Eurizon Manager Selection Fund

Transcription

1 Eurizon Manager Selection 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 2017 R.C.S. Luxembourg K690

2 Eurizon Manager Selection Fund Table of contents Organisation of the Fund 3 Comparative Net Asset Values over the last three years/periods 7 Combined Statement of Net Assets 8 Combined Statement of Changes in Net Assets 9 Eurizon Manager Selection Fund - MS Statement of Net Assets 10 Statement of Changes in Net Assets 11 Portfolio 12 Commitments on future contracts 14 Forward foreign exchange contracts 15 Eurizon Manager Selection Fund - MS Statement of Net Assets 16 Statement of Changes in Net Assets 17 Portfolio 18 Commitments on future contracts 21 Forward foreign exchange contracts 22 Eurizon Manager Selection Fund - MS Statement of Net Assets 23 Statement of Changes in Net Assets 24 Portfolio 25 Commitments on future contracts 28 Forward foreign exchange contracts 29 Eurizon Manager Selection Fund - MS Statement of Net Assets 30 Statement of Changes in Net Assets 31 Portfolio 32 Commitments on future contracts 35 Forward foreign exchange contracts 36 Notes to the financial statements 37 2

3 ORGANISATION OF THE FUND Eurizon Manager Selection 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 Chairman of the Board of Directors Mr. Tommaso CORCOS Managing Director of Eurizon Capital SGR S.p.A., Milan Resident in Milan (Italy) Vice-Chairman of the Board of Directors Mr. Daniel GROS Vice Chairman of Eurizon Capital SGR S.p.A., Milan Resident in Brussels (Belgium) Managing Director Mr. Bruno ALFIERI General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Director Mr. Marco BUS Co-General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo MAZZINI Head of Marketing and Business Development of Eurizon Capital SGR S.p.A., Milan Resident in Milan (Italy) Director Mr. Claudio SOZZINI Independent Director Resident in Milan (Italy) MANAGEMENT COMPANY S CONDUCTING OFFICERS Director Mr. Paul HELMINGER Independent Director, Lawyer, Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Bruno ALFIERI General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Marco BUS Co-General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Jérôme DEBERTOLIS Resident in Luxembourg (Grand Duchy of Luxembourg) 3

4 ORGANISATION OF THE FUND Eurizon Manager Selection Fund DEPOSITARY BANK AND PAYING AGENT LOCAL PAYING AGENTS State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) Italy: State Street Bank GmbH Branch Italy 10, via Ferrante Aporti I Milan (Italy) ALLFUNDS Bank S.A., (acting through its Italian Branch) 7, via Santa Margherita I Milan (Italy) CACEIS Bank Luxembourg Italian Branch 2, Piazza Cavour I Milan (Italy) ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT INVESTMENT MANAGER 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.) Eurizon Capital SGR S.p.A. 3, piazzetta Giordano dell Amore I Milan (Italy) INDEPENDENT AUDITOR OF THE INVESTMENT FUND (this function has been delegated by Eurizon Capital S.A.) KPMG Luxembourg, Société coopérative 39, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 4

5 ORGANISATION OF THE FUND Eurizon Manager Selection Fund CONSTITUTION Eurizon Manager Selection Fund (the Fund ) was created in the Grand Duchy of Luxembourg on 6 April 2006 in the form of a mutual investment fund in transferable securities governed by the Law of Luxembourg, and is currently 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 signed by Sanpaolo Bank S.A., the Custodian Bank at that date, on 6 April They were filed with the Registre de Commerce et des Sociétés in Luxembourg on 12 April 2006 and have been published in the Mémorial, Recueil des Sociétés et Associations on 18 April Amendments were made to the Management Regulations and the notification of the filing with the Registre de Commerce et des Sociétés in Luxembourg were published in the Mémorial, Recueil des Sociétés et Associations on 14 May 2007, on 7 October 2008, on 5 August 2009, on 9 August 2010 and on 31 October The notification of the filing with the Registre de Commerce et des Sociétés in Luxembourg of the latest modifications to the Management Regulations were published in the Mémorial, Recueil des Sociétés et Associations on 18 June 2012, on 3 February 2014 and on 29 February The Management Regulations in force have been filed with the Registre de Commerce et des Sociétés in Luxembourg, where they may be consulted, and copies can be obtained. The Fund has been established for an indefinite period. The Management Company has decided to modify the Fund s name from Sanpaolo Manager Selection Fund to Eurizon Manager Selection Fund with effective date 14 July On the same date the Sub-Funds SMS Sanpaolo Manager Selection 10, SMS Sanpaolo Manager Selection 20, SMS Sanpaolo Manager Selection 40, SMS Sanpaolo Manager Selection 70, respectively changed their name for Eurizon Manager Selection Fund - MS 10, Eurizon Manager Selection Fund - MS 20, Eurizon Manager Selection Fund - MS 40, Eurizon Manager Selection Fund - MS 70. The Fund is an umbrella fund. The Sub-Funds which are active on 30 September 2017 are listed below: Eurizon Manager Selection Fund - MS 10, Eurizon Manager Selection Fund - MS 20, Eurizon Manager Selection Fund - MS 40, Eurizon Manager Selection Fund - MS 70. All the Sub-Funds were launched on 3 July The Units which are available to investors for the different Sub-Funds are detailed in note 8 Units of the Fund of the notes to the financial statements. GENERAL MEETING The Annual General Meeting of the Management Company takes place every year at the registered office, or at any other location in Luxembourg specified in the convening notice within six months of the end of each financial year. 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 to the 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 Depositary 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. GLOBAL RISK EXPOSURE The method used to calculate the global risk exposure is the commitment approach. 5

6 ORGANISATION OF THE FUND Eurizon Manager Selection Fund REMUNERATION POLICY (UNAUDITED) The Management Company, Eurizon Capital S.A., has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the UCITS V Directive ), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May The remuneration policy, which has been approved by the Management Company s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and articles of incorporation of the Company nor impair compliance with the Company s duty to act in the best interest of the Company. The remuneration policy, which describes how remuneration and benefits are determined, is available at or on request from the Management Company. As at the end of the Fund s financial year on 31 March 2017, the Management Company had not completed its first annual performance period in which it has to comply with the UCITS V remuneration rules. As a result, the aggregate amount of remuneration broken down by category of employees or other staff members as well as the other information that is required by the UCITS V Directive to be disclosed in the annual report is not yet available and had not been included in the annual report. 6

7 Eurizon Manager Selection Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS/PERIODS 30 September March March 2016 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon Manager Selection Fund - MS 10 Class R Units EUR ,02 150, ,90 149, ,25 147,08 Total net assets EUR , , ,25 Eurizon Manager Selection Fund - MS 20 Class R Units EUR ,09 151, ,98 151, ,19 145,50 Total net assets EUR , , ,19 Eurizon Manager Selection Fund - MS 40 Class R Units EUR ,61 148, ,68 149, ,59 140,50 Total net assets EUR , , ,59 Eurizon Manager Selection Fund - MS 70 Class R Units EUR ,97 164, ,45 166, ,19 147,38 Total net assets EUR , , ,19 7

8 Eurizon Manager Selection Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,38 Banks ,67 Amounts due from brokers (Notes 2, 7) ,07 Unrealised profit on forward foreign exchange contracts (Notes 2, 7) ,00 Unrealised profit on future contracts (Notes 2, 7) ,15 Other interest receivable ,15 Receivable on investments sold ,82 Receivable on subscriptions ,50 Other assets ,86 Total assets ,60 Liabilities Bank overdrafts (658,23) Unrealised loss on forward foreign exchange contracts (Notes 2, 7) (77 084,51) Unrealised loss on future contracts (Notes 2, 7) (62 923,05) Payable on investments purchased ( ,06) Payable on redemptions ( ,94) Other liabilities ( ,12) Total liabilities ( ,91) Total net assets ,69 8

9 Eurizon Manager Selection Fund COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,01 Net income from investments (Note 2) ,17 Other income (Note 5) ,49 Total income ,66 Management fee (Note 5) ( ,50) Depositary and paying agent fee (Note 6) ( ,09) Subscription tax (Note 3) ( ,81) Other charges and taxes (Notes 4, 6) ( ,23) Total expenses ( ,63) Net investment income / (loss) ( ,97) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 7) ,08 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,51) - forward foreign exchange contracts (Notes 2, 7) ,23 - foreign currencies (32 212,43) - future contracts (Notes 2, 7) ,17 Net result of operations for the period ( ,43) Subscriptions for the period ,15 Redemptions for the period ( ,04) Net assets at the end of the period ,69 9

10 Eurizon Manager Selection Fund - MS 10 STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,18 Banks ,27 Amounts due from brokers (Notes 2, 7) ,64 Unrealised profit on forward foreign exchange contracts (Notes 2, 7) 2 508,75 Unrealised profit on future contracts (Notes 2, 7) ,86 Other interest receivable ,71 Receivable on investments sold ,53 Receivable on subscriptions ,35 Other assets ,83 Total assets ,12 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 7) (3 620,34) Unrealised loss on future contracts (Notes 2, 7) (6 283,05) Payable on investments purchased ( ,06) Payable on redemptions ( ,55) Other liabilities ( ,10) Total liabilities ( ,10) Total net assets ,02 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 150, ,597 10

11 Eurizon Manager Selection Fund - MS 10 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,90 Net income from investments (Note 2) ,85 Other income (Note 5) ,85 Total income ,70 Management fee (Note 5) ( ,57) Depositary and paying agent fee (Note 6) (25 529,74) Subscription tax (Note 3) (7 750,08) Other charges and taxes (Notes 4, 6) (77 510,94) Total expenses ( ,33) Net investment income / (loss) ( ,63) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 7) ,80 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,19) - forward foreign exchange contracts (Notes 2, 7) 4 118,40 - foreign currencies (5 472,87) - future contracts (Notes 2, 7) ,81 Net result of operations for the period ,32 Subscriptions for the period ,10 Redemptions for the period ( ,30) Net assets at the end of the period ,02 11

12 Eurizon Manager Selection Fund - MS 10 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,18 99,83 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,34 13,49 Ordinary Bonds , ,34 10,68 ITALY , ,67 7,36 Government , ,67 7, ,00 BTP 0.10% 15/04/2019 EUR , ,00 1, ,00 BTP 4.50% 01/03/2024 EUR , ,00 1, ,00 BTP 1.45% 15/11/2024 EUR , ,00 1, ,00 BTP 4.75% 01/09/2044 EUR , ,50 0, ,00 BTP 1.65% 23/04/2020 EUR , ,04 0, ,35 BTP 0.50% 20/04/2023 EUR , ,13 0, ,00 BTP 3.50% 01/12/2018 EUR , ,00 0, ,00 BTP 1.35% 15/04/2022 EUR , ,00 0, ,00 BTP 3.50% 01/03/2030 EUR , ,00 0,19 SPAIN , ,35 1,48 Government , ,35 1, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,60 0, ,00 SPAIN GOVERNMENT BOND 4.20% 31/01/2037 EUR , ,75 0,68 PORTUGAL , ,12 0,86 Government , ,12 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,12 0,86 FRANCE , ,20 0,65 Government , ,20 0, ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 3.25% 25/05/2045 EUR , ,20 0,65 GERMANY , ,00 0,33 Government , ,00 0, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% 15/08/2046 EUR , ,00 0,33 Floating Rate Notes , ,00 2,81 ITALY , ,00 2,81 Government , ,00 2, ,00 CCT FRN 15/11/2019 EUR , ,00 1, ,00 CCT FRN 15/12/2020 EUR , ,00 1,30 INVESTMENT FUNDS , ,84 86,34 UCI Units , ,84 86,34 LUXEMBOURG , ,79 70,55 Finance , ,79 70, ,61 GENERALI INVESTMENTS SICAV - EURO SHORT TERM BOND -B- EUR , ,06 12, ,47 EURIZON FUND - BOND EUR LONG TERM LTE -Z- EUR , ,10 11, ,13 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,62 11, ,05 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,08 11, ,19 EURIZON FUND - BOND EUR MEDIUM TERM LTE -Z- EUR , ,92 6, ,10 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,86 4, ,73 EURIZON FUND - BOND EUR SHORT TERM LTE -Z- EUR , ,41 3, ,49 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -BI- EUR , ,24 1,16 12

13 Eurizon Manager Selection Fund - MS 10 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets 3 182,00 ROBECO CAPITAL GROWTH FUNDS - US SELECT OPPORTUNITIES USD , ,11 0,70 EQUITIES -I ,74 NATIXIS INTERNATIONAL FUNDS LUX I - HARRIS ASSOCIATES US USD , ,36 0,67 EQUITY FUND 2 498,06 PARVEST - EQUITY USA GROWTH -I- USD , ,22 0, ,81 PICTET - PACIFIC EX JAPAN INDEX -IS- USD , ,09 0, ,31 VONTOBEL FUND - EMERGING MARKETS DEBT -H- EUR , ,05 0, ,00 AB SICAV I - SELECT US EQUITY PORTFOLIO -I- USD , ,73 0, ,46 UBS LUX EQUITY SICAV - USA GROWTH USD -Q- USD , ,35 0,51 505,29 VONTOBEL FUND - US EQUITY -B- USD , ,43 0, ,80 ABERDEEN GLOBAL - JAPANESE EQUITY FUND -A2- JPY , ,81 0, ,81 EURIZON FUND - SLJ EMERGING LOCAL MARKET DEBT -ZE- EUR , ,51 0,40 106,49 ALLIANZ EUROPE EQUITY GROWTH -IT- EUR , ,85 0,32 992,49 VONTOBEL FUND - EUROPEAN EQUITY -B- EUR , ,98 0, ,43 MFS MERIDIAN FUNDS - EUROPEAN VALUE FUND -A1- EUR , ,62 0, ,61 BLACKROCK GLOBAL FUNDS - EUROPEAN SPECIAL SITUATIONS EUR , ,48 0,28 FUND -A ,42 NORDEA 1 SICAV - EUROPEAN VALUE FUND -BI- EUR , ,60 0, ,58 INVESCO PAN EUROPEAN STRUCTURED EQUITY FUND -A- EUR , ,28 0, ,87 AB FCP I - EUROPEAN EQUITY PORTFOLIO -S1- EUR , ,39 0, ,93 HENDERSON GARTMORE FUND - PAN EUROPEAN FUND -R- EUR , ,28 0,21 17,63 EXANE EQUITY SELECT EUROPE -S- EUR , ,89 0, ,59 MFS MERIDIAN FUNDS - EUROPEAN RESEARCH FUND -A1- EUR , ,53 0, ,98 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,94 0,17 CURRENCIES -Z- 20,00 INVESCO PAN EUROPEAN EQUITY FUND -A- EUR 366,67 414,00 0,00 FRANCE , ,00 10,54 Finance , ,00 10, ,00 MULTI UNITS FRANCE - LYXOR ETF EUROMTS GLOBAL EUR , ,00 9,53 INVESTMENT GRADE EUR 9 800,00 AMUNDI ETF FLOATING RATE EURO CORPORATE 1-3 UCITS ETF -C- EUR , ,00 1,01 IRELAND , ,05 5,25 Finance , ,05 5, ,00 ISHARES CORE EUR GOVT BOND UCITS ETF EUR DIST EUR , ,00 1, ,52 POLAR CAPITAL NORTH AMERICAN FUND -I- USD , ,46 0, ,24 AXA ROSENBERG EQUITY ALPHA TRUST - US ENHANCED INDEX USD , ,52 0,66 EQUITY ALPHA FUND -I ,65 OLD MUTUAL NORTH AMERICAN EQUITY FUND -I- USD , ,78 0, ,17 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND -A- JPY , ,50 0, ,00 ISHARES MSCI NORTH AMERICA UCITS ETF USD DIST EUR , ,87 0,52 769,64 VANGUARD INVESTMENT SERIES PLC - US OPPORTUNITIES FUND USD , ,72 0,51 -INST ,00 SPDR BARCLAYS EMERGING MARKETS LOCAL BOND UCITS ETF EUR , ,20 0, ,00 ISHARES EMERGING MARKETS LOCAL GOVERNMENT BOND UCITS ETF EUR , ,00 0,25 Total Portfolio , ,18 99,83 13

14 Eurizon Manager Selection Fund - MS 10 COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,29 Unrealised profit on future contracts and commitment , , Purchase EURO STOXX 50 15/12/2017 EUR , , Purchase TOPIX INDEX 07/12/2017 JPY , , Purchase RUSSELL 2000 MINI 15/12/2017 USD 8 541, , (10) Sale EURO BOBL 07/12/2017 EUR 3 900, ,00 Unrealised loss on future contracts and commitment (6 283,05) , (5) Sale EURO BUND 07/12/2017 EUR (3 283,05) , (20) Sale SHORT EURO BTP 07/12/2017 EUR (3 000,00) ,00 14

15 Eurizon Manager Selection Fund - MS 10 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (1 111,59) Unrealised profit on forward foreign exchange contracts 2 508,75 14/12/ ,08 EUR ,00 AUD 2 508,75 Unrealised loss on forward foreign exchange contracts (3 620,34) 14/12/ ,00 CAD ,60 EUR (3 620,34) 15

16 Eurizon Manager Selection Fund - MS 20 STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,91 Banks ,02 Amounts due from brokers (Notes 2, 7) ,98 Unrealised profit on forward foreign exchange contracts (Notes 2, 7) ,76 Unrealised profit on future contracts (Notes 2, 7) ,25 Other interest receivable ,23 Receivable on investments sold ,39 Receivable on subscriptions ,32 Other assets ,65 Total assets ,51 Liabilities Bank overdrafts (246,83) Unrealised loss on forward foreign exchange contracts (Notes 2, 7) (20 687,64) Unrealised loss on future contracts (Notes 2, 7) (30 000,00) Payable on investments purchased ( ,27) Payable on redemptions ( ,14) Other liabilities ( ,54) Total liabilities ( ,42) Total net assets ,09 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 151, ,705 16

17 Eurizon Manager Selection Fund - MS 20 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,98 Net income from investments (Note 2) ,34 Other income (Note 5) ,95 Total income ,29 Management fee (Note 5) ( ,86) Depositary and paying agent fee (Note 6) ( ,86) Subscription tax (Note 3) (87 782,55) Other charges and taxes (Notes 4, 6) ( ,27) Total expenses ( ,54) Net investment income / (loss) ( ,25) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 7) ,45 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,33) - forward foreign exchange contracts (Notes 2, 7) ,98 - foreign currencies (6 765,32) - future contracts (Notes 2, 7) ,19 Net result of operations for the period ,72 Subscriptions for the period ,97 Redemptions for the period ( ,58) Net assets at the end of the period ,09 17

18 Eurizon Manager Selection Fund - MS 20 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,91 99,79 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,25 14,10 Ordinary Bonds , ,25 10,97 ITALY , ,09 7,47 Government , ,09 7, ,00 BTP 4.50% 01/03/2024 EUR , ,00 1, ,00 BTP 0.10% 15/04/2019 EUR , ,00 0, ,00 BTP 4.75% 01/09/2044 EUR , ,00 0, ,00 BTP 0.35% 01/11/2021 EUR , ,00 0, ,60 BTP 0.50% 20/04/2023 EUR , ,21 0, ,00 BTP 1.45% 15/11/2024 EUR , ,00 0, ,00 BTP 1.65% 23/04/2020 EUR , ,32 0, ,00 BTP 3.50% 01/03/2030 EUR , ,00 0, ,00 BTP 1.35% 15/04/2022 EUR , ,00 0, ,00 BTP 1.45% 15/09/2022 EUR , ,00 0, ,00 BTP 2.00% 01/12/2025 EUR , ,00 0, ,00 BTP 1.50% 01/08/2019 EUR , ,00 0, ,00 BTP 2.50% 01/05/2019 EUR , ,00 0, ,00 BTP 2.15% 12/11/2017 EUR , ,56 0,09 SPAIN , ,00 1,63 Government , ,00 1, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 1.45% 31/10/2027 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 4.20% 31/01/2037 EUR , ,00 0,40 PORTUGAL , ,66 0,92 Government , ,66 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% EUR , ,66 0,92 21/07/2026 FRANCE , ,50 0,66 Government , ,50 0, ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 3.25% EUR , ,50 0,66 25/05/2045 GERMANY , ,00 0,29 Government , ,00 0, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% 15/08/2046 EUR , ,00 0,29 Floating Rate Notes , ,00 3,13 ITALY , ,00 3,13 Government , ,00 3, ,00 CCT FRN 15/12/2020 EUR , ,00 1, ,00 CCT FRN 15/11/2019 EUR , ,00 1,54 18

19 Eurizon Manager Selection Fund - MS 20 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets INVESTMENT FUNDS , ,66 85,69 UCI Units , ,66 85,69 LUXEMBOURG , ,94 69,89 Finance , ,94 69, ,23 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,44 12, ,16 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,87 11, ,56 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,50 8, ,49 EURIZON FUND - BOND EUR LONG TERM LTE -Z- EUR , ,15 7, ,17 EURIZON FUND - BOND EUR MEDIUM TERM LTE -Z- EUR , ,56 4, ,98 GENERALI INVESTMENTS SICAV - EURO SHORT TERM BOND EUR , ,48 3,84 -B ,55 EPSILON FUND - EURO CASH -I- EUR , ,38 3, ,19 EURIZON FUND - BOND EUR SHORT TERM LTE -Z- EUR , ,46 1, ,93 PICTET - PACIFIC EX JAPAN INDEX -IS- USD , ,08 1, ,83 FIDELITY FUNDS - AMERICAN GROWTH FUND -Y- USD , ,72 1, ,87 UBS LUX EQUITY SICAV - USA GROWTH USD -Q- USD , ,92 0, ,21 PARVEST - EQUITY USA GROWTH -I- USD , ,72 0, ,79 ROBECO CAPITAL GROWTH FUNDS - US SELECT USD , ,08 0,84 OPPORTUNITIES EQUITIES -I ,61 VONTOBEL FUND - US EQUITY -B- USD , ,30 0, ,71 JPMORGAN FUNDS - HIGHBRIDGE US STEEP -A- USD , ,86 0, ,22 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -BI- EUR , ,94 0, ,55 AB SICAV I - SELECT US EQUITY PORTFOLIO -I- USD , ,57 0, ,71 PRIVILEDGE - DELAWARE US LARGE CAP VALUE -U- USD , ,98 0, ,75 VONTOBEL FUND - EMERGING MARKETS DEBT -H- EUR , ,21 0, ,23 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,05 0,45 CURRENCIES -Z ,50 VONTOBEL FUND - EUROPEAN EQUITY -B- EUR , ,62 0, ,57 JPMORGAN FUNDS - US VALUE FUND -I ACC- USD , ,61 0, ,79 JPMORGAN FUNDS - JAPAN EQUITY FUND -A- EUR , ,36 0, ,29 MFS MERIDIAN FUNDS - EUROPEAN VALUE FUND -A1- EUR , ,68 0, ,78 ABERDEEN GLOBAL - JAPANESE EQUITY FUND -A2- JPY , ,27 0, ,29 NATIXIS INTERNATIONAL FUNDS LUX I - HARRIS ASSOCIATES USD , ,64 0,38 US EQUITY FUND ,27 INVESCO PAN EUROPEAN STRUCTURED EQUITY FUND -A- EUR , ,45 0, ,00 UBS ETF - BLOOMBERG BARCLAYS USD EMERGING MARKETS EUR , ,00 0,31 SOVEREIGN UCITS ETF -A ,61 JUPITER JGF - EUROPEAN GROWTH -I- EUR , ,89 0, ,11 STATE STREET EUROPE VALUE SPOTLIGHT FUND -I- EUR , ,00 0, ,24 WELLS FARGO LUX WORLDWIDE FUND - US ALL CAP USD , ,31 0,29 GROWTH -I ,80 HENDERSON HORIZON - PAN EUROPEAN EQUITY FUND -A2- EUR , ,68 0, ,14 MFS MERIDIAN FUNDS - EUROPEAN RESEARCH FUND -A1- EUR , ,01 0,28 272,80 EXANE EQUITY SELECT EUROPE -S- EUR , ,01 0, ,47 HENDERSON GARTMORE FUND - PAN EUROPEAN FUND -R- EUR , ,51 0, ,71 BLACKROCK GLOBAL FUNDS - EUROPEAN SPECIAL EUR , ,04 0,27 SITUATIONS FUND -I ,45 FIDELITY FUNDS - EUROPEAN DYNAMIC GROWTH FUND -Y- EUR , ,63 0, ,55 NORDEA 1 SICAV - EUROPEAN VALUE FUND -BI- EUR , ,21 0, ,71 JPMORGAN FUNDS - EUROPE EQUITY PLUS FUND -I- EUR , ,30 0,25 980,97 ALLIANZ EUROPE EQUITY GROWTH -IT- EUR , ,83 0, ,54 INVESCO PAN EUROPEAN EQUITY FUND -Z- EUR , ,98 0, ,00 EURIZON FUND - SLJ EMERGING LOCAL MARKET DEBT -ZE- EUR , ,00 0, ,00 UBS ETF - MSCI EMU VALUE UCITS ETF EUR , ,40 0, ,25 INVESTEC GLOBAL STRATEGY FUND LIMITED - EUROPEAN EUR , ,91 0,21 EQUITY FUND -I ,16 AB FCP I - EUROPEAN EQUITY PORTFOLIO -S1- EUR , ,41 0,20 19

20 Eurizon Manager Selection Fund - MS 20 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets 8 770,74 JPMORGAN INVESTMENT FUNDS - US SELECT EQUITY FUND USD , ,76 0,14 -I ,42 EURIZON FUND - EQUITY USA -Z- EUR , ,97 0,07 0,00 PICTET - USA INDEX -IS- USD 0,16 0,19 0,00 IRELAND , ,27 9,13 Finance , ,27 9, ,00 ISHARES CORE EUR GOVT BOND UCITS ETF EUR DIST EUR , ,96 2, ,68 POLAR CAPITAL NORTH AMERICAN FUND -I- USD , ,15 1, ,57 AXA ROSENBERG EQUITY ALPHA TRUST - US ENHANCED USD , ,71 1,17 INDEX EQUITY ALPHA FUND -I ,00 ISHARES MSCI NORTH AMERICA UCITS ETF USD DIST EUR , ,30 0, ,95 VANGUARD INVESTMENT SERIES PLC - US OPPORTUNITIES USD , ,17 0,72 FUND -INST ,71 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND JPY , ,36 0,54 -A ,71 OLD MUTUAL NORTH AMERICAN EQUITY FUND -I- USD , ,53 0, ,17 MAN FUNDS PLC - MAN GLG JAPAN COREALPHA EQUITY -I- JPY , ,67 0, ,00 ISHARES MSCI CANADA UCITS ETF USD ACC EUR , ,00 0, ,00 ISHARES EMERGING MARKETS LOCAL GOVERNMENT BOND EUR , ,42 0,34 UCITS ETF ,00 SPDR BARCLAYS EMERGING MARKETS LOCAL BOND UCITS EUR , ,00 0,28 ETF ,00 ISHARES MSCI JAPAN UCITS ETF USD ACC EUR , ,00 0,23 FRANCE , ,45 6,67 Finance , ,45 6, ,00 MULTI UNITS FRANCE - LYXOR ETF EUROMTS GLOBAL EUR , ,20 2,64 INVESTMENT GRADE EUR ,00 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT EUR , ,00 2,30 GRADE UCITS ETF -C ,00 AMUNDI ETF FLOATING RATE EURO CORPORATE 1-3 UCITS EUR , ,00 0,94 ETF -C ,00 AMUNDI ETF S&P 500 UCITS ETF EUR , ,80 0, ,00 AMUNDI ETF MSCI EUROPE UCITS ETF EUR , ,45 0, ,00 AMUNDI ETF MSCI USA UCITS ETF EUR , ,00 0,21 Total Portfolio , ,91 99,79 20

21 Eurizon Manager Selection Fund - MS 20 COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,01 Unrealised profit on future contracts and commitment , , Purchase EURO STOXX 50 15/12/2017 EUR , , Purchase RUSSELL 2000 MINI 15/12/2017 USD , , Purchase TOPIX INDEX 07/12/2017 JPY , , (133) Sale EURO BOBL 07/12/2017 EUR , , (80) Sale EURO BUND 07/12/2017 EUR , ,00 Unrealised loss on future contracts and commitment (30 000,00) , (200) Sale SHORT EURO BTP 07/12/2017 EUR (30 000,00) ,00 21

22 Eurizon Manager Selection Fund - MS 20 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,12 Unrealised profit on forward foreign exchange contracts ,76 14/12/ ,60 EUR ,00 USD ,61 14/12/ ,75 EUR ,00 AUD ,15 Unrealised loss on forward foreign exchange contracts (20 687,64) 14/12/ ,00 CAD ,56 EUR (20 687,64) 22

23 Eurizon Manager Selection Fund - MS 40 STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,65 Banks ,99 Amounts due from brokers (Notes 2, 7) ,28 Unrealised profit on forward foreign exchange contracts (Notes 2, 7) ,72 Unrealised profit on future contracts (Notes 2, 7) ,22 Other interest receivable ,11 Receivable on investments sold ,91 Receivable on subscriptions ,20 Other assets ,86 Total assets ,94 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 7) (22 963,99) Unrealised loss on future contracts (Notes 2, 7) (26 640,00) Payable on investments purchased ( ,60) Payable on redemptions ( ,03) Other liabilities ( ,71) Total liabilities ( ,33) Total net assets ,61 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 148, ,600 23

24 Eurizon Manager Selection Fund - MS 40 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,68 Net income from investments (Note 2) ,81 Other income (Note 5) ,43 Total income ,24 Management fee (Note 5) ( ,29) Depositary and paying agent fee (Note 6) ( ,27) Subscription tax (Note 3) (31 964,07) Other charges and taxes (Notes 4, 6) ( ,89) Total expenses ( ,52) Net investment income / (loss) ( ,28) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 7) ,23 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,31) - forward foreign exchange contracts (Notes 2, 7) (42 777,71) - foreign currencies (16 996,08) - future contracts (Notes 2, 7) ,53 Net result of operations for the period ( ,62) Subscriptions for the period ,35 Redemptions for the period ( ,80) Net assets at the end of the period ,61 24

25 Eurizon Manager Selection Fund - MS 40 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,65 99,26 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,92 13,68 Ordinary Bonds , ,92 10,75 ITALY , ,55 6,60 Government , ,55 6, ,00 BTP 4.50% 01/03/2024 EUR , ,00 1, ,00 BTP 4.75% 01/09/2044 EUR , ,00 1, ,00 BTP 0.10% 15/04/2019 EUR , ,00 0, ,00 BTP 0.35% 01/11/2021 EUR , ,00 0, ,95 BTP 0.50% 20/04/2023 EUR , ,42 0, ,00 BTP 2.20% 01/06/2027 EUR , ,00 0, ,00 BTP 1.65% 23/04/2020 EUR , ,13 0, ,00 BTP 3.50% 01/03/2030 EUR , ,00 0, ,00 BTP 1.45% 15/09/2022 EUR , ,00 0, ,00 BTP 1.50% 01/08/2019 EUR , ,00 0, ,00 BTP 2.50% 01/05/2019 EUR , ,00 0, ,00 BTP 2.00% 01/12/2025 EUR , ,00 0,11 SPAIN , ,60 2,34 Government , ,60 2, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,40 1, ,00 SPAIN GOVERNMENT BOND 1.45% 31/10/2027 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 4.20% 31/01/2037 EUR , ,20 0,47 FRANCE , ,90 0,90 Government , ,90 0, ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 3.25% EUR , ,90 0,90 25/05/2045 PORTUGAL , ,87 0,75 Government , ,87 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,87 0,75 GERMANY , ,00 0,16 Government , ,00 0, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% 15/08/2046 EUR , ,00 0,16 Floating Rate Notes , ,00 2,93 ITALY , ,00 2,93 Government , ,00 2, ,00 CCT FRN 15/12/2020 EUR , ,00 1, ,00 CCT FRN 15/11/2019 EUR , ,00 1,22 INVESTMENT FUNDS , ,73 85,58 UCI Units , ,73 85,58 LUXEMBOURG , ,51 73,86 Finance , ,51 73, ,41 EURIZON FUND - BOND EUR LONG TERM LTE -Z- EUR , ,65 12, ,50 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,03 10, ,78 EURIZON FUND - BOND EUR MEDIUM TERM LTE -Z- EUR , ,55 6, ,85 EURIZON FUND - BOND EUR SHORT TERM LTE -Z- EUR , ,68 3,14 25

26 Eurizon Manager Selection Fund - MS 40 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,18 GENERALI INVESTMENTS SICAV - EURO SHORT TERM BOND -B- EUR , ,56 2, ,17 EPSILON FUND - EURO CASH -I- EUR , ,87 2, ,58 FIDELITY FUNDS - AMERICAN GROWTH FUND -Y- USD , ,51 1, ,95 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,17 1, ,73 PARVEST - EQUITY USA GROWTH -I- USD , ,87 1, ,34 ROBECO CAPITAL GROWTH FUNDS - US SELECT USD , ,46 1,52 OPPORTUNITIES EQUITIES -I ,92 NATIXIS INTERNATIONAL FUNDS LUX I - HARRIS ASSOCIATES US USD , ,86 1,50 EQUITY FUND ,99 EURIZON FUND - EQUITY USA -Z- EUR , ,27 1, ,58 JPMORGAN FUNDS - US VALUE FUND -I ACC- USD , ,52 1, ,30 VONTOBEL FUND - US EQUITY -B- USD , ,76 1, ,67 UBS LUX EQUITY SICAV - USA GROWTH USD -Q- USD , ,92 1, ,15 PICTET - PACIFIC EX JAPAN INDEX -IS- USD , ,85 1, ,81 AB SICAV I - SELECT US EQUITY PORTFOLIO -I- USD , ,50 1, ,53 WELLINGTON MANAGEMENT FUNDS LUXEMBOURG - USD , ,51 1,09 WELLINGTON US RESEARCH EQUITY FUNDS -S ,50 PRIVILEDGE - DELAWARE US LARGE CAP VALUE -U- USD , ,95 1, ,64 EURIZON FUND - EQUITY NORTH AMERICA LTE -Z- EUR , ,68 1, ,88 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -BI- EUR , ,29 0, ,84 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,42 0,86 CURRENCIES -Z ,61 VONTOBEL FUND - EMERGING MARKETS DEBT -H- EUR , ,69 0, ,20 JPMORGAN FUNDS - HIGHBRIDGE US STEEP -A- USD , ,57 0, ,84 EURIZON FUND - EQUITY JAPAN LTE -Z- EUR , ,88 0, ,03 MFS MERIDIAN FUNDS - EUROPEAN VALUE FUND -A1- EUR , ,26 0, ,09 JPMORGAN FUNDS - JAPAN EQUITY FUND -A- EUR , ,40 0, ,67 VONTOBEL FUND - EUROPEAN EQUITY -B- EUR , ,90 0, ,81 HENDERSON GARTMORE FUND - PAN EUROPEAN FUND -R- EUR , ,99 0, ,74 ABERDEEN GLOBAL - JAPANESE EQUITY FUND -A2- JPY , ,82 0, ,06 AB FCP I - EUROPEAN EQUITY PORTFOLIO -S1- EUR , ,17 0,54 225,20 EXANE EQUITY SELECT EUROPE -S- EUR , ,90 0, ,23 EPSILON FUND - EUROPEAN Q-EQUITY -I- EUR , ,17 0, ,04 MFS MERIDIAN FUNDS - EUROPEAN RESEARCH FUND -A1- EUR , ,38 0, ,17 INVESCO PAN EUROPEAN STRUCTURED EQUITY FUND -A- EUR , ,43 0, ,84 NORDEA 1 SICAV - EUROPEAN VALUE FUND -BI- EUR , ,87 0, ,56 JPMORGAN FUNDS - EUROPE EQUITY PLUS FUND -I- EUR , ,30 0, ,69 FIDELITY FUNDS - EUROPEAN DYNAMIC GROWTH FUND -Y- EUR , ,13 0, ,95 INVESCO PAN EUROPEAN EQUITY FUND -Z- EUR , ,02 0, ,79 JUPITER JGF - EUROPEAN GROWTH -I- EUR , ,87 0, ,28 STATE STREET EUROPE VALUE SPOTLIGHT FUND -I- EUR , ,63 0, ,69 SCHRODER INTERNATIONAL SELECTION FUND - EUROPEAN EUR , ,55 0,46 OPPORTUNITIES -C ,94 HENDERSON HORIZON - PAN EUROPEAN EQUITY FUND -A2- EUR , ,90 0, ,11 BLACKROCK GLOBAL FUNDS - EUROPEAN SPECIAL SITUATIONS EUR , ,95 0,45 FUND -I2-749,53 ALLIANZ EUROPE EQUITY GROWTH -IT- EUR , ,61 0, ,98 INVESTEC GLOBAL STRATEGY FUND LIMITED - EUROPEAN EUR , ,20 0,43 EQUITY FUND -I ,09 WELLS FARGO LUX WORLDWIDE FUND - US ALL CAP GROWTH USD , ,48 0,42 -I ,03 EURIZON FUND - SLJ EMERGING LOCAL MARKET DEBT -ZE- EUR , ,38 0, ,08 JPMORGAN INVESTMENT FUNDS - US SELECT EQUITY FUND -I- USD , ,79 0, ,74 EURIZON FUND - EQUITY OCEANIA LTE -Z- EUR , ,57 0, ,00 UBS ETF - MSCI EMU VALUE UCITS ETF EUR , ,82 0, ,00 UBS ETF - BLOOMBERG BARCLAYS USD EMERGING MARKETS SOVEREIGN UCITS ETF -A- EUR , ,00 0,19 26

27 Eurizon Manager Selection Fund - MS 40 PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets IRELAND , ,65 9,81 Finance , ,65 9, ,55 POLAR CAPITAL NORTH AMERICAN FUND -I- USD , ,28 1, ,23 OLD MUTUAL NORTH AMERICAN EQUITY FUND -I- USD , ,07 1, ,67 AXA ROSENBERG EQUITY ALPHA TRUST - US ENHANCED INDEX USD , ,98 1,59 EQUITY ALPHA FUND -I ,45 VANGUARD INVESTMENT SERIES PLC - US OPPORTUNITIES USD , ,72 1,52 FUND -INST ,00 ISHARES MSCI CANADA UCITS ETF USD ACC EUR , ,40 0, ,44 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND -A- JPY , ,14 0, ,31 MAN FUNDS PLC - MAN GLG JAPAN COREALPHA EQUITY -I- JPY , ,47 0, ,00 ISHARES MSCI NORTH AMERICA UCITS ETF USD DIST EUR , ,58 0, ,00 ISHARES EMERGING MARKETS LOCAL GOVERNMENT BOND EUR , ,40 0,28 UCITS ETF ,00 SPDR BARCLAYS EMERGING MARKETS LOCAL BOND UCITS ETF EUR , ,00 0, ,00 ISHARES EUR HIGH YIELD CORP BOND UCITS ETF EUR , ,60 0, ,12 INVESCO ASIAN EQUITY FUND -A- USD , ,01 0,21 FRANCE , ,04 1,28 Finance , ,04 1, ,00 AMUNDI ETF FLOATING RATE EURO CORPORATE 1-3 UCITS ETF EUR , ,00 1,02 -C ,00 AMUNDI ETF MSCI PACIFIC EX JAPAN UCITS ETF DR EUR , ,04 0,26 UNITED KINGDOM , ,53 0,63 Finance , ,53 0, ,84 BAILLIE GIFFORD OVERSEAS GROWTH FUNDS ICVC - JAPANESE GBP , ,53 0,63 FUND -B- Total Portfolio , ,65 99,26 27

28 Eurizon Manager Selection Fund - MS 40 COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,69 Unrealised profit on future contracts and commitment , , Purchase RUSSELL 2000 MINI 15/12/2017 USD , , Purchase EURO STOXX 50 15/12/2017 EUR , , Purchase S&P 500 EMINI INDEX 15/12/2017 USD , , Purchase TOPIX INDEX 07/12/2017 JPY , , Purchase STOXX 600 BANK 15/12/2017 EUR , , (51) Sale EURO BOBL 07/12/2017 EUR , , (19) Sale EURO BUND 07/12/2017 EUR 8 760, ,00 20 (37) Sale NASDAQ 100 EMINI 15/12/2017 USD 5 101, ,48 Unrealised loss on future contracts and commitment (26 640,00) , Purchase EURO OAT 07/12/2017 EUR (13 440,00) , (88) Sale SHORT EURO BTP 07/12/2017 EUR (13 200,00) ,00 28

29 Eurizon Manager Selection Fund - MS 40 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (7 119,27) Unrealised profit on forward foreign exchange contracts ,72 14/12/ ,81 EUR ,00 AUD ,72 Unrealised loss on forward foreign exchange contracts (22 963,99) 14/12/ ,00 CAD ,44 EUR (16 550,10) 14/12/ ,00 GBP ,56 EUR (6 413,89) 29

30 Eurizon Manager Selection Fund - MS 70 STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,64 Banks ,39 Amounts due from brokers (Notes 2, 7) ,17 Unrealised profit on forward foreign exchange contracts (Notes 2, 7) 5 941,77 Unrealised profit on future contracts (Notes 2, 7) ,82 Other interest receivable ,10 Receivable on investments sold ,99 Receivable on subscriptions ,63 Other assets ,52 Total assets ,03 Liabilities Bank overdrafts (411,40) Unrealised loss on forward foreign exchange contracts (Notes 2, 7) (29 812,54) Payable on investments purchased ( ,13) Payable on redemptions ( ,22) Other liabilities ( ,77) Total liabilities ( ,06) Total net assets ,97 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 164, ,109 30

31 Eurizon Manager Selection Fund - MS 70 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,45 Net income from investments (Note 2) ,17 Other income (Note 5) ,26 Total income ,43 Management fee (Note 5) ( ,78) Depositary and paying agent fee (Note 6) (47 542,22) Subscription tax (Note 3) (14 756,11) Other charges and taxes (Notes 4, 6) ( ,13) Total expenses ( ,24) Net investment income / (loss) ( ,81) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 7) ,60 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,68) - forward foreign exchange contracts (Notes 2, 7) (68 250,44) - foreign currencies (2 978,16) - future contracts (Notes 2, 7) ,64 Net result of operations for the period ( ,85) Subscriptions for the period ,73 Redemptions for the period ( ,36) Net assets at the end of the period ,97 31