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100 Couverture 0..1 Fonds de Compensation de la Scurit Sociale, SICAV-FIS Socit d’Investissement à Capital Variable – Fonds d’Investissement Spcialis Annual Report (Audited) for the period from 22 August 2007 to 31 December 2007 No subscriptions can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus accompanied with the latest annual and most recent semi-annual report, if published thereafter. Fonds de Compensation de la Scurit Sociale, SICAV-FIS Socit d’Investissement à Capital Variable – Fonds d’Investissement Spcialis Annual Report (Audited) for the period from 22 August 2007 to 31 December 2007 Contents General Information 2 FDC SICAV Obligations EUR – Actif 1 Information to Shareholders 3 Schedule of Investments and Other Net Assets 79 Industrial Classification of the Investment portfolio 82 Report of the Board of Directors 4 FDC SICAV Obligations EUR – Actif 2 Independent Auditor’s Report 5 Schedule of Investments and Other Net Assets 83 Statement of Net Assets 6 Industrial Classification of the Investment portfolio 85 Statement of Operations and Changes in Net Assets 9 FDC SICAV Obligations EUR – Actif 3 Statement of Share Statistics 12 Schedule of Investments and Other Net Assets 86 Industrial Classification of the Investment portfolio 88 Notes to the Financial Statements 13 FDC SICAV Obligations Monde – Actif 1 FDC SICAV Actions Europennes – Actif 1 Schedule of Investments and Other Net Assets 89 Schedule of Investments and Other Net Assets 18 Industrial Classification of the Investment portfolio 94 Industrial Classification of the Investment portfolio 21 FDC SICAV Obligations Monde – Actif 2 FDC SICAV Actions Europennes – Actif 2 Schedule of Investments and Other Net Assets 95 Schedule of Investments and Other Net Assets 22 Industrial Classification of the Investment portfolio 25 Industrial Classification of the Investment portfolio 98 FDC SICAV Actions Monde – Actif 1 FDC SICAV Montaire EUR – Actif 1 Schedule of Investments and Other Net Assets 26 Schedule of Investments and Other Net Assets 99 Industrial Classification of the Investment portfolio 29 Industrial Classification of the Investment portfolio 101 FDC SICAV Actions Monde – Actif 2 FDC SICAV Montaire EUR – Actif 2 Schedule of Investments and Other Net Assets 30 Schedule of Investments and Other Net Assets 102 Industrial Classification of the Investment portfolio 33 Industrial Classification of the Investment portfolio 105 FDC SICAV Actions Monde – Index FDC SICAV Montaire EUR – Actif 3 Schedule of Investments and Other Net Assets 34 Schedule of Investments and Other Net Assets 106 Industrial Classification of the Investment portfolio 78 Industrial Classification of the Investment portfolio 109 1 Fonds de Compensation de la ScuritØ Sociale, SICAV-FIS General Information Registered Office Mr. Fernand Lepage Fonctionnaire Fonds de Compensation de la Scurit Sociale, 2, rue du Fort Wallis SICAV-FIS L-2969 Luxembourg Atrium Business Park 31, Z.A. Bourmicht Mr. Marcel Mersch L-8070 Bertrange, Grand Duchy of Luxembourg Employ priv 11, rue du Commerce L-1351 Luxembourg Board of Directors Mr. Ren Pizzaferri Chairman Employ priv 60, boulevard J.-F. Kennedy Mr. Robert Kieffer L-1470 Esch-sur-Alzette Prsident du Fonds de Compensation 34, avenue de la Porte-Neuve Mr. Gaston Reinesch L-2227 Luxembourg Fonctionnaire Since 15 October 2007 3, rue de la Congrgation L-1352 Luxembourg Mr. Pierre Mores Prsident du Fonds de Compensation Mr. Yves Wagner 34-40, avenue de la Porte-Neuve Directeur de socits L-2227 Luxembourg 5, Alle Scheffer Until 15 October 2007 L-2520 Luxembourg Members Administration and Advisors Mr. Serge De Cillia Employ priv Administrative Agent 59, boulevard Royal L-2449 Luxembourg Citibank International plc (Luxembourg Branch) Mr. Gabriel Di Letizia Atrium Business Park Employ priv 31, Z.A. Bourmicht 50, avenue J.-F. Kennedy L-8070 Bertrange, Grand Duchy of Luxembourg L-2951 Luxembourg Custodian Agent Mr. Armand Drews Employ priv Citibank International plc (Luxembourg Branch) 19, boulevard de la Fraternit Atrium Business Park L-1541 Luxembourg 31, Z.A. Bourmicht L-8070 Bertrange, Grand Duchy of Luxembourg Mr. FranÅois Engels Employ priv Investment Managers 2, circuit de la Foire L-1347 Luxembourg FDC SICAV Obligations Monde – Actif 1 Mr. Armand Gobber Aberdeen Fund Management Limited Employ priv One Bow Churchyard 19, avenue de la Libert London EC4M 9HH, United Kingdom L-2930 Luxembourg FDC SICAV Obligations EUR – Actif 1 Mr. Paul Hansen AGF Asset Management Prsident de l’Office des Assurances Sociales 20, rue Le Peletier 125, route d’Esch F-75009 Paris, France L-2970 Luxembourg FDC SICAV Montaire EUR – Actif 1 Mr. Luc-Henri Jamar AXA Investment Managers Paris S.A. Employ priv Cœur Dfense – Tour B – La Dfense 4 23, boulevard de la Ptrusse 100, esplanade du Gnral de Gaulle L-2320 Luxembourg F-92932 Paris La Dfense Cedex, France Mr. Ren Karsenti FDC SICAV Obligations EUR – Actif 2 Employ priv BNP Paribas Asset Management Rainstrasse 40 5, avenue Kleber CH-8808 Pfffikon F-75016 Paris, France Mr. Gary Kneip FDC SICAV Montaire EUR – Actif 2 Indpendant Crdit Agricole Asset Management (CAAM) 8, rue Henri Schnadt 90, boulevard Pasteur L-2530 Luxembourg F-75730 Paris Cedex 15, France 2 Fonds de Compensation de la ScuritØ Sociale, SICAV-FIS General Information (continued) FDC SICAV Actions Europennes – Actif 1 FDC SICAV Actions Monde – Actif 2 Degroof Fund Management Company Invesco Asset Management Deutschland GmbH 16-18, rue Guimard 60-62, Bleichstrasse B-1040 Bruxelles, Belgium D-60313 Francfort am Main, Germany FDC SICAV Obligations EUR – Actif 3 FDC SICAV Actions Europennes – Actif 2 Socit Gnrale Asset Management Dexia Asset Management Luxembourg S.A. 170, place Henri Regnault – La Dfense 6 283, route d’Arlon F-92043 Paris La Dfense Cedex, France L-1150 Luxembourg, Grand Duchy of Luxembourg FDC SICAV Actions Monde – Indexe FDC SICAV Montaire EUR – Actif 3 State Street Banque S.A. Fortis Investement Management Luxembourg S.A. 23-25, rue Delarivire – Lefoullon 14, rue Aldringen F-92064 Paris La Dfense, France L-1118 Luxembourg, Grand Duchy of Luxembourg Independent Auditor FDC SICAV Obligations Monde – Actif 2 Ernst & Young S.A. Franklin Templeton Investment Management Limited 7, Parc d’Activit Syrdall The Adelphi, 1-11 John Adam Street L-5365 Mnsbach, Grand Duchy of Luxembourg London WC2N 6HT, United Kingdom FDC SICAV Actions Monde – Actif 1 Legal Advisor Insight Investment Management (Global) Limited Allen & Overy Luxembourg 33, Old Broad Street 58, rue Charles Martel London EC2N 1HZ, United Kingdom L-2134 Luxembourg, Grand Duchy of Luxembourg Information to Shareholders Annual audited reports are available for inspection by Shareholders at the registered office of the Company four months after the close of the accounting period. Unaudited half-yearly reports are also available in the same manner two months after the end of the period to which they refer. 3 Fonds de Compensation de la ScuritØ Sociale, SICAV-FIS Report of the Board of Directors Institu par la loi du 6 mai 2004 sur l’administration du patrimoine du rgime gnral de pension, le Fonds de compensation a cr le 16 juillet 2007 la « SICAV-FIS Fonds de compensation de la scurit sociale » (ci-aprs la SICAV), en vue de grer cette rserve. Tant en matire de stratgie financire, de mise en place du processus de slection des grants et de la banque dpositaire ou encore d’organisation interne, les orientations majeures ont t arrÞtes et leur mise en œuvre engage dans les dlais fixs. Les valeurs de la rserve pouvant Þtre investies à travers la SICAV jusqu’au 31 dcembre 2007 ont t arrÞtes par rglement grand-ducal du 15 juillet 2005. Les appels d’offre lancs fin 2006 et en 2007 pour la gestion de la rserve du rgime gnral de pension ont permis de slectionner 13 grants d’actifs, une banque dpositaire et un rviseur d’entreprise. La SICAV a reÅu l’agrment de la Commission de surveillance du secteur financier (CSSF) le 8 aot 2007. Le Fonds de compensation se doit d’agir comme un investisseur de long terme, au service de la prennit du rgime gnral de pension, soucieux d’obtenir le meilleur arbitrage possible entre la recherche du rendement financier des ressources qui lui sont confies et par la matrise du risque propre à chaque classe d’actifs. Suite à l’attribution des mandats, la SICAV a dmarr son activit oprationnelle à partir du 21 aot 2007 dans une situation particulirement tendue due aux premiers effets de la crise des prÞts hypothcaires qui se faisaient ressentir à partir de l’t 2007. Le conseil d’administration du Fonds de compensation a relev le dfi de cette crise en s’appuyant sur les conseils du comit d’investissement qui a suggr de sous-pondrer lors des premires souscriptions les compartiments actions et obligations au profit des trois fonds montaires. Depuis le lancement de la SICAV, 4.159 millions d’euros ont t souscrits dans les trois compartiments montaires, 1.200 millions d’euros dans les compartiments obligataires et 310 millions d’euros dans les compartiments actions. D’ici la fin de l’anne 2008, le conseil d’administration continuera d’observer les marchs financiers et proposera une rvision de sa stratgie d’investissement qui tiendra compte des attentes futures du rgime gnral de pension. 4 Fonds de Compensation de la ScuritØ Sociale, SICAV-FIS Independent Auditor’s Report To the Shareholder of Fonds de Compensation de la Scurit Sociale, SICAV – FIS Luxembourg We have audited the accompanying financial statements of Fonds de Compensation de la Scurit Sociale, SICAV – FIS and each of its sub-funds, which comprise the statement of net assets and the schedule of investments and other net assets as at 31 December 2007 and the statement of operations and changes in net assets for the period from 22 August 2007 to 31 December 2007, and a summary of significant accounting policies and other explanatory notes to the financial statements.
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