Epsilon Fund A Mutual Fund ( Fonds Commun de Placement ) governed by the Law of Luxembourg

Transcription

1 Epsilon Fund A Mutual Fund ( Fonds Commun de Placement ) governed by the Law of Luxembourg Subscriptions cannot be accepted on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus, the Key Investor Information Document, accompanied by a copy of the latest annual report or a copy of the subsequent semi-annual report if it has been published. Semi-annual report as at 30 September 2014

2 Epsilon Fund Table of contents Organisation of the Fund 3 Comparative Net Asset Values over the last three years 7 Combined Statement of Net Assets 8 Combined Statement of Changes in Net Assets 9 Epsilon Fund - Euro Cash 10 Statement of Net Assets 10 Statement of Changes in Net Assets 11 Portfolio 12 Epsilon Fund - Euro Bond 14 Statement of Net Assets 14 Statement of Changes in Net Assets 15 Portfolio 16 Commitments on future contracts 19 Option contracts 20 Forward foreign exchange contracts 21 Swap contracts 22 Epsilon Fund - Euro Q-Equity 23 Statement of Net Assets 23 Statement of Changes in Net Assets 24 Portfolio 25 Commitments on future contracts 29 Epsilon Fund - European Q-Equity 30 Statement of Net Assets 30 Statement of Changes in Net Assets 31 Portfolio 32 Commitments on future contracts 37 Forward foreign exchange contracts 38 Epsilon Fund - Emerging Bond Total Return 39 Statement of Net Assets 39 Statement of Changes in Net Assets 40 Portfolio 41 Commitments on future contracts 46 Option contracts 47 Forward foreign exchange contracts 48 Epsilon Fund - Q-Flexible 49 Statement of Net Assets 49 Statement of Changes in Net Assets 50 Portfolio 51 Commitments on future contracts 55 Option contracts 56 Forward foreign exchange contracts 57 Notes to the financial statements 58 2

3 ORGANISATION OF THE FUND Epsilon Fund MANAGEMENT COMPANY AND PROMOTER Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) R.C.S. Luxembourg B BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY DEPOSITARY BANK AND PAYING AGENT Chairman of the Board of Directors Mr. Tommaso CORCOS Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) Vice-Chairman of the Board of Directors Mr. Daniel GROS Independent Director Resident of Brussels (Belgium) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo TORCHIANA Co-General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Carlo NICOLETTI Independent Director, Rüschlikon Resident of Rüschlikon (Switzerland) (until 1 April 2014) Director Mr. Claudio SOZZINI Independent Director Resident of Milan (Italy) (since 16 April 2014) Director Mr. Bruno ALFIERI General Manager and Director of Fideuram Gestions S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (since 16 April 2014) State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 3

4 ORGANISATION OF THE FUND Epsilon Fund LOCAL PAYING AGENTS State Street S.p.A., 10, via Ferrante Aporti 20125, Milano Italy ALLFUNDS Bank S.A., (acting through its Italian Branch) 7, via Santa Margherita 20121, Milano Italy ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (these functions have been delegated by Eurizon Capital S.A.) INVESTMENT MANAGERS Eurizon Capital SGR S.p.A. 3, Piazzetta Giordano dell Amore I Milan (Italy) (This function has been delegated by Eurizon Capital S.A. to Eurizon Capital SGR S.p.A. for the Sub-Fund Epsilon Fund - Euro Bond) Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) Epsilon SGR S.p.A. 3, Piazzetta Giordano Dell Amore I Milan (Italy) (This function has been delegated by Eurizon Capital S.A. to Epsilon SGR S.p.A. for the Sub-Funds Epsilon Fund - Euro Q-Equity, Epsilon Fund - European Q-Equity, Epsilon Fund - Q-Flexible and Epsilon Fund - Emerging Bond Total Return) INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY KPMG Luxembourg S.à r.l. 9, allée Scheffer L Luxembourg (Grand Duchy of Luxembourg) 4

5 ORGANISATION OF THE FUND Epsilon Fund CONSTITUTION Epsilon Fund (the Fund ), was created in the Grand Duchy of Luxembourg on 21 April 2008 in the form of a mutual investment fund in transferable securities governed by the Laws of Luxembourg, and is, as of 31 March 2014, subject to Part I of the Law of 17 December 2010 on undertakings for collective investment ( UCI ). The management regulations (the Management Regulations ), after having been approved by the Board of Directors of the management company Eurizon Capital S.A. (the Management Company ), have been initially signed by State Street Bank, the Custodian Bank, on 21 April 2008 and the notification of the filing with the Registre de Commerce et des Sociétés in Luxembourg of the latest modifications to the Management Regulations was published in the Mémorial, Recueil des Sociétés et Associations in the Grand Duchy of Luxembourg on 23 February 2012, on 29 June 2012, on 28 June 2013 and on 18 June The Management Regulations in force have been filed with the Registre de Commerce et des Sociétés in Luxembourg, where they may be consulted, and where copies can be obtained. The Fund has been established for an indefinite period. The Fund is an umbrella fund. The Sub-Funds which are active on 30 September 2014 are listed below: Epsilon Fund - Euro Cash Epsilon Fund - European Q-Equity Epsilon Fund - Emerging Bond Total Return Epsilon Fund - Euro Q-Equity Epsilon Fund - Q-Flexible Epsilon Fund - Euro Bond. The Sub-Fund Epsilon Fund - Euro Cash was launched on 21 April The Sub-Fund Epsilon Fund - European Q-Equity was launched on 21 April The Sub-Fund Epsilon Fund - Emerging Bond Total Return was launched on 21 April The Sub-Fund Epsilon Fund - Euro Q-Equity was launched on 21 April The Sub-Fund Epsilon Fund - Q-Flexible was launched on 21 April The Sub-Fund Epsilon Fund - Euro Bond was launched on 12 December The different Units which are available to investors for all Sub-Funds are detailed in note 10 Units of the Fund of the notes to the financial statements. GENERAL MEETING The Annual General Meeting of the Management Company is held in Luxembourg, at the registered office, on the last Tuesday in March at 3 p.m. and if such day is not a business day in the Grand Duchy of Luxembourg, the next business day. INFORMATION FOR FUND UNITHOLDERS Copies of audited annual reports as at 31 March and copies of unaudited semi-annual reports as at 30 September are available free of charge to Unitholders at the Depositary Bank, other establishments specified by the latter, and at the registered office of the Management Company. The periodic reports contain all information relative to the Fund, to the composition and development of its assets. The financial year begins on 1 April and ends on 31 March. The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Depostary Bank. Other information intended for participants is published in the Mémorial, Recueil des Sociétés et Associations and in the Registre de Commerce et des Sociétés in Luxembourg, if this publication is specified by the Management Regulations or by law. 5

6 ORGANISATION OF THE FUND Epsilon Fund GLOBAL EXPOSURE The method used to calculate the global exposure is the commitment approach for all Sub-Funds. 6

7 Epsilon Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS / PERIODS 30 September March March 2013 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Epsilon Fund - Euro Cash Class I Units EUR ,33 111, ,23 111, ,46 110,23 Class R Units EUR ,10 110, ,69 110, ,34 109,72 Class RA Units EUR ,03 100, ,80 100, ,29 100,11 Total net assets EUR , , ,09 Epsilon Fund - Euro Bond Class I Units EUR ,36 160, ,79 151, ,56 141,97 Class R Units EUR ,19 155, ,19 148, ,74 139,47 Total net assets EUR , , ,30 Epsilon Fund - Euro Q-Equity Class I Units EUR ,41 100, ,12 99, ,50 79,56 Class R Units EUR ,76 94, ,41 94, ,20 76,58 Total net assets EUR , , ,70 Epsilon Fund - European Q-Equity Class I Units EUR ,86 114, ,05 108, ,37 91,63 Class R Units EUR ,97 108, ,11 104, ,22 88,30 Total net assets EUR , , ,59 Epsilon Fund - Emerging Bond Total Return Class I Units EUR ,86 133, ,94 131, ,38 128,54 Class R Units EUR ,17 129, ,99 127, ,20 126,16 Total net assets EUR , , ,58 Epsilon Fund - Q-Flexible Class I Units EUR ,52 137, ,91 134, ,70 119,45 Class R Units EUR ,60 130, ,92 127, ,68 114,80 Total net assets EUR , , ,38 7

8 Epsilon Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2014 IN EUR Assets Notes Investments in securities (Note 2) ,70 Banks ,56 Amounts due from brokers ,65 Option contracts (Note 8) ,04 Swap premium paid (Note 8) ,04 Unrealised profit on forward foreign exchange contracts (Note 8) ,89 Unrealised profit on future contracts (Note 8) ,36 Interest receivable on swap contracts (Note 8) ,43 Other interest receivable ,77 Receivable on investments sold ,90 Receivable on subscriptions ,09 Other assets ,52 Total assets ,95 Liabilities Bank overdrafts (58 116,04) Option contracts (Note 8) ( ,00) Unrealised loss on forward foreign exchange contracts (Note 8) ( ,18) Unrealised loss on future contracts (Note 8) ( ,05) Unrealised loss on swap contracts (Note 8) (40 958,26) Payable on investments purchased ( ,77) Payable on redemptions ( ,96) Other liabilities ( ,53) Total liabilities ( ,79) Total net assets ,16 8

9 Epsilon Fund COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2014 IN EUR Net assets at the beginning of the period Notes ,15 Net income from investments (Notes 2, 9) ,922 Interest on bank accounts ,46 Interest received on swap contracts (Note 8) ,29 Other income ,94 Total income ,61 Management fee (Note 5) ( ,36) Performance fee (Note 6) ( ,76) Depositary fee (Note 7) ( ,47) Subscription tax (Note 3) ( ,30) Interest paid on swap contracts (Note 8) (48 611,11) Interest on bank accounts (4 282,72) Other charges and taxes (Notes 4, 7) ( ,61) Total expenses ( ,33) Net investment income / (loss) ,28 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,27 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,04 - option contracts (Note 8) ,40 - forward foreign exchange contracts (Note 8) ,75 - foreign currencies ,39 - future contracts (Note 8) ( ,39) - swap contracts (Note 8) (15 811,92) Net result of operations for the period ,82 Subscriptions for the period ,50 Redemptions for the period ( ,31) Net assets at the end of the period ,16 9

10 Epsilon Fund - Euro Cash STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2014 IN EUR Assets Notes Investments in securities (Note 2) ,90 Banks ,58 Other interest receivable ,73 Receivable on investments sold ,25 Receivable on subscriptions ,14 Total assets ,60 Liabilities Payable on investments purchased ( ,90) Payable on redemptions ( ,27) Other liabilities ( ,97) Total liabilities ( ,14) Total net assets ,46 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 111, ,009 Class R Units EUR 110, ,947 Class RA Units EUR 100, ,138 10

11 Epsilon Fund - Euro Cash STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2014 IN EUR Net assets at the beginning of the period Notes ,72 Net income from investments (Note 2) ,08 Interest on bank accounts ,77 Total income ,85 Management fee (Note 5) ( ,08) Depositary fee (Note 7) ( ,70) Subscription tax (Note 3) ( ,51) Interest on bank accounts (2 576,64) Other charges and taxes (Notes 4, 7) ( ,79) Total expenses ( ,72) Net investment income / (loss) ( ,87) Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,16 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,24) Net result of operations for the period ,05 Subscriptions for the period ,87 Redemptions for the period ( ,18) Net assets at the end of the period ,46 11

12 Epsilon Fund - Euro Cash PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,90 100,25 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,90 93,68 Ordinary Bonds , ,00 0,32 NETHERLANDS , ,00 0,21 Finance , ,00 0, ,00 RABOBANK NEDERLAND 3.00% 16/02/2015 EUR , ,00 0,21 GERMANY , ,00 0,11 Finance , ,00 0, ,00 MUENCHENER HYPOTHEKENBANK EG 2.00% EUR , ,00 0,11 15/06/2015 Floating rate notes , ,40 9,71 ITALY , ,40 7,02 Government , ,40 6, ,00 CCT FRN 15/12/2015 EUR , ,40 6, ,00 CCT FRN 01/12/2014 EUR , ,00 0,08 Finance , ,00 0, ,00 UNICREDIT SPA FRN 24/07/2015 EUR , ,00 0, ,00 INTESA SANPAOLO SPA FRN 11/01/2016 EUR , ,00 0,35 FRANCE , ,00 1,43 Finance , ,00 1, ,00 BNP PARIBAS SA FRN 03/12/2014 EUR , ,00 0, ,00 BPCE SA FRN 13/01/2016 EUR , ,00 0, ,00 CREDIT AGRICOLE SA FRN 14/01/2015 EUR , ,00 0, ,00 SOCIETE GENERALE SA FRN 28/03/2016 EUR , ,00 0, ,00 BNP PARIBAS SA FRN 13/11/2015 EUR , ,00 0,14 GERMANY , ,50 0,79 Finance , ,50 0, ,00 DEUTSCHE BANK AG FRN 11/03/2016 EUR , ,00 0, ,00 RHEINLAND-PFALZ BANK FRN 08/10/2015 EUR , ,00 0, ,00 LBBW FRN 30/12/2015 EUR , ,00 0, ,00 BAYERISCHE LANDESBANK FRN 22/12/2015 EUR , ,50 0,05 NETHERLANDS , ,50 0,47 Finance , ,50 0, ,00 ING BANK NV FRN 11/03/2015 EUR , ,00 0, ,00 RABOBANK NEDERLAND FRN 01/02/2016 EUR , ,50 0,22 Zero-Coupon Bonds , ,50 83,65 ITALY , ,35 67,44 Government , ,35 67, ,00 BOT 0.00% 31/12/2014 EUR , ,00 10, ,00 BOT 0.00% 31/03/2015 EUR , ,60 9, ,00 BOT 0.00% 27/02/2015 EUR , ,00 8, ,00 BOT 0.00% 13/02/2015 EUR , ,00 8, ,00 BOT 0.00% 14/08/2015 EUR , ,75 6, ,00 BOT 0.00% 12/12/2014 EUR , ,55 3, ,00 BOT 0.00% 14/07/2015 EUR , ,35 3, ,00 BOT 0.00% 14/11/2014 EUR , ,00 3, ,00 BOT 0.00% 14/05/2015 EUR , ,00 3, ,00 BOT 0.00% 30/01/2015 EUR , ,00 3, ,00 BOT 0.00% 14/04/2015 EUR , ,80 2, ,00 BOT 0.00% 12/06/2015 EUR , ,70 2, ,00 BOT 0.00% 13/03/2015 EUR , ,00 0, ,00 BOT 0.00% 31/10/2014 EUR , ,60 0, ,00 BOT 0.00% 14/01/2015 EUR , ,00 0,38 12

13 Epsilon Fund - Euro Cash PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets SPAIN , ,15 16,21 Government , ,15 16, ,00 SPAIN LETRAS DEL TESORO 0.00% 21/08/2015 EUR , ,00 4, ,00 SPAIN LETRAS DEL TESORO 0.00% 18/09/2015 EUR , ,65 3, ,00 SPAIN LETRAS DEL TESORO 0.00% 19/06/2015 EUR , ,10 2, ,00 SPAIN LETRAS DEL TESORO 0.00% 20/02/2015 EUR , ,40 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 15/05/2015 EUR , ,00 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 17/10/2014 EUR , ,00 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 10/04/2015 EUR , ,00 0,94 OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS , ,00 6,57 Floating rate notes , ,00 6,57 ITALY , ,00 6,57 Finance , ,00 6, ,00 INTESA SANPAOLO SPA FRN 24/12/2014 EUR , ,00 6,57 Total Portfolio , ,90 100,25 13

14 fslid=01.5 0fsLT=H Assets fslid=02, 50fsLT=D Investments fslid=03, 50fsLT=D Banks fslid=04, 50fsLT=D Amounts fslid=05, 50fsLT=D Option fslid=06, 50fsLT=D Swap fslid=07, 50fsLT=D Unrealised fslid=010, 50fsLT=D Interest fslid=01, 50fsLT=D Other fslid=013, 50fsLT=D Receivable fslid=015, 50fsLT=D Other fslid=017,5 0fsLT=D Total fslid=018, 50fsLT=H fslid=019,5 0fsLT=H fslid=02, 50fsLT=D Option fslid=025, 50fsLT=D Unrealised fslid=026, 50fsLT=D Unrealised fslid=031, 50fsLT=D Payable fslid=032, 50fsLT=D Other fslid=03,5 0fsLT=D Total fslid=034, 50fsLT=H fslid=035,5 0fsLT=D Total fslid=036, 50fsLT=H fslid=040, 50fsLT=H fslid=04, 50fsLT=D Class fslid=054, 50fsLT=D Class fslid=081, 50fsLT=H fslid=037,5 Currency Epsilon Fund - Euro Bond STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2014 IN EUR Notes in securities (Note 2) , ,75 due from brokers ,01 contracts (Note 8) 2 320,00 premium paid (Note 8) ,04 profit on forward foreign exchange contracts (Note 8) ,76 receivable on swap contracts (Note 8) ,43 interest receivable ,19 on subscriptions ,27 assets ,71 assets ,17 Liabilities contracts (Note 8) ( ,00) loss on future contracts (Note 8) ( ,70) loss on swap contracts (Note 8) (40 958,26) on redemptions ( ,56) liabilities ( ,10) liabilities ( ,62) net assets ,55 Net Asset Value per Unit Units outstanding I Units EUR 160, ,549 R Units EUR 155, ,139 14

15 Epsilon Fund - Euro Bond STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2014 IN EUR Net assets at the beginning of the period Notes ,98 Net income from investments (Notes 2, 9) ,66 Interest on bank accounts ,94 Interest received on swap contracts (Note 8) ,29 Other income ,79 Total income ,68 Management fee (Note 5) ( ,52) Depositary fee (Note 7) ( ,56) Subscription tax (Note 3) (65 336,96) Interest paid on swap contracts (Note 8) (48 611,11) Interest on bank accounts (1 089,78) Other charges and taxes (Notes 4, 7) ( ,34) Total expenses ( ,27) Net investment income / (loss) ,41 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,00 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,85 - option contracts (Note 8) ( ,72) - forward foreign exchange contracts (Note 8) ,53 - foreign currencies (5 023,30) - future contracts (Note 8) ,13 - swap contracts (Note 8) (15 811,92) Net result of operations for the period ,98 Subscriptions for the period ,53 Redemptions for the period ( ,94) Net assets at the end of the period ,55 15

16 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,01 90,61 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,60 79,31 Ordinary Bonds , ,60 77,08 ITALY , ,50 41,59 Government , ,62 41, ,00 BTP 2.15% 12/11/2017 EUR , ,26 6, ,73 BTP 2.55% 22/10/2016 EUR , ,49 6, ,00 BTP 3.75% 01/05/2021 EUR , ,00 6, ,89 BTP 2.25% 22/04/2017 EUR , ,24 5, ,00 BTP 4.75% 01/09/2044 EUR , ,00 5, ,00 BTP 9.00% 01/11/2023 EUR , ,00 4, ,00 BTP 5.00% 01/03/2025 EUR , ,00 2, ,00 BTP 4.25% 01/09/2019 EUR , ,00 2, ,00 BTP 1.65% 23/04/2020 EUR , ,80 0, ,27 BTP 2.45% 26/03/2016 EUR , ,12 0, ,00 BTP 5.00% 01/09/2040 EUR , ,00 0, ,49 BTP 3.55% 11/06/2016 EUR , ,71 0,23 Finance , ,88 0, ,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SC EUR , ,00 0, % 22/10/ ,00 INTESA SANPAOLO VITA SPA 5.35% 18/09/2018 EUR , ,00 0, ,00 INTESA SANPAOLO SPA 5.00% 28/02/2017 EUR , ,00 0, ,00 INTESA SANPAOLO SPA 4.125% 19/09/2016 EUR , ,00 0, ,00 INTESA SANPAOLO SPA 4.00% 09/11/2017 EUR , ,38 0, ,00 UNIPOL GRUPPO FINANZIARIO SPA 4.375% 05/03/2021 EUR , ,50 0,01 Telecommunication , ,00 0, ,00 TELECOM ITALIA SPA 5.375% 29/01/2019 EUR , ,00 0,01 GERMANY , ,00 12,59 Government , ,00 12, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% EUR , ,00 5,77 04/07/ ,00 BUNDESREPUBLIK DEUTSCHLAND 3.25% EUR , ,00 4,13 04/07/ ,00 BUNDESREPUBLIK DEUTSCHLAND 6.25% EUR , ,00 1,86 04/01/ ,00 BUNDESREPUBLIK DEUTSCHLAND 3.25% EUR , ,00 0,45 04/07/ ,00 BUNDESREPUBLIK DEUTSCHLAND 4.75% 04/07/2034 EUR , ,00 0,38 PORTUGAL , ,60 5,95 Government , ,60 5, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% EUR , ,00 1,99 25/10/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% EUR , ,00 1,25 15/04/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% EUR , ,00 0,80 15/06/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.75% EUR , ,00 0,78 14/06/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.875% EUR , ,60 0,68 15/02/ ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA EUR , ,00 0, % 05/07/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.10% 15/04/2037 EUR , ,00 0,10 SPAIN , ,00 5,86 Government , ,00 5, ,00 SPAIN GOVERNMENT BOND 5.85% 31/01/2022 EUR , ,00 3,61 16

17 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ,00 SPAIN GOVERNMENT BOND 5.15% 31/10/2044 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 5.15% 31/10/2028 EUR , ,00 0,89 FRANCE , ,00 4,97 Government , ,00 4, ,00 FRANCE GOVERNMENT BOND OAT 3.25% EUR , ,00 3,89 25/05/ ,00 FRANCE GOVERNMENT BOND OAT 1.75% 25/11/2024 EUR , ,00 1,08 IRELAND , ,00 3,23 Government , ,00 3, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,00 3,23 BELGIUM , ,00 1,66 Government , ,00 1, ,00 BELGIUM GOVERNMENT BOND 2.60% 22/06/2024 EUR , ,00 1, ,00 BELGIUM GOVERNMENT BOND 3.00% 28/09/2019 EUR , ,00 0, ,00 BELGIUM GOVERNMENT BOND 4.25% 28/09/2022 EUR , ,00 0,18 LUXEMBOURG , ,00 0,73 Government , ,00 0, ,00 EUROPEAN STABILITY MECHANISM 1.375% EUR , ,00 0,55 04/03/ ,00 EUROPEAN FINANCIAL STABILITY FACILITY 1.875% 23/05/2023 EUR , ,00 0,18 AUSTRIA , ,00 0,25 Industries , ,00 0, ,00 OEBB INFRASTRUKTUR AG 3.00% 24/10/2033 EUR , ,00 0,15 Government , ,00 0, ,00 AUSTRIA GOVERNMENT BOND 4.85% 15/03/2026 EUR , ,00 0,10 NETHERLANDS , ,00 0,24 Industries , ,00 0, ,00 DEUTSCHE BAHN FINANCE BV 2.50% 12/09/2023 EUR , ,00 0,23 Multi-Utilities , ,00 0, ,00 EDP FINANCE BV 5.75% 21/09/2017 EUR , ,00 0,01 AUSTRALIA , ,50 0,01 Finance , ,50 0, ,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 5.125% 10/09/2019 EUR , ,50 0,01 Floating rate notes , ,00 0,16 NETHERLANDS , ,00 0,11 Finance , ,00 0, ,00 ING BANK NV FRN 21/11/2023 EUR , ,00 0,11 ITALY , ,50 0,04 Finance , ,50 0, ,00 INTESA SANPAOLO SPA FRN 29/06/2049 EUR , ,50 0, ,00 INTESA SANPAOLO SPA FRN 28/05/2018 EUR , ,00 0,01 FRANCE , ,50 0,01 Industries , ,50 0, ,00 ITALCEMENTI FINANCE SA FRN 19/03/2020 EUR , ,50 0,01 17

18 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Zero-Coupon Bonds , ,00 2,07 SPAIN , ,00 2,07 Government , ,00 2, ,00 SPAIN LETRAS DEL TESORO 0.00% 17/07/2015 EUR , ,00 2,07 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,12 0,01 Floating rate notes , ,12 0,01 ITALY , ,24 0,01 Consumer Retail , ,24 0, ,03 VELA HOME SRL -3A- FRN 30/07/2040 EUR , ,86 0, ,24 CORDUSIO RMBS SECURITISATION SRL -A2- FRN EUR , ,88 0,00 31/12/ ,12 CORDUSIO RMBS SRL -A2- FRN 30/06/2033 EUR , ,55 0, ,05 LOCAT SECURITISATION VEHICLE 2 SRL -A2- FRN EUR , ,05 0,00 12/12/ ,40 LEASIMPRESA FINANCE SRL -A- FRN 22/12/2025 EUR , ,90 0,00 GREAT-BRITAIN , ,88 0,00 Finance , ,88 0, ,53 GRANITE MASTER ISSUER PLC -A2- FRN 17/12/2054 EUR , ,88 0,00 OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS , ,00 4,85 Floating rate notes , ,00 4,85 GREAT-BRITAIN , ,00 4,85 Finance , ,00 4, ,00 INTESA SANPAOLO SPA FRN 23/12/2014 EUR , ,00 1, ,00 INTESA SANPAOLO SPA FRN 24/12/2014 EUR , ,00 3,46 INVESTMENT FUNDS , ,29 6,44 UCI Units , ,29 6,44 LUXEMBOURG , ,29 6,44 Finance , ,29 6, ,94 EURIZON EASYFUND - BOND CORPORATE EUR -Z- EUR , ,23 3, ,81 EURIZON EASYFUND - BOND EMERGING MARKETS EUR , ,06 1,81 IN LOCAL CURRENCIES -Z ,00 EURIZON OPPORTUNITA - OBBLIGAZIONI FLESSIBILE -I- EUR , ,00 1,05 Total Portfolio , ,01 90,61 18

19 Epsilon Fund - Euro Bond COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment ( ,70) ,00 Unrealised loss on future contracts and commitment ( ,70) , (1 055) Sale EURO BUND 08/12/2014 EUR ( ,70) , (600) Sale EURO BOBL 08/12/2014 EUR ( ,00) ,00 19

20 Epsilon Fund - Euro Bond OPTION CONTRACTS AS AT 30 SEPTEMBER 2014 Quantity Call/ Put Description Currency Unrealised profit/(loss) (EUR) Commitment (EUR) LISTED ON AN OFFICIAL STOCK EXCHANGE (88 180,00) PURCHASED OPTION CONTRACTS (88 180,00) 200 Call EURO-BOLB FUTURES ,00 24/10/14 EUR (16 000,00) 300 Put EURO-BOLB FUTURES 147, ,00 21/11/14 EUR (72 180,00) Quantity Call/ Put Description Currency Acquisition cost (EUR) Market value (EUR) Commitment (EUR) UNQUOTED (29 322,28) ( ,00) ,00 PURCHASED OPTION CONTRACTS , , Call USD/EUR Call /11/14 EUR , ,00 WRITTEN OPTION CONTRACTS ( ,90) ( ,00) ,00 ( ) Put USD/EUR PUT /11/14 EUR ( ,90) ( ,00) ,00 The broker for this Sub-Fund is: Banca IMI S.p.A.. 20

21 Epsilon Fund - Euro Bond FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2014 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,76 Unrealised profit on forward foreign exchange contracts ,76 31/10/ ,00 USD ,58 EUR ,51 28/11/ ,00 USD ,87 EUR ,59 31/10/ ,00 USD ,39 EUR ,66 fslid=0201,50fslt=t4the counterparties for this Sub-Fund are: Deutsche Bank AG London, Goldman Sachs International and JP Morgan Securities. 21

22 Epsilon Fund - Euro Bond SWAP CONTRACTS AS AT 30 SEPTEMBER 2014 Underlying name Currency Position Notional Counterparty Maturity Interest receivable/ (payable) (EUR) Unrealised profit / (loss) (EUR) CREDIT DEFAULT SWAP CONTRACTS ,43 (40 958,26) CDX EMERGING MARKETS INDEX USD S ,00 JP MORGAN CHASE BANK 20/06/ ,10 (33 599,38) SERIES 19 CDX EMERGING MARKETS INDEX SERIES 20 USD S ,00 JP MORGAN SECURITIES 20/06/ ,33 (7 358,88) 22

23 Epsilon Fund - Euro Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2014 IN EUR Assets Notes Investments in securities (Note 2) ,51 Banks ,18 Amounts due from brokers ,96 Unrealised profit on future contracts (Note 8) 396,75 Receivable on investments sold ,33 Receivable on subscriptions ,00 Other assets ,84 Total assets ,57 Liabilities Unrealised loss on future contracts (Note 8) (11 435,64) Payable on investments purchased ( ,30) Payable on redemptions ( ,75) Other liabilities (17 832,71) Total liabilities ( ,40) Total net assets ,17 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 100, ,435 Class R Units EUR 94, ,811 23

24 Epsilon Fund - Euro Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2014 IN EUR Net assets at the beginning of the period Notes ,53 Net income from investments (Note 2) ,85 Interest on bank accounts 253,89 Other income ,15 Total income ,89 Management fee (Note 5) (83 507,99) Depositary fee (Note 7) (9 696,63) Subscription tax (Note 3) (1 349,94) Other charges and taxes (Notes 4, 7) (30 411,18) Total expenses ( ,74) Net investment income / (loss) ,15 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,71 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,21) - future contracts (Note 8) (64 590,97) Net result of operations for the period ,68 Subscriptions for the period ,00 Redemptions for the period ( ,04) Net assets at the end of the period ,17 24

25 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,51 98,61 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,50 98,61 Zero-Coupon Bonds , ,00 3,15 ITALY , ,00 3,15 Government , ,00 3, ,00 BOT 0.00% 31/03/2015 EUR , ,00 3,15 Shares , ,26 95,45 GERMANY , ,42 28,64 Health , ,74 6, ,00 BAYER AG REG EUR , ,80 2, ,00 FRESENIUS SE & CO KGAA EUR , ,57 1, ,00 MERCK KGAA EUR , ,34 1, ,00 STADA ARZNEIMITTEL AG EUR , ,03 0,72 Consumer Retail , ,78 5, ,00 DAIMLER AG REG EUR , ,05 2, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,18 1, ,00 CONTINENTAL AG EUR , ,55 1,07 Finance , ,87 5, ,00 ALLIANZ SE REG EUR , ,50 1, ,00 DEUTSCHE BANK AG REG EUR , ,55 1, ,00 DEUTSCHE BOERSE AG EUR , ,16 0, ,00 HANNOVER RUECK SE EUR , ,66 0,73 Industries , ,77 4, ,00 SIEMENS AG REG EUR , ,01 2, ,00 DEUTSCHE POST AG REG EUR , ,76 1,16 Raw materials , ,18 3, ,00 BASF SE EUR , ,00 2, ,00 K&S AG REG EUR , ,18 1,17 Computing and IT , ,18 2, ,00 SAP SE EUR , ,90 2, ,00 UNITED INTERNET AG REG EUR , ,28 0,49 Multi-Utilities , ,00 1, ,00 RWE AG EUR , ,00 1,15 Basic Goods , ,90 0, ,00 HENKEL AG & CO KGAA EUR , ,90 0,94 FRANCE , ,70 26,15 Finance , ,34 6, ,00 SOCIETE GENERALE SA EUR , ,46 1, ,00 CREDIT AGRICOLE SA EUR , ,67 1, ,00 AXA SA EUR , ,26 1, ,00 BNP PARIBAS SA EUR , ,92 0,95 596,00 UNIBAIL-RODAMCO SE EUR , ,20 0, ,00 SCOR SE EUR , ,83 0,48 Industries , ,18 5, ,00 VINCI SA EUR , ,42 1, ,00 SAFRAN SA EUR , ,14 1, ,00 THALES SA EUR , ,20 0, ,00 IMERYS SA EUR , ,46 0, ,00 EIFFAGE SA EUR , ,96 0,55 Consumer Retail , ,86 4, ,00 CHRISTIAN DIOR SA EUR , ,20 1, ,00 VALEO SA EUR , ,54 1,08 914,00 KERING EUR , ,10 0, ,00 SEB SA EUR , ,40 0,48 25

26 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets 3 748,00 EUTELSAT COMMUNICATIONS SA EUR , ,62 0,38 Energy , ,60 3, ,00 TOTAL SA EUR , ,60 3,16 Computing and IT , ,74 2, ,00 CAP GEMINI SA EUR , ,94 1, ,00 ATOS EUR , ,15 0, ,00 NEOPOST SA EUR , ,65 0,68 Telecommunication , ,78 2, ,00 ORANGE SA EUR , ,78 2,16 Basic Goods , ,16 1, ,00 CASINO GUICHARD PERRACHON SA EUR , ,96 0, ,00 SOCIETE BIC SA EUR , ,20 0,52 Health , ,04 1, ,00 SANOFI EUR , ,04 1,27 SPAIN , ,17 9,78 Finance , ,45 4, ,00 BANCO SANTANDER SA EUR , ,77 3, ,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR , ,68 1,34 Multi-Utilities , ,83 1, ,00 ENAGAS SA EUR , ,02 0, ,00 GAS NATURAL SDG SA EUR , ,81 0,95 Industries , ,54 1, ,00 ABERTIS INFRAESTRUCTURAS SA EUR , ,88 0, ,00 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA EUR , ,66 0,37 Computing and IT , ,00 1, ,00 AMADEUS IT HOLDING SA -A- EUR , ,00 1,06 Basic Goods , ,35 0, ,00 DISTRIBUIDORA INTERNACIONAL DE EUR , ,35 0,87 ALIMENTACION SA ITALY , ,33 9,37 Finance , ,51 3, ,00 INTESA SANPAOLO SPA EUR , ,27 2, ,00 ASSICURAZIONI GENERALI SPA EUR , ,24 0,59 Multi-Utilities , ,70 2, ,00 ENEL SPA EUR , ,39 1, ,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR , ,31 0,81 Energy , ,95 1, ,00 ENI SPA EUR , ,95 1,69 Basic Goods , ,90 1, ,00 ATLANTIA SPA EUR , ,90 1,09 Telecommunication , ,27 1, ,00 TELECOM ITALIA SPA EUR , ,27 1,09 NETHERLANDS , ,49 6,15 Basic Goods , ,18 2, ,00 UNILEVER NV -CVA- EUR , ,98 2, ,00 HEINEKEN NV EUR , ,20 0,57 Consumer Retail , ,48 1, ,00 REED ELSEVIER NV EUR , ,08 0, ,00 WOLTERS KLUWER NV EUR , ,40 0,66 Industries , ,06 1, ,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR , ,46 0, ,00 CNH INDUSTRIAL NV EUR , ,60 0,61 26

27 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Finance , ,77 0, ,00 DELTA LLOYD NV EUR , ,77 0,67 BELGIUM , ,60 5,54 Basic Goods , ,00 2, ,00 ANHEUSER-BUSCH INBEV NV EUR , ,00 2,56 Finance , ,90 1, ,00 KBC GROEP NV EUR , ,79 1, ,00 AGEAS EUR , ,86 0,69 505,00 ACKERMANS & VAN HAAREN NV EUR , ,25 0,19 Raw materials , ,70 1, ,00 SOLVAY SA EUR , ,70 1,06 FINLAND , ,50 4,77 Health , ,00 1, ,00 ORION OYJ -B- EUR , ,00 1,13 Finance , ,60 0, ,00 SAMPO OYJ -A- EUR , ,60 0,95 Industries , ,20 0, ,00 METSO OYJ EUR , ,20 0,83 Energy , ,20 0, ,00 NESTE OIL OYJ EUR , ,20 0,76 Telecommunication , ,66 0, ,00 ELISA OYJ EUR , ,66 0,67 Consumer Retail , ,84 0, ,00 NOKIAN RENKAAT OYJ EUR , ,84 0,43 IRELAND , ,24 1,45 Consumer Retail , ,07 1, ,00 RYANAIR HOLDINGS PLC EUR , ,57 0, ,00 PADDY POWER PLC EUR , ,50 0,48 Raw materials , ,17 0, ,00 SMURFIT KAPPA GROUP PLC EUR , ,17 0,31 AUSTRIA , ,88 1,19 Energy , ,48 0, ,00 OMV AG EUR , ,48 0,72 Raw materials , ,40 0, ,00 VOESTALPINE AG EUR , ,40 0,47 LUXEMBOURG , ,13 1,04 Telecommunication , ,13 1, ,00 SES SA EUR , ,13 1,04 PORTUGAL , ,00 0,87 Multi-Utilities , ,00 0, ,00 EDP - ENERGIAS DE PORTUGAL SA EUR , ,00 0,87 GREECE , ,80 0,50 Telecommunication , ,80 0, ,00 HELLENIC TELECOMMUNICATIONS ORGANIZATION EUR , ,80 0,50 SA 27

28 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Rights 0, ,24 0,01 SPAIN 0, ,24 0,01 Finance 0, ,24 0, ,00 BANCO BILBAO VIZCAYA ARGENTARIA SA - RIGHTS 13/10/2014 EUR 0, ,24 0,01 OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ,13 0,01 0,00 Shares ,13 0,01 0,00 IRELAND ,13 0,01 0,00 Finance ,13 0,01 0, ,00 IRISH BANK RESOLUTION CORP EUR ,13 0,01 0,00 Total Portfolio , ,51 98,61 28

29 Epsilon Fund - Euro Q-Equity COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment (11 038,89) ,00 Unrealised profit on future contracts and commitment 396, , Purchase IBEX 35 INDEX 17/10/2014 EUR 78, , Purchase AMSTERDAM INDEX 17/10/2014 EUR 318, ,00 Unrealised loss on future contracts and commitment (11 435,64) , Purchase FTSE MIB MINI INDEX 19/12/2014 EUR (96,40) , Purchase DAX INDEX 19/12/2014 EUR (9 373,40) , Purchase CAC40 INDEX 17/10/2014 EUR (1 393,37) , Purchase MDAX INDEX 19/12/2014 EUR (572,47) ,00 29

30 Epsilon Fund - European Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2014 IN EUR Assets Notes Investments in securities (Note 2) ,76 Banks ,05 Amounts due from brokers ,41 Unrealised profit on forward foreign exchange contracts (Note 8) ,37 Unrealised profit on future contracts (Note 8) 3 184,25 Receivable on subscriptions ,00 Other assets ,29 Total assets ,13 Liabilities Bank overdrafts (58 116,04) Unrealised loss on forward foreign exchange contracts (Note 8) (3 370,75) Unrealised loss on future contracts (Note 8) (42 132,83) Payable on redemptions ( ,02) Other liabilities ( ,66) Total liabilities ( ,30) Total net assets ,83 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 114, ,718 Class R Units EUR 108, ,720 30

31 Epsilon Fund - European Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2014 IN EUR Net assets at the beginning of the period Notes ,16 Net income from investments (Note 2) ,26 Interest on bank accounts 791,80 Total income ,06 Management fee (Note 5) ( ,91) Performance fee (Note 6) (42 444,05) Depositary fee (Note 7) (14 244,15) Subscription tax (Note 3) (2 151,43) Interest on bank accounts (18,40) Other charges and taxes (Notes 4, 7) (32 050,35) Total expenses ( ,29) Net investment income / (loss) ,77 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,35 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,52) - forward foreign exchange contracts (Note 8) ,96 - foreign currencies 691,13 - future contracts (Note 8) (89 387,47) Net result of operations for the period ,22 Subscriptions for the period ,94 Redemptions for the period ( ,49) Net assets at the end of the period ,83 31

32 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,76 99,47 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,69 99,47 Zero-Coupon Bonds , ,00 8,09 ITALY , ,00 8,09 Government , ,00 8, ,00 BOT 0.00% 31/03/2015 EUR , ,00 8,09 Shares , ,69 91,38 GREAT-BRITAIN , ,36 30,88 Basic Goods , ,02 7, ,00 UNILEVER PLC GBP , ,26 1, ,00 BRITISH AMERICAN TOBACCO PLC GBP , ,62 1, ,00 DIAGEO PLC GBP , ,38 1, ,00 RECKITT BENCKISER GROUP PLC GBP , ,38 1, ,00 J SAINSBURY PLC GBP , ,08 0, ,00 WM MORRISON SUPERMARKETS PLC GBP , ,31 0, ,00 TATE & LYLE PLC GBP , ,99 0,31 Finance , ,89 5, ,00 HSBC HOLDINGS PLC GBP , ,36 1, ,00 AVIVA PLC GBP , ,98 1, ,00 LLOYDS BANKING GROUP PLC GBP , ,77 0, ,00 BARCLAYS PLC GBP , ,48 0, ,00 PROVIDENT FINANCIAL PLC GBP , ,13 0, ,00 OLD MUTUAL PLC GBP , ,51 0, ,00 INVESTEC PLC GBP , ,62 0, ,00 INTERMEDIATE CAPITAL GROUP PLC GBP , ,04 0,22 Consumer Retail , ,10 5, ,00 NEXT PLC GBP , ,18 1, ,00 BRITISH SKY BROADCASTING GROUP PLC GBP , ,81 0, ,00 ASHTEAD GROUP PLC GBP , ,55 0, ,00 GKN PLC GBP , ,11 0, ,00 WILLIAM HILL PLC GBP , ,29 0, ,00 PERSIMMON PLC GBP , ,89 0, ,00 BERKELEY GROUP HOLDINGS PLC GBP , ,64 0, ,00 EASYJET PLC GBP , ,35 0, ,00 REXAM PLC GBP , ,36 0, ,00 GREENE KING PLC GBP , ,92 0,25 Health , ,51 3, ,00 GLAXOSMITHKLINE PLC GBP , ,40 1, ,00 ASTRAZENECA PLC GBP , ,57 1, ,00 SMITH & NEPHEW PLC GBP , ,54 0,80 Energy , ,47 3, ,00 ROYAL DUTCH SHELL PLC -A- EUR , ,28 1, ,00 BP PLC GBP , ,19 1,16 Raw materials , ,87 2, ,00 BHP BILLITON PLC GBP , ,42 0, ,00 RIO TINTO PLC GBP , ,05 0, ,00 MONDI PLC GBP , ,49 0, ,00 ANTOFAGASTA PLC GBP , ,85 0, ,00 CRODA INTERNATIONAL PLC GBP , ,06 0,28 Industries , ,52 2, ,00 BAE SYSTEMS PLC GBP , ,26 1, ,00 SMITHS GROUP PLC GBP , ,70 0, ,00 WEIR GROUP PLC GBP , ,90 0, ,00 COBHAM PLC GBP , ,66 0,27 Telecommunication , ,98 0, ,00 VODAFONE GROUP PLC GBP , ,98 0,52 32

33 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets GERMANY , ,07 13,36 Industries , ,89 2, ,00 SIEMENS AG REG EUR , ,28 1, ,00 DEUTSCHE POST AG REG EUR , ,96 0, ,00 BILFINGER SE EUR , ,65 0,19 Consumer Retail , ,74 2, ,00 DAIMLER AG REG EUR , ,87 1, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,32 0, ,00 PROSIEBENSAT.1 MEDIA AG REG EUR , ,55 0,29 Finance , ,34 2, ,00 ALLIANZ SE REG EUR , ,55 1, ,00 DEUTSCHE BANK AG REG EUR , ,00 0, ,00 HANNOVER RUECK SE EUR , ,86 0, ,00 DEUTSCHE BOERSE AG EUR , ,93 0,34 Health , ,19 2, ,00 BAYER AG REG EUR , ,80 1, ,00 MERCK KGAA EUR , ,39 0,64 Raw materials , ,08 2, ,00 BASF SE EUR , ,67 1, ,00 K&S AG REG EUR , ,41 0,34 Computing and IT , ,49 1, ,00 SAP SE EUR , ,20 0, ,00 INFINEON TECHNOLOGIES AG EUR , ,29 0,37 Multi-Utilities , ,34 0, ,00 RWE AG EUR , ,34 0,54 FRANCE , ,45 11,49 Finance , ,19 2, ,00 AXA SA EUR , ,42 1, ,00 CREDIT AGRICOLE SA EUR , ,33 0, ,00 SOCIETE GENERALE SA EUR , ,44 0,62 Industries , ,80 2, ,00 VINCI SA EUR , ,35 1, ,00 SAFRAN SA EUR , ,12 0, ,00 SCHNEIDER ELECTRIC SE EUR , ,40 0, ,00 THALES SA EUR , ,93 0,27 Energy , ,15 2, ,00 TOTAL SA EUR , ,15 2,09 Consumer Retail , ,37 1, ,00 CHRISTIAN DIOR SA EUR , ,70 0, ,00 VALEO SA EUR , ,67 0,63 Telecommunication , ,31 1, ,00 ORANGE SA EUR , ,99 0, ,00 VIVENDI SA EUR , ,32 0,60 Basic Goods , ,00 0, ,00 DANONE SA EUR , ,00 0,83 Computing and IT , ,63 0, ,00 NEOPOST SA EUR , ,63 0,27 SWITZERLAND , ,54 9,92 Health , ,48 5, ,00 NOVARTIS AG REG CHF , ,92 2, ,00 ROCHE HOLDING AG CHF , ,02 2, ,00 ACTELION LTD REG CHF , ,54 0,45 Finance , ,67 2, ,00 ZURICH INSURANCE GROUP AG CHF , ,98 0, ,00 SWISS RE AG CHF , ,76 0,73 33