Amundi Funds Emerging Internal Demand

Asset class /
Geographical area : Equities / Emerging Countries
Benchmark : 100% MSCI EM (EMERGING MARKETS)
Minimum recommend investment period : 5 years

Launch date10/16/2007

Data as of 08 September 2010

Reference Currency : USD

Other dealing currency : EUR

Net assets (in M) : 193.01

NAV acc. share : 88.01

NAV distr. share : 127.11

Country of registration : Austria, Belgium, Chile, Denmark, Finland, France, Germany, Greece, Hong Kong, Italy, Luxembourg, Macao, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 16 October 2007 to 08 September 2010 ( USD )

Amundi Funds Emerging Internal Demand - C ( -11.99% over the period)

100% MSCI EM (EMERGING MARKETS) ( -15.74% over the period)

Sliding performance as of 08 September 2010 ( USD )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	6.45%	1.46%	0.78%	23.26%	--	--
Benchmark	3.31%	1.56%	-0.89%	16.53%	--	--

Calendar performance ( USD )
	2008	2009
Fund	-54.85%	83.77%
Benchmark	-53.33%	78.51%

Risk indicators as of 08 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	22.41% (22.21%)	- (-)	- (-)
Tracking Error Ex Post	2.99%	-	-
Information Ratio	2.25	-	-
Sharpe ratio	1.03	-	-

* 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 USD as of 08/26/2010 to 09/08/2010
Dates	NAV Acc. share	NAV Distr. share	Net assets (in M)
09/08/2010	88.01	127.11	193.01
09/07/2010	87.89	126.93	192.74
09/06/2010	88.44	127.74	193.81
09/03/2010	87.83	126.85	193.28
09/02/2010	87.26	126.04	191.81
09/01/2010	86.74	125.28	189.49
08/31/2010	85.06	122.85	185.72
08/30/2010	84.93	122.66	183.93
08/27/2010	84.97	122.72	183.64
08/26/2010	84.48	122.01	182.62

Value as of 08 September 2010
	USD	EUR
Net assets (in M)	193.01	151.44
NAV acc. share	88.01	69.05
NAV distr. share	127.11	99.73

Management comment

The markets saw a sharp rebound in July, gaining nearly 9% in US dollars. The fund mildly underperformed its benchmark because the rebound in some sectors like health care, telecoms and utilities, was somewhat weaker. Further, Asia, which had performed especially well in May and June, gained only 5.7%. More than the highly controversial stress tests of European banks, what particularly calmed the markets was the easing of worries about sovereign debt in the Eurozone. With regard to economic activity, the data coming from the United States are not excellent, but the Chinese monetary tightening is likely over; in this context, we are rather optimistic about our investment universe. We should also note that equities in emerging countries offer solid yields of 2.8%, which is not too bad in view of the low interest rates in the developed countries. For some countries, inflation remains a problem; last month, we mentioned the case of India, and we are also being prudent with Indonesia, whose central bank seems to be late in raising its interest rate. Consequently, we have reduced exposure to this country, even though we are maintaining a strong overweight position. Finally, we sold consumer goods stocks in China, which are highly overvalued at this time, in our view.

SECTOR BREAKDOWN Data as of 31 July 2010

Top portfolio exposures as of 31 July 2010
CHINA MOBILE LTD	2.06%
PETROLEO BRASILEIRO SA	1.78%
VALE SA	1.76%
ITAU UNIBANCO HOLDING SA	1.53%
CHINA CONSTRUCTION BANK CORP	1.49%
GRUPO MEXICO SAB DE CV	1.28%
CLSA FINANCIAL PRODUCTS LTD	1.23%
OGX PETROLEO A GAS PARTICIP SA	1.23%
BANCO BRADESCO SA	1.23%
GENTING BHD	1.07%

Management guidance

To achieve long-term capital appreciation by investing in companies in Developing Countries. Investments are based on a stock picking process which selects companies taking benefit from emerging countries’ growing demand in terms of household consumption, domestic investments and infrastructure development.

General information
Launch Date	Distr. share : 16 October 2007
	Acc. share : 16 October 2007
Legal domicile	SICAV
Manager	TRICOT Mickaël
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
AMF Classification	International equities
Asset class	Equities
Country of registration :	Austria , Belgium , Switzerland , Chile , Germany , Spain , Finland , France , Greece , Hong Kong , Luxembourg , Netherlands , Norway , Singapore , Sweden , Denmark , United Kingdom , Macao

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Max. annual management fees (incl.taxes)	1.60 IAT
1st subscription minimum	1.0 in thousandths of a share(s)
Reference Currency	USD
Other currencies	EUR

List of codes
	Acc. share	Distr. share
ISIN	LU0319685854	LU0319686076
BLOOMBERG	CAEIDCC	CAEIDCD
REUTERS	LP65095853	LP68030519

Publications

Document	Date updated	Size
Prospectus	2010-06-28	119 KB
Monthly Factsheet	2010-08-23	88 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