EurizonCapital s.a. A Mutual Fund ( Fonds Commun de Placement ) governed by the Law of Luxembourg

Transcription

1 EurizonCapital s.a. 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 2014

2 Eurizon Opportunità Table of contents Organisation of the Fund 3 Board of Directors of the Management Company s report on the management of the Fund 7 Report of the Réviseur d Entreprises Agréé 9 Comparative Net Asset Values over the last three years 11 Combined Statement of Net Assets 12 Combined Statement of Changes in Net Assets 13 Eurizon Opportunità - Bond Selection Statement of Changes in Net Assets 14 Eurizon Opportunità - Bond Selection Statement of Net Assets 15 Statement of Changes in Net Assets 16 Portfolio 17 Swap contracts 19 Eurizon Opportunità - Obbligazioni Flessibile 20 Statement of Net Assets 20 Statement of Changes in Net Assets 21 Portfolio 22 Commitments on future contracts 29 Option contracts 30 Forward foreign exchange contracts 31 Notes to the financial statements 32 2

3 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. Mauro MICILLO Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (until 31 December 2013) Chairman of the Board of Directors Mr. Tommaso CORCOS Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (since 10 February 2014) Vice-Chairman of the Board of Directors Mr. Daniel GROS Independent Director Resident of Brussels (Belgium) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo TORCHIANA Co-General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Carlo NICOLETTI Independent Director Resident of Rüschlikon (Switzerland) CUSTODIAN BANK AND PAYING AGENT State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 3

4 ORGANISATION OF THE FUND Eurizon Opportunità ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT INVESTMENT MANAGER State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (these functions have been delegated by Eurizon Capital S.A.) Eurizon Capital SGR S.p.A. 3, piazzetta Giordano dell Amore I Milan (Italy) INDEPENDENT AUDITOR OF THE INVESTMENT FUND (this function has been delegated by Eurizon Capital S.A.) KPMG Luxembourg S.à r.l. 9, allée Scheffer L Luxembourg (Grand Duchy of Luxembourg) 4

5 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, 15 February 2013 and on 10 July 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 2014 are listed below: Eurizon Opportunità - Bond Selection , Eurizon Opportunità - Obbligazioni Flessibile. As at 12 July 2013, Eurizon Opportunità - Bond Selection has been merged into Eurizon Opportunità - Obbligazioni Flessibile. As of 14 February 2014 the Sub-Fund Eurizon Focus Riserva Doc - Obbligazioni Corporate 12/2013 (Class RD) merged into the Sub-Fund Eurizon Opportunità - Obbligazioni Flessible (Class RD). 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 Custodian 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 Custodian Bank. 5

6 ORGANISATION OF THE FUND Eurizon Opportunità 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 The method used to calculate the global risk for all the Sub-Funds is the commitment approach. 6

7 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 2014) was generally positive for riskier financial assets, despite some periods of volatility. From a macroeconomic point of view, there was an upturn in global activity led by the United States, although US figures were below expectations in the first quarter of 2014 as a result of the prolonged period of bad weather. There were also signs of gradual cyclical improvement in the Eurozone which, for example, ended the period with corporate confidence indices firmly on the upturn. However, the indicators from emerging economies were uncertain overall, with weak growth and inflation generally higher than the target levels set by central banks. There was a moment of uncertainty for the markets in May and June 2013 when the US Federal Reserve announced it intended to gradually reduce quantitative easing (tapering). This prospect caused a rapid rise in bond yields in the US and Germany, sparked a general fall in risky assets and, above all, produced strong outflows of assets (shares and bonds) from emerging economies. The Federal Reserve (Fed) then decided to postpone its tapering announcement until its December meeting, after having received further reassuring indicators of economic recovery, and after the 2014 budget had been agreed. The markets reacted favourably to this decision and took it as a sign of the Fed's confidence in the US economy. Moreover, at the meeting of 19 March 2014, the US central bank started to turn attention to the timing of initial interest rate rises (mid-2015), a further sign of the Fed's confidence in the stability of the economic recovery. With regard to the Eurozone, the German elections of September 2013 that produced a broad coalition government with Angela Merkel still at the helm, the decision of the European Central Bank (ECB) to cut interest rates to 0.25% at the start of November (motivated by the desire to slow the fall in inflation, which dropped to 0. 7% in October) and the agreement reached in December on the mechanism for resolving bank failures, an important step on the road to banking union, were all notable. As were the tensions between Ukraine and Russia over the Crimea, which created a temporary return to volatility in the markets at the end of the period in question (particularly in the first half of March 2014). Looking at the performance of the global bond market, the year in question ended with a slightly positive performance expressed in local currency (1% according to the JP Morgan Global Index). With regard to geographical areas, the Eurozone performed well, gaining 6.1 %, while the US market contracted by 1.6% and emerging economies recorded a loss of 1.9%. Despite some volatile periods, the overall balance for the year was favourable for global stock markets (MSCI World Index in local currency) which recorded a gain of 18.6%. Looking at the main geographical areas, the Eurozone recorded a significant rise (24%), followed by the United States (21.3 %) and the Pacific exchanges (10.6%). The gains for emerging economies were very modest, however (3.4%). They were affected by a combination of unfavourable inflation and economic growth. On the foreign exchange markets, the period closed with a general strengthening of the euro against the main currencies, particularly against the US dollar (7.3%) and the yen (17.6%). The currency dynamic also influenced performance expressed in euro on markets outside the Eurozone. The global stock market, for example, saw the gain in euros fall to 10.9% (compared to 18.6% in local currency). It should be noted that performance converted into euros for stock markets in emerging countries actually slid into negative territory (-8.2%). The global bond market recorded a loss of 6% in euros (compared with a gain of 1 % in local currency).

8 Activity of the Fund At the end of March 2013, Eurizon Opportunita was composed of 2 Sub-Funds for an overall net asset value of EUR ,96. The annual in- and outflows as well as the net assets as of 31 March 2014 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 Oooortunita - Bond Selection (*) - ( ' - Eurizon Oooortunita - Bond Selection ( , ,12 Eurizon Oooortunita - Obbliqazioni Flessibile ,84 ( ,51' ,84 Eurizon Opportunita ,84 ( ,55) ,96 (*) This Sub-Fund contributed its assets and liabilities into the Sub-Fund Eurizon Opportunita - Obbligazioni Flessibile on 12 July 2013 In the course of the financial year, the Sub-Funds of Eurizon Opportunita reported the following performances (gross performance excluding dividends): Eurizon Opportunita - Bond Selection (RD Units): +0,46 % Eurizon Opportunita - Obbligazioni Flessibile (RD Units): +4,89% Eurizon Opportunita - Obbligazioni Flessiblle (I Units): +5,40% (for the period from 27/09/2013 to 31/03/2014). Luxembourg, 25 June 2014 v ~Q Massimo TORCHIANA Director Co-General Manager Massimo MAZZINI Managing Director General Manager

9 ABCD 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 2014 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. 9

10 REPORT OF THE REVISE UR 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 2014 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 matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such in formation in the context of the financial statements taken as a whole. Luxembourg, 11 July KPMG Luxembourg S.a r.l. Cabinet de revision.agree 10

11 Eurizon Opportunità COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS 31 March March March 2012 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon Opportunità - Bond Selection Class RD Units EUR ,43 102,11 Total net assets EUR ,43 Eurizon Opportunità - Bond Selection Class RD Units EUR ,82 101, ,30 100,73 Total net assets EUR , ,30 Eurizon Opportunità - Bond Selection Class RD Units EUR ,12 103, ,85 102, ,11 100,01 Total net assets EUR , , ,11 Eurizon Opportunità - Obbligazioni Flessibile Class I Units EUR ,72 105,40 Class RD Units EUR ,12 105, ,37 100,80 Total net assets EUR , ,37 11

12 Eurizon Opportunità COMBINED STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) ,17 Banks ,32 Amounts due from brokers ,73 Unrealised profit on forward foreign exchange contracts (Note 8) ,15 Unrealised profit on future contracts (Note 8) ,60 Interest receivable on swap contracts (Note 8) 5 383,65 Other interest receivable ,26 Receivable on investments sold ,11 Receivable on subscriptions ,00 Total assets ,99 Liabilities Bank overdrafts (27 429,69) Option contracts (Note 8) (23 372,20) Unrealised loss on forward foreign exchange contracts (Note 8) ( ,25) Unrealised loss on future contracts (Note 8) ( ,68) Unrealised loss on swap contracts (Note 8) (75 396,82) Interest payable on swap contracts (Note 8) ( ,54) Payable on redemptions ( ,34) Other liabilities ( ,51) Total liabilities ( ,03) Total net assets ,96 12

13 Eurizon Opportunità COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes ,04 Net income from investments (Note 2) ,96 Interest on bank accounts 4 631,84 Interest received on swap contracts (Note 8) ,65 Other income (Note 9) ,74 Total income ,19 Management fee (Note 5) ( ,37) Performance fee (Note 6) ( ,93) Custodian fee (Note 7) (85 112,46) Subscription tax (Note 3) (73 769,13) Interest paid on swap contracts (Note 8) ( ,20) Interest on bank accounts (315,83) Other charges and taxes (Notes 4, 7) ( ,41) Total expenses ( ,33) Net investment income / (loss) ,86 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,51 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,50 - option contracts (Note 8) (23 372,20) - forward foreign exchange contracts (Note 8) ,26 - foreign currencies 1 620,73 - future contracts (Note 8) ( ,08) - swap contracts (Note 8) ,73 Net result of operations for the year ,31 Subscriptions for the year ,84 Redemptions for the year ( ,55) Dividend distributions (Note 11) ( ,68) Net assets at the end of the year ,96 13

14 Eurizon Opportunità - Bond Selection STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 1 APRIL 2013 TO 11 JULY 2013 (DATE OF MERGER) IN EUR Net assets at the beginning of the period Notes ,82 Net income from investments (Note 2) ,14 Interest on bank accounts 253,23 Interest received on swap contracts (Note 8) 4 698,85 Other income (Note 9) 9 312,40 Total income ,62 Management fee (Note 5) (20 476,35) Custodian fee (Note 7) (3 330,00) Subscription tax (Note 3) (2 940,89) Interest paid on swap contracts (Note 8) (50 616,84) Interest on bank accounts (20,11) Other charges and taxes (Notes 4, 7) (11 957,96) Total expenses (89 342,15) Net investment income / (loss) ,47 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ( ,06) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,10 - swap contracts (Note 8) ,10 Net result of operations for the period ,61 Redemptions for the period ( ,43) Net assets at the end of the period 0,00 14

15 Eurizon Opportunità - Bond Selection STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) ,35 Banks ,47 Interest receivable on swap contracts (Note 8) 5 383,65 Other interest receivable ,29 Total assets ,76 Liabilities Unrealised loss on swap contracts (Note 8) (75 396,82) Interest payable on swap contracts (Note 8) ( ,54) Other liabilities (29 846,28) Total liabilities ( ,64) Total net assets ,12 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 103, ,250 15

16 Eurizon Opportunità - Bond Selection STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes ,85 Net income from investments (Note 2) ,43 Interest on bank accounts 182,48 Interest received on swap contracts (Note 8) ,25 Other income (Note 9) ,40 Total income ,56 Management fee (Note 5) ( ,01) Custodian fee (Note 7) (10 108,07) Subscription tax (Note 3) (9 464,44) Interest paid on swap contracts (Note 8) ( ,78) Other charges and taxes (Notes 4, 7) (36 507,42) Total expenses ( ,72) Net investment income / (loss) ,84 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ( ,34) Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,54) - swap contracts (Note 8) ,63 Net result of operations for the year ,59 Redemptions for the year ( ,61) Dividend distributions (Note 11) (87 891,71) Net assets at the end of the year ,12 16

17 Eurizon Opportunità - Bond Selection PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,35 98,29 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,35 98,29 Ordinary Bonds , ,85 80,94 ITALY , ,80 30,76 Government , ,30 28, ,00 BTP 4.25% 01/02/2015 EUR , ,00 14, ,00 BTP 3.00% 15/04/2015 EUR , ,00 6, ,00 BTP 4.25% 01/07/2014 EUR , ,00 5, ,00 BTP 4.25% 01/08/2014 EUR , ,30 1,61 Multi-Utilities , ,50 2, ,00 EDISON SPA 4.25% 22/07/2014 EUR , ,50 1, ,00 A2A SPA 4.875% 28/05/2014 EUR , ,00 1,18 NETHERLANDS , ,65 14,61 Finance , ,15 11, ,00 KBC INTERNATIONALE EUR , ,50 4,04 FINANCIERINGSMAATSCHAPPIJ NV 4.50% 17/09/ ,00 ACHMEA BV 7.375% 16/06/2014 EUR , ,25 3, ,00 AEGON NV 4.125% 08/12/2014 EUR , ,40 2, ,00 ADECCO INTERNATIONAL FINANCIAL SERVICES BV 7.625% 28/04/2014 EUR , ,00 1,33 Raw materials , ,50 3, ,00 AKZO NOBEL NV 7.25% 27/03/2015 EUR , ,50 3,28 SPAIN , ,00 10,44 Finance , ,00 5, ,00 SANTANDER INTERNATIONAL DEBT SAU 3.50% EUR , ,00 2,97 12/08/ ,00 SANTANDER INTERNATIONAL DEBT SAU 3.50% EUR , ,00 1,81 10/03/ ,00 BBVA SENIOR FINANCE SAU 3.625% 03/10/2014 EUR , ,00 1,19 Multi-Utilities , ,00 3, ,00 GAS NATURAL CAPITAL MARKETS SA 5.25% EUR , ,00 3,27 09/07/2014 Telecommunication , ,00 1, ,00 TELEFONICA EMISIONES SAU 3.406% 24/03/2015 EUR , ,00 1,20 FRANCE , ,75 6,87 Industries , ,75 5, ,00 CIE DE ST-GOBAIN 8.25% 28/07/2014 EUR , ,25 4, ,00 LAFARGE SA 5.00% 16/07/2014 EUR , ,50 1,49 Consumer Retail , ,00 1, ,00 KERING 8.625% 03/04/2014 EUR , ,00 1,32 LUXEMBOURG , ,00 6,22 Consumer Retail , ,00 3, ,00 MICHELIN LUXEMBOURG SCS 8.625% 24/04/2014 EUR , ,00 3,54 Finance , ,00 2, ,00 AON SERVICES LUXEMBOURG & CO SCA 6.25% 01/07/2014 EUR , ,00 2,68 IRELAND , ,00 4,16 Finance , ,00 4, ,00 CRH FINANCE LTD 7.375% 28/05/2014 EUR , ,00 3, ,00 FGA CAPITAL IRELAND PLC 4.375% 18/09/2014 EUR , ,00 0,60 17

18 Eurizon Opportunità - Bond Selection PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets FINLAND , ,25 4,01 Industries , ,25 4, ,00 METSO OYJ 7.25% 10/06/2014 EUR , ,25 4,01 UNITED STATES , ,00 2,43 Finance , ,00 2, ,00 SWISS RE TREASURY US CORP 7.00% 19/05/2014 EUR , ,00 2,43 GREAT-BRITAIN , ,40 1,44 Basic Goods , ,40 0, ,00 IMPERIAL TOBACCO FINANCE PLC 7.25% EUR , ,40 0,85 15/09/2014 Finance , ,00 0, ,00 STANDARD CHARTERED PLC 5.75% 30/04/2014 EUR , ,00 0,59 Floating rate notes , ,50 17,35 UNITED STATES , ,00 12,93 Finance , ,00 12, ,00 GOLDMAN SACHS GROUP INC FRN 02/02/2015 EUR , ,00 4, ,00 MORGAN STANLEY FRN 02/05/2014 EUR , ,00 4, ,00 MERRILL LYNCH & CO INC FRN 22/07/2014 EUR , ,00 3,53 ITALY , ,50 4,42 Government , ,50 3, ,00 CCT FRN 01/09/2015 EUR , ,00 2, ,00 CCT FRN 15/12/2015 EUR , ,50 1,48 Finance , ,00 0, ,00 UNIONE DI BANCHE ITALIANE SCPA FRN 24/07/2014 EUR , ,00 0,59 Total Portfolio , ,35 98,29 18

19 Eurizon Opportunità - Bond Selection SWAP CONTRACTS AS AT 31 MARCH 2014 Counterparty Currency Notional Maturity Interest receivable (EUR) Interest payable (EUR) Unrealised profit / (loss) (EUR) INTEREST RATE SWAP CONTRACTS 5 383,65 ( ,54) (75 396,82) BANCA IMI SPA EUR ,00 06/05/ ,00 (87 390,00) (7 966,00) (1) BANCA IMI SPA EUR ,00 08/12/ ,33 (19 740,00) (37 419,30) (2) BANCA IMI SPA EUR ,00 01/07/ ,60 (52 490,12) (14 697,86) (3) BANCA IMI SPA EUR ,00 02/09/ ,72 (24 950,42) (15 313,66) (4) (1) The Sub-Fund pays annually the notional amount multiplied by 1,94% p.a.. Banca IMI S.p.A. pays quarterly the notional amount multiplied by Euribor 3m. (2) The Sub-Fund pays annually the notional amount multiplied by 2,11% p.a.. Banca IMI S.p.A. pays quarterly the notional amount multiplied by Euribor 3m. (3) The Sub-Fund pays annually the notional amount multiplied by 1,99% p.a.. Banca IMI S.p.A. pays quarterly the notional amount multiplied by Euribor 3m. (4) The Sub-Fund pays annually the notional amount multiplied by 2,03% p.a.. Banca IMI S.p.A. pays quarterly the notional amount multiplied by Euribor 3m. 19

20 Eurizon Opportunità - Obbligazioni Flessibile STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) ,82 Banks ,85 Amounts due from brokers ,73 Unrealised profit on forward foreign exchange contracts (Note 8) ,15 Unrealised profit on future contracts (Note 8) ,60 Other interest receivable ,97 Receivable on investments sold ,11 Receivable on subscriptions ,00 Total assets ,23 Liabilities Bank overdrafts (27 429,69) Option contracts (Note 8) (23 372,20) Unrealised loss on forward foreign exchange contracts (Note 8) ( ,25) Unrealised loss on future contracts (Note 8) ( ,68) Payable on redemptions ( ,34) Other liabilities ( ,23) Total liabilities ( ,39) Total net assets ,84 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 105, ,750 Class RD Units EUR 105, ,696 20

21 Eurizon Opportunità - Obbligazioni Flessibile STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes ,37 Net income from investments (Note 2) ,39 Interest on bank accounts 4 196,13 Interest received on swap contracts (Note 8) 9 444,55 Other income (Note 9) 7 395,94 Total income ,01 Management fee (Note 5) ( ,01) Performance fee (Note 6) ( ,93) Custodian fee (Note 7) (71 674,39) Subscription tax (Note 3) (61 363,80) Interest paid on swap contracts (Note 8) (13 137,58) Interest on bank accounts (295,72) Other charges and taxes (Notes 4, 7) ( ,03) Total expenses ( ,46) Net investment income / (loss) ,55 Net realised profit / (loss) on sales of investments, currencies and other financial instruments ,91 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,94 - option contracts (Note 8) (23 372,20) - forward foreign exchange contracts (Note 8) ,26 - foreign currencies 1 620,73 - future contracts (Note 8) ( ,08) Net result of operations for the year ,11 Subscriptions for the year ,84 Redemptions for the year ( ,51) Dividend distributions (Note 11) ( ,97) Net assets at the end of the year ,84 21

22 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO , ,82 96,37 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING , ,73 93,76 Ordinary Bonds , ,58 90,73 ITALY , ,68 40,45 Government , ,63 39, ,00 BTP 3.75% 01/05/2021 EUR , ,00 6, ,00 BTP 6.50% 01/11/2027 EUR , ,00 6, ,29 BTP 2.25% 22/04/2017 EUR , ,56 5, ,00 BTP 5.00% 01/03/2025 EUR , ,00 4, ,00 BTP 4.75% 01/09/2044 EUR , ,00 4, ,50 BTP 2.55% 22/10/2016 EUR , ,34 4, ,00 BTP 3.50% 01/12/2018 EUR , ,00 3, ,01 BTP 2.15% 12/11/2017 EUR , ,47 2, ,19 BTP 2.55% 15/09/2041 EUR , ,26 1,25 Finance , ,50 0, ,00 INTESA SANPAOLO SPA 4.00% 09/11/2017 EUR , ,50 0, ,00 UNICREDIT SPA 6.95% 31/10/2022 EUR , ,00 0, ,00 UNIONE DI BANCHE ITALIANE SCPA 2.875% EUR , ,00 0,08 18/02/ ,00 ASSICURAZIONI GENERALI SPA 2.875% 14/01/2020 EUR , ,00 0, ,00 BANCO POPOLARE SC 3.50% 14/03/2019 EUR , ,00 0, ,00 MEDIOBANCA SPA 2.25% 18/03/2019 EUR , ,00 0,04 Telecommunication , ,55 0, ,00 TELECOM ITALIA SPA 4.00% 21/01/2020 EUR , ,00 0, ,00 TELECOM ITALIA SPA 5.875% 19/05/2023 GBP , ,55 0,07 Multi-Utilities , ,00 0, ,00 A2A SPA 4.375% 10/01/2021 EUR , ,00 0, ,00 A2A SPA 4.50% 28/11/2019 EUR , ,00 0,04 Industries , ,00 0, ,00 SALINI COSTRUTTORI SPA 6.125% 01/08/2018 EUR , ,00 0,10 SPAIN , ,40 11,61 Government , ,40 10, ,00 SPAIN GOVERNMENT BOND 4.60% 30/07/2019 EUR , ,80 4, ,00 SPAIN GOVERNMENT BOND 4.00% 30/07/2015 EUR , ,90 3, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,70 2, ,00 SPAIN GOVERNMENT BOND 4.20% 31/01/2037 EUR , ,00 0, ,00 SPAIN GOVERNMENT BOND 4.80% 31/01/2024 EUR , ,00 0,28 Finance , ,00 0, ,00 SANTANDER INTERNATIONAL DEBT SAU 4.625% EUR , ,00 0,21 21/03/ ,00 BBVA SENIOR FINANCE SAU 4.375% 21/09/2015 EUR , ,00 0,21 Industries , ,00 0, ,00 OBRASCON HUARTE LAIN SA 7.625% 15/03/2020 EUR , ,00 0, ,00 ABERTIS INFRAESTRUCTURAS SA 4.75% 25/10/2019 EUR , ,00 0,05 Telecommunication , ,00 0, ,00 TELEFONICA EMISIONES SAU 5.811% 05/09/2017 EUR , ,00 0,23 IRELAND , ,03 9,35 Government , ,00 7, ,00 IRELAND GOVERNMENT BOND 5.50% 18/10/2017 EUR , ,00 4, ,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR , ,00 3,18 Finance , ,03 1, ,00 VNESHECONOMBANK VIA VEB FINANCE PLC 6.025% USD , ,03 0,80 05/07/ ,00 GE CAPITAL EUROPEAN FUNDING 5.25% EUR , ,00 0,22 18/05/

23 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ,00 BANK OF IRELAND 3.25% 15/01/2019 EUR , ,00 0, ,00 FGA CAPITAL IRELAND PLC 2.875% 26/01/2018 EUR , ,00 0,12 Raw materials , ,00 0, ,00 SMURFIT KAPPA ACQUISITIONS 7.75% 15/11/2019 EUR , ,00 0,21 PORTUGAL , ,50 6,78 Government , ,50 6, ,00 PORTUGAL OBRIGACOES DO TESOURO OT 5.65% EUR , ,00 3,32 15/02/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.80% EUR , ,00 1,48 15/06/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.75% EUR , ,50 1,37 14/06/ ,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.10% 15/04/2037 EUR , ,00 0,48 Finance , ,00 0, ,00 BANCO ESPIRITO SANTO SA 5.875% 09/11/2015 EUR , ,00 0,13 NETHERLANDS , ,55 1,95 Government , ,85 0, ,00 REPUBLIC OF ANGOLA VIA NORTHERN LIGHTS III USD , ,85 0,56 BV 7.00% 16/08/2019 Multi-Utilities , ,99 0, ,00 EDP FINANCE BV 5.75% 21/09/2017 EUR , ,00 0, ,00 EDP FINANCE BV 8.625% 04/01/2024 GBP , ,99 0, ,00 ENEL FINANCE INTERNATIONAL NV 5.75% EUR , ,00 0,05 24/10/ ,00 IBERDROLA INTERNATIONAL BV 5.75% 27/02/2049 EUR , ,00 0, ,00 GAS NATURAL FENOSA FINANCE BV 2.875% 11/03/2024 EUR , ,00 0,04 Finance , ,81 0, ,00 KAZAKHSTAN TEMIR ZHOLY FINANCE BV 6.95% USD , ,81 0,18 10/07/ ,00 RABOBANK NEDERLAND 4.125% 14/09/2022 EUR , ,00 0, ,00 RABOBANK NEDERLAND 3.375% 21/04/2017 EUR , ,00 0, ,00 ING BANK NV 4.50% 21/02/2022 EUR , ,00 0,05 Consumer Retail , ,10 0, ,00 OI EUROPEAN GROUP BV 4.875% 31/03/2021 EUR , ,00 0, ,00 BMW FINANCE NV 3.25% 14/01/2019 EUR , ,10 0,09 Telecommunication , ,80 0, ,00 KONINKLIJKE KPN NV 4.50% 04/10/2021 EUR , ,00 0, ,00 PORTUGAL TELECOM INTERNATIONAL FINANCE BV EUR , ,00 0, % 17/04/ ,00 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV EUR , ,00 0, % 17/01/ ,00 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00% 20/01/2017 EUR , ,80 0,03 Industries , ,00 0, ,00 ABB FINANCE BV 2.625% 26/03/2019 EUR , ,00 0,04 FRANCE , ,50 1,78 Industries , ,00 0, ,00 LAFARGE SA 6.75% 16/12/2019 EUR , ,00 0, ,00 ACCOR SA 2.875% 19/06/2017 EUR , ,00 0,04 Finance , ,50 0, ,00 BPCE SA 9.25% 31/12/2049 EUR , ,50 0, ,00 RCI BANQUE SA 5.625% 13/03/2015 EUR , ,00 0, ,00 CARREFOUR BANQUE SA 2.875% 25/09/2015 EUR , ,00 0,04 Consumer Retail , ,00 0, ,00 FAURECIA 9.375% 15/12/2016 EUR , ,00 0, ,00 RENAULT SA 4.625% 18/09/2017 EUR , ,00 0,10 23

24 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Multi-Utilities , ,00 0, ,00 WENDEL SA 4.375% 09/08/2017 EUR , ,00 0,19 Telecommunication , ,00 0, ,00 VIVENDI SA 4.125% 18/07/2017 EUR , ,00 0,18 Computing and IT , ,00 0, ,00 REXEL SA 5.125% 15/06/2020 EUR , ,00 0,17 Basic Goods , ,00 0, ,00 CASINO GUICHARD PERRACHON SA 3.157% EUR , ,00 0,09 06/08/ ,00 TEREOS FINANCE GROUP I 4.25% 04/03/2020 EUR , ,00 0,08 LUXEMBOURG , ,89 1,43 Industries , ,58 0, ,00 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA EUR , ,00 0, % 15/12/ ,00 FINMECCANICA FINANCE SA 8.00% 16/12/2019 GBP , ,08 0, ,00 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 3.25% 21/10/2021 EUR , ,50 0,07 Finance , ,00 0, ,00 FIAT INDUSTRIAL FINANCE EUROPE SA 6.25% 09/03/2018 EUR , ,00 0,34 Telecommunication , ,44 0, ,00 WIND ACQUISITION FINANCE SA 7.375% EUR , ,00 0,19 15/02/ ,00 TELECOM ITALIA CAPITAL SA 7.20% 18/07/2036 USD , ,44 0,09 Raw materials , ,87 0, ,00 ARCELORMITTAL 7.25% 01/03/2041 USD , ,87 0, ,00 ARCELORMITTAL 3.00% 25/03/2019 EUR , ,00 0,09 TURKEY , ,21 1,11 Government , ,21 1, ,00 TURKEY GOVERNMENT INTERNATIONAL BOND USD , ,21 1, % 23/03/2023 INDONESIA , ,03 1,10 Government , ,44 0, ,00 INDONESIA GOVERNMENT INTERNATIONAL BOND USD , ,44 0, % 13/03/2020 Multi-Utilities , ,59 0, ,00 PERUSAHAAN LISTRIK NEGARA PT 5.50% USD , ,59 0,47 22/11/2021 GREAT-BRITAIN , ,97 1,05 Consumer Retail , ,47 0, ,00 WILLIAM HILL PLC 4.25% 05/06/2020 GBP , ,47 0, ,00 DARTY FINANCEMENT SAS 5.875% 01/03/2021 EUR , ,00 0,21 Finance , ,40 0, ,00 PROSECURE FUNDING LP 4.668% 30/06/2016 EUR , ,00 0, ,00 ABBEY NATIONAL TREASURY SERVICES PLC 1.75% EUR , ,00 0,08 15/01/ ,00 BARCLAYS BANK PLC 6.625% 30/03/2022 EUR , ,40 0, ,00 LLOYDS TSB BANK PLC 6.50% 24/03/2020 EUR , ,00 0,03 Basic Goods , ,10 0, ,00 BAT INTERNATIONAL FINANCE PLC 3.625% EUR , ,10 0,14 09/11/2021 Energy , ,00 0, ,00 BG ENERGY CAPITAL PLC 3.00% 16/11/2018 EUR , ,00 0,09 24

25 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets Telecommunication , ,00 0, ,00 EVERYTHING EVERYWHERE FINANCE PLC 3.25% EUR , ,00 0,04 03/08/2018 UNITED STATES , ,90 0,99 Finance , ,50 0, ,00 GOLDMAN SACHS GROUP INC 2.50% 18/10/2021 EUR , ,00 0, ,00 MORGAN STANLEY 4.50% 29/10/2014 EUR , ,00 0, ,00 JPMORGAN CHASE & CO 2.75% 24/08/2022 EUR , ,40 0, ,00 MORGAN STANLEY 2.25% 12/03/2018 EUR , ,00 0, ,00 CITIGROUP INC 7.375% 04/09/2019 EUR , ,90 0, ,00 CITIGROUP INC 1.686% 10/02/2019 EUR , ,20 0,06 Telecommunication , ,40 0, ,00 VIRGIN MEDIA SECURED FIN 6.00% 15/04/2021 GBP , ,40 0,25 Health , ,00 0, ,00 AMGEN INC 2.125% 13/09/2019 EUR , ,00 0,04 BRAZIL , ,80 0,88 Government , ,80 0, ,00 BRAZILIAN GOVERNMENT INTERNATIONAL BOND USD , ,80 0, % 05/01/2023 COLOMBIA , ,35 0,87 Government , ,35 0, ,00 COLOMBIA GOVERNMENT INTERNATIONAL BOND USD , ,35 0, % 15/03/2023 BRITISH VIRGIN ISLANDS , ,28 0,86 Energy , ,28 0, ,00 SINOCHEM OVERSEAS CAPITAL CO LTD 4.50% USD , ,28 0,86 12/11/2020 HUNGARY , ,74 0,78 Government , ,74 0, ,00 HUNGARY GOVERNMENT INTERNATIONAL BOND USD , ,17 0, % 29/03/ ,00 HUNGARY GOVERNMENT INTERNATIONAL BOND USD , ,41 0, % 25/03/ ,00 HUNGARY GOVERNMENT INTERNATIONAL BOND 4.00% 25/03/2019 USD , ,16 0,08 GUATEMALA , ,14 0,72 Government , ,14 0, ,00 GUATEMALA GOVERNMENT BOND 5.75% USD , ,14 0,72 06/06/2022 SOUTH AFRICA , ,69 0,72 Government , ,69 0, ,00 SOUTH AFRICA GOVERNMENT INTERNATIONAL USD , ,69 0,72 BOND 4.665% 17/01/2024 POLAND , ,36 0,71 Government , ,36 0, ,00 POLAND GOVERNMENT INTERNATIONAL BOND USD , ,36 0, % 17/03/2023 CROATIA , ,10 0,70 Government , ,10 0, ,00 CROATIA GOVERNMENT INTERNATIONAL BOND USD , ,10 0, % 27/04/

26 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ROMANIA , ,47 0,63 Government , ,47 0, ,00 ROMANIAN GOVERNMENT INTERNATIONAL BOND USD , ,47 0, % 07/02/2022 PANAMA , ,75 0,63 Government , ,75 0, ,00 PANAMA GOVERNMENT INTERNATIONAL BOND USD , ,75 0, % 30/01/2020 AZERBAIJAN , ,32 0,63 Energy , ,32 0, ,00 STATE OIL CO OF THE AZERBAIJAN REPUBLIC USD , ,32 0, % 09/02/2017 NIGERIA , ,03 0,63 Government , ,03 0, ,00 NIGERIA GOVERNMENT INTERNATIONAL BOND USD , ,03 0, % 28/01/2021 KAZAKHSTAN , ,66 0,55 Finance , ,66 0, ,00 DEVELOPMENT BANK OF KAZAKHSTAN JSC 4.125% USD , ,66 0,55 10/12/2022 MEXICO , ,77 0,48 Government , ,77 0, ,00 MEXICO GOVERNMENT INTERNATIONAL BOND USD , ,62 0, % 19/03/ ,00 MEXICO GOVERNMENT INTERNATIONAL BOND 6.05% 11/01/2040 USD , ,15 0,16 MALAYSIA , ,46 0,48 Energy , ,46 0, ,00 PETRONAS CAPITAL LTD 5.25% 12/08/2019 USD , ,46 0,48 CHILE , ,39 0,47 Government , ,39 0, ,00 CHILE GOVERNMENT INTERNATIONAL BOND 2.25% USD , ,39 0,47 30/10/2022 MOROCCO , ,04 0,47 Government , ,04 0, ,00 MOROCCO GOVERNMENT INTERNATIONAL BOND USD , ,04 0, % 11/12/2042 CAYMAN ISLANDS , ,00 0,44 Finance , ,00 0, ,00 UPCB FINANCE II LTD 6.375% 01/07/2020 EUR , ,00 0,35 Multi-Utilities , ,00 0, ,00 HUTCHISON WHAMPOA EUROPE FINANCE 12 LTD EUR , ,00 0, % 06/06/2017 PHILIPPINES , ,91 0,40 Government , ,91 0, ,00 PHILIPPINE GOVERNMENT INTERNATIONAL BOND USD , ,91 0, % 15/01/

27 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PERU , ,69 0,31 Government , ,69 0, ,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND USD , ,69 0, % 30/03/2019 BELGIUM , ,00 0,20 Basic Goods , ,00 0, ,00 BARRY CALLEBAUT SERVICES NV 5.625% EUR , ,00 0,20 15/06/2021 FINLAND , ,00 0,19 Raw materials , ,00 0, ,00 STORA ENSO OYJ 5.50% 07/03/2019 EUR , ,00 0,19 SLOVENIA , ,97 0,14 Government , ,97 0, ,00 SLOVENIA GOVERNMENT INTERNATIONAL BOND USD , ,97 0, % 18/02/2019 AUSTRALIA , ,00 0,12 Telecommunication , ,00 0, ,00 TELSTRA CORP LTD 2.50% 15/09/2023 EUR , ,00 0,08 Raw materials , ,00 0, ,00 BHP BILLITON FINANCE LTD 2.25% 25/09/2020 EUR , ,00 0,04 AUSTRIA , ,00 0,08 Energy , ,00 0, ,00 OMV AG 2.625% 27/09/2022 EUR , ,00 0,08 UNITED ARAB EMIRATES , ,00 0,04 Raw materials , ,00 0, ,00 XSTRATA FINANCE DUBAI LTD 1.75% 19/05/2016 EUR , ,00 0,04 Floating rate notes , ,15 3,03 FRANCE , ,97 0,85 Finance , ,97 0, ,00 CREDIT AGRICOLE SA FRN 29/03/2049 EUR , ,00 0, ,00 SOCIETE GENERALE SA FRN 31/12/2049 USD , ,02 0, ,00 CREDIT AGRICOLE SA FRN 29/01/2049 USD , ,95 0, ,00 SOCIETE GENERALE SA FRN 31/12/2049 EUR , ,00 0, ,00 AXA SA FRN 16/04/2040 EUR , ,00 0, ,00 BNP PARIBAS SA FRN 31/12/2049 EUR , ,00 0,04 Basic Goods , ,00 0, ,00 CASINO GUICHARD PERRACHON SA FRN 31/01/2049 EUR , ,00 0,25 Telecommunication , ,00 0, ,00 ORANGE SA FRN 29/12/2049 EUR , ,00 0,04 GREAT-BRITAIN , ,00 0,75 Finance , ,00 0, ,00 ROYAL BANK OF SCOTLAND PLC FRN 22/09/2021 EUR , ,00 0, ,00 HBOS PLC FRN 18/03/2030 EUR , ,00 0,21 Consumer Retail , ,00 0, ,00 REXAM PLC FRN 29/06/2067 EUR , ,00 0,20 Multi-Utilities , ,00 0, ,00 NGG FINANCE PLC FRN 18/06/2076 EUR , ,00 0,08 27

28 Eurizon Opportunità - Obbligazioni Flessibile PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets ITALY , ,18 0,58 Multi-Utilities , ,18 0, ,00 ENEL SPA FRN 10/09/2075 GBP , ,18 0, ,00 ENEL SPA FRN 15/01/2075 EUR , ,00 0,04 Finance , ,00 0, ,00 UNICREDIT SPA FRN 22/01/2016 EUR , ,00 0, ,00 ASSICURAZIONI GENERALI SPA FRN 10/07/2042 EUR , ,00 0,06 NETHERLANDS , ,00 0,53 Telecommunication , ,00 0, ,00 TELEFONICA EUROPE BV FRN 31/12/2049 EUR , ,00 0, ,00 KONINKLIJKE KPN NV FRN 29/03/2049 EUR , ,00 0,13 Finance , ,00 0, ,00 ALLIANZ FINANCE II BV FRN 08/07/2041 EUR , ,00 0,09 LUXEMBOURG , ,00 0,20 Finance , ,00 0, ,00 UNICREDIT INTERNATIONAL BANK LUXEMBOURG SA FRN 29/12/2049 EUR , ,00 0,20 SWITZERLAND , ,00 0,08 Finance , ,00 0, ,00 UBS AG FRN 12/02/2026 EUR , ,00 0,08 UNITED STATES , ,00 0,04 Finance , ,00 0, ,00 BANK OF AMERICA CORP FRN 28/03/2018 EUR , ,00 0,04 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ON ANOTHER REGULATED MARKET , ,09 2,61 Ordinary Bonds , ,09 2,61 UNITED STATES , ,09 2,02 Government , ,09 2, ,00 UNITED STATES TREASURY NOTE 3.75% USD , ,09 2,02 15/11/2043 GREAT-BRITAIN , ,37 0,37 Consumer Retail , ,37 0, ,00 JAGUAR LAND ROVER AUTOMOTIVE PLC 5.625% USD , ,37 0,37 01/02/2023 NETHERLANDS , ,63 0,22 Consumer Retail , ,63 0, ,00 SCHAEFFLER FINANCE BV 4.75% 15/05/2021 USD , ,63 0,22 Total Portfolio , ,82 96,37 28

29 Eurizon Opportunità - Obbligazioni Flessibile COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment ( ,08) ,00 Unrealised profit on future contracts and commitment , , (5) Sale JPN 10Y BOND 11/06/2014 JPY 9 116, , Purchase SHORT EURO BTP 06/06/2014 EUR , ,00 Unrealised loss on future contracts and commitment ( ,68) , (142) Sale EURO-OAT 06/06/2014 EUR ( ,36) , (525) Sale EURO BUND 06/06/2014 EUR ( ,32) ,00 29