LA FRANÇAISE TRESORERIE Mutual Fund

LA FRANÇAISE TRESORERIE Mutual Fund Management Company: La Française Asset Management 128, boulevard Raspail 75006 Paris Statutory Auditor's report on the breakdown of assets as at 30 March 2017

Deloitte & Associés 185, avenue Charles de Gaulle 92524 Neuilly-sur-Seine Cedex France Telephone: + 33 (0) 1 40 88 28 00 Fax: + 33 (0) 1 40 88 28 28 www.deloitte.fr STATUTORY AUDITOR'S REPORT on the breakdown of assets of the Fonds Commun de Placement (Mutual Fund) LA FRANÇAISE TRESORERIE as at 30 March 2017 In our capacity as statutory auditor for the LA FRANÇAISE TRESORERIE and pursuant to the provisions of Article L214-17 of the Monetary and Financial Code on the auditing of the breakdown of assets, we have drawn up this report based on the information appearing in the breakdown of assets as at 30 March 2017, as attached. All information in this document is the responsibility of the Management Company. It is our role to give a statement as to the consistency of the information contained in the breakdown of assets, based on the knowledge of the UCI that we have acquired during our assignment to certify the annual accounts. We have exercised the due diligence we deemed necessary with regard to the professional standards of the National Auditors' Association (Compagnie Nationale des Commissaires aux Comptes) relating to this assignment. This due diligence, which constitutes neither an audit nor a limited review, mainly includes analytical procedures and interviews with the people responsible for producing and verifying the information published. Based on our work, we have no remarks to make on the consistency of the information appearing in the attached document, based on the knowledge of the UCI that we have acquired during our assignment to certify the annual accounts. Statutory Auditor, Deloitte & Associés Neuilly-sur-Seine, 23 May 2017 Jean-Pierre VERCAMER Jean-Marc LECAT Société anonyme (public limited company) with a capital of EUR 1,723,040 Accountancy firm duly registered with the Regional Council (Tableau de l'ordre du Conseil Régional) of Paris/Île-de-France Audit firm, member of the Compagnie régionale de Versailles 572 028 041 RCS Nanterre VAT: FR02 572 028041 A member of the Deloitte network

LA FRANÇAISE TRESORERIE Breakdown of Assets 30 March 2017 Management company: LA FRANÇAISE ASSET MANAGEMENT Registered office: 128, boulevard Raspail, 75006 Paris Custodian: BNP Paribas Securities Services

Inventory of financial instruments as at 30 March 2017 Asset and denomination of securities Quantity Price Listing currency Current value Rounded % of the net assets Bonds and similar securities 448,614,738.34 7.31 Traded on a regulated market or similar BANCA MPS 0.5 %17-200118 100,000,000.00 100.23 EUR 100,320,880.00 1.64 EXANE 0 %15-310717 100,000,000.00 100.13 EUR 100,134,400.00 1.63 EXANE FIN.0 %16-130717 INDX 75,000,000.00 100.00 EUR 74,997,975.00 1.22 INTESA SANPAOLO TV13-150518 28,200,000.00 102.54 EUR 28,997,981.04 0.47 INTESA TV11-030517 STEP UP 8,663,000.00 100.38 EUR 9,033,642.12 0.15 INTESA TV11-310517 STEP UP 8,419,000.00 100.76 EUR 8,783,255.61 0.14 ITALY 0 %17-120118 BOT 50,000,000.00 100.25 EUR 50,123,500.00 0.82 LLOYDS BANK TV15-210817 42,000,000.00 100.20 EUR 42,093,108.17 0.69 UNICREDIT TV11-290417 5,000,000.00 100.28 EUR 5,043,398.50 0.08 UNICREDIT TV11-311017 14,000,000.00 100.95 EUR 14,172,130.00 0.23 VOLKSWAGEN INTL TV17-300319 14,900,000.00 100.10 EUR 14,914,467.90 0.24 Debt securities Negotiable debt securities 4,465,077,022.33 72.77 Traded on a regulated market 2,197,047,952.74 35.81 BMTCRED LYON EUR3+0.27 29/11/18 20,000,000.00 99.99 EUR 19,997,631.82 0.33 BMTN AXA BANQUE 12/02/18 25,000,000.00 100.00 EUR 24,998,187.50 0.41 BMTN AXA BANQUE 22/08/2018 41,000,000.00 100.00 EUR 41,000,000.00 0.67 BMTN AXA EURIB+3M 21/11/2018 20,000,000.00 100.00 EUR 19,999,424.44 0.33 BMTN DIAC EUR+0.38 24/04/17 13,500,000.00 100.00 EUR 13,501,837.12 0.22 BNP PARIBAS EO+0.08 22/03/2018 50,000,000.00 99.98 EUR 49,987,361.20 0.81 BNP PARIBAS FORTIS 0 % 12/01/18 100,000,000.00-0.27 EUR 100,214,539.29 1.63 BPCE 0 % 12/01/2018 100,000,000.00-0.27 EUR 100,214,539.29 1.63 BQ EDEL E3M 0.38 02/02/2018 10,000,000.00 100.00 EUR 10,000,828.89 0.16 BT BANCO BILBAO VIZCA A 0 % 1217 30,000,000.00-0.26 EUR 30,054,411.01 0.49 BT BANCO BILBAO VIZCA A 0 % 1217 50,000,000.00-0.26 EUR 50,094,101.77 0.82 BT CGP 0 % 13/06/17 30,000,000.00 0.05 EUR 29,996,875.40 0.49 BT CGP 0 % 21/06/17 10,000,000.00 0.00 EUR 9,998,847.37 0.16 BT COFACE SA 0 % 16/06/2017 35,000,000.00-0.08 EUR 35,006,325.64 0.57 BT PALATINE OIS+.11 06/03/18 20,000,000.00 99.97 EUR 19,991,069.96 0.33 BT PALATINE OIS+.11 13/03/18 40,000,000.00 99.97 EUR 39,983,784.95 0.65 BTR CASINO GUICHARD-PER0 % 10/04/17 50,000,000.00 0.00 EUR 49,998,472.61 0.81 BTR CGP 0 % 24/05/17 10,000,000.00 0.00 EUR 9,998,942.62 0.16 BTR GECINA 0 % 20/06/2017 24,000,000.00-0.13 EUR 24,007,179.88 0.39 BTR LAGARDERE 0 % 24/04/17 10,000,000.00 0.00 EUR 10,001,250.20 0.16 BT ROQUETTE FRERES 0 % 05/04/17 13,000,000.00 0.00 EUR 13,000,287.16 0.21 BTR REGION 0 % 06/06/2017 20,000,000.00 0.00 EUR 20,009,450.48 0.33

BTR SOCRAM 0 % 31/01/2018 10,000,000.00-0.09 EUR 10,007,262.41 0.16 BT SEB 0 % 03/11/17 20,000,000.00-0.17 EUR 20,021,071.29 0.33 BT SEB 0 % 25/10/17 25,000,000.00-0.18 EUR 25,026,835.93 0.41 BT SEB 0 % 27/10/17 30,000,000.00-0.17 EUR 30,030,714.33 0.49 BT SOCRAM 0 % 23/10/2017 10,000,000.00-0.09 EUR 10,005,459.73 0.16 BT VALEO 0 % 20/10/17 30,000,000.00-0.21 EUR 30,034,924.61 0.49 BT VEOLIA 0 % 11/12/17 30,000,000.00-0.22 EUR 30,047,092.47 0.49 BT VINCI 0 % 19/05/2017 30,000,000.00-0.24 EUR 30,009,932.45 0.49 CACIB 0 % 11/05/17 100,000,000.00-0.37 EUR 100,042,951.77 1.63 CARREFOUR BK EUR3+ 0.35 25/09/17 10,000,000.00 100.00 EUR 10,000,029.17 0.16 CD BNPPARIBAS OIS+.08 20/03/18 50,000,000.00 99.98 EUR 49,986,655.72 0.81 CD BPCE OIS+.11 14/03/18 50,000,000.00 100.00 EUR 49,994,568.61 0.81 CD BPCE OIS+.11 16/03/18 30,000,000.00 99.99 EUR 29,994,237.75 0.49 CD BPIFR OIS+.08 20/03/18 50,000,000.00 99.99 EUR 49,991,605.72 0.81 CD CFCMOC OIS+.11 05/03/18 10,000,000.00 100.03 EUR 10.001.214,98 0.16 CD CREDIT SUISSE AG LON 0 05/09/17 10,000,000.00-0.21 EUR 10,009,226.09 0.16 CD CREDIT SUISSE AG LON 0 07/11/17 20,000,000.00-0.14 EUR 20,017,701.65 0.33 CD CREDIT SUISSE AG LON 0 16/05/17 15,000,000.00-0.22 EUR 15,004,270.38 0.24 CD IND & COM BK CHINA 0 % 13/03/18 10,000,000.00-0.05 EUR 10,004,980.81 0.16 CD JYSKE BANK 03/01/2018 30,000,000.00-0.28 EUR 30,064,938.01 0.49 CD JYSKE OIS+.11 06/03/18 30,000,000.00 100.02 EUR 30,000,824.94 0.49 CD NATIXIS 0 % 07/06/17 50,000,000.00-0.36 EUR 50,034,946.07 0.82 CDN AXA 0 % 06/04/17 9,000,000.00 0.00 EUR 9,000,437.77 0.15 CDN BANCO BILBAO VIZCA A 0 % 1/1/17 25,000,000.00-0.26 EUR 25,043,344.74 0.41 CDN BANK OF CHINA 0 % 03/11/17 25,000,000.00-0.14 EUR 25,021,788.70 0.41 CDN BANK OF CHINA 0 % 06/07/2017 20,000,000.00-0.21 EUR 20,011,319.96 0.33 CDN BANK OF CHINA 0 % 07/11/17 35,000,000.00-0.14 EUR 35,030,977.89 0.57 CDN BANK OF CHINA 0 % 08/06/17 25,000,000.00-0.23 EUR 25,010,995.81 0.41 CDN BANK OF CHINA 0 % 19/12/17 50,000,000.00-0.13 EUR 50,047,638.68 0.82 CDN BANK OF CHINA 0 % 22/12/17 10,000,000.00-0.08 EUR 10,005,907.15 0.16 CDN BANK OF CHINA 0 % 27/06/17 20,000,000.00-0.28 EUR 20,013,764.91 0.33 CDN BBVA0 % 07/06/17 25,000,000.00-0.35 EUR 25,016,993.21 0.41 CDN BQ EDEL 0 % 09/08/17 10,000,000.00-0.36 EUR 10,013,125.54 0.16 CDN CDTSU 0 % 04/01/18 40,000,000.00-0.06 EUR 40,018,239.42 0.65 CDN JYSKE 0 % 24/01/2018 30,000,000.00-0.26 EUR 30,064,136.83 0.49 CDN VOLKSB 0 % 16/05/2017 25,000,000.00 0.00 EUR 25,005,550.94 0.41 CD ONEY BK OIS+.24 29/01/18 6,000,000.00 99.96 EUR 5,997,397.50 0.10 CD PYRGAS OIS+.1 13/03/18 25,000,000.00 100.01 EUR 24,999,422.54 0.41 CD ROYAL SCOT 0 % 06/03/18 30,000,000.00-0.06 EUR 30,017,742.49 0.49 CD UNICREDIT 0 % 27/07/2017 20,000,000.00-0.24 EUR 20,015,693.86 0.33 COMMERZBANK AG 0 % 13/06/2017 20,000,000.00-0.36 EUR 20,015,165.66 0.33 COMMERZBANK AG 0 % 14/08/2017 20,000,000.00-0.28 EUR 20,021,166.04 0.33 COMMERZBANK AG 0 % 25/08/2017 10,000,000.00-0.26 EUR 10,010,638.53 0.16 HEWLETT-PACKARD 0 % 18/12/2017 4,000,000.00-0.01 EUR 4,000,289.32 0.07 IT T BILL 14/03/18 70,000,000.00 100.22 EUR 70,154,000.00 1.14 LAGARDERE SCA 0 % 03/04/2017 20,000,000.00 0.00 EUR 20,000,366.77 0.33 LCL E 3M 19/09/18 50,000,000.00 100.00 EUR 49,997,583.33 0.81 LCL EUR3M+0.25 30/04/2018 50,000,000.00 100.00 EUR 49,993,708.33 0.81 ONEY BANK EO+0.32 28/11/2017 20,000,000.00 100.03 EUR 20,004,662.87 0.33 ONEY BANK EO+0.39 29/09/2017 40,000,000.00 100.09 EUR 40,044,879.76 0.65 SOFIBCDN 0 % 04/08/2017 20,000,000.00-0.36 EUR 20,025,234.24 0.33 SOFIB CDN 0 % 06/04/2017 20,000,000.00-0.26 EUR 20,001,007.27 0.33 SOFIBCDN 0 % 21/07/2017 40,000,000.00-0.36 EUR 40,044,923.95 0.65 SOFIB CDN 0 % 29/08/2017 10,000,000.00-0.31 EUR 10,013,055.24 0.16

Other debt securities 2,268,029,069.59 36.97 ABBEY NAT TREA SER TV15-0817 29,000,000.00 100.15 EUR 29,047,922.50 0.47 ABN BANK TV15-030717 MTN 20,000,000.00 100.18 EUR 20,054,203.33 0.33 AIR LIQ FIN TV16-130618 EMTN 9,000,000.00 100.24 EUR 9,021,825.00 0.15 BANK OF CHINA (LUX) 0 % 06/04/17 30,000,000.00 0.00 EUR 30,000,029.17 0.49 BANK OF CHINA (LUX) 0 % 08/11/17 20,000,000.00-0.14 EUR 20,017,769.05 0.33 BANK OF CHINA (LUX) 0 % 19/05/17 25,000,000.00-0.25 EUR 25,008,624.50 0.41 BANK OF CHINA (LUX) 0 % 26/01/2018 10,000,000.00-0.09 EUR 10,007,202.85 0.16 BANK OF CHINA (LUX) 0 % 27/04/17 30,000,000.00-0.25 EUR 30,005,871.82 0.49 BELFIUS BANQUE TV16-140918 360 25,000,000.00 100.26 EUR 25,067,855.55 0.41 BELFIUS BANQUE TV17-080219 EMTN 10,000,000.00 100.56 EUR 10,059,393.33 0.16 BFCM TV14-220517 EMTN 30,000,000.00 100.08 EUR 30,030,630.00 0.49 BMW FINANCE TV15-140817 22,000,000.00 100.06 EUR 22,013,200.00 0.36 BMW FINANCE TV16-171018 15,700,000.00 100.06 EUR 15,709,341.50 0.26 BNP PARIBAS FORTIS 5 %07-280917 1,000,000.00 102.37 EUR 1,048,798.49 0.02 COMMERZBANK AG 0 % 02/06/2017 20,000,000.00-0.34 EUR 20,011,964.49 0.33 COMMERZBANK AG 0 % 05/06/2017 30,000,000.00-0.34 EUR 30,019,241.33 0.49 COMMERZBANK AG 0 % 05/07/2017 50,000,000.00-0.34 EUR 50,045,564.12 0.82 COMMERZBANK AG 0 % 26/04/2017 25,000,000.00-0.27 EUR 25,005,093.54 0.41 COMMERZBANK AG 0 % 31/10/2017 40,000,000.00-0.16 EUR 40,039,240.12 0.65 COOP. RABOBK TV16-150118 34,000,000.00 100.24 EUR 34,081,600.00 0.56 CP DEUTSCHE BANK AG 0 % 05/02/2018 10,000,000.00 0.11 EUR 9,990,882.32 0.16 CP DEUTSCHE BANK AG 0 % 08/01/2018 10,000,000.00 0.08 EUR 9,993,543.17 0.16 CP DEUTSCHE BANK AG 0 % 27/04/17 40,000,000.00-0.14 EUR 40,004,405.82 0.65 CP DEUTSCHE BK AG 19/03/18 25,000,000.00 0.13 EUR 24,968,254.11 0.41 CP INT SANPAOLO 0 % 19/03/18 50,000,000.00 0.01 EUR 49,995,427.92 0.81 CP NATIONAL GRID 0 % PLC 06/04/17 26,000,000.00 0.00 EUR 26,001,036.92 0.42 CP SANTANDER CON FIN 0 % 19/03/18 50,000,000.00-0.20 EUR 50,098,872.63 0.82 DANONE TV16-031118 EMTN 4,000,000.00 100.31 EUR 4,012,200.00 0.07 DB LONDON TV15-250817 25,000,000.00 100.01 EUR 25,003,382.64 0.41 DEUTCHE BANK TV16-130418 FR 20,500,000.00 100.48 EUR 20,622,216.45 0.34 DEUTSCHE BANK AG 0 % 08/03/2018 30,000,000.00 0.13 EUR 29,963,486.41 0.49 DEUTSCHE BANK AG LONDON 0 07/04/17 30,000,000.00-0.16 EUR 30,001,053.37 0.49 DEUTSCHE BANK AG LONDON 0 15/05/17 30,000,000.00-0.14 EUR 30,005,290.93 0.49 DEUTSCHE BANK AG LONDON 0 19/01/18 15,000,000.00 0.08 EUR 14,989,768.03 0.24 DEUTSCHE BANK AG LONDON 0 21/09/17 30,000,000.00 0.02 EUR 29,996,748.27 0.49 DEUTSCHE BANK AG LONDON 0 29/05/17 20,000,000.00-0.15 EUR 20,005,121.31 0.33 ECP BANQUE FEDERATIVE 02/02/18 100,000,000.00-0.26 EUR 100,227,890.66 1.63 ECP HEWLE 0 % 10/10/17 8,000,000.00-0.02 EUR 8,000,694.15 0.13 ECP HEWLE 0 % 19/05/17 7,000,000.00-0.13 EUR 7,001,247.58 0.11 ECP HEWLETT-PACKARD 0 % 10/10/17 15,000,000.00-0.02 EUR 15,001,301.53 0.24 ECP RBS 0 % 15/01/18 50,000,000.00-0.11 EUR 50,043,364.24 0.82 ECP SANTANDER CONS FIN 0 % 26/01/18 10,000,000.00-0.24 EUR 10,019,820.21 0.16 ECP VOLKI 0 % 28/08/17 17,900,000.00 0.02 EUR 17,898,400.93 0.29 GLDM SACHS GRP TV16-181217 21,000,000.00 100.37 EUR 21,079,864.17 0.34 GOLDMAN SACHS GRP TV17-311218 20,000,000.00 100.19 EUR 20,038,020.00 0.33 HSBC HLDGS TV16-211218 44,100,000.00 100.61 EUR 44,371,248.07 0.72 ICO 0.5 %15-151217 28,262,000.00 100.48 EUR 28,438,873.77 0.46 ING TV15-050617 35,000,000.00 100.13 EUR 35,052,056.67 0.57 ING TV15-140817 146 55,000,000.00 100.26 EUR 55,166,961.67 0.90 INTESA SANPAOLO 4 %12-091117 16,998,000.00 102.44 EUR 17,674,726.08 0.29 INTESA SANPAOLO BK 0 % 08/11/2017 20,000,000.00-0.16 EUR 20,020,251.54 0.33 JPMORGAN CHASE TV15-120617 20,000,000.00 100.10 EUR 20,022,559.44 0.33 MERCK FIN SERV TV15-010917 10 20,000,000.00 100.07 EUR 20,014,000.00 0.33 NATL BK CANADA TV15-090917 26,000,000.00 100.13 EUR 26,033,800.00 0.42

RCI BANQ.S.A.TV15-160718 EMTN 5,550,000.00 100.35 EUR 5,572,277.87 0.09 RENAULT 4.625 %12-180917 EMTN 21,100,000.00 102.18 EUR 22,075,990.62 0.36 REPSOL FIN 0 % 25/04/2017 20,000,000.00 0.00 EUR 20,001,849.48 0.33 REPSOL INTER FIN 0 % 24/10/17 25,000,000.00-0.11 EUR 25,016,593.23 0.41 REPSOL INTER FIN 0 % 25/08/17 10,000,000.00-0.12 EUR 10,004,874.04 0.16 REPSOL INTER FIN 0 % 27/10/17 10,000,000.00-0.11 EUR 10,006,715.48 0.16 REPSOL INTERNATIONAL 0 % 13/07/17 15,000,000.00-0.16 EUR 15,006,898.17 0.24 REPSOL INTERNATIONAL 0 % 25/05/17 20,000,000.00-0.09 EUR 20,002,738.15 0.33 SANTANDER CONSUMER FIN 0 % 01/06/17 20,000,000.00-0.37 EUR 20,012,800.69 0.33 SANTANDER CONSUMER FIN 0 % 03/01/18 25,000,000.00-0.25 EUR 25,048,278.68 0.41 SANTANDER CONSUMER FIN 0 % 15/12/17 50,000,000.00-0.26 EUR 50,094,101.77 0.82 SANTANDER CONSUM Fl TV15-0717 15,000,000.00 100.00 EUR 15,004,720.00 0.24 SANTANDER CONSUM Fl TV15-0717 15,000,000.00 100.07 EUR 15,016,986.60 0.24 SANTANDER CONSUM Fl TV16-0318 50,000,000.00 100.21 EUR 50,116,528.00 0.82 SOCIETE GENERALE TV15-0717 19,000,000.00 100.09 EUR 19,017,385.00 0.31 TELEF.EM.5.811 %12-050917 EMTN 14,800,000.00 102.56 EUR 15,665,881.84 0.26 TELEFONICA EUROPE BV 0 % 10/07/17 50,000,000.00 0.01 EUR 49,998,257.56 0.81 TERNA 2.875 %12-16/02/18 4,000,000.00 102.51 EUR 4,113,472.80 0.07 UNICREDIT BK IRL TV15-030417 70,000,000.00 100.00 EUR 70,022,160.84 1.14 UNICREDIT TV14-100417 12,000,000.00 100.02 EUR 12,018,903.60 0.20 VODAFONE GROUP PLC 0 % 04/10/2017 30,000,000.00-0.16 EUR 30,024,569.77 0.49 VOLKSWAGEN FIN 0 % 01/09/2017 20,000,000.00 0.03 EUR 19,997,330.91 0.33 VOLKSWAGEN FIN 0 % 22/05/17 9,500,000.00-0.04 EUR 9,500,531.50 0.15 VOLKSWAGEN FIN 0 % 30/05/2017 20,000,000.00-0.04 EUR 20,001,477.66 0.33 VOLKSWAGEN GROUP SERV SCS 0 % 18 20,000,000.00 0.13 EUR 19,979,210.74 0.33 VOLKSWAGEN GROUP SERV SCS 0 % 18 10,000,000.00 0.16 EUR 9,986,558.76 0.16 VOLKSWAGEN GROUP SERV SCS 0 % 18 4,000,000.00 0.17 EUR 3,993,900.65 0.07 VOLKSWAGEN GR SERVICES 0 % 02/06/17 30,000,000.00-0.04 EUR 30,001,936.12 0.49 VOLKSWAGEN GR SERVICES 0 % 03/07/17 30,000,000.00-0.05 EUR 30,003,792.56 0.49 VOLKSWAGEN GR SERVICES 0 % 07/07/17 10,000,000.00-0.04 EUR 10,001,039.61 0.16 VOLKSWAGEN INT FIN 0 % 03/11/17 15,000,000.00 0.09 EUR 14,992,174.25 0.24 VOLKSWAGEN INT FIN 0 % 13/04/17 20,000,000.00-0.06 EUR 20,000,489.23 0.33 VOLKSWAGEN INT FIN 0 % 19/10/17 40,000,000.00 0.07 EUR 39,983,158.09 0.65 VOLKSWAGEN INT FIN 0 % 27/10/17 5,000,000.00 0.09 EUR 4,997,495.63 0.08 VOLKSWAGEN LEASING TV15-0817 14,000,000.00 99.98 EUR 13,996,500.00 0.23 VOLVO TREASURY TV16-030818 25,000,000.00 100.09 EUR 25,026,938.89 0.41 VOLVO TREASURY TV16-121218 348 38,600,000.00 100.10 EUR 38,639,214.38 0.63 VOLVO TREASURY TV16-200618 25,000,000.00 100.15 EUR 25,037,384.72 0.41 VOLVO TREASURY TV17-130219 349 20,000,000.00 99.98 EUR 19,995,810.00 0.33 Not traded on a regulated market 781,484,184.20 12.74 BPCE TV13-100918 EMTN 10,000,000.00 100.39 EUR 10,041,197.78 0.16 CARREFOUR BANQUE 0 % 27/02/2019 20,000,000.00 99.99 EUR 19,998,840.00 0.33 CD BELFIUS BK S 0 % 24/10/2017 25,000,000.00-0.28 EUR 25,041,205.58 0.41 CD CREDIT SUISSE AG LON 0 24/10/17 10,000,000.00-0.16 EUR 10,009,530.85 0.16 ES T BILL 0 % 08/12/2017 140,000,000.00 100.23 EUR 140,316,400.00 2.29 ES T BILL 0 % 17/11/2017 90,000,000.00 100.21 EUR 90,187,200.00 1.47 ES T BILL 0 % 18/08/2017 70,000,000.00 100.14 EUR 70,100,800.00 1.14 IT T BILL 0 % 13/10/2017 65,000,000.00 100.16 EUR 65,102,700.00 1.06 IT T BILL 0 % 14/09/2017 75,000,000.00 100.16 EUR 75,118,500.00 1.22 IT T BILL 0 % 14/11/2017 30,000,000.00 100.21 EUR 30,062,400.00 0.49 IT T BILLS 14/02/18 200,000,000.00 100.22 EUR 200,444,000.00 3.27

REPSOL INTER FIN 0 % 25/10/17 15,000,000.00-0.11 EUR 15,009,995.11 0.24 SANTANDER CONSUMER FIN 0 % 25/10/17 30,000,000.00-0.29 EUR 30,051,414.88 0.49 UCI securities 476,686,866.63 7.77 General purpose UCITS and AIF intended for non-professionals and equivalent in other Member States of the European Union 476,686,866.63 7.77 BNPP CASH INVEST CLASSIC 207,372.00 2,298.70 EUR 476,686,866.63 7.77 Financial futures 0.00 0.00 Margin calls 0.00 0.00 Swaps 0.00 0.00 Receivables 91,721.72 0.00 Payables -486,728.28-0.01 Deposits 0.00 0.00 Other financial accounts -35,876,544.44-0.58 TOTAL NET ASSETS EUR 6,135,591,260.50 100.00 Number of units outstanding at: 30/03/2017 Class type: B (Currency: EUR) C units 62,723.75700 Class type: E (Currency: EUR) C units 1,005.000 Class type: I (Currency: EUR) C units 53,631.26755 Class type: R (Currency: EUR) C units 2,342.86027 Net asset value at: 30/03/2017 Class type: B (Currency: EUR) C units 100.74 Class type: E (Currency: EUR) C units 103,017.38 Class type: I (Currency: EUR) C units 108,557.97 Class type: R (Currency: EUR) C units 86,918.69