AEGON Global Funds

Société d’Investissement à Capital Variable incorporated under

the Laws of the Grand Duchy of Luxembourg

Annual Report and Audited Financial Statements For the Year Ended 30 April 2015

R.C.S. LUXEMBOURG B 181.732

No subscription can be accepted on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and its addendum as the case may be, accompanied by the last Key Investor Information Document (“KIID”), the most recent audited annual report or the most recent unaudited semi-annual report, if published thereafter. The auditor's report refers only to the full English version of the annual report and not to any translated versions.

AEGON Global Funds

Table of Contents

Page Directors’ Report

1

Sub-Adviser’s Report AEGON International Equity Fund AEGON Large Cap Value Fund Independent Auditor’s Report

2 3 4

AEGON International Equity Fund Schedule of Investments and Other Net Assets Industrial Classification

6 8

AEGON Large Cap Value Fund Schedule of Investments and Other Net Assets

9

Statement of Net Assets

10

Net Asset Information

11

Statement of Operations and Changes in Net Assets

12

Statement of Changes in Shares

13

Notes to the Financial Statements

14

Information to Shareholders

19

Company Information

20

AEGON Global Funds Directors’ Report

1

Dear Shareholder, On behalf of AEGON Global Funds, I would like to thank you for your support and confidence in our products. We value the trust you have placed in us. The AEGON Global Funds, a set of Luxembourg UCITS Funds, provides a comprehensive set of investment options and takes advantage of the expanded investment capabilities provided by the UCITS directive. This report presents a review of the investments in each of your funds and covers the one year period from 1 May 2014 through the end of the funds’ financial year on 30 April 2015. We believe it is important to understand market conditions during this period in order to provide a context for reading this report. When the period began in May of 2014, U.S. and global markets were focused on the possibility that the U.S. Federal Reserve (“Fed”) would end quantitative easing if the U.S. economy continued to strengthen. Throughout the summer of 2014, both the U.S. economy and labor markets continued to make gains and the Fed ended quantitative easing as expected in October 2014 causing a temporary sell off in U.S. markets. Also during the summer of 2014, oil began its long decline of more than 50% when increasing Saudi and U.S. production met with falling global demand. This brought declining inflation and global fears of deflation. As a result, the Bank of Japan expanded its quantitative easing in October 2014 and the European Central Bank (“ECB”) began discussing a quantitative easing program of its own to counteract both deflation and anemic economic growth. Currency markets responded by pushing the Euro down throughout the fall and winter. As 2015 arrived, the ECB began its quantitative easing just as the weaker Euro was helping to boost European growth. At the same time, U.S. markets began to focus on when the Fed would raise rates, even as cuts in U.S. oil & gas production pushed U.S. GDP growth into negative territory in the 1st quarter of 2015. Despite these varied conditions, most major equity markets performed well during the past year while bond markets varied significantly driven in part by divergent central bank policies. For the one-year period ending 30 April 2015, the MSCI EAFE Index, representing international equities, gained 2.10% while international bonds in the JPMorgan Government Bond ex-US Unhedged Index lost 9.18%. During the same period, the Russell 1000® Value gained 9.31%, while the U.S. bonds in the Barclays U.S. Aggregate Bond Index returned 4.46%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict. If you have any questions regarding this report, please contact us. Thanks again for the confidence you have placed in us. Sincerely, Dennis Gallagher Chairman of the Board of Directors AEGON Global Funds 23 July 2015

AEGON Global Funds Sub-Adviser’s Report (unaudited)

2

AEGON International Equity Fund MARKET ENVIRONMENT Geopolitical and macroeconomic issues have buffeted global equity markets over the past 12 months ending 30 April 2015, but equities showed strength, with several regional indices hitting all‐time highs in April and the MSCI EAFE Index up 18.2% in local currency terms. Divergent central bank policies continue to drive market volatility. European and Asian central banks remain heavily accommodative while the U.S. Federal Reserve suggested an interest rate hike is likely before year‐end. As a result, the U.S. dollar significantly appreciated against the euro, yen and other currencies muting returns for U.S. dollar‐based investors. For the 12 months ending 30 April 2015, the MSCI EAFE Index posted a gain of 2.10% in U.S. dollar terms. Japanese equities outperformed their global peers, up 19.1% in U.S. dollar terms and 39.5% in local currency for the 12 months ending 30 April 2015, driven by the country’s economic recovery. On 9 April 2015, the Nikkei 225 index broke through a 15‐year high. Meanwhile, equities in the United Kingdom and Europe posted positive returns in local currency terms, but declined 3.0% in U.S. dollar terms as a result of the foreign exchange movement. On a sector basis, energy, materials and utilities were the only sectors to decline for the period. Energy and materials companies remain under pressure following the rapid decline in commodity prices, especially oil, coal and iron ore. Utilities slipped as investors shifted away from the traditionally defensive sector, preferring more economically sensitive areas.

PERFORMANCE For the year ended 30 April 2015, AEGON International Equity Fund returned 3.11%. By comparison, the MSCI EAFE Index, returned 2.10%. STRATEGY REVIEW The AEGON International Equity Fund outperformed the MSCI EAFE Index for the fiscal year ended 30 April 2015, as positive stock selections in the United Kingdom and in the financials and materials sectors offset the negative impact of stock selection in Asia ex-Japan and the industrials sector. In the United Kingdom, shares of insurance company Friends Life Group rose the most as the company received a buyout offer from United Kingdom insurer Aviva plc. Used car dealer Inchcape plc and satellite and broadband provider British Sky Broadcasting Group plc were also top contributors on continued earnings growth. Asia ex-Japan was the primary regional detractor from relative return. Portfolio holdings in the casino industry had the largest impact on both relative and absolute portfolio return. Shares of Macau-based MGM China Holdings Limited and SJM Holdings Limited declined as the Chinese government continued to clamp down on corruption and limit travel of wealthy Chinese to Macau. Financials and materials were the top contributors, as portfolio holdings outperformed both benchmark peers and the index. In financials, positions in the insurance and real estate industries were the winners. In Canada, Fairfax Financial Holdings Limited shares rose the most as the company announced several strong quarterly earnings results on better-than-expected underwriting and significant returns on its investment portfolio. Hong Kong real estate company CK Hutchinson Holdings Limited (formerly Cheung Kong Holdings) was another top contributor. A large-scale reorganization clarified the corporate structure and effectively removed the holding company discount placed upon Cheung Kong shares. Stock selection in materials resulted in portfolio holdings up an average of 6.2% while benchmark peers declined 7.0%. Shares of Smurfit Kappa Group plc, an Irish paper-based packaging company, led the way. The company announced strong quarterly and full-year results despite a tough environment; driven by continued cost saving efforts, growing volumes and targeted acquisitions. Industrials were the primary detractors as stock selection in the portfolio’s largest sector trailed benchmark peers. In Singapore, Noble Group Limited was the main drag on relative return. Shares of the global commodity trader were pressured as a little-known research firm alleged the use of misleading accounting practices at the company. Management has provided significant details to refute the allegations and the firm’s auditor, Ernst & Young, has since signed off on the accounts for the period in question. Rexel S.A., a French distributor of electrical products, was also a notable laggard on poor earnings results. Brandon H. Harrell, CFA Portfolio Manager Thompson, Siegel & Walmsley LLC 23 July 2015 The figures in this report are historical and not necessarily indicative of future performance.

AEGON Global Funds Sub-Adviser’s Report (unaudited)

3

AEGON Large Cap Value Fund MARKET ENVIRONMENT Many competing factors affected U.S. equities markets during the 12 months ending 30 April 2015, yet the net result was another year of good market performance with below average volatility. The key drivers behind these favorable results have largely been in place since the current bull market began in March 2009. These include a very low interest rate environment and slow but steady improvement in economic conditions in the U.S. Also during the course of the year, economic conditions in Europe improved, concerns about China’s economic issues eased, and Japan’s economic growth rate improved. However, significant concerns remain. Even the moderate economic growth rates we are experiencing around the world seem to be too dependent on aggressive efforts by central banks in the U.S., the European Union, Japan, China and elsewhere. An increase in interest rates in the U.S. could present headwinds to the stock market, although investor expectations appear to have already discounted an initial rate increase by the U.S. Federal Reserve in the second half of 2015. We also are concerned that any number of geopolitical issues (Greece, Ukraine, ISIS, South China Sea, etc.) could quickly deteriorate to the degree that stock prices are impacted. While overall valuations on individual stocks are no longer deemed to be cheap, as long as the current favorable interest rate and economic environment remains in place, we believe that the U.S. stock market can continue to advance, although volatility is likely to increase. In addition, even when interest rates inevitably rise, we expect equities to be perceived to be a better investment opportunity than bonds and therefore have a bias for further advancement. PERFORMANCE For the year ended 30 April 2015, AEGON Large Cap Value Fund returned 9.85%. By comparison, the Russell 1000® Value Index returned 9.31%. STRATEGY REVIEW Our investment approach employs an intensive fundamental research process to identify individual investment ideas using a bottom-up stock selection process rather than a top down or market strategy. We focus on companies that we believe possess leading competitive positions, strong balance sheets, healthy free cash flows that investor oriented managements will use to enhance shareholder value, and prospects for catalysts that can propel stock prices higher in the near to intermediate term. Furthermore, we seek companies that are down in price or have significantly underperformed the market indices, thereby steering clear of price appreciation momentum plays. Overall, the portfolio is diversified by industry and sector, and sector overweights or underweights (as compared to the indices) typically occurs as the result of identifying more or fewer individual stock ideas in a given sector. For the year, the top individual contributors to performance were branded food company Pinnacle Foods Inc., technology company Apple Inc., and multi-line insurer Allstate Corp. For Pinnacle Foods Inc., investors increasingly recognized the company’s strong cash flow, high dividend yield and opportunities to add value through acquisitions and productivity improvements. We have reduced the position size somewhat, but believe the company’s share price has further room to advance. Apple Inc. benefited from favorable new product launches, overcoming investor skepticism earlier in the year. We have substantially reduced our position size, but believe the stock is still attractive based on its free cash flow. Allstate Corp. benefited from improved policy pricing and better reinsurance costs as well as successfully implementing their growth strategies. We continue to like the company’s valuation, cash generation and share repurchase program. The top detractors from performance last year were iron ore miner Cliffs Natural Resources, semiconductor equipment manufacturer Applied Materials Inc. and oil services company Cameron International. Cliffs Natural Resources’ share price was hurt significantly by a sharp drop in iron ore prices, more than offsetting favorable developments from an activist investor and a restructuring of the company. We exited the position during the year. Applied Materials Inc. sold off when its planned merger with Tokyo Electron was unexpectedly called off due to U.S. antitrust issues. We still like the company’s valuation and fundamentals and continue to hold the positon. Cameron International’s stock price was negatively impacted by the sharp drop in oil prices in 2014, and we sold the position. John Levin Jack Murphy Co-Portfolio Managers Levin Capital Strategies, L.P. 23 July 2015 The figures in this report are historical and not necessarily indicative of future performance.

Ernst & YoungSociété anonyme

Eyr -7, rue Gabriel LippmannParc d’Activité Syrdall 2L-5365 Munsbach B.P. 780

L-2017 Luxembourg

B “L L4. Tel: +352 42 124 1uliuing a ueLLer R.C.S. Luxembourg B 47 771

working world www.ey.com/luxembourg TVA LU 16063074

Independent Auditor’s Report

To the Shareholders of AEGON Global Funds31 , Z.A. BourmichtL-8070 BertrangeLuxembourg

We have audited the accompanying financial statements of AEGON Global Funds (the “Company”) andof each of its sub-funds, which comprise the statement of net assets and the schedule of investments andother net assets as at 30 April 201 5 and the statement of operations and changes in net assets for theyear then ended, and a summary of significant accounting policies and other explanatory notes to thefinancial statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of thesefinancial statements in accordance with Luxembourg legal and regulatory requirements relating to thepreparation and presentation of the financial statements and for such internal control as the Board ofDirectors of the Company determines is necessary to enable the preparation and presentation of financialstatements 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. Weconducted our audit in accordance with International Standards on Auditing as adopted for Luxembourgby the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the judgement of the “réviseur d’entreprisesagréé”, 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 financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by the Board of Directors of the Company, as well as evaluating the overallpresentation of the financial statements.

4

A member firm of Ernst & Young Global Limited

EYBuilding a betterworking world

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of AEGON GlobalFunds and of each of its sub-funds as of 30 April 201 5, and of the result of its operations and changes inits net assets for the year then ended in accordance with Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandatebut has not been subject to specific audit procedures carried out in accordance with the standardsdescribed above. Consequently, we express no opinion on such information. However, we have noobservation to make concerning such information in the context of the financial statements taken as awhole.

Ernst & YoungSociété anonyme

Cabinet de revision agréé

Michael Ferguson

Luxembourg, 23 July 2015

5

A member firm of Ernst & Young Global Limited

AEGON Global Funds Schedule of Investments and Other Net Assets As of 30 April 2015

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

6

AEGON International Equity Fund Quantity Description Market

Value (USD)

% of Net

Assets

Transferable Securities Admitted to an Official Exchange Listing

Equities Australia

1,400 APA Group 10,588 0.386,400 Asciano Limited 33,254 1.185,200 Challenger Limited 28,875 1.03

72,717 2.59 Belgium

600 Ageas 22,543 0.80200 Groupe Bruxelles Lambert SA 17,593 0.63

40,136 1.43 Brazil

1,210 Itau Unibanco Holding SA 15,474 0.55 15,474 0.55 Canada

50 Fairfax Financial Holdings Limited 27,311 0.97 27,311 0.97 Cayman Islands

2,000 CK Hutchison Holdings Limited 43,481 1.558,000 MGM China Holdings Limited 15,101 0.54

58,582 2.09 Denmark

400 Carlsberg A/S - Class B 36,467 1.30 36,467 1.30 France

250 Arkema SA 20,118 0.723,800 Bollore Investissement 21,717 0.77

100 Compagnie Generale des

Etablissements Michelin 11,152 0.401,500 GDF Suez 30,520 1.082,000 Rexel SA 37,693 1.34

500 Sanofi 50,895 1.81500 Total SA 27,075 0.96

1,700 Veolia Environnement 35,972 1.28 235,142 8.36 Germany

100 Allianz SE - Reg 17,021 0.61150 Bayer AG - Reg 21,590 0.77200 Merck KGaA 21,561 0.77

1,000 Metro AG 36,245 1.29300 Porsche Automobil Holding SE - Pfd 28,733 1.02200 Siemens AG - Reg 21,756 0.77600 Talanx AG 19,086 0.68

1,300 TUI AG 24,406 0.87 190,398 6.78 Hong Kong

22,000 First Pacific Company Limited 21,346 0.7618,000 Guangdong Investment Limited 26,841 0.9643,600 Noble Group Limited 28,393 1.019,800 SJM Holdings Limited 12,425 0.44

89,005 3.17 Ireland

200 DCC plc 12,768 0.45400 Ryanair Holdings plc - ADR 25,940 0.92

1,300 Smurfit Kappa Group plc 39,726 1.41 78,434 2.78 Israel

600 Teva Pharmaceutical Industries

Limited - ADR 36,252 1.29 36,252 1.29 Italy

300 Azimut Holding SpA 8,859 0.321,600 Davide Campari-Milano SpA 12,374 0.441,700 Eni SpA 32,616 1.161,000 Mediobanca SpA 9,791 0.351,000 Prysmian SpA 20,393 0.73

84,033 3.00

Quantity Description Market

Value (USD)

% of Net

AssetsTransferable Securities Admitted to an Official Exchange Listing (continued)

Equities (continued) Japan

600 Aisin Seiki Company Limited 27,436 0.981,600 Daiichi Sankyo Company Limited 27,790 0.993,400 Daiwa Securities Group Inc. - ADR 28,476 1.01

5,000Denki Kagaku Kogyo Kabushiki

Kaisha 20,416 0.73

400Electric Power Development

Company Limited 13,428 0.48100 Fanuc Corp. 22,215 0.79900 Fujifilm Holdings Corp. 33,901 1.21

6,000 Hitachi Limited 40,937 1.461,000 Japan Airlines Company Limited 33,342 1.19

900 Komatsu Limited 18,107 0.642,400 Kuraray Company Limited 32,454 1.161,000 Mitsubishi Corp. 21,577 0.772,200 Mitsubishi Heavy Industries Limited 12,303 0.44

1,600MS&AD Insurance Group Holdings

Inc. 45,788 1.637,000 NEC Corp. 23,568 0.84

600 Nippon Telegraph & Telephone Corp. 40,515 1.44400 Nitori Holdings Company Limited 30,764 1.10

2,500 ORIX Corp. 38,447 1.375,400 Resona Holdings Inc. 28,793 1.03

500 SoftBank Corp. 31,428 1.121,000 Sony Corp. 30,232 1.08

900 Sumitomo Mitsui Financial Group Inc. 39,298 1.40 641,215 22.86

Netherlands 350 Akzo Nobel NV 26,780 0.95

1,024 Delta Lloyd NV 19,391 0.69400 Heineken Holding NV 27,884 0.99311 Koninklijke Boskalis Westminster NV 16,160 0.58

1,231 Koninklijke Philips NV 35,261 1.26 125,476 4.47

Republic of South Korea 200 Hyundai Motor Company - Pfd 22,202 0.79300 Kangwon Land Inc. 10,227 0.36

20Samsung Electronics Company

Limited 26,306 0.94150 SK Telecom Company Limited 40,196 1.43

98,931 3.52Singapore

2,400 Flextronics International Limited 27,660 0.99100 Kenon Holdings Limited 2,165 0.08

3,000 SIA Engineering Company Limited 9,486 0.34 39,311 1.41

Spain 600 Amadeus IT Holding SA - Class A 27,349 0.97

27,349 0.97Sweden

3,100Telefonaktiebolaget LM Ericsson -

Class B 33,904 1.211,200 Investor AB - Class B 48,897 1.74

650 Svenska Cellulosa AB 16,442 0.59 99,243 3.54

Switzerland 1,300 GAM Holding Limited 29,329 1.04

450 Nestle SA - Reg 34,913 1.24500 Novartis AG - Reg 51,037 1.82

2,000 UBS Group AG - Reg 40,431 1.44 155,710 5.54

United Kingdom 900 Admiral Group plc 21,461 0.76

2,950 Aviva plc 23,865 0.857,600 Barclays plc 29,735 1.061,900 British Sky Broadcasting Group plc 31,327 1.123,200 HSBC Holdings plc 31,852 1.13

AEGON Global Funds Schedule of Investments and Other Net Assets As of 30 April 2015

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

7

AEGON International Equity Fund (continued) Quantity Description Market

Value (USD)

% of Net Assets

Transferable Securities Admitted to an Official Exchange Listing (continued)

Equities (continued) United Kingdom (continued)

2,300 IG Group Holdings plc 25,933 0.92600 Imperial Tobacco Group plc 29,298 1.04

2,300 Inchcape plc 29,256 1.04200 Johnson Matthey plc 10,226 0.36

6,100 Kingfisher plc 32,772 1.172,400 National Grid plc 32,288 1.152,777 Rexam plc 24,648 0.882,100 Royal Bank of Scotland Group plc 10,880 0.39

700 Unilever plc 30,684 1.092,780 United Business Media Group Limited 23,998 0.858,500 Vodafone Group plc 29,947 1.07

418,170 14.88 United States

400 BHP Billiton plc - ADR 19,320 0.69800 Noble Corp. plc 13,848 0.49

33,168 1.18 Total Equities 2,602,524 92.68

Total Transferable Securities Admitted to an Official Exchange Listing 2,602,524 92.68

Transferable Securities Dealt in on Another Regulated Market and Recently Issued Transferable Securities

Rights Netherlands

350 Akzo Nobel Nv - Right – – – – Total Rights – –

Total Transferable Securities Dealt in on Another Regulated Market and Recently Issued Transferable Securities – –

Total Investments 2,602,524 92.68

Other Net Assets 205,425 7.32

Total Net Assets 2,807,949 100.00

CURRENCY ABBREVIATION: USD United States Dollar

DEFINITIONS: ADR American Depositary Receipt Pfd Preferred Reg Registered

AEGON Global Funds Industrial Classification As of 30 April 2015 AEGON International Equity Fund

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

8

Industry % of Net AssetsInsurance 8.02Pharmaceuticals 7.44Financial services 6.11Banks 5.91Telecommunication services 5.06Food services 4.39Chemicals 3.92Transportation 3.30Distribution and wholesale 3.15Electronic equipment 3.08Oil and gas producers 3.07Beverages 2.73Machinery 2.54Investment companies 2.37Retail 2.26Water utilities 2.24Leisure and entertainment 2.21Miscellaneous machinery 1.98Auto manufacturers 1.81Diversified companies 1.78Electrical utilities 1.64Business and Public services 1.55Oil and gas services 1.53Electrical equipment 1.52Forest products and paper 1.41Automobile parts and equipment 1.37Telecommunication equipment 1.21Commercial services 1.19Broadcasting, radio and television 1.12Home furnishings 1.08Tobacco 1.04Software 0.97Semiconductors 0.94Packaging and containers 0.88Mining (non precious) 0.69Cosmetics and personal care 0.59Engineering and construction 0.58

Total Investments 92.68

Other Net Assets 7.32

Total Net Assets 100.00

.

AEGON Global Funds Schedule of Investments and Other Net Assets As of 30 April 2015 AEGON Large Cap Value Fund

The accompanying notes form an integral part of these financial statements. 9

Quantity Description Market

Value (USD)

% of Net

Assets

Transferable Securities Admitted to an Official Exchange Listing

Equities Auto manufacturers

2,546 General Motors Company 89,263 1.92 89,263 1.92 Banks

4,459 Citigroup Inc. 237,753 5.111,275 JPMorgan Chase & Company 80,657 1.73

318,410 6.84 Beverages

1,361 Anheuser-Busch Inbev NV - ADR 163,374 3.5118,912 Cott Corp. 164,724 3.53

328,098 7.04 Chemicals

1,195 Dow Chemical Company 60,945 1.31 60,945 1.31 Computers and peripherals

654 Apple Inc. 81,848 1.767,422 EMC Corp. 199,726 4.29

281,574 6.05 Cosmetics and personal care

1,795 Procter & Gamble Company 142,720 3.06 142,720 3.06 Electrical utilities

3,685 AES Corp. 48,826 1.05 48,826 1.05 Electronic equipment

4,130 Koninklijke Philips NV 118,159 2.54 118,159 2.54 Financial services

1,505 Discover Financial Services 87,245 1.87 87,245 1.87 Food

3,896 Tyson Foods Inc. - Class A 153,892 3.30 153,892 3.30 Food services

7,229 Pinnacle Foods Inc. 293,136 6.29 293,136 6.29 Healthcare products

2,295 VWR Corp 60,909 1.31 60,909 1.31 Insurance

1,208 ACE Limited 129,244 2.773,061 Allstate Corp. 213,229 4.58

342,473 7.35 Machinery

2,430 Xylem Inc. 89,959 1.93 89,959 1.93 Miscellaneous machinery

2,125 Eaton Corp. plc 146,051 3.149,722 General Electric Company 263,272 5.65

409,323 8.79 Oil and gas producers

1,926 Occidental Petroleum Corp. 154,273 3.31 154,273 3.31 Oil and gas services

1,905 Williams Companies Inc. 97,517 2.09 97,517 2.09 Pharmaceuticals

1,870 AbbVie Inc. 120,914 2.606,228 Pfizer Inc. 211,317 4.54

465 Actavis plc 131,530 2.82 463,761 9.96

Quantity Description Market

Value (USD)

% of NetAssets

Transferable Securities Admitted to an Official Exchange Listing (continued)

Equities (continued) Retail

1,020 McDonald's Corp. 98,481 2.111,415 Target Corp. 111,544 2.40

210,025 4.51Semiconductors

8,900 Applied Materials Inc. 176,131 3.78 176,131 3.78

Software 3,117 Oracle Corp. 135,964 2.92

135,964 2.92Telecommunication services

2,132 Verizon Communications Inc. 107,559 2.31 107,559 2.31

Transportation 845 Union Pacific Corp. 89,764 1.93

89,764 1.93Total Equities 4,259,926 91.46 Total Transferable Securities Admitted to an Official Exchange Listing 4,259,926 91.46

Total Investments 4,259,926 91.46

Other Net Assets 397,890 8.54

Total Net Assets 4,657,816 100.00

CURRENCY ABBREVIATION: USD United States Dollar DEFINITION: ADR American Depositary Receipt The accompanying notes form an integral part of the financial statements.

AEGON Global Funds Statement of Net Assets As of 30 April 2015

The accompanying notes form an integral part of these financial statements. 10

AEGON International

Equity FundAEGON Large Cap

Value Fund Combined Notes (USD) (USD) (USD)

Assets Acquisition cost of securities .... 2,556,333 4,006,402 6,562,735Unrealized appreciation/(depreciation) 3 46,191 253,524 299,715Investments in securities at market value 3 2,602,524 4,259,926 6,862,450Cash and cash equivalent .... 208,241 319,944 528,185Receivable for investment securities sold .... 17,400 – 17,400Subscriptions receivable ..... 38,000 131,000 169,000Dividend receivable 2.1 8,287 4,953 13,240Expense reimbursement receivable 4.3 41,594 21,122 62,716Formation expenses 2.4 61,457 61,457 122,914Other receivables and prepayments ..... 991 830 1,821

Total Assets 2,978,494 4,799,232 7,777,726

Liabilities Payable for securities purchased .... 9,807 – 9,807Accrued expenses and other liabilities .... 160,738 141,416 302,154

Total Liabilities 170,545 141,416 311,961

Total Net Assets 2,807,949 4,657,816 7,465,765

AEGON Global Funds Net Asset Information As of 30 April 2015 and 30 April 2014

The accompanying notes form an integral part of these financial statements. 11

AEGON International

Equity Fund AEGON Large

Cap Value Fund

(USD) (USD)

Net assets 30 April 2015 2,807,949 4,657,81630 April 2014 2,065,811 3,251,967

Net asset value per Class Z (USD) accumulating shares 30 April 2015 103.43 111.8330 April 2014 100.31 101.80

Number of shares outstanding Class Z (USD) accumulating shares 30 April 2015 27,148 41,65030 April 2014 20,594 31,944

AEGON Global Funds Statement of Operations and Changes in Net Assets For the Year Ended 30 April 2015

The accompanying notes form an integral part of these financial statements. 12

AEGON International

Equity FundAEGON Large Cap

Value Fund Combined

Notes (USD) (USD) (USD)

Net assets at the beginning of the year 2,065,811 3,251,967 5,317,778

Income .... Dividends (net of withholding taxes) 2.1 64,452 58,462 122,914Total Income ... 64,452 58,462 122,914

Expenses ..... Conducting persons fees and expenses 4.2 10,364 10,364 20,728Professional services ..... 16,773 16,773 33,546Transaction costs 4.4 3,337 1,973 5,310Accounting and administration fees 4.1 31,131 31,131 62,262Depositary and custodian fees 4.1 32,845 19,169 52,014Legal fees ..... 16,666 16,666 33,332Advisory fees 4.1 18,407 25,218 43,625Domiciliary fees ... 10,127 11,313 21,440Formation expenses 2.4 8,339 8,339 16,678Director fees 4.5 3,337 3,337 6,674Transfer agency fees ... 3,789 3,769 7,558Subscription tax 6 1,085 1,832 2,917Third-party pricing service fees .... 25,960 – 25,960Compliance fees ... 13,888 13,888 27,776CSSF fees ...... 6,094 10,610 16,704Other expenses ..... 17,683 17,756 35,439Total expenses before reimbursement ... 219,825 192,138 411,963Expense reimbursement 4.3 (190,462) (152,226) (342,688)Total expenses after reimbursement ..... 29,363 39,912 69,275

Net investment income ..... 35,089 18,550 53,639

Net realized gain/(loss) from: .... Investments 2.1 14,989 134,158 149,147Foreign currency transactions 2.2 (1,022) (373) (1,395)Capital gain tax ..6 (124) – (124)

Net change in unrealized appreciation from: ...... Investments ..... 28,764 183,784 212,548Forward foreign exchange contracts .... 37 – 37

Net increase in net assets as a result of operations ..... 77,733 336,119 413,852

Movements in share capital ..... Issue of shares ..... 801,405 1,128,730 1,930,135Redemption of shares ..... (137,000) (59,000) (196,000)

Net increase in net assets as a result of movements in share capital ..... 664,405 1,069,730 1,734,135

Net assets at the end of the year ..... 2,807,949 4,657,816 7,465,765

AEGON Global Funds Statement of Changes in Shares

The accompanying notes form an integral part of these financial statements. 13

AEGON International

Equity Fund AEGON Large

Cap Value Fund

Class Z (USD) accumulating shares Number of shares outstanding at the beginning of the year 20,594 31,944Number of shares issued 7,969 10,281Number of shares redeemed (1,415) (575)Number of shares outstanding at the end of the year 27,148 41,650

AEGON Global Funds Notes to the Financial Statements As of 30 April 2015

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1. Organization

AEGON Global Funds (the “Company”) was incorporated for an unlimited duration on 4 November 2013 as an open-ended investment company and is registered as Société d’Investissement à Capital Variable (“SICAV”) under Part I of the Law of 17 December 2010 of the Grand Duchy of Luxembourg, as amended. The Statutes of the Company were published in the Mémorial, Recueil des Sociétés et Associations on 30 December 2013 under register number B 181.732. The Company offers investors the opportunity to invest in separate Sub-Funds (each a “Sub-Fund” and collectively, the “Sub-Funds”). Each Sub-Fund has a different investment objective and has a separate portfolio of assets represented by separate securities. As of 30 April 2015, the Company consists of the following active Sub-Funds: - AEGON International Equity Fund (the “International Equity Fund”) - AEGON Large Cap Value Fund (the “Large Cap Value Fund”)

The Sub-Funds commenced operations on 10 April 2014.

Under normal circumstances, the investment objective of the International Equity Fund is to seek maximum long-term total return, consistent with reasonable risk to principal, by investing primarily in equity securities of non-United States issuers representing at least three countries other than the United States.

Under normal circumstances, the Large Cap Value Fund seeks long-term capital appreciation by primarily investing in equity securities of large cap companies organized or located within the United States or which primarily trade in a market located within the United States. The Large Cap Value Fund considers large cap companies to be companies with capitalizations within the range of companies included in the Russell 1000® Value Index.

The Board of Directors (the “Board”) is authorized without limitation to issue shares of A, N, I, X and M at any time within each Sub-Fund. As of 30 April 2015, the Sub-Funds offer the Class Z (USD) accumulating shares to retail investors and institutional investors.

2. Summary of significant accounting policies

These financial statements are presented in accordance with the legal reporting requirements in Luxembourg applicable to investment funds. The financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Company.

2.1 Investment income and investment securities transactions Dividends are accounted for on an ex-dividend basis net of any irrecoverable withholding tax. Interest income includes interest applied to bank accounts.

Realized gains and losses comprise the profit or loss arising from disposal of securities during the year and differences arising on the revaluation of other assets and liabilities denominated in foreign currencies. Realized gains or losses on securities transactions are determined on the basis of the weighted average cost of the securities sold. Investment security transactions are recorded on a trade date basis.

2.2 Foreign currency translation The financial statements and accounting records are expressed in the reference currency of the Sub-Funds. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) assets and liabilities denominated in foreign currencies are converted on each valuation day into the base currency using currency exchange rates prevailing on such business day;

AEGON Global Funds Notes to the Financial Statements As of 30 April 2015 (continued)

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2. Summary of significant accounting policies (continued) 2.2 Foreign currency translation (continued) (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. The reference currency of the Sub-Funds as reflected in the financial statements is the United States Dollar (“USD”). The exchange rates used for the USD as of 30 April 2015 are as follows:

Australian Dollar (AUD) 1 = 0.7914

Brazilian Real (BRL) 1 = 0.3319

Canadian Dollar (CAD) 1 = 0.8288

Swiss Franc (CHF) 1 = 1.0719

Danish Krone (DKK) 1 = 0.1504

Euro (EUR) 1 = 1.1229

Pound Sterling (GBP) 1 = 1.5350

Hong Kong Dollar (HKD) 1 = 0.1290

Israeli New Sheqel (ILS) 1 = 0.2590

Japanese Yen (JPY) 1 = 0.8375

South Korean Won (KRW) 1 = 0.0933

Swedish Krona (SEK) 1 = 0.1200

Singapore Dollar (SGD) 1 = 0.7557

2.3. Valuation of forward foreign exchange contracts The Company is subject to foreign currency exchange rate risk exposure in the normal course of pursuing its investment objective. The Company enters into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. The unrealized gains and losses on outstanding forward foreign exchange contracts are valued by reference to the forward rate of exchange applicable to the outstanding life of the contract. Forward foreign currency contracts are marked to market daily, with the change in value recorded in the unrealized gain or loss on forward foreign exchange contracts account. When a contract is settled, a realized gain or loss is incurred which is recorded in the realized gain or loss on forward foreign currency contracts account. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. The net movement in the unrealized gain/(loss) arising on forward foreign exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The Sub-funds hold no open forward foreign currency contracts as at 30 April 2015. 2.4 Formation expenses The formation expenses represent the costs of establishing the Company and its Sub-Funds. The formation expenses are amortized on a straight line basis over 5 years from the date on which each Sub-Fund commenced operations. Amortization of formation expenses are shown under formation expenses in the Statement of Operations and Changes in Net Assets.

3. Valuation of securities

The Board has delegated the valuation functions on a day-to-day basis to Transamerica Asset Management, Inc. (“TAM”), subject to Board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to the fair value procedures adopted by the Board, with reference to other instruments or indices.

AEGON Global Funds Notes to the Financial Statements As of 30 April 2015 (continued)

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3. Valuation of securities (continued) Securities, which are quoted or dealt in on any stock exchange, are valued at the last reported sales price on the stock exchange, which is normally the principal market for such security. Where investments of a Sub-Fund are both listed on a stock exchange and dealt in by market makers outside the stock exchange on which the investments are listed, then the Board determines the principal market for the investments in question and they are valued at the latest available price in that market. Securities dealt in on another regulated market are valued in a manner as near as possible to that described above.

Securities, in which the primary trading market closes at the same time or after the U.S. market, are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the U.S. market, closing prices for securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a third-party pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts and the movement of the certain indices of securities based on a statistical analysis of their historical relationship. The Board has authorized the use of fair value factor adjustments to price foreign equity securities only when deemed relevant based on the performance of a benchmark. As of 30 April 2015, the International Equity Fund applied fair value factor adjustments to price its securities.

4. Fees and expenses 4.1 Investment adviser, principal distributor, custodian and administrator fees

Pursuant to the Investment Advisory Agreement, TAM has been appointed as investment adviser to the Company. The investment adviser oversees the investment and reinvestment of the assets of the Sub-Funds in accordance with the investment objectives and restrictions of the Company, under the overall responsibility of the Board. The Company has appointed Transamerica Capital, Inc. as principal distributor of the Company. Pursuant to a Depositary, Custodian and Paying Agent Services Agreement, Citibank International Limited, Luxembourg Branch has been appointed as custodian of all of the Company’s assets and paying agent of the Company.

Pursuant to a Fund Administration Services Agreement, Citibank International Limited, Luxembourg Branch has been appointed as administrator and registrar and transfer agent of the Company.

The depositary, custody and administration fees are in line with common practice in Luxembourg. Fees are accrued on each valuation day, calculated on the basis of the average net asset values of each Sub-Fund, and paid on a monthly basis in arrears. The following is a summary of the maximum fees payable by the Company to the investment adviser, principal distributor, depositary, custodian and administrator. The principle distributor may charge a redemption fee.

4.2 Conducting persons fees and expenses The Company qualifies as a self-managed SICAV. In accordance with the provisions of article 27 of the amended Law of 2010 and the relevant Commission de Surveillance du Secteur Financier ("CSSF") circulars, the Board has designated its responsibility and control to Monika Barnes (née Passon) and Mario Koster to act as conducting persons. The conducting persons are responsible for supervising the activities of the Company and the Sub-Funds on a day-to-day basis. In consideration for the provision of those services, the Company pays fees subject to an annual review.

Sub-Fund Class

Maximum Advisory

Fees

Maximum Distribution

Fees

Maximum Depositary,

Custody and Administration

Fees

Maximum Redemption

Fees

International Equity Fund Class Z (USD) accumulating 0.85% None 0.08% 1.00%

Large Cap Value Fund Class Z (USD) accumulating 0.70% None 0.08% 1.00%

AEGON Global Funds Notes to the Financial Statements As of 30 April 2015 (continued)

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4. Fees and expenses (continued) 4.3 Expense reimbursement

The ongoing charges include all the operating expenses levied on the assets of the relevant Sub-Funds which include those items listed under Expenses within the Statement of Operations and Changes in Net Assets. To the extent that the ongoing operating expenses per class of shares, excluding transaction costs, exceeds the percentage for the class noted below during any financial period, such excess amount will be paid by the investment adviser, subject to recoupment by the investment adviser over a period not exceeding five years.

Sub-Fund Class

Maximum Ongoing Charges

Expense Reimbursement

for the Year Ended 30 April 2015

International Equity Fund Class Z (USD) accumulating 1.20% $190,462

Large Cap Value Fund Class Z (USD) accumulating 1.05% $152,226

4.4 Transaction costs For the year ended 30 April 2015, the Company incurred transaction costs related to the purchase or sale of transferable securities or derivatives. These charges mainly relate to brokerage fees and are included in the Statement of Operations and Changes in Net Assets. 4.5 Directors’ fees

Pursuant to a Director Services Agreement, Carne Global Financial Services Luxembourg ("Carne") provides the services of one person as to act as one of the directors of the Company (the "Supplied Director"). The Company pays Carne an annual remuneration for the services of the Supplied Director. The annual fees payable to Carne is EUR 20,000 plus Value Added Tax (“VAT”) for up to 9 Sub-Funds. Additional Sub-Funds will be charged at EUR 3,000 per Sub-Funds per annum plus VAT. Fees are subject to annual review. Messrs. Bostwick, Blankenship and Gallagher are not entitled to Directors’ fees. 5. Distribution policy

The directors' current policy is to retain and reinvest all net income except for income to the distributing share classes. The only share classes active during the year are Class Z (USD) accumulating shares, which is an accumulating share class.

6. Taxation Under Luxembourg law, there are currently no Luxembourg taxes on income, withholding or capital gains by the Company.

The Company is, however, subject to a subscription tax (“Taxe d’Abonnement”) of 0.05% per annum, calculated and payable quarterly, on the aggregate Net Asset Value (“NAV”) of the outstanding shares of the Company at the last day of each quarter. This tax is however reduced to 0.01% on the aggregate NAV of the shares dedicated to institutional investors. The Company is considered in Luxembourg as a taxable person for VAT purposes without input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Interest and dividend income and gains on security transactions may be subject to non-recoverable withholding taxes deducted at source in the countries of origin. Under certain circumstances, capital gains on the sales of investments in Thai securities are subject to a 15% governmental capital gains tax.

AEGON Global Funds Notes to the Financial Statements As of 30 April 2015 (continued)

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7. Swing pricing adjustment A Sub-Fund may suffer reduction of the NAV per share due to shareholder purchasing, selling and/or switching in and out of the Sub-Fund at a price that does not reflect the dealing costs associated with such Sub-Fund’s portfolio trades undertaken by the investment adviser to accommodate cash inflows or outflows.

In order to counter this dilution impact and to protect shareholders’ interests, a swing pricing mechanism may be adopted by the Company as part of its valuation policy. If on any valuation day, the aggregate net investor(s) transactions in shares of a Sub-Fund exceed a pre-determined threshold, as determined as a percentage of the net assets of that Sub-Fund from time to time by the Board based on objective criteria, the NAV per share may be adjusted upwards or downwards to reflect the costs attributable to net inflows and net outflows respectively. The net inflows and net outflows will be determined by the Company based on the latest available information at the time of calculation of the NAV. The swing pricing mechanism may be applied across all Sub-Funds. The extent of the price adjustment will be reset by the Company on a periodic basis to reflect an approximation of current dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original NAV per share.

There were no swing pricing adjustments affecting the Sub-Funds NAV per share on 30 April 2015. 8. Total Expense Ratio (“TER”) (unaudited) TERs are expressed as a percentage and represents how the total expenses of each Sub-Fund relate to the average net assets of each Sub-Fund for the year ended 30 April 2015. Total expenses are reflected in the Statement of Operations and Changes in Net Assets. Sub-Fund Class TER

International Equity Fund Class Z (USD) accumulating 1.20%

Large Cap Value Fund Class Z (USD) accumulating 1.05%

9. Portfolio Turnover Ratio The portfolio turnover ratio, expressed as a percentage, is equal to the total of purchases and sales of securities netted against the absolute value of subscriptions and redemptions over average net assets of each Sub-Fund for the year ended 30 April 2015. It is effectively a measure of how frequently each Sub-Fund buys and sells securities other than required to support subscriptions and redemptions. Sub-Fund Portfolio Turnover

Ratio

International Equity Fund 44.60%

Large Cap Value Fund 109.49%

10. Statement of changes in portfolio A statement of changes in the investment portfolio during the reporting year is available to the shareholders at the registered office of the Company.

11. Risk management

In accordance with the law and the applicable regulations, the Company uses a risk-management process which enables it to assess the exposure of the Sub-Funds to market, liquidity and counterparty risks, and to all other risks, including operational risks, which are material to the Sub-Funds. As part of the risk management process to monitor and measure the global exposure of the Sub-Funds, the Company applies the commitment approach.

12. Subsequent Event With effect from 12 May 2015, Mr. Jean de Courrèges resigned as Director of the Company. With effect from 12 May 2015, Mr. John Alldis has been appointed as Director of the Company.

AEGON Global Funds

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Information to Shareholders The Company publishes annual reports and semi-annual reports containing a list of each Sub-Fund’s holdings and their market values as of the end of the relevant period. Copies of the Articles of Incorporation, the most recent Prospectus, the most recent KIIDs and the latest available audited annual report and unaudited semi-annual report may be obtained free of charge on the Company's website as well as at the registered office and administrative office of the Company. The Company's website is www.AEGONglobalfunds.com.

AEGON Global Funds

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Company Information

* Effective 31 October 2014, Citibank International plc (Luxembourg branch) changed its name to Citibank International Limited, Luxembourg Branch. ** Effective 15 December 2014, Dechert Luxembourg changed its name to Dechert (Luxembourg) LLP.

Registered Office 31, Z.A. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg Administrative Office 6b, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Board of Directors Dennis Gallagher, Chairman David Blankenship, Director Blake Bostwick, Director Transamerica Jean de Courrèges, Director Carne Global Financial Services Luxembourg (Until 12 May 2015) John Alldis, Director Carne Global Financial Services Luxembourg (Since 12 May 2015) Conducting Persons Monika Barnes (née Passon), Director Carne Global Financial Services Luxembourg Mario Koster, Director Carne Global Financial Services Luxembourg Investment Adviser Transamerica Asset Management, Inc. 4600 S. Syracuse Street, Suite 1100 Denver, CO 80237 United States of America Sub-Adviser for the International Equity Fund

Thompson, Siegel & Walmsley LLC 6806 Paragon Place Suite 300 Richmond, VA 23230 United States of America

Sub-Adviser for the Large Cap Value Fund

Levin Capital Strategies, L.P. 595 Madison Avenue, 17th Floor New York, NY 10022 United States of America Depositary, Custodian, Paying Agent, Administrator, Domiciliary, Registrar and Transfer Agent Citibank International Limited, Luxembourg Branch* 31, Z.A. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg Principal Distributor

Transamerica Capital, Inc. 4600 S. Syracuse Street, Suite 1100 Denver, CO 80237 United States of America Auditor

Ernst & Young, S.A. 7, rue Gabriel Lippman Parc d’Activité Syrdall 2 L-5365 Munsbach Grand Duchy of Luxembourg Legal Advisers As to Luxembourg law: Dechert (Luxembourg) LLP** 1, Allée Scheffer B.P. 709 L-2017 Luxembourg Grand Duchy of Luxembourg

As to United States law: Dechert LLP One International Place 40th Floor 100 Oliver Street Boston, MA 02110 United States of America