AMUNDI 3 M. Annual Report March 2016 AMUNDI ASSET MANAGEMENT UCITS

Transcription

1 AMUNDI 3 M Annual Report March 2016 AMUNDI ASSET MANAGEMENT UCITS Management Company: AMUNDI ASSET MANAGEMENT Sub-delegation of accounting function in title: CACEIS FUND ADMINISTRATION FRANCE Custodian: CACEIS BANK FRANCE Auditor: PWC SELLAM

2 Contents Pages Features of the UCI 3 Business Report 8 Life of the UCI over the financial year in review 16 Specific Information 17 Regulatory Information 18 Certification by the Statutory Auditors 20 Annual accounts 23 Assets 24 Liabilities 25 Off-balance sheet 26 Profit accounts 28 Notes to the annual accounts 29 Accounting rules and methods 30 Changes in net assets 34 Income table over the previous five financial years 45 Asset inventory 47 Annual Report as at 31/03/2016 2

3 Features of the UCI Classification Money market Allocation of net profit DP unit: Accumulation. P units: Accumulation. E unit: Accumulation. I unit: Accumulation. I2 Unit: Accumulation. Allocation of net capital gains realised DP unit: Accumulation. P units: Accumulation. E unit: Accumulation. I unit: Accumulation. I2 Unit: Accumulation. Reference Indicator The benchmark indicator is the capitalised EONIA. The EONIA shows the overnight euro money market rate. It is calculated by the ESCB (European System of Central Banks) as the average of interest rates on transactions conducted on the euro-denominated money markets by a panel of international banks. Changes in this depend on the money market policy implemented by the European Central Bank. The capitalised EONIA also takes into account the effect of reinvesting interest according to the OIS (Overnight Indexed Swap) method. Investment objective The management aim of the fund is to provide a performance greater than the benchmark, respectively the EONIA for the part denominated in EUR, capitalised, after deduction of administrative costs. However, under certain market conditions, such as a very low EONIA level, the net asset value of your fund may decrease in a structural manner and have a negative effect on fund return which may compromise the objective of preserving your fund capital. Investment Strategy 1. Strategies used Prior framework of the investment universe: The fund is made up of high quality money-market instruments and derivatives. High quality is defined according to an internal assessment process, taking into account a range of factors, including the credit quality of the instrument, the type of asset class of the instrument, the liquidity profile, and for structured financial instruments, the operational and counterparty risks inherent to the investment structure. This internal process led to a prior framework of the investment universe based on two main priorities: - A Risks tool defining in particular the list of authorised instruments and limits by issuer type or by instrument type. This tool is validated by a Risks Committee and updated if necessary; - An eligible investment universe, in particular comprising issuers selected by the management company and for each of these, the definition of a maximum maturity for the purposes of assessing the credit quality of the corresponding securities. This assessment is also based on a specific evaluation carried out by a credit analyst. The issuers, and the associated maximum maturities, are validated by a Credit Committee and reviewed according to information likely to affect the credit quality of these securities. The investment strategy of the UCI relies on the selection of issuers of transferable debt securities or bonds enabling the steadiest possible growth in the net asset value. Annual Report as at 31/03/2016 3

4 This uses a 4-stage process: - Analysis of the liquidity of assets and management of this: achieved using various interest rate instruments available on the markets. The assets of the Fund are broken down into different maturity segments, which are adjusted based on the change in subscriptions and redemptions, enabling the liquidity of the fund to be maintained. - Choice of an average weighted maturity(1): this reflects our forecasts over the changes in the EONIA and the money market rate curve. All euro and credit rate managers agree during a monthly meeting (at which Amundi Asset Management strategists are also in attendance) on a forecast for the changes in the European Central Bank interest rates and monetary policy. - Selection of issues and diversification of securities (bonds, transferable debt securities) from public and private issuers. This choice is performed in accordance with observations of a number of parameters: studies undertaken by the credit analysis team, dedicated to the monetary rate management team or other financial institutions in the sector. assessment by the management team of the premium offered by securities from this issuer to compensate for the rating and/or liquidity risk. a new issuer will be studied with more interest if its contribution to the diversification of the portfolio is greater. each of the securities held in the portfolio is subject to prior authorisation from the Risk Department (independent of management), which defines a maximum amount and term limit for issuers. - Arbitrage: management systematically seeks investment opportunities among money market instruments and bonds which offer a return close to or above that of the EONIA, depending on the type of instrument and the maturity of the security. Managers use a proactive trading team to invest in an issuer or in a security with the selected counterparties. More specifically, the limits observed by this fund are as follows: Weighted Average Maturity(1) Weighted Average Life(2) Maximum residual lifespan of securities and instruments Credit quality of the instruments less than or equal to 6 months less than or equal to 12 months Fixed-rate securities and instruments: 397 days Floating rate securities and instruments within a maximum period of 397 days: 2 years In order to assess the credit quality of securities, the management company may, at the time of their nonexclusive acquisition, refer to "investment grade" category ratings from any reputable ratings agencies that it deems the most relevant; it shall make every effort to avoid any automatic reliance on such ratings for the period in which it holds the securities. (1) Weighted Average Maturity = this constitutes the average period to maturity for all securities held by the UCITS, weighted to reflect the relative weighting of each instrument, given that the maturity of a floating rate instrument is the time remaining until the next review of the monetary rate, as opposed to the time remaining until the repayment of the instrument capital. In practice, the Weighted Average Maturity is used to assess the sensitivity of a monetary fund to variations in money market interest rates. (2) Weighted Average Life = this is the weighted average of the residual lifespan of each security held by the UCITS, meaning the remaining lifespan until the full repayment of the security capital (not taking into account interest maturities and reductions in the principal sum). The Weighted Average Life is used to assess the credit risk and the liquidity risk. Annual Report as at 31/03/2016 4

5 2. Description of assets used (excluding derivatives) Money market and bond instruments: The portfolio includes: within a limit of 100% of the assets - State securities under repurchase agreements or short term securities, - treasury bills or short term bonds issued by States, - certificates of deposit, - London CDs, - commercial papers, - FRNs and bonds, - mid-term negotiable bonds (BMTN), - EMTNs, - puttables, - euro commercial paper, - US commercial paper, - asset-backed commercial paper. The authorisation to invest in an issuer is subject to agreed limits as to the amount and term from the Risk Department. Holding units or shares in other UCIs or investments funds The Fund may hold up to 10% of its assets in shares or units of the following UCIs or investment funds: French or foreign UCITS (1). French or European AIFs or investment funds which respect the criteria set out in the Financial and Monetary Code (Code Monétaire et Financier) (2). These UCIs and investment funds can invest up to 10% of their assets in UCITS or AIFs or investment funds. They may be managed by the Management Company or by a company affiliated to it. The risk profile of these UCIs is compatible with that of the UCITS. (1) up to 100% as an accumulated total of the net assets (statutory maximum) (2) up to 30% as an accumulated total of the net assets (statutory maximum) 3. Description of derivatives used Information relating to counterparties traded over-the-counter: The selection of counterparties is carried out using the procedure applied within Amundi, resting on the principle of selecting the best market counterparties. This includes: - a dual validation of counterparties made by the Amundi Intermediation manager and by the Amundi Asset Management Credit Committee, following an analysis of their financial and operational profiles (type of business, governance, reputation, etc.) by a credit analysis team independently of the management teams. - a limited number of financial institutions with which the UCITS trades. The Manager may invest in the following derivative instruments: Types of markets: Regulated Organised Over-the-counter Risks that the Fund manager seeks to mitigate: Equity risk Interest rates Currency Credit risk Other risks Annual Report as at 31/03/2016 5

6 Types of operations (all operations are used for the sole purpose of achieving the investment objective): Hedging Exposure, except for currency Arbitrage other types Types of instruments used: Futures: on interest rates Options: on interest rates Rate swaps, currency Forward exchange contracts other types Derivatives strategies used to achieve the investment objective: forward-based contracts are used as inexpensive and liquid substitutes for actual securities to adjust the overall exposure of the portfolio against interest rate risk. options on the forward-based markets for interest rates consist of long positions on options to protect the portfolio against any increase in interest rates. The commitment to this type of instrument should not exceed 10% of the net assets. interest rate swaps are used to manage the average weighted maturity faced with a change in interest rates. currency swaps and forward exchange contracts are used in the EUR unit to hedge securities issued and denominated in a currency other than the euro. In the CHF denominated unit, these instruments are used to convert assets in CHF into assets in EUR. The total of these commitments is limited to 100% of the net assets. 4. Description of securities with embedded derivatives The UCITS does not use this type of instrument. 5. Deposits The Fund may use deposits with a maximum maturity of up to 12 months. These deposits contribute to the performance of its management objective, by enabling it to obtain all or part of the flows transmitted as part of the exchange operation and/or enable the Fund to manage cashflow. 6. Cash borrowing The UCITS may be in a debtor position as a result of operations related to cash flows (outstanding investments/disinvestments, subscription/redemption transactions) within a 10% limit of the net assets. 7. Temporary acquisitions and disposals of securities Types of transactions used: Repurchase and reverse repurchase agreements in accordance with the Code monétaire et financier (French Monetary and Financial Code) Securities lending and borrowing in accordance with the Code monétaire et financier other types Types of operations (all operations are used for the sole purpose of achieving the investment objective): Cash management Optimisation of UCITS revenue Transactions to generate a leverage effect other types Scheduled and authorised level of use: the commitment of the fund arising from repurchase and reverse repurchase operations is limited to 100% of the assets. Annual Report as at 31/03/2016 6

7 Potential leverage effects: no Remuneration: see Fees and Commissions The commitment of the fund arising from derivatives and repurchase and reverse repurchase operations is limited to 100% of the assets. The exposure of the fund arising from the commitment to actual securities is limited to 100% of the net assets. Risk profile The main risks related to this type of investment are: interest rate risk The main specific risks associated with management are: credit risk Other risks include: capital loss risk counterparty risk Annual Report as at 31/03/2016 7

8 Business Report April 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme has continued, causing interest rates and short-term credit spreads to continue to fall. The EONIA maintained a negative level of % over the course of the month. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 57 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +3bp and the 1-year at EONIA +22bp. Our investments have mainly related to banking negotiable debt securities with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 48% of the fund's assets, of which almost 7% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 22% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 259 days. The average long-term rating of the portfolio maintained a good A-. May 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme continued, reaching 17% of the assigned objective. The EONIA continued to fall, and averaged % over the month. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 60 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +2bp and the 1-year at EONIA +21bp. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 57% of the fund's assets, of which almost 9% were puttable, mainly with 3- month puts. The portion of issuers rated BBB represented around 24% of the portfolio at the end of the month. Please note, the acquisition of the FCA Capital security representing 0.31% of the asset, rated BB+ by S&P and also having an investment grade from Moody's (Baa3) and Fitch (BBB-). - Average lifespan and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 299 days. The average long-term rating of the portfolio maintained a good A-. June 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme carried excess liquidity at the end of the quarter of around 400 billion euros. The EONIA continued to fall, and averaged % over the month. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 56 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +1bp and the 1-year at EONIA +23bp. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond papers at the end of the month amounted to around 62% of the fund's assets, of which almost 11% were puttable, mainly with 3- month puts. The portion of issuers rated BBB represented around 20% of the portfolio at the end of the month. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 305 days. The average long-term rating of the portfolio maintained a good A. Annual Report as at 31/03/2016 8

9 July 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme is maintaining a high level of excess liquidity. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 71 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +2bp and the 1-year at EONIA +23bp. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 52% of the fund's assets, of which almost 10% were puttable, mainly with 3- month puts. The portion of issuers rated BBB represented at the end of the month around 23% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 260 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. August 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme is maintaining a high level of excess liquidity. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 81 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +2bp and the 1-year at EONIA +24bp. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 53% of the fund's assets, of which almost 11% were puttable, mainly with 3- month puts. The portion of issuers rated BBB represented at the end of the month around 22% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 272 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. September 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The ECB quantitative easing programme is maintaining a high level of excess liquidity. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 74 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3-month maturity standing at EONIA +2bp and the 1-year at EONIA +25bp. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 58% of the fund's assets, of which almost 12% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 22% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 303 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. October 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% Annual Report as at 31/03/2016 9

10 respectively. The European institution forecasts new measures which it will unveil in December to combat the weakness of inflation. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 82 days at the end of the period. - Credit risk: Short-term spreads shrank, with the 3-month maturity standing at EONIA -3 (against +2 bp the previous month), but slightly widened on the 1-year at EONIA +27 (against +25 bp the previous month). Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 58% of the fund's assets, of which almost 11% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 23% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 294 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. November 2015 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.20% and 0.30% respectively. The European institution forecasts new measures which it will unveil in December to combat the weakness of inflation. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 69 days at the end of the period. - Credit risk: Short-term spreads widened, with the 3-month maturity standing at EONIA +3 (against -3 bp the previous month), and on the 1-year at EONIA +30 (against +27 bp the previous month). This phenomenon is related to a sharp drop in OIS swap rates over these periods, reflecting the anticipation of an ECB intervention. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with a maturity of 1 to 2 years in order to benefit from attractive spreads. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 55% of the fund's assets, of which almost 11% were puttable, mainly with 3- month puts. The portion of issuers rated BBB represented at the end of the month around 24% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 280 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. December 2015 Monetary policy: The European Central Bank (ECB) dropped its deposit facility rate by 10, bringing it to %. The "refi" rate and the marginal rate remained unchanged at 0.05% and 0.30% respectively. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The average weighted maturity of the portfolio stood at 73 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3 month maturity and 1 year standing respectively at EONIA +3 and EONIA +30. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with short maturities. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 61% of the fund's assets, of which almost 14% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented around 29% of the portfolio at the end of the month. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 296 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07, which stands testimony to the high credit quality of the fund of its very low volatility. Annual Report as at 31/03/

11 January 2016 Monetary policy: The European Central Bank (ECB) did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.30% and 0.30% respectively. The European institution expects fresh measures to combat the weakness of inflation could be unveiled in March. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 76 days at the end of the period. - Credit risk: Short-term spreads remained stable, with the 3 month maturity and 1 year standing respectively at EONIA +3 and EONIA +30. However, the expectation of fresh measures from the ECB in the future weighed heavily on fixed rates at issue. A monetary instrument was issued at the end of the month at % at 3 months and at -0.09% at 1 year. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with short maturities. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 51% of the fund's assets, of which almost 12% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 30% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 270 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07/2015, which stands testimony to the high credit quality of the fund of its very low volatility. February 2016 Monetary policy: The European Central Bank did not change its main intervention rate the REFI rate from 0.05%. The deposit facility rate and the marginal rate were maintained at -0.30% and 0.30% respectively. The European institution confirmed that fresh measures to combat the weakness of inflation could be unveiled on 10 March. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 73 days at the end of the period. - Credit risk: Short-term spreads went up several basis points on 3 month to 1 year maturities, standing respectively at EONIA +5 and EONIA +35bps. Expectations of new measures form the ECB had a negative impact on fixed rate issue levels. A monetary instrument was issued at the end of the month at -0.32% at 3 months and at -0.11% at 1 year. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with short maturities. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 49% of the fund's assets, of which almost 11% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 28% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 261 days. The long-term average rating of the portfolio remains at a solid A level. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07/2015, which stands testimony to the high credit quality of the fund of its very low volatility. March 2016 Monetary policy: The European Central Bank (ECB) dropped its intervention rate the REFI rate to 0.00%. The deposit facility rate and the marginal rate were maintained at -0.40% and 0.25% respectively. The asset buyback programme (PSPP) will be extended, with a monthly volume of 80 billion euros from April (compared to 60 billion previously). Moreover, the ECB is broadening its universe of securities eligible for monthly redemption to non-financial companies. Management policy: - Liquidity: Instant liquidity was mainly guaranteed by overnight transactions. - Interest rate risk: The weighted average maturity (WAM) of the portfolio stood at 80 days at the end of the period. - Credit risk: Short-term spreads remained stable maturities of 3 months to 1 year on respective levels of EONIA +5 to EONIA +35bps. Our investments related mainly to negotiable debt securities and short-term bonds issued by banks and corporates with short maturities. Please note that the distribution by country will bring puttable securities based on final maturities and not the reimbursement option at par attached to this type of product. The weighting of bond securities at the end of the month amounted to around 57% of the fund's assets, of which almost 12% were puttable, mainly with 3-month puts. The portion of issuers rated BBB represented at the end of the month around 30% of the portfolio. - Average life cycle and average rating: The weighted average life (WAL) for this portfolio falling in the "money market" category is 296 days. Annual Report as at 31/03/

12 The average long-term rating of the portfolio maintained a good A-. The Fitch Rating agency allocated the rating "A/V1" to Amundi 3 M on 21/07/2015, which stands testimony to the high credit quality of the fund of its very low volatility. Over the period under review, the performance of each of the units in the AMUNDI 3 M portfolio and its benchmark was: - E units in EUR: 0.01% / -0.16%, - P units in EUR: -0.12% / -0.16%, - I2 units in EUR: 0.04% / -0.23%, - I units in EUR: 0.07% / -0.16%, - DP units in EUR: 0.07% / -0.16%. Past performances are not necessarily indicative of future performances. Annual Report as at 31/03/

13 Main movements in the portfolio over the financial year Securities Movements ("Accounting currency") Acquisitions Transfers AMUNDI TRESO COURT TERME I C 2,245,077, ,196,345, AMUNDI CASH INSTITUTIONS SRI I 800,082, ,185, AMUNDI CASH CORPORATE IC 600,226, ,374, BRED BANQUE POPULAIRE FIX ,019, ,000, AMUNDI CASH INSTITUTIONS SRI I2 C 449,999, ,000, BRED ZCP ,015, ,000, BRED BANQUE POPULAIRE FIX ,001, ,000, DEUTSCHE TELEKOM AG FIX ,972, ,000, BRED BANQUE POPULAIRE FIX ,011, ,000, UBS 0 05/15/17 288,673, ,151, Annual Report as at 31/03/

14 Effective portfolio management techniques and derivative financial instruments a) Exposure obtained through effective portfolio management techniques and derivative financial instruments Exposure obtained through effective management techniques: 10,004, o Repurchase agreements: 10,004, Exposure of underlyings reached through derivative financial instruments: 2,123,394, o Swap: 2,123,394, b) Identity of the counterparty(ies) to the effective portfolio management techniques and derivative financial instruments Effective management techniques Financial derivative instruments (*) BANCO SANTANDER SA (*) Except listed derivatives c) Financial guarantees received by the UCITS in order to reduce the counterparty risk Types of instruments Effective management techniques. Term deposits. Shares Amount in portfolio currency. Bonds. UCITS. Cash 639, Total 639, Financial derivative instruments. Term deposits. Shares. Bonds. UCITS. Cash 919, Total 919, Annual Report as at 31/03/

15 d) Income and operating expenses related to effective management techniques Income and operating expenses Amount in portfolio currency. Income (**) 14, Other income Total income 14, Direct operating expenses 36, Indirect operating expenses. Other costs Total costs 36, (**) Income received on lending and reverse repurchase Annual Report as at 31/03/

16 Life of the UCI over the financial year in review 08/02/2016 Update of the prospectus following the modification of the management company name: "Amundi" became "Amundi ASSET Management", a company in the Amundi group, on 12 November Annual Report as at 31/03/

17 Specific Information Voting rights The exercising of voting rights attached to the values listed in the UCI assets and the decision to contribute securities are set out in the UCI regulations. Group funds and instruments In order to become familiar with the information on financial instruments held in the portfolio that are issued by the Management Company or by the entities in its group, please see the sections in the annual accounts: Other information Financial instruments held, issued and/or managed by the group. Calculation of the overall risk Method used to calculate the commitment Futures contracts are recorded at their market value as off-balance sheet liabilities on the basis of their settlement price. Options are converted into the underlying equivalent. Interest rate swaps made on overthe-counter markets are valued on the basis of their nominal value, plus or minus any corresponding valuation differential. Calculation method of the global risk: The UCI uses the commitment approach to calculate the overall risk of the UCI on financial agreements. Annual Report as at 31/03/

18 Regulatory Information Broker and Counterparty Selection Procedure Our management company and its "Trading" subsidiary attach great importance to the selection of our transaction service providers, both in terms of brokers and counterparties. Its selection methods are as follows: - Brokers are selected by geographical zone, then by profession. Counterparties are selected by field. - Brokers and counterparties are given a quarterly internal rating. The guidelines given by our company participating in the rating process are directly concerned by the services provided by these providers. Our company's "Trading" subsidiary organises and determines this rating on the basis of marks given by each team manager concerned according to the following criteria: For teams of managers, financial analysts and strategists: - general business relationship, understanding of needs, relevance of contacts, - quality of market and opportunity advice, following of advice, - quality of research and publications, - Scope of securities covered, visits made by companies and their management. For teams of traders: - quality of staff, knowledge of market and information about companies, confidentiality, - Price proposal, - quality of execution, - quality of transaction processing, connectivity, technical expertise and reactivity. Our company's 'Compliance' and 'Middle Office' sections have a right of veto. Accreditation of a new transaction service provider (broker or counterparty) The 'Trading' subsidiary is responsible for creating accreditation files and obtaining approval from the 'Risks' and 'Compliance' sections. When the transaction service provider (broker or counterparty) is accredited, it is subject to rating the following quarter. Monitoring committees for transaction service providers (brokers and counterparties) These monitoring committees meet every quarter, under the auspices of the 'Trading' subsidiary. The committees' objectives are as follows: - approve the previous business and the new selection to implement for the following quarter; - decide on which service providers will belong to a group which is then given a certain number of transactions; - define prospects for business. With this in mind, the monitoring committees review statistics and ratings given to each service provider and make the resulting decisions. Report on brokerage fees A report relating to brokerage fees is kept at the disposal of investors. This report can be consulted on the following website: Annual Report as at 31/03/

19 Respect of environmental, social and governance quality (ESG) criteria on the part of the UCI: Overall in its active management*, Amundi applies strict rules over the integration of extra-financial criteria (ESG) which form the basis of its responsibility. In this way it: - excludes any direct investment in companies involved in the manufacture or trade of landmines and cluster bombs, in compliance with the Ottawa and Oslo conventions; - excludes companies which seriously and repeatedly contravene one or more of the Ten Principles of the United Nations Global Compact. Issuers in these two categories are rated G on the Amundi scale (scale of A to G, with A being the best rating and G the worst). Additional information on the methods of incorporating ESG criteria by Amundi are available on its website: * Active management: excluding indexed UCI and ETF limited by their benchmark index. Annual Report as at 31/03/

20 Certification of the Statutory Auditor on the annual accounts Annual Report as at 31/03/

21 STATUTORY AUDITOR'S REPORT ON THE ANNUAL ACCOUNTS Year ended 31 March 2016 AMUNDI 3 M UCITS ESTABLISHED IN THE FORM OF A MUTUAL FUND Governed by the French Monetary and Financial Code Management Company AMUNDI 90, boulevard Pasteur PARIS Dear Sir/Madam, In fulfilment of the task entrusted to us by the managing body of the fund's management company, we present our report of the financial year ended 31 March 2016, concerning: - the audit of the annual accounts for the UCITS constituted as a mutual fund, AMUNDI 3 M, as appended to this report; - the explanation for our assessments; - the verifications and specific information provided for by the law. The annual accounts were adopted for issue under the responsibility of the fund's management company. On the basis of our audit, it is our duty to express an opinion about said accounts. 1. OPINION ON THE ANNUAL ACCOUNTS We carried out our audit in accordance with the professional conduct standards as applicable in France; these standards require the implementation of procedures so as to provide reasonable assurance that the annual accounts do not contain any significant anomalies. An audit consists of verifying, by survey or by using other selection methods, those elements which justify the sums and information featured in the annual accounts. It also consists of assessing the accounting principles followed, any significant estimates made and the presentation of the accounts as a whole. We consider that the elements we have gathered are of a sufficient and appropriate nature to serve as the basis for our opinion. We certify that the annual accounts are, with regard to French accounting principles and rules, regular and accurate, and give a faithful image of the result of transactions occurring during the financial year in question, as well as of the financial position and net asset situation of the mutual fund at the close of the financial year. 2. EXPLANATION OF OUR APPRAISAL In application of the provisions of Article L of the French Commercial Code relating to the explanation for our assessments, we inform you that the assessments we made concerned the suitability of the accounting principles applied and the reasonableness of the significant estimates used. Said evaluations as given are a part of our audit procedure for the annual accounts, taken as a whole, and thus contributed to forming the opinion we expressed in the first part of this report. PwCSellam, 2, rue Vatimesnil CS Levallois Perret Cedex. T: +33 (o) , F: +33 (o) , opcvm@cabinetsellam.com Statutory auditing firm, member of the Regional Institute of Versailles. Limited liability company (SARL) with capital of 10,000. Registered Office: 63, rue de Villiers Neuilly-sur-Seine Nanterre Trade and Companies Register: 453,541,450 VAT no. FR Siret trade registration no.: APE code: 6920 Z.

22 AMUNDI 3 M 3 SPECIFIC CHECKS AND INFORMATION In accordance with the applicable professional standards in France, we also performed the specific checks laid down by law. We have no qualifications to make as to the accuracy or consistency with the annual accounts of the information given in the management report of the management company or the documents sent to holders regarding the financial situation and annual accounts. Levallois-Perret, date of electronic signature Document authenticated by electronic signature Statutory Auditors PwC Sellam Philippe Chevalier

23 Annual accounts Annual Report as at 31/03/

24 Assets in EUR Assets at 31/03/2016 Portfolio: 916 AMUNDI 3 M 31/03/ /03/2015 NET FIXED ASSETS DEPOSITS 550,204, ,221, FINANCIAL INSTRUMENT 15,653,304, ,850,780, Equities and similar securities Traded on a regulated market or related market Not traded on a regulated market or related market Bonds and related securities 8,943,763, ,166,647, Traded on a regulated market or related market 8,943,763, ,166,647, Not traded on a regulated market or related market Debt Securities 6,185,422, ,344,056, Traded on a regulated market or related market 5,345,919, ,344,056, Transferable debt securities 5,345,919, ,204,123, Other debt securities 139,932, Not traded on a regulated market or related market 839,503, Undertakings for collective investment 513,973, ,077, UCITS and FIA generally intended for non-professionals and equivalent in other countries Other funds aimed at non-professionals and equivalent in other EU Member States Funds aimed at general professionals and equivalent in other EU Member States and listed securitisation organisations Other funds aimed at professionals and equivalent other EU Member States and non-listed securitisation organisations Other non-european organisations Temporary transactions on securities 10,003, Debts representing securities received under repurchase agreement Debts representing lent securities Borrowed securities Securities delivered under repurchase agreements 10,003, Other temporary transactions Futures 141, Transactions on a regulated market or related market Other transactions 141, Other financial instruments 513,973, ,077, DEBTS 1,559, ,688, Forward-based currency transactions 201,778, Others 1,559, , FINANCIAL ACCOUNTS 166,306, ,513, Liquidity 166,306, ,513, TOTAL ASSETS 16,371,374, ,951,203, Annual Report as at 31/03/

25 Liabilities in EUR Liabilities at 31/03/2016 Portfolio: 916 AMUNDI 3 M 31/03/ /03/2015 SHAREHOLDERS FUNDS Capital 16,336,675, ,686,045, Previous net appreciation and depreciation not distributed (a) Balance carried forward (a) Net appreciation and depreciation for the financial year (a, b) -783, ,121, Earnings for the financial year (a, b) 10,549, ,343, TOTAL SHAREHOLDERS' EQUITY * 16,346,442, ,731,266, * Sum representing net assets FINANCIAL INSTRUMENT 11,644, , Sale transactions of financial instruments Temporary transactions on securities 10,002, Debts representing securities given under repurchase agreement 10,002, Debts representing securities borrowed Other temporary transactions Futures 1,642, , Transactions on a regulated market or related market Other transactions 1,642, , DEBTS 13,287, ,165, Forward-based currency transactions 201,572, Others 13,287, ,592, FINANCIAL ACCOUNTS Current bank lending Borrowings TOTAL LIABILITIES 16,371,374, ,951,203, (a) Including accruals (b) Less advance payments made in respect of the financial year Annual Report as at 31/03/

26 Off-balance sheet in EUR Off-balance sheet at 31/03/2016 Portfolio: 916 AMUNDI 3 M 31/03/ /03/2015 HEDGING TRANSACTIONS Liabilities on regulated markets or related markets Over-the-counter liabilities Currency swaps OIS/0.0/FIX/ ,547, OIS/0.0/FIX/ ,547, OIS/0.0/FIX/ ,245, OIS/0.0/FIX/ ,760, OIS/0.0/FIX/ ,875, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,606, OIS/0.0/FIX/ ,737, OIS/0.0/FIX/ ,287, OIS/0.0/FIX/ ,486, OIS/0.0/FIX/ ,546, OIS/0.0/FIX/ ,848, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, OIS/0.0/FIX/ ,000, Other liabilities Annual Report as at 31/03/

27 Off-balance sheet in EUR Off-balance sheet at 31/03/2016 Portfolio: 916 AMUNDI 3 M OTHER TRANSACTIONS Liabilities on regulated markets or related markets Over-the-counter liabilities Other liabilities 31/03/ /03/2015 Annual Report as at 31/03/

28 Profit and loss account in EUR Profit and loss account at 31/03/2016 Portfolio: 916 AMUNDI 3 M 31/03/ /03/2015 Income from financial transactions Income from deposits and on financial accounts 1,427, ,865, Income from equities and related securities Income from bonds and related securities 23,851, ,911, Income from debt securities 10,440, ,176, Income from temporary acquisitions and disposals of securities 14, , Income from futures 82, , Other financial income TOTAL (1) 35,816, ,058, Charges for financial transactions Charges for temporary acquisitions and disposals of securities 36, Charges for futures 855, ,741, Charges for financial debts 814, , Other financial debts TOTAL (2) 1,707, ,780, INCOME FROM FINANCIAL TRANSACTIONS (1-2) 34,109, ,277, Other income (3) Management fees and provisions for depreciation (4) 18,050, ,725, NET PROFIT FOR THE FINANCIAL YEAR (L ) ( ) 16,058, ,552, Income equalisation for the financial year (5) -5,508, ,209, Advance payments made in respect of the financial year (6) PROFIT ( ) 10,549, ,343, Annual Report as at 31/03/

29 Notes to the annual accounts Annual Report as at 31/03/

30 Accounting rules and methods The annual accounts are presented in the form set out by ANC Regulation No abrogating CRC Regulation as amended. The general accounting principles apply: - true reflection, comparable nature, consistency in terms of activity, - regularity and accuracy; - prudence; and - consistency of methods from one financial year to the next. The selected accounting method used to record proceeds from fixed-income securities is that of interest accrued. Purchases and sales of securities are recorded exclusive of costs. The reference currency for portfolio accounting is the euro. The length of the financial year is 12 months. Valuation rules for the assets Financial instruments are recorded for accounting purposes according to the historical cost method, and entered on the balance sheet at their current value, which is determined using the last known market value or, should no market exist, by all external means or using financial models. Differences between current values used to calculate the net asset value and historical cost of securities upon entering the portfolio are recorded in a "Valuation differentials" account. Securities not in the portfolio currency are assessed according to the principle outlined above, then converted into the portfolio currency at the currency value prevailing on the valuation date. Deposits: Deposits with a residual maturity of less than or equal to 3 months are valued using the straight-line method. Equities, bonds and other securities traded on a regulated market or related market: Stock and other securities traded on a regulated or assimilated market are valued at the opening rate of the day known as 'D' in each market, depending on the geographic zone of each market: - Asia Zone: closing price D for markets - Euro zone: opening price D - America Zone: closing price (D-1) Bonds and related securities are assessed at the closing price submitted by various financial service providers. Interest accrued on bonds is calculated up to the net asset date. Materiality thresholds that have been rigorously defined in the valuation policy are included for the valuation of fixed-rate bonds backed by an interest rate swap and FRN bonds. Equities, bonds and other securities not traded on a regulated market or related market: Securities not traded on a regulated market are assessed under the control of the management company using methods based on the net asset value and yield, taking into consideration the prices used during recent major transactions. Annual Report as at 31/03/

31 Transferable debt securities: Transferable debt securities and related securities, which are not the subject of major transactions, are valued using an actuarial method, on the basis of a benchmark rate defined below, which is increased, if appropriate, by a differential representative of the intrinsic characteristics of the issuer and after inclusion of the materiality thresholds rigorously defined in the valuation policy: Debt securities with a maturity less than or equal to 1 year: Interbank offer rate in euro (Euribor); Debt securities with a maturity exceeding 1 year: valued using rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. Transferable debt securities with a residual maturity of less than or equal to 3 months may be valued by the straight-line method. Treasury bills are valued on the basis of market prices, as published daily by Banque de France. UCIs held: UCI shares or units will be valued at the last known net asset value. Temporary transactions on securities: Securities received under repurchase agreements are recorded under the heading "Debts representing securities received under repurchase agreements" for the sum scheduled in the agreement, with the addition of accrued interest to be received. Securities delivered under repurchase agreements are recorded in the investment portfolio at their current value. Liabilities representing securities delivered under repurchase agreements are recorded in the disinvestment portfolio, at the value determined on the contract date, with the addition of accrued interest payable. Lent securities are valued at their current value and are recorded on the asset side under the heading "Debts representing lent securities" at the current value with the addition of accrued interest to be received. Borrowed securities are recorded on the asset side under the heading "borrowed securities" for the sum scheduled in the agreement, and on the liabilities side under the heading "debts representing borrowed securities" for the sum scheduled in the agreement, with the addition of accrued interest to pay. Futures: Futures traded on a regulated market or related market Futures traded on regulated or related markets are valued for the calculation of the net asset value for the day (D): - Asia Zone: at the settlement price for the day - Euro zone: at the opening price for the day (D) - America Zone: at the settlement price on (D-1) Futures traded on a regulated market or related market Swaps: Interest rate and/or currency swaps are valued at their market value using the price calculated by the interest flow method at the interest rate and/or currency exchange rate prevailing on the market. This price is adjusted to the issuer's risk. Index swaps are assessed actuarially on the basis of a benchmark rate provided by the counterparty. Other swaps are assessed at their market value or a value estimated according to the procedures laid down Annual Report as at 31/03/

32 by the management company. Off-balance sheet liabilities: Futures contracts are recorded at their market value as off-balance sheet liabilities at the price used in the portfolio. Options are converted into the underlying equivalent. Swap commitments are presented at their nominal value, or in the absence of a nominal value, for an equivalent amount. Management fees Management fees and running costs cover all fees relating to the UCI: financial, administrative, accounting, storage, distribution management and audit costs, etc. These fees are charged to the UCI statement of operations. Management fees do not include transaction fees. For more details about the fees charged to the UCI, please refer to the prospectus. They are recorded pro rata temporis for each net asset value calculation. The total of these costs complies with the maximum fee rate of the net assets indicated in the Fund's prospectus or regulations % incl. tax for DP units, % incl. tax for E, I and I2 units, % incl. tax for P units, Variable management fees are calculated according to the following method: Outperformance fees: The outperformance fee is based on the comparison between the performance of the mutual fund and the benchmark rate defined hereafter from 1 April each year to 31 March the following year. The benchmark is equal to the EONIA overnight, published by the ECB for EURO units. The performance of the mutual fund is calculated according to the evolution of the net asset value. If, between two consecutive NAVs, the contractual-type mutual fund's performance exceeds the performance in the benchmark rate as defined above, the variable part of the management expenses will be at most 30% of this difference. This variable part of the management fees shall therefore be provisioned. In the event that the mutual fund should underperform its benchmark rate between two consecutive NAVs, any prior provision shall be readjusted by a reversal of the provision in the amount of the underperformance. Reversals of provisions may not exceed the sum of the prior allocations. The variable part of the past year, definitely received at closing at the end of every March, shall equal the total allocations and provision reversals carried out at each NAV and reduced by an amount capped at 0.10% (annualised) of the last net asset amount. I2 Unit: As an exception, for 2015, the first observation period that started on 28 October 2015 will end on 31 March The variable part not received shall be deferred as a provision to the following financial year, and the management company shall waive its debt for this financial year. Exceptional legal fees relating to the collection of the UCI's debts may be added to the costs billed to this latter as detailed above. Annual Report as at 31/03/

33 Allocation of the distributable amounts Definition of distributable amounts: The distributable amounts are made up of: Profit: The net income for the financial year is equal to the amount of interest, arrears, dividends, premiums and prizes, director s fees as well as all proceeds generated by the securities held in the portfolio of the fund, plus income generated by temporary cash holdings, less management fees and borrowing costs. This is increased by any balance carried forward, with the addition or reduction of the income equalisation accounts. Appreciation and depreciation: The appreciation, net costs, less the realised depreciation, net costs, as seen over the course of the financial year, plus the net appreciation of a similar nature noted over the course of the previous financial years not subject to distribution or capitalisation and reduced or increased by the balance of the appreciation equalisation account. Methods for allocating the distributable amounts: Distributable Amounts Allocation of net profit Allocation of net capital gains or losses realised: DP, E, P, I and I2 units Accumulation Accumulation Annual Report as at 31/03/

34 Change in the Net Assets in EUR Change in the net assets at 31/03/2016 Portfolio: 916 AMUNDI 3 M 31/03/ /03/2015 NET ASSETS AT THE BEGINNING OF FINANCIAL YEAR 13,731,266, ,955,761, Subscriptions (including subscription commissions payable to the UCITS) 109,910,567, ,650,027, Redemptions (after deduction of redemption commissions payable to the fund) -107,306,524, ,929,472, Capital gains made on deposits and financial instruments 1,947, ,560, Capital losses made on deposits and financial instruments -1,039, ,276, Capital gains made on futures 718, , Capital losses made on futures -2, Transaction fees -2,153, ,034, Exchange differences -626, , Variations in valuation differential for deposits and financial instruments -3,040, ,357, Valuation differential for financial year N 3,080, ,120, Valuation differential for financial year N-1-6,120, , Variations in valuation differential for futures -732, , Valuation differential for financial year N -1,369, , Valuation differential for financial year N-1 637, , Distribution for previous year on net appreciation and depreciation Distribution for previous year on profits Net profit for the financial year before equalisation account 16,058, ,552, Advance payment(s) made over the financial year on appreciation and depreciation Advance payment(s) made over the financial year on profits Other items * 1, NET ASSETS AT THE END OF THE FINANCIAL YEAR 16,346,442, ,731,266, *N-1: Result of the CA Revenus 2014 merger: 1, Annual Report as at 31/03/

35 BREAKDOWN BY LEGAL OR ECONOMIC TYPE OF FINANCIAL INSTRUMENT Amount % ASSETS BONDS AND RELATED SECURITIES Fixed rate bonds traded on a regulated or related market 591,132, Variable/floating rate bonds traded on a regulated market or related market 8,352,630, TOTAL BONDS AND RELATED SECURITIES 8,943,763, DEBT SECURITIES Commercial Paper 1,185,025, Negotiable medium-term notes 159,903, Treasury Certificates 400,050, Deposit certificates 3,600,939, Euro-Commercial Paper 839,503, TOTAL DEBT SECURITIES 6,185,422, LIABILITIES SALE TRANSACTIONS ON FINANCIAL INSTRUMENTS TOTAL SALE TRANSACTIONS ON FINANCIAL INSTRUMENTS OFF-BALANCE SHEET HEDGING TRANSACTIONS Rate 2,123,394, TOTAL HEDGING TRANSACTIONS 2,123,394, OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS BREAKDOWN BY RATE TYPE FOR ASSET, LIABILITY AND OFF-BALANCE SHEET ENTRIES Fixed rate % Variable rate % Floating rate % Others % Assets Deposits 550,204, Bonds and related securities 591,132, ,352,630, Debt Securities 5,785,315, ,084, ,022, Temporary transactions on securities 10,003, Financial accounts 166,306, Liabilities Temporary transactions on securities 10,002, Financial accounts 0.01 Off-balance sheet Hedging transactions 2,123,394, Other transactions Annual Report as at 31/03/

36 BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE SHEET < 3 months % [3 months - 1 year] % ]1-3 years] % ]3-5 years] % > 5 years % Assets Deposits 550,204, Bonds and related securities 926,759, ,399,284, ,617,718, Debt Securities 691,057, ,494,365, Temporary transactions on securities Financial accounts 166,306, Liabilities Temporary transactions on securities 10,002, Financial accounts 0.01 Off-balance sheet 10,003, Hedging transactions 100,000, ,023,394, Other transactions Futures positions are presented according to the underlying maturity. BREAKDOWN BY LISTING OR ASSESSMENT CURRENCY OF ASSET, LIABILITY AND OFF- BALANCE SHEET ENTRIES (excluding euro) Currency 1 USD % Currency 2 GBP % Currency 3 UNDEF % Currency N OTHER(S) % Assets Deposits Equities and similar securities Bonds and related securities Debt Securities UCI Temporary transactions on securities Debts Financial accounts 10, Liabilities Sale transactions of financial instruments Temporary transactions on securities Debts Financial accounts 0.01 Off-balance sheet Hedging transactions Other transactions Annual Report as at 31/03/

37 BREAKDOWN BY TYPE OF RECEIVABLES AND DEBTS Type of debit/credit 31/03/2016 Debts Collateral 1,559, Total accounts receivable 1,559, Debts Management fees - 1,266, Variable management fees - 11,576, Other debts - 445, Total debts - 13,287, Total debts and receivables - 11,728, SHAREHOLDERS FUNDS Number of securities issued or redeemed In units By amount E unit Units Subscribed during the financial year 190, ,920,305, Units Redeemed during the financial year -230, ,315,354, Number of Units in circulation at year-end 29, P unit Units Subscribed during the financial year 475, ,616, Units Redeemed during the financial year -159, ,980, Number of Units in circulation at year-end 559, I unit Units Subscribed during the financial year 82, ,158,497, Units Redeemed during the financial year -86, ,006,984, Number of Units in circulation at year-end 7, I2 Unit Units Subscribed during the financial year 2,035, ,360,669, Units Redeemed during the financial year -1,249, ,493,843, Number of Units in circulation at year-end 786, Annual Report as at 31/03/

38 SHAREHOLDERS FUNDS Number of securities issued or redeemed In units By amount DP unit Units Subscribed during the financial year ,479, Units Redeemed during the financial year ,362, Number of Units in circulation at year-end SUBSCRIPTION AND/OR REDEMPTION FEES By amount E unit Redemption fees received Subscription fees received Total fees received P unit Redemption fees received Subscription fees received Total fees received I2 Unit Redemption fees received Subscription fees received Total fees received I unit Redemption fees received Subscription fees received Total fees received Annual Report as at 31/03/

39 SUBSCRIPTION AND/OR REDEMPTION FEES By amount DP unit Redemption fees received Subscription fees received Total fees received MANAGEMENT FEES 31/03/2016 E unit Guarantee commissions Fixed management fees 809, Percentage of fixed management fees 0.14 Variable management fees 232, Management fee retrocessions I unit Guarantee commissions Fixed management fees 7,424, Percentage of fixed management fees 0.06 Variable management fees 7,413, Management fee retrocessions P unit Guarantee commissions Fixed management fees 65, Percentage of fixed management fees 0.32 Variable management fees -2, Management fee retrocessions I2 Unit Guarantee commissions Fixed management fees 731, Percentage of fixed management fees 0.04 Variable management fees 1,011, Management fee retrocessions Annual Report as at 31/03/

40 MANAGEMENT FEES 31/03/2016 DP unit Guarantee commissions Fixed management fees 187, Percentage of fixed management fees 0.06 Variable management fees 177, Management fee retrocessions COMMITMENTS MADE AND RECEIVED 31/03/2016 Guarantees received by the UCI - including capital guarantees Other commitments received Other commitments made Annual Report as at 31/03/

41 OTHER INFORMATION Current value of financial instruments subject to temporary purchase 31/03/2016 Securities taken under repurchase agreement Borrowed securities Current value of financial instruments used as pledges 31/03/2016 Financial instruments pledged and held in their original entry Financial instruments received as a pledge and not entered on the balance sheet Financial instruments held, issued and/or managed by the group. ISIN Code Denomination 31/03/2016 Shares Bonds Transferable debt securities 269,990, ITCN CAISSE REGIONA FIX ,980, ITCN CAISSE REGIONAL FIX ,988, ITCN CRCAM BRIE PICARDIE OIS ,999, ITCN CREDIT AGRICOLE SA FIX ,021, UCI 513,973, FR AMUNDI TRESO COURT TERME I C 298,635, FR BFT MONETAIRE I2 99,995, FR CPR CASH I SI 90,344, FR MONETAIRE BIO 24,998, Futures 349,546, SWP OIS/0.0/FIX/ ,546, SWP OIS/0.0/FIX/ ,000, Total group securities 1,133,510, Annual Report as at 31/03/

42 TABLE FOR THE ALLOCATION OF THE SHARE IN THE DISTRIBUTABLE AMOUNTS RELATING TO THE PROFIT 31/03/ /03/2015 Sums still to allocate Balance carried forward Income 10,549, ,343, Total 10,549, ,343, /03/ /03/2015 E unit Allocation Distribution Balance carried forward for the financial year Accumulation 103, ,865, Total 103, ,865, /03/ /03/2015 I unit Allocation Distribution Balance carried forward for the financial year Accumulation 8,054, ,323, Total 8,054, ,323, /03/ /03/2015 P unit Allocation Distribution Balance carried forward for the financial year Accumulation -48, , Total -48, , Annual Report as at 31/03/

43 TABLE FOR THE ALLOCATION OF THE SHARE IN THE DISTRIBUTABLE AMOUNTS RELATING TO THE PROFIT 31/03/ /03/2015 I2 Unit Allocation Distribution Balance carried forward for the financial year Accumulation 2,160, Total 2,160, /03/ /03/2015 DP unit Allocation Distribution Balance carried forward for the financial year Accumulation 279, ,121, Total 279, ,121, TABLE FOR THE ALLOCATION OF THE SHARE IN THE DISTRIBUTABLE AMOUNTS RELATING TO NET CAPITAL GAINS AND LOSSES 31/03/ /03/2015 Sums still to allocate Previous net appreciation and depreciation not distributed Net appreciation and depreciation for the financial year -783, ,121, Advance payments made on net appreciation and depreciation in the financial year Total -783, ,121, /03/ /03/2015 E unit Allocation Distribution Net appreciation and depreciation not distributed Accumulation -16, , Total -16, , Annual Report as at 31/03/

44 TABLE FOR THE ALLOCATION OF THE SHARE IN THE DISTRIBUTABLE AMOUNTS RELATING TO NET CAPITAL GAINS AND LOSSES 31/03/ /03/2015 I unit Allocation Distribution Net appreciation and depreciation not distributed Accumulation -435, ,035, Total -435, ,035, /03/ /03/2015 P unit Allocation Distribution Net appreciation and depreciation not distributed Accumulation -3, , Total -3, , /03/ /03/2015 I2 Unit Allocation Distribution Net appreciation and depreciation not distributed Accumulation -313, Total -313, /03/ /03/2015 DP unit Allocation Distribution Net appreciation and depreciation not distributed Accumulation -15, , Total -15, , Annual Report as at 31/03/

45 INCOME TABLE AND OTHER CHARACTERISTIC FEATURES OF THE ENTITY OVER THE PREVIOUS FIVE FINANCIAL YEARS 30/03/ /03/ /03/ /03/ /03/2016 Overall net assets in EUR 12,307,944, ,481,756, ,955,761, ,731,266, ,346,442, AMUNDI 3 M E Net assets in EUR 940,403, ,191, ,255, Number of securities 93, , , Unit net asset value in EUR 10, , , Unit accumulation on net gains and losses in EUR Unit accumulation in EUR on the profits AMUNDI 3 M P Net assets in EUR 1,830, ,410, ,022, Number of securities 18, , , Unit net asset value in EUR Unit accumulation on net gains and losses in EUR Unit accumulation in EUR on the profits AMUNDI 3 M I2 Net assets in EUR 7,867,528, Number of securities 786, Unit net asset value in EUR 10, Unit accumulation on net gains and losses in EUR Unit accumulation in EUR on the profits Annual Report as at 31/03/

46 INCOME TABLE AND OTHER CHARACTERISTIC FEATURES OF THE ENTITY OVER THE PREVIOUS FIVE FINANCIAL YEARS 30/03/ /03/ /03/ /03/ /03/2016 Overall net assets in EUR 12,307,944, ,481,756, ,955,761, ,731,266, ,346,442, AMUNDI 3 M I Net assets in EUR 12,307,944, ,481,004, ,583,957, ,683,412, ,845,030, Number of securities 11, , , , , Unit net asset value in EUR 1,045, ,051, ,055, ,059, ,060, Unit accumulation on net gains and losses in EUR Unit accumulation in EUR on the profits , , , , , AMUNDI 3 M DP Net assets in EUR 751, ,569, ,253, ,604, Number of securities Unit net asset value in EUR 751, , , , Unit accumulation on net gains and losses in EUR Unit accumulation in EUR on the profits , , , Annual Report as at 31/03/

47 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets Deposits D EUR 150,000, ,195, D EUR 150,000, ,008, D EUR 250,000, ,000, TOTAL Deposits 550,204, Bonds and related securities Bonds and similar securities traded on a regulated market or related market GERMANY C E3R+0.6% EMTN EUR 24,700,000 24,705, LAND HES 0.01 % EMTN EUR 50,000,000 50,000, M E3R+0.23% EMTN EUR 17,500,000 17,500, S E3R+0.17% EMTN EUR 9,000,000 9,002, V E3R+0.17% EMTN EUR 50,000,000 49,774, VOLKS E3R+0.3% 11/04/2016 EUR 90,000,000 90,031, AUSTRALIA GERMANY TOTAL 241,014, AUS NZL BANKING TV 10/16 EUR 45,000,000 45,174, MACQ E3R+0.25% EMTN EUR 50,000,000 50,002, MACQ E3R+0.3% EMTN EUR 44,000,000 44,013, MACQ E3R+0.5% EMTN EUR 41,000,000 41,048, BELGIUM AUSTRALIA TOTAL 180,238, BELFIUS E3R+0.38% EMTN EUR 52,000,000 52,097, CANADA BELGIUM TOTAL 52,097, B E3R+0.33% EMTN EUR 150,000, ,003, BANK OF NOVA E3R+0.24% EMTN EUR 120,000, ,000, CAIS C E3R+0.3% EUR 34,300,000 34,310, CAN IM E3R+0.25% EUR 63,700,000 63,730, DENMARK SPAIN CANADA TOTAL 368,045, DANSKE BA ZCP EMTN EUR 200,000, ,000, DENMARK TOTAL 200,000, B E3R+0.37% EMTN EUR 186,400, ,453, BANCO BILBAO E3R+0.33% EMTN EUR 200,000, ,162, INST DE CRED OFIC FLO EUR 200,000, ,076, S E3R+0.3% EMTN EUR 130,000, ,031, S E3R+0.37% EMTN EUR 117,500, ,585, T E3R+0.33% EMTN EUR 70,500,000 70,400, SPAIN TOTAL 904,709, Annual Report as at 31/03/

48 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets UNITED STATES OF AMERICA CA LA E3R+0.15% EUR 161,000, ,055, G E3R+0.7% EMTN EUR 100,000, ,059, HONE I E3R+0.5% EUR 34,100,000 34,110, J E3R+0.25% EMTN EUR 164,000, ,082, J E3R+0.6% EMTN EUR 48,000,000 48,282, JPM 0 05/03/16 EUR 50,000,000 50,027, MORG S E3R+0.55% EUR 107,100, ,107, MORGAN STANLEY TV 13/04/16 EUR 16,400,000 16,409, N E3R+0.42% EMTN EUR 38,700,000 38,717, NATI GRID NORT AM FLO EUR 30,000,000 30,008, UNIT T E3R+0.8% EUR 20,300,000 20,427, UNITED STATES OF AMERICA TOTAL 770,288, FRANCE A E3R+0.6% EMTN EUR 47,000,000 47,016, BFCM E3R+0.2% EMTN EUR 36,000,000 36,000, BPCE EURIBOR 3M REV /05/2016 EUR 180,000, ,028, BPCE E3R+0.2% EMTN EUR 83,100,000 83,130, BPCE E3R+0.21 % EMTN EUR 23,000,000 23,007, BPCE E3R+0.27% EMTN EUR 100,000, ,039, BPCE E3R+0.3% EMTN EUR 100,000,000 99,923, C E3R+0.27% EMTN EUR 135,000, ,005, C E3R+0.35% EMTN EUR 50,000,000 50,000, CREDIT DU NORD E3R+0.45% 23/06/16 EUR 50,000,000 50,087, ENGIE E3R+0.22% EMTN EUR 150,000, ,000, ESSI I E3R+0.2% EUR 62,000,000 61,978, GECINA 0.05% EUR 43,000,000 43,001, H E3R+0.26% EMTN EUR 72,000,000 72,000, LVMH TV 05/09/2016 EUR 65,000,000 65,075, R E3R+0.33% EMTN EUR 65,000,000 64,992, SG E3R+0.27% EMTN EUR 62,300,000 62,419, SG E3R+0.3% EMTN EUR 50,000,000 50,015, SG E3R+0.35% EMTN EUR 150,000, ,105, V E3R+0.25% EMTN EUR 50,000,000 50,003, FRANCE TOTAL 1,573,831, IRELAND F E3R+0.45% EMTN EUR 45,000,000 45,013, FCA CA E3R+0.55% EUR 33,000,000 33,003, INTE BANK IR E3R EUR 200,000, ,006, INTE SANP BAN E3R EUR 160,000, ,002, INTESA E3R+0.44% EMTN EUR 200,000, ,167, UNIC BANK IR AUTRE R EUR 300,000, ,050, IRELAND TOTAL 938,244, Annual Report as at 31/03/

49 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets ITALY M E3R+0.4% EMTN EUR 200,000, ,075, MERC F E3R+0.55% EUR 50,000,000 49,959, S E3R+0.35% EMTN EUR 100,000, ,015, UNIC E3R+0.31 % EMTN EUR 100,000, ,009, ITALY TOTAL 450,058, JAPAN D E3R+0.27% EMTN EUR 50,000,000 49,983, ITOCHU TREASURY CENTRE EUR 0.19% EUR 50,000,000 50,031, S E3R+0.3% EMTN EUR 168,000, ,009, JAPAN TOTAL 268,024, LUXEMBOURG SOCI E E3R+0.33% EUR 125,000, ,027, SOCI E E3R+0.335% EUR 100,000, ,006, SOCIETE EUROPEAN E3R+0.62% EMTN EUR 100,000, ,017, LUXEMBOURG TOTAL 325,050, NORWAY S E3R+0.45% EMTN EUR 32,500,000 32,503, SPAREBANKEN VEST E3R STEP 27/04/17 EMTN EUR 100,000, ,000, NORWAY TOTAL 132,503, NETHERLANDS B E3R+0.41 % EMTN EUR 50,000,000 49,977, BMW E3R+0.18% 16/09/16 EMTN EUR 50,000,000 50,047, I E3R+0.22% EMTN EUR 200,000, ,099, ING EURIBOR 3 MOIS REV /05/2016 EUR 110,000, ,008, ING BA 0.0% EMTN EUR 148,000, ,074, R E3R+0.19% EMTN EUR 200,000, ,179, R E3R+0.27% EMTN EUR 100,000, ,026, RABOBK E3R+0.25% EUR 100,000, ,100, RABOBK 0 11/18/16 EUR 40,000,000 40,145, NETHERLANDS TOTAL 998,658, REPUBLIC OF KOREA S E3R+0.35% EMTN EUR 30,000,000 30,002, REPUBLIC OF KOREA TOTAL 30,002, UNITED KINGDOM A E3R+0.3% EMTN EUR 100,000, ,047, A E3R+0.38% EMTN EUR 104,000, ,140, ANZ NEW ZEAL INTL FLO EUR 100,000, ,051, BARC E3R+0.28% EMTN EUR 150,000, ,029, BARCLAYS BANK E3R+0.2% EUR 25,000,000 25,001, BARCLAYS BANK PL ZCP EUR 50,000,000 50,000, CS 0 03/30/17 EUR 136,200, ,423, Annual Report as at 31/03/

50 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets F E3R+0.36% EMTN EUR 115,000, ,026, F E3R+0.38% EMTN EUR 40,000,000 40,021, L E12R+0.0% EMTN EUR 201,000, ,285, LLOY BANK PLC 0.0% EUR 50,000,000 50,025, S E3R+0.29% EMTN EUR 150,000, ,042, UBS 0 05/15/17 EUR 168,673, ,694, UNITED KINGDOM TOTAL 1,390,787, SWEDEN SKAN ENSK E3R+0.4% EMTN EUR 45,000,000 45,167, V E3R+0.65% EMTN EUR 75,000,000 75,039, SWEDEN TOTAL 120,207, TOTAL Bonds and similar securities traded on a regulated or related market 8,943,763, TOTAL Bonds and related securities 8,943,763, Debt Securities Debt securities traded on a regulated market or related market GERMANY DEKABANK DEUTSCHE GIROZENTRALE FIX EUR 100,000,000 99,945, DEUTSCHE BANK AG FIX 0.23 EUR 100,000,000 99,930, DEUTSCHE BANK AG FIX 0.23 EUR 100,000,000 99,930, LANDESBANK BADEN WUERTTEMBERG FIX 0.15 EUR 100,000, ,025, RWE AG FIX EUR 15,000,000 14,997, RWE AG FIX 0.05 EUR 17,000,000 16,997, RWE AG FIX EUR 8,000,000 7,998, RWE AG FIX EUR 29,500,000 29,494, RWE AG FIX 0.1 EUR 30,000,000 29,982, GERMANY TOTAL 499,302, BELGIUM BELFIUS BANQUE FIX 0.05 EUR 100,000, ,001, BELGIUM TOTAL 100,001, SPAIN SANTANDER CONSUMER FINANCE S.A FIX 0.3 EUR 150,000, ,005, SANTANDER CONSUMER FINANCE S.A FIX 0.23 EUR 150,000, ,888, SPAIN TOTAL 299,894, FRANCE BFCM(BQUE FEDER.CREDIT MUTUEL) FIX 0.09 EUR 310,000, ,282, BNP PARIBAS OIS 0.42 EUR 200,000, ,040, BNP PARIBAS FIX 0.14 EUR 150,000, ,940, BNP PARIBAS FIX 0.08 EUR 314,000, ,253, CAISSE REGIONA FIX 0.1 EUR 50,000,000 49,980, CAISSE REGIONAL FIX 0.11 EUR 30,000,000 29,988, CARR B E3R+0.26% EUR 30,000,000 29,976, Annual Report as at 31/03/

51 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets CRCAM BRIE PICARDIE OIS 0.34 EUR 40,000,000 39,999, CREDIT AGRICOLE SA FIX 0.09 EUR 150,000, ,021, CREDIT DU NORD E3R+0.45% 11/07/16 EUR 30,000,000 30,046, CREDIT INDUSTRIEL ET COMMERCIAL FIX 0.0 EUR 200,000, ,875, CREDIT INDUSTRIEL ET COMMERCIAL OIS 0.26 EUR 100,000, ,044, DEXIA CREDIT L FIX 0.0 EUR 300,000, ,000, ELECTRICITE DE FRANCE EDF FIX 0.12 EUR 350,000, ,948, KLEPIERRE FIX 0.02 EUR 40,000,000 39,998, LMA SA FIX 0.05 EUR 100,000,000 99,950, FRANCE TOTAL 2,394,347, IRELAND UNICREDIT BANK IRELAND PLC FIX 0. EUR 200,000, ,868, IRELAND TOTAL 199,868, ITALY ITALIE ZCP EUR 250,000, ,024, ITALIE ZCP EUR 150,000, ,026, UNICREDIT SPA FIX 0.15 EUR 100,000,000 99,880, ITALY TOTAL 499,931, LUXEMBOURG BGL BNP TF 0.08%PREC 26/09/16 EUR 150,000, ,094, MEDIOBANCA INTERN FIX EUR 100,000,000 99,834, LUXEMBOURG TOTAL 249,928, NETHERLANDS IBERDROLA INTERNATIONAL BV 26/05/16 FIX -0.03PEC EUR 41,000,000 41,001, NETHERLANDS TOTAL 41,001, UNITED KINGDOM BARCLAYS BANK P.L.C FIX 0.12 EUR 100,000,000 99,959, BARCLAYS BANK P.L.C FIX 0.11 EUR 60,000,000 59,974, CREDIT SUISSE AG LONDON BRANCH FIX 0.11 EUR 50,000,000 49,965, CREDIT SUISSE AG LONDON BRANCH FIX 0.12 EUR 100,000,000 99,998, CREDIT SUISSE (UK) LIMITED FIX 0.23 EUR 100,000,000 99,939, CREDIT SUISSE (UK) LIMITED FIX 0.2 EUR 107,000, ,916, LLOYDS BANK PLC ZCP 14/10/16 FIX EUR 250,000, ,011, LLOYDS BANK PLC FIX EUR 140,000, ,952, VODAFONE GROUP PLC FIX EUR 150,000, ,926, UNITED KINGDOM TOTAL 1,056,643, SWEDEN ASSA ABLOY FINANCIAL SERVICES AB EUR 5,000,000 4,999, SWEDEN TOTAL 4,999, TOTAL Debt secs traded on regul. or rel. mkts 5,345,919, Debt securities traded on a regulated market or related market Annual Report as at 31/03/

52 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets GERMANY RWE AG FIX 0.1 EUR 130,000, ,924, VOLKSWAGEN FINANCIAL SERVICES AG FIX EUR 50,000,000 49,930, GERMANY TOTAL 179,855, UNITED STATES OF AMERICA PROCTER AND GAMBLE CO FIX 0.07 EUR 45,000,000 45,004, UNITED STATES OF AMERICA TOTAL 45,004, NETHERLANDS VOLKSWAGEN INTER FIX EUR 75,000,000 74,901, NETHERLANDS TOTAL 74,901, UNITED KINGDOM AON PLC FIX 1.0E-9 EUR 25,000,000 24,999, DEUT BANK AG LOND ZCP EUR 100,000,000 99,977, LLOYDS BANK PLC ZCP EUR 150,000, ,933, MITSUBISHI CORPOR FIX 1.0E-5 EUR 40,000,000 39,999, VODAFONE GROUP PLC FIX 0.2 EUR 225,000, ,832, UNITED KINGDOM TOTAL 539,742, TOTAL Debt securities not traded on a regulated or related market 839,503, TOTAL Debt securities 6,185,422, Undertakings for collective investment UCITS and FIA generally intended for non-professionals and equivalent in other countries FRANCE AMUNDI TRESO COURT TERME I C EUR 15, ,635, BFT MONETAIRE I2 EUR 9, ,995, CPR CASH I SI EUR 8 90,344, MONETAIRE BIO EUR 2, ,998, FRANCE TOTAL 513,973, TOTAL UCITS and FIA generally intended for nonprofessionals and equivalent in other countries 513,973, TOTAL Undertakings for Collective Investment 513,973, Securities delivered under repurchase agreements UNITED STATES OF AMERICA CA LA E3R+0.15% EUR 10,000,000 10,003, UNITED STATES OF AMERICA TOTAL 10,003, TOTAL Securities delivered under repurchase agreements 10,003, Debts representing securities delivered under repurchase agreement -10,004, Payments for securities delivered under repurchase agreements 1, Futures Other forward-based financial instruments Annual Report as at 31/03/

53 Detailed inventory of financial instruments in EUR Name of security Currency No. or nominal qty Current value % Net Assets Currency swaps OIS/0.0/FIX/ EUR 149,546, , OIS/0.0/FIX/-0.15 EUR 99,848, , OIS/0.0/FIX/ EUR 100,000,000-96, OIS/0.0/FIX/ EUR 310,000, , OIS/0.0/FIX/ EUR 464,000, , OIS/0.0/FIX/ EUR 100,000,000-4, OIS/0.0/FIX/ EUR 200,000, , OIS/0.0/FIX/ EUR 400,000, , OIS/0.0/FIX/ EUR 100,000,000-58, OIS/0.0/FIX/-0.44 EUR 200,000, , TOTAL Interest rate swaps -1,500, TOTAL Other futures TOTAL Futures -1,500, ,500, Debts 1,559, Debts -13,287, Financial accounts 166,306, Net assets 16,346,442, AMUNDI 3 M DP EUR , AMUNDI 3 M P EUR 559, AMUNDI 3 M I EUR 7, ,060, AMUNDI 3 M I2 EUR 786, , AMUNDI 3 M E EUR 29, , Annual Report as at 31/03/

54 Amundi Asset Management French limited company (société anonyme) with capital of 596,262,615 euros Portfolio Management Company authorised by the AMF under number GP Registered Office: 90, boulevard Pasteur Paris - France RCS Paris