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

Transcription

1 Eurizon Opportunità 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. Annual report as at 31 March 2017 R.C.S. Luxembourg K694

2 Eurizon Opportunità Table of Contents Organisation of the Fund 4 Board of Directors of the Management Company s report on the management of the Fund 9 Report of the Réviseur d Entreprises Agréé 12 Comparative Net Asset Values over the last three years 14 Combined Statement of Net Assets 15 Combined Statement of Changes in Net Assets 16 Eurizon Opportunità - Obbligazioni Flessibile 17 Statement of Net Assets 17 Statement of Changes in Net Assets 18 Portfolio 19 Commitments on future contracts 33 Forward foreign exchange contracts 34 Swap contracts 35 Eurizon Opportunità - Flessibile Statement of Net Assets 36 Statement of Changes in Net Assets 37 Portfolio 38 Commitments on future contracts 42 Option contracts 43 Forward foreign exchange contracts 44 Eurizon Opportunità - Sparkasse Prime Fund 45 Statement of Net Assets 45 Statement of Changes in Net Assets 46 Portfolio 47 Commitments on future contracts 50 Option contracts 51 Forward foreign exchange contracts 52 Eurizon Opportunità - Global Bond Cedola 06/ Statement of Net Assets 53 Statement of Changes in Net Assets 54 Portfolio 55 Commitments on future contracts 57 Forward foreign exchange contracts 58 Eurizon Opportunità - Global Bond Cedola 07/ Statement of Net Assets 59 Statement of Changes in Net Assets 60 Portfolio 61 Commitments on future contracts 63 Forward foreign exchange contracts 64 Eurizon Opportunità - Global Bond Cedola 10/ Statement of Net Assets 65 Statement of Changes in Net Assets 66 Portfolio 67 Commitments on future contracts 69 Forward foreign exchange contracts 70 2

3 Eurizon Opportunità Eurizon Opportunità - Global Bond Cedola 12/ Statement of Net Assets 71 Statement of Changes in Net Assets 72 Portfolio 73 Commitments on future contracts 75 Forward foreign exchange contracts 76 Eurizon Opportunità - Global Bond Cedola 02/ Statement of Net Assets 77 Statement of Changes in Net Assets 78 Portfolio 79 Commitments on future contracts 81 Forward foreign exchange contracts 82 Notes to the financial statements 83 3

4 ORGANISATION OF THE FUND Eurizon Opportunità 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) (since 26 July 2016) Director Mr. Massimo TORCHIANA Co-General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) (until 15 July 2016) Director Mr. Massimo MAZZINI Head of Marketing and Business Development of Eurizon Capital SGR S.p.A., Milan Resident in Milan (Italy) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) (until 16 March 2017) Director Mr. Claudio SOZZINI Independent Director Resident in Milan (Italy) Director Ms. Zhen GAO Independent Director, Managing Partner of Mandarin Capital Partners Resident in Beijing (People s Republic of China) (until 16 March 2017) 4

5 ORGANISATION OF THE FUND Eurizon Opportunità MANAGEMENT COMPANY S CONDUCTING OFFICERS DEPOSITARY BANK AND PAYING AGENT LOCAL PAYING AGENTS Director Mr. Paul HELMINGER Independent Director Resident in Luxembourg (Grand Duchy of Luxembourg) (since 17 March 2017) 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) 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 I-20125, Milan ALLFUNDS Bank S.A., (acting through its Italian Branch) 7, via Santa Margherita I Milan (Italy) ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT INVESTMENT MANAGER BNP PARIBAS Securities Services, (acting through its Italian Branch) 5, via Ansperto I Milan (Italy) 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) Epsilon Associati SGR S.p.A. (short name: Epsilon SGR S.p.A.) 3, piazzetta Giordano dell Amore I Milan (Italy) (this function has been delegated by Eurizon Capital S.A.) 5

6 ORGANISATION OF THE FUND Eurizon Opportunità INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 6

7 ORGANISATION OF THE FUND Eurizon Opportunità CONSTITUTION Eurizon Opportunità (the Fund ) was created in the Grand Duchy of Luxembourg on 2 April 2009 in the form of a mutual investment fund in transferable securities governed by the Laws 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 initially signed by Sanpaolo Bank S.A., the Custodian Bank at that date, on 2 April 2009 and on 6 August The notifications 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 24 April 2009, on 8 September 2009, on 25 June 2010, on 6 February 2012, on 4 October 2012, on 15 February 2013, on 10 July 2013, on 18 June 2014 and 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 where copies can be obtained. The Fund has been established for an indefinite period. The Fund is an umbrella fund. The active Sub-Funds as of 31 March 2017 are listed below: Eurizon Opportunità - Obbligazioni Flessibile Eurizon Opportunità - Flessibile 15 Eurizon Opportunità - Sparkasse Prime Fund Eurizon Opportunità - Global Bond Cedola 06/2021 Eurizon Opportunità - Global Bond Cedola 07/2021 Eurizon Opportunità - Global Bond Cedola 10/2021 Eurizon Opportunità - Global Bond Cedola 12/2021 Eurizon Opportunità - Global Bond Cedola 02/2022 As of 13 April 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 06/2021 was launched. As of 23 June 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 07/2021 was launched. As of 05 September 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 10/2021 was launched. As of 31 October 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 12/2021 was launched. As of 09 January 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 02/2022 was launched. The different Units which are available to investors for the active Sub-Funds are detailed in Note 9 Units of the Fund of the notes to the financial statements. GENERAL MEETING The Annual General Meeting of the shareholders of the Management Company is held in Luxembourg, at its registered office, on the last Tuesday of 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 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 for all the Sub-Funds is the commitment approach. 7

8 ORGANISATION OF THE FUND Eurizon Opportunità 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 has 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 has not been included in this annual report. 8

9 BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY S REPORT ON THE MANAGEMENT OF THE FUND Dear Unitholders, Market Performance The reference period (1 April March 2017) was marked by important political events and signs of economic improvement. The significant event of mid-2016 was the UK referendum on whether the country should remain in the European Union (held on 23 June 2016). The result in favour of leaving the EU ( Brexit ) shocked the markets, which reacted by penalising the pound. The British currency s value then plummeted against the dollar in the days following the referendum to lows not seen since the mid-1980s, with European stock markets fearing a risk of contagion. Another important event was Donald Trump s win in the US presidential election in November. The result, which before the vote had been feared as a possible source of uncertainty, was instead well received by the markets. They focused their attention on the positive aspects of the new Trump administration's programme (fiscal stimulus), trusting that the more controversial aspects (protectionism) might be shelved. Another significant political event was the Italian constitutional referendum in December. The uncertainty of the period preceding the referendum resulted in a phase of the widening of spreads (yield differentials) on Italian securities and put the brakes on the country s stock exchange. The victory for the no vote, rather than aggravating the situation, triggered a recovery of investments both in government bonds and listed equities, since financial operators believed that it cancelled out the effects of the public solution to the problems of the most fragile Italian banks. Finally, at the end of November, the OPEC countries reached an agreement to cut oil production by 1.2 million barrels a day. This was the first cut in the last eight years, and the countries outside the cartel also declared their willingness to reduce production. The agreement allowed oil prices to end 2016 at close to USD 50 a barrel (WTI). In March 2017, however, attention returned to the price of oil, which temporarily fell below USD 50 a barrel due to the indecision shown by the producer countries on abiding by the agreements to control supply. With regard to the central banks, in Europe the ECB, at its meeting in December, extended the duration of QE (Quantitative Easing) for all of 2017, but reduced the monthly liquidity injections from EUR 80 billion to 60 billion. In the USA, the Federal Reserve met the market s consensus expectations in December by raising the Fed Funds rate by 25 basis points (resulting in a range of 0.5%-0.75%). The Fed then applied a further increase of 25 basis points (bps) to the rates in March (giving a new range of 0.75%-1%). The markets attention was also focused on the Bank of Japan, which, after adopting negative interest rates at the beginning of 2016 in order to buoy up the Japanese economy (with little success), made a number of modifications during the summer of 2016 in an attempt to limit the distorting effects. The macroeconomic data showed an improving trend during the period. In the first quarter of 2017 in particular, the data comprehensively outstripped the markets expectations both in developed areas and in emerging countries. Business confidence data improved in all the main areas. Inflation was shown to be on the rise in the developed areas, but only due to the delayed effect of the increase in oil prices. Particularly reassuring was the acceleration of global trade, which indicated that all geographical areas are taking part in the recovery. In emerging countries, the fall in inflation allowed the main central banks to reduce their key rates in an attempt to stimulate the economy (e.g. Russia and Brazil). Against this background, the global bond market closed the reference period with a loss of 0.9% measured in local currency (JPM Global index). Negative performance was also recorded for the main geographical areas. For example, the Eurozone and the US posted figures of -1.7% and -1.5% respectively. Emerging countries, on the other hand, showed broadly positive results, with growth of 7.4% (performance expressed in local currency). There was a favourable result for the global equity market, which closed the period with a rise of 17.2% (MSCI World index in local currency). The gains were also consistent in terms of geographical areas. For 9

10 example, a rise of 19.7% was recorded for the Eurozone, 16.7% for the USA and 15.1% for emerging countries (performance expressed in local currency). On the currency markets, the main movements of the euro included a weakening of 6.1% against the US dollar, 6.5% against the yen and 5.8% against the Australian dollar, whereas it rose by 6.5% against the British pound. The currency dynamic also impacted the euro s performance in markets outside the Eurozone. For example, the global equity market saw a rise of 22.3% expressed in euros (compared with +17.2% expressed in local currency). The result for the global bond market rose into positive territory at 2.8% expressed in euros (compared with a loss of 0.9% expressed in local currency). Activity of the Fund At the end of March 2017, Eurizon Opportunità was composed of 8 Sub-Funds for an overall net asset value of EUR ,19. The annual in- and outflows as well as the net assets as of 31 March 2017 of each Sub-Fund are shown in the following table (in EUR), which encompasses each Class of Units : DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS Eurizon Opportunità - Obbligazioni Flessibile ,93 ( ,63) ,03 Eurizon Opportunità - Flessibile ,44 ( ,29) ,16 Eurizon Opportunità - Sparkasse Prime Fund ,98 ( ,52) ,83 Eurizon Opportunità - Global Bond Cedola 06/ ,00 ( ,18) ,69 Eurizon Opportunità - Global Bond Cedola 07/ ,50 ( ,17) ,65 Eurizon Opportunità - Global Bond Cedola 10/ ,43 ( ,02) ,01 Eurizon Opportunità - Global Bond Cedola 12/ ,50 ( ,22) ,04 Eurizon Opportunità - Global Bond Cedola 02/ ,88 0, ,78 Eurizon Opportunità ,66 ( ,03) ,19 In the course of the financial year, the Sub-Funds of Eurizon Opportunità reported the following performances: Eurizon Opportunità - Obbligazioni Flessibile (I Units): 0,48% Eurizon Opportunità - Obbligazioni Flessibile (IDY Units): 0,73% (for the period from 13/05/2016 to 31/03/2017) Eurizon Opportunità - Obbligazioni Flessibile (IDZ Units): 0,73% (for the period from 13/05/2016 to 31/03/2017) Eurizon Opportunità - Obbligazioni Flessibile (RD Units): -0,47% Eurizon Opportunità - Flessibile 15 (R Units): 0,13% Eurizon Opportunità - Sparkasse Prime Fund (R Units): 2,78% Eurizon Opportunità - Global Bond Cedola 06/2021 (RD Units): 0,76% (for the period from 24/06/2016 to 31/03/2017) Eurizon Opportunità - Global Bond Cedola 07/2021 (RD Units): -0,76% (for the period from 09/08/2016 to 31/03/2017) Eurizon Opportunità - Global Bond Cedola 10/2021 (RD Units): -0,18% (for the period from 02/11/2016 to 31/03/2017) 10

11 Eurizon Opportunità - Global Bond Cedola 12/2021 (RD Units): 0,53% (for the period from 21/12/2016 to 31/03/2017) Eurizon Opportunità - Global Bond Cedola 02/2022 (RD Units): 0,43% (for the period from 21/02/2017 to 31/03/2017). Luxembourg, 28 June 2017 The Board of Directors Marco BUS Director Co-General Manager Bruno ALFIERI Managing Director 11

12 To the Unitholders of Eurizon Opportunità 8, avenue de la Liberté L-1930 Luxembourg REPORT OF THE REVISEUR D ENTREPRISES AGREE We have audited the accompanying financial statements of Eurizon Opportunità and each of its sub-funds, which comprise the statement of net assets, the portfolio, the commitments on future contracts, the option contracts, the forward foreign exchange contracts and the swap contracts as at 31 March 2017 and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Board of Directors of the Management Company responsibility for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 12

13 REPORT OF THE REVISEUR D'ENTREPRISES AGREE (continued) Opinion In our opinion, the financial statements give a true and fair view of the financial position of Eurizon Opportunita and each of its sub-funds as of 31 March 2017 and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other information The Board of Directors of the Management Company is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of Reviseur d'entreprises agree thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. Luxembourg, 29 June 2017 KPMG Luxembourg Societe cooperative Cabinet de revision agree 39, avenue John F. Kennedy L-1855 Luxembourg Pascale Leroy 13

14 Eurizon Opportunità COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS 31 March March March 2015 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon Opportunità - Obbligazioni Flessibile Class I Units EUR ,57 109, ,84 109, ,73 111,61 Class IDY Units EUR ,32 100,73 Class IDZ Units EUR ,73 100,73 Class RD Units EUR ,41 101, ,15 103, ,00 108,86 Total net assets EUR , , ,73 Eurizon Opportunità - Flessibile 15 Class R Units EUR ,16 99, ,97 99,80 Total net assets EUR , ,97 Eurizon Opportunità - Sparkasse Prime Fund Class R Units EUR ,83 96, ,27 93,69 Total net assets EUR , ,27 Eurizon Opportunità - Global Bond Cedola 06/2021 Class RD Units EUR ,69 100,76 Total net assets EUR ,69 Eurizon Opportunità - Global Bond Cedola 07/2021 Class RD Units EUR ,65 99,24 Total net assets EUR ,65 Eurizon Opportunità - Global Bond Cedola 10/2021 Class RD Units EUR ,01 99,82 Total net assets EUR ,01 Eurizon Opportunità - Global Bond Cedola 12/2021 Class RD Units EUR ,04 100,53 Total net assets EUR ,04 Eurizon Opportunità - Global Bond Cedola 02/2022 Class RD Units EUR ,78 100,43 Total net assets EUR ,78 14

15 Eurizon Opportunità COMBINED STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,11 Banks ,34 Amounts due from brokers (Notes 2, 8) ,32 Option contracts (Notes 2, 8) ,11 Swap premium paid (Notes 2, 8) ,66 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,47 Unrealised profit on future contracts (Notes 2, 8) ,12 Interest receivable on swap contracts (Notes 2, 8) ,67 Other interest receivable ,76 Receivable on investments sold ,86 Receivable on subscriptions ,62 Other assets (Note 11) ,33 Total assets ,37 Liabilities Bank overdrafts (19 960,25) Amounts due to brokers (Notes 2, 8) ( ,64) Option contracts (Notes 2, 8) (4 700,00) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,05) Unrealised loss on future contracts (Notes 2, 8) ( ,38) Unrealised loss on swap contracts (Notes 2, 8) ( ,11) Payable on investments purchased ( ,73) Payable on redemptions ( ,14) Other liabilities ( ,88) Total liabilities ( ,18) Total net assets ,19 15

16 Eurizon Opportunità COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2017 IN EUR Net assets at the beginning of the year Notes ,23 Net income from investments (Note 2) ,99 Interest on bank accounts ,03 Interest received on swap contracts (Notes 2, 8) ,66 Other income (Notes 5, 9) ,26 Total income ,94 Management fee (Note 5) ( ,34) Performance fee (Note 6) ( ,25) Depositary and paying agent fee (Note 7) ( ,43) Subscription tax (Note 3) ( ,61) Interest on bank accounts (3 456,37) Interest paid on swap contracts (Notes 2, 8) (36 440,84) Other charges and taxes (Notes 4, 7, 11) ( ,26) Total expenses ( ,10) Net investment income / (loss) ,84 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,45) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,34 - option contracts (Notes 2, 8) ,01 - forward foreign exchange contracts (Notes 2, 8) ( ,76) - foreign currencies ,99 - future contracts (Notes 2, 8) ,38 - swap contracts (Notes 2, 8) ( ,89) Net result of operations for the year ,46 Subscriptions for the year ,66 Redemptions for the year ( ,03) Dividend distributions (Note 13) ( ,13) Net assets at the end of the year ,19 16

17 Eurizon Opportunità - Obbligazioni Flessibile STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,32 Banks ,54 Swap premium paid (Notes 2, 8) ,66 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,98 Unrealised profit on future contracts (Notes 2, 8) ,26 Interest receivable on swap contracts (Notes 2, 8) ,67 Other interest receivable ,39 Receivable on investments sold ,20 Receivable on subscriptions ,62 Other assets ,64 Total assets ,28 Liabilities Amounts due to brokers (Notes 2, 8) ( ,44) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,08) Unrealised loss on future contracts (Notes 2, 8) ( ,14) Unrealised loss on swap contracts (Notes 2, 8) ( ,11) Payable on investments purchased ( ,49) Payable on redemptions ( ,99) Other liabilities ( ,00) Total liabilities ( ,25) Total net assets ,03 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 109, ,546 Class IDY Units EUR 100, ,050 Class IDZ Units EUR 100, ,050 Class RD Units EUR 101, ,588 17

18 Eurizon Opportunità - Obbligazioni Flessibile STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2017 IN EUR Net assets at the beginning of the year Notes ,99 Net income from investments (Note 2) ,01 Interest on bank accounts ,35 Interest received on swap contracts (Notes 2, 8) ,13 Other income (Note 5) ,86 Total income ,35 Management fee (Note 5) ( ,64) Performance fee (Note 6) ( ,25) Depositary and paying agent fee (Note 7) ( ,14) Subscription tax (Note 3) ( ,38) Interest on bank accounts (3 456,37) Interest paid on swap contracts (Notes 2, 8) (35 553,54) Other charges and taxes (Notes 4, 7) ( ,11) Total expenses ( ,43) Net investment income / (loss) ,92 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,76) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,78 - option contracts (Notes 2, 8) ( ,19) - forward foreign exchange contracts (Notes 2, 8) ( ,32) - foreign currencies ,03 - future contracts (Notes 2, 8) ,20 - swap contracts (Notes 2, 8) (64 411,79) Net result of operations for the year ,87 Subscriptions for the year ,93 Redemptions for the year ( ,63) Dividend distributions (Note 13) ( ,13) Net assets at the end of the year ,03 18

19 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,32 89,91 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,73 79,76 Ordinary Bonds , ,79 76,13 ITALY , ,49 33,89 Government , ,31 32, ,34 BTP 1.25% 27/10/2020 EUR , ,27 5, ,00 BTP 9.00% 01/11/2023 EUR , ,40 3, ,64 BTP 2.25% 22/04/2017 EUR , ,38 3, ,16 BTP 1.65% 23/04/2020 EUR , ,15 3, ,00 BTP 4.50% 01/03/2026 EUR , ,40 2, ,99 BTP 2.15% 12/11/2017 EUR , ,38 2, ,05 BTP 0.50% 20/04/2023 EUR , ,72 2, ,00 BTP 0.40% 11/04/2024 EUR , ,81 2, ,00 BTP 5.00% 01/09/2040 EUR , ,50 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,00 BTP 6.50% 01/11/2027 EUR , ,00 1, ,00 BTP 5.00% 01/08/2039 EUR , ,00 0, ,00 BTP 7.25% 01/11/2026 EUR , ,90 0, ,00 BTP 2.20% 01/06/2027 EUR , ,00 0, ,00 BTP 2.80% 21/04/2023 EUR , ,40 0,20 Finance , ,30 0, ,00 CASSA DEPOSITI E PRESTITI SPA 1.50% 09/04/2025 EUR , ,00 0, ,00 UNICREDIT SPA 1.50% 19/06/2019 EUR , ,60 0, ,00 UNIONE DI BANCHE ITALIANE SPA 2.875% 18/02/2019 EUR , ,50 0, ,00 UNICREDIT SPA 3.25% 14/01/2021 EUR , ,00 0, ,00 ASSICURAZIONI GENERALI SPA 2.875% 14/01/2020 EUR , ,00 0, ,00 ASSICURAZIONI GENERALI SPA 4.125% 04/05/2026 EUR , ,00 0, ,00 CDP RETI SPA 1.875% 29/05/2022 EUR , ,25 0, ,00 MEDIOBANCA SPA 2.25% 18/03/2019 EUR , ,00 0, ,00 UNICREDIT SPA 3.625% 24/01/2019 EUR , ,50 0, ,00 CASSA DEPOSITI E PRESTITI SPA 2.75% 31/05/2021 EUR , ,50 0, ,00 INTESA SANPAOLO SPA 2.25% 22/01/2020 EUR , ,95 0,02 Telecommunication , ,84 0, ,00 TELECOM ITALIA SPA 5.875% 19/05/2023 GBP , ,03 0, ,00 TELECOM ITALIA SPA 3.25% 16/01/2023 EUR , ,00 0, ,00 TELECOM ITALIA SPA 6.375% 24/06/2019 GBP , ,81 0,03 Industries , ,82 0, ,00 LEONARDO SPA 8.00% 16/12/2019 GBP , ,82 0, ,00 AUTOSTRADE PER L ITALIA SPA 1.125% 04/11/2021 EUR , ,00 0, ,00 FERROVIE DELLO STATO ITALIANE SPA 3.50% 13/12/2021 EUR , ,00 0,01 Multi-Utilities , ,22 0, ,00 A2A SPA 4.375% 10/01/2021 EUR , ,00 0, ,00 ITALGAS SPA 0.50% 19/01/2022 EUR , ,00 0, ,00 SNAM SPA 1.375% 19/11/2023 EUR , ,22 0,02 Consumer Retail , ,00 0, ,00 LKQ ITALIA BONDCO SPA 3.875% 01/04/2024 EUR , ,00 0,07 UNITED STATES , ,32 12,81 Government , ,72 11, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,93 2, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,95 2,80 19

20 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,92 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,61 1, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,97 1, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,09 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,25 0,64 Finance , ,60 0, ,00 GOLDMAN SACHS GROUP INC 2.50% 18/10/2021 EUR , ,00 0, ,00 JPMORGAN CHASE & CO 2.75% 24/08/2022 EUR , ,20 0, ,00 CITIGROUP INC 0.75% 09/01/2023 EUR , ,40 0, ,00 MORGAN STANLEY 1.875% 30/03/2023 EUR , ,00 0, ,00 MORGAN STANLEY 1.00% 06/12/2024 EUR , ,00 0, ,00 GOLDMAN SACHS GROUP INC 1.25% 03/11/2020 EUR , ,00 0,02 Consumer Retail , ,00 0, ,00 ZF NORTH AMERICA CAPITAL INC 2.75% 27/04/2023 EUR , ,00 0, ,00 LEVI STRAUSS & CO 3.375% 15/03/2027 EUR , ,00 0, ,00 GENERAL MOTORS FINANCIAL CO INC 0.955% 07/09/2023 EUR , ,00 0, ,00 ZF NORTH AMERICA CAPITAL INC 2.25% 26/04/2019 EUR , ,00 0, ,00 ECOLAB INC 1.00% 22/01/2017 EUR , ,00 0,01 Industries , ,50 0, ,00 BALL CORP 3.50% 15/12/2020 EUR , ,50 0, ,00 GENERAL ELECTRIC CO 1.25% 01/05/2025 EUR , ,00 0, ,00 FEDEX CORP 1.625% 11/01/2027 EUR , ,00 0, ,00 FEDEX CORP 0.50% 09/04/2020 EUR , ,00 0,02 Basic Goods , ,90 0, ,00 COCA-COLA CO 1.625% 09/03/2035 EUR , ,00 0, ,00 COCA-COLA CO 0.75% 09/03/2023 EUR , ,90 0,03 Health , ,60 0, ,00 AMGEN INC 2.125% 13/09/2019 EUR , ,80 0, ,00 AMGEN INC 1.25% 01/12/2026 EUR , ,80 0,03 Computing and IT , ,00 0, ,00 QUINTILES IMS INC 3.25% 15/03/2025 EUR , ,00 0,03 Telecommunication , ,00 0, ,00 VERIZON COMMUNICATIONS INC 0.50% 20/01/2021 EUR , ,00 0,03 PORTUGAL , ,90 6,00 Government , ,90 5, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% EUR , ,52 1,45 15/02/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% EUR , ,00 1,15 15/04/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% EUR , ,70 1,15 25/10/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% EUR , ,35 0,69 14/04/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% EUR , ,60 0,52 21/07/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% EUR , ,00 0,48 15/10/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% EUR , ,99 0,35 17/10/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,74 0,06 20

21 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.75% 05/07/ ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.567% 22/09/2020 EUR , ,00 0,06 EUR , ,00 0,02 Industries , ,00 0, ,00 INFRAESTRUTURAS DE PORTUGAL SA 5.875% 18/02/2019 EUR , ,00 0, ,00 INFRAESTRUTURAS DE PORTUGAL SA 4.25% 13/12/2021 EUR , ,00 0,02 SPAIN , ,24 4,56 Government , ,24 4, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,96 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,36 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,05 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,70 0, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,69 0, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,13 0, ,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO EUR , ,00 0, % 17/03/ ,00 INSTITUTO DE CREDITO OFICIAL 6.00% 08/03/2021 EUR , ,35 0, ,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO 0.625% 17/03/2022 EUR , ,00 0,02 Finance , ,00 0, ,00 SANTANDER CONSUMER FINANCE SA 0.90% 18/02/2020 EUR , ,00 0, ,00 BANCO BILBAO VIZCAYA ARGENTARIA SA 1.00% 22/11/2024 EUR , ,00 0, ,00 SANTANDER ISSUANCES SAU 3.125% 19/01/2027 EUR , ,00 0, ,00 SANTANDER CONSUMER FINANCE SA 1.50% 12/11/2020 EUR , ,00 0,03 Telecommunication , ,00 0, ,00 CELLNEX TELECOM SA 2.375% 09/07/2018 EUR , ,00 0, ,00 TELEFONICA EMISIONES SAU 0.75% 13/04/2022 EUR , ,00 0,05 Consumer Retail , ,00 0, ,00 ADIF - ALTA VELOCIDAD 3.50% 27/05/2024 EUR , ,00 0, ,00 ABERTIS INFRAESTRUCTURAS SA 2.50% 27/02/2025 EUR , ,00 0,04 Multi-Utilities , ,00 0, ,00 ENAGAS FINANCIACIONES SAU 0.75% 07/06/2027 EUR , ,00 0,01 NETHERLANDS , ,79 1,85 Consumer Retail , ,79 0, ,00 SCHAEFFLER FINANCE BV 3.50% 15/05/2022 EUR , ,50 0, ,00 GRUPO ANTOLIN DUTCH BV 5.125% 30/06/2022 EUR , ,00 0, ,00 GOODYEAR DUNLOP TIRES EUROPE BV 3.75% 15/12/2023 EUR , ,00 0, ,00 SCHAEFFLER FINANCE BV 2.50% 15/05/2020 EUR , ,00 0, ,00 SCHAEFFLER FINANCE BV 4.25% 15/05/2021 USD , ,79 0, ,00 VOLKSWAGEN INTERNATIONAL FINANCE NV 1.125% EUR , ,00 0,03 02/10/ ,00 BMW FINANCE NV 0.75% 15/04/2024 EUR , ,50 0,02 Telecommunication , ,80 0, ,00 ZIGGO SECURED FINANCE BV 3.75% 15/01/2025 EUR , ,00 0, ,00 KONINKLIJKE KPN NV 0.625% 09/04/2025 EUR , ,00 0, ,00 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 3.25% 17/01/2028 EUR , ,80 0,05 Industries , ,35 0, ,00 OI EUROPEAN GROUP BV 4.875% 31/03/2021 EUR , ,00 0, ,00 KAZAKHSTAN TEMIR ZHOLY FINANCE BV 6.95% 10/07/2042 USD , ,35 0,11 21

22 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Finance , ,00 0, ,00 COOPERATIEVE RABOBANK UA 4.125% 14/09/2022 EUR , ,00 0, ,00 BANK NEDERLANDSE GEMEENTEN NV 0.25% 07/06/2024 EUR , ,50 0, ,00 ING BANK NV 4.50% 21/02/2022 EUR , ,00 0, ,00 VONOVIA FINANCE BV 1.25% 06/12/2021 EUR , ,00 0, ,00 NEDERLANDSE WATERSCHAPSBANK NV 0.00% 03/09/2025 EUR , ,50 0,01 Multi-Utilities , ,20 0, ,00 GAS NATURAL FENOSA FINANCE BV 2.875% 11/03/2024 EUR , ,00 0, ,00 EDP FINANCE BV 1.125% 12/02/2024 EUR , ,00 0, ,00 ENEL FINANCE INTERNATIONAL NV 1.966% 27/01/2025 EUR , ,20 0, ,00 GAS NATURAL FENOSA FINANCE BV 1.25% 19/04/2026 EUR , ,00 0,02 Government , ,15 0, ,00 DEUTSCHE BAHN FINANCE BV 3.00% 08/03/2024 EUR , ,40 0, ,00 DEUTSCHE BAHN FINANCE BV 3.75% 09/07/2025 EUR , ,75 0,03 Health , ,50 0, ,00 TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.125% 15/10/2024 EUR , ,50 0,07 Energy , ,00 0, ,00 SHELL INTERNATIONAL FINANCE BV 0.75% 15/08/2028 EUR , ,00 0,04 IRELAND , ,82 1,51 Government , ,84 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,57 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,46 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,81 0,19 Finance , ,48 0, ,00 VNESHECONOMBANK VIA VEB FINANCE PLC 6.025% USD , ,20 0,11 05/07/ ,00 VNESHECONOMBANK VIA VEB FINANCE PLC 6.80% USD , ,68 0,09 22/11/ ,00 FCA BANK SPA 2.875% 26/01/2018 EUR , ,60 0,09 Industries , ,00 0, ,00 ARDAGH PACKAGING FINANCE PLC VIA ARDAGH HOLDINGS USA INC 2.75% 15/03/2024 EUR , ,00 0,16 Raw materials , ,50 0, ,00 SMURFIT KAPPA ACQUISITIONS 3.25% 01/06/2021 EUR , ,00 0, ,00 SMURFIT KAPPA ACQUISITIONS 2.75% 01/02/2025 EUR , ,50 0,04 FRANCE , ,70 1,48 Consumer Retail , ,90 0, ,00 ELIS SA 3.00% 30/04/2022 EUR , ,00 0, ,00 REXEL SA 3.50% 15/06/2023 EUR , ,00 0, ,00 LOXAM SAS 3.50% 03/05/2023 EUR , ,50 0, ,00 PEUGEOT SA 2.375% 14/04/2023 EUR , ,00 0, ,00 RCI BANQUE SA 2.25% 29/03/2021 EUR , ,40 0, ,00 BISOHO SAS 5.875% 01/05/2023 EUR , ,00 0, ,00 SNCF RESEAU 2.625% 29/12/2025 EUR , ,00 0, ,00 ACCOR SA 2.375% 17/09/2023 EUR , ,00 0, ,00 APRR SA 1.125% 15/01/2021 EUR , ,00 0, ,00 SNCF RESEAU 4.25% 07/10/2026 EUR , ,00 0, ,00 SNCF RESEAU 1.875% 30/03/2034 EUR , ,00 0,01 22

23 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Industries , ,00 0, ,00 CROWN EUROPEAN HOLDINGS SA 4.00% 15/07/2022 EUR , ,00 0, ,00 BOUYGUES SA 1.375% 02/06/2023 EUR , ,00 0, ,00 CROWN EUROPEAN HOLDINGS SA 2.625% 30/09/2024 EUR , ,00 0,02 Basic Goods , ,80 0, ,00 CASINO GUICHARD PERRACHON SA 4.407% 06/08/2019 EUR , ,00 0, ,00 CASINO GUICHARD PERRACHON SA 3.248% 07/03/2024 EUR , ,00 0, ,00 CARREFOUR SA 1.75% 15/07/2022 EUR , ,80 0, ,00 DANONE SA 1.125% 14/01/2025 EUR , ,00 0, ,00 DANONE SA 0.167% 02/06/2022 EUR , ,00 0,02 Finance , ,00 0, ,00 BNP PARIBAS SA 2.375% 17/02/2025 EUR , ,00 0, ,00 PSA BANQUE FRANCE SA 0.50% 17/01/2020 EUR , ,00 0, ,00 CNP ASSURANCES 1.875% 23/11/2020 EUR , ,00 0, ,00 AGENCE FRANCAISE DE DEVELOPPEMENT 0.25% 21/07/2026 EUR , ,00 0,01 Government , ,00 0, ,00 UNEDIC ASSEO 2.375% 25/05/2024 EUR , ,00 0, ,00 AGENCE FRANCE LOCALE 0.25% 20/03/2023 EUR , ,00 0, ,00 UNEDIC ASSEO 1.25% 28/03/2027 EUR , ,00 0,01 Health , ,00 0, ,00 SANOFI 0.50% 13/01/2027 EUR , ,00 0,03 Telecommunication , ,00 0, ,00 VIVENDI SA 0.75% 26/05/2021 EUR , ,00 0,02 UNITED KINGDOM , ,53 1,42 Consumer Retail , ,23 0, ,00 INTERNATIONAL GAME TECHNOLOGY PLC 4.125% EUR , ,00 0,13 15/02/ ,00 WILLIAM HILL PLC 4.25% 05/06/2020 GBP , ,63 0, ,00 JAGUAR LAND ROVER AUTOMOTIVE PLC 5.00% 15/02/2022 GBP , ,18 0, ,00 FCE BANK PLC 1.528% 09/11/2020 EUR , ,00 0, ,00 JAGUAR LAND ROVER AUTOMOTIVE PLC 2.75% 24/01/2021 GBP , ,42 0,01 Basic Goods , ,10 0, ,00 BAT INTERNATIONAL FINANCE PLC 3.625% 09/11/2021 EUR , ,20 0, ,00 TESCO CORPORATE TREASURY SERVICES PLC 2.50% EUR , ,00 0,12 01/07/ ,00 TESCO PLC 5.20% 05/03/2057 GBP , ,90 0, ,00 COCA-COLA EUROPEAN PARTNERS PLC 0.75% 24/02/2022 EUR , ,00 0, ,00 IMPERIAL BRANDS FINANCE PLC 0.50% 27/07/2021 EUR , ,00 0,02 Telecommunication , ,90 0, ,00 VIRGIN MEDIA SECURED FINANCE PLC 5.125% 15/01/2025 GBP , ,24 0, ,00 VODAFONE GROUP PLC 0.50% 30/01/2024 EUR , ,00 0, ,00 VIRGIN MEDIA SECURED FINANCE PLC 6.25% 28/03/2029 GBP , ,66 0, ,00 EE FINANCE PLC 3.25% 03/08/2018 EUR , ,00 0, ,00 BRITISH TELECOMMUNICATIONS PLC 0.625% 10/03/2021 EUR , ,00 0,02 Finance , ,30 0, ,00 HSBC HOLDINGS PLC 0.875% 06/09/2024 EUR , ,30 0, ,00 BARCLAYS BANK PLC 6.625% 30/03/2022 EUR , ,20 0, ,00 LLOYDS BANKING GROUP PLC 1.00% 08/12/2023 EUR , ,37 0, ,00 ROYAL BANK OF SCOTLAND GROUP PLC 6.125% 15/12/2022 USD , ,43 0, ,00 SANTANDER UK GROUP HOLDINGS PLC 1.125% 08/09/2023 EUR , ,00 0,04 23

24 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Raw materials , ,00 0, ,00 ANGLO AMERICAN CAPITAL PLC 2.875% 20/11/2020 EUR , ,00 0,09 LUXEMBOURG , ,28 1,11 Telecommunication , ,15 0, ,00 WIND ACQUISITION FINANCE SA 4.00% 15/07/2020 EUR , ,00 0, ,00 TELECOM ITALIA CAPITAL SA 7.20% 18/07/2036 USD , ,15 0,12 Industries , ,60 0, ,00 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 3.25% EUR , ,60 0,12 21/10/ ,00 CNH INDUSTRIAL FINANCE EUROPE SA 6.25% 09/03/2018 EUR , ,00 0, ,00 CNH INDUSTRIAL FINANCE EUROPE SA 2.875% 27/09/2021 EUR , ,00 0, ,00 HOLCIM FINANCE LUXEMBOURG SA 1.375% 01/06/2026 EUR , ,00 0,02 Consumer Retail , ,00 0, ,00 GESTAMP FUNDING LUXEMBOURG SA 3.50% 15/05/2023 EUR , ,00 0, ,00 DUFRY FINANCE SCA 4.50% 01/08/2023 EUR , ,00 0, ,00 DUFRY FINANCE SCA 4.50% 15/07/2022 EUR , ,00 0,07 Raw materials , ,53 0, ,00 ARCELORMITTAL 7.75% 01/03/2041 USD , ,03 0, ,00 ARCELORMITTAL 3.00% 25/03/2019 EUR , ,00 0, ,00 ARCELORMITTAL 2.875% 06/07/2020 EUR , ,50 0,07 INDONESIA , ,99 0,67 Government , ,37 0, ,00 INDONESIA GOVERNMENT INTERNATIONAL BOND 5.875% USD , ,73 0,17 13/03/ ,00 INDONESIA GOVERNMENT INTERNATIONAL BOND 5.875% USD , ,43 0,16 15/01/ ,00 INDONESIA GOVERNMENT INTERNATIONAL BOND 4.125% USD , ,01 0,11 15/01/ ,00 INDONESIA GOVERNMENT INTERNATIONAL BOND 4.625% 15/04/2043 USD , ,20 0,02 Multi-Utilities , ,62 0, ,00 PERUSAHAAN LISTRIK NEGARA PT 5.50% 22/11/2021 USD , ,62 0,21 HUNGARY , ,40 0,66 Government , ,40 0, ,00 HUNGARY GOVERNMENT INTERNATIONAL BOND 6.375% USD , ,54 0,44 29/03/ ,00 HUNGARY GOVERNMENT INTERNATIONAL BOND 5.375% 25/03/2024 USD , ,86 0,22 PERU , ,78 0,58 Government , ,78 0, ,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND 4.125% USD , ,26 0,43 25/08/ ,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND 5.625% USD , ,77 0,10 18/11/ ,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND 7.35% 21/07/2025 USD , ,75 0,05 24

25 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets MEXICO , ,26 0,56 Government , ,83 0, ,00 MEXICO GOVERNMENT INTERNATIONAL BOND 3.60% USD , ,59 0,19 30/01/ ,00 MEXICO GOVERNMENT INTERNATIONAL BOND 6.05% USD , ,36 0,13 11/01/ ,00 MEXICO GOVERNMENT INTERNATIONAL BOND 4.00% USD , ,59 0,10 02/10/ ,00 MEXICO GOVERNMENT INTERNATIONAL BOND 4.60% 23/01/2046 USD , ,29 0,09 Multi-Utilities , ,43 0, ,00 COMISION FEDERAL DE ELECTRICIDAD 4.875% 15/01/2024 USD , ,43 0,05 BRAZIL , ,14 0,54 Government , ,14 0, ,00 BRAZILIAN GOVERNMENT INTERNATIONAL BOND 2.625% USD , ,10 0,46 05/01/ ,00 BRAZILIAN GOVERNMENT INTERNATIONAL BOND 4.25% 07/01/2025 USD , ,04 0,08 GERMANY , ,52 0,52 Telecommunication , ,50 0, ,00 UNITYMEDIA HESSEN GMBH & CO KG VIA UNITYMEDIA NRW EUR , ,50 0,19 GMBH 5.75% 15/01/ ,00 UNITYMEDIA HESSEN GMBH & CO KG VIA UNITYMEDIA NRW GMBH 3.50% 15/01/2027 EUR , ,00 0,10 Finance , ,00 0, ,00 DEUTSCHE BANK AG 1.25% 08/09/2021 EUR , ,00 0,07 Government , ,52 0, ,00 GEORGIA GOVERNMENT INTERNATIONAL BOND 6.875% 12/04/2021 USD , ,52 0,05 Computing and IT , ,00 0, ,00 SAP SE 1.125% 20/02/2023 EUR , ,00 0,05 Health , ,00 0, ,00 FRESENIUS SE & CO KGAA 3.00% 01/02/2021 EUR , ,00 0,03 Multi-Utilities , ,00 0, ,00 EUROGRID GMBH 1.50% 18/04/2028 EUR , ,00 0,02 Consumer Retail , ,50 0, ,00 KNORR-BREMSE AG 0.50% 14/06/2031 EUR , ,50 0,01 RUSSIA , ,32 0,52 Government , ,32 0, ,00 RUSSIAN FOREIGN BOND - EUROBOND 4.50% 04/04/2022 USD , ,05 0, ,00 RUSSIAN FOREIGN BOND - EUROBOND 5.00% 29/04/2020 USD , ,80 0, ,00 RUSSIAN FOREIGN BOND - EUROBOND 5.625% 04/04/2042 USD , ,80 0, ,00 RUSSIAN FOREIGN BOND - EUROBOND 4.50% 04/04/2022 USD , ,67 0,02 POLAND , ,21 0,51 Government , ,21 0, ,00 REPUBLIC OF POLAND GOVERNMENT INTERNATIONAL BOND USD , ,94 0, % 17/03/ ,00 REPUBLIC OF POLAND GOVERNMENT INTERNATIONAL BOND 4.00% 22/01/2024 USD , ,21 0,15 25

26 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,00 REPUBLIC OF POLAND GOVERNMENT INTERNATIONAL BOND 3.25% 06/04/ ,00 REPUBLIC OF POLAND GOVERNMENT INTERNATIONAL BOND 5.00% 23/03/2022 USD , ,74 0,11 USD , ,32 0,05 PANAMA , ,87 0,49 Government , ,87 0, ,00 PANAMA GOVERNMENT INTERNATIONAL BOND 4.00% USD , ,14 0,38 22/09/ ,00 PANAMA GOVERNMENT INTERNATIONAL BOND 3.875% 17/03/2028 USD , ,73 0,11 COLOMBIA , ,54 0,47 Government , ,54 0, ,00 COLOMBIA GOVERNMENT INTERNATIONAL BOND 2.625% USD , ,71 0,37 15/03/ ,00 COLOMBIA GOVERNMENT INTERNATIONAL BOND 4.00% 26/02/2024 USD , ,83 0,10 KAZAKHSTAN , ,79 0,46 Energy , ,24 0, ,00 KAZMUNAYGAS NATIONAL CO JSC 6.375% 09/04/2021 USD , ,24 0,26 Government , ,55 0, ,00 KAZAKHSTAN GOVERNMENT INTERNATIONAL BOND 3.875% USD , ,65 0,13 14/10/ ,00 KAZAKHSTAN GOVERNMENT INTERNATIONAL BOND 5.125% 21/07/2025 USD , ,90 0,07 SOUTH AFRICA , ,28 0,43 Government , ,28 0, ,00 REPUBLIC OF SOUTH AFRICA GOVERNMENT INTERNATIONAL USD , ,71 0,38 BOND 4.665% 17/01/ ,00 REPUBLIC OF SOUTH AFRICA GOVERNMENT INTERNATIONAL BOND 5.875% 30/05/2022 USD , ,57 0,05 PHILIPPINES , ,19 0,41 Government , ,19 0, ,00 PHILIPPINE GOVERNMENT INTERNATIONAL BOND 5.50% USD , ,90 0,30 30/03/ ,00 PHILIPPINE GOVERNMENT INTERNATIONAL BOND 6.375% 15/01/2032 USD , ,29 0,11 ROMANIA , ,16 0,38 Government , ,16 0, ,00 ROMANIAN GOVERNMENT INTERNATIONAL BOND 6.75% USD , ,16 0,38 07/02/2022 INDIA , ,24 0,37 Government , ,24 0, ,00 EXPORT-IMPORT BANK OF INDIA 4.00% 14/01/2023 USD , ,23 0, ,00 EXPORT-IMPORT BANK OF INDIA 3.875% 02/10/2019 USD , ,01 0,15 26

27 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets CROATIA , ,73 0,37 Government , ,73 0, ,00 CROATIA GOVERNMENT INTERNATIONAL BOND 5.50% USD , ,21 0,22 04/04/ ,00 CROATIA GOVERNMENT INTERNATIONAL BOND 6.625% 14/07/2020 USD , ,52 0,15 SERBIA , ,10 0,36 Government , ,10 0, ,00 SERBIA INTERNATIONAL BOND 7.25% 28/09/2021 USD , ,04 0, ,00 SERBIA INTERNATIONAL BOND 4.875% 25/02/2020 USD , ,06 0,11 TURKEY , ,56 0,36 Government , ,56 0, ,00 TURKEY GOVERNMENT INTERNATIONAL BOND 3.25% USD , ,56 0,36 23/03/2023 URUGUAY , ,67 0,36 Government , ,67 0, ,00 URUGUAY GOVERNMENT INTERNATIONAL BOND 4.50% USD , ,61 0,30 14/08/ ,00 URUGUAY GOVERNMENT INTERNATIONAL BOND 4.125% 20/11/2045 USD , ,06 0,06 FINLAND , ,85 0,28 Telecommunication , ,85 0, ,00 NOKIA OYJ 6.625% 15/05/2039 USD , ,14 0, ,00 NOKIA OYJ 5.375% 15/05/2019 USD , ,71 0, ,00 NOKIA OYJ 2.00% 15/03/2024 EUR , ,00 0,04 Raw materials , ,00 0, ,00 STORA ENSO OYJ 5.50% 07/03/2019 EUR , ,00 0, ,00 STORA ENSO OYJ 2.125% 16/06/2023 EUR , ,00 0,04 GUATEMALA , ,60 0,27 Government , ,60 0, ,00 GUATEMALA GOVERNMENT BOND 5.75% 06/06/2022 USD , ,60 0,27 MOROCCO , ,00 0,27 Government , ,00 0, ,00 MOROCCO GOVERNMENT INTERNATIONAL BOND 5.50% USD , ,90 0,21 11/12/ ,00 MOROCCO GOVERNMENT INTERNATIONAL BOND 4.25% 11/12/2022 USD , ,10 0,06 JERSEY , ,80 0,25 Consumer Retail , ,00 0, ,00 ADIENT GLOBAL HOLDINGS LTD 3.50% 15/05/2025 EUR , ,00 0, ,00 DELPHI AUTOMOTIVE PLC 1.60% 15/09/2028 EUR , ,00 0,06 Finance , ,80 0, ,00 UBS GROUP FUNDING JERSEY LTD 2.125% 07/10/2021 EUR , ,80 0, ,00 UBS GROUP FUNDING JERSEY LTD 1.25% 01/09/2026 EUR , ,00 0,03 27

28 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets BELGIUM , ,00 0,22 Basic Goods , ,00 0, ,00 BARRY CALLEBAUT SERVICES NV 5.625% 15/06/2021 EUR , ,00 0, ,00 BARRY CALLEBAUT SERVICES NV 2.375% 24/05/2024 EUR , ,50 0, ,00 ANHEUSER-BUSCH INBEV SA/NV 2.00% 17/03/2028 EUR , ,00 0, ,00 ANHEUSER-BUSCH INBEV SA/NV 0.875% 17/03/2036 EUR , ,50 0,03 AZERBAIJAN , ,87 0,14 Government , ,26 0, ,00 REPUBLIC OF AZERBAIJAN INTERNATIONAL BOND 4.75% USD , ,26 0,11 18/03/2024 Energy , ,61 0, ,00 STATE OIL CO OF THE AZERBAIJAN REPUBLIC 6.95% USD , ,61 0,03 18/03/2030 PARAGUAY , ,15 0,13 Government , ,15 0, ,00 PARAGUAY GOVERNMENT INTERNATIONAL BOND 5.00% USD , ,15 0,13 15/04/2026 LITHUANIA , ,67 0,11 Government , ,67 0, ,00 LITHUANIA GOVERNMENT INTERNATIONAL BOND 6.625% USD , ,67 0,11 01/02/2022 COSTA RICA , ,81 0,11 Government , ,81 0, ,00 COSTA RICA GOVERNMENT INTERNATIONAL BOND 4.25% USD , ,81 0,11 26/01/2023 AUSTRALIA , ,40 0,11 Telecommunication , ,40 0, ,00 TELSTRA CORP LTD 2.50% 15/09/2023 EUR , ,40 0,06 Raw materials , ,00 0, ,00 BHP BILLITON FINANCE LTD 2.25% 25/09/2020 EUR , ,00 0,05 CHILE , ,57 0,10 Government , ,57 0, ,00 CHILE GOVERNMENT INTERNATIONAL BOND 2.25% USD , ,57 0,10 30/10/2022 TUNISIA , ,07 0,10 Finance , ,07 0, ,00 BANQUE CENTRALE DE TUNISIE INTERNATIONAL BOND USD , ,07 0, % 30/01/2025 SWITZERLAND , ,20 0,10 Finance , ,20 0, ,00 CREDIT SUISSE AG 1.375% 31/01/2022 EUR , ,20 0, ,00 CREDIT SUISSE AG 1.00% 07/06/2023 EUR , ,00 0,02 Supranational , ,00 0, ,00 EUROFIMA 3.125% 15/11/2022 EUR , ,00 0,02 28

29 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets CAYMAN ISLANDS , ,00 0,09 Telecommunication , ,00 0, ,00 UPCB FINANCE IV LTD 0.00% 15/01/2027 EUR , ,00 0,06 Multi-Utilities , ,00 0, ,00 HUTCHISON WHAMPOA FINANCE 14 LTD 1.375% 31/10/2021 EUR , ,00 0,03 NORWAY , ,00 0,06 Finance , ,00 0, ,00 SANTANDER CONSUMER BANK AS 0.25% 30/09/2019 EUR , ,00 0,06 Government , ,00 0, ,00 KOMMUNALBANKEN AS 0.625% 20/04/2026 EUR , ,00 0,00 GUERNSEY , ,40 0,06 Finance , ,40 0, ,00 CREDIT SUISSE GROUP FUNDING GUERNSEY LTD 1.25% EUR , ,40 0,06 14/04/2022 NAMIBIA , ,28 0,04 Government , ,28 0, ,00 NAMIBIA INTERNATIONAL BONDS 5.25% 29/10/2025 USD , ,28 0,04 AUSTRIA , ,00 0,02 Telecommunication , ,00 0, ,00 TELEKOM FINANZMANAGEMENT GMBH 1.50% 08/12/2021 EUR , ,00 0,01 Consumer Retail , ,00 0, ,00 AUTOBAHNEN- UND SCHNELLSTRAßEN-FINANZIERUNGS-AKTIENGESELLSCHAFT 0.00% 22/09/2025 EUR , ,00 0,01 DENMARK , ,30 0,02 Government , ,30 0, ,00 KOMMUNEKREDIT 0.25% 16/02/2024 EUR , ,30 0,02 Floating Rate Notes , ,94 3,60 NETHERLANDS , ,20 0,94 Telecommunication , ,00 0, ,00 KONINKLIJKE KPN NV FRN 29/03/2049 EUR , ,00 0, ,00 TELEFONICA EUROPE BV FRN 29/12/2049 EUR , ,00 0, ,00 TELEFONICA EUROPE BV FRN 29/09/2049 EUR , ,00 0, ,00 TELEFONICA EUROPE BV FRN 31/12/2049 EUR , ,00 0,02 Finance , ,20 0, ,00 GENERALI FINANCE BV FRN 30/11/2049 EUR , ,00 0, ,00 AEGON NV FRN 25/04/2044 EUR , ,00 0, ,00 DEMETER INVESTMENTS BV FOR ZURICH INSURANCE CO LTD FRN 26/05/2023 EUR , ,20 0,02 Multi-Utilities , ,00 0, ,00 GAS NATURAL FENOSA FINANCE BV FRN 29/11/2049 EUR , ,00 0, ,00 IBERDROLA INTERNATIONAL BV FRN 27/02/2049 EUR , ,00 0, ,00 TENNET HOLDING BV FRN 31/12/2099 EUR , ,00 0,02 29

30 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Energy , ,00 0, ,00 REPSOL INTERNATIONAL FINANCE BV FRN 29/12/2049 EUR , ,00 0,13 FRANCE , ,34 0,66 Finance , ,74 0, ,00 SOCIETE GENERALE SA FRN 29/09/2049 EUR , ,00 0, ,00 AXA SA FRN 20/05/2049 EUR , ,00 0, ,00 CREDIT AGRICOLE SA FRN 29/03/2049 EUR , ,50 0, ,00 CREDIT AGRICOLE SA FRN 29/10/2049 GBP , ,24 0, ,00 CREDIT AGRICOLE ASSURANCES SA FRN 03/05/2023 EUR , ,00 0,02 Multi-Utilities , ,00 0, ,00 VEOLIA ENVIRONNEMENT SA FRN 29/01/2049 EUR , ,00 0,13 Energy , ,60 0, ,00 TOTAL SA FRN 26/10/2023 EUR , ,60 0,09 Telecommunication , ,00 0, ,00 ORANGE SA FRN 29/12/2049 EUR , ,00 0,06 UNITED KINGDOM , ,82 0,49 Finance , ,55 0, ,00 ROYAL BANK OF SCOTLAND GROUP PLC FRN 25/03/2024 EUR , ,00 0, ,00 BARCLAYS BANK PLC FRN 29/11/2049 GBP , ,05 0, ,00 BARCLAYS PLC FRN 11/11/2025 EUR , ,50 0, ,00 ROYAL BANK OF SCOTLAND GROUP PLC FRN 08/03/2023 EUR , ,00 0,02 Telecommunication , ,77 0, ,00 VIRGIN MEDIA SECURED FINANCE PLC FRN 15/01/2025 GBP , ,77 0,13 Multi-Utilities , ,50 0, ,00 NGG FINANCE PLC FRN 18/06/2076 EUR , ,50 0,09 GERMANY , ,42 0,35 Raw materials , ,00 0, ,00 LANXESS AG FRN 26/04/2023 EUR , ,00 0,14 Multi-Utilities , ,42 0, ,00 RWE AG FRN 29/03/2049 GBP , ,55 0, ,00 RWE AG FRN 12/10/2072 USD , ,87 0,04 Finance , ,00 0, ,00 ALLIANZ SE FRN 29/09/2049 EUR , ,00 0,09 ITALY , ,66 0,34 Multi-Utilities , ,66 0, ,00 ENEL SPA FRN 10/09/2075 GBP , ,16 0, ,00 ENEL SPA FRN 15/01/2075 EUR , ,50 0,11 Finance , ,00 0, ,00 UNIONE DI BANCHE ITALIANE SPA FRN 15/09/2027 EUR , ,00 0, ,00 INTESA SANPAOLO VITA SPA FRN 31/12/2049 EUR , ,00 0, ,00 ASSICURAZIONI GENERALI SPA FRN 27/10/2047 EUR , ,00 0,02 IRELAND , ,00 0,23 Finance , ,00 0, ,00 BANK OF IRELAND FRN 11/06/2024 EUR , ,00 0, ,00 ALLIED IRISH BANKS PLC FRN 26/11/2025 EUR , ,00 0,09 30

31 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets SWEDEN , ,50 0,20 Consumer Retail , ,00 0, ,00 VOLVO TREASURY AB FRN 10/03/2078 EUR , ,00 0,14 Finance , ,00 0, ,00 NORDEA BANK AB FRN 07/09/2026 EUR , ,00 0,05 Telecommunication , ,50 0, ,00 TELIA CO AB FRN 04/04/2078 EUR , ,50 0,01 UNITED STATES , ,00 0,14 Finance , ,00 0, ,00 BANK OF AMERICA CORP FRN 19/06/2019 EUR , ,00 0, ,00 MORGAN STANLEY FRN 27/01/2022 EUR , ,00 0,06 AUSTRIA , ,00 0,13 Telecommunication , ,00 0, ,00 TELEKOM AUSTRIA AG FRN 29/12/2049 EUR , ,00 0,13 SPAIN , ,00 0,12 Finance , ,00 0, ,00 BBVA SUBORDINATED CAPITAL SAU FRN 11/04/2024 EUR , ,00 0, ,00 MAPFRE SA FRN 31/03/2047 EUR , ,00 0,01 Zero-Coupon Bonds , ,00 0,03 ITALY , ,00 0,03 Multi-Utilities , ,00 0, ,00 SNAM SPA 0.00% 08/12/2018 EUR , ,00 0,03 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,10 0,90 Ordinary Bonds , ,31 0,84 MALAYSIA , ,60 0,29 Energy , ,60 0, ,00 PETRONAS CAPITAL LTD 3.50% 18/03/2025 USD , ,36 0, ,00 PETRONAS CAPITAL LTD 4.50% 18/03/2045 USD , ,24 0,05 BRITISH VIRGIN ISLANDS , ,04 0,27 Energy , ,04 0, ,00 SINOPEC GROUP OVERSEAS DEVELOPMENT 2014 LTD USD , ,04 0, % 10/04/2024 NETHERLANDS , ,91 0,09 Computing and IT , ,91 0, ,00 NXP BV VIA NXP FUNDING LLC 4.625% 15/06/2022 USD , ,91 0,09 MEXICO , ,92 0,08 Energy , ,92 0, ,00 PETROLEOS MEXICANOS 4.50% 23/01/2026 USD , ,92 0,08 31

32 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets UNITED KINGDOM , ,36 0,07 Consumer Retail , ,36 0, ,00 JAGUAR LAND ROVER AUTOMOTIVE PLC 5.625% USD , ,36 0,07 01/02/2023 BELGIUM , ,81 0,03 Basic Goods , ,81 0, ,00 BARRY CALLEBAUT SERVICES NV 5.50% 15/06/2023 USD , ,81 0,03 UNITED STATES , ,67 0,01 Industries , ,67 0, ,00 SILGAN HOLDINGS INC 4.75% 15/03/2025 USD , ,67 0,01 Floating Rate Notes , ,79 0,06 FRANCE , ,79 0,06 Finance , ,79 0, ,00 CREDIT AGRICOLE SA FRN 29/10/2049 USD , ,79 0,06 INVESTMENT FUNDS , ,49 9,25 UCI Units , ,49 9,25 LUXEMBOURG , ,49 9,25 Finance , ,49 9, ,56 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,51 6,02 CURRENCIES -Z ,45 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,98 3,23 Total Portfolio , ,32 89,91 32

33 Eurizon Opportunità - Obbligazioni Flessibile COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,19 Unrealised profit on future contracts and commitment , , (2 372) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO OAT 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR , ,00 Unrealised loss on future contracts and commitment ( ,14) , (595) Sale LONG GILT 28/06/2017 GBP ( ,37) , (1 339) Sale SHORT EURO BTP 08/06/2017 EUR (41 828,77) , Purchase EURO SCHATZ 08/06/2017 EUR (7 840,00) ,00 33

34 Eurizon Opportunità - Obbligazioni Flessibile FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,90 Unrealised profit on forward foreign exchange contracts ,98 16/05/ ,87 EUR ,00 USD ,22 16/05/ ,00 JPY ,94 EUR ,77 16/05/ ,04 EUR ,00 USD 2 466,99 Unrealised loss on forward foreign exchange contracts ( ,08) 16/05/ ,75 EUR ,00 GBP ( ,03) 16/05/ ,03 EUR ,00 KRW ( ,74) 16/05/ ,68 EUR ,00 USD (38 055,34) 16/05/ ,20 EUR ,00 USD (4 938,97) 34

35 Eurizon Opportunità - Obbligazioni Flessibile SWAP CONTRACTS AS AT 31 MARCH 2017 Underlying name Currency Position Notional Counterparty Maturity Interest receivable/ (payable) (EUR) Unrealised profit / (loss) (EUR) CREDIT DEFAULT SWAP CONTRACTS ,67 ( ,11) ITRAXX EUROPE CROSSOVER SERIES 27 VERSION 1 EUR L ,00 BANCA IMI S.P.A. 20/06/ ,67 ( ,11) 35

36 Eurizon Opportunità - Flessibile 15 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,74 Banks ,30 Amounts due from brokers (Notes 2, 8) ,32 Option contracts (Notes 2, 8) ,00 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,22 Unrealised profit on future contracts (Notes 2, 8) 1 073,76 Other interest receivable ,32 Other assets (Note 11) ,13 Total assets ,79 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (79 000,32) Unrealised loss on future contracts (Notes 2, 8) ( ,33) Payable on investments purchased ( ,05) Payable on redemptions ( ,77) Other liabilities ( ,16) Total liabilities ( ,63) Total net assets ,16 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 99, ,035 36

37 Eurizon Opportunità - Flessibile 15 STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2017 IN EUR Net assets at the beginning of the year Notes ,97 Net income from investments (Note 2) ,43 Interest on bank accounts 355,52 Interest received on swap contracts (Notes 2, 8) ,00 Other income 958,30 Total income ,25 Management fee (Note 5) ( ,27) Depositary and paying agent fee (Note 7) (61 325,40) Subscription tax (Note 3) (47 475,99) Other charges and taxes (Notes 4, 7) ( ,83) Total expenses ( ,49) Net investment income / (loss) ,76 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,44) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,89 - option contracts (Notes 2, 8) ,03 - forward foreign exchange contracts (Notes 2, 8) ,13 - foreign currencies ,14 - future contracts (Notes 2, 8) ( ,37) - swap contracts (Notes 2, 8) (36 519,10) Net result of operations for the year ( ,96) Subscriptions for the year ,44 Redemptions for the year ( ,29) Net assets at the end of the year ,16 37

38 Eurizon Opportunità - Flessibile 15 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,74 94,94 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,29 90,71 Ordinary Bonds , ,49 79,32 ITALY , ,54 47,83 Government , ,00 40, ,00 BTP 1.50% 01/08/2019 EUR , ,00 10, ,00 BTP 3.75% 01/03/2021 EUR , ,00 5, ,00 BTP 4.00% 01/09/2020 EUR , ,00 5, ,00 BTP 3.50% 01/12/2018 EUR , ,00 5, ,00 BTP 2.50% 01/05/2019 EUR , ,00 5, ,00 BTP 0.75% 15/01/2018 EUR , ,00 5, ,00 BTP 0.05% 09/11/2021 EUR , ,00 2,27 Finance , ,54 7, ,00 INTESA SANPAOLO SPA 1.125% 14/01/2020 EUR , ,00 2, ,00 UNICREDIT SPA 1.50% 19/06/2019 EUR , ,50 1, ,00 BANCA POPOLARE DI MILANO SCARL 3.50% 14/03/2019 EUR , ,04 1, ,00 UNIONE DI BANCHE ITALIANE SPA 2.875% 18/02/2019 EUR , ,00 0, ,00 UNIONE DI BANCHE ITALIANE SPA 2.75% 28/04/2017 EUR , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 2.375% 12/02/2019 EUR , ,00 0, ,00 UNICREDIT SPA 3.375% 11/01/2018 EUR , ,00 0, ,00 MEDIOBANCA SPA 0.75% 17/02/2020 EUR , ,00 0,28 PORTUGAL , ,00 5,26 Government , ,00 5, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.35% 16/10/2017 EUR , ,00 5,26 CYPRUS , ,00 4,58 Government , ,00 4, ,00 CYPRUS GOVERNMENT INTERNATIONAL BOND 4.75% EUR , ,00 3,56 25/06/ ,00 CYPRUS GOVERNMENT INTERNATIONAL BOND 4.625% 03/02/2020 EUR , ,00 1,02 UNITED KINGDOM , ,54 2,93 Finance , ,54 2, ,00 ROYAL BANK OF SCOTLAND PLC 5.375% 30/09/2019 EUR , ,00 1, ,00 LLOYDS BANKING GROUP PLC 0.75% 30/06/2017 EUR , ,54 0, ,00 SANTANDER UK PLC 1.75% 15/01/2018 EUR , ,00 0, ,00 ROYAL BANK OF SCOTLAND GROUP PLC 1.625% 25/06/2019 EUR , ,00 0, ,00 SANTANDER UK PLC 0.875% 25/11/2020 EUR , ,00 0, ,00 SANTANDER UK PLC 0.875% 13/01/2020 EUR , ,00 0,05 Telecommunication , ,00 0, ,00 EE FINANCE PLC 3.25% 03/08/2018 EUR , ,00 0,25 Basic Goods , ,00 0, ,00 IMPERIAL BRANDS FINANCE PLC 0.50% 27/07/2021 EUR , ,00 0,23 NETHERLANDS , ,00 2,45 Consumer Retail , ,00 1, ,00 GENERAL MOTORS FINANCIAL INTERNATIONAL BV 1.168% EUR , ,00 1,00 18/05/

39 Eurizon Opportunità - Flessibile 15 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Health , ,00 0, ,00 MYLAN NV 1.25% 11/04/2019 EUR , ,00 0, ,00 TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 0.375% 25/07/2020 EUR , ,00 0,46 Finance , ,00 0, ,00 ING GROEP NV 0.75% 09/03/2022 EUR , ,00 0,46 FRANCE , ,00 2,19 Finance , ,00 0, ,00 SOCIETE GENERALE SA 1.00% 20/09/2036 EUR , ,00 0, ,00 CNP ASSURANCES 1.875% 23/11/2020 EUR , ,00 0, ,00 PSA BANQUE FRANCE SA 0.50% 17/01/2020 EUR , ,00 0,14 Basic Goods , ,00 0, ,00 CASINO GUICHARD PERRACHON SA 4.407% 06/08/2019 EUR , ,00 0, ,00 CASINO GUICHARD PERRACHON SA 5.731% 12/11/2018 EUR , ,00 0,20 Industries , ,00 0, ,00 WENDEL SA 1.875% 10/04/2020 EUR , ,00 0,39 MEXICO , ,00 2,15 Energy , ,00 2, ,00 PETROLEOS MEXICANOS 3.75% 15/03/2019 EUR , ,00 2,15 TURKEY , ,04 1,96 Government , ,04 1, ,00 TURKEY GOVERNMENT INTERNATIONAL BOND 5.875% EUR , ,00 1,28 02/04/ ,00 TURKEY GOVERNMENT BOND 8.70% 11/07/2018 TRY , ,04 0,68 IRELAND , ,00 1,75 Finance , ,00 1, ,00 FCA BANK SPA 1.25% 21/01/2021 EUR , ,00 1, ,00 FCA BANK SPA 1.25% 23/09/2020 EUR , ,00 0,57 UNITED STATES , ,00 1,60 Finance , ,00 1, ,00 GOLDMAN SACHS GROUP INC 0.75% 10/05/2019 EUR , ,00 0, ,00 BANK OF AMERICA CORP 2.50% 27/07/2020 EUR , ,00 0, ,00 GOLDMAN SACHS GROUP INC 2.625% 19/08/2020 EUR , ,00 0,15 SPAIN , ,00 1,60 Telecommunication , ,00 0, ,00 TELEFONICA EMISIONES SAU 0.318% 14/04/2021 EUR , ,00 0,98 Finance , ,00 0, ,00 SANTANDER CONSUMER FINANCE SA 0.75% 03/04/2019 EUR , ,00 0,62 BRAZIL , ,90 1,22 Finance , ,90 1, ,00 BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E EUR , ,90 1,22 SOCIAL 4.125% 15/09/2017 SOUTH KOREA , ,00 1,16 Finance , ,00 1, ,00 INDUSTRIAL BANK OF KOREA 2.00% 30/10/2018 EUR , ,00 1,16 39

40 Eurizon Opportunità - Flessibile 15 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets SWITZERLAND , ,00 1,06 Finance , ,00 1, ,00 CREDIT SUISSE AG 1.375% 29/11/2019 EUR , ,00 0, ,00 CREDIT SUISSE AG 1.125% 15/09/2020 EUR , ,00 0,34 LUXEMBOURG , ,00 0,87 Industries , ,00 0, ,00 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 7.50% EUR , ,00 0,68 03/04/2020 Raw materials , ,00 0, ,00 GLENCORE FINANCE EUROPE SA 4.625% 03/04/2018 EUR , ,00 0,19 BELGIUM , ,00 0,52 Basic Goods , ,00 0, ,00 ANHEUSER-BUSCH INBEV SA/NV 0.625% 17/03/2020 EUR , ,00 0,52 BRITISH VIRGIN ISLANDS , ,47 0,09 Energy , ,47 0, ,00 SINOPEC GROUP OVERSEAS DEVELOPMENT 2014 LTD 1.75% USD , ,47 0,09 10/04/2017 DENMARK , ,00 0,05 Telecommunication , ,00 0, ,00 TDC A/S 4.375% 23/02/2018 EUR , ,00 0,05 CHINA , ,00 0,05 Government , ,00 0, ,00 EXPORT-IMPORT BANK OF CHINA 0.375% 26/04/2019 EUR , ,00 0,05 Floating Rate Notes , ,80 6,20 ITALY , ,30 3,81 Government , ,30 3, ,00 REPUBLIC OF ITALY GOVERNMENT INTERNATIONAL BOND FRN EUR , ,30 3,27 22/03/2018 Finance , ,00 0, ,00 MEDIOBANCA SPA FRN 30/09/2018 EUR , ,00 0,54 UNITED STATES , ,00 2,27 Finance , ,00 2, ,00 MORGAN STANLEY FRN 03/12/2019 EUR , ,00 1, ,00 BANK OF AMERICA CORP FRN 07/02/2022 EUR , ,00 0, ,00 GOLDMAN SACHS GROUP INC FRN 09/09/2022 EUR , ,00 0,51 UNITED KINGDOM , ,50 0,12 Consumer Retail , ,50 0, ,00 FCE BANK PLC FRN 11/08/2018 EUR , ,50 0,12 Zero-Coupon Bonds , ,00 5,19 ITALY , ,00 5,19 Government , ,00 5, ,00 CTZ 0.00% 28/03/2018 EUR , ,00 5,19 40

41 Eurizon Opportunità - Flessibile 15 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,45 4,23 Ordinary Bonds , ,45 4,23 UNITED STATES , ,45 4,23 Government , ,45 4, ,00 UNITED STATES TREASURY INFLATION INDEXED BONDS 0.625% USD , ,45 4,23 15/01/2026 Total Portfolio , ,74 94,94 41

42 Eurizon Opportunità - Flessibile 15 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment ( ,57) ,94 Unrealised profit on future contracts and commitment 1 073, , Purchase US 10YR NOTE (CBT) 21/06/2017 USD 1 073, ,94 Unrealised loss on future contracts and commitment ( ,33) , (143) Sale EURO BUND 08/06/2017 EUR ( ,04) ,00 10 (132) Sale EURO STOXX 50 16/06/2017 EUR ( ,29) , (54) Sale EURO BTP 08/06/2017 EUR (15 660,00) ,00 42

43 Eurizon Opportunità - Flessibile 15 OPTION CONTRACTS AS AT 31 MARCH 2017 Quantity Call/ Put Description Currency Acquisition Cost (EUR) Market Value (EUR) Commitment (EUR) LISTED ON AN OFFICIAL STOCK EXCHANGE , ,00 PURCHASED OPTION CONTRACTS , , CALL EURO STOXX 50 PR 3 450,00 21/04/17 EUR , ,00 43

44 Eurizon Opportunità - Flessibile 15 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,90 Unrealised profit on forward foreign exchange contracts ,22 28/06/ ,75 EUR ,00 CAD ,59 28/06/ ,49 EUR ,00 USD ,36 28/06/ ,04 EUR ,00 TRY ,45 28/06/ ,00 TRY ,31 EUR ,87 30/06/ ,00 NZD ,85 EUR ,05 30/06/ ,00 CAD ,46 USD 8 212,93 28/06/ ,28 EUR ,00 USD 6 986,18 28/06/ ,40 EUR ,00 CAD 3 464,79 Unrealised loss on forward foreign exchange contracts (79 000,32) 28/06/ ,00 NOK ,45 EUR (26 926,13) 30/06/ ,50 EUR ,00 USD (21 801,84) 28/06/ ,00 USD ,70 EUR (21 133,71) 28/06/ ,00 USD ,05 EUR (4 722,60) 28/06/ ,00 CAD ,23 EUR (3 722,62) 28/06/ ,00 TRY ,73 EUR (693,42) 44

45 Eurizon Opportunità - Sparkasse Prime Fund STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,41 Banks ,04 Option contracts (Notes 2, 8) ,11 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,16 Unrealised profit on future contracts (Notes 2, 8) ,50 Other interest receivable ,52 Receivable on investments sold ,66 Receivable on subscriptions ,00 Other assets ,23 Total assets ,63 Liabilities Amounts due to brokers (Note 2) (21 059,53) Option contracts (Notes 2, 8) (4 700,00) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,84) Unrealised loss on future contracts (Notes 2, 8) ( ,41) Payable on investments purchased ( ,19) Payable on redemptions ( ,70) Other liabilities (95 393,13) Total liabilities ( ,80) Total net assets ,83 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 96, ,481 45

46 Eurizon Opportunità - Sparkasse Prime Fund STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2017 IN EUR Net assets at the beginning of the year Notes ,27 Net income from investments (Note 2) ,04 Interest on bank accounts 189,16 Other income (Note 5) ,94 Total income ,14 Management fee (Note 5) ( ,18) Depositary and paying agent fee (Note 7) (40 573,32) Subscription tax (Note 3) (7 341,64) Other charges and taxes (Notes 4, 7) ( ,95) Total expenses ( ,09) Net investment income / (loss) ( ,95) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,14) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,21 - option contracts (Notes 2, 8) ,17 - forward foreign exchange contracts (Notes 2, 8) (85 917,87) - foreign currencies 6 423,23 - future contracts (Notes 2, 8) ,45 Net result of operations for the year ,10 Subscriptions for the year ,98 Redemptions for the year ( ,52) Net assets at the end of the year ,83 46

47 Eurizon Opportunità - Sparkasse Prime Fund PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,41 99,83 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,49 13,68 Ordinary Bonds , ,99 13,02 ITALY , ,50 8,51 Government , ,50 8, ,00 BTP 1.05% 01/12/2019 EUR , ,00 2, ,00 BTP 1.45% 15/09/2022 EUR , ,00 1, ,00 BTP 0.35% 01/11/2021 EUR , ,00 0, ,00 BTP 5.50% 01/11/2022 EUR , ,00 0, ,00 BTP 0.95% 15/03/2023 EUR , ,00 0, ,00 BTP 0.65% 01/11/2020 EUR , ,00 0, ,00 BTP 3.25% 01/09/2046 EUR , ,00 0, ,00 BTP 0.00% 01/03/2047 EUR , ,00 0, ,00 BTP 5.00% 01/09/2040 EUR , ,50 0,20 UNITED STATES , ,89 1,89 Government , ,89 1, ,00 UNITED STATES TREASURY NOTE 0.00% 31/12/2017 USD , ,83 1, ,00 UNITED STATES TREASURY NOTE 1.00% 15/12/2017 USD , ,06 0,82 PORTUGAL , ,00 1,62 Government , ,00 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.75% 14/06/2019 EUR , ,00 1,62 FRANCE , ,60 1,00 Government , ,60 1, ,00 FRANCE GOVERNMENT BOND OAT 1.00% 25/11/2018 EUR , ,60 1,00 Zero-Coupon Bonds , ,50 0,66 ITALY , ,50 0,66 Government , ,50 0, ,00 CTZ 0.00% 28/12/2018 EUR , ,50 0,66 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,69 0,41 Ordinary Bonds , ,69 0,41 UNITED STATES , ,69 0,41 Government , ,69 0, ,20 UNITED STATES TREASURY INFLATION INDEXED BONDS 0.125% USD , ,69 0,41 15/01/2023 INVESTMENT FUNDS , ,23 85,74 UCI Units , ,23 85,74 LUXEMBOURG , ,86 76,81 Finance , ,86 76, ,00 EURIZON FUND - BOND CORPORATE EUR SHORT TERM -Z- EUR , ,00 4, ,00 EURIZON FUND - BOND EUR SHORT TERM LTE -Z- EUR , ,00 4, ,00 EPSILON FUND - EMERGING BOND TOTAL RETURN -I- EUR , ,00 4, ,84 FIDELITY FUNDS - AMERICAN GROWTH FUND -Y- USD , ,58 4,03 47

48 Eurizon Opportunità - Sparkasse Prime Fund PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,55 VONTOBEL FUND - US EQUITY -I- USD , ,61 3, ,09 VONTOBEL FUND - EURO BOND -I- EUR , ,82 3, ,00 EPSILON FUND - EURO CASH -I- EUR , ,00 3, ,00 VONTOBEL FUND - EUR CORPORATE BOND MID YIELD -I- EUR , ,00 3, ,42 EURIZON FUND - BOND EUR FLOATING RATE LTE -Z- EUR , ,18 3, ,47 NORDEA 1 SICAV - EUROPEAN VALUE FUND -BI- EUR , ,48 3, ,00 EURIZON FUND - CASH EUR -Z- EUR , ,00 2, ,27 FIDELITY FUNDS - EUROPEAN DYNAMIC GROWTH FUND -Y- EUR , ,89 2, ,91 VONTOBEL FUND - EMERGING MARKETS DEBT -HI- EUR , ,57 2, ,00 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,00 2,06 CURRENCIES -Z ,00 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,00 2, ,63 VONTOBEL FUND - EMERGING MARKETS EQUITY -B- USD , ,42 1, ,35 EURIZON FUND - EQUITY JAPAN LTE -ZH- EUR , ,00 1, ,88 VONTOBEL FUND - EUROPEAN EQUITY -I- EUR , ,77 1, ,00 FIDELITY FUNDS - EUROPEAN HIGH YIELD FUND -Y- EUR , ,00 1, ,00 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -BI- EUR , ,00 1, ,00 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,00 1, ,00 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,00 1,43 CURRENCIES -ZU ,15 EURIZON FUND - BOND EUR MEDIUM TERM LTE -Z- EUR , ,76 1, ,00 FRANKLIN TEMPLETON INVESTMENT FUNDS - FRANKLIN MUTUAL EUR , ,00 1,35 EUROPEAN FUND -I ,00 FIDELITY FUNDS - GLOBAL MULTI ASSET TACTICAL MODERATE USD , ,93 1,31 FUND -AC ,26 FIDELITY FUNDS - ITALY FUND -Y- EUR , ,35 1, ,55 EURIZON EASYFUND - EQUITY NORTH AMERICA LTE -Z- EUR , ,96 1, ,00 VONTOBEL FUND - EMERGING MARKETS DEBT -I- USD , ,23 1, ,10 FAST - ASIA FUND -Y- USD , ,26 1, ,00 UBS-ETF SBI FOREIGN AAA-BBB 1-5 UCITS ETF EUR , ,00 1, ,92 EURIZON FUND - EQUITY SMALL MID CAP ITALY -Z- EUR , ,47 0, ,00 DB X-TRACKERS II-IBOXX EURO HIGH YIELD BOND 1-3 UCITS ETF EUR , ,00 0,96-1D ,00 UBS ETF - BARCLAYS TIPS 10+ UCITS ETF EUR , ,00 0, ,53 VONTOBEL FUND - FAR EAST EQUITY -I- USD , ,51 0, ,60 EURIZON FUND - EQUITY EMERGING MARKETS NEW FRONTIERS EUR , ,07 0,59 -Z ,00 UBS ETF - BARCLAYS USD EMERGING MARKETS SOVEREIGN EUR , ,00 0,57 UCITS ETF ,00 NORDEA 1 SICAV - STABLE RETURN FUND -BI- EUR , ,00 0, ,00 LYXOR BOFAML $ HIGH YIELD BOND UCITS ETF MONTHLY EUR , ,00 0,53 HEDGED -D ,00 DB X-TRACKERS II EUROZONE GOVERNMENT BOND YIELD PLUS 1-3 UCITS ETF -1C- EUR , ,00 0,27 IRELAND , ,37 7,11 Finance , ,37 7, ,75 MAN FUNDS PLC - MAN JAPAN COREALPHA EQUITY -I- JPY , ,94 3, ,62 OLD MUTUAL GLOBAL INVESTORS SERIES PLC - PACIFIC EQUITY USD , ,35 1,94 FUND -I ,18 MAN FUNDS VI PLC - GLOBAL EMERGING MARKETS DEBT TOTAL EUR , ,08 1,01 RETURN -I ,00 ISHARES EUR CORP BOND FINANCIALS UCITS ETF EUR , ,00 0, ,00 BNY MELLON ABSOLUTE RETURN EQUITY FUND -ET- EUR , ,00 0,34 48

49 Eurizon Opportunità - Sparkasse Prime Fund PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets FRANCE , ,00 1,82 Finance , ,00 1, ,00 LYXOR UCITS ETF EASTERN EUROPE -C- EUR , ,00 1, ,00 AMUNDI ETF MSCI WORLD FINANCIALS UCITS ETF EUR , ,00 0,69 Total Portfolio , ,41 99,83 49

50 Eurizon Opportunità - Sparkasse Prime Fund COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment 9 652, ,20 Unrealised profit on future contracts and commitment , , Purchase EURO STOXX BANKS 16/06/2017 EUR , , Purchase STOXX 600 INDUSTRIAL 16/06/2017 EUR , , Purchase STOXX 600 INSURANCE 16/06/2017 EUR , ,00 50 (24) Sale S&P 500 EMINI INDEX 16/06/2017 USD , , Purchase US 10YR NOTE (CBT) 21/06/2017 USD , , Purchase VSTOXX 19/04/2017 EUR , , Purchase STOXX 600 HEALTH 16/06/2017 EUR 9 700, , Purchase CBOE VIX 19/04/2017 USD 8 726, , Purchase DAX INDEX 16/06/2017 EUR 6 700, ,50 Unrealised loss on future contracts and commitment ( ,41) ,80 10 (72) Sale EURO STOXX 50 16/06/2017 EUR (71 319,96) , (15) Sale EURO BUXL 30YR BOND 08/06/2017 EUR (49 680,00) , (32) Sale EURO OAT 08/06/2017 EUR (13 860,00) ,00 10 (8) Sale IBEX 35 INDEX 21/04/2017 EUR (8 944,00) , Purchase MINI MSCI EMG MKT 16/06/2017 USD (6 591,56) , Purchase TOPIX INDEX 08/06/2017 JPY (2 517,20) , (8) Sale US LONG BOND (CBT) 21/06/2017 USD (2 103,69) , Purchase EURO SCHATZ 08/06/2017 EUR (830,00) ,00 50

51 Eurizon Opportunità - Sparkasse Prime Fund OPTION CONTRACTS AS AT 31 MARCH 2017 Quantity Call/ Put Description Currency Acquisition Cost (EUR) Market Value (EUR) Commitment (EUR) LISTED ON AN OFFICIAL STOCK EXCHANGE , , ,86 PURCHASED OPTION CONTRACTS , ,11 28 CALL NIKKEI ,00 14/04/17 JPY 5 782,70 234,94 23 CALL NIKKEI ,00 14/04/17 JPY ,97 578,96 50 CALL S&P 500 INDEX 2 475,00 21/04/17 USD , ,20 16 CALL NIKKEI ,00 14/04/17 JPY , , CALL EURO STOXX 50 PR 3 525,00 21/04/17 EUR , ,00 WRITTENOPTIONCONTRACTS (20 696,77) (4 700,00) 7 001,86 (100) PUT EURO STOXX 50 PR 2 700,00 16/06/17 EUR (20 696,77) (4 700,00) 7 001,86 51

52 Eurizon Opportunità - Sparkasse Prime Fund FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (93 461,68) Unrealised profit on forward foreign exchange contracts ,16 07/04/ ,00 JPY ,78 EUR ,26 07/04/ ,79 EUR ,00 NOK ,57 07/04/ ,00 JPY ,27 USD 5 058,95 07/04/ ,00 JPY ,39 AUD 2 559,43 07/04/ ,00 GBP ,21 EUR 2 283,81 09/06/ ,00 AUD ,04 CHF 1 518,36 09/06/ ,13 EUR ,00 CHF 61,78 Unrealised loss on forward foreign exchange contracts ( ,84) 07/04/ ,99 EUR ,00 USD (53 060,26) 07/04/ ,38 EUR ,00 AUD (35 838,02) 07/04/ ,74 EUR ,00 GBP (14 501,95) 07/04/ ,29 EUR ,00 JPY (9 272,66) 07/04/ ,00 USD ,00 JPY (5 809,08) 07/04/ ,63 EUR ,00 GBP (4 054,15) 07/04/ ,50 EUR ,00 USD (4 011,58) 07/04/ ,00 AUD ,65 EUR (3 259,57) 07/04/ ,00 CHF ,00 GBP (3 026,01) 07/04/ ,13 EUR ,00 CAD (2 996,06) 07/04/ ,05 EUR ,00 AUD (2 830,86) 07/04/ ,40 EUR ,00 CHF (2 726,04) 09/06/ ,53 EUR ,00 USD (2 515,61) 07/04/ ,25 EUR ,00 JPY (869,09) 09/06/ ,00 JPY ,00 GBP (708,88) 07/04/ ,00 AUD ,13 EUR (325,29) 07/04/ ,45 EUR ,00 CHF (319,36) 07/04/ ,00 GBP ,43 EUR (76,37) 52

53 Eurizon Opportunità - Global Bond Cedola 06/2021 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,27 Banks ,83 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,77 Unrealised profit on future contracts (Notes 2, 8) ,94 Other interest receivable ,40 Other assets (Note 11) ,83 Total assets ,04 Liabilities Amounts due to brokers (Notes 2, 8) (97 490,36) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (12 122,39) Unrealised loss on future contracts (Notes 2, 8) (45 315,81) Payable on redemptions (31 198,22) Other liabilities (32 520,57) Total liabilities ( ,35) Total net assets ,69 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 100, ,530 53

54 Eurizon Opportunità - Global Bond Cedola 06/2021 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 13 APRIL 2016 (LAUNCH DATE) UNTIL 31 MARCH 2017 Net assets at the beginning of the period Notes 0,00 Net income from investments (Note 2) ,97 Interest received on swap contracts (Notes 2, 8) ,03 Other income (Notes 5, 9) ,88 Total income ,88 Management fee (Note 5) (77 862,62) Depositary and paying agent fee (Note 7) (17 768,43) Subscription tax (Note 3) (16 537,94) Interest paid on swap contracts (Notes 2, 8) (587,19) Other charges and taxes (Notes 4, 7, 11) ( ,38) Total expenses ( ,56) Net investment income / (loss) ,32 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,94) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,75 - forward foreign exchange contracts (Notes 2, 8) 8 271,38 - foreign currencies 2 582,23 - future contracts (Notes 2, 8) ,13 Net result of operations for the period ,87 Subscriptions for the period ,00 Redemptions for the period ( ,18) Net assets at the end of the period ,69 54

55 Eurizon Opportunità - Global Bond Cedola 06/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,27 97,19 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,87 53,05 Ordinary Bonds , ,87 53,05 ITALY , ,60 30,26 Government , ,60 29, ,72 BTP 1.25% 27/10/2020 EUR , ,93 4, ,60 BTP 2.15% 12/11/2017 EUR , ,14 4, ,00 BTP 9.00% 01/11/2023 EUR , ,00 3, ,00 BTP 4.50% 01/03/2026 EUR , ,00 2, ,76 BTP 0.50% 20/04/2023 EUR , ,39 2, ,25 BTP 0.40% 11/04/2024 EUR , ,95 2, ,67 BTP 1.65% 23/04/2020 EUR , ,79 2, ,00 BTP 5.00% 01/09/2040 EUR , ,50 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,00 BTP 6.50% 01/11/2027 EUR , ,50 1, ,00 BTP 5.00% 01/08/2039 EUR , ,40 1, ,00 BTP 7.25% 01/11/2026 EUR , ,00 0,53 Finance , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 2.75% 31/05/2021 EUR , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 1.50% 09/04/2025 EUR , ,00 0,23 PORTUGAL , ,47 9,50 Government , ,47 9, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% 15/02/2024 EUR , ,84 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,67 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/2021 EUR , ,00 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/2027 EUR , ,11 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,98 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 15/10/2025 EUR , ,40 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% 17/10/2022 EUR , ,41 0, ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.567% EUR , ,50 0,13 22/09/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,56 0,10 UNITED STATES , ,85 7,69 Government , ,85 7, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,22 1, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,05 1, ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,68 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,87 0, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,27 0, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,16 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,60 0,42 SPAIN , ,09 4,35 Government , ,09 4, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,87 0, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,40 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,32 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,50 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,50 0,70 55

56 Eurizon Opportunità - Global Bond Cedola 06/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO EUR , ,00 0, % 17/03/ ,00 INSTITUTO DE CREDITO OFICIAL 6.00% 08/03/2021 EUR , ,50 0,15 IRELAND , ,86 0,95 Government , ,86 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,73 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,06 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,07 0,19 NETHERLANDS , ,00 0,30 Government , ,00 0, ,00 DEUTSCHE BAHN FINANCE BV 3.75% 09/07/2025 EUR , ,50 0, ,00 DEUTSCHE BAHN FINANCE BV 3.00% 08/03/2024 EUR , ,50 0,15 INVESTMENT FUNDS , ,40 44,14 UCI Units , ,40 44,14 LUXEMBOURG , ,40 44,14 Finance , ,40 44, ,34 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,09 14, ,39 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,47 10, ,75 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,92 6, ,10 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,74 5,95 CURRENCIES -Z ,72 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,18 5,85 Total Portfolio , ,27 97,19 56

57 Eurizon Opportunità - Global Bond Cedola 06/2021 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,64 Unrealised profit on future contracts and commitment , , (80) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR , , Purchase EURO OAT 08/06/2017 EUR 9 186, , Purchase US 10YR ULTRA 21/06/2017 USD 6 354, , (39) Sale SHORT EURO BTP 08/06/2017 EUR 17, ,00 Unrealised loss on future contracts and commitment (45 315,81) , (21) Sale LONG GILT 28/06/2017 GBP (45 315,81) ,85 57

58 Eurizon Opportunità - Global Bond Cedola 06/2021 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts 8 271,38 Unrealised profit on forward foreign exchange contracts ,77 16/05/ ,00 USD ,44 EUR 8 082,27 16/05/ ,22 EUR ,00 USD 6 573,00 16/05/ ,00 JPY ,35 EUR 5 738,50 Unrealised loss on forward foreign exchange contracts (12 122,39) 16/05/ ,50 EUR ,00 KRW (9 526,57) 16/05/ ,88 EUR ,00 GBP (1 149,43) 16/05/ ,36 EUR ,00 USD (1 082,87) 16/05/ ,37 EUR ,00 USD (197,56) 16/05/ ,85 EUR ,00 AUD (165,96) 58

59 Eurizon Opportunità - Global Bond Cedola 07/2021 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,73 Banks ,47 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,20 Unrealised profit on future contracts (Notes 2, 8) ,07 Other interest receivable ,97 Other assets (Note 11) ,27 Total assets ,71 Liabilities Bank overdrafts (3 274,21) Amounts due to brokers (Notes 2, 8) (46 052,83) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (6 376,89) Unrealised loss on future contracts (Notes 2, 8) (24 018,42) Other liabilities (19 027,71) Total liabilities (98 750,06) Total net assets ,65 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 99, ,945 59

60 Eurizon Opportunità - Global Bond Cedola 07/2021 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 23 JUNE 2016 (LAUNCH DATE) UNTIL 31 MARCH 2017 Net assets at the beginning of the period Notes 0,00 Net income from investments (Note 2) ,74 Interest received on swap contracts (Notes 2, 8) ,16 Other income (Notes 5, 9) ,17 Total income ,07 Management fee (Note 5) (33 748,02) Depositary and paying agent fee (Note 7) (7 672,81) Subscription tax (Note 3) (6 145,69) Interest paid on swap contracts (Notes 2, 8) (300,11) Other charges and taxes (Notes 4, 7, 11) (93 846,62) Total expenses ( ,25) Net investment income / (loss) ,82 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,69) Change in unrealised appreciation / (depreciation) on - investments (Note 2) (82 828,18) - forward foreign exchange contracts (Notes 2, 8) 4 052,31 - foreign currencies 1 379,41 - future contracts (Notes 2, 8) 7 564,65 Net result of operations for the period ( ,68) Subscriptions for the period ,50 Redemptions for the period ( ,17) Net assets at the end of the period ,65 60

61 Eurizon Opportunità - Global Bond Cedola 07/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,73 97,16 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,46 53,47 Ordinary Bonds , ,46 53,47 ITALY , ,43 31,06 Government , ,43 30, ,78 BTP 1.25% 27/10/2020 EUR , ,95 4, ,00 BTP 9.00% 01/11/2023 EUR , ,00 3, ,08 BTP 2.15% 12/11/2017 EUR , ,83 3, ,09 BTP 0.50% 20/04/2023 EUR , ,06 2, ,00 BTP 4.50% 01/03/2026 EUR , ,80 2, ,25 BTP 0.40% 11/04/2024 EUR , ,37 2, ,63 BTP 1.65% 23/04/2020 EUR , ,35 2, ,00 BTP 5.00% 01/09/2040 EUR , ,00 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,28 BTP 2.25% 22/04/2017 EUR , ,57 1, ,00 BTP 6.50% 01/11/2027 EUR , ,50 1, ,00 BTP 5.00% 01/08/2039 EUR , ,80 1, ,00 BTP 7.25% 01/11/2026 EUR , ,20 0, ,00 BTP 2.20% 01/06/2027 EUR , ,00 0,47 Finance , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 1.50% 09/04/2025 EUR , ,00 0,45 PORTUGAL , ,31 9,63 Government , ,31 9, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% 15/02/2024 EUR , ,80 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,21 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/2021 EUR , ,00 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/2027 EUR , ,75 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,44 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 15/10/2025 EUR , ,34 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% 17/10/2022 EUR , ,15 0, ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.567% EUR , ,50 0,25 22/09/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,12 0,12 UNITED STATES , ,85 7,67 Government , ,85 7, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,43 1, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,97 1, ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,59 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,68 0, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,16 0, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,20 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,82 0,41 SPAIN , ,04 3,89 Government , ,04 3, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,45 0, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,92 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,01 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,66 0,71 61

62 Eurizon Opportunità - Global Bond Cedola 07/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets IRELAND , ,33 0,94 Government , ,33 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,54 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,00 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,79 0,19 NETHERLANDS , ,50 0,28 Government , ,50 0, ,00 DEUTSCHE BAHN FINANCE BV 3.00% 08/03/2024 EUR , ,50 0,28 INVESTMENT FUNDS , ,27 43,69 UCI Units , ,27 43,69 LUXEMBOURG , ,27 43,69 Finance , ,27 43, ,19 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,85 14, ,17 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,71 10, ,69 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,30 6, ,72 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,90 5,94 CURRENCIES -Z ,83 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,51 5,84 Total Portfolio , ,73 97,16 62

63 Eurizon Opportunità - Global Bond Cedola 07/2021 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment 7 564, ,63 Unrealised profit on future contracts and commitment , , (42) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR 6 879, , Purchase EURO OAT 08/06/2017 EUR 4 925, , Purchase US 10YR ULTRA 21/06/2017 USD 3 389, ,95 Unrealised loss on future contracts and commitment (24 018,42) , (11) Sale LONG GILT 28/06/2017 GBP (23 733,46) , (20) Sale SHORT EURO BTP 08/06/2017 EUR (284,96) ,00 63

64 Eurizon Opportunità - Global Bond Cedola 07/2021 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts 4 052,31 Unrealised profit on forward foreign exchange contracts ,20 16/05/ ,00 USD ,22 EUR 4 041,14 16/05/ ,30 EUR ,00 USD 3 411,30 16/05/ ,00 JPY ,45 EUR 2 976,76 Unrealised loss on forward foreign exchange contracts (6 376,89) 16/05/ ,43 EUR ,00 KRW (4 949,89) 16/05/ ,44 EUR ,00 GBP (574,71) 16/05/ ,38 EUR ,00 USD (567,22) 16/05/ ,37 EUR ,00 USD (197,56) 16/05/ ,21 EUR ,00 AUD (87,51) 64

65 Eurizon Opportunità - Global Bond Cedola 10/2021 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,72 Banks ,29 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,25 Unrealised profit on future contracts (Notes 2, 8) ,53 Other interest receivable ,74 Other assets (Note 11) ,73 Total assets ,26 Liabilities Bank overdrafts (15 553,51) Amounts due to brokers (Notes 2, 8) ( ,47) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (21 471,32) Unrealised loss on future contracts (Notes 2, 8) (80 134,58) Payable on redemptions ( ,81) Other liabilities (48 408,56) Total liabilities ( ,25) Total net assets ,01 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 99, ,519 65

66 Eurizon Opportunità - Global Bond Cedola 10/2021 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 5 SEPTEMBER 2016 (LAUNCH DATE) UNTIL 31 MARCH 2017 Net assets at the beginning of the period Notes 0,00 Net income from investments (Note 2) ,23 Interest received on swap contracts (Notes 2, 8) ,34 Other income (Notes 5, 9) ,75 Total income ,32 Management fee (Note 5) (75 935,46) Depositary and paying agent fee (Note 7) (17 076,73) Subscription tax (Note 3) (14 807,18) Other charges and taxes (Notes 4, 7, 11) ( ,62) Total expenses ( ,99) Net investment income / (loss) ,33 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,00) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,13 - forward foreign exchange contracts (Notes 2, 8) ,93 - foreign currencies 2 915,26 - future contracts (Notes 2, 8) ,95 Net result of operations for the period ( ,40) Subscriptions for the period ,43 Redemptions for the period ( ,02) Net assets at the end of the period ,01 66

67 Eurizon Opportunità - Global Bond Cedola 10/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,72 97,26 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,48 51,07 Ordinary Bonds , ,48 51,07 ITALY , ,52 28,25 Government , ,52 28, ,28 BTP 1.25% 27/10/2020 EUR , ,85 5, ,25 BTP 2.15% 12/11/2017 EUR , ,56 4, ,00 BTP 9.00% 01/11/2023 EUR , ,80 3, ,24 BTP 0.50% 20/04/2023 EUR , ,90 2, ,00 BTP 4.50% 01/03/2026 EUR , ,80 2, ,72 BTP 0.40% 11/04/2024 EUR , ,21 2, ,00 BTP 5.00% 01/09/2040 EUR , ,50 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,00 BTP 6.50% 01/11/2027 EUR , ,50 1, ,00 BTP 5.00% 01/08/2039 EUR , ,40 1, ,00 BTP 7.25% 01/11/2026 EUR , ,00 0, ,00 BTP 2.20% 01/06/2027 EUR , ,00 0,47 Finance , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 1.50% 09/04/2025 EUR , ,00 0,13 PORTUGAL , ,82 9,61 Government , ,82 9, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% 15/02/2024 EUR , ,36 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,49 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/2021 EUR , ,20 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/2027 EUR , ,30 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,38 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 15/10/2025 EUR , ,10 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% 17/10/2022 EUR , ,63 0, ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.75% EUR , ,00 0,14 05/07/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,36 0,10 Industries , ,00 0, ,00 INFRAESTRUTURAS DE PORTUGAL SA 5.875% 18/02/2019 EUR , ,00 0,07 UNITED STATES , ,93 7,72 Government , ,93 7, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,66 1, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,96 1, ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,63 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,40 0, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,18 0, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,93 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,17 0,42 SPAIN , ,44 4,31 Government , ,44 4, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,25 0, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,12 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,99 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,80 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,78 0,71 67

68 Eurizon Opportunità - Global Bond Cedola 10/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets ,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO EUR , ,00 0, % 17/03/ ,00 INSTITUTO DE CREDITO OFICIAL 6.00% 08/03/2021 EUR , ,50 0,08 Consumer Retail , ,00 0, ,00 ADIF - ALTA VELOCIDAD 3.50% 27/05/2024 EUR , ,00 0,16 IRELAND , ,27 0,96 Government , ,27 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,30 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,44 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,53 0,19 NETHERLANDS , ,50 0,22 Finance , ,00 0, ,00 BANK NEDERLANDSE GEMEENTEN NV 0.25% 07/06/2024 EUR , ,00 0,13 Government , ,50 0, ,00 DEUTSCHE BAHN FINANCE BV 3.75% 09/07/2025 EUR , ,50 0,09 INVESTMENT FUNDS , ,24 46,19 UCI Units , ,24 46,19 LUXEMBOURG , ,24 46,19 Finance , ,24 46, ,02 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,69 14, ,63 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,49 10, ,76 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,05 8, ,84 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,25 5,96 CURRENCIES -Z ,38 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,76 5,87 Total Portfolio , ,72 97,26 68

69 Eurizon Opportunità - Global Bond Cedola 10/2021 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,56 Unrealised profit on future contracts and commitment , , (146) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR , , Purchase EURO OAT 08/06/2017 EUR , , Purchase US 10YR ULTRA 21/06/2017 USD , ,46 Unrealised loss on future contracts and commitment (80 134,58) , (37) Sale LONG GILT 28/06/2017 GBP (79 770,14) , (71) Sale SHORT EURO BTP 08/06/2017 EUR (364,44) ,00 69

70 Eurizon Opportunità - Global Bond Cedola 10/2021 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,93 Unrealised profit on forward foreign exchange contracts ,25 16/05/ ,00 USD ,33 EUR ,82 16/05/ ,67 EUR ,00 USD ,94 16/05/ ,00 JPY ,15 EUR ,49 Unrealised loss on forward foreign exchange contracts (21 471,32) 16/05/ ,24 EUR ,00 KRW (17 431,37) 16/05/ ,52 EUR ,00 USD (2 011,05) 16/05/ ,32 EUR ,00 GBP (1 724,14) 16/05/ ,98 EUR ,00 AUD (304,76) 70

71 Eurizon Opportunità - Global Bond Cedola 12/2021 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,06 Banks ,62 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,50 Unrealised profit on future contracts (Notes 2, 8) ,05 Other interest receivable ,58 Other assets (Note 11) ,82 Total assets ,63 Liabilities Bank overdrafts (1 132,53) Amounts due to brokers (Notes 2, 8) ( ,51) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (14 215,04) Unrealised loss on future contracts (Notes 2, 8) (54 199,43) Payable on redemptions ( ,65) Other liabilities (28 270,43) Total liabilities ( ,59) Total net assets ,04 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 100, ,385 71

72 Eurizon Opportunità - Global Bond Cedola 12/2021 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 31 OCTOBER 2016 (LAUNCH DATE) UNTIL 31 MARCH 2017 Net assets at the beginning of the period Notes 0,00 Net income from investments (Note 2) ,95 Other income (Notes 5, 9) ,76 Total income ,71 Management fee (Note 5) (33 732,60) Depositary and paying agent fee (Note 7) (7 490,73) Subscription tax (Note 3) (10 166,63) Other charges and taxes (Notes 4, 7, 11) (90 182,05) Total expenses ( ,01) Net investment income / (loss) ,70 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,58) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,50 - forward foreign exchange contracts (Notes 2, 8) ,46 - foreign currencies 356,06 - future contracts (Notes 2, 8) ,62 Net result of operations for the period ,76 Subscriptions for the period ,50 Redemptions for the period ( ,22) Net assets at the end of the period ,04 72

73 Eurizon Opportunità - Global Bond Cedola 12/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,06 96,99 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,04 54,31 Ordinary Bonds , ,04 54,31 ITALY , ,00 31,57 Government , ,00 31, ,00 BTP 2.15% 12/11/2017 EUR , ,59 7, ,04 BTP 1.25% 27/10/2020 EUR , ,41 4, ,00 BTP 9.00% 01/11/2023 EUR , ,60 3, ,40 BTP 0.50% 20/04/2023 EUR , ,50 2, ,92 BTP 0.40% 11/04/2024 EUR , ,00 2, ,00 BTP 4.50% 01/03/2026 EUR , ,00 2, ,00 BTP 5.00% 01/09/2040 EUR , ,00 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,00 BTP 6.50% 01/11/2027 EUR , ,50 1, ,00 BTP 5.00% 01/08/2039 EUR , ,40 1, ,00 BTP 7.25% 01/11/2026 EUR , ,00 0, ,00 BTP 2.20% 01/06/2027 EUR , ,00 0,47 Finance , ,00 0, ,00 CASSA DEPOSITI E PRESTITI SPA 1.50% 09/04/2025 EUR , ,00 0,20 PORTUGAL , ,16 9,39 Government , ,16 9, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% 15/02/2024 EUR , ,44 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,54 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/2021 EUR , ,20 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/2027 EUR , ,74 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,62 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 15/10/2025 EUR , ,62 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% 17/10/2022 EUR , ,86 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,24 0, ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.567% 22/09/2020 EUR , ,90 0,02 UNITED STATES , ,22 7,77 Government , ,22 7, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,22 1, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,21 1, ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,81 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,04 0, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,45 0, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,29 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,20 0,42 SPAIN , ,25 4,33 Government , ,25 4, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,88 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,76 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,25 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,58 0, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,86 0, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,52 0, ,00 INSTITUTO DE CREDITO OFICIAL 6.00% 08/03/2021 EUR , ,40 0,20 73

74 Eurizon Opportunità - Global Bond Cedola 12/2021 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Consumer Retail , ,00 0, ,00 ADIF - ALTA VELOCIDAD 3.50% 27/05/2024 EUR , ,00 0,24 IRELAND , ,11 0,95 Government , ,11 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,77 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,66 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,68 0,19 NETHERLANDS , ,30 0,30 Government , ,80 0, ,00 DEUTSCHE BAHN FINANCE BV 3.00% 08/03/2024 EUR , ,30 0, ,00 DEUTSCHE BAHN FINANCE BV 3.75% 09/07/2025 EUR , ,50 0,03 Finance , ,50 0, ,00 BANK NEDERLANDSE GEMEENTEN NV 0.25% 07/06/2024 EUR , ,50 0,10 INVESTMENT FUNDS , ,02 42,68 UCI Units , ,02 42,68 LUXEMBOURG , ,02 42,68 Finance , ,02 42, ,39 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,88 14, ,66 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,15 10, ,63 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL EUR , ,06 5,95 CURRENCIES -Z ,94 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,05 5, ,75 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,88 5,38 Total Portfolio , ,06 96,99 74

75 Eurizon Opportunità - Global Bond Cedola 12/2021 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,18 Unrealised profit on future contracts and commitment , , (97) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR , , Purchase EURO OAT 08/06/2017 EUR 9 851, , Purchase US 10YR ULTRA 21/06/2017 USD 8 049, ,27 Unrealised loss on future contracts and commitment (54 199,43) , (25) Sale LONG GILT 28/06/2017 GBP (53 920,61) , (47) Sale SHORT EURO BTP 08/06/2017 EUR (278,82) ,00 75

76 Eurizon Opportunità - Global Bond Cedola 12/2021 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,46 Unrealised profit on forward foreign exchange contracts ,50 16/05/ ,00 USD ,84 EUR 9 429,32 16/05/ ,50 EUR ,00 USD 8 361,85 16/05/ ,00 JPY ,05 EUR 6 901,33 Unrealised loss on forward foreign exchange contracts (14 215,04) 16/05/ ,54 EUR ,00 KRW (11 522,74) 16/05/ ,35 EUR ,00 USD (1 340,70) 16/05/ ,88 EUR ,00 GBP (1 149,43) 16/05/ ,15 EUR ,00 AUD (202,17) 76

77 Eurizon Opportunità - Global Bond Cedola 02/2022 STATEMENT OF NET ASSETS AS AT 31 MARCH 2017 IN EUR Assets Notes Investments in securities (Note 2) ,86 Banks ,25 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,39 Unrealised profit on future contracts (Notes 2, 8) ,01 Other interest receivable ,84 Other assets (Note 11) ,68 Total assets ,03 Liabilities Amounts due to brokers (Notes 2, 8) (59 721,50) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (7 342,17) Unrealised loss on future contracts (Notes 2, 8) (27 940,26) Other liabilities (11 909,32) Total liabilities ( ,25) Total net assets ,78 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 100, ,229 77

78 Eurizon Opportunità - Global Bond Cedola 02/2022 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 9 JANUARY 2017 (LAUNCH DATE) UNTIL 31 MARCH 2017 Net assets at the beginning of the period Notes 0,00 Net income from investments (Note 2) ,62 Other income (Note 5) 1 520,60 Total income ,22 Management fee (Note 5) (6 190,55) Depositary and paying agent fee (Note 7) (1 351,87) Subscription tax (Note 3) (2 907,16) Other charges and taxes (Notes 4, 7, 11) (17 442,70) Total expenses (27 892,28) Net investment income / (loss) ,94 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) (33 839,90) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,26 - forward foreign exchange contracts (Notes 2, 8) 3 723,22 - foreign currencies 647,63 - future contracts (Notes 2, 8) ,75 Net result of operations for the period ,90 Subscriptions for the period ,88 Net assets at the end of the period ,78 78

79 Eurizon Opportunità - Global Bond Cedola 02/2022 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,86 93,79 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,68 47,60 Ordinary Bonds , ,68 47,60 ITALY , ,33 25,07 Government , ,33 25, ,06 BTP 1.25% 27/10/2020 EUR , ,75 4, ,00 BTP 9.00% 01/11/2023 EUR , ,40 4, ,51 BTP 0.50% 20/04/2023 EUR , ,78 3, ,25 BTP 0.40% 11/04/2024 EUR , ,57 2, ,00 BTP 4.50% 01/03/2026 EUR , ,00 2, ,00 BTP 1.65% 23/04/2020 EUR , ,63 1, ,00 BTP 5.00% 01/09/2040 EUR , ,50 1, ,00 BTP 3.25% 01/09/2046 EUR , ,00 1, ,00 BTP 6.50% 01/11/2027 EUR , ,00 1, ,00 BTP 5.00% 01/08/2039 EUR , ,80 1, ,00 BTP 7.25% 01/11/2026 EUR , ,70 0, ,00 BTP 2.20% 01/06/2027 EUR , ,20 0,47 PORTUGAL , ,51 9,55 Government , ,51 9, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% 15/02/2024 EUR , ,72 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,47 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 3.85% 15/04/2021 EUR , ,60 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/2027 EUR , ,16 1, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 21/07/2026 EUR , ,56 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.875% 15/10/2025 EUR , ,38 0, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 2.20% 17/10/2022 EUR , ,46 0, ,00 PARPUBLICA - PARTICIPACOES PUBLICAS SGPS SA 3.567% EUR , ,50 0,23 22/09/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% 15/06/2020 EUR , ,66 0,10 UNITED STATES , ,31 7,66 Government , ,31 7, ,00 UNITED STATES TREASURY BOND 6.875% 15/08/2025 USD , ,54 1, ,00 UNITED STATES TREASURY BOND 7.25% 15/08/2022 USD , ,72 1, ,00 UNITED STATES TREASURY BOND 0.00% 15/08/2029 USD , ,86 1, ,00 UNITED STATES TREASURY BOND 6.00% 15/02/2026 USD , ,86 0, ,00 UNITED STATES TREASURY BOND 7.625% 13/03/2020 USD , ,01 0, ,00 UNITED STATES TREASURY NOTE 1.375% 08/12/2017 USD , ,66 0, ,00 UNITED STATES TREASURY BOND 6.625% 15/02/2027 USD , ,66 0,41 SPAIN , ,13 3,88 Government , ,13 3, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,83 0, ,00 SPAIN GOVERNMENT BOND 4.40% 31/10/2023 EUR , ,16 0, ,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR , ,62 0, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,10 0, ,00 SPAIN GOVERNMENT BOND 5.40% 31/01/2023 EUR , ,42 0,70 IRELAND , ,40 0,97 Government , ,40 0, ,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR , ,71 0, ,00 IRELAND GOVERNMENT BOND 3.40% 18/03/2024 EUR , ,86 0, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,83 0,19 79

80 Eurizon Opportunità - Global Bond Cedola 02/2022 PORTFOLIO AS AT 31 MARCH 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets NETHERLANDS , ,00 0,47 Government , ,50 0, ,00 DEUTSCHE BAHN FINANCE BV 3.00% 08/03/2024 EUR , ,50 0,26 Finance , ,50 0, ,00 BANK NEDERLANDSE GEMEENTEN NV 0.25% 07/06/2024 EUR , ,50 0,21 INVESTMENT FUNDS , ,18 46,19 UCI Units , ,18 46,19 LUXEMBOURG , ,18 46,19 Finance , ,18 46, ,11 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,22 14, ,83 EURIZON FUND - BOND EMERGING MARKETS -ZH- EUR , ,33 11, ,16 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,01 8, ,68 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,17 5, ,10 EURIZON FUND - BOND EMERGING MARKETS IN LOCAL CURRENCIES -Z- EUR , ,45 5,92 Total Portfolio , ,86 93,79 80

81 Eurizon Opportunità - Global Bond Cedola 02/2022 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,27 Unrealised profit on future contracts and commitment , , (46) Sale EURO BUND 08/06/2017 EUR , , Purchase EURO BTP 08/06/2017 EUR 7 374, , Purchase EURO OAT 08/06/2017 EUR 4 925, , Purchase US 10YR ULTRA 21/06/2017 USD 3 812, ,07 Unrealised loss on future contracts and commitment (27 940,26) , (12) Sale LONG GILT 28/06/2017 GBP (23 195,68) , (22) Sale SHORT EURO BTP 08/06/2017 EUR (4 744,58) ,00 81

82 Eurizon Opportunità - Global Bond Cedola 02/2022 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts 3 723,22 Unrealised profit on forward foreign exchange contracts ,39 16/05/ ,00 USD ,96 EUR 4 416,21 16/05/ ,74 EUR ,00 USD 3 369,70 16/05/ ,00 JPY ,97 EUR 3 279,48 Unrealised loss on forward foreign exchange contracts (7 342,17) 16/05/ ,15 EUR ,00 KRW (5 468,43) 16/05/ ,66 EUR ,00 GBP (862,07) 16/05/ ,78 EUR ,00 USD (618,78) 16/05/ ,55 EUR ,00 USD (296,34) 16/05/ ,79 EUR ,00 AUD (96,55) 82

83 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità 1. ACTIVITY Eurizon Opportunità (the Fund ) was created in Luxembourg on 2 April 2009, in accordance with Part I of the Law of 17 December 2010 on Undertakings for Collective Investment. The Fund is a joint ownership of transferable securities and other financial assets as authorized by the Law, managed by the Management Company on the basis of the risk spreading principle, on behalf of and in the sole interest of the co-owners (the Unitholders ), who are committed only to the extent of their investment. Its assets are owned jointly and indivisibly by the Unitholders and constitute a holding separate from the Management Company s holdings. All Units have equal rights. There is no maximum limit set on the amount of wealth or the number of Units of jointly owned property which comprise the net assets of the Fund. The minimum net assets of the Fund are to be at least EUR ,00. In order to offer investments with different level of risks, Eurizon Opportunità is subdivided into a range of Sub-Funds. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fund keeps the books of each Sub-Fund in its respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment and in particular using the following valuation rules: a) Valuation of investment securities Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange or on another regulated market are valued according to the last known price and, in the event of being quoted on several markets, according to the last known price of the principal market. Valuation of investment securities, including zero-coupon bonds and money market instruments, not quoted on an official stock exchange or on another regulated market is fixed in a reasonable way on the basis of the sale prices anticipated cautiously and in good faith or, in the absence of a market value, according to the probable value in the reasonable estimation of the Board of Directors of the Management Company. Liquid asset, money market instruments or any other short-term debt or debt-related instruments, that is to say with residual maturity not exceeding 90 days, may be valued at nominal value plus any accrued interest or on an amortized cost basis, provided a regular review of the portfolio holdings is performed to detect any material deviation between the net assets calculated using these methods and those calculated using market quotations. If a deviation exists which may result in a material dilution or unfair result to Unitholders, appropriate corrective actions will be taken including, if necessary, the calculation of the net assets value by using available market quotations. b) Net realised profit / (loss) on sales of investments Realised profits or losses made on the sales of investments are calculated according to the average cost. c) Cost of purchase of securities in portfolios For securities in currencies other than the base currency of the Sub-Funds, the purchase price is calculated based on the closing exchange rates of the day of purchase. d) Future contracts Commitments related to future contracts are recorded off balance sheet and future contracts are valued according to the last available contract price. Unrealised profits and losses on future contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on future contracts. Guarantee deposits and margin calls are recorded under the Statement of Net Assets under the headings Amounts due from brokers and Amounts due to brokers. e) Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward foreign exchange rate for the remaining period until maturity. Unrealised profits and losses are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts. 83

84 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità f) Swap contracts Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange two flows, one in exchange of the other, determined on the basis of a nominal value. The flows may be linked to interest rate(s), exchange rate(s), share(s), index(es) or credit event(s). Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties. Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on swap contracts. Swap contracts are presented at clean price. g) Option contracts Option contracts quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market. Option contracts not quoted on an official stock exchange or on another regulated market are valued at their last known market value or, in the absence of a market value, according to their probable market value in the reasonable estimation of the Board of Directors of the Management Company. Premiums received on the written option contracts are recorded at market value as liabilities and premiums paid on purchased option contracts are recorded as assets. Unrealised profits and losses on option contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on option contracts. In the case of options on futures, no premium margin is required because here a daily profit and loss adjustment (variation margin) is made by the procedure known as marking-to-market. The profit of one party to the contract is the loss of the other party. The resulting gains and losses are either debited or credited to the appropriate account on a daily basis via the mark-to-market process. The final valuation is made at the final settlement price of either the expiration date of the option or the day on which it was exercised. h) Combined statements of the Fund The combined statements correspond to the sum of the statements of each Sub-Fund. i) Income Dividends are recognised on the date on which the shares/units concerned are quoted ex-dividend, net of withholding tax. Interest is calculated on a prorata temporis basis and recorded net of withholding tax. j) Translation of items expressed in foreign currencies Assets and liabilities in foreign currencies are converted into the base currency of the Sub-Funds at the closing exchange rates of the final day of the financial year. Income and expenses in currencies other than the base currency of the Sub-Funds are converted into the currency of the Sub-Funds at the closing exchange rates in force on the day of the transaction. The resulting realised and unrealised profit or loss made on foreign exchange is included in the Statement of Changes in Net Assets; any unrealised profit or loss on currencies of foreign cash positions, receivables and payables denominated in currencies other than the base currency of the Sub-Fund being recorded under the heading Change in unrealised appreciation / (depreciation) on foreign currencies. The main exchange rates as at 31 March 2017 are: 1 EUR = 1,4020 AUD 1 EUR = 1,4264 CAD 1 EUR = 1,0706 CHF 1 EUR = 0,8553 GBP 1 EUR = 119,1799 JPY 1 EUR = 20,1441 MXN 1 EUR = 9,1863 NOK 84

85 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità 1 EUR = 1,5300 NZD 1 EUR = 3,8949 TRY 1 EUR = 1,0695 USD k) Net Asset Value per Unit The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities of the Sub-Fund. The Net Asset Value per Unit of each class of Units is calculated by dividing the Net Asset Value by the number of Units outstanding on the day of calculation in the respective class of Units. l) Dividend distributions Categories RD and ID Units allow the distribution of dividends. For the year ended 31 March 2017, dividend distributions are detailed in Note TAXATION The Fund is governed by Luxembourg tax Laws applicable to investment funds. It is up to prospective purchasers of Units of the Fund to inquire about the Laws and rules applicable to the acquisition, holding and possibly sale of Units, taking into account their residence or nationality. As legislation now stands, the Fund is subject to the Luxembourg subscription tax at an annual rate of 0,05% calculated on the Net Asset Value of each Sub-Fund at the end of each quarter in question and payable quarterly. The rate of the annual subscription tax is fixed at 0,01% for the Sub-Funds or Classes of Units reserved for one or more Institutional Investors, as well as for Sub-Funds whose exclusive aim is the collective investment in money market instruments and/or deposits with credit institutions. The value of the assets represented by Units/Shares held in the other Luxembourg UCIs shall be exempt from the subscription tax, provided that such UCIs have already been subject to the subscription tax. 4. OTHER CHARGES AND TAXES The caption Other charges and taxes is composed of registration fees payable to the Authority of Control and other professional fees (administrative agent, paying agent, registrar and transfer agent and miscellaneous). 5. MANAGEMENT FEE The Management Company, as remuneration for its services, is entitled to receive a management fee calculated according to the Net Asset Value of each Sub-Fund of the Fund. For the year ended 31 March 2017, the rates in force for each Sub-Fund are the following: Sub-Fund Rate of Management Commission Class I Class IDY Class IDZ Class R Class RD Eurizon Opportunità - Obbligazioni Flessibile 0,40% 0,40% 0,40% N/A 1,00% Eurizon Opportunità - Flessibile 15 N/A N/A N/A 1,00% N/A Eurizon Opportunità - Sparkasse Prime Fund N/A N/A N/A 1,20% N/A Eurizon Opportunità - Global Bond Cedola 06/2021 (1) N/A N/A N/A N/A 0,25% Eurizon Opportunità - Global Bond Cedola 07/2021 (2) N/A N/A N/A N/A 0,25% Eurizon Opportunità - Global Bond Cedola 10/2021 (3) N/A N/A N/A N/A 0,25% Eurizon Opportunità - Global Bond Cedola 12/2021 (4) N/A N/A N/A N/A 0,25% Eurizon Opportunità - Global Bond Cedola 02/2022 (5) N/A N/A N/A N/A 0,25% (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January This fee is payable monthly and calculated on the basis of the monthly average Net Asset Value. 85

86 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità Investments done by each Sub-Fund in Units/Shares of UCITS and/or other UCI may lead investors to support twice certain expenses such as subscriptions fees, redemptions fees, custodian fees, administrative fees and management fees. The total amount of the management commissions applied on the related UCITS or UCI in which the Sub-Fund invests as well as the total amount of any rebates of the management commissions applied on UCITS or UCI managed by third companies are transferred to the Sub-Fund on a quarterly basis and registered in the Statement of Changes in Net Assets under the heading Other income as follows (in EUR): Eurizon Opportunità - Obbligazioni Flessibile ,86 Eurizon Opportunità - Flessibile 15 0,00 Eurizon Opportunità - Sparkasse Prime Fund ,74 Eurizon Opportunità - Global Bond Cedola 06/2021 (1) ,05 Eurizon Opportunità - Global Bond Cedola 07/2021 (2) ,76 Eurizon Opportunità - Global Bond Cedola 10/2021 (3) ,13 Eurizon Opportunità - Global Bond Cedola 12/2021 (4) ,18 Eurizon Opportunità - Global Bond Cedola 02/2022 (5) 1 520,60 Total ,32 (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January PERFORMANCE FEE In addition, the Management Company is entitled to receive a performance fee for the Sub-Funds Eurizon Opportunità - Obbligazioni Flessibile, Eurizon Opportunità - Flessibile 15 and Eurizon Opportunità - Sparkasse Prime Fund, the existence and amount of which is defined according to the following conditions: For each Class the performance fee amounts to 20% applied to the minimum value between: (i) the difference between the percentage increase of the Net Asset Value per Unit in respect to the value recorded at the end of the previous calendar year and the Hurdle Rate over such period and (ii) the percentage increase of the Net Asset Value per Unit with respect to the highest Net Asset Value per Unit recorded at the end of any previous calendar year ( High Water Mark ). The percentage increase of the Net Asset Value per Unit is calculated considering the reinvestment of dividends, if any. The Hurdle Rate defined for Eurizon Opportunità - Obbligazioni Flessibile is the Barclays Euro Treasury Bill Index (Bloomberg code LEB1TREU ) bps p.a.. The Hurdle Rate defined for Eurizon Opportunità - Flessibile 15 is the Barclays Euro Treasury Bill Index (Bloomberg code: LEB1TREU ) + 45 bps p.a.. The Hurdle Rate defined for Eurizon Opportunità - Sparkasse Prime Fund is the Barclays Euro Treasury Bill Index (Bloomberg code: LEB1TREU ) bps p.a.. When the performance of the Hurdle Rate is negative then a performance equal to zero is used for the purposes of performance commission calculation. The performance commission is applied to the smallest value between the annual average Net Asset Value and the Net Asset Value of each Class at the end of the calendar year. For the Sub-Funds Eurizon Opportunità - Obbligazioni Flessibile, the performance commission accrued for each Class is capped at 1,00% of the average Net Asset Value of the same Classes over the same period. For the Sub-Fund Eurizon Opportunità - Flessibile 15, the performance commission accrued for each Class is capped at 1,00% of the average Net Asset Value of the Class over the same period. For the Sub-Fund Eurizon Opportunità - Sparkasse Prime Fund, the performance commission accrued for each Class is capped at 1,20% of the average Net Asset Value of the same Class over the same period. The performance fee, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. 86

87 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità The performance fee is accrued on each Valuation Day according to the prevailing accounting principles. For the financial year closing 31 March 2017, a performance fee expense of EUR ,25 has been recorded in the Statement of Changes in Net Assets for Eurizon Opportunità - Obbligazioni Flessibile and no performance fees are due for the Sub-Funds Eurizon Opportunità - Flessibile 15 and Eurizon Opportunità - Sparkasse Prime Fund. 7. DEPOSITARY AND PAYING AGENT FEE The Depositary Bank has received a fee whose annual rate is 0,0539%, payable quarterly and calculated on the quarterly Net Asset Value (the change of rate during the year: from 01/04/2016 until 31/12/2016: 0,0574%, from 01/01/2017 until 31/03/2017: 0,0539%). Furthermore, in accordance with the current Depositary Bank and Paying Agent convention, the Depositary Bank has received during the financial year, for all of the active Sub-Funds as at 31 March 2017, a global amount of EUR ,55 registered in the Statement of Changes in Net Assets under the heading Other charges and taxes in accordance with paying agent services. 8. SWAP CONTRACTS, FUTURE CONTRACTS, FORWARD FOREIGN EXCHANGE CONTRACTS AND OPTION CONTRACTS During the financial period, the Sub-Funds have taken out, future contracts, forward foreign exchange contracts, swap contracts and option contracts. Details of open positions as at 31 March 2017 are disclosed following the Portfolio of the Sub-Funds. As at 31 March 2017, Banca IMI S.p.A. is the broker for all the future and option contracts. For the swap contracts the counterparties are disclosed following the portfolio in the open position. The counterparties for the forward foreign exchange contracts as at 31 March 2017, are listed below: Sub-Fund Forward foreign exchange counterparty Eurizon Opportunità - Obbligazioni Flessibile Eurizon Opportunità - Flessibile 15 Eurizon Opportunità - Sparkasse Prime Fund Eurizon Opportunità - Global Bond Cedola 06/2021 Eurizon Opportunità - Global Bond Cedola 07/2021 Eurizon Opportunità - Global Bond Cedola 10/2021 Eurizon Opportunità - Global Bond Cedola 12/2021 Eurizon Opportunità - Global Bond Cedola 02/2022 Goldman Sachs International Intesa Sanpaolo S.p.A. Barclays Bank Plc Crédit Agricole Corporate and Investment Bank Goldman Sachs International Intesa Sanpaolo S.p.A. Morgan Stanley & Co. International Plc Société Générale S.A. BNP Paribas S.A. Citigroup Global Markets Ltd Crédit Agricole Corporate and Investment Bank Goldman Sachs International Intesa Sanpaolo S.p.A. Goldman Sachs International Intesa Sanpaolo S.p.A. BNP Paribas S.A. Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Obbligazioni Flessibile has pledged the security BTP 9,00% 01/11/2023 for a nominal value of EUR ,00 and the security BTP 2,15% 12/11/2017 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Obbligazioni Flessibile has received the security BTP 4,50% 01/03/2019 for a nominal value of EUR ,00, the security BTP 5,50% 01/11/2022 for a nominal value of EUR ,00, the security BTP 3,10% 15/09/2026 for a nominal value of EUR ,00 and the security CCT FRN 01/11/2018 for a nominal value of EUR ,00 from Banca IMI S.p.A. as collateral for swap contracts. 87

88 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Flessibile 15 has pledged the security CTZ 0,00% 28/03/2018 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future and option contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Sparkasse Prime Fund has pledged the security BTP 0,95% 15/03/2023 for a nominal value of EUR ,00 and the security BTP 1,45% 15/09/2022 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future and option contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 06/2021 has pledged the security BTP 1,25% 27/10/2020 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 07/2021 has pledged the security BTP 1,25% 27/10/2020 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 10/2021 has pledged the security BTP 1,25% 27/10/2020 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 12/2021 has pledged the security BTP 1,25% 27/10/2020 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. As at 31 March 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 02/2022 has pledged the security BTP 1,65% 23/04/2020 for a nominal value of EUR ,00 at Banca IMI S.p.A. as collateral for future contracts. 9. UNITS OF THE FUND Seven Classes of Units, expressed in Euro (EUR), are available to investors: Class R, Class RD, Class I, Class ID, Class IDX, Class IDY and Class IDZ. Class R Units and Class RD may be acquired by any investor. Class I, Class ID, Class IDX, Class IDY and Class IDZ Units can only be acquired by institutional investors ( Institutional Investors ). Such Institutional Investors include: insurance companies, asset management companies, credit institutions or other professionals in the financial sector acting on their own behalf or within the framework of a discretionary management mission on behalf of their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not have a right of property claim against the Fund but only against the credit institutions or other professionals in the financial sector), undertakings for collective investment, territorial governmental units, holding companies, provided that they can justify their actual substance and have a structure and business activities on their own, separate from those of their shareholders, and that they have significant financial interests, and, finally, holding companies known as family companies, provided these are holding companies where a family or a branch of a family has significant financial interests. Class R Units and Class I Units allow for the accumulation of income, in other words full capitalization of the income accrued by investments is made in each of the Sub-Funds. Class RD Units, Class ID Units, Class IDX Units, Class IDY Units and Class IDZ Units allow for distribution of the income accrued by investments made in each of the Sub-Funds, in accordance with the criteria specified in the Prospectus. As at 31 March 2017, only Class R, Class RD, Class I, Class IDY and Class IDZ are active. The subscription of Class I Units and Class ID Units is subject to a minimum subscription amount equal to EUR However, the Management Company may decide, at its sole discretion and at any time, to waive the above mentioned subscription amount. Furthermore, for the below Sub-Funds, the Fund is entitled to receive a redemption commission applied on the countervalue of the number of Units redeemed based on the initial Net Asset Value per Unit. The applicable rates up to at 31 March 2017 are as follows: 88

89 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità Eurizon Opportunità - Global Bond Cedola 06/2021 (1) Period Rate of Redemption Commission From 13 April 2016 to 22 June 2016 Nil From 23 June 2016 to 22 December ,50% From 23 December 2016 to 22 June ,25% Eurizon Opportunità - Global Bond Cedola 07/2021 (2) Period Rate of Redemption Commission From 23 June 2016 to 5 August 2016 Nil From 6 August 2016 to 5 February ,50% From 6 February 2017 to 5 August ,25% Eurizon Opportunità - Global Bond Cedola 10/2021 (3) Period Rate of Redemption Commission From 5 September 2016 to 28 October 2016 Nil From 29 October 2016 to 28 April ,50% Eurizon Opportunità - Global Bond Cedola 12/2021 (4) Period Rate of Redemption Commission From 31 October 2016 to 19 December 2016 Nil From 20 December 2016 to 19 June ,50% Eurizon Opportunità - Global Bond Cedola 02/2022 (5) Period Rate of Redemption Commission From 9 January 2017 to 17 February 2017 Nil From 18 February 2017 to 17 August ,50% (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January

90 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità The commision is recorded in the Statement of Changes in Net Assets under the heading Other income as follows: Eurizon Opportunità - Obbligazioni Flessibile 0,00 Eurizon Opportunità - Flessibile ,30 Eurizon Opportunità - Sparkasse Prime Fund 0,00 Eurizon Opportunità - Global Bond Cedola 06/2021 (1) 750,83 Eurizon Opportunità - Global Bond Cedola 07/2021 (2) 222,41 Eurizon Opportunità - Global Bond Cedola 10/2021 (3) 188,62 Eurizon Opportunità - Global Bond Cedola 12/2021 (4) 29,58 Eurizon Opportunità - Global Bond Cedola 02/2022 (5) 0,00 Total 2149,74 (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January TRANSACTION COSTS For the year ended at 31 March 2017, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. These transaction costs are part of the acquisition cost / sale price of the related assets and, for the year from 1 April 2016 until 31 March 2017, amount as follows (in EUR): Sub-Funds Transaction costs Eurizon Opportunità - Obbligazioni Flessibile 6499,91 Eurizon Opportunità - Flessibile 15 0,00 Eurizon Opportunità - Sparkasse Prime Fund 0,00 Eurizon Opportunità - Global Bond Cedola 06/2021 (1) 145,83 Eurizon Opportunità - Global Bond Cedola 07/2021 (2) 82,89 Eurizon Opportunità - Global Bond Cedola 10/2021 (3) 93,41 Eurizon Opportunità - Global Bond Cedola 12/2021 (4) 28,13 Eurizon Opportunità - Global Bond Cedola 02/2022 (5) 10,98 Total 6 861,15 (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January PLACEMENT FEE For the Sub-Fund Eurizon Opportunità Global Bond Cedola 06/2021, after the end of the Initial Subscription Period a Placement Fee equal to 2,50% of the initial Net Value per Unit, multiplied by the number of Units outstanding of the same Class, is calculated on the 27 June 2016; it is levied on the Class of Units assets as formation expenses and is amortized as such until Maturity Date. For the Sub-Fund Eurizon Opportunità Global Bond Cedola 07/2021, after the end of the Initial Subscription Period a Placement Fee equal to 2,50% of the initial Net Value per Unit, multiplied by the number of Units outstanding of the same Class, is calculated on the 10 August 2016; it is levied on the Class of Units assets as formation expenses and is amortized as such until Maturity Date. For the Sub-Fund Eurizon Opportunità Global Bond Cedola 10/2021, after the end of the Initial Subscription Period a Placement Fee equal to 2,50% of the initial Net Value per Unit, multiplied by the number of Units outstanding of the same Class, is calculated on the 3 November 2016; it is levied on the Class of Units assets as formation expenses and is amortized as such until Maturity Date. For the Sub-Fund Eurizon Opportunità Global Bond Cedola 12/2021, after the end of the Initial Subscription Period a Placement Fee equal to 2,50% of the initial Net Value per Unit, multiplied by the number of Units outstanding of the same Class, is calculated on the 22 December 2016; it is levied on the Class of Units assets as formation expenses and is amortized as such until Maturity Date. 90

91 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità For the Sub-Fund Eurizon Opportunità Global Bond Cedola 02/2022, after the end of the Initial Subscription Period a Placement Fee equal to 2,50% of the initial Net Value per Unit, multiplied by the number of Units outstanding of the same Class, is calculated on the 22 February 2017; it is levied on the Class of Units assets as formation expenses and is amortized as such until Maturity Date. The net amount of the placement fee is recorded in the Statement of Net Assets under the heading Other Assets. As at 31 March 2017 the net amount of placement fee is as follows (in EUR): Eurizon Opportunità - Obbligazioni Flessibile 0,00 Eurizon Opportunità - Flessibile 15 2,78 Eurizon Opportunità - Sparkasse Prime Fund 0,00 Eurizon Opportunità - Global Bond Cedola 06/2021 (1) ,83 Eurizon Opportunità - Global Bond Cedola 07/2021 (2) ,72 Eurizon Opportunità - Global Bond Cedola 10/2021 (3) ,08 Eurizon Opportunità - Global Bond Cedola 12/2021 (4) ,09 Eurizon Opportunità - Global Bond Cedola 02/2022 (5) ,08 Total ,58 The amortisation applied for the year ended 31 March 2017 is recorded in the Statement of Changes in Net Assets under the heading Other charges and taxes. As at 31 March 2017, the amortisation recorded is as follows (in EUR): Eurizon Opportunità - Obbligazioni Flessibile 0,00 Eurizon Opportunità - Flessibile 15 0,00 Eurizon Opportunità - Sparkasse Prime Fund 0,00 Eurizon Opportunità - Global Bond Cedola 06/2021 (1) ,75 Eurizon Opportunità - Global Bond Cedola 07/2021 (2) ,64 Eurizon Opportunità - Global Bond Cedola 10/2021 (3) ,16 Eurizon Opportunità - Global Bond Cedola 12/2021 (4) ,00 Eurizon Opportunità - Global Bond Cedola 02/2022 (5) ,49 Total ,04 (1) This Sub-Fund was launched on 13 April (2) This Sub-Fund was launched on 23 June (3) This Sub-Fund was launched on 5 September (4) This Sub-Fund was launched on 31 October (5) This Sub-Fund was launched on 9 January CHANGES IN THE COMPOSITION OF THE PORTFOLIO The list of movements in the portfolio composition for the financial year ended at 31 March 2017 is available at the Management Company s registered office. 13. DIVIDEND DISTRIBUTIONS During the year ended 31 March 2017, the following distributions occurred: Name Class Distribution date Currency Amount per Unit in currency Total Amount in currency Amount in EUR Eurizon Opportunità - Obbligazioni Flessibile Eurizon Opportunità - Obbligazioni Flessibile RD 26/07/2016 EUR 0, , ,11 RD 30/01/2017 EUR 0, , ,02 Total ,13 The distributed amount results totally from the net income from investments of the year and is recorded in the Statement of Changes in Net Assets under the heading Dividend distributions. 91

92 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità 14. EVENTS OCCURRED DURING THE YEAR As of 13 April 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 06/2021 was launched. As of 23 June 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 07/2021 was launched. As of 5 September 2016, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 10/2021 was launched. As of 31 October 2016, the Sub-Fubnd Eurizon Opportunità - Global Bond Cedola 12/2021 was launched. As of 9 January 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 02/2022 was launched. As at 8 July 2016 the following mergers became effective on Eurizon Opportunità: Absorbed Sub-Funds Unit Classes of absorbed Sub-Funds Unit Classes of absorbing Sub-Funds Convertion Ratio 9 Decimals Absorbing Sub-Funds Eurizon Strategia Flessibile - Obbligazioni Class RD 1, Class RD Eurizon Strategia Flessibile - Obbligazioni Class RD 0, Eurizon Strategia Flessibile - Obbligazioni Class RD 0, Eurizon Opportunità - Obbligazioni Flessibile As at 9 September 2016 the following mergers became effective on Eurizon Opportunità: Absorbed Sub-Funds Unit Classes of absorbed Sub-Funds Unit Classes of absorbing Sub-Funds Conversion Ratio 9Decimals Absorbing Sub-Funds Investment Solutions by Epsilon - Cedola x4-06/2011 Investment Solutions by Epsilon - Cedola x4-07/2011 Investment Solutions by Epsilon - Cedola x4-09/2011 Investment Solutions by Epsilon - Cedola x4-11/2011 Investment Solutions by Epsilon - Cedola x4-12/2011 Investment Solutions by Epsilon - Cedola x4-02/2012 Investment Solutions by Epsilon - Cedola x4-03/2012 RD 1, RD 1, RD 1, RD R 1, RD 1, RD 1, RD 1, Eurizon Opportunità - Flessibile 15 As at 10 February 2017 the following mergers became effective on Eurizon Opportunità: Absorbed Sub-Funds Unit Classes of absorbed Sub-Funds Unit Classes of absorbing Sub-Funds Conversion Ratio 9Decimals Absorbing Sub-Funds Investment Solutions by Epsilon - Soluzione Attiva Protetta Investment Solutions by Epsilon - Soluzione Attiva Protetta Investment Solutions by Epsilon - Soluzione Attiva Protetta Investment Solutions by Epsilon - Soluzione Attiva Protetta Investment Solutions by Epsilon - Soluzione Attiva Protetta R 1, R 1, R R 1, R 1, R 1, Eurizon Opportunità - Flessibile 15 92

93 NOTES TO THE FINANCIAL STATEMENTS Eurizon Opportunità As at 3 March 2017 the following mergers became effective on Eurizon Opportunità: Absorbed Sub-Funds Unit Classes of absorbed Sub-Funds Unit Classes of absorbing Sub-Funds Conversion Ratio 9Decimals Absorbing Sub-Funds Investment Solutions by Epsilon - Cedola x4indexed - 05/2012 Investment Solutions by Epsilon - Cedola x4indexed - 07/2012 Investment Solutions by Epsilon - Cedola x4indexed - 09/2012 Investment Solutions by Epsilon - Cedola x4indexed - 10/2012 Eurizon Focus Capitale Protetto - Protezione Eurizon Focus Capitale Protetto - Protezione SUBSEQUENT EVENT The following Sub-Funds were launched: RD 1, RD 1, RD R 1, RD 1, R 1, R 1, Eurizon Opportunità - Flessibile 15 As of 7 April 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 04/2022 was launched. As of 23 May 2017, the Sub-Fund Eurizon Opportunità - Global Bond Cedola 05/2022 was launched. As at 19 May 2017 the following mergers became effective on Eurizon Opportunità: Absorbed Sub-Funds Unit Classes of absorbed Sub-Funds Unit Classes of absorbing Sub-Funds Conversion Ratio 9 decimals Absorbing Sub-Funds Eurizon Focus Capitale Protetto - Protezione Eurizon Focus Capitale Protetto - Protezione R R 1, R 1, Eurizon Opportunità - Flessibile 15 93

94 ~ EURIZON ASSET MANAGEMENT