Amundi Funds Euro Bond

Asset class /
Geographical area : Fixed Income / Euro
Benchmark : 100% BARCLAYS EURO- AGGREGATE (E)
Minimum recommend investment period : 4 years

Launch date01/02/1991

Data as of 07 September 2010

Reference Currency : EUR

Other dealing currency : USD

Net assets (in M) : 313.48

NAV acc. share : 14.96

NAV distr. share : 11.45

Country of registration : Austria, Belgium, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Luxembourg, Macao, Netherlands, Norway, Peru, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 12 September 2005 to 06 September 2010 ( EUR )

Amundi Funds Euro Bond - C ( 14.50% over the period)

100% BARCLAYS EURO- AGGREGATE (E) ( 20.42% over the period)

Sliding performance as of 06 September 2010 ( EUR )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	2.61%	-0.87%	0.62%	3.60%	17.52%	14.61%
Benchmark	5.36%	-0.50%	0.78%	6.67%	20.46%	20.44%

Calendar performance ( EUR )
	2006	2007	2008	2009
Fund	-0.86%	0.19%	3.23%	10.84%
Benchmark	0.12%	1.45%	6.22%	6.95%

Risk indicators as of 06 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	4.50% (2.81%)	4.82% (3.81%)	4.06% (3.37%)
Tracking Error Ex Post	2.39%	1.95%	1.55%
Information Ratio	-1.28	-0.45	-0.66
Sharpe ratio	0.72	0.71	0.06

* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since incentive of the fund.

All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.

Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.

The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).

The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.


Start Date	End Date
or time period	Frequency	Currency

NAV in EUR as of 08/25/2010 to 09/07/2010
Dates	NAV Distr. share	NAV Acc. share	Net assets (in M)
09/07/2010	11.45	14.96	313.48
09/06/2010	11.41	14.92	312.03
09/03/2010	11.41	14.91	311.89
09/02/2010	11.44	14.96	312.94
09/01/2010	11.47	14.99	314.94
08/31/2010	11.51	15.05	312.06
08/30/2010	11.51	15.05	311.97
08/27/2010	11.49	15.02	310.52
08/26/2010	11.51	15.05	311.14
08/25/2010	11.52	15.05	311.06

Value as of 07 September 2010
	EUR	USD
Net assets (in M)	313.48	398.95
NAV acc. share	14.96	19.04
NAV distr. share	11.45	14.57
Last coupon paid on 10/01/2004	0.33	4.09

Management comment

This macroeconomic situation has led to a reduction in risk aversion and narrowing rate spreads in peripheral countries compared to German rates. Spain was the main beneficiary of this trend, which also helped, although to a lesser extent, Portugal, Ireland and Italy. Germany lost a bit of its status as safe haven and rates rose from 0.58 to 0.82% at 2 years and from 2.58 to 2.68% at 10 years, which led to a flattening of the curve in the 2-10 year segment, which slid from 200 bp to 186 bp. The credit market performed quite well in July owing to the disappearance of fears related to sovereign debt, providing returns of nearly 1%. All sectors benefited from this shift, but the best performances were posted by financials, especially Tier 1, which is due mainly to the looser Basel III rules, and to the results of the bank stress tests. The primary sector gained momentum after its reopening in June, with financial companies that are finally returning to the market and made issues for 17.3 billion Euros, compared to non-financial, which issued just for 5 billion Euros. We are maintaining an underweight position in duration at the short end of the curve, with the consequent increase in the position favorable to flattening; moreover, this position was reinforced by 25 bp in sensitivity through the sale of German 2-year futures and the purchase of 10-year ones. Portfolio sensitivity is similar to its benchmark, 5.25%. In credit, we increased exposure to senior financial by participating in the latest primary issues, which offered an interesting premium compared to the secondary market. The fund continues to have a globally neutral position in non-financial companies. The portfolio is overweight in credit risk, with 192 bp.

Top portfolio exposures as of 31 July 2010
FRANCE OAT 3.75% 25Apr17	3.98%
ITALIAN REPUB BTPS 5% 01Sep40	3.64%
ITALIAN REPUB BTPS 5% 01Mar25	2.86%
BELGIUM OLO 3.75% 28Sep20	2.62%
GERMANY BRD 3% 04Jul20	2.40%
FRANCE OAT 5.75% 25Oct32	2.27%
BNP PARIBAS 2.25% Oct12	2.19%
ITALIAN REPUB BTPS 3.5% 01Jun14	1.90%
AUSTRIA 3.9% 15Jul20	1.77%
FRANCE OAT 3.25% 25Apr16	1.76%

Management guidance

The investment objective is to outperform the euro Investment Grade bond market. The team taps all the sources of performance, fixed income and credit, in its universe: allocation of modified duration, allocation of sensitivity to the rate curve, global credit allocation, sector allocation, issuer and stock selection, etc.

General information
Launch Date	Distr. share : 02 January 1991
	Acc. share : 02 January 1991
Legal domicile	SICAV
Manager	GIQUEL Thomas
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
Asset class	Fixed Income
Country of registration :	Austria , Belgium , Switzerland , Germany , Spain , Finland , France , Greece , Hong Kong , Luxembourg , Netherlands , Norway , Sweden , Peru , Ireland , United Kingdom , Macao

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Max. annual management fees (incl.taxes)	0.80 IAT
1st subscription minimum	1.0 in thousandths of a share(s)
Reference Currency	EUR
Other currencies	USD

List of codes
	Acc. share	Distr. share
ISIN	LU0119099066	LU0119099140
BLOOMBERG	CAEUBAC LX	CAEUBDC LX
REUTERS	LP60002598	LP60024077

Publications

Document	Date updated	Size
Prospectus	2010-06-28	105 KB
Monthly Factsheet	2010-08-23	87 KB
Semi-Annual report	2009-02-26	1673 KB
Annual Report	2009-11-02	2906 KB

Disclaimers

Prices expressed in a currency other than the base currency of the portfolio are available for information purposes only.
Nothing contained in this site constitutes a solicitation or offer by any member of the Amundi to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". Amundi does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.

Institutional Sub-Class (Sub-Class I): Shares of this sub-class are only available to institutionals subscribing for their own account or within the framework of a collective savings or any comparable scheme, as well as UCITS. As such this Sub-Class benefits from the reduced "taxe d abonnement" of 0,01%. The minimum investment in this Sub-Class is USD 500,000.
Classic Sub-Class (Sub-Class C): Share of this sub-class are available to all investors. There is no minimum investment requirement in this sub-class.
Source : Amundi