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
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
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 28536 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
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-20125 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-20121 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
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 2016. 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 2009. 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 2009. The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Income was launched on 28 August 2012. The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Flexible was launched on 28 August 2012. The Sub-Fund Eurizon Multimanager Stars Fund - Private Style Equity was launched on 31 May 2013. The Sub-Fund Eurizon Multimanager Stars Fund - Portable Alpha was liquidated on 24 April 2014. 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 1:1,015749912 and 1:1,004922615 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
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 2016. 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 www.eurizoncapital.lu, 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
Eurizon MultiManager Stars Fund COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS/PERIODS 30 September 2017 31 March 2017 31 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 8 790 273,29 111,81 9 051 773,00 109,85 11 735 475,22 106,81 Class R Units EUR 16 280 739,29 106,37 17 250 661,22 104,76 20 177 764,96 102,50 Total net assets EUR 25 071 012,58 26 302 434,22 31 913 240,18 Eurizon MultiManager Stars Fund - Private Style Income Class RD Units EUR 54 668 329,34 100,44 61 143 484,80 100,73 87 249 205,20 98,21 Class RD1 Units EUR 88 786 099,02 101,25 106 467 462,99 101,52 151 125 919,30 98,97 Class RD2 Units EUR 23 004 889,13 102,03 25 905 717,21 102,31 37 292 504,04 99,73 Total net assets EUR 166 459 317,49 193 516 665,00 275 667 628,54 Eurizon MultiManager Stars Fund - Private Style Flexible Class R Units EUR 76 103 848,24 109,18 89 324 106,78 107,80 145 219 873,07 104,61 Class R1 Units EUR 56 107 686,53 110,58 63 282 785,18 109,15 99 310 166,86 105,89 Class R2 Units EUR 10 491 931,29 110,03 11 411 074,05 108,60 15 767 471,50 105,36 Total net assets EUR 142 703 466,06 164 017 966,01 260 297 511,43 Eurizon MultiManager Stars Fund - Private Style Equity Class R Units EUR 42 255 979,64 138,59 47 480 530,87 139,88 54 967 619,03 121,09 Total net assets EUR 42 255 979,64 47 480 530,87 54 967 619,03 7
Eurizon MultiManager Stars Fund COMBINED STATEMENT OF NET ASSETS AS AT 30 SEPTEMBER 2017 IN EUR Assets Notes Investments in securities (Note 2) 373 704 382,91 Banks 2 889 317,11 Amounts due from brokers (Note 2) 8 723 648,62 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 136 056,68 Unrealised profit on future contracts (Notes 2, 8) 199 803,81 Receivable on investments sold 3 017 009,47 Receivable on subscriptions 39 995,00 Other assets (Note 11) 241 214,27 Total assets 388 951 427,87 Liabilities Bank overdrafts (790 721,13) Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (142 300,27) Payable on investments purchased (9 894 855,61) Payable on redemptions (1 037 065,00) Other liabilities (596 710,09) Total liabilities (12 461 652,10) Total net assets 376 489 775,77 8
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 431 317 596,10 Net income from investments (Note 2) 1 060 483,95 Other income (Notes 5, 9) 788 112,93 Total income 1 848 596,88 Management fee (Note 5) (1 883 120,47) Performance fee (Note 6) (44 472,37) Depositary and paying agent fee (Note 7) (103 607,92) Subscription tax (Note 3) (22 029,91) Interest paid (366,03) Other charges and taxes (Notes 4, 7, 11) (884 465,41) Total expenses (2 938 062,11) Net investment income / (loss) (1 089 465,23) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) 8 532 969,65 Change in unrealised appreciation / (depreciation) on - investments (Note 2) (5 907 954,72) - forward foreign exchange contracts (Notes 2, 8) 53 474,81 - foreign currencies (20 877,85) - future contracts (Notes 2, 8) 291 163,81 Net result of operations for the period 1 859 310,47 Subscriptions for the period 4 697 548,12 Redemptions for the period (61 039 749,67) Dividend distributions (Note 13) (344 929,25) Net assets at the end of the period 376 489 775,77 9
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) 24 981 193,76 Banks 157 088,67 Amounts due from brokers (Note 2) 16 686,84 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 25 171 232,97 Liabilities Other liabilities (100 220,39) Total liabilities (100 220,39) Total net assets 25 071 012,58 Currency Net Asset Value per Unit Units outstanding Class I Units EUR 111,81 78 615,072 Class R Units EUR 106,37 153 061,632 10
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 26 302 434,22 Other income (Note 5) 15 574,27 Total income 15 574,27 Management fee (Note 5) (114 307,67) 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 (182 587,01) Net investment income / (loss) (167 012,74) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) 542 278,82 Change in unrealised appreciation / (depreciation) on - investments (Note 2) 11 960,48 - forward foreign exchange contracts (Notes 2, 8) 18 483,17 - foreign currencies (550,07) - future contracts (Notes 2, 8) 10 770,00 Net result of operations for the period 415 929,66 Subscriptions for the period 1 622 363,00 Redemptions for the period (3 269 714,30) Net assets at the end of the period 25 071 012,58 11
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 23 634 730,37 24 981 193,76 99,64 INVESTMENT FUNDS 23 634 730,37 24 981 193,76 99,64 UCI Units 23 634 730,37 24 981 193,76 99,64 LUXEMBOURG 17 498 154,54 18 509 943,96 73,83 Finance 17 498 154,54 18 509 943,96 73,83 12 324,14 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE EUR 1 771 224,97 1 768 267,18 7,05 TOPS UCITS FUND -B- 16 740,04 EURIZON FUND - FLEXIBLE MULTISTRATEGY -Z- EUR 1 685 408,14 1 714 347,91 6,84 8 727,99 SCHRODER GAIA EGERTON EQUITY -CA- EUR 1 199 031,43 1 652 121,23 6,59 11 242,05 SCHRODER GAIA SIRIOS US EQUITY -C- EUR 1 382 028,16 1 514 528,98 6,04 116 439,73 INVESCO GLOBAL TARGETED RETURNS FUND -ZA- EUR 1 340 000,06 1 327 867,04 5,30 9 717,22 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR 1 097 753,03 1 146 923,36 4,57 149 785,24 HENDERSON GARTMORE FUND - UNITED KINGDOM ABSOLUTE EUR 989 651,52 1 077 734,77 4,30 RETURN -I- 62,63 EXANE FUNDS 1 - EXANE ARCHIMEDES FUND -A- EUR 1 042 576,51 1 068 980,59 4,26 149 974,99 INTERFUND - EURO CORPORATE BOND EUR 902 399,51 954 440,84 3,81 8 560,20 AVIVA INVESTORS SICAV - MULTI-STRATEGY TARGET RETURN EUR 930 359,32 913 729,87 3,64 FUND -I- 68 008,68 JUPITER JGF - DYNAMIC BOND -I- EUR 882 000,07 878 672,15 3,51 8 499,79 JPMORGAN INVESTMENT FUNDS - GLOBAL MACRO EUR 800 000,05 874 798,18 3,49 OPPORTUNITIES -I- 1 043,74 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR 732 120,99 811 393,04 3,24 1 381,86 EURIZON FUND - DYNAMIC ASSET ALLOCATION -I- EUR 787 652,31 802 710,40 3,20 7 064,68 MERRILL LYNCH INVESTMENT SOLUTIONS - DIVERSIFIED FUTURES EUR 748 812,63 746 877,55 2,98 UCITS FUND -B- 1 827,80 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD 469 481,04 516 445,07 2,06 21 236,19 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL USD 477 627,35 478 182,77 1,91 CURRENCY BOND FUND -I2-1 954,21 DNCA INVEST - MIURA -I- EUR 260 027,45 261 923,03 1,04 IRELAND 5 504 575,84 5 827 461,75 23,24 Finance 5 504 575,84 5 827 461,75 23,24 919 613,60 BNY MELLON ABSOLUTE RETURN EQUITY FUND -T- EUR 1 082 021,64 1 084 868,16 4,33 7 398,02 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL INCOME EUR 893 513,39 1 058 508,70 4,22 FUND -I- 6 798,76 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT FUND EUR 959 478,47 1 040 550,22 4,15 -IE- 126 638,74 ANIMA FUNDS PLC - STAR HIGH POTENTIAL EUROPE -I- EUR 941 467,82 967 342,69 3,86 8 311,79 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR 838 022,79 852 373,65 3,40 DEBT TOTAL RETURN -IMF- 68 926,66 GAM STAR FUND PLC - GLOBAL RATES EUR 790 071,73 823 818,33 3,28 UNITED KINGDOM 631 999,99 643 788,05 2,57 Finance 631 999,99 643 788,05 2,57 58 327,87 M&G INVESTMENT FUNDS 14 - M&G PRUDENT ALLOCATION FUND -C- EUR 631 999,99 643 788,05 2,57 Total Portfolio 23 634 730,37 24 981 193,76 99,64 12
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 5 250,00 250 320,00 Unrealised profit on future contracts and commitment 5 250,00 250 320,00 10 7 Purchase EURO STOXX 50 15/12/2017 EUR 5 250,00 250 320,00 13
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 27/10/2017 172 641,20 EUR 200 000,00 USD 3 681,17 14
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) 164 749 498,01 Banks 1 806 922,53 Amounts due from brokers (Note 2) 8 318 860,68 Unrealised profit on future contracts (Notes 2, 8) 127 920,00 Receivable on subscriptions 39 995,00 Other assets (Note 11) 171 120,99 Total assets 175 214 317,21 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (65 563,18) Payable on investments purchased (8 000 000,00) Payable on redemptions (471 369,23) Other liabilities (218 067,31) Total liabilities (8 754 999,72) Total net assets 166 459 317,49 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 100,44 544 284,646 Class RD1 Units EUR 101,25 876 888,355 Class RD2 Units EUR 102,03 225 469,808 15
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 193 516 665,00 Net income from investments (Note 2) 1 060 483,95 Other income (Notes 5, 9) 498 668,34 Total income 1 559 152,29 Management fee (Note 5) (687 480,37) 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) (516 566,59) Total expenses (1 258 858,74) Net investment income / (loss) 300 293,55 Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) 430 349,34 Change in unrealised appreciation / (depreciation) on - investments (Note 2) (882 106,33) - forward foreign exchange contracts (Notes 2, 8) (147 229,38) - foreign currencies (1 849,86) - future contracts (Notes 2, 8) 174 220,00 Net result of operations for the period (126 322,68) Subscriptions for the period 983 775,32 Redemptions for the period (27 569 870,90) Dividend distributions (Note 13) (344 929,25) Net assets at the end of the period 166 459 317,49 16
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 161 314 558,09 164 749 498,01 98,97 INVESTMENT FUNDS 161 314 558,09 164 749 498,01 98,97 UCI Units 161 314 558,09 164 749 498,01 98,97 LUXEMBOURG 128 056 913,95 130 765 314,49 78,56 Finance 128 056 913,95 130 765 314,49 78,56 832 708,45 BLACKROCK GLOBAL FUNDS - EURO SHORT DURATION BOND EUR 13 610 173,18 13 731 362,34 8,25 FUND -I2E- 2 062 671,75 INTERFUND - EURO CORPORATE BOND EUR 12 413 720,82 13 126 843,02 7,89 107 561,00 CARMIGNAC PORTFOLIO - SECURITE -F ACC- EUR 11 296 237,06 11 459 549,47 6,88 90 128,88 BLACKROCK STRATEGIC FUNDS - FIXED INCOME STRATEGIES EUR 11 064 221,31 11 303 964,13 6,79 FUND -I2-1 296 015,83 HENDERSON GARTMORE FUND - UNITED KINGDOM ABSOLUTE EUR 8 846 672,33 9 325 093,09 5,60 RETURN -I- 57 716,83 EPSILON FUND - EMERGING BOND TOTAL RETURN -I- EUR 8 003 593,09 8 114 986,58 4,88 79 255,00 EURIZON EASYFUND - SECURITIZED BOND FUND -Z- EUR 8 000 000,00 8 000 000,00 4,81 72 831,53 EURIZON OPPORTUNITA - OBBLIGAZIONI FLESSIBILE -RD- EUR 7 718 781,08 7 422 989,74 4,46 2 059,57 NN L EMERGING MARKETS DEBT HARD CURRENCY -I- EUR 6 483 319,84 6 962 002,28 4,18 549 289,30 JUPITER JGF - DYNAMIC BOND -I- EUR 6 215 506,82 6 113 589,91 3,67 575 689,24 FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON EUR 6 098 560,27 5 446 020,17 3,27 GLOBAL BOND FUND -H1-1 922,22 AMUNDI FUNDS - BOND GLOBAL -IU- USD 4 557 509,71 4 563 822,00 2,74 36 308,41 EURIZON FUND - AZIONI STRATEGIA FLESSIBILE -ZD- EUR 3 880 172,87 4 326 146,93 2,60 26 888,29 NN L GLOBAL CONVERTIBLE OPPORTUNITIES -I- EUR 3 615 131,13 3 601 686,98 2,16 12 669,75 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD 3 164 435,00 3 579 834,03 2,15 13 984,75 EURIZON FUND - BOND HIGH YIELD -Z- EUR 3 130 624,27 3 544 713,57 2,13 239 944,57 INVESCO PAN EUROPEAN HIGH INCOME FUND -A QD- EUR 3 244 610,24 3 505 590,17 2,11 118 138,98 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL EUR 2 734 917,39 2 671 122,34 1,61 CURRENCY BOND FUND -D2-15 557,51 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR 1 850 721,39 1 836 252,91 1,10 20 340,93 AXA WORLD FUNDS - GLOBAL INFLATION BONDS -I- EUR 1 761 006,14 1 762 744,82 1,06 3 676,62 EURIZON FUND - TREASURY EUR T1 -Z- EUR 367 000,01 367 000,01 0,22 IRELAND 27 532 562,20 28 071 325,04 16,86 Finance 27 532 562,20 28 071 325,04 16,86 96 303,43 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR 9 995 910,06 10 044 447,96 6,03 DEBT TOTAL RETURN -IMF- 70 322,67 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT EUR 7 916 564,33 8 430 281,68 5,07 FUND -ID- 4 758 627,31 BNY MELLON ABSOLUTE RETURN EQUITY FUND -T- EUR 5 573 171,14 5 613 752,64 3,37 385 560,77 PIMCO FUNDS GLOBAL INVESTORS SERIES PLC - DIVERSIFIED INCOME FUND -INS- EUR 4 046 916,67 3 982 842,76 2,39 UNITED KINGDOM 5 725 081,94 5 912 858,48 3,55 Finance 5 725 081,94 5 912 858,48 3,55 436 025,79 M&G INVESTMENT FUNDS 4 - GLOBAL MACRO BOND FUND -C- EUR 5 725 081,94 5 912 858,48 3,55 Total Portfolio 161 314 558,09 164 749 498,01 98,97 17
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 127 920,00 13 093 560,00 Unrealised profit on future contracts and commitment 127 920,00 13 093 560,00 100 000 (60) Sale EURO BUND 07/12/2017 EUR 73 200,00 9 660 600,00 10 96 Purchase EURO STOXX 50 15/12/2017 EUR 54 720,00 3 432 960,00 18
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) 27/10/2017 3 000 000,00 USD 2 589 618,05 EUR (55 217,55) 27/10/2017 2 524 054,87 EUR 3 000 000,00 USD (10 345,63) 19
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) 142 585 974,88 Banks 252 577,01 Amounts due from brokers (Note 2) 242 014,77 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 127 000,36 Unrealised profit on future contracts (Notes 2, 8) 45 415,50 Receivable on investments sold 904 488,89 Other assets (Note 11) 50 801,80 Total assets 144 208 273,21 Liabilities Bank overdrafts (790 721,13) Payable on redemptions (513 398,04) Other liabilities (200 687,98) Total liabilities (1 504 807,15) Total net assets 142 703 466,06 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 109,18 697 040,390 Class R1 Units EUR 110,58 507 400,348 Class R2 Units EUR 110,03 95 358,696 20
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 164 017 966,01 Other income (Notes 5, 9) 246 571,87 Total income 246 571,87 Management fee (Note 5) (770 040,55) 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) (314 549,31) Total expenses (1 132 432,19) Net investment income / (loss) (885 860,32) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) 3 739 512,31 Change in unrealised appreciation / (depreciation) on - investments (Note 2) (1 198 156,79) - forward foreign exchange contracts (Notes 2, 8) 275 020,34 - foreign currencies (8 842,52) - future contracts (Notes 2, 8) 84 955,50 Net result of operations for the period 2 006 628,52 Subscriptions for the period 145 372,04 Redemptions for the period (23 466 500,51) Net assets at the end of the period 142 703 466,06 21
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 133 071 630,23 142 585 974,88 99,92 INVESTMENT FUNDS 133 071 630,23 142 585 974,88 99,92 UCI Units 133 071 630,23 142 585 974,88 99,92 LUXEMBOURG 106 593 167,76 113 586 661,41 79,60 Finance 106 593 167,76 113 586 661,41 79,60 57 524,67 NN L GLOBAL CONVERTIBLE OPPORTUNITIES -I- EUR 7 734 192,42 7 705 430,08 5,40 579 218,40 JUPITER JGF - DYNAMIC BOND -I- EUR 7 500 000,09 7 483 501,73 5,24 634 235,46 INVESCO GLOBAL TARGETED RETURNS FUND -ZA- EUR 7 298 845,10 7 232 757,76 5,07 1 119 877,65 INTERFUND - EURO CORPORATE BOND EUR 6 738 303,81 7 126 901,36 4,99 60 305,55 CARMIGNAC PORTFOLIO - PATRIMOINE -F- EUR 7 098 566,06 7 117 863,83 4,99 8 292,71 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR 5 268 308,60 6 446 672,94 4,52 358 968,80 NORDEA 1 SICAV - STABLE RETURN FUND -BI- EUR 5 946 874,85 6 443 489,89 4,52 61 268,82 EURIZON FUND - FLEXIBLE MULTISTRATEGY -Z- EUR 6 144 615,71 6 274 540,37 4,40 57 823,66 AVIVA INVESTORS SICAV - MULTI-STRATEGY TARGET RETURN EUR 6 284 364,53 6 172 195,66 4,33 FUND -I- 57 362,64 MERRILL LYNCH INVESTMENT SOLUTIONS - DIVERSIFIED EUR 6 184 720,32 6 064 377,77 4,25 FUTURES UCITS FUND -B- 31 093,58 SCHRODER GAIA EGERTON EQUITY -CA- EUR 4 045 372,42 5 885 703,76 4,12 300 555,34 AB SICAV I - SELECT ABSOLUTE ALPHA PORTFOLIO -I- EUR 5 555 706,10 5 860 829,05 4,11 55 887,46 JPMORGAN INVESTMENT FUNDS - GLOBAL MACRO EUR 5 260 127,64 5 751 937,28 4,03 OPPORTUNITIES -I- 334 183,68 NORDEA 1 SICAV - EUROPEAN HIGH YIELD BOND FUND -HBI- USD 4 610 028,59 5 563 135,10 3,90 9 433,85 EURIZON FUND - DYNAMIC ASSET ALLOCATION -I- EUR 5 509 530,65 5 480 030,29 3,84 133 406,50 BLACKROCK GLOBAL FUNDS - GLOBAL ALLOCATION FUND -I2- EUR 4 745 269,21 5 240 207,32 3,67 37 952,99 SCHRODER GAIA SIRIOS US EQUITY -C- USD 3 555 133,37 4 430 633,45 3,10 13 125,16 JULIUS BAER MULTIBOND - LOCAL EMERGING BOND FUND -C- USD 3 432 604,97 3 708 509,10 2,60 159 130,68 BLACKROCK GLOBAL FUNDS - EMERGING MARKETS LOCAL CURRENCY BOND FUND -D2- EUR 3 680 603,32 3 597 944,67 2,52 IRELAND 20 342 659,02 22 732 987,59 15,93 Finance 20 342 659,02 22 732 987,59 15,93 54 112,92 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL INCOME EUR 6 667 267,22 7 742 476,59 5,42 FUND -I- 52 091,68 BLACKROCK INSTITUTIONAL POOLED FUNDS PLC - TAILORED EUR 5 261 435,66 6 420 606,90 4,50 MARKET ADVANTAGE FUND -AE- 59 090,04 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR 6 013 952,45 6 059 683,60 4,25 DEBT TOTAL RETURN -IMF- 16 401,31 ALGEBRIS UCITS FUNDS PLC - ALGEBRIS FINANCIAL CREDIT FUND -IE- EUR 2 400 003,69 2 510 220,50 1,76 UNITED KINGDOM 6 135 803,45 6 266 325,88 4,39 Finance 6 135 803,45 6 266 325,88 4,39 567 735,69 M&G INVESTMENT FUNDS 14 - M&G PRUDENT ALLOCATION EUR 6 135 803,45 6 266 325,88 4,39 FUND -C- Total Portfolio 133 071 630,23 142 585 974,88 99,92 22
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 45 415,50 4 699 400,00 Unrealised profit on future contracts and commitment 45 415,50 4 699 400,00 100 000 (20) Sale EURO BUND 07/12/2017 EUR 24 400,00 3 220 200,00 50 215 Purchase EURO STOXX BANKS 15/12/2017 EUR 21 015,50 1 479 200,00 23
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 127 000,36 Unrealised profit on forward foreign exchange contracts 127 000,36 27/10/2017 5 956 121,51 EUR 6 900 000,00 USD 127 000,36 24
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) 41 387 716,26 Banks 672 728,90 Amounts due from brokers (Note 2) 146 086,33 Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 5 375,15 Unrealised profit on future contracts (Notes 2, 8) 21 218,31 Receivable on investments sold 2 112 520,58 Other assets 11 958,95 Total assets 44 357 604,48 Liabilities Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (76 737,09) Payable on investments purchased (1 894 855,61) Payable on redemptions (52 297,73) Other liabilities (77 734,41) Total liabilities (2 101 624,84) Total net assets 42 255 979,64 Currency Net Asset Value per Unit Units outstanding Class R Units EUR 138,59 304 901,531 25
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 47 480 530,87 Other income (Note 5) 27 298,45 Total income 27 298,45 Management fee (Note 5) (311 291,88) 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 (364 184,17) Net investment income / (loss) (336 885,72) Net realised profit / (loss) on sales of investments, currencies and other financial instruments (Notes 2, 8) 3 820 829,18 Change in unrealised appreciation / (depreciation) on - investments (Note 2) (3 839 652,08) - forward foreign exchange contracts (Notes 2, 8) (92 799,32) - foreign currencies (9 635,40) - future contracts (Notes 2, 8) 21 218,31 Net result of operations for the period (436 925,03) Subscriptions for the period 1 946 037,76 Redemptions for the period (6 733 663,96) Net assets at the end of the period 42 255 979,64 26
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 37 139 233,50 41 387 716,26 97,94 INVESTMENT FUNDS 37 139 233,50 41 387 716,26 97,94 UCI Units 37 139 233,50 41 387 716,26 97,94 LUXEMBOURG 25 974 668,85 27 544 527,55 65,18 Finance 25 974 668,85 27 544 527,55 65,18 26 343,02 JPMORGAN FUNDS - EUROPE EQUITY PLUS FUND -I- EUR 2 800 000,02 2 823 445,31 6,68 3 098,23 EURIZON FUND - FLEXIBLE BETA TOTAL RETURN -I- EUR 2 145 630,64 2 408 534,57 5,70 32 037,99 WELLINGTON MANAGEMENT FUNDS LUXEMBOURG - USD 2 431 152,29 2 398 332,58 5,68 WELLINGTON US RESEARCH EQUITY FUNDS -S- 20 873,38 NATIXIS INTERNATIONAL FUNDS LUX I - HARRIS ASSOCIATES US USD 1 971 561,96 2 285 797,40 5,41 EQUITY FUND 15 850,27 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE EUR 2 278 000,09 2 274 196,02 5,38 TOPS UCITS FUND -B- 9 990,71 ROBECO CAPITAL GROWTH FUNDS - US SELECT OPPORTUNITIES USD 1 978 483,84 2 159 555,57 5,11 EQUITIES -I- 11 425,15 EURIZON FUND - AZIONI STRATEGIA FLESSIBILE -Z- EUR 1 851 521,52 1 965 468,55 4,65 9 349,11 JPMORGAN INVESTMENT FUNDS - US SELECT EQUITY FUND -I- USD 1 656 940,25 1 684 295,43 3,99 159 236,37 PRIVILEDGE - DELAWARE US LARGE CAP VALUE -U- USD 1 664 356,23 1 684 199,53 3,98 7 166,02 VONTOBEL FUND - US EQUITY -I- USD 1 426 617,98 1 391 562,13 3,29 32 892,87 JUPITER JGF - EUROPEAN GROWTH -I- EUR 1 264 730,85 1 344 331,60 3,18 71 340,44 FIDELITY FUNDS - WORLD FUND -Y- EUR 1 322 940,06 1 314 804,31 3,11 119 704,32 INVESCO PAN EUROPEAN EQUITY FUND -Z- EUR 1 189 000,02 1 229 363,37 2,91 4 664,10 UBS LUX EQUITY SICAV - USA GROWTH USD -Q- USD 657 679,64 938 265,76 2,22 88 262,98 STATE STREET EUROPE VALUE SPOTLIGHT FUND -I- EUR 900 000,00 928 085,28 2,20 3 230,43 VONTOBEL FUND - GLOBAL EQUITY -B- USD 436 053,46 714 290,14 1,69 IRELAND 11 164 564,65 13 843 188,71 32,76 Finance 11 164 564,65 13 843 188,71 32,76 209 697,46 OLD MUTUAL NORTH AMERICAN EQUITY FUND -I- USD 2 281 150,19 2 668 579,86 6,31 16 961,89 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND -I- JPY 1 901 255,47 2 581 288,89 6,11 88 078,69 POLAR CAPITAL NORTH AMERICAN FUND -I- EUR 1 502 522,16 1 913 950,00 4,53 18 318,55 MAN FUNDS VI PLC -MAN GLG GLOBAL EMERGING MARKETS EUR 1 900 000,01 1 878 567,30 4,45 DEBT TOTAL RETURN -IMF- 2 742,74 VANGUARD INVESTMENT SERIES PLC - US OPPORTUNITIES FUND USD 832 493,86 1 791 425,43 4,24 -INST- 171 474,07 AXA ROSENBERG EQUITY ALPHA TRUST - US ENHANCED INDEX USD 1 554 389,61 1 686 892,65 3,99 EQUITY ALPHA FUND -I- 173 131,80 ANIMA FUNDS PLC - STAR HIGH POTENTIAL EUROPE -I- EUR 1 192 753,35 1 322 484,58 3,13 Total Portfolio 37 139 233,50 41 387 716,26 97,94 27
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 21 218,31 1 289 120,00 Unrealised profit on future contracts and commitment 21 218,31 1 289 120,00 50 125 Purchase EURO STOXX BANKS 15/12/2017 EUR 12 218,31 860 000,00 10 12 Purchase EURO STOXX 50 15/12/2017 EUR 9 000,00 429 120,00 28
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 01/12/2017 1 691 881,34 EUR 2 000 000,00 USD 5 375,15 Unrealised loss on forward foreign exchange contracts (76 737,09) 27/10/2017 3 450 000,00 USD 2 978 060,76 EUR (63 500,18) 27/10/2017 3 011 523,62 EUR 3 580 445,00 USD (13 236,91) 29
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 2011. 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 1 250 000,00. 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
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
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 15 574,27 Eurizon MultiManager Stars Fund - Private Style Income 107 917,18 Eurizon MultiManager Stars Fund - Private Style Flexible 78 805,80 Eurizon MultiManager Stars Fund - Private Style Equity 27 298,45 Total 229 595,70 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
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 44 472,37 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 40 220,68 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 44 472,37 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
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 20 151,12 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
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 2017 0,10% 0,15% From 12 June 2017 to 22 September 2017 0,05% 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 2017 0,10% 0,15% From 12 June 2017 to 22 September 2017 0,05% 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 303 525,38 Eurizon MultiManager Stars Fund - Private Style Flexible 167 766,07 Total 471 291,45 10. 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 36 699,89 Eurizon MultiManager Stars Fund - Private Style Flexible 15 939,80 Total 52 639,69 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
NOTES TO THE FINANCIAL STATEMENTS Eurizon MultiManager Stars Fund Eurizon MultiManager Stars Fund - Private Style Income 403 575,39 Eurizon MultiManager Stars Fund - Private Style Flexible 218 802,12 Total 622 377,51 12. 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 0,200 110 708,44 Eurizon MultiManager Stars Fund - Private Style Income RD1 26/07/2017 EUR 0,200 187 775,81 Eurizon MultiManager Stars Fund - Private Style Income RD2 26/07/2017 EUR 0,200 46 445,00 Total 344 929,25 14. 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 2017 31 December 2017. However, starting in 2018, the Fund s financial year begins 1 January and ends 31 December the same year. 36
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