FRR 2016 ANNUAL REPORT58

TRANSFERABLE SECURITIES CHANGES IN THE VALUE OF THE PORTFOLIO OF TRANSFERABLE SECURITIES

Portfolio at 31 December 2015 in euros

Value on acquisition

Valuation differences

Accrued coupons

Balance sheet value

Equities 7,665,223,042.65 1,688,785,747.57 9 354,008,790.22 Bonds 15,439,403,581.32 924,621,277.59 278,325,734.64 16,642,350,593.55 Transferable debt securities 921,301,416.15 -336,320.40 920,965,095.75 Undertakings for Collective Investment

5,016,993,966.33

852,547,210.10

443,904.98

5,869,985,081.41

UCITS 4,509,023,025.30 463,594,978.43 4,972,618,003.73 Other UCIs 507,970,941.03 388,952 231.67 443,904.98 897,367,077.68 Private equity funds 141,987,777.51 390,026,931.22 532,014,708.73 Securitisation Entity 365,983,163.52 -1,074,699.55 443,904.98 365,352,368.95

TOTAL 29,042,922,006.45 3,465,617,914.86 278,769,639.62 32,787,309,560.93

Portfolio at 31 December 2016 in euros

Value on acquisition

Valuation differences

Accrued coupons

Balance sheet value

Equities 8,237,847,261.37 1,799,452,546.67 10,037,299,808.04 Bonds 13,942,917,721.21 792,870,401.41 215,059,421.44 14,950,847,544.06 Transferable debt securities 1,522,000,000.00 1,201,834.23 1,523,201,834.23 Undertakings for Collective Investment

6,508,880,080.00

1,445,434,042.32

7,954,314,122.32

UCITS 5,933,098,383.92 1,055,880,581.39 6,988,978,965.31 Other UCIs 575,781,696.08 389,553,460.93 965,335,157.01 Private equity funds 56,977,800.00 388,164,457.55 445,142,257.55 Securitisation Entity 518,803,896.08 1,389,003.38 520,192,899.46

TOTAL 30,211,645,062.58 4,038,958,824.63 215,059,421.44 34,465,663,308.65

31/12/2016 31/12/2015

Equities 10,037,299,808.04 9,354,008,790.22 Bonds 14,950,847,544.06 16,642,350,593.55 Transferable debt securities 1,523,201,834.23 920,965,095.75 Undertakings for Collective Investment 7,954,314,122.32 5,869,985,081.41 UCITS 6,988,978,965.31 4,972,618,003.73 Other UCIs 965,335,157.01 897,367,077.68 Private equity funds 445,142,257.55 532,014,708.73 Securitisation entities 520,192,899.46 365,352,368.95

GRAND TOTAL 34,465,663,308.65 32,787,309,560.93