TABELLA DELLE VARIAZIONI DI PORTAFOGLIO I 20 MAGGIORI ACQUISTI E VENDITE PER COMPARTO (NON SOTTOPOSTI A REVISIONE CONTABILE) (valori espressi in EUR)

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1 ACTIVE 100 FUND 24-feb-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* dic-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE International Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* gen-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* mar-14 CHALLENGE Cyclical Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* apr-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE Cyclical Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE International Equity Fund - Classe Mediolanum L* apr-14 CHALLENGE International Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Income Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L*

2 ACTIVE 80 FUND 23-ott-14 CHALLENGE Technology Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* lug-14 CHALLENGE International Income Fund - Classe Mediolanum L* ott-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE Pacific Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE European Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Income Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* dic-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L*

3 ACTIVE 40 FUND 23-ott-14 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 BTP apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ ott-14 CHALLENGE International Equity Fund - Classe Mediolanum L* apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ ott-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ ott-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* ott-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* feb-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* set-14 CHALLENGE International Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* ott-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* set-14 CHALLENGE International Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L* apr-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* set-14 CHALLENGE International Income Fund - Classe Mediolanum L* set-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* dic-14 CHALLENGE International Bond Fund - Classe Mediolanum L*

4 ACTIVE 10 FUND 23-ott-14 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 BTP apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ mag-14 CHALLENGE International Income Fund - Classe Mediolanum L* mag-14 Mediolanum Best Brands Euro Fixed Income - Classe L* mag-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mag-14 CHALLENGE International Bond Fund - Classe Mediolanum L* mag-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* apr-14 Mediolanum Best Brands Euro Fixed Income - Classe L* apr-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* apr-14 CHALLENGE International Bond Fund - Classe Mediolanum L* apr-14 CHALLENGE International Income Fund - Classe Mediolanum L* apr-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* ott-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mar-14 Mediolanum Best Brands Euro Fixed Income - Classe L* mar-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mar-14 CHALLENGE International Income Fund - Classe Mediolanum L* apr-14 Mediolanum Best Brands Euro Fixed Income - Classe L* apr-14 CHALLENGE International Income Fund - Classe Mediolanum L* apr-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mag-14 CHALLENGE International Equity Fund - Classe Mediolanum L* ott-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ ott-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* ott-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* mar-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ lug-14 Mediolanum Best Brands Euro Fixed Income - Classe L* lug-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE International Income Fund - Classe Mediolanum L* set-14 CHALLENGE International Income Fund - Classe Mediolanum L* set-14 Mediolanum Best Brands Euro Fixed Income - Classe L* ott-14 Mediolanum Best Brands Euro Fixed Income - Classe L* ott-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* ott-14 CHALLENGE International Income Fund - Classe Mediolanum L* ott-14 CHALLENGE International Income Fund - Classe Mediolanum L* mar-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* set-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L*

5 AGGRESSIVE FUND - 12-mag-14 CHALLENGE Energy Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ago-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE European Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE Cyclical Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE European Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE European Equity Fund - Classe Mediolanum L*

6 AGGRESSIVE PLUS FUND 17-gen-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* apr-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Equity Fund - Classe Mediolanum L* gen-14 CHALLENGE European Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* giu-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* gen-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE Counter Cyclical Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* set-14 CHALLENGE International Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L*

7 DYNAMIC FUND 23-ott-14 CHALLENGE Technology Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE International Income Fund - Classe Mediolanum L* nov-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* ott-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Bond Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* ago-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* apr-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE International Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE European Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE International Bond Fund - Classe Mediolanum L* gen-14 CHALLENGE European Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L* apr-14 CHALLENGE International Equity Fund - Classe Mediolanum L* mag-14 CHALLENGE International Equity Fund - Classe Mediolanum L*

8 BALANCED FUND 12-nov-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* giu-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* giu-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE International Bond Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ago-14 CHALLENGE International Bond Fund - Classe Mediolanum L* ott-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* ago-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mar-14 CHALLENGE International Bond Fund - Classe Mediolanum L* apr-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE International Equity Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* giu-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* apr-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* dic-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* dic-14 CHALLENGE International Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L*

9 MODERATE FUND 23-ott-14 CHALLENGE International Income Fund - Classe Mediolanum L* set-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* ott-14 CHALLENGE Liquidity Euro Fund - Classe Mediolanum L* mar-14 CHALLENGE International Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* mar-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE International Bond Fund - Classe Mediolanum L* mar-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mar-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* mag-14 CHALLENGE International Bond Fund - Classe Mediolanum L* nov-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* lug-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mar-14 Mediolanum Best Brands Euro Fixed Income - Classe L* ago-14 CHALLENGE International Bond Fund - Classe Mediolanum L* lug-14 CHALLENGE Euro Bond Fund - Classe Mediolanum L* lug-14 Mediolanum Best Brands Euro Fixed Income - Classe L* ago-14 CHALLENGE Euro Income Fund - Classe Mediolanum L* mag-14 CHALLENGE North American Equity Fund - Classe Mediolanum L* feb-14 CHALLENGE North American Equity Fund - Classe Mediolanum L*

10 LIQUIDITY FUND 26-ago-14 Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/08/ lug-14 Italy Buoni Ordinari del Tesoro BOT 0% 31/12/ apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 31/10/ feb-14 Italy Buoni Ordinari del Tesoro BOT 0% 13/02/ apr-14 Italy Government International Bond 5.75% 25/07/2016 EMTN mar-14 Santander Consumer Finance SA 1.15% 02/10/ set-14 Tesco Plc 5.875% 12/09/2016 EMTN mar-14 Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/12/ mag-14 Italy Government International Bond 5.75% 25/07/2016 EMTN giu-14 Royal Bank of Scotland Group Plc 1.5% 28/11/2016 EMTN lug-14 Intesa Sanpaolo SpA 4.125% 19/09/2016 EMTN lug-14 UniCredit SpA 1.581% 22/01/2016 EMTN mag-14 PostNL NV 3.875% 01/06/ mag-14 Societe Generale SA 2.375% 13/07/2015 EMTN mag-14 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 0.281% 23/11/2015 EMTN giu-14 UniCredit SpA 2.25% 16/12/2016 EMTN lug-14 Italy Buoni Poliennali Del Tesoro 3% 15/06/ apr-14 France Treasury Bill BTF 0% 19/06/ feb-14 France Treasury Bill BTF 0% 10/04/ mag-14 Santander Consumer Bank AS 1% 10/06/2016 EMTN giu-14 Italy Buoni Ordinari del Tesoro BOT 0% 13/06/ feb-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/02/ set-14 Italy Buoni Ordinari del Tesoro BOT 0% 31/12/ apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 13/02/ lug-14 Italy Government International Bond 5.75% 25/07/2016 EMTN apr-14 France Treasury Bill BTF 0% 03/04/ mar-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/04/ lug-14 Italy Buoni Ordinari del Tesoro BOT 0% 12/09/ apr-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/05/ ago-14 Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/08/ giu-14 France Treasury Bill BTF 0% 24/07/ apr-14 France Treasury Bill BTF 0% 30/04/ mag-14 Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/05/ ago-14 Italy Buoni Ordinari del Tesoro BOT 0% 31/10/ set-14 Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/06/ giu-14 Unione di Banche Italiane SCpA 4.939% 25/06/2014 EMTN giu-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/08/ mag-14 Italy Buoni Ordinari del Tesoro BOT 0% 14/08/ mag-14 France Treasury Bill BTF 0% 28/05/ giu-14 France Treasury Bill BTF 0% 19/06/

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