a mutual fund (“fonds commun de placement”) governed by ... swap contracts 483 eurizon easyfund...

A Mutual Fund (“Fonds Commun de Placement”) governed by theLaw 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 InvestorInformation Document, accompanied by a copy of the latest annual report or a copy of thesubsequent semi-annual report if it has been published.

Annual report as at 31 December 2015

Eurizon EasyFund

Table of contents

Organisation of the Fund 6

Board of Directors of the Management Company'sReport on the management of the Fund

16

Report of the Réviseur d’Entreprises Agréé 21

Comparative Net Asset Values over the last threeyears

23

Combined Statement of Net Assets 28

Combined Statement of Changes in Net Assets 29

Line “Limited Tracking Error”

Eurizon EasyFund - Cash EUR 30Statement of Net Assets 30Statement of Changes in Net Assets 31Portfolio 32Commitments on future contracts 34

Eurizon EasyFund - Treasury USD 35Statement of Net Assets 35Statement of Changes in Net Assets 36Portfolio 37

Eurizon EasyFund - Bond EUR Short Term LTE 39Statement of Net Assets 39Statement of Changes in Net Assets 40Portfolio 41Commitments on future contracts 44

Eurizon EasyFund - Bond EUR Medium Term LTE 45Statement of Net Assets 45Statement of Changes in Net Assets 46Portfolio 47Commitments on future contracts 50

Eurizon EasyFund - Bond EUR Long Term LTE 51Statement of Net Assets 51Statement of Changes in Net Assets 52Portfolio 53Commitments on future contracts 57

Eurizon EasyFund - Bond EUR Floating Rate LTE 58Statement of Net Assets 58Statement of Changes in Net Assets 59Portfolio 60

Eurizon EasyFund - Bond GBP LTE 61Statement of Net Assets 61Statement of Changes in Net Assets 62Portfolio 63Commitments on future contracts 64

Forward foreign exchange contracts 65

Eurizon EasyFund - Bond JPY LTE 66

Statement of Net Assets 66Statement of Changes in Net Assets 67Portfolio 68Commitments on future contracts 70Forward foreign exchange contracts 71

Eurizon EasyFund - Bond USD LTE 72Statement of Net Assets 72Statement of Changes in Net Assets 73Portfolio 74Commitments on future contracts 77Forward foreign exchange contracts 78

Eurizon EasyFund - Bond International LTE 79Statement of Net Assets 79Statement of Changes in Net Assets 80Portfolio 81Commitments on future contracts 88Forward foreign exchange contracts 89

Eurizon EasyFund - Equity Italy LTE 90Statement of Net Assets 90Statement of Changes in Net Assets 91Portfolio 92Commitments on future contracts 95

Eurizon EasyFund - Equity Euro LTE 96Statement of Net Assets 96Statement of Changes in Net Assets 97Portfolio 98Commitments on future contracts 104

Eurizon EasyFund - Equity Europe LTE 105Statement of Net Assets 105Statement of Changes in Net Assets 106Portfolio 107Commitments on future contracts 117Forward foreign exchange contracts 118

Eurizon EasyFund - Equity North America LTE 119Statement of Net Assets 119Statement of Changes in Net Assets 120Portfolio 121Commitments on future contracts 130Forward foreign exchange contracts 131

Eurizon EasyFund - Equity Japan LTE 132Statement of Net Assets 132Statement of Changes in Net Assets 133Portfolio 134Commitments on future contracts 139Forward foreign exchange contracts 140

Eurizon EasyFund - Equity Oceania LTE 141Statement of Net Assets 141Statement of Changes in Net Assets 142Portfolio 143Commitments on future contracts 147

Eurizon EasyFund

Forward foreign exchange contracts 148

Eurizon EasyFund - Equity Latin America LTE 149Statement of Net Assets 149Statement of Changes in Net Assets 150Portfolio 151Commitments on future contracts 155Forward foreign exchange contracts 156

Eurizon EasyFund - Equity China LTE 157Statement of Net Assets 157Statement of Changes in Net Assets 158Portfolio 159Commitments on future contracts 163Forward foreign exchange contracts 164

Eurizon EasyFund - Equity Emerging Markets LTE 165Statement of Net Assets 165Statement of Changes in Net Assets 166Portfolio 167Commitments on future contracts 187Forward foreign exchange contracts 188

Eurizon EasyFund - Equity Emerging Markets EMEALTE

189


Eurizon EasyFund - Equity Emerging Markets AsiaLTE

198


Eurizon EasyFund - Equity Emerging Markets NewFrontiers LTE

214

Statement of Net Assets 214Statement of Changes in Net Assets 215Portfolio 216Forward foreign exchange contracts 222

Eurizon EasyFund - Equity Energy & Materials LTE 223Statement of Net Assets 223Statement of Changes in Net Assets 224Portfolio 225Commitments on future contracts 231Forward foreign exchange contracts 232

Eurizon EasyFund - Equity Industrials LTE 233Statement of Net Assets 233Statement of Changes in Net Assets 234Portfolio 235Commitments on future contracts 241Forward foreign exchange contracts 242

Eurizon EasyFund - Equity Consumer DiscretionaryLTE

243

Statement of Net Assets 243Statement of Changes in Net Assets 244Portfolio 245Forward foreign exchange contracts 251

Eurizon EasyFund - Equity Consumer Staples LTE 252Statement of Net Assets 252Statement of Changes in Net Assets 253Portfolio 254Forward foreign exchange contracts 257

Eurizon EasyFund - Equity Pharma LTE 258Statement of Net Assets 258Statement of Changes in Net Assets 259Portfolio 260Commitments on future contracts 263Forward foreign exchange contracts 264

Eurizon EasyFund - Equity Financial LTE 265Statement of Net Assets 265Statement of Changes in Net Assets 266Portfolio 267Commitments on future contracts 275Forward foreign exchange contracts 276

Eurizon EasyFund - Equity High Tech LTE 277Statement of Net Assets 277Statement of Changes in Net Assets 278Portfolio 279Forward foreign exchange contracts 283

Eurizon EasyFund - Equity Telecommunication LTE 284Statement of Net Assets 284Statement of Changes in Net Assets 285Portfolio 286Commitments on future contracts 288Forward foreign exchange contracts 289

Eurizon EasyFund - Equity Utilities LTE 290Statement of Net Assets 290Statement of Changes in Net Assets 291Portfolio 292Commitments on future contracts 294Forward foreign exchange contracts 295

Line “Active - Market”

Eurizon Easyfund - Treasury EUR T1(4) 296Statement of Net Assets 296Statement of Changes in Net Assets 297Portfolio 298

Eurizon EasyFund - Bond Inflation Linked 300Statement of Net Assets 300Statement of Changes in Net Assets 301Portfolio 302

Eurizon EasyFund - Bond Corporate EUR ShortTerm

304

Statement of Net Assets 304

Eurizon EasyFund

Statement of Changes in Net Assets 305Portfolio 306Commitments on future contracts 314Forward foreign exchange contracts 315

Swap contracts 316

Eurizon EasyFund - Bond Corporate EUR 317Statement of Net Assets 317Statement of Changes in Net Assets 318Portfolio 319Commitments on future contracts 330

Forward foreign exchange contracts 331Swap contracts 332

Eurizon EasyFund - Bond High Yield 333Statement of Net Assets 333Statement of Changes in Net Assets 334Portfolio 335Forward foreign exchange contracts 343Swap contracts 344

Eurizon EasyFund - Bond Emerging Markets 345Statement of Net Assets 345Statement of Changes in Net Assets 346Portfolio 347Commitments on future contracts 355Forward foreign exchange contracts 356Swap contracts 357

Eurizon EasyFund - Bond Emerging Markets inLocal Currencies

358

Statement of Net Assets 358Statement of Changes in Net Assets 359Portfolio 360Option contracts 364Forward foreign exchange contracts 365Swap contracts 367

Eurizon EasyFund - Bond Flexible 368Statement of Net Assets 368Statement of Changes in Net Assets 369Portfolio 370Commitments on future contracts 380Option contracts 381Forward foreign exchange contracts 382Swap contracts 383

Eurizon EasyFund - Equity Italy 384Statement of Net Assets 384Statement of Changes in Net Assets 385Portfolio 386Commitments on future contracts 389Option contracts 390

Eurizon EasyFund - Equity Europe 391Statement of Net Assets 391Statement of Changes in Net Assets 392Portfolio 393Commitments on future contracts 397Forward foreign exchange contracts 398

Eurizon EasyFund - Equity Small Cap Europe 400

Statement of Net Assets 400

Statement of Changes in Net Assets 401Portfolio 402Commitments on future contracts 409Forward foreign exchange contracts 410Swap contracts 412

Eurizon EasyFund - Equity Eastern Europe 4139Statement of Net Assets 413

Statement of Changes in Net Assets 414Portfolio 415Commitments on future contracts 418Forward foreign exchange contracts 419

Line “Active - Strategy”

Eurizon EasyFund - Azioni Strategia Flessibile 420Statement of Net Assets 420Statement of Changes in Net Assets 421Portfolio 422Forward foreign exchange contracts 426

Eurizon EasyFund - Orizzonte Protetto 6(1) 427Statement of Changes in Net Assets 427



Eurizon EasyFund - Absolute Prudente 430Statement of Net Assets 430Statement of Changes in Net Assets 431Portfolio 432Commitments on future contracts 434Forward foreign exchange contracts 435

Eurizon EasyFund - Absolute Attivo 436Statement of Net Assets 436Statement of Changes in Net Assets 437Portfolio 438Commitments on future contracts 439Forward foreign exchange contracts 440

Eurizon EasyFund - GT Asset Allocation 441Statement of Net Assets 441Statement of Changes in Net Assets 442Portfolio 443Commitments on future contracts 444Forward foreign exchange contracts 445

Eurizon EasyFund - Trend 446Statement of Net Assets 446Statement of Changes in Net Assets 447Portfolio 448Commitments on future contracts 449Forward foreign exchange contracts 450

Eurizon EasyFund - Equity Absolute Return 451Statement of Net Assets 451Statement of Changes in Net Assets 452

Portfolio 453

Eurizon EasyFund

Commitments on future contracts 458Forward foreign exchange contracts 459Swap contracts 460

Eurizon EasyFund - Multiasset 461Statement of Net Assets 461Statement of Changes in Net Assets 462Portfolio 463Commitments on future contracts 470Option contracts 471Forward foreign exchange contracts 472

Eurizon EasyFund - Flexible Beta Total Return 473Statement of Net Assets 473Statement of Changes in Net Assets 474Portfolio 475Commitments on future contracts 480Option contracts 481Forward foreign exchange contracts 482Swap contracts 483

Eurizon Easyfund - Dynamic Asset Allocation 484Statement of Net Assets 484Statement of Changes in Net Assets 485Portfolio 486Commitments on future contracts 488Forward foreign exchange contracts 489Swap contracts 490

Notes to the financial statements 491

(1) The Sub-fund has merged into Eurizon Opportunità - Flessibile15 on 10 July 2015(2) The Sub-fund has merged into Eurizon Opportunità - Flessibile15 on 10 July 2015(3) The Sub-fund has merged into into Eurizon Opportunità -Flessibile 15 on 10 July 2015(4) The Sub-fund was launched on 24 March 2015

ORGANISATION OF THE FUND Eurizon EasyFund

MANAGEMENT COMPANY AND PROMOTER

Eurizon Capital S.A.8, avenue de la LibertéL-1930 Luxembourg (Grand Duchy of Luxembourg)

R.C.S Luxembourg B 28536

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman of the Board of DirectorsMr. Tommaso CORCOSManaging Director ofEurizon Capital SGR S.p.A., MilanResident of Milan (Italy)

Vice-Chairman of the Board of DirectorsMr. Daniel GROSIndependent DirectorResident of Brussels (Belgium)

Managing DirectorMr. Massimo MAZZINIGeneral Manager of Eurizon Capital S.A., LuxembourgResident of Luxembourg (Grand Duchy of Luxembourg)(until 7 July 2015)

Managing DirectorMr. Bruno ALFIERIGeneral Manager of Eurizon Capital S.A., LuxembourgResident of luxembourg (Grand Duchy of Luxembourg)(since 8 July 2015)

DirectorMr. Massimo MAZZINIHead of Marketing and Business Development of Eurizon Capital SGRS.p.A., MilanResident of Milan (Italy)(since 8 July 2015)

DirectorMr. Bruno ALFIERIGeneral Manager and Director of Fideuram Bank Luxembourg S.A.,LuxembourgResident of Luxembourg (Grand Duchy of Luxembourg)(until 7 July 2015)

DirectorMr. Massimo TORCHIANACo-General Manager ofEurizon Capital S.A., LuxembourgResident of Luxembourg (Grand Duchy of Luxembourg)

DirectorMr. Alex SCHMITTIndependent Director, Lawyer, LuxembourgResident of Luxembourg (Grand Duchy of Luxembourg)

DirectorMr. Claudio SOZZINIIndependent DirectorResident of Milan (Italy)


DirectorMs. Zhen GAOIndependent Director, Managing Partner of Mandarin Capital Partners,Resident of Beijing, People’s Republic of China(since 10 September 2015)

DEPOSITARY BANK AND PAYING AGENTState Street Bank Luxembourg S.C.A.49, avenue J.F. KennedyL-1855 Luxembourg (Grand Duchy of Luxembourg)

ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENTState Street Bank Luxembourg S.C.A.49, avenue J.F. KennedyL-1855 Luxembourg (Grand Duchy of Luxembourg)

(these functions have been delegated by Eurizon Capital S.A.)

INVESTMENT MANAGERSEurizon Capital S.A.8, avenue de la LibertéL-1930 Luxembourg (Grand Duchy of Luxembourg)

Eurizon Capital SGR S.p.A.3, piazzetta Giordano dell’AmoreI-20121 Milan (Italy)

(this function has been delegated by Eurizon Capital S.A. to Eurizon CapitalSGR S.p.A. for the Sub-Funds Eurizon EasyFund - Equity Small CapEurope, Eurizon EasyFund - Bond High Yield, Eurizon EasyFund - BondCorporate EUR Short Term, Eurizon EasyFund - Bond Emerging Markets,Eurizon EasyFund - Bond Corporate EUR, Eurizon EasyFund - BondEmerging Markets in Local Currencies, Eurizon EasyFund - GT AssetAllocation, Eurizon EasyFund - Trend, Eurizon EasyFund - Azioni StrategiaFlessibile, Eurizon EasyFund - Equity Italy, Eurizon EasyFund - EquityEurope, Eurizon EasyFund - Bond Flexible, Eurizon EasyFund - EquityAbsolute Return, Eurizon EasyFund - Multiasset, Eurizon EasyFund -Flexible Beta Total Return, and Eurizon EasyFund - Dynamic AssetAllocation)

Epsilon Associati SGR S.p.A.3, piazzetta Giordano dell’AmoreI-20121 Milan (Italy)

(this function has been delegated by Eurizon Capital S.A. to EpsilonAssociati SGR S.p.A. for the Sub-Funds Eurizon EasyFund - AbsolutePrudente, Eurizon EasyFund - Absolute Attivo, Eurizon EasyFund -Orizzonte Protetto 6, Eurizon EasyFund - Orizzonte Protetto 12 and EurizonEasyFund - Orizzonte Protetto 24)

INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANYKPMG Luxembourg, Société coopérative39, avenue John F. KennedyL-1855 Luxembourg (Grand Duchy of Luxembourg)


CONSTITUTIONEurizon Capital S.A., the Management Company, was incorporated as a Limited Company under the Lawsof the Grand Duchy of Luxembourg. The Management Regulations were published in the “Memorial” on 28September 1988.

Eurizon EasyFund (the “Fund”) was created in the Grand Duchy of Luxembourg on 27 July 1988 and isadministered by Eurizon Capital S.A. (the “Management Company”) by virtue of Management Regulationspublished on 28 September 1988 in the “Mémorial, Recueil Spécial des Sociétés et Associations” in theGrand Duchy of Luxembourg, after submission to the “Registre de Commerce et des Sociétés” inLuxembourg. Amendments were made to the Management regulations and were published in the “Mémorial,Recueil Spécial des Sociétés et Associations” in the Grand Duchy of Luxembourg on 20 January 1991, 13November 1992, 10 September 1998, 10 June 2000, 20 September 2002, 17 October 2003, 9 September2005 and 3 July 2006. The notification of the filing with the “Registre de Commerce et des Sociétés” inLuxembourg of the latest modifications to the Management Regulations were published in the “Mémorial,Recueil Spécial des Sociétés et Associations” on 14 May 2007, 14 December 2007, 20 March 2008, 27February 2009, 20 October 2009, 22 March 2010, 11 June 2010, 20 June 2011, 1 February 2012 , 29 June2012, on 28 April 2014, on 8 August 2014 and on 16 January 2015. The Management Regulations in forcehave been filed with the “Registre de Commerce et des Sociétés” in Luxembourg, where they may beconsulted and where copies may be obtained.

The name of the Fund was modified pursuant to the decision made by the Board of Directors of theManagement Company on 24 August 1998 from “Sanpaolo ECU Fund” to “Sanpaolo International Fund”.The Management Company has decided to modify the Fund’s name from “Sanpaolo International Fund” to“Eurizon EasyFund” with effective date 26 February 2008.

The Fund is an umbrella fund. The Sub-Funds which are active on 31 December 2015 are listed below:

Line “Limited Tracking Error”:

Eurizon EasyFund - Cash EUREurizon EasyFund - Treasury USDEurizon EasyFund - Bond EUR Short Term LTEEurizon EasyFund - Bond EUR Medium Term LTEEurizon EasyFund - Bond EUR Long Term LTEEurizon EasyFund - Bond EUR Floating Rate LTEEurizon EasyFund - Bond GBP LTEEurizon EasyFund - Bond JPY LTEEurizon EasyFund - Bond USD LTEEurizon EasyFund - Bond International LTEEurizon EasyFund - Equity Italy LTEEurizon EasyFund - Equity Euro LTEEurizon EasyFund - Equity Europe LTEEurizon EasyFund - Equity North America LTEEurizon EasyFund - Equity Japan LTEEurizon EasyFund - Equity Oceania LTEEurizon EasyFund - Equity Latin America LTEEurizon EasyFund - Equity China LTEEurizon EasyFund - Equity Emerging Markets LTEEurizon EasyFund - Equity Emerging Markets EMEA LTEEurizon EasyFund - Equity Emerging Markets Asia LTEEurizon EasyFund - Equity Emerging Markets New Frontiers LTEEurizon EasyFund - Equity Energy & Materials LTEEurizon EasyFund - Equity Industrials LTEEurizon EasyFund - Equity Consumer Discretionary LTEEurizon EasyFund - Equity Consumer Staples LTEEurizon EasyFund - Equity Pharma LTEEurizon EasyFund - Equity Financial LTEEurizon EasyFund - Equity High Tech LTE


Eurizon EasyFund - Equity Telecommunication LTEEurizon EasyFund - Equity Utilities LTE

Line “Active - Market”:

Eurizon EasyFund - Treasury EUR T11Eurizon EasyFund - Bond Inflation LinkedEurizon EasyFund - Bond Corporate EUR Short TermEurizon EasyFund - Bond Corporate EUREurizon EasyFund - Bond FlexibleEurizon EasyFund - Bond High YieldEurizon EasyFund - Bond Emerging MarketsEurizon EasyFund - Bond Emerging Markets in Local CurrenciesEurizon EasyFund - Equity ItalyEurizon EasyFund - Equity EuropeEurizon EasyFund - Equity Small Cap EuropeEurizon EasyFund - Equity Eastern Europe

Line “Active - Strategy”:

Eurizon EasyFund - Azioni Strategia FlessibileEurizon EasyFund - Orizzonte Protetto 6 2Eurizon EasyFund - Orizzonte Protetto 12 3Eurizon EasyFund - Orizzonte Protetto 24 4Eurizon EasyFund - Absolute Prudente 5Eurizon EasyFund - Absolute AttivoEurizon EasyFund - GT Asset AllocationEurizon EasyFund - TrendEurizon EasyFund - Equity Absolute ReturnEurizon EasyFund - MultiassetEurizon EasyFund - Flexible Beta Total ReturnEurizon EasyFund - Dynamic Asset Allocation

1 The Sub-Fund was launched launched on 24 March 20152 The Sub-Fund has merged into Eurizon Opportunità - Flessibile 15 on 10 July 20153 The Sub-Fund has merged into Eurizon Opportunità - Flessibile 15 on 10 July 20154 The Sub-Fund has merged into Eurizon Opportunità - Flessibile 15 on 10 July 20155 The Sub-Funds Eurizon Investment SICAV – Scudo and Eurizon Investment SICAV – Strategic Europe have mergedinto The Sub-fund on 16 January 2015

The Sanpaolo Ecu Fund - Obligations and Sanpaolo Ecu Fund - Mixte Sub-Funds were launched on 29November 1988.

The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Actions France Sub-Funds werelaunched on 16 February 1990.

The Sanpaolo Ecu Fund - Actions Sub-Fund was launched on 20 February 1990.

The Sanpaolo Ecu Fund - Obligations Italie Sub-Fund was launched on 8 February 1993. The Sanpaolo EcuFund - Actions Italie Sub-Fund was launched on 6 April 1993 while the Sanpaolo Ecu Fund - ActionsAllemagne and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds were launched on 7 December 1993.

The Fund was renamed Sanpaolo International Fund pursuant to the decision made by the Board ofDirectors of the Management Company on 24 August 1998.

The Sub-Funds named Sanpaolo Ecu Fund - Obligations, Sanpaolo Ecu Fund - Mixte, Sanpaolo Ecu Fund -Actions, Sanpaolo Ecu Fund - Actions Allemagne, Sanpaolo Ecu Fund - Obligations Italie, Sanpaolo EcuFund - Actions Italie and Sanpaolo Ecu Fund - Actions France were respectively renamed SanpaoloInternational Fund - Bonds Euro, Sanpaolo International Fund - Mixed, Sanpaolo International Fund - EquityEurope Small Cap, Sanpaolo International Fund - Equity Germany, Sanpaolo International Fund - BondsItaly, Sanpaolo International Fund - Equity Italy and Sanpaolo International Fund - Equity France pursuant tothe decision made by the Board of Directors of the Management Company on 24 August 1998.


The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Fundsmerged with effect from 26 September 1998 into the Sanpaolo International Fund - Bonds Euro Sub-Fundpursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.

The Sanpaolo International Fund - Equity USA, Sanpaolo International Fund - Equity Japan and SanpaoloInternational Fund - Equity Europe Sub-Funds were launched on 15 October 1998.

The Sanpaolo International Fund - Bonds US$, Sanpaolo International Fund - Bonds Yen and SanpaoloInternational Fund - Equity Emerging Markets Far East Sub-Funds were launched on 20 October 1998.

The Sanpaolo International Fund - Bonds Italy Sub-Fund was renamed Euro Short Term on 1 February1999.

The Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Bonds Emerging Markets,Sanpaolo International Fund - Equity Great Britain, and Sanpaolo International Fund - Equity Latin AmericaSub-Funds were launched on 15 February 1999.

The Sanpaolo International Fund - Equity Switzerland, Sanpaolo International Fund - Equity Scandinavia,Sanpaolo International Fund - Equity Canada, Sanpaolo International Fund - Equity Australia and SanpaoloInternational Fund - Equity Africa Sub-Funds were launched on 15 July 1999.

The Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds Equity EmergingMarkets Europe, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Euro MediumTerm, Sanpaolo International Fund - Euro Long Term and Sanpaolo International Fund - Dollar Short TermSub-Funds were launched on 16 July 1999.

The Sanpaolo International Fund - World Convertible Bonds Sub-Fund was launched on 16 September1999.

The Sanpaolo International Fund - Autumn 36-100 Sub-Fund was launched on 18 October 1999.

The Sanpaolo International Fund - Winter 36-100 Sub-Fund was launched on 15 January 2000.

The Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Equity Energy andMaterials, Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Utilities,Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Finance,Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity HighGrowth, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity World Small Cap,Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Equity Pacific Small Cap,Sanpaolo International Fund - Equity Eastern Europe and Sanpaolo International Fund - Equity India Sub-Funds were launched on 14 July 2000.

The Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Obiettivo Euro, SanpaoloInternational Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Giappone, SanpaoloInternational Fund - Obiettivo Italia and Sanpaolo International Fund - Obiettivo Paesi Emergenti Sub-Fundswere launched on 11 June 2001.

The Sub-Funds known as Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund -Equity Energy and Materials, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund -Equity Media, Sanpaolo International Fund - Euro Short Term, Sanpaolo International Fund - Euro MediumTerm, Sanpaolo International Fund - Euro Long Term, Sanpaolo International Fund - Bonds US$ andSanpaolo International Fund - Bonds Yen were respectively renamed Sanpaolo International Fund -Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund -Obiettivo Finanza, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - ObiettivoEuro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo InternationalFund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari,Sanpaolo International Fund - Obiettivo Obbligazionario Yen pursuant to the decision made by the Board ofDirectors of the Management Company on 15 November 2001.

The Sub-Funds known as Sanpaolo International Fund - Equity Information Technology, SanpaoloInternational Fund - Equity Telecommunications, Sanpaolo International Fund - Equity Utilities wererespectively renamed Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund- Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities pursuant to the decisionmade by the Board of Directors of the Management Company on 26 November 2001.


On 27 September 2002, the Sub-Funds Sanpaolo International Fund - Obiettivo USA, SanpaoloInternational Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Equity EmergingMarkets Far East, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund -Equity Great Britain, Sanpaolo International Fund - Equity Australia, Sanpaolo International Fund - EquityLatin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Obiettivo MateriePrime, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Biofarma,Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Equity Europe Small Cap,Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Mixed, SanpaoloInternational Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro MedioTermine, Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund - Bonds FrSw, SanpaoloInternational Fund - Bonds UK£, Sanpaolo International Fund - Dollar Short Term, Sanpaolo InternationalFund - World Convertible Bonds, Sanpaolo International Fund - Bonds Emerging Markets, SanpaoloInternational Fund - Bond High Yield, were respectively renamed Sanpaolo International Fund - ObiettivoNord America, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa,Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Small CapInternazionale, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund -Obiettivo Oceania, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund -Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo InternationalFund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund -Obiettivo Banche, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - SmallCap USA, Sanpaolo International Fund - Obiettivo Bilanciato, Sanpaolo International Fund - ObiettivoLiquidità Euro, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund -Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri,Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - ObiettivoLiquidità Dollari, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund -Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield.

On 27 September 2002, the Sub-Fund Sanpaolo International Fund - Equity Italy merged into the SanpaoloInternational Fund - Obiettivo Italia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Euro,Sanpaolo International Fund - Equity France and Sanpaolo International Fund - Equity Germany mergedinto the Sanpaolo International Fund - Obiettivo Euro Sub-Fund, the Sub-Funds Sanpaolo InternationalFund - Equity Scandinavia and Sanpaolo International Fund - Equity Switzerland merged into the SanpaoloInternational Fund - Obiettivo Europa Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity USAand Sanpaolo International Fund - Equity Canada merged into the Sanpaolo International Fund - ObiettivoNord America Sub-Fund, the Sub-Fund Sanpaolo International Fund - Equity Japan merged into theSanpaolo International Fund - Obiettivo Giappone Sub-Fund, the Sub-Funds Sanpaolo International Fund -Equity Africa and Sanpaolo International Fund - Equity Eastern Europe merged into the SanpaoloInternational Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa Sub-Fund, the Sub-FundsSanpaolo International Fund - Equity India and Sanpaolo International Fund - Obiettivo Paesi Emergentimerged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia Sub-Fund, the Sub-FundsSanpaolo International Fund - Equity High Growth and Sanpaolo International Fund - Equity Pacific Smallmerged into the Sanpaolo International Fund - Small Cap Internazionale Sub-Fund.

The Sub-Funds Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - ObiettivoBeni Durevoli, Sanpaolo International Fund - Obiettivo Beni di Consumo and Sanpaolo International Fund -Obiettivo Assicurazioni were launched on 30 September 2002.

The Sub-Funds Sanpaolo International Fund - Orizzonte Protetto 6, Sanpaolo International Fund - OrizzonteProtetto 12, Sanpaolo International Fund - Orizzonte Protetto 24 and Sanpaolo International Fund - EuroInflation Linked were launched on 31 March 2003.

On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Obiettivo Liquidità Euro, SanpaoloInternational Fund - Euro Inflation Linked and Sanpaolo International Fund - Autumn 36-100 wererespectively renamed Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - ValoreReale and Sanpaolo International Fund - Valore Equilibrio.

On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Small Cap USA and SanpaoloInternational Fund - Small Cap Internazionale merged into the Sanpaolo International Fund - Small CapEuropa Sub-Fund and the Sub-Fund Sanpaolo International Fund - Winter 36-100 merged into the SanpaoloInternational Fund - Valore Equilibrio Sub-Fund.


The Sub-Funds Sanpaolo International Fund - ABS Prudente and Sanpaolo International Fund - ABS Attivowere put into operation on 30 September 2005.

On 26 February 2008, the Sub-Funds Sanpaolo International Fund - Obiettivo Italia, Sanpaolo InternationalFund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund -Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo InternationalFund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund -Obiettivo Paesi Emergenti Europa, Sanpaolo International Fund - Medio Oriente ed Africa, SanpaoloInternational Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Obiettivo America Latina,Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & MateriePrime, Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo BeniDurevoli, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Benidi Consumo, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - ObiettivoBanche, Sanpaolo International Fund - Obiettivo Assicurazioni, Sanpaolo International Fund - Obiettivo AltaTecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund -Obiettivo Utilities, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - ValoreLiquidità, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund -Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Euro Lungo Termine, SanpaoloInternational Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - ObiettivoObbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo InternationalFund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen,Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario PaesiEmergenti, Sanpaolo International Fund - Obbligazionario High Yield, Sanpaolo International Fund - ValoreReale were respectively renamed Sanpaolo International Fund - Equity Italy, Sanpaolo International Fund -Equity Euro, Sanpaolo International Fund - Equity Europe, Sanpaolo International Fund - Equity GreatBritain, Sanpaolo International Fund - Equity North America, Sanpaolo International Fund - Equity Japan,Sanpaolo International Fund - Equity Oceania, Sanpaolo International Fund - Equity Emerging MarketsEurope, Sanpaolo International Fund - Middle East & Africa, Sanpaolo International Fund - Equity EmergingMarkets Asia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - EquityChina, Sanpaolo International Fund - Equity Energy & Materials, Sanpaolo International Fund - EquityIndustrials, Sanpaolo International Fund - Equity Durable Goods, Sanpaolo International Fund - EquityMedia, Sanpaolo International Fund - Equity Consumer Staples, Sanpaolo International Fund - EquityPharma, Sanpaolo International Fund - Equity Banks, Sanpaolo International Fund - Equity Insurance,Sanpaolo International Fund - Equity High Tech, Sanpaolo International Fund - Equity Telecommunication,Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Small Cap Europe,Sanpaolo International Fund - Cash EUR, Sanpaolo International Fund - Bond EUR Short Term, SanpaoloInternational Fund - Bond EUR Medium Term, Sanpaolo International Fund - Bond EUR Long Term,Sanpaolo International Fund - Bond CHF, Sanpaolo International Fund - Bond GBP, Sanpaolo InternationalFund - Cash USD, Sanpaolo International Fund - Bond USD, Sanpaolo International Fund - Bond JPY,Sanpaolo International Fund - Bond Convertible, Sanpaolo International Fund - Bond Emerging Markets,Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Bond Inflation Linked.

On 7 July 2008, Eurizon Capital S.A. transfered the branch of activity corresponding to its FundAdministration activities to Sanpaolo Bank S.A. and has decided to delegate to the latter, according to theManagement Company of the Fund, the functions of administrative agent, registrar and transfer agent onbehalf of the Fund from this date on.

On 27 February 2009, the Sub-Funds Eurizon EasyFund - Obiettivo Bilanciato, Eurizon EasyFund - ValoreEquilibrio and Eurizon EasyFund - Equity Great Britain merged into the Sub-Funds Eurizon EasyFund - ABSAttivo, Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - Equity Europe respectively. Furthermore,a new investment policy was adopted by the incorporating Sub-Fund Eurizon EasyFund - ABS Prudente.

On the same date, the Sub-Funds Eurizon EasyFund - Bond Convertible and Eurizon EasyFund - BondCHF were respectively renamed Eurizon EasyFund - Bond Corporate EUR Short Term and EurizonEasyFund - Bond International. Furthermore, a new investment policy was adopted by the two renamedSub-Funds.

On 24 April 2009, the Sub-Funds Eurizon Capital Corporate Fund - Premium 5 and Eurizon CapitalCorporate Fund - Premium 25 merged into the Sub-Fund Eurizon EasyFund - Bond Corporate EUR ShortTerm.


On 27 November 2009, the Sub-Funds Eurizon EasyFund - Equity Durable Goods and Eurizon EasyFund -Equity Banks were respectively renamed Eurizon EasyFund - Equity Consumer Discretionary and EurizonEasyFund - Equity Financial.On the same date, the Sub-Funds Eurizon EasyFund - Equity Media and Eurizon EasyFund - EquityInsurance merged into the Eurizon EasyFund - Equity Consumer Discretionary and Eurizon EasyFund -Equity Financial Sub-Funds respectively.

The Sub-Funds Eurizon EasyFund - Equity Emerging Markets and Eurizon EasyFund - Bond EUR FloatingRate were launched on 11 December 2009.

On 11 December 2009, the Sub-Fund Giotto Lux Fund - Monetario Plus merged into the Eurizon EasyFund -Cash EUR Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Medium Term merged into the EurizonEasyFund - Bond EUR Medium Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Long Term mergedinto the Eurizon EasyFund - Bond EUR Long Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro TVmerged into the Eurizon EasyFund - Bond EUR Floating Rate Sub-Fund, the Sub-Fund Giotto Lux Fund -Global Credit Bond merged into the Eurizon EasyFund - Bond Corporate EUR Short Term Sub-Fund, theSub-Fund Giotto Lux Fund - Global Government Bond merged into the Eurizon EasyFund - BondInternational Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Italy merged into the Eurizon EasyFund -Equity Italy Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Euro merged into the Eurizon EasyFund -Equity Euro Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe ex Euro merged into the EurizonEasyFund - Equity Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe Small Cap merged intothe Eurizon EasyFund - Equity Small Cap Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity NorthAmerica merged into the Eurizon EasyFund - Equity North America Sub-Fund, the Sub-Fund Giotto LuxFund - Equity Japan merged into the Eurizon EasyFund - Equity Japan Sub-Fund, the Sub-Fund Giotto LuxFund - Equity Pacific merged into the Eurizon EasyFund - Equity Oceania Sub-Fund, the Sub-Fund GiottoLux Fund - Equity Emerging Markets merged into the Eurizon EasyFund - Equity Emerging Markets Sub-Fund, the Sub-Fund Giotto Lux Fund - Absolute Bond merged into the Eurizon EasyFund - ABS PrudenteSub-Fund.

The Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile was launched on 20 May 2010.

The Sub-Funds Eurizon EasyFund - GT Asset Allocation and Eurizon EasyFund - Trend were launched on19 January 2012.

A rebranding of the below listed Sub-Funds occurred on 1 February 2012:

Previous name Current nameEurizon EasyFund - Equity Italy Eurizon EasyFund - Equity Italy LTEEurizon EasyFund - Equity Euro Eurizon EasyFund - Equity Euro LTEEurizon EasyFund - Equity Europe Eurizon EasyFund - Equity Europe LTEEurizon EasyFund - Equity North America Eurizon EasyFund - Equity North America LTEEurizon EasyFund - Equity Japan Eurizon EasyFund - Equity Japan LTEEurizon EasyFund - Equity Oceania Eurizon EasyFund - Equity Oceania LTEEurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets LTEEurizon EasyFund - Equity Emerging MarketsEurope Middle East & Africa

Eurizon EasyFund - Equity Emerging Markets EMEALTE

Eurizon EasyFund - Equity Emerging MarketsAsia

Eurizon EasyFund - Equity Emerging Markets Asia LTE

Eurizon EasyFund - Equity Latin America Eurizon EasyFund - Equity Latin America LTEEurizon EasyFund - Equity China Eurizon EasyFund - Equity China LTEEurizon EasyFund - Equity Energy & Materials Eurizon EasyFund - Equity Energy & Materials LTEEurizon EasyFund - Equity Industrials Eurizon EasyFund - Equity Industrials LTEEurizon EasyFund - Equity ConsumerDiscretionary

Eurizon EasyFund - Equity Consumer DiscretionaryLTE

Eurizon EasyFund - Equity Consumer Staples Eurizon EasyFund - Equity Consumer Staples LTEEurizon EasyFund - Equity Pharma Eurizon EasyFund - Equity Pharma LTE


Previous name Current nameEurizon EasyFund - Equity Financial Eurizon EasyFund - Equity Financial LTEEurizon EasyFund - Equity High Tech Eurizon EasyFund - Equity High Tech LTEEurizon EasyFund - Equity Telecommunication Eurizon EasyFund - Equity Telecommunication LTEEurizon EasyFund - Equity Utilities Eurizon EasyFund - Equity Utilities LTEEurizon EasyFund - Bond EUR Floating Rate Eurizon EasyFund - Bond EUR Floating Rate LTEEurizon EasyFund - Bond EUR Short Term Eurizon EasyFund - Bond EUR Short Term LTEEurizon EasyFund - Bond EUR Medium Term Eurizon EasyFund - Bond EUR Medium Term LTEEurizon EasyFund - Bond EUR Long Term Eurizon EasyFund - Bond EUR Long Term LTEEurizon EasyFund - Bond International Eurizon EasyFund - Bond International LTEEurizon EasyFund - Bond GBP Eurizon EasyFund - Bond GBP LTEEurizon EasyFund - Cash USD Eurizon EasyFund - Treasury USDEurizon EasyFund - Bond USD Eurizon EasyFund - Bond USD LTEEurizon EasyFund - Bond JPY Eurizon EasyFund - Bond JPY LTEEurizon EasyFund - Focus Azioni StrategiaFlessibile

Eurizon EasyFund - Azioni Strategia Flessibile

Eurizon EasyFund - ABS Prudente Eurizon EasyFund - Absolute PrudenteEurizon EasyFund - ABS Attivo Eurizon EasyFund - Absolute Attivo

On 10 February 2012, the Sub-Fund Eurizon Liquidity Fund - EUR T0 merged into the Eurizon EasyFund -EUR Liquidity Sub-Fund launched on this date, and the Sub-Fund Eurizon Capital Corporate Fund -Corporate Bond merged into the Eurizon EasyFund - Bond Corporate EUR Sub-Fund launched on this date.

On 7 March 2012, the Sub-Fund Eurizon EasyFund - Bond Emerging Markets in Local Currencies waslaunched.

On 23 April 2012, the Sub-Fund Eurizon EasyFund - Equity Emerging Markets New Frontiers LTE waslaunched.

On 29 June 2012, the Sub-Fund Eurizon Stars Fund - Euro Floating merged into the Eurizon EasyFund -Bond EUR Floating Rate LTE Sub-Fund, the Sub-Fund Eurizon Stars Fund - Bond European High Yieldmerged into the Eurizon EasyFund - Bond High Yield Sub-Fund, the Sub-Fund Eurizon Stars Fund -European Small Cap Equity merged into the Eurizon EasyFund - Equity Small Cap Europe Sub-Fund, theSub-Fund Eurizon Stars Fund - Total Return merged into the Eurizon EasyFund - Absolute Attivo Sub-Fund,Eurizon Stars Fund - Italian Equity Sub-Fund merged into Eurizon EasyFund - Equity Italy Sub-Fundlaunched on this date and Eurizon Stars Fund - European Equity Sub-Fund merged into Eurizon EasyFund -Equity Europe Sub-Fund launched on this date.

The Sub-Fund Eurizon EasyFund - Equity Eastern Europe was launched on 24 July 2012.

The Sub-Fund Eurizon EasyFund - EUR Liquidity was liquidated on 23 April 2014.

The Sub-Fund Eurizon EasyFund - Flexible Beta Total Return was launched on 19 September 2014 due toa merger from Eurizon Investment Sicav - Flexible Beta Total Return on the same date.

The Sub-Fund Eurizon EasyFund - Dynamic Asset Allocation was launched on 19 September 2014 due to amerger from Eurizon Investment Sicav - Dynamic Asset Allocation on the same date.

The Sub-Fund Eurizon EasyFund - Bond Flexible was launched on 28 July 2014 and first NAV wascalculated on 3 October 2014.

The Sub-Fund Eurizon EasyFund - Equity Absolute Return was launched on 28 July 2014 and first NAV wascalculated on 6 October 2014.


The Sub-Fund Eurizon EasyFund - Multiasset was launched on 28 July 2014 and first NAV was calculatedon 6 October 2014.

On 16 January 2015, the Sub-Funds Eurizon Investment SICAV - Scudo and Eurizon Investment SICAV -Strategic Europe merged into the Sub-fund Eurizon EasyFund - Absolute Prudente, the Sub-Fund EurizonInvestment SICAV - Europe Equities merged into the Sub-fund Eurizon EasyFund - Equity Europe LTE andthe Sub-Funds Eurizon Investment SICAV - EMU Cash, Eurizon Multiasset Fund - Euro Cash and EurizonInvestment SICAV - Euro Short Term merged into the Sub-fund Eurizon EasyFund - Cash EUR.

The Sub-Fund Eurizon EasyFund - Treasury EUR T1 was launched on 24 March 2015.

As at 10 July 2015, the Sub-Funds Eurizon EasyFund - Orizzonte Protetto 6, Eurizon EasyFund - OrizzonteProtetto 12, and Eurizon EasyFund - Orizzonte Protetto 24 merged into the Sub-Fund Eurizon OpportunitàFlessibile 15.

The different Units which are available to investors for all Sub-Funds are detailed in note 11 “Units of theFund” of the notes to the financial statements.

GENERAL MEETINGSThe Annual General Meeting of the Management Company is held in Luxembourg, at the registered office,on the last Tuesday in March at 15.00 hours and if such day is not a business day in the Grand Duchy ofLuxembourg, the next business day.

INFORMATION FOR FUND UNITHOLDERSCopies of audited annual reports as at 31 December and copies of the unaudited semi-annual reports as at30 June are available free of charge to Unitholders at the Depositary Bank, other establishments specifiedby 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 itsassets.

The financial year begins on 1 January and ends on 31 December.

The Net Asset Value is published every day in the daily newspaper “Il Sole 24 Ore” in Italy.

The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also beobtained from the Depositary Bank.

Other information intended for participants is published in the “Mémorial, Recueil Spécial des Sociétés etAssociations” and in the “Registre de Commerce et des Sociétés” in Luxembourg, if this publication isspecified by the Management Regulations or by law.

GLOBAL EXPOSURE AND EXPECTED LEVEL OF LEVERAGE

The method used to calculate the global exposure is the commitment approach for all the Sub-Funds exceptfor Eurizon EasyFund - GT Asset Allocation, Eurizon EasyFund - Trend and for Eurizon EasyFund - FlexibleBeta Total Return which are using the method of the absolute historical Value at Risk ("VaR").

Historical VaR (1m, 99%)

02/01/2015 - 31/12/2015

LeverageSum of Notionals

02/01/2015 - 31/12/2015

Sub-Funds Min Max Average Average

Eurizon EasyFund - GT Asset Allocation 0,73% 2,53% 1,50% 68,65%Eurizon EasyFund - Trend 1,61% 4,75% 3,11% 315,90%Eurizon EasyFund - Flexible Beta TotalReturn 3,64% 9,73% 5,52% 74,37%

To the Unitholders of Eurizon EasyFund8, Avenue de la Liberté

L-1930 Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

We have audited the accompanying financial statements of Eurizon EasyFund and each of itssub-funds, which comprise the statement of net assets, the portfolio, the commitments on futurecontracts, the option contracts, the forward foreign exchange contracts and the swap contracts asat 31 December 2015 and the statement of changes in net assets for the year then ended, and asummary of significant accounting policies and other explanatory information.

Board of Directors of the Management Company responsibility for the financial statements

The Board of Directors of the Management Company is responsible for the preparation and fairpresentation of these financial statements in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements, and for such internal controlas the Board of Directors of the Management Company determines is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due tofraud or error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing as adopted forLuxembourg by the Commission de Surveillance du Secteur Financier. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the judgement of theRéviseur d’Entreprises agréé, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments, theRéviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation andfair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by the Board of Directors of the ManagementCompany, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

Eurizon EasyFund

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

31 December 2015 31 December 2014 31 December 2013

Currency Total NAV per Unit Total NAV per Unit Total NAV per UnitEurizon EasyFund - EUR LiquidityClass P Units EUR – – – – 172 849 592,76 100,92Total net assets EUR – – 172 849 592,76Eurizon EasyFund - Cash EURClass A Units EUR 24 908 177,24 116,33 8 760 061,50 116,46 11 180 108,69 116,06Class I Units EUR 144 314 456,46 113,46 139 206 965,35 113,87 161 400 725,35 114,05Class R Units EUR 222 885 933,56 113,17 152 681 319,47 113,62 218 946 208,80 113,86Class Z Units EUR 3 164 328 661,19 119,50 2 894 162 978,41 119,49 2 968 301 108,07 118,84Total net assets EUR 3 556 437 228,45 3 194 811 324,73 3 359 828 150,91Eurizon EasyFund - Treasury USDClass I Units EUR 4 629 538,70 115,51 5 729 179,26 104,53 3 798 215,90 92,48Class R Units EUR 60 049 754,30 115,14 79 327 203,00 104,24 67 595 092,28 92,27Class Z Units EUR 113 230 220,47 122,11 185 743 741,99 109,72 177 378 837,17 96,39Total net assets EUR 177 909 513,47 270 800 124,25 248 772 145,35Eurizon EasyFund - Bond EUR Short Term LTEClass I Units EUR 87 760 107,02 145,00 105 610 100,80 145,17 109 411 928,79 143,08Class R Units EUR 24 666 006,04 143,65 28 484 925,71 143,95 36 130 648,33 142,00Class Z Units EUR 843 455 990,52 155,18 777 300 809,75 154,02 871 342 160,88 150,51Total net assets EUR 955 882 103,58 911 395 836,26 1 016 884 738,00Eurizon EasyFund - Bond EUR Medium Term LTEClass I Units EUR 51 142 166,75 344,12 53 492 899,88 343,13 51 585 822,83 326,21Class R Units EUR 24 672 254,69 340,47 35 574 053,05 339,78 45 259 119,35 323,32Class Z Units EUR 1 082 481 709,78 370,75 973 419 145,24 366,22 910 414 395,43 344,91Total net assets EUR 1 158 296 131,22 1 062 486 098,17 1 007 259 337,61Eurizon EasyFund - Bond EUR Long Term LTEClass I Units EUR 141 036 235,46 230,32 154 176 498,73 228,14 142 935 045,15 189,96Class R Units EUR 38 221 392,20 228,14 47 769 707,26 226,18 38 858 831,86 188,51Class Z Units EUR 3 681 555 603,67 247,29 3 209 814 056,20 242,79 2 545 665 012,85 200,40Total net assets EUR 3 860 813 231,33 3 411 760 262,19 2 727 458 889,86Eurizon EasyFund - Bond EUR Floating Rate LTEClass R Units EUR 35 393 021,25 131,38 53 814 629,71 130,37 80 233 819,19 127,55Class Z Units EUR 151 861 260,29 137,65 155 361 493,06 135,52 130 887 589,85 131,53Total net assets EUR 187 254 281,54 209 176 122,77 211 121 409,04Eurizon EasyFund - Bond GBP LTEClass I Units EUR 1 488 740,30 174,03 1 578 653,28 165,90 1 599 420,27 137,63Class IH Units EUR 763 966,58 170,89 830 280,23 172,83 802 860,07 154,39Class R Units EUR 11 001 970,48 172,46 13 316 363,77 164,55 14 130 979,27 136,64Class RH Units EUR 1 600 830,88 168,61 1 667 095,93 170,69 1 522 380,18 152,61Class Z Units EUR 5 223 642,99 189,25 4 503 504,05 178,52 3 154 766,10 146,56Class ZD Units EUR 1,067,558,39 115,40 1 172 250,58 117,23 – –Class ZH Units EUR 74 826 445,69 185,64 72 666 500,00 185,80 43 439 967,17 164,24Total net assets EUR 95 973 155,31 95 734 647,84 64 650 373,06Eurizon EasyFund - Bond JPY LTEClass I Units EUR 2 028 070,65 108,19 2 126 385,77 96,64 2 483 196,18 94,19Class IH Units EUR 1 912 154,30 194,17 2 100 537,67 194,61 2 609 727,07 188,08Class R Units EUR 4 736 369,22 107,30 4 758 326,97 95,94 6 148 059,88 93,59Class RH Units EUR 252 957,48 157,74 503 709,58 158,24 1 381 844,86 153,07Class Z Units EUR 78 614 398,17 117,53 31 973 399,00 103,90 23 426 707,85 100,20Class ZH Units EUR 239 342 034,88 211,07 237 364 154,92 209,34 219 476 039,12 200,20Total net assets EUR 326 885 984,70 278 826 513,91 255 525 574,96Eurizon EasyFund - Bond USD LTEClass I Units EUR 6 214 344,91 181,02 5 968 151,09 163,21 5 650 054,86 137,06Class IH Units EUR 3 908 009,45 210,02 4 032 798,78 211,97 3 937 069,39 203,07Class R Units EUR 26 061 660,90 179,27 22 867 885,31 161,78 19 654 577,67 135,99Class RH Units EUR 3 091 993,09 208,20 5 201 504,63 210,31 7 345 130,13 201,66Class Z Units EUR 165 386 137,64 196,88 120 819 915,93 175,66 74 869 327,16 145,97Class ZD Units EUR 1 205 147,39 128,88 1 661 370,13 118,67 – –Class ZH Units EUR 444 513 886,89 228,42 313 551 662,94 228,14 226 144 264,95 216,28Total net assets EUR 650 381 180,27 474 103 288,81 337 600 424,16Eurizon EasyFund - Bond International LTEClass IH Units EUR 7 721 467,24 159,51 8 147 418,89 159,39 7 172 117,48 147,76Class R Units EUR 21 719 323,46 154,53 26 072 956,81 144,49 25 756 279,69 127,45Class RH Units EUR 2 210 869,87 156,75 2 267 915,78 156,77 3 249 623,96 145,46Class Z Units EUR 183 558 373,25 164,18 163 909 350,86 152,23 133 233 295,19 133,15Class ZH Units EUR 13 389 622,85 166,50 15 276 462,66 165,13 13 854,25 151,95Total net assets EUR 228 599 656,67 215 674 105,00 169 425 170,57Eurizon EasyFund - Equity Italy LTEClass I Units EUR 947 561,74 85,76 867 147,15 72,85 2 213 409,38 72,98Class R Units EUR 16 910 520,83 84,94 16 375 622,08 72,22 17 982 584,50 72,41Class R2 Units USD 4 390 901,93 92,54 6 551 055,32 87,60 982 405,61 99,98

Eurizon EasyFund


Class Z Units EUR 41 280 387,67 96,13 26 148 198,78 80,48 26 762 784,59 79,46Total net assets EUR 63 180 541,36 48 804 838,74 47 671 725,94Eurizon EasyFund - Equity Euro LTEClass I Units EUR 23 604 532,63 105,41 11 066 324,38 98,69 11 284 031,66 96,12Class R Units EUR 39 970 763,49 104,47 43 499 240,19 97,90 54 918 298,78 95,44Class Z Units EUR 98 610 052,34 117,90 79 161 523,19 108,85 70 554 110,31 104,55Total net assets EUR 162 185 348,46 133 727 087,76 136 756 440,75Eurizon EasyFund - Equity Europe LTEClass I Units EUR 43 621 455,35 117,85 221 438 258,30 111,41 209 110 548,22 105,91Class IH Units EUR 93 930 126,81 112,15 97 382 140,99 109,69 103 831 126,63 106,68Class R Units EUR 79 987 156,19 117,16 46 768 464,32 110,86 49 133 909,51 105,48Class RH Units EUR 22 305 971,41 109,12 18 880 909,75 106,82 4 006 824,54 103,99Class Z Units EUR 405 208 997,78 131,96 235 268 972,37 123,02 424 452 880,75 115,32Class ZH Units EUR 29 434 859,06 125,34 31 219 560,56 120,88 50 211 504,15 115,93Total net assets EUR 674 488 566,60 650 958 306,29 840 746 793,80Eurizon EasyFund - Equity North America LTEClass I Units EUR 187 322 209,58 116,41 181 534 638,68 108,45 169 136 665,52 87,32Class IH Units EUR 149 043 289,67 136,67 115 595 940,00 140,72 106 267 120,54 128,50Class R Units EUR 58 046 095,98 115,30 71 301 681,21 107,51 69 842 982,60 86,63Class RH Units EUR 10 652 907,52 135,52 14 919 990,73 139,66 17 200 568,64 127,65Class Z Units EUR 644 709 923,65 130,14 564 093 791,12 119,55 481 985 606,72 94,91Class ZH Units EUR 103 014 942,67 152,40 85 043 666,94 154,74 76 157 851,25 139,34Total net assets EUR 1 152 789 369,07 1 032 489 708,68 920 590 795,27Eurizon EasyFund - Equity Japan LTEClass I Units EUR 51 886 574,41 80,87 45 258 907,04 67,99 45 345 666,51 64,84Class IH Units EUR 30 775 933,50 103,99 29 737 057,16 97,75 38 058 158,01 93,67Class R Units EUR 29 736 734,36 80,26 28 540 071,76 67,53 33 718 062,45 64,47Class R2 Units USD 757 649,57 86,96 823 615,21 81,43 138 210,04 88,21Class RH Units EUR 12 995 565,79 102,78 17 742 168,21 96,70 23 735 831,77 92,74Class Z Units EUR 127 845 520,27 89,95 98 130 432,29 74,64 175 751 707,32 70,27Class ZH Units EUR 153 995 108,47 115,63 86 211 327,49 107,28 101 532 379,76 101,47Total net assets EUR 407 932 895,66 306 304 570,21 418 242 995,61Eurizon EasyFund - Equity Oceania LTEClass I Units EUR 1 899 519,44 223,82 2 665 163,23 230,73 2 899 836,26 208,89Class IH Units EUR 17 279 505,67 166,20 16 758 571,73 178,17 15 819 734,17 174,78Class R Units EUR 22 126 554,05 219,93 29 122 742,32 226,93 34 132 792,63 205,63Class RH Units EUR 4 649 884,62 161,81 6 175 996,57 173,63 7 498 177,36 170,47Class Z Units EUR 88 866 649,72 250,18 80 439 943,83 254,58 47 067 274,28 227,51Class ZH Units EUR 3 055 892,93 185,64 2 219 245,13 196,45 2 640 426,66 190,21Total net assets EUR 137 878 006,43 137 381 662,81 110 058 241,36Eurizon EasyFund - Equity Latin America LTEClass I Units EUR 118 183,11 217,82 165 911,76 289,35 219 140,45 295,81Class R Units EUR 28 073 224,54 214,94 44 788 116,11 285,76 57 532 497,83 292,40Class R2 Units USD 645 540,45 234,16 1 298 260,83 346,60 1 094 945,93 403,68Class Z Units EUR 1 166 722,03 242,43 6 132 936,38 317,86 11 671 341,21 320,76Total net assets EUR 29 952 385,81 52 159 862,58 70 217 599,27Eurizon EasyFund - Equity China LTEClass R Units EUR 59 992 493,71 103,29 103 885 166,99 108,49 116 489 240,71 87,62Class R2 Units USD 5 513 680,82 111,93 9 187 877,75 130,84 657 233,44 119,92Class Z Units EUR 1 101 327,20 112,67 4 746 249,07 116,70 10 294 490,50 92,95Total net assets EUR 66 169 472,87 116 268 564,62 127 264 921,39Eurizon EasyFund - Equity Emerging Markets LTEClass R Units EUR 16 748 478,42 181,34 25 330 466,79 200,48 32 034 120,10 182,00Class Z Units EUR 106 548 084,05 196,47 77 138 808,39 214,42 68 962 711,37 192,17Total net assets EUR 123 296 562,47 102 469 275,18 100 996 831,47Eurizon EasyFund - Equity Emerging Markets EMEA LTEClass I Units EUR 130 651,01 124,34 154 113,02 141,88 188 306,64 151,67Class R Units EUR 21 550 772,90 123,32 31 577 651,12 140,83 41 950 684,22 150,68Class R2 Units USD 2 633 200,57 134,36 3 388 024,88 170,84 4 998 400,68 208,03Class Z Units EUR 5 115 843,51 138,36 10 720 378,38 155,83 21 667 774,22 164,42Total net assets EUR 29 221 276,00 45 252 037,80 67 434 184,43Eurizon EasyFund - Equity Emerging Markets Asia LTEClass I Units EUR 429 946,87 167,18 452 073,61 177,89 472 259,24 148,68Class R Units EUR 58 019 951,80 165,91 75 937 655,42 176,71 79 332 070,15 147,82Class R2 Units USD 169 226,29 179,78 1 113 038,89 213,13 53 930,67 202,33Class Z Units EUR 39 877 900,71 186,07 40 443 131,99 195,45 40 309 327,48 161,24Total net assets EUR 98 483 581,66 117 758 042,32 120 153 141,94Eurizon EasyFund - Equity Emerging Markets New Frontiers LTEClass R Units EUR 5 059 601,17 106,73 5 914 638,34 116,19 1 536 890,98 105,00Class Z Units EUR 79 793 351,09 126,03 113 955 578,55 135,32 71 569 271,77 120,59Total net assets EUR 84 852 952,26 119 870 216,89 73 106 162,75Eurizon EasyFund - Equity Energy & Materials LTEClass I Units EUR 4 309 536,70 128,87 5 290 958,02 147,06 5 959 618,77 145,35Class IH Units EUR – – 10 576 797,38 135,10 12 542 036,33 145,90Class R Units EUR 12 307 730,75 127,56 12 778 584,24 145,71 17 017 321,22 144,14

Eurizon EasyFund


Class R2 Units USD 1 461 669,57 139,94 218 324,82 177,95 235 865,12 200,36Class RH Units EUR 9 461 084,83 108,84 10 390 025,21 132,99 13 640 655,43 143,75Class Z Units EUR 1 024 003,82 144,02 650 232,94 162,07 1 395 791,40 157,94Class ZH Units EUR 15 315 164,95 123,63 7 994 312,75 148,83 2 167 704,33 158,49Total net assets EUR 43 763 069,74 47 861 336,81 52 894 298,57Eurizon EasyFund - Equity Industrials LTEClass I Units EUR 4 240 757,29 225,75 4 648 501,76 210,66 4 730 476,95 188,50Class IH Units EUR – – 8 772 780,13 210,08 9 398 134,16 203,37Class R Units EUR 5 526 643,10 223,75 3 578 820,51 208,98 2 937 363,42 187,17Class RH Units EUR 1 463 169,06 205,68 1 425 782,10 207,50 2 648 406,74 201,03Class Z Units EUR 4 979 379,38 252,12 4 144 786,48 231,99 5 393 493,61 204,70Class ZH Units EUR 14 013,82 231,29 27 239,64 229,92 11 200 675,18 219,52Total net assets EUR 16 223 962,65 22 597 910,62 36 308 550,06Eurizon EasyFund - Equity Consumer Discretionary LTEClass I Units EUR 5 140 097,19 282,62 5 136 190,26 245,26 5 578 612,51 211,64Class IH Units EUR – – 7 995 482,78 235,54 7 581 123,84 221,70Class R Units EUR 13 297 447,93 280,13 5 900 030,58 243,33 4 965 376,47 210,16Class RH Units EUR 3 693 133,81 245,05 3 529 847,77 231,58 6 621 971,97 218,16Class Z Units EUR 3 369 465,35 315,67 2 889 942,07 270,13 8 630 425,26 229,87Class ZH Units EUR 4 292 333,19 278,51 25 484,46 259,33 19 673 005,57 240,66Total net assets EUR 29 792 477,47 25 476 977,92 53 050 515,62Eurizon EasyFund - Equity Consumer Staples LTEClass I Units EUR 4 001 429,55 251,10 4 070 534,35 216,00 3 974 046,20 180,69Class IH Units EUR – – 7 491 098,50 216,57 6 155 730,54 197,43Class R Units EUR 11 889 041,58 248,85 8 063 205,92 214,26 6 108 090,82 179,40Class RH Units EUR 3 473 059,04 229,03 2 574 767,66 213,37 3 588 397,45 194,69Class Z Units EUR 1 241 873,97 280,72 4 788 858,30 238,12 171 662,08 196,42Class ZH Units EUR 9 928,01 259,71 6 012 793,63 238,31 45 156,30 214,23Total net assets EUR 20 615 332,15 33 001 258,36 20 043 083,39Eurizon EasyFund - Equity Pharma LTEClass I Units EUR 5 219 311,07 160,13 5 351 615,97 137,87 4 588 165,13 104,74Class IH Units EUR – – 11 967 111,32 141,48 10 432 268,61 117,91Class R Units EUR 35 707 508,53 158,68 23 769 069,47 136,76 12 435 646,44 103,99Class RH Units EUR 15 501 062,89 147,73 14 047 643,13 139,04 10 014 027,93 115,97Class Z Units EUR 4 317 949,44 178,84 2 082 647,28 151,85 4 181 345,29 113,76Class ZH Units EUR 33 560,84 166,93 1 145 314,86 154,79 43 662,56 127,20Total net assets EUR 60 779 392,77 58 363 402,03 41 695 115,96Eurizon EasyFund - Equity Financial LTEClass I Units EUR 8 100 956,39 71,73 8 579 533,04 67,95 8 466 948,63 58,90Class IH Units EUR – – 17 565 606,70 64,55 16 157 978,42 60,58Class R Units EUR 5 627 744,54 71,00 5 348 904,30 67,32 5 313 074,36 58,41Class R2 Units USD 230 024,67 77,42 145 156,04 81,74 118 635,68 80,71Class RH Units EUR 2 256 563,22 62,78 2 463 918,98 63,47 2 839 497,69 59,62Class Z Units EUR 17 404 489,14 80,23 31 843 287,67 74,95 43 080 216,47 64,06Class ZH Units EUR 27 054,43 70,98 32 553,40 70,71 80 427,77 65,47Total net assets EUR 33 628 558,31 65 953 762,80 76 024 239,17Eurizon EasyFund - Equity High Tech LTEClass I Units EUR 5 372 655,64 106,22 5 472 358,84 92,62 4 770 402,78 72,27Class IH Units EUR – – 11 206 088,44 92,51 11 292 392,47 80,69Class R Units EUR 11 653 305,19 105,26 7 330 748,09 91,87 4 123 741,48 71,76Class RH Units EUR 2 582 937,30 94,52 3 111 651,43 90,77 2 399 727,91 79,24Class Z Units EUR 1 065 491,99 118,69 295 543,52 102,05 1 901 751,58 78,53Class ZH Units EUR 18 144,79 106,95 1 365 605,09 101,19 16 439 557,65 87,03Total net assets EUR 20 692 534,91 28 781 995,41 40 927 573,87Eurizon EasyFund - Equity Telecommunication LTEClass I Units EUR 1 296 519,13 83,03 1 357 120,20 74,89 1 493 843,14 68,25Class IH Units EUR – – 2 786 989,53 76,34 2 747 568,37 73,29Class R Units EUR 2 410 190,30 82,24 2 148 156,44 74,24 2 330 755,15 67,71Class RH Units EUR 745 311,81 78,73 922 809,11 75,03 2 016 228,92 72,09Class Z Units EUR 63 665,95 92,76 154 100,63 82,50 81 198,74 74,14Class ZH Units EUR 3 141,60 88,91 3 843,43 83,47 237 860,42 79,02Total net assets EUR 4 518 828,79 7 373 019,34 8 907 454,74Eurizon EasyFund - Equity Utilities LTEClass I Units EUR 1 207 566,61 133,33 1 367 632,89 130,23 1 236 061,89 101,31Class IH Units EUR – – 2 463 019,36 130,46 2 192 999,65 110,48Class R Units EUR 4 098 552,13 132,18 4 349 881,34 129,21 3 557 023,57 100,61Class R2 Units USD 150 702,76 144,06 228 295,95 156,79 158 443,73 138,92Class RH Units EUR 2 592 773,55 121,78 3 706 498,33 128,37 3 612 761,76 108,81Class Z Units EUR 94 574,07 148,97 1 504 689,15 143,50 123 351,19 110,08Class ZH Units EUR 4 299,65 137,72 3 361,61 142,90 8 316,08 119,43Total net assets EUR 8 136 496,34 13 583 749,19 10 845 499,29

Eurizon EasyFund - Treasury EUR T1Class A Units EUR 522 854 566,46 99,93 – – – –Class Z Units EUR 2 286 656 685,48 100,13 – – – –Total net assets EUR 2 809 511 251,94 – –

Eurizon EasyFund


Eurizon EasyFund - Bond Inflation LinkedClass I Units EUR 4 555 971,37 134,59 4 495 970,40 134,06 4 548 666,90 128,91Class R Units EUR 42 285 591,31 133,68 46 019 537,34 133,27 61 312 920,06 128,27Class Z Units EUR 108 008 179,40 143,14 69 017 419,40 141,51 6 924 260,28 135,06Total net assets EUR 154 849 742,08 119 532 927,14 72 785 847,24Eurizon EasyFund - Bond Corporate EUR Short TermClass R Units EUR 61 004 278,35 68,21 66 307 448,28 68,63 65 789 895,86 67,37Class Z Units EUR 1 000 571 386,44 74,04 946 076 487,03 73,91 501 479 630,96 71,98Class ZD Units EUR 42 175 007,93 100,44 2 022 153,88 101,37 – –Total net assets EUR 1 103 750 672,72 1 014 406 089,19 567 269 526,82Eurizon EasyFund - Bond Corporate EURClass R Units EUR 9 717,09 97,17 – – – –Class Z Units EUR 916 417 702,54 123,34 806 060 211,32 123,50 482 235 871,09 114,47Total net assets EUR 916 427 419,63 806 060 211,32 482 235 871,09Eurizon EasyFund - Bond High YieldClass D Units EUR 28 184 411,16 152,51 26 216 640,97 156,02 468 759,53 153,54Class D2 Units USD 1 774 524,36 166,23 3 002 138,97 189,40 1 730 959,69 211,46Class Du2 Units USD 342 874,09 98,35 – – – –Class I Units EUR 6 920 352,37 205,46 6 885 302,44 201,12 7 653 336,24 189,69Class R Units EUR 174 941 169,01 203,75 171 065 050,88 199,63 194 936 763,14 188,42Class R2 Units USD 12 508 864,92 222,90 1 545 679,14 243,17 495 635,10 260,21Class Ru2 Units USD 246 593,79 99,56 – – – –Class Z Units EUR 2 270 188 690,33 222,15 1 093 745 118,05 215,42 599 287 971,29 201,54Class ZD Units EUR 36 224 765,52 103,91 1 237 739,69 103,14 – –Total net assets EUR 2 530 150 686,28 1 302 908 223,49 803 962 705,66Eurizon EasyFund - Bond Emerging MarketsClass D Units EUR 87 477,90 257,22 170 257,91 241,22 134 403,12 210,78Class D2 Units USD 256 816,64 279,34 554 209,33 291,82 289 790,15 290,37Class I Units EUR 3 081 090,10 323,89 3 242 506,18 292,75 3 347 435,65 246,52Class IH Units EUR 128 591 345,70 321,86 94 816 363,81 324,90 93 646 887,03 311,02Class R Units EUR 22 476 690,21 320,60 27 437 406,92 290,03 23 170 869,83 244,45Class R2 Units USD 359 882,48 349,86 902 754,35 352,37 141 435,23 337,99Class RH Units EUR 38 344 246,45 318,98 33 589 325,85 322,27 31 247 488,60 308,78Class Z Units EUR 173 055 751,24 348,48 115 445 252,25 312,46 103 151 694,26 261,03Class ZD Units EUR 1 089 059,91 119,72 1 157 115,26 115,71 – –Class ZH Units EUR 783 383 365,56 345,93 514 166 991,64 346,42 260 317 546,39 328,99Total net assets EUR 1 150 676 733,14 791 229 272,08 515 329 272,04Eurizon EasyFund - Bond Emerging Markets in Local CurrenciesClass R Units EUR 1 954 763,87 82,32 2 404 378,30 88,91 864 801,72 86,39Class RU Units EUR 998 701,34 69,64 539 635,85 84,74 174 881,00 94,09Class Z Units EUR 1 558 077 658,63 86,85 496 830 095,61 92,98 55 304 523,24 89,54Class ZU Units EUR 20 416 437,69 70,08 20 981 273,60 84,50 35 203 986,64 92,99Total net assets EUR 1 581 447 561,53 520 755 383,36 91 548 192,60Eurizon EasyFund - Bond FlexibleClass R Units EUR 14 802 822,29 100,18 651 714,26 99,64 – –Class RD Units EUR 60 259 253,24 99,22 9 813 882,20 99,59 – –Class Z Units EUR 50 708 745,71 101,39 22 969 044,50 99,87 – –Class ZD Units EUR 34 885 967,32 100,65 40 907 238,37 99,86 – –Total net assets EUR 160 656 788,56 74 341 879,33 –Eurizon EasyFund - Equity ItalyClass R Units EUR 33 178 604,44 97,97 18 908 563,11 81,93 7 376 393,64 81,27Class Z Units EUR 277 004 250,49 105,06 139 167 992,98 87,03 69 473 819,86 85,45Total net assets EUR 310 182 854,93 158 076 556,09 76 850 213,50Eurizon EasyFund - Equity EuropeClass R Units EUR 9 274 799,34 148,32 9 920 103,25 136,98 12 841 594,86 133,17Class Z Units EUR 332 856 653,45 157,85 214 231 855,84 144,46 23 177 256,32 138,73Class ZD Units EUR 1 108 683,53 110,87 1 022 707,26 102,27 – –Total net assets EUR 343 240 136,32 225 174 666,35 36 018 851,18Eurizon EasyFund - Equity Small Cap EuropeClass R Units EUR 40 332 615,84 625,72 41 987 198,00 547,27 49 909 361,23 530,53Class R2 Units USD 2 087 367,78 681,98 2 361 367,99 663,71 1 431 577,50 731,49Class RH2 Units USD 554 972,77 97,98Class Z Units EUR 53 519 027,82 692,32 38 262 842,48 600,02 35 353 015,35 575,78Total net assets EUR 96 284 066,11 82 201 503,67 86 301 295,59Eurizon EasyFund - Equity Eastern EuropeClass Z Units EUR 11 146 890,90 101,81 11 118 627,10 103,95 11 914 606,44 106,89Total net assets EUR 11 146 890,90 11 118 627,10 11 914 606,44Eurizon EasyFund - Azioni Strategia FlessibileClass D Units EUR 1 403 660,51 98,62 – – – –Class D2 Units USD 66 425,12 97,34 – – – –Class D4 Units AUD 6 783,35 97,21 – – – –Class R Units EUR 1 451 312 736,85 143,91 1 246 025 555,88 140,23 745 940 002,74 133,91Class R2 Units USD 873 800,19 98,89 – – – –Class R4 Units AUD 29 433,54 97,53 – – – –Class RL Units EUR 80 748 906,90 146,68 95 228 231,49 142,43 107 955 070,05 135,61

Eurizon EasyFund


Class Ru2 Units USD 2 175 872,77 99,55 – – – –Class Z Units EUR 997 633 564,63 154,43 400 487 662,04 148,92 330 984 563,23 140,74Class ZD Units EUR 99 723 477,77 111,10 94 158 179,62 108,31 24 294 442,49 107,63Total net assets EUR 2 633 715 145,72 1 835 899 629,03 1 209 174 078,52Eurizon EasyFund - Orizzonte Protetto 6Class R Units EUR – – 7 016 320,32 113,26 11 047 564,86 113,93Total net assets EUR – 7 016 320,32 11 047 564,86Eurizon EasyFund - Orizzonte Protetto 12Class R Units EUR – – 10 676 490,06 129,32 13 412 591,77 126,57Total net assets EUR – 10 676 490,06 13 412 591,77Eurizon EasyFund - Orizzonte Protetto 24Class R Units EUR – – 12 662 562,95 133,77 16 257 392,82 130,68Total net assets EUR – 12 662 562,95 16 257 392,82Eurizon EasyFund - Absolute PrudenteClass R Units EUR 211 926 670,65 119,47 155 808 995,17 118,15 209 097 070,16 115,63Class Z Units EUR 90 105 776,44 126,30 6 967 562,23 124,34 5 119,27 121,10Total net assets EUR 302 032 447,09 162 776 557,40 209 102 189,43Eurizon EasyFund - Absolute AttivoClass R Units EUR 120 581 771,47 120,48 161 115 015,10 118,44 207 062 916,04 114,88Class Z Units EUR 12 268 649,92 129,86 303 560,63 126,88 301 671,64 122,52Total net assets EUR 132 850 421,39 161 418 575,73 207 364 587,68Eurizon EasyFund - GT Asset AllocationClass Z Units EUR 62 175 830,45 103,16 71 126 697,88 103,80 71 579 345,71 102,21Total net assets EUR 62 175 830,45 71 126 697,88 71 579 345,71Eurizon EasyFund - TrendClass Z Units EUR 23 089 299,32 106,81 26 384 096,48 107,97 28 544 729,66 106,53Total net assets EUR 23 089 299,32 26 384 096,48 28 544 729,66Eurizon EasyFund - Equity Absolute ReturnClass Z Units EUR 353 485 820,07 101,02 130 918 090,54 99,29 – –Total net assets EUR 353 485 820,07 130 918 090,54 –Eurizon EasyFund - MultiassetClass R Units EUR 719 988,28 104,34 575 102,07 102,60 – –Class RD Units EUR 383 147,45 104,96 297 254,39 104,15 – –Class Z Units EUR 189 452 761,81 105,43 56 120 985,56 102,78 – –Total net assets EUR 190 555 897,54 56 993 342,02 –Eurizon EasyFund - Flexible Beta Total ReturnClass R Units EUR 61 564 457,51 106,62 363 788,45 101,28 – –Class Z Units EUR 1 355 121 159,84 739,74 714 114 600,16 693,53 – –Total net assets EUR 1 416 685 617,35 714 478 388,61 –Eurizon EasyFund - Dynamic Asset AllocationClass R Units EUR 9 511,69 95,12 – – – –Class Z Units EUR 465 011 165,47 586,97 122 559 726,00 569,00 – –Total net assets EUR 465 020 677,16 122 559 726,00 –

Eurizon EasyFund

COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2015 IN EUR

Assets NotesInvestments in securities (Note 2) 30 310 506 003,95Banks 834 090 206,81Amounts due from brokers 45 256 188,15Option contracts (Notes 2, 8) 6 824 378,35Swap premium paid (Notes 2, 8) 2 905 231,64Unrealised profit on forward foreign exchange contracts (Notes 2, 8) 47 474 796,79Unrealised profit on future contracts (Notes 2, 8) 17 069 193,01Unrealised profit on swap contracts (Notes 2, 8) 2 821 746,66Interest receivable on swap contracts (Notes 2, 8) 1 522 757,35Other interest receivable 205 985 731,89Receivable on investments sold 341 097 412,10Receivable on subscriptions 59 551 186,46Other assets (Note 10) 8 901 138,39Total assets 31 884 005 971,55

LiabilitiesBank overdrafts (8 192 329,49)Amounts due to brokers (3 972 021,72)Option contracts (Notes 2, 8) (5 788 204,78)Swap premium received (Notes 2, 8) (13 033 064,77)Unrealised loss on forward foreign exchange contracts (Notes 2, 8) (70 556 506,26)Unrealised loss on future contracts (Notes 2, 8) (15 544 933,65)Unrealised loss on swap contracts (Notes 2, 8) (8 615 801,92)Interest payable on swap contracts (Notes 2, 8) (1 416 400,56)Payable on investments purchased (422 370 258,08)Payable on redemptions (77 100 070,62)Other liabilities (42 466 341,15)Total liabilities (669 055 933,00)

Total net assets 31 214 950 038,55

The accompanying notes form an integral part of these financial statements.

Eurizon EasyFund

COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31DECEMBER 2015 IN EUR

Net assets at the beginning of the year Notes 21 709 921 726,43

Net income from investments (Notes 2, 9) 643 867 958,47Interest on bank accounts 17 659,60Interest received on swap contracts 13 256 068,20Other income 669 624,72Total income 657 811 310,99Management fee (Note 5) (141 272 000,57)Performance fee (Note 6) (23 411 256,90)Depositary fee (Note 7) (16 774 577,26)Subscription tax (Note 3) (4 223 866,87)Interest paid on swap contracts (14 364 780,76)Interest on bank accounts (18 960,95)Other charges and taxes (Notes 4, 7) (30 720 774,53)Total expenses (230 786 217,84)Net investment income / (loss) 427 025 093,15Net realised profit / (loss) on sales of investments, currencies and otherfinancial instruments 562 735 234,28Change in unrealised appreciation / (depreciation) on- investments (Note 2) (703 234 750,76)- option contracts (Note 8) (1 419 594,23)- forward foreign exchange contracts (Note 8) 32 081 440,99- foreign currencies (3 271 454,40)- future contracts (Note 8) (3 662 766,45)- swap contracts (Note 8) (8 770 356,70)Net result of operations for the year 301 482 845,88

Subscriptions for the year 31 187 298 007,65Redemptions for the year (21 979 157 405,88)Dividend distributions (Note 14) (4 595 135,53)

Net assets at the end of the year 31 214 950 038,55


Eurizon EasyFund - Cash EUR

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2015 IN EUR


Assets NotesInvestments in securities (Note 2) 3 553 850 966,30Banks 7 838 868,48Amounts due from brokers 46 875,00Other interest receivable 799 117,64Receivable on investments sold 166 023 508,25Receivable on subscriptions 11 062 492,10Total assets 3 739 621 827,77

LiabilitiesUnrealised loss on future contracts (Notes 2, 8) (1 875,00)Payable on investments purchased (164 709 407,32)Payable on redemptions (17 499 827,97)Other liabilities (973 489,03)Total liabilities (183 184 599,32)

Total net assets 3 556 437 228,45

Currency Net Asset Value per Unit Units outstanding

Class A Units EUR 116,33 214 125,188Class I Units EUR 113,46 1 271 991,963Class R Units EUR 113,17 1 969 440,036Class Z Units EUR 119,50 26 480 436,669


STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER2015 IN EUR


Net assets at the beginning of the year Notes 3 194 811 324,73

Net income from investments (Note 2) 4 892 737,30Total income 4 892 737,30Management fee (Note 5) (5 514 325,51)Depositary fee (Note 7) (1 378 546,39)Subscription tax (Note 3) (347 199,34)Other charges and taxes (Notes 4, 7) (2 692 927,26)Total expenses (9 932 998,50)Net investment income / (loss) (5 040 261,20)Net realised profit / (loss) on sales of investments, currencies and otherfinancial instruments (Notes 2, 8) 7 759 783,33Change in unrealised appreciation / (depreciation) on- investments (Note 2) (4 225 656,52)- future contracts (Notes 2, 8) (1 875,00)Net result of operations for the year (1 508 009,39)

Subscriptions for the year 2 329 389 015,82Redemptions for the year (1 966 255 102,71)

Net assets at the end of the year 3 556 437 228,45



PORTFOLIO AS AT 31 DECEMBER 2015 IN EUR

Nominal /Quantity Description Currency Acquisition cost Carrying amount value

% ofNet Assets

PORTFOLIO 3 554 135 123,53 3 553 850 966,30 99,93

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TOOFFICIAL STOCK EXCHANGE LISTING 3 554 135 123,53 3 553 850 966,30 99,93

Ordinary Bonds 28 360 585,00 27 932 792,00 0,79

ITALY 22 014 615,00 21 703 920,00 0,61

Government 22 014 615,00 21 703 920,00 0,6121 000 000,00 BTP 4.75% 15/09/2016 EUR 22 014 615,00 21 703 920,00 0,61

FRANCE 6 345 970,00 6 228 872,00 0,18

Finance 6 345 970,00 6 228 872,00 0,183 200 000,00 BPCE SA 1.75% 14/03/2016 EUR 3 248 800,00 3 210 272,00 0,093 000 000,00 CREDIT AGRICOLE SA 3.625% 08/03/2016 EUR 3 097 170,00 3 018 600,00 0,09

Floating rate notes 404 193 649,48 403 202 262,70 11,34

ITALY 286 734 958,55 285 770 833,70 8,04

Government 286 734 958,55 285 770 833,70 8,04251 370 000,00 CCT FRN 15/06/2017 EUR 261 394 958,55 260 421 833,70 7,3225 000 000,00 CCT FRN 15/10/2017 EUR 25 340 000,00 25 349 000,00 0,72

GERMANY 43 350 489,50 43 337 330,00 1,22

Finance 43 350 489,50 43 337 330,00 1,2216 500 000,00 DEUTSCHE BANK AG FRN 11/03/2016 EUR 16 485 747,00 16 502 970,00 0,4614 750 000,00 LBBW FRN 22/09/2017 EUR 14 803 542,50 14 799 560,00 0,4212 000 000,00 DZ BANK AG DEUTSCHE ZENTRAL-

GENOSSENSCHAFTSBANK FRN 15/08/2016EUR 12 061 200,00 12 034 800,00 0,34

NETHERLANDS 29 956 250,00 29 960 445,50 0,84

Finance 29 956 250,00 29 960 445,50 0,8417 150 000,00 RABOBANK NEDERLAND FRN 13/01/2017 EUR 17 153 375,00 17 152 229,50 0,4810 300 000,00 RABOBANK NEDERLAND FRN 12/10/2017 EUR 10 300 000,00 10 307 416,00 0,292 500 000,00 ING BANK NV FRN 04/11/2016 EUR 2 502 875,00 2 500 800,00 0,07

UNITED STATES 29 746 715,00 29 736 325,50 0,84

Finance 29 746 715,00 29 736 325,50 0,8412 650 000,00 JPMORGAN CHASE & CO FRN 12/06/2017 EUR 12 747 405,00 12 711 605,50 0,368 000 000,00 JPMORGAN CHASE & CO FRN 20/11/2016 EUR 7 992 470,00 8 004 320,00 0,236 000 000,00 GOLDMAN SACHS GROUP INC FRN 27/07/2017 EUR 6 000 000,00 6 014 820,00 0,173 000 000,00 JPMORGAN CHASE & CO FRN 19/02/2017 EUR 3 006 840,00 3 005 580,00 0,08

FRANCE 14 405 236,43 14 397 328,00 0,40

Finance 14 405 236,43 14 397 328,00 0,4011 600 000,00 BPCE SA FRN 10/03/2017 EUR 11 600 000,00 11 596 404,00 0,321 400 000,00 SOCIETE GENERALE SA FRN 29/03/2016 EUR 1 403 150,00 1 400 756,00 0,041 400 000,00 BPCE SA FRN 13/01/2016 EUR 1 402 086,43 1 400 168,00 0,04

Zero-Coupon Bonds 3 121 580 889,05 3 122 715 911,60 87,80

ITALY 2 318 580 428,29 2 319 535 557,15 65,22

Government 2 318 580 428,29 2 319 535 557,15 65,22417 600 000,00 BOT 0.00% 31/03/2016 EUR 417 529 981,67 417 729 414,24 11,75324 000 000,00 BOT 0.00% 29/04/2016 EUR 324 079 288,84 324 084 240,00 9,11291 950 000,00 BOT 0.00% 14/11/2016 EUR 292 017 757,53 292 101 814,00 8,21228 100 000,00 BOT 0.00% 14/10/2016 EUR 228 092 578,78 228 225 455,00 6,42216 700 000,00 BOT 0.00% 31/05/2016 EUR 216 759 716,55 216 745 507,00 6,09150 000 000,00 BOT 0.00% 30/06/2016 EUR 150 022 191,75 150 028 500,00 4,22131 325 000,00 BOT 0.00% 29/02/2016 EUR 131 317 299,96 131 355 217,88 3,6987 150 000,00 BOT 0.00% 14/07/2016 EUR 87 086 278,47 87 177 888,00 2,4586 350 000,00 BOT 0.00% 12/02/2016 EUR 86 164 853,50 86 367 261,37 2,4378 375 000,00 BOT 0.00% 12/08/2016 EUR 78 355 985,44 78 396 945,00 2,2076 080 000,00 BOT 0.00% 14/09/2016 EUR 76 051 432,22 76 104 345,60 2,14





% ofNet Assets

70 500 000,00 BOT 0.00% 13/05/2016 EUR 70 525 179,89 70 534 545,00 1,9851 450 000,00 BOT 0.00% 14/06/2016 EUR 51 411 639,31 51 471 089,36 1,4550 775 000,00 BOT 0.00% 14/12/2016 EUR 50 772 941,07 50 796 325,50 1,4337 200 000,00 CTZ 0.00% 29/04/2016 EUR 37 182 516,00 37 204 464,00 1,0521 210 000,00 BOT 0.00% 29/01/2016 EUR 21 210 787,31 21 212 545,20 0,60

SPAIN 803 000 460,76 803 180 354,45 22,58

Government 803 000 460,76 803 180 354,45 22,58177 200 000,00 SPAIN LETRAS DEL TESORO 0.00% 19/08/2016 EUR 177 217 247,57 177 267 336,00 4,98175 300 000,00 SPAIN LETRAS DEL TESORO 0.00% 15/07/2016 EUR 175 359 656,94 175 359 602,00 4,93158 445 000,00 SPAIN LETRAS DEL TESORO 0.00% 13/05/2016 EUR 158 439 694,67 158 502 040,20 4,46137 500 000,00 SPAIN LETRAS DEL TESORO 0.00% 17/06/2016 EUR 137 473 597,40 137 541 236,25 3,87128 500 000,00 SPAIN LETRAS DEL TESORO 0.00% 09/12/2016 EUR 128 512 993,92 128 500 000,00 3,6126 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 16/09/2016 EUR 25 997 270,26 26 010 140,00 0,73

Total Portfolio 3 554 135 123,53 3 553 850 966,30 99,93



COMMITMENTS ON FUTURE CONTRACTS AS AT 31 DECEMBER 2015

Size Quantity

Purchase/

Sale Description Maturity Currency

Unrealisedprofit / (loss)

(EUR)Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (1 875,00) 37 561 875,00

Unrealised loss on future contracts and commitment (1 875,00) 37 561 875,00

1 000 000,00 (150) Sale 3MO EURIBOR 14/03/2016 EUR (1 875,00) 37 561 875,00

Eurizon EasyFund - Treasury USD

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2015 IN EUR


Assets NotesInvestments in securities (Note 2) 176 217 123,06Banks 7 016 288,44Other interest receivable 1 447 283,45Receivable on investments sold 7 713 470,11Receivable on subscriptions 122 141,00Total assets 192 516 306,06

LiabilitiesBank overdrafts (38 769,68)Payable on investments purchased (7 253 334,05)Payable on redemptions (7 217 825,20)Other liabilities (96 863,66)Total liabilities (14 606 792,59)

Total net assets 177 909 513,47

Currency Net Asset Value per Unit Units outstanding

Class I Units EUR 115,51 40 078,104Class R Units EUR 115,14 521 544,365Class Z Units EUR 122,11 927 305,467


STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER2015 IN EUR


Net assets at the beginning of the year Notes 270 800 124,25

Net income from investments (Note 2) 3 667 329,77Total income 3 667 329,77Management fee (Note 5) (786 238,05)Depositary fee (Note 7) (152 862,10)Subscription tax (Note 3) (22 172,88)Other charges and taxes (Notes 4, 7) (244 281,05)Total expenses (1 205 554,08)Net investment income / (loss) 2 461 775,69Net realised profit / (loss) on sales of investments, currencies and otherfinancial instruments (Notes 2, 8) 42 987 251,13Change in unrealised appreciation / (depreciation) on- investments (Note 2) (16 223 296,91)- foreign currencies (130 991,05)Net result of operations for the year 29 094 738,86

Subscriptions for the year 168 345 268,95Redemptions for the year (290 330 618,59)

Net assets at the end of the year 177 909 513,47





% ofNet Assets

PORTFOLIO 172 380 231,02 176 217 123,06 99,05

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TOOFFICIAL STOCK EXCHANGE LISTING 166 488 143,02 169 962 674,12 95,53

Ordinary Bonds 161 251 248,12 163 288 175,94 91,78

UNITED STATES 112 527 330,94 112 901 106,49 63,46

Government 112 527 330,94 112 901 106,49 63,4629 250 000,00 UNITED STATES TREASURY NOTE 1.50%

31/07/2016USD 26 522 169,38 27 060 894,31 15,21

29 000 000,00 UNITED STATES TREASURY NOTE 0.50%31/07/2016

USD 26 610 438,91 26 679 438,91 15,00


USD 23 760 910,43 23 669 131,01 13,30


USD 19 624 063,46 19 768 760,40 11,11


USD 15 917 811,83 15 630 929,36 8,79

100 000,00 UNITED STATES TREASURY NOTE 0.625%15/12/2016

USD 91 936,93 91 952,50 0,05

ITALY 42 100 484,51 43 297 185,11 24,34

Government 42 100 484,51 43 297 185,11 24,3438 800 000,00 ITALY GOVERNMENT INTERNATIONAL BOND 4.75%

25/01/2016USD 34 567 802,98 35 780 435,72 20,11

7 950 000,00 ITALY GOVERNMENT INTERNATIONAL BOND 5.25%20/09/2016

USD 7 532 681,53 7 516 749,39 4,23

GERMANY 3 351 920,81 3 449 668,54 1,94

Finance 3 351 920,81 3 449 668,54 1,943 750 000,00 KFW 0.50% 19/04/2016 USD 3 351 920,81 3 449 668,54 1,94

LUXEMBOURG 1 948 481,99 1 980 099,84 1,11

Supranational 1 948 481,99 1 980 099,84 1,111 150 000,00 EIB 0.50% 15/08/2016 USD 1 021 195,61 1 056 257,46 0,591 000 000,00 EUROPEAN BANK FOR RECONSTRUCTION &

DEVELOPMENT 2.50% 15/03/2016USD 927 286,38 923 842,38 0,52

FRANCE 1 323 029,87 1 660 115,96 0,93

Finance 1 323 029,87 1 660 115,96 0,931 800 000,00 CREDIT AGRICOLE SA 1.481% 15/04/2016 USD 1 323 029,87 1 660 115,96 0,93


NETHERLANDS 5 236 894,90 6 674 498,18 3,75

Finance 5 236 894,90 6 674 498,18 3,757 250 000,00 BANK NEDERLANDSE GEMEENTEN NV FRN

08/02/2016USD 5 236 894,90 6 674 498,18 3,75

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS DEALT IN ONANOTHER REGULATED MARKET 5 892 088,00 6 254 448,94 3,52


UNITED STATES 2 151 196,26 2 202 595,93 1,24

Finance 2 151 196,26 2 202 595,93 1,241 200 000,00 MORGAN STANLEY FRN 18/10/2016 USD 1 055 395,29 1 102 612,52 0,621 200 000,00 CITIGROUP INC FRN 01/05/2017 USD 1 095 800,97 1 099 983,41 0,62

FRANCE 1 321 899,38 1 660 894,75 0,93

Finance 1 321 899,38 1 660 894,75 0,931 800 000,00 BPCE SA FRN 25/04/2016 USD 1 321 899,38 1 660 894,75 0,93

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