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Excellentia Sicav Invest Portfolio Aggregation
Morningstar DirectSM | Print Date: 2/09/2016 Page 1 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Equity Style Box Giant Large 19 21 3 8 16 18 13 5 Mid 12 Micro Small 20 Core Value Blend Cash Stock Bond Other 50 World Region Breakdown 100 Total Portfolio % Benchmark % 9,54 51,48 7,03 31,95 0,00 99,96 0,00 0,04 100,00 100,00 Portfolio % Benchmark % Americas 49,00 63,08 North America Latin America 47,60 1,40 63,08 0,00 Greater Europe 27,02 23,69 United Kingdom Europe Developed Europe Emerging Africa/Middle East 5,61 19,75 0,55 1,11 7,29 16,28 0,00 0,12 Greater Asia 23,97 13,22 Japan Australasia Asia Developed Asia emerging 3,97 0,33 8,49 11,18 8,62 2,80 1,66 0,14 Portfolio % Benchmark % Top 10 Country Breakdown United States China United Kingdom France Japan Germany South Korea Taiwan India Switzerland Benchmark % Mid Value Mid Core Mid Growth 5,78 6,05 8,87 4,79 4,32 4,02 Small Value Small Core Small Growth 0,69 1,86 2,19 0,01 0,01 0,01 Large Cap Mid-Small Cap 74,56 25,44 86,84 13,16 Value Core Growth 25,76 33,39 40,85 33,55 33,63 32,82 Portfolio Core Growth High Growth Portfolio Overview Composition Portfolio % Large Value Large Core Large Growth 6 14 17 0 Risk-Free Rate Euribor 1 Month EUR Benchmark MSCI World EUR Top 10 Constituents Style Breakdown 10 Deep Value Currency EUR 47,28 6,50 5,61 4,83 3,97 3,65 3,42 2,74 2,64 2,58 59,72 0,12 7,29 3,42 8,62 3,27 0,00 0,00 0,00 3,53 19,29 25,48 29,79 Portfolio Constituents Equity Sector Breakdown 28,75 29,30 28,79 Benchmark Portfolio % Benchmark % 33,28 35,84 3,46 13,07 14,19 2,55 4,99 11,41 16,07 3,37 36,76 36,16 4,25 3,04 8,87 20,60 4,85 6,58 11,19 13,54 k Defensive 29,96 28,00 s Cons Defensive d Healthcare f Utilities 14,21 13,95 1,80 10,97 13,56 3,47 Portfolio % Benchmark % h Cyclical r t y u Basic Matls Cons Cyclical Financial Svcs Real Estate j Sensitive i o p a Comm Svcs Energy Industrials Technology Fixed-Income Sector Breakdown Government Municipal Corporate Securitized Cash and Cash Equivalents Derivative Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 20,08 0,00 10,13 0,65 21,58 47,57 Portfolio % 13,10 0,60 15,20 47,40 18,40 4,30 1,00 0,00 0,00 64,03 0,00 35,97 0,00 1 2 3 4 5 Indosuez Funds Europe Opportunities G Indosuez Funds America Small&Mid Caps G Fidelity America A-ACC-EUR Hedged EUR cash CPR Global Silver Age P A/I 6 Fidelity Asia Focus A-EUR 7 Pictet-Asian Local Currency Dbt P EUR 8 Fidelity Gl Consmr Industries A-EUR 9 ETFS Gold Bullion Securities ETC 10 LO Funds - Conv Bd (EUR) P A % Weighting 7,22 6,44 6,27 6,13 5,84 5,71 5,70 5,51 5,17 4,48 Portfolio Statistics Style Box Value Factors Price/Prospective Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Style Box Growth Factors Long-Term Earning Growth % Historical Earnings Growth % Book Value Growth % Sales Growth % Cash Flow Growth % Equity Valuation Price Multiples Price to Earnings Price to Book Value Price to Sales Price to Cash Flow Financial Ratios ROE % ROA % Net Margin % Debt to Capital % Fixed Income Style Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price Misc % Market Value in Top 10 Holdings Average Expense Ratio Portfolio Benchmark 9,98 0,30 -0,90 -2,27 3,75 8,55 0,89 3,33 -1,50 3,44 18,79 2,31 1,67 11,24 18,39 2,11 1,48 10,09 17,71 6,65 14,29 34,16 17,68 5,82 12,37 39,27 — — BBB 3,74 — — — — — — 58,47 1,82 100,00 — 18,02 2,50 1,71 9,65 2,30 17,91 2,00 1,40 7,40 2,80 Benchmark % — — — — — — — © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 2 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Portfolio 18 12 6 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3 Yr Rolling Return % Portfolio Benchmark 0 0 0 0 0 2006 2007 2008 2009 2010 2011 2012 2013 Portfolio Benchmark Portfolio Constituents Risk-Free Rate 14,00 8 13 11,00 8,00 6 20 3 Yr 5 Yr 10 Yr Downside Deviation Batting Average — — — — — — — — Up Capture Ratio Down Capture Ratio Up Number Ratio Down Number Ratio Up Percentage Ratio Down Percentage Ratio — — — — — — — — — — — — — — — — — — — — — — — — 1 Yr 3 Yr 5 Yr 10 Yr Sharpe Ratio Sortino Ratio Calmar Ratio — — — — — — — — — — — — Positive Months Negative Months Worst Month — — — — — — — — — — — — Max Drawdown — — — — 4th Qtr Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 5,00 10 17 2,00 16 -1,00 3,00 1 Yr — — — — — — — — — — — — — — — — — — — — — — — — 6,00 9,00 12,00 — — — — — — — — — — — — Calendar Returns as of 31/03/2013 18 7 0,00 Relative Statistics as of 31/03/2013 vs Benchmark Standard Deviation Skewness Kurtosis 17,00 12 -1,87 -4,80 -2,01 -4,80 — — — — — — Risk Statistics as of 31/03/2013 Risk-Return as of 31/03/2013 3 Yr Total Return % +/Benchmark 2,32 5,81 8,61 5,81 — — — — — 11,42 Alpha Beta R-Squared Tracking Error Information Ratio Treynor Ratio Rolling Return as of 31/03/2013 0 Total Return 1 Month 3 Month 6 Month YTD 1 Year 3 Years 5 Years 10 Years 15 Years Inception 2003 Benchmark MSCI World EUR Benchmark 24 -6 Risk-Free Rate Euribor 1 Month EUR Trailing Returns as of 31/03/2013 Cumulative Return as of 31/03/2013 Total Return % Currency EUR 15,00 18,00 21,00 1st Qtr — — — — — — — — — — 5,81 2nd Qtr — — — — — — — — — — — 3rd Qtr — — — — — — — — — 3,66 — — — — — — — — — — 2,64 — — — — — — — — — — — — 24,00 3 Yr Std Deviation % © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 3 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Currency EUR Risk-Free Rate Euribor 1 Month EUR Benchmark MSCI World EUR Common Equity Holdings Analysis (Top 25) Name Tick/ISIN % Investment Mkt Value % Portfolio Mkt Value Market Cap (mil) Style Box Alphabet Inc A Fidelity Global Technology A-EUR Fidelity Gl Consmr Industries A-EUR JPM Global Macro Opps A (acc) EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc GOOGL LU0099574567 LU0114721508 LU0095938881 LU0333226230 8,68 3,34 1,92 0,13 0,59 0,32 0,18 0,08 0,01 543.908,48 7 7 7 4 5 Large Growth Large Growth Large Growth Large Blend Mid Blend a Technology Pfizer Inc Fidelity America A-ACC-EUR Hedged JPM Global Macro Opps A (acc) EUR CPR Global Silver Age P A/I MLIS Marshall Wce Tps UCITS MN A EUR Acc PFE LU0945775517 LU0095938881 FR0012300374 LU0333226230 3,61 2,45 0,97 0,06 0,39 0,23 0,10 0,06 0,00 210.356,83 1 1 4 7 5 Large Value Large Value Large Blend Large Growth Mid Blend d Healthcare British American Tobacco PLC JPM Europe Strategic Growth A (dist) EUR Fidelity Gl Consmr Industries A-EUR JPM Global Macro Opps A (acc) EUR BATS LU0107398538 LU0114721508 LU0095938881 3,21 2,11 2,35 0,35 0,14 0,12 0,10 87.875,61 7 7 7 4 Large Growth Large Growth Large Growth Large Blend s Consumer Defensive Nestle SA JPM Europe Strategic Growth A (dist) EUR Fidelity Gl Consmr Industries A-EUR NESN LU0107398538 LU0114721508 6,28 1,30 0,34 0,27 0,07 239.819,88 4 Large Blend 7 Large Growth 7 Large Growth s Consumer Defensive Apple Inc Fidelity Global Technology A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc AAPL LU0099574567 LU0333226230 9,03 0,07 0,34 0,34 0,00 575.108,52 1 Large Value 7 Large Growth 5 Mid Blend a Technology Molson Coors Brewing Co B Fidelity America A-ACC-EUR Hedged Fidelity Gl Consmr Industries A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc TAP LU0945775517 LU0114721508 LU0333226230 3,07 2,54 0,08 0,34 0,19 0,14 0,00 22.008,07 Taiwan Semiconductor Manufacturing Co Ltd Fidelity Asia Focus A-EUR 2330 LU0069452877 5,85 0,33 0,33 4.511.886,12 EMC Corp Fidelity America A-ACC-EUR Hedged Fidelity Global Technology A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc EMC LU0945775517 LU0099574567 LU0333226230 2,90 3,90 0,03 0,33 0,18 0,14 0,00 56.474,46 Samsung Electronics Co Ltd Fidelity Asia Focus A-EUR Fidelity Global Technology A-EUR 005930 LU0069452877 LU0099574567 3,40 3,47 Oracle Corp Fidelity America A-ACC-EUR Hedged JPM Global Macro Opps A (acc) EUR ORCL LU0945775517 LU0095938881 L'Oreal SA Fidelity Gl Consmr Industries A-EUR CPR Global Silver Age P A/I JPM Europe Strategic Growth A (dist) EUR AIA Group Ltd Fidelity Asia Focus A-EUR 7 1 7 5 Large Growth Large Value Large Growth Mid Blend Sector s Consumer Defensive 4 Large Blend 4 Large Blend a Technology Large Value Large Value Large Growth Mid Blend a Technology 0,32 225.095.445,96 0,19 0,13 1 Large Value 4 Large Blend 7 Large Growth a Technology 4,22 1,30 0,32 0,26 0,05 169.691,57 4 Large Blend 1 Large Value 4 Large Blend a Technology OR LU0114721508 FR0012300374 LU0107398538 3,65 0,92 1,22 0,31 0,20 0,05 0,05 94.301,60 01299 LU0069452877 5,20 0,30 0,30 595.823,05 1 1 7 5 7 7 7 7 Large Growth Large Growth Large Growth Large Growth 7 Large Growth 4 Large Blend © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. s Consumer Defensive y Financial Services ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 4 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Currency EUR Risk-Free Rate Euribor 1 Month EUR Benchmark MSCI World EUR Common Equity Holdings Analysis (Top 25) Name Tick/ISIN % Investment Mkt Value % Portfolio Mkt Value Market Cap (mil) Style Box Sector Colgate-Palmolive Co Fidelity Gl Consmr Industries A-EUR CPR Global Silver Age P A/I CL LU0114721508 FR0012300374 4,56 0,76 0,30 0,25 0,04 66.211,19 4 Large Blend 7 Large Growth 7 Large Growth s Consumer Defensive Comcast Corp Class A Fidelity Gl Consmr Industries A-EUR CPR Global Silver Age P A/I CMCSA LU0114721508 FR0012300374 3,64 1,45 0,29 0,20 0,08 158.915,19 4 Large Blend 7 Large Growth 7 Large Growth i Communication Services Amazon.com Inc Fidelity Gl Consmr Industries A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc AMZN LU0114721508 LU0333226230 4,77 0,20 0,27 0,26 0,01 365.330,55 7 Large Growth 7 Large Growth 5 Mid Blend t Consumer Cyclical International Business Machines Corp Fidelity America A-ACC-EUR Hedged Fidelity Global Technology A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc IBM LU0945775517 LU0099574567 LU0333226230 2,65 2,64 0,14 0,27 0,17 0,10 0,01 152.495,39 1 1 7 5 Large Value Large Value Large Growth Mid Blend a Technology VMware Inc Fidelity America A-ACC-EUR Hedged Fidelity Global Technology A-EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc VMW LU0945775517 LU0099574567 LU0333226230 2,25 2,64 0,54 0,26 0,14 0,10 0,02 31.312,84 7 1 7 5 Large Growth Large Value Large Growth Mid Blend a Technology Tencent Holdings Ltd Fidelity Asia Focus A-EUR 00700 LU0069452877 4,59 0,26 0,26 1.905.932,14 7 Large Growth 4 Large Blend a Technology Reckitt Benckiser Group PLC Fidelity Gl Consmr Industries A-EUR JPM Europe Strategic Growth A (dist) EUR CPR Global Silver Age P A/I RB. LU0114721508 LU0107398538 FR0012300374 2,29 1,83 0,91 0,26 0,13 0,08 0,05 51.381,47 7 7 7 7 Large Growth Large Growth Large Growth Large Growth s Consumer Defensive Roche Holding AG Dividend Right Cert. JPM Europe Strategic Growth A (dist) EUR CPR Global Silver Age P A/I JPM Global Macro Opps A (acc) EUR ROG LU0107398538 FR0012300374 LU0095938881 4,67 0,69 0,24 0,25 0,20 0,04 0,01 202.399,05 4 7 7 4 Large Blend Large Growth Large Growth Large Blend d Healthcare Philip Morris International Inc Fidelity Gl Consmr Industries A-EUR PM LU0114721508 4,48 0,25 0,25 156.094,52 4 Large Blend 7 Large Growth Johnson & Johnson CPR Global Silver Age P A/I JPM Global Macro Opps A (acc) EUR MLIS Marshall Wce Tps UCITS MN A EUR Acc JNJ FR0012300374 LU0095938881 LU0333226230 2,15 2,17 0,55 0,24 0,13 0,09 0,02 325.788,21 4 7 4 5 Kellogg Co Fidelity America A-ACC-EUR Hedged Fidelity Gl Consmr Industries A-EUR K LU0945775517 LU0114721508 2,67 1,31 0,24 0,17 0,07 28.612,66 Unilever NV DR JPM Europe Strategic Growth A (dist) EUR CPR Global Silver Age P A/I JPM Global Macro Opps A (acc) EUR UNA LU0107398538 FR0012300374 LU0095938881 3,56 0,76 0,89 0,24 0,15 0,04 0,04 124.882,34 Large Blend Large Growth Large Blend Mid Blend s Consumer Defensive d Healthcare 4 Large Blend 1 Large Value 7 Large Growth s Consumer Defensive Large Blend Large Growth Large Growth Large Blend s Consumer Defensive 4 7 7 4 © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 5 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Currency EUR Risk-Free Rate Euribor 1 Month EUR Benchmark MSCI World EUR Common Equity Holdings Analysis (Top 25) Name Tick/ISIN % Investment Mkt Value Coca-Cola Co Fidelity Gl Consmr Industries A-EUR KO LU0114721508 4,27 % Portfolio Mkt Value 0,24 0,24 Market Cap (mil) 187.099,88 Style Box Sector 1 Large Value 7 Large Growth s Consumer Defensive © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 6 of 6 Excellentia Sicav Invest Portfolio Aggregation Data as of 31/08/2016 Currency EUR Risk-Free Rate Euribor 1 Month EUR Benchmark MSCI World EUR Portfolio Constituents 1 2 3 4 5 Indosuez Funds Europe Opportunities G Indosuez Funds America Small&Mid Caps G Fidelity America A-ACC-EUR Hedged EUR cash CPR Global Silver Age P A/I Name Ticker/ISIN 6 7 8 9 10 Fidelity Asia Focus A-EUR Pictet-Asian Local Currency Dbt P EUR Fidelity Gl Consmr Industries A-EUR ETFS Gold Bullion Securities ETC LO Funds - Conv Bd (EUR) P A LU0069452877 LU0280438309 LU0114721508 GBS LU0159201655 5,71 5,70 5,51 5,17 4,48 4 EAA OE Asia ex Japan Equity EAA OE Asia Bond - Local Currency — EAA OE Sector Equity Consumer Goods & Services7 EAA ETF Commodities - Precious Metals — EAA OE Convertible Bond - Global, EUR Hedged7 — — — — — 11 12 13 14 15 Indosuez Funds Asia Oportunities G MLIS Marshall Wce Tps UCITS MN A EUR Acc JPM Europe Strategic Growth A (dist) EUR iShares MSCI Emerging Markets Dist Indosuez Funds America Opportunities G LU1073907070 LU0333226230 LU0107398538 IQQE LU1073903327 4,43 4,40 4,32 4,29 4,25 EAA OE Asia ex Japan Equity EAA OE Alt - Market Neutral - Equity EAA OE Europe Large-Cap Growth Equity EAA ETF Global Emerging Markets Equity EAA OE US Large-Cap Blend Equity — 5 7 4 — — — — — — 16 17 18 19 20 Amundi Fds Absolute Vol World Eqs AHE-C JPM Global Macro Opps A (acc) EUR Fidelity Global Technology A-EUR iShares S&P 500 EUR Hedged Amundi Fds Eq Euroland Small-Cap AE-C LU0442406889 LU0095938881 LU0099574567 IUSE LU0568607203 4,19 4,18 3,71 3,42 2,31 EAA OE Alt - Volatility EAA OE Alt - Multistrategy EAA OE Sector Equity Technology EAA ETF US Equity - Currency Hedged EAA OE Eurozone Mid-Cap Equity 7 4 7 4 8 — — — — — XLFS 2,02 EAA ETF Sector Equity Financial Services 1 — 21 Source Financials S&P US Select Sect ETF LU1073901206 LU1073905298 LU0945775517 EURO FR0012300374 Weighting % 7,22 6,44 6,27 6,13 5,84 Morningstar Category EAA OE Europe Large-Cap Blend Equity EAA OE US Small-Cap Equity EAA OE US Equity - Currency Hedged — EAA OE Global Large-Cap Blend Equity © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. Equity Style Box — — 1 — 7 Fixed Inc Style Box — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 1 of 28 ETFS Gold Bullion Securities ETC GBS Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % — — — — — — — — — +/BM1 — — — — — — — — — +/BM2 — — — — — — — — — Cat % Rank Manager Change 0,4 — — — — — — — — — Partial Mgr Change 0,3 Investment Performance Quarterly Return 0,2 Category — EAA ETF Commodities Precious Metals 0,1 0,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 0,00 0,00 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 0,00 0,00 50 Gold Bullion Securities (GBS) is designed to offer security holders a simple and cost-efficient way to access the gold market by providing a return equivalent to the movements in the gold spot price less the applicable management fee. GBS is backed by physical allocated gold held by HSBC Bank plc (the custodian). Only metal that conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery can be accepted by the custodian. Each physical bar is segregated, individually identified and allocated. — — — — — — — — Val 100,0 1 — — — — — — — — — — — — — — 0,00 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap EUR Box Sector (mil) Physically Backed With Alloc... — — % Mkt Val — 100,00 Top 1 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of 30/09/2014 100,0 % — Core Gr AAA AA A BBB BB B or Below B Not Rated Total Giant Value Factors Ltd — 0 0 — Market Cap High Med Low — 15/04/2004 Actual: 0,40% Max: 0,40% — Gold Bullion Securities Ltd 442074484330 www.etfsecurities.com — 100 # 0,0 0,0 0,0 100,0 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Not Disclosed. Since 04/2004. History 2015 08/2016 Holding Analysis as of 30/09/2014 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 2 of 28 iShares MSCI Emerging Markets Dist IQQE Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % — — — — — — — — — +/BM1 — — — — — — — — — +/BM2 — — — — — — — — — Cat % Rank Manager Change 0,4 — — — — — — — — — Partial Mgr Change 0,3 Investment Performance Quarterly Return 0,2 Category — EAA ETF Global Emerging Markets Equity 0,1 0,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2007 2008 2009 2010 2011 2012 2013 2014 2015 08/2016 History — — — — — — 96,62 0,00 — — — — — — — — — — — 7,93 — — 97,89 0,00 — — — 5,31 — — 97,14 0,00 — — — 20,37 — — 97,54 0,00 — — — 22,56 — — 97,41 0,00 — — — 21,49 — — 97,78 0,00 — — — 9,70 — — 96,03 0,00 — — — 62,77 — — 96,40 0,00 — — — 19,50 — — 99,33 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % iShares MSCI Emerging Markets is an exchange traded fund (ETF) that aims to track the performance of the MSCI Emerging Markets Index as closely as possible. The ETF invests in physical index securities. The MSCI Emerging Markets Index offers exposure to stocks from emerging markets world wide which comply with MSCI's size, liquidity, and free float criteria. The index is free float market capitalisation weighted. iShares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. iShares ETFs offer flexible and easy access to a wide range of markets and asset classes. 0 50 35 30 25 4 3 2 0 0 0 Val 100 Net % # Cash Stock Bond Other 1,5 98,3 0,0 0,2 — 849 0 — Total 100,0 879 Market Cap % Giant 59,9 Large Mid Small 31,2 8,8 0,2 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low — 18/11/2005 Actual: 0,75% Max: 0,75% — BlackRock Asset Manageme... 089-926-9488 www.blackrock.com — — — 19,50 — 0,75 98,28 0,00 Holding Analysis as of 30/08/2016 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Not Disclosed. Since 11/2005. Performance Quartile (within category) — — — — — — — — — — — Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 20.152,4 % Growth Factors % 12,43 1,32 1,14 4,04 3,65 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 12,03 -64,71 -22,47 -11,93 4,66 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Box Sector Mkt Cap EUR (mil) % Mkt Val Samsung Electronics Co Ltd Tencent Holdings Ltd Taiwan Semiconductor Man... Alibaba Group Holding Ltd A... China Mobile Ltd Naspers Ltd Class N China Construction Bank Cor... Industrial And Commercial B... Baidu Inc ADR Hon Hai Precision Industry C... Bank Of China Ltd. H Itau Unibanco Holding SA Housing Development Finan... Ambev SA Ping An Insurance (Group) C... Bank Bradesco SA Pref Shs Samsung Electronics Co Ltd CNOOC Ltd Infosys Ltd Sberbank of Russia PJSC — — — — — — — — — — — — — — — — — — — — 185.031 220.400 129.506 218.160 227.649 63.290 168.718 203.388 53.237 38.941 118.927 87.717 29.846 83.746 85.381 44.634 151.222 49.407 31.529 39.451 3,65 3,63 3,32 2,32 1,88 1,79 1,54 1,16 1,16 0,97 0,86 0,80 0,77 0,67 0,67 0,61 0,55 0,53 0,51 0,47 a a a t i a y y a a y y y s y y a o a y Top 20 holdings Top 3 Equity Sectors Technology Financial Svcs Cons Cyclical as of — — — — — — — — Top Holdings as of 30/08/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Corporate Derivative © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 27,9 % Rel BM1% Rel BM2% 23,68 23,44 11,13 42,83 31,43 -2,55 42,83 31,43 -2,55 % Rel BM1% Rel BM2% 92,21 7,79 0,00 60,99 -721,55 — 60,99 -721,55 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 3 of 28 Source Financials S&P US Select Sect ETF XLFS Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % — — — — — — — — — +/BM1 — — — — — — — — — +/BM2 — — — — — — — — — Cat % Rank Manager Change 0,4 — — — — — — — — — Partial Mgr Change 0,3 Investment Performance Quarterly Return 0,2 Category — EAA ETF Sector Equity Financial Services 0,1 0,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — The Financials S&P US Select Sector Source ETF aims to provide the performance of the S&P Select Sector Capped 20% Financials Index* (the “Benchmark Index”). The Benchmark Index represents the financials sector of the S&P 500 Index. The Fund invests substantially all of its assets in a diversified portfolio of international equities (which are not necessarily selected from the Benchmark Index). In order to achieve its investment objective, the Fund enters into over-the-counter derivative contracts called "outperformance swaps". Under the terms of these outperformance swaps, the Fund receives (or pays) the difference between the performance of its equity portfolio and the performance of the Benchmark Index. 50 — 16/12/2009 Actual: 0,30% Max: 0,30% — Source Investment Managem... 442033701100 www.source.info 48 19 18 7 6 2 0 0 0 Val 100 # 0,0 98,0 0,0 2,0 — 0 0 — Total 100,0 1 Market Cap History 2015 08/2016 — — — — — — 98,00 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 36,6 Large Mid Small 48,4 14,9 0,1 Micro Core Gr Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated % Growth Factors % LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 7,20 12,11 5,50 2,57 4,45 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price — — — — — % — % Mkt Val — 100,00 Top 1 holdings Top 3 Equity Sectors Financial Svcs Real Estate Comm Svcs as of — — — — — — — — TRS S&P Financial Select Se... — Mkt Cap EUR (mil) 100,0 53.267,1 14,79 1,24 2,22 7,20 2,50 1 Style Box Sector 0,0 Avg Market Cap (mil) Value Factors Top Holdings as of 31/07/2016 % Giant High Med Low Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Mid Sm Investment Strategy 2014 — — — — — — — — — — — — — — — — — — — 100,00 100,00 — 0,00 0,00 Lg Not Disclosed. Since 12/2009. 2013 Holding Analysis as of 31/07/2016 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% 78,32 16,85 2,82 79,48 79,99 -72,16 79,48 79,99 -72,16 % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 4 of 28 MLIS Marshall Wce Tps UCITS MN A EUR Acc LU0333226230 Data as of Currency 31/08/2016 EUR Investment Summary Total Return % -0,17 -1,46 -0,12 -0,80 1,43 5,12 5,97 — — +/BM1 -0,66 -4,56 -9,89 -3,21 -5,90 -8,49 — — — +/BM2 -0,45 -4,09 -8,55 -1,66 -3,71 -6,28 -6,94 — — Cat % Rank Manager Change 11,6 — — — — — — — — — Partial Mgr Change 5,8 Investment Performance Quarterly Return 0,0 Category — EAA OE Alt - Market Neutral Equity -5,8 -11,6 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 5,13 0,00 0,02 12,10 -0,70 -8,49 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year 3,26 1,57 3,64 3,13 1,85 4,19 — — — Standard Deviation Sharpe Ratio Sortino Ratio 2006 2007 — — — — — — — — — — — — 41 — — — The fund’s objective is to provide investors with consistent absolute returns primarily through investing in global equities. The sub-fund will be predominantly focused on European equities, but Marshall Wace LLP will also allocate a proportion of the sub-fund’s assets to strategies in Asia, Australasia and North and South America. The sub-fund will seek to preserve capital through the use of various risk management techniques, given its long term investment strategy. 2011 2012 2013 2014 History 2015 08/2016 -4,34 6,76 0,30 3,46 6,08 7,57 6,39 7,97 -0,80 — — — — — -13,63 -13,10 -2,45 -3,21 34,74 -16,26 -16,86 7,98 -5,37 -11,16 -10,81 -0,37 -1,66 — 1.774,59 2.011,79 1.272,72 2.033,18 1.300,90 1.105,30 1.343,96 1.343,96 68 84 18 21 14 55 39 45 44 — 2,28 2,74 2,06 2,16 2,08 2,07 2,07 2,07 31,05 64,87 64,57 46,79 36,41 39,61 53,56 40,57 40,57 0,00 0,13 0,15 0,03 0,00 0,00 0,00 0,00 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 30/09/2015 0 50 12 17 19 12 15 9 6 6 5 Val 100 Net % # Cash Stock Bond Other 52,0 42,6 0,0 5,3 — 400 0 — Total 100,0 448 Market Cap % Giant 14,9 Large Mid Small 31,6 35,7 15,1 Micro Core Gr 2,8 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low 1000000 28/12/2007 Actual: 1,75% Max: 1,75% — Merrill Lynch International Sol... 020 7772 1222 www.ml.com 2010 Mid Sm Investment Strategy 2009 Lg Anthony Clake. Since 08/2013. Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2008 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Benchmark 1 MSCI World EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 10.863,2 % Growth Factors % 16,22 1,90 1,21 7,45 1,95 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 10,91 9,20 4,03 -3,50 6,05 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Box Sector Mkt Cap EUR (mil) % Mkt Val Marshall Wace Ucits Funds ... Southwest Airlines Co LyondellBasell Industries NV The Travelers Companies Inc Gilead Sciences Inc F5 Networks Inc Johnson & Johnson Weyerhaeuser Co VMWare Inc Electronic Arts Inc B/E Aerospace Inc CSX Corp Sherwin-Williams Co CBS Corp Class B NRG Energy Inc Nike Inc B Qualcomm Inc Celanese Corp Calpine Corp NetApp Inc — 7 1 1 4 8 4 5 7 7 5 1 7 4 5 7 4 2 5 5 — 22.470 33.818 27.124 127.461 7.276 231.424 12.517 29.773 18.876 4.129 23.495 18.581 16.943 4.254 94.080 73.357 7.776 4.680 7.820 0,71 0,61 0,60 0,59 0,59 0,59 0,55 0,54 0,54 0,52 0,51 0,50 0,48 0,48 0,47 0,45 0,45 0,45 0,44 0,44 — p r y d a d r a a p p r t f t a r f a Top 20 holdings Top 3 Equity Sectors Healthcare Technology Financial Svcs as of — — — — — — — — Top Holdings as of 30/09/2015 % — — — — — — — — Top 3 Fixed Income Sectors Cash Derivative Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 10,5 % Rel BM1% Rel BM2% 17,52 15,41 15,17 22,57 12,13 -5,93 22,57 12,13 -5,93 % Rel BM1% Rel BM2% 99,89 0,11 0,00 63,99 100,00 — 63,99 100,00 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 5 of 28 Pictet-Asian Local Currency Dbt P EUR LU0280438309 Data as of 31/08/2016 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % -0,57 4,84 5,61 6,09 10,68 9,08 6,34 — — +/BM1 -1,06 1,74 -4,16 3,68 3,35 -4,53 — — — +/BM2 -0,85 2,20 -2,82 5,23 5,54 -2,31 -6,57 — — Cat % Rank Manager Change 14,0 97 61 52 57 54 48 36 — — Partial Mgr Change 7,0 Investment Performance Quarterly Return 0,0 Category — EAA OE Asia Bond - Local Currency -7,0 -14,0 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 3Q — — 141 3Q 0,45 1,10 141 3Q 0,45 0,22 94 — — — — Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 2,98 0,45 39,87 9,05 -0,50 -4,53 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year 8,30 1,10 2,14 8,67 0,71 1,26 — — — Standard Deviation Sharpe Ratio Sortino Ratio 2007 2008 2009 2010 2011 2012 2013 2014 2015 08/2016 History — — — — — — 0,00 69,45 — — — — 16 1,59 0,12 42,52 3,15 — 42,23 — 3 1,57 0,00 69,03 7,80 — -15,22 -26,81 34 1,54 0,00 69,83 18,69 — 1,53 -5,64 163 1,62 0,00 80,45 7,91 — 12,44 45,01 171 1,57 0,00 41,66 5,39 — -6,06 -9,95 232 1,59 0,00 66,74 -11,89 -33,09 -30,63 42,31 157 1,58 0,00 73,23 16,94 -2,56 -0,27 25,57 110 1,58 0,00 70,85 7,73 -2,69 -0,61 — 64 1,59 0,00 65,33 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % -200 -100 0 100 — — — — — — — — — Total 100,0 409 % — Large Mid Small — — — Micro — Avg Market Cap (mil) — Core Gr Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated — 0 122 — Giant Value Factors Ltd # 11,4 0,0 82,2 6,4 Market Cap High Med Low 0 24/01/2007 Actual: 1,20% Max: 2,10% 5F 1D Pictet Asset Management (Eu... +352 467 1711 www.pictetfunds.com 200 Net % Cash Stock Bond Other Mid Sm The Compartment’s objective is to seek revenue and capital growth by investing a minimum of two-thirds of its total assets or wealth in a diversified portfolio of bonds and other debt securities linked to Asian local emerging debt. The Compartment may invest up to 49% of its net assets in bonds and other debt securities denominated in RMB through (i) the QFII quota granted to an entity of the Pictet Group (subject to a maximum of 35% of its net assets) and/ or (ii) the RQFII quota granted to an entity of the Pictet Group. Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”). Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”). The Compartment may be exposed to non-investment grade debt securities, including distressed and defaulted securities. 6,09 3,68 5,23 25,57 59 1,59 0,00 41,24 Holding Analysis as of 31/07/2016 Val Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Simon Lue-Fong. Since 06/2006. B.A. Bournemouth University. Wee-Ming Ting. Since 10/2007. Philippe Petit. Since 10/2007. Performance Quartile (within category) — — * ( ( & ) ) ( & ( Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration1 Avg Eff Maturity1 Avg Credit Quality1 Avg Wtd Coupon1 Avg Wtd Price 1 — — — 3,87% 14,61 % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) Korea(Republic Of) 0.14% Philippines Rep 6.25% Pictet-Short-Term Money M... Indonesia(Rep Of) 8.375% India(Govt Of) 8.24% India(Govt Of) 7.83% Irs Bnp Sgd 1.57% 16.10.2017 Irs Scb Sgd 1.445% 03.08.2... Malaysia (Govt Of) 3.492% Irs Jpmcha Sgd Sorf6m 10.0... Ndirs Jpm Tatwd3md= Tw... Irs Nom Sgd Sorf6m 11.09.2... Philippines Rep 3.9% India(Govt Of) 8.35% Malaysia (Govt Of) 0.02% Irs Sg Sgd 1.945% 05.12.2019 Ndirs Hsbc Cny 2.6800% 29.... Indonesia(Rep Of) 10.5% Korea(Republic Of) 4% Thailand(Kingdom) 5.125% — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Top 20 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of 31/07/2014 6,9 27,7 13,0 31,8 9,2 1,2 10,2 Top Holdings as of 31/07/2016 % 21,4 26,6 11,6 8,9 13,6 11,3 5,9 0,7 Top 3 Fixed Income Sectors Derivative Government Cash © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 6,66 4,56 3,08 2,61 2,52 2,48 2,48 2,43 2,29 2,27 2,15 2,14 2,10 2,08 2,04 2,04 2,01 2,00 1,89 1,79 51,6 % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% 52,74 39,28 5,75 100,00 100,00 -525,35 100,00 100,00 -525,35 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 6 of 28 Amundi Fds Absolute Vol World Eqs AHE-C LU0442406889 Data as of 31/08/2016 Investment Summary Benchmark 1 MSCI World EUR Total Return % -0,30 0,12 -3,12 0,30 -0,36 -4,46 -4,26 — — +/BM1 -0,79 -2,98 -12,88 -2,11 -7,69 -18,07 — — — +/BM2 -0,57 -2,52 -11,54 -0,56 -5,49 -15,86 -17,18 — — Cat % Rank Manager Change 6,6 — — — — — — — — — Partial Mgr Change 3,3 Investment Performance Quarterly Return 0,0 Category — EAA OE Alt - Volatility -3,3 -6,6 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated 3 Year 5 Year 10 Year 0,33 -0,35 49,02 16,18 -1,12 -18,07 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 5,76 -0,77 -0,96 5,79 -0,77 -0,93 — — — Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — 3,87 5 — — — 4,02 — -13,14 — 85 1,35 13,65 40,22 4,68 — 9,21 87,99 99 1,34 21,95 0,00 -4,72 — -16,16 77,68 111 1,39 45,13 0,00 -12,75 -33,96 -31,49 — 33 1,46 39,70 0,12 -3,44 -22,94 -20,65 — 15 1,60 45,15 1,05 50 — 15/09/2009 Actual: 1,20% Max: 1,20% 5F Amundi Luxembourg S.A. +352 47 67 59 24 www.amundi.com — — — — — — — — Val — 0 0 — Total 100,0 53 Market Cap % Giant — Large Mid Small — — — Micro Core Gr — Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low The fund's objective is to seek a performance of 7% p.a. minus fees applicable to each relevant Class of Shares and in offering an exposure to the volatility of the equity markets in focusing on three geographic areas: Euroland, United States of America and Asia within a framework of controlled risk. The exposure of the Sub-Fund to volatility is controlled according to an indicative target grid depending on the volatility level of the equity markets of the three geographic areas.Volatility measures the dispersion of an asset’s returns around its average; such indicator is inherently variable. Consequently, the risk control is monitored and managed through the Sub-Fund’s value-at-risk (VaR). The Sub-Fund is continuously managed so as not to exceed a maximum estimated yearly VaR (estimated annual ex-ante VaR) of 35%. — 100 # 59,9 39,7 1,1 -0,7 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Gilbert Keskin. Since 11/2007. History 2015 08/2016 -3,27 -13,70 -11,61 — 9 1,60 44,45 0,98 0,30 -2,11 -0,56 77,68 17 1,60 44,45 0,98 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 31/12/2015 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 37.299,4 % Growth Factors % 16,33 2,56 1,27 13,05 2,82 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 11,65 16,94 -1,20 -1,79 -0,77 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — 122,78 % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) Amundi Cash Corporate DP A/I — S&P 500 Index - 1,900 - Put — Nikkei 225 Simex Fut - 21,50... — S&P 500 Index - 1,800 - Put — Nikkei 225 Simex Fut - 19,50... — Dj Euro Stoxx 50 Eur - 3,200 -... — Nikkei 225 Simex Fut - 20,00... — S&P 500 Index - 1,900 - Call — S&P 500 Index - 2,000 - Call — Dj Euro Stoxx 50 Eur - 3,600 -... — Nikkei 225 Simex Fut - 17,00... — Dj Euro Stoxx 50 Eur - 3,000 -... — Dj Euro Stoxx 50 Eur - 3,200 -... — S&P 500 Index - 1,900 - Put — Dj Euro Stoxx 50 Eur - 3,600 -... — Amundi Tréso Court Terme... — Amundi Fds Absolute Vol Ar... 7 S&P 500 Index - 1,900 - Call — Dj Euro Stoxx 50 Eur - 3,000 -... — Dj Euro Stoxx 50 Eur - 3,000 -... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Top 20 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of 31/12/2015 % 99,9 0,0 0,1 0,0 0,0 0,0 0,0 0,0 Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 5,57 4,56 4,15 3,21 2,72 2,56 2,53 2,47 2,45 1,98 1,92 1,73 1,70 1,70 1,61 1,59 1,57 1,56 1,50 1,48 48,6 % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 7 of 28 iShares S&P 500 EUR Hedged IUSE Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % -0,04 3,55 12,30 6,26 10,56 10,80 12,91 — — +/BM1 -0,52 0,46 2,53 3,85 3,23 -2,81 — — — +/BM2 -0,31 0,92 3,87 5,40 5,42 -0,60 0,00 — — Cat % Rank Manager Change 15,2 — — — — — — — — — Partial Mgr Change 7,6 Investment Performance Quarterly Return 0,0 Category — EAA ETF US Equity - Currency Hedged -7,6 -15,2 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 1,52 0,69 54,69 8,14 -0,35 -2,81 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 10,89 0,99 1,81 11,75 1,08 1,90 — — — 2006 2007 2008 2009 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 50 — 30/09/2010 Actual: 0,45% Max: 0,45% — BlackRock Asset Manageme... 084-535-7700 www.blackrock.com 28 29 29 2013 2014 — 0,69 13,97 30,81 12,56 — — — 9,61 -6,93 — 5,21 2,53 12,07 -4,65 -4,60 — 25,36 18,47 25,74 11 271 313 763 926 0,45 0,45 0,45 0,45 0,45 99,97 100,00 100,00 100,00 100,00 0,00 0,00 0,00 0,00 0,00 5 5 3 0 0 0 Val 100 Net % # Cash Stock Bond Other 2,0 98,0 0,0 0,0 — 505 0 — Total 100,0 512 Market Cap % Giant 50,6 Large Mid Small 36,0 13,1 0,2 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low iShares S&P500 Monthly EUR Hedged is an exchange traded fund (ETF) that aims to track the performance of the S&P 500 Euro Hedged Index as closely as possible. The ETF invests in physical index securities and is currency hedged which enables investors to hedge currency exposure in one transaction, without having to monitor and maintain a currency hedge. The S&P 500 Euro Hedged Index offers exposure to 500 large cap US stocks which comply with S&P's size, liquidity, and free float criteria. The index also incorporates a monthly hedge, using a month forward FX contract, to reduce currency exposure. iShares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. iShares ETFs offer flexible and easy access to a wide range of markets and asset ... 2012 Mid Sm Investment Strategy 2011 Lg Not Disclosed. Since 09/2010. 2010 History 2015 08/2016 0,18 -10,24 -8,16 — 1.046 0,45 95,70 0,00 6,26 3,85 5,40 25,74 1.468 0,45 97,79 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 29/08/2016 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 68.279,3 % Growth Factors % 19,08 2,63 1,86 10,29 2,28 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 8,45 6,02 3,14 1,61 1,53 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) Apple Inc Microsoft Corp Exxon Mobil Corp Johnson & Johnson Amazon.com Inc General Electric Co Facebook Inc A Berkshire Hathaway Inc B AT&T Inc JPMorgan Chase & Co Procter & Gamble Co Alphabet Inc A Alphabet Inc C Wells Fargo & Co Verizon Communications Inc Pfizer Inc Chevron Corp Merck & Co Inc Intel Corp The Home Depot Inc — — — — — — — — — — — — — — — — — — — — a a o d t p a y i y s a a y i d o d a t 513.325 402.028 324.436 293.154 327.398 251.358 325.185 333.005 225.809 218.909 209.211 487.403 473.333 230.136 191.527 189.527 170.367 155.895 152.454 148.791 Top 20 holdings Top 3 Equity Sectors Technology Healthcare Financial Svcs as of — — — — — — — — Top Holdings as of 29/08/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Derivative Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 3,05 2,37 1,88 1,70 1,53 1,51 1,49 1,44 1,29 1,26 1,20 1,19 1,18 1,17 1,10 1,09 0,99 0,91 0,88 0,88 28,1 % Rel BM1% Rel BM2% 18,81 14,87 14,33 28,02 8,80 -12,14 28,02 8,80 -12,14 % Rel BM1% Rel BM2% 99,88 0,12 0,00 63,98 100,00 — 63,98 100,00 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 8 of 28 Amundi Fds Eq Euroland Small-Cap AE-C LU0568607203 Data as of 31/08/2016 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % 2,31 -0,46 5,80 -4,49 -0,15 12,16 13,94 5,26 — +/BM1 1,82 -3,55 -3,97 -6,90 -7,48 -1,45 — — — +/BM2 2,04 -3,09 -2,63 -5,35 -5,29 0,76 1,03 1,44 — Cat % Rank Manager Change 23,8 29 66 76 78 73 41 34 54 — Partial Mgr Change 11,9 Investment Performance Quarterly Return 0,0 Category — EAA OE Eurozone Mid-Cap Equity -11,9 -23,8 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 3Q — — 46 3Q 2,15 9,65 46 4Q 2,34 9,68 39 3Q 3,63 3,43 25 Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 0,18 0,91 55,76 9,50 -0,15 -1,45 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 14,21 0,86 1,43 13,57 1,01 1,66 17,88 0,22 0,30 2007 2008 2009 2010 2011 2012 2013 30,35 — 24,84 — — — — — -4,21 — -0,80 — — — — — -46,83 — -7,75 — — — — — 42,45 — 19,43 — — — — — 24,00 — 6,83 — — — — — -21,86 — -17,33 — 32 2,19 89,70 4,55 29,11 — 17,66 — 52 — 90,20 0,35 28,37 2,61 7,17 -16,88 9,64 -14,59 — 192,79 102 148 2,32 2,27 93,80 95,90 0,72 0,67 0 50 0 0 0 16 29 38 7 5 # 3,8 93,1 1,2 1,9 — 61 0 — Total 100,0 75 Market Cap % Giant 0,0 Large Mid Small 0,0 83,1 16,9 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low — 24/06/2011 Actual: 1,70% Max: 1,70% 5F Amundi Luxembourg S.A. +352 47 67 59 24 www.amundi.com Val 100 Net % Cash Stock Bond Other Mid Sm This Sub-Fund seeks long-term capital growth through investment of at least 75% of its Net Assets in shares of companies domiciled and listed on a Regulated Market in the Euroland. This Sub-Fund invests at least 67% of its total assets in shares of small-sized companies of the Euroland (i.e. with a market capitalisation similar to those of the securities making part of the MSCI EMU Small Cap index at the time of acquisition, this limit being expected to be maintained at all times) domiciled and listed on a Regulated Market in the Euroland. This Sub-Fund may also invest up to 30% of its total assets in shares of larger companies domiciled and listed on a Regulated Market in the Euroland. Investments may be extended to other EU Member States depending on the expectations regarding the countries which may subsequently become part of the Euroland. 2014 2015 08/2016 History 25,76 -4,49 15,34 -6,90 17,42 -5,35 — 192,79 236 176 2,32 2,32 96,18 90,90 0,57 1,22 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 30/06/2016 5 Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Caroline Gauthier. Since 01/2015. Florence Bannelier. Since 08/2015. Performance Quartile (within category) * ) ( * * ) & * ( & ) Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 2.539,2 % Growth Factors % 14,86 1,65 0,75 5,38 1,71 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 16,91 10,30 -65,44 -69,27 22,67 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — 100,05 % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Teleperformance SE Aurelius Se & Co KGaA Amundi 3 M I Wirecard AG Kingspan Group PLC Merlin Properties SOCIMI SA Huhtamäki Oyj Salzgitter AG Iren SpA Aalberts Industries NV Alten IMCD NV Eurocommercial Properties ... Valmet Corp TKH Group NV Sartorius Stedim B KION GROUP AG Arkema SA Nexans Ontex Group NV 8 2 p y — 8 8 5 8 5 5 8 5 8 2 8 9 — a r u t r f p a r u p a d p r p s 4.473 1.636 — 4.660 4.079 3.279 3.561 1.599 1.908 3.309 1.793 1.813 1.958 1.641 1.439 — 4.698 5.184 1.732 1.821 2,43 2,27 2,18 2,12 2,08 2,05 2,05 2,03 2,03 2,01 1,98 1,98 1,95 1,90 1,87 1,78 1,77 1,74 1,73 1,71 — 5 5 5 5 Top 20 holdings Top 3 Equity Sectors Industrials Cons Cyclical Basic Matls as of — — — — — — — — Top Holdings as of 30/04/2016 % 100,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Top 3 Fixed Income Sectors Cash Corporate Government © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 39,7 % Rel BM1% Rel BM2% 25,92 19,74 11,42 56,84 42,19 56,36 56,84 42,19 56,36 % Rel BM1% Rel BM2% 81,34 18,33 0,32 55,78 -249,25 100,00 55,78 -249,25 100,00 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 9 of 28 Fidelity America A-ACC-EUR Hedged LU0945775517 Data as of 31/08/2016 Investment Summary Benchmark 1 MSCI World EUR Total Return % -0,36 2,54 9,58 4,02 7,27 11,40 — — — +/BM1 -0,85 -0,56 -0,18 1,61 -0,06 -2,21 — — — +/BM2 -0,64 -0,09 1,16 3,16 2,13 0,01 — — — Cat % Rank Manager Change 9,8 — — — — — — — — — Partial Mgr Change 4,9 Investment Performance Quarterly Return 0,0 Category — EAA OE US Equity - Currency Hedged -4,9 -9,8 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 1,83 0,72 54,43 8,28 -0,27 -2,21 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 11,25 1,01 1,64 — — — — — — 2007 2008 The fund’s objective is to achieve long term capital growth. It invests primarily in the shares of US companies. The fund may use derivatives for the purposes of efficient portfolio management, which may include hedging. Invests principally in US equity securities. 2010 2011 — — — — — — — — — — — — — — — — — — — 124,00 219,90 293,85 160,50 137,03 — — — — — — — — — — — — 96,95 94,08 99,36 99,06 99,59 99,34 0,00 0,00 0,00 0,00 0,00 0,00 2012 2013 2014 — — 17,29 — — -2,21 — — 0,08 — 118,41 276,68 — 36 65 — — 1,90 98,66 92,64 89,81 0,00 0,00 0,00 History 2015 08/2016 0,23 -10,19 -8,11 80,46 228 1,88 88,56 0,00 4,02 1,61 3,16 80,46 161 1,88 89,75 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 31/07/2016 0 50 21 39 11 13 6 7 1 0 1 Val 100 Net % # Cash Stock Bond Other 4,2 95,8 0,0 0,0 — 54 0 — Total 100,0 63 Market Cap % Giant 34,2 Large Mid Small 36,7 27,6 1,4 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low — 12/07/2013 Actual: 1,50% Max: 1,50% 5F Fidelity (FIL Inv Mgmt (Lux) S.... + 49 (0) 800 000 65 66 www.fidelity-international.com 2009 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Angel Agudo. Since 06/2014. Performance Quartile (within category) — — — — — — — — — — — Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 36.850,5 % Growth Factors % 18,31 2,24 1,56 9,24 2,11 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 6,85 0,55 -1,94 0,92 -6,67 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Oracle Corp Fidelity ILF - USD A Acc Pfizer Inc L-3 Communications Holdin... Verizon Communications Inc Berkshire Hathaway Inc B General Electric Co Molson Coors Brewing Co B EMC Corp Abbott Laboratories Kellogg Co International Business Mach... Express Scripts Holding Co Jazz Pharmaceuticals PLC Cisco Systems Inc VMware Inc JPMorgan Chase & Co The Mosaic Co Bank of New York Mellon Corp Jacobs Engineering Group Inc 4 a — 1 2 1 4 4 7 4 4 4 1 7 8 4 7 1 2 4 2 — d p i y p s a d s a d d a a y r y p 151.304 — 200.073 10.473 201.982 317.954 249.543 19.621 49.487 58.826 25.906 137.292 42.871 8.157 137.318 27.698 206.624 8.455 37.618 5.825 4,22 3,92 3,61 3,59 3,51 3,19 3,13 3,07 2,90 2,81 2,67 2,65 2,46 2,45 2,41 2,25 2,07 2,05 1,97 1,96 Top 20 holdings Top 3 Equity Sectors Technology Healthcare Industrials as of — — — — — — — — Top Holdings as of 31/07/2016 % — — — — — — — — Top 3 Fixed Income Sectors Derivative Cash Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 56,9 % Rel BM1% Rel BM2% 25,61 19,25 14,73 47,13 29,55 24,08 47,13 29,55 24,08 % Rel BM1% Rel BM2% 62,20 37,80 0,00 100,00 4,82 — 100,00 4,82 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 10 of 28 Indosuez Funds America Small&Mid Caps G LU1073905298 Data as of Currency 31/08/2016 EUR Investment Summary Total Return % 1,28 6,23 15,85 6,21 5,51 — — — — +/BM1 0,79 3,13 6,08 3,80 -1,82 — — — — +/BM2 1,00 3,59 7,42 5,35 0,38 — — — — Cat % Rank Manager Change 21,0 74 50 40 57 72 — — — — Partial Mgr Change 10,5 Investment Performance Quarterly Return 0,0 Category — EAA OE US Small-Cap Equity -10,5 -21,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 40 — — — 50 — — — — — — — — — 1 3/06/2014 Actual: 1,00% Max: 1,00% 2F 1R CA Indosuez Wealth (Asset M... — — Val 100 Total 0,0 — History 6,66 -3,76 -1,68 — 45 1,73 — — Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 6,21 3,80 5,35 — 41 1,73 — — — Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap USD Box Sector (mil) Top 0 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of — % Mkt Val 0,0 % Giant Core Gr AAA AA A BBB BB B or Below B Not Rated — — — — Market Cap Value Factors Ltd # 0,0 0,0 0,0 0,0 Mid Sm n/a Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Investment Strategy 2015 08/2016 Holding Analysis Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — ( ( Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Benchmark 1 MSCI World EUR Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 11 of 28 Indosuez Funds America Opportunities G LU1073903327 Data as of 31/08/2016 Investment Summary Benchmark 1 MSCI World EUR Total Return % 0,36 3,56 7,39 1,32 7,78 — — — — +/BM1 -0,12 0,47 -2,38 -1,09 0,45 — — — — +/BM2 0,09 0,93 -1,04 0,46 2,64 — — — — Cat % Rank Manager Change 16,4 62 55 82 77 66 — — — — Partial Mgr Change 8,2 Investment Performance Quarterly Return 0,0 Category — EAA OE US Large-Cap Blend Equity -8,2 -16,4 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 357 — — — 50 — — — — — — — — — 1 5/09/2014 Actual: 1,00% Max: 1,00% 2F 1R CA Indosuez Wealth (Asset M... — — Val 100 Total 0,0 — History 11,59 1,17 3,25 — 267 1,78 — — Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 1,32 -1,09 0,46 — 185 1,78 — — — Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap USD Box Sector (mil) Top 0 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of — % Mkt Val 0,0 % Giant Core Gr AAA AA A BBB BB B or Below B Not Rated — — — — Market Cap Value Factors Ltd # 0,0 0,0 0,0 0,0 Mid Sm n/a Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Investment Strategy 2015 08/2016 Holding Analysis Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — * ) Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 12 of 28 Indosuez Funds Asia Oportunities G LU1073907070 Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % 4,32 10,64 18,05 6,64 15,16 — — — — +/BM1 3,83 7,54 8,28 4,23 7,83 — — — — +/BM2 4,05 8,00 9,62 5,77 10,03 — — — — Cat % Rank Manager Change 18,4 13 52 36 55 33 — — — — Partial Mgr Change 9,2 Investment Performance Quarterly Return 0,0 Category — EAA OE Asia ex Japan Equity -9,2 -18,4 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 59 — — — 50 — — — — — — — — — 1 5/09/2014 Actual: 1,00% Max: 1,00% 2F 1R CA Indosuez Wealth (Asset M... — — Val 100 Total 0,0 — History 3,31 -7,11 -5,03 — 113 2,54 — — Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 6,64 4,23 5,77 — 124 2,54 — — — Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap USD Box Sector (mil) Top 0 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of — % Mkt Val 0,0 % Giant Core Gr AAA AA A BBB BB B or Below B Not Rated — — — — Market Cap Value Factors Ltd # 0,0 0,0 0,0 0,0 Mid Sm n/a Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Investment Strategy 2015 08/2016 Holding Analysis Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — * ( Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 13 of 28 Indosuez Funds Europe Opportunities G LU1073901206 Data as of 31/08/2016 Investment Summary Benchmark 1 MSCI World EUR Total Return % -0,45 -2,75 2,77 -4,92 -1,70 — — — — +/BM1 -0,94 -5,85 -7,00 -7,33 -9,03 — — — — +/BM2 -0,72 -5,39 -5,66 -5,78 -6,84 — — — — Cat % Rank Manager Change 18,0 88 76 73 51 27 — — — — Partial Mgr Change 9,0 Investment Performance Quarterly Return 0,0 Category — EAA OE Europe Large-Cap Blend Equity -9,0 -18,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 198 — — — 50 — — — — — — — — — 1 5/09/2014 Actual: 0,25% Max: 1,00% 2F 1R CA Indosuez Wealth (Asset M... — — Val 100 Total 0,0 — History 11,45 1,03 3,11 — 323 2,78 — — Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % -4,92 -7,33 -5,78 — 234 2,78 — — — Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap EUR Box Sector (mil) Top 0 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of — % Mkt Val 0,0 % Giant Core Gr AAA AA A BBB BB B or Below B Not Rated — — — — Market Cap Value Factors Ltd # 0,0 0,0 0,0 0,0 Mid Sm n/a Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Investment Strategy 2015 08/2016 Holding Analysis Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — * ( Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 14 of 28 CPR Global Silver Age P A/I FR0012300374 Investment Summary Currency EUR Benchmark 1 MSCI World EUR Total Return % -1,05 -0,41 4,25 -3,78 -0,50 — — — — +/BM1 -1,54 -3,51 -5,52 -6,19 -7,83 — — — — +/BM2 -1,32 -3,05 -4,18 -4,65 -5,64 — — — — Cat % Rank Manager Change 20,2 93 93 90 88 85 — — — — Partial Mgr Change Investment Performance Quarterly Return 10,1 0,0 Category — EAA OE Global Large-Cap Blend Equity -10,1 -20,2 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 08/2016 History — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 0 — 88,81 0,00 16,15 5,72 7,81 — 2 — 83,92 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 50 16 35 4 9 23 3 4 Val 1 19/12/2014 Actual: — Max: 1,50% 5F CPR Asset Management — www.cpr-am.fr 100 # 6,1 93,5 0,0 0,3 — 108 0 — Total 100,0 137 Market Cap % Giant 23,9 Mid Sm 6 0 Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Vafa Ahmadi. Since 12/2014. Clément Maclou. Since 12/2014. -3,78 -6,19 -4,65 — 4 — 82,86 0,00 Holding Analysis as of 30/06/2016 Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — & ) Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Large Mid Small 33,1 36,4 6,7 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 15.179,3 % Growth Factors % 19,82 2,77 1,63 11,43 1,71 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 11,28 5,75 6,70 5,18 5,43 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) CPR Cash P Johnson & Johnson Boston Scientific Corp Teleflex Inc Becton Dickinson & Co Comcast Corp Class A Stryker Corp C.R. Bard Inc Vail Resorts Inc Toro Co Healthcare Trust of America ... GlaxoSmithKline PLC Aramark Clorox Co Edwards Lifesciences Corp Medtronic PLC Healthcare Realty Trust Inc Orpea SA BlackRock Inc Prestige Brands Holdings Inc — 4 7 8 7 4 7 8 8 8 5 4 8 7 7 4 6 8 4 9 — d d d d i d d t p u d t s d d u d y d — 300.331 28.582 7.307 32.504 141.525 40.373 15.548 4.500 4.369 4.010 94.070 7.305 16.114 19.094 108.935 3.359 4.464 50.708 2.639 Top 20 holdings Top 3 Equity Sectors Healthcare Cons Defensive Cons Cyclical as of — — — — — — — — Top Holdings as of 30/06/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Government Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 6,05 2,15 1,62 1,59 1,46 1,45 1,44 1,40 1,39 1,37 1,37 1,32 1,29 1,24 1,24 1,23 1,19 1,14 1,13 1,13 32,2 % Rel BM1% Rel BM2% 45,60 15,39 13,71 70,25 28,73 16,77 70,25 28,73 16,77 % Rel BM1% Rel BM2% 100,00 64,03 64,03 0,00 100,00 100,00 0,00-9.415.802,94-9.415.802,94 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 15 of 28 Fidelity Global Technology A-EUR LU0099574567 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % 3,55 10,34 17,29 9,02 22,39 22,11 21,61 10,46 5,03 +/BM1 3,06 7,25 7,52 6,61 15,06 8,50 — — — +/BM2 3,28 7,71 8,86 8,16 17,25 10,71 8,70 6,64 2,86 Cat % Rank Manager Change 25,4 19 12 26 19 14 7 4 19 28 Partial Mgr Change Investment Performance Quarterly Return 12,7 0,0 Category — EAA OE Sector Equity Technology -12,7 -25,4 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 4Q — — 275 4Q 2,70 12,45 275 5Q 3,17 11,89 256 4Q 4,42 7,70 186 Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 5,18 1,21 72,43 8,96 0,95 8,50 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 16,44 1,35 2,44 15,02 1,43 2,62 18,29 0,50 0,77 2007 2008 1,23 4,99 — — -4,28 8,40 — 353,00 310 304 1,95 1,95 92,66 96,81 0,00 0,00 — 1/09/1999 Actual: 1,50% Max: 1,50% 5F Fidelity (FIL Inv Mgmt (Lux) S.... + 49 (0) 800 000 65 66 www.fidelity-international.com 2010 2011 -43,95 57,53 20,76 -7,17 — — — — -4,87 34,51 3,60 -2,64 — 136,35 106,94 207,10 131 273 399 320 — 1,96 1,95 1,93 96,90 97,29 98,08 98,07 0,00 0,00 0,00 0,00 2012 2013 2014 12,24 22,79 33,82 — 1,59 14,32 0,79 4,06 16,61 — 184,21 134,79 227 221 179 1,92 1,92 1,92 96,72 98,50 96,75 0,00 0,00 0,00 2015 08/2016 History 21,49 11,07 13,15 91,98 333 1,91 97,85 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 9,02 6,61 8,16 91,98 287 1,91 97,89 0,03 Holding Analysis as of 31/07/2016 0 50 26 7 27 3 9 17 5 6 0 Val 100 Net % # Cash Stock Bond Other 1,9 98,1 0,0 0,0 — 59 1 — Total 100,0 63 Market Cap % Giant 37,2 Large Mid Small 23,8 28,6 9,5 Micro Core Gr 0,9 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low The fund’s objective is to provide investors with long-term capital growth, principally through investment in the equity securities of companies throughout the world that have, or will, develop products, processes or services that will provide, or will benefit significantly from, technological advances and improvements. The aim of the fund is to provide investors with long-term capital growth from diversified and actively managed portfolios of securities. Unless otherwise specified in the investment objective, the income of the fund is expected to be low. The fund will invest principally (at least 70% and normally 75% in value) in equities in the markets and sectors reflected in the name of the fund and in companies established outside those markets but which derive a significant proportion of their earnings from those markets. 2009 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg HyunHo Sohn. Since 03/2013. Performance Quartile (within category) * * * * * ( * * & & & Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 27.085,1 % Growth Factors % 19,98 2,52 2,17 10,06 1,56 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 8,20 7,52 6,58 6,49 2,72 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — 89,53 % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Apple Inc Alphabet Inc A EMC Corp Samsung Electronics Co Ltd Intel Corp Qualcomm Inc Infineon Technologies AG LM Ericsson Telephone Co B VMware Inc International Business Mach... Xilinx Inc Baidu Inc ADR TripAdvisor Inc Lam Research Corp Nuance Communications Inc Autodesk Inc Micron Technology Inc CME Group Inc Class A Salesforce.com Inc Samsung Electronics Co Ltd 1 7 4 1 1 4 7 1 7 1 5 502.148 486.353 49.487 174.265 147.482 82.469 16.667 21.963 27.698 137.292 11.579 49.467 9.114 12.860 4.019 11.943 12.759 30.981 50.108 143.240 9,03 8,68 3,90 3,47 3,37 2,97 2,82 2,66 2,64 2,64 2,38 2,32 2,32 2,11 1,96 1,94 1,89 1,68 1,67 1,63 — 8 5 8 8 5 7 7 1 a a a a a a a a a a a a a a a a a y a a Top 20 holdings Top 3 Equity Sectors Technology Financial Svcs Industrials as of — — — — — — — — Top Holdings as of 31/07/2016 % 0,0 100,0 0,0 0,0 0,0 0,0 0,0 0,0 Top 3 Fixed Income Sectors Cash Derivative Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 62,1 % Rel BM1% Rel BM2% 93,70 1,72 1,64 85,55 -836,47 -582,67 85,55 -836,47 -582,67 % Rel BM1% Rel BM2% 89,08 10,92 0,00 59,62 100,00 — 59,62 100,00 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 16 of 28 JPM Global Macro Opps A (acc) EUR LU0095938881 Data as of 31/08/2016 Investment Summary Benchmark 1 MSCI World EUR Total Return % -3,18 -1,54 -4,57 -1,63 -5,54 9,34 6,83 4,17 2,69 +/BM1 -3,67 -4,64 -14,34 -4,04 -12,87 -4,27 — — — +/BM2 -3,45 -4,18 -13,00 -2,50 -10,67 -2,06 -6,09 0,35 0,52 Cat % Rank Manager Change 10,2 — — — — — — — — — Partial Mgr Change 5,1 Investment Performance Quarterly Return 0,0 Category — EAA OE Alt - Multistrategy -5,1 -10,2 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 9,97 -0,05 0,73 14,23 -0,30 -4,27 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year 7,32 1,28 2,56 7,94 0,84 1,38 7,74 0,38 0,54 Standard Deviation Sharpe Ratio Sortino Ratio 2006 2007 2008 2009 2010 6,90 — 1,39 — 47 1,45 56,01 8,62 3,38 — 6,80 — 57 1,45 44,13 31,56 -16,55 — 22,53 8,42 27 1,45 44,60 52,28 13,44 — -9,58 53,85 29 1,45 32,10 26,34 9,06 -6,00 1,98 — — — -8,10 -1,47 -9,46 0,00 121,34 141,94 26 24 14 1,45 1,45 1,45 58,08 79,22 74,58 35,13 10,87 11,56 -300 -200 -100 0 35 37 25 2014 16,11 12,71 -5,09 -6,79 -2,62 -4,50 — 119,02 37 43 1,45 1,45 66,25 59,98 11,94 29,46 2 1 0 0 0 0 Val 100 200 Net % # Cash Stock Bond Other -93,8 142,7 48,7 2,4 — 61 8 — Total 100,0 111 Market Cap % Giant 64,6 Large Mid Small 32,8 2,5 0,1 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low 35000 23/10/1998 Actual: 1,25% Max: 1,25% 5F 1R JPMorgan Asset Mgmt (Euro... +352 34 101 www.jpmorgan.com 2013 Mid Sm Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2012 2015 08/2016 History 9,66 -1,63 -0,77 -4,04 1,32 -2,50 — 119,02 439 1.546 1,45 1,45 23,05 39,25 12,50 13,40 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 31/07/2016 Investment Strategy To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using derivative strategies where appropriate. The Sub-Fund will primarily invest in a portfolio of equity and equity linked securities (including depository receipts, warrants and other participation rights), index and participation notes, equity linked notes, commodity index instruments, convertible securities, fixed and floating rate debt securities, deposits with credit institutions and money market instruments. Issuers of these securities may be located in any country, including emerging markets. 2011 Lg Talib Sheikh. CFA. Since 12/2012. M.S. Newcastle University. B.S. Newcastle University. Shrenick Shah. Since 12/2012. James Elliot. Since 12/2012. Performance Quartile (within category) * & * ( * ( ) & & & — Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 47.539,0 % Growth Factors % 16,36 2,13 1,58 8,56 3,03 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 8,21 7,11 3,45 -1,37 3,98 Avg Eff Duration1 Avg Eff Maturity1 Avg Credit Quality1 Avg Wtd Coupon1 Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) Spxw Put Usd 2145 05/Aug/... — Buy Protection On Itraxx Asi... — Us 10yr Note (Cbt) Bond 21/... — Spxw Put Usd 2075 29/Jul/2... — Ftse 100 Idx Fut Equity Index ... — Xai Emini Industr Equity Inde... — US Treasury Note 2.125% — Aust 10y Bond Fut Bond 15/... — STOXX Europe 600 Oil & Gas ... — France(Govt Of) 3.25% — MSCI Singapore Index Aug16 — STOXX Europe 600 Ind Good... — E-mini S&P 500 Sept16 — 1 Snam SpA 1 Enel SpA Nippon Telegraph & Telepho... 1 Xay Cons Discret Equity Inde... GlaxoSmithKline PLC Imperial Brands PLC Pfizer Inc — 1 4 1 — — — — — — — — — — — — — f f i — d s d — — — — — — — — — — — — — 18.110 41.866 86.760 — 97.651 45.343 200.073 Top 20 holdings Top 3 Equity Sectors Healthcare Comm Svcs Cons Defensive as of 30/06/2011 82,6 0,0 17,4 0,0 0,0 0,0 0,0 Top Holdings as of 31/07/2016 % 0,0 57,6 0,9 24,0 1,7 0,0 15,7 0,0 Top 3 Fixed Income Sectors Derivative Cash Government © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 16,57 16,00 15,95 15,84 8,02 5,28 5,04 5,00 4,82 4,35 4,33 4,10 3,86 3,05 3,04 2,90 2,88 2,77 2,60 2,45 128,8 % Rel BM1% Rel BM2% 24,23 17,89 12,63 44,01 72,87 13,19 44,01 72,87 13,19 % Rel BM1% Rel BM2% 65,92 19,11 14,97 100,00 -88,24 100,00 100,00 -88,24 100,00 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 17 of 28 Fidelity Gl Consmr Industries A-EUR LU0114721508 Data as of 31/08/2016 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % +/BM1 -0,58 2,81 6,20 1,22 8,97 14,92 16,15 9,54 6,90 -1,07 -0,28 -3,57 -1,19 1,63 1,31 — — — +/BM2 -0,85 0,18 -2,23 0,36 3,83 3,53 3,24 5,72 4,73 Cat % Rank Manager Change 17,2 87 51 48 46 32 17 24 34 47 Partial Mgr Change 8,6 Investment Performance Quarterly Return 0,0 Category — EAA OE Sector Equity Consumer Goods & Services -8,6 -17,2 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 4Q — — 275 4Q 1,54 5,66 275 3Q 1,61 7,83 226 4Q 2,30 6,97 85 Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 1,24 1,00 88,52 4,18 0,31 1,31 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 12,35 1,21 2,12 10,72 1,49 2,74 12,50 0,66 1,02 2007 2008 2009 2010 2011 2012 The fund’s objective is to achieve long term capital growth. It invests in the shares of companies (equities) from around the world. It invests primarily in companies which are involved in the manufacture and distribution of goods to consumers. The fund may use derivatives for the purposes of efficient portfolio management, which may include hedging. 8,72 2,84 — — 3,21 6,25 — 131,00 122 100 — 1,97 94,56 95,85 0,00 0,00 -27,99 — 11,09 75,38 67 1,93 91,42 0,00 29,60 — 6,58 84,80 125 1,98 95,60 0,00 25,36 — 8,20 92,08 187 1,97 96,30 0,00 -0,12 — 4,40 80,78 165 1,94 95,85 0,00 16,16 19,51 19,11 — -1,69 -0,38 4,71 0,77 1,91 — 109,35 106,15 230 329 216 1,94 — 1,93 95,60 90,00 90,05 0,00 0,00 0,00 2014 2015 08/2016 History 15,37 4,95 7,03 51,89 256 1,92 94,25 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % 1,22 -1,19 0,36 51,89 226 1,92 95,58 0,00 Holding Analysis as of 31/07/2016 0 50 6 29 54 3 2 4 1 1 0 Val 100 Net % # Cash Stock Bond Other 2,5 97,5 0,0 0,0 — 60 0 — Total 100,0 62 Market Cap % Giant 61,0 Large Mid Small 26,6 9,9 2,4 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low — 1/09/2000 Actual: 1,50% Max: 1,50% 5F Fidelity (FIL Inv Mgmt (Lux) S.... + 49 (0) 800 000 65 66 www.fidelity-international.com 2013 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Aneta Wynimko. Since 02/2015. Performance Quartile (within category) ( * & ( ( * ( * & * * Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 47.985,3 % Growth Factors % 25,11 4,43 2,62 15,57 1,90 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 11,02 4,39 2,85 4,19 7,16 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Amazon.com Inc Colgate-Palmolive Co Philip Morris International Inc Coca-Cola Co L'Oreal SA Comcast Corp Class A Alphabet Inc A Industria De Diseno Textil SA Heineken NV LVMH Moet Hennessy Louis ... The Estee Lauder Companie... Naspers Ltd Class N Molson Coors Brewing Co B TJX Companies Inc Starbucks Corp Japan Tobacco Inc Reckitt Benckiser Group PLC Kao Corp British American Tobacco PLC Mondelez International Inc C... 7 4 4 1 7 4 7 7 7 4 7 7 7 7 7 4 7 7 7 7 321.690 59.337 139.088 168.395 95.196 145.043 486.353 96.321 48.104 77.206 30.552 60.615 19.621 47.986 76.133 62.891 61.217 24.297 106.792 61.178 4,77 4,56 4,48 4,27 3,65 3,64 3,34 3,31 3,22 3,18 3,15 2,59 2,54 2,53 2,49 2,45 2,29 2,12 2,11 1,97 t s s s s i a t s t s a s t t s s s s s Top 20 holdings Top 3 Equity Sectors Cons Defensive Cons Cyclical Technology as of — — — — — — — — Top Holdings as of 31/07/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Derivative Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 62,7 % Rel BM1% Rel BM2% 49,35 36,46 9,24 77,78 68,70 -46,46 77,78 68,70 -46,46 % Rel BM1% Rel BM2% 54,28 45,72 0,00 33,73 100,00 — 33,73 100,00 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 18 of 28 Fidelity Asia Focus A-EUR LU0069452877 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % +/BM1 2,34 9,59 17,02 7,36 15,47 9,01 6,85 8,29 — 1,86 6,49 7,26 4,96 8,14 -4,60 — — — +/BM2 2,07 6,95 8,60 6,50 10,33 -2,39 -6,06 4,47 — Cat % Rank Manager Change 25,4 81 70 53 51 34 76 75 18 — Partial Mgr Change 12,7 Investment Performance Quarterly Return 0,0 Category — EAA OE Asia ex Japan Equity -12,7 -25,4 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 3Q — — 602 2Q 2,27 0,36 602 2Q 3,38 -2,09 476 4Q 5,80 5,37 286 Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return -3,74 1,00 63,08 8,84 -0,52 -4,60 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 14,56 0,62 0,94 14,75 0,45 0,67 19,27 0,36 0,53 2007 2008 The fund invests principally in equity securities quoted on stock exchanges in the Asia excluding Japan. The fund may invest its net assets directly in China A and B Shares. The fund may invest up to 10% of its net assets directly in China A and B Shares (with aggregate exposure including direct and indirect investments up to 30% of its assets). 2010 2011 22,56 38,69 -48,26 66,01 29,67 -15,48 — — — — — — 17,05 42,10 -9,18 42,99 12,50 -10,96 — 145,00 106,18 147,68 184,59 164,16 188 422 164 411 731 540 — 2,00 — 1,96 1,97 1,95 97,25 96,81 92,47 96,91 98,34 98,65 0,00 0,00 0,00 0,00 0,18 0,05 2012 2013 2014 History 2015 08/2016 17,50 -0,01 10,96 3,06 7,36 — -21,21 -8,54 -7,36 4,96 6,06 -18,74 -6,25 -5,28 6,50 — 238,91 223,68 263,16 263,16 553 376 213 173 173 1,93 1,93 1,93 1,92 1,92 97,50 98,52 98,50 97,88 97,15 0,00 0,00 0,00 0,00 0,00 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 31/07/2016 0 50 23 31 42 4 1 0 0 0 0 Val 100 Net % # Cash Stock Bond Other 2,8 97,2 0,0 0,0 — 79 0 — Total 100,0 83 Market Cap % Giant 70,4 Large Mid Small 24,5 5,0 0,0 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low 1000 16/02/2004 Actual: 1,50% Max: 1,50% 5F Fidelity (FIL Inv Mgmt (Lux) S.... + 49 (0) 800 000 65 66 www.fidelity-international.com 2009 Mid Sm Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Dhananjay Phadnis. Since 03/2015. Performance Quartile (within category) * & * * & * ( * ) * ( Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 24.324,6 % Growth Factors % 14,90 1,72 1,85 8,41 2,44 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 9,43 4,64 11,57 0,68 1,43 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Taiwan Semiconductor Man... AIA Group Ltd Tencent Holdings Ltd HDFC Bank Ltd Samsung Electronics Co Ltd China Mobile Ltd Industrial And Commercial B... Housing Development Finan... United Overseas Bank Ltd Sun Pharmaceuticals Indust... China Pacific Insurance (Gro... Alibaba Group Holding Ltd A... Brilliance China Automotive ... China Petroleum & Chemical ... LG Chem Ltd Fidelity ILF - USD A Acc Shanghai International Airpo... China Overseas Land & Inves... Cipla Ltd Kasikornbank Public Co Ltd DR 4 7 7 7 1 1 1 7 1 7 4 125.301 66.718 202.184 42.061 174.265 225.694 180.306 28.990 19.477 26.664 28.614 184.394 4.987 76.876 14.295 — 7.219 28.976 5.653 — 5,85 5,20 4,59 3,98 3,40 2,97 2,78 2,30 2,18 1,86 1,71 1,66 1,62 1,58 1,51 1,44 1,38 1,37 1,34 1,32 — 4 1 4 a y a y a i y y y d y t t o r — 7 4 7 4 — p u d y Top 20 holdings Top 3 Equity Sectors Financial Svcs Technology Cons Cyclical as of — — — — — — — — Top Holdings as of 31/07/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Derivative Securitized © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 50,0 % Rel BM1% Rel BM2% 32,25 25,09 14,01 50,18 46,03 18,52 50,18 46,03 18,52 % Rel BM1% Rel BM2% 98,78 1,22 0,00 63,59 100,00 — 63,59 100,00 — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 19 of 28 JPM Europe Strategic Growth A (dist) EUR LU0107398538 Data as of 31/08/2016 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % 0,35 1,27 8,13 -1,78 3,90 15,03 16,35 5,80 5,85 +/BM1 -0,14 -1,83 -1,63 -4,19 -3,43 1,42 — — — +/BM2 Cat % Rank 0,08 -1,37 -0,29 -2,64 -1,23 3,64 3,44 1,98 3,68 Manager Change 25,4 62 28 17 35 34 3 3 40 25 Partial Mgr Change Investment Performance Quarterly Return 12,7 0,0 Category — EAA OE Europe Large-Cap Growth Equity -12,7 -25,4 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 4Q — — 230 5Q 1,82 12,19 230 4Q 2,08 11,96 169 3Q 2,95 4,08 96 Rating Risk Return # Investments Rated Risk/Reward vs Benchmark 1 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return 1,88 0,97 74,41 6,58 0,22 1,42 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year Standard Deviation Sharpe Ratio Sortino Ratio 13,00 1,16 2,18 12,34 1,31 2,38 16,14 0,28 0,38 2007 23,74 — 18,23 — 880 — 96,70 0,00 2,28 -48,47 25,46 29,94 -14,58 20,84 30,78 12,25 21,83 -1,78 — — — — — — 9,58 -7,24 11,41 -4,19 5,69 -9,39 2,44 12,77 -10,06 9,39 12,05 -4,95 13,50 -2,64 — 207,46 303,46 201,53 252,22 409,85 124,44 174,15 108,72 108,72 846 188 178 238 150 118 110 146 194 229 1,90 1,90 1,90 1,90 1,90 1,90 1,90 1,90 1,90 1,90 99,43 99,13 99,83 99,04 98,48 93,44 97,20 93,61 95,37 96,77 0,00 0,03 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2008 0 50 3 26 41 2011 2012 2013 3 6 9 4 7 1 100 Net % # Cash Stock Bond Other 1,0 98,2 0,0 0,8 — 298 0 — Total 100,0 315 Market Cap % Giant 43,0 Large Mid Small 26,3 17,4 12,7 Micro Core Gr 0,7 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low — 14/02/2000 Actual: 1,50% Max: 1,50% 5F 1R JPMorgan Asset Mgmt (Euro... +352 34 101 www.jpmorgan.com 2010 Mid Sm To provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies. At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of equity and equity linked securities of companies that are incorporated under the laws of, and have their registered office, in a European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere. 2009 2014 History 2015 08/2016 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % Holding Analysis as of 31/07/2016 Val Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 2006 Lg Michael Barakos. CFA. Since 01/2014. B.S. London School of Economics & Political Science. Ben Stapley. Since 01/2014. Performance Quartile (within category) ( & ( ) & ) ( & & & * Equity Style % Manager Information Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 16.420,6 % Growth Factors % 20,43 3,90 1,65 10,97 2,07 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 11,90 3,70 3,10 1,23 7,77 Avg Eff Duration1 Avg Eff Maturity1 Avg Credit Quality1 Avg Wtd Coupon1 Avg Wtd Price 1 — — — — — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) % Mkt Val Nestle SA Roche Holding AG Dividend ... Unilever NV DR British American Tobacco PLC Novo Nordisk A/S B SAP SE Diageo PLC Reckitt Benckiser Group PLC Shire PLC RELX PLC ASML Holding NV L'Oreal SA Danone SA Industria De Diseno Textil SA adidas AG Prudential PLC JPM Euro Liquidity X (flex dis... Koninklijke Ahold Compass Group PLC WPP PLC 4 4 4 7 7 7 7 7 4 7 7 7 7 7 7 1 s d s s d a s s d t a s s t t y — — 7 4 — s t t 221.761 195.164 125.336 106.792 132.516 96.327 70.671 61.217 52.062 35.019 41.936 95.196 42.483 96.321 29.379 40.775 — — 28.012 26.813 6,28 4,67 3,56 3,21 2,62 2,26 1,87 1,83 1,43 1,23 1,23 1,22 1,20 1,14 1,13 1,13 1,05 1,02 0,99 0,90 Top 20 holdings Top 3 Equity Sectors Cons Defensive Industrials Healthcare as of 31/03/2009 71,0 29,0 0,0 0,0 0,0 0,0 0,0 Top Holdings as of 31/07/2016 % — — — — — — — — Top 3 Fixed Income Sectors Cash Corporate Derivative © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 40,0 % Rel BM1% Rel BM2% 28,17 16,90 13,92 61,07 33,82 2,59 61,07 33,82 2,59 % Rel BM1% Rel BM2% 96,59 3,41 0,00 62,76 -1.779,52 100,00 62,76 -1.779,52 100,00 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 20 of 28 LO Funds - Conv Bd (EUR) P A LU0159201655 Investment Summary Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Data as of 31/08/2016 Currency EUR Benchmark 1 MSCI World EUR Performance Total Return % 0,52 0,70 3,29 -0,85 0,51 3,97 4,80 3,63 — +/BM1 0,04 -2,39 -6,47 -3,26 -6,82 -9,64 — — — +/BM2 0,25 -1,93 -5,13 -1,72 -4,63 -7,43 -8,11 -0,19 — Cat % Rank Manager Change 8,8 49 72 75 59 50 38 52 45 — Partial Mgr Change 4,4 Investment Performance Quarterly Return 0,0 Category — EAA OE Convertible Bond Global, EUR Hedged -4,4 -8,8 Ratings as of 31/07/2016 Overall 3 Year 5 Year 10 Year 4Q — — 208 3Q 0,25 2,64 208 3Q 0,31 3,13 164 4Q 0,50 2,04 57 Rating Risk Return # Investments Rated 3 Year 5 Year 10 Year Alpha Beta R-Squared Tracking Error Information Ratio Excess Return -0,53 0,34 61,91 8,27 -1,17 -9,64 — — — — — — — — — — — — Miscellaneous 3 Year 5 Year 10 Year 5,00 0,80 1,32 5,20 0,89 1,42 6,77 0,35 0,44 Standard Deviation Sharpe Ratio Sortino Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 7,87 — 2,36 — 316 — 1,22 6,25 8,45 — 11,86 -10,32 545 1,26 3,88 3,62 -18,69 — 20,39 -42,06 241 1,34 1,75 2,62 18,02 — -5,00 90,05 1.057 1,37 2,31 0,88 6,11 — -11,05 99,61 665 1,27 0,96 2,17 -4,30 — 0,23 83,10 467 1,27 0,91 3,21 8,21 — -3,23 38,63 579 1,41 0,63 6,56 10,61 -10,60 -8,13 80,05 1.146 1,65 0,53 3,92 4,85 -14,64 -12,35 78,85 832 1,63 0,00 3,88 -50 0 50 0 100 0 0 0 0 0 0 The Sub-Fund invests, at least two-thirds (2/3rds) of its portfolio, in bonds convertible into equities denominated in various currencies. Up to one-third (1/3rd) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents. — 0 8 — Total 100,0 157 Market Cap % Giant 100,0 Large Mid Small 0,0 0,0 0,0 Micro Core Gr 0,0 Avg Market Cap (mil) Value Factors Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low 3000 9/12/2002 Actual: 0,65% Max: 0,65% 5F Lombard Odier Funds (Europe... — www.lombardodier.com 100 # 14,0 0,0 5,2 80,7 Mid Sm 0 Val Investment Strategy Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address -100 Net % Cash Stock Bond Other Lg Nathalia Barazal. Since 08/2004. Giuliano Mazzoni. Since 12/2002. Jérôme Hémard. Since 01/2008. 2015 08/2016 History 3,63 -6,79 -4,71 — 703 1,62 0,06 2,58 Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % -0,85 -3,26 -1,72 78,85 567 1,62 0,02 3,18 Holding Analysis as of 31/07/2016 Equity Style % Manager Information Performance Quartile (within category) * & & ) ( & ( ( * * ( Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Ltd Mod Ext Credit Rating Breakdown AAA AA A BBB BB B or Below B Not Rated 26.515,1 % Growth Factors % 36,31 6,44 15,06 18,25 3,34 LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr 6,30 27,77 25,63 23,22 — Avg Eff Duration1 Avg Eff Maturity1 Avg Credit Quality1 Avg Wtd Coupon1 Avg Wtd Price 1 — — BBB 1,59% — % Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ Style Mkt Cap EUR Box Sector (mil) LO Funds - Short-Term Mon... LO Funds - Convertible Bond ... Citrix Sys Cv 0.5% Priceline Grp Cv 0.35% Siemens Financier ([Wts/Rts]) Amer Movil Sab Cv LO Funds - Convertible Bond ... 1 1/4 Steinhoff Cv Aug22 Gbl Verwaltung Sa Cv 1.25% Vodafone Grp Cv Red Hat Cv 0.25% Swiss Life Hldg Cv Telecom Italia Spa Cv 1.125% Unibail-Rodamco Se Cv Dp World Cv 1.75% Sainsbury(J) Cv 1.25% Acs Actividades Fi Cv 2.625% Illumina Cv Salesforce Com Cv 0.25% Industrivarden Ab Cv — 7 — — — — 7 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Top 20 holdings Top 3 Equity Sectors Financial Svcs Technology Industrials as of 31/03/2016 13,1 0,6 15,2 47,4 18,4 4,3 1,0 Top Holdings as of 29/02/2016 % 34,7 40,9 13,7 5,9 0,5 2,7 1,5 0,0 Top 3 Fixed Income Sectors Corporate Derivative Cash © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Mkt Val 4,28 3,02 2,55 2,23 2,17 2,12 2,05 1,57 1,35 1,32 1,31 1,16 1,12 1,05 1,04 0,99 0,99 0,95 0,95 0,91 33,1 % Rel BM1% Rel BM2% 100,00 0,00 0,00 83,93 — — 83,93 — — % Rel BM1% Rel BM2% 47,44 40,02 9,20 -34,98 100,00 -291,19 -34,98 100,00 -291,19 ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 21 of 28 EUR cash EURO Investment Summary Data as of — Benchmark 1 MSCI World EUR Total Return % — — — — — — — — — +/BM1 — — — — — — — — — +/BM2 — — — — — — — — — Cat % Rank Manager Change 0,4 — — — — — — — — — Partial Mgr Change 0,3 Investment Performance Quarterly Return 0,2 Category — — 0,1 0,0 Ratings Overall 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — Rating Risk Return # Investments Rated Alpha Beta R-Squared Tracking Error Information Ratio Excess Return Miscellaneous Standard Deviation Sharpe Ratio Sortino Ratio 3 Year 5 Year 10 Year — — — — — — — — — — — — — — — — — — 3 Year 5 Year 10 Year — — — — — — — — — 2006 2007 2008 2009 2010 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 50 — — — — — — — — — — — Actual: — Max: — — — — — Val 100 Total 100,0 — — — — — — — — — — — — — — — — — Total Return % +/- Benchmark 1 +/- Benchmark 2 Turnover Ratio % Share Class Assets (mil) Expense Ratio Stock % Bond % — Large Mid Small — — — Micro — Avg Market Cap (mil) — Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Fixed Income Style High Med Low Mod Ext Credit Rating Breakdown % Growth Factors % — — — — — LT Earn Gr Hist Earn Gr Book Val Gr Sales Gr Cash Flow Gr — — — — — Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price 1 — — — — — % Style Mkt Cap EUR Box Sector (mil) Top 0 holdings Top 3 Equity Sectors Basic Matls Cons Cyclical Financial Svcs as of — — — — — — — — Top Holdings as of — % Mkt Val 0,0 % Giant Core Gr AAA AA A BBB BB B or Below B Not Rated — — — — Market Cap Value Factors Ltd # 100,0 0,0 0,0 0,0 Mid Sm Minimum Initial Investment Inception Date Management Fees Sales Fees Firm Name Telephone Web Address 0 Net % Cash Stock Bond Other Lg Investment Strategy History 2015 08/2016 Holding Analysis Equity Style % Manager Information Performance Quartile (within category) — — — — — — — — — — — Risk/Reward vs Benchmark 1 Operations Benchmark 2 MSCI World PR EUR Performance Trailing Return 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Currency EUR Maturity Breakdown 1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+ % — — — — — — — — Top 3 Fixed Income Sectors Government Municipal Corporate © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. % Rel BM1% Rel BM2% — — — — — — — — — % Rel BM1% Rel BM2% — — — — — — — — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 22 of 28 Disclosure for Standardized and Tax Adjusted Returns The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For information current to the most recent month-end, please visit http:// www.morningstaradvisor.com/familyinfo.asp An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities,additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as management fees and operating fees, and policy-level administration fees, charges such as surrender, contract and sales charges. After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown. The after tax returns shown are not relevant to investors who hold their fund shares through taxdeferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution is as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before tax returns. After-tax returns for exchange-traded funds are based on net asset value. Annualized Returns 30/06/2016 Standard Returns (%) ETFS Gold Bullion Securities ETC iShares MSCI Emerging Markets Dist Source Financials S&P US Select Sect ETF MLIS Marshall Wce Tps UCITS MN A EUR Acc Pictet-Asian Local Currency Dbt P EUR Amundi Fds Absolute Vol World Eqs AHE-C iShares S&P 500 EUR Hedged Amundi Fds Eq Euroland Small-Cap AE-C Fidelity America A-ACC-EUR Hedged Indosuez Funds America Small&Mid Caps G Indosuez Funds America Opportunities G Indosuez Funds Asia Oportunities G Indosuez Funds Europe Opportunities G CPR Global Silver Age P A/I Fidelity Global Technology A-EUR JPM Global Macro Opps A (acc) EUR Fidelity Gl Consmr Industries A-EUR Fidelity Asia Focus A-EUR JPM Europe Strategic Growth A (dist) EUR LO Funds - Conv Bd (EUR) P A EUR cash MSCI World EUR MSCI World PR EUR Return after Taxes (%) ETFS Gold Bullion Securities ETC iShares MSCI Emerging Markets Dist Source Financials S&P US Select Sect ETF MLIS Marshall Wce Tps UCITS MN A EUR Acc Pictet-Asian Local Currency Dbt P EUR Amundi Fds Absolute Vol World Eqs AHE-C iShares S&P 500 EUR Hedged Amundi Fds Eq Euroland Small-Cap AE-C Fidelity America A-ACC-EUR Hedged Indosuez Funds America Small&Mid Caps G Indosuez Funds America Opportunities G Indosuez Funds Asia Oportunities G Indosuez Funds Europe Opportunities G CPR Global Silver Age P A/I Fidelity Global Technology A-EUR JPM Global Macro Opps A (acc) EUR Fidelity Gl Consmr Industries A-EUR Fidelity Asia Focus A-EUR JPM Europe Strategic Growth A (dist) EUR LO Funds - Conv Bd (EUR) P A EUR cash 7-day Yield — — — — — — — — — — — — — — — — — — — — — 1 Yr 5 Yr 10 Yr — — — 4,88 -0,08 -1,13 2,37 -12,60 -6,17 -9,07 -4,01 -13,02 -11,66 -9,27 -0,85 -1,59 -3,88 -13,42 -8,79 -7,79 — -2,50 -4,47 — — — 5,74 5,39 -4,24 10,45 7,18 — — — — — — 16,37 5,58 13,10 2,67 10,67 2,39 — — 10,14 — — — — — — — 3,96 — — — — — — 9,07 4,08 9,12 7,40 4,97 2,98 — — 3,73 Since Inception — — — 3,92 4,90 -2,95 12,00 7,88 7,83 12,27 9,28 0,40 -0,54 3,66 1,68 3,02 5,00 9,17 2,13 3,61 — 13,13 2,42 Inception Max Front Max Back Load % Load % Date 04/2004 11/2005 12/2009 12/2007 01/2007 09/2009 09/2010 06/2011 07/2013 06/2014 09/2014 09/2014 09/2014 12/2014 09/1999 10/1998 09/2000 02/2004 02/2000 12/2002 — — 12/1998 on Distribution — — — 0,00% 5,00% 4,50% — 4,50% 5,25% 1,50% 1,50% 1,50% 1,50% 5,00% 5,25% 5,00% 5,25% 5,25% 5,00% 5,00% — — — — — 1,00% — — — — — — — — 0,00% — 0,00% — — — — — Net Exp Gross Exp Ratio % Ratio % 0,40% 0,75% 0,30% — — — 0,45% — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — on Distribution and Sales of Shares 1 Yr 5 Yr 10 Yr — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Since Inception — — — — — — — — — — — — — — — — — — — — — Inception Date 04/2004 11/2005 12/2009 12/2007 01/2007 09/2009 09/2010 06/2011 07/2013 06/2014 09/2014 09/2014 09/2014 12/2014 09/1999 10/1998 09/2000 02/2004 02/2000 12/2002 — 1 Yr 5 Yr 10 Yr — — — — 6,18 — — — — — — — — — 4,64 — 1,45 -8,64 -3,61 — — — — — — 6,63 — — — — — — — — — 17,63 — 14,33 3,76 11,86 — — — — — — — — — — — — — — — — 9,65 — 9,71 7,95 5,48 — — © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. Since Inception — — — — 5,54 — — — — — — — — — 2,01 — 5,36 9,62 2,40 — — ß ® Morningstar DirectSM | Print Date: 2/09/2016 Investment Summary Disclosure Statement Use of the Investment Summary report requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. When the Investment Summary report is used as supplemental sales literature, it must be preceded or accompanied by the investment's current prospectus and disclosure statement. Past financial performance is no guarantee of future results. Morningstar is not a FINRA-member firm. Print Date This is the date the report was generated. Data as of Unless otherwise specified or disclosed, information on the report reflects data for time periods ending on this date. Currency Unless otherwise specified or disclosed, the currency used for data in the report is Euro (EUR). Benchmark MSCI World EUR No definition available for this benchmark. MSCI World PR EUR The index measures the performance of the large and mid cap segments of world equity securities. It is free float-adjusted market-capitalization weighted. Annual and Trailing Returns Expressed in percentage terms, Morningstar's calculation of total monthly and quarterly return is determined by taking the change in net asset value, reinvesting all income and capital-gains distributions during the period, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Unless otherwise noted, Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads and redemption fees), preferring to give a clearer picture of an investment's performance. The total returns do account for management, administrative, 12b-1 fees and other costs taken out of investment assets. Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns), affording a more meaningful picture of investment performance than non-annualized figures. Return +/- Benchmark Returns relative to the benchmark are calculated by subtracting the benchmark's return from the subject investment's return. Category % Rank Category percentile rank is a standardized way of ranking investment returns within the same Morningstar Category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale. Note that the ranking Page 23 of 28 date may be different from the date of the returns. The ranking date is disclosed separately at the bottom of the section. Morningstar Rating Morningstar RatingTM is calculated for investments with at least a threeyear history. It is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in an investment's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of investments in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with the three-, five- and 10- year (if applicable) Morningstar Rating metrics. Morningstar will not calculate ratings for categories or time periods that contain fewer than five investments. Morningstar Risk Morningstar Risk is an annualized measure that evaluates variations in an investment's monthly returns, with an emphasis on downside variations, relative to that of other investments in the Morningstar Category. A high number indicates higher risk and a low number indicates lower risk. Morningstar Return Morningstar Return is an annualized measure of an investment's loadadjusted excess return over a risk-free rate, in comparison with the investments in its Morningstar Category. # Investments Rated This figure indicates the number of investments included in the subject investment's Morningstar Category for the corresponding rating time period. Alpha Alpha measures the difference between an investment's actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the investment has performed better than its beta would predict. In contrast, a negative alpha indicates that the investment underperformed, given the expectations established by its beta. Alpha is often seen as a measure of the value added or subtracted by a portfolio manager. Beta Beta is a measure of an investment's sensitivity to movements in a benchmark. A portfolio with a beta greater than one is more volatile than the benchmark, and a portfolio with a beta less than one is less volatile than the benchmark. R-Squared R-squared reflects the percentage of an investment's movements that are explained by movements in the benchmark, showing the degree of correlation between the investment and the benchmark. A score of 1.00 means that the investment exactly tracked the benchmark's movement. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Tracking Error Tracking error is the divergence between the price behavior of an investment and the price behavior of a benchmark. Tracking error is reported as a standard deviation percentage difference. Information Ratio Information ratio measures a manager's ability to consistently add value relative to the selected benchmark. The ratio is composed of excess return and tracking error. The higher the information ratio, the better, as this indicates a large excess return against a small tracking error. The © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 information ratio measures the consistency with which a manager delivers alpha. Excess Return Excess return is a measure of the investment's return in excess of the benchmark's return. Standard Deviation Standard deviation is a statistical measurement of dispersion about an average, which, for an investment, depicts how widely the returns varied over the time period indicated. Morningstar computes standard deviation using the trailing monthly total returns for the time period. All of the monthly standard deviations are then annualized. Sharpe Ratio Sharpe ratio is calculated by taking the investment's average monthly excess return over the user-defined risk-free rate and dividing by the monthly standard deviation of excess returns to determine reward per unit of risk. A higher Sharpe ratio reflects better historical risk-adjusted performance. Sortino Ratio Sortino ratio is similar to Sharpe ratio except that it uses downside risk (downside deviation) in the denominator. Because upside variability is not necessarily a bad thing, the Sortino ratio is sometimes preferable to the Sharpe ratio. It measures the annualized rate of return for a given level of downside risk. Manager Information This area provides the name and available biographical highlights of the individuals employed by the management company who are directly responsible for managing the investment's portfolio. Managers are listed in order of greatest tenure. Space constraints may prohibit the display of the complete list of managers. The term Management Team is used when more than two persons are involved in management, and they manage together, or when the product strongly promotes its team-managed approach. Investment Strategy Provided by the management company, the investment strategy usually describes the objective of the investment and may explain how the managers intend to invest to achieve this objective. Minimum Initial Investment This is the smallest investment amount accepted for establishing a new account. Inception Date This is the date on which the investment began its operations. Management Fees The actual management fee is the most recently reported actual percentage that was deducted from an investment's average net assets to pay the investment's management. The max figure reflects the maximum management fee percentage that an investment may charge, according to its prospectus. Sales Fees Also known as loads, sales fees list the maximum level of front-end (F) and deferred (D) sales charges and redemption fees (R) imposed by an investment and as reported in the prospectus. Because fees change frequently and are sometimes waived, it is wise to examine the investment's prospectus carefully for specific information before investing. The initial, or front-end, sales charge is a one-time deduction from funds contributed to the investment. The amount is generally relative to the Page 24 of 28 amount of the contribution, so that larger contributions incur smaller rates of charge. An investment's potential fees and sales charges are an important factor to consider before making an investment. The load fee compensates the broker or financial planner for the service of providing professional investment advice. A back-end or deferred sales charge is imposed when investors redeem shares. The percentage charged generally declines the longer shares are held. This charge, often coupled with 12b-1 fees as an alternative to a traditional front-end load, diminishes over time. With a deferred fee, an investor has the advantage of getting the full financial power of the investment from the onset. The redemption fee is an amount charged when money is withdrawn from the investment. This fee does not go back into the pockets of the management company, but rather into the investment itself and thus does not represent a net cost to shareholders. Also, unlike contingent deferred sales charges, redemption fees typically operate only in short, specific time clauses, commonly 30, 180, or 365 days. However, some redemption fees exist for up to five years. Charges are not assessed after the stated time has passed. These fees are typically imposed to discourage market timers, whose quick movements into and out of investments can be disruptive. The charge is normally imposed on the ending share value, appreciated or depreciated from the original value. 12b-1 Fees The 12b-1 fee represents the maximum annual charge that may be deducted from investment assets to pay for distribution and marketing costs. Although usually set on a percentage basis, this amount will occasionally be a flat figure. This information is taken directly from the investment's prospectus. Morningstar lists the maximum amount. Firm Name This is the name of the investment's management company. Telephone This is the telephone number for the management company. Web Address This is the Internet address of the management company. Manager Change On the quarterly performance graph, the solid triangle visually depicts the date of a complete management change for the investment. Partial Manager Change On the quarterly performance graph, the hollow triangle visually depicts the date when a manager was either terminated from or added to the management group. Morningstar Category In an effort to distinguish investments by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While the prospectus objective identifies an investment's goals based on the wording in its prospectus, the Morningstar Category identifies investments based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years). EAA ETF Commodities - Precious Metals No definition available for this category. EAA ETF Global Emerging Markets Equity No definition available for this category. EAA ETF Sector Equity Financial Services No definition available for this category. © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 EAA OE Alt - Market Neutral - Equity No definition available for this category. EAA OE Asia Bond - Local Currency No definition available for this category. EAA OE Alt - Volatility No definition available for this category. EAA OE US Equity - Currency Hedged No definition available for this category. EAA OE Eurozone Mid-Cap Equity No definition available for this category. EAA OE US Small-Cap Equity No definition available for this category. EAA OE US Large-Cap Blend Equity No definition available for this category. EAA OE Asia ex Japan Equity No definition available for this category. EAA OE Europe Large-Cap Blend Equity No definition available for this category. EAA OE Global Large-Cap Blend Equity No definition available for this category. EAA OE Sector Equity Technology No definition available for this category. EAA OE Alt - Multistrategy No definition available for this category. EAA OE Sector Equity Consumer Goods & Services No definition available for this category. EAA OE Europe Large-Cap Growth Equity No definition available for this category. EAA OE Convertible Bond - Global, EUR Hedged No definition available for this category. Performance Quartile The performance quartile visually depicts the category percentile rank of the investment's annual return, with the top quartile being those ranks up to 25%. History This date corresponds to the annual period for the information presented in the quarterly performance graph and accompanying data table. The date furthest to the right is stated in YY-MM format to reflect year-todate figures. Turnover Ratio Turnover ratio is a proxy for how frequently a manager trades her portfolio. The inverse of an investment's turnover ratio is the average holding period for a security in the investment. As turnover increases, an investment's brokerage costs typically rise as well. Share Class Assets This figure is the month-end net assets of the investment(share class) as reported by the management company. The monthly net asset amount from December is used for the annual data. Net asset figures are useful in gauging an investment's size, agility, and popularity. They help Page 25 of 28 determine whether a small company fund, for example, can remain in its investment-objective category if its asset base reaches an ungainly size. Expense Ratio The expense ratio represents the percentage of investment assets used to pay for operating expenses and management fees, including administrative fees and all other asset-based costs incurred by the investment, except brokerage costs. The ratio is culled from annual reports. Stock/Bond % Stock and bond percentages reflect the proportion of investment assets invested in each broad asset class for the last portfolio reported in the corresponding year. Stocks include common stocks, ADRs, private/illiquid stocks, real estate investment trusts, and income trusts. Bonds represent everything from government notes to high-yield corporate bonds. Holdings Analysis Information in this section is generated using the single portfolio corresponding to the date in the section header. Composition This pie chart illustrates the breakdown of holdings among four broad asset classes. The accompanying data table reveals both the allocation percentage and number of holdings for each asset class. Cash encompasses both actual cash and cash equivalents (fixed income securities with a maturity of one year or less) held by the portfolio plus receivables minus payables. Stocks include common stocks, ADRs, private/illiquid stocks, real estate investment trusts, and income trusts. Bonds represent everything from government notes to high-yield corporate bonds. Other includes preferred stocks, convertible bonds, convertible preferreds, and other securities which may not be easy to categorize, such as warrants and options. Equity Style % This graphic illustrates the number of holdings as a percentage of the equity portfolio's market value that fall into each area of the Morningstar Style BoxTM. The vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Market Capitalization Breakdown The market capitalization breakdown is a measure of the percentage of an investment's stock assets that fall into each market capitalization group. Morningstar divides all global stocks into seven markets called style zones (US, Canada, Europe, Latin America, Asia ex-Japan, Japan, and Australia/New Zealand). Morningstar considers the top 40% of the capitalization of each market to be giant-cap, the following 30% to be large-cap, the following 20% to be mid-cap, the following 7% to be smallcap and the remainder to be micro-cap. For the purpose of display in the Morningstar Style BoxTM, giant-cap stocks are rolled into the large-cap designation, and micro-cap stocks are rolled into the small-cap designation. Average Market Capitalization Morningstar defines the overall size of an equity portfolio as the geometric mean of the market capitalization for all of the underlying stocks. Price/Earnings The price/earnings ratio is a weighted average of the price/earnings ratios of the stocks in the equity portfolio. The P/E ratio of a stock is calculated © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 by dividing the current price of the stock by its trailing 12 months' earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents. Price/Book The price/book ratio is a weighted average of the price/book ratios of all the stocks in the equity portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation. Price/Sales The price/sales ratio is a weighted average of the price/sales ratios of the stocks in the equity portfolio. The P/S ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' revenues per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents. Price/Cash Flow The price/cash flow ratio is a weighted average of the price/cash flow ratios of the stocks in the equity portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Page 26 of 28 Average Effective Duration Average effective duration is a time measure of a bond's interest rate sensitivity. Average effective duration for a portfolio is a weighted average of the duration of the underlying fixed income securities within the portfolio. Average Effective Maturity Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security. Average Credit Quality Average credit quality is calculated by taking the weighted average of the credit rating for each bond in the portfolio. Average Weighted Coupon Average weighted coupon is generated by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis. Average Weighted Price Average weighted price is the weighted price of all the fixed income holdings in the portfolio. Dividend Yield Dividend yield for a stock is the percentage of its stock price that a company is projected to pay out as dividends. For portfolios, this data point is calculated by taking an asset-weighted average of the dividend yields of all the stocks in the portfolio. Credit Rating Breakdown This section shows the percentage of holdings in the fixed income portfolio classified at each rating level. The credit rating is an independent judgment of a bond issuer's ability to repay the principal and interest payments under the terms of the bond. Long-term Earnings Growth The long-term projected earnings growth rate is the average of the available third-party analysts' estimates for three- to five-year earnings per share growth. For portfolios, this data point is the share-weighted average of the projected earnings growth estimates for all the stocks in the portfolio. Maturity Breakdown This section shows the percentage of holdings in the fixed income portfolio classified at each maturity level (years). For example, the 1-3 label represents holdings with maturities of at least one year but less than three years. Historical Earnings Growth The trailing earnings growth rate is a measure of how earnings per share have grown over the last five years. Morningstar uses earnings per share from continuing operations to calculate the growth rate. For portfolios, this data point is the share-weighted collective earnings growth for all stocks in the portfolio. Book Value Growth The book value growth rate is a measure of how the book value per share has grown over the last five years. For portfolios, this data point is the share-weighted collective book value growth for all stocks in the portfolio. Sales Growth The sales growth rate is a measure of how the sales per share have grown over the last five years. For portfolios, this data point is the share-weighted collective sales growth for all stocks in the portfolio. Cash Flow Growth The cash flow growth rate is a measure of how the cash flow per share has grown over the last three to five years. For portfolios, this data point is the share-weighted collective cash flow growth for all stocks in the portfolio. Fixed Income Style This graphic illustrates the number of holdings as a percentage of market value that fall into each area of the Morningstar Style BoxTM. For fixed income portfolios, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate, long). Top Holdings This list includes the largest holdings as a percentage of the subject investment's market value. Style Box The style box visually depicts the style of individual holdings. Sector The image visually depicts the sector classification of individual equity holdings. Morningstar assigns all companies within the Morningstar stock universe to a sector, and these classifications are reviewed annually. r Basic Materials: companies that manufacture chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing t Consumer Cyclical: includes retail stores, auto and auto parts manufacturers, companies engaged in residential construction, lodging facilities, restaurants and entertainment companies y Financial Services: companies that provide financial services which includes banks, savings and loans, asset management companies, credit services, investment brokerage firms, and insurance companies u Real Estate: includes mortgage companies, property management companies and REITs i Communication Services: companies that provide communication services using fixed-line networks or those that provide wireless access and services. This sector also includes companies that provide internet © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 services such as access, navigation and internet related software and services o Energy: companies that produce or refine oil and gas, oil field services and equipment companies, and pipeline operators. This sector also includes companies engaged in the mining of coal p Industrials: companies that manufacture machinery, hand-held tools and industrial products.This sector also includes aerospace and defense firms as well as companied engaged in transportations and logistic services a Technology: companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services. Also includes companies engaged in the manufacturing of computer equipment, data storage products, networking products, semi¬conductors, and components s Consumer Defensive: companies engaged in the manufacturing of food, beverages, household and personal products, packaging, or tobacco. Also includes companies that provide services such as education & training services d Healthcare: includes biotechnology, pharmaceuticals, research services, home healthcare, hospitals, long-term care facilities, and medical equipment and supplies f Utilities: electric, gas, and water utilities Market Capitalization This number represents the market capitalization of the individual holding. % Market Capitalization This percentage represents the portion of the subject investment's market value represented by the holding. These figures are then summed to show the total percentage of market value represented by the combined top holdings. Top 3 Equity Sectors This section lists the top three equity sectors and corresponding percent of market value represented by each in the investment's equity portfolio. The relative benchmark figures are multiples; the equity sector percentage under- or over-represents the benchmark by this factor. Top 3 Fixed Income Sectors This section lists the top three fixed income sectors and corresponding percent of market value represented by each in the investment's fixed income portfolio. The relative benchmark figures are multiples; the fixed income sector percentage under- or over- represents the benchmark by this factor. US Treasury: includes all conventional fixed-rate debt issued by the US government's treasury (i.e. it excludes TIPS). Some examples of government debt are Treasury bonds and Treasury notes. Treasury bills are included under Cash, because they mature in less than 12 months. TIPS: inflation-indexed Treasuries. (The term TIPS derives from their former name, “Treasury Inflation-Protected Securities.”) These bonds have principal and coupon payments that are linked to movements in the Consumer Price Index. They are a defensive measure against expectations of inflation (which typically erodes the real yield of conventional bonds). Even if inflation fears are in check, these bonds can benefit when the yields fall on traditional Treasuries. These unique securities act very differently than any other fixed-rate bond and their volatility can change over time, depending on the level of interest rates. Page 27 of 28 US Agency: includes the fixed income securities that are issued by US government agencies, such as the Federal National Mortgage Association (FNMA, Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac), to raise capital and finance their operations. These “debentures” are not secured by physical assets, so they differ from most of the mortgage bonds that are issued by these agencies. Mortgage Pass-thru: includes bonds which represent a claim to the cash flows associated with a pool of mortgages. The bondholders are entitled to a share of the principal and interest payments paid by the homeowners. The majority of these bonds are issued by a government agency like FNMA, GNMA, or FHLMC. A few private corporations and banks also securitize and package mortgages in this way and those are also included in this sector. Mortgage CMO: includes collateralized mortgage obligations. These are similar to pass-thru mortgage securities, but investors have more control over whether they will be paid sooner or later. CMOs are structured by time, so that some investors can line-up for the first series of cash flow payments, while others may choose to put themselves at the end of the line. Managers often purchase latepaying CMOs when there may be a lot of mortgage refinancing in the near-term. This protects the investment from getting money back too early (as cash, which would need to be reinvested at a lower interest rate). Most CMOs are based on mortgages from government agencies, such as FNMA and GNMA. Mortgage ARM: includes adjustable rate mortgages. These are fixed income securities that are backed by residential home mortgages, where the interest rate is reset periodically in relation to a benchmark. Most ARMs are issued by government agencies, such as FNMA and GNMA. US Corporate: includes all fixed income securities that are issued by corporations domiciled in the United States. Corporate bonds are issued with a wide range of coupon rates and maturity dates. Asset-backed: includes those securities which are based on the expected cash flow from such things as auto loans, credit card receivables, and computer leases. The cash flows for asset-backed securities can be fixed (e.g. auto loans have a defined payment schedule and a fixed maturity) or variable (credit card debt is paid at random intervals). These securities typically range in maturity from 2-7 years. Convertible: these bonds give the owner an opportunity to convert the bond to a certain number of shares of common stock at a certain price. As the stock approaches that price, the option to convert becomes more valuable and the price of the convertible bond also rises. These securities usually provide lower interest payments because the option to convert to stock could potentially be quite valuable at some point in the future. Municipal: includes bonds issued by local and state governments in order to raise money for operations and development. This financing is sometimes used to build or upgrade hospitals, sewer systems, schools, housing, stadiums, or industrial complexes. Some municipal bonds are backed by the issuing entity while others are linked to a revenue stream, such as a tollway or a utility. Municipal bonds are exempt from federal tax and often from state and local taxes, too. The tax break allows municipal governments to sell the bonds at a lower interest rate, because the investor gets an additional tax benefit. Inflation-Protected: these securities are similar to TIPS, but they are issued by a private entity instead of the US government. These bonds are linked to an index of inflation, and the principal and coupon payments increase when inflation increases. As with TIPS, these securities behave quite uniquely compared to other conventional bonds. Non-US Corporate: includes securities issued by corporations that are based outside of the United States. © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ® Morningstar DirectSM | Print Date: 2/09/2016 Page 28 of 28 Non-US Government: includes securities issued by governments outside the United States. Cash: includes cash in the bank, certificates of deposit, currency, or money market holdings. Cash can also be any fixed income securities that mature in less than 12 months. Cash also includes commercial paper and any repurchase agreements held by the investment. © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. ß ®
