Informe Anual 2014

BNP PARIBAS INSTICASH
SICAV
ANNUAL REPORT
AT 31/05/2014
R.C.S. Luxembourg B 65 026
Table of Contents
Page
Organisation
Information
Managers report
Audit report
12
Financial statements at 31/05/2014
14
Key figures relating to the last 3 years
16
Securities Portfolio at 31/05/2014

BNP Paribas InstiCash EUR
18
BNP Paribas InstiCash GBP
21
BNP Paribas InstiCash Money 3M EUR
23
BNP Paribas InstiCash USD
25
Notes to the financial statements
28
Unaudited appendix
37
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made
on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual
report, if published thereafter.
Page 3
Organisation
Registered Office
33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg
Board of Directors
Chairman
Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris
Members
Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels
Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris
Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris
Mr. Christian VOLLE, Chairman of the Fondation pour lArt et la Recherche, Paris
Mr. Philippe RENAUDIN, Fixed Income Deputy CIO and Money Market CIO, BNP Paribas Investment
Partners, Paris (since September 27, 2013)
Mr. Pierre GRANIE, Global Corporate Liquidity Segment Leader, BNP Paribas Investment Partners, Paris (since
September 27, 2013).
Company Secretary (non-member of the Board)
Mrs. Claire COLLET-LAMBERT, Head of Fund Legal Luxembourg, BNP Paribas Investment Partners
Luxembourg, Hesperange
Management Company
BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of
Luxembourg
BNP Paribas Investment Partners Luxembourg is a Management Company as defined by Chapter 15 of the
Luxembourg Law of December 17, 2010 concerning undertakings for collective investment.
The Management Company performs the administration, portfolio management and marketing duties.
Effective Investment Managers
BNP Paribas Asset Management S.A.S., 1 boulevard Haussmann, F-75009 Paris, France
Fischer Francis Trees & Watts, Inc., 200 Park Avenue, New York, 11th Floor, NY 10166, USA
Net Asset Value Calculation

BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of
Luxembourg
Depositary, Paying Agent, Transfer and Registrar Agent

BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy
of Luxembourg
Auditor
PricewaterhouseCoopers, Socit cooprative, 400 route dEsch, B.P. 1443, L-1014 Luxembourg, Grand Duchy
of Luxembourg
Page 4
Information
Establishment
BNP Paribas InstiCash (the Company) is an open-ended Luxembourg investment company (socit
dinvestissement capital variable SICAV) pursuant to Part I of the law of December 17, 2010, as amended
relating to Undertakings for Collective Investment as well as to Directive 2009/65.
The Company was incorporated in Luxembourg on June 30, 1998 for an unlimited period of time under the number
B65 026.
Periodic reports
Audited annual accounts as at May 31, unaudited semi-annual accounts as at November 30, as well as the list of
changes (purchases and sales of securities) made in the composition of the investment portfolio are kept at the
Shareholders disposal free of charge at the Depositary, the Domiciliary Agent, the Representative in Switzerland
and the other banking institutions appointed by it, as well as at the registered office of the Company. These reports
concern both each individual sub-fund and the Companys assets as a whole.
The financial statements of each sub-fund are drawn up in the currency of the sub-fund, but the consolidated
accounts are denominated in euros (EUR), in accordance with a decision of an Extraordinary General Meeting of
Shareholders held on September 18, 2001. The annual accounts are available within four months of the closing date
of the financial year. The semi-annual accounts are published within two months of the end of the half-year in
question.
Information to the Shareholders

The Company publishes the legally required information as to net asset values and dividends in the Grand Duchy of
Luxembourg and in all other countries where the shares are publicly offered.
This information is also available on the website: www.bnpparibas-ip.com
The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well
as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The
Company is authorised to publish a simplified version of the financial report when required.
The Articles of Association, the Prospectus, the KIID, and periodic reports may be consulted at the Companys
registered office and at the establishments responsible for the Companys financial service. Copies of the Articles of
Association and the annual and interim reports are available upon request.
Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other
newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its
shares. Documents and information are also available on the website: www.bnpparibas-ip.com
Page 5
Managers report
Market changes over the year to end-May 2014
Monetary policy
The European Central Bank (ECB) cut its key interest rates in November of last year, responding to very low
inflation and raising expectations of further intervention, including the use of unorthodox measures. The refi rate now
stands at 0.25% and the marginal lending facility rate at 0.75%. The deposit rate has been 0% since July 2012. Fixedrate tender procedures with full allotment have been extended at least until mid-2015. The ECB has been issuing
forward guidance on future interest rates since July 2013: key interest rates will remain at present or lower levels for
an extended period of time. Such wording is not insignificant as the ECB had previously refused to make any precommitment regarding its policy. It kept this weakening bias throughout the period under review, saying that it was
ready to act as the eurozone emerged from recession in the second quarter of 2013 and business surveys remained
encouraging. This message was prompted by very low inflation (0.5% y/y in March compared with 1.7% a year
earlier), even if the ECBs scenario remained one of a prolonged period of low inflation, to be followed by a gradual
upward movement towards inflation rates below, but close to, 2%. In April, Mario Draghi indicated that the
Governing Council had mentioned quantitative easing (QE) due to low inflation. In a speech focusing on monetary
policy communication (24 April), he laid out some contingencies that would warrant a monetary policy reaction,
indicating which measures could then be taken: pressure on short-term interest rates, international long rates or
exchange rates (which would trigger conventional measures); a further impairment to bank lending (justifying an
LTRO or ABS programme); a worsening of the medium-term outlook for inflation, which would warrant a more
broad-based asset purchase programme. After setting out this roadmap, Mario Draghi surprised onlookers at the press
conference that followed the Governing Council meeting on 8 May. He made it clear that the ECB was comfortable
about taking action at its next meeting once it had seen the new economic growth and inflation forecasts. The
appreciation of the euro, which affects inflation, was also mentioned and the Council reaffirmed that it was
unanimous in its commitment to using also unconventional instruments within its mandate in order to cope
effectively with risks of a too prolonged period of low inflation. Draghi even mentioned the possible need to take
preventative measures. These comments helped bring down the value of the euro against the dollar, easing pressure
on the money market. For example, the EONIA stood above 0.40% in May (excluding the usual month-end tension)
before dropping back towards 0.20%. From an economic point of view, Q1 GDP growth (+0.2%) was disappointing
and revealed significant differences between countries. Although business surveys were down slightly at the end of
the period, indices remained at high levels (close to a three-year high for the eurozone composite PMI and
Germanys Ifo business climate index).
Management Policy
The investment strategy applied in FY 2013/2014 by BNP Paribas InstiCash EUR primarily consisted of investing in
fixed rate instruments with maturities of up to 3 months, floating rates being preferred for investments of between 3
months and 1 year. We thus kept the WAL within the regulatory limits required by the rating agencies. Given the
shortage of banking institutions or companies rated A1+, we used a range of repos with government or state-backed
securities in order to respect the regulatory requirement of investing at least 50% in A1+.
The management policy applied by BNP Paribas InstiCash EUR made it possible for the net asset value per share to
grow by an annualised 0.11% on the I units. This performance, over the period from 1 June 2013 to 30 May 2014, is
not necessarily a guide for future results. For reference, the arithmetic average of the EONIA (calculated using the
average OIS) over the same period was 0.15%.
Page 6
Managers report
YOY market performance from May 2013 to May 2014
Monetary policy and economic climate in the United Kingdom
The UK economy was buoyant throughout the period. Growth remained strong quarter after quarter with figures
around 0.8% Q/Q for the region. With 2012 figures no longer featuring in the yearly average, in Q4 2013, YOY GDP
stood at 2.7% and even 3.1% in Q1 2014.
This economic momentum, which is mainly due to an increase in domestic demand combined with a sharp upturn in
house prices, considerably boosted the fall in unemployment to reach the forward guidance target level (7%) more
quickly than expected.
The leading indicators and Markit surveys stayed above 50%, although they are on a downward trend.
An accommodative monetary policy combined with forward guidance
In terms of the BOE's monetary policy, the start of the period saw the introduction of a forward guidance policy
designed to prevent instability on the markets resulting from mixed economic data. In fact, the governing board
wishes to maintain an accommodative monetary policy and above all wants this to be reflected in market levels,
although the leading indicators and GDP figures point to an improvement in economic activity in the UK.
Two criteria were chosen to anchor this stability: medium-term inflation of 2.5%, and a target unemployment rate of
7%.
The asset purchase programme remained unchanged at GDP 375 billion throughout the period.
Inflation maintained a downward trajectory throughout the year, starting at 2.7% in May 2013 and ending at 1.8% in
April 2014. Despite this downward trend, however, the MPC continues to believe that inflation will stabilise in the
medium term.
For these various reasons the short-term money markets have forecast a gradual tightening of the BOE's monetary
policy at the end of 2014, resulting in slight upward pressure on the LIBOR and the SONIA swap.
In spite of everything, policy rates remained stable throughout the period, with interest rates at relatively low absolute
levels (average SONIA rate of around 0.42%).
The funds management policy
The investment strategy can be broken down into two separate periods.
From June 2013 to December 2014 we preferred 3-month investments due to the uncertainty prior to forward
guidance, and because absolute interest rate levels were considered to be too low for 6- to 12-month maturities.
Then from December 2013 to May 2014, the monetary policy situation was viewed as more stable in the short term.
We mainly invested in 3- to 6-month fixed-rate instruments, preferring floating rate investments linked to the SONIA
rate for 1-year maturities.
The net asset value per share rose from GBP 169.89 on 31 May 2013 to GBP 170.53 on 30 May 2014, which
represents a 0.38% return on the I units. This performance is not necessarily a guide for future results.
Page 7
Managers report
The European Central Banks monetary policy during the financial year.
The European Central Bank (ECB) cut its key interest rates in November of last year, responding to very low
inflation and raising expectations of further intervention, including the use of unorthodox measures. The refi rate now
stands at 0.25% and the marginal lending facility rate at 0.75%. The deposit rate has been 0% since July 2012. Fixedrate tender procedures with full allotment have been extended at least until mid-2015. The ECB has been issuing
forward guidance on future interest rates since July 2013: key interest rates will remain at present or lower levels for
an extended period of time. Such wording is not insignificant as the ECB had previously refused to make any precommitment regarding its policy. It kept this weakening bias throughout the period under review, saying that it was
ready to act as the eurozone emerged from recession in the second quarter of 2013 and business surveys remained
encouraging. This message was prompted by very low inflation (0.5% y/y in March compared with 1.7% a year
earlier), even if the ECBs scenario remained one of a prolonged period of low inflation, to be followed by a gradual
upward movement towards inflation rates below, but close to, 2%. In April, Mario Draghi indicated that the
Governing Council had mentioned quantitative easing (QE) due to low inflation. In a speech focusing on monetary
policy communication (24 April), he laid out some contingencies that would warrant a monetary policy reaction,
indicating which measures could then be taken: pressure on short-term interest rates, international long rates or
exchange rates (which would trigger conventional measures); a further impairment to bank lending (justifying an
LTRO or ABS programme); a worsening of the medium-term outlook for inflation, which would warrant a more
broad-based asset purchase programme. After setting out this roadmap, Mario Draghi surprised onlookers at the press
conference that followed the Governing Council meeting on 8 May. He made it clear that the ECB was comfortable
about taking action at its next meeting once it had seen the new economic growth and inflation forecasts. The
appreciation of the euro, which affects inflation, was also mentioned and the Council reaffirmed that it was
unanimous in its commitment to using also unconventional instruments within its mandate in order to cope
effectively with risks of a too prolonged period of low inflation. Draghi even mentioned the possible need to take
preventative measures. These comments helped bring down the value of the euro against the dollar, easing pressure
on the money market. For example, the EONIA stood above 0.40% in May (excluding the usual month-end tension)
before dropping back towards 0.20%. From an economic point of view, Q1 GDP growth (+0.2%) was disappointing
and revealed significant differences between countries. Although business surveys were down slightly at the end of
the period, indices remained at high levels (close to a three-year high for the eurozone composite PMI and
Germanys Ifo business climate index).
Management Policy
The funds credit strategy consisted of increasing the weight of bank bond issuers already present in the portfolio (12
months), taking advantage of wide spreads. In terms of country exposure, we invested mainly in core countries but
also in Europes periphery in the form of Italian government bonds (5%).
Regarding our bond strategy, we invested in fixed-rate maturities of up to 12 months in case the ECB lowers its
refinancing rate in the first half of 2014. The portfolios liquid assets remain at around 15% in the form of money
market funds (about 6%) and Italian government securities (about 9%).
The net asset value per share rose from 101.09 at 31/05/2013 to 101.36 at 30/05/2014, representing an annual
performance of 0.26% (institutional units). This performance is not necessarily a guide for future results. For
reference, the arithmetic average of the EONIA (calculated using the OIS method) over the same period was 0.15%.
Page 8
Managers report
Market changes over the year to end-May 2014
Monetary policy and Economic Summary
The beginning of fiscal year 2013 focused on US monetary policy and communication of potential changes. As a
recap, in May 2013, the US Federal Reserve (Fed) Chairman, Ben Bernanke, on behalf of the FOMC, alluded to the
potential for a gradual removal of the $85B/month asset purchase plan as early as fourth quarter of 2013. This was
followed by a swift sell-off in Treasuries causing other risky assets whose rates are either highly correlated to 10-year
Treasuries (e.g., agency mortgages) or whose reserves are heavily invested in US Treasuries (e.g., emerging market
debt) to sell off in tandem. To make matters even more confusing, the Fed, in June, backed off of its previous rhetoric
implying that tapering could commence as early as year-end 2014 and instead took a more dovish stance alluding
to continued accommodation dependent on improvement in economic data. Specifically the Fed noted that while
downside risks to the outlook for the US economy and labor market had diminished in comparison to the prior year,
weakness in the global economy remained. As a result conditions under which moderating the pace of asset
purchases would occur would be distinguished from a tightening of monetary policy. In this confusion US 10-year
yields rose rapidly in both May and June, shocking the market with a 100 bp rise in a short period, increasing from
1.6% at the beginning of May to over 2.6% at the end of June.
As the US market struggled with deciphering communication from its Central Bankers, a gradual decoupling
appeared among the G-3 (US, Europe and Japan) in terms of monetary policy. Monetary stimulus structural reform
in Japan has begun to lead the economy out of a multi-decade stagnation, while quantitative easing programs put in
place in the UK produced even better results than were expected over the period. In contrast the ECB continues to be
plagued by weakness and a gradual recovery in the South with strength and stability in the North. As the fiscal year
progressed, notable improvements would be seen among peripheral countries, resonating in a sharp contraction in
spreads, in some cases inside that of US and Germany. Draghis primary challenge, in contrast to the US, UK and
Japan is deflation and a stubbornly high currency. This challenged set of circumstances provided the backdrop for the
decoupling of the Eurozone from the US, UK and Japan, where massive amounts of stimulus have resulted in
declining employment, increases in the quality of consumer and corporate balance sheets, among other economic
improvements including a more robust housing market and increased consumer confidence. Economic improvement
in the US and UK is now spurring discussions as to when and how quickly rates will rise, whereas in the Eurozone at
fiscal year-end, Draghi and the ECB continued to debate the form of the next round of stimulus. Additionally, the US
transitioned to a new Fed Chair as Janet Yellen took over for Ben Bernanke in January, continuing many similar
policies but also adapting to the new economic environment.
Short term markets
As the fiscal year started in June 2013, rate markets in the US were already trying to absorb the latest rhetoric from
the US Federal Reserve about the potential for tapering and longer-term views on rate increases. The net result was
that market participants continued to pressure long term rates higher while bringing forward the timing when the first
increases in the Fed Funds target might occur, from mid- 2015 to 2H2014. Money market rates drifted lower on high
demand chasing too little high quality supply. Overnight government repo hovered in the low single digits for most
of the period, as the Feds absorption of longer-dated government and agency paper through QE combined with
dealers limited balance sheet appetite reduced demand for repo funding and pushed investors into repo alternatives
such as short-dated commercial paper. Expectations for extended period of low fed funds target rates combined with
the benign credit environment reinforced the rationale for longer money fund WAMs and supported demand for
longer-dated paper. Buying activity centered around well priced commercial paper (CP) and certificates of deposit
(CD) in three to six month tenors, particularly for the better Japanese, Nordic, Canadian names, while European
banks (largely French) dominated in maturities less than 3 months. Monthly CP volumes remained well above the
2013 average; but foreign financial issuers and non-financial issuers have increased their issuance to offset the
decline in domestic financial issuers. In this environment, LIBOR benchmark rates within one year declined by 2 to 6
bp across the curve, with 3 month LIBOR falling below 0.25%. As the quarter came to a close in September, the Fed
began its Reverse Repo Facility announced in their July minutes, posting a fixed rate of 0.01% with over 130 nonbank counterparties, effectively setting a floor to how low repo trades. The first few days averaged around $11 billion
in volume but quarter-end balances spiked to over $58 billion, reflecting the attractiveness of the rate in a flight to
safety market.
Page 9
Managers report
The following quarter traded impact from tapering for fears of a default by the Treasury, forcing some money market
participants to sell their US Treasury bill positions maturing in October and November. The selling aggravated an
already weak market and the yield curve for short Treasuries inverted, with interest rates for two week bills rising to
0.65% from 0.03%, while 3 month bills only increased from 0.01% to 0.10%. Government backed repo rates also
climbed, rising to around 0.20%. Dealers aggressively cheapened their other money market positions to reduce
inventories and futures markets sold off, moving up the first 25 bp rate hike to September 2014, 9 months earlier than
pricing last May. US Money Market Funds (MMFs) during this time period reported a $70 billion decline in assets.
However, once the government settled its issues, MMFs regained over $60 billion in assets and investors rapidly put
their money to work, focusing predominantly on securities dated six months and in. Heavy buying rallied the markets
and interest rates declined across sectors, dropping below their pre-crisis levels for CP and CDs. Futures markets
retraced most of the sell-off and pushed the potential for rate hikes back to late 2015. CP issuers were able to extend
the maturity of their positions with 33% of their outstandings funded after year-end.
With improving economic data in November, the Fed continued to argue for the separation of tapering and rate hikes,
searching for the right tools to reinforce their forward guidance. With this backdrop and the anticipated December
reduction of supply, short-term investors succumbed to the posted low interest rates and purchased securities across
the curve. In the final month of the quarter, short-term issuers posted attractive rates for maturities beyond 3 months
to lock-in some longer term financing and dealers pared their positions in preparation for year-end. Investors took
advantage of the slight pricing pressure to snap up the issues and then spent the remainder of the month managing
overnight and short liquidity. Additionally, the Fed altered its reverse repo facility, increasing the maximum size for
its reverse repo facility to $3 billion from $1 billion per counterparty, while lowering the fixed rate from 0.05% to
0.03%. The move was well received as use of the facility escalated from 27 bidders using $26 billion on December
20th to 102 bidders for $198 billion on December 31st. With little agency and CP supply to absorb available cash,
repo and Treasury bill rates turned negative going into the close of the markets at year-end but quickly returned to
normal after the New Year.
The fluctuations in equity and emerging markets at the beginning of 2014 kept longer-term investors in flight to
safety mode, rallying Treasuries and stalling new corporate bond issuance. Heavy issuance in the New Year across
bank and corporates was absorbed with little spread widening. Market participants in the US continued to make
heavy use of the Feds new Reverse Repo Facility with the Fed announcing a one-year extension to the facility early
in the quarter. Treasury bill supply surged in Q1, with large cash management bills being placed after the April tax
date. This additional Treasury supply helped fuel higher bill yields and higher repo rates. On the other hand,
government Agency supply, as well as the amount of dealer repo, continued to decline. Use of the Feds Reverse
Repo facility continued to improve with the rate increased to 0.05% and counterparty limits raised to $10 billion.
Activity at the facility peaked on March quarter-end with $242 billion of repo done. Money market supply, or lack
thereof, was the primary concern as we entered the final quarter of the fiscal year. CP activity picked up in the first
full week of May after Fed Chair Yellen repeated her commitment to lower for longer rates despite stronger recent
growth data and ECB President Draghi confirmed his central bank continues to be prepared for further, and
potentially unconventional, accommodation, including the potential for negative short-term rates. Longer dates
experienced strong volumes, up over 10.4% of average daily volume, while shorter dates also rose, up almost $11
billion or 79.2% of volume. Similar to prior months, Japanese and Nordic banks led activity in 3-4 months. Canadian
and Australian banks took advantage of strong demand issuing 1 year floating rate securities. Financial issuers
preferred to focus on maturities longer than 3 months to improve Basel III positioning; issuing fixed, floating,
callable and putable securities and cheapening by 1 basis point or so to attract size. Issuance inside of 3 months
continued to richen, along with the lower repo and government levels.
Page 10
Managers report
Strategy
The investment strategy applied in FY 2013/2014 by BNP Paribas InstiCash USD primarily consisted of investing in
fixed rate instruments with maturities of up to six months, taking advantage of supply from European banks, mostly
French, in the shorter dates, and Japanese banks in the 3-4 month segment. Front end repo rates were anchored for
much of the year in low single digit returns and with no changes to the FOMC policy regarding the Fed Funds target,
the front end should remain anchored for the time being. In light of these market evolutions the fund has gradually
increased its WAM and WAL from high 30s to low 40s in tandem with the search for yield across the curve. From a
diversification perspective over the past twelve months, Canadian and Nordic issuers have been the beneficiaries of
flows within the funds offering liquidity and high quality yield, while exposure to the US has been reduced. The fund
is weighted toward the highest quality issuers with 100% of holdings rated A-1 or better and maintains ample
liquidity for shareholder flows. Between 31 May 2013 and 31 May 2014 the net asset value of the fund stayed
roughly the same, decreasing slightly to $644M USD.
The Board of Directors

Luxembourg, 18 June 2014
Note: The information stated in this report is historical and not necessarily indicative of future performance.
Page 11
Audit report
To the Shareholders of
Following our appointment by the General Meeting of the Shareholders dated September 27, 2013, we have audited the
accompanying financial statements of BNP PARIBAS INSTICASH and of each of its sub-funds, which comprise the
statement of net assets and the securities portfolio as at May 31, 2014 and the statement of operations and changes in net
assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial
statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in
accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for
such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the Rviseur dentreprises agr

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du
Secteur Financier . Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the judgment of the Rviseur dentreprises agr , including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the Rviseur dentreprises agr considers internal control relevant to the entitys preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of
Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers, Socit cooprative, 400 Route dEsch, B.P. 1443, L-1014 Luxembourg
T: +352 494848 1, F:+352 494848 2900, www.pwc.lu
Cabinet de rvision agr. Expert-comptable (autorisation gouvernementale n10028256)
R.C.S. Luxembourg B 65 477 - TVA LU25482518
Page 12
Opinion
In our opinion, the financial statemencs give a true and fair view of the financial position of BNP PARIBAS INSTICASH and
of each of its sub-funds as of May 31, 2014, and of Ehe results of their operations and changes in their net assets for the year
then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial
statements.
Other matters
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been
subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express
no opinion on such information. However, we have no observation to make concerning such information in the context of the
financial statements taken as a whole.
PricewaterhouseCoopers, Societ coo*ative

Represented by
Thierry Blondeau
Page 13
Luxembourg, August 28. 2014
BNP PARIBAS
INSTICASH
EUR
BNP PARIBAS
INSTICASH
GBP
EUR
GBP
BNP PARIBAS
INSTICASH
MONEY 3M EUR
Expressed in
Notes
EUR
Statement of net assets

Assets
Securities portfolio at cost price
Unrealised gain / (loss) on securities portfolio
Securities portfolio at market value
Cash at banks and time deposits
Securities reverse repurchase agreements
Other assets
2
2, 6
Liabilities
Bank overdrafts
Unrealised loss on financial instruments
Other liabilities
2,8
Net asset value
8 084 476 404

6 854 929 101
908 831
6 855 837 932
1 223 083 846
5 554 626
264 121 231
261 107 369
3 556
3 010 306
7 820 355 173
1 327 266 415

788 643 742
199 896
788 843 638
207 268 320
330 308 616
845 841
525 886
525 886
1 326 740 529
838 928 726

817 631 507
259 140
817 890 647
19 786 341
1 251 738
495 700
495 700
838 433 026
12 771 180
1 267 922
10 072
454 790
5 562 752
63 033
7 358 569
5 412 611
3 843 999
234 729
6 195
1 070 161
6 587
1 317 672
2 526 327
1 804 767
546 015
3 358
85
379 216
1 216
929 890
874 877
3 642 980
9 055 591
1 289 055
3 815 382
1 562 419
2 437 296
276 525
52 401
9 384 517
125 880 572
(6 360 231)
128 904 858
110 040
3 925 422
149 430 349
(1 288 442)
152 067 329
(24 460)
2 412 836
(171 098 804)
(168 685 968)
7 691 450 315
1 174 673 200
1 007 118 994
7 820 355 173
1 326 740 529
838 433 026
Statement of operations and changes in net

assets
Income on investments and assets
Management fees
Bank interest
Interest on swaps
Other fees
Taxes
2, 6
3
2
4
5
Total expenses
Net result from investments
Net realised result on:
Investments securities
Net realised result

Movement on net unrealised
gain / (loss) on:
Investments securities
Financial instruments
Change in net assets due to operations

Net subscriptions / (redemptions)
Dividends paid on shares
Increase/(Decrease) in net assets during
the year / period
Net assets at the beginning of the
year / period
Reevaluation of opening consolidated NAV
Net assets at the end of the financial
year / period
The accompanying notes form an integral part of these financial statements.

Page 14

BNP PARIBAS
INSTICASH
USD
CONSOLIDATED
EUR
USD
643 931 538

568 576 844
129 044
568 705 888
18 611
75 000 250
206 789
362 478
362 478
643 569 060
11 026 859 433

9 058 684 669
1 508 264
9 060 192 933
274 586 635
1 684 082 199
7 997 666
265 529 020
261 107 369
3 556
4 418 095
10 761 330 413
1 415 256
512 922
1 256
567 480
42 778
1 124 436
290 820
20 338 377
2 478 370
21 966
454 875
7 673 346
103 696
10 732 253
9 606 124
(8 684)
282 136
6 783 619
16 389 743
3 674
285 810
(23 779 981)
(11 673)
(23 505 844)
390 025
52 401
16 832 169
121 043 598
(7 952 616)
129 923 151
667 074 904
10 587 423 685
643 569 060
43 983 577
10 761 330 413

Page 15

EUR
EUR
EUR
Number of shares
31/05/2012
31/05/2013
31/05/2014
31/05/2014
10 694 809 787
7 691 450 315
7 820 355 173
Share "Classic-Capitalisation"
116.5889
116.6147
116.7264
1 392 283.8845
Share "Classic T1-Capitalisation"
100.1137
100.1360
100.2320
457 982.6830
Share "I-Capitalisation"
140.6705
140.7456
140.9068
13 592 403.6881
1.0000
1.0000
1.0000
5 219 922 644.0144
Share "IT1-Capitalisation"
101.5315
101.5856
101.7019
400 507.1346
Share "Privilege-Capitalisation"
118.5617
118.5978
118.7115
552 339.2572
Share "X-Capitalisation"
121.9432
122.0252
122.1651
3 032 355.5818
GBP
GBP
GBP
Number of shares
31/05/2012
31/05/2013
31/05/2014
31/05/2014
2 010 721 186
1 174 673 200
1 326 740 529
128.2999
128.5377
128.7850
70 104.5892
Share "Classic T1-Capitalisation"
100.2579
100.4435
100.6368
187 238.9011
169.1165
169.8932
170.5396
49 885.1852
1.0000
1.0000
1.0000
846 681 036.7339
100.2335
5 186.7697
130.7370
131.2493
131.6332
25 020.8978
1.0000
1.0000
10 060.1600
134.5062
135.1895
135.7199
3 240 917.3039
Net Assets
Net asset value per share
Share "I-Distribution"
Net Assets
Share "IT1-Capitalisation"
Share "Privilege-Distribution"
EUR
EUR
EUR
Number of shares
31/05/2012
31/05/2013
31/05/2014
31/05/2014
139 983 702
1 007 118 994
838 433 026
100.6957
100.7461
100.9569
63 060.0257
101.0002
101.0937
101.3658
8 208 155.7764
1.0000
10 022.9100
1.0000
100.9222
101.0382
101.3214
100.0000
Share "Privilege Y-Distribution"
10 022.9100
1.0000
101.3478
101.4897
101.8213
99.9604
Net Assets
Share "I Y Distribution"

Page 16

USD
USD
USD
Number of shares
31/05/2012
31/05/2013
31/05/2014
31/05/2014
1 066 597 834
667 074 904
643 569 060
117.1915
117.2257
117.2382
844 357.3143
148.1369
148.3616
148.4335
2 863 481.6695
1.0000
1.0000
1.0000
6 321 255.5700
119.1455
119.2656
119.2902
709 353.3646
122.0578
122.1110
122.1301
234 187.8283
Net Assets

Page 17
BNP PARIBAS INSTICASH EUR
Securities portfolio at 31/05/2014

Expressed in EUR
Quotation
currency
Quantity Denomination
Money Market Instruments

France
Market Value
% of net
assets
6 855 837 932
87.67
2 594 117 300
33.18
80 000 000 BANQUE POSTALE 16/07/2014 OIS +0.1
EUR
80 000 000
1.02
120 000 000 BANQUE POSTALE 30/06/2014 OIS +0.1
EUR
120 000 000
1.53
50 000 000 BARCLAYS BANK PLC 11/07/2014 EONIA +0.31
EUR
50 010 593
0.64
50 000 000 BARCLAYS BANK PLC 21/07/2014 ZC
EUR
49 962 273
0.64
50 000 000 BARCLAYS BANK PLC 23/09/2014 OIS +0.19
EUR
50 005 721
0.64
EUR
49 926 589
0.64
EUR
19 983 285
0.26
EUR
60 036 190
0.77
100 000 000 BPCE 01/10/2014 OIS +0.26
EUR
100 032 356
1.28
70 000 000 BPCE 01/10/2014 OIS +0.35
EUR
70 043 824
0.90
60 000 000 BPCE 02/06/2014 OIS +0.25
EUR
60 000 000
0.77
EUR
120 017 044
1.53
30 000 000 BPCE 31/07/2014 OIS +0.27
EUR
30 007 703
0.38
30 000 000 CREDIT AGRICOLE 01/07/2014 OIS +0.32
EUR
30 005 072
0.38
60 000 000 CREDIT AGRICOLE MUTUEL ARKEA HOME 02/09/2014 OIS +0.24
EUR
60 017 252
0.77
60 000 000 CREDIT AGRICOLE MUTUEL ARKEA HOME 03/09/2014 OIS +0.24
EUR
60 017 247
0.77
EUR
100 066 298
1.28
50 000 000 CREDIT LYONNAIS 20/08/2014 ZC
EUR
49 930 428
0.64
50 000 000 CREDIT MUTUEL 10/07/2014 OIS +0.12
EUR
50 000 000
0.64
20 000 000 CREDIT MUTUEL OCEAN 11/07/2014 OIS +0.12
EUR
20 000 000
0.26
EUR
99 858 783
1.28
40 000 000 ESSILOR INTERNATIONAL 27/06/2014 ZC
EUR
39 970 351
0.51
50 000 000 FRANCE - EMPRUNT D'ETAT - BTF 05/06/2014 ZC
EUR
49 996 997
0.64
230 000 000 FRANCE - EMPRUNT D'ETAT - BTF 19/06/2014 ZC
EUR
229 898 734
2.93
68 000 000 GDF SUEZ 04/08/2014 ZC
EUR
68 000 000
0.87
51 500 000 GDF SUEZ 11/06/2014 ZC
EUR
51 479 922
0.66
EUR
170 000 000
2.17
50 000 000 HSBC FRANCE 29/07/2014 OIS +0.11
EUR
50 002 951
0.64
40 000 000 L'OREAL SA 06/10/2014 ZC
EUR
39 943 548
0.51
20 000 000 S A GESTION DE STOCK DE SECURITE 15/07/2014 ZC
EUR
19 994 002
0.26
20 000 000 SOCIETE GENERALE 01/07/2014 OIS +0.34
EUR
20 003 784
0.26
EUR
80 000 000
1.02
EUR
60 048 748
0.77
80 000 000 SOCIETE GENERALE 31/07/2014 EONIA +0.30
EUR
80 024 474
1.02
50 000 000 UNEDIC 07/07/2014 ZC
EUR
49 968 849
0.64
190 000 000 UNEDIC 10/06/2014 ZC
EUR
189 899 588
2.43
65 000 000 UNEDIC 29/08/2014 ZC
EUR
64 964 694
0.83
1 429 507 539
18.27
120 000 000 BPCE 31/07/2014 OIS +0.2
100 000 000 CREDIT LYONNAIS 09/02/2015 OIS +0.4
100 000 000 DEXIA CREDIT LOCAL 08/09/2014 ZC
170 000 000 HSBC FRANCE 28/07/2014 OIS +0.1
Netherlands
30 000 000 ABN AMRO BANK N.V. 10/11/2014 ZC
EUR
29 931 456
0.38
25 000 000 ABN AMRO BANK N.V. 11/09/2014 OIS +0.31
EUR
25 012 018
0.32
EUR
37 975 526
0.49
EUR
64 955 535
0.83
240 000 000 BANK NEDERLANDSE 09/07/2014 ZC
EUR
239 868 856
3.06

Page 18

Expressed in EUR
Quotation
currency
Market Value
% of net
assets
30 000 000 BMW FINANCE 06/06/2014 ZC
EUR
29 982 210
0.38
50 000 000 BMW FINANCE 12/08/2014 ZC
EUR
49 967 261
0.64
47 000 000 BMW FINANCE 13/08/2014 ZC
EUR
46 969 226
0.60
160 000 000 BMW FINANCE 27/08/2014 ZC
EUR
159 895 068
2.04
50 000 000 ING BANK N.V. 11/07/2014 EONIA +0.31
EUR
50 010 593
0.64
50 000 000 ING BANK N.V. 12/01/2015 OIS +0.35
EUR
50 022 123
0.64
40 000 000 ING BANK N.V. 17/07/2014 OIS +0.25
EUR
40 006 833
0.51
50 000 000 NEDERLAND - EMPRUNT DETAT 06/01/2015 ZC
EUR
49 946 132
0.64
150 000 000 NEDERLAND - EMPRUNT DETAT 30/06/2014 ZC
EUR
149 972 364
1.92
50 000 000 RABOBANK NEDERLAND 05/02/2015OIS +0.25
EUR
50 009 793
0.64
50 000 000 RABOBANK NEDERLAND 06/03/2015 OIS +0.27
EUR
50 013 763
0.64
EUR
80 015 389
1.02
EUR
100 027 793
1.28
50 000 000 RABOBANK NEDERLAND 20/06/2014 ZC
EUR
49 965 833
0.64
EUR
25 003 056
0.32
50 000 000 UNILEVER 03/07/2014 ZC
EUR
49 956 711
0.64
734 217 029
9.40
United Kingdom
80 000 000 BANK OF TOKYO LTD 29/08/2014 ZC
EUR
79 943 418
1.02
58 000 000 CREDIT SUISSE 20/08/2014 ZC
EUR
57 959 876
0.74
100 000 000 HSBC HOLDINGS PLC 04/09/2014 ZC
EUR
99 879 888
1.28
50 000 000 HSBC HOLDINGS PLC 10/10/2014 ZC
EUR
49 933 223
0.64
17 000 000 MITSUBISHI UFJ TRUST & BANK 10/07/2014 ZC
EUR
16 987 125
0.22
EUR
109 914 009
1.40
EUR
59 959 976
0.77
60 000 000 STANDARD CHARTERED BANK 04/08/2014 ZC
EUR
59 929 049
0.77
EUR
39 949 559
0.51
EUR
39 915 959
0.51
EUR
59 918 431
0.77
EUR
59 926 516
0.77
Sweden
704 303 054
9.01
80 000 000 NORDEA BANK 04/06/2014 ZC
EUR
79 954 537
1.02
60 000 000 NORDEA BANK 04/08/2014 ZC
EUR
59 925 225
0.77
40 000 000 NORDEA BANK 09/06/2014 ZC
EUR
39 975 747
0.51
60 000 000 NORDEA BANK 22/07/2014 ZC
EUR
59 960 420
0.77
70 000 000 NORDEA BANK 28/07/2014 ZC
EUR
69 907 171
0.89
60 000 000 NORDEA BANK 28/11/2014 ZC
EUR
59 926 979
0.77
100 000 000 SVENSKA HANDELSBANK 04/08/2014 ZC
EUR
99 875 375
1.28
EUR
14 991 716
0.19
EUR
49 972 034
0.64
EUR
49 966 028
0.64
EUR
119 847 822
1.53
700 673 702
8.96
Belgium
70 000 000 ANHEUSER-BUSCH INB 11/07/2014 ZC
EUR
69 953 746
0.89
40 000 000 BELGACOM SA 06/06/2014 ZC
EUR
39 972 330
0.51
EUR
307 956 562
3.94
EUR
14 990 288
0.19
308 000 000 BELGIQUE - EMPRUNT D'ETAT 19/06/2014 ZC

15 000 000 LVMH FINANCE 07/07/2014 ZC

Page 19

Expressed in EUR
Quotation
currency
Market Value
% of net
assets
40 000 000 LVMH FINANCE 09/07/2014 ZC
EUR
39 970 195
0.51
23 000 000 LVMH FINANCE 14/08/2014 ZC
EUR
22 984 759
0.29
57 000 000 LVMH FINANCE 22/07/2014 ZC
EUR
56 956 832
0.73
56 000 000 LVMH FINANCE 28/08/2014 ZC
EUR
55 959 879
0.72
42 000 000 LVMH FINANCE 31/07/2014 ZC
EUR
41 965 757
0.54
50 000 000 SUMITOMO MITSUI BANK 09/07/2014
EUR
49 963 354
0.64
168 788 588
2.16
Finland
55 000 000 POHJOLA BANK PLC 04/08/2014 ZC
EUR
54 921 804
0.70
EUR
13 981 186
0.18
EUR
59 911 984
0.77
EUR
39 973 614
0.51
Australia
100 000 000 ING BANK N.V. 07/07/2014 ZC
50 000 000 TOYOTA FINANCE AUSTRALIA 28/07/2014 ZC
149 899 221
1.92
EUR
99 929 151
1.28
EUR
49 970 070
0.64
139 882 378
1.79
Germany
50 000 000 DEUTSCHE BOERSE 30/06/2014 ZC
EUR
49 980 270
0.64
30 000 000 DZ BANK AG 22/07/2014 ZC
EUR
29 981 675
0.38
60 000 000 DZ BANK AG 28/07/2014 ZC
EUR
59 920 433
0.77
134 508 360
1.71
United States of America

EUR
30 018 095
0.38
34 000 000 GENERAL ELECTRIC 13/11/2014 OIS +0.19
EUR
34 000 448
0.43
34 000 000 GENERAL ELECTRIC 14/11/2014 OIS +0.19
EUR
34 000 464
0.43
16 500 000 PROCTER AND GAMBLE 09/06/2014 ZC
EUR
16 491 781
0.21
20 000 000 PROCTER AND GAMBLE 18/06/2014 ZC
EUR
19 997 572
0.26
69 953 823
0.89
69 953 823
0.89
29 986 938
0.38
29 986 938
0.38
6 855 837 932
87.67
Norway
70 000 000 DNB ASA 22/07/2014 ZC
EUR
Canada
30 000 000 CAISSE CENTRALE DESJARDINS 27/06/2014 ZC
EUR
Total securities portfolio

Page 20
BNP PARIBAS INSTICASH GBP

Expressed in GBP
Quotation
currency
Market Value
% of net
assets
788 843 638
59.46
United Kingdom
199 653 365
15.07
30 000 000 BANK OF AMERICA 11/06/2014 ZC
GBP
29 963 469
2.27
GBP
20 009 722
1.51
GBP
20 004 128
1.51
30 000 000 CREDIT SUISSE 29/08/2014 ZC
GBP
29 960 411
2.26
GBP
29 963 147
2.26
30 000 000 NATIONAL AUSTRALIA 14/11/2014 ZC
GBP
29 925 495
2.26
GBP
19 912 168
1.50
GBP
19 914 825
1.50
129 662 269
9.77
Netherlands
GBP
19 898 386
1.50
30 000 000 BMW FINANCE 15/08/2014 ZC
GBP
29 962 734
2.26
20 000 000 ING BANK N.V. 01/07/2014 ZC
GBP
19 895 471
1.50
10 000 000 ING BANK N.V. 12/06/2014 ZC
GBP
9 987 822
0.75
10 000 000 ING BANK N.V. 15/10/2014 ZC
GBP
9 972 102
0.75
GBP
20 027 873
1.51
20 000 000 RABOBANK NEDERLAND 08/10/2014 ZC
GBP
19 917 881
1.50
109 848 520
8.27
Germany
30 000 000 DEUTSCHE BANK 12/08/2014 ZC
GBP
29 961 272
2.26
20 000 000 DZ BANK AG 07/07/2014 ZC
GBP
19 948 928
1.50
10 000 000 DZ BANK AG 14/10/2014 ZC
GBP
9 975 486
0.75
10 000 000 DZ BANK AG 27/10/2014 ZC
GBP
9 974 911
0.75
40 000 000 NRW BANK 02/06/2014 ZC
GBP
39 987 923
3.01
France
99 956 640
7.52
20 000 000 B.F.C.M. 08/10/2014 ZC
GBP
19 901 636
1.50
20 000 000 BPCE 09/04/2015 OIS +0.45
GBP
20 022 276
1.51
10 000 000 BPCE 10/07/2014 OIS +0.19
GBP
10 001 240
0.75
10 000 000 BPCE 24/02/2015 OIS +0.42
GBP
10 010 103
0.75
GBP
10 006 455
0.75
GBP
10 006 401
0.75
GBP
20 008 529
1.51
99 901 532
7.53
Sweden
40 000 000 NORDEA BANK 15/07/2014 ZC
GBP
39 950 863
3.01
30 000 000 SKANDINAVISKA ESKILDA BANK 04/09/2014 ZC
GBP
29 950 680
2.26
30 000 000 SVENSKA HANDELSBANK 24/07/2014 OIS +0.48
GBP
29 999 989
2.26
29 990 587
2.26
29 990 587
2.26
29 966 808
2.26
29 966 808
2.26
Australia
30 000 000 NEW SOUTH WALES TREASURY CORPORATION 16/06/2014 ZC
GBP
Ireland
30 000 000 GE CAPITAL UK FUND 04/08/2014 ZC
GBP

Page 21
BNP PARIBAS INSTICASH GBP

Expressed in GBP
Quotation
currency

30 000 000 MIZUHO FUNDING 29/07/2014 ZC
GBP
Belgium
20 000 000 SUMITOMO MITSUI BANK 17/06/2014 ZC
GBP
Japan
20 000 000 SUMITOMO MITSUI BANK 29/08/2014 ZC
GBP
Finland
GBP

Page 22
Market Value
% of net
assets
29 966 742
2.26
29 966 742
2.26
19 975 643
1.51
19 975 643
1.51
19 975 597
1.51
19 975 597
1.51
19 945 935
1.50
19 945 935
1.50
788 843 638
59.46
BNP PARIBAS INSTICASH MONEY 3M EUR

Expressed in EUR
Quotation
currency
Transferable securities admitted to an official stock exchange

listing and/or traded on another regulated market
Bonds
France
20 000 000 BNP PARIBAS 0.350% 13-02/06/2014
EUR

France
Market Value
% of net
assets
20 000 000
2.40
20 000 000
2.40
20 000 000
2.40
20 000 000
2.40
747 839 938
89.17
388 073 292
46.27
20 000 000 B.F.C.M. 01/12/2014 OIS +0.36
EUR
20 012 205
2.39
10 000 000 B.F.C.M. 04/05/2015 OIS +0.45
EUR
10 005 819
1.19
EUR
25 010 862
2.98
20 000 000 BNP PARIBAS 02/02/2015 OIS +0.40
EUR
20 013 790
2.39
10 000 000 BNP PARIBAS 03/11/2014 OIS +0.32
EUR
10 004 879
1.19
5 000 000 BPCE 01/10/2014 OIS +0.34
EUR
5 002 962
0.60
30 000 000 BPCE 02/02/2015 OIS +0.39
EUR
30 018 644
3.59
10 000 000 BPCE 11/09/2014 OIS +0.34
EUR
10 005 649
1.19
10 000 000 CAISSE CENTRALE DU CREDIT MUTUEL 03/11/2014 OIS +0.31
EUR
10 004 451
1.19
10 000 000 CIC 03/11/2014 OIS +0.31
EUR
10 004 451
1.19
EUR
20 010 505
2.39
EUR
20 009 828
2.39
10 000 000 CREDIT DU NORD 07/08/2014 OIS +0.25
EUR
10 002 526
1.19
EUR
10 005 566
1.19
EUR
10 005 231
1.19
EUR
5 001 892
0.60
EUR
19 971 757
2.38
10 000 000 HSBC FRANCE 24/11/2014 OIS +0.21
EUR
10 001 133
1.19
10 000 000 KERING 22/07/2014 ZC
EUR
9 992 182
1.19
10 000 000 L'OREAL SA 06/10/2014 ZC
EUR
9 985 887
1.19
20 000 000 NATIXIS FINANCE 01/10/2014 OIS +0.34
EUR
20 011 849
2.39
10 000 000 NATIXIS FINANCE 01/12/2014 OIS +0.41
EUR
10 008 630
1.19
10 000 000 SCHNEIDER ELECTRICITE 17/07/2014 ZC
EUR
9 993 141
1.19
10 000 000 SCHNEIDER ELECTRICITE 17/07/2014 ZC
EUR
9 992 549
1.19
EUR
20 005 135
2.39
EUR
8 002 054
0.95
EUR
15 004 835
1.79
10 000 000 SUEZ ENVIRONNEMENT 23/07/2014 ZC
EUR
9 991 789
1.19
10 000 000 VINCI 15/07/2014 ZC
EUR
9 993 091
1.19
160 024 174
19.08
5 000 000 CREDIT MUTUEL MAINE 01/04/2015 OIS +0.40
Netherlands
10 000 000 ABN AMRO BANK N.V. 11/09/2014 OIS +0.31
EUR
10 004 807
1.19
20 000 000 ABN AMRO BANK N.V. 21/04/2015 OIS+ 0.40
EUR
20 004 520
2.39
20 000 000 ENECO HOLDINGS N.V 11/07/2014 ZC
EUR
19 983 535
2.38
10 000 000 ING BANK 09/01/2015 OIS +0.35
EUR
10 004 539
1.19
30 000 000 ING BANK 12/01/2015 OIS +0.35
EUR
30 013 274
3.58
20 000 000 ING BANK N.V. 23/09/2014 OIS +0.335
EUR
20 011 391
2.39

Page 23
BNP PARIBAS INSTICASH MONEY 3M EUR

Expressed in EUR
Quotation
currency
Market Value
% of net
assets
EUR
10 001 839
1.19
EUR
40 000 269
4.77
79 836 574
9.52
Italy
40 000 000 BUONI ORDI DEL TES 30/09/2014 ZC
EUR
39 913 691
4.76
40 000 000 REPUBLIC OF ITALY 12/09/2014 ZC
EUR
39 922 883
4.76
39 967 742
4.77
39 967 742
4.77
39 953 566
4.76

40 000 000 MONDELEZ INTERNATIONAL-A 23/07/2014 ZC
EUR
Belgium
20 000 000 BNP PARIBAS 07/08/2014 ZC
EUR
19 969 091
2.38
20 000 000 VOLKSWAGEN FINANCE 15/07/2014 ZC
EUR
19 984 475
2.38
20 000 000
2.39
20 000 000
2.39
19 984 590
2.38
19 984 590
2.38
50 050 709
5.98
50 050 709
5.98
50 050 709
5.98
817 890 647
97.55
United Kingdom
20 000 000 CREDIT SUISSE 20/01/2015 OIS +0.2400
EUR
Germany
20 000 000 LINDE 11/08/2014 ZC
EUR
Shares/Units in investment funds

France
875.0000 BNP PARIBAS CASH INVEST I
EUR

Page 24
BNP PARIBAS INSTICASH USD

Expressed in USD
Quotation
currency

Market Value
% of net
assets
543 600 354
84.51
226 145 018
35.16
6 000 000 ABN AMRO FUNDING 01/08/2014 ZC
USD
5 995 325
0.93
USD
2 999 700
0.47
USD
5 995 759
0.93
7 000 000 BMO HARRIS BANK 27/08/2014 0.20
USD
7 000 000
1.09
5 000 000 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NY

01/08/2014 OIS +0.26
02/07/2014 OIS +0.31
07/07/2014 OIS +0.31
08/10/2014 OIS +0.32
6 600 000 CREDIT SUISSE 02/06/2014 ZC
USD
5 000 000
0.78
USD
5 000 236
0.78
USD
7 000 671
1.09
USD
6 000 656
0.93
USD
6 599 758
1.03
6 000 000 CREDIT SUISSE 15/09/2014 ZC
USD
5 995 355
0.93
USD
20 800 000
3.23
USD
6 994 231
1.09
USD
6 994 381
1.09
USD
6 989 228
1.09
7 000 000 ING USA GLOBAL FUNDING 03/07/2014 ZC
USD
6 998 795
1.09
7 000 000 MIZUHO FUNDING 14/07/2014 ZC
USD
6 996 928
1.09
4 665 000 NATIXIS US 01/10/2014 ZC
USD
4 661 031
0.72
4 000 000 NATIXIS US 12/08/2014 ZC
USD
3 997 874
0.62
USD
5 100 194
0.79
7 000 000 RABOBANK USA 08/07/2014 ZC
USD
6 992 480
1.09
8 500 000 SKANDINAVISKA ESKILDA BANK 10/07/2014 ZC
USD
8 498 336
1.32
7 000 000 SKANDINAVISKA ESKILDA BANK 19/08/2014 OIS +0.25
USD
7 001 112
1.09
7 000 000 SKANDINAVISKA ESKILDA BANK 25/08/2014 OIS +0.25
USD
7 001 194
1.09
3 800 000 SOCIETE GENERALE 02/06/2014 ZC
USD
3 799 071
0.59
28 000 000 SOCIETE GENERALE 30/05/2014 ZC
USD
27 999 999
4.34
7 000 000 STANDARD CHARTERED PLC 03/11/2014 ZC
USD
7 000 000
1.09
USD
5 741 938
0.89
USD
6 995 166
1.09
USD
3 998 360
0.62
USD
6 996 992
1.09
7 000 000 TORONTO-DOMINION BANK 24/06/2014 OIS +0.2023
USD
7 000 248
1.09
95 697 214
14.87
20 800 000 DEUTSCHE BANK 30/05/2014 ZC
Japan
6 000 000 BANK OF TOKYO MITSUBISHI 05/06/2014 OIS +0.24
USD
6 000 070
0.93
USD
4 000 000
0.62
USD
8 200 042
1.26
7 000 000 MIZUHO BANK 05/06/2014 ZC
USD
7 000 000
1.09
5 000 000 MIZUHO BANK 15/07/2014 OIS +0.21
USD
5 000 255
0.78
5 500 000 MIZUHO BANK 23/06/2014 OIS +0.2
USD
5 500 114
0.85
7 000 000 MIZUHO BANK 24/07/2014 ZC
USD
6 996 899
1.09
7 000 000 NORINCHUKIN BANK 08/08/2014 OIS +0.25
USD
7 000 559
1.09
USD
7 000 000
1.09

Page 25

Expressed in USD
Quotation
currency
Market Value
% of net
assets
USD
7 000 000
1.09
USD
7 000 000
1.09
7 000 000 SUMITOMO MITSUI FINANCIAL 02/09/2014 OIS +0.22
USD
6 999 622
1.09
USD
3 999 850
0.62
USD
6 999 976
1.09
USD
6 999 827
1.09
48 022 108
7.47
France
7 000 000 BPCE 01/08/2014 ZC
USD
6 994 107
1.09
8 000 000 BPCE 02/06/2014 ZC
USD
7 990 874
1.23
7 000 000 BPCE 03/11/2014 ZC
USD
6 989 084
1.09

20/08/2014 0.31
USD
7 001 972
1.09
USD
6 994 457
1.09
5 700 000 GDF SUEZ 01/07/2014 ZC
USD
5 697 182
0.89
6 355 000 GDF SUEZ 02/06/2014 ZC
USD
6 354 432
0.99
46 967 023
7.30
Netherlands
7 000 000 ALLIANCE FINANCE 16/06/2014 ZC
USD
6 995 433
1.09
5 000 000 ALLIANZ FINANCE 27/06/2014 ZC
USD
4 998 052
0.78
5 000 000 ALLIANCE FINANCE 28/07/2014 ZC
USD
4 996 334
0.78
8 000 000 BANK NERLANDSE 03/06/2014 ZC
USD
7 991 653
1.24
USD
9 991 731
1.54
USD
6 993 583
1.09
USD
5 000 237
0.78
30 487 997
4.74
Luxembourg
6 500 000 ALLIANCE BERNSTEIN 02/06/2014 ZC
USD
6 496 187
1.01
USD
9 999 806
1.55
USD
6 995 940
1.09
USD
6 996 064
1.09
Canada
28 814 958
4.48
6 230 000 BANK OF NOVA SCOTIA 24/06/2014 ZC
USD
6 226 346
0.97
USD
4 996 731
0.78
USD
3 999 047
0.62
USD
13 592 834
2.11
27 742 349
4.31
USD
4 748 520
0.74
USD
10 000 046
1.55
7 000 000 NORDEA BANK 05/09/2014 ZC
USD
6 997 094
1.09
6 000 000 NORDEA BANK 17/09/2014 ZC
USD
5 996 689
0.93
25 727 917
4.00
Sweden
4 750 000 NORDEA BANK 01/07/2014 ZC
10 000 000 NORDEA BANK 02/06/2014 OIS +0.205
United Kingdom
10 000 000 ASB FINANCE LTD LO 03/07/2014 ZC
USD
9 992 681
1.55
2 740 000 ASB FINANCE LTD LO 13/08/2014 ZC
USD
2 737 916
0.43
6 000 000 MITSUBISHI UFJ SEC 18/08/2014 ZC
USD
5 997 201
0.93
7 000 000 MITSUBISHI UFJ SEC 31/07/2014 OIS +0.23
USD
7 000 119
1.09

Page 26

Expressed in USD
Quotation
currency
Australia
7 000 000 WESTPAC BANKING 01/08/2014 OIS +0.22535
USD
Hong Kong
USD
Shares/Units in investment funds

Ireland
25 105 534.5850 BNP PARIBAS GLOBAL FUND US DOLLAR
USD

Page 27
Market Value
% of net
assets
7 000 570
1.09
7 000 570
1.09
6 995 200
1.09
6 995 200
1.09
25 105 534
3.86
25 105 534
3.86
25 105 534
3.86
568 705 888
88.37
Notes to the financial statements
Page 28
Notes to the financial statements at 31/05/2014
Note 1 General
On May 31, 2014 the Company comprised four sub-funds, all of them being open for subscriptions:
BNP Paribas InstiCash EUR, expressed in euros (EUR);
BNP Paribas InstiCash GBP, expressed in Pound Sterling (GBP);
BNP Paribas InstiCash Money 3M EUR, expressed in euros (EUR);
BNP Paribas InstiCash USD, expressed in United States Dollar (USD).
The investment objective of the sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP
Paribas InstiCash USD is to provide a level of day-to-day liquidity and to preserve the invested capital, while
producing the best possible money market return for the investor.
The investment objective of BNP Paribas InstiCash Money 3M EUR is to preserve the invested capital over a 3
months period corresponding to the recommended investment horizon while producing the best possible money
market return for the investor.
The sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD are
invested in a diversified portfolio of money market instruments (including certificates of deposit, treasury bills,
commercial paper) and short-term bonds issued in the sub-funds currencies.
The sub-funds BNP Paribas InstiCash EUR, BNP Paribas InstiCash GBP and BNP Paribas InstiCash USD are
short-term money market funds.
The sub-fund BNP Paribas InstiCash Money 3M EUR is invested in a diversified portfolio of high quality money
market instruments (including certificates of deposit, treasury bills and commercial papers) and short-term bonds
issued in EUR.
The sub-fund BNP Paribas InstiCash Money 3M EUR is a money market fund.
All the sub-funds also invest in repurchase or reverse repurchase agreements with leading counterparties, as defined
in the Prospectus. Each sub-fund may also, hold up to 49% of its net assets in cash and cash equivalents on an
ancillary basis.
The sub-funds may also use financial derivative instruments (interest rate swaps) for hedging purpose only.
Note 2 Principal and accounting policies

The financial statements of the Company are made in accordance with the regulatory requirements and the
accounting policies generally admitted in the Grand Duchy of Luxembourg. The financial statements of BNP
PARIBAS INSTICASH represent the sum of the financial statements of each sub-fund of the Company.
These financial statements have been drawn up in euros (EUR) by converting the financial statements of each subfund using the exchange rates in effect at the balance sheet date (see Note 7). The financial statements of the Fund
have been drawn up on the basis of the last net asset value calculated during the financial year.
a)Foreign Currencies
The financial statements of each sub-fund of the Company are expressed in the working currency of the sub-fund
and its accounting records are kept in that currency. Assets and liabilities in other currencies are recorded in the
currency of the sub-fund based on the exchange rate in effect in Luxembourg on the Valuation Day. Income and
expenses in other currencies are recorded in the currency of the sub-fund based on the exchange rate in effect at the
date of the transaction.
The resulting exchange differences are recorded in the statement of operations and changes in net assets.
The consolidated accounts are expressed in euros (EUR) and are provided for information purposes only. For the
purposes of consolidation the corresponding items in the statements of the sub-fund are converted into euros at the
exchange rates prevailing at balance sheet date.
Page 29
b) Valuation of investments
The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly,
is recognized and accessible to the public, is based on the closing price on the order acceptance date or the price on
the market day following that day for Asian markets, and, if the securities concerned are traded on several markets,
on the basis of the most recent price on the major market on which they are traded; if this price is not a true
reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent
and bona fide manner.
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a
regular manner is recognized and accessible to the public, shall be valued on the basis of the probable sale price
estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of
Directors.
Security transactions are accounted for on the date the securities are purchased or sold. Realized gains or losses on
securities sold are computed on a weighted average cost basis.
Fixed rate bonds with a maturity lower than three months and floating-rate bonds with a less than one year
maturity and of which the coupon is fixed at least quarterly are considered to be money market instruments and are
valued as such.
Where practice allows, liquid assets money market instruments and all other instruments may be valued at nominal
value plus any accrued interest or according to the linear amortisation method. The decision to value the portfolios
assets by the linear amortisation method must be approved by the Board of Directors, which must give reasons for
its decision. The Board of Directors shall put in place adequate verifications for the valuation of these instruments.
The results of the valuation according to the linear amortisation method are included under the heading Other
assets in the statement of net assets and under the heading Income on investments and assets in the statement of
operations and changes in net assets.
c) Interest
Interest is recognized on a prorata basis after deduction of any withholding taxes that may be applicable.
d) Valuation of Swap transactions
Swap transactions on interest rates are valued at their market value established by reference to the applicable curve
of the interest rates. Swap transactions on financial instruments or indices are valued at their market value
established by reference to the financial instruments or indices concerned. Valuation of the swap contracts relating
to said financial instruments or indices is based on the market value of the swap transactions, in accordance with
the procedures laid down by the Board of Directors.
The interest receivable and payable on swap transactions is included in the statement of net assets under the
heading Other assets or Other liabilities and in the statement of operations and changes in net assets under the
heading Income on investments and assets or Interest on swaps.
e) Valuation of securities reverse repurchase/repurchase transactions
Securities reverse repurchase/repurchase transactions are valued at their purchase value plus interest accrued since
the purchase date.
Note 3 Management fees (maximum per annum)

Fee calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class, paid
to the Management Company and serving to cover remuneration of the asset managers and also distributors in
connection with the marketing of the Company's stock.
The fee applied to the Classic-capitalisation class is also applicable to the Classic T1-capitalisation class.
The fee applied to the I-capitalisation class is also applicable to the I Distribution, IT 1-capitalisation and
distribution and I Y Distribution classes.
The fee applied to the Privilege-capitalisation class is also applicable to the Privilege Distribution, Privilege
T1 and Privilege Y Distribution classes.
No management fee is charged for the X category.
A sub-fund may not invest in a UCITS, or other UCI (underlying), with a management fee exceeding 3% per
annum.
Page 30
Sub-fund
Classic
Privilege
0.35%
0.25%
0.15%
0.35%
0.25%
0.15%
0.35%
0.25%
0.15%
0.35%
0.25%
0.15%
Note 4 Other fees

Fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class
and serving to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the
documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage
fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, one-off
expenses, and the taxe dabonnement in force in Luxembourg, as well as any other specific foreign tax.
Note 5 Taxes
At the date of the Prospectus (September 2013), the Company is not liable to any Luxembourg income tax or
capital gains tax.
The Company is liable to an annual taxe dabonnement in Luxembourg representing 0.05% of the net asset value.
This rate is reduced to 0.01% for:
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with
credit institutions;
b) sub-funds with the exclusive objective of collective investments with credit institutions;
c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.
The following are exempt from this taxe dabonnement:
a) the value of assets represented by units, or shares in other UCIs, provided that these units or shares have already
been subject to the taxe dabonnement;
b) sub-funds, categories, and/or classes:
(i) whose securities are reserved to Institutional Investors, Managers, or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits
with credit institutions, and
(iii) whose weighted residual portfolio maturity does not exceed 90 days, and
(iv) that have obtained the highest possible rating from a recognized rating agency;
c) sub-funds, share categories and/or classes reserved to:
(i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of
one or more employers for the benefit of their employees, and
(ii) companies having one or more employers investing funds to provide pension benefits to their
employees;
d) sub-funds whose main objective is investment in microfinance institutions;
e) sub-funds, shares categories and/or classes:
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public, and
(ii) whose exclusive object is to replicate the performance of one or several indices.
When due, the taxe dabonnement is payable quarterly based on the relevant net assets and calculated at the end
of the quarter for which it is applicable.
Page 31
In addition, the Company may be subject to foreign UCIs tax, and/or other regulators levy, in the country where
the sub-fund is registered for distribution.
Taxation of the Companys investments
Some of the Companys portfolio income, especially income on dividends and interest, as well as certain capital
gains, may be subject to tax at various rates and of different types in the countries in which they are generated. This
income and capital gains may also be subject to withholding tax. Under certain circumstances, the Company may
not be eligible for the international agreements preventing double taxation that exist between the Grand Duchy of
Luxembourg and other countries. Some countries will only consider that persons taxable in Luxembourg qualify
under these agreements.
Taxation of shareholders
a) Residents of the Grand Duchy of Luxembourg
On the date of the Prospectus (September 2013), the dividends earned and capital gains made on the sale of shares
by residents of the Grand Duchy of Luxembourg are not subject to withholding tax.
Dividends are taxable at the base rate.
Capital gains made on the sale of shares are not subject to income tax if the shares are held for a period of over six
months, except in the case of resident shareholders holding over 10% of the shares of the Company.
b) Non-residents
In principle, according to current law and in the event that the provisions of Directive 2003/48 as specified in
item c) below do not apply:
- the dividends earned and the capital gains made on the sale of shares by non-residents are not subject to
withholding tax;
- the capital gains made by non-residents on the sale of shares are not subject to Luxembourg income tax.
Nevertheless, if there is a dual tax convention between the Grand Duchy and the shareholders country of
residence, the capital gains made on the sale of shares are tax-exempt in principle in Luxembourg, with the
taxation authority being attributed to the shareholders country of residence.
c) Residents of another member state of the European Union, including the French overseas departments, the
Azores, Madeira, the Canary Islands, the land Islands and Gibraltar.
Any individual who receives dividends from the Company or the proceeds from the sale of shares in the Company
through a paying agent based in a state other than the one in which he resides is advised to seek information on the
legal and regulatory provisions applicable to him.
Most countries covered by Directive 2003/48 will report to the tax authorities in the state of residence of the
beneficial owner of the income the amounts of income from debt claims included in the amount distributed by the
Company (if the sub-fund invests more than 15% of its assets in debt claims as defined by Article 6 of Directive
2003/48) or included in the capital gain from the sale, refund or redemption of shares in the Company (if the subfund invests more than 25% of its assets in debt claims as defined by Article 6 of Directive 2003/48).
Instead of such reporting, the Grand Duchy of Luxembourg, as well as certain other countries, including Austria
and Switzerland, will generally apply a withholding tax on the interest and other income related to interest paid to a
beneficial owner resident in another member state. This withholding tax will be 35%. Such withholding will be
taken into consideration for tax purposes by the tax authority of the state of residence of the individual, in
accordance with applicable tax law. The beneficial owner may instruct the paying agent to submit to the
information-exchange system or to use a tax certificate as an alternative to the withholding tax.
d) Residents of third countries or territories
In principle, no withholding tax is levied on interest paid to residents of third countries or territories.
However, withholding tax is levied, in accordance with Directive 2003/48, on interest and related income paid out
to beneficial owners resident in the Netherlands Antilles, Aruba, Guernsey, Jersey, the Isle of Man, the British
Virgin Islands and Montserrat.
e) US Tax
Under the Foreign Account Tax Compliance Act (FATCA) provisions, where the Company invests directly or
indirectly in US assets, payments to the Company of US-source income after December 31, 2013, gross proceeds
of sales of US property by the Company after December 31, 2016 (at the earliest) and certain other payments
received by the Company after December 31, 2016 will be subject to 30% US withholding tax unless the Company
complies with FATCA.
Page 32
To avoid such withholding on payments made to it, the Company generally will be required to enter into an
agreement with the United States Internal Revenue Service (IRS) under which it will agree to undertake due
diligence to identify its direct or indirect U.S. shareholders and report certain information concerning them to the
IRS. However, the form of the agreement has not been provided by the United States. Any amounts of US tax
withheld may not be refundable by the IRS.
The United States has entered into an intergovernmental agreement with The Grand Duchy of Luxembourg on
March 28, 2014. The two countries still need to agree on the French version of the text (only the English version
has been approved so far) which may affect the specific manner in which the Company complies with FATCA. In
any case, the Company intends to become FATCA compliant.
The foregoing provisions are based on the Law and practices currently in force, and are subject to change. Potential
investors are advised to seek information in their country of origin, place of residence or domicile on the possible
tax consequences associated with their investment. The attention of investors is also drawn to certain tax
provisions specific to individual countries in which the Company publicly markets its shares.
Note 6 Securities reverse repurchase/repurchase agreements

In accordance with Circular 08/356, each sub-fund may, on an ancillary basis, engage in repurchase agreements
which consist of purchases and sales of securities with clauses reserving the sellers right to buy the sold securities
back from the purchaser at a price and time stipulated between the two parties at the time of entering into the
contract. Each sub-fund may engage in repurchase agreements either as buyer or seller. However, the involvement
of a sub-fund in such agreements is subject to the following rules:
a) Each sub-fund may buy or sell securities with repurchase options only if the counterparties in these agreements
are first-rank financial institutions specialising in this type of transaction; and
b) During the lifetime of a repurchase agreement, a sub-fund may not sell the securities forming the subject of the
contract until the counterpartys repurchase option has been exercised or the repurchase term has expired.
In addition, each sub-fund must ensure that it keeps the scale of repurchase agreements at such a level that it is
capable at all times of meeting its share/unit repurchase obligations to shareholders/unitholders.
The securities which are the subject of repurchase transactions must be compliant with the investment policy of the
Company and must together with the other securities which the Company holds in its portfolio, globally comply
with the investment restrictions of the Company.
A sub-fund that enters into a reverse repurchase agreement will ensure that:
-
At any time the sub-fund may recall the full amount of cash or terminate the reverse repurchase
agreement on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time
on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreement should be used
for the calculation of the net asset value of the sub-fund.
At any time the sub-fund may recall any securities subject to the repurchase agreement or terminate the
repurchase agreement into which it has entered.
Fixed-term repurchase and reverse repurchase agreements that do not exceed seven days should be
considered as arrangements on terms that allow the assets to be recalled at any time by the sub-fund.
For the sub-fund BNP Paribas InstiCash EUR, the account Income on investments and assets includes an amount
of EUR 1 491 452 relating to interest collected on reverse repurchase transactions.
For the sub-fund BNP Paribas InstiCash GBP, the account Income on investments and assets includes an amount
of GBP 601 288 relating to interest collected on reverse repurchase transactions.
For the sub-fund BNP Paribas Insticash Money 3M EUR, there is no interest collected on reverse repurchase
transactions.
For the sub-fund BNP Paribas InstiCash USD, the account Income on investments and assets includes an amount
of USD 42 873 relating to interest collected on reverse repurchase transactions.
As at May 31, 2014, the Company was engaged in securities reverse repurchase transactions for which the
following securities were purchased/sold through the sub-fund BNP Paribas InstiCash EUR:
Page 33
Description
Maturity
Purchase price and

interest receivable
at the closing date in
EUR
Currency
Nominal
EUR
54 503 027
BELGIUM 2.6%
02/06/2014
58 508 999
EUR
96 004 000
BTAN 1%
30/05/2014
99 000 488
EUR
97 943 000
BTAN 1%
30/05/2014
101 000 008
EUR
32 000 000
EUR FIN S 1,875%23
30/06/2014
32 704 439
EUR
57 100 000
KRED WIEDERAUFBAU 1.375%
30/06/2014
59 099 227
EUR
37 000 000
KRED WIEDERAUFBAU 2.625%
05/06/2014
41 024 382
EUR
50 000 000
KREDITANSTALT TV15
30/06/2014
50 135 617
EUR
70 000 000
KREDITANSTALT TV15
30/06/2014
70 189 864
EUR
119 600 000
KREDITANSTALT TV15
16/06/2014
119 924 024
EUR
47 973 000
OAT 2.25%
30/05/2014
50 002 846
EUR
94 982 000
OAT 2.25%
30/05/2014
99 000 902
EUR
96 901 000
OAT 2.25%
30/05/2014
101 001 099
EUR
99 295 005
OAT 2.50%
30/05/2014
100 000 952
EUR
20 990 742
OLO 3%
02/06/2014
23 807 700
EUR
53 710 253
OLO 4%
02/06/2014
62 599 300
EUR
85 800 085
OLO 4%
02/06/2014
99 999 999
EUR
40 000 000
OLO 5%
02/06/2014
55 084 000
Total
1 223 083 846
Counterparties to Securities reverse repurchase/repurchase agreements:

SOCIETE GENERALE
CREDIT AGRICOLE INDOSUEZ
following securities were purchased/sold through the sub-fund BNP Paribas InstiCash GBP:
Currency
GBP
GBP
Nominal
Description
Maturity
Purchase price and

interest receivable
GBP
44 000 000
UNITED KINGDOM TV17
20/06/2014
50 445 912
67 500 000
UNITED KINGDOM 1.25%
16/06/2014
99 839 917
GBP
81 632 000
UNITED KINGDOM 4.25%
19/06/2014
100 010 953
GBP
36 212 531
UNITED KINGDOM TV0344
16/06/2014
40 007 013
GBP
32 921 810
UNITED KINGDOM TV0352
19/06/2014
Total
40 004 821
330 308 616
Page 34

BNP PARIBAS
SOCIETE GENERALE
following securities were purchased/sold through the sub-fund BNP Paribas InstiCash USD:
Currency
Nominal
USD
75 000 000
Description
Purchase price and

interest receivable
USD
Maturity
DEUTSCHE BANK A
30/05/2014
Total
75 000 250
75 000 250

THE BANK OF NEW YORK MELLON
Note 7 Exchange rates

The exchange rates used for consolidation and for share classes denominated in a currency other than the
reference currency of the relevant sub-fund as at May 31, 2014 were the following:
GBP 1 =
1.22926 EUR
USD 1 =
0.73284 EUR
Note 8 Interest-rate swap contracts

Rate payable
Nominal
Counterparty
Unrealised
gain/loss
EUR
Maturity
BARCLAYS BANK
P.L.C.
(2 099)
22/07/2014
BNP PARIBAS S.A.
(1 795)
23/07/2014
BARCLAYS BANK
P.L.C.
(645)
04/08/2014
BNP PARIBAS S.A.
225
28/07/2014
BARCLAYS BANK
P.L.C.
379
28/07/2014
BARCLAYS BANK
P.L.C.
379
28/07/2014
Total:
(3 556)
Currency
Rate receivable
60 000 000
EUR
120 000 000
EUR
55 000 000
EUR
70 000 000
EUR
60 000 000
EUR
60 000 000
EUR
0.177
EONIA
0.163
EONIA
0.15
EONIA
0.164
EONIA
0.162
EONIA
0.162
EONIA
There was no collateral as at May 31, 2014.
Page 35
Note 9 Transactions fees

Transaction fees incurred by the Company relating to purchase or sale of transferable securities, money market
instruments, derivatives or other eligible assets are mainly composed of standard fees, sundry fees on
transaction, stamp fees, brokerage fees, custody fees, VAT fees, stock exchange fees and RTO fees (Reception
and Transmission of Orders).
For the financial year from June 1, 2013 until May 31, 2014, these transactions fees as follow :
Sub-fund
Currency
Transaction fees
EUR
GBP
EUR
USD
1 000
Note 10 List of investment managers at May 31, 2014
BNP Paribas Asset Management S.A.S abbreviated to BNPP AM SAS

Fischer Francis Trees & Watts, Inc. abbreviated to FFTW INC
Sub-fund
Investment managers
BNPP AM SAS
FFTW Inc
Page 36
Unaudited appendix
Global Market Risk Exposure

The Management Company of the Fund, after a risk profile assessment, decided to adopt the commitment approach to
determine the global market risk exposure.
Page 37
www.bnpparibas-ip.com
A global presence
Europe
Austria
Belgium
France
Germany
Greece
Italy
Luxembourg
Portugal
Spain
Switzerland
The Netherlands
UK
North America
Canada
USA
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Uruguay
Asia Pacific
Australia
Brunei
China
Hong Kong
India
Indonesia
Japan
Malaysia
Singapore
South Korea
Taiwan
Office addresses can be found in the About Us section of www.bnpparibas-ip.com.
14, rue Bergre - 75009 Paris - France
December 2012 - Design:
EEMEA
Bahrain
Czech Republic
Kuwait
Morocco
Russia
Turkey
- P1211105_UK
Nordics
Denmark
Finland
Norway
Sweden

Informe Anual 2014

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BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

Financial statements at 31/05/2014

Key figures relating to the last 3 years

Securities Portfolio at 31/05/2014

BNP Paribas InstiCash GBP

BNP Paribas InstiCash Money 3M EUR

BNP Paribas InstiCash USD

Notes to the financial statements

BNP PARIBAS INSTICASH

Net Asset Value Calculation

Depositary, Paying Agent, Transfer and Registrar Agent

BNP PARIBAS INSTICASH

Information to the Shareholders

BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

BNP PARIBAS INSTICASH

The Board of Directors

Responsibility of the Rviseur dentreprises agr

PricewaterhouseCoopers, Societ coo*ative

Luxembourg, August 28. 2014

BNP PARIBAS INSTICASH

Financial statements at 31/05/2014

Statement of net assets

Net asset value

8 084 476 404

1 327 266 415

838 928 726

7 691 450 315

1 174 673 200

1 007 118 994

7 820 355 173

1 326 740 529

838 433 026

Statement of operations and changes in net

Net realised result

Change in net assets due to operations

The accompanying notes form an integral part of these financial statements.

BNP PARIBAS INSTICASH

Financial statements at 31/05/2014

643 931 538

11 026 859 433

667 074 904

10 587 423 685

643 569 060

The accompanying notes form an integral part of these financial statements.

BNP PARIBAS INSTICASH

Key figures relating to the last 3 years

10 694 809 787

7 691 450 315

7 820 355 173

Share "Classic T1-Capitalisation"

5 219 922 644.0144

2 010 721 186

1 174 673 200

1 326 740 529

Share "Classic T1-Capitalisation"

846 681 036.7339

Net asset value per share

BNP Paribas InstiCash GBP

Net asset value per share