Annual report acropole convertibles europe 31 10 2013 en by Financiere de l'Echiquier

This translation is for information purpose only - Only the French version is binding .

MUTUAL FUNDS - MUTUAL FUNDS UNDER FRENCH LAW

Annual report ACROPOLE ASSET MANAGEMENT

ACROPOLE CONVERTIBLES EUROPE

YEAR ENDED : 31.10.2013

contents

ACROPOLE CONVERTIBLES EUROPE

74048

Information about investments and management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 activity report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 off-balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 accounting rules and methods

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changes net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 additional information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 UCIT inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE Management company

ACROPOLE AM 37-39, rue Boissière, 75016 Paris

Custodian bank

BNP PARIBAS SECURITIES SERVICES 3, rue d’Antin - 75002 Paris

Statutory auditor

CABINET PWC SELLAM represented by Patrick Sellam 49-53, avenue des Champs Elysées - 75008 Paris

Distributors

FINANCIERE DE L’ECHIQUIER 53, avenue d’Iéna - 75116 Paris

Information about investments and management Classification: Diversified. Income allocation: Capitalisation except for unit D for which income is distributed. Investment objective: The fund carries out active management of European convertible bonds in order to achieve an annual performance greater than that of the benchmark indicator "Exane Convertibles Index Europe". Benchmark indicator: For the purpose of subsequent comparison, the holder can refer to the benchmark index "Exane Convertibles Index Europe" (code EECIEECI). This index is calculated in euros, coupons reinvested. Investment strategy: The Fund has a strategy of discretionary management of a portfolio of convertible bonds. It is essentially invested in so-called "mixed" European convertible bonds and similar instruments. Convertible bonds usually profit from a rise in equities while benefiting from a protection provided by the bond component of the security. They also have a "dissymmetrical" yield profile since the gain obtained from a market rise is greater than the loss suffered in a market fall. The focus has been placed on so-called "mixed" convertible bonds since these enable this dissymmetry to be optimised. Indeed, more than others, their delta makes them sufficiently sensitive to variations in equity markets to take advantage of a rise when this occurs. However they maintain a sufficiently close actuarial floor to form a protection in case of a market fall. These securities, having a high level of convexity, are thus particularly attractive given their capacity to capture the performance in the event of favourable markets and to lessen the impact of a fall. To maximise the yield / risk pair, this management follows a precise process and is subject to systematic controls. The management process combines several complementary approaches: • A global allocation concerning exposure to equity markets, interest rates, volatility and credit • Stock picking of underlying equities • A selection of convertibles according to their characteristics to optimise the performance and the risk linked to the underlying equities. Thus, the process combines fundamental and quantitative analyses and is based on an analysis specific to convertible bonds. Furthermore, this process is performed within a stringent analysis framework that takes account of sector-based factors and equity market sensitivity. Indeed, when searching for performance with this strategy, we focus on the "equity" component of the convertible bonds as much as on the bond aspects (duration, credit): managers will select securities whose underlying equities they think will increase in value and whose credit will remain stable or improve. Since this assessment of the credit risk related to each issuer by managers is an integral part of the management process, the fund does not set any particular limit in terms of external ratings. Thus, investments in unlisted or "high yield" securities can account for up to 100% of the funds assets. In the more specific underlying equity picking area, an analysis combining fundamental and quantitative approaches takes over from a macro-economic approach. A database and scoring systems are used to scan the benchmark realm. Stocks are thus rated by the manager based on their value, quality, growth and momentum. This analysis is dynamic since it is performed over several different timeframes. The next stage consists in finding the convertible bonds whose characteristics reflect and optimise the previously defined target portfolio. 74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE In this framework, several criteria are used to select the convertible bonds making up the portfolio. - Minimise the conversion premium - Minimise the risk of loss - Minimise the price of the contingent option - Minimise the credit risk 60 to 100% of the Fund's assets are permanently exposed to European convertible bonds and similar instruments. The synthetic exposure created by the managers and aimed at replicating the risk profile of a convertible also fits into this framework. Such a risk profile can for example be obtained by investing in negotiable debt securities or conventional bonds and an option on the stock. The fund can invest up to a maximum of 10% of its assets directly in stocks, such a limit is likely to be reached only in situations where the fund is pending investment or other very special situations: convertibles market more expensive than that of the stocks, bonds converted to shares etc. Most of the time, direct investment in stocks is marginal. Geographic and sector-based allocations across the various European markets are performed at the manager's initiative. The portfolio's interest rate sensitivity is maintained within the range [0 ; 7]. The managers can invest within the limit of 10% in UCITS units or shares when they consider it appropriate to the management strategy or to get a return on liquidities. Derivatives may be used to intervene on the various types of portfolio risks: exchange (see below), equities and hedge/exposure rates (in particular to replicate the risk profile of a convertible bond and manage rate sensitivity), and credit only as a protection purchase (single signature or index-based CDS). Preferably the Fund intervenes on organised futures markets (presence of a clearing house), but retains the possibility of signing OTC contracts. The fund's policy is to neutralise the exchange risk related to asset investments in currencies other than the euro as much as possible. It can also take account of the implicit exchange risk that arises for example when a convertible and its underlying share are not stated in the same currency. Incidentally, the manager may create a net exposure to a currency, in particular when it is part of the benchmark index. In any case, the absolute sum of sensitive net exposures (i.e. greater than 1%) to currencies other than the euro is kept under 10% of the net assets. The global risk related to the fund's financial contracts is measured using the commitment method and remains less than once the net assets. 1. Assets (excluding embedded derivatives) For all categories of assets envisaged below the Fund can invest without any specific sector-based or geographic (within Europe) constraints. a. Equities: The portfolio may be invested directly in European equities within the limit of 10%. Such a limit is likely to be reached only in situations where the fund is pending investment or other very special situations: convertibles market more expensive than that of equities or technical cases. Most of the time, direct investment in equities is marginal. Technical cases are for example when equities are held: - after the conversion of convertible bonds - after exchanging exchangeable bonds - after a call-back by the issuer - after reimbursement in stock by the issuer - pending the creation of a synthetic convertible bond. b. Debt securities and money market instruments: 60 to 100% of the Fund's net assets are permanently invested in European convertible bonds and similar instruments. The synthetic exposure created by the managers and aimed at replicating the risk profile of a convertible also fits into this framework. Such a risk profile can for example be obtained by investing in negotiable debt securities and an option on the stock. The issuers of these instruments are entities indifferently governed by private or public law domiciled in Europe, or whose parent groups are domicile in Europe, or whose underlying equities are listed on European markets. These bonds, usually issued over maturities of 3-5 years, are among others: - Bonds convertible to shares. Also concerned are bonds convertible into shares associated with subscription warrants (OCABSA), low coupon convertible bonds with a redemption premium, bonds with an option for conversion and/or exchange for new or existing shares (OCEANE); - Bonds index linked to index variations; - Bonds redeemable in shares (ORA, ORANE, ORABSA); 74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE - Bonds exchangeable against shares; - Subscription warrant bonds (OBSA, OBSAR). The fund may also invest in negotiable debt securities, in particular in the case of short term cash investments. c. UCITS: The managers can invest within the limit of 10% in UCITS units or shares when they consider it appropriate to the management strategy or to get a return on liquidities. These UCITS may be governed by French law, may or may not comply with the directive, or be European harmonised UCITS, and their classifications: bond, money market, shares, diversified or alternative funds. The Fund may invest in the management company's UCITS or in those of an affiliated company. 2. Derivatives Derivatives may be used to intervene on the various types of portfolio risks. Preferably the Fund intervenes on organised futures markets (presence of a clearing house), but retains the possibility of signing OTC contracts when these contracts are better suited to the management goal or are of a lower cost. The fund can use all firm or conditional futures financial instruments. Main types of uses and instruments likely to be used depending on the risks concerned: Equity risk: as a hedge or to replicate the risk profile of a convertible bond; the instruments are mainly options and futures. Interest rate risk: mainly to reduce or adjust the sensitivity of the portfolio; instruments are mainly futures or swaps. Credit risk: only as a protection purchase, by means of single signature or index-based CDS. Exchange risk: the fund's policy is to neutralise the exchange risk related to asset investments in currencies other than the euro as much as possible. It can also take account of the implicit exchange risk that arises for example when a convertible and its underlying share are not stated in the same currency. Incidentally, the manager may create a net exposure to a currency, in particular when it is part of the benchmark index. In any case, the absolute sum of sensitive net exposures (i.e. greater than 1%) to currencies other than the euro is kept under 10% of the net assets. The instruments used are swaps and forwards. 3. Securities with embedded derivatives When they are necessary or more advantageous, securities with embedded derivatives (EMTN, BMTN, subscription warrants, other warrants etc.) can be used instead of assets or derivatives, for the same purpose as the latter would have been used. In this framework all securities authorised by the regulations can be used. 4. Deposits The fund can make deposits within a maximum limit of 10%. 5. Cash borrowing The Fund can borrow cash within the regulatory limit in the event of liability adjustment. 6. Temporary purchases and disposals of securities The fund may incidentally enter repurchase agreements for cash management purposes. Additional information on these operations is provided in the section on charges and commission fees. Risk profile: Unitholders' money will be invested primarily in financial instruments selected by the management company. These instruments will fluctuate in line with the markets. The attention of investors is drawn to the risk that the fund's performance may not meet its goals and those the investors have set, since the risk borne by investors depends more generally on the makeup of their portfolio. Discretionary risk: The discretionary management style applied by the fund is based on stock picking and anticipating market moves. There is a risk that the fund may not be invested at all times in the highest performing securities. The fund's performance may therefore be less than the management goal. Furthermore the net asset value of the fund may have a negative performance. Risk related to investments in convertible bonds: The value of convertible bonds depends, among other things, on such factors as: interest rates, credit, equities, price of the option embedded into the convertible bond. These elements may lead to a fall in the net asset value of the Fund. Risk of capital loss: Since the Fund is not guaranteed, the capital initially invested by the subscriber may not be fully recouped. Equity market risk: The equity risk corresponds to a drop in equity markets; since the Fund is exposed to equities, the net asset value may drop substantially. Interest rate risks: The fund is subject to interest rate risks. A part of the portfolio may be negatively sensitive to an increase in interest rates and thus lead to a drop in the net asset value of the Fund. 74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE Credit risk: This is the risk of a drop in the credit quality of a private issuer or a default by this issuer. The value of the debt securities in which the Fund is invested may fall leading to a drop in the net asset value. This risk is greater for high yield securities which may account for 100% of the fund's assets and the use of which may result in a risk of a more substantial drop in the net asset value. Foreign exchange risk: The exchange risk concerns the Fund's investments in non-euro currencies. This risk lies in the fluctuations of currencies in relation to the euro and mainly concerns such currencies as the dollar, Swiss franc, pound sterling, yen etc. Exposure to the exchange risk outside European currencies may not exceed 10% of the Fund's assets. Counterparty risk: This is the risk of default by a counterparty leading to a failure to pay in the context of OTC transactions. Eligible subscribers and typical investor profile: Eligible subscribers: all subscribers. The Fund is open to any subscriber and can be used as a support for unit-linked life insurance contracts. The Fund offers four unit classes: - one for institutional clients (I unit) - a second for all subscribers (A unit). - a third for all subscribers (R unit) - a fourth for institutional clients (D unit) Investors who subscribe to this Fund are seeking to benefit from a broad share of the rise in European equity markets while suffering less impact if these markets fall. The amount that can be reasonably invested in this UCITS depends on each investor's personal circumstances. To determine this amount, you must take into account your personal estate, your current needs as well as your wish to take risks or opt instead for a cautious investment approach. It is also strongly recommended that you diversify your investments so as to avoid an exposure only to the risks of this UCITS. Recommended investment period: More than 5 years. Tax regime: Warning: Depending on your tax regime, any capital gains and income deriving from ownership of units of the UCITS may be subject to tax. Investors are advised to find out more regarding this issue from the UCITS' marketing agent. Holders should contact an advisor. Eligibility for the 40% investment quota - taxation of savings income (decree 2005-132 transposing European directive 2003/48/EC). Over 40% of this UCITS is invested in products whose income, profits and other revenues come from sums qualified as debt. For further information, the full prospectus is available on request from the management company.

• The place of publication of the net asset value is located on the premises of the management company. • Additional information (net asset value, prospectus, annual reports) can be obtained free of charge by sending a request in writing to Acropole AM. This information is available in the following languages: French and English. Other information on the management company and its UCITS is available at www.fin-echiquier.fr • Fund creation date:12 october 2006.

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

activity report Acropole Convertible Europe closed the financial year with a performance of 10.4%*. The various factors determining the value of the convertibles were all up: equities were up 14% (SX5P - STOXX Europe 50 Index), bonds up 4.6% (Barclays EuroAgg Corporate 3-5 Year Total Return Index) and the implicit volatility of convertibles was up 3.9%. In this context of progressive revaluing of the asset class, the share of convexity in the fund reserved for options continued to grow given the on-going drop in implicit optional volatilities. Thus, the fund took positions in Michelin, Adidas, Saipem or Orange through call options. The fund also took part in the resumption of the primary market through such names as: Snam, GDF Suez, Casino or Prysmian. Equity sensitivity increased this year to 46% while exposure to volatility sensitive convertibles as well as exposure to the High Yield credit significantly dropped. This switch was made after it was observed that the fund's future performance would mainly come from equities. The duration of the fund remains less than two and will remain highly contained in order to avoid any volatility related to a possible rate rebound. Finally, managed assets amounted to 223 million euros, down 15% on the previous year. * The performance achieved over the above-mentioned period is no guarantee of the future results of the UCITS. Overview of our General Policy Since 2007, Financière de l’Échiquier has been including environmental, social and governance criteria in its investment selection procedure. This approach is used across the board for all of Financière de l’Échiquier's equity funds. The evaluation is based on specific SRI meetings with the target company's key people. We do not consult rating agencies. Moreover, the SRI meetings are always conducted by 2-person teams involving the manager, or the financial analyst studying the investment, and one of the members of the SRI team. Following each meeting, a rating reflecting our appraisal of each company is established. It is reviewed at follow-up meetings, which we conduct every two years on average. All SRI meeting reports and the securities' extra-financial ratings are archived in our proprietary database. ESG Policy For the Échiquier Value Fund, we strive to apply the general policy and, in most cases, carry out an extra-financial analysis of the securities held. This analysis is based on Environmental, Social and Governance criteria and gives rise to an SRI rating, reviewed every two years on average. The SRI rating given to the Fund's securities is not a reason for their exclusion. More detailed information is available on our website via the following link: http://www.fin-echiquier.fr/qui-sommes-nous/notre-approche-de-lisr Order execution policy This policy involves selecting market intermediaries, i.e. establishments licensed to execute stock market orders. The selection is made in order to get the "best execution" from the intermediaries, something which the management company must in turn provide to UCITS unitholders or shareholders. The choice of the intermediaries is based on precise criteria and reviewed at least once a year, based on the opinions of the participants in the intermediary selection committee. For further information and in accordance with regulatory requirements, you can view the Execution Policy laid down by Financière de l’Échiquier for the management of its UCITS on the management company's website. Voting policy We wish to inform you that our voting rights policy is available on our website. The Financière de l’Échiquier management company calculates the UCITS' overall risk according to the commitment method. Unitholders can read the "Report on Intermediation Fees" on the management company's website. This document sets out the conditions under which the management company called on investment support and order execution services over the past financial year.

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS Year ending 31 October 2013 ACROPOLE CONVERTIBLES EUROPE FRENCH MUTUAL FUND (FCP) Governed by the French Monetary and Financial Code Management Company Financière de l’Echiquier 53 avenue d’Iena, 75016 PARIS FRANCE To the shareholders, Following our appointment by the Board of Directors of the fund's management company, we present our report for the financial year ended 31 October 2013, relative to: − the audit of the financial statements of the Mutual Fund (Fonds Commun de Placement) ACROPOLE CONVERTIBLES EUROPE, which are attached to the present report; − the justification of our evaluations; − the specific verifications and information required by law. The financial statements have been prepared by the fund's management company. Our responsibility is to express an opinion on these financial statements based on our audit. I. - OPINION ON THE FINANCIAL STATEMENTS We conducted our audit in accordance with the professional auditing standards applicable in France. These standards require that we carry out our audit in such a way as to obtain reasonable assurance that the annual accounts are free of material misstatement. An audit consists of the examination, by means of sampling or other selection methods, of evidence supporting the amounts and disclosures in these statements. It also includes an assessment of the accounting principles used, the significant estimates made, as well as the overall presentation of the financial statements. We consider that the evidence gathered is relevant and sufficient to serve as a basis for our opinion. In our opinion, the annual financial statements, in accordance with French accounting rules and principles, give a true and fair view of the financial position and assets and liabilities of the mutual fund and of the results of its operations at the end of the financial year. II. - JUSTIFICATION OF OUR EVALUATIONS Pursuant to the provisions of Article L. 823-9 of the French Commercial Code pertaining to the justification of our assessments, we inform you that the assessments we made dealt with the appropriateness of the accounting principles applied, as well as the reasonableness of the material estimates used. The evaluations were made in the context of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report.

III. - SPECIFIC VERIFICATIONS AND INFORMATION We have also performed the specific verifications required by law in accordance with professional auditing standards in France.

We have no comment as to the fair presentation and coherence with the annual financial statements of the information given in the annual report and in the documents sent to unitholders with respect to the financial position and the annual financial statements.

Levallois-Perret, date of digital signature

PwC Sellam, 2, rue Vatimesnil CS 60003 92532 Levallois Perret Cedex - FRANCE T : +33 (0)1.45.62.00.82. – D :+33 (0)1.42.89.45.28. opcvm@cabinetsellam.com Statutory Auditors - member of the Compagnie Régionale de Paris. Limited Liability Company with share capital of €10,000. Registered office at 63, rue de Villiers 92200 Neuilly-sur-Seine - FRANCE RCS Nanterre: 453 541 450 – VAT no. FR 27 453 541 450 – SIRET 453 541 450 00012 – APE Code: 6920 Z.

Document authenticated by digital signature

The Statutory Auditor PwC Sellam

Patrick Sellam

ACROPOLE CONVERTIBLES EUROPE

annual accounts

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

BALANCE SHEET assets 31.10.2013

31.10.2012

EUR

Net assets

Deposits

202 662 475,30

256 591 310,58

Traded on a regulated or similar market

1 974 841,42

Not traded on a regulated or similar market

178 259 465,33

231 107 187,77

Negotiable debt securities

Other debt securities

Not traded on a regulated or similar market

21 161 384,10

19 161 337,69

UCITS reserved for certain investors – VCF - Funds investing in futures and options

3 295 317,30

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

3 241 625,87

993 126,40

59 500,00

109 627 205,34

65 547 548,91

102 216 308,56

62 183 673,59

7 410 896,78

3 363 875,32

20 140 593,32

119 735,65

20 140 593,32

119 735,65

332 430 273,96

322 258 595,14

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

• 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

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS

• TEMPORARY PURCHASES AND SALES OF SECURITIES

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

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

BALANCE SHEET liabilities 31.10.2013

31.10.2012

EUR

209 058 758,82

249 959 903,38

• Previous undistributed net capital gains and losses

• Retained earnings

10 833 455,14

3 372 206,87

7 464 079,67

223 264 420,83

257 423 983,05

458 724,93

270 029,05

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

458 724,93

268 029,05

2 000,00

108 220 015,17

62 065 770,76

100 940 156,65

61 848 760,64

7 279 858,52

217 010,12

487 113,03

2 498 812,28

Cash credit

487 113,03

2 498 812,28

Borrowings

332 430 273,96

322 258 595,14

Currency

Equity

• Capital

• Net capital gains and losses for the financial year • Result Total equity (amount representing net assets)

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS • 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 liabilites

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

OFF-balance sheet 31.10.2013

31.10.2012

EUR

16 787 903,19

19 205 239,90

- Options market (Options)

- Credit derivatives

- Swaps

- Contracts for Differences (CFD)

48 722 182,41

23 108 860,24

3 442 152,00

Currency

Hedging

• Commitments on regulated or similar markets - Futures market (Futures)

• 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) 74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

INCOMEstatement 31.10.2013

31.10.2012

EUR

2 074,74

3 324,70

234 611,38

64 063,79

7 011 283,47

9 453 004,38

-128 373,87

1 516,44

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

7 119 595,72

9 521 909,31

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

-17 255,03

-31 024,83

-17 255,03

-31 024,83

7 102 340,69

9 490 884,48

-2 410 043,13

-2 096 520,15

4 692 297,56

7 394 364,33

-1 320 090,69

69 715,34

3 372 206,87

7 464 079,67

Currency

Income from financial transactions

• Income from deposits and financial accounts • Income from equities and similar securities • Income from bonds and similar securities • Income from debt securities

Total (I) Expenses on financial transactions

• Expenses on financial debt • Other financial expenses Total (II) 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) :

74048

Mutual Fund - Annual Report- Year ended :: 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

74048

accountingrules and methods

The annual accounts are presented according to the format provided for by CRC Regulation no. 2003-02 of 2 October 2003 concerning the modified UCITS chart of accounts, in particular by Regulation no. 2011-05 of 10 November 2011 ratified by the decree of 27 December 2011, published in the J.O.R.F. (French public journal) of 30 December 2011 (distribution of realised net capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decree of 28 December 2012, published in the J.O.R.F. (French public journal) of 30 December 2012 (in the appendix to the annual accounts of funds and companies referred to in decree no. 2012465 of 10 April 2012 concerning the governance and transparency of fees and commissions charged). The new presentation of accounts associated with this new distribution possibility is applied to your UCITS. The data on the previous close (N-1) have not been restated and correspond to those certified at that time for the previous financial year by the Auditor.

a. Rules for evaluating assets 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). Transferable securities traded on a regulated market - Listed securities: at stock market value â&#x20AC;&#x201C; including coupons accrued: closing prices. Foreign prices are converted to euros according to the currency rate on the day of the assessment. Transferable securities whose price was not recorded on the day of the assessment are valued at the last officially published price or at their likely trading value under the responsibility of the management company. - UCITS: at the last known net asset value. - Negotiable debt securities and swaps with maturities over three months: at market value. When the duration becomes equal to three months, negotiable debt securities will apply the linear method up to maturity. If they are acquired at less than three months, interest is calculated using the linear method. - Unlisted securities: under the responsibility of the management company in light of the activity report. - Temporary purchases and disposals of securities are valued in line with the conditions set down in the contract. Some fixed-rate transactions with a lifetime greater than three months can be valued at the market price. Forward financial instruments French and European markets: prices on the valuation day recorded at the closure fixing. America region market: closing fixing price the day before. Conditional futures market commitments are calculated by translating options into their underlying equivalent. Commitments on swap contracts are valued at the market price. Forward exchange operations are valued at the closing price of the currencies on the day of the valuation taking account of the amortisation of the premium/discount. b. Accounting method Interest on bonds and debt securities is recorded according to the accrued interest method. 13

Mutual Fund - Annual Report- Year ended : 31.10.2013

appendices

ACROPOLE CONVERTIBLES EUROPE

74048

c. Method for evaluating off-balance sheet commitments - Off-balance sheet transactions are valued at their commitment value. - The commitment value for futures contracts is equal to the price (in the currency of the UCITS) 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 UCITS) 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 UCITS). d. Operating and management costs Management fees I Units: 0.70 % inc. VAT A units: 1.40% inc. VAT R Units: 2% inc. VAT D Unit: 0.70% inc. VAT These fees will be directly charged to the fund's yearly income statement. Variable management fees Variable commission equal to 24% Inc tax of the performance, before provision for variable management fees, in excess of the benchmark indicator "Exane Convertibles Index Europe", the reference period being the financial year of the Fund. They will be calculated and recorded in the UCITS income statement when calculating each net asset value. In case of the fund under-performing the benchmark indicator "Exane Convertibles Index Europe" before provision for variable management fees, this provision is adjusted by means of a provision reversal, provision reversals are limited to the level of the allocations. In case of a negative performance by the fund (before provision for variable management fees during the year), maximum outperformance commission charged for the year is limited to 1% of the net assets in the fund. e. Accounting currency The UCITS accounts are kept in euros. f. Indication of accounting changes subject to special information to unitholders Changes occurred: None. Changes to occur: None. g. Details of other changes which must be specifically notified to holders (Not certified by the statutory auditor) Changes occurred: None. Changes to occur: None. h. Details and justification of changes in valuation and implementation procedures None. i. Details of the type of errors that have been corrected during the period None. j. Details of the rights and conditions attached to each unit class Income will be fully capitalised for units A, I and R. Income will be fully distributed for the D unit.

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

changesnet assets 31.10.2013

31.10.2012

EUR

257 423 983,05

235 419 369,83

83 985 047,85

60 297 479,19

-143 191 845,44

-57 329 900,59

Capital gains on deposits and financial instruments

22 258 572,34

14 788 697,73

Capital losses on deposits and financial instruments

-12 794 580,19

-12 641 586,23

Capital gains on forward financial instruments

13 306 698,84

11 165 478,53

Capital losses on forward financial instruments

-11 313 583,80

-12 612 869,64

-807 152,02

-1 162 541,68

438 004 048,53

397 602,73

-429 999 423,30

13 650 668,67

-431 445 820,19

-1 446 396,89

15 097 065,56

1 700 357,41

-1 942 779,82

-334 132,17

-2 034 489,58

91 709,76

Distribution over the previous year net capital gains and losses

Prior period distribution

4 692 297,56

7 394 364,33

Deposit(s) paid(s) during the year net capital gains and losses

Interim payment(s) during the period

Other items

223 264 420,83

257 423 983,05

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 : - Estimate difference – period N

- Estimate difference – period N-1

Net income for the period before adjustment accounts

Net assets at the end of the period

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

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

Convertible bonds

167 593 943,50

Fixed-rate bonds

10 665 521,83

Variable-rate bonds

Zero-coupon bonds

Investments

Other instruments

Indexed 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

Certificates of deposit

MTN

Other instruments

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

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

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

Equities

Foreign Exchange

Other

16 787 903,19

OTC commitments

Other commitments

48 722 182,41

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

10 665 521,83

167 593 943,50

Debt securities

Temporary purchases and sales of securities

Financial accounts

20 140 593,32

487 113,03

Off-balance sheet Hedging

16 787 903,19

Other transactions

Assets Deposits

Bonds and similar 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

Bonds and similar securities

34 099 904,91

61 914 546,13

62 735 729,94

19 509 284,35

Debt securities

Temporary purchases and sales of securities

20 140 593,32

487 113,03

Off-balance sheet Hedging

16 787 903,19

Other transactions

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

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

USD

GBP

CHF

Other currencies

53 646 802,13

1 694 088,45

5 190 471,15

11 545 662,27

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

29 532 328,49

2 116 729,11

28 208,13

33 757,82

343 543,22

100 920,83

55 638 649,93

14 581 911,66

6 000 512,18

487 113,03

Off-balance sheet Hedging

5 887 673,19

Other transactions

441 255,00

8 463 378,53

Assets Deposits

Equities and similar securities Bonds and similar securities

Receivables

Financial accounts

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

Financial accounts

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 :

109 627 205,34

Forward currency purchases

28 066 694,79

Total amount traded for forward currency sales

74 149 613,77

Other Receivables : Deffered payment sales

3 534 463,10

Deffered payment purchases

3 509 823,85

Deposits (paid)

366 609,83

Other transactions

Debts Foreign exchange forward contracts :

108 220 015,17

Forward currency sales

72 702 270,16

Total amount traded for forward currency purchases

28 237 886,49

Other Debts : Deffered payment sales

3 518 803,61

Redemption fee

3 119 502,00

Deffered payment purchases

385 300,00

Accrued expenses

256 252,91

Other transactions

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

3.6. Equity Number of units issued / redeemed during the period: PART A / FR0010377143

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

4 097

4 629 957,08

10 979

12 564 609,96

PART D / FR0010979039

2 329

23 155 203,28

2 328

23 362 105,68

PART I / FR0010383448

46 263

54 137 534,50

89 413

107 095 720,57

20 487,43

2 062 352,99

1 661,84

169 409,23

PART R / FR0010549345

Subscription / redemption fee:

Amount

PART A / FR0010377143

PART D / FR0010979039

PART I / FR0010383448

PART R / FR0010549345

Amount

PART A / FR0010377143

PART D / FR0010979039

PART I / FR0010383448

PART R / FR0010549345

Retrocessions:

Commissions allocated to the UCIT:

Amount

PART A / FR0010377143

PART D / FR0010979039

PART I / FR0010383448

PART R / FR0010549345

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Unit class:

PART A / FR0010377143

1,40

PART D / FR0010979039

0,71

PART I / FR0010383448

0,70

PART R / FR0010549345

1,97

Outperformance fee (variable charges) : amount of fees for the period Unit class:

Amount

PART A / FR0010377143

37 313,00

PART D / FR0010979039

PART I / FR0010383448

151 453,44

PART R / FR0010549345

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

- Breakdown by "target" UCIT :

74048

- UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

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 : 19 167 806,03 - UCITS - other financial instruments

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

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

Date -

Unit Class -

Total amount Unit amount

Total tax credit

Unit tax credit

Total interim payments

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE 31.10.2012

EUR

Result

3 372 206,87

7 464 079,67

Total

3 372 206,87

7 464 079,67

31.10.2013

31.10.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

363 361,50

952 844,83

Total

363 361,50

952 844,83

Number of units

Unit distribution

Tax credits

31.10.2013

31.10.2012

EUR

69,58

Retained earnings for the period

Capitalisation

69,58

Number of units

Unit distribution

69,58

0,10

appendices

31.10.2013

Income allocation

Sums remaining to be allocated

Adjusted retained earnings

PART A / FR0010377143

Currency

Allocation

Information concerning the units conferring distribution rights

PART D / FR0010979039

Currency

Allocation

Distribution

Total

Information concerning the units conferring distribution rights

Tax credits

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE PART I / FR0010383448

31.10.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

3 007 990,04

6 511 234,82

Total

3 007 990,04

6 511 234,82

Number of units

Unit distribution

Tax credits

31.10.2013

31.10.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

785,75

2 583,88

Total

785,75

2 583,88

Number of units

Unit distribution

Tax credits

appendices

31.10.2013

Currency

Allocation

Information concerning the units conferring distribution rights

PART R / FR0010549345

Currency

Allocation

Information concerning the units conferring distribution rights

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses (in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Total amount

Unit amount

Total interim payments

Date

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE 31.10.2012

EUR

10 833 455,14

31.10.2013

31.10.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

1 867 811,49

Total

1 867 811,49

Number of units

Unit distribution

31.10.2013

31.10.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

248,99

Total

248,99

Number of units

Unit distribution

appendices

31.10.2013

Allocation of net capital gains and losses Amounts remaining to be allocated

Previous undistributed net capital gains and losses Net capital gains and losses for the financial year Payments on net capital gains and losses for the financial year Total

PART A / FR0010377143

Currency

Allocation

Information concerning units conferring distribution rights

PART D / FR0010979039

Currency

Allocation

Information concerning units conferring distribution rights

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE PART I / FR0010383448

31.10.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

8 928 821,21

Total

8 928 821,21

Number of units

Unit distribution

31.10.2013

31.10.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

36 573,45

Total

36 573,45

Number of units

Unit distribution

appendices

31.10.2013

Currency

Allocation

Information concerning units conferring distribution rights

PART R / FR0010549345

Currency

Allocation

Information concerning units conferring distribution rights

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

3.12. Table of results and other characteristic elements of the Fund over the last 5 periods

UCIT creation date :

12 october 2006.

Currency EUR

Net assets

31.10.2013

31.10.2012

31.10.2011

29.10.2010

30.10.2009

223 264 420,83

257 423 983,05

235 419 369,83

190 251 748,99

PART A / FR0010377143

EUR

UCIT currency :

31.10.2013

31.10.2012

31.10.2011

29.10.2010

30.10.2009

30 511

37 393

47 458

38 475

34 181

1 184,36

1 084,08

1 008,41

1 076,00

983,19

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)*

Unit tax credit transferred to unit holders (individuals) (1)

73,12

25,48

20,75

14,42

1,20

Number of outstanding units Net asset value

Unit capitalisation

* The amounts of unit distribution, unit capitalisation and tax credits are calculated according to the accounting currency of the UCITS. The unit capitalisation is defined as the sum of the result and of the net gains and losses on outstanding units. This calculation method has been applied since January, 1st 2013. (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.

PART D / FR0010979039

Number of outstanding units Net asset value

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)*

Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

EUR

UCIT currency :

31.10.2013

31.10.2012

31.10.2011

29.10.2010

30.10.2009

10 353,65

69,58

248,99

(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.

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

ACROPOLE CONVERTIBLES EUROPE

appendices

PART I / FR0010383448

EUR

UCIT currency :

31.10.2013

31.10.2012

31.10.2011

29.10.2010

30.10.2009

Number of outstanding units

149 933

193 083

180 546

135 078

135 069

Net asset value

1 235,14

1 123,28

1 037,71

1 101,90

1 001,71

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)*

Unit tax credit transferred to unit holders (individuals) (1)

79,61

33,72

26,77

20,10

6,86

Unit capitalisation

PART R / FR0010549345

EUR

UCIT currency :

31.10.2013

31.10.2012

31.10.2011

29.10.2010

30.10.2009

18 825,59

1 899

381

102,44

108,62

117,31

107,67

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)*

Unit tax credit transferred to unit holders (individuals) (1)

1,98

1,36

1,07

Number of outstanding units Net asset value

Unit capitalisation

74048

Mutual Fund - Annual Report- Year ended : 31.10.2013

74048

SIEM INDUSTRIES 1% 12/09/19 CV

RALLYE SA 1% CV 02/10/2020 DIRTY

CAP GEMINI SA 5.25% 29/11/2016

CGG VERITAS 1.75% 01/01/2016 CV

MISARTE 3.25% 01/01/2016 CV

MAUREL PRO 7.125% 31/07/14 CV DIRTY

PEUGEOT SA VRN 01/01/16 CV

KUKA AG 2% 12/02/2018 CV

THYSSENKRUPP AG 4% 27/08/2018

VOLKSWAGEN 5.5% 09/11/2015 CV

SIEMENS CV 1.05% 16/08/2017

GRP BRUXELLES LAMBERT CV 0.125% 21/09/2015

UCB SA 4.5% CV 22/10/2015

HSBC HOLDINHS PLC 6% 10/06/19

UNITE JERSEY ISSUER 2.5% 26/09/18 CV

FAURECIA CV 3.25% 01/01/2018

GRAUBUNDNER KANTONALBANK 2% 08/05/14

NO0010657968

FR0011567908

FR0011149954

FR0010998005

FR0010941427

FR0010775098

FR0010773226

DE000A1R09V9

DE000A1R08U3

DE000A1HCC83

DE000A1G0WA1

BE6242865424

BE6000386639

XS0433028254

XS0977748978

FR0011321363

CH0025148179

ARCELORMITTAL SA 5% 15/05/2014 CV

US03938LAK08

PARPUBLICA 5.25% 28/09/2017 CV

QIAGEN FIN 3.25% 05/26 CV *USD

XS0254367179

ALGETA ASA CV 3.375% 12/09/2018

SHIRE PHARMACEUTICALS GR 2.75% 09/05/2014 CV

XS0299687482

NO0010687288

PORTUGAL TELECOM 4.125% 28/08/2014 CV

PTPETROM0005

ARCELORMITTAL SA 7.25% 01/04/2014 CV DIRTY

XS0309600848

DIALOG SEMICOND 1% 12/04/2017

XS0757015606

XS0420253212

SOLIDIUM OY 0.5% 29/09/15 CV

XS0761797868

VEDANTA RESOURCES JERSEY LTD 5.50% 13/07/2016 CV

PRYSMIAN 1.25% CV 08/03/18

XS0901332337

GLENCORE FINANCE 5% 31/12/2014

APERAM 2.625% 30/09/2020 CV

XS0974057191

XS0434722087

ENI SPA 0.625% 18/01/2016 CV

XS0877820422

XS0475310396

GBL VERWALTUNG 1.25% 07/02/17 CV

XS0882243453

LUKOIL 2.625% 16/06/2015 CV

MELIA HOTELS INTERNATIONAL 4.5% 04/04/18 CV

XS0909782921

XS0563898062

LE NOBLE AGE CV 4.875% 03/01/2016

FR0011005446

Obligation

Valeurs mobilieres

Libellé valeur

PROPRE

Statut Valeur

6 230 000.00

165 000.00

1 400 000.00

2 800 000.00

4 500 000.00

3 800 000.00

13 000 000.00

2 300 000.00

3 600 000.00

1 600 000.00

191 331.00

152 484.00

30 500.00

260 000.00

3 000 000.00

41 120.00

5 000 000.00

1 000 000.00

5 500 000.00

8 400 000.00

5 500 000.00

3 250 000.00

39 000.00

6 000 000.00

6 500 000.00

4 800 000.00

5 400 000.00

5 500 000.00

6 000 000.00

3 200 000.00

9 200 000.00

6 000 000.00

2 200 000.00

45 084.00

Quantité

5 190 471.15

4 413 007.50

1 694 088.45

3 376 264.55

5 868 700.96

4 558 262.56

10 854 625.15

2 716 488.73

3 791 128.44

1 841 583.30

5 083 760.34

2 600 233.41

5 598 305.50

7 389 330.00

3 498 128.84

4 456 380.00

3 884 317.32

813 699.99

6 017 251.64

6 419 839.70

5 220 881.48

5 540 680.26

3 345 027.97

813 715.50

4 541 262.86

5 728 091.58

3 965 376.44

4 106 586.35

5 885 395.17

6 680 086.57

2 571 441.00

9 687 810.47

6 674 524.93

2 837 940.70

891 761.52

Valeur boursière

CHF

EUR

GBP

EUR

USD

EUR

USD

EUR

USD

EUR

USD

EUR

USD

EUR

Devise de cotation

2.33

1.98

0.76

1.51

2.63

2.04

4.86

1.22

1.70

0.83

2.28

1.17

2.51

3.31

1.57

2.00

1.74

0.36

2.70

2.88

2.34

2.48

1.50

0.36

2.03

2.57

1.78

1.84

2.64

2.99

1.15

4.34

2.99

1.27

0.40

% Actif net

ACROPOLE CONVERTIBLES EUROPE

Code valeur

appendices

ACROPOLE CONVERTIBLES EUROPE

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.10.2013

74048

ASSYSTEM 4% 01/01/2017 CV DIRTY

NOKIAN RENKAAT 0% 27/06/14 CONV

ELEKTA AB CV 2.75% 25/04/2017

XS0695144567

FR0011073006

XS0307124718

SE0004548030

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

ACROP.GLOBAL HIGH YIELD- PART IC

FR0010839282

FR0010920025

AI1/201312/C/105.

FRES/201312/C/96.

UMC/201311/C/38.

TKA/201312/C/20.

TKA/201312/C/17.

SPM/201311/C/17.5

AI11312C-01

FRES1312C-01

UMC1311C-01

TKA1312C-04

TKA1312C-03

SPM1311C-01

1 193.00

138 388.00

28 903.84

178 318.33

292 609.10

7 351.21

215 025.00

139 071.60

726 336.00

-139 680.00

1 600.00

292 800.00

49 972.00

-20 150.00

182 416.00

282 842.00

285 348.00

143 223.87

-21 474.00

199 420 849.43

21 161 384.10

7 751 032.35

11 416 773.68

1 993 578.07

178 259 465.33

4 194 534.85

2 838 809.50

5 318 543.23

BANQUE OU ATTENTE

Total APPELS DE MARGES

APPELS DE MARGES

Liquidites

PROPRE PROPRE PROPRE PROPRE PROPRE PROPRE PROPRE PROPRE PROPRE

Ach diff op de capi

Ach diff titres EUR

Ach regl diff dev

Banque SGD BPP

Banque TRY BPP

Banque SEK BPP

Banque CHF BPP

Vte diff titres USD

PROPRE

Appel marge USD

Banque DKK BPP

PROPRE

Appel marge EUR

3 534 463.10

343 543.22

100 883.24

37.59

-9 957.79

3 509 823.85

-385 300.00

-3 119 502.00

-477 155.24

277 420.92

101 680.92

175 740.00

2 782 900.95

ACHLIG

193.00

400.00

572.00

1 250.00

1 525.00

948.00

3 492.00

-3 492.00

1 600.00

1 200.00

806.00

-806.00

11 401.00

623.00

3 612.00

2 035.00

-1 193.00

6 499.00

112 637.00

2 206.97

30 650 000.00

2 300 000.00

213 785.00

7 351 127.42

Valeur boursière

2 782 900.95

ADS1312C-04

ACHLIG

VENLIG

ACHLIG

VENLIG

ACHLIG

VENLIG

PROPRE

Quantité 12 000 000.00

Total Options

ADS/201312/C/88.

BARN1312C-01

Statut Valeur PROPRE

Total Valeurs mobilieres

BARN/201403/C/920.

BARN/201312/C/960.

BARN1403C-01

BARN/201406/C/920.

AI1/201312/P/92.

AI11312P-01

BARN1406C-01

FT1/201312/C/10.5

FT11312C-05

HSB/201312/C/7.6

MC1/201312/C/140.

MC11312C-01

HSB1312C-02

DPW/201312/C/25.

DPW1312C-08

ML1/201312/C/80.

UHR/201312/C/600.

UHR1312C-01

ML11312C-01

ADS/201312/C/96.

ADS1312C-03

Valeurs mobilieres

Options

Total Valeurs mobilieres

Total O.P.C.V.M.

AEQUAM DIVERSIFIED FUND I1 2 DEC

FR0010973313

O.P.C.V.M.

Total Obligation

Libellé valeur

TEMASEK FINANCIA 0% 24/10/14 CV

Code valeur

USD

CHF

SEK

TRY

SGD

EUR

DKK

USD

EUR

CHF

GBP

EUR

CHF

EUR

SEK

EUR

SGD

Devise de cotation

1.58

0.15

0.05

0.00

1.57

-0.17

-1.40

-0.21

0.13

0.05

0.08

1.25

0.06

0.01

0.08

0.13

0.00

0.10

0.06

0.33

-0.06

0.00

0.13

0.02

-0.01

0.08

0.13

0.06

-0.01

89.32

9.48

3.47

5.11

0.89

79.84

1.88

1.27

2.38

3.29

% Actif net

ACROPOLE CONVERTIBLES EUROPE

Mutual Fund - Annual Report- Year ended : 31.10.2013

74048 PROPRE

Banque EUR BPP

-101 680.93

RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU

OVCT 131121 USD/EUR

OVCT 131121 CHF/EUR

OVCT 131121 GBP/EUR

OACT 131121 USD/EUR

OVCT 131121 USD/EUR

OACT 131121 USD/EUR

OACT 131121 GBP/EUR

OVCT 131121 USD/EUR

OVCT 131121 GBP/EUR

1 886 779.10

-1 466 099.76

1 474 003.37

-2 155 575.04

2 116 729.11

-1 110 630.66

1 099 574.82

-1 476 833.29

1 466 099.76

-3 445 334.43

3 512 327.52

-4 691 519.22

4 814 636.49

-7 520 210.57

7 330 498.78

-2 116 729.11

2 140 925.21

-8 466 916.45

8 530 886.55

-6 000 512.18

5 983 080.82

-39 584 693.40

40 769 794.11

-277 420.93

Change a terme

-277 420.93

-175 740.00

Total Futures

-87.00

20 061 939.47

-256 252.91

-37 313.00

-151 453.44

Total Taux ( Livraison du sous-jacent )

VENLIG

PROPRE

PrComVariableAcqu

EURO BOBL 1213

PROPRE

US 5 YR NOTE FU 1213

-1 398.63

PROPRE

PrComGestFin

PrComVariableAcqu

OE101213

-47 339.70

PROPRE

PrComGestFin

-17 969.08

PROPRE PROPRE

-779.06

366 609.83

47 899.71

318 710.12

19 674 161.63

19 634 163.32

-3 518 803.61

28 208.13

33 757.82

Valeur boursière

PrComGestFin

-66.00

Quantité

PrComGestFin

PROPRE

Vte regl diff dev

PROPRE

Banque USD BPP

Dep gar s/FUT USD

PROPRE

Banque GBP BPP

Gar sur MAT ferm V

Statut Valeur

Libellé valeur

FV1311213

Taux ( Livraison du sous-jacent )

Futures

Total Liquidites

Total FRAIS DE GESTION

FRAIS DE GESTION

Total DEPOSIT DE GARANTIE

DEPOSIT DE GARANTIE

Total BANQUE OU ATTENTE

Code valeur

EUR

USD

EUR

GBP

EUR

USD

EUR

USD

EUR

USD

EUR

USD

GBP

EUR

GBP

EUR

CHF

EUR

USD

EUR

USD

EUR

USD

EUR

USD

GBP

Devise de cotation

0.85

-0.66

0.66

-0.97

0.95

-0.50

0.49

-0.66

0.66

-1.54

1.57

-2.10

2.16

-3.37

3.28

-0.95

0.96

-3.79

3.82

-2.69

2.68

-17.73

18.26

-0.13

-0.08

-0.05

8.99

-0.12

-0.02

-0.07

0.00

-0.02

-0.01

0.16

0.02

0.14

8.81

8.79

-1.58

0.01

0.02

% Actif net

ACROPOLE CONVERTIBLES EUROPE

Mutual Fund - Annual Report- Year ended :: 31.10.2013

74048

Total ACROPOLE CONVERTIBLES EUROPE

Total Change a terme

Code valeur

Statut Valeur VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE RECU VERSE

Libellé valeur

OVCT 131121 GBP/EUR

OVCT 131121 USD/EUR

OACT 131121 USD/EUR

OVCT 131121 GBP/EUR

OACT 131121 USD/EUR

Quantité

223 264 420.83

1 276 151.91

-3 217 216.20

3 225 419.46

-726 210.61

733 049.88

-2 116 729.11

2 112 814.93

-2 896 309.23

2 932 199.51

-724 324.33

733 049.88

-8 410 576.56

8 430 073.59

-2 932 199.51

2 924 365.67

-1 881 536.99

Valeur boursière

EUR

USD

EUR

USD

GBP

EUR

USD

EUR

USD

EUR

USD

EUR

GBP

Devise de cotation

100.00

0.57

-1.44

1.45

-0.33

0.33

-0.95

0.95

-1.30

1.31

-0.32

0.33

-3.77

3.78

-1.31

1.31

-0.84

% Actif net

ACROPOLE CONVERTIBLES EUROPE

Mutual Fund - Annual Report- Year ended :: 31.10.2013