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JPMorgan FundsSociété d’Investissement à Capital Variable, Luxembourg

Relatório De Contas Semestral Nao Auditado

31 de Dezembro de 2016

PT

JPMorgan FundsRelatório de contas semestral não auditadoEm 31 de dezembro de 2016

Índice (continuação)

Conselho de Administração 1Gestão e Administração 2

Demonstrações Financeiras Não Auditadas e Informações EstatísticasDemonstração Combinada de Ativos Líquidos 4Demonstração Combinada de Operações e Alterações nos Ativos Líquidos 26Demonstração de Alterações no Número de Ações 46Informações Estatísticas 69

Notas às Demonstrações Financeiras Não Auditadas 96

Lista de InvestimentosJPMorgan Funds - Africa Equity Fund 115JPMorgan Funds - Aggregate Bond Fund 117JPMorgan Funds - America Equity Fund 128JPMorgan Funds - ASEAN Equity Fund 130JPMorgan Funds - Asia Equity Fund 133JPMorgan Funds - Asia Pacific Equity Fund 135JPMorgan Funds - Asia Pacific Income Fund 137JPMorgan Funds - Asian Total Return Bond Fund 144JPMorgan Funds - Brazil Equity Fund 147JPMorgan Funds - China A-Share Opportunities Fund 148JPMorgan Funds - China Bond Fund 149JPMorgan Funds - China Fund 152JPMorgan Funds - Diversified Risk Fund 153JPMorgan Funds - Emerging Europe Equity Fund 160JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 162JPMorgan Funds - Emerging Markets Aggregate Bond Fund 164JPMorgan Funds - Emerging Markets Bond Fund 174JPMorgan Funds - Emerging Markets Corporate Bond Fund 182JPMorgan Funds - Emerging Markets Debt Fund 189JPMorgan Funds - Emerging Markets Diversified Equity Fund 198JPMorgan Funds - Emerging Markets Dividend Fund 201JPMorgan Funds - Emerging Markets Equity Fund 204JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 207JPMorgan Funds - Emerging Markets Local Currency Debt Fund 214JPMorgan Funds - Emerging Markets Opportunities Fund 222JPMorgan Funds - Emerging Markets Small Cap Fund 225JPMorgan Funds - Emerging Markets Strategic Bond Fund 229JPMorgan Funds - Emerging Middle East Equity Fund 241JPMorgan Funds - EU Government Bond Fund 243JPMorgan Funds - Euro Aggregate Bond Fund 246JPMorgan Funds - Euro Corporate Bond Fund 250JPMorgan Funds - Euro Government Short Duration Bond Fund 255JPMorgan Funds - Euro Money Market Fund 257JPMorgan Funds - Euro Short Duration Bond Fund 260JPMorgan Funds - Euroland Dynamic Fund 264JPMorgan Funds - Euroland Equity Fund 267JPMorgan Funds - Euroland Select Equity Fund 270JPMorgan Funds - Europe Dividend Alpha Fund 273JPMorgan Funds - Europe Dynamic Fund 277JPMorgan Funds - Europe Dynamic Small Cap Fund 280JPMorgan Funds - Europe Equity Absolute Alpha Fund 282JPMorgan Funds - Europe Equity Fund 287JPMorgan Funds - Europe Equity Plus Fund 290JPMorgan Funds - Europe Focus Fund 295JPMorgan Funds - Europe High Yield Bond Fund 297JPMorgan Funds - Europe Research Enhanced Index Equity Fund 301JPMorgan Funds - Europe Select Equity Plus Fund 304JPMorgan Funds - Europe Small Cap Fund 307JPMorgan Funds - Europe Strategic Growth Fund 311JPMorgan Funds - Europe Strategic Value Fund 316JPMorgan Funds - Europe Sustainable Equity Fund 320JPMorgan Funds - Europe Technology Fund 322JPMorgan Funds - Financials Bond Fund 325JPMorgan Funds - Flexible Credit Fund 330JPMorgan Funds - France Equity Fund 340JPMorgan Funds - Germany Equity Fund 341JPMorgan Funds - Global Absolute Return Bond Fund 342JPMorgan Funds - Global Aggregate Bond Fund 350JPMorgan Funds - Global Allocation Fund 358JPMorgan Funds - Global Bond Opportunities Fund 366JPMorgan Funds - Global Capital Structure Opportunities Fund 387JPMorgan Funds - Global Convertibles Fund (EUR) 392JPMorgan Funds - Global Corporate Bond Fund 397JPMorgan Funds - Global Developing Trends Fund 410JPMorgan Funds - Global Dynamic Fund 412JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund 416JPMorgan Funds - Global Focus Fund 419JPMorgan Funds - Global Government Bond Fund 423

JPMorgan FundsRelatório de contas semestral não auditadoEm 31 de dezembro de 2016

Índice (continuação)

JPMorgan Funds - Global Government Short Duration Bond Fund 428JPMorgan Funds - Global Healthcare Fund 431JPMorgan Funds - Global Merger Arbitrage Fund 434JPMorgan Funds - Global Multi Asset Portfolios Fund 438JPMorgan Funds - Global Multi Strategy Income Fund 440JPMorgan Funds - Global Natural Resources Fund 442JPMorgan Funds - Global Real Estate Securities Fund (USD) 444JPMorgan Funds - Global Research Enhanced Index Equity Fund 447JPMorgan Funds - Global Short Duration Bond Fund 455JPMorgan Funds - Global Socially Responsible Fund 462JPMorgan Funds - Global Strategic Bond Fund 465JPMorgan Funds - Global Unconstrained Equity Fund 479JPMorgan Funds - Greater China Fund 482JPMorgan Funds - Highbridge Europe STEEP Fund 483JPMorgan Funds - Highbridge US STEEP Fund 486JPMorgan Funds - Hong Kong Fund 489JPMorgan Funds - Income Fund 490JPMorgan Funds - Income Opportunity Plus Fund 497JPMorgan Funds - India Fund 509JPMorgan Funds - Indonesia Equity Fund 510JPMorgan Funds - Italy Flexible Bond Fund 511JPMorgan Funds - Japan Equity Fund 514JPMorgan Funds - Korea Equity Fund 516JPMorgan Funds - Latin America Equity Fund 517JPMorgan Funds - Managed Reserves Fund 518JPMorgan Funds - Multi-Manager Alternatives Fund 524JPMorgan Funds - Pacific Equity Fund 532JPMorgan Funds - Russia Fund 533JPMorgan Funds - Singapore Fund 534JPMorgan Funds - Sterling Bond Fund 535JPMorgan Funds - Sterling Managed Reserves Fund 539JPMorgan Funds - Systematic Alpha Fund 541JPMorgan Funds - Taiwan Fund 550JPMorgan Funds - Total Emerging Markets Income Fund 551JPMorgan Funds - Turkey Equity Fund 560JPMorgan Funds - US Aggregate Bond Fund 561JPMorgan Funds - US Corporate Bond Fund 592JPMorgan Funds - US Dollar Money Market Fund 597JPMorgan Funds - US Equity All Cap Fund 599JPMorgan Funds - US Equity Plus Fund 602JPMorgan Funds - US Growth Fund 605JPMorgan Funds - US Hedged Equity Fund 607JPMorgan Funds - US High Yield Plus Bond Fund 610JPMorgan Funds - US Opportunistic Long-Short Equity Fund 619JPMorgan Funds - US Research Enhanced Index Equity Fund 622JPMorgan Funds - US Select Equity Plus Fund 625JPMorgan Funds - US Select Long-Short Equity Fund 629JPMorgan Funds - US Short Duration Bond Fund 633JPMorgan Funds - US Small Cap Growth Fund 646JPMorgan Funds - US Smaller Companies Fund 648JPMorgan Funds - US Technology Fund 650JPMorgan Funds - US Value Fund 651

Anexo - Informações Adicionais Não Auditadas1. Quocientes de Despesa Total 6542. Resumo dos Objetivos de Investimento dos Subfundos 6823. Rendimento e Volatilidade 6894. Taxa de Juros Recebida/(Cobrada) sobre as Contas Bancárias 7155. Classes de Ações dos Subfundos sujeitas a uma taxa de subscrição de 0,01% 7156. Índice de Movimentação da Carteira de Investimento 7187. Método de cálculo da exposição ao risco 7208. Garantias colaterais recebidas 7249. Divulgações de Remunerações UCITS 72510. Demonstração Histórica de Alterações no Número de Ações 726

Para obter informações adicionais, consulte www.jpmorganassetmanagement.lu.

Não podem ser aceites subscrições com base exclusiva neste relatório. As subscrições apenas são válidas quando efetuadas com base no Prospeto em vigor, nos atuais documentos de informaçõesfundamentais destinadas aos investidores, acompanhados pelo último relatório anual auditado e pelo último relatório semestral não auditado, caso este tenha sido publicado posteriormente.

O atual Prospeto, os atuais documentos de informações fundamentais destinadas aos investidores, os relatórios semestrais não auditados, bem como o relatório anual auditado, podem ser obtidosgratuitamente junto da sede social da SICAV e do agente pagador local.

Na sequência de uma revisão da divulgação do(s) gestor(es) de investimento dentro do Prospeto e os atuais documentos de informações fundamentais destinadas aos investidores (KIID), os detalhesdo(s) gestor(es) de investimento referentes aos Subfundos individuais estarão agora disponíveis na sede social da Sociedade Gestora ou em www.jpmorganassetmanagement.lu.

JPMorgan FundsConselho de Administração

Presidente

Iain O.S. SaundersDuine, ArdfernArgyll PA31 8QNReino Unido

Administradores

Jacques ElvingerElvinger Hoss Prussen2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrão-Ducado do Luxemburgo

Jean FrijnsAntigonelaan 2NL-5631 LR EindhovenPaíses Baixos

Massimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPReino Unido

Sede Social

6, route de TrèvesL-2633 SenningerbergGrão-Ducado do Luxemburgo

John Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrão-Ducado do Luxemburgo

Peter Thomas SchwichtBirkenweg 761118 Bad VilbelAlemanha

Daniel WatkinsJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPReino Unido

1

JPMorgan FundsGestão e Administração

Sociedade Gestora, Agente de Registo e Transferências,Distribuidor Mundial e Agente Domiciliário:

JPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrão-Ducado do Luxemburgo

Gestores de Investimento

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPReino Unido

J.P. Morgan Investment Management Inc.270 Park AvenueNew York, NY 10017Estados Unidos da América

JF Asset Management Limited21st Floor, Chater House8 Connaught Road CentralHong Kong

JPMorgan Asset Management (Singapore) Limited168, Robinson Road17th Floor, Capital TowerSingapura 068912

JPMorgan Asset Management (Japan) LimitedTokyo Building 7 - 3, Marunouchi 2 - chome, Chiyoda-kuTokyo 100 - 6432Japão

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taiwan (R.O.C.)

Highbridge Capital Management, LLC40 West 57th Street, 33 FloorNew York, NY 10019Estados Unidos da América

J.P. Morgan Alternative Asset Management, Inc.270 Park AvenueNew York, NY 10017Estados Unidos da América

Depositário

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesL-2633 SenningerbergGrão-Ducado do Luxemburgo

Auditores Independentes

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrão-Ducado do Luxemburgo

Consultor Jurídico Luxemburguês

Elvinger Hoss Prussen2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrão-Ducado do Luxemburgo

2

Esta página ficou em branco intencionalmente

3

JPMorgan FundsDemonstração Combinada de Ativos Líquidos

Em 31 de dezembro de 2016

JPMorganFunds

CombinadoUSD

AtivoInvestimentos em Títulos ao Valor de Mercado 86.860.509.993Custo de aquisição: 82.582.036.263Investimento em TBAs ao Valor de Mercado* 199.561.000Numerário no Banco e junto aos Corretores 904.204.829Depósitos a prazo 157.343.976Valores a receber da venda de investimentos 216.083.209Valores a receber da venda de TBAs* 64.243.596Valores a receber de subscrições 326.080.695Juros e dividendos a receber, valor líquido 377.676.254Restituição de imposto a receber 36.705.880Renúncia da taxa** 2.886.949Outros valores a receber 1.316.422Ganhos Líquidos Não Realizados sobre Contratos Cambiais a Prazo 90.529.081Ganhos Líquidos Não Realizados sobre Contratos de Futuros 8.829.100Outros Instrumentos Derivados ao Valor de Mercado 23.639.417

Total do Ativo 89.269.610.401

PassivoDescoberto bancário ou por corretores 20.481.991Posições Curtas a Descoberto em aberto sobre TBAs* 64.019.849Valores a pagar da compra de investimentos 276.140.773Valores a pagar da Compra de TBAs* 199.718.362Valores a pagar de resgates 264.653.912Comissões de Gestão e Consultoria a Pagar 60.619.994Taxas de Serviço do Fundo a Pagar 7.343.390Comissões de distribuição a Pagar 4.324.788Comissões de desempenho 7.247.632Outras Contas a Pagar*** 12.434.113Perdas Líquidas Não Realizadas sobre Contratos Cambiais a Prazo 250.500.304Perdas Líquidas Não Realizadas sobre Contratos de Futuros 988.405Outros Instrumentos Derivados ao Valor de Mercado 8.409.966

Total do Passivo 1.176.883.479

Total dos Ativos Líquidos 88.092.726.922

Total Histórico dos Ativos Líquidos30 de junho de 2016 89.615.749.74030 de junho de 2015 98.290.204.380

* Ver Nota 2i).** Ver Nota 8a).*** A conta Outras Contas a Pagar é composta principalmente por remunerações dos Administradores, taxas diversas compostas principalmente relativas a honorários dos Diretores, taxas de auditoriae taxas relativas a impostos, registo, publicação, envio postal, impressão, bem como despesas legais e de marketing.

As notas complementares são parte integrante das presentes Demonstrações Financeiras.

4

JPMorgan FundsDemonstração Combinada de Ativos Líquidos (Continuação)


AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaEquity

FundUSD

Asia PacificEquity

FundUSD

197.336.525 3.085.313.393 1.268.368.210 552.548.170 53.152.831 504.608.517216.096.922 3.238.125.406 1.048.402.307 555.960.065 54.816.683 474.416.874

- 36.411.051 - - - -882.186 52.530.100 423.680 14.806.787 1.148.065 5.124.724

- 42.500.000 - - - -404.991 - 8.732.282 1.409.041 97.888 15.074

- 53.438.850 - - - -327.056 6.767.064 6.830.906 1.093.427 4.909 8.153.695

4.712 16.255.053 362.312 578.124 162.237 1.252.955- 18.473 - - 14.521 38.347

28.091 100.890 1.099 39.667 9.122 25.516- - 7.768 15.882 - 97.469- - - - - -- 2.168.044 - - - -- - - - - -

198.983.561 3.295.502.918 1.284.726.257 570.491.098 54.589.573 519.316.297

- 886.527 - - - -- 53.145.506 - - - -- 4.741.101 31.746.318 5.365.589 100.207 -- 36.446.408 - - - -

532.607 20.773.622 1.586.474 2.050.104 210.153 455.708226.521 923.168 1.283.680 462.240 67.495 418.31616.410 267.660 106.865 47.118 4.794 44.62930.580 6.712 31.858 30.772 6.439 5.806

- - - - - -49.960 107.166 54.959 74.976 15.412 69.005

- 37.804.504 1.461.505 693 - -- - - - - -- - - - - -

856.078 155.102.374 36.271.659 8.031.492 404.500 993.464

198.127.483 3.140.400.544 1.248.454.598 562.459.606 54.185.073 518.322.833

201.325.725 3.203.184.855 1.188.361.357 508.893.310 58.409.123 423.529.345336.137.807 2.322.170.502 1.255.347.009 706.367.151 90.956.214 420.172.391

5



Asia PacificIncome

FundUSD

AsianTotal Return

Bond FundUSD

BrazilEquity

FundUSD

China A-ShareOpportunities

FundCNH

ChinaBondFundCNH

ChinaFund

USD

2.187.892.361 17.722.649 191.996.474 32.582.883 77.735.577 1.078.373.1432.279.263.435 17.943.856 197.430.141 32.374.095 74.749.850 1.044.958.418

- - - - - -8.680.173 1.929.864 1.463.171 1.729.275 1.481.743 6.810.156

- - - - - -8.454.090 - 972.410 - - 3.117.865

- - - - - -2.903.430 - 1.156.696 - - 3.708.894

15.374.893 204.201 1.479.015 - 882.215 26.769146.252 - - - - -38.908 8.929 16.898 116.576 101.316 -

- - - - - 1919.512.013 59.347 - - - -

- 8.328 - - 10.887 -- - - - - -

2.233.002.120 19.933.318 197.084.664 34.428.734 80.211.738 1.092.037.018

6 - - - - -- - - - - -

11.074.834 - - - - -- - - - - -

5.117.653 - 627.240 - - 3.387.8532.728.671 16.864 238.891 43.799 67.216 1.414.700

188.762 1.686 16.191 2.967 6.769 93.73918.489 - 18.035 - - 61.945

- - - - - -571.834 11.858 28.272 120.756 120.658 2.885.512

- - - - 235.664 -- - - - - -- - - - - -

19.700.249 30.408 928.629 167.522 430.307 7.843.749

2.213.301.871 19.902.910 196.156.035 34.261.212 79.781.431 1.084.193.269

2.007.198.980 20.179.911 205.693.028 34.477.693 79.214.456 1.104.369.9932.709.705.339 - 195.983.919 - 61.917.666 1.757.569.244

6



DiversifiedRisk

FundUSD

Emerging EuropeEquity

FundEUR

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsAggregate Bond

FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

FundUSD

21.237.440 559.032.398 333.161.987 176.494.649 352.120.959 2.055.746.22620.533.658 474.291.998 305.364.855 176.567.728 352.576.450 2.068.214.348

- - - - - -2.276.740 315.110 293.304 339.744 26.923.112 8.532.691

- - - - - -22.662 8.970 8.646 - - -

- - - - - -3.344 785.660 483.064 - 149.736 9.658.821

15.542 2.164.258 564.218 2.499.071 6.274.629 24.286.877784 340.966 103.795 - - -

26.230 30.386 30.414 24.619 17.600 8.490- - 1.063 - - -- - - - - -

9.868 - - - - -63.075 - - 53.919 247.967 189.670

23.655.685 562.677.748 334.646.491 179.412.002 385.734.003 2.098.422.775

18.274 - - - 266 -- - - - - -- 125.139 - - - -- - - - - -- 1.737.538 326.987 - 803.542 4.018.068

23.057 491.014 281.645 25.340 137.553 1.156.1381.981 46.507 27.495 14.564 32.629 176.5326.296 12.130 12.356 - 28.004 47.076

- - - - - -28.799 78.018 54.625 24.033 43.287 183.911

101.436 - - 4.054.984 4.070.827 18.680.673- - - 4.746 9.023 183.093- - - - - -

179.843 2.490.346 703.108 4.123.667 5.125.131 24.445.491

23.475.842 560.187.402 333.943.383 175.288.335 380.608.872 2.073.977.284

23.847.385 441.855.694 299.245.118 154.250.581 425.799.886 1.965.308.36031.150.995 464.092.853 358.989.409 96.211.284 402.063.944 2.634.843.087

7



Emerging MarketsDebtFundUSD

Emerging MarketsDiversified Equity

FundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

1.516.848.789 452.047.652 225.620.809 4.093.348.787 334.884.548 1.923.629.1251.520.056.677 415.342.128 228.430.036 3.654.235.342 344.771.186 2.256.467.723

- - - - - -132.977 2.012.322 3.354.055 2.898.409 23.057.755 60.515.209

- - - - - -- 22.070.728 - 2.801.383 - 2.353.660- - - - - -

1.226.282 82 189.566 4.757.456 231.796 1.577.97525.197.780 1.937.869 683.552 5.891.266 4.537.409 40.181.545

- 46.338 116.128 503.042 - 962.31528.853 41.653 32.803 92.137 23.940 108.067

793 2.747 574 28.159 440 -- - - - - -- - - - - -

1.014.064 - - - 160.915 1.755.717

1.544.449.538 478.159.391 229.997.487 4.110.320.639 362.896.803 2.031.083.613

1.074 - - - 6.996 76.014- - - - - -- 280.825 10.627 4.039.188 - -- - - - - -

1.790.362 31.627.178 27.424 2.835.280 167.405 4.240.058969.930 29.154 177.274 2.023.445 140.283 1.079.739129.630 39.940 19.129 342.301 30.090 171.581

12.656 - 9.234 45.083 1.248 101.127- - - - - -

120.812 59.766 45.584 335.458 54.987 846.63719.127.087 - 585.252 920.741 6.742.682 18.597.738

35.797 - - - 22.727 650- - - - - -

22.187.348 32.036.863 874.524 10.541.496 7.166.418 25.113.544

1.522.262.190 446.122.528 229.122.963 4.099.779.143 355.730.385 2.005.970.069

1.598.669.678 467.441.966 195.265.193 3.543.323.304 297.179.434 2.467.475.6481.744.141.726 517.228.599 192.119.188 4.128.650.103 312.767.653 2.813.412.769

8



Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsStrategic Bond

FundUSD

EmergingMiddle EastEquity Fund

USD

EUGovernment Bond

FundEUR

EuroAggregate Bond

FundEUR

1.715.999.243 1.035.681.865 689.469.405 98.309.975 1.183.180.599 77.416.0611.670.395.968 1.037.709.042 699.513.779 100.665.416 1.154.028.100 77.424.701

- - - - - -3.109.287 11.318.650 21.963.833 1.140.003 7.939.768 376.727

- - - - - -- 236.366 50.633 98.979 6.003.542 -- - - - - -

6.843.532 33.329.840 735.429 578.786 1.299.481 58.3015.816.595 973.850 9.654.940 27.187 8.799.831 812.819

288.837 52.550 40.545 - - -53.702 23.641 33.349 25.088 32.256 12.976

5.762 483.416 2.280 - 14.652 -- - - - - -- - - - - 40.615- - 3.899.308 - - -

1.732.116.958 1.082.100.178 725.849.722 100.180.018 1.207.270.129 78.717.499

- - 26.112 - 252.528 -- - - - - -- 17.641.900 - - 5.949.521 -- - - - - -

4.577.127 1.380.519 348.368 518.125 1.495.591 143.483899.309 1.007.511 437.397 123.483 333.626 40.633144.799 85.574 57.398 8.433 102.997 6.821

7.541 28.306 76.938 8.784 19.670 3.255- - 77.118 - - -

150.286 504.093 159.160 31.601 92.072 16.99257.573 - 9.662.803 - 10.693 -42.333 47.348 1.684 - 144.790 -

- - - - - -

5.878.968 20.695.251 10.846.978 690.426 8.401.488 211.184

1.726.237.990 1.061.404.927 715.002.744 99.489.592 1.198.868.641 78.506.315

1.803.781.838 758.444.181 447.655.897 108.972.302 1.373.866.983 100.056.5822.659.663.178 427.382.435 440.250.965 192.256.547 1.547.055.925 50.093.773

9



EuroCorporate Bond

FundEUR

Euro GovernmentShort Duration

Bond FundEUR

EuroMoney Market

FundEUR

EuroShort Duration

Bond FundEUR

EurolandDynamic

FundEUR

EurolandEquity

FundEUR

62.007.022 173.314.729 441.272.354 27.729.038 621.478.527 327.506.31561.402.152 174.262.964 441.272.354 28.026.004 556.309.523 288.404.202

- - - - - -471.630 1.606.378 758.934 1.574.767 1.502.366 8.329.730

- - 105.000.000 - - -- 2.271.312 - - 616.148 749.483- - - - - -

56.836 560.451 2.504.986 4.611 255.930 339.661783.568 593.879 277.498 307.277 271.078 215.892

- - - - 1.075.436 1.009.52611.007 20.700 29.134 15.307 2.207 24.985

- - 87.097 - - 745- - - 2.821 11.588 95.710- 1.434 - 2.940 18.145 -- - - - - -

63.330.063 178.368.883 549.930.003 29.636.761 625.231.425 338.272.047

- - - - - -- - - - - -- 3.629.984 40.800.193 - - -- - - - - -

54.558 72.756 2.324.420 - 266.356 9.468.95241.467 45.909 119.699 13.625 663.503 273.7565.386 15.010 42.071 2.363 51.518 26.554

18.038 1.277 9.981 4.612 29.120 11.521- - - - - -

13.911 25.972 - 16.817 47.018 52.141- - - - - -

7.390 - - - - -- - - - - -

140.750 3.790.908 43.296.364 37.417 1.057.515 9.832.924

63.189.313 174.577.975 506.633.639 29.599.344 624.173.910 328.439.123

52.328.785 155.862.436 569.462.593 24.724.577 618.461.982 278.591.49930.040.326 120.823.241 568.715.888 20.110.700 497.522.826 326.033.825

10



EurolandSelect Equity

FundEUR

EuropeDividend Alpha

FundEUR

EuropeDynamic

FundEUR

Europe DynamicSmall Cap

FundEUR

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

14.527.619 47.867.947 1.226.190.177 463.960.804 429.082.491 411.242.25413.391.076 43.783.768 1.102.279.636 424.278.257 389.436.636 361.283.490

- - - - - -445.226 3.325.374 778.010 3.314.829 2.112.184 698.189

- - - - - -- - - 1.230.458 - -- - - - - -

199 - 3.633.427 101.058 - 230.5056.306 60.708 604.265 121.468 163.185 266.430

87.849 156.069 2.165.530 426.385 1.145.921 852.69513.390 18.991 5.218 1.496 32.518 995

- - - 9.707 - 492- 7.001 6.697.869 - 3.410.453 303.484

1.045 - - - - -- 1.085.890 - - - -

15.081.634 52.521.980 1.240.074.496 469.166.205 435.946.752 413.595.044

- - - - - -- - - - - -- 970.509 - 3.142.122 460.100 -- - - - - -

766 - 4.657.113 840.598 339.930 204.6809.240 2.292 1.088.970 484.820 377.922 303.2011.342 4.346 103.918 36.219 38.159 34.4881.088 - 24.739 24.754 8.474 23.366

- - - - - -14.596 20.908 103.068 43.046 61.763 39.883

- - - - - -- 97.878 - - - -- - - - 5.338 -

27.032 1.095.933 5.977.808 4.571.559 1.291.686 605.618

15.054.602 51.426.047 1.234.096.688 464.594.646 434.655.066 412.989.426

12.748.369 57.206.914 1.332.238.255 305.280.277 663.533.003 396.466.24134.122.922 38.357.055 1.746.937.547 180.661.474 972.034.258 439.801.129

11



EuropeEquity Plus

FundEUR

EuropeFocusFundEUR

EuropeHigh Yield

Bond FundEUR

Europe ResearchEnhanced Index

Equity FundEUR

EuropeSelect Equity

Plus FundEUR

EuropeSmall Cap

FundEUR

3.728.072.011 16.041.728 868.383.583 77.000.351 14.659.277 415.735.3933.160.700.797 15.572.499 849.338.314 72.029.917 13.499.504 369.885.533

- - - - - -8.008.498 35.237 3.302.305 545.150 147.521 507.477

- - - - - -1.991.559 8 - - 1.111 258.468

- - - - - -19.296.349 45.869 1.050.358 - 34 737.0892.046.669 5.658 14.016.756 72.902 15.056 156.86610.560.273 50.342 - 103.362 27.564 1.001.548

- 12.522 56.839 10.516 18.702 923- - 859 - - 2.281

5.808.436 - 354.654 - - 69.729- - - 1.760 - -

5.687.750 - - - 45.131 -

3.781.471.545 16.191.364 887.165.354 77.734.041 14.914.396 418.469.774

- - - - 141 -- - - - - -- - - - - -- - - - - -

5.305.752 55.245 1.921.519 - 65.957 1.004.4333.807.111 18.098 309.827 4.472 18.672 467.928

314.166 1.340 73.245 6.333 1.247 34.989272.734 5.867 71.769 - 6.324 30.283

3.602.757 1 - 636 6 -168.414 14.057 78.327 13.425 20.258 34.807

- - - - - -28.794 - - - 256 -

- - - - - -

13.499.728 94.608 2.454.687 24.866 112.861 1.572.440

3.767.971.817 16.096.756 884.710.667 77.709.175 14.801.535 416.897.334

3.903.376.788 15.169.888 776.487.454 68.765.860 14.385.594 450.311.6985.610.320.606 22.970.024 352.713.702 82.106.535 21.674.525 409.792.115

12



EuropeStrategic Growth

FundEUR

EuropeStrategic Value

FundEUR

EuropeSustainable

Equity Fund (1)EUR

EuropeTechnology

FundEUR

FinancialsBondFundEUR

FlexibleCreditFundUSD

663.506.577 1.572.336.035 23.876.355 151.797.234 173.579.771 221.302.518598.688.791 1.366.461.872 23.761.321 131.788.698 165.912.558 224.444.327

- - - - - -2.327.876 10.971.336 226.544 483.841 3.159.550 10.617.415

- - - - - -32.654 212.310 - 2.722 - -

- - - - - -1.285.736 37.108.995 - 1.271.216 148.576 250.151

203.822 1.174.967 7.253 60.894 2.028.364 2.826.396644.665 3.312.324 - 370.453 - -

- - 7.500 8.770 14.773 22.877- - - - - 1.489- - - 158.111 - -

44.681 258.667 - 11.812 - -- - - - - 11.569

668.046.011 1.625.374.634 24.117.652 154.165.053 178.931.034 235.032.415

- - - - 15.297 17.474- - - - - -- - - - - -- - - - - -

2.454.188 1.949.418 - 330.485 136.681 182.803671.760 1.557.847 15.052 183.225 118.758 153.87854.355 125.570 1.051 12.516 14.845 19.28052.707 19.285 - 14.989 52.781 56.414

- - - - - -52.322 87.578 8.369 25.265 23.054 34.817

- - - - 1.338.656 4.424.128- - - - 3.524 5.832- - - - - -

3.285.332 3.739.698 24.472 566.480 1.703.596 4.894.626

664.760.679 1.621.634.936 24.093.180 153.598.573 177.227.438 230.137.789

461.313.132 1.042.010.895 - 148.537.641 139.371.617 195.297.499470.886.624 1.743.168.219 - 162.987.566 60.415.203 187.318.306

(1) Este Subfundo foi lançado em 15 de dezembro de 2016.

13



FranceEquity

FundEUR

GermanyEquity

FundEUR

GlobalAbsolute Return

Bond FundUSD

GlobalAggregate Bond

FundUSD

GlobalAllocation

FundEUR

Global BondOpportunities

FundUSD

39.524.473 196.245.608 27.758.119 39.374.800 22.848.354 2.285.094.81334.055.363 153.947.089 28.264.765 41.304.108 20.751.043 2.348.968.812

- - - 664.742 - 11.933.960229.016 869.855 2.994.261 3.852.053 3.626.561 55.115.190

- - - - - -- - - 404.836 - -- - 9.833.594 797.008 - -

17.973 147.806 42.481 6.487.590 - 4.495.87049.478 - 93.852 217.227 108.702 29.348.997

- 479.982 - 722 16.979 -5.427 772 17.768 15.883 15.787 67.011

- - - 4.763 - 28.243- - 140.809 117.547 - 25.063.953- - 180.966 37.435 - 782.610- - - - 72.852 706

39.826.367 197.744.023 41.061.850 51.974.606 26.689.235 2.411.931.353

- - 205.053 33.479 1.106 832.667- - 9.907.813 792.625 - -- - - 4.018.622 2.063 -- - - 661.877 - 11.946.665

24.275 261.772 92.154 45.632 - 1.891.60749.848 230.706 4.504 24.626 28.127 1.725.558

3.327 16.106 2.613 3.182 2.250 199.542- 44.074 1.549 2.837 - 543.862- - - - - -

10.127 21.216 17.920 17.816 16.987 147.558- - - - 31.742 -- - - - 12.843 -- - 88.029 - - -

87.577 573.874 10.319.635 5.600.696 95.118 17.287.459

39.738.790 197.170.149 30.742.215 46.373.910 26.594.117 2.394.643.894

36.953.244 183.417.314 39.712.103 48.203.273 17.508.244 1.225.775.02751.712.552 219.948.381 37.234.968 31.040.454 17.849.805 976.671.431

14



GlobalCapital Structure

Opportunities FundEUR

GlobalConvertibles

Fund (EUR)EUR

GlobalCorporate Bond

FundUSD

GlobalDeveloping

Trends FundUSD

GlobalDynamic

FundUSD

Global Emerging MarketsResearch Enhanced

Index Equity Fund (2)USD

25.769.716 1.289.242.654 5.169.612.208 141.504.127 366.701.185 9.725.17225.233.184 1.197.795.659 5.293.164.286 138.200.187 319.839.582 10.042.073

- - - - - -1.515.159 5.110.887 40.308.551 1.325.931 566.427 42.813

- - - - - -- - - - - -- - - - - -- 3.811.361 9.379.218 103.107 39.196 -

91.974 3.249.823 52.378.171 129.365 320.953 30.6992.116 182.148 - 22.440 387.904 -

18.839 3.285 120.773 24.799 4.117 47.840- 179 5.099 - - -- 6.430.520 - - - -

363 - 495.342 - - -746.860 - - - - -

28.145.027 1.308.030.857 5.272.299.362 143.109.769 368.019.782 9.846.524

- - 1.070.875 - - -- - - - - -

200.737 950.219 - - - -- - - - - -- 2.504.948 4.062.834 113.157 126.003 -

18.044 994.383 1.988.221 90.860 321.885 1.7072.347 110.098 394.917 12.086 31.254 825

- 25.510 212.883 - 15.615 -- - - - - -

19.588 80.749 262.307 28.528 31.491 48.41150.216 - 48.352.759 - 477.702 -

- 79.135 - - - -- - - - - -

290.932 4.745.042 56.344.796 244.631 1.003.950 50.943

27.854.095 1.303.285.815 5.215.954.566 142.865.138 367.015.832 9.795.581

23.556.428 1.548.378.613 5.149.376.096 139.123.770 423.931.684 -17.300.133 2.071.350.248 4.258.062.479 160.374.176 589.689.119 -

(2) Este Subfundo foi lançado em 13 de outubro de 2016.

15



GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

Global MergerArbitrage

FundUSD

GlobalMulti Asset Portfolios

FundEUR

1.680.901.113 416.924.755 83.531.949 2.897.996.591 7.391.260 7.162.9971.393.428.930 409.423.884 82.987.491 3.112.504.726 7.379.161 6.673.487

- - - - - -6.692.786 2.465.951 382.252 167.172 1.120.219 226.990

- - - - - -- 129.451 1.205.335 - 253.332 -- - - - - -

6.105.368 2.866.123 113.126 9.482.658 611 -1.283.158 2.343.833 412.208 1.746.818 1.686 -

2.465.760 - - 713.054 31.157 -655 47.170 22.754 1.659 21.685 10.649

- - - 881 - -7.419.431 2.836.794 1.031.513 - - -

- 34.349 - - - -- - - - - -

1.704.868.271 427.648.426 86.699.137 2.910.108.833 8.819.950 7.400.636

- 9.743 36 - - 3.790- - - - - -

1.398.472 639.449 1.234.888 3.581 55.460 -- - - - - -

2.956.754 563.157 11.556 2.871.715 - -1.291.193 80.467 17.324 2.718.926 6.342 7.787

142.853 35.873 7.265 246.898 718 623126.580 3.547 334 221.865 - 2.757

- - - - - -161.761 68.160 25.456 276.454 22.262 10.090

- - - 426.865 82.787 11.330- - 1.285 - - 674- - - - 156.504 -

6.077.613 1.400.396 1.298.144 6.766.304 324.073 37.051

1.698.790.658 426.248.030 85.400.993 2.903.342.529 8.495.877 7.363.585

1.551.352.219 718.282.343 82.172.247 3.578.255.630 8.442.360 8.931.5682.024.806.634 401.448.484 90.542.519 3.923.555.854 25.450.556 15.460.235

16



GlobalMulti Strategy

Income FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

835.353.934 820.660.892 116.895.596 440.909.264 633.701.720 85.180.043753.295.554 722.899.356 118.267.524 373.806.449 655.492.536 78.501.607

- - - - - -6.472.696 1.180.073 285.559 3.990.695 6.166.541 267.239

- - - - - -- 1.354.990 - 65.861 - -- - - - - -

1.124.797 6.087.924 42.831 496.072 1.451.831 110- 1.152.790 399.978 435.729 2.359.691 83.778- 79.660 11.809 623.514 - 25.494

11.110 - 11.412 4.940 32.667 13.885- - - - 943 -

3.184.867 - - - 513.015 -- - - - 130.981 -- - - - - -

846.147.404 830.516.329 117.647.185 446.526.075 644.357.389 85.570.549

- - - 33.534 229.609 -- - - - - -- - 100.748 66.361 3.447.475 -- - - - - -

808.691 5.165.928 165.530 38.467 1.969.542 17.3681.063.937 1.006.615 62.080 43.011 171.417 18.886

70.929 69.946 9.811 38.336 55.032 7.225578.782 69.022 7.371 - 904 2.815

- - - 66.407 - -14.948 115.958 20.982 25.880 44.513 18.010

- - 453.445 232.118 - 53.9572.528 - - 4.141 - -

- - - - - -

2.539.815 6.427.469 819.967 548.255 5.918.492 118.261

843.607.589 824.088.860 116.827.218 445.977.820 638.438.897 85.452.288

861.530.691 625.353.241 121.028.238 619.649.673 2.240.474.835 93.963.0151.047.735.700 624.218.048 168.349.745 863.417.539 1.205.526.044 84.572.462

17



GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

HongKongFundUSD

1.297.016.284 426.051.051 448.564.432 58.931.657 1.314.105.387 107.034.3071.324.003.572 412.386.215 408.092.478 58.708.327 1.336.036.931 108.408.950

125.581.523 - - - - -10.861.955 145.368 - 10.317.110 13.535.980 1.144.231

- - - - - -- - 20.879.588 - 76.539.776 1.101.155- - - - - -

5.328.470 126.504 415.431 27.064 7.264.500 346.14210.294.501 383.686 - 7.150 1.186.290 -

- 16.691 164.352 - - -80.477 14.344 26.284 19.566 10.754 12.85139.806 200 - - 2.012 -

- 878.509 - - - -2.274.484 - - - - -

- - - 2.890.594 - -

1.451.477.500 427.616.353 470.050.087 72.193.141 1.412.644.699 109.638.686

3.083.206 - 698.603 2.259.379 - -- - - - - -

3.261.393 - - - 71.341.211 819.432125.643.120 - - - - -

2.194.697 32.712 20.043.637 582.282 10.112.804 80.777804.259 254.938 532.957 79.153 1.310.747 138.045107.509 36.343 41.641 5.781 114.217 9.275206.922 7.762 35.018 20.100 52.537 4.568777.540 - - 33.725 - -106.301 41.330 369.332 42.345 128.548 25.844

15.473.311 - - 862.485 526.826 -- - - - - -

240.498 - - - - -

151.898.756 373.085 21.721.188 3.885.250 83.586.890 1.077.941

1.299.578.744 427.243.268 448.328.899 68.307.891 1.329.057.809 108.560.745

982.108.644 460.900.674 599.499.845 77.579.785 2.046.917.411 111.206.377863.859.394 568.879.003 1.456.596.008 76.012.952 3.528.976.149 183.903.033

18



IncomeFund

USD

IncomeOpportunity

Plus FundUSD

IndiaFund

USD

IndonesiaEquity

FundUSD

ItalyFlexible Bond

FundEUR

JapanEquity

FundJPY

25.017.635 244.607.610 961.797.399 46.710.564 221.981.536 242.146.950.16525.042.608 245.182.371 626.300.414 45.888.938 226.430.910 218.292.103.927

- 445.852 - - 23.244.936 -288.169 7.167.297 4.395.947 895.826 1.168.406 1.217.465.041

- - - - - -- - 1.283.768 308.406 - 2.392.219.325- 174.144 - - - -- 16.026 2.217.578 58.801 16.797 1.179.709.405

298.931 2.655.312 - 5.081 1.820.944 362.159.918- 2.738 - - - -

18.320 32.004 - 10.878 14.700 373.225- - 189 - - 13.791.963- 1.013.860 - - - 921.593.253- 48.673 - - 4.826 -

122.108 476.595 - - 3.829.038 -

25.745.163 256.640.111 969.694.881 47.989.556 252.081.183 248.234.262.295

10.760 70.817 - - 1.212.643 -- 173.905 - - - -- 190.699 - 12.884 - -- 446.555 - - 23.292.201 -- 11.680 1.171.618 2.171 126.773 3.995.263.691

21.586 306.308 1.174.067 15.742 184.202 191.460.6212.161 21.059 82.629 4.042 19.207 21.113.966

15 1.145 143.021 3.206 162.456 1.980.944- 2.146.743 - - 8.646 -

19.635 26.933 159.622 13.556 19.944 13.466.9032.638 - - - 52.666 -

12 - - - - -- - - - - -

56.807 3.395.844 2.730.957 51.601 25.078.738 4.223.286.125

25.688.356 253.244.267 966.963.924 47.937.955 227.002.445 244.010.976.170

26.311.345 328.312.281 1.094.663.464 53.247.065 201.121.537 274.915.549.82126.682.818 476.724.900 1.391.432.111 103.501.186 78.531.533 133.729.320.731

19



KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

Multi-ManagerAlternatives

FundUSD

PacificEquity

FundUSD

RussiaFund

USD

123.691.384 815.409.340 4.196.336.116 143.176.004 506.999.625 584.720.818133.824.825 818.944.700 4.201.976.567 137.977.337 459.034.075 494.422.711

- - - - - -3.692.779 695.391 2.068.039 24.539.393 1.128.523 4.425.526

- - - - - -388.042 6.038.123 - 651.690 502.850 303.149

- - - - - -152.703 458.349 9.088.449 174.585 76.734 7.169.255

1.726.421 4.027.601 14.317.432 261.291 325.997 3.122.285- - - 2.531 74.088 69.554

7.614 29.535 255.539 84.561 - 31.774- - - 84.690 - 19.587- - - - - -- - - - - -- - - - - -

129.658.943 826.658.339 4.222.065.575 168.974.745 509.107.817 599.861.948

- - - 1.601.083 - -- - - - - -- 7.642.012 8.480.875 219.495 - 12.221.314- - - - - -

4.531 418.128 2.689.845 10.562 596.668 4.938.097107.520 697.927 764.931 227.766 603.906 696.116

11.199 68.727 324.792 13.917 43.821 48.1594.598 22.636 - 2.343 9.731 48.635

- - - - - -13.296 63.213 216.126 94.288 62.557 94.753

- - 25.082.818 372.466 - -- - - 14.345 - -- - - 45.304 - -

141.144 8.912.643 37.559.387 2.601.569 1.316.683 18.047.074

129.517.799 817.745.696 4.184.506.188 166.373.176 507.791.134 581.814.874

141.752.681 799.977.215 5.550.006.002 146.738.553 523.845.087 494.382.484177.545.207 875.924.655 4.958.109.376 - 553.618.919 550.378.442

20



SingaporeFund

USD

SterlingBondFundGBP

SterlingManaged Reserves

Fund (3)GBP

SystematicAlphaFundEUR

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

49.320.914 53.298.418 87.006.901 2.018.101.691 156.789.180 90.435.47056.278.261 49.282.415 87.128.677 1.848.135.338 137.914.691 92.441.063

- - - - - -1.503.779 311.156 80.188 147.669.133 1.837.106 4.528.352

- - 700.000 - - -- - - 8.890.818 962.260 15.184- - - - - -

2.762 79.909 - 3.129.641 200.550 214.91188.646 928.861 663.875 1.182.443 - 649.071

- - - 734.810 254.904 1.41214.316 11.193 17.942 22.726 - 26.853

- - - 6.004 - 760- - - 4.944.105 - -- - - 2.123.794 - 420- - - - - -

50.930.417 54.629.537 88.468.906 2.186.805.165 160.044.000 95.872.433

- 937 - 1.161.490 - 580- - - - - -- 777.879 - 5.119.784 365.105 127.054- - - - - -

36.386 238.358 - 2.223.528 428.639 6.58164.733 39.178 14.849 1.620.131 167.012 91.3034.388 4.357 7.392 182.765 13.879 7.841

10.254 10.416 - 2 4.343 18.237- - - - - -

20.182 13.593 14.581 169.032 16.277 37.313- 5.047 - - - 141.661- 5.403 - - - -- - - 7.281.484 - -

135.943 1.095.168 36.822 17.758.216 995.255 430.570

50.794.474 53.534.369 88.432.084 2.169.046.949 159.048.745 95.441.863

53.785.651 46.164.631 - 2.011.370.835 169.397.561 72.315.65975.094.438 90.616.742 - 2.010.539.277 229.064.460 75.031.210

(3) Este Subfundo foi lançado em 22 de agosto de 2016.

21



TurkeyEquity

FundEUR

USAggregate Bond

FundUSD

USCorporate Bond

Fund (4)USD

US DollarMoney Market

FundUSD

US EquityAll Cap

FundUSD

USEquity Plus

FundUSD

27.415.506 3.201.125.039 29.917.587 367.717.760 953.482.781 86.994.59734.149.999 3.214.217.198 30.742.031 367.717.760 856.842.795 72.593.525

- - - - - -135.063 - 1.614.116 56.781.033 485.570 2.617.406

- - - - - -27.080 349.253 20.947 - - 50.126

- - - - - -9.439 20.297.911 - 6.061.918 7.106.836 20.872

- 14.380.562 296.423 247.467 392.054 76.615- - - - 2.348.605 -

15.619 58.668 13.761 21.435 3.619 17.405- 230.998 - - - -- - 61.935 - - -- - 5.961 - - -- - - - - 33.510

27.602.707 3.236.442.431 31.930.730 430.829.613 963.819.465 89.810.531

- 6.354.542 9.025 - - -- - - - - -- 10.155.350 275.064 - 353.185 206.496- - - - - -

17.785 9.154.827 627 3.121.027 1.162.629 82.93933.043 1.652.726 10.568 89.305 421.407 110.446

2.301 271.513 2.048 35.722 81.635 7.5956.488 13.699 - - - 14.347

- - - - - -18.629 139.179 14.620 67.699 73.376 28.404

- 15.582.139 - - 2.478.693 42.142- - - - - 6.924- - - - - -

78.246 43.323.975 311.952 3.313.753 4.570.925 499.293

27.524.461 3.193.118.456 31.618.778 427.515.860 959.248.540 89.311.238

36.692.569 2.442.643.007 - 437.971.653 795.610.803 115.471.45462.146.424 1.931.681.537 - 406.882.748 317.087.246 150.490.365


22



USGrowth

FundUSD

USHedged Equity

Fund (5)USD

USHigh Yield Plus

Bond FundUSD

US OpportunisticLong-Short

Equity FundUSD

USResearch Enhanced

Index Equity FundUSD

USSelect Equity

Plus FundUSD

298.938.087 5.000.913 141.523.763 53.297.423 520.910.669 2.822.362.009229.628.566 5.047.053 144.941.955 52.025.062 456.317.789 2.460.529.283

- - - - - -963 21.168 104.894 31.197.963 9.078.773 797.210

- - - - - -581.059 - - - 68.788 6.422.214

- - - - - -4.516.233 - 61.695 187.609 1.008 3.367.004

83.348 2.088 2.116.820 35.816 449.876 2.375.22540.920 - 15.994 23.096 - 203.199

4.545 8.326 25.390 24.014 6.946 4.726- - 703 1.811 - -- 18.722 - - - -- - - - - -- - - 352.186 - -

304.165.155 5.051.217 143.849.259 85.119.918 530.516.060 2.835.531.587

- - - - - -- - - - - -

291.870 22.660 - - 43.763 5.055.150- - - - - -

2.922.609 - 2.077 13.470 - 8.959.292228.031 737 66.755 34.991 88.276 1.965.375

25.631 163 11.887 7.267 45.025 240.3164.434 - 4.386 3.000 - 42.548

- - - 329.809 - -67.622 8.391 29.154 29.184 40.114 195.813

200.892 - 1.573.061 400.511 46.922 4.126.422- 1.006 - - 88.201 113.669- - - - - 191.888

3.741.089 32.957 1.687.320 818.232 352.301 20.890.473

300.424.066 5.018.260 142.161.939 84.301.686 530.163.759 2.814.641.114

337.319.879 - 154.392.682 24.406.212 486.097.537 2.721.935.845708.048.603 - 197.679.577 - 555.289.968 3.535.906.672


23



US SelectLong-Short

Equity FundUSD

USShort Duration

Bond FundUSD

USSmall Cap

Growth FundUSD

USSmaller Companies

FundUSD

USTechnology

FundUSD

USValueFundUSD

68.233.062 1.190.970.929 83.245.810 836.605.936 216.837.246 2.853.156.15361.818.526 1.203.613.505 75.945.070 690.485.245 175.751.882 2.227.656.565

- - - - - -4.835.975 - 1.820.838 42.373.546 4.174.713 211.1163.200.000 - - - - -

259.217 - 10.253 919.105 - -- - - - - -

39.912 309.888 117.187 5.758.292 770.869 11.518.64158.636 5.396.332 35.164 1.133.498 37.106 1.852.477

- - - 510.784 697 -24.398 49.484 11.391 8.966 6.232 -

453 374 - - - -- - - 134.495 - -- - - - - -

110.010 - - - - -

76.761.663 1.196.727.007 85.240.643 887.444.622 221.826.863 2.866.738.387

- 25.770 - - - -- - - - - -

24.500 - 120.360 807.756 - 2.264.587- - - - - -

14.809 373.266 199.132 3.755.202 1.033.231 4.745.05219.226 345.084 102.539 665.736 257.673 2.065.2596.649 103.221 7.260 65.913 18.892 236.8181.809 31.033 7.676 10.676 13.211 56.565

- - - - - -28.556 87.606 20.884 69.313 30.019 245.608

44.946 2.531.853 - - - 2.960.387- - - - - -- - - - - -

140.495 3.497.833 457.851 5.374.596 1.353.026 12.574.276

76.621.168 1.193.229.174 84.782.792 882.070.026 220.473.837 2.854.164.111

88.123.249 938.553.614 73.163.879 464.407.765 236.235.056 2.587.378.500110.837.688 713.594.438 101.451.994 575.556.591 373.807.303 3.857.422.198

24

Esta página ficou em branco intencionalmente

25

JPMorgan FundsDemonstração Combinada de Operações e Alterações nos Ativos Líquidos

Para o período de 1 de julho de 2016 a 31 de dezembro de 2016

JPMorganFunds

CombinadoUSD

Ativos Líquidos no início do período* 88.035.062.230

ReceitasReceitas de dividendos, valor líquido 389.649.396Receitas de juros, valor líquido 599.316.169Receitas de empréstimos de títulos 3.125.008Juros bancários 324.596Juros sobre Transações de Swaps 3.800.037Outras receitas 1.465.570

Total das Receitas 997.680.776

DespesasComissões de Gestão e Consultoria 355.974.742Taxas de Serviço do Fundo 44.413.531Comissões de distribuição 24.816.440Despesas de agente depositário, empresarial, administrativo e domiciliar 30.236.113Taxas de Agente de Registo e Transferências 4.300.428Taxa de subscrição 15.858.596Juro sobre Saques a Descoberto 759.641Juros sobre Transações de Swaps 11.141.577Taxas diversas** 11.232.284

498.733.352

Menos: Renúncia da taxa*** 22.025.864

Total das Despesas antes das Comissões de desempenho 476.707.488

Comissões de desempenho 7.247.632

Total das Despesas 483.955.120

Rendimento/(Perda) dos Investimentos, valor líquido 513.725.656

Ganhos/(Perdas) realizados na venda de investimentos, valor líquido 773.943.767Ganhos/(Perdas) realizados em contratos cambiais a prazo, valor líquido (617.168.462)Ganhos/(Perdas) realizados em contratos de futuros, valor líquido 32.998.036Ganhos/(Perdas) realizados em divisas, valor líquido 163.946Ganhos/(Perdas) realizados em contratos sobre TBAs, valor líquido (5.091.815)Ganhos/(Perdas) realizados sobre outros Instrumentos Derivados, valor líquido 24.280.258

Ganhos/(Perdas) realizados no período, valor líquido 209.125.730

Variação líquida dos Ganhos/(Perdas) não realizados em investimentos 2.118.278.339Variação líquida em Ganhos/(Perdas) não realizados em contratos cambiais a prazo 14.011.538Variação líquida dos Ganhos/(Perdas) não realizados em contratos de futuros 4.254.761Variação líquida dos Ganhos/(Perdas) não realizados em divisas (537.484)Variação líquida dos Ganhos/(Perdas) não realizados em TBAs (1.228.387)Variação líquida nos Ganhos/(Perdas) não realizados sobre outros Instrumentos Derivados (3.034.196)

Variação líquida dos Ganhos/(Perdas) não realizados no período 2.131.744.571

Variação de Ativos Líquidos em resultado das Operações 2.854.595.957

Movimento no capital da sociedadeSubscrições 27.105.121.328Resgates (29.427.726.377)

Variação dos Ativos Líquidos em resultado dos movimentos no capital social da sociedade (2.322.605.049)

Distribuição de Dividendos (474.326.216)

Ativos Líquidos no final do período 88.092.726.922

* O saldo inicial foi calculado usando a taxa de câmbio vigente em 31 de dezembro de 2016. Os mesmos ativos líquidos quando calculados usando a taxa de câmbio vigente em 30 de junho de 2016reflletiram montante de USD 89.615.749.740.** Taxas diversas compostas principalmente de honorários dos Administradores, taxas de auditoria e taxas relativas a impostos, registo, publicação, envio postal, impressão, bem como despesas legaise de marketing.*** Ver Nota 8a).

As notas complementares são parte integrante das presentes Demonstrações Financeiras.

26

JPMorgan FundsDemonstração Combinada de Operações e Alterações nos Ativos Líquidos (Continuação)


AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaEquity

FundUSD

Asia PacificEquity

FundUSD

201.325.725 3.203.184.855 1.188.361.357 508.893.310 58.409.123 423.529.345

2.152.068 - 5.668.059 6.260.468 580.976 5.763.207- 39.333.032 - - - 2.111- - - - - -

1.353 17.464 122 2.095 - 990- - - - - -- - - - - -

2.153.421 39.350.496 5.668.181 6.262.563 580.976 5.766.308

1.406.297 5.539.228 7.174.938 2.851.116 492.006 2.391.914102.342 1.580.936 626.786 285.124 35.248 264.460194.473 43.026 186.652 196.868 40.825 36.734190.566 667.295 226.983 381.160 73.717 317.819

51.202 78.445 63.787 47.199 16.727 35.12648.094 226.036 302.619 101.435 17.239 108.558

- 4.178 - - - 204- - - - - -

44.073 160.128 111.423 48.280 39.143 58.992

2.037.047 8.299.272 8.693.188 3.911.182 714.905 3.213.807

146.105 884.647 63.678 237.018 80.801 184.162

1.890.942 7.414.625 8.629.510 3.674.164 634.104 3.029.645

- - - - - -

1.890.942 7.414.625 8.629.510 3.674.164 634.104 3.029.645

262.479 31.935.871 (2.961.329) 2.588.399 (53.128) 2.736.663

(4.717.759) (6.588.519) 13.356.029 5.457.243 1.448.266 5.896.49484.722 131.127.497 (2.370.411) 751.469 18.486 262.310

- 123.144 - - - -(1.608.358) (724.328) (10.932) (934.593) (73.774) (164.675)

- (1.155.716) - - - -- (242.898) - - - -

(6.241.395) 122.539.180 10.974.686 5.274.119 1.392.978 5.994.129

3.673.295 (236.888.265) 140.996.385 (20.656.514) 983.959 13.898.722- (55.293.078) (964.772) (693) - -- (3.674.127) - - - -

987.386 (225.390) 363 (6.880) (2.165) (23.970)- 101.430 - - - -- - - - - -

4.660.681 (295.979.430) 140.031.976 (20.664.087) 981.794 13.874.752

(1.318.235) (141.504.379) 148.045.333 (12.801.569) 2.321.644 22.605.544

24.414.104 1.010.663.949 229.578.159 248.368.780 26.271.175 226.337.587(26.062.057) (925.717.178) (312.433.007) (181.976.760) (32.814.010) (152.288.861)

(1.647.953) 84.946.771 (82.854.848) 66.392.020 (6.542.835) 74.048.726

(232.054) (6.226.703) (5.097.244) (24.155) (2.859) (1.860.782)

198.127.483 3.140.400.544 1.248.454.598 562.459.606 54.185.073 518.322.833

27



Asia PacificIncome

FundUSD

AsianTotal Return

Bond FundUSD

BrazilEquity

FundUSD

China A-ShareOpportunities

FundCNH

ChinaBondFundCNH

ChinaFund

USD

DiversifiedRisk

FundUSD

2.007.198.980 20.179.911 205.693.028 34.477.693 79.214.456 1.104.369.993 23.847.385

25.606.086 - 3.903.437 299.540 - 5.726.255 99.25717.465.707 392.743 - - 1.632.579 500 39.699

- - - - - 495.352 -4.314 497 170 589 1.201 8.215 526

- - - - - - -80.492 526 - - 15.742 1.081.716 -

43.156.599 393.766 3.903.607 300.129 1.649.522 7.312.038 139.482

15.925.474 101.291 1.527.175 263.027 397.199 8.694.908 139.4231.092.971 10.200 105.637 17.929 40.266 590.872 12.051109.944 - 124.778 - - 411.064 38.636841.215 23.487 138.045 470.757 190.513 458.394 109.54589.367 8.313 39.828 76.020 153.675 68.605 8.412

521.565 5.048 50.100 8.717 20.032 290.081 5.425851 - - - - 7.668 -

- - - - - - 50625.849 38.386 67.291 259.551 262.023 229.978 38.837

19.207.236 186.725 2.052.854 1.096.001 1.063.708 10.751.570 352.379

175.984 54.836 91.188 779.754 586.268 149.789 140.236

19.031.252 131.889 1.961.666 316.247 477.440 10.601.781 212.143

- - - - - - -

19.031.252 131.889 1.961.666 316.247 477.440 10.601.781 212.143

24.125.347 261.877 1.941.941 (16.118) 1.172.082 (3.289.743) (72.661)

32.908.504 (10.694) (4.800.324) (287.154) 172.982 (1.920.511) 403.683(11.234.382) (9.525) 76.646 (2) (1.010.707) 894 (192.495)

- 87.188 - - 61.886 - (273.320)(2.044.333) 6.684 (456.255) 1.208 214.539 (302.057) (3.508)

- - - - - - -- - - - - - 55.245

19.629.789 73.653 (5.179.933) (285.948) (561.300) (2.221.674) (10.395)

(28.189.350) (474.092) 10.841.398 86.923 (67.291) 42.476.829 320.6184.970.552 84.376 - - 60.833 - (42.198)

- 32.781 - - 10.887 - 10.68411.823 (13.596) (21.187) (1.306) (6.434) (91.684) (4.227)

- - - - - - -- - - - - - (2.052)

(23.206.975) (370.531) 10.820.211 85.617 (2.005) 42.385.145 282.825

20.548.161 (35.001) 7.582.219 (216.449) 608.777 36.873.728 199.769

894.329.016 - 106.066.827 - 1.000.001 239.181.074 1.597.403(661.230.535) - (122.794.700) - (661.882) (279.454.580) (2.157.350)

233.098.481 - (16.727.873) - 338.119 (40.273.506) (559.947)

(47.543.751) (242.000) (391.339) (32) (379.921) (16.776.946) (11.365)

2.213.301.871 19.902.910 196.156.035 34.261.212 79.781.431 1.084.193.269 23.475.842

28



Emerging EuropeEquity

FundEUR

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsAggregate Bond

FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

FundUSD

Emerging MarketsDebtFundUSD

441.855.694 299.245.118 154.250.581 425.799.886 1.965.308.360 1.598.669.678

9.415.053 4.639.717 29.452 - - 225.719- - 4.724.324 13.604.347 55.176.333 49.322.515- - - - - -

329 2.671 559 6.773 4.072 1.858- - - - - -- - 765 - 18.352 -

9.415.382 4.642.388 4.755.100 13.611.120 55.198.757 49.550.092

2.633.721 1.613.519 155.496 889.597 6.907.706 6.078.774242.617 157.743 88.079 239.145 1.097.038 840.86665.690 74.664 - 164.989 254.879 81.295

401.318 262.326 86.694 189.709 601.203 526.41333.795 30.124 3.123 33.031 108.418 91.262

107.197 52.951 8.878 63.884 441.371 234.3121.992 112 - - 3.178 -

- - 28.564 129.422 217.944 659.32262.710 62.890 41.312 55.768 192.292 321.582

3.549.040 2.254.329 412.146 1.765.545 9.824.029 8.833.826

259.290 200.190 140.006 127.413 238.288 295.600

3.289.750 2.054.139 272.140 1.638.132 9.585.741 8.538.226

- - - - - -

3.289.750 2.054.139 272.140 1.638.132 9.585.741 8.538.226

6.125.632 2.588.249 4.482.960 11.972.988 45.613.016 41.011.866

(8.708.082) (1.643.588) 2.272.354 6.392.585 11.909.816 16.168.053(73.216) (34.415) (17.978.745) (9.583.899) (54.760.485) (43.718.695)

- - 520.855 373.002 8.994.999 1.312.378(82.379) (152.719) 185 (33.820) (132.952) 238.336

- - - - - -- - (22.329) 38 (286.476) (2.203.826)

(8.863.677) (1.830.722) (15.207.680) (2.852.094) (34.275.098) (28.203.754)

109.933.022 32.773.614 (4.649.200) (18.826.397) (22.155.952) (54.958.711)- - 3.740.483 (2.129.376) 3.712.383 (9.298.639)- - 1.820 23.586 (44.726) 91.437

(24.704) (47.121) (171) (365) (7.698) (4.685)- - - - - -- - 53.919 143.412 189.670 588.528

109.908.318 32.726.493 (853.149) (20.789.140) (18.306.323) (63.582.070)

107.170.273 33.484.020 (11.577.869) (11.668.246) (6.968.405) (50.773.958)

78.869.793 23.395.190 40.306.303 208.611.206 964.640.811 613.714.076(61.671.522) (20.244.454) (7.690.680) (241.384.238) (828.534.282) (604.398.939)

17.198.271 3.150.736 32.615.623 (32.773.032) 136.106.529 9.315.137

(6.036.836) (1.936.491) - (749.736) (20.469.200) (34.948.667)

560.187.402 333.943.383 175.288.335 380.608.872 2.073.977.284 1.522.262.190

29



Emerging MarketsDiversified Equity

FundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

467.441.966 195.265.193 3.543.323.304 297.179.434 2.467.475.648 1.803.781.838 758.444.181

6.545.742 4.375.130 30.686.860 - - 21.186.931 10.025.743- - - 7.958.776 71.394.285 - -- - - - - - -

1.210 1.874 6.966 6.896 44.034 8.700 2.891- - - - 126.316 - -- - - 9.412 - - -

6.546.952 4.377.004 30.693.826 7.975.084 71.564.635 21.195.631 10.028.634

155.397 1.073.706 12.694.444 823.282 7.259.600 5.944.973 5.673.677250.747 116.047 2.072.342 177.911 1.195.031 930.452 480.012

- 52.816 268.820 8.084 631.239 47.558 179.022312.238 236.516 1.636.503 187.632 1.440.858 829.275 610.093

8.351 49.614 107.010 26.849 110.656 74.107 63.58727.346 38.661 538.226 52.052 369.528 270.425 236.424

- 504 844 349 1.355 1.794 952- - - 85.944 1.112.769 - -

42.611 67.293 313.612 56.721 823.176 113.438 450.624

796.690 1.635.157 17.631.801 1.418.824 12.944.212 8.212.022 7.694.391

259.690 242.826 845.821 148.475 716.259 482.757 269.979

537.000 1.392.331 16.785.980 1.270.349 12.227.953 7.729.265 7.424.412

- - - - - - -

537.000 1.392.331 16.785.980 1.270.349 12.227.953 7.729.265 7.424.412

6.009.952 2.984.673 13.907.846 6.704.735 59.336.682 13.466.366 2.604.222

(3.936.439) (5.597.435) 44.017.796 (1.665.660) (114.087.821) (11.651.731) 7.853.595(47.158) (384.152) (1.595.244) (12.273.957) (18.742.078) 871.720 508.399(55.393) - - 694.582 5.591.241 555.474 (696.744)

(108.593) (66.514) (234.970) 106 (145.412) (390.884) (157.978)- - - - - - -- - - (147.332) 1.889.007 - -

(4.147.583) (6.048.101) 42.187.582 (13.392.261) (125.495.063) (10.615.421) 7.507.272

33.845.044 9.465.050 56.334.963 (16.564.420) (32.101.699) 134.309.147 (18.532.378)- (762.674) (558.615) (8.123.873) (12.803.810) (35.326) -- - - (196.465) 101.125 (42.333) (47.348)

62.871 8.254 (180.247) (1.800) (1.339.099) (7.562) (46.574)- - - - - - -- - - 78.647 (2.916.577) - -

33.907.915 8.710.630 55.596.101 (24.807.911) (49.060.060) 134.223.926 (18.626.300)

35.770.284 5.647.202 111.691.529 (31.495.437) (115.218.441) 137.074.871 (8.514.806)

12.699.267 111.721.921 944.017.096 125.519.606 575.042.354 337.212.466 499.367.246(69.788.989) (79.273.605) (482.890.248) (28.706.428) (870.217.895) (546.458.635) (187.636.267)

(57.089.722) 32.448.316 461.126.848 96.813.178 (295.175.541) (209.246.169) 311.730.979

- (4.237.748) (16.362.538) (6.766.790) (51.111.597) (5.372.550) (255.427)

446.122.528 229.122.963 4.099.779.143 355.730.385 2.005.970.069 1.726.237.990 1.061.404.927

30



Emerging MarketsStrategic Bond

FundUSD

Emerging MarketsUltra Diversified

Equity Fund (1)USD

EmergingMiddle EastEquity Fund

USD

EUGovernment Bond

FundEUR

EuroAggregate Bond

FundEUR

Euro BondPortfolio

Fund I (2)EUR

447.655.897 8.967.243 108.972.302 1.373.866.983 100.056.582 11.979.428

- 73.340 278.473 - - -15.767.233 435 - 11.985.012 899.008 152.178

- - - - - -8.053 - 619 - - -

- - - - - -- - - - - -

15.775.286 73.775 279.092 11.985.012 899.008 152.178

2.097.061 10.416 762.982 2.218.995 275.458 18.017282.482 2.966 53.090 677.735 47.441 4.504355.282 - 54.962 120.183 20.596 4.874

348.486 - 142.596 349.609 44.796 18.06546.550 2.192 23.010 37.071 10.779 2.046109.132 518 25.255 322.972 19.922 1.230

974 - - 29.832 5.959 1.716446.568 - - - - -132.008 10.057 51.393 50.698 35.890 28.532

3.818.543 26.149 1.113.288 3.807.095 460.841 78.984

219.060 18.783 139.659 251.085 71.780 45.368

3.599.483 7.366 973.629 3.556.010 389.061 33.616

77.118 - - - - -

3.676.601 7.366 973.629 3.556.010 389.061 33.616

12.098.685 66.409 (694.537) 8.429.002 509.947 118.562

624.336 (150.824) (6.034.634) 2.785.268 283.999 66.103(15.354.369) (311) (2.558) 1.215.955 - -

3.013.880 - - (2.406.256) 85.816 -209.870 15.015 (51.453) (53.743) - -

- - - - - -(5.510.423) - - - - -

(17.016.706) (136.120) (6.088.645) 1.541.224 369.815 66.103

(14.433.051) 832.627 6.662.372 (43.013.420) (2.383.106) (216.517)(7.499.417) - - (10.693) - -

14.581 - - (364.267) 43.480 -(147.734) (88) 68 27.758 88 -

- - - - - -2.675.576 - - - - -

(19.390.045) 832.539 6.662.440 (43.360.622) (2.339.538) (216.517)

(24.308.066) 762.828 (120.742) (33.390.396) (1.459.776) (31.852)

360.528.823 7.074 16.033.220 218.147.895 10.085.953 64(65.259.252) (9.737.145) (23.604.802) (359.704.666) (30.031.162) (11.947.640)

295.269.571 (9.730.071) (7.571.582) (141.556.771) (19.945.209) (11.947.576)

(3.614.658) - (1.790.386) (51.175) (145.282) -

715.002.744 - 99.489.592 1.198.868.641 78.506.315 -

(1) Este Subfundo foi liquidado em 21 de outubro de 2016.(2) Este Subfundo foi liquidado em 1 de dezembro de 2016.

31



EuroCorporate Bond

FundEUR

Euro GovernmentShort Duration

Bond FundEUR

EuroMoney Market

FundEUR

EuroShort Duration

Bond FundEUR

EurolandDynamic

FundEUR

EurolandEquity

FundEUR

EurolandFocus

Fund (3)EUR

52.328.785 155.862.436 569.462.593 24.724.577 618.461.982 278.591.499 5.625.789

- - - - 2.762.318 1.396.904 7.044673.023 1.145.042 (836.514) 295.813 - - -

- - - - - 77.661 896- - 1.588 - - - -- - - - - - -- - - - - - -

673.023 1.145.042 (834.926) 295.813 2.762.318 1.474.565 7.940

231.578 261.501 - 76.924 3.793.905 1.540.458 12.63430.516 84.954 266.726 13.330 294.731 146.644 842

98.086 7.463 57.124 26.814 182.359 67.545 2.97131.884 59.260 167.762 41.939 183.772 144.527 3.536

6.911 13.969 12.899 9.713 25.577 30.686 1.77515.018 42.767 25.690 7.032 137.535 71.780 -1.659 6.533 1.517 1.844 8.133 5.249 -

- - - - - - -35.595 38.537 40.907 35.795 45.665 56.979 5.523

451.247 514.984 572.625 213.391 4.671.677 2.063.868 27.281

60.180 112.079 237.037 81.570 60.966 98.506 9.084

391.067 402.905 335.588 131.821 4.610.711 1.965.362 18.197

- - - - - - -

391.067 402.905 335.588 131.821 4.610.711 1.965.362 18.197

281.956 742.137 (1.170.514) 163.992 (1.848.393) (490.797) (10.257)

138.192 (1.128.575) - (16.850) 1.064.881 5.762.628 460.042- - - (7.624) 22.720 638.391 -

(84.253) 99.212 - (20.962) 1.267.170 1.116.964 -35 - - 2 (3.523) 8.061 (273)

- - - - - - -- - - - - - -

53.974 (1.029.363) - (45.434) 2.351.248 7.526.044 459.769

(321.149) 72.019 - (234.535) 84.758.619 34.559.337 (5.153)- - - 15.165 7.021 (111.162) -

(9.949) (3.246) - 3.131 1.270 - -- - - (2) (1.519) (54) 29- - - - - - -- - - - - - -

(331.098) 68.773 - (216.241) 84.765.391 34.448.121 (5.124)

4.832 (218.453) (1.170.514) (97.683) 85.268.246 41.483.368 444.388

23.533.085 72.137.148 163.148.278 11.180.131 176.863.229 81.552.684 -(12.677.389) (53.045.558) (224.806.718) (6.200.595) (256.260.890) (71.556.365) (6.070.177)

10.855.696 19.091.590 (61.658.440) 4.979.536 (79.397.661) 9.996.319 (6.070.177)

- (157.598) - (7.086) (158.657) (1.632.063) -

63.189.313 174.577.975 506.633.639 29.599.344 624.173.910 328.439.123 -

(3) Este Subfundo foi liquidado em 22 de agosto de 2016.

32



EurolandSelect Equity

FundEUR

EuropeDividend Alpha

FundEUR

EuropeDynamic

FundEUR

Europe DynamicSmall Cap

FundEUR

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

12.748.369 57.206.914 1.332.238.255 305.280.277 663.533.003 396.466.241

69.398 454.937 7.871.410 1.885.384 1.195.110 3.060.093- - - - (77.067) -

2.627 15.239 479.456 6.762 42.951 93.451- - - - 153 -- - - - - -- - - - - -

72.025 470.176 8.350.866 1.892.146 1.161.147 3.153.544

72.662 13.197 6.589.530 2.240.627 2.612.076 1.711.3218.801 26.139 626.811 173.833 270.281 199.9416.452 - 147.780 157.602 52.984 137.14425.771 81.957 314.190 134.909 291.108 147.1075.562 5.215 62.824 20.282 25.536 39.1651.991 2.513 226.099 87.925 70.451 91.543

511 10.463 7.723 2.411 23.014 2.258- - - - - -

35.259 36.724 178.619 41.317 73.289 51.557

157.009 176.208 8.153.576 2.858.906 3.418.739 2.380.036

56.925 113.159 108.606 52.705 179.614 57.060

100.084 63.049 8.044.970 2.806.201 3.239.125 2.322.976

- - - - - -

100.084 63.049 8.044.970 2.806.201 3.239.125 2.322.976

(28.059) 407.127 305.896 (914.055) (2.077.978) 830.568

241.408 663.804 12.994.489 (3.801.289) (24.869.596) (833.657)- (179.214) 31.738.696 - (6.260.031) 886.809

54.998 (5.538.178) (295.310) - (4.217.013) (77.597)421 (11.727) (129.520) 294.863 110.381 (33.496)

- - - - - -- - - - - -

296.827 (5.065.315) 44.308.355 (3.506.426) (35.236.259) (57.941)

2.017.717 4.523.278 142.465.995 31.985.790 32.170.965 42.232.406- 29.495 (8.891.853) - 5.176.188 (71.771)

520 44.522 - - 243.975 -- 7.437 39.451 22.313 24.008 13.497- - - - - -- 863.819 - - (543.732) -

2.018.237 5.468.551 133.613.593 32.008.103 37.071.404 42.174.132

2.287.005 810.363 178.227.844 27.587.622 (242.833) 42.946.759

13.140.624 251.000 180.360.172 225.995.509 1.190.142 27.297.770(13.113.390) (5.023.500) (453.286.904) (93.833.375) (229.126.017) (48.136.305)

27.234 (4.772.500) (272.926.732) 132.162.134 (227.935.875) (20.838.535)

(8.006) (1.818.730) (3.442.679) (435.387) (699.229) (5.585.039)

15.054.602 51.426.047 1.234.096.688 464.594.646 434.655.066 412.989.426

33



EuropeEquity Plus

FundEUR

EuropeFocusFundEUR

EuropeHigh Yield

Bond FundEUR

Europe ResearchEnhanced Index

Equity FundEUR

EuropeSelect Equity

Plus FundEUR

EuropeSmall Cap

FundEUR

EuropeStrategic Growth

FundEUR

3.903.376.788 15.169.888 776.487.454 68.765.860 14.385.594 450.311.698 461.313.132

26.340.534 61.710 - 508.670 97.186 2.403.511 2.633.949- - 19.319.521 - - - -

882.301 19.379 - - 4.672 68.697 83.867- - - - - - -- - 695.139 - - - -- - - - - - -

27.222.835 81.089 20.014.660 508.670 101.858 2.472.208 2.717.816

21.866.595 103.454 1.660.705 25.444 111.578 2.833.849 3.528.8691.897.380 7.721 423.100 36.332 7.512 216.793 271.9211.617.016 34.317 397.095 - 37.210 180.902 308.507702.066 28.539 253.082 30.397 71.927 166.111 211.227101.367 10.324 37.421 3.112 6.676 38.697 40.843

882.599 3.745 140.782 3.747 3.729 93.288 134.45122.772 214 8.297 645 1.181 5.001 6.506

- - 379.167 - - - -148.808 35.526 67.889 35.766 35.256 63.363 54.092

27.238.603 223.840 3.367.538 135.443 275.069 3.598.004 4.556.416

62.776 64.063 295.539 53.551 102.581 60.708 66.536

27.175.827 159.777 3.071.999 81.892 172.488 3.537.296 4.489.880

3.602.757 1 - 636 6 - -

30.778.584 159.778 3.071.999 82.528 172.494 3.537.296 4.489.880

(3.555.749) (78.689) 16.942.661 426.142 (70.636) (1.065.088) (1.772.064)

156.536.652 175.359 (1.532.149) (1.209.187) (1.058.374) 7.843.430 6.622.32319.056.397 (197) 3.465.790 (556) 129 1.163.184 (2.774)(3.726.408) 1.368 - 156.582 (3.122) - 2.995.086

307.762 (5.278) (64.601) (20.988) (6.910) 130.258 (464.489)- - - - - - -- - (409.872) - - - -

172.174.403 171.252 1.459.168 (1.074.149) (1.068.277) 9.136.872 9.150.146

332.141.288 2.674.434 26.187.851 8.999.360 2.152.482 38.749.839 28.981.219(1.713.563) - (2.278.351) - - (726.583) -

278.673 - - (2.290) (256) - 44.68178.854 2.914 54.573 5.767 1.363 25.502 31.787

- - - - - - -(3.206.686) - - - 540.855 - -

327.578.566 2.677.348 23.964.073 9.002.837 2.694.444 38.048.758 29.057.687

496.197.220 2.769.911 42.365.902 8.354.830 1.555.531 46.120.542 36.435.769

530.480.834 679.755 324.714.839 6.890.414 1.234.863 60.316.501 284.835.964(1.159.561.742) (2.492.920) (254.512.164) (6.301.929) (2.355.620) (135.345.599) (113.050.123)

(629.080.908) (1.813.165) 70.202.675 588.485 (1.120.757) (75.029.098) 171.785.841

(2.521.283) (29.878) (4.345.364) - (18.833) (4.505.808) (4.774.063)

3.767.971.817 16.096.756 884.710.667 77.709.175 14.801.535 416.897.334 664.760.679

34



EuropeStrategic Value

FundEUR

EuropeSustainable

Equity Fund (4)EUR

EuropeTechnology

FundEUR

FinancialsBondFundEUR

FlexibleCreditFundUSD

FranceEquity

FundEUR

1.042.010.895 - 148.537.641 139.371.617 195.297.499 36.953.244

12.276.290 7.517 749.559 3.799 2.997 237.760- - - 2.727.873 4.653.369 -

225.053 - 101.891 - - -- - - - 4.054 -- - - - - -- - - - - -

12.501.343 7.517 851.450 2.731.672 4.660.420 237.760

7.448.112 13.918 1.092.824 644.480 883.320 287.149598.212 1.051 76.450 81.381 112.348 19.288103.074 - 93.017 282.647 314.326 -280.593 - 85.619 71.419 124.250 18.354

46.118 - 29.777 16.811 24.435 3.726323.536 2.915 39.192 39.769 51.781 9.720

5.404 - 2.444 4.003 695 596- - - - 82.850 -

53.868 6.619 43.352 36.460 43.135 35.369

8.858.917 24.503 1.462.675 1.176.970 1.637.140 374.202

67.864 7.500 57.554 83.082 132.171 28.636

8.791.053 17.003 1.405.121 1.093.888 1.504.969 345.566

- - - - - -

8.791.053 17.003 1.405.121 1.093.888 1.504.969 345.566

3.710.290 (9.486) (553.671) 1.637.784 3.155.451 (107.806)

9.470.133 - 3.901.136 395.219 (981.073) (429.731)(13.610) - 530.295 (4.756.897) (4.481.823) -

4.379.080 - (261) 281.836 847.428 -246.312 41.279 (347.127) (416.299) (67.672) (4)

- - - - - -- - - - (794.070) -

14.081.915 41.279 4.084.043 (4.496.141) (5.477.210) (429.735)

217.347.551 115.034 17.970.170 4.219.015 (562.194) 5.250.233- - (94.069) (1.449.999) (5.156.713) -

281.353 - 9.487 (3.012) (8.109) -62.842 (7) 4.013 23.648 (18.791) -

- - - - - -- - - - 334.783 -

217.691.746 115.027 17.889.601 2.789.652 (5.411.024) 5.250.233

235.483.951 146.820 21.419.973 (68.705) (7.732.783) 4.712.692

530.500.744 23.946.360 42.290.506 67.065.968 95.780.498 844.809(165.695.114) - (57.073.101) (25.859.239) (49.592.017) (2.771.955)

364.805.630 23.946.360 (14.782.595) 41.206.729 46.188.481 (1.927.146)

(20.665.540) - (1.576.446) (3.282.203) (3.615.408) -

1.621.634.936 24.093.180 153.598.573 177.227.438 230.137.789 39.738.790


35



GermanyEquity

FundEUR

GlobalAbsolute Return

Bond FundUSD

GlobalAggregate Bond

FundUSD

GlobalAllocation

FundEUR

Global BondOpportunities

FundUSD

GlobalCapital Structure

Opportunities FundEUR

GlobalConvertibles

Fund (EUR)EUR

183.417.314 39.712.103 48.203.273 17.508.244 1.225.775.027 23.556.428 1.548.378.613

1.335 8.777 - 72.554 321.784 32.371 918.985- 131.947 459.882 200.940 46.172.528 143.576 7.732.975

148.081 - - - - - -- 1.413 4.659 192 9.698 - 168- - - - - - -- - - - - - -

149.416 142.137 464.541 273.686 46.504.010 175.947 8.652.128

1.355.329 27.665 168.735 155.471 8.112.587 105.287 6.206.43995.409 18.437 21.341 12.523 972.305 13.119 703.888

265.988 10.125 19.530 - 2.342.269 - 158.33560.094 69.972 49.717 52.894 559.925 79.408 369.47824.792 11.174 8.185 5.985 75.054 7.743 61.49047.321 2.491 9.306 6.064 485.863 4.596 266.3781.963 234 - 4.219 3.194 1.467 15.339

- 81.710 - - - - -39.818 38.861 39.062 35.740 160.681 35.697 90.383

1.890.714 260.669 315.876 272.896 12.711.878 247.317 7.871.730

22.596 119.702 85.034 88.164 493.307 118.974 109.092

1.868.118 140.967 230.842 184.732 12.218.571 128.343 7.762.638

- - - - - - -

1.868.118 140.967 230.842 184.732 12.218.571 128.343 7.762.638

(1.718.702) 1.170 233.699 88.954 34.285.439 47.604 889.490

7.957.701 (667.864) (91.880) 368.090 (31.727.213) 263.504 32.602.623- 224.513 203.612 (371.969) (92.928.865) (665.488) (41.684.967)

2.195 277.472 134.176 (104.582) 16.982.055 (230.609) (4.590.320)(12) (27.990) (4.564) 30.691 (648.338) 19.027 (753.716)

- 119.650 561 - (262.363) - -- (63.959) (2.911) 18.276 (766) (8.153) (14.924)

7.959.884 (138.178) 238.994 (59.494) (108.585.490) (621.719) (14.441.304)

16.297.411 122.573 (2.782.926) 1.331.506 (36.123.964) 1.066.963 61.727.736- 506.108 (46.032) 78.771 32.709.814 179.134 18.622.862- 199.579 (30.900) (5.160) 1.996.642 (183) (151.259)- (9.743) (28.530) 5.379 (209.965) 10.637 173.809- (82.219) 4.745 - (144.037) - -- (41.316) - (10.695) 392 494.095 -

16.297.411 694.982 (2.883.643) 1.399.801 (1.771.118) 1.750.646 80.373.148

22.538.593 557.974 (2.410.950) 1.429.261 (76.071.169) 1.176.531 66.821.334

24.400.034 731.165 19.472.315 7.902.281 1.509.231.394 3.124.419 164.161.749(32.532.144) (10.068.423) (18.583.065) (245.636) (242.696.657) - (473.875.446)

(8.132.110) (9.337.258) 889.250 7.656.645 1.266.534.737 3.124.419 (309.713.697)

(653.648) (190.604) (307.663) (33) (21.594.701) (3.283) (2.200.435)

197.170.149 30.742.215 46.373.910 26.594.117 2.394.643.894 27.854.095 1.303.285.815

36



GlobalCorporate Bond

FundUSD

GlobalDeveloping

Trends FundUSD

GlobalDynamic

FundUSD

Global Emerging MarketsResearch Enhanced

Index Equity Fund (5)USD

GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

5.149.376.096 139.123.770 423.931.684 - 1.551.352.219 718.282.343

- 857.777 3.038.219 42.746 6.732.187 -84.114.744 - - 282 - 5.249.978

- - 68.680 - - -13.930 224 - - 180 906

- - - - - -- - - - - -

84.128.674 858.001 3.106.899 43.028 6.732.367 5.250.884

12.052.002 538.162 2.080.041 4.305 7.086.596 712.2182.404.815 72.060 200.746 2.130 794.245 306.3831.177.493 - 95.300 - 725.188 21.487964.052 40.172 172.417 39.990 297.987 216.969138.834 2.661 37.297 10.113 63.976 24.637736.022 6.909 79.923 783 315.347 58.774

14.100 168 909 - 7.599 22.02125.556 - - - - -

576.426 80.370 55.214 20.367 88.507 55.343

18.089.300 740.502 2.721.847 77.688 9.379.445 1.417.832

1.064.257 86.639 131.060 69.508 42.796 281.649

17.025.043 653.863 2.590.787 8.180 9.336.649 1.136.183

- - - - - -

17.025.043 653.863 2.590.787 8.180 9.336.649 1.136.183

67.103.631 204.138 516.112 34.848 (2.604.282) 4.114.701

2.700.313 (2.148.506) 12.019.053 5.959 81.763.991 18.321.492(125.004.111) 23.352 (734.212) 10.415 6.103.753 (2.096.734)

24.251.086 - - 6.018 929.988 (1.997.643)11.718.667 (21.573) 120.961 (37.066) (1.439.117) (1.927.895)

- - - - - -(332.965) - - - - -

(86.667.010) (2.146.727) 11.405.802 (14.674) 87.358.615 12.299.220

(193.018.720) 10.743.750 26.468.231 (316.901) 206.728.183 (44.512.475)(19.609.721) - (259.097) - 3.533.152 11.088.097

463.220 - - - - 6.014(157.660) 9.119 (18.827) 258 281.046 (60.120)

- - - - - -280.294 - - - - -

(212.042.587) 10.752.869 26.190.307 (316.643) 210.542.381 (33.478.484)

(231.605.966) 8.810.280 38.112.221 (296.469) 295.296.714 (17.064.563)

1.679.370.660 1.136.446 11.191.270 10.099.232 219.740.970 157.619.237(1.346.007.370) (6.205.358) (103.569.149) (7.182) (363.952.300) (432.586.229)

333.363.290 (5.068.912) (92.377.879) 10.092.050 (144.211.330) (274.966.992)

(35.178.854) - (2.650.194) - (3.646.945) (2.758)

5.215.954.566 142.865.138 367.015.832 9.795.581 1.698.790.658 426.248.030


37



Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

Global MergerArbitrage

FundUSD

GlobalMulti Asset Portfolios

FundEUR

GlobalMulti Strategy

Income FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

82.172.247 3.578.255.630 8.442.360 8.931.568 861.530.691 625.353.241 121.028.238

- 11.894.760 12.156 - 4.600.527 5.129.924 1.448.471650.968 - 3.210 - - - -

- - - - - - -233 1.537 288 - - 438 102

- - - - - - -- - - - - - -

651.201 11.896.297 15.654 - 4.600.527 5.130.362 1.448.573

98.790 17.482.424 36.220 45.436 5.962.908 5.222.042 387.48642.141 1.637.759 4.166 4.106 430.726 366.370 61.5551.844 1.450.800 - 18.202 3.516.748 362.972 47.189

68.350 419.230 78.329 20.045 136.080 199.457 67.69317.797 119.020 6.376 3.188 45.988 83.891 17.34618.760 604.359 1.873 - 50.354 187.761 19.0492.390 7.188 - 482 24.669 1.592 -

- - - - - - -39.234 335.060 38.492 35.023 42.785 122.727 40.541

289.306 22.055.840 165.456 126.482 10.210.258 6.546.812 640.859

125.534 41.391 120.235 54.171 14.722 46.554 79.434

163.772 22.014.449 45.221 72.311 10.195.536 6.500.258 561.425

- - - - - - -

163.772 22.014.449 45.221 72.311 10.195.536 6.500.258 561.425

487.429 (10.118.152) (29.567) (72.311) (5.595.009) (1.369.896) 887.148

89.818 (63.644.709) 43.674 46.597 10.874.600 (872.070) 1.030.924(2.129.576) 15.535.477 (434.110) (519.332) 5.234.248 (73.686) (2.585.858)

(92.693) - - (380.727) 825.907 - -(250.881) (584.633) 249 4.289 (42.618) 35.274 40.421

- - - - - - -- - - - - - -

(2.383.332) (48.693.865) (390.187) (849.173) 16.892.137 (910.482) (1.514.513)

(2.090.359) (67.712.267) 37.536 710.353 24.468.200 159.183.171 (7.643.071)4.174.399 (21.071.571) 151.517 128.696 (3.061.590) - 1.096.522

(10.155) - - (157) (11.689) - -(5.909) (105.373) 204 232 (9.586) (14.587) (3.235)

- - - - - - -- - 103.488 - - - -

2.067.976 (88.889.211) 292.745 839.124 21.385.335 159.168.584 (6.549.784)

172.073 (147.701.228) (127.009) (82.360) 32.682.463 156.888.206 (7.177.149)

19.510.270 254.342.482 437.533 19.266 131.402.529 340.696.235 28.747.670(16.098.449) (775.679.673) (217.212) (1.504.889) (164.277.572) (298.402.284) (25.633.998)

3.411.821 (521.337.191) 220.321 (1.485.623) (32.875.043) 42.293.951 3.113.672

(355.148) (5.874.682) (39.795) - (17.730.522) (446.538) (137.543)

85.400.993 2.903.342.529 8.495.877 7.363.585 843.607.589 824.088.860 116.827.218

38



Global ResearchEnhanced Index

Equity FundEUR

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

619.649.673 2.240.474.835 93.963.015 982.108.644 460.900.674 599.499.845

3.385.353 - 698.806 - 2.587.502 3.954.906- 14.649.000 - 18.606.510 - -- - - - - 151.268

458 10.120 - 34.700 205 -- - - - - -- - - - - 271.641

3.385.811 14.659.120 698.806 18.641.210 2.587.707 4.377.815

289.097 2.407.005 183.466 4.150.983 1.556.238 3.503.486222.623 813.291 46.189 581.891 228.317 284.507

- 5.792 15.905 1.192.251 47.470 222.175216.226 389.608 41.615 441.878 138.921 313.26227.249 45.072 10.099 93.384 32.539 38.82735.623 117.756 10.229 194.435 61.291 115.5596.426 4.630 - 1.327 184 2.454

- - - 1.382.743 - -50.398 92.387 39.765 115.220 65.594 86.877

847.642 3.875.541 347.268 8.154.112 2.130.554 4.567.147

190.854 546.450 61.838 518.067 78.073 147.678

656.788 3.329.091 285.430 7.636.045 2.052.481 4.419.469

66.407 - - 777.540 - -

723.195 3.329.091 285.430 8.413.585 2.052.481 4.419.469

2.662.616 11.330.029 413.376 10.227.625 535.226 (41.654)

29.524.520 (16.131.700) 2.027.235 (31.713.569) 13.567.177 20.066.985(2.679.795) (15.942.764) (366.565) (26.580.947) (4.747.508) (9.014)

1.597.881 1.732.680 - 21.977.493 - -653.997 (60.723) (51.500) (300.620) (68.750) (120.967)

- - - (4.295.138) - -- 3.577 - (1.444.205) - -

29.096.603 (30.398.930) 1.609.170 (42.356.986) 8.750.919 19.937.004

32.638.447 (33.150.342) 8.826.748 11.129.973 42.307.268 5.496.7891.307.420 19.979.967 (11.791) (20.499.718) 1.449.191 -

(73.137) 3.165.193 - 720.767 - -26.543 83.001 140 (91.933) 17.095 64.399

- - - (1.131.771) - -- - - (514.718) - -

33.899.273 (9.922.181) 8.815.097 (10.387.400) 43.773.554 5.561.188

65.658.492 (28.991.082) 10.837.643 (42.516.761) 53.059.699 25.456.538

111.815.663 387.554.830 1.365.479 636.918.948 99.070.272 100.398.396(347.920.463) (1.959.451.027) (20.665.721) (271.540.546) (184.713.648) (272.895.911)

(236.104.800) (1.571.896.197) (19.300.242) 365.378.402 (85.643.376) (172.497.515)

(3.225.545) (1.148.659) (48.128) (5.391.541) (1.073.729) (4.129.969)

445.977.820 638.438.897 85.452.288 1.299.578.744 427.243.268 448.328.899

39



HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

HongKongFundUSD

IncomeFund

USD

IncomeOpportunity

Plus FundUSD

IndiaFund

USD

IndonesiaEquity

FundUSD

77.579.785 2.046.917.411 111.206.377 26.311.345 328.312.281 1.094.663.464 53.247.065

(10.961) 8.834.577 1.028.365 - 423.775 5.659.091 145.97720.085 - - 837.804 6.409.682 - -

- - 32.765 - - - -115 127 136 - 2.000 722 128

982.091 - - 14.535 83.543 - -- - - - - - -

991.330 8.834.704 1.061.266 852.339 6.919.000 5.659.813 146.105

514.025 8.810.639 846.643 130.440 1.100.014 7.920.150 96.38837.952 771.254 57.439 13.138 141.100 552.644 26.224

123.526 319.319 29.160 93 6.106 970.527 20.23099.674 469.993 79.948 57.407 202.361 715.826 85.37623.851 66.637 12.038 13.537 19.352 67.933 9.04516.552 342.993 28.525 6.451 62.684 257.643 5.949

932 - - 140 422 608 -- - - 34.308 512.847 - -

36.527 73.813 61.875 38.957 53.126 81.842 39.274

853.039 10.854.648 1.115.628 294.471 2.098.012 10.567.173 282.486

108.089 210.741 68.739 103.220 266.438 222.932 117.345

744.950 10.643.907 1.046.889 191.251 1.831.574 10.344.241 165.141

33.725 - - - 2.146.743 - -

778.675 10.643.907 1.046.889 191.251 3.978.317 10.344.241 165.141

212.655 (1.809.203) 14.377 661.088 2.940.683 (4.684.428) (19.036)

2.546.292 151.281.145 (2.213.303) (350.914) (180.858) 21.781.058 1.782.753(5.098.643) (5.705.988) (2.357) (86.540) (43.456.234) (4.531) 84.361

- - - (12.268) 25.166 - -(109.059) (255.592) (11.049) 293 40.205 (31.878) (113.572)

- - - - (5.503) - -1.153.435 - - (69.216) 163.195 - -

(1.507.975) 145.319.565 (2.226.709) (518.645) (43.414.029) 21.744.649 1.753.542

(138.973) (33.104.359) 8.710.908 452.123 11.081.979 (119.479.122) (1.319.010)1.509.925 2.876.380 - 41.833 24.351.232 - -

- - - 16.232 146.205 - -220.475 (939) 10.032 (155) (5.062) (30) (4.200)

- - - - (5.489) - -6.313.620 - - (6.672) (882.925) - -

7.905.047 (30.228.918) 8.720.940 503.361 34.685.940 (119.479.152) (1.323.210)

6.609.727 113.281.444 6.508.608 645.804 (5.787.406) (102.418.931) 411.296

15.365.174 206.298.950 31.956.221 468.610 223.256.374 153.576.105 14.766.856(31.246.467) (1.036.886.632) (38.612.894) (1.358.759) (281.780.479) (174.952.136) (20.487.262)

(15.881.293) (830.587.682) (6.656.673) (890.149) (58.524.105) (21.376.031) (5.720.406)

(328) (553.364) (2.497.567) (378.644) (10.756.503) (3.904.578) -

68.307.891 1.329.057.809 108.560.745 25.688.356 253.244.267 966.963.924 47.937.955

40



ItalyFlexible Bond

FundEUR

JapanEquity

FundJPY

JapanMarket Neutral

Fund (6)JPY

KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

201.121.537 274.915.549.821 7.176.411.780 141.752.681 799.977.215 5.550.006.002

- 1.476.994.985 191.304 1.724.340 11.635.268 712.0762.962.212 - 7.501 - - 36.607.521

- - - - - -3.715 - - 2.288 1.255 661

1.086.023 - - - - -- - - - - -

4.051.950 1.476.994.985 198.805 1.726.628 11.636.523 37.320.258

1.060.456 1.156.481.741 4.253.005 683.234 4.492.213 4.867.958111.298 130.012.985 574.907 69.401 441.818 2.143.018

938.067 11.740.824 - 27.825 150.690 -80.553 51.788.652 8.314.938 131.014 438.723 718.51013.905 8.733.107 202.755 16.644 61.022 40.61655.139 30.668.353 - 34.062 138.637 660.7546.894 3.479.296 48.907 138 - 3.515

94.186 - - - - -37.042 21.375.292 1.323.053 42.091 86.667 332.057

2.397.540 1.414.280.250 14.717.565 1.004.409 5.809.770 8.766.428

79.353 10.131.041 9.474.858 145.925 194.774 1.802.705

2.318.187 1.404.149.209 5.242.707 858.484 5.614.996 6.963.723

8.646 - - - - -

2.326.833 1.404.149.209 5.242.707 858.484 5.614.996 6.963.723

1.725.117 72.845.776 (5.043.902) 868.144 6.021.527 30.356.535

(964.809) (52.212.869) (877.493.476) 2.921.701 (18.978.059) (10.286.270)(132.454) 592.722.327 (79.236.635) (7.188) 146.360 (121.656.494)(665.538) - - - - (187.562)(963.728) 140.008.062 1.383.235 (60.135) (592.576) (292.703)480.270 - - - - -

(544.607) - - - - -

(2.790.866) 680.517.520 (955.346.876) 2.854.378 (19.424.275) (132.423.029)

(1.767.852) 2.278.060.974 1.137.690.965 (2.016.077) (5.334.243) (13.726)9.532 1.682.669.319 7

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