VARENNE VALEUR FINANCIAL STATEMENTS

Transcription

1 VARENNE VALEUR FINANCIAL STATEMENTS

2 BALANCE SHEET ASSETS AS AT IN EUR Net fixed assets Deposits Financial instruments Equities and related securities Traded on a regulated or similar market Not traded on a regulated or similar market Bonds and related securities Traded on a regulated or similar market Not traded on a regulated or similar market Debt securities Traded on a regulated or similar market Transferable debt securities Other debt securities Not traded on a regulated or similar market Undertakings for collective investment General-purpose UCITS and AIF for non-professionals and equivalents in other countries Other funds for non-professionals and equivalents in other EU memberstates General-purpose UCITS and AIF funds for professionals and equivalents in other EU member-states and listed securitisation vehicles Other professional investment funds and equivalents in other EU member-states and non-listed securitisation vehicles Other non-european vehicles Temporary transactions on securities Receivables on securities received under a repurchase agreement Receivables representative of lent securities Securities borrowed Securities transferred under a repurchase agreement Other temporary transactions Forward financial instruments Transactions on a regulated or similar market Other transactions Other financial instruments Receivables Forward currency contracts Others Financial accounts Cash 401,526, ,341, ,341, ,030, ,030, ,153, ,009, ,144, ,472, ,005, ,466, ,128, ,128, ,907, ,008, ,008, ,312, ,312, ,586, ,586, ,722, ,399, ,322, ,997, ,997, Total assets 456,127, ,627,135.37

3 BALANCE SHEET ASSETS AS AT IN EUR Equity capital Capital Undistributed previous net capital gains and losses (a) Retained earnings (a) Net capital gains and losses for the financial year (a, b) Net income for the financial year (a, b) Total equity capital (= amount corresponding to the net assets) Financial instruments Sales of financial instruments Temporary transactions on securities Payables on securities transferred under a repurchase agreement Liabilities representing securities borrowed Other temporary transactions Forward financial instruments Transactions on a regulated or similar market Other transactions Payables Forward currency contracts Others Financial accounts Outstanding bank overdrafts Loans 414,880, ,914, ,530, ,264, ,195, ,195, ,195, ,350, ,847, ,503, ,316, ,316, ,459, ,142, ,133, ,468, ,019, ,019, ,019, ,737, ,330, ,407, ,401, ,401, Total liabilities 456,127, ,627, (a) Including accrual accounts (b) Less interim payments made for the financial year

4 OFF-BALANCE SHEET ASSETS AS AT IN EUR Hedging transactions Commitments on regulated or similar markets Options STOXX EUROPE /2017 CALL ,540, STOXX EUROPE /2017 CALL ,069, Over-the-counter commitments Futures BCA1 SGVCPCBY ,577, Options USD/JPY OTC 03/2020 CALL ,378, USD/JPY OTC 03/2020 CALL ,980, USD/JPY OTC 06/2021 CALL , USD/JPY OTC 06/2021 CALL , USD/JPY OTC 06/2021 CALL 128 1,694, Other commitments Other transactions Commitments on regulated or similar markets Over-the-counter commitments Options USD/JPY OTC 03/2020 CALL ,042, USD/JPY OTC 03/2020 CALL ,750, Performance swaps TRS E1M 07/04/ ,253, TRS E1M 15/09/ ,156, TRS E1M ,000, Other commitments CFDs BAYER MS ,227, CFD FNAC ,204, CFD MSVRBIO ,874, GREENB MS , IBM MS , LVM LVMH MOET ,665, MAF BASF MS ,451, ,920, MCO DIOR MS ,390, MDI ADIDAS MS ,455, , MDY DARTY MS ,033, MEC MERCK MS ,468, ,789, MNK NIKE MS ,167, ,418,024.49

5 OFF-BALANCE SHEET ASSETS AS AT IN EUR MNT INTEL MS , MPL PRICELINE ,177, ,820, MS AMBEV SA , MS FAIVELEY ,830, MS GREGGS MGG ,926, MS ISH BRASIL ,399, MS PARTNERS , MST NOSTRUM , MSX SAP MS ,247, ,767, MTJ TJX MS ,881, ,430, MTM OMNIA MS , MWP WPP MS ,510, ,663, NOK NOKIA MS ,902,921.00

6 INCOME STATEMENT AS AT IN EUR Income from financial transactions Income from deposits and financial accounts Income from equities and related securities Income from bonds and related securities Income from debt securities Income from temporary purchases and sales of securities Income from forward financial instruments Other financial income Total (1) ,900, ,901, ,143, , , ,199, Expenses relating to financial transactions Expenses on temporary purchases and sales of securities Expenses on forward financial instruments Expenses on financial debts Other financial expenses Total (2) 57, , , , , , , Net income from financial operations (1-2) Other income (3) Management fees and amortisation charges (4) 2,623, ,880, ,275, ,301, Other financial expenses (L ) ( ) Income equalisation for the financial year (5) Interim payments on income generated during the financial year (6) -3,256, , ,025, ,108, Net income ( ) -3,530, ,133,639.43

7 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING METHODS AND RULES The annual accounts are presented in the form stipulated by French GAAP (of the Autorité des normes comptables) revoking CRC as amended. General accounting principles apply, including: - a faithful image, comparability, continuity in activity; - consistency and fairness; - prudence; - permanence of methods from one financial year to the next. The accounting method chosen for recognising fixed-income products is accrued interest. Purchases and sales of securities are recognised exclusive of fees. The base currency of portfolio accounting is the EURO. The financial year lasts 12 months. Asset valuation rules Financial instruments are recognised on the basis of historical cost and are recorded on the balance sheet at their current value, which is determined on the basis of the last known market value or, if no market exists for the instrument, by any external means or through the use of financial models. The differences between the current values used for calculating net asset value and the historical costs of securities when they are added to the portfolio are booked in the accounts under valuation differences. Securities that are not in the portfolio currency are valued in accordance with the principle stated below and then converted into the portfolio currency based on the exchange rate on the valuation date. Deposits: Deposits of a residual maturity less than or equal to three months are valued on a straight-line basis. Equities, bonds and other securities traded on a regulated or similar market: To calculate net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last known market price. Bonds and similar securities are valued at the closing price reported by various financial services providers. Accrued interest from bonds and similar securities are calculated until their net asset value date. Equities, bonds and other securities not traded on a regulated or similar market: Securities not traded on a regulated market are valued under the investment management firm s responsibility using methods based on capital values and yields while taking prices of recent significant transactions into consideration. Transferable debt securities: Transferable debt securities and similar securities that are not traded in significant transactions are priced on an actuarial basis using the reference rates stated below, plus, where applicable, a spread that is representative of the issuer s intrinsic characteristics: Transferable debt securities maturing in one year or less: the Euro Interbank Offered Rate (Euribor); Transferable debt securities maturing in more than one year: the rate on French treasury bonds with standardised annual interest (BTAN) or the yield on French government bonds (Obligations Assimilables du Trésor, or OAT) with close maturities for the longest durations. Transferable debt securities with a residual duration of less than or equal to 3 months may be valued according to the straight-line method.

8 Treasury bonds are valued at the market rate reported daily by the Bank of France. UCIs held: UCI units or shares will be valued at the latest known net asset value. Temporary transactions on securities: Securities received under repurchase agreements are recognised in assets under receivables on securities received under a repurchase agreement for the amount provided in the contract, plus outstanding accrued interest. Securities given under repurchase agreements are recognised in the long portfolio at their current value. Liabilities representative of securities given under repo agreements are recognised in the short portfolio at the contract value plus accrued interest to be paid. Lent securities are recognised at their current value and assigned in assets under receivables representative of lent securities at the current value plus outstanding accrued interest. Borrowed securities are recognised in assets under borrowed securities for the amount provided in the contract and in liabilities under liabilities representative of securities borrowed at the amount provided in the contract plus accrued interest to be paid. Forward financial instruments: Forward financial instruments traded on a regulated market or similar: Forward financial instruments traded on regulated markets are valued at the day s clearing price. Forward financial instruments not traded on a regulated market or similar: Swaps: Interest rate and/or currency swaps are recognised at their market value on the basis of the price calculated by discounting future interest flows at market interest rates and/or currencies. This price is adjusted for credit risk. Index swaps are valued actuarially based on a benchmark rate provided by the counterparty. Other swaps are recognised at their market value or at an estimated value based on procedures decided by the management company. Off-balance sheet commitments: Futures contracts are recognised at their market value under off-balance sheet commitments at the price used in the portfolio. Options contracts are converted into the underlying equivalent. Swap commitments are recognised at their nominal value or, if no nominal value is available, at an equivalent amount. Management fees Management and operating fees cover all fees pertaining to the fund: financial management, administrative, accounting, custody, distribution, auditing and other fees. These fees are assigned to the fund s income statement. Management fees do not include transaction fees. Refer to the prospectus for more information on the fees actually invoiced to the fund. They are recognised on a prorated basis upon each net asset value date. These cumulative fees comply with the maximum fee rate stated in the fund prospectus or rules, i.e.: % all tax included, of net assets, excluding the fund s A and B units % all tax included, of net assets, excluding fund s I units % all tax included, of net assets, excluding the fund s D units since Outperformance fee:

9 The outperformance fee is equal to no more than 14.95%, all tax included, of the fund s positive performance above the annual average on a one-year rolling basis of the five-year constant maturity rate (TEC 5). In the event of outperformance, variable fees are provisioned each time that net asset value is set. In the event that the Fund underperforms, the provision will be adjusted via a provision write-back, capped at the level of the existing allocation. The variable management fees are paid annually. Allocation of distributable sums Definition of distributable sums: Distributable sums consist of: Net income: The net income for the financial year is equal to the amount of interest, arrears, premiums and prizes, dividends, and directors fees as well as all income generated by the securities held in the portfolio of the fund (and/or of each sub-fund), plus income generated by temporary cash holdings, less management fees and borrowing costs. Net income for the financial year plus retained earnings, plus or minus the balance on the income equalisation account. Realised capital gains and losses: Realised capital gains, net of fees, less any realised capital losses, net of fees, recognised during the financial year, plus net capital gains of the same kind recognised during previous financial years and not yet distributed or accumulated, plus or minus the balance of the capital gains equalisation account. Procedures for allocating distributable sums: Distributable sums Allocation of net income Allocation of realised net capital gains or losses A, B and I units Capitalisation Capitalisation

10 2. CHANGE IN NET ASSETS AS AT IN EUR Net assets at the beginning of the financial year 274,468, ,800, Subscriptions (including subscription fees paid to the Fund) 220,383, ,051, Redemptions (after deduction of redemption fees paid to the Fund) -85,059, ,962, Realised gains on deposits and financial instruments 51,497, ,395, Realised losses on deposits and financial instruments -26,633, ,362, Realised gains on forward financial instruments 63,926, ,322, Realised losses on forward financial instruments -75,448, ,221, Transaction expenses -293, , Exchange rate differences -1,489, ,947, Change in the valuation differential for deposits and financial instruments 9,059, ,955, Valuation differential for the financial year N 47,155, ,096, Valuation differential for the financial year N-1-38,096, ,140, Change in the valuation differential for financial futures -9,889, ,282, Valuation differential for the financial year N -12,539, ,650, Valuation differential for the financial year N-1 2,650, ,368, Distribution of net capital gains and losses from the previous financial year Payments on income from the previous year Net income for the financial year prior to the income equalisation account -3,256, ,025, Interim distribution(s) of net capital gains and losses paid out during the financial year Interim payments(s) on income during the financial year Other items Financial position at year-end 417,264, ,468,658.55

11 3. ADDITIONAL INFORMATION 3.1. BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE Amount % Assets Bonds and related securities TOTAL Bonds and related securities Debt securities TOTAL Debt securities Liabilities Sales of financial instruments TOTAL Sales of financial instruments Off-balance sheet Hedging transactions Equities Forex TOTAL Hedging transactions Other transactions Others TOTAL Other transactions 66,188, ,088, ,276, ,829, ,829,

12 3.2. BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY TYPE OF INTEREST RATE Fixed rate % Floating-rate % Adjustable rate % Others % Assets Deposits Bonds and related securities Debt securities Temporary transactions on securities Financial accounts 3,128, Liabilities Temporary transactions on securities Financial accounts 13,316, Off-balance sheet Hedging transactions Other transactions 3.3. BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY < 3 months % ]3 months - 1 year] % ]1-3 years] % ]3-5 years] % > 5 years % Assets Deposits Bonds and related securities Debt securities Temporary transactions on securities Financial accounts 3,128, Liabilities Temporary transactions on securities Financial accounts 13,316, Off-balance sheet Hedging transactions Other transactions Forward interest-rate positions are presented on the basis of the maturity of the underlying.

13 3.4. BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY USD GBP DKK Other currencies Amount % Amount % Amount % Amount % Assets Deposits Equities and related securities 26,611, ,237, ,343, ,717, Bonds and related securities Debt securities UCIs Temporary transactions on securities Receivables 7,651, , Financial accounts 3,128, Liabilities Sales of financial instruments Temporary transactions on securities Receivables 3,758, , Financial accounts 1,952, , ,177, Off-balance sheet Hedging transactions 21,665, Other transactions 69,004, ,686, RECEIVABLES AND LIABILITIES: BREAKDOWN BY TYPE Receivables Forward currency purchases Amounts to be received on the forward sale of currencies Deferred-settlement sales Outstanding tax credits Cash coupons and dividends Collateral Total receivables Liabilities Forward currency sales Amounts to be paid on the forward purchase of currencies Deferred-settlement purchases Management fees Variable management fees Collateral Total liabilities 8,205, ,800, , , , ,160,00 51,472, ,768, ,078, , , , ,350,910.76

14 3.6. EQUITY CAPITAL Number of units issued and redeemed VARENNE VALEUR D In units In euros Units subscribed during the financial year 53, ,790, Units redeemed during the financial year -53, ,058, Balance of net subscriptions/redemptions , VARENNE VALEUR A Units subscribed during the financial year 616, ,227, Units redeemed during the financial year -236, ,448, Balance of net subscriptions/redemptions 379, ,779, VARENNE VALEUR B CHF Units subscribed during the financial year , Units redeemed during the financial year , Balance of net subscriptions/redemptions , VARENNE VALEUR I Units subscribed during the financial year 33, ,393, Units redeemed during the financial year -11, ,523, Balance of net subscriptions/redemptions 21, ,869, VARENNE VALEUR I-USD Units subscribed during the financial year 3, ,752, Units redeemed during the financial year 0 Balance of net subscriptions/redemptions 3, ,752, Subscription and/or redemption fees VARENNE VALEUR D In euros Redemption fees paid into the fund Subscription fees paid into the fund Total fees paid into the fund VARENNE VALEUR A Redemption fees paid into the fund Subscription fees paid into the fund Total fees paid into the fund VARENNE VALEUR B CHF Redemption fees paid into the fund Subscription fees paid into the fund Total fees paid into the fund

15 Subscription and/or redemption fees In euros VARENNE VALEUR I Redemption fees paid into the fund Subscription fees paid into the fund Total fees paid into the fund VARENNE VALEUR I-USD Redemption fees paid into the fund Subscription fees paid into the fund Total fees paid into the fund 3.7. MANAGEMENT FEES VARENNE VALEUR D Underwriting fee Fixed management fees 27, Percentage of fixed management fees 1.79 Variable management fees Retrocessions of management fees VARENNE VALEUR A Underwriting fee Fixed management fees 4,931, Percentage of fixed management fees 1.79 Variable management fees Retrocessions of management fees VARENNE VALEUR B CHF Underwriting fee Fixed management fees 11, Percentage of fixed management fees 1.79 Variable management fees Retrocessions of management fees VARENNE VALEUR I Underwriting fee Fixed management fees 908, Percentage of fixed management fees 1.10 Variable management fees Retrocessions of management fees VARENNE VALEUR I-USD Underwriting fee Fixed management fees Percentage of fixed management fees 1.47 Variable management fees Retrocessions of management fees

16 3.8. COMMITMENTS RECEIVED AND GRANTED Guarantees received by the Fund: None Other commitments received and/or granted: None

17 3.9. OTHER INFORMATION Current value of temporarily held financial instruments Repurchase agreements Securities borrowed Current value of securities serving as guarantees Financial instruments given as guarantees and kept under their original item Financial instruments received as guarantees and not recognised on the balance sheet Financial instruments of the group held in the portfolio ISIN code Name Equities Bonds Transferable debt securities UCIs Forward financial instruments FR VARENNE GLOBAL A 9,139, ,139,244.91

18 3.10. TABLE SHOWING THE ALLOCATION OF AMOUNTS AVAILABLE FOR DISTRIBUTION Allocation of the portion of distributable sums from net income Sums to be allocated Retained earnings Net income -3,530, ,133, Total -3,530, ,133, VARENNE VALEUR A Allocation Distribution Retained earnings for the financial year Capitalisation -3,227, ,169, Total -3,227, ,169, VARENNE VALEUR D Allocation Distribution Retained earnings for the financial year Capitalisation Total VARENNE VALEUR B CHF Allocation Distribution Retained earnings for the financial year Capitalisation -7, , Total -7, , VARENNE VALEUR I Allocation Distribution Retained earnings for the financial year Capitalisation -293, ,959, Total -293, ,959,460.42

19 VARENNE VALEUR I-USD Allocation Distribution Retained earnings for the financial year Capitalisation Total Allocation of the portion of distributable sums from net capital gains and losses Sums to be allocated Undistributed previous net capital gains and losses Net capital gains and losses for the financial year 5,914, ,142, Interim distribution of net capital gains and losses of the financial year Total 5,914, ,142, VARENNE VALEUR A Allocation Distribution Undistributed net capital gains and losses Capitalisation 4,539, ,371, Total 4,539, ,371, VARENNE VALEUR D Allocation Distribution Undistributed net capital gains and losses Capitalisation -2, Total -2, VARENNE VALEUR B CHF Allocation Distribution Undistributed net capital gains and losses Capitalisation 24, , Total 24, ,031.12

20 VARENNE VALEUR I Allocation Distribution Undistributed net capital gains and losses Capitalisation 1,267, ,647, Total 1,267, ,647, VARENNE VALEUR I-USD Allocation Distribution Undistributed net capital gains and losses Capitalisation 85, Total 85,651.31

21 3.11. INCOME AND OTHER CHARACTERISTIC ITEMS OF THE ENTITY OVER THE PAST FIVE FINANCIAL YEARS Total net assets in EUR 99,259, ,710, ,800, ,468, ,264, VARENNE VALEUR D Net assets in USD 54, Number of securities Net asset value per unit in USD Capitalisation of net capital gains and losses per unit in EUR Capitalisation of income per unit in EUR VARENNE VALEUR A Net assets in EUR 98,524, ,193, ,563, ,547, ,483, Number of securities 507, , , , ,117, Net asset value per unit in EUR Capitalisation of net capital gains and losses per unit in EUR Capitalisation of income per unit in EUR VARENNE VALEUR B CHF Net assets in EUR 735, , , , , Number of securities 3, , , , , Net asset value per unit in EUR Capitalisation of net capital gains and losses per unit in EUR Capitalisation of income per unit in EUR VARENNE VALEUR I Net assets in EUR 38,827, ,431, ,305, Number of securities ,220 53, , Net asset value per unit in EUR 1, , , Capitalisation of net capital gains and losses per unit in EUR Capitalisation of income per unit in EUR

22 3.11. INCOME AND OTHER CHARACTERISTIC ITEMS OF THE ENTITY OVER THE PAST FIVE FINANCIAL YEARS Total net assets in EUR 99,259, ,710, ,800, ,468, ,264, VARENNE VALEUR I-USD Net assets in USD 3,919, Number of securities , Net asset value per unit in USD Capitalisation of net capital gains and losses per unit in EUR Capitalisation of income per unit in EUR -0.01

23 3.12. INVENTARY Securities Currency Quantity (no. or nominal value) Current value % net assets Equities and related securities Equities and related securities traded on a regulated or similar market GERMANY ADIDAS NOM. EUR 96,277 14,455, BASF SE EUR 208,942 18,451, BAYER EUR 93,080 9,227, BMW BAYERISCHE MOTOREN WERKE EUR 169,252 15,021, HAWESKO HOLDING EUR 121,828 5,281, LINDE AG EUR 81,340 12,697, MERCK KGA EUR 145,925 14,468, SAP SE EUR 208,277 17,247, SIEMENS AG NAMEN EUR 57,004 6,658, TOTAL GERMANY 113,508, DENMARK NOVO NORDISK AS DKK 477,128 16,343, TOTAL DENMARK 16,343, UNITED STATES OF AMERICA LORAL SPACE AND COMMUNICATIONS USD 31,265 1,216, NIKE INC CLASS B COM NPV USD 9, , PRICELINE.COM INC USD , THE WALT DISNEY USD 105,193 10,394, TJX COMPANIES INC USD 4, , WHITEWAVE FOODS USD 255,173 13,451, TOTAL UNITED STATES OF AMERICA 26,611, FRANCE ABC ARBITRAGE EUR 68, , AIR LIQUIDE EUR 118,385 12,507, AUSY EUR 106,526 5,842, CHRISTIAN DIOR EUR 70,552 14,057, COMPAGNIE DE SAINT GOBAIN EUR 286,871 12,695, DANONE EUR 225,989 13,604, ENGIE SA EUR 1,139,262 13,807, GROUPE FNAC EUR 86,398 5,549, LDC SA EUR 97,317 9,195, LVMH (LOUIS VUITTON - MOET HENNESSY) EUR 122,358 22,195, ORANGE EUR 887,029 12,804, PUBLICIS GROUPE SA EUR 109,647 7,187, RENAULT SA EUR 72,233 6,104, SANOFI EUR 224,839 17,290,

24 Securities Currency Quantity (no. or nominal value) Current value % net assets SCHNEIDER ELECTRIC SE EUR 111,794 7,390, SYSTRAN SA FRA RTS 1 EUR 8,532 SYSTRAN SA FRA RTS 2 EUR 8,532 VIVENDI EUR 731,768 13,212, XPO LOGISTICS EUROPE SA EUR 6,948 1,424, TOTAL FRANCE 175,361, HONG KONG BAUHAUS INTERNATIONAL HOLDINGS LTD HKD 3,368, , TOTAL HONG KONG 535, CAYMAN ISLANDS HENGDELI HKD 12,665,817 1,734, TOTAL CAYMAN ISLANDS 1,734, IRELAND CPL RESSOURCES EUR 501,286 2,686, TOTAL IRELAND 2,686, ITALY EDISON ORD. EUR 119,110 93, MARR SPA EUR 578,355 10,034, SESA EUR 124,810 2,207, VITTORIA ASSICURAZIONI SPA EUR 644,903 6,539, TOTAL ITALY 18,875, JERSEY WPP PLC GBP 622,198 13,237, TOTAL JERSEY 13,237, SINGAPORE STRACO CORPORATION LTD SGD 2,901,003 1,446, TOTAL SINGAPORE 1,446, TOTAL Equities and related securities traded on a regulated or similar market 370,341, TOTAL Equities and related securities 370,341, Undertakings for collective investment General-purpose UCITS and AIF for non-professionals and equivalents in other countries FRANCE LBPAM PEA COURT TERME I EUR 1,000 10,030, LBPAM TRESORERIE 5DEC FCP EUR , SLF FRANCE MONEY MARKET EURO 3D EUR ,000,

25 Securities Currency Quantity (no. or nominal value) Current value % net assets VARENNE GLOBAL A EUR 57, ,139, TOTAL FRANCE 27,030, TOTAL General-purpose UCITS and AIF for non-professionals and equivalents in other countries 27,030, TOTAL Undertakings for collective investment 27,030, Forward financial instruments Futures Over-the-counter forward financial instruments BCA1 SGVCPCBY 1117 USD -88,000-80, TOTAL Over-the-counter forward financial instruments -80, TOTAL Futures -80, Options Over-the-counter options USD/JPY OTC 03/2020 CALL USD 46,723, , USD/JPY OTC 03/2020 CALL USD 34,209, , USD/JPY OTC 06/2021 CALL 128 USD 8,200, , USD/JPY OTC 06/2021 CALL 128 USD 2,806,000 96, USD/JPY OTC 06/2021 CALL 128 USD 2,200,000 75, TOTAL Over-the-counter options 1,704, Options traded on regulated or similar markets STOXX EUROPE /2017 CALL EUR 6,110 1,160, STOXX EUROPE /2017 CALL TOTAL Options traded on regulated or similar markets TOTAL Options EUR 3, , ,009, ,713, Other forward financial instruments Other SWAPS CFDs TRS E1M 07/04/2017 TRS E1M TOTAL Other SWAPS BAYER MS CFD FNAC 1249 MAF BASF MS 1249 MDI ADIDAS MS 1249 MEC MERCK MS 1249 MNK NIKE MS 1249 MPL PRICELINE 1249 MS AMBEV SA 1249 MS FAIVELEY 1249 MS GREGGS MGG 1249 EUR EUR EUR EUR EUR EUR EUR USD USD USD EUR GBP 38,253, ,000, , , ,942-96, , ,241 12,358 39, , ,500-1,025, ,515, ,540, , , , , , , , , , ,

26 Securities Currency Quantity (no. or nominal value) Current value % net assets MS ISH BRASIL 1249 USD -75, , MS PARTNERS 1249 USD 31,803 10, MST NOSTRUM 1249 GBP -55,124 14, MSX SAP MS 1249 EUR -208,277-24, MTJ TJX MS 1249 USD 335, , MWP WPP MS 1249 GBP 823, , TOTAL CFDs -2,135, TOTAL Other forward financial instruments -11,675, TOTAL Forward financial instruments -8,041, Margin calls C.A. Indo margin calls in euros EUR TOTAL Margin calls 0.02 Receivables Payables Financial accounts Net assets 51,472, ,350, ,187, ,264, VARENNE VALEUR D USD VARENNE VALEUR A EUR 1,117, VARENNE VALEUR B CHF EUR 2, VARENNE VALEUR I EUR 75, , VARENNE VALEUR I-USD USD 3,