# BNP PARIBAS MONEY 3M
Investment Corporation with Variable Capital
1 boulevard Haussmann
75009 Paris, France
Statutory Auditor's report on the annual financial statements
Financial year ended 31 March 2020
At the Shareholder’s Meeting,
Opinion
In performing the task entrusted to us by your Board of Directors, we carried out the audit of the annual financial statements of the BNP PARIBAS MONEY 3M undertaking for collective investment established in the form of an open-ended investment company (SICAV), relating to the year ended 31 March 2020, as attached to this report. These accounts have been established by the SICAV on the basis of the available elements in the context of an evolving Covid-19 crisis.
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 SICAV at the end of this financial year.
Basis of opinion
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 & Companies Register no. 572 028 041
Independence
We conducted our audit mission in line with the applicable rules of independence, from 30 March 2019 until the date of issue of our report, and, in particular, we did not provide any services forbidden by the French Code of Ethics for Statutory Auditors.
Justification of assessments
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 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.
Information given in the management report and in the other documents on the financial situation and annual accounts addressed to shareholders
We have nothing to report with respect to the fair presentation and conformity with the financial statements, of the information contained in the management report of the Board of Directors and in the other documents addressed to the shareholders with respect to the financial position and the financial statements.
Information about corporate governance
We certify that the information required by Article L. 225-37-4 of the French Commercial Code has been included in the section of the Board of Directors' management report devoted to corporate governance.
Responsibilities of senior management and those persons in charge of corporate governance relating to the annual financial statements
It is the management'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 responsibility of the company’s management to assess the SICAV'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 SICAV or to cease trading.
The annual financial statements have been prepared by the Board of Directors.
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 SICAV.
As part of an audit performed in accordance with the standards of professional practice applicable in France, the statutory auditor exercises their professional judgement throughout this audit. In addition:
- they identify and assess the risks that the annual financial statements may contain material misstatement, whether due to fraud or error, set out and implement the audit procedures intended to counter these risks, and collate the items that they deem sufficient and appropriate to justify their 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;
- they take 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 express an opinion on the effectiveness of the internal control processes;
- they assess the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as the information provided in their regard in the annual financial statements;
- they assess the appropriateness of the application by the company's management 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 SICAV's ability to continue as a going concern. This assessment is based on the evidence gathered up to the date of their report, on the understanding that subsequent events or circumstances may affect its viability as a going concern. If they conclude that there is significant uncertainty, they draw the attention of the reader of their report to the information provided in the annual financial statements about this uncertainty or, if this information is not provided or is not relevant, they issue certification with a reservation or a refusal to certify;
- they appraise the overall presentation of the annual financial statements and assess whether said statements reflect the transactions and underlying events such that they provide a true and fair view thereof.

Paris La Défense, 17 June 2020 The Statutory Auditor
| Deloitte & Associés |  |
| --- | --- |
| Stéphane Collas | Jean-Marc Lecat |


## Assets
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Net fixed assets | - | - |
| Deposits | - | - |
| Financial instruments | 11,689,221,342.61 | 19,542,095,974.63 |
| Equities and equivalent securities | - | - |
| Traded on a regulated or equivalent market | - | - |
| Not traded on a regulated or equivalent market | - | - |
| Bonds and equivalent securities | 48,476,537.00 | 279,259,259.80 |
| Traded on a regulated or equivalent market | 48,476,537.00 | 279,259,259.80 |
| Not traded on a regulated or equivalent market | - | - |
| Debt securities | 11,639,170,940.66 | 18,146,789,105.52 |
| Traded on a regulated or equivalent market – Negotiable debt securities | 10,663,374,091.12 | 16,709,192,168.52 |
| Traded on a regulated or equivalent market – Other debt securities | 975,796,849.54 | 1,437,596,937.00 |
| Not traded on a regulated or equivalent market | - | - |
| Securities in undertakings for collective investment | 1,573,864.95 | 1,116,047,609.31 |
| Retail UCITS and AIFs and their equivalents from other European Union member states intended for non-professional investors | 1,573,864.95 | 1,116,047,609.31 |
| Other funds and their equivalents from other European Union member states intended for non-professional investors | - | - |
| Retail professional 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 | 2,572,438.61 | - |
| Transactions on a regulated or equivalent market | - | - |
| Other transactions | 2,572,438.61 | - |
| Other financial instruments | - | - |
| Receivables | - | 60,000.00 |
| Forward foreign exchange transactions | - | - |
| Other | - | 60,000.00 |
| Financial accounts | 511,765,722.71 | 1,747,953,430.05 |
| Cash | 511,765,722.71 | 1,747,953,430.05 |
| TOTAL ASSETS | 12,203,559,503.93 | 21,290,109,404.68 |


## Liabilities
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Shareholders' equity | - | - |
| Capital | 12,229,001,261.95 | 21,333,701,848.56 |
| Undistributed previous net capital gains or losses (a) | - | - |
| Balance carried forward (a) | - | - |
| Net capital gains or losses for the year (a, b) | -23,303,587.22 | -36,643,352.02 |
| Income for the year (a, b) | -15,555,637.80 | -13,041,943.31 |
| Total shareholders' equity (= Amount representative of net assets) | 12,190,142,036.93 | 21,284,016,553.23 |
| Financial instruments | 245,520.70 | 136,896.10 |
| Disposals of financial instruments | - | - |
| Temporary securities transactions | - | - |
| Debts representing securities assigned under repurchase agreements | - | - |
| Debts representing borrowed securities | - | - |
| Other temporary transactions | - | - |
| Forward financial instruments | 245,520.70 | 136,896.10 |
| Transactions on a regulated or equivalent market | - | - |
| Other transactions | 245,520.70 | 136,896.10 |
| Debts | 13,171,946.30 | 5,955,955.35 |
| Forward foreign exchange transactions | - | - |
| Other | 13,171,946.30 | 5,955,955.35 |
| Financial accounts | - | - |
| Bank loans and overdrafts | - | - |
| Borrowings | - | - |
| TOTAL LIABILITIES | 12,203,559,503.93 | 21,290,109,404.68 |

- Including accruals and deferrals.
- Less interim payments made during the year.


## Off-balance sheet
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitments on regulated or equivalent markets |  |  |
| Over-the-counter commitments |  |  |
| Interest rate swaps |  |  |
| purchase IRS 45 | - | 159,000,000.00 |
| purchase IRS 46 | - | 325,000,000.00 |
| purchase IRS 47 | - | 261,000,000.00 |
| purchase IRS 54 | 475,000,000.00 | - |
| purchase IRS 55 | 170,000,000.00 | - |
| purchase IRS 57 | 450,000,000.00 | - |
| purchase IRS 58 | 460,000,000.00 | - |
| purchase IRS 61 | 44,000,000.00 | - |
| purchase IRS 62 | 50,000,000.00 | - |
| purchase IRS 63 | 25,000,000.00 | - |
| purchase IRS 64 | 50,000,000.00 | - |
| purchase IRS 65 | 30,000,000.00 | - |
| purchase IRS 66 | 120,000,000.00 | - |
| purchase IRS 67 | 30,000,000.00 | - |
| purchase IRS 68 | 50,000,000.00 | - |
| purchase IRS 69 | 75,000,000.00 | - |
| purchase IRS 70 | 100,000,000.00 | - |
| purchase IRS 73 | 100,000,000.00 | - |
| purchase IRS 75 | 100,000,000.00 | - |
| purchase IRS 76 | 100,000,000.00 | - |
| purchase IRS 77 | 50,000,000.00 | - |
| purchase IRS 78 | 100,000,000.00 | - |
| purchase IRS 79 | 20,000,000.00 | - |
| purchase IRS 80 | 110,000,000.00 | - |
| purchase IRS 81 | 50,000,000.00 | - |
| purchase IRS 83 | 75,000,000.00 | - |
| purchase IRS 84 | 15,000,000.00 | - |
| purchase IRS 85 | 75,000,000.00 | - |
| purchase IRS 86 | 75,000,000.00 | - |
| purchase IRS 87 | 25,000,000.00 | - |
| purchase IRS 88 | 50,000,000.00 | - |
| purchase IRS 89 | 150,000,000.00 | - |

| purchase IRS 90 | 190,000,000.00 | - |
| --- | --- | --- |
| purchase IRS 91 | 100,000,000.00 | - |
| purchase IRS 92 | 150,000,000.00 | - |
| purchase IRS 93 | 100,000,000.00 | - |
| purchase IRS 94 | 140,000,000.00 | - |
| purchase IRS 95 | 100,000,000.00 | - |
| purchase IRS 96 | 165,000,000.00 | - |
| purchase IRS 97 | 100,000,000.00 | - |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitments on regulated or equivalent markets |  |  |
| Over-the-counter commitments |  |  |
| Other commitments |  |  |


## Income statement
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from equities and equivalent securities | - | - |
| Income from bonds and equivalent securities | -64,201.37 | 77,931.07 |
| Income from debt securities | -996,791.92 | 1,663,366.55 |
| Income from temporary purchases and sales of securities | -638.84 | - |
| Income from forward financial instruments | -4,802,490.09 | - |
| Income from deposits and financial accounts | -570,738.61 | - |
| Other financial income | 1,227.12 | - |
| TOTAL I | -6,433,633.71 | 1,741,297.62 |
| Expenses on financial transactions |  |  |
| Expenses on temporary purchases and sales of securities | - | -255.56 |
| Expenses on forward financial instruments | 4,813,976.54 | -270,720.02 |
| Expenses on financial debts | -7,346,635.13 | -3,889,538.25 |
| Other financial expenses | - | - |
| TOTAL II | -2,532,658.59 | -4,160,513.83 |
| Profit/loss on financial transactions (I + II) | -8,966,292.30 | -2,419,216.21 |
| Other income (III) | - | - |
| Management fees and provisions for depreciation (IV) | -15,556,659.99 | -7,859,438.98 |
| Net income for the financial year (I + II + III + IV) | -24,522,952.29 | -10,278,655.19 |
| Accrued income for the financial year (V) | 8,967,314.49 | -2,763,288.12 |
| Interim dividends paid during the financial year (VI) | - | - |
| Profit/loss (I + II + III + IV + V + VI) | -15,555,637.80 | -13,041,943.31 |


#### 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 that are denominated in a foreign currency are converted to 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 a 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 estimate 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.
Negotiable debt securities and negotiable securities are valued by applying an actuarial method, the adopted discount rate being based on the risk-free market rate (EONIA) to which a difference representative of the intrinsic characteristics of the issuer is added. The level of the variance in basis points is calculated by BNP Paribas Investment Partners' Investment Operation Reference Data Pricing teams on transactions observed in the primary market compiled by maturity date, rating levels and the issuer's sector. The ratings used are allocated to negotiable debt securities by the Moody's, Standard & Poor's and Fitch rating agencies.
In the case of a credit event concerning a negotiable debt security held in the portfolio, the security is valued on an individual basis.
Temporary purchases and sales of securities:
- Securities lending: The receivable representing the securities loaned is valued at the securities' market value.
- Securities borrowing: The borrowed securities and their 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 repayment commitment.
- 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 specify special terms in the event of 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.
- Reverse 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.

Futures 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.
Forward exchange: revaluation of currencies committed at the daily rate taking into account the forwardation/backwardation calculated according to the maturity date for the contract.
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 specify special terms in the event of 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:
- 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.

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 audits 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 problems.
The off-balance sheet commitment of these swaps corresponds to their nominal value.
Financial management fees and administrative fees external to the delegated financial manager
- Maximum 0.25% incl. tax for I sharesThe fees are calculated on the basis of the net assets, including UCIs. These fees, not including transaction fees, are charged directly to the SICAV'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, stock market taxes etc.) as well as transaction fees, if any, which may be charged, in particular by the depositary and the management company.
Outperformance fees
20% incl. tax of EONIA's outperformance
The variable portion of the SICAV's remuneration is recognised when the annualised performance of the SICAV is greater than EONIA.
This performance is calculated on the basis of daily net assets.
Every day, the annualised performance of the SICAV after deduction of the fixed management fees applicable to each share class (maximum 0.25% for share class I) between D and D-1 is compared to the EONIA of the previous day.
If the net performance (after deduction of the fixed management fees applicable to each share class) is less than EONIA, no variable management fee will be charged.
If the net performance (after deduction of the fixed management fees applicable to each share class) is higher than EONIA, the variable management fees are 20% inclusive of tax of the calculated annualised outperformance (see management objective for each share class). This amount of variable management fees will then be provisioned.
In the case of underperformance of the SICAV compared to EONIA, the provision for the outperformance fee will be readjusted by a reversal of the provision up to a maximum of the existing allocation and up to 20% of the underperformance.
The provision account can only post a positive balance or a balance of zero; it can never be negative.
The basis of calculation for the amount of the outperformance fee is the daily net asset value: the Fund’s net assets after deduction of fixed management fees.
The performance fee is equal to the aggregate of the allocations to and reversals of provisions made at each net asset value during a financial year.
Retrocession of management fees
None.
Method used to recognise interest
Interest received
Allocation of income
- C class I shares: Accumulation
- D class I shares: DistributionAllocation of net realised capital gains
- C class I shares: Accumulation
- D class I shares: AccumulationChanges affecting the SICAVNone.


## Change in net assets
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 21,284,016,553.23 | 12,146,880,774.00 |
| Subscriptions (including subscription fees paid to the UCI) | 124,431,722,411.77 | 98,567,420,650.65 |
| Redemptions (less redemption fees paid to the UCI) | -133,461,952,754.33 | -89,388,581,436.94 |
| Capital gains realised on deposits and financial instruments | 2,028,506.69 | 870,744.38 |
| Capital losses realised on deposits and financial instruments | -36,179,097.65 | -28,585,148.37 |
| Capital gains realised on forward financial instruments | - | - |
| Capital losses realised on forward financial instruments | - | - |
| Transaction fees | - | - |
| Exchange differences | - | - |
| Change in the valuation differential for deposits and financial instruments | -7,435,556.46 | -3,974,189.55 |
| Valuation differential, financial year N | -17,219,106.85 | -9,783,550.39 |
| Valuation differential, financial year N-1 | 9,783,550.39 | 5,809,360.84 |
| Change in the valuation differential for forward financial instruments | 2,463,814.01 | 263,814.25 |
| Valuation differential, financial year N | 2,326,917.91 | -136,896.10 |
| Valuation differential, financial year N-1 | 136,896.10 | 400,710.35 |
| Distribution from the previous financial year on net capital gains or losses | - | - |
| Distribution from the previous financial year on income | - | - |
| Net income for the financial year before accruals and deferred income | -24,522,952.29 | -10,278,655.19 |
| Interim payment(s) during the financial year on net capital gains or losses | - | - |
| Interim payment(s) during the financial year on income | - | - |
| Other items* | 1,111.96 | - |
| Net assets at the end of the financial year | 12,190,142,036.93 | 21,284,016,553.23 |

* Exceptional payment received.

## Additional information 1
|  | Financial year 31/03/2020 |
| --- | --- |
| Fixed assets |  |
| Value of fixed assets | - |
| Depreciation of fixed assets | - |
| 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 in the original item | - |
| Financial instruments in the portfolio issued by the provider or entities in its group |  |
| Deposits | - |
| Equities | - |
| Interest rate securities | 74,937,167.42 |
| UCIs | 1,573,864.95 |
| Temporary purchases and sales of securities | - |
| Swaps (nominal) | 1,455,000.00 |
| Current value of financial instruments under a repurchase agreement |  |
| Securities acquired under repurchase agreements | - |
| Securities received under repurchase agreements | - |
| Borrowed securities | - |

(*) For guaranteed UCIs, the information appears in the accounting principles and policies
| Additional information 2 | Financial year 31/03/2020 | % of average net assets |
| --- | --- | --- |
| Issues and redemptions during the financial year | Number of securities |
| I class (Currency: EUR) |  |
| Number of C securities issued | 4,989,768.520 |
| Number of C securities redeemed | 5,358,512.817 |
| Number of D securities issued | 388,828.732 |
| Number of D securities redeemed | 410,743.200 |
| Subscription and/or redemption fees | Amount (EUR) |
| Subscription fees paid to the UCI | - |
| Redemption fees paid to the UCI | - |
| Subscription fees received and shared | 5,135,134.30 |
| Redemption fees received and shared | - |
| Management fees | Amount (EUR) |
| I class (Currency: EUR) |  |  |
| Operating and management fees (*) | 11,518,703.72 | 0.13 |
| Performance fees | 4,037,956.27 | - |
| Other charges | - | - |
| Retrocessions of management fees (all units) | - |  |

(*) For UCIs for which the financial year 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 31/03/2020 |
| --- | --- |
| Breakdown of receivables by type | - |
| 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 | 2,470,000.00 |
| Provision for loan charges | - |
| Valuation of sales of currency futures | - |
| Exchange value of forward purchases | - |
| Costs and expenses not yet paid | 10,701,946.30 |
| Other miscellaneous payables | - |
| Provisions for market liquidity risk | - |
| TOTAL DEBTS | 13,171,946.30 |


## Breakdown of instruments by legal or economic type
|  | Financial year 31/03/2020 |
| --- | --- |
| Assets |  |
| Bonds and equivalent securities | 48,476,537.00 |
| Index-linked bonds | - |
| Convertible bonds | - |
| Equity securities | - |
| Other bonds and equivalent securities | 48,476,537.00 |
| Debt securities | 11,639,170,940.66 |
| Traded on a regulated or equivalent market | 11,639,170,940.66 |
| Treasury bills | - |
| Other negotiable debt securities | 10,663,374,091.12 |
| Other debt securities | 975,796,849.54 |
| Not traded on a regulated or equivalent market | - |
| Liabilities |  |
| Disposals of financial instruments | - |
| Equities | - |
| Bonds | - |
| Other | - |
| Off-balance sheet |  |
| Hedging transactions |  |
| Interest rates | 4,269,000,000.00 |
| Equities | - |
| Other | - |
| Other transactions |  |
| Interest rates | - |
| Equities | - |
| Other | - |


## 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 | - | - | 48,476,537.00 | - |
| Debt securities | 6,158,022,610.13 | 4,308,389,139.41 | 1,172,759,191.12 | - |
| Temporary securities transactions | - | - | - | - |
| Financial accounts | - | - | - | 511,765,722.71 |
| Liabilities |  |  |  |  |
| Temporary securities transactions | - | - | - | - |
| Financial accounts | - | - | - | - |
| Off-balance sheet |  |  |  |  |
| Hedging transactions | - | 4,269,000,000.00 | - | - |
| 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 | 37,187,724.00 | 11,288,813.00 | - | - | - |
| Debt securities | 2,436,961,061.09 | 8,731,714,319.04 | 470,495,560.53 | - | - |
| Temporary securities transactions | - | - | - | - | - |
| Financial accounts | 511,765,722.71 | - | - | - | - |
| Liabilities |  |  |  |  |  |
| Temporary securities transactions | - | - | - | - | - |
| Financial accounts | - | - | - | - | - |
| Off-balance sheet |  |  |  |  |  |
| Hedging transactions | 1,220,000,000.00 | 3,049,000,000.00 | - | - | - |
| Other transactions | - | - | - | - | - |


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

As at 31 March 2020, the portfolio only holds financial instruments denominated in its accounting currency.

## Allocation of income
I class (Currency: EUR)
Allocation table of distributable amounts relating to income
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | - | - |
| Profit/loss | -15,555,637.80 | -13,041,943.31 |
| Total | -15,555,637.80 | -13,041,943.31 |
| Allocation |  |  |
| Distribution | - | - |
| Balance carried forward for the financial year | - | - |
| Accumulation | -15,555,637.80 | -13,041,943.31 |
| Total | -15,555,637.80 | -13,041,943.31 |
| Information relating to securities with distribution rights |  |  |
| Number of securities | - | - |
| Distribution per unit | - | - |
| Tax credits and tax benefits attached to allocation 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 or losses
|  | Financial year 31/03/2020 | Financial year 29/03/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed previous net capital gains or losses | - | - |
| Net capital gains or losses for the financial year | -23,303,587.22 | -36,643,352.02 |
| Interim payments on net capital gains or losses for the year | - | - |
| Total | -23,303,587.22 | -36,643,352.02 |
| Allocation |  |  |
| Distribution | - | - |
| Undistributed net capital gains or losses | - | - |
| Accumulation | -23,303,587.22 | -36,643,352.02 |
| Total | -23,303,587.22 | -36,643,352.02 |
| 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
I class (Currency: EUR)
|  | 31/03/2016 | 31/03/2017 | 29/03/2018 | 29/03/2019 | 31/03/2020 |
| --- | --- | --- | --- | --- | --- |
| Net asset value (in EUR) |  |  |  |  |  |
| C shares | 23,290.9707 | 23,300.2360 | 23,242.5747 | 23,181.3802 | 23,100.9316 |
| D shares | 23,102.1271 | 23,089.8660 | 23,032.7253 | 22,972.0754 | 22,892.3534 |
| Net assets (in EUR k) | 8,596,201.72 | 15,038,523.85 | 12,146,880.77 | 21,284,016.55 | 12,190,142.04 |
| Number of securities |  |  |  |  |  |
| C shares | 333,572.354 | 601,939.107 | 484,602.632 | 882,734.967 | 513,990.670 |
| D shares | 35,796.608 | 43,880.746 | 38,357.071 | 35,739.115 | 13,824.647 |

| Payment date | 31/03/2016 | 31/03/2017 | 29/03/2018 | 29/03/2019 | 31/03/2020 |
| --- | --- | --- | --- | --- | --- |
| Distribution per unit on net capital gains or losses | - | - | - | - | - |
| (including interim dividends) (in EUR) |  |  |  |  |  |
| Distribution per unit on income | 21.45 | - | - | - | - |
| (including interim dividends) (in EUR) |  |  |  |  |  |
| Tax credit per unit (*) | - | - | - | - | - |
| individuals (in EUR) |  |  |  |  |  |
| Accumulation per unit on net capital gains or losses |  |  |  |  |  |
| C shares | 25.97 | 18.17 | -38.48 | -39.90 | -44.16 |
| D shares | 25.76 | -18.01 | -38.13 | -39.55 | -43.76 |
| Accumulation per unit on income |  |  |  |  |  |
| C shares | 21.62 | -18.01 | -0.84 | -14.20 | -29.47 |
| D shares | - | -17.84 | -0.83 | -14.11 | -29.21 |

(*) 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 2020
| Asset items and description of securities | Quantity | Price | Listing currency | Current value | Rounded % of net assets |
| --- | --- | --- | --- | --- | --- |
| Bonds and equivalent securities |  |  |  | 48,476,537.00 | 0.40 |
| Traded on a regulated or equivalent market |  |  |  | 48,476,537.00 | 0.40 |
| SAFRAN SA 18-13/07/2020 FRN | 11,300,000.00 | 99.90 | EUR | 11,288,813.00 | 0.09 |
| UNITED TECH CORP 18-18/05/2020 FRN | 37,200,000.00 | 99.97 | EUR | 37,187,724.00 | 0.31 |
| Debt securities |  |  |  | 11,639,170,940.66 | 95.48 |
| Traded on a regulated or equivalent market |  |  |  | 11,639,170,940.66 | 95.48 |
| Negotiable debt securities |  |  |  | 10,663,374,091.12 | 87.48 |
| ACCOR SA 0% 05/06/2020 NEUCP | 10,000,000.00 | 100.05 | EUR | 10,004,645.60 | 0.08 |
| AGRICULTURAL BANK OF C 0% 02/09/2020 | 30,000,000.00 | 100.10 | EUR | 30,028,661.10 | 0.25 |
| AGRICULTURAL BANK OF C 0% 07/08/2020 | 30,000,000.00 | 100.09 | EUR | 30,027,053.70 | 0.25 |
| AGRICULTURAL BANK OF C 0% 12/08/2020 | 30,000,000.00 | 100.09 | EUR | 30,027,445.20 | 0.25 |
| AGRICULTURAL BANK OF CH 0% 02/04/2020 | 50,000,000.00 | 100.00 | EUR | 50,000,507.00 | 0.41 |
| AGRICULTURAL BANK OF CH 0% 30/04/2020 | 30,000,000.00 | 100.03 | EUR | 30,008,142.30 | 0.25 |
| AIN (SOCIETE D ECONO 0% 09/04/2020 NEUCP | 13,000,000.00 | 100.01 | EUR | 13,000,791.83 | 0.11 |
| AIN (SOCIETE D ECONO 0% 17/04/2020 NEUCP | 10,000,000.00 | 100.01 | EUR | 10,001,221.50 | 0.08 |
| AIN (SOCIETE D ECONO 0% 23/04/2020 NEUCP | 4,500,000.00 | 100.02 | EUR | 4,500,740.57 | 0.04 |
| ANHEUSER BUSCH INBEV N 0% 02/07/2020 | 9,000,000.00 | 100.09 | EUR | 9,007,662.60 | 0.07 |
| ANHEUSER BUSCH INBEV N 0% 02/09/2020 | 32,000,000.00 | 100.13 | EUR | 32,042,312.95 | 0.26 |
| ANHEUSER BUSCH INBEV N 0% 02/12/2020 | 7,000,000.00 | 100.19 | EUR | 7,012,975.48 | 0.06 |
| ANHEUSER BUSCH INBEV N 0% 06/01/2021 | 4,000,000.00 | 100.21 | EUR | 4,008,260.76 | 0.03 |
| ANHEUSER BUSCH INBEV N 0% 08/01/2021 | 7,000,000.00 | 100.21 | EUR | 7,014,544.04 | 0.06 |
| ANHEUSER BUSCH INBEV N 0% 08/09/2020 | 10,000,000.00 | 100.13 | EUR | 10,013,492.90 | 0.08 |
| ANHEUSER BUSCH INBEV N 0% 09/04/2020 | 10,000,000.00 | 100.01 | EUR | 10,000,777.40 | 0.08 |
| ANHEUSER BUSCH INBEV N 0% 11/05/2020 | 5,000,000.00 | 100.04 | EUR | 5,001,822.95 | 0.04 |
| ANHEUSER BUSCH INBEV N 0% 20/11/2020 | 10,000,000.00 | 100.18 | EUR | 10,017,782.30 | 0.08 |
| ANHEUSER BUSCH INBEV N 0% 26/06/2020 | 12,000,000.00 | 100.08 | EUR | 12,009,610.92 | 0.10 |
| ANHEUSER BUSCH INBEV N 0% 26/11/2020 | 17,200,000.00 | 100.18 | EUR | 17,231,240.70 | 0.14 |
| ANHEUSER BUSCH INBEV N 0% 28/08/2020 | 4,700,000.00 | 100.13 | EUR | 4,706,103.47 | 0.04 |
| ANHEUSER BUSCH INBEV NV 0% 08/03/2021 | 10,000,000.00 | 100.24 | EUR | 10,024,437.30 | 0.08 |
| ANHEUSER BUSCH INBEV NV 0% 26/02/2021 | 60,000,000.00 | 100.24 | EUR | 60,143,034.00 | 0.49 |
| ARCELORMITTAL 0% 06/07/2020 NEUCP | 10,000,000.00 | 100.07 | EUR | 10,006,810.40 | 0.08 |
| ARCELORMITTAL 0% 10/08/2020 NEUCP | 10,000,000.00 | 100.09 | EUR | 10,008,821.90 | 0.08 |
| ARCELORMITTAL 0% 23/10/2020 NEUCP | 15,000,000.00 | 100.12 | EUR | 15,017,469.30 | 0.12 |
| ARCELORMITTAL 0% 27/04/2020 NEUCP | 21,000,000.00 | 100.02 | EUR | 21,003,915.87 | 0.17 |
| ARCELORMITTAL 0% 29/05/2020 NEUCP | 10,000,000.00 | 100.04 | EUR | 10,004,132.90 | 0.08 |

| ARCELORMITTAL 0% 30/11/2020 NEUCP | 10,000,000.00 | 100.13 | EUR | 10,013,291.00 | 0.08 |
| --- | --- | --- | --- | --- | --- |
| ARCELORMITTAL 0% 30/11/2020 NEUCP | 10,000,000.00 | 100.13 | EUR | 10,013,291.00 | 0.08 |
| ATOS SE 0% 22/04/2020 NEUCP | 10,000,000.00 | 100.02 | EUR | 10,001,587.10 | 0.08 |
| ATOS SE 0% 30/04/2020 NEUCP | 13,000,000.00 | 100.02 | EUR | 13,002,615.86 | 0.11 |
| AVIVA PLC 0% 13/08/2020 | 15,000,000.00 | 100.14 | EUR | 15,020,737.80 | 0.12 |
| AXA BANQUE EONIACAP+0.2 02/12/2020 NEUCP | 30,000,000.00 | 100.01 | EUR | 29,979,687.46 | 0.25 |
| AXA BANQUE SA EONIACAP+0.175 24/02/2021 | 50,000,000.00 | 99.94 | EUR | 49,956,442.63 | 0.41 |
| BANCO SANTANDER SA 0% 01/07/2020 | 25,000,000.00 | 100.10 | EUR | 25,024,541.00 | 0.21 |
| BANCO SANTANDER SA 0% 03/08/2020 | 84,000,000.00 | 100.13 | EUR | 84,108,015.60 | 0.69 |
| BANCO SANTANDER SA 0% 06/08/2020 | 50,000,000.00 | 100.13 | EUR | 50,065,749.50 | 0.41 |
| BANCO SANTANDER SA 0% 30/04/2020 | 10,000,000.00 | 100.04 | EUR | 10,003,614.50 | 0.08 |
| BANK OF CHINA LIMITED 0% 02/10/2020 | 75,000,000.00 | 100.10 | EUR | 75,074,936.25 | 0.62 |
| BANK OF CHINA LTD/LOND 0% 09/04/2020 | 30,000,000.00 | 100.01 | EUR | 30,002,436.90 | 0.25 |
| BANK OF CHINA 0% 28/10/2020 | 25,000,000.00 | 100.11 | EUR | 25,026,985.50 | 0.21 |
| BANQUE FE EONIACAP+0.19 01/10/2020 NEUCP | 150,000,000.00 | 100.01 | EUR | 149,813,274.10 | 1.23 |
| BANQUE FE EONIACAP+0.21 05/01/2021 NEUCP | 150,000,000.00 | 99.99 | EUR | 149,894,914.45 | 1.23 |
| BANQUE FEDE EONIACAP+0.205 18/12/2020 CP | 85,000,000.00 | 99.99 | EUR | 84,934,428.03 | 0.70 |
| BARCLAYS BANK PLC EONIACAP+0.27 04/03/20 | 125,000,000.00 | 99.98 | EUR | 124,964,550.50 | 1.03 |
| BARCLAYS EONIACAP+0.19 30/09/2020 NEUCP | 100,000,000.00 | 100.01 | EUR | 99,951,948.77 | 0.82 |
| BARCLAYS EONIACAP+0.28 22/10/2020 NEUCP | 100,000,000.00 | 100.05 | EUR | 99,978,092.67 | 0.82 |
| BARCLAYS EONIACAP+0.28 30/09/2020 NEUCP | 95,000,000.00 | 100.05 | EUR | 94,969,381.02 | 0.78 |
| BARCLAYS EONIACAP+0.29 01/09/2020 NEUCP | 50,000,000.00 | 100.06 | EUR | 49,985,058.61 | 0.41 |
| BARRY CALLEBAUT SERVICES NV 0% 14/04/202 | 15,000,000.00 | 100.01 | EUR | 15,001,488.60 | 0.12 |
| BELFIUS BANK SA/NV 0% 07/08/2020 | 100,000,000.00 | 100.12 | EUR | 100,119,457.00 | 0.82 |
| BELFIUS BANK SA/NV 0% 27/08/2020 | 100,000,000.00 | 100.13 | EUR | 100,134,078.00 | 0.82 |
| BELFIUS BANK SA/NV 0% 28/08/2020 | 43,000,000.00 | 100.13 | EUR | 43,057,888.32 | 0.35 |
| BNP PARIB EONIACAP+0.18 05/01/2021 NEUCP | 75,000,000.00 | 99.96 | EUR | 74,937,167.42 | 0.61 |
| BP CAPITAL MARKETS PLC 0% 23/10/2020 | 25,000,000.00 | 100.16 | EUR | 25,039,911.75 | 0.21 |
| BPCE SA EONIACAP+0.17 04/01/2021 NEUCP | 125,000,000.00 | 99.96 | EUR | 124,890,492.73 | 1.02 |
| BPCE SA EONIACAP+0.18 01/10/2020 CP | 40,000,000.00 | 100.00 | EUR | 39,953,413.43 | 0.33 |
| BPIFRANCE FINANCEMEN 0% 31/12/2020 NEUCP | 99,250,000.00 | 100.24 | EUR | 99,489,797.93 | 0.82 |
| CA CONS EONIACAP+0.205 16/04/2020 NEUMTN | 50,000,000.00 | 99.79 | EUR | 49,793,436.50 | 0.41 |

| CA CONSU EONIACAP+0.27 06/07/2020 NEUMTN | 50,000,000.00 | 100.00 | EUR | 49,940,337.50 | 0.41 |
| --- | --- | --- | --- | --- | --- |
| CA CONSU EONIACAP+0.33 13/09/2021 NEUMTN | 50,000,000.00 | 100.00 | EUR | 49,965,938.60 | 0.41 |
| CAISSE RE EONIACAP+0.18 27/04/2020 NEUCP | 15,000,000.00 | 100.01 | EUR | 14,968,583.23 | 0.12 |
| CARNIVAL PLC 0% 03/04/2020 | 10,500,000.00 | 100.00 | EUR | 10,500,203.91 | 0.09 |
| CARNIVAL PLC 0% 09/04/2020 | 24,500,000.00 | 100.01 | EUR | 24,501,904.63 | 0.20 |
| CARNIVAL PLC 0% 14/04/2020 | 5,000,000.00 | 100.01 | EUR | 5,000,632.95 | 0.04 |
| CARREFOUR BANQUE SA 0% 04/05/2020 NEUCP | 4,000,000.00 | 100.03 | EUR | 4,001,197.04 | 0.03 |
| CHINA CONSTRUCTION BAN 0% 02/06/2020 | 25,000,000.00 | 100.05 | EUR | 25,012,790.00 | 0.21 |
| COMMERZBANK AG 0% 02/02/2021 | 150,000,000.00 | 100.20 | EUR | 150,307,486.50 | 1.24 |
| COMMERZBANK AG 0% 04/03/2021 | 100,000,000.00 | 100.20 | EUR | 100,200,218.00 | 0.82 |
| COMMERZBANK AG 0% 15/02/2021 | 100,000,000.00 | 100.20 | EUR | 100,203,505.00 | 0.82 |
| CONTINENTAL AG 0% 21/08/2020 | 15,000,000.00 | 100.12 | EUR | 15,018,694.95 | 0.12 |
| CONTINENTAL AG 0% 29/10/2020 | 17,000,000.00 | 100.16 | EUR | 17,027,802.14 | 0.14 |
| CONTINENTAL AG 0% 29/10/2020 | 11,000,000.00 | 100.16 | EUR | 11,017,989.62 | 0.09 |
| CONTINENTAL AG 0% 30/11/2020 | 25,000,000.00 | 100.18 | EUR | 25,046,037.50 | 0.21 |
| CONTINENTAL AG 0% 31/08/2020 | 13,000,000.00 | 100.13 | EUR | 13,017,067.31 | 0.11 |
| COVIVIO 0% 01/04/2020 NEUCP | 16,500,000.00 | 100.00 | EUR | 16,500,000.00 | 0.14 |
| COVIVIO 0% 08/04/2020 NEUCP | 22,000,000.00 | 100.01 | EUR | 22,001,495.78 | 0.18 |
| COVIVIO 0% 09/04/2020 NEUCP | 11,000,000.00 | 100.01 | EUR | 11,000,855.14 | 0.09 |
| CREDIT A EONIACAP+0.185 28/12/2020 NEUCP | 65,000,000.00 | 99.97 | EUR | 64,939,275.97 | 0.53 |
| CREDIT A EONIACAP+0.205 03/02/2021 NEUCP | 125,000,000.00 | 99.96 | EUR | 124,897,159.17 | 1.02 |
| CREDIT AGR EONIACAP+0.2 22/01/2021 NEUCP | 100,000,000.00 | 99.96 | EUR | 99,919,696.22 | 0.82 |
| CREDIT IN EONIACAP+0.19 01/10/2020 NEUCP | 200,000,000.00 | 100.01 | EUR | 199,751,032.14 | 1.65 |
| CREDIT IN EONIACAP+0.19 02/11/2020 NEUCP | 100,000,000.00 | 100.00 | EUR | 99,910,269.87 | 0.82 |
| CREDIT IND EONIACAP+0.2 04/12/2020 NEUCP | 150,000,000.00 | 100.00 | EUR | 149,897,858.63 | 1.23 |
| CREDIT LYONN EONIACAP+0.19 23/10/2020 CP | 50,000,000.00 | 100.00 | EUR | 49,943,784.62 | 0.41 |
| DAIMLER INTERNATIONAL 0% 11/06/2020 | 25,000,000.00 | 100.07 | EUR | 25,017,648.25 | 0.21 |
| DANONE SA 0% 07/05/2020 NEUCP | 19,800,000.00 | 100.03 | EUR | 19,806,478.16 | 0.16 |
| DANONE SA 0% 14/04/2020 NEUCP | 35,000,000.00 | 100.01 | EUR | 35,004,430.65 | 0.29 |
| DH EUROPE FINANCE II S 0% 15/04/2020 | 15,500,000.00 | 100.01 | EUR | 15,502,258.97 | 0.13 |
| DH EUROPE FINANCE II S 0% 30/04/2020 | 40,000,000.00 | 100.03 | EUR | 40,011,269.20 | 0.33 |
| EDENRED 0% 25/05/2020 NEUCP | 20,000,000.00 | 100.05 | EUR | 20,009,943.80 | 0.16 |
| EIFFAGE SA 0% 12/06/2020 NEUCP | 5,000,000.00 | 100.07 | EUR | 5,003,337.60 | 0.04 |
| EIFFAGE SA 0% 14/10/2020 NEUCP | 9,500,000.00 | 100.15 | EUR | 9,514,603.59 | 0.08 |

| EIFFAGE SA 0% 20/04/2020 NEUCP | 10,000,000.00 | 100.02 | EUR | 10,001,850.20 | 0.08 |
| --- | --- | --- | --- | --- | --- |
| EIFFAGE SA 0% 29/07/2020 NEUCP | 7,000,000.00 | 100.11 | EUR | 7,007,420.42 | 0.06 |
| ENDESA SA 0% 16/04/2020 | 29,000,000.00 | 100.01 | EUR | 29,004,235.74 | 0.24 |
| ENGIE SA EONIACAP+0.1 05/08/2020 CP | 20,000,000.00 | 99.97 | EUR | 19,983,168.00 | 0.16 |
| ENGIE SA EONIACAP+0.1 06/08/2020 NEUCP | 80,000,000.00 | 99.97 | EUR | 79,933,175.33 | 0.66 |
| ENGIE SA EONIACAP+0.102 29/07/2020 NEUCP | 50,000,000.00 | 99.97 | EUR | 49,956,176.61 | 0.41 |
| FRANFINANCE SA 0% 03/07/2020 NEUCP | 8,000,000.00 | 100.10 | EUR | 8,008,003.60 | 0.07 |
| FRESENIUS FINANCE IREL 0% 25/06/2020 | 20,000,000.00 | 100.06 | EUR | 20,012,247.40 | 0.16 |
| FRESENIUS FINANCE IREL 0% 28/09/2020 | 15,000,000.00 | 100.11 | EUR | 15,015,757.95 | 0.12 |
| FRESENIUS MEDICAL CARE AG + CO KGAA 0% 1 | 10,000,000.00 | 100.05 | EUR | 10,005,160.30 | 0.08 |
| FRESENIUS MEDICAL CARE 0% 03/12/2020 | 63,000,000.00 | 100.13 | EUR | 63,084,478.59 | 0.52 |
| FRESENIUS MEDICAL CARE 0% 11/09/2020 | 18,000,000.00 | 100.10 | EUR | 18,018,337.50 | 0.15 |
| GECINA SA 0% 01/06/2020 NEUCP | 25,000,000.00 | 100.06 | EUR | 25,014,088.25 | 0.21 |
| GECINA SA 0% 09/09/2020 NEUCP | 30,000,000.00 | 100.14 | EUR | 30,040,608.30 | 0.25 |
| GECINA SA 0% 20/07/2020 NEUCP | 20,000,000.00 | 100.10 | EUR | 20,019,824.20 | 0.16 |
| GOLDMAN SACHS INTERNATI 0% 23/07/2020 | 25,000,000.00 | 100.12 | EUR | 25,029,549.00 | 0.21 |
| HSBC FRAN EONIACAP+0.15 02/10/2020 NEUCP | 99,000,000.00 | 100.00 | EUR | 98,846,563.36 | 0.81 |
| HSBC FRAN EONIACAP+0.17 06/11/2020 NEUCP | 75,000,000.00 | 100.00 | EUR | 74,914,378.95 | 0.61 |
| HSBC FRAN EONIACAP+0.18 19/11/2020 NEUCP | 50,000,000.00 | 100.00 | EUR | 49,951,237.57 | 0.41 |
| HSBC FRAN EONIACAP+0.18 27/11/2020 NEUCP | 60,000,000.00 | 100.00 | EUR | 59,945,079.41 | 0.49 |
| IBERDROLA INTERNATIONA 0% 03/04/2020 | 20,000,000.00 | 100.00 | EUR | 20,000,388.40 | 0.16 |
| IBERDROLA INTERNATIONA 0% 06/05/2020 | 30,500,000.00 | 100.03 | EUR | 30,509,694.73 | 0.25 |
| IBERDROLA INTERNATIONA 0% 24/07/2020 | 10,000,000.00 | 100.10 | EUR | 10,010,210.90 | 0.08 |
| IBERDROLA INTERNATIONAL BV 0% 14/09/2020 | 75,000,000.00 | 100.14 | EUR | 75,103,083.75 | 0.62 |
| ICADE 0% 09/10/2020 NEUCP | 23,000,000.00 | 100.15 | EUR | 23,034,589.24 | 0.19 |
| IMERYS SA 0% 18/05/2020 NEUCP | 5,000,000.00 | 100.04 | EUR | 5,002,152.85 | 0.04 |
| INDUSTRIAL & COMMERCIAL 0% 14/07/2020 | 50,000,000.00 | 100.08 | EUR | 50,038,431.50 | 0.41 |
| INDUSTRIAL + COMMERCIAL 0% 16/12/2020 | 40,000,000.00 | 100.12 | EUR | 40,047,834.00 | 0.33 |
| INDUSTRIAL + COMMERCIAL 0% 21/05/2020 | 30,000,000.00 | 100.04 | EUR | 30,012,991.50 | 0.25 |
| INDUSTRIAL + COMMERCIAL 0% 30/04/2020 | 50,000,000.00 | 100.03 | EUR | 50,013,570.50 | 0.41 |
| INDUSTRIAL AND COMMERCI 0% 08/09/2020 | 100,000,000.00 | 100.10 | EUR | 100,096,505.00 | 0.82 |
| INDUSTRIAL AND COMMERCI 0% 09/04/2020 | 28,000,000.00 | 100.01 | EUR | 28,002,274.44 | 0.23 |
| INDUSTRIAL AND COMMERCI 0% 10/09/2020 | 75,000,000.00 | 100.10 | EUR | 75,072,585.75 | 0.62 |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA | 40,000,000.00 | 100.12 | EUR | 40,049,735.60 | 0.33 |
| ING BANK EONIACAP+0.18 04/01/2021 NEUCP | 75,000,000.00 | 99.96 | EUR | 74,924,826.03 | 0.61 |

| ING BANK EONIACAP+0.18 05/01/2021 NEUCP | 150,000,000.00 | 99.96 | EUR | 149,882,300.17 | 1.23 |
| --- | --- | --- | --- | --- | --- |
| ING BANK NV EONIACAP+0.17 04/01/2021 CP | 50,000,000.00 | 99.96 | EUR | 49,944,828.57 | 0.41 |
| ING BANK NV EONIACAP+0.18 04/03/2021 NEU | 100,000,000.00 | 99.90 | EUR | 99,880,640.25 | 0.82 |
| ING BANK NV EONIACAP+0.23 09/03/2021 NEU | 150,000,000.00 | 99.94 | EUR | 149,893,051.48 | 1.23 |
| INTESA SANPAOLO BANK I 0% 03/09/2020 | 110,000,000.00 | 100.07 | EUR | 110,079,821.50 | 0.90 |
| INTESA SANPAOLO BANK I 0% 08/10/2020 | 40,000,000.00 | 100.07 | EUR | 40,027,758.40 | 0.33 |
| INTESA SANPAOLO BANK I 0% 13/07/2020 | 75,000,000.00 | 100.07 | EUR | 75,051,771.00 | 0.62 |
| INTESA SANPAOLO BANK L 0% 03/07/2020 | 100,000,000.00 | 100.07 | EUR | 100,066,949.00 | 0.82 |
| INTESA SANPAOLO BANK L 0% 29/10/2020 | 150,000,000.00 | 100.07 | EUR | 150,100,639.50 | 1.23 |
| INTESA SANPAOLO BANK LUXEMBOURG S.A. 0% | 165,000,000.00 | 100.05 | EUR | 165,076,687.05 | 1.36 |
| JYSKE BAN EONIACAP+0.16 12/02/2021 NEUCP | 35,000,000.00 | 99.91 | EUR | 34,954,166.69 | 0.29 |
| JYSKE BAN EONIACAP+0.19 10/08/2020 NEUCP | 75,000,000.00 | 100.02 | EUR | 74,894,527.09 | 0.61 |
| JYSKE BANK EONIACAP+0.175 06/11/2020 CP | 19,000,000.00 | 99.99 | EUR | 18,976,942.45 | 0.16 |
| KLEPIERRE 0% 27/07/2020 NEUCP | 22,000,000.00 | 100.10 | EUR | 22,022,950.84 | 0.18 |
| LA BANQUE EONIACAP+0.15 22/10/2020 NEUCP | 30,000,000.00 | 99.98 | EUR | 29,954,254.37 | 0.25 |
| LA BANQUE EONIACAP+0.17 07/01/2021 NEUCP | 125,000,000.00 | 99.95 | EUR | 124,861,450.32 | 1.02 |
| LAGARDERE SCA 0% 06/05/2020 NEUCP | 9,500,000.00 | 100.02 | EUR | 9,502,320.38 | 0.08 |
| LANDESBANK HESSEN THUE 0% 01/10/2020 | 75,000,000.00 | 100.17 | EUR | 75,129,061.50 | 0.62 |
| LLOYDS BANK EONIACAP+0.22 29/09/2020 CP | 75,000,000.00 | 100.02 | EUR | 74,929,139.98 | 0.61 |
| LOCATION DEQUIPEMENT 0% 07/01/2021 NEUCP | 8,000,000.00 | 100.23 | EUR | 8,018,089.36 | 0.07 |
| MIZUHO BANK LTD (LONDON 0% 14/07/2020 | 75,000,000.00 | 100.11 | EUR | 75,082,632.00 | 0.62 |
| MUFG BANK LTD 0% 07/09/2020 | 50,000,000.00 | 100.16 | EUR | 50,079,175.50 | 0.41 |
| NATIONAL WESTMINSTER B 0% 27/07/2020 | 50,000,000.00 | 100.12 | EUR | 50,060,841.50 | 0.41 |
| NATIONAL WESTMINSTER B 0% 28/07/2020 | 25,000,000.00 | 100.12 | EUR | 25,030,670.25 | 0.21 |
| NATIXIS S EONIACAP+0.18 01/02/2021 NEUCP | 125,000,000.00 | 99.94 | EUR | 124,867,320.65 | 1.02 |
| NORD(CRE EONIACAP+0.26 28/09/2020 NEUMTN | 75,000,000.00 | 100.00 | EUR | 74,924,778.89 | 0.61 |
| NORD(CRED EURIBOR+0.16 15/06/2020 NEUMTN | 100,000,000.00 | 100.00 | EUR | 99,985,377.78 | 0.82 |
| NORD(CRED EURIBOR+0.17 07/09/2020 NEUMTN | 90,000,000.00 | 100.00 | EUR | 89,982,807.50 | 0.74 |
| NORD(CRED EURIBOR+0.17 12/06/2020 NEUMTN | 30,000,000.00 | 99.80 | EUR | 29,934,067.70 | 0.25 |
| NORD(CRED EURIBOR+0.32 11/06/2021 NEUMTN | 40,000,000.00 | 100.08 | EUR | 40,028,546.67 | 0.33 |
| OCEAN(CAI EONIACAP+0.21 04/12/2020 NEUCP | 20,000,000.00 | 100.00 | EUR | 19,985,794.07 | 0.16 |

| OCEAN(CAIS EONIACAP+0.2 23/11/2020 NEUCP | 20,000,000.00 | 100.00 | EUR | 19,982,352.38 | 0.16 |
| --- | --- | --- | --- | --- | --- |
| PSA BANQUE FRANCE 0% 03/09/2020 NEUCP | 20,000,000.00 | 100.14 | EUR | 20,027,569.40 | 0.16 |
| QATAR NATIONAL BANK SAQ 0% 01/10/2020 | 50,000,000.00 | 100.10 | EUR | 50,049,788.00 | 0.41 |
| QATAR NATIONAL BANK SAQ 0% 01/10/2020 | 50,000,000.00 | 100.10 | EUR | 50,049,788.00 | 0.41 |
| QATAR NATIONAL BANK SAQ 0% 08/06/2020 | 5,000,000.00 | 100.05 | EUR | 5,002,733.30 | 0.04 |
| QATAR NATIONAL BANK SAQ 0% 20/11/2020 | 100,000,000.00 | 100.11 | EUR | 100,114,163.00 | 0.82 |
| QATAR NATIONAL BANK SAQ 0% 22/07/2020 | 70,000,000.00 | 100.08 | EUR | 70,058,013.20 | 0.57 |
| QATAR NATIONAL BANK SAQ 0% 25/06/2020 | 50,000,000.00 | 100.06 | EUR | 50,031,606.00 | 0.41 |
| RENAULT CREDIT INTER 0% 06/05/2020 NEUCP | 75,000,000.00 | 100.03 | EUR | 75,023,839.50 | 0.62 |
| RENAULT CREDIT INTER 0% 09/04/2020 NEUCP | 37,000,000.00 | 100.01 | EUR | 37,002,876.38 | 0.30 |
| RENAULT SA (REGIE NA 0% 04/05/2020 NEUCP | 13,000,000.00 | 100.02 | EUR | 13,002,988.05 | 0.11 |
| RENAULT SA (REGIE NA 0% 10/06/2020 NEUCP | 15,000,000.00 | 100.05 | EUR | 15,007,519.50 | 0.12 |
| RENAULT SA (REGIE NA 0% 29/05/2020 NEUCP | 7,000,000.00 | 100.04 | EUR | 7,002,893.03 | 0.06 |
| RENAULT SA (REGIE NA 0% 30/04/2020 NEUCP | 25,000,000.00 | 100.02 | EUR | 25,005,030.50 | 0.21 |
| REPSOL INTERNATIONAL F 0% 05/08/2020 | 100,000,000.00 | 100.11 | EUR | 100,111,769.00 | 0.82 |
| REPSOL INTERNATIONAL F 0% 09/07/2020 | 10,000,000.00 | 100.09 | EUR | 10,009,068.10 | 0.08 |
| SAFRAN SA 0% 13/05/2020 NEUCP | 20,000,000.00 | 100.03 | EUR | 20,005,901.20 | 0.16 |
| SAFRAN SA 0% 14/05/2020 NEUCP | 57,000,000.00 | 100.03 | EUR | 57,017,235.09 | 0.47 |
| SAFRAN SA 0% 30/04/2020 NEUCP | 25,000,000.00 | 100.02 | EUR | 25,005,030.50 | 0.21 |
| SANTANDER CONSUMER BAN 0% 14/04/2020 | 75,000,000.00 | 100.02 | EUR | 75,012,002.25 | 0.62 |
| SANTANDER CONSUMER FIN 0% 07/08/2020 | 50,000,000.00 | 100.12 | EUR | 50,059,728.50 | 0.41 |
| SANTANDER CONSUMER FIN 0% 16/07/2020 | 9,000,000.00 | 100.10 | EUR | 9,009,144.81 | 0.07 |
| SANTANDER CONSUMER FIN 0% 21/07/2020 | 44,000,000.00 | 100.11 | EUR | 44,046,573.12 | 0.36 |
| SAP SE 0% 13/05/2020 | 30,000,000.00 | 100.05 | EUR | 30,014,098.80 | 0.25 |
| SCANIA CV AB 0% 14/04/2020 | 8,000,000.00 | 100.01 | EUR | 8,001,012.72 | 0.07 |
| SCANIA CV AB 0% 15/04/2020 | 5,000,000.00 | 100.01 | EUR | 5,000,681.60 | 0.04 |
| SCANIA CV AB 0% 29/05/2020 | 20,000,000.00 | 100.05 | EUR | 20,010,704.40 | 0.16 |
| SEB SA 0% 14/09/2020 NEUCP | 24,000,000.00 | 100.14 | EUR | 24,032,986.80 | 0.20 |
| SKANDINAVISKA ENSKILDA 0% 02/09/2020 | 50,000,000.00 | 100.16 | EUR | 50,077,672.00 | 0.41 |
| SOCIETE EONIACAP+0.25 20/05/2021 NEUMTN | 200,000,000.00 | 99.64 | EUR | 199,242,002.76 | 1.64 |
| SOCIETE G EONIACAP+0.19 03/02/2021 NEUCP | 125,000,000.00 | 99.94 | EUR | 124,878,201.25 | 1.02 |
| SOCIETE GE EONIACAP+0.2 02/02/2021 NEUCP | 75,000,000.00 | 99.95 | EUR | 74,939,479.50 | 0.61 |
| SOCIETE GE EONIACAP+0.2 04/01/2021 NEUCP | 100,000,000.00 | 99.98 | EUR | 99,922,801.06 | 0.82 |
| SVENSKA HANDELSBANKE 0% 14/01/2021 NEUCP | 125,000,000.00 | 100.25 | EUR | 125,317,717.50 | 1.03 |

| TELEFONICA EUROPE BV 0% 03/06/2020 | 18,000,000.00 | 100.06 | EUR | 18,010,482.84 | 0.15 |
| --- | --- | --- | --- | --- | --- |
| TELEFONICA EUROPE BV 0% 03/06/2020 | 5,000,000.00 | 100.06 | EUR | 5,002,911.90 | 0.04 |
| TELEFONICA EUROPE BV 0% 03/09/2020 | 59,000,000.00 | 100.13 | EUR | 59,078,287.69 | 0.48 |
| TELEFONICA EUROPE BV 0% 03/09/2020 | 43,000,000.00 | 100.13 | EUR | 43,057,057.13 | 0.35 |
| TELEFONICA EUROPE BV 0% 10/07/2020 | 15,000,000.00 | 100.09 | EUR | 15,013,719.30 | 0.12 |
| TELEFONICA EUROPE BV 0% 10/08/2020 | 41,000,000.00 | 100.12 | EUR | 41,047,486.61 | 0.34 |
| TELEFONICA EUROPE BV 0% 29/07/2020 | 20,000,000.00 | 100.11 | EUR | 20,021,201.20 | 0.16 |
| THALES SA 0% 25/05/2020 NEUCP | 5,000,000.00 | 100.05 | EUR | 5,002,668.35 | 0.04 |
| THALES SA 0% 25/05/2020 NEUCP | 2,500,000.00 | 100.05 | EUR | 2,501,334.18 | 0.02 |
| UBS AG (LONDON) 0% 10/03/2021 | 100,000,000.00 | 100.23 | EUR | 100,227,985.00 | 0.82 |
| UNICREDIT EONIACAP+0.16 13/07/2020 NEUCP | 75,000,000.00 | 99.97 | EUR | 74,930,829.75 | 0.61 |
| UNICREDIT EONIACAP+0.16 15/07/2020 NEUCP | 50,000,000.00 | 99.97 | EUR | 49,953,448.20 | 0.41 |
| VALEO SA 0% 06/05/2020 NEUCP | 15,000,000.00 | 100.02 | EUR | 15,003,663.75 | 0.12 |
| VATTENFALL AB 0% 15/04/2020 | 31,000,000.00 | 100.01 | EUR | 31,004,225.92 | 0.25 |
| VATTENFALL AB 0% 15/04/2020 | 20,000,000.00 | 100.01 | EUR | 20,002,726.40 | 0.16 |
| VEOLIA ENVIRONNEMENT 0% 26/08/2020 NEUCP | 20,000,000.00 | 100.13 | EUR | 20,025,718.20 | 0.16 |
| VICAT 0% 04/06/2020 NEUCP | 12,000,000.00 | 100.05 | EUR | 12,005,486.76 | 0.10 |
| VICAT 0% 12/11/2020 NEUCP | 6,500,000.00 | 100.13 | EUR | 6,508,142.03 | 0.05 |
| VICAT 0% 15/01/2021 NEUCP | 5,000,000.00 | 100.15 | EUR | 5,007,557.90 | 0.04 |
| VICAT 0% 25/05/2020 NEUCP | 20,000,000.00 | 100.04 | EUR | 20,007,673.60 | 0.16 |
| VINCI SA 0% 07/05/2020 NEUCP | 15,000,000.00 | 100.03 | EUR | 15,004,907.70 | 0.12 |
| VINCI SA 0% 13/05/2020 NEUCP | 20,000,000.00 | 100.04 | EUR | 20,007,667.60 | 0.16 |
| VIVENDI SA 0% 04/05/2020 NEUCP | 10,000,000.00 | 100.03 | EUR | 10,002,992.60 | 0.08 |
| VOLKSWAGEN AG 0% 02/04/2020 | 10,000,000.00 | 100.00 | EUR | 10,000,097.10 | 0.08 |
| VOLKSWAGEN AG 0% 03/09/2020 | 17,000,000.00 | 100.13 | EUR | 17,022,557.47 | 0.14 |
| VOLKSWAGEN AG 0% 03/09/2020 | 15,000,000.00 | 100.13 | EUR | 15,019,903.65 | 0.12 |
| VOLKSWAGEN AG 0% 04/05/2020 | 40,000,000.00 | 100.03 | EUR | 40,011,970.40 | 0.33 |
| VOLKSWAGEN AG 0% 04/05/2020 | 11,500,000.00 | 100.03 | EUR | 11,503,441.49 | 0.09 |
| VOLKSWAGEN AG 0% 04/09/2020 | 27,000,000.00 | 100.13 | EUR | 27,035,950.23 | 0.22 |
| VOLKSWAGEN AG 0% 04/09/2020 | 20,000,000.00 | 100.13 | EUR | 20,026,629.80 | 0.16 |
| VOLKSWAGEN AG 0% 09/04/2020 | 32,000,000.00 | 100.01 | EUR | 32,002,487.68 | 0.26 |
| VOLKSWAGEN AG 0% 18/09/2020 | 46,000,000.00 | 100.14 | EUR | 46,063,949.20 | 0.38 |
| VOLKSWAGEN AG 0% 18/09/2020 | 32,000,000.00 | 100.14 | EUR | 32,044,486.40 | 0.26 |
| VOLKSWAGEN AG 0% 18/09/2020 | 30,000,000.00 | 100.14 | EUR | 30,041,706.00 | 0.25 |
| VOLKSWAGEN AG 0% 27/05/2020 | 40,000,000.00 | 100.05 | EUR | 40,020,654.00 | 0.33 |
| VOLKSWAGEN AG 0% 27/05/2020 | 31,500,000.00 | 100.05 | EUR | 31,516,265.03 | 0.26 |
| VOLKSWAGEN AG 0% 27/05/2020 | 30,000,000.00 | 100.05 | EUR | 30,015,490.50 | 0.25 |
| VOLKSWAGEN BANK GMBH 0% 05/06/2020 | 18,000,000.00 | 100.06 | EUR | 18,010,822.68 | 0.15 |
| VOLKSWAGEN BANK GMBH 0% 08/05/2020 | 19,000,000.00 | 100.03 | EUR | 19,006,393.69 | 0.16 |

| VOLKSWAGEN FINANCIAL S 0% 02/06/2020 | 50,000,000.00 | 100.06 | EUR | 50,028,647.50 | 0.41 |
| --- | --- | --- | --- | --- | --- |
| VOLKSWAGEN FINANCIAL S 0% 08/04/2020 | 25,000,000.00 | 100.01 | EUR | 25,001,699.75 | 0.21 |
| VOLKSWAGEN FINANCIAL S 0% 20/08/2020 | 10,000,000.00 | 100.12 | EUR | 10,012,383.80 | 0.08 |
| VOLKSWAGEN FINANCIAL S 0% 21/05/2020 | 100,000,000.00 | 100.05 | EUR | 100,045,904.00 | 0.82 |
| VOLKSWAGEN INTERNATION 0% 08/04/2020 | 25,000,000.00 | 100.01 | EUR | 25,001,699.75 | 0.21 |
| VOLKSWAGEN LEASING GMB 0% 03/07/2020 | 15,000,000.00 | 100.09 | EUR | 15,012,891.00 | 0.12 |
| VOLKSWAGEN LEASING GMB 0% 13/01/2021 | 22,000,000.00 | 100.21 | EUR | 22,046,395.80 | 0.18 |
| VOLVO TREASURY AB 0% 12/06/2020 | 30,000,000.00 | 100.07 | EUR | 30,020,025.60 | 0.25 |
| Other debt securities |  |  |  | 975,796,849.54 | 8.00 |
| ABN AMRO BANK NV 19-15/01/2021 FRN | 72,000,000.00 | 99.02 | EUR | 71,296,094.00 | 0.59 |
| BANK OF MONTREAL 18-13/07/2020 FRN | 40,000,000.00 | 99.90 | EUR | 39,968,192.22 | 0.33 |
| BMW FINANCE NV 18-19/11/2020 FRN | 20,000,000.00 | 99.51 | EUR | 19,901,381.20 | 0.16 |
| BMW FINANCE NV 19-15/01/2021 FRN | 46,000,000.00 | 99.35 | EUR | 45,711,793.39 | 0.37 |
| BMW FINANCE NV 19-21/12/2020 FRN | 28,000,000.00 | 99.36 | EUR | 27,820,818.48 | 0.23 |
| CIE DE ST GOBAIN 18-25/06/2020 FRN | 30,000,000.00 | 99.96 | EUR | 29,987,699.70 | 0.25 |
| DAIMLER AG 0.25% 16-11/05/2020 | 62,880,000.00 | 99.92 | EUR | 62,968,458.07 | 0.52 |
| DAIMLER CANADA 18-13/11/2020 FRN | 20,000,000.00 | 99.93 | EUR | 19,985,800.00 | 0.16 |
| DAIMLER CANADA 19-12/03/2021 FRN | 15,000,000.00 | 100.01 | EUR | 15,001,200.00 | 0.12 |
| GECINA 18-04/05/2020 FRN | 10,000,000.00 | 100.01 | EUR | 10,000,800.00 | 0.08 |
| GLAXOSMITHKLINE 18-21/05/2020 FRN | 15,000,000.00 | 99.99 | EUR | 14,998,350.00 | 0.12 |
| ING BANK NV 18-26/11/2020 FRN | 60,600,000.00 | 99.38 | EUR | 60,223,674.00 | 0.49 |
| LB BADEN-WUERT 18-20/07/2020 FRN | 30,000,000.00 | 100.06 | EUR | 30,025,020.00 | 0.25 |
| LB BADEN-WUERT 18-25/05/2020 FRN | 15,000,000.00 | 99.83 | EUR | 14,975,100.00 | 0.12 |
| LVMH MOET HENNES 20-11/02/2022 FRN | 43,700,000.00 | 98.70 | EUR | 43,131,900.00 | 0.35 |
| NATL BANK CANADA 18-06/04/2020 FRN | 50,000,000.00 | 99.99 | EUR | 50,008,452.78 | 0.41 |
| NORDEA BANK AB 18-22/06/2020 FRN | 6,300,000.00 | 99.85 | EUR | 6,290,980.17 | 0.05 |
| SCANIA CV AB 19-10/12/2021 FRN | 20,000,000.00 | 99.08 | EUR | 19,816,939.20 | 0.16 |
| SUMITOMO MITSUI 18-13/07/2020 FRN | 50,000,000.00 | 99.98 | EUR | 50,003,024.50 | 0.41 |
| SUMITOMO MITSUI 18-22/05/2020 FRN | 30,000,000.00 | 99.95 | EUR | 29,986,549.50 | 0.25 |
| THALES SA 18-19/04/2020 FRN | 24,700,000.00 | 100.00 | EUR | 24,699,506.00 | 0.20 |
| UNIBAIL-RODAMCO 18-30/05/2020 FRN | 50,000,000.00 | 100.00 | EUR | 49,997,953.50 | 0.41 |
| VOLKSWAGEN LEAS 19-02/08/2021 FRN | 25,000,000.00 | 98.50 | EUR | 24,626,844.44 | 0.20 |
| VOLKSWAGEN LEAS 19-27/11/2020 FRN | 35,000,000.00 | 99.37 | EUR | 34,781,949.53 | 0.29 |
| VOLVO TREAS AB 18-04/05/2020 FRN | 46,000,000.00 | 99.94 | EUR | 45,973,780.00 | 0.38 |
| VOLVO TREAS AB 18-10/08/2020 FRN | 40,000,000.00 | 99.83 | EUR | 39,931,200.00 | 0.33 |
| VOLVO TREAS AB 19-01/11/2021 FRN | 30,000,000.00 | 99.90 | EUR | 29,982,480.00 | 0.25 |
| VOLVO TREAS AB 19-08/04/2021 FRN | 20,000,000.00 | 99.65 | EUR | 19,929,117.80 | 0.16 |
| VOLVO TREAS AB 19-13/09/2021 FRN | 20,000,000.00 | 99.54 | EUR | 19,909,497.73 | 0.16 |
| VOLVO TREAS AB 20-10/01/2022 FRN | 24,000,000.00 | 99.37 | EUR | 23,862,293.33 | 0.20 |

| UCI securities |  |  |  | 1,573,864.95 | 0.01 |
| --- | --- | --- | --- | --- | --- |
| Retail UCITS and AIFs and their equivalents from other European Union member states intended for non-professional investors | 1,573,864.95 | 0.01 |
| BNP PARIBAS CASH INVEST 82C | 0.84 | 991,254.27 | EUR | 828,688.57 | - |
| BNPP INSTICASH EUR 1D ST VNAV CAP I | 5,378.46 | 138.55 | EUR | 745,176.38 | 0.01 |
| Forward financial instruments |  |  |  | 2,326,917.91 | 0.02 |
| Interest rate swaps |  |  |  | 2,326,917.91 | 0.02 |
| IRS 54 | - | - | EUR | -42,795.86 | - |
| IRS 55 | - | - | EUR | -18,532.28 | - |
| IRS 57 | - | - | EUR | 154,328.10 | - |
| IRS 58 | - | - | EUR | 235,708.51 | 0.01 |
| IRS 61 | - | - | EUR | 37,164.26 | - |
| IRS 62 | - | - | EUR | 43,439.37 | - |
| IRS 63 | - | - | EUR | 17,833.15 | - |
| IRS 64 | - | - | EUR | 45,938.16 | - |
| IRS 65 | - | - | EUR | 26,147.87 | - |
| IRS 66 | - | - | EUR | 112,955.89 | - |
| IRS 67 | - | - | EUR | 30,253.76 | - |
| IRS 68 | - | - | EUR | 50,163.80 | - |
| IRS 69 | - | - | EUR | 45,035.46 | - |
| IRS 70 | - | - | EUR | 108,103.22 | - |
| IRS 73 | - | - | EUR | 139,543.99 | - |
| IRS 75 | - | - | EUR | 143,314.33 | - |
| IRS 76 | - | - | EUR | 146,683.95 | - |
| IRS 77 | - | - | EUR | 70,536.08 | - |
| IRS 78 | - | - | EUR | 165,799.55 | - |
| IRS 79 | - | - | EUR | 33,705.77 | - |
| IRS 80 | - | - | EUR | 183,152.42 | 0.01 |
| IRS 81 | - | - | EUR | 77,399.42 | - |
| IRS 83 | - | - | EUR | 95,876.40 | - |
| IRS 84 | - | - | EUR | 15,702.49 | - |
| IRS 85 | - | - | EUR | 104,881.95 | - |
| IRS 86 | - | - | EUR | 41,305.35 | - |
| IRS 87 | - | - | EUR | 985.64 | - |
| IRS 88 | - | - | EUR | 1,548.33 | - |
| IRS 89 | - | - | EUR | -12,835.64 | - |
| IRS 90 | - | - | EUR | -66,305.78 | - |
| IRS 91 | - | - | EUR | -26,980.41 | - |
| IRS 92 | - | - | EUR | -46,091.92 | - |
| IRS 93 | - | - | EUR | -31,978.81 | - |
| IRS 94 | - | - | EUR | 54,069.35 | - |

| IRS 95 | - | - | EUR | 76,186.20 | - |
| --- | --- | --- | --- | --- | --- |
| IRS 96 | - | - | EUR | 155,011.66 | - |
| IRS 97 | - | - | EUR | 159,664.18 | - |
| Receivables |  |  |  | - | - |
| Debts |  |  |  | -13,171,946.30 | -0.11 |
| Other financial accounts |  |  |  | 511,765,722.71 | 4.20 |
| TOTAL NET ASSETS | 12,190,142,036.93 | 100.00 |


###### ORDINARY SHAREHOLDERS’ MEETING OF 6 JULY 2020
RESOLUTIONS ADOPTED
***

###### FIRST RESOLUTION
The Shareholders' Meeting, having heard the report of the Board of Directors and the report of the Statutory Auditor on the annual financial statements, approved all parts of the Board's management report and the annual financial statements for the year ended 31 March 2020 as presented.
The Shareholders' Meeting noted that the capital, which amounted to €12,229,001.95 on 31 March 2020, was
€21,333,701,848.56 on 29 March 2019.

###### SECOND RESOLUTION
The Shareholders' Meeting approved the allocation and distribution of income for the financial year ended 31 March 2020, as proposed by the Board of Directors.
The Shareholders’ Meeting, having approved the net income for the financial year at (€24,522,952.29), and the income at (€15,555,637.80), set the amount of the distributable sums at (€15,555,637.80) and decided to record this amount in the share capital.
- for "I" class C shares, the results are fully capitalised in accordance with the Prospectus and Articles of Incorporation of the SICAV.
- for the "I" class D shares, during the three previous financial years, the amounts of the dividends relating to this class of shares were respectively:
- €0.00 per share for the financial year 2017
- €0.00 per share for the financial year 2018
- €0.00 per share for the financial year 2019


###### THIRD RESOLUTION
The Shareholders' Meeting approved the allocation and distribution of realised capital gains and losses net of costs for the financial year ended 31 March 2020, as proposed by the Board of Directors.
The Shareholders’ Meeting set at (€23,303,587.22) the amount of net realised capital losses for the financial year for the "I" class of shares and decided to record this amount in the capital.
In accordance with legal provisions, it should be noted that no capital gains have been paid in the last three financial years.

###### FOURTH RESOLUTION
The Shareholders' Meeting, having reviewed the Statutory Auditor's special report on the agreements referred to in Article L.225-38 et seq. of the French Commercial Code, approved the findings of said report.

###### FIFTH RESOLUTION
The Shareholders' Meeting, on the proposal of the Board of Directors, resolved to maintain the total annual amount of attendance fees allocated to Directors and Advisors from outside the BNP PARIBAS Group for the financial years 2020-2021 and subsequent years at a maximum of €4,000.

###### SIXTH RESOLUTION
The Shareholders' Meeting granted full powers to the secretary of the meeting to issue certified copies or extracts of the minutes and to the company "Lextenso/Petites Affiches" and/or to any holder of an original copy, a copy or an extract of these minutes, for the purpose of carrying out all legal formalities relating to publication, filing and amending entries in the Trade and Companies Register, including by dematerialised means with electronic signature, in accordance with the legal provisions in force.
*****

Translation (ENFR, 2020-03-31):
# BNP PARIBAS MONEY 3M
Société d’Investissement à Capital Variable
1, boulevard Haussmann
75009 Paris
Rapport du Commissaire aux Comptes sur les comptes annuels
Exercice clos le 31 mars 2020
A l’assemblée générale,
Opinion
En exécution de la mission qui nous a été confiée par votre conseil d’administration, nous avons effectué l’audit des comptes annuels de l’organisme de placement collectif BNP PARIBAS MONEY 3M constitué sous forme de société d’investissement à capital variable (SICAV) relatifs à l’exercice clos le 31 mars 2020, tels qu’ils sont joints au présent rapport. Ces comptes ont été établis par la SICAV sur la base des éléments disponibles dans un contexte évolutif de crise liée au Covid-19.
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 de la SICAV, à la fin de cet exercice.
Fondement de l’opinion 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 qui nous sont applicables, sur la période du 30 mars 2019 à la date d’émission de notre rapport, et notamment nous n’avons pas fourni de services interdits par le code de déontologie de la profession de commissaire aux comptes.
Justification des appréciations
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.
Informations données dans le rapport de gestion et dans les autres documents sur la situation financière et les comptes annuels adressés aux actionnaires
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 du conseil d’administration et dans les autres documents sur la situation financière et les comptes annuels adressés aux actionnaires.
Informations relatives au gouvernement d’entreprise
Nous attestons de l’existence, dans la section du rapport de gestion du Conseil d’administration consacrée au gouvernement d’entreprise, des informations requises par l’article L. 225-37-4 du code de commerce.
Responsabilités de la direction et des personnes constituant le gouvernement d’entreprise relatives aux comptes annuels
Il appartient à la direction 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 direction de la société d’évaluer la capacité de la SICAV 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 la SICAV ou de cesser son activité.
Les comptes annuels ont été arrêtés par le conseil d’administration.
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 SICAV.
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 direction, ainsi que les informations les concernant fournies dans les comptes annuels;
- il apprécie le caractère approprié de l’application par la direction de la société 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 de la SICAV 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 cetteincertitude 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.

Paris La Défense, le 17 juin 2020

## Bilan actif
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| 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 instruments financiers Créances Opérations de change à terme de devises Autres Comptes financiers Liquidités | - | - |
| - | - |
| 11,689,221,342.61 | 19,542,095,974.63 |
| - | - |
| - | - |
| - | - |
| 48,476,537.00 | 279,259,259.80 |
| 48,476,537.00 | 279,259,259.80 |
| - | - |
| 11,639,170,940.66 | 18,146,789,105.52 |
| 10,663,374,091.12 | 16,709,192,168.52 |
| 975,796,849.54 | 1,437,596,937.00 |
| - | - |
| 1,573,864.95 | 1,116,047,609.31 |
| 1,573,864.95 | 1,116,047,609.31 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 2,572,438.61 | - |
| - | - |
| 2,572,438.61 | - |
| - | - |
| - | 60,000.00 |
| - | - |
| - | 60,000.00 |
| 511,765,722.71 | 1,747,953,430.05 |
| 511,765,722.71 | 1,747,953,430.05 |
| TOTAL DE L'ACTIF | 12,203,559,503.93 | 21,290,109,404.68 |


## Bilan passif
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| 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 | - | - |
| 12,229,001,261.95 | 21,333,701,848.56 |
| - | - |
| - | - |
| -23,303,587.22 | -36,643,352.02 |
| -15,555,637.80 | -13,041,943.31 |
| 12,190,142,036.93 | 21,284,016,553.23 |
| 245,520.70 | 136,896.10 |
| - | - |
| - | - |
| - | - |
| - | - |
| - | - |
| 245,520.70 | 136,896.10 |
| - | - |
| 245,520.70 | 136,896.10 |
| 13,171,946.30 | 5,955,955.35 |
| - | - |
| 13,171,946.30 | 5,955,955.35 |
| - | - |
| - | - |
| - | - |
| TOTAL DU PASSIF | 12,203,559,503.93 | 21,290,109,404.68 |

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


## Hors-bilan
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| Opérations de couverture Engagements sur marchés réglementés ou assimilés Engagements de gré a gré Swaps de taux achat IRS 45 achat IRS 46 achat IRS 47 achat IRS 54 achat IRS 55 achat IRS 57 achat IRS 58 achat IRS 61 achat IRS 62 achat IRS 63 achat IRS 64 achat IRS 65 achat IRS 66 achat IRS 67 achat IRS 68 achat IRS 69 achat IRS 70 achat IRS 73 achat IRS 75 achat IRS 76 achat IRS 77 achat IRS 78 achat IRS 79 achat IRS 80 achat IRS 81 achat IRS 83 achat IRS 84 achat IRS 85 achat IRS 86 achat IRS 87 achat IRS 88 achat IRS 89 | - - - 475,000,000.00 170,000,000.00 450,000,000.00 460,000,000.00 44,000,000.00 50,000,000.00 25,000,000.00 50,000,000.00 30,000,000.00 120,000,000.00 30,000,000.00 50,000,000.00 75,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 50,000,000.00 100,000,000.00 20,000,000.00 110,000,000.00 50,000,000.00 75,000,000.00 15,000,000.00 75,000,000.00 75,000,000.00 25,000,000.00 50,000,000.00 150,000,000.00 | 159,000,000.00 325,000,000.00 261,000,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |

| achat IRS 90 | 190,000,000.00 | - |
| --- | --- | --- |
| achat IRS 91 | 100,000,000.00 | - |
| achat IRS 92 | 150,000,000.00 | - |
| achat IRS 93 | 100,000,000.00 | - |
| achat IRS 94 | 140,000,000.00 | - |
| achat IRS 95 | 100,000,000.00 | - |
| achat IRS 96 | 165,000,000.00 | - |
| achat IRS 97 | 100,000,000.00 | - |


## Compte de résultat
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| Produits sur opérations financières |  |  |
| Produits sur actions et valeurs assimilées | - | - |
| Produits sur obligations et valeurs assimilées | -64,201.37 | 77,931.07 |
| Produits sur titres de créances | -996,791.92 | 1,663,366.55 |
| Produits sur acquisitions et cessions temporaires de titres | -638.84 | - |
| Produits sur instruments financiers à terme | -4,802,490.09 | - |
| Produits sur dépôts et sur comptes financiers | -570,738.61 | - |
| Autres produits financiers | 1,227.12 | - |
| TOTAL I | -6,433,633.71 | 1,741,297.62 |
| Charges sur opérations financières |  |  |
| Charges sur acquisitions et cessions temporaires de titres | - | -255.56 |
| Charges sur instruments financiers à terme | 4,813,976.54 | -270,720.02 |
| Charges sur dettes financières | -7,346,635.13 | -3,889,538.25 |
| Autres charges financières | - | - |
| TOTAL II | -2,532,658.59 | -4,160,513.83 |
| Résultat sur opérations financières (I + II) | -8,966,292.30 | -2,419,216.21 |
| Autres produits (III) | - | - |
| Frais de gestion et dotations aux amortissements (IV) | -15,556,659.99 | -7,859,438.98 |
| Résultat net de l'exercice (I + II + III + IV) | -24,522,952.29 | -10,278,655.19 |
| Régularisation des revenus de l'exercice (V) | 8,967,314.49 | -2,763,288.12 |
| Acomptes sur résultat versés au titre de l'exercice (VI) | - | - |
| Résultat (I + II + III + IV + V + VI) | -15,555,637.80 | -13,041,943.31 |


### 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.
Les titres de créance et assimilés négociables sont évalués par l’application d’une méthode actuarielle, le taux d’actualisation retenu étant basé sur les taux marchés sans risque (EONIA) auxquels un écart représentatif des caractéristiques intrinsèques de l’émetteur est ajouté. Le niveau de l’écart exprimé en points de base est calculé par les équipes Investment Operation Reference Data Pricing de BNP Paribas Investment Partners en fonction des transactions observées sur le marché primaire compilées par date de maturité, niveaux de rating ainsi que le secteur de l’émetteur. Les rating utilisés sont attribués aux titres de créance négociables par les agences de notation Moodys, Standard & Poors et Fitch.
En cas d'événements de crédit concernant un titre de créance négociable détenu en portefeuille, l'évaluation de ce titre est réalisée de manière individuelle.
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.

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.
Change à terme : réévaluation des devises en engagement au cours du jour le report / déport calculé en fonction de l'échéance du contrat.
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 :
- 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 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 au gestionnaire financier par délégation
- 0.25% TTC maximum pour l’action ILa dotation est calculée sur la base de l’actif net OPC inclus. Ces frais, n’incluant pas les frais de transaction, seront directement imputés au compte de résultat de la SICAV.

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.
Commission de surperformance
20% TTC de surperformance de l’EONIA
La fraction variable de la rémunération de la SICAV est constatée dès lors que la performance annualisée de la SICAV est supérieure à EONIA.
Cette performance est calculée sur la base de l’actif net quotidien.
Tous les jours, la performance annualisée de la SICAV déduction faite des frais de gestion fixes applicables à chaque catégorie d’actions (0,25% maximum pour la catégorie d’actions I) entre J et J-1 est comparée à l’EONIA de la veille.
Si la performance nette (après prélèvement des frais de gestion fixes applicables à chaque catégorie d’actions) est inférieure à EONIA, aucun frais de gestion variable ne sera prélevé.
Si la performance nette (après prélèvement des frais de gestion fixes applicables à chaque catégorie d’actions) est supérieure à EONIA, les frais de gestion variables s’élèvent à 20% TTC de la surperformance annualisée calculée (cf. objectif de gestion pour chaque catégorie d’action). Ce montant de frais de gestion variables sera alors provisionné.
Dans le cas d’une sous-performance de la SICAV par rapport à l’EONIA, la provision pour commission de surperformance sera réajustée par une reprise sur provision plafonnée à hauteur de la dotation existante et à concurrence de 20% de la sous-performance.
Le compte de provision ne peut présenter qu’un solde positif ou nul ; en aucun cas il ne peut être négatif.
L’assiette de calcul du montant de la commission de surperformance est l’actif net quotidien : actif net du FCP après imputation des frais de gestion fixes.
La commission de surperformance est égale au cumul des dotations et des reprises de provisions opérées à chaque valeur liquidative au cours d’un exercice.
Rétrocession de frais de gestion
Néant.
Méthode de comptabilisation des intérêts
Intérêts encaissés.
Affectation des résultats réalisés
- Action I de Classe C : Capitalisation
- Action I de Classe D : DistributionAffectation des plus-values nettes réalisées
- Action I de Classe C : Capitalisation
- Action I de Classe D : CapitalisationChangements affectant la SICAVNéant.


## Evolution de l'actif net
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| Actif net en début d'exercice | 21,284,016,553.23 | 12,146,880,774.00 |
| Souscriptions (y compris les commissions de souscription acquises à l'O.P.C.) | 124,431,722,411.77 | 98,567,420,650.65 |
| Rachats (sous déduction des commissions de rachat acquises à l'O.P.C.) | -133,461,952,754.33 | -89,388,581,436.94 |
| Plus-values réalisées sur dépôts et instruments financiers | 2,028,506.69 | 870,744.38 |
| Moins-values réalisées sur dépôts et instruments financiers | -36,179,097.65 | -28,585,148.37 |
| Plus-values réalisées sur instruments financiers à terme | - | - |
| Moins-values réalisées sur instruments financiers à terme | - | - |
| Frais de transaction | - | - |
| Différences de change | - | - |
| Variation de la différence d'estimation des dépôts et instruments financiers | -7,435,556.46 | -3,974,189.55 |
| Différence d'estimation exercice N | -17,219,106.85 | -9,783,550.39 |
| Différence d'estimation exercice N-1 | 9,783,550.39 | 5,809,360.84 |
| Variation de la différence d'estimation des instruments financiers à terme | 2,463,814.01 | 263,814.25 |
| Différence d'estimation exercice N | 2,326,917.91 | -136,896.10 |
| Différence d'estimation exercice N-1 | 136,896.10 | 400,710.35 |
| 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 | -24,522,952.29 | -10,278,655.19 |
| 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 * | 1,111.96 | - |
| Actif net en fin d'exercice | 12,190,142,036.93 | 21,284,016,553.23 |

* Versement exceptionnel reçu.

## Complément d'information 1
|  | Exercice 31/03/2020 |
| --- | --- |
| Immobilisations |  |
| Valeur des immobilisations | - |
| Amortissement des immobilisations | - |
| 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 | 74,937,167.42 |
| OPC | 1,573,864.95 |
| Acquisitions et cessions temporaires sur titres | - |
| Swaps (en nominal) | 1,455,000.00 |
| 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 31/03/2020 | % de l'actif net moyen |
| --- | --- | --- |
| Emissions et rachats pendant l'exercice comptable | Nombre de titres |
| Catégorie de classe I (Devise: EUR) Nombre de titres C émis Nombre de titres C rachetés Nombre de titres D émis Nombre de titres D rachetés Commissions de souscription et/ou de rachat | 4,989,768.520 |
| 5,358,512.817 |
| 388,828.732 |
| 410,743.200 |
| Montant (EUR) |
| Commissions de souscription acquises à l'OPC | - |
| Commissions de rachat acquises à l'OPC | - |
| Commissions de souscription perçues et rétrocédées | 5,135,134.30 |
| Commissions de rachat perçues et rétrocédées | - |
| Frais de gestion | Montant (EUR) |
| Catégorie de classe I (Devise: EUR) Frais de gestion et de fonctionnement (*) Commissions de surperformance Autres frais Rétrocessions de frais de gestion (toutes parts confondues) | 11,518,703.72 | 0.13 |
| 4,037,956.27 | - |
| - | - |
| - |  |

(*) 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 31/03/2020 |
| --- | --- |
| Ventilation par nature des créances | - |
| 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 | 2,470,000.00 |
| Provision charges d'emprunts | - |
| Valorisation des ventes de devises à terme | - |
| Contrevaleur des achats à terme | - |
| Frais et charges non encore payés | 10,701,946.30 |
| Autres créditeurs divers | - |
| Provision pour risque des liquidités de marché | - |
| TOTAL DES DETTES | 13,171,946.30 |


## Ventilation par nature juridique ou économique d'instrument
|  | Exercice 31/03/2020 |
| --- | --- |
| 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 Passif Opérations de cession sur instruments financiers Actions Obligations Autres Hors-bilan Opérations de couverture Taux Actions Autres Autres opérations Taux Actions Autres | 48,476,537.00 - - - 48,476,537.00 11,639,170,940.66 11,639,170,940.66 - 10,663,374,091.12 975,796,849.54 - - - - - 4,269,000,000.00 - - - - - |


## 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 | - | - | 48,476,537.00 | - |
| Titres de créances | 6,158,022,610.13 | 4,308,389,139.41 | 1,172,759,191.12 | - |
| Opérations temporaires sur titres | - | - | - | - |
| Comptes financiers | - | - | - | 511,765,722.71 |
| Passif |  |  |  |  |
| Opérations temporaires sur titres | - | - | - | - |
| Comptes financiers | - | - | - | - |
| Hors-bilan |  |  |  |  |
| Opérations de couverture | - | 4,269,000,000.00 | - | - |
| 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 | 37,187,724.00 | 11,288,813.00 | - | - | - |
| Titres de créances | 2,436,961,061.09 | 8,731,714,319.04 | 470,495,560.53 | - | - |
| Opérations temporaires sur titres | - | - | - | - | - |
| Comptes financiers | 511,765,722.71 | - | - | - | - |
| Passif |  |  |  |  |  |
| Opérations temporaires sur titres Comptes financiers | - - | - - | - - | - - | - - |
| Hors-bilan |  |  |  |  |  |
| Opérations de couverture Autres opérations | 1,220,000,000.00 - | 3,049,000,000.00 - | - - | - - | - - |


## 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 instruments financiers | - |
| Créances | - |
| Comptes financiers | - |
| Passif | Néant |
| Opérations de cession sur instruments financiers | - |
| Dettes | - |
| Opérations temporaires sur titres | - |
| Comptes financiers | - |
| Hors-bilan | Néant |
| Opérations de couverture | - |
| Autres opérations | - |

Au 31 mars 2020, le portefeuille ne détient que des instruments financiers libellés en devise de référence de la comptabilité

## Affectation des résultats
Catégorie de classe I (Devise: EUR)
Tableau d'affectation des sommes distribuables afférentes au résultat
|  | Exercice 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | - | - |
| Résultat | -15,555,637.80 | -13,041,943.31 |
| Total | -15,555,637.80 | -13,041,943.31 |
| Affectation |  |  |
| Distribution | - | - |
| Report à nouveau de l'exercice | - | - |
| Capitalisation | -15,555,637.80 | -13,041,943.31 |
| Total | -15,555,637.80 | -13,041,943.31 |
| 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 31/03/2020 | Exercice 29/03/2019 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | - | - |
| Plus et moins-values nettes de l'exercice | -23,303,587.22 | -36,643,352.02 |
| Acomptes versés sur plus et moins-values nettes de l´exercice | - | - |
| Total | -23,303,587.22 | -36,643,352.02 |
| Affectation |  |  |
| Distribution | - | - |
| Plus et moins-values nettes non distribuées | - | - |
| Capitalisation | -23,303,587.22 | -36,643,352.02 |
| Total | -23,303,587.22 | -36,643,352.02 |
| Information relative aux titres ouvrant droit à distribution |  |  |
| Nombre de titres | - | - |
| Distribution unitaire | - | - |

190620
2020-04-24 13:04:16
--------------------------------------------
pouvez-vous vérifier le sens? Dans le RAN 2019, ce montant était positif

## Tableau des résultats et autres éléments caractéristiques au cours des cinq derniers exercices
Catégorie de classe I (Devise: EUR)
| 31/03/2016 | 31/03/2017 | 29/03/2018 | 29/03/2019 | 31/03/2020 |
| --- | --- | --- | --- | --- |
| Valeur liquidative (en EUR) |  |  |  |  |  |
| Actions C | 23,290.9707 | 23,300.2360 | 23,242.5747 | 23,181.3802 | 23,100.9316 |
| Actions D | 23,102.1271 | 23,089.8660 | 23,032.7253 | 22,972.0754 | 22,892.3534 |
| Actif net (en k EUR) | 8,596,201.72 | 15,038,523.85 | 12,146,880.77 | 21,284,016.55 | 12,190,142.04 |
| Nombre de titres |  |  |  |  |  |
| Actions C | 333,572.354 | 601,939.107 | 484,602.632 | 882,734.967 | 513,990.670 |
| Actions D | 35,796.608 | 43,880.746 | 38,357.071 | 35,739.115 | 13,824.647 |

| Date de mise en paiement | 31/03/2016 | 31/03/2017 | 29/03/2018 | 29/03/2019 | 31/03/2020 |
| --- | --- | --- | --- | --- | --- |
| Distribution unitaire sur plus et moins-values nettes | - | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Distribution unitaire sur résultat | 21.45 | - | - | - | - |
| (y compris les acomptes) (en EUR) |  |  |  |  |  |
| Crédit d'impôt unitaire (*) | - | - | - | - | - |
| personnes physiques (en EUR) |  |  |  |  |  |
| Capitalisation unitaire sur plus et |  |  |  |  |  |
| moins-values nettes |  |  |  |  |  |
| Actions C | 25.97 | 18.17 | -38.48 | -39.90 | -44.16 |
| Actions D | 25.76 |  -18.01  | -38.13 | -39.55 | -43.76 |
| Capitalisation unitaire sur résultat |  |  |  |  |  |
| Actions C | 21.62 | -18.01 | -0.84 | -14.20 | -29.47 |
| Actions D | - | -17.84 | -0.83 | -14.11 | -29.21 |

(*) "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 2020
Eléments d'actifs et libellé des valeurs
Obligations et valeurs assimilées
Négociées sur un marché réglementé ou assimilé
SAFRAN SA 18-13/07/2020 FRN
UNITED TECH CORP 18-18/05/2020 FRN
Titres de créances
Négociés sur un marché réglementé ou assimilé Titres de Créances Négociables
Quantité
11,300,000.00
37,200,000.00
Cours
99.90
99.97
Devise Cotation
EUR EUR
| ACCOR SA 0% 05/06/2020 NEUCP | 10,000,000.00 | 100.05 |
| --- | --- | --- |
| AGRICULTURAL BANK OF C 0% 02/09/2020 | 30,000,000.00 | 100.10 |
| AGRICULTURAL BANK OF C 0% 07/08/2020 | 30,000,000.00 | 100.09 |
| AGRICULTURAL BANK OF C 0% 12/08/2020 | 30,000,000.00 | 100.09 |
| AGRICULTURAL BANK OF CH 0% 02/04/2020 | 50,000,000.00 | 100.00 |
| AGRICULTURAL BANK OF CH 0% 30/04/2020 | 30,000,000.00 | 100.03 |
| AIN (SOCIETE D ECONO 0% 09/04/2020 NEUCP | 13,000,000.00 | 100.01 |
| AIN (SOCIETE D ECONO 0% 17/04/2020 NEUCP | 10,000,000.00 | 100.01 |
| AIN (SOCIETE D ECONO 0% 23/04/2020 NEUCP | 4,500,000.00 | 100.02 |
| ANHEUSER BUSCH INBEV N 0% 02/07/2020 | 9,000,000.00 | 100.09 |
| ANHEUSER BUSCH INBEV N 0% 02/09/2020 | 32,000,000.00 | 100.13 |
| ANHEUSER BUSCH INBEV N 0% 02/12/2020 | 7,000,000.00 | 100.19 |
| ANHEUSER BUSCH INBEV N 0% 06/01/2021 | 4,000,000.00 | 100.21 |
| ANHEUSER BUSCH INBEV N 0% 08/01/2021 | 7,000,000.00 | 100.21 |
| ANHEUSER BUSCH INBEV N 0% 08/09/2020 | 10,000,000.00 | 100.13 |
| ANHEUSER BUSCH INBEV N 0% 09/04/2020 | 10,000,000.00 | 100.01 |
| ANHEUSER BUSCH INBEV N 0% 11/05/2020 | 5,000,000.00 | 100.04 |
| ANHEUSER BUSCH INBEV N 0% 20/11/2020 | 10,000,000.00 | 100.18 |
| ANHEUSER BUSCH INBEV N 0% 26/06/2020 | 12,000,000.00 | 100.08 |
| ANHEUSER BUSCH INBEV N 0% 26/11/2020 | 17,200,000.00 | 100.18 |
| ANHEUSER BUSCH INBEV N 0% 28/08/2020 | 4,700,000.00 | 100.13 |
| ANHEUSER BUSCH INBEV NV 0% 08/03/2021 | 10,000,000.00 | 100.24 |
| ANHEUSER BUSCH INBEV NV 0% 26/02/2021 | 60,000,000.00 | 100.24 |
| ARCELORMITTAL 0% 06/07/2020 NEUCP | 10,000,000.00 | 100.07 |
| ARCELORMITTAL 0% 10/08/2020 NEUCP | 10,000,000.00 | 100.09 |
| ARCELORMITTAL 0% 23/10/2020 NEUCP | 15,000,000.00 | 100.12 |
| ARCELORMITTAL 0% 27/04/2020 NEUCP | 21,000,000.00 | 100.02 |
| ARCELORMITTAL 0% 29/05/2020 NEUCP | 10,000,000.00 | 100.04 |

EUR EUR EUR EUR EUR EUR EUR
Valeur actuelle
48,476,537.00
48,476,537.00
11,288,813.00
37,187,724.00
11,639,170,940.66
11,639,170,940.66
10,663,374,091.12
10,004,645.60
30,028,661.10
30,027,053.70
30,027,445.20
50,000,507.00
30,008,142.30
13,000,791.83
% arrondi de l'actif net
0.40
0.40
0.09
0.31
95.48
95.48
87.48
0.08
0.25
0.25
0.25
0.41
0.25
0.11
EUR
EUR
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
10,001,221.50
4,500,740.57
9,007,662.60
32,042,312.95
7,012,975.48
4,008,260.76
7,014,544.04
10,013,492.90
10,000,777.40
5,001,822.95
10,017,782.30
12,009,610.92
17,231,240.70
4,706,103.47
10,024,437.30
60,143,034.00
10,006,810.40
10,008,821.90
15,017,469.30
21,003,915.87
10,004,132.90
0.08
0.04
0.07
0.26
0.06
0.03
0.06
0.08
0.08
0.04
0.08
0.10
0.14
0.04
0.08
0.49
0.08
0.08
0.12
0.17
0.08
| ARCELORMITTAL 0% 30/11/2020 NEUCP | 10,000,000.00 | 100.13 | EUR | 10,013,291.00 | 0.08 |
| --- | --- | --- | --- | --- | --- |
| ARCELORMITTAL 0% 30/11/2020 NEUCP | 10,000,000.00 | 100.13 | EUR | 10,013,291.00 | 0.08 |
| ATOS SE 0% 22/04/2020 NEUCP | 10,000,000.00 | 100.02 | EUR | 10,001,587.10 | 0.08 |
| ATOS SE 0% 30/04/2020 NEUCP | 13,000,000.00 | 100.02 | EUR | 13,002,615.86 | 0.11 |
| AVIVA PLC 0% 13/08/2020 | 15,000,000.00 | 100.14 | EUR | 15,020,737.80 | 0.12 |
| AXA BANQUE EONIACAP+0.2 02/12/2020 NEUCP | 30,000,000.00 | 100.01 | EUR | 29,979,687.46 | 0.25 |
| AXA BANQUE SA EONIACAP+0.175 24/02/2021 | 50,000,000.00 | 99.94 | EUR | 49,956,442.63 | 0.41 |
| BANCO SANTANDER SA 0% 01/07/2020 | 25,000,000.00 | 100.10 | EUR | 25,024,541.00 | 0.21 |
| BANCO SANTANDER SA 0% 03/08/2020 | 84,000,000.00 | 100.13 | EUR | 84,108,015.60 | 0.69 |
| BANCO SANTANDER SA 0% 06/08/2020 | 50,000,000.00 | 100.13 | EUR | 50,065,749.50 | 0.41 |
| BANCO SANTANDER SA 0% 30/04/2020 | 10,000,000.00 | 100.04 | EUR | 10,003,614.50 | 0.08 |
| BANK OF CHINA LIMITED 0% 02/10/2020 | 75,000,000.00 | 100.10 | EUR | 75,074,936.25 | 0.62 |
| BANK OF CHINA LTD/LOND 0% 09/04/2020 | 30,000,000.00 | 100.01 | EUR | 30,002,436.90 | 0.25 |
| BANK OF CHINA 0% 28/10/2020 | 25,000,000.00 | 100.11 | EUR | 25,026,985.50 | 0.21 |
| BANQUE FE EONIACAP+0.19 01/10/2020 NEUCP | 150,000,000.00 | 100.01 | EUR | 149,813,274.10 | 1.23 |
| BANQUE FE EONIACAP+0.21 05/01/2021 NEUCP | 150,000,000.00 | 99.99 | EUR | 149,894,914.45 | 1.23 |
| BANQUE FEDE EONIACAP+0.205 18/12/2020 CP | 85,000,000.00 | 99.99 | EUR | 84,934,428.03 | 0.70 |
| BARCLAYS BANK PLC EONIACAP+0.27 04/03/20 | 125,000,000.00 | 99.98 | EUR | 124,964,550.50 | 1.03 |
| BARCLAYS EONIACAP+0.19 30/09/2020 NEUCP | 100,000,000.00 | 100.01 | EUR | 99,951,948.77 | 0.82 |
| BARCLAYS EONIACAP+0.28 22/10/2020 NEUCP | 100,000,000.00 | 100.05 | EUR | 99,978,092.67 | 0.82 |
| BARCLAYS EONIACAP+0.28 30/09/2020 NEUCP | 95,000,000.00 | 100.05 | EUR | 94,969,381.02 | 0.78 |
| BARCLAYS EONIACAP+0.29 01/09/2020 NEUCP | 50,000,000.00 | 100.06 | EUR | 49,985,058.61 | 0.41 |
| BARRY CALLEBAUT SERVICES NV 0% 14/04/202 | 15,000,000.00 | 100.01 | EUR | 15,001,488.60 | 0.12 |
| BELFIUS BANK SA/NV 0% 07/08/2020 | 100,000,000.00 | 100.12 | EUR | 100,119,457.00 | 0.82 |
| BELFIUS BANK SA/NV 0% 27/08/2020 | 100,000,000.00 | 100.13 | EUR | 100,134,078.00 | 0.82 |
| BELFIUS BANK SA/NV 0% 28/08/2020 | 43,000,000.00 | 100.13 | EUR | 43,057,888.32 | 0.35 |
| BNP PARIB EONIACAP+0.18 05/01/2021 NEUCP | 75,000,000.00 | 99.96 | EUR | 74,937,167.42 | 0.61 |
| BP CAPITAL MARKETS PLC 0% 23/10/2020 | 25,000,000.00 | 100.16 | EUR | 25,039,911.75 | 0.21 |
| BPCE SA EONIACAP+0.17 04/01/2021 NEUCP | 125,000,000.00 | 99.96 | EUR | 124,890,492.73 | 1.02 |
| BPCE SA EONIACAP+0.18 01/10/2020 CP | 40,000,000.00 | 100.00 | EUR | 39,953,413.43 | 0.33 |
| BPIFRANCE FINANCEMEN 0% 31/12/2020 NEUCP | 99,250,000.00 | 100.24 | EUR | 99,489,797.93 | 0.82 |
| CA CONS EONIACAP+0.205 16/04/2020 NEUMTN | 50,000,000.00 | 99.79 | EUR | 49,793,436.50 | 0.41 |

| CA CONSU EONIACAP+0.27 06/07/2020 NEUMTN | 50,000,000.00 | 100.00 | EUR | 49,940,337.50 | 0.41 |
| --- | --- | --- | --- | --- | --- |
| CA CONSU EONIACAP+0.33 13/09/2021 NEUMTN | 50,000,000.00 | 100.00 | EUR | 49,965,938.60 | 0.41 |
| CAISSE RE EONIACAP+0.18 27/04/2020 NEUCP | 15,000,000.00 | 100.01 | EUR | 14,968,583.23 | 0.12 |
| CARNIVAL PLC 0% 03/04/2020 | 10,500,000.00 | 100.00 | EUR | 10,500,203.91 | 0.09 |
| CARNIVAL PLC 0% 09/04/2020 | 24,500,000.00 | 100.01 | EUR | 24,501,904.63 | 0.20 |
| CARNIVAL PLC 0% 14/04/2020 | 5,000,000.00 | 100.01 | EUR | 5,000,632.95 | 0.04 |
| CARREFOUR BANQUE SA 0% 04/05/2020 NEUCP | 4,000,000.00 | 100.03 | EUR | 4,001,197.04 | 0.03 |
| CHINA CONSTRUCTION BAN 0% 02/06/2020 | 25,000,000.00 | 100.05 | EUR | 25,012,790.00 | 0.21 |
| COMMERZBANK AG 0% 02/02/2021 | 150,000,000.00 | 100.20 | EUR | 150,307,486.50 | 1.24 |
| COMMERZBANK AG 0% 04/03/2021 | 100,000,000.00 | 100.20 | EUR | 100,200,218.00 | 0.82 |
| COMMERZBANK AG 0% 15/02/2021 | 100,000,000.00 | 100.20 | EUR | 100,203,505.00 | 0.82 |
| CONTINENTAL AG 0% 21/08/2020 | 15,000,000.00 | 100.12 | EUR | 15,018,694.95 | 0.12 |
| CONTINENTAL AG 0% 29/10/2020 | 17,000,000.00 | 100.16 | EUR | 17,027,802.14 | 0.14 |
| CONTINENTAL AG 0% 29/10/2020 | 11,000,000.00 | 100.16 | EUR | 11,017,989.62 | 0.09 |
| CONTINENTAL AG 0% 30/11/2020 | 25,000,000.00 | 100.18 | EUR | 25,046,037.50 | 0.21 |
| CONTINENTAL AG 0% 31/08/2020 | 13,000,000.00 | 100.13 | EUR | 13,017,067.31 | 0.11 |
| COVIVIO 0% 01/04/2020 NEUCP | 16,500,000.00 | 100.00 | EUR | 16,500,000.00 | 0.14 |
| COVIVIO 0% 08/04/2020 NEUCP | 22,000,000.00 | 100.01 | EUR | 22,001,495.78 | 0.18 |
| COVIVIO 0% 09/04/2020 NEUCP | 11,000,000.00 | 100.01 | EUR | 11,000,855.14 | 0.09 |
| CREDIT A EONIACAP+0.185 28/12/2020 NEUCP | 65,000,000.00 | 99.97 | EUR | 64,939,275.97 | 0.53 |
| CREDIT A EONIACAP+0.205 03/02/2021 NEUCP | 125,000,000.00 | 99.96 | EUR | 124,897,159.17 | 1.02 |
| CREDIT AGR EONIACAP+0.2 22/01/2021 NEUCP | 100,000,000.00 | 99.96 | EUR | 99,919,696.22 | 0.82 |
| CREDIT IN EONIACAP+0.19 01/10/2020 NEUCP | 200,000,000.00 | 100.01 | EUR | 199,751,032.14 | 1.65 |
| CREDIT IN EONIACAP+0.19 02/11/2020 NEUCP | 100,000,000.00 | 100.00 | EUR | 99,910,269.87 | 0.82 |
| CREDIT IND EONIACAP+0.2 04/12/2020 NEUCP | 150,000,000.00 | 100.00 | EUR | 149,897,858.63 | 1.23 |
| CREDIT LYONN EONIACAP+0.19 23/10/2020 CP | 50,000,000.00 | 100.00 | EUR | 49,943,784.62 | 0.41 |
| DAIMLER INTERNATIONAL 0% 11/06/2020 | 25,000,000.00 | 100.07 | EUR | 25,017,648.25 | 0.21 |
| DANONE SA 0% 07/05/2020 NEUCP | 19,800,000.00 | 100.03 | EUR | 19,806,478.16 | 0.16 |
| DANONE SA 0% 14/04/2020 NEUCP | 35,000,000.00 | 100.01 | EUR | 35,004,430.65 | 0.29 |
| DH EUROPE FINANCE II S 0% 15/04/2020 | 15,500,000.00 | 100.01 | EUR | 15,502,258.97 | 0.13 |
| DH EUROPE FINANCE II S 0% 30/04/2020 | 40,000,000.00 | 100.03 | EUR | 40,011,269.20 | 0.33 |
| EDENRED 0% 25/05/2020 NEUCP | 20,000,000.00 | 100.05 | EUR | 20,009,943.80 | 0.16 |
| EIFFAGE SA 0% 12/06/2020 NEUCP | 5,000,000.00 | 100.07 | EUR | 5,003,337.60 | 0.04 |
| EIFFAGE SA 0% 14/10/2020 NEUCP | 9,500,000.00 | 100.15 | EUR | 9,514,603.59 | 0.08 |

| EIFFAGE SA 0% 20/04/2020 NEUCP | 10,000,000.00 | 100.02 | EUR | 10,001,850.20 | 0.08 |
| --- | --- | --- | --- | --- | --- |
| EIFFAGE SA 0% 29/07/2020 NEUCP | 7,000,000.00 | 100.11 | EUR | 7,007,420.42 | 0.06 |
| ENDESA SA 0% 16/04/2020 | 29,000,000.00 | 100.01 | EUR | 29,004,235.74 | 0.24 |
| ENGIE SA EONIACAP+0.1 05/08/2020 CP | 20,000,000.00 | 99.97 | EUR | 19,983,168.00 | 0.16 |
| ENGIE SA EONIACAP+0.1 06/08/2020 NEUCP | 80,000,000.00 | 99.97 | EUR | 79,933,175.33 | 0.66 |
| ENGIE SA EONIACAP+0.102 29/07/2020 NEUCP | 50,000,000.00 | 99.97 | EUR | 49,956,176.61 | 0.41 |
| FRANFINANCE SA 0% 03/07/2020 NEUCP | 8,000,000.00 | 100.10 | EUR | 8,008,003.60 | 0.07 |
| FRESENIUS FINANCE IREL 0% 25/06/2020 | 20,000,000.00 | 100.06 | EUR | 20,012,247.40 | 0.16 |
| FRESENIUS FINANCE IREL 0% 28/09/2020 | 15,000,000.00 | 100.11 | EUR | 15,015,757.95 | 0.12 |
| FRESENIUS MEDICAL CARE AG + CO KGAA 0% 1 | 10,000,000.00 | 100.05 | EUR | 10,005,160.30 | 0.08 |
| FRESENIUS MEDICAL CARE 0% 03/12/2020 | 63,000,000.00 | 100.13 | EUR | 63,084,478.59 | 0.52 |
| FRESENIUS MEDICAL CARE 0% 11/09/2020 | 18,000,000.00 | 100.10 | EUR | 18,018,337.50 | 0.15 |
| GECINA SA 0% 01/06/2020 NEUCP | 25,000,000.00 | 100.06 | EUR | 25,014,088.25 | 0.21 |
| GECINA SA 0% 09/09/2020 NEUCP | 30,000,000.00 | 100.14 | EUR | 30,040,608.30 | 0.25 |
| GECINA SA 0% 20/07/2020 NEUCP | 20,000,000.00 | 100.10 | EUR | 20,019,824.20 | 0.16 |
| GOLDMAN SACHS INTERNATI 0% 23/07/2020 | 25,000,000.00 | 100.12 | EUR | 25,029,549.00 | 0.21 |
| HSBC FRAN EONIACAP+0.15 02/10/2020 NEUCP | 99,000,000.00 | 100.00 | EUR | 98,846,563.36 | 0.81 |
| HSBC FRAN EONIACAP+0.17 06/11/2020 NEUCP | 75,000,000.00 | 100.00 | EUR | 74,914,378.95 | 0.61 |
| HSBC FRAN EONIACAP+0.18 19/11/2020 NEUCP | 50,000,000.00 | 100.00 | EUR | 49,951,237.57 | 0.41 |
| HSBC FRAN EONIACAP+0.18 27/11/2020 NEUCP | 60,000,000.00 | 100.00 | EUR | 59,945,079.41 | 0.49 |
| IBERDROLA INTERNATIONA 0% 03/04/2020 | 20,000,000.00 | 100.00 | EUR | 20,000,388.40 | 0.16 |
| IBERDROLA INTERNATIONA 0% 06/05/2020 | 30,500,000.00 | 100.03 | EUR | 30,509,694.73 | 0.25 |
| IBERDROLA INTERNATIONA 0% 24/07/2020 | 10,000,000.00 | 100.10 | EUR | 10,010,210.90 | 0.08 |
| IBERDROLA INTERNATIONAL BV 0% 14/09/2020 | 75,000,000.00 | 100.14 | EUR | 75,103,083.75 | 0.62 |
| ICADE 0% 09/10/2020 NEUCP | 23,000,000.00 | 100.15 | EUR | 23,034,589.24 | 0.19 |
| IMERYS SA 0% 18/05/2020 NEUCP | 5,000,000.00 | 100.04 | EUR | 5,002,152.85 | 0.04 |
| INDUSTRIAL & COMMERCIAL 0% 14/07/2020 | 50,000,000.00 | 100.08 | EUR | 50,038,431.50 | 0.41 |
| INDUSTRIAL + COMMERCIAL 0% 16/12/2020 | 40,000,000.00 | 100.12 | EUR | 40,047,834.00 | 0.33 |
| INDUSTRIAL + COMMERCIAL 0% 21/05/2020 | 30,000,000.00 | 100.04 | EUR | 30,012,991.50 | 0.25 |
| INDUSTRIAL + COMMERCIAL 0% 30/04/2020 | 50,000,000.00 | 100.03 | EUR | 50,013,570.50 | 0.41 |
| INDUSTRIAL AND COMMERCI 0% 08/09/2020 | 100,000,000.00 | 100.10 | EUR | 100,096,505.00 | 0.82 |
| INDUSTRIAL AND COMMERCI 0% 09/04/2020 | 28,000,000.00 | 100.01 | EUR | 28,002,274.44 | 0.23 |
| INDUSTRIAL AND COMMERCI 0% 10/09/2020 | 75,000,000.00 | 100.10 | EUR | 75,072,585.75 | 0.62 |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA | 40,000,000.00 | 100.12 | EUR | 40,049,735.60 | 0.33 |
| ING BANK EONIACAP+0.18 04/01/2021 NEUCP | 75,000,000.00 | 99.96 | EUR | 74,924,826.03 | 0.61 |

| ING BANK EONIACAP+0.18 05/01/2021 NEUCP | 150,000,000.00 | 99.96 | EUR | 149,882,300.17 | 1.23 |
| --- | --- | --- | --- | --- | --- |
| ING BANK NV EONIACAP+0.17 04/01/2021 CP | 50,000,000.00 | 99.96 | EUR | 49,944,828.57 | 0.41 |
| ING BANK NV EONIACAP+0.18 04/03/2021 NEU | 100,000,000.00 | 99.90 | EUR | 99,880,640.25 | 0.82 |
| ING BANK NV EONIACAP+0.23 09/03/2021 NEU | 150,000,000.00 | 99.94 | EUR | 149,893,051.48 | 1.23 |
| INTESA SANPAOLO BANK I 0% 03/09/2020 | 110,000,000.00 | 100.07 | EUR | 110,079,821.50 | 0.90 |
| INTESA SANPAOLO BANK I 0% 08/10/2020 | 40,000,000.00 | 100.07 | EUR | 40,027,758.40 | 0.33 |
| INTESA SANPAOLO BANK I 0% 13/07/2020 | 75,000,000.00 | 100.07 | EUR | 75,051,771.00 | 0.62 |
| INTESA SANPAOLO BANK L 0% 03/07/2020 | 100,000,000.00 | 100.07 | EUR | 100,066,949.00 | 0.82 |
| INTESA SANPAOLO BANK L 0% 29/10/2020 | 150,000,000.00 | 100.07 | EUR | 150,100,639.50 | 1.23 |
| INTESA SANPAOLO BANK LUXEMBOURG S.A. 0% | 165,000,000.00 | 100.05 | EUR | 165,076,687.05 | 1.36 |
| JYSKE BAN EONIACAP+0.16 12/02/2021 NEUCP | 35,000,000.00 | 99.91 | EUR | 34,954,166.69 | 0.29 |
| JYSKE BAN EONIACAP+0.19 10/08/2020 NEUCP | 75,000,000.00 | 100.02 | EUR | 74,894,527.09 | 0.61 |
| JYSKE BANK EONIACAP+0.175 06/11/2020 CP | 19,000,000.00 | 99.99 | EUR | 18,976,942.45 | 0.16 |
| KLEPIERRE 0% 27/07/2020 NEUCP | 22,000,000.00 | 100.10 | EUR | 22,022,950.84 | 0.18 |
| LA BANQUE EONIACAP+0.15 22/10/2020 NEUCP | 30,000,000.00 | 99.98 | EUR | 29,954,254.37 | 0.25 |
| LA BANQUE EONIACAP+0.17 07/01/2021 NEUCP | 125,000,000.00 | 99.95 | EUR | 124,861,450.32 | 1.02 |
| LAGARDERE SCA 0% 06/05/2020 NEUCP | 9,500,000.00 | 100.02 | EUR | 9,502,320.38 | 0.08 |
| LANDESBANK HESSEN THUE 0% 01/10/2020 | 75,000,000.00 | 100.17 | EUR | 75,129,061.50 | 0.62 |
| LLOYDS BANK EONIACAP+0.22 29/09/2020 CP | 75,000,000.00 | 100.02 | EUR | 74,929,139.98 | 0.61 |
| LOCATION DEQUIPEMENT 0% 07/01/2021 NEUCP | 8,000,000.00 | 100.23 | EUR | 8,018,089.36 | 0.07 |
| MIZUHO BANK LTD (LONDON 0% 14/07/2020 | 75,000,000.00 | 100.11 | EUR | 75,082,632.00 | 0.62 |
| MUFG BANK LTD 0% 07/09/2020 | 50,000,000.00 | 100.16 | EUR | 50,079,175.50 | 0.41 |
| NATIONAL WESTMINSTER B 0% 27/07/2020 | 50,000,000.00 | 100.12 | EUR | 50,060,841.50 | 0.41 |
| NATIONAL WESTMINSTER B 0% 28/07/2020 | 25,000,000.00 | 100.12 | EUR | 25,030,670.25 | 0.21 |
| NATIXIS S EONIACAP+0.18 01/02/2021 NEUCP | 125,000,000.00 | 99.94 | EUR | 124,867,320.65 | 1.02 |
| NORD(CRE EONIACAP+0.26 28/09/2020 NEUMTN | 75,000,000.00 | 100.00 | EUR | 74,924,778.89 | 0.61 |
| NORD(CRED EURIBOR+0.16 15/06/2020 NEUMTN | 100,000,000.00 | 100.00 | EUR | 99,985,377.78 | 0.82 |
| NORD(CRED EURIBOR+0.17 07/09/2020 NEUMTN | 90,000,000.00 | 100.00 | EUR | 89,982,807.50 | 0.74 |
| NORD(CRED EURIBOR+0.17 12/06/2020 NEUMTN | 30,000,000.00 | 99.80 | EUR | 29,934,067.70 | 0.25 |
| NORD(CRED EURIBOR+0.32 11/06/2021 NEUMTN | 40,000,000.00 | 100.08 | EUR | 40,028,546.67 | 0.33 |
| OCEAN(CAI EONIACAP+0.21 04/12/2020 NEUCP | 20,000,000.00 | 100.00 | EUR | 19,985,794.07 | 0.16 |

| OCEAN(CAIS EONIACAP+0.2 23/11/2020 NEUCP | 20,000,000.00 | 100.00 | EUR | 19,982,352.38 | 0.16 |
| --- | --- | --- | --- | --- | --- |
| PSA BANQUE FRANCE 0% 03/09/2020 NEUCP | 20,000,000.00 | 100.14 | EUR | 20,027,569.40 | 0.16 |
| QATAR NATIONAL BANK SAQ 0% 01/10/2020 | 50,000,000.00 | 100.10 | EUR | 50,049,788.00 | 0.41 |
| QATAR NATIONAL BANK SAQ 0% 01/10/2020 | 50,000,000.00 | 100.10 | EUR | 50,049,788.00 | 0.41 |
| QATAR NATIONAL BANK SAQ 0% 08/06/2020 | 5,000,000.00 | 100.05 | EUR | 5,002,733.30 | 0.04 |
| QATAR NATIONAL BANK SAQ 0% 20/11/2020 | 100,000,000.00 | 100.11 | EUR | 100,114,163.00 | 0.82 |
| QATAR NATIONAL BANK SAQ 0% 22/07/2020 | 70,000,000.00 | 100.08 | EUR | 70,058,013.20 | 0.57 |
| QATAR NATIONAL BANK SAQ 0% 25/06/2020 | 50,000,000.00 | 100.06 | EUR | 50,031,606.00 | 0.41 |
| RENAULT CREDIT INTER 0% 06/05/2020 NEUCP | 75,000,000.00 | 100.03 | EUR | 75,023,839.50 | 0.62 |
| RENAULT CREDIT INTER 0% 09/04/2020 NEUCP | 37,000,000.00 | 100.01 | EUR | 37,002,876.38 | 0.30 |
| RENAULT SA (REGIE NA 0% 04/05/2020 NEUCP | 13,000,000.00 | 100.02 | EUR | 13,002,988.05 | 0.11 |
| RENAULT SA (REGIE NA 0% 10/06/2020 NEUCP | 15,000,000.00 | 100.05 | EUR | 15,007,519.50 | 0.12 |
| RENAULT SA (REGIE NA 0% 29/05/2020 NEUCP | 7,000,000.00 | 100.04 | EUR | 7,002,893.03 | 0.06 |
| RENAULT SA (REGIE NA 0% 30/04/2020 NEUCP | 25,000,000.00 | 100.02 | EUR | 25,005,030.50 | 0.21 |
| REPSOL INTERNATIONAL F 0% 05/08/2020 | 100,000,000.00 | 100.11 | EUR | 100,111,769.00 | 0.82 |
| REPSOL INTERNATIONAL F 0% 09/07/2020 | 10,000,000.00 | 100.09 | EUR | 10,009,068.10 | 0.08 |
| SAFRAN SA 0% 13/05/2020 NEUCP | 20,000,000.00 | 100.03 | EUR | 20,005,901.20 | 0.16 |
| SAFRAN SA 0% 14/05/2020 NEUCP | 57,000,000.00 | 100.03 | EUR | 57,017,235.09 | 0.47 |
| SAFRAN SA 0% 30/04/2020 NEUCP | 25,000,000.00 | 100.02 | EUR | 25,005,030.50 | 0.21 |
| SANTANDER CONSUMER BAN 0% 14/04/2020 | 75,000,000.00 | 100.02 | EUR | 75,012,002.25 | 0.62 |
| SANTANDER CONSUMER FIN 0% 07/08/2020 | 50,000,000.00 | 100.12 | EUR | 50,059,728.50 | 0.41 |
| SANTANDER CONSUMER FIN 0% 16/07/2020 | 9,000,000.00 | 100.10 | EUR | 9,009,144.81 | 0.07 |
| SANTANDER CONSUMER FIN 0% 21/07/2020 | 44,000,000.00 | 100.11 | EUR | 44,046,573.12 | 0.36 |
| SAP SE 0% 13/05/2020 | 30,000,000.00 | 100.05 | EUR | 30,014,098.80 | 0.25 |
| SCANIA CV AB 0% 14/04/2020 | 8,000,000.00 | 100.01 | EUR | 8,001,012.72 | 0.07 |
| SCANIA CV AB 0% 15/04/2020 | 5,000,000.00 | 100.01 | EUR | 5,000,681.60 | 0.04 |
| SCANIA CV AB 0% 29/05/2020 | 20,000,000.00 | 100.05 | EUR | 20,010,704.40 | 0.16 |
| SEB SA 0% 14/09/2020 NEUCP | 24,000,000.00 | 100.14 | EUR | 24,032,986.80 | 0.20 |
| SKANDINAVISKA ENSKILDA 0% 02/09/2020 | 50,000,000.00 | 100.16 | EUR | 50,077,672.00 | 0.41 |
| SOCIETE EONIACAP+0.25 20/05/2021 NEUMTN | 200,000,000.00 | 99.64 | EUR | 199,242,002.76 | 1.64 |
| SOCIETE G EONIACAP+0.19 03/02/2021 NEUCP | 125,000,000.00 | 99.94 | EUR | 124,878,201.25 | 1.02 |
| SOCIETE GE EONIACAP+0.2 02/02/2021 NEUCP | 75,000,000.00 | 99.95 | EUR | 74,939,479.50 | 0.61 |
| SOCIETE GE EONIACAP+0.2 04/01/2021 NEUCP | 100,000,000.00 | 99.98 | EUR | 99,922,801.06 | 0.82 |
| SVENSKA HANDELSBANKE 0% 14/01/2021 NEUCP | 125,000,000.00 | 100.25 | EUR | 125,317,717.50 | 1.03 |

| TELEFONICA EUROPE BV 0% 03/06/2020 | 18,000,000.00 | 100.06 | EUR | 18,010,482.84 | 0.15 |
| --- | --- | --- | --- | --- | --- |
| TELEFONICA EUROPE BV 0% 03/06/2020 | 5,000,000.00 | 100.06 | EUR | 5,002,911.90 | 0.04 |
| TELEFONICA EUROPE BV 0% 03/09/2020 | 59,000,000.00 | 100.13 | EUR | 59,078,287.69 | 0.48 |
| TELEFONICA EUROPE BV 0% 03/09/2020 | 43,000,000.00 | 100.13 | EUR | 43,057,057.13 | 0.35 |
| TELEFONICA EUROPE BV 0% 10/07/2020 | 15,000,000.00 | 100.09 | EUR | 15,013,719.30 | 0.12 |
| TELEFONICA EUROPE BV 0% 10/08/2020 | 41,000,000.00 | 100.12 | EUR | 41,047,486.61 | 0.34 |
| TELEFONICA EUROPE BV 0% 29/07/2020 | 20,000,000.00 | 100.11 | EUR | 20,021,201.20 | 0.16 |
| THALES SA 0% 25/05/2020 NEUCP | 5,000,000.00 | 100.05 | EUR | 5,002,668.35 | 0.04 |
| THALES SA 0% 25/05/2020 NEUCP | 2,500,000.00 | 100.05 | EUR | 2,501,334.18 | 0.02 |
| UBS AG (LONDON) 0% 10/03/2021 | 100,000,000.00 | 100.23 | EUR | 100,227,985.00 | 0.82 |
| UNICREDIT EONIACAP+0.16 13/07/2020 NEUCP | 75,000,000.00 | 99.97 | EUR | 74,930,829.75 | 0.61 |
| UNICREDIT EONIACAP+0.16 15/07/2020 NEUCP | 50,000,000.00 | 99.97 | EUR | 49,953,448.20 | 0.41 |
| VALEO SA 0% 06/05/2020 NEUCP | 15,000,000.00 | 100.02 | EUR | 15,003,663.75 | 0.12 |
| VATTENFALL AB 0% 15/04/2020 | 31,000,000.00 | 100.01 | EUR | 31,004,225.92 | 0.25 |
| VATTENFALL AB 0% 15/04/2020 | 20,000,000.00 | 100.01 | EUR | 20,002,726.40 | 0.16 |
| VEOLIA ENVIRONNEMENT 0% 26/08/2020 NEUCP | 20,000,000.00 | 100.13 | EUR | 20,025,718.20 | 0.16 |
| VICAT 0% 04/06/2020 NEUCP | 12,000,000.00 | 100.05 | EUR | 12,005,486.76 | 0.10 |
| VICAT 0% 12/11/2020 NEUCP | 6,500,000.00 | 100.13 | EUR | 6,508,142.03 | 0.05 |
| VICAT 0% 15/01/2021 NEUCP | 5,000,000.00 | 100.15 | EUR | 5,007,557.90 | 0.04 |
| VICAT 0% 25/05/2020 NEUCP | 20,000,000.00 | 100.04 | EUR | 20,007,673.60 | 0.16 |
| VINCI SA 0% 07/05/2020 NEUCP | 15,000,000.00 | 100.03 | EUR | 15,004,907.70 | 0.12 |
| VINCI SA 0% 13/05/2020 NEUCP | 20,000,000.00 | 100.04 | EUR | 20,007,667.60 | 0.16 |
| VIVENDI SA 0% 04/05/2020 NEUCP | 10,000,000.00 | 100.03 | EUR | 10,002,992.60 | 0.08 |
| VOLKSWAGEN AG 0% 02/04/2020 | 10,000,000.00 | 100.00 | EUR | 10,000,097.10 | 0.08 |
| VOLKSWAGEN AG 0% 03/09/2020 | 17,000,000.00 | 100.13 | EUR | 17,022,557.47 | 0.14 |
| VOLKSWAGEN AG 0% 03/09/2020 | 15,000,000.00 | 100.13 | EUR | 15,019,903.65 | 0.12 |
| VOLKSWAGEN AG 0% 04/05/2020 | 40,000,000.00 | 100.03 | EUR | 40,011,970.40 | 0.33 |
| VOLKSWAGEN AG 0% 04/05/2020 | 11,500,000.00 | 100.03 | EUR | 11,503,441.49 | 0.09 |
| VOLKSWAGEN AG 0% 04/09/2020 | 27,000,000.00 | 100.13 | EUR | 27,035,950.23 | 0.22 |
| VOLKSWAGEN AG 0% 04/09/2020 | 20,000,000.00 | 100.13 | EUR | 20,026,629.80 | 0.16 |
| VOLKSWAGEN AG 0% 09/04/2020 | 32,000,000.00 | 100.01 | EUR | 32,002,487.68 | 0.26 |
| VOLKSWAGEN AG 0% 18/09/2020 | 46,000,000.00 | 100.14 | EUR | 46,063,949.20 | 0.38 |
| VOLKSWAGEN AG 0% 18/09/2020 | 32,000,000.00 | 100.14 | EUR | 32,044,486.40 | 0.26 |
| VOLKSWAGEN AG 0% 18/09/2020 | 30,000,000.00 | 100.14 | EUR | 30,041,706.00 | 0.25 |
| VOLKSWAGEN AG 0% 27/05/2020 | 40,000,000.00 | 100.05 | EUR | 40,020,654.00 | 0.33 |
| VOLKSWAGEN AG 0% 27/05/2020 | 31,500,000.00 | 100.05 | EUR | 31,516,265.03 | 0.26 |
| VOLKSWAGEN AG 0% 27/05/2020 | 30,000,000.00 | 100.05 | EUR | 30,015,490.50 | 0.25 |
| VOLKSWAGEN BANK GMBH 0% 05/06/2020 | 18,000,000.00 | 100.06 | EUR | 18,010,822.68 | 0.15 |
| VOLKSWAGEN BANK GMBH 0% 08/05/2020 | 19,000,000.00 | 100.03 | EUR | 19,006,393.69 | 0.16 |

| VOLKSWAGEN FINANCIAL S 0% 02/06/2020 | 50,000,000.00 | 100.06 | EUR | 50,028,647.50 | 0.41 |
| --- | --- | --- | --- | --- | --- |
| VOLKSWAGEN FINANCIAL S 0% 08/04/2020 | 25,000,000.00 | 100.01 | EUR | 25,001,699.75 | 0.21 |
| VOLKSWAGEN FINANCIAL S 0% 20/08/2020 | 10,000,000.00 | 100.12 | EUR | 10,012,383.80 | 0.08 |
| VOLKSWAGEN FINANCIAL S 0% 21/05/2020 | 100,000,000.00 | 100.05 | EUR | 100,045,904.00 | 0.82 |
| VOLKSWAGEN INTERNATION 0% 08/04/2020 | 25,000,000.00 | 100.01 | EUR | 25,001,699.75 | 0.21 |
| VOLKSWAGEN LEASING GMB 0% 03/07/2020 | 15,000,000.00 | 100.09 | EUR | 15,012,891.00 | 0.12 |
| VOLKSWAGEN LEASING GMB 0% 13/01/2021 | 22,000,000.00 | 100.21 | EUR | 22,046,395.80 | 0.18 |
| VOLVO TREASURY AB 0% 12/06/2020 | 30,000,000.00 | 100.07 | EUR | 30,020,025.60 | 0.25 |
| Autres Titres de Créances |  |  |  | 975,796,849.54 | 8.00 |
| ABN AMRO BANK NV 19-15/01/2021 FRN | 72,000,000.00 | 99.02 | EUR | 71,296,094.00 | 0.59 |
| BANK OF MONTREAL 18-13/07/2020 FRN | 40,000,000.00 | 99.90 | EUR | 39,968,192.22 | 0.33 |
| BMW FINANCE NV 18-19/11/2020 FRN | 20,000,000.00 | 99.51 | EUR | 19,901,381.20 | 0.16 |
| BMW FINANCE NV 19-15/01/2021 FRN | 46,000,000.00 | 99.35 | EUR | 45,711,793.39 | 0.37 |
| BMW FINANCE NV 19-21/12/2020 FRN | 28,000,000.00 | 99.36 | EUR | 27,820,818.48 | 0.23 |
| CIE DE ST GOBAIN 18-25/06/2020 FRN | 30,000,000.00 | 99.96 | EUR | 29,987,699.70 | 0.25 |
| DAIMLER AG 0.25% 16-11/05/2020 | 62,880,000.00 | 99.92 | EUR | 62,968,458.07 | 0.52 |
| DAIMLER CANADA 18-13/11/2020 FRN | 20,000,000.00 | 99.93 | EUR | 19,985,800.00 | 0.16 |
| DAIMLER CANADA 19-12/03/2021 FRN | 15,000,000.00 | 100.01 | EUR | 15,001,200.00 | 0.12 |
| GECINA 18-04/05/2020 FRN | 10,000,000.00 | 100.01 | EUR | 10,000,800.00 | 0.08 |
| GLAXOSMITHKLINE 18-21/05/2020 FRN | 15,000,000.00 | 99.99 | EUR | 14,998,350.00 | 0.12 |
| ING BANK NV 18-26/11/2020 FRN | 60,600,000.00 | 99.38 | EUR | 60,223,674.00 | 0.49 |
| LB BADEN-WUERT 18-20/07/2020 FRN | 30,000,000.00 | 100.06 | EUR | 30,025,020.00 | 0.25 |
| LB BADEN-WUERT 18-25/05/2020 FRN | 15,000,000.00 | 99.83 | EUR | 14,975,100.00 | 0.12 |
| LVMH MOET HENNES 20-11/02/2022 FRN | 43,700,000.00 | 98.70 | EUR | 43,131,900.00 | 0.35 |
| NATL BANK CANADA 18-06/04/2020 FRN | 50,000,000.00 | 99.99 | EUR | 50,008,452.78 | 0.41 |
| NORDEA BANK AB 18-22/06/2020 FRN | 6,300,000.00 | 99.85 | EUR | 6,290,980.17 | 0.05 |
| SCANIA CV AB 19-10/12/2021 FRN | 20,000,000.00 | 99.08 | EUR | 19,816,939.20 | 0.16 |
| SUMITOMO MITSUI 18-13/07/2020 FRN | 50,000,000.00 | 99.98 | EUR | 50,003,024.50 | 0.41 |
| SUMITOMO MITSUI 18-22/05/2020 FRN | 30,000,000.00 | 99.95 | EUR | 29,986,549.50 | 0.25 |
| THALES SA 18-19/04/2020 FRN | 24,700,000.00 | 100.00 | EUR | 24,699,506.00 | 0.20 |
| UNIBAIL-RODAMCO 18-30/05/2020 FRN | 50,000,000.00 | 100.00 | EUR | 49,997,953.50 | 0.41 |
| VOLKSWAGEN LEAS 19-02/08/2021 FRN | 25,000,000.00 | 98.50 | EUR | 24,626,844.44 | 0.20 |
| VOLKSWAGEN LEAS 19-27/11/2020 FRN | 35,000,000.00 | 99.37 | EUR | 34,781,949.53 | 0.29 |
| VOLVO TREAS AB 18-04/05/2020 FRN | 46,000,000.00 | 99.94 | EUR | 45,973,780.00 | 0.38 |
| VOLVO TREAS AB 18-10/08/2020 FRN | 40,000,000.00 | 99.83 | EUR | 39,931,200.00 | 0.33 |
| VOLVO TREAS AB 19-01/11/2021 FRN | 30,000,000.00 | 99.90 | EUR | 29,982,480.00 | 0.25 |
| VOLVO TREAS AB 19-08/04/2021 FRN | 20,000,000.00 | 99.65 | EUR | 19,929,117.80 | 0.16 |
| VOLVO TREAS AB 19-13/09/2021 FRN | 20,000,000.00 | 99.54 | EUR | 19,909,497.73 | 0.16 |
| VOLVO TREAS AB 20-10/01/2022 FRN | 24,000,000.00 | 99.37 | EUR | 23,862,293.33 | 0.20 |

| Titres d'OPC | 1,573,864.95 | 0.01 |
| --- | --- | --- |
| OPCVM et FIA à vocation générale destinés aux non professionnels et équivalents d´autres pays Etats membres de l´Union Européenne | 1,573,864.95 | 0.01 |
| BNP PARIBAS CASH INVEST 82C	0.84 | 991,254.27 | EUR | 828,688.57 | - |
| BNPP INSTICASH EUR 1D ST VNAV CAP I	5,378.46 | 138.55 | EUR | 745,176.38 | 0.01 |
| Instruments financiers à terme |  |  | 2,326,917.91 | 0.02 |
| Swaps de taux |  |  | 2,326,917.91 | 0.02 |
| IRS 54	- | - | EUR | -42,795.86 | - |
| IRS 55	- | - | EUR | -18,532.28 | - |
| IRS 57	- | - | EUR | 154,328.10 | - |
| IRS 58	- | - | EUR | 235,708.51 | 0.01 |
| IRS 61	- | - | EUR | 37,164.26 | - |
| IRS 62	- | - | EUR | 43,439.37 | - |
| IRS 63	- | - | EUR | 17,833.15 | - |
| IRS 64	- | - | EUR | 45,938.16 | - |
| IRS 65	- | - | EUR | 26,147.87 | - |
| IRS 66	- | - | EUR | 112,955.89 | - |
| IRS 67	- | - | EUR | 30,253.76 | - |
| IRS 68	- | - | EUR | 50,163.80 | - |
| IRS 69	- | - | EUR | 45,035.46 | - |
| IRS 70	- | - | EUR | 108,103.22 | - |
| IRS 73	- | - | EUR | 139,543.99 | - |
| IRS 75	- | - | EUR | 143,314.33 | - |
| IRS 76	- | - | EUR | 146,683.95 | - |
| IRS 77	- | - | EUR | 70,536.08 | - |
| IRS 78	- | - | EUR | 165,799.55 | - |
| IRS 79	- | - | EUR | 33,705.77 | - |
| IRS 80	- | - | EUR | 183,152.42 | 0.01 |
| IRS 81	- | - | EUR | 77,399.42 | - |
| IRS 83	- | - | EUR | 95,876.40 | - |
| IRS 84	- | - | EUR | 15,702.49 | - |
| IRS 85	- | - | EUR | 104,881.95 | - |
| IRS 86	- | - | EUR | 41,305.35 | - |
| IRS 87	- | - | EUR | 985.64 | - |
| IRS 88	- | - | EUR | 1,548.33 | - |
| IRS 89	- | - | EUR | -12,835.64 | - |
| IRS 90	- | - | EUR | -66,305.78 | - |
| IRS 91	- | - | EUR | -26,980.41 | - |
| IRS 92	- | - | EUR | -46,091.92 | - |
| IRS 93	- | - | EUR | -31,978.81 | - |
| IRS 94	- | - | EUR | 54,069.35 | - |

| IRS 95 | - | - | EUR | 76,186.20 | - |
| --- | --- | --- | --- | --- | --- |
| IRS 96 | - | - | EUR | 155,011.66 | - |
| IRS 97 | - | - | EUR | 159,664.18 | - |
| Créances |  |  |  | - | - |
| Dettes |  |  |  | -13,171,946.30 | -0.11 |
| Autres comptes financiers |  |  |  | 511,765,722.71 | 4.20 |
| TOTAL ACTIF NET | 12,190,142,036.93 | 100.00 |


##### ASSEMBLEE GENERALE ORDINAIRE DU 6 JUILLET 2020
RESOLUTIONS ADOPTEES
***

##### PREMIERE RESOLUTION
L'Assemblée générale ordinaire, après avoir entendu la lecture du rapport de gestion du Conseil d'administration et du rapport général du Commissaire aux comptes, approuve dans toutes leurs parties le rapport du Conseil et les comptes annuels de l’exercice clos le 31 mars 2020 tels qu’ils sont présentés.
L'Assemblée générale ordinaire constate que le capital qui s’élève à 12 229 001,95 euros le 31 mars 2020 s’élevait, à 21 333 701 848,56 euros le 29 mars 2019.

##### DEUXIEME RESOLUTION
L’Assemblée générale ordinaire approuve la répartition et l’affectation des résultats de l’exercice clos le 31 mars 2020, telles qu’elles sont proposées par le Conseil d’administration.
L’Assemblée générale ordinaire, après avoir arrêté le résultat net de l’exercice à (24 522 952,29) euros, et le résultat à (15 555 637,80) euros, arrête le montant des sommes distribuables à (15 555 637,80) euros et décide d’inscrire ce montant au capital.
- pour la catégorie d’actions « I » de classe C, les résultats sont entièrement capitalisés conformément au prospectus et statuts de la SICAV.
- pour la catégorie d’actions « I » de classe D, au cours des trois exercices précédents les montants des dividendes afférents à cette catégorie d’actions ont été respectivement de :
- 0,00 euros par action au titre de l’exercice 2017
- 0,00 euros par action au titre de l’exercice 2018
- 0,00 euros par action au titre de l’exercice 2019


##### TROISIEME RESOLUTION
L’Assemblée générale ordinaire approuve l’affectation et la répartition des plus et moins-values réalisées, nettes de frais au cours de l’exercice au 31 mars 2020, telles qu’elles ont été proposées par le Conseil d’administration.
L’Assemblée générale ordinaire arrête à (23 303 587,22) euros le montant des moins-values nettes réalisées de l’exercice, pour la catégorie d’actions « I » et décide d’inscrire ce montant au capital.
Conformément aux dispositions légales il est rappelé qu’aucune distribution de plus-value n’est intervenue au cours des trois derniers exercices.

##### QUATRIEME RESOLUTION
L'Assemblée générale ordinaire, connaissance prise du rapport spécial du Commissaire aux comptes sur les conventions visées à l'article L.225-38 et suivants du Code de commerce, approuve les conclusions dudit rapport.

##### CINQUIEME RESOLUTION
L’Assemblée générale ordinaire, sur proposition du Conseil d’administration, décide de maintenir à 4.000 euros maximum le montant global annuel des jetons de présence alloués aux Administrateurs et Censeurs extérieurs au Groupe BNP PARIBAS au titre des exercices 2020-2021 et suivants.

##### SIXIEME RESOLUTION
L’Assemblée générale ordinaire donne tous pouvoirs au secrétaire de séance à l’effet de délivrer des copies ou extraits certifiés conformes du procès-verbal ainsi qu’à la société « Lextenso/Petites affiches » et/ou à tout porteur d’un exemplaire original, d’une copie ou d’un extrait du présent procès-verbal, en vue de l'accomplissement de toutes formalités légales de publicité, de dépôt et d'inscription modificative au Registre du Commerce et des Sociétés, y compris par voie dématérialisée avec signature électronique, conformément aux textes légaux en vigueur.
*****