groupama tresorerie - caixabank.es filekey investor information this document provides you with key...

French Mutual Fund (Fonds Commun de

Placement, FCP)

GROUPAMA

TRESORERIE

Annual Report

as at 29.09.16

Groupama Asset Management - 25 rue de la Ville l’Evêque - 75008 Paris

CONTENTS

1. Characteristics of the UCI 3

2. Changes affecting the UCI 4

3. Management report 5

4. Regulatory information 9

5. Certification by the Statutory Auditor 11

6. Annual financial statements 14

Characteristics of the UCI (continued) 42

Key investor information

This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision

about whether to invest.

GROUPAMA TRESORERIE

P, C unit - ISIN code: FR0013065299

This UCITS is managed by Groupama Asset Management.

Objectives and investment policy

Classification: Money-market UCITS

Management objective: The Fund’s management objective is to outperform the capitalised EONIA index over the recommended term of investment, after deduction of management fees.

If money market interest rates are very low, the return generated by the UCITS may be insufficient to cover the management fees, in which case the net asset value of the UCITS will see a structural decline.

Benchmark index: Capitalised EONIA.

In order to achieve its management objective, the UCITS adopts an active management style.

Its main sources of performance are:

- Credit sensitivity, which is partly determined by our analysis of changes in risk premiums, the suggested yield gradient or the expectation of intervention by the central banks.

- Rate sensitivity, which is partly derived from our analysis of central bank monetary policy and of short-term changes in indices.

- Geographic allocation, based primarily on the decisions of internal committees.

The UCITS’ assets are invested in bonds and money market instruments which are assessed by the Management Company as being of high credit quality, and in deposits with credit institutions.

The overall sensitivity of the portfolio is between 0 and 0.5.

The UCITS may hold up to 10% of its net assets in units or shares of French “money market” and “short-term money market” UCITS or AIFs.

It may deal in derivatives traded on regulated, organised and over-the-counter markets in order to expose or hedge the portfolio against interest-rate risk up to a maximum of 100% of the Fund’s net assets.

The UCITS may make deposits and carry out temporary purchases and sales of securities. It may borrow cash on an exceptional and temporary basis.

Allocation of distributable income: Accumulation

Recommended minimum investment term: 3 months.

You may redeem your units on a daily basis, in accordance with the procedures described below.

Clearing deadline for subscription/redemption requests: Each business day at 12:00 noon, Paris time.

Valuation frequency: Every trading day except public holidays (Paris stock exchange).

Risk and reward profile

Lower risk Higher risk The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market.

The capital initially invested is not protected by a guarantee.

The major risks for the UCITS not taken into account in the indicator are:

■ Credit risk: A downgrading of the issuer’s credit rating or default by the issuer may have a negative impact on the share price.

■ Counterparty risk: This refers to the risk of default by a counterparty, causing it to default on payment which may lead to a fall in the net asset value.

■ Use of financial derivative instruments: Their use may increase or decrease the UCITS’ volatility. In the event of adverse market developments, the net asset value may fall.

potentially lower rewards potentially higher rewards

1 2 3 4 5 6 7

This indicator allows the level of volatility and risk to which your capital is exposed to be measured.

Historical data, such as the data used to calculate the synthetic indicator, may not be a reliable indicator of the future risk profile of the UCITS.

The risk category associated with this UCITS is not guaranteed and may change over time.

The lowest category does not mean a risk-free investment.

4

2. CHANGES AFFECTING THE FUND

30 November 2015

Updating of ongoing charges in the KIIDs subsequent to year end on 30 September 2015.

5 January 2016

Addition of a performance fee calculated as follows: 20% of the performance above the EONIA or above zero in the

event of the EONIA’s negative performance.

Creation of a new P unit class: open to all subscribers, specifically intended for institutional investors and large

corporates.

15 February 2016

Updating of performance data to December 2015.

5

3. MANAGEMENT REPORT

In the autumn of 2015, Mr Draghi announced a review, to be carried out in December, of the extent to which monetary

policy would be relaxed, in parallel with the bank’s forecasts, for the following reasons: lower global growth prospects

since the summer, the bearish risks weighing on the Eurozone as a consequence, and external factors, such as falling oil

prices, which were rendering monetary policy less effective. This was reflected in December by the following measures

taken by the ECB:

- deposit rates falling 10bps to -0.30%,

- QE being extended for 6 months until at least March 2017,

- reinvestment of coupons that mature,

- the introduction of regional and local authority debt into the debt purchase programme,

- the extension of TLTRO transactions from June 2016 until the end of 2017 at the earliest.

The EONIA fell 10 bps to -0.23%.

However, the figures for the beginning of the year were disappointing and caused the ECB to take strong action,

delivering even more than the markets had expected. Indeed, it lowered deposit rates by 10 bps to -0.40% and increased

amounts in the asset purchase programme, but also decided to widen the scope of eligible assets by including Eurozone

corporate bonds, as well as relaunching its long-term refinancing operations with a new TLTRO programme. In his

speech, Mr Draghi also suggested that, under the current conditions, there would be no further interest rate cuts. The

EONIA lost a further 10 bps, falling to -0.34%.

June was marked by high volatility on the markets (both before and after the referendum in the United Kingdom), but the

investors had specific expectations of the month of July as it meant that the anticipated impacts of Brexit becoming a

reality could be gauged, which turned out to be somewhat reassuring. Risky assets have made up all their losses and the

central banks have not had to rush to support the markets. The summer was quiet, but the end of September was more

turbulent due to a return of risk after Deutsche Bank received a heavy fine from the US authorities, which triggered

significant volatility.

Issuer premiums have long remained at constant levels, with a particular softening of the 9-12 months segment. We

favoured this part of the curve, to the detriment of the 1-2 year segment, the curve of which flattened. These issue

premiums narrowed from the summer onwards, losing up to 10 bps over 1 year, which has improved the Fund’s

performance.

As the EONIA was now at a level considered by the ECB as rock-bottom, we decided to make a gradual return to this

index.

The net asset value of the IC units rose from 40,404.55 on 30.09.15 to 40,446.01 on 29.09.16, and the performance of

the Groupama Trésorerie IC mutual fund stood at 0.10% compared to -0.27% for the benchmark index.

The net asset value of the ID units rose from 10,005.14 on 30.09.15 to 10,009.57 on 29.09.16, and the performance of

the Groupama Trésorerie ID mutual fund stood at 0.39% compared to -0.27% for the benchmark index.

The net asset value of the IM units rose from 1,041.19 on 30.09.15 to 1,042.19 on 29.09.16, and the performance of the

Groupama Trésorerie IM mutual fund stood at 0.09% compared to -0.27% for the benchmark index.

Past performance is no guarantee of future results.

6

Major movements in the portfolio during the financial year

Securities Movements (“Accounting currency”)

Purchases Sales

GROUPAMA ENTREPRISE 779,999,694.11 440,133,197.60

GROUPAMA EONIA IC 123,000,165.57 0.00

LMA SA 210416 FIX -0.02 50,000,500.01 50,000,000.00

LMA SA 300616 FIX -0.36 50,000,500.00 50,000,000.00

LMA SA 290616 FIX -0.36 50,000,500.00 50,000,000.00

UBI BANCA SPA 020316 FIX 0.04 49,994,945.00 50,000,000.00

UBI BANCA SPA 070616 FIX 0.05 49,993,612.00 50,000,000.00

LMA SA 260916 FIX -0.36 40,001,200.00 40,000,000.00

LMA SA 28/09/2016 40,000,400.00 40,000,000.00

LMA SA 290916 FIX -0.36 40,000,400.00 40,000,000.00

7

ESMA

EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES AND FINANCIAL DERIVATIVE

INSTRUMENTS

a) Exposure obtained through effective portfolio management techniques and derivative financial

instruments

Exposure obtained through effective portfolio management techniques: 199 923 971,77.

Reverse repurchase agreements: 199 923 971,77.

b) Identity of the counterparty(-ies) to effective portfolio management techniques and financial

derivative instruments

Effective portfolio management techniques Derivative financial instruments(*)

CACEIS BANK LUXEMBOURG

(*) Except listed derivatives

c) Financial guarantees received by the UCITS in order to reduce counterparty risk

Types of instrument Amount in portfolio currency

Effective portfolio management techniques

. Term deposits

. Equities 199,923,971.77

. Bonds

. UCITS 199,923,971.77

. Cash

Total

Derivative financial instruments

. Term deposits

. Equities

. Bonds

. UCITS

. Cash

Total

8

d) Operating income and expenses associated with effective management techniques

Income and operating costs Amount in portfolio currency

. Income (**) 13.70

. Other income

Total income 13.70

. Direct operating costs 307,960.54

. Indirect operating costs

. Other fees 307,960.54

Total costs

(**) Income from loans and reverse repurchase agreements

9

4. REGULATORY INFORMATION

TRANSACTION FEES

In accordance with Article 322-41 of the AMF (French Financial Markets Authority) General Regulations relating to the

rules of good practice applicable to portfolio management on behalf of third parties, we wish to inform you that a fee is

charged to the UCI for transactions involving financial instruments held in the portfolio.

It is broken down as follows:

- brokerage fees accruing to the intermediary in charge of executing orders.

- no “transaction fee” accrues to the Management Company.

This fee is not audited by the Statutory Auditor.

FINANCIAL INTERMEDIARIES

The monitoring of intermediaries used by the Asset Management Department relies on a Broker Committee for each

major asset class, which meets every six months. This Committee brings together managers, financial analysts and middle

office employees.

Each Committee updates a shortlist of approved intermediaries and an overall limit as a percentage of assets which are

allocated to each of them.

This updating is put to a vote on a selection of criteria. Each person votes on each criterion according to the weighting

allocated to them by the Committee. A report on the decisions is drawn up and circulated.

Between two meetings of the Broker Committee, a new intermediary may be used for a specific transaction subject to

the express authorisation of the Chief Investment Officer. This intermediary is approved or rejected by the next meeting

of the Broker Committee.

A tracking table is updated and circulated to managers each month. This table keeps track of changes in the actual

percentage of business carried out with an intermediary in relation to the target percentage, so that it can be adjusted.

An instruction to return below the limit set by the Committee will be issued if any percentage is found to have been

exceeded.

Third-level ethical control is based on these controls.

INTERMEDIATION CHARGES

A report is issued each year on the intermediation charges paid by Groupama Asset Management for the previous year.

This document is available on the company’s website at www.groupama-am.fr

VOTING POLICY

The policy for voting at General Meetings can be consulted on GROUPAMA ASSET MANAGEMENT’s website at

www.groupama-am.fr and at its registered office.

A report on how the Management Company has exercised its voting rights at General Meetings is drawn up within four

months of the end of the financial year. This report is available on GROUPAMA ASSET MANAGEMENT’S website at

www.groupama-am.fr and from its registered office.

FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO ISSUED BY THE GROUP’S SERVICE

PROVIDER OR ENTITY

In accordance with the AMF’s General Regulations, we confirm that the portfolio holds €587,961,459.29 in Groupama

Group UCIs.

INFORMATION ON ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG)

CRITERIA

Information about the ESG criteria is available athttp://www.groupama-am.fr and in the annual reports for the UCI, from

the accounting period starting on 31/12/2012.

METHOD USED TO CALCULATE OVERALL RISK

The UCI uses the commitment approach to calculate the UCI’s overall risk on financial contracts.

10

INFORMATION ON DISTRIBUTED INCOME ELIGIBLE FOR THE 40% TAX ALLOWANCE

Pursuant to the provisions of Article 41 sexdecies H of the French General Tax Code, income derived from the

distributing unit is eligible for a tax allowance of 40%.

OTHER INFORMATION

Investors will be sent the UCI’s full prospectus and latest annual and interim reports within one week of receipt of a

written request via:

GROUPAMA ASSET MANAGEMENT

25 rue de la Ville l’Evêque

75008 PARIS

e-mail: http://www.groupama-am.fr

11

5. CERTIFICATION BY THE STATUTORY AUDITOR

12

STATUTORY AUDITOR’S REPORT

ON THE ANNUAL FINANCIAL STATEMENTS

Financial year ended 29 September 2016

GROUPAMA TRESORERIE

UCITS ESTABLISHED IN THE FORM OF A MUTUAL FUND

Governed by the French Monetary and Financial Code

Management Company

GROUPAMA ASSET MANAGEMENT

25, rue de la Ville l’Evêque

75008 PARIS

Dear Shareholders,

In performance of the audit assignment entrusted to us by the governing bodies of the Management Company,

we hereby present our report on the financial year ended 29 September 2016, on:

- the audit of the annual financial statements of the UCITS established in the form of the GROUPAMA

TRESORERIE mutual fund, as attached to this report;

- the justification of our assessments;

- the specific verifications and disclosures required by law.

The annual financial statements have been prepared under the responsibility of the Management Company. It is

our responsibility, on the basis of our audit, to express an opinion on those financial statements.

1. OPINION ON THE ANNUAL FINANCIAL STATEMENTS

We have conducted our audit in accordance with the standards of professional practice applicable in France.

Those standards demand that we carry out our audit to obtain reasonable assurance that the annual financial

statements are free of material misstatement. An audit consists of using tests or other selection methods to

verify the elements justifying the amounts and information shown in the annual financial statements. It also

consists of assessing the accounting principles used, the significant estimates made and the overall presentation

of the financial statements. We believe that the information we have gathered is an adequate and appropriate

basis for our opinion.

We certify that the annual financial statements are, with regard to French accounting rules and principles,

accurate and consistent and give a true and fair view of the income from operations of the last financial year as

well as of the financial position and assets of the UCITS established in the form of a mutual fund at the end of

that financial year.

2. JUSTIFICATION OF OUR ASSESSMENTS

In accordance with the provisions of Article L. 823-9 of the French Commercial Code relating to the justification

of our assessments, we would inform you that our assessments were based on the appropriateness of the

accounting principles applied and significant estimates used.

The assessments made were part of our audit of the annual financial statements, taken as a whole, and therefore

provided a basis for our opinion as expressed in the first part of this report.

PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur-Seine Cedex, France

T: +33 (0) 1.56.57.58 59, F: +33 (0) 1.56.57.58 60, www.pwc.fr

Accounting firm registered with the Paris - Ile de France Tableau de l’Ordre. An auditors’ company and member of the Compagnie régionale de Versailles. A simplified joint-stock company

with capital of €2,510,460. Registered Office: 63, rue de Villiers, 92200 Neuilly-sur-Seine. Nanterre Trade and Companies Register 672 006 483 – VAT No. FR 76 672 006 483 – Siret 672

006 483 00362 – APE code 6920 Z – Offices in Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

13

GROUPAMA TRÈSORERIE

3. - SPECIFIC VERIFICATIONS AND DISCLOSURES

In accordance with the standards of professional practice applicable in France, we also conducted the specific

verifications required by law.

We have no observations to make regarding the fair presentation and consistency with the annual financial

statements of the information provided in the management report and in the documents sent to unitholders

concerning the financial position and the annual financial statements.

Neuilly-sur-Seine, date of electronic signature

Document authenticated by electronic signature

The Statutory Auditor PricewaterhouseCoopers

Audit

Marie-Christine Jetil

14

6. ANNUAL FINANCIAL STATEMENTS

• BALANCE SHEET in EUR

ASSETS

29/09/2016 30/09/2015

Net fixed assets

Deposits 10,016,275.95

Financial instruments 6,094,949,706.09 2,224,467,555.69

Equities and equivalent securities

Traded on a regulated or equivalent market

Not traded on a regulated or equivalent market

Bonds and equivalent securities 696,322,339.83 788,598,308.09

Traded on a regulated or equivalent market 696,322,339.83 788,598,308.09

Not traded on a regulated or equivalent market

Debt securities 4,610,743,859.47 1,310,746,344.27

Traded on a regulated or equivalent market 2,899,663,282.82 990,872,301.28

Negotiable debt securities 2,824,670,529.53 990,872,301.28

Other debt securities 74,992,753.29

Not traded on a regulated or equivalent market 1,711,080,576.65 319,874,042.99

Undertakings for collective investment 587,961,459.29 125,122,903.33

Retail UCITS and AIFs intended for non-professional investors and their

equivalents from other countries 587,961,459.29 125,122,903.33

Other funds intended for non-professional investors and their equivalents

from other EU Member States

General-purpose professional funds and their equivalents in other EU

Member States and listed special-purpose vehicles

Other professional investment funds and their equivalents from other EU

Member States and unlisted securitisation vehicles

Other non-European undertakings

Temporary securities transactions 199,922,047.50

Receivables representing securities received under repurchase

agreements 199,922,047.50

Receivables representing securities loaned

Securities borrowed

Securities transferred under repurchase agreements

Other temporary transactions

Forward financial instruments

Transactions on a regulated or equivalent market

Other transactions

Other financial instruments

Receivables 47,581.08

Forward foreign-exchange transactions

Other 47,581.08

Financial accounts 177,943,687.14 19,512,896.11

Cash 177,943,687.14 19,512,896.11

Total assets 6,272,940,974.31 2,253,996,727.75

15

LIABILITIES

29/09/2016 30/09/2015

Shareholders’ equity Share capital 6,269,920,175.54 2,246,771,847.92

Undistributed previous net capital gains and losses (a) Retained earnings (a) 1,714.01 70.80

Net capital gains and losses for the financial year (a, b) -6,568,084.34 492,415.60

Net income (a, b) 8,879,585.17 6,540,929.72

Total shareholders’ equity (= Amount representing net assets) 6,272,233,390.38 2,253,805,264.04

Financial instruments Sales transactions on financial instruments Temporary securities transactions

Debts representing securities transferred under repurchase

agreements

Debts representing securities borrowed Other temporary transactions

Forward financial instruments Transactions on a regulated or equivalent market Other transactions

Debts 707,583.93 191,463.71

Forward foreign-exchange transactions Other 707,583.93 191,463.71

Financial accounts Current bank financing Loans

Total liabilities 6,272,940,974.31 2,253,996,727.75

(a) Including accruals

(b) Minus interim dividends paid over the year

16

• OFF-BALANCE SHEET in EUR

29/09/2016 30/09/2015

Hedging transactions

Commitment on regulated or equivalent markets

Commitment on over-the-counter markets

Other commitments

Other transactions

Commitment on regulated or equivalent markets

Commitment on over-the-counter markets

Other commitments

17

• INCOME STATEMENT in EUR

29/09/2016 30/09/2015

Operating revenues from financial transactions

Operating revenues from deposits and financial accounts 8,193.44 16,294.94

Operating revenues from equities and equivalent securities 29,951.00

Operating revenues from bonds and equivalent securities 5,057,616.29 5,766,831.05

Operating revenues from debt securities 2,966,531.17 4,160,676.17

Operating revenues from temporary purchases and sales of securities 13.70 3,263.22

Operating revenues from forward financial instruments 26,149.78

Other financial income

Total (1) 8,032,354.60 10,003,166.16

Charges on financial transactions

Charges on temporary purchases and sales of securities 307,960.54 491.19

Charges on forward financial instruments 100,217.90

Charges on financial debts 314,455.74 608.66

Other financial charges

Total (2) 622,416.28 101,317.75

Profit/loss on financial transactions (1 - 2) 7,409,938.32 9,901,848.41

Other operating revenues (3)

Management fees and depreciation allowance (4) 3,094,911.39 2,927,044.80

Net profit for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) 4,315,026.93 6,974,803.61

Revenue adjustment for the financial year (5) 4,564,558.73 -137,255.83

Interim dividend payments for the financial year (6) -0.49 -296,618.06

Earnings (1 - 2 + 3 - 4 + 5 + 6) 8,879,585.17 6,540,929.72

18

ACCOUNTING APPENDIX

ACCOUNTING METHODS AND RULES The annual financial statements are presented in the form stipulated by ANC Regulation no. 2014-01 repealing amended

CRC Regulation 2003-02.

General accounting principles apply, namely:

- - a true and fair view, comparability, continuity of operations;

- - consistency and fair presentation;

- - prudence;

- consistency of accounting methods from one year to the next.

The portfolio’s base currency is the euro.

The length of the financial year is 12 months.

Asset valuation rules

Valuation methods

Transferable securities traded on a French or foreign regulated market

Securities traded in the Eurozone and Europe:

=> First price on the valuation day

NB: ISMA shows only the previous day’s price and never the current price.

Securities traded in the Asia-Pacific region:


Securities traded in the Americas region:


For interest rate products, the Management Company reserves the right to use consensus prices when these are more

representative of the market value.

Foreign securities denominated in currencies other than the euro are translated into euros at the exchange rate in Paris

on the valuation day.

Shares and securities of UCIs

These are valued at their last known net asset value.

Negotiable debt securities

Negotiable debt securities are valued in accordance with the following rules:

Fixed-rate annual interest treasury bills (BTAN) and fixed-rate treasury bills (BTF) are valued on the basis of the

previous day’s price published by the Banque de France.

Other negotiable debt securities (certificates of deposit, commercial paper, bonds issued by financial companies,

bonds issued by specialist financial institutions, etc.) are valued:

- on the basis of the actual market-traded price;

- in the absence of a definite market price, by applying an actuarial method to increase the reference price by a margin

reflecting the intrinsic characteristics of the issuer. Unless the issuer’s situation changes significantly, this margin will

remain constant over the period during which the security is held. If the value of securities at cost price plus interest

accrued is not significantly different from the value calculated using the actuarial method, the securities are valued at cost

price plus accrued interest. The Management Company conducts regular checks to ensure that there is no significant

difference between the valuation prices of the securities and their market prices.

Negotiable debt securities with a residual term of up to three months are valued on a straight-line basis.

19

Over-the-counter transactions

Interest rate swaps are valued according to the same rules as those for negotiable debt securities (other than

fixed-rate annual interest treasury bills and fixed-rate treasury bills).

Other transactions are valued at their market value.

Futures and options contracts

Futures contracts on derivatives markets are valued at the previous day’s settlement price.

Options on derivatives markets are valued at the previous day’s closing price.

Temporary purchases and sales of securities

Reverse repurchase agreements

Reverse repurchase agreements are recognised at their contractual value plus interest.

Repurchase agreements

The receivable representing the securities transferred under a repurchase agreement is valued at the market value. The

debt representing the securities transferred under repurchase agreements is valued at the contractual value plus interest.

Securities lending

The debt representing the loaned securities is valued at the market value of the securities plus the contractual interest.

Valuation methods for off-balance sheet commitments:

Futures contracts are valued at nominal value x quantity x settlement price x (currency)

Options contracts are valued at their underlying equivalent

Swaps

Asset-backed or non-asset-backed swaps Commitment = nominal value + valuation of the fixed-rate leg (if fixed/variable-rate swap) or + valuation of the variable-

rate leg (if variable/fixed-rate swap) at the market price, at the contractual nominal value.

Other swaps Commitment = nominal value + market value (if the UCI has adopted a synthetic valuation method).

Method used to recognise income from fixed-income securities

Accrued-interest method.

Method used to recognise expenses

Transactions are accounted for excluding fees and expenses.

Operating and management fees:

These fees include all those charged directly to the UCITS, except for transaction charges. Transaction charges include

intermediary fees (e.g. brokerage fees and stock market taxes) and any transaction fee that may be charged, particularly

by the custodian and the Management Company.

The following fees may be charged in addition to the operating and management fees:

performance fees. These reward the Management Company if the UCI exceeds its objectives. They are therefore

charged to the UCI.

Transaction fees charged to the UCI.

20

For information regarding the ongoing charges invoiced to the Fund, please refer to the “Charges” section of the Key

Investor Information Document (KIID).

IC and ID units

Fees charged to the UCI Base Rate

Management fees including external

management fees (Statutory Auditor, custodian,

distribution, lawyers, etc.)

Net assets less units or

shares of UCIs

Maximum rate:

0.30% (incl. tax)

Maximum indirect fees

(management fees and charges) Net assets Maximum rate:*

Transaction fee accruing to the

Custodian, CACEIS Bank

Deducted from

each transaction €0 to €63.38 (incl. tax)**


Management Company

Deducted from

each transaction

By type of instrument (incl. tax): Equities

and similar: max 0.1% Bonds and similar:

max 0.03% Futures and options: max €1

per lot

Performance fee Net assets 20% of the outperformance compared

to the capitalised EONIA index***

* Not significant, since the UCIs held in the portfolio account for less than 20%.

** In accordance with the current VAT rate as at 22.02.2012.

*** - If the performance of the EONIA is positive, 20% of the performance above the capitalised EONIA.

– If the performance of the EONIA is negative, 20% of the performance above 0.

The performance supplement represents the difference between the Fund’s net assets excluding provisions for variable

management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA

index (0 if the EONIA is negative) over the calculation period. This investment is readjusted by the amounts subscribed

and the number of units redeemed in the Fund.

21

M units

Fees charged to the UCI Base Rate

Management fees including external

management fees (Statutory Auditor,

custodian, distribution, lawyers, etc.)

Net assets less units or shares

of UCIs

Maximum rate: 0.20%

(incl. tax)

Maximum indirect fees

(management fees and charges) Net assets Maximum rate:*


Custodian, CACEIS Bank

Deducted from each

transaction €0 to €63.38 (incl. tax)**


Management Company

Deducted from each

transaction

By type of instrument (incl. tax):

Equities and similar: max 0.1% Bonds

and similar: max 0.03% Futures and

options: max €1 per lot

Performance fee Net assets 20% of the outperformance compared to

the capitalised EONIA index***

* Not significant, since the UCIs held in the portfolio account for less than 20%.

** In accordance with the current VAT rate as at 22.02.2012.

*** – If the performance of the EONIA is positive, 20% of the performance above the capitalised EONIA – If the

performance of the EONIA is negative, 20% of the performance above 0.

The performance supplement represents the difference between the Fund’s net assets excluding provisions for variable

management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA

index (0 if the EONIA is negative) over the calculation period. This investment is readjusted by the amounts subscribed

and the number of units redeemed in the Fund.

The performance fee will be subject to a provision for variable management fees when calculating the net asset value.

If, between two consecutive net asset values, the Fund’s performance is negative, any prior provisions will be readjusted

by a writeback up to the limit of the underperformance. Writebacks are capped at the level of existing provisions.

The total amount of operating, management and performance fees cannot exceed a total set at the beginning of each

financial year by the Management Company, subject to the maximum rates indicated above.

For redemptions, the portion of the provision for variable management fees corresponding to the number of units

redeemed is definitively accrued to the Management Company.

The variable portion at the end of the financial year will be equal to the total provisions and writebacks applied to each

net asset value. All or part of this variable portion may be carried forward to the following financial year (the fee may be

levied for the first time at the end of the 2017 financial year).

Further details about the method of calculating variable management fees are available from Groupama Asset

Management.

Income from transactions involving the temporary purchase and sale of securities accrues to the UCI.

Groupama Asset Management does not receive any commission in kind from intermediaries (in compliance with current

regulations).

Allocation of distributable income

Definition of distributable income:

Distributable income comprises:

Income:

The net profit for the financial year is equal to the amount of interest, arrears, premiums and lots, dividends, attendance

fees and all other income relating to the securities comprising the portfolio, plus income from sums held as liquid assets

and minus management fees and borrowing costs.

22

Retained earnings carried forward are added, plus or minus accruals.

Capital gains and losses:

Realised capital gains, net of fees, minus realised capital losses, net of fees, recognised over the course of the

financial year, plus net capital gains of the same type recognised over the course of previous financial years that

have not been distributed or accumulated, plus or minus accrued capital gains.

Methods for allocating distributable income:

Distributable income IC and M units ID unit

Allocation of net income Accumulation Distribution/retention in full or in part. Interim

dividend payments are authorised.

Allocation of net realised capital gains or

losses. Accumulation

Distribution/retention in full or in part. Interim

dividend payments are authorised.

23

• CHANGE IN NET ASSETS in EUR

29/09/2016 30/09/2015

Net assets at the beginning of the financial year 2,253,805,264.04 2,171,124,214.99

Subscriptions (including subscription fees accruing to the UCI) 16,760,752,145.69 7,175,667,829.45

Redemptions (minus redemption fees accruing to the UCI) -12,746,184,458.86 -7,097,703,248.99

Capital gains realised on deposits and financial instruments 806,160.55 1,658,489.41

Capital losses realised on deposits and financial instruments -3,785,290.97 -1,189,921.55

Capital gains realised on forward financial instruments

Capital losses realised on forward financial instruments -72,700.00

Transaction fees -6,693.00 -1,833.60

Foreign-exchange differences

Changes in the valuation difference of deposits and financial instruments 2,531,236.72 -2,466,486.98

Valuation difference, financial year N 1,080,574.34 -1,450,662.38

Valuation difference, financial year N-1 1,450,662.38 -1,015,824.60

Changes in the valuation difference of forward financial instruments 143,317.69

Valuation difference, financial year N

Valuation difference, financial year N-1 143,317.69

Distribution for the previous financial year on net capital gains and losses

Distribution for the previous financial year on income -0.23 -32,581.93

Net profit for the financial year before accruals 4,315,026.93 6,974,803.61

Interim dividend payment(s) during the financial year on net capital gains and

losses

Interim dividend payment(s) during the financial year on income -0.49 -296,618.06

Other items

Net assets at the end of the financial year 6,272,233,390.38 2,253,805,264.04

24

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE

Amount %

Assets

Bonds and equivalent securities

Fixed-rate bonds traded on a regulated or equivalent market 142,255,256.44 2.27

Floating/revisable rate bonds traded on a regulated or equivalent market 524,066,505.89 8.36

Puttable variable-rate bonds traded on a regulated or equivalent market 30,000,577.50 0.48

TOTAL Bonds and equivalent securities 696,322,339.83 11.10

Debt securities

Commercial paper 507,896,843.26 8.10

Negotiable medium-term notes (BMTN) 120,118,742.91 1.92

Certificates of deposit 2,196,654,943.36 35.02

European regulated Commercial Paper 74,992,753.29 1.20

Euro Commercial Paper 1,711,080,576.65 27.28

TOTAL Debt securities 4,610,743,859.47 73.51

Liabilities

Sales transactions on financial instruments

TOTAL Sales transactions on financial instruments

Off-balance sheet


TOTAL Hedging transactions

Other transactions

TOTAL Other transactions

BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RATE TYPE

Fixed rate % Variable rate % Adjustable rate % Other %

Assets

Deposits

Bonds and equivalent securities 131,295,546.91 2.09 554,067,083.39 8.83 10,959,709.53 0.17

Debt securities 2,567,214,922.79 40.93 1,938,450,610.78 30.91 105,078,325.90 1.68

Temporary securities transactions 199,922,047.50 3.19

Financial accounts 177,943,687.14 2.84

Liabilities

Temporary securities transactions

Financial accounts

Off-balance sheet


Other transactions

25

BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL

MATURITY

< 3 months % [3 months - 1

year] % [1 - 3 years] %

[3 - 5

years] %

> 5

years %

Assets

Deposits

Bonds and equivalent securities 79,129,744.56 1.26 383,647,157.07 6.12 233,545,438.20 3.72

Debt securities 647,060,180.44 10.32 3,908,632,414.21 62.32 55,051,264.82 0.88

Temporary securities

transactions 199,922,047.50 3.19


Liabilities


transactions

Financial accounts

Off-balance sheet


Other transactions

Positions in interest-rate futures are shown according to the maturity of the underlying instrument.

BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR

VALUATION CURRENCY

Other currencies

Amount % Amount % Amount % Amount %

Assets

Deposits

Equities and equivalent securities

Bonds and equivalent securities

Debt securities

UCIs


transactions

Receivables

Financial accounts

Liabilities

Sales transactions on financial

instruments


transactions

Financial accounts

Off-balance sheet


Other transactions

26

• RECEIVABLES AND DEBTS: BREAKDOWN BY TYPE

Debit/credit type 29/09/2016

Receivables Subscriptions receivable 47,581.08

Total receivables 47,581.08

Debts Redemptions payable 4,979.48

Management fees 352,910.67

Variable management fee 349,693.78

Total debts 707,583.93

27

• NUMBER OF SECURITIES ISSUED OR REDEEMED

Units Amount

IC unit

Units subscribed during the year 402,253.80260 16,263,232,593.88

Units redeemed during the year -307,342.96990 -12,426,015,057.60

Net balance of subscriptions/redemptions 94,910.83270 3,837,217,536.28

ID unit

Units subscribed during the year 33,276.00000 332,976,106.21

Units redeemed during the year -26,648.50050 -266,670,538.96

Net balance of subscriptions/redemptions 6,627.49950 66,305,567.25

M unit

Units subscribed during the year 157,922.77400 164,543,445.60

Units redeemed during the year -51,345.18400 -53,498,862.30

Net balance of subscriptions/redemptions 106,577.59000 111,044,583.30

• SUBSCRIPTION AND/OR REDEMPTION FEES

Amount

IC unit

Redemption fees received

Subscription fees received

Total fees received

M unit



Total fees received

ID unit



Total fees received

• MANAGEMENT FEES

29/09/2016

IC unit

Guarantee fees

Fixed management fees 2,650,082.82

Percentage of fixed management fees 0.07

Variable management fees 330,804.77

Retrocessions of management fees

ID unit

Guarantee fees

Fixed management fees 66,173.68




M unit

Guarantee fees

Fixed management fees 28,961.11




28

• COMMITMENTS RECEIVED AND GIVEN

Guarantees received by the UCI:

None.

Other commitments received and/or given:

None.

29

• CURRENT VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION

29/09/2016

Securities pledged under repurchase agreements 198,183,853.29

Securities borrowed

• CURRENT VALUE OF SECURITIES CONSTITUTING COLLATERAL DEPOSITS

29/09/2016

Financial instruments given as collateral and held under their original item

Financial instruments received as collateral and not entered on the balance sheet

• GROUP FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO

ISIN code Denomination 29/09/2016

Equities

Bonds

Negotiable debt securities

UCIs 587,961,459.29

FR0010213355 GROUPAMA ENTREPRISE 464,941,821.80

FR0010582452 GROUPAMA EONIA IC 123,019,637.49

Forward financial instruments

30

• INTERIM DIVIDEND PAYMENTS FOR THE FINANCIAL YEAR

Date Unit Total amount Amount per

unit Total tax credits Tax credits per unit

Interim

dividends 16/11/2015 ID 0.24 2.40

Interim

dividends 15/12/2015 ID 0.21 2.10

Interim dividends

17/01/2016 ID 0.04 0.40

Total 0.49 4.90

31

• ALLOCATION TABLE OF THE SHARE OF DISTRIBUTABLE INCOME RELATING TO

PROFIT/LOSS

29/09/2016 30/09/2015

Amounts to be allocated

Retained earnings 1,714.01 70.80

Profit/loss 8,879,585.17 6,540,929.72

Total 8,881,299.18 6,541,000.52

29/09/2016 30/09/2015

IC unit

Allocation

Distribution

Retained earnings for the financial year Accumulation 8,598,425.36 6,479,249.05

Total 8,598,425.36 6,479,249.05

29/09/2016 30/09/2015

M unit

Allocation

Distribution

Retained earnings for the financial year Accumulation 169,425.32 37,543.12

Total 169,425.32 37,543.12

29/09/2016 30/09/2015

ID unit

Allocation Distribution 113,296.06 24,178.98

Retained earnings for the financial year 152.44 29.37

Accumulation Total 113,448.50 24,208.35

Information relating to units with distribution rights Number of units 17,140.10000 10,512.60050

Unit distribution 6.61 2.30

Tax credits

Tax credit relating to the distribution of income

32

• ALLOCATION TABLE OF THE SHARE OF DISTRIBUTABLE INCOME RELATING TO NET

CAPITAL GAINS AND LOSSES

29/09/2016 30/09/2015

Amounts to be allocated

Undistributed previous net capital gains and losses Net capital gains and losses for the financial year -6,568,084.34 492,415.60

Dividends paid on net capital gains and losses for the financial year Total -6,568,084.34 492,415.60

29/09/2016 30/09/2015

IC unit

Allocation

Distribution

Undistributed net capital gains and losses Accumulation -6,247,940.73 466,613.97

Total -6,247,940.73 466,613.97

29/09/2016 30/09/2015

ID unit

Allocation

Distribution

Undistributed net capital gains and losses Accumulation -191,082.49 23,098.77

Total -191,082.49 23,098.77

29/09/2016 30/09/2015

M unit

Allocation

Distribution

Undistributed net capital gains and losses Accumulation -129,061.12 2,702.86

Total -129,061.12 2,702.86

33

• TABLE OF INCOME AND OTHER ITEMS CHARACTERISTIC OF THE ENTITY OVER THE

PREVIOUS FIVE FINANCIAL YEARS

30/09/2012 30/09/2013 30/09/2014 30/09/2015 29/09/2016

Overall net assets in EUR 670,367,172.56 1,489,500,736.22 2,171,124,214.99 2,253,805,264.04 6,272,233,390.38

GROUPAMA TRESORERIE IC

Net assets in EUR 664,985,077.55 1,404,682,875.60 2,097,786,309.27 2,136,251,082.56 5,977,207,798.01

Number of securities 16,653.83030 35,004.66700 52,036.91500 52,871.54300 147,782.37570

Net asset value per unit in EUR 39,929.85 40,128.44 40,313.42 40,404.55 40,446.01

Accumulation per unit on net capital gains and losses in EUR 11.82 8.82 -42.27

Unit accumulation on income in EUR 539.69 137.77 165.30 122.54 58.18

GROUPAMA TRESORERIE ID

Net assets in EUR 76,289,265.39 64,234,782.44 105,180,136.04 171,565,051.49

Number of securities 7,622.57950 6,414.71990 10,512.60050 17,140.10000

Net asset value per unit in EUR 10,008.32 10,013.65 10,005.14 10,009.57


Unit distribution on income in EUR 25.03 41.15 30.40 11.51

Unit retained earnings in EUR on income

Unit tax credit in EUR

*

GROUPAMA TRESORERIE MC

Net assets in EUR 5,382,095.01 8,528,595.23 9,103,123.28 12,374,045.44 123,460,540.88

Number of securities 5,230.60000 8,247.51500 8,762.72400 11,884.45700 118,462.04700

Net asset value per unit in EUR 1,028.96 1,034.08 1,038.84 1,041.19 1,042.19


Unit accumulation on income in EUR 13.90 3.50 4.26 3.15 1.43

* The unit tax credit shall not be determined until the dividend payment date, in accordance with the tax regulations in force.

34

• INVENTORY in EUR

Security name Currency Quantity

or nominal value Current value

% Net

Assets

Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or

equivalent market

GERMANY

DAIM E3R+0.23% 18-09-17 EMTN EUR 6,000,000 6,002,160.00 0.10

DAIMLER E3R 07/10/16 EUR 1,000,000 1,000,058.67 0.02

DEUTSCHE 5.125%07-310817 EMTN EUR 10,000,000 10,383,619.18 0.16

V E3R+0.27% 11-08-17 EMTN EUR 11,000,000 10,990,210.00 0.17

TOTAL GERMANY 28,376,047.85 0.45

BELGIUM B E3R+0.08% 09-06-17 EMTN EUR 30,000,000 30,057,300.00 0.48

B E3R+0.55% 14-09-18 EMTN EUR 20,000,000 20,102,458.33 0.32

INBEV 8.625%09-300117 EMTN EUR 11,000,000 11,951,657.79 0.19

TOTAL BELGIUM 62,111,416.12 0.99

DENMARK JYSKE BANK DNK FLO 19-06-17 EUR 5,000,000 5,011,626.39 0.08

TOTAL DENMARK 5,011,626.39 0.08

SPAIN BBVA SEN 0.21% 02-01-17 EMTN EUR 20,000,000 20,063,800.00 0.32

S E3R+0.58% 08-03-18 EMTN EUR 3,300,000 3,312,842.23 0.05

SANTAN 1 3/8 03/25/17 EUR 20,000,000 20,284,243.84 0.33

TOTAL SPAIN 43,660,886.07 0.70

FRANCE BFCM E3R+0.17% 23-03-17 EMTN EUR 15,000,000 15,013,200.00 0.24

BFCM E3R+0.2% 21-08-17 EMTN EUR 20,000,000 20,029,300.00 0.32

BPCE E3R+0.2% 10-03-17 EMTN EUR 13,500,000 13,511,340.00 0.22

BPCE E3R+0.22% 05-12-16 EMTN EUR 31,500,000 31,514,175.00 0.50

ST GOBAIN 4.75% 04/17 EUR 2,500,000 2,619,783.56 0.04

TOTAL FRANCE 82,687,798.56 1.32

ITALY INTESA SANPAOLO SPA 3.75%09-231116 EMTN EUR 11,500,000 11,932,569.67 0.19

INTESA SANPAOLO 4.75% 06/17 EUR 3,000,000 3,141,253.56 0.05

INTESA 5% 28/02/2017 EUR 12,000,000 12,600,779.67 0.20

U E3R+0.28% 08-09-18 EMTN EUR 50,000,000 50,045,000.00 0.79

UBI BANC UNIO 3.1% 30-09-16 EUR 10,629,000 10,959,709.53 0.17

UBI BANCA E3R STEP UP 13/10/17 EMTN EUR 30,000,000 30,000,577.50 0.48

UBI BANCA E3R+0.28% 09-06-18 EMTN EUR 50,000,000 50,001,027.78 0.79

UBI BANCA 2.75% 04/17 EUR 4,000,000 4,109,970.96 0.07

UCGIM 2 1/4 12/16/16 EUR 20,000,000 20,450,698.36 0.33

UNIC E3R+0.0% 30-06-17 EUR 3,000,000 3,082,471.25 0.05

UNICREDIT SPA 2.3% 29112016 EUR 3,200,000 3,272,533.33 0.05

UNICREDIT TV 04/17 EUR 14,250,000 14,313,412.50 0.23

UNICREDIT 4.875% 07/03/2017 EUR 10,000,000 10,484,636.99 0.17

TOTAL ITALY 224,394,641.10 3.57

LUXEMBOURG S E3R+0.495% 15-01-18 EMTN EUR 20,000,000 20,008,444.44 0.32

35



% Net

Assets

S E3R+0.54% 13-04-18 EMTN EUR 20,000,000 20,010,746.67 0.32

SOCIETE EUROPEAN E3R+0.62% 15-09-17 EMTN EUR 20,000,000 20,052,473.33 0.32

TOTAL LUXEMBOURG 60,071,664.44 0.96

NETHERLANDS A E3R+0.7% 03-07-17 EMTN EUR 20,000,000 20,107,610.00 0.32

B E3R+0.18% 14-08-17 EMTN EUR 15,000,000 15,009,000.00 0.24

I E3R+0.2% 12-01-17 EMTN EUR 16,000,000 16,009,120.00 0.26

I E3R+0.71% 14-08-17 EMTN EUR 20,000,000 20,112,475.00 0.32

ING BANK E3R+0.655% 05/06/17 EMTN EUR 30,000,000 30,118,420.00 0.48

TOTAL NETHERLANDS 101,356,625.00 1.62

UNITED KINGDOM C E3R+0.46% 10-11-17 EMTN EUR 5,000,000 5,014,225.00 0.08

CS 0 03/30/17 EUR 20,000,000 20,016,877.22 0.32

L E3R+0.66% 29-05-17 EMTN EUR 20,000,000 20,073,433.33 0.32

TOTAL UNITED KINGDOM 45,104,535.55 0.72

SWEDEN SCANIA CV AB E3R+0.25% 10-03-17 EUR 8,500,000 8,496,982.50 0.14

V E3R+0.42% 03-08-18 EMTN EUR 15,000,000 15,019,421.25 0.24

VOLVO TREASURY E3R+0.46% 20-06-18 EMTN EUR 20,000,000 20,030,695.00 0.31

TOTAL SWEDEN 43,547,098.75 0.69

TOTAL Bonds & equiv. secs. traded on reg. or equiv.

markets 696,322,339.83 11.10

TOTAL Bonds and equivalent securities 696,322,339.83 11.10

Debt securities

Debt securities traded on a regulated or equivalent market

GERMANY

COMMERZBANK AG FRANCFORT 100817 FIX 0.04 EUR 30,000,000 30,007,758.00 0.48

COMMERZBANK AG FRANCFORT 260717 FIX 0.05 EUR 25,000,000 25,011,177.50 0.40

LANDESBANK BADEN WUERTTEMBERG 130117 FIX 0.055 EUR 30,000,000 30,028,473.00 0.48

LANDESBANK HES ZCP 10/11/2016 EUR 20,000,000 20,007,732.34 0.32

LANDESBANK HESSEN 130417 FIX -0.0325 EUR 30,000,000 30,036,492.00 0.47

RWE AG 031116 FIX 0.085 EUR 15,000,000 14,999,999.11 0.24

RWE AG 211216 FIX 0.1 EUR 20,000,000 19,996,029.78 0.32

TOTAL GERMANY 170,087,661.73 2.71

BELGIUM BARR CALL SERV NV ZCP 03-10-16 EUR 25,000,000 25,000,062.51 0.40

KBC GROUP NV 261016 FIX -0.01 EUR 20,000,000 20,001,816.81 0.32

VOLKSWAGEN GROUP SERVICES SA 020617 FIX 0.495 EUR 30,000,000 29,979,696.00 0.48



TOTAL BELGIUM 149,896,406.82 2.39

DENMARK JYSKE BANK AS 060417 OIS 0.4 EUR 30,000,000 30,035,375.75 0.48

JYSKE BANK AS 170517 OIS 0.38 EUR 30,000,000 30,026,337.93 0.48

JYSKE BANK AS 210417 OIS 0.4 EUR 20,000,000 20,023,255.80 0.32

JYSKE BANK DNK 010917 OIS 0.34 EUR 50,000,000 49,999,853.78 0.80

JYSKE BANK DNK 230817 OIS 0.36 EUR 50,000,000 50,010,852.78 0.79

TOTAL DENMARK 180,095,676.04 2.87

36



% Net

Assets

SPAIN BANCO BILBAO VI TF 15/02/17 0.08%PREC EUR 30,000,000 30,026,988.00 0.48

BANCO BILBAO VI 080217 FIX 0.09 EUR 30,000,000 30,027,000.00 0.48

BANCO BILBAO VI 240117 FIX 0.12 EUR 30,000,000 30,026,664.00 0.48

TOTAL SPAIN 90,080,652.00 1.44

FRANCE BANQUE EDEL SNC 260218 E3R 0.4 EUR 10,000,000 10,010,391.67 0.16

BANQUE PALATINE SA 030517 OIS 0.38 EUR 10,000,000 10,011,800.83 0.16





BFCM(BQUE FEDER.CREDIT MUTUEL) 030717 OIS 0.28 EUR 50,000,000 50,014,020.56 0.80




BNP PARIBAS OIS 0.32% 07/07/2017 EUR 30,000,000 30,025,806.40 0.48

BNP PARIBAS 030817 OIS 0.32 EUR 30,000,000 30,023,203.82 0.48





BOLLORE 091216 FIX 0.27 EUR 10,000,000 9,999,720.04 0.16

BOLLORE 171116 FIX 0.26 EUR 20,000,000 19,998,734.76 0.32

BOLLORE 291116 FIX 0.27 EUR 15,000,000 14,999,203.05 0.24

BPCE OIS 0.32% 16/08/2017 EUR 50,000,000 50,024,968.75 0.79

BPCE 260717 OIS 0.32 EUR 50,000,000 50,029,499.67 0.79

CA CONSUMER FINANCE 200418 E3R 0.34 EUR 30,000,000 30,044,626.03 0.48

CAISSE REGIONA 170817 OIS 0.3 EUR 25,000,000 25,011,601.69 0.40

CAISSE REGIONAL 030517 OIS 0.35 EUR 30,000,000 30,039,899.50 0.48



CASINO GUICHARD PERRACHON SA 101016 FIX 0.13 EUR 22,000,000 21,999,205.82 0.35





CRCA B OIS+0.35% 05-05-17 EUR 30,000,000 30,039,796.33 0.48

CRCAM ANJOU ET MAINE 110817 OIS 0.3 EUR 30,000,000 30,016,790.82 0.48

CRCAM ANJOU ET MAINE 120517 OIS 0.34 EUR 30,000,000 30,037,006.05 0.48

CRCAM NORD DE FRANCE 070417 OIS 0.35 EUR 30,000,000 30,040,041.87 0.48

CRCAM ALPES PROVENCE 080817 OIS 0.31 EUR 30,000,000 30,020,339.12 0.48

CRCAM ALPES PROVENCE 190417 OIS 0.35 EUR 25,000,000 25,033,659.61 0.40

CRCAM AQUITAINE 040817 OIS 0.31 EUR 30,000,000 30,021,396.82 0.48



CRCAM ARMOR 080817 OIS 0.31 EUR 30,000,000 30,020,339.12 0.48

CRCAM BRIE PICARDIE OIS 0.3% 11/08/2017 EUR 30,000,000 30,016,790.82 0.48

CRCAM BRIE PICARDIE 170517 OIS 0.34 EUR 30,000,000 30,036,780.60 0.48

37

Security name Currency

Quantity

or nominal

value

Current value % Net

Assets

CREDIT AGRICOLE CIB 070417 OIS 0.35 EUR 30,000,000 30,040,800.87 0.48

CREDIT INDUSTRIEL ET COMMERCIAL 100817 OIS 0.31 EUR 50,000,000 50,017,271.50 0.79

CREDIT MUTUEL A 010317 OIS 0.34 EUR 30,000,000 30,029,402.48 0.48



CSSE F E3R+0.2% 20-03-17 EUR 10,000,000 10,006,569.44 0.16

CSSE F E3R+0.21% 06-03-17 EUR 10,000,000 10,006,451.64 0.16

ENGIE SA 080317 OIS 0.28 EUR 22,000,000 21,999,135.39 0.35

ENGIE SA 090317 OIS 0.28 EUR 30,000,000 29,998,868.45 0.48

LAGARDERE SCA ZCP 23/12/2016 EUR 8,000,000 8,000,556.67 0.13

LAGARDERE SCA 281116 FIX -0.06 EUR 25,000,000 25,002,318.25 0.40

LMA SA 130417 FIX 0.03 EUR 30,000,000 30,019,812.00 0.48

LMA SA 300916 FIX -0.36 EUR 40,000,000 40,000,000.00 0.64

NATIXIS OIS 0.32% 09/08/2017 EUR 50,000,000 50,024,720.06 0.79

NATIXIS 040817 OIS 0.32 EUR 50,000,000 50,027,468.04 0.79

NATIXIS 070717 OIS 0.32 EUR 30,000,000 30,020,532.40 0.48

NATIXIS 120517 OIS 0.33 EUR 30,000,000 30,025,352.05 0.48

NATIXIS 130417 OIS 0.34 EUR 30,000,000 30,028,980.00 0.48

NATIXIS 180517 OIS 0.33 EUR 30,000,000 30,025,327.12 0.48

NATIXIS 180817 OIS 0.32 EUR 50,000,000 50,023,722.00 0.79

RENAULT SA 301116 FIX -0.12 EUR 16,500,000 16,503,356.02 0.26

RENAULT SA 311016 FIX -0.095 EUR 30,000,000 30,002,454.80 0.48

SAVENCIA SA 021216 FIX 0.02 EUR 10,000,000 9,999,650.01 0.16



UNIB R E3R+0.15% 12-12-16 EUR 30,000,000 30,014,040.00 0.48

VEOLIA ENVIRONNEMENT 261016 FIX -0.18 EUR 10,000,000 10,001,300.59 0.16

ZODIAC AEROSPACE 070317 FIX 0.18 EUR 20,000,000 19,991,756.00 0.32

ZODIAC AEROSPACE 220317 FIX 0.18 EUR 5,000,000 4,997,425.50 0.08

TOTAL FRANCE 2,009,280,771.45 32.03

ITALIE

UNICREDIT OIS 0.4% 25/05/2017 EUR 20,000,000 20,019,728.58 0.32

UNICREDIT SPA OIS 0.41% 10/08/2017 EUR 30,000,000 30,014,561.90 0.48

UNICREDIT SPA 040417 FIX 0.05 EUR 30,000,000 30,021,111.00 0.47

UNICREDIT SPA 120517 FIX 0.03 EUR 25,000,000 25,016,357.50 0.40

UNICREDIT SPA 170517 OIS 0.41 EUR 20,000,000 20,022,731.29 0.32

UNICREDIT SPA 240817 OIS 0.4 EUR 25,000,000 25,004,210.42 0.40

UNICREDIT SPA 290917 FIX -0.02 EUR 20,000,000 20,004,056.40 0.32

TOTAL ITALY 170,102,757.09 2.71

UNITED KINGDOM

BARCLAYS BANK PLC 020617 OIS 0.35 EUR 30,000,000 30,029,846.16 0.48

BARCLAYS BANK PLC 300617 OIS 0.42 EUR 50,000,000 50,069,476.53 0.80

LLOYDS BANK PLC 250417 FIX -0.03 EUR 20,000,000 20,023,374.00 0.32


SWEDEN

SCANIA CV AB ZCP 10-03-17 EUR 30,000,000 29,996,661.00 0.48

TOTAL SWEDEN 29,996,661.00 0.48

TOTAL Debt securities traded on reg. or equiv. markets 2,899,663,282.82 46.23

38



% Net

Assets

Debt securities not traded on a regulated or equivalent

market GERMANY

DEUTSCHE BANK AG 030417 FIX 0.1 EUR 30,000,000 29,991,705.00 0.48










RWE AG ZCP 14-11-16 EUR 30,000,000 29,999,955.69 0.47

VOLKSWAGEN LEASING GMBH 200717 FIX 0.325 EUR 20,000,000 19,963,524.00 0.32

TOTAL GERMANY 321,797,267.89 5.13

SPAIN BANCO SANTANDER SA 240117 FIX 0.12 EUR 30,000,000 30,027,261.00 0.47

SANT CONS FINA SA ZCP 04-05-17 EUR 30,000,000 30,019,596.00 0.48

SANTANDER CONSUMER FINANCE S.A ZCP 25/08/2017 EUR 20,000,000 20,004,286.00 0.32

SANTANDER CONSUMER FINANCE S.A 030817 FIX 0.07 EUR 30,000,000 30,010,404.00 0.48






SANTANDER CONSUMER FINANCE S.A 230617 FI EUR 30,000,000 30,016,020.00 0.48



TOTAL SPAIN 317,184,070.83 5.06

UNITED STATES OF AMERICA NATIONAL GRID USA 281016 FIX -0.09 EUR 20,000,000 20,001,400.30 0.32

TOTAL UNITED STATES OF AMERICA 20,001,400.30 0.32

IRELAND ARABELLA FINANCE LTD 201216 FIX -0.02 EUR 20,000,000 20,000,900.08 0.32

INTE SANP BANK IRE ZCP 29-05-17 EUR 30,000,000 30,011,157.00 0.47

INTESA SANPAOLO BANK IRELAND PLC TF 170817 FIX 0.0 EUR 30,000,000 29,998,284.00 0.48

INTESA SANPAOLO BANK IRELAND PLC 040817 FIX 0.03 EUR 30,000,000 29,998,023.00 0.48


INTESA SANPAOLO BANK IRELAND PLC 080317 EUR 30,000,000 30,018,885.00 0.47








TOTAL IRELAND 330,062,589.08 5.25

39

Security name Currenc

y

Quantity

or nominal

value

Current value % Net

Assets

ITALY UBI BANCA SPA 290318 E3R 0.28 EUR 15,000,000 14,996,247.12 0.24

TOTAL ITALY 14,996,247.12 0.24

LUXEMBOURG BELFIUS FINANCING COMPANY SA 060417 FIX 0.0 EUR 30,000,000 30,017,784.00 0.48

INTESA LUX 020217 FIX 0.07 EUR 30,000,000 30,022,764.00 0.48

TOTAL LUXEMBOURG 60,040,548.00 0.96

NETHERLANDS INTERNATIONAL ENDESA BV ZCP 21/10/2016 EUR 30,000,000 30,002,450.84 0.47

INTERNATIONAL ENDESA BV 271016 FIX -0.135 EUR 20,000,000 20,002,025.70 0.32

TELEFONICA EUROPE BV 281016 FIX -0.035 EUR 26,000,000 26,000,707.82 0.41

VOLKSWAGEN INTE 070417 FIX 0.57 EUR 20,000,000 19,992,626.00 0.32



VOLKSWAGEN INTER TF 27/01/17 0.595%PREC EUR 15,000,000 14,999,344.50 0.24

VOLKSWAGEN INTER 010917 FIX 0.145 EUR 20,000,000 19,972,654.00 0.32





TOTAL NETHERLANDS 260,941,657.86 4.16

UNITED KINGDOM DEUT BANK AG LOND ZCP 23-08-17 EUR 30,000,000 29,967,132.00 0.48

DEUTSCHE BANK AG LDN 270217 FIX 0.045 EUR 30,000,000 29,997,954.00 0.48


DEUTSCHE BANK LONDON 040517 FIX 0.11 EUR 30,000,000 29,986,824.00 0.48

IMPERIAL BRANDS PLC 030317 FIX 0.15 EUR 8,000,000 8,002,868.80 0.13

IMPERIAL TOBACCO GROUP PLC 030317 FIX 0.155 EUR 20,000,000 20,007,074.00 0.32

LLOYDS BANK PLC 260517 FIX -0.02 EUR 30,000,000 30,035,481.00 0.47

VODAFONE GROUP PLC 011216 FIX 0.2 EUR 25,000,000 25,007,657.46 0.40







SWITZERLAND CREDIT SUISSE AG (ZU) ZCP 22/08/2017 EUR 30,000,000 30,006,234.00 0.48

CREDIT SUISSE AG (ZU) 160517 FIX 0.03 EUR 30,000,000 30,019,563.00 0.48

TOTAL SWITZERLAND 60,025,797.00 0.96

TOTAL Debt securities not traded on reg. or equiv.

markets 1,711,080,576.65 27.28

TOTAL Debt securities 4,610,743,859.47 73.51

Undertakings for collective investment Retail UCITS and AIFs intended for non-professional investors

and their equivalents from other countries

FRANCE

GROUPAMA ENTREPRISE EUR 203,106.7522 464,941,821.80 7.41

40

Security name Curren

cy

Quantity

or nominal

value

Current value % Net

Assets

GROUPAMA EONIA IC EUR 571.863 123,019,637.49 1.96

TOTAL FRANCE 587,961,459.29 9.37

TOTAL Retail UCITS and AIFs intended for

587,961,459.29 9.37

non-professional investors and their equivalents from

other countries

TOTAL Undertakings for collective investment 587,961,459.29 9.37

Securities received under repurchase agreements

UNITED KINGDOM CRED AGRI LON 1.24% 02-12-22 EUR 23,700,000 25,644,625.15 0.41

CREDIT AGRICOLE LONDON 1.75% 03/18 EUR 166,700,000 174,279,346.62 2.78


TOTAL Securities received under repurchase

agreements 199,923,971.77 3.19

Allowances for securities received under repurchase

agreements -1,924.27 Receivables 47,581.08 Debts -707,583.93 -0.01


Net assets 6,272,233,390.38 100.00

GROUPAMA TRESORERIE IC EUR 147,782.37570 40,446.01

GROUPAMA TRESORERIE ID EUR 17,140.10000 10,009.57

GROUPAMA TRESORERIE MC EUR 118,462.04700 1,042.19

41

• ADDITIONAL INFORMATION RELATING TO COUPON TAXATION

COUPON BREAKDOWN

OVERALL

NET CURRENCY UNIT NET

CURREN

CY

Income subject to withholding tax 113,296.06 EUR 6.61 EUR

Shares eligible for a tax allowance and subject to withholding tax

Other income not eligible for allowances and subject to withholding

tax

Non-reportable, non-taxable income

Amount of income distributed on capital gains and losses

TOTAL 113,296.06 EUR 6.61 EUR


This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision

about whether to invest.

GROUPAMA TRESORERIE

I, C unit - ISIN code: FR0000989626





























potentially lower rewards potentially higher rewards 1 2 3 4 5 6 7






This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an

informed decision about whether to invest.

GROUPAMA TRESORERIE

M, C unit – ISIN code: FR0010875237














The UCITS may hold up to 10% of its net assets in units or shares

of French “money market” and “short-term money market” UCITS or AIFs.





You may redeem your units on a daily basis, in accordance with the

procedures described below.
















This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an

informed decision about whether to invest.

GROUPAMA TRESORERIE

I, D unit - ISIN code: FR0011375567

















Allocation of distributable income: Distribution and/or retention. Interim dividend payments are authorised.






Lower risk Higher risk The capital initially invested is not protected by a guarantee.









The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market.

groupama tresorerie - caixabank.es filekey investor information this document provides you with key...

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