Amundi Funds Dynarbitrage Forex

Asset class /
Geographical area : Absolute Return / World
Benchmark : 100 % EONIA COMPOUNDED
Minimum recommend investment period : 2 years

Launch date02/21/2006

Data as of 02 September 2010

Reference Currency : EUR

Net assets (in M) : 12.79

NAV acc. share : 109.84

NAV distr. share : 103.82

Country of registration : Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 14 May 2009 to 02 September 2010 ( EUR )

Amundi Funds Dynarbitrage Forex - C ( 3.45% over the period)

100 % EONIA COMPOUNDED ( 0.53% over the period)

Sliding performance as of 02 September 2010 ( EUR )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	2.91%	-0.09%	-0.18%	3.84%	--	--
Benchmark	0.25%	0.01%	0.04%	0.37%	--	--

Risk indicators as of 02 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	3.05% (0.01%)	- (-)	- (-)
Tracking Error Ex Post	3.05%	-	-
Information Ratio	1.14	-	-
Sharpe ratio	1.14	-	-

* 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 08/23/2010 to 09/02/2010
Dates	NAV Distr. share	NAV Acc. share	Net assets (in M)
09/02/2010	103.82	109.84	12.79
09/01/2010	103.78	109.79	12.94
08/31/2010	103.62	109.62	13.39
08/30/2010	103.85	109.87	13.42
08/27/2010	103.93	109.96	13.39
08/26/2010	103.91	109.93	13.35
08/25/2010	103.84	109.86	13.34
08/24/2010	103.88	109.90	13.24
08/23/2010	104.13	110.18	13.24

Value as of 02 September 2010
	EUR	USD
Net assets (in M)	12.79	16.40
NAV acc. share	109.84	140.90
NAV distr. share	103.82	133.18

Management comment

Our long US dollar exposure proved strongly negative over the month. After seven months of consecutive uninterrupted gains against the Euro, the USD retreated significantly in July (-6.7%). This can be partially attributed to a generalized short (EUR) covering on the back of disappointing US macro data flow & a dovish Fed which was starkly contrasted by the relative strength of the Euro-zone. Commodity block currencies strengthened against the green back (CAD/USD +3%) as the Canadian Central Bank increased overnight interest rates by 25bp`s to 0.75% on the 20th July. The Yen continued to progress against the USD (+2.8%) to a 14 year high of ¥85. Our inter-bloc strategies posted gains as the EUR gained ground against the CAD (+3.25%) and the Yen (+3.95%). Our intra-bloc arbitrages outperformed this month : Euro block (all currencies versus EUR): positive contribution, the gains made on the long Scandinavian currencies (SEK +1.2% & NOK +0.4%) outweighed the losses incurred by our long GBP position (-1.6%). Our short CHF/EUR proved very beneficial this month as the Franc gave back (-2.8%) gains posted in the month of June. The varied emerging debt currency bets provided a negative contribution over the month.

Management guidance

The investment objective is to generate an absolute return (Eonia + 2% p.a.) over two years through the dynamic allocation of the ex-ante VaR (max. 6% p.a.) on a “pure” OECD and non-OECD currency universe. The investment team diversifies this allocation among Top-down strategic positions (both directional and relative value), Bottom-up tactical bets, and volatility trading.

General information
Launch Date	Distr. share : 21 February 2006
	Acc. share : 03 October 2005
Legal domicile	SICAV
Manager	STYLES Merrick
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
AMF Classification	Diversified
Asset class	Absolute Return
Country of registration :	Austria , Belgium , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Singapore , Sweden , Ireland , Denmark , United Kingdom

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

List of codes
	Acc. share	Distr. share
ISIN	LU0228158738	LU0228158811
BLOOMBERG	CADYFCC	CADYFCD
REUTERS	LP65010252	LP68011919

Publications

Document	Date updated	Size
Prospectus	2010-08-27	111 KB
Monthly Factsheet	2010-08-24	108 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