French Mutual Fund MILLESIMA 2021 HALF-YEARLY STATEMENT. as at 30 June 2017

Transcription

1 French Mutual Fund MILLESIMA 2021 HALF-YEARLY STATEMENT as at 30 June 2017 Management Company: Edmond De Rothschild Asset Management (France) Custodian: Edmond De Rothschild (France) Statutory auditor: PricewaterhouseCoopers Audit Edmond De Rothschild Asset Management (France) - 47 rue du Faubourg Saint-Honoré Paris Cedex 08

2 STATEMENT OF ASSETS IN EUR Statement of assets details Amount at time of interim report* a) Eligible financial securities mentioned in paragraph 1, section I of Article L ,605, b) Bank assets 2,829, c) Other assets held by the UCI 12,595, d) Total assets held by the UCI (lines a+b+c) 283,030, e) Liabilities -8,199, f) Net asset value (lines d+e = net assets of the UCI) 274,831, * The amounts are signed off NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT Unit Type of unit Net assets per unit Number of units outstanding Net asset value MILLESIMA 2021 C in EUR C 156,696, ,435, MILLESIMA 2021 CR in EUR C 2,675, , MILLESIMA 2021 E in EUR C 1,970, , MILLESIMA 2021 I USD H in USD C 6,321, , MILLESIMA 2021 I in EUR C 46,834, , MILLESIMA 2021 D in EUR D 47,311, , MILLESIMA 2021 ID in EUR ID 13,799, ,

3 SECURITIES PORTFOLIO ITEMS Securities portfolio items Percentage Net assets * Total assets ** a) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L of the French Monetary and Financial Code. b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities d) Recently issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code. e) Other assets: These are assets referred to in section II of Article R of the French Monetary and Financial Code. * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 3

4 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** US dollar BOMB INC 7.75% USD 970, SUB-TOTAL USD 970, Euro LINC FINA LIM 6.875% EUR 5,011, EIRC FINA 4.5% EUR 4,628, BISOHO SAS 5.875% EUR 4,514, EPHIOS BOND 6.25% EUR 4,338, WEPA 3.75% EMTN EUR 4,193, SNFF 2 7/8 06/15/23 EUR 3,988, WIND ACQU FIN 4.0% EUR 3,814, VIRI GROU FUN 7.5% EUR 3,759, NUME GROU 5.375% EUR 3,726, INTRUM JUSTITIA AB 2.75% 15- EUR 3,627, VERISURE HLD AB 6.0% EUR 3,566, LKQ ITAL BOND 3.875% EUR 3,533, ALTI LUXE SA 7.25% EUR 3,483, INEO FINANCE 4.0% 01/05/23 EUR 3,431, VOLVO CAR AB 3.25% EUR 3,370, UPC HOLDING BV EUR 3,365, CIRSA FUNGING 5.75% EUR 3,314, PICARD BONDCO 7.75% EUR 3,310, GARF HOLD 3 S 7.5% EUR 3,304, REXEL 3.5% EUR 3,269, HUNTSMAN INTERNATIONAL EUR 3,209, GRUP ANTO DUT 5.125% EUR 3,206, TITA GLOB FIN 3.5% EUR 3,202, WORL FINA 3.75% EUR 3,175, ALLGRP 6 1/4 12/01/21 EUR 3,170, CELL 3.125% EMTN EUR 3,132, NW GLOBAL VENDING SPA EUR 3,128, ONEX WIZA AC 7.75% EUR 3,124, NOVAFIVES 4.5% EUR 3,116, PROGROUP AG 5.125% EUR 3,102, HOMEVI 6.875% EUR 3,093, INTE FINC 7.375% EUR 3,051, ADRBID 7 7/8 11/15/20 EUR 3,001, PAPREC 5.25% EUR 2,987, ARCE 3.125% EMTN EUR 2,958, PVH EX PHIL V 3.625% EUR 2,934, CABLE COMM SYST NV 5.0% 15- EUR 2,931, TA MFG LIMI 3.625% EUR 2,913, LOXAM 7.0% EUR 2,854, SEALED 4.5% EMTN EUR 2,850, MATT TELE 3.875% EUR 2,798, FIAT FIN 4.75% EMTN EUR 2,779, IPGIM 3 3/4 06/24/21 EUR 2,737, SWIS INVE SA 6.75% EUR 2,697, FEDERALMOGUL 4.875% EUR 2,669, CRYSTAL ALMOND SA RL 10.0% EUR 2,658,

5 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** IMS HEALTH 4.125% EUR 2,653, EURO GROU SA 5.75% EUR 2,646, HORI HOLD III 5.125% EUR 2,592, KERLING 6.25% EUR 2,551, SAPPI PAPIER 4.0% EUR 2,446, ARDA PACK FIN 6.75% EUR 2,370, RAPID 3.875% EUR 2,362, CROW EURO HOL 4.0% EUR 2,274, AURI LUXE II 8.0% EUR 2,229, LECTA E3R+6.375% EUR 2,215, BELDEN 5.5% 15/04/23 EUR 2,196, SAIP FIN 3.0% EMTN EUR 2,127, NEW AREVA HOLDING 3.5% 22- EUR 2,121, DUFR FIN 4.5% EMTN EUR 2,117, GEST FUND LUX 3.5% EUR 2,101, SOFT GROU COR 4.0% EUR 2,020, UNITYMEDIA HESSEN / NRW EUR 2,005, FAURECIA 3.125% EUR 1,969, PSPC ESCR COR 6.0% EUR 1,939, GROUPE FNAC 3.25% EUR 1,901, PLAY TOPCO SA 5.375% EUR 1,849, CONSTELLIUM N.V % EUR 1,810, LOXAM 3.5% EUR 1,782, MOBILUX FINANCE SAS 5.5% EUR 1,707, SARE FINA COM 5.125% EUR 1,705, WIND ACQUISITION 7% 04/21 EUR 1,690, PAPREC HOLDING 7.375% 01- EUR 1,689, NUOVO TRASPORTO EUR 1,677, LECTA 6.5% EUR 1,655, HORI HOLD I S 7.25% EUR 1,642, BOMBARDIER 6,125% EUR 1,641, AUTODIS 4.375% EUR 1,622, ARDA PACK FIN 4.125% EUR 1,602, INTERXION HOLD 6% 07/20 EUR 1,597, BALL 4.375% EUR 1,587, MERL ENTE 2.75% EUR 1,527, FAENZA 8.25% 08/21 EUR 1,518, NYRS NETH HOL 8.5% EUR 1,460, ARD FINANCE SA FLR EUR 1,413, HYDROPOTHECARY CORP 4.0% EUR 1,358, MARCOLIN E3R+4.125% EUR 1,333, SCHA VERW ZWE 2.75% EUR 1,330, FAURECIA 3.625% EUR 1,266, OBRA HUAR LAI 5.5% EUR 1,234, HEID DRUC AG 8.0% EUR 1,214, ADIE GLOB HOL 3.5% EUR 1,134, FIAT 4.75% 03/22/2021 EUR 1,117, SAIPEM FINANCE INTL BV EUR 1,112, INTE GAME TEC 4.75% EUR 1,110, HORIZON PARENT HOLDINGS EUR 1,082, THOMAS COOK GROUP 6.25% EUR 1,082,

6 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** ALTI FIN 5.25% EMTN EUR 1,075, CONS NV 7.0% EUR 1,064, THOM EUROPE 7.375% EUR 1,058, BURGER KING FRANCE SAS EUR 1,048, TELECOM ITALIA 5.25% 10/02/22 EUR 975, MATTERHORN TELECOM HLD EUR 925, DAKAR FINANCE 9.0% EUR 899, KERNEOS 5 3/4 03/01/21 EUR 893, PRESTIGEBIDCO GMBH 6.25% EUR 871, LOXAM 3.5% EUR 789, SCHA VERW ZWE 3.25% EUR 774, HOMEVI E3R+4.25% EUR 663, EPHIOS BOND E3R+3.5% EUR 661, EC FIN 5.125% EMTN EUR 631, SOFT GROU 4.75% EUR 587, PEU 2.375% EMTN EUR 554, ZIGG BOND FIN 4.625% EUR 541, ZF NA CAPITAL 2.75% EUR 540, NEW AREVA HOLDING 3.25% EUR 535, ZIGGO FINANCE BV 3.75% EUR 531, AUTODIS E3R+4.375% EUR 462, SKGID 3 1/4 06/01/21 EUR 434, INTL GAME TECHNOLOGY EUR 434, FEDERALMOGUL E3R+4.875% EUR 406, NOKIA OYJ 1.0% EMTN EUR 303, ARDA PACK FIN 4.25% EUR 292, CEME SAB DE C 4.375% EUR 259, BULG ENER HOL 4.875% EUR 225, VIRG MED 4.5% EMTN EUR 213, HP PELZER 4.125% EUR 208, TITIM 4 1/2 01/25/21 EUR 116, SUB-TOTAL EUR 262,427, Pound sterling TVL FINNACE PLC 8.5% GBP 2,309, VIRGIN MEDIA 5.5% 15/01/2021 GBP 1,044, NEW LOOK SECU 6.5% GBP 854, SUB-TOTAL GBP 4,208, * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 6

7 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY COUNTRY OF RESIDENCE OF ISSUER Country Percentage of net assets * Total percentage of assets ** France Luxembourg United Kingdom United States of America Netherlands Germany Italy Sweden Ireland Jersey Spain Canada Cayman Islands Switzerland Japan Austria Belgium Finland Mexico Bulgaria TOTAL OTHER ASSETS HELD (b+c of the statement of assets) 5.45 TOTAL ASSETS OTHER ASSETS HELD (b+c+e of the statement of assets) 2.63 TOTAL NET ASSETS * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 7

8 BREAKDOWN OF OTHER ASSETS BY TYPE * Debt securities Types of assets Traded on a regulated or equivalent market Negotiable debt securities Other debt securities Not traded on a regulated or equivalent market Percentage of net assets ** Total percentage of assets *** Undertakings for collective investment Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries Other funds intended for non-professionals and equivalent investors in other EU member states Professional investment funds and their equivalents in other EU member states and listed special purpose vehicles Other professional investment funds and their equivalents in other EU member states and unlisted special purpose vehicles Other non-european undertakings Other TOTAL * This section concerns eligible financial securities or money market instruments not meeting the conditions outlined in section I of Article R of the French Monetary and Financial Code ** Please refer to f) of the statement of assets *** Please refer to d) of the statement of assets 8

9 CHANGES IN THE SECURITIES PORTFOLIO DURING THE PERIOD IN EUR Securities portfolio items Purchases Changes (amount) Sales a) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L of the French Monetary and Financial Code. b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities. 35,438, ,340, ,563, ,531, d) Recently issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code. e) Other assets: These are assets referred to in section II of Article R of the French Monetary and Financial Code. DISTRIBUTION DURING THE PERIOD Unit Net unit amount Tax exemption (1) Gross unit amount (2) Dividends paid 05/04/2017 MILLESIMA 2021 D /04/2017 MILLESIMA 2021 ID Dividends payable MILLESIMA 2021 D MILLESIMA 2021 ID (1) The tax exemption per unit will only be determined on the distribution date, in accordance with the tax provisions in force. (2) The gross unit amount will only be determined on the distribution date, in accordance with the tax provisions in force. 9

10 GENERAL INFORMATION Custodian: Edmond De Rothschild (France) - 47 rue du Faubourg Saint-Honoré Paris, France The itemised half-yearly statement is available within eight weeks of the end of the period. It is available on request from the management company: Edmond De Rothschild Asset Management (France) - 47 rue du Faubourg Saint-Honoré Paris Cedex 08, France 10

11 SECURITIES FINANCING TRANSACTION REGULATION ( SFTR ) During the year, the UCI was not involved in transactions subject to Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse ( SFTR Regulation ). 11

12 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR Security name Currency Quantity or nominal amount Current value % Net assets Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or equivalent market GERMANY FAENZA 8.25% 08/21 EUR 1,400,000 1,518, HEID DRUC AG 8.0% EUR 1,100,000 1,214, HP PELZER 4.125% EUR 200, , PRESTIGEBIDCO GMBH 6.25% EUR 800, , PROGROUP AG 5.125% EUR 2,900,000 3,102, RAPID 3.875% EUR 2,300,000 2,362, SCHA VERW ZWE 2.75% EUR 1,300,000 1,330, SCHA VERW ZWE 3.25% EUR 750, , UNITYMEDIA HESSEN / NRW 5.125% 21/01/2023 EUR 2,600,000 2,005, WEPA 3.75% EMTN EUR 4,000,000 4,193, ZF NA CAPITAL 2.75% EUR 500, , AUSTRIA TOTAL GERMANY 18,122, SAPPI PAPIER 4.0% EUR 2,300,000 2,446, TOTAL AUSTRIA 2,446, BELGIUM SARE FINA COM 5.125% EUR 1,600,000 1,705, TOTAL BELGIUM 1,705, BULGARIA BULG ENER HOL 4.875% EUR 200, , CANADA TOTAL BULGARIA 225, BOMB INC 7.75% USD 1,000, , BOMBARDIER 6,125% EUR 1,500,000 1,641, HYDROPOTHECARY CORP 4.0% EUR 1,350,000 1,358, SPAIN TOTAL CANADA 3,969, CELL 3.125% EMTN EUR 2,800,000 3,132, OBRA HUAR LAI 5.5% EUR 1,400,000 1,234, TOTAL SPAIN 4,366, UNITED STATES OF AMERICA BALL 4.375% EUR 1,400,000 1,587, BELDEN 5.5% 15/04/23 EUR 2,050,000 2,196, FEDERALMOGUL E3R+4.875% EUR 400, , FEDERALMOGUL 4.875% EUR 2,620,000 2,669,

13 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets HUNTSMAN INTERNATIONAL 5.125% 15/04/2021 EUR 2,800,000 3,209, IMS HEALTH 4.125% EUR 2,500,000 2,653, PSPC ESCR COR 6.0% EUR 1,800,000 1,939, PVH EX PHIL V 3.625% EUR 2,700,000 2,934, SEALED 4.5% EMTN EUR 2,500,000 2,850, TOTAL UNITED STATES OF AMERICA 20,447, FINLAND NOKIA OYJ 1.0% EMTN EUR 300, , TOTAL FINLAND 303, FRANCE AUTODIS E3R+4.375% EUR 450, , AUTODIS 4.375% EUR 1,550,000 1,622, BISOHO SAS 5.875% EUR 4,550,000 4,514, BURGER KING FRANCE SAS E3R+5.25% EUR 1,000,000 1,048, CROW EURO HOL 4.0% EUR 2,000,000 2,274, EPHIOS BOND E3R+3.5% EUR 650, , EPHIOS BOND 6.25% EUR 4,000,000 4,338, EURO GROU SA 5.75% EUR 2,500,000 2,646, FAURECIA 3.125% EUR 1,900,000 1,969, FAURECIA 3.625% EUR 1,200,000 1,266, GROUPE FNAC 3.25% EUR 1,800,000 1,901, HOMEVI E3R+4.25% EUR 650, , HOMEVI 6.875% EUR 2,895,000 3,093, HORI HOLD I S 7.25% EUR 1,500,000 1,642, HORI HOLD III 5.125% EUR 2,400,000 2,592, KERNEOS 5 3/4 03/01/21 EUR 850, , LOXAM 3.5% EUR 1,700,000 1,782, LOXAM 3.5% EUR 750, , LOXAM 7.0% EUR 2,700,000 2,854, MOBILUX FINANCE SAS 5.5% EUR 1,600,000 1,707, NEW AREVA HOLDING 3.25% EUR 500, , NEW AREVA HOLDING 3.5% EUR 2,000,000 2,121, NOVAFIVES 4.5% EUR 3,000,000 3,116, NUME GROU 5.375% EUR 3,500,000 3,726, PAPREC HOLDING 7.375% EUR 1,525,000 1,689, PAPREC 5.25% EUR 2,800,000 2,987, PEU 2.375% EMTN EUR 525, , REXEL 3.5% EUR 3,110,000 3,269, SNFF 2 7/8 06/15/23 EUR 3,900,000 3,988,

14 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets THOM EUROPE 7.375% TOTAL FRANCE CAYMAN ISLANDS VIRI GROU FUN 7.5% EUR 3,500,000 3,759, IRELAND TOTAL CAYMAN ISLANDS 3,759, ARDA PACK FIN 4.125% EUR 1,500,000 1,602, ARDA PACK FIN 4.25% EUR 800, , ARDA PACK FIN 6.75% EUR 2,100,000 2,370, EIRC FINA 4.5% EUR 4,400,000 4,628, SKGID 3 1/4 06/01/21 EUR 400, , ITALY TOTAL IRELAND 9,329, IPGIM 3 3/4 06/24/21 EUR 2,500,000 2,737, LKQ ITAL BOND 3.875% EUR 3,230,000 3,533, MARCOLIN E3R+4.125% EUR 1,300,000 1,333, NUOVO TRASPORTO VIAGGIATORI SPA E3R+3.5% EUR 1,650,000 1,677,384.18, 0.61 NW GLOBAL VENDING SPA 7.0% EUR 2,905,000 3,128, SAIP FIN 3.0% EMTN EUR 2,060,000 2,127, SAIPEM FINANCE INTL BV 2.75% EUR 1,100,000 1,112, TELECOM ITALIA 5.25% 10/02/22 EUR 800, , TITIM 4 1/2 01/25/21 EUR 100, , JAPAN TOTAL ITALY 16,742, SOFT GROU COR 4.0% EUR 1,800,000 2,020, SOFT GROU 4.75% EUR 500, , JERSEY TOTAL JAPAN 2,607, ADIE GLOB HOL 3.5% EUR 1,100,000 1,134, LINC FINA LIM 6.875% EUR 4,600,000 5,011, TOTAL JERSEY 6,146, LUXEMBOURG ALTI FIN 5.25% EMTN EUR 1,000,000 1,075, ALTI LUXE SA 7.25% EUR 3,200,000 3,483, ARCE 3.125% EMTN EUR 2,700,000 2,958, ARD FINANCE SA FLR EUR 1,300,000 1,413, AURI LUXE II 8.0% EUR 2,000,000 2,229, CIRSA FUNGING 5.75% EUR 3,100,000 3,314, CRYSTAL ALMOND SA RL 10.0% EUR 2,400,000 2,658,

15 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets DAKAR FINANCE 9.0% EUR 2,100, , DUFR FIN 4.5% EMTN EUR 2,000,000 2,117, FIAT FIN 4.75% EMTN EUR 2,400,000 2,779, FIAT 4.75% 03/22/2021 EUR 1,000,000 1,117, GARF HOLD 3 S 7.5% EUR 3,000,000 3,304, GEST FUND LUX 3.5% EUR 2,000,000 2,101, HORIZON PARENT HOLDINGS SARL 8.25% PIK EUR 1,000,000 1,082, LECTA E3R+6.375% EUR 2,150,000 2,215, LECTA 6.5% EUR 1,520,000 1,655, MATT TELE 3.875% EUR 2,700,000 2,798, MATTERHORN TELECOM HLD 4.875% 01/05/23 EUR 900, , PICARD BONDCO 7.75% EUR 3,065,000 3,310, PLAY TOPCO SA 5.375% EUR 1,750,000 1,849, SWIS INVE SA 6.75% EUR 2,500,000 2,697, WIND ACQU FIN 4.0% EUR 3,700,000 3,814, WIND ACQUISITION 7% 04/21 EUR 1,600,000 1,690, MEXICO TOTAL LUXEMBOURG 51,495, CEME SAB DE C 4.375% EUR 241, , TOTAL MEXICO 259, NETHERLANDS ADRBID 7 7/8 11/15/20 EUR 2,850,000 3,001, CABLE COMM SYST NV 5.0% EUR 2,750,000 2,931, CONS NV 7.0% EUR 1,000,000 1,064, CONSTELLIUM N.V % 15/05/2021 EUR 1,800,000 1,810, GRUP ANTO DUT 5.125% EUR 3,000,000 3,206, INTERXION HOLD 6% 07/20 EUR 1,500,000 1,597, NYRS NETH HOL 8.5% EUR 1,300,000 1,460, UPC HOLDING BV EUR 3,150,000 3,365, ZIGG BOND FIN 4.625% EUR 500, , ZIGGO FINANCE BV 3.75% 15/01/25 EUR 500, , TOTAL NETHERLANDS 19,511, UNITED KINGDOM ALLGRP 6 1/4 12/01/21 EUR 3,000,000 3,170, EC FIN 5.125% EMTN EUR 600, , INEO FINANCE 4.0% 01/05/23 EUR 3,300,000 3,431, INTE FINC 7.375% EUR 2,850,000 3,051, INTE GAME TEC 4.75% EUR 1,000,000 1,110, INTL GAME TECHNOLOGY 4.125% EUR 400, ,

16 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets KERLING 6.25% EUR 3,016,000 2,551, MERL ENTE 2.75% EUR 1,450,000 1,527, NEW LOOK SECU 6.5% GBP 1,000, , TA MFG LIMI 3.625% EUR 2,800,000 2,913, THOMAS COOK GROUP 6.25% EUR 1,000,000 1,082, TITA GLOB FIN 3.5% EUR 3,000,000 3,202, TVL FINNACE PLC 8.5% GBP 2,000,000 2,309, VIRG MED 4.5% EMTN EUR 200, , VIRGIN MEDIA 5.5% 15/01/2021 GBP 800,000 1,044, WORL FINA 3.75% EUR 2,900,000 3,175, SWEDEN TOTAL UNITED KINGDOM 30,703, INTRUM JUSTITIA AB 2.75% EUR 3,600,000 3,627, VERISURE HLD AB 6.0% EUR 3,600,000 3,566, VOLVO CAR AB 3.25% EUR 3,100,000 3,370, TOTAL SWEDEN 10,565, SWITZERLAND ONEX WIZA AC 7.75% EUR 2,850,000 3,124, TOTAL SWITZERLAND 3,124, TOTAL Bonds and equivalent securities traded on a regulated or equivalent market 267,605, TOTAL Bonds and equivalent securities 267,605, Undertakings for collective investment Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries FRANCE Edmond de Rothschild Credit Very Short Term R EUR 49 4,927, TOTAL FRANCE 4,927, TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries 4,927, TOTAL Undertakings for collective investment 4,927, Forward financial instruments Futures Futures on a regulated or equivalent market CME CME EUR/USD 0917 USD 7 17, RP EURGBP U7 GBP 35-16, Margin call TOTAL Futures on a regulated market 1, TOTAL Futures 1, TOTAL Forward financial instruments 1, ROTHSCHILD margin calls in GBP GBP 14, ,

17 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets ROTHSCHILD margin calls in USD USD -20, , TOTAL Margin calls -1, Receivables 7,633, Payables -8,161, Financial accounts 2,825, Net assets 274,831,