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

Transcription

1 Epsilon Fund A Mutual Fund ( Fonds Commun de Placement ) governed by the Law of Luxembourg Subscriptions cannot be accepted on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus, the Key Investor Information Document, accompanied by a copy of the latest annual report or a copy of the subsequent semi-annual report if it has been published. Semi-annual report as at 30 September 2017 R.C.S. Luxembourg K349

2 Epsilon Fund Table of contents Organisation of the Fund 3 Comparative Net Asset Values over the last three years/periods Combined Statement of Net Assets 9 Combined Statement of Changes in Net Assets 10 Epsilon Fund - Euro Cash 11 Statement of Net Assets 11 Statement of Changes in Net Assets 12 Portfolio 13 Epsilon Fund - Euro Bond 14 Statement of Net Assets 14 Statement of Changes in Net Assets 15 Portfolio 16 Commitments on future contracts 18 Forward foreign exchange contracts 19 8 Epsilon Fund - Enhanced Constant Risk Contribution 64 Statement of Net Assets 64 Statement of Changes in Net Assets 65 Portfolio 66 Commitments on future contracts 73 Option contracts 74 Forward foreign exchange contracts 75 Epsilon Fund - Absolute Q-Multistrategy 76 Statement of Net Assets 76 Statement of Changes in Net Assets 77 Portfolio 78 Commitments on future contracts 86 Option contracts 87 Forward foreign exchange contracts 88 Swap contracts 89 Notes to the financial statements 90 Epsilon Fund - Euro Q-Equity 20 Statement of Net Assets 20 Statement of Changes in Net Assets 21 Portfolio 22 Commitments on future contracts 25 Epsilon Fund - European Q-Equity 26 Statement of Net Assets 26 Statement of Changes in Net Assets 27 Portfolio 28 Commitments on future contracts 32 Forward foreign exchange contracts 33 Epsilon Fund - Emerging Bond Total Return 34 Statement of Net Assets 34 Statement of Changes in Net Assets 35 Portfolio 36 Commitments on future contracts 44 Option contracts 45 Forward foreign exchange contracts 46 Epsilon Fund - Emerging Bond Total 48 Return Enhanced Statement of Net Assets 48 Statement of Changes in Net Assets 49 Portfolio 50 Forward foreign exchange contracts 54 Epsilon Fund - Q-Flexible 55 Statement of Net Assets 55 Statement of Changes in Net Assets 56 Portfolio 57 Commitments on future contracts 61 Option contracts 62 Forward foreign exchange contracts 63 2

3 ORGANISATION OF THE FUND Epsilon Fund MANAGEMENT COMPANY AND PROMOTER Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) R.C.S. Luxembourg B BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Chairman of the Board of Directors Mr. Tommaso CORCOS Managing Director of Eurizon Capital SGR S.p.A., Milan Resident in Milan (Italy) Vice-Chairman of the Board of Directors Mr. Daniel GROS Vice Chairman of Eurizon Capital SGR S.p.A., Milan Resident in Brussels (Belgium) Managing Director Mr. Bruno ALFIERI General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Director Mr. Marco BUS Co-General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo MAZZINI Head of Marketing and Business Development of Eurizon Capital SGR S.p.A., Milan Resident in Milan (Italy) Director Mr. Claudio SOZZINI Independent Director Resident in Milan (Italy) MANAGEMENT COMPANY S CONDUCTING OFFICERS Director Mr. Paul HELMINGER Independent Director, Lawyer, Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Bruno ALFIERI General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Marco BUS Co-General Manager of Eurizon Capital S.A., Luxembourg Resident in Luxembourg (Grand Duchy of Luxembourg) Mr. Jérôme DEBERTOLIS Resident in Luxembourg (Grand Duchy of Luxembourg) 3

4 ORGANISATION OF THE FUND Epsilon Fund DEPOSITARY BANK AND PAYING AGENT LOCAL PAYING AGENTS State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) Austria Erste Bank der oesterreichischen Sparkassen AG Am Belvedere, , Vienna Belgium CACEIS Belgium S.A. 86, Avenue du Port B , Brussels France State Street Banque S.A. Défense Plaza, rue Delarivière-Lefoullon F-92064, Paris La Défense Cedex Italy State Street Bank International GmbH, (acting through its Italian Branch) 10, via Ferrante Aporti I-20125, Milan ALLFUNDS Bank S.A., (acting through its Italian Branch) 7, via Santa Margherita I-20121, Milan BNP PARIBAS Securities Services, (acting through its Milan Branch) Piazza Lina Bo Bardi, 3 I-20124, Milan SOCIETE GENERALE Securities Services S.p.A., 19A MAC2, Via Benigno Crespi I-20159, Milan CACEIS Bank Luxembourg - Italian Branch 2, Piazza Cavour I-20121, Milan Banca Sella Holding S.p.A. 1, Piazza Gaudenzio Sella I-13900, Biella Sweden Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan, , Stockholm ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (these functions have been delegated by Eurizon Capital S.A.) 4

5 ORGANISATION OF THE FUND Epsilon Fund INVESTMENT MANAGERS Eurizon Capital SGR S.p.A. 3, Piazzetta Giordano dell Amore I Milan (Italy) (This function has been delegated by Eurizon Capital S.A. to Eurizon Capital SGR S.p.A. for the Sub-Fund Epsilon Fund - Euro Bond) Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) Epsilon SGR S.p.A. 3, Piazzetta Giordano Dell Amore I Milan (Italy) (This function has been delegated by Eurizon Capital S.A. to Epsilon SGR S.p.A. for the Sub-Funds Epsilon Fund - Euro Q-Equity, Epsilon Fund - European Q-Equity, Epsilon Fund - Q-Flexible, Epsilon Fund - Emerging Bond Total Return, Epsilon Fund - Emerging Bond Total Return Enhanced, Epsilon Fund - Enhanced Constant Risk Contribution and Epsilon Fund - Absolute Q-Multistrategy) INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY KPMG Luxembourg, Société coopérative 39, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 5

6 ORGANISATION OF THE FUND Epsilon Fund CONSTITUTION Epsilon Fund (the Fund ), was created in the Grand Duchy of Luxembourg on 21 April 2008 in the form of a mutual investment fund in transferable securities governed by the Laws of Luxembourg, and is 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 State Street Bank, the former Depositary Bank, on 21 April 2008 and the notification of the filing with the Registre du Commerce et des Sociétés in Luxembourg has been published in the Mémorial, Recueil Spécial des Sociétés et Associations on 8 May The informing of the deposit with the Registre du Commerce et des Sociétés in Luxembourg of amended version of the Management Regulations were published in the Mémorial, Recueil Spécial des Sociétés et Associations until 31 May 2016 and on the official electronic platform Recueil Electronique des Sociétés et Associations as from 1 June The Management Regulations in force have been filed with the Registre de Commerce et des Sociétés in Luxembourg, where they may be consulted, and where copies can be obtained. The Fund has been established for an indefinite period. The Fund is an umbrella fund. The Sub-Funds which are active on 30 September, 2017 are listed below: Epsilon Fund - Euro Cash Epsilon Fund - European Q-Equity Epsilon Fund - Emerging Bond Total Return Epsilon Fund - Euro Q-Equity Epsilon Fund - Q-Flexible Epsilon Fund - Euro Bond Epsilon Fund - Enhanced Constant Risk Contribution Epsilon Fund - Absolute Q-Multistrategy Epsilon Fund - Emerging Bond Total Return Enhanced The Sub-Fund Epsilon Fund - Euro Cash was launched on 21 April, The Sub-Fund Epsilon Fund - European Q-Equity was launched on 21 April, The Sub-Fund Epsilon Fund - Emerging Bond Total Return was launched on 21 April, The Sub-Fund Epsilon Fund - Euro Q-Equity was launched on 21 April, The Sub-Fund Epsilon Fund - Q-Flexible was launched on 21 April, The Sub-Fund Epsilon Fund - Euro Bond was launched on 12 December, The Sub-Fund Epsilon Fund - Enhanced Constant Risk Contribution was launched on 3 October, The Sub-Fund Epsilon Fund - Absolute Q-Multistrategy was launched on 24 November, The Sub-Fund Epsilon Fund - Emerging Bond Total Return Enhanced was launched on 11 September, The different Units which are available to investors for all 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 Management Company takes place every year at the registered office, or at any other location in Luxembourg, specified in the convening notice within six months of the end of each financial year. INFORMATION FOR FUND UNITHOLDERS Copies of audited annual reports as at 31 March and copies of unaudited semi-annual reports as at 30 September are available free of charge to Unitholders at the Depositary Bank, other establishments specified by the latter, and at the registered office of the Management Company. 6

7 ORGANISATION OF THE FUND Epsilon Fund The periodic reports contain all information relative to the Fund, to the composition and development of its assets. The financial year begins on 1 April and ends on 31 March. The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Depostary Bank. Other information intended for participants is published in the Mémorial, Recueil des Sociétés et Associations and in the Registre de Commerce et des Sociétés in Luxembourg, if this publication is specified by the Management Regulations or by Law. GLOBAL RISK EXPOSURE The method used to calculate the global risk exposure is the commitment approach for all Sub-Funds. REMUNERATION POLICY (UNAUDITED) The Management Company, Eurizon Capital S.A., has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the UCITS V Directive ), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May The remuneration policy, which has been approved by the Management Company s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and articles of incorporation of the Company nor impair compliance with the Company s duty to act in the best interest of the Company. The remuneration policy, which describes how remuneration and benefits are determined, is available at or on request from the Management Company. As at the end of the Fund s financial year on 31 March 2017, the Management Company had not completed its first annual performance period in which it has to comply with the UCITS V remuneration rules. As a result, the aggregate amount of remuneration broken down by category of employees or other staff members as well as the other information that is required by the UCITS V Directive to be disclosed in the annual report is not yet available and had not been included in the annual report. 7

8 Epsilon Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS/PERIODS 30 September March March 2016 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Epsilon Fund - Euro Cash Class I Units EUR ,89 111, ,40 111, ,63 111,56 Class R Units EUR ,37 109, ,46 109, ,97 110,39 Class RA Units EUR ,02 99, ,69 99, ,45 100,03 Total net assets EUR , , ,05 Epsilon Fund - Euro Bond Class I Units EUR ,48 174, ,65 171, ,38 173,08 Class R Units EUR ,35 166, ,75 163, ,48 166,80 Class S Units EUR ,88 100,12 Class SD Units EUR ,81 101, ,54 100,36 Total net assets EUR , , ,86 Epsilon Fund - Euro Q-Equity Class I Units EUR ,10 137, ,37 126, ,55 107,16 Class R Units EUR ,72 126, ,24 117, ,19 100,31 Class S Units EUR 5 818,52 116, ,00 108,11 Total net assets EUR , , ,74 Epsilon Fund - European Q-Equity Class I Units EUR ,86 139, ,17 134, ,61 117,00 Class R Units EUR ,33 128, ,11 124, ,68 109,74 Total net assets EUR , , ,29 Epsilon Fund - Emerging Bond Total Return Class I Units EUR ,10 140, ,48 139, ,06 136,35 Class I2 Units USD ,95 108, ,86 97,57 Class I7 Units CHF ,89 107, ,43 99,46 Class IU2 Units USD ,00 101, ,49 100,45 Class R Units EUR ,17 133, ,49 133, ,45 130,71 Class RD Units EUR ,51 100,16 Class S Units EUR ,40 101, ,14 101,23 Class SD Units EUR ,77 101, ,30 100,85 Total net assets EUR , , ,51 Epsilon Fund - Emerging Bond Total Return Enhanced Class I Units EUR ,55 99,94 Class R Units EUR ,58 99,92 Total net assets EUR ,13 Epsilon Fund - Q-Flexible Class I Units EUR ,84 152, ,86 149, ,78 141,14 Class R Units EUR ,32 140, ,37 137, ,13 131,73 Class S Units EUR ,47 103, ,43 101,80 Class SD Units EUR ,57 102, ,76 100,36 Total net assets EUR , , ,91 Epsilon Fund - Enhanced Constant Risk Contribution Class I Units EUR ,65 109, ,52 107, ,35 101,61 Class R Units EUR ,27 106, ,38 104, ,77 99,88 Total net assets EUR , , ,12 Epsilon Fund - Absolute Q-Multistrategy Class I Units EUR ,71 100, ,91 100,68 Total net assets EUR , ,91 8

9 Epsilon Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,54 Banks ,68 Amounts due from brokers (Notes 2, 8) ,13 Option contracts (Notes 2, 8) ,97 Swap premium paid (Notes 2, 8) ,27 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,86 Unrealised profit on future contracts (Notes 2, 8) ,91 Interest receivable on swap contracts (Notes 2, 8) 1 527,78 Other interest receivable ,42 Receivable on investments sold ,15 Receivable on subscriptions ,86 Other assets ,92 Total assets ,49 Liabilities Bank overdrafts (90 051,61) Option contracts (Notes 2, 8) (30 223,00) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,27) Unrealised loss on future contracts (Notes 2, 8) ( ,11) Unrealised loss on swap contracts (Notes 2, 8) (1 623,57) Payable on investments purchased ( ,99) Payable on redemptions ( ,09) Other liabilities ( ,77) Total liabilities ( ,41) Total net assets ,08 9

10 Epsilon Fund COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,80 Net income from investments (Note 2) ,89 Interest on bank accounts 1 069,79 Interest received on swap contracts (Notes 2, 8) ,64 Other income (Note 5) ,74 Total income ,06 Management fee (Note 5) ( ,26) Performance fee (Note 6) ( ,05) Depositary and paying agent fee (Note 7) ( ,31) Subscription tax (Note 3) ( ,47) Other charges and taxes (Notes 4, 7) ( ,96) Total expenses ( ,05) Net investment income / (loss) ,01 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,98 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,80) - option contracts (Notes 2, 8) ( ,78) - forward foreign exchange contracts (Notes 2, 8) ,96 - foreign currencies ( ,28) - future contracts (Notes 2, 8) ,18 - swap contracts (Notes 2, 8) (1 623,57) Net result of operations for the period ,70 Subscriptions for the period ,95 Redemptions for the period ( ,37) Net assets at the end of the period ,08 10

11 Epsilon Fund - Euro Cash STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,00 Banks ,16 Other interest receivable ,70 Receivable on investments sold ,75 Receivable on subscriptions ,73 Other assets 158,14 Total assets ,48 Liabilities Payable on investments purchased ( ,24) Payable on redemptions ( ,56) Other liabilities ( ,40) Total liabilities ( ,20) Total net assets ,28 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 111, ,197 Class R Units EUR 109, ,546 Class RA Units EUR 99, ,304 11

12 Epsilon Fund - Euro Cash STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,55 Net income from investments (Note 2) ,33 Total income ,33 Management fee (Note 5) ( ,38) Depositary and paying agent fee (Note 7) ( ,33) Subscription tax (Note 3) ( ,96) Other charges and taxes (Notes 4, 7) ( ,41) Total expenses ( ,08) Net investment income / (loss) ,25 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Note 2) ( ,44) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,92 Net result of operations for the period ( ,27) Subscriptions for the period ,64 Redemptions for the period ( ,64) Net assets at the end of the period ,28 12

13 Epsilon Fund - Euro Cash PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,00 99,91 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,00 99,91 Ordinary Bonds , ,00 1,70 ITALY , ,00 1,70 Government , ,00 1, ,00 BTP 0.75% 15/01/2018 EUR , ,00 1, ,00 BTP 3.50% 01/06/2018 EUR , ,00 0,17 Floating Rate Notes , ,40 19,19 ITALY , ,50 18,25 Government , ,50 18, ,00 CCT FRN 15/04/2018 EUR , ,00 11, ,00 CCT FRN 15/10/2017 EUR , ,50 6,39 NETHERLANDS , ,90 0,94 Finance , ,90 0, ,00 RABOBANK NEDERLAND FRN 15/01/2018 EUR , ,90 0, ,00 RABOBANK NEDERLAND FRN 12/10/2017 EUR , ,00 0,47 Zero-Coupon Bonds , ,60 79,02 ITALY , ,60 52,26 Government , ,60 52, ,00 BOT 0.00% 31/01/2018 EUR , ,00 7, ,00 BOT 0.00% 14/06/2018 EUR , ,00 7, ,00 BOT 0.00% 13/07/2018 EUR , ,00 5, ,00 BOT 0.00% 28/02/2018 EUR , ,00 4, ,00 BOT 0.00% 29/12/2017 EUR , ,00 3, ,00 BOT 0.00% 14/08/2018 EUR , ,00 2, ,00 BOT 0.00% 14/12/2017 EUR , ,00 2, ,00 CTZ 0.00% 28/03/2018 EUR , ,00 2, ,00 BOT 0.00% 13/04/2018 EUR , ,00 2, ,00 BOT 0.00% 30/11/2017 EUR , ,60 2, ,00 BOT 0.00% 29/03/2018 EUR , ,00 2, ,00 BOT 0.00% 14/09/2018 EUR , ,00 2, ,00 BOT 0.00% 14/05/2018 EUR , ,00 2, ,00 BOT 0.00% 14/03/2018 EUR , ,00 2, ,00 BOT 0.00% 31/10/2017 EUR , ,00 0,79 SPAIN , ,00 26,42 Government , ,00 26, ,00 SPAIN LETRAS DEL TESORO 0.00% 11/05/2018 EUR , ,00 6, ,00 SPAIN LETRAS DEL TESORO 0.00% 06/04/2018 EUR , ,00 5, ,00 SPAIN LETRAS DEL TESORO 0.00% 15/06/2018 EUR , ,00 4, ,00 SPAIN LETRAS DEL TESORO 0.00% 16/02/2018 EUR , ,00 4, ,00 SPAIN LETRAS DEL TESORO 0.00% 09/03/2018 EUR , ,00 3, ,00 SPAIN LETRAS DEL TESORO 0.00% 17/08/2018 EUR , ,00 1,69 IRELAND , ,00 0,34 Government , ,00 0, ,00 IRELAND GOVERNMENT BOND 0.00% 18/06/2018 EUR , ,00 0,34 Total Portfolio , ,00 99,91 13

14 Epsilon Fund - Euro Bond STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,54 Banks ,24 Amounts due from brokers (Notes 2, 8) ,15 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,41 Unrealised profit on future contracts (Notes 2, 8) ,00 Other interest receivable ,95 Receivable on subscriptions ,52 Other assets ,34 Total assets ,15 Liabilities Unrealised loss on future contracts (Notes 2, 8) ( ,45) Payable on redemptions ( ,99) Other liabilities ( ,19) Total liabilities ( ,63) Total net assets ,52 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 174, ,300 Class R Units EUR 166, ,728 Class S Units EUR 100,12 99,910 Class SD Units EUR 101,74 100,000 14

15 Epsilon Fund - Euro Bond STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,94 Net income from investments (Note 2) ,36 Interest received on swap contracts (Notes 2, 8) ,75 Other income (Note 5) ,22 Total income ,33 Management fee (Note 5) ( ,08) Performance fee (Note 6) ( ,38) Depositary and paying agent fee (Note 7) ( ,52) Subscription tax (Note 3) ( ,26) Other charges and taxes (Notes 4, 7) ( ,54) Total expenses ( ,78) Net investment income / (loss) ,55 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ( ,92) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,07 - forward foreign exchange contracts (Notes 2, 8) ,86 - foreign currencies (12 547,56) - future contracts (Notes 2, 8) ,08 Net result of operations for the period ,08 Subscriptions for the period ,59 Redemptions for the period ( ,09) Net assets at the end of the period ,52 15

16 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,54 90,26 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,04 81,08 Ordinary Bonds , ,04 81,08 ITALY , ,04 46,99 Government , ,04 46, ,00 BTP 5.00% 01/03/2025 EUR , ,00 5, ,68 BTP 1.25% 27/10/2020 EUR , ,90 5, ,13 BTP 1.65% 23/04/2020 EUR , ,40 4, ,74 BTP 0.50% 20/04/2023 EUR , ,02 4, ,00 BTP 4.75% 01/09/2028 EUR , ,00 3, ,00 BTP 4.50% 01/03/2024 EUR , ,00 3, ,00 BTP 0.40% 11/04/2024 EUR , ,82 3, ,00 BTP 9.00% 01/11/2023 EUR , ,00 3, ,00 BTP 3.45% 01/03/2048 EUR , ,00 2, ,00 BTP 5.75% 01/02/2033 EUR , ,00 2, ,86 BTP 0.45% 22/05/2023 EUR , ,83 2, ,00 BTP 5.00% 01/09/2040 EUR , ,00 1, ,00 BTP 3.75% 01/09/2024 EUR , ,00 1, ,00 BTP 0.35% 24/10/2024 EUR , ,17 1, ,00 BTP 6.50% 01/11/2027 EUR , ,00 1, ,00 BTP 4.75% 01/09/2044 EUR , ,00 1, ,00 BTP 5.00% 01/08/2039 EUR , ,00 0, ,00 BTP 5.00% 01/03/2022 EUR , ,00 0, ,00 BTP 1.65% 01/03/2032 EUR , ,90 0,16 FRANCE , ,00 18,96 Government , ,00 18, ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 1.00% EUR , ,00 5,56 25/11/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 1.75% EUR , ,00 2,84 25/11/ ,00 FRENCH REPUBLIC GOVERNMENT BOND OAT 5.75% EUR , ,00 2,75 25/10/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 0.25% EUR , ,00 1,58 25/11/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 4.00% EUR , ,00 1,50 25/10/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 3.25% EUR , ,00 1,24 25/05/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 2.00% EUR , ,00 1,21 25/05/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 0.50% EUR , ,00 1,18 25/05/ ,00 FRANCE REPUBLIC GOVERNMENT BOND OAT 4.50% 25/04/2041 EUR , ,00 1,10 GERMANY , ,00 4,82 Government , ,00 4, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% 04/07/2044 EUR , ,00 2, ,00 BUNDESREPUBLIK DEUTSCHLAND 2.50% 15/08/2046 EUR , ,00 1, ,00 BUNDESREPUBLIK DEUTSCHLAND 3.25% 04/07/2042 EUR , ,00 0, ,00 BUNDESREPUBLIK DEUTSCHLAND 4.75% 04/07/2034 EUR , ,00 0,27 16

17 Epsilon Fund - Euro Bond PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets BELGIUM , ,00 4,50 Government , ,00 4, ,00 KINGDOM OF BELGIUM GOVERNMENT BOND 1.00% EUR , ,00 3,64 22/06/ ,00 KINGDOM OF BELGIUM GOVERNMENT BOND 4.25% 28/09/2022 EUR , ,00 0,86 SPAIN , ,00 3,38 Government , ,00 3, ,00 SPAIN GOVERNMENT BOND 3.80% 30/04/2024 EUR , ,00 1, ,00 SPAIN GOVERNMENT BOND 5.90% 30/07/2026 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 1.50% 30/04/2027 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 4.90% 30/07/2040 EUR , ,00 0,33 PORTUGAL , ,00 2,37 Government , ,00 2, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% EUR , ,00 1,52 15/02/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.95% 25/10/2023 EUR , ,00 0,85 AUSTRIA , ,00 0,06 Government , ,00 0, ,00 REPUBLIC OF AUSTRIA GOVERNMENT BOND 4.85% EUR , ,00 0,06 15/03/2026 INVESTMENT FUNDS , ,50 9,18 UCI Units , ,50 9,18 LUXEMBOURG , ,50 9,18 Finance , ,50 9, ,52 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,37 7, ,94 EURIZON FUND - BOND CORPORATE EUR -Z- EUR , ,13 0, ,00 EURIZON FUND - BOND FLEXIBLE -Z- EUR , ,00 0,68 Total Portfolio , ,54 90,26 17

18 Epsilon Fund - Euro Bond COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,00 Unrealised profit on future contracts and commitment , , (958) Sale EURO BUND 07/12/2017 EUR , , (570) Sale EURO OAT 07/12/2017 EUR , , (45) Sale EURO BTP 07/12/2017 EUR , ,00 Unrealised loss on future contracts and commitment ( ,45) , (3 518) Sale SHORT EURO BTP 07/12/2017 EUR ( ,45) ,00 18

19 Epsilon Fund - Euro Bond FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ,41 Unrealised profit on forward foreign exchange contracts ,41 15/11/ ,00 USD ,12 EUR ,05 15/11/ ,00 USD ,67 EUR ,36 19

20 Epsilon Fund - Euro Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,34 Banks ,67 Amounts due from brokers (Note 2) ,17 Unrealised profit on future contracts (Notes 2, 8) ,00 Receivable on subscriptions ,59 Other assets ,61 Total assets ,38 Liabilities Payable on redemptions (59 391,57) Other liabilities ( ,47) Total liabilities ( ,04) Total net assets ,34 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 137, ,872 Class R Units EUR 126, ,674 Class S Units EUR 116,66 49,875 20

21 Epsilon Fund - Euro Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,61 Net income from investments (Note 2) ,69 Total income ,69 Management fee (Note 5) ( ,80) Performance fee (Note 6) ( ,50) Depositary and paying agent fee (Note 7) (8 667,79) Subscription tax (Note 3) (1 783,23) Other charges and taxes (Notes 4, 7) (24 457,73) Total expenses ( ,05) Net investment income / (loss) ,64 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,84 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,02) - foreign currencies 71,33 - future contracts (Notes 2, 8) 1 242,79 Net result of operations for the period ,58 Subscriptions for the period ,92 Redemptions for the period ( ,77) Net assets at the end of the period ,34 21

22 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,34 97,89 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,34 97,89 Shares , ,34 97,89 FRANCE , ,40 25,11 Industries , ,28 5, ,00 SAFRAN SA EUR , ,28 1, ,00 EIFFAGE SA EUR , ,80 1, ,00 VINCI SA EUR , ,20 1,80 Consumer Retail , ,35 5, ,00 PEUGEOT SA EUR , ,00 1, ,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR , ,00 1, ,00 LVMH MOET HENNESSY LOUIS VUITTON SE EUR , ,35 1,76 Computing and IT , ,28 5, ,00 ATOS SE EUR , ,00 1, ,00 CAPGEMINI SA EUR , ,88 1, ,00 INGENICO GROUP SA EUR , ,40 1,62 Telecommunication , ,52 5, ,00 EUTELSAT COMMUNICATIONS SA EUR , ,62 1, ,00 ORANGE SA EUR , ,78 1, ,00 PUBLICIS GROUPE SA EUR , ,12 1,55 Finance , ,97 3, ,00 AXA SA EUR , ,22 1, ,00 BNP PARIBAS SA EUR , ,75 1,80 GERMANY , ,46 22,20 Industries , ,14 7, ,00 DUERR AG EUR , ,90 2, ,00 FRAPORT AG FRANKFURT AIRPORT SERVICES WORLDWIDE EUR , ,18 1, ,00 MTU AERO ENGINES AG EUR , ,65 1, ,00 OSRAM LICHT AG EUR , ,41 1,75 Consumer Retail , ,74 5, ,00 DEUTSCHE LUFTHANSA AG REG EUR , ,73 2, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,89 1, ,00 DAIMLER AG REG EUR , ,12 1,70 Finance , ,48 3, ,00 ALLIANZ SE REG EUR , ,60 1, ,00 AAREAL BANK AG EUR , ,88 1,64 Health , ,10 3, ,00 BAYER AG REG EUR , ,10 1, ,00 FRESENIUS SE & CO KGAA EUR , ,00 1,53 Raw materials , ,00 1, ,00 COVESTRO AG EUR , ,00 1,90 ITALY , ,05 12,57 Finance , ,64 7, ,00 INTESA SANPAOLO SPA EUR , ,96 1, ,00 ASSICURAZIONI GENERALI SPA EUR , ,16 1, ,00 MEDIOBANCA SPA EUR , ,92 1, ,00 AZIMUT HOLDING SPA EUR , ,60 1,67 22

23 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Multi-Utilities , ,41 3, ,00 ENEL SPA EUR , ,78 1, ,00 A2A SPA EUR , ,63 1,72 Health , ,00 1, ,00 RECORDATI SPA EUR , ,00 1,89 SPAIN , ,80 11,77 Basic Goods , ,14 3, ,00 VISCOFAN SA EUR , ,43 1, ,00 DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA EUR , ,71 1,57 Computing and IT , ,60 1, ,00 AMADEUS IT GROUP SA EUR , ,60 1,85 Energy , ,73 1, ,00 REPSOL SA EUR , ,73 1,81 Finance , ,68 1, ,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR , ,68 1,78 Industries , ,00 1, ,00 AENA SA EUR , ,00 1,56 Multi-Utilities , ,65 1, ,00 ENDESA SA EUR , ,65 1,56 NETHERLANDS , ,25 8,75 Finance , ,39 1, ,00 AEGON NV EUR , ,39 1,94 Consumer Retail , ,24 1, ,00 UNILEVER NV -CVA- EUR , ,24 1,74 Energy , ,68 1, ,00 SBM OFFSHORE NV EUR , ,68 1,70 Telecommunication , ,54 1, ,00 KONINKLIJKE KPN NV EUR , ,54 1,70 Basic Goods , ,40 1, ,00 HEINEKEN NV EUR , ,40 1,67 IRELAND , ,13 5,53 Industries , ,48 2, ,00 KINGSPAN GROUP PLC EUR , ,48 2,01 Raw materials , ,00 1, ,00 SMURFIT KAPPA GROUP PLC EUR , ,00 1,86 Consumer Retail , ,64 1, ,00 RYANAIR HOLDINGS PLC EUR , ,64 1,66 Finance ,13 0,01 0, ,00 IRISH BANK RESOLUTION CORP -L- EUR ,13 0,01 0,00 FINLAND , ,75 4,62 Industries , ,60 1, ,00 KONE OYJ -B- EUR , ,60 1,82 23

24 Epsilon Fund - Euro Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Raw materials , ,67 1, ,00 UPM-KYMMENE OYJ EUR , ,67 1,61 Health , ,48 1, ,00 ORION OYJ -B- EUR , ,48 1,19 BELGIUM , ,96 3,70 Finance , ,76 1, ,00 AGEAS EUR , ,76 1,86 Raw materials , ,20 1, ,00 SOLVAY SA EUR , ,20 1,84 AUSTRIA , ,16 1,85 Finance , ,16 1, ,00 ERSTE GROUP BANK AG EUR , ,16 1,85 PORTUGAL , ,38 1,79 Multi-Utilities , ,38 1, ,00 EDP - ENERGIAS DE PORTUGAL SA EUR , ,38 1,79 Total Portfolio , ,34 97,89 24

25 Epsilon Fund - Euro Q-Equity COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,00 Unrealised profit on future contracts and commitment , , Purchase EURO STOXX 50 15/12/2017 EUR , ,00 25

26 Epsilon Fund - European Q-Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,05 Banks ,87 Amounts due from brokers (Notes 2, 8) ,56 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,88 Unrealised profit on future contracts (Notes 2, 8) ,00 Receivable on subscriptions ,48 Other assets ,44 Total assets ,28 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,26) Unrealised loss on future contracts (Notes 2, 8) (2 652,69) Payable on redemptions ( ,29) Other liabilities ( ,85) Total liabilities ( ,09) Total net assets ,19 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 139, ,252 Class R Units EUR 128, ,808 26

27 Epsilon Fund - European Q-Equity STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,28 Net income from investments (Note 2) ,33 Other income ,16 Total income ,49 Management fee (Note 5) ( ,16) Depositary and paying agent fee (Note 7) (86 276,44) Subscription tax (Note 3) (16 972,42) Other charges and taxes (Notes 4, 7) ( ,28) Total expenses ( ,30) Net investment income / (loss) ,19 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,88 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,20) - forward foreign exchange contracts (Notes 2, 8) ( ,88) - foreign currencies (1 833,76) - future contracts (Notes 2, 8) ,33 Net result of operations for the period ,56 Subscriptions for the period ,13 Redemptions for the period ( ,78) Net assets at the end of the period ,19 27

28 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,05 97,12 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,05 97,12 Shares , ,05 96,51 UNITED KINGDOM , ,79 19,70 Consumer Retail , ,24 4, ,00 BERKELEY GROUP HOLDINGS PLC GBP , ,75 1, ,00 ASHTEAD GROUP PLC GBP , ,52 1, ,00 RELX PLC GBP , ,97 1,29 Health , ,10 3, ,00 SMITH & NEPHEW PLC GBP , ,11 1, ,00 ASTRAZENECA PLC GBP , ,03 1, ,00 GLAXOSMITHKLINE PLC GBP , ,96 1,19 Multi-Utilities , ,06 2, ,00 NATIONAL GRID PLC GBP , ,65 1, ,00 CENTRICA PLC GBP , ,41 1,23 Telecommunication , ,31 2, ,00 ITV PLC GBP , ,09 1, ,00 INMARSAT PLC GBP , ,22 1,10 Finance , ,94 1, ,00 JUPITER FUND MANAGEMENT PLC GBP , ,94 1,44 Energy , ,35 1, ,00 BP PLC GBP , ,35 1,42 Raw materials , ,92 1, ,00 RIO TINTO PLC GBP , ,92 1,41 Industries , ,81 1, ,00 BAE SYSTEMS PLC GBP , ,81 1,31 Basic Goods , ,06 1, ,00 BRITISH AMERICAN TOBACCO PLC GBP , ,06 1,17 FRANCE , ,18 15,54 Industries , ,80 4, ,00 EIFFAGE SA EUR , ,60 1, ,00 SAFRAN SA EUR , ,60 1, ,00 VINCI SA EUR , ,60 1,42 Finance , ,62 4, ,00 BNP PARIBAS SA EUR , ,00 1, ,00 AXA SA EUR , ,50 1, ,00 SOCIETE GENERALE SA EUR , ,12 1,38 Consumer Retail , ,00 2, ,00 PEUGEOT SA EUR , ,50 1, ,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR , ,50 1,40 Computing and IT , ,00 1, ,00 ATOS SE EUR , ,00 1,41 Energy , ,50 1, ,00 TOTAL SA EUR , ,50 1,38 28

29 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Health , ,26 1, ,00 SANOFI EUR , ,26 1,32 GERMANY , ,33 14,07 Consumer Retail , ,44 4, ,00 DEUTSCHE LUFTHANSA AG REG EUR , ,22 1, ,00 DAIMLER AG REG EUR , ,39 1, ,00 BAYERISCHE MOTOREN WERKE AG EUR , ,83 1,39 Computing and IT , ,21 2, ,00 INFINEON TECHNOLOGIES AG EUR , ,56 1, ,00 SAP SE EUR , ,65 1,33 Raw materials , ,50 1, ,00 COVESTRO AG EUR , ,50 1,52 Finance , ,90 1, ,00 ALLIANZ SE REG EUR , ,90 1,45 Health , ,70 1, ,00 BAYER AG REG EUR , ,70 1,34 Industries , ,00 1, ,00 SIEMENS AG REG EUR , ,00 1,31 Basic Goods , ,58 1, ,00 METRO AG EUR , ,58 1,25 SWITZERLAND , ,07 10,33 Industries , ,67 2, ,00 LAFARGEHOLCIM LTD REG CHF , ,88 1, ,00 ABB LTD REG CHF , ,79 1,27 Finance , ,64 2, ,00 UBS GROUP AG REG CHF , ,62 1, ,00 HELVETIA HOLDING AG CHF , ,02 1,21 Basic Goods , ,55 2, ,00 NESTLE SA REG CHF , ,55 2,45 Raw materials , ,68 1, ,00 LONZA GROUP AG REG CHF , ,68 1,54 Health , ,53 1, ,00 ROCHE HOLDING AG CHF , ,53 1,28 SPAIN , ,52 9,43 Finance , ,44 2, ,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR , ,01 1, ,00 BANCO SANTANDER SA EUR , ,43 1,35 Energy , ,41 1, ,00 REPSOL SA EUR , ,41 1,53 Computing and IT , ,99 1, ,00 AMADEUS IT GROUP SA EUR , ,99 1,38 Telecommunication , ,06 1, ,00 TELEFONICA SA EUR , ,06 1,34 Consumer Retail , ,12 1, ,00 INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA GBP , ,12 1,28 29

30 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets Industries , ,50 1, ,00 AENA SA EUR , ,50 1,18 ITALY , ,89 7,10 Finance , ,98 2, ,00 ASSICURAZIONI GENERALI SPA EUR , ,56 1, ,00 INTESA SANPAOLO SPA EUR , ,42 1,42 Consumer Retail , ,70 1, ,00 MONCLER SPA EUR , ,70 1,57 Multi-Utilities , ,51 1, ,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR , ,51 1,38 Telecommunication , ,70 1, ,00 TELECOM ITALIA SPA EUR , ,70 1,29 SWEDEN , ,57 5,59 Consumer Retail , ,63 2, ,00 VOLVO AB -B- SEK , ,22 1, ,00 ELECTROLUX AB -B- SEK , ,41 1,31 Finance , ,59 1, ,00 SWEDBANK AB -A- SEK , ,59 1,44 Industries , ,35 1, ,00 SANDVIK AB SEK , ,35 1,40 NETHERLANDS , ,94 4,11 Consumer Retail , ,86 2, ,00 UNILEVER NV -CVA- EUR , ,60 1, ,00 RANDSTAD HOLDING NV EUR , ,26 1,35 Telecommunication , ,08 1, ,00 WOLTERS KLUWER NV EUR , ,08 1,39 DENMARK , ,25 4,09 Health , ,40 1, ,00 NOVO NORDISK A/S -B- DKK , ,40 1,42 Consumer Retail , ,35 1, ,00 PANDORA A/S DKK , ,35 1,35 Finance , ,50 1, ,00 DANSKE BANK A/S DKK , ,50 1,32 BELGIUM , ,22 2,91 Finance , ,22 2, ,00 AGEAS EUR , ,12 1, ,00 KBC GROUP NV EUR , ,10 1,42 JERSEY , ,90 1,23 Raw materials , ,90 1, ,00 CENTAMIN PLC GBP , ,90 1,23 FINLAND , ,92 1,21 Raw materials , ,92 1, ,00 UPM-KYMMENE OYJ EUR , ,92 1,21 30

31 Epsilon Fund - European Q-Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets IRELAND , ,47 1,20 Consumer Retail , ,44 1, ,00 RYANAIR HOLDINGS PLC EUR , ,44 1,20 Finance ,98 0,03 0, ,00 IRISH BANK RESOLUTION CORP -L- EUR ,98 0,03 0,00 Zero-Coupon Bonds , ,00 0,61 ITALY , ,00 0,61 Government , ,00 0, ,00 BOT 0.00% 14/08/2018 EUR , ,00 0,61 Total Portfolio , ,05 97,12 31

32 Epsilon Fund - European Q-Equity COMMITMENTS ON FUTURE CONTRACTS AS AT 30 SEPTEMBER 2017 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment , ,09 Unrealised profit on future contracts and commitment , , Purchase EURO STOXX 50 15/12/2017 EUR , ,00 Unrealised loss on future contracts and commitment (2 652,69) , Purchase FTSE 100 INDEX 15/12/2017 GBP (2 652,69) ,09 32

33 Epsilon Fund - European Q-Equity FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 SEPTEMBER 2017 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts ( ,38) Unrealised profit on forward foreign exchange contracts ,88 30/11/ ,45 EUR ,00 CHF ,41 30/11/ ,00 GBP ,20 EUR ,93 30/11/ ,00 NOK ,13 EUR ,20 30/11/ ,00 GBP ,44 EUR ,67 30/11/ ,00 SEK ,07 EUR ,29 30/11/ ,08 EUR ,00 CHF ,46 30/11/ ,00 GBP ,08 EUR ,79 30/11/ ,80 EUR ,00 SEK ,24 30/11/ ,64 EUR ,00 NOK ,54 30/11/ ,00 GBP ,69 EUR ,95 30/11/ ,21 EUR ,00 SEK ,52 30/11/ ,01 EUR ,00 DKK 6 986,26 30/11/ ,14 EUR ,00 SEK 6 206,37 30/11/ ,00 CHF ,87 EUR 5 210,53 30/11/ ,98 EUR ,00 SEK 4 748,97 30/11/ ,00 SEK ,21 EUR 4 592,40 30/11/ ,80 EUR ,00 CHF 3 722,07 30/11/ ,11 EUR ,00 GBP 3 572,16 30/11/ ,30 EUR ,00 SEK 1 532,12 Unrealised loss on forward foreign exchange contracts ( ,26) 30/11/ ,00 CHF ,48 EUR ( ,35) 30/11/ ,95 EUR ,00 GBP (58 938,10) 30/11/ ,13 EUR ,00 GBP (55 869,91) 30/11/ ,11 EUR ,00 SEK (50 618,74) 30/11/ ,44 EUR ,00 GBP (23 401,87) 30/11/ ,00 GBP ,01 EUR (16 577,52) 30/11/ ,00 GBP ,70 EUR (12 645,00) 30/11/ ,00 SEK ,57 EUR (11 923,20) 30/11/ ,00 CHF ,03 EUR (9 954,80) 30/11/ ,53 EUR ,00 CHF (9 579,22) 30/11/ ,00 DKK ,63 EUR (2 724,24) 30/11/ ,28 EUR ,00 CHF (1 131,51) 30/11/ ,00 DKK ,78 EUR (206,80) 33