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MAZARS FCP ARTY

Audited annual report As at December 30, 2011


FCP ARTY 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 30, 2011


FCP ARTY

Auditor’s report on annual accounts

Year ended December 30, 2011

Pursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our report relative to the financial year closed on 30 December 2011 on : - the audit of the annual accounts of the ARTY mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law. The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts. I – Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year.

1


FCP ARTY

II – Justification for our Assessments

Year ended December 30, 2011

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we hereby notify you of the following element: - our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as defined by regulation n° 2003-02 of the Accounts Regulation Committee. The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and therefore contributed to forming our opinion expressed in the first part of this report. III – Specific Information and Verifications In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the law. We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the annual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012

The Statutory Auditor

Mazars :

Gilles DUNAND-ROUX

2


FCP ARTY

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

EUR

Net assets

-

-

Deposits

-

-

143 556 296,74

74 213 824,57

44 410 126,53

28 508 226,72

-

-

89 608 552,63

45 705 597,85

-

-

8 500 269,45

-

Other debt securities

-

-

Not traded on a regulated or similar market

-

-

1 037 348,13

-

-

-

Listed SPE and investment funds

-

-

Non-listed SPE and investment funds

-

-

Receivables representing repurchase agreements

-

-

Receivables representing securities lendings

-

-

Borrowed securities

-

-

Repurchase agreements

-

-

Other temporary purchases and sales

-

-

Transactions on a regulated or similar market

-

-

Other transactions

-

-

-

-

381 122,29

597 982,60

-

-

381 122,29

597 982,60

1 953 283,62

6 968 161,08

1 953 283,62

6 968 161,08

145 890 702,65

81 779 968,25

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market Not traded on a regulated or similar market • BONDS AND SIMILAR 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 Negotiable debt securities

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS UCITS reserved for certain investors – VCF - Funds investing in futures and options

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74034

3

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

EUR

142 219 356,90

78 605 813,49

• Retained earnings

-

-

• Adjusted retained earnings

-

-

3 267 120,28

677 673,11

145 486 477,18

79 283 486,60

Financial instruments

-

-

• DISPOSALS OF FINANCIAL INSTRUMENTS

-

-

Debts representing repurchase agreements

-

-

Debts representing securities borrowings

-

-

Other temporary purchases and sales

-

-

-

-

-

-

404 225,47

2 496 481,65

-

-

404 225,47

2 496 481,65

-

-

Cash credit

-

-

Borrowings

-

-

145 890 702,65

81 779 968,25

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS Transactions on a regulated or similar market Other transactions Debts

Foreign exchange forward contracts Other Financial accounts

Total liabilities

74034

4

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

OFF-balance sheet 30.12.2011

31.12.2010

EUR

EUR

- Futures market (Futures)

-

-

- Options market (Options)

-

-

- Credit derivatives

-

-

- Swaps

-

-

- Contracts for Differences (CFD)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Currency

Hedging

• Commitments on regulated or similar markets

• OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) Other transactions

• Commitments on regulated or similar markets - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) 74034

5

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

INCOMEstatement 30.12.2011

31.12.2010

EUR

EUR

1 414,94

302,94

• Income from equities and similar securities

2 216 901,55

665 795,27

• Income from bonds and similar securities

3 399 211,91

1 126 131,44

51 516,53

-

• Income from temporary purchases and disposals of securities

-

-

• Income from forward financial instruments

-

-

• Other financial income

-

-

5 669 044,93

1 792 229,65

• Expenses on temporary purchases and disposals of securities

-

-

• Expenses on forward financial instruments

-

-

• Expenses on financial debt

-

-54,12

• Other financial expenses

-

-

Total (II)

-

-54,12

5 669 044,93

1 792 175,53

-

-

-2 279 396,18

-1 493 522,07

3 389 648,75

298 653,46

-122 528,47

379 019,65

-

-

3 267 120,28

677 673,11

Currency

Income from financial transactions

• Income from deposits and financial accounts

• Income from debt securities

Total (I) Expenses on financial transactions

Profit/loss on financial transactions (I - II)

Other income (III) Management fees and depreciation expense (IV) Net income for the period (L.214-9) (I - II + III - IV)

Income adjustments for the period (V) Interim payments in terms of the period (VI) Income (I - II + III - IV +/- V - VI) :

74034

6

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

1

74034

accountingrules and methods

The annual accounts are presented in the format set forth in CRC Regulation no. 2003-02 of 2 October 2003 relative to the chart of accounts for UCITS, amended by CRC Regulation no. 2005-07 of 3 November 2005 approved by the ministerial order of 26 December 2005. Asset valuation and accounting rules: V-1 - Asset valuation rules A – Valuation method • Financial instruments and securities traded on a regulated market are valued at market price. Notwithstanding this, the instruments below are valued using specific methods: - European equities and bonds are valued at the closing price, and foreign securities are valued at the last known price. - Debt securities and equivalent negotiable instruments which are not involved in significant transactions are valued using an actuarial method. The rate used is that applied for issues of equivalent securities plus or minus, where necessary, a differential representative of the intrinsic characteristics of the issuer. However, negotiable debt securities with a residual maturity of 3 months or less, in the absence of a particular sensitivity, may be valued using the straight-line method. - Negotiable debt securities with a maturity of less than 3 months are valued at the purchase negotiating rate. The amortisation of the premium or the discount is applied on a straightline basis over the term of the negotiable debt security. - Negotiable debt securities with a maturity of more than 3 months are valued at market rate. - Units or shares of funds are valued at the last known net asset value. - Securities coming under temporary purchase or sale agreements are valued in accordance with the regulations in force, based on the terms of the original agreement. • Financial instruments not traded on a regulated market are valued by the management company at their probable trading value. • Warrants or subscription certificates obtained free of charge during private placements or capital increases are valued as of their admission to a regulated market or the organisation of an over-the-counter market. • Contracts: - Futures are valued at the settlement price and options are valued on the basis of the vehicle used. - The market price for futures is equal to the price in EUR multiplied by the number of contracts. - The market price for options is equal to their conversion into the underlying equivalent. - Interest rate swaps are valued at market rate, in accordance with the contractual provisions. - Off-balance-sheet transactions are valued at market price. • Financial instruments for which a price has not been recorded on the valuation date, or for which the price has been adjusted, are valued at their probable trading value by the Board of Directors of the management company. The auditor will be provided with these valuations and their justification when it carries out its audits. B - Practical methods • Shares and bonds are valued on the basis of prices taken from the Finalim and Bloomberg databases, depending on their listing market. The research options are completed by “Télékurs” “Fin’xs” and “Reuters” “Securities 3000”:

7

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

-Asia-Oceania: taken at 12 noon for a quotation at the closing price of that day.

74034

-America: taken at 9 a.m. for a quotation at the closing price of D-1. taken at 4.45 p.m. for a quotation at the opening price of that day. - Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day. taken at 2.30 p.m. for a quotation at the opening price of that day. taken at 9 a.m. for a quotation at the price of D-1. - France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day. taken at 5.40 p.m. for a quotation at the closing price of that day. - Contributors : taken at 2 p.m. for a quotation subject to the availability of prices. • Positions on the futures markets at each net asset value are valued on the basis of the settlement prices of that day. Positions on the options markets at each net asset value are valued according to the principles used for the underlying. - Asia-Oceania : taken at 12 noon - America : taken at 9 a.m. on D+1 - Europe excluding France : taken at 7.30 p.m. - France : taken at 18 noon V-2 - Accounting method • The accounting method used for recording income from financial instruments is the 'coupons received' method. • The accounting method for recording transaction fees is exclusive of expenses. Methods for evaluating off-balance sheet commitments Off-balance sheet commitments are evaluated at their commitment value. The commitment value for futures contracts is equal to the price (in the currency of the UCIT) multiplied by the number of contracts multiplied by the nominal amount. The commitment value for options contracts is equal to the price of the underlying security (in the currency of the UCIT) multiplied by the number of contracts multiplied by the delta multiplied by the nominal amount of the underlying security. The commitment value for swap contracts is equal to the nominal amount of the contract (in the currency of the UCIT). Operating and management costs These fees cover all costs charged directly to the Fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transfer fees, if applicable, which may be levied by the custodian and the management company. The following fees may also be charged in addition to operating and management fees : - excess return fees. These are paid to the management company if the Fund exceeds its objectives. They are therefore charged to the Fund; - transfer fees charged to the Fund; - a share of income from the temporary acquisition and sale of securities. Outperformance commission calculation method: • Variable management fees are charged and accrue to the management company on the following basis: • 15% incl. taxes of the performance above the composite index 75% Eonia / 25% DJ Euro Stoxx 600 • The provision for variable management fees is adjusted each time net asset value is calculated, on the basis of 15% including taxes of the fund's outperformance compared with the 75% Eonia / 25% DJ Euro Stoxx 600 composite index. If the fund underperforms the

8

Mutual Fund - Annual Report- Year ended : 30.12.2011


appendices

FCP ARTY

74034

benchmark, this provision is adjusted in the form of a reversal. A provision reversal may not exceed the value of the provision.

• Outperformance is calculated for the first time on the date the fund is launched, on the basis of a benchmark net asset value established on the same date. • Variable management fees charged by the management company are paid annually, on the last trading day of December. Variable management fees are chargeable only if the net asset value at the end of the year is higher than the initial nominal value for the first year, and on the net asset value at the start of the year for subsequent years. Fees were deducted for the first time at the end of December 2009. • In the event that a unit is redeemed and a provision for variable management expenses exists, the part proportional to the units reimbursed is paid to the fund management company. Indication of accounting changes subject to special information to unit holders - Changes occurred : None. - Changes to occur: None. Indication and justification of changes in estimates and in application methods None. Indication of the type of errors that have been corrected during the period None. Indication of the rights and conditions attached to each unit category

Capitalisation of all income.

9

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

2

changesnet assets 30.12.2011

31.12.2010

EUR

EUR

79 283 486,60

29 564 031,41

184 613 249,64

66 730 572,36

-103 172 022,97

-20 476 892,64

Capital gains on deposits and financial instruments

3 732 086,85

3 048 494,23

Capital losses on deposits and financial instruments

-9 082 377,21

-523 654,02

Capital gains on forward financial instruments

1 395 534,00

69 726,60

Capital losses on forward financial instruments

-1 912 614,00

-176 642,40

-262 175,30

-77 554,02

329 631,05

61 471,24

-12 827 970,23

765 280,38

-9 421 710,48

3 406 259,75

3 406 259,75

2 640 979,37

-

-

- Estimate difference – period N

-

-

- Estimate difference – period N-1

-

-

-

-

3 389 648,75

298 653,46

Interim payment(s) during the period

-

-

Other items

-

-

145 486 477,18

79 283 486,60

Currency

Net assets at the beginning of the period Subscriptions (including the subscription fee allocated to the UCIT) Redemptions (with deduction of the redemption fee allocated to the UCIT)

Transaction fees

Foreign exchange differences

Changes in the estimate difference in deposits and financial instruments : - Estimate difference – period N - Estimate difference – period N-1

Changes in the estimate difference in forward financial instruments :

Prior period distribution

Net income for the period before adjustment accounts

Net assets at the end of the period

74034

10

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3

additionalinformation

3.1. Financial instruments : breakdown by legal or economic type of instrument 3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Indexed bonds

-

-

Convertible bonds

-

-

84 089 018,47

-

Variable-rate bonds

5 519 534,16

-

Zero-coupon bonds

-

-

Investments

-

-

Other instruments

-

-

Fixed-rate bonds

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds

-

-

Commercial Papers

-

-

8 500 269,45

-

MTN

-

-

Other instruments

-

-

Certificates of deposit

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument Disposals of repurchase Disposals of borrowed Disposals of acquired agreements securities repurchase agreements

Short sales

Equities

-

-

-

-

Bonds

-

-

-

-

Debt securities

-

-

-

-

Other instruments

-

-

-

-

74034

11

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities) Rates

Equities

Foreign Exchange

Other

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

Hedging Commitments on regulated or similar markets

Other transactions Commitments on regulated or similar markets

3.2. Breakdown by rate type for asset, liability and off-balance sheets items Fixed rate

Variable rates

Rollover rate

Other

-

-

-

-

84 089 018,47

-

5 519 534,16

-

8 500 269,45

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Financial accounts

-

-

-

1 953 283,62

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Assets Deposits

Bonds and similar securities Debt securities

Liabilities Temporary purchases and sales of securities Financial accounts

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items Assets Deposits

0 - 3 months 3 months - 1 year

1 - 3 years

3 - 5 years

> 5 years

-

-

-

-

-

421 436,04

1 358 019,39

15 762 487,45

39 183 226,95

32 883 382,80

8 500 269,45

-

-

-

-

-

-

-

-

-

1 953 283,62

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

-

Other transactions

-

-

-

-

-

Bonds and similar securities Debt securities

Temporary purchases and sales of securities Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74034

12

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets items This breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency

GBP

SEK

CHF

Autres devises

-

-

-

-

6 041 452,18

3 434 481,60

3 291 378,74

589 841,54

Bonds and similar securities

-

-

-

-

Debt securities

-

-

-

-

Assets Deposits

Equities and similar securities

Collective investment undertakings

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debts

-

-

-

-

Financial accounts

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Financial accounts Liabilities Disposal operations on financial instruments Temporary purchases and sales of securities

3.5. Receivables and Debts : breakdown by type Details on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type of operation (purchase/sale).

Receivables Foreign exchange forward contracts :

381 122,29

Forward currency purchases

-

Total amount traded for forward currency sales

-

Other Receivables : Differed payment sales

361 667,33

-

19 454,96

-

-

-

-

-

-

Other transactions

-

Debts Foreign exchange forward contracts :

404 225,47

Forward currency sales

-

Total amount traded for forward currency purchases

-

Other Debts : Subscribers payable

293 604,11

Accrued expenses

110 621,36

-

-

-

-

-

-

Other transactions

74034

-

13

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.6. Equity Number of units issued / redeemed during the period PARTS CAPITALISABLE / FR0010611293 PARTS R / FR0011039304

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

152 190,877

184 373 351,71

89 075,795

103 165 102,74

196,847

239 897,93

6,066

6 920,23

Subscription / redemption fee

Amount

Amount

PARTS CAPITALISABLE / FR0010611293

-

-

PARTS R / FR0011039304

-

-

Retrocessions

Amount

Amount

PARTS CAPITALISABLE / FR0010611293

20 258,59

989,84

-

-

Amount

Amount

PARTS CAPITALISABLE / FR0010611293

-

-

PARTS R / FR0011039304

-

-

PARTS R / FR0011039304

Commissions allocated to the UCIT

74034

14

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.7. Management fees Operating and management fees (fixed charges) as a % of the average net assets Category of part

%

PARTS CAPITALISABLE / FR0010611293

1,49

PARTS R / FR0011039304

1,98

Outperformance fee (variable charges) : amount of fees for the period Category of part PARTS CAPITALISABLE / FR0010611293

Amount 58 664,98

PARTS R / FR0011039304

-

Retrocession of management fees : - Amount of fees retroceded to the UCIT

-

- Breakdown by "target" UCIT :

74034

- UCIT 1

-

- UCIT 2

-

- UCIT 3

-

- UCIT 4

-

15

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.8. Commitments received and granted 3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none 3.8.2. Description of other commitments received and/or granted ........................................................................none

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition : - Financial instruments as repurchase agreements (delivered)

-

- Other temporary purchases and sales

-

3.9.2. Current value of financial instruments comprising guarantee deposits : Financial instruments received as a guarantee and not written to the balance sheet : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

Financial instruments granted as a guarantee and maintained in their original item : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) or financial managers (Mutual Funds) and UCITS managed by these entities : - UCITS - other financial instruments

74034

-

16

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.10. Income allocation table (In the accounting currency of the UCIT) Interim payments in terms of the period

Date -

Category of part -

Total amount Unit amount -

-

Total tax credit

Unit tax credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total interim payments

74034

17

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY 31.12.2010

EUR

EUR

Retained earnings

-

-

Adjusted retained earnings

-

-

Result

3 267 120,28

677 673,11

Total

3 267 120,28

677 673,11

30.12.2011

31.12.2010

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

3 264 582,94

677 673,11

Total

3 264 582,94

677 673,11

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

30.12.2011

31.12.2010

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

2 537,34

-

Total

2 537,34

-

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

appendices

30.12.2011

Income allocation

Sums remaining to be allocated

PARTS CAPITALISABLE / FR0010611293

Currency

Allocation

Information concerning the units conferring distribution rights

PARTS R / FR0011039304 Currency

Allocation

Information concerning the units conferring distribution rights

74034

18

Mutual Fund - Annual Report- Year ended : 30.12.2011


FCP ARTY

appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods UCIT creation date : May 30, 2008

UCIT currency EUR

Net assets

30.12.2011

31.12.2010

31.12.2009

31.12.2008

-

145 486 477,18

79 283 486,60

29 564 031,41

21 934 779,82

-

PARTS CAPITALISABLE / FR0010611293

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

-

128 490,379

65 375,297

26 233,294

23 685,82

-

1130,6

1 212,74

1 126,96

926,07

-

-

-

-

-

-

-

-

-

-

-

25,40

10,36

-9,87

9,19

-

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

PARTS R / FR0011039304

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

-

190,781

-

-

-

-

1125

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,29

-

-

-

-

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

74034

19

Mutual Fund - Annual Report- Year ended : 30.12.2011


74034

20 1 000 000.00 2 500 000.00

BANQUE PSA FINANCE 3.875% 14/01/2015

BARRY CALLEBAUT SVCS 6% 13/07/2017

XS0578317587

BE0933072291

2 000 000.00

1 000 000.00 1 700 000.00

CARREFOUR Eurib3 21/06/12 *EUR

CASINO GUICHARD 4.481% 12/11/18

CEGEDIM SA 7% 27/07/2015

CNP ASSUR TF/TV 14/09/2040

COMPAGNIE ST GOBAIN 7.25% 16/09/2013

XS0306308585

FR0010893396

FR0010925172

FR0010941484

XS0387435117

FGA CAPITAL IRELAND 4% 28/03/2013

XS0611285064

1 000 000.00

EUTELSAT 4.125% 27/03/2017

250 000.00

EXOR SPA 5.375% 12/06/17

2 500 000.00

EDENRED 3.625% 06/10/2017

ELIA SYSTEM 5.625% 22/04/16 *EUR

FR0010948562

BE6000105732

FR0010877183

2 000 000.00 1 000 000.00

CREDIT MUTUEL ARKEA VAR 14/01/2013

DEUTSCHE TELEKOM INTERNATIONAL 5.75% 14/04/15

FR0011076579

DE000A0TT2M2

XS0300900478

1 800 000.00

CREDIT AGRICOLE SA 3.9% 19/04/2021

XS0550466469

1 000 000.00

2 250 000.00

2 000 000.00

1 500 000.00

CONTI GUMMI FINANCE BV 7.50% 15/09/2017

CONTI-GUMMI FINANCE 8.50% 15/07/ 15

DE000A1A0U37

DE000A1AY2A0

500 000.00

1 000 000.00

300 000.00

2 000 000.00

BOLLORE 5.375% 26/05/2016

BRENNTAG FINANCE 5.5% 19/07/2018

FR0011052745

XS0645941419

1 500 000.00

1 500 000.00

BANQUE FEDERATIVE DU CREDIT MUTUEL 3% 29/10/2015

BANQUE POPULAIRE CAISSE 9.25% PERP

XS0553803502

12 800.00

1 000 000.00

1 000 000.00

500 000.00

2 000 000.00

5 000.00

1 000 000.00

2 500 000.00

Quantity / Amount

FR0010814558

AXA SA VAR PERPETUAL

AXA 2.50% 01/01/14 CV DIRTY

XS0323922376

FR0000492076

AUCHAN SA 4.75% 15/04/15 *EUR

AUTOROUTES PARIS RHIN-RH 5% 12/01/2017

FR0010746016

FR0010989111

ARTEMIS 4.25% 01/01/2015 CV

ASML HOLDI 5.75% 13/06/17 *EUR

FR0010814731

XS0304756405

AMADEUS CAP MARKET 4.875% 15/07/2016

ARCELORMITTAL 9.375% 03/06/2016

XS0647188605

XS0431928414

Asset description

94.86800 EUR

92.12900 EUR

100.39100 EUR

112.12800 EUR

98.04300 EUR

110.58400 EUR

99.40500 EUR

69.20900 EUR

107.00000 EUR

100.83400 EUR

107.90200 EUR

62.22200 EUR

68.00000 EUR

95.67900 EUR

99.88800 EUR

100.42300 EUR

100.22600 EUR

106.66800 EUR

93.78900 EUR

67.33300 EUR

96.95100 EUR

217.00000 EUR

69.29700 EUR

101.40400 EUR

108.56000 EUR

106.35400 EUR

51.40800 EUR

111.09300 EUR

100.91200 EUR

Price Ccy

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

29/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

Price Date

2 249 712.50

2 035 000.00

992 655.00

249 617.50

2 432 250.00

1 087 500.00

1 998 500.00

1 615 000.00

1 624 759.40

1 020 826.00

499 695.00

1 610 750.00

989 670.00

1 008 333.33

269 250.00

1 986 420.00

2 497 850.00

992 500.00

1 499 010.00

1 490 750.00

1 922 400.00

2 789 816.99

913 375.00

1 013 500.00

510 750.00

2 112 400.00

255 600.00

1 239 500.00

2 487 325.00

Book Cost FCY

2 203 382.46

1 903 085.46

1 035 805.49

290 194.49

2 473 359.84

1 147 472.51

1 998 445.67

1 295 630.85

1 664 854.17

1 031 048.33

550 404.81

1 088 987.11

710 625.00

963 278.88

299 846.93

2 059 252.35

2 587 523.29

1 095 368.52

1 463 367.53

1 107 423.28

1 950 003.61

2 777 600.00

708 412.65

1 062 944.11

559 931.15

2 191 492.57

257 040.00

1 166 001.72

2 580 407.58

Market Value FCY

68 852.46

60 505.46

31 895.49

9 874.49

22 284.84

41 632.51

10 345.67

49 868.85

59 854.17

22 708.33

10 894.81

31 213.11

30 625.00

6 488.88

182.93

50 792.35

81 873.29

28 688.52

56 532.53

97 428.28

10 983.61

52 510.68

15 442.65

48 904.11

17 131.15

64 412.57

5 416.62

55 071.72

57 607.58

Accruals

-115 182.50

-192 420.00

11 255.00

30 702.50

18 825.00

18 340.00

-10 400.00

-369 238.00

-19 759.40

-12 486.00

39 815.00

-552 976.00

-309 670.00

-51 543.33

30 414.00

22 040.00

7 800.00

74 180.00

-92 175.00

-480 755.00

16 620.00

-64 727.67

-220 405.00

540.00

32 050.00

14 680.00

-3 976.62

-128 570.00

35 475.00

P&L

1.51

1.31

0.71

0.20

1.70

0.79

1.37

0.89

1.14

0.71

0.38

0.75

0.49

0.66

0.21

1.42

1.78

0.75

1.01

0.76

1.34

1.91

0.49

0.73

0.39

1.51

0.18

0.80

1.77

% TNA

11/04/2012 - Page 2 - Groupe Societe Générale

4

Bonds

Securities

Security code

Holdings

Statement of Holdings of ARTY as of 30/12/2011

appendices

FCP ARTY

UCITinventory

Mutual Fund - Annual Report- Year ended : 30.12.2011


74034 1 000 000.00

750 000.00

21

VILMORIN CV 4.50% 01/07/2015

VOTO -VOTORANTIM LTD 5.25% 28/04/17

WENDEL INV 4.375% 08/17 *EUR

WENDEL INVESTISSEMENT 4.875% 21/09/2015

FR0010627109

XS0224749100

XS0290422095

TELEFONICA 4.75% 07/02/2017

UNICREDI INTL BK 21/07/2049 PERP

XS0585904443

XS0527624059

XS0505532134

TELECOM ITALIA 8.25% 21/03/16 *EUR

XS0418508924

STE GLE TF/TV05 PERP

SUEZ ENVIRONNEMENT TF/TV PERP

FR0010945188

FR0010136382

2 500 000.00

SEB SA 4.5% 03/06/2016

SOCIETE GENERALE 5.125% 19/12/2013

FR0011043108

XS0404952078

2 000 000.00

RHEINMETAL 4% 22/09/2017 *EUR

SCOR TF/TV PERP

XS0542369219

FR0010359687

1 000 000.00

2 150 000.00

1 000 000.00

2 000 000.00

85.00

750 000.00

200 000.00

2 000 000.00

1 500 000.00

2 000 000.00

500 000.00

1 500 000.00

1 000 000.00

RCI BQ 4.375% 27/01/15

REXEL SA 7% 17/12/2018

XS0479866567

2 000 000.00

500 000.00

XS0629656496

RALLYE 8.375 20/01/15

RCI BANQUE 4% 16/03/16

FR0010806745

XS0602211202

1 000 000.00

PPR SA 8.625% 03/04/14

PPR 3.75% 08/04/2015

FR0010744987

FR0010878991

14 200.00

2 500 000.00

PEUGEOT 6.875% 30/03/2016

PIERRE & VACANCES 4% 01/10/2015 CV

FR0011124544

1 000 000.00

2 000 000.00

500 000.00

400 000.00

750 000.00

FR0010998187

LAFARGE MLTCPON 24/11/16

LAFARGE 5.448% 04/12/13

PERNOD RIC 4.875% 18/03/2016

XS0434974217

FR0010032730

FR0010871376

IMERYS 5% 18/04/17

KRAFT FOODS 5.75% 20/03/2012

FR0010456475

XS0353180465

1 000 000.00

GRENKE FINANCE 4% 22/04/2014

ILIAD 4.875% 01/06/2016

DE000A1A2KG5

FR0011057439

2 500 000.00 2 000 000.00

GERRESHEIMER AG 5% 19/05/18

GRENKE FINANCE 4% 09/03/2015

XS0626028566

2 350 000.00

980 000.00

3 000 000.00

1 000 000.00

2 000 000.00

2 000 000.00

Quantity / Amount

XS0598445129

FRANZ HANIEL 5.875% 01/02/17

GECINA 4.50% 19/09/2014

XS0482703286

FR0010943316

FIAT FINANCE & TRADE LTD SA 9% 30/07/2012

FONCIERE LYONNAISE 4.625% 25/05/2016

XS0647263317

XS0442431564

FIAT FINANCE & TRADE LTD SA 6.125% 08/07/2014

XS0604640499

FR0011052075

Asset description

FIAT FINANCE & TRADE LTD SA 5.25% 11/03/2015

Security code

Statement of Holdings of ARTY as of 30/12/2011 Price Ccy

93.48000 EUR

83.80000 EUR

99.39700 EUR

158.87900 EUR

55.56800 EUR

98.30400 EUR

104.52900 EUR

91.21600 EUR

51.25300 EUR

102.41800 EUR

101.72900 EUR

74.50300 EUR

100.98200 EUR

96.83600 EUR

98.10200 EUR

93.14500 EUR

106.03800 EUR

102.44200 EUR

112.29000 EUR

69.47000 EUR

101.24100 EUR

104.33800 EUR

101.61900 EUR

103.03000 EUR

100.80300 EUR

105.15700 EUR

100.34900 EUR

99.16700 EUR

98.70200 EUR

101.78600 EUR

99.91000 EUR

101.40700 EUR

93.97700 EUR

101.93200 EUR

94.00000 EUR

91.91600 EUR

Price Date

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

1 982 975.00

890 000.00

1 992 550.00

13 302.50

747 500.00

200 000.00

2 264 500.00

1 500 000.00

1 730 000.00

495 220.00

2 494 950.00

1 668 000.00

1 520 850.00

999 930.00

1 026 500.00

1 990 060.00

777 750.00

999 010.00

508 900.00

1 083 602.00

2 489 700.00

997 410.00

2 062 600.00

497 700.00

390 200.00

1 011 500.00

995 320.00

750 680.00

1 995 280.00

2 515 500.00

2 402 075.00

1 042 556.67

2 988 090.00

1 089 000.00

2 000 000.00

1 999 000.00

Book Cost FCY

2 039 889.16

855 691.26

2 059 948.20

13 504.72

448 842.48

205 223.07

2 220 866.89

1 388 981.80

1 103 921.81

513 210.22

2 609 311.07

1 543 865.46

1 531 779.18

971 665.56

1 022 013.15

1 927 162.30

855 344.08

1 052 186.39

593 970.49

986 474.00

2 576 106.97

1 082 273.44

2 041 608.85

520 120.97

421 436.04

1 087 225.74

1 032 393.69

764 818.07

2 039 832.35

2 623 201.91

2 378 800.98

1 046 946.89

2 904 228.03

1 058 172.46

1 940 245.90

1 924 098.69

Market Value FCY

30 069.16

17 691.26

72 008.20

296.64

32 082.48

8 615.07

130 286.89

20 741.80

78 861.81

1 120.22

66 086.07

53 805.46

17 049.18

3 305.56

40 993.15

64 262.30

60 059.08

27 766.39

32 520.49

10 658.38

45 081.97

38 893.44

9 228.85

4 970.97

18 224.04

35 655.74

28 903.69

21 065.57

65 792.35

78 551.91

30 915.98

53 158.29

84 918.03

38 852.46

60 245.90

85 778.69

Accruals

26 845.00

-52 000.00

-4 610.00

-94.42

-330 740.00

-3 392.00

-173 920.00

-131 760.00

-704 940.00

16 870.00

48 275.00

-177 940.00

-6 120.00

-31 570.00

-45 480.00

-127 160.00

17 535.00

25 410.00

52 550.00

-107 786.38

41 325.00

45 970.00

-30 220.00

17 450.00

13 012.00

40 070.00

8 170.00

-6 927.50

-21 240.00

29 150.00

-54 190.00

-48 768.07

-168 780.00

-69 680.00

-120 000.00

-160 680.00

P&L

1.40

0.59

1.42

0.01

0.31

0.14

1.53

0.96

0.76

0.35

1.79

1.06

1.05

0.67

0.70

1.33

0.59

0.72

0.41

0.68

1.77

0.74

1.40

0.36

0.29

0.75

0.71

0.53

1.40

1.80

1.64

0.72

2.00

0.73

1.33

1.32

% TNA

11/04/2012 - Page 3 - Groupe Societe Générale

FCP ARTY

Mutual Fund - Annual Report- Year ended : 30.12.2011


74034 30 000.00

72 000.00 40 000.00

GEBERIT AG-NOM

HENNES & MAURITZ AB-B SHS

CH0030170408

SE0000106270

70 000.00

60 000.00 20 000.00

LAFARGE SA

LAGARDERE

FR0000120537

FR0000130213

43 638.00

22 90 000.00

FR0120258472

Non-discounted

Money Market

Total Securities

Total Ucits

FR0011023910

Ucits

BANQUE POSTALE 0.10% 06/01/2012

PHILEAS L/S EUROPE I

VIVENDI

FR0000127771

Total Equities

TOTAL

UNILEVER CVA

FR0000120271

NL0000009355

SCOR SE ACT PROV

SIMCORP

FR0010411983

DK0016026164

32 500.00

ROYAL DUTCH SHELL PLC-A

SANOFI

GB00B03MLX29

FR0000120578

67 500.00

1 500 000.00

9 999.50

107 000.00

72 000.00

46 000.00

5 000.00

30 000.00

47 000.00

RALLYE

RECKITT BENCKISER GROUP PLC

FR0000060618

685 000.00

90 000.00

67 500.00

135 000.00

GB00B24CGK77

PEARSON

PIAGGIO & C

GB0006776081

IT0003073266

NIEUWE STEEN INVESTMENTS

ORIFLAME COSMETICS SA SDB

NL0000292324

SE0001174889

15 000.00

M6 METROPOLE TELEVISION

NEXANS SA

FR0000053225

FR0000044448

550 000.00

L'OREAL

MOTHERCARE

FR0000120321

GB0009067447

40 000.00

900 000.00

HOLCIM LTD-NOM

KESA ELECTRICALS

CH0012214059

GB0033040113

11 000.00

60 000.00

FRANCE TELECOM

GDF SUEZ

FR0000133308

15 000.00

25 000.00

45 000.00

2 350.00

65 000.00

FR0010208488

DEUTSCHE BOERSE AG-NEW

EDF

DE000A1KRND6

FR0010242511

COLAS

COMPAGNIE DE SAINTGOBAIN SA

FR0000121634

FR0000125007

CARREFOUR SA

CFAO

FR0000120172

FR0000060501

150 000.00

63 617.00

BOUYGUES

CAPITA GROUP PLC

FR0000120503

GB00B23K0M20

80 000.00

AIR LIQUIDE

BOURBON

16 000.00

Quantity / Amount

FR0000120073

Asset description

FR0004548873

Equities

Total Bonds

Security code

Statement of Holdings of ARTY as of 30/12/2011

0.10000 EUR

103.74000 EUR

16.92000 EUR

26.57000 EUR

39.50000 EUR

877.00000 DKK

18.06000 EUR

56.75000 EUR

28.15000 EUR

31.80000 GBP

21.60500 EUR

1.81800 EUR

12.10000 GBP

217.40000 SEK

9.45000 EUR

40.10000 EUR

11.52500 EUR

1.66250 GBP

80.70000 EUR

20.40000 EUR

27.16000 EUR

0.67300 GBP

50.25000 CHF

221.30000 SEK

181.00000 CHF

21.12000 EUR

12.13500 EUR

18.80000 EUR

40.51000 EUR

29.66500 EUR

103.00000 EUR

26.17500 EUR

17.61500 EUR

6.28500 GBP

24.34500 EUR

21.30000 EUR

95.59000 EUR

Price Ccy

30/12/2011

29/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

Price Date

1 500 000.00

144 073 292.81

1 000 000.00

1 000 000.00

51 566 365.92

2 150 228.12

1 664 052.27

1 891 792.62

583 738.99

1 637 051.90

1 642 798.05

698 842.95

1 854 243.37

1 810 635.66

1 606 629.55

1 087 966.76

2 018 441.22

555 732.81

856 305.12

1 562 603.12

2 488 468.69

1 490 621.55

1 732 426.40

1 822 647.86

1 304 037.51

2 049 243.82

1 708 288.43

1 663 351.44

1 595 955.89

1 133 646.45

451 319.17

1 204 502.44

1 500 567.31

429 226.55

1 682 984.83

965 703.75

1 207 058.19

1 836 255.70

2 244 450.07

1 434 547.36

91 506 926.89

Book Cost FCY

1 500 004.17

135 056 027.29

1 037 348.13

1 037 348.13

44 410 126.53

1 810 440.00

1 913 040.00

1 817 000.00

589 841.54

1 625 400.00

1 844 375.00

844 500.00

1 789 297.26

1 458 337.50

1 245 330.00

1 303 723.21

1 646 600.09

412 379.10

601 500.00

1 555 875.00

1 094 666.59

1 614 000.00

1 224 000.00

1 086 400.00

725 128.70

1 653 504.44

1 787 881.51

1 637 874.30

1 267 200.00

849 450.00

282 000.00

1 012 750.00

1 334 925.00

242 050.00

1 701 375.00

528 450.00

1 128 636.42

1 548 755.87

1 704 000.00

1 529 440.00

89 608 552.63

Market Value FCY

4.17

2 568 540.13

2 568 540.13

Accruals

-11 585 805.65

37 348.13

37 348.13

-7 156 239.39

-339 788.12

248 987.73

-74 792.62

6 102.55

-11 651.90

201 576.95

145 657.05

-64 946.11

-352 298.16

-361 299.55

215 756.45

-371 841.13

-143 353.71

-254 805.12

-6 728.12

-1 393 802.10

123 378.45

-508 426.40

-736 247.86

-578 908.81

-395 739.38

79 593.08

-25 477.14

-328 755.89

-284 196.45

-169 319.17

-191 752.44

-165 642.31

-187 176.55

18 390.17

-437 253.75

-78 421.77

-287 499.83

-540 450.07

94 892.64

-4 466 914.39

P&L

1.03

92.83

0.71

0.71

30.52

1.24

1.32

1.25

0.41

1.12

1.27

0.58

1.23

1.00

0.86

0.90

1.13

0.28

0.41

1.07

0.75

1.11

0.84

0.75

0.50

1.14

1.23

1.13

0.87

0.58

0.19

0.70

0.92

0.17

1.17

0.36

0.78

1.07

1.17

1.05

61.60

% TNA

11/04/2012 - Page 4 - Groupe Societe Générale

FCP ARTY

Mutual Fund - Annual Report- Year ended : 30.12.2011


74034 2 500 000.00

CALYON 0.64% 04/01/2012

PnVstdVarFee

F171EURC

Price Date

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

Currency

EUR/CHF

EUR/DKK

EUR/GBP

EUR/SEK

EUR/USD

Used FX Rates

Total Cash & Equivalent

Total MANAGEMENT FEES

PnInvstMgrFee

PnInvstMgrFee

F110EURR

F110EURC

MANAGEMENT FEES

Total CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

Sous recev EUR BPP

Vte diff titres EUR

SR021EUR

SDS021EUR

BkDep EUR BPP

RedemPybl-Hedge

BK021EUR

RP021EUR

CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

Cash & Equivalent

1.29390000

8.91200000

0.83530000

7.43420000

1.21560000

Used FX Rate

-8 890.48

-101 542.95

-187.93

361 667.33

19 454.96

-293 604.11

0.77285725

0.11220826

1.19717467

0.13451346

0.82263903

Reverse FX Rate

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

2 500 000.00

2 500 000.00

1 930 180.44

-110 621.36

-8 890.48

-101 542.95

-187.93

2 040 801.80

361 667.33

19 454.96

-293 604.11

1 953 283.62

8 500 000.00

30/12/2011

30/12/2011

2 000 000.00

Book Cost FCY

Total Money Market

0.64000 EUR

0.50000 EUR

Price Date 30/12/2011

8 500 000.00

1 953 283.62

Price Ccy 0.50000 EUR

Total Non-discounted

FR0120392404

2 500 000.00

BRED 0.50% 04/01/2012

FR0120392370

2 000 000.00

FR0120300266

Quantity / Amount

Asset description

BNP PARIBAS 0.5% 06/01/12

Security code

Statement of Holdings of ARTY as of 30/12/2011

1 930 180.44

-110 621.36

-8 890.48

-101 542.95

-187.93

2 040 801.80

361 667.33

19 454.96

-293 604.11

1 953 283.62

8 500 269.45

8 500 269.45

2 500 133.33

2 500 104.17

2 000 027.78

Market Value FCY

269.45

269.45

133.33

104.17

27.78

Accruals

P&L

1.33

-0.08

-0.01

-0.07

1.40

0.25

0.01

-0.20

1.34

5.84

5.84

1.72

1.72

1.38

% TNA

11/04/2012 - Page 5 - Groupe Societe Générale

FCP ARTY

23

Mutual Fund - Annual Report- Year ended : 30.12.2011


74034 - ARTY - 30-12-2011 - RA - EN