26/11/2009 - Merger of PARVEST ABSOLUTE RETURN CURRENCY 3 with PARVEST SHORT TERM (EURO)

SICAV

Luxembourg

05/02/1991

EONIA

Money Market

Regular

EUR

EONIA

EUR

1

2

3

4

5

6

1 month

The sub-fund seeks to offer a daily performance comparable to the Euro money market, by investing mainly in bonds, Euro bonds or money market instruments denominated in EUR: investments made in other currencies shall be hedged against the currency risk. The short term interest rate outlook, derived from in-house research, sets the exposure to Euro money market instruments. The manager then selects money market instruments which appear attractive to obtain this exposure. Modified duration between 0 and 0.5.

BNP PARIBAS INVESTMENT PARTNERS LUXEMBOURG

26/11/2009 - Merger of PARVEST ABSOLUTE RETURN CURRENCY 3 with PARVEST SHORT TERM (EURO)

26/11/2009 - Merger of PARVEST ABSOLUTE RETURN CURRENCY 3 with PARVEST SHORT TERM (EURO)

207.0599 EUR

207.0548 EUR

0.0051 EUR

0.0025%

1,305.6053 Million EUR

837.2018 Million EUR

4,043,283.4710

26/11/2009 - Merger of PARVEST ABSOLUTE RETURN CURRENCY 3 with PARVEST SHORT TERM (EURO)

The European Central Bank (ECB) did not change its key interest rates over the quarter and held the main refinancing rate at 1%, a level still considered as being "appropriate". The quarter saw several decisions by the ECB in response to developments in the Greek crisis. First, the ECB confirmed it would maintain less stringent collateral eligibility requirements beyond 2010, but it was in May that the most decisive measures were taken. On 3 May, after Greek sovereign debt was downgraded to junk status, the ECB said it would accept Greek government securities as collateral regardless of their rating. On 10 May, as part of the European emergency package, the Bank announced it would purchase government bonds, and according to an unofficial source this policy was rapidly implemented, in particular on Greek and Portuguese debt. Jean-Claude Trichet repeated that these operations do not affect the Bank's monetary policy stance, and that they would be temporary. The meeting of 10 June provided the opportunity for the ECB to present its latest macroeconomic forecasts. The GDP growth forecast for 2010 was raised slightly (1.0%), while that for 2011 was lowered slightly (1.2%). In general, the level of uncertainty over the economic outlook remains "exceptionally high", to use the ECB's own words.
Data published in recent weeks reflect this uncertainty, with some surveys deteriorating in response to renewed fears about Greece and Spain. Over the quarter, we preferred fixed-rate 3-month securities.

26/11/2009 - Merger of PARVEST ABSOLUTE RETURN CURRENCY 3 with PARVEST SHORT TERM (EURO)

Unknown price

Unknown price

Daily

BNP PARIBAS SECURITIES SERVICES (Luxembourg)

BNP PARIBAS SECURITIES SERVICES (Luxembourg)

Day D before 3pm (Luxembourg time)

A max. of 5% (payable to the intermediary)

None

None except N Category : 5%

A max. of 2% (payable to the intermediary)

1.00  share

Classic Category : 0.50% per year / I Category : 0.20% per year / Privilege Category : 0.30% per year / N Category : 0.50% per year

n.d.