Multi Solution Fund - ANIMA Sgr

Annual Report and Audited Financial StatementsFor the financial year ended 31 December 2020

Multi Solution Fund

Organisation 2

Background to the Trust 3

Statement of Manager’s Responsibilities 5

Investment Manager’s Report 6

Report of the Trustee to the Unitholders 12

Independent Auditor’s Report 13

Statement of Comprehensive Income 16

Statement of Financial Position 18

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units 20

Statement of Cash Flows 22

Notes to the Financial Statements 24

Schedule of InvestmentsMPS Private Solution Absolute 49MPS Private Solution Flexible Bond 51MPS Private Solution Flexible 52MPS Private Solution Multi Asset 54MPS Private Solution Global 56MPS Private Solution Responsible 57

Schedule of Portfolio Changes (Unaudited)MPS Private Solution Absolute 59MPS Private Solution Flexible Bond 60MPS Private Solution Flexible 61MPS Private Solution Multi Asset 62MPS Private Solution Global 63MPS Private Solution Responsible 64

Appendix I - UCITS V Directive Annual Report Disclosures (Unaudited)Remuneration Policy of the Manager 65Remuneration Policy of the Investment Manager 65

Multi Solution Fund

Contents Page

Multi Solution Fund 1

Manager and PromoterANIMA Asset Management LimitedBlock A, 10th Floor1 George’s Quay PlazaGeorge’s QuayDublin 2D02 P039Ireland

Administrator, Registrar and Transfer AgentState Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Independent AuditorsDeloitte Ireland LLPChartered Accountants and Statutory Audit FirmDeloitte & Touche House29 Earlsfort TerraceDublin 2D02 AY28Ireland

Legal Advisor to the ManagerDillon Eustace33 Sir John Rogerson’s QuayDublin 2Ireland

Local Paying AgentBanca Monte dei Paschi di Siena S.p.A.Piazza Salimbeni, 353100 SienaItaly

Directors of the ManagerRory Mason* (Irish) (Chairman)Andrew Bates (Irish)Pierluigi Giverso (Italian)Agostino Ricucci (Italian, Irish Resident)Davide Sosio (Italian)

Investment ManagerANIMA SGR S.p.A.Corso Garibaldi, 9920121 MilanItaly

TrusteeState Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Secretary to the ManagerTudor Trust Limited33 Sir John Rogerson’s QuayDublin 2Ireland

DistributorBanca Monte dei Paschi di Siena S.p.A.Piazza Salimbeni, 353100 SienaItaly

*Independent Director.

Multi Solution Fund Organisation


Description

Multi Solution Fund (the “Trust”), is an open-ended umbrella unit trust established in Ireland and authorised by the Central Bankof Ireland (the “Central Bank”) on 23 March 2017 as an undertaking for collective investment in transferable securities pursuant tothe European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITSRegulations”).

The Trust is structured as an umbrella unit trust comprising several Funds with each Fund representing a separate portfolio ofassets and is subject to Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2019 (the “CBI UCITS Regulations”) and the Trust Deed and is regulated bythe Central Bank.

Each Fund comprises one or more unit classes. The units of each class issued by a Fund will rank pari passu with each other inall respects except as to all or any of the following:

- currency of denomination of the class;- hedging strategies;- dividend policy;- the level of fees and expenses to be charged;- subscription or redemption procedures; and- the minimum subscription and minimum holding applicable.

The assets of each Fund will be separate from one another and will be invested separately in accordance with the investmentobjective and policies of each Fund. A separate portfolio of assets is not maintained for each Unit Class. The investment objectiveand policies and other details in relation to each Fund are set out in the relevant Information Cards, which form part of and shouldbe read in conjunction with this Prospectus.

The Funds and Unit classes in existence during the financial year were as follows:

MPS Private Solution Absolute, Class A - launched on 8 May 2017.MPS Private Solution Flexible Bond, Class A - launched on 13 December 2017.MPS Private Solution Flexible Bond, Class B - launched on 20 February 2020.MPS Private Solution Flexible, Class A - launched on 8 May 2017.MPS Private Solution Flexible, Class B - launched on 23 May 2019.MPS Private Solution Global, Class A - launched on 8 May 2017.MPS Private Solution Global, Class B - launched on 13 June 2019.MPS Private Solution Multi Asset, Class A - launched on 8 May 2017.MPS Private Solution Multi Asset, Class B - launched on 23 May 2019.MPS Private Solution Responsible, Class A - launched on 24 May 2019.MPS Private Solution Responsible, Class B - launched on 21 May 2019.

Investment Objectives

Please refer to the Prospectus for each Fund’s investment objectives and policies.

Management

During the year, ANIMA Asset Management Limited served as the Manager of the Trust.

During the year, ANIMA SGR S.p.A., the parent company of the Manager and Promoter, served as the Investment Manager of theTrust.

Net Asset Value

The Net Asset Value of a Fund is determined by valuing the assets of each relevant Fund (including income accrued but notcollected) and deducting the liabilities of each relevant Fund (including a provision for duties and charges, accrued expensesand fees and other liabilities). The Net Asset Value of a class is determined by calculating that portion of the Net Asset Value of therelevant Fund attributable to the relevant class subject to adjustment to take account of assets and/or liabilities attributable to theclass. The Net Asset Value of a Fund is expressed in the base currency of the Fund.The base currency of each Fund may vary as a result of the primary economic environment in which it operates.

The Net Asset Value per Unit is calculated by dividing the Net Asset Value of the relevant Unit Class by the total number of Unitsin issue in the Unit Class at the relevant Valuation Point rounded to four decimal places.

Multi Solution Fund Background to the Trust


Application for Units

Applications for Units should be made to the Administrator or to the Distributor for onward transmission to the Administrator.Applications received by the Administrator or by the Distributor prior to the Dealing Deadline for any Dealing Day are dealt with onthat Dealing Day. Any applications received after the Dealing Deadline will be dealt with on the following Dealing Day unless theManager in their absolute discretion otherwise determines, provided that the application is received before the Valuation Point.Minimum Subscription amounts are disclosed in the Fund or Class Information Card in the prospectus.

Redemption of Units

Applications for the redemption of Units are made to the Administrator or to the Distributor for onward transmission to theAdministrator. Requests for redemptions received prior to the Dealing Deadline for any Dealing Day are dealt with on that DealingDay. Any requests for redemptions received after the Dealing Deadline for a Dealing Day will be dealt with on the next DealingDay unless the Manager in their absolute discretion determine otherwise provided that the application is received before theValuation Point. Redemption requests will only be accepted where cleared Funds and completed documents are in place fororiginal subscriptions. There is no minimum redemption transaction size for any Unit in any Fund. Unitholders should note that ifa redemption request would, if processed, leave the Unitholder holding Units having a Net Asset Value of less than the MinimumHolding, the Manager may, in his discretion, redeem the whole of the Unitholder’s holding. The redemption price per Unit shall bethe Net Asset Value per Unit less applicable duties and charges.

Dividend Policy

The Trust Deed empowers the Manager to declare dividends in respect of any Units in a Fund out of (i) net investment incomewhich consists of interest and dividends; (ii) realised and unrealised profits less realised and unrealised losses (including feesand expenses) and; (iii) other funds (including capital) as may be lawfully distributed from the relevant Fund. If it is intended todistribute dividends to Unitholders from a particular Fund, such intention, shall be disclosed in the relevant Fund InformationCard.

Multi Solution Fund Background to the Trust(continued)


The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITSRegulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investmentin Transferable Securities) Regulations 2019 (the “CBI UCITS Regulations”) and the Trust Deed, require the Manager to preparefinancial statements for each financial year, reporting the financial position of the Trust as at the end of the accounting year and itsprofit or loss for the year. In preparing those financial statements, the Manager:

- ensures that the financial statements comply with the Trust Deed, generally accepted accounting principles andapplicable accounting standards subject to any material departures which are disclosed and explained in the financialstatements;

- selects suitable accounting policies and then applies them consistently;- makes judgements and estimates that are reasonable and prudent; and- prepares the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will

continue in operation.

The Manager is required to keep proper accounting records and to manage the Trust in accordance with the UCITS Regulationsand CBI UCITS Regulations and the Trust Deed.

The Manager has appointed State Street Fund Services (Ireland) Limited for the purpose of maintaining proper books of account.Accordingly, the books of account are kept at State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2,Ireland. Under the UCITS Regulations, the Manager is also responsible for safeguarding the assets of the Trust. In this regard ithas entrusted the assets of the Trust to State Street Custodial Services (Ireland) Limited for safekeeping in accordance with theTrust Deed. The Manager is also responsible with respect to its duties under the UCITS Regulations and CBI UCITS Regulationsto take reasonable steps for the prevention and detection of fraud and other irregularities.

Dealings with Connected PersonsRegulation 43(1) of the CBI UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsibleperson shall ensure that any transaction between a UCITS and a connected person is conducted (a) at arm’s length; and (b) inthe best interest of the Unitholders of the UCITS”.

As required under CBI UCITS Regulation 81.(4), the Directors of the Manager, as responsible persons are satisfied that there arearrangements in place evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1)are applied to all transactions with a connected person; and all transactions with connected persons that were entered into duringthe year to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

Multi Solution Fund Statement of Manager’s Responsibilities


Financial markets

2020 was a year effected predominately by the Covid-19 pandemic. Global markets were impacted in relatively similar trendsfrom the end of the first quarter of 2020, but with a recovery by year end differing across markets. In 2020 global equities postedan overall gain (+14%) in local currency terms. While US and Japan equity markets gained positive returns in the year (+20.7% ;+8.8%), the European indices returned negative performance (-2.2% Europe; -1.0% Eurozone); in particular the UK recorded thelargest losses (-13.2%), the Italian stock market posted a decline of -6.6%. Infotech and discretionary consumption remained thestrongest sectors globally, while the energy sector experienced the largest collapse. The BRIC countries registered broadlypositive equity performance on an annual basis, buoyed by the Chinese market. Volatility moved between the peak registered inMarch and the subsequent progressive decline: the return from extreme values was partial, with some reversals in June,September and the end of October. The performance of the bond segment varied in local currency terms, although generallyposting gains. The global government sectors were supported, within their respective areas, by the decline in yields on USTreasuries, Bunds and BTPs. Among corporate bonds, both investment grade and high-yield sectors contributed to the gainsposted by the global index. Also showing gains were emerging market bonds denominated in strong currencies (US dollar).Developments in the euro/US dollar exchange rate reflected an overall strengthening (+8.2%) of the single currency.

The year 2020 started on a positive note for the main asset classes. The climate of optimism was supported by the announcementof the signing of the US/China trade agreement and by signs of the stabilization of macroeconomic conditions. From the secondhalf of January, the performance of the financial markets was heavily influenced by the fears and developments connected withthe rapid and progressive spread of the COVID-19 epidemic around the world. Risk aversion gradually overwhelmed the stockmarkets and generated strong volatility. The sectors most affected were energy and finance. Fears about the adverse effects ofthe pandemic on growth, with direct impacts on consumption, the production of goods and businesses and householdconfidence were largely borne out. Uncertainties about the extent and duration of the pandemic prompted expectations of asharp contraction in growth. After early April, stock markets globally predominantly returned to posting gains, strengthening in thelate spring and summer months and gradually recouping previous losses. This trend was sustained by changes in infection datain a number of developed areas, by the gradual easing of lockdown measures, by the reopening of economies, by thestrengthening of support measures implemented by central banks and governments, and by positive surprises inmacroeconomic data. However, the recovery was not free of setbacks. Fears of a new wave of the pandemic and warnings issuedby the authorities about the threat posed to the economic outlook repeatedly put pressure on equity markets: in July, theperformance of equities in Japan and Europe was burdened by fears for growth, before regaining momentum in August and thenturning downwards again between September and October, together with markets in the entire developed world. In November,the success of Joe Biden in the US presidential elections and the announcement of significant advances in vaccine trials weregreeted by a rally in the equity sector. In general, the markets were buffeted by opposing stresses connected with the alternationof good and bad news for growth, primarily alarm about the deterioration in the epidemiological situation and developments inmacroeconomic conditions.

Government bonds experienced alternating phases of upward pressure (attributable to the risk-on environment or to the outlookfor a deterioration in public finances as a result of fiscal stimulus measures) and downward momentum (especially for the coresectors, where greater caution and risk aversion prevailed). Sometimes divergent trends emerged between US governmentsecurities, supported by the Fed’s interventions, and those issued by European governments, especially in the peripheralcountries, which were penalized by a massive flow of new issues. The spread between German yields and those in France, Italyand Spain varied between the peak reached before the ECB announced the Pandemic Emergency Purchase Programme inmid-March and the more recent lows. BTPs, in particular, were subject to profit taking and had to incorporate significant pricedrops. The ten-year BTP/Bund spread exceeded 260 basis points after the second ten days of April, penalized in particular by thedomestic political debate on the use of the ESM and the weakness of the economy. From mid-May, the differential narrowed, withthe fall continuing until the end of the year (111 basis points) thanks to the strengthening of the PEPP safety net and the definitiveapproval of the Recovery Fund. Yields on BTPs then posted record lows for securities with maturities of between 3 and 30 years(around 0.54% on ten-year paper).

In the US, with Fed’s adoption of an average inflation targeting strategy in August and the new fiscal stimulus measures discussedin October, the 10-year Treasury experienced a degree of upward pressure on yields. Corporates were also heavily impacted bya period of risk-off sentiment, with a significant increase in spreads and strong volatility. The Fed’s decision to purchase high-yieldcorporate bonds had triggered an initial recovery of this asset class beginning in April. From the summer, spreads narrowedagain, reaching historic lows in the investment grade segment. The peaks of March and April were followed, from mid-May, by aperiod of slow and progressive decline that, after some reversion between September and October, continued to narrow untilDecember. After the start of the second quarter, emerging-market debt posted a significant recovery in the strong currencysegment, ending the year with a gain, sustained by the decline in US rates, the weakening of the dollar and the prospect of aneasing of geopolitical risks.

In the foreign exchange market, the euro/US dollar rate was impacted by volatility connected with that in rates. After losing groundin the first part of the year against all the main developed-country currencies, the euro regained vigor in May. Beginning in thespring and continuing through the summer, the single currency strengthened, reaching over 1.18 against the dollar in August. Therate then fluctuated around that level between September and October before resuming its steady rise in November andDecember, increasing above 1.22 in reflection of the expected expansion of the deficit in connection with the US stimulus planand the wait-and-see stance of the ECB. The currencies of commodity-exporting countries and those of the emerging countrieshad suffered substantial losses until the end of April. Subsequently, the rise in oil prices and the weakness of the US dollar

Multi Solution Fund Investment Manager’s Reportfor the financial year ended 31 December 2020


Financial markets (continued)

fostered only partial recoveries against the euro. The decline in the British pound reflected the poor management of the healthemergency, the economic crisis and the challenging negotiation of the agreement with the EU over Brexit. Generally buoyed byrisk aversion, the yen and the Swiss franc safe-haven currencies experienced periods of decline between May and the summer.

Fears about the outlook for demand engendered broad declines in commodity prices. The collapse in the price of oil, despite ahistoric cut in production agreed between all producer countries around the world, developed between January and April,against a background of very weak demand and the accumulation of reserves. Expectations of a market rebalancing encouragedby a degree of optimism about the economic recovery then caused oil prices to return close to the levels seen at the end ofFebruary, with a loss of just over 20% at the end of 2020. Nevertheless, the performance of commodities continues to beimpacted by fears that new waves of the pandemic could slow global growth and demand. Gold registered a significantappreciation in 2020 (+24%), with its price rising from the lows seen in March to the highs registered in early August, ending theyear at just below $1,900/oz.

Macroeconomic conditions

At the beginning of 2020, the continuation of expansionary monetary policies had fostered the emergence of signs of stabilizationof the cycle, despite certain unclear indications of weakness in manufacturing. A number of economic indicators appeared to bepointing to recovery, and risk factors seemed to be easing slightly. The “Phase 1” agreement signed in January between theUnited States and China had provided for mutual commitments concerning the purchase of goods, the gradual reduction of tariffsand undertakings regarding currency management and the protection of intellectual property. The pre-crisis fundamentalsappeared solid: a few weeks after the spread of the COVID-19 epidemic to the West, the unemployment rate in the advancedeconomies was at an all-time low. Global manufacturing continued shake off the effects of the trade war between theUnited States and China, anticipating a resumption of world trade. Since the second half of January, the scenario has changedradically in the wake of the rapid spread of the coronavirus epidemic, which very rapidly became a global pandemic with theconsequent imposition of containment measures to stem the health emergency. This had a direct impact on the demand andproduction of goods and services, with negative repercussions for economic growth, triggering a severe global recession. Thepeak of the disease in late spring seemed to have passed, with the situation improving in China and the euro area. With the startof the summer, alarm over the deterioration the COVID-19 situation in America increased, while at the same time macroeconomicdata continued to provide encouraging surprises and boosted confidence in progress on the medical/scientific front. In theautumn, the significant increase in COVID-19 cases in some US states, the worsening of the health crisis in Latin America andAsia, and the rise in infections in Europe triggered heightened uncertainty about the evolution of the pandemic and the possibilitythat the fragile recovery could be derailed. The spread of the pandemic in the summer and autumn indicated that without effectivevaccines a return to pre-crisis levels of activity in certain sectors would be incompatible with controlling the health threat. InEurope, the spread of the pandemic forced a resumption of drastic containment measures. The rush to develop a vaccine hasyielded favorable results. At the end of the year, the pharmaceutical companies Pfizer, Moderna and Astrazeneca gavecomforting signals in this regard. At the beginning of 2021, the vaccines had been cleared by regulatory authorities for public usein many countries.

The reactions of the monetary and fiscal authorities to the progress of the pandemic initially appeared poorly coordinated. Sincethe end of February, governments had announced large-scale fiscal stimulus packages and central banks had intervenedaggressively by cutting rates, expanding their quantitative easing measures and injecting liquidity into the banking system. InMarch, the Fed held two extraordinary meetings at which it cut rates by 1.5 percentage points to a range of 0%-0.25%,subsequently announcing interventions totaling more than $1.2 trillion and removing limits on maturities and amounts in its QEplan. The US Congress approved substantial support, with fiscal measures worth over $2 trillion. Other central banks alsoimplemented significant measures: the Bank of England and the Bank of Canada adjusted their official rates (with decreases of0.65 points and 1 point respectively), while the Bank of Japan injected liquidity into the interbank market. The ECB, while leavingrates unchanged, announced substantial purchases of government securities, eased bank capital requirements and introducedthe Pandemic Emergency Purchase Programme (PEPP, progressively increasing its envelope up to €1,850 billion, extending netpurchases until at least the end of March 2022 and the reinvestment of principal payments until at least the end of 2023). TheEuropean Commission had also invoked the general escape clause of the Stability Pact, granting maximum flexibility togovernments in their budget decisions. Although the European Council had charged the European Commission with the task ofpreparing an operational proposal for the Recovery Fund, until mid-July the euro-area countries could not agree on the creationof a joint debt instrument. The desired agreement the result of a compromise that emerged from the European Council in July –includes a plan to raise €750 billion on the markets and the distribution of €390 billion in grants and €360 billion in loans. Aid fromthe EU budget will be repaid by all Member States as a whole. The Fund will remain open until 2026, while the repayment of theloans will begin in 2027. Italy will be eligible for about €80 billion in grants and over €120 billion in loans for a total of €209 billion:the resources will be disbursed between the second half of 2021 and 2023.

After the spring collapse, during the summer the United States registered improvements on both the supply side and thedomestic demand side, with industrial production, orders and retail sales rising sharply. Earlier subsidies and the strength of thelabor market helped support household spending, although consumer confidence began to reflect growing uncertainty overearnings prospects. Towards the close of 2020, the US economy began to display signs of a slowdown while the pandemicsurged again. The OECD and IMF estimated an annual decrease in US GDP of -3.7% and -4.3% respectively in 2020, with arecovery of more than 3% forecast for 2021. The December FOMC meeting ended without changes in the monetary policystance, with unchanged rates and securities purchases. The Fed announced that it had relaxed its 2% inflation target to preservegreater freedom over rates. The US elections were won by Joe Biden, although the handover of power has been embroiled in


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Macroeconomic conditions (continued)

internal political turmoil (Trump had not recognized the challenger’s victory, complaining of irregularities and fraud). After winningthe House, the Democrats also gained a narrow majority in the Senate, thanks to the outcome of run-off elections in Georgia at thebeginning of January. This could facilitate smoother US government action.

The contraction in GDP in the euro area also appeared to be largely attributable to a collapse in private consumption. Retail salesin the late spring and summer helped offset the previous collapse. Industrial production continued to decline on an annual basis,despite the emergence of some signs of recovery in the summer. The slight gain of new car registrations in September after theplunge in August was swamped by another decrease in the final part of the year. As in the US, signs of stabilization related to theearlier easing of lockdown measures also emerged in the euro area. However, domestic demand slowed in the second half of2020. Economic activity slumped rapidly, foreshadowing a contraction in GDP in the fourth quarter. The most recent OECD andIMF estimates point to a contraction in euro-area GDP of around 7.5% and 8.3% in 2020, respectively, and growth of 3.6% and5.2% in 2021 . According to these forecasts, Italy’s GDP is expected to drop by 9.1% (10.6%) in 2020, and then rise by 4.3%(5.2%) in 2021. The weakness could be attenuated by official intervention: the ECB has undertaken to strengthen its stimulusmeasures and governments appear willing to launch new support measures.

As the end of the year approached, some progress emerged in the negotiations over Brexit, with the brinksmanship finallyproducing an agreement between the EU and the United Kingdom.

In Japan, the change in prime minister (with Suga succeeding Abe) was a prelude to continuity in the country’s embrace of“Abenomics”, at least in the short term. Seasonally-adjusted GDP growth in the third quarter rebounded to 22.9% on an annualbasis, while unemployment stood at 3.1%. OECD and IMF estimates point to a contraction of 5.3% in 2020 and a recovery of 2.3%in 2021.

China continued to record growth, supported by the recovery in demand, which strengthened gradually in all sectors, inparticular in infrastructure and real estate investment, and in exports (not only COVID-related goods). The supply side kept pace,with retail sales and industrial production signaling a sound continuation of the recovery, supported by levels of the PMI that haverisen into the area indicating an expansion for both manufacturing and services. The Asian giant could be the only systemiceconomy capable of recording GDP growth (the OECD estimate is for a gain of about 1.8% for 2020 and an acceleration to 8% in2021).

On the global inflation front, the COVID pandemic continues to exert downward pressure, with price pressures generallyremaining subdued, with signs of considerable weakness in the euro area. The Fed’s statements concerning its inflation targetwere accompanied by those of the ECB, which confirmed the need to monitor exchange rate developments due to theirimplications for the medium-term outlook for inflation.

The outlook

News about vaccine research and availability in the fight against COVID-19 have reduced uncertainty about the medium-termprospects for growth, buoying risky assets and supporting the possibility of an acceleration of the global economic recovery inthe second half of 2021. Political developments also appear more favorable: the outcome of the US elections has reduced therisks to trade, encouraging expectations of a considerable pandemic stimulus in the short term. Furthermore, the accommodativemonetary and fiscal stance is set to remain highly supportive, as underlying inflation is unlikely to strengthen in the next six totwelve months. With inflation currently below its target level, central banks (both the Fed and the ECB) will retain theiraccommodative stance for much of 2021, if not longer, while governments remain focused on supporting economic activity.Regardless of the differences in the impact of the pandemic on different areas, economic activity could return to pre-pandemiclevels faster than previously assumed: the exogenous shock represented by the pandemic hit a global economy that wasoriginally healthy and has proved resilient, which increases the chances of recovery, albeit with differences in timing andapproaches in the various geographical areas. The Chinese economy in particular has managed to rebound earlier than the restof the world, and should continue to expand at a pace in line with potential. The United States could return to pre-crisis levels inless than a year, while Europe, albeit with more difficulty as a result of the lack of greater fiscal stimuli in the first half of 2021, theconsequences of the more severe lockdowns imposed and the prospect of an adjustment of labor market conditions, has takenmajor steps towards fiscal union: this should help the region unleash some of its growth potential as early as the second half of2021. The main driver in 2021 could be the services industry in the advanced economies, particularly in the euro area and theUnited Kingdom, where restrictions severely impacted many segments of the sector. The health crisis and the weakening of fiscalsupport measures have undermined consumer confidence and strengthened the tendency to increase precautionary savings,slowing or depressing global growth. At the same time, the accumulated resources (which are substantial, especially in the USA)could constitute an important reserve to draw upon to finance consumption once the numerous factors of uncertainty havedissipated.

In the United States, forecasts for economic recovery in the first half of 2021 are based on support from fiscal policy, while vaccinedevelopments have paved the way for more sustainable growth in the second half of 2021. President-elect Biden’s approachappears to be founded on pursuing greater balance and collaboration in international relations (with expectations of animprovement in relations with trading partners and less heated rhetoric between the United States and China) and managing thehealth crisis.


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The outlook (continued)

On the monetary policy front, the Fed remains very accommodative, and no new developments are expected in the short term.Rates are expected to remain close to zero for a considerable time, especially after the transition to the average inflation target.It is also conceivable that the Fed could modify its forward guidance to qualitatively link the asset purchases to economicconditions, while maintaining the current pace of overall purchases unchanged.

In the euro area, the short-term outlook is not promising: the fears associated with the spread of the virus are high, the mainleading indicators point to an economic slowdown and investment and private consumption remain at risk, connected with thelack of support for the labor market, which will remain in precarious condition. However, the deployment of the Recovery Fundsuggests a more optimistic view for the second half of next year. In this context, the ECB is expected to maintain a particularlyaccommodative stance: after the expansion of monetary policy measures, it could adopt a more wait-and-see approach, with afocus on monitoring economic data and developments in the COVID pandemic.

Growth is expected to continue in China, provided that the health situation remains under control. In the absence of any easing ortightening, the neutral macroeconomic policy context appears appropriate to support the continued growth of domestic demand,with a steady rise in investment and an expansion of spending on consumption and services. The recovery in global demandfollowing the development of vaccines and the rebalancing of the composition of growth will continue to support the Chineseeconomy in the second half of 2021 as well.

Inflationary pressures are not expected to materialize until the services sector normalizes. This could happen after vaccines arewidely distributed and the economy returns to pre-pandemic conditions.

In consideration of the risks still present, it is possible that the dynamics of the financial markets, as well as those of the realeconomy, remain exposed to variability, which will have to be managed prudently and tactically. The allocative approachconsiders the existing imbalances, which could alter the outlook.

A constructive stance is being maintained in equities in the medium term, due in part to the structural liquidity support. Managingthe very short-term equity position remains exposed to the impact of developments on the health front, after benefiting from anumber of major catalysts (the outcome of the US elections, the announcements on vaccines). Any periods of weakness in equitymarkets could reflect profit taking, and be exploited tactically to rebalance risk exposure. Despite the apparent absence of newcatalysts for an acceleration of the positive trend in the immediate future, the elimination of uncertainties about Brexit, thestrengthening of central bank support programs, and the expectations for substantial fiscal intervention nevertheless appearcapable of sustaining gains during the first quarter of 2021. However, a recovery in consumption will be decisive for sustainablegrowth looking forward: developments in labor market conditions will therefore remain a crucial factor. Any retrenchment couldrepresent favorable investment opportunities, taking a tactical approach to identify the companies and sectors with the greatestpotential for recovery after having suffered the most in the past.

Government issues have proved to be extremely sensitive to the massive stimulus measures announced and implemented bycentral banks. A neutral stance is being maintained for the sector as a whole: the current trading range is expected to continuewith the ongoing consolidation of yields in light of the central banks’ careful control of official rates (which are expected to remainlow for a long time).

In the corporate bond market, the neutral stance on investment grade paper is supported by the consideration that the segment,while enjoying the protection of central banks as a result of the purchase programs targeting the sector and benefiting from thepossibility of issuing debt at negative rates, has seen spreads narrowing progressively, with both rates and spreads close toall-time lows. The scope for further narrowing appears rather limited, counseling a preference for quality issuers. The neutralstance in respect of the high yield corporate bond segment is essentially connected with a generally constructive orientation inthe broader risky-asset sector. The relative caution towards emerging-market issues is linked to trends in fundamentals.

Among the main currencies, the euro/dollar exchange rate appears unlikely to be impacted by news from the Fed and the ECBconcerning the rate differential. However, a negative position in respect of the US dollar under the assumption of a continuation ofthe weakness in the greenback is connected with the expectation that official rates will remain low for an extended period, inconjunction with a stronger euro (the Recovery Fund should reduce political risk within the EU). At the same time, the progressivestrengthening of the euro has been facilitated by the wait-and-see attitude of the ECB in response to the appreciation of the singlecurrency. The neutral view of the British pound reflects consideration of the potential benefits of the Brexit agreement.

The global growth outlook appears to selectively support an increase in commodity prices.

Multi Solution Funds

The performance for 2020 in tables on the next pages relates to the period 1 January 2020 to 31 December 2020.

MPS Private Solution Absolute

The objective of the Fund is to seek medium-term capital appreciation, with low to medium volatility. The Fund follows a flexiblestrategy, which invests in multi-asset, total return, fixed income and long/short equity funds. The Fund’s allocation is on averagebalanced across multi-asset, equity, fixed income and flexible funds: more specifically, it is the result of the fund selection activityas well as the sizing of managers, which are both dynamically managed. During the 1st quarter, in the midst of the Coronavirus


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MPS Private Solution Absolute (continued)

pandemic shock, the allocation to long-short, fixed income and multi assets strategies was cut in order to deal with persistentspikes of volatility. Thereafter, over the 2nd quarter, it was decided to increase the weight of long-short funds due to their flexiblenature of managing. In the 3rd quarter, the allocation to multi-asset and flexible fixed income funds slightly increased, employingthe unencumbered cash in the portfolio. Then, in the first part of the 4th quarter, the Fund initially took profit from the strong marketrecovery which started in late March, reducing the weight to long-short and multi-asset funds. However, as the economic outlookbecame increasingly brighter, it was decided to increase the allocation to all asset classes in the second part of the quarter.

Fund Unit Class PerformanceMPS Private Solution Absolute A +0.43%

MPS Private Solution Flexible Bond

The objective of the Fund is to seek medium to long-term capital appreciation, with medium volatility. The Fund consists of adiversified portfolio of collective investment schemes using mainly long-only and/or flexible/absolute return bond strategies. Theallocation of the Fund is dynamically managed. At the end of Q1, the exposure to long only fixed income funds, especially thoseheavily relying on credit, has been strongly reduced in order to avoid issues related to liquidity. Then, the allocation to thosestrategies was brought back to pre-crisis levels gradually over the year, while the exposure to flexible funds was significantlyreduced in October to levels considerably below the 1st quarter. At the end of the period, the Fund maintains a balancedallocation between risk-on and risk-off strategies, though at a lower notional level than the one the fund had at the beginning of theyear. Liquidity in the portfolio is explained by a cautious view on some segments of the bond market.

Fund Unit Class Performance

MPS Private Solution Flexible Bond A -2.24%B -3.66%*

* Performance from start date.

MPS Private Solution Flexible

The objective of the Fund is to seek medium to long-term capital appreciation, with medium volatility. The Fund may invest up to100% of its assets in a diversified portfolio of collective investment schemes, which invest on a global and/or regional basis usingboth long only and/or flexible investment strategies. Up to 100% of the Fund’s assets may be invested in collective investmentschemes using long only strategies while up to 50% of the Fund’s Assets may be invested in collective investment schemeshaving flexible and multi-asset class strategies. The Fund is allocated within equity, fixed income and flexible strategies. When thecrisis hit in March, notional exposure to all asset classes was reduced, especially within the equity and credit component. Theallocation to equity was further cut over the 2nd quarter in order to take profit from the market rally, allocating the unencumberedcash to long-only fixed income strategies. Over the 3rd quarter, the allocation was kept fairly stable with the exception of long-onlyfixed income funds, whose exposure reached the pre-crisis level both within the sovereign and credit component. During the 4th

quarter, equity risk was significantly increased through long-only and flexible equity funds, while reducing the allocation tolong-only fixed income strategies. Currently, the Fund carries an exposure level similar to the beginning of 2020.


MPS Private Solution Flexible A -1.81%B -1.30%

MPS Private Solution Multi Asset

The objective of the Fund is to seek long-term capital appreciation, with medium to high volatility. The Fund invests in a diversifiedportfolio of collective investment schemes which invest on global and/or regional basis across a diverse range of strategies.When the crisis sparked in the 1st quarter, exposure to long-only equity and multi-asset strategies was significantly reduced. Also,towards the end of 2nd quarter, the allocation to directional equity funds was further cut in order to profit from the reboundfollowing the March sell-off, deciding to allocate more risk to long-short equity funds with more flexibility to move their exposureaccording to the market environment. Starting the 3rd quarter and up until the end of the year, as the economic outlook keptimproving, the exposure to all asset classes was increased, especially within the long-only and flexible equity buckets. Thiscontributed to deliver overall positive performance over the course of 2020.


MPS Private Solution Multi Asset A +1.82%B +2.36%


(continued)


MPS Private Solution Global

The objective of the Fund is to seek long-term capital appreciation, with high volatility. The Fund is comprised of a diversifiedportfolio of collective investment schemes, which invests on global and/or regional basis across mainly long only and/orflexible/absolute return equity strategies. At the end of the 1st quarter, allocation to equity and multi-asset strategies was trimmedand it remained stable throughout the 2nd quarter. Then, as the market kept stabilizing, the exposure to those strategies wasincreased over the course of 3rd and 4th quarter, particularly in the equity bucket, as the allocation to multi-asset funds was stillkept to lower levels than the beginning of the year. This helped the fund to achieve a yearly positive performance, fully recoveringthe drawdown experienced in March.


MPS Private Solution Global A +0.91%B +1.53%

MPS Private Solution Responsible

The Fund, managed as a multi-manager product, adopts Environmental, Social and Governance (ESG) criteria for fund selection.Portfolio allocation considers the ESG diversification process through the underlying funds, which adopt, at different levels,inclusion/exclusion, best in class, engagement, and thematic criteria, in order to reach a reasonable diversification of therisk-return profiles linked to those processes. The Fund adopts both a quantitative and a qualitative framework, which makes useof a proprietary screening model for each asset class, and a Due Diligence process of the underlying Asset Managementcompanies and funds (with respect to strategies, processes and risk management). The Fund invests almost equally around 40%of the NAV of the Fund in equity and bond directional strategies, plus around 15% of the NAV in long-only balanced strategies. Inthe 1st quarter, the fund held a balanced allocation to equities and bond until the March sell-off, when equity risk was cut in orderto favor a more prominent bond allocation while keeping a fair amount of cash. The allocation to bonds was further increasedduring the 2nd quarter, at the expense of balanced funds. Then, equity exposure was further reduced over 3rd quarter, with theaim of taking profit from the market rally which had started late in March. As a result of a more positive outlook, equity risk wasadded back again in the 4th quarter while concurrently reducing the allocation to fixed income strategies. At the end of 2020, thefund exhibits a similar allocation to the one held at the start of the year.


MPS Private Solution Responsible A -0.06%B +0.45%

The Investment Manager

ANIMA SGR S.p.A.

26 April 2021


(continued)


We have enquired into the conduct of the Manager in respect of Multi Solution Fund, (“the Trust”) for the financial year ended31 December 2020, in our capacity as Trustee to the Unit Trust.

This report including the opinion has been prepared for and solely for the Unitholders in the Trust as a body, in accordance withRegulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in TransferableSecurities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion,accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Trustee

Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of thoseduties is to enquire into the conduct of the Manager in each annual accounting financial year and report thereon to theUnitholders.

Our report shall state whether, in our opinion, the Trust has been managed in that financial year in accordance with the provisionsof the Trust’s Prospectus and the UCITS Regulations. It is the overall responsibility of the Manager to comply with these provisions.If the Manager has not so complied, we as Trustee must state why this is the case and outline the steps which we have taken torectify the situation.

Basis of Trustee Opinion

The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties asoutlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Trusthas been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of itsconstitutional documentation and the appropriate regulations and, (ii) otherwise in accordance with the Trust’s constitutionaldocumentation and the appropriate regulations.

Opinion

In our opinion, the Trust has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee bythe Trust Deed, by the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “CBI UCITS Regulations”);and,

(ii) otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the CBI UCITS Regulations.

For and behalf of State Street Custodial Services (Ireland) Limited

State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

26 April 2021

Multi Solution Fund Report of the Trustee to the Unitholders of Multi Solution Fund (the “Trust”)for the financial year ended 31 December 2020


Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF MULTI SOLUTION FUND Report on the audit of the financial statements Opinion on the financial statements of Multi Solution Fund (the ‘Trust’) In our opinion the Trust’s financial statements:

give a true and fair view of the assets, liabilities and financial position of the Trust as at 31 December 2020 and of the profit for the financial year then ended; and

have been properly prepared in accordance with the relevant financial reporting framework, the applicable Regulations and the provisions of the Trust Deed

The financial statements we have audited comprise:

the Statement of Comprehensive Income; the Statement of Financial Position; the Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Units; the Statement of Cash Flows; and the related notes 1 to 22, including a summary of significant accounting policies as set out in note 1.

The relevant financial reporting framework that has been applied in their preparation is International Financial Reporting Standards (IFRS) as adopted by the European Union. The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (“the applicable Regulations”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively , may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. The Manager is responsible for the other information contained within the Annual Report and Audit Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

/Continued on next page

/Continued from previous page

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF MULTI SOLUTION FUND

Responsibilities of the Manager for the financial statements The Manager is responsible for the preparation and fair presentation of the financial statements in accordance with the relevant financial reporting framework, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the

Manager.

Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial

statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit. Report on other legal and regulatory requirements Opinion on other matters prescribed by the applicable Regulations Based solely on the work undertaken in the course of the audit, we report that: We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Trust were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records.

/Continued on next page

/Continued from previous page

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF MULTI SOLUTION FUND

Use of our report This report is made solely to the Trust’s unitholders, as a body, in accordance with the applicable Regulations and the provisions of the Trust Deed. Our audit work has been undertaken so that we might state to the Trust’s unitholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed. Brian Forrester For and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House, Earlsfort Terrace, Dublin 2 Date: 29 April 2021

Note

Total TrustYear ended

31 December2020EUR

MPS PrivateSolutionAbsolute

Year ended31 December

2020EUR

MPS PrivateSolution

Flexible BondYear ended

31 December2020EUR

MPS PrivateSolutionFlexible


2020EUR

MPS PrivateSolution

Multi AssetYear ended

31 December2020EUR

MPS PrivateSolution

GlobalYear ended

31 December2020EUR

MPS PrivateSolution

ResponsibleYear ended

31 December2020EUR

Income

Operating income 4 221,692 51,615 2,496 162,567 1,608 3,406 -

Net (losses)/gains on financial assets atfair value through profit or loss 5 (558,401) 392,438 (26,820) (1,052,796) 264,225 (195,205) 59,757

Total net (expense)/income (336,709) 444,053 (24,324) (890,229) 265,833 (191,799) 59,757

Operating expenses 6 (3,388,904) (524,508) (48,883) (1,796,170) (599,977) (364,541) (54,825)

Operating (loss)/profit before rebate (3,725,613) (80,455) (73,207) (2,686,399) (334,144) (556,340) 4,932

Management fee rebate income 12 434,996 98,834 5,111 170,003 113,659 47,389 -

Operating income/(expense) afterrebate (3,290,617) 18,379 (68,096) (2,516,396) (220,485) (508,951) 4,932

Finance costs

Interest expense (64,960) (28,382) (428) (19,993) (9,467) (5,202) (1,488)

(Loss)/profit for the financial yearbefore tax (3,355,577) (10,003) (68,524) (2,536,389) (229,952) (514,153) 3,444

(Decrease)/increase in Net AssetsAttributable to Holders of RedeemableParticipating Unitsresulting from operations (3,355,577) (10,003) (68,524) (2,536,389) (229,952) (514,153) 3,444

There are no other recognised gains or losses arising in the financial year other than those stated above. In arriving at the results of the financial year, all amounts above relate tocontinuing operations.

Multi Solution Fund Statement of Comprehensive Incomefor the financial year ended 31 December 2020

The accompanying notes form an integral part of the Financial Statements.


Note


31 December2019EUR

MPS PrivateSolution

AbsoluteYear ended

31 December2019EUR

MPS PrivateSolution


31 December2019EUR



2019EUR

MPS PrivateSolution


31 December2019EUR

MPS PrivateSolution

GlobalYear ended

31 December2019EUR

MPS PrivateSolution

Responsible1


2019EUR

Income

Operating income 4 583,676 102,190 15,967 430,692 17,605 17,205 17

Net gains on financial assets at fair valuethrough profit or loss 5 28,996,150 2,617,008 193,187 13,958,282 5,920,468 6,232,489 74,716

Total net income 29,579,826 2,719,198 209,154 14,388,974 5,938,073 6,249,694 74,733

Operating expenses 6 (5,025,552) (845,076) (67,303) (2,462,996) (934,439) (699,156) (16,582)

Operating profit before rebate 24,554,274 1,874,122 141,851 11,925,978 5,003,634 5,550,538 58,151

Management fee rebate income 12 531,830 122,432 3,271 212,279 104,043 89,805 -

Operating income after rebate 25,086,104 1,996,554 145,122 12,138,257 5,107,677 5,640,343 58,151

Finance costs

Interest expense (96,233) (15,263) (1,216) (49,231) (19,950) (9,684) (889)

Profit for the financial year before tax 24,989,871 1,981,291 143,906 12,089,026 5,087,727 5,630,659 57,262

Increase in Net AssetsAttributable to Holders of RedeemableParticipating Unitsresulting from operations 24,989,871 1,981,291 143,906 12,089,026 5,087,727 5,630,659 57,262

1 This Fund launched during the financial year ended 31 December 2019.

There are no other recognised gains or losses arising in the financial period other than those stated above. In arriving at the results of the financial period, all amounts above relate tocontinuing operations.

Multi Solution Fund Statement of Comprehensive Incomefor the financial year ended 31 December 2019



Note

Total TrustAs at

31 December2019EUR


As at31 December

2019EUR

MPS PrivateSolution

Flexible BondAs at

31 December2019EUR


As at31 December

2019EUR

MPS PrivateSolution

Multi AssetAs at

31 December2019EUR

MPS PrivateSolution

GlobalAs at

31 December2019EUR

MPS PrivateSolution

Responsible1

As at31 December

2019EUR

Assets

Cash and cash equivalents 7 9,023,184 792,637 121,318 5,419,859 1,549,984 1,071,254 68,132

Debtors 8 162,294 37,220 2,776 72,124 23,312 26,862 -

Financial assets at fair value through profitor loss 2 213,862,806 40,712,914 2,531,060 105,236,963 38,015,412 25,088,067 2,278,390

Total Assets 223,048,284 41,542,771 2,655,154 110,728,946 39,588,708 26,186,183 2,346,522

Liabilities

Creditors (amounts failing duewithin one year) 9 (1,550,386) (205,775) (14,971) (920,402) (276,651) (117,772) (14,815)

Total Liabilities (excluding Net AssetsAttributable to Holders to RedeemableParticipating Units) (1,550,386) (205,775) (14,971) (920,402) (276,651) (117,772) (14,815)

Net Assets Attributable to Holders ofRedeemable Participating Unitholders 221,497,898 41,336,996 2,640,183 109,808,544 39,312,057 26,068,411 2,331,707


Multi Solution Fund Statement of Financial Positionas at 31 December 2019




31 December2020EUR



2020EUR


BondYear ended

31 December2020EUR



2020EUR

MPS PrivateSolution


31 December2020EUR

MPS PrivateSolution

GlobalYear ended

31 December2020EUR

MPS PrivateSolution


31 December2020EUR

Net Assets Attributable to Holders ofRedeemable Participating Units atbeginning of the financial year 221,497,898 41,336,996 2,640,183 109,808,544 39,312,057 26,068,411 2,331,707

(Decrease)/increase in Net AssetsAttributable to Holders of RedeemableParticipating Units resulting fromoperations (3,355,577) (10,003) (68,524) (2,536,389) (229,952) (514,153) 3,444

Issue of Redeemable Participating Units 5,241,737 354,829 99,148 1,917,269 832,691 942,611 1,095,189

Redemption of Redeemable ParticipatingUnits (93,513,813) (14,974,499) (830,471) (42,191,052) (20,291,575) (14,664,634) (561,582)

(Decrease)/increase in Net AssetsAttributable to Holders of RedeemableParticipating Units resulting from Unittransactions (88,272,076) (14,619,670) (731,323) (40,273,783) (19,458,884) (13,722,023) 533,607

Net (decrease)/increase in Unitholders’funds (91,627,653) (14,629,673) (799,847) (42,810,172) (19,688,836) (14,236,176) 537,051

Net Assets Attributable to Holders ofRedeemable Participating Units at theend of the financial year 129,870,245 26,707,323 1,840,336 66,998,372 19,623,221 11,832,235 2,868,758

Multi Solution Fund Statement of Changes in Net Assets Attributable to Holders ofRedeemable Participating Units

for the financial year ended 31 December 2020




31 December2019EUR



2019EUR


BondYear ended

31 December2019EUR



2019EUR

MPS PrivateSolution


31 December2019EUR

MPS PrivateSolution

GlobalYear ended

31 December2019EUR

MPS PrivateSolution

Responsible1


2019EUR

Net Assets Attributable to Holders ofRedeemable Participating Units atbeginning of the financial year 256,804,211 63,469,500 3,112,606 113,663,264 42,689,475 33,869,366 -

Increase in Net Assets Attributable toHolders of Redeemable ParticipatingUnits resulting from operations 24,989,871 1,981,291 143,906 12,089,026 5,087,727 5,630,659 57,262

Issue of Redeemable Participating Units 24,721,357 1,802,962 670,062 10,389,109 4,960,171 4,599,179 2,299,874

Redemption of Redeemable ParticipatingUnits (85,017,541) (25,916,757) (1,286,391) (26,332,855) (13,425,316) (18,030,793) (25,429)

(Decrease)/increase in Net AssetsAttributable to Holders of RedeemableParticipating Units resulting from Unittransactions (60,296,184) (24,113,795) (616,329) (15,943,746) (8,465,145) (13,431,614) 2,274,445

Net (decrease)/increase in Unitholders’funds (35,306,313) (22,132,504) (472,423) (3,854,720) (3,377,418) (7,800,955) 2,331,707

Net Assets Attributable to Holders ofRedeemable Participating Units at theend of the financial year 221,497,898 41,336,996 2,640,183 109,808,544 39,312,057 26,068,411 2,331,707


Multi Solution Fund Statement of Changes in Net Assets Attributable to Holders ofRedeemable Participating Units

for the financial year ended 31 December 2019




31 December2020EUR



2020EUR


BondYear ended

31 December2020EUR



2020EUR

MPS PrivateSolution


31 December2020EUR

MPS PrivateSolution

GlobalYear ended

31 December2020EUR

MPS PrivateSolution


31 December2020EUR

Cash flows from operating activities(Decrease)/increase in Net AssetsAttributable to Holders of RedeemableParticipating Unitsresulting from operations (3,355,577) (10,003) (68,524) (2,536,389) (229,952) (514,153) 3,444Movement in financial assets at fairvalue through profit or loss 92,455,113 14,519,085 902,915 45,892,672 18,382,761 13,157,125 (399,445)Movement in receivables 33,936 8,086 1,654 22,681 (5,802) 9,049 (1,732)Movement in payables (314,683) (54,142) (2,281) (147,327) (65,430) (48,828) 3,325

Net cash inflow/(outflow) fromoperating activities 88,818,789 14,463,026 833,764 43,231,637 18,081,577 12,603,193 (394,408)

Cash flows from financing activitiesAmounts received on issue ofRedeemable Participating Units 5,213,821 354,829 99,148 1,917,269 832,691 914,695 1,095,189Amounts paid on redemption ofRedeemable Participating Units (92,780,222) (14,927,381) (835,474) (41,894,236) (20,063,224) (14,498,325) (561,582)

Net cash (outflow)/inflow fromfinancing activities (87,566,401) (14,572,552) (736,326) (39,976,967) (19,230,533) (13,583,630) 533,607

Net increase/(decrease) in cash andcash equivalents 1,252,388 (109,526) 97,438 3,254,670 (1,148,956) (980,437) 139,199

Cash and cash equivalents at beginningof the financial year

*9,023,184 792,637 121,318 5,419,859 1,549,984 1,071,254 68,132

Cash and cash equivalents at the endof the financial year* 10,275,572 683,111 218,756 8,674,529 401,028 90,817 207,331

Supplementary InformationInterest paid (64,960) (28,382) (428) (19,993) (9,467) (5,202) (1,488)Dividend received 220,968 51,615 2,384 162,094 1,608 3,267 -

* Cash and cash equivalents include cash at bank.

Multi Solution Fund Statement of Cash Flowsfor the financial year ended 31 December 2020




31 December2019EUR



2019EUR


BondYear ended

31 December2019EUR



2019EUR

MPS PrivateSolution


31 December2019EUR

MPS PrivateSolution

GlobalYear ended

31 December2019EUR

MPS PrivateSolution

Responsible1


2019EUR

Cash flows from operating activitiesIncrease in Net AssetsAttributable to Holders of RedeemableParticipating Unitsresulting from operations 24,989,871 1,981,291 143,906 12,089,026 5,087,727 5,630,659 57,262Movement in financial assets at fairvalue through profit or loss 36,746,275 22,543,966 322,234 6,221,836 2,615,813 7,311,816 (2,269,390)Movement in receivables 96,289 117,738 168 (14,560) 2,299 (9,356) -Movement in payables (77,677) (46,112) (5,304) (8,162) (2,901) (21,013) 5,815

Net cash inflow/(outflow) fromoperating activities 61,754,758 24,596,883 461,004 18,288,140 7,702,938 12,912,106 (2,206,313)

Cash flows from financing activitiesAmounts received on issue ofRedeemable Participating Units 24,895,999 1,802,962 670,062 10,389,109 5,129,835 4,604,157 2,299,874Amounts paid on redemption ofRedeemable Participating Units (85,003,785) (25,840,470) (1,281,388) (26,051,323) (13,566,937) (18,238,238) (25,429)

Net cash (outflow)/inflow fromfinancing activities (60,107,786) (24,037,508) (611,326) (15,662,214) (8,437,102) (13,634,081) 2,274,445

Net increase/(decrease) in cash andcash equivalents 1,646,972 559,375 (150,322) 2,625,926 (734,164) (721,975) 68,132

Cash and cash equivalents at beginningof the financial year

*7,376,212 233,262 271,640 2,793,933 2,284,148 1,793,229 -

Cash and cash equivalents at the endof the financial year* 9,023,184 792,637 121,318 5,419,859 1,549,984 1,071,254 68,132

Supplementary InformationInterest received 30,606 - 2,574 15,728 7,405 4,882 17Interest paid (96,233) (15,263) (1,216) (49,231) (19,950) (9,684) (889)Dividend received 552,507 102,190 12,830 414,964 10,200 12,323 -

1 This Fund launched during the financial year ended 31 December 2019.* Cash and cash equivalents include cash at bank.

Multi Solution Fund Statement of Cash Flowsfor the financial year ended 31 December 2019



1. Significant Accounting Policies

a) Basis of preparation

Multi Solution Fund (the “Trust”), is an umbrella unit trust established in Ireland and authorised by the Central Bank ofIreland (the “Central Bank”) on 23 March 2017 as an undertaking for collective investment in transferable securitiespursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations,2011 (the “UCITS Regulations”).

The Trust is structured as an umbrella unit trust comprising several Funds with each Fund representing a separateportfolio of assets and is subject to Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakingsfor Collective Investment in Transferable Securities) Regulations 2019 (the “CBI UCITS Regulations”) and the Trust Deedand is regulated by the Central Bank.

These Financial Statements have been prepared on a going concern basis in accordance with International FinancialReporting Standards (“IFRS”). The preparation of Financial Statements in conformity with IFRS requires the use of certaincritical estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the FinancialStatements and the reported amounts of revenues and expenses during the reporting financial year. Although theseestimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differfrom those estimates.

The Financial Statements have been prepared on a historical cost basis, except for financial assets held at fair valuethrough profit or loss, that have been measured at fair value.

All references to net assets throughout these notes refers to Net Assets Attributable to holders of RedeemableParticipating Units.

International Financial Reporting Standards:

(i) New standards, amendments and interpretations issued and effective for the financial year beginning on orafter 1 January 2020

• Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform, in September 2019, the IASB issuedamendments to IFRS 9, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 FinancialInstruments: Disclosures, which concludes phase one of its work to respond to the effects of Interbank OfferedRates (“IBOR”) reform on financial reporting and is effective for accounting periods beginning on or after1 January 2020. The amendments provide temporary reliefs which enable hedge accounting to continue duringthe period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearlyrisk-free interest rate. The amendments must be applied retrospectively. However, any hedge relationships thathave previously been de-designated cannot be reinstated upon application, nor can any hedge relationships bedesignated with the benefit of hindsight. Early application is permitted and must be disclosed. The application ofthese amendments have no significant impact on the Trust’s financial statements.

There are no other new standards, interpretations or amendments to existing standards that are effective that would beexpected to have a significant impact on the Trust.

(ii) New standards, amendments and interpretations issued but not effective for the financial year beginning onor after 1 January 2020 and not early adopted

• IFRS 17 “Insurance Contracts” was issued in May 2017 and will become effective for accounting periodsbeginning on or after 1 January 2023. It applies to: insurance contracts, including reinsurance contracts, issuedby an entity; reinsurance contracts held by an entity; and investment contracts with discretionary participationfeatures issued by an entity that issues insurance contracts. An insurance contract is defined as “a contractunder which one party (the issuer) accepts significant insurance risk from another party (the policyholder) byagreeing to compensate the policyholder if a specified uncertain future event (the insured event) adverselyaffects the policyholder”. The new standard is not expected to have a significant impact on the Trust’s financialposition, performance or disclosures in its financial statements.

There are no other standards, interpretations or amendments to existing standards that are not yet effective that would beexpected to have a significant impact on the Trust.

Multi Solution Fund Notes to the Financial Statementsfor the financial year ended 31 December 2020


1. Significant Accounting Policies (continued)

b) Financial Instruments

(i) Classification

The Trust classifies its investment securities as financial assets and liabilities at fair value through profit or loss inaccordance with IFRS 9.

These include debt securities and derivatives. These instruments are acquired or incurred principally for the purpose ofgenerating a profit from short-term fluctuation in price. The Trust does not designate any derivatives as hedginginstruments for hedge accounting purposes as described under IFRS 9.

Financial instruments at fair value through profit or loss include Investment Funds. These financial instruments aredesignated on the basis that their fair value can be reliably measured and their performance has been evaluated on a fairvalue basis in accordance with the risk management and/or investment strategy as set out in the Trust’s offeringdocument.

(ii) Recognition

All regular way purchases and sales of financial instruments are recognised on the trade date, which is the date that theTrust commits to purchase or sell an asset. Regular way purchases or sales are purchases or sales of financialinstruments that require delivery of assets within the financial year generally established by regulation or convention in themarket place. Realised gains and losses on disposals of financial instruments are calculated using average cost method.

(iii) Derecognition

A financial asset (or, where applicable part of a financial asset or part of group of similar assets) is derecognised where;

• The rights to receive cash flows from the assets have been expired;

• The Trust transferred its rights to receive cash flows from assets or has assumed an obligation to pay the receivedcashflows in full without material delay to a third party under ‘pass through’ arrangements;

• Either (a) the Trust has transferred substantially all the risks and rewards of the assets, or (b) the Trust has neithertransferred nor retained substantially all the risks and rewards of the assets, but has transferred control of theasset.

When the Trust has transferred its right to receive cash flows from an asset or has entered into a pass througharrangement and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferredcontrol of the asset, the asset is recognised to the extent of the Trust’s continuing involvement in the asset. In that case, theTrust also recognises an associated liability. The transferred asset and the associated liability are measured on a basisthat reflects the right and obligations that the Trust has retained.

The Trust derecognises a financial liability when the obligation specified in the contract is discharged, cancelled orexpires.

(iv) Initial Measurement

Financial instruments categorised at fair value through profit or loss are recognised initially at fair value, with transactioncosts for such instruments being recognised directly in the Statement of Comprehensive Income.

(v) Subsequent measurement

After initial measurement, the Trust measures financial instruments which are classified as at fair value through profit orloss at their fair values. Fair value is the amount for which an asset could be exchanged, or a liability settled, betweenknowledgeable, willing parties in an arm’s length transaction. The fair value of financial instruments is based on theirquoted market price on a recognised exchange or sourced from a reputable broker/counterparty in the case ofnon-exchange traded instruments, at the statement of financial position date without any deduction for estimated futureselling costs.

Investments in Investment Funds are recorded at the net asset value per unit as reported by the Administrator of suchFunds at financial year end, as this is deemed by the Directors to approximate fair value for these investments.


(continued)



b) Financial Instruments (continued)

(v) Subsequent measurement (continued)

If a quoted market price is not available on a recognised stock exchange or from a broker/counterparty, the fair value ofthe financial instruments may be estimated by the Manager and the Investment Manager using valuation techniques,including the use of recent arm’s length market transactions, reference to the current fair value of another instrument thatis substantially the same, discounted cashflow techniques, option pricing models or any other valuation technique thatprovides a reliable estimate of prices obtained in actual market transactions.

Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in theStatement of Comprehensive Income. Interest earned or incurred is accrued in interest income or expense, respectively,according to the terms of contract.

c) Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is presented in the Statement of Financial Position when, andonly when, the Trust has a legal right to offset the amounts and it intends either to settle on a net basis or to realise theasset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permittedunder IFRS, e.g. where there is a legally enforceable right to offset the recognised amounts and there is an intent to settleon a net basis or realise the asset and settle the liability simultaneously.

d) Cash and Cash Equivalents

Cash comprises current deposits with bank or Trustee. Cash equivalents are short-term highly liquid investments that arereadily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for thepurpose of meeting short-term cash commitments rather than for investment or other purposes. Cash and cashequivalents are carried at amortised cost and its carrying value approximates fair value due to the immediate orshort-term nature.

e) Income

(i) Investment Fund income

Investment fund income is derived from the underlying funds distributions and accounted for when announced by theunderlying funds.

(ii) Deposit interest

Deposit interest is accounted for on an accruals basis.

(iii) Bond income

Income earned arising on fixed interest securities and liquidity instruments is recognised on an effective yield basis.

(iv) Management fee rebate income

The Funds of the Trust may, from time to time, receive rebate income out of the management fees paid to the underlyingfunds. Management fee rebate income is accounted for on a daily accruals basis based on last quarter invoice amountand paid on a quarterly basis as per Investment Manager instruction.

f) Fees and Charges

In accordance with the Prospectus, all fees and other operating expenses are charged to the Statement ofComprehensive Income on an accruals basis.

g) Redeemable Participating Units

Redeemable Participating Units are redeemable at the Unitholder’s option and are classified as financial liabilities. Theseunits can be put back to the Trust on any Dealing Day for cash equal to a proportionate share of the Fund’s net asset value.


(continued)



h) Gains and Losses on Investments

Realised gains or losses on disposal of investments during the financial year and unrealised gains and losses on valuationof investments held at the financial year end are accounted for through the Statement of Comprehensive Income undernet gains/losses on financial assets at fair value through profit or loss.

i) Taxation

The Trust is exempt from all forms of taxation in Ireland, including income, capital gains and withholding taxes. However,in some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of theincome. Withholding tax is a generic term used for the amount of withholding tax deducted at the source of the incomeand is not significant for the Trust. The Trust presents the withholding tax separately from the gross investment income inthe Statement of Comprehensive Income. For the purpose of the Statement of Cash Flows, cash inflows from investmentsare presented net of withholding taxes, when applicable. There is no withholding tax during the year ended 31 December2020 (31 December 2019: EUR Nil).

j) Foreign Currency

The functional and presentation currency of the Trust is Euro. The Directors of the Manager have determined that thisreflects the Trust’s primary economic environment, as the majority of the Trust’s Net Assets Attributable to Holders ofRedeemable Participating Units are denominated in Euro.

Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit or loss arerecognised together with other changes in the fair value. Net currency gains as set out in Note 5 include net foreignexchange gains and losses on monetary financial assets and liabilities other than those classified at fair value throughprofit or loss.

Assets and liabilities denominated in foreign currencies, other than the functional currency of the Trust, have beentranslated at the rate of exchange ruling at 31 December 2020. Transactions in foreign currencies are translated into Euroat the exchange rate ruling at the date of the transaction. Gains and losses on foreign exchange transactions arerecognised in the Statement of Comprehensive Income in determining the result for the financial year.

The following financial year end exchange rates were used to convert investments, assets and liabilities to the functionalcurrency of the Trust:

As at As at31 December 2020 31 December 2019

JPY 126.3254 121.9876

USD 1.2235 1.1225

k) Distributions to Holders of Redeemable Participating Units

Distributions to Holders of Redeemable Participating Units are recognised as financial costs in the Statement ofComprehensive Income when declared to Holders of Redeemable Units.

2. Fair Value of Financial Instruments

The Trust is required to disclose fair value measurements using a three-level fair value hierarchy under IFRS 13 “Fair ValueMeasurement”. The level within which the fair value measurement is categorised in its entirety is determined on the basisof the lowest level input that is significant to the fair value measurement. Assessing the significance of a particular inputrequires judgement, considering factors specific to the asset or liability. The following table shows financial instrumentsrecognised at fair value, categorised between those whose fair value is based on:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directlyor indirectly observable; and

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement isunobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participantsuse to make valuation decisions, including assumptions about risk. Inputs may include price information, volatilitystatistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair


(continued)


2. Fair Value of Financial Instruments (continued)

value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, thedetermination of what constitutes “observable” requires significant judgement by the Manager.

The Manager considers observable data to be that market data which is readily available, regularly distributed orupdated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in therelevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparencyof the instrument and does not necessarily correspond to Manager’s perceived risk of that instrument.

The Manager uses widely recognised valuation models for determining fair values of over the counter derivatives. Themost frequently applied techniques include forward pricing and swap models using present value calculations. Themodels incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward ratesand interest rate curves. Where inputs in the models are market observable, such financial instruments are included withinLevel 2. For certain derivatives the valuation is carried out using counterparty prices.

The Trust may invest in Investment Funds. These investments are not quoted on an active market, except for exchangetraded funds which are quoted on active markets, and may be subject to restrictions such as lock-up financial year,redemption gates and/or side pockets. Such investments are valued at the net asset value per unit published by theappointed third party administrator to those schemes. Such net asset values may be adjusted where necessary, to reflectthe effect of time passed since the calculation date, liquidity risk, limitations on redemptions and other factors. Dependingon the fair value of the underlying Fund’s assets and liabilities and on the adjustments needed to the net asset value perunit published by such scheme, the Manager classifies the fair value of that investment as either Level 1 or Level 2.

Valuation Techniques

Fair value is a market-based measure considered from the perspective of a market participant rather than anentity-specific measure. Therefore, even when market assumptions are not readily available, Manager’s own assumptionsare set to reflect those that market participants would use in pricing the asset or liability at the measurement date. TheManager uses prices and inputs that are current as of the measurement date, including periods of market dislocation. Inperiods of market dislocation, the observability of prices and inputs may be reduced for many securities. This conditioncould cause a security to be reclassified to a lower level within the fair value hierarchy.

Cash and cash equivalents are categorised as Level 1 and all receivable and payable balances are categorised asLevel 2.

There have been no transfers between Level 1 and Level 2 on any of the Funds during the current financial year.

The following is a summary of the fair valuations according to the inputs as at 31 December 2020 and 31 December2019 in valuing the Funds’ assets at fair value through profit or loss:

MPS Private Solution AbsoluteLevel 1 Level 2 Level 3 Total

As at 31 December 2020 EUR EUR EUR EUR

Financial Assets at fair value through profit or lossInvestment Funds - 26,193,829 - 26,193,829

Total Assets - 26,193,829 - 26,193,829

MPS Private Solution Flexible BondLevel 1 Level 2 Level 3 Total



Total Assets - 1,817,182 - 1,817,182


(continued)



Valuation Techniques (continued)

MPS Private Solution FlexibleLevel 1 Level 2 Level 3 Total


Financial Assets at fair value through profit or lossInvestment Funds 1,521,565 63,485,506 - 65,007,071

Total Assets 1,521,565 63,485,506 - 65,007,071

MPS Private Solution Multi AssetLevel 1 Level 2 Level 3 Total


Financial Assets at fair value through profit or lossInvestment Funds 449,030 19,018,387 - 19,467,417

Total Assets 449,030 19,018,387 - 19,467,417

MPS Private Solution GlobalLevel 1 Level 2 Level 3 Total


Financial Assets at fair value through profit or lossInvestment Funds 558,359 11,132,591 - 11,690,950

Total Assets 558,359 11,132,591 - 11,690,950

MPS Private Solution ResponsibleLevel 1 Level 2 Level 3 Total



Total Assets - 2,809,835 - 2,809,835

MPS Private Solution AbsoluteLevel 1 Level 2 Level 3 Total

As at 31 December 2019 EUR EUR EUR EURFinancial Assets at fair value through profit or loss

Investment Funds - 40,712,914 - 40,712,914

Total Assets - 40,712,914 - 40,712,914

MPS Private Solution Flexible BondLevel 1 Level 2 Level 3 Total



Total Assets - 2,531,060 - 2,531,060


(continued)



Valuation Techniques (continued)

MPS Private Solution FlexibleLevel 1 Level 2 Level 3 Total


Investment Funds 6,957,076 98,279,887 - 105,236,963

Total Assets 6,957,076 98,279,887 - 105,236,963

MPS Private Solution Multi AssetLevel 1 Level 2 Level 3 Total



2,188,764 35,826,648 - 38,015,412

MPS Private Solution GlobalLevel 1 Level 2 Level 3 Total



1,904,973 23,183,094 - 25,088,067

MPS Private Solution ResponsibleLevel 1 Level 2 Level 3 Total

EUR EUR EUR EURFinancial Assets at fair value through profit or loss


Total Assets - 2,278,390 - 2,278,390

3. Financial Risk Management

Strategy in using Financial Instruments

The Funds may invest in derivative instruments traded on a recognised exchange and on over-the-counter markets forinvestment purposes, efficient portfolio management purposes, to attempt to hedge or reduce the overall risk of itsinvestments, to enhance performance and to manage interest rate and exchange rate risk. The Funds’ ability to use thesestrategies may be limited by market conditions, regulatory limits and tax considerations and these strategies may be usedonly in accordance with the investment objectives of the relevant Fund.

In general, financial derivative instruments in which the Fund may invest or use for investment purposes include but arenot limited to swaps (including total return swaps, credit default swaps and interest rate swaps), options, forwards,futures, futures contracts on financial instruments and options on such contracts and warrants on any type of financialinstrument (including investment certificates), security, basket of securities, currency, interest rate or index. Long andshort positions may be employed in the underlying of such instruments which may involve netting of long and shortpositions on individual transactions.

None of the Funds held financial derivative instruments as at 31 December 2020 and 31 December 2019.

In pursuing its investment objectives, the Trust is exposed to a variety of financial risks: market risk (including currencyrisk, interest rate risk, and other price risk), credit risk, liquidity risk and depositary risk, which could result in a reductionin the Trust’s net assets or a reduction of the profits available for distribution. The Trust’s overall risk management programfocuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Trust’s financialperformance.


(continued)


3. Financial Risk Management (continued)

Strategy in using Financial Instruments (continued)

The risks and the Trust’s approach to the management of the risks, are described in the following sections.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes inmarket prices. Market risk comprises three types of risks: currency risk, interest rate risk and other price risk.

(a) Currency risk

The Funds may invest in financial instruments and enter into transactions denominated in currencies other than theirrespective financial currency. Furthermore, the Funds may enter into financial derivative transactions on foreigncurrencies. Consequently, the Funds may be exposed to the risk that the exchange rate of its currency relative to otherforeign currencies may change in a matter that has an adverse effect on the Funds’ net asset value.

(b) Interest rate risk

The Funds may invest in debt securities and enter into financial derivative instruments (“FDIs”) transactions on debtsecurities or interest rates. Consequently, the Funds may be exposed to the risk that interest rates may change in amanner that has an adverse effect on the Funds’ net asset values.

(c) Other price risk

The Funds may invest in equity securities and other funds. The Funds may also enter into FDI transactions on equitysecurities and financial indices. Consequently, the Funds may be exposed to the risk that the price of equity securities,commodities or other funds may change (whether caused by factors specific to the instrument, to the issuer or to thewhole market), in a manner that has an adverse effect on the Funds’ net asset values.

Market risk is monitored firstly by the Manager during the continuing process of implementation of the investment policy.Market risk is also monitored daily by the Risk Management Department of the Investment Manager, to which certain RiskManagement functions have been delegated. For each Fund, a risk limit is established by the Board of Directors of theManager, taking into consideration the Fund’s risk profile. The risk limit is expressed in term of ex-ante volatility.

Credit risk

Credit risk is the risk that the issuer or the counterparty of a financial instrument will be unable to pay amounts in full whenthey fall due. Credit risk comprises two types of risks: issuer risk and counterparty risk.

All securities and cash at bank balances are held by State Street Custodial Services (Ireland) Limited (the �Trustee�) orState Street. Bankruptcy or insolvency of the Trustee may cause the Trust’s rights with respect to cash and securities heldby these entities to be delayed and the Trust’s would be treated as a general creditor of that entity in respect of its cashbalances. Periodic monitoring and an annual credit review are performed on the Trustee by a credit research team. Thisreview may include as appropriate an assessment of the Trustee’s liquidity position, income streams, asset quality andcredit ratings.

Liquidity risk

Liquidity risk is the risk that the Funds will encounter difficulty in meeting obligations associated with financial liabilitiesthat are settled by delivering cash or another financial asset. Delivery obligation may arise from: accounts payable (i.e.management fees, Trustee fees, etc.), FDIs and cash redemptions of redeemable participating units.

The investment processes of the Manager and Investment Manager are organised in a way whereby a liquidity profile foreach Fund is identified taking into account all relevant factors: investment policy (i.e. instrument type in which the Fund ismainly invested), risk classification, diversification of Unitholders, frequency of net asset value price calculation, recenttrend of subscription and redemption. According to that profile, a desired Fund’s minimum liquidity level is defined. Inmaking an investment decision, high priority is given to the liquidity of each eligible investment.

Should it be necessary to raise cash quickly, the Funds are also entitled to borrow, on a temporary basis, provided thattheir individual aggregate borrowings do not exceed 10% of their respective net asset values.


(continued)



Liquidity risk (continued)

No borrowing occurred on the Funds for the financial year ended 31 December 2020 or financial year ended31 December 2019.

All financial liabilities of the Funds, held at the financial year ended 31 December 2020 or financial year ended31 December 2019 based on contractual maturities, fall due within one month.

Risk Monitoring

In addition to the risk monitoring performed by the Manager other risk review activities are scheduled.

The risk and return of the Funds is also analysed by the Board of Directors of the Manager on a regular basis at periodicboard meetings.

The Board of Directors of the Manager is ultimately responsible for the risk management within the Trust.

The Manager has established a Permanent Risk Management function. Internal risk limits and investment compliancelimits are monitored daily by the Permanent Risk Management function and the Control Functions of the Manager, whichemploy service providers in the performance of such activities and receives from them adequate reporting. ThePermanent Risk Management function reports to the Board of Directors of the Manager the results of its monitoring activityat least on a quarterly basis and any material breach, whether advertent or inadvertent, is escalated immediately to theBoard of Directors of the Manager.

Capital risk management

The capital of the Trust is represented by the net assets attributable to holders of redeemable units. The amount of netasset attributable to holders of redeemable units can change significantly on a daily/weekly basis, as the Trust is subjectto daily/weekly subscriptions and redemptions at the discretion of Unitholders. The Trust’s objective when managingcapital is to safeguard the Trust’s ability to continue as a going concern in order to provide returns for Unitholders, providebenefits for other stakeholders and maintain a strong capital base to support the development of the investment activitiesof the Funds.

Exposure Analysis / Sensitivity Analysis

In this section, an exposure analysis is presented for each risk type to which the Fund is exposed at the reporting date. Inaddition to that, a sensitivity analysis is presented for each risk type of market risk to which the Fund is exposed at thereporting date, showing how the net asset value of the Fund would have been affected by changes in the relevant riskvariable that were reasonably possible.

A risk concentration analysis for each financial instrument type is also presented in the “Schedule of Investments” section.

(a) Currency risk

The Funds of the Trust are exposed directly to exchange rate risk by holding in their portfolio investments denominated innon-base currency. At 31 December 2020 and 31 December 2019 the Funds held CIS (“Collective Investment Schemes”)in USD and JPY. The weight of USD position of each Fund is reported in the table below. In addition, the Funds are alsosubject indirectly to currency risk through non-Euro denominated securities held within the underlying CIS.

The table below summarises the currency exposure as a percentage of the net asset value of the Fund expressed in basecurrency. This only summarises direct exposure.

As at 31 December 2020

Currency

MPS PrivateSolution

Absolute

MPS PrivateSolution

Flexible Bond


MPS PrivateSolution

Multi Asset

MPS PrivateSolution

Global

MPS PrivateSolution

ResponsibleJPY 0.00% 0.00% 0.32% 2.35% 4.82% 0.00%USD 0.00% 22.18% 15.81% 8.33% 11.83% 11.39%

Total Exposure 0.00% 22.18% 16.13% 10.68% 16.65% 11.39%


(continued)



Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)


Currency

MPS PrivateSolution

Absolute

MPS PrivateSolution

Flexible Bond


MPS PrivateSolution

Multi Asset

MPS PrivateSolution

Global

MPS PrivateSolution


Total Exposure 0.00% 29.71% 26.13% 19.06% 26.41% 11.72%

The tables below summarise the impact on the Funds’ net asset value of a strengthening of the euro by 5% in relation toall other currencies, with all other variables held constant.


Currency

MPS PrivateSolution

Absolute

MPS PrivateSolution

Flexible Bond


MPS PrivateSolution

Multi Asset

MPS PrivateSolution

Global

MPS PrivateSolution


Total Exposure 0.00% 1.11% 0.81% 0.54% 0.83% 0.57%


Currency

MPS PrivateSolution

Absolute

MPS PrivateSolution

Flexible Bond


MPS PrivateSolution

Multi Asset

MPS PrivateSolution

Global

MPS PrivateSolution


Total Exposure 0.00% 1.49% 1.31% 0.95% 1.32% 0.59%

(b) Interest rate risk

The Fund invests, accordingly with its investment objective and policy as stated in the Prospectus of the Trust, up to 100%in CIS therefore the Fund will hold minimal amounts of cash. The exposure to interest rate risk of the cash amount in thisregard is deemed low.

The underlying holdings of the CIS investments may give rise to an indirect exposure to a wide range of instruments suchequity instruments, debt instruments and money market instruments. The portion of the CIS that holds debt instrumentsand money market instruments may have exposure to interest rate risk. However, it is impossible to measure the exposureof this risk to the underlying holdings.

(c) Credit risk

The Funds exposure to credit risk is counterparty risk, which is the risk that a counterparty to the Trust will be unable tofulfill their obligation. The value of counterparty risk to the Fund represents the value of its investments. This exposure isdeemed low due to the high credit rating of the Trustee.

(d) Other price risk

Market Price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potentialloss the relevant Fund might suffer through holding market positions in the face of price movements.

As the underlying fund managers have considerable flexibility to frequently change exposures to different instrumentsand markets, and these changes are in some cases infrequently, if at all, reported to the Trust, market risk sensitivityanalysis at funds of funds level is not perceived to be a reliable tool.


(continued)



Exposure Analysis / Sensitivity Analysis (continued)

(d) Other price risk (continued)

The table below highlights as at 31 December 2020 and 31 December 2019, the change of net assets attributable to theUnitholders if the fair value of investments had changed by 5% with all other variables held constant:

Fund name 31 December 2020EUR

31 December 2019EUR

MPS Private Solution Absolute 1,335,366 2,066,850MPS Private Solution Flexible Bond 92,017 132,009MPS Private Solution Flexible 3,349,919 5,490,427MPS Private Solution Multi Asset 981,161 1,965,603MPS Private Solution Global 591,612 1,303,421MPS Private Solution Responsible 143,438 116,585

4. Operating Income


31 December 2020EUR


Year ended31 December 2020

EUR

MPS PrivateSolution


31 December 2020EUR



EURBond income 724 - 112 473Investment Fund Income 220,968 51,615 2,384 162,094

221,692 51,615 2,496 162,567

MPS PrivateSolution


31 December 2020EUR

MPS PrivateSolution

GlobalYear ended

31 December 2020EUR

MPS PrivateSolution


31 December 2020EUR

Bond income - 139 -Investment Fund Income 1,608 3,267 -

1,608 3,406 -


31 December 2019EUR



EUR

MPS PrivateSolution


31 December 2019EUR



EURBond income 563 - 563 -Deposit income 30,606 - 2,574 15,728Investment Fund Income 552,507 102,190 12,830 414,964

583,676 102,190 15,967 430,692


(continued)


4. Operating Income (continued)

MPS PrivateSolution


31 December 2019EUR

MPS PrivateSolution

GlobalYear ended

31 December 2019EUR

MPS PrivateSolution


31 December 2019EUR

Deposit income 7,405 4,882 17Investment Fund Income 10,200 12,323 -

17,605 17,205 17

5. Net Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss


31 December 2020EUR



EUR

MPS PrivateSolution


31 December 2020EUR



EURNet Gains/(Losses) onFinancial Assets at Fair ValueThrough Profit or LossRealised gains/(losses) on sale ofinvestments 5,243,938 (55,864) (26,769) 3,032,230Net currency gains 345,497 - 18,155 62,544Net change in unrealised(depreciation)/appreciationon investments (6,147,836) 448,302 (18,206) (4,147,570)

(558,401) 392,438 (26,820) (1,052,796)

MPS PrivateSolution


31 December 2020EUR

MPS PrivateSolution

GlobalYear ended

31 December 2020EUR

MPS PrivateSolution


31 December 2020EUR

Net Gains/(Losses) onFinancial Assets at Fair ValueThrough Profit or LossRealised gains/(losses) on sale ofinvestments 1,461,400 859,844 (26,903)Net currency gains/(losses) 115,981 170,104 (21,287)Net change in unrealised(depreciation)/appreciationon investments (1,313,156) (1,225,153) 107,947

264,225 (195,205) 59,757


(continued)


5. Net Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss (continued)


31 December 2019EUR



EUR

MPS PrivateSolution


31 December 2019EUR



EURNet Gains/(Losses) on Financial Assets at Fair ValueThrough Profit or LossRealised gains/(losses) on sale of investments 426,183 (995,131) 26,427 1,191,718Net currency gains 1,081,100 - 12,700 528,255Net change in unrealised appreciation on investments 27,488,867 3,612,139 154,060 12,238,309

28,996,150 2,617,008 193,187 13,958,282

MPS PrivateSolution


31 December 2019EUR

MPS PrivateSolution

GlobalYear ended

31 December 2019EUR

MPS PrivateSolution


31 December 2019EUR

Net Gains/(Losses) on Financial Assets at Fair ValueThrough Profit or LossRealised (losses)/gains on sale of investments (277,118) 480,287 -Net currency gains 192,213 347,183 749Net change in unrealised appreciation on investments 6,005,373 5,405,019 73,967

5,920,468 6,232,489 74,716

6. Operating Expenses


31 December 2020EUR



EUR

MPS PrivateSolution


31 December 2020EUR



EURManagement fees 2,334,234 363,121 33,216 1,237,285Administration andTrustee fees 135,505 26,477 1,837 68,443Auditors’ remuneration 36,493 5,102 845 18,555Distribution services fees 790,783 115,899 11,200 427,541Other expenses 91,889 13,909 1,785 44,346

3,388,904 524,508 48,883 1,796,170

MPS PrivateSolution


31 December 2020EUR

MPS PrivateSolution

GlobalYear ended

31 December 2020EUR

MPS PrivateSolution


31 December 2020EUR

Management fees 411,754 249,768 39,090Administration andTrustee fees 22,776 13,815 2,157Auditors’ remuneration 6,985 4,356 650Distribution services fees 141,881 86,107 8,155Other expenses 16,581 10,495 4,773

599,977 364,541 54,825


(continued)


6. Operating Expenses (continued)


31 December 2019EUR



EUR

MPS PrivateSolution


31 December 2019EUR



EURManagement fees 3,450,421 576,359 45,837 1,694,049Administration and Trustee fees 200,487 41,917 2,529 93,465Auditors’ remuneration 28,163 5,830 352 13,077Distribution services fees 1,171,750 183,387 15,806 584,042Other expenses 174,731 37,583 2,779 78,363

5,025,552 845,076 67,303 2,462,996

MPS PrivateSolution


31 December 2019EUR

MPS PrivateSolution

GlobalYear ended

31 December 2019EUR

MPS PrivateSolution


31 December 2019EUR

Management fees 641,771 479,656 12,749Administration and Trustee fees 35,408 26,464 704Auditors’ remuneration 4,938 3,682 284Distribution services fees 221,136 165,257 2,122Other expenses 31,186 24,097 723

934,439 699,156 16,582

7. Cash and Cash Equivalents

Cash and Cash Equivalents recognised on the Statement of Financial Position as of 31 December 2020 and 31 December2019 are held within the State Street Bank and Trust Company (�State Street�).

8. Debtors

Total TrustAs at

31 December 2020EUR


As at31 December 2020

EUR

MPS PrivateSolution

Flexible BondAs at

31 December 2020EUR



EURManagement fee reimbursement 113,838 25,783 1,122 46,708Other receivables 14,520 3,351 - 2,735Sale of securities awaiting settlement 2,425,258 - - 2,020,032Subscriptions of Units awaiting settlement 27,916 - - -

2,581,532 29,134 1,122 2,069,475


(continued)


8. Debtors (continued)

MPS PrivateSolution

Multi AssetAs at

31 December 2020EUR

MPS PrivateSolution

GlobalAs at

31 December 2020EUR

MPS PrivateSolution

ResponsibleAs at

31 December 2020EUR

Management fee reimbursement 25,763 14,462 -Other receivables 3,351 3,351 1,732Sale of securities awaiting settlement 165,234 239,992 -Subscriptions of Units awaiting settlement - 27,916 -

194,348 285,721 1,732

Total TrustAs at

31 December 2019EUR



EUR

MPS PrivateSolution

Flexible BondAs at

31 December 2019EUR



EURInvestment Fund income 2,040 - 2,040 -Management fee reimbursement 137,899 31,407 583 67,361Prepayments and other receivables 22,355 5,813 153 4,763

162,294 37,220 2,776 72,124

MPS PrivateSolution

Multi AssetAs at

31 December 2019EUR

MPS PrivateSolution

GlobalAs at

31 December 2019EUR

MPS PrivateSolution

ResponsibleAs at

31 December 2019EUR

Management fee reimbursement 17,499 21,049 -Prepayments and other receivables 5,813 5,813 -

23,312 26,862 -

9. Creditors (amounts falling due within one year)

Total TrustAs at

31 December 2020EUR



EUR

MPS PrivateSolution

Flexible BondAs at

31 December 2020EUR



EURAccrued expenses 438,406 75,346 7,687 232,536Purchase of securities awaiting settlement 7,036,749 - 189,037 6,706,712Redemptions of Units awaiting settlement 1,521,888 123,405 - 837,355

8,997,043 198,751 196,724 7,776,603


(continued)


9. Creditors (amounts falling due within one year) (continued)

MPS PrivateSolution

Multi AssetAs at

31 December 2020EUR

MPS PrivateSolution

GlobalAs at

31 December 2020EUR

MPS PrivateSolution

ResponsibleAs at

31 December 2020EUR

Accrued expenses 71,167 42,530 9,140Purchase of securities awaiting settlement - - 141,000Redemptions of Units awaiting settlement 368,405 192,723 -

439,572 235,253 150,140

Total TrustAs at

31 December 2019EUR



EUR

MPS PrivateSolution

Flexible BondAs at

31 December 2019EUR



EURAccrued expenses 753,089 129,488 9,968 379,863Purchase of securities awaiting settlement 9,000 - - -Redemptions of Units awaiting settlement 788,297 76,287 5,003 540,539

1,550,386 205,775 14,971 920,402

MPS PrivateSolution

Multi AssetAs at

31 December 2019EUR

MPS PrivateSolution

GlobalAs at

31 December 2019EUR

MPS PrivateSolution

ResponsibleAs at

31 December 2019EUR

Accrued expenses 136,597 91,358 5,815Purchase of securities awaiting settlement - - 9,000Redemptions of Units awaiting settlement 140,054 26,414 -

276,651 117,772 14,815

10. Units in issue

Units may be issued on any Dealing Day. Units issued in a Fund or Class will be denominated in the Base Currency or insuch other currency as may be specified in the Fund Information Card, which form part of the Prospectus. Where a Classis to be unhedged, a currency conversion will take place on subscriptions, redemptions, conversions and distributions atprevailing exchange rates. The Manager may create additional Classes of Units in a Fund, to which different terms, feesand expenses may apply. Any such additional Classes of Units will be notified to, and cleared in advance with the CentralBank. Where there are Units of different class or type in issue, the Net Asset Value per Unit amongst Classes may differ toreflect that the income has been accumulated, distributed or that there are differing charges, fees and expenses.

Redeemable Participating Units

Redeemable participating Units are redeemable at the Unitholder’s option and are classified as financial liabilities. Theliabilities arising from the redeemable Units are carried at the redemption amount being the Net Asset Value calculated inaccordance with IFRS, within the financial statements.

In accordance with the objectives listed in the Statement of Manager’s Responsibilities and in the risk managementpolicies, the Trust strives to invest the subscriptions of redeemable participating units in appropriate investments, whilemaintaining sufficient liquidity to meet Unitholder redemptions. Requests for redemptions received by the Administratorprior to the Dealing deadline for any Dealing Day will be dealt with on that Dealing Day.


(continued)


10. Units in issue (continued)

Redeemable Participating Units (continued)

MPS Private Solution AbsoluteYear ended 31 December 2020

Class ANumber of Units in issue at beginning of financial year 8,595,726Issued during financial year 77,177Redeemed during financial year (3,143,374)

Total number of Units in issue at end of financial year 5,529,529

MPS Private Solution Flexible BondYear ended 31 December 2020

Class A Class B*

Number of Units in issue at beginning of financial year 537,136 -Issued during financial year 9,953 10,834Redeemed during financial year (174,954) -

Total number of Units in issue at end of financial year 372,135 10,834

* This Unit Class launched during the financial year, therefore there are no comparatives. Please see note 19 for further details.

MPS Private Solution FlexibleYear ended 31 December 2020

Class A Class BNumber of Units in issue at beginning of financial year 21,481,767 8,715Issued during financial year 384,929 -Redeemed during financial year (8,516,405) (4,800)

Total number of Units in issue at end of financial year 13,350,291 3,915

MPS Private Solution Multi AssetYear ended 31 December 2020

Class A Class BNumber of Units in issue at beginning of financial year 7,598,751 11,708Issued during financial year 151,910 9,464Redeemed during financial year (4,041,316) -


MPS Private Solution GlobalYear ended 31 December 2020

Class A Class BNumber of Units in issue at beginning of financial year 4,754,822 9,895Issued during financial year 177,602 -Redeemed during financial year (2,799,106) -



(continued)




MPS Private Solution ResponsibleYear ended 31 December 2020

Class A Class BNumber of Units in issue at beginning of financial year 232,284 214,671Issued during financial year 175,267 37,902Redeemed during financial year (51,118) (59,570)


MPS Private Solution AbsoluteYear ended 31 December 2019

Class ANumber of Units in issue at beginning of financial year 13,681,739Issued during financial year 380,572Redeemed during financial year (5,466,585)

Total number of Units in issue at end of financial year 8,595,726

MPS Private Solution Flexible BondYear ended 31 December 2019

Class ANumber of Units in issue at beginning of financial year 661,016Issued during financial year 140,316Redeemed during financial year (264,196)

Total number of Units in issue at end of financial year 537,136

MPS Private Solution FlexibleYear ended 31 December 2019

Class A Class BNumber of Units in issue at beginning of financial year 24,675,674 -Issued during financial year 2,099,375 8,715Redeemed during financial year (5,293,282) -


MPS Private Solution Multi AssetYear ended 31 December 2019

Class A Class BNumber of Units in issue at beginning of financial year 9,285,363 -Issued during financial year 1,005,194 11,708Redeemed during financial year (2,691,806) -


MPS Private Solution GlobalYear ended 31 December 2019

Class A Class BNumber of Units in issue at beginning of financial year 7,321,587 -Issued during financial year 897,455 9,895Redeemed during financial year (3,464,220) -



(continued)




MPS Private Solution ResponsibleYear ended 31 December 2019

Class A Class BNumber of Units in issue at beginning of financial period - -Issued during financial period 232,284 219,616Redeemed during financial period - (4,945)


11. Net Asset Value

MPS Private Solution Absolute

At as 31 December 2020 At as 31 December 2019 As at 31 December 2018

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 5,529,529 26,707,323 4.8299 8,595,726 41,336,996 4.8090 13,681,739 63,469,500 4.6390

MPS Private Solution Flexible Bond


Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 372,135 1,788,153 4.8051 537,136 2,640,183 4.9153 661,016 3,112,606 4.7088Class B* 10,834 52,183 4.8168 - - - - - -* This Unit Class launched during the financial year, therefore there are no comparatives. Please see note 19 for further details.

MPS Private Solution Flexible


Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 13,350,291 66,978,013 5.0170 21,481,767 109,762,625 5.1096 24,675,674 113,663,264 4.6063Class B 3,915 20,359 5.2002 8,715 45,919 5.2689 - - -

MPS Private Solution Multi Asset


Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 3,709,345 19,507,922 5.2591 7,598,751 39,249,763 5.1653 9,285,363 42,689,475 4.5975Class B 21,172 115,299 5.4457 11,708 62,293 5.3204 - - -


(continued)


11. Net Asset Value (continued)

MPS Private Solution Global


Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 2,133,318 11,777,788 5.5209 4,754,822 26,014,782 5.4712 7,321,587 33,869,366 4.6260Class B 9,895 54,447 5.5025 9,895 53,629 5.4198 - - -

MPS Private Solution Responsible

At as 31 December 2020 At as 31 December 2019

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Units inIssue

Net AssetValueEUR

Net AssetValue Per

UnitEUR

Class A 356,432 1,855,857 5.2068 232,284 1,210,159 5.2098Class B 193,003 1,012,901 5.2481 214,671 1,121,548 5.2245

12. Significant Fee Agreements

Management Fees

Each Fund pays to the Manager a management fee at an annual rate as set out below.

Fund Amount per AnnumMPS Private Solution Absolute 1.10%MPS Private Solution Flexible Bond 1.45%MPS Private Solution Flexible 1.45%MPS Private Solution Multi Asset 1.45%MPS Private Solution Global 1.45%MPS Private Solution Responsible 1.45%

The management fee is accrued on each Valuation Day for the relevant Fund and is payable monthly in arrears.

The Funds may also be subject to a management fee to the underlying funds in which they invest.

Management Fee Rebate Income

In relation to the management fee paid to the underlying funds, the Funds of the Trust may receive rebate income from therelevant Manager or Investment Manager.

Management fees reimbursed during the financial years ended 31 December 2020 and 31 December 2019 are disclosedin the Statement of Comprehensive Income.

Distribution Services Fee

Class A of the Funds pay a distribution services fee to the Distributor. The applicable distribution services fee rates are asfollows:

Amount per AnnumMPS Private Solution Absolute - Class A 0.35%MPS Private Solution Flexible Bond - Class A 0.50%MPS Private Solution Flexible - Class A 0.50%MPS Private Solution Multi Asset - Class A 0.50%MPS Private Solution Global - Class A 0.50%MPS Private Solution Responsible - Class A 0.50%

For the Class B, there are no distribution fees.


(continued)


12. Significant Fee Agreements (continued)

Administration and Trustee Fees

Each Fund is subject to Administration and Trustee fees of up to 0.25% per annum of the net asset value of each Fund.Such fees are accrued on each Valuation Day for the relevant Fund and are payable monthly in arrears.

The Administrator is also entitled to be repaid out of the assets of each Fund all of its reasonable out-of-pocket expensesincurred on behalf of the Fund which shall include legal fees, couriers’ fees and telecommunication costs and expenses.

The Trustee is also entitled to be repaid all of its reasonable out-of-pocket expenses and disbursements out of the assetsof the relevant Fund, including legal fees, couriers’ fees and telecommunication costs, transaction charges and expensesand the fees, transaction charges and expenses of any sub-custodian appointed by it which are at normal commercialrates.

13. Efficient Portfolio Management

The Manager may, on behalf of each Fund of the Trust, employ (subject to the conditions and within the limits laid down bythe Central Bank) techniques and instruments relating to transferable securities, provided that such techniques andinstruments are used for efficient portfolio management purposes. The Manager on behalf of the Trust may also employtechniques and instruments intended to provide protection against exchange risks in the context of the management ofthe assets and liabilities of the Trust or for the purposes of:

(a) hedging;(b) risk reduction or management;(c) performance enhancement such as reduction of cost and/or generation of additional capital or income;(d) management of interest, currency and/or exchange risks;(e) management of securities prices;(f) management of target Funds;(g) achieving a foreign exchange exposure different from the underlying securities in order to neutralise active risk

against the benchmark (currency overlay); and/or(h) seeking active foreign exchange exposure in order to enhance portfolio performance.

The types of instruments which each Fund may use for these purposes are disclosed in Appendix V to the Prospectus.

Each Fund may invest in FDIs. As at 31 December 2020 and at 31 December 2019 the Funds did not hold any FDI’s.Please refer to the Schedule of Investments of these Funds on pages 49 to 58 to view details of investments.

The Trust may utilise securities lending agreements and reverse repurchase agreements for efficient portfoliomanagement purposes.

There are no securities financing transactions that require disclosure as at 31 December 2020 and 31 December 2019 inaccordance with the Securities Financing Regulation (Regulation (EU) 2015/2365).

14. Related Party Transactions

IAS 24 “Related Party Transactions” requires the disclosure of information relating to material transactions with partieswho are deemed to be related to the reporting entity.

In the opinion of the Manager the following entities are required to be disclosed as related parties to the Trust as at31 December 2020:

Manager and PromoterInvestment Manager

ANIMA Asset Management LimitedANIMA SGR S.p.A.

Fees earned during the financial year by the Manager are as follows:


EUR


EURFees earned at the financial year end are as follows:Management fees 2,334,234 3,450,421


(continued)


14. Related Party Transactions (continued)


EUR


EURFees accrued at the financial year end are as follows:Management fees 155,761 263,129

The Investment Manager is paid directly by the Manager without any additional cost to the Trust.

Investment in Related Funds

The Funds have invested in funds within ANIMA Funds Plc (an investment company managed by the InvestmentManager) and within funds promoted by the Investment Manager, the parent company of the Manager. Details of theinvestments can be viewed in the Schedule of Investments on pages 49 to 58.

Transactions Involving Directors of the Manager

There were no contracts or arrangements of any significance in relation to the business of the Trust in which the Directorsor Secretary had any interest at any time during the financial year and the previous financial year.

Mr. Davide Sosio is a Director of the Manager and the CFO and HR Director of ANIMA Holding S.p.A., which is the ultimateparent company of the Manager and the parent company of the Investment Manager. He is also a Finance Director ofANIMA SGR and a Director of ANIMA Funds Plc.

Mr. Pierluigi Giverso is a Director of the Manager and ANIMA Funds Plc, Joint General Manager of ANIMA Holding S.p.A.and also a Deputy General Manager at ANIMA SGR S.p.A.

Mr. Rory Mason is a Director of ANIMA Funds Plc and Chairman of the Board of Directors of the Manager.

Mr. Andrew Bates is a Director of the Manager and Chairman of the Board of Directors of ANIMA Funds Plc and was,during the period, a partner and later a consultant in the Manager’s legal advisors, Dillon Eustace, Solicitors. Fees paid bythe Trust to the Manager’s legal advisors during the year amounted to EUR 5,407 (31 December 2019: EUR 21,869).

Mr. Agostino Ricucci is a Director and the General Manager of the Manager. Mr. Agostino Ricucci is also a Director ofANIMA Funds Plc.

For the financial year ended 31 December 2020 and 31 December 2019, no directors’ fees were incurred by the Funds.

15. Taxation

Under current Irish law and practice the Trust qualifies as an investment undertaking under Section 739B (1) of the TaxesConsolidation Act, 1997 and is not therefore chargeable to Irish tax on its relevant income or relevant gains. Distributionsand interest on securities issued in countries other than Ireland may be subject to taxes including withholding taxesimposed by such countries. The Trust may not be able to benefit from a reduction in the rate of withholding tax by virtue ofthe double taxation agreement in operation between Ireland and other countries. The Trust may not, therefore, be able toreclaim withholding tax suffered by it in particular countries.

The Trust will only be subject to tax on chargeable events in respect of Unitholders who are Taxable Irish Persons(generally persons who are resident or ordinarily resident in Ireland for tax purposes).

A chargeable event occurs on:(1) a payment of any kind to a Unitholder by the Trust;(2) a transfer of Units; and(3) on the eighth anniversary of a Unitholder acquiring Units and every subsequent eighth anniversary but does notinclude any transaction in relation to Units held in a clearing system recognised by the Irish Revenue Commissioners,certain transfers arising as a result of an amalgamation or reconstruction of fund vehicles and certain transfers betweenspouses or former spouses.

If a Unitholder is not a Taxable Irish Person at the time a chargeable event arises no Irish tax will be payable on thatchargeable event in respect of that Unitholder.


(continued)


15. Taxation (continued)

Where tax is payable on a chargeable event, it is a liability of the relevant Fund which is recoverable by deduction or, in thecase of a transfer and on the eight year rolling chargeable event by cancellation or appropriation of Units from the relevantUnitholders. In certain circumstances, and only after notification by the Manager to a Unitholder, the tax payable on theeight-year rolling chargeable event can at the election of the Manager become a liability of the Unitholder rather than theManager.

16. Segregated Liability

Under the terms of the Trust Deed, the assets of each Fund will belong exclusively to that Fund, will be segregated fromthe assets of either the Trustee or its agents or both and will not be used to discharge directly or indirectly liabilities of orclaims against any other Fund, undertaking or entity and will not be available for such purpose.

17. Soft Commission Arrangements and Directed Brokerage

There were no soft commission arrangements or directed brokerage arrangements affecting the Trust during the financialyear (2019: Nil).

18. Investment in Investment Funds

This table shows the Funds, share class, regulatory status and management fee rate of the underlying Investment Fundsas of 31 December 2020.

InvestmentFunds

RegulatoryStatus

ShareClasses

ManagementFees %

Amundi Japan Topix UCITS ETF Authorised by the CSSF Luxembourg C 0.20ANIMA Euro Government Bond Authorised by the CBI as a UCITS I 0.40ANIMA Europe Equity Authorised by the CBI as a UCITS I 0.86ANIMA Flexible Bond Authorised by the CBI as a UCITS I 0.50ANIMA Global Equity Value Authorised by the CBI as a UCITS I 0.90ANIMA Global Macro Authorised by the CBI as a UCITS I 0.60ANIMA High Yield Bond Authorised by the CBI as a UCITS I 0.70ANIMA Hybrid Bond Authorised by the CBI as a UCITS I 0.60ANIMA Liquidita Euro Authorised by Bank of Italy FM 0.10ANIMA Liquidity Authorised by the CBI as a UCITS I 0.20ANIMA Obbligazionario High Yield Authorised by Bank of Italy Y 0.70ANIMA Short Term Corporate Bond Authorised by the CBI as a UCITS I 0.70ANIMA Smart Volatility Global Authorised by the CBI as a UCITS I 0.45ANIMA Star Bond Authorised by the CBI as a UCITS I 0.50ANIMA Star High Potential Europe Authorised by the CBI as a UCITS I 0.60ANIMA Trading Fund Authorised by the CBI as a UCITS I 0.86ANIMA US Equity Authorised by the CBI as a UCITS I 0.90ANIMA Variable Rate Bond Authorised by the CBI as a UCITS I 0.36AXA World Funds - Defensive Optimal Income Authorised by the CSSF Luxembourg I 0.40AXA World Funds - Framlington Eurozone Authorised by the CSSF Luxembourg I 0.70AXA World Funds - Global Factors - Sustainable Equity Authorised by the CSSF Luxembourg ZI 0.19AXA World Funds - Global Green Bonds Authorised by the CSSF Luxembourg I 0.40AXA World Funds - Global High Yield Bonds Authorised by the CSSF Luxembourg I 1.25AXA World Funds - Global Inflation Bonds Authorised by the CSSF Luxembourg I 0.30AXA World Funds - Global Optimal Income Authorised by the CSSF Luxembourg I 0.60Candriam Equities L Europe Optimum Quality Authorised by the CSSF Luxembourg I 0.75Candriam SRI - Bond Euro Authorised by the CSSF Luxembourg I 0.30Candriam SRI - Bond Euro Short Term Authorised by the CSSF Luxembourg I 0.25Candriam SRI - Equity EMU Authorised by the CSSF Luxembourg I 0.75Etica Bilanciato Authorised by Bank of Italy I 0.90Etica Impatto Clima Authorised by Bank of Italy I 0.80Etica Obbligazionario Misto Authorised by Bank of Italy I 0.60Etica Rendita Bilanciata Authorised by Bank of Italy I 0.75Fidelity Funds - Emerging Market Total Return Debt Fund Authorised by the CSSF Luxembourg Y 0.65


(continued)


18. Investment in Investment Funds (continued)

InvestmentFunds

RegulatoryStatus

ShareClasses

ManagementFees %

Fidelity Funds - Emerging Markets Debt Authorised by the CSSF Luxembourg Y 0.65Fidelity Funds - Flexible Bond Fund Authorised by the CSSF Luxembourg Y 0.50Fidelity Funds - Pacific Fund Authorised by the CSSF Luxembourg Y 0.80Fidelity Funds - Sustainable Global Equity Fund Authorised by the CSSF Luxembourg Y 0.80Fidelity Funds - Sustainable Reduced Carbon Bond Fund Authorised by the CSSF Luxembourg Y 0.80Fidelity Funds - Sustainable Water & Waste Fund Authorised by the CSSF Luxembourg Y 0.80Fidelity Funds - World Fund Authorised by the CSSF Luxembourg Y 0.80Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio Authorised by the CSSF Luxembourg I 0.70Goldman Sachs - SICAV I - GS Emerging Markets Debt Portfolio Authorised by the CSSF Luxembourg I 0.75Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio Authorised by the CSSF Luxembourg I 0.85Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio Authorised by the CSSF Luxembourg I 0.50Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio Authorised by the CSSF Luxembourg I 0.50iShares Core MSCI Europe UCITS ETF EUR Acc Authorised by the CBI as a UCITS I 0.20M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund Authorised by the CSSF Luxembourg C 0.60M&G Lux Investment Funds 1 - M&G Lux Dynamic Allocation Fund Authorised by the CSSF Luxembourg C 0.75M&G Lux Investment Funds 1 - M&G Lux Pan European Select Fund Authorised by the CSSF Luxembourg C 0.75Pictet - Emerging Local Currency Debt Authorised by the CSSF Luxembourg HI 0.60Pictet - Global Bonds Authorised by the CSSF Luxembourg I 0.35Pictet - Global Megatrend Selection Authorised by the CSSF Luxembourg I 0.80Pictet - Global Sustainable Credit Authorised by the CSSF Luxembourg HI 0.40Pictet - Quest Europe Sustainable Equities Authorised by the CSSF Luxembourg I 0.50Pictet - Short Term Emerging Corporate Bonds Authorised by the CSSF Luxembourg I 0.55Pictet TR - Corto Europe Authorised by the CSSF Luxembourg I 1.10PIMCO Funds Global Investor Series Plc - Emerging Markets Bond ESG Fund Authorised by the CBI as a UCITS Inst 0.89PIMCO Funds Global Investor Series Plc - Global Investment Grade Credit Fund Authorised by the CBI as a UCITS Inst 0.49PIMCO Global Investors Series Plc - Global Bond ESG Fund Authorised by the CBI as a UCITS Inst 0.52Schroder International Selection Fund - Emerging Markets Authorised by the CSSF Luxembourg C 0.97Schroder International Selection Fund - Global Climate Change Equity Authorised by the CSSF Luxembourg A 1.50Schroder International Selection Fund - Global Sustainable Growth Authorised by the CSSF Luxembourg F 1.30Schroder International Selection Fund - Multi-Asset Growth and Income Authorised by the CSSF Luxembourg A 1.25

19. Significant events during the financial year

Beginning in January 2020, global financial markets have experienced significant volatility resulting from the spread of anovel coronavirus known as COVID-19. The outbreak of COVID-19 resulted in travel and border restrictions, quarantines,supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 hasadversely affected the economies of the entire world.

Funds/Classes launched during the financial year

Fund Name Date launched (NAV date)MPS Private Solution Flexible Bond - Class B 20 February 2020

Prospectus updates

Updated Prospectus of the Trust was approved on 3 December 2020.

There have been no other significant events affecting the Trust during the financial year other than those mentionedelsewhere in the financial statements.


(continued)


20. Significant events after the financial year end

The table below illustrates the impact on the Funds’ net asset values mainly due to net outflows:

Fund NAV as at31 December 2020

(M EUR)

NAV as at31 March 2021

(M EUR) % MovementMPS Private Solution Absolute 26.71 21.91 (17.96)%MPS Private Solution Flexible Bond 1.84 1.10 (40.12)%MPS Private Solution Flexible 67.00 49.76 (25.74)%MPS Private Solution Multi Asset 19.62 16.89 (13.91)%MPS Private Solution Global 11.83 9.95 (15.91)%MPS Private Solution Responsible 2.87 2.70 (5.95)%

Total 129.87 102.31 (21.22)%

Prospectus updates

The First Addendum to the Prospectus of the Trust was approved on 8 March 2021.

There have been no other significant events affecting the Trust since the financial year end date.

21. Going concern

The Directors of the Manager believe that that there are no material uncertainties relating to the Trust that would prevent itsability to continue in such operational existence for at least 12 months from the date of the approval of these financialstatements.

The Directors of the Manager consider that the financial statements taken as a whole are fair, balanced andunderstandable and they provide the information necessary for the unitholders to assess the Trust’s position, performanceand strategy.

The Directors of the Manager do not believe that there is any material uncertainty that casts any doubts on the Trust’sability to continue as a going concern.

22. Approval of Financial Statements

The Financial Statements were approved by the Board of Directors of the Manager on 26 April 2021.


(continued)


Holdings Financial assets at fair value through profit or lossFair Value

EUR% of

Net Assets

Investment Funds: 98.08% (2019: 98.49%)

Ireland: 47.10%

Asset Allocation Fund: 18.60%279,703 ANIMA Star High Potential Europe* 2,458,677 9.20430,719 ANIMA Trading Fund* 2,509,756 9.40

Debt Funds: 28.50%298,490 ANIMA Flexible Bond* 1,502,120 5.63487,172 ANIMA Global Macro* 2,600,718 9.74266,943 ANIMA Smart Volatility Global* 1,552,277 5.81384,861 ANIMA Star Bond* 1,955,361 7.32

Total Ireland 12,578,909 47.10

Italy: 15.40%

Debt Funds: 15.40%82,960 ANIMA Liquidita Euro* 4,113,534 15.40

Total Italy 4,113,534 15.40

Luxembourg: 35.58%

Asset Allocation Fund: 15.64%19,050 AXA World Funds - Defensive Optimal Income 2,072,831 7.763,495 AXA World Funds - Global Optimal Income 575,664 2.16

98,822 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 973,874 3.653,805 Schroder International Selection Fund - Multi-Asset Growth and Income 554,103 2.07

Debt Funds: 12.81%68,206 Fidelity Funds - Emerging Market Total Return Debt Fund 680,274 2.55

222,302 Fidelity Funds - Flexible Bond Fund 2,740,987 10.26

Equity Funds: 7.13%12,791 Pictet TR - Corto Europe 1,903,653 7.13

Total Luxembourg 9,501,386 35.58

Total Investment Funds 26,193,829 98.08

Total Value of Investments (Cost:EUR 25,416,833) 26,193,829 98.08

Cash and Cash Equivalents 683,111 2.56

Other Net Liabilities (169,617) (0.64)

Net Assets Attributable to Holders of Redeemable Participating Units 26,707,323 100.00

*The indicated holdings are holdings in funds managed by the Investment Manager.

Multi Solution FundMPS Private Solution Absolute

Schedule of Investmentsas at 31 December 2020


Analysis of Gross Assets% of Gross

AssetsUCITS and non-UCITS Investment Funds 97.35Other Assets 2.65

100.00



(continued)



EUR% of

Net Assets

Investment Funds: 98.74%(2019: 95.87%)

Ireland: 55.37%

Debt Funds: 55.37%33,599 ANIMA Euro Government Bond* 188,530 10.2418,376 ANIMA High Yield Bond* 96,145 5.2210,705 ANIMA Hybrid Bond* 65,277 3.5545,568 ANIMA Liquidity* 253,713 13.7936,689 ANIMA Short Term Corporate Bond* 209,889 11.4117,517 ANIMA Variable Rate Bond* 90,952 4.9410,299 PIMCO Global Investors Series Plc - Global Bond ESG Fund 114,520 6.22


Luxembourg: 43.37%

Debt Funds: 43.37%206 AXA World Funds - Global High Yield Bonds 49,068 2.67676 AXA World Funds - Global Inflation Bonds 117,017 6.36

4,979 Fidelity Funds - Emerging Market Total Return Debt Fund 49,657 2.701,135 Fidelity Funds - Emerging Markets Debt 24,713 1.348,217 Fidelity Funds - Flexible Bond Fund 101,318 5.51

571 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 91,913 4.992,241 Goldman Sachs - SICAV I - GS Emerging Markets Debt Portfolio 48,585 2.64

424 Pictet - Emerging Local Currency Debt EUR 48,118 2.61279 Pictet - Emerging Local Currency Debt USD 45,527 2.47501 Pictet - Global Bonds 96,002 5.22

1,231 Pictet - Short Term Emerging Corporate Bonds 126,238 6.86

Total Luxembourg 798,156 43.37









100.00

Multi Solution FundMPS Private Solution Flexible Bond




EUR% of

Net Assets

Investment Funds: 97.03% (2019: 95.84%)

Ireland: 47.19%

Asset Allocation Fund: 3.62%416,667 ANIMA Trading Fund* 2,427,875 3.62

Debt Funds: 31.23%557,947 ANIMA Euro Government Bond* 3,130,754 4.67410,908 ANIMA Flexible Bond* 2,067,855 3.09705,993 ANIMA Global Macro* 3,768,873 5.63319,763 ANIMA Hybrid Bond* 1,949,784 2.91625,272 ANIMA Smart Volatility Global* 3,635,957 5.43388,028 ANIMA Star Bond* 1,971,454 2.94395,293 PIMCO Global Investors Series Plc - Global Bond ESG Fund 4,395,659 6.56

Equity Funds: 12.34%102,757 ANIMA Europe Equity* 1,400,333 2.09207,975 ANIMA Global Equity Value* 2,688,850 4.02141,667 ANIMA US Equity* 3,479,243 5.1912,765 iShares Core MSCI Europe UCITS ETF EUR Acc 697,607 1.04


Italy: 3.02%

Debt Funds: 3.02%139,556 ANIMA Obbligazionario High Yield* 2,025,090 3.02

Total Italy 2,025,090 3.02

Luxembourg: 46.82%

Asset Allocation Fund: 6.21%9,502 AXA World Funds - Global Optimal Income 1,565,220 2.34

186,459 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 1,837,519 2.7438,578 Schroder International Selection Fund - Emerging Markets 758,126 1.13

Debt Funds: 17.23%4,236 AXA World Funds - Global High Yield Bonds 1,006,422 1.50

238,330 Fidelity Funds - Emerging Market Total Return Debt Fund 2,377,056 3.5558,748 Fidelity Funds - Emerging Markets Debt 1,278,628 1.91

143,537 Fidelity Funds - Sustainable Reduced Carbon Bond Fund 2,392,768 3.576,283 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 1,011,614 1.51

18,144 Pictet - Global Bonds 3,478,006 5.19

Equity Funds: 23.38%9,496 Amundi Japan Topix UCITS ETF 823,958 1.237,436 AXA World Funds - Framlington Eurozone 2,017,246 3.01

45,568 Fidelity Funds - Pacific Fund 1,018,591 1.52114,890 Fidelity Funds - World Fund 2,797,563 4.18164,787 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 3,056,793 4.56104,052 Goldman Sachs - SICAV I - GS US Core Equity Portfolio 1,695,728 2.53

Multi Solution FundMPS Private Solution Flexible




EUR% of

Net Assets

Investment Funds (continued): 97.03% (2019: 95.84%)

Luxembourg (continued): 46.82%

Equity Funds (continued): 23.38%28,573 Pictet TR - Corto Europe 4,252,499 6.35




Cash and Cash Equivalents 8,674,529 12.95

Other Net Liabilities (6,683,228) (9.98)





100.00



(continued)



EUR% of

Net Assets


Ireland: 56.19%

Asset Allocation Fund: 9.53%212,830 ANIMA Star High Potential Europe* 1,870,843 9.53

Debt Funds: 19.70%450,718 ANIMA Global Macro* 2,406,112 12.26250,920 ANIMA Smart Volatility Global* 1,459,102 7.44

Equity Funds: 26.96%144,254 ANIMA Europe Equity* 1,965,826 10.02156,701 ANIMA Global Equity Value* 2,025,940 10.3252,885 ANIMA US Equity* 1,298,826 6.62


Luxembourg: 43.02%

Asset Allocation Fund: 11.89%4,537 AXA World Funds - Global Optimal Income 747,397 3.81

108,373 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 1,067,998 5.4526,280 Schroder International Selection Fund - Emerging Markets 516,453 2.63

Debt Funds: 2.44%1,381 Pictet - Global Megatrend Selection 478,563 2.44

Equity Funds: 28.69%5,175 Amundi Japan Topix UCITS ETF 449,030 2.293,274 AXA World Funds - Framlington Eurozone 888,125 4.53

20,819 Fidelity Funds - Pacific Fund 465,367 2.377,129 Fidelity Funds - World Fund 173,586 0.88

16,272 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 369,722 1.8877,610 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 1,439,665 7.3436,445 Goldman Sachs - SICAV I - GS US Core Equity Portfolio 593,936 3.038,405 Pictet TR - Corto Europe 1,250,926 6.37








Multi Solution FundMPS Private Solution Multi Asset





100.00



(continued)



EUR% of

Net Assets


Ireland: 31.26%

Equity Funds: 31.26%79,886 ANIMA Europe Equity* 1,088,652 9.2090,292 ANIMA Global Equity Value* 1,167,358 9.8758,716 ANIMA US Equity* 1,442,039 12.19


Luxembourg: 67.55%

Asset Allocation Fund: 11.74%2,570 AXA World Funds - Global Optimal Income 423,390 3.58

47,110 M&G Lux Investment Funds 1 - M&G Lux Dynamic Allocation Fund 473,240 4.0025,054 Schroder International Selection Fund - Emerging Markets 492,362 4.16

Debt Funds: 4.55%1,553 Pictet - Global Megatrend Selection 538,354 4.55

Equity Funds: 51.26%6,435 Amundi Japan Topix UCITS ETF 558,359 4.723,578 AXA World Funds - Framlington Eurozone 970,585 8.20

17,348 Fidelity Funds - Pacific Fund 387,789 3.2827,663 Fidelity Funds - World Fund 673,586 5.6910,958 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 248,970 2.1077,731 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 1,441,903 12.1943,049 Goldman Sachs - SICAV I - GS US Core Equity Portfolio 701,557 5.937,275 Pictet TR - Corto Europe 1,082,806 9.15





Other Net Assets 50,468 0.42





100.00

Multi Solution FundMPS Private Solution Global




EUR% of

Net Assets


Ireland: 10.30%

Debt Funds: 10.30%7,380 PIMCO Funds Global Investor Series Plc - Emerging Markets Bond ESG

Fund95,205 3.32

18,016 PIMCO Global Investors Series Plc - Global Bond ESG Fund 200,330 6.98

Total Ireland 295,535 10.30

Italy: 22.39%

Asset Allocation Fund: 22.39%6,867 Etica Bilanciato 98,515 3.43

30,712 Etica Impatto Clima 169,989 5.9322,735 Etica Obbligazionario Misto 200,114 6.9828,817 Etica Rendita Bilanciata 173,481 6.05

Total Italy 642,099 22.39

Luxembourg: 65.26%

Asset Allocation Fund: 4.06%4,483 M&G Lux Investment Funds 1 - M&G Lux Pan European Select Fund 116,623 4.06

Debt Funds: 26.41%1,515 AXA World Funds - Global Green Bonds 171,753 5.99

176 Candriam SRI - Bond Euro 199,644 6.96214 Candriam SRI - Bond Euro Short Term 214,210 7.47

1,023 Pictet - Global Sustainable Credit 171,920 5.99

Equity Funds: 34.79%757 AXA World Funds - Global Factors - Sustainable Equity 115,430 4.02723 Candriam Equities L Europe Optimum Quality 144,917 5.0557 Candriam SRI - Equity EMU 81,564 2.84

9,112 Fidelity Funds - Sustainable Global Equity Fund 114,357 3.998,191 Fidelity Funds - Sustainable Water & Waste Fund 104,593 3.658,439 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 106,216 3.70

374 Pictet - Quest Europe Sustainable Equities 116,078 4.053,226 Schroder International Selection Fund - Global Climate Change Equity 71,176 2.48

558 Schroder International Selection Fund - Global Sustainable Growth 143,720 5.01







Multi Solution FundMPS Private Solution Responsible





100.00



(continued)


All Purchases

PrincipalAmount

CostEUR

105,959 ANIMA Liquidita Euro* 5,260,430272,095 Fidelity Funds - Flexible Bond Fund 3,200,065566,539 ANIMA Trading Fund* 3,140,890258,208 ANIMA Star High Potential Europe* 2,092,081306,101 ANIMA Global Macro* 1,602,000

6,929 Pictet TR - Corto Europe 1,014,750159,116 ANIMA Flexible Bond* 721,529112,361 ANIMA Star Bond* 572,570

3,805 Schroder International Selection Fund - Multi-Asset Growth and Income 545,00071,653 ANIMA Smart Volatility Global* 415,00068,558 ANIMA Infrastructure* 341,380

All Sales

PrincipalAmount

ProceedsEUR

590,485 ANIMA Star High Potential Europe* 4,872,57328,617 Pictet TR - Corto Europe 4,122,414

332,193 Fidelity Funds - Flexible Bond Fund 3,755,431657,398 ANIMA Infrastructure* 3,252,614551,889 ANIMA Flexible Income* 2,685,021491,301 ANIMA Trading Fund* 2,591,30217,995 AXA World Funds - Defensive Optimal Income 1,894,059

312,227 ANIMA Global Macro* 1,609,671287,206 ANIMA Flexible Bond* 1,421,280153,948 Fidelity Funds - Emerging Market Total Return Debt Fund 1,356,22623,000 ANIMA Liquidita Euro* 1,140,77711,072 AXA World Funds - Global Flexible Property 1,136,9737,336 AXA World Funds - Global Optimal Income 1,107,189

113,690 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 1,067,908138,817 ANIMA Smart Volatility Global* 792,189

4,975 Schroder International Selection Fund - Multi-Asset Growth and Income 638,15670,672 ANIMA Star Bond* 373,436



Schedule of Portfolio Changesfor the financial year ended 31 December 2020 (Unaudited)


All Purchases

PrincipalAmount

CostEUR

5,948 ANIMA Liquidita Euro* 295,511244,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 243,506

713 Pictet - Global Bonds 140,938800 AXA World Funds - Global Inflation Bonds 134,640

10,299 PIMCO Global Investors Series Plc - Global Bond ESG Fund 111,2009,880 BNP Paribas Easy Bloomberg Barclays Euro Aggregate Treasury UCITS ETF 105,392

23,872 ANIMA High Yield Bond* 100,6738,928 Fidelity Funds - Flexible Bond Fund 100,240

17,517 ANIMA Variable Rate Bond* 90,880571 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 90,880

14,120 ANIMA Hybrid Bond* 76,00312,524 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 70,00012,221 ANIMA Euro Government Bond* 67,236

516 Pictet - Emerging Local Currency Debt 53,400207 AXA World Funds - Global High Yield Bonds 48,779279 Pictet - Emerging Local Currency Debt 43,258

4,035 ANIMA Variable Rate Bond* 20,8801,134 PIMCO Funds Global Investor Series Plc - Global Investment Grade Credit Fund 20,8732,804 ANIMA Short Term Corporate Bond* 16,0001,431 Fidelity Funds - Emerging Market Total Return Debt Fund 14,384

Largest Sales

PrincipalAmount

ProceedsEUR

5,948 ANIMA Liquidita Euro* 295,36913,915 PIMCO Global Investors Series Plc - Diversified Income Fund Institutional EUR 245,881

244,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 243,92416,710 PIMCO Global Investors Series Plc - Diversified Income Fund Institutional USD Accumulation 229,43736,463 ANIMA Flexible Income* 178,0501,721 Pictet - Emerging Local Currency Debt 160,085

18,382 PIMCO Funds Global Investors Series Plc - Credit Opportunities Bond Fund 153,85314,889 Fidelity Funds - Emerging Market Total Return Debt Fund 133,73011,029 Fidelity Funds - Flexible Bond Fund 125,7605,553 Fidelity Funds - Emerging Markets Debt 111,3089,880 BNP Paribas Easy Bloomberg Barclays Euro Aggregate Treasury UCITS ETF 109,444

513 Pictet - Global Bonds 98,77917,022 ANIMA High Yield Bond* 84,415

625 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 81,4754,226 PIMCO Funds Global Investor Series Plc - Global Investment Grade Credit Fund 75,258

597 Pictet - Short Term Emerging Corporate Bonds 62,3422,210 Goldman Sachs - SICAV I - GS Emerging Markets Debt Portfolio 44,841

145 AXA World Funds - Global High Yield Bonds 32,724124 AXA World Funds - Global Inflation Bonds 21,308

3,415 ANIMA Hybrid Bond* 20,514


Multi Solution FundMPS Private Solution Flexible Bond



Largest Purchases

PrincipalAmount

CostEUR

168,899 ANIMA Liquidita Euro* 8,387,34336,651 Pictet - Global Bonds 7,212,516

610,218 BNP Paribas Easy Bloomberg Barclays Euro Aggregate Treasury UCITS ETF 6,588,644418,076 ANIMA Obbligazionario High Yield* 5,411,590106,195 iShares Core MSCI Europe UCITS ETF EUR Acc 5,057,717

4,644,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 4,643,085209,110 Fidelity Funds - World Fund 4,406,413395,293 PIMCO Global Investors Series Plc - Global Bond ESG Fund 4,237,61023,830 Pictet TR - Corto Europe 3,483,840

299,361 ANIMA Global Equity Value* 3,418,895132,076 ANIMA US Equity* 3,107,700174,934 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 3,013,014526,455 ANIMA Euro Government Bond* 2,891,561114,954 ANIMA Obbligazionario High Yield* 2,578,997416,667 ANIMA Trading Fund* 2,413,000143,537 Fidelity Funds - Sustainable Reduced Carbon Bond Fund 2,352,980146,659 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 2,277,845

7,436 AXA World Funds - Framlington Eurozone 2,022,600319,763 ANIMA Hybrid Bond* 1,719,331102,757 ANIMA Europe Equity* 1,385,700

6,283 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 1,011,3004,236 AXA World Funds - Global High Yield Bonds 1,005,063

45,568 Fidelity Funds - Pacific Fund 1,005,06392,653 Fidelity Funds - Emerging Market Total Return Debt Fund 920,10010,880 Amundi Japan Topix UCITS ETF 843,220

Largest Sales

PrincipalAmount

ProceedsEUR

168,899 ANIMA Liquidita Euro* 8,392,86242,702 Pictet - Global Bonds 8,179,33451,287 Pictet TR - Corto Europe 7,387,158

560,876 ANIMA Global Equity Value* 6,978,462610,218 BNP Paribas Easy Bloomberg Barclays Euro Aggregate Treasury UCITS ETF 6,760,626320,829 Fidelity Funds - World Fund 6,506,078312,189 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 5,438,01793,430 iShares Core MSCI Europe UCITS ETF EUR Acc 4,871,942

4,644,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 4,651,619188,663 PIMCO Global Investors Series Plc - Diversified Income Fund Institutional USD 4,406,659226,583 PIMCO Global Investors Series Plc - Diversified Income Fund Institutional EUR 4,034,072278,520 ANIMA Obbligazionario High Yield* 3,825,05724,212 AXA World Funds - Global Optimal Income 3,629,17543,688 Amundi Japan Topix UCITS ETF 3,611,965

700,000 ANIMA Trading Fund* 3,610,950151,660 ANIMA US Equity* 3,420,348248,580 PIMCO Global Investors Series Plc - Diversified Income Fund Institutional USD Accumulation 3,413,15923,930 Goldman Sachs - SICAV I - GS Emerging Markets Corporate Bond Portfolio 3,118,11062,320 iShares JP Morgan EM Local Government Bond UCITS ETF 3,097,454

314,548 Fidelity Funds - Emerging Market Total Return Debt Fund 2,894,514200,423 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 2,833,753496,200 ANIMA Euro Government Bond* 2,780,205293,767 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 2,763,555114,954 ANIMA Obbligazionario High Yield* 2,711,545156,435 Schroder International Selection Fund - Emerging Markets 2,559,631118,545 Fidelity Funds - Emerging Markets Debt 2,456,58419,989 AXA World Funds - Global Flexible Property 2,022,648

113,644 Fidelity Funds - Pacific Fund 1,946,0207,373 AXA World Funds - Global High Yield Bonds 1,660,486





All Purchases

PrincipalAmount

CostEUR

63,012 ANIMA US Equity* 1,465,4008,348 Pictet TR - Corto Europe 1,217,9804,094 AXA World Funds - Framlington Eurozone 987,766

78,745 ANIMA Global Equity Value* 890,704109,130 ANIMA Star High Potential Europe* 887,98047,822 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 824,4802,650 Pictet - Global Megatrend Selection 823,100

35,897 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 620,870108,920 ANIMA Smart Volatility Global* 605,14047,343 ANIMA Europe Equity* 565,80421,663 Schroder International Selection Fund - Emerging Markets 330,00019,123 Fidelity Funds - Pacific Fund 321,07860,604 ANIMA Global Macro* 299,1403,690 Amundi Japan Topix UCITS ETF 285,9826,851 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 107,558

Largest Sales

PrincipalAmount

ProceedsEUR

21,990 Pictet TR - Corto Europe 3,234,480255,811 ANIMA Global Equity Value* 3,048,148109,440 Fidelity Funds - World Fund 2,288,087270,630 ANIMA Star High Potential Europe* 2,265,481

7,569 Pictet - Global Megatrend Selection 2,263,70425,000 Amundi Japan Topix UCITS ETF 2,024,24073,315 ANIMA US Equity* 1,660,407

105,104 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 1,565,29974,774 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 1,460,19674,105 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 1,355,59569,134 Fidelity Funds - Pacific Fund 1,240,9379,537 Schroder International Selection Fund - Multi-Asset Growth and Income 1,210,3637,030 AXA World Funds - Global Optimal Income 1,095,841

81,494 ANIMA Europe Equity* 1,037,5093,120 AXA World Funds - Framlington Eurozone 783,7006,900 AXA World Funds - Global Flexible Property 688,369

58,500 M&G Lux Investment Funds 1 - M&G Lux Conservative Allocation Fund 546,50732,705 Schroder International Selection Fund - Emerging Markets 530,43795,670 ANIMA Global Macro* 492,69176,000 ANIMA Smart Volatility Global* 424,085





All Purchases

PrincipalAmount

CostEUR

4,985 AXA World Funds - Framlington Eurozone 1,177,663948,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 947,77877,518 ANIMA Global Equity Value* 866,9242,563 Pictet - Global Megatrend Selection 796,200

40,409 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 673,48031,356 Schroder International Selection Fund - Emerging Markets 552,4303,503 Pictet TR - Corto Europe 513,630

25,662 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 400,49915,827 ANIMA US Equity* 357,50029,968 ANIMA Europe Equity* 348,32410,582 Fidelity Funds - World Fund 243,60010,958 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 243,0482,130 Amundi Japan Topix UCITS ETF 165,0797,204 Fidelity Funds - Pacific Fund 142,621

827 AXA World Funds - Global Optimal Income 130,25013,475 M&G Lux Investment Funds 1 - M&G Lux Dynamic Allocation Fund 130,250

All Sales

PrincipalAmount

ProceedsEUR

176,310 ANIMA Global Equity Value* 2,101,499133,847 Goldman Sachs - SICAV I - GS U.S. Core Equity Portfolio 1,961,16291,453 Fidelity Funds - World Fund 1,889,8535,777 Pictet - Global Megatrend Selection 1,737,036

18,746 Amundi Japan Topix UCITS ETF 1,510,18460,415 ANIMA US Equity* 1,367,14989,382 ANIMA Europe Equity* 1,147,8397,255 Pictet TR - Corto Europe 1,068,5327,179 AXA World Funds - Global Optimal Income 1,064,2474,239 AXA World Funds - Framlington Eurozone 1,050,707

110,332 M&G Lux Investment Funds 1 - M&G Lux Dynamic Allocation Fund 985,15056,890 Schroder International Selection Fund - Emerging Markets 959,011

948,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/02/2021 949,46949,627 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 949,25451,164 Goldman Sachs - SICAV I - GS Europe Core Equity Portfolio 921,24345,856 Fidelity Funds - Pacific Fund 814,4995,117 AXA World Funds - Global Flexible Property 532,874


Multi Solution FundMPS Private Solution Global



Largest Purchases

PrincipalAmount

CostEUR

29,563 PIMCO Global Investors Series Plc - Global Bond ESG Fund 309,1807,048 M&G Lux Investment Funds 1 - M&G Lux Pan European Select Fund 159,263

581 Pictet - Quest Europe Sustainable Equities 159,1201,043 AXA World Funds - Global Factors - Sustainable Equity 143,500

558 Schroder International Selection Fund - Global Sustainable Growth 141,14012,879 PIMCO Funds Global Investor Series Plc - Emerging Markets Bond ESG Fund 139,000

762 Candriam Equities L Europe Optimum Quality 134,110101 Candriam SRI - Equity EMU 119,728

11,191 Fidelity Funds - Sustainable Water & Waste Fund 119,0009,646 Fidelity Funds - Sustainable Global Equity Fund 116,514

991 AXA World Funds - Global Green Bonds 107,2006,018 Schroder International Selection Fund - Global Climate Change Equity 106,160

97 Candriam SRI - Bond Euro Short Term 96,5209,610 Etica Obbligazionario Misto 81,786

509 Pictet - Global Sustainable Credit 79,13066 Candriam SRI - Bond Euro 70,940

5,143 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 58,7801,890 Schroder International Selection Fund - QEP Global Core 50,7287,542 Etica Rendita Bilanciata 42,8268,146 Etica Impatto Clima 42,8263,203 Etica Bilanciato 41,826

All Sales

PrincipalAmount

ProceedsEUR

27,128 PIMCO Global Investors Series Plc - Global Bond ESG Fund 295,84614,994 PIMCO Funds Global Investor Series Plc - Emerging Markets Bond ESG Fund 183,2695,228 Schroder International Selection Fund - QEP Global Core 149,964

508 Pictet - Quest Europe Sustainable Equities 133,4906,167 M&G Lux Investment Funds 1 - M&G Lux Pan European Select Fund 126,048

94 Candriam SRI - Equity EMU 117,120957 AXA World Funds - Global Factors - Sustainable Equity 113,144

7,268 Schroder International Selection Fund - Global Climate Change Equity 109,53210,960 Fidelity Funds - Sustainable Water & Waste Fund 108,705

641 Candriam Equities L Europe Optimum Quality 103,3068,143 Fidelity Funds - Sustainable Global Equity Fund 92,643

778 AXA World Funds - Global Green Bonds 87,8605,261 Etica Bilanciato 64,114

361 Pictet - Global Sustainable Credit 60,4715,650 Goldman Sachs - SICAV I - GS Emerging Markets Equity Portfolio 51,619

38 Candriam SRI - Bond Euro 43,0253,210 Etica Obbligazionario Misto 27,080





Remuneration Policy of the Manager

The Manager has introduced a Remuneration Policy (the “Policy”) which establishes the principles and the framework of aremuneration policy which promotes sound and effective risk management and does not encourage inappropriate risk taking.The Policy has been approved by the Board of Directors of the Manager who is ultimately responsible for overseeing itsimplementation.

The objective of the Policy is to describe the global principles of remuneration as established by the Manager in order to maintaina sound management of the salary package of its staff members under the terms and conditions of a contract of employment. Thecomposition of the elements within an individual’s overall compensation are the result of the function and performance of theindividual staff members, market competitiveness and the Managers overall profitability. The remuneration policy details thecategory of staff (Identified Staff) covered by the Policy.

In accordance with UCITS V and ESMA guidelines, the Identified Staff of the Manager are: the Members of the Board of Directors,the General Manager, delegated Investment Manager, the Head of the Trading and Securities Lending Desk and the Heads ofControl Functions. However, given its small size, the Manager has decided to apply the remuneration policy to all staff members.

The total remuneration of all staff members (of which there were 21 (31 December 2019: 25) recipients) of the Manager during thefinancial year was EUR 864,311 (31 December 2019: EUR 871,668) divided into EUR 656,311 (31 December 2019: EUR 689,668)relating to fixed remuneration and EUR 208,000 (31 December 2019: EUR 182,000) relating to variable remuneration.

During the financial year, there have been no material changes to the adopted remuneration policy. The principles of theRemuneration Policy, which were reviewed during 2020, have been applied during the financial year and no issues have beennoted.

Remuneration Policy of Investment Manager

The “Remuneration and Incentive Policy” (hereinafter “Policy”) of the Investment Manager defines:

• the role of the corporate bodies and corporate functions in the governance of the remuneration and incentive policies;

• the process of determination and control of the same;

• the principles and criteria on which the Investment Manager remuneration and incentive system is based, aimed atpromoting a sound and effective management of the risks of the company and of its individual products, ensuring theirconsistency with the economic results and the financial position of the Investment Manager and its managed portfolios.

During 2020, the Board of Directors of the Investment Manager reviewed the Policy in accordance with the clarifications providedby the national competent Authorities to the entire industry and also considering the areas of improvement detected by thecontinuous process of applying of the principles contained therein. The Policy was last approved by the Shareholders’ Meeting ofthe Investment Manager on 23 December 2020.

The total remuneration of all staff members (of which there were 263 (31 December 2019: 257) recipients) of the InvestmentManager during the financial year was EUR 26,059,949 (31 December 2019: EUR 22,218,000) divided intoEUR 17,332,595 (2019: EUR 16,808,000) relating to fixed remuneration and EUR 8,727,354 (31 December 2019: EUR 5,410,000)relating to variable remuneration.

Multi Solution Fund Appendix I – UCITS V Directive Annual Report Disclosures(Unaudited)


Multi Solution Fund - ANIMA Sgr

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