BNP PARIBAS INSTICASH SICAV · BNP PARIBAS INSTICASH Organisation Page 2 Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors

aNNUAL REPORT at 31/05/2017

r.C.s. Luxembourg B 65 026

BNP PARIBAS INSTICASHSICAV

BNP PARIBAS INSTICASH

Table of contents

Page

Page 1

Organisation 2 Information 3 Manager's report 4 Audit report 8 Financial statements at 31/05/2017 10 Key figures relating to the last 3 years 12 Securities portfolio at 31/05/2017

BNP Paribas InstiCash EUR 13 BNP Paribas InstiCash GBP 16 BNP Paribas InstiCash Money 3M EUR 18 BNP Paribas InstiCash USD 21

Notes to the financial statements 23 Unaudited appendix 32

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.


Organisation

Page 2

Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg

Board of Directors Chairman

Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP Paribas Investment Partners, Paris

Members

Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris (until 30 September 2016)

Mr. Pierre GRANIE, Head of Europe Domestic Markets Institutional Sales, BNP Paribas Investment Partners, Paris

Mr. Philippe RENAUDIN, Chief Investment Officer Money Market, BNP Paribas Asset Management, Paris

Mr. Christian VOLLE, Independent Director, Paris

Company Secretary (non-member of the Board) Mrs. Claire COLLET-LAMBERT, Head of Fund Legal, BNP Paribas Investment Partners Luxembourg, Luxembourg

Management Company BNP Paribas Investment Partners Luxembourg, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg

BNP Paribas Investment Partners Luxembourg is a Management Company as defined by Chapter 15 of the Luxembourg Law of 17 December 2010, as amended, concerning undertakings for collective investment.

The Management Company performs the administration, portfolio management and marketing duties.

Effective Investment Managers BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France

Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11th Floor, New York, NY 10166, USA (until 11 December 2016)

Net Asset Value Calculation BNP Paribas Investment Partners Luxembourg, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg

Depositary, Paying Agent, Transfer Agent and Registrar BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Auditor PricewaterhouseCoopers, Socit cooprative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg


Information

Page 3

Establishment BNP Paribas InstiCash (the Company) is an open-ended Luxembourg investment company (socit dinvestissement capital variable SICAV) pursuant to Part I of the law of 17 December 2010, as amended relating to Undertakings for Collective Investment as well as to Directive 2009/65 as amended by the Directive 2014/91 (UCITS V).

The Company was incorporated in Luxembourg on 30 June 1998 for an unlimited period of time under the number B 65 026.

Periodic reports Audited annual accounts as at 31 May, unaudited semi-annual accounts as at 30 November, as well as the list of changes (purchases and sales of securities) made in the composition of the investment portfolio are kept at the Shareholders disposal free of charge at the Depositary, the Domiciliary Agent, the Representative in Switzerland and the other banking institutions appointed by it, as well as at the registered office of the Company. These reports concern both each individual sub-fund and the Companys assets as a whole.

The financial statements of each sub-fund are drawn up in the currency of the sub-fund, but the consolidated accounts are denominated in euros (EUR), in accordance with a decision of an Extraordinary General Meeting of Shareholders held on 18 September 2001. The annual accounts are available within four months of the closing date of the financial year. The semi-annual accounts are published within two months of the end of the half-year in question.

Information to the Shareholders The Company publishes the legally required information as to net asset values and dividends in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered.

This information is also available on the website: www.bnpparibas-ip.com

The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required.

The Articles of Association, the Prospectus, the KIID, and periodic reports may be consulted at the Companys registered office and at the establishments responsible for the Companys financial service. Copies of the Articles of Association and the annual and interim reports are available upon request.

Except for the newspaper publications required by Law, the official media going forward to obtain any notice to shareholders will be our website www.bnpparibas-ip.com. Documents and information are also available on the website: www.bnpparibas-ip.com


Manager's report

Page 4

BNP Paribas InstiCash EUR

Market changes over the year to end-May 2017

Monetary policy pursued by the European Central Bank (ECB) during the financial year

The European Central Banks monetary policy during the period under review can be characterised as highly accommodative. Since March 2016, the ECBs key interest rates have been hovering at very low levels (main refinancing rate at 0%, marginal lending rate at 0.25% and deposit facility rate at -0.40%). Until March 2017, asset purchases (including investment grade non-bank corporate bonds) amounted to EUR 80 billion a month as part of the quantitative easing programme. In December it was announced that this amount would be reduced to EUR 60 billion, but the purchase programme has been extended until the end of December 2017. In addition to making technical adjustments (reinvestment of maturing securities, option to purchase shorter-dated bonds or bonds with an interest rate below the deposit rate), the ECB attempted to maintain a highly accommodative tone. Although economic activity surveys have steadily improved since last autumn and GDP growth has accelerated, the ECB has stressed that inflation is still weak and that there are no signs of a convincing upward trend in inflation (0.9% in May 2017). The ECB still considers that the volume of asset purchasing may rise if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation. The only concession to this somewhat more aggressive tone was the announcement in April that downside risks to growth have fallen and are now mainly due to external factors. The minutes of the ECBs meeting, published on 18 May, reveal that the Governing Council believes communication should be adjusted in a very gradual and cautious manner in order not to trigger excessive volatility on the markets should the changes be interpreted as signs of a shift in monetary policy.

Management policy

The funds net assets increased from EUR 7.15 billion at 31 May 2016 to EUR 8.26 billion at 31 May 2017.

In a context marked by disappointing economic figures, steadily declining interest rates and a sharp fall in credit spreads, the investment strategy pursued during the 2016/2017 financial year for the BNP PARIBAS INSTICASH EUR sub fund of the BNP PARIBAS INSTICASH SICAV was constant. It consisted in maintaining significant cash holdings, diversifying issuers, favouring short-term investments with terms ranging from one to three months and taking advantage of market opportunities for longer-term investments of between nine and twelve months with more attractive carry.

Liquidity was mainly ensured via overnight CDs and reverse repos, primarily in German, Belgian, Dutch and French sovereign debt.

With regard to investment diversification, some US issuers still favoured currency during the past financial year, even though demand has been less apparent during the past three months.

We continued to pursue an active interest rate strategy. This involved hedging our long-term investments where possible in order to protect ourselves against a potential interest rate hike, which is expected to occur at the end of 2017.

The 2016/2017 financial year was marked by a very volatile market environment in which both interest rates and issuer credit ratings were still leaning slightly towards negative territory; the management policy pursued for the BNP PARIBAS INSTICASH EUR (I units) sub fund resulted in a net fall of 0.348% in the NAV over the financial year in question. This performance, established for the period from 31 May 2016 to 31 May 2017, is not a guide to future results. For reference, the arithmetic mean of the Eonia (calculated using the OIS method) over the same period was -0.347%.


Manager's report

Page 5

BNP Paribas InstiCash GBP


Monetary policy pursued by the Bank of England (BoE) during the financial year

On 24 June 2016, the referendum results were announced, with a majority voting in favour of Brexit. The Bank of England, which had left monetary policy unchanged for several months, hinted that it might cut its key interest rate by 25 bp and extend its QE programme. Prime Minister David Cameron announced his resignation after the referendum, and Theresa May was chosen as the new leader of the Conservative Party. She was appointed the new head of government on 13 July 2016, becoming the second woman to occupy the post after Margaret Thatcher. On 4 August, in the aftermath of the vote to leave the European Union, the BoE decided to cut its key interest rate by 25 bp and to extend its QE programme by GBP 60 billion to GBP 435 billion. Theresa May triggered Article 50 on 29 March 2017, thus formally beginning the process to leave the EU. During this period, the pound sterling weakened significantly, but economic indicators remained stable despite the fact that further weakening was predicted.

Management policy

The funds net assets increased from GBP 1.80 billion at 31 May 2016 to GBP 2.01 billion at 31 May 2017.

In an unsettled market environment, the investment strategy pursued during the 2016/2017 financial year for the BNP PARIBAS INSTICASH GBP sub fund of the BNP PARIBAS INSTICASH SICAV was constant. It consisted in maintaining significant cash holdings, while diversifying issuers and regions as much as possible. Issuers and potential returns also became less attractive as a result of the BoEs interest rate cuts, which prompted us to largely pursue a barbell portfolio strategy (purchasing very short-term securities as opposed to long-term securities maturing within one year) to take advantage of better carry.

Liquidity was mainly ensured via overnight deposits and reverse repos in UK T-Bills.

We continued to pursue an active interest rate risk management strategy via hedging swaps during the first few months of the financial year.

The management policy pursued for the BNP PARIBAS INSTICASH GBP (I units) sub fund resulted in a net increase of 0.377% in the NAV over the financial year in question. This performance, established for the period from 31 May 2016 to 31 May 2017, is not a guide to future results. For reference, the arithmetic mean of the Sonia (calculated using the OIS method) over the same period was 0.255%.


Manager's report

Page 6

BNP Paribas InstiCash Money 3M EUR


Monetary policy pursued by the European Central Bank (ECB) during the financial year

The European Central Banks monetary policy during the period under review can be characterised as highly accommodative. Since March 2016, the ECBs key interest rates have been hovering at very low levels (main refinancing rate at 0%, marginal lending rate at 0.25% and deposit facility rate at -0.40%). Until March 2017, asset purchases (including investment grade non-bank corporate bonds) amounted to EUR 80 billion a month as part of the quantitative easing programme. In December, it was announced that this amount would be reduced to EUR 60 billion, but the purchase programme has been extended until the end of December 2017. In addition to making technical adjustments (reinvestment of maturing securities, option to purchase shorter-dated bonds or bonds with an interest rate below the deposit rate), the ECB attempted to maintain a highly accommodative tone. Although economic activity surveys have steadily improved since last autumn and GDP growth has accelerated, the ECB has stressed that inflation is still weak and that there are no signs of a convincing upward trend in inflation (0.9% in May 2017). The ECB still considers that the volume of asset purchasing may rise if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation. The only concession to this somewhat more aggressive tone was the announcement in April that downside risks to growth have fallen and are now mainly due to external factors. The minutes of the ECBs meeting, published on 18 May, reveal that the Governing Council believes communication should be adjusted in a very gradual and cautious manner in order not to trigger excessive volatility on the markets should the changes be interpreted as signs of a shift in monetary policy.

Management policy

The funds net assets increased from EUR 2.73 billion at 31 May 2016 to EUR 2.75 billion at 31 May 2017.

In a context marked by disappointing economic figures, steadily declining interest rates and a sharp fall in credit spreads, the investment strategy pursued during the 2016/2017 financial year for the BNP PARIBAS INSTICASH MONEY 3M subfund of the BNP PARIBAS INSTICASH SICAV was constant.

It consisted in maintaining a high weighted average life (WAL), diversifying investments in corporate issuers up to six months and investing in bank debt instruments maturing within one year.

We maintained our credit strategy, which consisted in engaging in arbitrage operations between the yields of negotiable debt securities and bonds at the end of their term, and taking advantage of some rare opportunities on the primary market for 2-year floating rate notes, which was very subdued over the entire financial year.

The funds liquidity was ensured by investments in money market UCITS, treasury securities and fixed-rate negotiable debt securities maturing within six months.

We continued to pursue an active interest rate strategy. This involved hedging our long-term investments where possible in order to protect ourselves against a potential interest rate hike, which is expected to occur at the end of 2017.

The management policy pursued for BNP PARIBAS INSTICASH MONEY 3M (I units) resulted in a net fall of 0.049% in the NAV over the financial year in question. This performance, established for the period from 31 May 2016 to 31 May 2017, is not a guide to future results. For reference, the arithmetic mean of the Eonia (calculated using the OIS method) over the same period was -0.347%.

In accordance with the provisions of article 25 of the Code of Ethics for UCITS with regard to securities or products in which its founding group has an interest, please note that during the financial year, the FCP invested in certificates of deposit issued by the BNP PARIBAS group. We also used UCITS from the groups range of money market instruments.


Manager's report

Page 7

BNP Paribas InstiCash USD


Monetary policy pursued by the Fed during the financial year At the start of the period under review, the US federal funds target rate was in the 0.50%0.75% range subsequent to the interest rate rise of 16 December 2015, which marked the end of the zero interest rate policy in force since the end of 2008. The Fed raised interest rates again one year later, and the pace of increases has accelerated, taking the range to 0.75%1% on 15 March 2017. The key interest rates have not changed since then but the Fed has stressed that the economy is on track to meet the objectives of maximum employment and keeping inflation under control. The Fed also announced that it intends to pursue the normalisation of its key interest rate policy. In a press release published at the beginning of May, the Fed describes the slowdown in growth during the first quarter as transitory, implying that modest GDP performance and consumer spending (1.2% and 0.6% respectively, annualised after adjustments) would not influence the pace of monetary policy normalisation. This more voluntarist tone led observers to adjust their forecasts in this regard. However, Fed funds futures show that projections are still falling slightly short of what the Fed has signalled as an appropriate yield level. The other aspect of normalisation reducing the size of the balance sheet will also have to be implemented in the coming months. Even though the issue has been debated for some time, it took centre stage at the beginning of April when the minutes of the meeting held on 15 March were published. The minutes of the subsequent meeting showed that the FOMCs discussions had moved forward. The committee appears to have reached a consensus regarding which procedure to adopt (which will most likely happen before the end of the year). It would involve setting a ceiling for maturing securities (both Treasury securities and MBS), which will be reinvested once they exceed this ceiling. The ceiling will be raised regularly, which should allow the size of the balance sheet to be gradually reduced. This new phase will be rolled out despite doubts surrounding Janet Yellens future as head of the Fed. Up until now it was clear that she would not be reappointed after the end of her term in February 2018, but President Trump said in April that he likes and respects her.

Management policy

The funds net assets increased from USD 2.4 billion at 31 May 2016 to USD 3.10 billion at 31 May 2017.

In a context marked by encouraging economic figures and expectations of a series of interest rate hikes, the investment strategy pursued during the 2016/2017 financial year for the BNP PARIBAS INSTICASH USD subfund of the BNP PARIBAS INSTICASH SICAV was very active. In the first half of the financial year (after expectations of an interest rate hike), it consisted in maintaining significant cash holdings and focusing mostly on investments with terms of zero to three months, while diversifying issuers and regions as much as possible. In the second half of the financial year, the strategy involved taking advantage of market opportunities to extend the WAL of the portfolio by investing in securities maturing within one year and benefiting from better carry.

We pursued an active interest rate risk management strategy via hedging swaps, but also by focusing on long-term investments (six months to one year) with a floating or adjustable rate.

Liquidity was mainly ensured via time deposits.

The 2016/2017 financial year was marked by interest rate hikes and a very active currency market; against this background, the management policy pursued for the BNP PARIBAS INSTICASH USD (I units) subfund resulted in a net increase of 0.806% in the NAV over the financial year in question. This performance, established for the period from 31 May 2016 to 31 May 2017, is not a guide to future results. For reference, the arithmetic mean of the overnight federal funds rate (calculated using the OIS method) over the same period was 0.568%.

The Board of Directors Luxembourg, 27 June 2017 Note: The information stated in this report is historical and not necessarily indicative of future performance.

PricewaterhouseCoopers, Socit cooprative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de rvision agr. Expert-comptable (autorisation gouvernementale n10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

Page 8

Audit report To the Shareholders of BNP PARIBAS INSTICASH We have audited the accompanying financial statements of BNP PARIBAS INSTICASH and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 31 May 2017 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Rviseur dentreprises agr Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Rviseur dentreprises agr, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Rviseur dentreprises agr considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

pwc

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of BNP PARIBASINSTICASH and of each of its sub-fimds as of 31 May 2017, and of the results of their operations and changesin their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirementsrelating to the preparation of the financial statements.

Other information

The Board of Directors of the SICAV is responsible for the other information. The other information comprisesthe information included in the armual report but does not include the financial statements and our audit reportthereon.

Our opinion on the financial statements does not cover the other information and we do not express any form ofassurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, indoing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we haveperformed, We conclude that there is a material misstatement of this other information, we are required to reportthis fact. We have nothing to report in this regard.

Pricewa ouseCoopers, Socit cooperative Luxembourg, 14 September 2017

Sbastie Sadzot

Page 9


Financial statements at 31/05/2017

The accompanying notes form an integral part of these financial statements Page 10

BNP Paribas

InstiCash EUR BNP Paribas

InstiCash GBP BNP Paribas

InstiCash Money 3M EUR


Expressed in EUR GBP EUR USD Notes

Statement of net assets Assets 9 054 900 981 2 019 767 209 2 760 987 926 3 109 896 970

Securities portfolio at cost price 6 494 920 165 1 649 621 598 2 656 736 549 2 616 169 618 Unrealised gain/(loss) on securities portfolio (254 404) 415 267 1 098 374 1 148 923

Securities portfolio at market value 2 6 494 665 761 1 650 036 865 2 657 834 923 2 617 318 541 Net Unrealised gain on financial instruments 2, 9 0 0 0 129 815 Cash at banks and time deposits 0 367 997 673 103 092 251 487 785 560 Securities reverse repurchase agreements 2, 6 2 559 980 816 0 0 0 Other assets 254 404 1 732 671 60 752 4 663 054

Liabilities 794 132 692 812 167 1 590 106 2 289 370 Bank overdrafts 789 326 808 0 0 0 Net Unrealised loss on financial instruments 2, 9 74 471 0 90 132 0 Other liabilities 4 731 413 812 167 1 499 974 2 289 370

Net asset value 8 260 768 289 2 018 955 042 2 759 397 820 3 107 607 600 Statement of operations and changes in net assets

Income on investments and assets 2, 6 930 015 7 460 311 2 002 850 24 374 258 Management fees 3 4 164 769 813 062 1 411 369 1 726 143 Bank interest 1 287 170 2 218 103 442 16 782 Interest on swaps 2 748 212 217 537 1 322 829 519 096 Other fees 4 10 988 314 1 008 360 949 844 2 617 048 Taxes 5 153 840 4 457 35 935 28 735

Total expenses 17 342 305 2 045 634 3 823 419 4 907 804 Net result from investments (16 412 290) 5 414 677 (1 820 569) 19 466 454 Net realised result on:

Investments securities 2 (12 319 865) 1 288 987 249 657 2 386 368 Financial instruments 2, 9 0 (176 400) 0 0

Net realised result (28 732 155) 6 527 264 (1 570 912) 21 852 822 Movement on net unrealised gain/(loss) on:

Investments securities 2 (1 560 664) 48 561 (60 422) 696 228 Financial instruments 2, 9 13 787 4 643 54 129 129 815

Change in net assets due to operations (30 279 032) 6 580 468 (1 577 205) 22 678 865 Net subscriptions/(redemptions) 1 138 133 520 213 549 437 28 483 958 683 143 579 Dividends paid 0 (5 548 995) (59) (13 745 483)Increase/(Decrease) in net assets during the year/period

1 107 854 488 214 580 910 26 906 694 692 076 961

Net assets at the beginning of the financial year/period

7 152 913 801 1 804 374 132 2 732 491 126 2 415 530 639

Reevaluation of opening consolidated NAV

0 0 0 0

Net assets at the end of the financial year/period

8 260 768 289 2 018 955 042 2 759 397 820 3 107 607 600



Consolidated

EUR

16 900 244 070 13 372 006 076

2 342 432 13 374 348 508

115 442 959 348 193

2 559 980 816 6 451 111

798 691 098 789 326 808

164 603 9 199 687

16 101 552 972

33 173 238 8 044 597 1 408 082 2 782 406

15 423 095 220 445

27 878 625 5 294 613

(8 468 240)

(202 514) (3 376 141)

(946 192) 188 689

(4 133 644) 2 019 289 427

(18 594 165)

1 996 561 618

14 414 327 791

(309 336 437)

16 101 552 972


Key figures relating to the last 3 years (Note 7)


BNP Paribas InstiCash EUR EUR EUR EUR Number of shares 31/05/2015 31/05/2016 31/05/2017 31/05/2017

Net assets 8 707 194 399 7 152 913 801 8 260 768 289

Net asset value per share Share Classic - Capitalisation 116.7751 116.5769 116.1042 5 865 782.7270 Share Classic T1 - Capitalisation 100.2739 100.1036 99.6977 1 709 592.8627 Share I - Capitalisation 140.9780 140.7828 140.2914 16 604 410.7639 Share I - Distribution 1.0000 1.0000 1.0000 4 533 819 079.8900 Share IT1 - Capitalisation 101.7534 101.6125 101.2578 713 804.5795 Share Privilege - Capitalisation 118.7611 118.5697 118.1125 3 200 483.7155 Share X - Capitalisation 122.2267 122.0608 121.6874 786 546.6381

BNP Paribas InstiCash GBP GBP GBP GBP Number of shares 31/05/2015 31/05/2016 31/05/2017 31/05/2017

Net assets 968 659 783 1 804 374 132 2 018 955 042

Net asset value per share Share Classic - Capitalisation 129.1106 129.5281 129.7578 147 801.8882 Share Classic T1 - Capitalisation 100.8912 101.2174 101.3969 158 878.0213 Share I - Capitalisation 171.3122 172.2130 172.8637 75 850.0248 Share I - Distribution 1.0000 1.0000 1.0000 1 774 510 443.4900 Share IT1 - Capitalisation 100.6877 101.2172 101.5997 51 849.1354 Share Privilege - Capitalisation 132.0978 132.6586 133.0268 109 086.8322 Share Privilege - Distribution 1.0000 1.0000 1.0000 10 167.2300 Share X - Capitalisation 136.3347 137.0516 137.5694 1 281 209.0280

BNP Paribas InstiCash Money 3M EUR EUR EUR EUR Number of shares 31/05/2015 31/05/2016 31/05/2017 31/05/2017

Net assets 1 599 970 368 2 732 491 126 2 759 397 820

Net asset value per share Share Classic - Capitalisation 101.1291 101.1315 101.0489 2 119 653.9060 Share I - Capitalisation 101.5653 101.5875 101.5350 23 584 504.3736 Share I M - Distribution 0 10 002.7200 9 998.5941 2 600.0944 Share Privilege - Capitalisation 101.5344 101.5368 101.4539 328 583.1998 Share Privilege M - Distribution 0 10 000.1444 9 994.5395 0.9999 Share X - Capitalisation 102.0806 102.1140 102.0612 893 716.9963

BNP Paribas InstiCash USD USD USD USD Number of shares 31/05/2015 31/05/2016 31/05/2017 31/05/2017

Net assets 901 889 885 2 415 530 639 3 107 607 600

Net asset value per share Share Classic - Capitalisation 117.2672 117.5073 118.3601 1 485 473.9340 Share Classic T1 - Capitalisation 0 100.1925 100.9196 94 560.2759 Share I - Capitalisation 148.5414 148.9469 150.1479 5 536 055.3189 Share I - Distribution 1.0000 1.0000 1.0000 1 989 789 232.8300 Share Privilege - Capitalisation 119.3330 119.6105 120.5267 680 669.6540 Share Privilege - Distribution 0 1.0000 1.0000 6 218 958.9700 Share X - Capitalisation 122.2471 122.5437 123.5689 104 957.6383


Securities portfolio at 31/05/2017 Expressed in EUR


Quantity Denomination Quotation currency Market value % of netassets

Money Market Instruments 6 494 665 761 78.62

France 2 931 458 243 35.47 350 000 000 ACOSS 0.000% 02/06/2017 EUR 350 008 321 4.24 220 000 000 AFD EONIA - 0.030% 17/11/2017 EUR 219 985 800 2.66 60 000 000 BANQUE FEDERATIVE DU CREDIT MUTUEL EONIA + 0.210% 02/10/2017 EUR 60 041 973 0.73 50 000 000 BPCES EONIA + 0.250% 10/10/2017 EUR 50 044 438 0.61

100 000 000 BPCES EONIA + 0.330% 01/09/2017 EUR 100 089 851 1.21 200 000 000 BRED BANQUE POPULAIRE EONIA + 0.040% 02/06/2017 EUR 199 999 999 2.42 30 000 000 CAISSE CENTRALE DU CREDIT MUTUEL OIS + 0.090% 09/03/2018 EUR 30 004 737 0.36

20 000 000 CAISSE FEDERALE DU CREDIT MUTUEL DE MAINE ANJOU EONIA + 0.045% 18/10/2017 EUR 20 002 853 0.24

70 000 000 CAISSE FEDERALE DU CREDIT MUTUEL NORD EUROPE EONIA + 0.040% 07/09/2017 EUR 70 010 011 0.85

20 000 000 CAISSE FEDERALE DU CREDIT MUTUEL NORD EUROPE EONIA + 0.065% 10/11/2017 EUR 20 004 032 0.24

60 000 000 CAISSE FEDERALE DU CREDIT MUTUEL NORD EUROPE OIS + 0.005% 27/06/2017 EUR 60 000 000 0.73

15 000 000 CAISSE FEDERALE DU CREDIT MUTUEL OCEAN OIS + 0.320% 02/06/2017 EUR 15 000 000 0.18 25 000 000 CCF 0.000% 01/09/2017 EUR 25 029 142 0.30 40 000 000 CCF 0.000% 04/08/2017 EUR 40 033 551 0.48 35 000 000 CCF 0.000% 04/09/2017 EUR 35 041 868 0.42 75 000 000 CCF 0.000% 08/08/2017 EUR 75 068 265 0.91 50 000 000 CCF 0.000% 13/11/2017 EUR 50 093 280 0.61 60 000 000 CLFDE EONIA + 0.100% 05/12/2017 EUR 60 033 537 0.73

250 000 000 CREDIT AGRICOLE 0.000% 01/06/2017 EUR 250 003 124 3.03 10 000 000 CREDIT MUTUEL OCEAN EONIA + 0.210% 05/06/2017 EUR 10 000 302 0.12 20 000 000 CREDIT MUTUEL OCEAN EONIA + 0.210% 07/06/2017 EUR 20 000 828 0.24 10 000 000 CREDIT MUTUEL OCEAN EONIA + 0.220% 04/07/2017 EUR 10 002 253 0.12 50 000 000 DEXIA 0.100% 05/02/2018 EUR 50 028 389 0.61

140 000 000 DEXIA OIS + 0.080% 13/04/2018 EUR 140 041 626 1.70 30 000 000 ESSILOR INTERNATIONAL 0.000% 09/11/2017 EUR 30 031 071 0.36

7 000 000 FRANFINANCE 0.000% 04/12/2017 EUR 7 012 717 0.08 15 000 000 FRANFINANCE 0.000% 05/10/2017 EUR 15 020 020 0.18 15 000 000 FRANFINANCE 0.000% 17/11/2017 EUR 15 025 485 0.18

163 000 000 ILE DE FRANCE (REGION) 0.000% 26/06/2017 EUR 163 034 473 1.97 60 000 000 L'OREAL 0.000% 05/06/2017 EUR 60 003 500 0.73 68 500 000 L'OREAL 0.000% 15/09/2017 EUR 68 570 299 0.83

100 000 000 L'OREAL 0.000% 20/06/2017 EUR 100 022 505 1.21 68 000 000 L'OREAL 0.000% 20/09/2017 EUR 68 071 970 0.82 20 000 000 L'OREAL 0.000% 23/06/2017 EUR 20 005 560 0.24 4 300 000 LYON 0.000% 05/06/2017 EUR 4 300 236 0.05

24 000 000 REGION LOIRE 0.000% 20/06/2017 EUR 24 005 401 0.29 17 000 000 REGION NORD 0.000% 09/06/2017 EUR 17 001 594 0.21 21 000 000 REGION NORD 0.000% 20/06/2017 EUR 21 004 551 0.25 28 700 000 RHONE ALPES LYON 0.000% 06/06/2017 EUR 28 701 923 0.35 14 000 000 RTE 0.000% 15/06/2017 EUR 14 002 013 0.17

105 000 000 SAGESS 0.000% 30/06/2017 EUR 105 038 076 1.27 25 000 000 SAGESS 0.000% 30/06/2017 EUR 25 009 066 0.30 20 000 000 SOCIETE GENERALE EONIA + 0.090% 23/02/2018 EUR 20 003 785 0.24 3 000 000 SODEXO 0.000% 16/06/2017 EUR 3 000 460 0.04

14 000 000 SODEXO 0.000% 19/06/2017 EUR 14 002 550 0.17 38 000 000 SODEXO 0.000% 20/06/2017 EUR 38 007 390 0.46 30 000 000 UNIBAIL 0.000% 06/06/2017 EUR 30 001 875 0.36 30 000 000 UNIBAIL 0.000% 30/06/2017 EUR 30 009 253 0.36 50 000 000 UNIBAIL OIS + 0.030% 24/10/2017 EUR 50 004 290 0.61

United States of America 949 514 249 11.47 60 000 000 COLGATE 0.000% 30/06/2017 EUR 60 018 506 0.73 25 000 000 GENERAL ELECTRIC 0.000% 01/06/2017 EUR 25 000 278 0.30 25 000 000 GENERAL ELECTRIC 0.000% 05/06/2017 EUR 25 001 354 0.30 25 000 000 GENERAL ELECTRIC 0.000% 14/06/2017 EUR 25 003 987 0.30 25 000 000 GENERAL ELECTRIC 0.000% 26/06/2017 EUR 25 007 044 0.30 25 000 000 GENERAL ELECTRIC 0.000% 30/06/2017 EUR 25 008 058 0.30




Quantity Denomination Quotation currency Market value % of netassets42 000 000 HONEYWELL INTERNATIONAL 0.000% 01/09/2017 EUR 42 030 511 0.51 30 000 000 HONEYWELL INTERNATIONAL 0.000% 04/09/2017 EUR 30 022 255 0.36 60 000 000 HONEYWELL INTERNATIONAL 0.000% 06/11/2017 EUR 60 061 308 0.73 11 000 000 HONEYWELL INTERNATIONAL 0.000% 07/06/2017 EUR 11 000 520 0.13 10 000 000 HONEYWELL INTERNATIONAL 0.000% 08/06/2017 EUR 10 000 537 0.12 35 000 000 HONEYWELL INTERNATIONAL 0.000% 10/08/2017 EUR 35 017 205 0.42 18 000 000 HONEYWELL INTERNATIONAL 0.000% 11/08/2017 EUR 18 008 937 0.22 10 000 000 HONEYWELL INTERNATIONAL 0.000% 12/09/2017 EUR 10 007 801 0.12 23 000 000 HONEYWELL INTERNATIONAL 0.000% 15/09/2017 EUR 23 018 251 0.28 25 000 000 HONEYWELL INTERNATIONAL 0.000% 17/08/2017 EUR 25 013 555 0.30 15 000 000 HONEYWELL INTERNATIONAL 0.000% 19/06/2017 EUR 15 001 867 0.18 32 000 000 HONEYWELL INTERNATIONAL 0.000% 22/09/2017 EUR 32 026 332 0.39 25 000 000 HONEYWELL INTERNATIONAL 0.000% 23/08/2017 EUR 25 016 638 0.30 10 000 000 HONEYWELL INTERNATIONAL 0.000% 31/07/2017 EUR 10 004 105 0.12 40 000 000 MIZUHO BANK 0.000% 05/03/2018 EUR 40 096 667 0.49 23 000 000 PROCTER & GAMBLE 0.000% 08/08/2017 EUR 23 013 773 0.28 23 000 000 PROCTER & GAMBLE 0.000% 12/06/2017 EUR 23 002 269 0.28 67 500 000 PROCTER & GAMBLE 0.000% 14/06/2017 EUR 67 507 902 0.82 5 000 000 PROCTER & GAMBLE 0.000% 14/07/2017 EUR 5 001 836 0.06

27 000 000 PROCTER & GAMBLE 0.000% 20/07/2017 EUR 27 011 532 0.33 50 500 000 PROCTER & GAMBLE 0.000% 21/07/2017 EUR 50 521 933 0.61 57 000 000 PROCTER & GAMBLE 0.000% 25/08/2017 EUR 57 043 607 0.69 25 000 000 PROCTER & GAMBLE 0.000% 27/07/2017 EUR 25 012 086 0.30 25 000 000 PROCTER & GAMBLE 0.000% 29/08/2017 EUR 25 022 653 0.30 25 000 000 STANLEY BLACK & DECKER 08/06/2017 EUR 25 001 778 0.30 25 000 000 STANLEY BLACK & DECKER 09/06/2017 EUR 25 001 625 0.30 25 000 000 STANLEY BLACK & DECKER 13/07/2017 EUR 25 007 539 0.30

United Kingdom 769 525 245 9.32 50 000 000 BANK OF CHINA 0.000% 05/04/2018 EUR 50 128 022 0.61

100 000 000 BANK OF CHINA 0.000% 23/05/2018 EUR 100 282 157 1.21 50 000 000 CREDIT SUISSE 0.000% 03/10/2017 EUR 50 065 713 0.61 30 000 000 CREDIT SUISSE 0.000% 05/07/2017 EUR 30 008 747 0.36 50 000 000 CREDIT SUISSE 0.000% 09/05/2018 EUR 50 136 297 0.61 70 000 000 CREDIT SUISSE 0.000% 28/09/2017 EUR 70 088 424 0.85 14 000 000 GOLDMAN SACHS 0.001% 29/03/2018 EUR 14 035 527 0.17 30 000 000 LLOYDS 0.000% 31/01/2018 EUR 30 066 623 0.36 50 000 000 LLOYDS OIS + 0.100% 01/03/2018 EUR 50 012 636 0.61

150 000 000 MITSUBISHI COR 0.000% 06/06/2017 EUR 150 009 876 1.82 49 500 000 MITSUBISHI TRUST 0.000% 05/09/2017 EUR 49 553 370 0.60 25 000 000 MIZUHO BANK 0.000% 15/02/2018 EUR 25 057 861 0.30

100 000 000 NORINCHUKIN BANK 0.000% 14/08/2017 EUR 100 079 992 1.21

Sweden 406 349 665 4.93 100 000 000 NORDEA BANK 0.000% 12/06/2017 EUR 100 014 947 1.21 25 000 000 SVENSKA HANDELSBANKEN 0.000% 01/09/2017 EUR 25 029 142 0.30 50 000 000 SVENSKA HANDELSBANKEN 0.000% 03/07/2017 EUR 50 020 674 0.61 50 000 000 SVENSKA HANDELSBANKEN 0.000% 04/09/2017 EUR 50 059 812 0.61 50 000 000 SVENSKA HANDELSBANKEN 0.000% 08/11/2017 EUR 50 091 168 0.61 81 000 000 SVENSKA HANDELSBANKEN 0.000% 11/08/2017 EUR 81 076 151 0.98 50 000 000 SVENSKA HANDELSBANKEN 0.000% 31/08/2017 EUR 50 057 771 0.61

Qatar 319 672 367 3.87 100 000 000 QATAR NATIONAL BANK 0.000% 08/02/2018 EUR 100 220 968 1.21 80 000 000 QATAR NATIONAL BANK 0.000% 22/03/2018 EUR 80 198 304 0.97 40 000 000 QATAR NATIONAL BANK 0.000% 26/02/2018 EUR 40 094 167 0.49 99 000 000 QATAR NATIONAL BANK 03/11/2017 EUR 99 158 928 1.20

Luxembourg 258 552 114 3.14 56 000 000 DH EUROPE FINANCE 0.000% 07/06/2017 EUR 56 003 049 0.68 82 500 000 DH EUROPE FINANCE 0.000% 08/06/2017 EUR 82 505 134 1.00 10 000 000 DH EUROPE FINANCE 0.000% 09/06/2017 EUR 10 000 700 0.12




Quantity Denomination Quotation currency Market value % of netassets41 000 000 DH EUROPE FINANCE 0.000% 22/08/2017 EUR 41 026 485 0.50 61 000 000 DH EUROPE FINANCE 0.000% 29/06/2017 EUR 61 014 745 0.74 8 000 000 DH EUROPE FINANCE 0.000% 30/06/2017 EUR 8 002 001 0.10

Germany 209 087 035 2.53 100 000 000 BANK OF CHINA 0.000% 01/06/2017 EUR 100 000 431 1.21 50 000 000 DEUTSCHE APOTHEKER UND AERZTEBANK 0.000% 07/06/2017 EUR 50 004 181 0.61 20 000 000 LINDE AG 0.000% 05/09/2017 EUR 20 014 936 0.24 39 000 000 TOYOTA KREDITBANK 22/11/2017 EUR 39 067 487 0.47

The Netherlands 191 117 688 2.31 25 000 000 ACHMEA BANK 0.000% 14/09/2017 EUR 25 028 794 0.30

150 000 000 ING BANK NV OIS + 0.140% 15/01/2018 EUR 150 085 294 1.82 16 000 000 RABOBANK OIS + 0.100% 18/08/2017 EUR 16 003 600 0.19

Belgium 183 081 994 2.22 30 000 000 LVMH FINANCE BELGIQUE 0.000% 03/07/2017 EUR 30 010 316 0.36 50 000 000 LVMH FINANCE BELGIQUE 0.000% 18/08/2017 EUR 50 041 180 0.61 50 000 000 LVMH FINANCE BELGIQUE 0.000% 27/06/2017 EUR 50 014 066 0.61

8 000 000 LVMH FINANCE BELGIQUE 0.000% 28/06/2017 EUR 8 002 365 0.10 45 000 000 LVMH FINANCE BELGIQUE 0.000% 30/06/2017 EUR 45 014 067 0.54

Japan 176 172 150 2.14 26 000 000 NORINCHUKIN BANK 0.000% 06/10/2017 EUR 26 034 967 0.32 50 000 000 NORINCHUKIN BANK 0.000% 13/09/2017 EUR 50 057 191 0.61

100 000 000 NORINCHUKIN BANK 0.000% 14/08/2017 EUR 100 079 992 1.21

Finland 50 071 344 0.61 50 000 000 OSUUK 0.000% 28/09/2017 EUR 50 071 344 0.61

China 50 063 667 0.61 50 000 000 BANK OF CHINA 0.000% 29/09/2017 EUR 50 063 667 0.61

Total securities portfolio 6 494 665 761 78.62


Securities portfolio at 31/05/2017 Expressed in GBP



Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market

14 065 040 0.70

Bonds 6 065 040 0.30 The Netherlands 6 065 040 0.30

6 000 000 COOPERATIEVE RABOBANK 3.250% 01/11/2017 GBP 6 065 040 0.30

Floating rate bonds 8 000 000 0.40 United Kingdom 8 000 000 0.40

8 000 000 NATIONWIDE TV 23/03/2018 GBP 8 000 000 0.40


France 440 798 373 21.85 45 500 000 ACOSS 0.000% 06/07/2017 GBP 45 468 254 2.25 25 000 000 ACOSS 0.000% 18/07/2017 GBP 24 984 114 1.24 15 000 000 AFD 0.000% 11/09/2017 GBP 14 977 328 0.74 40 000 000 AFD 0.000% 17/08/2017 GBP 39 936 568 1.98 10 000 000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0.000% 07/08/2017 GBP 9 994 414 0.50 10 000 000 BPCE OIS + 0.340% 12/04/2018 GBP 10 006 399 0.50 15 000 000 BPCE OIS + 0.360% 03/04/2018 GBP 15 012 738 0.74 15 000 000 BPCES SONIA + 0.540% 01/08/2017 GBP 15 010 965 0.74 20 000 000 BPCES SONIA + 0.560% 10/10/2017 GBP 20 030 951 0.99 60 000 000 CAISSE DES DEPOTS ET CONSIGNATIONS 0.000% 10/07/2017 GBP 59 903 698 2.98

5 500 000 CAISSE DES DEPOTS ET CONSIGNATIONS 0.000% 24/07/2017 GBP 5 496 625 0.27 20 000 000 CLFDE SONIA + 0.400% 19/07/2017 GBP 20 009 468 0.99 20 000 000 CREDIT AGRICOLE CIB OIS + 0.280% 11/04/2018 GBP 20 002 537 0.99 35 000 000 CREDIT MUTUEL ARKEA 0.000% 05/07/2017 GBP 34 969 479 1.73 15 000 000 DEXCLF 0.000% 18/08/2017 GBP 14 994 721 0.74 15 000 000 DEXIA SONIA + 0.145% 04/12/2017 GBP 15 009 651 0.74 10 000 000 DEXIA SONIA + 0.220% 10/05/2018 GBP 10 011 313 0.50 10 000 000 DEXIA SONIA + 0.240% 17/04/2018 GBP 10 013 343 0.50 20 000 000 LA BANQUE POSTALE 0.000% 11/12/2017 GBP 19 958 497 0.99 10 000 000 NATIXIS SONIA + 0.540% 01/08/2017 GBP 10 007 310 0.50 25 000 000 SOCIETE GENERALE LIBOR + 0.370% 02/02/2018 GBP 25 000 000 1.24

United Kingdom 371 532 239 18.40 30 000 000 ASB FINANCE 0.000% 08/08/2017 GBP 29 958 697 1.48 20 000 000 BANK OF CHINA 0.000% 16/08/2017 GBP 19 975 565 0.99 10 000 000 CREDIT SUISSE 0.000% 01/08/2017 GBP 9 939 993 0.49 50 000 000 CREDIT SUISSE 0.000% 09/05/2018 GBP 49 744 673 2.46 15 000 000 GOLDMAN SACHS LIBOR + 0.530% 02/02/2018 GBP 15 000 000 0.74 25 000 000 GOLDMAN SACHS LIBOR + 0.530% 09/11/2017 GBP 25 000 000 1.24 10 000 000 GOLDMAN SACHS LIBOR + 0.600% 26/03/2018 GBP 10 000 000 0.50 20 000 000 LLOYDS BANK SONIA + 0.480% 29/12/2017 GBP 20 032 575 0.99 25 000 000 LLOYDS BANK SONIA + 0.760% 05/07/2017 GBP 25 014 936 1.24 15 000 000 LLOYDS SONIA + 0.360% 10/05/2018 GBP 15 010 176 0.74 42 000 000 MITSUBISHI COR 0.000% 06/06/2017 GBP 41 998 188 2.08 40 000 000 STANDARD CHARTERED BANK 0.000% 13/10/2017 GBP 39 927 968 1.98 20 000 000 THE BANK OF TOKYO 0.000% 18/10/2017 GBP 19 964 354 0.99 50 000 000 TRANSPORT FOR LONDON 0.000% 10/07/2017 GBP 49 965 114 2.48

Germany 150 864 689 7.48 70 000 000 DAIMLER 0.000% 10/07/2017 GBP 69 938 363 3.47 35 000 000 DEGEN 0.000% 06/06/2017 GBP 34 976 196 1.73 20 000 000 LDBWU 0.000% 30/06/2017 GBP 19 987 403 0.99 6 000 000 TOYOTA KREDITBANK 0.000% 23/06/2017 GBP 5 998 564 0.30

20 000 000 TOYOTA KREDITBANK 25/07/2017 GBP 19 964 163 0.99

Sweden 128 325 915 6.35 1 000 000 NORDEA BANK 0.000% 01/06/2017 GBP 999 440 0.05 6 000 000 NORDEA BANK 0.000% 02/06/2017 GBP 5 996 596 0.30

30 000 000 NORDEA BANK 0.000% 07/08/2017 GBP 29 968 714 1.48


Securities portfolio at 31/05/2017 Expressed in GBP


Quantity Denomination Quotation currency Market value % of netassets10 000 000 NORDEA BANK 0.000% 16/08/2017 GBP 9 993 702 0.49 43 400 000 STBOS 0.000% 15/08/2017 GBP 43 367 465 2.15 38 000 000 SVENSKA HANDELSBANKEN 0.235% 08/08/2017 GBP 37 999 998 1.88

Australia 104 885 325 5.19 10 000 000 BANK OF CHINA 0.000% 07/07/2017 GBP 9 985 556 0.49 20 000 000 BANK OF CHINA 16/06/2017 GBP 19 974 067 0.99 40 000 000 MIZUHO BANK 0.000% 21/06/2017 GBP 39 965 373 1.98 20 000 000 MIZUHO BANK 0.000% 23/06/2017 GBP 19 983 124 0.99 15 000 000 TOYOTA FINANCE 0.000% 19/06/2017 GBP 14 977 205 0.74

The Netherlands 79 911 557 3.95 30 000 000 ING BANK 0.000% 14/06/2017 GBP 29 961 512 1.48 20 000 000 PACCA 0.000% 30/06/2017 GBP 19 996 346 0.99 30 000 000 TOYOTA MOTOR FINANCE 0.000% 30/11/2017 GBP 29 953 699 1.48

Finland 69 928 936 3.46 9 000 000 OSUUK 0.000% 05/09/2017 GBP 8 994 243 0.45

10 000 000 OSUUK 0.000% 13/07/2017 GBP 9 985 459 0.49 40 000 000 OSUUK 0.000% 31/07/2017 GBP 39 965 459 1.98 11 000 000 POHJOLA 0.000% 17/07/2017 GBP 10 983 775 0.54

Denmark 69 870 918 3.45 30 000 000 DANSKE BANK 0.000% 24/07/2017 GBP 29 933 695 1.48 10 000 000 NY KREDIT BANK 0.000% 10/08/2017 GBP 9 992 695 0.49 30 000 000 NY KREDIT BANK 0.000% 25/09/2017 GBP 29 944 528 1.48

Qatar 69 855 195 3.46 25 000 000 QATAR NATIONAL BANK 0.000% 10/11/2017 GBP 24 952 004 1.24 30 000 000 QATAR NATIONAL BANK 0.000% 12/06/2017 GBP 29 914 641 1.48 15 000 000 QATAR NATIONAL BANK 0.000% 14/06/2017 GBP 14 988 550 0.74

United States of America 60 050 824 2.98 35 000 000 WELLS FARGO BANK 0.460% 09/10/2017 GBP 35 032 373 1.74 25 000 000 WELLS FARGO BANK 0.460% 11/09/2017 GBP 25 018 451 1.24

Belgium 59 969 949 2.98 60 000 000 SUMITOMO MITSUI BANKING CORPORATION 0.000% 02/06/2017 GBP 59 969 949 2.98

Luxembourg 29 977 905 1.48 30 000 000 DZ PRIVATBANK SA 0.000% 22/06/2017 GBP 29 977 905 1.48






Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market

317 581 527 11.50

Bonds 63 284 508 2.30 France 63 284 508 2.30

280 000 BPCE 3.900% 30/10/2017 EUR 284 508 0.01 30 000 000 CIC EONIA + 0.195% 15/05/2019 EUR 30 000 000 1.09 25 000 000 CREDIT DU NORD EURIBOR + 0.340% 15/06/2018 BMTN EUR 25 000 000 0.91 8 000 000 CREDIT DU NORD OIS + 0.200% 22/05/2019 BMTN EUR 8 000 000 0.29

Floating rate bonds 254 297 019 9.20 The Netherlands 95 360 361 3.45

1 481 000 ABN AMRO BANK TV 10-06/11/2017 EUR 1 498 565 0.05 3 000 000 BMW FINANCE 16-17/10/2018 FRN EUR 3 003 900 0.11 4 500 000 BMW FINANCE TV 17-03/04/2019 EUR 4 511 700 0.16

35 000 000 COOPERATIEVE RABOBANK NL 16-15/01/2018 FRN EUR 35 069 650 1.27 2 200 000 ING BANK NV 15-05/06/2017 FRN EUR 2 200 176 0.08

10 000 000 ING BANK TV 15-14/08/2017 EUR 10 014 300 0.36 8 000 000 ING BANK TV 16-19/02/2018 EUR 8 026 880 0.29 1 000 000 ING BANK TV 31/08/2017 EUR 999 790 0.04

30 000 000 RABOBANK 15-12/10/2017 FRN EUR 30 035 400 1.09

United States of America 49 196 117 1.78 5 800 000 COCA-COLA TV 17-08/03/2019 EUR 5 820 358 0.21 2 000 000 HONEYWELL INTERNATIONAL 16-22/02/2018 FRN EUR 2 003 840 0.07

17 500 000 JP MORGAN CHASE 15-12/06/2017 FRN EUR 17 503 325 0.63 20 000 000 JP MORGAN CHASE 16-14/06/2018 FRN EUR 20 054 800 0.73 3 800 000 PFIZER TV 17-06/03/2019 EUR 3 813 794 0.14

France 43 059 536 1.57 1 900 000 AIR LIQUIDE FIN 16-13/06/2018 FRN EUR 1 903 496 0.07

20 000 000 BPCE 16-05/02/2018 FRN EUR 20 032 737 0.73 20 000 000 HSBC FRANCE 15-25/09/2017 FRN EUR 20 019 200 0.73 1 100 000 LVMH TV 26/11/2018 EUR 1 104 103 0.04

Germany 27 007 920 0.98 14 000 000 DAIMLER AG TV 15-18/09/2017 EUR 14 005 320 0.51 5 000 000 DEKABANK TV 16-03/05/2018 EUR 5 000 600 0.18 8 000 000 MERCK FIN SERVIC 15-01/09/2017 FRN EUR 8 002 000 0.29

Canada 14 580 285 0.52 10 000 000 BANK OF NOVA SCOTIA 16-20/04/2018 FRN EUR 10 071 600 0.36 4 500 000 CAISSE CENTRALE DESJARDINS DU QUEBEC 16-19/01/2018 FRN EUR 4 508 685 0.16

Denmark 10 064 300 0.36 10 000 000 DANSKE BANK TV 16-02/03/2018 EUR 10 064 300 0.36

Sweden 10 013 500 0.36 10 000 000 DANSKE BANK TV 15-13/11/2017 EUR 10 013 500 0.36

Belgium 5 015 000 0.18 5 000 000 BELFIUS BANQUE TV 17-25/04/2019 EUR 5 015 000 0.18


France 785 896 905 28.46 105 000 000 BANQUE FEDERATIVE DU CREDIT MUTUEL EONIA + 0.210% 02/10/2017 EUR 105 073 452 3.81 20 000 000 BNP PARIBAS EONIA + 0.080% 05/03/2018 EUR 20 001 804 0.72 80 000 000 BNP PARIBAS EONIA + 0.300% 01/09/2017 EUR 80 065 680 2.90 80 000 000 BPCES EONIA + 0.330% 01/09/2017 EUR 80 071 880 2.90 10 000 000 CIC ET UNION EUROPEENNE EONIA + 0.290% 01/08/2017 EUR 10 005 785 0.36 85 000 000 CIC ET UNION EUROPEENNE EONIA 02/10/2017 EUR 85 059 461 3.08 20 000 000 DANONE 0.000% 27/10/2017 EUR 20 017 761 0.73 10 000 000 DEXIA 0.100% 05/02/2018 EUR 10 005 678 0.36 25 000 000 ENGIE OIS + 0.070% 06/11/2017 EUR 24 988 448 0.91 40 000 000 ENGIE OIS + 0.230% 12/07/2017 EUR 40 004 918 1.45 15 000 000 GDF EONIA + 0.230% 10/07/2017 EUR 15 001 674 0.54




Quantity Denomination Quotation currency Market value % of netassets10 000 000 GDF EONIA + 0.300% 05/10/2017 EUR 10 005 071 0.36 20 000 000 GDF EONIA + 0.300% 11/10/2017 EUR 20 010 326 0.73 10 000 000 ICADE 0.000% 26/06/2017 EUR 10 002 203 0.36 20 000 000 KERING FINANCE 0.000% 05/06/2017 EUR 20 000 847 0.72 41 000 000 KLEPIERRE 0.000% 25/10/2017 EUR 41 036 099 1.49 5 000 000 KLEPIERRE 0.000% 31/08/2017 EUR 5 003 341 0.18 8 000 000 LAGARDERE 0.000% 29/06/2017 EUR 8 001 128 0.29

60 000 000 NATIXIS EONIA + 0.090% 03/04/2018 EUR 60 005 442 2.17 5 000 000 PARIS 0.000% 06/03/2018 EUR 5 006 165 0.18

15 500 000 RENAULT 0.000% 06/06/2017 EUR 15 500 767 0.56 25 000 000 SAFRA 0.000% 11/01/2018 EUR 25 013 348 0.91 15 000 000 SAFRA 0.000% 22/01/2018 EUR 15 007 777 0.54 20 000 000 SCHNEIDER 0.000% 06/06/2017 EUR 20 001 017 0.72 6 000 000 SCHNEIDER 0.000% 12/06/2017 EUR 6 000 640 0.22 5 000 000 SEB 0.000% 27/03/2018 EUR 5 006 193 0.18

30 000 000 ZODIAC 0.000% 09/08/2017 EUR 30 000 000 1.09

United Kingdom 402 538 931 14.60 45 000 000 BANK OF CHINA 0.000% 02/05/2018 EUR 45 120 494 1.64 25 000 000 BANK OF CHINA 0.000% 05/04/2018 EUR 25 064 011 0.91

100 000 000 BARCLAYS BANK OIS + 0.230% 14/05/2018 EUR 100 089 237 3.63 30 000 000 BARCLAYS BANK OIS + 0.240% 14/02/2018 EUR 30 030 378 1.09 27 000 000 CREDIT SUISSE 0.000% 08/11/2017 EUR 27 044 273 0.98 50 000 000 CREDIT SUISSE 0.000% 09/05/2018 EUR 50 136 297 1.82 20 000 000 CREDIT SUISSE 0.000% 15/09/2017 EUR 20 023 194 0.73 20 000 000 IMPERIAL BRANDS 0.000% 06/07/2017 EUR 20 003 014 0.72 10 000 000 IMPERIAL BRANDS FINANCE 0.000% 27/07/2017 EUR 10 002 478 0.36 30 000 000 LLOYDS 0.125% 17/01/2018 EUR 30 014 183 1.09 45 000 000 LLOYDS OIS + 0.100% 01/03/2018 EUR 45 011 372 1.63

Belgium 176 542 179 6.40 39 000 000 ANHEUSER-BUSCH INBEV 0.000% 29/05/2018 EUR 39 004 493 1.41 40 000 000 BELFIUS BANK 0.000% 25/09/2017 EUR 40 044 605 1.45

5 000 000 INBEV 0.000% 15/11/2017 EUR 5 002 772 0.18 30 000 000 VOLKSWAGEN GROUP SERVICES 0.000% 01/02/2018 EUR 30 006 179 1.09 22 500 000 VOLKSWAGEN GROUP SERVICES 0.000% 07/05/2018 EUR 22 493 918 0.82 40 000 000 VOLKSWAGEN GROUP SERVICES 0.000% 27/04/2018 EUR 39 990 212 1.45

Italy 143 253 686 5.19 50 000 000 ITALY TREASURY BILL 0.000% 28/03/2018 EUR 50 120 691 1.82 23 000 000 ITALY TREASURY BILL 31/08/2017 EUR 23 021 179 0.83 50 000 000 UNICREDIT EUR + 0.340% 11/01/2018 EUR 50 078 717 1.81 20 000 000 UNICREDITO EONIA + 0.320% 07/03/2018 EUR 20 033 099 0.73

Spain 140 166 132 5.09 20 000 000 BANCO BILBAO VIZCAYA 0.000% 12/10/2017 EUR 20 024 526 0.73 25 000 000 BANCO BILBAO VIZCAYA 0.000% 24/11/2017 EUR 25 038 450 0.91 70 000 000 ESPAGNE TREASURY BILL 0.000% 18/08/2017 EUR 70 058 113 2.54 25 000 000 SANTANDER COMMERCIAL PAPER 0.000% 04/01/2018 EUR 25 045 043 0.91

Germany 127 565 302 4.62 20 000 000 BAYER 0.000% 06/06/2017 EUR 20 001 133 0.72 40 000 000 COMMERZBANK 0.000% 11/09/2017 EUR 40 031 101 1.45 25 000 000 LANDE 0.000% 03/01/2018 EUR 25 050 816 0.91 30 000 000 VOLKSWAGEN FINANCIAL SERVICES 0.000% 01/09/2017 EUR 29 984 968 1.09 12 500 000 VOLKSWAGEN INTERNATIONAL 0.000% 20/04/2018 EUR 12 497 284 0.45

The Netherlands 124 521 962 4.51 25 000 000 ING BANK NV OIS + 0.170% 04/01/2018 EUR 25 018 671 0.91 9 000 000 TELEFONICA EUROPE 0.000% 06/06/2017 EUR 9 000 383 0.33 8 000 000 TELEFONICA EUROPE 0.000% 06/10/2017 EUR 8 006 493 0.29

15 000 000 TELEFONICA EUROPE 0.000% 07/08/2017 EUR 15 007 270 0.54 8 000 000 TELEFONICA EUROPE 0.000% 08/11/2017 EUR 8 007 505 0.29

11 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 04/05/2018 EUR 10 997 041 0.40 6 500 000 VOLKSWAGEN INTERNATIONAL 0.000% 04/08/2017 EUR 6 492 097 0.24




Quantity Denomination Quotation currency Market value % of netassets3 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 07/05/2018 EUR 2 999 189 0.11

10 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 09/05/2018 EUR 9 997 277 0.36 10 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 22/03/2018 EUR 9 998 927 0.36 4 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 27/04/2018 EUR 3 999 025 0.14

15 000 000 VOLKSWAGEN INTERNATIONAL 0.000% 29/03/2018 EUR 14 998 084 0.54

Denmark 110 050 636 3.99 70 000 000 JYSKE BANK EONIA + 0.130% 02/03/2018 EUR 70 013 380 2.54 40 000 000 JYSKE BANK EONIA + 0.240% 03/01/2018 EUR 40 037 256 1.45

Qatar 100 161 637 3.64 20 000 000 QATAR NATIONAL BANK 03/11/2017 EUR 20 032 107 0.73 25 000 000 QATAR NATIONAL BANK 07/11/2017 EUR 25 040 824 0.91 25 000 000 QATAR NATIONAL BANK 08/11/2017 EUR 25 040 994 0.91 30 000 000 QATAR NATIONAL BANK 09/11/2017 EUR 30 047 712 1.09

Luxembourg 30 046 662 1.09 30 000 000 BANK OF CHINA 0.000% 27/10/2017 EUR 30 046 662 1.09

Ireland 24 043 939 0.87 4 000 000 JOHNSON CONTROL 0.000% 30/06/2017 EUR 4 000 367 0.14

20 000 000 SPIBK 0.000% 23/03/2018 EUR 20 043 572 0.73

United States of America 21 002 971 0.76 15 000 000 FORTIVE CORP 0.000% 13/07/2017 EUR 15 001 523 0.54 6 000 000 HONEYWELL INTERNATIONAL 0.000% 06/07/2017 EUR 6 001 448 0.22

Sweden 20 024 759 0.73 20 000 000 SCANIA CV 0.000% 19/03/2018 EUR 20 024 759 0.73

Shares/Units in investment funds 134 437 695 4.87

France 134 437 695 4.87 1 249.00 BNP PARIBAS CASH INVEST - I - CAP EUR 71 301 426 2.58

62 734.00 BNP PARIBAS TRESORERIE - X - CAP EUR 63 136 269 2.29



Securities portfolio at 31/05/2017 Expressed in USD




France 762 986 912 24.59 70 000 000 ACOSS 0.000% 10/07/2017 USD 69 793 435 2.26 50 000 000 ACOSS 0.000% 19/07/2017 USD 49 842 388 1.60 30 000 000 AGENCE FRANCAISE DE DEVELOPPEMENT 0.000% 11/09/2017 USD 29 801 837 0.96 25 000 000 AGENCE FRANCAISE DE DEVELOPPEMENT 0.000% 17/08/2017 USD 24 842 122 0.80 30 000 000 BPCE 0.640% 05/02/2018 USD 30 047 544 0.97

250 000 000 BRED BANQUE POPULAIRE 0.000% 01/06/2017 USD 249 992 777 8.05 30 000 000 DEXIA FED + 0.620% 16/01/2018 USD 30 072 550 0.97 20 000 000 LA BANQUE POSTALE 0.000% 11/08/2017 USD 19 936 469 0.64 50 000 000 LA BANQUE POSTALE 0.000% 27/06/2017 USD 50 000 000 1.61 50 000 000 LA BANQUE POSTALE FED + 0.830% 12/01/2018 USD 50 136 722 1.62 42 000 000 L'OREAL 0.000% 23/06/2017 USD 41 961 878 1.35 36 500 000 SNCF MOB 0.000% 16/06/2017 USD 36 468 119 1.17 75 000 000 SOCIETE GENERALE FED + 0.610% 28/03/2018 USD 75 095 651 2.43 5 000 000 SODEXO 0.000% 09/06/2017 USD 4 995 420 0.16

Germany 341 855 489 11.01 39 000 000 ALLIANZ 0.000% 04/08/2017 USD 38 850 536 1.25 30 000 000 ALLIANZ 0.000% 22/08/2017 USD 29 910 762 0.96 70 000 000 DEKABANK DEUTSCHE GIROZENTRALE 0.000% 23/06/2017 USD 69 934 949 2.26 50 000 000 DEKABANK DEUTSCHE GIROZENTRALE 0.000% 23/08/2017 USD 49 845 828 1.60

120 000 000 DEUTSCHE BAHN 0.000% 22/06/2017 USD 119 895 451 3.87 14 000 000 LINDE AG 0.000% 07/08/2017 USD 13 960 073 0.45 6 000 000 MERCK FINANCIAL SERVICES 0.000% 26/07/2017 USD 5 987 817 0.19

13 500 000 MERCK FINANCIAL SERVICES 0.000% 31/07/2017 USD 13 470 073 0.43

The Netherlands 313 530 464 10.08 35 000 000 ABN AMRO BANK 0.000% 05/04/2018 USD 34 427 863 1.11 50 000 000 ABN AMRO BANK 0.000% 07/09/2017 USD 49 727 958 1.60 15 000 000 ABN AMRO BANK 0.000% 09/05/2018 USD 14 749 803 0.47 20 000 000 JT INTL FINL SERV 0.000% 26/06/2017 USD 19 979 008 0.64 20 000 000 JT INTL FINL SERV 0.000% 27/07/2017 USD 19 939 477 0.64 35 000 000 NUON 0.000% 28/06/2017 USD 34 895 847 1.12 50 000 000 RABOBANK LIBOR + 0.480% 01/02/2018 USD 50 073 591 1.62 40 000 000 SCHLUMBERGER FINANCE 0.000% 10/07/2017 USD 39 884 983 1.28 5 000 000 SCHLUMBERGER FINANCE 0.000% 14/08/2017 USD 4 984 634 0.16

25 000 000 SCHLUMBERGER FINANCE 0.000% 17/08/2017 USD 24 924 809 0.80 20 000 000 SCHLUMBERGER FINANCE 0.000% 18/07/2017 USD 19 942 491 0.64

United Kingdom 275 922 096 8.88 20 000 000 ASB FINANCE LIBOR + 0.420% 07/06/2017 USD 20 002 598 0.64 20 000 000 BANK OF CHINA 0.000% 22/06/2017 USD 19 925 097 0.64 20 000 000 GOLDMAN SACHS LIBOR + 0.710% 26/03/2018 USD 20 051 514 0.65 40 000 000 GOLDMAN SACHS LIBOR + 0.770% 02/02/2018 USD 40 138 339 1.29 30 000 000 LLOYDS LIBOR + 0.630% 02/02/2018 USD 30 074 962 0.97 20 000 000 LLOYDS LIBOR + 0.630% 05/02/2018 USD 20 050 130 0.65 21 000 000 MIZUHO BANK 0.000% 17/08/2017 USD 20 933 370 0.67 25 000 000 NATIONAL AUSTRALIAN BANK LIBOR + 0.520% 23/01/2018 USD 25 067 959 0.81 45 000 000 STAN 0.000% 29/09/2017 USD 44 687 124 1.44 25 000 000 STANDARD CHARTERED BANK LIBOR 3 M + 0.370% 05/06/2017 USD 24 999 621 0.80 10 000 000 TORONTO DOMINION BANK 0.000% 27/06/2017 USD 9 991 382 0.32

Belgium 239 500 182 7.70 35 000 000 KBC BANK 0.000% 04/08/2017 USD 34 895 740 1.12 30 000 000 KBC BANK 0.000% 08/06/2017 USD 29 929 151 0.96 50 000 000 KBC BANK 0.000% 22/06/2017 USD 49 843 236 1.60 25 000 000 LVMH FINANCE BELGIQUE 0.000% 12/06/2017 USD 24 977 304 0.80 75 000 000 SUMITOMO MITSUI BANKING CORPORATION 0.000% 12/06/2017 USD 74 932 879 2.42 25 000 000 SUMITOMO MITSUI BANKING CORPORATION 0.000% 14/08/2017 USD 24 921 872 0.80


Securities portfolio at 31/05/2017 Expressed in USD



Luxembourg 107 429 467 3.45 20 000 000 BANK OF CHINA 0.000% 07/02/2018 USD 19 665 858 0.63 38 000 000 DZ PRIVATBANK S.A. 0.000% 10/07/2017 USD 37 891 690 1.22 50 000 000 DZ PRIVATBANK S.A. 0.000% 19/07/2017 USD 49 871 919 1.60

United States of America 103 846 420 3.34 25 000 000 DEXIA CREDIT LOCAL LIBOR 1 M + 0.510% 19/06/2017 USD 25 005 846 0.80 25 000 000 JP MORGAN SECURITIES LIBOR 3 M + 0.400% 19/10/2017 USD 25 034 778 0.81 9 000 000 ZURICH HOLDING COMPANY OF AMERICA 0.000% 08/08/2017 USD 8 972 926 0.29 9 000 000 ZURICH HOLDING COMPANY OF AMERICA 0.000% 10/07/2017 USD 8 973 442 0.29

36 000 000 ZURICH HOLDING COMPANY OF AMERICA 0.000% 26/06/2017 USD 35 859 428 1.15

Japan 99 671 336 3.20 50 000 000 DEVBA 0.000% 26/07/2017 USD 49 836 367 1.60 50 000 000 JAPAN POST BANK 0.000% 02/08/2017 USD 49 834 969 1.60

Finland 89 664 002 2.88 50 000 000 OSUUK 0.000% 10/08/2017 USD 49 798 848 1.60 10 000 000 OSUUK 0.000% 21/07/2017 USD 9 955 189 0.32 30 000 000 OSUUK 0.000% 26/07/2017 USD 29 909 965 0.96

Australia 70 247 655 2.26 50 000 000 BANK OF CHINA 0.000% 10/07/2017 USD 49 807 187 1.60 10 000 000 BANK OF CHINA SYDNEY 0.000% 13/06/2017 USD 9 988 632 0.32 10 500 000 TOYOTA FINANCE AUSTRALIA 0.000% 10/08/2017 USD 10 451 836 0.34

Sweden 59 891 879 1.92 40 000 000 AKADEMISKA 0.000% 09/06/2017 USD 39 889 369 1.28 20 000 000 NORDEA BANK LIBOR 3 M + 0.400% 07/06/2017 USD 20 002 510 0.64

Canada 29 918 934 0.96 30 000 000 TORONTO DOMINION BANK 0.000% 09/06/2017 USD 29 918 934 0.96

Qatar 29 508 221 0.95 30 000 000 QATAR NATIONAL BANK 0.000% 07/02/2018 USD 29 508 221 0.95

New Zealand 25 032 671 0.81 25 000 000 BNZ INTERNATIONAL FUNDING LIBOR + 0.490% 04/10/2017 USD 25 032 671 0.81

Singapore 24 928 744 0.80 25 000 000 OCBC BANK AUSTRALIA 0.000% 10/07/2017 USD 24 928 744 0.80

Denmark 23 720 861 0.76 23 800 000 DANSKE BANK 0.000% 13/07/2017 USD 23 720 861 0.76

China 19 663 208 0.63 20 000 000 BANK OF CHINA 03/05/2018 USD 19 663 208 0.63


Notes to the financial statements


Notes to the financial statements at 31/05/2017

Page 24

Note 1 - General Information

a) Events that occurred during the financial year ended 31 May 2017

No special event occurred during this financial year.

b) Sub-funds open

On 31 May 2017 the Company comprised four sub-funds, all of them being open for subscriptions:

BNP Paribas InstiCash EUR, expressed in euros (EUR); BNP Paribas InstiCash GBP, expressed in Pound Sterling (GBP); BNP Paribas InstiCash Money 3M EUR, expressed in euros (EUR); BNP Paribas InstiCash USD, expressed in United States Dollar (USD).

The investment objective of the sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD seeks to achieve a return in line with prevailing money market rates while aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.

The investment objective of BNP Paribas InstiCash Money 3M EUR seeks to achieve the best possible return in line with prevailing money market rates, over a 3-month period corresponding to the recommended investment horizon of the fund.

The sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD are invested in a diversified portfolio of money market instruments such as certificates of deposit, treasury bills, commercial papers and medium term notes issued in the sub-funds currencies.

The sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD are short-term money market funds as defined by ESMA.

The sub-fund BNP Paribas InstiCash Money 3M EUR is invested in a diversified portfolio of high quality money market instruments such as certificates of deposit, treasury bills, commercial papers and medium term notes issued in EUR.

The sub-fund BNP Paribas InstiCash Money 3M EUR is a money market fund as defined by ESMA.

All the sub-funds also invest in reverse repurchase agreements with leading counterparties, as defined in the Prospectus. Each sub-fund may also, hold up to 49% of its net assets in cash on an ancillary basis.

The sub-funds may also use financial derivative instruments (interest rate swaps) for hedging purpose only for BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD, and for hedging or exposure purpose for the sub-fund BNP Paribas InstiCash Money 3M EUR.

The impact of these financial derivative instruments will be taken into account for the calculation of the weighted average maturity (interest rate risk) of the sub-funds. These financial derivative instruments will be used in line with the money market investment strategy of the sub-fund.

Note 2 - Principal accounting methods

The financial statements of the Company are made in accordance with the regulatory requirements and the accounting policies generally admitted in the Grand Duchy of Luxembourg. The financial statements of BNP Paribas InstiCash represent the sum of the financial statements of each sub-fund of the Company.

These financial statements have been drawn up in euros (EUR) by converting the financial statements of each sub-fund using the exchange rates in effect at the balance sheet date (see Note 8). The financial statements of the Fund have been drawn up on the basis of the last net asset value calculated during the financial year.

a) Net asset value

This annual report is prepared on the basis of the last net asset value as at 31 May 2017.



Page 25

b) Foreign currencies

The financial statements of each sub-fund of the Company are expressed in the working currency of the sub-fund and its accounting records are kept in that currency. Assets and liabilities in other currencies are recorded in the currency of the sub-fund based on the exchange rate in effect in Luxembourg on the Valuation Day. Income and expenses in other currencies are recorded in the currency of the sub-fund based on the exchange rate in effect at the date of the transaction.

The resulting exchange differences are recorded in the statement of operations and changes in net assets.

The consolidated accounts are expressed in euros (EUR) and are provided for information purposes only. For the purposes of consolidation the corresponding items in the statements of the sub-fund are converted into euros at the exchange rates prevailing at balance sheet date.

c) Valuation of investments

The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the last known closing price on the valuation day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded; if this price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner.

Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner is recognized and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.

Security transactions are accounted for on the date the securities are purchased or sold. Realized gains or losses on securities sold are computed on a weighted average cost basis.

Fixed rate bonds with a maturity lower than three months and floating-rate bonds with a less than one year maturity and of which the coupon is fixed at least quarterly are considered to be money market instruments and are valued as such.

Where practice allows, liquid assets, money market instruments and all other instruments may be valued at nominal value plus any accrued interest or according to the linear amortisation method. The decision to value the portfolios assets by the linear amortisation method must be approved by the Board of Directors, which must give reasons for its decision. The Board of Directors shall put in place adequate verifications for the valuation of these instruments.

The results of the valuation according to the linear amortisation method are included under the heading Other assets in the statement of net assets and under the heading Income on investments and assets in the statement of operations and changes in net assets.

d) Interest

Interest is recognized on a prorata basis after deduction of any withholding taxes that may be applicable.

e) Valuation of Swap transactions

Swap transactions on interest rates are valued at their market value established by reference to the applicable curve of the interest rates. Swap transactions on financial instruments or indices are valued at their market value established by reference to the financial instruments or indices concerned. Valuation of the swap contracts relating to said financial instruments or indices is based on the market value of the swap transactions, in accordance with the procedures laid down by the Board of Directors.

The interest receivable and payable on swap transactions is included in the statement of net assets under the heading Other assets or Other liabilities and in the statement of operations and changes in net assets under the heading Income on investments and assets or Interest on swaps.

f) Valuation of reverse repurchase transactions

Reverse repurchase transactions are valued at their purchase value plus interest accrued since the purchase date.



Page 26

Note 3 - Management fees (maximum per annum)

Management fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class, are paid to the Management Company and serve to cover remuneration of the asset managers and also distributors in connection with the marketing of the Company's stock.

The management fees applicable to the Classic category are applicable to all share sub-categories and classes with the word Classic in their denomination.

The management fees applicable to the I category are applicable to all share sub-categories and classes with the word I in their denomination.

The management fees applicable to the Privilege category are applicable to all share sub-categories and classes with the word Privilege in their denomination.

No management fee is applied to the X class.

Sub-fund Classic Privilege I BNP Paribas InstiCash EUR 0.35% 0.25% 0.15% BNP Paribas InstiCash GBP 0.35% 0.25% 0.15% BNP Paribas InstiCash Money 3M EUR 0.35% 0.25% 0.15% BNP Paribas InstiCash USD 0.35% 0.25% 0.15%

A sub-fund may not invest in a UCITS, or other UCI (underlying), with a management fee exceeding 3% per annum.

Note 4 - Other fees

Other fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, one-off expenses, and the taxe dabonnement in force in Luxembourg, as well as any other specific foreign tax.

Note 5 - Taxes

At the date of the Prospectus (December 2016), the Company is not liable to any Luxembourg income tax or capital gains tax.

The Company is liable to an annual taxe dabonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for:

a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions;

b) sub-funds with the exclusive objective of collective investments with credit institutions;

c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.

The following are exempt from this taxe dabonnement:

a) the value of assets represented by units, or shares in other UCIs, provided that these units or shares have already been subject to the taxe dabonnement;

b) sub-funds, categories, and/or classes:

i. whose securities are reserved to Institutional Investors, Managers, or UCIs and ii. whose sole object is the collective investment in money market instruments and the placing of deposits with

credit institutions, and



Page 27

iii. whose weighted residual portfolio maturity does not exceed 90 days, and iv. that have obtained the highest possible rating from a recognized rating agency;

c) sub-funds, share categories and/or classes reserved to:

i. institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and

ii. companies having one or more employers investing funds to provide pension benefits to their employees;

d) sub-funds whose main objective is investment in microfinance institutions;

e) sub-funds, shares categories and/or classes:

i. whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and

ii. whose exclusive object is to replicate the performance of one or several indices.

When due, the taxe dabonnement is payable quarterly based on the relevant net assets and calculated at the end of the quarter for which it is applicable.

In addition, the Company may be subject to foreign UCIs tax, and/or other regulators levy, in the country where the sub-fund is registered for distribution.

Taxation of the Companys investments

Some of the Companys portfolio income, especially income on dividends and interest, as well as certain capital gains, may be subject to tax at various rates and of different types in the countries in which they are generated. This income and capital gains may also be subject to withholding tax. Under certain circumstances, the Company may not be eligible for the international agreements preventing double taxation that exist between the Grand Duchy of Luxembourg and other countries. Some countries will only consider that persons taxable in Luxembourg qualify under these agreements.

Taxation of shareholders

a) Residents of the Grand Duchy of Luxembourg

On the date of the Prospectus (December 2016), the dividends earned and capital gains made on the sale of shares by residents of the Grand Duchy of Luxembourg are not subject to withholding tax.

Dividends are taxable at the base rate.

Capital gains made on the sale of shares are not subject to income tax if the shares are held for a period of over six months, except in the case of resident shareholders holding over 10% of the shares of the Company.

b) Non-residents

In principle, according to current law and in the event that the provisions of Directive 2011/16 as specified in item c) below do not apply:

- the dividends earned and the capital gains made on the sale of shares by non-residents are not subject to withholding tax;

- the capital gains made by non-residents on the sale of shares are not subject to Luxembourg income tax.

Nevertheless, if there is a dual tax convention between the Grand Duchy and the shareholders country of residence, the capital gains made on the sale of shares are tax-exempt in principle in Luxembourg, with the taxation authority being attributed to the shareholders country of residence.

c) Residents of another member state of the European Union, including the French overseas departments, the Azores, Madeira, the Canary Islands, the land Islands and Gibraltar.

Any individual who receives dividends from the Company or the proceeds from the sale of shares in the Company through a paying agent based in a state other than the one in which he resides is advised to seek information on the legal and regulatory provisions applicable to him.

Most countries covered by Directive 2011/16 will report to the tax authorities in the state of residence of the beneficial owner of the income the total gross amount relating to the amount distributed by the Company and/or the total gross proceeds from the sale, refund or redemption of shares in the Company.



Page 28

Until 31 December 2014, instead of such reporting, the Grand Duchy of Luxembourg, as well as certain other countries, including Austria and Switzerland, will generally apply a withholding tax on the interest and other income related to interest paid to a beneficial owner resident in another member state. This withholding tax will be 35%. Such withholding will be taken into consideration for tax purposes by the tax authority of the state of residence of the individual, in accordance with applicable tax law. The beneficial owner may instruct the paying agent to submit to the information-exchange system or to use a tax certificate as an alternative to the withholding tax.

d) Residents of third countries or territories

No withholding tax is levied on interest paid to residents of third countries or territories. Nevertheless, in the framework of Automatic Exchange of Information package (AEOI) covering fiscal matters elaborated by OECD, the Financial Institution residents of the States participants of AEOI will communicate to the Fiscal Authority of participating State of residence of the revenues beneficiary, the financial and personal information as defined by this regulation. The list of countries that are signatories of the AEOI is available on the website: http://www.oecd.org/tax/automatic-exchange/

e) US Tax

Under the Foreign Account Tax Compliance Act (FATCA) provisions coming into force as from 1 July 2014, in the case the Company invests directly or indirectly in US assets, income received from such US investments could be subject to a 30% US withholding tax.

To avoid such withholding tax the United States have entered, on 28 March 2014, into an intergovernmental agreement (the IGA) with the Grand Duchy of Luxembourg under which the Luxembourg financial institutions undertake due diligence to report certain information on their direct or indirect U.S. investors to the Luxembourg Tax authorities. Such information will be onward reported by the Luxembourg tax authorities to the U.S. Internal Revenue Services (IRS).

The foregoing provisions are based on the Law and practices currently in force, and are subject to change. Potential investors are advised to seek information in their country of origin, place of residence or domicile on the possible tax consequences associated with their investment. The attention of investors is also drawn to certain tax provisions specific to individual countries in which the Company publicly markets its shares.

Note 6 - Reverse repurchase agreements

In accordance with the Circulars 08/356 and 14/592, each sub-fund may engage in reverse repurchase agreements. Reverse repurchase agreements consist of a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the asset sold and the sub-fund the obligation to return the asset received under the transaction.

However, the involvement of a sub-fund in such agreements is subject to the following rules:

a) Each sub-fund may buy securities with reverse repurchase options only if the counterparties in these agreements are first-rank financial institutions specialising in this type of transaction; and

b) During the lifetime of a reverse repurchase agreement, a sub-fund may not sell the securities forming the subject of the contract until the counterpartys reverse repurchase option has been exercised or the reverse repurchase term has expired.

In addition, each sub-fund must ensure that the value of the repurchase agreement transactions is at a level that the sub-fund is capable at all times of meeting its share/unit repurchase obligations to shareholders/unitholders.

The securities which are the subject of reverse repurchase transactions must be compliant with the investment policy of the Company and must together with the other securities which the Company holds in its portfolio, globally comply with the investment restrictions of the Company.

A sub-fund that enters into a reverse repurchase agreement will ensure that:

- At any time the sub-fund may recall the full amount of cash or terminate the reverse repurchase agreement on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreement should be used for the calculation of the net asset value of the sub-fund.

- At any time the sub-fund may recall any securities subject to the reverse repurchase agreement or terminate the repurchase agreement into which it has entered.

For the sub-fund BNP Paribas InstiCash EUR, the account Other fees includes an amount of EUR 4 953 857 relating to interest paid on reverse repurchase transactions and the account Income on investments and assets includes an amount of EUR 54 460 relating to interest collected on reverse repurchase transactions.



Page 29

For the sub-fund BNP Paribas InstiCash GBP, the account Income on investments and assets includes an amount of GBP 198 605 relating to interest collected on reverse repurchase transactions.

For the sub-fund BNP Paribas InstiCash Money 3M EUR, there is no interest collected on reverse repurchase transactions.

For the sub-fund BNP Paribas InstiCash USD, there is no interest collected on reverse repurchase transactions.

As at 31 May 2017, the Company was engaged in securities reverse repurchase transactions for which the following securities were purchased through the sub-fund BNP Paribas InstiCash EUR:


Currency Nominal Description Maturity Purchase price and

interest receivable at the closing date in EUR

EUR 48 586 573 ALLEMAGNE 15/04/2023 FRN 31/05/2017 54 999 298 EUR 48 543 690 ALLEMAGNE 15/04/2023 FRN 01/06/2017 55 000 001 EUR 111 806 798 ALLEMAGNE 26 INF FRN 31/05/2017 124 998 403 EUR 111 607 143 ALLEMAGNE 26 INF FRN 01/06/2017 125 000 000 EUR 299 914 311 BELGIUM OLO 3.750% 28/09/2020 31/05/2017 349 995 529 EUR 299 657 535 BELGIUM OLO 3.750% 28/09/2020 01/06/2017 350 000 001 EUR 432 525 952 NETHERLANDS 2.000% 15/07/2024 31/05/2017 499 993 612 EUR 432 152 118 NETHERLANDS 2.000% 15/07/2024 01/06/2017 500 000 000

EUR 15 000 000 KRED WIRDERAUFBAU 0.000% 24/04/2022 31/05/2017 15 121 311






EUR 298 127 000 CAISSE FRANCAISE DE

FINANCEMENT LOCAL 4.250% 26/01/2021

31/05/2017 349 996 820

Total 2 559 980 816

Counterparties to reverse repurchase agreements:

Banque Postale Repo Credit Agricole CIB



Page 30

Note 7 - Share currencies

The net asset value per share is priced in the currency of the share class and not in the currency of the sub-fund in the section Key figures relating to the last 3 years.

Note 8 - Exchange rates

The exchange rates used for consolidation and for share classes denominated in a currency other than the reference currency of the relevant sub-fund as at 31 May 2017 were the following:

1 EUR = 0.87105 GBP 1 EUR = 1.12450 USD

Note 9 - Interest-rate swap contracts


Nominal Currency Maturity Sub-fund paid Sub-fund received Unrealised gain/(loss) (in EUR)

200 000 000 EUR 11/01/2018 (0.348) EONIA (42 685) 25 000 000 EUR 15/02/2018 (0.338) EONIA (7 796) 40 000 000 EUR 26/02/2018 (0.349) EONIA (9 580) 50 000 000 EUR 05/04/2018 (0.344) EONIA (14 410)

Net unrealised loss (in EUR) (74 471)


Nominal Currency Maturity Sub-fund paid Sub-fund received Unrealised gain/(loss) (in EUR)

300 000 000 EUR 11/01/2018 (0.348) EONIA (64 028) 100 000 000 EUR 12/01/2018 (0.351) EONIA (18 899) 25 000 000 EUR 05/04/2018 (0.344) EONIA (7 205)

Net unrealised loss (in EUR) (90 132)


Nominal Currency Maturity Sub-fund paid Sub-fund received Unrealised gain/(loss) (in USD)

20 000 000 USD 07/02/2018 0.889 FEDO-FRN 35 341 30 000 000 USD 07/02/2018 0.898 FEDO-FRN 51 144 25 000 000 USD 17/08/2017 0.795 FEDO-FRN 11 568 36 000 000 USD 26/06/2017 0.765 FEDO-FRN 3 446 10 000 000 USD 21/07/2017 0.891 FEDO-FRN 395 30 000 000 USD 11/09/2017 0.957 FEDO-FRN 9 366 45 000 000 USD 29/09/2017 0.984 FEDO-FRN 13 842 35 000 000 USD 05/04/2018 1.126 FEDO-FRN 11 601 20 000 000 USD 03/05/2018 1.170 FEDO-FRN 969 15 000 000 USD 09/05/2018 1.233 FEDO-FRN (7 857)

Net unrealised gain (in USD) 129 815



Page 31

Counterparties to Swaps contracts:

BNP Paribas HSBC France Socit Gnrale

Note 10 - Global overview of collateral

There was no collateral as at 31 May 2017.

Note 11 - Change in the composition of the securities portfolio

The list of changes to the composition of the securities portfolio during the year is available free of charge at the Management Companys registered office and from local agents.

Note 12 - List of Investment managers

BNP Paribas Asset Management S.A.S abbreviated to BNPP AM SAS Fischer Francis Trees & Watts, Inc. abbreviated to FFTW Inc (until 11 December 2016)

Sub-fund Investment managers BNP Paribas InstiCash EUR BNP Paribas InstiCash GBP BNP Paribas InstiCash Money 3M EUR

BNPP AM SAS

BNP Paribas InstiCash USD FFTW Inc (until 11 December 2016) BNPP AM SAS (from 12 December 2016)

Note 13 - Transaction fees

Transaction fees incurred by the Company relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT fees, stock exchange fees and RTO fees (Reception and Transmission of Orders).

For the financial year from 1 June 2016 until 31 May 2017, no transaction fees were incurred by the Fund.


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Global market risk exposure

As regards to risk management, the Board of Directors o