TIKEHAU TAUX VARIABLES - tikehaucapital.com/media/Files/T/...ra-tikehau-taux-variables...- Asset...

Open-ended Mutual Fund governed by French law

TIKEHAU TAUX VARIABLES

ANNUAL REPORT

As at 30 December 2016

This English version is provided to you for information purposes only. Only the French version is binding and enforceable on the parties and the investors and, in case of discrepancy between the

two versions, the French version will prevail.

Management Company: Tikehau Investment Management

Custodian: Caceis Bank

Statutory Auditors: Ernst & Young Audit

Tikehau Investment Management - 32 rue de Monceau - 75008 - Paris

2

1. CARACTERISTICS OF THE UCI

• Structure of the Fund Open-ended Mutual Fund (FCP).

• Classification

Bonds and other debt instruments denominated in euro.

• Procedures for the determination and allocation of income: The class shares A, A CHF, P, E, K1 and K2 Fund’s income is reinvested in full. The D shares is the subject to distribution, as provided by the legal and regulatory provisions, including the possibility of distributing interim dividends during the year.

• Investment objective: The Fund seeks to achieve an annualised gross outperformance of the 3-month Euribor "EUR 3M" + 200 basis points (quotations for this index can be found on the Internet, for example on www.banque-france.fr) with an investment horizon of more than one year, net of management fees specific to each share class (i.e., an annualised net outperformance of the 3-month Euribor + 150 basis points for A, D and K1 shares, an annualised net outperformance of the 3-month Euribor + 100 basis points for P and K2 shares, and an annualised net outperformance of the 3-month Euribor + 180 basis points for the E share).

• Benchmark index: Investors’ attention is drawn to the fact that the portfolio’s management approach (see below) will never consist in tracking the composition of a benchmark index. However, "EUR 3M" may be used as an ex post performance indicator. Together with EONIA, EURIBOR is one of the main benchmark rates for the euro zone money market. It is the deposit account interest rate offered on the European market by top tier banks. The rate’s name is derived from a contraction of Euro Interbank Offered Rate (EURIBOR). EURIBOR is determined based on a sample of 57 banks (including 51 European banks). The rates are published daily by the EBF at 11 a.m. The interest is calculated on an exact 360-day calculation basis. The rate applies two business days after it is set.

• Investment strategy

a) Strategy used

This is a bond fund that will have exposure mainly to "Investment Grade" debt securities (with a rating above or equal to BBB- from Standard and Poor's/Fitch or Baa3 from Moody's), issued by entities in the private and public sectors, mainly in the euro zone and on which the interest rate risk will have been minimised by the use of floating-and variable-rate bonds regardless of maturity, bonds with short maturities, interest rate hedging instruments (interest rate swaps or futures contracts), and inflation-linked bonds. The rating applied by the portfolio management company will be the highest obtained from the rating agencies Standard and Poor's, Fitch and Moody’s. The Fund may also invest in derivatives, on a subsidiary basis, including credit derivatives (credit default swaps) on an ancillary basis, and the positions will be held with a medium-term view. Exposure to credit derivatives will be made in the limit of 10% of the net assets. The aim is to receive the income generated by the portfolio, and to possibly optimize the income via overexposure. Derivatives may be used both for hedging and exposure purposes; the portfolio’s global exposure can therefore be increased to 200%. The Fund may also have exposure to "High Yield" securities (with a rating lower than BBB- from Standard and Poor's/Fitch or Baa3 from Moody’s) or unrated securities: they may not represent more than 45% of the net assets of the Fund. Exposure in "High Yield", speculative securities, will be limited to 35% of the net assets of the Fund.

3

Interest-rate

sensitivity range Security issuers

Security issuers’

geographical area

Corresponding

exposure range

Between -1 and 1 Private and public

sector companies Primarily in the euro zone Up to 200%

The Fund’s multi-investment nature is significant, as the managers wishes are to invest freely in the debt securities that they select via the most appropriate channels. The portfolio will be sensitive to interest rates, and will not be subject to maturity constraints for each bond. This sensitivity will be actively managed, based on the manager’s expectations, and will range between -1 and 1 overall. Sensitivity to credit spreads will be between -1 and 4. As a result, the Fund’s investment strategy will be based on two main factors:

The level of the yield curve o The Fund will minimise interest-rate risk by using floating-rate or interest-rate hedging instruments.

The general level of risk premiums, and their structure for borrowers o The premium represents the return on risk for the asset class. The Fund will be continually involved

in the fluctuations in this premium. o Managing the allocation between government bonds and private sector debt.

These components, along with the full array of debt instruments, will enable optimal management of the portfolio. The issuing companies will be selected based on a high number of criteria, including:

Size

Operating margins

Sector and positioning of the company

Cash-flow stability

Debt level

Management’s proficiency

Company prospects and evolution of its markets.

b) Concerned financial instruments

Used assets, excluding derivatives:

Debt securities and money market instruments: up to 200% of net assets. o The Fund will primarily invest in private or Government debt securities (bonds, bonds convertible

into shares, subordinated bonds, transferable debt securities or any other type of debt), or in listed securities issued by securitisation vehicles such as units in Debt Securitisation Funds or equivalent vehicles.

o The Fund may also have exposure to "High Yield" securities (with a rating lower than BBB- or equivalent) or unrated securities: they may not represent more than 45% of the net assets of the Fund. Exposure to "High Yield" securities will be limited to 35% of the net assets of the Fund.

o The portfolio’s sensitivity will be ranged between -1 and 1, but the Fund is not subject to any restrictions concerning the final maturity of the bonds in which it invests.

o This asset class will account for most of the capital investments.

Units or shares of French or European UCITS and investment funds: up to 10% of net assets. For purposes of diversification, the Fund may invest up to 10% of its net assets in : o units or shares of French or foreign UCITS compliant with Directive 2009/65/EC o units or shares of other French or foreign UCIs or foreign investment funds which meet the conditions

laid down in Paragraphs 1 to 4 of Article R. 214-13 of the French Monetary and Financial Code.

4

Units or bonds issued by Mutual Fund Securitization: The Fund may invest up to 10% of net assets in units or bonds of Mutual Fund Securitization/ Securitisation Companies managed by Tikehau Investment Management and for which the portfolio management company can perceive structuring and management charges.

Exposure to the equity markets: up to 10% of net assets. The Fund may hold equities admitted to trading directly or when the debt securities held by the Fund are converted to or redeemed in equity capital. The Fund may invest in shares of companies of all market capitalisation and of all geographic regions. Moreover, the Fund may have exposure to the equity markets through investment in units or shares of UCITS.

Furthermore, the bonds and debt securitisation funds in which the Fund invests may be unlisted, within the regulatory maximum of 10% of net assets (other eligible assets). As a listing is not often éa guarantee of liquidity on the bond market, we view it as a subcriterion. Forward financial instruments: Types of markets: For purposes of hedging its assets and/or achieving its investment objective, the Fund may make use of financial contracts, traded on regulated markets (futures) or over the counter (options, swaps, etc.). In this respect, the asset manager may build an exposure to or a synthetic hedge on CDS indices, sectors or geographical regions. On this account, the Fund may take positions to hedge the portfolio against certain risks (interest rates, equity, credit, currency) or to obtain exposure (long or short) to these risks. Risks in which the portfolio manager wishes to invest:

- Interest-rate risk - Currency risk: - Credit risk - Equity risk

Nature of the transactions:

- Hedging - Exposure

Nature of the instruments used:

- Interest rate options - Forward contracts on interest rates and equity - Options on bonds, equities, interest rates - Interest rate hedging instruments (swaps, swaptions) - Transactions in Credit Default Swaps (CDS) or via ITRAXX indices - Currency swaps: The Fund’s assets may also include a portion of assets in foreign currencies; currency

swap transactions will be entered to hedge the currency risk. No significant currency risk will be taken by the Fund.

- Asset swaps: contracts that enable the delivery of a (conventional or convertible) bond to the counterparty via swapping the physical security against its nominal value and via arranging an interest-rate and/or currency swap with a margin (known as an asset swap).

Strategy for using derivatives:

- Hedge the portfolio against certain risks (interest rates, equity, credit, foreign exchange) - Obtain exposure to interest rate risk and equity risk - Build a synthetic exposure to assets and risks (interest rates, equity, credit)

The maturity of the contracts shall be consistent with the Fund's investment horizon. The exposure to these financial instruments, markets, rates and/or to some of their parameters or components resulting from the use of financial contracts may not exceed 100% of net assets. Credit derivatives will be used in the context of the Fund’s management in cases, whenever the Fund requires an active credit risk management policy.

5

The use of credit derivatives will meet three fundamental requirements:

Implementing directional strategies. Alongside positions in underlying cash assets, credit derivatives will primarily be used in the following

cases:

o There are no underlying cash assets for a given issuer. o There are no underlying cash assets for the desired length of exposure to a given issuer. o The relative value of the underlying cash assets and the derivatives justifies the investment.

Implementing spread strategies between issuers, and credit curves for the same issuer, or arbitrage strategies between the same issuer’s products (cash against derivatives).

The Fund may use OTC (index) options on liquid underlying assets that do not pose any valuation issues (vanilla options). The managers are not planning to use over-the-counter financial instruments that are actually very complex, and where the valuation may be uncertain or incomplete. Furthermore, the Fund does not rule out investing from time to time in other instruments that enable exposure to some risks under better conditions than via the instruments described above. Authorized counterparties As part of OTC transactions, counterparties are financial institutions specialized in this type of transactions. Additional information on the counterparties to the transactions will appear in the Fund's annual report. These counterparties will have no discretionary power on the composition or the management of the Fund. Management of financial guarantees As part of operation on financial instruments OTC, some operations are covered by a collateralisation policy. This policy consists in performing margin calls in cash in the currency of the fund in order to cover the latent result of the operation according to triggers thresholds. Contingent Convertible Bonds (“CoCos”): The SICAV can invest in this type of instrument up to a 15% maximum of its net asset and suffer the specific risks tied to CoCos, described à the section 7 of the prospectus. Deposits The Fund may invest its excess cash in term deposit accounts. These deposits may amount to up to 100% of the Fund’s assets.

Cash borrowing

The Fund may temporarily have recourse to borrowing species in particular to optimize the cash management of the Fund. This type of operation will nevertheless be used incidentally. As security for the overdraft facility granted by the bank or depositary institution, the Fund provides a financial guarantee in the simplified form under the provisions of Articles L. 211-38 and following of the Monetary and Financial Code.

Temporary purchases and sales of securities

The Fund may temporarily dispose of financial instruments (securities lending, repurchase, etc.) up to 100% of its net assets. The Fund may purchase financial instruments on a temporary basis (borrowing securities, and reverse repos, etc.) up to an amount equivalent to 10% of its net assets This limit will be raised to 100% in the event of reverse repos in exchange for cash, on condition that the financial instruments that are the subject of the repo are not included in any disposal transaction, including temporary transactions or the granting of guarantees. All revenues resulting from efficient portfolio management techniques, net of direct and indirect operating costs, are returned to the Fund. Objective of temporary purchases and sales:

Cash management;

6

Optimisation of the Fund’s revenues;

Helping to generate leverage

Authorized counterparties As part of the securities lending transactions, counterparties are financial institutions specialized in this type of transactions. Additional information on the counterparties to transactions will appear in the Fund's annual report. These counterparties will have no discretionary power on the composition or the management of the Fund. The selection of counterparties for OTC transactions on derivatives and securities lending is in line with a procedure known as “best selection”.

Management of financial guarantees:

As part of the realization of securities lending transactions, the Fund may receive financial assets as guarantees and aiming to reduce the exposure of the UCITS to counterparty risk. In the event the financial guarantee is received in cash, it will either be:

- Placed on deposit with entities prescribed in Article 50, paragraph f) of the UCITS Directive; - Invested in high quality government bonds; - Used for repo transactions (reverse repurchase transactions), provided that such transactions are made

with credit institutions subject to prudential supervision and that the fund can call at any time the total liquidity taking into account accrued interest;

- Invested in money market mutual funds in the short term (as defined in the ESMA guidelines for a common definition of European money market mutual funds). Internal limits on benchmark entities and assets The list of benchmark entities will be the same as that laid down in Article R. 214-14 3°) of the French Monetary and Financial Code for French UCITS. The investment strategy requires monitoring the financial structure of all corporate issuers via an internal database, regardless of whether they are Investment Grade or Speculative Grade. The companies will primarily belong to all sectors of the economy, and will mainly be located in OECD countries. The Fund will mainly invest in the debt of sizeable companies (with revenues of over € 300 million) but will not rule out looking at smaller companies on an opportunistic basis, with a view to maximising the risk/return profile of the Fund while retaining a reasonable level of liquidity. The use of derivative instruments may result in overexposure amounting to up to 200% of net assets. Contracts amounting to financial guarantees The Fund will offer a Bank or Financial Institution granting it an overdraft facility a guarantee in the simplified form provided for by Articles L. 211-38 et seqq. of the French Monetary and Financial Code.

• Risk profile: Warning: Your money will mainly be invested in financial instruments selected by the management company. These instruments will be subject to market trends and risk. Risk of capital loss: The Fund does not guarantee the capital invested. Investors may not recover the value of their initial investment. Credit risk: The Fund may be fully exposed to credit risk on private and public issuers, via bonds or credit derivatives. In the event that their financial position deteriorates, or that they default, the value of the debt securities may fall and result in a decrease in the net asset value. Investments in high-yield securities with a low or inexistent rating may increase the credit risk. Discretionary risk: The discretionary management style is based on anticipating changes in the various markets. There is a risk that the Fund may not be invested in the best-performing markets at all times. Risk associated with futures commitments: As the Fund may invest in financial futures up to a maximum exposure equivalent to 200% of net assets, the Fund’s net asset value may therefore experience a steeper decline than the markets to which the Fund is exposed. Operational risk: The systems or processes implemented to ensure the proper processing of transactions may

7

fail. Interest rate risk: Sensitivity to interest rates may vary depending on the fixed-rate securities held, and result in a decrease in the Fund’s net asset value. Even though the Fund will retain a risk sensitivity of less than 1, there may still be a residual interest-rate risk. Counterparty risk: The Fund may be required to enter into transactions with counterparties that for a certain period hold cash or assets. Counterparty risk can be generated by the use of derivatives or securities lending and borrowing. The Fund therefore carries the risk that the counterparty does not carry out the transactions instructed by the portfolio management company due to insolvency, bankruptcy of the counterparty among others, which may cause a decline in the net asset value. Managing this risk entails the process of choosing counterparties both for brokerage and OTC transactions. Liquidity risk: Liquidity, particularly in OTC markets, is sometimes reduced. Especially in turbulent market conditions, the prices of portfolio securities may experience significant fluctuations. It can sometimes be difficult to unwind some positions on good terms for several consecutive days. There can be no assurance that the liquidity of financial instruments and assets is always sufficient. Indeed, the Fund's assets may suffer from adverse market developments that may make it more difficult to adjust positions on good terms. Currency risk: The Fund may be exposed to currency risk in the proportion to that part of the net assets invested outside the euro zone not hedged against this risk, which could lead to a decrease in its net asset value. For units denominated in a currency other than the euro, the currency risk linked to fluctuations in the euro versus the valuation currency is residual thanks to systematic hedging. This hedging may generate a performance differential between units in different currencies. Equity risk: The Fund may be exposed to equity risk on an ancillary basis, which could lead to a decrease in its net asset value in case of decrease of this market. Risk of conflict of interests: the fund can be invested in OPC managed by Tikehau IM or company connected or securities issued by these OPC. This situation can be source of conflicts of interests. Specific risks linked to the investment in the contingent convertible bonds (“CoCos”):

- Trigger level risk: trigger levels differ and determine exposure to conversion risk depending on the distance to the trigger level.

- Coupon cancellation: Coupon payments are entirely discretionary and may be cancelled by the issuer at any point, for any reson, and for any length of time.

- Yield/Valuation risk: investors have been drawn to the instrument as a result of the CoCos often attractive yield which may be viewed as a complexity premium.

- Call extension risk: CoCos are issued as perpetual instruments, called at pre-determined levels only with the approval of the competent authority.

- Capital structure inversion risks: contrary to classic capital hierarchy, CoCo investors may suffer a loss of capital when equity holders do not.

- Liquidity risk: like the high-yield bond market, the liquidity of the CoCos car be significantly affected in turbuleny market conditions.

• Guarantee or protection: The Fund offers no guarantee or protection. • Target investors and investor profile: The Fund's shares are not open to investors with the status of "U.S. Person" as defined in Regulation S of the SEC (Part 230-17 CFR230.903). The Fund is not, and will not be, registered under the U.S. Investment Company Act of 1940. Any resale or transfer of shares in the United States of America or to a "U.S. Person" may constitute a violation of U.S. law and requires the prior written consent of the management company of the Fund. Those wishing to acquire or subscribe for shares must certify in writing that they are not "U.S. Persons".

8

The Fund's management company has the power to impose restrictions (i) on the holding of shares by a "U.S. Person" and thus enforce the compulsory redemption of shares held, or (ii) on the transfer of shares to a "U.S. Person". This power also extends to any person (a) who is shown to be directly or indirectly in violation of the laws and regulations of any country or government authority, or (b) who could, in the opinion of the Fund's management company, cause the Fund to suffer harm that it would not otherwise have undergone or suffered. The offer of shares has not been authorised or rejected by the SEC, by the specialist commission of a U.S. state or any other U.S. regulatory authority, nor have those authorities pronounced on or sanctioned the merits of such offer, or the accuracy or adequacy of documents relating to this offer. Any statement to this effect is contrary to law. Any holder of shares must immediately inform the Fund's management company in the event that they become a "U.S. Person". Any holder of shares becoming a U.S. person will not be allowed to acquire new shares and may be asked to dispose of their shares at any time for the benefit of people not having the status of "U.S. Person". The Fund's management company reserves the right compulsorily to redeem any shares held directly or indirectly by a "U.S. Person", or if the holding of shares by any person whatsoever is contrary to law or to the interests of the Fund. The definition of "U.S. Person(s)" as defined in Regulation S of the SEC (Part 230-17 CFR230.903) is available at the following address: http://www.sec.gov/laws/secrulesregs.htm

- A and A CHF shares: suitable for investors with a minimum initial subscription of 10,000 euro or 10,000 CHF.

- K1 shares: suitable for investors with a minimum initial subscription of 100,000 euro. - E shares: reserved exclusively for executive officers and employees (investing either directly, or

through all companies under their control), shareholders, companies or invested funds under the control (i) of the management company or (ii) of any company directly or indirectly controlling the management company, the term "control" being used according to the meaning of Article L233-3 3-37 of the French Commercial Code.

- P and K2 shares: all investors. - D shares: suitable for investors with a minimum initial subscription of 100,000 euro.

• Profile of the typical investor: This Fund is intended for all investors, especially those seeking a higher return than the 3-month Euribor while having exposure to the credit market, which generally undergoes less pronounced variations than the equity market. The recommended investment horizon is 12 to 18 months. The amount that is reasonable to invest in the Fund will depend on the personal circumstances of each unitholder. To determine this, each holder should take into account their personal wealth, their current requirements over an investment horizon of at least 12 to 18 months, but also their willingness to take risks or opt instead for a prudent investment.

9

2. CHANGES DURING THE FISCAL YEAR OR FOR THE FISCAL YEAR TO COME

None.

10

3. INVESTMENT MANAGER’S REPORT

State of the financial markets on 2016

New the crisis of 2008, had we experienced such widespread risk aversion. All asset classes were in negative tendency at the beginning of 2016, with the exception of “safe investments” such as sovereigns or gold. Fears regarding Chinese growth, continuing economic slowdown, decrease in oil prices, mistrust in all the European banking industry as well as growing concerns about recession in the United States, have crystallized fears and led to a strong resurgence of volatility. In this extremely volatile conditions, we witnessed a strong increase in the correlation between risky assets, pacing with changes in oil prices. After a low point in mid-February, the trend reversed in March with a marked upturn on all asset classes. Unusually, the price of oil and actions by two major central banks have played a major role in the market sentiment reversal: a much more dovish comments from the FED and an extension of the European Central Bank asset purchase program to better rated companies.

Then, even though in background, central banks PR began to become less important while macroeconomic data and geopolitical concerns have been dictating the tone on the financial markets. “Brexit” was the first crisis shake. June 2016 will remain the date when United Kingdom voted in favour of leaving the European Union. The vote outcome took by surprise a substantial number of investors, which led to a downside movement for a majority of risky assets during the next two days. But this effect did not last long, as global central banks, proved willing to counter the uncertainties resulting from the vote, reassured the markets and assured a safe recovery. This upward movement has continued during the summer until coming close to the US elections. Then, come the second geopolitical shake of the year with the election of Donald Trump as President of the United States. However, beyond the victory of populist theses, the markets were more focused on implications in purely economic terms, particularly regarding budget stimulus and tax cuts. A few hours later, the markets closed higher. In parallel with the upward movement mentioned earlier, the continuing rebound in oil price, combined with more and more comforting macroeconomic releases, started a progressive increase of interest rates from their low point of mid-July. Deflation disappeared slowly in favour of an inflation coming back. The process accelerated after the U.S. elections. Indeed, on paper, it appears that Donald Trump writes a new page in terms of growth perspective and inflation. However, the question of how to finance such a plan in presence of a significant debt is raised. Even though details have not been disclosed, hopes are still high as shown by inflation expectations. This unshakeable increase in price for risky assets continued until the end of the year, in spite of the third and last geopolitical shake: the Italian referendum. Italians said “no” to Matteo Renzi. Although it enhances the mid-term risk of political instability in the euro area, particularly with the perspective of early elections in the second trimester of 2017 combined with the growth of the far right (Five star movement), this result was broadly expected. The hope of an ECB on the bedside of Italian economy and the absence of a negative surprise have led to an unwinding of hedging strategies and trade-offs favourable to risky assets, only two hours after the markets opening. Lastly, how could we not mention the central banks “dance” in December. The objective was simple: adjust their strategy to face a less and less deflationary environment. They did not disappoint. The ECB will reduce its monetary policy from next March until the end of 2017. The ECB has also softened its policy by integrating sovereign debts with a maturity of between one and two years as well as sovereign debts yielding the overnight rate (-0.40%).

By acting this way, the ECB marks a slight inflation comeback but a weak growth that will probably be sufficiently sustained to trigger tension within the job market (wage increase) that will lead to an increase of entrenched inflation. Across the Atlantic, it is the opposite. The FED benefits from sustainable upward price-dynamics in line with the growth of wages. Thus, it could raise its interest rates by 25bps while announcing three

11

consecutive increases next year. It also supported the idea that Trump’s recovery plan may be more inflationary if incorrectly set, possibly leading to a faster normalisation of its monetary policy than anticipated.

Finally, the Bank of Japan and the Bank of England have opted for a status quo in order to have a better visibility of their economy. If in Japan growth and inflation remain weak, the resilience of the British economy may not last long in a context of negotiations with the European Union which are to start in a few months. Comments on management on 2016

Throughout the year, the fund stood by its mandate and historical positioning by focusing its investments on the short-end of the curve, not only in High Yield but also in financial subordinated debt (banks and insurances) through legacy tier 1 securities with anticipated call dates no later than 2020. Although the allocation in cash & cash equiv. remained high all year (around 20%), they were remunerated by short-term investments in money-market securities or bonds in order to increase return. Perspectives on 2017

In 2017, the fund will maintain the same positioning in order to maximize return on the short-end of the curve whilst having strong sensitivity to very low rates. The level of liquidity should fluctuate between 15% and 20%. It will not only protect our investors’ capital against a possible correction in an environment of high valuations of risky class assets but also allow us to participate in the primary market which remains active, particularly on High Yield bonds with floating coupons. Lastly, in this low rate environment, there remain many refinancing perspectives that constitute investment opportunities for the fund that will continue to generate its carry while limiting drawdowns.

12

Performances de l’exercice et détail des encours Tikehau Taux Variables A 30/12/2016

Net Asset Value in EUR 651 589 625.75 Number of Units 5 216 565.190 NAV per Unit in EUR 124.90 Performance over the FY in % +1.63%

Tikehau Taux Variables A CHF 30/12/2016

Net Asset Value in CHF 10 722 610.42 Number of Units 106 831.730 NAV per Unit in CHF 100.36 Performance over the FY in % +0.98%

Tikehau Taux Variables E 30/12/2016

Net Asset Value in EUR 36 069 687.33 Number of Units 278 255.936 NAV per Unit in EUR 129.62 Performance over the FY in % +1.98%

Tikehau Taux Variables K1 30/12/2016

Net Asset Value in EUR 2 467 730.49 Number of Units 21 870.000 NAV per Unit in EUR 112.83 Performance over the FY in % +1.63%

Tikehau Taux Variables K2 30/12/2016

Net Asset Value in EUR 209 998.38 Number of Units 1 900.000 NAV per Unit in EUR 110.52 Performance over the FY in % +1.13%

Tikehau Taux Variables P 30/12/2016

Net Asset Value in EUR 176 082 129.85 Number of Units 1 462 532.045 NAV per Unit in EUR 120.39 Performance over the FY in % +1.13%

Tikehau Taux Variables D* 30/12/2016

Net Asset Value in EUR 5 018 865.15 Number of Units 50 000.000 NAV per Unit in EUR 100.37 Performance over the FY in %* +0.37%

(*) The D Unit has been activated on 23/11/2016. Past performance is not a reliable indicator of future results.

13

Principaux mouvements dans le portefeuille au cours de l’exercice

Securities Movements ("Accounting Currency")

Acquisitions Disposals

AMUNDI CASH INSTITUTIONS SRI I 36 989 405.36 73 376 520.75

AMUNDI CASH CORPORATE IC 58 159 636.33 22 552 573.50

NATIXIS TRESORERIE PLUS Part IC 36 260 316.64 17 943 426.33

BRAK CAPI 7.125% 15-12-18 21 547 442.49 20 015 968.78

CASINO ZCP 08-09-16 19 998 450.13 20 000 000.00

ELIS EXHOLDELIS ZCP 12-09-16 19 994 751.38 20 000 000.00

ARKEMA ZCP 15-03-16 15 000 525.02 15 000 000.00

UNIO FINA GRAI ZCP 14-04-16 15 000 322.92 15 000 000.00

STEF ZCP 07-11-16 14 999 666.68 15 000 000.00

STEF ZCP 07-12-16 14 999 625.01 15 000 000.00

Securities Financing Transaction Regulation – SFTR Regulation requirements

During the FY, the fund did not traded securities under the SFTR regulations.

14

ESMA

• Information on Effective Portfolio Management Techniques

a) Exposure obtained through efficient portfolio management techniques and

derivative financial instruments

• Exposure obtained through efficient portfolio management techniques: 0.00

Loaned securities: 0.00

Borrowed securities: 0.00

Securities held under sell-back deals: 0.00

Securities sold under buy-back deals: 0.00

• Underlying exposures obtained through derivative financial instruments: 44 379 074.92

Forward currency transactions: 44 379 074.92

Futures: 0.00

Options: 0.00

Swaps: 0.00

b) Counterparty(s) in the techniques of efficient portfolio management and financial derivative instruments

Efficient portfolio management techniques Financial derivative instruments (*)

GOLDMAN SACHS INTERNATIONAL LTD

GOLDMAN SACHS GROUP INC

CACEIS BANK (FRANCE)

(*) Ex. contracts in regulated markets or similar.

15

c) Financial guarantees received by the UCITS to reduce the counterparty risk

Type of securities Value in accounting currency

Efficient portfolio management techniques

. Deposits

. Shares

. Bonds

. UCITS

. Cash (**)

Total

80 000.00

80 000.00

Financial derivative instruments

. Deposits

. Shares

. Bonds

. UCITS

. Cash (**)

Total

(**)The cash account also includes cash amounts resulting from repurchase transactions.

d) Operating income and operating expenses resulting of efficient portfolio management

techniques

Operating income and operating expenses Value in accounting currency

. Income (***)

. Other income

Total income

. Direct operating expenses

. Indirect operating expenses

. Other expenses

Total expenses

132.79

132.79

220.97

220.97

(***) Income resulting of loaned securities and securities held under sell-back deals

16

4. REGULATORY REQUIREMENTS

• DEONTOLOGY

Information relating to operations during the year and on the securities for which the

Management Company is informed that his group has a particular interest:

Net Asset Value in K EUR

Securities issued by the promoter group None Loans issued by the promoter group None UCITS issued by the promoter group None

• SELECTION AND EVALUATION OF MARKET INTERMEDIARIES

The Brokers Committee Responsibilities of the Committee As part of the management of the relation with its market intermediaries and counterparties, Tikehau Investment Management equipped itself with a brokers Committee meeting, to be held as often as necessary, and at least once every year. The Broker Committee is responsible for:

Monitoring and updating the best selection policy;

Limiting or even terminating a relation with an intermediary or counterparty. Furthermore, the Committee takes note of newly developed relations since its last meeting. Decisions of the Committee are recorded on a synthesis document that will be archived for at least 5 years. Committee composition

The Committee is formed with the following associates:

Directors of Tikehau Investment Management

Heads of management activities

Head of Middle Office

RCCI Anybody who is deemed necessary for the Committee to make a decision may be invited. In accordance with the applicable regulations, the execution policy defined by Tikehau Investment Management is aimed at obtaining the best possible results for its clients ("best execution" policy) considering the price, cost, speed, probability of execution and payment delivery, the nature of orders or any other consideration related to the execution. Tikehau Investment Management is not a market member and as such, does not by itself, execute the orders on the financial markets. It transmits them to authorized intermediaries for execution on the markets. Consequently, the management company has set up a policy of market intermediaries’ selection, called "best selection" policy. Tikehau Investment Management requests that its market intermediaries be categorized as professional clients in order for them to provide "the best execution" which the management company must in turn provide to its own clients.

17

New relationships Intermediaries’ selection criteria The main criteria taken for intermediaries and counterparties selection are:

Financial markets covered by the broker;

The offered price compared to the offered liquidity: o Fee percentage per transaction o Average size of orders to be placed, if required o Minimum fee per transaction, if required

Quality of research and broadcasted information;

Financial soundness of the structure;

Any other relevant criteria. The manager willing to work with a new counterparty will send to the Middle-Office (with copy to the RCCI) the "Request for new relationship with Counterparty / Broker form", filled with his part of the information.

• REPORT ON INTERMEDIARY FEES

When the order execution and investment decision support services and the intermediary fees for the prior financial year exceeded EUR 500,000, the Management Company draws up a document entitled “Report on intermediation fees”, updated each year. This document is available on the website of Tikehau Investment Management: www.tikehauim.com

• VOTING POLICY

The voting policy of the Management Company for all UCI it manages is available in the head office of the Management Company in accordance with Articles 314-100 to 314-102 of the “Règlement Général de l’Autorité des Marchés Financiers”.

• ENVIRONMENTAL, SOCIAL AND GOVERNANCE QUALITY CRITERIA

Pursuant to the provisions of Article L. 533-22-1 of the French Monetary and Financial Code, information regarding the procedures for including social, environmental and governance quality criteria is provided on the Tikehau Investment Management website at: www.tikehauim.com

• RISK MEASUREMENT AND CALCULATION OF GLOBAL EXPOSURE AND COUNTERPARTY RISK

The Management Company uses the commitment approach for the calculation of the Global Exposure of the UCI.

www.tikehauim.com

18

• ARRANGEMENT FEES The structuring of certain financing operations may, in accordance with the fund's regulations, lead to the collection by the Management Company of arrangement fees. The arrangement fee is paid by the issuer to the arranger of the transaction and is calculated pro rata to the commitments. Those fees are then equally divided between the fund which perceives 50% of them and the management company which keeps the remaining 50%. Information relating to the arrangement fees for the last three financial years:

Issuer / Operation

Currency of the

operation

Fees retained by Tikehau IM (in

transaction currency)

Fees transferred to the SICAV (in

transaction currency)

2014

Salin du midi EUR 52 500 52 500

2015

- - - -

2016

- - - -

• OTHER INFORMATIONS

The Fund’s regulations and the latest annual and periodic reports can be sent upon written request to: TIKEHAU INVESTMENT MANAGEMENT 32 rue de Monceau, 75008 PARIS, France

E-mail: [email protected]

mailto:[email protected]

19

5. INDEPENDENT AUDITOR’S CERTIFICATION

Tikehau Taux Variables : ANNUAL ACCOUNTS 12/30/16

BALANCE SHEET - ASSET ON 12/30/16 IN EUR

Fixed Assets, net 0.00 0.00

12/30/16 12/31/15

Deposits 0.00 0.00

Financial instruments 843,729,599.37 733,404,859.58

Equities and similar securities 0.00 0.00

Traded in a regulated market or equivalent 0.00 0.00

Not traded in a regulated market or equivalent 0.00 0.00

Bonds and similar securities 676,714,758.45 693,637,344.91

Traded in a regulated market or equivalent 671,936,570.30 687,265,084.47

Not traded in a regulated market or equivalent 4,778,188.15 6,372,260.44

Credit instruments 83,996,314.25 0.00

Traded in a regulated market or equivalent 83,996,314.25 0.00

Negotiable credit instruments (Notes) 83,996,314.25 0.00

Other credit instruments 0.00 0.00

Not traded in a regulated market or equivalent 0.00 0.00

Collective investment undertakings 83,018,526.67 39,739,014.67

General-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countries

82,692,509.96 39,386,947.06

Other Funds intended for non-professionals and equivalents in other EUMember States

0.00 0.00

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

0.00 0.00

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

326,016.71 352,067.61

Other non-European entities 0.00 0.00

Temporary transactions in securities 0.00 0.00

Credits for securities held under sell-back deals 0.00 0.00

Credits for loaned securities 0.00 0.00

Borrowed securities 0.00 0.00

Securities sold under buy-back deals 0.00 0.00

Other temporary transactions 0.00 0.00

Hedges 0.00 28,500.00

Hedges in a regulated market or equivalent 0.00 28,500.00

Other hedges 0.00 0.00

Other financial instruments 0.00 0.00

Receivables 93,835,187.54 59,416,950.80

Forward currency transactions 44,379,074.92 43,320,128.18

Other 49,456,112.62 16,096,822.62

Financial accounts 37,677,858.82 35,081,452.20

Cash and cash equivalents 37,677,858.82 35,081,452.20

Total assets 975,242,645.73 827,903,262.58


BALANCE SHEET - LIABILITIES ON 12/30/16 IN EUR

Shareholders' funds

12/30/16 12/31/15

Capital 754,422,337.37873,254,051.67

Allocation Report of distributed items (a) 0.000.00

Brought forward (a) 0.000.00

Allocation Report of distributed items on Net Income (a,b) -15,549,317.65-23,958,449.34

Result (a,b) 31,731,180.2332,144,869.71

Total net shareholders' funds (net assets) 770,604,199.95881,440,472.04

Financial instruments 28,500.000.00

Transfers of financial instruments 0.000.00

Temporary transactions in securities 0.000.00

Sums owed for securities sold under buy-back deals 0.000.00

Sums owed for borrowed securities 0.000.00

Other temporary transactions 0.000.00

Hedges 28,500.000.00

Hedges in a regulated market or equivalent 28,500.000.00

Other hedges 0.000.00

Payables 57,241,728.6393,798,557.45

Forward currency transactions 43,209,386.2944,100,899.25

Other 14,032,342.3449,697,658.20

Financial accounts 28,834.003,616.24

Short-term credit 28,834.003,616.24

Loans received 0.000.00

Total liabilities 827,903,262.58975,242,645.73

(a) Including adjusment(b) Decreased interim distribution paid during the business year


OFF-BALANCE SHEET ON 12/30/16 IN EUR

12/30/16 12/31/15

Hedges

Contracts in regulated markets or similar

Contracts intendeds

XEUR FGBS SCHATZ H6 0.00 50,179,500.00

OTC contracts

Other commitments

Other operations

Contracts in regulated markets or similar

OTC contracts

Other commitments


INCOME STATEMENT ON 12/30/16 IN EUR

12/30/16

Revenues from financial operations

12/31/15

3,157.64Revenues from deposits and financial accounts 211.40

0.00Revenues from equities and similar securities 0.00

32,805,973.28Revenues from bonds and similar securities 29,216,690.51

55,911.54Revenues from credit instruments 274.96

132.79Revenues from temporary acquisition and disposal of securities 0.00

0.00Revenues from hedges 0.00

18,616.43Other financial revenues 300,622.55

32,883,791.68Total (1) 29,517,799.42

Charges on financial operations

220.97Charges on temporary acquisition and disposal of securities 0.00

0.00Charges on hedges 0.00

12,329.51Charges on financial debts 1,408.35

0.00Other financial charges 0.00

12,550.48Total (2) 1,408.35

32,871,241.20Net income from financial operations (1 - 2) 29,516,391.07

0.00Other income (3) 0.00

4,866,178.32Management fees and depreciation provisions (4) 3,657,677.25

28,005,062.88Net income of the business year (L.214-17-1) (1-2+3-4) 25,858,713.82

4,139,806.83Revenue adjustment (5) 5,872,466.41

0.00Interim Distribution on Net Income paid during the business year (6) 0.00

32,144,869.71Net profit (1 - 2 + 3 - 4 + 5 + 6) 31,731,180.23


NOTES TO THE ANNUAL ACCOUNTS

ACCOUNTING RULES AND METHODS The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended.

General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized exclusiveof costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months.

Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions.. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT); Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities:


Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price. Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs. The percentage of nominal capital charged is … % including taxes. Allocation of net profit: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts:

Distributable amounts Unit: Allocation of the net income Accumulation and/ or distribution and / or carry forward a

decision taken by the management


Allocation of the net realized gains and losses Accumulation and/ or distribution and / or carry forward a decision taken by the management


CHANGES IN NET ASSETS 12/30/16 IN EUR

12/30/16

770,604,199.95Net assets in start of period 429,439,301.76

12/31/15

573,972,725.64Subscriptions (including subscription fees received by the fund) 604,409,110.95

-474,692,965.89Redemptions (net of redemption fees received by the fund) -269,641,996.21

2,357,436.67Capital gains realised on deposits and financial instruments 1,720,545.90

-22,517,627.54Capital losses realised on deposits and financial instruments -10,319,056.36

5,918,265.04Capital gains realised on hedges 4,945,766.94

-7,221,595.41Capital losses realised on hedges -10,542,953.25

-134,930.71Dealing costs -185,388.30

-1,215,253.59Exchange gains/losses 3,692,480.27

6,336,655.00Changes in difference on estimation (deposits and financial instruments) -8,784,465.57

-4,917,849.60Difference on estimation, period N -11,254,504.60

11,254,504.60Difference on estimation, period N-1 2,470,039.03

28,500.00Changes in difference on estimation (hedges) 12,140.00

0.00Difference on estimation, period N -28,500.00

28,500.00Difference on estimation, period N-1 40,640.00

0.00Net Capital gains and losses Accumulated from Previous business year 0.00

0.00Distribution on Net Capital Gains and Losses from previous business year 0.00

28,005,062.88Net profit for the period, before adjustment prepayments 25,858,713.82

0.00Allocation Report of distributed items on Net Income 0.00

0.00Interim Distribution on Net Income paid during the business year 0.00

0.00Other items 0.00

881,440,472.04Net assets in end of period 770,604,199.95

2.


FURTHER DETAILS3.

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL ORCOMMERCIAL TYPE

3.1.

Amount %

Assets

Bonds and similar securities

Bonds and similar securities not negotiated on a regulated or assimilated market 4,778,188.15 0.54

Fixed-rate bonds traded on a regulated or similar market 474,161,535.00 53.79

Floating-rate bonds traded on regulated markets 189,150,035.11 21.46

mortgages negotiated on a regulated or assimilated market 8,625,000.19 0.98

Total bonds and similar securities 676,714,758.45 76.77

Credit instruments

Commercial Paper 83,996,314.25 9.53

Total credit instruments 83,996,314.25 9.53

Liabilities

Transactions involving transfer of financial instruments

Total transactions involving transfer of financial instruments 0.00 0.00

Off-balance sheet

Hedges

Total hedges 0.00 0.00

Other operations

Total other operations 0.00 0.00


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TYPE

3.2.

Fixed rate % Variable rate % Rate subject toreview % Other %

Assets

Deposits 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Bonds and similar securities 0.00 200,298,189.12 587,408.6853.98 0.00 22.72 0.07475,829,160.65

Credit instruments 0.00 0.00 0.009.53 0.00 0.00 0.0083,996,314.25

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 37,677,858.820.00 0.00 0.00 4.270.00

Liabilities

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 3,616.240.00 0.00 0.00 0.000.00

Off-balance sheet

Hedges 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Other operations 0.00 0.00 0.000.00 0.00 0.00 0.000.00

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TIME TO MATURITY

3.3.

< 3 Months % ]3 Months - 1Year] % ]1 - 3 Years] % ]3 - 5 Years] % > 5 Years %

AssetsDeposits 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Bonds and similar securities 6,948,207.37 41,276,732.17 241,204,555.49 129,990,478.39 257,294,785.030.79 4.68 27.36 14.75 29.19

Credit instruments 83,996,314.25 0.00 0.00 0.00 0.009.53 0.00 0.00 0.00 0.00Temporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 37,677,858.82 0.00 0.00 0.00 0.004.27 0.00 0.00 0.00 0.00

LiabilitiesTemporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 3,616.24 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Off-balance sheetHedges 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

All hedges are shown in terms of time to maturity of the underlying securities.


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY LISTING OR VALUATION CURRENCY

3.4.

CHF

%

USD

%

GBP

%

Other currencies

%Amount Amount Amount Amount

Assets

Deposits 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Equities and similar securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Bonds and similar securities 0.00 27,236,965.08 6,940,149.91 0.000.00 3.09 0.79 0.00

Credit instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Mutual fund units 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Liabilities 9,962,749.78 0.00 21,127.93 0.001.13 0.00 0.00 0.00

Financial accounts 3,152.59 0.00 70,427.32 2,517.270.00 0.00 0.01 0.00

Liabilities

Transactions involving transfer of financial instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Debts 12,406.28 27,150,383.50 7,018,520.86 0.000.00 3.08 0.80 0.00

Financial accounts 3,145.21 471.03 0.00 0.000.00 0.00 0.00 0.00

Off-balance sheet

Hedges 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE3.5.

Forward foreign exchange purchase 9,962,749.78

12/30/16

Receivables

Funds to be accepted on urgent sale of currencies 34,416,325.14Subscription receivable 49,270,811.12Coupons and dividends in cash 185,301.50

Total receivables 93,835,187.54

Urgent sale of currency 34,170,773.95Payables

Forward foreign exchange sale 9,930,125.30Redemptions to be paid 48,923,184.98Management fees 404,910.84Variable management fees 289,562.38Collateral 80,000.00

Total of Payables 93,798,557.45


SHAREHOLDERS’ FUNDS3.6.

Number of units issued or redeemed3.6.1.

Units subscribed during the period 69,880.730 6,440,945.75

Net Subscriptions / Redemptions 63,601.730 5,866,400.70

Tikehau Taux Variables A CHF

Units redeemed during the period -6,279.000 -574,545.05

Units subscribed during the period 3,587,312.547 445,657,677.00


Tikehau Taux Variables A

Units redeemed during the period -2,735,336.655 -339,138,722.06


Net Subscriptions / Redemptions -133,750.742 -17,238,894.78

Tikehau Taux Variables E

Units redeemed during the period -169,636.351 -21,790,629.31



Tikehau Taux Variables D

Units redeemed during the period 0.000 0.00


Net Subscriptions / Redemptions -8,678.122 -821,247.86

Tikehau Taux Variables P

Units redeemed during the period -948,600.157 -113,143,616.22

Units subscribed during the period 0.000 0.00

Net Subscriptions / Redemptions -410.000 -45,453.25

Tikehau Taux Variables K1

Units redeemed during the period -410.000 -45,453.25

Units subscribed during the period 0.000 0.00

Net Subscriptions / Redemptions 0.000 0.00


Units redeemed during the period 0.000 0.00

Units Value

Subscription and/or redemption fees3.6.2.

Total of subscription fees received 0.00Total of redemption fees received 0.00


Total of subscription and/or redemption fees received 0.00

Value


Subscription and/or redemption fees3.6.2.



















Value

MANAGEMENT FEES3.7.

12/30/16


0.50Percentage of management charges2,667,036.18Fixed management fees

254,984.54Variable management fees0.00Trailer fees

0.00Underwriting commission


0.50Percentage of management charges30,314.34Fixed management fees




MANAGEMENT FEES3.7.

12/30/16







0.00Variable management fees0.00Trailer fees



1.00Percentage of management charges1,706,479.29Fixed management fees









100.56Variable management fees0.00Trailer fees



3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the fund :

None

3.8.2. Other commitments received and/or given :

None


FURTHER DETAILS3.9.

Stock market values of temporarily acquired securities3.9.1.

Securities held under sell-back deals 0.00Borrowed securities 0.00

12/30/16

Stock market values of pledged securities3.9.2.

Financial instruments pledged but not reclassified 0.00Financial instruments received as pledges but not recognized in the Balance Sheet 0.00

12/30/16

Group financial instruments held by the Fund3.9.3.

12/30/16Name of securityIsin code

Equities 0.00

Bonds 0.00

Notes 0.00

UCITS 2,255,034.33

1,667,625.65FCT FINA COMP 7.0% 24-09-17FR0012170595

587,408.68FINANCIMMO 1216 15.0% 31-03-17FR0011598341

Hedges 0.00


3.10.TABLE OF ALLOCATION OF THE DISTRIBUTABLE

Table of allocation of the distributable share of the sums concerned to profit(loss)

Distribution 0.00 0.00

Brought forward 0.00 0.00

Allocation

Capitalized 361,682.30 66,579.82

Total 361,682.30 66,579.82

12/30/16 12/31/15

Sums not yet allocated


Profit (loss) 32,144,869.71 31,731,180.23

Total 32,144,869.71 31,731,180.23

12/30/16 12/31/15

C6 Tikehau Taux Variables A CHF



Allocation

Capitalized 24,149,889.44 22,647,006.81

Total 24,149,889.44 22,647,006.81

12/30/16 12/31/15

C2 Tikehau Taux Variables A

Distribution 12,000.00 0.00


Allocation

Capitalized 0.00 0.00

Total 12,408.24 0.00

Details of units with dividend entitlement

Number of units 50,000.000 0.000

Dividend per unit 0.24 0.00

Tax credits

0.00 0.00Tax credit attached to the distribution of income

12/30/16 12/31/15

D1 Tikehau Taux Variables D




Allocation

Capitalized 1,471,064.74 2,387,004.78

Total 1,471,064.74 2,387,004.78

12/30/16 12/31/15

C3 Tikehau Taux Variables E



Allocation

Capitalized 6,050,532.17 6,519,039.84

Total 6,050,532.17 6,519,039.84

12/30/16 12/31/15

C4 Tikehau Taux Variables P



Allocation

Capitalized 92,455.57 103,708.82

Total 92,455.57 103,708.82

12/30/16 12/31/15

C5 Tikehau Taux Variables K1



Allocation

Capitalized 6,837.25 7,840.16

Total 6,837.25 7,840.16

12/30/16 12/31/15




Allocation

Capitalized -17,608,249.91 -10,819,170.52

Total -17,608,249.91 -10,819,170.52

12/30/16 12/31/15

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year 0.00 0.00

Total -23,958,449.34 -15,549,317.65

Net Capital gains and losses of the business year -23,958,449.34 -15,549,317.65

Allocation Report of distributed items on Net Capital Gains and Losses 0.00 0.00

12/30/16 12/31/15

C2 Tikehau Taux Variables A

Net capital gains and losses accumulated per share 0.00 0.00

Table of allocation of the distributable share of the sums concerned tocapital gains and losses


Allocation

Capitalized -301,451.70 -79,086.65

Total -301,451.70 -79,086.65

12/30/16 12/31/15

C6 Tikehau Taux Variables A CHF



Allocation

Capitalized -24,483.17 0.00

Total -24,483.17 0.00

12/30/16 12/31/15

D1 Tikehau Taux Variables D



Allocation

Capitalized -978,725.69 -1,054,857.28

Total -978,725.69 -1,054,857.28

12/30/16 12/31/15

C3 Tikehau Taux Variables E




Allocation

Capitalized -4,972,734.91 -3,542,104.23

Total -4,972,734.91 -3,542,104.23

12/30/16 12/31/15

C4 Tikehau Taux Variables P



Allocation

Capitalized -67,080.83 -49,901.04

Total -67,080.83 -49,901.04

12/30/16 12/31/15




Allocation

Capitalized -5,723.13 -4,197.93

Total -5,723.13 -4,197.93

12/30/16 12/31/15




TABLE OF PROFIT (LOSS) AND OTHER TYPICAL FEATURES OF THEFUND OVER THE PAST FIVE FINANCIAL PERIODS

3.11.


Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

30,826,535.51

273,275.765

112.80

5.03

Net Capital Gains and Losses Accumulatedper share in EUR 0.00

Net income Accumulated per share in EUR

160,632,435.00

1,360,098.830

118.10

4.18

1.55

305,977,706.21

2,527,199.353

121.07

5.66

-0.77

536,441,091.96

4,364,589.298

122.90

5.18

-2.47

651,589,625.75

5,216,565.190

124.90

4.62

-3.37


Net assets in CHF


NAV per share/unit in EUR in CHF

0.00

0.000

0.00

0.00



0.00

0.000

0.00

0.00

0.00

0.00

0.000

0.00

0.00

0.00

4,296,718.82

43,230.000

99.39

1.54

-1.82

10,722,610.42

106,831.730

100.36

3.38

-2.82


Net assets in EUR



in EURTax credits per share/unit

0.00

0.000

0.00

0.00

0,00


Unit brought forward in EUR on the result 0.00

Distribution on Net Income per share inEUR

0.00

0.000

0.00

0.00

0,00

0.00

0.00

0.00

0.000

0.00

0.00

0,00

0.00

0.00

0.00

0.000

0.00

0.00

0,00

0.00

0.00

5,018,865.15

50,000.000

100.37

0.24

*

-0.48

0.00


Net assets in EUR



5,717,222.51

49,679.660

115.08

6.09



3,876,801.35

31,973.453

121.25

5.01

1.59

34,274,761.56

274,673.918

124.78

6.30

-0.79

52,369,197.88

412,006.678

127.10

5.79

-2.56

36,069,687.33

278,255.936

129.62

5.28

-3.51

12/31/12

Global Net Assets in EUR 44,393,962.11

12/31/13

215,941,492.80

12/31/14

429,439,301.76

12/31/15

770,604,199.95

12/30/16

881,440,472.04


TABLE OF PROFIT (LOSS) AND OTHER TYPICAL FEATURES OF THEFUND OVER THE PAST FIVE FINANCIAL PERIODS

3.11.


Net assets in EUR



7,848,165.34

70,748.900

110.92

4.42



49,895,269.20

431,758.130

115.56

3.53

1.51

86,691,956.21

735,430.581

117.87

4.94

-0.75

175,161,310.36

1,471,210.167

119.05

4.43

-2.40

176,082,129.85

1,462,532.045

120.39

4.13

-3.40


Net assets in EUR



1,020.04

10.000

102.00

0.74



1,526,377.52

14,300.000

106.73

3.74

1.40

2,289,358.45

20,925.000

109.40

5.10

-0.70

2,473,565.53

22,280.000

111.02

4.65

-2.23

2,467,730.49

21,870.000

112.83

4.22

-3.06


Net assets in EUR



1,018.71

10.000

101.87

0.61



10,609.73

100.000

106.09

3.22

1.39

205,519.33

1,900.000

108.16

4.48

-0.69

207,665.06

1,900.000

109.29

4.12

-2.20

209,998.38

1,900.000

110.52

3.59

-3.01

12/31/12

Global Net Assets in EUR 44,393,962.11

12/31/13

215,941,492.80

12/31/14

429,439,301.76

12/31/15

770,604,199.95

12/30/16

881,440,472.04


Bonds and similar securities

Listed bonds and similar securitiesBELGIUM

ANHEUSERBUSCH INBEV E3R+0.25% 19-10-18 EUR 6,650,000 6,663,732.25 0.76

Currency Quantity Market value %Name of security

SOLV E3R+0.82% 01-12-17 EUR 8,000,000 8,043,470.67 0.91

TOTAL BELGIUM 14,707,202.92 1.67

BULGARIAVIVACOM AD 6.625% 11/18 EUR 2,000,000 2,055,166.67 0.23

TOTAL BULGARIA 2,055,166.67 0.23

DENMARKDANS BAN 5.684% 15-02-17 EMTN GBP 1,400,000 1,725,456.23 0.20

DANSKE BNK TF/TV PERP *EUR EUR 7,000,000 7,305,473.10 0.83

NYKREDIT 0.875% 13-06-19 EUR 3,800,000 3,891,372.56 0.44

TOTAL DENMARK 12,922,301.89 1.47

EIRECLOVERIE TV09-240739 EMTN EUR 3,000,000 3,581,724.45 0.41

FGA CAPITAL IRE E3R+0.9% 17-10-17 EUR 850,000 854,620.74 0.10

SMURFIT KAPPA ACQUISITIO EUR 9,000,000 9,784,885.50 1.10

TOTAL EIRE 14,221,230.69 1.61

FRANCEAIR FRANCE-KLM 6.25% 18/01/2018 EUR 7,000,000 7,831,484.67 0.89

ALD 0.75% 26-01-18 EMTN EUR 6,500,000 6,596,223.98 0.75

ALDINT 2 05/26/17 EUR 2,800,000 2,856,768.27 0.32

AUTODIS E3R+4.375% 01-05-22 EUR 2,800,000 2,895,413.89 0.33

AXA SA TF/TV PERP. EUR 5,000,000 5,281,398.97 0.60

AXA SA 5.25%10-160440 EUR 6,000,000 6,913,289.59 0.78

BNP PARIBAS 5.019%07-PERP EUR 2,500,000 2,616,098.29 0.30

BNP PARIBAS 7.781% PERP EMTN EUR 12,000,000 13,575,755.34 1.53

BPCE 12.5% 09-50 PERP EUR 8,100,000 10,712,527.40 1.22

BUREAU VERITAS 3.75% 24/05/17 EUR 7,000,000 7,266,550.89 0.82

CAPG E3R+0.85% 02-07-18 EUR 7,200,000 7,248,166.20 0.82

CIMENTS FRANCAIS 4.75%07-17 EUR 1,500,000 1,571,298.80 0.18

CRED AGRIC 7.875%09-PERP TSDI EUR 11,400,000 13,457,836.64 1.53

CREDIT AGRI. 4.05% 05-20 EUR 850,000 858,815.78 0.10

CREDIT AGRICOLE 8.375%/ TV PERPETUAL USD 650,000 692,579.70 0.08

CREDIT LOGEMENT EURIBOR 3 MOIS REV +1.15 31/12/2099 EUR 2,100,000 1,660,306.20 0.19

DANONE E3R+0.33% 14-01-20 EMTN EUR 3,500,000 3,508,775.38 0.40

FINANCIMMO 1216 15.0% 31-03-17 EUR 1,000,000 587,408.68 0.07

GROUPAMA 7.875% 27/10/2039 EUR 7,000,000 7,623,323.63 0.86

GROUPE DANONE 0.167% 03-11-20 EUR 5,400,000 5,422,945.12 0.62

PORTFOLIO LISTING IN EUR3.12.


HOMEVI E3R+4.25% 15-11-21 EUR 5,000,000 5,131,156.94 0.58


KLEPIERRE 4%130417 EMTN EUR 5,000,000 5,202,330.48 0.59

MCS GR E3R+5.75% 30-09-21 EUR 3,000,000 3,072,115.33 0.35

NATEXIS BP 1YR PERP EUR 1,800,000 1,857,646.62 0.21

NATIXIS 6.307% PERP EUR 10,200,000 10,762,837.82 1.22

NOVA E3R+4.0% 30-06-20 EUR 3,900,000 3,647,271.55 0.41

PICARD GROUP SA 0 08/01/19 EUR 7,600,000 7,272,469.07 0.83

R E3R+0.57% 27-11-17 EMTN EUR 3,100,000 3,110,465.60 0.35

R E3R+0.58% 16-07-18 EMTN EUR 6,750,000 6,787,667.06 0.77

RENA CRE 0.375% 10-07-19 EMTN EUR 5,000,000 5,034,967.47 0.57

SOCIETE GENERALE TV PERPETL EUR 11,000,000 13,438,741.44 1.52

SOCIETE GENERALE 5.922% 12/49 USD 3,000,000 2,872,165.44 0.33

STE EURIBOR 3 MOIS REV +0.75 31/03/2019 EUR 2,100,000 2,120,953.57 0.24

THOM EUROPE 7.375% 15-07-19 EUR 10,000,000 10,900,416.67 1.24

TOTAL FRANCE 190,388,172.48 21.60

GERMANYDAIM E3R+0.53% 12-01-19 EMTN EUR 5,000,000 5,029,393.75 0.57

FALCON GERMANY 9% 07/20 EUR 2,000,000 2,190,250.00 0.25

HENK AG AND ZCP 13-09-18 EMTN EUR 2,000,000 2,005,320.00 0.23

HT1 FDG TF/TV PERP *EUR EUR 3,500,000 3,259,525.93 0.37

MUNCH RUCK TF/TV PERP CALL 12/06/17 EUR 10,000,000 10,550,000.00 1.19

SAP E3R+0.3% 20-11-18 EMTN EUR 1,800,000 1,805,787.00 0.20

SAP SE E3R+0.3% 01-04-20 EMTN EUR 1,400,000 1,403,647.00 0.16

SCHA VERW ZWE 2.75% 15-09-21 EUR 3,600,000 3,747,025.00 0.43

TECHEM GMBH 6.125% 01/10/2019 EUR 2,000,000 2,105,055.56 0.24

TRIONISTA TOPCO GMBH 6.875% 30/04/2021 EUR 5,800,000 6,196,031.25 0.70

TOTAL GERMANY 38,292,035.49 4.34

ICELANDARION 2.5% 26-04-19 EMTN EUR 3,600,000 3,794,310.99 0.43

ISLA HF 1.75% 07-09-20 EUR 7,000,000 7,205,642.74 0.82

TOTAL ICELAND 10,999,953.73 1.25

ILIAC TRACTS CAIMANESCHINA AOYUAN PROPERTY GROUP 11.25% 28-02-17 USD 4,700,000 4,960,120.88 0.57

CIFI HOLD GRO 8.875% 16-02-17 USD 2,000,000 2,059,176.74 0.23

EHI CAR SERVICES LTD 7.5% 08-12-18 USD 2,000,000 2,013,115.27 0.23

FAR EAST 3.75% 08-09-21 EMTN USD 2,000,000 1,842,188.51 0.21

TENCNT 2 05/02/17 USD 1,100,000 1,046,978.33 0.12

YUZHOU PROPERTIES CO LTD 8.625% 21-02-17 USD 3,900,000 4,009,424.63 0.45

TOTAL ILIAC TRACTS CAIMANES 15,931,004.36 1.81


ITALYGUALA CLOSURES E3R+4.75% 15-11-21 EUR 5,150,000 5,346,285.67 0.61


INTESA SAN TF/TV 20/06/2018 EUR 3,000,000 3,321,545.26 0.38

INTESA SANPAOLO 4%10-2018 EUR 1,000,000 1,073,126.99 0.12

INTESA SANPAOLO 8.375% 09-PERP EUR 6,000,000 6,850,263.70 0.78

ISPVIT 5.35 18/09/2018 EUR 5,500,000 6,034,372.09 0.68

KEDRION GROUP SPA 4.625% 24/04/2019 EUR 9,750,000 10,514,740.58 1.19

TOTAL ITALY 33,140,334.29 3.76

LUXEMBURGALTI FINC SA 9.875% 15-12-20 USD 2,000,000 2,011,541.70 0.23

CERB NIGH 1 8.25% 01-02-20 EUR 5,200,000 5,504,200.00 0.62

DAKAR FINANCE 9.0% 15-11-20 EUR 5,000,000 2,152,939.33 0.24

EUROFINS 3.125% 26/11/2018 EUR 7,400,000 7,794,075.34 0.88

FIAT FINA 6.75% 14-10-19 EMTN EUR 4,000,000 4,664,917.81 0.53

FIAT FINANCE TRADE 6.625% 15/03/2018 EUR 4,000,000 4,498,452.05 0.51

GARF H E3R+5.5% 01-10-21 EUR 2,800,000 2,865,880.97 0.33

LECTA E3R+6.375% 01-08-22 EUR 6,500,000 6,713,324.70 0.76

MATTERHORN TELECOM E3R+3.75% 01/05/22 EUR 4,700,000 4,782,567.33 0.54

PICARD BONDCO 7.75% 01-02-20 EUR 1,250,000 1,352,621.53 0.15

PLAY FINANCE 6.5% 01/08/2019 EUR 1,000,000 1,064,319.44 0.12

PLAY TOPCO SA 7.75% 28-02-20 EUR 3,000,000 3,141,312.50 0.36

PRIFII 2 3/4 10/23/18 EUR 4,600,000 4,849,433.42 0.55

TRAFIGURA FUNDING 5.25% 29/11/18 EUR 7,000,000 7,345,864.73 0.83

WIND A E3R+4.0% 15-07-20 EUR 1,700,000 1,728,675.32 0.20

WIND A E3R+4.125% 15-07-20 EUR 1,250,000 1,279,365.65 0.15

WIND ACQUISITION 7% 04/21 EUR 8,000,000 8,458,888.89 0.97

X E3R+3.75% 12-04-17 EMTN EUR 1,850,000 1,861,243.36 0.21

TOTAL LUXEMBURG 72,069,624.07 8.18

NETHERLANDSACHM HYP 0.875% 17-09-18 EMTN EUR 5,000,000 5,088,870.21 0.58

ADRBID 7 7/8 11/15/20 EUR 10,000,000 10,605,000.00 1.20

ALLIANZ FINANCE BV 4.375%05-PERP. EUR 10,457,000 10,887,524.12 1.24

CELESIO FIN 4.50% 04/17 EUR 3,000,000 3,133,465.48 0.36

D E3R+0.35% 03-04-20 EMTN EUR 5,000,000 5,009,750.00 0.57

DEUTSCHE TELEKOM FIN 6% 20/01/17 EMTN EUR 6,000,000 6,360,798.69 0.72

ELM BV TF/TV PERP *EUR EUR 15,000,000 15,784,508.84 1.78

E.ON INTERNATIONAL FINANCE 6.375% 29/05/2017 EMTN EUR 3,100,000 3,300,678.50 0.37

GENERAL MOTORS 0.85% 23/02/18 EMTN EUR 4,100,000 4,168,431.35 0.47

GENERALI FIN. 5.479% 07-57 EUR 5,000,000 5,260,554.10 0.60

INTERXION HOLD 6% 07/20 EUR 4,200,000 4,524,975.00 0.51


MYLAN NV E3R+0.87% 22-11-18 EUR 8,000,000 8,073,118.67 0.92


NIBC BA 2.0% 26-07-18 EMTN EUR 500,000 518,420.96 0.06

NIBC BA 2.25% 24-09-19 EMTN EUR 10,500,000 10,996,345.79 1.25

NN GROUP 6.3/8%02-27 EUR 13,900,000 14,703,662.77 1.66

TEVA PHAR FIN 0.375% 25-07-20 EUR 2,000,000 1,990,408.77 0.23

TIKE E3R+1.35% 04-08-28 EUR 3,000,000 3,030,374.45 0.34

TIKEHAU 2X E3R+1.06% 07-12-29 EUR 5,000,000 5,007,217.06 0.57

V E3R+0.3% 16-07-18 EMTN EUR 3,650,000 3,647,426.75 0.41

V E3R+0.95% 15-12-17 EMTN EUR 3,200,000 3,222,478.76 0.37

VOLKSWAGEN INTL 5.375% 05/18 EUR 3,000,000 3,320,102.47 0.38

TOTAL NETHERLANDS 128,634,112.74 14.59

NORWAYDNB NOR BANK ASA 6.0116% PERP GBP 1,300,000 1,531,008.15 0.17

TOTAL NORWAY 1,531,008.15 0.17

POLANDPFOURS 5 1/4 02/01/19 EUR 5,000,000 5,213,958.33 0.59

TOTAL POLAND 5,213,958.33 0.59

SPAINAMAD CAP 0.125% 06-10-20 EMTN EUR 2,800,000 2,796,471.42 0.32

EMPARK 0 12/15/19 EUR 8,300,000 8,337,192.30 0.95

MAPFRE TF/TV 24/07/2037 EUR 10,000,000 10,472,217.26 1.18

TOTAL SPAIN 21,605,880.98 2.45

STOCKING STITCHMERC B E6R+8.0% 30-05-21 EUR 7,500,000 7,669,215.48 0.87

UBS CAP TF/TV PF PERP *EUR EUR 5,000,000 5,475,843.84 0.62

TOTAL STOCKING STITCH 13,145,059.32 1.49

SWEDENHOIS KRE 3.125% 07-12-19 EMTN EUR 8,000,000 8,432,123.29 0.96

SEB AB 5% PERP *EUR EUR 7,000,000 7,659,009.00 0.87

VOLVO TREASURY 2.375% 11/19 EUR 1,000,000 1,069,157.60 0.12

TOTAL SWEDEN 17,160,289.89 1.95

UNITED KINGDOMAVIVA TV08-220538 SUB EMTN EUR 6,500,000 7,281,257.71 0.83

AVLN 0.1 12/13/18 EUR 5,000,000 5,008,912.67 0.57

CHANNEL LINK ENTERPRISES FIN. E6R 30/06/12 STEP-UP EUR 5,000,000 5,021,149.44 0.57

FCE BANK E3R+1.18% 11-08-18 EMTN EUR 3,100,000 3,148,291.46 0.36

IGLO F E3R+4.5% 03-05-17 EUR 1,500,000 1,523,314.83 0.17

LEGAL & GENERAL 6.385% PERPETUAL GBP 3,100,000 3,683,685.53 0.42

NWIDE 4 1/8 03/20/23 EUR 2,500,000 2,679,577.40 0.30


RBS GROUP TF/TV PERP *EUR EUR 6,600,000 6,202,070.09 0.70


VODAFONE E3R+0.95% 25-02-19 EMTN EUR 10,000,000 10,148,800.83 1.15

TOTAL UNITED KINGDOM 44,697,059.96 5.07

USACARLSON TRAVEL E3R+4.75% 15-06-23 EUR 6,950,000 7,101,233.16 0.80

CONT RU 0.5% 19-02-19 EMTN EUR 5,200,000 5,284,074.63 0.60

FEDEX E3R+0.55% 11-04-19 EUR 5,000,000 5,025,620.00 0.57

FORD M L3RUSD+0.94% 09-01-18 USD 6,000,000 5,729,673.88 0.65

G E3R+1.0% 27-07-21 EMTN EUR 2,850,000 2,903,008.73 0.33

HYPO REAL INTL TRUST I TF/TV PERP EUR 3,000,000 3,064,090.44 0.35

M E3R+0.3% 26-08-19 EMTN EUR 4,100,000 4,109,163.50 0.47

3M E3R+0.23% 15-05-20 EMTN EUR 2,000,000 2,005,310.00 0.23

Total listed bond and similar securities 671,936,570.30 76.23

TOTAL USA 35,222,174.34 4.00

Bonds and similar securities not negotiated on a regulated orassimilated marketFRANCE

FCT FINA COMP 7.0% 24-09-17 EUR 2,500,000 1,667,625.65 0.19

UNISEL E3R+6.75% 02-12-21 EUR 3,000,000 3,110,562.50 0.35

TOTAL Bonds & similar sec. not nego. on reg. market 4,778,188.15 0.54

Total bonds and similar securities 676,714,758.45 76.77

TOTAL FRANCE 4,778,188.15 0.54

Credit instruments

Credit instruments traded in a regulated market or equivalentFRANCE

ELIS EXHOLDELIS ZCP 23-01-17 EUR 8,000,000 7,999,600.05 0.91

FINA DE L ODET ZCP 20-03-17 EUR 15,000,000 14,998,666.80 1.70

LISI ZCP 12-01-17 EUR 15,000,000 14,999,837.50 1.70

SFR GROUP ZCP 09-01-17 EUR 15,000,000 14,998,583.77 1.70

STEF ZCP 09-01-17 EUR 15,000,000 14,999,875.00 1.70

TOTAL FRANCE 67,996,563.12 7.71

USALOUI DREY COMM BV ZCP 06-01-17 EUR 16,000,000 15,999,751.13 1.82

Total credit instruments traded on a regulated or similar market 83,996,314.25 9.53

Total credit instruments 83,996,314.25 9.53

TOTAL USA 15,999,751.13 1.82

Collective investment undertakingsGeneral-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countriesFRANCE

AMUNDI CASH CORPORATE IC EUR 151.497 35,607,279.78 4.03


ANNAPURNA PART I EUR 19,600 1,996,260.00 0.23


ELLIPSIS SHORT TERM CRED-I EUR 2,735 3,048,841.25 0.35

NATIXIS TRESORERIE PLUS Part IC EUR 176.102 18,316,661.35 2.07

SG MONETAIRE PLUS 3D EUR 529.715 12,654,224.92 1.44

SLF FRANCE MONEY MARKET EURO 3D EUR 440.852 11,069,242.66 1.26

TOTAL General-purpose UCITS and alternative investment fundsintended for non-professionals and equivalents in othercountries

82,692,509.96 9.38

TOTAL FRANCE 82,692,509.96 9.38

Other funds for professionals and equivalents in other EU MemberStates and unlisted securitisation entitiesFRANCE

FCT TE FARE 4 FLR 31-12-18 EUR 59,200 326,016.71 0.04

Other funds for professionals and equivalents in other EUMember States and unlisted securitisation entities

326,016.71 0.04

Total collective investment undertakings 83,018,526.67 9.42

TOTAL FRANCE 326,016.71 0.04

Receivables 93,835,187.54 10.65

Debts -93,798,557.45 -10.64

Financial accounts 37,674,242.58 4.27

Net assets 881,440,472.04 100.00

Tikehau Taux Variables A 5,216,565.190 124.90EURTikehau Taux Variables A CHF 106,831.730 100.36CHFTikehau Taux Variables D 50,000.000 100.37EURTikehau Taux Variables E 278,255.936 129.62EURTikehau Taux Variables P 1,462,532.045 120.39EURTikehau Taux Variables K1 21,870.000 112.83EURTikehau Taux Variables K2 1,900.000 110.52EUR


ADDITIONAL INFORMATION CONCERNING THE FISCAL REGIME OF THE COUPON

UNIT NET INCOME CURRENCYCURRENCYTOTAL NET INCOME

0.24 EUREUR12,000.00TOTAL

0.24 EUREUR12,000.00Revenue qualifying for the withholding tax option

Shares entitling a deduction

Other revenue not entitling a deduction or withholding tax

BREAKDOWN OF THE COUPON

Non-distribuable and non-taxable income

Amount distributed on capital gains and losses

PORTFOLIO Tikehau Taux Variables

TIKEHAU TAUX VARIABLES - tikehaucapital.com/media/Files/T/...ra-tikehau-taux-variables...- Asset...

Documents

Transcript of TIKEHAU TAUX VARIABLES - tikehaucapital.com/media/Files/T/...ra-tikehau-taux-variables...- Asset...