Audited Annual Report December 31, 2016€¦ · Universal-Investment-Luxembourg S.A. (until...

Global Evolution Funds (formerly known as CGS FMS)

Société d’Investissement à Capital Variable Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg,

Grand Duchy of Luxembourg R.C.S. Luxembourg B 157.442

December 31, 2016

Audited Annual Report

Global Evolution Funds - ANNUAL REPORT 2016

Table of contents

Only the English version of the present Financial Statements has been reviewed by the independent auditors. Consequently, the independent auditor’s report only refers to the English version of the financial statements. Other versions result from a conscientious translation made under the responsibility of the Board of Directors of the SICAV. In case of differences between the English version and the translation, the English version should be retained.

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General Information ........................................................................................................................................... 3 Local Market Disclaimers................................................................................................................................... 4 Independent auditor’s report .............................................................................................................................. 8 Report of the Investment Manager .................................................................................................................. 10 Statement of Net Assets .................................................................................................................................. 24 Statement of Operations and Changes in Net Assets ..................................................................................... 26 Statistical information ....................................................................................................................................... 28 Schedule of Investments and Other Net Assets .............................................................................................. 29

Global Evolution Funds - Frontier Markets .................................................................................................. 29 Global Evolution Funds - EM Debt ............................................................................................................... 32 Global Evolution Funds - EM Local Debt ..................................................................................................... 34 Global Evolution Funds - EM Blended Debt ................................................................................................ 35 Global Evolution Funds - EM Debt and FX .................................................................................................. 37 Global Evolution Funds - Emerging Frontier ................................................................................................ 38

Notes to the Financial Statements ................................................................................................................... 41 Unaudited appendix ......................................................................................................................................... 52


General Information

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Registered Office

Global Evolution Funds (formerly known as CGS FMS until January 18, 2017) Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg, Grand Duchy of Luxembourg R.C.S. Luxembourg B 157.442

Board of Directors

Chairman Mr. Eric Chinchon Founding Partner of ME Business Solutions S.à r.l. 16, rue Jean-Pierre Brasseur, L - 1258 Luxembourg, Grand Duchy of Luxembourg

Directors Ms. Priscilla Hardison Managing Director, Global Evolution Manco 6B, route de Trèves, L - 2633 Senningerberg, Grand Duchy of Luxembourg

Mr. Søren Rump CEO Global Evolution Fondsmæglerselskab A/S Kokholm 3A, DK - 6000 Kolding, Denmark

Management Company

Universal-Investment-Luxembourg S.A. (until September 30, 2016) 15, rue de Flaxweiler, L - 6776 Grevenmacher, Grand Duchy of Luxembourg

Global Evolution Manco S.A. (from October 1, 2016) 6B, route de Trèves, 6th floor, L - 2633 Senningerberg, Grand Duchy of Luxembourg

Depositary Bank The Bank of New York Mellon S.A./N.V., Luxembourg Branch Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg, Grand Duchy of Luxembourg

Administration Agent

Universal-Investment-Luxembourg S.A. (until September 30, 2016) 15, rue de Flaxweiler, L - 6776 Grevenmacher, Grand Duchy of Luxembourg

The Bank of New York Mellon (Luxembourg) S.A. (from October 1, 2016) Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg, Grand Duchy of Luxembourg

Domiciliary, Paying, Registrar and Transfer Agent

The Bank of New York Mellon (Luxembourg) S.A. Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg, Grand Duchy of Luxembourg

Investment Manager Global Evolution Fondsmæglerselskab A/S Kokholm 3A, DK - 6000 Kolding, Denmark

Legal Advisor Elvinger, Hoss & Prussen 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg

Auditor Ernst & Young, Société anonyme Cabinet de révision agréé 35E, avenue John F. Kennedy, L -1855 Luxembourg, Grand Duchy of Luxembourg


Local Market Disclaimers

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Additional Information for Investors in the Federal Republic of Germany

For the following sub-fund, no notification for distribution in the Federal Republic of Germany was submitted and Shares in this sub-fund may NOT be offered to investors within the scope of the German Investment Code. As a consequence, the following sub-fund is NOT available to investors in Germany:

• Emerging Frontier Paying and information agent for Germany:

Marcard, Stein & Co AG Ballindamm 36 20095 Hamburg, Germany, has been appointed as paying and information agent in the Federal Republic of Germany (the ’’German Paying and Information Agent’’).

The Articles of Incorporation, the Prospectus and Key Investor Information Document, semi-annual and annual reports, the Net Asset Value per share, and the subscription and redemption prices are available free of charge from the Management Company and the German Paying and Information Agent during usual business hours. In addition, this information is available electronically on http://www.globalevolutionfunds.com.

An investor is allowed to convert shares from one Share Class to another Share Class (please refer to the Prospectus for more information); the conversion price(s) correspond to the redemption and subscription prices or the Net Asset Value per share. Requests for redemption and conversion may be submitted to the German Paying and Information Agent.

All payments (redemption proceeds, any distributions, and other payments) may be paid by the German Paying and Information Agent to the Shareholders. Any notices to shareholders shall be published on the website www. globalevolutionfunds.com.

The statement of changes in the composition of the investment portfolio is also available free of charge upon request at the office of the German Paying and Information Agent.


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Additional Information for Investors in Austria

The following sub-funds are available to investors in Austria:

• Global Evolution Funds - EM Blended Debt • Global Evolution Funds - EM Debt • Global Evolution Funds - EM Debt and FX • Global Evolution Funds - EM Local Debt • Global Evolution Funds - Frontier Markets

Paying and Information Agent for the shares of the Fund authorized for public distribution in Austria:

ERSTE BANK der oesterreichischen Sparkassen AG Am Belvedere 1 1100 Wien, Austria.

Applications for the redemption, subscriptions and conversion of shares may be sent to the Austrian Paying Agent. All payments to investors, including redemption proceeds, potential distributions and other payments, may, upon request, be paid through the Austrian Paying and Information Agent.

The following documents and information may be obtained in hard copy and free of charge at the registered office of the Management Company (Global Evolution Manco) and at the Austrian Paying and Information Agent and can be inspected at the offices of the Austrian Paying Agent during normal business hours:

- The prospectus and the articles of incorporation; - Key Investor Information Documents (KIIDs); - The annual report and semi-annual report; - Redemption or Subscription prices; - Any investor notices.


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Additional Information for Investors in Switzerland

Legal form and country of origin of the investment fund

The collective investment Global Evolution Funds, a SICAV with the sub-funds Frontier Markets, EM Debt, EM Local Debt, EM Blended Debt and EM Debt and FX is an investment fund under Luxembourg law.

Representative and paying agent

Representative agent: ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zürich, Switzerland Paying agent: NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH-8024 Zürich, Switzerland

Address for the delivery of relevant documents

The detailed prospectus, including the general terms and conditions, the special conditions, the key investor information document (KIID), the annual and semi-annual reports, and the presentation of purchases/sales are available free of charge from the representative in Switzerland.

Publications

Notifications of the Fund are published in Switzerland on the electronic platform www.fundinfo.com. This platform contains, in particular, important information for shareholders, such as changes in the prospectus or the management regulations and the liquidation of the fund. The prospectus, including the management regulations, the key investor information document and the annual and semi-annual reports are available at no charge from the representative in Switzerland.

The issue and redemption prices and/or the net asset value with the notice "excluding commissions" are published daily on the electronic platform fundinfo (www.fundinfo.com).


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Local Centralizing, Paying, Facilities, Information or Representative Agents

The articles of incorporation, the prospectus, the Key Investor Information Document, periodic financial reports (semi-annual and annual reports), and the subscription and redemption prices are available free of charge at the local agent address listed below:

Country Agent address details

Austria ERSTE BANK der oesterreichischen Sparkassen AG Am Belvedere 1 - 1100 Wien, Austria

Belgium Société Générale Private Banking NV Kortrijksesteenweg 302 - 9000 Gent, Belgium

Denmark SEB GTS Custody Services SEB Merchant Banking Bernstorffsgade 50 - 1577 Copenhagen V, Denmark

France Société Générale Securities Services 29, boulevard Haussmann - 75009 Paris, France

Germany Marcard, Stein & Co AG Ballindamm 36 - 20095 Hamburg, Germany

Ireland Société Générales S.A. (acting through its Dublin Branch) 3rd Floor IFSC House - Dublin 1, Ireland

Italy Société Générale Securities Services S.p.A. Maciachini Center, MAC 2, Via Benigno Crespi – 19/A, 20159 Milan, Italy BNP PARIBAS Securities Services, Piazza Lina Bo Bardi, 3 – 20124 Milan, Italy

Sweden Skandinaviska Enskilda Banken AB (publ) Global Transaction Services SEB Merchant Banking Sergels Torg ST MH1 - 106 40 Stockholm, Sweden

Switzerland Representative agent: ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zürich, Switzerland Paying agent: NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH-8024 Zürich, Switzerland

United Kingdom Global Evolution Funds c/o Global Funds Registration 1st Floor, 10 New Street - London EC2M 4TP, United Kingdom


Independent auditor’s report

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To the Shareholders of Global Evolution Funds (formerly CGS FMS SICAV) Vertigo Building – Polaris 2-4, rue Eugène Ruppert L-2453 Luxembourg We have audited the accompanying financial statements of Global Evolution Funds (formerly CGS FMS SICAV) and of each of its sub-funds, which comprise the statement of net assets and the schedule of investments and other net assets as at December 31, 2016 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement 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, 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.


Report of the Investment Manager

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Last year’s market environment 2016 proved a sea change in terms of world order and politics. New alliances were made and old alliances broke up. In Europe, the UK Brexit vote in June was the first obvious hint of the growing voter dissatisfaction with the political and institutional establishment that was later spelled out as Donald Trump against the odds won the US presidential race leaving the political analysts and polling companies ashamed and grieved.

In emerging markets, Turkey saw a failed coup attempt that left President Erdogan even more powerful and secular minded public sector employees as haunted animals. In Brazil, President Dilma Rousseff was ousted and replaced by Michel Temer thereby raising hope of an end to the political stalemate. However, in Argentina, President Macri’s ambitious economic agenda lost notable momentum and popular support. Meanwhile in Colombia, president Santos received the Nobel Peace Price for his efforts to bring the country’s more than 50-year-long civil war to an end. Ironically, the peace deal brokered with FARC was turned down in a referendum. Turning to South Africa, investors were left dazed and confused as a power struggle between president Zuma and finance minister Gordhan unfolded in the media with the local market suffering huge volatility. In the end it became increasingly clear that president Zuma’s political days were numbered as high level ANC members failed to offer explicit support. In Syria, besides the devastating consequences of a civil war and the tragic loss of lives, the intervention by Russia, Turkey, the US and the EU was a geopolitical powder keg waiting to explode.

Performance-wise, the gloomy narrative that characterized emerging markets in 2015 and early 2016 turned far more rosy as oil (up 45%) and base metals (up 21%) recovered. By late August, local currency debt benchmark GBI EM Global Diversified™ was up around 18% while EMBI Global Diversified™ peaked slightly above 15% in early September driven by negative yielding core fixed income markets and solid inflows from institutional investors in search for positive yield.

The surprise outcome of the US presidential election saw a notable repricing of EM risk in November and thus lower but still respectable GBIEM Global Diversified™ and EMBI Global Diversified™ full year returns of 9.94% and 10.15% respectively. By region, in EMBI Global Diversified™, resource rich Africa outperformed (15.75%), followed by Latin America (13,46%), Asia (6.92%) and Europe (6.73%). In GBI EM Global Diversified™, Middle East/Africa outperformed (30.82%), followed by Latin America (17.13%), Asia (5.60%) and Europe (1.98%). Ironically, Brazil being one of the most hated countries in 2015 and early 2016, returned a stunning 57.76%, with Russia, still sanctioned by the West, came in second (37.49%).


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Outlook for 2017 Heading into the unknown Trump-world, what has struck us the most is the optimism and animal spirit displayed in consumer and business surveys – not only in the US but also on a more global scale. In fact, Markit’s EM manufacturing PMI has risen from a low 48.3 in September 2015 to a 2 ½-year high of 51.2 in December 2016. At the same time, JP Morgan’s Global Manufacturing Purchasing Managers’ Index has risen to 52.7 in December from 52.1 in November, the highest reading since February 2014. In other words, inflation, monetary tightening, protectionism and de-globalization worries have taken the back seat for now.

While we like what we see in terms of EM manufacturing optimism and commodity prices, we cannot help being cautious. To mention a few potential headwinds: rising inflation in the US, in Europe and in Asia (due to base effects, energy and food), a stronger dollar and higher US treasury yields are factors that are unlikely to go well with positive emerging markets performance. While rising inflation driven by base effects is transitory, another pick-up in US wage inflation is not. And with the US labor market already tight by most standards, ongoing micro managed insourcing of manufacturing production (Trump vs Ford being one example), tax cuts, deregulation (energy and financials) and infrastructure spending are the seeds that could kick off wage inflation leaving the Fed eager to get ahead of the curve.

However, if you believe in Trump, you have to believe in hard commodities as well. In EM, we favor hard commodity exporters over manufactured goods exporters as the former is unlikely to be substituted by US domestic supply and therefore less likely to be a target for import tariffs. That being said, we expect WTI crude oil prices to be capped around USD 65 per barrels as the US shale industry ramp up production in response to higher prices. Africa fits well into our overall strategy while Frontier and EM local fixed income offers carry and better protection against a potential rise in US treasury yields (10yr expected to trade the 2.50-2.75% range with upside risk). A stronger USD/EM is a risk for local currency debt performance in H1 2017, but for the full year we are constructive on local FX.

We expect GBI EM Global Diversified™ and EMBI Global Diversified™ to deliver full year 2017 returns of 6% and 3 % respectively. In our Frontier Strategy a full year return around 9% seems achievable in our opinion.


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Global Evolution Funds - Frontier Markets Investment Objective

The objective of the frontier markets strategy is to create returns by utilizing diversified strategy within sovereign frontier markets globally. The fund invests in hard currency and local currency debt securities and instruments as well as foreign exchange. To achieve the investment objective, the investment manager will use a range of financial instruments (local currency debt instruments, hard currency debt instruments and foreign exchange) and derivative financial instruments. Performance drivers for 2016 for the relevant sub-fund

In late 2015 and early 2016, the share of hard currency debt (HC) was increased to overweight, as an international investor base sold frontier hard currency debt indiscriminately leaving hard currency debt yield close to levels seen in local currency debt (LC). However, with the turnaround in commodity prices starting in Q1 2016, HC debt rallied leaving LC debt behind. In the process we gradually scaled back into LC debt.

In hindsight we called the recovery in commodity prices in due time to position accordingly. On a country specific note, Zambia (LC debt), Ecuador (HC debt), Venezuela (HC debt) and Zambia (LC debt) were all exponents for the change in sentiment towards EM and Frontier markets that followed the recovery in commodity prices which is also reflected in the return attribution for 2016. Contrary, Mozambique proved a disappointment as the government first restructured government backed debt into sovereign debt and later acknowledged the existence of hitherto undisclosed government debt. Despite a roughly 50% increase in thermal coal prices (a main export article) Mozambique proved the single worst contributor to fund performance in 2016.

Frontier Markets fund, 2016 return attribution

Source: Global Evolution


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Portfolio composition as of December 31, 2016, % of AUM


Outlook for 2017

Going forward, we remain confident that LC is the most attractive exposure in the frontier space and expect it to prove valuable in 2017, especially in periods with external stress (think Trump, EU elections, Brexit etc.).


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Global Evolution Funds - EM Debt Investment Objective

The objective of the emerging markets debt strategy is to create attractive returns by utilizing a diversified strategy within emerging markets focusing primarily on sovereign hard currency debt, but also on strategies that include sovereign local currency denominated debt and currency instruments.

Performance drivers for 2016 for the relevant sub-fund

In hindsight, we called the recovery in commodity prices in due time to position accordingly. Throughout 2016 our positive view on commodities was reflected in our overweight exposure to commodity exporting countries including a number of countries in Africa. This explains the positive relative return attribution from countries like Zambia, Ghana, Angola and Ecuador. In the case of Cameroon, thanks to our local network we became aware that the African Development Bank had issued a partial guarantee on the Sovereign’s 2025 dollar bond, which was not mentioned in the prospectus. Thus, we went long thereby benefitting from the repricing that followed as the broader market became aware of the guarantee. As to China and the Philippines, the relative performance contribution reflected zero weight positions based on valuations and our benchmark agnostic investment approach. Still in Latin America, our overweight in Mexico went against us as President-elect Donald Trump started to gain momentum in opinion polls. We went underweight 2 weeks before the US election but the damage to performance was already done. The negative relative performance of Ukraine was based on a zero weight whereas our exposure to Mozambique performed poorly as the government first restructured government-backed debt into sovereign debt and later acknowledged the existence of hitherto undisclosed government debt. Despite a roughly 50% increase in thermal coal prices (a main export article) Mozambique proved the single worst contributor to fund performance in 2016.

Relative performance attribution 2016



15

Portfolio composition as of December 31, 2016, % of AuM



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Global Evolution Funds - EM Local Debt Investment Objective

The objective of the sub-fund is to create returns by utilizing diversified strategy within emerging markets focusing on sovereign local currency denominated debt and currency instruments.

Performance drivers for 2016 for the relevant sub fund

A large overweight in Brazil since February contributed strongly to outperformance. The strong performance was triggered by the impeachment of President Dilma Rousseff, which left Vice-president Michel Temer in the driver’s seat. With a new government in place under president Temer, including an economic team led by former CB governor Meirelles, the reform process finally started to progress following months of stalemate.

In late January 2016 we upped Colombia to a solid overweight, which was based on our view that oil prices were about to bottom and rebound. This strategy proved successful. As oil prices moved towards USD 50 p/b we reduced the Colombia exposure and in June the exposure was lowered to an underweight in June in time to benefit from a 20% drop in oil prices, which fell 20% over the following two months. We then took Colombia overweight again based on our constructive view on oil.

In Russia, a competent economic policy response to the slump in oil prices and imposed sanctions commanded respect. As the strong rebound in oil prices kicked off, and as the media lost interest in the conflict with Ukraine, the scene was set for Russian assets to perform. We entered 2016 being underweight Russia but went neutral by end January. After a country visit in March came back fairly constructive on the government’s fiscal prudence and with the Russian Central Bank committed to reach its 4% inflation target in 2017 we increased our exposure further to overweight in May/June. In October the overweight position was lowered to slightly underweight. Also, a zero weight in local currency debt in China was beneficial in terms of relative performance.

Our long standing overweight in Mexico worked against us in 2016. Anecdotally, Mexico is seen as a liquid EM proxy and Mexico’s local fixed income and FX are often used as a hedging instrument. Donald Trump is well known for his hostility towards Mexico and illegal Mexican migrants and has repeatedly indicated he would repeal NAFTA. The strong performance of Donald Trump in the final stages of the election campaign and the ultimate surprise win all weighed on market performance. However, we did lower the position to neutral on November 7, thereby avoiding another hit to performance.

Armenia and the Philippines were both reduced to slightly underweight in May 2016 and later to zero weight as we saw better opportunities elsewhere.


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Portfolio composition as of December 31, 2016, % of AuM



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Global Evolution Funds - EM Blended Debt Investment Objective

The fund objective is to create returns by actively allocating between a diversified selection of investment opportunities within emerging markets hard currency and local currency debt. To achieve the investment objective the Investment Manager will mainly use a range of traditional transferable and listed sovereign hard currency debt, local currency instruments and frontier markets.


A fairly large overweight in LC debt in Brazil proved the best contributor to relative performance in 2016. Also contributing to positive performance, the investment manager successfully called the bottom in commodity prices in Q1 2016 and the subsequent recovery, and positioned accordingly. The fund gradually took local currency debt in Russia overweight during May and June following a country visit in March, which left us constructive on the government’s fiscal prudence but also reinforced our view that the central bank would stay fully committed to reach its 4% inflation target. This overweight was lowered to neutral weight in October. Also being part of our constructive view on commodity prices, our actively traded overweight positioning in Colombia (local currency debt), Ghana (hard currency debt) and Zambia (hard currency debt) played out nicely. A zero weight in local currency debt in China was beneficial in terms of relative performance. The same cannot be said about our longstanding overweight in Mexico. Our LC debt position worked against us in 2016 as Donald Trump gained momentum in opinion polls and ultimately won the election. However, we did lower the position to neutral on November 7, thereby avoiding another hit to performance. In Asia our overweight in Malaysia (LC debt) also worked against us as local politics, disappointing fiscal performance and capital flows weighed on sentiment. Philippines were reduced to underweight in May 2016 and later to zero weight as we saw better opportunities elsewhere.




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Portfolio composition as of December 31, 2016, % of AUM vs. benchmark



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Global Evolution Funds - EM Debt and FX Investment Objective

The objective is to achieve capital appreciation through well diversified investments in emerging and frontier market debt and FX with an absolute return focus and active risk overlay.


Venezuela hard currency bonds and local duration in Brazil were the top two performance drivers in 2016. In Venezuela bonds traded very cheaply on lower oil prices and high political risk. We added bonds in the low 30s in early January 2016 as bonds looked very cheap and since we expected oil prices to bottom. AS oil prices recovered, so did Venezuela’s hard currency debt. We took profit on the entire position after oil rallied above USD 40 p/b. Our constructive view on commodities was reflected by similar positioning to currencies and credits backed by commodity exports.

We increased exposure to Brazil in Jan/Feb 2016 to a maximum of close to 10% after the significant sell-off across EM and rating agency Moody’s downgrade of Brazil to junk (which was well expected) and benefitted from the strong market performance that followed.

The fund’s exposure to Turkish lira (TRY) and Mozambique hard currency debt were the bottom two contributors to performance. We caught the TRY depreciation starting end of April16 well but built up exposure too late in May/Jun16. We expected TRY to perform well over the summer months on a carry friendly environment, not least due to a dovish Fed. We partly positioned for this by selling USD/TRY calls and thus volatility. However, the coup attempt on July 15th caught us by surprise and stopped us out of the position in the following days given the highly uncertain political and economic outlook.

Turning to Mozambique, total contribution came in at -0.80% from spread duration and carry. In April 2016, we participated in the swap of the state backed Ematum bonds (tuna-fishing company) into Mozambique’s first sovereign bond issue because we expected the new bonds to have a better credit quality given the sovereign status. The bonds were attractively priced based on our analysis and the available information, thus suggesting yield compression potential. However, the bonds were sold off aggressively after undisclosed loans of USD1.4bn came to the surface significantly altering the debt profile. The IMF and the World Bank suspended help as a consequence. We sold the bonds in August after prices rebounded from the lows, as we considered the new debt profile unattractive relative to bond valuations.

Portfolio composition as of December 31, 2016



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Global Evolution Funds - Emerging Frontier Investment Objective

The objective of the Global Evolution Emerging Frontier strategy is to create attractive returns by utilizing a non-benchmark focused and diversified strategy within sovereign frontier emerging markets globally. The fund invests in hard currency and local currency instruments as well as foreign exchange. To achieve the investment objective Global Evolution will use a range of financial instruments (local currency debt instruments, hard currency debt instruments and foreign exchange) and derivative financial instruments (interest rate futures, interest rate swaps, total return swaps, credit default swaps, FX forwards, FX options and non-deliverable forwards).

Performance drivers in 2016 for the relevant sub fund

In late 2015 and early 2016, the share of hard currency debt (HC) was increased to overweight, as an international investor base sold frontier hard currency debt indiscriminately, leaving hard currency debt yield close to levels seen in local currency debt (LC). However, with the turnaround in commodity prices starting in Q1 2016, HC debt rallied, leaving LC debt behind. In the process we gradually scaled back into LC debt.

In hindsight we called the recovery in commodity prices in due time to position accordingly. On a country specific note, Zambia (LC debt), Ecuador (HC debt), Venezuela (HC debt) and Zambia (LC debt) were all exponents for the change in sentiment towards EM and Frontier markets that followed the recovery in commodity prices, which is also reflected in the return attribution for 2016. Contrary, Mozambique proved a disappointment as the government first restructured government-backed debt into sovereign debt and later acknowledged the existence of hitherto undisclosed government debt. Despite a roughly 50% increase in thermal coal prices (a main export article) Mozambique proved the single worst contributor to fund performance in 2016.

Emerging Frontier fund, 2016 return attribution



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Portfolio composition as of December 31, 2016, % of AUM


Outlook for 2017

Going forward, we remain confident that LC is the most attractive exposure in the frontier space and expect it to prove valuable in 2017, especially in periods with external stress (think Trump, EU elections, Brexit etc.).


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Statement of Net Assets as of December 31, 2016

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

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COMBINED Global Evolution

Funds -FrontierMarkets

Global Evolution

Funds - EM Debt

and FX

Global Evolution

Funds -EM Debt

EUR EUR EUR EURASSETS Portfolio at market value (note 2.2) 1,380,808,656.62 894,765,223.46 48,636,380.79 155,091,325.01 Unrealised gain on forward transactions (note 12) 5,679,515.52 4,346,584.39 96,694.95 345,347.36 Unrealised gain on options transactions (note 13) 63,288.08 - 63,288.08 - Unrealised gain on swap transactions (note 15) 289,993.01 - 289,993.01 - Cash at banks (note 11) 167,730,189.38 134,403,256.50 6,688,246.77 4,353,030.29 Interest receivable 28,268,011.18 18,408,174.49 1,180,191.01 2,862,707.64 Subscription receivable 2,055,257.20 2,055,257.20 - - Other assets 75,724.86 58,061.55 1,190.67 5,241.45 TOTAL ASSETS 1,584,970,635.85 1,054,036,557.59 56,955,985.28 162,657,651.75 LIABILITIES Unrealised loss on forward transactions (note 12) 56,779,650.96 53,197,173.87 877,619.61 1,537,481.67 Unrealised loss on futures (note 14) 42,474.77 - 42,474.77 - Management Company fee payable (note 6) 705,757.95 482,587.55 29,509.35 80,661.78 Custody fee payable (note 8) 120,938.94 43,322.86 13,199.29 14,048.46 Distribution fee payable 8,931.93 8,931.93 - - Depository fee payable (note 8) 60,397.34 33,304.53 2,331.03 7,707.47 Asset management fee payable (note 6) 3,672,500.59 2,766,563.08 135,019.24 300,442.42 Audit fee payable 45,257.48 26,679.18 1,980.99 3,735.99 Taxe d'abonnement (note 3) 65,354.35 54,473.29 3,552.50 4,005.52 Redemption payable 196,759.93 196,759.93 - - Other liabilities 38,311.59 1,147.44 27,488.77 1,147.44 TOTAL LIABILITIES 61,736,335.83 56,810,943.66 1,133,175.55 1,949,230.75

TOTAL NET ASSETS 1,523,234,300.02 997,225,613.93 55,822,809.73 160,708,421.00



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Global Evolution

Funds -EM Local

Debt

Global Evolution

Funds -EM Blended

Debt

Global Evolution

Funds - Emerging

Frontier

EUR EUR USD ASSETS Portfolio at market value (note 2.2) 1,589,982.69 27,042,600.28 267,404,234.85 Unrealised gain on forward transactions (note 12) 4,374.68 19,323.33 914,095.00 Unrealised gain on options transactions (note 13) - - - Unrealised gain on swap transactions (note 15) - - - Cash at banks (note 11) 324,783.68 1,317,695.54 21,759,714.69 Interest receivable 33,054.47 566,499.62 5,499,579.27 Subscription receivable - - - Other assets - 2,381.75 9,328.08 TOTAL ASSETS 1,952,195.52 28,948,500.52 295,586,951.89 LIABILITIES Unrealised loss on forward transactions (note 12) 6,389.93 364,629.93 839,428.86 Unrealised loss on futures (note 14) - - - Management Company fee payable (note 6) 1,783.22 20,989.16 95,107.04 Custody fee payable (note 8) 13,199.34 13,199.27 25,266.18 Distribution fee payable - - - Depository fee payable (note 8) 2,628.53 1,485.14 13,640.57 Asset management fee payable (note 6) 5,284.29 82,706.24 403,173.00 Audit fee payable 5,490.99 5,490.99 1,980.99 Taxe d'abonnement (note 3) 86.38 2,309.13 977.70 Redemption payable - - - Other liabilities 4,896.43 1,147.44 2,618.43 TOTAL LIABILITIES 39,759.11 491,957.30 1,382,192.77

TOTAL NET ASSETS 1,912,436.41 28,456,543.22 294,204,759.12


Statement of Operations and Changes in Net Assets for the year ending December 31, 2016


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COMBINED Global Evolution

Funds -FrontierMarkets

Global Evolution

Funds - EM Debt

and FX

Global Evolution

Funds -EM Debt

EUR EUR EUR EUR

NET ASSET VALUE AT THE BEGINNING OF THE YEAR * 1,111,284,429.00 690,691,916.34 46,259,561.92 90,559,414.75

INCOME Interest on securities (note 2.5) 108,387,673.36 71,856,324.78 3,758,272.46 7,127,597.15 Interest on liquidity investments (note 2.5) 4,464.13 - - 4,457.48 Other income 7,667,652.63 5,972,021.08 - 51,176.86 TOTAL INCOME 116,059,790.12 77,828,345.86 3,758,272.46 7,183,231.49 EXPENSES Interest on bank overdraft 348,491.72 302,434.04 21,718.97 11,487.71 Management Company fee (note 6) 1,806,186.70 1,228,302.98 79,137.20 179,657.56 Asset management fee (note 6) 12,147,115.95 8,895,020.44 516,855.15 909,069.79 Custody fee (note 8) 450,310.28 368,886.68 17,735.47 12,548.64 Depository fee (note 8) 266,834.46 96,835.37 12,126.19 14,892.77 Performance fee (note 9) 5,125,329.52 5,079,724.55 26,341.33 19,263.64 Auditing and publication expenses 74,608.59 48,754.43 1,980.99 1,980.99 Subscription tax ("Taxe d'abonnement") (note 3) 829,480.52 759,619.59 10,437.27 12,572.30 Registrar and Transfer agent fee (note 7) 260,337.32 177,209.32 19,260.42 15,097.79 Other expenses 1,816,402.29 944,080.16 77,043.08 117,817.45 TOTAL EXPENSES 23,125,097.35 17,900,867.56 782,636.07 1,294,388.64 NET INCOME/(LOSS) FROM INVESTMENTS 92,934,692.77 59,927,478.30 2,975,636.39 5,888,842.85 NET REALISED GAIN: - on securities (note 2.3) (5,867,162.24) (5,328,912.41) (905,382.31) 3,304,148.34 - on futures 332,967.27 - 332,967.27 - - on forward foreign exchange contracts (6,104,778.49) 5,093,042.97 (338,034.55) (4,336,414.18)- on options 253,520.56 - 253,520.56 - - on swaps (326,428.09) (6,179.29) (320,248.80) - - on spot foreign exchange 5,087,132.73 3,014,626.91 326.70 1,759,716.48 TOTAL NET REALISED GAIN (6,624,748.26) 2,772,578.18 (976,851.13) 727,450.64 NET CHANGE IN UNREALISED GAIN/(LOSS): - on securities (note 2.4) 83,945,514.68 50,115,243.17 5,093,372.85 7,812,324.12 - on futures (42,474.77) - (42,474.77) - - on forward foreign exchange contracts (49,524,754.00) (43,603,088.85) (1,824,136.95) (3,097,667.35)- on options 15,575.63 - 15,575.63 - - on swaps 289,993.01 - 289,993.01 - - on spot foreign exchange 2,313,135.08 4,234,859.24 155,835.39 (2,694,591.29)TOTAL NET CHANGE IN UNREALISED 36,996,989.63 10,747,013.56 3,688,165.16 2,020,065.48 Net proceeds from subscriptions/redemptions 289,940,045.83 234,383,736.51 3,876,297.39 61,512,647.28 Dividends paid (note 17) (1,297,108.96) (1,297,108.96) - -

NET ASSET VALUE AT THE END OF THE YEAR 1,523,234,300.01 997,225,613.93 55,822,809.73 160,708,421.00



27

Global Evolution

Funds -EM Local

Debt

Global Evolution

Funds -EM Blended

Debt

Global Evolution

Funds - Emerging

Frontier

EUR EUR USD

NET ASSET VALUE AT THE BEGINNING OF THE YEAR * 9,036,247.04 28,291,597.63 259,775,325.94

INCOME Interest on securities (note 2.5) 322,686.41 1,956,119.40 24,630,518.41 Interest on liquidity investments (note 2.5) 6.65 - - Other income 8,785.39 5,484.74 1,718,357.19 TOTAL INCOME 331,478.45 1,961,604.14 26,348,875.60 EXPENSES Interest on bank overdraft 35.41 3,357.30 9,969.87 Management Company fee (note 6) 31,264.68 59,356.98 240,824.53 Asset management fee (note 6) 42,442.50 331,351.06 1,530,932.47 Custody fee (note 8) 12,668.60 11,971.28 27,932.91 Depository fee (note 8) 11,589.94 14,939.01 122,749.73 Performance fee (note 9) - - - Auditing and publication expenses 1,980.99 1,980.99 18,900.00 Subscription tax ("Taxe d'abonnement") (note 3) 588.22 9,566.72 38,681.24 Registrar and Transfer agent fee (note 7) 21,239.11 11,863.40 16,514.68 Other expenses 19,532.38 50,279.36 640,516.14 TOTAL EXPENSES 141,341.83 494,666.10 2,647,021.57 NET INCOME/(LOSS) FROM INVESTMENTS 190,136.62 1,466,938.04 23,701,854.03 NET REALISED GAIN: - on securities (note 2.3) (143,851.39) (450,261.07) (2,469,625.22) - on futures - - - - on forward foreign exchange contracts (490,104.17) (818,214.18) (5,497,123.70) - on options - - - - on swaps - - - - on spot foreign exchange 27,306.01 375,309.76 (95,029.29) TOTAL NET REALISED GAIN (606,649.55) (893,165.49) (8,061,778.21) NET CHANGE IN UNREALISED GAIN/(LOSS): - on securities (note 2.4) 914,129.32 2,819,915.05 18,120,323.20 - on futures - - - - on forward foreign exchange contracts (5,463.34) (979,008.22) (16,221.66) - on options - - - - on swaps - - - - on spot foreign exchange 16,769.70 (49,831.82) 685,255.82 TOTAL NET CHANGE IN UNREALISED 925,435.68 1,791,075.01 18,789,357.36 Net proceeds from subscriptions/redemptions (7,632,733.38) (2,199,901.97) - Dividends paid (note 17) - - -

NET ASSET VALUE AT THE END OF THE YEAR 1,912,436.41 28,456,543.22 294,204,759.12

* The opening balance was combined at the exchange rate ruling as at 31 December 2016. With the exchange rates prevailing as at 31 December 2015, this amount was equal to 1,103,998,492.73 EUR.


Statistical information


28

Sub-fund and Share Class Currency Number ofshares

outstanding

Net asset value

per share

Net asset value

per share

Net asset value

per share

31.12.2016 31.12.2016 31.12.2015 31.12.2014 Global Evolution Funds - Frontier Markets LU0697197597 - E Share Class EUR EUR 37,317.529 121.20 111.00 113.84 LU0735966961 - E Share Class USD USD 500.000 106.71 96.20 99.56 LU0501220262 - I Share Class EUR EUR 4,705,938.790 145.69 131.77 133.06 LU1034966249 - I Share Class USD USD 325,915.078 115.75 103.73 104.58 LU1209899365 - R CL DD Share Class EUR EUR 46,262.608 97.05 94.90 - LU1209899449 - R CL DD Share Class USD USD 59,906.510 98.01 94.90 - LU1034967130 - R CL Share Class CHF CHF 8,141.058 111.13 101.32 103.80 LU1034966678 - R CL Share Class EUR EUR 418,114.906 108.67 98.43 99.70 LU1034966835 - R CL Share Class GBP GBP 20,090.000 107.59 96.64 - LU1034966751 - R DD Share Class EUR EUR 112,381.177 94.29 92.41 99.21 LU0875244427 - R Share Class CHF CHF 17,776.759 108.82 99.53 102.81 LU0501220429 - R Share Class EUR EUR 903,320.485 136.42 124.17 126.35 LU0875246554 - R Share Class SEK SEK 486,585.288 114.48 104.57 106.75 LU0735966888 - R Share Class USD USD 637,412.044 117.24 105.59 107.24 Global Evolution Funds - EM Debt LU0616502026 - I Share Class EUR EUR 953,822.923 132.35 121.07 123.20 LU1209901104 - I Share Class USD USD 370,000.000 98.20 - - Global Evolution Funds - EM Local Debt LU0616502372 - I Share Class EUR EUR 15,711.712 114.20 101.18 102.03 LU0616502455 - R Share Class EUR EUR 1,132.384 104.29 93.13 95.10 Global Evolution Funds - EM Blended Debt LU0616502539 - I Share Class EUR EUR 15,351.191 941.23 860.73 941.45 LU0616502612 - R Share Class EUR EUR 131,003.368 106.93 98.36 108.31 Global Evolution Funds - EM Debt and FX LU0501220775 - I Share Class EUR EUR 36,755.687 1,109.88 978.81 1,035.12 LU0501220858 - R Share Class EUR EUR 137,871.679 109.00 96.68 103.03 Global Evolution Funds - Emerging Frontier LU0914716807 - Z Share Class USD USD 25,006.126 11,765.31 10,388.47 10,686.41

Sub-fund Currency TOTAL NET ASSETS

31.12.2016

TOTAL NET ASSETS

31.12.2015

TOTAL NET ASSETS

31.12.2014 Global Evolution Funds - Frontier Markets EUR 997,225,613.93 690,691,916.34 741,744,529.10

Global Evolution Funds - EM Debt EUR 160,708,421.00 90,559,414.75 132,238,630.59

Global Evolution Funds - EM Local Debt EUR 1,912,436.41 9,036,247.04 96,252,390.04

Global Evolution Funds - EM Blended Debt EUR 28,456,543.22 28,291,597.63 29,879,125.54

Global Evolution Funds - EM Debt and FX EUR 55,822,809.73 46,259,561.92 37,547,191.24

Global Evolution Funds - Emerging Frontier USD 294,204,759.12 259,775,325.94 267,160,309.71


Schedule of Investments and Other Net Assets as of December 31, 2016 (in EUR)


Frontier Markets 29

DESCRIPTION Currency QUANTITY/ NOMINAL

VALUE

MARKET VALUE

% OFNET

ASSETS

TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING

Government bonds Bosnia Herzegovina Bonds FRN 11.12.2017 DEM 5,040,000 2,422,554.11 0.24 Ghana (Republic of) Bonds 19.00% 02.11.2026 GHS 15,000,000 3,404,689.95 0.34 Ghana (Republic of) Bonds 24.50% 21.06.2021 GHS 18,000,000 4,676,681.78 0.47 Ghana (Republic of) Bonds 24.75% 01.03.2021 GHS 69,200,000 17,949,724.27 1.80 Ghana (Republic of) Bonds 24.75% 19.07.2021 GHS 18,000,000 4,678,581.38 0.47 Kenya (Republic of) Bonds 11.00% 02.12.2024 KES 845,000,000 7,280,228.63 0.73 Kenya (Republic of) Bonds 11.00% 15.03.2027 KES 315,000,000 2,663,945.51 0.27 Kenya (Republic of) Bonds 12.00% 06.10.2031 KES 893,000,000 7,671,794.78 0.77 Rwanda (Republic of) Bonds 6.63% 02.05.2023 USD 13,000,000 12,277,024.28 1.23 Senegal (Republic of) Bonds 6.25% 30.07.2024 USD 13,000,000 12,339,786.62 1.24 Uganda (Republic of) Bonds 13.63% 24.09.2019 UGX 14,000,000,000 3,413,962.11 0.34 Uganda (Republic of) Bonds 16.13% 22.03.2018 UGX 34,000,000,000 9,000,846.92 0.90 Uganda (Republic of) Bonds 16.50% 13.05.2021 UGX 30,800,000,000 8,048,728.49 0.81 Uganda (Republic of) Bonds 17.00% 14.05.2020 UGX 10,000,000,000 2,625,062.41 0.26 Uganda (Republic of) Bonds 18.63% 21.02.2019 UGX 24,000,000,000 6,589,750.86 0.66 Venezuela, Boliv. Republic Bonds 7.00% 31.03.2038 USD 12,900,000 5,262,371.42 0.53

Interest-bearing securities Aurora Australis Credit Linked Notes FRN 19.12.2023 USD 24,543,750 22,208,619.73 2.23 Citigroup CLN 0.00% 01.12.2017 EGP 240,000,000 10,732,217.22 1.08 Citigroup Global CLN 0.00% 06.10.2017 KZT 5,476,605,383 14,452,233.52 1.45 Citigroup Global CLN 0.00% 24.02.2017 KZT 2,202,368,673 6,138,311.87 0.62 Frontera Capital BV CLN FRN 07.09.2018 USD 17,155,000 18,475,084.62 1.86 Frontera Capital BV CLN FRN 09.08.2017 USD 18,730,000 18,747,990.80 1.88 Frontera Capital BV CLN FRN 16.07.2020 USD 18,250,000 16,559,535.88 1.66 Frontera Capital BV CLN FRN 18.08.2023 USD 3,500,000 3,065,991.44 0.31 Frontera Capital BV CLN FRN 29.04.2021 USD 5,000,000 4,965,906.47 0.50 Fronteria Capital BV CLN 0.00% 11.10.2021 USD 21,600,000 18,999,864.57 1.91 Fronteria Capital BV CLN 0.00% 29.04.2020 USD 2,350,000 2,215,594.03 0.22 Fronteria Capital BV CLN 0.00% 29.04.2021 USD 3,150,000 3,053,214.23 0.31 Fronteria Capital BV CLN 0.00% 29.10.2025 USD 4,700,000 4,537,754.16 0.46 ING Bank NV CLN FRN 13.10.2017 USD 13,767,000 10,036,222.02 1.01 ING Bank NV CLN FRN 25.03.2017 USD 9,385,000 6,552,367.49 0.66 Zambezi BV CLN FRN 08.04.2024 USD 28,300,000 26,431,723.79 2.64

TOTAL TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING

297,478,365.36 29.86

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET

Government bonds Angola (Republic of) Notes 9.50% 12.11.2025 USD 10,000,000 9,207,869.25 0.92 Argentina (Republic of) Bonds 15.50% 17.10.2026 ARS 35,500,000 2,058,285.18 0.21 Argentina (Republic of) Bonds 22.75% 05.03.2018 ARS 40,000,000 2,424,267.61 0.24 Argentina (Republic of) Bonds 7.82% 31.12.2033 EUR 4,128,311 4,025,103.32 0.40 Argentina (Republic of) Bonds FRN 09.10.2017 ARS 282,700,000 17,011,385.13 1.71 Argentina (Republic of) Bonds FRN 28.03.2017 ARS 236,300,000 14,127,014.30 1.42 Bosnia Herzegovina Bonds FRN 11.12.2021 DEM 13,429,166 5,667,312.12 0.57 Buenos Aires (Province of) 9.13% 16.03.2024 USD 2,525,000 2,617,014.68 0.26 Cameroon (Republic of) Notes 9.50% 19.11.2025 USD 23,300,000 23,884,385.48 2.39 Congo, Democratic Republic Bonds 4.00% 30.06.2029 USD 13,302,394 8,072,519.84 0.81 Córdoba (Province of Spain) Notes 7.13% 10.06.2021 USD 2,300,000 2,247,441.48 0.23 Côte d'Ivoire (Republic of) Bonds 5.75% 31.12.2032 USD 32,125,500 28,336,056.78 2.83 Dominican Republic Bonds 10.38% 04.03.2022 DOP 169,000,000 3,464,025.28 0.35 Ecuador (Republic of) Bonds 10.50% 24.03.2020 USD 18,400,000 18,786,865.18 1.88



30 Frontier Markets


VALUE

MARKET VALUE

% OFNET

ASSETS

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET (continued)

Government bonds (continued) Ecuador (Republic of) Bonds 7.95% 20.06.2024 USD 4,000,000 3,623,987.53 0.36 Ecuador (Republic of) Bonds 9.65% 13.12.2026 USD 3,050,000 2,958,601.60 0.30 Egypt, Arabic Republic Notes 5.88% 11.06.2025 USD 13,600,000 11,759,281.69 1.18 Ethiopia, Democratic Republic Notes 6.63% 11.12.2024 USD 15,700,000 13,766,222.74 1.38 Gabon Bonds 6.38% 12.12.2024 USD 11,450,000 10,165,810.82 1.02 Indonesia (Republic of) Bonds 12.00% 18.09.2023 KES 1,343,700,000 12,212,577.44 1.22 Irak (Republic of) Bonds 5.80% 15.01.2028 USD 40,000,000 31,505,922.97 3.15 Kenya (Republic of) Bonds 11.00% 15.09.2025 KES 400,000,000 3,462,496.20 0.35 Kenya (Republic of) Bonds 12.50% 12.05.2025 KES 1,428,000,000 12,832,291.61 1.29 Mosambique (Republic of) Notes 10.50% 18.01.2023 USD 23,454,000 13,442,654.35 1.35 Nicaragua (Republic of) Bonds 5.00% 01.02.2018 USD 2,778,546 2,603,869.25 0.26 Pakistan (Republic of) Bonds 7.88% 31.03.2036 USD 6,000,000 5,524,152.34 0.55 Pakistan (Republic of) Bonds 8.25% 15.04.2024 USD 9,725,000 10,026,703.57 1.01 Senegal (Republic of) Bonds 8.75% 13.05.2021 USD 10,200,000 10,813,231.21 1.08 Seychel (Republic of) Bonds 7.00% 01.01.2026 USD 7,385,300 6,971,312.54 0.70 Sri Lanka (Republic of) Bonds 10.25% 15.03.2025 LKR 200,000,000 1,130,774.99 0.11 Sri Lanka (Republic of) Bonds 11.00% 01.08.2021 LKR 1,500,000,000 9,152,762.66 0.92 Sri Lanka (Republic of) Bonds 11.00% 01.08.2024 LKR 1,250,000,000 7,413,206.26 0.74 Sri Lanka (Republic of) Bonds 11.40% 01.01.2024 LKR 1,180,000,000 7,189,524.31 0.72 Sri Lanka (Republic of) Bonds 11.50% 01.09.2028 LKR 700,000,000 4,120,385.83 0.41 Sri Lanka (Republic of) Bonds 9.25% 01.05.2020 LKR 600,000,000 3,519,599.87 0.35 Sri Lanka (Republic of) Bonds 9.50% 15.12.2020 LKR 550,000,000 3,201,830.64 0.32 Suriname Bonds 9.25% 26.10.2026 USD 11,350,000 10,535,672.66 1.06 Tunisia (Republic of) Bonds 5.75% 30.01.2025 USD 17,700,000 15,668,824.73 1.57 Uganda (Republic of) Bonds 10.75% 06.09.2018 UGX 4,100,000,000 984,955.85 0.10 Uganda (Republic of) Bonds 10.75% 28.12.2017 UGX 15,000,000,000 3,809,087.34 0.38 Uganda (Republic of) Bonds 11.00% 21.03.2017 UYU 100,000,000 3,226,743.89 0.32 Uganda (Republic of) Bonds 13.25% 08.04.2018 UYU 160,000,000 5,155,095.08 0.52 Uganda (Republic of) Bonds 13.90% 29.07.2020 UYU 555,000,000 18,053,201.66 1.81 Uganda (Republic of) Bonds 16.75% 23.02.2017 UGX 15,398,800,000 4,062,656.29 0.41 Uganda (Republic of) Bonds 20.00% 03.09.2020 UGX 11,500,000,000 3,257,660.78 0.33 Uruguay (Republic of) Inflation Linked Bonds 5.00% 14.09.2018 UYU 143,000,000 10,251,017.04 1.03 Venezuela, Boliv. Republic Bonds 9.25% 07.05.2028 USD 6,000,000 2,682,414.85 0.27 Zambia (Republic of) Bonds 11.00% 01.09.2019 ZMW 800,000 56,663.59 0.01 Zambia (Republic of) Bonds 11.00% 02.09.2017 ZMW 20,422,000 1,806,057.54 0.18 Zambia (Republic of) Bonds 11.00% 16.02.2020 ZMW 7,300,000 522,403.75 0.05 Zambia (Republic of) Bonds 11.00% 26.05.2020 ZMW 197,940,000 13,485,966.12 1.35 Zambia (Republic of) Bonds 11.00% 29.08.2021 ZMW 215,000,000 12,895,810.53 1.29 Zambia (Republic of) Bonds 12.00% 23.05.2023 ZMW 79,350,000 4,656,301.51 0.47 Zambia (Republic of) Bonds 12.00% 23.11.2022 ZMW 10,000,000 587,288.19 0.06 Zambia (Republic of) Bonds 13.00% 20.02.2017 ZMW 4,000,000 376,659.33 0.04 Zambia (Republic of) Bonds 13.00% 29.08.2026 ZMW 35,000,000 1,904,710.26 0.19 Zambia (Republic of) Bonds 5.38% 20.09.2022 USD 1,000,000 863,343.88 0.09 Zambia (Republic of) Bonds 8.50% 14.04.2024 USD 10,000,000 9,324,462.98 0.94

Interest-bearing securities Citigroup Global Markets 0.00% 03.04.2017 KZT 6,169,114,295 17,076,503.02 1.71 Citigroup Global Markets CLN 0.00% 01.12.2017 EGP 213,950,000 9,567,324.48 0.96 Citigroup Global Markets CLN 0.00% 03.09.2017 KZT 1,199,055,100 3,183,076.60 0.32 Citigroup Global Markets CLN 0.00% 08.10.2017 KZT 625,000,000 1,653,794.34 0.17 Citigroup Global Markets CLN 0.00% 14.12.2017 EGP 183,250,000 8,141,276.55 0.82 Citigroup Global Markets CLN 0.00% 19.02.2017 KZT 1,187,694,827 3,328,675.84 0.33 EBRD Forex Linked MTN 13.75% 09.10.2019 USD 2,000,000 1,836,449.34 0.18 EBRD Forex Linked MTN 7.80% 24.07.2017 USD 5,000,000 2,598,806.99 0.26 EBRD Forex Linked MTN FRN 22.06.2017 AMD 4,900,000,000 9,539,794.61 0.96



Frontier Markets 31


VALUE

MARKET VALUE

% OFNET

ASSETS


Interest-bearing securities (continued) Saderea Ltd Notes 12.50% 30.11.2026 USD 15,130,895 13,170,250.05 1.32 Standard Chartered Bank CLN 0.00% 27.07.2017 USD 19,680,000 25,165,531.00 2.51

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET

548,755,226.72 55.00

OTHER TRANSFERABLE SECURITIES

Government bonds Dominican Republic Bonds 11.50% 10.05.2024 DOP 945,000,000 20,257,573.83 2.03 Dominican Republic Bonds 12.00% 20.01.2022 DOP 43,000,000 910,533.13 0.09 Dominican Republic Bonds 15.95% 04.06.2021 DOP 374,600,000 9,206,706.37 0.92 Dominican Republic Bonds 16.00% 10.07.2020 DOP 116,000,000 2,782,520.74 0.28 Dominican Republic Bonds 16.95% 04.02.2022 DOP 180,000,000 4,642,543.31 0.47 Nigeria Bonds 0.00% 31.08.2017 NGN 4,000,000,000 10,731,754.00 1.08

TOTAL OTHER TRANSFERABLE SECURITIES 48,531,631.38 4.87

TOTAL INVESTMENT IN SECURITIES 894,765,223.46 89.73

Cash and cash equivalent 134,403,256.50 13.48 Other Net Liabilities (31,942,866.03) (3.21)

TOTAL NET ASSETS 997,225,613.93 100.00




32 EM Debt


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Argentina (Republic of) Bonds 2.26% 31.12.2038 EUR 750,000 426,937.50 0.27 Azerbaijan (Republic of) Bonds 4.75% 18.03.2024 USD 4,700,000 4,443,048.55 2.76 Dubai (Emirate of) Bonds 5.25% 30.01.2043 USD 2,700,000 2,321,151.49 1.44 Indonesia (Republic of) MTN 3.75% 14.06.2028 EUR 400,000 407,602.00 0.25 Indonesia (Republic of) Notes 6.75% 15.01.2044 USD 600,000 690,414.02 0.43 Kenya (Republic of) Bonds 6.88% 24.06.2024 USD 2,750,000 2,479,386.17 1.54 Rwanda (Republic of) Bonds 6.63% 02.05.2023 USD 1,750,000 1,652,676.35 1.03


12,421,216.08 7.72


Government bonds Angola (Republic of) Notes 9.50% 12.11.2025 USD 4,500,000 4,143,541.16 2.58 Argentina (Republic of) Bonds 7.82% 31.12.2033 EUR 5,642,025 5,500,974.54 3.43 Brazil Bonds 2.88% 01.04.2021 EUR 1,500,000 1,535,205.00 0.96 Brazil Bonds 4.25% 07.01.2025 USD 4,350,000 3,863,709.08 2.40 Brazil Bonds 5.00% 27.01.2045 USD 1,400,000 1,082,452.82 0.67 Cameroon (Republic of) Notes 9.50% 19.11.2025 USD 3,650,000 3,741,545.36 2.33 Chile (Republic of) Bonds 3.13% 21.01.2026 USD 1,650,000 1,545,768.24 0.96 Colombia (Republic of) Bonds 4.38% 12.07.2021 USD 1,800,000 1,791,312.37 1.11 Colombia (Republic of) Bonds 5.63% 26.02.2044 USD 3,475,000 3,403,832.66 2.12 Costa Rica (Republic of) Bonds 2.63% 15.03.2023 USD 1,600,000 1,430,621.25 0.89 Costa Rica (Republic of) Bonds 4.25% 26.01.2023 USD 500,000 435,210.54 0.27 Costa Rica (Republic of) Bonds 7.16% 12.03.2045 USD 1,200,000 1,059,088.53 0.66 Côte d'Ivoire (Republic of) Bonds 5.75% 31.12.2032 USD 2,722,500 2,401,360.75 1.49 Croatia (Republic of) Bonds 5.50% 04.04.2023 USD 900,000 903,127.10 0.56 Croatia (Republic of) Bonds 6.00% 26.01.2024 USD 4,850,000 4,996,833.69 3.11 Dominican Republic Bonds 5.50% 27.01.2025 USD 600,000 551,106.04 0.34 Dominican Republic Bonds 6.60% 28.01.2024 USD 1,400,000 1,391,250.71 0.87 Dominican Republic Bonds 6.85% 27.01.2045 USD 1,300,000 1,168,953.23 0.73 Dominican Republic Bonds 6.88% 29.01.2026 USD 2,800,000 2,765,580.62 1.72 Ecuador (Republic of) Bonds 10.50% 24.03.2020 USD 1,700,000 1,735,742.98 1.08 Ecuador (Republic of) Bonds 9.65% 13.12.2026 USD 225,000 218,257.49 0.14 Egypt, Arabic Republic Notes 5.88% 11.06.2025 USD 3,700,000 3,199,216.34 1.99 El Salvador (Republic of) Bonds 5.88% 30.01.2025 USD 1,250,000 1,090,753.84 0.68 Ghana (Republic of) Bonds 10.75% 14.10.2030 USD 1,850,000 2,086,324.88 1.30 Ghana (Republic of) Bonds 7.88% 07.08.2023 USD 2,000,000 1,877,529.12 1.17 Hungary Bonds 5.38% 25.03.2024 USD 1,000,000 1,036,270.69 0.64 Hungary Bonds 6.38% 29.03.2021 USD 4,250,000 4,523,870.35 2.81 Hungary Bonds 7.63% 29.03.2041 USD 600,000 796,365.57 0.50 Indonesia MTN 3.30% 21.11.2022 USD 1,700,000 1,590,674.38 0.99 Indonesia MTN 4.35% 10.09.2024 USD 700,000 678,492.05 0.42 Indonesia MTN 4.55% 29.03.2026 USD 5,700,000 5,448,077.06 3.40 Irak (Republic of) Bonds 5.80% 15.01.2028 USD 4,000,000 3,150,592.30 1.96 Jordan Bonds 5.75% 31.01.2027 USD 800,000 720,612.65 0.45 Kazakhstan (Republic of) Notes 5.13% 21.07.2025 USD 2,400,000 2,436,458.04 1.52 Kazakhstan (Republic of) Notes 6.50% 21.07.2045 USD 2,600,000 2,838,105.91 1.77 Malaysia Sovereign Sukuk Trust Certifcates 3.04% 22.04.2025 USD 3,000,000 2,736,205.45 1.70 Malaysia Sukuk Trust Certificates 4.65% 06.07.2021 USD 1,000,000 1,016,035.18 0.63 Mexico Bonds 4.00% 02.10.2023 USD 1,000,000 952,482.59 0.59 Mexico Bonds 4.60% 23.01.2046 USD 3,200,000 2,736,015.71 1.70 Montenegro (Republic of) Notes 5.75% 10.03.2021 EUR 2,250,000 2,350,305.00 1.46 Morocco, Kingdom Bonds 5.50% 11.12.2042 USD 450,000 436,254.57 0.27 Morocco, Kingdom Notes 4.25% 11.12.2022 USD 700,000 681,135.10 0.42



EM Debt 33


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds (continued) Mosambique (Republic of) Notes 10.50% 18.01.2023 USD 1,374,000 787,507.76 0.49 Namibia (Republic of) Notes 5.25% 29.10.2025 USD 2,300,000 2,148,052.20 1.34 Panama (Republic of) Bonds 4.00% 22.09.2024 USD 2,300,000 2,231,076.61 1.39 Panama (Republic of) Bonds 4.88% 05.02.2021 USD 2,550,000 2,567,931.95 1.60 Paraguay (Republic of) Bonds 4.63% 25.01.2023 USD 800,000 770,068.89 0.48 Peru Bonds 4.13% 25.08.2027 USD 1,450,000 1,435,779.74 0.89 Peru Bonds 7.35% 21.07.2025 USD 800,000 976,199.78 0.61 Poland (Republic of) Notes 5.00% 23.03.2022 USD 3,450,000 3,567,529.15 2.22 Qatar (Government of) Bonds 3.25% 02.06.2026 USD 1,300,000 1,193,347.79 0.74 Qatar (Government of) Bonds 4.63% 02.06.2046 USD 425,000 403,932.19 0.25 Romania MTN 6.75% 07.02.2022 USD 1,200,000 1,297,947.26 0.81 Russia Bonds 4.75% 27.05.2026 USD 1,400,000 1,362,887.79 0.85 Russia Bonds 4.88% 16.09.2023 USD 1,000,000 1,002,431.00 0.62 Saudi Government International 2.38% 26.10.2021 USD 800,000 736,925.53 0.46 Saudi Government International 3.25% 26.10.2026 USD 1,800,000 1,621,146.23 1.01 Serbia (Republic of) Bonds 7.25% 28.09.2021 USD 3,700,000 3,926,048.02 2.44 South Africa (Republic of) Bonds 5.88% 16.09.2025 USD 2,000,000 2,031,615.00 1.26 Sri Lanka (Republic of) Bonds 5.88% 25.07.2022 USD 2,200,000 2,067,170.87 1.29 Sri Lanka (Republic of) Bonds 6.85% 03.11.2025 USD 2,650,000 2,494,830.71 1.55 Suriname Bonds 9.25% 26.10.2026 USD 550,000 510,539.20 0.32 Tunisia (Republic of) Bonds 5.75% 30.01.2025 USD 3,400,000 3,009,830.74 1.87 Turkey (Republic of) Bonds 3.63% 15.03.2022 USD 3,200,000 3,049,462.17 1.90 Turkey (Republic of) Bonds 4.88% 09.10.2026 USD 500,000 439,593.48 0.27 Turkey (Republic of) Bonds 5.63% 30.03.2021 USD 1,700,000 1,656,075.40 1.03 Turkey (Republic of) Bonds 5.75% 22.03.2024 USD 600,000 571,382.54 0.36 Turkey (Republic of) Bonds 6.00% 14.01.2041 USD 1,600,000 1,407,738.90 0.88 Uruguay (Republic of) Bonds 4.38% 27.10.2027 USD 1,500,000 1,433,562.19 0.89 Uruguay (Republic of) Bonds 5.10% 18.06.2050 USD 1,000,000 856,190.77 0.53 Venezuela, Boliv. Republic Bonds 11.75% 21.10.2026 USD 1,600,000 853,819.05 0.53 Venezuela, Boliv. Republic Bonds 9.00% 07.05.2023 USD 2,550,000 1,173,289.68 0.73 Zambia (Republic of) Bonds 8.50% 14.04.2024 USD 2,400,000 2,237,871.12 1.39 Zambia (Republic of) Bonds 8.97% 30.07.2027 USD 1,600,000 1,502,721.53 0.94

Interest-bearing securities Hazine Müste.Varl. Kiralama Notes 4.49% 25.11.2024 USD 2,400,000 2,103,919.43 1.31


141,475,675.61 88.04


Government bonds Georgia Bonds 6.88% 12.04.2021 USD 1,150,000 1,194,433.32 0.74



Cash and cash equivalent 4,353,030.29 2.71 Other Net Assets 1,264,065.70 0.79

TOTAL NET ASSETS 160,708,421.00 100.00




34 EM Local Debt


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Brazil Notes 10.00% 01.01.2025 BRL 650,000 176,266.81 9.21 Chile (Republic of) Bonds 6.00% 01.01.2018 CLP 50,000,000 72,702.46 3.80 Colombia (Republic of) Bonds 11.00% 24.07.2020 COP 200,000,000 71,958.16 3.76 Hungary Bonds 5.50% 24.06.2025 HUF 7,000,000 27,028.40 1.41 Indonesia (Republic of) Bonds 8.38% 15.03.2034 IDR 1,800,000,000 128,062.47 6.70 Mexico Bonds 5.00% 15.06.2017 MXN 1,925,000 87,978.01 4.60 Mexico Bonds 6.50% 10.06.2021 MXN 2,850,000 127,509.47 6.67 Mexico Bonds 8.00% 07.12.2023 MXN 700,000 33,318.43 1.74 Peru Bonds 6.35% 12.08.2028 PEN 23,000 6,434.70 0.34 Peru Bonds 6.95% 12.08.2031 PEN 150,000 43,435.13 2.27 Poland (Republic of) Bonds 4.75% 25.04.2017 PLN 35,000 8,009.74 0.42 Poland (Republic of) Bonds 5.25% 25.10.2020 PLN 480,000 119,136.95 6.23 Russia Bonds 7.00% 16.08.2023 RUB 12,000,000 175,852.86 9.19 South Africa (Republic of) Bonds 7.00% 28.02.2031 ZAR 1,500,000 84,676.57 4.43 Thailand Bonds 3.25% 16.06.2017 THB 1,700,000 45,394.47 2.37 Turkey (Republic of) Bonds 10.60% 11.02.2026 TRY 350,000 91,912.44 4.81 Uruguay (Republic of) Inflation Linked Bonds 4.25% 05.04.2027 UYU 700,000 44,911.62 2.35

Interest-bearing securities International Finance Corp. 6.30% 25.11.2024 INR 5,500,000 78,782.45 4.12


1,423,371.14 74.42


Government bonds Colombia (Republic of) Bonds 5.00% 21.11.2018 COP 300,000,000 92,879.25 4.86 Dominican Republic Bonds 15.95% 04.06.2021 DOP 3,000,000 73,732.30 3.86

TOTAL OTHER TRANSFERABLE SECURITIES 166,611.55 8.72


Cash and cash equivalent 324,783.68 16.98 Other Net Liabilities (2,329.96) (0.12)

TOTAL NET ASSETS 1,912,436.41 100.00




EM Blended Debt 35


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Argentina (Republic of) Bonds 2.26% 31.12.2038 EUR 300,000 170,775.00 0.60 Azerbaijan (Republic of) Bonds 4.75% 18.03.2024 USD 300,000 283,598.84 1.00 Dubai (Emirate of) Bonds 5.25% 30.01.2043 USD 300,000 257,905.72 0.91 Indonesia (Republic of) MTN 3.75% 14.06.2028 EUR 100,000 101,900.50 0.36 Kenya (Republic of) Bonds 6.88% 24.06.2024 USD 200,000 180,318.99 0.63


994,499.05 3.50


Government bonds Angola (Republic of) Notes 9.50% 12.11.2025 USD 300,000 276,236.08 0.97 Argentina (Republic of) Bonds 7.82% 31.12.2033 EUR 412,831 402,510.33 1.41 Brazil Bonds 2.88% 01.04.2021 EUR 200,000 204,694.00 0.72 Brazil Bonds 4.25% 07.01.2025 USD 350,000 310,873.14 1.09 Brazil Bonds 5.00% 27.01.2045 USD 200,000 154,636.12 0.54 Brazil Notes 10.00% 01.01.2023 BRL 4,200,000 1,153,800.56 4.06 Brazil Notes 10.00% 01.01.2025 BRL 2,600,000 705,067.26 2.48 Brazil Zero Notas 0.00% 01.01.2017 BRL 700,000 204,035.29 0.72 Cameroon (Republic of) Notes 9.50% 19.11.2025 USD 200,000 205,016.18 0.72 Chile (Republic of) Bonds 3.13% 21.01.2026 USD 200,000 187,365.85 0.66 Colombia (Republic of) Bonds 10.00% 24.07.2024 COP 900,000,000 336,467.42 1.18 Colombia (Republic of) Bonds 11.00% 24.07.2020 COP 1,490,000,000 536,088.28 1.88 Colombia (Republic of) Bonds 4.00% 26.02.2024 USD 200,000 191,445.20 0.67 Colombia (Republic of) Bonds 5.63% 26.02.2044 USD 300,000 293,856.06 1.03 Costa Rica (Republic of) Bonds 7.16% 12.03.2045 USD 200,000 176,514.76 0.62 Côte d'Ivoire (Republic of) Bonds 5.75% 31.12.2032 USD 198,000 174,644.42 0.61 Croatia (Republic of) Bonds 6.38% 24.03.2021 USD 500,000 517,026.81 1.82 Dominican Republic Bonds 10.38% 04.03.2022 DOP 15,000,000 307,457.87 1.08 Dominican Republic Bonds 5.88% 18.04.2024 USD 200,000 190,574.31 0.67 Dominican Republic Bonds 6.85% 27.01.2045 USD 350,000 314,718.18 1.11 Ecuador (Republic of) Bonds 10.50% 24.03.2020 USD 200,000 204,205.06 0.72 Egypt, Arabic Republic Notes 5.88% 11.06.2025 USD 400,000 345,861.23 1.22 El Salvador (Republic of) Bonds 5.88% 30.01.2025 USD 200,000 174,520.61 0.61 Ghana (Republic of) Bonds 7.88% 07.08.2023 USD 350,000 328,567.60 1.15 Hungary Bonds 5.50% 24.06.2025 HUF 100,000,000 386,120.04 1.36 Hungary Bonds 5.75% 22.11.2023 USD 350,000 368,457.31 1.29 Hungary Bonds 7.63% 29.03.2041 USD 100,000 132,727.59 0.47 Indonesia (Republic of) Bonds 8.25% 15.07.2021 IDR 5,500,000,000 398,079.62 1.40 Indonesia (Republic of) Bonds 8.38% 15.03.2034 IDR 3,000,000,000 213,437.45 0.75 Indonesia (Republic of) MTN 5.88% 15.01.2024 USD 250,000 261,393.38 0.92 Indonesia MTN 4.55% 29.03.2026 USD 350,000 334,531.05 1.18 Irak (Republic of) Bonds 5.80% 15.01.2028 USD 400,000 315,059.23 1.11 Kazakhstan (Republic of) Notes 5.13% 21.07.2025 USD 400,000 406,076.34 1.43 Malaysia Bonds 3.39% 15.03.2017 MYR 3,600,000 761,850.81 2.68 Malaysia Bonds 4.01% 15.09.2017 MYR 2,700,000 574,411.48 2.02 Malaysia Sukuk Global Trust Certificates 3.18% 27.04.2026 USD 400,000 366,479.82 1.29 Mexico Bonds 4.00% 02.10.2023 USD 200,000 190,496.52 0.67 Mexico Bonds 4.60% 23.01.2046 USD 400,000 342,001.96 1.20 Mexico Bonds 5.00% 15.06.2017 MXN 7,600,000 347,341.75 1.22 Mexico Bonds 6.50% 10.06.2021 MXN 18,000,000 805,322.95 2.83 Mexico Bonds 8.50% 13.12.2018 MXN 19,000,000 899,393.46 3.16 Mosambique (Republic of) Notes 10.50% 18.01.2023 USD 215,000 123,227.20 0.43 Namibia (Republic of) Notes 5.25% 29.10.2025 USD 300,000 280,180.72 0.98 Panama (Republic of) Bonds 4.00% 22.09.2024 USD 200,000 194,006.66 0.68



36 EM Blended Debt


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds (continued) Paraguay (Republic of) Bonds 4.63% 25.01.2023 USD 200,000 192,517.22 0.68 Peru Bonds 4.13% 25.08.2027 USD 200,000 198,038.59 0.70 Peru Bonds 6.35% 12.08.2028 PEN 116,000 32,453.25 0.11 Peru Bonds 6.95% 12.08.2031 PEN 1,350,000 390,916.20 1.37 Poland (Republic of) Bonds 4.75% 25.04.2017 PLN 1,100,000 251,734.56 0.88 Poland (Republic of) Bonds 5.25% 25.10.2020 PLN 3,200,000 794,246.33 2.79 Poland (Republic of) Notes 5.00% 23.03.2022 USD 200,000 206,813.28 0.73 Qatar (Government of) Bonds 3.25% 02.06.2026 USD 200,000 183,591.97 0.65 Russia Bonds 4.88% 16.09.2023 USD 200,000 200,486.20 0.70 Russia Bonds 7.00% 16.08.2023 RUB 62,000,000 908,573.09 3.19 Russia Bonds 7.50% 27.02.2019 RUB 75,000,000 1,153,888.60 4.06 Serbia (Republic of) Bonds 4.88% 25.02.2020 USD 300,000 289,741.50 1.02 South Africa (Republic of) Bonds 5.88% 16.09.2025 USD 300,000 304,742.25 1.07 South Africa (Republic of) Bonds 7.00% 28.02.2031 ZAR 17,000,000 959,667.77 3.37 Sri Lanka (Republic of) Bonds 5.13% 11.04.2019 USD 200,000 191,429.84 0.67 Sri Lanka (Republic of) Bonds 5.88% 25.07.2022 USD 200,000 187,924.62 0.66 Thailand Bonds 3.25% 16.06.2017 THB 14,000,000 373,836.81 1.31 Tunisia (Republic of) Bonds 5.75% 30.01.2025 USD 400,000 354,097.73 1.24 Turkey (Republic of) Bonds 10.40% 27.03.2019 TRY 650,000 174,875.92 0.61 Turkey (Republic of) Bonds 10.60% 11.02.2026 TRY 2,200,000 577,735.35 2.03 Turkey (Republic of) Bonds 4.88% 09.10.2026 USD 300,000 263,756.09 0.93 Turkey (Republic of) Bonds 5.75% 22.03.2024 USD 350,000 333,306.48 1.17 Uruguay (Republic of) Bonds 5.10% 18.06.2050 USD 200,000 171,238.15 0.60 Uruguay (Republic of) Inflation Linked Bonds 4.25% 05.04.2027 UYU 8,000,000 513,275.65 1.80 Uruguay (Republic of) Inflation Linked Bonds 5.00% 14.09.2018 UYU 2,400,000 172,045.04 0.60 Venezuela, Boliv. Republic Bonds 9.00% 07.05.2023 USD 300,000 138,034.08 0.49 Zambia (Republic of) Bonds 8.50% 14.04.2024 USD 200,000 186,489.26 0.66


25,302,233.79 88.90


Government bonds Dominican Republic Bonds 15.95% 04.06.2021 DOP 2,500,000 61,443.58 0.22 Georgia Bonds 6.88% 12.04.2021 USD 200,000 207,727.53 0.73 Indonesia (Republic of) Bonds 8.38% 15.03.2024 IDR 6,600,000,000 476,696.33 1.68

TOTAL OTHER TRANSFERABLE SECURITIES 745,867.44 2.63


Cash and cash equivalent 1,317,695.54 4.63 Other Net Assets 96,247.40 0.34

TOTAL NET ASSETS 28,456,543.22 100.00




EM Debt and FX 37


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Angola (Republic of) Notes 9.50% 12.11.2025 USD 1,500,000 1,381,180.39 2.47 Argentina (Republic of) Bonds FRN 09.10.2017 ARS 15,000,000 902,620.36 1.62 Argentina (Republic of) Bonds FRN 28.03.2017 ARS 15,000,000 896,763.50 1.61 Brazil Notes 10.00% 01.01.2017 BRL 3,000,000 875,589.88 1.57 Brazil Notes 10.00% 01.01.2021 BRL 4,000,000 1,125,226.28 2.02 Brazil Notes 10.00% 01.01.2023 BRL 7,000,000 1,923,000.93 3.44 Brazil Notes 10.00% 01.01.2027 BRL 3,000,000 805,120.94 1.44 Cameroon (Republic of) Notes 9.50% 19.11.2025 USD 1,500,000 1,537,621.38 2.75 Colombia (Republic of) Bonds 6.00% 28.04.2028 COP 6,000,000,000 1,704,919.34 3.05 Colombia (Republic of) Bonds 7.00% 11.09.2019 COP 6,500,000,000 2,082,881.23 3.73 Dominican Republic Bonds 10.38% 04.03.2022 DOP 100,000,000 2,049,719.10 3.67 Ecuador (Republic of) Bonds 10.50% 24.03.2020 USD 500,000 510,512.64 0.91 Ecuador (Republic of) Bonds 9.65% 13.12.2026 USD 450,000 436,514.99 0.78 Gabon Bonds 6.38% 12.12.2024 USD 1,400,000 1,242,981.24 2.23 Ghana (Republic of) Bonds 8.13% 18.01.2026 USD 2,200,000 2,067,087.38 3.70 Hungary Bonds 2.50% 27.10.2021 HUF 300,000,000 1,006,112.97 1.80 Hungary Bonds 3.00% 27.10.2027 HUF 300,000,000 956,111.53 1.71 Indonesia (Republic of) Bonds 8.25% 15.05.2036 IDR 15,000,000,000 1,068,349.12 1.91 Mexico Bonds 4.75% 14.06.2018 MXN 15,000,000 670,295.31 1.20 Mexico Bonds 5.75% 05.03.2026 MXN 60,000,000 2,437,802.58 4.37 Peru Bonds 6.35% 12.08.2028 PEN 8,000,000 2,238,155.20 4.01 Russia Bonds 7.00% 16.08.2023 RUB 100,000,000 1,465,440.47 2.63 Russia Bonds 7.05% 19.01.2028 RUB 50,000,000 712,895.97 1.28 Russia Bonds 7.50% 15.03.2018 RUB 100,000,000 1,541,627.83 2.76 Serbia (Republic of) Bonds 10.00% 05.02.2022 RSD 60,000,000 575,905.40 1.03 South Africa (Republic of) Bonds 10.50% 21.12.2026 ZAR 35,000,000 2,663,813.68 4.78 South Africa (Republic of) Bonds 8.00% 21.12.2018 ZAR 13,000,000 897,875.30 1.61 South Africa (Republic of) Bonds 8.75% 28.02.2048 ZAR 20,000,000 1,261,007.51 2.26 Sri Lanka (Republic of) Bonds 6.85% 03.11.2025 USD 2,000,000 1,882,891.10 3.37 Turkey (Republic of) Bonds 10.50% 15.01.2020 TRY 8,000,000 2,159,018.44 3.87 Turkey (Republic of) Bonds 10.60% 11.02.2026 TRY 4,000,000 1,050,427.90 1.88 Turkey (Republic of) Bonds 8.80% 14.11.2018 TRY 6,000,000 1,572,911.44 2.82 Zambia (Republic of) Bonds 5.38% 20.09.2022 USD 900,000 777,009.49 1.39 Zambia (Republic of) Bonds 8.97% 30.07.2027 USD 1,350,000 1,267,921.29 2.27


45,747,312.11 81.94


Government bonds Indonesia (Republic of) Bonds 8.38% 15.03.2024 IDR 40,000,000,000 2,889,068.68 5.19



Cash and cash equivalent 6,688,246.77 11.98 Other Net Assets 498,182.17 0.89

TOTAL NET ASSETS 55,822,809.73 100.00


Schedule of Investments and Other Net Assets as of December 31, 2016 (in USD)


38 Emerging Frontier


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Bosnia Herzegovina Bonds FRN 11.12.2017 DEM 3,913,770 1,982,964.40 0.67 Ghana (Republic of) Bonds 19.00% 02.11.2026 GHS 3,000,000 717,768.23 0.24 Ghana (Republic of) Bonds 21.00% 23.03.2020 GHS 3,000,000 722,029.35 0.25 Ghana (Republic of) Bonds 24.00% 23.11.2020 GHS 1,600,000 416,454.64 0.14 Ghana (Republic of) Bonds 24.75% 01.03.2021 GHS 24,100,000 6,589,392.81 2.24 Ghana (Republic of) Bonds 24.75% 19.07.2021 GHS 2,000,000 547,959.36 0.19 Kenya (Republic of) Bonds 11.00% 02.12.2024 KES 300,000,000 2,724,496.48 0.93 Kenya (Republic of) Bonds 11.00% 15.03.2027 KES 390,000,000 3,476,610.82 1.18 Kenya (Republic of) Bonds 12.00% 06.10.2031 KES 187,000,000 1,693,416.60 0.58 Nicaragua (Republic of) Bonds 5.00% 01.02.2019 USD 2,141,722 2,086,536.03 0.71 Rwanda (Republic of) Bonds 6.63% 02.05.2023 USD 3,500,000 3,484,131.00 1.18 Senegal (Republic of) Bonds 6.25% 30.07.2024 USD 5,000,000 5,002,775.00 1.70 Uganda (Republic of) Bonds 16.13% 22.03.2018 UGX 3,200,000,000 892,959.36 0.30 Uganda (Republic of) Bonds 16.50% 13.05.2021 UGX 14,300,000,000 3,939,035.13 1.34 Uganda (Republic of) Bonds 18.63% 21.02.2019 UGX 9,000,000,000 2,604,818.81 0.89 Uganda (Republic of) Bonds 20.00% 30.11.2017 UGX 4,500,000,000 1,301,535.58 0.44 Venezuela, Boliv. Republic Bonds 7.00% 31.03.2038 USD 5,000,000 2,150,000.00 0.73

Interest-bearing securities Aurora Australis Credit Linked Notes FRN 19.12.2023 USD 9,093,750 8,673,618.75 2.94 Citigroup CLN 0.00% 01.12.2017 EGP 65,084,523 3,067,839.31 1.04 Citigroup Global CLN 0.00% 06.10.2017 KZT 1,275,000,000 3,546,584.68 1.21 Citigroup Global CLN 0.00% 24.02.2017 KZT 790,000,000 2,320,933.24 0.79 Frontera Capital BV CLN FRN 07.09.2018 USD 4,845,000 5,500,044.00 1.87 Frontera Capital BV CLN FRN 09.08.2017 USD 6,400,000 6,752,640.00 2.30 Frontera Capital BV CLN FRN 16.07.2020 USD 5,500,000 5,307,800.00 1.81 Frontera Capital BV CLN FRN 18.08.2023 USD 1,000,000 923,378.08 0.31 Frontera Capital BV CLN FRN 29.04.2021 USD 1,500,000 1,570,350.00 0.53 Fronteria Capital BV CLN 0.00% 11.10.2021 USD 5,900,000 5,470,480.00 1.86 Fronteria Capital BV CLN 0.00% 29.04.2020 USD 650,000 645,970.00 0.22 Fronteria Capital BV CLN 0.00% 29.04.2021 USD 850,000 868,445.00 0.30 Fronteria Capital BV CLN 0.00% 29.10.2025 USD 1,300,000 1,323,010.00 0.45 ING Bank NV CLN FRN 13.10.2017 USD 5,100,000 3,912,911.40 1.33 ING Bank NV CLN FRN 25.03.2017 USD 2,000,000 1,471,874.00 0.50 Zambezi BV CLN FRN 08.04.2024 USD 7,500,000 7,383,750.00 2.51


99,072,512.06 33.68


Government bonds Angola (Republic of) Notes 9.50% 12.11.2025 USD 2,100,000 2,038,239.00 0.69 Argentina (Republic of) Bonds 15.50% 17.10.2026 ARS 10,500,000 641,716.44 0.22 Argentina (Republic of) Bonds 22.75% 05.03.2018 ARS 20,000,000 1,277,993.68 0.43 Argentina (Republic of) Bonds FRN 09.10.2017 ARS 81,000,000 5,137,780.63 1.75 Argentina (Republic of) Bonds FRN 28.03.2017 ARS 74,500,000 4,694,827.13 1.60 Buenos Aires (Province of) 9.13% 16.03.2024 USD 475,000 518,937.50 0.18 Cameroon (Republic of) Notes 9.50% 19.11.2025 USD 6,300,000 6,807,307.50 2.31 Congo, Democratic Republic Bonds 4.00% 30.06.2029 USD 2,561,295 1,638,383.57 0.56 Córdoba (Province of Spain) Notes 7.13% 10.06.2021 USD 700,000 721,000.00 0.25 Côte d'Ivoire (Republic of) Bonds 5.75% 31.12.2032 USD 8,910,000 8,284,072.50 2.82 Dominican Republic Bonds 10.38% 04.03.2022 DOP 40,000,000 864,233.35 0.29 Dominican Republic Bonds 12.50% 09.02.2018 DOP 207,000,000 4,572,309.31 1.55 Ecuador (Republic of) Bonds 10.50% 24.03.2020 USD 6,750,000 7,264,687.50 2.47



Emerging Frontier 39


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds (continued) Ecuador (Republic of) Bonds 9.65% 13.12.2026 USD 850,000 869,125.00 0.30 Egypt, Arabic Republic Notes 5.88% 11.06.2025 USD 3,500,000 3,189,970.00 1.08 Ethiopia, Democratic Republic Notes 6.63% 11.12.2024 USD 4,750,000 4,390,211.25 1.49 Gabon Bonds 6.38% 12.12.2024 USD 3,150,000 2,947,974.75 1.00 Indonesia (Republic of) Bonds 12.00% 18.09.2023 KES 363,950,000 3,486,771.00 1.19 Irak (Republic of) Bonds 5.80% 15.01.2028 USD 11,000,000 9,132,750.00 3.09 Kenya (Republic of) Bonds 12.50% 12.05.2025 KES 147,000,000 1,392,419.30 0.47 Mexico Bonds 4.38% 15.12.2028 UYU 50,000,000 2,392,441.63 0.81 Mosambique (Republic of) Notes 10.50% 18.01.2023 USD 9,127,000 5,514,077.05 1.87 Pakistan (Republic of) Bonds 7.88% 31.03.2036 USD 3,910,000 3,794,615.90 1.29 Pakistan (Republic of) Notes 8.25% 30.09.2025 USD 800,000 877,911.20 0.30 Senegal (Republic of) Bonds 8.75% 13.05.2021 USD 1,800,000 2,011,428.00 0.68 Seychel (Republic of) Bonds 7.00% 01.01.2026 USD 2,612,500 2,599,437.50 0.88 Sri Lanka (Republic of) Bonds 10.25% 15.03.2025 LKR 150,000,000 893,951.84 0.30 Sri Lanka (Republic of) Bonds 11.00% 01.08.2021 LKR 900,000,000 5,788,687.62 1.97 Sri Lanka (Republic of) Bonds 11.40% 01.01.2024 LKR 50,000,000 321,118.12 0.11 Sri Lanka (Republic of) Bonds 11.50% 01.09.2028 LKR 200,000,000 1,240,927.77 0.42 Sri Lanka (Republic of) Bonds 9.25% 01.05.2020 LKR 500,000,000 3,091,638.52 1.05 Suriname Bonds 9.25% 26.10.2026 USD 3,000,000 2,935,380.00 1.00 Tunisia (Republic of) Bonds 5.75% 30.01.2025 USD 5,250,000 4,898,906.25 1.67 Uganda (Republic of) Bonds 10.75% 06.09.2018 UGX 1,625,000,000 411,494.02 0.14 Uganda (Republic of) Bonds 13.90% 29.07.2020 UYU 40,000,000 1,371,506.64 0.47 Uganda (Republic of) Bonds 16.75% 23.02.2017 UGX 3,270,700,000 909,580.56 0.31 Uganda (Republic of) Bonds 17.00% 19.03.2020 UGX 1,000,000,000 277,699.38 0.09 Uganda (Republic of) Bonds 20.00% 03.09.2020 UGX 6,800,000,000 2,030,458.82 0.69 Uruguay (Republic of) Inflation Linked Bonds 5.00% 14.09.2018 UYU 106,000,000 8,009,648.44 2.72 Zambia (Republic of) Bonds 11.00% 02.09.2017 ZMW 6,050,000 563,982.14 0.19 Zambia (Republic of) Bonds 11.00% 16.02.2020 ZMW 2,200,000 165,952.11 0.06 Zambia (Republic of) Bonds 11.00% 23.11.2019 ZMW 30,000,000 2,179,971.67 0.74 Zambia (Republic of) Bonds 11.00% 26.05.2020 ZMW 52,900,000 3,799,101.00 1.29 Zambia (Republic of) Bonds 11.00% 29.08.2021 ZMW 35,000,000 2,212,864.88 0.75 Zambia (Republic of) Bonds 12.00% 23.05.2023 ZMW 16,250,000 1,005,134.54 0.34 Zambia (Republic of) Bonds 12.00% 23.11.2022 ZMW 5,000,000 309,526.57 0.11 Zambia (Republic of) Bonds 13.00% 20.02.2017 ZMW 1,200,000 119,109.57 0.04 Zambia (Republic of) Bonds 5.38% 20.09.2022 USD 1,000,000 910,040.00 0.31 Zambia (Republic of) Bonds 8.50% 14.04.2024 USD 1,000,000 982,880.00 0.33

Interest-bearing securities Citigroup Global Markets 0.00% 03.04.2017 KZT 1,025,000,000 2,990,725.93 1.02 Citigroup Global Markets CLN 0.00% 01.12.2017 EGP 59,054,135 2,783,589.53 0.95 Citigroup Global Markets CLN 0.00% 03.09.2017 KZT 300,000,000 839,471.26 0.29 Citigroup Global Markets CLN 0.00% 08.10.2017 KZT 925,000,000 2,580,000.82 0.88 Citigroup Global Markets CLN 0.00% 14.12.2017 EGP 51,075,000 2,391,847.95 0.81 Citigroup Global Markets CLN 0.00% 19.02.2017 KZT 275,000,000 812,411.31 0.28 EBRD Forex Linked MTN 13.75% 09.10.2019 USD 1,000,000 967,889.16 0.33 EBRD Forex Linked MTN 7.80% 24.07.2017 USD 2,000,000 1,095,748.00 0.37 EBRD Forex Linked MTN FRN 22.06.2017 AMD 1,300,000,000 2,667,859.45 0.91 Saderea Ltd Notes 12.50% 30.11.2026 USD 4,503,243 4,131,725.04 1.40 Standard Chartered Bank CLN 0.00% 27.07.2017 USD 4,320,000 5,822,928.00 1.98


158,574,377.60 53.89



40 Emerging Frontier


VALUE

MARKET VALUE

% OFNET

ASSETS


Government bonds Dominican Republic Bonds 11.50% 10.05.2024 DOP 100,000,000 2,259,603.82 0.77 Dominican Republic Bonds 12.00% 20.01.2022 DOP 25,000,000 558,012.58 0.19 Dominican Republic Notes 14.00% 18.10.2019 DOP 144,000,000 3,404,664.36 1.16 Nigeria Bonds 0.00% 31.08.2017 NGN 1,250,000,000 3,535,064.43 1.20



Cash and cash equivalent 21,759,714.69 7.40 Other Net Assets 5,040,809.58 1.71

TOTAL NET ASSETS 294,204,759.12 100.00

Global Evolution Funds - ANNUAL REPORT 2016 41

Notes to the Financial Statements

Note 1 - General Global Evolution Funds (formerly known CGS FMS) ("the Fund") was established in the Grand Duchy of Luxembourg on December 3, 2010 in accordance with Part 1 of the Law of December 17, 2010. The Fund is organized as a variable capital company, Société d´investissement à capital variable (SICAV), under the Law of August 10, 1915 relating to commercial companies. The Fund has been established for an indefinite period.

Note 2 - Significant accounting policies The Fund keeps the books of each sub-fund in its respective currency and the financial statements were prepared in EUR and in accordance with the Luxembourg regulation relating to undertakings for collective investments.

2.1 Annual charges and expenses borne by the fund All costs and expenses relating to the organisation of the Fund, including government incorporation charges, professional fees and expenses in connection with the preparation of the Fund´s offering documents and the preparation of its basic corporate and contract documents is amortized by the Fund over a period of five (5) years from the Fund´s commencement of operation.

For any additional sub-fund created, expenses incurred in connection with the creation of such additional sub-fund shall exclusively be borne by the relevant sub-fund and shall be amortized over a maximum period of five (5) years as indicated in the relevant appendix to the prospectus.

All other operating costs and ongoing expenses are expensed when incurred.

2.2 Valuation of assets The value of such assets is determined as follows:

a) The value of any cash on hand or in deposits, bills, demand notes and accounts receivables, prepaid expenses and dividends and interests matured but not yet received shall be valued at the par-value of the assets except however if it appears that such value is unlikely to be received. In such a case, subject to the approval of the Board of Directors, the value shall be determined by deducting a certain amount to reflect the recoverable value of these assets;

b) The value of assets which are listed or dealt in on any stock exchange is based on the last available price on the stock exchange which is normally the principal market for such assets;

c) The value of assets dealt in on any other regulated market is based on the last available price;

d) In the event that any assets are not listed or dealt in on any stock exchange or on any other regulated market, or if, with respect to assets listed or dealt in on any stock exchange, or other regulated market as aforementioned, the price as determined pursuant to sub-paragraph (b) or (c) is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith, as determined by the Directors in accordance with recognized accounting and financial reporting principles, using latest dealing prices, valuations from reliable sources, asset values and other relevant factors. The Directors estimate that these valuation methods most fairly presents the amount which would be realizable had the investment been sold as of the date of the computation of the net asset value. The carrying value of these investments may differ positively or negatively from the values retained that would have been used had a ready market existed for these investments and the difference could be material;


e) The market value of forward or options contracts not traded on exchanges or on other regulated markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each different variety of contracts. The market value of futures or options contracts traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated markets on which the particular futures or options contracts are traded by the fund. Provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Interest rate swaps are valued at their market value established by reference to the applicable interest rate curve;

f) The value of money market instruments not listed or dealt in on any stock exchange or any other regulated market and with remaining maturity of less than twelve (12) calendar months and of more than ninety (90) calendar days is deemed to be the market value thereof, increased by any interest accrued thereon. Money market instruments with a remaining maturity of ninety (90) calendar days or less are valued by the amortized cost method, which approximates market value;

g) Units or shares of open-ended UCI are valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a fair and equitable basis. Units or shares of a closed-ended UCI are valued at their last available stock market value;

h) All other securities and other assets are valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors of the fund.

The value of all assets and liabilities not expressed in the reference currency of the sub-fund is converted into the reference currency of such sub-fund at the rate of exchange determined at the relevant valuation day in good faith by or under procedures established by the Board of Directors.

To the extent that the Board of Directors consider that it is in the best interests of the fund, given the prevailing market conditions and the level of subscriptions or redemptions requested by shareholders in relation to the size of any sub-fund, an adjustment, as determined by the Board of Directors at their discretion, may be reflected in the net asset value of the sub-fund for such sum as may represent the percentage estimate of costs and expenses which may be incurred by the relevant sub-fund under such conditions.

The Board of Directors and the management company may at their discretion permit any other method of valuation to be used if they consider that such method of valuation better reflects value generally or in particular markets or market conditions and is in accordance with good practice.

2.3 Net realised gain (loss) on sales of investments The realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

2.4 Cost of investment securities The cost of securities denominated in currencies other than the reference currency of the different sub-funds is converted at the exchange rate prevailing on the day of acquisition.

2.5 Income recognition Interest is accrued on a daily basis.

Note 3 - Taxes The Fund is not subject to any Luxembourg taxes on income or capital gains under existing legislation. The Fund is, however, subject to the "taxe d'abonnement", which is charged at the rate of 0.05% per annum, based on the net assets of the sub-fund at the end of each calendar quarter. Such tax is reduced to a rate of 0.01% per annum in respect of the assets attributable to such unit classes which are reserved to institutional investors as well as to certain sub-funds investing exclusively in money market instruments and the placing of deposits with credit institutions and sub-funds whose sole object is the collective investment in deposits with credit institutions. The tax is accrued daily and paid quarterly.


The classes/sub-funds may be exempt from this tax if they comply with the requirements of the 2010 law as: (i) the shares of the class/sub-fund must be reserved to institutional investors; (ii) the exclusive object of the class/sub-fund's portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund's portfolio must be less than 90 days and (iv) the class/sub-fund must benefit from the highest possible rating of a recognised rating agency. Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that such units/shares have already been subject to this tax as provided for by article 174 of the 2010 law, as amended.

Also exempt from this tax are:

a) Sub-funds/classes whose shares are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set-up on one or more employers' initiative for the benefit of their employees and (ii) companies of one or more employers investing funds they hold, to provide retirement benefits to their employees;

b) Sub-funds whose main objective is the investment in microfinance institutions;

c) Sub-funds/classes of shares whose shares are listed or traded on at least one stock exchange or another regulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate the performance of one or more indices.

No tax is paid on the portion of net assets invested in other Luxembourg investment fund already subject to the "taxe d'abonnement".

Note 4 - Changes in portfolio composition Details of purchases and sales of investments are available, free of charge, from the registered office of the fund.

Note 5 - Foreign exchange rate As of December 31, 2016, positions denominated in foreign currencies were translated at the following exchange rates (WM-Company/Fixing 15:00 CET):

Foreign exchange rate to EUR: Currency Rate Currency Rate Currency Rate Currency Rate AMD 509.654 GHS 4.501 MYR 4.729 UGX 3805.257 ARS 16.765 HUF 309.651 NGN 332.017 USD 1.054 BRL 3.431 IDR 14201.19 PEN 3.538 UYU 30.669 CLP 705.237 INR 71.541 PLN 4.413 ZAR 14.492 COP 3164.371 KES 108.044 RSD 123.444 ZMW 10.462 DEM 1.956 KZT 351.733 RUB 64.315 DOP 48.968 LKR 157.902 THB 37.747 EGP 19.111 MXN 21.752 TRY 3.714

Foreign exchange rate to USD: Currency Rate Currency Rate Currency Rate Currency RateAMD 483.502 EUR 18.13 LKR 149.8 ZMW 9.925 ARS 15.905 GHS 4.27 RSD 314.98 DEM 1.856 KES 102.5 UGX 3610.001 DOP 46.455 KZT 333.685 UYU 29.095

Note 6 - Asset Management fee and Management Company Fee For the sub-funds Frontier Markets and EM Debt and FX, the investment manager receives remuneration in the amount of up to 1.00% p.a. of the net asset value of the share classes I, R CL DD and R CL and up to 1.50% p.a. of the net asset value of the share classes R, R DD and E.


For the sub-fund EM Debt, the investment manager receives remuneration in the amount of up to 0.75% p.a. of the net asset value of the share classes I and I DD, up to 1.00% p.a. of the net asset value of the share classes R CL and R CL DD and up to 1.35% p.a. of the net asset value of the share classes R, R DD and E.

For the sub-funds EM Local Debt and EM Blended Debt, the investment manager receives remuneration in the amount of up to 0.85% p.a. of the net asset value of the share classes I and I DD, up to 1.00% p.a. of the net asset value of the share classes R CL and R CL DD and up to 1.35% p.a. of the net asset value of the share classes R, R DD and E.

For the sub-fund Emerging Frontier, the investment manager receives remuneration in the amount of up to 0.55% p.a. of the net asset value of the share class Z.

The amount of this remuneration is calculated on each valuation date, and paid to the investment manager, on a monthly basis.

With the change in management company effective on October 1, 2016, the existing Management Company fee structure was changed. For the sub-funds Frontier Markets, EM Debt and FX, EM Debt, EM Local Debt and EM Blended Debt, the management company receives remuneration in the amount of up to 0.10% p.a. of the net asset value for the share classes R and I of the net asset value, with an annual minimum fee of EUR 45,000 per sub-fund.

For the period of January 1, 2016 to September 30, 2016, for the sub-funds Frontier Markets, EM Debt and FX, EM Debt, EM Local Debt and EM Blended Debt, the management company received remuneration in the amount of up to 0.28% p.a. of the net asset value for the share classes R and E and up to 0.16% p.a. of the net asset value for the share class I, with an annual minimum fee of EUR 45,000 per sub-fund.

For the sub-fund Emerging Frontier, the management company received remuneration in the amount of 0.08% p.a. of the net asset value for the share class Z, with an annual minimum fee of EUR 45,000.

For the sub-fund Emerging Frontier the total combined Investment Management and Performance Fees within any fiscal period should not exceed 1.35%, and is thereby capped.

Note 7 - Central Administration, Registrar, Transfer and Listing Agent The Bank of New York Mellon (Luxembourg) S.A. acts as Central Administrator (from October 1, 2016), Domiciliary, Registrar, Transfer and Listing Agent to the fund and is entitled to receive out of the assets of the Fund a fee calculated in accordance with customary banking practice in Luxembourg, as well as being reimbursed for its reasonable out-of-pocket expenses and disbursements, and for the charges of any correspondence.

Note 8 – Custody and Depository fees The Bank of New York Mellon S.A/N.V., Luxembourg Branch acting as the Depositary and is entitled to receive out of the assets of the Fund a fee calculated in accordance with customary banking practice in Luxembourg, as well as being reimbursed for its reasonable out-of-pocket expenses and disbursements, and for the charges of any correspondence.


Note 9 - Performance fee A Performance Fee may also become payable to the Investment Manager, in addition to the Management Fee. The Performance Fee is calculated for each Class separately as follow:

Sub-fund Performance Fee Performance Period Calculation PeriodGlobal Evolution Funds - Frontier Markets

10% of the outperformance of the Class, if applicable, subject to High Water Mark.

Quarterly In the event the Net Asset Value per Share at the end of the Performance Period exceeds the High Water Mark.

Global Evolution Funds - EM Debt

5% of the outperformance of the Class compared to the Benchmark (JPM EMBI Global Diversified TR (EUR) hedged), subject to High Water Mark

Quarterly Since the last date where a Performance Fee was crystallised or as of the Initial Offering date if none was crystallised.

Global Evolution Funds - EM Local Debt

5% of the outperformance of the Class, compared to the Benchmark (50% JPM ELMI Plus TR (EUR), 50% JPM GBI-EM Global Diversified TR (EUR)), subject to High Water Mark


Global Evolution Funds - EM Blended Debt

5% of the outperformance of the Class, compared to the Benchmark (50% JPM EMBI Global Diversified TR (EUR) hedged, 25% JPM GBI-EM Global Diversified TR (USD), 25% JPM ELMI Plus TR (USD)), subject to High Water Mark


Global Evolution Funds - EM Debt and FX

10% of the outperformance of the Class, compared to the Benchmark (EURIBOR 3 M TR (EUR) + 200 bps.), subject to High Water Mark


Global Evolution Funds - Emerging Frontier

10% of the outperformance of the Class compared to the Hurdle Rate (8,5% p.a., continuously compounded). The performance fee is capped at 0.80% p.a.

Three-year rolling return (until the Sub-Fund reaches 3 years of existence, initial performance period will be less than 36 months)

Fiscal year

Note 10 – Transaction costs Transaction fees include Broker costs and Bank commissions. They are integrated in the cost of investments so not shown separately here nor in the Statement of Operations and Changes in Net Assets.


Note 11 – Collateral The cash accounts of the below mentioned sub-funds include the following collaterals:

Sub-fund Amount collateral Counterparty Global Evolution Funds - Frontier Markets EUR 1,980,883.00 Standard Bank Global Evolution Funds - EM Debt and FX EUR (350,000.00) Deutsche Bank Global Evolution Funds - Emerging Frontier USD 570,124.00 Standard Bank

Note 12 – Forward transactions The unrealised appreciation/(depreciation) on forward foreign exchange contracts are disclosed in the Statement of Net Assets under the headings “Unrealised gain/(loss) on forward transactions”.

Global Evolution Funds - Frontier Markets

Counterparty Amount purchased Amount sold Maturity date Unrealised gain/(loss) in EUR

Standard Bank AZN 6,936,800.00 USD 4,000,000.00 15.03.2017 (150,453.45) AZN 7,116,000.00 USD 4,000,000.00 06.06.2017 (176,968.32) AZN 7,026,400.00 USD 4,000,000.00 23.06.2017 (246,342.35) AZN 4,420,350.00 USD 2,350,000.00 22.08.2017 (31,917.77) AZN 7,239,200.00 USD 4,000,000.00 15.09.2017 (214,488.99) EGP 42,360,000.00 USD 4,000,000.00 14.03.2017 (1,621,368.10) GEL 10,261,650.00 USD 4,350,000.00 06.03.2017 (508,553.85) MZN 261,000,000.00 USD 3,000,000.00 29.03.2017 608,665.44 MZN 280,500,000.00 USD 3,000,000.00 29.06.2017 859,977.59 MZN 298,500,000.00 USD 3,000,000.00 29.09.2017 1,086,795.72 TZS 7,112,950,000.00 USD 3,100,000.00 13.02.2017 125,966.36 TZS 5,473,200,000.00 USD 2,400,000.00 06.03.2017 69,427.05 TZS 7,286,550,000.00 USD 3,100,000.00 12.05.2017 148,895.83 TZS 5,593,200,000.00 USD 2,400,000.00 06.06.2017 87,834.92 TZS 7,483,400,000.00 USD 3,100,000.00 14.08.2017 163,158.95



The Bank of New York Mellon CHF 2,833,025.98 EUR 2,628,880.68 13.01.2017 12,540.83 EUR 25,229.91 GBP 21,518.00 13.01.2017 36.44 EUR 20,587.03 SEK 197,285.55 02.01.2017 (66.85) EUR 314.14 SEK 3,000.00 03.01.2017 0.07 EUR 134,706.40 SEK 1,309,871.06 13.01.2017 (2,441.67) EUR 1,436,033.70 USD 1,492,541.63 02.01.2017 20,317.97 EUR 933,218,704.19 USD 1,037,430,847.59 13.01.2017 (50,199,888.31) GBP 2,176,232.76 EUR 2,592,626.84 13.01.2017 (44,673.94) SEK 56,973,590.13 EUR 5,884,295.09 13.01.2017 81,038.33 USD 754.77 EUR 726.19 02.01.2017 (10.27) USD 121,386,923.19 EUR 113,985,169.25 13.01.2017 1,081,928.89 Unrealised Gain - Gross 4,346,584.39

Unrealised Loss - Gross (53,197,173.87)

Global Evolution Funds - EM Debt


Standard Bank EUR 145,000,000.00 USD 154,620,750.00 17.01.2017 (1,537,481.67) USD 36,155,597.82 EUR 33,927,864.39 13.01.2017 345,347.36

Unrealised Gain - Gross 345,347.36

Unrealised Loss - Gross (1,537,481.67)



The Bank of New York Mellon BRL 240,412.50 USD 68,945.37 27.01.2017 4,054.75 KRW 136,645,000.00 USD 116,925.51 26.01.2017 (3,301.76) MYR 698,130.00 USD 156,181.21 27.01.2017 (879.43) USD 66,128.83 COP 206,150,000.00 27.01.2017 (2,075.82) USD 76,597.33 MXN 1,585,930.00 09.01.2017 (132.92) USD 25,000.00 MYR 112,225.00 27.01.2017 40.71 ZAR 400,000.00 USD 28,673.84 27.01.2017 279.22


Unrealised Loss - Gross (6,389.93)




The Bank of New York Mellon BRL 490,725.00 USD 140,729.85 27.01.2017 8,276.47 CLP 407,481,000.00 USD 602,515.16 27.01.2017 5,004.08 EUR 28,700,000.00 USD 30,611,140.00 17.01.2017 (310,849.88) KRW 1,049,400,000.00 USD 897,959.18 26.01.2017 (25,356.70) USD 2,010,288.00 EUR 1,900,000.00 17.01.2017 5,194.10 USD 252,392.01 HUF 74,000,000.00 27.01.2017 237.92 USD 765,973.33 MXN 15,859,300.00 09.01.2017 (1,329.09) USD 375,000.00 MYR 1,683,375.00 27.01.2017 610.76 USD 494,839.80 RUB 32,125,000.00 27.01.2017 (27,094.26)





Deutsche Bank EUR 955,559.78 HUF 300,000,000.00 17.03.2017 (11,283.78) INR 70,000,000.00 USD 1,007,339.19 17.03.2017 14,124.88 TRY 6,000,000.00 USD 1,699,742.84 17.03.2017 (23,425.39) USD 5,295,706.50 BRL 18,000,000.00 17.03.2017 (111,173.83) USD 1,417,145.19 CNH 10,000,000.00 17.03.2017 10,349.76 USD 3,934,426.23 COP 12,000,000,000.00 17.03.2017 (13,145.59) USD 5,000,000.00 EUR 4,687,744.64 17.03.2017 36,917.54 USD 1,022,158.95 INR 70,000,000.00 17.03.2017 (121.20) USD 1,270,648.03 KRW 1,500,000,000.00 17.03.2017 23,775.67 USD 4,311,587.26 MXN 90,000,000.00 17.03.2017 (4,649.20) USD 5,279,311.04 RUB 330,000,000.00 17.03.2017 (42,703.68) USD 4,999,627.53 TRY 18,000,000.00 17.03.2017 (23,840.06) USD 1,241,426.40 TWD 40,000,000.00 17.03.2017 7,545.13 USD 5,281,783.35 ZAR 75,000,000.00 17.03.2017 (89,826.71)



The Bank of New York Mellon EUR 1,927,217.16 HUF 600,000,000.00 17.03.2017 (6,469.96) EUR 51,487,665.10 USD 55,000,000.00 17.03.2017 (483,618.89) KRW 1,500,000,000.00 USD 1,287,332.65 17.03.2017 (39,541.51) TRY 2,000,000.00 USD 558,825.62 17.03.2017 (480.20) USD 879,378.57 BRL 3,000,000.00 17.03.2017 (21,589.78) USD 2,197,802.20 IDR 30,000,000,000.00 17.03.2017 (5,749.83) USD 1,664,863.07 KRW 2,000,000,000.00 17.03.2017 3,981.97



Global Evolution Funds - Emerging Frontier

Counterparty Amount purchased Amount sold Maturity date Unrealised gain/(loss) in USD

Standard Bank AZN 1,734,200.00 USD 1,000,000.00 15.03.2017 (39,800.68) AZN 1,779,000.00 USD 1,000,000.00 16.06.2017 (50,889.15) AZN 1,756,600.00 USD 1,000,000.00 23.06.2017 (65,513.60) AZN 1,222,650.00 USD 650,000.00 22.08.2017 (9,424.30) AZN 1,809,800.00 USD 1,000,000.00 15.09.2017 (57,323.07) EGP 13,237,500.00 USD 1,250,000.00 14.03.2017 (536,110.65) GEL 1,533,350.00 USD 650,000.00 06.03.2017 (80,367.41) MZN 60,900,000.00 USD 700,000.00 29.03.2017 150,404.38 MZN 65,450,000.00 USD 700,000.00 29.06.2017 213,528.02 MZN 69,650,000.00 USD 700,000.00 29.09.2017 271,310.74 TZS 2,065,050,000.00 USD 900,000.00 13.02.2017 38,638.95 TZS 1,368,300,000.00 USD 600,000.00 06.03.2017 18,356.41 TZS 2,115,450,000.00 USD 900,000.00 12.05.2017 45,884.51 TZS 1,398,300,000.00 USD 600,000.00 06.06.2017 23,338.63 TZS 2,172,600,000.00 USD 900,000.00 14.08.2017 50,542.68

The Bank of New York Mellon USD 2,000,952.00 EUR 1,800,000.00 13.01.2017 102,090.68




Note 13 – Options transactions The unrealised appreciation/(depreciation) on forward foreign exchange contracts are disclosed in the Statement of Net Assets under the headings “Unrealised gain/(loss) on options transactions”.

Global Evolution Funds - EM Debt and FX Deutsche Bank AG is the counterparty of the following options transactions:

Denomination Strike price

Contractsize

Currency Maturitydate

Commitment in EUR

Unrealisedgain/(loss)

in EURCrossRate USD/JPY PUT 17.03.2017

120.00 5,000,000 USD 17.03.2017 68,258.09 54,286.57

CrossRate USD/TRY CALL 17.03.2017

3.20 5,000,000 USD 17.03.2017 26,800.43 5,397.61

CrossRate EUR/USD CALL 08.02.2017

0.97 10,000,000 EUR 08.02.2017 4,500.00 3,603.90

63,288.08

Note 14 – Futures transactions The unrealised appreciation/(depreciation) on futures are disclosed in the Statement of Net Assets under the headings “Unrealised gain/(loss) on futures transactions”.


Description Currency Quantity Commitment Maturity date

Unrealised gain/(loss)

in EURUS 10YR NOTE (CBT) USD (10) (1,232,344.00) 22.03.2017 (6,670.22)US LONG BOND(CBT) USD (10) (1,489,375.00) 22.03.2017 (8,004.55)EURO-BUND EUR (10) (1,630,100.00) 08.03.2017 (12,200.00)EURO BUXL 30Y BN EUR (10) (1,723,200.00) 08.03.2017 (15,600.00) (42,474.77)

Note 15 – Swap transactions The unrealised appreciation/(depreciation) on swap contract are disclosed in the Statement of Net Assets under the headings “Unrealised gain on swap transactions”.


Counterparty NominalValue

Currency Rate Payablequarterly

Rate receivable quarterly

Maturity date

Unrealised gain/(loss)

in EUR

Deutsche Bank 3,000,000 USD Fixed Rate 5% Credit Event on Turkey

Bonds 11.875% 15.01.2030

30.08.2021 175,203.39

Deutsche Bank 3,000,000 USD Fixed Rate 1% Credit Event on South

Africa Bonds 5.5% 09.03.2020

20.06.2021 114,789.62

289,993.01


Note 16 – Securities Financing Transactions Regulation (“SFTR”) There were no transactions during the year, nor positions opened at year-end that are in the scope of the EU Directive 2015/2365 published on November 25, 2015 on transparency of securities financing transactions and of reuse.

Note 17 – Dividend distributions The following dividend distributions were declared during the year: Global Evolution Funds - Frontier Markets

Share Class Currency Dividend per share

Record date

Ex-date Payment Date

LU1209899365 - R CL DD Share Class EUR EUR 3.89 26.04.2016 27.04.2016 29.04.2016LU1209899449 - R CL DD Share Class USD USD 3.88 26.04.2016 27.04.2016 29.04.2016LU1034966751 - R DD Share Class EUR EUR 3.75 26.04.2016 27.04.2016 29.04.2016 LU1209899365 - R CL DD Share Class EUR EUR 3.64 28.10.2016 31.10.2016 03.11.2016LU1209899449 - R CL DD Share Class USD USD 3.57 28.10.2016 31.10.2016 03.11.2016LU1034966751 - R DD Share Class EUR EUR 3.35 28.10.2016 31.10.2016 03.11.2016

Note 18 – Subsequent events At an extraordinary general meeting held on January 19, 2017, the shareholders approved the change of name of the Company from “CGS FMS” to “Global Evolution Funds”.

Therefore, the names of the sub-funds of the Company were changed as follows:

• “Global Evolution Frontier Markets” to “Frontier Markets”; • “Global Evolution EM Debt and FX” to “EM Debt and FX”; • “Global Evolution EM Debt” to “EM Debt”; • “Global Evolution EM Local Debt” to “EM Local Debt” • “Global Evolution EM Blended Debt” to “EM Blended Debt”; • “Global Evolution Emerging Frontier” to “Emerging Frontier”.


Unaudited appendix

52

Voting Rights The voting policy has also been modified due to the amended law of 10 August 1915 on commercial companies (the “Law”) entered into force on 23 August 2016. One of the changes introduced is that the principle of one share entitles to one vote is no longer the default position regarding voting at shareholders' meetings.

The revised Article 67(4) of the Law now provides that “When shares are of an unequal value or when their value is not mentioned, unless otherwise provided for in the articles of incorporation, each share will automatically grant the right to a number of votes proportionate to the part of the share capital it represents, by counting for one vote the share representing the lowest amount; fractions of votes are not taken into account, except in the cases provided for by Article 68”.

Due to the abovementioned change in the Law, this proportionate vote applies to funds whose shares have a variable net asset value and which therefore are of unequal value, unless the articles expressly state that the principle one share equals one vote applies. In particular for large funds with many shareholders, determining the correct voting entitlement of each shareholder could be relatively complex and burdensome.

The articles of association of Global Evolution Funds (the “Articles”) did not contain any express provision stating that each share is entitled to one vote. It follows that to solve this issue, at the general meeting of shareholders of Global Evolution Funds resolving to change the articles of incorporation of the funds, it was decided to amend article 24.6 of the fund’s articles to provide that “Each Share, regardless of the Class and of the Sub-Fund to which it belongs and regardless of the Net Asset Value per Share within the Class/Sub-Fund, is entitled to one vote, subject to the limitations imposed by these Articles”.

Risk Management - Global Exposure The global exposure is calculated for all sub-funds regardless of their investment strategies. The methods used to measure the global exposure for the sub-funds are the commitment approach and VaR approach according to the CSSF Circular 11/512.

1 - Commitment approach The commitment approach is used for the sub-funds that do not use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The sum of the underlying equivalents must not exceed the net asset value of the fund.

Sub-funds: • Global Evolution Funds - Frontier Markets • Global Evolution Funds - Emerging Frontier

2 - Relative VaR approach The VaR approach is considered for sub-funds that use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The relative VaR approach was used for the following sub-funds (listed below) because a derivative-free benchmark (Reference Portfolio), which reflects the sub-fund's investment policy and investment strategy, could be found or determined.

Global Evolution Funds changed its management company with effect from October 1, 2016. So for the period from January 1, 2016 to September 30, 2016, the management of the sub-funds Risk Profile was conducted by Universal Investment.

Starting from October 1, 2016, Global Evolution Manco managed the risk profile and exposure of the company's sub-funds.


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From January 1, 2016 to September 30, 2016, the Sub-Fund’s VaR was calculated by Universal Investment using historical simulation based on these figures:

Confidence level: 99% Holding Period: 1 day Observation Period: 01.01.2016 to 30.09.2016

Sub-fund Reference Portfolio Minimum Maximum AverageGlobal Evolution Funds - EM Debt

100% JP Morgan EMBI Global Diversified Total Return Euro (hedged) 82.23% 137.30% 97.05%


50% JP Morgan Emerging Local Market Bond ELMI Plus Composite in EUR; 50% JP Morgan GBI-EM Global Diversified EUR unhedged

82.05% 149.37% 115.67%


50% JP Morgan EMBI Global Diversified Total Return Euro (hedged); 25% JP Morgan Emerging Local Market Bond ELMI Plus Composite; 25% JP Morgan GBI-EM Global Diversified Composite unhedged USD

123.61% 141.71% 133.93%


100% JP Morgan GBI-EM Global Diversified in EUR 12.69% 91.72% 45.96%

From October 1, 2016, the Sub-Fund’s VaR1 was calculated using Monte Carlo full revaluation methodology based on these figures:

Confidence level: 99% Holding Period: 20 days Observation Period: 01.10.2016 to 31.12.2016

Sub-fund Reference Portfolio Minimum Maximum AverageGlobal Evolution Funds - EM Debt

100% JP Morgan EMBI Global Diversified Total Return Euro (hedged) 54.90%

80.49%

60.78%


50% JP Morgan Emerging Local Market Bond ELMI Plus Composite in EUR; 50% JP Morgan GBI-EM Global Diversified EUR unhedged

79.94%

105.54%

96.65%


50% JP Morgan EMBI Global Diversified Total Return Euro (hedged); 25% JP Morgan Emerging Local Market Bond ELMI Plus Composite; 25% JP Morgan GBI-EM Global Diversified Composite unhedged USD

91.77%

119.28%

102.53%


100% JP Morgan GBI-EM Global Diversified in EUR 17.25%

80.53%

35.13%

1 The Relative VaR figures were recalculated based on the following formula: VaR UCITS / VaR Reference portfolio * 100.


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Risk Management - Leverage Derivatives According to point 40a) of the “Guidelines for competent authorities and UCITS management companies - Guidelines on ETFs and other UCITS issues” issued by the European Securities and Markets Authority, the derivatives exposure as per financial year end for each sub-fund is shown in the table below. The calculation is based on the derivatives sum of notional of each sub funds.

Average Leverage The average leverage calculation is based on the average sum of notional as per sub-fund for the past reporting period.*

Derivatives Exposure and Average level of Leverage The derivative exposure (as per reporting period end) is shown in the following tables:

From January 1, 2016 to September 30, 2016:

Sub-fund Derivative** Exposure in %

Global Evolution Funds - Frontier Markets 109.50 Global Evolution Funds - EM Debt 109.43 Global Evolution Funds - EM Local Debt 35.73 Global Evolution Funds - EM Blended Debt 107.42 Global Evolution Funds - EM Debt and FX 199.37 Global Evolution Funds - Emerging Frontier 0.00

Sub-fund Average level of Leverage (sum of notional) in %

Global Evolution Funds - EM Debt 219.63 Global Evolution Funds - EM Local Debt 140.43 Global Evolution Funds - EM Blended Debt 230.69 Global Evolution Funds - EM Debt and FX 408.29


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From October 1, 2016 to December 31, 2016:

Sub-fund Derivative** Exposure in %

Global Evolution Funds - Frontier Markets 9.68 Global Evolution Funds - EM Debt 91.52 Global Evolution Funds - EM Local Debt 53.75 Global Evolution Funds - EM Blended Debt 132.70 Global Evolution Funds - EM Debt and FX 328.84 Global Evolution Funds - Emerging Frontier 5.05

Sub-fund Average level of Leverage (sum of notional) in %

Global Evolution Funds - EM Debt 119.38 Global Evolution Funds - EM Local Debt 94.75 Global Evolution Funds - EM Blended Debt 139.02 Global Evolution Funds EM Debt and FX 547.28

* Global Evolution Funds’ sub-funds leverage according to sum of notional is mainly driven by the use FX forwards, CDS, FX Options and Bond Future transactions. Please note the sub-funds may use other derivative contracts according to the investment policy. ** Reference is made to CESR Guideline 10-788

Global Remuneration Policy Information about the remuneration policy that was applied during the accounting year 2016 can be obtained from the Management Company:

Global Evolution Manco, 6B, route de Trèves, 6th floor, L - 2633 Senningerberg, Grand Duchy of Luxembourg


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Performance * As of December 31, 2016, the net asset value and the share price performance of the active share classes during the reporting period were as follows:

Sub-fund and Share Class Performance

2016 in %Performance

2015 in % Performance

2014 in %Global Evolution Funds - Frontier Markets LU0697197597 - E Share Class EUR 9.19 -2.49 3.18 LU0735966961 - E Share Class USD** 10.93 -3.37 -0.44 LU0501220262 - I Share Class EUR 10.56 -0.97 4.83 LU1034966249 - I Share Class USD** 11.59 -0.81 4.58 LU1209899365 - R CL DD Share Class EUR** 10.2 -4,87 - LU1209899449 - R CL DD Share Class USD** 11.13 -4.87 - LU1034967130 - R CL Share Class CHF 9.68 -2.39 3.80 LU1034966678 - R CL Share Class EUR 10.4 -1.27 -0.30 LU1034966835 - R CL Share Class GBP** 11.33 -3.36 - LU1034966751 - R DD Share Class EUR 9.72 -1.85 -0.79 LU0875244427 - R Share Class CHF 9.33 -3.19 3.57 LU0501220429 - R Share Class EUR 9.87 -1.73 3.75 LU0875246554 - R Share Class SEK 9.48 -2.04 4.63 LU0735966888 - R Share Class USD 11.03 -1.54 3.84 Global Evolution Funds - EM Debt

LU0616502026 - I Share Class EUR 9.32 -1.73 8.19 LU1209901104 - I Share Class USD** -1.80 - - Global Evolution Funds - EM Local Debt LU0616502372 - I Share Class EUR 12.87 -0.83 8.22 LU0616502455 - R Share Class EUR 11.98 -2.07 7.24 Global Evolution Funds - EM Blended Debt LU0616502539 - I Share Class EUR 9.35 -8.57 -5.86 LU0616502612 - R Share Class EUR 8.71 -9.19 -0.25 Global Evolution Funds - EM Debt and FX LU0501220775 - I Share Class EUR** 13.39 -5.44 3.51 LU0501220858 - R Share Class EUR** 12.74 -6.16 3.03 Global Evolution Funds - Emerging Frontier LU0914716807 - Z Share Class USD 13.25 -2.79 5.28

* Performance is shown on a total return basis including the reinvestment factor. ** The performance shown is less than one year


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Global Evolution Funds Société d’Investissement à Capital Variable Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg, Grand Duchy of Luxembourg R.C.S. Luxembourg B 157.442

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