# BNP PARIBAS CASH INVEST
Fonds Commun de Placement (mutual fund) Management Company:
BNP PARIBAS ASSET MANAGEMENT France
1 boulevard Haussmann
75009 Paris, France

### Statutory Auditor's report on the annual financial statements
Financial year ended 31 March 2022
To the holders of units in the BNP PARIBAS CASH INVEST Fund,

###### Opinion
In performing the task entrusted to us by the Management Company, we carried out the audit of the annual financial statements of the BNP PARIBAS CASH INVEST undertaking for collective investment established in the form of a mutual fund relating to the year ended 31 March 2022, as attached to this report.
We certify that the annual financial statements are, in conformity with French accounting rules and principles, accurate and consistent and give a true and fair view of the financial performance of the previous financial year as well as the financial position and assets of the Fund at the end of this financial year.

###### Basis of opinion on the annual financial statements Audit terms of reference
We have conducted our audit in accordance with the standards of professional practice applicable in France. We believe that the evidence gathered is sufficient and appropriate to justify our opinion.
Our responsibilities pursuant to these standards are set out in the "Statutory Auditor's responsibilities regarding the audit of the annual financial statements" section of this report.
Société par actions simplifiée (simplified joint-stock company) with capital of €2,188,160 Accounting firm registered with the Paris Île-de-France Tableau de l'Ordre
Auditing firm and member of the Compagnie Régionale de Versailles (Regional Association of Statutory Auditors) Nanterre Trade and Companies Register No. 572 028 041
VAT: FR 02 572 028 041
Independence
We carried out our audit in accordance with the rules of independence laid down in the French Commercial Code and the Code of Ethics for Statutory Auditors, for the period from 1 April 2021, to the date of issue of our report.

###### Justification of assessments
The global crisis related to the COVID-19 pandemic has created special conditions for the preparation and audit of this financial year's accounts. Indeed, this crisis and the exceptional measures taken in the context of a state of health emergency have multiple consequences for the funds, their investments and the valuation of the corresponding assets and liabilities. Some of these measures, such as travel restrictions and remote working, have also had an impact on the operational management of the funds and on the measures for implementing audits.
It is in this complex and ever-changing context that, in accordance with the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we would inform you that our most significant assessments, in our professional opinion, were based on the appropriateness of the accounting principles applied, particularly as regards the financial instruments in the portfolio, and on the overall presentation of the annual financial statements, pursuant to the chart of accounts for open- ended undertakings for collective investment.
The assessments were made as part of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report. We have no comment to make on any individual aspect of these annual financial statements.

###### Specific verifications
In accordance with the standards of professional practice applicable in France, we have also conducted the specific verifications required by the legal and regulatory provisions.
We have no observations to make concerning the fairness and the consistency with the annual financial statements of the data provided in the Management Company's management report.

###### Responsibilities of the Management Company relating to the annual financial statements
It is the management company's responsibility to prepare annual financial statements that give a true and fair view, in accordance with French accounting rules and principles, and to implement the internal controls it deems necessary for the preparation of annual financial statements that do not include any material misstatement, whether due to fraud or error.
When preparing the annual financial statements, it is the Management Company's responsibility to assess the Fund's ability to continue as a going concern, to present in said financial statements, where applicable, the necessary information relating to its viability as a going concern and to apply the going concern accounting policy, unless it intends to wind up the Fund or to cease trading.
The annual financial statements have been prepared by the Management Company.

###### Statutory Auditor's responsibilities regarding the audit of the annual financial statements
It is our responsibility to draw up a report on the annual financial statements. Our aim is to obtain reasonable assurance that the annual financial statements, taken as a whole, are free of material misstatement. Reasonable assurance corresponds to a high level of assurance, but does not guarantee that an audit performed in accordance with the standards of professional practice can systematically detect any material misstatement. Misstatements may arise from fraud or error and are considered material where it can reasonably be expected that, taken individually or together, they may influence the economic decisions made by users of the annual financial statements that are based upon such misstatements.
As specified by Article L. 823-10-1 of the French Commercial Code, our mission is to certify the financial statements, and not to guarantee the viability or the quality of the management of your Fund.
As part of an audit performed in accordance with the standards of professional practice applicable in France, the Statutory Auditor exercises its professional judgement throughout this audit. In addition:
- It identifies and assesses the risks that the annual financial statements may contain material misstatement, whether due to fraud or error, sets out and implements the audit procedures intended to counter these risks, and collates the items that it deems sufficient and appropriate to justify its opinion. The risk of non-detection of a material misstatement due to fraud is higher than that of a material misstatement due to an error, since fraud may involve collusion, forgery, deliberate omissions, misrepresentation or the circumvention of internal control processes.
- It takes note of the internal control processes relevant to the audit so as to set out audit procedures that are appropriate to the circumstances, and not for the purpose of expressing an opinion on the effectiveness of the internal control processes;
- It assesses the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management company, as well as the information provided in their regard in the annual financial statements;
- It assesses the appropriateness of the application by the Management Company of the going concern accounting policy and, based on the evidence gathered, whether or not there is significant uncertainty relating to events or circumstances that may affect the Fund's ability to continue as a going concern. This assessment is based on the evidence gathered up to the date of its report, on the understanding that subsequent events or circumstances may affect its viability as a going concern. If it concludes that there is significant uncertainty, it draws the attention of the reader of its report to the information provided in the annual financial statements about this uncertainty or, if this information is not provided or is not relevant, it issues certification with a reservation or a refusal to certify;
- It appraises the overall presentation of the annual financial statements and assesses whether said statements reflect the transactions and underlying events such that they provide a true and fair view thereof.

In view of the delay in obtaining certain information required for the completion of our work, this report is dated 
20 July 2022
.
Paris La Défense, 
20 July 2022
The Statutory Auditor Deloitte & Associés
Stéphane Collas	Jean-Marc Lecat
Assets
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Net fixed assets Deposits Financial instruments Equities and equivalent securities Traded on a regulated or equivalent market Not traded on a regulated or equivalent market Bonds and equivalent securities Traded on a regulated or equivalent market Not traded on a regulated or equivalent market Debt securities Traded on a regulated or equivalent market – Negotiable debt securities Traded on a regulated or equivalent market – Other debt securities Not traded on a regulated or equivalent market Securities in undertakings for collective investment Retail UCITS and AIFs and their equivalents from other European Union member states intended for non-professional investors Other funds and their equivalents from other European Union member states intended for non-professional investors Retail professional investment funds and their equivalents from other European Union member states and listed securitisation undertakings Other professional investment funds and their equivalents from other European Union member states and unlisted securitisation undertakings Other non-European undertakings Temporary securities transactions Receivables representing securities received under repurchase agreements Receivables representing loaned securities Borrowed securities Securities assigned under repurchase agreements Other temporary transactions Forward financial instruments Transactions on a regulated or equivalent market Other transactions Other assets: Loans Other financial instruments Receivables Forward foreign exchange transactions Other Financial accounts Cash | - | - |
| - | - |
| 4,304,249,935.83 | 2,951,269,828.80 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 4,103,580,753.00 | 2,850,473,612.20 |
| 4,103,580,753.00 | 2,850,473,612.20 |
| - | - |
| - | - |
| 200,654,836.48 | 100,766,406.64 |
| 200,654,836.48 | 100,766,406.64 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 14,346.35 | 29,809.96 |
| - | - |
| 14,346.35 | 29,809.96 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 539,935,928.13 | 329,030,586.69 |
| 539,935,928.13 | 329,030,586.69 |
| TOTAL ASSETS | 4,844,185,863.96 | 3,280,300,415.49 |

Liabilities
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Shareholders' equity | - | - |
| Capital | 4,793,217,987.22 | 3,290,382,603.29 |
| Undistributed previous net capital gains and losses (a) | - | - |
| Balance carried forward (a) | - | - |
| Net capital gains and losses for the financial year (a, b) | -14,375,172.52 | -7,044,583.91 |
| Profit/loss for the financial year (a, b) | -9,943,785.82 | -4,763,593.66 |
| Total shareholders' equity |  |  |
| (= Amount representing net assets) | 4,768,899,028.88 | 3,278,574,425.72 |
| Financial instruments | - | - |
| Disposals of financial instruments | - | - |
| Temporary securities transactions | - | - |
| Debts representing securities assigned under repurchase agreements | - | - |
| Debts representing borrowed securities | - | - |
| Other temporary transactions | - | - |
| Forward financial instruments | - | - |
| Transactions on a regulated or equivalent market | - | - |
| Other transactions | - | - |
| Debts | 75,286,835.08 | 1,725,989.77 |
| Forward foreign exchange transactions | - | - |
| Other | 75,286,835.08 | 1,725,989.77 |
| Financial accounts | - | - |
| Bank loans and overdrafts | - | - |
| Borrowings | - | - |
| TOTAL LIABILITIES | 4,844,185,863.96 | 3,280,300,415.49 |

- Including accruals and deferrals.
- Less interim dividends paid during the financial year.

Off-balance sheet
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitments on regulated or equivalent markets |  |  |
| Over-the-counter commitments |  |  |
| Interest rate swaps |  |  |
| purchase IRS34 | - | 90,000,000.00 |
| purchase IRS36 | - | 120,000,000.00 |
| purchase IRS38 | 30,000,000.00 | - |
| purchase IRS39 | 40,000,000.00 | - |
| purchase IRS40 | 25,000,000.00 | - |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitments on regulated or equivalent markets |  |  |
| Over-the-counter commitments |  |  |
| Other commitments |  |  |

Income statement
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Income from financial transactions | - | - |
| Income from equities and equivalent securities | - | - |
| Income from bonds and equivalent securities | - | - |
| Income from debt securities | -3,382,073.50 | -1,236,118.79 |
| Income from temporary purchases and sales of securities | - | - |
| Income from forward financial instruments | -923,208.15 | -1,031,213.60 |
| Income from deposits and financial accounts | -8,695.05 | -50,509.62 |
| Other financial income | - | - |
| TOTAL I | -4,313,976.70 | -2,317,842.01 |
| Expenses on financial transactions | - | - |
| Expenses on temporary purchases and sales of securities | - | - |
| Expenses on forward financial instruments | 992,825.82 | 1,323,105.00 |
| Expenses on financial debts | -2,461,843.41 | -1,886,839.02 |
| Other financial expenses | - | - |
| TOTAL II | -1,469,017.59 | -563,734.02 |
| Profit/loss on financial transactions (I + II) | -5,782,994.29 | -2,881,576.03 |
| Other income (III) | - | - |
| Management fees and provisions for depreciation (IV) | -2,875,629.48 | -3,000,557.40 |
| Net income for the financial year (I + II + III + IV) | -8,658,623.77 | -5,882,133.43 |
| Accrued income for the financial year (V) | -1,285,162.05 | 1,118,539.77 |
| Interim dividends paid during the financial year (VI) | - | - |
| Profit/loss (I + II + III + IV + V + VI) | -9,943,785.82 | -4,763,593.66 |


#### Accounting principles and policies
The annual financial statements are presented in the form provided for by ANC Regulation No. 2014-01, as amended. The accounts have been established by the Management Company on the basis of the available elements in the context of an evolving COVID-19 crisis.
The accounting currency is the euro.
All transferable securities held in the portfolio are recognised at historical cost, excluding charges.
Securities, futures and options held in the portfolio denominated in a foreign currency are converted into the accounting currency based on the exchange rates in Paris on the valuation day.
The portfolio's value is appraised whenever the net asset value is calculated and at the end of the accounting period using the following methods:

###### Transferable securities
Listed securities: at stock market value, including accrued coupons (at the day's closing price)
However, transferable securities for which the price is not established on the valuation day or which are quoted by contributors and for which the price has been adjusted, and securities that are not traded on a regulated market, are valued under the responsibility of the Management Company (or the Board of Directors for an open-ended investment company (société d'investissement à capital variable – SICAV)), at their likely trading value. Prices are adjusted by the Management Company based on its knowledge of the issuers and/or markets.
UCIs: at their last known net asset value or, if unavailable, at their last estimated value. The net asset values of the securities of foreign undertakings for collective investment valued on a monthly basis are confirmed by the fund administrators. Valuations are updated weekly based on the estimates issued by the administrators of these UCIs and validated by the fund manager.
Negotiable debt securities and equivalent securities that are not traded in high volumes are valued using an actuarial method at a rate applicable to issues of equivalent securities, to which a variance representative of the intrinsic features of the issuer is assigned, if appropriate. In the absence of sensitivity, securities with a residual term of three months are valued at the most recent rate until maturity; for those acquired for periods of less than three months, the interest is calculated on a straight-line basis.
Temporary purchases and sales of securities:
- Securities lending: the receivable representing the securities lent is valued at the securities' market value.
- Securities borrowing: the borrowed securities and the corresponding debt are valued at the securities' market value.
- Collateral: With regard to securities received as collateral when lending securities, the UCI has chosen to include these securities in the balance sheet using the value of the debt corresponding to the obligation to return these securities.
- Repurchase agreements with a residual term of three months or less: individualisation of the receivable based on the contract price. In this case, the remuneration is calculated on a straight-line basis.
- Long-term repurchase agreements: These are recorded and valued at their nominal amount, even if their maturity date extends beyond three months. Any associated accrued interest is added to this amount. However, some contracts provide special terms in the event of requests for early repayment in order to take into account the impact of the increase in the counterparty's financing curve. Accrued interest may then be reduced by this impact, with no applicable floor. The impact is in proportion to the residual maturity of the agreement and the difference between the contractual margin and the market margin for the same maturity date.
- Repurchase agreements with a residual maturity of three months or less: stock market value. The debt valued on the basis of the contractual value is recorded as a balance sheet liability. In this case, the remuneration is calculated on a straight-line basis.

Provision for market liquidity risk
In order to achieve the Fund's management objective as defined in the full prospectus, the Management Company may occasionally be required to correct the valuation of certain securities held in the portfolio due to cyclical price fluctuations in the markets concerned. Such corrections may not exceed 5 bps in relation to the Fund's net assets.

###### Forward financial instruments and options
Futures: at the day's settlement price.
The off-balance sheet valuation is calculated on the basis of the nominal value, its settlement price and, where appropriate, the exchange rate.
Options: the day's closing price or, failing this, the last known price.
Over-the-counter options: These options are valued at their market value, based on prices reported by the counterparties. These valuations are subject to controls by the Management Company.
The off-balance sheet valuation is calculated as an underlying equivalent based on the delta and the price of the underlying asset and, where appropriate, the exchange rate.
Term deposits: These are recorded and valued at their nominal amount, even if their maturity date extends beyond three months. Any associated accrued interest is added to this amount. However, some contracts provide special terms in the event of requests for early repayment in order to take into account the impact of the increase in the counterparty's financing curve. Accrued interest may then be reduced by this impact, but cannot be negative. Term deposits are valued at least at their nominal value.
Interest rate swaps:
- for swaps with a maturity of less than three months, interest is calculated on a straight-line basis.
- swaps with a maturity of more than three months are revalued at market value.

Synthetic products (a security linked to a swap) are recognised as a whole. Interest accrued on swaps forming part of these products is valued on a straight-line basis.
Asset swaps and synthetic products are valued on the basis of their market value. The valuation of asset swaps is based on the valuation of hedged securities, less the impact of changes in credit spreads. This impact is valued using the average of the spreads reported monthly by four counterparties, adjusted by a margin that depends on the rating of the issuer.
The off-balance sheet commitment for swaps corresponds to their nominal value.
Structured swaps (swaps with optional components): These swaps are valued at their market value, based on prices reported by the counterparties. These valuations are subject to controls by the Management Company.
The off-balance sheet commitment of these swaps corresponds to their nominal value.
The index swaps valuation, calculated by the OTC Pricing & Services team, is used to calculate the net asset value after checking its consistency with the counterparty's valuation if this is received within the deadlines. If this is unavailable or inconsistent, OTC Pricing & Services approaches the counterparty to identify and resolve the problems.
The off-balance sheet commitment of these swaps corresponds to their nominal value.

###### Financial management fees and administrative fees external to the Management Company
- Maximum 0.239% incl. tax for the Classic unit
- Maximum 0.20% incl. tax for the I unit
- Maximum 0.20% incl. tax for the R unit
- Maximum 0.20% incl. tax for the I Plus unit
- Maximum 0.22% incl. tax for the Privilege unitThe fees are calculated on the basis of net assets, after deduction of shares and units of UCIs. These fees, not including transaction fees, will be charged directly to the Fund's profit and loss account.

These fees cover all of the costs invoiced directly to the UCI, except for transaction fees. Transaction costs include intermediary fees (brokerage fees, stock market taxes etc.) as well as transaction fees, if any, which may be charged, in particular by the depositary and the management company.

###### Research expenses
None

###### Performance fee
None

###### Retrocession of management fees
None

###### Method used to recognise interest
Interest received

###### Allocation of income
Accumulation for the Classic unit Accumulation for the I unit Accumulation for the I Plus unit Accumulation for the Privilege unit Accumulation for the R unit

###### Allocation of net realised capital gains
Accumulation for the Classic unit Accumulation for the I unit Accumulation for the I Plus unit Accumulation for the Privilege unit Accumulation for the R unit

###### Changes affecting the Fund
None
Change in net assets
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 3,278,574,425.72 | 3,251,238,549.66 |
| Subscriptions (including subscription fees paid to the UCI) | 30,100,065,948.29 | 37,043,752,614.33 |
| Redemptions (after deduction of redemption fees paid to the UCI) | -28,588,471,294.99 | -36,999,097,935.82 |
| Capital gains realised on deposits and financial instruments | 73,905.77 | 331,180.67 |
| Capital losses realised on deposits and financial instruments | -11,394,568.73 | -8,988,643.03 |
| Capital gains realised on forward financial instruments | - | - |
| Capital losses realised on forward financial instruments | - | - |
| Transaction fees | - | - |
| Exchange differences | - | -0.02 |
| Change in the valuation difference for deposits and financial instruments: | -2,758,779.84 | -1,449,912.54 |
| Valuation difference, financial year N | -5,785,007.42 | -3,031,769.22 |
| Valuation difference, financial year N-1 | 3,026,227.58 | 1,581,856.68 |
| Change in the valuation difference for forward financial instruments: | -15,673.83 | -873,332.10 |
| Valuation difference, financial year N | 14,346.35 | -628,721.76 |
| Valuation difference, financial year N-1 ** | -30,020.18 | -244,610.34 |
| Distribution from the previous financial year on net capital gains and losses | - | - |
| Distribution from the previous financial year on income | - | - |
| Net income for the financial year before accruals and deferrals | -8,658,623.77 | -5,882,133.43 |
| Interim dividend(s) paid during the financial year on net capital gains and losses | - | - |
| Interim dividend(s) paid during the financial year on income | - | - |
| Other items (*) | 1,483,690.26 | -455,962.00 |
| Net assets at the end of the financial year | 4,768,899,028.88 | 3,278,574,425.72 |

(*) Exceptional provision
** The valuation difference N-1 accounts presented in N, as described in the "Change in the valuation difference for deposits and financial instruments" section, differ from those presented in N-1.
This differential has no impact on the net assets, but does affect the presentation of the valuation difference accounts.
Additional information 1
|  | Financial year 31/03/2022 |
| --- | --- |
| Commitments received or given |  |
| Commitments received or given (capital surety or other commitments) (*) | - |
| Current value of financial instruments registered in the portfolio constituting collateral deposits |  |
| Financial instruments received as collateral and not recorded on the balance sheet | - |
| Financial instruments given as collateral and kept under the original item | - |
| Financial instruments in the portfolio issued by the provider or entities in its group |  |
| Deposits | - |
| Equities | - |
| Interest rate securities | 99,821,060.15 |
| UCIs | 200,654,836.48 |
| Temporary purchases and sales of securities | - |
| Swaps (nominal) | - |
| Current value of financial instruments subject to a temporary purchase |  |
| Securities acquired under repurchase agreements | - |
| Securities received under resale agreements | - |
| Borrowed securities | - |

(*) For guaranteed UCIs, the information appears in the accounting principles and policies.
Additional information 2
|  | Financial year |  |
| --- | --- | --- |
|  | 31/03/2022 |  |
| Issues and redemptions during the financial year | Number of securities |  |
| R class (Currency: EUR) Number of securities issued Number of securities redeemed I PLUS class (Currency: EUR) Number of securities issued Number of securities redeemed Privilege class (Currency: EUR) Number of securities issued Number of securities redeemed Classic class (Currency: EUR) Number of securities issued Number of securities redeemed I class (Currency: EUR) Number of securities issued Number of securities redeemed Subscription and/or redemption fees | 4,761.808 |  |
| 9,089.590 |  |
| 14,637.410 |  |
| 12,798.265 |  |
| 269,124.869 |  |
| 276,281.362 |  |
| 2,900,098.576 |  |
| 3,017,665.957 |  |
| 148,378.612 |  |
| 144,867.575 |  |
| Amount (EUR) |  |
| Subscription fees paid to the UCI | - |  |
| Redemption fees paid to the UCI | - |  |
| Subscription fees received and shared | 1,227,747.56 |  |
| Redemption fees received and shared | - Amount (EUR) |  |
| Management fees | % of average net assets |
| R class (Currency: EUR) |  |  |
| Operating and management fees (*) | 100,109.35 | 0.04 |
| Performance fees | - | - |
| Other charges | - | - |
| I PLUS class (Currency: EUR) |  |  |
| Operating and management fees (*) | 614,095.86 | 0.04 |
| Performance fees | - | - |
| Other charges | - | - |
| Privilege class (Currency: EUR) |  |  |
| Operating and management fees (*) | 146,086.46 | 0.12 |
| Performance fees | - | - |
| Other charges | - | - |

Additional information 2
|  | Financial year |  |
| --- | --- | --- |
|  | 31/03/2022 |  |
| Classic class (Currency: EUR) |  |  |
| Operating and management fees (*) | 700,239.75 | 0.14 |
| Performance fees | - | - |
| Other charges | - | - |
| I class (Currency: EUR) |  |  |
| Operating and management fees (*) | 1,315,098.06 | 0.10 |
| Performance fees | - | - |
| Other charges | - | - |
| Retrocessions of management fees (all units) | - |  |

(*) For UCIs with a financial year that is not 12 months, the percentage of average net assets corresponds to the average annualised rate.
Breakdown of receivables and debts by type
|  | Financial year 31/03/2022 |
| --- | --- |
| Breakdown of receivables by type | - |
| Tax credit to recover | - |
| Deposit – EUR | - |
| Deposit – other currencies | - |
| Cash collateral | - |
| Valuation of purchases of currency futures | - |
| Exchange value of forward sales | - |
| Other miscellaneous debtors | - |
| Coupons receivable | - |
| TOTAL RECEIVABLES | - |
| Breakdown of debts by type | - |
| Deposit – EUR | - |
| Deposit – other currencies | - |
| Cash collateral | - |
| Provisions for loan charges | - |
| Valuation of sales of currency futures | - |
| Exchange value of forward purchases | - |
| Costs and expenses not yet paid | 243,249.27 |
| Other miscellaneous payables | 75,043,585.81 |
| Provisions for market liquidity risk | - |
| TOTAL DEBTS | 75,286,835.08 |

Breakdown of instruments by legal or economic type
|  | Financial year 31/03/2022 |
| --- | --- |
| Assets Bonds and equivalent securities Index-linked bonds Convertible bonds Equity securities Other bonds and equivalent securities Debt securities Traded on a regulated or equivalent market Treasury bills Other negotiable debt securities Other debt securities Not traded on a regulated or equivalent market Other assets: Loans Liabilities Disposals of financial instruments Equities Bonds Other Off-balance sheet Hedging transactions Interest rates Equities Other Other transactions Interest rates Equities Other | - - - - - 4,103,580,753.00 4,103,580,753.00 25,003,000.00 4,078,577,753.00 - - - - - - - 95,000,000.00 - - - - - |

Breakdown of assets, liabilities and off-balance sheet items by interest rate type
|  | Fixed rate | Variable rate | Adjustable rate | Other |
| --- | --- | --- | --- | --- |
| Assets |  |  |  |  |
| Deposits | - | - | - | - |
| Bonds and equivalent securities | - | - | - | - |
| Debt securities | 2,758,014,992.05 | 1,345,565,760.95 | - | - |
| Temporary securities transactions | - | - | - | - |
| Other assets: Loans | - | - | - | - |
| Financial accounts | - | - | - | 539,935,928.13 |
| Liabilities |  |  |  |  |
| Temporary securities transactions | - | - | - | - |
| Financial accounts | - | - | - | - |
| Off-balance sheet |  |  |  |  |
| Hedging transactions | 95,000,000.00 | - | - | - |
| Other transactions | - | - | - | - |

Breakdown of assets, liabilities and off-balance sheet items by residual maturity
|  | [0–3 months] | ]3 months–1 year] | ]1–3 years] | ]3–5 years] | > 5 years |
| --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |
| Deposits | - | - | - | - | - |
| Bonds and equivalent securities | - | - | - | - | - |
| Debt securities | 3,113,106,975.48 | 990,473,777.52 | - | - | - |
| Temporary securities transactions | - | - | - | - | - |
| Other assets: Loans | - | - | - | - | - |
| Financial accounts | 539,935,928.13 | - | - | - | - |
| Liabilities |  |  |  |  |  |
| Temporary securities transactions | - | - | - | - | - |
| Financial accounts | - | - | - | - | - |
| Off-balance sheet |  |  |  |  |  |
| Hedging transactions | - | 95,000,000.00 | - | - | - |
| Other transactions | - | - | - | - | - |

Breakdown of assets, liabilities and off-balance sheet items by listing currency
|  | Currency |
| --- | --- |
| Assets | None |
| Deposits | - |
| Equities and equivalent securities | - |
| Bonds and equivalent securities | - |
| Debt securities | - |
| UCI securities | - |
| Temporary securities transactions | - |
| Other assets: Loans | - |
| Other financial instruments | - |
| Receivables | - |
| Financial accounts | - |
| Liabilities | None |
| Disposals of financial instruments | - |
| Temporary securities transactions | - |
| Debts | - |
| Financial accounts | - |
| Off-balance sheet | None |
| Hedging transactions | - |
| Other transactions | - |

As at 31 March 2022, the portfolio only holds financial instruments denominated in its accounting currency.
Allocation of income
R class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -141,295.09 | -270,143.52 |
| Total | -141,295.09 | -270,143.52 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -141,295.09 | -270,143.52 |
| Total | -141,295.09 | -270,143.52 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to the distribution of income |  |  |
| Overall amount of tax credits and tax benefits: |  |  |
| originating in the year | - | - |
| originating in year N-1 | - | - |
| originating in year N-2 | - | - |
| originating in year N-3 | - | - |
| originating in year N-4 | - | - |

Allocation table of distributable amounts relating to net capital gains and losses
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains and losses | - | - |
| Net capital gains and losses for the financial year | -230,776.45 | -532,942.61 |
| Interim payments on net capital gains and losses for the financial year | - | - |
| Total | -230,776.45 | -532,942.61 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains and losses | - | - |
| Accumulation | -230,776.45 | -532,942.61 |
| Total | -230,776.45 | -532,942.61 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |

I PLUS class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -5,496,935.33 | -1,197,068.99 |
| Total | -5,496,935.33 | -1,197,068.99 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -5,496,935.33 | -1,197,068.99 |
| Total | -5,496,935.33 | -1,197,068.99 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to the distribution of income |  |  |
| Overall amount of tax credits and tax benefits: |  |  |
| originating in the year | - | - |
| originating in year N-1 | - | - |
| originating in year N-2 | - | - |
| originating in year N-3 | - | - |
| originating in year N-4 | - | - |

Allocation table of distributable amounts relating to net capital gains and losses
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains and losses | - | - |
| Net capital gains and losses for the financial year | -8,978,109.79 | -2,568,642.52 |
| Interim payments on net capital gains and losses for the financial year | - | - |
| Total | -8,978,109.79 | -2,568,642.52 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains and losses | - | - |
| Accumulation | -8,978,109.79 | -2,568,642.52 |
| Total | -8,978,109.79 | -2,568,642.52 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |

Privilege class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -314,800.75 | -257,194.58 |
| Total | -314,800.75 | -257,194.58 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -314,800.75 | -257,194.58 |
| Total | -314,800.75 | -257,194.58 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to the distribution of income |  |  |
| Overall amount of tax credits and tax benefits: |  |  |
| originating in the year | - | - |
| originating in year N-1 | - | - |
| originating in year N-2 | - | - |
| originating in year N-3 | - | - |
| originating in year N-4 | - | - |

Allocation table of distributable amounts relating to net capital gains and losses
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains and losses | - | - |
| Net capital gains and losses for the financial year | -361,696.87 | -298,461.58 |
| Interim payments on net capital gains and losses for the financial year | - | - |
| Total | -361,696.87 | -298,461.58 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains and losses | - | - |
| Accumulation | -361,696.87 | -298,461.58 |
| Total | -361,696.87 | -298,461.58 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |

Classic class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -862,901.67 | -1,188,825.35 |
| Total | -862,901.67 | -1,188,825.35 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -862,901.67 | -1,188,825.35 |
| Total | -862,901.67 | -1,188,825.35 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to the distribution of income |  |  |
| Overall amount of tax credits and tax benefits: |  |  |
| originating in the year | - | - |
| originating in year N-1 | - | - |
| originating in year N-2 | - | - |
| originating in year N-3 | - | - |
| originating in year N-4 | - | - |

Allocation table of distributable amounts relating to net capital gains and losses
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains and losses | - | - |
| Net capital gains and losses for the financial year | -923,021.45 | -1,250,756.65 |
| Interim payments on net capital gains and losses for the financial year | - | - |
| Total | -923,021.45 | -1,250,756.65 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains and losses | - | - |
| Accumulation | -923,021.45 | -1,250,756.65 |
| Total | -923,021.45 | -1,250,756.65 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |

I class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -3,127,852.98 | -1,850,361.22 |
| Total | -3,127,852.98 | -1,850,361.22 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -3,127,852.98 | -1,850,361.22 |
| Total | -3,127,852.98 | -1,850,361.22 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to the distribution of income |  |  |
| Overall amount of tax credits and tax benefits: |  |  |
| originating in the year | - | - |
| originating in year N-1 | - | - |
| originating in year N-2 | - | - |
| originating in year N-3 | - | - |
| originating in year N-4 | - | - |

Allocation table of distributable amounts relating to net capital gains and losses
|  | Financial year 31/03/2022 | Financial year 31/03/2021 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains and losses | - | - |
| Net capital gains and losses for the financial year | -3,881,567.96 | -2,393,780.55 |
| Interim payments on net capital gains and losses for the financial year | - | - |
| Total | -3,881,567.96 | -2,393,780.55 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains and losses | - | - |
| Accumulation | -3,881,567.96 | -2,393,780.55 |
| Total | -3,881,567.96 | -2,393,780.55 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |

Table of results and other characteristic items over the previous five years

###### R class (Currency: EUR)
| 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- |
| Net asset value (in EUR) |  |  |  |
| C units | 49,970.0000 | 49,815.4309 | 49,558.4319 |
| Net assets (in EUR K) | 0.05 | 292,555.22 | 76,567.83 |
| Number of securities |  |  |  |
| C units | 0.001 | 5,872.783 | 1,545.001 |

| Payment date | 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- | --- |
| Distribution per unit on net capital gains | - | - | - |
| and losses |  |  |  |
| (including interim dividends) (in EUR) |  |  |  |
| Distribution per unit on income | - | - | - |
| (including interim dividends) (in EUR) |  |  |  |
| Tax credits per unit (*) | - | - | - |
| individuals (in EUR) |  |  |  |
| Accumulation per unit on net capital |  |  |  |
| gains and losses (in EUR) |  |  |  |
| C units | - | -90.74 | -149.36 |
| Accumulation per unit on income (in |  |  |  |
| EUR) |  |  |  |
| C units | -10.00 | -45.99 | -91.45 |

(*) "The tax credit per unit is calculated on the payment date, in accordance with the French tax instruction dated 04/03/93 (Inst. 4 K-1-93). The theoretical amounts, calculated in accordance with the rules applicable to individuals, are shown here for information purposes. "Instruction 4 J-2-99 of 08/11/99 also specifies that beneficiaries of tax credits other than individuals are solely responsible for calculating the amount of the tax credits to which they are entitled."

###### I PLUS class (Currency: EUR)
| 29 March 2018 | 29 March 2019 | 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- | --- | --- |
| Net asset value (in EUR) |  |  |  |  |  |
| C units | 997,797.3300 | 994,462.0900 | 991,254.2700 | 987,474.3900 | 982,379.9800 |
| Net assets (in EUR K) | 2,456,513.18 | 1,942,546.46 | 1,385,001.29 | 1,178,128.05 | 2,978,789.30 |
| Number of securities |  |  |  |  |  |
| C units | 2,461.936 | 1,953.364 | 1,397.221 | 1,193.072 | 3,032.217 |

| Payment date	29 March 2018	29 March 2019	31 March 2020	31 March 2021 | 31 March 2022 |
| --- | --- |
| Distribution per unit on net capital gains	-	-	-	- and losses | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Distribution per unit on income	-	-	-	- | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Tax credits per unit (*)	-	-	-	- | - |
| individuals (in EUR) |  |
|  |
|  |
| Accumulation per unit on net capital gains |  |
| and losses (in EUR) |
| C units	-1,087.18	-2,327.53	-2,384.34	-2,152.96 | -2,960.90 |
|  |
| Accumulation per unit on income (in EUR) |  |
| C units	-983.50	-1,268.40	-1,062.67	-1,003.35 | -1,812.84 |

(*) "The tax credit per unit is calculated on the payment date, in accordance with the French tax instruction dated 04/03/93 (Inst. 4 K-1-93). The theoretical amounts, calculated in accordance with the rules applicable to individuals, are shown here for information purposes. "Instruction 4 J-2-99 of 08/11/99 also specifies that beneficiaries of tax credits other than individuals are solely responsible for calculating the amount of the tax credits to which they are entitled."

###### Privilege class (Currency: EUR)
| 29 March 2018 | 29 March 2019 | 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- | --- | --- |
| Net asset value (in EUR) |  |  |  |  |  |
| C units | 2,288.6592 | 2,279.0454 | 2,269.7082 | 2,259.1078 | 2,245.7099 |
| Net assets (in EUR K) | 730,287.80 | 68,939.12 | 22,681.83 | 136,843.35 | 119,960.37 |
| Number of securities |  |  |  |  |  |
| C units | 319,089.799 | 30,249.121 | 9,993.281 | 60,574.066 | 53,417.573 |

| Payment date	29 March 2018	29 March 2019	31 March 2020	31 March 2021 | 31 March 2022 |
| --- | --- |
| Distribution per unit on net capital gains	-	-	-	- and losses | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Distribution per unit on income	-	-	-	- | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Tax credits per unit (*)	-	-	-	- | - |
| individuals (in EUR) |  |
|  |
|  |
| Accumulation per unit on net capital gains |  |
| and losses (in EUR) |
| C units	-0.83	-5.33	-5.46	-4.92 | -6.77 |
|  |
| Accumulation per unit on income (in EUR) |  |
| C units	-1.39	-4.87	-4.42	-4.24 | -5.89 |

(*) "The tax credit per unit is calculated on the payment date, in accordance with the French tax instruction dated 04/03/93 (Inst. 4 K-1-93). The theoretical amounts, calculated in accordance with the rules applicable to individuals, are shown here for information purposes. "Instruction 4 J-2-99 of 08/11/99 also specifies that beneficiaries of tax credits other than individuals are solely responsible for calculating the amount of the tax credits to which they are entitled."

###### Classic class (Currency: EUR)
| 29 March 2018 | 29 March 2019 | 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- | --- | --- |
| Net asset value (in EUR) |  |  |  |  |  |
| C units | 2,288.5783 | 2,278.5287 | 2,268.7527 | 2,257.7208 | 2,243.8958 |
| Net assets (in EUR K) | 467,959.49 | 838,518.24 | 623,621.34 | 573,421.02 | 306,100.76 |
| Number of securities |  |  |  |  |  |
| C units | 204,476.063 | 368,008.641 | 274,874.100 | 253,982.258 | 136,414.877 |

| Payment date	29 March 2018	29 March 2019	31 March 2020	31 March 2021 | 31 March 2022 |
| --- | --- |
| Distribution per unit on net capital gains	-	-	-	- and losses | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Distribution per unit on income	-	-	-	- | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Tax credits per unit (*)	-	-	-	- | - |
| individuals (in EUR) |  |
|  |
|  |
| Accumulation per unit on net capital gains |  |
| and losses (in EUR) |
| C units	-3.29	-5.33	-5.46	-4.92 | -6.76 |
|  |
| Accumulation per unit on income (in EUR) |  |
| C units	-5.81	-5.31	-4.86	-4.68 | -6.32 |

(*) "The tax credit per unit is calculated on the payment date, in accordance with the French tax instruction dated 04/03/93 (Inst. 4 K-1-93). The theoretical amounts, calculated in accordance with the rules applicable to individuals, are shown here for information purposes. "Instruction 4 J-2-99 of 08/11/99 also specifies that beneficiaries of tax credits other than individuals are solely responsible for calculating the amount of the tax credits to which they are entitled."

###### I class (Currency: EUR)
| 29 March 2018 | 29 March 2019 | 31 March 2020 | 31 March 2021 | 31 March 2022 |
| --- | --- | --- | --- | --- |
| Net asset value (in EUR) |  |  |  |  |  |
| C units | 56,891.7145 | 56,663.5768 | 56,442.3959 | 56,189.6339 | 55,867.2300 |
| Net assets (in EUR K) | 1,822,903.66 | 1,258,227.30 | 1,219,934.03 | 1,097,626.79 | 1,287,480.76 |
| Number of securities |  |  |  |  |  |
| C units | 32,041.637 | 22,205.222 | 21,613.789 | 19,534.329 | 23,045.366 |

| Payment date	29 March 2018	29 March 2019	31 March 2020	31 March 2021 | 31 March 2022 |
| --- | --- |
| Distribution per unit on net capital gains	-	-	-	- and losses | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Distribution per unit on income	-	-	-	- | - |
| (including interim dividends) (in EUR) |  |
|  |
|  |
| Tax credits per unit (*)	-	-	-	- | - |
| individuals (in EUR) |  |
|  |
|  |
| Accumulation per unit on net capital gains |  |
| and losses (in EUR) |
| C units	-81.84	-132.66	-135.81	-122.54 | -168.43 |
|  |
| Accumulation per unit on income (in EUR) |  |
| C units	-122.58	-110.32	-98.99	-94.72 | -135.72 |

(*) "The tax credit per unit is calculated on the payment date, in accordance with the French tax instruction dated 04/03/93 (Inst. 4 K-1-93). The theoretical amounts, calculated in accordance with the rules applicable to individuals, are shown here for information purposes. "Instruction 4 J-2-99 of 08/11/99 also specifies that beneficiaries of tax credits other than individuals are solely responsible for calculating the amount of the tax credits to which they are entitled."
Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities | Quantity | Price | Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- | --- | --- | --- |
| Debt securities | 4,103,580,753.00 | 86.05 |
| Traded on a regulated or equivalent market | 4,103,580,753.00 | 86.05 |
| Negotiable debt securities | 4,103,580,753.00 | 86.05 |
| AIR LIQUIDE FINANCE SA 0% 22/06/2022 NEU | 25,000,000.00 | 100.11 | EUR | 25,026,719.23 | 0.52 |
| AKZO NOBEL NV 0% 31/05/2022 | 20,000,000.00 | 100.08 | EUR | 20,016,772.40 | 0.42 |
| ALLIANZ BANQUE ESTERCAP+0.06 06/06/2022 | 10,000,000.00 | 100.00 | EUR | 9,957,619.09 | 0.21 |
| ANJOU ET DU MAINE (CAISSE REGIONALE DE C | 25,000,000.00 | 99.98 | EUR | 24,899,872.00 | 0.52 |
| ANJOU ET DU MAINE (CAISSE REGIONALE DE C | 10,000,000.00 | 100.06 | EUR | 10,005,534.50 | 0.21 |
| ARKEMA SA 0% 15/06/2022 NEUCP | 24,000,000.00 | 100.10 | EUR | 24,024,001.20 | 0.50 |
| ARVAL SERVICE LEASE FRANCE 0% 24/05/2022 | 20,000,000.00 | 100.07 | EUR | 20,014,857.60 | 0.42 |
| ATOS SE 0% 31/08/2022 NEUCP | 30,000,000.00 | 100.14 | EUR | 30,041,399.70 | 0.63 |
| ATOS 0% 30/12/2022 NEUCP | 20,000,000.00 | 100.09 | EUR | 20,017,717.20 | 0.42 |
| AXA BANQUE SA ESTERCAP+0.055 24/08/2022 | 25,000,000.00 | 99.98 | EUR | 24,916,887.95 | 0.52 |
| BANQUE FEDERATIVE DU CREDIT MUTUEL SA |  |  |
| ES | 40,000,000.00 | 99.96 | EUR | 39,854,826.32 | 0.84 |
| BANQUE FEDERATIVE DU CREDIT MUTUEL SA ES | 35,000,000.00 | 99.96 | EUR | 34,879,020.56 | 0.73 |
| BANQUE PALATINE SA ESTERCAP+0.1 10/05/20 | 15,000,000.00 | 100.00 | EUR | 14,936,557.77 | 0.31 |
| BARCLAYS BANK IRELAND PLC ESTERCAP+0.09 | 17,000,000.00 | 99.98 | EUR | 16,941,953.18 | 0.36 |
| BARCLAYS BANK PLC /FRANCE ESTERCAP+0.05 | 25,000,000.00 | 99.93 | EUR | 24,930,089.62 | 0.52 |
| BARCLAYS BANK PLC ESTERCAP+0.07 04/11/20 | 25,000,000.00 | 99.94 | EUR | 24,933,320.10 | 0.52 |
| BARCLAYS BANK PLC ESTERCAP+0.08 12/08/20 | 40,000,000.00 | 99.98 | EUR | 39,863,850.34 | 0.84 |
| BASF SE 0% 22/04/2022 | 25,000,000.00 | 100.03 | EUR | 25,006,418.25 | 0.52 |
| BNP PARIBAS ESTERCAP+0.03 02/11/2022 NEU | 35,000,000.00 | 99.93 | EUR | 34,917,971.74 | 0.73 |
| BNP PARIBAS ESTERCAP+0.06 02/02/2023 NEU | 25,000,000.00 | 99.92 | EUR | 24,958,722.28 | 0.52 |
| BNP PARIBAS SA ESTERCAP+0.07 04/08/2022 | 20,000,000.00 | 99.98 | EUR | 19,929,508.53 | 0.42 |
| BP CAPITAL MARKETS PLC 0% 24/06/2022 | 40,000,000.00 | 100.11 | EUR | 40,043,505.20 | 0.84 |
| BPCE SA ESTERCAP+0.03 06/06/2022 NEUCP | 40,000,000.00 | 99.99 | EUR | 39,923,505.62 | 0.84 |
| BRETAGNE (REGION) 0% 12/05/2022 NEUCP | 9,000,000.00 | 100.06 | EUR | 9,005,647.41 | 0.19 |
| BRIE PICARDIE (CAISSE REGIONALE DE CREDI | 20,000,000.00 | 100.00 | EUR | 19,903,722.41 | 0.42 |
| BRIE PICARDIE (CAISSE REGIONALE DE CREDI | 15,000,000.00 | 99.98 | EUR | 14,984,498.87 | 0.31 |
| CA CONSUMER FINANCE 0% 11/07/2022 NEUCP | 25,000,000.00 | 100.11 | EUR | 25,027,654.25 | 0.52 |
| CAISSE REGIONALE DE CREDIT AGRICOLE MUTU | 20,000,000.00 | 100.09 | EUR | 20,017,182.80 | 0.42 |
| CARMILA SAS 0% 23/05/2022 NEUCP | 10,000,000.00 | 100.07 | EUR | 10,007,288.30 | 0.21 |
| CHARENTE - PERIGORD (CAISSE REGIONALE DE | 10,000,000.00 | 100.00 | EUR | 9,968,482.79 | 0.21 |
| COCA-COLA EUROPACIFIC PARTNERS 0% 11/04/ | 6,000,000.00 | 100.01 | EUR | 6,000,839.94 | 0.13 |

Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities	Quantity	Price	Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- |
| COFACE SA 0% 07/06/2022 NEUCP | 10,000,000.00 | 100.08 | EUR | 10,008,407.40 | 0.21 |
| COTES D ARMOR (CAISSE REGIONALE DE CREDI | 15,000,000.00 | 99.98 | EUR | 14,982,072.77 | 0.31 |
| COVIVIO 0% 02/05/2022 NEUCP | 27,500,000.00 | 100.04 | EUR | 27,511,938.58 | 0.58 |
| COVIVIO 0% 07/06/2022 NEUCP | 20,000,000.00 | 100.09 | EUR | 20,018,327.20 | 0.42 |
| COVIVIO 0% 30/06/2022 NEUCP | 15,000,000.00 | 100.11 | EUR | 15,017,142.90 | 0.31 |
| CREDIT AGRICOLE SA ESTERCAP+0.1 30/06/20 | 50,000,000.00 | 100.00 | EUR | 49,999,315.28 | 1.05 |
| CREDIT	INDUSTRIEL	ET	COMMERCIAL ESTERCAP | 35,000,000.00 | 99.97 | EUR | 34,881,508.71 | 0.73 |
| CREDIT LYONNAIS SA ESTERCAP+0.07 08/06/2 | 25,000,000.00 | 99.99 | EUR | 24,988,268.42 | 0.52 |
| CREDIT LYONNAIS SA ESTERCAP+0.07 17/06/2 | 35,000,000.00 | 99.98 | EUR | 34,973,446.24 | 0.73 |
| CREDIT LYONNAIS SA 0% 07/04/2022 NEUCP | 50,000,000.00 | 100.01 | EUR | 50,005,153.50 | 1.05 |
| CREDIT MUTUEL ARKEA SA ESTERCAP+0.05 17/ | 35,000,000.00 | 99.98 | EUR | 34,924,957.97 | 0.73 |
| CREDIT MUTUEL ARKEA SA ESTERCAP+0.08 04/ | 35,000,000.00 | 100.00 | EUR | 34,832,848.58 | 0.73 |
| CREDIT MUTUEL ARKEA SA 0% 06/04/2022 NEU | 40,000,000.00 | 100.01 | EUR | 40,002,868.40 | 0.84 |
| DANONE SA 0% 22/06/2022 NEUCP | 11,000,000.00 | 100.11 | EUR | 11,011,756.47 | 0.23 |
| DANONE SA 0% 27/05/2022 NEUCP | 25,000,000.00 | 100.08 | EUR | 25,019,625.50 | 0.52 |
| DNB BANK ASA 0% 08/09/2022 | 30,000,000.00 | 100.16 | EUR | 30,048,107.70 | 0.63 |
| E.ON SE 0% 09/05/2022 | 7,500,000.00 | 100.05 | EUR | 7,503,992.25 | 0.16 |
| EDP FINANCE BV 0% 11/04/2022 | 9,000,000.00 | 100.01 | EUR | 9,001,093.41 | 0.19 |
| ELECTRICITE DE FRANCE SA 0% 29/04/2022 N | 35,000,000.00 | 100.04 | EUR | 35,012,551.00 | 0.73 |
| ENDESA SA 0% 08/04/2022 | 20,000,000.00 | 100.01 | EUR | 20,001,959.80 | 0.42 |
| ENDESA SA 0% 31/05/2022 | 10,000,000.00 | 100.08 | EUR | 10,008,386.20 | 0.21 |
| ENEL FINANCE INTERNATIONAL NV 0% 11/04/2 | 46,000,000.00 | 100.01 | EUR | 46,006,439.54 | 0.96 |
| ENEL FINANCE INTERNATIONAL NV 0% 14/04/2 | 20,000,000.00 | 100.02 | EUR | 20,003,640.00 | 0.42 |
| ENEL FINANCE INTERNATIONAL NV 0% 31/05/2 | 25,000,000.00 | 100.04 | EUR | 25,009,958.75 | 0.52 |
| ENGIE SA 0% 04/04/2022 NEUCP | 35,000,000.00 | 100.00 | EUR | 35,001,469.65 | 0.73 |
| ENGIE SA 0% 04/05/2022 NEUCP | 25,000,000.00 | 100.05 | EUR | 25,011,554.25 | 0.52 |
| ENGIE SA 0% 31/05/2022 NEUCP | 50,000,000.00 | 100.08 | EUR | 50,041,931.00 | 1.05 |
| EVONIK INDUSTRIES AG 0% 25/04/2022 | 20,000,000.00 | 100.03 | EUR | 20,006,721.00 | 0.42 |
| FRANCE(ELECTRICITE DE) 0% 04/04/2022 NEU | 20,000,000.00 | 100.00 | EUR | 20,000,839.80 | 0.42 |
| FRANFINANCE SA 0% 03/06/2022 NEUCP | 15,000,000.00 | 100.08 | EUR | 15,012,522.30 | 0.31 |
| GECINA SA 0% 06/06/2022 NEUCP | 25,000,000.00 | 100.09 | EUR | 25,022,638.00 | 0.52 |
| GIVAUDAN FINANCE EUROPE BV 0% 11/05/2022 | 15,000,000.00 | 100.06 | EUR | 15,008,405.55 | 0.31 |
| HAVAS SA 0% 07/04/2022 | 1,300,000.00 | 100.01 | EUR | 1,300,109.19 | 0.03 |
| HITACHI CAPITAL UK PLC 0% 07/04/2022 | 6,500,000.00 | 100.01 | EUR | 6,500,565.31 | 0.14 |
| HONDA BANK GMBH 0% 20/04/2022 | 6,000,000.00 | 100.03 | EUR | 6,001,596.12 | 0.13 |

Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities	Quantity	Price	Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- |
| HONEYWELL INTERNATIONAL INC 0% 17/05/202 | 20,000,000.00 | 100.07 | EUR | 20,013,364.00 | 0.42 |
| HSBC FRANCE SA 0% 30/06/2022 NEUCP | 35,000,000.00 | 100.11 | EUR | 35,038,018.40 | 0.73 |
| IBERDROLA INTERNATIONAL BV 0% 01/04/2022 | 50,000,000.00 | 100.00 | EUR | 50,000,000.00 | 1.05 |
| IBERDROLA INTERNATIONAL BV 0% 11/05/2022 | 35,000,000.00 | 100.06 | EUR | 35,019,612.95 | 0.73 |
| IBERDROLA INTERNATIONAL BV 0% 23/06/2022 | 30,000,000.00 | 100.11 | EUR | 30,032,347.20 | 0.63 |
| ICADE 0% 19/04/2022 NEUCP | 6,000,000.00 | 100.03 | EUR | 6,001,512.06 | 0.13 |
| ILE DE FRANCE(REGION D) 0% 14/06/2022 N | 25,000,000.00 | 100.11 | EUR | 25,026,989.75 | 0.52 |
| INMOBILIARIA COLONIAL SA 0% 11/05/2022 | 5,000,000.00 | 100.06 | EUR | 5,002,801.85 | 0.10 |
| INTESA SANPAOLO BANK IRELAND PLC 0% 27/0 | 20,000,000.00 | 100.11 | EUR | 20,021,501.80 | 0.42 |
| JCDECAUX SA 0% 28/04/2022 NEUCP | 5,000,000.00 | 100.03 | EUR | 5,001,640.40 | 0.10 |
| JYSKE BANK A/S ESTERCAP+0.055 05/10/2022 | 25,000,000.00 | 99.94 | EUR | 24,922,094.92 | 0.52 |
| JYSKE BANK A/S ESTERCAP+0.07 11/04/2022 | 20,000,000.00 | 100.00 | EUR | 19,901,693.59 | 0.42 |
| JYSKE BANK A/S ESTERCAP+0.075 03/06/2022 | 35,000,000.00 | 99.99 | EUR | 34,852,217.78 | 0.73 |
| KBC GROEP NV 0% 16/06/2022 | 20,000,000.00 | 100.09 | EUR | 20,018,469.40 | 0.42 |
| KERING FINANCE 0% 08/04/2022 NEUCP | 25,000,000.00 | 100.01 | EUR | 25,002,449.75 | 0.52 |
| KERING FINANCE 0% 10/05/2022 NEUCP | 22,000,000.00 | 100.05 | EUR | 22,012,019.26 | 0.46 |
| KERING FINANCE 0% 30/05/2022 NEUCP | 25,000,000.00 | 100.08 | EUR | 25,020,679.50 | 0.52 |
| KLEPIERRE 0% 08/04/2022 NEUCP | 30,000,000.00 | 100.01 | EUR | 30,002,939.70 | 0.63 |
| KLEPIERRE 0% 26/07/2022 NEUCP | 5,000,000.00 | 100.14 | EUR | 5,006,976.85 | 0.10 |
| KONINKLIJKE AHOLD DELHAIZE NV 0% 10/05/2 | 30,000,000.00 | 100.05 | EUR | 30,016,389.90 | 0.63 |
| LA BANQUE POSTALE SA ESTERCAP+0.085 30/0 | 30,000,000.00 | 100.00 | EUR | 29,999,576.67 | 0.63 |
| LA BANQUE POSTALE SA ESTERCAP+0.09 30/06 | 40,000,000.00 | 99.99 | EUR | 39,994,194.48 | 0.84 |
| LETRAS 0% 21-08/04/2022 | 25,000,000.00 | 100.01 | EUR | 25,003,000.00 | 0.52 |
| LLOYDS BANK CORPORATE MARKETS PLC 0% |  |  |  |  |  |
| 30/ | 25,000,000.00 | 100.16 | EUR | 25,039,912.75 | 0.53 |
| LOCATION DEQUIPEMENTS COMPAGNE 0% |  |  |  |  |  |
| 04/05/ | 4,000,000.00 | 100.05 | EUR | 4,001,929.20 | 0.08 |
| LVMH FINANCE BELGIQUE SA 0% 11/05/2022 | 30,000,000.00 | 100.06 | EUR | 30,017,480.70 | 0.63 |
| LVMH FINANCE BELGIQUE SA 0% 24/06/2022 | 35,000,000.00 | 100.11 | EUR | 35,039,631.20 | 0.73 |
| MAINE ANJOU ET BASSE-NORMANDIE (CAISSE F | 25,000,000.00 | 100.06 | EUR | 25,015,976.50 | 0.52 |
| METROPOLE DE LYON 0% 03/05/2022 NEUCP | 25,000,000.00 | 100.05 | EUR | 25,012,340.00 | 0.52 |
| METROPOLE DE LYON 0% 11/04/2022 NEUCP | 45,000,000.00 | 100.02 | EUR | 45,006,957.45 | 0.94 |
| METROPOLE DE LYON 0% 13/04/2022 NEUCP | 20,000,000.00 | 100.02 | EUR | 20,003,710.60 | 0.42 |
| METROPOLE DE LYON 0% 20/04/2022 NEUCP | 10,000,000.00 | 100.03 | EUR | 10,002,937.90 | 0.21 |
| METROPOLE DE LYON 0% 25/04/2022 NEUCP | 30,000,000.00 | 100.04 | EUR | 30,011,134.20 | 0.63 |
| MICHELIN-MICHELIN	ET	COMPAGNIE- (COMPAGNI | 20,000,000.00 | 100.03 | EUR | 20,006,721.00 | 0.42 |

Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities | Quantity | Price | Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- | --- | --- | --- |
| MITSUBISHI UFJ TRUST + BANKING CORPORATI | 50,000,000.00 | 100.00 | EUR | 50,002,174.50 | 1.05 |
| MITSUBISHI UFJ TRUST + BANKING CORPORATI | 18,000,000.00 | 100.07 | EUR | 18,011,722.86 | 0.38 |
| MUFG BANK LTD 0% 14/06/2022 | 25,000,000.00 | 100.08 | EUR | 25,020,839.50 | 0.52 |
| NATIXIS SA ESTERCAP+0.05 31/10/2022 CP | 30,000,000.00 | 99.92 | EUR | 29,940,278.21 | 0.63 |
| NATIXIS SA ESTERCAP+0.06 31/10/2022 NEUC | 25,000,000.00 | 99.92 | EUR | 24,958,708.79 | 0.52 |
| NATIXIS SA ESTERCAP+0.065 31/05/2022 NEU | 25,000,000.00 | 99.99 | EUR | 24,908,626.34 | 0.52 |
| NATWEST MARKETS PLC 0% 09/09/2022 | 35,000,000.00 | 100.15 | EUR | 35,051,372.30 | 0.73 |
| NORDEA BANK ABP 0% 01/06/2022 NEUCP | 35,000,000.00 | 100.09 | EUR | 35,032,141.90 | 0.73 |
| NORDEA BANK ABP 0% 12/09/2022 | 25,000,000.00 | 100.16 | EUR | 25,039,477.75 | 0.53 |
| OCEAN(CAISSE FEDERALE DU CREDIT MUTUEL) | 20,000,000.00 | 99.99 | EUR | 19,978,468.93 | 0.42 |
| OCEAN(CAISSE FEDERALE DU CREDIT MUTUEL) | 20,000,000.00 | 99.99 | EUR | 19,975,503.34 | 0.42 |
| ORANGE SA ESTERCAP+0.06 24/08/2022 CP | 30,000,000.00 | 99.98 | EUR | 29,899,348.34 | 0.63 |
| PALATINE SA ESTERCAP+0.07 07/06/2022 NEU | 17,000,000.00 | 99.99 | EUR | 16,992,680.55 | 0.36 |
| PALATINE SA ESTERCAP+0.075 02/12/2022 NE | 15,000,000.00 | 99.92 | EUR | 14,962,647.35 | 0.31 |
| PARIS (ASSISTANCE PUBLIQUE-HOPITAUX DE) | 5,000,000.00 | 100.03 | EUR | 5,001,623.65 | 0.10 |
| PARIS (VILLE DE) 0% 11/04/2022 NEUCP | 35,000,000.00 | 100.02 | EUR | 35,005,411.35 | 0.73 |
| PERNOD RICARD SA 0% 06/06/2022 NEUCP | 30,000,000.00 | 100.09 | EUR | 30,027,165.60 | 0.63 |
| PROVENCE ALPES COTE D AZUR (REGION) 0% 3 | 40,000,000.00 | 100.09 | EUR | 40,036,076.40 | 0.84 |
| PYRENEES	GASCOGNE	ESTERCAP+0.07 |  |  |
| 08/11/20 | 10,000,000.00 | 99.93 | EUR | 9,973,207.70 | 0.21 |
| RCI BANQUE SA 0% 13/07/2022 NEUCP | 15,000,000.00 | 100.13 | EUR | 15,019,102.20 | 0.31 |
| REGIE AUTONOME DES TRANSPORTS PARISIENS | 35,000,000.00 | 100.09 | EUR | 35,030,661.05 | 0.73 |
| REGIE AUTONOME DES 0% 21/04/2022 NEUCP | 20,000,000.00 | 100.03 | EUR | 20,005,799.40 | 0.42 |
| REGION HAUTS-DE-FRANCE 0% 04/04/2022 NEU | 22,500,000.00 | 100.00 | EUR | 22,501,043.55 | 0.47 |
| REGION NORD PAS DE CALAIS PICARDIE 0% 14 | 20,000,000.00 | 100.02 | EUR | 20,004,020.00 | 0.42 |
| REGION NORD PAS DE CALAIS PICARDIE 0% 14 | 4,000,000.00 | 100.02 | EUR | 4,000,804.00 | 0.08 |
| REN REDES ENERGETICAS NACIONAIS SGPS SA | 6,000,000.00 | 100.02 | EUR | 6,001,385.10 | 0.13 |
| REN REDES ENERGETICAS NACIONAIS SGPS SA | 4,000,000.00 | 100.02 | EUR | 4,000,923.40 | 0.08 |
| REPSOL EUROPE FINANCE SARL 0% 29/04/2022 | 25,000,000.00 | 100.04 | EUR | 25,009,802.00 | 0.52 |
| REPSOL EUROPE FINANCE 0% 20/04/2022 | 15,000,000.00 | 100.03 | EUR | 15,003,990.30 | 0.31 |
| REPSOL INTERNATIONAL FINANCE BV 0% 01/06 | 25,000,000.00 | 100.06 | EUR | 25,015,047.25 | 0.52 |
| REPSOL INTERNATIONAL FINANCE BV 0% 11/04 | 30,000,000.00 | 100.01 | EUR | 30,004,199.70 | 0.63 |
| SAGESS SA DE GESTION DE STOCK DE SECURIT | 20,000,000.00 | 100.01 | EUR | 20,001,236.80 | 0.42 |
| SAP SE 0% 10/06/2022 | 12,000,000.00 | 100.10 | EUR | 12,011,773.68 | 0.25 |

Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities	Quantity	Price	Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- |
| SCANIA CV AB 0% 23/06/2022 | 20,000,000.00 | 100.11 | EUR | 20,021,564.80 | 0.42 |
| SCHNEIDER ELECTRIC SE 0% 13/04/2022 NEUC | 25,000,000.00 | 100.02 | EUR | 25,004,199.75 | 0.52 |
|  |  |  |  |  |  |
| SCHNEIDER ELECTRIC SE 0% 30/06/2022 NEUC | 40,000,000.00 | 100.11 | EUR | 40,045,714.40 | 0.84 |
|  |  |  |  |  |  |
| SEB SA 0% 12/05/2022 NEUCP | 10,000,000.00 | 100.06 | EUR | 10,005,744.00 | 0.21 |
|  |  |  |  |  |  |
| SEB SA 0% 13/06/2022 NEUCP | 7,000,000.00 | 100.10 | EUR | 7,006,857.55 | 0.15 |
|  |  |  |  |  |  |
| SEB SA 0% 29/08/2022 NEUCP | 5,000,000.00 | 100.17 | EUR | 5,008,255.35 | 0.11 |
|  |  |  |  |  |  |
| SKANDINAVISKA ENSKILDA BANKEN AB 0% 17/0 | 20,000,000.00 | 100.10 | EUR | 20,019,457.00 | 0.42 |
|  |  |  |  |  |  |
| SNAM SPA 0% 01/06/2022 | 3,000,000.00 | 100.08 | EUR | 3,002,549.97 | 0.06 |
|  |  |  |  |  |  |
| SOCIETE  DES  AUTOROUTES  PARIS  RHIN |  |  |  |  |  |
| RHONE | 30,000,000.00 | 100.02 | EUR | 30,005,460.00 | 0.63 |
|  |  |  |  |  |  |
| SOCIETE GENERALE ESTERCAP+0.09 31/05/202 | 50,000,000.00 | 99.99 | EUR | 49,995,225.24 | 1.05 |
|  |  |  |  |  |  |
| SOCIETE GENERALE SA ESTERCAP+0.02 06/07/ | 30,000,000.00 | 99.97 | EUR | 29,936,922.25 | 0.63 |
|  |  |  |  |  |  |
| SOCIETE GENERALE SA ESTERCAP+0.05 06/01/ | 25,000,000.00 | 99.90 | EUR | 24,944,335.90 | 0.52 |
|  |  |  |  |  |  |
| SOCIETE GENERALE SA ESTERCAP+0.05 11/11/ | 35,000,000.00 | 99.93 | EUR | 34,903,555.22 | 0.73 |
|  |  |  |  |  |  |
| SOCIETE GENERALE SA ESTERCAP+0.06 11/04/ | 25,000,000.00 | 100.00 | EUR | 24,875,051.42 | 0.52 |
|  |  |  |  |  |  |
| SOCIETE GENERALE SA ESTERCAP+0.06 11/10/ | 25,000,000.00 | 99.95 | EUR | 24,925,591.41 | 0.52 |
|  |  |  |  |  |  |
| STANDARD CHARTERED BANK 0% 08/09/2022 | 40,000,000.00 | 100.16 | EUR | 40,062,428.40 | 0.84 |
|  |  |  |  |  |  |
| SUD RHONE ALPES(CAISSE REGIONALE DE CRED | 15,000,000.00 | 100.15 | EUR | 15,022,121.85 | 0.32 |
|  |  |  |  |  |  |
| SVENSKA HANDELSBANKEN AB 0% 21/07/2022 N | 20,000,000.00 | 100.13 | EUR | 20,025,856.60 | 0.42 |
|  |  |  |  |  |  |
| SYNDICAT DES TRANSPORTS DILE DE FRANCE |  |  |  |  |  |
| 0 | 25,000,000.00 | 100.04 | EUR | 25,010,825.50 | 0.52 |
|  |  |  |  |  |  |
| SYNDICAT DES TRANSPORTS DILE DE FRANCE 0 | 20,000,000.00 | 100.09 | EUR | 20,018,561.00 | 0.42 |
|  |  |  |  |  |  |
| SYNDICAT DES TRANSPORTS DILE DE FRANCE |  |  |  |  |  |
| 0 | 18,000,000.00 | 100.12 | EUR | 18,021,370.68 | 0.38 |
|  |  |  |  |  |  |
| SYNDICAT DES TRANSPORTS DILE DE FRANCE |  |  |  |  |  |
| 0 | 10,500,000.00 | 100.12 | EUR | 10,512,466.23 | 0.22 |
|  |  |  |  |  |  |
| SYNDICAT DES TRANSPORTS DILE DE FRANCE 0 | 9,400,000.00 | 100.10 | EUR | 9,409,565.06 | 0.20 |
|  |  |  |  |  |  |
| TELEFONICA EUROPE BV 0% 15/06/2022 | 36,000,000.00 | 100.10 | EUR | 36,036,001.80 | 0.76 |
|  |  |  |  |  |  |
| THALES SA 0% 07/07/2022 NEUCP | 25,000,000.00 | 100.13 | EUR | 25,031,714.25 | 0.52 |
|  |  |  |  |  |  |
| TOULOUSE 31 (CAISSE REGIONALE DE CREDIT | 15,000,000.00 | 99.93 | EUR | 14,964,423.86 | 0.31 |
|  |  |  |  |  |  |
| TOYOTA MOTOR FINANCE NETHERLANDS BV 0% 0 | 31,000,000.00 | 100.09 | EUR | 31,028,332.45 | 0.65 |
|  |  |  |  |  |  |
| UNEDIC (UNION NATIONALE INTERPROFESSIONN | 25,000,000.00 | 100.10 | EUR | 25,024,807.50 | 0.52 |
|  |  |  |  |  |  |
| UNEDIC (UNION NATIONALE INTERPROFESSIONN | 25,000,000.00 | 100.10 | EUR | 25,024,807.50 | 0.52 |
|  |  |  |  |  |  |
| UNICREDITO ITALIANO SPA (LONDON BRANCH) | 40,000,000.00 | 99.93 | EUR | 39,883,093.81 | 0.84 |
|  |  |  |  |  |  |
| UNICREDITO ITALIANO SPA (LONDON BRANCH) | 35,000,000.00 | 99.98 | EUR | 34,863,800.17 | 0.73 |

Inventory of financial instruments as at 31 March 2022
| Asset items and description of securities	Quantity	Price	Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	30,000,000.00	100.00	EUR | 29,862,999.48 | 0.63 |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	25,000,000.00	99.98	EUR | 24,909,941.28 | 0.52 |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	20,000,000.00	99.98	EUR | 19,958,746.78 | 0.42 |
| UNILEVER FINANCE NETHERLANDS B V 0% 13/0	35,000,000.00	100.10	EUR | 35,035,518.00 | 0.73 |
| VEOLIA ENVIRONNEMENT SA 0% 05/04/2022 NE	35,000,000.00	100.01	EUR | 35,001,959.65 | 0.73 |
| VEOLIA ENVIRONNEMENT SA 0% 26/04/2022 NE	20,000,000.00	100.04	EUR | 20,007,001.00 | 0.42 |
| VEOLIA ENVIRONNEMENT SA 0% 29/04/2022 NE	25,000,000.00	100.04	EUR | 25,009,802.00 | 0.52 |
| VOLVO TREASURY AB 0% 14/04/2022	15,000,000.00	100.02	EUR | 15,002,730.00 | 0.31 |
| VOLVO TREASURY AB 0% 14/04/2022	4,000,000.00	100.02	EUR | 4,000,728.00 | 0.08 |
| VOLVO TREASURY AB 0% 17/05/2022	25,000,000.00	100.06	EUR | 25,016,114.50 | 0.52 |
| UCI securities | 200,654,836.48 | 4.21 |
| Retail UCITS and AIFs and their equivalents from other European Union Member States |  |  |
| intended for non-professional investors | 200,654,836.48 | 4.21 |
| BNPP INSTICASH EUR 1D ST VNAV CAP I	1,464,704.4053	136.99	EUR | 200,654,836.48 | 4.21 |
| Forward financial instruments | 14,346.35 | - |
| Interest rate swaps | 14,346.35 | - |
| IRS38	30,000,000.00	-	EUR | 6,180.28 | - |
| IRS39	40,000,000.00	-	EUR | 8,240.38 | - |
| IRS40	25,000,000.00	-	EUR | -74.31 | - |
| Receivables | - | - |
| Debts | -75,286,835.08 | -1.58 |
| Deposits | - | - |
| Other financial accounts | 539,935,928.13 | 11.32 |
| TOTAL NET ASSETS	EUR | 4,768,899,028.88 | 100.00 |

Translation (ENFR, 2022-03-31):
# BNP PARIBAS CASH INVEST
Fonds Commun de Placement Société de Gestion :
BNP Paribas Asset Management France
1, boulevard Haussmann
75009 Paris

### Rapport du Commissaire aux Comptes sur les comptes annuels
Exercice clos le 31 mars 2022
Aux porteurs de parts du FCP BNP PARIBAS CASH INVEST,

###### Opinion
En exécution de la mission qui nous a été confiée par la société de gestion, nous avons effectué l’audit des comptes annuels de l’organisme de placement collectif BNP PARIBAS CASH INVEST constitué sous forme de fonds commun de placement (FCP) relatifs à l’exercice clos le 31 mars 2022, tels qu’ils sont joints au présent rapport.
Nous certifions que les comptes annuels sont, au regard des règles et principes comptables français, réguliers et sincères et donnent une image fidèle du résultat des opérations de l’exercice écoulé ainsi que de la situation financière et du patrimoine du FCP, à la fin de cet exercice.

###### Fondement de l’opinion sur les comptes annuels Référentiel d’audit
Nous avons effectué notre audit selon les normes d’exercice professionnel applicables en
France. Nous estimons que les éléments que nous avons collectés sont suffisants et appropriés pour fonder notre opinion.
Les responsabilités qui nous incombent en vertu de ces normes sont indiquées dans la partie
« Responsabilités du commissaire aux comptes relatives à l’audit des comptes annuels » du
présent rapport.
Indépendance
Nous avons réalisé notre mission d’audit dans le respect des règles d’indépendance prévues par le code de commerce et par le code de déontologie de la profession de commissaire aux comptes, sur la période du 1 avril 2021 à la date d’émission de notre rapport.

###### Justification des appréciations
La crise mondiale liée à la pandémie de COVID-19 crée des conditions particulières pour la préparation et l’audit des comptes de cet exercice. En effet, cette crise et les mesures exceptionnelles prises dans le cadre de l’état d’urgence sanitaire induisent de multiples conséquences pour les fonds, leurs investissements et l’évaluation des actifs et passifs correspondants. Certaines de ces mesures, telles que les restrictions de déplacement et le travail à distance, ont également eu une incidence sur la gestion opérationnelle des fonds et sur les modalités de mise en œuvre des audits.
C’est dans ce contexte complexe et évolutif que, en application des dispositions des articles
L. 823-9 et R. 823-7 du code de commerce relatives à la justification de nos appréciations, nous vous informons que les appréciations les plus importantes auxquelles nous avons procédé, selon notre jugement professionnel, ont porté sur le caractère approprié des principes comptables appliqués, notamment pour ce qui concerne les instruments financiers en portefeuille et sur la présentation d’ensemble des comptes, au regard du plan comptable des organismes de placement collectif à capital variable.
Les appréciations ainsi portées s'inscrivent dans le contexte de l’audit des comptes annuels pris dans leur ensemble et de la formation de notre opinion exprimée ci-avant. Nous n’exprimons pas d’opinion sur des éléments de ces comptes annuels pris isolément.

###### Vérifications spécifiques
Nous avons également procédé, conformément aux normes d’exercice professionnel applicables en France, aux vérifications spécifiques prévues par les textes légaux et réglementaires.
Nous n'avons pas d'observation à formuler sur la sincérité et la concordance avec les comptes annuels des informations données dans le rapport de gestion établi par la société de gestion.

###### Responsabilités de la société de gestion relatives aux comptes annuels
Il appartient à la société de gestion d’établir des comptes annuels présentant une image fidèle conformément aux règles et principes comptables français ainsi que de mettre en place le contrôle interne qu'elle estime nécessaire à l'établissement de comptes annuels ne comportant pas d'anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs.
Lors de l’établissement des comptes annuels, il incombe à la société de gestion d’évaluer la capacité du FCP à poursuivre son exploitation, de présenter dans ces comptes, le cas échéant, les informations nécessaires relatives à la continuité d’exploitation et d’appliquer la convention comptable de continuité d’exploitation, sauf s’il est prévu de liquider le FCP ou de cesser son activité.
Les comptes annuels ont été établis par la société de gestion.

###### Responsabilités du commissaire aux comptes relatives à l’audit des comptes
annuels
Il nous appartient d’établir un rapport sur les comptes annuels. Notre objectif est d’obtenir l’assurance raisonnable que les comptes annuels pris dans leur ensemble ne comportent pas d’anomalies significatives. L’assurance raisonnable correspond à un niveau élevé d’assurance, sans toutefois garantir qu’un audit réalisé conformément aux normes d’exercice professionnel permet de systématiquement détecter toute anomalie significative. Les anomalies peuvent provenir de fraudes ou résulter d’erreurs et sont considérées comme significatives lorsque l’on peut raisonnablement s’attendre à ce qu’elles puissent, prises individuellement ou en cumulé, influencer les décisions économiques que les utilisateurs des comptes prennent en se fondant sur ceux-ci.
Comme précisé par l’article L.823-10-1 du code de commerce, notre mission de certification des comptes ne consiste pas à garantir la viabilité ou la qualité de la gestion de votre FCP.
Dans le cadre d’un audit réalisé conformément aux normes d’exercice professionnel applicables en France, le commissaire aux comptes exerce son jugement professionnel tout au long de cet audit. En outre:
- il identifie et évalue les risques que les comptes annuels comportent des anomalies significatives, que celles-ci proviennent de fraudes ou résultent d’erreurs, définit et met en œuvre des procédures d’audit face à ces risques, et recueille des éléments qu’il estime suffisants et appropriés pour fonder son opinion. Le risque de non- détection d’une anomalie significative provenant d’une fraude est plus élevé que celui d’une anomalie significative résultant d’une erreur, car la fraude peut impliquer la collusion, la falsification, les omissions volontaires, les fausses déclarations ou le contournement du contrôle interne ;
- il prend connaissance du contrôle interne pertinent pour l’audit afin de définir des procédures d’audit appropriées en la circonstance, et non dans le but d’exprimer une opinion sur l’efficacité du contrôle interne ;
- il apprécie le caractère approprié des méthodes comptables retenues et le caractère raisonnable des estimations comptables faites par la société de gestion, ainsi que les informations les concernant fournies dans les comptes annuels;
- il apprécie le caractère approprié de l’application par la société de gestion de la convention comptable de continuité d’exploitation et, selon les éléments collectés, l’existence ou non d’une incertitude significative liée à des événements ou à des circonstances susceptibles de mettre en cause la capacité du FCP à poursuivre son exploitation. Cette appréciation s’appuie sur les éléments collectés jusqu’à la date de son rapport, étant toutefois rappelé que des circonstances ou événements ultérieurs pourraient mettre en cause la continuité d’exploitation. S’il conclut à l’existence d’une incertitude significative, il attire l’attention des lecteurs de son rapport sur les informations fournies dans les comptes annuels au sujet de cette incertitude ou, si ces informations ne sont pas fournies ou ne sont pas pertinentes, il formule une certification avec réserve ou un refus de certifier;
- il apprécie la présentation d’ensemble des comptes annuels et évalue si les comptes annuels reflètent les opérations et événements sous-jacents de manière à en donner une image fidèle.

Compte tenu du délai d'obtention de certaines informations nécessaires à la
finalisation de nos travaux, le présent rapport est daté du
20 juillet 2022
Paris La Défense, le
Le Commissaire aux Comptes Deloitte & Associés
20 juillet 2022
Stéphane COLLAS	Jean-Marc LECAT

## Bilan actif
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Immobilisations Nettes Dépôts Instruments financiers Actions et valeurs assimilées Négociées sur un marché réglementé ou assimilé Non négociées sur un marché réglementé ou assimilé Obligations et valeurs assimilées Négociées sur un marché réglementé ou assimilé Non négociées sur un marché réglementé ou assimilé Titres de créances Négociés sur un marché réglementé ou assimilé - Titres de créances négociables Négociés sur un marché réglementé ou assimilé - Autres titres de créances Non négociés sur un marché réglementé ou assimilé Titres d'organismes de placement collectif OPCVM et FIA à vocation générale destinés aux non professionnels et équivalents d´autres pays Etats membres de l'Union Européenne Autres Fonds destinés à des non professionnels et équivalents d´autres pays Etats membres de l´Union Européenne Fonds professionnels à vocation générale et équivalents d´autres pays Etats membres de l´Union Européenne et organismes de titrisations cotés Autres Fonds d´investissement professionnels et équivalents d´autres pays Etats membres de l´Union Européenne et organismes de titrisations non cotés Autres organismes non européens Opérations temporaires sur titres Créances représentatives de titre reçus en pension Créances représentatives de titres prêtés Titres empruntés Titres donnés en pension Autres opérations temporaires Instruments financiers à terme Opérations sur un marché réglementé ou assimilé Autres opérations Autres Actifs : Loans Autres instruments financiers Créances Opérations de change à terme de devises Autres Comptes financiers Liquidités | - | - |
| - | - |
| 4,304,249,935.83 | 2,951,269,828.80 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 4,103,580,753.00 | 2,850,473,612.20 |
| 4,103,580,753.00 | 2,850,473,612.20 |
| - | - |
| - | - |
| 200,654,836.48 | 100,766,406.64 |
| 200,654,836.48 | 100,766,406.64 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 14,346.35 | 29,809.96 |
| - | - |
| 14,346.35 | 29,809.96 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 539,935,928.13 | 329,030,586.69 |
| 539,935,928.13 | 329,030,586.69 |
| TOTAL DE L'ACTIF | 4,844,185,863.96 | 3,280,300,415.49 |


## Bilan passif
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Capitaux propres Capital Plus et moins-values nettes antérieures non distribuées (a) Report à nouveau (a) Plus et moins-values nettes de l'exercice (a,b) Résultat de l'exercice (a,b) Total capitaux propres (= Montant représentatif de l'actif net) Instruments financiers Opérations de cession sur instruments financiers Opérations temporaires sur titres Dettes représentatives de titres donnés en pension Dettes représentatives de titres empruntés Autres opérations temporaires Instruments financiers à terme Opérations sur un marché réglementé ou assimilé Autres opérations Dettes Opérations de change à terme de devises Autres Comptes financiers Concours bancaires courants Emprunts | - | - |
| 4,793,217,987.22 | 3,290,382,603.29 |
| - | - |
| - | - |
| -14,375,172.52 | -7,044,583.91 |
| -9,943,785.82 | -4,763,593.66 |
| 4,768,899,028.88 | 3,278,574,425.72 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 75,286,835.08 | 1,725,989.77 |
| - | - |
| 75,286,835.08 | 1,725,989.77 |
| - | - |
| - | - |
| - | - |
| TOTAL DU PASSIF | 4,844,185,863.96 | 3,280,300,415.49 |

- Y compris comptes de régularisations.
- Diminués des acomptes versés au titre de l'exercice.


## Hors-bilan
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Opérations de couverture |  |  |
| Engagements sur marchés réglementés ou assimilés |  |  |
| Engagements de gré à gré |  |  |
| Swap de taux |  |  |
| achat IRS34 | - | 90,000,000.00 |
| achat IRS36 | - | 120,000,000.00 |
| achat IRS38 | 30,000,000.00 | - |
| achat IRS39 | 40,000,000.00 | - |
| achat IRS40 | 25,000,000.00 | - |
| Autres engagements |  |  |
| Autres opérations |  |  |
| Engagements sur marchés réglementés ou assimilés |  |  |
| Engagements de gré à gré |  |  |
| Autres engagements |  |  |


## Compte de résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Produits sur opérations financières | - | - |
| Produits sur actions et valeurs assimilées | - | - |
| Produits sur obligations et valeurs assimilées | - | - |
| Produits sur titres de créances | -3,382,073.50 | -1,236,118.79 |
| Produits sur acquisitions et cessions temporaires de titres | - | - |
| Produits sur instruments financiers à terme | -923,208.15 | -1,031,213.60 |
| Produits sur dépôts et sur comptes financiers | -8,695.05 | -50,509.62 |
| Autres produits financiers | - | - |
| TOTAL I | -4,313,976.70 | -2,317,842.01 |
| Charges sur opérations financières | - | - |
| Charges sur acquisitions et cessions temporaires de titres | - | - |
| Charges sur instruments financiers à terme | 992,825.82 | 1,323,105.00 |
| Charges sur dettes financières | -2,461,843.41 | -1,886,839.02 |
| Autres charges financières | - | - |
| TOTAL II | -1,469,017.59 | -563,734.02 |
| Résultat sur opérations financières (I + II) | -5,782,994.29 | -2,881,576.03 |
| Autres produits (III) | - | - |
| Frais de gestion et dotations aux amortissements (IV) | -2,875,629.48 | -3,000,557.40 |
| Résultat net de l'exercice (I + II + III + IV) | -8,658,623.77 | -5,882,133.43 |
| Régularisation des revenus de l'exercice (V) | -1,285,162.05 | 1,118,539.77 |
| Acomptes sur résultat versés au titre de l'exercice (VI) | - | - |
| Résultat (I + II + III + IV + V + VI) | -9,943,785.82 | -4,763,593.66 |


#### Règles et Méthodes Comptables
Les comptes annuels sont présentés sous la forme prévue par le règlement ANC n° 2014-01, modifié. Les comptes ont été établis par la société de gestion sur la base des éléments disponibles dans un contexte évolutif de crise liée au Covid-19.
La devise de comptabilité est l'Euro
Toutes les valeurs mobilières qui composent le portefeuille ont été comptabilisées au coût historique, frais exclus.
Les titres et instruments financiers à terme ferme et conditionnel détenus en portefeuille libellés en devises sont convertis dans la devise de comptabilité sur la base des taux de change relevés à Paris au jour de l'évaluation.
Le portefeuille est évalué lors de chaque valeur liquidative et lors de l'arrêté des comptes selon les méthodes suivantes :

###### Valeurs mobilières
Les titres cotés : à la valeur boursière - coupons courus inclus (cours clôture jour)
Toutefois, les valeurs mobilières dont le cours n'a pas été constaté le jour de l'évaluation, ou cotées par des contributeurs et pour lequel le cours a été corrigé, de même que les titres qui ne sont pas négociés sur un marché réglementé, sont évalués sous la responsabilité de la société de gestion (ou du conseil d'administration pour une Sicav), à leur valeur probable de négociation. Les prix sont corrigés par la société de gestion en fonction de sa connaissance des émetteurs et/ou des marchés.
Les O.P.C. : à la dernière valeur liquidative connue, à défaut à la dernière valeur estimée. Les valeurs liquidatives des titres d’organismes de placements collectifs étrangers valorisant sur une base mensuelle, sont confirmées par les administrateurs de fonds. Les valorisations sont mises à jour de façon hebdomadaire sur la base d’estimations communiquées par les administrateurs de ces OPC et validées par le gérant.
Les titres de créances et assimilés négociables qui ne font pas l'objet de transactions significatives sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui applicable à des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur. En l'absence de sensibilité, les titres d'une durée résiduelle égale à trois mois sont valorisés au dernier taux jusqu'à l'échéance et ceux acquis à moins de trois mois, les intérêts sont linéarisés.
Les acquisitions et cessions temporaires de titres :
- Les prêts de titres : la créance représentative des titres prêtés est évaluée à la valeur du marché des titres.
- Les emprunts de titres : les titres empruntés ainsi que la dette représentative des titres empruntés sont évalués à la valeur du marché des titres.
- Les collatéraux : s'agissant des titres reçus en garantie dans le cadre des opérations de prêts de titres, l'OPC a opté pour une présentation de ces titres dans les comptes du bilan à hauteur de la dette correspondant à l'obligation de restitution de ceux-ci.
- Les pensions livrées d'une durée résiduelle inférieure ou égale à trois mois : individualisation de la créance sur la base du prix du contrat.

Dans ce cas, une linéarisation de la rémunération est effectuée.
- Les pensions long terme : Elles sont enregistrées et évaluées à leur nominal, même si elles ont une échéance supérieure à trois mois. Ce montant est majoré des intérêts courus qui s’y rattachent. Toutefois, certains contrats prévoient des conditions particulières en cas de demande de remboursement anticipé afin de prendre en compte l’impact de hausse de la courbe de financement de la contrepartie. Les intérêts courus peuvent alors être diminués de cet impact, sans valeur planchée. L’impact est proportionnel à la durée résiduelle de la pension et l’écart constaté entre la marge contractuelle et la marge de marché pour une date de maturité identique.
- Les mises en pensions d'une durée résiduelle inférieure ou égale à trois mois : valeur boursière. La dette valorisée sur la base de la valeur contractuelle est inscrite au passif du bilan. Dans ce cas, une linéarisation de la rémunération est effectuée.

Provision pour risque des liquidités de marché.
Afin d'atteindre l'objectif de gestion du FCP, tel que défini par le prospectus complet, la société de gestion peut être amenée à corriger ponctuellement la valorisation de certains titres détenus en portefeuille en raison de fluctuations conjoncturelles des prix sur les marchés concernés. Les corrections ainsi apportées ne peuvent excéder 5 bp rapportés à l'actif net du FCP.

###### Instruments financiers à terme et conditionnels
Futures : cours de compensation jour.
L'évaluation hors bilan est calculée sur la base du nominal, de son cours de compensation et, éventuellement, du cours de change.
Options : cours de clôture jour ou, à défaut, le dernier cours connu.
Options OTC : ces options font l'objet d'une évaluation à leur valeur de marché, en fonction des cours communiqués par les contreparties. Ces valorisations font l'objet de contrôles par la société de gestion.
L'évaluation hors bilan est calculée en équivalent sous-jacent en fonction du delta et du cours du sous-jacent et, éventuellement, du cours de change.
Dépôts à terme : ils sont enregistrés et évalués pour leur montant nominal, même s’ils ont une échéance supérieure à trois mois. Ce montant est majoré des intérêts courus qui s’y rattachent. Toutefois, certains contrats prévoient des conditions particulières en cas de demande de remboursement anticipé afin de prendre en compte l’impact de hausse de la courbe de financement de la contrepartie. Les intérêts courus peuvent alors être diminués de cet impact, sans pouvoir être négatifs. Les dépôts à terme sont alors au minimum évalués à leur valeur nominale.
Swaps de taux :
- pour les swaps d'échéance inférieure à trois mois, les intérêts sont linéarisés
- les swaps d'échéance supérieure à trois mois sont revalorisés à la valeur du marchéLes produits synthétiques (association d’un titre et d’un swap) sont comptabilisés globalement. Les intérêts des swaps à recevoir dans le cadre de ces produits sont valorisés linéairement.

Les assets swaps et les produits synthétiques sont valorisés sur la base de sa valeur de marché. L’évaluation des assets swaps est basée sur l’évaluation des titres couverts à laquelle est retranchée l’incidence de la variation des spreads de crédit. Cette incidence est évaluée à partir de la moyenne des spreads communiqués par 4 contreparties interrogées mensuellement, corrigée d’une marge, en fonction de la notation de l’émetteur.
L'engagement hors bilan des swaps correspond au nominal.
Swaps structurés (swaps à composante optionnelle) : ces swaps font l'objet d'une évaluation à leur valeur de marché, en fonction des cours communiqués par les contreparties. Ces valorisations font l'objet de contrôles par la société de gestion.
L'engagement hors bilan de ces swaps correspond à la valeur nominale.
L’évaluation des swaps d’indice, calculée par l’équipe « OTC pricing & Services », est utilisée pour le calcul de la valeur liquidative après contrôle de cohérence avec la valorisation de la contrepartie si elle est reçue dans les délais. En cas de non disponibilité ou d’incohérence, OTC pricing et Services se rapproche de la contrepartie pour identifier et résoudre les problèmes.
L’engagement hors bilan de ces swaps correspond à la valeur nominale.

###### Frais de gestion financière et frais administratifs externes à la société de gestion
- 0.239% TTC maximum pour la part « Classic »
- 0.20% TTC maximum pour la part « I »
- 0.20% TTC maximum pour la part « R »
- 0.20% TTC maximum pour la part « I Plus »
- 0.22% TTC maximum pour la part « Privilege »La dotation est calculée sur la base de l’actif net, déduction faite des actions et parts d’O.P.C. Ces frais, n’incluant pas les frais de transaction, seront directement imputés au compte de résultat du Fonds.

Ces frais recouvrent tous les frais facturés à l’OPC, à l’exception des frais de transaction. Les frais de transactions incluent les frais d’intermédiaires (courtage, impôts de bourse, …) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.

###### Frais de recherche
Néant

###### Commission de surperformance
Néant

###### Rétrocession de frais de gestion
Néant

###### Méthode de comptabilisation des intérêts
Intérêts encaissés

###### Affectation des résultats réalisés
Capitalisation pour la part « Classic » Capitalisation pour la part « I » Capitalisation pour la part « I Plus » Capitalisation pour la part « Privilege » Capitalisation pour la part « R »

###### Affectation des plus-values nettes réalisées
Capitalisation pour la part « Classic » Capitalisation pour la part « I » Capitalisation pour la part « I Plus » Capitalisation pour la part « Privilege » Capitalisation pour la part « R »

###### Changements affectant le fonds
Néant

## Evolution de l'actif net
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Actif net en début d'exercice | 3,278,574,425.72 | 3,251,238,549.66 |
| Souscriptions (y compris les commissions de souscription acquises à l'O.P.C.) | 30,100,065,948.29 | 37,043,752,614.33 |
| Rachats (sous déduction des commissions de rachat acquises à l'O.P.C.) | -28,588,471,294.99 | -36,999,097,935.82 |
| Plus-values réalisées sur dépôts et instruments financiers | 73,905.77 | 331,180.67 |
| Moins-values réalisées sur dépôts et instruments financiers | -11,394,568.73 | -8,988,643.03 |
| Plus-values réalisées sur instruments financiers à terme | - | - |
| Moins-values réalisées sur instruments financiers à terme | - | - |
| Frais de transaction | - | - |
| Différences de change | - | -0.02 |
| Variation de la différence d'estimation des dépôts et instruments financiers : | -2,758,779.84 | -1,449,912.54 |
| Différence d'estimation exercice N | -5,785,007.42 | -3,031,769.22 |
| Différence d'estimation exercice N-1 | 3,026,227.58 | 1,581,856.68 |
| Variation de la différence d'estimation des instruments financiers à terme : | -15,673.83 | -873,332.10 |
| Différence d'estimation exercice N | 14,346.35 | -628,721.76 |
| Différence d'estimation exercice N-1 ** | -30,020.18 | -244,610.34 |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | - | - |
| Distribution de l'exercice antérieur sur résultat | - | - |
| Résultat net de l'exercice avant compte de régularisation | -8,658,623.77 | -5,882,133.43 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes | - | - |
| Acompte(s) versé(s) au cours de l'exercice sur résultat | - | - |
| Autres éléments (*) | 1,483,690.26 | -455,962.00 |
| Actif net en fin d'exercice | 4,768,899,028.88 | 3,278,574,425.72 |

(*) Provision exceptionnelle
** Les comptes de différence d'estimation N-1 présents en N, tels que détaillés dans la partie "Variation de la différence d'estimation des dépôts et instruments financiers", diffèrent de ceux présentés en N-1.
Cet écart n'a pas d'impact sur l'actif net, mais sur la présentation des comptes de différence d'estimation.

## Complément d'information 1
|  | Exercice 31/03/2022 |
| --- | --- |
| Engagements reçus ou donnés |  |
| Engagements reçus ou donnés (garantie de capital ou autres engagements) (*) | - |
| Valeur actuelle des instruments financiers inscrits en portefeuille constitutifs de dépôts de garantie |  |
| Instruments financiers reçus en garantie et non inscrits au bilan | - |
| Instruments financiers donnés en garantie et maintenus dans leur poste d'origine | - |
| Instruments financiers en portefeuille émis par le prestataire ou les entités de son groupe |  |
| Dépôts | - |
| Actions | - |
| Titres de taux | 99,821,060.15 |
| OPC | 200,654,836.48 |
| Acquisitions et cessions temporaires sur titres | - |
| Swaps (en nominal) | - |
| Valeur actuelle des instruments financiers faisant l'objet d'une acquisition temporaire |  |
| Titres acquis à réméré | - |
| Titres pris en pension | - |
| Titres empruntés | - |

(*) Pour les OPC garantis, l'information figure dans les règles et méthodes comptables.

## Complément d'information 2
|  | Exercice |  |
| --- | --- | --- |
|  | 31/03/2022 |  |
| Emissions et rachats pendant l'exercice comptable | Nombre de titres |  |
| Catégorie de classe R (Devise: EUR) Nombre de titres émis Nombre de titres rachetés Catégorie de classe I PLUS (Devise: EUR) Nombre de titres émis Nombre de titres rachetés Catégorie de classe Privilege (Devise: EUR) Nombre de titres émis Nombre de titres rachetés Catégorie de classe Classic (Devise: EUR) Nombre de titres émis Nombre de titres rachetés Catégorie de classe I (Devise: EUR) Nombre de titres émis Nombre de titres rachetés Commissions de souscription et/ou de rachat | 4,761.808 |  |
| 9,089.590 |  |
| 14,637.410 |  |
| 12,798.265 |  |
| 269,124.869 |  |
| 276,281.362 |  |
| 2,900,098.576 |  |
| 3,017,665.957 |  |
| 148,378.612 |  |
| 144,867.575 |  |
| Montant (EUR) |  |
| Commissions de souscription acquises à l'OPC | - |  |
| Commissions de rachat acquises à l'OPC | - |  |
| Commissions de souscription perçues et rétrocédées | 1,227,747.56 |  |
| Commissions de rachat perçues et rétrocédées | - |  |
| Frais de gestion | Montant (EUR) | % de l'actif net moyen |
| Catégorie de classe R (Devise: EUR) |  |  |
| Frais de gestion et de fonctionnement (*) | 100,109.35 | 0.04 |
| Commissions de surperformance | - | - |
| Autres frais | - | - |
| Catégorie de classe I PLUS (Devise: EUR) |  |  |
| Frais de gestion et de fonctionnement (*) | 614,095.86 | 0.04 |
| Commissions de surperformance | - | - |
| Autres frais | - | - |
| Catégorie de classe Privilege (Devise: EUR) |  |  |
| Frais de gestion et de fonctionnement (*) | 146,086.46 | 0.12 |
| Commissions de surperformance | - | - |
| Autres frais | - | - |

Complément d'information 2
|  | Exercice |  |
| --- | --- | --- |
|  | 31/03/2022 |  |
| Catégorie de classe Classic (Devise: EUR) |  |  |
| Frais de gestion et de fonctionnement (*) | 700,239.75 | 0.14 |
| Commissions de surperformance | - | - |
| Autres frais | - | - |
| Catégorie de classe I (Devise: EUR) |  |  |
| Frais de gestion et de fonctionnement (*) | 1,315,098.06 | 0.10 |
| Commissions de surperformance | - | - |
| Autres frais | - | - |
| Rétrocessions de frais de gestion (toutes parts confondues) | - |  |

(*) Pour les OPC dont la durée d'exercice n'est pas égale à 12 mois, le pourcentage de l'actif net moyen correspond au taux moyen annualisé.

## Ventilation par nature des créances et dettes
|  | Exercice 31/03/2022 |
| --- | --- |
| Ventilation par nature des créances | - |
| Avoir fiscal à récupérer | - |
| Déposit euros | - |
| Déposit autres devises | - |
| Collatéraux espèces | - |
| Valorisation des achats de devises à terme | - |
| Contrevaleur des ventes à terme | - |
| Autres débiteurs divers | - |
| Coupons à recevoir | - |
| TOTAL DES CREANCES | - |
| Ventilation par nature des dettes | - |
| Déposit euros | - |
| Déposit autres devises | - |
| Collatéraux espèces | - |
| Provision charges d'emprunts | - |
| Valorisation des ventes de devises à terme | - |
| Contrevaleur des achats à terme | - |
| Frais et charges non encore payés | 243,249.27 |
| Autres créditeurs divers | 75,043,585.81 |
| Provision pour risque des liquidités de marché | - |
| TOTAL DES DETTES | 75,286,835.08 |


## Ventilation par nature juridique ou économique d'instrument
|  | Exercice 31/03/2022 |
| --- | --- |
| Actif Obligations et valeurs assimilées Obligations indexées Obligations convertibles Titres participatifs Autres Obligations et valeurs assimilées Titres de créances Négociés sur un marché réglementé ou assimilé Bons du Trésor Autres TCN Autres Titres de créances Non négociés sur un marché réglementé ou assimilé Autres actifs : Loans Passif Opérations de cession sur instruments financiers Actions Obligations Autres Hors-bilan Opérations de couverture Taux Actions Autres Autres opérations Taux Actions Autres | - - - - - 4,103,580,753.00 4,103,580,753.00 25,003,000.00 4,078,577,753.00 - - - - - - - 95,000,000.00 - - - - - |


## Ventilation par nature de taux des postes d'actif, de passif et de hors- bilan
|  | Taux fixe | Taux variable | Taux révisable | Autres |
| --- | --- | --- | --- | --- |
| Actif |  |  |  |  |
| Dépôts | - | - | - | - |
| Obligations et valeurs assimilées | - | - | - | - |
| Titres de créances | 2,758,014,992.05 | 1,345,565,760.95 | - | - |
| Opérations temporaires sur titres | - | - | - | - |
| Autres actifs: Loans | - | - | - | - |
| Comptes financiers | - | - | - | 539,935,928.13 |
| Passif |  |  |  |  |
| Opérations temporaires sur titres | - | - | - | - |
| Comptes financiers | - | - | - | - |
| Hors-bilan |  |  |  |  |
| Opérations de couverture | 95,000,000.00 | - | - | - |
| Autres opérations | - | - | - | - |


## Ventilation par maturité résiduelle des postes d'actif, de passif et de hors-bilan
|  | [0 - 3 mois] | ]3 mois - 1 an] | ]1 - 3 ans] | ]3 - 5 ans] | > 5 ans |
| --- | --- | --- | --- | --- | --- |
| Actif |  |  |  |  |  |
| Dépôts | - | - | - | - | - |
| Obligations et valeurs assimilées | - | - | - | - | - |
| Titres de créances | 3,113,106,975.48 | 990,473,777.52 | - | - | - |
| Opérations temporaires sur titres | - | - | - | - | - |
| Autres actifs: Loans | - | - | - | - | - |
| Comptes financiers | 539,935,928.13 | - | - | - | - |
| Passif |  |  |  |  |  |
| Opérations temporaires sur titres | - | - | - | - | - |
| Comptes financiers | - | - | - | - | - |
| Hors-bilan |  |  |  |  |  |
| Opérations de couverture | - | 95,000,000.00 | - | - | - |
| Autres opérations | - | - | - | - | - |


## Ventilation par devise de cotation des postes d'actif, de passif et de hors-bilan
|  | Devise |
| --- | --- |
| Actif | Néant |
| Dépôts | - |
| Actions et valeurs assimilées | - |
| Obligations et valeurs assimilées | - |
| Titres de créances | - |
| Titres d'OPC | - |
| Opérations temporaires sur titres | - |
| Autres actifs: Loans | - |
| Autres instruments financiers | - |
| Créances | - |
| Comptes financiers | - |
| Passif | Néant |
| Opérations de cession sur instruments financiers | - |
| Opérations temporaires sur titres | - |
| Dettes | - |
| Comptes financiers | - |
| Hors-bilan | Néant |
| Opérations de couverture | - |
| Autres opérations | - |

Au 31 Mars 2022, le portefeuille ne détient que des instruments financiers libellés en devise de référence de la comptabilité.

## Affectation des résultats
Catégorie de classe R (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -141,295.09 | -270,143.52 |
| Total | -141,295.09 | -270,143.52 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -141,295.09 | -270,143.52 |
| Total | -141,295.09 | -270,143.52 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |
| Crédits d'impôt et avoirs fiscaux attachés à la distribution du résultat |  |  |
| Montant global des crédits d'impôt et avoirs fiscaux: |  |  |
| provenant de l'exercice | - | - |
| provenant de l'exercice N-1 | - | - |
| provenant de l'exercice N-2 | - | - |
| provenant de l'exercice N-3 | - | - |
| provenant de l'exercice N-4 | - | - |

Tableau d'affectation des sommes distribuables afférentes aux plus et moins-values nettes
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -230,776.45 | -532,942.61 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | - | - |
| Total | -230,776.45 | -532,942.61 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -230,776.45 | -532,942.61 |
| Total | -230,776.45 | -532,942.61 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |

Catégorie de classe I PLUS (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -5,496,935.33 | -1,197,068.99 |
| Total | -5,496,935.33 | -1,197,068.99 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -5,496,935.33 | -1,197,068.99 |
| Total | -5,496,935.33 | -1,197,068.99 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |
| Crédits d'impôt et avoirs fiscaux attachés à la distribution du résultat |  |  |
| Montant global des crédits d'impôt et avoirs fiscaux: |  |  |
| provenant de l'exercice | - | - |
| provenant de l'exercice N-1 | - | - |
| provenant de l'exercice N-2 | - | - |
| provenant de l'exercice N-3 | - | - |
| provenant de l'exercice N-4 | - | - |

Tableau d'affectation des sommes distribuables afférentes aux plus et moins-values nettes
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -8,978,109.79 | -2,568,642.52 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | - | - |
| Total | -8,978,109.79 | -2,568,642.52 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -8,978,109.79 | -2,568,642.52 |
| Total | -8,978,109.79 | -2,568,642.52 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |

Catégorie de classe Privilege (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -314,800.75 | -257,194.58 |
| Total | -314,800.75 | -257,194.58 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -314,800.75 | -257,194.58 |
| Total | -314,800.75 | -257,194.58 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |
| Crédits d'impôt et avoirs fiscaux attachés à la distribution du résultat |  |  |
| Montant global des crédits d'impôt et avoirs fiscaux: |  |  |
| provenant de l'exercice | - | - |
| provenant de l'exercice N-1 | - | - |
| provenant de l'exercice N-2 | - | - |
| provenant de l'exercice N-3 | - | - |
| provenant de l'exercice N-4 | - | - |

Tableau d'affectation des sommes distribuables afférentes aux plus et moins-values nettes
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -361,696.87 | -298,461.58 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | - | - |
| Total | -361,696.87 | -298,461.58 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -361,696.87 | -298,461.58 |
| Total | -361,696.87 | -298,461.58 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |

Catégorie de classe Classic (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -862,901.67 | -1,188,825.35 |
| Total | -862,901.67 | -1,188,825.35 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -862,901.67 | -1,188,825.35 |
| Total | -862,901.67 | -1,188,825.35 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |
| Crédits d'impôt et avoirs fiscaux attachés à la distribution du résultat |  |  |
| Montant global des crédits d'impôt et avoirs fiscaux: |  |  |
| provenant de l'exercice | - | - |
| provenant de l'exercice N-1 | - | - |
| provenant de l'exercice N-2 | - | - |
| provenant de l'exercice N-3 | - | - |
| provenant de l'exercice N-4 | - | - |

Tableau d'affectation des sommes distribuables afférentes aux plus et moins-values nettes
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -923,021.45 | -1,250,756.65 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | - | - |
| Total | -923,021.45 | -1,250,756.65 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -923,021.45 | -1,250,756.65 |
| Total | -923,021.45 | -1,250,756.65 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |

Catégorie de classe I (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -3,127,852.98 | -1,850,361.22 |
| Total | -3,127,852.98 | -1,850,361.22 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -3,127,852.98 | -1,850,361.22 |
| Total | -3,127,852.98 | -1,850,361.22 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |
| Crédits d'impôt et avoirs fiscaux attachés à la distribution du résultat |  |  |
| Montant global des crédits d'impôt et avoirs fiscaux: |  |  |
| provenant de l'exercice | - | - |
| provenant de l'exercice N-1 | - | - |
| provenant de l'exercice N-2 | - | - |
| provenant de l'exercice N-3 | - | - |
| provenant de l'exercice N-4 | - | - |

Tableau d'affectation des sommes distribuables afférentes aux plus et moins-values nettes
|  | Exercice 31/03/2022 | Exercice 31/03/2021 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -3,881,567.96 | -2,393,780.55 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | - | - |
| Total | -3,881,567.96 | -2,393,780.55 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -3,881,567.96 | -2,393,780.55 |
| Total | -3,881,567.96 | -2,393,780.55 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |


## Tableau des résultats et autres éléments caractéristiques au cours des cinq derniers exercices

###### Catégorie de classe R (Devise: EUR)
| 31/03/2020	31/03/2021 | 31/03/2022 |
| --- | --- |
| Valeur liquidative (en EUR) |  |
| Parts C	49,970.0000	49,815.4309 | 49,558.4319 |
| Actif net (en k EUR)	0.05	292,555.22 | 76,567.83 |
| Nombre de titres |  |
| Parts C	0.001	5,872.783 | 1,545.001 |

| Date de mise en paiement	31/03/2020	31/03/2021 | 31/03/2022 |
| --- | --- |
| Distribution unitaire sur plus et moins-	-	- values nettes | - |
| (y compris les acomptes) (en EUR) |  |
| Distribution unitaire sur résultat	-	- | - |
| (y compris les acomptes) (en EUR) |  |
| Crédit d'impôt unitaire (*)	-	- | - |
| personnes physiques (en EUR) |  |
| Capitalisation unitaire sur plus et moins- |  |
| values nettes (en EUR) |  |
| Parts C	-	-90.74 | -149.36 |
| Capitalisation unitaire sur résultat (en |  |
| EUR) |  |
| Parts C	-10.00	-45.99 | -91.45 |

(*) "Le crédit d'impôt unitaire est déterminé à la date du paiement en application de l'instruction fiscale du 04/03/93 (Ints.4 K-1-93). Les montants théoriques, calculés selon les règles applicables aux personnes physiques, sont ici présentés à titre indicatif. "L'instruction 4 J-2-99 du 08/11/99 précise par ailleurs que les bénéficiaires d'avoir fiscal autres que les personnes physiques calculent sous leur responsabilité le montant des avoirs fiscaux auxquels ils ont droit."

###### Catégorie de classe I PLUS (Devise: EUR)
| 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- |
| Valeur liquidative (en EUR) |  |  |  |  |  |
| Parts C | 997,797.3300 | 994,462.0900 | 991,254.2700 | 987,474.3900 | 982,379.9800 |
| Actif net (en k EUR) | 2,456,513.18 | 1,942,546.46 | 1,385,001.29 | 1,178,128.05 | 2,978,789.30 |
| Nombre de titres |  |  |  |  |  |
| Parts C | 2,461.936 | 1,953.364 | 1,397.221 | 1,193.072 | 3,032.217 |

| Date de mise en paiement | 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- | --- |
| Distribution unitaire sur plus et moins- values nettes | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Distribution unitaire sur résultat | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Crédit d'impôt unitaire (*) | - | - | - | - | - |
| personnes physiques (en EUR) |  |  |  |  |  |
| Capitalisation unitaire sur plus et moins- |  |  |  |  |  |
| values nettes (en EUR) |  |  |  |  |  |
| Parts C | -1,087.18 | -2,327.53 | -2,384.34 | -2,152.96 | -2,960.90 |
| Capitalisation unitaire sur résultat (en |  |  |  |  |  |
| EUR) |  |  |  |  |  |
| Parts C | -983.50 | -1,268.40 | -1,062.67 | -1,003.35 | -1,812.84 |

(*) "Le crédit d'impôt unitaire est déterminé à la date du paiement en application de l'instruction fiscale du 04/03/93 (Ints.4 K-1-93). Les montants théoriques, calculés selon les règles applicables aux personnes physiques, sont ici présentés à titre indicatif. "L'instruction 4 J-2-99 du 08/11/99 précise par ailleurs que les bénéficiaires d'avoir fiscal autres que les personnes physiques calculent sous leur responsabilité le montant des avoirs fiscaux auxquels ils ont droit."

###### Catégorie de classe Privilege (Devise: EUR)
| 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- |
| Valeur liquidative (en EUR) |  |  |  |  |  |
| Parts C | 2,288.6592 | 2,279.0454 | 2,269.7082 | 2,259.1078 | 2,245.7099 |
| Actif net (en k EUR) | 730,287.80 | 68,939.12 | 22,681.83 | 136,843.35 | 119,960.37 |
| Nombre de titres |  |  |  |  |  |
| Parts C | 319,089.799 | 30,249.121 | 9,993.281 | 60,574.066 | 53,417.573 |

| Date de mise en paiement | 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- | --- |
| Distribution unitaire sur plus et moins- values nettes | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Distribution unitaire sur résultat | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Crédit d'impôt unitaire (*) | - | - | - | - | - |
| personnes physiques (en EUR) |  |  |  |  |  |
| Capitalisation unitaire sur plus et moins- |  |  |  |  |  |
| values nettes (en EUR) |  |  |  |  |  |
| Parts C | -0.83 | -5.33 | -5.46 | -4.92 | -6.77 |
| Capitalisation unitaire sur résultat (en |  |  |  |  |  |
| EUR) |  |  |  |  |  |
| Parts C | -1.39 | -4.87 | -4.42 | -4.24 | -5.89 |

(*) "Le crédit d'impôt unitaire est déterminé à la date du paiement en application de l'instruction fiscale du 04/03/93 (Ints.4 K-1-93). Les montants théoriques, calculés selon les règles applicables aux personnes physiques, sont ici présentés à titre indicatif. "L'instruction 4 J-2-99 du 08/11/99 précise par ailleurs que les bénéficiaires d'avoir fiscal autres que les personnes physiques calculent sous leur responsabilité le montant des avoirs fiscaux auxquels ils ont droit."

###### Catégorie de classe Classic (Devise: EUR)
| 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- |
| Valeur liquidative (en EUR) |  |  |  |  |  |
| Parts C | 2,288.5783 | 2,278.5287 | 2,268.7527 | 2,257.7208 | 2,243.8958 |
| Actif net (en k EUR) | 467,959.49 | 838,518.24 | 623,621.34 | 573,421.02 | 306,100.76 |
| Nombre de titres |  |  |  |  |  |
| Parts C | 204,476.063 | 368,008.641 | 274,874.100 | 253,982.258 | 136,414.877 |

| Date de mise en paiement | 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- | --- |
| Distribution unitaire sur plus et moins- values nettes | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Distribution unitaire sur résultat | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Crédit d'impôt unitaire (*) | - | - | - | - | - |
| personnes physiques (en EUR) |  |  |  |  |  |
| Capitalisation unitaire sur plus et moins- |  |  |  |  |  |
| values nettes (en EUR) |  |  |  |  |  |
| Parts C | -3.29 | -5.33 | -5.46 | -4.92 | -6.76 |
| Capitalisation unitaire sur résultat (en |  |  |  |  |  |
| EUR) |  |  |  |  |  |
| Parts C | -5.81 | -5.31 | -4.86 | -4.68 | -6.32 |

(*) "Le crédit d'impôt unitaire est déterminé à la date du paiement en application de l'instruction fiscale du 04/03/93 (Ints.4 K-1-93). Les montants théoriques, calculés selon les règles applicables aux personnes physiques, sont ici présentés à titre indicatif. "L'instruction 4 J-2-99 du 08/11/99 précise par ailleurs que les bénéficiaires d'avoir fiscal autres que les personnes physiques calculent sous leur responsabilité le montant des avoirs fiscaux auxquels ils ont droit."

###### Catégorie de classe I (Devise: EUR)
| 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- |
| Valeur liquidative (en EUR) |  |  |  |  |  |
| Parts C | 56,891.7145 | 56,663.5768 | 56,442.3959 | 56,189.6339 | 55,867.2300 |
| Actif net (en k EUR) | 1,822,903.66 | 1,258,227.30 | 1,219,934.03 | 1,097,626.79 | 1,287,480.76 |
| Nombre de titres |  |  |  |  |  |
| Parts C | 32,041.637 | 22,205.222 | 21,613.789 | 19,534.329 | 23,045.366 |

| Date de mise en paiement | 29/03/2018 | 29/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| --- | --- | --- | --- | --- | --- |
| Distribution unitaire sur plus et moins- values nettes | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Distribution unitaire sur résultat | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Crédit d'impôt unitaire (*) | - | - | - | - | - |
| personnes physiques (en EUR) |  |  |  |  |  |
| Capitalisation unitaire sur plus et moins- |  |  |  |  |  |
| values nettes (en EUR) |  |  |  |  |  |
| Parts C | -81.84 | -132.66 | -135.81 | -122.54 | -168.43 |
| Capitalisation unitaire sur résultat (en |  |  |  |  |  |
| EUR) |  |  |  |  |  |
| Parts C | -122.58 | -110.32 | -98.99 | -94.72 | -135.72 |

(*) "Le crédit d'impôt unitaire est déterminé à la date du paiement en application de l'instruction fiscale du 04/03/93 (Ints.4 K-1-93). Les montants théoriques, calculés selon les règles applicables aux personnes physiques, sont ici présentés à titre indicatif. "L'instruction 4 J-2-99 du 08/11/99 précise par ailleurs que les bénéficiaires d'avoir fiscal autres que les personnes physiques calculent sous leur responsabilité le montant des avoirs fiscaux auxquels ils ont droit."

## Inventaire des instruments financiers au 31 Mars 2022
| Eléments d'actifs et libellé des valeurs	Quantité	Cours	Devise cotation | Valeur actuelle | % arrondi de l'actif net |
| --- | --- | --- |
| Titres de créances |  |  |  | 4,103,580,753.00 | 86.05 |
| Négociés sur un marché réglementé ou assimilé |  |  |  | 4,103,580,753.00 | 86.05 |
| Titres de Créances Négociables |  |  |  | 4,103,580,753.00 | 86.05 |
| AIR LIQUIDE FINANCE SA 0% 22/06/2022 NEU | 25,000,000.00 | 100.11 | EUR | 25,026,719.23 | 0.52 |
| AKZO NOBEL NV 0% 31/05/2022 | 20,000,000.00 | 100.08 | EUR | 20,016,772.40 | 0.42 |
| ALLIANZ BANQUE ESTERCAP+0.06 06/06/2022 | 10,000,000.00 | 100.00 | EUR | 9,957,619.09 | 0.21 |
| ANJOU ET DU MAINE (CAISSE REGIONALE DE C | 25,000,000.00 | 99.98 | EUR | 24,899,872.00 | 0.52 |
| ANJOU ET DU MAINE (CAISSE REGIONALE DE C | 10,000,000.00 | 100.06 | EUR | 10,005,534.50 | 0.21 |
| ARKEMA SA 0% 15/06/2022 NEUCP | 24,000,000.00 | 100.10 | EUR | 24,024,001.20 | 0.50 |
| ARVAL SERVICE LEASE FRANCE 0% 24/05/2022 | 20,000,000.00 | 100.07 | EUR | 20,014,857.60 | 0.42 |
| ATOS SE 0% 31/08/2022 NEUCP | 30,000,000.00 | 100.14 | EUR | 30,041,399.70 | 0.63 |
| ATOS 0% 30/12/2022 NEUCP | 20,000,000.00 | 100.09 | EUR | 20,017,717.20 | 0.42 |
| AXA BANQUE SA ESTERCAP+0.055 24/08/2022 BANQUE FEDERATIVE DU CREDIT MUTUEL SA | 25,000,000.00 | 99.98 | EUR | 24,916,887.95 | 0.52 |

| 40,000,000.00 | 99.96 | EUR | 39,854,826.32 | 0.84 |
| --- | --- | --- | --- | --- |
| 35,000,000.00 | 99.96 | EUR | 34,879,020.56 | 0.73 |

ES
BANQUE FEDERATIVE DU CREDIT MUTUEL SA
| ES BANQUE PALATINE SA ESTERCAP+0.1 10/05/20 | 15,000,000.00 | 100.00 | EUR | 14,936,557.77 | 0.31 |
| --- | --- | --- | --- | --- | --- |
| BARCLAYS BANK IRELAND PLC ESTERCAP+0.09 | 17,000,000.00 | 99.98 | EUR | 16,941,953.18 | 0.36 |
| BARCLAYS BANK PLC / FRANCE ESTERCAP+0.05 | 25,000,000.00 | 99.93 | EUR | 24,930,089.62 | 0.52 |
| BARCLAYS BANK PLC ESTERCAP+0.07 04/11/20 | 25,000,000.00 | 99.94 | EUR | 24,933,320.10 | 0.52 |
| BARCLAYS BANK PLC ESTERCAP+0.08 12/08/20 | 40,000,000.00 | 99.98 | EUR | 39,863,850.34 | 0.84 |
| BASF SE 0% 22/04/2022 | 25,000,000.00 | 100.03 | EUR | 25,006,418.25 | 0.52 |
| BNP PARIBAS ESTERCAP+0.03 02/11/2022 NEU | 35,000,000.00 | 99.93 | EUR | 34,917,971.74 | 0.73 |
| BNP PARIBAS ESTERCAP+0.06 02/02/2023 NEU | 25,000,000.00 | 99.92 | EUR | 24,958,722.28 | 0.52 |
| BNP PARIBAS SA ESTERCAP+0.07 04/08/2022 | 20,000,000.00 | 99.98 | EUR | 19,929,508.53 | 0.42 |
| BP CAPITAL MARKETS PLC 0% 24/06/2022 | 40,000,000.00 | 100.11 | EUR | 40,043,505.20 | 0.84 |
| BPCE SA ESTERCAP+0.03 06/06/2022 NEUCP | 40,000,000.00 | 99.99 | EUR | 39,923,505.62 | 0.84 |
| BRETAGNE (REGION) 0% 12/05/2022 NEUCP | 9,000,000.00 | 100.06 | EUR | 9,005,647.41 | 0.19 |
| BRIE PICARDIE (CAISSE REGIONALE DE CREDI | 20,000,000.00 | 100.00 | EUR | 19,903,722.41 | 0.42 |
| BRIE PICARDIE (CAISSE REGIONALE DE CREDI | 15,000,000.00 | 99.98 | EUR | 14,984,498.87 | 0.31 |
| CA CONSUMER FINANCE 0% 11/07/2022 NEUCP | 25,000,000.00 | 100.11 | EUR | 25,027,654.25 | 0.52 |
| CAISSE REGIONALE DE CREDIT AGRICOLE MUTU | 20,000,000.00 | 100.09 | EUR | 20,017,182.80 | 0.42 |
| CARMILA SAS 0% 23/05/2022 NEUCP | 10,000,000.00 | 100.07 | EUR | 10,007,288.30 | 0.21 |
| CHARENTE - PERIGORD (CAISSE REGIONALE DE | 10,000,000.00 | 100.00 | EUR | 9,968,482.79 | 0.21 |
| COCA-COLA EUROPACIFIC PARTNERS 0% 11/04/ | 6,000,000.00 | 100.01 | EUR | 6,000,839.94 | 0.13 |


## Inventaire des instruments financiers au 31 Mars 2022
| COVIVIO 0% 02/05/2022 NEUCP | 27,500,000.00 | 100.04 | EUR | 27,511,938.58 | 0.58 |
| --- | --- | --- | --- | --- | --- |
| COVIVIO 0% 07/06/2022 NEUCP | 20,000,000.00 | 100.09 | EUR | 20,018,327.20 | 0.42 |
| COVIVIO 0% 30/06/2022 NEUCP | 15,000,000.00 | 100.11 | EUR | 15,017,142.90 | 0.31 |
| CREDIT AGRICOLE SA ESTERCAP+0.1 30/06/20 | 50,000,000.00 | 100.00 | EUR | 49,999,315.28 | 1.05 |
| CREDIT ESTERCAP | INDUSTRIEL | ET | COMMERCIAL | 35,000,000.00 | 99.97 | EUR | 34,881,508.71 | 0.73 |
| CREDIT LYONNAIS SA ESTERCAP+0.07 08/06/2 | 25,000,000.00 | 99.99 | EUR | 24,988,268.42 | 0.52 |
| CREDIT LYONNAIS SA ESTERCAP+0.07 17/06/2 | 35,000,000.00 | 99.98 | EUR | 34,973,446.24 | 0.73 |
| CREDIT LYONNAIS SA 0% 07/04/2022 NEUCP | 50,000,000.00 | 100.01 | EUR | 50,005,153.50 | 1.05 |
| CREDIT MUTUEL ARKEA SA ESTERCAP+0.05 17/ | 35,000,000.00 | 99.98 | EUR | 34,924,957.97 | 0.73 |
| CREDIT MUTUEL ARKEA SA ESTERCAP+0.08 04/ | 35,000,000.00 | 100.00 | EUR | 34,832,848.58 | 0.73 |
| CREDIT MUTUEL ARKEA SA 0% 06/04/2022 NEU | 40,000,000.00 | 100.01 | EUR | 40,002,868.40 | 0.84 |
| DANONE SA 0% 22/06/2022 NEUCP | 11,000,000.00 | 100.11 | EUR | 11,011,756.47 | 0.23 |
| DANONE SA 0% 27/05/2022 NEUCP | 25,000,000.00 | 100.08 | EUR | 25,019,625.50 | 0.52 |
| DNB BANK ASA 0% 08/09/2022 | 30,000,000.00 | 100.16 | EUR | 30,048,107.70 | 0.63 |
| E.ON SE 0% 09/05/2022 | 7,500,000.00 | 100.05 | EUR | 7,503,992.25 | 0.16 |
| EDP FINANCE BV 0% 11/04/2022 | 9,000,000.00 | 100.01 | EUR | 9,001,093.41 | 0.19 |
| ELECTRICITE DE FRANCE SA 0% 29/04/2022 N | 35,000,000.00 | 100.04 | EUR | 35,012,551.00 | 0.73 |
| ENDESA SA 0% 08/04/2022 | 20,000,000.00 | 100.01 | EUR | 20,001,959.80 | 0.42 |
| ENDESA SA 0% 31/05/2022 | 10,000,000.00 | 100.08 | EUR | 10,008,386.20 | 0.21 |
| ENEL FINANCE INTERNATIONAL NV 0% 11/04/2 | 46,000,000.00 | 100.01 | EUR | 46,006,439.54 | 0.96 |
| ENEL FINANCE INTERNATIONAL NV 0% 14/04/2 | 20,000,000.00 | 100.02 | EUR | 20,003,640.00 | 0.42 |
| ENEL FINANCE INTERNATIONAL NV 0% 31/05/2 | 25,000,000.00 | 100.04 | EUR | 25,009,958.75 | 0.52 |
| ENGIE SA 0% 04/04/2022 NEUCP | 35,000,000.00 | 100.00 | EUR | 35,001,469.65 | 0.73 |
| ENGIE SA 0% 04/05/2022 NEUCP | 25,000,000.00 | 100.05 | EUR | 25,011,554.25 | 0.52 |
| ENGIE SA 0% 31/05/2022 NEUCP | 50,000,000.00 | 100.08 | EUR | 50,041,931.00 | 1.05 |
| EVONIK INDUSTRIES AG 0% 25/04/2022 | 20,000,000.00 | 100.03 | EUR | 20,006,721.00 | 0.42 |
| FRANCE(ELECTRICITE DE) 0% 04/04/2022 NEU | 20,000,000.00 | 100.00 | EUR | 20,000,839.80 | 0.42 |
| FRANFINANCE SA 0% 03/06/2022 NEUCP | 15,000,000.00 | 100.08 | EUR | 15,012,522.30 | 0.31 |
| GECINA SA 0% 06/06/2022 NEUCP | 25,000,000.00 | 100.09 | EUR | 25,022,638.00 | 0.52 |
| GIVAUDAN FINANCE EUROPE BV 0% 11/05/2022 | 15,000,000.00 | 100.06 | EUR | 15,008,405.55 | 0.31 |
| HAVAS SA 0% 07/04/2022 | 1,300,000.00 | 100.01 | EUR | 1,300,109.19 | 0.03 |
| HITACHI CAPITAL UK PLC 0% 07/04/2022 | 6,500,000.00 | 100.01 | EUR | 6,500,565.31 | 0.14 |
| HONDA BANK GMBH 0% 20/04/2022 | 6,000,000.00 | 100.03 | EUR | 6,001,596.12 | 0.13 |

Inventaire des instruments financiers au 31 Mars 2022

###### Devise
% arrondi
Eléments d'actifs et libellé des valeurs	Quantité	Cours
cotation
Valeur actuelle
de l'actif net
| HONEYWELL INTERNATIONAL INC 0% 17/05/202 | 20,000,000.00 | 100.07 | EUR | 20,013,364.00 | 0.42 |
| --- | --- | --- | --- | --- | --- |
| HSBC FRANCE SA 0% 30/06/2022 NEUCP | 35,000,000.00 | 100.11 | EUR | 35,038,018.40 | 0.73 |
| IBERDROLA INTERNATIONAL BV 0% 01/04/2022 | 50,000,000.00 | 100.00 | EUR | 50,000,000.00 | 1.05 |
| IBERDROLA INTERNATIONAL BV 0% 11/05/2022 | 35,000,000.00 | 100.06 | EUR | 35,019,612.95 | 0.73 |
| IBERDROLA INTERNATIONAL BV 0% 23/06/2022 | 30,000,000.00 | 100.11 | EUR | 30,032,347.20 | 0.63 |
| ICADE 0% 19/04/2022 NEUCP | 6,000,000.00 | 100.03 | EUR | 6,001,512.06 | 0.13 |
| ILE DE FRANCE(REGION D) 0% 14/06/2022 N | 25,000,000.00 | 100.11 | EUR | 25,026,989.75 | 0.52 |
| INMOBILIARIA COLONIAL SA 0% 11/05/2022 | 5,000,000.00 | 100.06 | EUR | 5,002,801.85 | 0.10 |
| INTESA SANPAOLO BANK IRELAND PLC 0% 27/0 | 20,000,000.00 | 100.11 | EUR | 20,021,501.80 | 0.42 |
| JCDECAUX SA 0% 28/04/2022 NEUCP | 5,000,000.00 | 100.03 | EUR | 5,001,640.40 | 0.10 |
| JYSKE BANK A/S ESTERCAP+0.055 05/10/2022 | 25,000,000.00 | 99.94 | EUR | 24,922,094.92 | 0.52 |
| JYSKE BANK A/S ESTERCAP+0.07 11/04/2022 | 20,000,000.00 | 100.00 | EUR | 19,901,693.59 | 0.42 |
| JYSKE BANK A/S ESTERCAP+0.075 03/06/2022 | 35,000,000.00 | 99.99 | EUR | 34,852,217.78 | 0.73 |
| KBC GROEP NV 0% 16/06/2022 | 20,000,000.00 | 100.09 | EUR | 20,018,469.40 | 0.42 |
| KERING FINANCE 0% 08/04/2022 NEUCP | 25,000,000.00 | 100.01 | EUR | 25,002,449.75 | 0.52 |
| KERING FINANCE 0% 10/05/2022 NEUCP | 22,000,000.00 | 100.05 | EUR | 22,012,019.26 | 0.46 |
| KERING FINANCE 0% 30/05/2022 NEUCP | 25,000,000.00 | 100.08 | EUR | 25,020,679.50 | 0.52 |
| KLEPIERRE 0% 08/04/2022 NEUCP | 30,000,000.00 | 100.01 | EUR | 30,002,939.70 | 0.63 |
| KLEPIERRE 0% 26/07/2022 NEUCP | 5,000,000.00 | 100.14 | EUR | 5,006,976.85 | 0.10 |
| KONINKLIJKE AHOLD DELHAIZE NV 0% 10/05/2 | 30,000,000.00 | 100.05 | EUR | 30,016,389.90 | 0.63 |
| LA BANQUE POSTALE SA ESTERCAP+0.085 30/0 | 30,000,000.00 | 100.00 | EUR | 29,999,576.67 | 0.63 |
| LA BANQUE POSTALE SA ESTERCAP+0.09 30/06 | 40,000,000.00 | 99.99 | EUR | 39,994,194.48 | 0.84 |
| LETRAS 0% 21-08/04/2022 LLOYDS BANK CORPORATE MARKETS PLC 0% | 25,000,000.00 | 100.01 | EUR | 25,003,000.00 | 0.52 |

| 25,000,000.00 | 100.16 | EUR | 25,039,912.75 | 0.53 |
| --- | --- | --- | --- | --- |
| 4,000,000.00 | 100.05 | EUR | 4,001,929.20 | 0.08 |

30/
LOCATION  DEQUIPEMENTS  COMPAGNE  0%
04/05/
LVMH FINANCE BELGIQUE SA 0% 11/05/2022	30,000,000.00	100.06	EUR
30,017,480.70
0.63
| LVMH FINANCE BELGIQUE SA 0% 24/06/2022 | 35,000,000.00 | 100.11 | EUR | 35,039,631.20 | 0.73 |
| --- | --- | --- | --- | --- | --- |
| MAINE ANJOU ET BASSE-NORMANDIE (CAISSE F | 25,000,000.00 | 100.06 | EUR | 25,015,976.50 | 0.52 |
| METROPOLE DE LYON 0% 03/05/2022 NEUCP | 25,000,000.00 | 100.05 | EUR | 25,012,340.00 | 0.52 |
| METROPOLE DE LYON 0% 11/04/2022 NEUCP | 45,000,000.00 | 100.02 | EUR | 45,006,957.45 | 0.94 |
| METROPOLE DE LYON 0% 13/04/2022 NEUCP | 20,000,000.00 | 100.02 | EUR | 20,003,710.60 | 0.42 |
| METROPOLE DE LYON 0% 20/04/2022 NEUCP | 10,000,000.00 | 100.03 | EUR | 10,002,937.90 | 0.21 |
| METROPOLE DE LYON 0% 25/04/2022 NEUCP | 30,000,000.00 | 100.04 | EUR | 30,011,134.20 | 0.63 |
| MICHELIN-MICHELIN (COMPAGNI | ET | COMPAGNIE- | 20,000,000.00 | 100.03 | EUR | 20,006,721.00 | 0.42 |


## Inventaire des instruments financiers au 31 Mars 2022

###### Devise
% arrondi
Eléments d'actifs et libellé des valeurs	Quantité	Cours
cotation
Valeur actuelle
de l'actif net
MITSUBISHI UFJ TRUST + BANKING CORPORATI  50,000,000.00	100.00 EUR MITSUBISHI UFJ TRUST + BANKING CORPORATI  18,000,000.00	100.07 EUR MUFG BANK LTD 0% 14/06/2022	25,000,000.00	100.08 EUR NATIXIS SA ESTERCAP+0.05 31/10/2022 CP	30,000,000.00		99.92 EUR NATIXIS SA ESTERCAP+0.06 31/10/2022 NEUC	25,000,000.00		99.92 EUR NATIXIS SA ESTERCAP+0.065 31/05/2022 NEU	25,000,000.00		99.99 EUR NATWEST MARKETS PLC 0% 09/09/2022	35,000,000.00	100.15   EUR
NORDEA BANK ABP 0% 01/06/2022 NEUCP	35,000,000.00	100.09   EUR
NORDEA BANK ABP 0% 12/09/2022	25,000,000.00	100.16 EUR OCEAN(CAISSE FEDERALE DU CREDIT MUTUEL)  20,000,000.00		99.99 EUR OCEAN(CAISSE FEDERALE DU CREDIT MUTUEL)  20,000,000.00		99.99 EUR ORANGE SA ESTERCAP+0.06 24/08/2022 CP	30,000,000.00		99.98 EUR PALATINE SA ESTERCAP+0.07 07/06/2022 NEU	17,000,000.00		99.99 EUR PALATINE SA ESTERCAP+0.075 02/12/2022 NE	15,000,000.00		99.92 EUR PARIS (ASSISTANCE PUBLIQUE-HOPITAUX DE)		5,000,000.00	100.03 EUR PARIS(VILLE DE) 0% 11/04/2022 NEUCP	35,000,000.00	100.02   EUR
PERNOD RICARD SA 0% 06/06/2022 NEUCP	30,000,000.00	100.09   EUR
PROVENCE ALPES COTE D AZUR (REGION) 0% 3   40,000,000.00	100.09   EUR
50,002,174.50
18,011,722.86
25,020,839.50
29,940,278.21
24,958,708.79
24,908,626.34
35,051,372.30
35,032,141.90
25,039,477.75
19,978,468.93
19,975,503.34
29,899,348.34
16,992,680.55
14,962,647.35
5,001,623.65
35,005,411.35
30,027,165.60
40,036,076.40
1.05
0.38
0.52
0.63
0.52
0.52
0.73
0.73
0.53
0.42
0.42
0.63
0.36
0.31
0.10
0.73
0.63
0.84
PYRENEES	GASCOGNE	ESTERCAP+0.07 08/11/20
10,000,000.00	99.93	EUR
9,973,207.70
0.21
RCI BANQUE SA 0% 13/07/2022 NEUCP	15,000,000.00	100.13	EUR
15,019,102.20
0.31
REGIE	AUTONOME	DES	TRANSPORTS PARISIENS
35,000,000.00	100.09	EUR
35,030,661.05
0.73
REGIE AUTONOME DES 0% 21/04/2022 NEUCP	20,000,000.00	100.03	EUR
REGION HAUTS-DE-FRANCE 0% 04/04/2022 NEU	22,500,000.00	100.00	EUR
REGION NORD PAS DE CALAIS PICARDIE 0% 14	20,000,000.00	100.02	EUR
| 6,000,000.00 | 100.02 | EUR | 6,001,385.10 | 0.13 |
| --- | --- | --- | --- | --- |
| 4,000,000.00 | 100.02 | EUR | 4,000,923.40 | 0.08 |

REGION NORD PAS DE CALAIS PICARDIE 0% 14	4,000,000.00	100.02	EUR REN REDES ENERGETICAS NACIONAIS SGPS
SA
REN REDES ENERGETICAS NACIONAIS SGPS SA
REPSOL EUROPE FINANCE SARL 0% 29/04/2022	25,000,000.00	100.04	EUR
REPSOL EUROPE FINANCE 0% 20/04/2022	15,000,000.00	100.03	EUR
REPSOL INTERNATIONAL FINANCE BV 0% 01/06	25,000,000.00	100.06	EUR
REPSOL INTERNATIONAL FINANCE BV 0% 11/04	30,000,000.00	100.01	EUR
20,005,799.40
22,501,043.55
20,004,020.00
4,000,804.00
25,009,802.00
15,003,990.30
25,015,047.25
30,004,199.70
0.42
0.47
0.42
0.08
0.52
0.31
0.52
0.63
SAGESS SA DE GESTION DE STOCK DE SECURIT
20,000,000.00	100.01	EUR
20,001,236.80
0.42
SAP SE 0% 10/06/2022	12,000,000.00	100.10	EUR
12,011,773.68
0.25

## Inventaire des instruments financiers au 31 Mars 2022
SCHNEIDER ELECTRIC SE 0% 13/04/2022 NEUC SCHNEIDER ELECTRIC SE 0% 30/06/2022 NEUC SEB SA 0% 12/05/2022 NEUCP
| 20,000,000.00 | 100.11 | EUR | 20,021,564.80 | 0.42 |
| --- | --- | --- | --- | --- |
| 25,000,000.00 | 100.02 | EUR | 25,004,199.75 | 0.52 |
| 40,000,000.00 | 100.11 | EUR | 40,045,714.40 | 0.84 |
| 10,000,000.00 | 100.06 | EUR | 10,005,744.00 | 0.21 |
| 7,000,000.00 | 100.10 | EUR | 7,006,857.55 | 0.15 |
| 5,000,000.00 | 100.17 | EUR | 5,008,255.35 | 0.11 |
| 20,000,000.00 | 100.10 | EUR | 20,019,457.00 | 0.42 |
| 3,000,000.00 | 100.08 | EUR | 3,002,549.97 | 0.06 |
| 30,000,000.00 | 100.02 | EUR | 30,005,460.00 | 0.63 |
| 50,000,000.00 | 99.99 | EUR | 49,995,225.24 | 1.05 |
| 30,000,000.00 | 99.97 | EUR | 29,936,922.25 | 0.63 |
| 25,000,000.00 | 99.90 | EUR | 24,944,335.90 | 0.52 |
| 35,000,000.00 | 99.93 | EUR | 34,903,555.22 | 0.73 |
| 25,000,000.00 | 100.00 | EUR | 24,875,051.42 | 0.52 |
| 25,000,000.00 | 99.95 | EUR | 24,925,591.41 | 0.52 |
| 40,000,000.00 | 100.16 | EUR | 40,062,428.40 | 0.84 |
| 15,000,000.00 | 100.15 | EUR | 15,022,121.85 | 0.32 |
| 20,000,000.00 | 100.13 | EUR | 20,025,856.60 | 0.42 |
| 25,000,000.00 | 100.04 | EUR | 25,010,825.50 | 0.52 |
| 20,000,000.00 | 100.09 | EUR | 20,018,561.00 | 0.42 |
| 18,000,000.00 | 100.12 | EUR | 18,021,370.68 | 0.38 |
| 10,500,000.00 | 100.12 | EUR | 10,512,466.23 | 0.22 |
| 9,400,000.00 | 100.10 | EUR | 9,409,565.06 | 0.20 |
| 36,000,000.00 | 100.10 | EUR | 36,036,001.80 | 0.76 |
| 25,000,000.00 | 100.13 | EUR | 25,031,714.25 | 0.52 |
| 15,000,000.00 | 99.93 | EUR | 14,964,423.86 | 0.31 |
| 31,000,000.00 | 100.09 | EUR | 31,028,332.45 | 0.65 |
| 25,000,000.00 | 100.10 | EUR | 25,024,807.50 | 0.52 |
| 25,000,000.00 | 100.10 | EUR | 25,024,807.50 | 0.52 |
| 40,000,000.00 | 99.93 | EUR | 39,883,093.81 | 0.84 |
| 35,000,000.00 | 99.98 | EUR | 34,863,800.17 | 0.73 |

SEB SA 0% 13/06/2022 NEUCP SEB SA 0% 29/08/2022 NEUCP
SKANDINAVISKA ENSKILDA BANKEN AB 0% 17/0 SNAM SPA 0% 01/06/2022
SOCIETE  DES  AUTOROUTES  PARIS  RHIN
RHONE
SOCIETE GENERALE ESTERCAP+0.09 31/05/202 SOCIETE GENERALE SA ESTERCAP+0.02 06/07/ SOCIETE GENERALE SA ESTERCAP+0.05 06/01/ SOCIETE GENERALE SA ESTERCAP+0.05 11/11/ SOCIETE GENERALE SA ESTERCAP+0.06 11/04/ SOCIETE GENERALE SA ESTERCAP+0.06 11/10/ STANDARD CHARTERED BANK 0% 08/09/2022
SUD RHONE ALPES(CAISSE REGIONALE DE
CRED
SVENSKA HANDELSBANKEN AB 0% 21/07/2022 N
SYNDICAT DES TRANSPORTS DILE DE FRANCE 0
SYNDICAT DES TRANSPORTS DILE DE FRANCE 0
SYNDICAT DES TRANSPORTS DILE DE FRANCE 0
SYNDICAT DES TRANSPORTS DILE DE FRANCE 0
SYNDICAT DES TRANSPORTS DILE DE FRANCE 0
TELEFONICA EUROPE BV 0% 15/06/2022 THALES SA 0% 07/07/2022 NEUCP
TOULOUSE 31 (CAISSE REGIONALE DE CREDIT
TOYOTA MOTOR FINANCE NETHERLANDS BV 0% 0
UNEDIC	(UNION	NATIONALE INTERPROFESSIONN
UNEDIC	(UNION	NATIONALE INTERPROFESSIONN
UNICREDITO ITALIANO SPA (LONDON BRANCH) UNICREDITO ITALIANO SPA (LONDON BRANCH)
Inventaire des instruments financiers au 31 Mars 2022
| Eléments d'actifs et libellé des valeurs | Quantité | Cours | Devise cotation | Valeur actuelle | % arrondi de l'actif net |
| --- | --- | --- | --- | --- | --- |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	30,000,000.00	100.00	EUR | 29,862,999.48 | 0.63 |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	25,000,000.00	99.98	EUR | 24,909,941.28 | 0.52 |
| UNICREDITO ITALIANO SPA (LONDON BRANCH)	20,000,000.00	99.98	EUR | 19,958,746.78 | 0.42 |
| UNILEVER FINANCE NETHERLANDS B V 0% 13/0	35,000,000.00	100.10	EUR | 35,035,518.00 | 0.73 |
| VEOLIA ENVIRONNEMENT SA 0% 05/04/2022 NE	35,000,000.00	100.01	EUR | 35,001,959.65 | 0.73 |
| VEOLIA ENVIRONNEMENT SA 0% 26/04/2022 NE	20,000,000.00	100.04	EUR | 20,007,001.00 | 0.42 |
| VEOLIA ENVIRONNEMENT SA 0% 29/04/2022 NE	25,000,000.00	100.04	EUR | 25,009,802.00 | 0.52 |
| VOLVO TREASURY AB 0% 14/04/2022	15,000,000.00	100.02	EUR | 15,002,730.00 | 0.31 |
| VOLVO TREASURY AB 0% 14/04/2022	4,000,000.00	100.02	EUR | 4,000,728.00 | 0.08 |
| VOLVO TREASURY AB 0% 17/05/2022	25,000,000.00	100.06	EUR | 25,016,114.50 | 0.52 |
| Titres d'OPC | 200,654,836.48 | 4.21 |
| OPCVM et FIA à vocation générale destinés aux non professionnels et équivalents d´autres pays Etats membres de l´Union européenne | 200,654,836.48 | 4.21 |
| BNPP INSTICASH EUR 1D ST VNAV CAP I	1,464,704.4053	136.99	EUR | 200,654,836.48 | 4.21 |
| Instruments financiers à terme | 14,346.35 | - |
| Swap de taux | 14,346.35 | - |
| IRS38	30,000,000.00	-	EUR | 6,180.28 | - |
| IRS39	40,000,000.00	-	EUR | 8,240.38 | - |
| IRS40	25,000,000.00	-	EUR | -74.31 | - |
| Créances | - | - |
| Dettes | -75,286,835.08 | -1.58 |
| Dépôts | - | - |
| Autres comptes financiers | 539,935,928.13 | 11.32 |
| TOTAL ACTIF NET | EUR | 4,768,899,028.88 | 100.00 |