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

FCP ARTY

MAZARS

Audited annual report

As at December 30, 2011

FCP

ARTY

53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 30, 2011

1

Pursuant to the mission entrusted to us by the Board of Directors of the Fund ManagementCompany, we hereby present our report relative to the financial year closed on 30 Decem-ber 2011 on :

- the audit of the annual accounts of the ARTY mutual fund, as attached to this re-port,

- 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 rea-sonable assurance that the annual accounts do not comprise significant anomalies. An auditconsists of verifying, through sampling or by means of other methods of selection, the ele-ments justifying the amounts and information featuring in the annual accounts. With re-gard to a UCITS, it does not relate to the databases provided by independent third parties todraw up the off-balance sheet statement included in the annual accounts. It also consists ofassessing the accounting principles followed, the significant estimates used and the overallpresentation of the accounts. We feel that the elements we have collected are sufficient andappropriate on which to base our opinion.

We certify that, with regard to French accounting rules and principles, the annual accountsare valid and sincere and give a true image of the results of the operations for the past fi-nancial year and the financial situation and assets of the UCITS at the end of this financialyear.

FCP

ARTY

Year ended December 30, 2011

Auditor’s report on annual accounts

2

II – Justification for our Assessments

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to thejustification for our assessments, we hereby notify you of the following element:

- our assessments in particular related to respect for the accounting principles and methodsapplicable to UCITS, as defined by regulation n° 2003-02 of the Accounts RegulationCommittee.

The assessments thus made fall within the framework of our approach for auditing annualaccounts, taken in their entirety, and therefore contributed to forming our opinion expressedin the first part of this report.

III – Specific Information and Verifications

In compliance with professional standards applicable in France, we have also conducted thespecific verifications set out by the law.

We have no observation to make on the truthfulness and the concordance with the annual ac-counts of the information given in the annual report and in the documents sent to unit hol-ders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012

The Statutory Auditor

Mazars : Gilles DUNAND-ROUX

FCP

ARTY

Year ended December 30, 2011

3 Mutual Fund - Annual Report- Year ended : 30.12.201174034

FCP ARTY

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 143 556 296,74 74 213 824,57

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 44 410 126,53 28 508 226,72

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market 89 608 552,63 45 705 597,85


• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities 8 500 269,45 -

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS and general purpose French UCITS

1 037 348,13 -

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

- -

Listed SPE and investment funds - -

Non-listed SPE and investment funds - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing repurchase agreements - -

Receivables representing securities lendings - -

Borrowed securities - -

Repurchase agreements - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 381 122,29 597 982,60

Foreign exchange forward contracts - -

Other 381 122,29 597 982,60

Financial accounts 1 953 283,62 6 968 161,08

Cash and cash equivalents 1 953 283,62 6 968 161,08

Total assets 145 890 702,65 81 779 968,25

30.12.2011 31.12.2010

assetsBALANCE SHEET

Currency EUR EUR

Equity

• Capital 142 219 356,90 78 605 813,49

• Retained earnings - -

• Adjusted retained earnings - -

• Result 3 267 120,28 677 673,11

Total equity(amount representing net assets) 145 486 477,18 79 283 486,60

Financial instruments - -

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Debts representing repurchase agreements - -

Debts representing securities borrowings - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

Debts 404 225,47 2 496 481,65

Foreign exchange forward contracts - -

Other 404 225,47 2 496 481,65

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilities 145 890 702,65 81 779 968,25


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31.12.201030.12.2011

liabilitiesBALANCE SHEET


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Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


31.12.201030.12.2011

OFF-balance sheet


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Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts 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

• Income from debt securities 51 516,53 -

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 5 669 044,93 1 792 229,65

Expenses on financial transactions

• 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

Profit/loss on financial transactions (I - II) 5 669 044,93 1 792 175,53

Other income (III) - -

Management fees and depreciation expense (IV) -2 279 396,18 -1 493 522,07

Net income for the period (L.214-9) (I - II + III - IV) 3 389 648,75 298 653,46

Income adjustments for the period (V) -122 528,47 379 019,65

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI) : 3 267 120,28 677 673,11

30.12.2011 31.12.2010

INCOMEstatement

accountingrules and methods


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appendices

1The annual accounts are presented in the format set forth in CRC Regulation no. 2003-02 of2 October 2003 relative to the chart of accounts for UCITS, amended by CRC Regulationno. 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 valuedat the last known price.

- Debt securities and equivalent negotiable instruments which are not involved in significanttransactions are valued using an actuarial method. The rate used is that applied for issues ofequivalent securities plus or minus, where necessary, a differential representative of theintrinsic characteristics of the issuer.

However, negotiable debt securities with a residual maturity of 3 months or less, in the absenceof 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 purchasenegotiating rate. The amortisation of the premium or the discount is applied on a straight-line 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 accordancewith the regulations in force, based on the terms of the original agreement.

• Financial instruments not traded on a regulated market are valued by the managementcompany at their probable trading value.

• Warrants or subscription certificates obtained free of charge during private placements orcapital increases are valued as of their admission to a regulated market or the organisationof an over-the-counter market.

• Contracts:

- Futures are valued at the settlement price and options are valued on the basis of the vehicleused.

- The market price for futures is equal to the price in EUR multiplied by the number ofcontracts.

- 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 forwhich the price has been adjusted, are valued at their probable trading value by the Boardof Directors of the management company. The auditor will be provided with these valuationsand 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 Bloombergdatabases, depending on their listing market. The research options are completed by“Télékurs” “Fin’xs” and “Reuters” “Securities 3000”:


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appendices

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

-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 thesettlement prices of that day.

Positions on the options markets at each net asset value are valued according to the principlesused 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 'couponsreceived' 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 deltamultiplied by the nominal amount of the underlying security.

The commitment value for swap contracts is equal to the nominal amount of the contract (inthe 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.) andtransfer fees, if applicable, which may be levied by the custodian and the managementcompany.

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 itsobjectives. 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 thefollowing basis:

• 15% incl. taxes of the performance above the composite index 75% Eonia / 25% DJ EuroStoxx 600

• The provision for variable management fees is adjusted each time net asset value iscalculated, on the basis of 15% including taxes of the fund's outperformance compared withthe 75% Eonia / 25% DJ Euro Stoxx 600 composite index. If the fund underperforms the


FCP ARTY

appendices

benchmark, this provision is adjusted in the form of a reversal. A provision reversal may notexceed the value of the provision.

• Outperformance is calculated for the first time on the date the fund is launched, on the basisof a benchmark net asset value established on the same date.

• Variable management fees charged by the management company are paid annually, on thelast trading day of December. Variable management fees are chargeable only if the net assetvalue at the end of the year is higher than the initial nominal value for the first year, and onthe net asset value at the start of the year for subsequent years. Fees were deducted for thefirst 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.


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appendicesCurrency EUR EUR

Net assets at the beginning of the period 79 283 486,60 29 564 031,41

Subscriptions (including the subscription fee allocated to the UCIT)

184 613 249,64 66 730 572,36

Redemptions (with deduction of the redemption fee allocated to the UCIT)

-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

Transaction fees -262 175,30 -77 554,02

Foreign exchange differences 329 631,05 61 471,24

Changes in the estimate difference in deposits and financial instruments :

-12 827 970,23 765 280,38

- Estimate difference – period N -9 421 710,48 3 406 259,75

- Estimate difference – period N-1 3 406 259,75 2 640 979,37

Changes in the estimate difference in forward financial instruments :

- -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

Prior period distribution - -

Net income for the period before adjustment accounts 3 389 648,75 298 653,46

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 145 486 477,18 79 283 486,60

30.12.2011 31.12.2010

changesnet assets2


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appendices3.1. Financial instruments : breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrumentTraded on a regulated

or similar marketNot traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds 84 089 018,47 -

Variable-rate bonds 5 519 534,16 -

Zero-coupon bonds - -

Investments - -

Other instruments - -

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 8 500 269,45 -

MTN - -

Other instruments - -

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additionalinformation3


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appendices

3.2. Breakdown by rate type for asset, liability and off-balance sheets itemsFixed rate Variable rates Rollover rate Other

AssetsDeposits

- - - -

Bonds and similar securities 84 089 018,47 - 5 519 534,16 -

Debt securities 8 500 269,45 - - -

Temporary purchases and sales ofsecurities

- - - -

Financial accounts - - - 1 953 283,62

LiabilitiesTemporary purchases and sales ofsecurities

- - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

AssetsDeposits

- - - - -

Bonds and similar securities 421 436,04 1 358 019,39 15 762 487,45 39 183 226,95 32 883 382,80

Debt securities 8 500 269,45 - - - -

Temporary purchases and salesof securities

- - - - -

Financial accounts 1 953 283,62 - - - -

LiabilitiesTemporary purchases and salesof securities

- - - - -

Financial accounts - - - - -


- - - - -

Other transactions - - - - -

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

HedgingCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -


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appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis 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

AssetsDeposits

- - - -

Equities and similar securities 6 041 452,18 3 434 481,60 3 291 378,74 589 841,54

Bonds and similar securities - - - -

Debt securities - - - -

Collective investment undertakings - - - -

Temporary purchases and sales ofsecurities

- - - -

Receivables - - - -


LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of securities

- - - -

Debts - - - -



- - - -

Other transactions - - - -

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

ReceivablesForeign 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 -

DebtsForeign 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 -


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appendices

3.6. EquitySubscriptions Redemptions

Number of units issued / redeemed during the period

Number of units Amount Number of units Amount

PARTS CAPITALISABLE / FR0010611293 152 190,877 184 373 351,71 89 075,795 103 165 102,74

PARTS R / FR0011039304 196,847 239 897,93 6,066 6 920,23

Subscription / redemption fee Amount Amount

PARTS CAPITALISABLE / FR0010611293 - -

PARTS R / FR0011039304 - -

Retrocessions Amount AmountPARTS CAPITALISABLE / FR0010611293 20 258,59 989,84

PARTS R / FR0011039304 - -

Commissions allocated to the UCIT Amount AmountPARTS CAPITALISABLE / FR0010611293 - -

PARTS R / FR0011039304 - -


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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 Amount

Category of part

PARTS CAPITALISABLE / FR0010611293 58 664,98

PARTS R / FR0011039304 -

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

- Breakdown by "target" UCIT :

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -


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appendices

3.8. Commitments received and granted3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. 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 -


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



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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 interimpayments

- - - -


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appendices

Income allocation EUR EUR

Sums remaining to be allocated

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

PARTS CAPITALISABLE / FR0010611293 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 3 264 582,94 677 673,11

Total 3 264 582,94 677 673,11

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -

PARTS R / FR0011039304 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 2 537,34 -

Total 2 537,34 -

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -


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appendicesPARTS CAPITALISABLE / FR0010611293 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 -Number of outstanding units

128 490,379 65 375,297 26 233,294 23 685,82 -

Net asset value 1130,6 1 212,74 1 126,96 926,07 -

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation 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 clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

PARTS R / FR0011039304 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 -Number of outstanding units

190,781 - - - -

Net asset value 1125 - - - -

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation 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 clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

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

UCIT currency

EUR 30.12.2011 31.12.2010 31.12.2009 31.12.2008 -

Net assets 145 486 477,18 79 283 486,60 29 564 031,41 21 934 779,82 -


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appendices

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

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