TABELLA DELLE VARIAZIONI DI PORTAFOGLIO I 20 MAGGIORI ACQUISTI E VENDITE PER COMPARTO (valori espressi in EUR)

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1 CHALLENGE NORTH AMERICAN EQUITY FUND 20-feb-12 UBS AG 0% 29/12/ mar-12 France Treasury Bill BTF 0% 07/03/ feb-12 Belgium Treasury Bill 0% 20/09/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 Belgium Treasury Bill 0% 16/05/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ mar-12 Crown Castle International Corp mag-12 Alexion Pharmaceuticals Inc mag-12 Alexion Pharmaceuticals Inc gen-12 Plum Creek Timber Co Inc apr-12 Fossil Inc giu-12 Kinder Morgan Inc/Delaware giu-12 Johnson & Johnson giu-12 Monster Beverage Corp mar-12 Crown Castle International Corp apr-12 Northeast Utilities mar-12 Bank of America Corp giu-12 Lam Research Corp giu-12 BlackRock Inc mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ feb-12 France Treasury Bill BTF 0% 09/02/ feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ mar-12 Belgium Treasury Bill 0% 15/03/ apr-12 Italy Buoni Poliennali Del Tesoro 4% 15/04/ apr-12 Apple Inc apr-12 UniCredit SpA 4.125% 27/04/2012 EMTN mag-12 Motorola Mobility Holdings Inc apr-12 Exxon Mobil Corp gen-12 Exxon Mobil Corp giu-12 Exxon Mobil Corp feb-12 Apple Inc mar-12 Apple Inc feb-12 Exxon Mobil Corp mar-12 Exxon Mobil Corp giu-12 Apple Inc apr-12 International Business Machines Corp apr-12 Microsoft Corp gen-12 Plum Creek Timber Co Inc

2 CHALLENGE EUROPEAN EQUITY FUND 20-feb-12 UBS AG 0% 29/12/ gen-12 Vivendi SA gen-12 Atlantia SpA gen-12 Koninklijke KPN NV gen-12 GDF Suez gen-12 Enagas SA apr-12 France Treasury Bill BTF 0% 04/04/ gen-12 Sanofi giu-12 Saipem SpA mar-12 Arkema SA giu-12 EDF SA mag-12 Daimler AG giu-12 Banco Bilbao Vizcaya Argentaria SA feb-12 Credit Suisse Group AG feb-12 HSBC Holdings Plc mag-12 Bayer AG mar-12 Arkema SA apr-12 Siemens AG apr-12 Distribuidora Internacional de Alimentacion SA mar-12 Distribuidora Internacional de Alimentacion SA mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ feb-12 France Treasury Bill BTF 0% 09/02/ feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ giu-12 Royal Dutch Shell Plc B shs feb-12 Intesa Sanpaolo SpA feb-12 Enel SpA gen-12 Bayer AG mar-12 K+S AG mag-12 Valeo SA mar-12 Marks & Spencer Group Plc gen-12 MAN SE feb-12 Getinge AB feb-12 ABB Ltd feb-12 BP Plc feb-12 Total SA giu-12 Barclays Plc mar-12 Total SA mar-12 Belgium Treasury Bill 0% 15/03/ giu-12 Anheuser-Busch InBev NV

3 CHALLENGE ITALIAN EQUITY FUND 26-gen-12 UniCredit SpA feb-12 Enel SpA feb-12 Enel SpA apr-12 Telecom Italia SpA feb-12 Assicurazioni Generali SpA gen-12 Finmeccanica SpA mag-12 Intesa Sanpaolo SpA feb-12 Fiat SpA mar-12 Saipem SpA feb-12 Fiat SpA apr-12 Intesa Sanpaolo SpA feb-12 Intesa Sanpaolo SpA mag-12 Assicurazioni Generali SpA mag-12 Assicurazioni Generali SpA mar-12 Intesa Sanpaolo SpA gen-12 UniCredit SpA apr-12 Intesa Sanpaolo SpA gen-12 UniCredit SpA mar-12 Enel SpA gen-12 STMicroelectronics NV feb-12 STMicroelectronics NV gen-12 Atlantia SpA feb-12 Banca Popolare di Milano Scarl feb-12 Fidelity Funds - Italy Fund feb-12 Assicurazioni Generali SpA gen-12 Assicurazioni Generali SpA mar-12 Intesa Sanpaolo SpA feb-12 Enel SpA apr-12 Telecom Italia SpA mag-12 Intesa Sanpaolo SpA gen-12 Assicurazioni Generali SpA feb-12 Fiat SpA apr-12 Telecom Italia SpA giu-12 Enel SpA feb-12 Telecom Italia SpA feb-12 Fiat Industrial SpA apr-12 STMicroelectronics NV gen-12 UniCredit SpA apr-12 Intesa Sanpaolo SpA feb-12 Atlantia SpA

4 CHALLENGE GERMANY EQUITY FUND 08-giu-12 Bundesschatzanweisungen 0.75% 14/09/ mag-12 Deutsche Telekom AG feb-12 Allianz SE mar-12 Rheinmetall AG mar-12 Siemens AG giu-12 Deutsche Telekom AG mar-12 Siemens AG mar-12 Siemens AG mar-12 Allianz SE mar-12 Deutsche Bank AG mar-12 SAP AG feb-12 Muenchener Rueckversicherungs AG mar-12 Deutsche Bank AG mar-12 Deutsche Bank AG mar-12 SAP AG feb-12 Muenchener Rueckversicherungs AG mar-12 Siemens AG apr-12 BASF SE gen-12 Bayerische Motoren Werke AG gen-12 Allianz SE gen-12 Bundesschatzanweisungen 0.75% 14/09/ gen-12 Bundesschatzanweisungen 0.5% 15/06/ giu-12 Bundesschatzanweisungen 0.5% 15/06/ gen-12 Siemens AG gen-12 Siemens AG mar-12 Bayer AG apr-12 Allianz SE feb-12 Deutsche Bank AG apr-12 Allianz SE apr-12 BASF SE mag-12 Siemens AG gen-12 Volkswagen AG Vorzug giu-12 BASF SE giu-12 E.ON AG giu-12 Allianz SE mag-12 Allianz SE giu-12 BASF SE feb-12 Deutsche Bank AG apr-12 Deutsche Bank AG apr-12 Deutsche Bank AG

5 CHALLENGE SPAIN EQUITY FUND 31-gen-12 Repsol YPF SA mar-12 Repsol YPF SA feb-12 Repsol YPF SA gen-12 Acciona SA giu-12 Mediaset Espana Comunicacion SA feb-12 Amadeus IT Holding SA feb-12 Repsol YPF SA apr-12 Indra Sistemas SA mar-12 Repsol YPF SA feb-12 Abertis Infraestructuras SA feb-12 Abertis Infraestructuras SA apr-12 Obrascon Huarte Lain SA giu-12 European Aeronautic Defence and Space Co NV gen-12 Amadeus IT Holding SA gen-12 Red Electrica Corp SA feb-12 Repsol YPF SA feb-12 Telefonica SA giu-12 Jazztel Plc mag-12 Gas Natural SDG SA mar-12 ArcelorMittal gen-12 Iberdrola SA mar-12 International Consolidated Airlines Group SA apr-12 Banco Espanol de Credito SA mar-12 Mediaset Espana Comunicacion SA feb-12 Grifols SA Rights gen-12 Obrascon Huarte Lain SA mar-12 Mediaset Espana Comunicacion SA gen-12 Grifols SA Rights giu-12 Mediaset Espana Comunicacion SA giu-12 Amadeus IT Holding SA feb-12 Abengoa SA feb-12 Red Electrica Corp SA feb-12 Antena 3 de Television SA apr-12 Grifols SA Rights giu-12 Tecnicas Reunidas SA feb-12 Enagas SA giu-12 Grifols SA Rights apr-12 Jazztel Plc gen-12 Obrascon Huarte Lain SA gen-12 European Aeronautic Defence and Space Co NV

6 CHALLENGE PACIFIC EQUITY FUND 13-mar-12 Belgium Treasury Bill 0% 14/03/ feb-12 UBS AG 0% 29/12/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ mar-12 Belgium Treasury Bill 0% 14/06/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 AIA Group Ltd mag-12 Hankyu Hanshin Holdings Inc mag-12 Otsuka Holdings Co Ltd feb-12 APA Group apr-12 Whitehaven Coal Ltd mag-12 Centro Retail Australia mag-12 Taiheiyo Cement Corp mag-12 Nexon Co Ltd mar-12 Mazda Motor Corp mag-12 MGM China Holdings Ltd mag-12 Sun Hung Kai Properties Ltd mag-12 Hankyu Hanshin Holdings Inc mag-12 AGL Energy Ltd mag-12 Fortescue Metals Group Ltd mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ feb-12 France Treasury Bill BTF 0% 09/02/ mar-12 Belgium Treasury Bill 0% 15/03/ giu-12 Belgium Treasury Bill 0% 14/06/ mag-12 KDDI Corp mag-12 Toyota Motor Corp feb-12 Nippon Telegraph & Telephone Corp mag-12 Hokuhoku Financial Group Inc giu-12 Toyota Motor Corp feb-12 OneSteel Ltd feb-12 BHP Billiton Ltd mag-12 Hiroshima Bank Ltd giu-12 BHP Billiton Ltd mag-12 MS&AD Insurance Group Holdings gen-12 BHP Billiton Ltd gen-12 Swire Properties Ltd feb-12 Toyota Motor Corp giu-12 Commonwealth Bank of Australia mag-12 Mitsubishi UFJ Financial Group Inc

7 CHALLENGE EMERGING MARKETS EQUITY FUND 20-feb-12 UBS AG 0% 29/12/ mag-12 Belgium Treasury Bill 0% 16/05/ feb-12 Belgium Treasury Bill 0% 13/12/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ mag-12 China Construction Bank Corp mag-12 Rosneft Oil Co mag-12 Rosneft Oil Co mag-12 Bank of China Ltd mag-12 Mr Price Group Ltd giu-12 Rosneft Oil Co mag-12 Industrial & Commercial Bank of China mag-12 BR Properties SA apr-12 China Minsheng Banking Corp Ltd mag-12 Rosneft Oil Co giu-12 SACI Falabella giu-12 Haci Omer Sabanci Holding AS feb-12 Corpbanca giu-12 Latam Airlines Group SA mag-12 Siam Cement Pcl mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ gen-12 Lyxor ETF MSCI Emerging Markets/France feb-12 Lyxor ETF MSCI India feb-12 Lyxor ETF Brazil IboveSpA feb-12 db x-trackers - MSCI EMERGING MARKET TRN INDEX ETF gen-12 db x-trackers - MSCI EMERGING MARKET TRN INDEX ETF gen-12 Lyxor ETF MSCI Emerging Markets/France gen-12 Lyxor ETF MSCI Emerging Markets/France apr-12 Italy Buoni Poliennali Del Tesoro 4% 15/04/ feb-12 Rosneft Oil Co apr-12 UniCredit SpA 4.125% 27/04/2012 EMTN giu-12 Alibaba.com Ltd mar-12 Gazprom OAO mag-12 Grupo Elektra SA de CV giu-12 BanColombia SA SADR mar-12 Telemar Norte Leste SA mar-12 Samsung Electronics Co Ltd giu-12 Samsung Electronics Co Ltd giu-12 Samsung Electronics Co Ltd mag-12 Wal-Mart de Mexico SAB de CV

8 CHALLENGE ENERGY EQUITY FUND 13-mar-12 Belgium Treasury Bill 0% 14/03/ mar-12 France Treasury Bill BTF 0% 07/03/ feb-12 UBS AG 0% 29/12/ mag-12 Belgium Treasury Bill 0% 16/05/ feb-12 Belgium Treasury Bill 0% 20/09/ mar-12 Belgium Treasury Bill 0% 14/06/ feb-12 ETFS Natural Gas mag-12 Kinder Morgan Inc/Delaware giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ mag-12 Core Laboratories NV mag-12 Albemarle Corp feb-12 Cobalt International Energy Inc feb-12 Superior Energy Services Inc mag-12 Croda International PLC apr-12 Pembina Pipeline Corp feb-12 Glencore International Plc apr-12 Whitehaven Coal Ltd mag-12 Taiheiyo Cement Corp giu-12 Kinder Morgan Inc/Delaware mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ mag-12 El Paso Corp giu-12 Belgium Treasury Bill 0% 14/06/ feb-12 Exxon Mobil Corp feb-12 Chevron Corp mar-12 Belgium Treasury Bill 0% 15/03/ feb-12 Cairn Energy Plc mag-12 Exxon Mobil Corp feb-12 Exxon Mobil Corp apr-12 Exxon Mobil Corp feb-12 Royal Dutch Shell Plc A shs feb-12 BP Plc feb-12 BHP Billiton Ltd feb-12 Schlumberger Ltd giu-12 Exxon Mobil Corp feb-12 ConocoPhillips gen-12 WPX Energy Inc feb-12 Total SA feb-12 Royal Dutch Shell Plc B shs

9 CHALLENGE CYCLICAL EQUITY FUND 13-mar-12 Belgium Treasury Bill 0% 14/03/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ feb-12 UBS AG 0% 29/12/ mar-12 France Treasury Bill BTF 0% 07/03/ mar-12 Belgium Treasury Bill 0% 14/06/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 Wyndham Worldwide Corp mag-12 Tractor Supply Co mag-12 TransDigm Group Inc mag-12 PVH Corp mag-12 Ulta Salon Cosmetics & Fragrance Inc mag-12 Dick's Sporting Goods Inc mag-12 Hankyu Hanshin Holdings Inc mag-12 IMI Plc mag-12 Andritz AG mag-12 AutoZone Inc mag-12 Zodiac Aerospace mag-12 Delphi Automotive Plc mag-12 Sensata Technologies Holding NV gen-12 Lyxor ETF STOXX Europe 600 Basic Resources mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ gen-12 Lyxor ETF STOXX Europe 600 Basic Resources mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ feb-12 France Treasury Bill BTF 0% 09/02/ giu-12 Belgium Treasury Bill 0% 14/06/ mar-12 Belgium Treasury Bill 0% 15/03/ mag-12 General Electric Co gen-12 General Electric Co mar-12 General Electric Co mag-12 Deere & Co mag-12 Hennes & Mauritz AB mag-12 Toyota Motor Corp mag-12 McDonald's Corp giu-12 General Electric Co feb-12 General Electric Co apr-12 Wendel SA feb-12 RR Donnelley & Sons Co mag-12 Norfolk Southern Corp mag-12 Walt Disney Co

10 CHALLENGE COUNTER CYCLICAL EQUITY FUND 03-feb-12 db x-trackers - DJ STOXX Europe 600 Utilities ETF feb-12 db x-trackers - DJ STOXX Europe 600 Utilities ETF feb-12 Belgium Treasury Bill 0% 20/09/ feb-12 UBS AG 0% 29/12/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 Regeneron Pharmaceuticals Inc giu-12 DE Master Blenders 1753 NV mag-12 CMS Energy Corp mag-12 SXC Health Solutions Corp mag-12 Elekta AB mag-12 Sanofi mag-12 Otsuka Holdings Co Ltd feb-12 APA Group mag-12 Telenet Group Holding NV mag-12 Remy Cointreau SA mag-12 Reckitt Benckiser Group Plc mag-12 Whole Foods Market Inc apr-12 Express Scripts Holding Co giu-12 db x-trackers - DJ STOXX Europe 600 Utilities ETF giu-12 db x-trackers - DJ STOXX Europe 600 Utilities ETF feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ apr-12 Italy Buoni Poliennali Del Tesoro 4% 15/04/ mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ mar-12 Belgium Treasury Bill 0% 15/03/ feb-12 France Treasury Bill BTF 0% 09/02/ giu-12 Sara Lee Corp giu-12 Synthes Inc gen-12 Pharmasset Inc gen-12 Nestle SA gen-12 AT&T Inc gen-12 Procter & Gamble Co gen-12 Vodafone Group Plc gen-12 Novartis AG gen-12 Verizon Communications Inc mag-12 Pfizer Inc gen-12 Johnson & Johnson gen-12 Pfizer Inc

11 CHALLENGE FINANCIAL EQUITY FUND 20-feb-12 UBS AG 0% 29/12/ mag-12 Belgium Treasury Bill 0% 16/05/ feb-12 Belgium Treasury Bill 0% 20/09/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 American Capital Agency Corp gen-12 UniCredit SpA mag-12 SL Green Realty Corp feb-12 Digital Realty Trust Inc mag-12 UDR Inc mag-12 AIA Group Ltd gen-12 Plum Creek Timber Co Inc mag-12 Affiliated Managers Group Inc mag-12 BlackRock Inc mar-12 Alleghany Corp mag-12 Swiss Prime Site AG mag-12 Banco Santander SA mag-12 Aberdeen Asset Management PLC mag-12 Bank of America Corp mag-12 First Republic Bank/CA mag-12 Centro Retail Australia gen-12 db x-trackers - STOXX 600 Banks ETF mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ mag-12 MetLife Inc feb-12 Digital Realty Trust Inc mar-12 Belgium Treasury Bill 0% 15/03/ feb-12 JPMorgan Chase & Co apr-12 HSBC Holdings Plc apr-12 Banco Santander SA mar-12 HSBC Holdings Plc mar-12 JPMorgan Chase & Co mar-12 Wells Fargo & Co giu-12 Wells Fargo & Co mag-12 Wells Fargo & Co giu-12 HSBC Holdings Plc apr-12 JPMorgan Chase & Co mag-12 JPMorgan Chase & Co apr-12 Wells Fargo & Co giu-12 HSBC Holdings Plc

12 CHALLENGE TECHNOLOGY EQUITY FUND 14-giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ mag-12 Belgium Treasury Bill 0% 16/05/ feb-12 UBS AG 0% 29/12/ mar-12 France Treasury Bill BTF 0% 07/03/ mag-12 Facebook Inc apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 Equinix Inc feb-12 Microsoft Corp mag-12 Trimble Navigation Ltd mag-12 ANSYS Inc mag-12 Rackspace Hosting Inc feb-12 Google Inc mag-12 Gemalto NV mag-12 LinkedIn Corp mag-12 VeriFone Systems Inc giu-12 Lam Research Corp feb-12 QUALCOMM Inc feb-12 International Business Machines Corp feb-12 Oracle Corp feb-12 Apple Inc mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ feb-12 France Treasury Bill BTF 0% 09/02/ mar-12 Apple Inc apr-12 Apple Inc gen-12 Apple Inc mar-12 Belgium Treasury Bill 0% 15/03/ mag-12 International Business Machines Corp mag-12 Motorola Mobility Holdings Inc gen-12 Apple Inc giu-12 Apple Inc mar-12 Microsoft Corp mar-12 International Business Machines Corp giu-12 International Business Machines Corp giu-12 Microsoft Corp apr-12 Microsoft Corp apr-12 International Business Machines Corp mag-12 Intel Corp mar-12 Google Inc apr-12 Google Inc

13 CHALLENGE LIQUIDITY EURO FUND 10-mag-12 Natixis 0% 16/07/2012 COMMERCIAL PAPER apr-12 Calyon Australia Ltd 0% 10/07/2012 COMMERCIAL PAPER mar-12 Cassa Depositi e Prestiti SpA 3% 31/01/2013 EMTN feb-12 UBS AG 0% 29/12/ mag-12 DSK Bank 0% 18/07/2012 COMMERCIAL PAPER giu-12 Societe Generale SA 0% 03/09/2012 CERTIFICATE OF DEPOSIT feb-12 BBVA London 0% 31/05/2012 COMMERCIAL PAPER mag-12 Royal Bank of Scotland Plc 0% 03/09/2012 COMMERCIAL PAPER apr-12 France Treasury Bill BTF 0% 06/09/ feb-12 France Treasury Bill BTF 0% 26/04/ gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ feb-12 France Treasury Bill BTF 0% 10/01/ mag-12 France Treasury Bill BTF 0% 02/05/ gen-12 Belgium Treasury Bill 0% 19/07/ mag-12 Belgium Treasury Bill 0% 16/05/ mag-12 France Treasury Bill BTF 0% 16/08/ mar-12 Santander Bank 0% 08/06/2012 COMMERCIAL PAPER apr-12 France Treasury Bill BTF 0% 21/06/ apr-12 Banco Santander SA 4.5% 14/11/ mag-12 France Treasury Bill BTF 0% 31/10/ mar-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/03/ apr-12 Italy Buoni Ordinari del Tesoro BOT 0% 30/04/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ mar-12 Italy Buoni Ordinari del Tesoro BOT 0% 30/03/ feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 29/02/ feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ giu-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/06/ mag-12 France Treasury Bill BTF 0% 14/06/ giu-12 France Treasury Bill BTF 0% 21/06/ feb-12 France Treasury Bill BTF 0% 09/02/ feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/02/ mar-12 France Treasury Bill BTF 0% 08/03/ apr-12 Italy Buoni Ordinari del Tesoro BOT 0% 16/04/ mag-12 BBVA London 0% 31/05/2012 COMMERCIAL PAPER feb-12 France Treasury Bill BTF 0% 23/02/ apr-12 France Treasury Bill BTF 0% 12/04/ apr-12 France Treasury Bill BTF 0% 05/04/ mag-12 France Treasury Bill BTF 0% 31/05/ mar-12 France Treasury Bill BTF 0% 22/03/

14 CHALLENGE LIQUIDITY US DOLLAR FUND 29-feb-12 United States Treasury Bill 0% 23/08/ mar-12 United States Treasury Bill 0% 20/09/ mag-12 United States Treasury Bill 0% 15/11/ apr-12 United States Treasury Bill 0% 18/10/ gen-12 United States Treasury Bill 0% 26/07/ mar-12 United States Treasury Bill 0% 30/08/ mar-12 United States Treasury Bill 0% 06/09/ mar-12 United States Treasury Bill 0% 13/09/ mar-12 United States Treasury Bill 0% 27/09/ feb-12 United States Treasury Bill 0% 09/08/ feb-12 United States Treasury Bill 0% 16/08/ feb-12 United States Treasury Bill 0% 02/08/ mag-12 United States Treasury Bill 0% 01/11/ mag-12 United States Treasury Bill 0% 08/11/ mag-12 United States Treasury Bill 0% 23/11/ apr-12 United States Treasury Bill 0% 11/10/ apr-12 United States Treasury Bill 0% 04/10/ apr-12 United States Treasury Bill 0% 25/10/ gen-12 United States Treasury Bill 0% 05/07/ gen-12 United States Treasury Bill 0% 12/07/ apr-12 United States Treasury Bill 0% 26/07/ mar-12 United States Treasury Bill 0% 31/05/ mag-12 United States Treasury Bill 0% 23/08/ feb-12 United States Treasury Bill 0% 03/05/ mar-12 United States Treasury Bill 0% 28/06/ gen-12 United States Treasury Bill 0% 05/04/ feb-12 United States Treasury Bill 0% 24/05/ gen-12 United States Treasury Bill 0% 26/04/ mar-12 United States Treasury Bill 0% 14/06/ mar-12 United States Treasury Bill 0% 21/06/ gen-12 United States Treasury Bill 0% 19/04/ feb-12 United States Treasury Bill 0% 17/05/ feb-12 United States Treasury Bill 0% 10/05/ gen-12 United States Treasury Bill 0% 12/04/ mar-12 United States Treasury Bill 0% 07/06/ mag-12 United States Treasury Bill 0% 30/08/ mag-12 United States Treasury Bill 0% 09/08/ mag-12 United States Treasury Bill 0% 16/08/ apr-12 United States Treasury Bill 0% 19/07/ apr-12 United States Treasury Bill 0% 05/07/

15 CHALLENGE EURO INCOME FUND 02-apr-12 Belgium Government Bond 3.5% 28/03/ mag-12 France Government Bond OAT 3.5% 25/04/ feb-12 Bundesobligation 2.5% 10/10/ mar-12 Bundesobligation 2.5% 27/02/ mag-12 Spain Government Bond 3% 30/04/ mag-12 Italy Buoni Poliennali Del Tesoro 3% 15/04/ giu-12 French Treasury Note BTAN 0.75% 25/09/ gen-12 Bundesrepublik Deutschland 4.25% 04/01/ apr-12 Bundesobligation 2.5% 27/02/ gen-12 Spain Government Bond 3.4% 30/04/ gen-12 Bundesschatzanweisungen 0.25% 13/12/ giu-12 Italy Buoni Poliennali Del Tesoro 6% 15/11/ gen-12 French Treasury Note BTAN 2% 25/09/ apr-12 Italy Buoni Poliennali Del Tesoro 2.5% 01/03/ feb-12 Netherlands Government Bond 2.75% 15/01/ gen-12 French Treasury Note BTAN 2.5% 12/01/ feb-12 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/ feb-12 Bundesrepublik Deutschland 3.75% 04/01/ gen-12 Italy Buoni Poliennali Del Tesoro 3.75% 15/12/ apr-12 Spain Government Bond 4.4% 31/01/ gen-12 French Treasury Note BTAN 3.75% 12/01/ giu-12 Bundesrepublik Deutschland 3.75% 04/07/ gen-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/02/ gen-12 Spain Government Bond 6.15% 31/01/ mag-12 Italy Buoni Poliennali Del Tesoro 4.25% 01/08/ apr-12 Spain Government Bond 2.3% 30/04/ apr-12 France Government Bond OAT 4% 25/04/ mag-12 Italy Buoni Poliennali Del Tesoro 2% 01/06/ gen-12 Netherlands Government Bond 1.75% 15/01/ mag-12 French Treasury Note BTAN 4.5% 12/07/ feb-12 France Government Bond OAT 4% 25/04/ feb-12 Bundesobligation 3.5% 12/04/ mar-12 Bundesobligation 3.5% 12/04/ apr-12 Bundesobligation 3.5% 12/04/ mag-12 Bundesschatzanweisungen 1.75% 14/06/ feb-12 Bundesrepublik Deutschland 3.75% 04/07/ feb-12 Belgium Government Bond 4% 28/03/ feb-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/04/ mar-12 Belgium Government Bond 4% 28/03/ apr-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/04/

16 CHALLENGE INTERNATIONAL INCOME FUND 23-feb-12 United States Treasury Note/Bond 0.125% 31/12/ mag-12 United States Treasury Note/Bond 2.5% 30/04/ apr-12 Japan Government Five Year Bond 0.5% 20/03/ feb-12 Japan Government Two Year Bond 0.2% 15/11/ mar-12 Japan Government Two Year Bond 0.2% 15/08/ feb-12 Japan Government Five Year Bond 0.7% 20/09/ mar-12 United States Treasury Note/Bond 2.375% 28/02/ mar-12 United States Treasury Note/Bond 0.25% 15/01/ gen-12 United States Treasury Note/Bond 2.625% 31/12/ giu-12 United States Treasury Note/Bond 0.25% 28/02/ mag-12 Japan Government Ten Year Bond 1.3% 20/03/ mar-12 United States Treasury Note/Bond 4% 15/02/ giu-12 United States Treasury Note/Bond 0.25% 30/04/ mar-12 United States Treasury Note/Bond 1.25% 15/03/ mar-12 United States Treasury Note/Bond 0.5% 15/11/ feb-12 United States Treasury Note/Bond 0.25% 15/09/ giu-12 United States Treasury Note/Bond 1% 15/05/ feb-12 United Kingdom Gilt 2.75% 22/01/ apr-12 United States Treasury Note/Bond 0.25% 15/01/ giu-12 United States Treasury Note/Bond 1% 15/05/ giu-12 Japan Government Two Year Bond 0.2% 15/08/ mag-12 Japan Government Five Year Bond 1.5% 20/06/ giu-12 Japan Government Five Year Bond 1.5% 20/06/ gen-12 United States Treasury Note/Bond 0.625% 31/01/ mag-12 United States Treasury Note/Bond 3.375% 31/07/ apr-12 United States Treasury Note/Bond 1.375% 15/02/ mag-12 Japan Government Five Year Bond 0.8% 20/03/ apr-12 United States Treasury Note/Bond 2.75% 28/02/ mag-12 United States Treasury Note/Bond 3.5% 31/05/ gen-12 United States Treasury Note/Bond 2.875% 31/01/ mag-12 Japan Government Twenty Year Bond 5% 22/09/ mag-12 United States Treasury Note/Bond 1.875% 30/04/ mag-12 United States Treasury Note/Bond 0.625% 30/04/ mar-12 United Kingdom Gilt 4.5% 07/03/ mag-12 United States Treasury Note/Bond 1.75% 15/04/ mag-12 United States Treasury Note/Bond 3.625% 15/05/ mag-12 United States Treasury Note/Bond 2.625% 31/12/ mar-12 Japan Government Two Year Bond 0.2% 15/01/ mag-12 Japan Government Ten Year Bond 1% 20/06/ mag-12 United States Treasury Note/Bond 3.375% 30/06/

17 CHALLENGE EURO BOND FUND 30-mag-12 France Government Bond OAT 3% 25/04/ mag-12 Bundesrepublik Deutschland 3.25% 04/07/ mag-12 Bundesrepublik Deutschland 2% 04/01/ feb-12 Italy Buoni Poliennali Del Tesoro 4.75% 15/09/ mag-12 France Government Bond OAT 4.25% 25/10/ feb-12 Bundesobligation 0.75% 24/02/ feb-12 France Government Bond OAT 5.5% 25/04/ mag-12 Bundesrepublik Deutschland 1.75% 04/07/ giu-12 Bundesrepublik Deutschland 4.75% 04/07/ giu-12 Italy Buoni Poliennali Del Tesoro 3% 01/11/ mag-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/ mag-12 Italy Buoni Poliennali Del Tesoro 5% 01/03/ feb-12 Spain Government Bond 4.8% 31/01/ giu-12 French Treasury Note BTAN 1.75% 25/02/ gen-12 Bundesrepublik Deutschland 2.25% 04/09/ giu-12 Bundesrepublik Deutschland 4.25% 04/07/ mag-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/05/ mag-12 Spain Government Bond 5.85% 31/01/ giu-12 Spain Government Bond 4.85% 31/10/ mag-12 France Government Bond OAT 3% 25/04/ feb-12 Bundesrepublik Deutschland 3.75% 04/01/ feb-12 French Treasury Note BTAN 2.5% 15/01/ mag-12 Bundesobligation 2.25% 10/04/ mag-12 Italy Buoni Poliennali Del Tesoro 3% 15/04/ feb-12 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/ apr-12 Belgium Government Bond 5.5% 28/09/ mag-12 France Government Bond OAT 3.5% 25/04/ mar-12 Bundesobligation 2.5% 27/02/ feb-12 Spain Government Bond 4.4% 31/01/ mag-12 Spain Government Bond 3% 30/04/ feb-12 Bundesobligation 2.5% 27/02/ feb-12 Netherlands Government Bond 2.75% 15/01/ feb-12 France Government Bond OAT 3% 25/10/ mar-12 Bundesrepublik Deutschland 6.25% 04/01/ mar-12 Bundesrepublik Deutschland 4.25% 04/07/ mag-12 Bundesrepublik Deutschland 3.25% 04/07/ feb-12 Netherlands Government Bond 3.25% 15/07/ mar-12 Italy Buoni Poliennali Del Tesoro 5.25% 01/08/ feb-12 Bundesrepublik Deutschland 4.75% 04/07/ mag-12 Spain Government Bond 4% 30/07/

18 CHALLENGE INTERNATIONAL BOND FUND 21-giu-12 United Kingdom Gilt 4.5% 07/12/ feb-12 United States Treasury Inflation Indexed Bonds 0.125% 15/01/ feb-12 United States Treasury Note/Bond 1% 31/10/ apr-12 United States Treasury Note/Bond 1.25% 31/01/ feb-12 United States Treasury Note/Bond 2% 15/11/ mar-12 Japan Government Twenty Year Bond 2.1% 20/09/ gen-12 United Kingdom Gilt 4.25% 07/12/ gen-12 United States Treasury Note/Bond 4.375% 15/05/ feb-12 United States Treasury Note/Bond 2.625% 15/11/ gen-12 United States Treasury Note/Bond 3.125% 31/01/ apr-12 Japan Government Twenty Year Bond 1.8% 20/09/ mar-12 Japan Government Ten Year Bond 1.1% 20/12/ gen-12 Japan Government Twenty Year Bond 1.8% 20/09/ feb-12 Japan Government Five Year Bond 0.4% 20/06/ giu-12 United States Treasury Note/Bond 1.375% 30/11/ giu-12 Japan Government Twenty Year Bond 2% 20/12/ giu-12 United States Treasury Note/Bond 1.375% 30/11/ giu-12 Japan Government Twenty Year Bond 2% 20/12/ giu-12 United States Treasury Note/Bond 2.25% 31/03/ mag-12 United States Treasury Note/Bond 0.875% 28/02/ feb-12 United States Treasury Note/Bond 2.5% 31/03/ apr-12 Japan Government Ten Year Bond 1.3% 20/03/ mag-12 United States Treasury Note/Bond 1% 31/10/ giu-12 United States Treasury Note/Bond 4% 15/08/ mag-12 Japan Government Twenty Year Bond 3% 20/09/ gen-12 United States Treasury Note/Bond 3.25% 31/12/ feb-12 United States Treasury Note/Bond 4.125% 15/05/ feb-12 Japan Government Twenty Year Bond 3.3% 20/03/ giu-12 United States Treasury Note/Bond 4.5% 15/11/ mar-12 United States Treasury Note/Bond 4.125% 15/05/ mag-12 Japan Government Twenty Year Bond 2.1% 20/12/ giu-12 Japan Government Twenty Year Bond 3.5% 20/03/ mag-12 United States Treasury Note/Bond 5% 15/05/ apr-12 Japan Government Five Year Bond 0.3% 20/06/ apr-12 Japan Government Ten Year Bond 1.5% 20/03/ mag-12 Japan Government Twenty Year Bond 2.1% 20/12/ apr-12 United States Treasury Note/Bond 3.25% 31/03/ gen-12 Japan Government Twenty Year Bond 3.5% 20/03/ mag-12 Japan Government Five Year Bond 0.3% 20/06/ mag-12 United States Treasury Note/Bond 4.25% 15/08/

19 CHALLENGE INTERNATIONAL EQUITY FUND 30-mag-12 Belgium Treasury Bill 0% 16/05/ feb-12 UBS AG 0% 29/12/ giu-12 France Treasury Bill BTF 0% 07/02/ giu-12 France Treasury Bill BTF 0% 02/05/ apr-12 France Treasury Bill BTF 0% 04/04/ mag-12 Facebook Inc mag-12 Kinder Morgan Inc/Delaware mag-12 Regeneron Pharmaceuticals Inc mag-12 American Capital Agency Corp mag-12 Equinix Inc mag-12 Wyndham Worldwide Corp mag-12 UDR Inc mag-12 Tractor Supply Co mag-12 SL Green Realty Corp gen-12 UniCredit SpA giu-12 DE Master Blenders 1753 NV mag-12 Core Laboratories NV mag-12 CMS Energy Corp mag-12 TransDigm Group Inc mag-12 Trimble Navigation Ltd mar-12 Italy Certificati di Credito del Tesoro 2.4% 01/03/ feb-12 France Treasury Bill BTF 0% 09/02/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/05/ mar-12 Belgium Treasury Bill 0% 15/03/ apr-12 UniCredit SpA 4.125% 27/04/2012 EMTN mag-12 El Paso Corp mag-12 International Business Machines Corp mag-12 Motorola Mobility Holdings Inc mag-12 Exxon Mobil Corp giu-12 Sara Lee Corp giu-12 Synthes Inc mar-12 Apple Inc gen-12 Pharmasset Inc mar-12 Exxon Mobil Corp feb-12 Cairn Energy Plc mag-12 MetLife Inc mag-12 Pfizer Inc gen-12 Plum Creek Timber Co Inc feb-12 Digital Realty Trust Inc feb-12 Exxon Mobil Corp

20 CHALLENGE FLEXIBLE FUND 02-feb-12 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ gen-12 Italy Certificati di Credito del Tesoro/ CCTS-eu 2.473% 15/12/ mar-12 Siemens AG feb-12 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ gen-12 UniCredit SpA mar-12 Sony Corp feb-12 Koninklijke Philips Electronics NV feb-12 Computer Sciences Corp feb-12 Bouygues SA feb-12 K+S AG mar-12 Yahoo! Inc gen-12 ETFS Leveraged Natural Gas feb-12 Kroger Co feb-12 Peabody Energy Corp feb-12 NYSE Euronext feb-12 NetApp Inc mar-12 Chesapeake Energy Corp feb-12 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ gen-12 Credit Suisse Group AG apr-12 Man Group Plc feb-12 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ feb-12 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ gen-12 Italy Certificati di Credito del Tesoro/ CCTS-eu 2.473% 15/12/ apr-12 Deutsche Post AG gen-12 ABB Ltd gen-12 Italy Buoni Poliennali Del Tesoro 2.25% 01/11/ feb-12 Lyxor ETF Brazil IboveSpA feb-12 Bunge Ltd gen-12 General Electric Co gen-12 ETFS Leveraged Natural Gas feb-12 Computer Sciences Corp mag-12 Sprint Nextel Corp mar-12 Sony Corp mar-12 NetApp Inc gen-12 Cisco Systems Inc feb-12 Alcatel-Lucent/France feb-12 Gazprom OAO gen-12 Lyxor ETF Turkey EURO gen-12 Lyxor ETF Turkey EURO gen-12 Cisco Systems Inc

21 CHALLENGE SOLIDITY AND RETURN FUND 28-giu-12 Italy Buoni Poliennali Del Tesoro 4.25% 01/08/ feb-12 Italy Buoni Poliennali Del Tesoro 2.5% 01/07/ apr-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/02/ mar-12 Italy Buoni Ordinari del Tesoro BOT 0% 31/08/ giu-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/09/ gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/06/ apr-12 UniCredit SpA 4.375% 10/02/2014 EMTN feb-12 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 0.663% 16/09/2012 EMTN mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 30/11/ giu-12 Italy Buoni Poliennali Del Tesoro 2.15% 15/09/ gen-12 Barclays Bank Plc 0% 04/04/2012 CERTIFICATE OF DEPOSIT apr-12 Banco Popolare SC 4% 06/04/ apr-12 Italy Buoni Poliennali Del Tesoro 3.5% 01/06/ giu-12 Italy Buoni Poliennali Del Tesoro 2% 15/12/ feb-12 ishares Markit iboxx Euro High Yield Bond feb-12 ishares Markit iboxx Euro High Yield Bond mag-12 Nordea 0% 04/09/2012 CERTIFICATE OF DEPOSIT mar-12 Credit Agricole SA 0% 03/07/2012 CERTIFICATE OF DEPOSIT giu-12 Credit Agricole SA 0% 02/11/2012 CERTIFICATE OF DEPOSIT feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 29/06/ giu-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/10/ gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 30/04/ gen-12 DWS Invest - Convertibles giu-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/06/ mar-12 Italy Buoni Ordinari del Tesoro BOT 0% 30/03/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 31/05/ feb-12 DWS Invest - Convertibles gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 16/01/ giu-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/11/ feb-12 JPMorgan Funds - Global Convertibles Fund EUR feb-12 JPMorgan Funds - Global Convertibles Fund EUR feb-12 Barclays Bank Plc 0% 04/04/2012 CERTIFICATE OF DEPOSIT feb-12 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/ feb-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/02/ apr-12 Credit Agricole SA 0% 2/04/2012 CERTIFICATE OF DEPOSIT gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 16/04/ gen-12 Portugal Obrigacoes do Tesouro OT 4.1% 15/04/ apr-12 Banco Popolare SC 1.579% 28/09/2012 EMTN gen-12 Italy Buoni Ordinari del Tesoro BOT 0% 15/06/ apr-12 UniCredit SpA 1.453% 09/01/2013 EMTN

22 CHALLENGE PROVIDENT FUND 1 25-gen-12 Treasury Corp of Victoria 6.25% 15/10/ mar-12 Range Resources Corp mar-12 Marathon Oil Corp mar-12 Deere & Co mar-12 Anadarko Petroleum Corp mar-12 Tyson Foods Inc mar-12 CR Bard Inc mar-12 Xilinx Inc mar-12 Travelers Cos Inc mar-12 Xcel Energy Inc mar-12 Danaher Corp mar-12 AutoZone Inc mar-12 Intuit Inc mar-12 Dollar Tree Inc mar-12 Boeing Co mar-12 Wells Fargo & Co mar-12 European Investment Bank 1.02% 14/06/2013 EMTN giu-12 Discovery Communications Inc Shs A feb-12 Canadian Imperial Bank of Commerce/Canada 2% 04/02/ apr-12 Caisse d'amortissement de la Dette Sociale 1.625% 27/11/ giu-12 Republic of Italy 5.625% 15/06/ mag-12 Anheuser-Busch InBev NV gen-12 KfW Bankengruppe 6.25% 30/01/ mag-12 Travelers Cos Inc apr-12 CR Bard Inc mag-12 Tyson Foods Inc giu-12 Danaher Corp giu-12 Intuit Inc giu-12 Deere & Co apr-12 Range Resources Corp mar-12 Abercrombie & Fitch Co giu-12 Consolidated Edison Inc mar-12 People's United Financial Inc mar-12 Walt Disney Co mar-12 Kellogg Co mag-12 Comerica Inc mar-12 Analog Devices Inc feb-12 ING Bank NV 2.625% 09/02/ feb-12 Time Warner Cable Inc gen-12 Broadcom Corp

23 CHALLENGE PROVIDENT FUND 2 31-gen-12 Republic of Italy 2.125% 05/10/ feb-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ giu-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/10/ mar-12 United States Treasury Inflation Indexed Bonds 2.5% 15/01/ apr-12 Caisse d'amortissement de la Dette Sociale 1.625% 27/11/ gen-12 Inter-American Development Bank 1.125% 15/03/ gen-12 European Union 3.75% 04/04/2042 EMTN gen-12 Treasury Corp of Victoria 6.25% 15/10/ gen-12 European Investment Bank 1.02% 14/06/2013 EMTN mar-12 Range Resources Corp mar-12 Marathon Oil Corp mar-12 Deere & Co mar-12 Anadarko Petroleum Corp mar-12 Tyson Foods Inc mar-12 CR Bard Inc mar-12 Xilinx Inc mar-12 Travelers Cos Inc mar-12 Xcel Energy Inc mar-12 Danaher Corp mar-12 AutoZone Inc mag-12 Republic of Italy 6.125% 29/05/ feb-12 Japan Finance Organization for Municipalities 1.55% 21/02/ mag-12 Travelers Cos Inc gen-12 KfW Bankengruppe 6.25% 30/01/ apr-12 CR Bard Inc mag-12 Tyson Foods Inc giu-12 Danaher Corp giu-12 Intuit Inc giu-12 Deere & Co apr-12 Range Resources Corp mar-12 Abercrombie & Fitch Co giu-12 Consolidated Edison Inc mar-12 People's United Financial Inc mar-12 Kellogg Co mag-12 Comerica Inc mar-12 Apple Inc mar-12 Walt Disney Co mar-12 CH Robinson Worldwide Inc mar-12 CareFusion Corp giu-12 Anadarko Petroleum Corp

24 CHALLENGE PROVIDENT FUND 3 16-feb-12 Japan Finance Organization for Municipalities 1.35% 26/11/ mag-12 Republic of Italy 5.5% 15/12/ gen-12 France Government Bond OAT 3.5% 25/04/ gen-12 European Investment Bank 1.4% 20/06/ giu-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/10/ gen-12 European Union 3.75% 04/04/2042 EMTN apr-12 Mediobanca SpA 3% 20/11/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ gen-12 European Investment Bank 1.02% 14/06/2013 EMTN gen-12 United States Treasury Inflation Indexed Bonds 2.5% 15/01/ gen-12 France Government Bond OAT 3.5% 25/04/ gen-12 Credit Logement SA 1.626% 15/06/ feb-12 BBVA Senior Finance SAU 3% 22/08/2013 EMTN feb-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ mar-12 United States Treasury Inflation Indexed Bonds 2.5% 15/01/ apr-12 Caisse d'amortissement de la Dette Sociale 1.625% 27/11/ gen-12 Treasury Corp of Victoria 6.25% 15/10/ giu-12 JPMorgan Chase & Co 3.7% 20/01/ feb-12 Japan Finance Organization for Municipalities 1.55% 21/02/ feb-12 Italy Certificati di Credito del Tesoro Zero Coupon 0% 29/02/ mag-12 Republic of Italy 6.125% 29/05/ gen-12 Mediobanca SpA 4.375% 20/01/2012 EMTN feb-12 Banca Mediocredito del Friuli-Venezia Giulia SpA 3.517% 20/06/2013 EMTN gen-12 KfW Bankengruppe 6.25% 30/01/

25 CHALLENGE PROVIDENT FUND 4 31-gen-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/02/ apr-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ gen-12 European Financial Stability Facility 2.75% 18/07/2016 EMTN apr-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ giu-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/10/ gen-12 Spain Government Bond 2.3% 30/04/ feb-12 BBVA Senior Finance SAU 3% 22/08/2013 EMTN feb-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ gen-12 GE Capital European Funding 4.75% 30/07/2014 EMTN apr-12 Banca Piccolo Credito Valtellinese Scarl 4.5% 27/11/2013 EMTN gen-12 Belgium Government Bond 2.062% 15/02/ gen-12 Mediobanca SpA 1.737% 22/10/2015 EMTN mag-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ mag-12 Banca Popolare di Vicenza 4.75% 16/09/2013 EMTN gen-12 Banca Popolare di Vicenza 4.75% 16/09/2013 EMTN mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ apr-12 France Government Bond OAT 5% 25/04/ feb-12 Italy Buoni Poliennali Del Tesoro 5% 01/02/ gen-12 Italy Certificati di Credito del Tesoro 2.44% 01/03/ mag-12 Republic of Italy 6.125% 29/05/ gen-12 Mediobanca SpA 4.375% 20/01/2012 EMTN feb-12 Telecom Italia SpA 6.25% 01/02/2012 EMTN gen-12 Banca Lombarda e Piemontese SpA 1.79% 30/01/2012 EMTN apr-12 UniCredit SpA 4.125% 27/04/2012 EMTN feb-12 Banca Mediocredito del Friuli-Venezia Giulia SpA 3.517% 20/06/2013 EMTN

26 CHALLENGE PROVIDENT FUND 5 31-gen-12 Italy Buoni Poliennali Del Tesoro 4.75% 01/02/ apr-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ apr-12 Italy Buoni Ordinari del Tesoro BOT 0% 16/07/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ feb-12 Bundesobligation Inflation Linked Bond 2.25% 15/04/ gen-12 CIF Euromortgage SA 4.625% 11/10/ apr-12 Italy Buoni Poliennali Del Tesoro 2% 15/12/ mar-12 Banca Popolare di Vicenza 4.75% 16/09/2013 EMTN feb-12 BBVA Senior Finance SAU 3% 22/08/2013 EMTN apr-12 Banca Popolare di Milano Scarl 2.604% 24/09/2012 EMTN giu-12 Italy Buoni Poliennali Del Tesoro 4.25% 15/10/ gen-12 BNP Paribas SA 1.092% 21/06/2012 EMTN feb-12 Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/08/ giu-12 Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/12/ feb-12 Banca Monte dei Paschi di Siena SpA 4.5% 07/03/2014 EMTN gen-12 Banco Santander SA 4.5% 14/11/ gen-12 The Bear Stearns Cos LLC 1.024% 27/07/ mag-12 Banca Piccolo Credito Valtellinese Scarl 4.5% 27/11/2013 EMTN apr-12 Banca Piccolo Credito Valtellinese Scarl 4.5% 27/11/2013 EMTN mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 14/01/ gen-12 Italy Certificati di Credito del Tesoro 2.44% 01/03/ apr-12 Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/04/ mag-12 Italy Buoni Ordinari del Tesoro BOT 0% 16/07/ apr-12 Italy Buoni Poliennali Del Tesoro 4% 15/04/ mar-12 Italy Buoni Poliennali Del Tesoro 3% 01/03/ feb-12 Italy Certificati di Credito del Tesoro Zero Coupon 0% 29/02/ mar-12 Banca delle Marche SpA 2.373% 02/03/2012 EMTN gen-12 Mediobanca SpA 4.375% 20/01/2012 EMTN mag-12 Republic of Italy 6.125% 29/05/ apr-12 UniCredit SpA 4.125% 27/04/2012 EMTN giu-12 BNP Paribas SA 1.092% 21/06/2012 EMTN gen-12 Unione di Banche Italiane SCPA 3.875% 28/02/2013 EMTN feb-12 Banca Monte dei Paschi di Siena SpA 1.564% 14/02/2012 EMTN gen-12 GDF Suez 4.375% 16/01/2012 EMTN gen-12 France Telecom SA 4.625% 23/01/2012 EMTN gen-12 Banca Lombarda e Piemontese SpA 1.79% 30/01/2012 EMTN feb-12 Telecom Italia SpA 6.25% 01/02/2012 EMTN mar-12 Credit Suisse AG/London 5.125% 30/03/2012 EMTN giu-12 Imperial Tobacco Finance Plc 5% 25/06/2012 EMTN apr-12 Cassa Depositi e Prestiti SpA 3.5% 24/04/2012 EMTN