T Rowe Price Asian Ex-Japan Fund 2012 (884 MN Usd)

T.
Rowe Price Funds SICAV

An open-ended investment company organised under the laws of Luxembourg
31 December 2012
AUDITED Annual Report
R.C.S. B-82218
T. R o w e P r i c e F u n d s S I C A V - A u d i t e d A n n u a l R e p o r t - D e c e m b e r 2 0 1 2
Ta b l e o f C o n t e n t s
2 Management and Administration 88 Financial Statements

88 Statement of Net Assets
4 Letter from the Board of Directors
94 Statement of Operations and Changes in Net Assets
100 Statement of Changes in Number of Shares
5 Statement of Investments
106 Statement of NAV per Share and Net Asset Statistics
5 Emerging Local Markets Bond Fund 112 Notes to the Financial Statements
8 EURO Corporate Bond Fund
11 European High Yield Bond Fund
123 Risk Measurement and Global Exposure Appendix
(unaudited)
13 Global Aggregate Bond Fund
23 Global Emerging Markets Bond Fund
124 Further Information
26 Global Emerging Markets Corporate
Bond Fund
126 Audit Report
29 Global Fixed Income Absolute
Return Fund
32 Global High Yield Bond Fund
39 US Aggregate Bond Fund
45 Asian ex-Japan Equity Fund
47 Emerging Europe Equity Fund
49 European Equity Fund
51 European ex-UK Equity Fund
53 European Smaller Companies Equity Fund
55 European Structured Research Equity Fund
58 Global Emerging Markets Equity Fund
60 Global Equity Fund
62 Global Large Cap Equity Fund
65 Global Natural Resources Equity Fund
67 Global Value Equity Fund
69 Global Real Estate Securities Fund
71 Japanese Equity Fund
73 Latin American Equity Fund
75 Middle East & Africa Equity Fund
77 US Blue Chip Equity Fund
79 US Large Cap Equity Fund
81 US Large Cap Growth Equity Fund
83 US Large Cap Value Equity Fund
85 US Smaller Companies Equity Fund
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).
1
Management and Administration

REGISTERED OFFICE Jeremy Fisher
Vice President
European Bank and Business Center
T. Rowe Price International Ltd
6 route de Trèves
60 Queen Victoria Street
L-2633 Senningerberg
London, EC4N 4TZ
Grand Duchy of Luxembourg
United Kingdom
B OA R D O F D I R E C TO R S Christopher W. Edge
Edward C. Bernard (Chairman) Vice President
T. Rowe Price Associates, Inc.
Director 100 East Pratt Street
T. Rowe Price Group Baltimore, Maryland 21202
100 East Pratt Street United States of America
Baltimore, Maryland 21202
United States of America
C US TO D I A N
Christopher D. Alderson
JP Morgan Bank Luxembourg S.A.
President - International Equity European Bank and Business Center
T. Rowe Price International Ltd 6 route de Trèves
60 Queen Victoria Street L-2633 Senningerberg
London, EC4N 4TZ Grand Duchy of Luxembourg
United Kingdom
Peter Preisler D O M I C I L I A R Y, A D M I N I S T R AT I O N ,
Vice President R E G I S T R A R , T R A N S F E R A N D PAY I N G
T. Rowe Price International Ltd AGENT
Tuborg Havnevej 19
2900 Hellerup JP Morgan Bank Luxembourg S.A.
Denmark European Bank and Business Center
6 route de Trèves
Timothy D. Noel L-2633 Senningerberg
Vice President Grand Duchy of Luxembourg
100 East Pratt Street R E P R E S E N TAT I V E A N D PAY I N G A G E N T I N
Baltimore, Maryland 21202 GERMANY
JP Morgan AG
Christopher J. Rothery Junghofstraße 14
Vice President 60311 Frankfurt am Main
T. Rowe Price International Ltd Germany
London, EC4N 4TZ R E P R E S E N TAT I V E A N D PAY I N G A G E N T I N
United Kingdom DENMARK
Ian Hoddy Nordea Bank Danmark A/S
Vice President Strandgade 3
T. Rowe Price International Ltd DK-0900
35 Boulevard Prince Henri Copenhagen C
L-1724 Luxembourg Denmark
R E P R E S E N TAT I V E I N S W I T Z E R L A N D
Robert Higginbotham
Vice President First Independent Fund Services Ltd
T. Rowe Price International Ltd Klausstrasse 33
60 Queen Victoria Street 8008 Zürich
London, EC4N 4TZ Switzerland
United Kingdom
PAY I N G A G E N T I N S W I T Z E R L A N D
PERSONS CONDUCTING THE BUSINESS JP Morgan Chase Bank, National Association, Columbus
O F T H E C O M PA N Y Zurich Branch Dreikönigstrasse 21
8002 Zürich
Ian Hoddy Switzerland
Vice President
35 Boulevard Prince Henri
L-1724 Luxembourg
2
Management and Administration

>>>continued
INVESTMENT MANAGER
London, EC4N 4TZ
United Kingdom
INVESTMENT SUB-MANAGERS
100 East Pratt Street
Baltimore, Maryland 21202
T. Rowe Price Hong Kong Limited
21/F Jardine House
1 Connaught Place
Central, Hong Kong
T. Rowe Price Singapore Private Ltd.
290 Orchard Road
14-04 Paragon
238859 Singapore
AU D I TO R
PricewaterhouseCoopers, Société coopérative
400 route d’Esch
B.P. 1443
L-1014 Luxembourg
LEGAL ADVISER
Linklaters LLP
35 avenue J.F. Kennedy
L-1855 Luxembourg
3
Letter From the Board of Directors

Global equity markets posted impressive gains in 2012, driven by extraordinary action on the part of the world’s central banks, gradual abatement of fear over the eurozone
crisis, and a recovering economy in the U.S. The year was characterized by volatility, though, as the markets started strong, swooned in the second quarter, surged in the
third quarter, and then stumbled again and recovered in the fourth quarter.
Markets started the year on a positive note amid signs the U.S. economy was stabilizing and that the eurozone crisis was easing. However, they fell sharply in March and
April on fresh worries about Europe’s sovereign debt crisis, the staying power of the fragile U.S. recovery, and slowing growth in China. Election results in Greece and France
did not help matters, as they revealed growing popular resentment toward fiscal austerity measures that weakened European economies.
In July and August, the slump in markets reversed course after European Central Bank (ECB) President Mario Draghi said the ECB would do “whatever it takes” to support
the euro. The ECB unveiled in September a plan to buy sovereign short-term debt of troubled countries. The Bank of Japan also moved to expand its own asset purchase
program in its bid to fight deflation. Also, in September, the U.S. Federal Reserve announced a third round of quantitative easing—informally called QE3—that targeted
agency mortgage-backed securities (MBS). The S&P 500 Index surged to levels not seen since 2007 after the Fed’s announcement.
In the fourth quarter, major U.S. indexes initially fell around the U.S. presidential election in early November, due to investor concerns over a combination of potential tax
increases and U.S. government spending cuts. However, the S&P 500 Index clawed higher for the rest of the year as optimism rose that the country’s two political parties
would reach a deal. Congress eventually passed a bill on January 1 that settled the debate over taxes and delayed deep spending cuts.
For the year, emerging markets stocks narrowly outperformed developed markets. European shares rose as investors remained generally upbeat about the ECB’s decision to
launch a bond-buying program, if needed. Japanese stocks, especially exporters, benefited from the falling value of the yen in the fourth quarter. Stocks across the rest of the
Asia-Pacific region rose for the year, with China, South Korea, and Thailand generating strong gains. India’s market rallied on newly enacted reforms, and Russia also ended
the year higher, as natural gas prices buoyed the country’s main exports. The Philippines outperformed all Asian markets in 2012, reflecting the country’s stand-out economy.
Equities in emerging Europe were among the top performers for the year, led by Turkey. Latin American markets generally lagged amid flat performance in regional heavy-
weight Brazil and sharp stock and currency declines in Argentina. Mexico’s market surged, however.
Among the sectors in the MSCI All Country World Index, financials, consumer discretionary, health care, industrials and business services, and information technology
delivered the strongest performance. Consumer staples, materials, and telecommunication services performed less well but posted respectable gains. Utilities and energy
experienced the weakest results.
Although returns were generally less impressive than stocks, global fixed income markets also gained for the year amid central bank efforts to encourage economic growth
by suppressing interest rates. The U.S. Federal Reserve kept the fed funds rate near 0% and extended until year-end its Operation Twist maturity extension program, through
which the Fed replaced $667 billion in shorter-term Treasury holdings with longer-dated government issues. With yields hovering near historic lows, Treasuries generated
modestly positive returns. MBS also benefited from unconventional monetary policy when the Fed announced it would target these assets with QE3.
Across the Atlantic, the ECB ignited a sovereign debt rally with its pledge to act as lender of last resort to debt-burdened countries locked out of capital markets. Although
no governments submitted to a formal rescue program, a stipulation for ECB bond purchases to commence, this backstop helped drive down yields in the periphery. Italian
sovereigns, for instance, gained more than 20% in local currency terms as investor concerns about a eurozone breakup eased and financial system stress declined. Bonds
from healthier core eurozone countries, which enjoyed lower borrowing costs throughout the year, provided investors with more muted results.
Annual returns for spread sectors were particularly strong as the low rates engineered by central banks drove investors into higher-risk assets to obtain yield. Credit-
sensitive assets also benefited from positive technicals, as new supply was insufficient to meet voracious investor demand. Emerging market sovereign and corporate debt
recorded outstanding performance. Investors continued to be attracted to bonds from developing countries due to their lower debt levels, attractive yields, and better
growth prospects relative to the developed world. In the high yield space, a record amount of new issuance was easily absorbed by the market as defaults trended below
long-term averages. Returns for investment-grade corporates were more muted than below investment-grade debt overall, but financials nearly kept pace, benefiting from
reduced risk aversion and improving fundamentals.
Most major currencies appreciated versus the U.S. dollar during the year. After falling in the first half of the year, the euro rose after the ECB took bolder steps to hold the
currency union together. The British pound, Canadian dollar, and Swiss franc also gained. The yen was an exception, declining more than 11% versus the dollar. Stronger
risk appetites caused safe-haven flows into the Japanese currency to ebb. In addition, late in the year, Japan’s new leadership pressured the central bank to increase its
inflation target and institute more aggressive monetary policy to stimulate growth. Emerging market currencies generally appreciated versus the dollar against an improved
macroeconomic backdrop. However, the Brazilian real fell sharply as the country faced slowing growth and inflationary pressures.
During 2012, the Company’s marketing activities generated net subscriptions to the Funds of some USD 330 million. This coupled with positive market movements resulted
in an increase in the Company’s net assets from USD 5.93 billion to USD 7.29 billion.
In November 2012, the Company received approval from the Luxembourg regulator to launch a new sub-fund, the Global Value Equity Fund. The fund was launched on
November 28th.
The Company has regulatory approvals to market itself to both retail and institutional clients in thirteen countries. These are Estonia, Denmark Finland, Germany, Latvia,
Lithuania, Luxembourg, The Netherlands, Norway, Spain, Sweden, Switzerland and the UK. The Company has also been granted limited, institutional-only registrations in
Italy, and Singapore. In addition, a selection of sub-funds has been approved for distribution in Taiwan.
Sincerely,
The Board of Directors,

Luxembourg, 22 April 2013
4
Emerging Local Markets Bond Fund
Investment Objective Statement of Investments

As at 31 December 2012
The fund’s objective is to maximise total return by Market

Currency Nominal Value % of Net
investing primarily in a widely diversified, global Investment Denomination Value (USD) Assets
portfolio of bonds and other fixed and floating rate
Transferable Securities Admitted to an Official Exchange Listing
securities issued by governments, government agencies, Brazil
supranational and corporate issuers established, or Brazil Notas do Tesouro Nacional Series B 6%/2017
Brazil Notas do Tesouro Nacional Series B 6%/2020
BRL
BRL
22,300
5,700
278,124
75,333
1.90
0.51
conducting the predominant part of their business Brazil Notas do Tesouro Nacional Series B 6%/2045 BRL 1,600 23,860 0.16
Brazil Notas do Tesouro Nacional Series F 10%/2014 BRL 156,000 781,591 5.33
activity, in the economically emerging countries of Brazil Notas do Tesouro Nacional Series F 10%/2015 BRL 56,600 288,316 1.97
Latin America, Asia, Europe, Africa and the Middle Brazil Notas do Tesouro Nacional Series F 10%/2017
Brazil Notas do Tesouro Nacional Series F 10%/2021
BRL
BRL
86,700
84,000
446,327
433,210
3.05
2.96
East. The portfolio’s emphasis will be on investing Total for Brazil 2,326,761 15.88
in securities denominated in the currencies of the Chile
respective emerging countries. In the execution of its Chilean Government 3%/2016 CLP 1,500 72,929 0.50
Total Chile 72,929 0.50
objective, the fund may make enhanced use of derivative
instruments including, but not limited to, bond futures, Colombia
Colombian Government International Bond 12%/2015 COP 544,000,000 375,181 2.56
forward rate notes, forward foreign exchange contracts Colombian Government International Bond 7.75%/2021 COP 161,000,000 114,714 0.78
Colombian Government International Bond 9.85%/2027 COP 38,000,000 33,123 0.23
(including non-deliverable forwards), fixed interest Total for Colombia 523,018 3.57
warrants, interest rate futures, options on interest rate Hungary
futures, convertible bonds, options on bond futures, Hungarian Government Series 22/A 7%/2022 HUF 14,980,000 72,753 0.50
Hungarian Government Series 15/C 7.75%/2015 HUF 8,890,000 42,357 0.29
currency options and OTC swaps including interest rate Hungarian Government Series 16/C 5.5%/2016 HUF 48,420,000 218,628 1.49
swaps and credit default swaps as well as swap indices. Hungarian Government Series 17/B 6.75%/2017
Hungarian Government Series 20/A 7.5%/2020
HUF
HUF
50,710,000
5,620,000
237,774
27,971
1.62
0.19
On an opportunistic basis, the fund may create synthetic Total for Hungary 599,483 4.09
short positions in currencies and bonds using various Indonesia
derivative instruments including currency forwards, Indonesian Treasury Bond Series FR39 11.75%/2023 IDR 300,000,000 46,688 0.32
Indonesian Treasury Bond Series FR43 10.25%/2022 IDR 270,000,000 38,201 0.26
currency options, interest rate and bond futures, options Indonesian Treasury Bond Series FR44 10%/2024 IDR 2,290,000,000 325,618 2.22
on interest rate and bond futures, interest rate swaps Indonesian Treasury Bond Series FR47 10%/2028
Indonesian Treasury Bond Series FR53 8.25%/2021
IDR 1,138,000,000
IDR 1,183,000,000
165,256
148,734
1.13
1.01
and credit default swaps. Indonesian Treasury Bond Series FR54 9.5%/2031 IDR 1,078,000,000 153,361 1.05
Indonesian Treasury Bond Series FR57 9.5%/2041 IDR 387,000,000 55,982 0.38
Indonesian Treasury Bond Series FR58 8.25%/2032 IDR 1,270,000,000 161,249 1.10
Indonesian Treasury Bond Series FR61 7%/2022 IDR 1,078,000,000 127,134 0.87
Total for Indonesia 1,222,223 8.34
Ireland
RusHydro Finance SerEMTN 7.875%/2015 RUB 3,500,000 114,402 0.78
Total for Ireland 114,402 0.78
Luxembourg
RSHB Capital for Russian Agricultural Bank
SerEMTN 8.7%/2016 RUB 4,000,000 133,154 0.91
Total for Luxembourg 133,154 0.91
Mexico
Mexican Bonos 4%/2019 MXN 136,000 59,900 0.41
Mexican Bonos Series M 6.5%/2022 MXN 1,729,000 144,719 0.99
Mexican Bonos Series M 7.75%/2042 MXN 248,000 22,547 0.15
Mexican Bonos Series M 8%/2020 MXN 2,430,000 220,527 1.51
Mexican Bonos Series M10 7.25%/2016 MXN 4,513,000 375,778 2.56
Mexican Bonos Series M20 10%/2024 MXN 943,000 101,794 0.70
Mexican Bonos Series M30 10%/2036 MXN 1,075,000 119,906 0.82
Total for Mexico 1,526,576 10.42
Nigeria
Nigerian Treasury Bill Series 182d 0%/2013 NGN 5,600,000 34,759 0.24
Nigerian Government 16.39%/2022 NGN 13,700,000 109,056 0.74
Nigerian Treasury Bill 0%/2013 NGN 10,500,000 67,004 0.46
Nigerian Treasury Bill 0%/2013 NGN 11,110,000 69,722 0.47
Total for Nigeria 280,541 1.91
Philippines
Philippine Government International Bond 4.95%/2021 PHP 6,000,000 161,656 1.10
Total for Philippines 161,656 1.10
5

>>>continued
Statement of Investments
Market Market
Currency Nominal Value % of Net Currency Nominal Value % of Net
Investment Denomination Value (USD) Assets Investment Denomination Value (USD) Assets
Poland Sri Lanka
Polish Government Series 0417 4.75%/2017 PLN 750,000 257,531 1.76 Sri Lankan Government Series B 11.75%/2014 LKR 10,000,000 78,364 0.53
Polish Government Series 0429 5.75%/2029 PLN 97,000 38,595 0.26 Sri Lankan Government Series B 6.6%/2014 LKR 22,160,000 162,246 1.11
Polish Government Series 0922 5.75%/2022 PLN 1,101,000 417,345 2.85 Total for Sri Lanka 240,610 1.64
Total for Poland 713,471 4.87
Total Transferable Securities
Russia Traded on Another Regulated Market 1,586,882 10.83
Russian Government Foreign Bond SerRegS 7.85%/2018 RUB 10,000,000 355,917 2.43
Total for Russia 355,917 2.43
Other Transferable Securities
Serbia Sri Lanka
Republic of Serbia SerRegS step coupon 6.75%/2024 USD 67,200 68,582 0.47 Sri Lankan Treasury Bills Series 364 0%/2013 LKR 660,000 4,703 0.03
Sri Lankan Treasury Bills Series 364 0%/2013 LKR 140,000 1,000 0.01
Total for Serbia 68,582 0.47
Sri Lankan Treasury Bills Series 364 0%/2013 LKR 4,710,000 34,371 0.23
South Africa Total for Sri Lanka 40,074 0.27
South African Government CPI Linked Series
R197 5.5%/2023 ZAR 99,000 33,178 0.23 United States of America
South African Government CPI Linked Series JPMorgan Chase Bank SerEMTN 7.6%/2022 RUB 13,095,000 453,961 3.10
R211 2.5%/2017 ZAR 374,000 55,307 0.38 Total for United States of America 453,961 3.10
South African Government Series R157 13.5%/2015 ZAR 996,000 141,262 0.96
South African Government Series R186 10.5%/2026 ZAR 1,515,000 229,088 1.56 Total Other Transferable Securities 494,035 3.37
South African Government Series R203 8.25%/2017 ZAR 2,710,000 351,626 2.40
South African Government Series R204 8%/2018 ZAR 840,000 108,809 0.74
Total Investment Securities 14,066,355 95.99
South African Government Series R207 7.25%/2020 ZAR 350,000 43,550 0.30
South African Government Series R208 6.75%/2021 ZAR 2,926,000 353,275 2.41
South African Government Series R213 7%/2031 ZAR 1,629,000 177,912 1.21 Forward Currency Exchange Contracts
South African Government Series R214 6.5%/2041 ZAR 1,903,000 184,739 1.26 Unrealised
Total for South Africa 1,678,746 11.45 Gain (Loss) % of Net
Settlement Receive Deliver (USD) Assets
Thailand
7 January 2013 11,684,680 INR 207,000 USD 5,905
Thai Government 2.8%/2017 THB 1,491,000 48,087 0.33
7 January 2013 79,491 USD 4,231,300 INR 2,393
17 January 2013 143,432,640 KRW 133,000 USD 1,419
Thai Government 3.775%/2032 THB 200,000 6,290 0.04
17 January 2013 59,906 USD 66,416,800 KRW (2,337)
22 January 2013 4,426,360 INR 81,421 USD (1,209)
Thai Government 4.75%/2024 THB 676,000 24,476 0.17
14 February 2013 854,040,000 IDR 88,000 USD 440
14 February 2013 34,028 USD 331,607,000 IDR (311)
15 February 2013 65,000 AUD 68,258 USD (1,017)
Thai Government Series 04-5 5.5%/2019 THB 600,000 22,182 0.15
15 February 2013 297,515 BRL 140,855 USD 3,488
Thai Government Series ILB 1.2%/2021 THB 5,100,000 176,631 1.21
15 February 2013 12,152,000 CLP 24,991 USD 235
Total for Thailand 642,849 4.39 15 February 2013 76,000 EUR 96,948 USD 3,558
15 February 2013 31,447 GBP 51,000 USD 93
Turkey 15 February 2013 24,142,095 HUF 107,423 USD 1,642
Turkish Government 10%/2015 TRY 857,000 523,506 3.57 15 February 2013 5,575,000 JPY 66,861 USD (2,294)
Turkish Government 10.5%/2020 TRY 549,000 377,013 2.57 15 February 2013 4,085,000 MXN 308,767 USD 4,324
Turkish Government 3%/2021 TRY 349,000 258,092 1.76 15 February 2013 610,845 PHP 15,000 USD (102)
Turkish Government 4%/2015 TRY 200,000 143,765 0.98 15 February 2013 2,458,373 PLN 743,366 USD 49,900
Turkish Government 9%/2016 TRY 434,000 262,754 1.80 15 February 2013 27,601,348 RUB 862,117 USD 34,782
Total for Turkey 1,565,130 10.68 15 February 2013 7,803,000 THB 253,159 USD 1,411
15 February 2013 142,701 TRY 79,636 USD (227)
Total Transferable Securities 15 February 2013 246,275 USD 2,205,773 ZAR (12,224)
Admitted to an Official Exchange Listing 11,985,438 81.79 15 February 2013 830,781 USD 1,722,000 BRL (4,671)
15 February 2013 91,992 USD 3,785,000 PHP (319)
15 February 2013 188,697 USD 344,375,000 COP (5,071)
Transferable Securities Traded on Another Regulated Market 15 February 2013 98,155 USD 256,344 PEN (2,052)
Malaysia 15 February 2013 282,748 USD 273,000 AUD 335
Malaysian Government Series 0110 3.835%/2015 MYR 231,000 77,055 0.52 15 February 2013 87,936 USD 68,955 EUR (3,254)
Malaysian Government Series 0111 4.16%/2021 MYR 680,000 232,493 1.59 15 February 2013 253,189 USD 458,420 TRY (1,910)
Malaysian Government Series 0112 3.418%/2022 MYR 63,000 20,489 0.14 15 February 2013 192,348 USD 121,414 GBP (4,917)
Malaysian Government Series 0207 3.814%/2017 MYR 452,000 151,480 1.03 15 February 2013 482,609 USD 38,733,596 JPY 34,014
Malaysian Government Series 0311 4.392%/2026 MYR 376,000 132,754 0.91 15 February 2013 122,992 USD 401,976 PLN (6,717)
Malaysian Government Series 0411 4.232%/2031 MYR 191,000 65,542 0.45 15 February 2013 72,282 USD 34,912,000 CLP (191)
Malaysian Government Series 0412 4.127%/2032 MYR 192,000 64,787 0.44 15 February 2013 160,492 USD 2,078,083 MXN 1,219
Malaysian Government Series 0509 3.21%/2013 MYR 14,000 4,583 0.03 15 February 2013 86,202 USD 2,650,585 THB (273)
Malaysian Government Series 0902 4.378%/2019 MYR 538,000 186,392 1.27 15 February 2013 124,833 USD 27,412,282 HUF 995
Malaysian Government Series 2/03 4.24%/2018 MYR 230,000 78,614 0.54 15 February 2013 110,000 USD 3,422,980 RUB (1,229)
Total for Malaysia 1,014,189 6.92 15 February 2013 601,927 ZAR 67,769 USD 2,772
19 February 2013 272,672 MYR 88,600 USD 263
Peru 21 March 2013 1,838,000 MYR 598,970 USD (1,178)
Peruvian Government International Bond 15 May 2013 693,124,000 IDR 71,017 USD 62
Ser144A 6.95%/2031 PEN 215,000 106,165 0.72 15 May 2013 2,290,230 THB 74,000 USD 397
Peruvian Government International Bond 15 May 2013 142,742 USD 4,425,000 THB (1,001)
Ser144A 7.84%/2020 PEN 163,000 80,192 0.55 15 May 2013 22,000 USD 214,324,000 IDR 22
Peruvian Government International Bond 15 November 2013 718,196,000 IDR 71,856 USD 46
SerRegS 6.9%/2037 PEN 289,000 145,726 1.00
Net Unrealised Gain on
6 Total for Peru 332,083 2.27 Open Forward Currency Exchange Contracts 97,211 0.66

>>>continued
Futures Contracts
Contract Unrealised
Value Gain (Loss) % of Net
Investment Expiration (USD) (USD) Assets
Short, 1 ten-year US Treasury

Note Contracts, $1,485 pledged
as initial margin March 2013 (132,719) 859
Net Unrealised Gain on Open Futures Contracts 859 0.01
Credit Default Swap Contracts

Market
Currency Value % of Net
Investment Expiration Denomination Notional (USD) Assets
Morgan Stanley,
Receive fixed rate 7.05%,
Pay floating rate Mos
Prime 3 Months February 2017 RUB 4,500,000 5,782
Total Swap Contracts at Market Value 5,782 0.04
Other Assets Less Liabilities 483,514 3.30
Net Assets 14,653,721 100.00
144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the Securities
Act of 1933
EMTN: Euro Medium Term Note
step coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)
AUD: Australian Dollar

BRL: Brazilian Real
CLP: Chilean Peso
COP: Colombian Peso
EUR: European Union Euro
GBP: Great Britain Pound
HUF: Hungarian Forint
IDR: Indonesian Rupiah
INR: Indian Rupee
JPY: Japanese Yen
KRW: South Korean Won
LKR: Sri Lankan Rupee
MXN: Mexican Peso
MYR: Malaysian Ringgit
NGN: Nigerian Naira
PEN: Peruvian New Sol
PHP: Phillipine Peso
PLN: Polish Zloty
RUB: Russian Ruble
THB: Thai Baht
TRY: Turkish Lira
USD: United States Dollar
ZAR: South African Rand
The accompanying notes are an integral part of these financial statements.

7
EURO Corporate Bond Fund

The fund’s objective is to maximise total return Market

through investment primarily in a diversified portfolio Investment Denomination Value (EUR) Assets
of corporate bonds denominated in Euro. Investments
may include preferred stock and other transferable debt Australia
securities including transferable debt securities issued Australia & New Zealand Banking Group
SerEMTN 5.125%/2019 EUR 600,000 697,961 0.83
by the governments of those countries participating in Commonwealth Bank of Australia SerEMTN 5.5%/2019 EUR 400,000 473,769 0.57
National Australia Bank SerGMTN 4.75%/2016 EUR 600,000 680,921 0.81
the Euro. The fund may maintain a limited exposure to Origin Energy Finance SerEMTN 2.875%/2019 EUR 700,000 727,888 0.87
securities denominated in other European currencies. Westpac Banking SerEMTN 4.25%/2016 EUR 100,000 112,221 0.13
Total for Australia 2,692,760 3.21
In the execution of its objective, the fund may make
Bermuda
enhanced use of derivative instruments including, but Bacardi SerEMTN 7.75%/2014 EUR 100,000 108,626 0.13
not limited to, bond futures, forward rate notes, forward Total for Bermuda 108,626 0.13
foreign exchange contracts (including non-deliverable Brazil
forwards), fixed interest warrants, interest rate futures, Votorantim Cimentos SerRegS 5.25%/2017 EUR 525,000 573,306 0.68
Total for Brazil 573,306 0.68
options on interest rate futures, convertible bonds,
Cayman Islands
options on bond futures, currency options and OTC swaps Hutchison Whampoa Europe Finance SerRegS 2.5%/2017 EUR 400,000 420,987 0.50
including interest rate swaps and credit default swaps as IPIC GMTN SerRegS 2.375%/2018
IPIC GMTN SerRegS 5.875%/2021
EUR
EUR
300,000
300,000
308,250
366,828
0.37
0.44
well as swap indices. On an opportunistic basis, the fund Petrobras International Finance SerEMTN 5.875%/2022 EUR 250,000 296,000 0.35
Principal Financial Global Funding II SerEMTN 4.5%/2017 EUR 500,000 557,152 0.66
may create synthetic short positions in bonds and credit
Total for Cayman Islands 1,949,217 2.32
indices using various derivative instruments including
Czech Republic
interest rate and bond futures, options on interest rate CEZ SerEMTN 5%/2021 EUR 200,000 244,785 0.29
and bond futures, interest rate swaps, credit default CEZ SerEMTN 5.75%/2015 EUR 150,000 167,559 0.20
Total for Czech Republic 412,344 0.49
swaps and swap indices.
Denmark
Danske Bank SerEMTN 3.875%/2016 EUR 300,000 326,330 0.39
Danske Bank SerEMTN 4.75%/2014 EUR 300,000 316,327 0.38
TDC SerRegS 3.5%/2015 EUR 100,000 105,612 0.12
Total for Denmark 748,269 0.89
Finland
Metso SerEMTN 2.75%/2019 EUR 300,000 311,038 0.37
Total for Finland 311,038 0.37
France
Arkema 3.85%/2020 EUR 100,000 109,022 0.13
AXA SerEMTN VR 5.25%/2040 EUR 500,000 523,562 0.62
Banque PSA Finance SerRegS 3.5%/2014 EUR 400,000 404,977 0.48
BNP Paribas SerRegS 2.875%/2017 EUR 800,000 856,693 1.02
Carrefour SerRegS 1.875%/2017 EUR 200,000 200,345 0.24
Casino Guichard Perrachon SerEMTN 5.5%/2015 EUR 400,000 435,573 0.52
Electricité de France SerRegS 2.75%/2023 EUR 400,000 407,109 0.49
Eutelsat 4.125%/2017 EUR 50,000 55,644 0.07
Eutelsat SerRegS 5%/2019 EUR 500,000 587,979 0.70
GDF Suez SerRegS 2.625%/2022 EUR 600,000 616,906 0.74
Pernod-Ricard SerRegS 5%/2017 EUR 800,000 917,330 1.09
PPR SerEMTN 7.75%/2014 EUR 400,000 435,181 0.52
PPR SerEMTN 8.625%/2014 EUR 35,000 38,362 0.05
RCI Banque SerRegS 2.125%/2014 EUR 200,000 202,836 0.24
RCI Banque SerEMTN 4.375%/2015 EUR 210,000 222,016 0.26
Rhodia SerRegS 7%/2018 EUR 100,000 111,650 0.13
Société Générale SerEMTN 3.75%/2014 EUR 300,000 314,337 0.38
Société Générale SerEMTN 4.75%/2021 EUR 400,000 472,662 0.56
TPSA Eurofinance France SerEMTN 6%/2014 EUR 100,000 106,783 0.13
Valeo SerEMTN 5.75%/2017 EUR 400,000 452,531 0.54
Veolia Environnement SerEMTN 4.375%/2020 EUR 400,000 456,916 0.54
Vinci SerRegS 3.375%/2020 EUR 300,000 323,587 0.39
Vivendi SerEMTN 4.875%/2018 EUR 400,000 461,572 0.55
Total for France 9,159,935 10.93
8
EURO Corporate Bond Fund >>>continued
Market Market
Investment Denomination Value (EUR) Assets Investment Denomination Value (EUR) Assets
Germany Netherlands (continued)
Allianz SerRegS VR 5.625%/2042 EUR 300,000 340,417 0.40 Deutsche Telekom International Finance
Daimler SerRegS 2.625%/2019 EUR 300,000 318,254 0.38 SerEMTN 4.25%/2020 EUR 350,000 405,663 0.48
Deutsche Bank 5.125%/2013 EUR 100,000 100,253 0.12 Elsevier Finance SerRegS 2.5%/2020 EUR 400,000 412,633 0.49
MAN SerEMTN 7.25%/2016 EUR 33,000 39,713 0.05 GMAC International Finance 7.5%/2015 EUR 300,000 329,325 0.39
Merck Financial Services SerEMTN 4.875%/2013 EUR 29,000 29,953 0.04 Heineken SerEMTN 7.125%/2014 EUR 100,000 107,958 0.13
Techem SerRegS 6.125%/2019 EUR 100,000 107,750 0.13 KBC Internationale Financieringsmaatschappij
Volkswagen Bank SerEMTN 2.375%/2013 EUR 100,000 100,892 0.12 SerRegS 3.625%/2014 EUR 100,000 103,010 0.12
Total for Germany 1,037,232 1.24 KBC Internationale Financieringsmaatschappij
SerRegS 3.875%/2015 EUR 100,000 105,706 0.13
Ireland KBC Internationale Financieringsmaatschappij
Ardagh Packaging Finance SerRegS 7.375%/2017 EUR 100,000 109,350 0.13 SerRegS 4.5%/2017 EUR 600,000 668,440 0.80
Cloverie for Zurich Insurance SerEMTN VR 7.5%/2039 EUR 550,000 674,124 0.80 Koninklijke KPN SerRegS 4.5%/2021 EUR 400,000 435,445 0.52
GE Capital European Funding SerRegS 1.25%/2015 EUR 800,000 809,698 0.97 Lanxess Finance SerRegS 2.625%/2022 EUR 148,000 149,576 0.18
GE Capital European Funding SerRegS 2.875%/2019 EUR 800,000 855,926 1.02 Petrobras Global Finance 4.25%/2023 EUR 400,000 420,550 0.50
GE Capital European Funding SerEMTN 5.25%/2015 EUR 700,000 771,911 0.92 Repsol International Finance SerRegS 4.375%/2018 EUR 300,000 322,867 0.39
Intesa Sanpaolo Bank Ireland SerRegS 4%/2013 EUR 100,000 101,541 0.12 Repsol International Finance SerEMTN 4.75%/2017 EUR 100,000 109,328 0.13
Rottapharm SerRegS 6.125%/2019 EUR 150,000 156,195 0.19 Urenco Finance SerEMTN 4%/2017 EUR 200,000 219,743 0.26
VimpelCom Via VIP Finance Ireland SerRegS 9.125%/2018 USD 200,000 184,504 0.22 Volkswagen International Finance SerRegS 3.25%/2019 EUR 400,000 437,022 0.52
Total for Ireland 3,663,249 4.37 Total for Netherlands 10,339,731 12.33
Italy Norway
Atlantia SerRegS 4.375%/2020 EUR 400,000 429,332 0.51 DNB Bank SerRegS 4.375%/2021 EUR 100,000 117,591 0.14
Edison SerRegS 3.25%/2015 EUR 400,000 416,701 0.50 Total for Norway 117,591 0.14
Enel SerEMTN 6.25%/2019 GBP 200,000 269,179 0.32
Eni SerEMTN 4.25%/2020 EUR 600,000 683,202 0.81 South Korea
Fiat Industrial Finance Europe SerRegS 6.25%/2018 EUR 400,000 449,200 0.54 Export-Import Bank of Korea SerEMTN 5.75%/2013 EUR 100,000 102,100 0.12
Intesa Sanpaolo SerRegS 4.125%/2016 EUR 800,000 833,541 0.99 Total for South Korea 102,100 0.12
Intesa Sanpaolo SerRegS 4.875%/2015 EUR 1,200,000 1,269,239 1.51
Lottomatica Group 5.375%/2016 EUR 400,000 440,743 0.53 Spain
Snam SerRegS 3.875%/2018 EUR 400,000 428,919 0.51 Amadeus Capital Markets SerEMTN 4.875%/2016 EUR 300,000 328,792 0.39
Snam SerRegS 4.375%/2016 EUR 400,000 434,552 0.52 BBVA 3.5%/2017 EUR 900,000 905,004 1.08
Telecom Italia SerEMTN 4.625%/2015 EUR 400,000 427,484 0.51 BBVA Senior Finance SerEMTN 3.625%/2014 EUR 400,000 404,534 0.48
Telecom Italia SerEMTN 6.125%/2018 EUR 400,000 458,302 0.55 BBVA Senior Finance SerGMTN 3.25%/2015 EUR 500,000 500,086 0.60
Telecom Italia SerRegS 4%/2020 EUR 200,000 202,985 0.24 Gas Natural Capital Markets SerEMTN 4.125%/2018 EUR 200,000 212,367 0.25
UniCredit SerRegS 4.375%/2015 EUR 650,000 685,877 0.82 Iberdrola Finanzas SerEMTN 4.625%/2017 EUR 600,000 654,889 0.78
Total for Italy 7,429,256 8.86 Instituto de Credito Oficial SerRegS 4.875%/2017 EUR 650,000 661,225 0.79
Santander International Debt SerRegS 3.381%/2015 EUR 400,000 403,641 0.48
Jersey Santander International Debt SerRegS 3.5%/2015 EUR 700,000 708,608 0.85
Heathrow Funding 4.375%/2017 EUR 400,000 446,771 0.54 Telefonica Emisiones SerEMTN 4.674%/2014 EUR 150,000 154,950 0.19
Heathrow Funding SerRegS 4.6%/2018 EUR 400,000 455,060 0.54 Telefonica Emisiones SerRegS 4.71%/2020 EUR 700,000 761,576 0.91
Total for Jersey 901,831 1.08 Telefonica Emisiones SerEMTN 4.797%/2018 EUR 500,000 547,635 0.65
Total for Spain 6,243,307 7.45
Luxembourg
Altice Financing SerRegS 8%/2019 EUR 100,000 106,250 0.13 Sweden
AON Financial Services Luxembourg 6.25%/2014 EUR 600,000 644,341 0.77 Nordea Bank SerEMTN VR 4.625%/2022 EUR 500,000 541,537 0.65
Finmeccanica Finance SerEMTN 8%/2019 GBP 325,000 442,011 0.53 Securitas SerEMTN 6.5%/2013 EUR 50,000 50,753 0.06
Gazprom Via Gaz Capital SerEMTN 6.605%/2018 EUR 150,000 179,156 0.21 Skandinaviska Enskilda Banken SerRegS VR 4%/2022 EUR 600,000 636,115 0.76
Gazprom Via Gaz Capital SerRegS 3.755%/2017 EUR 600,000 638,175 0.76 Skandinaviska Enskilda Banken SerRegS 3.75%/2016 EUR 100,000 109,097 0.13
Wind Acquisition Finance SerRegS 11.75%/2017 EUR 350,000 365,995 0.43 Svenska Handelsbanken SerEMTN 4.875%/2014 EUR 100,000 105,453 0.13
Total for Luxembourg 2,375,928 2.83 Verisure Holding SerRegS 8.75%/2018 EUR 200,000 219,500 0.26
Volvo Treasury SerEMTN 2.375%/2019 EUR 400,000 400,120 0.48
Mexico Total for Sweden 2,062,575 2.47
America Movil SerEMTN 4.125%/2019 EUR 400,000 459,160 0.55
Petroleos Mexicanos SerEMTN 5.5%/2017 EUR 350,000 398,615 0.47 Switzerland
Total for Mexico 857,775 1.02 Credit Suisse/London Branch SerEMTN 3.875%/2017 EUR 800,000 888,750 1.06
UBS/London Branch SerEMTN 3.5%/2015 EUR 1,000,000 1,067,894 1.27
Netherlands Total for Switzerland 1,956,644 2.33
ABN Amro Bank SerRegS 4.75%/2019 EUR 600,000 704,266 0.84
ABN AMRO Bank SerRegS 7.125%/2022 EUR 600,000 708,098 0.84 United Kingdom
Allianz Finance II SerEMTN VR 5.75%/2041 EUR 400,000 459,791 0.55 Anglo American Capital SerEMTN 2.75%/2019 EUR 100,000 103,024 0.12
Allianz Finance II VR 6.5%/2025 EUR 450,000 495,112 0.59 Aviva SerEMTN VR 6.875%/2038 EUR 475,000 519,778 0.62
Brenntag Finance SerRegS 5.5%/2018 EUR 300,000 342,246 0.41 Barclays Bank SerEMTN 4.875%/2019 EUR 400,000 477,872 0.57
British American Tobacco Holdings Barclays Bank SerRegS 5.25%/2014 EUR 200,000 212,616 0.25
SerRegS 2.375%/2023 EUR 500,000 500,733 0.60 Barclays Bank SerRegS 6.625%/2022 EUR 450,000 532,548 0.64
Cooperatieve Centrale Raiffeisen-Boerenleenbank BP Capital Markets SerRegS 2.994%/2019 EUR 300,000 325,963 0.39
SerRegS 4.125%/2022 EUR 600,000 644,234 0.77 BP Capital Markets SerEMTN 3.1%/2014 EUR 150,000 156,791 0.19
Cooperatieve Centrale Raiffeisen-Boerenleenbank British Telecommunications SerEMTN 6.5%/2015 EUR 275,000 312,712 0.37
SerGMTN 4%/2022 EUR 800,000 917,827 1.09 Co-Operative Bank SerRegS 2.375%/2015 EUR 500,000 501,348 0.60
CRH Finance SerEMTN 5%/2019 EUR 500,000 578,636 0.69 Coventry Building Society SerRegS 2.25%/2017 EUR 400,000 408,270 0.49
Deutsche Post Finance SerRegS 1.875%/2017 EUR 325,000 336,313 0.40 Credit Suisse Group Finance Guernsey 6.375%/2013 EUR 150,000 153,399 0.18
Deutsche Telekom International Finance FCE Bank SerRegS 4.75%/2015 EUR 400,000 425,833 0.51
SerEMTN 4%/2015 EUR 400,000 425,209 0.51 G4S International Finance SerEMTN 2.625%/2018 EUR 400,000 400,260 0.48
GKN Holdings SerRegS 5.375%/2022 GBP 300,000 384,440 0.46
9
EURO Corporate Bond Fund >>>continued
Market Forward Currency Exchange Contracts

Investment Denomination Value (EUR) Assets Unrealised
Gain (Loss) % of Net
United Kingdom (continued) Settlement Receive Deliver (EUR) Assets
HSBC Bank SerRegS 3.875%/2018 EUR 150,000 170,755 0.20
15 February 2013 1,356,712 EUR 1,092,560 GBP 14,416
HSBC Holdings SerEMTN 4.5%/2014 EUR 150,000 157,858 0.19
15 February 2013 511,835 EUR 652,577 USD 18,375
HSBC Holdings SerEMTN 6.25%/2018 EUR 600,000 720,984 0.86
HSBC Holdings SerRegS 3.875%/2016 EUR 600,000 654,418 0.78 Net Unrealised Gain on
Imperial Tobacco Finance SerEMTN 4.375%/2013 EUR 150,000 154,846 0.18 Open Forward Currency Exchange Contracts 32,791 0.04
Imperial Tobacco Finance SerEMTN 4.5%/2018 EUR 800,000 915,578 1.09
Legal & General Group SerEMTN VR 4%/2025 EUR 470,000 465,993 0.56 Net Unrealised Gain on
Lloyds TSB Bank SerRegS 4.625%/2017 EUR 400,000 451,470 0.54 Open Forward Currency Exchange Contracts
Lloyds TSB Bank SerEMTN 6.375%/2016 EUR 575,000 674,806 0.80 attributable to Hedged Shares (See note 3a) 88,670 0.10
Lloyds TSB Bank SerEMTN 6.5%/2020 EUR 500,000 572,494 0.68
Nationwide Building Society SerEMTN 6.75%/2020 EUR 500,000 587,010 0.70
Priory Group No 3 SerRegS 7%/2018 GBP 200,000 262,615 0.31
Royal Bank of Scotland SerEMTN 4.75%/2016 EUR 800,000 890,460 1.06 Market
Royal Bank of Scotland SerRegS 5.375%/2019 EUR 800,000 957,070 1.14 Currency Value % of Net
Royal Bank of Scotland SerEMTN 5.75%/2014 EUR 150,000 159,814 0.19 Investment Expiration Denomination Notional (EUR) Assets
Standard Chartered Bank SerRegS 5.875%/2017 EUR 400,000 466,890 0.56
Standard Chartered SerEMTN 3.625%/2015 EUR 200,000 215,915 0.26 JP Morgan Chase, Protection bought
Standard Chartered SerRegS 3.625%/2022 EUR 300,000 307,749 0.37 (Relevant Credit: United Utilities
Total for United Kingdom 13,701,579 16.34 6.875% 2028), Pay 1.00%,
Payment upon credit default June 2017 EUR 200,000 (119)
United States of America Total Swap Contracts at Market Value (119) –
American International Group 6.797%/2017 EUR 100,000 121,874 0.14
Bank of America 4%/2015 EUR 400,000 425,762 0.51 Other Assets Less Liabilities 3,972,290 4.74
Bank of America SerRegS 4.625%/2017 EUR 800,000 902,780 1.08
Bank of America SerEMTN 7%/2016 EUR 600,000 711,067 0.85 Net Assets 83,840,298 100.00
Bank of America SerEMTN VR 4%/2018 EUR 300,000 281,973 0.34
Citigroup SerEMTN 3.5%/2015 EUR 225,000 239,097 0.28
Citigroup SerEMTN 4.375%/2017 EUR 1,000,000 1,123,383 1.34 GMTN: Global Medium Term Note
Citigroup SerEMTN 7.375%/2014 EUR 150,000 164,243 0.20 VR: variable rate, rate shown is effective rate at period-end
Citigroup SerEMTN VR 0.851%/2017 EUR 65,000 60,456 0.07
Citigroup VR 4.75%/2019 EUR 400,000 387,840 0.46 EUR: European Union Euro
GE Capital Trust IV SerRegS VR 4.625%/2066 EUR 150,000 148,110 0.18 GBP: Great Britain Pound
Goldman Sachs Group 5.125%/2014 EUR 800,000 855,220 1.02 USD: United States Dollar
Goldman Sachs Group SerEMTN 6.375%/2018 EUR 670,000 809,066 0.96
JPMorgan Chase SerRegS 2.75%/2022 EUR 800,000 828,844 0.99
JPMorgan Chase SerEMTN VR 4.375%/2019 EUR 600,000 603,944 0.72
Manpower SerRegS 4.5%/2018 EUR 700,000 773,431 0.92
Metropolitan Life Global Funding I
SerEMTN 4.625%/2017 EUR 100,000 114,949 0.14
Metropolitan Life Global Funding I
SerRegS 2.375%/2019 EUR 400,000 420,109 0.50
Mondelez International 6.25%/2015 EUR 300,000 334,604 0.40
Morgan Stanley SerGMTN 5.375%/2020 EUR 400,000 455,712 0.54
Morgan Stanley SerGMTN 5.5%/2017 EUR 1,000,000 1,140,211 1.36
National Grid USA SerEMTN 3.25%/2015 EUR 100,000 105,718 0.13
Pemex Project Funding Master Trust
SerRegS 6.25%/2013 EUR 100,000 103,284 0.12
Pemex Project Funding Master Trust
SerRegS 6.375%/2016 EUR 100,000 116,166 0.14
SABMiller Holdings SerRegS 1.875%/2020 EUR 300,000 300,611 0.36
SLM SerEMTN 4.75%/2014 EUR 300,000 306,972 0.37
Wells Fargo SerRegS 2.625%/2022 EUR 800,000 829,315 0.99
Total for United States of America 12,664,741 15.11

Admitted to an Official Exchange Listing 79,409,034 94.71

Netherlands
Enel Finance International SerRegS 6.25%/2017 USD 400,000 337,632 0.41
Total for Netherlands 337,632 0.41
Total Other Transferable Securities 337,632 0.41

10
European High Yield Bond Fund

The fund’s objective is to maximise total return through Market

investment primarily in a diversified portfolio of Investment Denomination Value (EUR) Assets
high yield corporate bonds denominated in European
currencies. Investments may include, income producing Austria
convertible securities and preferred stock and other Sappi Papier Holding SerRegS 6.625%/2018 EUR 150,000 162,230 1.28
Total for Austria 162,230 1.28
transferable debt securities. In the execution of its
Belgium
objective, the fund may make enhanced use of derivative Ontex IV SerRegS 7.5%/2018 EUR 150,000 160,500 1.26
instruments including, but not limited to, bond futures, Total for Belgium 160,500 1.26
forward rate notes, forward foreign exchange contracts Bermuda
(including non-deliverable forwards), fixed interest Central European Media Enterprises
SerRegS 11.625%/2016 EUR 150,000 158,625 1.25
warrants, interest rate futures, options on interest rate Total for Bermuda 158,625 1.25
futures, convertible bonds, options on bond futures, Cayman Islands
currency options and OTC swaps including interest UPCB Finance SerRegS 7.625%/2020 EUR 100,000 110,375 0.87
Total for Cayman Islands 110,375 0.87
rate swaps and credit default swaps as well as swap
France
indices. On an opportunistic basis, the Fund may create Crown European Holdings SerRegS 7.125%/2018 EUR 150,000 165,375 1.30
synthetic short positions in bonds and credit indices Europcar Groupe SerRegS 11.5%/2017 EUR 200,000 211,700 1.66
Lafarge SerEMTN 6.75%/2019 EUR 250,000 283,563 2.23
using various derivative instruments including interest Total for France 660,638 5.19
rate and bond futures, options on interest rate and bond Germany
futures, interest rate swaps, credit default swaps and HeidelbergCement Finance 7.5%/2020 EUR 175,000 206,981 1.63
KM Germany Holdings SerRegS 8.75%/2020 EUR 100,000 105,250 0.83
swap indices. Mondi Consumer Packaging International
SerRegS 9.75%/2017 EUR 200,000 232,510 1.83
Styrolution Group SerRegS 7.625%/2016 EUR 175,000 183,313 1.44
Techem SerRegS 6.125%/2019 EUR 100,000 107,750 0.85
Unitymedia KabelBW SerRegS 9.5%/2021 EUR 100,000 116,375 0.91
Unitymedia KabelBW SerRegS 9.625%/2019 EUR 200,000 225,577 1.77
Total for Germany 1,177,756 9.26
Ireland
Ardagh Glass Finance SerRegS 7.125%/2017 EUR 125,000 129,000 1.01
Rottapharm SerRegS 6.125%/2019 EUR 150,000 156,195 1.23
Smurfit Kappa Acquisitions SerRegS 5.125%/2018 EUR 100,000 105,850 0.83
Smurfit Kappa Acquisitions SerRegS 7.25%/2017 EUR 150,000 162,375 1.28
Italy
Fiat Industrial Finance Europe SerRegS 6.25%/2018 EUR 200,000 224,600 1.77
Total for Italy 224,600 1.77
Luxembourg
Aguila 3 SerRegS 7.875%/2018 CHF 300,000 267,858 2.11
Altice Financing SerRegS 8%/2019 EUR 100,000 106,250 0.84
ARD Finance SerRegS 11.125%/2018 EUR 211,125 221,950 1.75
Beverage Packaging Holdings Luxembourg II
SerRegS 8%/2016 EUR 200,000 203,760 1.60
Bormioli Rocco Holdings SerRegS 10%/2018 EUR 200,000 213,500 1.68
Capsugel FinanceCo SerRegS 9.875%/2019 EUR 175,000 197,750 1.56
Cirsa Funding Luxembourg SerRegS 8.75%/2018 EUR 225,000 225,195 1.77
FMC Finance VIII SerRegS 5.25%/2019 EUR 50,000 55,750 0.44
Gategroup Finance Luxembourg SerRegS 6.75%/2019 EUR 200,000 213,818 1.68
Greif Luxembourg Finance SerRegS 7.375%/2021 EUR 125,000 141,875 1.12
INEOS Group Holdings SerRegS 7.875%/2016 EUR 250,000 248,500 1.95
Matterhorn Midco & Cy SerRegS 7.75%/2020 EUR 200,000 205,000 1.61
Matterhorn Mobile SerRegS 6.75%/2019 CHF 150,000 132,997 1.05
Numericable Finance SerRegS 8.75%/2019 EUR 100,000 107,000 0.84
OXEA Finance & Cy SerRegS 9.625%/2017 EUR 214,344 236,850 1.86
Sunrise Communications Holdings SerRegS 8.5%/2018 EUR 150,000 165,600 1.30
Sunrise Communications International
SerRegS 5.625%/2017 CHF 150,000 129,889 1.02
Telenet Finance SerRegS 6.75%/2024 EUR 100,000 107,500 0.85
Wind Acquisition Finance SerRegS 11.75%/2017 EUR 150,000 156,855 1.23
Wind Acquisition Holdings Finance
SerRegS 12.25%/2017 EUR 240,781 240,778 1.89
Xefin Lux SerRegS 8%/2018 EUR 150,000 161,025 1.27
Total for Luxembourg 3,858,450 30.35
11
European High Yield Bond Fund

>>>continued
Market Forward Currency Exchange Contracts

Investment Denomination Value (EUR) Assets Unrealised
Netherlands Settlement Receive Deliver (EUR) Assets
Cable & Wireless International Finance 8.625%/2019 GBP 180,000 248,559 1.95
15 February 2013 518,571 EUR 623,934 CHF 1,530
Conti-Gummi Finance SerRegS 7.5%/2017 EUR 225,000 241,569 1.90
15 February 2013 1,109,206 EUR 893,243 GBP 11,786
GMAC International Finance 7.5%/2015 EUR 200,000 219,550 1.73
Goodyear Dunlop Tires Europe SerRegS 6.75%/2019 EUR 150,000 162,188 1.28 Net Unrealised Gain on
OI European Group SerRegS 6.75%/2020 EUR 200,000 228,000 1.79 Open Forward Currency Exchange Contracts 13,316 0.10
Polish Television Holding
SerRegS step coupon 11.25%/2017 EUR 150,000 164,250 1.29 Other Assets Less Liabilities 351,849 2.77
Schaeffler Finance SerRegS 6.75%/2017 EUR 100,000 109,250 0.86
Schaeffler Finance SerRegS 8.75%/2019 EUR 175,000 202,284 1.59 Net Assets 12,715,257 100.00
UPC Holding SerRegS 8.375%/2020 EUR 200,000 225,200 1.77
Ziggo Bond SerRegS 8%/2018 EUR 150,000 165,750 1.30 com stk: common stock
Ziggo com stk EUR 2,700 66,852 0.53 EMTN: Euro Medium Term Note
Total for Netherlands 2,033,452 15.99
VR: variable rate, rate shown is effective rate at period-end
Poland
CHF: Swiss Franc
Ciech Group Financing SerRegS 9.5%/2019 EUR 200,000 219,750 1.73 EUR: European Union Euro
Total for Poland 219,750 1.73 GBP: Great Britain Pound
Spain
Campofrio Food Group SerRegS 8.25%/2016 EUR 150,000 161,303 1.27
Total for Spain 161,303 1.27
Sweden
Cyfrowy Polsat Finance SerRegS 7.125%/2018 EUR 150,000 165,750 1.30
Eileme 2 SerRegS 11.75%/2020 EUR 200,000 235,000 1.85
Verisure Holding SerRegS 8.75%/2018 EUR 200,000 219,500 1.73
Total for Sweden 620,250 4.88
United Kingdom
MU Finance SerRegS 8.75%/2017 GBP 200,000 269,396 2.12
Odeon & UCI Finco SerRegS 9%/2018 GBP 150,000 194,649 1.53
Priory Group No 3 SerRegS 7%/2018 GBP 100,000 131,307 1.03
Priory Group No 3 SerRegS 8.875%/2019 GBP 100,000 128,423 1.01
R&R Ice Cream SerRegS 8.375%/2017 EUR 150,000 165,938 1.31
Rexam SerRegS VR 6.75%/2067 EUR 200,000 211,498 1.66
Total for United Kingdom 1,101,211 8.66

Cemex Finance SerRegS 9.625%/2017 EUR 150,000 161,992 1.27
Levi Strauss 7.75%/2018 EUR 150,000 162,553 1.28
Total for United States of America 324,545 2.55

Transferable Securities Traded on Another Regulated Market

United Kingdom
Algeco Scotsman Global Finance SerRegS 9%/2018 EUR 100,000 103,500 0.81
Virgin Media Finance 5.125%/2022 GBP 100,000 125,451 0.99
Total for United Kingdom 228,951 1.80

Infor US 10%/2019 EUR 200,000 226,000 1.78
Jarden Series 1 7.5%/2020 EUR 100,000 110,000 0.86
Rain CII Carbon SerRegS 8.5%/2021 USD 200,000 154,786 1.22
WMG Acquisition SerRegS 6.25%/2021 EUR 100,000 103,250 0.81

Traded on Another Regulated Market 822,987 6.47

12
Global Aggregate Bond Fund


investment primarily in a global portfolio of fixed Investment Denomination Value (USD) Assets
income securities which may include, but is not limited
to, transferable debt securities of governments and their Australia
agencies, state and provincial entities, supranational Australia & New Zealand Banking Group
SerEMTN 5.125%/2019 EUR 50,000 76,683 0.08
organisations, corporations and banks as well as Australia & New Zealand Banking Group
SerEMTN VR 4.75%/2018 GBP 15,000 24,787 0.03
mortgage- and asset-backed securities that qualify Commonwealth Bank of Australia SerEMTN 5.5%/2019 EUR 50,000 78,077 0.09
as eligible investments for UCITS within the meaning National Australia Bank SerGMTN 4.75%/2016
New South Wales Treasury Series 22 6%/2022
EUR
AUD
50,000
360,000
74,811
431,926
0.08
0.47
of article 41 (1) of the law of 17 December 2010 on Total for Australia 686,284 0.75
undertakings for collective investments. Investment in Austria
mortgage and asset-backed securities by the fund may Republic of Austria Ser144A 3.4%/2022 EUR 295,000 447,034 0.49
Republic of Austria Ser144A 4.85%/2026 EUR 131,000 227,861 0.25
exceed 20% of Net Asset Value. In the execution of its Republic of Austria Ser144A 6.25%/2027 EUR 156,000 309,918 0.34
Sappi Papier Holding SerRegS 6.625%/2018 EUR 100,000 142,589 0.15
objective, the fund may make enhanced use of derivative Telekom Finanzmanagement SerRegS 6.375%/2016 EUR 10,000 15,060 0.02
instruments including, but not limited to, bond futures, Total for Austria 1,142,462 1.25
forward rate notes, forward foreign exchange contracts Belgium
(including non-deliverable forwards), fixed interest Anheuser-Busch InBev SerRegS 2%/2019
Anheuser-Busch InBev SerEMTN 6.5%/2017
EUR
GBP
30,000
20,000
40,474
39,222
0.04
0.04
warrants, interest rate futures, options on interest rate Eni Finance International SerEMTN 5%/2019 GBP 10,000 17,926 0.02
Kingdom of Belgium Series 44 5%/2035 EUR 113,000 198,918 0.22
futures, convertible bonds, options on bond futures, Kingdom of Belgium Series 52 4%/2018 EUR 24,000 36,680 0.04
currency options and OTC swaps including interest rate Kingdom of Belgium Series 61 4.25%/2021 EUR 242,000 381,390 0.42
Total for Belgium 714,610 0.78
swaps and credit default swaps as well as swap indices.
Bermuda
On an opportunistic basis, the fund may create synthetic Weatherford International 6.75%/2040 USD 15,000 17,066 0.02
short positions in currencies, bonds and credit indices Weatherford International 9.625%/2019 USD 25,000 32,656 0.03
Total for Bermuda 49,722 0.05
using various instruments including currency forwards,
Brazil
currency options, interest rate and bond futures, options BR Malls International Finance SerRegS 9.75%/2049 USD 100,000 101,000 0.11
on interest rate and bond futures, interest rate swaps, Brazil Notas do Tesouro Nacional Series B 6%/2020 BRL 86,400 1,141,885 1.25
Brazil Notas do Tesouro Nacional Series B 6%/2045 BRL 7,000 104,387 0.11
credit default swaps and swap indices. Brazil Notas do Tesouro Nacional Series F 10%/2014 BRL 39,700 198,905 0.21
Votorantim Cimentos SerRegS 5.25%/2017 EUR 50,000 71,985 0.08
Total for Brazil 1,670,120 1.82
British Virgin Islands

Mega Advance Investments SerRegS 5%/2021 USD 200,000 226,714 0.25
Total for British Virgin Islands 226,714 0.25
Canada
Canadian Natural Resources 6.25%/2038 USD 55,000 71,108 0.08
Province of Manitoba Canada 1.3%/2017 USD 35,000 35,800 0.04
Province of Ontario Canada 1.6%/2016 USD 60,000 61,965 0.07
Royal Bank of Canada SerRegS 4.625%/2018 EUR 305,000 476,443 0.52
Talisman Energy 3.75%/2021 USD 55,000 59,120 0.06
Teck Resources 2.5%/2018 USD 5,000 5,110 0.00
Total for Canada 709,546 0.77
Cayman Islands
Central China Real Estate SerRegS 12.25%/2015 USD 100,000 111,500 0.12
Country Garden Holdings 10.5%/2015 USD 100,000 112,127 0.12
KWG Property Holding SerRegS 12.5%/2017 USD 100,000 115,487 0.13
Minerva Overseas II SerRegS 10.875%/2019 USD 100,000 115,000 0.13
Noble Holding International 5.25%/2042 USD 70,000 74,926 0.08
Pacific Life Funding SerEMTN 5.125%/2015 GBP 25,000 42,987 0.05
Petrobras International Finance 5.75%/2020 USD 125,000 142,920 0.16
Petrobras International Finance SerEMTN 4.875%/2018 EUR 206,000 303,468 0.33
Transocean 2.5%/2017 USD 35,000 35,408 0.04
Transocean 5.05%/2016 USD 15,000 16,716 0.02
Votorantim Overseas IV SerRegS 7.75%/2020 USD 100,000 123,375 0.13
13
Global Aggregate Bond Fund >>>continued
Market Market
Czech Republic Israel
Czech Republic International Bond SerRegS 3.875%/2022 EUR 490,000 740,504 0.81 Israeli Government Series 0217 5.5%/2017 ILS 348,000 109,051 0.12
Total for Czech Republic 740,504 0.81 Total for Israel 109,051 0.12
Denmark Italy
Carlsberg Finance 7%/2013 GBP 14,000 22,933 0.03 Buoni Poliennali Del Tesoro 3.75%/2021 EUR 282,000 365,906 0.40
Kingdom of Denmark 7%/2024 DKK 798,000 230,231 0.25 Buoni Poliennali Del Tesoro 4%/2017 EUR 237,000 325,209 0.35
Total for Denmark 253,164 0.28 Buoni Poliennali Del Tesoro 4.25%/2015 EUR 405,000 557,413 0.61
Buoni Poliennali Del Tesoro 4.25%/2020 EUR 420,000 566,384 0.61
Finland Buoni Poliennali Del Tesoro 4.75%/2017 EUR 439,000 616,916 0.67
Finnish Government 3.375%/2020 EUR 54,000 82,656 0.09 Buoni Poliennali Del Tesoro 5%/2040 EUR 464,000 612,842 0.67
Eni SerEMTN 3.5%/2018 EUR 50,000 71,986 0.08
Fiat Industrial Finance Europe SerRegS 6.25%/2018 EUR 100,000 148,056 0.16
France Intesa Sanpaolo SerRegS 4.125%/2016 EUR 100,000 137,367 0.15
Autoroutes du Sud de la France SerEMTN 7.375%/2019 EUR 50,000 86,977 0.09 Lottomatica Group 5.375%/2016 EUR 50,000 72,635 0.08
AXA SerEMTN VR 5.25%/2040 EUR 50,000 69,026 0.08 Telecom Italia SerEMTN 5.25%/2022 EUR 50,000 70,662 0.08
BNP Paribas Home Loan Covered Bonds UniCredit SerEMTN 4.25%/2016 EUR 153,000 218,512 0.24
SerEMTN 3.75%/2020 EUR 50,000 76,191 0.08 Total for Italy 3,763,888 4.10
BNP Paribas SerEMTN 2.375%/2019 GBP 10,000 16,182 0.02
BNP Paribas SerRegS 2.875%/2017 EUR 20,000 28,237 0.03 Japan
Caisse d’ Amortissement de la Dette Sociale Japan-32 (30 Year Issue) 2.3%/2040 JPY 52,950,000 661,534 0.72
SerEMTN 2.5%/2022 EUR 358,000 491,045 0.54 Japan-103 (20 Year Issue) 2.3%/2028 JPY 95,900,000 1,248,908 1.36
Carrefour SerEMTN 4%/2020 EUR 50,000 73,118 0.08 Japan-137 (20 Year Issue) 1.7%/2032 JPY 105,100,000 1,212,087 1.32
Eutelsat 4.125%/2017 EUR 50,000 73,361 0.08 Japan-285 (10 Year Issue) 1.7%/2017 JPY 101,050,000 1,244,804 1.36
France Telecom SerEMTN 8%/2017 GBP 14,000 28,526 0.03 Japan-288 (10 Year Issue) 1.7%/2017 JPY 75,700,000 938,503 1.02
GDF Suez SerRegS 2.625%/2022 EUR 30,000 40,666 0.04 Japan-300 (10 Year Issue) 1.5%/2019 JPY 133,900,000 1,662,009 1.81
Government of France OAT 4%/2038 EUR 285,000 447,812 0.49 Japan-304 (10 Year Issue) 1.3%/2019 JPY 7,000,000 85,993 0.09
HSBC Covered Bonds France SerEMTN 3.375%/2017 EUR 150,000 218,467 0.24 Japan-316 (10 Year Issue) 1.1%/2021 JPY 157,400,000 1,894,716 2.07
Lafarge SerEMTN 6.75%/2019 EUR 50,000 74,770 0.08 Japan-320 (10 Year Issue) 1%/2021 JPY 147,650,000 1,757,400 1.92
Pernod-Ricard SerEMTN 7%/2015 EUR 50,000 73,822 0.08 Total for Japan 10,705,954 11.67
PPR SerEMTN 8.625%/2014 EUR 5,000 7,225 0.01
RCI Banque SerEMTN 4.375%/2015 EUR 7,000 9,757 0.01 Jersey
RCI Banque SerRegS 2.125%/2014 EUR 15,000 20,056 0.02 Atlantic Finance SerRegS step coupon 10.75%/2014 USD 100,000 109,500 0.12
RCI Banque SerRegS 4.25%/2017 EUR 11,000 15,709 0.02 Heathrow Funding SerRegS 4.6%/2018 EUR 50,000 74,994 0.08
Société Générale SerEMTN 3.125%/2017 EUR 50,000 70,938 0.08 Heathrow Funding SerRegS 5.225%/2023 GBP 50,000 93,815 0.10
Total Capital SerRegS 3.875%/2018 GBP 10,000 18,139 0.02 Total for Jersey 278,309 0.30
TPSA Eurofinance France SerEMTN 6%/2014 EUR 50,000 70,392 0.08
Veolia Environnement SerEMTN 4.375%/2020 EUR 20,000 30,120 0.03 Luxembourg
Total for France 2,040,536 2.23 Gazprom Via Gaz Capital SerEMTN 6.605%/2018 EUR 50,000 78,733 0.09
Matterhorn Mobile Holdings SerRegS 8.25%/2020 EUR 100,000 144,153 0.16
Germany MHP SerRegS 10.25%/2015 USD 100,000 106,250 0.12
Deutsche Bundesrepublik 1.75%/2022 EUR 342,000 468,311 0.51 Numericable Finance SerRegS 8.75%/2019 EUR 100,000 141,069 0.15
Daimler SerRegS 2.625%/2019 EUR 25,000 34,966 0.04 OXEA Finance & Cy SerRegS 9.625%/2017 EUR 42,869 62,453 0.07
Deutsche Bank 5.125%/2013 EUR 15,000 19,826 0.02 Telecom Italia Capital 5.25%/2013 USD 30,000 30,900 0.03
Deutsche Bundesrepublik Series 05 3.25%/2015 EUR 1,209,000 1,725,611 1.88 Telecom Italia Capital 5.25%/2015 USD 15,000 15,997 0.02
Deutsche Bundesrepublik Series 05 4%/2037 EUR 858,000 1,533,217 1.67 Telecom Italia Capital 6.175%/2014 USD 20,000 21,141 0.02
Deutsche Bundesrepublik Series 152 3.5%/2013 EUR 193,000 256,840 0.28 Total for Luxembourg 600,696 0.66
Deutsche Bundesrepublik Series 161 1.25%/2016 EUR 94,000 128,929 0.14
Kreditanstalt fuer Wiederaufbau 4.7%/2037 CAD 69,000 81,023 0.09 Mexico
Kreditanstalt fuer Wiederaufbau 5.5%/2015 GBP 110,000 203,039 0.22 America Movil 3.75%/2017 EUR 50,000 73,104 0.08
Kreditanstalt fuer Wiederaufbau SerEMTN 4.375%/2018 EUR 100,000 157,691 0.17 America Movil 5.625%/2017 USD 45,000 54,326 0.06
Kreditanstalt fuer Wiederaufbau SerMTN 6%/2020 AUD 350,000 410,463 0.45 Mexican Bonos 2.5%/2020 MXN 639,000 260,987 0.28
Man SerEMTN 7.25%/2016 EUR 7,000 11,106 0.01 Mexican Bonos Series M 6.5%/2021 MXN 2,131,000 178,166 0.19
Merck Financial Services SerEMTN 3.375%/2015 EUR 9,000 12,565 0.02 Mexican Bonos Series M20 7.5%/2027 MXN 582,000 52,253 0.06
Merck Financial Services SerEMTN 4.875%/2013 EUR 5,000 6,809 0.01 Mexican Bonos Series M30 8.5%/2038 MXN 12,332,000 1,204,807 1.31
Total for Germany 5,050,396 5.51 Mexican Government International Bond
SerMTN 6.375%/2013 USD 25,000 25,100 0.03
Iceland Petroleos Mexicanos SerEMTN 5.5%/2017 EUR 50,000 75,076 0.08
Icelandic Government International Bond Total for Mexico 1,923,819 2.09
Ser144A 5.875%/2022 USD 106,000 118,560 0.13
Icelandic Government International Bond Netherlands
SerRegS 5.875%/2022 USD 200,000 223,698 0.24 ABN AMRO Bank SerRegS 4.125%/2022 EUR 50,000 75,337 0.08
Total for Iceland 342,258 0.37 Allianz Finance II VR 6.5%/2025 EUR 18,000 26,110 0.03
Bank Nederlandse Gemeenten 4.125%/2016 EUR 59,000 87,494 0.09
Ireland Cooperatieve Centrale Raiffeisen-Boerenleenbank
Alfa Bank SerRegS 7.875%/2017 USD 100,000 112,125 0.12 SerEMTN 4.25%/2017 EUR 25,000 37,036 0.04
Ardagh Packaging Finance SerRegS 7.375%/2017 EUR 100,000 144,167 0.16 Cooperatieve Centrale Raiffeisen-Boerenleenbank
Cloverie for Zurich Insurance SerEMTN VR 7.5%/2039 EUR 50,000 80,797 0.09 SerGMTN 4%/2022 EUR 28,000 42,352 0.05
GE Capital European Funding SerEMTN 4.25%/2017 EUR 30,000 44,343 0.05 CRH Finance SerEMTN 7.375%/2014 EUR 50,000 71,865 0.08
GE Capital European Funding SerEMTN 5.375%/2018 EUR 25,000 39,263 0.04 Daimler International Finance SerRegS 3.5%/2019 GBP 8,000 13,663 0.01
GE Capital UK Funding SerEMTN 5.625%/2014 GBP 20,000 35,155 0.04 Deutsche Post Finance SerRegS 1.875%/2017 EUR 10,000 13,643 0.01
GE Capital UK Funding SerEMTN 5.625%/2019 GBP 16,000 30,127 0.03 Deutsche Telekom International Finance
GE Capital UK Funding SerRegS 4.375%/2019 GBP 10,000 17,742 0.02 SerEMTN 4.25%/2020 EUR 5,000 7,640 0.01
Irish Government 5.5%/2017 EUR 176,000 254,976 0.28
14 Total for Ireland 758,695 0.83
Market Market
Netherlands (continued) Sweden
Deutsche Telekom International Finance Nordea Bank SerEMTN 3.875%/2015 GBP 50,000 87,043 0.09
SerEMTN 6%/2017 EUR 15,000 23,481 0.03 Skandinaviska Enskilda Banken SerEMTN 6.625%/2014 GBP 50,000 87,546 0.10
Deutsche Telekom International Finance Svensk Exportkredit 5.125%/2017 USD 45,000 52,322 0.06
SerEMTN 7.375%/2019 GBP 5,000 10,507 0.01 Swedish Government Series 1051 3.75%/2017 SEK 2,495,000 431,383 0.47
E.ON International Finance SerEMTN 5.5%/2016 EUR 12,000 18,000 0.02 Total for Sweden 658,294 0.72
E.ON International Finance SerEMTN 6%/2019 GBP 50,000 99,560 0.11
Enel Finance International SerEMTN 4%/2016 EUR 50,000 69,583 0.08 Switzerland
Heineken SerEMTN 7.125%/2014 EUR 20,000 28,466 0.03 Credit Suisse/London Branch SerEMTN 5.125%/2017 EUR 50,000 77,825 0.08
Heineken SerEMTN 7.25%/2015 GBP 35,000 63,732 0.07 UBS/Jersey Branch SerEMTN 4.75%/2017 EUR 15,000 22,903 0.03
Heineken SerRegS 3.5%/2024 EUR 8,000 11,548 0.01 UBS/London Branch SerEMTN 6.375%/2016 GBP 16,000 30,157 0.03
KBC Internationale Financieringsmaatschappij
Total for Switzerland 130,885 0.14
SerRegS 3.875%/2015 EUR 50,000 69,681 0.08
Koninklijke KPN SerEMTN 5.75%/2016 GBP 50,000 89,918 0.10 Turkey
Lanxess Finance SerRegS 2.625%/2022 EUR 6,000 7,995 0.01 Akbank Ser144A 5.125%/2015 USD 100,000 106,000 0.12
Linde Finance 6.5%/2016 GBP 10,000 18,754 0.02 Turkiye Garanti Bankasi SerRegS 6.25%/2021 USD 200,000 230,300 0.25
Repsol International Finance SerEMTN 4.625%/2014 EUR 20,000 27,749 0.03
RWE Finance SerEMTN 5.625%/2023 GBP 9,000 17,705 0.02 Total for Turkey 336,300 0.37
RWE Finance SerEMTN 6.375%/2013 GBP 10,000 16,597 0.02 Ukraine
RWE Finance SerEMTN 6.5%/2021 GBP 5,000 10,179 0.01 DTEK Finance SerRegS 9.5%/2015 USD 100,000 101,245 0.11
RWE Finance SerEMTN 6.625%/2019 EUR 50,000 85,168 0.09
Volkswagen International Finance SerRegS 3.25%/2019 EUR 16,000 23,047 0.02 Total for Ukraine 101,245 0.11
Total for Netherlands 1,066,810 1.16 United Kingdom
Aviva 9.5%/2016 GBP 7,000 14,053 0.01
Norway Aviva SerEMTN VR 6.875%/2038 EUR 50,000 72,134 0.08
DNB Bank SerEMTN 3.875%/2020 EUR 50,000 75,426 0.08 Barclays Bank 5.2%/2014 USD 100,000 106,441 0.12
Norwegian Government Series 472 4.25%/2017 NOK 362,000 72,620 0.08 Barclays Bank SerEMTN 4%/2019 EUR 200,000 310,458 0.34
Total for Norway 148,046 0.16 Barclays Bank SerRegS 5.25%/2014 EUR 50,000 70,078 0.08
Barclays Bank SerRegS 6.625%/2022 EUR 50,000 78,012 0.08
Poland BAT International Finance SerEMTN 6.375%/2019 GBP 15,000 30,484 0.03
Polish Government International Bond 3.875%/2015 USD 40,000 43,050 0.05 BMW UK Capital SerEMTN 5%/2017 GBP 10,000 18,441 0.02
Polish Government Series 0415 5.5%/2015 PLN 476,000 161,930 0.18 BP Capital Markets SerEMTN 3.83%/2017 EUR 50,000 74,423 0.08
Polish Government Series 0417 4.75%/2017 PLN 1,106,000 379,773 0.41 British Sky Broadcasting Group Ser144A 6.1%/2018 USD 10,000 11,962 0.01
Total for Poland 584,753 0.64 British Telecommunications 8.625%/2020 GBP 19,000 41,964 0.05
BSKYB Finance UK SerRegS 5.75%/2017 GBP 50,000 94,585 0.10
South Africa Credit Suisse Group Finance Guernsey 6.375%/2013 EUR 10,000 13,483 0.01
South African Government Series R157 13.5%/2015 ZAR 1,100,000 156,012 0.17 Eastern Power Networks SerEMTN 5.75%/2024 GBP 23,000 44,598 0.05
South African Government Series R208 6.75%/2021 ZAR 1,134,000 136,915 0.15 Ensco 3.25%/2016 USD 40,000 42,448 0.05
Total for South Africa 292,927 0.32 Experian Finance SerEMTN 4.75%/2020 EUR 50,000 78,184 0.08
Experian Finance SerEMTN 5.625%/2013 GBP 10,000 16,913 0.02
South Korea HSBC Holdings 5.1%/2021 USD 80,000 94,633 0.10
Export-Import Bank of Korea 4.625%/2017 EUR 89,000 131,653 0.14 HSBC Holdings SerEMTN 6.25%/2018 EUR 50,000 79,212 0.09
Korean Treasury Bond Series 1503 4.5%/2015 KRW 516,270,000 499,664 0.54 HSBC Holdings Series 2018 VR 9.875%/2018 GBP 10,000 16,609 0.02
Korean Treasury Bond Series 2006 5%/2020 KRW 153,290,000 161,503 0.18 Imperial Tobacco Finance SerEMTN 6.25%/2018 GBP 16,000 31,084 0.03
Korean Treasury Bond Series 2106 4.25%/2021 KRW 268,310,000 271,656 0.30 Imperial Tobacco Finance SerEMTN 8.375%/2016 EUR 50,000 80,073 0.09
Total for South Korea 1,064,476 1.16 Invesco Finance 3.125%/2022 USD 20,000 20,105 0.02
Kingfisher SerEMTN 5.625%/2014 GBP 10,000 17,408 0.02
Spain Lloyds TSB Bank SerEMTN 6.5%/2020 EUR 50,000 75,478 0.08
Banco Santander 4.375%/2015 EUR 200,000 274,159 0.30 Lloyds TSB Bank SerEMTN 7.625%/2025 GBP 14,000 26,283 0.03
BBVA 3.5%/2017 EUR 200,000 265,146 0.29 Marks & Spencer SerEMTN 5.625%/2014 GBP 12,000 20,363 0.02
BBVA Senior Finance SerGMTN 4.875%/2014 EUR 50,000 67,685 0.07 MU Finance Ser144A 8.375%/2017 USD 74,115 80,971 0.09
Instituto de Credito Oficial SerRegS 4.375%/2019 EUR 61,000 78,137 0.09 National Grid Gas SerEMTN 6%/2017 GBP 23,000 44,165 0.05
Instituto de Credito Oficial SerRegS 4.875%/2017 EUR 35,000 46,941 0.05 National Grid SerEMTN 5%/2018 EUR 20,000 31,375 0.03
Instituto de Credito Oficial SerRegS 6%/2021 EUR 57,000 77,532 0.08 Nationwide Building Society SerEMTN 3.75%/2015 EUR 50,000 69,761 0.08
Santander International Debt SerRegS 3.5%/2015 EUR 50,000 66,731 0.07 Nationwide Building Society SerEMTN 4.375%/2022 EUR 100,000 161,527 0.18
Spanish Government 4%/2015 EUR 243,000 326,874 0.36 Next 5.875%/2016 GBP 50,000 91,829 0.10
Spanish Government 4.1%/2018 EUR 288,000 375,528 0.41 Northumbrian Water Finance 6%/2017 GBP 10,000 19,082 0.02
Spanish Government 4.25%/2016 EUR 45,000 60,264 0.07 Odeon & UCI Finco SerRegS 9%/2018 GBP 100,000 171,084 0.19
Spanish Government 4.6%/2019 EUR 247,000 326,211 0.36 R&R Ice Cream SerRegS 8.375%/2017 EUR 100,000 145,848 0.16
Spanish Government 5.75%/2032 EUR 211,000 281,095 0.31 Rolls-Royce SerEMTN 7.375%/2016 GBP 15,000 29,219 0.03
Telefonica Emisiones 3.992%/2016 USD 45,000 46,935 0.05 Royal Bank of Scotland Group 2.55%/2015 USD 20,000 20,482 0.02
Telefonica Emisiones 5.462%/2021 USD 15,000 16,031 0.02 Royal Bank of Scotland SerRegS 5.375%/2019 EUR 50,000 78,863 0.09
Telefonica Emisiones SerEMTN 5.375%/2018 GBP 50,000 85,708 0.09 Scottish Power UK 8.375%/2017 GBP 16,000 31,681 0.03
Telefonica Emisiones SerRegS 3.661%/2017 EUR 50,000 68,863 0.07 Severn Trent Utilities Finance 6.125%/2024 GBP 13,000 26,252 0.03
Standard Chartered SerEMTN 3.625%/2015 EUR 50,000 71,166 0.08
Tesco SerEMTN 5.5%/2019 GBP 25,000 47,404 0.05
Supranational UK Treasury 3.75%/2021 GBP 475,000 906,537 0.99
European Investment Bank 8.75%/2017 GBP 110,000 239,273 0.26 UK Treasury 4.25%/2039 GBP 578,000 1,145,768 1.25
European Investment Bank SerEMTN 4.75%/2017 EUR 65,000 102,514 0.11 UK Treasury 4.5%/2042 GBP 419,000 867,293 0.95
Inter-American Development Bank 4.4%/2026 CAD 105,000 120,129 0.13 Vodafone Group SerEMTN 5.625%/2025 GBP 20,000 40,249 0.04
International Bank for Reconstruction & Total for United Kingdom 5,660,465 6.17
Development Series GDIF 3.875%/2019 EUR 143,000 223,765 0.25
Total for Supranational 685,681 0.75
15
Market Market
United States of America United States of America (continued)
Aetna 2.75%/2022 USD 25,000 24,847 0.03 FNMA Pool AE7731 4.5%/2040 USD 12,146 13,166 0.01
Agilent Technologies 3.2%/2022 USD 10,000 10,138 0.01 FNMA Pool AE4834 5%/2040 USD 19,995 21,832 0.02
Ahold Finance USA SerEMTN 6.5%/2017 GBP 29,000 54,891 0.06 FNMA Pool AE0984 4.5%/2041 USD 192,005 208,134 0.23
Ally Financial 7.5%/2020 USD 50,000 60,562 0.07 FNMA Pool AE0949 4%/2041 USD 818,370 878,415 0.96
Altria Group 4.75%/2021 USD 55,000 62,439 0.07 FNMA Pool AE0678 5%/2034 USD 33,891 36,929 0.04
Altria Group 9.25%/2019 USD 20,000 27,860 0.03 FNMA Pool AE0478 4%/2040 USD 24,794 26,613 0.03
American International Group 4.875%/2022 USD 35,000 40,033 0.04 FNMA Pool AE0392 5.5%/2039 USD 87,130 94,863 0.10
American International Group 6.4%/2020 USD 10,000 12,428 0.01 FNMA Pool AE0276 4%/2025 USD 136,235 145,966 0.16
American Tower 4.7%/2022 USD 110,000 121,935 0.13 FNMA Pool AE0115 5.5%/2035 USD 57,498 63,250 0.07
Ameriprise Financial 7.3%/2019 USD 25,000 32,368 0.04 FNMA Pool AE0105 5.5%/2038 USD 12,846 14,059 0.02
Anadarko Petroleum 6.375%/2017 USD 40,000 47,829 0.05 FNMA Pool AE0098 5.5%/2038 USD 39,290 43,000 0.05
Appalachian Power 6.375%/2036 USD 30,000 37,807 0.04 FNMA Pool AD9194 5%/2040 USD 3,462 3,778 0.00
AT&T 2.95%/2016 USD 120,000 127,149 0.14 FNMA Pool AD8536 5%/2040 USD 16,058 17,720 0.02
AT&T 6.45%/2034 USD 90,000 114,725 0.13 FNMA Pool AD7859 5%/2040 USD 16,021 17,848 0.02
AvalonBay Communities 2.95%/2022 USD 55,000 54,902 0.06 FNMA Pool AD7151 4%/2025 USD 23,713 25,407 0.03
Ball 7.375%/2019 USD 25,000 27,875 0.03 FNMA Pool AD6437 5%/2040 USD 42,663 47,368 0.05
Bank of America 5.625%/2020 USD 110,000 130,623 0.14 FNMA Pool AD6374 5%/2040 USD 59,850 65,565 0.07
Bank of America 6.5%/2016 USD 20,000 23,114 0.03 FNMA Pool AD3812 5%/2040 USD 3,080 3,431 0.00
Bank of America SerEMTN 5.5%/2019 GBP 20,000 37,113 0.04 FNMA Pool AD3125 4.5%/2040 USD 64,340 69,745 0.08
Bank of America SerMTNL 5.65%/2018 USD 75,000 87,360 0.10 FNMA Pool AD1067 4.5%/2040 USD 19,656 21,307 0.02
Bank of America SerRegS 4.625%/2017 EUR 50,000 74,389 0.08 FNMA Pool AD1045 4.5%/2040 USD 6,878 7,456 0.01
Berkshire Hathaway Finance 4.25%/2021 USD 45,000 51,719 0.06 FNMA Pool AD0330 5%/2038 USD 46,541 50,809 0.06
Bill Barrett 7%/2022 USD 50,000 51,750 0.06 FNMA Pool AD0245 5%/2038 USD 32,042 34,881 0.04
Boardwalk Pipelines 3.375%/2023 USD 50,000 49,212 0.05 FNMA Pool AD0227 5.5%/2034 USD 39,056 42,930 0.05
Buckeye Partners 5.5%/2019 USD 25,000 27,356 0.03 FNMA Pool AD0220 6%/2038 USD 28,875 31,617 0.03
Bunge Finance 3.2%/2017 USD 35,000 36,565 0.04 FNMA Pool AC9580 4.5%/2040 USD 8,402 9,129 0.01
Bunge Finance 4.1%/2016 USD 40,000 43,001 0.05 FNMA Pool AC8518 5%/2039 USD 4,187 4,641 0.01
Bunge NA Finance 5.9%/2017 USD 35,000 39,776 0.04 FNMA Pool AC7330 4.5%/2039 USD 76,107 82,262 0.09
Burlington Northern Santa Fe 3.05%/2022 USD 10,000 10,356 0.01 FNMA Pool AC1877 4.5%/2039 USD 47,001 50,803 0.06
Burlington Northern Santa Fe 5.05%/2041 USD 25,000 28,493 0.03 FNMA Pool AB7143 2.5%/2027 USD 69,641 72,898 0.08
CIT Group 5%/2022 USD 80,000 85,710 0.09 FNMA Pool AB7099 3%/2042 USD 299,260 313,615 0.34
Citigroup 6.125%/2018 USD 25,000 29,995 0.03 FNMA Pool AB7074 3%/2042 USD 64,873 68,064 0.07
Citigroup 8.5%/2019 USD 40,000 53,855 0.06 FNMA Pool AB6786 3.5%/2042 USD 208,090 222,551 0.24
Citigroup SerEMTN 5%/2019 EUR 20,000 30,970 0.03 FNMA Pool AB6768 3%/2042 USD 79,541 83,733 0.09
Citigroup SerEMTN 5.5%/2015 GBP 25,000 44,577 0.05 FNMA Pool AB6671 3%/2042 USD 59,773 62,989 0.07
Citigroup VR 4.75%/2019 EUR 16,000 20,453 0.02 FNMA Pool AB6670 3%/2042 USD 19,893 20,992 0.02
CNA Financial 5.875%/2020 USD 35,000 41,358 0.05 FNMA Pool AB6491 3%/2042 USD 29,748 31,390 0.03
Concho Resources 5.5%/2023 USD 80,000 84,200 0.09 FNMA Pool AB6317 3.5%/2042 USD 298,847 319,615 0.35
Constellation Energy Group 5.15%/2020 USD 105,000 120,226 0.13 FNMA Pool AB6291 3%/2027 USD 106,645 112,748 0.12
DaVita HealthCare Partners 6.625%/2020 USD 35,000 38,237 0.04 FNMA Pool AB2819 5%/2041 USD 20,765 22,672 0.02
DCP Midstream Operating 2.5%/2017 USD 20,000 19,916 0.02 FNMA Pool AB2085 4%/2041 USD 12,012 12,893 0.01
DCP Midstream Operating 3.25%/2015 USD 20,000 20,596 0.02 FNMA Pool AB1248 4.5%/2040 USD 70,262 76,164 0.08
Diamond Offshore Drilling 5.875%/2019 USD 20,000 24,717 0.03 FNMA Pool 995722 5%/2038 USD 27,583 29,987 0.03
Dominion Resources SerB 2.75%/2022 USD 15,000 15,164 0.02 FNMA Pool 995203 5%/2035 USD 680,737 743,165 0.81
Dow Chemical 4.25%/2020 USD 50,000 55,774 0.06 FNMA Pool 995112 5.5%/2036 USD 89,471 97,898 0.11
Dr Pepper Snapple Group 2%/2020 USD 10,000 9,986 0.01 FNMA Pool 995051 6%/2037 USD 163,207 179,853 0.20
Ford Motor Credit 5.75%/2021 USD 200,000 230,765 0.25 FNMA Pool 995023 5.5%/2037 USD 3,664 4,004 0.00
FNMA Pool MA1204 3.5%/2042 USD 117,672 125,849 0.14 FNMA Pool 964926 6%/2038 USD 11,020 12,307 0.01
FNMA Pool MA0967 4.5%/2041 USD 36,094 39,194 0.04 FNMA Pool 949782 VR 2.748%/2037 USD 4,491 4,794 0.01
FNMA Pool MA0907 4%/2041 USD 49,008 52,619 0.06 FNMA Pool 948848 6%/2037 USD 10,126 11,173 0.01
FNMA Pool MA0516 5%/2040 USD 7,579 8,286 0.01 FNMA Pool 942399 6%/2022 USD 18,353 20,192 0.02
FNMA Pool MA0500 5%/2040 USD 2,159 2,361 0.00 FNMA Pool 932391 4.5%/2040 USD 38,982 42,135 0.05
FNMA Pool AO7977 3%/2027 USD 135,538 143,293 0.16 FNMA Pool 929848 6%/2038 USD 10,476 11,805 0.01
FNMA Pool AL2661 4%/2026 USD 22,011 23,590 0.03 FNMA Pool 929836 6%/2038 USD 13,176 14,847 0.02
FNMA Pool AL2579 4%/2026 USD 174,874 187,361 0.20 FNMA Pool 915831 6.5%/2037 USD 15,041 16,295 0.02
FNMA Pool AL2456 4.5%/2026 USD 77,164 83,035 0.09 FNMA Pool 907036 VR 2.748%/2037 USD 1,950 2,093 0.00
FNMA Pool AL1546 4%/2041 USD 45,814 49,176 0.05 FNMA Pool 905196 VR 3.04%/2036 USD 7,513 8,052 0.01
FNMA Pool AL1524 4.5%/2040 USD 2,075 2,250 0.00 FNMA Pool 904108 6.5%/2036 USD 11,821 13,188 0.01
FNMA Pool AL1105 4.5%/2040 USD 58,974 63,927 0.07 FNMA Pool 896329 6.5%/2036 USD 7,258 8,150 0.01
FNMA Pool AL0065 4.5%/2041 USD 159,344 172,166 0.19 FNMA Pool 889579 6%/2038 USD 7,179 7,864 0.01
FNMA Pool AJ8067 4%/2041 USD 153,245 164,537 0.18 FNMA Pool 889565 5.5%/2037 USD 1,745 1,909 0.00
FNMA Pool AJ5679 3.5%/2026 USD 24,872 26,408 0.03 FNMA Pool 889396 6%/2037 USD 19,200 21,158 0.02
FNMA Pool AI5143 4.5%/2041 USD 42,442 46,087 0.05 FNMA Pool 889174 5.5%/2037 USD 72,546 79,378 0.09
FNMA Pool AH9054 4.5%/2041 USD 40,684 44,177 0.05 FNMA Pool 889139 5.5%/2037 USD 70,387 76,928 0.08
FNMA Pool AH8935 4.5%/2041 USD 94,630 102,756 0.11 FNMA Pool 888994 5.5%/2036 USD 30,747 33,605 0.04
FNMA Pool AH7007 4%/2041 USD 28,669 30,773 0.03 FNMA Pool 888884 5.5%/2035 USD 195,778 222,538 0.24
FNMA Pool AH6827 4%/2026 USD 34,162 36,613 0.04 FNMA Pool 888817 5.5%/2037 USD 70,211 76,823 0.08
FNMA Pool AH3586 4%/2041 USD 112,388 120,634 0.13 FNMA Pool 888564 5%/2021 USD 32,831 35,684 0.04
FNMA Pool AE7966 4.5%/2040 USD 319,696 352,346 0.38 FNMA Pool 848522 VR 5.733%/2035 USD 574 603 0.00
FNMA Pool AE7758 3.5%/2025 USD 52,076 55,257 0.06 FNMA Pool 848476 VR 3.903%/2035 USD 4,668 4,982 0.01
16
Market Market
United States of America (continued) United States of America (continued)
FNMA Pool 846551 VR 4.685%/2035 USD 2,063 2,196 0.00 FHLMC (Gold) Pool G14272 5%/2025 USD 22,208 23,815 0.03
FNMA Pool 813764 5%/2020 USD 15,042 16,349 0.02 FHLMC (Gold) Pool G14116 3.5%/2026 USD 68,535 72,036 0.08
FNMA Pool 796104 5.5%/2034 USD 8,496 9,383 0.01 FHLMC (Gold) Pool G13682 4.5%/2024 USD 67,285 71,648 0.08
FNMA Pool 791574 6%/2034 USD 10,637 11,884 0.01 FHLMC (Gold) Pool G08421 4%/2040 USD 807 863 0.00
FNMA Pool 745761 VR 2.776%/2036 USD 12,063 12,875 0.01 FHLMC (Gold) Pool G04653 6%/2038 USD 7,876 8,656 0.01
FNMA Pool 745428 5.5%/2036 USD 40,646 44,424 0.05 FHLMC (Gold) Pool E99933 5%/2018 USD 4,455 4,794 0.01
FNMA Pool 745418 5.5%/2036 USD 8,641 9,444 0.01 FHLMC (Gold) Pool E01497 5.5%/2018 USD 3,406 3,670 0.00
FNMA Pool 745392 4.5%/2020 USD 25,365 27,363 0.03 FHLMC (Gold) Pool C72128 6%/2032 USD 8,315 9,248 0.01
FNMA Pool 745355 5%/2036 USD 9,574 10,422 0.01 FHLMC (Gold) Pool C68248 7%/2032 USD 560 657 0.00
FNMA Pool 745336 5%/2036 USD 19,611 21,347 0.02 FHLMC (Gold) Pool C44794 7%/2030 USD 269 318 0.00
FNMA Pool 745279 5%/2021 USD 12,157 13,214 0.01 FHLMC (Gold) Pool C09007 3.5%/2042 USD 183,575 195,823 0.21
FNMA Pool 745275 5%/2036 USD 5,926 6,446 0.01 FHLMC (Gold) Pool C09004 3.5%/2042 USD 123,284 131,509 0.14
FNMA Pool 745246 6%/2034 USD 15,257 17,049 0.02 FHLMC (Gold) Pool B10343 5%/2018 USD 5,165 5,558 0.01
FNMA Pool 745216 VR 2.668%/2035 USD 15,434 16,466 0.02 FHLMC (Gold) Pool A97059 4%/2041 USD 76,656 84,518 0.09
FNMA Pool 745148 5%/2036 USD 49,470 53,854 0.06 FHLMC (Gold) Pool A97047 4.5%/2041 USD 73,935 79,801 0.09
FNMA Pool 735676 5%/2035 USD 13,139 14,296 0.02 FHLMC (Gold) Pool A96413 4%/2041 USD 18,107 19,326 0.02
FNMA Pool 735318 4.5%/2019 USD 11,767 12,693 0.01 FHLMC (Gold) Pool A95825 4%/2040 USD 277,409 296,090 0.32
FNMA Pool 735036 5.5%/2034 USD 147,444 160,184 0.17 FHLMC (Gold) Pool A93996 4.5%/2040 USD 85,105 91,671 0.10
FNMA Pool 725946 5.5%/2034 USD 31,506 34,473 0.04 FHLMC (Gold) Pool A91812 5%/2040 USD 32,318 35,548 0.04
FNMA Pool 725594 5.5%/2034 USD 116,864 127,871 0.14 FHLMC (Gold) Pool A28566 6.5%/2034 USD 47,172 53,896 0.06
FNMA Pool 725528 5.5%/2019 USD 4,745 5,142 0.01 Federal Realty Investment Trust 5.9%/2020 USD 5,000 5,912 0.01
FNMA Pool 725238 5%/2034 USD 13,944 15,194 0.02 Federal National Mortgage Association 4.875%/2016 USD 40,000 46,648 0.05
FNMA Pool 685202 5.5%/2018 USD 2,387 2,586 0.00 Equity One 3.75%/2022 USD 55,000 54,446 0.06
FNMA Pool 650075 6.5%/2032 USD 2,184 2,585 0.00 EQT 4.875%/2021 USD 40,000 43,019 0.05
FNMA Pool 625997 5.5%/2017 USD 2,002 2,157 0.00 Enterprise Products Operating 7.55%/2038 USD 20,000 27,637 0.03
FNMA Pool 625931 5.5%/2017 USD 674 723 0.00 Energy Transfer Partners 5.2%/2022 USD 65,000 74,280 0.08
FNMA Pool 555417 6%/2033 USD 6,890 7,699 0.01 Energizer Holdings 4.7%/2022 USD 40,000 42,915 0.05
FNMA Pool 555345 5.5%/2018 USD 925 994 0.00 Enbridge Energy Partners 5.5%/2040 USD 10,000 11,133 0.01
FNMA Pool 555285 6%/2033 USD 9,243 10,351 0.01 El Paso Natural Gas 5.95%/2017 USD 7,000 8,128 0.01
FNMA Pool 545898 5.5%/2017 USD 2,326 2,506 0.00 Duke Energy 1.625%/2017 USD 50,000 50,186 0.05
FNMA Pool 545830 5.5%/2017 USD 810 871 0.00 GATX 3.5%/2016 USD 15,000 15,648 0.02
FNMA Pool 545759 6.5%/2032 USD 20,514 23,363 0.03 GATX 4.85%/2021 USD 20,000 21,056 0.02
FNMA Pool 545120 7%/2031 USD 811 969 0.00 GE Capital Trust IV SerRegS VR 4.625%/2066 EUR 50,000 65,089 0.07
FNMA Pool 535041 7%/2029 USD 3,710 4,438 0.00 General Electric Capital 5.3%/2021 USD 285,000 331,379 0.36
FNMA Pool 357748 5.5%/2035 USD 4,699 5,136 0.01 GNMA 2010-103 IN 4.5%/2039 USD 80,215 7,877 0.01
FNMA Pool 357280 6.5%/2017 USD 3,042 3,299 0.00 GNMA 2010-92 PI 4.5%/2037 USD 81,999 9,251 0.01
FNMA Pool 254793 5%/2033 USD 9,278 10,110 0.01 GNMA 2011-41 AI 4.5%/2039 USD 97,825 14,457 0.02
FNMA Pool 254550 6.5%/2032 USD 8,236 9,382 0.01 GNMA I Pool 520473 7.5%/2030 USD 1,249 1,379 0.00
FNMA Pool 254473 5.5%/2017 USD 4,359 4,688 0.01 GNMA I Pool 543869 7.5%/2031 USD 435 463 0.00
FNMA Pool 254234 5.5%/2017 USD 1,994 2,141 0.00 GNMA I Pool 781312 7%/2013 USD 154 156 0.00
FNMA Pool 254140 5.5%/2017 USD 887 953 0.00 GNMA II Pool 3490 6.5%/2033 USD 3,452 3,957 0.00
FNMA Pool 190404 4.5%/2040 USD 118,496 128,450 0.14 GNMA II Pool 3598 6%/2034 USD 8,384 9,433 0.01
FNMA Pool 190360 5%/2035 USD 12,844 13,981 0.02 GNMA II Pool 3819 5.5%/2036 USD 5,473 6,000 0.01
FNMA Interest Strip 319 2 6.5%/2032 USD 1,448 222 0.00 GNMA II Pool 4495 4.5%/2039 USD 109,071 119,691 0.13
FNMA 0.875%/2017 USD 165,000 165,863 0.18 GNMA II Pool 4979 5%/2041 USD 13,713 15,148 0.02
FNMA 0.875%/2017 USD 80,000 80,322 0.09 GNMA II Pool MA0139 3%/2027 USD 18,160 19,122 0.02
FirstEnergy Solutions 4.8%/2015 USD 50,000 53,722 0.06 GNMA II Pool MA0154 3.5%/2042 USD 145,430 158,041 0.17
FHLMC Reference REMIC R003 VA 5.5%/2016 USD 16,167 16,192 0.02 GNMA II Pool MA0204 2.5%/2027 USD 38,829 41,065 0.05
FHLMC Pool 1Q0196 VR 3.13%/2037 USD 10,761 11,471 0.01 GNMA II Pool MA0205 3%/2027 USD 79,083 83,272 0.09
FHLMC Pool 1G1353 VR 5.883%/2036 USD 4,478 4,863 0.01 GNMA II Pool MA0317 3%/2042 USD 65,274 69,519 0.08
FHLMC Pool 1G1326 VR 5.984%/2036 USD 5,151 5,595 0.01 GNMA II Pool MA0374 2.5%/2027 USD 196,691 208,015 0.23
FHLMC Pool 1G0661 VR 5.387%/2036 USD 1,226 1,290 0.00 GNMA II Pool MA0375 3%/2027 USD 103,228 110,459 0.12
FHLMC Pool 1B3203 VR 2.735%/2037 USD 3,772 4,023 0.00 GNMA II Pool MA0391 3%/2042 USD 168,785 179,761 0.20
FHLMC Pool 1B0527 VR 2.91%/2032 USD 401 411 0.00 Goldman Sachs Group 5.125%/2014 EUR 50,000 70,470 0.08
FHLMC 1%/2017 USD 80,000 80,934 0.09 Goldman Sachs Group 5.75%/2022 USD 155,000 183,575 0.20
FHLMC (Gold) Pool Q14426 3%/2043 USD 289,000 302,431 0.33 Goldman Sachs Group 7.5%/2019 USD 35,000 44,095 0.05
FHLMC (Gold) Pool Q11220 3.5%/2042 USD 255,869 272,941 0.30 Goldman Sachs Group SerEMTN 6.125%/2017 GBP 15,000 27,632 0.03
FHLMC (Gold) Pool Q05977 4%/2042 USD 66,845 71,347 0.08 Goldman Sachs Group SerEMTN 6.375%/2018 EUR 15,000 23,881 0.03
FHLMC (Gold) Pool Q04674 4%/2041 USD 44,895 48,013 0.05 HCA 7.5%/2022 USD 50,000 57,500 0.06
FHLMC (Gold) Pool J03640 6%/2021 USD 8,512 9,434 0.01 Hess 6%/2040 USD 30,000 36,732 0.04
17
Market Market
Hess 7.875%/2029 USD 10,000 13,940 0.02 SunTrust Banks 3.6%/2016 USD 20,000 21,380 0.02
Hewlett-Packard 3%/2016 USD 40,000 40,291 0.04 Tampa Electric 6.15%/2037 USD 10,000 13,616 0.01
Historic TW 6.875%/2018 USD 15,000 18,925 0.02 Teco Finance 5.15%/2020 USD 35,000 40,772 0.05
HSBC Finance SerEMTN 4.875%/2017 EUR 50,000 75,647 0.08 Time Warner 6.5%/2036 USD 40,000 50,201 0.05
Hyatt Hotels 3.875%/2016 USD 40,000 42,629 0.05 Time Warner Cable 5.5%/2041 USD 100,000 111,687 0.12
International Lease Finance SerMTN 6.625%/2013 USD 40,000 41,700 0.05 Toyota Motor Credit SerEMTN 4%/2017 GBP 5,000 8,991 0.01
International Paper 4.75%/2022 USD 65,000 73,685 0.08 Tyson Foods 4.5%/2022 USD 20,000 21,750 0.02
Interpublic Group of Companies 10%/2017 USD 40,000 43,900 0.05 Union Pacific 4.75%/2041 USD 30,000 33,788 0.04
Interpublic Group of Companies 4%/2022 USD 45,000 46,680 0.05 UnitedHealth Group 4.625%/2041 USD 20,000 21,438 0.02
Jefferies Group 3.875%/2015 USD 100,000 103,750 0.11 UnitedHealth Group 4.7%/2021 USD 10,000 11,670 0.01
Jefferies Group 5.875%/2014 USD 12,000 12,690 0.01 Unum Group 5.625%/2020 USD 10,000 11,444 0.01
John Deere Capital 1.7%/2020 USD 45,000 44,613 0.05 Unum Group 5.75%/2042 USD 10,000 10,780 0.01
JPMorgan Chase 2%/2017 USD 185,000 189,185 0.21 US Bancorp 3.442%/2016 USD 35,000 36,884 0.04
JPMorgan Chase 4.5%/2022 USD 100,000 113,337 0.12 US Treasury 0.875%/2017 USD 2,550,000 2,583,867 2.82
JPMorgan Chase SerEMTN VR 4.375%/2019 EUR 50,000 66,353 0.07 US Treasury 1.25%/2014 USD 35,000 35,440 0.04
KeyCorp SerMTN 3.75%/2015 USD 15,000 16,062 0.02 US Treasury 2.625%/2016 USD 1,870,000 2,005,867 2.19
KeyCorp SerMTN 5.1%/2021 USD 20,000 23,340 0.03 US Treasury 2.625%/2020 USD 505,000 554,632 0.61
Kilroy Realty 4.8%/2018 USD 20,000 22,307 0.02 US Treasury 4.625%/2040 USD 910,000 1,229,638 1.34
Kinder Morgan Energy Partners 3.95%/2022 USD 50,000 53,568 0.06 US Treasury 5.375%/2031 USD 140,000 199,872 0.22
Kinder Morgan Energy Partners 4.15%/2022 USD 5,000 5,428 0.01 US Treasury 6.75%/2026 USD 280,000 432,644 0.47
Kohl’s 3.25%/2023 USD 35,000 34,056 0.04 US Treasury Inflation Indexed 1.875%/2013 USD 440,800 564,478 0.62
L-3 Communications 4.75%/2020 USD 35,000 39,075 0.04 US Treasury Inflation Indexed 2%/2014 USD 197,000 255,202 0.28
Magellan Midstream Partners 4.25%/2021 USD 5,000 5,532 0.01 Valmont Industries 6.625%/2020 USD 25,000 29,478 0.03
Marriott International 3%/2019 USD 20,000 20,612 0.02 Ventas Realty 2%/2018 USD 20,000 20,037 0.02
Metropolitan Life Global Funding I SerEMTN 4.625%/2017 EUR 50,000 75,774 0.08 Ventas Realty 3.125%/2015 USD 10,000 10,550 0.01
Mondelez International SerEMTN 7.25%/2018 GBP 50,000 101,824 0.11 Ventas Realty 3.25%/2022 USD 55,000 54,035 0.06
Morgan Stanley SerGMTN 4%/2015 USD 100,000 104,692 0.11 Ventas Realty 4%/2019 USD 15,000 16,146 0.02
Morgan Stanley SerGMTN 5%/2019 EUR 50,000 73,416 0.08 Walt Disney SerMTN 1.1%/2017 USD 55,000 55,161 0.06
Morgan Stanley SerGMTN 5.125%/2015 GBP 50,000 87,068 0.10 Wells Fargo SerMTN 3.5%/2022 USD 165,000 176,345 0.19
Morgan Stanley SerMTN 6%/2015 USD 100,000 108,980 0.12 Western Gas Partners 4%/2022 USD 65,000 68,547 0.08
Murphy Oil 4%/2022 USD 35,000 35,346 0.04 Williams Partners 4.125%/2020 USD 70,000 76,140 0.08
Nabors Industries 9.25%/2019 USD 15,000 19,855 0.02 Williams Partners 6.3%/2040 USD 10,000 12,269 0.01
Nevada Power 5.45%/2041 USD 95,000 116,769 0.13 Xerox 6.35%/2018 USD 45,000 51,959 0.06
Newell Rubbermaid 2.05%/2017 USD 15,000 15,217 0.02 Total for United States of America 29,687,825 32.37
Nisource Finance 5.25%/2043 USD 65,000 69,068 0.08
Noble Energy 4.15%/2021 USD 35,000 38,709 0.04
Noble Energy 6%/2041 USD 35,000 42,318 0.05
NSTAR Electric 2.375%/2022 USD 35,000 34,860 0.04 Transferable Securities Traded on Another Regulated Market
NuStar Logistics 4.8%/2020 USD 20,000 19,350 0.02 Australia
Omnicom Group 4.45%/2020 USD 65,000 72,446 0.08 SMART Trust 2012-2USA A4A Ser144A 2.06%/2018 USD 100,000 102,625 0.11
Omnicom Group 6.25%/2019 USD 15,000 18,330 0.02 SMART Trust 2012-4US A4A 1.25%/2018 USD 90,000 89,916 0.10
ONEOK 4.25%/2022 USD 40,000 43,446 0.04
Total for Australia 192,541 0.21
Owens Corning 4.2%/2022 USD 35,000 35,665 0.04
Parker Drilling 9.125%/2018 USD 80,000 85,800 0.09 Canada
Pemex Project Funding Master Trust SerRegS 5.5%/2025 EUR 150,000 226,930 0.25 Canadian Government 3.5%/2020 CAD 365,000 414,264 0.45
Penn Virginia Resource Partners Finance 8.25%/2018 USD 50,000 53,250 0.06 Canadian Government 4%/2041 CAD 35,000 47,006 0.05
Petrohawk Energy 7.25%/2018 USD 15,000 16,954 0.02 Canadian Government 5%/2037 CAD 188,000 279,489 0.31
Pioneer Natural Resources 3.95%/2022 USD 50,000 52,496 0.06 Canadian Province of British Columbia 3.7%/2020 CAD 418,000 460,732 0.50
Plains All American Pipeline 2.85%/2023 USD 25,000 24,823 0.03 Precision Drilling 6.625%/2020 USD 25,000 27,000 0.03
Plains All American Pipeline 5.75%/2020 USD 35,000 42,367 0.05 Province of Quebec Canada 5%/2038 CAD 250,000 311,052 0.34
PNC Funding 3.3%/2022 USD 70,000 73,940 0.08
PNC Funding 5.625%/2017 USD 50,000 57,783 0.06 Total for Canada 1,539,543 1.68
PPL Capital Funding 3.5%/2022 USD 15,000 15,300 0.02
Chile
Principal Financial Group 6.05%/2036 USD 20,000 24,838 0.03
Celulosa Arauco y Constitucion 5%/2021 USD 5,000 5,343 0.01
Provident 7%/2018 USD 25,000 29,725 0.03
Celulosa Arauco y Constitucion 5.125%/2013 USD 25,000 25,499 0.02
Prudential Financial SerMTN 5.375%/2020 USD 30,000 35,126 0.04
Public Service of Oklahoma 5.15%/2019 USD 15,000 17,538 0.02 Total for Chile 30,842 0.03
Raymond James Financial 4.25%/2016 USD 5,000 5,261 0.01
Malaysia
Regency Centers 5.875%/2017 USD 10,000 11,577 0.01
Malaysian Government Series 0111 4.16%/2021 MYR 706,000 241,382 0.26
Regions Financial 5.75%/2015 USD 10,000 10,837 0.01
Reinsurance Group of America 5%/2021 USD 10,000 11,030 0.01
Reinsurance Group of America 6.45%/2019 USD 40,000 46,703 0.05
Republic Services 3.55%/2022 USD 105,000 109,694 0.12
Republic Services 5.7%/2041 USD 35,000 42,015 0.05 Total for Malaysia 398,426 0.43
Reynolds American 3.25%/2022 USD 30,000 30,198 0.03
Reynolds American 7.625%/2016 USD 25,000 29,933 0.03 Mexico
Roper Industries 6.25%/2019 USD 25,000 29,920 0.03 Petroleos Mexicanos 4.875%/2022 USD 60,000 67,860 0.07
Rowan 4.875%/2022 USD 15,000 16,321 0.02 Petroleos Mexicanos 5.5%/2044 USD 50,000 55,125 0.06
Rowan 5%/2017 USD 35,000 38,922 0.04 Petroleos Mexicanos 6.5%/2041 USD 20,000 25,200 0.03
Southwest Airlines 5.125%/2017 USD 55,000 60,920 0.07 Total for Mexico 148,185 0.16
Southwest Gas 3.875%/2022 USD 10,000 11,058 0.01
Starwood Hotels & Resorts Worldwide 3.125%/2023 USD 30,000 29,802 0.03
18
Market Market
United Kingdom United States of America (continued)
Fosse Master Issuer 2012-1A 3A1 Commonwealth of Massachusetts 4.5%/2031 USD 25,000 27,886 0.03
Ser144A VR 1.811%/2054 USD 150,000 155,754 0.17 Commonwealth of Massachusetts 5%/2025 USD 10,000 12,249 0.01
WPP Finance 2010 3.625%/2022 USD 80,000 79,735 0.09 Commonwealth of Massachusetts 5.25%/2024 USD 20,000 26,387 0.03
WPP Finance 2010 4.75%/2021 USD 20,000 21,701 0.02 Consol Energy 8%/2017 USD 50,000 54,375 0.06
Total for United Kingdom 257,190 0.28 Continental Airlines 2009-2 Class A Pass
Through Trust SerA 7.25%/2019 USD 13,149 15,187 0.02
United States of America Continental Airlines 2010-1 Class A Pass
Ally Auto Receivables Trust 2009-B C Through Trust SerA 4.75%/2021 USD 9,543 10,378 0.01
Ser144A 4.06%/2016 USD 55,000 56,610 0.06 Continental Airlines 2012-1 Class A Pass
Ally Master Owner Trust 2012-5 A 1.54%/2019 USD 85,000 85,409 0.09 Thru Trusts SerA 4.15%/2024 USD 5,000 5,263 0.01
American Tower Trust 2007-1A D Ser144A 5.957%/2037 USD 30,000 30,701 0.03 Countrywide Asset-Backed Certificates
AmeriCredit Automobile Receivables Trust 2004-BC1 M2 VR 1.815%/2034 USD 13,495 10,036 0.01
2010-2 B 2.73%/2015 USD 28,025 28,168 0.03 County of Harris TX 5%/2024 USD 30,000 37,808 0.04
AmeriCredit Automobile Receivables Trust Dallas Independent School District 4%/2027 USD 25,000 28,255 0.03
2012-1 C 2.67%/2018 USD 10,000 10,292 0.01 Dallas Independent School District 5%/2029 USD 30,000 36,776 0.04
AmeriCredit Automobile Receivables Trust Del Monte 7.625%/2019 USD 25,000 26,187 0.03
2012-5 C 1.69%/2018 USD 30,000 30,009 0.03 Delta Air Lines 2009-1 Class A Pass
Baltimore Gas & Electric 5.9%/2016 USD 30,000 35,038 0.04 Through Trust SerA 7.75%/2019 USD 11,504 13,172 0.01
Bank of America 3.875%/2017 USD 60,000 65,135 0.07 Delta Air Lines 2010-2 Class A Pass
Bank of America Commercial Mortgage Trust Through Trust Ser2A 4.95%/2019 USD 8,693 9,476 0.01
2007-4 A4 VR 5.729%/2051 USD 160,000 189,602 0.21 Delta Air Lines 2011-1 Class A Pass
Bank of America Commercial Mortgage Trust Through Trust SerA 5.3%/2019 USD 4,326 4,770 0.01
2007-5 A4 5.492%/2051 USD 40,000 46,964 0.05 DIRECTV Holdings 2.4%/2017 USD 45,000 46,140 0.05
Bank of America Commercial Mortgage Trust DIRECTV Holdings 5.875%/2019 USD 20,000 23,673 0.03
2008-1 A4 VR 6.205%/2051 USD 95,000 115,608 0.13 DISH DBS 6.75%/2021 USD 50,000 57,250 0.06
Bank of America Merrill Lynch Commercial District of Columbia 5.25%/2034 USD 20,000 23,650 0.03
Mortgage 2005-3 A2 4.501%/2043 USD 18,888 18,934 0.02 District of Columbia 5.591%/2034 USD 10,000 12,493 0.01
Bank of America Mortgage Securities Domino’s Pizza Master Issuer 2012-1A A2
2004-A 2A2 VR 2.971%/2034 USD 4,948 4,970 0.01 Ser144A 5.216%/2042 USD 123,594 139,088 0.15
Bank of America Mortgage Securities E*Trade Financial 6.75%/2016 USD 50,000 52,875 0.06
2004-H 2A2 VR 3.074%/2034 USD 3,115 3,089 0.00 East Bay Municipal Utility District 5.874%/2040 USD 45,000 59,548 0.06
Bank of America Mortgage Securities Fifth Third Bancorp 3.5%/2022 USD 15,000 15,752 0.02
2004-I 3A2 VR 3.121%/2034 USD 1,509 1,565 0.00 Fifth Third Bancorp 3.625%/2016 USD 30,000 32,076 0.03
Bank of America Mortgage Securities Fifth Third Bancorp 8.25%/2038 USD 20,000 28,691 0.03
2005-J 2A1 VR 3.102%/2035 USD 24,722 21,613 0.02 Fiserv 3.125%/2016 USD 10,000 10,513 0.01
Bank of America Mortgage Securities Fiserv 3.5%/2022 USD 30,000 30,606 0.03
2005-J 3A1 VR 3.134%/2035 USD 10,507 9,735 0.01 Ford Credit Auto Lease Trust 2012-B Ser144A 1.1%/2015 USD 100,000 100,138 0.11
Bay Area Toll Authority California 6.263%/2049 USD 55,000 76,223 0.08 Ford Credit Auto Owner Trust 2010-B A4 1.58%/2015 USD 100,000 101,153 0.11
Bear Stearns Commercial Mortgage Securities FREMF Mortgage Trust 2012-K22 B
2002-TOP8 A2 4.83%/2038 USD 1,611 1,610 0.00 Ser144A VR 3.687%/2045 USD 35,000 34,929 0.04
2005-PWR9 AAB 4.804%/2042 USD 21,700 22,617 0.02 Ser144A VR 3.656%/2045 USD 25,000 24,448 0.03
2007-PW17 A4 VR 5.694%/2050 USD 30,000 35,558 0.04 Ser144A VR 3.563%/2045 USD 45,000 46,327 0.05
Capella Healthcare 9.25%/2017 USD 25,000 26,938 0.03 GE Capital Credit Card Master Note Trust
CarMax Auto Owner Trust 2010-2 B 3.96%/2016 USD 35,000 36,601 0.04 2012-6 B 1.83%/2020 USD 100,000 101,664 0.11
CarMax Auto Owner Trust 2012-3 D 2.29%/2019 USD 25,000 24,989 0.03 Greenwich Capital Commercial Funding
Catholic Health Initiatives 2.95%/2022 USD 20,000 20,230 0.02 2005-GG3 AAB 4.619%/2042 USD 8,990 9,169 0.01
Chase Funding Mortgage Loan Asset-Backed GS Mortgage Securities II 2012-GCJ9 A3 2.773%/2045 USD 45,000 46,388 0.05
Certificates 2002-2 1M1 5.599%/2031 USD 2,923 2,274 0.00 Health Management Associates 7.375%/2020 USD 25,000 27,125 0.03
Chase Funding Mortgage Loan Asset-Backed International Lease Finance 8.625%/2015 USD 50,000 56,375 0.06
Certificates 2003-1 1A6 4.458%/2014 USD 2,209 2,237 0.00 Iron Mountain 5.75%/2024 USD 80,000 81,400 0.09
Chicago Illinois Metropolitan Water Reclamation John Deere Capital SerMTN 2%/2017 USD 45,000 46,608 0.05
5.72%/2038 USD 50,000 63,473 0.07 JP Morgan Chase Commercial Mortgage Securities
Chicago Illinois O’Hare International Airport General 2005-LDP4 ASB VR 4.824%/2042 USD 33,428 34,705 0.04
Third Lien 6.395%/2040 USD 15,000 19,557 0.02 JP Morgan Chase Commercial Mortgage Securities
Chicago Illinois Transit Authority Sales And 2006-CB14 A4 VR 5.481%/2044 USD 125,000 140,776 0.15
Taxable-pension Funding Series A 6.899%/2040 USD 30,000 36,440 0.04 JP Morgan Chase Commercial Mortgage Securities
Citigroup/Deutsche Bank Commercial Mortgage 2006-LDP9 A3 5.336%/2047 USD 40,000 45,929 0.05
Trust 2006-CD3 AAB 5.608%/2048 USD 24,084 24,448 0.03 JP Morgan Chase Commercial Mortgage Securities
City of Houston TX 5%/2023 USD 15,000 18,635 0.02 2007-CB18 A4 5.44%/2047 USD 175,000 202,057 0.22
City of Houston TX 6.29%/2032 USD 60,000 74,624 0.08 JP Morgan Chase Commercial Mortgage Securities
City of Los Angeles Department of Airports 7.053%/2040 USD 25,000 33,315 0.04 2007-LD12 A4 VR 5.882%/2051 USD 85,000 100,739 0.11
City of New York 5%/2023 USD 15,000 18,565 0.02 JP Morgan Chase Commercial Mortgage Securities
City of New York 5.846%/2040 USD 20,000 26,015 0.03 2012-C8 A3 2.829%/2045 USD 50,000 51,583 0.06
City Public Service Board of San Antonio TX 5.25%/2024 USD 30,000 38,950 0.04 Kaiser Foundation Hospitals 3.5%/2022 USD 20,000 21,131 0.02
Clayton Williams Energy 7.75%/2019 USD 50,000 50,063 0.05 Kansas Development Finance Authority 5.501%/2034 USD 15,000 17,624 0.02
CNH Capital 6.25%/2016 USD 50,000 55,375 0.06 Kilroy Realty 6.625%/2020 USD 20,000 24,105 0.03
CNH Equipment Trust 2012-D B 1.27%/2020 USD 50,000 49,972 0.05 Kindred Healthcare 8.25%/2019 USD 50,000 48,875 0.05
Comcast 3.125%/2022 USD 20,000 20,880 0.02 Koppers 7.875%/2019 USD 50,000 55,250 0.06
Comcast 6.95%/2037 USD 60,000 81,640 0.09 Kratos Defense & Security Solutions 10%/2017 USD 50,000 55,125 0.06
Commercial Mortgage Pass Through LB-UBS Commercial Mortgage Trust 2006-C7
Certificates 2012-CR3 A3 2.822%/2045 USD 60,000 62,029 0.07 A3 5.347%/2038 USD 48,000 55,304 0.06
LB-UBS Commercial Mortgage Trust 2007-C2
A3 5.43%/2040 USD 60,000 69,267 0.08 19
Market Market
LB-UBS Commercial Mortgage Trust 2008-C1 State of Minnesota 5%/2027 USD 25,000 30,338 0.03
AM VR 6.157%/2041 USD 10,000 11,558 0.01 State of Washington 5%/2022 USD 60,000 76,204 0.08
Life Technologies 3.5%/2016 USD 25,000 26,332 0.03 State of Washington 5%/2024 USD 15,000 18,624 0.02
Marriott Vacation Club Owner Trust 2006-1A A Swift Energy 7.875%/2022 USD 50,000 52,500 0.06
Ser144A 5.737%/2028 USD 11,802 11,840 0.01 Tenet Healthcare 6.25%/2018 USD 50,000 55,125 0.06
Marriott Vacation Club Owner Trust 2006-2A A Terwin Mortgage Trust 2005-14HE AF2
Ser144A 5.362%/2028 USD 3,201 3,199 0.00 step coupon 4.849%/2036 USD 6,197 6,309 0.01
Maryland State Transportation Authority 5.754%/2041 USD 45,000 57,870 0.06 Texas Transportation Commission St
Maryland State Transportation Authority 5.888%/2043 USD 55,000 73,147 0.08 Highway Fund Taxable-first Tier Series B 5.178%/2030 USD 25,000 30,606 0.03
Merrill Lynch Mortgage Investors 2005-WMC1 Tompkins County Industrial Development Agency 5%/2037 USD 20,000 22,999 0.03
M1 VR 0.96%/2035 USD 9,070 8,248 0.01 UnionBanCal 3.5%/2022 USD 5,000 5,284 0.01
Merrill Lynch Mortgage Trust 2006-C2 AM University of Virginia 5%/2040 USD 45,000 54,454 0.06
VR 5.782%/2043 USD 25,000 28,087 0.03 US Bancorp SerMTN 2.95%/2022 USD 15,000 15,185 0.02
Merrill Lynch Mortgage Trust 2008-C1 A4 5.69%/2051 USD 160,000 190,025 0.21 Utah Transit Authority 5.937%/2039 USD 45,000 59,754 0.07
MetLife 3.048%/2022 USD 75,000 76,669 0.08 Verisk Analytics 5.8%/2021 USD 15,000 16,838 0.02
Metropolitan Transportation Authority New York Virginia College Building Authority 5%/2022 USD 15,000 18,888 0.02
Taxable Series C-build America Bds- 7.336%/2039 USD 50,000 73,345 0.08 Virginia Commonwealth Transportation Board 5.35%/2035 USD 5,000 6,079 0.01
MortgageIT Trust 2005-2 2005-2 1A1 VR 0.47%/2035 USD 18,539 17,530 0.02 Virginia Public Building Authority 5.9%/2030 USD 40,000 52,039 0.06
Nabors Industries 4.625%/2021 USD 70,000 75,472 0.08 Vulcan Materials 7.5%/2021 USD 50,000 57,250 0.06
NBCUniversal Media 2.875%/2023 USD 90,000 90,579 0.10 Wachovia Bank Commercial Mortgage Trust
NBCUniversal Media 5.15%/2020 USD 60,000 71,238 0.08 2006-C24 A3 VR 5.558%/2045 USD 115,000 130,501 0.14
New Jersey State Turnpike Authority 5%/2029 USD 30,000 35,147 0.04 WaMu Mortgage Pass Through Certificates
New Jersey Transportation Trust Fund Authority 2005-AR12 2A1 VR 2.996%/2035 USD 7,407 7,287 0.01
5.25%/2022 USD 35,000 43,534 0.05 Watson Pharmaceuticals 3.25%/2022 USD 35,000 35,802 0.04
New York City Housing Development Taxable Watson Pharmaceuticals 4.625%/2042 USD 50,000 52,268 0.06
Series A 6.42%/2027 USD 5,175 5,411 0.01 WellPoint 3.3%/2023 USD 55,000 56,551 0.06
New York City Transitional Finance Authority Wells Fargo Mortgage Backed Securities Trust
Future Tax Secured Revenue 5%/2023 USD 15,000 18,753 0.02 2003-O 5A1 VR 4.86%/2034 USD 13,529 13,629 0.02
Future Tax Secured Revenue 5%/2024 USD 10,000 12,262 0.01 2004-G A3 VR 4.71%/2034 USD 17,118 17,593 0.02
Future Tax Secured Revenue 5%/2025 USD 10,000 12,053 0.01 2005-AR2 2A2 VR 2.617%/2035 USD 12,849 12,862 0.01
New York City Transitional Finance Authority Williams Companies 3.7%/2023 USD 45,000 45,484 0.05
Future Tax Secured Revenue 5.508%/2037 USD 50,000 62,222 0.07 World Financial Network Credit Card Master Trust
New York State Dormitory Authority 4%/2022 USD 20,000 23,513 0.03 2009-D A 4.66%/2017 USD 115,000 117,567 0.13
News America 6.15%/2037 USD 75,000 92,360 0.10 World Financial Network Credit Card Master Trust
NVR 3.95%/2022 USD 10,000 10,383 0.01 2010-A A 3.96%/2019 USD 30,000 32,358 0.04
Oncor Electric Delivery 4.55%/2041 USD 15,000 15,245 0.02 WPX Energy 6%/2022 USD 50,000 54,125 0.06
Oracle 2.5%/2022 USD 60,000 60,671 0.07 Xerox 2.95%/2017 USD 35,000 35,946 0.04
O’Reilly Automotive 3.8%/2022 USD 25,000 26,064 0.03 Total for United States of America 7,845,622 8.56
O’Reilly Automotive 4.875%/2021 USD 35,000 38,830 0.04
PAETEC Holding 8.875%/2017 USD 50,000 53,875 0.06
Peabody Energy 6%/2018 USD 25,000 26,687 0.03
Traded on Another Regulated Market 10,412,349 11.35
Peabody Energy 6.25%/2021 USD 25,000 26,687 0.03
Pemex Project Funding Master Trust 6.625%/2035 USD 10,000 12,750 0.01
Philadelphia Authority for Industrial Recently Issued Transferable Securities
Development 3.964%/2026 USD 85,000 85,468 0.09 France
Phillips 66 Series WI 4.3%/2022 USD 30,000 33,587 0.04 GDF Suez Ser144A 1.625%/2017 USD 35,000 35,032 0.04
Port Authority of New York & New Jersey 4.458%/2062 USD 100,000 98,804 0.11 Vivendi Ser144A 3.45%/2018 USD 35,000 36,185 0.04
Principal Financial Group 3.3%/2022 USD 65,000 66,074 0.07
Total for France 71,217 0.08
ProLogis 4.5%/2017 USD 50,000 54,582 0.06
Regency Energy Partners 5.5%/2023 USD 50,000 53,625 0.06 Netherlands
Regency Energy Partners 6.875%/2018 USD 25,000 27,375 0.03 Heineken Ser144A 2.75%/2023 USD 45,000 44,283 0.05
Regional Transportation District 5%/2038 USD 20,000 22,711 0.03
Roper Industries 1.85%/2017 USD 10,000 10,004 0.01 Total for Netherlands 44,283 0.05
San Diego County Water Authority 6.138%/2049 USD 20,000 26,639 0.03
Norway
San Diego Gas & Electric 6%/2039 USD 15,000 20,629 0.02
DNB Bank Ser144A 3.2%/2017 USD 200,000 213,224 0.23
SLM SerMTN 6%/2017 USD 60,000 65,250 0.07
SLM SerMTN 8.45%/2018 USD 50,000 58,750 0.06 Total for Norway 213,224 0.23
South Carolina State Public Service
Sweden
Authority 4.322%/2027 USD 25,000 27,037 0.03
Nordea Bank Ser144A 3.125%/2017 USD 205,000 218,511 0.23
SPX 6.875%/2017 USD 50,000 56,000 0.06
State of California 4%/2026 USD 50,000 54,339 0.06 Total for Sweden 218,511 0.23
State of Florida Lottery Revenue 5%/2020 USD 55,000 67,456 0.07
State of Georgia Series A 5%/2023 USD 20,000 25,581 0.03 United Kingdom
State of Georgia Series A 5%/2024 USD 20,000 25,441 0.03 British Sky Broadcasting Group Ser144A 3.125%/2022 USD 20,000 19,973 0.02
State of Georgia Series A 5%/2025 USD 15,000 18,947 0.02 Smiths Group Ser144A 3.625%/2022 USD 5,000 4,981 0.01
State of Georgia Series C 5%/2021 USD 50,000 64,239 0.07 Total for United Kingdom 24,954 0.03
State of Hawaii 5%/2023 USD 30,000 37,777 0.04
State of Hawaii 5%/2024 USD 25,000 31,330 0.03 United States of America
State of Hawaii 5%/2025 USD 45,000 56,077 0.06 AbbVie Ser144A 2.9%/2022 USD 25,000 25,514 0.03
State of Louisiana 5%/2021 USD 20,000 25,209 0.03 Air Lease Ser144A 4.5%/2016 USD 75,000 76,125 0.08
State of Louisiana 5%/2021 USD 20,000 25,202 0.03 CC Holdings GS V Ser144A 3.849%/2023 USD 70,000 71,362 0.08
COX Communications Ser144A 3.25%/2022 USD 15,000 15,502 0.02
20
Market Market
United States of America (continued) Total Other Transferable Securities 1,379,707 1.51
Eaton Ser144A 4%/2032 USD 25,000 25,801 0.03
ERAC USA Finance Ser144A 3.3%/2022 USD 55,000 55,801 0.06 Total Investment Securities 89,310,649 97.39
Florida Gas Transmission Ser144A 3.875%/2022 USD 15,000 15,844 0.02
Gulf South Pipeline Ser144A 4%/2022 USD 20,000 21,151 0.02 Forward Currency Exchange Contracts
Laureate Education Ser144A 9.25%/2019 USD 75,000 78,750 0.09
Mediacom Broadband Ser144A 6.375%/2023 USD 80,000 81,800 0.09 Unrealised
MGM Resorts International Ser144A 6.75%/2020 USD 80,000 81,900 0.09 Gain (Loss) % of Net
NRG Energy Ser144A 6.625%/2023 USD 80,000 86,000 0.09 Settlement Receive Deliver (USD) Assets
PDC Energy Ser144A 7.75%/2022 USD 80,000 82,400 0.09 17 January 2013 30,295,000 KRW 27,915 USD 476
Rock-Tenn Ser144A 4%/2023 USD 45,000 45,808 0.05 17 January 2013 67,691 USD 75,750,000 KRW (3,298)
SBA Tower Trust Ser144A 2.933%/2017 USD 25,000 26,191 0.03 22 January 2013 39,862,990 INR 735,209 USD (12,835)
Sinclair Television Group Ser144A 6.125%/2022 USD 75,000 79,969 0.08 22 January 2013 699,000 USD 38,263,260 INR 5,615
tw telecom holdings Ser144A 5.375%/2022 USD 50,000 52,562 0.06 15 February 2013 709,000 AUD 744,682 USD (11,236)
WEA Finance Ser144A 3.375%/2022 USD 30,000 30,895 0.03 15 February 2013 1,113,609 CAD 1,110,592 USD 6,982
Wolverine World Wide Ser144A 6.125%/2020 USD 25,000 26,375 0.03 15 February 2013 627,000 CHF 664,608 USD 22,512
Total for United States of America 979,750 1.07 15 February 2013 2,031,000 CZK 101,702 USD 5,165
15 February 2013 772,860 DKK 132,252 USD 4,784
Total Recently Issued Transferable Securities 1,551,939 1.69 15 February 2013 81,000 EUR 104,885 USD 2,234
15 February 2013 33,878 GBP 54,522 USD 521
15 February 2013 411,742,916 JPY 5,099,378 USD (330,755)
Other Transferable Securities 15 February 2013 17,232,000 MXN 1,290,753 USD 29,979
Australia 15 February 2013 16,467,000 NOK 2,870,231 USD 86,723
Newcrest Finance Pty Ser144A 4.45%/2021 USD 35,000 36,911 0.04 15 February 2013 3,217,767 PLN 977,967 USD 60,340
Total for Australia 36,911 0.04 15 February 2013 67,492,000 RUB 2,107,413 USD 85,724
15 February 2013 5,524,000 SEK 812,147 USD 37,186
France 15 February 2013 187,000 SGD 152,809 USD 282
Electricité de France Ser144A 6.95%/2039 USD 30,000 40,253 0.04 15 February 2013 6,965,000 THB 225,971 USD 1,260
RCI Banque Ser144A 4.6%/2016 USD 30,000 31,531 0.04 15 February 2013 1,545,605 USD 1,492,439 AUD 1,707
Total for France 71,784 0.08 15 February 2013 1,469,821 USD 3,044,000 BRL (7,016)
15 February 2013 247,678 USD 246,969 CAD (170)
Luxembourg 15 February 2013 40,651 USD 233,000 DKK (662)
Holcim US Finance Ser144A 6%/2019 USD 25,000 28,397 0.03 15 February 2013 2,848,384 USD 2,206,522 EUR (69,634)
15 February 2013 1,476,980 USD 931,367 GBP (36,246)
15 February 2013 1,242,811 USD 102,358,040 JPY 57,345
Mexico 15 February 2013 701,497 USD 9,029,105 MXN 9,468
Controladora Mabe Ser144A 7.875%/2019 USD 100,000 116,250 0.13 15 February 2013 116,816 USD 657,376 NOK (1,228)
15 February 2013 1,259,331 USD 4,167,000 PLN (85,273)
Total for Mexico 116,250 0.13 15 February 2013 130,000 USD 3,981,023 RUB 638
15 February 2013 713,924 USD 4,775,000 SEK (20,248)
Netherlands
15 February 2013 48,990 USD 441,000 ZAR (2,692)
Sensata Technologies Ser144A 6.5%/2019 USD 50,000 53,500 0.06
19 February 2013 4,307,238 MYR 1,398,000 USD 5,715
Total for Netherlands 53,500 0.06 18 March 2013 75,514,880 INR 1,366,269 USD (13,375)
18 March 2013 752,690,000 KRW 697,646 USD 5,731
Peru
18 March 2013 709,882 USD 38,216,990 INR 25,201
Banco de Credito del Peru (Panama) Ser144A 5.375%/2020USD 50,000 55,875 0.06
21 March 2013 1,436,000 MYR 467,425 USD (380)
Total for Peru 55,875 0.06
Net Unrealised Loss on
United Kingdom Open Forward Currency Exchange Contracts (139,460) (0.15)
Afren SerRegS 11.5%/2016 USD 200,000 233,000 0.25
PPL WEM Holdings Ser144A 3.9%/2016 USD 90,000 94,849 0.10 Net Unrealised Loss on
UnumProvident Finance Ser144A 6.85%/2015 USD 5,000 5,661 0.01 Open Forward Currency Exchange Contracts
attributable to Hedged Shares (See note 3a) (496,690) (0.54)
United States of America Futures Contracts

Cemex Finance SerRegS 9.5%/2016 USD 100,000 109,250 0.12
CommScope Ser144A 8.25%/2019 USD 50,000 55,000 0.06 Contract Unrealised
Continental Airlines Ser144A 6.75%/2015 USD 50,000 52,750 0.06 Value Gain (Loss) % of Net
COX Communications Ser144A 8.375%/2039 USD 20,000 30,795 0.03 Investment Expiration (USD) (USD) Assets
Crown Castle Towers Ser144A 6.113%/2020 USD 59,000 71,169 0.08
ERAC USA Finance Ser144A 4.5%/2021 USD 15,000 16,374 0.02 Short, 1
ERAC USA Finance Ser144A 5.25%/2020 USD 20,000 22,908 0.02 Long Gilt Contracts,
First Data Ser144A 7.375%/2019 USD 25,000 26,000 0.03 $4,876 pledged as initial margin March 2013 (193,239) (16)
First Data Ser144A 8.875%/2020 USD 25,000 27,375 0.03 Short, 4
GTP Acquisition Partners I Ser144A 4.347%/2016 USD 25,000 26,568 0.03 US Ultra Bond Note Contracts,
Massachusetts Electric Ser144A 5.9%/2039 USD 35,000 44,534 0.05 $8,412 pledged as initial margin March 2013 (651,625) 875
Monongahela Power Ser144A 5.7%/2017 USD 30,000 34,007 0.04
Short, 11 five-year
Southern Natural Gas Ser144A 5.9%/2017 USD 7,000 8,260 0.01
US Treasury Note Contracts,
Sprint Nextel Ser144A 9%/2018 USD 50,000 61,875 0.07
$9,598 pledged as initial margin March 2013 (1,367,922) 2,913
TCM Sub Ser144A 3.55%/2015 USD 30,000 31,365 0.03
Univision Communications Ser144A 7.875%/2020 USD 60,000 65,250 0.07 Short, 38 ten-year
Total for United States of America 683,480 0.75 US Treasury Note Contracts,
Net Unrealised Gain on Open Futures Contracts 32,710 0.04
21

Market
JP Morgan Chase,
Protection bought (Relevant Credit:
United Utilities 6.875% 2028),
Pay 1.00%,
Payment upon credit default June 2017 EUR 20,000 (16)
Total Swap Contracts at Market Value (16) –
Other Assets Less Liabilities 2,992,785 3.26
Net Assets 91,699,978 100.00
Act of 1933
FHLMC: Federal Home Loan Mortgage Corporation
FNMA: Federal National Mortgage Association
GMTN: Global Medium Term Note
GNMA: Government National Mortgage Association
MTN: Medium Term Note
OAT: Obligations assimilables du Trésor (French Treasuring Bond)

BRL: Brazilian Real
CAD: Canadian Dollar
CHF: Swiss Franc
CZK: Czech Koruna
DKK: Danish Krone
ILS: Israeli New Shekel
INR: Indian Rupee
JPY: Japanese Yen
MXN: Mexican Peso
NOK: Norwegian Krone
PLN: Polish Zloty
RUB: Russian Ruble
SEK: Swedish Krona
SGD: Singapore Dollar
THB: Thai Baht

22
Global Emerging Markets Bond Fund


portfolio of bonds and other fixed and floating rate
securities issued by governments, government agencies, Argentina
supranational and corporate issuers established or Republic of Argentina 7%/2015 USD 53,198 48,676 0.57
Total for Argentina 48,676 0.57
conducting the predominant part of their business
Brazil
activity in the economically emerging countries of Latin Banco Nacional de Desenvolvimento
America, Asia, Europe, Africa and the Middle East. In the Economico e Social SerRegS 6.369%/2018 USD 100,000 119,000 1.40
execution of its objective, the fund may make enhanced Brazil Notas do Tesouro Nacional Series B 6%/2016 BRL 12,700 158,007 1.86
use of derivative instruments including, but not limited Brazil Notas do Tesouro Nacional Series F 10%/2017 BRL 92,400 475,670 5.60
to, bond futures, forward rate notes, forward foreign Brazil Notas do Tesouro Nacional Series F 10%/2023 BRL 18,100 93,217 1.10
Brazilian Government International Bond 5.625%/2041 USD 100,000 131,500 1.55
exchange contracts (including non-deliverable forwards), Brazilian Government International Bond 8.25%/2034 USD 75,000 126,563 1.49
fixed interest warrants, interest rate futures, options Total for Brazil 1,303,131 15.35
on interest rate futures, convertible bonds, options on Cayman Islands

Central China Real Estate SerRegS 12.25%/2015 USD 100,000 111,500 1.31
bond futures, currency options and OTC swaps including DP World Sukuk SerRegS 6.25%/2017 USD 100,000 112,625 1.33
interest rate swaps and credit default swaps as well as KWG Property Holding SerRegS 12.5%/2017
Minerva Overseas II SerRegS 10.875%/2019
USD
USD
100,000
100,000
115,486
115,000
1.36
1.35
swap indices. On an opportunistic basis, the fund may Petrobras International Finance 5.375%/2021 USD 55,000 62,195 0.73
create synthetic short positions in currencies and bonds Total for Cayman Islands 541,888 6.38
using various instruments including currency forwards, Colombia
currency options, interest rate and bond futures, options Colombian Government International Bond 11.75%/2020 USD 60,000 97,320 1.15
on interest rate and bond futures, interest rate swaps Total for Colombia 97,320 1.15
and credit default swaps. Congo

Republic of Congo SerRegS step coupon 3%/2029 USD 19,000 16,277 0.19
Total for Congo 16,277 0.19
Croatia
Croatian Government International Bond
SerRegS 6.625%/2020 USD 100,000 114,750 1.35
Total for Croatia 114,750 1.35
Dominican Republic
Dominican Republic International Bond
SerRegS 9.04%/2018 USD 38,254 43,419 0.51
Total for Dominican Republic 43,419 0.51
Gabon
Gabonese Republic SerRegS 8.2%/2017 USD 100,000 122,250 1.44
Total for Gabon 122,250 1.44
Hungary
Hungarian Government International Bond 4.75%/2015 USD 95,000 97,821 1.15
Total for Hungary 97,821 1.15
Iceland
Icelandic Government International Bond
SerRegS 4.875%/2016 USD 100,000 105,233 1.24
Total for Iceland 105,233 1.24
Indonesia
Indonesian Government International Bond
SerRegS 5.875%/2020 USD 150,000 181,125 2.13
SerRegS 6.875%/2018 USD 100,000 122,500 1.44
SerRegS 7.75%/2038 USD 100,000 151,500 1.79
Total for Indonesia 455,125 5.36
Ireland
Alfa Bank Ser144A 7.875%/2017 USD 100,000 112,000 1.32
TransCapitalInvest SerRegS 8.7%/2018 USD 100,000 129,900 1.53
VimpelCom Via VIP Finance Ireland SerRegS 9.125%/2018 USD 100,000 121,625 1.43
23

>>>continued
Market Market
Ivory Coast United States of America
Ivory Coast Government International Bond Southern Copper 5.375%/2020 USD 50,000 57,629 0.68
SerRegS step coupon 3.75%/2032 USD 100,000 93,125 1.10 Total for United States of America 57,629 0.68
Total for Ivory Coast 93,125 1.10
Venezuela
Lithuania Petroleos de Venezuela SerRegS 5.25%/2017 USD 170,800 147,846 1.74
Lithuanian Government International Bond Petroleos de Venezuela SerRegS 5.375%/2027 USD 20,000 13,880 0.17
SerRegS 7.375%/2020 USD 100,000 130,703 1.54 Venezuelan Government International Bond
Total for Lithuania 130,703 1.54 SerRegS 12.75%/2022 USD 50,000 58,500 0.69
Venezuelan Government International Bond
Luxembourg SerRegS 6%/2020 USD 16,000 13,440 0.16
Gazprom Via Gaz Capital SerRegS 7.288%/2037 USD 110,000 143,803 1.69 Venezuelan Government International Bond
MHP SerRegS 10.25%/2015 USD 100,000 106,250 1.25 SerRegS 7%/2038 USD 35,000 28,175 0.33
VTB Bank SerRegS 6.551%/2020 USD 100,000 111,500 1.31 Venezuelan Government International Bond
SerRegS 8.25%/2024 USD 35,000 32,375 0.38
Total for Venezuela 294,216 3.47
Mexico
Mexican Bonos Series M 7.75%/2042 MXN 400,000 36,367 0.43 Total Transferable Securities
Mexican Bonos Series M20 7.5%/2027 MXN 860,000 77,211 0.91 Admitted to an Official Exchange Listing 6,936,296 81.69
Mexican Government International Bond 5.125%/2020 USD 40,000 48,000 0.56
Mexican Government International Bond 5.625%/2017 USD 50,000 58,250 0.69
Mexican Government International Bond 5.75%/2110 USD 4,000 4,840 0.06 Transferable Securities Traded on Another Regulated Market
Mexican Government International Bond Cayman Islands
SerMTN 4.75%/2044 USD 40,000 45,300 0.53 General Shopping Finance SerRegS 10%/2049 USD 40,000 39,269 0.46
Total for Mexico 269,968 3.18 Total for Cayman Islands 39,269 0.46
Morocco Mexico
Moroccan Government International Bond Kansas City Southern de Mexico 6.125%/2021 USD 10,000 11,350 0.13
SerRegS 4.25%/2022 USD 200,000 202,500 2.38 Petroleos Mexicanos 5.5%/2044 USD 40,000 44,100 0.52
Petroleos Mexicanos 6%/2020 USD 40,000 48,000 0.57
Total for Morocco 202,500 2.38
Petroleos Mexicanos 6.5%/2041 USD 50,000 63,000 0.74
Netherlands Total for Mexico 166,450 1.96
Intergas Finance SerRegS 6.375%/2017 USD 200,000 229,500 2.70
Kazakhstan Temir Zholy Finance 7%/2016 USD 100,000 114,420 1.35 Qatar
Qatar Government International Bond Ser144A 6.55%/2019 USD 100,000 126,250 1.49
Total for Qatar 126,250 1.49
Peru
Peruvian Government International Bond 5.625%/2050 USD 100,000 130,150 1.53 United States of America
NII Capital 7.625%/2021 USD 10,000 7,625 0.09
NII Capital 8.875%/2019 USD 10,000 8,000 0.09
Philippines Total for United States of America 15,625 0.18
Philippine Government International Bond 6.375%/2034 USD 200,000 281,500 3.32
Venezuela
Total for Philippines 281,500 3.32
Petroleos de Venezuela Ser2015 5%/2015 USD 46,378 42,784 0.51
Russia Petroleos de Venezuela Ser2016 5.125%/2016 USD 11,873 10,448 0.12
Russian Government Foreign Bond Total for Venezuela 53,232 0.63
SerRegS step coupon 7.5%/2030 USD 274,350 352,924 4.16
Total for Russia 352,924 4.16 Total Transferable Securities
Traded on Another Regulated Market 400,826 4.72
Serbia
Republic of Serbia SerRegS step coupon 6.75%/2024 USD 76,000 77,563 0.91
Recently Issued Transferable Securities
Total for Serbia 77,563 0.91
Peru
South Africa Scotiabank Peru Ser144A VR 4.5%/2027 USD 20,000 20,050 0.24
South African Government International Bond 6.25%/2041 USD 100,000 133,129 1.57 Total for Peru 20,050 0.24
Total for South Africa 133,129 1.57
Turkey Laureate Education Ser144A 9.25%/2019 USD 10,000 10,500 0.12
Akbank SerRegS 5.125%/2015 USD 125,000 132,500 1.56 Total for United States of America 10,500 0.12
Turkish Government 4.5%/2015 TRY 66,000 49,571 0.59
Turkish Government 7.5%/2014 TRY 100,000 57,446 0.68 Total Recently Issued Transferable Securities 30,550 0.36
Turkish Government International Bond 6.75%/2040 USD 100,000 136,125 1.60
Turkish Government International Bond 6.875%/2036 USD 125,000 169,219 1.99
Turkish Government International Bond 7%/2019 USD 120,000 149,670 1.76 Other Transferable Securities
Argentina
Total for Turkey 694,531 8.18
Republic of Argentina VR 5.83%/2033 ARS 2 1 0.00
Ukraine Total for Argentina 1 0.00
Ukrainian Government International Bond
SerRegS 6.58%/2016 USD 100,000 100,220 1.18 Bermuda
Ukrainian Government International Bond Digicel Group Ser144A 10.5%/2018 USD 100,000 111,000 1.31
SerRegS 7.75%/2020 USD 100,000 103,250 1.22 Total for Bermuda 111,000 1.31
Total for Ukraine 203,470 2.40
24

>>>continued
Market ARS: Argentine Peso

Currency Nominal Value % of Net BRL: Brazilian Real
Investment Denomination Value (USD) Assets CNY: Chinese Renminbi
Brazil EUR: European Union Euro
Itau Unibanco Holding SerRegS 5.75%/2021 USD 100,000 107,500 1.26 INR: Indian Rupee
Total for Brazil 107,500 1.26 MXN: Mexican Peso
Grenada NGN: Nigerian Naira
Grenada Government International Bond PHP: Phillipine Peso
SerRegS step coupon 4.5%/20251 USD 15,000 7,125 0.08 RUB: Russian Ruble
TRY: Turkish Lira
Total for Grenada 7,125 0.08 USD: United States Dollar
Mexico
Controladora Mabe Ser144A 7.875%/2019 USD 100,000 116,250 1.37
Total for Mexico 116,250 1.37
Peru
Corporación Lindley SerRegS 6.75%/2021 USD 10,000 11,600 0.14

Cemex Finance Ser144A 9.5%/2016 USD 100,000 109,250 1.29
Forward Currency Exchange Contracts

Unrealised
Settlement Receive Deliver (USD) Assets
17 January 2013 42,364,000 KRW 39,020 USD 682
22 January 2013 1,139,000 INR 20,574 USD 66
15 February 2013 48,000 BRL 22,774 USD 514
15 February 2013 16,000 EUR 20,518 USD 641
15 February 2013 517,000 MXN 40,261 USD (636)
15 February 2013 3,359,000 NGN 20,715 USD 472
15 February 2013 1,690,000 PHP 41,074 USD 143
15 February 2013 3,771,000 RUB 119,479 USD 3,058
15 February 2013 34,000 TRY 18,977 USD (57)
15 February 2013 106,938 USD 194,157 TRY (1,106)
15 February 2013 949,535 USD 1,972,000 BRL (7,208)
15 February 2013 20,404 USD 16,000 EUR (755)
15 February 2013 37,316 USD 480,095 MXN 520
19 February 2013 248,000 MYR 80,788 USD 34
14 March 2013 127,000 CNY 20,204 USD 69
Open Forward Currency Exchange Contracts (3,563) (0.04)

Market
JPMorgan Chase,
Protection sold (Relevant Credit:
Markit CDX.Emerging Markets
Index Series 17 1.075% 2017),
Receive 5.00%,
Payment upon credit default June 2017 USD 400,000 50,413
Total Swap Contracts at Market Value 50,413 0.59
Net Assets 8,491,521 100.00
1
These securities are valued at their fair value.
Act of 1933
VR: variable rate, rate shown is effective rate at period-end The accompanying notes are an integral part of these financial statements.
25
Global Emerging Markets Corporate

Bond Fund

portfolio of bonds and other fixed and floating
rate securities issued by companies established, or Bermuda
conducting the predominant part of their business China Resources Gas Group SerRegS 4.5%/2022 USD 200,000 220,398 1.62
activity, in the economically emerging countries of
Brazil
Latin America, Asia, Europe, Africa and the Middle East. Embraer 5.15%/2022 USD 130,000 142,675 1.05
The fund may, from time to time, maintain a limited Total for Brazil 142,675 1.05
exposure to transferable debt securities issued by the British Virgin Islands
governments of the same countries. In the execution China Merchants Finance SerRegS 5%/2022
Howes Capital SerRegS 4.75%/2017
USD
USD
200,000
200,000
217,423
211,315
1.60
1.56
of its objective, the Fund may make enhanced use PCCW Capital No 4 SerRegS 5.75%/2022 USD 200,000 220,462 1.63
of derivative instruments including, but not limited Total for British Virgin Islands 649,200 4.79
to, bond futures, forward rate notes, forward foreign Cayman Islands
Alliance Global Group 6.5%/2017 USD 100,000 111,078 0.82
exchange contracts (including non-deliverable forwards), Central China Real Estate SerRegS 12.25%/2015 USD 100,000 111,500 0.82
Country Garden Holdings 10.5%/2015 USD 100,000 112,127 0.83
fixed interest warrants, interest rate futures, options DP World Sukuk SerRegS 6.25%/2017 USD 100,000 112,625 0.83
on interest rate futures, convertible bonds, options on Emaar Sukuk SerEMTN 8.5%/2016
Hongkong Land Finance Cayman Island
USD 200,000 227,500 1.68
bond futures, currency options and OTC swaps including SerEMTN 4.5%/2022 USD 200,000 221,248 1.63
KWG Property Holding SerRegS 12.5%/2017 USD 200,000 230,973 1.70
interest rate swaps and credit default swaps as well as QNB FINANCE SerRegS 3.375%/2017 USD 200,000 210,500 1.55
swap indices. On an opportunistic basis, the Fund may Tencent Holdings SerRegS 4.625%/2016
Vale Overseas 4.375%/2022
USD
USD
200,000
40,000
215,842
42,900
1.59
0.32
create synthetic short positions in currencies and bonds Votorantim Overseas IV SerRegS 7.75%/2020 USD 156,000 192,465 1.42
using various instruments including currency forwards, Total for Cayman Islands 1,788,758 13.19
currency options, interest rate and bond futures, options Colombia

Bancolombia 5.95%/2021 USD 100,000 116,000 0.86
on interest rate and bond futures, interest rate swaps Total for Colombia 116,000 0.86
and credit default swaps. Cyprus
Mriya Agro Holding SerRegS 10.95%/2016 USD 200,000 204,000 1.50
Total for Cyprus 204,000 1.50
Georgia
Bank of Georgia SerRegS 7.75%/2017 USD 200,000 204,000 1.50
Total for Georgia 204,000 1.50
Hong Kong
Swire Properties MTN Financing SerRegS 4.375%/2022 USD 200,000 219,814 1.62
Total for Hong Kong 219,814 1.62
India
Bank of Baroda SerRegS 5%/2016 USD 200,000 209,992 1.55
ICICI Bank SerRegS 4.7%/2018 USD 200,000 210,566 1.55
Total for India 420,558 3.10
Indonesia
Adaro Indonesia SerRegS 7.625%/2019 USD 100,000 112,000 0.83
Ireland
Alfa Bank Ser144A 7.5%/2019 USD 200,000 212,096 1.56
TransCapitalInvest SerRegS 8.7%/2018 USD 120,000 155,880 1.15
Vimpel Communications SerRegS 7.748%/2021 USD 200,000 231,500 1.71
Israel
Israel Electric SerRegS 7.25%/2019 USD 200,000 217,567 1.60
Total for Israel 217,567 1.60
Jersey
Atlantic Finance SerRegS step coupon 10.75%/2014 USD 100,000 109,500 0.81
Total for Jersey 109,500 0.81
Kazakhstan
Halyk Savings Bank of Kazakhstan SerRegS 7.25%/2017 USD 100,000 109,900 0.81
Total for Kazakhstan 109,900 0.81
26

Bond Fund >>>continued
Market Market
Luxembourg Peru
ALROSA Finance SerRegS 7.75%/2020 USD 225,000 262,125 1.93 Banco de Credito del Peru (Panama) SerRegS 5.375%/2020 USD 210,000 234,675 1.73
Gazprom Via Gaz Capital SerRegS 7.288%/2037 USD 130,000 169,949 1.25 Total for Peru 234,675 1.73
MHP SerRegS 10.25%/2015 USD 180,000 191,250 1.41
Minerva Luxembourg SerRegS 12.25%/2022 USD 200,000 240,500 1.78 United States of America
Sberbank of Russia SerRegS 5.125%/2022 USD 200,000 204,750 1.51 NII Capital 7.625%/2021 USD 75,000 57,188 0.42
TNK-BP Finance SerRegS 6.625%/2017 USD 120,000 137,100 1.01
VTB Bank SerRegS 6.551%/2020 USD 200,000 223,000 1.65
Willow No 2 SerRegS 9.625%/2015 USD 210,000 221,313 1.63
Total for Luxembourg 1,649,987 12.17 Traded on Another Regulated Market 1,474,978 10.88
Mexico
Cemex SerRegS 9%/2018 USD 200,000 217,500 1.60 Recently Issued Transferable Securities
Controladora Mabe SerRegS 7.875%/2019 USD 120,000 139,500 1.03 Bermuda
Total for Mexico 357,000 2.63 Digicel Group Ser144A 8.25%/2020 USD 200,000 221,000 1.63
Netherlands
Indosat Palapa SerRegS 7.375%/2020 USD 140,000 159,600 1.18 Brazil
Lukoil International Finance SerRegS 7.25%/2019 USD 100,000 122,750 0.90 Banco do Estado do Rio Grande do Sul 7.375%/2022 USD 200,000 220,000 1.62
Total for Netherlands 282,350 2.08 Itau Unibanco Holding SerRegS 5.65%/2022 USD 200,000 210,750 1.56
Philippines
SM Investments 5.5%/2017 USD 100,000 108,043 0.80 Canada
Total for Philippines 108,043 0.80 Eldorado Gold SerRegS 6.125%/2020 USD 100,000 102,250 0.75
Singapore
CapitaLand Treasury SerRegS 4.076%/2022 USD 200,000 203,942 1.50 Cayman Islands
Total for Singapore 203,942 1.50 Odebrecht Finance Ser144A 7.125%/2042 USD 200,000 233,000 1.72
Thailand
PTT Global Chemical Ser144A 4.25%/2022 USD 200,000 208,008 1.53 Chile
Total for Thailand 208,008 1.53 Banco Santander Chile SerRegS 3.875%/2022 USD 150,000 154,146 1.14
Total for Chile 154,146 1.14
Turkey
Akbank SerRegS 5.125%/2015 USD 100,000 106,000 0.78 Luxembourg
Turkiye Garanti Bankasi SerRegS 6.25%/2021 USD 200,000 230,300 1.70 Virgolino de Oliveira Finance SerRegS 11.75%/2022 USD 200,000 208,000 1.53
Total for Turkey 336,300 2.48 Total for Luxembourg 208,000 1.53
United Kingdom Mexico
Nord Anglia Education UK Holdings Ser144A 10.25%/2017 USD 200,000 222,000 1.64 Alpek SerRegS 4.5%/2022 USD 200,000 209,000 1.54
Total for United Kingdom 222,000 1.64 Mexico Generadora de Energia SerRegS 5.5%/2032 USD 200,000 216,310 1.60
Southern Copper 5.375%/2020 USD 175,000 201,703 1.49 Peru
Total for United States of America 201,703 1.49 Scotiabank Peru SerRegS VR 4.5%/2027 USD 120,000 120,300 0.89
Venezuela
Petroleos de Venezuela SerRegS 5.25%/2017 USD 25,000 21,640 0.16 United States of America
Total for Venezuela 21,640 0.16 Laureate Education Ser144A 9.25%/2019 USD 25,000 26,250 0.19
Admitted to an Official Exchange Listing 8,704,819 64.18 Total Recently Issued Transferable Securities 1,921,006 14.17
Transferable Securities Traded on Another Regulated Market Other Transferable Securities

Brazil Bermuda
BFF International SerRegS 7.25%/2020 USD 100,000 120,000 0.89 Digicel Group SerRegS 10.5%/2018 USD 100,000 111,000 0.82
BR Malls International Finance SerRegS 8.5%/2049 USD 96,000 105,736 0.78
Centrais Eletricas Brasileiras SerRegS 5.75%/2021 USD 200,000 216,000 1.59
NET Servicos de Comunicacao 7.5%/2020 USD 100,000 115,500 0.85 Canada
Total for Brazil 557,236 4.11 Pacific Rubiales Energy SerRegS 7.25%/2021 USD 100,000 116,000 0.86
Cayman Islands
ENN Energy Holdings Ser144A 6%/2021 USD 200,000 230,929 1.70 Ireland
Total for Cayman Islands 230,929 1.70 Metalloinvest Finance SerRegS 6.5%/2016 USD 200,000 210,750 1.55
Luxembourg
TMK Capital SerRegS 7.75%/2018 USD 200,000 211,000 1.56 Luxembourg
Total for Luxembourg 211,000 1.56 Severstal Via Steel Capital SerRegS 6.7%/2017 USD 100,000 110,000 0.81
Mexico
Kansas City Southern de Mexico 6.125%/2021 USD 50,000 56,750 0.42
Satelites Mexicanos 9.5%/2017 USD 120,000 127,200 0.94
Total for Mexico 183,950 1.36 27

Bond Fund >>>continued
Market
Investment Denomination Value (USD) Assets
Mexico
Banco Mercantil del Norte SerRegS 4.375%/2015 USD 100,000 105,750 0.78
Peru
Corporación Lindley SerRegS 6.75%/2021 USD 200,000 232,000 1.71
United Kingdom
Afren SerRegS 11.5%/2016 USD 240,000 279,600 2.06
Total Other Transferable Securities 1,165,100 8.59
Net Assets 13,561,486 100.00
Act of 1933


28
Global Fixed Income Absolute

Return Fund
The fund’s objective is to provide positive absolute Number of

return by investing primarily in an actively managed Currency
Shares or
Nominal
Market
Value % of Net
global portfolio of fixed income securities including, Investment Denomination Value (USD) Assets
transferable debt securities of governments and their Transferable Securities Admitted to an Official Exchange Listing
agencies, state and provincial entities, supranational Belgium
Anheuser-Busch InBev SerRegS 2%/2019 EUR 6,000 8,095 0.07
organisations, corporations and banks, mortgage- and Kingdom of Belgium Series 61 4.25%/2021 EUR 54,000 85,103 0.76
asset-backed securities and money market instruments Total for Belgium 93,198 0.83
that qualify as eligible investments for UCITS within Brazil

the meaning of article 41 (1) of the law of 17 December Brazil Notas do Tesouro Nacional Series B 6%/2050 BRL 2,100 32,151 0.28
2010 on undertakings for collective investments. Brazil Notas do Tesouro Nacional Series F 10%/2014 BRL 22,600 113,230 1.01
Investment in mortgage and asset-backed securities
Canada
by the fund may exceed 20% of Net Asset Value. In the Royal Bank of Canada SerRegS 4.625%/2018 EUR 50,000 78,105 0.70
execution of its objective, the fund may make enhanced Total for Canada 78,105 0.70
use of derivative instruments including, but not limited Cayman Islands
to, bond futures, forward rate notes, forward foreign Petrobras International Finance 5.375%/2021 USD 52,000 58,803 0.52
exchange contracts (including non-deliverable forwards),
Chile
fixed interest warrants, interest rate futures, options Corporación Nacional del Cobre de Chile
on interest rate futures, convertible bonds, options on SerRegS 7.5%/2019 USD 100,000 129,337 1.15
bond futures, currency options and OTC swaps including
Czech Republic
interest rate swaps and credit default swaps as well Czech Republic International Bond
as swap indices. On a regular basis, the fund may SerRegS 3.875%/2022 EUR 85,000 128,455 1.14
create synthetic short positions in currencies, bonds
and credit indices using various instruments including France
BNP Paribas SerRegS 2.875%/2017 EUR 10,000 14,118 0.13
currency forwards, currency options, interest rate and Electricité de France SerEMTN 5.5%/2016 EUR 10,000 15,416 0.14
GDF Suez SerEMTN 5.625%/2016 EUR 10,000 15,058 0.13
bond futures, options on interest rate and bond futures, Government of France OAT 3.75%/2021 EUR 51,000 78,257 0.70
interest rate swaps, credit default swaps and swap PPR SerEMTN 8.625%/2014
RCI Banque SerRegS 4.25%/2017
EUR
EUR
5,000
10,000
7,225
14,281
0.06
0.13
indices. The total absolute aggregate net short positions Sanofi SerRegS 3.125%/2014 EUR 4,000 5,528 0.05
in currencies will not exceed 40% of the Net Asset Value Total for France 158,272 1.41
of the fund. The total aggregate net short position
Germany
in terms of duration will not exceed minus 3 years of Deutsche Bundesrepublik 1.75%/2022 EUR 14,000 19,171 0.17
duration at the fund level. Deutsche Bundesrepublik Series 05 4%/2037 EUR 36,000 64,331 0.57
Kreditanstalt fuer Wiederaufbau SerMTN 6%/2020 AUD 105,000 123,139 1.10
Merck Financial Services SerEMTN 3.375%/2015 EUR 9,000 12,565 0.11
Volkswagen Financial Services SerEMTN 3.375%/2014 EUR 10,000 13,742 0.12
Total for Germany 670,751 5.97
Ireland
GE Capital European Funding SerEMTN 4.35%/2021 EUR 5,000 7,707 0.07
iShares Markit iBoxx Euro High Yield Bond com stk EUR 834 121,175 1.08
Italy
Enel 5.25%/2015 EUR 10,000 14,021 0.13
Japan
Japan-305 (10 Year Issue) 1.3%/2019 JPY 1,050,000 12,862 0.12
Total for Japan 12,862 0.12
Luxembourg
ArcelorMittal 6%/2021 USD 10,000 9,987 0.09
Gazprom Via Gaz Capital SerRegS 8.146%/2018 USD 100,000 123,850 1.10
29

Return Fund >>>continued
Number of Number of
Shares or Market Shares or Market
Mexico Canada
Mexican Bonos 2.5%/2020 MXN 104,000 42,477 0.38 Bank of Nova Scotia CP 0%/2013 USD 250,000 249,953 2.22
Mexican Bonos Series M20 7.5%/2027 MXN 416,000 37,349 0.33 Precision Drilling 6.625%/2020 USD 10,000 10,800 0.10
Mexican Bonos Series M30 8.5%/2038 MXN 1,667,000 162,862 1.45 Toronto Dominion Holding CP 0%/2013 USD 250,000 249,938 2.23
Total for Mexico 242,688 2.16 Total for Canada 510,691 4.55
Netherlands France
Allianz Finance II VR 6.5%/2025 EUR 8,000 11,605 0.10 Electricité de France CP 0%/2013 USD 250,000 249,844 2.22
BMW Finance SerEMTN 3.625%/2018 EUR 10,000 14,711 0.13 GDF Suez CP 0%/2013 USD 250,000 249,988 2.23
Cooperatieve Centrale Raiffeisen-Boerenleenbank Total for France 499,832 4.45
SerGMTN 4%/2022 EUR 5,000 7,563 0.07
Daimler International Finance SerEMTN 7.875%/2014 EUR 10,000 14,171 0.13 New Zealand
Deutsche Post Finance SerRegS 1.875%/2017 EUR 10,000 13,643 0.12 Westpac Securities CP 0%/2013 USD 250,000 249,873 2.23
Deutsche Telekom International Finance
Total for New Zealand 249,873 2.23
SerEMTN 4.25%/2020 EUR 5,000 7,640 0.07
Heineken SerRegS 3.5%/2024 EUR 5,000 7,217 0.06 United States of America
Heineken SerEMTN 7.125%/2014 EUR 10,000 14,233 0.13 Capella Healthcare 9.25%/2017 USD 20,000 21,550 0.19
Lanxess Finance SerRegS 2.625%/2022 EUR 4,000 5,330 0.05 Chariot Funding CP 0%/2013 USD 250,000 249,951 2.22
Repsol International Finance SerEMTN 4.625%/2014 EUR 5,000 6,937 0.06 CNH Capital 6.25%/2016 USD 10,000 11,075 0.10
RWE Finance SerEMTN 5.125%/2018 EUR 10,000 15,793 0.14 Community Health Systems 5.125%/2018 USD 10,000 10,450 0.09
Total for Netherlands 118,843 1.06 Consol Energy 8%/2017 USD 10,000 10,875 0.10
Cott Beverages 8.125%/2018 USD 10,000 11,100 0.10
Russia Del Monte 7.625%/2019 USD 10,000 10,475 0.09
Russian Government Foreign Bond DISH DBS 6.75%/2021 USD 10,000 11,450 0.10
SerRegS step coupon 7.5%/2030 USD 38,750 49,848 0.44 E*Trade Financial 6.75%/2016 USD 10,000 10,575 0.09
Total for Russia 49,848 0.44 Equinix 7%/2021 USD 10,000 11,137 0.10
Fairway Finance CP 0%/2013 USD 250,000 249,979 2.23
Spain General Motors Financial 6.75%/2018 USD 10,000 11,485 0.10
Instituto de Credito Oficial SerRegS 4.875%/2017 EUR 10,000 13,412 0.12 Hanesbrands 6.375%/2020 USD 10,000 11,050 0.10
Total for Spain 13,412 0.12 Hanover County Economic Development Authority
VR 0.15%/2025 USD 250,000 250,000 2.23
Sweden Health Management Associates 7.375%/2020 USD 10,000 10,850 0.10
Svensk Exportkredit SerEMTN 3.625%/2014 EUR 60,000 82,666 0.74 Howard County Maryland CP 0.18%/2013 USD 200,000 200,000 1.78
Hughes Satellite Systems 7.625%/2021 USD 10,000 11,425 0.10
Illinois Finance Authority CP 0.2%/2013 USD 200,000 200,000 1.78
Switzerland Inova Health System CP 0%/2013 USD 250,000 249,894 2.23
UBS/Jersey Branch SerEMTN 4.75%/2017 EUR 5,000 7,634 0.07 International Lease Finance 8.625%/2015 USD 10,000 11,275 0.10
Iron Mountain 5.75%/2024 USD 10,000 10,175 0.09
Total for Switzerland 7,634 0.07 Johnson City Health & Educational Facilities Board
United Kingdom VR 0.20%/2033 USD 250,000 250,000 2.23
Barclays Bank SerEMTN 4%/2019 EUR 50,000 77,615 0.69 Jupiter CP 0%/2013 USD 250,000 249,905 2.23
National Grid SerEMTN 5%/2018 EUR 10,000 15,687 0.14 Kindred Healthcare 8.25%/2019 USD 10,000 9,775 0.09
Koppers 7.875%/2019 USD 10,000 11,050 0.10
Total for United Kingdom 93,302 0.83 Kratos Defense & Security Solutions 10%/2017 USD 10,000 11,025 0.10
Market St Funding CP 0%/2013 USD 250,000 249,965 2.23
MetLife Short Term Funding CP 0%/2013 USD 250,000 249,941 2.22
Ally Financial 8%/2020 USD 10,000 12,300 0.11
Montgomery County Housing Opportunites Commission
Bank of America 4.625%/2014 EUR 10,000 13,712 0.12
VR 0.13%/2039 USD 250,000 250,000 2.23
Berry Petroleum 6.75%/2020 USD 10,000 10,800 0.10
Montgomery County Maryland CP 0.23%/2013 USD 250,000 250,000 2.23
Bill Barrett 7%/2022 USD 10,000 10,350 0.09
New York City Housing Development VR 0.19%/2041 USD 250,000 250,000 2.23
CIT Group 5%/2022 USD 10,000 10,714 0.10
Northwestern University CP 0%/2013 USD 250,000 249,936 2.22
Citigroup SerEMTN 5%/2019 EUR 5,000 7,743 0.07
Peabody Energy 6%/2018 USD 10,000 10,675 0.09
Concho Resources 5.5%/2023 USD 10,000 10,525 0.10
Regency Energy Partners 6.875%/2018 USD 10,000 10,950 0.10
Goldman Sachs Group SerEMTN 6.375%/2018 EUR 10,000 15,920 0.14
Sentara Healthcare CP 0.26%/2013 USD 250,000 250,000 2.23
HCA 7.5%/2022 USD 10,000 11,500 0.10
SM Energy 6.5%/2021 USD 10,000 10,750 0.09
Penn Virginia Resource Partners Finance 8.25%/2018 USD 10,000 10,650 0.09
Southern Ute Tribe of Southern Ute Indian Reservation
Regal Entertainment Group 9.125%/2018 USD 10,000 11,200 0.10
VR 0.35%/2027 USD 250,000 250,000 2.23
US Treasury 2.75%/2019 USD 99,000 109,635 0.98
State of Tennessee CP 0.25%/2013 USD 250,000 250,000 2.23
US Treasury 4.625%/2040 USD 41,000 55,401 0.49
State of Texas VR 0.22%/2031 USD 245,000 245,000 2.18
Total for United States of America 290,450 2.59 Swift Energy 7.875%/2022 USD 10,000 10,500 0.09
Tenet Healthcare 6.25%/2018 USD 10,000 11,025 0.10
Total Transferable Securities Universal Health Services 7%/2018 USD 10,000 11,075 0.10
Admitted to an Official Exchange Listing 2,797,448 24.92 University of California VR 0.17%/2041 USD 200,000 200,000 1.78
Vulcan Materials 7.5%/2021 USD 10,000 11,450 0.10
Wisconsin Housing & Economic Development Authority
Transferable Securities Traded on Another Regulated Market VR 0.26%/2028 USD 235,000 235,000 2.09
Australia WPX Energy 6%/2022 USD 10,000 10,825 0.10
Commonwealth Bank of Australia CP 0%/2013 USD 250,000 249,968 2.23
National Australia Funding CP 0%/2013 USD 250,000 249,942 2.22 Total for United States of America 5,123,618 45.64
Total for Australia 499,910 4.45 Total Transferable Securities

30

Return Fund >>>continued
Number of
Futures Contracts
Shares or Market Contract Unrealised
Currency Nominal Value % of Net Value Gain (Loss) % of Net
Investment Denomination Value (USD) Assets Investment Expiration (USD) (USD) Assets
Recently Issued Transferable Securities Short, 1

United States of America US Ultra Bond Note Contracts,
Air Lease Ser144A 4.5%/2016 USD 10,000 10,150 0.09 $3,844 pledged as initial margin March 2013 (162,906) 3,430
General Motors Financial Ser144A 4.75%/2017 USD 10,000 10,526 0.10 Short, 1 ten-year
Mediacom Broadband Ser144A 6.375%/2023 USD 10,000 10,225 0.09 Australian Bond Contracts,
MGM Resorts International Ser144A 6.75%/2020 USD 10,000 10,237 0.09 $6,157 pledged as initial margin March 2013 (128,005) (399)
Nuance Communications Ser144A 5.375%/2020 USD 10,000 10,500 0.09
PDC Energy Ser144A 7.75%/2022 USD 10,000 10,300 0.09 Short, 1
Euro SCHATZ Contracts,
$2,660 pledged as initial margin March 2013 (146,543) (106)
Total Recently Issued Transferable Securities 61,938 0.55 Short, 2 ten-year Mini Japanese
Government Bond Contracts,
$2,544 pledged as initial margin March 2013 (332,550) 1,830
Short, 2
Netherlands
Euro OAT Contracts,
Sensata Technologies Ser144A 6.5%/2019 USD 10,000 10,700 0.09
$6,535 pledged as initial margin March 2013 (359,988) (1,137)
Short, 4
United States of America Euro BOBL Contracts,
CommScope Ser144A 8.25%/2019 USD 10,000 11,000 0.10 $12,269 pledged as initial margin March 2013 (675,876) (3,596)
Continental Airlines Ser144A 6.75%/2015 USD 10,000 10,550 0.09 Short, 5 ten-year
First Data Ser144A 7.375%/2019 USD 10,000 10,400 0.09 US Treasury Note Contracts,
Sprint Nextel Ser144A 9%/2018 USD 10,000 12,375 0.11 $15,656 pledged as initial margin March 2013 (663,594) 3,547
Univision Communications Ser144A 7.875%/2020 USD 10,000 10,875 0.10
Net Assets 11,226,753 100.00
Forward Currency Exchange Contracts 144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the Securities
Act of 1933
Unrealised EMTN: Euro Medium Term Note
Gain (Loss) % of Net MTN: Medium Term Note
Settlement Receive Deliver (USD) Assets OAT: Obligations assimilables du Trésor (French Treasuring Bond)
22 January 2013 6,169,560 INR 113,771 USD (1,970) VR: variable rate, rate shown is effective rate at period-end
22 January 2013 111,000 USD 6,076,140 INR 892 CP: Commercial Paper
15 February 2013 164,000 AUD 172,254 USD (2,599)
15 February 2013 12,021 EUR 15,714 USD 183 AUD: Australian Dollar
BRL: Brazilian Real
15 February 2013 67,438 GBP 106,952 USD 2,618
15 February 2013 8,850,000 JPY 106,146 USD (3,649) GBP: Great Britain Pound
15 February 2013 3,257,000 MXN 243,964 USD 5,666 INR: Indian Rupee
15 February 2013 2,570,000 NOK 448,052 USD 13,439 JPY: Japanese Yen
15 February 2013 543,000 PLN 164,990 USD 10,224 KRW: South Korean Won
15 February 2013 10,731,000 RUB 335,072 USD 13,630 MXN: Mexican Peso
15 February 2013 758,000 SEK 111,442 USD 5,103 MYR: Malaysian Ringgit
15 February 2013 2,206,127 USD 1,723,151 EUR (72,657) NOK: Norwegian Krone
15 February 2013 290,681 USD 602,000 BRL (1,388) PLN: Polish Zloty
RUB: Russian Ruble
15 February 2013 580,353 USD 560,365 AUD 667
SEK: Swedish Krona
15 February 2013 328,878 USD 207,594 GBP (8,408) USD: United States Dollar
15 February 2013 164,103 USD 543,000 PLN (11,112)
15 February 2013 616,541 USD 49,723,223 JPY 40,669
15 February 2013 6,715 USD 38,000 NOK (109)
15 February 2013 7,679 USD 240,000 RUB (120)
15 February 2013 106,251 USD 1,366,400 MXN 1,524
15 February 2013 113,316 USD 758,000 SEK (3,229)
19 February 2013 687,063 MYR 223,000 USD 912
18 March 2013 12,397,640 INR 222,071 USD 41
18 March 2013 120,755,000 KRW 111,924 USD 919
18 March 2013 117,000 USD 6,293,430 INR 4,249
21 March 2013 344,000 MYR 111,974 USD (91)
Open Forward Currency Exchange Contracts (4,596) (0.04)

31
Global High Yield Bond Fund

The fund’s objective is to maximise total return by Number of

investing primarily in a widely diversified, global Currency
Shares or
Nominal
Market
Value % of Net
portfolio of high-yield corporate bonds, income Investment Denomination Value (USD) Assets
producing convertible securities and preferred stocks. Transferable Securities Admitted to an Official Exchange Listing
In the execution of its objective, the fund may make Bermuda
Aircastle 9.75%/2018 USD 3,800,000 4,313,000 0.20
enhanced use of derivative instruments including, Central European Media Enterprises
SerRegS 11.625%/2016 EUR 3,950,000 5,507,121 0.26
but not limited to, bond futures, forward rate notes,
Total for Bermuda 9,820,121 0.46
forward foreign exchange contracts (including
British Virgin Islands
non-deliverable forwards), fixed interest warrants, Studio City Finance SerRegS 8.5%/2020 USD 3,625,000 3,816,708 0.18
interest rate futures, options on interest rate futures, Total for British Virgin Islands 3,816,708 0.18
convertible bonds, options on bond futures, currency Cayman Islands

Sable International Finance Ser144A 8.75%/2020 USD 2,400,000 2,760,000 0.13
options and OTC swaps including interest rate swaps UPCB Finance SerRegS 7.625%/2020 EUR 425,000 618,453 0.03
and credit default swaps as well as swap indices. On Total for Cayman Islands 3,378,453 0.16
an opportunistic basis, the fund may create synthetic France
short positions in bonds and credit indices using Europcar Groupe SerRegS 11.5%/2017
Lafarge SerEMTN 6.75%/2019
EUR
EUR
550,000 767,539
3,175,000 4,747,880
0.04
0.22
various derivative instruments including interest rate Total for France 5,515,419 0.26
and bond futures, options on interest rate and bond Germany
futures, interest rate swaps, credit default swaps and KM Germany Holdings SerRegS 8.75%/2020
Styrolution Group SerRegS 7.625%/2016
EUR
EUR
675,000 936,641
3,425,000 4,730,007
0.04
0.22
swap indices. Techem SerRegS 6.125%/2019 EUR 675,000 958,889 0.05
Unitymedia KabelBW SerRegS 9.5%/2021 EUR 3,450,000 5,293,293 0.25
Unitymedia KabelBW SerRegS 9.625%/2019 EUR 2,225,000 3,308,583 0.16
Italy
Fiat Industrial Finance Europe SerRegS 6.25%/2018 EUR 1,850,000 2,739,042 0.13
Total for Italy 2,739,042 0.13
Ireland
Ardagh Packaging Finance SerRegS 9.25%/2020 EUR 5,450,000 7,847,942 0.37
Vimpel Communications SerRegS 7.748%/2021 USD 2,375,000 2,749,063 0.13
Total for Ireland 10,597,005 0.50
Luxembourg
Aguila 3 SerRegS 7.875%/2018 CHF 2,475,000 2,913,435 0.14
ALROSA Finance SerRegS 7.75%/2020 USD 2,375,000 2,766,875 0.13
Altice Financing SerRegS 7.875%/2019 USD 1,500,000 1,593,750 0.08
Altice Finco SerRegS 9.875%/2020 USD 1,675,000 1,813,187 0.08
ArcelorMittal 10.35%/2019 USD 3,225,000 3,872,654 0.18
ArcelorMittal 6%/2021 USD 3,675,000 3,670,314 0.17
Beverage Packaging Holdings Luxembourg II
SerRegS 8%/2016 EUR 5,700,000 7,656,160 0.36
Bormioli Rocco Holdings SerRegS 10%/2018 EUR 3,175,000 4,468,470 0.21
Gategroup Finance Luxembourg SerRegS 6.75%/2019 EUR 825,000 1,162,828 0.05
Matterhorn Midco & Cy SerRegS 7.75%/2020 EUR 4,225,000 5,709,496 0.27
Matterhorn Mobile SerRegS 6.75%/2019 CHF 2,150,000 2,513,246 0.12
Numericable Finance SerRegS 12.375%/2019 EUR 2,775,000 4,344,540 0.20
Sunrise Communications Holdings SerRegS 8.5%/2018 EUR 4,475,000 6,513,423 0.31
Sunrise Communications International
SerRegS 5.625%/2017 CHF 2,175,000 2,483,067 0.12
Sunrise Communications International SerRegS 7%/2017 EUR 800,000 1,149,645 0.05
Telenet Finance SerRegS 6.25%/2022 EUR 1,375,000 1,945,134 0.09
Wind Acquisition Finance SerRegS 7.25%/2018 USD 1,425,000 1,439,250 0.07
Wind Acquisition Holdings Finance
SerRegS 12.25%/2017 USD 2,396,437 2,384,455 0.11
Mexico
Cemex SerRegS 9%/2018 USD 4,100,000 4,458,750 0.21
32
Global High Yield Bond Fund >>>continued
Number of Number of
Netherlands United States of America (continued)
OI European Group SerRegS 6.75%/2020 EUR 1,225,000 1,841,146 0.09 Discover Financial Services 10.25%/2019 USD 3,700,000 4,838,509 0.23
Polish Television Holding SerRegS Dollar General 4.125%/2017 USD 3,160,000 3,333,800 0.16
step coupon 11.25%/2017 EUR 3,100,000 4,475,309 0.21 Dollar General com stk USD 66,800 2,945,212 0.14
Schaeffler Finance SerRegS 6.75%/2017 EUR 4,000,000 5,761,408 0.27 Domtar 9.5%/2016 USD 275,000 327,560 0.02
Ziggo Bond SerRegS 8%/2018 EUR 1,225,000 1,784,619 0.08 El Paso SerGMTN 7.75%/2032 USD 3,950,000 4,660,972 0.22
Ziggo com stk EUR 71,475 2,333,200 0.11 El Paso SerGMTN 7.8%/2031 USD 1,075,000 1,258,773 0.06
Total for Netherlands 16,195,682 0.76 El Paso SerMTN 8.25%/2016 USD 165,000 185,063 0.01
EQT com stk USD 44,600 2,630,508 0.12
Sweden Esterline Technologies 7%/2020 USD 3,500,000 3,893,750 0.18
Cyfrowy Polsat Finance SerRegS 7.125%/2018 EUR 782,000 1,139,243 0.05 Ferrellgas Finance 9.125%/2017 USD 1,825,000 1,984,688 0.09
Verisure Holding SerRegS 8.75%/2018 EUR 3,250,000 4,702,568 0.22 Fidelity National Information Services 7.625%/2017 USD 1,750,000 1,911,875 0.09
Fidelity National Information Services 7.875%/2020 USD 7,450,000 8,465,062 0.40
Total for Sweden 5,841,811 0.27
Ford Motor Credit 5%/2018 USD 4,875,000 5,391,438 0.25
United Arab Emirates General Motors CV 4.75%/2013 USD 140,100 6,182,613 0.29
DP World SerRegS 6.85%/2037 USD 2,730,000 3,211,162 0.15 GenOn Energy 7.875%/2017 USD 7,325,000 8,130,750 0.38
GMAC Capital Trust I VR 8.125%/2040 USD 221,450 5,901,643 0.28
Total for United Arab Emirates 3,211,162 0.15 Goodyear Tire & Rubber 8.25%/2020 USD 3,965,000 4,371,413 0.21
United Kingdom Goodyear Tire & Rubber 8.75%/2020 USD 800,000 926,000 0.04
INEOS Finance SerRegS 8.375%/2019 USD 3,000,000 3,243,750 0.15 Graphic Packaging International 7.875%/2018 USD 2,025,000 2,247,750 0.11
Priory Group No 3 SerRegS 7%/2018 GBP 900,000 1,558,042 0.08 Greif 7.75%/2019 USD 450,000 522,000 0.02
Rexam SerRegS VR 6.75%/2067 EUR 2,000,000 2,788,389 0.13 Hartford Financial Services Group warrants/26/06/2019 USD 81,300 1,095,924 0.05
HCA 7.5%/2022 USD 13,550,000 15,582,500 0.73
Total for United Kingdom 7,590,181 0.36 HCA 9.875%/2017 USD 374,000 396,908 0.02
HCA Holdings 6.25%/2021 USD 3,300,000 3,390,750 0.16
International Lease Finance 4.875%/2015 USD 2,850,000 2,960,666 0.14
Advanced Micro Devices 7.75%/2020 USD 1,525,000 1,284,812 0.06
AES com stk USD 154,725 1,655,557 0.08
AK Steel 7.625%/2020 USD 2,055,000 1,798,125 0.08
Ally Financial 4.625%/2015 USD 6,350,000 6,623,596 0.31
iStar Financial 7.125%/2018 USD 3,300,000 3,378,375 0.16
Jarden 8%/2016 USD 1,175,000 1,254,313 0.06
JPMorgan Chase warrants/28/10/2018 USD 93,050 1,103,573 0.05
KB Home 8%/2020 USD 4,025,000 4,588,500 0.22
Ally Financial pref stk 7%1 USD 6,225 6,077,156 0.29
Liberty Global Class A com stk USD 52,300 3,294,377 0.16
Ally Financial pref stk 8.50% USD 13,475 353,988 0.02
Manitowoc 5.875%/2022 USD 1,400,000 1,403,500 0.07
American Axle & Manufacturing 6.625%/2022 USD 4,825,000 4,921,500 0.23
Manitowoc 8.5%/2020 USD 3,750,000 4,228,125 0.20
American International Group warrants/19/01/2021 USD 76,700 1,058,460 0.05
Masco 5.85%/2017 USD 3,000,000 3,267,954 0.15
AmeriGas Finance 6.75%/2020 USD 2,650,000 2,921,625 0.14
Masco 6.125%/2016 USD 1,625,000 1,796,395 0.08
AmeriGas Finance 7%/2022 USD 2,875,000 3,212,812 0.15
MGM Resorts International 6.625%/2021 USD 11,400,000 11,414,250 0.54
Amerigroup 7.5%/2019 USD 3,825,000 4,609,125 0.22
Moog 7.25%/2018 USD 1,575,000 1,663,594 0.08
Anixter 10%/2014 USD 1,600,000 1,744,000 0.08
MPT Operating Partnership 6.375%/2022 USD 2,325,000 2,452,875 0.11
Anixter 5.625%/2019 USD 2,790,000 2,950,425 0.14
Navistar International 8.25%/2021 USD 2,100,000 2,037,000 0.10
Ares Capital com stk USD 122,625 2,145,937 0.10
Newfield Exploration 5.75%/2022 USD 7,150,000 7,900,750 0.37
Atwood Oceanics 6.5%/2020 USD 1,875,000 2,025,000 0.09
Newfield Exploration 6.875%/2020 USD 4,075,000 4,380,625 0.21
Bank of America warrants/16/01/2019 USD 288,400 1,571,780 0.07
Owens-Brockway Glass Container 7.375%/2016 USD 3,500,000 4,007,500 0.19
Berry Petroleum 6.375%/2022 USD 7,880,000 8,234,600 0.39
Parker Drilling 9.125%/2018 USD 5,025,000 5,389,313 0.25
Berry Petroleum 6.75%/2020 USD 460,000 496,800 0.02
Penn Virginia Resource Partners Finance 8.25%/2018 USD 6,150,000 6,549,750 0.31
Best Buy 3.75%/2016 USD 1,550,000 1,457,000 0.07
Plains Exploration & Production 6.75%/2022 USD 650,000 732,875 0.03
Bill Barrett 7%/2022 USD 4,500,000 4,657,500 0.22
PolyOne 7.375%/2020 USD 5,105,000 5,602,738 0.26
Bill Barrett 7.625%/2019 USD 6,400,000 6,784,000 0.32
Range Resources 5%/2022 USD 1,375,000 1,443,750 0.07
Capsugel FinanceCo SerRegS 9.875%/2019 EUR 4,675,000 6,964,777 0.33
Range Resources 6.75%/2020 USD 5,190,000 5,657,100 0.27
CB Richard Ellis Services 11.625%/2017 USD 1,250,000 1,381,250 0.07
Range Resources com stk USD 33,450 2,101,664 0.10
CB Richard Ellis Services 6.625%/2020 USD 2,450,000 2,691,937 0.13
Reckson Operating Partnership 6%/2016 USD 1,575,000 1,728,164 0.08
CEDC Finance International SerRegS 8.875%/2016 EUR 1,550,000 1,246,547 0.06
Regal Entertainment Group 9.125%/2018 USD 5,200,000 5,824,000 0.27
Celanese US Holdings 4.625%/2022 USD 5,575,000 5,867,687 0.28
Rite Aid 7.7%/2027 USD 2,275,000 1,956,500 0.09
Centene 5.75%/2017 USD 2,850,000 3,078,000 0.14
Rite Aid 9.5%/2017 USD 8,625,000 9,045,469 0.43
Charter Communications Class A com stk USD 53,500 4,078,840 0.19
Rockwood Holdings com stk USD 43,000 2,126,780 0.10
Choice Hotels International 5.75%/2022 USD 1,700,000 1,891,250 0.09
Rockwood Specialties Group 4.625%/2020 USD 7,675,000 7,972,406 0.37
CIT Group 4.25%/2017 USD 4,375,000 4,525,627 0.21
Spanish Broadcasting System SerB pref stk1 USD 1,823 729,200 0.03
CIT Group 5%/2022 USD 4,375,000 4,687,261 0.22
Speedway Motorsports 8.75%/2016 USD 3,470,000 3,725,913 0.18
CIT Group 5.25%/2018 USD 5,200,000 5,590,000 0.26
Spirit Aerosystems 7.5%/2017 USD 3,750,000 4,031,250 0.19
CIT Group 5.375%/2020 USD 12,925,000 14,185,187 0.67
Springleaf Finance SerMTN 6.9%/2017 USD 3,950,000 3,555,000 0.17
Citigroup warrants/04/01/2019 USD 2,891,750 1,208,751 0.06
Sprint Capital 6.875%/2028 USD 13,100,000 13,689,500 0.64
CMS Energy 5.05%/2022 USD 1,875,000 2,098,999 0.10
Sprint Capital 8.75%/2032 USD 3,675,000 4,511,063 0.21
Community Health Systems 7.125%/2020 USD 3,925,000 4,194,844 0.20
Sprint Nextel 6%/2022 USD 5,000,000 5,162,500 0.24
Compass Minerals International 8%/2019 USD 1,240,000 1,345,400 0.06
Standard Pacific 10.75%/2016 USD 1,675,000 2,089,563 0.10
Concho Resources 5.5%/2023 USD 4,100,000 4,315,250 0.20
Standard Pacific 8.375%/2018 USD 2,000,000 2,330,000 0.11
Concho Resources 7%/2021 USD 1,275,000 1,428,000 0.07
Swift Energy 7.125%/2017 USD 1,750,000 1,811,250 0.09
Constellation Brands 6%/2022 USD 3,675,000 4,226,250 0.20
Swift Energy 8.875%/2020 USD 3,650,000 3,987,625 0.19
Constellation Brands 7.25%/2016 USD 1,000,000 1,160,000 0.05
Synovus Financial 5.125%/2017 USD 6,775,000 6,741,125 0.31
Crown Castle International 7.125%/2019 USD 4,839,000 5,371,290 0.25
Synovus Financial 7.875%/2019 USD 1,150,000 1,282,250 0.06
DaVita HealthCare Partners 6.375%/2018 USD 6,000,000 6,450,000 0.30
Tenet Healthcare 8.875%/2019 USD 275,000 309,375 0.01
DaVita HealthCare Partners 6.625%/2020 USD 1,525,000 1,666,063 0.08
Terex 6%/2021 USD 6,350,000 6,715,125 0.32
33
Number of Number of
Terex 6.5%/2020 USD 2,000,000 2,130,000 0.10 Caesars Entertainment Operating 5.625%/2015 USD 2,700,000 2,281,797 0.11
Texas Industries 9.25%/2020 USD 5,900,000 6,357,250 0.30 Caesars Entertainment Operating 8.5%/2020 USD 5,550,000 5,525,719 0.26
Toll Brothers Finance 5.875%/2022 USD 2,225,000 2,528,341 0.12 Capella Healthcare 9.25%/2017 USD 4,900,000 5,279,750 0.25
TRW Automotive Holdings com stk USD 68,025 3,646,820 0.17 Carrizo Oil & Gas 7.5%/2020 USD 825,000 851,812 0.04
United Rentals North America 6.125%/2023 USD 2,125,000 2,252,500 0.11 Case New Holland 7.875%/2017 USD 3,750,000 4,453,125 0.21
US Airways 2012-2 Class A Pass Through Trust 4.625%/2025 USD 910,000 925,925 0.04 CCO Holdings 5.125%/2023 USD 4,950,000 4,962,375 0.23
US Airways 2012-2 Class B Pass Through Trust 6.75%/2021 USD 415,000 425,375 0.02 CCO Holdings 6.625%/2022 USD 8,200,000 8,999,500 0.42
US Treasury Bill 0%/2013 USD 900,000 899,839 0.04 CCO Holdings 7.375%/2020 USD 625,000 696,875 0.03
USG 9.75%/2018 USD 4,050,000 4,606,875 0.22 CDW Finance 12.535%/2017 USD 6,890,000 7,398,137 0.35
Wells Fargo warrants 28/08/2018 USD 109,750 1,097,500 0.05 CDW Finance 8%/2018 USD 900,000 1,000,125 0.05
Total for United States of America 487,863,376 22.96 CDW Finance 8.5%/2019 USD 9,475,000 10,304,062 0.48
Cedar Fair 9.125%/2018 USD 1,775,000 2,005,750 0.09
Central Garden and Pet 8.25%/2018 USD 3,375,000 3,585,937 0.17
Chrysler Group 8%/2019 USD 4,500,000 4,927,500 0.23
Chrysler Group 8.25%/2021 USD 8,825,000 9,751,625 0.46
Cinemark USA 7.375%/2021 USD 1,125,000 1,248,750 0.06
Transferable Securities Traded on Another Regulated Market CityCenter Holdings 10.75%/2017 USD 350,000 381,500 0.02
Bermuda CKE Restaurants 11.375%/2018 USD 3,194,000 3,689,070 0.17
Aircastle 6.75%/2017 USD 1,675,000 1,800,625 0.08 Claire’s Stores 9.625%/2015 USD 1,746,687 1,624,419 0.08
Aircastle 7.625%/2020 USD 4,875,000 5,472,188 0.26 Clayton Williams Energy 7.75%/2019 USD 5,000,000 5,006,250 0.24
Intelsat Luxembourg 11.25%/2017 USD 13,785,000 14,629,331 0.69 Clean Harbors 5.25%/2020 USD 1,525,000 1,597,437 0.08
Clear Channel Communications 4.9%/2015 USD 4,700,000 3,883,375 0.18
Clear Channel Communications 7.25%/2027 USD 1,125,000 568,125 0.03
Canada Clear Channel Worldwide Holdings SerA 7.625%/2020 USD 1,150,000 1,152,875 0.05
Cascades 7.75%/2017 USD 4,950,000 5,259,375 0.25 Clear Channel Worldwide Holdings SerB 7.625%/2020 USD 4,150,000 4,201,875 0.20
Cascades 7.875%/2020 USD 5,275,000 5,644,250 0.27 Clearwater Paper 7.125%/2018 USD 1,625,000 1,779,375 0.08
Novelis 8.75%/2020 USD 3,975,000 4,452,000 0.21 Coleman Cable 9%/2018 USD 2,050,000 2,214,000 0.10
Precision Drilling 6.5%/2021 USD 875,000 936,250 0.04 Columbus McKinnon 7.875%/2019 USD 3,875,000 4,175,312 0.20
Precision Drilling 6.625%/2020 USD 4,625,000 4,995,000 0.23 Community Health Systems 5.125%/2018 USD 3,900,000 4,075,500 0.19
Telesat Canada 12.5%/2017 USD 5,350,000 5,891,688 0.28 Community Health Systems 8%/2019 USD 2,875,000 3,126,562 0.15
Videotron Series WI 5%/2022 USD 4,880,000 5,142,300 0.24 Consol Energy 8%/2017 USD 1,775,000 1,930,312 0.09
Consol Energy 8.25%/2020 USD 3,125,000 3,398,437 0.16
Total for Canada 32,320,863 1.52 Constellation Brands 4.625%/2023 USD 725,000 761,250 0.04
Continental Airlines 2009-2 Class A Pass Through Trust
Cayman Islands
SerA 7.25%/2019 USD 613,606 708,715 0.03
Seagate Technology HDD Holdings 6.8%/2016 USD 3,850,000 4,331,250 0.20
Continental Airlines 2009-2 Class B Pass Through Trust
Total for Cayman Islands 4,331,250 0.20 SerB 9.25%/2017 USD 362,553 396,089 0.02
Continental Resources 5%/2022 USD 925,000 1,001,312 0.05
Luxembourg
CoreLogic 7.25%/2021 USD 1,775,000 1,939,187 0.09
Intelsat Jackson Holdings 7.25%/2020 USD 2,525,000 2,755,406 0.13
Cricket Communications 7.75%/2020 USD 8,625,000 8,840,625 0.42
Total for Luxembourg 2,755,406 0.13 Crosstex Energy 8.875%/2018 USD 1,075,000 1,166,375 0.05
Del Monte 7.625%/2019 USD 9,265,000 9,705,087 0.46
Mexico Delphi 5.875%/2019 USD 850,000 915,875 0.04
Kansas City Southern de Mexico 6.125%/2021 USD 2,700,000 3,064,500 0.15 Delphi 6.125%/2021 USD 1,025,000 1,142,875 0.05
Kansas City Southern de Mexico 6.625%/2020 USD 1,325,000 1,510,500 0.07 DineEquity 9.5%/2018 USD 6,605,000 7,537,956 0.35
Satelites Mexicanos 9.5%/2017 USD 625,000 662,500 0.03 DISH DBS 5.875%/2022 USD 6,000,000 6,480,000 0.30
Total for Mexico 5,237,500 0.25 DISH DBS 6.75%/2021 USD 4,165,000 4,768,925 0.22
DISH DBS 7.125%/2016 USD 1,375,000 1,546,875 0.07
Netherlands DISH DBS 7.875%/2019 USD 2,875,000 3,421,250 0.16
AerCap Aviation Solutions 6.375%/2017 USD 3,050,000 3,217,750 0.15 DPL 6.5%/2016 USD 3,275,000 3,479,687 0.16
LyondellBasell Industries 5%/2019 USD 5,025,000 5,577,750 0.26 DPL 7.25%/2021 USD 2,925,000 3,144,375 0.15
Total for Netherlands 8,795,500 0.41 Ducommun 9.75%/2018 USD 2,525,000 2,727,000 0.13
Dycom Investments 7.125%/2021 USD 3,300,000 3,506,250 0.17
United States of America E*TRADE Financial 6%/2017 USD 275,000 282,563 0.01
99 Cents Only Stores 11%/2019 USD 2,675,000 3,062,875 0.14 E*TRADE Financial 6.375%/2019 USD 1,175,000 1,210,250 0.06
Advanced Micro Devices CV 6%/2015 USD 600,000 561,000 0.03 E*TRADE Financial 6.75%/2016 USD 8,500,000 8,988,750 0.42
AEP Industries 8.25%/2019 USD 2,075,000 2,230,625 0.10 Earthlink 8.875%/2019 USD 2,100,000 2,210,250 0.10
AGCO 5.875%/2021 USD 3,450,000 3,753,976 0.18 Easton-Bell Sports 9.75%/2016 USD 3,820,000 4,111,657 0.19
Air Lease 5.625%/2017 USD 5,300,000 5,644,500 0.27 Epicor Software 8.625%/2019 USD 3,100,000 3,270,500 0.15
AMC Entertainment 8.75%/2019 USD 7,061,000 7,855,362 0.37 Equinix 7%/2021 USD 5,275,000 5,875,031 0.28
AMC Networks 4.75%/2022 USD 5,100,000 5,151,000 0.24 Exopack Holding 10%/2018 USD 2,325,000 2,115,750 0.10
Ameristar Casinos 7.5%/2021 USD 1,825,000 1,986,969 0.09 Exterran Holdings 7.25%/2018 USD 4,150,000 4,419,750 0.21
AMR CV 6.25%/2014 USD 5,975,000 5,198,250 0.24 Ferrellgas Finance 6.5%/2021 USD 5,350,000 5,323,250 0.25
Amsouth Bank Series AI 5.2%/2015 USD 2,900,000 3,037,750 0.14 Fiesta Restaurant Group 8.875%/2016 USD 2,575,000 2,764,906 0.13
Antero Resources Finance 7.25%/2019 USD 11,800,000 12,921,000 0.61 First Data 12.625%/2021 USD 22,475,000 23,767,312 1.12
Associated Materials 9.125%/2017 USD 8,325,000 8,491,500 0.40 Florida East Coast Holdings 10.5%/2017 USD 1,514,499 1,506,927 0.07
Avis Budget Car Rental 9.625%/2018 USD 5,914,000 6,623,680 0.31 Florida East Coast Railway 8.125%/2017 USD 3,700,000 3,940,500 0.19
Aviv Healthcare Properties 7.75%/2019 USD 1,350,000 1,437,750 0.07 Fresenius Medical Care US Finance 6.875%/2017 USD 316,000 361,820 0.02
Boise Paper Holdings 8%/2020 USD 950,000 1,054,500 0.05 FTI Consulting 6.75%/2020 USD 825,000 884,812 0.04
Boise Paper Holdings 9%/2017 USD 2,400,000 2,634,000 0.12 GCI 6.75%/2021 USD 4,100,000 4,038,500 0.19
Boyd Gaming 9.125%/2018 USD 3,150,000 3,228,750 0.15 General Motors Financial 6.75%/2018 USD 3,700,000 4,249,461 0.20
BWAY Holding 10%/2018 USD 3,000,000 3,345,000 0.16 GenOn Energy 9.5%/2018 USD 10,800,000 12,798,000 0.60
34
Number of Number of
Goodyear Tire & Rubber 7%/2022 USD 2,075,000 2,235,812 0.10 SM Energy 6.5%/2021 USD 1,875,000 2,015,625 0.09
Hanesbrands 6.375%/2020 USD 2,775,000 3,066,375 0.14 SM Energy 6.5%/2023 USD 6,425,000 6,906,875 0.33
Health Management Associates 7.375%/2020 USD 6,375,000 6,916,875 0.33 SM Energy 6.625%/2019 USD 825,000 874,500 0.04
Hexion US Finance 9%/2020 USD 3,200,000 2,936,000 0.14 Sprint Nextel 11.5%/2021 USD 2,750,000 3,750,313 0.18
Hughes Satellite Systems 6.5%/2019 USD 4,920,000 5,448,900 0.26 Sprint Nextel 9.125%/2017 USD 5,225,000 6,178,563 0.29
Hughes Satellite Systems 7.625%/2021 USD 6,850,000 7,826,125 0.37 Station Casinos 3.66%/2018 USD 8,600,000 7,482,000 0.35
Huntsman International 8.625%/2020 USD 1,375,000 1,564,062 0.07 Susser Holdings 8.5%/2016 USD 2,525,000 2,695,438 0.13
IASIS Healthcare 8.375%/2019 USD 5,375,000 5,106,250 0.24 Swift Energy 7.875%/2022 USD 5,100,000 5,355,000 0.25
Icahn Enterprises 8%/2018 USD 9,200,000 9,924,500 0.47 Syniverse Holdings 9.125%/2019 USD 4,875,000 5,228,438 0.25
iGATE 9%/2016 USD 8,525,000 9,281,594 0.44 Tenet Healthcare 6.25%/2018 USD 5,400,000 5,953,500 0.28
Infor US 11.5%/2018 USD 1,175,000 1,380,625 0.06 TransDigm 7.75%/2018 USD 5,075,000 5,639,594 0.27
Infor US 9.375%/2019 USD 4,200,000 4,735,500 0.22 Universal Health Services 7%/2018 USD 3,400,000 3,765,500 0.18
iPayment 10.25%/2018 USD 3,875,000 3,129,062 0.15 Vanguard Health Holding II 7.75%/2019 USD 3,700,000 3,848,000 0.18
Iron Mountain 5.75%/2024 USD 2,050,000 2,085,875 0.10 Vanguard Health Systems 0%/2016 USD 86,000 65,360 0.00
ITC Deltacom 10.5%/2016 USD 585,000 628,875 0.03 ViaSat 6.875%/2020 USD 2,425,000 2,546,250 0.12
Kindred Healthcare 8.25%/2019 USD 3,375,000 3,299,062 0.16 Vulcan Materials 7.5%/2021 USD 3,675,000 4,207,875 0.20
Koppers 7.875%/2019 USD 3,425,000 3,784,625 0.18 West 7.875%/2019 USD 1,350,000 1,404,000 0.07
Kratos Defense & Security Solutions 10%/2017 USD 4,650,000 5,126,625 0.24 West 8.625%/2018 USD 6,800,000 7,157,000 0.34
Lamar Media 5.875%/2022 USD 2,075,000 2,261,750 0.11 Windstream 7.875%/2017 USD 7,275,000 8,220,750 0.39
Laredo Petroleum 7.375%/2022 USD 3,825,000 4,169,250 0.20 WMG Acquisition 11.5%/2018 USD 1,975,000 2,291,000 0.11
Laredo Petroleum 9.5%/2019 USD 1,250,000 1,403,125 0.07 WPX Energy 6%/2022 USD 5,500,000 5,953,750 0.28
Level 3 Communications 11.875%/2019 USD 6,050,000 7,002,875 0.33 Yankee Candle SerB 8.5%/2015 USD 69,000 69,518 0.00
Level 3 Financing 8.625%/2020 USD 7,125,000 7,935,469 0.37 Total for United States of America 700,220,157 32.96
Level 3 Financing 9.375%/2019 USD 650,000 729,625 0.03
Levi Strauss 6.875%/2022 USD 1,975,000 2,128,062 0.10
Levi Strauss 7.625%/2020 USD 1,025,000 1,122,375 0.05
LifePoint Hospitals 6.625%/2020 USD 3,525,000 3,824,625 0.18
LIN Television 8.375%/2018 USD 4,375,000 4,812,500 0.23
MedAssets 8%/2018 USD 3,350,000 3,651,500 0.17 Recently Issued Transferable Securities
MEMC Electronic Materials 7.75%/2019 USD 6,225,000 5,260,125 0.25 Austria
Mercer International 9.5%/2017 USD 4,225,000 4,489,063 0.21 Sappi Papier Holding Ser144A 7.75%/2017 USD 2,250,000 2,460,937 0.11
Meritage Homes 7%/2022 USD 1,525,000 1,666,063 0.08 Sappi Papier Holding Ser144A 8.375%/2019 USD 1,675,000 1,836,219 0.09
Momentive Performance Materials 9%/2021 USD 2,950,000 2,168,250 0.10
Total for Austria 4,297,156 0.20
MPT Operating Partnership 6.875%/2021 USD 2,775,000 3,024,750 0.14
National CineMedia 6%/2022 USD 2,225,000 2,369,625 0.11 Bermuda
Nexstar Mission Broadcasting 8.875%/2017 USD 1,750,000 1,929,375 0.09 Aircastle Ser144A 6.25%/2019 USD 4,100,000 4,294,750 0.20
NII Capital 7.625%/2021 USD 8,450,000 6,443,126 0.30 Digicel Group SerRegS 8.25%/2020 USD 4,225,000 4,641,437 0.22
NII Capital 8.875%/2019 USD 4,012,000 3,209,600 0.15
Nortek 10%/2018 USD 3,500,000 3,911,250 0.18 Total for Bermuda 8,936,187 0.42
Nortek 8.5%/2021 USD 4,150,000 4,627,250 0.22
Canada
Northwest Airlines Ser992A 7.575%/2019 USD 548,668 595,305 0.03
Ainsworth Lumber Ser144A 7.5%/2017 USD 1,300,000 1,366,625 0.07
Omega Healthcare Investors 6.75%/2022 USD 3,625,000 3,960,313 0.19
Eldorado Gold SerRegS 6.125%/2020 USD 7,200,000 7,362,000 0.35
PAETEC Holding 8.875%/2017 USD 1,700,000 1,831,750 0.09
Tervita Ser144A 9.75%/2019 USD 3,600,000 3,492,000 0.16
PAETEC Holding 9.875%/2018 USD 1,475,000 1,696,250 0.08
Peabody Energy 6%/2018 USD 4,575,000 4,883,813 0.23 Total for Canada 12,220,625 0.58
Peabody Energy 6.25%/2021 USD 550,000 587,125 0.03
Cayman Islands
Pinnacle Foods Finance 8.25%/2017 USD 3,950,000 4,226,500 0.20
UPCB Finance VI SerRegS 6.875%/2022 USD 2,900,000 3,153,750 0.15
Pinnacle Foods Finance 9.25%/2015 USD 2,873,000 2,930,460 0.14
Potlatch 7.5%/2019 USD 1,925,000 2,103,063 0.10 Total for Cayman Islands 3,153,750 0.15
Prestige Brands 8.125%/2020 USD 1,800,000 2,011,500 0.09
PVH 4.5%/2022 USD 2,850,000 2,892,750 0.14 Ireland
QEP Resources 5.25%/2023 USD 3,275,000 3,520,625 0.17 Elan Finance Ser144A 6.25%/2019 USD 1,550,000 1,627,500 0.08
RadioShack 6.75%/2019 USD 4,425,000 2,809,875 0.13 Total for Ireland 1,627,500 0.08
Rain CII Carbon SerRegS 8.25%/2021 USD 1,075,000 1,104,563 0.05
RBS Global & Rexnord 8.5%/2018 USD 6,600,000 7,162,782 0.34 Luxembourg
Regency Energy Partners 5.5%/2023 USD 2,175,000 2,332,688 0.11 Intelsat Jackson Holdings Ser144A 7.25%/2020 USD 450,000 490,500 0.02
Regency Energy Partners 6.875%/2018 USD 1,750,000 1,916,250 0.09 Silver II Borrower Ser144A 7.75%/2020 USD 2,725,000 2,834,000 0.13
Reynolds Group Issuer 7.125%/2019 USD 1,025,000 1,107,000 0.05 Total for Luxembourg 3,324,500 0.15
Rite Aid 9.25%/2020 USD 5,275,000 5,644,250 0.27
Sabine Pass LNG 7.5%/2016 USD 3,950,000 4,374,625 0.21 Netherlands
SandRidge Energy 7.5%/2021 USD 1,650,000 1,773,750 0.08 Schaeffler Finance Ser144A 7.75%/2017 USD 900,000 1,003,500 0.05
SandRidge Energy 7.5%/2023 USD 1,075,000 1,155,625 0.05 Schaeffler Finance Ser144A 8.5%/2019 USD 1,050,000 1,191,750 0.05
SBA Telecommunications 8.25%/2019 USD 2,305,000 2,587,363 0.12 Total for Netherlands 2,195,250 0.10
ServiceMaster 8%/2020 USD 1,875,000 1,964,063 0.09
SESI 6.375%/2019 USD 4,000,000 4,300,000 0.20 Norway
SESI 7.125%/2021 USD 2,825,000 3,156,938 0.15 Petroleum Geo-Services SerRegS 7.375%/2018 USD 1,450,000 1,558,750 0.07
Severstal Columbus 10.25%/2018 USD 3,725,000 3,939,188 0.19
Total for Norway 1,558,750 0.07
Shea Homes 8.625%/2019 USD 5,325,000 5,910,750 0.28
SLM SerMTN 4.625%/2017 USD 4,825,000 4,944,819 0.23 United Kingdom
SLM SerMTN 5.05%/2014 USD 175,000 184,565 0.01 Algeco Scotsman Global Finance SerRegS 8.5%/2018 USD 5,225,000 5,434,000 0.26
SLM SerMTN 6.25%/2016 USD 8,125,000 8,876,563 0.42
SLM SerMTN 8.45%/2018 USD 5,025,000 5,904,375 0.28 Total for United Kingdom 5,434,000 0.26
35
Number of Number of
Advanced Micro Devices Ser144A 7.5%/2022 USD 4,100,000 3,392,750 0.16 PDC Energy Ser144A 7.75%/2022 USD 7,425,000 7,647,750 0.36
Aleris International Ser144A 7.875%/2020 USD 2,700,000 2,710,125 0.13 Penn Virginia Resource Partners Finance II
Alliance Data Systems Ser144A 5.25%/2017 USD 3,475,000 3,544,500 0.17 Ser144A 8.375%/2020 USD 3,325,000 3,599,312 0.17
Antero Resources Finance Ser144A 6%/2020 USD 2,850,000 2,899,875 0.14 Penske Automotive Group Ser144A 5.75%/2022 USD 2,575,000 2,665,125 0.13
A-S Co-Issuer Subsidiary Ser144A 7.875%/2020 USD 1,650,000 1,658,250 0.08 PH Glatfelter Ser144A 5.375%/2020 USD 4,150,000 4,274,500 0.20
Ashland Ser144A 4.75%/2022 USD 2,925,000 3,056,625 0.14 PQ Ser144A 8.75%/2018 USD 6,000,000 6,330,000 0.30
Ashtead Capital SerRegS 6.5%/2022 USD 1,500,000 1,635,000 0.08 Realogy Group Ser144A 9%/2020 USD 825,000 952,875 0.04
Biomet Ser144A 6.5%/2020 USD 6,975,000 7,437,094 0.35 Rock-Tenn Ser144A 3.5%/2020 USD 1,695,000 1,742,485 0.08
Boise Cascade Ser144A 6.375%/2020 USD 2,700,000 2,787,750 0.13 Rock-Tenn Ser144A 4.9%/2022 USD 1,815,000 1,965,088 0.09
Boyd Acquisition Sub Ser144A 8.375%/2018 USD 2,400,000 2,508,000 0.12 Ryerson Ser144A 11.25%/2018 USD 16,950,000 15,657,562 0.74
Boyd Gaming Ser144A 9%/2020 USD 2,675,000 2,648,250 0.12 Ryerson Ser144A 9%/2017 USD 7,725,000 7,908,469 0.37
Caesars Operating Escrow Ser144A 9%/2020 USD 3,250,000 3,266,250 0.15 Sabine Pass LNG Ser144A 6.5%/2020 USD 2,025,000 2,070,563 0.10
CCM Merger Ser144A 9.125%/2019 USD 1,150,000 1,164,375 0.05 Shearer’s Foods Ser144A 9%/2019 USD 2,250,000 2,368,125 0.11
CDR DB Sub Ser144A 7.75%/2020 USD 2,800,000 2,807,000 0.13 Sinclair Television Group Ser144A 6.125%/2022 USD 3,800,000 4,051,750 0.19
Cequel Communications Holdings I Ser144A 6.375%/2020 USD 2,175,000 2,275,594 0.11 Six Flags Entertainment Ser144A 5.25%/2021 USD 1,500,000 1,503,750 0.07
Cinemark USA Ser144A 5.125%/2022 USD 1,625,000 1,653,438 0.08 Sky Growth Acquisition Ser144A 7.375%/2020 USD 1,900,000 1,900,000 0.09
CIT Group Ser144A 5.5%/2019 USD 22,125,000 24,226,875 1.14 Sonic Automotive Ser144A 7%/2022 USD 1,925,000 2,117,500 0.10
Claire’s Stores Ser144A 9%/2019 USD 8,100,000 8,727,750 0.41 Spectrum Brands Escrow Ser144A 6.375%/2020 USD 1,375,000 1,447,188 0.07
Clean Harbors Ser144A 5.125%/2021 USD 2,050,000 2,132,000 0.10 Spectrum Brands Escrow Ser144A 6.625%/2022 USD 1,275,000 1,370,625 0.06
Crown Castle International Ser144A 5.25%/2023 USD 6,175,000 6,630,406 0.31 Starz Ser144A 5%/2019 USD 5,200,000 5,356,000 0.25
DISH DBS Ser144A 5%/2023 USD 4,950,000 4,974,750 0.23 Steel Dynamics Ser144A 6.125%/2019 USD 2,050,000 2,183,250 0.10
EPL Oil & Gas Ser144A 8.25%/2018 USD 325,000 335,563 0.02 Summit Materials Finance Ser144A 10.5%/2020 USD 3,425,000 3,699,000 0.17
First Data Ser144A 6.75%/2020 USD 4,275,000 4,339,125 0.20 SunGard Data Systems Ser144A 6.625%/2019 USD 3,225,000 3,313,687 0.16
Fresenius Medical Care US Finance II Swift Energy Ser144A 7.875%/2022 USD 1,050,000 1,102,500 0.05
SerRegS 5.625%/2019 USD 4,825,000 5,217,031 0.25 Targa Resources Partners Finance Ser144A 6.375%/2022 USD 4,175,000 4,571,625 0.22
Fresenius Medical Care US Finance II Tekni-Plex Ser144A 9.75%/2019 USD 2,175,000 2,381,625 0.11
SerRegS 5.875%/2022 USD 2,175,000 2,370,750 0.11 Tempur-Pedic International Ser144A 6.875%/2020 USD 2,175,000 2,248,406 0.11
FTI Consulting Ser144A 6%/2022 USD 2,400,000 2,496,000 0.12 TransUnion Holding Ser144A 8.125%/2018 USD 1,675,000 1,737,813 0.08
General Cable Ser144A 5.75%/2022 USD 2,025,000 2,106,000 0.10 Tronox Finance Ser144A 6.375%/2020 USD 3,275,000 3,320,031 0.16
General Motors Financial Ser144A 4.75%/2017 USD 4,750,000 4,999,750 0.24 Truven Health Analytics Ser144A 10.625%/2020 USD 1,625,000 1,738,750 0.08
Global Generations Merger Sub Ser144A 11%/2020 USD 2,725,000 2,786,312 0.13 tw telecom holdings Ser144A 5.375%/2022 USD 2,075,000 2,181,344 0.10
Graton Economic Development Authority United Rentals North America Ser144A 5.75%/2018 USD 2,325,000 2,516,813 0.12
Ser144A 9.625%/2019 USD 300,000 322,875 0.02 Universal Hospital Services Ser144A 7.625%/2020 USD 2,050,000 2,165,313 0.10
H&E Equipment Services Ser144A 7%/2022 USD 1,850,000 1,979,500 0.09 Univision Communications SerRegS 6.75%/2022 USD 3,200,000 3,320,000 0.16
Halcon Resources Ser144A 8.875%/2021 USD 3,125,000 3,328,125 0.16 Valeant Pharmaceuticals International
Harbinger Group Ser144A 7.875%/2019 USD 3,800,000 3,785,750 0.18 Ser144A 6.375%/2020 USD 1,000,000 1,075,000 0.05
HD Supply Ser144A 11%/2020 USD 2,875,000 3,406,875 0.16 VPI Escrow Ser144A 6.375%/2020 USD 3,475,000 3,744,313 0.18
HD Supply Ser144A 11.5%/2020 USD 2,225,000 2,511,469 0.12 WaveDivision Escrow Ser144A 8.125%/2020 USD 1,025,000 1,066,000 0.05
HD Supply Ser144A 8.125%/2019 USD 6,175,000 7,054,937 0.33 WideOpenWest Finance Ser144A 10.25%/2019 USD 4,000,000 4,270,000 0.20
HDTFS Ser144A 5.875%/2020 USD 625,000 656,250 0.03 William Lyon Homes Ser144A 8.5%/2020 USD 3,200,000 3,344,000 0.16
HDTFS Ser144A 6.25%/2022 USD 2,125,000 2,273,750 0.11 WMG Acquisition SerRegS 6%/2021 USD 1,700,000 1,802,000 0.08
Hologic Ser144A 6.25%/2020 USD 2,275,000 2,462,687 0.12 Wok Acquisition Ser144A 10.25%/2020 USD 3,700,000 3,954,375 0.19
Hub International Ser144A 8.125%/2018 USD 3,125,000 3,218,750 0.15 Wolverine World Wide Ser144A 6.125%/2020 USD 1,300,000 1,371,500 0.06
Igloo Holdings SerRegS 8.25%/2017 USD 2,250,000 2,233,125 0.11 Total for United States of America 365,887,792 17.22
Inergy Midstream Ser144A 6%/2020 USD 1,325,000 1,371,375 0.06
Interline Brands Ser144A 10%/2018 USD 1,650,000 1,798,500 0.08
Total Recently Issued Transferable Securities 408,635,510 19.23
Jaguar Holding I Ser144A 9.375%/2017 USD 1,125,000 1,186,875 0.06
Jo-Ann Stores Holdings Ser144A 9.75%/2019 USD 2,750,000 2,787,812 0.13
Ladder Capital Finance Holdings Ser144A 7.375%/2017 USD 4,150,000 4,284,875 0.20 Other Transferable Securities
Lamar Media Ser144A 5%/2023 USD 1,400,000 1,445,500 0.07 Australia
Laureate Education Ser144A 9.25%/2019 USD 6,100,000 6,405,000 0.30 FMG Resources August 2006 Property SerRegS 7%/2015 USD 6,850,000 7,226,750 0.34
Level 3 Communications Ser144A 8.875%/2019 USD 1,275,000 1,362,656 0.06
Level 3 Financing Ser144A 7%/2020 USD 1,200,000 1,258,500 0.06
Mcron Finance Ser144A 8.375%/2019 USD 2,400,000 2,472,000 0.12 Austria
Mead Products/ACCO Brands Ser144A 6.75%/2020 USD 2,475,000 2,611,125 0.12 OGX Austria SerRegS 8.5%/2018 USD 3,450,000 3,122,250 0.15
Mediacom Broadband Ser144A 6.375%/2023 USD 3,075,000 3,144,187 0.15
MGM Resorts International Ser144A 6.75%/2020 USD 8,775,000 8,983,406 0.42 Total for Austria 3,122,250 0.15
Michael Foods Holding SerRegS 8.5%/2018 USD 2,325,000 2,377,313 0.11
Bermuda
Momentive Performance Materials Ser144A 8.875%/2020 USD 1,700,000 1,723,375 0.08
Digicel Group SerRegS 10.5%/2018 USD 1,600,000 1,776,000 0.08
Nationstar Mortgage/Nationstar Capital
Digicel SerRegS 8.25%/2017 USD 2,275,000 2,457,000 0.12
Ser144A 9.625%/2019 (issued in April 2012) USD 3,300,000 3,729,000 0.18
Nationstar Mortgage/Nationstar Capital Total for Bermuda 4,233,000 0.20
Ser144A 9.625%/2019 (issued in July 2012) USD 1,250,000 1,406,250 0.07
Canada
NCR Ser144A 4.625%/2021 USD 675,000 678,375 0.03
Garda World Security Ser144A 9.75%/2017 USD 300,000 317,250 0.01
NCR Ser144A 5%/2022 USD 1,750,000 1,787,188 0.08
Great Canadian Gaming Ser144A 6.625%/2022 CAD 1,875,000 1,960,775 0.09
New Academy Finance SerRegS 8%/2018 USD 6,500,000 6,613,750 0.31
MPL 2 Acquisition Canco Ser144A 9.875%/2018 USD 1,975,000 1,856,500 0.09
Nielsen Finance Ser144A 4.5%/2020 USD 4,250,000 4,250,000 0.20
Videotron Ser144A 6.875%/2021 CAD 750,000 828,563 0.04
NRG Energy Ser144A 6.625%/2023 USD 3,525,000 3,789,375 0.18
Nuance Communications Ser144A 5.375%/2020 USD 3,025,000 3,176,250 0.15 Total for Canada 4,963,088 0.23
Nuveen Investments Ser144A 9.125%/2017 USD 8,400,000 8,295,000 0.39
Pantry Ser144A 8.375%/2020 USD 2,075,000 2,178,750 0.10 Cayman Islands
Party City Holdings Ser144A 8.875%/2020 USD 4,375,000 4,714,062 0.22 UPCB Finance V SerRegS 7.25%/2021 USD 4,525,000 5,000,125 0.24
36
Number of Number of
Luxembourg Total Other Transferable Securities 181,243,085 8.53
Aguila 3 Ser144A 7.875%/2018 USD 675,000 718,875 0.03
Aguila 3 SerRegS 7.875%/2018 USD 1,350,000 1,437,750 0.07 Total Investment Securities 2,007,425,052 94.47
ARD Finance Ser144A 11.125%/2018 USD 1,161,187 1,230,858 0.06
Wind Acquisition Finance SerRegS 11.75%/2017 USD 3,000,000 3,157,500 0.15 Forward Currency Exchange Contracts
Wind Acquisition Finance SerRegS 7.25%/2018 USD 4,500,000 4,578,750 0.22
Wind Acquisition Holdings Finance Ser144A 12.25%/2017 USD 2,313,092 2,370,920 0.11 Unrealised
Total for Luxembourg 13,494,653 0.64 Settlement Receive Deliver (USD) Assets
Netherlands 10 January 2013 1,519,207 USD 950,000 GPB (24,469)
Sensata Technologies Ser144A 6.5%/2019 USD 225,000 240,750 0.01 14 February 2013 7,706,310 USD 7,285,623 CHF (277,777)
Sensata Technologies SerRegS 6.5%/2019 USD 2,500,000 2,675,000 0.13 11 March 2013 102,036,383 USD 78,641,101 EUR (1,984,660)
VimpelCom Holdings Ser144A 7.504%/2022 USD 2,750,000 3,159,062 0.15
Total for Netherlands 6,074,812 0.29 Open Forward Currency Exchange Contracts (2,286,906) (0.11)
Norway
Net Unrealised Gain on
Petroleum Geo-Services SerRegS 7.375%/2018 USD 3,800,000 4,123,000 0.19
Open Forward Currency Exchange Contracts
Total for Norway 4,123,000 0.19 attributed to Hedged Shares (See note 3a) 21,917,190 1.04
Spain
Cemex Espana SerRegS 9.25%/2020 USD 4,100,000 4,489,500 0.21 Credit Default Swap Contracts
Total for Spain 4,489,500 0.21 Market
United Kingdom Investment Expiration Denomination Notional (USD) Assets
INEOS Finance SerRegS 9%/2015 USD 575,000 613,813 0.03
Total for United Kingdom 613,813 0.03 Barclays Bank,
United States of America CDX High Yield 2017),
Academy Finance Ser144A 9.25%/2019 USD 3,300,000 3,679,500 0.17 Receive 5.00%,
Allison Transmission Ser144A 7.125%/2019 USD 2,275,000 2,439,937 0.11 Payment upon credit default December 2017 USD 7,500,000 34,989
Amsted Industries Ser144A 8.125%/2018 USD 1,425,000 1,531,875 0.07
JP Morgan Chase,
Assured Guaranty Municipal Holdings
Ser144A VR 6.4%/2066 USD 4,650,000 3,766,500 0.18
Goodyear Tire and Rubber 7% 2028),
Bumble Bee Acquisition Ser144A 9%/2017 USD 1,735,000 1,873,800 0.09
Receive 5.00%,
CEDC Finance International Ser144A 9.125%/2016 USD 425,000 259,250 0.01
Payment upon credit default December 2016 USD 925,000 13,217
Cemex Finance SerRegS 9.5%/2016 USD 4,315,000 4,706,652 0.22
Chesapeake Oilfield Finance Ser144A 6.625%/2019 USD 1,925,000 1,823,938 0.09 Barclays Bank,
Clearwire Communications Ser144A 12%/2017 USD 2,600,000 3,081,000 0.15 Protection sold (Relevant Credit:
CommScope Ser144A 8.25%/2019 USD 9,000,000 9,900,000 0.47 First Data Corp. 9.875% 2015),
Continental Airlines Ser144A 6.75%/2015 USD 2,700,000 2,848,500 0.13 Receive 5.00%,
CSC Holdings Ser144A 6.75%/2021 USD 3,225,000 3,591,844 0.17 Payment upon credit default March 2015 USD 3,275,000 86,647
Downstream Development Authority of the
Deutche Bank,
Quapaw Tribe of Oklahoma Ser144A 10.5%/2019 USD 1,400,000 1,519,000 0.07
First Data Ser144A 7.375%/2019 USD 4,000,000 4,160,000 0.19
First Data Corp. 9.875% 2015),
First Data Ser144A 8.875%/2020 USD 1,800,000 1,971,000 0.09
Receive 5.00%,
Foresight Energy Ser144A 9.625%/2017 USD 6,275,000 6,745,625 0.32
Payment upon credit default March 2015 USD 775,000 20,504
Goodman Networks Ser144A 12.375%/2018 USD 2,575,000 2,832,500 0.13
GTP Acquisition Partners I Ser144A 7.628%/2016 USD 750,000 792,701 0.04 Barclays Bank,
inVentiv Health Ser144A 10%/2018 USD 2,325,000 2,028,562 0.09 Protection sold (Relevant Credit:
inVentiv Health Ser144A 10.25%/2018 USD 2,900,000 2,530,250 0.12 Caesars Entertainment Operating
Jaguar Holding II Ser144A 9.5%/2019 USD 950,000 1,083,000 0.05 5.625% 2015), Receive 5.00%,
JMC Steel Group Ser144A 8.25%/2018 USD 6,100,000 6,405,000 0.30 Payment upon credit default June 2013 USD 5,500,000 (42,494)
Jo-Ann Stores Ser144A 8.125%/2019 USD 2,450,000 2,505,125 0.12 Barclays Bank,
Land O’Lakes Capital Trust I Ser144A 7.45%/2028 USD 2,050,000 2,019,250 0.10 Protection sold (Relevant Credit:
MBIA Insurance Ser144A VR 14%/2033 USD 3,400,000 612,000 0.03 AK Steel Corp. 7.625% 2020),
Palace Entertainment Holdings Ser144A 8.875%/2017 USD 1,000,000 1,057,500 0.05 Receive 5.00%,
Plastipak Holdings Ser144A 10.625%/2019 USD 425,000 487,688 0.02 Payment upon credit default March 2017 USD 525,000 (67,828)
Provident Funding Associates Ser144A 10.125%/2019 USD 1,275,000 1,351,500 0.06
Provident Funding Associates Ser144A 10.25%/2017 USD 1,600,000 1,772,000 0.08 Barclays,
RadioShack Ser144A CV 2.5%/2013 USD 2,250,000 2,075,625 0.10 Protection sold (Relevant Credit:
Rockies Express Pipeline Ser144A 6.85%/2018 USD 375,000 393,750 0.02 AK Steel Corp. 7.625% 2020),
Seneca Gaming Ser144A 8.25%/2018 USD 3,600,000 3,816,000 0.18 Receive 5.00%,
Smurfit-Stone Container pref stk1 USD 7,275 0 0.00 Payment upon credit default June 2017 USD 1,575,000 (222,044)
Spanish Broadcasting System pref stk1 USD 24,424 98 0.00 Barclays Bank,
Sprint Nextel Ser144A 9%/2018 USD 11,675,000 14,447,812 0.68 Protection sold (Relevant Credit:
Univision Communications Ser144A 6.875%/2019 USD 2,350,000 2,455,750 0.12 AK Steel Corp. 7.625% 2020),
Univision Communications SerRegS 7.875%/2020 USD 5,125,000 5,573,437 0.26 Receive 5.00%
Univision Communications SerRegS 8.5%/2021 USD 14,200,000 14,732,500 0.69 Payment upon credit default September 2017 USD 1,700,000 (259,757)
US Foods Ser144A 8.5%/2019 USD 3,250,000 3,331,250 0.16
USG Ser144A 8.375%/2018 USD 550,000 613,250 0.03
USG Ser144A 9.75%/2014 USD 975,000 1,087,125 0.05
37
Credit Default Swap Contracts (continued) Credit Default Swap Contracts (continued)
Market Market
Currency Value % of Net Currency Value % of Net
Investment Expiration Denomination Notional (USD) Assets Investment Expiration Denomination Notional (USD) Assets
Goldman Sachs, JP Morgan Chase,

Protection sold (Relevant Credit: Protection sold (Relevant
Radioshack Corp. 6.75% 2019), Credit: Boyd Gaming Corp.
Receive 5.00%, 7.125% 2016),
Payment upon credit default June 2013 USD 2,900,000 (115,209) Pay 5.00%,
Payment upon credit default December 2016 USD 3,450,000 (394,225)
Barclays,
Protection sold (Relevant Credit: Goldman Sachs,
Radioshack Corp. 6.75% 2019), Protection sold (Relevant
Receive 5.00%, Credit: Delta Airlines Inc. 8% 2015),
Payment upon credit default June 2013 USD 3,850,000 (152,949) Pay 5.00%,
Payment upon credit default December 2017 USD 1,500,000 (74,739)
JP Morgan Chase,
Protection sold (Relevant Credit: Barclays Bank,
Sprint Nextel Corporation 6% 2016), Protection sold (Relevant
Receive 5.00%, Credit: Mc Clatchy Co. 5.75% 2017),
Payment upon credit default June 2013 USD 1,200,000 27,485 Pay 5.00%,
Payment upon credit default December 2013 USD 750,000 20,889
JP Morgan Chase,
Protection sold (Relevant Credit: Total Swap Contracts at Market Value (618,852) (0.03)
Realogy Corp. 11.5% 2017),
Receive 5.00%, Other Assets Less Liabilities 98,390,884 4.63
Payment upon credit default June 2013 USD 2,500,000 53,610
Net Assets 2,124,827,368 100.00
Goldman Sachs,
Realogy Corp. 11.5% 2017), These securities are valued at their fair value.
1
Pay 5.00%,
Payment upon credit default December 2017 USD 750,000 28,085 Act of 1933
Goldman Sachs, com stk: common stock
Protection sold (Relevant Credit: CV: convertible bond
Realogy Corp. 11.5% 2017), EMTN: Euro Medium Term Note
Pay 5.00%,
Payment upon credit default December 2017 USD 2,250,000 84,254 pref stk: preferred stock
Deutsche Bank, step coupon: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)
Protection sold (Relevant Credit: VR: variable rate, rate shown is effective rate at period-end
Univision Communications 8.5% 2021),
Receive 5.00%, CHF: Swiss Franc
Payment upon credit default June 2017 USD 1,225,000 (13,890) EUR: European Union Euro
Barclays Bank, GBP: Great Britain Pound
Protection sold (RelevantCredit:
SEK: Swedish Krona
Cable and Wireless Ltd 8.625% 2019), USD: United States Dollar
Receive 5.00%,
Payment upon credit default June 2017 EUR 1,500,000 147,239
Deutsche Bank,
Protection sold (Relevant
Credit: General Motors),
Receive 5.00%,
Morgan Stanley,
Credit: SLM Corp. 6.25% 2016),
Receive 5.00%,
Goldman Sachs,
Protection bought (Relevant
Credit: TRW Automotive
7.25% 2017),
Pay 1.00%,
Payment upon credit default September 2017 USD 2,250,000 113,750
Barclays Bank,
Credit: MGM Resorts
International 7.625% 2017),
Pay 5.00%,
Payment upon credit default September 2017 USD 3,350,000 (61,474)

38
US Aggregate Bond Fund


investment primarily in a portfolio of US fixed income Investment Denomination Value (USD) Assets
securities which may include, but is not limited to,
transferable debt securities of the US government and its Belgium
agencies, state and provincial entities, corporations and Delhaize Group 6.5%/2017 USD 140,000 159,074 0.13
banks as well as mortgage and asset backed securities
Bermuda
that qualify as eligible investments for UCITS within Weatherford International 6.75%/2040 USD 210,000 238,934 0.20
the meaning of article 41 (1) of the law of 17 December Total for Bermuda 238,934 0.20
2010 on undertakings for collective investment. Brazil
Investment in mortgage and asset-backed securities by Centrais Eletricas Brasileiras Ser144A 5.75%/2021 USD 205,000 221,400 0.18
the fund may exceed 20% of Net Asset Value. In the
Canada
execution of its objective, the fund may make enhanced Canadian Natural Resources 6.25%/2038 USD 200,000 258,573 0.22
use of derivative instruments including, but not limited Province of Manitoba Canada 1.3%/2017
Province of Ontario Canada 1.6%/2016
USD
USD
275,000
415,000
281,286
428,591
0.23
0.36
to, bond futures, forward rate notes, forward foreign Talisman Energy 3.75%/2021 USD 120,000 128,988 0.11
Teck Resources 2.5%/2018 USD 35,000 35,771 0.03
exchange contracts (including non-deliverable forwards),
Total for Canada 1,133,209 0.95
fixed interest warrants, interest rate futures, options
Cayman Islands
on interest rate futures, convertible bonds, options on Noble Holding International 5.25%/2042 USD 230,000 246,186 0.21
bond futures, currency options and OTC swaps including Petrobras International Finance 5.75%/2020
Petrobras International Finance 7.875%/2019
USD
USD
130,000
150,000
148,636
188,111
0.12
0.16
interest rate swaps and credit default swaps as well as Transocean 2.5%/2017 USD 35,000 35,408 0.03
Transocean 5.05%/2016 USD 100,000 111,443 0.09
swap indices. On an opportunistic basis, the fund may Total for Cayman Islands 729,784 0.61
create synthetic short positions in bonds using various Chile
instruments including interest rate and bond futures, Chilean Government International Bond 3.875%/2020 USD 155,000 175,537 0.15
options on interest rate and bond futures, interest rate Total for Chile 175,537 0.15
swaps and credit default swaps. Jersey

Heathrow Funding Ser144A 4.875%/2021 USD 180,000 196,786 0.16
Luxembourg
Gazprom Via Gaz Capital Ser144A 4.95%/2016 USD 200,000 215,250 0.18
Telecom Italia Capital 5.25%/2013 USD 330,000 339,900 0.28
Telecom Italia Capital 5.25%/2015 USD 65,000 69,323 0.06
Mexico
America Movil 5%/2020 USD 100,000 116,847 0.10
America Movil 5.625%/2017 USD 130,000 156,942 0.13
Poland
Polish Government International Bond 3.875%/2015 USD 265,000 285,206 0.24
South Korea
Korea Hydro & Nuclear Power Ser144A 3.125%/2015 USD 200,000 209,340 0.17
Total for South Korea 209,340 0.17
Spain
Telefonica Emisiones 3.992%/2016 USD 105,000 109,515 0.09
Sweden
Svensk Exportkredit 5.125%/2017 USD 350,000 406,947 0.34
United Kingdom
HSBC Holdings 5.1%/2021 USD 260,000 307,558 0.26
Invesco Finance 3.125%/2022 USD 70,000 70,369 0.06
Royal Bank of Scotland Group 2.55%/2015 USD 100,000 102,408 0.08
39
US Aggregate Bond Fund >>>continued
Market Market
Aetna 2.75%/2022 USD 75,000 74,542 0.06 FNMA Pool 735500 5.5%/2035 USD 67,524 73,799 0.06
Agilent Technologies 3.2%/2022 USD 50,000 50,692 0.04 FNMA Pool 735575 5.5%/2018 USD 30,176 32,414 0.03
Altria Group 4.75%/2021 USD 55,000 62,439 0.05 FNMA Pool 735997 5.5%/2035 USD 67,443 73,711 0.06
Altria Group 9.25%/2019 USD 215,000 299,490 0.25 FNMA Pool 745336 5%/2036 USD 178,504 194,310 0.16
American International Group 4.875%/2022 USD 50,000 57,191 0.05 FNMA Pool 745453 5.5%/2021 USD 88,975 96,408 0.08
American International Group 6.4%/2020 USD 35,000 43,498 0.04 FNMA Pool 745458 6%/2036 USD 1,311 1,435 0.00
American Tower 4.7%/2022 USD 240,000 266,041 0.22 FNMA Pool 745516 5.5%/2036 USD 369,596 403,945 0.34
Ameriprise Financial 7.3%/2019 USD 140,000 181,260 0.15 FNMA Pool 745947 6.5%/2036 USD 23,301 26,145 0.02
Anadarko Petroleum 6.375%/2017 USD 185,000 221,211 0.18 FNMA Pool 750412 6.5%/2033 USD 149,367 176,946 0.15
Bank of America 5.75%/2016 USD 145,000 158,692 0.13 FNMA Pool 763199 VR 2.111%/2033 USD 31,675 33,271 0.03
Boardwalk Pipelines 3.375%/2023 USD 160,000 157,478 0.13 FNMA Pool 764852 5%/2019 USD 210,296 228,569 0.19
Bunge Finance 3.2%/2017 USD 65,000 67,906 0.06 FNMA Pool 842123 5.5%/2035 USD 75,273 82,268 0.07
Bunge NA Finance 5.9%/2017 USD 205,000 232,974 0.19 FNMA Pool 848522 VR 5.733%/2035 USD 20,204 21,222 0.02
Citigroup 4.587%/2015 USD 360,000 393,303 0.33 FNMA Pool 886923 6%/2036 USD 7,723 8,456 0.01
CNA Financial 5.875%/2020 USD 215,000 254,057 0.21 FNMA Pool 888223 5.5%/2036 USD 72,633 79,474 0.07
DCP Midstream Operating 2.5%/2017 USD 90,000 89,623 0.07 FNMA Pool 888893 5.5%/2037 USD 203,057 221,928 0.19
Dominion Resources SerB 2.75%/2022 USD 90,000 90,987 0.08 FNMA Pool 889174 5.5%/2037 USD 35,501 38,845 0.03
Dr Pepper Snapple Group 2%/2020 USD 30,000 29,958 0.03 FNMA Pool 889307 5%/2037 USD 71,725 78,156 0.07
Duke Energy 1.625%/2017 USD 90,000 90,335 0.08 FNMA Pool 889829 5%/2035 USD 568,109 629,233 0.53
El Paso Natural Gas 5.95%/2017 USD 110,000 127,729 0.11 FNMA Pool 900724 5.5%/2021 USD 17,589 19,059 0.02
Enbridge Energy Partners 5.5%/2040 USD 50,000 55,666 0.05 FNMA Pool 901646 6.5%/2036 USD 11,489 12,899 0.01
Energizer Holdings 4.7%/2022 USD 155,000 166,294 0.14 FNMA Pool 902382 6.5%/2036 USD 36,591 40,915 0.03
Energy Transfer Partners 5.2%/2022 USD 345,000 394,254 0.33 FNMA Pool 905743 6.5%/2036 USD 47,333 53,197 0.04
Enterprise Products Operating 7.55%/2038 USD 115,000 158,913 0.13 FNMA Pool 906064 6%/2037 USD 4,181 4,578 0.00
EQT 4.875%/2021 USD 275,000 295,757 0.25 FNMA Pool 923129 5.5%/2034 USD 41,694 45,621 0.04
Equity One 3.75%/2022 USD 165,000 163,338 0.14 FNMA Pool 929836 6%/2038 USD 153,830 173,342 0.14
Exelon Generation 6.25%/2039 USD 225,000 262,556 0.22 FNMA Pool 929848 6%/2038 USD 145,826 164,322 0.14
Federal National Mortgage Association 4.375%/2015 USD 300,000 333,326 0.28 FNMA Pool 933051 6.5%/2037 USD 85,233 95,205 0.08
Federal Realty Investment Trust 5.9%/2020 USD 30,000 35,473 0.03 FNMA Pool 942477 6%/2022 USD 8,724 9,631 0.01
FHLMC (Gold) Pool A90053 4.5%/2039 USD 115,354 126,345 0.11 FNMA Pool 948410 6%/2022 USD 13,137 14,502 0.01
FHLMC (Gold) Pool A91947 5%/2040 USD 42,213 45,530 0.04 FNMA Pool 952354 6.5%/2037 USD 29,172 34,674 0.03
FHLMC (Gold) Pool A92240 4.5%/2040 USD 7,693 8,286 0.01 FNMA Pool 952502 6.5%/2037 USD 71,462 80,315 0.07
FHLMC (Gold) Pool A93101 5%/2040 USD 218,818 236,692 0.20 FNMA Pool 953221 6%/2037 USD 16,981 18,594 0.02
FHLMC (Gold) Pool A93451 4.5%/2040 USD 476,521 513,287 0.43 FNMA Pool 995051 6%/2037 USD 639,181 704,377 0.59
FHLMC (Gold) Pool A96312 4%/2041 USD 151,693 161,909 0.14 FNMA Pool AB1479 5%/2040 USD 110,107 120,388 0.10
FHLMC (Gold) Pool C01787 6%/2034 USD 141,795 157,697 0.13 FNMA Pool AB1545 4.5%/2040 USD 457,154 495,556 0.41
FHLMC (Gold) Pool C09004 3.5%/2042 USD 881,004 939,786 0.78 FNMA Pool AB6491 3%/2042 USD 89,245 94,172 0.08
FHLMC (Gold) Pool C09007 3.5%/2042 USD 314,010 334,961 0.28 FNMA Pool AB6670 3%/2042 USD 69,627 73,471 0.06
FHLMC (Gold) Pool E01341 5.5%/2018 USD 33,464 36,045 0.03 FNMA Pool AB6671 3%/2042 USD 194,263 204,714 0.17
FHLMC (Gold) Pool E01497 5.5%/2018 USD 8,705 9,379 0.01 FNMA Pool AB6768 3%/2042 USD 248,566 261,666 0.22
FHLMC (Gold) Pool G03551 6%/2037 USD 510,087 554,640 0.46 FNMA Pool AB6786 3.5%/2042 USD 703,543 752,435 0.63
FHLMC (Gold) Pool G04814 5.5%/2038 USD 2,104,305 2,273,566 1.90 FNMA Pool AB7099 3%/2042 USD 1,067,360 1,118,560 0.93
FHLMC (Gold) Pool G05659 4.5%/2039 USD 605,230 649,393 0.54 FNMA Pool AB7143 2.5%/2027 USD 320,348 335,331 0.28
FHLMC (Gold) Pool G05659 4.5%/2039 USD 526,697 565,358 0.47 FNMA Pool AC5413 4.5%/2024 USD 449,455 483,806 0.40
FHLMC (Gold) Pool G05695 4.5%/2039 USD 626,747 672,753 0.56 FNMA Pool AC9582 5.5%/2040 USD 178,323 195,965 0.16
FHLMC (Gold) Pool G05955 5%/2040 USD 419,341 454,875 0.38 FNMA Pool AD3125 4.5%/2040 USD 1,431,410 1,551,652 1.30
FHLMC (Gold) Pool G05958 5%/2040 USD 1,084,759 1,180,754 0.99 FNMA Pool AE0478 4%/2040 USD 56,082 60,197 0.05
FHLMC (Gold) Pool G06506 4%/2040 USD 1,390 1,485 0.00 FNMA Pool AE0949 4%/2041 USD 384,820 413,055 0.34
FHLMC (Gold) Pool G08016 6%/2034 USD 929,326 1,022,518 0.85 FNMA Pool AE3884 4.5%/2040 USD 691,811 749,925 0.63
FHLMC (Gold) Pool G08421 4%/2040 USD 10,494 11,216 0.01 FNMA Pool AE4629 4%/2040 USD 318,994 342,399 0.29
FHLMC (Gold) Pool J03640 6%/2021 USD 88,846 98,467 0.08 FNMA Pool AE4834 5%/2040 USD 65,500 71,519 0.06
FHLMC (Gold) Pool J15139 4%/2026 USD 161,648 171,069 0.14 FNMA Pool AE5471 4.5%/2040 USD 362,189 392,614 0.33
FHLMC (Gold) Pool Q04674 4%/2041 USD 103,181 110,345 0.09 FNMA Pool AH1111 4%/2040 USD 1,573,438 1,718,876 1.44
FHLMC (Gold) Pool Q11220 3.5%/2042 USD 797,131 850,316 0.71 FNMA Pool AH3586 4%/2041 USD 306,383 328,863 0.27
FHLMC (Gold) Pool Q14426 3%/2043 USD 800,000 837,179 0.70 FNMA Pool AH5583 4.5%/2041 USD 114,328 124,146 0.10
FHLMC 1%/2017 USD 310,000 313,620 0.26 FNMA Pool AH7007 4%/2041 USD 961,174 1,031,696 0.86
FHLMC Pool 1B3203 VR 2.735%/2037 USD 52,309 55,794 0.05 FNMA Pool AJ8067 4%/2041 USD 508,128 545,569 0.46
FHLMC Pool 1G1762 VR 2.9%/2035 USD 75,770 81,127 0.07 FNMA Pool AL0160 4.5%/2041 USD 918,071 995,190 0.83
FirstEnergy Series C 7.375% /2031 USD 155,000 200,758 0.17 FNMA Pool AL0546 5%/2041 USD 486,189 530,664 0.44
FNMA 0.875%/2017 USD 310,000 311,249 0.26 FNMA Pool AL1105 4.5%/2040 USD 937,654 1,016,419 0.85
FNMA 0.875%/2017 USD 560,000 562,929 0.47 FNMA Pool AL1408 3.5%/2027 USD 116,189 123,362 0.10
FNMA 7.125%/2030 USD 100,000 157,563 0.13 FNMA Pool AL1524 4.5%/2040 USD 243,584 264,046 0.22
FNMA Pool 190360 5%/2035 USD 967,179 1,052,851 0.88 FNMA Pool AL2483 3.5%/2042 USD 349,746 374,052 0.31
FNMA Pool 190404 4.5%/2040 USD 119,554 129,597 0.11 FNMA Pool AL2579 4%/2026 USD 674,513 722,685 0.60
FNMA Pool 254140 5.5%/2017 USD 28,599 30,720 0.03 FNMA Pool AL2661 4%/2026 USD 58,376 62,564 0.05
FNMA Pool 555526 5.5%/2018 USD 26,210 28,235 0.02 FNMA Pool AO7977 3%/2027 USD 785,185 830,113 0.69
FNMA Pool 569097 6.5%/2016 USD 31,238 33,425 0.03 FNMA Pool MA0639 4%/2041 USD 489,005 524,883 0.44
FNMA Pool 670373 6.5%/2017 USD 76,404 81,753 0.07 FNMA Pool MA0907 4%/2041 USD 398,283 427,630 0.36
FNMA Pool 725238 5%/2034 USD 101,410 110,501 0.09 FNMA Pool MA0971 4%/2042 USD 1,017,603 1,098,892 0.92
FNMA Pool 735318 4.5%/2019 USD 92,666 99,965 0.08 Ford Motor Credit 5.75%/2021 USD 600,000 692,296 0.58
40
Market Market
GATX 3.5%/2016 USD 110,000 114,755 0.10 Regency Centers 5.875%/2017 USD 130,000 150,498 0.13
GATX 4.85%/2021 USD 150,000 157,919 0.13 Regions Financial 5.75%/2015 USD 90,000 97,538 0.08
General Electric Capital 5.3%/2021 USD 220,000 255,801 0.21 Reinsurance Group of America 5%/2021 USD 105,000 115,816 0.10
General Electric Capital SerMTN 5.875%/2038 USD 285,000 345,000 0.29 Reinsurance Group of America 5.625%/2017 USD 50,000 56,530 0.05
GNMA 2010-103 IN 4.5%/2039 USD 168,452 16,542 0.01 Reinsurance Group of America 6.45%/2019 USD 70,000 81,731 0.07
GNMA 2010-92 PI 4.5%/2037 USD 441,535 49,813 0.04 Reliance Holdings USA Ser144A 4.5%/2020 USD 250,000 262,196 0.22
GNMA 2011-41 AI 4.5%/2039 USD 599,711 88,627 0.07 Republic Services 3.55%/2022 USD 105,000 109,694 0.09
GNMA 2011-88 EI 4.5%/2039 USD 105,429 15,930 0.01 Republic Services 5.7%/2041 USD 110,000 132,046 0.11
GNMA I Pool 616826 5.5%/2035 USD 23,699 26,427 0.02 Reynolds American 3.25%/2022 USD 90,000 90,594 0.08
GNMA II Pool 3306 5.5%/2032 USD 259,239 286,551 0.24 Reynolds American 7.625%/2016 USD 115,000 137,693 0.11
GNMA II Pool 3490 6.5%/2033 USD 519,190 595,129 0.50 Roper Industries 6.25%/2019 USD 135,000 161,567 0.13
GNMA II Pool 3611 6%/2034 USD 154,847 173,939 0.15 Rowan 4.875%/2022 USD 100,000 108,809 0.09
GNMA II Pool 4060 6%/2037 USD 24,539 27,394 0.02 Southwest Airlines 5.125%/2017 USD 245,000 271,373 0.23
GNMA II Pool 4498 6%/2039 USD 20,641 23,342 0.02 Starwood Hotels & Resorts Worldwide 3.125%/2023 USD 110,000 109,274 0.09
GNMA II Pool 4559 5%/2039 USD 99,055 108,295 0.09 SunTrust Banks 3.6%/2016 USD 140,000 149,657 0.12
GNMA II Pool 4618 5%/2040 USD 103,372 114,130 0.10 Time Warner Cable 5.5%/2041 USD 195,000 217,791 0.18
GNMA II Pool 4854 4.5%/2040 USD 133,680 147,584 0.12 Tyson Foods 4.5%/2022 USD 130,000 141,377 0.12
GNMA II Pool 4979 5%/2041 USD 388,937 429,656 0.36 UnitedHealth Group 4.625%/2041 USD 120,000 128,631 0.11
GNMA II Pool MA0072 2.5%/2027 USD 286,095 302,567 0.25 Unum Group 5.625%/2020 USD 80,000 91,552 0.08
GNMA II Pool MA0139 3%/2027 USD 105,137 110,706 0.09 Unum Group 5.75%/2042 USD 65,000 70,068 0.06
GNMA II Pool MA0205 3%/2027 USD 458,101 482,366 0.40 US Treasury 0.625%/2017 USD 990,000 986,829 0.82
GNMA II Pool MA0317 3%/2042 USD 396,591 422,381 0.35 US Treasury 0.875%/2017 USD 2,890,000 2,928,382 2.45
GNMA II Pool MA0374 2.5%/2027 USD 410,101 433,711 0.36 US Treasury 2.125%/2021 USD 260,000 273,366 0.23
GNMA II Pool MA0392 3.5%/2042 USD 430,089 467,386 0.39 US Treasury 2.625%/2014 USD 185,000 191,988 0.16
Goldman Sachs Group 5.75%/2022 USD 315,000 373,072 0.31 US Treasury 2.625%/2016 USD 8,005,000 8,586,611 7.17
Goldman Sachs Group 7.5%/2019 USD 200,000 251,971 0.21 US Treasury 4.625%/2040 USD 1,895,000 2,560,619 2.14
Hess 6%/2040 USD 100,000 122,440 0.10 US Treasury 5.375%/2031 USD 210,000 299,808 0.25
Hess 8.125%/2019 USD 85,000 112,010 0.09 US Treasury 6.75%/2026 USD 790,000 1,220,673 1.02
Hospitality Properties Trust 5.625%/2017 USD 115,000 127,106 0.11 US Treasury Inflation Indexed 1.875%/2013 USD 1,436,100 1,839,035 1.54
Hyatt Hotels 3.875%/2016 USD 290,000 309,062 0.26 US Treasury Inflation Indexed 2%/2014 USD 615,000 796,697 0.67
International Lease Finance SerMTN 6.625%/2013 USD 290,000 302,325 0.25 Valmont Industries 6.625%/2020 USD 150,000 176,868 0.15
International Paper 4.75%/2022 USD 330,000 374,093 0.31 Ventas Realty 2%/2018 USD 60,000 60,110 0.05
Interpublic Group of Companies 10%/2017 USD 235,000 257,913 0.22 Ventas Realty 3.25%/2022 USD 95,000 93,333 0.08
Interpublic Group of Companies 4%/2022 USD 65,000 67,426 0.06 Ventas Realty 4%/2019 USD 100,000 107,640 0.09
Jefferies Group 3.875%/2015 USD 220,000 228,250 0.19 Walt Disney SerMTN 1.1%/2017 USD 185,000 185,541 0.15
JPMorgan Chase 2%/2017 USD 110,000 112,488 0.09 Western Gas Partners 4%/2022 USD 205,000 216,187 0.18
JPMorgan Chase 4.5%/2022 USD 270,000 306,010 0.26 Williams Partners 4.125%/2020 USD 70,000 76,140 0.06
KeyCorp SerMTN 3.75%/2015 USD 115,000 123,142 0.10 Williams Partners 6.3%/2040 USD 180,000 220,845 0.18
KeyCorp SerMTN 5.1%/2021 USD 70,000 81,690 0.07 Xerox 6.35%/2018 USD 185,000 213,607 0.18
Kilroy Realty 4.8%/2018 USD 145,000 161,724 0.14 Total for United States of America 81,791,426 68.31
Kinder Morgan Energy Partners 3.95%/2022 USD 225,000 241,057 0.20
Kinder Morgan Energy Partners 4.15%/2022 USD 50,000 54,278 0.05
Kohl’s 3.25%/2023 USD 70,000 68,112 0.06
L-3 Communications 4.75%/2020 USD 235,000 262,358 0.22
Magellan Midstream Partners 4.25%/2021 USD 25,000 27,659 0.02
Magellan Midstream Partners 6.55%/2019 USD 125,000 154,739 0.13 Transferable Securities Traded on Another Regulated Market
Marriott International 3%/2019 USD 110,000 113,366 0.09 Australia
Merrill Lynch SerMTN 6.875%/2018 USD 400,000 482,731 0.40 SMART Trust 2011-1USA A3A Ser144A 1.77%/2014 USD 136,031 136,729 0.11
Morgan Stanley 7.3%/2019 USD 175,000 212,942 0.18 SMART Trust 2011-2USA A3A Ser144A 1.54%/2015 USD 135,000 135,723 0.11
Morgan Stanley SerGMTN 4%/2015 USD 330,000 345,484 0.29 SMART Trust 2012-4US A4A 1.25%/2018 USD 190,000 189,822 0.16
Murphy Oil 4%/2022 USD 95,000 95,938 0.08
Total for Australia 462,274 0.38
Nabors Industries 9.25%/2019 USD 120,000 158,839 0.13
Newell Rubbermaid 2.05%/2017 USD 55,000 55,796 0.05 Bermuda
Nisource Finance 5.25%/2043 USD 65,000 69,068 0.06 Bermuda Government International Bond
Nisource Finance 5.95%/2041 USD 125,000 144,880 0.12 Ser144A 5.603%/2020 USD 100,000 117,794 0.10
Noble Energy 6%/2041 USD 120,000 145,089 0.12 Total for Bermuda 117,794 0.10
NuStar Logistics 4.8%/2020 USD 230,000 222,525 0.19
Chile
Omnicom Group 4.45%/2020 USD 250,000 278,638 0.23
Celulosa Arauco y Constitucion 5%/2021 USD 45,000 48,085 0.04
Omnicom Group 6.25%/2019 USD 75,000 91,648 0.08
Corporación Nacional del Cobre de Chile Ser144A 7.5%/2019 USD 155,000 200,472 0.17
ONEOK 4.25%/2022 USD 150,000 162,551 0.14
Owens Corning 4.2%/2022 USD 80,000 81,520 0.07 Total for Chile 248,557 0.21
Pioneer Natural Resources 3.95%/2022 USD 130,000 136,489 0.11
Mexico
Plains All American Pipeline 5.75%/2020 USD 250,000 302,624 0.25
Petroleos Mexicanos 4.875%/2022 USD 535,000 605,085 0.51
PNC Funding 3.3%/2022 USD 270,000 285,198 0.24
PNC Funding 5.625%/2017 USD 115,000 132,900 0.11 Total for Mexico 605,085 0.51
PPL Capital Funding 3.5%/2022 USD 40,000 40,801 0.03
Principal Financial Group 6.05%/2036 USD 180,000 223,541 0.19 United Kingdom
Principal Financial Group 8.875%/2019 USD 20,000 26,871 0.02 Holmes Master Issuer 2011-3A A2
ProLogis 6.625%/2019 USD 190,000 226,715 0.19 Ser144A VR 1.89%/2054 USD 250,000 254,732 0.21
Provident 7%/2018 USD 165,000 196,185 0.16 Holmes Master Issuer 2012-1A A2
Prudential Financial SerMTN 5.375%/2020 USD 175,000 204,901 0.17 Ser144A VR 1.99%/2054 USD 250,000 256,081 0.21
Public Service of Oklahoma 5.15%/2019 USD 135,000 157,845 0.13 Motor 12A A1C Ser144A 1.286%/2020 USD 250,000 250,958 0.21
Raymond James Financial 4.25%/2016 USD 50,000 52,609 0.04 WPP Finance 2010 4.75%/2021 USD 125,000 135,634 0.11
Total for United Kingdom 897,405 0.74 41
Market Market
Ally Auto Receivables Trust 2009-B C FREMF Mortgage Trust 2012-K23 B
Ser144A 4.06%/2016 USD 575,000 591,837 0.49 Ser144A VR 3.656%/2045 USD 65,000 63,565 0.05
American Express Credit Account Master Trust FREMF Mortgage Trust 2012-K711 B
2012-5 C Ser144A 1.07%/2018 USD 100,000 99,938 0.08 Ser144A VR 3.563%/2045 USD 140,000 144,127 0.12
American Tower Trust 2007-1A D Ser144A 5.957%/2037 USD 400,000 409,341 0.34 Greenwich Capital Commercial Funding
Bank of America 3.875%/2017 USD 190,000 206,261 0.17 2005-GG3 AAB 4.619%/2042 USD 449,483 458,427 0.38
Bank of America Merrill Lynch Commercial Mortgage GS Mortgage Securities II 2012-GCJ9 A3 2.773%/2045 USD 135,000 139,165 0.12
2005-3 A2 4.501%/2043 USD 129,928 130,243 0.11 Huntington Auto Trust 2011-1A C Ser144A 2.53%/2017 USD 155,000 159,328 0.13
Bank of America Mortgage Securities Hyundai Auto Lease Securitization Trust
2004-A 2A2 VR 2.971%/2034 USD 22,266 22,367 0.02 2012-A A4 Ser144A 1.05%/2017 USD 100,000 100,876 0.08
Bank of America Mortgage Securities JP Morgan Chase Commercial Mortgage Securities
2004-B 2A2 VR 3.031%/2034 USD 158,913 161,539 0.13 2005-LDP4 ASB VR 4.824%/2042 USD 590,553 613,128 0.51
2004-D 2A2 VR 3.109%/2034 USD 361,154 357,405 0.30 2006-CB15 A4 VR 5.814%/2043 USD 760,000 869,210 0.73
2004-H 2A2 VR 3.074%/2034 USD 140,971 139,761 0.12 2006-LDP9 A3 5.336%/2047 USD 160,000 183,715 0.15
2004-I 3A2 VR 3.121%/2034 USD 57,957 60,110 0.05 2007-CB18 A4 5.44%/2047 USD 315,000 363,702 0.30
2005-J 2A1 VR 3.102%/2035 USD 831,055 726,517 0.61 2007-LD12 A4 VR 5.882%/2051 USD 210,000 248,886 0.21
2005-J 3A1 VR 3.134%/2035 USD 178,622 165,504 0.14 2012-C8 A3 2.829%/2045 USD 185,000 190,857 0.16
Bay Area Toll Authority California 6.263%/2049 USD 150,000 207,882 0.17 Kansas Development Finance Authority 5.501%/2034 USD 200,000 234,986 0.20
Bear Stearns Commercial Mortgage Securities Kilroy Realty 6.625%/2020 USD 90,000 108,471 0.09
2002-TOP8 A2 4.83%/2038 USD 1,969 1,968 0.00 LB-UBS Commercial Mortgage Trust 2007-C2 A3
Bear Stearns Commercial Mortgage Securities 5.43%/2040 USD 390,000 450,235 0.38
2005-PWR9 AAB 4.804%/2042 USD 616,280 642,310 0.54 LB-UBS Commercial Mortgage Trust 2008-C1 AM
Cabela’s Master Credit Card Trust VR 6.157%/2041 USD 40,000 46,231 0.04
2012-1A Ser144A 1.63%/2020 USD 100,000 102,619 0.09 Life Technologies 3.5%/2016 USD 175,000 184,322 0.15
CarMax Auto Owner Trust 2010-2 B 3.96%/2016 USD 380,000 397,381 0.33 Marriott Vacation Club Owner Trust 2006-1A A
Chicago Illinois Metropolitan Water Ser144A 5.737%/2028 USD 179,603 180,171 0.15
Reclamation 5.72%/2038 USD 225,000 285,629 0.24 Marriott Vacation Club Owner Trust 2006-2A A
Chicago Illinois O’Hare International Airport Ser144A 5.362%/2028 USD 50,298 50,262 0.04
General Third Lien 6.395%/2040 USD 170,000 221,651 0.19 Maryland State Transportation Authority 5.754%/2041 USD 200,000 257,198 0.21
Chicago Illinois Transit Authority Sales And Maryland State Transportation Authority 5.888%/2043 USD 165,000 219,440 0.18
Taxable-pension Funding Series A 6.899%/2040 USD 170,000 206,492 0.17 Massachusetts Bay Transportation Authority 5%/2020 USD 80,000 99,964 0.08
Citigroup/Deutsche Bank Commercial Mortgage Trust Merrill Lynch Mortgage Trust 2006-C2 AM
2006-CD3 AAB 5.608%/2048 USD 782,726 794,547 0.66 VR 5.782%/2043 USD 135,000 151,671 0.13
City of Houston TX 5%/2023 USD 105,000 130,445 0.11 Metropolitan Transportation Authority New York
City of Los Angeles Department of Airports 7.053%/2040 USD 185,000 246,527 0.21 Taxable Series C-build America Bds- 7.336%/2039 USD 80,000 117,353 0.10
City Public Service Board of San Antonio TX 5.25%/2024 USD 165,000 214,223 0.18 NBCUniversal Media 2.875%/2023 USD 80,000 80,515 0.07
CNH Equipment Trust 2012-D B 1.27%/2020 USD 105,000 104,942 0.09 NBCUniversal Media 5.15%/2020 USD 115,000 136,540 0.11
Comcast 6.95%/2037 USD 185,000 251,723 0.21 Nevada Power SerN 6.65%/2036 USD 135,000 183,795 0.15
Credit Suisse First Boston Commercial Mortgage New Jersey State Turnpike Authority 5%/2029 USD 90,000 105,440 0.09
Pass-Through Certificates Series 2008-C1 A3 New York City Housing Development
VR 6.052%/2041 USD 160,000 187,643 0.16 Taxable Series A 6.42%/2027 USD 84,825 88,686 0.07
Commonwealth of Massachusetts 5.25%/2024 USD 115,000 151,725 0.13 New York City Municipal Water Finance Taxable
Commonwealth of Massachusetts 4.5%/2031 USD 160,000 178,470 0.15 Series Dd 5.952%/2042 USD 120,000 160,319 0.13
Commonwealth Of Pennsylvania 5%/2021 USD 115,000 145,513 0.12 City of New York 5%/2023 USD 105,000 129,956 0.11
Commonwealth of Pennsylvania 5%/2024 USD 95,000 118,224 0.10 City of New York 5.846%/2040 USD 100,000 130,073 0.11
Continental Airlines 2009-2 Class A New York City Transitional Finance Authority
Pass Through Trust SerA 7.25%/2019 USD 87,658 101,245 0.08 Future Tax Secured Revenue 5%/2023 USD 100,000 125,017 0.10
Pass Through Trust SerA 4.75%/2021 USD 66,804 72,649 0.06 Future Tax Secured Revenue 5%/2024 USD 60,000 73,569 0.06
Pass Thru Trusts SerA 4.15%/2024 USD 45,000 47,363 0.04 Future Tax Secured Revenue 5%/2025 USD 60,000 72,317 0.06
Delta Air Lines 2010-2 Class A New York City Transitional Finance Authority
Pass Through Trust Ser2A 4.95%/2019 USD 60,853 66,330 0.06 Future Tax Secured Revenue 5.508%/2037 USD 270,000 336,001 0.28
Delta Air Lines 2011-1 Class A News America 6.15%/2037 USD 260,000 320,182 0.27
Pass Through Trust SerA 5.3%/2019 USD 56,241 62,006 0.05 Nordstrom Private Label Credit Card Master Note
DIRECTV Holdings 2.4%/2017 USD 135,000 138,421 0.12 Trust 2011-1A A Ser144A 2.28%/2019 USD 385,000 400,356 0.34
DIRECTV Holdings 5.875%/2019 USD 105,000 124,281 0.10 NVR 3.95%/2022 USD 75,000 77,872 0.07
District of Columbia 5.25%/2034 USD 170,000 201,027 0.17 O’Reilly Automotive 3.8%/2022 USD 40,000 41,702 0.03
District of Columbia 5.591%/2034 USD 60,000 74,958 0.06 O’Reilly Automotive 4.875%/2021 USD 175,000 194,150 0.16
Domino’s Pizza Master Issuer 2012-1A Philadelphia Authority For Industrial
A2 Ser144A 5.216%/2042 USD 331,231 372,756 0.31 Development 3.964%/2026 USD 270,000 271,488 0.23
East Bay Municipal Utility District 5.874%/2040 USD 220,000 291,124 0.24 Phillips 66 Series WI 4.3%/2022 USD 95,000 106,360 0.09
Fifth Third Bancorp 3.5%/2022 USD 90,000 94,511 0.08 Port Authority of New York & New Jersey 4.458%/2062 USD 330,000 326,053 0.27
Fifth Third Bancorp 8.25%/2038 USD 150,000 215,182 0.18 Principal Financial Group 3.3%/2022 USD 10,000 10,165 0.01
Fiserv 3.125%/2016 USD 80,000 84,107 0.07 PSE&G Transition Funding 2001-1 A6 6.61%/2015 USD 112,957 115,300 0.10
Fiserv 3.5%/2022 USD 80,000 81,615 0.07 Regional Transportation District 5%/2038 USD 165,000 187,364 0.16
Ford Credit Floorplan Master Owner Roper Industries 1.85%/2017 USD 35,000 35,014 0.03
Trust 2010-3 C Ser144A 4.99%/2017 USD 590,000 627,012 0.52 San Diego County Water Authority 6.138%/2049 USD 125,000 166,496 0.14
FREMF Mortgage Trust 2012-K22 B Sequoia Mortgage Trust 2010-H1 A1 VR 3.75%/2040 USD 16,062 16,251 0.01
42 Ser144A VR 3.687%/2045 USD 95,000 94,807 0.08
Market Market
United States of America (continued) Total Recently Issued Transferable Securities 1,893,517 1.58
SLM SerMTN 6%/2017 USD 225,000 244,687 0.20
SLM SerMTN 8.45%/2018 USD 200,000 235,000 0.20
State of Florida Lottery Revenue 5%/2020 USD 440,000 539,651 0.45 Other Transferable Securities
State of Georgia Series A 5%/2023 USD 100,000 127,906 0.11 Australia
State of Georgia Series C 5%/2021 USD 100,000 128,478 0.11 Newcrest Finance Pty Ser144A 4.45%/2021 USD 240,000 253,101 0.21
State of Louisiana Series A 5%/2021 USD 60,000 75,627 0.06 Total for Australia 253,101 0.21
State of Louisiana Series C 5%/2021 USD 70,000 88,208 0.07
Texas Transportation Commission St Highway France
Fund Taxable-first Tier Series B 5.178%/2030 USD 130,000 159,152 0.13 BPCE Ser144A 2.375%/2013 USD 205,000 207,191 0.17
Tompkins County Industrial Development Electricité de France Ser144A 6.95%/2039 USD 210,000 281,774 0.24
Agency 5%/2037 USD 170,000 195,488 0.16 Pernod-Ricard Ser144A 4.45%/2022 USD 155,000 171,749 0.14
UnionBanCal 3.5%/2022 USD 20,000 21,137 0.02 RCI Banque Ser144A 4.6%/2016 USD 190,000 199,695 0.17
University of Virginia 5%/2040 USD 200,000 242,016 0.20
US Bancorp SerMTN 2.95%/2022 USD 85,000 86,046 0.07
Utah Transit Authority 5.937%/2039 USD 185,000 245,654 0.21 Ireland
Verisk Analytics 5.8%/2021 USD 115,000 129,090 0.11 Iberdrola Finance Ireland Ser144A 3.8%/2014 USD 135,000 138,720 0.12
Virginia College Building Authority 5%/2022 USD 45,000 56,663 0.05
Virginia Commonwealth Transportation Board 5.35%/2035 USD 45,000 54,715 0.05 Total for Ireland 138,720 0.12
Virginia Public Building Authority 5.9%/2030 USD 100,000 130,098 0.11
Luxembourg
Virginia Public School Authority 5%/2023 USD 150,000 188,142 0.16
Holcim US Finance Ser144A 6%/2019 USD 135,000 153,343 0.13
Volkswagen Auto Lease Trust 2012-A A4 1.06%/2017 USD 160,000 161,564 0.14
Watson Pharmaceuticals 3.25%/2022 USD 105,000 107,407 0.09 Total for Luxembourg 153,343 0.13
Watson Pharmaceuticals 4.625%/2042 USD 40,000 41,815 0.03
Sweden
WellPoint 3.3%/2023 USD 115,000 118,242 0.10
Wells Fargo Mortgage Backed Securities Trust
2005-AR2 2A2 VR 2.617%/2035 USD 115,638 115,762 0.10 Total for Sweden 311,640 0.26
Williams Companies 3.7%/2023 USD 135,000 136,452 0.11
Xerox 2.95%/2017 USD 30,000 30,811 0.03 Trinidad & Tobago
National Gas of Trinidad & Tobago Ser144A 6.05%/2036 USD 340,000 365,500 0.31
Total for Trinidad & Tobago 365,500 0.31
Total Transferable Securities United Kingdom
Traded on Another Regulated Market 25,927,328 21.65 PPL WEM Holdings Ser144A 3.9%/2016 USD 240,000 252,931 0.21
Recently Issued Transferable Securities
Chile United States of America
Banco Santander Chile Ser144A 3.875%/2022 USD 150,000 154,146 0.13 Allegheny Energy Supply Ser144A 6.75%/2039 USD 70,000 76,955 0.06
COX Communications Ser144A 8.375%/2039 USD 200,000 307,954 0.26
Crown Castle Towers Ser144A 6.113%/2020 USD 213,000 256,931 0.22
France Enogex Ser144A 6.25%/2020 USD 60,000 68,688 0.06
GDF Suez Ser144A 1.625%/2017 USD 90,000 90,082 0.07 ERAC USA Finance Ser144A 5.25%/2020 USD 190,000 217,629 0.18
GTP Acquisition Partners I Ser144A 4.347%/2016 USD 70,000 74,389 0.06
Total for France 90,082 0.07 Massachusetts Electric Ser144A 5.9%/2039 USD 140,000 178,135 0.15
Netherlands Total for United States of America 1,180,681 0.99
Heineken Ser144A 2.75%/2023 USD 95,000 93,486 0.08
Total for Netherlands 93,486 0.08 Total Other Transferable Securities 3,516,325 2.95
Norway Total Investment Securities 118,582,694 99.04

DNB Bank Ser144A 3.2%/2017 USD 210,000 223,885 0.19 Net Unrealised Loss on
Total for Norway 223,885 0.19 Open Forward Currency Exchange Contracts
attributed to Hedged Shares (See note 3a) (56,629) (0.05)
Sweden
United Kingdom
British Sky Broadcasting Group Ser144A 3.125%/2022 USD 60,000 59,918 0.05
Smiths Group Ser144A 3.625%/2022 USD 15,000 14,943 0.01

AbbVie Ser144A 2.9%/2022 USD 70,000 71,439 0.06
CC Holdings GS V Ser144A 3.849%/2023 USD 230,000 234,476 0.20
Cox Communications Ser144A 3.25%/2022 USD 40,000 41,338 0.03
Eaton Ser144A 4%/2032 USD 70,000 72,243 0.06
ERAC USA Finance Ser144A 3.3%/2022 USD 30,000 30,437 0.03
Florida Gas Transmission Ser144A 3.875%/2022 USD 85,000 89,781 0.07
Gulf South Pipeline Ser144A 4%/2022 USD 120,000 126,904 0.11
Rock-Tenn Ser144A 4%/2023 USD 110,000 111,976 0.09
SBA Tower Trust Ser144A 2.933%/2017 USD 150,000 157,149 0.13
WEA Finance Ser144A 3.375%/2022 USD 105,000 108,133 0.09
43
Futures Contracts
Contract Unrealised
Value Gain (Loss) % of Net
Investment Expiration (USD) (USD) Assets
Short, 46 ten-year
Long, 3
US Ultra Bond Note Contracts,
$2,621 pledged as initial margin March 2013 488,719 (10,102)
Long 6 five-year
$4,001 pledged as initial margin March 2013 746,063 (2,156)
Net Assets 119,737,685 100.00
Act of 1933
FHLMC: Federal Home Loan Mortgage Corporation

FNMA: Federal National Mortgage Association
GNMA: Government National Mortgage Association


44
Asian ex-Japan Equity Fund

The fund’s objective is to provide long-term capital Market

Currency Number Value % of Net
appreciation by investing primarily in a diversified Investment Denomination of Shares (USD) Assets
portfolio of transferable equity and equity-related
securities of companies incorporated, or conducting Common stocks
the predominant part of their business earnings, in the China
AutoNavi Holdings ADR USD 141,400 1,735,267 0.19
markets of Asia (excluding Japan). Baidu ADR USD 180,400 17,961,939 1.97
Zhongsheng Group Holdings HKD 4,209,500 6,365,152 0.70
China Longyuan Power Group H-shares HKD 11,359,000 7,855,169 0.86
China Vanke A-shares1 CNY 721,000 1,171,135 0.13
Dongfeng Motor Group H-shares HKD 8,484,000 13,091,292 1.44
ENN Energy Holdings HKD 2,682,000 11,678,397 1.28
New Oriental Education & Technology Group ADR USD 541,500 10,521,345 1.16
Parkson Retail Group HKD 9,354,000 7,542,721 0.83
Shanghai Pharmaceuticals Holding H-shares HKD 2,348,800 4,484,958 0.49
Sina USD 109,900 5,519,178 0.61
Tencent Holdings HKD 265,000 8,513,260 0.94
Wumart Stores H-shares HKD 3,339,000 7,185,602 0.79
Yantai Changyu Pioneer Wine Class B HKD 1,081,845 6,375,904 0.70
Zhejiang Expressway H-shares HKD 3,880,000 3,053,601 0.34
Total for China 113,054,920 12.43
Hong Kong
AIA Group HKD 4,518,200 17,633,621 1.94
Ajisen China Holdings HKD 3,631,000 3,466,639 0.38
China Foods HKD 3,256,000 3,007,794 0.33
China Merchants Holdings International HKD 3,788,000 12,144,706 1.34
China Resources Power Holdings HKD 4,822,000 12,305,639 1.35
China Unicom HKD 7,646,000 12,251,988 1.35
CNOOC HKD 9,416,000 20,384,923 2.24
Dah Chong Hong Holdings HKD 4,697,000 4,938,884 0.54
Jardine Matheson Holdings USD 312,000 19,344,000 2.13
Kingboard Laminates Holdings HKD 7,275,000 3,341,440 0.37
Li & Fung HKD 5,686,000 10,035,606 1.10
Samsonite International HKD 5,430,600 11,196,319 1.23
Swire Pacific Class A HKD 1,182,000 14,617,068 1.61
Trinity HKD 6,416,000 4,188,568 0.46
VTech Holdings HKD 532,800 5,970,142 0.66
Yue Yuen Industrial Holdings HKD 1,634,000 5,460,124 0.60
Total for Hong Kong 160,287,461 17.63
India
Ambuja Cements INR 1,246,357 4,570,052 0.50
Bharti Airtel INR 3,380,508 19,564,867 2.15
Container of India INR 274,274 4,605,190 0.51
Emami INR 333,447 3,647,894 0.40
GAIL India INR 1,319,987 8,594,732 0.95
HDFC Bank INR 766,227 9,490,083 1.04
Infosys INR 329,233 13,933,064 1.53
Oberoi Realty INR 797,796 4,195,746 0.46
Phoenix Mills INR 1,108,059 5,195,480 0.57
Ultratech Cement INR 204,663 7,419,641 0.82
Wipro INR 1,833,018 13,198,131 1.45
Yes Bank INR 901,844 7,638,268 0.84
Total for India 102,053,148 11.22
Indonesia
AKR Corporindo IDR 2,948,000 1,269,437 0.14
Astra International IDR 12,782,500 10,080,104 1.11
Hero Supermarket IDR 5,602,000 2,513,997 0.28
Indofood Sukses Makmur IDR 19,265,500 11,694,233 1.29
XL Axiata IDR 15,870,000 9,386,148 1.03
Luxembourg
L’Occitane International HKD 3,223,750 10,210,888 1.12
Malaysia
Tenaga Nasional MYR 2,982,500 6,768,656 0.74
Astro Malaysia Holdings MYR 8,915,800 8,746,697 0.96
CIMB Group Holdings MYR 6,688,500 16,688,442 1.83
Genting MYR 2,041,100 6,140,654 0.68
IJM MYR 2,334,200 3,801,281 0.42
Lafarge Malayan Cement MYR 1,581,500 4,975,157 0.55
Total for Malaysia 47,120,887 5.18 45
Asian ex-Japan Equity Fund >>>continued
PHP: Philippine Peso

Market SGD: Singapore Dollar
Currency Number Value % of Net THB: Thai Baht
Investment Denomination of Shares (USD) Assets TWD: Taiwan Dollar
Philippines USD: United States Dollar
Ayala PHP 417,600 5,257,819 0.58
Ayala Land PHP 20,150,900 12,980,001 1.42
Energy Development PHP 71,653,400 11,778,641 1.29
Metropolitan Bank & Trust PHP 2,457,458 6,104,371 0.67
Total for Philippines 36,120,832 3.96
Singapore
CapitaMall Trust SGD 5,398,000 9,412,804 1.03
Oversea-Chinese Banking SGD 1,834,000 14,608,940 1.61
SembCorp Industries SGD 2,720,000 11,690,544 1.28
Singapore Telecommunications SGD 5,541,000 14,969,546 1.65
Venture SGD 711,000 4,691,494 0.52
Total for Singapore 55,373,328 6.09
South Korea
Amorepacific KRW 10,619 12,041,628 1.32
GS Retail KRW 219,630 6,144,286 0.68
Hana Tour Service KRW 64,820 3,693,361 0.41
Hite Jinro KRW 10,470 297,306 0.03
Hyundai Department Store KRW 18,435 2,737,935 0.30
Hyundai Mobis KRW 45,957 12,363,091 1.36
Hyundai Motor KRW 115,267 23,525,526 2.59
KEPCO Plant Service & Engineering KRW 77,825 4,427,100 0.49
KT&G KRW 80,528 6,077,727 0.67
Samsung Electronics KRW 42,311 60,152,107 6.61
Samsung Engineering KRW 95,860 14,818,980 1.63
Shinsegae KRW 22,614 4,615,425 0.51
Total for South Korea 150,894,472 16.60
Taiwan
Chinatrust Financial Holding TWD 14,095,722 8,324,723 0.91
Chroma ATE TWD 2,699,000 6,013,475 0.66
Farglory Land Development TWD 138,000 247,591 0.03
Gourmet Master TWD 310,000 2,028,307 0.22
Pegatron TWD 3,437,000 4,444,346 0.49
President Chain Store TWD 2,390,000 12,798,133 1.41
Quanta Computer TWD 5,826,000 13,702,807 1.51
Siliconware Precision Industries TWD 8,282,000 8,841,282 0.97
Taiwan Cement TWD 13,011,795 17,430,312 1.92
Taiwan Semiconductor Manufacturing TWD 9,277,275 30,989,210 3.41
Total for Taiwan 104,820,186 11.53
Thailand
Bumrungrad Hospital (Foreign) THB 970,100 2,346,760 0.26
CP ALL (Foreign) THB 4,583,300 6,892,180 0.76
Kasikornbank THB 3,192,300 20,193,202 2.22
Siam Cement THB 1,094,400 15,741,615 1.73
Siam Commercial Bank (Foreign) THB 1,992,700 11,823,310 1.30
Total for Thailand 56,997,067 6.27
United Kingdom
Standard Chartered HKD 496,850 12,564,119 1.38

Net Assets 909,372,728 100.00
ADR: American Depositary Receipts
China A-shares are subject to certain restrictions. The Total market value of Class A held at 31 December 2012
1
were USD 1,171,135, 0.13% of net assets. See note 3c.
CNY: Chinese Renminbi

HKD: Hong Kong Dollar
INR: Indian Rupee
MYR: Malaysian Ringgit The accompanying notes are an integral part of these financial statements.
46
Emerging Europe Equity Fund


appreciation by investing primarily in a diversified Investment Denomination of Shares (EUR) Assets
the predominant part of their business activity, in the Cyprus
Eurasia Drilling GDR USD 14,868 402,600 3.12
economically developing countries of Central and Eastern MD Medical Group Investments GDR USD 14,330 135,539 1.05
Europe, including those of the former Soviet Union, and Total for Cyprus 538,139 4.17
Mediterranean region. Guernsey
Etalon Group GDR USD 52,808 218,298 1.69
Total for Guernsey 218,298 1.69
Kazakhstan
Halyk Savings Bank of Kazakhstan GDR USD 36,364 226,172 1.75
KCell GDR USD 12,998 115,842 0.90
Total for Kazakhstan 342,014 2.65
Luxembourg
MHP GDR USD 44,895 534,626 4.15
Poland
Eurocash PLN 6,345 67,955 0.53
Powszechna Kasa Oszczednosci Bank Polski PLN 22,785 206,054 1.60
Portugal
Jeronimo Martins EUR 17,374 253,660 1.97
Total for Portugal 253,660 1.97
Russia
Bank St Petersburg USD 89,670 111,546 0.86
Cherkizovo Group GDR USD 17,789 161,105 1.25
CTC Media USD 12,000 70,813 0.55
Gazprom ADR USD 108,226 776,561 6.03
Global Ports Investments GDR USD 18,534 198,217 1.54
Globaltrans Investment GDR USD 35,191 440,688 3.42
Kuzbasskaya Toplivnaya Kompaniya USD 33,721 94,546 0.73
Magnit GDR USD 23,907 727,147 5.64
Mail.ru Group GDR USD 16,766 438,734 3.40
MMC Norilsk Nickel ADR USD 22,458 313,942 2.44
Mobile Telesystems ADR USD 13,700 193,799 1.50
Mostotrest USD 40,109 181,368 1.41
NovaTek GDR USD 7,879 715,947 5.56
Pharmstandard GDR USD 22,885 291,096 2.26
Polymetal International GBP 31,277 453,109 3.52
Rosneft GDR USD 61,126 413,101 3.21
Sberbank of Russia ADR USD 134,175 1,251,784 9.71
Uralkali GDR USD 10,619 307,761 2.39
X5 Retail Group GDR USD 19,634 265,828 2.06
Yandex Class A USD 7,800 127,614 0.99
Total for Russia 7,534,706 58.47
Turkey
BIM Birlesik Magazalar TRY 13,830 512,832 3.98
Bizim Toptan Satis Magazalari TRY 15,916 188,047 1.46
TAV Havalimanlari Holding TRY 53,923 209,005 1.62
Tofas Turk Otomobil Fabrikasi TRY 14,306 63,536 0.49
Turkiye Garanti Bankasi TRY 170,172 669,710 5.20
Turkiye Halk Bankasi TRY 92,427 687,424 5.33
Yapi ve Kredi Bankasi TRY 164,393 363,307 2.82
Total for Turkey 2,693,861 20.90
United Kingdom
Bank of Georgia Holdings GBP 18,264 231,939 1.80
Kazakhmys GBP 3,313 31,779 0.25
Preferred stocks
Russia
Bank St Petersburg USD 12,700 18,871 0.15
Total for Russia 18,871 0.15
47
E m e r g i n g E u r o p e E q u i t y F u n d >>>continued
Market
Investment Denomination of Shares (EUR) Assets

Net Assets 12,886,937 100.00

GDR: Global Depositary Receipts

PLN: Polish Zloty
TRY: Turkish Lira

48
European Equity Fund


appreciation through investment primarily in a Investment Denomination of Shares (EUR) Assets
diversified portfolio of transferable equity and equity
related securities of companies incorporated, or Common stocks
conducting the predominant part of their business Belgium
Anheuser-Busch InBev EUR 28,201 1,853,934 2.27
activity, in Europe. KBC Groep EUR 53,155 1,390,003 1.71
Total for Belgium 3,243,937 3.98
Denmark
Novo Nordisk Class B DKK 4,492 551,795 0.68
SimCorp DKK 6,274 1,062,911 1.30
Total for Denmark 1,614,706 1.98
Finland
Fortum EUR 53,658 759,260 0.93
Nokian Renkaat EUR 28,317 852,342 1.05
Total for Finland 1,611,602 1.98
France
Air Liquide EUR 7,199 684,265 0.84
Aéroports de Paris EUR 13,562 791,614 0.97
BNP Paribas EUR 28,000 1,192,380 1.46
Danone EUR 22,212 1,108,490 1.36
Eutelsat Communications EUR 38,543 967,429 1.19
Iliad EUR 6,027 783,811 0.96
JCDecaux EUR 51,462 925,544 1.14
M6 Métropole Télévision EUR 71,196 841,181 1.03
Sanofi EUR 24,396 1,741,631 2.14
Schneider Electric EUR 24,954 1,368,228 1.68
Unibail-Rodamco EUR 7,876 1,433,038 1.76
Zodiac Aerospace EUR 12,316 1,027,524 1.26
Germany
Brenntag EUR 16,132 1,604,005 1.97
Fraport EUR 21,443 942,098 1.16
Fresenius EUR 15,194 1,323,397 1.62
GEA Group EUR 35,275 863,179 1.06
SAP EUR 25,950 1,574,906 1.93
Sky Deutschland EUR 206,921 855,204 1.05
Wirecard EUR 99,942 1,858,921 2.28
Greece
Coca Cola Hellenic Bottling EUR 45,801 810,678 0.99
Total for Greece 810,678 0.99
Ireland
Experian GBP 83,272 1,006,155 1.23
Italy
DiaSorin EUR 33,864 1,025,402 1.26
ENI EUR 96,247 1,765,170 2.17
Prysmian EUR 74,152 1,113,022 1.37
Saipem EUR 30,625 897,312 1.10
Tod’s EUR 9,338 893,180 1.10
Luxembourg
Millicom International Cellular SEK 10,613 696,043 0.85
Mexico
Fresnillo GBP 37,781 860,360 1.06
Netherlands
Royal Dutch Shell Class B GBP 86,301 2,314,275 2.84
49
European Equity Fund >>>continued
1
Market
Currency Number Value % of Net CHF: Swiss Franc
Investment Denomination of Shares (EUR) Assets DKK: Danish Krone
Norway EUR: European Union Euro
Gjensidige Forsikring NOK 74,920 810,749 0.99 GBP: Great Britain Pound
Total for Norway 810,749 0.99 SEK: Swedish Krona
Spain
Amadeus IT Holding Class A EUR 53,368 1,016,660 1.25
Bolsas y Mercados Espanoles EUR 45,622 841,726 1.03
Enagas EUR 108,431 1,750,076 2.15
Gas Natural EUR 118,883 1,614,431 1.98
Inditex EUR 7,767 819,419 1.01
Mediaset Espana Comunicacion EUR 88,709 451,529 0.55
Sweden
Autoliv SEK 21,846 1,101,624 1.35
Skandinaviska Enskilda Banken Class A SEK 229,923 1,481,120 1.82
SKF Class B SEK 62,349 1,186,384 1.46
Svenska Cellulosa Class B SEK 96,045 1,578,953 1.94
Swedbank Class A SEK 92,649 1,371,892 1.68
Switzerland
Compagnie Financière Richemont Class A CHF 21,749 1,286,777 1.58
Dufry CHF 9,159 907,705 1.11
Informa GBP 164,141 908,664 1.11
Novartis CHF 43,784 2,084,352 2.56
Roche Holding CHF 6,875 1,048,229 1.29
Sika CHF 639 1,117,246 1.37
Swatch Group CHF 3,370 1,287,908 1.58
UBS CHF 88,114 1,041,920 1.28
Total for Switzerland 9,682,801 11.88
United Kingdom
Barclays GBP 258,796 837,262 1.03
BG Group GBP 101,763 1,270,354 1.56
Capita GBP 130,876 1,218,279 1.50
GlaxoSmithKline GBP 125,622 2,067,696 2.54
Johnson Matthey GBP 25,675 752,136 0.92
Reckitt Benckiser Group GBP 25,045 1,197,790 1.47
Restaurant Group GBP 315,189 1,503,521 1.84
Rolls-Royce Holdings GBP 119,340 1,285,253 1.58
Rotork GBP 29,396 922,393 1.13
Smith & Nephew GBP 86,758 726,840 0.89
SSE GBP 43,484 760,231 0.93
Standard Chartered GBP 66,488 1,289,881 1.58
Subsea 7 NOK 45,465 818,556 1.00
Tullow Oil GBP 57,014 886,414 1.09

Liberty Global Class A USD 20,600 984,219 1.21
Preferred stocks
Germany
Draegerwerk EUR 10,325 790,069 0.97
United Kingdom
Rolls-Royce Holdings Class C1 GBP 9,728,380 11,994 0.01

Net Assets 81,495,776 100.00

50
European ex-UK Equity Fund


diversified portfolio of transferable equity and equity-
related securities of companies incorporated, or Common stocks
conducting the predominant part of their business Belgium
Anheuser-Busch InBev EUR 3,869 254,348 1.96
activity, in Europe excluding the UK. KBC Groep EUR 9,927 259,591 2.01
Czech Republic
Komercni Banka CZK 920 147,006 1.14
Denmark
Novo Nordisk Class B DKK 2,017 247,767 1.92
SimCorp DKK 1,359 230,236 1.78
Finland
Fortum EUR 11,428 161,706 1.25
Sampo Class A EUR 8,433 205,260 1.59
France
Aéroports de Paris EUR 2,478 144,641 1.12
Air Liquide EUR 1,648 156,642 1.21
BNP Paribas EUR 5,511 234,686 1.81
Danone EUR 3,573 178,311 1.38
Eutelsat Communications EUR 9,496 238,350 1.84
JCDecaux EUR 10,549 189,724 1.47
M6 Métropole Télévision EUR 15,160 179,115 1.39
Rexel EUR 11,188 172,743 1.34
Sanofi EUR 5,292 377,796 2.92
Schneider Electric EUR 4,730 259,346 2.01
Unibail-Rodamco EUR 1,417 257,823 1.99
Zodiac Aerospace EUR 2,668 222,591 1.72
Germany
Bayer EUR 3,978 285,978 2.21
Brenntag EUR 2,898 288,148 2.23
Fraport EUR 5,522 242,609 1.87
Fresenius EUR 2,537 220,973 1.71
GEA Group EUR 5,714 139,822 1.08
SAP EUR 4,916 298,352 2.31
Wirecard EUR 18,404 342,314 2.65
Greece
Coca Cola Hellenic Bottling EUR 10,016 177,283 1.37
Total for Greece 177,283 1.37
Italy
DiaSorin EUR 4,472 135,412 1.05
ENI EUR 21,061 386,259 2.98
Prysmian EUR 11,254 168,923 1.30
Saipem EUR 6,476 189,747 1.47
Terna Rete Elettrica Nazionale EUR 41,800 126,403 0.98
Tod’s EUR 1,973 188,717 1.46
Luxembourg
Millicom International Cellular SEK 2,261 148,285 1.15
Netherlands
Royal Dutch Shell Class A EUR 4,907 127,459 0.99
Norway
Gjensidige Forsikring NOK 15,935 172,441 1.33
Total for Norway 172,441 1.33
51
European ex-UK Equity Fund >>>continued
Market
Spain
Amadeus IT Holding Class A EUR 10,895 207,550 1.61
Bolsas y Mercados Espanoles EUR 9,407 173,559 1.34
Enagas EUR 23,097 372,786 2.88
Gas Natural EUR 21,663 294,183 2.27
Inditex EUR 1,291 136,201 1.06
Sweden
Autoliv SEK 4,162 209,876 1.62
Skandinaviska Enskilda Banken Class A SEK 34,642 223,157 1.72
SKF Class B SEK 12,552 238,841 1.85
Svenska Cellulosa Class B SEK 18,654 306,667 2.37
Swedbank Class A SEK 19,608 290,344 2.24
Switzerland
Compagnie Financière Richemont Class A CHF 4,416 261,272 2.02
Dufry CHF 1,728 171,254 1.32
Nestlé CHF 5,096 251,676 1.95
Novartis CHF 4,037 192,183 1.49
Roche Holding CHF 2,076 316,527 2.45
Sika CHF 110 192,327 1.49
Swatch Group CHF 815 311,467 2.41
UBS CHF 17,559 207,630 1.60
United Kingdom
Subsea 7 NOK 7,190 129,449 1.00

Liberty Global Class A USD 3,300 157,666 1.22
Preferred stocks
Germany
Draegerwerk EUR 1,616 123,656 0.96

Net Assets 12,931,268 100.00
CHF: Swiss Franc

CZK: Czech Koruna
DKK: Danish Krone
SEK: Swedish Krona

52
European Smaller Companies Equity Fund


related securities of smaller companies incorporated, Common stocks
or conducting the predominant part of their business Austria
Schoeller-Bleckmann Oilfield Equipment EUR 1,606 127,340 1.08
activity, in Europe and whose market capitalisation, at Total for Austria 127,340 1.08
the time of purchase, falls within or below the range
Belgium
covered by the S&P Pan Europe Small Cap Index. Barco EUR 133 7,249 0.06
D’Ieteren EUR 2,225 67,729 0.57
China
Hutchison China MediTech GBP 50,000 255,834 2.16
Total for China 255,834 2.16
Cyprus
ProSafe NOK 13,600 87,711 0.74
Total for Cyprus 87,711 0.74
Denmark
Ambu Class B DKK 3,253 69,106 0.58
Finland
Rapala VMC EUR 13,555 65,742 0.56
Vacon EUR 2,676 107,575 0.91
France
BioMerieux EUR 779 56,088 0.47
CFAO EUR 2,534 92,871 0.79
Edenred EUR 4,830 112,539 0.95
Eurofins Scientific EUR 1,229 150,552 1.27
Iliad EUR 1,147 149,167 1.26
Mersen EUR 3,574 75,376 0.64
Zodiac Aerospace EUR 1,553 129,567 1.10
Germany
Aixtron EUR 11,303 100,359 0.85
Brenntag EUR 2,025 201,346 1.70
CTS Eventim EUR 3,211 85,557 0.72
Delticom EUR 2,473 79,878 0.68
Fuchs Petrolub EUR 2,198 116,494 0.99
Grenkeleasing EUR 5,089 257,554 2.18
MTU Aero Engines Holding EUR 2,034 139,939 1.18
NORMA Group EUR 10,597 222,537 1.88
Rational EUR 535 116,630 0.99
Sky Deutschland EUR 46,911 193,883 1.64
Software EUR 6,423 206,211 1.74
Takkt EUR 10,844 113,862 0.96
Tom Tailor Holding EUR 7,958 128,283 1.08
Wacker Chemie EUR 804 39,915 0.34
Wirecard EUR 16,200 301,320 2.55
Ireland
DCC EUR 3,795 94,116 0.80
Paddy Power EUR 3,211 200,687 1.70
Isle of Man
Playtech GBP 22,001 115,719 0.98
Total for Isle of Man 115,719 0.98
Italy
Banca Generali EUR 13,988 180,585 1.53
Davide Campari-Milano EUR 21,409 124,172 1.05
Piaggio EUR 56,319 114,328 0.96
Prysmian EUR 5,309 79,688 0.67
Yoox EUR 6,817 81,259 0.69
Total for Italy 580,032 4.90 53
European Smaller Companies Equity Fund

>>>continued
Market Market
Currency Number Value % of Net Currency Number Value % of Net
Investment Denomination of Shares (EUR) Assets Investment Denomination of Shares (EUR) Assets
Luxembourg United Kingdom (continued)
AZ Electronic Materials GBP 25,814 111,172 0.94 Xchanging GBP 150,000 231,175 1.95
Total for Luxembourg 111,172 0.94 YouGov GBP 300,000 273,711 2.31
Netherlands
ASM International EUR 2,776 75,382 0.64 Preferred stocks
Brunel International EUR 2,017 73,822 0.62 Germany
Ziggo EUR 4,500 111,420 0.94 Sartorius EUR 2,632 177,002 1.50
Total for Netherlands 260,624 2.20 Total for Germany 177,002 1.50
Norway
BW Offshore NOK 58,246 40,883 0.35 Total Transferable Securities
Electromagnetic GeoServices NOK 30,855 54,921 0.46 Admitted to an Official Exchange Listing 11,761,430 99.44
Schibsted NOK 3,400 109,128 0.92
Total for Norway 204,932 1.73
Russia
Globaltrans Investment GDR USD 8,153 102,098 0.86 Net Assets 11,827,449 100.00
Mail.ru Group GDR USD 4,282 112,052 0.95
Pharmstandard GDR USD 7,234 92,016 0.78 GDR: Global Depositary Receipts
X5 Retail Group GDR USD 5,581 75,562 0.64
Total for Russia 381,728 3.23 CHF: Swiss Franc
DKK: Danish Krone
Spain EUR: European Union Euro
Amadeus IT Holding Class A EUR 5,179 98,660 0.83
Baron de Ley EUR 2,000 89,600 0.76 SEK: Swedish Krona
Grifols Class A EUR 5,571 146,852 1.24 USD: United States Dollar
Grifols Class B EUR 1,034 19,749 0.17
Grifols Class B EUR 329 6,284 0.05
Laboratorios Farmaceuticos Rovi EUR 12,396 65,699 0.56
Sweden
Byggmax Group SEK 10,000 33,812 0.28
Elekta Class B SEK 10,704 126,549 1.07
Mekonomen SEK 5,887 141,739 1.20
Switzerland
Dufry CHF 1,920 190,282 1.61
Partners Group Holding CHF 840 147,007 1.24
United Kingdom
3i Group GBP 43,136 115,515 0.98
Abcam GBP 27,203 129,211 1.09
Aberdeen Asset Management GBP 80,283 363,369 3.07
Aveva Group GBP 8,943 240,590 2.03
Carclo GBP 20,078 99,638 0.84
Carphone Warehouse Group GBP 80,851 205,847 1.74
Direct Line Insurance Group GBP 38,348 102,315 0.87
Domino Printing Sciences GBP 13,849 99,547 0.84
Electrocomponents GBP 23,477 68,891 0.58
Great Portland Estates GBP 10,207 61,551 0.52
GW Pharmaceuticals GBP 50,000 36,372 0.31
Halfords Group GBP 33,580 137,620 1.16
Huntsworth GBP 200,000 99,251 0.84
Hyder Consulting GBP 21,409 105,584 0.89
Intermediate Capital Group GBP 31,653 123,322 1.04
Intertek Group GBP 4,818 184,089 1.56
IQE GBP 558,185 211,623 1.79
ITE Group GBP 45,453 138,028 1.17
Jazztel EUR 26,761 140,629 1.19
Jupiter Fund Management GBP 61,185 210,092 1.78
Ophir Energy GBP 14,964 93,078 0.79
PayPoint GBP 25,713 261,387 2.21
Petra Diamonds GBP 40,911 56,746 0.48
Rotork GBP 2,791 87,577 0.74
Salamander Energy GBP 54,770 128,303 1.09
SDL GBP 16,475 104,102 0.88
Spirent Communications GBP 61,950 115,105 0.97
Ted Baker GBP 10,704 146,622 1.24
Victrex GBP 9,527 190,170 1.61 The accompanying notes are an integral part of these financial statements.
54
European Structured Research Equity Fund


appreciation through investing primarily in a widely Investment Denomination of Shares (EUR) Assets
related securities of European companies selected by Common stocks
T. Rowe Price’s team of research analysts. Company Austria
Andritz EUR 72 3,495 0.07
selection will take place within tightly controlled stock, Erste Group Bank EUR 497 11,940 0.23
industry and sector limits relative to the MSCI Europe Vienna Insurance Group
Wienerberger
EUR
EUR
123
3,198
4,966
22,159
0.09
0.42
index. Total Austria 42,560 0.81
Belgium
Ageas EUR 105 2,333 0.05
Anheuser-Busch InBev EUR 1,335 87,763 1.67
Anheuser-Busch InBev VVPR strip EUR 1,880 2 0.00
Delhaize Group EUR 94 2,843 0.05
Groupe Bruxelles Lambert EUR 73 4,390 0.08
Total Belgium 97,331 1.85
Bermuda
Hiscox GBP 1,803 10,101 0.19
Lancashire Holdings GBP 595 5,689 0.11
Total Bermuda 15,790 0.30
Denmark
A.P. Moller - Maersk Class B DKK 5 28,549 0.54
Carlsberg Class B DKK 467 34,676 0.66
Novo Nordisk Class B DKK 712 87,462 1.67
TDC DKK 792 4,250 0.08
Total Denmark 154,937 2.95
Finland
Fortum EUR 884 12,508 0.24
Kone Class B EUR 102 5,692 0.11
Metso EUR 102 3,268 0.06
Nokia EUR 2,744 8,029 0.15
Nokian Renkaat EUR 269 8,097 0.16
Sampo Class A EUR 1,484 36,120 0.69
Stora Enso Class R EUR 227 1,191 0.02
UPM-Kymmene EUR 494 4,350 0.08
Wartsila EUR 128 4,188 0.08
Total Finland 83,443 1.59
France
Air Liquide (Prime Fidelite 2013)1 EUR 236 22,432 0.43
Alcatel-Lucent EUR 1,870 1,876 0.04
Alstom EUR 350 10,547 0.20
AXA EUR 1,238 16,527 0.31
BNP Paribas EUR 929 39,561 0.75
Bouygues EUR 171 3,830 0.07
Bureau Veritas EUR 29 2,455 0.05
Cap Gemini EUR 181 5,948 0.11
Carrefour EUR 620 11,994 0.23
Casino Guichard Perrachon EUR 38 2,740 0.05
Christian Dior EUR 74 9,491 0.18
Compagnie Générale d’Optique Essilor International EUR 119 9,046 0.17
Compagnie Générale des Etablissements Michelin Class B EUR 123 8,806 0.17
Danone EUR 1,211 60,435 1.15
Dassault Systèmes EUR 31 2,611 0.05
Edenred EUR 1,278 29,777 0.57
Electricité de France EUR 36 503 0.01
Eutelsat Communications EUR 463 11,621 0.22
France Telecom EUR 534 4,453 0.09
GDF Suez EUR 1,485 23,129 0.44
Gecina EUR 207 17,574 0.33
Iliad EUR 150 19,508 0.37
JCDecaux EUR 203 3,651 0.07
Legrand EUR 233 7,427 0.14
LVMH EUR 186 25,817 0.49
M6 Métropole Télévision EUR 198 2,339 0.04
Pernod-Ricard EUR 563 49,229 0.94
PPR EUR 66 9,296 0.18
Renault EUR 185 7,527 0.14
Sanofi EUR 1,155 82,455 1.57
Schneider Electric EUR 595 32,624 0.62
55

>>>continued
Market Market
France (continued) Mexico
SCOR EUR 440 8,980 0.17 Fresnillo GBP 516 11,751 0.22
Société Générale EUR 638 18,081 0.34 Total Mexico 11,751 0.22
Suez Environnement EUR 778 7,087 0.14
Total EUR 995 38,815 0.74 Netherlands
Unibail-Rodamco EUR 9 1,638 0.03 Aegon EUR 496 2,382 0.05
Vallourec EUR 151 5,963 0.11 ASML Holding EUR 291 13,968 0.27
Vinci EUR 521 18,735 0.36 Corio EUR 107 3,672 0.07
Total France 634,528 12.07 European Aeronautic Defence and Space EUR 398 11,741 0.22
ING Groep EUR 2,359 16,657 0.32
Germany Koninklijke Ahold EUR 1,005 10,186 0.19
Adidas EUR 151 10,167 0.19 Koninklijke DSM EUR 745 34,113 0.65
Allianz EUR 499 52,295 1.00 Koninklijke Philips Electronics EUR 1,220 24,272 0.46
BASF EUR 772 54,928 1.04 Koninklijke Vopak EUR 65 3,465 0.07
Bayer EUR 1,346 96,764 1.84 Randstad Holding EUR 222 6,173 0.12
Bayerische Motoren Werke EUR 312 22,754 0.43 Royal Dutch Shell Class A GBP 3,565 93,270 1.77
Brenntag EUR 277 27,542 0.52 Royal Dutch Shell Class B GBP 2,259 60,578 1.15
Daimler EUR 829 34,254 0.65 Unilever EUR 916 26,413 0.50
Deutsche Boerse EUR 517 23,891 0.46 Ziggo EUR 580 14,361 0.27
Deutsche Telekom EUR 709 6,094 0.12 Total Netherlands 321,251 6.11
E.ON EUR 1,374 19,360 0.37
Fresenius EUR 255 22,210 0.42 Norway
GEA Group EUR 166 4,062 0.08 DNB NOK 4,094 39,282 0.74
Hannover Rueckversicherung EUR 123 7,252 0.14 Gjensidige Forsikring NOK 1,358 14,696 0.28
HeidelbergCement EUR 591 27,086 0.52 Orkla NOK 694 4,587 0.09
Infineon Technologies EUR 1,530 9,377 0.18 Telenor NOK 546 8,349 0.16
Linde EUR 101 13,332 0.25
Total Norway 66,914 1.27
MAN EUR 19 1,534 0.03
Metro EUR 135 2,835 0.05 Portugal
Muenchener Rueckversicherungs EUR 94 12,784 0.24 Jeronimo Martins EUR 253 3,694 0.07
RWE EUR 414 12,933 0.25
SAP EUR 1,082 65,667 1.25 Total Portugal 3,694 0.07
Siemens EUR 738 60,664 1.16 Romania
Telefonica Deutschland Holding EUR 2,300 13,280 0.25 BRD-Groupe Société Générale RON 2,440 4,451 0.08
Total Germany 601,065 11.44 Total Romania 4,451 0.08
Greece Russia
Coca Cola Hellenic Bottling EUR 1,126 19,930 0.38 Sberbank of Russia USD 5,698 13,220 0.25
Total Greece 19,930 0.38 Total Russia 13,220 0.25
Guernsey Spain
Resolution GBP 661 2,017 0.04 Abertis Infraestructuras EUR 273 3,391 0.06
Total Guernsey 2,017 0.04 Acerinox EUR 836 6,979 0.13
Banco Santander EUR 12,719 77,586 1.48
Ireland Enagas EUR 267 4,309 0.08
Elan EUR 441 3,452 0.06 Iberdrola EUR 2,181 9,149 0.17
Experian GBP 1,252 15,128 0.29 Inditex EUR 117 12,343 0.24
Prothena USD 10 55 0.00 Telefonica EUR 6,799 69,282 1.32
Ryanair Holdings EUR 1,005 4,751 0.09
Shire GBP 532 12,377 0.24 Total Spain 183,039 3.48
Smurfit Kappa Group EUR 914 8,226 0.16 Sweden
Total Ireland 43,989 0.84 Alfa Laval SEK 325 5,127 0.10
Assa Abloy Class B SEK 306 8,666 0.16
Italy Atlas Copco Class A SEK 711 14,781 0.28
Atlantia EUR 366 5,003 0.10 Atlas Copco Class B SEK 413 7,618 0.14
Enel EUR 6,925 21,731 0.41 Electrolux Class B SEK 199 3,956 0.07
ENI EUR 3,912 71,746 1.36 Elekta Class B SEK 1,104 13,052 0.25
Fiat EUR 697 2,642 0.05 Getinge Class B SEK 182 4,668 0.09
Fiat Industrial EUR 510 4,210 0.08 Hennes & Mauritz Class B SEK 689 18,035 0.34
Intesa Sanpaolo EUR 14,436 18,767 0.36 Hexagon Class B SEK 357 6,789 0.13
Intesa Sanpaolo RSP EUR 4,599 4,907 0.09 Holmen Class B SEK 36 808 0.02
Prysmian EUR 239 3,587 0.07 Investor Class B SEK 425 8,424 0.16
Saipem EUR 992 29,066 0.55 Kinnevik Investment Class B SEK 210 3,323 0.06
Snam EUR 3,161 11,108 0.21 Sandvik SEK 939 11,331 0.22
Terna Rete Elettrica Nazionale EUR 1,349 4,079 0.08 Scania Class B SEK 330 5,167 0.10
Total Italy 176,846 3.36 Skandinaviska Enskilda Banken Class A SEK 6,751 43,489 0.83
Skanska Class B SEK 374 4,631 0.09
Luxembourg SKF Class B SEK 487 9,267 0.18
ArcelorMittal EUR 1,723 22,287 0.42 SSAB Class A SEK 1,012 6,672 0.13
Millicom International Cellular SEK 39 2,558 0.05 Svenska Cellulosa Class B SEK 154 2,532 0.05
Total Luxembourg 24,845 0.47 Swedbank Class A SEK 244 3,613 0.07
Tele2 Class B SEK 82 1,119 0.02
Telefonaktiebolaget LM Ericsson Class B SEK 4,180 31,727 0.60
56

>>>continued
Market Market
Sweden (continued) United Kingdom (continued)
TeliaSonera SEK 446 2,291 0.04 National Grid GBP 4,447 38,544 0.73
Volvo Class B SEK 1,385 14,340 0.27 Next GBP 287 13,124 0.25
Total Sweden 231,426 4.40 Old Mutual GBP 3,396 7,461 0.14
Ophir Energy GBP 2,049 12,745 0.24
Switzerland Prudential GBP 1,751 18,685 0.36
ABB CHF 2,291 35,595 0.68 Rio Tinto GBP 1,461 63,253 1.20
Baloise Holding CHF 47 3,057 0.06 Rolls-Royce Holdings GBP 3,720 40,063 0.76
Compagnie Financière Richemont Class A CHF 808 47,805 0.91 SABMiller GBP 1,126 39,219 0.75
Credit Suisse Group CHF 3,195 58,933 1.12 Salamander Energy GBP 4,419 10,352 0.20
GAM Holding CHF 3,217 32,922 0.63 Serco Group GBP 5 33 0.00
Geberit CHF 39 6,509 0.12 Smith & Nephew GBP 535 4,482 0.09
Holcim CHF 429 23,782 0.45 Smiths Group GBP 270 3,965 0.08
Informa GBP 3,050 16,884 0.32 SSE GBP 1,616 28,253 0.54
Julius Baer Group CHF 944 25,290 0.48 Standard Chartered GBP 4,322 83,848 1.59
Kuehne & Nagel International CHF 312 28,439 0.54 Standard Life GBP 1,753 7,178 0.14
Lonza Group CHF 65 2,659 0.05 Subsea 7 NOK 1,557 28,032 0.53
Nestlé CHF 4,163 205,598 3.91 Tesco GBP 13,202 54,691 1.04
Novartis CHF 1,827 86,975 1.65 Tullow Oil GBP 2,714 42,195 0.80
Roche Holding CHF 539 82,181 1.56 Unilever GBP 337 9,831 0.19
Schindler Holding Registered CHF 23 2,474 0.05 United Utilities Group GBP 1,046 8,686 0.16
Schindler Holding Participation Certificate CHF 17 1,859 0.04 Vedanta Resources GBP 397 5,663 0.11
SGS CHF 8 13,431 0.26 Vesuvius GBP 2,673 11,403 0.22
Sonova Holding CHF 192 16,133 0.31 Vodafone Group GBP 60,545 115,294 2.19
Sulzer CHF 19 2,269 0.04 Weir Group GBP 209 4,842 0.09
Swatch Group Bearer CHF 36 13,758 0.26 WM Morrison Supermarkets GBP 1,423 4,614 0.09
Swatch Group Registered CHF 89 5,808 0.11 WPP GBP 3,114 34,094 0.65
Swiss Re CHF 294 16,055 0.31 Total United Kingdom 1,569,434 29.87
Syngenta CHF 144 43,744 0.83
UBS CHF 694 8,206 0.16 United States of America
Wolseley GBP 268 9,582 0.18 Liberty Global Class A USD 432 20,640 0.39
Xstrata GBP 2,222 29,012 0.55 Total United States of America 20,640 0.39
Zurich Insurance Group CHF 135 27,228 0.52
Total Switzerland 846,188 16.10 Preferred stocks
Germany
Turkey Henkel EUR 41 2,550 0.05
Turkiye Halk Bankasi TRY 1,663 12,368 0.24 Porsche Automobil Holding EUR 77 4,751 0.09
Total Turkey 12,368 0.24 Volkswagen EUR 157 27,028 0.51
United Kingdom Total Germany 34,329 0.65

Admiral Group GBP 228 3,261 0.06 Italy
Aggreko GBP 137 2,939 0.06 Telecom Italia RSP EUR 46,647 27,871 0.53
Alent GBP 2,673 10,177 0.19
AMEC GBP 1,556 19,242 0.37 Total Italy 27,871 0.53
Anglo American GBP 1,275 29,774 0.57
United Kingdom
ARM Holdings GBP 1,927 18,247 0.35
Rolls-Royce Holdings Class C1 GBP 282,720 349 0.01
AstraZeneca GBP 16 574 0.01
Aviva GBP 1,176 5,408 0.10 Total United Kingdom 349 0.01
Barclays GBP 16,265 52,621 1.00
BG Group GBP 5,730 71,530 1.36 Total Transferable Securities
BHP Billiton GBP 2,459 64,562 1.23 Admitted to an Official Exchange Listing 5,244,206 99.77
BP GBP 11,665 61,095 1.16
British American Tobacco GBP 982 37,787 0.72 Total Investment Securities 5,244,206 99.77
British Sky Broadcasting Group GBP 3,315 31,349 0.60
Burberry Group GBP 1,157 17,489 0.33
Capita GBP 2,310 21,503 0.41 Net Assets 5,256,271 100.00
Centrica GBP 3,983 16,382 0.31
Compass Group GBP 4,219 37,713 0.72
Diageo GBP 278 6,125 0.12
1
Direct Line Insurance Group GBP 4,596 12,262 0.23
RSP: Risparmio Shares
G4S GBP 1,316 4,162 0.08 VVPR: Verlaagde Voorheffing/précompte réduit
GKN GBP 1,463 4,127 0.08
GlaxoSmithKline GBP 6,366 104,782 1.99 CHF: Swiss Franc
HSBC Holdings GBP 12,540 100,017 1.90 DKK: Danish Krone
IMI GBP 291 3,936 0.08 EUR: European Union Euro
Imperial Tobacco Group GBP 2,491 72,881 1.39 GBP: Great Britain Pound
Intertek Group GBP 141 5,387 0.10 NOK: Norwegian Krone
Invensys GBP 787 3,154 0.06 RON: New Romanian Leu
SEK: Swedish Krona
Jardine Lloyd Thompson Group GBP 166 1,617 0.03 TRY: Turkish Lira
Kingfisher GBP 3,216 11,265 0.21 USD: United States Dollar
Land Securities Group GBP 1,761 17,663 0.34
Legal & General Group GBP 4,312 7,741 0.15
Marks & Spencer Group GBP 3,842 18,109 0.34
Mondi GBP 485 4,003 0.08
57
Global Emerging Markets Equity Fund


appreciation by investing primarily in a widely Investment Denomination of Shares (USD) Assets
diversified, global portfolio of transferable equity and
equity-related securities of companies incorporated, Common stocks
or conducting the predominant part of their business China
Baidu ADR USD 145,400 14,582,166 1.30
activity, in the economically emerging countries of Latin Bank of China H-shares HKD 36,660,100 16,365,166 1.46
America, Asia, Europe, Africa and the Middle East. China Longyuan Power Group H-shares
China National Building Material H-shares
HKD
HKD
6,985,000
6,266,000
4,830,386
9,167,567
0.43
0.82
China Shanshui Cement Group HKD 9,855,000 7,209,255 0.64
China Vanke A-shares1 CNY 2,619,883 4,255,528 0.38
China Vanke Class B HKD 3,381,234 5,453,005 0.48
Dongfeng Motor Group H-shares HKD 3,332,000 5,141,464 0.46
Industrial & Commercial Bank of China H-shares HKD 21,683,445 15,386,564 1.37
Parkson Retail Group HKD 6,950,000 5,604,224 0.50
Ping An Insurance Group of China A-shares1 CNY 804,700 5,849,616 0.52
Ping An Insurance Group of China H-shares HKD 1,268,300 10,619,825 0.94
Shandong Weigao Group Medical Polymer H-shares HKD 2,572,000 2,558,445 0.23
Shanghai Pharmaceuticals Holding H-shares HKD 1,746,700 3,335,268 0.30
Shimao Property Holdings HKD 1,144,500 2,158,807 0.19
Sina USD 125,700 6,312,654 0.56
Tencent Holdings HKD 482,800 15,510,196 1.38
Want Want China Holdings HKD 5,788,000 7,975,363 0.71
Wumart Stores H-shares HKD 2,197,000 4,727,992 0.42
Total for China 147,043,491 13.09
Brazil
BM&F BOVESPA BRL 1,489,362 10,183,672 0.91
BR Malls Participacoes BRL 803,200 10,599,494 0.94
BRF - Brasil Foods BRL 228,112 4,700,388 0.42
Companhia de Concessoes Rodoviarias BRL 475,500 4,516,960 0.40
Lojas Renner BRL 622,200 24,234,652 2.16
Natura Cosmeticos BRL 224,600 6,432,500 0.57
Petroleo Brasileiro ADR USD 688,900 13,412,883 1.20
Raia Drogasil BRL 445,600 5,020,753 0.45
Usinas Siderurgicas de Minas Gerais BRL 393,000 2,623,839 0.23
Vale ADR USD 393,100 8,239,376 0.73
Chile
Banco Santander (Chile) ADR USD 182,243 5,192,103 0.46
SACI Falabella CLP 627,170 6,459,537 0.57
Sociedad Quimica y Minera de Chile ADR USD 170,900 9,850,676 0.88
Total for Chile 21,502,316 1.91
Hong Kong
AIA Group HKD 3,816,600 14,895,418 1.33
Beijing Enterprises Holdings HKD 2,447,000 15,943,219 1.42
Belle International Holdings HKD 2,627,000 5,700,812 0.51
C C Land Holdings HKD 12,653,000 4,440,308 0.39
China Taiping Insurance Holdings HKD 4,081,000 8,266,410 0.74
China Unicom HKD 7,212,000 11,556,544 1.03
CNOOC HKD 10,618,000 22,987,161 2.05
Kingboard Chemical Holdings HKD 1,107,500 3,929,408 0.35
Li & Fung HKD 7,482,000 13,205,488 1.17
India
Adani Ports and Special Economic Zone INR 2,732,503 6,732,760 0.60
Adani Power INR 2,192,104 2,468,567 0.22
Housing Development Finance INR 1,178,101 17,822,030 1.59
ICICI Bank INR 657,534 13,660,122 1.22
Infosys INR 252,744 10,696,067 0.95
Jaiprakash Associates INR 4,539,171 8,027,846 0.71
Maruti Suzuki India INR 176,043 4,787,605 0.43
Reliance Industries INR 419,991 6,435,544 0.57
Titan Industries INR 780,094 4,048,544 0.36
Zee Entertainment Enterprises INR 1,030,199 4,149,752 0.37
Total for India 83,890,912 7.47
Indonesia
Astra International IDR 12,910,000 10,180,649 0.91
Bank Mandiri IDR 11,028,983 9,269,495 0.82
58
Global Emerging Markets Equity Fund

>>>continued
Market Market
Investment Denomination of Shares (USD) Assets Investment Denomination of Shares (USD) Assets
Luxembourg Thailand
MHP GDR USD 230,630 3,620,891 0.32 Bangkok Bank THB 1,313,900 8,397,105 0.75
Tenaris ADR USD 256,500 10,752,480 0.96 Big C Supercenter THB 24,400 165,113 0.01
Total for Luxembourg 14,373,371 1.28 CP ALL (Foreign) THB 5,716,000 8,595,489 0.77
Kasikornbank THB 2,708,100 17,130,348 1.52
Malaysia Siam Cement THB 592,300 8,519,516 0.76
CIMB Group Holdings MYR 5,400,608 13,475,029 1.20 Total for Thailand 42,807,571 3.81
Total for Malaysia 13,475,029 1.20
Turkey
Mexico BIM Birlesik Magazalar TRY 337,362 16,492,875 1.47
America Movil (Series L) ADR USD 559,720 12,951,921 1.15 Turkiye Garanti Bankasi TRY 2,183,742 11,330,448 1.01
Fresnillo GBP 285,577 8,573,874 0.76 Total for Turkey 27,823,323 2.48
Grupo Financiero Banorte Class O MXN 923,500 5,934,551 0.53
Wal-Mart de Mexico (Series V) MXN 7,773,040 25,337,500 2.26 United Arab Emirates
Total for Mexico 52,797,846 4.70 DP World USD 525,485 6,148,174 0.55
Total for United Arab Emirates 6,148,174 0.55
Oman
Bank Muscat OMR 1,306,429 1,954,300 0.18 United Kingdom
Bank Muscat GDR USD 707,143 4,080,215 0.36 Antofagasta GBP 380,863 8,196,789 0.73
Total for Oman 6,034,515 0.54 SABMiller ZAR 332,967 15,283,422 1.36
Tullow Oil GBP 577,118 11,829,508 1.05
Philippines Total for United Kingdom 35,309,719 3.14
Metro Pacific Investments PHP 71,298,000 7,726,663 0.69
SM Investments PHP 444,700 9,551,912 0.85 Preferred stocks
Universal Robina PHP 3,406,270 6,955,635 0.62 Brazil
Total for Philippines 24,234,210 2.16 Banco Bradesco BRL 916,690 15,746,025 1.40
Itau Unibanco Holding BRL 1,399,300 22,819,354 2.03
Qatar Petroleo Brasileiro ADR USD 406,900 7,853,170 0.70
Qatar National Bank QAR 310,760 11,172,338 1.00
Total for Qatar 11,172,338 1.00
Russia Total Transferable Securities

CTC Media USD 129,000 1,003,620 0.09 Admitted to an Official Exchange Listing 1,075,497,791 95.75
Globaltrans Investment GDR USD 91,108 1,504,193 0.13 Total Investment Securities 1,075,497,791 95.75
Magnit GDR USD 483,070 19,371,107 1.73
NovaTek GDR USD 87,599 10,494,360 0.93 Other Assets Less Liabilities 47,744,288 4.25
Sberbank of Russia ADR USD 1,814,716 22,321,007 1.99
Uralkali GDR USD 199,728 7,631,607 0.68 Net Assets 1,123,242,079 100.00
X5 Retail Group GDR USD 309,293 5,520,880 0.49
Total for Russia 67,846,774 6.04 ADR: American Depositary Receipts
South Africa
AngloGold Ashanti ZAR 289,818 8,961,253 0.80
1
China A-shares are subject to certain restrictions. The Total market value of Class A held at 31 December 2012
Sanlam ZAR 371,669 1,961,202 0.17 were USD 10,105,144, 0.90% of net assets. See note 3c.
Shoprite Holdings ZAR 836,815 20,169,802 1.79
BRL: Brazilian Real
Truworths International ZAR 742,387 9,508,652 0.85 CLP: Chilean Peso
Woolworths Holdings ZAR 1,633,146 13,666,655 1.22 CNY: Chinese Renminbi
Total for South Africa 54,267,564 4.83 GBP: Great Britain Pound
South Korea IDR: Indonesian Rupiah
Amorepacific KRW 7,350 8,334,680 0.74 INR: Indian Rupee
Hyundai Glovis KRW 21,611 4,471,276 0.40 KRW: South Korean Won
MXN: Mexican Peso
Hyundai Mobis KRW 44,514 11,974,903 1.07
Hyundai Motor KRW 79,217 16,167,867 1.44 OMR: Omani Rial
LG Household & Health Care KRW 39,396 24,176,888 2.15 PHP: Phillipine Peso
NHN KRW 19,525 4,139,995 0.37 QAR: Qatari Riyal
Samsung Electronics KRW 41,025 58,323,845 5.19 THB: Thai Baht
Samsung Engineering KRW 26,265 4,060,302 0.36 TRY: Turkish Lira
TWD: Taiwan Dollar
Total for South Korea 131,649,756 11.72 USD: United States Dollar
Switzerland
Compagnie Financière Richemont ZAR 1,338,705 10,492,655 0.93
Taiwan
Far EasTone Telecommunications TWD 3,129,000 7,984,397 0.71
Pegatron TWD 1,922,000 2,485,316 0.22
Quanta Computer TWD 3,214,000 7,559,358 0.67
Siliconware Precision Industries TWD 6,634,000 7,081,993 0.63
Taiwan Semiconductor Manufacturing TWD 7,643,050 25,530,351 2.27
Uni-President Enterprises TWD 9,386,644 17,228,834 1.54
59
Global Equity Fund


appreciation by investing primarily in a widely diversified Investment Denomination of Shares (USD) Assets
securities of companies listed on the world’s equity Common stocks
markets. The portfolio may include investments in the Argentina
MercadoLibre USD 29,500 2,317,815 1.06
securities of companies listed on the stock exchanges of Total for Argentina 2,317,815 1.06
developing countries.
Australia
Westfield Retail Trust AUD 395,103 1,238,792 0.57
Belgium
Anheuser-Busch InBev EUR 29,019 2,515,123 1.15
Total for Belgium 2,515,123 1.15
Bermuda
Energy XXI Bermuda USD 35,200 1,133,088 0.52
Lazard Class A USD 97,800 2,918,352 1.33
Brazil
Arezzo Industria e Comercio BRL 52,800 1,019,897 0.47
Canada
Eldorado Gold CAD 156,000 2,005,423 0.91
Enbridge CAD 19,500 842,513 0.38
Lululemon Athletica USD 20,300 1,547,469 0.71
Potash Corporation of Saskatchewan USD 54,800 2,229,812 1.02
China
Anhui Conch Cement H-shares HKD 386,000 1,404,388 0.64
Baidu ADR USD 16,300 1,634,727 0.74
Sina USD 27,800 1,396,116 0.64
Sun Art Retail Group HKD 227,000 348,517 0.16
Total for China 6,445,511 2.94
France
Edenred EUR 29,461 905,005 0.41
Iliad EUR 10,919 1,872,149 0.85
Pernod-Ricard EUR 26,747 3,083,418 1.41
Schneider Electric EUR 48,367 3,496,348 1.60
Germany
Brenntag EUR 20,788 2,725,068 1.25
Fresenius EUR 19,699 2,262,088 1.03
Infineon Technologies EUR 428,893 3,465,659 1.58
Hong Kong
AIA Group HKD 990,200 3,864,550 1.76
India
Total for India 1,077,848 0.49
Ireland
Accenture Class A USD 55,300 3,677,450 1.68
Experian GBP 68,861 1,096,949 0.50
Japan
FamilyMart JPY 45,100 1,854,282 0.85
Fanuc JPY 12,000 2,209,449 1.01
Honda Motor JPY 110,800 4,030,139 1.84
Softbank JPY 58,900 2,138,970 0.97
Total for Japan 10,232,840 4.67
60
Global Equity Fund >>>continued
Market Market
Luxembourg United States of America (continued)
L’Occitane International HKD 300,500 951,802 0.43 Liberty Global Class A USD 35,600 2,242,444 1.02
Total for Luxembourg 951,802 0.43 LinkedIn Class A USD 28,900 3,318,298 1.51
Mastercard Class A USD 5,300 2,603,784 1.19
Mexico Medivation USD 20,300 1,038,548 0.47
Grupo Financiero Banorte Class O MXN 246,100 1,581,476 0.72 Nike Class B USD 45,300 2,337,480 1.07
Wal-Mart de Mexico (Series V) MXN 535,200 1,744,572 0.80 Pharmacyclics USD 22,500 1,302,750 0.59
Pioneer Natural Resources USD 13,500 1,438,965 0.66
Praxair USD 20,100 2,199,945 1.00
Netherlands Precision Castparts USD 15,000 2,841,300 1.30
LyondellBasell Industries Class A USD 19,900 1,136,091 0.52 Qualcomm USD 27,000 1,674,540 0.76
Range Resources USD 18,800 1,181,204 0.54
Total for Netherlands 1,136,091 0.52 Red Hat USD 40,000 2,118,400 0.97
South Africa Southwestern Energy USD 35,600 1,189,396 0.54
Impala Platinum Holdings ZAR 55,562 1,098,221 0.50 Thermo Fisher Scientific USD 34,300 2,187,654 1.00
Shoprite Holdings ZAR 24,890 599,925 0.27 United Continental Holdings USD 103,500 2,419,830 1.10
United Technologies USD 56,100 4,600,761 2.10
Total for South Africa 1,698,146 0.77 Workday Class A USD 2,200 119,900 0.05
Xilinx USD 61,200 2,197,080 1.00
Sweden
Assa Abloy Class B SEK 30,346 1,133,056 0.52 Total for United States of America 108,352,355 49.43
Hexagon Class B SEK 21,712 544,348 0.25
Preferred stocks
Brazil
Switzerland Itau Unibanco Holding ADR USD 71,100 1,170,306 0.53
ABB CHF 55,297 1,132,702 0.52 Total for Brazil 1,170,306 0.53
Credit Suisse Group CHF 200,402 4,873,489 2.22
Nestlé CHF 67,798 4,414,444 2.02 United Kingdom
Sonova Holding CHF 21,405 2,371,188 1.08 Rolls-Royce Holdings Class C1 GBP 36,913,200 60,002 0.03
Total for Switzerland 12,791,823 5.84 Total for United Kingdom 60,002 0.03
Taiwan Total Transferable Securities

Taiwan Semiconductor Manufacturing TWD 746,000 2,491,890 1.14 Admitted to an Official Exchange Listing 217,416,516 99.20
Turkey
Turkiye Garanti Bankasi TRY 343,174 1,780,575 0.81 Other Assets Less Liabilities 1,759,295 0.80
Turkiye Halk Bankasi TRY 219,075 2,148,155 0.98
Net Assets 219,175,811 100.00
Total for Turkey 3,928,730 1.79
United Arab Emirates

1
DP World USD 154,262 1,804,865 0.82
United Kingdom BRL: Brazilian Real
Aberdeen Asset Management GBP 443,956 2,649,179 1.21 CAD: Canadian Dollar
Rolls-Royce Holdings GBP 266,226 3,780,074 1.73 CHF: Swiss Franc
Standard Chartered GBP 182,655 4,671,811 2.13 EUR: European Union Euro
Tullow Oil GBP 66,575 1,364,625 0.62 GBP: Great Britain Pound
Total for United Kingdom 12,465,689 5.69 INR: Indian Rupee
JPY: Japanese Yen
United States of America MXN: Mexican Peso
Alexion Pharmaceuticals USD 16,500 1,547,865 0.71 SEK: Swedish Krona
Amazon.Com USD 18,000 4,520,520 2.06 TRY: Turkish Lira
Apple USD 11,500 6,129,845 2.80 TWD: Taiwan Dollar
Bank of America USD 342,300 3,970,680 1.81 USD: United States Dollar
Boeing USD 59,900 4,514,064 2.06
CarMax USD 61,900 2,323,726 1.06
Carnival USD 131,800 4,846,286 2.21
Charter Communications Class A USD 32,100 2,447,304 1.12
Cimarex Energy USD 32,400 1,870,452 0.85
Cognizant Technology Solutions Class A USD 51,400 3,806,170 1.74
Crown Castle International USD 55,800 4,026,528 1.84
Cummins USD 15,400 1,668,590 0.76
Facebook USD 39,800 1,059,874 0.48
Gilead Sciences USD 37,500 2,754,375 1.26
Google Class A USD 7,800 5,533,086 2.53
Green Mountain Coffee Roasters USD 109,300 4,520,648 2.06
Hospira USD 46,600 1,455,784 0.66
Hubbell Class B USD 15,600 1,320,228 0.60
IPG Photonics USD 25,200 1,679,580 0.77
JPMorgan Chase USD 61,800 2,717,346 1.24
Juniper Networks USD 337,100 6,630,757 3.03
KLA-Tencor USD 41,800 1,996,368 0.91
61
Global Large Cap Equity Fund


securities of large companies, listed on the world’s equity Common stocks
markets, whose market capitalisation, at the time of Australia
Australia & New Zealand Banking Group AUD 74,378 1,934,342 0.45
purchase, falls within or above the range covered by the Orica AUD 73,294 1,907,672 0.44
MSCI All Country World Large Cap Index. The portfolio Woolworths AUD 95,883 2,919,676 0.68
Total Australia 6,761,690 1.57
may include investments in the securities of companies
Belgium
listed on the stock exchanges of developing countries. Anheuser-Busch InBev EUR 53,217 4,612,403 1.07
Total Belgium 4,612,403 1.07
Bermuda
Credicorp USD 25,240 3,699,174 0.86
Total Bermuda 3,699,174 0.86
Brazil
Banco Santander (Brazil) BRL 133,600 976,797 0.23
Banco Santander (Brazil) ADR USD 666,370 4,844,510 1.12
Multiplan Empreendimentos Imobiliarios BRL 61,070 1,795,562 0.42
Total Brazil 13,883,805 3.22
Canada
Eldorado Gold CAD 261,800 3,365,512 0.78
Tim Hortons USD 82,130 4,039,153 0.94
Valeant Pharmaceuticals International USD 56,150 3,356,086 0.78
Total Canada 13,189,944 3.06
China
Baidu ADR USD 36,760 3,686,660 0.85
China Longyuan Power Group H-shares HKD 2,750,000 1,901,727 0.44
Sun Art Retail Group HKD 1,965,000 3,016,895 0.70
Total China 10,787,897 2.50
Denmark
Novo Nordisk Class B DKK 8,748 1,416,752 0.33
Total Denmark 1,416,752 0.33
France
Danone EUR 46,771 3,077,286 0.71
Pernod-Ricard EUR 24,670 2,843,980 0.66
Total France 5,921,266 1.37
Germany
Bayer EUR 49,538 4,695,201 1.09
Fresenius EUR 24,366 2,798,012 0.65
Total Germany 7,493,213 1.74
Hong Kong
AIA Group HKD 816,200 3,185,463 0.74
China Resources Power Holdings HKD 706,000 1,801,697 0.42
Hang Lung Properties HKD 726,000 2,884,948 0.67
Jardine Strategic Holdings USD 139,500 4,955,040 1.15
Shangri-La Asia HKD 1,259,666 2,509,305 0.58
Total Hong Kong 15,336,453 3.56
India
Adani Enterprises INR 631,912 3,129,573 0.73
Axis Bank INR 134,751 3,336,311 0.77
Bharti Airtel INR 309,122 1,789,060 0.42
HDFC Bank INR 207,917 2,575,150 0.60
Hindustan Unilever INR 239,955 2,298,602 0.53
Housing Development Finance INR 180,271 2,727,096 0.63
ITC INR 393,848 2,061,610 0.48
Kotak Mahindra Bank INR 236,912 2,810,817 0.65
Total India 20,728,219 4.81
62
Global Large Cap Equity Fund >>>continued
Market Market
Indonesia Thailand
Bank Central Asia IDR 5,436,000 5,132,825 1.19 CP ALL (Foreign) THB 1,393,400 2,095,338 0.48
XL Axiata IDR 1,984,500 1,173,712 0.27 Siam Commercial Bank (Foreign) THB 920,700 5,462,800 1.27
Total Indonesia 6,306,537 1.46 Total Thailand 7,558,138 1.75
Ireland Turkey
Accenture Class A USD 41,390 2,752,435 0.64 BIM Birlesik Magazalar TRY 60,476 2,956,537 0.68
Experian GBP 92,584 1,474,854 0.34 Turkiye Garanti Bankasi TRY 587,365 3,047,571 0.71
Total Ireland 4,227,289 0.98 Turkiye Halk Bankasi TRY 444,281 4,356,428 1.01
Total Turkey 10,360,536 2.40
Italy
ENI EUR 117,478 2,840,554 0.66 United Arab Emirates
Total Italy 2,840,554 0.66 DP World USD 226,344 2,648,225 0.62
Total United Arab Emirates 2,648,225 0.62
Japan
Fanuc JPY 6,300 1,159,961 0.27 United Kingdom
Honda Motor JPY 123,900 4,506,627 1.05 Aberdeen Asset Management GBP 853,492 5,092,967 1.18
Inpex JPY 384 2,031,805 0.47 ARM Holdings GBP 163,635 2,042,793 0.47
Mitsui JPY 310,700 4,610,283 1.07 BG Group GBP 124,302 2,045,786 0.48
Softbank JPY 64,100 2,327,809 0.54 BHP Billiton GBP 99,574 3,446,756 0.80
Tokio Marine Holdings JPY 116,500 3,210,773 0.74 GlaxoSmithKline GBP 142,514 3,092,614 0.72
Unicharm JPY 31,100 1,616,775 0.38 Reckitt Benckiser Group GBP 33,402 2,106,101 0.49
Total Japan 19,464,033 4.52 Rolls-Royce Holdings GBP 165,037 2,343,318 0.54
Standard Chartered GBP 175,799 4,496,454 1.04
Malaysia Tullow Oil GBP 85,175 1,745,879 0.41
Astro Malaysia Holdings MYR 3,010,300 2,953,205 0.69 Unilever GBP 142,164 5,467,532 1.27
CIMB Group Holdings MYR 815,600 2,034,999 0.47 Vodafone Group GBP 925,359 2,323,192 0.54
WPP GBP 116,699 1,684,485 0.39
Total Malaysia 4,988,204 1.16
Total United Kingdom 35,887,877 8.33
Mexico
Grupo Financiero Santander Mexico ADR Class B USD 179,490 2,904,148 0.67 United States of America
AES USD 387,890 4,150,423 0.96
Total Mexico 2,904,148 0.67
Agilent Technologies USD 50,330 2,060,510 0.48
Netherlands Alexion Pharmaceuticals USD 16,640 1,560,999 0.36
LyondellBasell Industries Class A USD 35,060 2,001,575 0.47 Altera USD 52,130 1,795,357 0.42
Amazon.Com USD 23,410 5,879,187 1.36
Total Netherlands 2,001,575 0.47 Anadarko Petroleum USD 42,300 3,143,313 0.73
Philippines Apache USD 38,920 3,055,220 0.71
Ayala Land PHP 3,210,300 2,067,883 0.48 Apple USD 31,590 16,838,418 3.91
SM Investments PHP 197,510 4,242,406 0.98 Bank of America USD 280,190 3,250,204 0.75
Boeing USD 52,100 3,926,256 0.91
Total Philippines 6,310,289 1.46 Carnival USD 81,790 3,007,418 0.70
Cerner USD 19,170 1,488,359 0.35
Qatar
Qatar National Bank QAR 66,773 2,400,600 0.56
Total Qatar 2,400,600 0.56 Consol Energy USD 12,630 405,423 0.09
Danaher USD 65,160 3,642,444 0.85
Russia Ecolab USD 31,590 2,271,321 0.53
Magnit GDR USD 47,436 1,902,184 0.44 Edwards Lifesciences USD 15,950 1,438,212 0.33
Sberbank of Russia ADR USD 360,434 4,433,338 1.03 Express Scripts Holding USD 50,340 2,718,360 0.63
Total Russia 6,335,522 1.47 Fastenal USD 61,070 2,851,358 0.66
Franklin Resources USD 22,920 2,881,044 0.67
Singapore Gilead Sciences USD 46,790 3,436,726 0.80
United Overseas Bank SGD 111,000 1,800,172 0.42 Google Class A USD 10,560 7,490,947 1.74
Total Singapore 1,800,172 0.42 Intuitive Surgical USD 1,090 534,503 0.12
Invesco USD 117,530 3,066,358 0.71
South Korea JPMorgan Chase USD 122,240 5,374,893 1.25
Amorepacific KRW 1,077 1,221,286 0.29 Juniper Networks USD 178,320 3,507,554 0.81
Hyundai Mobis KRW 13,011 3,500,145 0.81 Las Vegas Sands USD 70,720 3,264,435 0.76
Samsung Electronics KRW 3,616 5,140,744 1.19 Liberty Global Class A USD 51,960 3,272,960 0.76
Total South Korea 9,862,175 2.29 LinkedIn Class A USD 25,940 2,978,431 0.69
Lowe’s Companies USD 78,760 2,797,555 0.65
Sweden Mastercard Class A USD 8,690 4,269,223 0.99
Assa Abloy Class B SEK 47,287 1,765,598 0.41 Merck USD 133,200 5,453,208 1.27
Total Sweden 1,765,598 0.41
Praxair USD 19,240 2,105,818 0.49
Switzerland Precision Castparts USD 18,120 3,432,290 0.80
Compagnie Financière Richemont Class A CHF 33,450 2,609,199 0.61 Priceline.com USD 3,385 2,102,762 0.49
Credit Suisse Group CHF 100,087 2,433,972 0.56 Qualcomm USD 59,420 3,685,228 0.86
Nestlé CHF 107,736 7,014,875 1.63 Range Resources USD 44,440 2,792,165 0.65
Sonova Holding CHF 23,684 2,623,649 0.61 Red Hat USD 47,310 2,505,538 0.58
Roper Industries USD 24,510 2,732,375 0.63
Total Switzerland 14,681,695 3.41
Salesforce.com USD 12,270 2,062,587 0.48
SanDisk USD 47,560 2,071,714 0.48
63
Global Large Cap Equity Fund >>>continued
Market
Investment Denomination of Shares (USD) Assets
United States of America (continued)
Schlumberger USD 34,420 2,384,962 0.55
Southwestern Energy USD 49,590 1,656,802 0.38
Spectra Energy USD 72,290 1,979,300 0.46
Starwood Hotels & Resorts Worldwide Class B USD 51,310 2,943,142 0.68
Stryker USD 7,460 408,957 0.09
Thermo Fisher Scientific USD 44,780 2,856,068 0.66
Union Pacific USD 34,480 4,334,826 1.01
UnitedHealth Group USD 68,740 3,728,458 0.87
US Bancorp USD 126,110 4,027,953 0.93
Whole Foods Market USD 14,200 1,296,886 0.30
Williams Companies USD 52,150 1,707,391 0.40
Total United States of America 175,599,303 40.76
Preferred stocks
Brazil
Itau Unibanco Holding BRL 265,100 4,323,169 1.00
Itau Unibanco Holding ADR USD 7,900 130,034 0.03
Total Brazil 4,453,203 1.03
United Kingdom
Rolls-Royce Holdings Class C1 GBP 13,821,892 22,468 0.01
Total United Kingdom 22,468 0.01

Net Assets 430,854,099 100.00

1


BRL: Brazilian Real
CHF: Swiss Franc
DKK: Danish Krone
INR: Indian Rupee
JPY: Japanese Yen
PHP: Phillipine Peso
QAR: Qatari Riyal
SEK: Swedish Krona
THB: Thai Baht
TRY: Turkish Lira

64
Global Natural Resources Equity Fund


securities of companies that own or develop natural Common stocks
resources and other basic commodities. Australia
BHP Billiton AUD 91,221 3,513,579 2.02
Iluka Resources AUD 100,707 943,077 0.54
Orica AUD 56,399 1,467,935 0.85
PanAust AUD 186,776 647,662 0.37
Santos AUD 48,259 556,138 0.32
TotaL for Australia 7,128,391 4.10
Bermuda
Energy XXI Bermuda USD 29,300 943,167 0.54
Canada
Eastern Platinum CAD 1,683,100 278,911 0.16
Eldorado Gold USD 214,000 2,756,320 1.58
Franco-Nevada CAD 22,100 1,260,257 0.73
Harry Winston Diamond CAD 53,400 749,756 0.43
IAMGOLD USD 113,800 1,305,286 0.75
MAG Silver CAD 27,400 279,861 0.16
Trican Well Service CAD 108,400 1,428,350 0.82
Chile
Italy
ENI EUR 115,398 2,790,261 1.60
Saipem EUR 13,766 531,768 0.31
Luxembourg
Tenaris ADR USD 31,100 1,303,712 0.75
Mexico
Fresnillo GBP 38,662 1,160,749 0.67
Netherlands
Royal Dutch Shell ADR USD 25,100 1,730,645 0.99
LyondellBasell Industries Class A USD 41,600 2,374,944 1.37
Russia
NovaTek GDR USD 11,519 1,379,976 0.79
Total for Russia 1,379,976 0.79
Switzerland
Noble USD 63,800 2,221,516 1.28
United Kingdom
Anglo American GBP 53,905 1,659,572 0.95
BG Group GBP 165,760 2,728,109 1.57
Ensco Class A USD 34,000 2,015,520 1.16
Ophir Energy GBP 136,318 1,117,896 0.64
Petra Diamonds GBP 639,689 1,169,791 0.67
Salamander Energy GBP 295,475 912,560 0.52
Subsea 7 NOK 99,615 2,364,519 1.36
Tullow Oil GBP 125,528 2,573,017 1.48

AES USD 173,700 1,858,590 1.07
Air Products & Chemicals USD 18,400 1,545,968 0.89
Anadarko Petroleum USD 17,300 1,285,563 0.74
Apache USD 30,400 2,386,400 1.37
Archer-Daniels-Midland USD 68,000 1,862,520 1.07
65
Global Natural Resources Equity Fund

>>>continued

Market GDR: Global Depositary Receipts
Investment Denomination of Shares (USD) Assets AUD: Australian Dollar
United States of America (continued) CAD: Canadian Dollar
Babcock & Wilcox USD 79,150 2,073,730 1.19 EUR: European Union Euro
Baker Hughes USD 53,536 2,186,410 1.26
Bill Barrett USD 47,400 843,246 0.48 USD: United States Dollar
Cabot Oil & Gas USD 15,100 751,074 0.43
Calpine USD 165,900 3,007,767 1.73
Cameron International USD 62,600 3,534,396 2.03
Celanese Class A USD 48,500 2,159,705 1.24
CenterPoint Energy USD 43,100 829,675 0.48
Chevron USD 30,700 3,319,898 1.91
Cobalt International Energy USD 56,200 1,380,272 0.79
Compass Minerals International USD 8,400 627,564 0.36
Concho Resources USD 16,700 1,345,352 0.77
Consol Energy USD 42,400 1,361,040 0.78
Crown Holdings USD 41,400 1,523,934 0.88
Devon Energy USD 24,100 1,254,164 0.72
Diamond Offshore Drilling USD 25,400 1,726,184 0.99
Entergy USD 16,200 1,032,750 0.59
EOG Resources USD 12,400 1,497,796 0.86
EQT USD 36,900 2,176,362 1.25
ExxonMobil USD 35,410 3,064,736 1.76
FMC Technologies USD 76,000 3,255,080 1.87
Forum Energy Technologies USD 38,600 955,350 0.55
Freeport-McMoRan Copper & Gold USD 41,734 1,427,303 0.82
Halliburton USD 50,600 1,755,314 1.01
Hercules Offshore USD 23,500 145,230 0.08
Hess USD 50,800 2,690,368 1.55
International Paper USD 56,700 2,258,928 1.30
Joy Global USD 15,600 994,968 0.57
Laredo Petroleum Holdings USD 34,800 631,968 0.36
Louisiana-Pacific USD 52,400 1,012,368 0.58
Marathon Petroleum USD 14,300 900,900 0.52
Martin Marietta Materials USD 23,300 2,196,724 1.26
Matador Resources USD 55,800 457,560 0.26
McDermott International USD 138,500 1,526,270 0.88
MDU Resources Group USD 88,200 1,873,368 1.08
Murphy Oil USD 47,800 2,846,490 1.64
Newfield Exploration USD 61,100 1,636,258 0.94
NRG Energy USD 107,079 2,461,746 1.41
Nucor USD 40,100 1,731,518 0.99
Owens-Illinois USD 94,800 2,016,396 1.16
PDC Energy USD 24,600 816,966 0.47
Peabody Energy USD 54,400 1,447,584 0.83
Phillips 66 USD 24,500 1,300,950 0.75
Praxair USD 29,700 3,250,665 1.87
QEP Resources USD 58,400 1,767,768 1.02
Quanta Services USD 128,632 3,510,367 2.02
SM Energy USD 40,000 2,088,400 1.20
Southwestern Energy USD 93,600 3,127,176 1.80
Valero Energy USD 53,600 1,828,832 1.05
Walter Energy USD 15,700 563,316 0.32
Weyerhaeuser USD 74,233 2,065,162 1.19
WPX Energy USD 95,033 1,414,091 0.81
Preferred stocks
Brazil

Net Assets 174,034,437 100.00

66
G l o b a l Va l u e E q u i t y F u n d *


appreciation by investing primarily in a widely Investment Denomination of Shares (USD) Assets
related securities of companies listed on the developed Common stocks
world’s equity markets. The fund will emphasise Australia
Suncorp Group AUD 961 10,147 0.49
investment in companies that are selling at discounted Toll Holdings AUD 2,134 10,103 0.49
valuations relative to their historical average and/or the Total for Australia 20,250 0.98
average of their industries. The portfolio may include Belgium
investments in the securities of companies listed on the KBC Groep EUR 349 12,032 0.58
stock exchanges of developing countries.
Bermuda
TE Connectivity USD 400 14,848 0.72
*This fund was launched on 28 November 2012. Total for Bermuda 14,848 0.72
Canada
Eldorado Gold CAD 1,100 14,141 0.68
Potash Corporation of Saskatchewan USD 350 14,241 0.69
China
China Longyuan Power Group H-shares HKD 16,000 11,065 0.53
Denmark
A.P. Moller - Maersk Class B DKK 2 15,055 0.73
Carlsberg Class B DKK 203 19,873 0.96
Finland
Sampo Class A EUR 630 20,217 0.97
France
Bouygues EUR 347 10,248 0.49
Crédit Agricole EUR 1,855 14,879 0.72
M6 Métropole Télévision EUR 834 12,991 0.63
Sanofi EUR 294 27,671 1.33
Germany
Aixtron EUR 915 10,711 0.52
BASF EUR 229 21,481 1.03
Brenntag EUR 117 15,337 0.74
Infineon Technologies EUR 1,969 15,911 0.77
Hong Kong
AIA Group HKD 3,800 14,831 0.72
Sun Hung Kai Properties HKD 1,000 14,992 0.72
Indonesia
XL Axiata IDR 10,500 6,210 0.30
Ireland
Ingersoll-Rand USD 300 14,388 0.69
XL Group USD 700 17,542 0.85
Italy
ENI EUR 1,716 41,492 2.00
Japan
Hitachi JPY 4,000 23,316 1.12
Hitachi Metals JPY 1,000 8,454 0.41
Inpex JPY 3 15,873 0.76
Japan Tobacco JPY 700 19,754 0.95
Mitsubishi Electric JPY 2,000 16,909 0.82
Nippon Telegraph & Telephone JPY 400 16,793 0.81
67
G l o b a l Va l u e E q u i t y F u n d >>>continued
Market Market
Japan (continued) United States of America (continued)
Nissan Motor JPY 2,200 20,635 0.99 CIT Group USD 320 12,365 0.60
Sony Financial Holdings JPY 800 14,248 0.69 CSX USD 667 13,160 0.63
Tokyo Electron JPY 300 13,653 0.66 E*Trade Financial USD 2,200 19,690 0.95
Toyota Motor JPY 500 23,160 1.12 ExxonMobil USD 443 38,342 1.85
Total for Japan 172,795 8.33 General Electric USD 1,605 33,689 1.62
Hasbro USD 400 14,360 0.69
Netherlands Honeywell International USD 332 21,072 1.02
Koninklijke DSM EUR 314 18,956 0.91 Invesco USD 900 23,481 1.13
LyondellBasell Industries Class A USD 350 19,981 0.96 Johnson & Johnson USD 555 38,905 1.88
Randstad Holding EUR 300 10,997 0.53 JPMorgan Chase USD 1,050 46,168 2.23
Royal Dutch Shell Class B GBP 577 20,400 0.99 Lowe’s Companies USD 790 28,061 1.35
Ziggo EUR 411 13,417 0.65 Merck USD 1,100 45,034 2.17
Micron Technology USD 2,101 13,341 0.64
Microsoft USD 712 19,032 0.92
Russia Moody’s USD 371 18,669 0.90
Sberbank of Russia ADR USD 1,121 13,788 0.66 Oracle USD 579 19,292 0.93
PBF Energy USD 361 10,487 0.51
Total for Russia 13,788 0.66 Pfizer USD 2,225 55,803 2.69
Singapore Royal Gold USD 175 14,229 0.69
United Overseas Bank SGD 1,000 16,218 0.78 Spectra Energy USD 530 14,511 0.70
State Street USD 270 12,693 0.61
Total for Singapore 16,218 0.78 SunTrust Banks USD 530 15,026 0.72
Texas Instruments USD 800 24,752 1.19
South Africa
Thermo Fisher Scientific USD 557 35,525 1.71
Impala Platinum Holdings ZAR 592 11,701 0.56
Time Warner Cable USD 375 36,446 1.76
Total for South Africa 11,701 0.56 TRW Automotive Holdings USD 425 22,784 1.10
United Continental Holdings USD 1,083 25,321 1.22
South Korea United Technologies USD 390 31,984 1.54
Hyundai Department Store KRW 73 10,842 0.52 UnitedHealth Group USD 569 30,863 1.49
KT&G KRW 204 15,396 0.74 US Bancorp USD 962 30,726 1.48
Total for South Korea 26,238 1.26 Valero Energy USD 610 20,813 1.00
Weyerhaeuser USD 530 14,745 0.71
Switzerland
ABB CHF 982 20,115 0.97
Credit Suisse Group CHF 1,259 30,617 1.48
GAM Holding CHF 782 10,551 0.51 Total Transferable Securities
Taiwan
Taiwan Semiconductor Manufacturing TWD 6,000 20,042 0.97 Other Assets Less Liabilities 41,754 2.01
Total for Taiwan 20,042 0.97 Net Assets 2,074,267 100.00
Thailand
Bangkok Bank THB 1,700 10,865 0.52 ADR: American Depositary Receipts
Total for Thailand 10,865 0.52
United Kingdom
CHF: Swiss Franc
Alent GBP 1,830 9,186 0.44 DKK: Danish Krone
Barclays GBP 4,792 20,439 0.99 EUR: European Union Euro
Direct Line Insurance Group GBP 3,349 11,780 0.57 GBP: Great Britain Pound
GKN GBP 3,574 13,292 0.64 HKD: Hong Kong Dollar
GlaxoSmithKline GBP 1,030 22,352 1.08 IDR: Indonesian Rupiah
Imperial Tobacco Group GBP 764 29,470 1.42 JPY: Japanese Yen
Reckitt Benckiser Group GBP 321 20,240 0.98 KRW: South Korean Won
SSE GBP 794 18,301 0.88 SGD: Singapore Dollar
THB: Thai Baht
Tesco GBP 2,803 15,309 0.74
TWD: Taiwan Dollar
WPP GBP 1,443 20,829 1.00 USD: United States Dollar
Vesuvius GBP 1,486 8,358 0.40 ZAR: South African Rand

Agilent Technologies USD 298 12,200 0.59
Allstate USD 520 20,888 1.01
Apache USD 246 19,311 0.93
Apple USD 54 28,784 1.39
Archer-Daniels-Midland USD 380 10,408 0.50
AT&T USD 850 28,654 1.38
Autodesk USD 450 15,907 0.77
Bank of America USD 2,050 23,780 1.15
Capital One Financial USD 320 18,538 0.89
Celanese Class A USD 483 21,508 1.04
Charter Communications Class A USD 218 16,620 0.80
Cisco Systems USD 1,420 27,903 1.34
68
Global Real Estate Securities Fund

Investment Objective
The fund’s objective is to provide long-term total return

Market
growth through investments primarily in a diversified, Currency Number Value % of Net
global portfolio of real estate securities. The portfolio Investment Denomination of Shares (USD) Assets
may include investments in real estate operating Transferable Securities Admitted to an Official Exchange Listing
companies (REOCs), real estate investment trusts Common stocks
Australia
(REITs), or similar entities, as well as in the transferable CFS Retail Property Trust Group AUD 58,188 115,687 1.66
equity and equity-related securities of companies Charter Hall Retail
GPT Group
AUD
AUD
28,645
11,791
111,820
45,048
1.61
0.65
committing the predominant part of their assets to, Stockland AUD 26,943 98,742 1.42
Westfield Group AUD 6,990 76,634 1.10
or, deriving the predominant part of their revenues or Westfield Retail Trust AUD 55,214 173,116 2.49
profits from, owning, operating, managing, financing, Total for Australia 621,047 8.93
servicing, developing, acquiring or selling real estate. Brazil
Aliansce Shopping Centers BRL 4,200 50,174 0.72
BR Malls Participacoes BRL 3,200 42,229 0.61
Iguatemi Empresa de Shopping Centers BRL 1,900 25,278 0.36
Canada
Brookfield Canada Office Properties CAD 2,700 79,370 1.14
Canadian Real Estate Investment Trust CAD 1,900 82,740 1.19
Primaris Retail Real Estate Investment Trust CAD 6,600 178,307 2.56
France
Gecina EUR 630 70,517 1.01
Unibail-Rodamco EUR 718 172,236 2.48
Hong Kong
China Resources Land HKD 36,000 98,002 1.41
Hang Lung Properties HKD 42,000 166,898 2.40
Hongkong Land Holdings USD 16,000 111,840 1.61
Hysan Development HKD 13,000 62,477 0.90
Kerry Properties HKD 17,500 90,877 1.31
Shangri-La Asia HKD 26,833 53,452 0.77
Sun Hung Kai Properties HKD 15,000 224,879 3.23
Wharf Holdings HKD 12,500 97,731 1.40
Japan
Frontier Real Estate Investment JPY 6 52,391 0.75
GLP J-Reit JPY 48 36,750 0.53
Mitsubishi Estate JPY 11,000 260,672 3.75
Mitsui Fudosan JPY 8,000 193,373 2.78
Nippon Accommodations Fund JPY 16 111,028 1.60
Total for Japan 654,214 9.41
Netherlands
Eurocommercial Properties EUR 1,137 45,180 0.65
Singapore
CapitaCommercial Trust SGD 25,000 34,486 0.50
CapitaMall Trust SGD 63,000 109,857 1.58
CapitaMalls Asia SGD 37,000 58,764 0.85
Global Logistic Properties SGD 23,000 52,346 0.75
Mapletree Industrial Trust SGD 85,720 95,439 1.37
Total for Singapore 350,892 5.05
Sweden
Hufvudstaden Class A SEK 7,092 89,339 1.28
Switzerland
PSP Swiss Property CHF 1,366 129,161 1.86
United Kingdom
Capital Shopping Centres Group GBP 9,771 55,621 0.80
Derwent London GBP 2,277 77,949 1.12
Great Portland Estates GBP 8,601 68,381 0.98
Hammerson GBP 9,662 76,690 1.10
69
Global Real Estate Securities Fund

>>>continued
Market
United Kingsom (continued)
Land Securities Group GBP 4,064 53,740 0.78
Shaftesbury GBP 10,797 98,634 1.42

Alexandria Real Estate Equities USD 875 60,655 0.87
American Campus Communities USD 1,300 59,969 0.86
AvalonBay Communities USD 1,291 175,047 2.52
BioMed Realty Trust USD 3,600 69,588 1.00
Boston Properties USD 890 94,171 1.35
BRE Properties Class A USD 1,750 88,952 1.28
Douglas Emmett USD 4,000 93,200 1.34
Equity Residential USD 2,600 147,342 2.12
Essex Property Trust USD 620 90,923 1.31
Federal Realty Investment Trust USD 1,100 114,422 1.65
General Growth Properties USD 7,849 155,803 2.24
Healthcare Realty Trust USD 1,300 31,213 0.45
Kilroy Realty USD 1,250 59,212 0.85
Kimco Realty USD 5,300 102,396 1.47
Macerich USD 2,256 131,525 1.89
Marriott International Class A USD 1,203 44,836 0.65
Plum Creek Timber USD 1,750 77,648 1.12
ProLogis USD 4,021 146,726 2.11
Public Storage USD 1,345 194,971 2.80
Regency Centers USD 2,200 103,664 1.49
Saul Centers USD 750 32,092 0.46
Simon Property Group USD 2,300 363,607 5.23
SL Green Realty USD 1,660 127,239 1.83
Starwood Hotels & Resorts Worldwide Class B USD 1,300 74,568 1.07
Taubman Centers USD 800 62,976 0.91
Vornado Realty Trust USD 1,451 116,196 1.67

Net Assets 6,953,697 100.00

BRL: Brazilian Real
CHF: Swiss Franc
JPY: Japanese Yen
SEK: Swedish Krona

70
Japanese Equity Fund


appreciation by investing primarily in a widely diversified Investment Denomination of Shares (EUR) Assets
securities of companies incorporated or conducting the Common stocks
predominant part of their business activity in Japan. Japan
Asics JPY 1,100 12,641 0.76
Aeon JPY 1,800 15,585 0.94
Aeon Mall JPY 500 9,281 0.56
Ain Pharmaciez JPY 300 12,408 0.75
Aisin Seiki JPY 700 16,359 0.98
Bridgestone JPY 1,400 27,313 1.64
Canon JPY 1,000 29,299 1.76
Century Tokyo Leasing JPY 700 10,949 0.66
Dai-ichi Life Insurance JPY 12 12,622 0.76
Daiichikosho JPY 800 14,099 0.85
Daikin Industries JPY 600 15,485 0.93
Dainippon Screen Manufacturing JPY 2,000 9,176 0.55
Endo Lighting JPY 400 9,053 0.54
FamilyMart JPY 600 18,711 1.12
FP JPY 200 10,106 0.61
Fuji Oil JPY 700 7,670 0.46
Fujitsu General JPY 2,000 14,264 0.86
Hajime Construction JPY 500 14,058 0.84
Hamamatsu Photonics JPY 300 8,211 0.49
Hitachi JPY 10,000 44,212 2.66
Hitachi Metals JPY 3,000 19,238 1.16
Honda Motor JPY 2,200 60,695 3.65
Inpex JPY 3 12,040 0.72
Isuzu Motors JPY 4,000 17,930 1.08
Itochu JPY 3,200 25,461 1.53
Japan Tobacco JPY 1,400 29,966 1.80
Jupiter Telecommunications JPY 10 9,465 0.57
JX Holdings JPY 5,000 21,185 1.27
Kakaku.com JPY 400 10,014 0.60
KDDI JPY 200 10,685 0.64
Kitz JPY 1,900 6,767 0.41
Koito Manufacturing JPY 1,000 10,948 0.66
Konica Minolta Holdings JPY 2,000 10,807 0.65
Kubota JPY 3,000 25,948 1.56
Makita JPY 400 13,930 0.84
Marui Group JPY 100 603 0.04
Message JPY 3 5,258 0.32
Miraca Holdings JPY 400 12,193 0.73
Mitsubishi JPY 1,100 15,893 0.95
Mitsubishi Electric JPY 4,000 25,650 1.54
Mitsubishi Estate JPY 2,000 35,949 2.16
Mitsubishi Heavy Industries JPY 3,000 10,921 0.66
Mitsubishi UFJ Financial Group JPY 11,600 46,911 2.82
Mitsui JPY 3,000 33,764 2.03
Mitsui Fudosan JPY 2,000 36,668 2.20
Musashi Seimitsu Industry JPY 600 9,537 0.57
Nabtesco JPY 500 8,377 0.50
Nakanishi JPY 100 7,553 0.44
NHK Spring JPY 1,600 9,909 0.60
Nihon Kohden JPY 300 6,890 0.41
Nihon Parkerizing JPY 1,000 10,825 0.65
Nikon JPY 500 11,079 0.67
Nippon Kayaku JPY 1,000 8,307 0.50
Nippon Steel & Sumitomo Metal JPY 7,000 12,895 0.77
Nippon Telegraph & Telephone JPY 1,200 38,212 2.30
Nissan Motor JPY 5,300 37,706 2.27
Noritz JPY 500 6,316 0.38
ORIX JPY 200 17,001 1.02
Pola Orbis Holdings JPY 400 8,692 0.52
Rinnai JPY 200 10,264 0.62
Rohto Pharmaceutical JPY 1,000 8,825 0.53
Sankyu JPY 3,000 8,553 0.51
Sanrio JPY 300 7,219 0.43
Sanwa Holdings JPY 3,000 9,974 0.60
Sawai Pharmaceutical JPY 200 15,246 0.92
Seria JPY 600 7,227 0.43
Shin-Etsu Chemical JPY 400 18,352 1.10
Shizuoka Bank JPY 3,000 22,132 1.33
SHO-BOND Holdings JPY 300 8,500 0.51
Softbank JPY 1,300 35,808 2.15
71
Japanese Equity Fund >>>continued
Market
Japan (continued)
Sony Financial Holdings JPY 1,800 24,317 1.46
Sumitomo Metal Mining JPY 2,000 21,194 1.27
Sumitomo Mitsui Financial Group JPY 1,200 32,791 1.97
Sumitomo Mitsui Trust Holdings JPY 9,950 26,273 1.58
Taiheiyo Cement JPY 5,000 10,351 0.62
Takeda Pharmaceutical JPY 1,000 33,817 2.03
Toei JPY 2,000 7,877 0.47
Tokio Marine Holdings JPY 1,800 37,628 2.26
Tokyo Electron JPY 400 13,808 0.83
Tokyo Tatemono JPY 3,000 11,553 0.69
Toshiba TEC JPY 3,000 11,500 0.69
Towa Pharmaceutical JPY 200 7,948 0.48
Toyota Motor JPY 2,200 77,294 4.64
Toyota Tsusho JPY 1,500 27,817 1.67
Tsumura JPY 500 11,448 0.69
Tsuruha Holdings JPY 200 11,948 0.72
Unipres JPY 600 9,937 0.60
United Arrows JPY 400 6,951 0.42
Wacom JPY 8 15,860 0.95
Yahoo! Japan JPY 81 19,796 1.19
Yamada Denki JPY 690 20,126 1.21
Total for Japan 1,606,024 96.48

Net Assets 1,664,563 100.00

JPY: Japanese Yen

72
Latin American Equity Fund


the predominant part of their business activity, in the Argentina
MercadoLibre USD 5,821 457,356 1.15
countries of Latin America. Total for Argentina 457,356 1.15
Bermuda
Credicorp USD 4,734 693,815 1.75
Brazil
Banco Santander (Brazil) BRL 81,810 598,142 1.51
Banco Santander (Brazil) ADR USD 26,710 194,182 0.49
BM&F BOVESPA BRL 243,855 1,667,385 4.20
BR Malls Participacoes BRL 49,200 649,272 1.64
Brasil Brokers Participacoes BRL 63,760 211,755 0.53
BRF - Brasil Foods BRL 57,191 1,178,456 2.97
Cia Hering BRL 36,100 740,336 1.87
Companhia de Concessoes Rodoviarias BRL 107,700 1,023,084 2.58
EDP - Energias do Brasil BRL 32,200 196,424 0.50
Fleury BRL 39,175 441,018 1.11
Localiza Rent a Car BRL 19,500 357,143 0.90
Lojas Renner BRL 38,733 1,508,648 3.80
Mills Estruturas e Servicos de Engenharia BRL 11,512 191,164 0.48
Multiplan Empreendimentos Imobiliarios BRL 5,806 170,706 0.43
PDG Realty Empreendimentos e Participacoes BRL 410,706 663,950 1.67
Petroleo Brasileiro ADR USD 37,188 724,050 1.82
Raia Drogasil BRL 16,500 185,912 0.47
Tim Participacoes BRL 79,100 316,786 0.80
Totvs BRL 6,100 120,332 0.30
Transmissora Alianca de Energia Eletrica BRL 10,800 114,989 0.29
Usinas Siderurgicas de Minas Gerais BRL 52,780 352,382 0.89
Vale ADR USD 79,360 1,663,385 4.19
Weg BRL 11,460 151,121 0.38
Chile
Banco Santander (Chile) ADR USD 39,165 1,115,811 2.81
SACI Falabella CLP 137,252 1,413,627 3.56
Colombia
Almacenes Exito COP 14,668 294,688 0.74
Total for Colombia 294,688 0.74
Luxembourg
Tenaris ADR USD 17,980 753,722 1.90
Mexico
America Movil (Series L) ADR USD 122,663 2,838,422 7.15
Compartamos MXN 585,920 828,843 2.09
Corporación GEO Class B MXN 243,830 283,899 0.71
El Puerto de Liverpool MXN 40,700 424,708 1.07
Fresnillo GBP 5,669 170,200 0.43
Grupo Financiero Banorte Class O MXN 137,877 886,018 2.23
Grupo Modelo MXN 37,200 332,353 0.84
OHL Mexico MXN 382,600 836,735 2.11
Wal-Mart de Mexico (Series V) MXN 516,100 1,682,313 4.24
Panama
Copa Holdings Class A USD 5,900 586,755 1.48
Total for Panama 586,755 1.48
United Kingdom
Antofagasta GBP 7,519 161,821 0.41

Southern Copper USD 10,082 381,705 0.96
Total for United States of America 381,705 0.96 73
Latin American Equity Fund >>>continued
Market
Preferred stocks
Brazil
Banco Bradesco BRL 110,433 1,896,913 4.78
Companhia de Bebidas das Americas ADR USD 28,900 1,213,511 3.06
Itau Unibanco Holding BRL 235,149 3,834,737 9.66
Vale ADR USD 75,340 1,529,402 3.85

Net Assets 39,688,822 100.00
BRL: Brazilian Real

CLP: Chilean Peso
COP: Colombian Peso
MXN: Mexican Peso

74
Middle East & Africa Equity Fund


the predominant part of their business activity, in the Egypt
Commercial International Bank EGP 31,120 169,038 0.64
emerging markets of the Middle East and Africa. Juhayna Food Industries EGP 190,486 230,163 0.88
Orascom Construction Industries GDR USD 9,236 371,287 1.41
Total for Egypt 770,488 2.93
Ghana
Ghana Commercial Bank GHS 76,699 84,572 0.32
Unilever Ghana GHS 15,100 67,552 0.26
Total for Ghana 152,124 0.58
Jersey
Centamin GBP 146,491 93,463 0.36
Kuwait
Kuwait Projects Holding KWD 309,000 428,556 1.63
Total for Kuwait 428,556 1.63
Nigeria
Dangote Cement NGN 198,469 162,817 0.62
FBN Holdings NGN 3,127,004 314,803 1.20
Guaranty Trust Bank GDR USD 94,292 678,902 2.58
Nestle Nigeria NGN 131,824 590,950 2.25
Nigerian Breweries NGN 557,218 524,566 1.99
Zenith Bank NGN 6,391,821 797,801 3.03
Total for Nigeria 3,069,839 11.67
Oman
Bank Muscat OMR 506,737 758,033 2.88
Oman Telecommunications OMR 36,952 141,167 0.54
Total for Oman 899,200 3.42
Qatar
Gulf Warehousing QAR 25,007 276,101 1.05
Industries Qatar QAR 15,340 653,456 2.48
Qatar National Bank QAR 27,201 977,921 3.72
Total for Qatar 1,907,478 7.25
South Africa
AngloGold Ashanti ZAR 12,879 398,222 1.51
Aspen Pharmacare Holdings ZAR 28,530 568,287 2.16
Bidvest Group ZAR 15,959 405,333 1.54
Foschini Group ZAR 18,989 315,014 1.20
Group Five ZAR 13,035 43,171 0.16
Impala Platinum Holdings ZAR 48,490 958,438 3.65
Imperial Holdings ZAR 8,009 187,642 0.71
Life Healthcare Group Holdings ZAR 61,610 246,893 0.94
MTN Group ZAR 75,104 1,572,117 5.98
Naspers ZAR 17,549 1,123,546 4.27
Raubex Group ZAR 32,995 65,528 0.25
Sanlam ZAR 143,316 756,242 2.88
Sasol ZAR 17,431 745,364 2.84
Shoprite Holdings ZAR 38,955 938,935 3.57
Tongaat Hulett ZAR 10,130 160,945 0.61
Woolworths Holdings ZAR 43,595 364,816 1.39
Total for South Africa 8,850,493 33.66
United Arab Emirates

Aramex AED 1,150,760 626,596 2.38
DP World USD 35,660 417,222 1.59
Emaar Properties AED 921,325 940,627 3.58
First Gulf Bank AED 106,575 336,579 1.28
United Kingdom
Ophir Energy GBP 21,504 176,347 0.67
Petra Diamonds GBP 93,352 170,712 0.65
Tullow Oil GBP 16,696 342,227 1.30
75
Middle East & Africa Equity Fund

>>>continued
Market
Zambia
Zambeef Products ZMK 102,945 66,516 0.25
Total for Zambia 66,516 0.25
Participation Notes1
China
United Electronics, Merrill Lynch International/2014 USD 13,988 354,176 1.35
Saudi Arabia
Al Rajhi Bank, HSBC Bank/2015 USD 59,088 1,025,998 3.90
Al Rajhi Bank, Merrill Lynch International/2014 USD 11,800 204,848 0.78
Al Rajhi Bank, Royal Bank of Scotland/2014 USD 3,585 64,171 0.24
Arab National Bank, Merrill Lynch International/2014 USD 9,603 67,701 0.26
Arab National Bank, Royal Bank of Scotland/2014 USD 29,021 206,339 0.78
Etihad Etisalat, HSBC Bank/2014 USD 38,563 780,133 2.97
Etihad Etisalat, Morgan Stanley/2013 USD 13,573 275,047 1.05
Etihad Etisalat, Royal Bank of Scotland/2014 USD 2,486 49,869 0.19
Herfy Food, Morgan Stanley/2014 USD 6,320 176,939 0.67
Jarir Marketing, Citigroup Global Markets Holdings/2014 USD 17,279 715,265 2.72
Mouwasat Medical Services, Citigroup Global Markets
Holdings/2014 USD 24,226 347,198 1.32
Samba Financial Group, Deutsche Bank/2016 USD 36,470 434,722 1.65
Samba Financial Group, HSBC Bank/2015 USD 21,137 251,349 0.96
Samba Financial Group, Morgan Stanley/2013 USD 34,077 406,150 1.54
Saudi Basic Industries, Deutsche Bank/2016 SAR 27,459 657,107 2.50
Saudi Basic Industries, Royal Bank of Scotland/2014 USD 5,923 143,100 0.54
Saudi British Bank, HSBC Bank/2013 USD 27,955 220,624 0.84
Saudi British Bank, Royal Bank of Scotland/2014 USD 14,429 115,033 0.44
Savola Group, Merrill Lynch International/2014 USD 10,279 109,883 0.42
Savola Group, Royal Bank of Scotland/2014 USD 26,329 278,824 1.06
Total for Saudi Arabia 6,530,300 24.83
Sudan
Al Mouwasat Medical Services, Royal Bank of Scotland/2014 USD 7,073 101,367 0.39
Total for Sudan 101,367 0.39

Net Assets 26,295,867 100.00
1
Participation Notes: please refer to note 3b) for further information.
AED: United Arab Emirates Dirham

EGP: Egyptian Pound
GHS: New Ghana Cedi
KWD: Kuwaiti Dinar
NGN: Nigerian Naira
OMR: Omani Rial
QAR: Qatari Riyal
SAR: Saudi Arabian Riyal
ZMK: Zambian Kwacha

76
US Blue Chip Equity Fund


appreciation through investment primarily in a diversified Investment Denomination of Shares (USD) Assets
securities of large- and medium-sized ‘blue chip’ US Common stocks
corporations. Canada
Tim Hortons USD 100 4,918 0.01
Valeant Pharmaceuticals International USD 200 11,954 0.01
Hong Kong
Michael Kors Holdings USD 8,300 423,549 0.59
Ireland
Accenture Class A USD 3,750 249,375 0.34
Covidien USD 3,100 178,994 0.25

3M USD 1,300 120,705 0.17
Akamai Technologies USD 400 16,364 0.02
Alexion Pharmaceuticals USD 7,100 666,051 0.92
Allergan USD 6,500 596,245 0.82
Alliance Data Systems USD 1,800 260,568 0.36
Altera USD 100 3,444 0.00
Amazon.Com USD 12,900 3,239,706 4.48
American Express USD 13,500 775,980 1.07
American Tower USD 22,650 1,750,166 2.42
Ameriprise Financial USD 2,540 159,080 0.22
Ametek USD 200 7,514 0.01
Amgen USD 860 74,235 0.10
Amphenol Class A USD 900 58,230 0.08
Apple USD 12,100 6,449,663 8.91
Autodesk USD 7,530 266,186 0.37
Baxter International USD 4,700 313,302 0.43
Biogen Idec USD 7,300 1,070,691 1.48
Boeing USD 7,300 550,128 0.76
Broadcom Class A USD 26,990 896,338 1.24
Cameron International USD 8,000 451,680 0.62
Cardinal Health USD 200 8,236 0.01
Carnival USD 23,300 856,741 1.18
Celgene USD 9,930 781,690 1.08
Cerner USD 900 69,876 0.10
CH Robinson Worldwide USD 100 6,322 0.01
Chipotle Mexican Grill USD 1,400 416,444 0.58
Citigroup USD 300 11,868 0.02
Citrix Systems USD 100 6,575 0.01
Coach USD 3,400 188,734 0.26
Coca-Cola USD 4,110 148,988 0.21
Cognizant Technology Solutions Class A USD 3,300 244,365 0.34
Concho Resources USD 1,900 153,064 0.21
Costco Wholesale USD 500 49,385 0.07
CVS Caremark USD 5,000 241,750 0.33
Danaher USD 40,810 2,281,279 3.15
Discovery Communications Class C USD 12,005 702,293 0.97
Dollar Tree USD 1,800 73,008 0.10
eBay USD 27,920 1,424,478 1.97
Ecolab USD 8,300 596,770 0.82
Edwards Lifesciences USD 2,200 198,374 0.27
EMC USD 31,300 791,890 1.09
EOG Resources USD 4,820 582,208 0.80
EQT USD 4,300 253,614 0.35
Expedia USD 1,200 73,740 0.10
Express Scripts Holding USD 9,820 530,280 0.73
F5 Networks USD 100 9,715 0.01
Facebook USD 18,400 489,992 0.68
Fastenal USD 17,420 813,340 1.12
FedEx USD 9,700 889,684 1.23
Fiserv USD 3,070 242,622 0.34
FMC Technologies USD 2,600 111,358 0.15
Fossil USD 8,400 782,040 1.08
Goldman Sachs Group USD 1,430 182,411 0.25
77
US Blue Chip Equity Fund >>>continued
Market Market
Green Mountain Coffee Roasters USD 800 33,088 0.05 Total for United States of America 71,149,276 98.28
Harley-Davidson USD 7,900 385,836 0.53
Henry Schein USD 600 48,276 0.07
Home Depot USD 7,400 457,690 0.63
Honeywell International USD 8,800 558,536 0.77
IHS Class A USD 3,600 345,600 0.48 Total Investment Securities 72,018,066 99.48
Intercontinental Exchange USD 2,450 303,334 0.42
Intuit USD 3,200 190,400 0.26 Other Assets Less Liabilities 375,693 0.52
Intuitive Surgical USD 110 53,941 0.07
Invesco USD 28,800 751,392 1.04 Net Assets 72,393,759 100.00
JB Hunt Transport Services USD 1,800 107,478 0.15
JPMorgan Chase USD 2,500 109,925 0.15 USD: United States Dollar
Juniper Networks USD 14,000 275,380 0.38
Kansas City Southern USD 5,600 467,488 0.65
Las Vegas Sands USD 16,100 743,176 1.03
Lennar Class A USD 200 7,734 0.01
Liberty Interactive Class A USD 11,300 222,384 0.31
Limited Brands USD 7,500 352,950 0.49
LinkedIn Class A USD 3,000 344,460 0.48
M&T Bank USD 100 9,847 0.01
Marriott International Class A USD 8,959 333,902 0.46
Marsh & McLennan Companies USD 4,300 148,221 0.20
McGraw-Hill Companies USD 100 5,467 0.01
McKesson USD 12,170 1,180,003 1.63
Monsanto USD 6,690 633,208 0.87
Monster Beverage USD 3,400 179,792 0.25
Morgan Stanley USD 1,000 19,120 0.03
National Oilwell Varco USD 100 6,835 0.01
Nike Class B USD 8,120 418,992 0.58
Northern Trust USD 5,780 289,925 0.40
Occidental Petroleum USD 100 7,661 0.01
Omnicom Group USD 2,600 129,896 0.18
Oracle USD 100 3,332 0.00
O’Reilly Automotive USD 5,700 509,694 0.70
Perrigo USD 100 10,403 0.01
Petsmart USD 500 34,170 0.05
Pioneer Natural Resources USD 4,200 447,678 0.62
Praxair USD 11,780 1,289,321 1.78
Precision Castparts USD 7,200 1,363,824 1.88
Priceline.com USD 3,300 2,049,960 2.83
Prudential Financial USD 100 5,333 0.01
PVH USD 6,300 699,363 0.97
Qualcomm USD 25,750 1,597,015 2.21
Ralph Lauren Class A USD 4,000 599,680 0.83
Range Resources USD 4,700 295,301 0.41
Red Hat USD 6,700 354,832 0.49
Regeneron Pharmaceuticals USD 2,400 410,568 0.57
Roper Industries USD 3,200 356,736 0.49
Ross Stores USD 3,100 167,865 0.23
Salesforce.com USD 5,300 890,930 1.23
Sherwin-Williams USD 6,300 969,066 1.34
Starbucks USD 26,400 1,415,568 1.96
Starwood Hotels & Resorts Worldwide Class B USD 13,300 762,888 1.05
State Street USD 3,900 183,339 0.25
Stryker USD 3,900 213,798 0.30
TD Ameritrade Holding USD 6,100 102,541 0.14
Thermo Fisher Scientific USD 8,000 510,240 0.71
Tiffany USD 100 5,734 0.01
Trimble Navigation USD 600 35,868 0.05
United Continental Holdings USD 5,800 135,604 0.19
United Technologies USD 1,000 82,010 0.11
UnitedHealth Group USD 7,900 428,496 0.59
US Bancorp USD 10,500 335,370 0.46
Verisk Analytics Class A USD 100 5,100 0.01
Visa Class A USD 7,620 1,155,039 1.60
Walt Disney USD 9,000 448,110 0.62
Whole Foods Market USD 5,000 456,650 0.63
WW Grainger USD 1,300 263,081 0.36
Wynn Resorts USD 50 5,624 0.01
Xilinx USD 7,700 276,430 0.38
Yum! Brands USD 7,200 478,080 0.66 The accompanying notes are an integral part of these financial statements.
78
US Large Cap Equity Fund*

The fund’s objective is to provide long term capital Market

portfolio of the transferable equity and equity-related
securities of large US companies. Company selection will Common stocks
reflect a blend of growth and value investment approaches. Ireland
Covidien USD 560 32,334 1.02
XL Group USD 1,560 39,094 1.23
*This Fund was formerly named US Large Cap Core Equity Total for Ireland 71,428 2.25
Fund. United States of America
American Tower USD 640 49,453 1.56
Apache USD 475 37,287 1.17
Apple USD 232 123,663 3.89
AT&T USD 2,875 96,916 3.05
AutoZone USD 100 35,443 1.12
Bank of America USD 4,320 50,112 1.58
Boeing USD 1,000 75,360 2.37
Broadcom Class A USD 1,520 50,479 1.59
Carnival USD 1,240 45,595 1.44
Celanese Class A USD 700 31,171 0.98
CH Robinson Worldwide USD 480 30,346 0.96
Cisco Systems USD 4,080 80,172 2.52
Crown Castle International USD 720 51,955 1.64
Crown Holdings USD 1,270 46,749 1.47
CSX USD 1,990 39,263 1.24
Danaher USD 855 47,794 1.51
Entergy USD 780 49,725 1.57
Express Scripts Holding USD 755 40,770 1.28
ExxonMobil USD 1,387 120,045 3.78
FedEx USD 355 32,561 1.03
Gilead Sciences USD 600 44,070 1.39
Google Class A USD 76 53,912 1.70
Honeywell International USD 850 53,950 1.70
Invesco USD 1,610 42,005 1.32
Johnson & Johnson USD 1,834 128,563 4.05
JPMorgan Chase USD 1,520 66,834 2.11
Juniper Networks USD 2,150 42,290 1.33
Kellogg USD 1,040 58,084 1.83
Las Vegas Sands USD 730 33,697 1.06
Lowe’s Companies USD 1,190 42,269 1.33
Mastercard Class A USD 58 28,494 0.90
McKesson USD 670 64,963 2.05
Merck USD 1,780 72,873 2.30
Mosaic USD 390 22,086 0.70
NetApp USD 1,380 46,299 1.46
Omnicom Group USD 740 36,970 1.16
Oracle USD 1,510 50,313 1.58
PepsiCo USD 1,395 95,460 3.01
Pfizer USD 4,150 104,082 3.28
PNC Financial Services Group USD 850 49,563 1.56
Praxair USD 660 72,237 2.27
Procter & Gamble USD 1,440 97,762 3.08
Progressive USD 1,510 31,861 1.00
Qualcomm USD 970 60,159 1.90
Southwestern Energy USD 1,240 41,428 1.31
Spectra Energy USD 960 26,285 0.83
Stryker USD 730 40,019 1.26
TD Ameritrade Holding USD 1,610 27,064 0.85
Thermo Fisher Scientific USD 760 48,473 1.53
Time Warner Cable USD 510 49,567 1.56
United Continental Holdings USD 860 20,107 0.63
United Technologies USD 1,045 85,700 2.70
UnitedHealth Group USD 950 51,528 1.62
US Bancorp USD 1,640 52,382 1.65
Wal-Mart Stores USD 560 38,209 1.20
Williams Companies USD 670 21,936 0.69
79
US Large Cap Equity Fund >>>continued
Market

Net Assets 3,174,486 100.00

80
US Large Cap Growth Equity Fund


portfolio of the transferable equity and equity-related
securities of large US companies. The fund will emphasise Common stocks
investment in companies that have the potential for Canada
Valeant Pharmaceuticals International USD 175,890 10,512,945 1.03
above average and sustainable rates of earnings growth. Total forCanada 10,512,945 1.03
Hong Kong
Michael Kors Holdings USD 102,500 5,230,575 0.51

Akamai Technologies USD 169,000 6,913,790 0.68
Alexion Pharmaceuticals USD 104,100 9,765,621 0.96
Amazon.Com USD 163,500 41,061,390 4.04
Apple USD 163,900 87,363,617 8.60
Atmel USD 1,103,400 7,227,270 0.71
Biogen Idec USD 79,720 11,692,533 1.15
Boeing USD 304,410 22,940,338 2.26
Broadcom Class A USD 384,300 12,762,603 1.26
Carnival USD 591,700 21,756,809 2.14
Catamaran USD 170,658 8,039,698 0.79
Celgene USD 88,400 6,958,848 0.69
Chipotle Mexican Grill USD 34,200 10,173,132 1.00
Crown Castle International USD 349,500 25,219,920 2.48
Danaher USD 552,700 30,895,930 3.04
Dollar Tree USD 54,300 2,202,408 0.22
DR Horton USD 379,300 7,502,554 0.74
eBay USD 319,100 16,280,482 1.60
Ecolab USD 83,600 6,010,840 0.59
Edwards Lifesciences USD 149,700 13,498,449 1.33
EMC USD 590,000 14,927,000 1.47
EOG Resources USD 79,900 9,651,121 0.95
Express Scripts Holding USD 207,800 11,221,200 1.11
Facebook USD 190,300 5,067,689 0.50
Fastenal USD 337,500 15,757,875 1.55
Fossil USD 138,330 12,878,523 1.27
Home Depot USD 86,200 5,331,470 0.53
IHS Class A USD 57,200 5,491,200 0.54
Juniper Networks USD 1,241,400 24,418,338 2.40
Las Vegas Sands USD 369,100 17,037,656 1.68
Liberty Global Class A USD 85,800 5,404,542 0.53
LinkedIn Class A USD 51,900 5,959,158 0.59
McKesson USD 212,800 20,633,088 2.03
Monster Beverage USD 133,000 7,033,040 0.69
Netflix USD 56,100 5,204,958 0.51
Nuance Communications USD 220,210 4,915,087 0.48
Praxair USD 170,200 18,628,390 1.83
Precision Castparts USD 108,800 20,608,896 2.03
Priceline.com USD 43,300 26,897,960 2.65
Qualcomm USD 372,402 23,096,372 2.27
Rackspace Hosting USD 68,890 5,116,460 0.50
Ralph Lauren Class A USD 36,000 5,397,120 0.53
Red Hat USD 208,700 11,052,752 1.09
Regeneron Pharmaceuticals USD 22,200 3,797,754 0.37
Salesforce.com USD 98,300 16,524,230 1.63
SanDisk USD 355,300 15,476,868 1.52
Sherwin-Williams USD 87,800 13,505,396 1.33
Starbucks USD 317,400 17,018,988 1.68
Starwood Hotels & Resorts Worldwide Class B USD 258,000 14,798,880 1.46
TD Ameritrade Holding USD 544,800 9,158,088 0.90
TIBCO Software USD 239,700 5,275,797 0.52
Tractor Supply USD 68,900 6,088,004 0.60
United Continental Holdings USD 385,000 9,001,300 0.89
81
US Large Cap Growth Equity Fund

>>>continued
Market
United Parcel Service Class B USD 121,800 8,980,314 0.88
UnitedHealth Group USD 284,100 15,409,584 1.52
Visa Class A USD 51,800 7,851,844 0.77
Whole Foods Market USD 61,700 5,635,061 0.56

Admitted to an Official Exchange Listing 1,010,190,208 99.45
Total Investment Securities 1,010,190,208 99.45
Net Assets 1,015,789,303 100.00

82
US L a rge C a p Va l u e E q u i t y F u nd


appreciation by investing primarily in a conservative, Investment Denomination of Shares (USD) Assets
diversified portfolio of the transferable equity and equity-
related securities of large US companies. The fund will Common stocks
emphasise investment in companies that are selling at Bermuda
TE Connectivity USD 25,000 928,000 0.71
discounted valuations relative to their historical average Total for Bermuda 928,000 0.71
and/or the average of their industries.
Canada
Canadian Pacific Railway USD 18,850 1,915,537 1.46
Ireland
Covidien USD 29,950 1,729,313 1.32
Ingersoll-Rand USD 20,050 961,598 0.74
XL Group USD 51,200 1,283,072 0.98

3M USD 25,850 2,400,172 1.83
AES USD 107,300 1,148,110 0.88
Allstate USD 41,600 1,671,072 1.28
American Express USD 27,850 1,600,818 1.22
Ameriprise Financial USD 14,600 914,398 0.70
Amgen USD 17,350 1,497,652 1.14
Apache USD 8,600 675,100 0.52
AT&T USD 93,000 3,135,030 2.40
Avon Products USD 49,600 712,256 0.54
Baker Hughes USD 30,550 1,247,662 0.95
Bank of America USD 233,800 2,712,080 2.07
Boeing USD 12,500 942,000 0.72
Cablevision Systems Class A USD 38,200 570,708 0.44
Charles Schwab USD 68,300 980,788 0.75
Chevron USD 39,275 4,247,198 3.25
Cisco Systems USD 89,800 1,764,570 1.35
Comcast Class A USD 38,000 1,420,440 1.09
Consol Energy USD 30,300 972,630 0.74
Dell USD 136,000 1,377,680 1.05
Emerson Electric USD 16,250 860,600 0.66
Entergy USD 25,700 1,638,375 1.25
EQT USD 16,850 993,813 0.76
Exelon USD 48,700 1,448,338 1.11
ExxonMobil USD 44,400 3,842,820 2.94
Fifth Third Bancorp USD 74,500 1,131,655 0.86
General Electric USD 130,700 2,743,393 2.10
General Motors USD 75,100 2,165,133 1.66
Goldman Sachs Group USD 5,225 666,501 0.51
Hess USD 30,200 1,599,392 1.22
Honeywell International USD 20,850 1,323,349 1.01
Illinois Tool Works USD 18,200 1,106,742 0.85
IBM USD 4,750 909,862 0.70
International Paper USD 54,700 2,179,248 1.67
Invesco USD 42,400 1,106,216 0.85
Johnson & Johnson USD 35,350 2,478,035 1.90
JPMorgan Chase USD 93,550 4,113,393 3.14
Kellogg USD 21,600 1,206,360 0.92
Kohl’s USD 40,200 1,727,796 1.32
Liberty Media Class A USD 3,575 414,736 0.32
Lockheed Martin USD 7,450 687,560 0.53
Madison Square Garden Class A USD 9,950 441,283 0.34
Marsh & McLennan Companies USD 67,600 2,330,172 1.78
Merck USD 75,200 3,078,688 2.35
MetLife USD 26,900 886,086 0.68
Microsoft USD 104,700 2,798,631 2.14
Morgan Stanley USD 118,600 2,267,632 1.73
Murphy Oil USD 19,900 1,185,045 0.91
Newfield Exploration USD 33,800 905,164 0.69
NRG Energy USD 82,100 1,887,479 1.44
Nucor USD 14,800 639,064 0.49
PepsiCo USD 23,100 1,580,733 1.21
Pfizer USD 150,200 3,767,016 2.88
PNC Financial Services Group USD 16,100 938,791 0.72
Procter & Gamble USD 34,600 2,348,994 1.80
83
US L a rge C a p Va l u e E q u i t y F u nd
>>>continued
Market
Raytheon USD 21,550 1,240,418 0.95
Schlumberger USD 6,350 439,992 0.34
SLM USD 57,200 979,836 0.75
Southwest Airlines USD 216,400 2,215,936 1.69
St. Joe USD 36,900 851,652 0.65
Texas Instruments USD 24,900 770,406 0.59
Thermo Fisher Scientific USD 25,000 1,594,500 1.22
Time Warner USD 47,350 2,264,751 1.73
Time Warner Cable USD 28,450 2,765,056 2.11
US Bancorp USD 55,000 1,756,700 1.34
Vulcan Materials USD 22,000 1,145,100 0.87
Wal-Mart Stores USD 13,000 886,990 0.68
Wells Fargo USD 41,200 1,408,216 1.08
Western Union USD 62,000 843,820 0.64
Weyerhaeuser USD 62,450 1,737,359 1.33

Net Assets 130,771,290 100.00

84
US Smaller Companies Equity Fund


appreciation through investment primarily in a widely Investment Denomination of Shares (USD) Assets
related securities of smaller US companies whose market Common stocks
capitalisation falls within or below the range covered by Bermuda
Assured Guaranty USD 65,900 937,757 0.21
the Russell 2500 Index. Company selection will reflect a Enstar Group USD 4,638 519,363 0.11
blend of growth and value investment approaches. Total for Bermuda 1,457,120 0.32
Canada
Computer Modelling Group CAD 10,300 220,544 0.05
Franco-Nevada CAD 36,000 2,052,908 0.45
Trican Well Service CAD 38,500 507,301 0.11
Cayman Islands
Herbalife USD 24,700 813,618 0.18
Ireland
Alkermes USD 69,900 1,294,548 0.29
Puerto Rico
Triple-S Management Class B USD 58,300 1,076,801 0.24
Total for Puerto Rico 1,076,801 0.24
United Kingdom
Willis Group Holdings USD 64,800 2,172,744 0.48

Acadia Healthcare USD 77,700 1,812,741 0.40
Acme Packet USD 25,900 572,908 0.13
Active Network USD 74,700 366,777 0.08
Acuity Brands USD 46,500 3,149,445 0.69
Akamai Technologies USD 32,700 1,337,757 0.29
Alexion Pharmaceuticals USD 20,000 1,876,200 0.41
Allegiant Travel USD 20,600 1,512,246 0.33
AMAG Pharmaceuticals USD 38,900 572,219 0.13
AMCOL International USD 29,000 889,720 0.20
American Public Education USD 61,600 2,224,376 0.49
American Science & Engineering USD 13,800 899,898 0.20
American Woodmark USD 49,500 1,377,090 0.30
Analogic USD 20,142 1,496,551 0.33
Angie’s List USD 82,600 990,374 0.22
ANN USD 23,300 788,472 0.17
AO Smith USD 55,500 3,500,385 0.77
Approach Resources USD 61,700 1,543,117 0.34
Ares Capital USD 140,300 2,455,250 0.54
Aruba Networks USD 66,400 1,377,800 0.30
athenahealth USD 23,300 1,711,385 0.38
AVANIR Pharmaceuticals Class A USD 250,800 659,604 0.15
AZZ USD 4,200 161,406 0.04
BancorpSouth USD 15,200 221,008 0.05
BankUnited USD 77,700 1,898,988 0.42
BBCN Bancorp USD 43,200 499,824 0.11
Bill Barrett USD 74,000 1,316,460 0.29
BioMarin Pharmaceutical USD 11,000 541,750 0.12
BJ’s Restaurants USD 19,400 638,260 0.14
Boston Beer Class A USD 20,400 2,742,780 0.60
Brown & Brown USD 74,300 1,891,678 0.42
Bruker USD 69,500 1,061,265 0.23
Brunswick USD 250,900 7,298,681 1.61
C&J Energy Services USD 21,600 463,104 0.10
Cabot Microelectronics USD 30,900 1,097,259 0.24
Capital Bank Financial Class A USD 80,200 1,369,014 0.30
Capitol Federal Financial USD 233,200 2,726,108 0.60
CarMax USD 66,400 2,492,656 0.55
Catamaran USD 81,300 3,830,043 0.84
Cavium USD 41,700 1,301,457 0.29
CenterPoint Energy USD 64,800 1,247,400 0.27
Chesapeake Utilities USD 16,400 744,560 0.16
Chico’s FAS USD 61,300 1,131,598 0.25
85

>>>continued
Market Market
Choice Hotels International USD 37,100 1,247,302 0.27 Idexx Laboratories USD 22,200 2,060,160 0.45
Church & Dwight USD 43,200 2,314,224 0.51 Incyte USD 179,800 2,986,478 0.66
Clean Harbors USD 27,800 1,529,278 0.34 Infinity Property & Casualty USD 37,500 2,184,000 0.48
Cleco USD 43,100 1,724,431 0.38 Informatica USD 37,900 1,149,128 0.25
Cloud Peak Energy USD 58,000 1,121,140 0.25 InnerWorkings USD 120,500 1,660,490 0.37
Cogent Communications Group USD 29,000 656,560 0.14 Integra LifeSciences Holdings USD 36,800 1,434,096 0.32
Cohen & Steers USD 24,800 755,656 0.17 Interface USD 78,900 1,268,712 0.28
Compass Minerals International USD 23,300 1,740,743 0.38 Interval Leisure Group USD 123,800 2,400,482 0.53
Concho Resources USD 17,500 1,409,800 0.31 Isis Pharmaceuticals USD 30,600 320,076 0.07
Concur Technologies USD 48,400 3,267,968 0.72 Ixia USD 28,400 482,232 0.11
Cooper USD 17,500 1,618,400 0.36 Jack Henry & Associates USD 37,000 1,452,620 0.32
Cornerstone OnDemand USD 36,300 1,071,939 0.24 Janus Capital Group USD 82,600 703,752 0.15
Cousins Properties USD 46,500 388,275 0.09 JDS Uniphase USD 186,000 2,518,440 0.55
Cray USD 84,200 1,342,990 0.30 JetBlue Airways USD 47,300 270,083 0.06
CTPartners Executive Search USD 5,700 26,220 0.01 JM Smucker USD 17,500 1,509,200 0.33
Cubist Pharmaceuticals USD 18,000 757,080 0.17 Jones Lang LaSalle USD 38,900 3,265,266 0.72
Cymer USD 21,200 1,917,116 0.42 KBW USD 82,600 1,263,780 0.28
DiamondRock Hospitality USD 104,800 943,200 0.21 Kemper USD 32,300 952,850 0.21
Diodes USD 61,700 1,070,495 0.24 Kilroy Realty USD 40,800 1,932,696 0.43
Dolby Laboratories Class A USD 30,900 906,297 0.20 Knight Transportation USD 99,000 1,448,370 0.32
Dollar Tree USD 11,500 466,440 0.10 Knoll USD 60,500 929,280 0.20
Donaldson USD 15,400 505,736 0.11 Kopin USD 129,600 431,568 0.10
Dr Pepper Snapple Group USD 58,000 2,562,440 0.56 Koppers Holdings USD 123,400 4,707,710 1.04
DreamWorks Animation Class A USD 86,400 1,431,648 0.31 Landstar System USD 24,800 1,301,008 0.29
Drew Industries USD 34,900 1,125,525 0.25 LaSalle Hotel Properties USD 34,900 886,111 0.19
E*Trade Financial USD 375,800 3,363,410 0.74 Lender Processing Services USD 58,000 1,427,960 0.31
East West Bancorp USD 73,300 1,575,217 0.35 Lennox International USD 24,800 1,302,496 0.29
EastGroup Properties USD 26,400 1,420,584 0.31 Lexicon Pharmaceuticals USD 55,000 122,100 0.03
El Paso Electric USD 29,000 925,390 0.20 Liberty Interactive Class A USD 81,300 1,599,984 0.35
EnPro Industries USD 66,000 2,699,400 0.59 Liberty Media Class A USD 11,500 1,334,115 0.29
EnteroMedics USD 44,400 124,320 0.03 Liberty Ventures Class A USD 1,908 129,286 0.03
EnteroMedics warrants/08/06/20161 USD 10,800 17,670 0.00 Linear Technology USD 64,400 2,208,920 0.49
EnteroMedics warrants/28/09/20161 USD 2,000 3,537 0.00 Lumber Liquidators Holdings USD 66,000 3,486,780 0.77
EPIQ Systems USD 90,600 1,157,868 0.25 M&T Bank USD 32,100 3,160,887 0.70
EQT USD 37,000 2,182,260 0.48 Manpower USD 61,700 2,618,548 0.58
Exelixis USD 97,600 446,032 0.10 MAP Pharmaceuticals USD 21,800 342,478 0.08
Exterran Holdings USD 87,400 1,915,808 0.42 Markel USD 3,600 1,560,312 0.34
F5 Networks USD 9,900 961,785 0.21 Mattel USD 108,600 3,976,932 0.88
Factset Research Systems USD 21,500 1,893,290 0.42 Matthews International Class A USD 17,500 561,750 0.12
Fastenal USD 34,900 1,629,481 0.36 MDU Resources Group USD 64,800 1,376,352 0.30
Fidelity National Financial Class A USD 81,300 1,914,615 0.42 Medicines USD 31,300 750,261 0.16
Fifth & Pacific Companies USD 103,700 1,291,065 0.28 Mednax USD 29,000 2,306,080 0.51
Financial Engines USD 65,900 1,828,725 0.40 Meridian Bioscience USD 41,300 836,325 0.18
First Horizon National USD 259,200 2,568,672 0.57 MGIC Investment USD 67,000 178,220 0.04
Five Below USD 26,300 842,652 0.19 Mine Safety Appliances USD 29,000 1,238,590 0.27
Flowers Foods USD 69,900 1,626,573 0.36 Monolithic Power Systems USD 72,800 1,621,984 0.36
FMC Technologies USD 32,100 1,374,843 0.30 Monro Muffler Brake USD 40,800 1,426,776 0.31
Forest City Enterprises Class A USD 58,000 936,700 0.21 Morningstar USD 29,000 1,822,070 0.40
Fortegra Financial USD 6,200 55,118 0.01 MSCI Class A USD 58,000 1,797,420 0.40
Francesca’s Holdings USD 84,260 2,187,390 0.48 Multi-Color USD 46,500 1,115,535 0.25
Gardner Denver USD 30,000 2,055,000 0.45 Myers Industries USD 52,300 792,345 0.17
General Cable USD 7,400 225,034 0.05 National Financial Partners USD 40,300 690,742 0.15
Gentex USD 24,700 464,854 0.10 National Instruments USD 80,200 2,069,962 0.46
Glacier Bancorp USD 123,700 1,819,627 0.40 Nektar Therapeutics USD 15,700 116,337 0.03
Global Payments USD 34,900 1,580,970 0.35 Netflix USD 16,800 1,558,704 0.34
Graco USD 61,700 3,176,933 0.70 Neurocrine Biosciences USD 48,900 365,772 0.08
GT Advanced Technologies USD 52,300 157,946 0.03 Newport USD 11,500 154,675 0.03
Gulf Island Fabrication USD 30,200 725,706 0.16 Nordson USD 24,200 1,527,504 0.34
Halozyme Therapeutics USD 27,400 183,854 0.04 Northern Oil and Gas USD 74,800 1,258,136 0.28
Harman International Industries USD 34,900 1,557,936 0.34 NRG Energy USD 77,135 1,773,333 0.39
Hasbro USD 58,000 2,082,200 0.46 NV Energy USD 40,800 740,112 0.16
Haynes International USD 25,900 1,343,433 0.30 NVR USD 1,900 1,748,000 0.38
Henry Schein USD 64,800 5,213,808 1.15 Oasis Petroleum USD 72,200 2,295,960 0.51
Hershey USD 24,200 1,747,724 0.38 OGE Energy USD 23,300 1,312,023 0.29
Hibbett Sports USD 20,400 1,075,080 0.24 Optimer Pharmaceuticals USD 13,700 123,985 0.03
Hittite Microwave USD 30,200 1,875,420 0.41 Pacira Pharmaceuticals USD 62,600 1,093,622 0.24
HMS Holdings USD 43,200 1,119,744 0.25 Packaging of America USD 41,700 1,604,199 0.35
Home BancShares USD 37,000 1,221,740 0.27 Pall USD 34,900 2,103,074 0.46
Hospira USD 29,000 905,960 0.20 Panera Bread Class A USD 10,400 1,651,832 0.36
HSN USD 17,500 963,900 0.21 Pantry USD 75,500 915,815 0.20
HUB Group Class A USD 42,200 1,417,920 0.31 PDC Energy USD 33,100 1,099,251 0.24
Hubbell Class B USD 20,000 1,692,600 0.37 Penford USD 23,300 171,954 0.04
Idenix Pharmaceuticals USD 90,800 440,380 0.10 Pharmacyclics USD 38,500 2,229,150 0.49
IDEX USD 40,800 1,898,424 0.42 Pinnacle Financial Partners USD 8,800 165,792 0.04
86

>>>continued
Market Market
Polaris Industries USD 11,500 967,725 0.21 Ultimate Software Group USD 14,600 1,378,386 0.30
Pool USD 57,900 2,450,328 0.54 Under Armour Class A USD 49,400 2,397,382 0.53
Potlatch USD 40,800 1,598,952 0.35 Universal Forest Products USD 41,700 1,586,268 0.35
Power-One USD 58,000 238,380 0.05 UNS Energy USD 50,500 2,142,210 0.47
PROS Holdings USD 38,900 711,481 0.16 Valmont Industries USD 36,000 4,915,800 1.08
Prosperity Bancshares USD 17,500 735,000 0.16 Verisk Analytics Class A USD 41,200 2,101,200 0.46
PS Business Parks Class A USD 6,200 402,876 0.09 WABCO Holdings USD 48,100 3,135,639 0.69
QEP Resources USD 37,000 1,119,990 0.25 Waddell & Reed Financial Class A USD 41,200 1,434,584 0.32
Radian Group USD 84,300 515,073 0.11 Walker & Dunlop USD 24,700 411,502 0.09
RBC Bearings USD 49,500 2,478,465 0.55 Waste Connections USD 142,500 4,815,075 1.06
RealPage USD 66,900 1,443,033 0.32 WellCare Health Plans USD 30,900 1,504,521 0.33
Red Hat USD 24,200 1,281,632 0.28 Westamerica Bancorporation USD 16,200 689,958 0.15
Red Robin Gourmet Burgers USD 29,000 1,023,410 0.23 Western Alliance Bancorp USD 185,100 1,949,103 0.43
Regeneron Pharmaceuticals USD 6,900 1,180,383 0.26 Whole Foods Market USD 44,200 4,036,786 0.89
Reliance Steel & Aluminum USD 27,200 1,689,120 0.37 Woodward USD 17,500 667,275 0.15
Rexnord USD 25,900 551,670 0.12 Wright Medical Group USD 16,400 344,236 0.08
Rigel Pharmaceuticals USD 54,400 353,600 0.08 WW Grainger USD 13,200 2,671,284 0.59
RigNet USD 52,300 1,068,489 0.23 XenoPort USD 103,300 802,641 0.18
RLI USD 24,800 1,603,568 0.35 Xilinx USD 30,900 1,109,310 0.24
Robert Half International USD 41,200 1,310,984 0.29 XO Group USD 294,500 2,738,850 0.60
Rockwood Holdings USD 105,500 5,218,030 1.15 Zillow Class A USD 18,500 513,375 0.11
Saba Software USD 82,600 721,924 0.16 Zions Bancorporation USD 74,000 1,583,600 0.35
Sapient USD 74,300 784,608 0.17 Zumiez USD 30,900 599,769 0.13
Saul Centers USD 38,600 1,651,694 0.36 Total for United States of America 416,375,151 91.69
SBA Communications Class A USD 12,800 909,056 0.20
Schnitzer Steel Industries Class A USD 29,000 879,570 0.19 Bonds
Seacor Holdings USD 18,500 1,550,300 0.34
Seattle Genetics USD 15,800 366,560 0.08
Select Medical 7.625%/2015 USD 6,000 6,015 0.00
Select Medical Holdings USD 75,900 715,737 0.16
Synovus Financial CV 8.25%/2013 USD 15,000 330,000 0.07
Selective Insurance Group USD 34,900 672,523 0.15
ServiceNow USD 55,700 1,672,671 0.37 Total for United States of America 336,015 0.07
Sherwin-Williams USD 7,300 1,122,886 0.25
Sigma-Aldrich USD 24,700 1,817,426 0.40 Total Transferable Securities
Signature Bank USD 28,900 2,061,726 0.45 Admitted to an Official Exchange Listing 426,306,750 93.88
Silicon Laboratories USD 36,700 1,534,427 0.34
Skywest USD 27,800 346,388 0.08
SL Green Realty USD 9,900 758,835 0.17
Transferable Securities Traded on Another Regulated Market
SLM USD 69,900 1,197,387 0.26 United States of America
SM Energy USD 37,000 1,931,770 0.43 E*Trade Financial SerA CV 0%/2019 USD 80,000 71,850 0.02
Sonic USD 129,600 1,349,136 0.30 Forest City Enterprises CV 4.25%/2018 USD 500,000 528,437 0.12
Sourcefire USD 40,800 1,926,576 0.42 MGIC Investment CV 5%/2017 USD 200,000 151,375 0.03
South Jersey Industries USD 9,900 498,267 0.11 Total for United States of America 751,662 0.17
Southwest Gas USD 16,400 695,524 0.15
SS&C Technologies Holdings USD 8,000 184,960 0.04 Total Transferable Securities
Starwood Property Trust USD 63,400 1,455,664 0.32 Traded on Another Regulated Market 751,662 0.17
State Auto Financial USD 51,800 773,892 0.17
Steel Dynamics USD 58,300 800,459 0.18
Stericycle USD 24,700 2,303,769 0.51 Other Transferable Securities
Steris USD 203,600 7,071,028 1.56 United States of America
Strayer Education USD 34,800 1,954,716 0.43 Penson Worldwide Ser144A CV 8%/2014 USD 459,000 112,382 0.02
Sun Hydraulics USD 38,900 1,014,512 0.22 Total for United States of America 112,382 0.02
Supertex USD 46,500 816,075 0.18
SVB Financial Group USD 32,100 1,796,637 0.40 Total Other Transferable Securities 112,382 0.02
Synovus Financial USD 130,300 319,235 0.07
Tangoe USD 18,000 213,660 0.05 Total Investment Securities 427,170,794 94.07
Team USD 36,000 1,369,440 0.30
TECO Energy USD 84,200 1,411,192 0.31 Other Assets Less Liabilities 26,918,875 5.93
Teledyne Technologies USD 16,200 1,054,134 0.23
Net Assets 454,089,669 100.00
Tempur-Pedic International USD 10,200 321,198 0.07
Tennant USD 29,000 1,274,550 0.28
Terex USD 46,500 1,307,115 0.29 1
Terreno Realty USD 130,300 2,011,832 0.44
Tesla Motors USD 16,400 555,468 0.12 144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the Securities
Texas Capital Bancshares USD 27,400 1,228,068 0.27 Act of 1933
CV: convertible bond
Theravance USD 17,500 389,725 0.09
TIBCO Software USD 47,600 1,047,676 0.23 CAD: Canadian Dollar
Toro USD 32,700 1,405,446 0.31 USD: United States Dollar
Total System Services USD 93,300 1,998,486 0.44
TransDigm Group USD 6,900 940,884 0.21
TreeHouse Foods USD 59,100 3,080,883 0.68
Trimble Navigation USD 55,700 3,329,746 0.73
TriQuint Semiconductor USD 174,300 843,612 0.19
Tumi Holdings USD 63,100 1,315,635 0.29
tw telecom Class A USD 38,600 983,142 0.22 The accompanying notes are an integral part of these financial statements.
87
Statement of Net Assets

Global
Emerging EURO European Global Emerging
Local Markets Corporate High Yield Aggregate Markets
Bond Fund Bond Fund Bond Fund Bond Fund Bond Fund
Base Currency USD EUR EUR USD USD

Assets
Investments at cost 13,399,707 76,223,704 11,001,006 86,721,214 6,918,658
Unrealised appreciation (depreciation) 666,648 3,522,962 1,349,086 2,589,435 911,740
Investments at market value 14,066,355 79,746,666 12,350,092 89,310,649 7,830,398
Cash at banks 213,390 1,830,377 119,882 2,275,951 510,152
Subscriptions receivable – – – – 5,869
Dividends and interest receivable 291,759 1,794,778 254,416 963,529 126,381
Unrealised gain on open forward currency exchange contracts 149,715 121,461 13,316 475,045 6,199
Receivables for investments sold – 395,660 – 351,979 –
Swap contracts at market value 5,782 – – – 50,413
Deposits on futures 1,043 – – 155,519 –
Unrealised gain on open futures contracts 859 – – 32,726 –
Other assets 4,213 2,672 3,323 1,904 5,349
Total assets 14,733,116 83,891,614 12,741,029 93,567,302 8,534,761
Liabilities
Payables for investments purchased – – – 668,475 –
Redemptions payable – – – – –
Investment management fees 7,982 28,453 9,357 35,572 5,290
Unrealised loss on open forward currency exchange contracts 52,504 – – 1,111,195 9,762
Bank overdraft – – – – –
Swap contracts at market value – 119 – 16 –
Provision on foreign taxes – – – – –
Deposits on futures – – – – –
Unrealised loss on open futures contracts – – – 16 –
Other liabilities 18,909 22,744 16,415 52,050 28,188
Total liabilities 79,395 51,316 25,772 1,867,324 43,240
Net assets 14,653,721 83,840,298 12,715,257 91,699,978 8,491,521
(Non-share amounts in USD unless otherwise noted)
Class A
Net assets – 648,441 EUR 6,419,992 EUR 33,440,382 1,281,298
Shares outstanding – 47,617 513,962 1,937,482 75,763
Net asset value per share – 13.62 EUR 12.49 EUR 17.26 16.91
Class Ad
Net assets – – – – –
Shares outstanding – – – – –
Net asset value per share – – – – –
Dividends declared per share
Class Ah (EUR)
Net assets (Base Currency) – – – – –
Net assets (Class Currency) – – – – –
Net asset value per share (Class Currency) – – – – –
Class Ah (NOK)
Class Ah (SEK)
Class I
Net assets 14,653,721 26,237,615 EUR 6,295,265 EUR 21,422,226 5,223,989
Shares outstanding 1,000,000 1,563,199 500,000 1,405,997 263,852
Net asset value per share 14.65 16.78 EUR 12.59 EUR 15.24 19.80
Class Id
Net assets – – – 2,011,146 1,986,234
Shares outstanding – – – 172,019 159,006
Net asset value per share – – – 11.69 12.49
Dividends declared per share 0.3263 0.6733
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)
Net assets (Base Currency) – 39,899,606 EUR – – –
Net assets (Class Currency) – 52,603,639 – – –
Shares outstanding – 5,226,990 – – –
Net asset value per share (Class Currency) – 10.06 – – –
Class J
Class Jd
Class S
Class Sh (JPY)
Net assets (Base Currency) – – – 25,943,126 –
Net assets (Class Currency) – – – 2,243,172,401 JPY –
Shares outstanding – – – 219,998 –
Net asset value per share (Class Currency) – – – 10,196.33 JPY –
Class Z
Net assets – 17,054,636 EUR – 8,883,098 –
Shares outstanding – 906,694 – 368,485 –
88 Net asset value per share – 18.81 EUR – 24.11 –

Statement of Net Assets >>>continued

Global Emerging Global Fixed Global US Asian

Markets Corporate Income Absolute High Yield Aggregate ex-Japan
Bond Fund Return Fund Bond Fund Bond Fund Equity Fund
Base Currency USD USD USD USD USD

Assets
Investments at cost 12,348,055 9,632,013 1,897,976,464 112,266,571 805,002,719
Unrealised appreciation (depreciation) 917,848 177,197 109,448,588 6,316,123 79,438,508
Investments at market value 13,265,903 9,809,210 2,007,425,052 118,582,694 884,441,227
Cash at banks 94,219 1,289,512 47,477,628 2,156,948 25,095,435
Subscriptions receivable – – 22,747,079 52,554 9,296,363
Dividends and interest receivable 226,772 59,721 34,511,968 842,962 1,348,759
Unrealised gain on open forward currency exchange contracts – 100,736 23,094,942 1,561 –
Receivables for investments sold – 33,431 75 1,058,884 535,919
Swap contracts at market value – – 785,757 – –
Deposits on futures – 107,711 – 31,246 –
Unrealised gain on open futures contracts – 8,807 – 33,781 –
Other assets 5,437 4,001 3,911 3,653 964
Total assets 13,592,331 11,413,129 2,136,046,412 122,764,283 920,718,667
Liabilities
Payables for investments purchased – – 53,875 2,589,077 7,811,421
Redemptions payable – – 2,263,922 4,421 2,332,329
Investment management fees 11,670 5,220 1,621,138 10,418 880,085
Unrealised loss on open forward currency exchange contracts – 105,332 3,464,658 58,190 –
Bank overdraft – – 1,939,843 320,000 –
Swap contracts at market value – – 1,404,609 – –
Provision on foreign taxes – – – – 87,935
Deposits on futures – 52,783 – – –
Unrealised loss on open futures contracts – 5,238 – 12,258 –
Total liabilities 30,845 186,376 11,219,044 3,026,598 11,345,939
Net assets 13,561,486 11,226,753 2,124,827,368 119,737,685 909,372,728
Class A
Net assets 6,741,160 – 223,548,252 – 200,545,320
Shares outstanding 600,000 – 9,778,607 – 17,298,112
Net asset value per share 11.24 – 22.86 – 11.59
Class Ad
Net assets – – 162,389,804 – –
Shares outstanding – – 12,752,282 – –
Net asset value per share – – 12.73 – –
Dividends declared per share 0.7440
Class Ah (EUR)
Net assets (Base Currency) – – 754,430,763 – –
Net assets (Class Currency) – – 572,232,082 EUR – –
Net asset value per share (Class Currency) – – 19.37 EUR – –
Class Ah (NOK)
Net assets (Class Currency) – – 733,033,759 NOK – –
Net asset value per share (Class Currency) – – 172.18 NOK – –
Class Ah (SEK)
Net assets (Class Currency) – – 243,679,270 SEK – –
Net asset value per share (Class Currency) – – 108.21 SEK – –
Class I
Net assets 6,820,326 11,226,753 694,501,780 5,258,917 680,107,309
Shares outstanding 600,000 1,100,000 29,046,286 485,145 39,875,908
Net asset value per share 11.37 10.21 23.91 10.84 17.06
Class Id
Class I (GBP)
Class Ih (EUR)
Net assets (Base Currency) – – – 19,460,836 –
Net assets (Class Currency) – – – 14,760,950 EUR –
Shares outstanding – – – 1,331,908 –
Net asset value per share (Class Currency) – – – 11.08 EUR –
Class Ih (USD)
Class J
Class Jd
Net assets – – 94,797,793 95,017,932 –
Shares outstanding – – 9,338,825 8,522,552 –
Net asset value per share – – 10.15 11.15 –
Dividends declared per share 0.7120 0.3926
Class S
Net assets – – – – 28,720,099
Shares outstanding – – – – 1,745,177
Net asset value per share – – – – 16.46
Class Sh (JPY)
Class Z
Net assets – – 25,985,032 – –
Shares outstanding – – 967,636 – –
Net asset value per share – – 26.85 – – 89

European
Emerging European European Structured
Europe European ex-UK Smaller Companies Research
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
Base Currency EUR EUR EUR EUR EUR

Assets
Unrealised appreciation (depreciation) 2,073,684 2,377,633 2,702,946 3,532,046 686,593
Cash at banks 186,205 709,978 120,882 93,439 11,639
Subscriptions receivable – – – – –
Dividends and interest receivable 34,386 89,415 26,634 24,641 12,490
Unrealised gain on open forward currency exchange contracts – – – – –
Receivables for investments sold 26,658 – – 2,100 31,370
Swap contracts at market value – – – – –
Unrealised gain on open futures contracts – – – – –
Other assets 3,986 1,110 3,083 4,011 3,639
Total assets 12,923,137 81,569,442 12,952,453 11,885,621 5,303,344
Liabilities
Payables for investments purchased 2,224 – – 24,076 31,621
Redemptions payable – – – – –
Unrealised loss on open forward currency exchange contracts – – – – –
Unrealised loss on open futures contracts – – – – –
Total liabilities 36,200 73,666 21,185 58,172 47,073
Net assets 12,886,937 81,495,776 12,931,268 11,827,449 5,256,271
Class A
Net assets 3,802,663 EUR 516,850 EUR – 6,090,180 EUR –
Shares outstanding 199,566 60,671 – 259,025 –
Net asset value per share 19.05 EUR 8.52 EUR – 23.51 EUR –
Class Ad
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Net assets 9,084,274 EUR 80,978,926 EUR 12,931,268 EUR 5,737,269 EUR 5,256,271 EUR
Shares outstanding 457,622 8,923,885 1,500,000 235,000 375,000
Net asset value per share 19.85 EUR 9.07 EUR 8.62 EUR 24.41 EUR 14.02 EUR
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)
Class J
Class Jd
Class S
Class Sh (JPY)
Class Z
90 Net asset value per share – – – – –


Global Global
Emerging Global Natural Global
Markets Global Large Cap Resources Value
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund+

Assets
Unrealised appreciation (depreciation) 166,822,716 24,176,671 33,904,421 6,020,426 78,929
Investments at market value 1,075,497,791 217,416,516 426,248,957 169,807,823 2,032,513
Cash at banks 43,074,878 1,280,762 4,574,198 4,572,257 43,733
Subscriptions receivable 5,330,592 – – 48,820 –
Dividends and interest receivable 1,461,788 152,254 553,344 69,687 1,410
Receivables for investments sold 432,647 1,833,128 661,870 397,045 1,358
Other assets 599 – 3,763 – 13,458
Total assets 1,125,798,295 220,682,660 432,042,132 174,895,632 2,092,472
Liabilities
Payables for investments purchased 134,231 1,207,020 829,253 580,225 1,600
Redemptions payable 999,353 1,868 661 117,901 –
Provision on foreign taxes 208,206 – – – –
Total liabilities 2,556,216 1,506,849 1,188,033 861,195 18,205
Net assets 1,123,242,079 219,175,811 430,854,099 174,034,437 2,074,267
Class A
Net assets 69,266,403 56,979,009 6,375,445 14,201,152 1,036,704
Shares outstanding 2,887,877 2,952,522 297,614 1,877,787 100,000
Class Ad
Net assets 25,454,048 – – – –
Shares outstanding 2,633,880 – – – –
Net asset value per share 9.66 – – – –
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Net assets 1,017,417,289 162,196,802 366,745,497 159,833,285 1,037,563
Shares outstanding 34,580,113 15,272,150 16,469,055 14,247,780 100,000
Class Id
Class I (GBP)
Net assets (Class Currency) – – 11,102,737 GBP – –
Shares outstanding – – 696,535 – –
Net asset value per share (Class Currency) – – 15.94 GBP – –
Class Ih (EUR)
Class Ih (USD)
Class J
Class Jd
Net assets 11,104,339 – – – –
Shares outstanding 1,476,632 – – – –
Net asset value per share 7.52 – – – –
Class S
Net assets – – 39,685,658 – –
Net asset value per share – – 10.96 – –
Class Sh (JPY)
Class Z
Net asset value per share – – – – – 91
+ Fund was launched on 28 November 2012.

Global
Real Estate Japanese Latin American Middle East & US Blue Chip
Securities Fund Equity Fund Equity Fund Africa Equity Fund Equity Fund
Base Currency USD EUR USD USD USD

Assets
Unrealised appreciation (depreciation) 1,434,489 144,892 (657,340) 2,477,421 19,232,101
Cash at banks 242,081 57,571 1,251,516 274,659 451,293
Subscriptions receivable – – – – 167,360
Dividends and interest receivable 19,894 1,792 113,729 4,921 17,346
Receivables for investments sold – 17,969 56,536 – 16,418
Other assets 5,369 4,709 621 2,259 675
Total assets 7,014,140 1,688,065 39,750,779 26,516,149 72,671,158
Liabilities
Payables for investments purchased 22,279 579 – 90,682 42,278
Redemptions payable – – – 66,004 105,700
Total liabilities 60,443 23,502 61,957 220,282 277,399
Net assets 6,953,697 1,664,563 39,688,822 26,295,867 72,393,759
Class A
Net assets 4,510,063 825,190 EUR 2,360,994 8,548,261 69,432,136
Shares outstanding 224,857 142,434 164,771 1,339,556 3,532,403
Net asset value per share 20.06 5.79 EUR 14.33 6.38 19.66
Class Ad
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Net assets 2,443,634 839,373 EUR 37,327,828 17,747,606 –
Shares outstanding 117,211 130,000 3,891,936 2,022,084 –
Net asset value per share 20.85 6.46 EUR 9.59 8.78 –
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)
Class J
Net assets – – – – 2,961,623
Shares outstanding – – – – 226,727
Net asset value per share – – – – 13.06
Class Jd
Class S
Class Sh (JPY)
Class Z
92 Net asset value per share – – – – –

US Large Cap US Smaller Combined

US Large Cap Growth US Large Cap Companies total of all
Equity Fund++ Equity Fund Value Equity Fund Equity Fund funds+++

Assets
Investments at cost 2,650,057 858,294,637 111,655,486 387,558,544 6,349,683,727
Unrealised appreciation (depreciation) 457,724 151,895,571 15,125,014 39,612,250 682,654,710
Investments at market value 3,107,781 1,010,190,208 126,780,500 427,170,794 7,032,338,437
Cash at banks 87,705 6,842,848 3,781,516 23,363,872 173,081,083
Subscriptions receivable – 793,502 312,792 5,679,321 44,434,252
Dividends and interest receivable 1,701 311,164 117,878 140,736 44,288,991
Unrealised gain on open forward currency exchange contracts – – – – 24,005,887
Receivables for investments sold 9,347 – 82,731 – 6,095,965
Swap contracts at market value – – – – 841,952
Deposits on futures – – – – 295,519
Unrealised gain on open futures contracts – – – – 76,173
Other assets 4,992 628 694 – 97,471
Total assets 3,211,526 1,018,138,350 131,076,111 456,354,723 7,325,555,730
Liabilities
Payables for investments purchased 16,307 644,734 41,401 268,671 15,078,655
Redemptions payable – 667,072 97,020 1,477,517 8,133,768
Investment management fees 2,865 831,879 117,557 434,655 5,834,975
Unrealised loss on open forward currency exchange contracts – – – – 4,801,641
Bank overdraft – – – – 2,259,843
Swap contracts at market value – – – – 1,404,782
Provision on foreign taxes – – – – 296,141
Deposits on futures – – – – 52,783
Unrealised loss on open futures contracts – – – – 17,512
Other liabilities 17,868 205,362 48,843 84,211 2,069,350
Total liabilities 37,040 2,349,047 304,821 2,265,054 39,949,450
Net assets 3,174,486 1,015,789,303 130,771,290 454,089,669 7,285,606,280
Class A
Net assets 1,561,621 345,148,834 48,971,624 264,111,695
Shares outstanding 100,000 21,956,149 2,763,678 12,375,127
Net asset value per share 15.62 15.72 17.72 21.34
Class Ad
Net assets – – – –
Shares outstanding – – – –
Net asset value per share – – – –
Class Ah (EUR)
Net assets (Base Currency) – – – –
Net assets (Class Currency) – – – –
Net asset value per share (Class Currency) – – – –
Class Ah (NOK)
Class Ah (SEK)
Class I
Net assets 1,612,865 664,719,649 75,900,295 189,977,974
Shares outstanding 100,000 36,832,823 4,847,145 6,771,155
Net asset value per share 16.13 18.05 15.66 28.06
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)
Class J
Net assets – 5,920,820 5,899,371 –
Shares outstanding – 458,280 550,108 –
Net asset value per share – 12.92 10.72 –
Class Jd
Class S
Class Sh (JPY)
Class Z
Net asset value per share – – – – 93
++ This Fund was formerly named US Large Cap Core Equity Fund.
+++ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.
Statement of Operations
and Changes in Net Assets
For the year ended 31 December 2012
Global
Base Currency USD EUR EUR USD USD
Income
Interest (net of withholding taxes) 959,817 1,301,336 967,033 2,129,724 559,987
Net interest on swaps – – – – 33,125
Dividends (net of withholding taxes) – – 1,262 – –
Total income 959,817 1,301,336 968,295 2,129,724 593,112
Expenses
Investment management 88,875 107,465 101,757 341,735 69,093
Accounting and shareholder servicing 45,505 43,502 39,493 63,358 56,444
Custody 5,317 9,756 3,059 16,174 2,985
Taxe d’Abonnement 1,362 5,464 3,578 17,420 1,615
Professional services 13,475 14,581 12,076 35,577 13,066
Net interest on swaps – 1,528 – 213 –
Other expenses 3,508 1,199 2,599 260 10,829
Total expenses 158,042 183,495 162,562 474,737 154,032
Net investment income (loss) before expenses waived or borne by the Investment Manager 801,775 1,117,841 805,733 1,654,987 439,080
Expenses waived or borne by the Investment Manager 55,500 53,381 45,114 63,028 74,583
Net investment income (loss) 857,275 1,171,222 850,847 1,718,015 513,663
Net realised gain (loss) on:
Swing Pricing – 117,463 – 69,250 3,295
Investments (net of foreign taxes) (81,091) 483,894 260,915 759,657 213,940
Forward currency exchange contracts 237,244 (556,693) (76,278) (2,804,050) 53,015
Futures contracts (1,557) – – (161,296) –
Options – – – – –
Swaps – (1,547) – (326) 48,034
Foreign currency transactions (17,983) 599,931 1,620 3,533,241 2,145
Net movement in foreign tax provision – – – – –
Net realised gain (loss) 136,613 643,048 186,257 1,396,476 320,429
Net change in unrealised appreciation (depreciation) on:
Investments (net of foreign taxes) 1,220,212 3,729,521 1,236,503 1,331,712 646,733
Forward currency exchange contracts 74,593 124,166 42,679 (635,821) (41,766)
Futures contracts 859 – – 16,692 –
Swaps 5,782 (245) – (36) (8,746)
Other assets and liabilities denominated in foreign currency 1,180 (418) (2,152) 26,611 326
Net change in unrealised appreciation (depreciation) 1,302,626 3,853,024 1,277,030 739,158 596,547
Net increase (decrease) in net assets as a result of operations 2,296,514 5,667,294 2,314,134 3,853,649 1,430,639
Distributions:
Net decrease in net assets as a result of distributions – – – (59,393) (118,428)
Capital transactions:
Proceeds received on subscription of shares – 102,793,451 153,000 47,081,684 2,287,153
Payments for redemption of shares (128,241) (44,437,080) – (9,370,718) (3,397,755)
Net increase (decrease) in net assets as a result of capital transactions (128,241) 58,356,371 153,000 37,710,966 (1,110,602)
Total increase (decrease) in net assets 2,168,273 64,023,665 2,467,134 41,505,222 201,609
Net assets at the beginning of the year 12,485,448 20,934,302 10,248,123 52,326,497 8,289,912
Translation difference – (1,117,669) – (2,131,741) –
Net assets at the end of the year 14,653,721 83,840,298 12,715,257 91,699,978 8,491,521
94 The accompanying notes are an integral part of these financial statements.

and Changes in Net Assets >>>continued

Income
Interest (net of withholding taxes) 842,021 166,133 145,611,402 4,753,331 433
Net interest on swaps – – 3,281,204 – –
Dividends (net of withholding taxes) – 10 2,346,640 – 15,235,699
Total income 842,021 166,143 151,239,246 4,753,331 15,236,132
Expenses
Investment management 129,603 61,168 17,482,073 116,081 8,471,086
Custody 3,336 4,042 309,064 20,780 210,991
Taxe d’Abonnement 3,790 1,097 684,897 12,664 158,119
Net interest on swaps – – 32,521 – –
Other expenses 1,952 1,170 16,933 1 25,542
Total expenses 204,363 125,543 19,289,150 237,331 9,186,324
Net investment income (loss) before expenses waived or borne by the Investment Manager 637,658 40,600 131,950,096 4,516,000 6,049,808
Expenses waived or borne by the Investment Manager 57,691 53,275 100,615 46,020 –
Net investment income (loss) 695,349 93,875 132,050,711 4,562,020 6,049,808
Swing Pricing – – 575,322 6,238 1,737,533
Investments (net of foreign taxes) (318,023) 111,475 23,175,685 2,603,622 29,753,809
Forward currency exchange contracts 17,015 140,784 (20,933,112) 375,662 68,305
Futures contracts – (160,348) 4,569 (243,760) –
Options – – 191,594 – –
Swaps – – (1,063,063) – –
Foreign currency transactions (4,039) (38,689) (26,326,253) (629,632) (725,513)
Net movement in foreign tax provision – – – – (87,935)
Net realised gain (loss) (305,047) 53,222 (24,375,258) 2,112,130 30,746,199
Investments (net of foreign taxes) 1,646,299 206,471 118,573,132 697,817 109,947,168
Forward currency exchange contracts (11,292) (90,718) 41,729,453 135,160 –
Futures contracts – 14,079 – 21,523 –
Options – – (63,400) – –
Swaps – – 7,603,802 – –
Other assets and liabilities denominated in foreign currency 1,778 (7,373) 928,708 18,293 (1,619)
Net change in unrealised appreciation (depreciation) 1,636,785 122,459 168,771,695 872,793 109,945,549
Net increase (decrease) in net assets as a result of operations 2,027,087 269,556 276,447,148 7,546,943 146,741,556
Distributions:
Net decrease in net assets as a result of distributions – – (15,192,309) (3,835,390) –
Proceeds received on subscription of shares – – 812,136,774 16,899,944 615,195,857
Payments for redemption of shares – – (934,306,097) (52,035,615) (386,651,485)
Net increase (decrease) in net assets as a result of capital transactions – – (122,169,323) (35,135,671) 228,544,372
Total increase (decrease) in net assets 2,027,087 269,556 139,085,516 (31,424,118) 375,285,928
Net assets at the beginning of the year 11,534,399 10,957,197 1,961,793,467 150,880,743 534,086,800
Translation difference – – 23,948,385 281,060 –
Net assets at the end of the year 13,561,486 11,226,753 2,124,827,368 119,737,685 909,372,728
The accompanying notes are an integral part of these financial statements. 95

European
Base Currency EUR EUR EUR EUR EUR
Income
Interest (net of withholding taxes) 15 41 – – 108
Net interest on swaps – – – – –
Dividends (net of withholding taxes) 289,176 455,243 333,311 302,503 151,143
Total income 289,191 455,284 333,311 302,503 151,251
Expenses
Investment management 158,744 188,333 83,274 147,408 29,564
Custody 13,967 9,462 5,049 5,073 8,376
Taxe d’Abonnement 2,758 4,508 1,227 3,365 506
Other expenses 11,826 11,853 2,762 12,033 2,762
Total expenses 236,494 263,674 137,295 217,109 85,481
Net investment income (loss) before expenses waived or borne by the Investment Manager 52,697 191,610 196,016 85,394 65,770
Net investment income (loss) 115,293 240,759 238,144 140,783 116,762
Swing Pricing 5,967 239,970 – – –
Investments (net of foreign taxes) 194,813 79,908 368,306 287,171 108,062
Forward currency exchange contracts (11,034) (8,577) (1,448) 1,205 (208)
Futures contracts – – – – –
Swaps – – – – –
Foreign currency transactions 20,822 (87,271) 122 (2,968) 336
Net realised gain (loss) 210,568 224,030 366,980 285,408 108,190
Forward currency exchange contracts – – – – –
Swaps – – – – –
Other assets and liabilities denominated in foreign currency (780) (575) 132 (26) (303)
Net change in unrealised appreciation (depreciation) 2,102,625 1,803,916 1,804,633 2,523,381 537,057
Net increase (decrease) in net assets as a result of operations 2,428,486 2,268,705 2,409,757 2,949,572 762,009
Distributions:
Net decrease in net assets as a result of distributions – – – – –
Proceeds received on subscription of shares 1,786,626 73,273,656 – 306,453 –
Payments for redemption of shares (2,057,868) (80,956) – (106,555) –
Net increase (decrease) in net assets as a result of capital transactions (271,242) 73,192,700 – 199,898 –
Total increase (decrease) in net assets 2,157,244 75,461,405 2,409,757 3,149,470 762,009
Translation difference – – – – –

Global Global
Income
Interest (net of withholding taxes) 1,324 6,583 – 9,670 –
Dividends (net of withholding taxes) 15,936,530 4,822,597 4,915,507 2,475,264 1,805
Total income 15,937,854 4,829,180 4,915,507 2,484,934 1,805
Expenses
Investment management 10,174,654 3,133,592 2,240,055 1,322,997 2,176
Custody 280,266 83,100 76,568 25,816 32
Taxe d’Abonnement 142,523 58,050 37,925 21,194 153
Other expenses 28,440 22,298 8,076 10,092 1
Total expenses 11,002,433 3,470,223 2,531,213 1,473,679 16,752
Net investment income (loss) before expenses waived or borne by the Investment Manager 4,935,421 1,358,957 2,384,294 1,011,255 (14,947)
Expenses waived or borne by the Investment Manager 7,559 – 8,642 – 14,325
Net investment income (loss) 4,942,980 1,358,957 2,392,936 1,011,255 (622)
Swing Pricing 905,389 246,927 234,946 281,271 –
Investments (net of foreign taxes) 7,083,607 5,614,446 6,635,581 166,795 (2,328)
Forward currency exchange contracts (19,110) (72,622) (73,679) (188,535) 1,679
Swaps – – – – –
Foreign currency transactions (258,801) (55,329) 25,890 191,442 (3,390)
Net movement in foreign tax provision (208,206) – 3,463 – –
Net realised gain (loss) 7,502,879 5,733,422 6,826,201 450,973 (4,039)
Swaps – – – – –
Other assets and liabilities denominated in foreign currency 49,717 4,150 4,005 (1,292) (1)
Net change in unrealised appreciation (depreciation) 153,292,883 42,532,182 45,086,496 10,245,333 78,928
Net increase (decrease) in net assets as a result of operations 165,738,742 49,624,561 54,305,633 11,707,561 74,267
Distributions:
Net decrease in net assets as a result of distributions (274,731) – – – –
Proceeds received on subscription of shares 349,907,366 22,272,088 199,740,579 92,946,356 2,000,000
Payments for redemption of shares (213,696,957) (219,158,170) (8,873,785) (155,031,419) –
Net increase (decrease) in net assets as a result of capital transactions 136,210,409 (196,886,089) 190,866,794 (62,085,063) 2,000,000
Total increase (decrease) in net assets 301,674,420 (147,261,528) 245,172,427 (50,377,502) 2,074,267
Net assets at the beginning of the year 821,567,659 366,437,339 185,681,672 224,411,939 –
Net assets at the end of the year 1,123,242,079 219,175,811 430,854,099 174,034,437 2,074,267
+Fund was launched on 28 November 2012.

97
Global
Base Currency USD EUR USD USD USD
Income
Interest (net of withholding taxes) – 253 – – 28
Dividends (net of withholding taxes) 168,075 34,923 805,832 972,145 599,904
Total income 168,075 35,176 805,832 972,145 599,932
Expenses
Investment management 81,479 17,903 331,408 377,104 1,081,716
Custody 2,483 1,472 10,099 13,160 11,386
Taxe d’Abonnement 2,314 436 4,076 5,824 36,455
Other expenses 9,835 14,819 10,072 16,872 14,633
Total expenses 158,949 82,738 420,305 481,057 1,220,624
Net investment income (loss) before expenses waived or borne by the Investment Manager 9,126 (47,562) 385,527 491,088 (620,692)
Net investment income (loss) 77,486 15,356 406,515 517,745 (612,802)
Swing Pricing 730 269 32,205 126,275 4,016
Investments (net of foreign taxes) 415,213 65,010 (323,513) 1,066,666 7,898,886
Forward currency exchange contracts 3,946 (600) 2,752 103,762 (1)
Swaps – – – – –
Foreign currency transactions (3,031) 681 (29,625) (117,215) (2)
Net realised gain (loss) 416,858 65,360 (318,181) 1,179,488 7,902,899
Investments (net of foreign taxes) 959,897 49,290 2,537,946 2,370,671 5,468,463
Swaps – – – – –
Other assets and liabilities denominated in foreign currency (22) (404) 4,303 77 –
Net change in unrealised appreciation (depreciation) 959,875 48,886 2,542,249 2,370,748 5,468,463
Net increase (decrease) in net assets as a result of operations 1,454,219 129,602 2,630,583 4,067,981 12,758,560
Distributions:
Net decrease in net assets as a result of distributions – – – – –
Proceeds received on subscription of shares 933,481 804,693 19,930,219 17,304,796 12,162,830
Payments for redemption of shares (452,277) (960,324) (3,634,886) (15,334,153) (27,361,040)
Net increase (decrease) in net assets as a result of capital transactions 481,204 (155,631) 16,295,333 1,970,643 (15,198,210)
Total increase (decrease) in net assets 1,935,423 (26,029) 18,925,916 6,038,624 (2,439,650)

US Large Cap US Smaller Combined

US Large Cap Growth US Large Cap Companies total of
Equity Fund++ Equity Fund Value Equity Fund Equity Fund all funds+++
Income
Interest (net of withholding taxes) – 15,408 75 72,003 158,045,241
Net interest on swaps – – – – 3,314,329
Dividends (net of withholding taxes) 46,876 6,975,894 2,949,616 3,266,665 63,534,696
Total income 46,876 6,991,302 2,949,691 3,338,668 224,894,266
Expenses
Investment management 32,324 10,212,089 1,552,223 3,962,840 62,337,340
Accounting and shareholder servicing 50,604 244,954 79,260 79,745 2,445,916
Custody 432 156,410 24,577 45,163 1,374,463
Taxe d’Abonnement 911 271,417 41,179 103,958 1,635,028
Professional services 11,166 144,739 30,010 47,326 1,371,285
Net interest on swaps – – – – 34,699
Other expenses 3,265 23,496 9,758 21,199 315,194
Total expenses 98,702 11,053,105 1,737,007 4,260,231 69,513,925
Net investment income (loss) before expenses waived or borne by the Investment Manager (51,826) (4,061,803) 1,212,684 (921,563) 155,380,341
Expenses waived or borne by the Investment Manager 62,313 7,753 8,382 – 1,225,779
Net investment income (loss) 10,487 (4,054,050) 1,221,066 (921,563) 156,606,120
Swing Pricing – 185,426 61,378 536,933 5,474,755
Investments (net of foreign taxes) 219,372 99,963,966 12,776,735 16,798,101 216,908,941
Forward currency exchange contracts – – – (2,424) (23,929,838)
Futures contracts – – (124,213) – (686,605)
Options – – – – 191,594
Swaps – – – – (1,017,345)
Foreign currency transactions – – – 2,521 (23,768,558)
Net movement in foreign tax provision – – – – (292,678)
Net realised gain (loss) 219,372 100,149,392 12,713,900 17,335,131 172,880,266
Investments (net of foreign taxes) 202,271 77,040,616 12,087,588 30,945,288 634,791,343
Forward currency exchange contracts – – – – 41,374,145
Futures contracts – – – – 53,153
Options – – – – (63,400)
Swaps – – – – 7,600,487
Other assets and liabilities denominated in foreign currency – – – 32 1,023,053
Net change in unrealised appreciation (depreciation) 202,271 77,040,616 12,087,588 30,945,320 684,778,781
Net increase (decrease) in net assets as a result of operations 432,130 173,135,958 26,022,554 47,358,888 1,014,265,167
Distributions:
Net decrease in net assets as a result of distributions – – – – (19,480,251)
Proceeds received on subscription of shares – 457,851,199 62,553,661 357,680,856 3,319,202,291
Payments for redemption of shares – (612,494,270) (126,779,817) (158,798,680) (2,988,766,505)
Net increase (decrease) in net assets as a result of capital transactions – (154,643,071) (64,226,156) 198,882,176 330,435,786
Total increase (decrease) in net assets 432,130 18,492,887 (38,203,602) 246,241,064 1,325,220,702
Net assets at the beginning of the year 2,742,356 997,296,416 168,974,892 207,848,605 5,933,381,594
Translation difference – – – – 27,003,984
Net assets at the end of the year 3,174,486 1,015,789,303 130,771,290 454,089,669 7,285,606,280
++ This Fund was formerly named US Large Cap Core Equity Fund.
+++Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.
99
Statement of Changes
in Number of Shares
Global
Class A
Shares outstanding at the beginning of the year – 358,862 500,000 1,342,846 118,401
Number of shares issued – 10,045 13,962 1,140,761 150,671
Number of shares redeemed – (321,290) – (546,125) (193,309)
Shares outstanding at the end of the year – 47,617 513,962 1,937,482 75,763
Class Ad
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)
Class Ah (NOK)
Class Ah (SEK)*
Class I
Shares outstanding at the beginning of the year 1,009,492 150,000 500,000 1,405,997 263,852
Number of shares issued – 3,842,301 – – –
Number of shares redeemed (9,492) (2,429,102) – – –
Shares outstanding at the end of the year 1,000,000 1,563,199 500,000 1,405,997 263,852
Class Id
Shares outstanding at the beginning of the year – – – 189,471 188,192
Number of shares issued – – – 10,871 –
Number of shares redeemed – – – (28,323) (29,186)
Shares outstanding at the end of the year – – – 172,019 159,006
Class I (GBP)
Class Ih (EUR) –
Class Ih (USD)** –
Shares outstanding at the beginning of the year/period – – – – –
Number of shares issued – 5,226,990 – – –
Shares outstanding at the end of the year/period – 5,226,990 – – –
Class J
Class Jd
Class S
Class Sh (JPY)***
Shares outstanding at the end of the year/period – – – 219,998 –
Class Z
Shares outstanding at the beginning of the year – 906,694 – 368,485 –
Shares outstanding at the end of the year – 906,694 – 368,485 –
100 *Class was launched on 26 June 2012.

**Class was launched on 7 December 2012.
***Class was launched on 21 September 2012.
in Number of Shares >>>continued

Class A
Shares outstanding at the beginning of the year 600,000 – 10,182,061 – 16,275,427
Number of shares issued – – 7,587,277 – 25,075,340
Number of shares redeemed – – (7,990,731) – (24,052,655)
Shares outstanding at the end of the year 600,000 – 9,778,607 – 17,298,112
Class Ad
Shares outstanding at the beginning of the year – – 8,384,016 – –
Number of shares issued – – 7,863,931 – –
Number of shares redeemed – – (3,495,665) – –
Shares outstanding at the end of the year – – 12,752,282 – –
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)*
Shares outstanding at the end of the year/period – – 2,251,860* – –
Class I
Shares outstanding at the beginning of the year 600,000 1,100,000 33,919,527 305,144 21,022,649
Number of shares issued – – 6,772,675 366,095 22,215,521
Number of shares redeemed – – (11,645,916) (186,094) (3,362,262)
Shares outstanding at the end of the year 600,000 1,100,000 29,046,286 485,145 39,875,908
Class Id
Class I (GBP)
Class Ih (EUR)
Shares outstanding at the beginning of the year – – – 1,805,534 –
Number of shares redeemed – – – (1,131,423) –
Shares outstanding at the end of the year – – – 1,331,908 –
Class Ih (USD)**
Class J
Class Jd
Shares outstanding at the beginning of the year – – 12,996,852 11,293,945 –
Number of shares issued – – 794,655 347,510 –
Number of shares redeemed – – (4,452,682) (3,118,903) –
Shares outstanding at the end of the year – – 9,338,825 8,522,552 –
Class S
Shares outstanding at the beginning of the year – – – – 6,466,684
Number of shares redeemed – – – – (4,721,507)
Shares outstanding at the end of the year – – – – 1,745,177
Class Sh (JPY)***
Class Z
Number of shares issued – – 375,180 – –
Shares outstanding at the end of the year – – 967,636 – –
*Class was launched on 26 June 2012.

101
European
Class A
Shares outstanding at the beginning of the year/period 195,000 52,501 – 249,540 –
Number of shares issued 4,566 17,842 – 14,398 –
Number of shares redeemed – (9,672) – (4,913) –
Shares outstanding at the end of the year/period 199,566 60,671 – 259,025 –
Class Ad
Shares outstanding at the end of the year/period – – – – –
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)*
Class I
Shares outstanding at the beginning of the year/period 474,883 750,000 1,500,000 235,000 375,000
Number of shares issued 92,583 8,173,885 – – –
Number of shares redeemed (109,844) – – – –
Shares outstanding at the end of the year/period 457,622 8,923,885 1,500,000 235,000 375,000
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)**
Class J
Class Jd
Class S
Class Sh (JPY)***
Class Z
102 **Class was launched on 7 December 2012.
Global Global
Class A
Shares outstanding at the beginning of the year 5,922,524 3,989,980 281,139 2,194,241 –
Number of shares issued 2,318,834 65,542 16,475 787,371 100,000
Number of shares redeemed (5,353,481) (1,103,000) – (1,103,825) –
Shares outstanding at the end of the year 2,887,877 2,952,522 297,614 1,877,787 100,000
Class Ad
Shares outstanding at the beginning of the year 2,708,832 – – – –
Number of shares issued 2,388,672 – – – –
Number of shares redeemed (2,463,624) – – – –
Shares outstanding at the end of the year 2,633,880 – – – –
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)*
Class I
Shares outstanding at the beginning of the year 27,019,564 32,577,706 7,508,262 19,125,757 –
Number of shares issued 10,063,389 2,092,509 9,415,973 8,003,718 100,000
Number of shares redeemed (2,502,840) (19,398,065) (455,180) (12,881,695) –
Shares outstanding at the end of the year 34,580,113 15,272,150 16,469,055 14,247,780 100,000
Class Id
Class I (GBP)
Shares outstanding at the beginning of the year – – 518,626 – –
Number of shares issued – – 177,909 – –
Shares outstanding at the end of the year – – 696,535 – –
Class Ih (EUR)
Class Ih (USD)**
Class J
Class Jd
Shares outstanding at the beginning of the year 2,054,309 – – – –
Number of shares issued 29,531 – – – –
Number of shares redeemed (607,208) – – – –
Shares outstanding at the end of the year 1,476,632 – – – –
Class S
Class Sh (JPY)***
Class Z
+Fund was launched on 28 November 2012.
*Class was launched on 26 June 2012. 103
Global
Class A
Shares outstanding at the beginning of the year 195,727 31,202 176,257 987,595 4,265,748
Number of shares issued 48,255 139,880 – 872,889 588,560
Number of shares redeemed (19,125) (28,648) (11,486) (520,928) (1,321,905)
Shares outstanding at the end of the year 224,857 142,434 164,771 1,339,556 3,532,403
Class Ad
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)*
Class I
Shares outstanding at the beginning of the year 117,211 255,000 2,149,014 2,017,800 –
Number of shares issued 4,200 – 2,157,523 1,512,584 –
Number of shares redeemed (4,200) (125,000) (414,601) (1,508,300) –
Shares outstanding at the end of the year 117,211 130,000 3,891,936 2,022,084 –
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)**
Class J
Shares outstanding at the beginning of the year – – – – 338,331
Number of shares issued – – – – 69,417
Number of shares redeemed – – – – (181,021)
Shares outstanding at the end of the year – – – – 226,727
Class Jd
Class S
Class Sh (JPY)***
Class Z
104 **Class was launched on 7 December 2012.
US Large Cap US Smaller

US Large Cap Growth US Large Cap Companies
Equity Fund++ Equity Fund Value Equity Fund Equity Fund
Class A
Shares outstanding at the beginning of the year 100,000 33,255,373 4,354,124 5,162,794
Number of shares issued – 17,889,602 2,324,340 13,171,745
Number of shares redeemed – (29,188,826) (3,914,786) (5,959,412)
Shares outstanding at the end of the year 100,000 21,956,149 2,763,678 12,375,127
Class Ad
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)
Class Ah (NOK)
Class Ah (SEK)*
Class I
Shares outstanding at the beginning of the year 100,000 35,567,735 7,122,528 4,897,319
Number of shares issued – 10,802,253 1,573,273 3,267,826
Number of shares redeemed – (9,537,165) (3,848,656) (1,393,990)
Shares outstanding at the end of the year 100,000 36,832,823 4,847,145 6,771,155
Class Id
Class I (GBP)
Class Ih (EUR)
Class Ih (USD)**
Class J
Shares outstanding at the beginning of the year – 677,135 812,026 –
Number of shares issued – 153,159 207,474 –
Number of shares redeemed – (372,014) (469,392) –
Shares outstanding at the end of the year – 458,280 550,108 –
Class Jd
Class S
Class Sh (JPY)***
Class Z
++This Fund was formerly named US Large Cap Core Equity Fund.
*Class was launched on 26 June 2012. 105
S t a t e m e n t o f N AV p e r S h a r e
and Net Asset Statistics
Global
(Amounts in USD unless otherwise noted)

Net asset value per Class A share as at:
31 December 2012 – 13.62 EUR 12.49 EUR 17.26 16.91
31 December 2011 – 11.75 EUR 10.24 EUR 16.25 14.51
31 December 2010 – 11.75 EUR – 15.70 14.14
Net asset value per Class Ad share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Ah (EUR) share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Ah (NOK) share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Ah (SEK) share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class I share as at:
31 December 2012 14.65 16.78 EUR 12.59 EUR 15.24 19.80
31 December 2011 12.37 14.41 EUR 10.26 EUR 14.29 16.87
31 December 2010 12.69 14.35 EUR – 13.75 16.33
Net asset value per Class Id share as at:
31 December 2012 – – – 11.69 12.49
31 December 2011 – – – 11.28 11.27
31 December 2010 – – – 11.23 11.63
Net asset value per Class I (GBP) share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Ih (EUR) share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Ih (USD) share as at:
31 December 2012 – 10.06 – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class J share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Jd share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class S share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Sh (JPY) share as at:
31 December 2012 – – – 10,196.33 JPY –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net asset value per Class Sd share as at:
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – 12.01 EUR – – 14.98
Net asset value per Class Z share as at:
31 December 2012 – 18.81 EUR – 24.11 –
31 December 2011 – 16.06 EUR – 22.46 –
31 December 2010 – 15.88 EUR – 21.46 –
Net assets as at:
31 December 2012 14,653,721 83,840,298 EUR 12,715,257 EUR 91,699,978 8,491,521
31 December 2011 12,485,448 20,934,302 EUR 10,248,123 EUR 52,326,497 8,289,912
31 December 2010 17,505,837 22,425,766 EUR – 59,284,822 12,469,264
and Net Asset Statistics >>>continued


31 December 2012 11.24 – 22.86 – 11.59
31 December 2011 9.59 – 20.05 – 9.55
31 December 2010 – – 19.51 – 11
31 December 2012 – – 12.73 – –
31 December 2011 – – 11.85 – –
31 December 2010 – – 12.32 – –
31 December 2012 – – 19.37 EUR – –
31 December 2011 – – 17.03 EUR – –
31 December 2010 – – 16.52 EUR – –
31 December 2012 – – 172.18 NOK – –
31 December 2011 – – 149.57 NOK – –
31 December 2010 – – 143.61 NOK – –
31 December 2012 – – 108.21 SEK – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 11.37 10.21 23.91 10.84 17.06
31 December 2011 9.63 9.96 20.84 10.30 13.92
31 December 2010 – 10.13 20.16 – 15.88
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – 11.08 EUR –
31 December 2011 – – – 10.55 EUR –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – 10.15 11.15 –
31 December 2011 – – 9.45 10.89 –
31 December 2010 – – 9.81 10.66 –
31 December 2012 – – – – 16.46
31 December 2011 – – – – 13.29
31 December 2010 – – – – 15.02
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – 13.50 – 28.63
31 December 2012 – – 26.85 – –
31 December 2011 – – 23.25 – –
31 December 2010 – – 22.34 – –
Net assets as at:
31 December 2012 13,561,486 11,226,753 2,124,827,368 119,737,685 909,372,728
31 December 2011 11,534,399 10,957,197 1,961,793,467 150,880,743 534,086,800
31 December 2010 – 11,148,489 1,644,020,195 186,437,681 686,931,691
The accompanying notes are an integral part of these financial statements. 107
European

31 December 2012 19.05 EUR 8.52 EUR – 23.51 EUR –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 19.85 EUR 9.07 EUR 8.62 EUR 24.41 EUR 14.02 EUR
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net assets as at:
31 December 2012 12,886,937 EUR 81,495,776 EUR 12,931,268 EUR 11,827,449 EUR 5,256,271 EUR
Global Global

31 December 2012 23.99 19.30 21.42 7.56 10.37
31 December 2011 20.29 16.85 17.76 7.41 –
31 December 2010 25.21 19.34 20.17 8.84 –
31 December 2012 9.66 – – – –
31 December 2011 8.21 – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 29.42 10.62 22.27 11.22 10.38
31 December 2011 24.65 9.18 18.29 10.88 –
31 December 2010 30.34 10.45 20.58 12.85 –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – 15.94 GBP – –
31 December 2011 – – 13.69 GBP – –
31 December 2010 – – 15.30 GBP – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – 8.45 – – –
31 December 2012 7.52 – – – –
31 December 2011 6.35 – – – –
31 December 2010 7.88 – – – –
31 December 2012 – – 10.96 – –
31 December 2011 – – 8.93 – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – 17.45 – 19.88 –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 44.25 11.07 – – –
Net assets as at:
31 December 2012 1,123,242,079 219,175,811 430,854,099 174,034,437 2,074,267
31 December 2011 821,567,659 366,437,339 185,681,672 224,411,939 –
31 December 2010 843,856,378 656,268,804 24,342,458 224,856,840 –
+This Fund was launched on 28 November 2012.

109
Global

31 December 2012 20.06 5.79 EUR 14.33 6.38 19.66
31 December 2011 15.86 5.40 EUR 13.00* 5.43 16.68
31 December 2010 16.85 5.87 EUR 17.40 6.54 16.67
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 20.85 6.46 EUR 9.59 8.78 –
31 December 2011 16.33 5.97 EUR 8.60* 7.38 –
31 December 2010 17.20 6.42 EUR 11.37 8.79 –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – 13.06
31 December 2011 – – – – 10.90
31 December 2010 – – – – 10.72
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
31 December 2012 – – – – –
31 December 2011 – – – – –
31 December 2010 – – – – –
Net assets as at:
31 December 2012 6,953,697 1,664,563 EUR 39,688,822 26,295,867 72,393,759
31 December 2011 5,018,274 1,690,592 EUR 20,762,906 20,257,243 74,833,409
31 December 2010 3,982,702 14,695,071 EUR 33,093,223 33,550,448 79,534,501
110 *Performance Net Asset Values per Share excluding Swing Pricing Adjustment. Official Net Asset Values per Share including Swing Pricing Adjustments are 12.98 and 8.58 respectively.
US Large Cap US Smaller

US Large Cap Growth US Large Cap Companies
Equity Fund++ Equity Fund Value Equity Fund Equity Fund

31 December 2012 15.62 15.72 17.72 21.34
31 December 2011 13.55 13.43 15.26 17.98
31 December 2010 13.58 13.83 15.73 18.12
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 16.13 18.05 15.66 28.06
31 December 2011 13.87 15.28 13.36 23.48
31 December 2010 13.77 15.60 13.65 23.49
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – 12.92 10.72 –
31 December 2011 – 10.86 9.09 –
31 December 2010 – 11.02 9.22 –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – 14.71 –
31 December 2012 – – – –
31 December 2011 – – – –
31 December 2010 – – – –
Net assets as at:
31 December 2012 3,174,486 1,015,789,303 130,771,290 454,089,669
31 December 2011 2,742,356 997,296,416 168,974,892 207,848,605
31 December 2010 2,735,548 1,150,133,674 289,282,491 113,617,811
++This Fund was formerly named US Large Cap Core Equity Fund.
111
Notes to the Financial Statements
1 . T H E C O M PA N Y Base
T. Rowe Price Funds SICAV (the “Company”) is an open-ended investment company Fund Class Inception date Currency
organised under the laws of the Grand Duchy of Luxembourg as a self-managed I 13 December 2006 USD
Société d’Investissement à Capital Variable (“SICAV”) and was authorised under S 27 June 2008 USD
Part I of the Law of 17 December 2010 relating to Undertakings for Collective
Investment. The Company was incorporated on 5 June 2001 and qualifies as an Emerging Europe Equity Fund A 11 November 2008 EUR
Undertakings for Collective Investment in Transferable Securities (“UCITS”). I 11 November 2008 EUR
The Company is structured to provide both institutional and individual European Equity Fund A 3 May 2007 EUR
investors with a choice of investment portfolios (“Fund(s)”) each offering I 26 February 2007 EUR
different investment objectives designed to meet specific risk expectations and
diversification requirements. During the year ended 31 December 2012, the European ex-UK Equity Fund I 26 February 2007 EUR
following Funds had the following shares outstanding: European Smaller Companies
A 26 November 2008 EUR
Equity Fund
Base
Fund Class Inception date Currency I 26 November 2008 EUR
Emerging Local European Structured Research
I 9 August 2007 USD I 7 January 2005 EUR
Markets Bond Fund Equity Fund
EURO Corporate Bond Fund A 9 November 2004 EUR Global Emerging Markets Equity
A 26 October 2004 USD
Fund
I 5 February 2002 EUR
Ad 9 March 2011 USD
Ih (USD) 7 December 2012 USD
I 2 December 2003 USD
Z 20 June 2001 EUR
Jd 31 October 2007 USD
European High Yield Bond Fund A 20 September 2011 EUR
Global Equity Fund A 28 March 2003 USD
I 20 September 2011 EUR
I 12 January 2006 USD
Global Aggregate Bond Fund A 28 March 2003 USD
Global Large Cap Equity Fund A 27 October 2008 USD
I 27 October 2008 USD
Id 7 October 2008 USD
I (GBP) 10 July 2009 GBP
Sh (JPY) 21 September 2012 JPY
S 11 March 2011 USD
Z 9 July 2001 USD
Global Natural Resources Equity
Global Emerging Markets Bond A 5 November 2007 USD
A 27 June 2006 USD Fund
Fund
I 15 November 2006 USD
Global Value Equity Fund+ A 28 November 2012 USD
Id 7 October 2008 USD
I 28 November 2012 USD
Global Emerging
A 18 May 2011 USD Global Real Estate Securities Fund A 27 October 2008 USD
Markets Corporate Bond Fund
I 18 May 2011 USD I 27 October 2008 USD
Global Fixed Income Absolute Japanese Equity Fund A 11 April 2006 EUR
I 25 June 2009 USD
Return Fund I 16 December 2005 EUR
Global High Yield Bond Fund A 17 August 2001 USD
Latin American Equity Fund A 19 June 2009 USD
Ad 2 June 2009 USD
I 24 April 2008 USD
Ah (EUR) 2 April 2003 EUR Middle East & Africa Equity Fund A 24 December 2007 USD
Ah (NOK) 15 July 2004 NOK I 4 September 2007 USD
Ah (SEK) 26 June 2012 SEK US Blue Chip Equity Fund A 5 February 2003 USD
I 4 March 2002 USD J 20 February 2007 USD
Jd 5 December 2003 USD US Large Cap Equity Fund++ A 26 June 2009 USD
Z 28 June 2001 USD I 26 June 2009 USD
US Aggregate Bond Fund I 7 June 2011 USD US Large Cap Growth Equity Fund A 13 November 2003 USD
Ih (EUR) 1 June 2011 EUR I 31 July 2003 USD
Jd 5 December 2003 USD J 20 February 2007 USD
Asian ex-Japan Equity Fund A 28 January 2008 USD US Large Cap Value Equity Fund A 2 January 2003 USD
112 +This Fund was launched on 28 November 2012.

++This Fund was formerly named the US Large Cap Core Equity Fund.

>>>continued
Base accrued interest. However, if amortised cost is deemed not to reflect fair value, the
Fund Class Inception date Currency securities are valued at fair value as determined in good faith by and under the
direction of the Board of Directors.
I 27 March 2002 USD
J 20 February 2007 USD For financial reporting purposes, securities are valued using prices as of the close
of each security’s primary market on 31 December 2012. Due to timing of market
US Smaller Companies Equity Fund A 31 July 2001 USD
closes, net assets and net asset value per share of each Fund as calculated herein
I 28 September 2001 USD may differ from the amounts calculated for the purpose of processing shareholder
As at 31 December 2012, up to six classes of shares may be offered to transactions on 31 December 2012, as described in the Company’s prospectus.
investors (“Class”): Class A Shares, Class I Shares, Class J Shares, Class c) Conversion of Foreign Currencies
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 The books and records of each Fund are kept in the base currency of that Fund.
(“Distributing Shares”) or accumulated income (“Accumulating Shares”), and Amounts denominated in other currencies are translated into the base currency
may be hedged (‘’’Hedged Shares’’) or denominated into a currency other on the following basis: (i) investment valuations and other assets and liabilities
than the currency of denomination for a particular Fund. Outstanding Ad and initially expressed in other currencies are converted each business day into the
Ah Shares represent Distributing Shares and Hedged Shares, respectively, of base currency using currency exchange rates prevailing on each such business
Class A. Ad and Ah Shares are currently only offered to investors of the Global day, and (ii) purchases and sales of foreign investments, income and expenses
High Yield Bond Fund and of Global Emerging Markets Equity Fund, and I are converted into the base currency using currency exchange rates prevailing
(GBP) Shares are currently only offered to investors of the Global Large Cap on the respective dates of such transactions.
Equity Fund and Ih Shares are currently only offered to investors of the US
Net realised gains and losses on foreign currency transactions represent:
Aggregate Bond Fund and EURO Corporate Bond Fund. Sh Shares are currently
only offered to investors of the Global Aggregate Bond Fund. Class A and Q (i) foreign exchange gains and losses from the holding and sale of foreign
Shares are available for all investors. Class I, J, S, and Z Shares are reserved currencies, (ii) gains and losses between trade date and settlement date on
for institutional investors. Class Id, Jd and Sd Shares are Distributing Shares securities transactions, and (iii) gains and losses arising from the difference
of Class I, J and S, respectively, and may be offered to investors in all Funds between amounts of dividends and interest recorded and the amounts actually
with the exception of Class Id which is only available in Global Aggregate received. The Funds do not isolate that portion of the results of operations
Bond Fund, Global Emerging Markets Bond Fund, Global Emerging Markets resulting from changes in foreign exchange rates on investments from the
Corporate Bond Fund and Global Fixed Income Absolute Return Fund. All fluctuations arising from changes in market prices of investments held during
classes belonging to the same Fund will be commonly invested in adherence the year.
with the specific investment objective of the relevant Fund but may differ
with regard to fee structure, minimum subscription amount, dividend policy, The reference currency of the Company’s combined statements is the US dollar
currency hedging, or other particular features described in the Company’s (“USD”). For those Funds and Share Classes that are denominated in a base
prospectus. currency other than USD, financial statement items are translated on the
following basis: (i) assets and liabilities are converted at currency exchange
The Luxembourg supervisory authority, the Commission for the Supervision of rates prevailing on the date of the financial statements, and (ii) balances in
the Financial Sector (“CSSF”), has approved a new prospectus date November the Statement of Operations and Changes in Net Assets are converted at the
2012 and the addition of one new Fund to the Company: Global Value Equity average currency exchange rate for the year. Exchange rates, expressed as 1 USD
Fund has been launched on 28 November 2012. equivalent, used in such translations are as follows:
Average for the year ended
2. SIGNIFICANT ACCOUNTING POLICIES Currency At 31 December 2012 31 December 2012
a) General EUR 0.7585 0.7777

NOK 5.5653 5.8189
These financial statements are prepared in accordance with accounting
principles generally accepted in the Grand Duchy of Luxembourg. SEK 6.5055 6.7732
b) Valuation of Securities JPY 86.465 79.82

GBP 0.6152 0.6308
In determining the value of the assets of the Funds at the time in which net assets
values are normally calculated, securities which are quoted or dealt in on an official
exchange or another regulated market are valued at the latest available sale price,
d) Securities Transactions and Investment Income
or official closing price for certain markets, on the official exchange or market Securities transactions are recorded on a trade date basis. For reporting purposes,
which is normally the principal market for such securities. securities transactions have been recorded on a trade date basis through the
close of each Fund’s primary market on 31 December 2012. Realised gains and
Securities which are not quoted or dealt in on an official exchange or another losses are determined on the basis of the average cost of securities sold.
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 Dividend income is accrued on the ex-dividend date. Interest income and
representative of fair value are valued in good faith by and under the direction of expenses are recorded on the accrual basis. Premiums and discounts on debt
the Board of Directors on the basis of reasonably expected sale prices. securities are recognised in income on a straight-line basis.
Short-term debt investments purchased with original maturities less than one year Cash at banks includes cash balances in time deposits ranging from overnight
are valued at amortised cost, which approximates fair value when combined with to three months in duration with various financial institutions meeting certain
credit standards. Each Fund could experience a delay in recovering the value
113

>>>continued
of these deposits and a possible loss of income or value if the counterparty Global Aggregate Bond Fund
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 Class Sh is intended to reduce a Shareholder’s currency exposure to those net
the accompanying Statement of Operations and Changes in Net Assets. assets attributable to the specific Hedged Share Class that are not denominated
in that specific hedge open share class currency. As at 31 December 2012,
e) Class Accounting and Formation Expenses the unrealised gain (loss) on forward currency exchange contracts reflected in
the Statement of Net Assets consists of the following contracts attributable to
Expenses incurred by each Class are charged directly to the Class to which they relate. Hedged Shares:
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.
Unrealised Gain
The costs and expenses incurred in connection with the formation of a new Fund Settlement Receive Deliver (Loss) (USD)
and the initial issuance of shares may be deferred and amortised over a period not
Class Sh (JPY):
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. 31 January 2013 14,471 AUD 15,000 USD (12)
31 January 2013 32,863 CAD 33,000 USD (17)
3. INVESTMENT TRANSACTIONS 31 January 2013 6,386 CHF 7,000 USD (19)

31 January 2013 96,630 CZK 5,086 USD (8)
a) Derivatives
31 January 2013 160,214 EUR 212,000 USD (716)
Each Fund may enter into forward currency exchange, financial futures, option 31 January 2013 40,914 GBP 66,000 USD 501
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 31 January 2013 1,797,657,577 JPY 21,300,495 USD (504,519)
of the contracts represents the extent of each Fund’s participation in these 31 January 2013 11,773,630 KRW 11,000 USD 19
financial instruments. Forward currency exchange and financial future contracts 31 January 2013 52,038 SEK 8,000 USD (7)
are valued daily using prevailing forward exchange rates and current settlement
31 January 2013 421,180 USD 405,947 AUD 731
prices, respectively. Option and swap contracts are valued daily using an
independent pricing service. Changes in contract value are recorded daily as 31 January 2013 755,336 USD 750,972 CAD 1,616
unrealised gains or losses until termination or maturity. Net periodic receipts 31 January 2013 198,662 USD 181,372 CHF 393
or payments required by swap contracts are accrued daily as interest income or
31 January 2013 6,912,452 USD 5,229,895 EUR 15,471
interest expense on swaps.
31 January 2013 1,662,070 USD 1,026,672 GBP (6,641)
Market risks associated with such contracts arise due to the possible movements
31 January 2013 267,920 USD 288,734,700 KRW (2,304)
in foreign exchange rates, interest rates, credit quality, indices and security
values underlying these instruments. Other market and credit risks include the 31 January 2013 86,329 USD 1,121,887 MXN 195
possibility that there may be an illiquid market for the contracts, that a change 31 January 2013 119,070 USD 365,568 MYR (420)
in the value of the contracts may not directly correlate with changes in the
31 January 2013 109,192 USD 337,580 PLN 487
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 31 January 2013 200,941 USD 1,312,146 SEK (608)
contract. Open contracts attributable to all classes of a Fund, if applicable, are 31 January 2013 45,237 USD 55,206 SGD 44
reflected in each Fund’s Statement of Investments. 31 January 2013 70,857 USD 611,304 ZAR (876)
The Funds may deposit cash into an account held at the broker in order to meet Net Unrealised Loss on Open
initial margin requirements on open future contracts and to keep additional Forward Currency Exchange Contracts (496,690)
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.
Global High Yield Bond Fund – Class Ah Hedged Shares
EURO Corporate Bond Fund Class Ah is intended to reduce a Shareholder’s currency exposure to those net assets
Class Ih is intended to reduce a Shareholder’s currency exposure to those net attributable to the specific Hedged Share Class that are not denominated in that
assets attributable to the specific Hedged Share Class that are not denominated specific Hedged share class currency. In this regard, up to 100% of the non-Euro net
in that specific hedge open share class currency. As at 31 December 2012, the asset value attributable to Class Ah (EUR), up to 100% of the non-Norwegian Krone
unrealised gain (loss) on forward currency exchange contracts reflected in the net asset value attributable to Class Ah (NOK) and up to 100% of the non-Swedish
Statement of Net Assets consists of the following contracts attributable to Krona net asset value attributable to Class Ah (SEK), as reasonably practicable, are
Hedged Shares: hedged into Euro, Norwegian Krone and Swedish Krona respectively, through the
use of forward currency exchange contracts. Realised and unrealised currency gains
or losses are solely attributable to each Hedged Share Class and not to any other
Unrealised Gain
class of the Global High Yield Bond Fund. As at 31 December 2012, the unrealised
Settlement Receive Deliver (Loss) (EUR)
gain (loss) on open forward currency exchange contracts reflected in the Statement
Class Ih (USD): of Net Assets consists of the following contracts attributable to Hedged Shares:
31 January 2013 52,217,025 USD 39,506,903 EUR 88,670
Net Unrealised Gain on Open
Forward Currency Exchange Contracts 88,670
114

>>>continued
inability to transfer or liquidate the notes, potential delays or an inability to

Unrealised Gain redeem before maturity under certain market conditions, and limited legal recourse
Settlement Receive Deliver (Loss) (USD) against the issuer of the underlying common stock.
Class Ah (EUR): c) China A-shares
14 January 2013 128,244,493 EUR 162,315,379 USD 6,762,156
During the year ended 31 December 2012, the Asian ex-Japan Equity Fund and
14 February 2013 187,404,419 EUR 243,369,000 USD 3,771,414 the Global Emerging Markets Equity Fund invested in certain Chinese equity
14 March 2013 132,104,232 EUR 168,578,517 USD 5,676,516 securities (A-shares) available only to local Chinese investors and Qualified
15 April 2013 132,221,752 EUR 173,316,267 USD 1,144,121 Foreign Institutional Investors (QFII). The Funds gained access to the A-share
market through T. Rowe Price International, Inc. (TRPI), which served as
14 January 2013 4,936,900 USD 3,733,352 EUR 14,849 the registered QFII for all participating T. Rowe Price-sponsored products.
14 February 2013 8,495,670 USD 6,637,044 EUR (256,928) Investment decisions related to A-shares are specific to each participating
17,112,128 Fund, and each Fund bears the resultant economic and tax consequences of
its holdings and transactions in A-shares. Each Fund is subject to certain
Class Ah (NOK): restrictions and administrative processes relating to its ability to repatriate cash
14 January 2013 202,950,854 NOK 34,720,813 USD 1,746,704 balances, investment proceeds, and earnings associated with its A-shares and
14 February 2013 207,380,529 NOK 36,249,000 USD 972,426 may incur substantial delays in gaining access to its assets or a loss of value
in the event of non-compliance with applicable Chinese rules or requirements.
14 March 2013 195,345,475 NOK 33,969,076 USD 1,056,782 Current Chinese tax law is unclear whether capital gains realised on each Fund’s
15 April 2013 151,729,867 NOK 26,787,369 USD 388,347 investments in A-shares will be subject to tax. Because management believes
14 February 2013 3,298,742 USD 19,025,443 NOK (116,047) it is more likely than not that Chinese capital gains taxes ultimately will be
imposed, an accrual for potential tax liability is reflected in the accompanying
14 January 2013 1,493,409 USD 8,552,890 NOK (43,430)
financial statements.
4,004,782
Class Ah (SEK):
d) TBA Purchase Commitments
14 January 2013 413,396,816 SEK 61,984,602 USD 1,561,627 Certain Funds may enter into to be announced (“TBA”) purchase commitments,
pursuant to which they agreed to purchase mortgage-backed securities for a
14 January 2013 26,200,662 USD 175,400,000 SEK (761,347)
fixed unit price, with payment and delivery at a scheduled future date beyond
800,280 the customary settlement period for such mortgage-backed securities. With
Net Unrealised Gain on Open TBA transactions, the particular securities to be delivered are not identified
Forward Currency Exchange Contracts 21,917,190 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
US Aggregate Bond Fund with the intention of taking possession of the underlying mortgage securities.
Class Ih is intended to reduce a Shareholder’s currency exposure to those net Until settlement, the Funds maintain cash reserves and liquid assets sufficient
assets attributable to the specific Hedged Share Class that are not denominated to settle its TBA commitments.
in that specific hedge open share class currency. As at 31 December 2012, the
unrealised gain (loss) on forward currency exchange contracts reflected in the e) Portfolio Turnover Ratios
Statement of Net Assets consists of the following contracts attributable to Portfolio turnover ratios, as calculated under the method prescribed by the
Hedged Shares: “Commission de Surveillance du Secteur Financier”, for the year ended 31
December 2012 are as follows:
Unrealised Gain
Settlement Receive Deliver (Loss) (USD) Portfolio Turnover
31 January 2013 15,213,488 EUR 20,121,145 USD 1,561 Fund Ratio
31 January 2013 438,512 USD 331,335 EUR (58,190) Emerging Local Markets Bond Fund 150.69
Net Unrealised Loss on Open EURO Corporate Bond Fund (141.86)
Forward Currency Exchange Contracts (56,629) European High Yield Bond Fund 109.37
Global Aggregate Bond Fund 121.16
b) Participation Notes Global Emerging Markets Bond Fund 4.57
During the year ended 31 December 2012, the Middle East & Africa Equity Fund Global Emerging Markets Corporate Bond Fund 148.22
was a party to participation notes, through which a counterparty provides exposure Global Fixed Income Absolute Return Fund 167.98
to common stock, in the form of an unsecured interest, in markets where direct Global High Yield Bond Fund 67.81
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 US Aggregate Bond Fund 95.53
rights are retained by the counterparty. Although, participation notes are usually Asian ex-Japan Equity Fund 27.54
structured with a defined maturity or termination date, early redemption may be Emerging Europe Equity Fund 44.20
possible. Risks associated with participation notes include the possible failure
of the counterparty to perform in accordance with the terms of the agreement, European Equity Fund 122.93
115

>>>continued
Portfolio Turnover Amount

Fund Ratio Fund Class Currency per Share Ex-date
European ex-UK Equity Fund 100.15 Jd USD 0.055533 21 December 2012
European Smaller Companies Equity Fund 47.61 Global Emerging
Ad USD 0.030642 22 June 2012
European Structured Research Equity Fund 44.51 Markets Equity Fund
Global Emerging Markets Equity Fund 20.93 Jd USD 0.014280 24 February 2012
Global Equity Fund 198.58 Jd USD 0.043216 24 May 2012
Global Large Cap Equity Fund 205.25 Jd USD 0.043539 24 August 2012
Global Natural Resources Equity Fund 60.67 Jd USD 0.016178 21 November 2012
Global Value Equity Fund 12.72* Global Aggregate Bond Fund Id USD 0.038523 24 January 2012
Global Real Estate Securities Fund 55.08 Id USD 0.034059 24 February 2012
Japanese Equity Fund 33.05
Id USD 0.027494 23 March 2012
Latin American Equity Fund 35.77
Id USD 0.026991 24 April 2012
Middle East & Africa Equity Fund 106.61
Id USD 0.025460 24 May 2012
US Blue Chip Equity Fund 25.33
Id USD 0.023883 22 June 2012
US Large Cap Equity Fund** 117.11
Id USD 0.034760 24 July 2012
US Large Cap Growth Equity Fund 49.68
US Large Cap Value Equity Fund (5.04) Id USD 0.030454 24 August 2012
US Smaller Companies Equity Fund (19.33) Id USD 0.024338 24 September 2012
*Portfolio turnover rates for funds that incepted during the year ended 31 December 2012 are not annualised. Id USD 0.019891 24 October 2012
**This Fund was formerly named US Large Cap Core Equity Fund.
Id USD 0.018818 21 November 2012
4. DIVIDENDS Id USD 0.021660 21 December 2012
The Company intends to declare and distribute dividends representing substantially US Aggregate Bond Fund Jd USD 0.037524 24 January 2012
all of the net investment income attributable to Distributing Shares. Dividends in Jd USD 0.034679 24 February 2012
respect of these Shares will normally be payable annually, will be declared in the
Jd USD 0.033417 23 March 2012
currency of denomination of the relevant Fund and will be recorded on ex-date.
Interim dividends in respect of the Distributing Shares of any particular Fund may Jd USD 0.036601 24 April 2012
be paid from the attributable net investment income and realised capital gains
Jd USD 0.033766 24 May 2012
with a frequency and at such intervals as the Board of Directors may decide.
Jd USD 0.031226 22 June 2012
The following dividend payments were made during the year ended 31 December 2012:
Jd USD 0.036077 24 July 2012
Amount
Jd USD 0.032736 24 August 2012
Fund Class Currency per Share Ex-date
Global High Yield Bond Fund Ad USD 0.198207 23 March 2012 Jd USD 0.029118 24 September 2012
Ad USD 0.191528 22 June 2012 Jd USD 0.032094 24 October 2012
Ad USD 0.185277 24 September 2012 Jd USD 0.026331 21 November 2012
Ad USD 0.169022 21 December 2012 Jd USD 0.029048 21 December 2012
Jd USD 0.067163 24 January 2012 Global Emerging

Id USD 0.096043 24 January 2012
Markets Bond Fund
Jd USD 0.057910 24 February 2012
Id USD 0.048223 24 February 2012
Jd USD 0.062701 23 March 2012
Id USD 0.056664 23 March 2012
Jd USD 0.061279 24 April 2012
Id USD 0.054349 24 April 2012
Jd USD 0.059433 24 May 2012
Id USD 0.051976 24 May 2012
Jd USD 0.061805 22 June 2012
Id USD 0.049388 22 June 2012
Jd USD 0.060880 24 July 2012
Id USD 0.093728 24 July 2012
Jd USD 0.058924 24 August 2012
Id USD 0.047837 24 August 2012
Jd USD 0.057653 24 September 2012
Id USD 0.051748 24 September 2012
Jd USD 0.058577 24 October 2012
Id USD 0.047543 24 October 2012
Jd USD 0.050185 21 November 2012
116

>>>continued
Asian ex-Japan Equity Fund USD 10,244,467

Amount
Fund Class Currency per Share Ex-date Global Emerging Markets Equity Fund USD 4,492,192
Global Equity Fund USD 25,742,631
Id USD 0.036850 21 November 2012 Global Large Cap Equity Fund USD 350,775
Id USD 0.039000 21 December 2012
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.
5 . C US TO D I A N F E E S
The Fund is subject to an annual custodian fee, based upon a reducing scale, from 8 . R E L AT E D PA R T Y T R A N S A C T I O N S
0.04% to 0.0145% depending upon the value of the assets held in custody up to
30 April 2012. With effect from 01 May 2012, the Fund is subject to an annual
a) Investment Management Fees
custodian fee, based upon a reducing scale, from 0.025% to 0.01%. This fee is The Funds are managed by T. Rowe Price International Ltd. (the “Investment
calculated and accrued each business day and paid monthly in arrears. Manager”) and T. Rowe Price Associates, Inc, T. Rowe Price Hong Kong Limited
and T. Rowe Price Singapore Private Ltd. (the “Investment Sub-Managers”). The
Discretionary Investment Management Agreement (the “Agreement”) between
6. ACCOUNTING AND SHAREHOLDER the Company and the Investment Manager provides for an annual investment
SERVICING management fee. The fee is computed daily and paid monthly and is calculated on
Accounting and Shareholder Servicing in the Statement of Operations and Changes the daily net assets of each Fund at the following annual rates:
in Net Assets include transfer agent fees, domiciliary fees and administration fee. Class Class
Fund A* I**
The Fund is subject to an annual administration fee, based upon a reducing scale,
from 0.07% to 0.01% depending upon the value of the Fund’s net assets. Each Sub- Emerging Local Markets Bond Fund 1.25% 0.65%
Fund is, however, subject to a minimum annual administration fee of USD 40,000. EURO Corporate Bond Fund 0.90% 0.50%
This fee is calculated and accrued each business day and paid monthly.
European High Yield Bond Fund 1.15% 0.60%
Global Aggregate Bond Fund 0.90% 0.55%
7 . TA X AT I O N Global Emerging Markets Bond Fund 1.25% 0.65%
Under current law and practice, the Company is not liable for any Luxembourg Global Emerging Markets Corporate Bond Fund 1.35% 0.70%
income tax, nor are dividends paid by the Company subject to any Luxembourg
Global Fixed Income Absolute Return Fund 0.90% 0.55%
withholding tax. Additionally, no Luxembourg tax is payable on the realised or
unrealised capital appreciation of the assets of the Company. Global High Yield Bond Fund 1.15% 0.60%
US Aggregate Bond Fund 0.90% 0.50%
a) Taxe d’Abonnement
Asian ex-Japan Equity Fund 1.90% 1.00%
For the year ended 31 December 2012, the Fund was subject to a tax (“Taxe
Emerging Europe Equity Fund 1.90% 1.00%
d’Abonnement”) of 0.05% per annum in respect to Class A Shares (“Advisers
Classes”) and 0.01 % per annum in respect to Class I, J, S and Z Shares European Equity Fund 1.50% 0.70%
(“Institutional Classes”), as provided by the relevant Luxembourg laws. The European ex-UK Equity Fund 1.50% 0.70%
Taxe d’Abonnement is payable quarterly on the basis of the value of the net European Smaller Companies Equity Fund 1.80% 0.95%
assets of each class at the end of the relevant calendar quarter.
European Structured Research Equity Fund 1.20% 0.60%
b) Provision for Foreign Taxes Global Emerging Markets Equity Fund 1.90% 1.00%
Each Fund is subject to foreign income taxes imposed by certain countries in which Global Equity Fund 1.60% 0.75%
it invests. Taxes attributable to income are accrued by each Fund as a reduction of Global Large Cap Equity Fund 1.60% 0.75%
income. Capital gains realised by a Fund upon disposition of securities issued in
Global Natural Resources Equity Fund 1.60% 0.75%
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 Global Value Equity Fund 1.60% 0.75%
law, and, to the extent permitted, capital losses are used to offset capital gains. Global Real Estate Securities Fund 1.60% 0.75%
To the extent that tax rates vary based upon holding period, each Fund accrues a Japanese Equity Fund 1.60% 0.75%
deferred tax liability using the minimum applicable tax rate.
Latin American Equity Fund 1.90% 1.00%
Current and deferred tax expenses attributable to net capital gains are reflected
Middle East & Africa Equity Fund 2.00% 1.10%
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 2012, US Blue Chip Equity Fund 1.50% 0.65%
no tax amounts attributable to Indian capital gains are netted with net realised US Large Cap Equity Fund 1.50% 0.65%
and unrealised gain (loss) on investments in the Asian ex-Japan Equity Fund, US Large Cap Growth Equity Fund 1.50% 0.65%
Global Emerging Markets Equity Fund, Global Equity Fund and Global Large Cap
Equity Fund, as presented in the Statement of Operations and Changes in Net US Large Cap Value Equity Fund 1.50% 0.65%
Assets. As at 31 December 2012, none of these Funds had a deferred tax liability US Smaller Companies Equity Fund 1.60% 0.95%
related to Indian capital gain taxes on unrealised gains, but had the following
*Includes Ad and Ah Shares.
capital loss carry forwards to offset future realised gains on Indian securities **Includes Id, Ih (EUR), Ih (USD) and I (GBP) Shares.
subject to Indian capital gain taxes: There is no Investment Management Fees for Share Classes S.
117

>>>continued
The Investment Manager may use investment management fees in part to pay Total Expense Expense
remunerations (trailer fees) for distribution activities concerning the Funds. In Fund Class Ratio* Limit
addition, the Investment Manager may make reimbursements to institutional
Ah (NOK) 1.25 1.60
investors which, from a commercial perspective, hold Shares of the Funds for
third parties. Ah (SEK)** 1.28 1.60
I 0.66 0.96
b) Expense Waivers
Jd - -
Class A and Q Shares
Z - -
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 US Aggregate Bond Fund I 0.76 0.78
waive all or part of the fees which it is entitled to receive and/or reimburse the Ih (EUR) 0.62 0.78
Class certain other expenses in order to reduce the impact such fees and expenses
may have on the performance of the Class. Jd - -
Class I Shares Asian ex-Japan Equity Fund A 2.03 2.30
I Class Shares are available to Institutional Investors only and are subject both I 1.09 1.20
to the Investment Management fee and the operating & administrative expenses S 0.08 0.32
attributable to them.
Emerging Europe Equity Fund A 2.07 2.07
Class S Shares I 1.10 1.10
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 European Equity Fund A 1.67 1.67
to institutional investors having a professional services arrangement with the I 0.80 0.80
Investment Manager. The Investment Manager may, for such time as it considers European ex-UK Equity Fund I 0.80 0.80
appropriate, choose to reimburse the Class certain other expenses in order to
European Smaller Companies Equity Fund A 1.97 1.97
reduce the impact such expenses may have on the performance of the Class.
I 1.05 1.05
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 European Structured
I 0.70 0.70
Research Equity Fund
ended 31 December 2012:
Global Emerging Markets Equity Fund A 2.04 2.40
Total Expense Expense
Fund Class Ratio* Limit Ad 2.07 2.40
Emerging Local Markets Bond Fund I 0.75 0.75 I 1.08 1.40
EURO Corporate Bond Fund A 1.07 1.07 Jd - -
I 0.60 0.60 Global Equity Fund A 1.75 2.00
Ih(USD)** 0.60 0.60 I 0.84 1.07
Z - - Global Large Cap Equity Fund A 1.77 1.77
European High Yield Bond Fund A 1.32 1.32 I 0.83 0.85
I 0.70 0.70 I (GBP) 0.85 0.85
Global Aggregate Bond Fund A 1.06 1.07 S 0.10 0.10
I 0.65 0.65 Global Natural Resources Equity Fund A 1.87 2.00
Id 0.65 0.65 I 0.83 1.07
Sh (JPY)** 0.10 0.10 Global Value Equity Fund A** 1.77 1.77
Z - - I** 0.85 0.85
Global Emerging Markets Bond Fund A 1.40 1.42 Global Real Estate Securities Fund A 1.77 1.77
I 0.75 0.75 I 0.85 0.85
Id 0.75 0.75 Japanese Equity Fund A 1.74 1.77
Global Emerging Markets Corporate Bond I 0.85 0.85

A 1.52 1.52
Fund Latin American Equity Fund A 2.40 2.40
I 0.80 0.80 I 1.20 1.20
Global Fixed Income Middle East & Africa Equity Fund A 2.48 2.50
I 0.65 0.65
Absolute Return Fund
I 1.30 1.30
Global High Yield Bond Fund A 1.26 1.60
US Blue Chip Equity Fund A 1.68 1.85
Ad 1.26 1.60
J - -
Ah (EUR) 1.25 1.60
US Large Cap Equity Fund*** A 1.67 1.67
118

>>>continued
Total Expense Expense Affiliated investments

Fund Class Ratio* Limit
US Blue Chip Equity Fund 4%
I 0.75 0.75
US Large Cap Growth Equity Fund 1%
US Large Cap Growth Equity Fund A 1.61 1.85
US Large Cap Value Equity Fund 5%
I 0.71 0.93
*This Fund was launched on 28 November 2012.
J - - **This Fund was formerly named US Large Cap Core Equity Fund.
US Large Cap Value Equity Fund A 1.66 1.85

I 0.73 0.93
J - -
US Smaller Companies Equity Fund A 1.72 1.95
I 1.02 1.23
*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 2012 as a percentage of the average net assets of that Class.
**Class incepted during the year ended 31 December 2012; the Total Expense Ratio indicated is an annualised figure.
***This Fund was formerly named US Large Cap Core Equity Fund.
c) Shareholder Transactions
The Investment Manager or its affiliates may invest in a new Fund for the
purpose of providing seed capital (“Direct Investment”), with the intent of
remaining invested until the Fund has substantial net assets. Additionally,
other Funds and accounts managed by the Investment Manager or its affiliates
may invest in the Funds (“Affiliated Accounts”). However, no affiliated party
may invest for the purpose of exercising management or control over any Fund
or the Company. As at 31 December 2012, the following Funds had a percentage
of their net assets held by the Investment Manager or its affiliates.
Fund Name Percentage
Emerging Local Markets Bond Fund 100%
Emerging Europe Equity Fund 59%
EURO Corporate Bond Fund 96%
European Smaller Companies Equity Fund 95%
European Equity Fund 99%
European ex-UK Equity Fund 100%
European High Yield Bond Fund 99%
European Structured Research Equity Fund 100%
Global Real Estate Securities Fund 59%
Global Fixed Income Absolute Return Fund 100%
Global Aggregate Bond Fund 33%
Global Emerging Markets Corporate Bond Fund 100%
Global Large Cap Equity Fund 1%
Global Value Equity Fund* 100%
Japanese Equity Fund 99%
Latin American Equity Fund 12%
Middle East & Africa Equity Fund 33%
US Large Cap Equity Fund** 100%
Affiliated investments
Global Emerging Markets Equity Fund 1%
Global High Yield Bond Fund 4%
US Aggregate Bond Fund 79%
119

>>>continued
9 . performance summary
SICAV Benchmark SICAV Benchmark SICAV Benchmark
31 December 31 December 31 December 31 December 31 December 31 December
2012 2012 2011 2011 2010 2010
Fund/Benchmark Class Year to Date % Year to Date % Year to Date % Year to Date % Year to Date % Year to Date %
Emerging Local Markets Bond Fund I 18.43 16.76 (2.52) (1.75) 12.00 14.15
JP Morgan Emerging GBI-EM
Broad Diversified Index
EURO Corporate Bond Fund A 15.91 13.59 0.00 1.49 4.44 4.75
Barclays Capital Euro
I 16.45 13.59 0.42 1.49 4.97 4.75
Aggregate Corporate Index
Ih (USD) 0.60* 0.49* N/A N/A N/A N/A
Sd N/A N/A N/A N/A 5.46 4.75
Z 17.12 13.59 1.13 1.49 5.80 4.75
European High Yield Bond Fund A 21.97 24.53 2.40* 2.94* N/A N/A
Bank of America/Merrill Lynch European
Currency High Yield Constrained Ex- I 22.71 24.53 2.60* 2.94* N/A N/A
Subordinated Financials Index
Global Aggregate Bond Fund A 6.22 4.32 3.50 5.64 5.65 5.54
Barclays Capital Global Aggregate Bond Index I 6.65 4.32 3.93 5.64 6.18 5.54
Id 6.63 4.32 3.90 5.64 6.07 5.54
Sh (JPY) 1.96* 1.16* N/A N/A N/A N/A
Z 7.35 4.32 4.66 5.64 6.93 5.54
Global Emerging Markets Bond Fund A 16.54 17.44 2.62 7.35 13.30 12.24
JP Morgan Emerging Market Bond Index
I 17.37 17.44 3.31 7.35 14.04 12.24
Global Diversified
Id 17.29 17.44 3.38 7.35 13.97 12.24
Sd N/A N/A N/A N/A 14.81 12.24
Global Emerging Markets Corporate Bond Fund A 17.21 15.02 (4.10)* (1.23)* N/A N/A
J.P Morgan CEMBI Broad Diversified Index I 18.07 15.02 (3.70)* (1.23)* N/A N/A
Global Fixed Income Absolute Return Fund I 2.51 0.24 (1.68) 0.23 0.40 0.27
LIBOR 1 Month Index
Global High Yield Bond Fund A 14.01 16.21 2.77 5.73 13.36 15.05
JP Morgan Global High Yield Index Ad 14.01 16.21 2.71 5.73 13.34 15.05
Ah (EUR) 13.74 15.54 3.09 5.64 13.54 N/A
Ah (NOK) 15.12 17.25 4.15 6.98 14.67 N/A
Ah (SEK) 8.21* 9.39* N/A N/A N/A N/A
I 14.73 16.21 3.37 5.73 14.09 15.05
Jd 15.46 16.21 4.06 5.73 14.73 15.05
Sd N/A N/A N/A N/A 14.54 15.05
Z 15.48 16.21 4.07 5.73 14.86 15.05
US Aggregate Bond Fund Jd 6.09 4.21 6.69 7.84 7.35 6.54
Barclays Capital US Aggregate Bond Index I 5.24 4.21 3.00* 4.49* N/A N/A
Ih (EUR) 5.02 4.05 5.50* 4.71* N/A N/A
Asian ex-Japan Equity Fund A 21.36 22.70 (13.18) (17.07) 17.40 19.93
MSCI All Country Asia ex-Japan Index I 22.56 22.70 (12.34) (17.07) 18.51 19.93
S 23.85 22.70 (11.52) (17.07) 19.78 19.93
Sd N/A N/A N/A N/A 19.49 19.93
Emerging Europe Equity Fund A 21.57 26.27 (31.09) (20.78) 37.15 26.52
MSCI Emerging Markets Europe
I 22.83 26.27 (30.43) (20.78) 38.52 26.52
and Middle East Index
European Equity Fund A 19.33 18.09 (7.51) (7.51) 14.54 11.75
MSCI Europe Index I 20.13 18.09 (6.67) (7.51) 15.74 11.75
European ex-UK Equity Fund I 22.97 20.78 (10.70) (12.20) 14.43 9.55
FTSE All World Developed Europe ex-UK Index
European Smaller Companies Equity Fund A 33.13 25.43 (14.93) (15.59) 26.74 27.57
S&P Pan Europe Small Cap Index I 34.34 25.43 (14.13) (15.59) 27.85 27.57
European Structured Research Equity Fund I 17.03 18.09 (7.49) (7.51) 11.93 11.75
MSCI Europe Index
120

>>>continued
SICAV Benchmark SICAV Benchmark SICAV Benchmark

31 December 31 December 31 December 31 December 31 December 31 December
2012 2012 2011 2011 2010 2010
Fund/Benchmark Class Year to Date % Year to Date % Year to Date % Year to Date % Year to Date % Year to Date %
Global Emerging Markets Equity Fund A 18.24 18.63 (19.52) (18.17) 16.98 19.20
MSCI Emerging Markets Free Index Ad 18.10 18.63 (17.70)* (17.26)* N/A N/A
I 19.35 18.63 (18.75) (18.17) 18.10 19.20
Jd 20.51 18.63 (17.82) (18.17) 19.24 19.20
Z N/A N/A N/A N/A 19.40 19.20
Global Equity Fund A 14.54 16.80 (12.87) (6.86) 11.02 13.21
MSCI All Country World Index I 15.69 16.80 (12.15) (6.86) 12.12 13.21
J N/A N/A N/A N/A 12.97 13.21
Sd N/A N/A N/A N/A 12.71 13.21
Z N/A N/A N/A N/A 10.70* 10.02*
Global Large Cap Equity Fund A 20.61 16.68 (11.95) (6.39) 13.25 11.68
MSCI AC World Large Cap Index I 21.76 16.68 (11.13) (6.39) 14.27 11.68
S 22.73 16.68 (10.70)* (8.53)* N/A N/A
I (GBP) 16.44 11.56 (10.52) (5.69) 17.87 15.19
Global Natural Resources Equity Fund A 2.02 2.39 (16.18) (16.41) 18.34 12.34
Lipper Global Natural Resources Fund Index I 3.13 2.39 (15.33) (16.41) 19.65 12.34
Sd N/A N/A N/A N/A 20.40 12.34**
Global Value Equity Fund A 3.70* 2.86* N/A N/A N/A N/A
MSCI World Index I 3.80* 2.86* N/A N/A N/A N/A
Global Real Estate Securities Fund A 26.48 28.65 (5.88) (5.82) 21.75 20.40
FTSE EPRA/NAREIT Global Real Estate Index I 27.68 28.65 (5.06) (5.82) 22.86 20.40
Japanese Equity Fund A 7.22 5.89 (8.01) (9.58) 21.03 23.94
TOPIX Index I 8.21 5.89 (7.01) (9.58) 22.29 23.94
Latin American Equity Fund A 10.23 9.82 (25.29) (18.37) 18.13 17.55
MSCI EM Latin America 10-40 Index I 11.51 9.82 (24.36) (18.37) 19.43 17.55
Middle East & Africa Equity Fund A 17.50 15.44 (16.97) (12.68) 15.55 26.67
S&P Emerging Market/FrontierMiddle East &
I 18.97 15.44 (16.04) (12.68) 16.73 26.67***
Africa Broad Market Index ex-Israel
US Blue Chip Equity Fund A 17.87 16.00 0.06 2.11 14.57 15.06
S&P 500 Index J 19.82 16.00 1.68 2.11 16.40 15.06
US Large Cap Equity Fund**** A 15.28 16.00 (0.15) 2.11 12.61 15.06
S&P 500 Index I 16.29 16.00 0.80 2.11 13.63 15.06
US Large Cap Growth Equity Fund A 17.05 15.26 (2.89) 2.64 14.20 16.71
Russell 1000 Growth Index I 18.13 15.26 (2.05) 2.64 15.30 16.71
J 18.97 15.26 (1.45) 2.64 16.12 16.71
US Large Cap Value Equity Fund A 16.12 17.51 (2.99) 0.39 12.12 15.51
Russell 1000 Value Index I 17.22 17.51 (2.12) 0.39 13.18 15.51
J 17.93 17.51 (1.41) 0.39 13.97 15.51
Sd N/A N/A N/A N/A 13.66 15.51
US Smaller Companies Equity Fund A 18.69 17.88 (0.77) (2.51) 25.66 26.71
Russell 2500 Index I 19.51 17.88 (0.04) (2.51) 26.49 26.71
* Returns for the T. Rowe Price Funds SICAV and their related benchmarks are presented for the period since inception for those classes with operations less than one year.
** Previously benchmarked with MSCI World Index
*** Previously benchmarked with S&P/IFCG Middle East & Africa Index and Ex-Kuwait, Ex-Saudi Arabia and Ex-Israel Index
****This Fund was formerly named US Large Cap Core Equity Fund.
121

>>>continued
1 0 . S wing pricing Total

To the extent that the Directors consider that it is in the best interests of Transaction
Shareholders, taking into account factors including the prevailing market Name of Sub-Funds Currency Costs
conditions, the level of subscriptions and redemptions in a particular Fund and Latin American Equity Fund USD 51,390
the size of the Fund, the Directors may decide to adjust the Net Asset Value Middle East & Africa Equity Fund USD 162,630
of a Fund (“Swing pricing”) by an amount (‘’Swing Factor’’) intended to reflect
US Blue Chip Equity Fund USD 16,801
the estimated dealing spreads, costs and charges to be incurred by the Fund in
liquidating or purchasing investments to satisfy the net transactions received in US Large Cap Equity Fund** USD 1,457
respect of a particular Dealing Day. US Large Cap Growth Equity Fund USD 496,943
Under normal market circumstances, the Swing Factor shall not exceed 2% of US Large Cap Value Equity Fund USD 81,967
the Net Asset Value of the relevant Fund on the relevant Dealing Day. When net US Smaller Companies Equity Fund USD 228,542
subscriptions in a Fund exceed a certain threshold on a given Dealing Day, the
Net Asset Value is adjusted upwards by the Swing Factor. Similarly, when net *This Fund was launched on 28 November 2012.
**This Fund was formerly named US Large Cap Core Equity Fund.
redemptions in a Fund exceed a certain threshold on a given Dealing Day, the
Net Asset Value of the Fund is adjusted downwards by a the Swing Factor. There are no brokerage fees charged separately for transactions on fixed income
The official Net Asset Value per Share as at year-end, disclosed in the Statement instruments and derivatives (except for futures). The transaction costs are
of Share and Net Assets Statistics may therefore include a Swing pricing included in the transaction price, which is known as “marked up”. For this reason
adjustment, which would not be recognized in the Statement of Net Assets and there is currently no data available to disclose for Global Value Equity Fund.
the Statement of Operations and Changes in Net Assets.
PERFORMANCE DISCLOSURE
11. TRANSACTION COSTS Past performance is not indicative of current or future performance. Investment
The transaction costs are costs incurred by the funds in connection with in the Shares of the Funds is subject to risks, including possible loss of principal
transactions on securities and derivatives instruments. They consist of amount invested. Performance data provided for the Funds and their related
commissions and taxes relating to these transactions. benchmarks is based on the base currency of denomination of the relevant
Fund shares (unless otherwise noted) and include changes in principal value
For the period from 1 January 2012 to 31 December 2012, the amounts are as and reinvested dividends but does not take into account any commissions and
follows: 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
Total
Transaction primary market on 31 December 2012. Due to timing of market closes, net
Name of Sub-Funds Currency Costs assets and net asset value per share of each Fund may differ from the NAV
published on that date.
Emerging Local Markets Bond Fund USD 288
EURO Corporate Bond Fund EUR – Please note that investment management fees and administration agent fees
to the Class J Shares, investment management fees to the Class S Shares and
European High Yield Bond Fund EUR 64
investment management fees nor other expenses to Class Z Shares are born by
Global Aggregate Bond Fund USD 1,532 the Investment Manager. Therefore, performance of those Shares is shown gross
Global Emerging Markets Bond Fund USD – 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
Global Emerging Markets Corporate Bond Fund USD –
purchase of 10 million, 10 million and 25 million in base currency, respectively,
Global Fixed Income Absolute Return Fund USD 701 and are only available to institutional investors having a professional services
Global High Yield Bond Fund USD 55,033 arrangement with the Investment Manager. For availability of other Classes of
US Aggregate Bond Fund USD 1,849 Shares and their respective fees and expenses, please refer to the Prospectus or
contact the Funds’ Distributor.
Asian ex-Japan Equity Fund USD 2,314,459
Emerging Europe Equity Fund EUR 10,657
European Equity Fund EUR 202,268
European ex-UK Equity Fund EUR 13,283
European Smaller Companies Equity Fund EUR 12,407
European Structured Research Equity Fund EUR 3,130
Global Emerging Markets Equity Fund USD 1,607,103
Global Equity Fund USD 800,153
Global Large Cap Equity Fund USD 1,049,921
Global Natural Resources Equity Fund USD 249,970
Global Value Equity Fund* USD 2,037
Global Real Estate Securities Fund USD 4,519
Japanese Equity Fund EUR 2,497
122
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
Global Exposure Level of VaR Ratio Data

Funds Methodology Leverage % Lowest Highest Average Reference Portfolio
Emerging Local Markets Bond Fund Relative VaR 65% .99x 1.08x 1.03x JP Morgan GBI-EM Global Diversified Returns Index
EURO Corporate Bond Fund Relative VaR 3% 1.03x 1.2x 1.09x Barclays Capital Euro-Aggregate: Corporate Returns Index
BofA Merrill Lynch European Currency High Yield Constrained
European High Yield Bond Fund Relative VaR 17% .99x 1.24x 1.11x
Index ex. Sub-Financials
Global Aggregate Bond Fund Relative VaR 56% .97x 1.09x 1.03x Barclays Capital Global Aggregate Returns Index
Global Emerging Markets Bond Fund Relative VaR 28% .86x 1.07x .98x JP Morgan Emerging Markets Global Diversified Bond Index
Relative VaR 1% 1.27x 1.61x 1.43x JP Morgan CEMBI Broad Diversified Index
Bond Fund
Absolute VaR 84% 1% 2% 1% –
Return Fund
Global High Yield Bond Fund Relative VaR 50% .91x 1.1x .99x JP Morgan Global High Yield Index
U.S. Aggregate Bond Fund Relative VaR 25% .96x 1.09x 1.03x Barclays Capital US Aggregate Returns Index
123
Further Information
S TAT E M E N T O F C H A N G E S I N P O R T F O L I O Copies of the Company’s latest Prospectus, Key Investor Information

Document, Application Form, Articles of Incorporation and the latest
A statement giving the changes in the portfolio of investments for the year annual and (where applicable) semi-annual reports may be obtained free of
ended 31 December 2012 can be obtained free of charge from the registered charge from the offices of the Administrator or the Distributor. Furthermore,
office of the Company. Additional information regarding the portfolio of the Company’s latest Prospectus, Key Investor Information Document,
each Fund may be requested from the registered office of the Company. Application Form, Articles of Incorporation and the latest annual and (where
applicable) semi-annual reports may be downloaded from the Distributor’s
SOFT COMMISSION website at www.troweprice.com, where the daily issue and redemption
prices are also published.
The Investment Manager and its delegates currently use full service broker-
dealers that provide bundled proprietary research and have also entered Pursuant to Directive 2009/65/EC of the European Council and of
into commission sharing arrangements on a limited basis for the purchase the Parliament, Commission Regulation No 583/2010 and associated
of independent, third-party vendor research all subject to best execution implementing legislation, the simplified prospectus produced in respect
obligations. Lower commissions may be available from other brokers that of the SICAV has been replaced with Key Investor Information Documents
do not provide research. In addition, the Investment Manager and its (“KIID”) prior to 1 July 2012.
delegates pay directly for other services such as market data services. KIID is available in the same languages as the prospectus and is available
to the investors at www.trpfundsicavkiid.com.
G E N E R A L I N F O R M AT I O N Additional Information for Investors in the Federal Republic of Germany:
The Company’s articles of incorporation (“Articles of Incorporation”) may J.P. Morgan AG, Junghofstrasse 14, 60311 Frankfurt am Main, has
be amended from time to time by a meeting of Shareholders, subject to the undertaken the function of Paying and Information Agent for the Company
quorum and majority requirements as provided for by Luxembourg law. Any in the Federal Republic of Germany (the “German Paying and Information
amendment thereto shall be published in the Mémorial, in a Luxembourg Agent”).
daily newspaper and, if necessary, in the official publications specified
for the respective countries in which Company shares are sold. Such Applications for the redemptions and conversion of shares may be sent
amendments become legally binding on all Shareholders, following their to the German Paying and Information Agent. All payments to investors,
approval by the General Meeting of Shareholders. including redemption proceeds and potential distributions, may, upon
request, be paid through the German Paying and Information Agent.
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 The prospectus, the Key Investor Information Documents, the Articles of
and majority requirements in respect of each relevant Class. Incorporation of the Company and the annual and semi-annual reports may
be obtained free of charge in hardcopy form at the office of the German
The Company is a single legal entity. However, each Fund is regarded as Paying and Information Agent during normal opening hours. The statement
being separate from the others and is liable for all of its own obligations, of changes in the composition of the investment portfolio is also free of
unless other terms have been specifically agreed with its creditors. charge upon request at the office of the German Paying and Information
The Annual General Meeting of Shareholders of the Company will be held in Agent available.
Luxembourg at 11:30 a.m. on the last Friday of April in each year (or if such Issue, redemption, and conversion prices of the shares and any other
day is not a bank business day in Luxembourg, on the next following bank information to the shareholders, are also available free of charge from the
business day in Luxembourg). German Paying and Information Agent.
Notices of all Annual General Meetings are sent by mail to all registered The issue, redemption and conversion prices of the shares, the interim
Shareholders at their registered address at least eight days prior to each profit (Zwischengewinn), the equity gain (Aktiengewinn), and any other
such meeting, and notices of all extraordinary general meetings at least information intended for the shareholders will be published in Germany
21 days prior to each such meeting. Such notice will indicate the time in the “Financial Times Deutschland” and on the website ‘’Fundinfo.com.’’
and place of such meeting and the conditions of admission thereto, will
contain the agenda and will refer to the requirements of Luxembourg law Danish investors may obtain copies of the above documentation from the
with regard to the necessary quorum and majorities at such meeting. To the offices of the Distributor’s Copenhagen Branch:
extent required by Luxembourg law, further notices will be published in the Nordea Bank A/S
Mémorial and in one Luxembourg newspaper. Strandgade 3,
The annual report, containing the audited combined financial accounts of the DK-0900 Copenhagen C
Company expressed in US dollars and of each Fund expressed in the relevant Denmark
currency of denomination, in respect to the preceding financial year, will Finnish investors may obtain copies of the Prospectus, Key Investor
be sent to investors whose names appear in the register of Shareholders at Information Document, Information for Finnish Investors, Application
their registered addresses and made available at the Company’s registered Form, Articles of Incorporation and the latest annual and semi-annual
office within four months of the end of the Company’s fiscal year. reports of the Funds from the Administrator in Luxembourg or the T. Rowe
Unaudited semi-annual reports will also be sent, on demand, to Shareholders Price offices located in Copenhagen, London and Stockholm.
whose names appear in the register and will be made available at the Swiss investors may obtain copies of the Prospectus, Key Investor
Company’s registered office within two months of the end of the period to Information Document, Application Form, Articles of Incorporation and the
which they relate. latest annual and semi-annual reports of the Funds, as well as the list of the
The Company has regulatory approvals to market itself to both retail and purchases and sales which the Funds have undertaken during the financial
institutional clients in thirteen countries. These are Estonia, Denmark, year, free of charge from the Office of the Swiss Representative:
Finland, Germany, Latvia, Lithuania, Luxembourg, The Netherlands, Norway, First Independent Fund Services Ltd
Spain, Sweden, Switzerland and the UK. The Company has also been granted Klausstrasse 33
limited, institutional-only registrations in Italy and Singapore. In addition, CH-8008 Zürich
a selection of sub-funds has been approved for distribution in Taiwan. Switzerland
124
Further Information >>>continued
Issue and redemption prices of the Shares will appear daily on the website
www.fundinfo.com.
Applications for shares of each Fund can only be made on the basis of the
current Prospectus or the Key Investor Information Documents (“KIID”) of
T. Rowe Price Funds SICAV (as applicable) together with the latest audited
annual report (and, if published, subsequent semi-annual report). Please read
the Prospectus or the KIID (as applicable) carefully prior to investing. It is
the responsibility of any persons in possession of these documents and any
persons wishing to make applications for shares pursuant to the Prospectus or
the KIID (as applicable) to inform themselves of, and to observe, all applicable
laws and regulations of any relevant jurisdictions. In certain jurisdictions,
shares may not be available, publicly and/or otherwise, for purchase and the
distribution of this document may be restricted.
125
Audit Report
To the Shareholders of T. Rowe Price Funds SICAV Opinion

In our opinion, the financial statements give a true and fair view of the
We have audited the accompanying financial statements of T. Rowe Price financial position of T. Rowe Price Funds SICAV and of each of its sub-
Funds SICAV and of each of its sub-funds, which comprise the statement funds as of 31 December 2012, and of the results of their operations and
of net assets and the statement of investments as at 31 December 2012 changes in their net assets for the year then ended in accordance with
and the statement of operations and changes in net assets for the year Luxembourg legal and regulatory requirements relating to the preparation
then ended, and a summary of significant accounting policies and other of the financial statements.
explanatory notes to the financial statements.
Other matters
Responsibility of the Board of Directors of the SICAV for Supplementary information included in the annual report has been reviewed
the financial statements in the context of our mandate but has not been subject to specific audit
The Board of Directors of the SICAV is responsible for the preparation procedures carried out in accordance with the standards described above.
and fair presentation of these financial statements in accordance with Consequently, we express no opinion on such information. However, we
Luxembourg legal and regulatory requirements relating to the preparation have no observation to make concerning such information in the context of
of the financial statements and for such internal control as the Board of the financial statements taken as a whole.
Directors of the SICAV determines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether PricewaterhouseCoopers, Société coopérative Luxembourg, 22 April 2013
due to fraud or error. Represented by
Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements Valérie Piastrelli
based on our audit. We conducted our audit in accordance with International
Standards on Auditing as adopted for Luxembourg by the “Commission
de Surveillance du Secteur Financier”. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the judgment of the “Réviseur d’entreprises agréé”,
including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk
assessments, the “Réviseur d’entreprises agréé” considers internal control
relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Board of Directors of
the SICAV, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg
T: +352 494848 1, F:+352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)

R.C.S. Luxembourg B 65 477 - TVA LU25482518
126

T Rowe Price Asian Ex-Japan Fund 2012 (884 MN Usd)

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T.

Rowe Price Funds SICAV

AUDITED Annual Report

2 Management and Administration 88 Financial Statements

Management and Administration

Management and Administration

Letter From the Board of Directors

The Board of Directors,

Emerging Local Markets Bond Fund

Investment Objective Statement of Investments

The fund’s objective is to maximise total return by Market

Emerging Local Markets Bond Fund

Emerging Local Markets Bond Fund

Short, 1 ten-year US Treasury

Credit Default Swap Contracts

Other Assets Less Liabilities 483,514 3.30

Net Assets 14,653,721 100.00

AUD: Australian Dollar

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

EURO Corporate Bond Fund

Investment Objective Statement of Investments

The fund’s objective is to maximise total return Market

EURO Corporate Bond Fund >>>continued

EURO Corporate Bond Fund >>>continued

Market Forward Currency Exchange Contracts

Total Transferable Securities

Other Transferable Securities

Total Other Transferable Securities 337,632 0.41

Total Investment Securities 79,746,666 95.12

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

European High Yield Bond Fund

Investment Objective Statement of Investments

The fund’s objective is to maximise total return through Market

European High Yield Bond Fund

Market Forward Currency Exchange Contracts

United States of America

Total Transferable Securities

Transferable Securities Traded on Another Regulated Market

United States of America

Total Transferable Securities

Total Investment Securities 12,350,092 97.13

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

Global Aggregate Bond Fund

Investment Objective Statement of Investments

The fund’s objective is to maximise total return through Market

British Virgin Islands

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

United States of America Futures Contracts

Global Aggregate Bond Fund >>>continued

Credit Default Swap Contracts

Other Assets Less Liabilities 2,992,785 3.26

Net Assets 91,699,978 100.00

AUD: Australian Dollar

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

Global Emerging Markets Bond Fund

Investment Objective Statement of Investments

EURO Corporate Bond Fund >>>continued

EURO Corporate Bond Fund >>>continued

European High Yield Bond Fund

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global Aggregate Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

Global High Yield Bond Fund >>>continued

US Aggregate Bond Fund >>>continued

US Aggregate Bond Fund >>>continued

US Aggregate Bond Fund >>>continued

US Aggregate Bond Fund >>>continued

US Aggregate Bond Fund >>>continued

Asian ex-Japan Equity Fund >>>continued