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 2015

2 Epsilon Fund Table of contents Organisation of the Fund 3 Comparative Net Asset Values over the last three years / periods Combined Statement of Net Assets 9 Combined Statement of Changes in Net Assets 10 Epsilon Fund - Euro Cash 11 Statement of Net Assets 11 Statement of Changes in Net Assets 12 Portfolio 13 8 Epsilon Fund - Enhanced Constant Risk 59 Contribution Statement of Net Assets 59 Statement of Changes in Net Assets 60 Portfolio 61 Commitments on future contracts 68 Option contracts 69 Forward foreign exchange contracts 70 Notes to the financial statements 71 Epsilon Fund - Euro Bond 15 Statement of Net Assets 15 Statement of Changes in Net Assets 16 Portfolio 17 Commitments on future contracts 21 Forward foreign exchange 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 47 Option contracts 48 Forward foreign exchange contracts 49 Epsilon Fund - Q-Flexible 50 Statement of Net Assets 50 Statement of Changes in Net Assets 51 Portfolio 52 Commitments on future contracts 56 Option contracts 57 Forward foreign exchange contracts 58 2

3 ORGANISATION OF THE FUND Eurizon Strategia Flessibile 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 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 Vice chairman of Eurizon Capital SGR S.p.A., Milan Resident of Brussels (Belgium) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (until 7 July 2015) Managing Director Mr. Bruno ALFIERI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (since 8 July 2015) 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. Claudio SOZZINI Independent Director Resident of Milan (Italy) Director Mr. Bruno ALFIERI General Manager and Director of Fideuram Bank Luxembourg S.A.,Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (until 7 July 2015 ) 3

4 ORGANISATION OF THE FUND Epsilon Fund DEPOSITARY BANK AND PAYING AGENT LOCAL PAYING AGENTS Director Mr. Massimo MAZZINI Head of Marketing and Business Development of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (since 8 July 2015) Director Ms. Zhen GAO Independent Director, Managing Partner of Mandarin Capital Partners, Resident in Beijing, People s Republic of China (since 10 September 2015) State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) State Street Bank GmbH Branch Italy, 10, via Ferrante Aporti 20125, Milano Italy ALLFUNDS Bank S.A., (acting through its Italian Branch) 7, via Santa Margherita 20121, Milano Italy BNP PARIBAS Securities Services (acting through its Milan Branch) 5, via Ansperto 20123, Milano Italy SOCIETE GENERALE Securities Services S.p.A., 19A MAC2, Via Benigno Crespi 20159, Milano Italy ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT State Street Bank Luxembourg S.C.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) 4

5 ORGANISATION OF THE FUND Epsilon Fund 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, Epsilon Fund - Emerging Bond Total Return and Epsilon Fund - Enhanced Constant Risk Contribution) INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy L Luxembourg (Grand Duchy of Luxembourg) 5

6 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 2015, 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 former Depositary 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 2015 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 Epsilon Fund - Enhanced Constant Risk Contribution 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 Sub-Fund Epsilon Fund - Enhanced Constant Risk Contribution was launched on 3 October 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. 6

7 ORGANISATION OF THE FUND Epsilon Fund GLOBAL RISK EXPOSURE The method used to calculate the global risk exposure is the commitment approach for all Sub-Funds. 7

8 Epsilon Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS / PERIODS 30 September March March 2014 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Epsilon Fund - Euro Cash Class I Units EUR ,19 111, ,52 111, ,23 111,27 Class R Units EUR ,82 110, ,18 110, ,69 110,52 Class RA Units EUR ,94 100,19 90,372,53 100, ,80 100,53 Total net assets EUR , , ,72 Epsilon Fund - Euro Bond Class I Units EUR ,99 168, ,43 173, ,79 151,58 Class R Units EUR ,32 162, ,86 168, ,19 148,00 Total net assets EUR , , ,98 Epsilon Fund - Euro Q-Equity Class I Units EUR ,64 107, ,78 119, ,12 99,42 Class R Units EUR ,27 100, ,28 113, ,41 94,77 Total net assets EUR , , ,53 Epsilon Fund - European Q-Equity Class I Units EUR ,17 120, ,41 134, ,05 108,97 Class R Units EUR ,61 113, ,17 127, ,11 104,00 Total net assets EUR , , ,16 Epsilon Fund - Emerging Bond Total Return Class I Units EUR ,71 134, ,14 135, ,94 131,21 Class R Units EUR ,94 129, ,78 130, ,99 127,76 Total net assets EUR , , ,93 Epsilon Fund - Q-Flexible Class I Units EUR ,21 139, ,87 149, ,91 134,14 Class R Units EUR ,45 131, ,76 140, ,92 127,66 Total net assets EUR , , ,83 Epsilon Fund - Enhanced Constant Risk Contribution Class I Units EUR ,70 99, ,83 107,65 Total net assets EUR , ,83 8

9 Epsilon Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2015 IN EUR Assets Notes Investments in securities (Note 2) ,47 Banks ,84 Amounts due from brokers ,30 Option contracts (Notes 2, 8) ,72 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,75 Unrealised profit on future contracts (Notes 2, 8) ,69 Other interest receivable ,78 Receivable on investments sold ,92 Receivable on subscriptions ,84 Other assets ,15 Total assets ,46 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,00) Unrealised loss on future contracts (Notes 2, 8) ( ,46) Payable on investments purchased ( ,89) Payable on redemptions ( ,60) Other liabilities ( ,55) Total liabilities ( ,50) Total net assets ,96 9

10 Epsilon Fund COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 IN EUR Net assets at the beginning of the period Notes ,54 Net income from investments (Note 2) ,79 Interest on bank accounts 3 346,73 Other income ,04 Total income ,56 Management fee (Note 5) ( ,28) Performance fee (Note 6) ( ,41) Depositary fee (Note 7) ( ,88) Subscription tax (Note 3) ( ,56) Interest on bank accounts (3 374,11) Other charges and taxes (Notes 4, 7) ( ,98) Total expenses ( ,22) Net investment income / (loss) ,34 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,90 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,03) - option contracts (Notes 2, 8) ( ,48) - forward foreign exchange contracts (Notes 2, 8) ,08 - foreign currencies ( ,97) - future contracts (Notes 2, 8) ( ,85) Net result of operations for the period ( ,01) Subscriptions for the period ,44 Redemptions for the period ( ,01) Net assets at the end of the period ,96 10

11 Epsilon Fund - Euro Cash STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2015 IN EUR Assets Notes Investments in securities (Note 2) ,75 Banks ,99 Other interest receivable ,97 Receivable on investments sold ,35 Receivable on subscriptions ,02 Other assets 600,30 Total assets ,38 Liabilities Payable on investments purchased ( ,00) Payable on redemptions ( ,06) Other liabilities ( ,37) Total liabilities ( ,43) Total net assets ,95 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 111, ,379 Class R Units EUR 110, ,682 Class RA Units EUR 100, ,309 11

12 Epsilon Fund - Euro Cash STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 IN EUR Net assets at the beginning of the period Notes ,23 Net income from investments (Note 2) ,09 Total income ,09 Management fee (Note 5) ( ,90) Depositary fee (Note 7) ( ,75) Subscription tax (Note 3) ( ,41) Other charges and taxes (Notes 4, 7) ( ,87) Total expenses ( ,93) Net investment income / (loss) ( ,84) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Note 2) ,88 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,77) Net result of operations for the period ( ,73) Subscriptions for the period ,93 Redemptions for the period ( ,48) Net assets at the end of the period ,95 12

13 Epsilon Fund - Euro Cash PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,75 99,96 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,75 99,96 Ordinary Bonds , ,00 0,50 NETHERLANDS , ,00 0,34 Finance , ,00 0, ,00 RABOBANK NEDERLAND 4.375% 05/05/2016 EUR , ,00 0, ,00 RABOBANK NEDERLAND 3.375% 18/01/2016 EUR , ,00 0,15 FRANCE , ,00 0,16 Finance , ,00 0, ,00 BPCE SA 1.75% 14/03/2016 EUR , ,00 0, ,00 CREDIT AGRICOLE SA 3.625% 08/03/2016 EUR , ,00 0,08 Floating rate notes , ,50 17,12 ITALY , ,50 13,26 Government , ,50 13, ,00 CCT FRN 15/12/2015 EUR , ,50 9, ,00 CCT FRN 01/07/2016 EUR , ,00 2, ,00 CCT FRN 15/06/2017 EUR , ,00 0,68 GERMANY , ,50 1,69 Finance , ,50 1, ,00 BAYERISCHE LANDESBANK FRN 11/11/2015 EUR , ,50 0, ,00 LBBW FRN 22/09/2017 EUR , ,50 0, ,00 DZ BANK AG DEUTSCHE ZENTRAL- EUR , ,00 0,34 GENOSSENSCHAFTSBANK FRN 15/08/ ,00 DEUTSCHE BANK AG FRN 11/03/2016 EUR , ,00 0, ,00 LBBW FRN 30/12/2015 EUR , ,00 0, ,00 BAYERISCHE LANDESBANK FRN 22/12/2015 EUR , ,50 0,04 FRANCE , ,00 0,88 Finance , ,00 0, ,00 BNP PARIBAS SA FRN 03/12/2015 EUR , ,00 0, ,00 BPCE SA FRN 10/03/2017 EUR , ,00 0, ,00 SOCIETE GENERALE SA FRN 28/03/2016 EUR , ,00 0, ,00 BNP PARIBAS SA FRN 13/11/2015 EUR , ,00 0,10 UNITED STATES , ,00 0,79 Finance , ,00 0, ,00 JPMORGAN CHASE & CO FRN 12/06/2017 EUR , ,00 0, ,00 GOLDMAN SACHS GROUP INC FRN 27/07/2017 EUR , ,00 0, ,00 JPMORGAN CHASE & CO FRN 20/11/2016 EUR , ,00 0,18 NETHERLANDS , ,50 0,50 Finance , ,50 0, ,00 RABOBANK NEDERLAND FRN 13/01/2017 EUR , ,50 0, ,00 ING BANK NV FRN 04/11/2016 EUR , ,00 0, ,00 RABOBANK NEDERLAND FRN 01/02/2016 EUR , ,00 0,03 Zero-Coupon Bonds , ,25 82,34 ITALY , ,70 59,42 Government , ,70 59, ,00 BOT 0.00% 31/03/2016 EUR , ,00 10, ,00 BOT 0.00% 31/12/2015 EUR , ,20 8, ,00 BOT 0.00% 29/01/2016 EUR , ,50 8, ,00 BOT 0.00% 29/02/2016 EUR , ,00 6, ,00 CTZ 0.00% 31/12/2015 EUR , ,00 5, ,00 BOT 0.00% 12/02/2016 EUR , ,25 4, ,00 BOT 0.00% 14/01/2016 EUR , ,00 4,53 13

14 Epsilon Fund - Euro Cash PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ,00 BOT 0.00% 14/09/2016 EUR , ,50 2, ,00 CTZ 0.00% 29/04/2016 EUR , ,00 2, ,00 BOT 0.00% 30/11/2015 EUR , ,50 2, ,00 BOT 0.00% 14/07/2016 EUR , ,00 1, ,00 BOT 0.00% 14/06/2016 EUR , ,50 1, ,00 BOT 0.00% 12/08/2016 EUR , ,25 0, ,00 BOT 0.00% 14/03/2016 EUR , ,00 0,21 SPAIN , ,55 22,92 Government , ,55 22, ,00 SPAIN LETRAS DEL TESORO 0.00% 08/04/2016 EUR , ,50 4, ,00 SPAIN LETRAS DEL TESORO 0.00% 19/02/2016 EUR , ,00 4, ,00 SPAIN LETRAS DEL TESORO 0.00% 13/05/2016 EUR , ,00 3, ,00 SPAIN LETRAS DEL TESORO 0.00% 17/06/2016 EUR , ,00 2, ,00 SPAIN LETRAS DEL TESORO 0.00% 19/08/2016 EUR , ,00 2, ,00 SPAIN LETRAS DEL TESORO 0.00% 16/09/2016 EUR , ,00 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 11/03/2016 EUR , ,00 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 22/01/2016 EUR , ,05 1, ,00 SPAIN LETRAS DEL TESORO 0.00% 20/11/2015 EUR , ,00 0,75 Total Portfolio , ,75 99,96 14

15 Epsilon Fund - Euro Bond STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2015 IN EUR Assets Notes Investments in securities (Note 2) ,98 Banks ,86 Amounts due from brokers ,06 Other interest receivable ,99 Receivable on investments sold ,35 Receivable on subscriptions ,56 Other assets ,17 Total assets ,97 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,90) Unrealised loss on future contracts (Notes 2, 8) ( ,93) Payable on investments purchased ( ,55) Payable on redemptions ( ,35) Other liabilities ( ,93) Total liabilities ( ,66) Total net assets ,31 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 168, ,577 Class R Units EUR 162, ,377 15

16 Epsilon Fund - Euro Bond STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 IN EUR Net assets at the beginning of the period Notes ,29 Net income from investments (Note 2) ,62 Interest on bank accounts 627,14 Other income ,02 Total income ,78 Management fee (Note 5) ( ,86) Performance fee (Note 6) ( ,60) Depositary fee (Note 7) ( ,50) Subscription tax (Note 3) ( ,52) Interest on bank accounts (432,33) Other charges and taxes (Notes 4, 7) ( ,99) Total expenses ( ,80) Net investment income / (loss) ,98 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,81 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,87) - forward foreign exchange contracts (Notes 2, 8) ( ,50) - foreign currencies (22 356,93) - future contracts (Notes 2, 8) ,12 Net result of operations for the period ( ,39) Subscriptions for the period ,15 Redemptions for the period ( ,74) Net assets at the end of the period ,31 16

17 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,98 97,40 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,71 82,44 Ordinary Bonds , ,29 82,35 ITALY , ,92 37,44 Government , ,13 37, ,98 BTP 1.65% 23/04/2020 EUR , ,16 5, ,00 BTP 2.15% 12/11/2017 EUR , ,32 4, ,13 BTP 1.25% 27/10/2020 EUR , ,46 4, ,40 BTP 2.25% 22/04/2017 EUR , ,29 3, ,00 BTP 5.00% 01/08/2039 EUR , ,00 3, ,00 BTP 9.00% 01/11/2023 EUR , ,00 2, ,00 BTP 5.00% 01/03/2022 EUR , ,00 2, ,69 BTP 2.55% 22/10/2016 EUR , ,62 2, ,00 BTP 5.00% 01/09/2040 EUR , ,00 2, ,00 BTP 5.00% 01/03/2025 EUR , ,00 2, ,00 BTP 4.75% 01/09/2044 EUR , ,00 2, ,00 BTP 5.50% 01/11/2022 EUR , ,00 1, ,00 BTP 1.65% 01/03/2032 EUR , ,00 0, ,24 BTP 3.55% 11/06/2016 EUR , ,28 0,05 Finance , ,79 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 , ,29 0, ,00 UNIPOL GRUPPO FINANZIARIO SPA 3.00% 18/03/2025 EUR , ,50 0,01 SPAIN , ,00 12,66 Government , ,00 12, ,00 SPAIN GOVERNMENT BOND 4.00% 30/04/2020 EUR , ,00 2, ,00 SPAIN GOVERNMENT BOND 5.85% 31/01/2022 EUR , ,00 2, ,00 SPAIN GOVERNMENT BOND 0.25% 30/04/2018 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 4.85% 31/10/2020 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 5.15% 31/10/2044 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 6.00% 31/01/2029 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 5.15% 31/10/2028 EUR , ,00 0,94 FRANCE , ,00 8,53 Government , ,00 8, ,00 FRANCE GOVERNMENT BOND OAT 1.75% EUR , ,00 2,36 25/11/ ,00 FRANCE GOVERNMENT BOND OAT 3.50% EUR , ,00 1,83 25/04/ ,00 FRANCE GOVERNMENT BOND OAT 3.25% EUR , ,00 1,55 25/05/ ,00 FRANCE GOVERNMENT BOND OAT 5.75% EUR , ,00 1,30 25/10/ ,00 FRANCE GOVERNMENT BOND OAT 4.50% EUR , ,00 0,92 25/04/ ,00 FRANCE GOVERNMENT BOND OAT 4.00% 25/10/2038 EUR , ,00 0,57 PORTUGAL , ,00 6,72 Government , ,00 6, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% EUR , ,00 2,31 15/06/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.35% EUR , ,00 1,28 16/10/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.10% EUR , ,00 1,15 15/04/

18 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.45% 15/06/ ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.75% 05/07/2021 EUR , ,00 0,89 EUR , ,00 0,88 EUR , ,00 0,21 UNITED STATES , ,37 6,60 Government , ,37 6, ,00 UNITED STATES TREASURY NOTE 6.00% USD , ,66 1,49 15/02/ ,00 UNITED STATES TREASURY NOTE 3.125% USD , ,81 1,25 15/05/ ,00 UNITED STATES TREASURY NOTE 6.25% USD , ,43 1,17 15/05/ ,00 UNITED STATES TREASURY NOTE 4.75% USD , ,64 0,89 15/08/ ,00 UNITED STATES TREASURY NOTE 4.00% USD , ,31 0,76 15/08/ ,00 UNITED STATES TREASURY NOTE 5.00% USD , ,53 0,69 15/05/ ,00 UNITED STATES TREASURY INFLATION INDEXED BONDS 0.125% 15/04/2020 USD , ,99 0,35 GERMANY , ,00 4,62 Government , ,00 4, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% EUR , ,00 3,04 04/07/ ,00 BUNDESREPUBLIK DEUTSCHLAND 6.25% EUR , ,00 1,06 04/01/ ,00 BUNDESREPUBLIK DEUTSCHLAND 3.25% EUR , ,00 0,29 04/07/ ,00 BUNDESREPUBLIK DEUTSCHLAND 4.75% 04/07/2034 EUR , ,00 0,23 BELGIUM , ,00 3,70 Government , ,00 3, ,00 BELGIUM GOVERNMENT BOND 4.50% 28/03/2026 EUR , ,00 2, ,00 BELGIUM GOVERNMENT BOND 4.25% 28/09/2022 EUR , ,00 0,75 IRELAND , ,00 1,31 Government , ,00 1, ,00 IRELAND GOVERNMENT BOND 2.40% 15/05/2030 EUR , ,00 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,00 0, ,00 IRELAND GOVERNMENT BOND 2.00% 18/02/2045 EUR , ,00 0,23 LUXEMBOURG , ,00 0,42 Government , ,00 0, ,00 EUROPEAN STABILITY MECHANISM 1.375% EUR , ,00 0,31 04/03/2021 Supranational , ,00 0, ,00 EUROPEAN FINANCIAL STABILITY FACILITY 1.875% EUR , ,00 0,11 23/05/2023 AUSTRIA , ,00 0,21 Industries , ,00 0, ,00 OEBB INFRASTRUKTUR AG 3.00% 24/10/2033 EUR , ,00 0, ,00 OEBB INFRASTRUKTUR AG 1.00% 18/11/2024 EUR , ,00 0,07 Government , ,00 0, ,00 AUSTRIA GOVERNMENT BOND 4.85% 15/03/2026 EUR , ,00 0,05 NETHERLANDS , ,00 0,14 Industries , ,00 0, ,00 DEUTSCHE BAHN FINANCE BV 2.50% 12/09/2023 EUR , ,00 0,13 18

19 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Multi-Utilities , ,00 0, ,00 EDP FINANCE BV 5.75% 21/09/2017 EUR , ,00 0,01 AUSTRALIA , ,00 0,00 Finance , ,00 0, ,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 5.125% 10/09/2019 EUR , ,00 0,00 Floating rate notes , ,42 0,09 NETHERLANDS , ,42 0,06 Finance , ,42 0, ,00 ING BANK NV FRN 21/11/2023 EUR , ,42 0,06 ITALY , ,00 0,02 Finance , ,00 0, ,00 INTESA SANPAOLO SPA FRN 29/06/2049 EUR , ,00 0, ,00 INTESA SANPAOLO SPA FRN 28/05/2018 EUR , ,00 0,00 FRANCE , ,00 0,01 Industries , ,00 0, ,00 ITALCEMENTI FINANCE SA FRN 19/03/2020 EUR , ,00 0,01 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,30 0,35 Floating rate notes , ,39 0,00 ITALY , ,47 0,00 Consumer Retail , ,47 0, ,63 VELA HOME SRL -3A- FRN 30/07/2040 EUR , ,66 0, ,22 CORDUSIO RMBS SECURITISATION SRL -A2- FRN EUR , ,29 0,00 31/12/ ,76 CORDUSIO RMBS SRL -A2- FRN 30/06/2033 EUR , ,48 0, ,20 LEASIMPRESA FINANCE SRL -A- FRN 22/12/2025 EUR 6 423, ,04 0,00 GREAT-BRITAIN 9 170, ,92 0,00 Finance 9 170, ,92 0, ,81 GRANITE MASTER ISSUER PLC -A2- FRN 17/12/2054 EUR 9 170, ,92 0,00 Ordinary Bonds , ,91 0,35 UNITED STATES , ,91 0, ,10 UNITED STATES TREASURY INFLATION INDEXED USD , ,91 0,35 BONDS 0.125% 15/01/2023 OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS , ,00 7,51 Zero-Coupon Bonds , ,00 7,51 IRELAND , ,00 7,51 Finance , ,00 7, ,00 INTESA SANPAOLO BANK IRELAND 0.00% EUR , ,00 1,98 16/11/ ,00 INTESA SANPAOLO BANK IRELAND 0.00% EUR , ,00 1,98 21/04/ ,00 INTESA SANPAOLO BANK IRELAND 0.00% EUR , ,00 1,97 03/05/ ,00 INTESA SANPAOLO BANK IRELAND 0.00% 26/04/2016 EUR , ,00 1,58 19

20 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets INVESTMENT FUNDS , ,97 7,10 UCI Units , ,97 7,10 LUXEMBOURG , ,97 7,10 Finance , ,97 7, ,09 EURIZON EASYFUND - BOND EMERGING MARKETS EUR , ,71 3,90 IN LOCAL CURRENCIES -Z ,94 EURIZON EASYFUND - BOND CORPORATE -Z- EUR , ,26 2, ,00 EURIZON OPPORTUNITA - OBBLIGAZIONI EUR , ,00 0,60 FLESSIBILE -I ,00 EURIZON EASYFUND - BOND FLEXIBLE -Z- EUR , ,00 0,56 Total Portfolio , ,98 97,40 20

21 Epsilon Fund - Euro Bond COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2015 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment ( ,93) ,00 Unrealised loss on future contracts and commitment ( ,93) , (40) Sale EURO-BTP 08/12/2015 EUR (96 000,00) , (624) Sale EURO 30Y BOND 08/12/2015 EUR ( ,00) , (1 967) Sale EURO BUND 08/12/2015 EUR ( ,93) ,00 21

22 Epsilon Fund - Euro Bond FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2015 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ( ,90) Unrealised loss on forward foreign exchange contracts ( ,90) 18/11/ ,54 EUR ,00 USD ( ,60) 18/11/ ,33 EUR ,00 USD (56 462,30) 22

23 Epsilon Fund - Euro Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2015 IN EUR Assets Notes Investments in securities (Note 2) ,99 Banks ,97 Amounts due from brokers ,34 Receivable on subscriptions ,56 Other assets ,95 Total assets ,81 Liabilities Unrealised loss on future contracts (Notes 2, 8) (19 967,16) Payable on redemptions ( ,75) Other liabilities ( ,99) Total liabilities ( ,90) Total net assets ,91 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 107, ,480 Class R Units EUR 100,98 731,002 23

24 Epsilon Fund - Euro Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 IN EUR Net assets at the beginning of the period Notes ,06 Net income from investments (Note 2) ,61 Total income ,61 Management fee (Note 5) (83 742,88) Performance fee (Note 6) (93 139,18) Depositary fee (Note 7) (9 099,40) Subscription tax (Note 3) (1 242,38) Other charges and taxes (Notes 4, 7) (18 956,72) Total expenses ( ,56) Net investment income / (loss) ,05 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,50 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,20) - future contracts (Notes 2, 8) (28 080,16) Net result of operations for the period ( ,81) Subscriptions for the period ,11 Redemptions for the period ( ,45) Net assets at the end of the period ,91 24

25 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,99 99,26 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,99 99,26 Zero-Coupon Bonds , ,80 1,04 ITALY , ,80 1,04 Government , ,80 1, ,00 CTZ 0.00% 31/12/2015 EUR , ,20 0, ,00 BOT 0.00% 14/07/2016 EUR , ,60 0,52 Shares , ,19 98,22 GERMANY , ,93 29,85 Consumer Retail , ,84 6, ,00 DAIMLER AG REG EUR , ,80 2, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,80 1, ,00 CONTINENTAL AG EUR , ,60 1, ,00 PROSIEBENSAT1 MEDIA AG REG EUR , ,24 1,19 531,00 HUGO BOSS AG EUR , ,40 0,23 Health , ,18 6, ,00 BAYER AG REG EUR , ,00 2, ,00 FRESENIUS SE & CO KGAA EUR , ,00 2, ,00 MERCK KGAA EUR , ,18 0, ,00 STADA ARZNEIMITTEL AG EUR , ,00 0,73 Finance , ,31 4, ,00 ALLIANZ SE REG EUR , ,25 2, ,00 DEUTSCHE BOERSE AG EUR , ,02 1, ,00 HANNOVER RUECK SE EUR , ,04 1,04 Raw materials , ,94 4, ,00 BASF SE EUR , ,76 2, ,00 K&S AG REG EUR , ,30 1, ,00 HEIDELBERGCEMENT AG EUR , ,88 0,45 Industries , ,69 3, ,00 SIEMENS AG REG EUR , ,10 2, ,00 DEUTSCHE POST AG REG EUR , ,45 0, ,00 DUERR AG EUR , ,14 0,29 Computing and IT , ,64 2, ,00 SAP SE EUR , ,90 1, ,00 UNITED INTERNET AG REG EUR , ,74 0,65 Multi-Utilities , ,80 0, ,00 OSRAM LICHT AG EUR , ,00 0, ,00 RWE AG EUR , ,80 0,26 Basic Goods , ,53 0, ,00 METRO AG EUR , ,53 0,44 FRANCE , ,16 27,35 Finance , ,88 7, ,00 BNP PARIBAS SA EUR , ,60 2, ,00 SOCIETE GENERALE SA EUR , ,15 1, ,00 AXA SA EUR , ,79 1, ,00 CREDIT AGRICOLE SA EUR , ,04 1,28 521,00 UNIBAIL-RODAMCO SE EUR , ,30 0,52 Industries , ,30 6, ,00 VINCI SA EUR , ,38 1, ,00 AIRBUS GROUP NV EUR , ,30 1, ,00 THALES SA EUR , ,58 1, ,00 BOUYGUES SA EUR , ,96 0, ,00 IMERYS SA EUR , ,78 0, ,00 EIFFAGE SA EUR , ,30 0,67 25

26 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Consumer Retail , ,25 3, ,00 CHRISTIAN DIOR SA EUR , ,00 1, ,00 VALEO SA EUR , ,25 1, ,00 EUTELSAT COMMUNICATIONS SA EUR , ,00 0,39 Computing and IT , ,40 2, ,00 CAP GEMINI SA EUR , ,22 1, ,00 ATOS EUR , ,30 0, ,00 NEOPOST SA EUR , ,88 0,32 Energy , ,00 2, ,00 TOTAL SA EUR , ,00 2,44 Basic Goods , ,56 1, ,00 CARREFOUR SA EUR , ,76 1, ,00 SOCIETE BIC SA EUR , ,80 0,68 Health , ,51 1, ,00 SANOFI EUR , ,51 1,16 Raw materials , ,85 0, ,00 AIR LIQUIDE SA EUR , ,85 0,82 Multi-Utilities , ,41 0, ,00 ELECTRICITE DE FRANCE SA EUR , ,41 0,57 ITALY , ,49 10,93 Finance , ,91 5, ,00 UNICREDIT SPA EUR , ,63 2, ,00 INTESA SANPAOLO SPA EUR , ,14 2, ,00 ASSICURAZIONI GENERALI SPA EUR , ,88 0, ,00 AZIMUT HOLDING SPA EUR , ,26 0,17 Multi-Utilities , ,72 1, ,00 SNAM SPA EUR , ,43 0, ,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR , ,29 0,86 Telecommunication , ,10 1, ,00 TELECOM ITALIA SPA EUR , ,10 1,39 Basic Goods , ,31 1, ,00 ATLANTIA SPA EUR , ,31 1,36 Energy , ,45 1, ,00 ENI SPA EUR , ,45 1,24 SPAIN , ,57 9,03 Finance , ,88 2, ,00 BANCO SANTANDER SA EUR , ,88 2,54 Telecommunication , ,08 2, ,00 TELEFONICA SA EUR , ,08 2,14 Multi-Utilities , ,14 1, ,00 ENAGAS SA EUR , ,16 1, ,00 RED ELECTRICA CORP SA EUR , ,98 0,85 Computing and IT , ,25 1, ,00 AMADEUS IT HOLDING SA -A- EUR , ,25 1,34 Industries , ,42 0, ,00 ABERTIS INFRAESTRUCTURAS SA EUR , ,42 0,78 Basic Goods , ,80 0, ,00 VISCOFAN SA EUR , ,80 0,37 BELGIUM , ,85 5,75 Basic Goods , ,56 3, ,00 ANHEUSER-BUSCH INBEV NV EUR , ,56 3,08 26

27 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Finance , ,05 2, ,00 KBC GROEP NV EUR , ,98 1, ,00 AGEAS EUR , ,07 0,95 Telecommunication , ,24 0, ,00 PROXIMUS EUR , ,24 0,37 FINLAND , ,18 4,57 Health , ,80 1, ,00 ORION OYJ -B- EUR , ,80 1,20 Telecommunication , ,74 0, ,00 ELISA OYJ EUR , ,74 0,94 Energy , ,17 0, ,00 NESTE OIL OYJ EUR , ,17 0,91 Finance , ,12 0, ,00 SAMPO OYJ -A- EUR , ,12 0,55 Consumer Retail , ,35 0, ,00 NOKIAN RENKAAT OYJ EUR , ,35 0,53 Raw materials , ,00 0, ,00 UPM-KYMMENE OYJ EUR , ,00 0,44 GREAT-BRITAIN , ,18 3,90 Basic Goods , ,34 2, ,00 UNILEVER NV -CVA- EUR , ,34 2,81 Consumer Retail , ,84 1, ,00 REED ELSEVIER NV EUR , ,84 1,09 NETHERLANDS , ,63 2,56 Consumer Retail , ,75 0, ,00 WOLTERS KLUWER NV EUR , ,75 0,83 Basic Goods , ,10 0, ,00 KONINKLIJKE AHOLD NV EUR , ,10 0,81 Industries , ,64 0, ,00 BOSKALIS WESTMINSTER NV EUR , ,64 0,64 Finance , ,14 0, ,00 DELTA LLOYD NV EUR , ,14 0,28 IRELAND , ,74 2,19 Consumer Retail , ,73 1, ,00 RYANAIR HOLDINGS PLC EUR , ,33 1, ,00 PADDY POWER PLC. EUR , ,40 0,76 Raw materials , ,00 0, ,00 SMURFIT KAPPA GROUP PLC EUR , ,00 0,42 Finance ,13 0,01 0, ,00 IRISH BANK RESOLUTION CORP EUR ,13 0,01 0,00 AUSTRIA , ,73 1,08 Energy , ,23 0, ,00 OMV AG EUR , ,23 0,61 Raw materials , ,50 0, ,00 VOESTALPINE AG EUR , ,50 0,47 27

28 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTUGAL , ,73 1,01 Multi-Utilities , ,73 1, ,00 EDP - ENERGIAS DE PORTUGAL SA EUR , ,73 1,01 Total Portfolio , ,99 99,26 28

29 Epsilon Fund - Euro Q-Equity COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2015 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment (19 967,16) ,00 Unrealised loss on future contracts and commitment (19 967,16) , Purchase EURO STOXX 50 18/12/2015 EUR (19 967,16) ,00 29

30 Epsilon Fund - European Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2015 IN EUR Assets Notes Investments in securities (Note 2) ,91 Banks ,54 Amounts due from brokers ,93 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,21 Receivable on subscriptions ,00 Other assets ,15 Total assets ,74 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (61 077,72) Unrealised loss on future contracts (Notes 2, 8) (15 745,11) Payable on redemptions ( ,26) Other liabilities (67 042,87) Total liabilities ( ,96) Total net assets ,78 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 120, ,844 Class R Units EUR 113, ,530 30

31 Epsilon Fund - European Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 IN EUR Net assets at the beginning of the period Notes ,58 Net income from investments (Note 2) ,71 Total income ,71 Management fee (Note 5) ( ,70) Performance fee (Note 6) (26 501,63) Depositary fee (Note 7) (13 732,78) Subscription tax (Note 3) (1 972,94) Other charges and taxes (Notes 4, 7) (24 222,31) Total expenses ( ,36) Net investment income / (loss) ,35 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,10 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,93) - forward foreign exchange contracts (Notes 2, 8) (54 283,76) - foreign currencies (3 713,04) - future contracts (Notes 2, 8) ,15 Net result of operations for the period ( ,13) Subscriptions for the period ,52 Redemptions for the period ( ,19) Net assets at the end of the period ,78 31

32 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,91 98,84 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,87 98,84 Zero-Coupon Bonds , ,80 0,74 ITALY , ,80 0,74 Government , ,80 0, ,00 BOT 0.00% 14/07/2016 EUR , ,80 0, ,00 CTZ 0.00% 31/12/2015 EUR , ,00 0,28 Shares , ,07 98,10 GREAT-BRITAIN , ,13 30,05 Consumer Retail , ,24 8, ,00 NEXT PLC GBP , ,99 1, ,00 SKY PLC GBP , ,42 1, ,00 ITV PLC GBP , ,37 0, ,00 RELEX NV EUR , ,69 0, ,00 ASHTEAD GROUP PLC GBP , ,76 0, ,00 PERSIMMON PLC GBP , ,99 0, ,00 GKN PLC GBP , ,88 0, ,00 BERKELEY GROUP HOLDINGS PLC GBP , ,03 0, ,00 EASYJET PLC GBP , ,49 0, ,00 WILLIAM HILL PLC GBP , ,90 0, ,00 REXAM PLC GBP , ,44 0, ,00 GREENE KING PLC GBP , ,76 0, ,00 HOWDEN JOINERY GROUP PLC GBP , ,52 0,16 Basic Goods , ,99 7, ,00 UNILEVER PLC GBP , ,60 2, ,00 BRITISH AMERICAN TOBACCO PLC GBP , ,56 1, ,00 DIAGEO PLC GBP , ,48 1, ,00 IMPERIAL TOBACCO GROUP PLC GBP , ,55 1, ,00 BRITVIC PLC GBP , ,80 0,30 Finance , ,29 5, ,00 HSBC HOLDINGS PLC GBP , ,31 2, ,00 PROVIDENT FINANCIAL PLC GBP , ,18 1, ,00 LLOYDS BANKING GROUP PLC GBP , ,06 0, ,00 CLOSE BROTHERS GROUP PLC GBP , ,31 0, ,00 OLD MUTUAL PLC GBP , ,39 0, ,00 AMLIN PLC GBP , ,45 0, ,00 ABERDEEN ASSET MANAGEMENT PLC GBP , ,59 0,23 Health , ,53 3, ,00 ASTRAZENECA PLC GBP , ,80 1, ,00 GLAXOSMITHKLINE PLC GBP , ,73 1,56 Industries , ,92 1, ,00 BAE SYSTEMS PLC GBP , ,73 1, ,00 SMITHS GROUP PLC GBP , ,19 0,35 Raw materials , ,75 1, ,00 RIO TINTO PLC GBP , ,96 0, ,00 CRODA INTERNATIONAL PLC GBP , ,79 0,42 Telecommunication , ,18 1, ,00 BT GROUP PLC GBP , ,67 0, ,00 VODAFONE GROUP PLC GBP , ,51 0,38 Energy , ,51 1, ,00 BP PLC GBP , ,51 1,26 Computing and IT , ,72 0, ,00 SAGE GROUP PLC GBP , ,72 0,28 32

33 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2015 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets FRANCE , ,09 14,01 Industries , ,07 3, ,00 VINCI SA EUR , ,55 1, ,00 SAFRAN SA EUR , ,50 1, ,00 AIRBUS GROUP NV EUR , ,14 0, ,00 THALES SA EUR , ,84 0, ,00 SCHNEIDER ELECTRIC SE EUR , ,04 0,29 Finance , ,81 3, ,00 AXA SA EUR , ,96 1, ,00 SOCIETE GENERALE SA EUR , ,70 1, ,00 CREDIT AGRICOLE SA EUR , ,15 0,82 Consumer Retail , ,15 3, ,00 CHRISTIAN DIOR SE EUR , ,75 1, ,00 LVMH MOET HENNESSY LOUIS VUITTON SE EUR , ,40 1, ,00 VALEO SA EUR , ,00 0,87 Energy , ,20 1, ,00 TOTAL SA EUR , ,20 1,73 Basic Goods , ,14 1, ,00 DANONE SA EUR , ,30 0, ,00 CARREFOUR SA EUR , ,84 0,33 Computing and IT , ,72 0, ,00 CAP GEMINI SA EUR , ,76 0, ,00 NEOPOST SA EUR , ,96 0,09 GERMANY , ,75 13,90 Health , ,60 2, ,00 BAYER AG REG EUR , ,50 1, ,00 MERCK KGAA EUR , ,10 0, ,00 FRESENIUS SE & CO KGAA EUR , ,00 0,59 Consumer Retail , ,59 2, ,00 DAIMLER AG REG EUR , ,65 1, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,82 0, ,00 PROSIEBENSAT.1 MEDIA SE EUR , ,12 0,54 Raw materials , ,90 2, ,00 BASF SE EUR , ,80 1, ,00 K&S AG REG EUR , ,10 0,49 Industries , ,83 2, ,00 SIEMENS AG REG EUR , ,00 1, ,00 DEUTSCHE POST AG REG EUR , ,83 0,86 Computing and IT , ,58 1, ,00 SAP SE EUR , ,95 1, ,00 INFINEON TECHNOLOGIES AG EUR , ,12 0, ,00 DIALOG SEMICONDUCTOR PLC EUR , ,51 0,24 Finance , ,25 1, ,00 ALLIANZ SE REG EUR , ,00 1, ,00 MUENCHENER RUECKVERSICHERUNGS- GESELLSCHAFT AG IN MUENCHEN AG REG EUR , ,25 0,65 SWITZERLAND , ,91 10,26 Health , ,41 6, ,00 NOVARTIS AG REG CHF , ,20 3, ,00 ROCHE HOLDING AG CHF , ,55 2, ,00 ACTELION LTD REG CHF , ,66 0,57 Finance , ,09 2, ,00 UBS GROUP AG REG CHF , ,46 1, ,00 ZURICH INSURANCE GROUP AG CHF , ,21 0,79 881,00 SWISS LIFE HOLDING AG REG CHF , ,29 0, ,00 BALOISE HOLDING AG REG CHF , ,13 0,30 33