Eurizon MultiManager Stars Fund

Transcription

1 Eurizon MultiManager Stars 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 K693

2 Eurizon MultiManager Stars Fund Table of contents Organisation of the Fund 3 Comparative Net Asset Values over the last three years/periods 7 Combined Statement of Net Assets 8 Combined Statement of Changes in Net Assets 9 Eurizon MultiManager Stars Fund - Private Style Total Return 10 Statement of Net Assets 10 Statement of Changes in Net Assets 11 Portfolio 12 Commitments on future contracts 13 Forward foreign exchange contracts 14 Eurizon MultiManager Stars Fund - Private Style Income 15 Statement of Net Assets 15 Statement of Changes in Net Assets 16 Portfolio 17 Commitments on future contracts 18 Forward foreign exchange contracts 19 Eurizon MultiManager Stars Fund - Private Style Flexible 20 Statement of Net Assets 20 Statement of Changes in Net Assets 21 Portfolio 22 Commitments on future contracts 23 Forward foreign exchange contracts 24 Eurizon MultiManager Stars Fund - Private Style Equity 25 Statement of Net Assets 25 Statement of Changes in Net Assets 26 Portfolio 27 Commitments on future contracts 28 Forward foreign exchange contracts 29 Notes to the financial statements 30 2

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

4 ORGANISATION OF THE FUND Eurizon MultiManager Stars 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) State Street Bank GmbH Branch Italy 10, via Ferrante Aporti I Milan (Italy) ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT INVESTMENT MANAGER State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (these functions have been delegated by Eurizon Capital S.A.) Eurizon Capital SGR S.p.A. 3, piazzetta Giordano dell Amore I Milan (Italy) INDEPENDENT AUDITOR OF THE INVESTMENT FUND (this function has been delegated by Eurizon Capital S.A. for the Sub-Funds Eurizon MultiManager Stars Fund - Private Style Total Return, Eurizon MultiManager Stars Fund - Private Style Income, Eurizon MultiManager Stars Fund - Private Style Flexible and Eurizon MultiManager Stars Fund - Private Style Equity) KPMG Luxembourg, Société coopérative 39, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) 4

5 ORGANISATION OF THE FUND Eurizon MultiManager Stars Fund CONSTITUTION Eurizon MultiManager Stars Fund (the Fund ) was created in the Grand Duchy of Luxembourg on 22 September 2009 in the form of a mutual investment fund in transferable securities governed by the Law of Luxembourg. The Fund is 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, on 22 September 2009 and the notification of the filing with the Registre de Commerce et des Sociétés in Luxembourg of the latest amendments to the Management Regulations were published in the Mémorial, Recueil des Sociétés et Associations in the Grand Duchy of Luxembourg on 3 August 2012, on 7 November 2012, on 17 June 2013, on 28 April 2014, on 25 July 2014 and on 29 February The Management Regulations in force have been filed with the Registre de Commerce et des Sociétés in Luxembourg, where they may be consulted, and 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: Eurizon Multimanager Stars Fund - Private Style Total Return, Eurizon Multimanager Stars Fund - Private Style Income, Eurizon Multimanager Stars Fund - Private Style Flexible, Eurizon Multimanager Stars Fund - Private Style Equity. The Sub-Fund Eurizon MultiManager Stars Fund - Total Return Alpha Strategy was launched on 5 October On 28 October 2009, the Sub-Fund Eurizon Innovation Fund - Portable Alpha of Eurizon Innovation Fund contributed its assets and liabilities into the Sub-Fund Eurizon MultiManager Stars Fund - Portable Alpha of Eurizon MultiManager Stars Fund. The Exchange ratio was 1. The Sub-Fund Eurizon Multimanager Stars Fund - Flexible Strategy was launched on 30 November The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Income was launched on 28 August The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Flexible was launched on 28 August The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Equity was launched on 31 May The Sub-Fund Eurizon Multimanager Stars Fund - Portable Alpha was liquidated on 24 April On 23 July 2014, the Sub-Fund Eurizon MultiManager Stars Fund - Flexible Strategy contributed its assets and liabilities into the Sub-Fund Eurizon MultiManager Stars Fund - Total Return Alpha Strategy. The exchange ratio for the Class I was 1:1, and 1:1, for the Class R. At the same date, the Sub-Fund Eurizon MultiManager Stars Fund - Total Return Alpha Strategy has been renamed Eurizon MultiManager Stars Fund - Private Style Total Return. 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. 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. 5

6 ORGANISATION OF THE FUND Eurizon MultiManager Stars Fund The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Depositary Bank. Other information intended for participants is published in the Mémorial, Recueil des Sociétés et Associations and in the Registre de Commerce et des Sociétés in Luxembourg, if this publication is specified by the Management Regulations or by Law. GLOBAL RISK EXPOSURE The method used to calculate the global risk exposure is the commitment approach. REMUNERATION POLICY (UNAUDITED) The Management Company, Eurizon Capital S.A., has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the UCITS V Directive ), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May The remuneration policy, which has been approved by the Management Company s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and articles of incorporation of the Company nor impair compliance with the Company s duty to act in the best interest of the Company. The remuneration policy, which describes how remuneration and benefits are determined, is available at or on request from the Management Company. As at the end of the Fund s financial year on 31 March 2017, the Management Company had not completed its first annual performance period in which it has to comply with the UCITS V remuneration rules. As a result, the aggregate amount of remuneration broken down by category of employees or other staff members as well as the other information that is required by the UCITS V Directive to be disclosed in the annual report is not yet available and had not been included in the annual report. 6

7 Eurizon MultiManager Stars Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS/PERIODS 30 September March March 2016 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon MultiManager Stars Fund - Private Style Total Return Class I Units EUR ,29 111, ,00 109, ,22 106,81 Class R Units EUR ,29 106, ,22 104, ,96 102,50 Total net assets EUR , , ,18 Eurizon MultiManager Stars Fund - Private Style Income Class RD Units EUR ,34 100, ,80 100, ,20 98,21 Class RD1 Units EUR ,02 101, ,99 101, ,30 98,97 Class RD2 Units EUR ,13 102, ,21 102, ,04 99,73 Total net assets EUR , , ,54 Eurizon MultiManager Stars Fund - Private Style Flexible Class R Units EUR ,24 109, ,78 107, ,07 104,61 Class R1 Units EUR ,53 110, ,18 109, ,86 105,89 Class R2 Units EUR ,29 110, ,05 108, ,50 105,36 Total net assets EUR , , ,43 Eurizon MultiManager Stars Fund - Private Style Equity Class R Units EUR ,64 138, ,87 139, ,03 121,09 Total net assets EUR , , ,03 7

8 Eurizon MultiManager Stars Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,91 Banks ,11 Amounts due from brokers (Note 2) ,62 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,68 Unrealised profit on future contracts (Notes 2, 8) ,81 Receivable on investments sold ,47 Receivable on subscriptions ,00 Other assets (Note 11) ,27 Total assets ,87 Liabilities Bank overdrafts ( ,13) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) ( ,27) Payable on investments purchased ( ,61) Payable on redemptions ( ,00) Other liabilities ( ,09) Total liabilities ( ,10) Total net assets ,77 8

9 Eurizon MultiManager Stars 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 ,10 Net income from investments (Note 2) ,95 Other income (Notes 5, 9) ,93 Total income ,88 Management fee (Note 5) ( ,47) Performance fee (Note 6) (44 472,37) Depositary and paying agent fee (Note 7) ( ,92) Subscription tax (Note 3) (22 029,91) Interest paid (366,03) Other charges and taxes (Notes 4, 7, 11) ( ,41) Total expenses ( ,11) Net investment income / (loss) ( ,23) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,65 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,72) - forward foreign exchange contracts (Notes 2, 8) ,81 - foreign currencies (20 877,85) - future contracts (Notes 2, 8) ,81 Net result of operations for the period ,47 Subscriptions for the period ,12 Redemptions for the period ( ,67) Dividend distributions (Note 13) ( ,25) Net assets at the end of the period ,77 9

10 Eurizon MultiManager Stars Fund - Private Style Total Return STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,76 Banks ,67 Amounts due from brokers (Note 2) ,84 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 3 681,17 Unrealised profit on future contracts (Notes 2, 8) 5 250,00 Other assets 7 332,53 Total assets ,97 Liabilities Other liabilities ( ,39) Total liabilities ( ,39) Total net assets ,58 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 111, ,072 Class R Units EUR 106, ,632 10

11 Eurizon MultiManager Stars Fund - Private Style Total Return STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,22 Other income (Note 5) ,27 Total income ,27 Management fee (Note 5) ( ,67) Performance fee (Note 6) (40 220,68) Depositary and paying agent fee (Note 7) (6 667,66) Subscription tax (Note 3) (1 131,84) Other charges and taxes (Notes 4, 7) (20 259,16) Total expenses ( ,01) Net investment income / (loss) ( ,74) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,82 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ,48 - forward foreign exchange contracts (Notes 2, 8) ,17 - foreign currencies (550,07) - future contracts (Notes 2, 8) ,00 Net result of operations for the period ,66 Subscriptions for the period ,00 Redemptions for the period ( ,30) Net assets at the end of the period ,58 11

12 Eurizon MultiManager Stars Fund - Private Style Total Return PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,76 99,64 INVESTMENT FUNDS , ,76 99,64 UCI Units , ,76 99,64 LUXEMBOURG , ,96 73,83 Finance , ,96 73, ,14 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE EUR , ,18 7,05 TOPS UCITS FUND -B ,04 EURIZON FUND - FLEXIBLE MULTISTRATEGY -Z- EUR , ,91 6, ,99 SCHRODER GAIA EGERTON EQUITY -CA- EUR , ,23 6, ,05 SCHRODER GAIA SIRIOS US EQUITY -C- EUR , ,98 6, ,73 INVESCO GLOBAL TARGETED RETURNS FUND -ZA- EUR , ,04 5, ,22 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR , ,36 4, ,24 HENDERSON GARTMORE FUND - UNITED KINGDOM ABSOLUTE EUR , ,77 4,30 RETURN -I- 62,63 EXANE FUNDS 1 - EXANE ARCHIMEDES FUND -A- EUR , ,59 4, ,99 INTERFUND - EURO CORPORATE BOND EUR , ,84 3, ,20 AVIVA INVESTORS SICAV - MULTI-STRATEGY TARGET RETURN EUR , ,87 3,64 FUND -I ,68 JUPITER JGF - DYNAMIC BOND -I- EUR , ,15 3, ,79 JPMORGAN INVESTMENT FUNDS - GLOBAL MACRO EUR , ,18 3,49 OPPORTUNITIES -I ,74 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR , ,04 3, ,86 EURIZON FUND - DYNAMIC ASSET ALLOCATION -I- EUR , ,40 3, ,68 MERRILL LYNCH INVESTMENT SOLUTIONS - DIVERSIFIED FUTURES EUR , ,55 2,98 UCITS FUND -B ,80 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD , ,07 2, ,19 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL USD , ,77 1,91 CURRENCY BOND FUND -I ,21 DNCA INVEST - MIURA -I- EUR , ,03 1,04 IRELAND , ,75 23,24 Finance , ,75 23, ,60 BNY MELLON ABSOLUTE RETURN EQUITY FUND -T- EUR , ,16 4, ,02 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL INCOME EUR , ,70 4,22 FUND -I ,76 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT FUND EUR , ,22 4,15 -IE ,74 ANIMA FUNDS PLC - STAR HIGH POTENTIAL EUROPE -I- EUR , ,69 3, ,79 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR , ,65 3,40 DEBT TOTAL RETURN -IMF ,66 GAM STAR FUND PLC - GLOBAL RATES EUR , ,33 3,28 UNITED KINGDOM , ,05 2,57 Finance , ,05 2, ,87 M&G INVESTMENT FUNDS 14 - M&G PRUDENT ALLOCATION FUND -C- EUR , ,05 2,57 Total Portfolio , ,76 99,64 12

13 Eurizon MultiManager Stars Fund - Private Style Total Return 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 5 250, ,00 Unrealised profit on future contracts and commitment 5 250, , Purchase EURO STOXX 50 15/12/2017 EUR 5 250, ,00 13

14 Eurizon MultiManager Stars Fund - Private Style Total Return 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 3 681,17 Unrealised profit on forward foreign exchange contracts 3 681,17 27/10/ ,20 EUR ,00 USD 3 681,17 14

15 Eurizon MultiManager Stars Fund - Private Style Income STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,01 Banks ,53 Amounts due from brokers (Note 2) ,68 Unrealised profit on future contracts (Notes 2, 8) ,00 Receivable on subscriptions ,00 Other assets (Note 11) ,99 Total assets ,21 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (65 563,18) Payable on investments purchased ( ,00) Payable on redemptions ( ,23) Other liabilities ( ,31) Total liabilities ( ,72) Total net assets ,49 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 100, ,646 Class RD1 Units EUR 101, ,355 Class RD2 Units EUR 102, ,808 15

16 Eurizon MultiManager Stars Fund - Private Style Income STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,00 Net income from investments (Note 2) ,95 Other income (Notes 5, 9) ,34 Total income ,29 Management fee (Note 5) ( ,37) Depositary and paying agent fee (Note 7) (46 273,52) Subscription tax (Note 3) (8 538,26) Other charges and taxes (Notes 4, 7, 11) ( ,59) Total expenses ( ,74) Net investment income / (loss) ,55 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,34 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,33) - forward foreign exchange contracts (Notes 2, 8) ( ,38) - foreign currencies (1 849,86) - future contracts (Notes 2, 8) ,00 Net result of operations for the period ( ,68) Subscriptions for the period ,32 Redemptions for the period ( ,90) Dividend distributions (Note 13) ( ,25) Net assets at the end of the period ,49 16

17 Eurizon MultiManager Stars Fund - Private Style Income PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,01 98,97 INVESTMENT FUNDS , ,01 98,97 UCI Units , ,01 98,97 LUXEMBOURG , ,49 78,56 Finance , ,49 78, ,45 BLACKROCK GLOBAL FUNDS - EURO SHORT DURATION BOND EUR , ,34 8,25 FUND -I2E ,75 INTERFUND - EURO CORPORATE BOND EUR , ,02 7, ,00 CARMIGNAC PORTFOLIO - SECURITE -F ACC- EUR , ,47 6, ,88 BLACKROCK STRATEGIC FUNDS - FIXED INCOME STRATEGIES EUR , ,13 6,79 FUND -I ,83 HENDERSON GARTMORE FUND - UNITED KINGDOM ABSOLUTE EUR , ,09 5,60 RETURN -I ,83 EPSILON FUND - EMERGING BOND TOTAL RETURN -I- EUR , ,58 4, ,00 EURIZON EASYFUND - SECURITIZED BOND FUND -Z- EUR , ,00 4, ,53 EURIZON OPPORTUNITA - OBBLIGAZIONI FLESSIBILE -RD- EUR , ,74 4, ,57 NN L EMERGING MARKETS DEBT HARD CURRENCY -I- EUR , ,28 4, ,30 JUPITER JGF - DYNAMIC BOND -I- EUR , ,91 3, ,24 FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON EUR , ,17 3,27 GLOBAL BOND FUND -H ,22 AMUNDI FUNDS - BOND GLOBAL -IU- USD , ,00 2, ,41 EURIZON FUND - AZIONI STRATEGIA FLESSIBILE -ZD- EUR , ,93 2, ,29 NN L GLOBAL CONVERTIBLE OPPORTUNITIES -I- EUR , ,98 2, ,75 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD , ,03 2, ,75 EURIZON FUND - BOND HIGH YIELD -Z- EUR , ,57 2, ,57 INVESCO PAN EUROPEAN HIGH INCOME FUND -A QD- EUR , ,17 2, ,98 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL EUR , ,34 1,61 CURRENCY BOND FUND -D ,51 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR , ,91 1, ,93 AXA WORLD FUNDS - GLOBAL INFLATION BONDS -I- EUR , ,82 1, ,62 EURIZON FUND - TREASURY EUR T1 -Z- EUR , ,01 0,22 IRELAND , ,04 16,86 Finance , ,04 16, ,43 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR , ,96 6,03 DEBT TOTAL RETURN -IMF ,67 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT EUR , ,68 5,07 FUND -ID ,31 BNY MELLON ABSOLUTE RETURN EQUITY FUND -T- EUR , ,64 3, ,77 PIMCO FUNDS GLOBAL INVESTORS SERIES PLC - DIVERSIFIED INCOME FUND -INS- EUR , ,76 2,39 UNITED KINGDOM , ,48 3,55 Finance , ,48 3, ,79 M&G INVESTMENT FUNDS 4 - GLOBAL MACRO BOND FUND -C- EUR , ,48 3,55 Total Portfolio , ,01 98,97 17

18 Eurizon MultiManager Stars Fund - Private Style Income 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 , , (60) Sale EURO BUND 07/12/2017 EUR , , Purchase EURO STOXX 50 15/12/2017 EUR , ,00 18

19 Eurizon MultiManager Stars Fund - Private Style Income 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 (65 563,18) Unrealised loss on forward foreign exchange contracts (65 563,18) 27/10/ ,00 USD ,05 EUR (55 217,55) 27/10/ ,87 EUR ,00 USD (10 345,63) 19

20 Eurizon MultiManager Stars Fund - Private Style Flexible STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,88 Banks ,01 Amounts due from brokers (Note 2) ,77 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) ,36 Unrealised profit on future contracts (Notes 2, 8) ,50 Receivable on investments sold ,89 Other assets (Note 11) ,80 Total assets ,21 Liabilities Bank overdrafts ( ,13) Payable on redemptions ( ,04) Other liabilities ( ,98) Total liabilities ( ,15) Total net assets ,06 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 109, ,390 Class R1 Units EUR 110, ,348 Class R2 Units EUR 110, ,696 20

21 Eurizon MultiManager Stars Fund - Private Style Flexible STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 IN EUR Net assets at the beginning of the period Notes ,01 Other income (Notes 5, 9) ,87 Total income ,87 Management fee (Note 5) ( ,55) Depositary and paying agent fee (Note 7) (39 135,10) Subscription tax (Note 3) (8 387,23) Interest paid (320,00) Other charges and taxes (Notes 4, 7, 11) ( ,31) Total expenses ( ,19) Net investment income / (loss) ( ,32) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,31 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,79) - forward foreign exchange contracts (Notes 2, 8) ,34 - foreign currencies (8 842,52) - future contracts (Notes 2, 8) ,50 Net result of operations for the period ,52 Subscriptions for the period ,04 Redemptions for the period ( ,51) Net assets at the end of the period ,06 21

22 Eurizon MultiManager Stars Fund - Private Style Flexible PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,88 99,92 INVESTMENT FUNDS , ,88 99,92 UCI Units , ,88 99,92 LUXEMBOURG , ,41 79,60 Finance , ,41 79, ,67 NN L GLOBAL CONVERTIBLE OPPORTUNITIES -I- EUR , ,08 5, ,40 JUPITER JGF - DYNAMIC BOND -I- EUR , ,73 5, ,46 INVESCO GLOBAL TARGETED RETURNS FUND -ZA- EUR , ,76 5, ,65 INTERFUND - EURO CORPORATE BOND EUR , ,36 4, ,55 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR , ,83 4, ,71 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR , ,94 4, ,80 NORDEA 1 SICAV - STABLE RETURN FUND -BI- EUR , ,89 4, ,82 EURIZON FUND - FLEXIBLE MULTISTRATEGY -Z- EUR , ,37 4, ,66 AVIVA INVESTORS SICAV - MULTI-STRATEGY TARGET RETURN EUR , ,66 4,33 FUND -I ,64 MERRILL LYNCH INVESTMENT SOLUTIONS - DIVERSIFIED EUR , ,77 4,25 FUTURES UCITS FUND -B ,58 SCHRODER GAIA EGERTON EQUITY -CA- EUR , ,76 4, ,34 AB SICAV I - SELECT ABSOLUTE ALPHA PORTFOLIO -I- EUR , ,05 4, ,46 JPMORGAN INVESTMENT FUNDS - GLOBAL MACRO EUR , ,28 4,03 OPPORTUNITIES -I ,68 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -HBI- USD , ,10 3, ,85 EURIZON FUND - DYNAMIC ASSET ALLOCATION -I- EUR , ,29 3, ,50 BLACKROCK GLOBAL FUNDS - GLOBAL ALLOCATION FUND -I2- EUR , ,32 3, ,99 SCHRODER GAIA SIRIOS US EQUITY -C- USD , ,45 3, ,16 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD , ,10 2, ,68 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL CURRENCY BOND FUND -D2- EUR , ,67 2,52 IRELAND , ,59 15,93 Finance , ,59 15, ,92 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL INCOME EUR , ,59 5,42 FUND -I ,68 BLACKROCK INSTITUTIONAL POOLED FUNDS PLC - TAILORED EUR , ,90 4,50 MARKET ADVANTAGE FUND -AE ,04 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR , ,60 4,25 DEBT TOTAL RETURN -IMF ,31 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT FUND -IE- EUR , ,50 1,76 UNITED KINGDOM , ,88 4,39 Finance , ,88 4, ,69 M&G INVESTMENT FUNDS 14 - M&G PRUDENT ALLOCATION EUR , ,88 4,39 FUND -C- Total Portfolio , ,88 99,92 22

23 Eurizon MultiManager Stars Fund - Private Style Flexible 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 , , (20) Sale EURO BUND 07/12/2017 EUR , , Purchase EURO STOXX BANKS 15/12/2017 EUR , ,00 23

24 Eurizon MultiManager Stars Fund - Private Style Flexible 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 ,36 Unrealised profit on forward foreign exchange contracts ,36 27/10/ ,51 EUR ,00 USD ,36 24

25 Eurizon MultiManager Stars Fund - Private Style Equity STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) ,26 Banks ,90 Amounts due from brokers (Note 2) ,33 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 5 375,15 Unrealised profit on future contracts (Notes 2, 8) ,31 Receivable on investments sold ,58 Other assets ,95 Total assets ,48 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (76 737,09) Payable on investments purchased ( ,61) Payable on redemptions (52 297,73) Other liabilities (77 734,41) Total liabilities ( ,84) Total net assets ,64 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 138, ,531 25

26 Eurizon MultiManager Stars Fund - Private Style 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 ,87 Other income (Note 5) ,45 Total income ,45 Management fee (Note 5) ( ,88) Performance fee (Note 6) (4 251,69) Depositary and paying agent fee (Note 7) (11 531,64) Subscription tax (Note 3) (3 972,58) Interest paid (46,03) Other charges and taxes (Notes 4, 7) (33 090,35) Total expenses ( ,17) Net investment income / (loss) ( ,72) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) ,18 Change in unrealised appreciation / (depreciation) on - investments (Note 2) ( ,08) - forward foreign exchange contracts (Notes 2, 8) (92 799,32) - foreign currencies (9 635,40) - future contracts (Notes 2, 8) ,31 Net result of operations for the period ( ,03) Subscriptions for the period ,76 Redemptions for the period ( ,96) Net assets at the end of the period ,64 26

27 Eurizon MultiManager Stars Fund - Private Style Equity PORTFOLIO AS AT 30 SEPTEMBER 2017 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value %of Net Assets PORTFOLIO , ,26 97,94 INVESTMENT FUNDS , ,26 97,94 UCI Units , ,26 97,94 LUXEMBOURG , ,55 65,18 Finance , ,55 65, ,02 JPMORGAN FUNDS - EUROPE EQUITY PLUS FUND -I- EUR , ,31 6, ,23 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR , ,57 5, ,99 WELLINGTON MANAGEMENT FUNDS LUXEMBOURG - USD , ,58 5,68 WELLINGTON US RESEARCH EQUITY FUNDS -S ,38 NATIXIS INTERNATIONAL FUNDS LUX I - HARRIS ASSOCIATES US USD , ,40 5,41 EQUITY FUND ,27 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE EUR , ,02 5,38 TOPS UCITS FUND -B ,71 ROBECO CAPITAL GROWTH FUNDS - US SELECT OPPORTUNITIES USD , ,57 5,11 EQUITIES -I ,15 EURIZON FUND - AZIONI STRATEGIA FLESSIBILE -Z- EUR , ,55 4, ,11 JPMORGAN INVESTMENT FUNDS - US SELECT EQUITY FUND -I- USD , ,43 3, ,37 PRIVILEDGE - DELAWARE US LARGE CAP VALUE -U- USD , ,53 3, ,02 VONTOBEL FUND - US EQUITY -I- USD , ,13 3, ,87 JUPITER JGF - EUROPEAN GROWTH -I- EUR , ,60 3, ,44 FIDELITY FUNDS - WORLD FUND -Y- EUR , ,31 3, ,32 INVESCO PAN EUROPEAN EQUITY FUND -Z- EUR , ,37 2, ,10 UBS LUX EQUITY SICAV - USA GROWTH USD -Q- USD , ,76 2, ,98 STATE STREET EUROPE VALUE SPOTLIGHT FUND -I- EUR , ,28 2, ,43 VONTOBEL FUND - GLOBAL EQUITY -B- USD , ,14 1,69 IRELAND , ,71 32,76 Finance , ,71 32, ,46 OLD MUTUAL NORTH AMERICAN EQUITY FUND -I- USD , ,86 6, ,89 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND -I- JPY , ,89 6, ,69 POLAR CAPITAL NORTH AMERICAN FUND -I- EUR , ,00 4, ,55 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR , ,30 4,45 DEBT TOTAL RETURN -IMF ,74 VANGUARD INVESTMENT SERIES PLC - US OPPORTUNITIES FUND USD , ,43 4,24 -INST ,07 AXA ROSENBERG EQUITY ALPHA TRUST - US ENHANCED INDEX USD , ,65 3,99 EQUITY ALPHA FUND -I ,80 ANIMA FUNDS PLC - STAR HIGH POTENTIAL EUROPE -I- EUR , ,58 3,13 Total Portfolio , ,26 97,94 27

28 Eurizon MultiManager Stars Fund - Private Style 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 BANKS 15/12/2017 EUR , , Purchase EURO STOXX 50 15/12/2017 EUR 9 000, ,00 28

29 Eurizon MultiManager Stars Fund - Private Style 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 (71 361,94) Unrealised profit on forward foreign exchange contracts 5 375,15 01/12/ ,34 EUR ,00 USD 5 375,15 Unrealised loss on forward foreign exchange contracts (76 737,09) 27/10/ ,00 USD ,76 EUR (63 500,18) 27/10/ ,62 EUR ,00 USD (13 236,91) 29

30 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund 1. ACTIVITY Eurizon MultiManager Stars Fund (the Fund ) was established in the Grand Duchy of Luxembourg on 22 September 2009 in accordance with Part I of the Law of 20 December 2002 as amended on Undertakings for Collective Investment. The Fund is subject to Part I of the Luxembourg Law of 17 December 2010 relating to Undertakings for Collective Investment since 1 July 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 coowners (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 of the jointly owned 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. The respective rights and obligations of the Unitholders, the Management Company and the Depositary Bank are defined in the Management Regulations and Laws. By agreement with the Depositary Bank and pursuant to the Laws of the Grand Duchy of Luxembourg, the Management Company may make amendments in the Management Regulations if it considers useful for the interest of Unitholders. These amendments are published in the Mémorial, Recueil des Sociétés et Associations and, in principle, become effective as of the time of their publication. In order to offer investments with different levels of risks, Eurizon MultiManager Stars Fund 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. The value of each investment in other UCITS and/or other UCI is based on the last known Net Asset Value on the Valuation Day. b) Net realised profit / (loss) on sale 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 denominated in currencies other than the base currency of the Sub-Funds, the purchase price is calculated based on the exchange rates prevailing at the date of the purchase. d) Forward foreign exchange contracts Forward foreign exchange contracts are valued at forward foreign exchange rates for the remaining period to run until maturity at the date of valuation. 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. 30

31 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund e) 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. f) Combined statements of the Fund The combined statements correspond to the sum of the statements of each Sub-Fund. g) 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. h) Translation of items expressed in foreign currencies Assets and liabilities denominated in foreign currencies are converted into the base currency of the Sub-Funds at the closing exchange rates prevailing at the period-end date. Income and expenses denominated 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 prevailing at the date of the transaction. The resulting realised and unrealised profit or loss made on foreign exchange are included in the Statement of Changes in Net Assets, any unrealised profit or loss on currencies of foreign cash positions, receivables or payables denominated in currencies other than the base currency of the Sub-Funds being recorded under the caption Change in unrealised appreciation / (depreciation) on foreign currencies. The main exchange rates as at 30 September 2017 are: 1 EUR = 0,8812 GBP 1 EUR = 133,0743 JPY 1 EUR = 1,1822 USD i) 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. 3. 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 a Luxembourg 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, if the Units in these Sub-Funds or Classes are 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 other Luxembourg UCIs shall be exempt from the subscription tax, provided such UCIs have already been subject to the subscription tax in Luxembourg. 4. OTHER CHARGES AND TAXES The caption Other charges and taxes includes registration fees payable to the Authority of Control and other professional fees (administrative agent, registrar and transfer agent fees, amortisation of placement fee, miscellaneous). 31

32 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund 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. As at 30 September 2017, the rates in force for each active Sub-Fund are the following: Sub-Funds Annual management fee rates Class Class Class Class Class Class Class R I RD RD1 RD2 R1 R2 Eurizon MultiManager Stars Fund - Private Style Total Return 1,10% 0,50% Eurizon MultiManager Stars Fund - Private Style Income 0,90% 0,70% 0,70% Eurizon MultiManager Stars Fund - Private Style Flexible 1,10% 0,90% 0,90% Eurizon MultiManager Stars Fund - Private Style Equity 1,40% In each Sub-Fund, this fee is payable monthly and calculated on the basis of the average of Net Asset Value over the month. 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, depositary 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 MultiManager Stars Fund - Private Style Total Return ,27 Eurizon MultiManager Stars Fund - Private Style Income ,18 Eurizon MultiManager Stars Fund - Private Style Flexible ,80 Eurizon MultiManager Stars Fund - Private Style Equity ,45 Total ,70 6. PERFORMANCE FEE The Management Company is entitled to receive a performance fee, the existence and amount of which are defined according to the following conditions: Sub-Fund Eurizon MultiManager Stars Fund - Private Style Total Return: The performance fee amounts to 20% of the respective annual performance (on a calendar year basis) of the Gross Asset Value per Unit of each Class recorded in excess of the Performance Objective applied to the annual average Net Asset Value of the same Class of the Sub-Fund. The objective of the Sub-Fund is to achieve an annual total return in EUR, gross of management fee, in excess of Euro Overnight Index Average ( EONIA ) capitalized on a daily basis + 3,00% (the Performance Objective ) over a time horizon of five years. A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Sub-Fund calculated on the basis of the Net Asset Value per Unit of each Class as determined on the previous Valuation Day and the last Net Asset Value per Unit of the same Class on the previous calendar year outperforms the Performance Objective calculated on a prorata temporis basis over the same period. Performance fee accrued on each Class of this Sub-Fund is capped at 1,10% p.a. of the average Net Asset Value of the same Class. The performance fee, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. Sub-Fund Eurizon MultiManager Stars Fund - Private Style Income: The performance fee amounts to 10% of the respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of Barclays Euro Treasury Bills Index + 2,00% ( Hurdle Rate ), provided this Net Asset Value per Unit is over the highest Net Asset Value per Unit of the corresponding Class reached at the end of each previous calendar year ( High Watermark ). This overperformance is applied to the smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset Value of the Class on that Valuation Day. 32

33 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund The overperformance taken into consideration for the calculation of the performance fee may not exceed the variation between the Net Asset Value per Unit and the applicable High Watermark. The performance of Units that distribute dividends is calculated considering the reinvestment of dividends. A performance fee is accrued on each Valuation Day based on the Net Asset Value per Unit calculated on that Valuation Day. For that purpose, the Hurdle Rate is calculated on a prorata temporis basis. Performance fee accrued on each Class of this Sub-Fund is capped at 0,90% p.a. of the average Net Asset Value of the same Class. The performance fee, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. Sub-Fund Eurizon MultiManager Stars Fund - Private Style Flexible: The performance fee amounts to 10% of the respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of Barclays Euro Treasury Bills Index + 3,00% ( Hurdle Rate ), provided this Net Asset Value per Unit is over the highest Net Asset Value per Unit of the corresponding Class reached at the end of each previous calendar year ( High Watermark ). This overperformance is applied to the smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset Value of the Class on that Valuation Day. The overperformance taken into consideration for the calculation of the performance fee may not exceed the variation between the Net Asset Value per Unit and the applicable High Watermark. A performance fee is accrued on each Valuation Day based on the Net Asset Value per Unit calculated on that Valuation Day. For that purpose, the Hurdle Rate is calculated on a prorata temporis basis. Performance fee accrued on each Class of this Sub-Fund is capped at 1,10% p.a. of the average Net Asset Value of the same Class. The performance fee, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. Sub-Fund Eurizon MultiManager Stars Fund - Private Style Equity: The performance fee amounts to 10% of the respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of 25% Barclays Euro Treasury Bills Index + 75% MSCI World Net Total Return in Euro ( Hurdle Rate ), provided this Net Asset Value per Unit is over the highest Net Asset Value per Unit of the corresponding Class reached at the end of each previous calendar year ( High Watermark ). This overperformance is applied to the smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset Value of the Class on that Valuation Day. The overperformance taken into consideration for the calculation of the performance fee may not exceed the variation between the Net Asset Value per Unit and the applicable High Watermark. A performance fee is accrued on each Valuation Day based on the Net Asset Value per Unit calculated on that Valuation Day. For that purpose, the Hurdle Rate is calculated on a prorata temporis basis. Performance fee accrued on each Class of this Sub-Fund is capped at 1,40% p.a. of the average Net Asset Value of the same Class. The performance fee, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. As at 30 September 2017, a performance fee expense of EUR ,37 has been recorded for Eurizon MultiManager Stars Fund. The details per Sub-Fund are as follows (in EUR): Eurizon MultiManager Stars Fund - Private Style Total Return ,68 Eurizon MultiManager Stars Fund - Private Style Income 0,00 Eurizon MultiManager Stars Fund - Private Style Flexible 0,00 Eurizon MultiManager Stars Fund - Private Style Equity 4 251,69 Total ,37 7. DEPOSITARY AND PAYING AGENT FEE The Depositary Bank receives a fee whose annual rate is 0,0539%, payable monthly and calculated on the average of the monthly Net Asset Value. 33

34 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund Furthermore, in accordance with the current Depositary Bank and Paying Agent convention it has received during the financial period, for all of the active Sub-Funds as at 30 September 2017, a global amount of EUR ,12 registered in the Statement of Changes in Net Assets under the heading Other charges and taxes in accordance with paying agent services. 8. FORWARD FOREIGN EXCHANGE CONTRACTS AND FUTURE CONTRACTS During the financial period, certain Sub-Funds have taken out forward foreign exchange contracts and future contracts. Details of open positions as at 30 September 2017 are disclosed following the Portfolios of the concerned Sub-Funds. As at 30 September 2017, Banca IMI S.p.A. is the broker for all the future contracts. The counterparties for the forward foreign exchange contracts as at 30 September 2017, are listed below: Sub-Fund Eurizon MultiManager Stars Fund - Private Style Total Return Eurizon MultiManager Stars Fund - Private Style Income Eurizon MultiManager Stars Fund - Private Style Flexible Eurizon MultiManager Stars Fund - Private Style Equity Counterparty Deutsche Bank AG Citigroup Global Markets; Deutsche Bank AG Deutsche Bank AG Citigroup Global Markets; Deutsche Bank AG; JP Morgan Securities PLC 9. UNITS OF THE FUND Eight Classes of Units, expressed in Euro (EUR), are available to investors: Class R, Class R1, Class R2, Class RD, Class RD1, Class RD2, Class I and Class ID. Classes R, R1, R2, RD, RD1, and RD2 Units can be acquired by any investor. Classes I and ID 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 recovery 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 of their own, separate from those of their shareholders/unitholders, and that they have significant financial interest, 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 interest. Classes R, R1, R2 and I Units allow for the accumulation of income, in other words full capitalization of the income accrued by investments made in each of the Fund s Sub-Funds. Classes RD, RD1, RD2 and ID Units allow for distribution of the income accrued by investments made in each of the Fund s Sub-Funds, in accordance with the criteria specified in the Sub-Fund Information Sheet. As at 30 September 2017, only Class R, R1, R2, RD, RD1, RD2 and I are active. Furthermore, the Fund is entitled to receive a redemption commission for the Sub-Funds Eurizon MultiManager Stars Fund - Private Style Income and Eurizon MultiManager Stars Fund - Private Style Flexible, applied on the countervalue of the number of Units redeemed based on the initial Net Asset Value per Unit. The redemption commission is recognized as a revenue for each Sub-Fund over the same period as the amortization period of the placement fee levied on these Sub-Funds. The applicable rates are as follows for the period ended 30 September 2017: 34

35 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund Sub-Fund Period Rate of Redemption Commission Eurizon MultiManager Stars Fund - Private Style Income Unit Class RD1 Unit Class RD2 From 01 April 2017 to 9 June ,10% 0,15% From 12 June 2017 to 22 September ,05% 0,10% From 25 September 2017 to 15 December 2017 Nil 0,05% No redemption commission is foreseen for Units of Classes RD and ID. Sub-Fund Period Rate of Redemption Commission Eurizon MultiManager Stars Fund - Private Style Flexible Unit Class RD1 Unit Class RD2 From 1 April 2017 to 9 June ,10% 0,15% From 12 June 2017 to 22 September ,05% 0,10% From 25 September 2017 to 15 December 2017 Nil 0,05% No redemption commission is foreseen for Units of Classes I and R. The amounts recorded in the Statement of Changes in Net Assets under the heading Other income are as follows (in EUR): Eurizon MultiManager Stars Fund - Private Style Income ,38 Eurizon MultiManager Stars Fund - Private Style Flexible ,07 Total , TRANSACTION COSTS Transaction costs are composed of broker fees and stamp duties relating to the purchase/sale of investment securities. These transaction costs are part of the acquisition cost/sale price of the related assets. During the period ended 30 September 2017, the Fund did not incur transaction costs. 11. PLACEMENT FEE For the Sub-Fund Eurizon MultiManager Stars Fund - Private Style Income, during the initial subscription period, at the end of each calendar quarter falling within such initial subscription period and for the last time at the end of such initial subscription period of Classes RD1 and RD2, a placement fee equal to 1,00% of the initial Net Value per Unit of the Classes RD1 and RD2, multiplied by the number of Units outstanding of the same Class, is calculated at the first Valuation Day at the end of the initial subscription period; it is levied on the Class of Units assets as formation expenses and is amortized as such over 5 years. For the Sub-Fund Eurizon MultiManager Stars Fund - Private Style Flexible, during the initial subscription period, at the end of each calendar quarter falling within such initial subscription period and for the last time at the end of such initial subscription period of Classes R1 and R2, a placement fee equal to 1,00% of the initial Net Value per Unit of the Classes R1 and R2, multiplied by the number of Units outstanding of the same Class, is calculated at the first Valuation Day at the end of the initial subscription period; it is levied on the Class of Units assets as formation expenses and is amortized as such over 5 years. The net amount of the placement fee is recorded in the Statement of Net Assets under the heading Other Assets. As at 30 September 2017 the net amount of placement fee is as follows (in EUR): Eurizon MultiManager Stars Fund - Private Style Income ,89 Eurizon MultiManager Stars Fund - Private Style Flexible ,80 Total ,69 The amortisation applied for the period ended 30 September 2017 is recorded in the Statement of Changes in Net Assets under the heading Other charges and taxes. As at 30 September 2017, the amortisation recorded is as follows (in EUR): 35

36 NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund Eurizon MultiManager Stars Fund - Private Style Income ,39 Eurizon MultiManager Stars Fund - Private Style Flexible ,12 Total , CHANGES IN THE COMPOSITION OF THE PORTFOLIO The list of movements in the portfolio composition for the financial period from 1 April 2017 to 30 September 2017 is available at the Fund s Management Company s registered office. 13. DIVIDEND DISTRIBUTIONS Categories RD, RD1 and RD2 Units of the Sub-Fund Eurizon MultiManager Stars Fund - Private Style Income allow the distribution of dividends. During the financial period ended 30 September 2017, the following distributions occurred: Sub-Fund Class Distribution Date Currency Amount per Unit in EUR Amount in EUR Eurizon MultiManager Stars Fund - Private Style Income RD 26/07/2017 EUR 0, ,44 Eurizon MultiManager Stars Fund - Private Style Income RD1 26/07/2017 EUR 0, ,81 Eurizon MultiManager Stars Fund - Private Style Income RD2 26/07/2017 EUR 0, ,00 Total , SUBSEQUENT EVENTS The Board of Directors decided that the financial year of the Fund will not end any longer on 31 March, but on 31 December of each year. The next audited annual report will be referred to the period 01 April December However, starting in 2018, the Fund s financial year begins 1 January and ends 31 December the same year. 36

37