79

Heathrow Finance plc, Reg. S 5.75% 03/03/2025

GBP 600,000 847,802 0.31

HSS Financing plc, Reg. S 6.75% 01/08/2019

GBP 1,785,000 2,439,346 0.89

Infinis plc, Reg. S 7% 15/02/2019 GBP 1,300,000 1,822,161 0.66Innovia Group Finance plc, Reg. S,

FRN 4.872% 31/03/2020EUR 1,600,000 1,601,200 0.58

Kerling plc, Reg. S 10.625% 01/02/2017

EUR 1,850,000 1,863,699 0.68

Magnolia BC SA, Reg. S 9% 01/08/2020

EUR 3,550,000 3,790,299 1.38

Matalan Finance plc, Reg. S 6.875% 01/06/2019

GBP 2,450,000 2,792,950 1.01

Melton Renewable Energy UK plc, Reg. S 6.75% 01/02/2020

GBP 1,125,000 1,560,349 0.57

Mizzen Bondco Ltd., Reg. S 7% 01/05/2021

GBP 3,196,125 4,222,626 1.53

Moy Park BondCo plc, Reg. S 6.25% 29/05/2021

GBP 2,375,000 3,306,116 1.20


Quantity/nominal

Value

Market Value euR

% of net Assets

Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029

EUR 1,200,000 1,320,684 0.48

28,394,456 10.31GReeCeOTE plc, Reg. S 7.875% 07/02/2018 EUR 2,650,000 2,846,339 1.03

2,846,339 1.03itAlYBormioli Rocco Holdings SA, Reg. S

10% 01/08/2018EUR 4,275,000 4,473,787 1.62

Cerved Group SpA, Reg. S 8% 15/01/2021

EUR 400,000 426,605 0.16

Cooperativa Muratori & Cementisti-CMC di Ravenna SC, Reg. S 7.5% 01/08/2021

EUR 3,725,000 3,228,904 1.17

Fiat Chrysler Finance Europe, Reg. S 4.75% 15/07/2022

EUR 600,000 642,477 0.23

Gamenet SpA, Reg. S 7.25% 01/08/2018

EUR 3,825,000 3,578,785 1.30

International Game Technology plc, Reg. S 6.25% 15/02/2022

USD 1,825,000 1,576,312 0.57


EUR 600,000 563,844 0.21

Sisal Group SpA, Reg. S 7.25% 30/09/2017

EUR 2,650,000 2,613,562 0.95

UniCredit SpA, Reg. S 6.95% 31/10/2022

EUR 950,000 1,114,203 0.41

Wind Acquisition Finance SA, 144A 7.375% 23/04/2021

USD 550,000 477,466 0.17

Wind Acquisition Finance SA, Reg. S 7% 23/04/2021

EUR 3,250,000 3,231,540 1.17

Wind Acquisition Finance SA, Reg. S 7.375% 23/04/2021

USD 2,750,000 2,387,899 0.87

24,315,384 8.83luXeMbouRGAltice Finco SA, Reg. S 9.875%

15/12/2020USD 2,150,000 2,076,312 0.75

Altice Finco SA, Reg. S 9% 15/06/2023

EUR 2,800,000 3,135,300 1.14

Altice Luxembourg SA, Reg. S 7.25% 15/05/2022

EUR 3,850,000 3,613,610 1.31

Ardagh Finance Holdings SA, Reg. S 8.375% 15/06/2019

EUR 5,782,184 5,888,894 2.14

eircom Finance Ltd., Reg. S 9.25% 15/05/2020

EUR 2,125,000 2,282,441 0.83

Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018

EUR 4,350,000 4,540,312 1.65

LSF9 Balta Issuer SA, Reg. S 7.75% 15/09/2022

EUR 3,175,000 3,341,481 1.21

Swissport Investments SA, Reg. S 6.75% 15/12/2021

EUR 900,000 934,106 0.34

25,812,456 9.37MeXiCoCEMEX Espana SA, Reg. S 9.875%

30/04/2019EUR 300,000 322,095 0.12

Cemex SAB de CV, Reg. S 4.375% 05/03/2023

EUR 600,000 545,136 0.20


5.75% PerpetualEUR 1,100,000 1,102,882 0.40

LGE HoldCo VI BV, Reg. S 7.125% 15/05/2024

EUR 5,000,000 5,436,900 1.97


EUR 4,375,000 3,569,759 1.30

UPCB Finance IV Ltd., Reg. S 4% 15/01/2027

EUR 725,000 688,000 0.25

10,797,541 3.92


27t. RoWe pRiCe




Quantity/nominal

Value

Market Value euR

% of net Assets

WarrantsCZeCH RepubliCCentral European Media Enterprises

Ltd. 02/05/2018USD 20,307 32,717 0.01

32,717 0.01total Warrants 32,717 0.01total transferable securities


242,281,517 87.96

transferable securities and money market instruments dealt in on another regulated marketbondsCHileVTR Finance BV, Reg. S 6.875%

15/01/2024USD 4,300,000 3,665,728 1.33

3,665,728 1.33CZeCH RepubliCCentral European Media Enterprises

Ltd. 15% 01/12/2017USD 2,808,979 2,611,101 0.95

2,611,101 0.95GeRMAnYUnitymedia GmbH, Reg. S 6.125%

15/01/2025USD 3,875,000 3,532,168 1.28

3,532,168 1.28iSRAelB Communications Ltd., 144A 7.375%

15/02/2021USD 3,350,000 3,324,205 1.21

3,324,205 1.21itAlYIntesa Sanpaolo SpA, FRN, 144A 7.7%

PerpetualUSD 1,000,000 933,860 0.34

933,860 0.34luXeMbouRGArdagh Finance Holdings SA, Reg. S

8.625% 15/06/2019USD 1,460,375 1,321,087 0.48

1,321,087 0.48united KinGdoMIron Mountain Europe plc, Reg. S

6.125% 15/09/2022GBP 1,850,000 2,591,391 0.94

2,591,391 0.94total bonds 17,979,540 6.53

equitiesunited KinGdoMSentry Holdings 'A'* GBP 1,200 1,060 –Sentry Holdings 'B' Preference* GBP 285,945 287,729 0.10

288,789 0.10total equities 288,789 0.10

Warrantsunited KinGdoMSentry Holdings 02/01/2024* GBP 86 75 –

75 –total Warrants 75 –total transferable securities


18,268,404 6.63



Quantity/nominal

Value

Market Value euR

% of net Assets

Nationwide Building Society, Reg. S, FRN 6.875% Perpetual

GBP 475,000 649,274 0.24

New Look Secured Issuer plc, Reg. S 6.5% 01/07/2022

GBP 1,300,000 1,761,971 0.64

New Look Senior Issuer plc, Reg. S 8% 01/07/2023

GBP 2,150,000 2,856,259 1.04

Perform Group Financing plc, Reg. S 8.5% 15/11/2020

GBP 1,525,000 1,963,068 0.71

Premier Foods Finance plc, Reg. S 6.5% 15/03/2021

GBP 1,200,000 1,558,734 0.57

Priory Group No. 3 plc, Reg. S 7% 15/02/2018

GBP 183,661 255,625 0.09

Priory Group No. 3 plc, Reg. S 8.875% 15/02/2019

GBP 700,000 983,577 0.36

Santander UK Group Holdings plc, Reg. S, FRN 7.375% Perpetual

GBP 1,300,000 1,799,128 0.65

TES Finance plc, Reg. S 6.75% 15/07/2020

GBP 1,750,000 2,266,276 0.82

Virgin Media Finance plc, Reg. S 7% 15/04/2023

GBP 3,725,000 5,330,171 1.93

Virgin Media Finance plc, Reg. S 6.375% 15/10/2024

GBP 1,000,000 1,382,551 0.50

Virgin Media Secured Finance plc, Reg. S 5.125% 15/01/2025

GBP 250,000 325,601 0.12

Virgin Media Secured Finance plc, Reg. S 5.5% 15/01/2025

GBP 360,000 481,919 0.17

Voyage Care Bondco plc, Reg. S 6.5% 01/08/2018

GBP 2,350,000 3,201,190 1.16

66,486,285 24.14united StAteS oF AMeRiCAAlliance Data Systems Corp., Reg. S

5.25% 15/11/2023EUR 2,500,000 2,489,387 0.91

Ball Corp. 3.5% 15/12/2020 EUR 1,400,000 1,439,900 0.52Darling Global Finance BV, Reg. S

4.75% 30/05/2022EUR 850,000 825,044 0.30

Goodyear Dunlop Tires Europe BV, Reg. S 3.75% 15/12/2023

EUR 2,000,000 2,035,110 0.74

Kloeckner Pentaplast of America, Inc., Reg. S 7.125% 01/11/2020

EUR 3,925,000 4,019,907 1.46

PSPC Escrow Corp., Reg. S 6% 01/02/2023

EUR 2,850,000 2,459,807 0.89

13,269,155 4.82total bonds 237,320,332 86.16

equitiesiRelAndSmurfit Kappa Group plc EUR 42,000 990,780 0.36

990,780 0.36iSRAelBezeq The Israeli Telecommunication

Corp. Ltd.ILS 580,000 1,160,022 0.42

1,160,022 0.42netHeRlAndSAltice NV 'B' EUR 7,669 102,765 0.04Altice NV 'A' EUR 52,276 692,657 0.25

795,422 0.29united KinGdoMLiberty Global plc USD 9,700 356,787 0.13Liberty Global plc 'A' USD 4,000 155,692 0.06Liberty Global plc LiLAC 'A' USD 200 7,450 –Liberty Global plc LiLAC 'C' USD 37,685 1,462,315 0.53

1,982,244 0.72total equities 4,928,468 1.79


28 t. RoWe pRiCe




Currency purchased

Amount purchased

Currency Sold

Amount Sold



euR% of net

Assets

EUR 2,650,848 CHF 2,865,196 29/01/2016 RBS 13,746 0.01EUR 113,203 CHF 121,995 29/01/2016 J.P. Morgan 920 –EUR 65,479,840 GBP 46,440,654 29/01/2016 Goldman

Sachs2,365,018 0.85

EUR 6,993,845 GBP 5,018,992 29/01/2016 J.P. Morgan 172,822 0.06EUR 704,950 GBP 508,380 29/01/2016 HSBC 14,039 0.01EUR 1,149,743 ILS 4,731,594 28/01/2016 Societe

Generale36,653 0.01

EUR 29,521,734 USD 31,496,000 29/01/2016 BNP Paribas 598,705 0.22SEK 6,271,300 EUR 672,682 29/01/2016 J.P. Morgan 11,406 0.01USD 181,361 EUR 166,167 29/01/2016 J.P. Morgan 378 –USD 2,730,110 EUR 2,484,538 29/01/2016 RBS 22,543 0.01total unrealised Gain on

Forward Currency exchange Contracts3,236,230 1.18

CHF 719,263 EUR 665,828 29/01/2016 J.P. Morgan (3,825) –CHF 57,195,975 EUR 52,982,539 29/01/2016 UBS (339,834) (0.13)EUR 663,604 SEK 6,152,125 29/01/2016 Citibank (7,484) –EUR 12,918 SEK 119,175 29/01/2016 J.P. Morgan (82) –EUR 8,150 USD 8,957 29/01/2016 J.P. Morgan (75) –USD 2,569,456 EUR 2,420,629 29/01/2016 J.P. Morgan (61,077) (0.02)total unrealised loss on



2,823,853 1.03



Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value euR


euR% of net

Assets

220,000 EUR Barclays Wind Acquisition Finance SA 11.75% 15/07/2017

Sell 5.00% 20/06/2019 14,310 14,310 0.01

total unrealised Gain on Credit default Swap Contracts

14,310 14,310 0.01

net unrealised Gain on Credit default Swap Contracts

14,310 14,310 0.01



United Kingdom 25.90Germany 11.59France 10.23Luxembourg 9.85Italy 9.17United States of America 4.82Netherlands 4.21Poland 2.37Switzerland 2.34

% of net Assets

Spain 2.14Serbia 2.13Czech Republic 1.66Israel 1.63Canada 1.38Chile 1.33Greece 1.03China 0.95Panama 0.42Ireland 0.36Mexico 0.32Sweden 0.29Belgium 0.27South Africa 0.20total investments 94.59Cash and Other Assets/(Liabilities) 5.41total 100.00

* Security is valued at its fair value under the direction of the Board of Directors of the Manager.



29t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAlbAniAAlbania Government International

Bond, Reg. S 5.75% 12/11/2020EUR 100,000 111,570 0.14

111,570 0.14AuStRAliABHP Billiton Finance USA Ltd. 3.85%

30/09/2023USD 110,000 104,026 0.13

New South Wales Treasury Corp. 4% 20/04/2023

AUD 205,000 161,400 0.21

265,426 0.34AuStRiAErste Group Bank AG, Reg. S 0.75%

05/02/2025EUR 200,000 213,646 0.27

Heta Asset Resolution AG, Reg. S 2.375% 13/12/2022

EUR 400,000 463,369 0.60

677,015 0.87belGiuMAnheuser-Busch InBev SA, Reg. S

6.5% 23/06/2017GBP 6,000 9,509 0.01

9,509 0.01CAnAdACanadian Government Bond 3.5%

01/12/2045CAD 135,000 126,595 0.16

Rogers Communications, Inc. 3.625% 15/12/2025

USD 60,000 59,008 0.08

185,603 0.24CHinAChina Government Bond, Reg. S

3.25% 22/05/2019CNH 4,500,000 679,610 0.88

Tencent Holdings Ltd., 144A 3.375% 02/05/2019

USD 200,000 203,503 0.26

883,113 1.14CRoAtiACroatia Government International

Bond, Reg. S 5.875% 09/07/2018EUR 200,000 237,146 0.31

237,146 0.31CYpRuSCyprus Government International

Bond, Reg. S 3.875% 06/05/2022EUR 192,000 217,072 0.28

217,072 0.28CZeCH RepubliCCzech Republic International, Reg. S

3.875% 24/05/2022EUR 270,000 354,174 0.45

UniCredit Bank Czech Republic & Slovakia A/S, Reg. S 0.625% 30/04/2020

EUR 300,000 323,418 0.42

677,592 0.87denMARKRealkredit Danmark A/S 2%

01/04/2024DKK 2,050,000 309,137 0.40

309,137 0.40FinlAndCitycon OYJ, Reg. S 3.75%

24/06/2020EUR 100,000 118,840 0.15

118,840 0.15FRAnCeBNP Paribas SA, Reg. S, FRN 2.875%

20/03/2026EUR 100,000 111,489 0.14

Dexia Credit Local SA, Reg. S 1.625% 29/10/2018

EUR 130,000 147,610 0.19

Global Aggregate bond Fund


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from issuers around the world. Specifically, the fund invests at least two-thirds of total assets in debt securities issued by governments, government agencies, supra-national organizations, companies and banks. Portfolio debt securities can include fixed and floating rate bonds as well as preferred stocks, convertible bonds and other transferable debt securities of any type, including high yield securities. The fund may invest more than 20% of assets in mortgage- and asset-backed securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies, debt securities and credit indices.


30 t. RoWe pRiCe


Global Aggregate bond Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

indoneSiAIndonesia Government International

Bond, Reg. S 2.875% 08/07/2021EUR 100,000 108,592 0.14


EUR 100,000 102,856 0.13

211,448 0.27iRelAndAIB Mortgage Bank 4.875%

29/06/2017EUR 50,000 58,246 0.08

AIB Mortgage Bank, Reg. S 2.25% 26/03/2021

EUR 100,000 117,827 0.15

Bank of Ireland Mortgage Bank 3.625% 02/10/2020

EUR 100,000 124,491 0.16

Ireland Government Bond 5.4% 13/03/2025

EUR 454,000 677,284 0.87

977,848 1.26iSRAelIsrael Government Bond 4.25%

31/03/2023ILS 245,000 75,844 0.10

Israel Government International Bond, Reg. S 2.875% 29/01/2024

EUR 130,000 156,262 0.20

232,106 0.30itAlYAssicurazioni Generali SpA, Reg. S

4.125% 04/05/2026EUR 100,000 116,461 0.15

Atlantia SpA 6.25% 09/06/2022 GBP 10,000 17,682 0.02Banca Monte dei Paschi di Siena SpA

3.5% 20/03/2017EUR 100,000 112,938 0.15


EUR 300,000 323,268 0.42


EUR 350,000 376,805 0.48

Bormioli Rocco Holdings SA, Reg. S 10% 01/08/2018

EUR 100,000 113,891 0.15

ENI Finance International SA 5% 27/01/2019

GBP 10,000 16,057 0.02


EUR 50,000 61,548 0.08


EUR 100,000 128,123 0.16

Italy Buoni Poliennali Del Tesoro 1.7% 15/09/2018

EUR 386,000 448,732 0.58


EUR 91,000 113,085 0.15

Italy Buoni Poliennali Del Tesoro, Reg. S 4.5% 01/02/2020

EUR 470,000 595,712 0.77


EUR 1,501,000 1,641,619 2.11


EUR 372,000 467,790 0.60


EUR 726,000 1,016,253 1.31

Telecom Italia SpA 5.875% 19/05/2023

GBP 50,000 79,747 0.10

Wind Acquisition Finance SA, Reg. S 7% 23/04/2021

EUR 100,000 108,212 0.14

5,737,923 7.39JApAnBank of Tokyo-Mitsubishi UFJ Ltd.

(The), 144A 2.35% 08/09/2019USD 200,000 198,823 0.26

Japan Government Thirty Year Bond 2.2% 20/09/2039

JPY 31,500,000 320,517 0.41

Japan Government Thirty Year Bond 1.7% 20/09/2044

JPY 55,000,000 506,231 0.65

Japan Government Twenty Year Bond 1.4% 20/09/2034

JPY 106,100,000 959,028 1.24


Quantity/nominal

Value

Market Value uSd

% of net Assets

Dexia Credit Local SA, Reg. S 2.125% 12/02/2025

GBP 200,000 282,574 0.36

Eutelsat SA, Reg. S 3.125% 10/10/2022

EUR 100,000 120,224 0.16

France Government Bond OAT, Reg. S 4% 25/10/2038

EUR 411,000 626,560 0.81

Havas SA, Reg. S 1.875% 08/12/2020 EUR 200,000 217,095 0.28HomeVi SAS, Reg. S 6.875%

15/08/2021EUR 100,000 114,938 0.15

Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 100,000 126,672 0.16Loxam SAS, Reg. S 7% 23/07/2022 EUR 100,000 111,521 0.14RCI Banque SA, Reg. S 3.25%

25/04/2018GBP 20,000 30,363 0.04

TOTAL SA, Reg. S, FRN 2.625% 29/12/2049

EUR 174,000 167,611 0.22

2,056,657 2.65GeRMAnYBertelsmann SE & Co. KGaA, Reg. S,

FRN 3% 23/04/2075EUR 100,000 101,395 0.13

Bertelsmann SE & Co. KGaA, Reg. S, FRN 3.5% 23/04/2075

EUR 100,000 96,202 0.12

Bundesrepublik Deutschland, Reg. S 6.5% 04/07/2027

EUR 150,000 266,248 0.34


EUR 335,000 454,609 0.59


EUR 340,000 461,885 0.59

Daimler International Finance BV, Reg. S 3.5% 06/06/2019

GBP 6,000 9,343 0.01

E.ON International Finance BV 6% 30/10/2019

GBP 50,000 82,721 0.11


EUR 100,000 114,536 0.15

KFW 6% 20/08/2020 AUD 285,000 236,827 0.31Linde Finance BV 6.5% 29/01/2016 GBP 10,000 14,854 0.02Merck KGaA, Reg. S, FRN 3.375%

12/12/2074EUR 90,000 96,876 0.12

ProSiebenSat.1 Media SE, Reg. S 2.625% 15/04/2021

EUR 75,000 84,458 0.11

RWE Finance BV 5.625% 06/12/2023 GBP 9,000 14,529 0.02Symrise AG, Reg. S 1.75% 10/07/2019 EUR 150,000 167,558 0.22Vonovia Finance BV, Reg. S, FRN 4%

PerpetualEUR 200,000 212,130 0.27

2,414,171 3.11HunGARYHungary Government Bond 3.5%

24/06/2020HUF 69,000,000 247,329 0.32

Hungary Government Bond 7% 24/06/2022

HUF 46,000,000 195,008 0.25

Magyar Export-Import Bank Zrt., Reg. S 4% 30/01/2020

USD 200,000 201,940 0.26

644,277 0.83iCelAndArion Banki HF, Reg. S 3.125%

12/03/2018EUR 200,000 220,750 0.28

Iceland Government International Bond, Reg. S 5.875% 11/05/2022

USD 115,000 130,639 0.17


EUR 200,000 217,222 0.28


BV, Reg. S 3.375% 20/05/2021EUR 100,000 114,037 0.15

114,037 0.15


31t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

RuSSiARussian Federal Bond - OFZ 7.5%

15/03/2018RUB 4,140,000 53,545 0.07

Russian Foreign Bond, STEP, 144A 7.5% 31/03/2030

USD 23,800 28,579 0.04

82,124 0.11SeRbiAUnited Group BV, Reg. S 7.875%

15/11/2020EUR 100,000 115,065 0.15

115,065 0.15SinGApoReSingapore Government Bond 3.125%

01/09/2022SGD 119,000 88,161 0.11

88,161 0.11SloVeniASlovenia Government Bond, Reg. S

2.125% 28/07/2025EUR 195,000 222,323 0.29

Slovenia Government Bond, Reg. S 5.125% 30/03/2026

EUR 73,000 105,253 0.13

Slovenia Government Bond, Reg. S 1.5% 25/03/2035

EUR 380,000 361,549 0.46

Slovenia Government International Bond, Reg. S 4.75% 10/05/2018

USD 311,000 330,856 0.43

1,019,981 1.31SoutH AFRiCASouth Africa Government Bond 6.75%

31/03/2021ZAR 559,000 32,140 0.04


ZAR 1,625,000 94,596 0.12

126,736 0.16SoutH KoReAExport-Import Bank of Korea 4.625%

20/02/2017EUR 89,000 101,652 0.13

Export-Import Bank of Korea, Reg. S 2% 30/04/2020

EUR 100,000 114,684 0.15

Korea Treasury 2.75% 10/09/2019 KRW 328,500,000 289,692 0.37Korea Treasury 3% 10/09/2024 KRW 525,350,000 480,595 0.62

986,623 1.27SpAinBanco Popular Espanol SA, Reg. S

0.75% 29/09/2020EUR 200,000 217,426 0.28

Banco Santander SA 4% 07/04/2020 EUR 100,000 125,169 0.16Bankia SA 4% 03/02/2025 EUR 100,000 131,768 0.17BBVA Subordinated Capital SAU, Reg.

S, FRN 3.5% 11/04/2024EUR 100,000 112,973 0.15


EUR 70,811 78,241 0.10

Instituto de Credito Oficial, Reg. S 6% 08/03/2021

EUR 57,000 78,042 0.10

Spain Government Bond, Reg. S, 144A 4.1% 30/07/2018

EUR 96,000 115,140 0.15


EUR 530,000 716,305 0.92


EUR 95,000 132,939 0.17


EUR 521,000 583,911 0.75

Telefonica Emisiones SAU 5.375% 02/02/2018

GBP 50,000 78,712 0.10

Telefonica Emisiones SAU, Reg. S 4.693% 11/11/2019

EUR 50,000 62,174 0.08

Telefonica Europe BV, Reg. S, FRN 4.2% Perpetual

EUR 200,000 214,956 0.28

2,647,756 3.41


Quantity/nominal

Value

Market Value uSd

% of net Assets

Japan Government Twenty Year Bond 1.2% 20/12/2034

JPY 140,100,000 1,222,175 1.57

3,206,774 4.13litHuAniALithuania Government International

Bond, Reg. S 7.375% 11/02/2020USD 557,000 660,797 0.85

660,797 0.85luXeMbouRGAltice Financing SA, Reg. S 8%

15/12/2019EUR 100,000 113,621 0.15

Altice Luxembourg SA, 144A 7.25% 15/05/2022

EUR 100,000 102,279 0.13


EUR 108,550 120,315 0.15

336,215 0.43MeXiCoBBVA Bancomer SA, 144A 4.375%

10/04/2024USD 150,000 149,042 0.19

Mexican Bonos 5% 11/12/2019 MXN 26,950,000 1,542,866 1.99Mexican Bonos 6.5% 09/06/2022 MXN 14,870,000 885,933 1.14Mexican Bonos 8.5% 18/11/2038 MXN 2,655,000 180,737 0.23Mexican Bonos 7.75% 13/11/2042 MXN 12,943,000 819,534 1.06Mexico Government International Bond

3.6% 30/01/2025USD 440,000 429,286 0.55


EUR 120,000 134,742 0.18

4,142,140 5.34netHeRlAndSABN AMRO Bank NV, 144A 4.75%

28/07/2025USD 200,000 199,507 0.26

ING Bank NV, Reg. S, FRN 4.125% 21/11/2023

USD 205,000 209,635 0.27

Koninklijke KPN NV 5.75% 18/03/2016

GBP 50,000 74,680 0.10

Netherlands Government Bond 5.5% 15/01/2028

EUR 311,000 511,179 0.66


EUR 100,000 88,799 0.11

Shell International Finance BV 2.125% 11/05/2020

USD 365,000 359,260 0.46

Ziggo Bond Finance BV, Reg. S 4.625% 15/01/2025

EUR 100,000 101,346 0.13

1,544,406 1.99polAndPoland Government Bond 1.5%

25/04/2020PLN 586,000 144,687 0.19

Poland Government International Bond 5% 23/03/2022

USD 45,000 49,978 0.06


USD 60,000 59,493 0.08


USD 20,000 21,059 0.03

275,217 0.36RoMAniARomania Government Bond 5.85%

26/04/2023RON 1,280,000 355,028 0.46

Romanian Government International Bond, Reg. S 6.5% 18/06/2018

EUR 98,000 122,473 0.16


EUR 110,000 138,162 0.18


EUR 270,000 321,661 0.41


EUR 90,000 99,363 0.13

1,036,687 1.34


32 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Sky plc, Reg. S 1.875% 24/11/2023 EUR 100,000 109,191 0.14Standard Chartered plc, Reg. S, FRN

4% 21/10/2025EUR 100,000 110,218 0.14

Tesco plc 5.5% 13/12/2019 GBP 20,000 31,499 0.04UK Treasury, Reg. S 1.5% 22/01/2021 GBP 1,470,000 2,179,542 2.81UK Treasury, Reg. S 3.5% 22/01/2045 GBP 335,000 579,054 0.75UK Treasury, Reg. S 4.25%

07/12/2046GBP 713,000 1,417,476 1.82

Western Power Distribution plc, Reg. S 3.625% 06/11/2023

GBP 100,000 147,591 0.19

6,678,689 8.60united StAteS oF AMeRiCAAbbVie, Inc. 3.2% 06/11/2022 USD 90,000 88,802 0.11ACE INA Holdings, Inc. 2.3%

03/11/2020USD 65,000 64,478 0.08

Actavis Funding SCS 3.45% 15/03/2022

USD 190,000 190,431 0.25

Albemarle Corp., Reg. S 1.875% 08/12/2021

EUR 150,000 158,090 0.20

Alcoa, Inc. 5.125% 01/10/2024 USD 165,000 152,142 0.20Anadarko Petroleum Corp. 3.45%

15/07/2024USD 20,000 17,827 0.02

Apple, Inc. 3.05% 31/07/2029 GBP 100,000 144,942 0.19Bank of America Corp., Reg. S 4.625%

07/08/2017EUR 50,000 58,147 0.08

Bank of America Corp. 5.5% 04/12/2019

GBP 12,000 19,771 0.03


EUR 100,000 109,581 0.14


USD 245,000 241,874 0.31

Carnival Corp. 1.125% 06/11/2019 EUR 100,000 108,904 0.14CC Holdings GS V LLC 3.849%

15/04/2023USD 325,000 321,181 0.41

Constellation Energy Group, Inc. 5.15% 01/12/2020

USD 105,000 113,876 0.15

Delphi Corp. 5% 15/02/2023 USD 200,000 212,100 0.27Discover Bank 3.1% 04/06/2020 USD 255,000 255,952 0.33Ecolab, Inc. 2.625% 08/07/2025 EUR 150,000 171,881 0.22Flowserve Corp. 1.25% 17/03/2022 EUR 150,000 154,697 0.20GE Capital UK Funding, Reg. S 4.375%

31/07/2019GBP 10,000 15,947 0.02

General Motors Financial Co., Inc. 4.25% 15/05/2023

USD 180,000 178,421 0.23

General Motors Financial International BV, Reg. S 1.875% 15/10/2019

EUR 100,000 111,036 0.14

Goldman Sachs Group, Inc. (The) 5.5% 12/10/2021

GBP 10,000 16,448 0.02


USD 155,000 176,105 0.23


USD 340,000 338,756 0.44

Humana, Inc. 3.85% 01/10/2024 USD 160,000 160,940 0.21Kilroy Realty Corp., REIT 3.4%

01/11/2022USD 65,000 64,379 0.08

Kinder Morgan Energy Partners LP 4.3% 01/05/2024

USD 65,000 56,287 0.07

Life Technologies Corp. 6% 01/03/2020

USD 145,000 161,702 0.21

Lockheed Martin Corp. 3.55% 15/01/2026

USD 125,000 125,777 0.16


USD 65,000 58,566 0.08

Mead Johnson Nutrition Co. 4.125% 15/11/2025

USD 25,000 25,270 0.03


Quantity/nominal

Value

Market Value uSd

% of net Assets

SWedenNordea Hypotek AB 1% 08/04/2022 SEK 4,500,000 511,451 0.66Skandinaviska Enskilda Banken AB

1.5% 17/06/2020SEK 6,500,000 785,332 1.01

Sweden Government Bond 3.5% 30/03/2039

SEK 4,170,000 622,475 0.80

1,919,258 2.47SWitZeRlAndSIG Combibloc Holdings SCA, Reg. S

7.75% 15/02/2023EUR 100,000 114,041 0.15

Zurich Insurance Co. Ltd., FRN 7.5% 24/07/2039

EUR 50,000 64,433 0.08

178,474 0.23tHAilAndThailand Government Bond 3.25%

16/06/2017THB 4,868,000 138,534 0.18


THB 786,000 22,974 0.03


THB 13,000,000 388,932 0.50

550,440 0.71united KinGdoMArqiva Broadcast Finance plc, Reg. S

9.5% 31/03/2020GBP 100,000 160,589 0.21


EUR 50,000 60,864 0.08

BAT International Finance plc 6.375% 12/12/2019

GBP 12,000 20,555 0.03

Delphi Automotive plc 1.5% 10/03/2025

EUR 100,000 100,964 0.13

Eastern Power Networks plc 5.75% 08/03/2024

GBP 16,000 28,019 0.04

GKN Holdings plc, Reg. S 6.75% 28/10/2019

GBP 6,000 10,039 0.01

GKN Holdings plc, Reg. S 5.375% 19/09/2022

GBP 100,000 162,110 0.21

Heathrow Funding Ltd., Reg. S 5.225% 15/02/2023

GBP 50,000 84,044 0.11

Heathrow Funding Ltd., Reg. S 1.5% 11/02/2030

EUR 100,000 96,658 0.12

HSBC Holdings plc 5.75% 20/12/2027 GBP 22,000 36,271 0.05Imperial Tobacco Finance plc 6.25%

04/12/2018GBP 16,000 26,384 0.03

Imperial Tobacco Finance plc, 144A 2.95% 21/07/2020

USD 270,000 270,734 0.35

InterContinental Hotels Group plc 3.875% 28/11/2022

GBP 100,000 151,683 0.19

Lloyds Bank plc, Reg. S 7.625% 22/04/2025

GBP 14,000 26,561 0.03


EUR 100,000 116,197 0.15

National Grid Gas plc 6% 07/06/2017 GBP 23,000 36,327 0.05Nationwide Building Society, Reg. S

6.75% 22/07/2020EUR 50,000 66,922 0.09


GBP 100,000 147,504 0.19

Next plc 5.875% 12/10/2016 GBP 50,000 76,672 0.10RSA Insurance Group plc, Reg. S, FRN

5.125% 10/10/2045GBP 100,000 143,509 0.18

Safeway Ltd. 6.125% 17/12/2018 GBP 5,000 8,065 0.01Santander UK Group Holdings plc

2.875% 16/10/2020USD 235,000 233,541 0.30

Scottish Power UK plc 8.375% 20/02/2017

GBP 16,000 25,531 0.03

Severn Trent Utilities Finance plc 6.125% 26/02/2024

GBP 8,000 14,375 0.02


33t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Japanese Government CPI Linked Bond 0.1% 10/03/2024

JPY 169,500,000 1,528,633 1.97


JPY 51,300,000 451,767 0.58


JPY 61,300,000 538,649 0.69

3,146,261 4.05MeXiCoPetroleos Mexicanos 4.875%

24/01/2022USD 60,000 57,853 0.07


USD 10,000 8,984 0.01


USD 45,000 39,086 0.05


USD 50,000 38,010 0.05

143,933 0.18SinGApoReHPHT Finance 15 Ltd., 144A 2.25%

17/03/2018USD 200,000 198,814 0.26

198,814 0.26SWitZeRlAndUBS Group Funding Jersey Ltd., 144A

4.125% 24/09/2025USD 200,000 200,167 0.26

200,167 0.26united KinGdoMLloyds Banking Group plc, Reg. S

4.582% 10/12/2025USD 116,000 116,638 0.15

116,638 0.15united StAteS oF AMeRiCAAlly Auto Receivables Trust, Series

2012-A 'D', 144A 3.15% 15/10/2018USD 20,000 20,151 0.03

Amazon.com, Inc. 3.8% 05/12/2024 USD 180,000 187,350 0.24American Airlines Pass Through Trust,

Series 2013-2 'A' 4.95% 15/01/2023USD 173,566 183,329 0.24

AmeriCredit Automobile Receivables Trust, Series 2012-1 'C' 2.67% 08/01/2018

USD 2,841 2,845 –


USD 30,000 30,056 0.04


USD 45,000 45,103 0.06

Ascentium Equipment Receivables LLC, Series 2015-1A 'A3', 144A 1.61% 13/10/2020

USD 44,000 43,791 0.06

Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A 'A', 144A 2.63% 20/12/2021

USD 110,000 108,659 0.14

Banc of America Commercial Mortgage Trust, FRN, Series 2006-3 'AM' 6.044% 10/07/2044

USD 195,000 197,051 0.25

Banc of America Commercial Mortgage Trust, Series 2006-5 'AM' 5.448% 10/09/2047

USD 235,000 239,522 0.31

Banc of America Commercial Mortgage Trust, Series 2007-5 'A4' 5.492% 10/02/2051

USD 33,909 35,153 0.05

Banc of America Commercial Mortgage Trust, FRN, Series 2007-4 'A4' 5.933% 10/02/2051

USD 109,936 114,492 0.15

Banc of America Commercial Mortgage Trust, FRN, Series 2007-4 'AM' 6% 10/02/2051

USD 40,000 41,854 0.05


Quantity/nominal

Value

Market Value uSd

% of net Assets

Medtronic, Inc. 3.5% 15/03/2025 USD 230,000 232,552 0.30Metropolitan Life Global Funding I,

Reg. S 3.5% 30/09/2026GBP 100,000 154,953 0.20

Mohawk Industries, Inc. 2% 14/01/2022

EUR 150,000 165,266 0.21

Morgan Stanley 5% 02/05/2019 EUR 50,000 62,293 0.08Morgan Stanley 3.75% 25/02/2023 USD 235,000 241,460 0.31Noble Energy, Inc. 4.15% 15/12/2021 USD 95,000 92,392 0.12PepsiCo, Inc. 3.1% 17/07/2022 USD 260,000 267,228 0.34Priceline Group, Inc. (The) 2.375%

23/09/2024EUR 100,000 107,538 0.14

SESI LLC 7.125% 15/12/2021 USD 25,000 22,375 0.03Simon Property Group LP, REIT 2.5%

01/09/2020USD 300,000 301,462 0.39

Time Warner, Inc. 1.95% 15/09/2023 EUR 100,000 110,562 0.14Unum Group 4% 15/03/2024 USD 160,000 160,686 0.21US Bank NA 2.125% 28/10/2019 USD 250,000 250,144 0.32US Treasury 3.125% 15/02/2043 USD 87,000 89,100 0.12US Treasury 3.375% 15/05/2044 USD 1,442,000 1,546,996 1.99US Treasury 2.5% 15/02/2045 USD 410,000 367,847 0.47Visa, Inc. 4.3% 14/12/2045 USD 160,000 161,821 0.21Williams Cos., Inc. (The) 4.55%

24/06/2024USD 180,000 126,266 0.16

WPX Energy, Inc. 7.5% 01/08/2020 USD 100,000 81,500 0.118,616,751 11.10

total bonds 50,861,395 65.51total transferable securities


50,861,395 65.51

transferable securities and money market instruments dealt in on another regulated marketbondsAuStRAliABrambles USA, Inc., 144A 4.125%

23/10/2025USD 95,000 94,791 0.12

New South Wales Treasury Corp., Reg. S 4% 20/05/2026

AUD 460,000 360,960 0.47

SMART ABS Trust, Series 2012-2USA 'A4A', 144A 2.06% 14/03/2018

USD 93,315 93,400 0.12

SMART ABS Trust, Series 2012-4US 'A4A' 1.25% 14/08/2018

USD 90,000 89,877 0.12


USD 40,000 39,917 0.05

Transurban Finance Co. Pty. Ltd., 144A 4.125% 02/02/2026

USD 35,000 34,512 0.04

713,457 0.92CAnAdAProvince of British Columbia Canada

3.7% 18/12/2020CAD 418,000 335,308 0.43

335,308 0.43FRAnCeBPCE SA, 144A 5.15% 21/07/2024 USD 285,000 289,090 0.37

289,090 0.37iSRAelB Communications Ltd., 144A 7.375%

15/02/2021USD 150,000 161,988 0.21

161,988 0.21JApAnJapanese Government CPI Linked

Bond 0.1% 10/09/2023JPY 69,100,000 627,212 0.81


34 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Diamond Resorts Owner Trust, Series 2014-1 'A', 144A 2.54% 20/05/2027

USD 64,733 64,222 0.08

Dollar Tree, Inc., 144A 5.75% 01/03/2023

USD 100,000 104,500 0.13

Domino's Pizza Master Issuer LLC, Series 2012-1A 'A2', 144A 5.216% 25/01/2042

USD 76,406 78,649 0.10

DSLA Mortgage Loan Trust, FRN, Series 2004-AR1 'A1A' 1.242% 19/09/2044

USD 25,540 23,941 0.03

Elara HGV Timeshare Issuer LLC, Series 2014-A 'A', 144A 2.53% 25/02/2027

USD 61,838 60,836 0.08

Enterprise Fleet Financing LLC, Series 2015-1 'A2', 144A 1.3% 20/09/2020

USD 200,000 199,330 0.26

ERAC USA Finance LLC, 144A 3.8% 01/11/2025

USD 125,000 123,737 0.16

Expedia, Inc., 144A 5% 15/02/2026 USD 310,000 302,573 0.39FHLMC E99933 5% 01/10/2018 USD 1,080 1,117 –FHLMC B10343 5% 01/11/2018 USD 1,299 1,343 –FHLMC E01497 5.5% 01/11/2018 USD 1,070 1,120 –FHLMC J03640 6% 01/10/2021 USD 2,879 3,048 –FHLMC, FRN, Series 2014-HQ3 'M2'

2.871% 25/10/2024USD 250,000 253,508 0.33

FHLMC G13682 4.5% 01/11/2024 USD 22,941 24,632 0.03FHLMC, FRN, Series 2015-DN1 'M2'

2.821% 25/01/2025USD 250,000 253,946 0.33

FHLMC, FRN, Series 2015-HQ1 'M2' 2.622% 25/03/2025

USD 250,000 249,478 0.32

FHLMC G14272 5% 01/07/2025 USD 3,807 3,937 0.01FHLMC, FRN, Series 2015-DNA3 'M2'

3.272% 25/04/2028USD 250,000 249,723 0.32

FHLMC G18465 2.5% 01/05/2028 USD 25,579 25,964 0.03FHLMC C68248 7% 01/06/2032 USD 516 557 –FHLMC G01444 6.5% 01/08/2032 USD 2,748 3,203 –FHLMC, FRN 1B0527 2.535%

01/09/2032USD 116 120 –

FHLMC C72128 6% 01/10/2032 USD 1,928 2,167 –FHLMC G05934 6% 01/12/2033 USD 5,724 6,547 0.01FHLMC A28566 6.5% 01/11/2034 USD 25,149 28,680 0.04FHLMC, FRN 1G0661 2.245%

01/01/2036USD 451 471 –

FHLMC, FRN 1G1326 6.079% 01/11/2036

USD 1,352 1,423 –

FHLMC, FRN 1G1353 5.821% 01/12/2036

USD 1,131 1,191 –

FHLMC, FRN 1B3203 2.438% 01/01/2037

USD 2,013 2,153 –

FHLMC, FRN 1Q0196 2.817% 01/02/2037

USD 8,102 8,616 0.01

FHLMC G04653 6% 01/08/2038 USD 2,036 2,334 –FHLMC G08353 4.5% 01/07/2039 USD 13,376 14,420 0.02FHLMC G05659 4.5% 01/10/2039 USD 17,641 19,017 0.02FHLMC G06020 5.5% 01/12/2039 USD 1,513 1,682 –FHLMC A91566 4.5% 01/03/2040 USD 13,265 14,394 0.02FHLMC A91812 5% 01/04/2040 USD 16,237 17,893 0.02FHLMC A93101 5% 01/07/2040 USD 9,857 10,826 0.01FHLMC A93996 4.5% 01/09/2040 USD 38,336 41,325 0.05FHLMC A95825 4% 01/12/2040 USD 78,492 83,081 0.11FHLMC A95961 4% 01/12/2040 USD 21,366 22,616 0.03FHLMC A96413 4% 01/01/2041 USD 9,794 10,366 0.01FHLMC A97059 4% 01/02/2041 USD 52,298 55,348 0.07FHLMC A97047 4.5% 01/02/2041 USD 34,764 37,479 0.05FHLMC G08435 4.5% 01/02/2041 USD 38,772 41,887 0.05


Quantity/nominal

Value

Market Value uSd

% of net Assets

Banc of America Mortgage Trust, FRN, Series 2004-A '2A2' 2.651% 25/02/2034

USD 2,888 2,859 –

Banc of America Mortgage Trust, FRN, Series 2004-H '2A2' 2.814% 25/09/2034

USD 1,781 1,752 –

Banc of America Mortgage Trust, FRN, Series 2004-I '3A2' 2.84% 25/10/2034

USD 867 862 –

Banc of America Mortgage Trust, FRN, Series 2005-J '2A1' 2.946% 25/11/2035

USD 13,385 12,458 0.02


USD 4,545 4,341 0.01

Barclays Dryrock Issuance Trust, Series 2015-1 'A' 2.2% 15/12/2022

USD 100,000 99,655 0.13

Biogen, Inc. 4.05% 15/09/2025 USD 290,000 294,050 0.38Capital Auto Receivables Asset Trust,

Series 2015-4 'A4' 2.01% 20/07/2020USD 10,000 9,889 0.01

CarMax Auto Owner Trust, Series 2012-3 'D' 2.29% 15/04/2019

USD 25,000 25,059 0.03

CarMax Auto Owner Trust, Series 2014-1 'B' 1.69% 15/08/2019

USD 10,000 9,947 0.01

CarMax Auto Owner Trust, Series 2014-1 'C' 1.93% 15/11/2019

USD 10,000 9,917 0.01

CCO Safari II LLC, 144A 3.579% 23/07/2020

USD 225,000 223,567 0.29


USD 145,000 145,097 0.19

Celgene Corp. 3.875% 15/08/2025 USD 330,000 329,630 0.42Chase Funding Trust, Series 2002-2

'1M1' 5.599% 25/09/2031USD 1,519 1,446 –

Citigroup Commercial Mortgage Trust, Series 2015-GC29 'A4' 3.192% 10/04/2048

USD 170,000 166,970 0.22

CNH Equipment Trust, Series 2012-D 'B' 1.27% 15/05/2020

USD 50,000 49,947 0.06

COMM Mortgage Trust, FRN, Series 2015-LC21 'B' 4.456% 10/07/2048

USD 70,000 69,896 0.09

COMM Mortgage Trust, FRN, Series 2015-LC21 'C' 4.456% 10/07/2048

USD 45,000 41,407 0.05

COMM Mortgage Trust, Series 2015-PC1 'A2' 3.148% 10/07/2050

USD 30,000 30,825 0.04


USD 45,000 46,420 0.06

COMM Mortgage Trust, Series 2015-PC1 'AM' 4.29% 10/07/2050

USD 20,000 20,851 0.03

COMM Mortgage Trust, FRN, Series 2015-PC1 'B' 4.59% 10/07/2050

USD 35,000 34,989 0.05

COMM Mortgage Trust, FRN, Series 2015-PC1 'C' 4.59% 10/07/2050

USD 30,000 27,255 0.04

Commercial Mortgage Trust, Series 2007-GG9 'AM' 5.475% 10/03/2039

USD 50,000 51,198 0.07

Commercial Mortgage Trust, Series 2007-GG9 'AMFX' 5.475% 10/03/2039

USD 55,000 56,381 0.07

Countrywide Asset-Backed Certificates Trust, FRN, Series 2004-BC1 'M2' 2.027% 25/01/2034

USD 5,229 4,952 0.01

Crown Castle Towers LLC, 144A 3.663% 15/05/2025

USD 80,000 77,737 0.10

CSMC Trust, Series 2015-GLPB 'A', 144A 3.639% 15/11/2034

USD 190,000 194,981 0.25

DB Master Finance LLC, Series 2015-1A 'A2I', 144A 3.262% 20/02/2045

USD 109,175 108,025 0.14


USD 37,626 37,600 0.05


35t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

FNMA, FRN 745216 2.355% 01/11/2035

USD 9,575 10,094 0.01

FNMA, FRN 848522 1.861% 01/12/2035

USD 508 536 –

FNMA, FRN 848476 2.181% 01/12/2035

USD 2,561 2,676 –

FNMA, FRN 846551 2.502% 01/12/2035

USD 910 974 –

FNMA AE0115 5.5% 01/12/2035 USD 21,174 23,854 0.03FNMA 745089 6% 01/12/2035 USD 59,304 67,480 0.09FNMA 745275 5% 01/02/2036 USD 2,013 2,221 –FNMA 745355 5% 01/03/2036 USD 3,219 3,551 –FNMA AL0609 5% 01/03/2036 USD 1,706 1,880 –FNMA 745418 5.5% 01/04/2036 USD 2,763 3,099 –FNMA 995112 5.5% 01/07/2036 USD 32,874 36,993 0.05FNMA, FRN 745761 2.449%

01/08/2036USD 7,955 8,460 0.01

FNMA 904108 6.5% 01/11/2036 USD 2,845 3,253 –FNMA, FRN 905196 2.693%

01/12/2036USD 6,258 6,673 0.01

FNMA 889396 6% 01/02/2037 USD 6,244 7,067 0.01FNMA AB0299 6% 01/02/2037 USD 4,374 4,961 0.01FNMA 889139 5.5% 01/03/2037 USD 22,135 24,809 0.03FNMA 995051 6% 01/03/2037 USD 4,258 4,831 0.01FNMA 915831 6.5% 01/03/2037 USD 2,304 2,636 –FNMA, FRN 949782 2.374%

01/08/2037USD 3,146 3,331 –

FNMA 889565 5.5% 01/08/2037 USD 622 701 –FNMA 995023 5.5% 01/08/2037 USD 1,235 1,387 –FNMA 995097 6.5% 01/10/2037 USD 25,346 28,986 0.04FNMA AD0330 5% 01/02/2038 USD 17,257 19,081 0.02FNMA AL5224 5% 01/02/2038 USD 8,444 9,327 0.01FNMA AE0105 5.5% 01/02/2038 USD 4,280 4,817 0.01FNMA 995722 5% 01/05/2038 USD 9,786 10,795 0.01FNMA 889579 6% 01/05/2038 USD 1,788 2,023 –FNMA 929836 6% 01/08/2038 USD 5,728 6,527 0.01FNMA AL6966 6.5% 01/08/2038 USD 8,929 10,226 0.01FNMA AL6965 6% 01/09/2038 USD 21,616 24,628 0.03FNMA 889983 6% 01/10/2038 USD 4,890 5,533 0.01FNMA AD0220 6% 01/10/2038 USD 7,983 9,042 0.01FNMA AL1779 5.5% 01/12/2038 USD 13,787 15,526 0.02FNMA 995838 5.5% 01/05/2039 USD 7,392 8,254 0.01FNMA 190396 4.5% 01/06/2039 USD 16,549 17,890 0.02FNMA AC1877 4.5% 01/09/2039 USD 22,484 24,316 0.03FNMA AE0801 6% 01/09/2039 USD 5,713 6,470 0.01FNMA AC8518 5% 01/12/2039 USD 1,791 1,975 –FNMA AD1045 4.5% 01/02/2040 USD 3,192 3,453 –FNMA AD3812 5% 01/04/2040 USD 1,404 1,552 –FNMA 932752 5% 01/04/2040 USD 40,729 44,929 0.06FNMA AD9194 5% 01/08/2040 USD 1,730 1,910 –FNMA MA0500 5% 01/08/2040 USD 1,152 1,267 –FNMA MA0516 5% 01/09/2040 USD 3,726 4,112 0.01FNMA AE0624 4% 01/11/2040 USD 30,554 32,413 0.04FNMA AB2085 4% 01/01/2041 USD 6,653 7,049 0.01FNMA AE0828 3.5% 01/02/2041 USD 43,214 44,604 0.06FNMA AE0949 4% 01/02/2041 USD 45,514 48,253 0.06FNMA AE0984 4.5% 01/02/2041 USD 70,774 76,561 0.10FNMA AL0161 4% 01/04/2041 USD 17,141 18,172 0.02FNMA AB2819 5% 01/04/2041 USD 10,277 11,342 0.01FNMA 890663 5% 01/06/2041 USD 8,431 9,319 0.01FNMA AL1948 4% 01/01/2042 USD 11,635 12,374 0.02


Quantity/nominal

Value

Market Value uSd

% of net Assets

FHLMC Q04674 4% 01/12/2041 USD 25,857 27,350 0.04FHLMC C09007 3.5% 01/08/2042 USD 65,760 67,648 0.09FHLMC C04238 3.5% 01/09/2042 USD 85,487 87,942 0.11FHLMC Q11220 3.5% 01/09/2042 USD 72,761 74,851 0.10FHLMC G07240 3% 01/12/2042 USD 242,979 242,623 0.31FHLMC G08534 3% 01/06/2043 USD 21,942 21,905 0.03FNMA 254140 5.5% 01/01/2017 USD 104 105 –FNMA 625931 5.5% 01/01/2017 USD 53 54 –FNMA 625997 5.5% 01/01/2017 USD 230 233 –FNMA 254234 5.5% 01/03/2017 USD 254 259 –FNMA 357280 6.5% 01/05/2017 USD 540 550 –FNMA 545830 5.5% 01/07/2017 USD 102 103 –FNMA 545898 5.5% 01/09/2017 USD 400 411 –FNMA 254473 5.5% 01/10/2017 USD 824 848 –FNMA 555345 5.5% 01/02/2018 USD 152 156 –FNMA 685202 5.5% 01/04/2018 USD 556 575 –FNMA 725528 5.5% 01/04/2019 USD 1,280 1,328 –FNMA 789885 5.5% 01/07/2019 USD 1,335 1,397 –FNMA 793573 5.5% 01/09/2019 USD 1,183 1,234 –FNMA 735318 4.5% 01/11/2019 USD 3,395 3,535 –FNMA 813764 5% 01/02/2020 USD 4,512 4,798 0.01FNMA 745440 4.5% 01/07/2020 USD 6,342 6,608 0.01FNMA 745392 4.5% 01/12/2020 USD 8,252 8,670 0.01FNMA 745279 5% 01/02/2021 USD 4,293 4,573 0.01FNMA 888564 5% 01/10/2021 USD 10,960 11,748 0.02FNMA 889143 4.5% 01/05/2022 USD 2,783 2,927 –FNMA 942399 6% 01/06/2022 USD 4,714 4,975 0.01FNMA 890297 4% 01/04/2026 USD 22,032 23,346 0.03FNMA AL2661 4% 01/10/2026 USD 9,485 10,047 0.01FNMA AL2456 4.5% 01/10/2026 USD 26,347 28,433 0.04FNMA AL2579 4% 01/12/2026 USD 39,353 41,705 0.05FNMA AJ9354 3% 01/01/2027 USD 39,936 41,320 0.05FNMA AL2908 3% 01/08/2027 USD 27,753 28,708 0.04FNMA AP7534 2.5% 01/09/2027 USD 11,076 11,239 0.01FNMA AL2462 2.5% 01/10/2027 USD 128,242 130,134 0.17FNMA AB7143 2.5% 01/12/2027 USD 46,773 47,328 0.06FNMA AT2060 2.5% 01/04/2028 USD 76,046 76,948 0.10FNMA AU1656 2.5% 01/07/2028 USD 22,907 23,223 0.03FNMA 535041 7% 01/12/2029 USD 2,017 2,394 –FNMA 545120 7% 01/08/2031 USD 417 489 –FNMA 545759 6.5% 01/07/2032 USD 9,276 10,748 0.01FNMA 650075 6.5% 01/07/2032 USD 1,102 1,260 –FNMA 254550 6.5% 01/12/2032 USD 4,726 5,559 0.01FNMA 555285 6% 01/03/2033 USD 3,895 4,450 0.01FNMA 555417 6% 01/05/2033 USD 2,825 3,224 –FNMA 254793 5% 01/07/2033 USD 3,262 3,609 –FNMA 725231 5% 01/02/2034 USD 5,400 5,974 0.01FNMA 725162 6% 01/02/2034 USD 27,196 31,075 0.04FNMA 745246 6% 01/02/2034 USD 6,772 7,739 0.01FNMA 725205 5% 01/03/2034 USD 94,548 104,595 0.13FNMA 725238 5% 01/03/2034 USD 5,386 5,958 0.01FNMA 725704 6% 01/08/2034 USD 7,515 8,576 0.01FNMA AE0678 5% 01/10/2034 USD 12,279 13,584 0.02FNMA 725946 5.5% 01/11/2034 USD 11,442 12,875 0.02FNMA 357748 5.5% 01/04/2035 USD 1,960 2,202 –FNMA 735502 6% 01/04/2035 USD 1,507 1,715 –FNMA 735578 5% 01/06/2035 USD 1,205 1,331 –FNMA 735580 5% 01/06/2035 USD 17,407 19,242 0.02FNMA 735676 5% 01/07/2035 USD 4,743 5,243 0.01FNMA 995203 5% 01/07/2035 USD 109,570 121,150 0.16


36 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

GNMA 4715 5% 20/06/2040 USD 15,426 17,033 0.02GNMA 4800 4% 20/09/2040 USD 24,196 25,886 0.03GNMA 4801 4.5% 20/09/2040 USD 24,959 27,167 0.04GNMA 4835 5% 20/10/2040 USD 13,865 15,346 0.02GNMA 4882 4% 20/12/2040 USD 41,067 43,942 0.06GNMA 4978 4.5% 20/03/2041 USD 6,563 7,144 0.01GNMA 4979 5% 20/03/2041 USD 5,988 6,612 0.01GNMA 5054 4% 20/05/2041 USD 26,711 28,565 0.04GNMA 783403 3.5% 15/09/2041 USD 59,410 61,780 0.08GNMA MA0221 4% 20/07/2042 USD 41,215 43,978 0.06GNMA MA0318 3.5% 20/08/2042 USD 55,599 58,026 0.07GNMA MA0533 3% 20/11/2042 USD 31,884 32,388 0.04GNMA AA5897 3% 15/12/2042 USD 32,409 32,846 0.04GNMA MA0697 2.5% 20/01/2043 USD 11,684 11,349 0.01GNMA MA0781 2.5% 20/02/2043 USD 72,517 70,434 0.09GNMA MA0850 2.5% 20/03/2043 USD 101,373 98,461 0.13GNMA 783726 3.5% 20/03/2043 USD 71,643 74,771 0.10GNMA MA1010 2.5% 20/05/2043 USD 63,258 61,440 0.08GNMA MA1012 3.5% 20/05/2043 USD 193,604 201,998 0.26GNMA MA1088 2.5% 20/06/2043 USD 38,083 36,989 0.05GNMA MA1155 2.5% 20/07/2043 USD 8,491 8,247 0.01GNMA MA1999 5.5% 20/06/2044 USD 54,510 60,467 0.08GNMA MA2444 3% 20/12/2044 USD 62,565 63,393 0.08GNMA MA2961 3.5% 20/07/2045 USD 449,713 468,605 0.60GS Mortgage-Backed Securities Trust,

FRN, Series 2014-EB1A '2A1', 144A 2.491% 25/07/2044

USD 66,336 65,985 0.09

GS Mortgage Securities Trust, Series 2015-GC34 'A4' 3.506% 10/10/2048

USD 110,000 110,230 0.14

GSAA Trust, FRN, Series 2005-8 'A3' 0.852% 25/06/2035

USD 53,546 50,969 0.07

GTP Acquisition Partners I LLC, 144A 2.35% 15/06/2020

USD 300,000 291,423 0.38

Hilton Grand Vacations Trust, Series 2014-AA 'A', 144A 1.77% 25/11/2026

USD 73,862 72,507 0.09

HOA Funding LLC, Series 2014-1A 'A2', 144A 4.846% 20/08/2044

USD 97,500 88,703 0.11

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16 'A4' 4.166% 15/12/2046

USD 330,000 351,135 0.45

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9 'A3' 5.336% 15/05/2047

USD 38,104 38,836 0.05

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-CB19 'AM' 5.888% 12/02/2049

USD 35,000 36,104 0.05

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-LD12 'A4' 5.882% 15/02/2051

USD 85,000 88,243 0.11

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-LD12 'AM' 6.205% 15/02/2051

USD 40,000 42,129 0.05

JPMBB Commercial Mortgage Securities Trust, Series 2015-C30 'A5' 3.822% 15/07/2048

USD 105,000 107,773 0.14


USD 90,000 92,211 0.12


USD 175,000 171,830 0.22


Quantity/nominal

Value

Market Value uSd

% of net Assets

FNMA AK9442 4% 01/03/2042 USD 20,038 21,310 0.03FNMA AL4301 4.5% 01/04/2042 USD 31,211 33,750 0.04FNMA AB5174 3.5% 01/05/2042 USD 12,270 12,673 0.02FNMA AO2993 3.5% 01/05/2042 USD 101,060 104,292 0.13FNMA AO6755 3.5% 01/06/2042 USD 20,156 20,788 0.03FNMA AL1950 4% 01/06/2042 USD 39,748 42,270 0.05FNMA AO9944 3.5% 01/07/2042 USD 24,529 25,297 0.03FNMA AB5807 3.5% 01/08/2042 USD 28,571 29,463 0.04FNMA AL2693 4% 01/08/2042 USD 109,107 115,685 0.15FNMA AQ0535 3% 01/11/2042 USD 34,744 34,821 0.05FNMA MA1283 3.5% 01/12/2042 USD 109,216 112,641 0.15FNMA AL3649 4% 01/12/2042 USD 57,248 60,674 0.08FNMA AQ8803 3.5% 01/01/2043 USD 45,783 47,221 0.06FNMA AL3072 3% 01/02/2043 USD 12,253 12,291 0.02FNMA AB8700 3% 01/03/2043 USD 192,734 193,521 0.25FNMA AL3318 3.5% 01/03/2043 USD 2,307 2,385 –FNMA AB9177 3.5% 01/04/2043 USD 10,992 11,358 0.01FNMA AU1635 3.5% 01/07/2043 USD 27,487 28,339 0.04FNMA AU3746 3.5% 01/08/2043 USD 12,116 12,491 0.02FNMA AU4288 4% 01/09/2043 USD 27,350 29,075 0.04FNMA AL4681 3.5% 01/12/2043 USD 12,207 12,614 0.02FNMA AS1586 4.5% 01/01/2044 USD 137,207 148,109 0.19FNMA AS3468 4% 01/10/2044 USD 41,854 44,251 0.06FNMA AX2501 4% 01/10/2044 USD 33,535 35,456 0.05FNMA AS4794 3.5% 01/04/2045 USD 191,115 197,169 0.25FNMA Interest STRIP, IO, Series 319 '2'

6.5% 25/02/2032USD 631 135 –

FREMF Mortgage Trust, FRN, Series 2015-K718 'B', 144A 3.547% 25/02/2022

USD 90,000 85,243 0.11


USD 35,000 30,777 0.04


USD 15,000 13,785 0.02


USD 50,000 44,768 0.06


USD 85,000 74,200 0.10


USD 55,000 49,920 0.06


USD 50,000 44,591 0.06

GNMA 520473 7.5% 15/01/2030 USD 624 651 –GNMA 543869 7.5% 15/01/2031 USD 397 414 –GNMA 3490 6.5% 20/12/2033 USD 1,839 2,178 –GNMA 3598 6% 20/08/2034 USD 3,760 4,289 0.01GNMA 3819 5.5% 20/02/2036 USD 2,138 2,384 –GNMA, IO, Series 2010-92 'PI' 4.5%

20/11/2037USD 25,233 1,372 –

GNMA, IO, Series 2010-103 'IN' 4.5% 20/02/2039

USD 20,012 1,113 –

GNMA 4495 4.5% 20/07/2039 USD 50,148 54,584 0.07GNMA 4577 4.5% 20/11/2039 USD 6,119 6,660 0.01GNMA 4578 5% 20/11/2039 USD 15,273 16,863 0.02GNMA, IO, Series 2011-41 'AI' 4.5%

20/12/2039USD 43,607 4,524 0.01

GNMA 4636 4.5% 20/02/2040 USD 25,185 27,414 0.04GNMA 4697 5% 20/05/2040 USD 9,820 10,843 0.01


37t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Towd Point Mortgage Trust, FRN, Series 2015-5 'A1B', 144A 2.75% 25/05/2055

USD 97,524 96,558 0.12

United Airlines Pass Through Trust, Series 2014-1 'B' 4.75% 11/04/2022

USD 71,407 71,407 0.09

US Airways Pass Through Trust, Series 2012-2 'A' 4.625% 03/06/2025

USD 29,020 30,217 0.04

WaMu Mortgage Pass-Through Certificates Trust, FRN, Series 2005-AR12 '2A1' 2.58% 25/09/2035

USD 3,351 3,342 –

Wells Fargo Commercial Mortgage Trust, Series 2015-C29 'A4' 3.637% 15/06/2048

USD 115,000 116,558 0.15

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-LC20 'C' 4.056% 15/04/2050

USD 55,000 51,189 0.07

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2 'A2' 3.02% 15/07/2058

USD 45,000 45,976 0.06


USD 80,000 81,908 0.11

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2 'AS' 4.121% 15/07/2058

USD 15,000 15,475 0.02

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-NXS2 'B' 4.394% 15/07/2058

USD 20,000 20,191 0.03

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-NXS2 'C' 4.394% 15/07/2058

USD 15,000 14,239 0.02

Wells Fargo Mortgage Backed Securities Trust, FRN, Series 2003-O '5A1' 2.705% 25/01/2034

USD 6,592 6,780 0.01

Wells Fargo Mortgage Backed Securities Trust, FRN, Series 2004-G 'A3' 2.725% 25/06/2034

USD 5,048 5,072 0.01

Wendys Funding LLC, Series 2015-1A 'A2I', 144A 3.371% 15/06/2045

USD 159,600 155,730 0.20

Wheels SPV 2 LLC, Series 2015-1A 'A2', 144A 1.27% 22/04/2024

USD 200,000 198,054 0.26

17,003,053 21.90total bonds 22,308,709 28.73total transferable securities


22,308,709 28.73

units of authorised uCitS or other collective investment undertakingsCollective investment Schemes - uCitSluXeMbouRGT. Rowe Price Funds SICAV - European

High Yield Bond Fund - Class Sd†EUR 69,444 748,206 0.96

748,206 0.96total Collective investment

Schemes - uCitS748,206 0.96

total units of authorised uCitS or other collective investment undertakings

748,206 0.96



Quantity/nominal

Value

Market Value uSd

% of net Assets

LB-UBS Commercial Mortgage Trust, Series 2006-C7 'A3' 5.347% 15/11/2038

USD 48,000 48,925 0.06

LB-UBS Commercial Mortgage Trust, FRN, Series 2007-C2 'AM' 5.493% 15/02/2040

USD 35,000 35,863 0.05


USD 30,000 31,366 0.04


USD 25,000 25,923 0.03

Marsh & McLennan Cos., Inc. 3.5% 10/03/2025

USD 180,000 177,267 0.23

MMAF Equipment Finance LLC, Series 2014-AA 'A4', 144A 1.59% 08/02/2022

USD 100,000 99,350 0.13

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9 'A4' 3.102% 15/05/2046

USD 185,000 184,442 0.24

Morgan Stanley Capital I Trust, FRN, Series 2015-MS1 'AS' 4.163% 15/05/2048

USD 10,000 10,299 0.01

Morgan Stanley Capital I Trust, FRN, Series 2015-MS1 'B' 4.163% 15/05/2048

USD 25,000 24,610 0.03

Morgan Stanley Capital I Trust, Series 2015-MS1 'A4' 3.779% 15/05/2048

USD 70,000 71,975 0.09

Nordstrom Credit Card Master Note Trust II, Series 2011-1A 'A', 144A 2.28% 15/11/2019

USD 100,000 100,681 0.13


USD 210,000 205,870 0.27

QVC, Inc. 4.375% 15/03/2023 USD 95,000 90,259 0.12QVC, Inc. 4.85% 01/04/2024 USD 230,000 220,785 0.28QVC, Inc. 4.45% 15/02/2025 USD 15,000 13,931 0.02SBA Tower Trust, 144A 2.898%

15/10/2019USD 325,000 319,366 0.41

Schlumberger Holdings Corp., 144A 4% 21/12/2025

USD 385,000 378,212 0.49

Sierra Timeshare Receivables Funding LLC, Series 2015-1A 'A', 144A 2.4% 22/03/2032

USD 63,375 62,642 0.08


USD 91,772 90,285 0.12

Sirius XM Radio, Inc., 144A 5.25% 15/08/2022

USD 160,000 169,000 0.22

SLM Student Loan Trust, FRN, Series 2008-9 'A' 1.82% 25/04/2023

USD 66,698 66,807 0.09

SMB Private Education Loan Trust, Series 2015-A 'A2A', 144A 2.49% 15/06/2027

USD 100,000 97,259 0.13

SMB Private Education Loan Trust, Series 2015-C 'A2A', 144A 2.75% 15/07/2027

USD 100,000 98,550 0.13

SMB Private Education Loan Trust, Series 2015-B 'A2A', 144A 2.98% 15/07/2027

USD 100,000 98,978 0.13

Synchrony Credit Card Master Note Trust, Series 2012-6 'B' 1.83% 17/08/2020

USD 100,000 100,053 0.13

Terwin Mortgage Trust, STEP, Series 2005-14HE 'AF2' 4.849% 25/08/2036

USD 4,028 4,148 0.01

Towd Point Mortgage Trust, FRN, Series 2015-3 'A1B', 144A 3% 25/03/2054

USD 89,702 89,512 0.12


USD 95,500 94,661 0.12


38 t. RoWe pRiCe



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 746,895 MXN 12,473,000 22/02/2016 RBC 28,795 0.04USD 114,594 MYR 488,916 29/01/2016 Standard

Chartered1,210 –

USD 372,470 MYR 1,604,000 22/02/2016 J.P. Morgan 874 –USD 90,639 SEK 761,885 22/02/2016 J.P. Morgan 74 –USD 34,454 SGD 48,629 29/01/2016 J.P. Morgan 142 –USD 367,996 THB 13,154,000 23/02/2016 Bank of

America4,095 0.01

USD 1,146,096 TWD 37,655,000 22/02/2016 Societe Generale

5,260 0.01

USD 43,599 ZAR 643,294 29/01/2016 J.P. Morgan 2,307 –USD 371,426 ZAR 5,227,000 22/02/2016 J.P. Morgan 37,474 0.05total unrealised Gain on


CAD 1,909,519 USD 1,432,970 22/02/2016 RBC (55,232) (0.07)CAD 70,000 USD 51,103 22/02/2016 J.P. Morgan (597) –CNH 145,849 USD 22,285 15/08/2016 J.P. Morgan (612) –EUR 23,414 USD 25,700 29/01/2016 J.P. Morgan (203) –EUR 625,668 USD 687,509 29/01/2016 RBS (6,182) (0.01)EUR 490,347 USD 539,952 22/02/2016 J.P. Morgan (5,657) –EUR 217,000 USD 238,490 22/02/2016 Deutsche

Bank(2,041) –

EUR 736,000 USD 808,771 22/02/2016 UBS (6,806) (0.01)GBP 20,445 USD 31,000 29/01/2016 J.P. Morgan (743) –GBP 28,921 USD 43,763 22/02/2016 Citibank (960) –GBP 533,313 USD 804,038 22/02/2016 J.P. Morgan (14,746) (0.02)ILS 1,455,000 USD 377,743 22/02/2016 HSBC (4,829) –INR 37,681,000 USD 571,791 22/01/2016 HSBC (3,815) (0.01)MXN 1,791,086 USD 104,952 22/02/2016 HSBC (1,835) –NOK 747,360 USD 85,900 22/02/2016 Deutsche

Bank(1,269) –

SEK 389,000 USD 46,535 22/02/2016 J.P. Morgan (294) –SGD 539,000 USD 382,337 22/02/2016 Societe

Generale(2,360) –

USD 318,377 AUD 442,552 29/01/2016 J.P. Morgan (5,141) (0.01)USD 18,900 AUD 26,614 22/02/2016 Standard

Chartered(533) –

USD 173,840 AUD 242,143 22/02/2016 Goldman Sachs

(2,965) (0.01)

USD 85,889 DKK 596,500 22/02/2016 Standard Chartered

(1,224) –

USD 5,545,057 EUR 5,133,252 22/02/2016 RBC (48,267) (0.06)USD 508,589 EUR 476,807 22/02/2016 Bank of

America(10,953) (0.02)

USD 746,943 EUR 702,484 22/02/2016 J.P. Morgan (18,501) (0.03)USD 350,605 EUR 329,371 22/02/2016 HSBC (8,286) (0.01)USD 84,395 IDR 1,291,413,000 15/01/2016 Standard

Chartered(8,912) (0.01)

USD 84,906 IDR 1,291,414,000 15/01/2016 Deutsche Bank

(8,402) (0.01)

USD 251,248 IDR 3,651,840,000 15/01/2016 HSBC (12,605) (0.02)USD 1,089,658 INR 73,650,000 22/02/2016 Standard

Chartered(15,572) (0.02)

USD 140,560 JPY 17,253,079 29/01/2016 Societe Generale

(2,931) (0.01)

USD 90,000 JPY 10,905,768 29/01/2016 J.P. Morgan (701) –USD 51,398 JPY 6,333,337 22/02/2016 Citibank (1,295) –USD 57,699 JPY 6,945,150 22/02/2016 J.P. Morgan (85) –USD 273,464 KRW 323,132,776 29/01/2016 Standard

Chartered(976) –

USD 399,830 KRW 473,199,000 22/02/2016 Credit Suisse (1,824) –USD 906,721 MXN 15,804,877 22/02/2016 J.P. Morgan (3,202) (0.01)


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

AUD 15,000 USD 10,629 22/02/2016 Bank of America

324 –

AUD 594,040 USD 427,790 22/02/2016 J.P. Morgan 5,962 0.01CAD 7,733 USD 5,551 22/02/2016 HSBC 29 –CHF 547,000 USD 542,013 22/02/2016 Credit Suisse 6,783 0.01CZK 1,639,000 USD 65,230 22/02/2016 Citibank 860 –DKK 596,500 USD 84,798 22/02/2016 J.P. Morgan 2,314 –EUR 336,091 USD 359,868 22/02/2016 Citibank 6,346 0.01EUR 396,539 USD 429,013 22/02/2016 J.P. Morgan 3,066 –EUR 38,000 USD 40,243 22/02/2016 Standard

Chartered1,163 –

EUR 584,000 USD 632,492 22/02/2016 Deutsche Bank

3,849 0.01

HUF 55,302,626 USD 188,403 22/01/2016 HSBC 2,025 –IDR 7,400,535,000 USD 531,687 15/01/2016 Standard

Chartered3,017 –

INR 147,300,000 USD 2,179,316 22/02/2016 Standard Chartered

31,144 0.04

INR 44,338,000 USD 656,688 03/03/2016 J.P. Morgan 7,738 0.01JPY 7,855,737 USD 64,000 29/01/2016 J.P. Morgan 1,334 –JPY 2,205,590,023 USD 17,968,781 29/01/2016 Societe

Generale374,659 0.48

JPY 605,882,417 USD 4,951,875 22/02/2016 Citibank 89,074 0.12JPY 103,580,000 USD 847,835 22/02/2016 Goldman

Sachs13,952 0.02

JPY 12,172,000 USD 98,971 22/02/2016 Standard Chartered

2,300 –

JPY 57,767,000 USD 471,649 22/02/2016 J.P. Morgan 8,974 0.01NZD 164,000 USD 105,491 22/02/2016 Standard

Chartered6,624 0.01

PLN 2,946,664 USD 738,475 22/02/2016 Bank of America

10,788 0.02

PLN 122,000 USD 30,724 22/02/2016 J.P. Morgan 297 –SEK 103,000 USD 11,861 22/02/2016 J.P. Morgan 383 –SGD 5,000 USD 3,504 22/02/2016 J.P. Morgan 21 –TRY 355,000 USD 120,201 22/02/2016 Credit Suisse 123 –USD 556,123 CAD 755,893 29/01/2016 J.P. Morgan 10,775 0.01USD 168,685 CHF 167,234 29/01/2016 J.P. Morgan 1,071 –USD 715,299 CNH 4,802,000 15/08/2016 J.P. Morgan 1,717 –USD 25,700 EUR 23,577 29/01/2016 J.P. Morgan 26 –USD 5,327,088 EUR 4,847,920 29/01/2016 RBS 47,901 0.06USD 214,599 EUR 196,767 22/02/2016 J.P. Morgan 197 –USD 1,080,193 EUR 991,266 22/02/2016 HSBC 83 –USD 1,338,820 GBP 892,169 29/01/2016 Standard

Chartered18,462 0.02

USD 53,910 GBP 35,919 29/01/2016 J.P. Morgan 751 –USD 742,658 GBP 488,470 22/02/2016 J.P. Morgan 19,733 0.03USD 2,593,425 GBP 1,717,361 22/02/2016 HSBC 51,770 0.07USD 110,143 HUF 30,668,879 22/01/2016 Morgan

Stanley4,538 0.01

USD 504,129 HUF 142,224,980 22/01/2016 Bank of America

14,394 0.02

USD 47,989 HUF 13,582,722 22/01/2016 J.P. Morgan 1,218 –USD 84,483 IDR 1,165,868,000 15/01/2016 HSBC 247 –USD 353,980 ILS 1,380,964 22/02/2016 Credit Suisse 41 –USD 240,459 KRW 279,887,000 22/02/2016 Standard

Chartered2,889 –

USD 744,594 KRW 863,059,000 22/02/2016 HSBC 12,024 0.02USD 80,213 MXN 1,370,665 29/01/2016 J.P. Morgan 1,165 –USD 1,502,681 MXN 25,395,158 22/02/2016 HSBC 40,622 0.05USD 203,101 MXN 3,436,165 22/02/2016 J.P. Morgan 5,274 0.01


39t. RoWe pRiCe



option Written Contracts


Global exposure

uSd

Market Value uSd

% of net Assets

(500,000) Foreign Exchange USD/EUR, Call, 1.000, 01/03/2016

USD J.P. Morgan (500,000) (321) –


USD J.P. Morgan (500,000) (321) –


USD Citibank (500,000) (321) –

total option Written Contracts (963) –



Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value uSd


uSd% of net

Assets

2,300,000 USD J.P. Morgan CDX.NA.IG.25-V1 Buy (1.00)% 20/12/2020 (13,124) (13,124) (0.02)2,100,000 EUR J.P. Morgan iTraxx Europe

Crossover Series 24 Version 1

Buy (5.00)% 20/12/2020 (190,141) (190,141) (0.24)

20,000 EUR J.P. Morgan United Utilities Group plc 6.875% 15/08/2028

Buy (1.00)% 20/06/2017 (250) (250) –


(203,515) (203,515) (0.26)


(203,515) (203,515) (0.26)




Maturity date

Market Value uSd


uSd% of net

Assets


07/12/2020 378 378 –


378 378 –

1,500,000 USD J.P. Morgan Pay floating LIBOR 3 month Receive fixed 1.670%

08/12/2020 (3,597) (3,597) –

total unrealised loss on interest Rate Swap Contracts

(3,597) (3,597) –

net unrealised loss on interest Rate Swap Contracts

(3,219) (3,219) –

Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 65,224 PLN 260,763 29/01/2016 J.P. Morgan (1,116) –USD 772,156 PLN 3,068,664 22/02/2016 Credit Suisse (8,129) (0.01)USD 371,960 RON 1,548,022 22/02/2016 Deutsche

Bank(652) –

USD 136,139 SEK 1,156,594 29/01/2016 J.P. Morgan (1,248) –USD 1,229,452 SEK 10,663,656 22/02/2016 Standard

Chartered(38,141) (0.05)

USD 226,635 SEK 1,964,583 22/02/2016 Citibank (6,896) (0.01)USD 335,117 SGD 478,141 22/02/2016 Standard

Chartered(1,957) –

USD 36,186 TRY 106,967 29/01/2016 J.P. Morgan (318) –USD 377,978 TWD 12,485,000 22/02/2016 HSBC (281) –ZAR 5,227,000 USD 361,903 22/02/2016 Barclays (27,951) (0.04)total unrealised loss on



551,033 0.71



Global exposure

uSd


uSd% of net

Assets

Australia 10 Year Bond, 15/03/2016

21 AUD 1,950,349 5,205 0.01

Euro-Bobl, 08/03/2016 8 EUR 1,137,665 1,241 –Euro-Bund, 08/03/2016 (7) EUR (1,203,050) 18,447 0.02Korea 10 Year Bond,

15/03/2016 5 KRW 536,779 6,553 0.01

Korea 3 Year Bond, 15/03/2016

41 KRW 3,823,780 8,748 0.01

Long Gilt, 29/03/2016 (13) GBP (2,246,427) 10,596 0.01US 10 Year Note, 21/03/2016 (52) USD (6,548,750) 22,494 0.03US 5 Year Note, 31/03/2016 (41) USD (4,851,774) 7,648 0.01total unrealised Gain on


Canada 10 Year Bond, 21/03/2016

(5) CAD (509,032) (10,461) (0.01)

Euro-Schatz, 08/03/2016 13 EUR 1,577,632 (3,183) – Japan 10 Year Bond Mini,

11/03/2016 (11) JPY (1,363,089) (4,847) (0.01)

US 2 Year Note, 31/03/2016 14 USD 3,041,719 (4,156) (0.01) US Ultra Bond, 21/03/2016 16 USD 2,534,000 (1,250) – total unrealised loss on

Financial Futures Contracts (23,897) (0.03)


57,035 0.07


40 t. RoWe pRiCe



to be Announced Contracts

CountrySecurity description Currency

nominal Value

Market Value uSd


uSd% of net

Assets

United States of America

FNMA, 3.00%, 25/01/2045

USD 55,000 55,009 77 0.07


FNMA, 3.50%, 25/01/2045

USD 145,000 149,554 – 0.19


FNMA, 4.00%, 25/01/2045

USD 175,000 185,199 328 0.24


GNMA, 3.50%, 15/01/2045

USD 70,000 72,964 (55) 0.09


GNMA, 4.00%, 15/01/2045

USD 50,000 53,101 199 0.07

total to be Announced Contracts 515,827 550 0.66



United States of America 33.00United Kingdom 8.75Japan 8.18Italy 7.39Mexico 5.52Spain 3.41Germany 3.11France 3.02Sweden 2.47Netherlands 1.99Luxembourg 1.39Romania 1.34Slovenia 1.31South Korea 1.27Australia 1.26Ireland 1.26China 1.14Czech Republic 0.87Austria 0.87Lithuania 0.85Hungary 0.83Iceland 0.73Thailand 0.71Canada 0.67Israel 0.51Switzerland 0.49Denmark 0.40Singapore 0.37Poland 0.36Croatia 0.31Cyprus 0.28Indonesia 0.27

% of net Assets

South Africa 0.16Finland 0.15Serbia 0.15India 0.15Albania 0.14Russia 0.11Belgium 0.01total investments 95.20Cash and Other Assets/(Liabilities) 4.80total 100.00

† Managed by an affiliate of the Investment Adviser.



41t. RoWe pRiCe


Global High income bond Fund (3)


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in debt securities that are rated below BBB- by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality) and are issued by companies. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, preferred stocks, warrants and other transferable debt securities of any type. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.

(3) This Fund was launched on 4 June 2015.


Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsARGentinAYPF SA, Reg. S 8.875% 19/12/2018 USD 100,000 102,183 0.71

102,183 0.71bRAZilMinerva Luxembourg SA, Reg. S

7.75% 31/01/2023USD 200,000 189,753 1.33


USD 150,000 118,091 0.82


EUR 125,000 104,749 0.73

412,593 2.88CAnAdACott Beverages, Inc. 6.75%

01/01/2020USD 75,000 77,625 0.54


GBP 100,000 147,862 1.03

HudBay Minerals, Inc. 9.5% 01/10/2020

USD 100,000 72,799 0.51

298,286 2.08CHinACIFI Holdings Group Co. Ltd., Reg. S

12.25% 15/04/2018USD 200,000 216,979 1.51

Country Garden Holdings Co. Ltd., Reg. S 7.5% 10/01/2023

USD 200,000 207,355 1.45


USD 200,000 218,821 1.53

643,155 4.49FRAnCeCGG SA 6.875% 15/01/2022 USD 200,000 83,000 0.58Ephios Bondco plc, Reg. S 6.25%

01/07/2022EUR 100,000 113,554 0.79


EUR 100,000 113,315 0.79


EUR 250,000 282,387 1.97

Loxam SAS, Reg. S 7% 23/07/2022 EUR 200,000 223,041 1.56Numericable-SFR SAS, Reg. S 6.25%

15/05/2024USD 200,000 193,500 1.35

1,008,797 7.04GeRMAnYDouglas GmbH, Reg. S 6.25%

15/07/2022EUR 100,000 114,492 0.80


EUR 100,000 111,912 0.78


EUR 200,000 229,073 1.60


EUR 125,000 141,969 0.99

597,446 4.17GReeCeOTE plc, Reg. S 7.875% 07/02/2018 EUR 100,000 116,893 0.82

116,893 0.82HonG KonGShimao Property Holdings Ltd., Reg. S

8.125% 22/01/2021USD 200,000 215,498 1.50

215,498 1.50indoneSiATBG Global Pte. Ltd., Reg. S 5.25%

10/02/2022USD 200,000 186,354 1.30

186,354 1.30


42 t. RoWe pRiCe


Global High income bond Fund (3) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

itAlYBormioli Rocco Holdings SA, Reg. S

10% 01/08/2018EUR 100,000 113,891 0.80


USD 200,000 189,000 1.32


JSC, Reg. S 7.25% 28/01/2021USD 200,000 205,905 1.44

205,905 1.44luXeMbouRGAltice Financing SA, Reg. S 6.625%

15/02/2023USD 200,000 198,500 1.39


USD 225,000 194,063 1.35


EUR 130,234 144,349 1.01

Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018

EUR 100,000 113,591 0.79


EUR 100,000 114,537 0.80


EUR 100,000 112,954 0.79

877,994 6.13MeXiCoCemex Finance LLC, Reg. S 9.375%

12/10/2022USD 200,000 212,073 1.48

212,073 1.48netHeRlAndSLGE HoldCo VI BV, Reg. S 7.125%

15/05/2024EUR 100,000 118,340 0.83


EUR 100,000 88,799 0.62

207,139 1.45polAndPlay Topco SA, Reg. S 7.75%

28/02/2020EUR 100,000 111,528 0.78

111,528 0.78SeRbiAUnited Group BV, Reg. S 7.875%

15/11/2020EUR 100,000 115,065 0.80

115,065 0.80SpAinCirsa Funding Luxembourg SA, Reg. S

5.875% 15/05/2023EUR 125,000 129,046 0.90

129,046 0.90SWedenVerisure Holding AB, Reg. S 6%

01/11/2022EUR 100,000 113,445 0.79

113,445 0.79SWitZeRlAndSIG Combibloc Holdings SCA, Reg. S

7.75% 15/02/2023EUR 100,000 114,041 0.80

114,041 0.80united KinGdoMBoparan Finance plc, Reg. S 5.25%

15/07/2019GBP 100,000 138,736 0.97


EUR 100,000 116,196 0.81


GBP 100,000 124,064 0.87


GBP 100,000 144,580 1.01


Quantity/nominal

Value

Market Value uSd

% of net Assets

Virgin Media Finance plc, Reg. S 6.375% 15/10/2024

GBP 100,000 150,463 1.05

674,039 4.71united StAteS oF AMeRiCAAlliance Data Systems Corp., Reg. S

5.25% 15/11/2023EUR 100,000 108,368 0.76

Ally Financial, Inc. 5.75% 20/11/2025 USD 50,000 50,345 0.35GenOn Energy, Inc. 9.5% 15/10/2018 USD 100,000 81,283 0.57Intelsat Jackson Holdings SA 7.5%

01/04/2021USD 125,000 109,432 0.76


USD 200,000 178,320 1.25

Kindred Healthcare, Inc. 8.75% 15/01/2023

USD 50,000 46,125 0.32

Level 3 Communications, Inc. 5.75% 01/12/2022

USD 25,000 25,604 0.18

Level 3 Financing, Inc. 6.125% 15/01/2021

USD 75,000 77,840 0.54

Matador Resources Co. 6.875% 15/04/2023

USD 175,000 161,875 1.13

MGM Resorts International 6.625% 15/12/2021

USD 50,000 51,243 0.36

MGM Resorts International 6% 15/03/2023

USD 50,000 49,662 0.35

MPG Holdco I, Inc. 7.375% 15/10/2022

USD 75,000 75,938 0.53

Nationstar Mortgage LLC 7.875% 01/10/2020

USD 50,000 47,975 0.33


USD 100,000 89,155 0.62

Newfield Exploration Co. 5.625% 01/07/2024

USD 25,000 20,629 0.14

Noble Energy, Inc. 5.875% 01/06/2024

USD 50,000 47,858 0.33

Ocwen Financial Corp. 6.625% 15/05/2019

USD 150,000 132,750 0.93

Post Holdings, Inc. 7.375% 15/02/2022

USD 50,000 52,189 0.36

SESI LLC 7.125% 15/12/2021 USD 125,000 111,875 0.78Sprint Communications, Inc. 8.375%

15/08/2017USD 50,000 49,545 0.35

Sprint Communications, Inc. 11.5% 15/11/2021

USD 50,000 46,826 0.33

Tenet Healthcare Corp. 8.125% 01/04/2022

USD 100,000 99,071 0.69

WPX Energy, Inc. 7.5% 01/08/2020 USD 25,000 20,375 0.14WPX Energy, Inc. 6% 15/01/2022 USD 175,000 121,187 0.85WPX Energy, Inc. 8.25% 01/08/2023 USD 25,000 20,063 0.14

1,875,533 13.09total bonds 8,519,904 59.48

equitiesunited StAteS oF AMeRiCAAllergan plc Preference 5.5% USD 25 25,669 0.18American Tower Corp., REIT

Preference 5.5%USD 250 25,245 0.18

50,914 0.36total equities 50,914 0.36total transferable securities


8,570,818 59.84


43t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments dealt in on another regulated marketbondsbRAZilItau Unibanco Holding SA, Reg. S

5.75% 22/01/2021USD 200,000 191,343 1.34


USD 100,000 98,643 0.69

TerraForm Global Operating LLC, Reg. S 9.75% 15/08/2022

USD 100,000 79,500 0.55

369,486 2.58CAnAdA1011778 BC ULC, 144A 4.625%

15/01/2022USD 50,000 50,244 0.35

Concordia Healthcare Corp., 144A 9.5% 21/10/2022

USD 100,000 99,000 0.69

Great Canadian Gaming Corp., 144A 6.625% 25/07/2022

CAD 150,000 106,860 0.75

MDC Partners, Inc., 144A 6.75% 01/04/2020

USD 25,000 26,010 0.18

Reliance Intermediate Holdings LP, 144A 6.5% 01/04/2023

USD 75,000 78,375 0.55

Seven Generations Energy Ltd., 144A 8.25% 15/05/2020

USD 125,000 113,125 0.79


USD 75,000 63,375 0.44

Valeant Pharmaceuticals International, Inc., 144A 5.375% 15/03/2020

USD 75,000 70,770 0.49

Valeant Pharmaceuticals International, Inc., 144A 7% 01/10/2020

USD 50,000 50,375 0.35


USD 25,000 24,165 0.17

682,299 4.76iSRAelB Communications Ltd., 144A 7.375%

15/02/2021USD 150,000 161,988 1.13

161,988 1.13JAMAiCADigicel Group Ltd., 144A 8.25%

30/09/2020USD 200,000 165,708 1.16

165,708 1.16luXeMbouRGArdagh Finance Holdings SA, Reg. S

8.625% 15/06/2019USD 208,625 205,391 1.43

205,391 1.43MeXiCoServicios Corporativos Javer SAPI de

CV, Reg. S 9.875% 06/04/2021USD 100,000 103,706 0.72

103,706 0.72netHeRlAndSSensata Technologies UK Financing

Co. plc, 144A 6.25% 15/02/2026USD 200,000 208,500 1.46

208,500 1.46united StAteS oF AMeRiCAAdvanced Micro Devices, Inc. 6.75%

01/03/2019USD 75,000 54,750 0.38

Aleris International, Inc. 7.875% 01/11/2020

USD 100,000 76,500 0.53

CCO Holdings LLC 6.625% 31/01/2022

USD 50,000 52,519 0.37

CCO Holdings LLC 5.75% 01/09/2023 USD 25,000 25,219 0.18CCOH Safari LLC, 144A 5.75%

15/02/2026USD 75,000 75,281 0.53


Quantity/nominal

Value

Market Value uSd

% of net Assets

Central Garden & Pet Co. 6.125% 15/11/2023

USD 50,000 50,750 0.35

Chesapeake Energy Corp., Reg. S 8% 15/12/2022

USD 61,000 29,890 0.21

Citigroup, Inc., FRN 5.95% Perpetual USD 125,000 124,746 0.87CommScope Technologies Finance

LLC, 144A 6% 15/06/2025USD 25,000 24,125 0.17

CrownRock LP, 144A 7.125% 15/04/2021

USD 25,000 23,562 0.16

CrownRock LP, 144A 7.75% 15/02/2023

USD 75,000 70,875 0.49

DPx Holdings BV, 144A 7.5% 01/02/2022

USD 25,000 24,219 0.17

First Data Corp., 144A 7% 01/12/2023 USD 125,000 125,304 0.87Gardner Denver, Inc., 144A 6.875%

15/08/2021USD 50,000 38,500 0.27

Goldman Sachs Group, Inc. (The), FRN 5.375% Perpetual

USD 125,000 124,211 0.87

Guitar Center, Inc., 144A 6.5% 15/04/2019

USD 75,000 63,750 0.45

Hexion, Inc. 6.625% 15/04/2020 USD 75,000 58,687 0.41Hexion, Inc. 10% 15/04/2020 USD 50,000 41,375 0.29Hill-Rom Holdings, Inc., 144A 5.75%

01/09/2023USD 25,000 25,625 0.18

Horizon Pharma Financing, Inc., 144A 6.625% 01/05/2023

USD 225,000 201,375 1.41

HRG Group, Inc., 144A 7.875% 15/07/2019

USD 100,000 105,500 0.74

Iron Mountain, Inc., REIT, 144A 6% 01/10/2020

USD 75,000 79,125 0.55

J.P. Morgan Chase & Co., FRN 5.3% Perpetual

USD 125,000 124,666 0.87

JLL, 144A 8.75% 01/05/2020 USD 100,000 96,750 0.68Mercer International, Inc. 7%

01/12/2019USD 50,000 50,375 0.35

Molina Healthcare, Inc., 144A 5.375% 15/11/2022

USD 75,000 75,188 0.52

Monitronics International, Inc. 9.125% 01/04/2020

USD 100,000 79,750 0.56

NCI Building Systems, Inc., 144A 8.25% 15/01/2023

USD 50,000 52,750 0.37

Omega US Sub LLC, 144A 8.75% 15/07/2023

USD 75,000 69,563 0.49

OneMain Financial Holdings, Inc., 144A 7.25% 15/12/2021

USD 100,000 100,750 0.70

Outerwall, Inc. 6% 15/03/2019 USD 75,000 67,125 0.47PBF Holding Co. LLC, 144A 7%

15/11/2023USD 25,000 24,406 0.17

PF Chang's China Bistro, Inc., 144A 10.25% 30/06/2020

USD 25,000 20,750 0.14

Quicken Loans, Inc., 144A 5.75% 01/05/2025

USD 50,000 47,813 0.33

Rackspace Hosting, Inc., 144A 6.5% 15/01/2024

USD 100,000 96,750 0.68

Reynolds Group Issuer, Inc. 8.25% 15/02/2021

USD 125,000 121,338 0.85

Rite Aid Corp., 144A 6.125% 01/04/2023

USD 100,000 103,125 0.72

RSI Home Products, Inc., 144A 6.5% 15/03/2023

USD 75,000 77,625 0.54

Sirius XM Radio, Inc., 144A 6% 15/07/2024

USD 25,000 26,187 0.18

Targa Resources Partners LP, 144A 6.75% 15/03/2024

USD 100,000 85,250 0.60

T-Mobile USA, Inc. 6% 01/03/2023 USD 50,000 50,670 0.35


44 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

T-Mobile USA, Inc. 6.5% 15/01/2026 USD 100,000 100,585 0.70Townsquare Media, Inc., 144A 6.5%

01/04/2023USD 75,000 68,906 0.48

Tribune Media Co., 144A 5.875% 15/07/2022

USD 50,000 49,938 0.35

Wayne Merger Sub LLC, 144A 8.25% 01/08/2023

USD 100,000 93,750 0.65

3,179,898 22.20total bonds 5,076,976 35.44





5,218,941 36.43



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 52,581 USD 56,936 15/01/2016 J.P. Morgan 302 –USD 94,073 CAD 129,200 29/01/2016 Bank of

America860 0.01

USD 18,713 CAD 25,653 29/01/2016 J.P. Morgan 205 –USD 3,284,513 EUR 2,991,322 15/01/2016 Bank of

America28,238 0.20

USD 736,381 GBP 487,949 29/01/2016 HSBC 14,245 0.10USD 750 GBP 495 29/01/2016 J.P. Morgan 17 –total unrealised Gain on


GBP 34,038 USD 51,106 29/01/2016 J.P. Morgan (733) (0.01)USD 12,178 CAD 17,000 29/01/2016 J.P. Morgan (87) –total unrealised loss on

Forward Currency exchange Contracts(820) (0.01)


43,047 0.30



United States of America 35.65Luxembourg 7.56France 7.04Canada 6.84Brazil 5.46United Kingdom 4.71China 4.49

% of net Assets

Germany 4.17Netherlands 2.91Mexico 2.20Italy 2.12Hong Kong 1.50Kazakhstan 1.44Indonesia 1.30Jamaica 1.16Israel 1.13Argentina 0.94Spain 0.90Greece 0.82Serbia 0.80Switzerland 0.80Sweden 0.79Poland 0.78Russia 0.76total investments 96.27Cash and Other Assets/(Liabilities) 3.73total 100.00



45t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsARGentinAYPF SA, Reg. S 8.875% 19/12/2018 USD 2,275,000 2,324,663 0.16

2,324,663 0.16bRAZilJBS Investments GmbH, 144A 7.75%

28/10/2020USD 1,025,000 988,613 0.07

Minerva Luxembourg SA, 144A 7.75% 31/01/2023

USD 3,975,000 3,766,471 0.26

4,755,084 0.33CAnAdACott Beverages, Inc. 6.75%

01/01/2020USD 2,075,000 2,147,625 0.15

Entertainment One Ltd., 144A 6.875% 15/12/2022

GBP 875,000 1,294,869 0.09


GBP 2,125,000 3,142,071 0.22

HudBay Minerals, Inc. 9.5% 01/10/2020

USD 3,125,000 2,274,953 0.16

Precision Drilling Corp. 6.5% 15/12/2021

USD 875,000 669,375 0.04

9,528,893 0.66CHinACAR, Inc., Reg. S 6.125% 04/02/2020 USD 1,720,000 1,769,932 0.12Nord Anglia Education Finance LLC,

Reg. S 5.75% 15/07/2022CHF 1,725,000 1,810,041 0.12

Studio City Finance Ltd., Reg. S 8.5% 01/12/2020

USD 1,175,000 1,141,841 0.08

Wynn Macau Ltd., 144A 5.25% 15/10/2021

USD 1,875,000 1,684,050 0.12

6,405,864 0.44ColoMbiAPacific Exploration and Production

Corp., Reg. S 5.375% 26/01/2019USD 8,350,000 1,607,375 0.11

1,607,375 0.11FRAnCeCGG SA 6.5% 01/06/2021 USD 350,000 157,500 0.01CGG SA 6.875% 15/01/2022 USD 7,425,000 3,081,375 0.21Ephios Bondco plc, Reg. S 6.25%

01/07/2022EUR 3,200,000 3,633,720 0.25


EUR 2,875,000 3,257,818 0.23

Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020

EUR 2,950,000 3,423,757 0.24


EUR 3,200,000 3,614,549 0.25

Loxam SAS, Reg. S 7% 23/07/2022 EUR 4,000,000 4,460,833 0.31Numericable-SFR SAS, Reg. S 6.25%

15/05/2024USD 6,615,000 6,400,013 0.45

Synlab Unsecured Bondco plc, Reg. S 8.25% 01/07/2023

EUR 1,600,000 1,768,400 0.12

29,797,965 2.07GeRMAnYDouglas GmbH, Reg. S 6.25%

15/07/2022EUR 3,250,000 3,720,986 0.26


EUR 2,500,000 2,797,802 0.20


GBP 1,075,000 1,611,281 0.11

Kirk Beauty One GmbH, Reg. S 8.75% 15/07/2023

EUR 1,975,000 2,220,021 0.15

KraussMaffei Group GmbH, Reg. S 8.75% 15/12/2020

EUR 2,100,000 2,470,938 0.17

Global High Yield bond Fund


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in debt securities that are rated below BBB- by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality) and are issued by companies. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, preferred stocks, warrants and other transferable debt securities of any type. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.


46 t. RoWe pRiCe


Global High Yield bond Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

UPC Holding BV, Reg. S 6.75% 15/03/2023

CHF 1,900,000 2,053,733 0.14

UPC Holding BV, Reg. S 6.75% 15/03/2023

EUR 3,625,000 4,268,170 0.30

13,401,683 0.93RuSSiAVimpel Communications OJSC, Reg. S

8.25% 23/05/2016USD 2,275,000 2,326,267 0.16

VimpelCom Holdings BV, Reg. S 5.2% 13/02/2019

USD 1,675,000 1,651,316 0.12

3,977,583 0.28SeRbiAUnited Group BV, Reg. S 7.875%

15/11/2020EUR 4,540,000 5,223,945 0.36

5,223,945 0.36SpAinCirsa Funding Luxembourg SA, Reg. S

8.75% 15/05/2018EUR 1,487,030 1,643,071 0.11


EUR 2,475,000 2,555,108 0.18

Gestamp Funding Luxembourg SA, Reg. S 5.625% 31/05/2020

USD 1,775,000 1,815,008 0.13

6,013,187 0.42SWedenVerisure Holding AB, Reg. S 6%

01/11/2022EUR 725,000 822,476 0.06

822,476 0.06SWitZeRlAndSIG Combibloc Holdings SCA, Reg. S

7.75% 15/02/2023EUR 7,650,000 8,724,161 0.61

Transocean, Inc. 6% 15/03/2018 USD 1,350,000 1,191,618 0.089,915,779 0.69

united KinGdoMArqiva Broadcast Finance plc, Reg. S

9.5% 31/03/2020GBP 7,325,000 11,763,135 0.82

Boparan Finance plc, Reg. S 5.25% 15/07/2019

GBP 2,325,000 3,225,611 0.22

Brakes Capital, Reg. S 7.125% 15/12/2018

GBP 2,500,000 3,838,934 0.27

Infinis plc, Reg. S 7% 15/02/2019 GBP 2,700,000 4,118,659 0.29Kerling plc, Reg. S 10.625%

01/02/2017EUR 2,700,000 2,960,169 0.20


EUR 3,035,000 3,526,570 0.24


GBP 4,175,000 5,179,670 0.36

Mizzen Bondco Ltd., Reg. S 7% 01/05/2021

GBP 1,988,700 2,859,412 0.20


GBP 2,325,000 3,429,469 0.24


GBP 1,750,000 2,530,148 0.18


GBP 2,750,000 4,282,488 0.30

47,714,265 3.32united StAteS oF AMeRiCAAES Corp. 5.5% 15/03/2024 USD 4,575,000 4,059,146 0.28AGCO Corp. 5.875% 01/12/2021 USD 3,000,000 3,247,980 0.22Aircastle Ltd. 5.5% 15/02/2022 USD 2,225,000 2,289,892 0.16Alliance Data Systems Corp., Reg. S

5.25% 15/11/2023EUR 4,300,000 4,659,824 0.32

Ally Financial, Inc. 5.75% 20/11/2025 USD 3,025,000 3,045,888 0.21


Quantity/nominal

Value

Market Value uSd

% of net Assets


EUR 3,400,000 3,861,568 0.27

Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021

EUR 1,925,000 2,221,629 0.15

WEPA Hygieneprodukte GmbH, Reg. S 6.5% 15/05/2020

EUR 825,000 955,790 0.07

19,860,015 1.38GReeCeOTE plc, Reg. S 7.875% 07/02/2018 EUR 3,225,000 3,769,806 0.26

3,769,806 0.26indoneSiATBG Global Pte. Ltd., Reg. S 5.25%

10/02/2022USD 1,825,000 1,700,484 0.12

1,700,484 0.12itAlYBormioli Rocco Holdings SA, Reg. S

10% 01/08/2018EUR 4,000,000 4,555,624 0.32

Cerved Group SpA, Reg. S 6.375% 15/01/2020

EUR 975,000 1,098,878 0.08

International Game Technology plc, 144A 6.25% 15/02/2022

USD 4,525,000 4,253,500 0.29

International Game Technology plc, 144A 6.5% 15/02/2025

USD 3,675,000 3,243,187 0.22

UniCredit SpA, Reg. S, FRN 8% Perpetual

USD 1,800,000 1,708,758 0.12


USD 4,025,000 3,974,687 0.28

Wind Acquisition Finance SA, 144A 7.375% 23/04/2021

USD 3,975,000 3,755,481 0.26


USD 8,350,000 7,890,750 0.55

30,480,865 2.12KAZAKHStAnHalyk Savings Bank of Kazakhstan

JSC, Reg. S 7.25% 03/05/2017USD 3,685,000 3,799,493 0.26

Halyk Savings Bank of Kazakhstan JSC, Reg. S 7.25% 28/01/2021

USD 640,000 658,896 0.05

4,458,389 0.31luXeMbouRGAltice Financing SA, Reg. S 6.5%

15/01/2022USD 6,400,000 6,336,000 0.44

Altice Finco SA, 144A 9.875% 15/12/2020

USD 1,800,000 1,908,000 0.13

Altice Finco SA, Reg. S 9.875% 15/12/2020

USD 3,800,000 3,993,800 0.28

Altice Finco SA, 144A 8.125% 15/01/2024

USD 2,625,000 2,533,125 0.18


USD 7,500,000 6,768,750 0.47

ArcelorMittal 10.85% 01/06/2019 USD 2,850,000 2,703,481 0.19Intralot Finance Luxembourg SA, Reg.

S 9.75% 15/08/2018EUR 3,225,000 3,663,320 0.25


EUR 3,000,000 3,436,095 0.24

Millicom International Cellular SA, Reg. S 6.625% 15/10/2021

USD 1,200,000 1,117,530 0.08


EUR 575,000 649,486 0.04

33,109,587 2.30netHeRlAndSLGE HoldCo VI BV, Reg. S 7.125%

15/05/2024EUR 3,300,000 3,905,205 0.27


EUR 3,575,000 3,174,575 0.22


47t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

MPG Holdco I, Inc. 7.375% 15/10/2022

USD 4,100,000 4,151,250 0.29

MPT Operating Partnership LP, REIT 6.875% 01/05/2021

USD 2,450,000 2,554,125 0.18


USD 875,000 839,562 0.06


USD 7,700,000 6,864,935 0.48


USD 3,625,000 3,248,489 0.23


USD 1,950,000 1,609,033 0.11


USD 1,600,000 1,249,496 0.09

Noble Energy, Inc. 5.875% 01/06/2022

USD 1,250,000 1,185,744 0.08

Noble Energy, Inc. 5.875% 01/06/2024

USD 9,450,000 9,045,209 0.63

NRG Yield Operating LLC 5.375% 15/08/2024

USD 2,775,000 2,317,125 0.16

Ocwen Financial Corp. 6.625% 15/05/2019

USD 5,475,000 4,845,375 0.34

Penn Virginia Corp. 7.25% 15/04/2019 USD 4,125,000 577,500 0.04Penn Virginia Corp. 8.5% 01/05/2020 USD 4,350,000 706,875 0.05Penske Automotive Group, Inc. 5.75%

01/10/2022USD 3,600,000 3,706,686 0.26

Post Holdings, Inc. 7.375% 15/02/2022

USD 4,100,000 4,279,457 0.30

Regal Entertainment Group 5.75% 15/03/2022

USD 6,975,000 7,038,403 0.49


USD 1,343,000 1,355,523 0.09

Rowan Cos., Inc. 7.875% 01/08/2019 USD 450,000 446,346 0.03Select Medical Corp. 6.375%

01/06/2021USD 750,000 648,739 0.04

SESI LLC 7.125% 15/12/2021 USD 6,300,000 5,638,500 0.39SM Energy Co. 6.5% 01/01/2023 USD 4,790,000 3,544,600 0.25Spectrum Brands, Inc. 6.625%

15/11/2022USD 2,050,000 2,176,096 0.15

Sprint Communications, Inc. 7% 15/08/2020

USD 2,075,000 1,603,010 0.11

Sprint Communications, Inc. 11.5% 15/11/2021

USD 10,650,000 9,973,938 0.69

Targa Resources Partners LP 5.25% 01/05/2023

USD 4,175,000 3,354,842 0.23


USD 1,700,000 1,684,207 0.12


USD 4,650,000 4,303,691 0.30

Terex Corp. 6% 15/05/2021 USD 4,175,000 3,898,636 0.27TransDigm, Inc. 6.5% 15/07/2024 USD 1,900,000 1,870,398 0.13United Rentals North America, Inc.

6.125% 15/06/2023USD 3,800,000 3,870,585 0.27

Walter Investment Management Corp. 7.875% 15/12/2021

USD 4,335,000 3,478,447 0.24

Weatherford International Ltd. 9.625% 01/03/2019

USD 1,175,000 1,150,460 0.08

Weatherford International Ltd. 6.75% 15/09/2040

USD 175,000 124,029 0.01

Whiting Petroleum Corp. 6.25% 01/04/2023

USD 4,800,000 3,480,000 0.24

William Carter Co. (The) 5.25% 15/08/2021

USD 4,825,000 4,981,813 0.35

William Lyon Homes, Inc. 7% 15/08/2022

USD 3,800,000 3,828,500 0.27

WPX Energy, Inc. 5.25% 15/01/2017 USD 2,125,000 1,986,662 0.14WPX Energy, Inc. 7.5% 01/08/2020 USD 4,550,000 3,708,250 0.26


Quantity/nominal

Value

Market Value uSd

% of net Assets

AMC Entertainment, Inc. 5.75% 15/06/2025

USD 6,950,000 7,069,401 0.49

Boardriders SA, 144A 8.875% 15/12/2017

EUR 600,000 581,152 0.04

Boise Cascade Co. 6.375% 01/11/2020

USD 4,700,000 4,864,500 0.34

Calpine Corp. 5.375% 15/01/2023 USD 5,450,000 4,887,914 0.34Chesapeake Energy Corp. 5.375%

15/06/2021USD 2,350,000 658,000 0.04

Clean Harbors, Inc. 5.25% 01/08/2020 USD 1,350,000 1,383,730 0.10Clean Harbors, Inc. 5.125%

01/06/2021USD 1,800,000 1,823,031 0.13

CNO Financial Group, Inc. 5.25% 30/05/2025

USD 3,750,000 3,829,688 0.27

Community Health Systems, Inc. 6.875% 01/02/2022

USD 10,950,000 10,411,753 0.72

Concho Resources, Inc. 7% 15/01/2021

USD 1,275,000 1,249,678 0.09

Concho Resources, Inc. 5.5% 01/04/2023

USD 7,350,000 6,753,768 0.47

CoreLogic, Inc. 7.25% 01/06/2021 USD 1,575,000 1,645,875 0.11Crown Castle International Corp., REIT

5.25% 15/01/2023USD 5,175,000 5,448,913 0.38

Denbury Resources, Inc. 5.5% 01/05/2022

USD 4,300,000 1,408,250 0.10

Discover Financial Services 10.25% 15/07/2019

USD 3,700,000 4,468,673 0.31

Dynegy, Inc. 6.75% 01/11/2019 USD 3,500,000 3,282,282 0.23Ferrellgas LP 6.5% 01/05/2021 USD 2,825,000 2,434,514 0.17FTI Consulting, Inc. 6% 15/11/2022 USD 10,825,000 11,379,781 0.79Gannett Co., Inc. 6.375% 15/10/2023 USD 4,350,000 4,526,762 0.31GenOn Energy, Inc. 9.5% 15/10/2018 USD 3,400,000 2,763,622 0.19Graphic Packaging International, Inc.

4.75% 15/04/2021USD 1,775,000 1,827,291 0.13

Group 1 Automotive, Inc. 5% 01/06/2022

USD 2,000,000 1,990,000 0.14

HCA, Inc. 5% 15/03/2024 USD 7,050,000 7,066,568 0.49HCA, Inc. 5.375% 01/02/2025 USD 275,000 271,431 0.02HRG Group, Inc. 7.875% 15/07/2019 USD 3,175,000 3,349,625 0.23HRG Group, Inc. 7.75% 15/01/2022 USD 2,400,000 2,385,000 0.17Intelsat Jackson Holdings SA 7.25%

15/10/2020USD 1,825,000 1,598,499 0.11

Intelsat Jackson Holdings SA 7.5% 01/04/2021

USD 4,250,000 3,720,684 0.26

Intelsat Jackson Holdings SA 6.625% 15/12/2022

USD 4,100,000 2,636,485 0.18

Joseph T Ryerson & Son, Inc. 9% 15/10/2017

USD 3,500,000 2,712,500 0.19

Joseph T Ryerson & Son, Inc. 11.25% 15/10/2018

USD 2,857,000 2,142,750 0.15

Level 3 Communications, Inc. 5.75% 01/12/2022

USD 2,300,000 2,355,603 0.16

Level 3 Financing, Inc. 7% 01/06/2020 USD 2,875,000 3,012,224 0.21Level 3 Financing, Inc. 6.125%

15/01/2021USD 650,000 674,612 0.05


USD 9,100,000 9,268,942 0.64


USD 3,650,000 3,744,900 0.26

Matador Resources Co. 6.875% 15/04/2023

USD 9,200,000 8,510,000 0.59

Men's Wearhouse, Inc. (The) 7% 01/07/2022

USD 5,075,000 3,654,000 0.25

MGM Resorts International 6.625% 15/12/2021

USD 4,780,000 4,898,831 0.34

MGM Resorts International 6% 15/03/2023

USD 4,650,000 4,618,566 0.32


48 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

bRAZilTerraForm Global Operating LLC,

Reg. S 9.75% 15/08/2022USD 3,825,000 3,040,875 0.21

3,040,875 0.21CAnAdA1011778 BC ULC, 144A 4.625%

15/01/2022USD 2,350,000 2,361,480 0.16

Air Canada, Reg. S 7.75% 15/04/2021 USD 3,150,000 3,283,875 0.23Bombardier, Inc., 144A 7.5%

15/03/2018USD 7,075,000 6,952,815 0.48

Cascades, Inc., 144A 5.5% 15/07/2022

USD 1,275,000 1,241,531 0.09

Cascades, Inc., 144A 5.75% 15/07/2023

USD 6,250,000 6,015,625 0.42

Concordia Healthcare Corp., 144A 9.5% 21/10/2022

USD 2,400,000 2,376,000 0.17

Concordia Healthcare Corp., 144A 7% 15/04/2023

USD 1,200,000 1,044,000 0.07

Great Canadian Gaming Corp., 144A 6.625% 25/07/2022

CAD 4,100,000 2,920,839 0.20

Lundin Mining Corp., 144A 7.5% 01/11/2020

USD 3,525,000 3,313,500 0.23

Masonite International Corp., 144A 5.625% 15/03/2023

USD 1,425,000 1,478,437 0.10

MDC Partners, Inc., 144A 6.75% 01/04/2020

USD 6,700,000 6,970,680 0.49

MDC Partners, Inc., Reg. S 6.75% 01/04/2020

USD 3,975,000 4,135,590 0.29

Norbord, Inc., 144A 6.25% 15/04/2023

USD 2,025,000 1,994,625 0.14

Novelis, Inc. 8.75% 15/12/2020 USD 4,075,000 3,773,654 0.26Reliance Intermediate Holdings LP,

144A 6.5% 01/04/2023USD 3,775,000 3,944,875 0.27


USD 6,325,000 5,724,125 0.40

Seven Generations Energy Ltd., Reg. S 8.25% 15/05/2020

USD 2,250,000 2,036,250 0.14


USD 3,025,000 2,556,125 0.18

Tervita Corp., Reg. S 10.875% 15/02/2018

USD 2,575,000 618,000 0.04

Trader Corp., 144A 9.875% 15/08/2018

USD 1,975,000 2,063,875 0.14


USD 3,425,000 3,231,813 0.23

Valeant Pharmaceuticals International, Inc., 144A 7% 01/10/2020

USD 900,000 906,750 0.06


USD 1,400,000 1,347,640 0.09


USD 3,650,000 3,528,108 0.25


USD 17,150,000 15,389,038 1.07

89,209,250 6.20CHileVTR Finance BV, Reg. S 6.875%

15/01/2024USD 2,475,000 2,296,231 0.16

2,296,231 0.16CHinABCP Singapore VI Cayman Financing

Co. Ltd., Reg. S 8% 15/04/2021USD 1,220,000 983,009 0.07

983,009 0.07


Quantity/nominal

Value

Market Value uSd

% of net Assets

WPX Energy, Inc. 6% 15/01/2022 USD 7,700,000 5,332,250 0.37WPX Energy, Inc. 8.25% 01/08/2023 USD 2,475,000 1,986,188 0.14WPX Energy, Inc. 5.25% 15/09/2024 USD 1,075,000 714,875 0.05

297,972,377 20.71total bonds 532,840,285 37.03

equitiesnetHeRlAndSAltice NV 'A' EUR 37,779 544,772 0.04Altice NV 'B' EUR 12,593 183,647 0.01

728,419 0.05united KinGdoMLiberty Global plc USD 22,800 912,684 0.07Liberty Global plc LiLAC 'C' USD 1,140 48,142 –

960,826 0.07united StAteS oF AMeRiCAAllergan plc Preference 5.5% USD 3,829 3,931,464 0.27American Tower Corp., REIT

Preference 5.25%USD 12,240 1,244,196 0.09

American Tower Corp., REIT Preference 5.5%

USD 10,453 1,055,544 0.07

Crown Castle International Corp., REIT Preference 4.5%

USD 34,650 3,720,890 0.26

First Data Corp. 'A' USD 94,000 1,533,140 0.11Hercules Offshore, Inc. USD 91,464 199,392 0.01Howard Hughes Corp. (The) USD 6,300 704,214 0.05Iron Mountain, Inc., REIT USD 55,800 1,527,804 0.11Lands' End, Inc. USD 1,375 31,790 –NII Holdings, Inc. USD 130,140 663,714 0.04T-Mobile US, Inc. USD 80,200 3,121,384 0.22T-Mobile US, Inc. Preference 5.5% USD 12,341 831,413 0.06WPX Energy, Inc. Preference 6.25% USD 64,200 1,914,444 0.13

20,479,389 1.42total equities 22,168,634 1.54

Warrantsunited StAteS oF AMeRiCAAmerican International Group, Inc.

19/01/2021USD 37,400 887,876 0.06

Bank of America Corp. 16/01/2019 USD 113,900 662,898 0.05J.P. Morgan Chase & Co. 28/10/2018 USD 49,050 1,175,238 0.08Wells Fargo & Co. 28/10/2018 USD 47,050 969,230 0.07

3,695,242 0.26total Warrants 3,695,242 0.26total transferable securities


558,704,161 38.83

transferable securities and money market instruments dealt in on another regulated marketbondsAuStRAliABlueScope Steel Finance Ltd., 144A

7.125% 01/05/2018USD 2,275,000 2,195,375 0.15

James Hardie International Finance Ltd., 144A 5.875% 15/02/2023

USD 2,300,000 2,357,500 0.17

4,552,875 0.32belGiuMBarry Callebaut Services NV, Reg. S

5.5% 15/06/2023USD 9,900,000 10,422,225 0.72

10,422,225 0.72


49t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Ashtead Capital, Inc., unsecured Reg. S 6.5% 15/07/2022

USD 1,500,000 1,571,250 0.11

INEOS Group Holdings SA, Reg. S 6.125% 15/08/2018

USD 2,250,000 2,235,937 0.16

Iron Mountain Europe plc, Reg. S 6.125% 15/09/2022

GBP 2,175,000 3,315,652 0.23

Jaguar Land Rover Automotive plc, Reg. S 5.625% 01/02/2023

USD 2,275,000 2,301,413 0.16

Virgin Media Finance plc, 144A 6.375% 15/04/2023

USD 2,125,000 2,164,844 0.15


USD 1,900,000 1,902,375 0.13

Virgin Media Secured Finance plc, 144A 5.25% 15/01/2026

USD 1,600,000 1,560,168 0.11

16,563,264 1.15united StAteS oF AMeRiCA24 Hour Holdings III LLC, 144A 8%

01/06/2022USD 225,000 183,937 0.01

24 Hour Holdings III LLC, Reg. S 8% 01/06/2022

USD 2,775,000 2,268,562 0.16

Acadia Healthcare Co., Inc. 5.625% 15/02/2023

USD 1,700,000 1,614,787 0.11

Accudyne Industries Borrower, 144A 7.75% 15/12/2020

USD 3,775,000 2,755,750 0.19

Acosta, Inc., 144A 7.75% 01/10/2022 USD 2,725,000 2,411,625 0.17Advanced Micro Devices, Inc. 6.75%

01/03/2019USD 3,700,000 2,701,000 0.19

AEP Industries, Inc. 8.25% 15/04/2019 USD 2,175,000 2,202,285 0.15Affinia Group, Inc. 7.75% 01/05/2021 USD 1,500,000 1,534,200 0.11Alcatel-Lucent USA, Inc., Reg. S 6.75%

15/11/2020USD 1,110,000 1,173,825 0.08


USD 1,750,000 1,496,250 0.10


USD 4,125,000 3,155,625 0.22

Alliance Data Systems Corp., Reg. S 5.375% 01/08/2022

USD 3,075,000 2,944,312 0.20

AMAG Pharmaceuticals, Inc., 144A 7.875% 01/09/2023

USD 2,350,000 2,079,750 0.14

AMC Networks, Inc. 4.75% 15/12/2022

USD 3,000,000 3,008,745 0.21

American Airlines Pass Through Trust, Series 2013-1 'B', 144A 5.625% 15/01/2021

USD 783,142 793,910 0.06

American Builders & Contractors Supply Co., Inc., 144A 5.75% 15/12/2023

USD 1,300,000 1,313,000 0.09

Ancestry.com Holdings LLC, 144A 9.625% 15/10/2018

USD 1,425,000 1,408,969 0.10

Ancestry.com Holdings LLC, Reg. S 9.625% 15/10/2018

USD 2,575,000 2,546,031 0.18

Ancestry.com, Inc. 11% 15/12/2020 USD 2,850,000 3,056,625 0.21Apex Tool Group LLC, 144A 7%

01/02/2021USD 6,950,000 5,455,750 0.38

Archrock Partners LP 6% 01/04/2021 USD 1,100,000 910,250 0.06Archrock Partners LP 6% 01/10/2022 USD 1,850,000 1,517,000 0.11Bankrate, Inc., Reg. S 6.125%

15/08/2018USD 3,125,000 3,171,875 0.22

Beverage Packaging Holdings Luxembourg II SA, Reg. S 5.625% 15/12/2016

USD 2,350,000 2,329,437 0.16

Beverage Packaging Holdings Luxembourg II SA, 144A 6% 15/06/2017

USD 2,525,000 2,449,250 0.17

Beverage Packaging Holdings Luxembourg II SA, Reg. S 6% 15/06/2017

USD 1,350,000 1,309,500 0.09


Quantity/nominal

Value

Market Value uSd

% of net Assets

ColoMbiAPacific Exploration and Production

Corp., Reg. S 5.625% 19/01/2025USD 4,275,000 876,375 0.06

876,375 0.06GeRMAnYUnitymedia GmbH, Reg. S 6.125%

15/01/2025USD 3,525,000 3,496,853 0.24

Unitymedia Hessen GmbH & Co. KG, Reg. S 5% 15/01/2025

USD 3,575,000 3,442,707 0.24

6,939,560 0.48HonG KonGNexteer Automotive Group Ltd., Reg. S

5.875% 15/11/2021USD 2,675,000 2,742,758 0.19

2,742,758 0.19iSRAelB Communications Ltd., 144A 7.375%

15/02/2021USD 4,475,000 4,832,642 0.34

4,832,642 0.34JAMAiCADigicel Group Ltd., Reg. S 8.25%

30/09/2020USD 7,750,000 6,419,674 0.45

Digicel Ltd., Reg. S 6% 15/04/2021 USD 2,275,000 1,933,397 0.138,353,071 0.58

luXeMbouRGAltice Luxembourg SA, 144A 7.625%

15/02/2025USD 4,775,000 4,142,312 0.29

Altice US Finance SA, 144A 7.75% 15/07/2025

USD 1,100,000 1,014,750 0.07

Ardagh Finance Holdings SA, 144A 8.375% 15/06/2019

EUR 3,724,703 4,136,895 0.29

Ardagh Finance Holdings SA, 144A 8.625% 15/06/2019

USD 979,298 964,119 0.06


USD 2,300,026 2,264,376 0.16

12,522,452 0.87MeXiCoCemex Finance LLC, 144A 9.375%

12/10/2022USD 3,850,000 4,084,542 0.28

Playa Resorts Holding BV, 144A 8% 15/08/2020

USD 625,000 637,500 0.05

Playa Resorts Holding BV, Reg. S 8% 15/08/2020

USD 2,025,000 2,065,500 0.14

6,787,542 0.47netHeRlAndSSensata Technologies UK Financing

Co. plc, 144A 6.25% 15/02/2026USD 3,650,000 3,805,125 0.27

Ziggo Bond Finance BV, Reg. S 5.875% 15/01/2025

USD 1,900,000 1,769,375 0.12

5,574,500 0.39pAnAMASable International Finance Ltd., Reg. S

6.875% 01/08/2022USD 2,350,000 2,281,063 0.16

2,281,063 0.16tRinidAd And tobAGoConsolidated Energy Finance SA, Reg.

S 6.75% 15/10/2019USD 4,750,000 4,564,512 0.32

4,564,512 0.32tuRKeYEldorado Gold Corp., Reg. S 6.125%

15/12/2020USD 3,525,000 3,084,375 0.21

3,084,375 0.21united KinGdoMAshtead Capital, Inc., Reg. S 6.5%

15/07/2022USD 1,450,000 1,511,625 0.10


50 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Endo Ltd., 144A 6% 01/02/2025 USD 2,800,000 2,786,000 0.19Energizer Holdings, Inc., 144A 5.5%

15/06/2025USD 1,975,000 1,856,500 0.13

Energy Future Intermediate Holding Co. LLC, 144A 11.75% 01/03/2022§

USD 8,727,688 9,294,987 0.65

EPL Oil & Gas, Inc. 8.25% 15/02/2018 USD 850,000 225,250 0.02Equinix, Inc., REIT 5.375% 01/01/2022 USD 2,450,000 2,540,234 0.18Equinix, Inc., REIT 5.375% 01/04/2023 USD 3,000,000 3,067,050 0.21Equinix, Inc., REIT 5.75% 01/01/2025 USD 1,325,000 1,363,591 0.09Ferrellgas LP, 144A 6.75%

15/06/2023USD 1,250,000 1,025,000 0.07

First Data Corp., 144A 5.375% 15/08/2023

USD 5,875,000 5,919,063 0.41

First Data Corp., 144A 7% 01/12/2023 USD 15,275,000 15,312,118 1.06Frontier Communications Corp., 144A

8.875% 15/09/2020USD 3,800,000 3,826,885 0.27

Gardner Denver, Inc., 144A 6.875% 15/08/2021

USD 2,550,000 1,963,500 0.14

Goldman Sachs Group, Inc. (The), FRN 5.375% Perpetual

USD 4,325,000 4,297,688 0.30

Goodyear Tire & Rubber Co. (The) 5.125% 15/11/2023

USD 3,700,000 3,796,922 0.26

Greystar Real Estate Partners LLC, 144A 8.25% 01/12/2022

USD 1,825,000 1,902,563 0.13

Group 1 Automotive, Inc., 144A 5.25% 15/12/2023

USD 1,400,000 1,393,000 0.10

Guitar Center, Inc., 144A 6.5% 15/04/2019

USD 3,775,000 3,208,750 0.22

Gulfport Energy Corp. 7.75% 01/11/2020

USD 1,575,000 1,447,055 0.10

Gulfport Energy Corp. 6.625% 01/05/2023

USD 3,465,000 2,910,600 0.20

H&E Equipment Services, Inc. 7% 01/09/2022

USD 3,475,000 3,376,866 0.23

HD Supply, Inc., 144A 5.25% 15/12/2021

USD 3,725,000 3,804,156 0.26

Hexion, Inc. 6.625% 15/04/2020 USD 7,500,000 5,868,750 0.41Hexion, Inc. 10% 15/04/2020 USD 1,375,000 1,137,813 0.08Hill-Rom Holdings, Inc., 144A 5.75%

01/09/2023USD 1,425,000 1,460,625 0.10

Horizon Pharma Financing, Inc., 144A 6.625% 01/05/2023

USD 2,550,000 2,282,250 0.16

Howard Hughes Corp. (The), Reg. S 6.875% 01/10/2021

USD 6,525,000 6,688,125 0.46

HRG Group, Inc., 144A 7.875% 15/07/2019

USD 275,000 290,125 0.02

Hub Holdings LLC, 144A 8.125% 15/07/2019

USD 2,400,000 2,244,000 0.16

HUB International Ltd., 144A 7.875% 01/10/2021

USD 5,975,000 5,377,500 0.37

Huntington Ingalls Industries, Inc., 144A 5% 15/11/2025

USD 2,275,000 2,314,813 0.16

Iron Mountain, Inc., REIT, 144A 6% 01/10/2020

USD 3,025,000 3,191,375 0.22

J.P. Morgan Chase & Co., FRN 5.3% Perpetual

USD 4,325,000 4,313,452 0.30

JBS USA LLC, Reg. S 5.875% 15/07/2024

USD 5,225,000 4,726,039 0.33

Jefferies LoanCore LLC, 144A 6.875% 01/06/2020

USD 2,700,000 2,592,000 0.18

JLL, 144A 8.75% 01/05/2020 USD 4,875,000 4,716,562 0.33Ladder Capital Finance Holdings LLLP

7.375% 01/10/2017USD 2,525,000 2,521,844 0.18

Ladder Capital Finance Holdings LLLP, 144A 5.875% 01/08/2021

USD 1,875,000 1,713,281 0.12


Quantity/nominal

Value

Market Value uSd

% of net Assets

Blue Coat Holdings, Inc., 144A 8.375% 01/06/2023

USD 3,475,000 3,509,750 0.24

BlueLine Rental Finance Corp., Reg. S 7% 01/02/2019

USD 2,425,000 2,163,342 0.15

BMC Software, Inc. 7.25% 01/06/2018 USD 1,875,000 1,556,250 0.11Builders FirstSource, Inc., 144A

7.625% 01/06/2021USD 1,875,000 1,982,812 0.14

Cable One, Inc., 144A 5.75% 15/06/2022

USD 1,650,000 1,645,875 0.11

Capsugel SA, Reg. S 7% 15/05/2019 USD 2,050,000 2,014,125 0.14CCO Holdings LLC 5.25% 30/09/2022 USD 5,575,000 5,620,548 0.39CCO Holdings LLC 5.75% 01/09/2023 USD 1,900,000 1,916,663 0.13CCOH Safari LLC, 144A 5.75%

15/02/2026USD 13,225,000 13,274,594 0.92

CDW LLC 6% 15/08/2022 USD 4,250,000 4,479,415 0.31CEB, Inc., 144A 5.625% 15/06/2023 USD 8,850,000 8,805,750 0.61Central Garden & Pet Co. 6.125%

15/11/2023USD 1,575,000 1,598,625 0.11

Cequel Communications Holdings I LLC, 144A 6.375% 15/09/2020

USD 6,125,000 6,010,156 0.42

Cequel Communications Holdings I LLC, 144A 5.125% 15/12/2021

USD 5,925,000 5,310,281 0.37

Chesapeake Energy Corp., Reg. S 8% 15/12/2022

USD 3,305,000 1,619,450 0.11

Chinos Intermediate Holdings A, Inc., 144A 7.75% 01/05/2019

USD 875,000 223,125 0.02

Citigroup, Inc., FRN 5.95% Perpetual USD 4,300,000 4,291,250 0.30Claire's Stores, Inc. 10.5% 01/06/2017 USD 3,338,000 1,752,450 0.12Clear Channel Worldwide Holdings,

Inc. holders option 6.5% 15/11/2022USD 575,000 550,594 0.04

Clear Channel Worldwide Holdings, Inc. 6.5% 15/11/2022

USD 3,025,000 2,967,147 0.21

ClubCorp Club Operations, Inc., 144A 8.25% 15/12/2023

USD 2,150,000 2,117,750 0.15

CommScope Technologies Finance LLC, 144A 6% 15/06/2025

USD 4,600,000 4,439,000 0.31

CONSOL Energy, Inc., 144A 8% 01/04/2023

USD 4,300,000 2,859,500 0.20

Consolidated Container Co. LLC, Reg. S 10.125% 15/07/2020

USD 3,925,000 3,238,125 0.23

Crimson Merger Sub, Inc., 144A 6.625% 15/05/2022

USD 2,425,000 1,679,312 0.12

CrownRock LP, 144A 7.125% 15/04/2021

USD 1,825,000 1,720,062 0.12

CrownRock LP, 144A 7.75% 15/02/2023

USD 5,250,000 4,961,250 0.34

Cumulus Media Holdings, Inc. 7.75% 01/05/2019

USD 1,625,000 552,500 0.04

Darling Ingredients, Inc. 5.375% 15/01/2022

USD 6,275,000 6,131,365 0.43

DBP Holding Corp., 144A 7.75% 15/10/2020

USD 1,700,000 969,000 0.07

Dean Foods Co., 144A 6.5% 15/03/2023

USD 3,825,000 3,987,563 0.28

DISH DBS Corp. 6.75% 01/06/2021 USD 3,675,000 3,721,434 0.26DISH DBS Corp. 5.875% 15/07/2022 USD 3,100,000 2,893,710 0.20Dollar Tree, Inc., 144A 5.75%

01/03/2023USD 7,825,000 8,177,125 0.57

DPx Holdings BV, 144A 7.5% 01/02/2022

USD 2,700,000 2,615,625 0.18

DuPont Fabros Technology LP, REIT 5.875% 15/09/2021

USD 4,425,000 4,598,106 0.32

EarthLink Holdings Corp. 7.375% 01/06/2020

USD 1,425,000 1,452,061 0.10

Eldorado Resorts, Inc., 144A 7% 01/08/2023

USD 1,775,000 1,730,625 0.12

Endo Ltd., 144A 6% 15/07/2023 USD 3,925,000 3,934,813 0.27


51t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

PF Chang's China Bistro, Inc., 144A 10.25% 30/06/2020

USD 1,525,000 1,265,750 0.09

Platform Specialty Products Corp., 144A 6.5% 01/02/2022

USD 2,325,000 2,022,750 0.14

Post Holdings, Inc., 144A 6.75% 01/12/2021

USD 2,625,000 2,677,500 0.19

Post Holdings, Inc., 144A 7.75% 15/03/2024

USD 1,100,000 1,157,750 0.08

Post Holdings, Inc., 144A 8% 15/07/2025

USD 850,000 901,000 0.06

PQ Corp., 144A 8.75% 01/11/2018 USD 3,325,000 3,237,719 0.23Provident Funding Associates LP,

144A 6.75% 15/06/2021USD 4,450,000 4,327,625 0.30

PSPC Escrow II Corp., 144A 10.375% 01/05/2021

USD 2,450,000 2,450,000 0.17

Quicken Loans, Inc., 144A 5.75% 01/05/2025

USD 6,100,000 5,833,125 0.41

Quiksilver, Inc. 10% 01/08/2020§ USD 650,000 34,125 –Rackspace Hosting, Inc., 144A 6.5%

15/01/2024USD 3,250,000 3,144,375 0.22

Range Resources Corp., 144A 4.875% 15/05/2025

USD 4,425,000 3,379,594 0.24


USD 4,625,000 4,489,511 0.31

Rite Aid Corp. 6.75% 15/06/2021 USD 6,725,000 7,056,610 0.49Rite Aid Corp., 144A 6.125%

01/04/2023USD 4,100,000 4,228,125 0.29

RSI Home Products, Inc., 144A 6.5% 15/03/2023

USD 3,900,000 4,036,500 0.28

Sabine Pass Liquefaction LLC 6.25% 15/03/2022

USD 4,625,000 4,240,709 0.29

Sabre GLBL, Inc., 144A 5.375% 15/04/2023

USD 1,175,000 1,175,000 0.08

Safway Group Holding LLC, 144A 7% 15/05/2018

USD 2,155,000 2,160,387 0.15

Scientific Games International, Inc., 144A 7% 01/01/2022

USD 2,625,000 2,520,000 0.18

Scotts Miracle-Gro Co. (The), 144A 6% 15/10/2023

USD 1,575,000 1,649,812 0.11

Seminole Hard Rock Entertainment, Inc., 144A 5.875% 15/05/2021

USD 2,820,000 2,827,050 0.20

Shea Homes LP, 144A 5.875% 01/04/2023

USD 1,800,000 1,854,000 0.13

Shearer's Foods LLC, 144A 9% 01/11/2019

USD 2,250,000 2,382,187 0.17

Shingle Springs Tribal Gaming Authority, 144A 9.75% 01/09/2021

USD 2,000,000 2,050,000 0.14

Sinclair Television Group, Inc. 6.375% 01/11/2021

USD 375,000 386,021 0.03

Sinclair Television Group, Inc. 6.125% 01/10/2022

USD 4,150,000 4,242,088 0.29

Sirius XM Radio, Inc., Reg. S 5.75% 01/08/2021

USD 2,900,000 2,997,875 0.21

Sirius XM Radio, Inc., 144A 6% 15/07/2024

USD 1,680,000 1,759,800 0.12

SIWF Merger Sub, Inc. 6.25% 01/06/2021

USD 1,600,000 1,592,000 0.11

Sonic Automotive, Inc. 5% 15/05/2023 USD 3,175,000 3,032,125 0.21Spectrum Brands, Inc., 144A 5.75%

15/07/2025USD 1,650,000 1,699,500 0.12

SS&C Technologies Holdings, Inc., 144A 5.875% 15/07/2023

USD 1,975,000 2,044,125 0.14

StandardAero Aviation Holdings, Inc., 144A 10% 15/07/2023

USD 3,850,000 3,840,375 0.27

Station Casinos LLC 7.5% 01/03/2021 USD 625,000 641,303 0.04Sun Products Corp. (The), 144A 7.75%

15/03/2021USD 3,775,000 3,293,687 0.23


Quantity/nominal

Value

Market Value uSd

% of net Assets

Lamar Media Corp. 5.875% 01/02/2022

USD 1,000,000 1,052,570 0.07

Laureate Education, Inc., 144A 9.25% 01/09/2019

USD 3,625,000 2,261,094 0.16

LIN Television Corp., 144A 5.875% 15/11/2022

USD 2,425,000 2,412,875 0.17

LTF Merger Sub, Inc., 144A 8.5% 15/06/2023

USD 3,600,000 3,456,000 0.24

Match Group, Inc., 144A 6.75% 15/12/2022

USD 2,625,000 2,611,875 0.18

Mediacom Broadband LLC 6.375% 01/04/2023

USD 8,250,000 7,942,522 0.55

Mercer International, Inc. 7% 01/12/2019

USD 3,200,000 3,224,000 0.22

Mercer International, Inc. 7.75% 01/12/2022

USD 1,700,000 1,725,500 0.12

MHGE Parent LLC, 144A 8.5% 01/08/2019

USD 1,125,000 1,117,969 0.08

Micron Technology, Inc., 144A 5.25% 01/08/2023

USD 1,775,000 1,601,938 0.11

Milacron LLC, 144A 7.75% 15/02/2021

USD 3,325,000 3,142,125 0.22

Molina Healthcare, Inc., 144A 5.375% 15/11/2022

USD 2,300,000 2,305,750 0.16

Monitronics International, Inc. 9.125% 01/04/2020

USD 3,625,000 2,890,937 0.20

MPLX LP, Reg. S 4.5% 15/07/2023 USD 4,200,000 3,769,500 0.26MSCI, Inc., 144A 5.25% 15/11/2024 USD 2,225,000 2,263,938 0.16MSCI, Inc., 144A 5.75% 15/08/2025 USD 2,675,000 2,748,563 0.19Murray Energy Corp., 144A 11.25%

15/04/2021USD 5,625,000 1,068,750 0.07

National Financial Partners Corp., 144A 9% 15/07/2021

USD 1,425,000 1,309,219 0.09

Navient Corp. 5% 26/10/2020 USD 4,375,000 3,875,112 0.27Navient Corp. 5.875% 25/03/2021 USD 2,400,000 2,179,332 0.15Neiman Marcus Group Ltd. LLC, 144A

8% 15/10/2021USD 700,000 525,000 0.04

Neptune Finco Corp., 144A 10.125% 15/01/2023

USD 14,450,000 15,100,250 1.05


USD 2,800,000 2,940,000 0.20

Netflix, Inc. 5.375% 01/02/2021 USD 3,275,000 3,466,587 0.24NRG Energy, Inc. 6.625% 15/03/2023 USD 5,050,000 4,391,859 0.31Omega US Sub LLC, 144A 8.75%

15/07/2023USD 4,525,000 4,196,938 0.29


USD 2,575,000 2,616,844 0.18


USD 2,150,000 2,166,125 0.15

Opal Acquisition, Inc., Reg. S 8.875% 15/12/2021

USD 3,350,000 2,788,875 0.19

OPE KAG Finance Sub, Inc., 144A 7.875% 31/07/2023

USD 1,675,000 1,668,719 0.12

Outerwall, Inc. 6% 15/03/2019 USD 5,325,000 4,765,875 0.33Outerwall, Inc. 5.875% 15/06/2021 USD 1,350,000 1,115,957 0.08Outfront Media Capital LLC 5.25%

15/02/2022USD 3,875,000 3,970,093 0.28

Outfront Media Capital LLC 5.625% 15/02/2024

USD 1,325,000 1,352,567 0.09

Parsley Energy LLC, 144A 7.5% 15/02/2022

USD 2,675,000 2,568,000 0.18

Parsley Energy LLC, Reg. S 7.5% 15/02/2022

USD 4,000,000 3,846,375 0.27

PBF Holding Co. LLC, 144A 7% 15/11/2023

USD 1,425,000 1,391,156 0.10

Peninsula Gaming LLC, 144A 8.375% 15/02/2018

USD 2,125,000 2,178,125 0.15


52 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

equitiesunited KinGdoMSentry Holdings 'A'* GBP 3,300 3,174 –Sentry Holdings 'B' Preference* GBP 786,348 861,121 0.06

864,295 0.06total equities 864,295 0.06

Warrantsunited KinGdoMSentry Holdings 02/01/2024* GBP 237 225 –

225 –total Warrants 225 –total transferable securities


823,763,049 57.25

other transferable securities and money market instrumentsequitiesiRelAndSmurfit-Stone Container Corp.

Preference*USD 7,275 – –

– –total equities – –total other transferable securities

and money market instruments– –

total investments 1,382,467,210 96.08


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 569,419 USD 611,493 15/04/2016 J.P. Morgan 9,892 –EUR 9,677,312 USD 10,426,713 15/04/2016 RBC 133,775 0.01EUR 67,471,099 USD 72,768,458 16/05/2016 RBC 936,117 0.07EUR 2,440,809 USD 2,661,270 15/06/2016 J.P. Morgan 7,695 –SEK 3,517,662 USD 412,407 15/01/2016 J.P. Morgan 5,260 –SEK 18,277,000 USD 2,097,189 12/02/2016 Skandinaviska

Enskilda Banken

74,776 0.01

SEK 1,608,000 USD 187,899 15/04/2016 J.P. Morgan 3,557 –SEK 20,645,562 USD 2,386,799 16/05/2016 Deutsche Bank 74,054 0.01SEK 20,250,719 USD 2,396,398 15/06/2016 J.P. Morgan 19,944 –USD 1,419,796 CAD 1,930,000 31/03/2016 RBC 27,142 –USD 1,072,014 CAD 1,472,244 31/03/2016 Bank of

America9,668 –

USD 597,677 CAD 818,941 31/03/2016 State Street 6,744 –USD 12,578,643 EUR 11,356,782 15/01/2016 J.P. Morgan 215,947 0.01USD 7,000,000 EUR 6,357,695 15/01/2016 Deutsche Bank 79,178 0.01USD 3,841,012 EUR 3,500,000 12/02/2016 J.P. Morgan 28,297 –USD 103,634,860 EUR 94,214,177 15/03/2016 Citibank 916,808 0.06USD 573,645 EUR 522,942 15/03/2016 Morgan Stanley 3,501 –USD 1,865,072 EUR 1,698,545 15/03/2016 J.P. Morgan 13,215 –USD 556,326 EUR 508,164 15/03/2016 State Street 2,295 –USD 1,100,330 EUR 1,000,000 16/05/2016 J.P. Morgan 7,943 –USD 45,660,344 GBP 29,819,000 13/01/2016 Credit Suisse 1,531,863 0.11USD 2,410,145 GBP 1,582,176 13/01/2016 J.P. Morgan 68,718 –


Quantity/nominal

Value

Market Value uSd

% of net Assets

SunCoke Energy Partners LP, 144A 7.375% 01/02/2020

USD 3,925,000 2,453,125 0.17

Targa Resources Partners LP 4.25% 15/11/2023

USD 9,850,000 7,622,078 0.53

Targa Resources Partners LP, 144A 6.75% 15/03/2024

USD 3,225,000 2,749,313 0.19

Taylor Morrison Communities, Inc., 144A 5.875% 15/04/2023

USD 2,250,000 2,221,875 0.15

Tempur Sealy International, Inc., 144A 5.625% 15/10/2023

USD 2,050,000 2,093,150 0.15

Tenet Healthcare Corp., FRN, 144A 4.012% 15/06/2020

USD 1,650,000 1,625,250 0.11

TerraForm Power Operating LLC, 144A 5.875% 01/02/2023

USD 2,050,000 1,706,625 0.12

TerraForm Power Operating LLC, 144A 6.125% 15/06/2025

USD 800,000 642,000 0.04

Time, Inc., Reg. S 5.75% 15/04/2022 USD 2,900,000 2,675,250 0.19T-Mobile USA, Inc. 6% 01/03/2023 USD 10,075,000 10,210,036 0.71T-Mobile USA, Inc. 6.5% 15/01/2024 USD 825,000 841,863 0.06T-Mobile USA, Inc. 6.375%

01/03/2025USD 1,575,000 1,593,648 0.11

T-Mobile USA, Inc. 6.5% 15/01/2026 USD 9,625,000 9,681,258 0.67Townsquare Media, Inc., 144A 6.5%

01/04/2023USD 3,150,000 2,894,063 0.20

TransDigm, Inc., 144A 6.5% 15/05/2025

USD 1,575,000 1,531,688 0.11

Transworld Systems, Inc., 144A 9.5% 15/08/2021

USD 3,350,000 1,574,500 0.11

Tribune Media Co., 144A 5.875% 15/07/2022

USD 6,975,000 6,966,281 0.48

Truven Health Analytics, Inc. 10.625% 01/06/2020

USD 1,625,000 1,641,250 0.11


USD 725,000 727,719 0.05

United Continental Holdings, Inc. 6% 01/12/2020

USD 3,575,000 3,729,297 0.26

Univar USA, Inc., 144A 6.75% 15/07/2023

USD 4,800,000 4,392,000 0.31

Universal Hospital Services, Inc. 7.625% 15/08/2020

USD 3,175,000 2,970,768 0.21

Univision Communications, Inc., Reg. S 6.75% 15/09/2022

USD 829,000 854,906 0.06

Univision Communications, Inc., 144A 5.125% 15/02/2025

USD 3,725,000 3,548,063 0.25

USG Corp. 9.75% 15/01/2018 USD 2,300,000 2,539,533 0.18USI, Inc., 144A 7.75% 15/01/2021 USD 3,900,000 3,758,625 0.26ViaSat, Inc. 6.875% 15/06/2020 USD 3,750,000 3,932,475 0.27Vista Outdoor, Inc., 144A 5.875%

01/10/2023USD 1,975,000 2,034,250 0.14

Watco Cos. LLC, 144A 6.375% 01/04/2023

USD 2,475,000 2,450,250 0.17

Wayne Merger Sub LLC, 144A 8.25% 01/08/2023

USD 5,300,000 4,968,750 0.35

WideOpenWest Finance LLC 10.25% 15/07/2019

USD 1,550,000 1,444,150 0.10

WideOpenWest Finance LLC 13.375% 15/10/2019

USD 4,400,000 4,136,000 0.29

William Lyon Homes, Inc. 8.5% 15/11/2020

USD 4,225,000 4,477,972 0.31

WMG Acquisition Corp., 144A 6% 15/01/2021

USD 1,725,000 1,743,337 0.12

WR Grace & Co-Conn, 144A 5.125% 01/10/2021

USD 2,550,000 2,581,875 0.18

637,271,950 44.29total bonds 822,898,529 57.19


53t. RoWe pRiCe



Swaption Contracts


Global exposure

uSd

Market Value uSd

(6,000,000) CDS Buy CDX.NA.HY.25-V1, Put, 0.96%, 20/01/2016

USD Credit Suisse (5,760,000) (4,216)


USD Citibank (5,880,000) (9,426)


(13,642)



Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market ValueuSd


uSd% of net

Assets

3,338,000 USD Goldman Sachs

Claire's Stores, Inc. 7.75% 01/06/2020

Buy (5.00)% 20/06/2017 1,342,765 1,342,765 0.09

625,000 EUR Goldman Sachs

TVN Finance Corp. III AB 7.375% 15/12/2020

Sell 5.00% 20/06/2019 107,719 107,719 0.01

1,425,000 EUR Barclays Wind Acquisition Finance SA 11.75% 15/07/2017

Sell 5.00% 20/06/2019 100,877 100,877 0.01


1,551,361 1,551,361 0.11

25,250,000 USD J.P. Morgan CDX.NA.HY.25-V1_1

Buy (5.00)% 20/12/2020 (311,476) (311,476) (0.02)

450,000 USD Bank of America

Chesapeake Energy Corp. 6.625% 15/08/2020

Sell 5.00% 20/06/2020 (312,542) (312,542) (0.02)

2,950,000 USD Goldman Sachs

MBIA, Inc. Sell 5.00% 20/03/2017 (844,951) (844,951) (0.06)


(1,468,969) (1,468,969) (0.10)

net unrealised Gain on Credit default Swap Contracts

82,392 82,392 0.01

Cash 44,249,488 3.08other Assets/(liabilities) 12,127,844 0.84total net Assets 1,438,844,542 100.00


United States of America 66.68Canada 6.86United Kingdom 4.60Luxembourg 3.17Italy 2.12France 2.07

Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 4,471,628 GBP 2,950,087 13/01/2016 HSBC 105,859 0.01USD 994,668 GBP 653,625 13/01/2016 RBS 27,383 –USD 1,901,190 NOK 16,479,693 15/01/2016 J.P. Morgan 34,255 –USD 43,408 SEK 364,305 15/01/2016 J.P. Morgan 152 –total unrealised Gain on

Forward Currency exchange Contracts4,344,038 0.30

EUR 60,339,407 USD 67,224,912 15/01/2016 Barclays (1,541,002) (0.11)EUR 6,966,734 USD 7,803,703 15/01/2016 J.P. Morgan (219,897) (0.01)EUR 5,241,000 USD 5,967,657 15/01/2016 Goldman

Sachs(262,440) (0.02)

EUR 78,450,000 USD 86,296,569 12/02/2016 Barclays (837,279) (0.06)EUR 5,141 USD 5,849 12/02/2016 J.P. Morgan (248) –EUR 71,456,603 USD 80,151,443 15/03/2016 Deutsche Bank (2,245,088) (0.16)EUR 10,061,551 USD 11,473,040 15/03/2016 RBS (503,322) (0.04)EUR 58,957,229 USD 67,273,176 15/04/2016 Goldman

Sachs(2,935,360) (0.21)

EUR 2,162,956 USD 2,392,760 15/04/2016 J.P. Morgan (32,405) –EUR 10,000,000 USD 11,012,091 16/05/2016 Morgan Stanley (88,218) (0.01)EUR 59,773,649 USD 65,937,417 15/06/2016 Societe

Generale(576,377) (0.04)

EUR 100,062 USD 109,924 15/06/2016 J.P. Morgan (509) –EUR 1,275,200 USD 1,405,672 16/06/2016 Morgan Stanley (11,225) –GBP 96,250 USD 148,728 13/01/2016 J.P. Morgan (6,290) –GBP 69,605 USD 107,402 13/01/2016 Bank of

America(4,395) –

NOK 140,994,302 USD 17,585,244 15/01/2016 Skandinaviska Enskilda Banken

(1,612,418) (0.11)

NOK 9,466,143 USD 1,148,007 15/01/2016 J.P. Morgan (75,616) –NOK 144,260,000 USD 17,454,325 12/02/2016 Skandinaviska

Enskilda Banken

(1,116,503) (0.08)

NOK 12,609,606 USD 1,508,225 12/02/2016 J.P. Morgan (80,155) –NOK 172,460,908 USD 21,022,912 15/03/2016 Citibank (1,497,214) (0.11)NOK 151,757,320 USD 18,806,353 15/04/2016 Deutsche Bank (1,626,341) (0.11)NOK 10,387,317 USD 1,214,347 15/04/2016 J.P. Morgan (38,430) –NOK 158,058,174 USD 18,321,925 13/05/2016 Deutsche Bank (427,300) (0.03)NOK 4,056,243 USD 471,901 13/05/2016 J.P. Morgan (12,672) –NOK 159,854,746 USD 18,151,786 15/06/2016 Goldman

Sachs(52,198) –

NOK 3,559,042 USD 407,966 15/06/2016 J.P. Morgan (4,993) –SEK 15,309,749 USD 1,817,820 15/01/2016 Skandinaviska

Enskilda Banken

(22) –

SEK 81,000 USD 9,821 15/01/2016 J.P. Morgan (204) –SEK 665,450 USD 80,263 12/02/2016 J.P. Morgan (1,183) –SEK 19,428,015 USD 2,328,691 15/03/2016 Citibank (17,777) –SEK 17,341,240 USD 2,129,961 15/04/2016 J.P. Morgan (65,225) (0.01)USD 3,948,259 CHF 3,939,391 12/02/2016 UBS (2,450) –USD 3,081,342 EUR 2,838,353 15/01/2016 J.P. Morgan (8,416) –USD 2,172,712 EUR 2,000,000 12/02/2016 J.P. Morgan (5,982) –USD 3,332,367 EUR 3,068,370 15/03/2016 J.P. Morgan (12,957) –USD 2,176,520 EUR 2,000,000 15/04/2016 J.P. Morgan (6,005) –USD 632,349 SEK 5,364,772 15/01/2016 J.P. Morgan (4,634) –total unrealised loss on

Forward Currency exchange Contracts(15,932,750) (1.11)


(11,588,712) (0.81)


54 t. RoWe pRiCe



% of net Assets

Germany 1.86Netherlands 1.37Belgium 0.72Switzerland 0.69Jamaica 0.58Brazil 0.54China 0.51Mexico 0.47Spain 0.42Serbia 0.36Israel 0.34Trinidad and Tobago 0.32Australia 0.32Kazakhstan 0.31Russia 0.28Greece 0.26Turkey 0.21Hong Kong 0.19Colombia 0.17Argentina 0.16Chile 0.16Panama 0.16Indonesia 0.12Sweden 0.06Ireland –total investments 96.08Cash and Other Assets/(Liabilities) 3.92total 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors of the Manager.



55t. RoWe pRiCe


Global investment Grade Corporate bond Fund (4)


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of investment-grade corporate bonds from issuers around the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in debt securities that are rated BBB- or higher by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality) and are issued by companies. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high-yield securities. The fund may also invest in preferred stocks, hybrids and preferred securities, as well as government securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAuStRAliASGSP Australia Assets Pty. Ltd., Reg. S

5.125% 11/02/2021GBP 100,000 162,726 0.81


EUR 140,000 149,534 0.74

312,260 1.55bRAZilVotorantim Cimentos SA, Reg. S 3.25%

25/04/2021EUR 250,000 209,498 1.04

209,498 1.04CHinAAlibaba Group Holding Ltd. 3.6%

28/11/2024USD 310,000 297,241 1.48

CRCC Yupeng Ltd., Reg. S, FRN 3.95% Perpetual

USD 290,000 294,614 1.46

591,855 2.94FinlAndCitycon OYJ, Reg. S 3.75%

24/06/2020EUR 240,000 285,215 1.42

285,215 1.42FRAnCeHavas SA, Reg. S 1.875% 08/12/2020 EUR 200,000 217,095 1.08Societe Fonciere Lyonnaise SA, REIT,

Reg. S 2.25% 16/11/2022EUR 200,000 219,308 1.09

TDF Infrastructure SAS, Reg. S 2.875% 19/10/2022

EUR 200,000 223,398 1.11

659,801 3.28GeRMAnYCommerzbank AG 7.75% 16/03/2021 EUR 100,000 132,934 0.66

132,934 0.66HonG KonGSmarTone Finance Ltd., Reg. S

3.875% 08/04/2023USD 200,000 191,177 0.95

191,177 0.95iCelAndArion Banki HF, Reg. S 3.125%

12/03/2018EUR 130,000 143,487 0.71


BV, Reg. S 4% 10/12/2018EUR 210,000 244,528 1.22

244,528 1.22iSRAelTeva Pharmaceutical Finance IV BV

3.65% 10/11/2021USD 155,000 158,160 0.79

158,160 0.79itAlYUniCredit SpA, Reg. S 6.95%

31/10/2022EUR 100,000 127,641 0.64

127,641 0.64MeXiCoAmerica Movil SAB de CV 5%

27/10/2026GBP 170,000 280,512 1.40


5.75% PerpetualEUR 200,000 218,230 1.09

218,230 1.09


56 t. RoWe pRiCe


Global investment Grade Corporate bond Fund (4) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SpAinCellnex Telecom SAU, Reg. S 3.125%

27/07/2022EUR 200,000 209,393 1.04

209,393 1.04SWedenSkandinaviska Enskilda Banken AB,

Reg. S, FRN 5.75% PerpetualUSD 200,000 197,273 0.98

Swedbank AB, Reg. S 2.375% 27/02/2019

USD 200,000 200,773 1.00

398,046 1.98SWitZeRlAndCredit Suisse AG, Reg. S 6.5%

08/08/2023USD 200,000 216,157 1.07

UBS Group Funding Jersey Ltd., Reg. S 1.75% 16/11/2022

EUR 200,000 218,195 1.09

434,352 2.16united KinGdoMBank of Scotland plc 6.375%

16/08/2019GBP 110,000 182,514 0.91

Barclays plc 2.75% 08/11/2019 USD 200,000 199,897 0.99CRH Finance UK plc, Reg. S 4.125%

02/12/2029GBP 130,000 192,622 0.96

Heathrow Finance plc, Reg. S 5.75% 03/03/2025

GBP 100,000 153,777 0.76


USD 300,000 305,259 1.52

InterContinental Hotels Group plc, Reg. S 3.75% 14/08/2025

GBP 130,000 191,643 0.95

Marks & Spencer plc, Reg. S 4.75% 12/06/2025

GBP 115,000 183,723 0.91

Nationwide Building Society, Reg. S, FRN 6.875% Perpetual

GBP 100,000 148,759 0.74

RSA Insurance Group plc, Reg. S, FRN 5.125% 10/10/2045

GBP 200,000 287,018 1.43

Santander UK Group Holdings plc 2.875% 16/10/2020

USD 80,000 79,503 0.40

Standard Chartered plc, Reg. S, FRN 4% 21/10/2025

EUR 135,000 148,795 0.74

Western Power Distribution plc, Reg. S 3.625% 06/11/2023

GBP 150,000 221,386 1.10

Wm Morrison Supermarkets plc, Reg. S 4.625% 08/12/2023

GBP 160,000 239,434 1.19

2,534,330 12.60united StAteS oF AMeRiCAACE INA Holdings, Inc. 4.35%

03/11/2045USD 180,000 183,112 0.91


USD 300,000 292,326 1.45

Aetna, Inc. 3.5% 15/11/2024 USD 190,000 190,677 0.95Allergan, Inc. 2.8% 15/03/2023 USD 127,000 119,758 0.60Anthem, Inc. 3.3% 15/01/2023 USD 200,000 195,886 0.97Branch Banking & Trust Co. 3.8%

30/10/2026USD 250,000 254,489 1.27

Delphi Corp. 5% 15/02/2023 USD 140,000 148,470 0.74DH Europe Finance SA 1.7%

04/01/2022EUR 100,000 111,803 0.56

Discover Bank 3.1% 04/06/2020 USD 500,000 501,868 2.50Enterprise Products Operating LLC

5.1% 15/02/2045USD 160,000 136,286 0.68

Federal Realty Investment Trust, REIT 2.55% 15/01/2021

USD 250,000 248,195 1.23


USD 150,000 150,382 0.75

Humana, Inc. 4.95% 01/10/2044 USD 290,000 292,102 1.45


Quantity/nominal

Value

Market Value uSd

% of net Assets

KeyCorp 2.9% 15/09/2020 USD 250,000 249,720 1.24Kilroy Realty LP, REIT 4.375%

01/10/2025USD 80,000 81,293 0.40

Kinder Morgan, Inc. 1.5% 16/03/2022 EUR 200,000 177,587 0.88MasterCard, Inc. 1.1% 01/12/2022 EUR 100,000 108,422 0.54Morgan Stanley 3.75% 25/02/2023 USD 250,000 256,872 1.28Noble Energy, Inc. 3.9% 15/11/2024 USD 65,000 58,195 0.29Priceline Group, Inc. (The) 2.375%

23/09/2024EUR 130,000 139,800 0.69

SESI LLC 7.125% 15/12/2021 USD 150,000 134,250 0.67Time Warner Cable, Inc. 6.55%

01/05/2037USD 50,000 50,597 0.25

Time Warner Cable, Inc. 6.75% 15/06/2039

USD 205,000 208,684 1.04

US Treasury 0.5% 31/07/2016 USD 200,000 199,898 0.994,490,672 22.33



11,622,091 57.80

transferable securities and money market instruments dealt in on another regulated marketbondsAuStRAliAAPT Pipelines Ltd., 144A 3.875%

11/10/2022USD 400,000 391,560 1.95

Brambles USA, Inc., 144A 4.125% 23/10/2025

USD 100,000 99,781 0.50

Sydney Airport Finance Co. Pty. Ltd., Reg. S 3.9% 22/03/2023

USD 190,000 190,226 0.94

WEA Finance LLC, 144A 3.25% 05/10/2020

USD 210,000 210,798 1.05

892,365 4.44FRAnCeBPCE SA, Reg. S 5.7% 22/10/2023 USD 230,000 242,293 1.21Pernod Ricard SA, 144A 5.5%

15/01/2042USD 190,000 193,061 0.96

435,354 2.17itAlYIntesa Sanpaolo SpA, 144A 6.5%

24/02/2021USD 105,000 119,446 0.59

119,446 0.59MeXiCoBBVA Bancomer SA, Reg. S 6.5%

10/03/2021USD 220,000 236,253 1.17

236,253 1.17netHeRlAndSING Bank NV, 144A 5.8% 25/09/2023 USD 225,000 245,036 1.22

245,036 1.22SinGApoReHPHT Finance 15 Ltd., Reg. S 2.25%

17/03/2018USD 300,000 298,368 1.48

298,368 1.48united KinGdoMHSBC Holdings plc, FRN 6.375%

PerpetualUSD 200,000 200,235 0.99

Santander UK plc, 144A 5% 07/11/2023

USD 200,000 208,603 1.04

408,838 2.03


57t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

united StAteS oF AMeRiCAAmerican Airlines Pass Through Trust,

Series 2013-1 'A' 4% 15/07/2025USD 288,139 291,381 1.45

Biogen, Inc. 4.05% 15/09/2025 USD 320,000 324,469 1.61Celgene Corp. 3.875% 15/08/2025 USD 280,000 279,686 1.39CKE Restaurant Holdings, Inc.,

Series 2013-1A 'A2', 144A 4.474% 20/03/2043

USD 191,750 190,814 0.95


USD 500,000 485,856 2.42

CVS Health Corp., Reg. S 5% 01/12/2024

USD 85,000 92,644 0.46


USD 397,000 392,818 1.95

Delta Air Lines Pass Through Trust, Series 2015-1 'B' 4.25% 30/07/2023

USD 390,000 393,413 1.96

Expedia, Inc., 144A 5% 15/02/2026 USD 205,000 200,089 0.99FREMF Mortgage Trust, FRN, Series

2015-K720 'B', 144A 3.389% 25/07/2022

USD 105,000 92,331 0.46

Grain Spectrum Funding II LLC, 144A 3.29% 10/10/2019

USD 97,741 97,668 0.49


USD 170,625 155,231 0.77

QVC, Inc. 4.375% 15/03/2023 USD 100,000 95,010 0.47QVC, Inc. 4.85% 01/04/2024 USD 230,000 220,785 1.10QVC, Inc. 4.45% 15/02/2025 USD 20,000 18,575 0.09SBA Tower Trust, 144A 2.898%

15/10/2019USD 400,000 393,066 1.95


USD 110,000 108,726 0.54


USD 235,000 230,857 1.15


USD 230,000 242,937 1.21

Thomson Reuters Corp. 3.309% 12/11/2021

CAD 500,000 370,264 1.84

T-Mobile USA, Inc. 6.5% 15/01/2026 USD 175,000 176,023 0.88US Treasury 2.875% 15/08/2045 USD 300,000 291,188 1.45Wendys Funding LLC, Series 2015-1A

'A2I', 144A 3.371% 15/06/2045USD 199,500 194,662 0.97



7,974,153 39.65



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 375,106 CAD 509,900 31/03/2016 RBC 7,171 0.04USD 3,121,287 EUR 2,837,038 15/03/2016 Citibank 28,175 0.14USD 2,148,956 GBP 1,403,400 13/01/2016 Credit Suisse 72,095 0.36USD 217,368 GBP 140,872 13/01/2016 Bank of

America8,896 0.04

USD 233,632 GBP 155,256 13/01/2016 RBS 3,871 0.02total unrealised Gain on


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

GBP 17,263 USD 26,526 13/01/2016 J.P. Morgan (979) (0.01)GBP 130,775 USD 197,154 13/01/2016 Morgan Stanley (3,624) (0.02)USD 216,867 EUR 199,434 13/01/2016 J.P. Morgan (221) –total unrealised loss on



115,384 0.57



Global exposure

uSd


uSd% of net

Assets

US 5 Year Note, 31/03/2016 (15) USD (1,775,039) 5,578 0.03total unrealised Gain on


Euro-Bund, 08/03/2016 1 EUR 171,864 (860) (0.01)total unrealised loss on

Financial Futures Contracts (860) (0.01)


4,718 0.02

Swaption Contracts

Quantity Security description Currency Counterparty

Global exposure

uSd

Market Value uSd


USD J.P. Morgan (1,920,000) (1,405)

(1,000,000) CDS Buy CDX.NA.IG.25-V1, Put, 0.95%, 20/01/2016

USD Bank of America

(950,000) (869)

(1,000,000) CDS Sell CDX.NA.IG.25-V1, Call, 0.95%, 20/01/2016

USD Bank of America

(950,000) (3,410)


(5,684)


58 t. RoWe pRiCe





Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value uSd


uSd% of net

Assets

250,000 USD J.P. Morgan CDX.NA.IG.25-V1 Sell 1.00% 20/12/2020 1,427 1,427 0.01375,000 USD Credit Suisse Kohl's Corp. 4%

01/11/2021Buy (1.00)% 20/12/2020 9,541 9,541 0.05


10,968 10,968 0.06

500,000 EUR Credit Suisse Casino Guichard Perrachon SA 3.157% 06/08/2019

Sell 1.00% 20/12/2020 (68,159) (68,159) (0.34)

625,000 USD J.P. Morgan Caterpillar, Inc. 1.5% 26/06/2017

Buy (1.00)% 20/12/2020 (3,878) (3,878) (0.02)

400,000 USD Citibank Halliburton Co. 8.75% 15/02/2021

Buy (1.00)% 20/12/2020 (1,464) (1,464) (0.01)


(73,501) (73,501) (0.37)


(62,533) (62,533) (0.31)



United States of America 48.88United Kingdom 14.63Australia 5.99France 5.45China 2.94Mexico 2.57Netherlands 2.31Switzerland 2.16Sweden 1.98Singapore 1.48Finland 1.42Italy 1.23India 1.22Brazil 1.04Spain 1.04Hong Kong 0.95Israel 0.79Iceland 0.71Germany 0.66total investments 97.45Cash and Other Assets/(Liabilities) 2.55total 100.00



59t. RoWe pRiCe


Global unconstrained bond Fund (5)


The fund’s objective is to generate income while offering some protection against rising interest rates and a low correlation with equity markets. The fund invests mainly in a portfolio of bonds of all types from issuers around the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in debt securities issued by governments, government agencies, companies and banks. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund may invest more than 20% of assets in mortgage- and asset-backed securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. However, for temporary defensive purposes, investments in money market securities may exceed one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies, debt securities, credit indices and equities.



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAuStRAliAAustralia Government Bond, Reg. S

3.25% 21/04/2025AUD 1,100,000 833,477 3.02

833,477 3.02AuStRiAErste Group Bank AG, Reg. S, FRN

5.5% 26/05/2025USD 200,000 198,413 0.72

198,413 0.72bRAZilBrazil Notas do Tesouro Nacional 10%

01/01/2025BRL 185,000 334,365 1.21

334,365 1.21CHinAChina Government Bond, Reg. S

3.25% 22/05/2019CNH 3,000,000 453,074 1.64

China Government Bond, Reg. S 3.1% 29/06/2022

CNH 7,500,000 1,112,246 4.02

1,565,320 5.66CRoAtiACroatia Government International

Bond, Reg. S 3.875% 30/05/2022EUR 460,000 502,075 1.82

502,075 1.82CYpRuSCyprus Government International

Bond, Reg. S 3.875% 06/05/2022EUR 857,000 968,912 3.51

968,912 3.51FRAnCeBPCE SA, Reg. S, FRN 0.551%

28/05/2018EUR 200,000 219,398 0.80

Carrefour Banque SA, Reg. S, FRN 0.875% 21/10/2019

EUR 150,000 163,940 0.59

383,338 1.39GeRMAnYBundesrepublik Deutschland, Reg. S

2.5% 04/01/2021EUR 2,840,000 3,488,168 12.62

Daimler AG, Reg. S 2.375% 16/07/2018

GBP 102,000 153,222 0.56

3,641,390 13.18iCelAndArion Banki HF, Reg. S 3.125%

12/03/2018EUR 215,000 237,306 0.86

Iceland Government International Bond, Reg. S 5.875% 11/05/2022

USD 420,000 477,116 1.73


EUR 220,000 238,944 0.86

953,366 3.45itAlYBormioli Rocco Holdings SA, Reg. S

10% 01/08/2018EUR 225,000 256,254 0.93


JSC, Reg. S 7.25% 28/01/2021USD 230,000 236,791 0.86

236,791 0.86luXeMbouRGIntralot Finance Luxembourg SA, Reg.

S 9.75% 15/08/2018EUR 225,000 255,581 0.92


EUR 100,000 112,954 0.41

368,535 1.33


60 t. RoWe pRiCe


Global unconstrained bond Fund (5) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

MeXiCoMexican Bonos 4.75% 14/06/2018 MXN 22,045,000 1,281,385 4.64Mexican Bonos 6.5% 09/06/2022 MXN 26,607,000 1,585,207 5.73

2,866,592 10.37netHeRlAndSING Bank NV, Reg. S, FRN 0.97%

27/11/2017GBP 107,000 158,018 0.57

158,018 0.57pHilippineSPhilippine Government International

Bond 4.95% 15/01/2021PHP 49,000,000 1,063,989 3.85

1,063,989 3.85RoMAniARomania Government Bond 5.85%

26/04/2023RON 3,060,000 848,739 3.07

848,739 3.07SoutH KoReAHyundai Capital Services, Inc., FRN,

144A 1.333% 18/03/2017USD 200,000 199,843 0.72

199,843 0.72SpAinSantander Consumer Finance SA, Reg.

S 1.1% 30/07/2018EUR 100,000 110,212 0.40

Santander International Debt SAU, Reg. S 4.125% 04/10/2017

EUR 50,000 58,024 0.21

168,236 0.61SupRAnAtionAlInternational Bank for Reconstruction &

Development 6.375% 07/08/2018INR 24,400,000 366,192 1.32

366,192 1.32SWedenNordea Hypotek AB 1% 08/04/2022 SEK 6,000,000 681,934 2.47Skandinaviska Enskilda Banken AB

1.5% 17/06/2020SEK 6,500,000 785,332 2.84

1,467,266 5.31tHAilAndThailand Government Bond 4.85%

17/06/2061THB 15,800,000 538,049 1.95

538,049 1.95united KinGdoMFCE Bank plc, Reg. S, FRN 0.848%

17/09/2019EUR 150,000 162,547 0.59

Nationwide Building Society, Reg. S, FRN 0.432% 02/11/2018

EUR 150,000 163,377 0.59

UK Treasury, Reg. S 1.5% 22/01/2021 GBP 450,000 667,207 2.42UK Treasury, Reg. S 3.5% 22/01/2045 GBP 95,000 164,209 0.59WPP plc, Reg. S 6% 04/04/2017 GBP 98,000 152,931 0.55

1,310,271 4.74united StAteS oF AMeRiCACarnival Corp. 1.125% 06/11/2019 EUR 100,000 108,904 0.39CVS Health Corp. 1.9% 20/07/2018 USD 155,000 155,005 0.56DH Europe Finance SA 1%

08/07/2019EUR 150,000 165,713 0.60

Kroger Co. (The) 2.2% 15/01/2017 USD 160,000 161,485 0.59ManpowerGroup, Inc., Reg. S 4.5%

22/06/2018EUR 157,000 186,349 0.68


USD 295,000 263,007 0.95

SESI LLC 6.375% 01/05/2019 USD 120,000 111,676 0.40US Treasury 2% 30/04/2016 USD 1,100,000 1,105,693 4.00


Quantity/nominal

Value

Market Value uSd

% of net Assets

WPX Energy, Inc. 7.5% 01/08/2020 USD 125,000 101,875 0.372,359,707 8.54



21,589,138 78.13

transferable securities and money market instruments dealt in on another regulated marketbondsitAlYIntesa Sanpaolo SpA, FRN, 144A 7.7%

PerpetualUSD 250,000 254,080 0.92

254,080 0.92united StAteS oF AMeRiCABank of America Corp., FRN 1.196%

01/04/2019USD 160,000 159,420 0.58

Celgene Corp. 2.125% 15/08/2018 USD 115,000 115,202 0.42Citigroup, Inc., FRN 2.062%

15/05/2018USD 160,000 162,805 0.59


USD 150,000 150,983 0.54

FHLMC, FRN, Series 2015-DN1 'M2' 2.621% 25/01/2025

USD 250,000 253,946 0.92

FHLMC, FRN, Series 2015-DNA3 'M2' 3.272% 25/04/2028

USD 250,000 249,723 0.90


USD 255,000 266,475 0.96

US Treasury 3% 15/11/2045 USD 530,000 527,971 1.911,886,525 6.82



2,140,605 7.74



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 591,420 USD 631,075 22/02/2016 Bank of America

13,351 0.05

EUR 90,000 USD 97,570 22/02/2016 J.P. Morgan 497 –HUF 66,483,374 USD 226,493 22/01/2016 HSBC 2,434 0.01JPY 79,816,977 USD 649,622 22/02/2016 J.P. Morgan 14,456 0.05JPY 51,007,281 USD 422,373 22/02/2016 Morgan Stanley 2,008 0.01RON 3,060,333 USD 732,535 22/01/2016 HSBC 4,067 0.02TRY 587,000 USD 196,561 22/02/2016 Citibank 2,397 0.01USD 859,092 BRL 3,274,000 02/03/2016 Morgan Stanley 47,935 0.17USD 1,492,456 CNH 9,545,000 22/01/2016 J.P. Morgan 43,427 0.16USD 146,001 CNH 944,662 22/01/2016 Morgan Stanley 2,592 0.01USD 401,663 COP 1,258,008,000 22/02/2016 J.P. Morgan 7,579 0.03USD 1,517,807 EUR 1,391,463 22/02/2016 J.P. Morgan 1,632 –USD 1,062,539 EUR 975,066 22/02/2016 HSBC 82 –USD 732,726 GBP 482,081 22/02/2016 J.P. Morgan 19,259 0.07USD 893,560 GBP 590,778 22/02/2016 HSBC 19,223 0.07USD 273,612 GBP 180,000 22/02/2016 Citibank 7,216 0.03


61t. RoWe pRiCe



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 95,000 HUF 26,452,542 22/01/2016 Morgan Stanley 3,914 0.02USD 376,548 HUF 106,231,662 22/01/2016 Bank of

America10,752 0.04

USD 39,583 HUF 11,180,746 22/01/2016 J.P. Morgan 1,083 –USD 390,843 ILS 1,524,776 22/02/2016 Credit Suisse 45 –USD 20,926 ILS 81,000 22/02/2016 J.P. Morgan 166 –USD 266,102 KRW 309,051,000 22/01/2016 J.P. Morgan 3,565 0.01USD 3,548,359 MXN 59,966,913 22/02/2016 HSBC 95,924 0.35USD 46,691 MXN 786,000 22/02/2016 J.P. Morgan 1,440 –USD 261,112 MYR 1,122,000 22/01/2016 Citibank 984 –USD 7,201 MYR 31,000 22/01/2016 J.P. Morgan 13 –USD 889,413 PHP 41,082,000 22/01/2016 J.P. Morgan 15,076 0.06USD 2,868,227 RON 11,312,000 22/01/2016 Citibank 145,503 0.53USD 17,625 THB 630,000 23/02/2016 Bank of

America196 –

USD 537,499 THB 19,313,000 23/02/2016 J.P. Morgan 3,213 0.01USD 202,114 TRY 587,000 22/02/2016 J.P. Morgan 3,156 0.01USD 265,448 TWD 8,643,000 22/01/2016 J.P. Morgan 3,316 0.01total unrealised Gain on


BRL 1,715,000 USD 439,687 02/03/2016 RBC (14,783) (0.05)BRL 59,000 USD 15,158 02/03/2016 J.P. Morgan (540) –EUR 110,600 USD 121,515 29/01/2016 J.P. Morgan (1,076) –EUR 387,350 USD 424,100 22/02/2016 Morgan Stanley (2,033) (0.01)EUR 319,413 USD 350,070 22/02/2016 J.P. Morgan (2,030) (0.01)GBP 748,100 USD 1,122,625 29/01/2016 Standard

Chartered(15,481) (0.06)

GBP 33,400 USD 50,129 29/01/2016 J.P. Morgan (699) –HUF 77,381,576 USD 269,973 22/01/2016 J.P. Morgan (3,519) (0.01)ILS 539,000 USD 139,752 22/02/2016 Citibank (1,607) (0.01)ILS 1,066,776 USD 276,954 22/02/2016 HSBC (3,540) (0.02)MXN 874,336 USD 51,233 22/02/2016 HSBC (896) –PLN 1,507,000 USD 397,378 22/02/2016 Bank of

America(14,185) (0.05)

PLN 59,000 USD 15,277 22/02/2016 J.P. Morgan (275) –RON 4,548,751 USD 1,164,704 22/01/2016 Bank of

America(69,849) (0.25)

RON 55,000 USD 13,363 22/01/2016 J.P. Morgan (125) –USD 820,325 AUD 1,140,612 22/02/2016 J.P. Morgan (12,517) (0.05)USD 35,041 COP 117,949,000 22/02/2016 J.P. Morgan (1,907) (0.01)USD 6,745,470 EUR 6,244,516 22/02/2016 RBC (58,715) (0.21)USD 45,865 EUR 43,000 22/02/2016 J.P. Morgan (989) –USD 95,666 EUR 89,820 22/02/2016 HSBC (2,204) (0.01)USD 1,045,124 JPY 127,875,258 22/02/2016 Citibank (18,800) (0.07)USD 24,068 JPY 2,949,000 22/02/2016 J.P. Morgan (468) –USD 12,059 KRW 14,264,000 22/01/2016 J.P. Morgan (59) –USD 143,118 MYR 626,000 22/01/2016 HSBC (2,015) (0.01)USD 237,129 PHP 11,213,000 22/01/2016 J.P. Morgan (1,514) –USD 395,136 PLN 1,566,000 22/02/2016 Bank of

America(3,059) (0.01)

USD 1,392,120 SEK 12,074,558 22/02/2016 Standard Chartered

(43,188) (0.16)

USD 44,979 SEK 391,432 22/02/2016 HSBC (1,551) (0.01)USD 138,566 TRY 420,000 22/02/2016 Citibank (3,789) (0.01)USD 150,796 TWD 4,974,000 22/01/2016 Standard

Chartered(60) –

total unrealised loss on Forward Currency exchange Contracts

(281,473) (1.02)


195,028 0.71



Global exposure

uSd


uSd% of net

Assets

Euro-Buxl, 08/03/2016 (1) EUR (164,769) 3,417 0.01Korea 3 Year Bond,

15/03/2016 27 KRW 2,518,099 5,106 0.02

US 10 Year Note, 21/03/2016 (34) USD (4,281,875) 13,844 0.05US 5 Year Note, 31/03/2016 (33) USD (3,905,086) 7,477 0.03total unrealised Gain on



29,844 0.11

option purchased Contracts


Global exposure

uSd

Market Value uSd

% of net Assets

790,000 Foreign Exchange USD/JPY, Call, 120.000, 15/01/2016

USD Credit Suisse 790,000 6,560 0.02

790,000 Foreign Exchange USD/JPY, Put, 118.500, 15/01/2016

USD Bank of America

790,000 1,213 0.01

total option purchased Contracts 7,773 0.03



Reference entity

buy/Sell

interest (paid)/

ReceivedMaturity

date

Market Value uSd


uSd% of net

Assets

675,000 USD Credit Suisse Kohl's Corp. 4% 01/11/2021

Buy (1.00)% 20/12/2020 17,175 17,175 0.06


17,175 17,175 0.06

1,125,000 USD J.P. Morgan Caterpillar, Inc. 1.5% 26/06/2017

Buy (1.00)% 20/12/2020 (6,980) (6,980) (0.02)

1,300,000 USD J.P. Morgan CDX.NA.HY.25-V1_1

Buy (5.00)% 20/12/2020 (16,036) (16,036) (0.06)

2,150,000 EUR J.P. Morgan iTraxx Europe Crossover Series 24 Version 1

Buy (5.00)% 20/12/2020 (194,668) (194,668) (0.71)


(217,684) (217,684) (0.79)


(200,509) (200,509) (0.73)


62 t. RoWe pRiCe






Maturity date

Market Value uSd


uSd% of net

Assets


07/12/2020 268 268 –


268 268 –

net unrealised Gain on interest Rate Swap Contracts

268 268 –



United States of America 15.36Germany 13.18Mexico 10.37China 5.66Sweden 5.31United Kingdom 4.74Philippines 3.85Cyprus 3.51Iceland 3.45Romania 3.07Australia 3.02Thailand 1.95Italy 1.85Croatia 1.82France 1.39Luxembourg 1.33Supranational 1.32Brazil 1.21Kazakhstan 0.86South Korea 0.72Austria 0.72Spain 0.61Netherlands 0.57total investments 85.87Cash and Other Assets/(Liabilities) 14.13total 100.00



63t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsAuStRAliABHP Billiton Finance USA Ltd. 3.85%

30/09/2023USD 140,000 132,397 0.07

SGSP Australia Assets Pty. Ltd., Reg. S 3.3% 09/04/2023

USD 400,000 380,872 0.22

513,269 0.29belGiuMSolvay Finance America LLC, 144A

4.45% 03/12/2025USD 200,000 197,677 0.11

197,677 0.11beRMudABermuda Government International

Bond, 144A 4.854% 06/02/2024USD 205,000 212,380 0.12

212,380 0.12CAnAdAProvince of Manitoba Canada 1.3%

03/04/2017USD 275,000 275,682 0.16

Province of Ontario Canada 2.5% 10/09/2021

USD 230,000 230,208 0.13

Rogers Communications, Inc. 3.625% 15/12/2025

USD 80,000 78,678 0.04

584,568 0.33CHinAAlibaba Group Holding Ltd. 3.125%

28/11/2021USD 740,000 719,039 0.41

CCCI Treasure Ltd., Reg. S, FRN 3.5% Perpetual

USD 200,000 197,180 0.11

CNOOC Finance 2015 USA LLC 3.5% 05/05/2025

USD 250,000 238,424 0.13

CRCC Yupeng Ltd., Reg. S, FRN 3.95% Perpetual

USD 350,000 355,569 0.20

Tencent Holdings Ltd., 144A 3.375% 02/05/2019

USD 635,000 646,122 0.37

2,156,334 1.22ColoMbiAEcopetrol SA 4.125% 16/01/2025 USD 145,000 116,462 0.07

116,462 0.07GeRMAnYKFW 0.5% 19/04/2016 USD 240,000 239,855 0.14

239,855 0.14HonG KonGAIA Group Ltd., 144A 3.2%

11/03/2025USD 305,000 295,086 0.17

IFC Development Corporate Treasury Ltd., Reg. S 2.375% 21/05/2019

USD 300,000 296,572 0.17

591,658 0.34indoneSiAIndonesia Government International

Bond, 144A 4.875% 05/05/2021USD 200,000 207,538 0.12

Perusahaan Listrik Negara PT, Reg. S 5.5% 22/11/2021

USD 205,000 209,646 0.12

417,184 0.24JApAnBank of Tokyo-Mitsubishi UFJ Ltd.

(The), 144A 2.75% 14/09/2020USD 200,000 199,959 0.11

199,959 0.11MeXiCoBBVA Bancomer SA, 144A 4.375%

10/04/2024USD 295,000 293,115 0.17

Mexico Government International Bond 3.6% 30/01/2025

USD 225,000 219,521 0.12

uS Aggregate bond Fund


The fund’s objective is to maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of US bonds. Specifically, the fund invests at least two-thirds of total assets in debt securities denominated in US dollars, which may include securities issued by governments, government agencies, supra-national organizations, companies and banks. Portfolio debt securities can also include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, including high yield securities. The fund may invest more than 20% of assets in mortgage-and asset-backed securities. The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one-third of assets in money market securities, with total investment in these categories limited to one-third of assets. The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities.


64 t. RoWe pRiCe


uS Aggregate bond Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Agilent Technologies, Inc. 3.2% 01/10/2022

USD 25,000 24,326 0.01

Agilent Technologies, Inc. 3.875% 15/07/2023

USD 20,000 20,163 0.01

Alcoa, Inc. 5.72% 23/02/2019 USD 130,000 135,285 0.08Alcoa, Inc. 6.15% 15/08/2020 USD 125,000 129,462 0.07Alcoa, Inc. 5.125% 01/10/2024 USD 170,000 156,752 0.09Alcoa, Inc. 5.95% 01/02/2037 USD 10,000 8,235 –Ameriprise Financial, Inc. 7.3%

28/06/2019USD 140,000 162,357 0.09

Anadarko Petroleum Corp. 3.45% 15/07/2024

USD 15,000 13,370 0.01

Anthem, Inc. 4.65% 15/01/2043 USD 110,000 105,490 0.06Arrow Electronics, Inc. 3.5%

01/04/2022USD 85,000 82,483 0.05

Arrow Electronics, Inc. 4% 01/04/2025 USD 225,000 218,354 0.12Avnet, Inc. 5.875% 15/06/2020 USD 175,000 191,246 0.11Bank of America Corp. 2% 11/01/2018 USD 250,000 249,610 0.14Bank of America Corp. 3.3%

11/01/2023USD 585,000 577,535 0.33


USD 415,000 414,913 0.24

Branch Banking & Trust Co. 3.8% 30/10/2026

USD 325,000 330,835 0.19

Burlington Northern Santa Fe LLC 5.15% 01/09/2043

USD 240,000 254,836 0.14

Cardinal Health, Inc. 3.5% 15/11/2024 USD 235,000 235,115 0.13Cardinal Health, Inc. 3.75%

15/09/2025USD 115,000 117,321 0.07

CC Holdings GS V LLC 3.849% 15/04/2023

USD 905,000 894,366 0.51

CNA Financial Corp. 5.875% 15/08/2020

USD 300,000 334,326 0.19

Continental Resources, Inc. 5% 15/09/2022

USD 40,000 29,738 0.02

CVS Health Corp. 2.8% 20/07/2020 USD 200,000 201,453 0.11CVS Health Corp. 3.5% 20/07/2022 USD 145,000 147,949 0.08Danaher Corp. 4.375% 15/09/2045 USD 120,000 124,861 0.07DDR Corp., REIT 4.25% 01/02/2026 USD 235,000 230,032 0.13Delphi Corp. 5% 15/02/2023 USD 445,000 471,923 0.27Discover Bank 3.1% 04/06/2020 USD 250,000 250,934 0.14Discover Financial Services 3.75%

04/03/2025USD 120,000 116,386 0.07

Enterprise Products Operating LLC 5.1% 15/02/2045

USD 340,000 289,607 0.16

EQT Corp. 4.875% 15/11/2021 USD 115,000 109,469 0.06Exelon Generation Co. LLC 2.95%

15/01/2020USD 580,000 578,074 0.33

FirstEnergy Corp. 2.75% 15/03/2018 USD 65,000 65,184 0.04FirstEnergy Corp. 4.25% 15/03/2023 USD 130,000 131,830 0.07FirstEnergy Corp. 7.375% 15/11/2031 USD 155,000 185,177 0.11GATX Corp. 3.5% 15/07/2016 USD 110,000 111,049 0.06GATX Corp. 2.5% 15/03/2019 USD 150,000 147,812 0.08GATX Corp. 2.5% 30/07/2019 USD 180,000 177,676 0.10GATX Corp. 4.85% 01/06/2021 USD 150,000 157,738 0.09General Motors Co. 4% 01/04/2025 USD 230,000 218,913 0.12General Motors Co. 5.2% 01/04/2045 USD 220,000 209,664 0.12General Motors Financial Co., Inc.

6.75% 01/06/2018USD 250,000 270,675 0.15

General Motors Financial Co., Inc. 4% 15/01/2025

USD 175,000 166,670 0.09


USD 175,000 200,749 0.11


Quantity/nominal

Value

Market Value uSd

% of net Assets

Petroleos Mexicanos, 144A 3.5% 23/07/2020

USD 45,000 42,760 0.02

555,396 0.31netHeRlAndSABN AMRO Bank NV, 144A 4.75%

28/07/2025USD 400,000 399,015 0.22

ING Bank NV, Reg. S, FRN 4.125% 21/11/2023

USD 240,000 245,427 0.14

LYB International Finance BV 4% 15/07/2023

USD 245,000 246,725 0.14


USD 245,000 241,147 0.14


USD 710,000 694,085 0.39

1,826,399 1.03pAnAMAAutoridad del Canal de Panama, 144A

4.95% 29/07/2035USD 200,000 207,000 0.12

207,000 0.12SpAinTelefonica Emisiones SAU 4.57%

27/04/2023USD 235,000 247,843 0.14

247,843 0.14SWedenSvensk Exportkredit AB 5.125%

01/03/2017USD 350,000 366,224 0.21

366,224 0.21SWitZeRlAndCredit Suisse AG, 144A 6.5%

08/08/2023USD 400,000 432,370 0.25

432,370 0.25tuRKeYTurkiye Halk Bankasi A/S, 144A 4.75%

04/06/2019USD 205,000 202,729 0.11

202,729 0.11united KinGdoMBarclays Bank plc 5.14% 14/10/2020 USD 560,000 609,384 0.35Barclays plc 3.65% 16/03/2025 USD 275,000 264,642 0.15Delphi Automotive plc 4.25%

15/01/2026USD 75,000 75,759 0.04

Heathrow Funding Ltd., 144A 4.875% 15/07/2021

USD 180,000 193,593 0.11


USD 305,000 305,830 0.17


USD 245,000 249,325 0.14

Santander UK Group Holdings plc 2.875% 16/10/2020

USD 140,000 139,131 0.08

Standard Chartered plc, 144A 1.7% 17/04/2018

USD 310,000 306,922 0.17

2,144,586 1.21united StAteS oF AMeRiCAACE INA Holdings, Inc. 2.3%

03/11/2020USD 145,000 143,836 0.08

ACE INA Holdings, Inc. 4.35% 03/11/2045

USD 115,000 116,988 0.07

Actavis Funding SCS 3% 12/03/2020 USD 150,000 150,389 0.09Actavis Funding SCS 3.45%

15/03/2022USD 160,000 160,363 0.09


USD 260,000 259,263 0.15


USD 110,000 107,186 0.06

Aflac, Inc. 3.625% 15/11/2024 USD 470,000 481,127 0.27


65t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 715,000 812,354 0.46


USD 695,000 705,915 0.40


USD 215,000 214,213 0.12


USD 205,000 240,548 0.14

Harris Corp. 3.832% 27/04/2025 USD 55,000 54,550 0.03Home Depot, Inc. (The) 3.35%

15/09/2025USD 90,000 92,097 0.05

Humana, Inc. 3.85% 01/10/2024 USD 235,000 236,381 0.13Humana, Inc. 4.95% 01/10/2044 USD 250,000 251,813 0.14Hyatt Hotels Corp. 3.375% 15/07/2023 USD 75,000 71,956 0.04Interpublic Group of Cos., Inc. (The)

4% 15/03/2022USD 340,000 341,175 0.19

Interpublic Group of Cos., Inc. (The) 3.75% 15/02/2023

USD 70,000 68,218 0.04

KeyCorp 2.9% 15/09/2020 USD 420,000 419,530 0.24Kilroy Realty Corp., REIT 3.4%

01/11/2022USD 45,000 44,570 0.03

Kilroy Realty LP, REIT 4.375% 01/10/2025

USD 190,000 193,070 0.11

Kinder Morgan Energy Partners LP 4.3% 01/05/2024

USD 90,000 77,936 0.04

Life Technologies Corp. 6% 01/03/2020

USD 310,000 345,707 0.20


USD 140,000 140,871 0.08


USD 195,000 175,698 0.10


USD 270,000 239,945 0.14


USD 350,000 348,143 0.20

Martin Marietta Materials, Inc. 4.25% 02/07/2024

USD 350,000 342,284 0.19

Mead Johnson Nutrition Co. 4.125% 15/11/2025

USD 50,000 50,540 0.03

Medtronic, Inc. 2.75% 01/04/2023 USD 70,000 68,407 0.04Medtronic, Inc. 3.5% 15/03/2025 USD 705,000 712,822 0.40Medtronic, Inc. 4.625% 15/03/2045 USD 265,000 273,925 0.16Morgan Stanley 2.125% 25/04/2018 USD 355,000 355,737 0.20Morgan Stanley 7.3% 13/05/2019 USD 175,000 201,270 0.11Morgan Stanley 5.5% 28/07/2021 USD 405,000 453,922 0.26Morgan Stanley 3.75% 25/02/2023 USD 690,000 708,968 0.40Newell Rubbermaid, Inc. 3.9%

01/11/2025USD 50,000 45,124 0.03


USD 215,000 192,669 0.11

Noble Energy, Inc. 4.15% 15/12/2021 USD 265,000 257,724 0.15Noble Energy, Inc. 3.9% 15/11/2024 USD 55,000 49,242 0.03Omnicom Group, Inc. 3.625%

01/05/2022USD 70,000 70,999 0.04

Omnicom Group, Inc. 3.65% 01/11/2024

USD 375,000 373,611 0.21

PepsiCo, Inc. 3.1% 17/07/2022 USD 230,000 236,394 0.13Reinsurance Group of America, Inc.

6.45% 15/11/2019USD 145,000 163,165 0.09

Reinsurance Group of America, Inc. 5% 01/06/2021

USD 105,000 113,209 0.06

Reynolds American, Inc. 4% 12/06/2022

USD 115,000 119,863 0.07

Reynolds American, Inc. 3.25% 01/11/2022

USD 90,000 89,203 0.05


Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 200,000 209,478 0.12


USD 100,000 111,287 0.06

Roper Technologies, Inc. 3% 15/12/2020

USD 170,000 169,680 0.10

Sempra Energy 2.85% 15/11/2020 USD 110,000 109,932 0.06SESI LLC 6.375% 01/05/2019 USD 315,000 293,148 0.17SESI LLC 7.125% 15/12/2021 USD 25,000 22,375 0.01Simon Property Group LP, REIT 2.5%

01/09/2020USD 260,000 261,268 0.15

Southern California Gas Co. 3.2% 15/06/2025

USD 335,000 338,306 0.19

Southern Power Co. 4.15% 01/12/2025

USD 170,000 170,657 0.10

Thermo Fisher Scientific, Inc. 2.4% 01/02/2019

USD 40,000 40,103 0.02


USD 95,000 109,338 0.06


USD 110,000 111,314 0.06


USD 210,000 213,774 0.12

Tyson Foods, Inc. 4.5% 15/06/2022 USD 130,000 138,793 0.08Tyson Foods, Inc. 3.95% 15/08/2024 USD 120,000 123,137 0.07UnitedHealth Group, Inc. 3.35%

15/07/2022USD 100,000 102,234 0.06

Unum Group 5.625% 15/09/2020 USD 80,000 88,032 0.05US Bank NA 2.125% 28/10/2019 USD 500,000 500,288 0.28US Treasury 2.625% 30/04/2016 USD 1,475,000 1,485,717 0.84US Treasury 0.875% 28/02/2017 USD 1,245,000 1,245,729 0.71US Treasury 0.875% 15/01/2018 USD 3,690,000 3,674,289 2.08US Treasury 1.25% 31/10/2018 USD 3,445,000 3,441,232 1.95US Treasury 1.5% 31/05/2019 USD 4,255,000 4,259,654 2.41US Treasury 1.5% 30/11/2019 USD 3,655,000 3,642,436 2.06US Treasury 2% 31/08/2021 USD 3,400,000 3,415,141 1.93US Treasury 5.375% 15/02/2031 USD 710,000 963,381 0.55US Treasury 3.375% 15/05/2044 USD 1,310,000 1,405,384 0.80US Treasury 3% 15/11/2044 USD 3,105,000 3,093,356 1.75US Treasury 2.5% 15/02/2045 USD 980,000 879,244 0.50US Treasury 3% 15/05/2045 USD 2,975,000 2,960,590 1.68Verizon Communications, Inc. 4.5%

15/09/2020USD 210,000 225,945 0.13

Verizon Communications, Inc. 6.4% 15/09/2033

USD 1,020,000 1,176,499 0.67

Visa, Inc. 4.3% 14/12/2045 USD 290,000 293,300 0.17Western Gas Partners LP 4%

01/07/2022USD 140,000 123,789 0.07

Williams Cos., Inc. (The) 3.7% 15/01/2023

USD 135,000 94,306 0.05

Williams Cos., Inc. (The) 4.55% 24/06/2024

USD 200,000 140,296 0.08

Williams Partners LP 6.3% 15/04/2040 USD 160,000 122,889 0.0756,379,184 31.93

total bonds 67,591,077 38.28

equitiesunited StAteS oF AMeRiCAAmerican Tower Corp., REIT

Preference 5.25%USD 833 84,675 0.05

84,675 0.05total equities 84,675 0.05total transferable securities


67,675,752 38.33


66 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments dealt in on another regulated marketbondsAuStRAliAAPT Pipelines Ltd., 144A 3.875%

11/10/2022USD 430,000 420,927 0.24

Brambles USA, Inc., 144A 4.125% 23/10/2025

USD 85,000 84,813 0.05

Origin Energy Finance Ltd., 144A 3.5% 09/10/2018

USD 405,000 396,531 0.22

SMART ABS Trust, Series 2012-2USA 'A4A', 144A 2.06% 14/03/2018

USD 167,968 168,120 0.10


USD 265,000 264,562 0.15


USD 85,000 84,823 0.05


USD 76,428 76,326 0.04


USD 110,000 108,694 0.06


USD 275,000 274,272 0.16

Transurban Finance Co. Pty. Ltd., 144A 4.125% 02/02/2026

USD 45,000 44,372 0.02

WEA Finance LLC, 144A 3.25% 05/10/2020

USD 350,000 351,330 0.20

2,274,770 1.29CHileBanco Santander Chile, 144A 3.875%

20/09/2022USD 150,000 150,269 0.09

150,269 0.09FRAnCeBPCE SA, 144A 5.15% 21/07/2024 USD 400,000 405,740 0.23Pernod Ricard SA, 144A 5.5%

15/01/2042USD 235,000 238,786 0.13

644,526 0.36itAlYIntesa Sanpaolo SpA, 144A 6.5%

24/02/2021USD 235,000 267,332 0.15

267,332 0.15JApAnMitsubishi UFJ Trust & Banking Corp.,

144A 2.65% 19/10/2020USD 245,000 243,692 0.14

243,692 0.14luXeMbouRGSES SA, 144A 3.6% 04/04/2023 USD 95,000 92,905 0.05

92,905 0.05MeXiCoPetroleos Mexicanos 4.875%

24/01/2022USD 435,000 419,431 0.24


USD 145,000 125,944 0.07

545,375 0.31netHeRlAndSAirbus Group Finance BV, 144A 2.7%

17/04/2023USD 235,000 226,394 0.13

ING Bank NV, 144A 2.45% 16/03/2020

USD 200,000 199,556 0.11

425,950 0.24SinGApoReHPHT Finance 15 Ltd., 144A 2.25%

17/03/2018USD 200,000 198,814 0.11

198,814 0.11


Quantity/nominal

Value

Market Value uSd

% of net Assets

SWitZeRlAndHolcim US Finance Sarl & Cie SCS,

144A 6% 30/12/2019USD 135,000 149,735 0.09

UBS Group Funding Jersey Ltd., 144A 4.125% 24/09/2025

USD 220,000 220,184 0.12

369,919 0.21united KinGdoMHSBC Holdings plc, FRN 6.375%

PerpetualUSD 200,000 200,235 0.11

Lanark Master Issuer plc, FRN, Series 2013-1A '1A1', 144A 0.878% 22/12/2054

USD 217,431 217,265 0.12

Lloyds Banking Group plc, Reg. S 4.582% 10/12/2025

USD 450,000 452,473 0.26

Nationwide Building Society, 144A 3.9% 21/07/2025

USD 525,000 541,931 0.31

Santander UK plc, 144A 5% 07/11/2023

USD 470,000 490,217 0.28

Sky plc, 144A 3.75% 16/09/2024 USD 255,000 251,513 0.14WPP Finance 2010 4.75% 21/11/2021 USD 485,000 522,658 0.30

2,676,292 1.52united StAteS oF AMeRiCA21st Century Fox America, Inc. 4.75%

15/09/2044USD 530,000 518,610 0.29

Ally Auto Receivables Trust, Series 2012-A 'D', 144A 3.15% 15/10/2018

USD 70,000 70,527 0.04

Ally Master Owner Trust, Series 2014-1 'A2' 1.29% 15/01/2019

USD 145,000 144,855 0.08

Ally Master Owner Trust, Series 2014-4 'A2' 1.43% 17/06/2019

USD 550,000 548,159 0.31

Ally Master Owner Trust, Series 2015-3 'A' 1.63% 15/05/2020

USD 575,000 569,818 0.32

Amazon.com, Inc. 3.8% 05/12/2024 USD 250,000 260,204 0.15Amazon.com, Inc. 4.95% 05/12/2044 USD 575,000 615,710 0.35American Airlines Pass Through Trust,

Series 2014-1 'B' 4.375% 01/10/2022USD 149,945 149,383 0.08

American Airlines Pass Through Trust, Series 2013-2 'A' 4.95% 15/01/2023

USD 173,566 183,329 0.10

American Airlines Pass Through Trust, Series 2015-1 'B' 3.7% 01/05/2023

USD 47,954 46,545 0.03

American Airlines Pass Through Trust, Series 2013-1 'A' 4% 15/07/2025

USD 67,533 68,292 0.04

AmeriCredit Automobile Receivables Trust, Series 2015-1 'A3' 1.26% 08/11/2019

USD 65,000 64,694 0.04

Anthem, Inc. 3.5% 15/08/2024 USD 290,000 285,035 0.16Apple, Inc. 2.4% 03/05/2023 USD 500,000 487,992 0.28Ascentium Equipment Receivables

LLC, Series 2015-1A 'A3', 144A 1.61% 13/10/2020

USD 82,000 81,610 0.05


USD 270,000 268,117 0.15


USD 160,000 162,914 0.09


USD 135,000 135,488 0.08


USD 120,000 119,797 0.07


USD 255,000 251,891 0.14


67t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Babs, Direct Subsidy 6.75% 01/08/2049

USD 150,000 211,275 0.12

Banc of America Commercial Mortgage Trust, FRN, Series 2006-3 'AM' 6.044% 10/07/2044

USD 140,000 141,473 0.08

Banc of America Commercial Mortgage Trust, Series 2006-5 'AM' 5.448% 10/09/2047

USD 275,000 280,292 0.16

Banc of America Commercial Mortgage Trust, Series 2007-5 'A4' 5.492% 10/02/2051

USD 105,965 109,852 0.06

Banc of America Commercial Mortgage Trust, FRN, Series 2007-4 'AM' 6% 10/02/2051

USD 370,000 387,148 0.22

Banc of America Mortgage Trust, FRN, Series 2004-A '2A2' 2.651% 25/02/2034

USD 12,998 12,865 0.01

Banc of America Mortgage Trust, FRN, Series 2004-B '2A2' 2.675% 25/03/2034

USD 73,027 73,060 0.04

Banc of America Mortgage Trust, FRN, Series 2004-D '2A2' 2.721% 25/05/2034

USD 157,251 156,251 0.09

Banc of America Mortgage Trust, FRN, Series 2004-H '2A2' 2.814% 25/09/2034

USD 80,607 79,270 0.05

Banc of America Mortgage Trust, FRN, Series 2004-I '3A2' 2.84% 25/10/2034

USD 33,301 33,097 0.02


USD 188,424 175,372 0.10


USD 77,263 73,802 0.04


USD 410,000 407,514 0.23


USD 325,000 325,516 0.18


USD 100,000 99,655 0.06

Bay Area Toll Authority 6.263% 01/04/2049

USD 155,000 208,063 0.12

Bear Stearns Commercial Mortgage Securities Trust, FRN, Series 2007-PW17 'A4' 5.694% 11/06/2050

USD 116,425 121,521 0.07

Biogen, Inc. 2.9% 15/09/2020 USD 85,000 84,923 0.05Biogen, Inc. 4.05% 15/09/2025 USD 335,000 339,678 0.19Cabela's Credit Card Master Note

Trust, Series 2012-1A 'A1', 144A 1.63% 18/02/2020

USD 100,000 100,222 0.06

Cabela's Credit Card Master Note Trust, Series 2012-2A 'A1', 144A 1.45% 15/06/2020

USD 500,000 498,770 0.28

Capital Auto Receivables Asset Trust, Series 2014-1 'C' 2.84% 22/04/2019

USD 30,000 30,262 0.02

Capital Auto Receivables Asset Trust, Series 2015-2 'A3' 1.73% 20/09/2019

USD 240,000 238,985 0.14

Capital Auto Receivables Asset Trust, Series 2015-4 'A4' 2.01% 20/07/2020

USD 35,000 34,611 0.02

Capital One Multi-Asset Execution Trust, Series 2015-A1 'A1' 1.39% 15/01/2021

USD 230,000 228,806 0.13

CarMax Auto Owner Trust, Series 2014-1 'B' 1.69% 15/08/2019

USD 25,000 24,868 0.01

CarMax Auto Owner Trust, Series 2014-1 'C' 1.93% 15/11/2019

USD 35,000 34,708 0.02


USD 785,000 783,583 0.45


Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 205,000 205,138 0.12

Celgene Corp. 3.625% 15/05/2024 USD 400,000 395,404 0.22Celgene Corp. 3.875% 15/08/2025 USD 555,000 554,378 0.31Chase Issuance Trust, Series 2015-A2

'A2' 1.59% 18/02/2020USD 265,000 265,087 0.15

Chicago Metropolitan Water Reclamation 5.72% 01/12/2038

USD 110,000 126,687 0.07

Chicago O Hare International Airport 6.395% 01/01/2040

USD 170,000 213,379 0.12


USD 625,000 636,400 0.36


USD 225,000 219,977 0.12


USD 190,000 195,045 0.11


USD 175,000 179,170 0.10

City of Los Angeles Department of Airports 7.053% 15/05/2040

USD 70,000 94,295 0.05

City of New York 6.271% 01/12/2037 USD 165,000 210,756 0.12CNH Equipment Trust, Series 2012-D

'B' 1.27% 15/05/2020USD 105,000 104,889 0.06

COBALT CMBS Commercial Mortgage Trust, FRN, Series 2007-C3 'AM' 5.957% 15/05/2046

USD 150,000 157,590 0.09

COMM Mortgage Trust, FRN, Series 2014-TWC 'A', 144A 1.17% 13/02/2032

USD 100,000 98,941 0.06

COMM Mortgage Trust, FRN, Series 2006-C7 'AM' 5.987% 10/06/2046

USD 160,000 161,750 0.09

COMM Mortgage Trust, FRN, Series 2014-UBS4 'C' 4.781% 10/08/2047

USD 150,000 143,692 0.08

COMM Mortgage Trust, Series 2014-UBS5 'A4' 3.838% 10/09/2047

USD 395,000 407,684 0.23

COMM Mortgage Trust, Series 2014-UBS6 'A5' 3.644% 10/12/2047

USD 580,000 587,647 0.33

COMM Mortgage Trust, FRN, Series 2015-LC21 'B' 4.456% 10/07/2048

USD 170,000 169,747 0.10

COMM Mortgage Trust, FRN, Series 2015-LC21 'C' 4.456% 10/07/2048

USD 95,000 87,415 0.05


USD 65,000 66,787 0.04


USD 100,000 103,155 0.06

COMM Mortgage Trust, Series 2015-PC1 'AM' 4.29% 10/07/2050

USD 50,000 52,126 0.03

COMM Mortgage Trust, FRN, Series 2015-PC1 'B' 4.59% 10/07/2050

USD 85,000 84,974 0.05

COMM Mortgage Trust, FRN, Series 2015-PC1 'C' 4.59% 10/07/2050

USD 65,000 59,052 0.03

COMM Mortgage Trust, Series 2015-CR24 'A5' 3.696% 10/08/2055

USD 160,000 162,929 0.09

Commercial Mortgage Trust, Series 2007-GG9 'AM' 5.475% 10/03/2039

USD 150,000 153,593 0.09

Commercial Mortgage Trust, Series 2007-GG9 'AMFX' 5.475% 10/03/2039

USD 220,000 225,525 0.13

Commonwealth of Massachusetts 4.5% 01/08/2031

USD 160,000 171,389 0.10

Commonwealth of Virginia Transportation Board 5.35% 15/05/2035

USD 130,000 147,810 0.08


68 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Continental Airlines Pass Through Trust, Series 2012-1 'A' 4.15% 11/04/2024

USD 39,463 40,696 0.02

Credit Suisse Commercial Mortgage Trust, FRN, Series 2008-C1 'A3' 6.269% 15/02/2041

USD 385,000 405,457 0.23


USD 113,000 123,642 0.07


USD 25,000 24,698 0.01


USD 255,000 247,787 0.14

CSAIL Commercial Mortgage Trust, Series 2015-C3 'A4' 3.718% 15/08/2048

USD 590,000 598,877 0.34

CSMC Trust, FRN, Series 2014-ICE 'A', 144A 1.13% 15/04/2027

USD 100,000 99,370 0.06

CSMC Trust, Series 2015-GLPB 'A', 144A 3.639% 15/11/2034

USD 255,000 261,685 0.15

CSMC Trust, FRN, Series 2015-GLPB 'B', 144A 3.938% 15/11/2034

USD 170,000 173,379 0.10

CVS Health Corp., Reg. S 5% 01/12/2024

USD 110,000 119,892 0.07


USD 89,325 88,384 0.05

Delta Air Lines Pass Through Trust, Series 2011-1 'A' 5.3% 15/04/2019

USD 38,922 41,525 0.02

Delta Air Lines Pass Through Trust, Series 2010-2 'A' 4.95% 23/05/2019

USD 40,764 42,980 0.02

Delta Air Lines Pass Through Trust, Series 2015-1 'AA' 3.625% 30/07/2027

USD 120,000 121,650 0.07

Denver City & County School 4.242% 15/12/2037

USD 70,000 69,128 0.04


USD 190,012 189,878 0.11


USD 80,917 80,277 0.05


USD 74,574 73,813 0.04


USD 182,171 182,574 0.10

District of Columbia 5.591% 01/12/2034

USD 60,000 72,641 0.04

Domino's Pizza Master Issuer LLC, Series 2012-1A 'A2', 144A 5.216% 25/01/2042

USD 183,375 188,758 0.11

East Bay Municipal Utility District Water System 5.874% 01/06/2040

USD 115,000 143,113 0.08

Elara HGV Timeshare Issuer LLC, Series 2014-A 'A', 144A 2.53% 25/02/2027

USD 61,838 60,836 0.03


USD 55,476 55,401 0.03


USD 585,000 583,039 0.33


USD 160,000 158,384 0.09

Exeter Automobile Receivables Trust, Series 2014-2A 'A', 144A 1.06% 15/08/2018

USD 11,413 11,383 0.01

Expedia, Inc., 144A 5% 15/02/2026 USD 400,000 390,417 0.22FHLMC, Series K502 'A2' 1.426%

25/08/2017USD 71,042 71,098 0.04

FHLMC E01341 5.5% 01/03/2018 USD 7,412 7,682 –FHLMC E01497 5.5% 01/11/2018 USD 2,735 2,862 –FHLMC J03640 6% 01/10/2021 USD 30,045 31,808 0.02FHLMC, Series K025 'A1' 1.875%

25/04/2022USD 110,163 109,999 0.06


Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 250,000 247,566 0.14

FHLMC, FRN, Series 2015-DN1 'M2' 2.821% 25/01/2025

USD 250,000 253,946 0.14


USD 250,000 249,478 0.14


USD 250,000 244,338 0.14

FHLMC J15139 4% 01/05/2026 USD 69,337 73,193 0.04FHLMC, FRN, Series 2015-DNA1 'M2'

2.071% 25/10/2027USD 250,000 246,771 0.14


USD 250,000 248,827 0.14

FHLMC, FRN, Series 2015-HQA1 'M2' 3.071% 25/03/2028

USD 250,000 247,794 0.14


USD 250,000 249,723 0.14

FHLMC G18465 2.5% 01/05/2028 USD 153,474 155,784 0.09FHLMC G02712 6% 01/12/2028 USD 11,184 12,704 0.01FHLMC C01787 6% 01/02/2034 USD 74,072 84,698 0.05FHLMC A26586 6% 01/09/2034 USD 4,405 5,029 –FHLMC G08016 6% 01/10/2034 USD 356,517 407,488 0.23FHLMC G01777 6% 01/02/2035 USD 65,980 75,368 0.04FHLMC G01899 6% 01/09/2035 USD 23,050 26,307 0.02FHLMC G03551 6% 01/11/2037 USD 90,648 102,300 0.06FHLMC A71375 6% 01/01/2038 USD 2,515 2,825 –FHLMC A71803 6% 01/01/2038 USD 2,428 2,727 –FHLMC G04814 5.5% 01/10/2038 USD 325,343 362,281 0.21FHLMC G05535 4.5% 01/07/2039 USD 180,092 194,158 0.11FHLMC G05659 4.5% 01/10/2039 USD 246,488 265,716 0.15FHLMC A90053 4.5% 01/12/2039 USD 74,082 80,367 0.05FHLMC A91947 5% 01/04/2040 USD 17,933 19,694 0.01FHLMC A93451 4.5% 01/08/2040 USD 277,654 300,006 0.17FHLMC A94185 4% 01/10/2040 USD 3,327 3,521 –FHLMC A94251 4% 01/10/2040 USD 2,213 2,343 –FHLMC A94576 4% 01/10/2040 USD 1,483 1,569 –FHLMC G05955 5% 01/08/2040 USD 174,653 191,522 0.11FHLMC G05958 5% 01/08/2040 USD 416,468 457,409 0.26FHLMC A94713 4% 01/11/2040 USD 2,406 2,546 –FHLMC A95734 4% 01/12/2040 USD 20,588 21,856 0.01FHLMC G06231 4% 01/12/2040 USD 150,787 159,600 0.09FHLMC G06506 4% 01/12/2040 USD 771 816 –FHLMC A96312 4% 01/01/2041 USD 93,930 99,425 0.06FHLMC G06252 4% 01/02/2041 USD 3,866 4,097 –FHLMC A97620 4.5% 01/03/2041 USD 3,361 3,624 –FHLMC G07543 4.5% 01/08/2041 USD 39,996 43,423 0.02FHLMC G60334 4.5% 01/10/2041 USD 151,610 163,711 0.09FHLMC Q04674 4% 01/12/2041 USD 59,426 62,858 0.04FHLMC G60180 4.5% 01/05/2042 USD 197,574 212,807 0.12FHLMC C04238 3.5% 01/09/2042 USD 439,155 451,769 0.26FHLMC Q14426 3% 01/01/2043 USD 535,833 535,050 0.30FHLMC C09036 3.5% 01/03/2043 USD 268,642 276,346 0.16FHLMC V80025 3% 01/04/2043 USD 41,639 41,576 0.02FHLMC C09042 3.5% 01/05/2043 USD 201,819 207,576 0.12FHLMC G08534 3% 01/06/2043 USD 383,993 383,331 0.22FHLMC G60038 3.5% 01/01/2044 USD 208,546 214,524 0.12FHLMC G08633 4% 01/03/2045 USD 1,584,770 1,673,811 0.95FirstEnergy Transmission LLC, 144A

4.35% 15/01/2025USD 480,000 487,608 0.28

Florida Hurricane Catastrophe Fund Finance Corp. 1.298% 01/07/2016

USD 125,000 125,394 0.07


69t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Florida Hurricane Catastrophe Fund Finance Corp. 2.995% 01/07/2020

USD 140,000 141,796 0.08

FNMA 569097 6.5% 01/03/2016 USD 1,130 1,131 –FNMA 254140 5.5% 01/01/2017 USD 3,345 3,396 –FNMA 670373 6.5% 01/09/2017 USD 13,212 13,509 0.01FNMA 555526 5.5% 01/05/2018 USD 5,523 5,690 –FNMA 735575 5.5% 01/12/2018 USD 5,024 5,149 –FNMA 735318 4.5% 01/11/2019 USD 12,715 13,238 0.01FNMA 900724 5.5% 01/08/2021 USD 5,269 5,664 –FNMA 942477 6% 01/08/2022 USD 3,452 3,785 –FNMA 948410 6% 01/08/2022 USD 2,916 3,064 –FNMA 995434 5% 01/09/2023 USD 81,688 86,339 0.05FNMA AL2661 4% 01/10/2026 USD 25,155 26,647 0.02FNMA AL1938 4% 01/12/2026 USD 62,887 66,558 0.04FNMA AL2579 4% 01/12/2026 USD 230,443 244,212 0.14FNMA AL2645 4.5% 01/01/2027 USD 244,119 262,586 0.15FNMA AO7977 3% 01/06/2027 USD 383,448 396,616 0.22FNMA AP7539 3% 01/09/2027 USD 130,679 135,210 0.08FNMA AL2462 2.5% 01/10/2027 USD 246,866 250,508 0.14FNMA AP9785 2.5% 01/10/2027 USD 215,857 219,045 0.12FNMA AB7143 2.5% 01/12/2027 USD 215,158 217,707 0.12FNMA AT2060 2.5% 01/04/2028 USD 210,032 212,524 0.12FNMA AX2509 3% 01/10/2029 USD 274,661 282,889 0.16FNMA 7.125% 15/01/2030 USD 100,000 146,638 0.08FNMA AS4864 2.5% 01/05/2030 USD 858,769 865,863 0.49FNMA AS5298 2.5% 01/07/2030 USD 318,157 320,640 0.18FNMA AZ0880 2.5% 01/07/2030 USD 100,204 100,994 0.06FNMA AZ4791 2.5% 01/10/2030 USD 78,966 79,554 0.05FNMA 545759 6.5% 01/07/2032 USD 35,535 41,173 0.02FNMA 995629 6.5% 01/12/2032 USD 39,995 45,886 0.03FNMA, FRN 763199 1.861%

01/10/2033USD 17,015 17,739 0.01

FNMA 254903 5% 01/10/2033 USD 21,676 23,976 0.01FNMA 725027 5% 01/11/2033 USD 22,573 24,971 0.01FNMA 888430 5% 01/11/2033 USD 23,132 25,586 0.01FNMA 750412 6.5% 01/11/2033 USD 16,963 19,400 0.01FNMA 725232 5% 01/03/2034 USD 9,290 10,277 0.01FNMA 725238 5% 01/03/2034 USD 39,173 43,332 0.02FNMA 725229 6% 01/03/2034 USD 112,787 128,751 0.07FNMA 735061 6% 01/11/2034 USD 13,080 14,873 0.01FNMA 735115 6% 01/12/2034 USD 4,127 4,702 –FNMA 735141 5.5% 01/01/2035 USD 70,905 79,817 0.05FNMA 735669 5% 01/04/2035 USD 14,454 15,985 0.01FNMA 735502 6% 01/04/2035 USD 7,680 8,738 0.01FNMA 735500 5.5% 01/05/2035 USD 24,841 27,970 0.02FNMA 735578 5% 01/06/2035 USD 61,479 67,857 0.04FNMA 735579 5% 01/06/2035 USD 9,536 10,538 0.01FNMA 735580 5% 01/06/2035 USD 5,416 5,986 –FNMA 735591 5% 01/06/2035 USD 2,677 2,959 –FNMA 735667 5% 01/07/2035 USD 17,936 19,836 0.01FNMA 889829 5% 01/07/2035 USD 246,468 274,608 0.16FNMA 995203 5% 01/07/2035 USD 137,239 151,743 0.09FNMA 190360 5% 01/08/2035 USD 36,227 39,968 0.02FNMA 735997 5.5% 01/11/2035 USD 23,020 25,908 0.01FNMA, FRN 848522 1.861%

01/12/2035USD 17,883 18,842 0.01

FNMA 745428 5.5% 01/01/2036 USD 150,406 169,111 0.10FNMA 888223 5.5% 01/01/2036 USD 28,014 31,528 0.02FNMA 745458 6% 01/04/2036 USD 413 468 –FNMA 995112 5.5% 01/07/2036 USD 48,556 54,641 0.03FNMA 745947 6.5% 01/10/2036 USD 6,793 7,768 –


Quantity/nominal

Value

Market Value uSd

% of net Assets

FNMA 888437 5.5% 01/11/2036 USD 431,332 484,467 0.27FNMA 902382 6.5% 01/11/2036 USD 10,520 12,035 0.01FNMA 889298 5% 01/12/2036 USD 81,963 90,413 0.05FNMA 901646 6.5% 01/12/2036 USD 2,331 2,666 –FNMA 906064 6% 01/01/2037 USD 1,218 1,379 –FNMA 995051 6% 01/03/2037 USD 99,968 113,427 0.06FNMA 888284 5.5% 01/04/2037 USD 115,663 129,302 0.07FNMA 889307 5% 01/07/2037 USD 27,535 30,454 0.02FNMA AL0251 5% 01/07/2037 USD 5,366 5,935 –FNMA 995024 5.5% 01/08/2037 USD 319,156 359,152 0.20FNMA 995388 5.5% 01/08/2037 USD 15,382 17,286 0.01FNMA 933051 6.5% 01/10/2037 USD 55,042 62,944 0.04FNMA AL5224 5% 01/02/2038 USD 19,486 21,524 0.01FNMA 889579 6% 01/05/2038 USD 5,961 6,743 –FNMA AL6966 6.5% 01/08/2038 USD 53,573 61,356 0.04FNMA AL7035 5% 01/12/2038 USD 50,616 55,789 0.03FNMA AL7033 5% 01/06/2039 USD 35,442 39,079 0.02FNMA AL5362 5% 01/09/2039 USD 298,234 329,568 0.19FNMA AC9582 5.5% 01/01/2040 USD 73,924 82,962 0.05FNMA AC9580 4.5% 01/02/2040 USD 1,178,479 1,274,891 0.72FNMA AE5471 4.5% 01/10/2040 USD 38,410 41,545 0.02FNMA AE0624 4% 01/11/2040 USD 121,689 129,092 0.07FNMA AH1111 4% 01/12/2040 USD 553,333 586,299 0.33FNMA AE0698 4.5% 01/12/2040 USD 48,330 52,276 0.03FNMA AL1105 4.5% 01/12/2040 USD 135,997 147,103 0.08FNMA AL1524 4.5% 01/12/2040 USD 35,037 37,896 0.02FNMA AE0949 4% 01/02/2041 USD 306,643 325,095 0.18FNMA AL0065 4.5% 01/04/2041 USD 170,330 184,229 0.10FNMA AL0546 5% 01/07/2041 USD 217,314 239,522 0.14FNMA AL5590 5.5% 01/09/2041 USD 13,474 15,159 0.01FNMA AL1697 4% 01/10/2041 USD 440,940 467,417 0.27FNMA MA0907 4% 01/11/2041 USD 45,262 47,958 0.03FNMA AL1577 5% 01/01/2042 USD 37,422 41,289 0.02FNMA MA0971 4% 01/02/2042 USD 66,266 70,221 0.04FNMA AL6078 5% 01/03/2042 USD 45,091 49,721 0.03FNMA AL4301 4.5% 01/04/2042 USD 83,442 90,229 0.05FNMA AL3192 5% 01/05/2042 USD 175,578 193,960 0.11FNMA AO4163 3.5% 01/06/2042 USD 43,272 44,629 0.03FNMA AO6755 3.5% 01/06/2042 USD 56,436 58,206 0.03FNMA MA1086 3.5% 01/06/2042 USD 74,924 77,319 0.04FNMA AL1950 4% 01/06/2042 USD 103,955 110,553 0.06FNMA AB5615 3.5% 01/07/2042 USD 55,647 57,387 0.03FNMA AO9944 3.5% 01/07/2042 USD 478,314 493,289 0.28FNMA AL6549 5% 01/07/2042 USD 425,001 468,924 0.27FNMA AB5807 3.5% 01/08/2042 USD 110,202 113,645 0.06FNMA AB6317 3.5% 01/09/2042 USD 30,336 31,296 0.02FNMA 890527 4.5% 01/09/2042 USD 111,047 120,345 0.07FNMA AB6491 3% 01/10/2042 USD 70,600 70,888 0.04FNMA AB6670 3% 01/10/2042 USD 55,991 56,220 0.03FNMA AB6768 3% 01/10/2042 USD 90,024 90,224 0.05FNMA AQ0535 3% 01/11/2042 USD 54,046 54,167 0.03FNMA AQ8653 2.5% 01/12/2042 USD 8,173 7,874 –FNMA MA1283 3.5% 01/12/2042 USD 184,827 190,624 0.11FNMA AB7728 2.5% 01/01/2043 USD 118,555 114,203 0.07FNMA AQ9316 2.5% 01/01/2043 USD 74,478 71,745 0.04FNMA AB7733 3% 01/01/2043 USD 267,004 267,018 0.15FNMA AQ8803 3.5% 01/01/2043 USD 74,918 77,271 0.04FNMA AB7846 3% 01/02/2043 USD 145,341 145,664 0.08FNMA AR9188 2.5% 01/03/2043 USD 71,558 68,932 0.04FNMA AB8700 3% 01/03/2043 USD 940,802 944,646 0.54


70 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

FNMA AL3318 3.5% 01/03/2043 USD 24,610 25,438 0.01FNMA AB8898 3% 01/04/2043 USD 277,650 277,633 0.16FNMA AT2016 3% 01/04/2043 USD 274,797 274,780 0.16FNMA AT2717 2.5% 01/05/2043 USD 313,972 302,453 0.17FNMA AU4288 4% 01/09/2043 USD 39,071 41,535 0.02FNMA 890565 3% 01/11/2043 USD 248,233 248,381 0.14FNMA AL6167 3.5% 01/01/2044 USD 97,323 100,374 0.06FNMA AS2275 4.5% 01/04/2044 USD 171,827 185,566 0.11FNMA AL7522 4.5% 01/06/2044 USD 616,975 667,644 0.38FNMA AX2501 4% 01/10/2044 USD 161,807 171,076 0.10FNMA AS3855 3.5% 01/11/2044 USD 32,296 33,359 0.02FNMA AS4794 3.5% 01/04/2045 USD 1,141,910 1,178,084 0.67FNMA AY3425 3.5% 01/05/2045 USD 261,519 269,691 0.15FNMA AS5713 3.5% 01/09/2045 USD 574,395 591,800 0.34FNMA AZ2667 3.5% 01/10/2045 USD 99,320 102,331 0.06FNMA AS6313 4% 01/12/2045 USD 409,462 434,041 0.25FNMA AS6349 4% 01/12/2045 USD 410,000 435,243 0.25FNMA AS6351 4% 01/12/2045 USD 55,000 58,167 0.03FNMA Connecticut Avenue Securities,

FRN, Series 2014-C04 '1M1' 2.171% 25/11/2024

USD 71,898 72,270 0.04

FNMA Connecticut Avenue Securities, FRN, Series 2014-C04 '2M1' 2.32% 25/11/2024

USD 34,448 34,664 0.02


USD 23,447 23,491 0.01


USD 6,002 6,006 –

Ford Credit Auto Owner Trust, Series 2012-D 'D' 1.97% 15/05/2019

USD 270,000 271,717 0.15

Ford Credit Auto Owner Trust, Series 2013-B 'D' 1.82% 15/11/2019

USD 380,000 381,269 0.22

Ford Credit Auto Owner Trust, Series 2014-C 'A4' 1.56% 15/02/2020

USD 40,000 39,943 0.02

Ford Credit Auto Owner Trust, Series 2014-1 'A', 144A 2.26% 15/11/2025

USD 260,000 262,208 0.15


USD 205,000 194,165 0.11


USD 175,000 153,886 0.09


USD 155,000 142,442 0.08


USD 110,000 98,490 0.06


USD 195,000 170,222 0.10


USD 105,000 94,026 0.05


USD 80,000 72,611 0.04


USD 110,000 98,101 0.06

GM Financial Automobile Leasing Trust, Series 2015-3 'A4' 1.81% 20/11/2019

USD 360,000 356,809 0.20

GNMA 3306 5.5% 20/11/2032 USD 123,325 137,544 0.08GNMA 3490 6.5% 20/12/2033 USD 120,566 142,784 0.08GNMA 3611 6% 20/09/2034 USD 69,558 79,391 0.05


Quantity/nominal

Value

Market Value uSd

% of net Assets

GNMA, IO, Series 2012-94 'BI' 4% 20/05/2037

USD 190,637 29,866 0.02

GNMA, IO, Series 2010-92 'PI' 4.5% 20/11/2037

USD 135,871 7,389 –

GNMA 4060 6% 20/12/2037 USD 9,115 10,206 0.01GNMA 784012 5.5% 15/10/2038 USD 14,755 16,792 0.01GNMA, IO, Series 2010-103 'IN' 4.5%

20/02/2039USD 42,026 2,338 –

GNMA 4558 4.5% 20/10/2039 USD 195,001 212,253 0.12GNMA 4559 5% 20/10/2039 USD 42,279 46,682 0.03GNMA, IO, Series 2011-88 'EI' 4.5%

20/11/2039USD 45,239 4,374 –

GNMA 4577 4.5% 20/11/2039 USD 19,886 21,645 0.01GNMA, IO, Series 2011-41 'AI' 4.5%

20/12/2039USD 267,331 27,736 0.02

GNMA 4715 5% 20/06/2040 USD 29,450 32,518 0.02GNMA 4772 5% 20/08/2040 USD 20,814 22,982 0.01GNMA 4800 4% 20/09/2040 USD 86,701 92,758 0.05GNMA 4801 4.5% 20/09/2040 USD 80,610 87,742 0.05GNMA 4833 4% 20/10/2040 USD 53,630 57,377 0.03GNMA 4834 4.5% 20/10/2040 USD 65,175 70,942 0.04GNMA 4854 4.5% 20/11/2040 USD 67,897 73,904 0.04GNMA 4882 4% 20/12/2040 USD 141,830 151,759 0.09GNMA 4946 4.5% 20/02/2041 USD 261,968 285,147 0.16GNMA 4978 4.5% 20/03/2041 USD 71,867 78,226 0.04GNMA 4979 5% 20/03/2041 USD 169,851 187,542 0.11GNMA 5054 4% 20/05/2041 USD 115,749 123,781 0.07GNMA 783403 3.5% 15/09/2041 USD 118,299 123,019 0.07GNMA AA3450 3% 15/07/2042 USD 23,417 23,784 0.01GNMA MA0219 3% 20/07/2042 USD 72,290 73,433 0.04GNMA MA0221 4% 20/07/2042 USD 218,621 233,272 0.13GNMA MA0318 3.5% 20/08/2042 USD 138,997 145,066 0.08GNMA MA0392 3.5% 20/09/2042 USD 34,797 36,316 0.02GNMA MA0393 4% 20/09/2042 USD 14,651 15,625 0.01GNMA AA3342 3% 15/10/2042 USD 17,274 17,544 0.01GNMA MA0535 4% 20/11/2042 USD 132,712 141,496 0.08GNMA MA0623 2.5% 20/12/2042 USD 120,849 117,377 0.07GNMA MA0624 3% 20/12/2042 USD 272,512 276,821 0.16GNMA MA0697 2.5% 20/01/2043 USD 479,062 465,303 0.26GNMA AD1732 2.5% 15/02/2043 USD 72,513 70,328 0.04GNMA, IO, Series 2013-24 'OI' 4%

20/02/2043USD 85,892 15,640 0.01

GNMA 783726 3.5% 20/03/2043 USD 169,338 176,731 0.10GNMA MA1012 3.5% 20/05/2043 USD 725,134 756,573 0.43GNMA MA1088 2.5% 20/06/2043 USD 177,996 172,884 0.10GNMA MA1155 2.5% 20/07/2043 USD 114,627 111,334 0.06GNMA MA1157 3.5% 20/07/2043 USD 534,942 558,094 0.32GNMA MA1284 3% 20/09/2043 USD 139,334 141,539 0.08GNMA MA1285 3.5% 20/09/2043 USD 658,076 686,355 0.39GNMA MA1678 4% 20/02/2044 USD 559,130 595,401 0.34GNMA MA2222 3% 20/09/2044 USD 278,251 282,071 0.16GNMA MA2226 5% 20/09/2044 USD 41,010 44,335 0.03GNMA MA2374 5% 20/11/2044 USD 490,293 530,476 0.30GNMA MA2444 3% 20/12/2044 USD 125,130 126,786 0.07GNMA MA2448 5% 20/12/2044 USD 51,709 55,965 0.03GNMA MA2524 5% 20/01/2045 USD 25,905 28,001 0.02GNMA MA2960 3% 20/07/2045 USD 44,200 44,785 0.03GNMA MA2961 3.5% 20/07/2045 USD 424,075 441,890 0.25GNMA MA3034 3.5% 20/08/2045 USD 775,114 807,675 0.46GNMA MA3106 4% 20/09/2045 USD 315,430 335,064 0.19


71t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Grain Spectrum Funding LLC, 144A 4% 10/10/2018

USD 195,000 198,734 0.11

GS Mortgage Securities Corp. II, Series 2012-GCJ9 'A3' 2.773% 10/11/2045

USD 135,000 132,931 0.08


USD 500,000 498,445 0.28


USD 240,000 240,501 0.14

GS Mortgage-Backed Securities Trust, FRN, Series 2014-EB1A '2A1', 144A 2.491% 25/07/2044

USD 86,236 85,780 0.05

GSAA Trust, FRN, Series 2005-8 'A3' 0.852% 25/06/2035

USD 69,295 65,960 0.04

GTP Acquisition Partners I LLC, 144A 2.35% 15/06/2020

USD 455,000 441,992 0.25

Hilton Grand Vacations Trust, Series 2014-AA 'A', 144A 1.77% 25/11/2026

USD 97,363 95,577 0.05


USD 160,875 146,360 0.08

Honda Auto Receivables Owner Trust, Series 2014-4 'A4' 1.46% 15/10/2020

USD 30,000 29,905 0.02

Hyundai Auto Lease Securitization Trust, Series 2015-B 'A4', 144A 1.66% 15/07/2019

USD 310,000 308,073 0.17

INVISTA Finance LLC, 144A 4.25% 15/10/2019

USD 60,000 58,624 0.03

J.P. Morgan Chase & Co. 3.875% 10/09/2024

USD 655,000 654,519 0.37

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2006-LDP7 'AM' 6.105% 15/04/2045

USD 355,000 359,970 0.20

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2006-LDP8 'AJ' 5.48% 15/05/2045

USD 30,000 30,524 0.02

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C8 'A3' 2.829% 15/10/2045

USD 185,000 182,924 0.10

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11 'A5' 2.96% 15/04/2046

USD 145,000 142,890 0.08

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9 'A3' 5.336% 15/05/2047

USD 152,416 155,344 0.09

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18 'A4' 5.44% 12/06/2047

USD 153,265 157,052 0.09

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-CB19 'A4' 5.888% 12/02/2049

USD 139,645 144,167 0.08

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-CB19 'AM' 5.888% 12/02/2049

USD 325,000 335,253 0.19

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-LD12 'A4' 5.882% 15/02/2051

USD 210,000 218,011 0.12

J.P. Morgan Chase Commercial Mortgage Securities Trust, FRN, Series 2007-LD12 'AM' 6.205% 15/02/2051

USD 200,000 210,646 0.12

JobsOhio Beverage System 4.532% 01/01/2035

USD 155,000 164,444 0.09

John Deere Owner Trust, Series 2015-A 'A4' 1.65% 15/12/2021

USD 115,000 114,575 0.07


USD 55,000 56,249 0.03


Quantity/nominal

Value

Market Value uSd

% of net Assets


USD 300,000 307,923 0.17


USD 190,000 194,668 0.11

Kaiser Foundation Hospitals, Inc. 3.5% 01/04/2022

USD 250,000 253,971 0.14

Kubota Credit Owner Trust, Series 2015-1A 'A3', 144A 1.54% 15/03/2019

USD 585,000 581,493 0.33


USD 225,000 230,547 0.13


USD 160,000 167,285 0.10


USD 110,000 114,063 0.06

Liberty Mutual Group, Inc., 144A 4.85% 01/08/2044

USD 485,000 456,974 0.26


USD 75,000 73,861 0.04

Maryland State Transportation Authority 5.754% 01/07/2041

USD 85,000 102,711 0.06

Maryland State Transportation Authority 5.888% 01/07/2043

USD 165,000 200,049 0.11

Mercedes Benz Auto Lease Trust, Series 2015-A 'A4' 1.21% 15/10/2020

USD 150,000 149,634 0.09

Merrill Lynch Mortgage Trust, Series 2008-C1 'A4' 5.69% 12/02/2051

USD 74,554 78,441 0.04

Metropolitan Transportation Authority 7.336% 15/11/2039

USD 80,000 116,906 0.07


USD 100,000 99,492 0.06


USD 110,000 109,285 0.06

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27 'AS' 4.068% 15/12/2047

USD 115,000 117,667 0.07

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 'A4' 3.306% 15/04/2048

USD 100,000 98,683 0.06

Morgan Stanley Bank of America Merrill Lynch Trust, FRN, Series 2015-C24 'AS' 4.036% 15/05/2048

USD 60,000 61,151 0.03

Morgan Stanley Bank of America Merrill Lynch Trust, FRN, Series 2015-C24 'B' 4.499% 15/05/2048

USD 110,000 109,598 0.06

Morgan Stanley Bank of America Merrill Lynch Trust, FRN, Series 2015-C24 'C' 4.499% 15/05/2048

USD 80,000 73,132 0.04

Morgan Stanley Capital I Trust, Series 2015-MS1 'A4' 3.779% 15/05/2048

USD 150,000 154,232 0.09

Morgan Stanley Capital I Trust, FRN, Series 2015-MS1 'B' 4.163% 15/05/2048

USD 55,000 54,141 0.03

Morgan Stanley Capital I Trust, FRN, Series 2015-MS1 'AS' 4.163% 15/05/2048

USD 20,000 20,597 0.01

MVW Owner Trust, Series 2013-1A 'A', 144A 2.15% 22/04/2030

USD 92,783 91,271 0.05

MVW Owner Trust, Series 2014-1A 'A', 144A 2.25% 22/09/2031

USD 73,826 73,085 0.04

New York City Transitional Finance Authority 5.508% 01/08/2037

USD 175,000 212,970 0.12


72 t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

New York City Water & Sewer System 5.952% 15/06/2042

USD 120,000 155,713 0.09

Nissan Master Owner Trust, Series 2015-A 'A2' 1.44% 15/01/2020

USD 185,000 183,711 0.10

Nordstrom Credit Card Master Note Trust II, Series 2011-1A 'A', 144A 2.28% 15/11/2019

USD 385,000 387,622 0.22

North Carolina Eastern Municipal Power Agency 1.561% 01/07/2017

USD 60,000 60,115 0.03

North Carolina Eastern Municipal Power Agency 2.003% 01/07/2018

USD 5,000 5,026 –

O'Reilly Automotive, Inc. 4.875% 14/01/2021

USD 175,000 189,297 0.11

Port Authority of New York and New Jersey 4.458% 01/10/2062

USD 330,000 315,724 0.18


USD 365,000 357,822 0.20

Principal Financial Group, Inc., FRN 4.7% 15/05/2055

USD 220,000 219,355 0.12

QVC, Inc. 3.125% 01/04/2019 USD 335,000 330,602 0.19QVC, Inc. 5.125% 02/07/2022 USD 55,000 55,467 0.03QVC, Inc. 4.375% 15/03/2023 USD 225,000 213,772 0.12QVC, Inc. 4.85% 01/04/2024 USD 320,000 307,179 0.17QVC, Inc. 4.45% 15/02/2025 USD 40,000 37,151 0.02San Diego County Water Authority

Financing Corp. 6.138% 01/05/2049USD 70,000 90,929 0.05

SBA Tower Trust, 144A 2.933% 15/12/2017

USD 150,000 150,780 0.09

SBA Tower Trust, 144A 2.898% 15/10/2019

USD 175,000 171,966 0.10

SBA Tower Trust, 144A 3.156% 15/10/2020

USD 300,000 295,131 0.17

SBA Tower Trust, Series 2014-2A 'C', 144A 3.869% 15/10/2024

USD 150,000 148,625 0.08


USD 185,000 182,858 0.10


USD 350,000 343,830 0.20


USD 123,582 122,152 0.07


USD 252,618 248,253 0.14


USD 91,772 90,285 0.05


USD 360,000 380,250 0.22

SLM Student Loan Trust, FRN, Series 2008-4 'A4' 1.97% 25/07/2022

USD 100,000 100,705 0.06

SLM Student Loan Trust, FRN, Series 2008-9 'A' 1.82% 25/04/2023

USD 142,002 142,233 0.08

SLM Student Loan Trust, FRN, Series 2008-5 'A4' 2.02% 25/07/2023

USD 200,000 201,369 0.11

SMB Private Education Loan Trust, Series 2015-A 'A2A', 144A 2.49% 15/06/2027

USD 130,000 126,437 0.07

SMB Private Education Loan Trust, Series 2015-C 'A2A', 144A 2.75% 15/07/2027

USD 185,000 182,317 0.10

SMB Private Education Loan Trust, Series 2015-B 'A2A', 144A 2.98% 15/07/2027

USD 150,000 148,467 0.08

South Carolina State Public Service Authority 4.77% 01/12/2045

USD 162,000 165,026 0.09


Quantity/nominal

Value

Market Value uSd

% of net Assets

SunTrust Auto Receivables Trust, Series 2015-1A 'A4', 144A 1.78% 15/01/2021

USD 495,000 491,112 0.28

Synchrony Credit Card Master Note Trust, Series 2012-6 'A' 1.36% 17/08/2020

USD 250,000 248,827 0.14

Synchrony Credit Card Master Note Trust, Series 2014-1 'C' 1.91% 15/11/2020

USD 135,000 134,541 0.08

Synchrony Credit Card Master Note Trust, Series 2013-1 'B' 1.69% 15/03/2021

USD 205,000 203,638 0.12


USD 300,000 300,925 0.17


USD 315,000 308,576 0.18

Towd Point Mortgage Trust, FRN, Series 2015-3 'A1B', 144A 3% 25/03/2054

USD 197,345 196,927 0.11


USD 200,550 198,789 0.11


USD 121,905 120,697 0.07


USD 440,000 441,650 0.25

University of North Carolina at Chapel Hill 3.847% 01/12/2034

USD 210,000 218,425 0.12


USD 99,498 103,602 0.06


USD 113,077 114,067 0.06

US Treasury Inflation Indexed 0.625% 15/01/2024

USD 1,700,000 1,713,908 0.97

US Treasury Inflation Indexed 0.375% 15/07/2025

USD 860,000 835,170 0.47

Utah Transit Authority 'B' 5.937% 15/06/2039

USD 65,000 81,275 0.05

Utility Debt Securitization Authority, Series 2013-T 'T1' 2.042% 15/06/2021

USD 100,000 100,021 0.06

Wachovia Bank Commercial Mortgage Trust, Series 2007-C30 'AM' 5.383% 15/12/2043

USD 315,000 325,702 0.18

Wells Fargo Commercial Mortgage Trust, Series 2015-SG1 'A4' 3.789% 15/12/2047

USD 165,000 169,084 0.10

Wells Fargo Commercial Mortgage Trust, Series 2015-C29 'A4' 3.637% 15/06/2048

USD 275,000 278,725 0.16

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-LC20 'C' 4.056% 15/04/2050

USD 105,000 97,725 0.06


USD 105,000 107,278 0.06


USD 180,000 184,292 0.10

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2 'AS' 4.121% 15/07/2058

USD 35,000 36,107 0.02

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-NXS2 'B' 4.394% 15/07/2058

USD 50,000 50,478 0.03


73t. RoWe pRiCe




Quantity/nominal

Value

Market Value uSd

% of net Assets

Wells Fargo Commercial Mortgage Trust, FRN, Series 2015-NXS2 'C' 4.394% 15/07/2058

USD 30,000 28,478 0.02

Wendys Funding LLC, Series 2015-1A 'A2I', 144A 3.371% 15/06/2045

USD 443,888 433,124 0.25

WFRBS Commercial Mortgage Trust, Series 2013-C18 'A3' 3.651% 15/12/2046

USD 100,000 103,105 0.06

Wheels SPV 2 LLC, Series 2015-1A 'A2', 144A 1.27% 22/04/2024

USD 200,000 198,054 0.11

World Omni Auto Receivables Trust, Series 2015-A 'A3' 1.34% 15/05/2020

USD 190,000 189,158 0.11



95,863,807 54.29


to be Announced Contracts

CountrySecurity description Currency

nominal Value

Market Value uSd


uSd% of net

Assets


FNMA, 3.00%, 25/01/2045

USD 1,510,000 1,510,236 4,456 0.86


FNMA, 3.50%, 25/01/2045

USD 1,340,000 1,382,084 2,035 0.78


FNMA, 4.00%, 25/01/2045

USD 2,750,000 2,910,274 3,750 1.65


FNMA, 4.50%, 25/01/2045

USD 165,000 178,174 172 0.10


GNMA, 3.50%, 15/01/2045

USD 2,805,000 2,923,774 (1,135) 1.66


GNMA, 4.00%, 15/01/2045

USD 590,000 626,599 2,421 0.35

total to be Announced Contracts 9,531,141 11,699 5.40


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 2,538,903 USD 2,729,411 29/01/2016 J.P. Morgan 35,350 0.02EUR 183,603 USD 196,816 29/02/2016 J.P. Morgan 3,278 –EUR 20,367,345 USD 21,743,088 29/02/2016 Goldman

Sachs453,666 0.26

USD 618,123 EUR 563,734 29/01/2016 J.P. Morgan 4,240 –total unrealised Gain on


Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 22,108,299 USD 24,497,764 29/01/2016 HSBC (422,726) (0.24)EUR 154,167 USD 168,980 29/01/2016 J.P. Morgan (1,098) –EUR 1,563,005 USD 1,717,286 29/02/2016 J.P. Morgan (13,891) (0.01)EUR 23,234,401 USD 25,553,345 31/03/2016 Citibank (210,586) (0.12)GBP 938,538 USD 1,408,404 29/01/2016 Standard

Chartered(19,421) (0.01)

GBP 2,812,334 USD 4,215,596 29/01/2016 J.P. Morgan (53,506) (0.03)USD 436,156 EUR 402,013 29/01/2016 J.P. Morgan (1,619) –total unrealised loss on



(226,313) (0.13)



Global exposure

uSd


uSd% of net

Assets

US 10 Year Note, 21/03/2016 (90) USD (11,334,375) 26,423 0.02US 2 Year Note, 31/03/2016 (19) USD (4,128,047) 5,344 –US 5 Year Note, 31/03/2016 (49) USD (5,798,461) 24,893 0.01US Long Bond, 21/03/2016 17 USD 2,615,875 8,383 0.01total unrealised Gain on



65,043 0.04



United States of America 81.80United Kingdom 2.73Australia 1.58Netherlands 1.27China 1.22Mexico 0.62Switzerland 0.46France 0.36Hong Kong 0.34Canada 0.33Japan 0.25Indonesia 0.24Sweden 0.21Italy 0.15Spain 0.14Germany 0.14Bermuda 0.12


74 t. RoWe pRiCe



% of net Assets

Panama 0.12Turkey 0.11Singapore 0.11Belgium 0.11Chile 0.09Colombia 0.07Luxembourg 0.05total investments 92.62Cash and Other Assets/(Liabilities) 7.38total 100.00



75t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCHinA58.com, Inc., ADR USD 83,460 5,383,170 0.89AAC Technologies Holdings, Inc. HKD 550,500 3,588,472 0.60Alibaba Group Holding Ltd., ADR USD 105,100 8,592,976 1.43Anhui Conch Cement Co. Ltd. 'H' HKD 1,879,000 5,027,790 0.83Autohome, Inc., ADR USD 110,200 3,880,142 0.64Baidu, Inc., ADR USD 37,880 7,222,580 1.20China Mengniu Dairy Co. Ltd. HKD 3,747,000 6,083,652 1.01China Overseas Land & Investment

Ltd.HKD 1,212,000 4,229,582 0.70

China Pacific Insurance Group Co. Ltd. 'H'

HKD 2,338,200 9,573,491 1.59

China Resources Power Holdings Co. Ltd.

HKD 4,142,000 8,024,699 1.33

CSPC Pharmaceutical Group Ltd. HKD 2,798,000 2,852,502 0.47ENN Energy Holdings Ltd. HKD 1,098,000 5,838,033 0.97Haier Electronics Group Co. Ltd. HKD 2,306,000 4,659,247 0.77Hengan International Group Co. Ltd. HKD 253,000 2,381,076 0.40Homeinns Hotel Group, ADR USD 86,440 2,938,960 0.49JD.com, Inc., ADR USD 392,000 12,622,400 2.09Kweichow Moutai Co. Ltd. 'A' CNY 167,370 5,611,903 0.93Ozner Water International Holding

Ltd., 144AHKD 8,447,000 2,493,892 0.41

Sino Biopharmaceutical Ltd. HKD 5,730,000 5,198,419 0.86Sunny Optical Technology Group Co.

Ltd.HKD 1,188,000 2,722,286 0.45

TAL Education Group, ADR USD 37,200 1,722,360 0.29Tencent Holdings Ltd. HKD 1,666,100 32,634,404 5.41Tingyi Cayman Islands Holding Corp. HKD 3,600,000 5,134,141 0.85Tsingtao Brewery Co. Ltd. 'H' HKD 784,000 3,548,463 0.59Vipshop Holdings Ltd., ADR USD 264,320 4,033,523 0.67Weifu High-Technology Group Co.

Ltd. 'A'CNY 266,408 1,012,137 0.17

Weifu High-Technology Group Co. Ltd. 'B'

HKD 1,458,100 3,745,699 0.62

Zhongsheng Group Holdings Ltd. HKD 2,550,500 1,542,363 0.26162,298,362 26.92

HonG KonGAIA Group Ltd. HKD 5,318,000 31,820,263 5.28ASM Pacific Technology Ltd. HKD 440,200 3,456,387 0.57BOC Hong Kong Holdings Ltd. HKD 1,530,000 4,659,423 0.77Cheung Kong Property Holdings Ltd. HKD 2,480,168 16,060,225 2.66CK Hutchison Holdings Ltd. HKD 781,668 10,518,442 1.75HKBN Ltd. HKD 2,170,000 2,798,706 0.46Hongkong & Shanghai Hotels Ltd.

(The)HKD 2,459,500 2,741,729 0.46

Hongkong Land Holdings Ltd. USD 1,201,200 8,392,306 1.39Jardine Matheson Holdings Ltd. USD 204,100 9,926,488 1.65L'Occitane International SA HKD 1,429,250 2,765,017 0.46Pacific Textiles Holdings Ltd. HKD 3,185,000 4,909,511 0.81Samsonite International SA HKD 3,258,900 9,778,335 1.62Techtronic Industries Co. Ltd. HKD 2,076,500 8,460,960 1.40Trinity Ltd. HKD 7,532,000 1,113,324 0.19

117,401,116 19.47indiACummins India Ltd. INR 171,459 2,664,373 0.44Dr Reddy's Laboratories Ltd. INR 147,393 6,920,210 1.15HDFC Bank Ltd. INR 1,142,858 22,920,030 3.80

Asian ex-Japan equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in Asia (excluding Japan). Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in any Asian country except Japan or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.

equity Funds


76 t. RoWe pRiCe


Asian ex-Japan equity Fund continued

Cash 15,170,913 2.52other Assets/(liabilities) (3,738,798) (0.62)total net Assets 602,893,660 100.00


China 26.92Hong Kong 19.47India 13.89Taiwan 12.00South Korea 11.74Singapore 4.10Philippines 3.08United Kingdom 2.89Indonesia 1.76Thailand 1.69Switzerland 0.56total investments 98.10Cash and Other Assets/(Liabilities) 1.90total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

ICICI Bank Ltd. INR 2,381,299 9,369,271 1.56Infosys Ltd. INR 789,368 13,153,916 2.18ITC Ltd. INR 746,971 3,693,356 0.61NTPC Ltd. INR 2,676,073 5,900,155 0.98Shriram Transport Finance Co. Ltd. INR 302,985 3,923,818 0.65Tata Consultancy Services Ltd. INR 248,311 9,125,326 1.51UltraTech Cement Ltd. INR 145,324 6,094,936 1.01

83,765,391 13.89indoneSiABank Central Asia Tbk. PT IDR 7,245,800 6,944,953 1.15Hero Supermarket Tbk. PT IDR 10,380,480 862,042 0.14Surya Citra Media Tbk. PT IDR 12,541,200 2,805,205 0.47

10,612,200 1.76pHilippineSAyala Land, Inc. PHP 7,802,700 5,719,833 0.95BDO Unibank, Inc. PHP 5,759,340 12,865,699 2.13

18,585,532 3.08SinGApoReComfortDelGro Corp. Ltd. SGD 4,790,800 10,287,535 1.71DBS Group Holdings Ltd. SGD 575,200 6,759,802 1.12United Overseas Bank Ltd. SGD 553,900 7,651,579 1.27

24,698,916 4.10SoutH KoReAHyundai Mobis Co. Ltd. KRW 39,573 8,277,393 1.37KT Corp. KRW 247,594 5,942,099 0.98KT Corp., ADR USD 76,500 911,115 0.15KT&G Corp. KRW 69,950 6,195,199 1.03LIG Nex1 Co. Ltd. KRW 35,694 3,114,867 0.52NAVER Corp. KRW 27,318 15,208,816 2.52Osstem Implant Co. Ltd. KRW 69,314 4,758,345 0.79POSCO KRW 26,320 3,690,392 0.61Samsung Electronics Co. Ltd. KRW 14,802 15,805,560 2.62SK Hynix, Inc. KRW 267,302 6,915,913 1.15

70,819,699 11.74SWitZeRlAndDKSH Holding AG CHF 53,186 3,373,381 0.56

3,373,381 0.56tAiWAnDelta Electronics, Inc. TWD 2,723,900 12,836,727 2.13E.Sun Financial Holding Co. Ltd. TWD 15,052,032 8,743,693 1.45President Chain Store Corp. TWD 2,084,000 12,989,067 2.16Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 7,527,275 32,618,988 5.41

Uni-President Enterprises Corp. TWD 3,090,720 5,144,159 0.8572,332,634 12.00

tHAilAndBEC World PCL THB 4,752,000 4,021,532 0.67BEC World PCL, NVDR THB 12,100 10,188 –Kasikornbank PCL, NVDR THB 941,900 3,914,136 0.65Siam City Cement PCL THB 251,200 2,223,440 0.37

10,169,296 1.69united KinGdoMHSBC Holdings plc HKD 1,322,800 10,525,291 1.75Standard Chartered plc GBP 824,718 6,879,727 1.14

17,405,018 2.89total equities 591,461,545 98.10total transferable securities


591,461,545 98.10



77t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCHinA58.com, Inc., ADR USD 855 55,147 2.51BAIC Motor Corp. Ltd. 'H', 144A HKD 15,000 14,984 0.68China Construction Bank Corp. 'H' HKD 85,000 57,955 2.64China Life Insurance Co. Ltd. 'H' HKD 7,000 22,489 1.03China Pacific Insurance Group Co.

Ltd. 'H'HKD 5,200 21,291 0.97

China Shenhua Energy Co. Ltd. 'H' HKD 13,500 21,088 0.96China Vanke Co. Ltd. 'H' HKD 27,800 82,135 3.74Hengan International Group Co. Ltd. HKD 4,000 37,645 1.72Homeinns Hotel Group, ADR USD 2,236 76,024 3.46Huaneng Power International, Inc. 'H' HKD 24,000 20,701 0.94Inner Mongolia Yili Industrial Group Co.

Ltd. 'A'CNY 10,000 25,244 1.15

JD.com, Inc., ADR USD 886 28,529 1.30SOHO China Ltd. HKD 83,000 40,244 1.83Tencent Holdings Ltd. HKD 6,800 133,194 6.07Weifu High-Technology Group Co.

Ltd. 'B'HKD 16,100 41,359 1.89

678,029 30.89HonG KonGAIA Group Ltd. HKD 15,200 90,949 4.14Dairy Farm International Holdings Ltd. USD 5,800 35,259 1.61Hong Kong Exchanges and Clearing

Ltd.HKD 900 22,955 1.05

Hongkong Land Holdings Ltd. USD 18,300 127,855 5.82Sun Art Retail Group Ltd. HKD 55,500 41,887 1.91

318,905 14.53indiAAxis Bank Ltd., Reg. S, GDR USD 1,985 66,795 3.04HDFC Bank Ltd., ADR USD 1,246 75,894 3.46ICICI Bank Ltd., ADR USD 11,390 88,614 4.03Infosys Ltd., ADR USD 2,556 42,966 1.96ITC Ltd., Reg. S, GDR USD 2,260 11,194 0.51

285,463 13.00indoneSiABank Central Asia Tbk. PT IDR 26,500 25,400 1.16Elang Mahkota Teknologi Tbk. PT IDR 16,600 12,401 0.56Kalbe Farma Tbk. PT IDR 114,900 10,928 0.50Sarana Menara Nusantara Tbk. PT IDR 83,100 28,177 1.28Telekomunikasi Indonesia Persero

Tbk. PT, ADRUSD 545 24,149 1.10

101,055 4.60MAlAYSiABritish American Tobacco Malaysia

Bhd.MYR 3,000 39,179 1.79

39,179 1.79pHilippineSBDO Unibank, Inc. PHP 30,620 68,402 3.12Philippine Seven Corp. PHP 8,700 18,530 0.84

86,932 3.96SinGApoReComfortDelGro Corp. Ltd. SGD 33,400 71,722 3.27DBS Group Holdings Ltd. SGD 2,100 24,679 1.12

96,401 4.39

Asian opportunities equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in Asia. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in any Asian country or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


78 t. RoWe pRiCe


Asian opportunities equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SoutH KoReAAMOREPACIFIC Group KRW 351 43,924 2.00Hyundai Mobis Co. Ltd. KRW 137 28,656 1.31LG Chem Ltd. KRW 111 30,827 1.40NAVER Corp. KRW 109 60,684 2.77POSCO KRW 151 21,172 0.96Samsung Electronics Co. Ltd. KRW 59 63,000 2.87SK Hynix, Inc. KRW 2,109 54,566 2.49SK Telecom Co. Ltd. KRW 88 16,102 0.73

318,931 14.53tAiWAnTaiwan Semiconductor Manufacturing

Co. Ltd., ADRUSD 4,239 96,395 4.39

96,395 4.39tHAilAndCentral Pattana PCL THB 10,700 13,954 0.64Siam Cement PCL (The), NVDR THB 1,250 15,891 0.72

29,845 1.36united StAteS oF AMeRiCAYum! Brands, Inc. USD 835 61,264 2.79

61,264 2.79total equities 2,112,399 96.23total transferable securities


2,112,399 96.23




China 30.89South Korea 14.53Hong Kong 14.53India 13.00Indonesia 4.60Singapore 4.39Taiwan 4.39Philippines 3.96United States of America 2.79Malaysia 1.79Thailand 1.36total investments 96.23Cash and Other Assets/(Liabilities) 3.77total 100.00



79t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRiAANDRITZ AG EUR 62,891 2,833,240 1.67

2,833,240 1.67belGiuMKBC Groep NV EUR 89,934 5,186,494 3.06

5,186,494 3.06denMARKSimCorp A/S DKK 94,436 4,909,706 2.90

4,909,706 2.90FRAnCeBureau Veritas SA EUR 97,918 1,800,712 1.06Gecina SA, REIT EUR 19,499 2,185,838 1.29Iliad SA EUR 12,010 2,642,200 1.56Imerys SA EUR 35,866 2,310,488 1.36JCDecaux SA EUR 80,421 2,838,861 1.68Plastic Omnium SA EUR 95,465 2,799,988 1.65Publicis Groupe SA EUR 37,392 2,295,121 1.35Sanofi EUR 28,954 2,275,784 1.34Unibail-Rodamco SE, REIT EUR 12,120 2,840,928 1.68Zodiac Aerospace EUR 75,448 1,657,970 0.98

23,647,890 13.95GeRMAnYAllianz SE EUR 28,902 4,726,922 2.79Bayer AG EUR 11,880 1,375,704 0.81Brenntag AG EUR 50,248 2,425,973 1.43Continental AG EUR 14,053 3,155,601 1.86Duerr AG EUR 41,070 3,022,752 1.78GEA Group AG EUR 51,745 1,935,263 1.14Telefonica Deutschland Holding AG EUR 790,818 3,867,891 2.28Wirecard AG EUR 80,850 3,759,525 2.22

24,269,631 14.31iRelAndBank of Ireland EUR 8,450,715 2,873,243 1.69

2,873,243 1.69itAlYBanca Mediolanum SpA EUR 475,918 3,478,961 2.05DiaSorin SpA EUR 50,389 2,441,347 1.44Eni SpA EUR 190,753 2,632,391 1.55Intesa Sanpaolo SpA EUR 1,730,765 5,344,602 3.15Mediaset SpA EUR 755,271 2,894,199 1.71Moncler SpA EUR 173,108 2,236,555 1.32Snam SpA EUR 477,101 2,304,398 1.36

21,332,453 12.58RoMAniABRD-Groupe Societe Generale SA RON 909,043 2,432,485 1.43

2,432,485 1.43SpAinAmadeus IT Holding SA 'A' EUR 36,035 1,466,084 0.87Axiare Patrimonio SOCIMI SA, REIT EUR 185,037 2,442,488 1.44Bolsas y Mercados Espanoles

SHMSF SAEUR 69,373 2,154,725 1.27

Cia de Distribucion Integral Logista Holdings SA

EUR 129,251 2,512,640 1.48

Endesa SA EUR 201,243 3,728,027 2.20Red Electrica Corp. SA EUR 53,254 4,106,416 2.42

16,410,380 9.68

Continental european equity Fund (6)


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in Europe (excluding the UK). Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in any European country (excluding the United Kingdom) or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.

(6) This Fund was formerly named European ex-UK Equity Fund.


80 t. RoWe pRiCe


Continental european equity Fund (6) continued


Switzerland 22.21Germany 14.31France 13.95Italy 12.58Spain 9.68Sweden 7.14Belgium 3.06Denmark 2.90United Kingdom 1.96Ireland 1.69Austria 1.67Romania 1.43total investments 92.58Cash and Other Assets/(Liabilities) 7.42total 100.00



Quantity/nominal

Value

Market Value euR

% of net Assets

SWedenHexagon AB 'B' SEK 86,774 2,979,303 1.76Skandinaviska Enskilda Banken AB 'A' SEK 209,223 2,040,033 1.20Svenska Cellulosa AB SCA 'B' SEK 71,878 1,932,427 1.14Swedbank AB 'A' SEK 151,565 3,092,879 1.82Thule Group AB (The), 144A SEK 163,079 2,058,777 1.22

12,103,419 7.14SWitZeRlAndCredit Suisse Group AG CHF 146,828 2,929,822 1.73Dufry AG CHF 29,567 3,264,084 1.93Nestle SA CHF 137,056 9,399,799 5.54Novartis AG CHF 80,150 6,400,238 3.77Roche Holding AG CHF 27,473 6,985,813 4.12Swatch Group AG (The) CHF 6,065 1,953,979 1.15UBS Group AG CHF 159,040 2,856,006 1.68Zurich Insurance Group AG CHF 16,297 3,874,120 2.29

37,663,861 22.21united KinGdoMLiberty Global plc USD 28,500 1,048,291 0.62Liberty Global plc 'A' USD 32,000 1,245,539 0.73Liberty Global plc LiLAC 'A' USD 1,300 48,426 0.03Liberty Global plc LiLAC 'C' USD 1,230 47,728 0.03Royal Dutch Shell plc 'A' EUR 44,442 937,504 0.55



156,990,290 92.58



Currency purchased

Amount purchased

Currency Sold

Amount Sold



euR% of net

Assets

EUR 392,770 CHF 424,005 29/01/2016 UBS 2,519 –EUR 29,107 CHF 31,500 29/01/2016 J.P. Morgan 114 –EUR 51,617 DKK 384,931 29/01/2016 J.P. Morgan 34 –EUR 24,839 RON 111,557 29/01/2016 J.P. Morgan 181 –USD 1,979,221 EUR 1,816,589 29/01/2016 J.P. Morgan 945 –total unrealised Gain on

Forward Currency exchange Contracts3,793 –

CHF 9,660 EUR 8,937 29/01/2016 J.P. Morgan (46) –EUR 126,876 SEK 1,174,715 29/01/2016 J.P. Morgan (1,264) –EUR 42,724 USD 47,000 29/01/2016 J.P. Morgan (436) –total unrealised loss on

Forward Currency exchange Contracts(1,746) –


2,047 –

Cash 12,599,740 7.43other Assets/(liabilities) (12,544) (0.01)total net Assets 169,577,486 100.00


81t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRiADO & CO AG TRY 1,260 124,314 2.20Erste Group Bank AG EUR 5,935 171,581 3.04

295,895 5.24GeoRGiABGEO Group plc GBP 2,983 77,230 1.37Georgia Healthcare Group plc, 144A GBP 31,281 65,930 1.16TBC Bank JSC, Reg. S, GDR USD 6,998 64,945 1.15

208,105 3.68HunGARYOTP Bank plc HUF 14,858 282,173 5.00


JSC, Reg. S, GDRUSD 10,938 49,750 0.88

KCell JSC, Reg. S, GDR USD 8,602 31,933 0.5781,683 1.45

polAndBank Pekao SA PLN 1,957 65,687 1.17Bank Zachodni WBK SA PLN 809 53,741 0.95CCC SA PLN 2,547 82,541 1.46

201,969 3.58RoMAniABanca Transilvania RON 195,333 104,969 1.86BRD-Groupe Societe Generale SA RON 37,411 100,107 1.77

205,076 3.63RuSSiAAcron JSC RUB 373 17,545 0.31Bank St Petersburg PJSC USD 94,950 51,551 0.91Etalon Group Ltd., Reg. S, GDR USD 20,381 33,522 0.59Gazprom PAO RUB 92,010 155,860 2.76Lukoil PJSC RUB 6,904 201,597 3.57Magnit PJSC RUB 19 2,655 0.05Magnit PJSC USD 2,678 374,861 6.64Magnit PJSC, Reg. S, GDR USD 267 9,868 0.17MD Medical Group Investments plc,

Reg. S, GDRUSD 12,985 58,763 1.04

MegaFon PJSC, Reg. S, GDR USD 2,774 29,695 0.53MMC Norilsk Nickel PJSC, ADR USD 5,790 67,380 1.19Moscow Exchange MICEX-RTS PJSC RUB 27,550 31,343 0.56Novatek OAO, Reg. S, GDR USD 2,422 182,824 3.24PhosAgro OAO, Reg. S, GDR USD 11,051 130,484 2.31Ros Agro plc, Reg. S, GDR USD 8,944 113,002 2.00Sberbank of Russia PJSC RUB 276,490 348,491 6.17Sberbank of Russia PJSC, ADR USD 33,176 179,248 3.18Surgutneftegas OAO Preference RUB 123,100 67,764 1.20X5 Retail Group NV, Reg. S, GDR USD 13,700 238,551 4.22

2,295,004 40.64SWitZeRlAndLuxoft Holding, Inc. USD 4,200 302,950 5.36Wizz Air Holdings plc, 144A GBP 3,783 93,467 1.66

396,417 7.02tuRKeYAkbank TAS TRY 54,469 116,767 2.07AvivaSA Emeklilik ve Hayat A/S TRY 8,297 44,453 0.79BIM Birlesik Magazalar A/S TRY 11,402 187,370 3.32Coca-Cola Icecek A/S TRY 12,326 150,213 2.66

emerging europe equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in the developing countries of Europe. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in the developing countries of central and Eastern Europe, including those of the former Soviet Union, and the Mediterranean region, or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


82 t. RoWe pRiCe


emerging europe equity Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT

TRY 126,474 105,415 1.87

Ford Otomotiv Sanayi A/S TRY 5,835 56,335 1.00Haci Omer Sabanci Holding A/S TRY 39,742 105,021 1.86Turkiye Garanti Bankasi A/S TRY 103,982 236,368 4.18Turkiye Halk Bankasi A/S TRY 62,274 207,424 3.67Ulker Biskuvi Sanayi A/S TRY 14,111 80,414 1.42Yapi ve Kredi Bankasi A/S TRY 19,130 20,112 0.36

1,309,892 23.20uKRAineMHP SA, Reg. S, GDR USD 3,836 32,780 0.58

32,780 0.58united StAteS oF AMeRiCAEPAM Systems, Inc. USD 1,560 113,370 2.01



5,422,364 96.03

units of authorised uCitS or other collective investment undertakingsCollective investment Schemes - uCitSRoMAniAFondul Proprietatea SA RON 681,213 122,025 2.16




122,025 2.16




Russia 40.64Turkey 23.20Switzerland 7.02Romania 5.79Austria 5.24Hungary 5.00Georgia 3.68Poland 3.58United States of America 2.01Kazakhstan 1.45Ukraine 0.58total investments 98.19Cash and Other Assets/(Liabilities) 1.81total 100.00



83t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesARGentinAMercadoLibre, Inc. USD 44,500 5,024,050 0.44Tenaris SA, ADR USD 183,200 4,332,680 0.38

9,356,730 0.82bRAZilBanco Bradesco SA Preference BRL 1,123,638 5,467,880 0.48Banco Bradesco SA Rights

05/02/2016BRL 36,807 19,230 –

BR Malls Participacoes SA BRL 2,951,500 8,268,968 0.73BRF SA BRL 236,412 3,305,710 0.29CCR SA BRL 1,147,300 3,634,178 0.32Itau Unibanco Holding SA Preference BRL 4,282,895 28,462,551 2.49Lojas Renner SA BRL 5,749,000 24,812,696 2.17Raia Drogasil SA BRL 781,400 6,997,494 0.61

80,968,707 7.09CHileBanco Santander Chile, ADR USD 260,643 4,589,923 0.40SACI Falabella CLP 1,054,180 6,712,743 0.59

11,302,666 0.99CHinA58.com, Inc., ADR USD 103,400 6,669,300 0.58Alibaba Group Holding Ltd., ADR USD 153,663 12,563,487 1.10Anhui Conch Cement Co. Ltd. 'H' HKD 1,261,500 3,375,496 0.30BAIC Motor Corp. Ltd. 'H', 144A HKD 3,970,000 3,965,709 0.35Baidu, Inc., ADR USD 143,300 27,323,011 2.39Bank of China Ltd. 'H' HKD 17,035,100 7,570,510 0.66Beijing Enterprises Holdings Ltd. HKD 2,345,500 14,161,563 1.24China Longyuan Power Group Corp.

Ltd. 'H'HKD 7,273,000 5,471,222 0.48

China Mengniu Dairy Co. Ltd. HKD 5,257,000 8,535,297 0.75China Pacific Insurance Group Co.

Ltd. 'H'HKD 1,147,600 4,698,716 0.41

China Vanke Co. Ltd. 'A' CNY 2,619,883 9,861,902 0.86China Vanke Co. Ltd. 'H' HKD 899,950 2,658,885 0.23CNOOC Ltd. HKD 9,844,000 10,180,744 0.89CSPC Pharmaceutical Group Ltd. HKD 5,926,000 6,041,431 0.53Dongfeng Motor Group Co. Ltd. 'H' HKD 3,442,000 4,578,287 0.40Hengan International Group Co. Ltd. HKD 1,308,000 12,310,069 1.08Huaneng Renewables Corp. Ltd. 'H' HKD 14,504,000 4,325,422 0.38Industrial & Commercial Bank of China

Ltd. 'H'HKD 16,309,445 9,805,960 0.86

Kweichow Moutai Co. Ltd. 'A' CNY 173,815 5,828,003 0.51Ping An Insurance Group Co. of China

Ltd. 'A'CNY 386,200 2,137,597 0.19

Ping An Insurance Group Co. of China Ltd. 'H'

HKD 5,051,100 27,880,548 2.44

Sunny Optical Technology Group Co. Ltd.

HKD 3,805,000 8,719,107 0.76

Tencent Holdings Ltd. HKD 2,749,500 53,855,287 4.72Vipshop Holdings Ltd., ADR USD 459,100 7,005,866 0.61Want Want China Holdings Ltd. HKD 7,218,000 5,355,195 0.47

264,878,614 23.19ColoMbiAGrupo Aval Acciones y Valores SA,

ADR PreferenceUSD 722,800 4,972,864 0.43

4,972,864 0.43

emerging Markets equity Fund (7)


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of emerging market companies. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.

(7) This Fund was formerly named Global Emerging Markets Equity Fund.


84 t. RoWe pRiCe


emerging Markets equity Fund (7) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SoutH KoReAHyundai Glovis Co. Ltd. KRW 18,318 2,989,299 0.26Hyundai Motor Co. KRW 116,454 14,676,436 1.29LG Household & Health Care Ltd. KRW 28,238 25,039,810 2.19NAVER Corp. KRW 21,508 11,974,200 1.05Samsung Electronics Co. Ltd. KRW 30,967 33,066,531 2.90SK Hynix, Inc. KRW 477,936 12,365,653 1.08

100,111,929 8.77SWitZeRlAndCie Financiere Richemont SA ZAR 629,009 4,525,945 0.40

4,525,945 0.40tAiWAnCatcher Technology Co. Ltd. TWD 1,939,000 16,210,079 1.42China Life Insurance Co. Ltd. TWD 7,033,400 5,381,651 0.47Delta Electronics, Inc. TWD 2,242,268 10,566,975 0.93Largan Precision Co. Ltd. TWD 72,000 4,948,795 0.43Quanta Computer, Inc. TWD 4,239,000 6,809,471 0.60Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 12,715,050 55,099,895 4.83

Uni-President Enterprises Corp. TWD 11,764,783 19,581,169 1.71118,598,035 10.39

tHAilAndCP ALL PCL THB 5,940,900 6,470,043 0.57Kasikornbank PCL, NVDR THB 2,813,800 11,692,956 1.02Siam Cement PCL (The), NVDR THB 526,050 6,687,439 0.59

24,850,438 2.18tuRKeYBIM Birlesik Magazalar A/S TRY 723,172 12,933,309 1.13Turkiye Garanti Bankasi A/S TRY 3,745,454 9,265,829 0.81

22,199,138 1.94united ARAb eMiRAteSDP World Ltd. USD 583,646 11,848,014 1.04Emaar Malls Group PJSC AED 3,636,553 2,733,208 0.24First Gulf Bank PJSC AED 1,537,663 5,296,943 0.46

19,878,165 1.74united KinGdoMSABMiller plc ZAR 459,677 27,815,349 2.44

27,815,349 2.44total equities 1,120,779,556 98.15total transferable securities


1,120,779,556 98.15


Cash 21,153,512 1.85other Assets/(liabilities) 12,362 –total net Assets 1,141,945,430 100.00


Quantity/nominal

Value

Market Value uSd

% of net Assets

HonG KonGAIA Group Ltd. HKD 5,735,200 34,316,580 3.01ASM Pacific Technology Ltd. HKD 766,800 6,020,803 0.53Techtronic Industries Co. Ltd. HKD 939,000 3,826,073 0.33

44,163,456 3.87indiAAdani Ports & Special Economic Zone

Ltd.INR 864,009 3,394,174 0.30

Axis Bank Ltd. INR 2,158,553 14,599,798 1.28Container Corp. Of India Ltd. INR 285,637 5,656,152 0.50Glenmark Pharmaceuticals Ltd. INR 493,390 6,851,275 0.60Housing Development Finance

Corp. Ltd.INR 1,207,371 22,989,102 2.01

ICICI Bank Ltd. INR 3,623,032 14,254,896 1.25Infosys Ltd. INR 1,805,374 30,084,496 2.63Maruti Suzuki India Ltd. INR 132,256 9,221,864 0.81NTPC Ltd. INR 2,066,519 4,556,222 0.40Power Grid Corp. of India Ltd. INR 3,120,793 6,652,518 0.58Tata Consultancy Services Ltd. INR 206,447 7,586,842 0.66Tata Motors Ltd. INR 1,722,498 10,153,280 0.89Yes Bank Ltd. INR 320,412 3,500,627 0.31

139,501,246 12.22indoneSiAAstra International Tbk. PT IDR 23,353,300 10,072,822 0.88Bank Central Asia Tbk. PT IDR 15,281,300 14,646,817 1.28Matahari Department Store Tbk. PT IDR 6,433,500 8,148,852 0.72

32,868,491 2.88MAlAYSiAAstro Malaysia Holdings Bhd. MYR 7,288,000 4,683,837 0.41

4,683,837 0.41MeXiCoFresnillo plc GBP 570,710 5,979,521 0.52Grupo Financiero Santander Mexico

SAB de CV, ADRUSD 1,029,300 8,872,566 0.78

Wal-Mart de Mexico SAB de CV MXN 6,819,240 17,212,086 1.5132,064,173 2.81

pHilippineSBDO Unibank, Inc. PHP 4,380,300 9,785,083 0.86GT Capital Holdings, Inc. PHP 294,745 8,290,679 0.72SM Investments Corp. PHP 710,182 13,059,935 1.14Universal Robina Corp. PHP 3,594,770 14,245,559 1.25

45,381,256 3.97QAtARQatar National Bank SAQ QAR 82,025 3,941,019 0.34

3,941,019 0.34RuSSiAMagnit PJSC, Reg. S, GDR USD 625,746 25,167,504 2.20Sberbank of Russia PJSC, ADR USD 3,204,519 18,842,572 1.65Yandex NV 'A' USD 212,200 3,282,734 0.29

47,292,810 4.14SoutH AFRiCAAspen Pharmacare Holdings Ltd. ZAR 707,595 14,119,052 1.24FirstRand Ltd. ZAR 3,968,435 10,840,915 0.95Mr Price Group Ltd. ZAR 463,663 5,978,891 0.52Naspers Ltd. 'N' ZAR 68,062 9,303,123 0.81Sanlam Ltd. ZAR 3,129,559 12,215,571 1.07Shoprite Holdings Ltd. ZAR 1,480,953 13,679,003 1.20Woolworths Holdings Ltd. ZAR 2,367,638 15,288,133 1.34

81,424,688 7.13


85t. RoWe pRiCe


emerging Markets equity Fund (7) continued


China 23.19India 12.22Taiwan 10.39South Korea 8.77South Africa 7.13Brazil 7.09Russia 4.14Philippines 3.97Hong Kong 3.87Indonesia 2.88Mexico 2.81United Kingdom 2.44Thailand 2.18Turkey 1.94United Arab Emirates 1.74Chile 0.99Argentina 0.82Colombia 0.43Malaysia 0.41Switzerland 0.40Qatar 0.34total investments 98.15Cash and Other Assets/(Liabilities) 1.85total 100.00



86 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRiAErste Group Bank AG EUR 2,201 69,250 3.11

69,250 3.11bRAZilBanco Bradesco SA Preference BRL 6,800 33,090 1.49Banco Bradesco SA Rights

05/02/2016BRL 222 116 0.01

EDP - Energias do Brasil SA BRL 8,000 24,311 1.09Itau Unibanco Holding SA Preference BRL 5,500 36,551 1.64Tim Participacoes SA, ADR USD 4,039 34,736 1.56

128,804 5.79CHileCorpbanca SA, ADR USD 2,047 24,605 1.11

24,605 1.11CHinAAnhui Conch Cement Co. Ltd. 'H' HKD 18,000 48,164 2.17China Cinda Asset Management Co.

Ltd. 'H'HKD 159,000 58,569 2.63

China Overseas Land & Investment Ltd.

HKD 12,000 41,877 1.88

China Unicom Hong Kong Ltd. HKD 36,000 43,742 1.97Fufeng Group Ltd. HKD 112,000 50,390 2.27Huaneng Power International, Inc. 'H' HKD 64,000 55,202 2.48Shanghai Industrial Holdings Ltd. HKD 21,000 54,944 2.47SINA Corp. USD 1,254 62,073 2.79Tsingtao Brewery Co. Ltd. 'H' HKD 10,000 45,261 2.03

460,222 20.69HonG KonGASM Pacific Technology Ltd. HKD 4,800 37,689 1.69Pacific Textiles Holdings Ltd. HKD 41,000 63,199 2.84VTech Holdings Ltd. HKD 5,600 57,945 2.61

158,833 7.14indiAGAIL India Ltd., Reg. S, GDR USD 1,175 39,715 1.78State Bank of India, Reg. S, GDR USD 1,942 65,542 2.95

105,257 4.73indoneSiABank Negara Indonesia Persero Tbk.

PTIDR 155,400 55,774 2.51

55,774 2.51KAZAKHStAnKCell JSC, Reg. S, GDR USD 6,811 27,516 1.24

27,516 1.24MeXiCoConcentradora Fibra Danhos SA de

CV, REITMXN 27,500 56,400 2.54

Fibra Uno Administracion SA de CV, REIT

MXN 24,700 54,281 2.44

110,681 4.98netHeRlAndSVimpelCom Ltd., ADR USD 14,561 48,051 2.16

48,051 2.16pAKiStAnHabib Bank Ltd. PKR 23,700 45,209 2.03

45,209 2.03

emerging Markets Value equity Fund (8)


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments.The fund invests mainly in a widely diversified portfolio of stocks of emerging market companies.Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in one of economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.

(8) This Fund was launched on 14 September 2015.


87t. RoWe pRiCe


emerging Markets Value equity Fund (8) continued



China 20.69South Korea 15.82Hong Kong 7.14Brazil 5.79Romania 5.41Mexico 4.98South Africa 4.87India 4.73Thailand 4.32Taiwan 4.24Austria 3.11Russia 2.63Indonesia 2.51Philippines 2.45Netherlands 2.16Pakistan 2.03United Kingdom 1.95Kazakhstan 1.24Chile 1.11Turkey 0.92total investments 98.10Cash and Other Assets/(Liabilities) 1.90total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

pHilippineSManila Electric Co. PHP 8,000 54,545 2.45

54,545 2.45RoMAniABRD-Groupe Societe Generale SA RON 19,037 55,439 2.49

55,439 2.49RuSSiAMail.Ru Group Ltd., Reg. S, GDR

PreferenceUSD 1,167 26,316 1.18

Sberbank of Russia PJSC, ADR USD 3,705 21,785 0.98X5 Retail Group NV, Reg. S, GDR USD 552 10,461 0.47

58,562 2.63SoutH AFRiCABarclays Africa Group Ltd. ZAR 4,160 38,486 1.73Sanlam Ltd. ZAR 7,536 29,415 1.32Telkom SA SOC Ltd. ZAR 9,751 40,444 1.82

108,345 4.87SoutH KoReACJ CheilJedang Corp. KRW 192 61,472 2.76CJ E&M Corp. KRW 612 41,841 1.88CJ O Shopping Co. Ltd. KRW 214 34,679 1.56Hyundai Marine & Fire Insurance

Co. Ltd.KRW 1,549 47,407 2.13

Hyundai Mobis Co. Ltd. KRW 216 45,180 2.03Kia Motors Corp. KRW 812 36,163 1.63KT Corp. KRW 2,239 53,735 2.41SK Hynix, Inc. KRW 1,217 31,488 1.42

351,965 15.82tAiWAnQuanta Computer, Inc. TWD 29,000 46,585 2.10Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 11,000 47,668 2.14

94,253 4.24tHAilAndBangkok Bank PCL, NVDR THB 8,400 35,352 1.59BEC World PCL THB 71,900 60,848 2.73

96,200 4.32tuRKeYTurkiye Garanti Bankasi A/S TRY 8,314 20,568 0.92

20,568 0.92united KinGdoMStandard Chartered plc GBP 5,205 43,420 1.95



2,117,499 95.18





64,997 2.92



88 t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRiAANDRITZ AG EUR 216,150 9,737,558 1.52

9,737,558 1.52belGiuMKBC Groep NV EUR 194,099 11,193,689 1.74

11,193,689 1.74denMARKSimCorp A/S DKK 286,164 14,877,602 2.32

14,877,602 2.32FRAnCeBureau Veritas SA EUR 325,982 5,994,809 0.93Gecina SA, REIT EUR 64,779 7,261,726 1.13Iliad SA EUR 35,922 7,902,840 1.23Imerys SA EUR 102,024 6,572,386 1.02JCDecaux SA EUR 278,452 9,829,356 1.53Plastic Omnium SA EUR 294,106 8,626,129 1.34Unibail-Rodamco SE, REIT EUR 43,725 10,249,140 1.60Zodiac Aerospace EUR 211,465 4,646,943 0.73

61,083,329 9.51GeRMAnYAllianz SE EUR 103,754 16,968,967 2.64Brenntag AG EUR 174,696 8,434,323 1.32Continental AG EUR 48,986 10,999,806 1.71Duerr AG EUR 126,740 9,328,064 1.45Telefonica Deutschland Holding AG EUR 1,855,573 9,075,608 1.41Wirecard AG EUR 287,791 13,382,281 2.09

68,189,049 10.62iRelAndBank of Ireland EUR 25,340,445 8,615,751 1.34

8,615,751 1.34itAlYBanca Mediolanum SpA EUR 1,446,332 10,572,687 1.65Eni SpA EUR 603,970 8,334,786 1.30Intesa Sanpaolo SpA EUR 5,731,627 17,699,264 2.75Mediaset SpA EUR 1,973,514 7,562,506 1.18Moncler SpA EUR 603,992 7,803,576 1.21

51,972,819 8.09SpAinAmadeus IT Holding SA 'A' EUR 104,968 4,270,623 0.67Axiare Patrimonio SOCIMI SA, REIT EUR 521,054 6,877,913 1.07Bolsas y Mercados Espanoles

SHMSF SAEUR 221,396 6,876,560 1.07

Cia de Distribucion Integral Logista Holdings SA

EUR 449,398 8,736,297 1.36

Endesa SA EUR 635,830 11,778,751 1.83Red Electrica Corp. SA EUR 175,330 13,519,696 2.10

52,059,840 8.10SWedenHexagon AB 'B' SEK 232,955 7,998,288 1.25Skandinaviska Enskilda Banken AB 'A' SEK 652,503 6,362,243 0.99Svenska Cellulosa AB SCA 'B' SEK 239,388 6,435,904 1.00Swedbank AB 'A' SEK 485,317 9,903,519 1.54

30,699,954 4.78SWitZeRlAndCredit Suisse Group AG CHF 469,528 9,369,014 1.46Dufry AG CHF 108,764 12,007,132 1.87Nestle SA CHF 312,896 21,459,545 3.34

european equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of European companies.Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in Europe or conduct most of their business there. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia.The fund may use derivatives for hedging and efficient portfolio management.


89t. RoWe pRiCe


european equity Fund continued


United Kingdom 32.30Switzerland 17.82Germany 10.62France 9.51Spain 8.10Italy 8.09Sweden 4.78Denmark 2.32Belgium 1.74Austria 1.52Ireland 1.34total investments 98.14Cash and Other Assets/(Liabilities) 1.86total 100.00



Quantity/nominal

Value

Market Value euR

% of net Assets

Novartis AG CHF 222,846 17,794,977 2.77Roche Holding AG CHF 67,597 17,188,514 2.68Swatch Group AG (The) CHF 20,831 6,711,184 1.04UBS Group AG CHF 550,434 9,884,573 1.54Wolseley plc GBP 122,775 6,162,019 0.96Zurich Insurance Group AG CHF 58,361 13,873,566 2.16

114,450,524 17.82united KinGdoMAstraZeneca plc GBP 119,069 7,474,474 1.16Aviva plc GBP 1,179,118 8,273,248 1.29Burberry Group plc GBP 416,516 6,768,130 1.05Capita plc GBP 655,759 10,771,601 1.68Experian plc GBP 602,262 9,835,525 1.53GKN plc GBP 1,767,372 7,411,591 1.15GlaxoSmithKline plc GBP 445,329 8,314,202 1.30Greene King plc GBP 717,516 9,073,683 1.41Howden Joinery Group plc GBP 1,526,255 10,926,839 1.70Imperial Tobacco Group plc GBP 243,337 11,867,195 1.85Johnson Matthey plc GBP 192,356 6,949,705 1.08Liberty Global plc USD 118,300 4,351,327 0.68Liberty Global plc 'A' USD 142,000 5,527,079 0.86London Stock Exchange Group plc GBP 301,111 11,235,174 1.75National Grid plc GBP 664,248 8,467,800 1.32Playtech plc GBP 728,153 8,242,823 1.28Royal Bank of Scotland Group plc GBP 1,977,552 8,120,896 1.26Royal Dutch Shell plc 'B' GBP 477,300 10,014,435 1.56Sky plc GBP 509,459 7,703,412 1.20SSE plc GBP 551,950 11,468,118 1.79Standard Chartered plc GBP 190,724 1,461,916 0.23Vodafone Group plc GBP 5,473,736 16,449,216 2.56William Hill plc GBP 1,447,478 7,794,284 1.21WPP plc GBP 423,410 8,998,895 1.40



630,381,683 98.14




90 t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCHinAHutchison China MediTech Ltd. GBP 50,000 1,896,895 2.68

1,896,895 2.68denMARKAmbu A/S 'B' DKK 38,916 1,092,442 1.54

1,092,442 1.54FinlAndAsiakastieto Group OYJ, 144A EUR 74,748 1,119,725 1.58Huhtamaki OYJ EUR 18,032 604,072 0.85Rapala VMC OYJ EUR 42,836 203,043 0.29

1,926,840 2.72FRAnCeAltran Technologies SA EUR 57,749 712,623 1.01BioMerieux EUR 3,950 434,105 0.61Edenred EUR 32,225 562,326 0.79Gecina SA, REIT EUR 7,405 830,100 1.17Havas SA EUR 57,968 449,658 0.64Mersen EUR 25,555 434,435 0.61SPIE SA EUR 27,189 461,397 0.65

3,884,644 5.48GeRMAnYBrenntag AG EUR 14,555 702,715 0.99CTS Eventim AG & Co. KGaA EUR 19,210 705,775 0.99Norma Group SE EUR 29,599 1,513,989 2.14Sartorius AG Preference EUR 3,402 818,011 1.15Scout24 AG, 144A EUR 18,495 608,948 0.86Stabilus SA EUR 23,859 919,884 1.30Takkt AG EUR 28,059 517,548 0.73Tele Columbus AG, 144A EUR 84,660 791,571 1.12Wirecard AG EUR 24,945 1,159,943 1.64

7,738,384 10.92iRelAndCairn Homes plc EUR 261,331 312,291 0.44DCC plc GBP 13,664 1,051,631 1.49Paddy Power plc EUR 6,352 781,931 1.10

2,145,853 3.03itAlYBanca Generali SpA EUR 23,987 699,941 0.99Cassiopea SpA, 144A CHF 21,356 638,522 0.90Moncler SpA EUR 35,935 464,280 0.65Yoox Net-A-Porter Group SpA EUR 16,338 564,478 0.80

2,367,221 3.34luXeMbouRGEurofins Scientific SE EUR 4,351 1,400,369 1.98

1,400,369 1.98netHeRlAndSAalberts Industries NV EUR 20,582 654,302 0.92IMCD Group NV EUR 20,890 711,618 1.00Intertrust NV, 144A EUR 21,900 443,694 0.63Kendrion NV EUR 19,851 481,089 0.68

2,290,703 3.23noRWAYXXL ASA, 144A NOK 79,831 847,700 1.20

847,700 1.20

european Smaller Companies equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of smaller publicly traded European companies. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities issued by companies that are either incorporated in Europe or conduct most of their business there, and that, at the time of purchase, are no larger than those in the S&P Pan Europe Small Cap Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia. The fund may use derivatives for hedging and efficient portfolio management.


91t. RoWe pRiCe


european Smaller Companies equity Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

Ted Baker plc GBP 12,192 495,364 0.70Victrex plc GBP 67,301 1,650,924 2.33Volution Group plc GBP 337,963 875,454 1.24WANdisco plc GBP 190,870 223,206 0.31Xaar plc GBP 75,791 432,849 0.61Xchanging plc GBP 328,937 863,255 1.22YouGov plc GBP 400,000 791,393 1.12



69,235,385 97.73




United Kingdom 36.97Germany 10.92Sweden 8.96Switzerland 7.81Spain 7.00France 5.48Italy 3.34Netherlands 3.23Ireland 3.03Finland 2.72China 2.68Luxembourg 1.98Denmark 1.54Norway 1.20Russia 0.87total investments 97.73Cash and Other Assets/(Liabilities) 2.27total 100.00



Quantity/nominal

Value

Market Value euR

% of net Assets

RuSSiAMail.Ru Group Ltd., Reg. S, GDR

PreferenceUSD 29,577 612,847 0.87

612,847 0.87SpAinAmadeus IT Holding SA 'A' EUR 25,534 1,038,850 1.47Axiare Patrimonio SOCIMI SA, REIT EUR 135,434 1,787,729 2.52Baron de Ley EUR 5,981 663,891 0.94Grifols SA EUR 18,595 792,705 1.12Laboratorios Farmaceuticos Rovi SA EUR 46,823 676,124 0.95

4,959,299 7.00SWedenAttendo AB, 144A SEK 80,087 615,802 0.87Avanza Bank Holding AB SEK 22,354 895,989 1.26Byggmax Group AB SEK 52,979 502,705 0.71Dometic Group AB, 144A SEK 72,211 427,655 0.60Indutrade AB SEK 7,287 381,885 0.54Kambi Group plc SEK 121,988 1,669,749 2.36Lindab International AB SEK 64,910 445,300 0.63Nibe Industrier AB 'B' SEK 17,990 558,218 0.79Thule Group AB (The), 144A SEK 42,342 534,543 0.75Vostok New Ventures Ltd., SDR SEK 53,435 317,623 0.45

6,349,469 8.96SWitZeRlAndDKSH Holding AG CHF 15,690 914,413 1.29Dufry AG CHF 6,657 734,908 1.04Luxoft Holding, Inc. USD 13,000 937,701 1.33Partners Group Holding AG CHF 4,029 1,338,992 1.89SFS Group AG CHF 9,262 596,452 0.84Tecan Group AG CHF 6,716 1,006,479 1.42

5,528,945 7.81united KinGdoM3i Group plc GBP 33,636 220,272 0.31Abcam plc GBP 128,037 1,157,780 1.63Auto Trader Group plc, 144A GBP 129,714 783,139 1.11Booker Group plc GBP 146,341 361,170 0.51DFS Furniture plc GBP 175,891 795,012 1.12Direct Line Insurance Group plc GBP 98,464 545,600 0.77Ebiquity plc GBP 282,766 536,377 0.76Exova Group plc GBP 257,398 506,632 0.72Flybe Group plc GBP 1,043,939 1,298,869 1.83Hays plc GBP 348,065 690,533 0.97Huntsworth plc GBP 1,251,644 672,275 0.95Intermediate Capital Group plc GBP 74,587 635,916 0.90Investec plc GBP 135,383 882,534 1.25IP Group plc GBP 190,011 529,666 0.75IQE plc GBP 3,434,840 817,360 1.15Jupiter Fund Management plc GBP 188,457 1,157,528 1.63Just Eat plc GBP 128,102 859,980 1.21LivaNova plc USD 12,450 714,314 1.01Majestic Wine plc GBP 135,328 552,049 0.78McCarthy & Stone plc, 144A GBP 176,514 609,652 0.86Oxford Instruments plc GBP 80,087 835,269 1.18PayPoint plc GBP 71,529 896,286 1.26Paysafe Group plc GBP 181,594 917,955 1.30Pets at Home Group plc GBP 176,191 660,765 0.93Playtech plc GBP 134,521 1,522,802 2.15Polypipe Group plc GBP 145,622 691,069 0.98Rathbone Brothers plc GBP 15,462 462,549 0.65Spirax-Sarco Engineering plc GBP 12,275 547,976 0.77


92 t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRAliASouth32 Ltd. GBP 2,459 1,755 0.02

1,755 0.02AuStRiAANDRITZ AG EUR 265 11,938 0.17Erste Group Bank AG EUR 450 13,010 0.18voestalpine AG EUR 124 3,515 0.05

28,463 0.40belGiuMAnheuser-Busch InBev SA EUR 716 81,910 1.16Anheuser-Busch InBev SA Strips EUR 1,880 2 –Delhaize Group EUR 76 6,824 0.10Groupe Bruxelles Lambert SA EUR 73 5,755 0.08KBC Groep NV EUR 250 14,417 0.21

108,908 1.55denMARKAP Moeller - Maersk A/S 'B' DKK 20 24,052 0.34Coloplast A/S 'B' DKK 110 8,210 0.12Danske Bank A/S DKK 778 19,307 0.27GN Store Nord A/S DKK 796 13,364 0.19Novo Nordisk A/S 'B' DKK 2,041 109,366 1.55Pandora A/S DKK 35 4,089 0.06TDC A/S DKK 238 1,097 0.02

179,485 2.55FinlAndKone OYJ 'B' EUR 307 12,025 0.17Nokia OYJ EUR 2,376 15,670 0.22Sampo OYJ 'A' EUR 1,220 57,340 0.82Stora Enso OYJ 'R' EUR 141 1,183 0.02UPM-Kymmene OYJ EUR 494 8,512 0.12

94,730 1.35FRAnCeAccor SA EUR 159 6,361 0.09Air Liquide SA EUR 356 36,899 0.52Air Liquide SA primes de Fidélité EUR 130 13,475 0.19Airbus Group SE EUR 1,005 62,310 0.89Alcatel-Lucent EUR 2,740 10,001 0.14Alstom SA EUR 272 7,661 0.11ArcelorMittal EUR 2,319 9,037 0.13BNP Paribas SA EUR 1,152 60,169 0.85Bureau Veritas SA EUR 179 3,292 0.05Carrefour SA EUR 511 13,618 0.19Casino Guichard Perrachon SA EUR 51 2,163 0.03Christian Dior SE EUR 83 13,010 0.18Cie de Saint-Gobain EUR 426 16,976 0.24Cie Generale des Etablissements

MichelinEUR 78 6,856 0.10

Credit Agricole SA EUR 968 10,532 0.15Danone SA EUR 779 48,516 0.69Edenred EUR 549 9,580 0.14Engie SA EUR 1,573 25,679 0.36Essilor International SA EUR 126 14,496 0.21Eutelsat Communications SA EUR 493 13,607 0.19Gecina SA, REIT EUR 109 12,219 0.17Iliad SA EUR 173 38,060 0.54JCDecaux SA EUR 190 6,707 0.10

european Structured Research equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments.The fund invests mainly in a widely diversified portfolio of stocks of European companies selected by the investment manager’s team of research analysts (as opposed to a single portfolio manager). Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in Europe or conduct most of their business there. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia. The fund may use derivatives for hedging and efficient portfolio management.


93t. RoWe pRiCe


european Structured Research equity Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

itAlYAtlantia SpA EUR 366 8,967 0.13Banca Mediolanum SpA EUR 3,193 23,341 0.33Enel Green Power SpA EUR 3,802 7,159 0.10Enel SpA EUR 13,189 51,331 0.73Eni SpA EUR 4,295 59,271 0.84Fiat Chrysler Automobiles NV EUR 841 10,866 0.15Intesa Sanpaolo SpA EUR 12,224 37,748 0.54Moncler SpA EUR 1,284 16,589 0.24Prysmian SpA EUR 642 13,007 0.18Snam SpA EUR 1,249 6,033 0.09Telecom Italia SpA EUR 8,664 10,180 0.14Telecom Italia SpA Saving Share EUR 41,197 39,178 0.56UniCredit SpA EUR 5,192 26,661 0.38

310,331 4.41MeXiCoFresnillo plc GBP 704 6,778 0.10

6,778 0.10netHeRlAndSAltice NV 'A' EUR 1,947 25,798 0.37Altice NV 'B' EUR 609 8,161 0.12ASML Holding NV EUR 556 45,898 0.65Heineken NV EUR 130 10,240 0.15ING Groep NV, CVA EUR 3,703 46,102 0.65Koninklijke Ahold NV EUR 516 10,049 0.14Koninklijke DSM NV EUR 835 38,644 0.55Koninklijke Philips NV EUR 1,263 29,756 0.42NXP Semiconductors NV USD 227 17,692 0.25Randstad Holding NV EUR 50 2,876 0.04Unilever NV, CVA EUR 1,874 75,157 1.07

310,373 4.41noRWAYDNB ASA NOK 1,268 14,494 0.21Orkla ASA NOK 694 5,065 0.07

19,559 0.28poRtuGAlEDP - Energias de Portugal SA EUR 2,263 7,515 0.11

7,515 0.11SpAinAbertis Infraestructuras SA EUR 286 4,121 0.06Acerinox SA EUR 688 6,479 0.09ACS Actividades de Construccion y

Servicios SAEUR 182 4,917 0.07

Amadeus IT Holding SA 'A' EUR 932 37,918 0.54Banco Bilbao Vizcaya Argentaria SA EUR 6,526 43,979 0.63Banco de Sabadell SA EUR 4,761 7,784 0.11Banco Santander SA EUR 14,021 63,908 0.91CaixaBank SA EUR 2,644 8,498 0.12Enagas SA EUR 335 8,710 0.12Endesa SA EUR 647 11,986 0.17Ferrovial SA EUR 385 8,029 0.12Grifols SA EUR 595 25,365 0.36Iberdrola SA EUR 3,568 23,370 0.33Industria de Diseno Textil SA EUR 475 15,053 0.21Telefonica SA EUR 7,648 78,277 1.11

348,394 4.95


Quantity/nominal

Value

Market Value euR

% of net Assets

Kering EUR 66 10,425 0.15Legrand SA EUR 252 13,154 0.19L'Oreal SA EUR 233 36,185 0.51LVMH Moet Hennessy Louis Vuitton

SEEUR 208 30,139 0.43

Metropole Television SA EUR 198 3,136 0.04Pernod Ricard SA EUR 125 13,150 0.19Peugeot SA EUR 389 6,304 0.09Renault SA EUR 228 21,120 0.30Sanofi EUR 672 52,819 0.75Schneider Electric SE EUR 603 31,694 0.45Societe Generale SA EUR 720 30,651 0.44Sodexo SA EUR 83 7,482 0.11SPIE SA EUR 1,156 19,617 0.28Suez Environnement Co. EUR 291 5,023 0.07TOTAL SA EUR 2,722 112,323 1.60Unibail-Rodamco SE, REIT EUR 133 31,175 0.44Valeo SA EUR 109 15,538 0.22Vinci SA EUR 444 26,258 0.37

907,417 12.89GeRMAnYadidas AG EUR 119 10,699 0.15BASF SE EUR 328 23,196 0.33Bayer AG EUR 453 52,457 0.75Bayerische Motoren Werke AG EUR 320 31,242 0.44Beiersdorf AG EUR 91 7,659 0.11Brenntag AG EUR 474 22,885 0.32Commerzbank AG EUR 1,061 10,156 0.14Covestro AG, 144A EUR 500 16,818 0.24Daimler AG EUR 769 59,659 0.85Deutsche Bank AG EUR 1,373 30,927 0.44Deutsche Wohnen AG EUR 104 2,664 0.04E.ON SE EUR 945 8,440 0.12Fraport AG Frankfurt Airport Services

WorldwideEUR 52 3,065 0.04

Fresenius SE & Co. KGaA EUR 170 11,215 0.16GEA Group AG EUR 166 6,208 0.09HeidelbergCement AG EUR 147 11,116 0.16Henkel AG & Co. KGaA EUR 87 7,710 0.11Henkel AG & Co. KGaA Preference EUR 166 17,131 0.24Infineon Technologies AG EUR 843 11,385 0.16Linde AG EUR 257 34,412 0.49METRO AG EUR 95 2,808 0.04Porsche Automobil Holding SE

PreferenceEUR 142 7,101 0.10

SAP SE EUR 758 55,622 0.79Siemens AG EUR 756 67,949 0.97Symrise AG EUR 124 7,605 0.11Telefonica Deutschland Holding AG EUR 5,065 24,773 0.35ThyssenKrupp AG EUR 472 8,656 0.12Vonovia SE EUR 45 1,285 0.02

554,843 7.88iRelAndBank of Ireland EUR 27,247 9,209 0.13CRH plc EUR 378 10,093 0.15Ryanair Holdings plc EUR 2,071 31,086 0.44Smurfit Kappa Group plc EUR 809 19,044 0.27

69,432 0.99


94 t. RoWe pRiCe




Quantity/nominal

Value

Market Value euR

% of net Assets

SWedenAssa Abloy AB 'B' SEK 966 18,754 0.27Atlas Copco AB 'B' SEK 367 7,817 0.11Atlas Copco AB 'A' SEK 988 22,457 0.32Getinge AB 'B' SEK 182 4,417 0.06Hennes & Mauritz AB 'B' SEK 894 29,456 0.42Hexagon AB 'B' SEK 665 22,832 0.32Investment AB Kinnevik 'B' SEK 232 6,629 0.09Investor AB 'B' SEK 425 14,490 0.21Millicom International Cellular SA, SDR SEK 39 2,069 0.03Nordea Bank AB SEK 3,036 30,894 0.44Sandvik AB SEK 1,037 8,375 0.12Skandinaviska Enskilda Banken AB 'A' SEK 1,975 19,257 0.27Skanska AB 'B' SEK 374 6,722 0.10SKF AB 'B' SEK 740 11,073 0.16Svenska Cellulosa AB SCA 'B' SEK 1,497 40,247 0.57Svenska Handelsbanken AB 'A' SEK 1,520 18,717 0.27Swedbank AB 'A' SEK 916 18,692 0.27Telefonaktiebolaget LM Ericsson 'B' SEK 3,794 34,056 0.48Volvo AB 'B' SEK 2,165 18,678 0.26

335,632 4.77SWitZeRlAndABB Ltd. CHF 2,479 40,960 0.58Actelion Ltd. CHF 175 22,475 0.32Adecco SA CHF 59 3,740 0.05Aryzta AG CHF 85 3,988 0.06Cie Financiere Richemont SA CHF 662 43,910 0.62Credit Suisse Group AG CHF 1,910 38,112 0.54DKSH Holding AG CHF 161 9,383 0.13Geberit AG CHF 39 12,206 0.17Givaudan SA CHF 1 1,677 0.02Julius Baer Group Ltd. CHF 309 13,833 0.20LafargeHolcim Ltd. CHF 349 16,150 0.23LafargeHolcim Ltd. EUR 161 7,522 0.11Lonza Group AG CHF 65 9,753 0.14Nestle SA CHF 3,328 228,246 3.24Novartis AG CHF 2,432 194,203 2.76Roche Holding AG CHF 754 191,727 2.72SGS SA CHF 5 8,790 0.13Sonova Holding AG CHF 103 12,062 0.17Swatch Group AG (The) CHF 45 14,498 0.21Swatch Group AG (The), Reg. CHF 89 5,568 0.08Syngenta AG CHF 185 66,767 0.95UBS Group AG CHF 3,566 64,037 0.91Wolseley plc GBP 296 14,856 0.21Zurich Insurance Group AG CHF 333 79,161 1.13

1,103,624 15.68united KinGdoMAggreko plc GBP 112 1,392 0.02Amec Foster Wheeler plc GBP 2,081 12,137 0.17Anglo American plc GBP 494 2,011 0.03ARM Holdings plc GBP 2,039 28,807 0.41Associated British Foods plc GBP 562 25,539 0.36AstraZeneca plc GBP 1,845 115,819 1.65Aviva plc GBP 11,389 79,911 1.14Babcock International Group plc GBP 520 7,184 0.10Barclays plc GBP 18,182 54,120 0.77BG Group plc GBP 6,144 82,292 1.17BHP Billiton plc GBP 2,459 25,412 0.36


Quantity/nominal

Value

Market Value euR

% of net Assets

BP plc GBP 12,593 60,618 0.86British American Tobacco plc GBP 2,053 105,272 1.50BT Group plc GBP 3,045 19,531 0.28Burberry Group plc GBP 1,558 25,317 0.36Capita plc GBP 2,579 42,363 0.60Centrica plc GBP 2,179 6,462 0.09Compass Group plc GBP 2,179 34,815 0.50Derwent London plc, REIT GBP 183 9,137 0.13Diageo plc GBP 3,623 91,460 1.30Direct Line Insurance Group plc GBP 5,712 31,651 0.45Experian plc GBP 1,997 32,613 0.46G4S plc GBP 1,008 3,091 0.04GKN plc GBP 3,886 16,296 0.23GlaxoSmithKline plc GBP 6,124 114,334 1.63Glencore plc GBP 8,388 10,320 0.15Hammerson plc, REIT GBP 256 2,089 0.03HSBC Holdings plc GBP 19,240 140,282 1.99IMI plc GBP 199 2,331 0.03Imperial Tobacco Group plc GBP 1,341 65,399 0.93InterContinental Hotels Group plc GBP 209 7,554 0.11Intertek Group plc GBP 152 5,740 0.08J Sainsbury plc GBP 1,019 3,586 0.05Johnson Matthey plc GBP 1,127 40,718 0.58Kingfisher plc GBP 2,044 9,158 0.13Land Securities Group plc, REIT GBP 1,152 18,437 0.26Liberty Global plc USD 570 20,966 0.30Liberty Global plc 'A' USD 452 17,593 0.25Liberty Global plc LiLAC 'A' USD 22 820 0.01Liberty Global plc LiLAC 'C' USD 28 1,086 0.02Lloyds Banking Group plc GBP 56,101 55,742 0.79London Stock Exchange Group plc GBP 435 16,231 0.23Marks & Spencer Group plc GBP 4,311 26,520 0.38Melrose Industries plc GBP 1,079 4,268 0.06Mondi plc GBP 304 5,514 0.08National Grid plc GBP 5,043 64,288 0.91Next plc GBP 230 22,799 0.32Ophir Energy plc GBP 6,857 9,179 0.13Persimmon plc GBP 289 7,966 0.11Premier Oil plc GBP 7,291 4,808 0.07Prudential plc GBP 4,904 102,093 1.45Reckitt Benckiser Group plc GBP 649 55,430 0.79Rio Tinto plc GBP 1,404 37,791 0.54Rolls-Royce Holdings plc GBP 5,003 39,117 0.56Rolls-Royce Holdings plc Preference GBP 463,778 631 0.01Royal Bank of Scotland Group plc GBP 3,134 12,870 0.18Royal Dutch Shell plc 'A' GBP 6,307 130,872 1.86RSA Insurance Group plc GBP 9,984 57,902 0.82SABMiller plc GBP 1,188 65,740 0.93Serco Group plc GBP 6,978 8,967 0.13Severn Trent plc GBP 149 4,411 0.06Shire plc GBP 823 52,575 0.75Signet Jewelers Ltd. GBP 67 7,449 0.11Sky plc GBP 3,932 59,455 0.85Smith & Nephew plc GBP 565 9,281 0.13Sports Direct International plc GBP 263 2,063 0.03SSE plc GBP 780 16,206 0.23Standard Chartered plc GBP 3,134 24,022 0.34Standard Life plc GBP 7,830 41,492 0.59


95t. RoWe pRiCe




Quantity/nominal

Value

Market Value euR

% of net Assets

Tesco plc GBP 10,834 22,024 0.31Unilever plc GBP 1,333 53,045 0.75Vedanta Resources plc GBP 347 1,298 0.02Vodafone Group plc GBP 38,377 115,327 1.64Weir Group plc (The) GBP 212 2,883 0.04Whitbread plc GBP 122 7,301 0.10Wm Morrison Supermarkets plc GBP 1,321 2,662 0.04WPP plc GBP 3,013 64,036 0.91



6,975,160 99.12




United Kingdom 36.78Switzerland 15.68France 12.89Germany 7.88Spain 4.95Sweden 4.77Netherlands 4.41Italy 4.41Denmark 2.55Belgium 1.55Finland 1.35Ireland 0.99Austria 0.40Norway 0.28Portugal 0.11Mexico 0.10Australia 0.02total investments 99.12Cash and Other Assets/(Liabilities) 0.88total 100.00



96 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesARGentinAGrupo Clarin SA, Reg. S, GDR 'B' USD 5,317 89,060 1.04Grupo Financiero Galicia SA, ADR USD 21,380 569,777 6.66IRSA Propiedades Comerciales SA,

ADRUSD 2,890 91,165 1.06

YPF SA, ADR USD 15,515 238,931 2.79988,933 11.55

bAnGlAdeSHBRAC Bank Ltd. BDT 322,428 200,764 2.34GrameenPhone Ltd. BDT 26,154 84,609 0.99Marico Bangladesh Ltd. BDT 4,059 74,054 0.86Olympic Industries Ltd. BDT 12,540 41,567 0.49

400,994 4.68botSWAnALetshego Holdings Ltd. BWP 227,931 58,643 0.68

58,643 0.68GeoRGiABGEO Group plc GBP 4,691 132,175 1.54Georgia Healthcare Group plc, 144A GBP 31,595 72,472 0.85

204,647 2.39KenYADiamond Trust Bank Kenya Ltd. KES 17,100 31,258 0.37Equity Group Holdings Ltd. KES 282,600 110,499 1.29Kenya Commercial Bank Ltd. KES 321,900 137,665 1.61Safaricom Ltd. KES 1,666,100 265,468 3.10

544,890 6.37KuWAitKuwait Projects Co. Holding KSCP KWD 60,361 115,343 1.35National Bank of Kuwait SAKP KWD 272,078 717,115 8.37

832,458 9.72MoRoCCoAttijariwafa Bank MAD 7,346 244,637 2.86Societe Des Brasseries du Maroc MAD 323 65,191 0.76

309,828 3.62niGeRiANestle Nigeria plc NGN 27,941 120,598 1.41Nigerian Breweries plc NGN 338,499 231,046 2.70

351,644 4.11pAKiStAnDG Khan Cement Co. Ltd. PKR 77,500 109,015 1.27Habib Bank Ltd. PKR 151,800 289,567 3.38Hum Network Ltd. PKR 955,000 119,563 1.40K-Electric Ltd. PKR 613,500 43,500 0.51Nestle Pakistan Ltd. PKR 1,060 78,818 0.92United Bank Ltd. PKR 169,700 250,510 2.93

890,973 10.41RoMAniAAlbalact SA RON 420,953 34,446 0.40Banca Transilvania RON 309,123 180,787 2.11BRD-Groupe Societe Generale SA RON 22,410 65,261 0.76New Europe Property Investments plc ZAR 6,004 68,831 0.81

349,325 4.08SinGApoReYoma Strategic Holdings Ltd. SGD 255,633 83,491 0.98

83,491 0.98

Frontier Markets equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of frontier markets companies. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in those countries that are not in the MSCI AC World Index or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


97t. RoWe pRiCe


Frontier Markets equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

WarrantsSAudi ARAbiASamba Financial Group, 144A

27/09/2016USD 9,135 56,791 0.66

Saudi Airlines Catering Co. 16/04/2018

USD 1,753 57,480 0.67



8,125,734 94.92





163,390 1.91




Vietnam 15.15Argentina 11.55Pakistan 10.41Sri Lanka 10.17Kuwait 9.72Kenya 6.37Romania 5.99Bangladesh 4.68Nigeria 4.11Saudi Arabia 3.83Morocco 3.62Georgia 2.39United Kingdom 2.24United States of America 1.56United Arab Emirates 1.35Uganda 1.06Singapore 0.98Botswana 0.68Tanzania, United Republic of 0.40Zambia 0.39Zimbabwe 0.18Total Investments 96.83Cash and Other Assets/(Liabilities) 3.17Total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

SRi lAnKACeylon Cold Stores plc LKR 74,157 216,739 2.53Commercial Bank of Ceylon plc LKR 102,726 99,842 1.17Hatton National Bank plc LKR 108,585 158,530 1.85Hemas Holdings plc LKR 98,184 63,233 0.74John Keells Holdings plc LKR 84,850 104,761 1.22Lion Brewery Ceylon plc LKR 9,659 42,185 0.49Nestle Lanka plc LKR 8,949 127,147 1.49Tokyo Cement Co. Lanka plc LKR 172,423 58,570 0.68

871,007 10.17tAnZAniA, united RepubliC oFNational Microfinance Bank plc TZS 29,388 34,085 0.40

34,085 0.40uGAndAUmeme Ltd. UGX 487,385 90,979 1.06

90,979 1.06united ARAb eMiRAteSAramex PJSC AED 134,084 115,382 1.35

115,382 1.35united KinGdoMHikma Pharmaceuticals plc GBP 5,619 191,335 2.24

191,335 2.24united StAteS oF AMeRiCAPriceSmart, Inc. USD 1,610 133,421 1.56

133,421 1.56VietnAMAsia Commercial Bank VND 104,700 99,676 1.16Bank for Foreign Trade of Vietnam JSC VND 69,680 135,930 1.59DHG Pharmaceutical JSC VND 47,100 148,799 1.74Hoa Phat Group JSC VND 42,590 55,293 0.65Masan Group Corp. VND 39,020 134,471 1.57Military Commercial Joint Stock Bank VND 205,746 136,383 1.59Mobile World Investment Corp. VND 19,980 76,785 0.90Nam Long Investment Corp. VND 127,590 130,050 1.52Vietnam Dairy Products JSC VND 36,480 212,538 2.48Vingroup JSC VND 82,289 167,207 1.95

1,297,132 15.15ZAMbiAStandard Chartered Bank Zambia plc ZMW 193,245 33,168 0.39

33,168 0.39ZiMbAbWeEconet Wireless Zimbabwe Ltd. USD 73,969 15,533 0.18

15,533 0.18total equities 7,797,868 91.09

participation notesSAudi ARAbiAAl Mouwasat Medical Services Co.

24/07/2017USD 2,283 74,098 0.86

Almarai Co. Ltd. 31/07/2017 USD 3,556 74,261 0.87Jarir Marketing Co. 24/07/2017 USD 816 34,776 0.41Yanbu National Petrochemical Co.

31/07/2017USD 3,512 30,460 0.36

213,595 2.50total participation notes 213,595 2.50


98 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRAliAJames Hardie Industries plc, CDI AUD 184,098 2,343,271 1.38

2,343,271 1.38bRAZilItau Unibanco Holding SA, ADR

PreferenceUSD 158,600 1,033,279 0.61

1,033,279 0.61CHinAAlibaba Group Holding Ltd., ADR USD 25,400 2,076,704 1.22JD.com, Inc., ADR USD 66,100 2,128,420 1.25Tencent Holdings Ltd. HKD 112,400 2,201,613 1.30

6,406,737 3.77denMARKColoplast A/S 'B' DKK 21,216 1,723,271 1.02GN Store Nord A/S DKK 110,917 2,026,674 1.19

3,749,945 2.21FRAnCeAPERAM SA EUR 57,518 2,058,810 1.21Legrand SA EUR 49,849 2,831,885 1.67TOTAL SA EUR 53,038 2,381,867 1.41

7,272,562 4.29HonG KonGAIA Group Ltd. HKD 698,400 4,178,878 2.46Samsonite International SA HKD 570,000 1,710,286 1.01Techtronic Industries Co. Ltd. HKD 316,500 1,289,619 0.76

7,178,783 4.23indiAAxis Bank Ltd. INR 260,308 1,760,644 1.04HDFC Bank Ltd. INR 114,405 2,294,394 1.35

4,055,038 2.39iSRAelMobileye NV USD 20,400 857,820 0.51

857,820 0.51itAlYFerrari NV USD 8,700 421,950 0.25Intesa Sanpaolo SpA EUR 923,981 3,105,195 1.83

3,527,145 2.08JApAnAstellas Pharma, Inc. JPY 233,300 3,326,944 1.96Calbee, Inc. JPY 89,800 3,789,649 2.23Suntory Beverage & Food Ltd. JPY 43,600 1,913,215 1.13

9,029,808 5.32netHeRlAndSASML Holding NV EUR 23,610 2,121,103 1.25NXP Semiconductors NV USD 25,800 2,188,356 1.29

4,309,459 2.54SoutH AFRiCANaspers Ltd. 'N' ZAR 12,671 1,731,948 1.02

1,731,948 1.02SoutH KoReANAVER Corp. KRW 4,761 2,650,603 1.56

2,650,603 1.56SpAinInmobiliaria Colonial SA EUR 2,289,856 1,599,896 0.94

1,599,896 0.94

Global Focused Growth equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks that have the potential for above average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of listed companies. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


99t. RoWe pRiCe


Global Focused Growth equity Fund continued



United States of America 58.10United Kingdom 5.72Japan 5.32France 4.29Hong Kong 4.23China 3.77Netherlands 2.54India 2.39Denmark 2.21Italy 2.08South Korea 1.56Australia 1.38Taiwan 1.12South Africa 1.02United Arab Emirates 0.96Spain 0.94Brazil 0.61Israel 0.51total investments 98.75Cash and Other Assets/(Liabilities) 1.25total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

tAiWAnDelta Electronics, Inc. TWD 404,705 1,907,224 1.12

1,907,224 1.12united ARAb eMiRAteSDP World Ltd. USD 80,065 1,625,320 0.96

1,625,320 0.96united KinGdoMDiageo plc GBP 64,829 1,781,074 1.05Hikma Pharmaceuticals plc GBP 76,926 2,619,434 1.55Petra Diamonds Ltd. GBP 915,070 1,184,895 0.70Royal Bank of Scotland Group plc GBP 524,756 2,345,212 1.38Standard Life plc GBP 306,650 1,768,443 1.04

9,699,058 5.72united StAteS oF AMeRiCAAkamai Technologies, Inc. USD 32,800 1,734,792 1.02Alexion Pharmaceuticals, Inc. USD 15,800 3,022,856 1.78Allegion plc USD 34,200 2,261,646 1.33Allergan plc USD 5,500 1,725,130 1.02Alphabet, Inc. 'A' USD 4,500 3,535,380 2.08Amazon.com, Inc. USD 9,100 6,246,786 3.68BioMarin Pharmaceutical, Inc. USD 11,400 1,197,000 0.71Bluebird Bio, Inc. USD 14,100 909,450 0.54Bristol-Myers Squibb Co. USD 25,000 1,735,250 1.02Chipotle Mexican Grill, Inc. USD 1,700 824,143 0.49CME Group, Inc. USD 14,000 1,279,600 0.75Coach, Inc. USD 123,700 4,028,909 2.37Cognex Corp. USD 55,500 1,909,200 1.13Danaher Corp. USD 46,400 4,316,592 2.54Facebook, Inc. 'A' USD 31,600 3,349,916 1.97Incyte Corp. USD 15,000 1,631,250 0.96Intuitive Surgical, Inc. USD 5,300 2,912,933 1.72J.P. Morgan Chase & Co. USD 78,000 5,178,420 3.05JB Hunt Transport Services, Inc. USD 33,300 2,429,901 1.43Johnson Controls, Inc. USD 72,300 2,876,094 1.69Juniper Networks, Inc. USD 220,600 6,055,470 3.57LinkedIn Corp. 'A' USD 16,000 3,638,080 2.14Louisiana-Pacific Corp. USD 117,200 2,094,364 1.23MasterCard, Inc. 'A' USD 35,000 3,437,700 2.03Middleby Corp. (The) USD 20,000 2,146,800 1.27Morgan Stanley USD 119,700 3,845,961 2.27NetSuite, Inc. USD 23,900 2,032,456 1.20NIKE, Inc. 'B' USD 30,100 1,895,397 1.12Palo Alto Networks, Inc. USD 9,000 1,583,550 0.93Pioneer Natural Resources Co. USD 7,600 940,500 0.55Priceline Group, Inc. (The) USD 4,210 5,391,494 3.18ServiceNow, Inc. USD 19,100 1,655,970 0.98State Street Corp. USD 38,900 2,582,571 1.52TD Ameritrade Holding Corp. USD 96,700 3,381,599 1.99Tesla Motors, Inc. USD 9,260 2,236,753 1.32UnitedHealth Group, Inc. USD 21,800 2,576,978 1.52



167,578,787 98.75



100 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesARGentinAMercadoLibre, Inc. USD 15,680 1,770,272 0.46

1,770,272 0.46AuStRAliABrambles Ltd. AUD 219,821 1,854,516 0.48James Hardie Industries plc, CDI AUD 294,916 3,753,806 0.98

5,608,322 1.46bRAZilBanco Bradesco SA Preference BRL 245,800 1,196,119 0.31Banco Bradesco SA Rights

05/02/2016BRL 8,051 4,206 –

Itau Unibanco Holding SA Preference BRL 133,600 887,857 0.232,088,182 0.54

CAnAdACanadian Pacific Railway Ltd. USD 19,880 2,517,603 0.66National Bank of Canada CAD 32,660 950,117 0.25Toronto-Dominion Bank (The) CAD 59,500 2,337,230 0.61Valeant Pharmaceuticals International,

Inc.USD 9,570 981,404 0.25

6,786,354 1.77CHinAChina Mengniu Dairy Co. Ltd. HKD 833,000 1,352,464 0.35China Pacific Insurance Group Co.

Ltd. 'H'HKD 455,600 1,865,402 0.49

Ctrip.com International Ltd., ADR USD 59,610 2,810,612 0.73JD.com, Inc., ADR USD 92,740 2,986,228 0.78Tencent Holdings Ltd. HKD 173,000 3,388,603 0.88Vipshop Holdings Ltd., ADR USD 105,020 1,602,605 0.42

14,005,914 3.65denMARKChr Hansen Holding A/S DKK 37,522 2,362,125 0.62

2,362,125 0.62eGYptCommercial International Bank Egypt

SAE, GDRUSD 362,493 1,558,720 0.41

1,558,720 0.41FRAnCeGecina SA, REIT EUR 19,227 2,345,664 0.61Legrand SA EUR 53,173 3,020,718 0.79Unibail-Rodamco SE, REIT EUR 12,440 3,173,413 0.83

8,539,795 2.23GeRMAnYBrenntag AG EUR 46,374 2,436,635 0.64Fresenius Medical Care AG & Co.

KGaAEUR 15,885 1,343,768 0.35

3,780,403 0.99HonG KonGAIA Group Ltd. HKD 620,000 3,709,771 0.97Samsonite International SA HKD 675,000 2,025,339 0.53

5,735,110 1.50indiAAxis Bank Ltd. INR 330,688 2,236,673 0.58Bharti Infratel Ltd. INR 340,233 2,195,869 0.57HDFC Bank Ltd. INR 207,329 4,157,985 1.09Housing Development Finance

Corp. Ltd.INR 109,056 2,076,495 0.54

Global Growth equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of listed companies whose market capitalisation, at the time of purchase, falls within or above the range covered by the MSCI All Country World Large Cap Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


101t. RoWe pRiCe


Global Growth equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

SWedenAssa Abloy AB 'B' SEK 142,445 3,009,581 0.78Hexagon AB 'B' SEK 116,106 4,338,386 1.13Svenska Cellulosa AB SCA 'B' SEK 56,056 1,640,129 0.43Svenska Handelsbanken AB 'A' SEK 157,100 2,105,276 0.55

11,093,372 2.89SWitZeRlAndDKSH Holding AG CHF 28,264 1,792,676 0.47Julius Baer Group Ltd. CHF 53,671 2,614,769 0.68Wolseley plc GBP 28,937 1,580,575 0.41

5,988,020 1.56tHAilAndCentral Pattana PCL, NVDR THB 991,900 1,286,922 0.34CP ALL PCL THB 956,100 1,041,257 0.27

2,328,179 0.61tuRKeYBIM Birlesik Magazalar A/S TRY 79,474 1,421,324 0.37Turkiye Garanti Bankasi A/S TRY 1,350,635 3,341,318 0.87Turkiye Halk Bankasi A/S TRY 313,207 1,135,354 0.30

5,897,996 1.54united KinGdoMARM Holdings plc GBP 198,056 3,045,238 0.80Capita plc GBP 149,532 2,673,122 0.70Diageo plc GBP 139,586 3,834,904 1.00Liberty Global plc USD 39,890 1,596,797 0.42Lloyds Banking Group plc GBP 1,925,612 2,082,215 0.54National Grid plc GBP 180,394 2,502,713 0.65Rotork plc GBP 402,959 1,089,475 0.28Royal Bank of Scotland Group plc GBP 361,102 1,613,818 0.42Shire plc GBP 40,228 2,796,785 0.73Sky plc GBP 189,792 3,123,204 0.82Standard Chartered plc GBP 283,189 2,362,338 0.62Standard Life plc GBP 585,544 3,376,818 0.88Unilever plc GBP 135,375 5,862,795 1.53WPP plc GBP 91,503 2,116,469 0.55

38,076,691 9.94united StAteS oF AMeRiCAAES Corp. USD 204,040 1,935,319 0.51Aetna, Inc. USD 18,860 2,048,007 0.53Allegion plc USD 55,490 3,669,554 0.96Allergan plc USD 15,280 4,792,725 1.25Alphabet, Inc. 'C' USD 10,723 8,231,833 2.15Amazon.com, Inc. USD 13,170 9,040,678 2.36American Airlines Group, Inc. USD 58,410 2,459,061 0.64American Tower Corp., REIT USD 38,410 3,747,664 0.98Anthem, Inc. USD 38,010 5,331,283 1.39Apple, Inc. USD 25,410 2,698,288 0.70Becton Dickinson and Co. USD 26,850 4,166,717 1.09Boeing Co. (The) USD 21,780 3,166,812 0.83BorgWarner, Inc. USD 26,660 1,167,974 0.30Bristol-Myers Squibb Co. USD 77,070 5,349,429 1.40Chipotle Mexican Grill, Inc. USD 2,990 1,449,522 0.38Cimarex Energy Co. USD 14,750 1,322,042 0.35Colgate-Palmolive Co. USD 41,160 2,754,016 0.72Concho Resources, Inc. USD 15,150 1,398,042 0.36CVS Health Corp. USD 18,980 1,870,289 0.49Danaher Corp. USD 50,400 4,688,712 1.22Estee Lauder Cos., Inc. (The) 'A' USD 15,730 1,395,723 0.36Facebook, Inc. 'A' USD 31,590 3,348,856 0.87Hanesbrands, Inc. USD 72,450 2,122,785 0.55


Quantity/nominal

Value

Market Value uSd

% of net Assets

Kotak Mahindra Bank Ltd. INR 229,263 2,508,216 0.66Power Grid Corp. of India Ltd. INR 878,024 1,871,662 0.49

15,046,900 3.93indoneSiABank Central Asia Tbk. PT IDR 4,935,700 4,730,769 1.23Bank Rakyat Indonesia Persero

Tbk. PTIDR 2,990,000 2,453,784 0.64

Jasa Marga Persero Tbk. PT IDR 5,145,100 1,940,888 0.51Kalbe Farma Tbk. PT IDR 18,286,600 1,739,222 0.45Matahari Department Store Tbk. PT IDR 2,405,800 3,047,254 0.80Surya Citra Media Tbk. PT IDR 5,869,400 1,312,862 0.34

15,224,779 3.97iSRAelMobileye NV USD 32,590 1,370,410 0.36

1,370,410 0.36itAlYBanca Mediolanum SpA EUR 171,125 1,361,380 0.36

1,361,380 0.36JApAnAstellas Pharma, Inc. JPY 109,100 1,555,806 0.40Calbee, Inc. JPY 72,700 3,068,012 0.80Japan Tobacco, Inc. JPY 44,400 1,634,797 0.43Keyence Corp. JPY 3,000 1,654,544 0.43Mitsubishi Electric Corp. JPY 235,000 2,476,499 0.65SoftBank Group Corp. JPY 35,600 1,800,725 0.47

12,190,383 3.18MAlAYSiAAstro Malaysia Holdings Bhd. MYR 2,277,000 1,463,378 0.38

1,463,378 0.38MeXiCoConcentradora Fibra Danhos SA de

CV, REITMXN 2,207,350 4,527,047 1.18

Fibra Uno Administracion SA de CV, REIT

MXN 1,007,900 2,214,998 0.58

Grupo Financiero Santander Mexico SAB de CV, ADR

USD 333,480 2,874,598 0.75

9,616,643 2.51netHeRlAndSAltice NV 'A' EUR 167,401 2,413,918 0.63

2,413,918 0.63peRuCredicorp Ltd. USD 25,710 2,485,643 0.65InRetail Peru Corp., 144A USD 205,291 2,874,074 0.75

5,359,717 1.40pHilippineSAlliance Global Group, Inc. PHP 4,151,600 1,423,743 0.37Ayala Land, Inc. PHP 3,710,900 2,720,306 0.71BDO Unibank, Inc. PHP 1,793,540 4,006,561 1.05SM Investments Corp. PHP 225,102 4,139,526 1.08

12,290,136 3.21SoutH AFRiCAAspen Pharmacare Holdings Ltd. ZAR 61,000 1,217,168 0.32Sanlam Ltd. ZAR 428,246 1,671,568 0.43

2,888,736 0.75SoutH KoReAAMOREPACIFIC Group KRW 18,439 2,307,445 0.60

2,307,445 0.60SpAinBanco Bilbao Vizcaya Argentaria SA EUR 290,440 2,130,103 0.56Grifols SA, ADR Preference USD 54,820 1,782,198 0.46

3,912,301 1.02


102 t. RoWe pRiCe


Global Growth equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

HCA Holdings, Inc. USD 51,630 3,528,394 0.92Henry Schein, Inc. USD 18,430 2,951,012 0.77Intercontinental Exchange, Inc. USD 7,120 1,825,710 0.48Intuitive Surgical, Inc. USD 8,010 4,402,376 1.15J.P. Morgan Chase & Co. USD 100,940 6,701,406 1.75LinkedIn Corp. 'A' USD 12,490 2,839,976 0.74Lowe's Cos., Inc. USD 47,160 3,614,814 0.94Marsh & McLennan Cos., Inc. USD 68,760 3,844,372 1.00Morgan Stanley USD 167,670 5,387,237 1.41Norwegian Cruise Line Holdings Ltd. USD 60,530 3,574,902 0.93Och-Ziff Capital Management Group

LLC 'A'USD 303,010 1,872,602 0.49

Palo Alto Networks, Inc. USD 15,550 2,736,022 0.71PayPal Holdings, Inc. USD 53,810 1,956,532 0.51Philip Morris International, Inc. USD 36,570 3,221,086 0.84Pioneer Natural Resources Co. USD 11,270 1,394,662 0.36Priceline Group, Inc. (The) USD 3,255 4,168,483 1.09Red Hat, Inc. USD 20,310 1,689,386 0.44Regeneron Pharmaceuticals, Inc. USD 4,680 2,554,999 0.67Roper Technologies, Inc. USD 24,840 4,714,384 1.23Sensata Technologies Holding NV USD 41,810 1,919,079 0.50State Street Corp. USD 73,470 4,877,673 1.27TD Ameritrade Holding Corp. USD 99,570 3,481,963 0.91Tesla Motors, Inc. USD 20,520 4,956,606 1.29UnitedHealth Group, Inc. USD 45,290 5,353,731 1.40Visa, Inc. 'A' USD 61,190 4,774,656 1.25Walgreens Boots Alliance, Inc. USD 42,250 3,620,825 0.94Willis Group Holdings plc USD 83,000 4,063,680 1.06Workday, Inc. 'A' USD 29,200 2,344,176 0.61Yahoo!, Inc. USD 77,550 2,587,068 0.68

179,113,143 46.73VietnAMVietnam Dairy Products JSC VND 337,136 1,964,206 0.51



382,142,930 99.71



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 77,034 ZAR 1,177,002 04/01/2016 J.P. Morgan 1,148 –total unrealised Gain on


USD 13,585,157 EUR 12,737,000 20/01/2016 BNP Paribas (281,763) (0.08)USD 9,652,422 JPY 1,180,525,000 20/01/2016 BNP Paribas (164,307) (0.04)total unrealised loss on



(444,922) (0.12)



United States of America 46.73United Kingdom 9.94Indonesia 3.97India 3.93China 3.65Philippines 3.21Japan 3.18Sweden 2.89Mexico 2.51France 2.23Canada 1.77Switzerland 1.56Turkey 1.54Hong Kong 1.50Australia 1.46Peru 1.40Spain 1.02Germany 0.99South Africa 0.75Netherlands 0.63Denmark 0.62Thailand 0.61South Korea 0.60Brazil 0.54Vietnam 0.51Argentina 0.46Egypt 0.41Malaysia 0.38Israel 0.36Italy 0.36total investments 99.71Cash and Other Assets/(Liabilities) 0.29total 100.00



103t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingbondsCAnAdAHudBay Minerals, Inc. 9.5%

01/10/2020USD 352,000 256,251 0.10

256,251 0.10united StAteS oF AMeRiCASM Energy Co. 6.125% 15/11/2022 USD 134,000 99,160 0.04

99,160 0.04total bonds 355,411 0.14

equitiesARGentinATenaris SA EUR 86,406 1,028,750 0.41

1,028,750 0.41AuStRAliABHP Billiton Ltd. AUD 86,793 1,127,572 0.45South32 Ltd. AUD 1,009,878 782,629 0.31Woodside Petroleum Ltd. AUD 92,721 1,940,929 0.78

3,851,130 1.54belGiuMUmicore SA EUR 25,152 1,058,374 0.42

1,058,374 0.42CAnAdAAgrium, Inc. USD 30,800 2,759,064 1.10Canadian Natural Resources Ltd. USD 83,600 1,815,792 0.73Cenovus Energy, Inc. CAD 81,100 1,019,776 0.41Franco-Nevada Corp. CAD 43,800 1,995,735 0.80HudBay Minerals, Inc. CAD 194,400 747,498 0.30Kelt Exploration Ltd. CAD 277,700 831,401 0.33Methanex Corp. USD 11,700 387,153 0.16OceanaGold Corp. CAD 494,700 952,884 0.38Raging River Exploration, Inc. CAD 76,500 460,823 0.18Seven Generations Energy Ltd. 'A' CAD 204,800 1,960,593 0.78Suncor Energy, Inc. USD 164,200 4,208,446 1.68West Fraser Timber Co. Ltd. CAD 33,400 1,234,164 0.49

18,373,329 7.34CHileAntofagasta plc GBP 119,371 829,024 0.33

829,024 0.33FRAnCeTechnip SA EUR 30,641 1,525,107 0.61TOTAL SA EUR 211,684 9,506,452 3.80

11,031,559 4.41GeRMAnYAurubis AG EUR 17,487 893,986 0.36

893,986 0.36MeXiCoFresnillo plc GBP 209,568 2,195,715 0.88

2,195,715 0.88netHeRlAndSAalberts Industries NV EUR 47,858 1,655,746 0.66SBM Offshore NV EUR 106,501 1,351,452 0.54

3,007,198 1.20

Global natural Resources equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of natural resources or commodities-related companies. The companies may be anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that own or develop natural resources and other basic commodities, such as common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


104 t. RoWe pRiCe


Global natural Resources equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

FirstEnergy Corp. USD 7,400 237,614 0.09Flotek Industries, Inc. USD 64,500 719,820 0.29Flowserve Corp. USD 99,200 4,191,200 1.67FMC Technologies, Inc. USD 53,000 1,535,410 0.61Gulfport Energy Corp. USD 51,300 1,192,725 0.48Halliburton Co. USD 115,500 3,933,930 1.57Helix Energy Solutions Group, Inc. USD 155,300 806,007 0.32Hess Corp. USD 34,000 1,629,960 0.65Ingredion, Inc. USD 13,400 1,293,770 0.52International Flavors & Fragrances, Inc. USD 16,600 1,996,316 0.80International Paper Co. USD 33,400 1,267,196 0.51Kosmos Energy Ltd. USD 339,400 1,734,334 0.69Martin Marietta Materials, Inc. USD 11,000 1,508,100 0.60Matador Resources Co. USD 81,700 1,620,111 0.65Monsanto Co. USD 10,200 1,010,922 0.40MRC Global, Inc. USD 97,300 1,256,143 0.50Murphy USA, Inc. USD 22,700 1,394,461 0.56National Oilwell Varco, Inc. USD 31,200 1,043,640 0.42NewMarket Corp. USD 2,500 950,000 0.38Newpark Resources, Inc. USD 104,700 545,487 0.22NiSource, Inc. USD 171,200 3,374,352 1.35Noble Corp. plc USD 67,600 717,236 0.29Noble Energy, Inc. USD 47,300 1,520,695 0.61Occidental Petroleum Corp. USD 106,300 7,113,596 2.84Oceaneering International, Inc. USD 40,200 1,500,666 0.60PDC Energy, Inc. USD 22,000 1,183,160 0.47PG&E Corp. USD 37,200 1,996,896 0.80Pioneer Natural Resources Co. USD 47,800 5,915,250 2.36PolyOne Corp. USD 26,700 849,861 0.34Praxair, Inc. USD 19,000 1,956,620 0.78RPC, Inc. USD 118,500 1,405,410 0.56RPM International, Inc. USD 125,500 5,549,610 2.22Schlumberger Ltd. USD 19,754 1,373,891 0.55Schweitzer-Mauduit International, Inc. USD 26,900 1,137,870 0.45Sherwin-Williams Co. (The) USD 7,600 1,984,968 0.79SM Energy Co. USD 45,900 844,101 0.34SPX FLOW, Inc. USD 26,400 704,880 0.28Synergy Resources Corp. USD 100,700 848,901 0.34Tesco Corp. USD 74,000 534,280 0.21Tesoro Corp. USD 7,400 770,340 0.31Valero Energy Corp. USD 14,400 1,026,000 0.41Vulcan Materials Co. USD 51,800 4,902,352 1.96Watts Water Technologies, Inc. 'A' USD 30,000 1,494,900 0.60WEC Energy Group, Inc. USD 14,400 746,928 0.30WestRock Co. USD 61,800 2,817,462 1.12Weyerhaeuser Co., REIT USD 71,933 2,159,429 0.86Worthington Industries, Inc. USD 49,300 1,496,748 0.60WPX Energy, Inc. Preference 6.25% USD 17,386 518,450 0.21Xylem, Inc. USD 31,700 1,160,854 0.46



247,078,719 98.70


Quantity/nominal

Value

Market Value uSd

% of net Assets

noRWAYAker Solutions ASA NOK 444,120 1,524,621 0.61Statoil ASA NOK 153,448 2,150,551 0.86

3,675,172 1.47peRuSouthern Copper Corp. USD 111,100 2,933,040 1.17

2,933,040 1.17SpAinAcerinox SA EUR 86,621 887,737 0.35Vidrala SA EUR 25,434 1,288,496 0.52

2,176,233 0.87SWedenBillerudKorsnas AB SEK 89,708 1,673,873 0.67Lundin Petroleum AB SEK 81,213 1,181,830 0.47Sandvik AB SEK 167,241 1,469,964 0.59

4,325,667 1.73SWitZeRlAndSyngenta AG, ADR USD 32,300 2,549,762 1.02

2,549,762 1.02united KinGdoMCentamin plc GBP 1,451,350 1,383,171 0.55John Wood Group plc GBP 146,710 1,329,791 0.53National Grid plc GBP 196,889 2,731,558 1.09Ophir Energy plc GBP 581,661 847,429 0.34Pentair plc USD 67,700 3,350,473 1.34Petra Diamonds Ltd. GBP 1,101,927 1,426,851 0.57Randgold Resources Ltd. GBP 57,438 3,521,534 1.40Victrex plc GBP 101,083 2,698,562 1.08

17,289,369 6.90united StAteS oF AMeRiCAAir Products & Chemicals, Inc. USD 38,200 4,996,942 1.99Airgas, Inc. USD 40,100 5,549,439 2.22Apache Corp. USD 86,000 3,826,140 1.53Ashland, Inc. USD 27,000 2,781,270 1.11Atmos Energy Corp. USD 74,400 4,736,304 1.89Avery Dennison Corp. USD 23,600 1,489,868 0.59Baker Hughes, Inc. USD 32,500 1,489,475 0.59Ball Corp. USD 33,200 2,427,252 0.97Bemis Co., Inc. USD 39,400 1,774,182 0.71Cameron International Corp. USD 51,600 3,253,896 1.30Celanese Corp. USD 25,600 1,719,552 0.69CF Industries Holdings, Inc. USD 68,900 2,822,833 1.13Chevron Corp. USD 37,000 3,321,860 1.33Cimarex Energy Co. USD 48,510 4,347,951 1.74Concho Resources, Inc. USD 62,900 5,804,412 2.32Continental Resources, Inc. USD 51,300 1,155,276 0.46Diamondback Energy, Inc. USD 30,600 2,024,496 0.81Dow Chemical Co. (The) USD 25,000 1,295,000 0.52Dril-Quip, Inc. USD 34,600 2,050,396 0.82DTE Energy Co. USD 25,800 2,087,220 0.83Edison International USD 48,400 2,895,288 1.16EI du Pont de Nemours & Co. USD 46,100 3,103,913 1.24EOG Resources, Inc. USD 81,100 5,700,519 2.28EQT Corp. USD 84,500 4,344,145 1.73Exxon Mobil Corp. USD 116,110 9,034,519 3.61


105t. RoWe pRiCe


Global natural Resources equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments dealt in on another regulated marketbondsCAnAdASeven Generations Energy Ltd., 144A

8.25% 15/05/2020USD 250,000 226,250 0.09

226,250 0.09total bonds 226,250 0.09total transferable securities


226,250 0.09




United States of America 68.55Canada 7.53United Kingdom 6.90France 4.41Sweden 1.73Australia 1.54Norway 1.47Netherlands 1.20Peru 1.17Switzerland 1.02Mexico 0.88Spain 0.87Belgium 0.42Argentina 0.41Germany 0.36Chile 0.33total investments 98.79Cash and Other Assets/(Liabilities) 1.21total 100.00



106 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesAuStRAliACharter Hall Retail REIT, REIT AUD 130,872 398,310 1.06Scentre Group, REIT AUD 267,515 817,333 2.19Stockland, REIT AUD 115,019 344,057 0.92Vicinity Centres, REIT AUD 380,867 777,877 2.08

2,337,577 6.25bRAZilBR Malls Participacoes SA BRL 22,900 64,157 0.17Iguatemi Empresa de Shopping

Centers SABRL 19,400 92,593 0.25

156,750 0.42CAnAdABrookfield Canada Office Properties,

REITCAD 22,300 421,173 1.13

Canadian Real Estate Investment Trust, REIT

CAD 8,500 259,999 0.69

681,172 1.82FRAnCeGecina SA, REIT EUR 6,322 771,274 2.06Klepierre, REIT EUR 13,970 623,194 1.67Unibail-Rodamco SE, REIT EUR 2,456 626,519 1.67

2,020,987 5.40HonG KonGCheung Kong Property Holdings Ltd. HKD 124,500 806,194 2.16Hongkong Land Holdings Ltd. USD 131,000 915,245 2.45Hysan Development Co. Ltd. HKD 89,000 363,775 0.97Sun Hung Kai Properties Ltd. HKD 20,000 240,736 0.64Wharf Holdings Ltd. (The) HKD 125,500 695,692 1.86

3,021,642 8.08JApAnInvincible Investment Corp., REIT JPY 314 182,675 0.49Mitsubishi Estate Co. Ltd. JPY 56,000 1,165,255 3.11Mitsui Fudosan Co. Ltd. JPY 41,000 1,031,586 2.76Nippon Accommodations Fund, Inc.,

REITJPY 204 711,084 1.90

Nippon Prologis REIT, Inc., REIT JPY 214 387,287 1.043,477,887 9.30

MeXiCoConcentradora Fibra Danhos SA de

CV, REITMXN 106,900 219,241 0.58

219,241 0.58SinGApoReCapitaLand Mall Trust, REIT SGD 493,100 670,471 1.79

670,471 1.79SpAinInmobiliaria Colonial SA EUR 602,361 420,863 1.12

420,863 1.12SWedenHufvudstaden AB 'A' SEK 31,255 444,813 1.19

444,813 1.19SWitZeRlAndPSP Swiss Property AG CHF 9,243 814,361 2.18

814,361 2.18

Global Real estate Securities Fund


The fund’s objective is to increase the value of its shares in the long term through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of securities issued by real-estate related companies. The companies may be anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that commit most of their assets to, or derive most of their revenues or profits from, real-estate related activities. These activities may include owning, operating, managing, financing, servicing, developing, acquiring or selling real estate. The portfolio may include investments in real estate operating companies (REOCs), real estate investment trusts (REITs) or similar entities. The fund may invest in common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


107t. RoWe pRiCe


Global Real estate Securities Fund continued


United States of America 51.17Japan 9.30Hong Kong 8.08United Kingdom 6.43Australia 6.25France 5.40Switzerland 2.18Canada 1.82Singapore 1.79Sweden 1.19Spain 1.12Mexico 0.58Brazil 0.42total investments 95.73Cash and Other Assets/(Liabilities) 4.27total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

united KinGdoMDerwent London plc, REIT GBP 11,379 618,336 1.65Great Portland Estates plc, REIT GBP 33,609 411,817 1.10Hammerson plc, REIT GBP 42,101 373,819 1.00Shaftesbury plc, REIT GBP 74,010 1,001,594 2.68

2,405,566 6.43united StAteS oF AMeRiCAAmerican Campus Communities, Inc.,

REITUSD 15,000 625,200 1.67

AvalonBay Communities, Inc., REIT USD 8,441 1,564,033 4.18Boston Properties, Inc., REIT USD 8,290 1,065,762 2.85Corporate Office Properties Trust, REIT USD 14,500 320,015 0.86Douglas Emmett, Inc., REIT USD 29,400 923,454 2.47Equity Residential, REIT USD 5,100 418,965 1.12Essex Property Trust, Inc., REIT USD 3,420 829,008 2.22Federal Realty Investment Trust, REIT USD 7,050 1,043,611 2.79General Growth Properties, Inc., REIT USD 45,849 1,252,595 3.35Hilton Worldwide Holdings, Inc. USD 13,133 282,425 0.76Kilroy Realty Corp., REIT USD 5,550 351,870 0.94Kimco Realty Corp., REIT USD 20,700 551,241 1.47Macerich Co. (The), REIT USD 11,056 900,843 2.41Plum Creek Timber Co., Inc., REIT USD 3,550 169,584 0.45Prologis, Inc., REIT USD 27,021 1,164,335 3.11Public Storage, REIT USD 3,645 908,881 2.43Regency Centers Corp., REIT USD 16,170 1,106,351 2.96Simon Property Group, Inc., REIT USD 14,150 2,751,609 7.35SL Green Realty Corp., REIT USD 9,960 1,128,667 3.02Starwood Hotels & Resorts

Worldwide, Inc.USD 3,400 236,946 0.63

Taubman Centers, Inc., REIT USD 6,200 476,098 1.27Vornado Realty Trust, REIT USD 10,651 1,071,278 2.86



35,814,101 95.73




108 t. RoWe pRiCe


Global technology equity Fund (9)


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of technology development or utilization companies, with a focus on leading global technology companies. The companies may be anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of technology-focused companies, such as common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesARGentinAMercadoLibre, Inc. USD 10 1,129 0.01

1,129 0.01CHinAAlibaba Group Holding Ltd., ADR USD 5,270 430,875 3.46Ctrip.com International Ltd., ADR USD 360 16,974 0.14JD.com, Inc., ADR USD 17,740 571,228 4.59Tencent Holdings Ltd. HKD 31,900 624,835 5.02

1,643,912 13.21indiAMakeMyTrip Ltd. USD 90 1,571 0.01

1,571 0.01JApAnMitsubishi Electric Corp. JPY 5,000 52,691 0.42SoftBank Group Corp. JPY 3,600 182,096 1.46

234,787 1.88netHeRlAndSASML Holding NV EUR 6,371 572,365 4.60NXP Semiconductors NV USD 6,380 541,152 4.35

1,113,517 8.95SinGApoReAvago Technologies Ltd. USD 3,330 484,981 3.90

484,981 3.90SoutH KoReASK Hynix, Inc. KRW 10,342 267,579 2.15

267,579 2.15SpAinAmadeus IT Holding SA 'A' EUR 9,444 418,157 3.36


Co. Ltd.TWD 58,000 251,339 2.02

251,339 2.02united KinGdoMARM Holdings plc GBP 7,779 119,607 0.96Liberty Global plc USD 21,950 878,659 7.06

998,266 8.02united StAteS oF AMeRiCAAlphabet, Inc. 'C' USD 1,295 994,146 7.99Amazon.com, Inc. USD 455 312,339 2.51Apple, Inc. USD 1,080 114,685 0.92Applied Materials, Inc. USD 32,470 611,735 4.91Arista Networks, Inc. USD 20 1,567 0.01athenahealth, Inc. USD 290 47,383 0.38Cognex Corp. USD 360 12,384 0.10Crown Castle International Corp., REIT USD 2,730 237,374 1.91Cvent, Inc. USD 430 14,943 0.12First Data Corp. 'A' USD 10,370 169,135 1.36LinkedIn Corp. 'A' USD 2,465 560,492 4.50Microchip Technology, Inc. USD 7,800 368,784 2.96Microsemi Corp. USD 5,970 197,308 1.59Netflix, Inc. USD 501 58,166 0.47NetSuite, Inc. USD 2,180 185,387 1.49PayPal Holdings, Inc. USD 40 1,454 0.01Priceline Group, Inc. (The) USD 298 381,631 3.07Proofpoint, Inc. USD 210 13,686 0.11


109t. RoWe pRiCe


Global technology equity Fund (9) continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

QUALCOMM, Inc. USD 4,735 236,703 1.90Sabre Corp. USD 15,410 430,247 3.46Sensata Technologies Holding NV USD 8,290 380,511 3.06ServiceNow, Inc. USD 550 47,685 0.38Splunk, Inc. USD 20 1,172 0.01SPS Commerce, Inc. USD 15 1,058 0.01Tesla Motors, Inc. USD 3,750 905,812 7.28T-Mobile US, Inc. USD 2,210 86,013 0.69Workday, Inc. 'A' USD 1,100 88,308 0.71Zillow Group, Inc. 'C' USD 20 480 –



11,875,826 95.42




United States of America 51.91China 13.21Netherlands 8.95United Kingdom 8.02Singapore 3.90Spain 3.36South Korea 2.15

Taiwan 2.02Japan 1.88India 0.01Argentina 0.01total investments 95.42Cash and Other Assets/(Liabilities) 4.58total 100.00



110 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCAnAdACanadian Pacific Railway Ltd. USD 194 24,568 0.80Fairfax Financial Holdings Ltd. CAD 134 63,949 2.10Franco-Nevada Corp. CAD 500 22,782 0.75

111,299 3.65CHinAHuaneng Power International, Inc. 'H' HKD 30,000 25,876 0.85

25,876 0.85denMARKAP Moeller - Maersk A/S 'B' DKK 16 20,941 0.69Danske Bank A/S DKK 1,215 32,813 1.07

53,754 1.76FinlAndStora Enso OYJ 'R' EUR 3,188 29,109 0.95

29,109 0.95FRAnCeAltran Technologies SA EUR 1,870 25,113 0.82BNP Paribas SA EUR 513 29,160 0.96SPIE SA EUR 1,307 24,138 0.79TOTAL SA EUR 748 33,592 1.10Vinci SA EUR 483 31,087 1.02Vivendi SA EUR 1,515 32,745 1.07

175,835 5.76GeRMAnYLeoni AG EUR 643 25,503 0.84

25,503 0.84HonG KonGCheung Kong Property Holdings Ltd. HKD 3,052 19,763 0.65CK Hutchison Holdings Ltd. HKD 2,552 34,341 1.12

54,104 1.77indiAGAIL India Ltd., Reg. S, GDR USD 584 19,739 0.65

19,739 0.65iSRAelBezeq The Israeli Telecommunication

Corp. Ltd.ILS 13,517 29,422 0.96

Teva Pharmaceutical Industries Ltd., ADR

USD 532 34,936 1.15

64,358 2.11itAlYTelecom Italia SpA EUR 25,839 33,042 1.08

33,042 1.08JApAnArgo Graphics, Inc. JPY 1,300 19,630 0.64Benesse Holdings, Inc. JPY 900 25,943 0.85Chudenko Corp. JPY 1,100 24,305 0.80Credit Saison Co. Ltd. JPY 1,200 23,738 0.78Daiichi Sankyo Co. Ltd. JPY 1,400 28,905 0.95Fujitsu Ltd. JPY 5,000 24,965 0.82Honda Motor Co. Ltd. JPY 1,000 32,180 1.05Kyocera Corp. JPY 600 27,974 0.92Nippon Telegraph & Telephone Corp. JPY 1,100 43,833 1.43Sumitomo Corp. JPY 2,800 28,623 0.94

280,096 9.18

Global Value equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of undervalued stocks of companies anywhere in the world, including emerging markets. Specifically, the fund invests at least two-thirds of total assets in undervalued equity and equity-related securities such as common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


111t. RoWe pRiCe


Global Value equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Pfizer, Inc. USD 1,928 62,756 2.06PG&E Corp. USD 1,167 62,644 2.05Philip Morris International, Inc. USD 724 63,770 2.09Thermo Fisher Scientific, Inc. USD 375 53,580 1.75T-Mobile US, Inc. USD 1,154 44,914 1.47Tyco International plc USD 876 28,058 0.92United Continental Holdings, Inc. USD 407 23,244 0.76UnitedHealth Group, Inc. USD 347 41,019 1.34Western Digital Corp. USD 396 23,998 0.79Xcel Energy, Inc. USD 1,365 49,399 1.62XL Group plc USD 908 36,029 1.18



2,878,489 94.32


Cash 193,639 6.34other Assets/(liabilities) (20,280) (0.66)total net Assets 3,051,848 100.00


United States of America 47.45United Kingdom 11.94Japan 9.18France 5.76Canada 3.65Netherlands 2.48Israel 2.11Hong Kong 1.77Denmark 1.76South Korea 1.53Sweden 1.33Italy 1.08Taiwan 0.99Finland 0.95China 0.85Germany 0.84India 0.65total investments 94.32Cash and Other Assets/(Liabilities) 5.68total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

netHeRlAndSING Groep NV, CVA EUR 2,585 35,025 1.15NXP Semiconductors NV USD 282 23,919 0.78VimpelCom Ltd., ADR USD 5,051 16,669 0.55

75,613 2.48SoutH KoReAHyundai Marine & Fire Insurance

Co. Ltd.KRW 830 25,402 0.83

SK Hynix, Inc. KRW 824 21,319 0.7046,721 1.53

SWedenSwedish Match AB SEK 1,135 40,443 1.33


Co. Ltd.TWD 7,000 30,334 0.99

30,334 0.99united KinGdoMAviva plc GBP 4,580 34,973 1.15BAE Systems plc GBP 5,098 37,691 1.23British American Tobacco plc GBP 1,089 60,772 1.99Direct Line Insurance Group plc GBP 5,311 32,028 1.05Imperial Tobacco Group plc GBP 1,166 61,885 2.03Rolls-Royce Holdings plc Preference GBP 202,920 300 0.01Royal Bank of Scotland Group plc GBP 6,112 27,316 0.89RSA Insurance Group plc GBP 4,975 31,400 1.03Standard Chartered plc GBP 3,433 28,638 0.94Vodafone Group plc GBP 15,134 49,495 1.62

364,498 11.94united StAteS oF AMeRiCAAbbVie, Inc. USD 597 35,641 1.17Aetna, Inc. USD 328 35,617 1.17American Airlines Group, Inc. USD 729 30,691 1.00Anthem, Inc. USD 241 33,803 1.11Bank of New York Mellon Corp. (The) USD 854 35,151 1.15Boeing Co. (The) USD 300 43,620 1.43Celanese Corp. USD 442 29,689 0.97Citigroup, Inc. USD 984 51,375 1.68Comcast Corp. 'A' USD 774 43,816 1.44ConAgra Foods, Inc. USD 766 32,218 1.06E*TRADE Financial Corp. USD 948 28,307 0.93Fifth Third Bancorp USD 1,664 33,546 1.10FirstEnergy Corp. USD 999 32,078 1.05FNF Group USD 896 31,002 1.02General Electric Co. USD 2,024 62,562 2.05J.P. Morgan Chase & Co. USD 928 61,610 2.02Johnson Controls, Inc. USD 778 30,949 1.01Lowe's Cos., Inc. USD 487 37,328 1.22Mattel, Inc. USD 1,143 31,090 1.02MetLife, Inc. USD 763 36,990 1.21Micron Technology, Inc. USD 1,323 18,707 0.61Microsoft Corp. USD 1,130 63,043 2.07Morgan Stanley USD 846 27,182 0.89Mylan NV USD 747 40,794 1.34Occidental Petroleum Corp. USD 435 29,110 0.95Och-Ziff Capital Management Group

LLC 'A'USD 3,695 22,835 0.75


112 t. RoWe pRiCe



Quantity/nominal

Value

Market Value euR

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesJApAnAsahi Kasei Corp. JPY 4,000 24,952 0.87Ashikaga Holdings Co. Ltd. JPY 9,500 34,066 1.19Astellas Pharma, Inc. JPY 3,400 44,551 1.56Benefit One, Inc. JPY 1,500 32,242 1.13Calbee, Inc. JPY 1,000 38,777 1.36Central Japan Railway Co. JPY 100 16,343 0.57Credit Saison Co. Ltd. JPY 1,700 30,900 1.08CyberAgent, Inc. JPY 600 22,854 0.80Daiichikosho Co. Ltd. JPY 1,100 40,085 1.41Daikin Industries Ltd. JPY 700 47,049 1.65Don Quijote Holdings Co. Ltd. JPY 600 19,414 0.68FamilyMart Co. Ltd. JPY 1,000 42,786 1.50FANUC Corp. JPY 400 63,679 2.23FUJIFILM Holdings Corp. JPY 1,100 42,273 1.48Fujitec Co. Ltd. JPY 4,100 38,731 1.36GMO Payment Gateway, Inc. JPY 900 39,334 1.38Hikari Tsushin, Inc. JPY 600 37,530 1.32Hitachi Ltd. JPY 4,000 20,895 0.73Hitachi Metals Ltd. JPY 4,000 45,521 1.60Honda Motor Co. Ltd. JPY 1,900 56,181 1.97Hoshino Resorts REIT, Inc., REIT JPY 4 38,192 1.34Hoshizaki Electric Co. Ltd. JPY 1,200 68,752 2.41Invincible Investment Corp., REIT JPY 64 34,212 1.20Isuzu Motors Ltd. JPY 5,200 51,651 1.81Jamco Corp. JPY 900 27,708 0.97Japan Tobacco, Inc. JPY 2,100 71,048 2.49Jin Co. Ltd. JPY 600 20,352 0.71Kadokawa Dwango JPY 1,300 17,950 0.63Keyence Corp. JPY 100 50,677 1.78Mabuchi Motor Co. Ltd. JPY 900 44,981 1.58Miraca Holdings, Inc. JPY 400 16,214 0.57Mitsubishi Electric Corp. JPY 7,000 67,783 2.38Mitsubishi Heavy Industries Ltd. JPY 11,000 44,348 1.55Mitsubishi UFJ Financial Group, Inc. JPY 6,700 38,298 1.34Miura Co. Ltd. JPY 2,500 32,601 1.14Murata Manufacturing Co. Ltd. JPY 300 39,778 1.39Nabtesco Corp. JPY 1,600 29,997 1.05Nakanishi, Inc. JPY 1,500 53,799 1.89Nifco, Inc. JPY 600 25,578 0.90Nihon Parkerizing Co. Ltd. JPY 2,000 18,800 0.66Nikkiso Co. Ltd. JPY 1,800 13,112 0.46Nintendo Co. Ltd. JPY 200 25,348 0.89Nippon Ceramic Co. Ltd. JPY 900 13,117 0.46Nippon Kanzai Co. Ltd. JPY 1,800 26,097 0.91Nippon Seiki Co. Ltd. JPY 2,000 42,241 1.48Nippon Telegraph & Telephone Corp. JPY 3,300 120,831 4.24NTT DOCOMO, Inc. JPY 4,200 79,040 2.77Olympus Corp. JPY 800 29,065 1.02Pigeon Corp. JPY 1,000 22,383 0.78Pola Orbis Holdings, Inc. JPY 800 48,557 1.70Recruit Holdings Co. Ltd. JPY 1,100 29,700 1.04Rinnai Corp. JPY 200 16,327 0.57Rohto Pharmaceutical Co. Ltd. JPY 2,400 43,997 1.54Sanwa Holdings Corp. JPY 3,400 24,764 0.87Sekisui Jushi Corp. JPY 1,400 17,754 0.62

Japanese equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of companies in Japan. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in Japan or conduct most of their business there. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


113t. RoWe pRiCe


Japanese equity Fund continued


Quantity/nominal

Value

Market Value euR

% of net Assets

Seria Co. Ltd. JPY 900 40,113 1.41Shin-Etsu Chemical Co. Ltd. JPY 400 20,038 0.70SHO-BOND Holdings Co. Ltd. JPY 500 16,753 0.59Skylark Co. Ltd. JPY 2,300 27,364 0.96SMS Co. Ltd. JPY 2,800 53,909 1.89SoftBank Group Corp. JPY 2,000 92,956 3.26Start Today Co. Ltd. JPY 1,100 32,651 1.14Sumitomo Corp. JPY 4,600 43,208 1.51Sumitomo Densetsu Co. Ltd. JPY 2,700 32,091 1.12Sumitomo Seika Chemicals Co. Ltd. JPY 4,000 22,381 0.78Suntory Beverage & Food Ltd. JPY 1,600 64,513 2.26Suzuki Motor Corp. JPY 1,700 47,619 1.67TechnoPro Holdings, Inc. JPY 700 18,800 0.66Temp Holdings Co. Ltd. JPY 1,500 21,406 0.75THK Co. Ltd. JPY 2,600 44,399 1.56Tokio Marine Holdings, Inc. JPY 1,400 49,816 1.75Toyota Tsusho Corp. JPY 1,300 28,042 0.98VT Holdings Co. Ltd. JPY 5,400 29,526 1.03Welcia Holdings Co. Ltd. JPY 100 5,091 0.18Yahoo Japan Corp. JPY 3,700 13,845 0.49Yumeshin Holdings Co. Ltd. JPY 2,200 10,196 0.36Zenkoku Hosho Co. Ltd. JPY 1,400 42,557 1.49



2,840,489 99.55




Japan 99.55total investments 99.55Cash and Other Assets/(Liabilities) 0.45total 100.00



114 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesARGentinAGrupo Clarin SA, Reg. S, GDR 'B' USD 2,142 35,879 0.74Grupo Financiero Galicia SA, ADR USD 1,300 34,645 0.71MercadoLibre, Inc. USD 356 40,192 0.83Tenaris SA, ADR USD 2,060 48,719 1.01

159,435 3.29bRAZilAliansce Shopping Centers SA BRL 9,700 26,637 0.55Ambev SA, ADR USD 69,400 309,177 6.37Banco Bradesco SA Preference BRL 46,027 223,978 4.62Banco Bradesco SA Rights

05/02/2016BRL 1,442 753 0.02

BM&FBovespa SA BRL 39,855 109,546 2.26BR Malls Participacoes SA BRL 24,300 68,079 1.40Brasil Brokers Participacoes SA BRL 28,960 9,575 0.20BRF SA BRL 13,326 186,335 3.84CCR SA BRL 36,300 114,984 2.37EDP - Energias do Brasil SA BRL 23,400 71,110 1.46Iguatemi Empresa de Shopping

Centers SABRL 10,000 47,729 0.98

Itau Unibanco Holding SA Preference BRL 71,915 477,921 9.85Linx SA BRL 1,100 12,299 0.25Lojas Renner SA BRL 66,440 286,755 5.91Marcopolo SA Preference BRL 70,200 32,779 0.67Multiplus SA BRL 4,200 39,583 0.82Raia Drogasil SA BRL 12,400 111,043 2.29Tim Participacoes SA, ADR USD 7,385 63,511 1.31

2,191,794 45.17CHileBanco Santander Chile, ADR USD 3,365 59,258 1.22Corpbanca SA CLP 8,174,555 65,678 1.35SACI Falabella CLP 28,802 183,403 3.78

308,339 6.35ColoMbiAGrupo Aval Acciones y Valores SA

PreferenceCOP 62,015 21,293 0.44

Grupo Aval Acciones y Valores SA, ADR Preference

USD 8,200 56,416 1.16

77,709 1.60MeXiCoAlsea SAB de CV MXN 22,600 77,124 1.59America Movil SAB de CV, ADR 'L' USD 9,023 129,751 2.67Arca Continental SAB de CV MXN 9,700 58,622 1.21Banregio Grupo Financiero SAB de CV MXN 5,700 29,149 0.60Concentradora Fibra Danhos SA

de CV, REITMXN 50,000 102,545 2.11

Credito Real SAB de CV SOFOM ER MXN 13,017 32,908 0.68El Puerto de Liverpool SAB de CV 'C1' MXN 4,700 56,885 1.17Fibra Uno Administracion SA de CV,

REITMXN 56,800 124,826 2.57

Fomento Economico Mexicano SAB de CV, ADR

USD 2,635 241,735 4.98

Fresnillo plc GBP 5,040 52,806 1.09Gentera SAB de CV MXN 28,420 55,233 1.14Grupo Financiero Santander Mexico

SAB de CV, ADRUSD 28,600 246,532 5.08

Grupo Lala SAB de CV MXN 22,800 52,372 1.08Grupo Mexico SAB de CV MXN 75,600 160,332 3.31

latin American equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of companies in Latin America. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in Latin America or conduct most of their business there. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


115t. RoWe pRiCe


latin American equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Infraestructura Energetica Nova SAB de CV

MXN 8,900 36,917 0.76

Promotora y Operadora de Infraestructura SAB de CV

MXN 8,200 95,641 1.97

Wal-Mart de Mexico SAB de CV MXN 59,700 150,686 3.111,704,064 35.12

peRuCia de Minas Buenaventura SAA, ADR USD 6,400 26,944 0.56Credicorp Ltd. USD 1,414 136,705 2.82InRetail Peru Corp., 144A USD 3,169 44,366 0.91Southern Copper Corp. USD 797 21,041 0.43

229,056 4.72united StAteS oF AMeRiCAPriceSmart, Inc. USD 445 36,877 0.76



4,707,274 97.01




Brazil 45.17Mexico 35.12Chile 6.35Peru 4.72Argentina 3.29Colombia 1.60United States of America 0.76total investments 97.01Cash and Other Assets/(Liabilities) 2.99total 100.00



116 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesbotSWAnALetshego Holdings Ltd. BWP 307,861 79,208 0.90

79,208 0.90eGYptCommercial International Bank Egypt

SAE, GDRUSD 78,371 336,995 3.82

Edita Food Industries SAE, Reg. S, GDR

USD 13,747 254,320 2.88

Emaar Misr for Development SAE EGP 160,755 56,236 0.64Integrated Diagnostics Holdings plc,

144AUSD 22,815 112,820 1.28

Juhayna Food Industries EGP 77,682 79,145 0.89839,516 9.51

KenYADiamond Trust Bank Kenya Ltd. KES 21,100 38,570 0.44Equity Group Holdings Ltd. KES 217,337 84,980 0.96Kenya Commercial Bank Ltd. KES 139,200 59,531 0.67Safaricom Ltd. KES 1,369,700 218,241 2.47

401,322 4.54MoRoCCoAttijariwafa Bank MAD 4,719 157,152 1.78Societe Des Brasseries du Maroc MAD 351 70,843 0.80

227,995 2.58niGeRiANigerian Breweries plc NGN 132,394 90,367 1.02

90,367 1.02QAtARGulf Warehousing Co. QAR 12,665 197,853 2.24Ooredoo QSC QAR 4,388 90,355 1.02Qatar National Bank SAQ QAR 3,716 178,541 2.02

466,749 5.28SoutH AFRiCAAspen Pharmacare Holdings Ltd. ZAR 14,657 292,460 3.31Barclays Africa Group Ltd. ZAR 16,120 149,133 1.69Bidvest Group Ltd. (The) ZAR 1,831 38,746 0.44Brait SE ZAR 17,959 193,300 2.19Capitec Bank Holdings Ltd. ZAR 4,394 152,575 1.73Discovery Ltd. ZAR 6,246 53,540 0.60FirstRand Ltd. ZAR 113,397 309,776 3.51Mediclinic International Ltd. ZAR 15,999 122,752 1.39Mr Price Group Ltd. ZAR 21,056 271,515 3.07Naspers Ltd. 'N' ZAR 5,815 794,829 9.00Sanlam Ltd. ZAR 81,350 317,533 3.59Shoprite Holdings Ltd. ZAR 9,458 87,360 0.99Vodacom Group Ltd. ZAR 16,149 158,689 1.80Woolworths Holdings Ltd. ZAR 34,230 221,027 2.50

3,163,235 35.81tAnZAniA, united RepubliC oFNational Microfinance Bank plc TZS 33,258 38,573 0.44

38,573 0.44uGAndAUmeme Ltd. UGX 654,812 122,232 1.38

122,232 1.38united ARAb eMiRAteSAbu Dhabi Commercial Bank PJSC AED 31,354 56,267 0.64Air Arabia PJSC AED 123,814 45,854 0.52Aramex PJSC AED 251,341 216,284 2.45

Middle east & Africa equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in the developing countries of the Middle East and Africa. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the developing countries of the Middle East and Africa or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


117t. RoWe pRiCe


Middle east & Africa equity Fund continued



South Africa 35.81Saudi Arabia 21.31Egypt 9.51United Arab Emirates 9.34United Kingdom 5.55Qatar 5.28Kenya 4.54Morocco 2.58Uganda 1.38Nigeria 1.02Botswana 0.90Zambia 0.79Tanzania, United Republic of 0.44Zimbabwe 0.27total investments 98.72Cash and Other Assets/(Liabilities) 1.28total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

DP World Ltd. USD 4,466 90,660 1.03Emaar Properties PJSC AED 49,080 76,048 0.86Emirates NBD PJSC AED 95,295 192,033 2.17First Gulf Bank PJSC AED 42,821 147,510 1.67

824,656 9.34united KinGdoMCentamin plc GBP 86,955 82,870 0.94Hikma Pharmaceuticals plc GBP 5,940 202,265 2.29Investec plc GBP 28,891 204,964 2.32

490,099 5.55ZAMbiAStandard Chartered Bank Zambia plc ZMW 221,994 38,102 0.43Zambeef Products plc ZMW 141,325 31,916 0.36

70,018 0.79ZiMbAbWeEconet Wireless Zimbabwe Ltd. USD 112,795 23,687 0.27

23,687 0.27total equities 6,837,657 77.41

participation notesSAudi ARAbiAAl Mouwasat Medical Services Co.

24/07/2017USD 3,139 101,881 1.15

Al Mouwasat Medical Services Co. 24/04/2018

USD 2,755 89,418 1.01

Almarai Co. Ltd. 31/07/2017 USD 8,150 170,199 1.93Al-Tayyar Travel Group 05/03/2018 USD 6,183 119,123 1.35Banque Saudi Fransi 24/07/2017 USD 10,951 81,273 0.92Herfy Food Services Co. Ltd.

08/02/2016USD 6,026 161,541 1.83

Jarir Marketing Co. 24/07/2017 USD 3,099 132,071 1.49Samba Financial Group 29/06/2017 USD 13,308 82,711 0.94Samba Financial Group 06/07/2017 USD 18,601 115,698 1.31Saudi British Bank 22/01/2018 USD 9,410 62,061 0.70Saudi British Bank 24/04/2018 USD 8,556 56,429 0.64Savola Group (The) 24/04/2018 USD 5,851 78,331 0.89United International Transportation Co.

25/11/2016USD 3,909 45,062 0.51

Yanbu National Petrochemical Co. 31/07/2017

USD 17,247 148,953 1.69

1,444,751 16.36total participation notes 1,444,751 16.36

WarrantsSAudi ARAbiAAl Khaleej Training and Education Co.

20/09/2017USD 7,089 65,153 0.74

Banque Saudi Fransi, 144A 27/09/2016

USD 8,012 59,780 0.68

Samba Financial Group, 144A 27/09/2016

USD 18,968 117,921 1.33

Saudi Airlines Catering Co. 16/04/2018

USD 4,304 141,127 1.60

Savola Group (The) 02/03/2017 USD 2,862 38,316 0.43United International Transportation Co.

07/07/2016USD 1,276 14,709 0.17



8,719,414 98.72



118 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCAnAdACanadian Pacific Railway Ltd. USD 14,500 1,836,280 0.45Valeant Pharmaceuticals International,

Inc.USD 36,300 3,722,565 0.92

5,558,845 1.37iRelAndShire plc, ADR USD 2,100 433,440 0.11

433,440 0.11SinGApoReAvago Technologies Ltd. USD 500 72,820 0.02

72,820 0.02united KinGdoMDelphi Automotive plc USD 9,700 834,879 0.20

834,879 0.20united StAteS oF AMeRiCAAbbVie, Inc. USD 3,500 208,950 0.05Aetna, Inc. USD 18,400 1,998,056 0.49Akamai Technologies, Inc. USD 6,700 354,363 0.09Alaska Air Group, Inc. USD 20,000 1,611,800 0.40Alexion Pharmaceuticals, Inc. USD 56,100 10,733,052 2.64Allergan plc USD 34,492 10,818,761 2.66Alphabet, Inc. 'A' USD 14,150 11,116,806 2.73Alphabet, Inc. 'C' USD 23,389 17,955,268 4.42Amazon.com, Inc. USD 46,350 31,817,421 7.83American Airlines Group, Inc. USD 130,000 5,473,000 1.35American Tower Corp., REIT USD 68,250 6,659,153 1.64Ameriprise Financial, Inc. USD 14,940 1,596,638 0.39AmerisourceBergen Corp. USD 15,400 1,616,692 0.40Amgen, Inc. USD 1,200 195,072 0.05Anthem, Inc. USD 24,400 3,422,344 0.84Apple, Inc. USD 55,400 5,882,926 1.45Ashland, Inc. USD 10,500 1,081,605 0.27AutoZone, Inc. USD 3,400 2,538,406 0.62Bank of New York Mellon Corp. (The) USD 18,500 761,460 0.19Baxalta, Inc. USD 7,400 284,012 0.07Becton Dickinson and Co. USD 21,800 3,383,033 0.83Biogen, Inc. USD 13,400 4,121,840 1.01Boeing Co. (The) USD 46,000 6,688,400 1.65BorgWarner, Inc. USD 2,000 87,620 0.02Bristol-Myers Squibb Co. USD 70,000 4,858,700 1.20Cardinal Health, Inc. USD 32,800 2,957,904 0.73CarMax, Inc. USD 6,000 329,100 0.08Carnival Corp. USD 5,600 306,152 0.07Celgene Corp. USD 69,860 8,377,611 2.06Chipotle Mexican Grill, Inc. USD 1,900 921,101 0.23Cigna Corp. USD 400 58,752 0.01Cimarex Energy Co. USD 4,300 385,409 0.09Citigroup, Inc. USD 6,500 339,365 0.08Cognizant Technology Solutions

Corp. 'A'USD 11,900 718,522 0.18

Concho Resources, Inc. USD 2,800 258,384 0.06Constellation Brands, Inc. 'A' USD 11,100 1,584,747 0.39Costco Wholesale Corp. USD 7,200 1,170,072 0.29CVS Health Corp. USD 32,500 3,202,550 0.79Danaher Corp. USD 137,710 12,811,161 3.15Delta Air Lines, Inc. USD 6,300 319,788 0.08Ecolab, Inc. USD 17,300 1,988,289 0.49

uS blue Chip equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of large and medium sized “blue chip” companies in the United States. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there, that have a market capitalisation equal to or greater than the companies in the Russell Mid-cap Index or S&P Mid-cap 400 Index, and that have a leading market position, seasoned management and strong financial fundamentals. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


119t. RoWe pRiCe


uS blue Chip equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

TD Ameritrade Holding Corp. USD 101,100 3,535,467 0.87Tesla Motors, Inc. USD 6,930 1,673,942 0.41Thermo Fisher Scientific, Inc. USD 41,800 5,972,384 1.47Time Warner, Inc. USD 500 32,275 0.01T-Mobile US, Inc. USD 5,600 217,952 0.05Tractor Supply Co. USD 32,300 2,777,154 0.68Union Pacific Corp. USD 4,540 356,118 0.09United Continental Holdings, Inc. USD 38,100 2,175,891 0.54UnitedHealth Group, Inc. USD 51,800 6,123,278 1.51Vertex Pharmaceuticals, Inc. USD 33,000 4,174,500 1.03VF Corp. USD 3,600 225,000 0.06Visa, Inc. 'A' USD 155,080 12,100,892 2.98Wabtec Corp. USD 20,300 1,424,045 0.35Walgreens Boots Alliance, Inc. USD 46,200 3,959,340 0.97Walt Disney Co. (The) USD 37,200 3,945,060 0.97Zoetis, Inc. USD 9,200 443,256 0.11



404,788,868 99.60




United States of America 97.90Canada 1.37United Kingdom 0.20Ireland 0.11Singapore 0.02total investments 99.60Cash and Other Assets/(Liabilities) 0.40total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

Electronic Arts, Inc. USD 18,600 1,290,096 0.32Eli Lilly & Co. USD 44,100 3,766,581 0.93Estee Lauder Cos., Inc. (The) 'A' USD 7,700 683,221 0.17Facebook, Inc. 'A' USD 140,200 14,862,602 3.66FedEx Corp. USD 17,800 2,645,080 0.65First Data Corp. 'A' USD 15,300 249,543 0.06Fiserv, Inc. USD 41,040 3,790,044 0.93Flowserve Corp. USD 1,000 42,250 0.01Gilead Sciences, Inc. USD 70,200 7,160,751 1.76Hanesbrands, Inc. USD 99,300 2,909,490 0.72Henry Schein, Inc. USD 3,900 624,468 0.15Hilton Worldwide Holdings, Inc. USD 97,397 2,094,522 0.52Hologic, Inc. USD 10,800 422,928 0.10Home Depot, Inc. (The) USD 39,800 5,306,534 1.31Humana, Inc. USD 4,100 733,695 0.18IHS, Inc. 'A' USD 4,800 567,984 0.14Incyte Corp. USD 5,900 641,625 0.16Intercontinental Exchange, Inc. USD 16,860 4,323,241 1.06Intuitive Surgical, Inc. USD 5,500 3,022,855 0.74JB Hunt Transport Services, Inc. USD 12,500 912,125 0.22Kroger Co. (The) USD 1,000 41,880 0.01L Brands, Inc. USD 14,000 1,353,100 0.33Las Vegas Sands Corp. USD 1,100 48,048 0.01LinkedIn Corp. 'A' USD 13,400 3,046,892 0.75Lockheed Martin Corp. USD 2,600 563,914 0.14Lowe's Cos., Inc. USD 80,900 6,200,985 1.53Marriott International, Inc. 'A' USD 17,459 1,179,006 0.29Marsh & McLennan Cos., Inc. USD 25,000 1,397,750 0.34MasterCard, Inc. 'A' USD 111,600 10,961,352 2.70McKesson Corp. USD 46,170 9,245,081 2.27Medtronic plc USD 15,491 1,196,060 0.29MGM Resorts International USD 79,900 1,804,941 0.44Microsoft Corp. USD 199,500 11,130,105 2.74Molson Coors Brewing Co. 'B' USD 1,300 122,434 0.03Monster Beverage Corp. USD 2,800 419,076 0.10Morgan Stanley USD 141,200 4,536,756 1.12Netflix, Inc. USD 44,400 5,154,840 1.27NIKE, Inc. 'B' USD 62,340 3,925,550 0.97Northern Trust Corp. USD 7,080 513,371 0.13Northrop Grumman Corp. USD 400 75,420 0.02Norwegian Cruise Line Holdings Ltd. USD 44,200 2,610,452 0.64O'Reilly Automotive, Inc. USD 18,700 4,801,973 1.18PayPal Holdings, Inc. USD 17,100 621,756 0.15Perrigo Co. plc USD 200 29,030 0.01Pioneer Natural Resources Co. USD 3,500 433,125 0.11PPG Industries, Inc. USD 600 59,514 0.01Priceline Group, Inc. (The) USD 10,600 13,574,784 3.34PVH Corp. USD 400 29,380 0.01Red Hat, Inc. USD 30,800 2,561,944 0.63Regeneron Pharmaceuticals, Inc. USD 9,200 5,022,648 1.24Rockwell Collins, Inc. USD 2,300 212,083 0.05Roper Technologies, Inc. USD 15,200 2,884,808 0.71Ross Stores, Inc. USD 50,500 2,737,857 0.67Royal Caribbean Cruises Ltd. USD 28,400 2,904,468 0.71salesforce.com, Inc. USD 83,400 6,603,612 1.62ServiceNow, Inc. USD 29,000 2,514,300 0.62Sherwin-Williams Co. (The) USD 7,600 1,984,968 0.49Starbucks Corp. USD 93,300 5,641,851 1.39State Street Corp. USD 29,300 1,945,227 0.48Stryker Corp. USD 17,300 1,618,069 0.40


120 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesSWitZeRlAndTE Connectivity Ltd. USD 1,560 101,400 1.33

101,400 1.33united KinGdoMPentair plc USD 2,080 102,939 1.35

102,939 1.35united StAteS oF AMeRiCAAlexion Pharmaceuticals, Inc. USD 460 88,007 1.16Allergan plc USD 440 138,010 1.81Alphabet, Inc. 'C' USD 223 171,193 2.25Amazon.com, Inc. USD 150 102,969 1.35American Tower Corp., REIT USD 1,895 184,895 2.43Anthem, Inc. USD 620 86,961 1.14AutoZone, Inc. USD 119 88,844 1.17Bank of America Corp. USD 7,920 134,601 1.77Becton Dickinson and Co. USD 1,080 167,600 2.20Boeing Co. (The) USD 1,115 162,121 2.13Bristol-Myers Squibb Co. USD 1,810 125,632 1.65Cisco Systems, Inc. USD 7,100 193,262 2.54Comcast Corp. 'A' USD 3,710 210,023 2.76Crown Castle International Corp., REIT USD 1,725 149,989 1.97CVS Health Corp. USD 2,430 239,452 3.14Danaher Corp. USD 2,695 250,716 3.29Ecolab, Inc. USD 940 108,034 1.42Edison International USD 2,580 154,336 2.03Entergy Corp. USD 1,530 105,264 1.38Exxon Mobil Corp. USD 1,120 87,147 1.15Facebook, Inc. 'A' USD 655 69,437 0.91Fifth Third Bancorp USD 5,940 119,750 1.57FirstEnergy Corp. USD 1,380 44,312 0.58General Electric Co. USD 9,120 281,899 3.70Hilton Worldwide Holdings, Inc. USD 4,790 103,009 1.35Intercontinental Exchange, Inc. USD 515 132,056 1.73J.P. Morgan Chase & Co. USD 3,800 252,282 3.31Kansas City Southern USD 1,310 98,001 1.29Lowe's Cos., Inc. USD 2,150 164,798 2.16Marsh & McLennan Cos., Inc. USD 4,290 239,854 3.15Medtronic plc USD 2,230 172,178 2.26MetLife, Inc. USD 880 42,662 0.56Microsoft Corp. USD 3,780 210,886 2.77Mondelez International, Inc. 'A' USD 2,450 110,005 1.45Morgan Stanley USD 4,810 154,545 2.03NiSource, Inc. USD 4,459 87,887 1.15Occidental Petroleum Corp. USD 1,450 97,034 1.27PepsiCo, Inc. USD 2,755 275,776 3.62Pfizer, Inc. USD 6,565 213,691 2.81Philip Morris International, Inc. USD 2,180 192,014 2.52Priceline Group, Inc. (The) USD 70 89,645 1.18Thermo Fisher Scientific, Inc. USD 830 118,590 1.56T-Mobile US, Inc. USD 2,215 86,208 1.13UnitedHealth Group, Inc. USD 1,180 139,488 1.83Visa, Inc. 'A' USD 1,270 99,098 1.30

uS large Cap equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in the Russell 1000 Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


121t. RoWe pRiCe


uS large Cap equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Western Digital Corp. USD 1,810 109,686 1.44Xcel Energy, Inc. USD 4,450 161,046 2.12XL Group plc USD 4,010 159,117 2.09



7,178,349 94.26




United States of America 91.58United Kingdom 1.35Switzerland 1.33total investments 94.26Cash and Other Assets/(Liabilities) 5.74total 100.00



122 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCAnAdACanadian Pacific Railway Ltd. USD 127,000 16,083,280 0.95Valeant Pharmaceuticals International,

Inc.USD 198,020 20,306,951 1.20

36,390,231 2.15iSRAelMobileye NV USD 147,200 6,189,760 0.37

6,189,760 0.37SinGApoReAvago Technologies Ltd. USD 68,000 9,903,520 0.59

9,903,520 0.59united StAteS oF AMeRiCAAkamai Technologies, Inc. USD 121,300 6,415,557 0.38Alaska Air Group, Inc. USD 139,300 11,226,187 0.66Alexion Pharmaceuticals, Inc. USD 303,500 58,065,620 3.44Allergan plc USD 170,145 53,367,681 3.16Alphabet, Inc. 'A' USD 89,200 70,079,088 4.15Alphabet, Inc. 'C' USD 50,351 38,653,456 2.29Amazon.com, Inc. USD 188,300 129,260,418 7.66American Airlines Group, Inc. USD 803,300 33,818,930 2.00Anthem, Inc. USD 197,200 27,659,272 1.64Apple, Inc. USD 213,400 22,660,946 1.34Applied Materials, Inc. USD 522,800 9,849,552 0.58Becton Dickinson and Co. USD 74,200 11,514,727 0.68Biogen, Inc. USD 32,320 9,941,632 0.59BioMarin Pharmaceutical, Inc. USD 96,400 10,122,000 0.60Boeing Co. (The) USD 469,610 68,281,294 4.04Bristol-Myers Squibb Co. USD 350,800 24,349,028 1.44CarMax, Inc. USD 150,300 8,243,955 0.49Celgene Corp. USD 205,800 24,679,536 1.46Chipotle Mexican Grill, Inc. USD 18,800 9,114,052 0.54Cigna Corp. USD 102,700 15,084,576 0.89Cimarex Energy Co. USD 4,350 389,890 0.02Danaher Corp. USD 681,500 63,399,945 3.75Eli Lilly & Co. USD 220,500 18,832,905 1.12Facebook, Inc. 'A' USD 616,000 65,302,160 3.87FedEx Corp. USD 105,900 15,736,740 0.93Flowserve Corp. USD 295,830 12,498,817 0.74Gilead Sciences, Inc. USD 173,000 17,646,865 1.05Hanesbrands, Inc. USD 527,000 15,441,100 0.91Hilton Worldwide Holdings, Inc. USD 1,198,866 25,781,613 1.53Humana, Inc. USD 82,700 14,799,165 0.88Illumina, Inc. USD 16,900 3,263,559 0.19Incyte Corp. USD 98,800 10,744,500 0.64Intercontinental Exchange, Inc. USD 99,170 25,429,171 1.51Intuitive Surgical, Inc. USD 67,919 37,328,962 2.21Juniper Networks, Inc. USD 281,200 7,718,940 0.46LinkedIn Corp. 'A' USD 80,200 18,235,876 1.08Lowe's Cos., Inc. USD 364,100 27,908,265 1.65McKesson Corp. USD 50,900 10,192,216 0.60MGM Resorts International USD 1,142,428 25,807,449 1.53Microsoft Corp. USD 747,100 41,680,709 2.47Morgan Stanley USD 1,285,800 41,312,754 2.45Netflix, Inc. USD 28,000 3,250,800 0.19NetSuite, Inc. USD 149,400 12,704,976 0.75NIKE, Inc. 'B' USD 182,400 11,485,728 0.68Palo Alto Networks, Inc. USD 59,200 10,416,240 0.62

uS large Cap Growth equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States that have the potential for above-average and sustainable rates of earnings growth.Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in the Russell 1000 Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.The fund may use derivatives for hedging and efficient portfolio management.


123t. RoWe pRiCe


uS large Cap Growth equity Fund continued


United States of America 95.65Canada 2.15Singapore 0.59Israel 0.37total investments 98.76Cash and Other Assets/(Liabilities) 1.24total 100.00



Quantity/nominal

Value

Market Value uSd

% of net Assets

PayPal Holdings, Inc. USD 302,300 10,991,628 0.65Priceline Group, Inc. (The) USD 53,500 68,514,240 4.06Red Hat, Inc. USD 136,100 11,320,798 0.67Regeneron Pharmaceuticals, Inc. USD 27,300 14,904,162 0.88Rockwell Collins, Inc. USD 195,200 17,999,392 1.07Royal Caribbean Cruises Ltd. USD 135,200 13,826,904 0.82salesforce.com, Inc. USD 282,700 22,384,186 1.33ServiceNow, Inc. USD 182,100 15,788,070 0.94Starbucks Corp. USD 215,000 13,001,050 0.77State Street Corp. USD 272,600 18,097,914 1.07TD Ameritrade Holding Corp. USD 359,600 12,575,212 0.74Tesla Motors, Inc. USD 71,210 17,200,776 1.02T-Mobile US, Inc. USD 336,700 13,104,364 0.78Tractor Supply Co. USD 207,000 17,797,860 1.05UnitedHealth Group, Inc. USD 282,600 33,406,146 1.98Vertex Pharmaceuticals, Inc. USD 143,000 18,089,500 1.07Visa, Inc. 'A' USD 910,400 71,038,512 4.21Vulcan Materials Co. USD 278,500 26,357,240 1.56Wabtec Corp. USD 180,300 12,648,045 0.75Workday, Inc. 'A' USD 78,100 6,269,868 0.37

1,615,012,719 95.65total equities 1,667,496,230 98.76total transferable securities


1,667,496,230 98.76



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

EUR 47,000 USD 50,840 29/01/2016 J.P. Morgan 341 –USD 99,831 EUR 91,000 29/01/2016 J.P. Morgan 736 –total unrealised Gain on


EUR 1,824,002 USD 2,003,688 29/01/2016 J.P. Morgan (17,424) –total unrealised loss on

Forward Currency exchange Contracts(17,424) –


(16,347) –

Cash 19,890,139 1.18other Assets/(liabilities) 1,011,581 0.06total net Assets 1,688,397,950 100.00


124 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCAnAdACanadian Natural Resources Ltd. USD 278,650 6,052,278 0.96Canadian Pacific Railway Ltd. USD 71,050 8,997,772 1.43

15,050,050 2.39SWitZeRlAndTE Connectivity Ltd. USD 110,100 7,156,500 1.13

7,156,500 1.13united StAteS oF AMeRiCAAbbVie, Inc. USD 62,700 3,743,190 0.59AES Corp. USD 874,400 8,293,684 1.32Aetna, Inc. USD 57,850 6,281,932 1.00Allstate Corp. (The) USD 2,700 168,912 0.03American Express Co. USD 121,250 8,480,225 1.34Ameriprise Financial, Inc. USD 56,800 6,070,216 0.96Amgen, Inc. USD 47,550 7,729,728 1.23Apache Corp. USD 154,850 6,889,276 1.09Applied Materials, Inc. USD 297,500 5,604,900 0.89Bank of America Corp. USD 915,400 15,557,223 2.47Bank of New York Mellon Corp. (The) USD 279,400 11,500,104 1.82Baxalta, Inc. USD 138,700 5,323,306 0.84Boeing Co. (The) USD 73,500 10,686,900 1.69Carnival Corp. USD 186,700 10,206,889 1.62Celanese Corp. USD 173,450 11,650,637 1.85CenterPoint Energy, Inc. USD 90,350 1,647,984 0.26Chevron Corp. USD 18,150 1,629,507 0.26Cisco Systems, Inc. USD 268,550 7,309,931 1.16Citigroup, Inc. USD 131,500 6,865,615 1.09Coca-Cola Co. (The) USD 72,350 3,113,944 0.49Comcast Corp. 'A' USD 155,600 8,808,516 1.40Dell, Inc.* USD 251,950 3,464,313 0.55EI du Pont de Nemours & Co. USD 93,250 6,278,522 1.00Entergy Corp. USD 76,250 5,246,000 0.83Exelon Corp. USD 189,500 5,258,625 0.83Exxon Mobil Corp. USD 130,850 10,181,438 1.61Fifth Third Bancorp USD 303,250 6,113,520 0.97FirstEnergy Corp. USD 271,000 8,701,810 1.38General Electric Co. USD 661,250 20,439,237 3.24General Motors Co. USD 165,650 5,653,635 0.90Gilead Sciences, Inc. USD 36,200 3,692,581 0.59Hess Corp. USD 170,850 8,190,549 1.30Illinois Tool Works, Inc. USD 58,650 5,443,893 0.86Intel Corp. USD 89,400 3,106,203 0.49International Paper Co. USD 135,650 5,146,561 0.82Invesco Ltd. USD 127,800 4,262,130 0.68J.P. Morgan Chase & Co. USD 335,350 22,263,886 3.53Johnson & Johnson USD 121,650 12,550,631 1.99Johnson Controls, Inc. USD 156,250 6,215,625 0.99Juniper Networks, Inc. USD 90,350 2,480,107 0.39Kohl's Corp. USD 114,600 5,529,450 0.88Las Vegas Sands Corp. USD 81,000 3,538,080 0.56Loews Corp. USD 120,550 4,631,531 0.73Lowe's Cos., Inc. USD 122,850 9,416,453 1.49Marsh & McLennan Cos., Inc. USD 207,200 11,584,552 1.84Mattel, Inc. USD 259,850 7,067,920 1.12Medtronic plc USD 143,125 11,050,681 1.75Merck & Co., Inc. USD 219,200 11,606,640 1.84

uS large Cap Value equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States that are selling at discounted valuations relative to their historical average and/or the average of their industries. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in the Russell 1000 Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


125t. RoWe pRiCe


uS large Cap Value equity Fund continued


United States of America 94.25Canada 2.39Switzerland 1.13total investments 97.77Cash and Other Assets/(Liabilities) 2.23total 100.00




Quantity/nominal

Value

Market Value uSd

% of net Assets

MetLife, Inc. USD 246,900 11,969,712 1.90Microsoft Corp. USD 319,150 17,805,379 2.82Morgan Stanley USD 421,550 13,544,401 2.15News Corp. 'A' USD 147,550 1,977,170 0.31Occidental Petroleum Corp. USD 167,950 11,239,214 1.78PepsiCo, Inc. USD 88,500 8,858,850 1.40Pfizer, Inc. USD 596,600 19,419,330 3.08PG&E Corp. USD 318,550 17,099,764 2.71Philip Morris International, Inc. USD 120,450 10,609,236 1.68Procter & Gamble Co. (The) USD 120,050 9,565,584 1.52QUALCOMM, Inc. USD 121,650 6,081,284 0.96Raytheon Co. USD 49,450 6,119,932 0.97Southwest Airlines Co. USD 234,900 10,121,841 1.61Texas Instruments, Inc. USD 137,550 7,650,531 1.21Thermo Fisher Scientific, Inc. USD 85,500 12,216,240 1.94T-Mobile US, Inc. USD 104,450 4,065,194 0.64Twenty-First Century Fox, Inc. 'B' USD 321,600 8,763,600 1.39Tyco International plc USD 173,700 5,563,611 0.88Tyson Foods, Inc. 'A' USD 121,800 6,519,954 1.03United Technologies Corp. USD 66,600 6,403,590 1.02US Bancorp USD 118,700 5,096,978 0.81Viacom, Inc. 'B' USD 35,000 1,425,550 0.23Vulcan Materials Co. USD 45,250 4,282,460 0.68Wal-Mart Stores, Inc. USD 51,700 3,175,931 0.50Wells Fargo & Co. USD 173,400 9,465,906 1.50Western Union Co. (The) USD 117,500 2,116,175 0.34Weyerhaeuser Co., REIT USD 188,700 5,664,774 0.90Xcel Energy, Inc. USD 63,000 2,279,970 0.36XL Group plc USD 217,272 8,621,353 1.37



616,607,256 97.77




126 t. RoWe pRiCe



Quantity/nominal

Value

Market Value uSd

% of net Assets

transferable securities and money market instruments admitted to an official exchange listingequitiesCAnAdAComputer Modelling Group Ltd. CAD 185,000 1,267,891 0.14Descartes Systems Group, Inc. (The) USD 255,200 5,157,592 0.59Franco-Nevada Corp. CAD 150,000 6,834,709 0.79Kelt Exploration Ltd. CAD 370,000 1,107,736 0.13Osisko Gold Royalties Ltd. CAD 200,000 1,993,998 0.23Ritchie Bros Auctioneers, Inc. USD 180,000 4,408,200 0.51Seven Generations Energy Ltd. 'A' CAD 377,500 3,613,887 0.42

24,384,013 2.81united StAteS oF AMeRiCAAcadia Healthcare Co., Inc. USD 125,000 7,852,500 0.91ACADIA Pharmaceuticals, Inc. USD 110,000 3,902,800 0.45Acceleron Pharma, Inc. USD 20,000 972,000 0.11Akamai Technologies, Inc. USD 80,000 4,231,200 0.49Alexander & Baldwin, Inc. USD 31,600 1,109,476 0.13Alkermes plc USD 45,000 3,555,900 0.41Allegiant Travel Co. USD 30,032 5,116,552 0.59American Campus Communities, Inc.,

REITUSD 150,000 6,252,000 0.72

American Eagle Outfitters, Inc. USD 138,500 2,150,905 0.25American Water Works Co., Inc. USD 93,000 5,602,320 0.65Arctic Cat, Inc. USD 34,200 548,910 0.06Assured Guaranty Ltd. USD 140,000 3,745,000 0.43athenahealth, Inc. USD 15,000 2,450,850 0.28Atmos Energy Corp. USD 40,000 2,546,400 0.29AZZ, Inc. USD 102,509 5,798,934 0.67Ball Corp. USD 125,000 9,138,750 1.05BancorpSouth, Inc. USD 125,000 3,028,750 0.35BankUnited, Inc. USD 140,000 5,045,600 0.58Berry Plastics Group, Inc. USD 365,000 13,125,400 1.51Bloomin' Brands, Inc. USD 195,000 3,268,200 0.38Bluebird Bio, Inc. USD 20,000 1,290,000 0.15BNC Bancorp USD 37,200 956,040 0.11Bright Horizons Family Solutions, Inc. USD 43,400 2,904,328 0.34Bruker Corp. USD 175,000 4,355,750 0.50Brunswick Corp. USD 75,000 3,801,750 0.44Cable One, Inc. USD 5,800 2,521,579 0.29Capital Bank Financial Corp. 'A' USD 150,500 4,874,695 0.56Capitol Federal Financial, Inc. USD 389,200 4,942,840 0.57CarMax, Inc. USD 35,000 1,919,750 0.22Catalent, Inc. USD 197,544 4,948,477 0.57Centene Corp. USD 39,200 2,593,472 0.30Chesapeake Utilities Corp. USD 150,750 8,829,428 1.02Chico's FAS, Inc. USD 445,900 4,726,540 0.55Chipotle Mexican Grill, Inc. USD 1,800 872,622 0.10Choice Hotels International, Inc. USD 62,500 3,139,375 0.36Church & Dwight Co., Inc. USD 80,000 6,865,600 0.79Clean Harbors, Inc. USD 87,500 3,688,125 0.43Clifton Bancorp, Inc. USD 67,900 978,439 0.11Clovis Oncology, Inc. USD 12,000 407,760 0.05CNA Financial Corp. USD 175,059 6,202,340 0.72Coach, Inc. USD 105,000 3,419,850 0.39Colfax Corp. USD 220,000 5,150,200 0.59Concho Resources, Inc. USD 22,000 2,030,160 0.23Cray, Inc. USD 115,000 3,762,800 0.43Cvent, Inc. USD 70,000 2,432,500 0.28

uS Smaller Companies equity Fund


The fund’s objective is to increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks from smaller capitalization companies in the United States. Specifically, the fund invests at least two-thirds of total assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that, at the time of purchase, have a market capitalisation that is equal to or smaller than the companies in the Russell 2500 Index. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities. The fund may use derivatives for hedging and efficient portfolio management.


127t. RoWe pRiCe


uS Smaller Companies equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Matthews International Corp. 'A' USD 105,050 5,695,811 0.66MEDNAX, Inc. USD 80,000 5,733,600 0.66Michaels Cos., Inc. (The) USD 300,000 6,597,000 0.76Minerals Technologies, Inc. USD 45,000 2,052,000 0.24Monolithic Power Systems, Inc. USD 65,000 4,148,300 0.48MSA Safety, Inc. USD 100,000 4,370,000 0.50Multi-Color Corp. USD 170,000 10,356,400 1.19NetSuite, Inc. USD 50,000 4,252,000 0.49Neurocrine Biosciences, Inc. USD 62,500 3,496,875 0.40Novavax, Inc. USD 350,000 2,922,500 0.34Old Dominion Freight Line, Inc. USD 17,100 1,004,112 0.12ONE Gas, Inc. USD 160,000 8,124,800 0.94Ophthotech Corp. USD 17,800 1,381,280 0.16Pacira Pharmaceuticals, Inc. USD 95,000 7,349,675 0.85Packaging Corp. of America USD 87,000 5,480,130 0.63Park Sterling Corp. USD 340,100 2,560,953 0.30Parsley Energy, Inc. 'A' USD 70,000 1,252,300 0.14PennyMac Financial Services, Inc. 'A' USD 179,997 2,797,153 0.32Pier 1 Imports, Inc. USD 671,900 3,527,475 0.41PNM Resources, Inc. USD 350,000 10,790,500 1.24PolyOne Corp. USD 100,000 3,183,000 0.37Popular, Inc. USD 135,000 3,852,900 0.44Portland General Electric Co. USD 135,000 4,984,200 0.57PriceSmart, Inc. USD 5,400 447,498 0.05Prosperity Bancshares, Inc. USD 52,700 2,550,680 0.29PS Business Parks, Inc., REIT USD 95,100 8,429,664 0.97Puma Biotechnology, Inc. USD 8,000 612,400 0.07Radian Group, Inc. USD 225,000 3,003,750 0.35RBC Bearings, Inc. USD 20,000 1,300,000 0.15Red Robin Gourmet Burgers, Inc. USD 48,000 2,937,600 0.34Reliance Steel & Aluminum Co. USD 45,000 2,623,950 0.30Restoration Hardware Holdings, Inc. USD 63,000 5,027,400 0.58RPM International, Inc. USD 215,000 9,507,300 1.10Safety Insurance Group, Inc. USD 90,000 5,085,000 0.59Sally Beauty Holdings, Inc. USD 140,000 3,939,600 0.45Saul Centers, Inc., REIT USD 165,000 8,669,925 1.00Schweitzer-Mauduit International, Inc. USD 75,000 3,172,500 0.37SEACOR Holdings, Inc. USD 45,000 2,362,950 0.27Semtech Corp. USD 150,000 2,868,000 0.33ServiceNow, Inc. USD 100,000 8,670,000 1.00Signature Bank USD 23,000 3,535,560 0.41Simmons First National Corp. 'A' USD 20,000 1,042,600 0.12Sirona Dental Systems, Inc. USD 45,000 4,961,700 0.57SL Green Realty Corp., REIT USD 25,300 2,866,996 0.33SP Plus Corp. USD 370,000 8,954,000 1.03Splunk, Inc. USD 40,000 2,344,400 0.27SS&C Technologies Holdings, Inc. USD 180,000 12,213,000 1.41State Auto Financial Corp. USD 239,993 4,967,855 0.57Stein Mart, Inc. USD 175,001 1,193,507 0.14STERIS plc USD 75,000 5,723,250 0.66Stewart Information Services Corp. USD 52,600 1,971,448 0.23Sun Hydraulics Corp. USD 84,400 2,700,800 0.31Talmer Bancorp, Inc. 'A' USD 200,000 3,678,000 0.42Tanger Factory Outlet Centers, Inc.,

REITUSD 100,000 3,308,500 0.38

Tangoe, Inc. USD 275,000 2,312,750 0.27Team Health Holdings, Inc. USD 45,000 2,007,450 0.23Teekay Tankers Ltd. 'A' USD 915,000 6,258,600 0.72Teledyne Technologies, Inc. USD 60,000 5,329,800 0.61


Quantity/nominal

Value

Market Value uSd

% of net Assets

Demandware, Inc. USD 10,000 537,800 0.06Denny's Corp. USD 358,900 3,560,288 0.41Diamondback Energy, Inc. USD 90,000 5,954,400 0.69Diplomat Pharmacy, Inc. USD 75,000 2,566,500 0.30Douglas Emmett, Inc., REIT USD 195,000 6,124,950 0.71Dr Pepper Snapple Group, Inc. USD 52,000 4,879,160 0.56E*TRADE Financial Corp. USD 240,000 7,166,400 0.83East West Bancorp, Inc. USD 70,000 2,920,400 0.34EastGroup Properties, Inc., REIT USD 49,100 2,762,857 0.32El Paso Electric Co. USD 61,800 2,409,582 0.28Enstar Group Ltd. USD 31,679 4,849,897 0.56EQT Corp. USD 45,000 2,313,450 0.27ESCO Technologies, Inc. USD 160,000 5,870,400 0.68Exact Sciences Corp. USD 220,000 1,991,000 0.23Exponent, Inc. USD 50,100 2,524,539 0.29Federal Realty Investment Trust, REIT USD 50,000 7,401,500 0.85Fiesta Restaurant Group, Inc. USD 28,800 953,568 0.11Financial Engines, Inc. USD 60,000 2,044,800 0.24First Horizon National Corp. USD 250,000 3,650,000 0.42Five9, Inc. USD 1,265,000 10,828,400 1.25Flotek Industries, Inc. USD 150,000 1,674,000 0.19FNF Group USD 125,000 4,325,000 0.50Forestar Group, Inc. USD 79,600 871,620 0.10Gentherm, Inc. USD 70,000 3,357,900 0.39Global Payments, Inc. USD 60,000 3,882,600 0.45Graco, Inc. USD 65,000 4,722,900 0.54GrubHub, Inc. USD 65,000 1,580,150 0.18Healthcare Realty Trust, Inc., REIT USD 350,000 9,891,000 1.14Healthcare Services Group, Inc. USD 200,000 7,016,000 0.81Henry Schein, Inc. USD 24,000 3,842,880 0.44Hillenbrand, Inc. USD 30,000 896,100 0.10Hologic, Inc. USD 120,000 4,699,200 0.54Home BancShares, Inc. USD 149,998 6,079,419 0.70Hubbell, Inc. USD 35,000 3,592,050 0.41IDEX Corp. USD 50,000 3,835,500 0.44IHS, Inc. 'A' USD 50,000 5,916,500 0.68IMS Health Holdings, Inc. USD 105,000 2,667,000 0.31Incyte Corp. USD 77,500 8,428,125 0.97Infinity Property & Casualty Corp. USD 37,500 3,111,750 0.36Insmed, Inc. USD 175,000 3,213,000 0.37Insulet Corp. USD 45,000 1,748,700 0.20Integrated Device Technology, Inc. USD 170,000 4,537,300 0.52Interactive Intelligence Group, Inc. USD 50,000 1,569,000 0.18Intercept Pharmaceuticals, Inc. USD 4,000 597,760 0.07Intersil Corp. 'A' USD 90,000 1,165,500 0.13Iron Mountain, Inc., REIT USD 400,005 10,952,137 1.26J&J Snack Foods Corp. USD 31,300 3,689,018 0.43Jack Henry & Associates, Inc. USD 40,000 3,134,000 0.36John Bean Technologies Corp. USD 220,000 10,984,600 1.27K2M Group Holdings, Inc. USD 40,000 792,400 0.09Kate Spade & Co. USD 170,000 2,978,400 0.34Kilroy Realty Corp., REIT USD 74,100 4,697,940 0.54Kirby Corp. USD 55,000 2,891,350 0.33Kopin Corp. USD 273,536 765,901 0.09Krispy Kreme Doughnuts, Inc. USD 270,000 4,077,000 0.47Landstar System, Inc. USD 28,300 1,648,192 0.19Linear Technology Corp. USD 50,000 2,144,000 0.25M&T Bank Corp. USD 30,000 3,659,400 0.42Mattel, Inc. USD 330,000 8,976,000 1.03


128 t. RoWe pRiCe


uS Smaller Companies equity Fund continued


Quantity/nominal

Value

Market Value uSd

% of net Assets

Terreno Realty Corp., REIT USD 330,600 7,511,232 0.87Tesco Corp. USD 158,200 1,142,204 0.13Texas Capital Bancshares, Inc. USD 53,500 2,654,135 0.31TherapeuticsMD, Inc. USD 107,400 1,160,994 0.13Tile Shop Holdings, Inc. USD 1,100,000 18,579,000 2.14Toro Co. (The) USD 62,000 4,552,040 0.53Towne Bank USD 69,000 1,449,690 0.17TreeHouse Foods, Inc. USD 40,000 3,135,200 0.36TRI Pointe Group, Inc. USD 450,000 5,746,500 0.66Triumph Group, Inc. USD 56,000 2,212,000 0.26Tuesday Morning Corp. USD 511,200 3,312,576 0.38Universal American Corp. USD 89,500 630,975 0.07Universal Forest Products, Inc. USD 30,000 2,021,400 0.23Urstadt Biddle Properties, Inc., REIT 'A' USD 195,000 3,777,150 0.44Valmont Industries, Inc. USD 17,500 1,855,350 0.21Vantiv, Inc. 'A' USD 235,000 11,167,200 1.29VeriSign, Inc. USD 175,000 15,419,250 1.78Verisk Analytics, Inc. USD 95,000 7,301,700 0.84Vulcan Materials Co. USD 62,500 5,915,000 0.68Wabtec Corp. USD 60,000 4,209,000 0.49Waste Connections, Inc. USD 145,000 8,180,900 0.94WellCare Health Plans, Inc. USD 79,300 6,224,257 0.72West Pharmaceutical Services, Inc. USD 92,200 5,669,378 0.65Western Alliance Bancorp USD 90,000 3,230,100 0.37William Lyon Homes 'A' USD 250,000 4,092,500 0.47Wolverine World Wide, Inc. USD 180,000 3,083,400 0.36WPX Energy, Inc. USD 135,000 714,150 0.08Xerium Technologies, Inc. USD 840,054 9,895,836 1.14XO Group, Inc. USD 230,000 3,758,200 0.43Zillow Group, Inc. 'A' USD 44,000 1,148,840 0.13Zillow Group, Inc. 'C' USD 88,000 2,112,880 0.24Zoe's Kitchen, Inc. USD 18,400 514,464 0.06Zumiez, Inc. USD 98,000 1,514,100 0.17



843,745,061 97.24

other transferable securities and money market instrumentsequitiesunited StAteS oF AMeRiCAPenson Technologies LLC 'B'* USD 502,728 179,826 0.02

179,826 0.02total equities 179,826 0.02

Warrantsunited StAteS oF AMeRiCAEnteromedics, Inc. 08/06/2016 USD 10,800 4 –Enteromedics, Inc. 28/09/2016 USD 2,000 – –

4 –total Warrants 4 –total other transferable securities

and money market instruments179,830 0.02



Currency purchased

Amount purchased

Currency Sold

Amount Sold



uSd% of net

Assets

USD 180,523 EUR 164,000 29/01/2016 J.P. Morgan 1,934 –total unrealised Gain on


EUR 6,509,000 USD 7,152,350 29/01/2016 RBS (64,313) (0.01)EUR 135,000 USD 147,700 29/01/2016 J.P. Morgan (691) –total unrealised loss on



(63,070) (0.01)



United States of America 94.45Canada 2.81total investments 97.26Cash and Other Assets/(Liabilities) 2.74total 100.00




129t. RoWe pRiCe

Abbreviations and Currencies Definitions

Abbreviations

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the Securities Act of 1933STEP: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)FRN: variable rate, rate shown is effective rate at year-endReg.S.: Bonds sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.ADR: American Depositary ReceiptsCV: convertible bondFHLMC: Federal Home Loan Mortgage CorporationFNMA: Federal National Mortgage AssociationGDR: Global Depositary ReceiptsGMTN: Global Medium Term NoteGNMA: Government National Mortgage AssociationMTN: Medium Term NotePrime de Fidélité: Loyalty Bonus SharesREIT: Real Estate Investment Trust

Currencies Definitions

AED: United Arab Emirates DirhamARS: Argentine PesoAUD: Australian DollarBRL: Brazilian RealBWP: Botswanan PulaCAD: Canadian DollarCHF: Swiss FrancCLP: Chilean PesoCNH: Chinese YuanCNY: Chinese RenminbiCOP: Colombian PesoCZK: Czech KorunaDKK: Danish KroneEGP: Egyptian PoundEUR: European Union EuroGBP: Great Britain PoundGHS: New Ghana CediHKD: Hong Kong DollarHUF: Hungarian ForintIDR: Indonesian RupiahILS: Israeli New ShekelINR: Indian RupeeJPY: Japanese YenKES: Kenyan ShillingKRW: South Korean WonKWD: Kuwaiti DinarLKR: Sri Lankan RupeeMAD: Moroccan DirhamMXN: Mexican PesoMYR: Malaysian RinggitNGN: Nigerian NairaNOK: Norwegian KroneNZD: New Zealand DollarOMR: Omani RialPEN: Peruvian New SolPHP: Philippine PesoPKR: Pakistani RupeePLN: Polish ZlotyQAR: Qatari RialRON: New Romanian LeuRSD: Serbian DinarRUB: Russian RubleSEK: Swedish Krona

SGD: Singapore DollarTHB: Thai BahtTRY: Turkish LiraTWD: Taiwan DollarTZS: Tanzanian ShillingUAH: Ukrainian HryvniaUGX: Ugandan ShillingUSD: United States DollarVND: Vietnamese DongZAR: South African RandZMW: Zambian Kwacha


130 t. RoWe pRiCe


Statement of net AssetsAs at 31 December 2015

emerging local Markets

bond Fund

emerging Markets

bond Fund(1)

emerging Markets Corporate

bond Fund(2)

euro Corporate

bond Fund

european High Yield

bond Fund

Base Currency USD USD USD EUR EUR

AssetsInvestments at cost 12,897,720 165,456,751 13,593,362 94,777,022 263,908,107Unrealised appreciation (depreciation) (2,718,763) (7,688,704) (455,557) 1,082,680 (3,358,186)Investments at market value 10,178,957 157,768,047 13,137,805 95,859,702 260,549,921Investment in To Be Announced Contracts at market value – – – – –Cash at banks 540,458 8,426,528 768,867 3,460,102 9,126,650Receivables for investments sold – – – – –Dividends and interest receivable 235,728 2,537,395 219,613 1,156,300 4,977,438Subscriptions receivable – – – – 760,946Unrealised gain on open forward currency exchange contracts 117,004 393,969 1,583 614,727 3,236,230Options at market value 2,591 – – 29,570 –Unrealised gain on open futures contracts 5,975 – – – –Swap contracts at market value 485 – – – 14,310Deposits on futures 30,089 – – – –Other assets 8,811 10,217 6,418 6,258 14,328total assets 11,120,098 169,136,156 14,134,286 101,126,659 278,679,823liabilitiesProvision on foreign taxes – – – – –Payables for investments purchased – – – – –Redemptions payable – – – – 5,361Unrealised loss on open forward currency exchange contracts 97,545 2,314,289 2,435 31,056 412,377Management company fee 5,987 55,464 12,282 28,262 151,699Options at market value – – – 3,406 –Swap contracts at market value 1,065 9,186 – 2,294 –Deposits on futures 37,363 – – – –Unrealised loss on open futures contracts 778 – – – –Bank overdraft 222,456 – – – 2,550,000Other liabilities 24,317 58,215 25,315 50,212 103,203total liabilities 389,511 2,437,154 40,032 115,230 3,222,640net assets 10,730,587 166,699,002 14,094,254 101,011,429 275,457,183

(1) This Fund was formerly named Global Emerging Markets Bond Fund. (2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.

Financial Statements


131t. RoWe pRiCe


Statement of net Assets continuedAs at 31 December 2015


Global High income bond

Fund(3)

Global High Yield

bond Fund

Global investment Grade Corporate

bond Fund(4)

Global unconstrained

bond Fund(5)

Base Currency USD USD USD USD USD

AssetsInvestments at cost 76,803,470 14,907,827 1,499,941,095 19,814,823 24,555,303Unrealised appreciation (depreciation) (2,885,160) (1,118,068) (117,473,885) (218,579) (825,560)Investments at market value 73,918,310 13,789,759 1,382,467,210 19,596,244 23,729,743Investment in To Be Announced Contracts at market value 515,827 – – – –Cash at banks 3,192,235 229,603 44,249,892 276,726 5,374,707Receivables for investments sold 54,349 – 332,027 – –Dividends and interest receivable 630,448 277,255 25,756,098 197,998 320,196Subscriptions receivable 419,147 – 932,867 – –Unrealised gain on open forward currency exchange contracts 898,278 43,867 4,344,038 120,208 476,501Options at market value – – – – 7,773Unrealised gain on open futures contracts 80,932 – – 5,578 29,844Swap contracts at market value 378 – 1,551,361 10,968 17,443Deposits on futures 249,626 – – – 190,933Other assets 10,745 23,461 2,059 24,311 26,644total assets 79,970,275 14,363,945 1,459,635,552 20,232,033 30,173,784liabilitiesProvision on foreign taxes – – – – –Payables for investments purchased 668,246 – 365,156 – –Redemptions payable – – 1,488,976 – –Unrealised loss on open forward currency exchange contracts 347,245 820 15,932,750 4,824 281,473Management company fee 18,240 7,337 1,142,872 6,852 11,705Options at market value 963 – 13,642 5,684 –Swap contracts at market value 207,112 – 1,468,969 73,501 217,684Deposits on futures 330,438 – – 8,236 237,910Unrealised loss on open futures contracts 23,897 – – 860 –Bank overdraft 681,796 248 404 12 1,755,608Other liabilities 49,804 31,993 378,241 22,447 36,001total liabilities 2,327,741 40,398 20,791,010 122,416 2,540,381net assets 77,642,534 14,323,547 1,438,844,542 20,109,617 27,633,403

(3) This Fund was launched on 4 June 2015. (4) This Fund was launched on 8 June 2015. (5) This Fund was launched on 10 June 2015.


132 t. RoWe pRiCe




Asian ex-Japan

equity Fund

Asian opportunities

equity Fund

Continental european

equity Fund(6)

emerging europe

equity Fund


AssetsInvestments at cost 164,885,072 597,093,848 2,151,210 151,950,289 6,095,824Unrealised appreciation (depreciation) (1,345,513) (5,632,303) (38,811) 5,040,001 (551,435)Investments at market value 163,539,559 591,461,545 2,112,399 156,990,290 5,544,389Investment in To Be Announced Contracts at market value 9,531,141 – – – –Cash at banks 12,405,991 15,170,913 39,208 12,599,740 100,207Receivables for investments sold 2,410,466 2,400,596 – 45 12,170Dividends and interest receivable 966,528 1,091,542 3,698 119,722 10,284Subscriptions receivable 106,134 667,370 – – –Unrealised gain on open forward currency exchange contracts 496,534 – – 3,793 –Options at market value – – – – –Unrealised gain on open futures contracts 65,043 – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Other assets 2,181 1,578 75,952 7,527 11,714total assets 189,523,577 610,793,544 2,231,257 169,721,117 5,678,764liabilitiesProvision on foreign taxes – 104,486 – – –Payables for investments purchased 11,661,975 5,518,270 – – 895Redemptions payable 388,190 1,407,452 – – –Unrealised loss on open forward currency exchange contracts 722,847 – – 1,746 –Management company fee 40,632 628,333 1,824 93,131 7,004Options at market value – – – – –Swap contracts at market value – – – – –Deposits on futures 90,681 – – – –Unrealised loss on open futures contracts – – – – –Bank overdraft – – – – –Other liabilities 52,844 241,343 34,339 48,754 24,139total liabilities 12,957,169 7,899,884 36,163 143,631 32,038net assets 176,566,408 602,893,660 2,195,094 169,577,486 5,646,726



133t. RoWe pRiCe



emerging Markets

equity Fund(7)

emerging Markets Value

equity Fund(8)


european Smaller Companies

equity Fund

european Structured

Research equity Fund

Base Currency USD USD EUR EUR EUR

AssetsInvestments at cost 1,168,714,287 2,226,945 589,025,018 53,345,128 5,823,578Unrealised appreciation (depreciation) (47,934,731) (44,449) 41,356,665 15,890,257 1,151,582Investments at market value 1,120,779,556 2,182,496 630,381,683 69,235,385 6,975,160Investment in To Be Announced Contracts at market value – – – – –Cash at banks 21,153,512 41,235 17,211,151 1,663,698 56,023Receivables for investments sold 1,689,617 – 138 – 6Dividends and interest receivable 1,906,107 6,548 1,247,460 51,581 19,364Subscriptions receivable 416,228 – 420,252 – –Unrealised gain on open forward currency exchange contracts – – – – –Options at market value – – – – –Unrealised gain on open futures contracts – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Other assets 532 23,739 1,247 5,644 7,421total assets 1,145,945,552 2,254,018 649,261,931 70,956,308 7,057,974liabilitiesProvision on foreign taxes 200,938 – – – –Payables for investments purchased 2,236,355 – 6,154,897 – –Redemptions payable 308,485 – 105,591 – –Unrealised loss on open forward currency exchange contracts – – – – –Management company fee 958,546 1,849 516,550 65,914 3,293Options at market value – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Unrealised loss on open futures contracts – – – – –Bank overdraft – – – – –Other liabilities 295,798 27,300 180,860 43,484 17,526total liabilities 4,000,122 29,149 6,957,898 109,398 20,819net assets 1,141,945,430 2,224,869 642,304,033 70,846,910 7,037,155

(7) This Fund was formerly named Global Emerging Markets Equity Fund. (8) This Fund was launched on 14 September 2015.


134 t. RoWe pRiCe



Frontier Markets

equity Fund

Global Focused Growth

equity Fund

Global Growth

equity Fund

Global natural

Resources equity Fund

Global Real estate

Securities Fund


AssetsInvestments at cost 8,883,514 161,380,674 370,998,941 282,029,494 33,703,703Unrealised appreciation (depreciation) (594,390) 6,198,113 11,143,989 (34,724,525) 2,110,398Investments at market value 8,289,124 167,578,787 382,142,930 247,304,969 35,814,101Investment in To Be Announced Contracts at market value – – – – –Cash at banks 229,697 1,754,449 2,180,076 3,419,352 1,555,774Receivables for investments sold – 574,803 224,929 1,072,768 –Dividends and interest receivable 5,340 134,461 293,736 333,986 111,985Subscriptions receivable 37 2,000 3,409 58,016 –Unrealised gain on open forward currency exchange contracts – – 1,148 – –Options at market value – – – – –Unrealised gain on open futures contracts – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Other assets 81,553 2,703 2,587 – 6,501total assets 8,605,751 170,047,203 384,848,815 252,189,091 37,488,361liabilitiesProvision on foreign taxes – – – – –Payables for investments purchased – 145,885 803,672 1,353,063 –Redemptions payable – – 24,493 231,035 –Unrealised loss on open forward currency exchange contracts – – 446,070 – –Management company fee 8,726 110,239 189,836 181,909 28,508Options at market value – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Unrealised loss on open futures contracts – – – – –Bank overdraft – – – – –Other liabilities 36,753 94,210 130,475 92,964 47,370total liabilities 45,479 350,334 1,594,546 1,858,971 75,878net assets 8,560,272 169,696,869 383,254,269 250,330,120 37,412,483


135t. RoWe pRiCe



Global technology equity Fund(9)

Global Value equity Fund

Japanese equity Fund

latin American

equity Fund


Base Currency USD USD EUR USD USD

AssetsInvestments at cost 11,609,051 2,721,763 2,178,093 6,196,097 9,069,827Unrealised appreciation (depreciation) 266,775 156,726 662,396 (1,488,823) (350,413)Investments at market value 11,875,826 2,878,489 2,840,489 4,707,274 8,719,414Investment in To Be Announced Contracts at market value – – – – –Cash at banks 536,599 193,639 32,488 142,796 146,998Receivables for investments sold 242,544 – 3,420 9,154 –Dividends and interest receivable 3,916 3,796 4,873 17,383 3,229Subscriptions receivable – – 3,000 – –Unrealised gain on open forward currency exchange contracts – – – – –Options at market value – – – – –Unrealised gain on open futures contracts – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Other assets 24,666 9,914 10,064 8,010 9,619total assets 12,683,551 3,085,838 2,894,334 4,884,617 8,879,260liabilitiesProvision on foreign taxes – – – – –Payables for investments purchased 204,182 3,493 – – –Redemptions payable – – – – –Unrealised loss on open forward currency exchange contracts – – – – –Management company fee 9,548 2,947 2,772 5,065 9,829Options at market value – – – – –Swap contracts at market value – – – – –Deposits on futures – – – – –Unrealised loss on open futures contracts – – – – –Bank overdraft – – – – –Other liabilities 24,217 27,550 38,344 27,026 36,559total liabilities 237,947 33,990 41,116 32,091 46,388net assets 12,445,604 3,051,848 2,853,218 4,852,526 8,832,872



136 t. RoWe pRiCe





uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund

uS Smaller Companies

equity Fund

Combined total of

all funds+

Base Currency USD USD USD USD USD USD

AssetsInvestments at cost 328,692,722 6,507,535 1,303,022,197 563,037,140 712,940,607 8,833,993,173Unrealised appreciation (depreciation) 76,096,146 670,814 364,474,033 53,570,116 130,984,284 486,817,607Investments at market value 404,788,868 7,178,349 1,667,496,230 616,607,256 843,924,891 9,320,810,780Investment in To Be Announced Contracts at market value – – – – – 10,046,968Cash at banks 848,152 448,233 19,890,139 10,064,661 26,725,454 228,163,231Receivables for investments sold 561,426 64,340 1,010,191 2,477,031 28,972 13,170,385Dividends and interest receivable 144,058 11,052 594,699 2,681,861 480,974 47,226,586Subscriptions receivable 1,756,886 – 3,060,815 1,538,480 469,569 10,719,721Unrealised gain on open forward currency exchange contracts – – 1,077 – 1,934 11,091,265Options at market value – – – – – 42,545Unrealised gain on open futures contracts – – – – – 187,372Swap contracts at market value – – – – – 1,596,209Deposits on futures – – – – – 470,648Other assets 4,065 9,589 2,559 2,520 1,295 452,101total assets 408,103,455 7,711,563 1,692,055,710 633,371,809 871,633,089 9,643,977,811liabilitiesProvision on foreign taxes – – – – – 305,424Payables for investments purchased 227,152 59,735 418,754 1,871,859 852,544 33,089,689Redemptions payable 976,041 – 1,378,064 240,110 2,002,545 8,566,140Unrealised loss on open forward currency exchange contracts – – 17,424 – 65,004 20,717,214Management company fee 354,866 6,049 1,488,954 420,302 838,344 7,492,370Options at market value – – – – – 23,996Swap contracts at market value – – – – – 1,980,014Deposits on futures – – – – – 704,628Unrealised loss on open futures contracts – – – – – 25,535Bank overdraft – – – – – 5,435,689Other liabilities 117,685 30,442 354,564 154,484 202,761 3,206,265total liabilities 1,675,744 96,226 3,657,760 2,686,755 3,961,198 81,546,964net assets 406,427,711 7,615,337 1,688,397,950 630,685,054 867,671,891 9,562,430,847

+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.


137t. RoWe pRiCe


Statement of operations and Changes in net AssetsFor the year ended 31 December 2015


bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euro Corporate

bond Fund

european High Yield

bond Fund


income Interest (net of withholding taxes) 704,709 9,133,847 858,653 2,507,598 8,985,054Dividends (net of withholding taxes) 15,178 – – – 45,811Interest on swaps 541 7,736 – – 16,928total income 720,428 9,141,583 858,653 2,507,598 9,047,793expenses Management company 76,022 490,486 146,353 337,400 953,622Custody 17,612 36,447 3,410 29,642 38,925Accounting and shareholder servicing 55,835 70,914 63,051 59,505 72,602Taxe d'Abonnement 3,357 26,703 6,534 29,641 77,140Professional services 30,957 39,641 26,123 29,289 36,251Interest on swaps 5,786 1,264 – 2,022 –Interest charges 363 1,734 15 9,376 10,393Other expenses – 1,501 1,008 907 3,963total expenses 189,932 668,690 246,494 497,782 1,192,896Net investment income (loss) before expenses waived or borne by the Investment Manager

530,496 8,472,893 612,159 2,009,816 7,854,897

Expenses waived or borne by the Investment Manager 96,466 127,912 80,381 64,989 53,225net investment income (loss) 626,962 8,600,805 692,540 2,074,805 7,908,122net realised gain (loss) on: Swing Pricing – – 3,896 4,500 492,329Investments (net of foreign taxes) (1,734,817) (7,775,726) (567,548) 1,757,213 1,724,043To Be Announced contracts – – – – –Forward currency exchange contracts (127,331) 5,583,071 2,100 4,639,572 (4,871,596)Futures contracts (8,939) – – – –Options (6,180) – – (155,150) –Swaps 2,011 28,721 – (1,188) (18,622)Foreign currency transactions (55,227) (334,793) 104 353,129 44,713net realised gain (loss) (1,930,483) (2,498,727) (561,448) 6,598,076 (2,629,133)net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (711,293) (7,089,375) (122,921) (3,061,528) (3,961,688)To Be Announced contracts – – – – –Forward currency exchange contracts 91,885 (1,991,140) (852) 476,821 2,958,823Futures contracts 18,460 – – – –Options (1,031) – – 3,873 –Swaps 7,760 (25,116) – 554 5,260Other assets and liabilities denominated in foreign currency 7,426 (4,769) 11 (1,886) (26,099)net change in unrealised appreciation (depreciation) (586,793) (9,110,400) (123,762) (2,582,166) (1,023,704)

net increase (decrease) in net assets as a result of operations

(1,890,314) (3,008,322) 7,330 6,090,715 4,255,285

distributions: net decrease in net assets as a result of distributions (250) (89,157) (25,619) (101) (64,348)Capital transactions: Proceeds received on subscription of shares 144,333 165,181,178 846,826 1,880,334 240,377,456Payments for redemption of shares – (5,623,132) (825,333) (5,839,597) (28,627,798)net increase (decrease) in net assets as a result of capital transactions

144,333 159,558,046 21,493 (3,959,263) 211,749,658

total increase (decrease) in net assets (1,746,231) 156,460,567 3,204 2,131,351 215,940,595Net assets at the beginning of the year 12,476,818 10,238,435 14,091,050 98,880,078 59,516,588Translation difference – – – – –net assets at the end of the year 10,730,587 166,699,002 14,094,254 101,011,429 275,457,183

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.


138 t. RoWe pRiCe


Statement of operations and Changes in net Assets continuedFor the year ended 31 December 2015



Fund(3)

Global High Yield

bond Fund


bond Fund(4)


bond Fund(5)


income Interest (net of withholding taxes) 2,084,677 519,645 109,758,762 391,373 484,554Dividends (net of withholding taxes) 62,506 962 893,208 – –Interest on swaps – – 442,837 6,608 16,208total income 2,147,183 520,607 111,094,807 397,981 500,762expenses Management company 196,454 50,924 15,052,123 45,293 73,339Custody 20,833 1,467 221,833 10,776 10,545Accounting and shareholder servicing 82,609 35,286 363,442 30,511 40,759Taxe d'Abonnement 25,604 10,427 660,911 1,507 10,971Professional services 29,951 17,115 104,986 16,716 17,624Interest on swaps 35,147 – 1,061,675 17,622 130,413Interest charges 3,410 25 1,647 30 211Other expenses 1,535 908 36,481 905 904total expenses 395,543 116,152 17,503,098 123,360 284,766Net investment income (loss) before expenses waived or borne by the Investment Manager

1,751,640 404,455 93,591,709 274,621 215,996

Expenses waived or borne by the Investment Manager 97,714 56,616 47,520 49,089 66,119net investment income (loss) 1,849,354 461,071 93,639,229 323,710 282,115net realised gain (loss) on: Swing Pricing – – 417,721 – 3,206Investments (net of foreign taxes) (2,586,918) (710,278) (62,874,810) (161,324) 109,494To Be Announced contracts (876) – – – –Forward currency exchange contracts 1,180,496 99,073 (90,181,112) 36,044 704,941Futures contracts (240,381) – 4 7,631 (273,044)Options (27,343) – (251,439) (33,620) 76,361Swaps 235,456 – (2,227,598) 66,327 399,547Foreign currency transactions (7,335) 247,183 256,464 22,777 49,421net realised gain (loss) (1,446,901) (364,022) (154,860,770) (62,165) 1,069,926net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (2,062,636) (1,118,068) (98,006,533) (218,579) (825,560)To Be Announced contracts 550 – – – –Forward currency exchange contracts 383,860 43,047 23,628,877 115,384 195,028Futures contracts 147,015 – – 4,718 29,844Options 7,300 – 34,358 10,666 (10,278)Swaps (206,389) – 1,115,928 (62,533) (200,241)Other assets and liabilities denominated in foreign currency 11,748 (831) 40,652 (1,584) (25,519)net change in unrealised appreciation (depreciation) (1,718,552) (1,075,852) (73,186,718) (151,928) (836,726)


(1,316,099) (978,803) (134,408,259) 109,617 515,315

distributions: net decrease in net assets as a result of distributions (28,166) (1,463) (11,401,303) – –Capital transactions: Proceeds received on subscription of shares 13,786,893 15,303,813 629,788,211 20,000,000 27,118,088Payments for redemption of shares (3,250,015) – (714,779,222) – –net increase (decrease) in net assets as a result of capital transactions

10,536,878 15,303,813 (84,991,011) 20,000,000 27,118,088

total increase (decrease) in net assets 9,192,613 14,323,547 (230,800,573) 20,109,617 27,633,403Net assets at the beginning of the year 68,449,921 – 1,669,645,115 – –Translation difference – – – – –net assets at the end of the year 77,642,534 14,323,547 1,438,844,542 20,109,617 27,633,403

(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.


139t. RoWe pRiCe




Asian ex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(6)

emerging europe

equity Fund


income Interest (net of withholding taxes) 4,301,997 4,048 1 – –Dividends (net of withholding taxes) 3,061 16,660,234 36,464 1,390,092 154,711Interest on swaps – – – – –total income 4,305,058 16,664,282 36,465 1,390,092 154,711expenses Management company 382,051 10,832,994 21,621 702,811 87,022Custody 21,182 228,672 1,413 27,482 6,555Accounting and shareholder servicing 66,629 199,648 60,975 50,183 44,742Taxe d'Abonnement 28,730 242,287 10,625 20,625 9,808Professional services 32,450 131,055 38,061 41,875 35,342Interest on swaps 63 – – – –Interest charges 3,387 51 11 10,644 168Other expenses – 31,171 23,978 2,057 –total expenses 534,492 11,665,878 156,684 855,677 183,637Net investment income (loss) before expenses waived or borne by the Investment Manager

3,770,566 4,998,404 (120,219) 534,415 (28,926)

Expenses waived or borne by the Investment Manager 36,177 13,434 132,877 57,307 88,333net investment income (loss) 3,806,743 5,011,838 12,658 591,722 59,407net realised gain (loss) on: Swing Pricing 34,405 1,771,793 284 8,192 –Investments (net of foreign taxes) (498,075) (6,965,251) 46,299 710,772 (538,379)To Be Announced contracts 123,912 – – – –Forward currency exchange contracts (3,683,086) 68,884 (11) 139,582 924Futures contracts (186,496) – – – –Options – – – – –Swaps (2,341) – – – –Foreign currency transactions (179,506) (923,966) 396 (115,661) 2,506net realised gain (loss) (4,391,187) (6,048,540) 46,968 742,885 (534,949)net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (3,319,501) (54,818,487) (92,358) 1,540,154 460,325To Be Announced contracts 3,105 – – – –Forward currency exchange contracts (61,705) – – 2,047 –Futures contracts 85,447 – – – –Options – – – – –Swaps 3,055 – – – –Other assets and liabilities denominated in foreign currency 6 (20,220) (26) 515 (555)net change in unrealised appreciation (depreciation) (3,289,593) (54,838,707) (92,384) 1,542,716 459,770


(3,874,037) (55,875,409) (32,758) 2,877,323 (15,772)

distributions: net decrease in net assets as a result of distributions (1,618,679) (399) – – –Capital transactions: Proceeds received on subscription of shares 137,826,967 365,566,810 142,716 115,389,453 3,161Payments for redemption of shares (48,224,025) (768,759,264) – (139,773) (2,988)net increase (decrease) in net assets as a result of capital transactions

89,602,942 (403,192,454) 142,716 115,249,680 173

total increase (decrease) in net assets 84,110,226 (459,068,262) 109,958 118,127,003 (15,599)Net assets at the beginning of the year 92,456,182 1,061,961,922 2,085,136 51,450,483 5,662,325Translation difference – – – – –net assets at the end of the year 176,566,408 602,893,660 2,195,094 169,577,486 5,646,726



140 t. RoWe pRiCe



emerging Markets

equity Fund(7)


equity Fund(8)



equity Fund

european Structured


Base Currency USD USD EUR EUR EUR

income Interest (net of withholding taxes) 41,539 – – 13 391Dividends (net of withholding taxes) 22,700,135 10,222 12,281,281 946,936 212,143Interest on swaps – – – – –total income 22,741,674 10,222 12,281,281 946,949 212,534expenses Management company 13,147,209 6,224 5,440,883 642,253 40,364Custody 399,881 476 131,777 16,397 12,145Accounting and shareholder servicing 259,976 18,496 121,252 53,133 41,029Taxe d'Abonnement 192,160 110 237,318 30,477 2,542Professional services 123,470 11,008 70,796 29,433 33,387Interest on swaps – – – – –Interest charges 145 2 33,733 3,503 14Other expenses 37,720 6,279 15,495 1,415 –total expenses 14,160,561 42,595 6,051,254 776,611 129,481Net investment income (loss) before expenses waived or borne by the Investment Manager

8,581,113 (32,373) 6,230,027 170,338 83,053

Expenses waived or borne by the Investment Manager 18,240 35,737 7,691 60,429 81,755net investment income (loss) 8,599,353 3,364 6,237,718 230,767 164,808net realised gain (loss) on: Swing Pricing 1,233,109 639 286,788 43,425 –Investments (net of foreign taxes) (10,987,684) 52,743 33,691,274 2,781,357 405,796To Be Announced contracts – – – – –Forward currency exchange contracts 81,311 (843) 182,304 14,340 72Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions (1,836,541) (896) (213,509) (743) (584)net realised gain (loss) (11,509,805) 51,643 33,946,857 2,838,379 405,284net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (141,424,433) (44,449) 6,549,211 9,890,130 (57,999)To Be Announced contracts – – – – –Forward currency exchange contracts 4,867 – – – –Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency (84,505) (50) (42,942) (841) (250)net change in unrealised appreciation (depreciation) (141,504,071) (44,499) 6,506,269 9,889,289 (58,249)


(144,414,523) 10,508 46,690,844 12,958,435 511,843

distributions: net decrease in net assets as a result of distributions (112,018) – – – –Capital transactions: Proceeds received on subscription of shares 220,099,714 2,214,361 508,464,629 12,433,353 –Payments for redemption of shares (513,015,073) – (312,857,589) (2,569,450) –net increase (decrease) in net assets as a result of capital transactions

(292,915,359) 2,214,361 195,607,040 9,863,903 –

total increase (decrease) in net assets (437,441,900) 2,224,869 242,297,884 22,822,338 511,843Net assets at the beginning of the year 1,579,387,330 – 400,006,149 48,024,572 6,525,312Translation difference – – – – –net assets at the end of the year 1,141,945,430 2,224,869 642,304,033 70,846,910 7,037,155

(7) This Fund was formerly named Global Emerging Markets Equity Fund.(8) This Fund was launched on 14 September 2015.


141t. RoWe pRiCe



Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


Global Real estate

Securities Fund


income Interest (net of withholding taxes) – 2 15 64,254 –Dividends (net of withholding taxes) 200,018 1,536,269 7,348,413 4,447,469 882,547Interest on swaps – – – – –total income 200,018 1,536,271 7,348,428 4,511,723 882,547expenses Management company 88,655 1,027,105 2,841,428 2,502,496 338,729Custody 3,684 24,582 104,192 33,497 6,909Accounting and shareholder servicing 61,568 63,384 110,713 84,026 56,494Taxe d'Abonnement 16,779 38,386 72,426 127,809 23,435Professional services 53,733 53,184 67,608 41,791 30,163Interest on swaps – – – – –Interest charges 1,205 435 10,491 68 2Other expenses 24,155 9,315 13,116 9,609 5,354total expenses 249,779 1,216,391 3,219,974 2,799,296 461,086Net investment income (loss) before expenses waived or borne by the Investment Manager

(49,761) 319,880 4,128,454 1,712,427 421,461

Expenses waived or borne by the Investment Manager 151,491 53,569 29,371 3,015 79,361net investment income (loss) 101,730 373,449 4,157,825 1,715,442 500,822net realised gain (loss) on: Swing Pricing 20,042 83,687 197,086 47,963 12,746Investments (net of foreign taxes) (675,128) 11,773,909 34,296,781 (44,865,100) 1,544,656To Be Announced contracts – – – – –Forward currency exchange contracts 1,081 (55,317) 1,557,900 34,573 (6,049)Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions (13,087) 36,147 329,324 (85,155) (2,304)net realised gain (loss) (667,092) 11,838,426 36,381,091 (44,867,719) 1,549,049net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) (483,482) (2,641,538) (34,692,535) (17,714,693) (2,056,413)To Be Announced contracts – – – – –Forward currency exchange contracts – (270) (528,730) – –Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency (1,551) 1,108 (6,128) 1,723 134net change in unrealised appreciation (depreciation) (485,033) (2,640,700) (35,227,393) (17,712,970) (2,056,279)


(1,050,395) 9,571,175 5,311,523 (60,865,247) (6,408)

distributions: net decrease in net assets as a result of distributions – – – – –Capital transactions: Proceeds received on subscription of shares 2,753,936 48,506,694 39,971,752 82,880,459 8,121,707Payments for redemption of shares (187,930) (9,265,024) (199,566,315) (70,849,601) (6,791,234)net increase (decrease) in net assets as a result of capital transactions

2,566,006 39,241,670 (159,594,563) 12,030,858 1,330,473

total increase (decrease) in net assets 1,515,611 48,812,845 (154,283,040) (48,834,389) 1,324,065Net assets at the beginning of the year 7,044,661 120,884,024 537,537,309 299,164,509 36,088,418Translation difference – – – – –net assets at the end of the year 8,560,272 169,696,869 383,254,269 250,330,120 37,412,483


142 t. RoWe pRiCe




Global Value

equity FundJapanese

equity Fundlatin American

equity Fund


Base Currency USD USD EUR USD USD

income Interest (net of withholding taxes) – 111 – 81 947Dividends (net of withholding taxes) 20,494 69,179 40,693 161,569 304,490Interest on swaps – – – – –total income 20,494 69,290 40,693 161,650 305,437expenses Management company 40,904 36,432 31,036 72,151 157,351Custody 653 2,477 1,695 5,503 4,887Accounting and shareholder servicing 29,942 55,888 49,367 51,199 57,714Taxe d'Abonnement 5,192 5,640 12,969 8,804 19,041Professional services 15,829 31,351 23,658 25,137 29,732Interest on swaps – – – – –Interest charges 3 – 76 2 4Other expenses 1,975 4,742 11,042 – 1,983total expenses 94,498 136,530 129,843 162,796 270,712Net investment income (loss) before expenses waived or borne by the Investment Manager

(74,004) (67,240) (89,150) (1,146) 34,725

Expenses waived or borne by the Investment Manager 47,054 95,767 95,129 85,921 98,627net investment income (loss) (26,950) 28,527 5,979 84,775 133,352net realised gain (loss) on: Swing Pricing 9,128 458 – – 7,917Investments (net of foreign taxes) 690,669 146,862 289,417 (448,895) (116,379)To Be Announced contracts – – – – –Forward currency exchange contracts (7,847) (591) (187) 110 24,650Futures contracts – – – – –Options – – – – –Swaps – – – – –Foreign currency transactions 6,256 (1,621) 1,482 (16,154) (23,712)net realised gain (loss) 698,206 145,108 290,712 (464,939) (107,524)net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) 266,775 (250,162) 284,878 (1,381,950) (2,188,666)To Be Announced contracts – – – – –Forward currency exchange contracts – (249) – – –Futures contracts – – – – –Options – – – – –Swaps – – – – –Other assets and liabilities denominated in foreign currency (126) 27 (89) (412) (105)net change in unrealised appreciation (depreciation) 266,649 (250,384) 284,789 (1,382,362) (2,188,771)


937,905 (76,749) 581,480 (1,762,526) (2,162,943)

distributions: net decrease in net assets as a result of distributions – – – – –Capital transactions: Proceeds received on subscription of shares 11,710,616 222,314 152,102 1,016 261,623Payments for redemption of shares (202,917) (266,742) (41,725) (1,060) (2,670,828)net increase (decrease) in net assets as a result of capital transactions

11,507,699 (44,428) 110,377 (44) (2,409,205)

total increase (decrease) in net assets 12,445,604 (121,177) 691,857 (1,762,570) (4,572,148)Net assets at the beginning of the year – 3,173,025 2,161,361 6,615,096 13,405,020Translation difference – – – – –net assets at the end of the year 12,445,604 3,051,848 2,853,218 4,852,526 8,832,872



143t. RoWe pRiCe





uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund

Combined total of

all funds+


income Interest (net of withholding taxes) 171 5 47,128 20,152 61,542 141,229,856Dividends (net of withholding taxes) 1,704,568 79,007 7,419,076 11,445,024 9,217,253 101,939,488Interest on swaps – – – – – 492,712total income 1,704,739 79,012 7,466,204 11,465,176 9,278,795 243,662,056expenses Management company 3,662,087 59,884 17,321,091 5,542,727 10,388,036 93,737,405Custody 25,824 465 133,235 52,685 75,481 1,742,217Accounting and shareholder servicing 107,748 56,166 347,514 168,597 226,130 3,370,885Taxe d'Abonnement 176,248 12,031 558,388 218,114 263,611 3,232,401Professional services 47,487 26,238 90,028 57,968 73,472 1,595,765Interest on swaps – – – – – 1,254,213Interest charges – – – – 907 99,491Other expenses 8,620 1,942 35,485 16,177 23,616 337,178total expenses 4,028,014 156,726 18,485,741 6,056,268 11,051,253 105,369,555Net investment income (loss) before expenses waived or borne by the Investment Manager

(2,323,275) (77,714) (11,019,537) 5,408,908 (1,772,458) 138,292,501

Expenses waived or borne by the Investment Manager 22,195 89,191 24,402 24,193 14,760 2,241,781net investment income (loss) (2,301,080) 11,477 (10,995,135) 5,433,101 (1,757,698) 140,534,282net realised gain (loss) on: Swing Pricing 29,629 2,629 466,261 5,882 – 5,275,180Investments (net of foreign taxes) 10,132,771 720,280 218,722,235 42,554,470 44,847,900 269,962,929To Be Announced contracts – – – – – 123,036Forward currency exchange contracts 4,329 (43) 53,785 34 (1,013,194) (85,526,531)Futures contracts – – – – – (701,225)Options – – – – – (414,361)Swaps – – – – – (1,519,856)Foreign currency transactions (1,428) 34 (307) (1,652) (21,591) (2,478,024)net realised gain (loss) 10,165,301 722,900 219,241,974 42,558,734 43,813,115 184,721,148net change in unrealised appreciation (depreciation) on: Investments (net of foreign taxes) 23,220,198 (248,275) (48,444,123) (81,233,893) (57,501,143) (522,285,550)To Be Announced contracts – – – – – 3,655Forward currency exchange contracts – – (16,347) – 31,630 25,709,432Futures contracts – – – – – 285,484Options – – – – – 45,312Swaps – – – – – 638,915Other assets and liabilities denominated in foreign currency – – – – 18 (163,021)net change in unrealised appreciation (depreciation) 23,220,198 (248,275) (48,460,470) (81,233,893) (57,469,495) (495,765,773)


31,084,419 486,102 159,786,369 (33,242,058) (15,414,078) (170,510,343)

distributions: net decrease in net assets as a result of distributions – – – – – (13,348,561)Capital transactions: Proceeds received on subscription of shares 258,576,888 4,253,805 560,312,525 227,831,376 266,719,396 4,085,069,667Payments for redemption of shares (112,681,867) (2,022,051) (1,074,639,268) (274,672,438) (326,598,089) (4,523,306,961)net increase (decrease) in net assets as a result of capital transactions

145,895,021 2,231,754 (514,326,743) (46,841,062) (59,878,693) (438,237,294)

total increase (decrease) in net assets 176,979,440 2,717,856 (354,540,374) (80,083,120) (75,292,771) (622,096,198)Net assets at the beginning of the year 229,448,271 4,897,481 2,042,938,324 710,768,174 942,964,662 10,279,160,947Translation difference – – – – – (94,633,902)net assets at the end of the year 406,427,711 7,615,337 1,688,397,950 630,685,054 867,671,891 9,562,430,847

+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.


144 t. RoWe pRiCe


Statement of Changes in number of SharesFor the year ended 31 December 2015


bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euro Corporate

bond Fund

european High Yield

bond Fund

Class AShares outstanding at the beginning of the year – 32,742 612,287 123,528 570,681Number of shares issued – 7,087 – 52,064 1,228,767Number of shares redeemed – (8,959) – (120,730) (463,078)Shares outstanding at the end of the year – 30,870 612,287 54,862 1,336,370Class 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 – – – – 411Number of shares issued – – – – 166,218Number of shares redeemed – – – – (21,152)Shares outstanding at the end of the year – – – – 145,477Class Ad (euR)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – 460 – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – 460* – –Class Adh (uSd)Shares outstanding at the beginning of the year – – – – 1,002Number of shares issued – – – – 213,472Number of shares redeemed – – – – (15,412)Shares outstanding at the end of the year – – – – 199,062Class Ah (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 662,879Number of shares redeemed – – – – (4,837)Shares outstanding at the end of the year – – – – 658,042*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 1,000,000 428,235 600,000 1,584,490 3,003,937Number of shares issued – 14,925 – 35,465 8,453,186Number of shares redeemed – – – (205,097) (729,472)Shares outstanding at the end of the year 1,000,000 443,160 600,000 1,414,858 10,727,651Class 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 i 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.* Please refer to note 1 on page 186 – 188 for further details about the launch date.


145t. RoWe pRiCe


Statement of Changes in number of Shares continuedFor the year ended 31 December 2015


bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euro Corporate

bond Fund

european High Yield

bond Fund

Class idShares outstanding at the beginning of the year – 120,105 – – –Number of shares issued – – – – –Number of shares redeemed – (25,146) – – –Shares outstanding at the end of the year – 94,959 – – –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 (Gbp)Shares outstanding at the beginning of the year – – – – –Number of shares issued – 11,058,403 – – –Number of shares redeemed – (338,842) – – –Shares outstanding at the end of the year – 10,719,561* – – –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 – – – 23,226 586,412Number of shares issued – 77,010 – 40,010 2,680,839Number of shares redeemed – (10) – (12,289) (796,325)Shares outstanding at the end of the year – 77,000* – 50,947 2,470,926Class Q (euR)Shares outstanding at the beginning of the year 400 400 400 – –Number of shares issued 13,242 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 13,642 400 400 – –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 QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 5,216,540Number of shares redeemed – – – – (112,132)Shares outstanding at the end of the year – – – – 5,104,408*



146 t. RoWe pRiCe




bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euro Corporate

bond Fund

european High Yield

bond Fund

Class Qh (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 Qh (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 Qh (uSd)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 89,930Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – 89,930*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 S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares outstanding at the beginning of the year 511 526 526 409 422Number of shares issued – 37,350 84,772 – 69,445Number of shares redeemed – (5,846) (84,772) – –Shares outstanding at the end of the year 511 32,030 526 409 69,867Class 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 – – – 906,694 –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – 906,694 –



147t. RoWe pRiCe




Global High income

bond Fund(3)

Global High Yield

bond Fund


bond Fund(4)


bond Fund(5)

Class AShares outstanding at the beginning of the year 209,632 – 13,100,607 – –Number of shares issued 590 500 8,956,383 500 500Number of shares redeemed (133,186) – (10,556,960) – –Shares outstanding at the end of the year 77,036 500* 11,500,030 500* 500*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 – – 9,749,863 – –Number of shares issued – – 5,515,654 – –Number of shares redeemed – – (3,969,820) – –Shares outstanding at the end of the year – – 11,295,697 – –Class Ad (euR)Shares outstanding at the beginning of the year – – – – –Number of shares issued – 460 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – 460* – – –Class Adh (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 Ah (CHF)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 (euR)Shares outstanding at the beginning of the year – – 17,052,494 – –Number of shares issued – – 5,754,853 – 6,411Number of shares redeemed – – (4,342,416) – –Shares outstanding at the end of the year – – 18,464,931 – 6,411*Class Ah (noK)Shares outstanding at the beginning of the year – – 4,623,185 – –Number of shares issued – – 959,119 – –Number of shares redeemed – – (507,339) – –Shares outstanding at the end of the year – – 5,074,965 – –Class Ah (SeK)Shares outstanding at the beginning of the year – – 1,404,755 – –Number of shares issued – – 447,823 – –Number of shares redeemed – – (876,453) – –Shares outstanding at the end of the year – – 976,125 – –Class iShares outstanding at the beginning of the year 2,153,140 – 11,520,961 – –Number of shares issued 894,388 1,494,000 4,531,624 1,999,000 2,479,000Number of shares redeemed (45,815) – (6,448,327) – –Shares outstanding at the end of the year 3,001,713 1,494,000* 9,604,258 1,999,000* 2,479,000*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 i 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –

(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.* Please refer to note 1 on page 186 – 188 for further details about the launch date.


148 t. RoWe pRiCe




Global High income

bond Fund(3)

Global High Yield

bond Fund


bond Fund(4)


bond Fund(5)

Class idShares outstanding at the beginning of the year 121,613 – – – –Number of shares issued 2,363 – – – –Number of shares redeemed (27,391) – – – –Shares outstanding at the end of the year 96,585 – – – –Class ih (euR)Shares outstanding at the beginning of the year – 10,149,079 – –Number of shares issued – – 63,455 – 4,444Number of shares redeemed – – (6,048,322) – –Shares outstanding at the end of the year – – 4,164,212 – 4,444*Class ih (Gbp)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 3,270Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – 3,270*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 – – 6,505,862 – –Number of shares issued – – 609,999 – –Number of shares redeemed – – (1,288,275) – –Shares outstanding at the end of the year – – 5,827,586 – –Class QShares outstanding at the beginning of the year – – 11,702,388 – –Number of shares issued – 30,450 2,835,654 500 101,143Number of shares redeemed – – (1,689,901) – –Shares outstanding at the end of the year – 30,450* 12,848,141 500* 101,143*Class Q (euR)Shares outstanding at the beginning of the year 400 – – – –Number of shares issued 54,874 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 55,274 – – – –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 QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (Gbp)Shares outstanding at the beginning of the year – – – – –Number of shares issued – 3,270 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – 3,270* – – –Class Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



149t. RoWe pRiCe




Global High income

bond Fund(3)

Global High Yield

bond Fund


bond Fund(4)


bond Fund(5)

Class Qh (euR)Shares outstanding at the beginning of the year 81,300 – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 81,300 – – – –Class Qh (Gbp)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 73,102Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – 73,102*Class Qh (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 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 S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares outstanding at the beginning of the year 506 – 528 – –Number of shares issued – – 161,388 – –Number of shares redeemed – – (161,388) – –Shares outstanding at the end of the year 506 – 528 – –Class Sh (JpY)Shares outstanding at the beginning of the year 237,225 – – – –Number of shares issued – – – – –Number of shares redeemed (1,095) – – – –Shares outstanding at the end of the year 236,130 – – – –Class ZShares outstanding at the beginning of the year 368,485 – 1,226,319 – –Number of shares issued – – 269,470 – –Number of shares redeemed – – (237,144) – –Shares outstanding at the end of the year 368,485 – 1,258,645 – –



150 t. RoWe pRiCe




Asian ex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(6)

emerging europe

equity Fund

Class AShares outstanding at the beginning of the year – 26,988,919 500 – 196,298Number of shares issued – 14,280,326 – – 212Number of shares redeemed – (25,745,990) – – (212)Shares outstanding at the end of the year – 15,523,255 500 – 196,298Class 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 Ad (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 Adh (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 Ah (CHF)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 (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 1,032,713 33,389,169 198,500 4,201,324 195,000Number of shares issued 4,040,787 7,618,401 – 7,954,870 –Number of shares redeemed (1,194,344) (21,924,111) – (500) –Shares outstanding at the end of the year 3,879,156 19,083,459 198,500 12,155,694 195,000Class 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 i 10Shares outstanding at the beginning of the year – 6,624,499 – – –Number of shares issued – 1,748,728 – – –Number of shares redeemed – (1,216,553) – – –Shares outstanding at the end of the year – 7,156,674 – – –

(6) This Fund was formerly named European ex-UK Equity Fund.* Please refer to note 1 on page 186 – 188 for further details about the launch date.


151t. RoWe pRiCe




Asian ex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(6)

emerging europe

equity Fund

Class idShares outstanding at the beginning of the year – 505 – – –Number of shares issued – 3,716 – – –Number of shares redeemed – (716) – – –Shares outstanding at the end of the year – 3,505 – – –Class ih (euR)Shares outstanding at the beginning of the year 1,223,991 – – – –Number of shares issued 6,476,672 – – – –Number of shares redeemed (1,660,493) – – – –Shares outstanding at the end of the year 6,040,170 – – – –Class ih (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 (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 5,852,914 – – – –Number of shares issued 287,612 – – – –Number of shares redeemed (1,262,557) – – – –Shares outstanding at the end of the year 4,877,969 – – – –Class QShares outstanding at the beginning of the year – 5,588,877 500 – –Number of shares issued – 2,222,493 14,187 – –Number of shares redeemed – (4,270,264) – – –Shares outstanding at the end of the year – 3,541,106 14,687 – –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 – 219,740 320 1,190 –Number of shares issued – 658,829 – 812 –Number of shares redeemed – (858,694) – – –Shares outstanding at the end of the year – 19,875 320 2,002 –Class QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



152 t. RoWe pRiCe




Asian ex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(6)

emerging europe

equity Fund

Class Qh (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 Qh (Gbp)Shares outstanding at the beginning of the year – – – – –Number of shares issued 378,087 – – – –Number of shares redeemed (3,672) – – – –Shares outstanding at the end of the year 374,415* – – – –Class Qh (uSd)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – 218,037 –Number of shares redeemed – – – (15,740) –Shares outstanding at the end of the year – – – 202,297* –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 S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares outstanding at the beginning of the year 506 – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 506 – – – –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 – – – – –



153t. RoWe pRiCe



emerging Markets

equity Fund(7)


equity Fund(8)



equity Fund

european Structured


Class AShares outstanding at the beginning of the year 10,844,304 – 15,401,232 259,679 –Number of shares issued 265,586 500 9,112,103 104,368 –Number of shares redeemed (8,389,561) – (2,641,723) (26,212) –Shares outstanding at the end of the year 2,720,329 500* 21,871,612 337,835 –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 440,258 – – –Number of shares issued 35,712 – 774,011 – –Number of shares redeemed (96,705) – – – –Shares outstanding at the end of the year 379,265 – 774,011* – –Class Ad (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 Adh (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 Ah (CHF)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 (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 37,184,376 – 13,080,475 1,108,894 375,000Number of shares issued 4,920,901 199,000 9,615,187 1,930 –Number of shares redeemed (8,102,728) – (14,372,377) – –Shares outstanding at the end of the year 34,002,549 199,000* 8,323,285 1,110,824 375,000Class 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 i 10Shares outstanding at the beginning of the year 20,824,297 – – – –Number of shares issued 3,052,891 – – – –Number of shares redeemed (7,414,768) – – – –Shares outstanding at the end of the year 16,462,420 – – – –

(7) This Fund was formerly named Global Emerging Markets Equity Fund.(8) This Fund was launched on 14 September 2015.* Please refer to note 1 on page 186 – 188 for further details about the launch date.


154 t. RoWe pRiCe



emerging Markets

equity Fund(7)


equity Fund(8)



equity Fund

european Structured


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 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 (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 (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 967,846 – – – –Number of shares issued 14,736 – – – –Number of shares redeemed (149,051) – – – –Shares outstanding at the end of the year 833,531 – – – –Class QShares outstanding at the beginning of the year 3,302,915 – 4,432,869 182,033 –Number of shares issued 2,056,565 21,787 10,215,707 540,580 –Number of shares redeemed (909,758) – (3,389,796) (114,032) –Shares outstanding at the end of the year 4,449,722 21,787* 11,258,780 608,581 –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 464,003 – – 350 –Number of shares issued 49,669 – – 77,215 –Number of shares redeemed – – – (4,294) –Shares outstanding at the end of the year 513,672 – – 73,271 –Class QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



155t. RoWe pRiCe



emerging Markets

equity Fund(7)


equity Fund(8)



equity Fund

european Structured


Class Qh (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 Qh (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 Qh (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 SShares outstanding at the beginning of the year – – – – –Number of shares issued 2,452,300 – – – –Number of shares redeemed (6,018) – – – –Shares outstanding at the end of the year 2,446,282* – – – –Class S 10Shares outstanding at the beginning of the year – – 400 – –Number of shares issued – – 8,366,015 – –Number of shares redeemed – – (1,685,743) – –Shares outstanding at the end of the year – – 6,680,672 – –Class SdShares 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 – – – – –



156 t. RoWe pRiCe



Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


Global Real estate

Securities Fund

Class AShares outstanding at the beginning of the year 500 257,674 96,247 4,915,017 279,009Number of shares issued 142,850 13,669 73,836 2,067,290 120,673Number of shares redeemed (15,500) (140,308) (108,773) (3,020,819) (96,700)Shares outstanding at the end of the year 127,850 131,035 61,310 3,961,488 302,982Class 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 Ad (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 Adh (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 Ah (CHF)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 (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 698,500 7,574,504 13,826,396 6,615,765 1,218,304Number of shares issued – 2,814,202 1,051,102 1,461,340 175,029Number of shares redeemed – (312,023) (6,100,471) (92,980) (175,029)Shares outstanding at the end of the year 698,500 10,076,683 8,777,027 7,984,125 1,218,304Class i (Gbp)Shares outstanding at the beginning of the year – – 727,395 – –Number of shares issued – – 46,889 – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – 774,284 – –Class i 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –

* Please refer to note 1 on page 186 – 188 for further details about the launch date.


157t. RoWe pRiCe



Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


Global Real estate

Securities Fund

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 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 (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 (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 18,339 – – – –Number of shares issued 111,714 – – – –Number of shares redeemed (5,350) – – – –Shares outstanding at the end of the year 124,703 – – – –Class Q (euR)Shares outstanding at the beginning of the year – 400 400 13,457,631 –Number of shares issued – 165,087 226,868 4,045,484 –Number of shares redeemed – (20,869) (66,882) (3,834,329) –Shares outstanding at the end of the year – 144,618 160,386 13,668,786 –Class Q (Gbp)Shares outstanding at the beginning of the year 3,672 350 408,392 – 350Number of shares issued 25,994 108,701 52,867 – 46,062Number of shares redeemed (602) (1,855) (9,737) – (11,110)Shares outstanding at the end of the year 29,064 107,196 451,522 – 35,302Class QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



158 t. RoWe pRiCe



Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


Global Real estate

Securities Fund

Class Qh (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 Qh (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 Qh (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 SShares outstanding at the beginning of the year – – 6,767,143 – –Number of shares issued – – – – –Number of shares redeemed – – (1,052,955) – –Shares outstanding at the end of the year – – 5,714,188 – –Class S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares 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 – – – – –



159t. RoWe pRiCe




Global Value

equity FundJapanese

equity Fund

latin American

equity Fund


Class AShares outstanding at the beginning of the year – 117,885 141,656 134,958 658,598Number of shares issued 77,250 560 6,403 100 18,886Number of shares redeemed – (18,446) (3,861) (100) (237,125)Shares outstanding at the end of the year 77,250* 99,999 144,198 134,958 440,359Class 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 Ad (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 Adh (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 Ah (CHF)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 (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 – 100,000 130,000 740,675 642,642Number of shares issued 394,122 – 1,379 – 100Number of shares redeemed – – (614) – (59,419)Shares outstanding at the end of the year 394,122* 100,000 130,765 740,675 583,323Class 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 i 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –

(9) This Fund was launched on 15 June 2015.* Please refer to note 1 on page 186 – 188 for further details about the launch date.


160 t. RoWe pRiCe




Global Value

equity FundJapanese

equity Fund

latin American

equity Fund


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 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 (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 (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 – – 400 – –Number of shares issued 673,151 – 5,714 – –Number of shares redeemed (18,150) – – – –Shares outstanding at the end of the year 655,001* – 6,114 – –Class Q (euR)Shares outstanding at the beginning of the year – 400 – – 400Number of shares issued – 16,030 – – 9,656Number of shares redeemed – – – – –Shares outstanding at the end of the year – 16,430 – – 10,056Class 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 QdShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



161t. RoWe pRiCe




Global Value

equity FundJapanese

equity Fund

latin American

equity Fund


Class Qh (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 Qh (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 Qh (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 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 S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares 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 – – – – –



162 t. RoWe pRiCe





uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund

Class AShares outstanding at the beginning of the year 6,448,403 109,063 48,255,529 9,870,152 8,076,493Number of shares issued 2,806,992 5,492 10,345,870 1,711,934 3,595,525Number of shares redeemed (2,761,718) – (26,749,645) (5,147,067) (4,070,585)Shares outstanding at the end of the year 6,493,677 114,555 31,851,754 6,435,019 7,601,433Class A (euR)Shares outstanding at the beginning of the year – – – – 464,492Number of shares issued – – – – 232,270Number of shares redeemed – – – – (365,297)Shares outstanding at the end of the year – – – 331,465Class AdShares outstanding at the beginning of the year – – – – –Number of shares issued 500 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 500* – – – –Class Ad (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 Adh (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 Ah (CHF)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 (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 26,077,216 12,302,257 13,755,989Number of shares issued 4,834,592 163,988 4,061,177 4,061,955 2,381,888Number of shares redeemed (729,333) (77,506) (12,681,821) (4,233,709) (3,583,963)Shares outstanding at the end of the year 4,105,259* 186,482 17,456,572 12,130,503 12,553,914Class 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 i 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



163t. RoWe pRiCe





uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund

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 ih (euR)Shares outstanding at the beginning of the year – – – – 760,983Number of shares issued – – 174,153 – 2,709Number of shares redeemed – – – – (166,789)Shares outstanding at the end of the year – – 174,153* – 596,903Class ih (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 (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 660,100 – 1,324,276 1,647,936 –Number of shares issued 1,122,555 – 2,347,057 3,476,289 –Number of shares redeemed (57,956) – (150,403) (56,440) –Shares outstanding at the end of the year 1,724,699 – 3,520,930 5,067,785 –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 1,477,059 – 7,820,221 9,292,284 3,343,303Number of shares issued 5,911,475 – 7,270,323 2,428,632 2,222,095Number of shares redeemed (1,013,936) – (2,140,120) (3,103,619) (1,650,815)Shares outstanding at the end of the year 6,374,598 – 12,950,424 8,617,297 3,914,583Class Q (euR)Shares outstanding at the beginning of the year 254,016 – – – –Number of shares issued 678,643 – – – –Number of shares redeemed (155,012) – – – –Shares outstanding at the end of the year 777,647 – – – –Class Q (Gbp)Shares outstanding at the beginning of the year 350 350 350 4,551 825,859Number of shares issued 22,657 1,259 44,171 24,003 360,675Number of shares redeemed (304) (266) (1,379) (10,481) (186,961)Shares outstanding at the end of the year 22,703 1,343 43,142 18,073 999,573Class QdShares outstanding at the beginning of the year – – – – –Number of shares issued 500 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year 500* – – – –Class Qdh (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 Qh (CHF)Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –



164 t. RoWe pRiCe





uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund

Class Qh (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 Qh (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 Qh (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 SShares outstanding at the beginning of the year – – – – –Number of shares issued – – – – 4,300Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – 4,300*Class S 10Shares outstanding at the beginning of the year – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the year – – – – –Class SdShares 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 – – – – –



165t. RoWe pRiCe


Statement of nAV per Share and net Asset Statistics

emerginglocal Markets

bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euroCorporate

bond Fund

europeanHigh Yield

bond Fund

USD USD USD EUR EUR

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 - 16.47 11.42 14.88 EUR 15.44 EUR31 December 2014 - 16.46 11.47 14.93 EUR 14.68 EUR31 December 2013 - 16.05 11.12 13.90 EUR 13.96 EURnet asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - - - - 9.94 EUR31 December 2014 - - - - 9.93 EUR31 December 2013 - - - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - 9.60 EUR - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - 9.9731 December 2014 - - - - 9.9431 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - 10.03 CHF31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i share as at:31 December 2015 10.59 19.68 11.81 18.65 EUR 15.85 EUR31 December 2014 12.47 19.53 11.77 18.61 EUR 14.98 EUR31 December 2013 13.24 18.91 11.33 17.23 EUR 14.16 EURnet asset value per Class i (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 - 10.42 - - -31 December 2014 - 11.03 - - -31 December 2013 - 11.30 - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



166 t. RoWe pRiCe


Statement of nAV per Share and net Asset Statistics continued


bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euroCorporate

bond Fund

europeanHigh Yield

bond Fund

USD USD USD EUR EUR

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - 9.80 GBP - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - 11.25 -31 December 2014 - - - 11.18 -31 December 2013 - - - 10.35 -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Q share as at:31 December 2015 - 10.06 - 10.66 EUR 11.03 EUR31 December 2014 - - - 10.65 EUR 10.44 EUR31 December 2013 - - - - -net asset value per Class Q (euR) share as at:31 December 2015 9.22 EUR 11.43 EUR 11.46 EUR - -31 December 2014 9.74 EUR 10.19 EUR 10.26 EUR - -31 December 2013 - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - 9.94 CHF31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - 9.9831 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



167t. RoWe pRiCe




bond Fund

emerging Markets

bond Fund(1)


bond Fund(2)

euroCorporate

bond Fund

europeanHigh Yield

bond Fund

USD USD USD EUR EUR

net asset value per Class Sd share as at:31 December 2015 6.92 9.28 9.40 10.25 EUR 9.91 EUR31 December 2014 8.62 9.83 9.86 10.43 EUR 9.91 EUR31 December 2013 - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Z share as at:31 December 2015 - - - 21.22 EUR -31 December 2014 - - - 21.07 EUR -31 December 2013 - - - 19.41 EUR -net assets as at:31 December 2015 10,730,587 166,699,002 14,094,254 101,011,429 EUR 275,457,183 EUR31 December 2014 12,476,818 10,238,435 14,091,050 98,880,078 EUR 59,516,588 EUR31 December 2013 13,240,904 10,393,867 13,466,412 84,531,026 EUR 14,254,749 EUR



168 t. RoWe pRiCe





Fund(3)

Global Fixed income Absolute

Return Fund(4)

Global High Yield

bond Fund


bond Fund(5)

USD USD USD USD USD

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 16.14 9.33 - 23.91 10.0231 December 2014 16.70 - - 24.83 -31 December 2013 16.68 - - 24.56 -net asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - - - 11.35 -31 December 2014 - - - 12.46 -31 December 2013 - - - 12.98 -net asset value per Class Ad (euR) share as at:31 December 2015 - 9.31 EUR - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - 20.14 EUR -31 December 2014 - - - 20.97 EUR -31 December 2013 - - - 20.76 EUR -net asset value per Class Ah (noK) share as at:31 December 2015 - - - 186.04 NOK -31 December 2014 - - - 191.60 NOK -31 December 2013 - - - 187.23 NOK -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - 113.70 SEK -31 December 2014 - - - 118.65 SEK -31 December 2013 - - - 116.82 SEK -net asset value per Class i share as at:31 December 2015 14.48 9.36 - 25.46 10.0531 December 2014 14.90 - - 26.28 -31 December 2013 14.81 - 10.20 25.84 -net asset value per Class i (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 10.30 - - - -31 December 2014 10.86 - - - -31 December 2013 11.07 - - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - 9.29 EUR -31 December 2014 - - - 9.62 EUR -31 December 2013 - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -

(3) This Fund was launched on 4 June 2015.(4) This Fund was fully redeemed on 19 November 2014.(5) This Fund was launched on 8 June 2015.


169t. RoWe pRiCe





Fund(3)


Return Fund(4)

Global High Yield

bond Fund


bond Fund(5)

USD USD USD USD USD

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - - - 9.05 -31 December 2014 - - - 9.93 -31 December 2013 - - - 10.35 -net asset value per Class Q share as at:31 December 2015 - 9.36 - 10.48 10.0531 December 2014 - - - 10.83 -31 December 2013 - - - 10.66 -net asset value per Class Q (euR) share as at:31 December 2015 11.10 EUR - - - -31 December 2014 10.26 EUR - - - -31 December 2013 - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - 9.15 GBP - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 10.12 EUR - - - -31 December 2014 10.03 EUR - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



170 t. RoWe pRiCe





Fund(3)


Return Fund(4)

Global High Yield

bond Fund


bond Fund(5)

USD USD USD USD USD

net asset value per Class S 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Sd share as at:31 December 2015 9.01 - - 8.68 -31 December 2014 9.50 - - 9.53 -31 December 2013 - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 11,107.00 JPY - - - -31 December 2014 10,969.00 JPY - - - -31 December 2013 10,176.02 JPY - - - -net asset value per Class Z share as at:31 December 2015 23.29 - - 29.16 -31 December 2014 23.83 - - 29.90 -31 December 2013 23.55 - - 29.22 -net assets as at:31 December 2015 77,642,534 14,323,547 - 1,438,844,542 20,109,61731 December 2014 68,449,921 - - 1,669,645,115 -31 December 2013 70,375,715 - 11,217,931 2,029,781,019 -



171t. RoWe pRiCe




bond Fund(6)

uSAggregatebond Fund

Asianex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(7)

USD USD USD USD EUR

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 10.18 - 11.24 10.09 -31 December 2014 - - 12.09 10.36 -31 December 2013 - - 11.45 - -net asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 10.16 EUR - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i share as at:31 December 2015 10.21 11.25 17.01 10.25 13.80 EUR31 December 2014 - 11.20 18.13 10.42 12.24 EUR31 December 2013 - 10.62 17.00 - 11.47 EURnet asset value per Class i (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i 10 share as at:31 December 2015 - - 9.57 - -31 December 2014 - - 10.18 - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 - - 9.80 - -31 December 2014 - - 10.54 - -31 December 2013 - - 9.98 - -net asset value per Class ih (euR) share as at:31 December 2015 10.19 EUR 11.43 EUR - - -31 December 2014 - 11.44 EUR - - -31 December 2013 - 10.85 EUR - - -net asset value per Class ih (Gbp) share as at:31 December 2015 10.22 GBP - - - -31 December 2014 - - - - -31 December 2013 - - - - -

(6) This Fund was launched on 10 June 2015.(7) This Fund was formerly named European ex-UK Equity Fund.


172 t. RoWe pRiCe




bond Fund(6)


Asianex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(7)

USD USD USD USD EUR

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - 10.71 - - -31 December 2014 - 10.92 - - -31 December 2013 - 10.63 - - -net asset value per Class Q share as at:31 December 2015 10.22 - 9.85 10.24 -31 December 2014 - - 10.51 10.42 -31 December 2013 - - 9.86 - -net asset value per Class Q (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 - - 11.11 GBP 11.68 GBP 12.06 GBP31 December 2014 - - 11.27 GBP 11.30 GBP 11.35 GBP31 December 2013 - - - - 11.36 GBPnet asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 10.21 GBP 10.00 GBP - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - 9.6331 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



173t. RoWe pRiCe




bond Fund(6)


Asianex-Japan

equity Fund

Asian opportunities

equity Fund


equity Fund(7)

USD USD USD USD EUR

net asset value per Class Sd share as at:31 December 2015 - 9.84 - - -31 December 2014 - 10.02 - - -31 December 2013 - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Z share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net assets as at:31 December 2015 27,633,403 176,566,408 602,893,660 2,195,094 169,577,486 EUR31 December 2014 - 92,456,182 1,061,961,922 2,085,136 51,450,483 EUR31 December 2013 - 113,760,387 1,083,170,708 - 8,260,001 EUR



174 t. RoWe pRiCe



emerging europe

equity Fund

emerging Markets

equity Fund(8)

emerging Markets

Value equity Fund(9)


european Smaller

Companies equity Fund

EUR USD USD EUR EUR

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 13.92 EUR 20.12 10.03 13.20 EUR 40.10 EUR31 December 2014 14.03 EUR 22.97 - 11.82 EUR 32.11 EUR31 December 2013 18.97 EUR 22.79 - 11.10 EUR 30.08 EURnet asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - 8.01 - 9.73 EUR -31 December 2014 - 9.17 - - -31 December 2013 - 9.13 - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i share as at:31 December 2015 14.94 EUR 25.41 10.05 14.44 EUR 42.81 EUR31 December 2014 14.92 EUR 28.73 - 12.82 EUR 33.96 EUR31 December 2013 19.97 EUR 28.23 - 11.92 EUR 31.52 EURnet asset value per Class i (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i 10 share as at:31 December 2015 - 9.02 - - -31 December 2014 - 10.16 - - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



175t. RoWe pRiCe



emerging europe

equity Fund

emerging Markets

equity Fund(8)

emerging Markets



european Smaller


EUR USD USD EUR EUR

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - 6.35 - - -31 December 2014 - 7.23 - - -31 December 2013 - 7.15 - - -net asset value per Class Q share as at:31 December 2015 - 8.45 10.05 12.76 EUR 14.03 EUR31 December 2014 - 9.57 - 11.34 EUR 11.14 EUR31 December 2013 - 9.41 - 10.55 EUR 10.35 EURnet asset value per Class Q (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 - 10.17 GBP - - 12.09 GBP31 December 2014 - 10.94 GBP - - 10.17 GBP31 December 2013 - 10.12 GBP - - -net asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - 8.62 - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S 10 share as at:31 December 2015 - - - 12.32 EUR -31 December 2014 - - - 10.87 EUR -31 December 2013 - - - - -



176 t. RoWe pRiCe



emerging europe

equity Fund

emerging Markets

equity Fund(8)

emerging Markets



european Smaller


EUR USD USD EUR EUR

net asset value per Class Sd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Z share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net assets as at:31 December 2015 5,646,726 EUR 1,141,945,430 2,224,869 642,304,033 EUR 70,846,910 EUR31 December 2014 5,662,325 EUR 1,579,387,330 - 400,006,149 EUR 48,024,572 EUR31 December 2013 7,636,924 EUR 1,419,840,836 - 223,550,812 EUR 16,212,985 EUR



177t. RoWe pRiCe



european Structured


Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


EUR USD USD USD USD

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 - 8.45 28.39 27.60 6.2531 December 2014 - 9.69 26.83 27.56 7.8331 December 2013 - - 25.32 25.50 8.62net asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i share as at:31 December 2015 18.77 EUR 8.57 16.06 29.52 9.5631 December 2014 17.40 EUR 9.74 15.05 29.19 11.8531 December 2013 16.49 EUR - 14.07 26.75 12.92net asset value per Class i (Gbp) share as at:31 December 2015 - - - 23.20 GBP -31 December 2014 - - - 21.82 GBP -31 December 2013 - - - 18.81 GBP -net asset value per Class i 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -


178 t. RoWe pRiCe



european Structured


Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


EUR USD USD USD USD

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Q share as at:31 December 2015 - 8.56 - - -31 December 2014 - 9.73 - - -31 December 2013 - - - - -net asset value per Class Q (euR) share as at:31 December 2015 - - 12.89 EUR 12.18 EUR 10.03 EUR31 December 2014 - - 10.84 EUR 10.82 EUR 11.17 EUR31 December 2013 - - - - 10.73 EURnet asset value per Class Q (Gbp) share as at:31 December 2015 - 9.83 GBP 13.02 GBP 13.31 GBP -31 December 2014 - 10.62 GBP 11.61 GBP 12.53 GBP -31 December 2013 - - - 10.82 GBP -net asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - - - 14.85 -31 December 2014 - - - 14.58 -31 December 2013 - - - 13.26 -net asset value per Class S 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Sd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -


179t. RoWe pRiCe



european Structured


Frontier Markets

equity Fund


equity Fund

Global Growth

equity Fund

Global natural


EUR USD USD USD USD

net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Z share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net assets as at:31 December 2015 7,037,155 EUR 8,560,272 169,696,869 383,254,269 250,330,12031 December 2014 6,525,312 EUR 7,044,661 120,884,024 537,537,309 299,164,50931 December 2013 6,184,596 EUR - 154,929,305 513,338,668 215,622,754


180 t. RoWe pRiCe



Global Real estate

Securities Fund

Global technology

equity Fund(10)

Global Value

equity FundJapanese

equity Fund

latin American

equity Fund

USD USD USD EUR USD

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 22.89 11.00 13.99 9.43 EUR 7.4931 December 2014 23.00 - 14.41 7.46 EUR 10.2931 December 2013 20.15 - 13.43 7.21 EUR 11.93net asset value per Class A (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i share as at:31 December 2015 24.45 11.06 14.39 10.80 EUR 5.1931 December 2014 24.35 - 14.69 8.47 EUR 7.0631 December 2013 21.14 - 13.57 8.11 EUR 8.08net asset value per Class i (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class i 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class id share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



181t. RoWe pRiCe



Global Real estate

Securities Fund

Global technology

equity Fund(10)

Global Value

equity FundJapanese

equity Fund

latin American

equity Fund

USD USD USD EUR USD

net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class J share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Jd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Q share as at:31 December 2015 - 11.05 - 13.22 EUR -31 December 2014 - - - 10.37 EUR -31 December 2013 - - - - -net asset value per Class Q (euR) share as at:31 December 2015 - - 11.98 EUR - -31 December 2014 - - 10.98 EUR - -31 December 2013 - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 13.11 GBP - - - -31 December 2014 12.42 GBP - - - -31 December 2013 - - - - -net asset value per Class Qd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class S 10 share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -



182 t. RoWe pRiCe



Global Real estate

Securities Fund

Global technology

equity Fund(10)

Global Value

equity FundJapanese

equity Fund

latin American

equity Fund

USD USD USD EUR USD

net asset value per Class Sd share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net asset value per Class Z share as at:31 December 2015 - - - - -31 December 2014 - - - - -31 December 2013 - - - - -net assets as at:31 December 2015 37,412,483 12,445,604 3,051,848 2,853,218 EUR 4,852,52631 December 2014 36,088,418 - 3,173,025 2,161,361 EUR 6,615,09631 December 2013 31,300,334 - 2,699,959 2,082,451 EUR 22,305,112



183t. RoWe pRiCe






uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund

USD USD USD USD USD USD

(Amounts in uSd unless otherwise noted)net asset value per Class A share as at:31 December 2015 6.88 33.15 24.28 26.49 24.85 31.9131 December 2014 8.57 29.90* 22.83 24.11 26.33 32.5931 December 2013 7.85 27.33 20.34 22.33 23.36 29.55net asset value per Class A (euR) share as at:31 December 2015 - - - - - 14.91 EUR31 December 2014 - - - - - 13.68 EUR31 December 2013 - - - - - 10.93 EURnet asset value per Class Ad share as at:31 December 2015 - 10.00 - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Ad (euR) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Adh (uSd) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Ah (CHF) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Ah (euR) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Ah (noK) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Ah (SeK) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class i share as at:31 December 2015 9.78 10.53 25.78 31.24 22.57 42.8531 December 2014 12.07 - 24.01 28.18 23.69 43.4631 December 2013 10.92 - 21.21 25.87 20.84 39.13net asset value per Class i (Gbp) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class i 10 share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class id share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class ih (euR) share as at:31 December 2015 - - - 10.16 EUR - 10.75 EUR31 December 2014 - - - - - 10.94 EUR31 December 2013 - - - - - -net asset value per Class ih (Gbp) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -

* Official Net Asset Value per Share including a Swing Pricing Adjustement.


184 t. RoWe pRiCe






uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund


net asset value per Class ih (Gbp) 10 share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class ih (uSd) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class J share as at:31 December 2015 - 23.11 - 22.82 15.78 -31 December 2014 - 20.52* - 20.45 16.45 -31 December 2013 - 18.46 - 18.65 14.37 -net asset value per Class Jd share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Q share as at:31 December 2015 - 15.17 - 16.69 13.55 13.1631 December 2014 - 13.57* - 15.06 14.23 13.3631 December 2013 - 12.31 - 13.84 12.53 12.04net asset value per Class Q (euR) share as at:31 December 2015 8.98 EUR 12.87 EUR - - - -31 December 2014 9.96 EUR 10.33 EUR* - - - -31 December 2013 - - - - - -net asset value per Class Q (Gbp) share as at:31 December 2015 - 14.00 GBP 13.87 GBP 13.48 GBP 12.43 GBP 15.69 GBP31 December 2014 - 11.91 GBP* 12.29 GBP 11.58 GBP 12.43 GBP 15.15 GBP31 December 2013 - - - - - 12.84 GBPnet asset value per Class Qd share as at:31 December 2015 - 10.02 - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Qdh (Gbp) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Qh (CHF) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Qh (euR) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Qh (Gbp) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Qh (uSd) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class S share as at:31 December 2015 - - - - - 9.6731 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class S 10 share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -



185t. RoWe pRiCe






uS large Cap Growth

equity Fund

uS large Cap Value

equity Fund


equity Fund


net asset value per Class Sd share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Sh (JpY) share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net asset value per Class Z share as at:31 December 2015 - - - - - -31 December 2014 - - - - - -31 December 2013 - - - - - -net assets as at:31 December 2015 8,832,872 406,427,711 7,615,337 1,688,397,950 630,685,054 867,671,89131 December 2014 13,405,020 229,448,271 4,897,481 2,042,938,324 710,768,174 942,964,66231 December 2013 44,300,072 124,459,682 4,339,448 1,586,104,602 430,199,326 1,225,511,583



186 t. RoWe pRiCe

notes to the Financial StatementsAs at 31 December 2015

1. tHe CoMpAnYT. Rowe Price Funds SICAV (the “Company”) is an open-ended investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable (“SICAV”) and was authorised under Part I of the Law of 17 December 2010, as amended, 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”).

On 1 October 2014, the Company has appointed T. Rowe Price (Luxembourg) Management S.à r.l. as its management company (the “Management Company”), responsible for management, administration and distribution of the Company.

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 2015, the following Funds had the following shares outstanding:

Fund Class inception date Currency

Emerging Local Markets Bond Fund I 9 August 2007 USD

Q (EUR) 28 October 2014 EUR

Sd 22 July 2014 USD

Emerging Markets Bond Fund (1) A 27 June 2006 USD

I 31 December 2004 USD

Id 7 October 2008 USD

Ih (GBP) 9 April 2015 GBP

Q 16 December 2015 USD


Sd 19 February 2014 USD

Emerging Markets Corporate Bond Fund (2)

A 18 May 2011 USD

Ad (EUR) 5 August 2015 EUR

I 18 May 2011 USD



Euro Corporate Bond Fund A 9 November 2004 EUR

I 5 February 2002 EUR

Ih (USD) 7 December 2012 USD

Q 11 February 2014 EUR

Sd 14 February 2014 EUR

Z 20 June 2001 EUR

European High Yield Bond Fund A 20 September 2011 EUR

Ad 8 December 2014 EUR

Adh (USD) 8 December 2014 USD

Ah (CHF) 7 September 2015 CHF

I 20 September 2011 EUR

Q 11 February 2014 EUR

Qh (CHF) 20 July 2015 CHF

Qh (USD) 18 November 2015 USD

Sd 14 February 2014 EUR


Global Aggregate Bond Fund A 28 March 2003 USD




Qh (EUR) 8 December 2014 EUR

Sd 22 July 2014 USD

Sh (JPY) 21 September 2012 JPY

Z 9 July 2001 USD

Global High Income Bond Fund (3) A 4 June 2015 USD

Ad (EUR) 5 August 2015 EUR

I 4 June 2015 USD

Q 4 June 2015 USD

Qdh (GBP) 10 June 2015 GBP

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

Ih (EUR) 9 July 2014 EUR

Jd 5 December 2003 USD

Q 14 January 2013 USD


Z 28 June 2001 USD

Global Investment Grade Corporate Bond Fund (4)

A 8 June 2015 USD

I 8 June 2015 USD

Q 8 June 2015 USD

Global Unconstrained Bond Fund (5) A 10 June 2015 USD

Ah (EUR) 10 June 2015 EUR

I 10 June 2015 USD

Ih (EUR) 10 June 2015 EUR

Ih (GBP) 10 June 2015 GBP

Q 10 June 2015 USD

Qh (GBP) 10 June 2015 GBP

US Aggregate Bond Fund I 7 June 2011 USD

Ih (EUR) 1 June 2011 EUR

Jd 5 December 2003 USD

Qh (GBP) 28 August 2015 GBP

Sd 22 July 2014 USD

Asian ex-Japan Equity Fund A 28 January 2008 USD



I 10 18 December 2014 USD


Q (GBP) 31 March 2014 GBP


187t. RoWe pRiCe

notes to the Financial Statements continuedAs at 31 December 2015


Asian Opportunities Equity Fund A 21 May 2014 USD

I 21 May 2014 USD

Q 21 May 2014 USD

Q (GBP) 21 May 2014 GBP

Continental European Equity Fund (6) I 26 February 2007 EUR

Q (GBP) 24 May 2013 GBP

Qh (USD) 4 May 2015 USD

Emerging Europe Equity Fund A 11 November 2008 EUR

I 11 November 2008 EUR

Emerging Markets Equity Fund (7) A 26 October 2004 USD

Ad 9 March 2011 USD


I 10 18 December 2014 USD

Jd 31 October 2007 USD


Q (GBP) 5 September 2013 GBP

S 30 June 2015 USD

Emerging Markets Value Equity Fund (8) A 14 September 2015 USD

I 14 September 2015 USD

Q 14 September 2015 USD

European Equity Fund A 3 May 2007 EUR

Ad 3 July 2015 EUR

I 26 February 2007 EUR

Q 16 October 2013 EUR

S 10 27 October 2014 EUR

European Smaller Companies Equity Fund A 26 November 2008 EUR

I 26 November 2008 EUR

Q 4 December 2013 EUR

Q (GBP) 31 January 2014 GBP

European Structured Research Equity Fund

I 7 January 2005 EUR

Frontier Markets Equity Fund A 24 June 2014 USD

I 24 June 2014 USD

Q 24 June 2014 USD

Q (GBP) 24 June 2014 GBP

Global Focused Growth Equity Fund A 28 March 2003 USD

I 12 January 2006 USD



Global Growth Equity Fund 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 Real Estate Securities Fund A 27 October 2008 USD

I 27 October 2008 USD


Global Technology Equity Fund (9) A 15 June 2015 USD

I 15 June 2015 USD

Q 15 June 2015 USD

Global Value Equity Fund A 28 November 2012 USD

I 28 November 2012 USD


Japanese Equity Fund A 11 April 2006 EUR

I 16 December 2005 EUR

Q 28 October 2014 EUR

Latin American Equity Fund A 19 June 2009 USD

I 24 April 2008 USD

Middle East & Africa Equity Fund A 24 December 2007 USD



US Blue Chip Equity Fund A 5 February 2003 USD

Ad 30 October 2015 USD

I 4 May 2015 USD

J 20 February 2007 USD

Q 13 May 2013 USD

Q (EUR) 2 December 2014 EUR


Qd 30 October 2015 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

Ih (EUR) 18 November 2015 EUR




US Large Cap Value Equity Fund A 3 January 2003 USD

I 27 March 2002 USD





188 t. RoWe pRiCe



US Smaller Companies Equity Fund A 31 July 2001 USD

A (EUR) 22 May 2013 EUR


Ih (EUR) 31 March 2014 EUR

Q 8 May 2013 USD


S 30 November 2015 USD

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.(6) This Fund was formerly named European ex-UK Equity Fund.(7) This Fund was formerly named Global Emerging Markets Equity Fund.(8) This Fund was launched on 14 September 2015.(9) This Fund was launched on 15 June 2015.

As at 31 December 2015, 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, Adh and Ah Shares represent Distributing Shares and Hedged Shares, respectively, of Class A. Ad, Adh and Ah Shares are currently only offered to investors of the European High Yield Bond Fund, Global High Yield Bond Fund and of 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 Euro Corporate Bond Fund, the Global High Yield Bond Fund, US Aggregate Bond Fund and the US Smaller Companies Equity 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, Emerging Markets Bond Fund and Emerging Markets Corporate Bond 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.

2. SiGniFiCAnt ACCountinG poliCieSa) 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.

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:

Currency At 31 december 2015

Average for the year ended

31 december 2015

CAD 1.3862 NA

CHF 0.9988 NA

EUR 0.9189 0.9013

NOK 8.8264 NA

SEK 8.4248 NA

JPY 120.29 NA

GBP 0.6757 NA

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.


189t. RoWe pRiCe

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 2015, the collateral received or paid which is composed of cash collateral granted to or received from brokers and counterparties for the purpose of transactions in OTC derivatives is as follows:

name of Sub-fundsSub-fund Currency

Counter-party/broker

type of Collateral

Collateral Amount

received (in Sub-fund

currency)

Collateral Amount paid (in

Sub-fund currency)

Emerging Markets Bond Fund

USD Bank of America

Cash - 2,000,000

European High Yield Bond Fund

EUR Goldman Sachs

Cash 2,550,000 -

Global High Yield Bond Fund

USD Credit Suisse

Cash 1,230,000 -


USD Bank of America

Cash - 310,000


USD Barclays Bank

Cash - 1,200,000


USD Citibank Cash - 1,145,965


USD Deutsche Bank

Cash - 3,020,000


USD Goldman Sachs

Cash - 1,330,000


USD J.P. Morgan Cash - 280,000


USD Morgan Stanley

Cash - 117,000


USD RBS Cash - 390,000

Global Unconstrained Bond Fund

USD Citibank Cash 191,085 -

US Aggregate Bond Fund USD Goldman Sachs

Cash 440,000 -

name of Sub-fundsSub-fund Currency

Counter-party/broker

type of Collateral

Collateral Amount

received (in Sub-fund

currency)

Collateral Amount paid (in

Sub-fund currency)

US Aggregate Bond Fund USD J.P. Morgan Cash 38,000 -

US Aggregate Bond Fund USD Bank of America

Cash - 570,000

US Aggregate Bond Fund USD HSBC Bank Cash - 281,000

3. inVeStMent tRAnSACtionS a) 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 futures 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. Realized gains or losses are recorded on termination of derivatives contracts. 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 Schedule 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.

Hedged Share Classes are 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 2015, the unrealised gain (loss) on forward currency exchange contracts reflected in the Statement of Net Assets includes contracts attributable to Hedged Shares. Detail of forward currency exchange contracts is also disclosed in the Schedule of Investments.

b) participation notes

During the year ended 31 December 2015, the Frontier Markets Equity Fund and the Middle East & Africa Equity Fund were 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



190 t. RoWe pRiCe

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 2015, the Asian ex-Japan Equity Fund and the Emerging Markets Equity Fund invested in certain Chinese equity securities (A shares) that have limited availability to investors outside of China. The Funds gained access to the A-share market through T. Rowe Price Associates, Inc., which serves as the registered Qualified Foreign Institutional Investor (QFII) for all participating T. Rowe Price-sponsored products (each a participating account). Investment decisions related to A shares held through the QFII are specific to each participating account, and each account bears the economic consequences of its holdings and transactions in A shares. The Funds’ ability to repatriate cash from investment activities associated with its A shares held through the QFII is subject to certain restrictions and administrative processes involving the Chinese government; consequently the Fund may experience substantial delays in gaining access to its assets or incur a loss of value in the event of noncompliance with governmental requirements. In November 2014 the Chinese tax authorities issued guidance regarding the retroactive and prospective application of a capital gain tax on gains realized by a QFII. The guidance among other things clarified that the Chinese tax authorities would be collecting the tax on securities sold before a “temporary exemption” came into effect on 17 November 2014 unless a treaty exemption applies. As uncertainty exists on whether treaty benefits would apply, an accrual for a tax liability on gains realized prior to 17 November 2014 is reflected in the accompanying financial statements.

The Funds may invest in certain Shanghai-listed securities (“Stock Connect Securities”) through The Shanghai-Hong Kong Stock Connect (“Stock Connect”), a joint securities trading and clearing program designed to permit mutual stock market access between mainland China and Hong Kong.

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 2015, are as follows:

Fundportfolio

turnover Ratio

Emerging Local Markets Bond Fund 153.87

Emerging Markets Bond Fund (1) 141.71

Emerging Markets Corporate Bond Fund (2) 203.21

Euro Corporate Bond Fund 130.97

European High Yield Bond Fund 15.48

Global Aggregate Bond Fund 160.95

Fundportfolio

turnover Ratio

Global High Income Bond Fund (3) 109.34

Global High Yield Bond Fund 72.28

Global Investment Grade Corporate Bond Fund (4) 182.34

Global Unconstrained Bond Fund (5) 167.92

US Aggregate Bond Fund 491.81

Asian ex-Japan Equity Fund 8.58

Asian Opportunities Equity Fund 149.40

Continental European Equity Fund (6) 52.93

Emerging Europe Equity Fund 178.79

Emerging Markets Equity Fund (7) 14.07

Emerging Markets Value Equity Fund (8) 50.71

European Equity Fund (7.08)

European Smaller Companies Equity Fund 43.70

European Structured Research Equity Fund 46.94

Frontier Markets Equity Fund 76.73

Global Focused Growth Equity Fund 266.73

Global Growth Equity Fund 187.23

Global Natural Resources Equity Fund 121.61

Global Real Estate Securities Fund 44.23

Global Technology Equity Fund (9) 272.47

Global Value Equity Fund 195.01

Japanese Equity Fund 76.92

Latin American Equity Fund 80.88

Middle East & Africa Equity Fund 108.19

US Blue Chip Equity Fund (0.61)

US Large Cap Equity Fund 134.58

US Large Cap Growth Equity Fund 23.02

US Large Cap Value Equity Fund 8.94

US Smaller Companies Equity Fund 10.59


4. diVidendSThe 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 Class 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.



191t. RoWe pRiCe

The following dividend payments were made during the year ended 31 December 2015:

Fund Class CurrencyAmount

per Share ex-date

Emerging Local Markets Bond Fund

Sd USD 0.15914 24 March 2015

Sd USD 0.092006 22 June 2015

Sd USD 0.136070 18 September 2015

Sd USD 0.101915 22 December 2015

Emerging Markets Bond Fund (1)

Id USD 0.070191 21 January 2015

Id USD 0.048456 20 February 2015

Id USD 0.057078 24 March 2015

Id USD 0.043777 21 April 2015

Id USD 0.071068 21 May 2015

Id USD 0.055979 22 June 2015

Id USD 0.090704 22 July 2015

Id USD 0.058416 21 August 2015

Id USD 0.055560 18 September 2015

Id USD 0.020663 21 October 2015

Id USD 0.065140 20 November 2015

Id USD 0.062994 22 December 2015

Sd USD 0.174299 24 March 2015

Sd USD 0.168663 22 June 2015



Emerging Markets Corporate Bond Fund (2)

Ad EUR 0.017241 21 August 2015

Ad EUR 0.030763 18 September 2015

Ad EUR 0.037122 21 October 2015

Ad EUR 0.034031 20 November 2015

Ad EUR 0.036346 22 December 2015

Sd USD 0.151822 24 March 2015

Sd USD 0.136780 22 June 2015



Euro Corporate Bond Fund

Sd EUR 0.066295 24 March 2015

Sd EUR 0.059016 22 June 2015

Sd EUR 0.061044 18 September 2015

Sd EUR 0.061288 22 December 2015

European High Yield Bond Fund

Ad EUR 0.047337 21 January 2015

Ad EUR 0.044367 20 February 2015

Ad EUR 0.051233 24 March 2015

Ad EUR 0.039716 21 April 2015



per Share ex-date

European High Yield Bond Fund (continued)

Ad EUR 0.037159 21 May 2015

Ad EUR 0.040056 22 June 2015

Ad EUR 0.038766 22 July 2015

Ad EUR 0.031680 21 August 2015


Ad EUR 0.043072 21 October 2015



Adh USD 0.045615 21 January 2015

Adh USD 0.044266 20 February 2015

Adh USD 0.050989 24 March 2015

Adh USD 0.039328 21 April 2015

Adh USD 0.036870 21 May 2015

Adh USD 0.040662 22 June 2015

Adh USD 0.037705 22 July 2015

Adh USD 0.032104 21 August 2015

Adh USD 0.034238 18 September 2015

Adh USD 0.043374 21 October 2015

Adh USD 0.048867 20 November 2015

Adh USD 0.044186 22 December 2015

Sd EUR 0.175606 24 March 2015

Sd EUR 0.147463 22 June 2015

Sd EUR 0.135296 18 September 2015

Sd EUR 0.168894 22 December 2015

Global Aggregate Bond Fund

Id USD 0.023835 21 January 2015

Id USD 0.024461 20 February 2015

Id USD 0.022066 24 March 2015

Id USD 0.018398 21 April 2015

Id USD 0.019949 21 May 2015

Id USD 0.018584 22 June 2015

Id USD 0.029417 22 July 2015

Id USD 0.021673 21 August 2015


Id USD 0.025641 21 October 2015

Id USD 0.018507 20 November 2015

Id USD 0.019002 22 December 2015

Sd USD 0.072240 24 March 2015

Sd USD 0.060717 22 June 2015




192 t. RoWe pRiCe



per Share ex-date

Global High Income Bond Fund (3)

Ad EUR 0.011227 21 August 2015


Ad EUR 0.037812 21 October 2015



Qdh GBP 0.014665 22 June 2015

Qdh GBP 0.046236 22 July 2015

Qdh GBP 0.034635 21 August 2015

Qdh GBP 0.041750 18 September 2015

Qdh GBP 0.042892 21 October 2015

Qdh GBP 0.041785 20 November 2015

Qdh GBP 0.051211 22 December 2015


Ad USD 0.186882 24 March 2015

Ad USD 0.155000 22 June 2015

Ad USD 0.165422 18 September 2015

Ad USD 0.062644 21 October 2015

Ad USD 0.050955 20 November 2015

Ad USD 0.054943 22 December 2015

Jd USD 0.058292 21 January 2015

Jd USD 0.053571 20 February 2015

Jd USD 0.068137 24 March 2015

Jd USD 0.048432 21 April 2015

Jd USD 0.051500 21 May 2015

Jd USD 0.053398 22 June 2015

Jd USD 0.060800 22 July 2015

Jd USD 0.051270 21 August 2015

Jd USD 0.048620 18 September 2015

Jd USD 0.060331 21 October 2015

Jd USD 0.050040 20 November 2015

Jd USD 0.053568 22 December 2015

Sd USD 0.171758 24 March 2015

Sd USD 0.145645 22 June 2015



US Aggregate Bond Fund

Jd USD 0.027390 21 January 2015


Jd USD 0.025128 24 March 2015

Jd USD 0.020191 21 April 2015

Jd USD 0.022972 21 May 2015

Jd USD 0.023341 22 June 2015

Jd USD 0.026504 22 July 2015

Jd USD 0.025318 21 August 2015


per Share ex-date

US Aggregate Bond Fund (continued)

Jd USD 0.022970 18 September 2015

Jd USD 0.028117 21 October 2015


Jd USD 0.028053 22 December 2015

Sd USD 0.067784 24 March 2015

Sd USD 0.060281 22 June 2015



Asian ex-Japan Equity Fund

Id USD 0.012746 24 March 2015

Id USD 0.042573 22 June 2015


Emerging Markets Equity Fund (4)

Ad USD 0.001922 22 June 2015

Ad USD 0.018731 18 September 2015


Jd USD 0.031739 21 May 2015

Jd USD 0.056581 21 August 2015


(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was formerly named Global Emerging Markets Equity Fund.

5. CuStodiAn FeeS The Company is subject to an annual custodian fee, based upon a reducing scale, from 0.025% to 0.001% depending upon the value of the assets held in custody. This fee is calculated and accrued each business day and paid monthly in arrears.

6. ACCountinG And SHAReHoldeR SeRViCinG Accounting and Shareholder Servicing in the Statement of Operations and Changes in Net Assets include transfer agent fees, domiciliary fees and administration fee.

The Company is subject to an annual administration fee, based upon a reducing scale, from 0.07% to 0.01% depending upon the value of the Company’s net assets. Each 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. tAXAtion Under 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.


193t. RoWe pRiCe

FundClass

A*Class

i**Class Q***

Global High Yield Bond Fund 1.15% 0.60% 0.60%

Global Investment Grade Corporate Bond Fund (4) 0.90% 0.40% 0.40%

Global Unconstrained Bond Fund (5) 1.00% 0.50% 0.50%

US Aggregate Bond Fund 0.90% 0.40% 0.40%

Asian ex-Japan Equity Fund 1.90% 1.00% 1.00%

Asian Opportunities Equity Fund 1.90% 1.00% 1.00%

Continental European Equity Fund (6) 1.50% 0.65% 0.65%

Emerging Europe Equity Fund 1.90% 1.00% 1.00%

Emerging Markets Equity Fund (7) 1.90% 1.00% 1.00%

Emerging Markets Value Equity Fund (8) 1.90% 1.00% 1.00%

European 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%

Frontier Markets Equity Fund 2.00% 1.10% 1.10%

Global Focused Growth Equity Fund 1.60% 0.75% 0.75%

Global Growth Equity Fund 1.60% 0.75% 0.75%

Global Natural Resources Equity Fund 1.60% 0.75% 0.75%

Global Real Estate Securities Fund 1.60% 0.75% 0.75%

Global Technology Equity Fund (9) 1.75% 0.85% 0.85%

Global Value Equity 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 1.90% 1.00% 1.00%

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 Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.(6) This Fund was formerly named European ex-UK Equity Fund.(7) This Fund was formerly named Global Emerging Markets Equity Fund.(8) This Fund was launched on 14 September 2015.(9) This Fund was launched on 15 June 2015.* Includes Ad, Adh(USD), A (EUR), Ad (EUR), Ah (CHF), Ah (EUR), Ah (NOK) and Ah (SEK) Shares.** Includes Id, Ih (EUR), Ih (GBP), Ih (USD) and I (GBP) Shares.*** Includes Q (EUR), Q (GBP), Qd, Qh (CHF), Qh (EUR), Qh (GBP), Qh (USD), Qdh (GBP) Shares.There is no Management Company Fee charged directly to J, S and Z Share Classes.

a) taxe d’Abonnement

For the year ended 31 December 2015, 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 2015, 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, 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 2015, 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 14,264,199 Emerging Markets Equity Fund USD 5,666,506 Global Focused Growth Equity Fund USD 22,198,776 Global Growth Equity Fund USD 954,477

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. RelAted pARtY tRAnSACtionS a) Management Company Fee

The Funds are managed by T. Rowe Price (Luxembourg) Management S.à r.l. (the “Management Company”). The Management Company is entitled to receive from the Company a Management Company Fee. The Management Company pays the Investment Manager out of the Management Company Fee. This fee is payable monthly in arrears and 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%

Emerging Markets Bond Fund (1) 1.25% 0.65% 0.65%

Emerging Markets Corporate Bond Fund (2) 1.35% 0.70% 0.70%

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 High Income Bond Fund (3) 1.15% 0.60% 0.60%



194 t. RoWe pRiCe


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 Class I Shares are available to Institutional Investors only and are subject both to the Management Company 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 2015:

Fund Classtotal expense

Ratio*expense

limit

Emerging Local Markets Bond Fund I 0.75 0.75

Q (EUR) 0.81 0.82

Sd 0.10 0.10

Emerging Markets Bond Fund (1) A 1.42 1.42

I 0.75 0.75

Id 0.75 0.75

Ih (GBP) ** 0.30 0.40

Q (EUR) 0.82 0.82

Q ** 0.82 0.82

Sd 0.10 0.10

Emerging Markets Corporate Bond Fund (2) A 1.52 1.52

Ad (EUR) ** 0.61 1.52

I 0.80 0.80

Q (EUR) 0.87 0.87

Sd 0.10 0.10

Euro Corporate Bond Fund A 1.07 1.07

I 0.50 0.50

Ih (USD) 0.50 0.50

Q 0.57 0.57

Sd 0.10 0.10

Z - -


Ratio*expense

limit

European High Yield Bond Fund A 1.32 1.32

Ad 1.32 1.32

Adh (USD) 1.32 1.32

Ah (CHF) ** 1.29 1.32

I 0.70 0.70

Q 0.77 0.77

Qh (CHF) ** 0.63 0.77

Qh (USD) ** 0.27 0.77

Sd 0.10 0.10

Global Aggregate Bond Fund A 1.07 1.07

I 0.55 0.55

Id 0.55 0.55

Q (EUR) 0.61 0.62

Qh (EUR) 0.62 0.62

Sd 0.10 0.10

Sh (JPY) 0.10 0.10

Z - -

Global High Income Bond Fund (3) A ** 0.75 1.32

Ad (EUR)** 0.52 1.32

I ** 0.40 0.70

Q ** 0.76 0.77

Qdh (GBP) ** 0.42 0.77

Global High Yield Bond Fund A 1.25 1.32

Ad 1.24 1.32

Ah (EUR) 1.24 1.32

Ah (NOK) 1.24 1.32

Ah (SEK) 1.29 1.32

I 0.65 0.70

Ih (EUR) 0.66 0.67

Jd 0.02 N/A

Q 0.70 0.77

Sd 0.10 0.10

Z - -

Global Investment Grade Corporate Bond Fund (4)

A ** 1.07 1.07

I ** 0.50 0.50

Q ** 0.57 0.57

Global Unconstrained Bond Fund (5) A ** 1.17 1.17

Ah (EUR) ** 0.65 1.17

I ** 0.60 0.60

Ih (EUR) ** 0.33 0.60

Ih (GBP) ** 0.33 0.60

Q ** 0.67 0.67

Qh (GBP) ** 0.63 0.67


195t. RoWe pRiCe


Ratio*expense

limit

US Aggregate Bond Fund I 0.50 0.50

Ih (EUR) 0.49 0.50

Jd 0.04 N/A

Qh (GBP) ** 0.54 0.57

Sd 0.10 0.10

Asian ex-Japan Equity Fund A 2.02 2.07

I 1.07 1.10

Id 1.10 1.10

I 10 0.84 0.84

Q 1.15 1.17

Q (GBP) 1.17 1.17

Asian Opportunities Equity Fund A 2.07 2.07

I 1.10 1.10

Q 1.17 1.17

Q (GBP) 1.17 1.17

Continental European Equity Fund (6) I 0.73 0.75

Q (GBP) 0.82 0.82

Qh (USD) ** 0.77 0.82

Emerging Europe Equity Fund A 2.07 2.07

I 1.10 1.10

Emerging Markets Equity Fund (7) A 2.01 2.07

Ad 2.07 2.07

I 1.07 1.10

I 10 0.74 0.74

Jd 0.04 N/A

Q 1.15 1.17

Q (GBP) 1.17 1.17

S ** 0.09 0.10

Emerging Markets Value Equity Fund (8) A ** 0.62 2.07

I ** 0.33 1.10

Q ** 0.95 1.17

European Equity Fund A 1.61 1.67

Ad ** 1.67 1.67

I 0.73 0.75

Q 0.78 0.82

S 10 0.08 0.10

European Smaller Companies Equity Fund A 1.97 1.97

I 1.05 1.05

Q 1.12 1.12

Q (GBP) 1.12 1.12

European Structured Research Equity Fund I 0.65 0.65

Frontier Markets Equity Fund A 2.17 2.17

I 1.20 1.20

Q 1.27 1.27

Q (GBP) 1.27 1.27


Ratio*expense

limit

Global Focused Growth Equity Fund A 1.77 1.77

I 0.85 0.85

Q (EUR) 0.92 0.92

Q (GBP) 0.92 0.92

Global Growth Equity Fund A 1.77 1.77

I 0.82 0.85

I (GBP) 0.83 0.85

Q (EUR) 0.92 0.92

Q (GBP) 0.92 0.92

S 0.07 0.10

Global Natural Resources Equity Fund A 1.77 1.77

I 0.82 0.85

Q (EUR) 0.85 0.92

Global Real Estate Securities Fund A 1.77 1.77

I 0.85 0.85

Q (GBP) 0.92 0.92

Global Technology Equity Fund (9) A ** 1.92 1.92

I ** 0.95 0.95

Q ** 1.02 1.02

Global Value Equity Fund A 1.77 1.77

I 0.85 0.85

Q (EUR) 0.92 0.92

Japanese Equity Fund A 1.77 1.77

I 0.85 0.85

Q 0.92 0.92

Latin American Equity Fund A 2.07 2.07

I 1.10 1.10

Middle East & Africa Equity Fund A 2.07 2.07

I 1.10 1.10

Q (EUR) 1.27 1.27

US Blue Chip Equity Fund A 1.60 1.67

Ad ** 1.67 1.67

I ** 0.73 0.75

J 0.03 N/A

Q 0.77 0.82

Q (EUR) 0.81 0.82

Q (GBP) 0.82 0.82

Qd ** 0.82 0.82

US Large Cap Equity Fund A 1.67 1.67

I 0.75 0.75

Q (GBP) 0.82 0.82



196 t. RoWe pRiCe


Ratio*expense

limit

US Large Cap Growth Equity Fund A 1.59 1.67

I 0.69 0.75

Ih (EUR) ** 0.75 0.75

J 0.02 N/A

Q 0.75 0.82

Q (GBP) 0.82 0.82

US Large Cap Value Equity Fund A 1.61 1.67

I 0.70 0.75

J 0.02 N/A

Q 0.75 0.82

Q (GBP) 0.82 0.82

US Smaller Companies Equity Fund A 1.70 1.77

A (EUR) 1.77 1.77

I 1.00 1.05

Ih (EUR) 1.05 1.05

Q 1.08 1.12

Q (GBP) 1.12 1.12

S ** 0.10 0.10

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.(6) This Fund was formerly named European ex-UK Equity Fund.(7) This Fund was formerly named Global Emerging Markets Equity Fund.(8) This Fund was launched on 14 September 2015.(9) This Fund was launched on 15 June 2015.* The Total Expense Ratio expresses the total fees and expenses borne by a particular Class, net of any expenses waived, during the year ended 31 December 2015 as a percentage of the average net assets of that Class.** Class incepted during the year ended 31 December 2015; the Total Expense Ratio indicated is an annualised figure.

c) Related party shareholder

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 2015, the following Funds had a percentage of their net assets expressed in U.S. Dollars held by the Investment Manager or its affiliates.

Fund name percentage

Emerging Local Markets Bond Fund 99%

Emerging Markets Bond Fund (1) 5%

Emerging Markets Corporate Bond Fund (2) 99%

Euro Corporate Bond Fund 99%

European High Yield Bond Fund 34%

Global Aggregate Bond Fund 38%

Global High Income Bond Fund (3) 98%

Fund name percentage

Global Investment Grade Corporate Bond Fund (4) 100%

Global Unconstrained Bond Fund (5) 92%

Asian Opportunities Equity Fund 93%

Continental European Equity Fund (6) 34%

Emerging Europe Equity Fund 100%

Emerging Markets Value Equity Fund (7) 90%

European Smaller Companies Equity Fund 80%

European Structured Research Equity Fund 100%

Frontier Markets Equity Fund 70%

Global Real Estate Securities Fund 86%

Global Technology Equity Fund (8) 18%

Global Value Equity Fund 93%

Japanese Equity Fund 95%

Latin American Equity Fund 79%

Middle East & Africa Equity Fund 49%

US Large Cap Equity Fund 66%

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.(6) This Fund was formerly named European ex-UK Equity Fund.(7) This Fund was launched on 14 September 2015.(8) This Fund was launched on 15 June 2015.

Affiliated Investments

Global High Yield Bond Fund 4%

US Aggregate Bond Fund 30%

US Blue Chip Equity Fund 10%

US Large Cap Growth Equity Fund 5%

US Large Cap Value Equity Fund 13%

9. CRoSS inVeStMentS betWeen Sub-FundSAs at 31 December 2015, two sub-funds of the SICAV invest in other sub-funds of the SICAV.

investing sub-funds investee sub-funds

investment amount (in uSd)

% of net assets of the

investing sub-funds

Emerging Local Markets Bond Fund

Emerging Markets Bond Fund - Class Sd

292,358 2.72%

Global Aggregate Bond Fund

European High Yield Bond Fund - Class Sd

748,206 0.96%

The amount of cross investments is presented in the consolidated statement of net assets as at 31 December 2015 and in the statement of operations and changes in net assets for the year ended 31 December 2015.

This amount represents a total of USD 1,040,564 and represents 0.01% of the SICAV’s combined net assets. USD 9,561,390,283 is the SICAV’s combined net assets amount without the cross investments.



197t. RoWe pRiCe


10. peRFoRMAnCe SuMMARY (unAudited)

Fund Class31 december 2015

Year to date31 december 2014


Year to date

Emerging Local Markets Bond Fund I (15.08)% (5.82)% (9.62)%Q (EUR) (5.34)% (2.60)% N/A

Sd (14.45)% (11.97)% N/A

Emerging Markets Bond Fund (1) A 0.06% 2.55% (4.97)%I 0.77% 3.28% (4.35)%

Id 0.78% 3.24% (4.33)%Ih (GBP) (2.00)%* N/A N/A

Q 0.60%* N/A N/AQ (EUR) 12.17% 1.90% N/A

Sd 1.43% 3.48% N/A

Emerging Markets Corporate Bond Fund (2) A (0.44)% 3.15% (0.98)%Ad (EUR) (2.56)%* N/A N/A

I 0.34% 3.88% (0.26)%Q (EUR) 11.70% 2.60% N/A

Sd 1.04% 3.63% N/A

Euro Corporate Bond Fund A (0.33)% 7.41% 2.06%I 0.21% 8.01% 2.68%

Ih (USD) 0.63% 8.02% 2.88%Q 0.09% 6.50% N/ASd 0.65% 6.75% N/AZ 0.71% 8.55% 3.19%

European High Yield Bond Fund A 5.18% 5.16% 11.86%Ad 5.20% (0.54)% NA

Adh (USD) 5.40% (0.44)% NAAh (CHF) 0.30%* N/A N/A

I 5.81% 5.79% 12.56%Q 5.65% 4.40% N/A

Qh (CHF) (0.60)%* N/A N/AQh (USD) (0.20)%* N/A N/A

Sd 6.40% 4.67% N/A

Global Aggregate Bond Fund A (3.35)% 0.12% (3.42)%I (2.82)% 0.61% (2.89)%

Id (2.81)% 0.65% (2.93)%Q (EUR) 8.19% 2.60% N/A

Qh (EUR) 0.90% 0.30% N/ASd (2.35)% (3.87)% N/A

Sh (JPY) 1.26% 7.79% (0.19)%Z (2.27)% 1.19% (2.40)%

Global Fixed Income Absolute Return Fund (3) I N/A N/A (0.11)%Global High Income Bond Fund (4) A (6.70)%* N/A N/A

Ad (EUR) (5.35)%* N/A N/AI (6.40)%* N/A N/AQ (6.40)%* N/A N/A

Qdh (GBP) (5.84)%* N/A N/AGlobal High Yield Bond Fund A (3.71)% 1.10% 7.48%

Ad (3.75)% 1.11% 7.45%Ah (EUR) (3.96)% 1.01% 7.18%Ah (NOK) (2.90)% 2.33% 8.84%Ah (SEK) (4.17)% 1.57% 8.04%

I (3.12)% 1.70% 8.12%Ih (EUR) (3.43)% (3.80)% N/A

Jd (2.52)% 2.30% 8.75%Q (3.23)% 1.59% N/ASd (2.58)% 0.58% N/AZ (2.47)% 2.33% 8.87%

Global Investment Grade Corporate Bond Fund (5) A 0.20%* N/A N/AI 0.50%* N/A N/AQ 0.50%* N/A N/A

Global Unconstrained Bond Fund (6) A 1.80%* N/A N/AAh (EUR) 1.60%* N/A N/A

I 2.10%* N/A N/AIh (EUR) 1.90%* N/A N/AIh (GBP) 2.20%* N/A N/A

Q 2.20%* N/A N/AQh (GBP) 2.10%* N/A N/A


198 t. RoWe pRiCe





Year to date

US Aggregate Bond Fund I 0.45% 5.46% (2.03)%Ih (EUR) (0.09)% 5.44% (2.16)%

Jd 0.80% 6.08% (1.45)%Qh (GBP) 0.00%* N/A N/A

Sd 0.89% 1.49% N/AAsian ex-Japan Equity Fund A (7.03)% 5.59% (1.21)%

I (6.18)% 6.65% (0.35)%Id (6.16)% 6.68% N/A

I 10 (5.99)% 1.80% N/AQ (6.28)% 6.59% N/A

Q (GBP) (1.42)% 12.70% N/AAsian Opportunities Equity Fund A (2.61)% 3.60% N/A

I (1.63)% 4.20% N/AQ (1.73)% 4.20% N/A

Q (GBP) 3.36% 13.00% N/AContinental European Equity Fund (7) I 12.75% 6.71% 33.06%

Q (GBP) 6.26% (0.09)% N/AQh (USD) (3.70)%* N/A N/A

Emerging Europe Equity Fund A (0.78)% (26.04)% (0.21)%I 0.13% (25.29)% 0.81%

Emerging Markets Equity Fund (8) A (12.41)% 0.79% (4.88)%Ad (12.43)% 0.75% (4.85)%I (11.56)% 1.77% (3.95)%

I 10 (11.22)% 1.60% N/AJd (10.55)% 2.85% (2.97)%Q (11.63)% 1.67% N/A

Q (GBP) (7.04)% 8.10% N/AS (13.80)%* N/A N/A

Emerging Markets Value Equity Fund (9) A 0.30%* N/A N/AI 0.50%* N/A N/AQ 0.50%* N/A N/A

European Equity Fund A 11.68% 6.49% 30.43%Ad (2.70)%* N/A N/AI 12.64% 7.55% 31.57%Q 12.52% 7.49% N/A

S 10 13.34% 8.70% N/AEuropean Smaller Companies Equity Fund A 24.88% 6.75% 28.11%

I 26.06% 7.74% 29.29%Q 25.94% 7.63% N/A

Q (GBP) 18.88% 1.70% N/A

European Structured Research Equity Fund I 7.87% 5.52% 17.79%

Frontier Markets Equity Fund A (12.80)% (3.10)% N/AI (12.01)% (2.60)% N/AQ (12.02)% (2.70)% N/A

Q (GBP) (7.44)% 6.20% N/AGlobal Focused Growth Equity Fund A 5.81% 5.96% 32.29%

I 6.71% 6.97% 33.62%Q (EUR) 18.91% 8.40% N/AQ (GBP) 12.14% 16.10% N/A

Global Growth Equity Fund A 0.15% 8.08% 19.83%I 1.13% 9.12% 20.93%

I (GBP) 6.32% 16.00% 18.75%Q (EUR) 12.57% 8.20% N/AQ (GBP) 6.23% 15.80% N/A

S 1.85% 9.95% 21.88%Global Natural Resources Equity Fund A (20.18)% (9.16)% 16.02%

I (19.32)% (8.28)% 17.14%Q (EUR) (10.21)% 4.10% N/A

Global Real Estate Securities Fund A (0.48)% 14.14% 1.00%I 0.41% 15.18% 1.93%

Q (GBP) 5.56% 24.20% N/AGlobal Technology Equity Fund (10) A 10.00%* N/A N/A

I 10.60%* N/A N/AQ 10.50%* N/A N/A

Global Value Equity Fund A (2.91)% 7.30% 30.39%I (2.04)% 8.25% 31.75%

Q (EUR) 9.11% 9.80% N/A


199t. RoWe pRiCe





Year to date

Japanese Equity Fund A 26.41% 3.47% 24.74%I 27.51% 4.44% 25.74%Q 27.48% 3.70% N/A

Latin American Equity Fund A (27.21)% (13.75)% (16.28)%I (26.49)% (12.62)% (15.30)%

Middle East & Africa Equity Fund A (19.72)% 9.17% 23.04%I (18.97)% 10.53% 24.52%

Q (EUR) (9.84)% (0.40)% N/AUS Blue Chip Equity Fund A 10.87% 9.40% 41.02%

Ad 0.00%* N/A N/AI 5.30%* N/A N/AJ 12.62% 11.16% 43.32%Q 11.79% 10.24% N/A

Q (EUR) 24.59% 3.30% N/AQ (GBP) 17.55% 19.10% N/A

Qd 0.20%* N/A N/AUS Large Cap Equity Fund A 6.35% 12.24% 31.91%

I 7.37% 13.20% 33.15%Q (GBP) 12.86% 22.90% N/A

US Large Cap Growth Equity Fund A 9.87% 7.97% 44.06%I 10.86% 8.93% 45.34%

Ih (EUR) 1.60%* N/A N/AJ 11.59% 9.65% 46.39%Q 10.82% 8.82% N/A

Q (GBP) 16.41% 15.80% N/AUS Large Cap Value Equity Fund A (5.62)% 12.71% 33.64%

I (4.73)% 13.68% 34.89%J (4.07)% 14.47% 35.82%Q (4.78)% 13.57% N/A

Q (GBP) 0.00% 24.30% N/AUS Smaller Companies Equity Fund A (2.09)% 10.29% 40.65%

A (EUR) 8.99% 25.16% N/AI (1.40)% 11.07% 41.67%

Ih (EUR) (1.74)% 9.40% N/AQ (1.48)% 10.92% N/A

Q (GBP) 3.56% 17.99% N/AS (3.30)%* N/A N/A

* Returns for the T. Rowe Price Funds SICAV are presented for the period since inception for those classes with operations less than one year.(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was fully redeemed on 19 November 2014.(4) This Fund was launched on 4 June 2015.(5) This Fund was launched on 8 June 2015.(6) This Fund was launched on 10 June 2015.(7) This Fund was formerly named European ex-UK Equity Fund.(8) This Fund was formerly named Global Emerging Markets Equity Fund.(9) This Fund was launched on 14 September 2015.(10) This Fund was launched on 15 June 2015.


200 t. RoWe pRiCe

11. SWinG pRiCinG Where 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 interest 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. Under normal market circumstances, the Swing Factor shall not exceed 2% of the Net Asset Value of the relevant Fund on the relevant Dealing Day.

The official Net Asset Value per Share as at year-end, disclosed in the Statement of NAV per 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. As at 31 December 2015, the net asset value of the European High Yield Bond Fund was adjusted because of a large redemption exceeding the threshold.

12. tRAnSACtion CoStSThe 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 2015, the amounts are as follows:

Fund name Currency

total transaction

Costs

Emerging Local Markets Bond Fund USD 326

Emerging Markets Bond Fund (1) USD -

Emerging Markets Corporate Bond Fund (2) USD -

Euro Corporate Bond Fund EUR -

European High Yield Bond Fund EUR 14,260

Global Aggregate Bond Fund USD 3,338

Global High Income Bond Fund (3) USD 11

Global High Yield Bond Fund USD 71,449

Global Investment Grade Corporate Bond Fund (4) USD 259

Global Unconstrained Bond Fund (5) USD 2,302

US Aggregate Bond Fund USD 2,880

Asian ex-Japan Equity Fund USD 2,790,490

Asian Opportunities Equity Fund USD 5,302

Continental European Equity Fund (6) EUR 200,002

Emerging Europe Equity Fund EUR 17,106

Emerging Markets Equity Fund (7) USD 2,017,670

Emerging Markets Value Equity Fund (8) USD 5,271

European Equity Fund EUR 1,476,671

European Smaller Companies Equity Fund EUR 80,276

European Structured Research Equity Fund EUR 5,638

Frontier Markets Equity Fund USD 43,447

Global Focused Growth Equity Fund USD 323,118

Global Growth Equity Fund USD 1,148,262

Global Natural Resources Equity Fund USD 403,152

Global Real Estate Securities Fund USD 26,954

Global Technology Equity Fund (9) USD 14,500

Global Value Equity Fund USD 5,129

Fund name Currency

total transaction

Costs

Japanese Equity Fund EUR 1,729

Latin American Equity Fund USD 8,531

Middle East & Africa Equity Fund USD 42,288

US Blue Chip Equity Fund USD 66,255

US Large Cap Equity Fund USD 3,162

US Large Cap Growth Equity Fund USD 417,382

US Large Cap Value Equity Fund USD 225,722

US Smaller Companies Equity Fund USD 482,503


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 Markets Bond Fund, Emerging Markets Corporate Bond Fund and Euro Corporate Bond Fund.

peRFoRMAnCe diSCloSuRe Past 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 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 2015.

The Management Company fees and administration agent fees attributable to Class J Shares, Management Company fees to the Class S Shares and Management Company fees to Class Z Shares are not charged directly to the Share Classes. 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.



201t. RoWe pRiCe

Risk Measurement and Global exposure Appendix (unaudited)

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

Methodology

level of leverage %

(Av) lowest Highest Average Reference portfolio

Emerging Local Markets Bond Fund Relative VaR 104% 1.00 1.11 1.03 JP Morgan GBI-EM Global Diversified Returns Index

Emerging Markets Bond Fund (1) Relative VaR 119% 0.84 1.38 1.14 JP Morgan Emerging Markets Global Diversified Bond Index

Emerging Markets Corporate Bond Fund (2) Relative VaR 2% 1.06 1.42 1.24 JP Morgan CEMBI Broad Diversified Index

Euro Corporate Bond Fund Relative VaR 31% 1.05 1.33 1.16 Barclays Capital Euro-Aggregate: Corporate Returns Index

European High Yield Bond Fund Relative VaR 44% 0.89 1.22 1.01 BofA Merrill Lynch European Currency High Yield Constrained Index ex. Sub-Financials

Global Aggregate Bond Fund Relative VaR 83% 0.97 1.20 1.05 Barclays Capital Global Aggregate Returns Index

Global High Income Bond Fund (3) Relative VaR 34% 0.90 1.41 1.00 Bank of America Merrill Lynch Global High Yield Index, hedged in USD

Global High Yield Bond Fund Relative VaR 58% 0.80 1.06 0.89 JP Morgan Global High Yield Index

Global Investment Grade Corporate Bond Fund (4) Relative VaR 65% 0.93 1.19 1.10 Barclays Global Aggregate Corporate Returns Index, hedged in USD

Global Unconstrained Bond Fund (5) Absolute VaR 216% 0.84 2.24 1.52 N/A

US Aggregate Bond Fund Relative VaR 64% 0.90 1.03 0.96 Barclays US Aggregate Bond Returns Index

(1) This Fund was formerly named Global Emerging Markets Bond Fund.(2) This Fund was formerly named Global Emerging Markets Corporate Bond Fund.(3) This Fund was launched on 4 June 2015.(4) This Fund was launched on 8 June 2015.(5) This Fund was launched on 10 June 2015.


202 t. RoWe pRiCe

Further information

StAteMent oF CHAnGeS in poRtFolio A statement giving the changes in the portfolio of investments for the year ended 31 December 2015 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.

SoFt CoMMiSSion The 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.

GeneRAl inFoRMAtion The 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, with respect to the preceding financial year will be made available at troweprice.com and at the registered office within four months of the end of the financial 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 year to which they relate.

The Company has regulatory approvals to market itself to both retail and institutional clients in thirteen countries. These are Austria, France, Estonia, Denmark, Finland, Germany, Italy, Ireland, Latvia, Lithuania, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK. The Company has also been granted limited, institutional-only registrations

in Iceland and 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 redemptions 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 Association 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 other information to the 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 value profit, which are calculated for the holders of the foreign investment shares after 31 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.

pwc Audit r~port

To the Shareholders of T. Rowe Price Funds SICAV We 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 Schedule of investments as at 31 December 2015 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 statements The 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 "Reviseur d'entreprises agree" 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 "Reviseur d'entreprises agree", 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 "Reviseur d'entreprises agree" 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.

PricewaterhouseCoopers, Societe cooperative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de revision agree. Expert-comptabfe (autorisation gouvemementafe n°10028256) R.C.S. Luxembourg B 65 477-TVA LU25482518

Opinion In our opinion, the financial statements give a true and fair view of the f inancial position of T. Rowe Price Funds SICAV and of each of its sub-funds as of 31 December 2015, 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 matters Supplementary 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, Societe cooperative Luxembourg, 11 April 2016 Represented by

Serene Shtayyeh

203

PRISMA 16/1041 TRP AR ENG 1215