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Amundi Founds

This document provides a summary of a prospectus for Amundi Funds, a Luxembourg UCITS (Undertaking for Collective Investment in Transferable Securities). The prospectus outlines the various equity, bond, absolute return, protected, and cash sub-funds available through the UCITS. It provides details on the investment objectives, strategies, and risks for each sub-fund. The prospectus is intended to provide potential investors with the key information needed to determine if the sub-funds align with their financial goals, risk tolerance, and local regulatory environment.

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0% found this document useful (0 votes)

75 views223 pages

Amundi Founds

Uploaded by

Radu Ciurariu

We take content rights seriously. If you suspect this is your content, claim it here.

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Download as PDF, TXT or read online on Scribd

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VISA 2020/161502-150-0-PC

L'apposition du visa ne peut en aucun cas servir

d'argument de publicité
Luxembourg, le 2020-12-08
Commission de Surveillance du Secteur Financier

PROSPECTUS
December 2020

Amundi Funds
A Luxembourg UCITS
CONTENTS
Euroland Equity Dynamic Multi Factors 67 Pioneer US Short Term Bond 126
EQUITY SUB-FUNDS Euroland Equity Risk Parity 69 Emerging Markets Blended Bond 127
Global / Regional / Country European Equity Conservative 70 Emerging Markets Bond 129
Euroland Equity 5 European Equity Dynamic Multi Factors 72 Emerging Markets Corporate Bond 131
European Equity ESG Improvers 6 European Equity Risk Parity 73 Emerging Markets Green Bond 133
Euroland Equity Small Cap 8 Global Equity Conservative 74 Emerging Markets Corporate High Yield
European Equity Green Impact 10 Global Equity Dynamic Multi Factors 76 Bond 135
European Equity Value 12 Emerging Markets Hard Currency Bond 137
BOND SUB-FUNDS Emerging Markets Local Currency Bonds 139
European Equity Sustainable Income 14
European Equity Small Cap 16 Convertible Bonds Emerging Markets Short Term Bond 141
Equity Japan Target 18 European Convertible Bond 77 Euro Multi-Asset Target Income 142
Global Ecology ESG 19 Global Convertible Bond 79 Global Multi-Asset 143
Global Equity Sustainable Income 21 Global Multi-Asset Conservative 145
Euro Bonds Global Multi-Asset Target Income 146
Japan Equity Engagement 23 Euro Aggregate Bond 81
Japan Equity Value 24 Global Perspectives 147
Euro Corporate Bond 83 Multi-Asset Real Return 149
Pioneer Global Equity 25 Euro Corporate Short Term Bond 85
Pioneer US Equity Dividend Growth 26 Multi-Asset Sustainable Future 151
Euro Government Bond 86 Pioneer Flexible Opportunities 153
Pioneer US Equity ESG Improvers 28 Euro Inflation Bond 88
Pioneer US Equity Fundamental Growth 30 Pioneer Income Opportunities 155
Strategic Bond 90 Real Assets Target Income 157
Pioneer US Equity Mid Cap Value 31
Pioneer US Equity Research 33 Subordinated / High Yield Bonds Target Coupon 159
Pioneer US Equity Research Value 35 Euro High Yield Bond 92
ABSOLUTE RETURN SUB-FUNDS
Polen Capital Global Growth 36 Euro High Yield Short Term Bond 94
Top European Players 38 Global Subordinated Bond 96 Absolute Return Credit 161
US Pioneer Fund 40 Pioneer Global High Yield Bond 98 Absolute Return European Equity 163
Wells Fargo US Equity Mid Cap 42 Pioneer US High Yield Bond 100 Absolute Return Multi-Strategy 164
Total Hybrid Bond 102 Euro Alpha Bond 166
Asia / Emerging Markets Global Macro Bonds & Currencies 168
Asia Equity Concentrated 44 Global Bonds
Global Macro Bonds & Currencies Low Vol 170
China Equity 46 Global Aggregate Bond 104
Absolute Return Forex 171
Emerging Europe and Mediterranean Equity 48 Global Bond 106
Multi-Strategy Growth 173
Emerging Markets Equity Focus 50 Global Corporate Bond 108
Volatility Euro 175
Emerging World Equity 52 Global High Yield Bond 110
Volatility World 177
Equity ASEAN 54 Global Inflation Bond 112
Latin America Equity 56 Global Total Return Bond 114 PROTECTED SUB-FUNDS
Equity MENA 58 Optimal Yield 116
Optimal Yield Short Term 118 Protect 90 179
New Silk Road 60
Russian Equity 62 Pioneer Strategic Income 120 CASH SUB-FUNDS
SBI FM India Equity 64 U.S. Bonds Cash EUR 181
Smart Beta Pioneer US Bond 122 Cash USD 183
Equity Emerging Conservative 66 Pioneer US Corporate Bond 124
A WORD TO POTENTIAL INVESTORS
All Investments Involve Risk Who Can Invest in These Sub-funds
With these sub-funds, as with most investments, future performance Distributing this prospectus, offering these shares for sale, or investing in
may differ from past performance. There is no guarantee that any sub- these shares is legal only where the shares are registered for public sale
fund will meet its objectives or achieve any particular level of or where sale is not prohibited by local law or regulation. This prospectus
performance. is not an offer or solicitation in any jurisdiction, or to any investor, where
Sub-fund investments are not bank deposits. The value of your such a solicitation is not legally permitted.
investment can go up and down, and you could lose money. No sub- These shares are not registered with the US Securities and Exchange
fund in this prospectus is intended as a complete investment plan, nor Commission or any other US entity, federal or otherwise. Therefore,
are all sub-funds appropriate for all investors. unless the SICAV is satisfied that it would not constitute a violation of US
Before investing in any sub-fund, you should understand the risks, costs, securities laws, these shares are not available to, or for the benefit of, US
and terms of investment of that sub-fund. You should also understand persons.
how well these characteristics align with your own financial For more information on restrictions on share ownership, or to request
circumstances and tolerance for investment risk. board approval to invest in a restricted class, contact us (see page 216).
As a potential investor, it is your responsibility to know and follow the laws Which Information to Rely On
and regulations that apply to you and to be aware of the potential tax
consequences of your investment. We recommend that every investor In deciding whether or not to invest in a sub-fund, you should look at this
consult an investment adviser, legal adviser and tax adviser before prospectus, the relevant Key Investor Information Document (KIID), the
investing. application form, and the sub-fund’s most recent annual report. These
documents must all be distributed together (along with any more recent
Note that any differences among portfolio securities currencies, share semi-annual report, if published), and this prospectus is not valid without
class currencies, and your home currency will expose you to currency the other documents. By buying shares in any of these sub-funds, you
risk. In addition, if your home currency is different from the currency in are considered to have accepted the terms described in these
which the share class you own reports its performance, the performance documents.
you experience as an investor could be substantially different from the
published performance of the share class. Together, all these documents contain the only approved information
about the sub-funds and the SICAV. The board is not liable for any
statements or information about the sub-funds or the SICAV that is not
contained in these documents. In case of any inconsistency in
translations of this prospectus, the English version will prevail.

Definitions of certain terms used in this prospectus appear on page 223

3 Amundi Funds SICAV

SUB-FUND DESCRIPTIONS
Introduction to the Sub-Funds
All of the sub-funds described here are part of Amundi Funds, a SICAV that functions as an umbrella structure. The SICAV exists to offer investors a range
of sub-funds with different objectives and strategies, and to manage the assets of these sub-funds for the benefit of investors.

For each sub-fund, the specific investment objectives and the main securities it may invest in, along with other key characteristics, are described in this
section. In addition, all sub-funds are subject to the general investment policies and restrictions that begin on page 191.

The board of the SICAV has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all
of the sub-funds. The board has delegated the day-to-day management of the sub-funds to the Management Company, which in turn has delegated some
of its responsibilities to a number of investment managers and other service providers.

The board retains supervisory approval and control over the Management Company. More information about the SICAV, the board, the Management
Company and the service providers begins on page 216.

For information on fees and expenses you may have to pay in connection with your investment, consult the following:

• Maximum fees for purchase, switching and redeeming shares: this section (main classes) and “Investing in the Sub-funds” section (all families of classes).

• Maximum annual fees deducted from your investment: this section (main classes).

• Recent actual expenses: the applicable KIID or the SICAV’s most recent shareholder report.

• Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent (page 222) or other service providers,
as applicable.

4 Amundi Funds SICAV

Euroland Equity
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of overall market data and
Seeks to increase the value of your investment over the recommended fundamental analysis of individual issuers to identify equities with
holding period. superior long-term prospects

Investments Investment Manager Amundi Ireland Limited

The Sub-Fund invests at least 75% of its assets in equities of companies Techniques and instruments
that are based in, or do most of their business in EU member states that Please refer to the section More about Derivatives and Techniques for
use the euro as their national currency. information regarding the maximum and expected proportions of the
The Sub-Fund may invest up to 10% of its assets in other UCIs and Sub-Fund’s assets that may be subject to securities financing
UCITS. transactions and total return swaps.

Benchmark
Main Risks
The Sub-Fund is actively managed by reference to and seeks to
outperform (after applicable fees) the MSCI EMU Index (the See “Risk Descriptions” for more information.
“Benchmark”) over the recommended holding period. The Sub-Fund is • Concentration • Hedging
mainly exposed to the issuers of the Benchmark, however, the • Counterparty • Investment fund
management of the Sub-Fund is discretionary, and will invest in issuers • Currency • Liquidity
not included in the Benchmark. The Sub-Fund monitors risk exposure in
• Default • Management
relation to the Benchmark however the extent of deviation from the
Benchmark is expected to be material. Further and as from 1 January • Derivatives • Market
2021, the Sub-Fund seeks to achieve an ESG score of its portfolio • Equity • Operational
greater than that of the Benchmark. • ESG Investment Risk
Derivatives Risk management method Commitment.
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on equities and and foreign exchange).
Base currency EUR.
Planning Your Investment
See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for
• Who understand the risk of losing some or all of the capital invested. that Valuation Day (D). Settlement occurs not later than D+3
• Seeking to increase the value of their investment over the Switching in/out Permitted (Group A)
recommended holding period.
• Compliant with the French Plan d’Epargne en Actions (PEA).
• Qualifies as an equity Sub-Fund for German tax purposes.

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.50% None 20.00% 0.20% A2 1.65%
B None 4.00% None 1.50% 1.00% None 0.20%
C None 1.00% None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 2.15% None 20.00% 0.20% F2 2.40%
G 3.00% None None 1.35% 0.40% 20.00% 0.20% G2 1.60%
I None None None 0.50% None 20.00% 0.10% I2 0.60%
J None None None 0.50% None 20.00% 0.06% J2 0.60%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.80% None 20.00% 0.20% P2 0.95%
R None None None 0.70% None 20.00% 0.20% R2 0.90%
T None 2.00% None 1.50% 1.00% None 0.20%
U None 3.00% None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI EMU Index. Performance fee measurement period: 1
year period from 1 Feb - 31 Jan. For a complete list of share classes available, go to www.amundi.lu/amundi-funds

5 Amundi Funds SICAV

European Equity ESG Improvers
Objective and Investment Policy Management Process
Objective The investment manager aims to deliver alpha by investing in
Seeks to increase the value of your investment over the recommended companies that have embraced, or will embrace, a positive ESG
holding period. trajectory within their business. The investment manager
identifies investment opportunities that are aligned with the aim
Investments of generating alpha by focusing on inclusion of companies that
The Sub-Fund invests mainly in a broad range of equities of companies will be strong ESG improvers in the future, while also investing
that are headquartered in, or do most of their business in Europe. in companies that are currently ESG winners in their sectors.
The sub-fund will limit investment in non-ESG rated securities to a When analysing ESG score against the Benchmark, the Sub-
maximum of 10% of its assets1. There are no currency constraints on Fund is compared with the ESG score of its Benchmark after
these investments. 20% of the lowest ESG rated securities have been excluded
from the Benchmark.
While complying with the above policies, the Sub-Fund may also invest
in other equities, money market instruments, deposits and up to 10% of Investment Manager Amundi Ireland Limited.
its assets in other UCITS/UCIs.
Techniques and instruments Please refer to the section More
Benchmark about Derivatives and Techniques for information regarding the
The Sub-Fund is actively managed by reference to and seeks to maximum and expected proportions of the Sub-Fund’s assets
outperform (after applicable fees) the MSCI Europe Index (the that may be subject to securities financing transactions and total
“Benchmark”) over the recommended holding period. The Sub-fund is return swaps.
predominantly exposed to the issuers of the Benchmark, however, the
management of the Sub-Fund is discretionary, and will invest in issuers
not included in the Benchmark. The Sub-fund monitors risk exposure in Main Risks
relation to the Benchmark and the extent of deviation from the See “Risk Descriptions” for more information.
Benchmark is expected to be material. Further and as from 1 January Concentration Hedging
2021, the Sub-Fund seeks to achieve an ESG score of its portfolio
Counterparty Investment fund
greater than that of the Benchmark .
Currency Liquidity
Derivatives Default Management
The Sub-Fund makes use of derivatives to reduce various risks, for Derivatives Market
efficient portfolio management and as a way to gain exposure (long or
Equity Operational
short) to various assets, markets or other investment opportunities
(including derivatives which focus on equities). ESG Investment Risk

Base currency EUR.

Risk management method Commitment.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
Timing of transactions Requests received and accepted by
• With a basic knowledge of investing in funds and no or limited
14:00 CET on a Business Day will ordinarily be processed at
experience of investing in the Sub-Fund or similar funds.
the NAV for that Valuation Day (D). Settlement occurs not
• Who understand the risk of losing some or all of the capital
later than D+3
invested.
• Seeking to increase the value of their investment over the Switching in/out Permitted (Group A).
recommended holding period.

1
Limit effective as from 1 January 2021
6 Amundi Funds SICAV
Main Share Classes and Fees
Exit
Entry charge CDSC charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.35% None 20.00% 0.20% A2 1.55%
B None 4.00%1 None 1.35% 1.00% None 0.20%
C None 1.00%2 None 1.35% 1.00% None 0.20%
E 4.00% None None 1.15% None 20.00% 0.20% E2 1.35%
F None None None 2.15% None 20.00% 0.20% F2 2.35%
G 3.00% None None 1.15% 0.35% 20.00% 0.20% G2 1.35%
I None None None 0.60% None 20.00% 0.10% I2 0.70%
J None None None 0.60% None 20.00% 0.06% J2 0.70%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.80% None 20.00% 0.20% P2 0.95%
R None None None 0.70% None 20.00% 0.20% R2 0.90%
T None 2.00%3 None 1.35% 1.00% None 0.20%
U None 3.00%4 None 1.35% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI Europe Index. Performance fee measurement period: 1
year period from 1 February – 31 January. The first performance period will end on 31 Jan 2021. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds

7 Amundi Funds SICAV

Euroland Equity Small Cap
Objective and Investment Policy Management Process
Objective The investment team selects equities based on fundamental analysis
To achieve long-term capital growth. (bottom-up), constructing a concentrated portfolio that consists of those
securities about which the investment team has conviction.
Investments
Investment Manager Amundi Asset Management.
The Sub-Fund invests mainly in small capitalisation equities in the
Eurozone. Techniques and instruments
Specifically, the Sub-Fund invests at least 75% of net assets in equities Please refer to the section More about Derivatives and Techniques for
of companies that are headquartered and listed in the Eurozone, with a information regarding the maximum and expected proportions of the Sub-
minimum of 51% of net assets in equities which have a market Fund’s assets that may be subject to securities financing transactions and
capitalisation below the maximum market capitalication of the total return swaps.
benchmark. Investments may be extended to other European Union
member states, depending on the expectations regarding which
countries may subsequently become part of the Eurozone. Main Risks
While complying with the above policies, the Sub-Fund may also invest See “Risk Descriptions” for more information.
in other equities, equity-linked instruments, convertible bonds, bonds,
• Concentration • Investment fund
money market instruments and deposits, and may invest up to 10% of
net assets in UCITS/UCIs. • Counterparty • Liquidity
• Currency • Management
Benchmark
• Default • Market
The Sub-Fund is actively managed by reference to and seeks to
outperform (after applicable fees) the MSCI EMU Small Cap Index (the • Derivatives • Operational
“Benchmark”) over the recommended holding period. The Sub-Fund is • Equity • Small and mid-cap stock
mainly exposed to the issuers of the Benchmark, however, the • ESG Investment Risk
management of the Sub-Fund is discretionary, and will invest in issuers • Hedging
not included in the Benchmark. The Sub-Fund monitors risk exposure in
relation to the Benchmark however the extent of deviation from the Risk management method Commitment.
Benchmark is expected to be material. Further and as from 1 January
2021, the Sub-Fund seeks to achieve an ESG score of its portfolio
greater than that of the Benchmark.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks and for
efficient portfolio management.
Base currency EUR.
Planning Your Investment
See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited
CET on a Business Day will ordinarily be processed at the NAV for that
experience of investing in the Sub-Fund or similar funds.
Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment over the
recommended holding period.
• Compliant with the French Plan d’Epargne en Actions (PEA).

8 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.70% None 20.00% 0.20% A2 1.85%
B None 4.00%1 None 1.85% 1.00% None 0.20%
C None 1.00%2 None 1.85% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 2.35% None 20.00% 0.20% F2 2.60%
G 3.00% None None 1.50% 0.40% 20.00% 0.20% G2 1.75%
I None None None 0.70% None 20.00% 0.10% I2 0.80%
J None None None 0.70% None 20.00% 0.06% J2 0.80%
M None None None 0.70% None 20.00% 0.10% M2 0.75%
P None None None 0.90% None 20.00% 0.20% P2 1.10%
R None None None 0.80% None 20.00% 0.20% R2 1.00%
T None 2.00%3 None 1.85% 1.00% None 0.20%
U None 3.00%4 None 1.85% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI EMU Small Cap Index. Performance fee measurement
period: 1 year period from 1 Jul – 30 June. For a complete list of share classes available, go to www.amundi.lu/amundi-funds

9 Amundi Funds SICAV

European Equity Green Impact
Objective and Investment Policy The master fund makes extensive use of derivatives to reduce various
risks, for efficient portfolio management and as a way to gain exposure
As from the 22 January 2021: (long or short) to various assets, markets or other investment
opportunities (including derivatives which focus on credit and equities).
Objective
The master fund may enter into temporary acquisitions and sales of
To achieve capital growth over the recommended holding period.
securities (repurchase and reverse repurchase agreements).The
Investments master fund is not managed in consideration of any index though its
The Sub-Fund invests mainly in equities of companies that are performance is compared to the MSCI Europe index.
headquartered, or do substantial business, in Europe. The sub-fund will Base currency (master fund and feeder fund) EUR.
limit investment in non-ESG rated securities to a maximum of 10% of its
assets.
The Sub-Fund expects to have an equity exposure of between 75% and Management Process
120%. As from the 22 January 2021:
While complying with the above policies, the Sub-Fund may also invest The sub-fund's investment team selects European companies according
in money market instruments and deposits, and up to 10% of net assets to their sales exposure to environmental activities
in UCITS/UCIs. and which perform well based on ESG (environment, social and
Benchmark governance) criteria. It excludes companies which produce fossil
fuels or energy from fossil fuels or are involved in the production or sale of
The Sub-Fund is actively managed and seeks to outperform (after controversial weapons. The investment team
applicable fees) the MSCI Europe (dividends reinvested) Index (the uses an optimisation process to achieve the desired diversification,
“Benchmark”) over the recommended holding period. The Sub-Fund number of securities, risk profile and liquidity. The Sub-Fund’s investable
uses the Benchmark a posteriori as an indicator for assessing the Sub- universe (as represented by its Benchmark) is reduced by a minimum of
Fund's performance and, as regards the performance fee, as a 20% due to exclusion of securities with a lower ESG rating.
benchmark used by relevant share classes, for calculating the
performance fees. There are no constraints relative to any such
Benchmark restraining portfolio construction. Further and as from 22 Until the 21 January 2021 :
January 2021, the Sub-Fund seeks to achieve an ESG score of its The master fund's investment team analyses about 100 European equities
portfolio greater than that of the Benchmark. applying a SRI (socially responsible investment) filter, among which they
select companies that are active in environmental activities (energy
Derivatives
efficiency, renewable energies, water and waste management) well
The Sub-Fund makes use of derivatives to reduce various risks and for evaluated on extra-financial ESG criteria (environment, social and
efficient portfolio management.. governance) and exclude companies which produce energy from fossil
Base currency EUR. fuels or nuclear power or are involved in the production or sale of
controversial weapons. The investment team uses an optimisation
process to achieve the desired diversification, number of securities, risk
profile and liquidity.
Until the 21 January 2021 :
Objective
Investment Manager Amundi Asset Management.
To achieve capital growth the recommended holding period.
Specifically, the sub-fund invests as a feeder fund in Amundi Valeurs Techniques and instruments
Durables (master fund). Please refer to the section More about Derivatives and Techniques for
Investments information regarding the maximum and expected proportions of the Sub-
Fund’s assets that may be subject to securities financing transactions and
The master fund invests mainly in European equities. total return swaps.
Specifically, the sub-fund invests at least 85% of net assets in units of
the master fund (OR class). The sub-fund may invest up to 15% in Main Risks
deposits and derivatives that are used for hedging only.
See “Risk Descriptions” for more information.
The master fund • Concentration • Hedging
Amundi Valeurs Durables is an FCP that is constituted under French • Counterparty • Investment fund
law and qualifies as a master fund under Directive 2009/65/EC. • Currency • Liquidity
The master fund invests at least 75% of net assets in equities of • Default • Management
companies that are headquartered, or do substantial business, in • Derivatives • Market
Europe, that derive a large portion of revenue from environmental • Equity • Operational
activities, and that perform well on extra-financial ESG criteria • ESG Investment Risk*
(environment, social and governance).
* as from 22 January 2021
The master fund expects to have an equity exposure of between 75%
and 120%.There are no market capitalisation constraints for these Risk management method Commitment.
investments.
While complying with the above policies, the master fund may also
invest in investment-grade bonds and convertible bonds, money market
instruments and deposits, and up to 10% of net assets in UCITS/UCIs.

10 Amundi Funds SICAV

Planning Your Investment
See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited
CET on a Business Day will ordinarily be processed at the NAV for that
experience of investing in the Sub-Fund or similar funds.
Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group B).
• Seeking to increase the value of their investment over the
recommended holding period.
• Qualifies as an equity Sub-Fund for German tax purposes

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.50% None 20.00% 0.20%** A2 1.65%
B None 4.00%1 None 1.65% 1.00% None 0.20%**
C None 1.00%2 None 1.65% 1.00% None 0.20%**
E 4.00% None None 1.25% None 20.00% 0.20%** E2 1.50%
F None None None 2.45% None 20.00% 0.20%** F2 2.70%
G 3.00% None None 1.50% 0.50% 20.00% 0.20%** G2 1.75%
I None None None 0.60% None 20.00% 0.10%** I2 0.70%
J None None None 0.60% None 20.00% 0.06% J2 0.70%
M None None None 0.80% None 20.00% 0.10%** M2 0.85%
P None None None 0.95% None 20.00% 0.20%** P2 1.05%
R None None None 0.85% None 20.00% 0.20%** R2 0.95%
T None 2.00%3 None 1.65% 1.00% None 0.20%**
U None 3.00%4 None 1.65% 1.00% None 0.20%**
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
**
0,06% until 21 Jaunuary 2021.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI Europe (dividends reinvested) Index. Performance fee
measurement period: 1 year period from 1 May – 30 Apr. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

11 Amundi Funds SICAV

European Equity Value
Objective and Investment Policy Management Process
Objective The investment manager uses a “value” style of investing, looking for
companies whose stock prices are low relative to other measures of
Seeks to increase the value of your investment over the recommended value or business potential.
holding period.
Investment Manager Amundi Ireland Limited
Investments
Techniques and instruments
As from 1 January 2021
Please refer to the section More about Derivatives and Techniques for
The Sub-Fund invests mainly in a broad range of equities of companies information regarding the maximum and expected proportions of the
that are based in, or do most of their business in Europe. Sub-Fund’s assets that may be subject to securities financing
While complying with the above policies, the Sub-Fund may also transactions and total return swaps.
invest in other equities, money market instruments, deposits and up
to 10% of its assets in other UCITS/UCIs.
Main Risks
Until 31 December 2020
See “Risk Descriptions” for more information.
The Sub-Fund invests mainly in a broad range of equities of companies • Counterparty • Investment fund
that are based in, or do most of their business in Europe. The Sub-Fund
• Currency • Liquidity
invests at least 75% of its assets in equities issued by companies
headquartered in the EU. • Default • Management
• Derivatives • Market
The Sub-Fund may invest up to 10% of its assets in other UCIs and
• Equity • Operational
UCITS.
• ESG Investment Risk
Benchmark • Hedging
The Sub-Fund is actively managed by reference to and seeks to
Risk management method Commitment.
outperform (after applicable fees) the MSCI Europe Value Index (the
“Benchmark”) over the recommended holding period. The Sub-Fund is
mainly exposed to the issuers of the Benchmark, however, the
management of the Sub-Fund is discretionary, and will be exposed to
issuers not included in the Benchmark. The Sub-Fund monitors risk
exposure in relation to the Benchmark however the extent of deviation
from the Benchmark is expected to be significant. Further and as from 1
January 2021, the Sub-Fund seeks to achieve an ESG score of its
portfolio greater than that of the Benchmark.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on equities).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A)
• Seeking to increase the value of their investment over the
recommended holding period.
• Compliant with the French Plan d’Epargne en Actions (PEA) until
31 December 2020.
• Qualifies as an equity Sub-Fund for German tax purposes.

12 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.50% None 20.00% 0.20% A2 1.65%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 2.15% None 20.00% 0.20% F2 2.40%
G 3.00% None None 1.35% 0.40% 20.00% 0.20% G2 1.60%
I None None None 0.60% None 20.00% 0.10% I2 0.70%
J None None None 0.60% None 20.00% 0.06% J2 0.70%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.80% None 20.00% 0.20% P2 1.00%
R None None None 0.70% None 20.00% 0.20% R2 0.90%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI Europe Value Index. Performance fee measurement period: 1
year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds

13 Amundi Funds SICAV

European Equity Sustainable Income
Objective and Investment Policy Management Process
Objective The investment manager uses overall market data and fundamental
analysis of individual issuers to identify equities that offer above-average
Seeks to increase the value of your investment over the recommended dividend prospects as well as the potential to rise in value over time.. In
holding period. addition to the initial exclusion of names rated by Amundi’s ESG rating
methodology, the investment manager also places a strong emphasis
Investments on fundamental ESG analysis when conducting our bottom up research
The Sub-Fund invests mainly in a broad range of equities of companies on each potential investment case.
that are based in, or do most of their business in Europe and which offers
prospects of paying dividends. More specifically, the investment manager focuses on the material ESG
factors that may potentially have a financial impact on the business
The sub-fund will limit investment in non-ESG rated securities to a model and analyses the development of these factors. The outcome of
maximum of 10% of its assets2. There is no currency constraint on these such analysis may negatively impact the intrinsic value of an issuer’s
investments. business model and the investment case.
When analysing ESG score against the Benchmark, the Sub-Fund is
While complying with the above policies the Sub-Fund may also invest
compared with the ESG score of its Benchmark after 20% of the lowest
in other equities, equity-linked instruments, convertible bonds, bonds,
ESG rated securities have been excluded from the Benchmark.
money market instruments, deposits and up to 10% of its assets in other
UCITS/UCIs. Investment Manager Amundi Ireland Limited.
Benchmark Techniques and instruments
The Sub-Fund is actively managed by reference to and seeks to Please refer to the section More about Derivatives and Techniques for
outperform (after applicable fees) the MSCI Europe Index (the information regarding the maximum and expected proportions of the
“Benchmark”) over the recommended holding period. The Sub-Fund is Sub-Fund’s assets that may be subject to securities financing
mainly exposed to the issuers of the Benchmark, however, the transactions and total return swaps.
management of the Sub-Fund is discretionary, and will be exposed to
issuers not included in the Benchmark. The Sub-Fund monitors risk
exposure in relation to the Benchmark however the extent of deviation Main Risks
from the Benchmark is expected to be material. Further and as from 1 See “Risk Descriptions” for more information.
January 2021, the Sub-Fund seeks to achieve an ESG score of its
• Counterparty • Investment fund
portfolio greater than that of the Benchmark.
• Currency • Liquidity
Derivatives • Default • Management
The Sub-Fund makes use of derivatives to reduce various risks, for • Derivatives • Market
efficient portfolio management and as a way to gain exposure (long or • Equity • Operational
short) to various assets, markets or other investment opportunities • ESG Investment Risk
(including derivatives which focus on equities).
• Hedging
Base currency EUR
Risk management method Commitment.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for
• Who understand the risk of losing some or all of the capital that Valuation Day (D). Settlement occurs not later than D+3
invested. Switching in/out Permitted (Group A)
• Seeking to increase the value of their investment and provide
income over the recommended holding period.
• Compliant with the French Plan d’Epargne en Actions (PEA) until
31 December 2020.
• Qualifies as an equity Sub-Fund for German tax purposes.

2
Limit effective as from 1 January 2021
14 Amundi Funds SICAV
Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.30% None 20% 0.20% A2 1.50%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20% 0.20% E2 1.50%
F None None None 2.15% None 20% 0.20% F2 2.40%
G 3.00% None None 1.10% 0.40% 20% 0.20% G2 1.35%
I None None None 0.50% None 20% 0.10% I2 0.60%
J None None None 0.50% None 20% 0.06% J2 0.60%
M None None None 0.65% None 20% 0.10% M2 0.70%
P None None None 0.85% None 20% 0.20% P2 1.00%
R None None None 0.70% None 20% 0.20% R2 0.90%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund).
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI Europe Index. Performance fee measurement period: 1 year
period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2021. For a complete list of share classes available, go to www.amundi.lu/amundi-
funds

15 Amundi Funds SICAV

European Equity Small Cap
Objective and Investment Policy Management Process
Objective The investment manager uses fundamental analysis of individual
Seeks to increase the value of your investment over the recommended issuers to identify equities with superior long- term prospects.
holding period. Investment Manager Amundi SGR S.p.A.
Investments Techniques and instruments
The Sub-Fund invests mainly in a broad range of equities of small cap
companies that are based in, or do most of their business in Europe. Please refer to the section More about Derivatives and Techniques for
The Sub-Fund defines small cap companies as those that, at the time of information regarding the maximum and expected proportions of the
purchase, are within the market capitalization range of the MSCI Europe Sub-Fund’s assets that may be subject to securities financing
Small Cap Index.. transactions and total return swaps.

The Sub-Fund may invest up to 10% of its assets in other UCIs and Main Risks
UCITS.
See “Risk Descriptions” for more information.
The above policy applies as from 1 January 2021. Before this date, • Counterparty • Investment fund
the sub-fund invests at least 75% of net assets in equities of small cap • Currency • Liquidity
companies headquartered in the EU. • Default • Management
• Derivatives • Market
Benchmark • Equity • Operational
The Sub-Fund is actively managed by reference to and seeks to • ESG Investment Risk • Small & Mid Cap stock
outperform (after applicable fees) the MSCI Europe Small Cap Index • Hedging
(the “Benchmark”) over the recommended holding period. The Sub-
Fund is mainly exposed to the issuers of the Benchmark, however, the Risk management method Commitment.
management of the Sub-Fund is discretionary, and will be exposed to
issuers not included in the Benchmark. The Sub-Fund monitors risk
exposure in relation to the Benchmark however the extent of deviation
from the Benchmark is expected to be material. Further and as from 1
January 2021, the Sub-Fund seeks to achieve an ESG score of its
portfolio greater than that of the Benchmark.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on equities).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for that
• Who understand the risk of losing some or all of the capital Valuation Day (D). Settlement occurs not later than D+3
invested. Switching in/out Permitted (Group A)
• Seeking to increase the value of their investment over the
recommended holding period.
• Compliant with the French Plan d’Epargne en Actions (PEA) until
31 December 2020.
• Qualifies as an equity Sub-Fund for German tax purposes.

16 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.80% None 20.00% 0.20% A2 1.95%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 2.35% None 20.00% 0.20% F2 2.60%
G 3.00% None None 1.50% 0.40% 20.00% 0.20% G2 1.75%
I None None None 0.65% None 20.00% 0.10% I2 0.75%
J None None None 0.65% None 20.00% 0.06% J2 0.75%
M None None None 0.70% None 20.00% 0.10% M2 0.75%
P None None None 0.90% None 20.00% 0.20% P2 0.95%
R None None None 0.80% None 20.00% 0.20% R2 0.95%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI Europe Small Cap Index. Performance fee measurement
period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds.

17 Amundi Funds SICAV

Equity Japan Target
Objective and Investment Policy Management Process
Objective The investment team actively manages the Sub-Fund’s portfolio by
using a stock-picking model (bottom-up), which aims to select the most
To achieve long-term capital growth. attractive equities of cash-rich companies having undervalued assets or
Investments growth potential or being in a turnaround situation.
The Sub-Fund invests mainly in Japanese equities. Investment Manager Amundi Japan.
Specifically, the Sub-Fund invests at least 67% of assets in equities that
are listed on a regulated market in Japan and are issued by companies Techniques and instruments
that are headquartered, or do substantial business, in Japan. Please refer to the section More about Derivatives and Techniques for
While complying with the above policies, the Sub-Fund may also invest information regarding the maximum and expected proportions of the
in other equities, equity-linked instruments, convertible bonds, bonds, Sub-Fund’s assets that may be subject to securities financing
money market instruments and deposits, and may invest up to 10% of transactions and total return swaps.
net assets in UCITS/UCIs.
Benchmark Main Risks
The Sub-Fund is actively managed and seeks to outperform (after See “Risk Descriptions” for more information.
applicable fees) the Topix (RI) Index (the “Benchmark”) over the
• Concentration • Hedging
recommended holding period. The Sub-Fund uses the Benchmark a
posteriori as an indicator for assessing the Sub-Fund's performance and, • Counterparty • Investment fund
as regards the performance fee, as a benchmark used by relevant share • Currency • Liquidity
classes, for calculating the performance fees. There are no constraints • Default • Management
relative to any such Benchmark restraining portfolio construction. • Derivatives • Market
Derivatives • Equity • Operational
The Sub-Fund makes use of derivatives to reduce various risks and for Risk management method Commitment.
efficient portfolio management.
Base currency JPY.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. • Recommended holding period 5 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV of
experience of investing in the Sub-Fund or similar funds. the following Valuation Day (D+1). Settlement occurs not later than
• Who understand the risk of losing some or all of the capital D+4
invested.
• Seeking to increase the value of their investment over the Switching in/out Permitted (Group A).
recommended holding period.
• Qualifies as an equity Sub-Fund for German tax purposes.

Main Share Classes and Fees

Emerging Europe and Mediterranean Equity
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of overall market data and
Seeks to increase the value of your investment over the recommended fundamental analysis of individual issuers to identify equities with superior
holding period. long-term prospects.

Investments Investment Manager Amundi (UK) Limited.

The Sub-Fund invests mainly in a broad range of equities of companies Techniques and instruments
that are based in, or do most of their business in, developing European
countries, as well as countries in and around the Mediterranean basin, Please refer to the section More about Derivatives and Techniques for
some of which may be considered emerging markets. information regarding the maximum and expected proportions of the Sub-
The Sub-Fund may invest up to 10% of its assets in other UCIs and Fund’s assets that may be subject to securities financing transactions and
UCITS. total return swaps.

Benchmark
The Sub-Fund is actively managed by reference to and seeks to Main Risks
outperform (after applicable fees) the MSCI EM Europe & Middle East See “Risk Descriptions” for more information.
10/40 Index (the ”Benchmark”) over the recommended holding period. • Concentration • Equity
The Sub-Fund is mainly exposed to the issuers of the Benchmark,
however, the management of the Sub-Fund is discretionary, and will be • Country risk – MENA • Hedging
exposed to issuers not included in the Benchmark. The Sub-Fund • Country risk – Russia • Investment fund
monitors risk exposure in relation to the Benchmark however the extent • Counterparty • Liquidity
of deviation from the Benchmark is expected to be significant. • Currency • Management
Derivatives • Default • Market
• Derivatives • Operational
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or • Emerging Markets • Russia
short) to various assets, markets or other investment opportunities
Risk management method Commitment.
(including derivatives which focus on equities).
Base currency EUR
Planning Your Investment
See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for that
• Who understand the risk of losing some or all of the capital Valuation Day (D). Settlement occurs not later than D+3
invested. Switching in/out Permitted (Group A)
• Seeking to increase the value of their investment over the
recommended holding period.
• Qualifies as an equity Sub-Fund for German tax purposes.

48 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.80% None 20.00% 0.30% A2 1.95%
B None 4.00%1 None 1.50% 1.00% None 0.30%
C None 1.00%2 None 1.50% 1.00% None 0.30%
E 4.00% None None 1.25% None 20.00% 0.30% E2 1.50%
F None None None 2.45% None 20.00% 0.30% F2 2.70%
G 3.00% None None 1.50% 0.50% 20.00% 0.30% G2 1.75%
I None None None 0.70% None 20.00% 0.15% I2 0.80%
J None None None 0.70% None 20.00% 0.10% J2 0.80%
M None None None 0.80% None 20.00% 0.15% M2 0.85%
P None None None 0.85% None 20.00% 0.30% P2 1.05%
R None None None 0.75% None 20.00% 0.30% R2 0.95%
T None 2.00%3 None 1.50% 1.00% None 0.30%
U None 3.00%4 None 1.50% 1.00% None 0.30%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark MSCI EM Europe & Middle East 10/40 Index. Performance fee
measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes
available, go to www.amundi.lu/amundi-funds

49 Amundi Funds SICAV

Emerging Markets Equity Focus
Objective and Investment Policy Management Process
Objective The investment team manages the Sub-Fund’s portfolio by combining
top-down and bottom-up strategies: geographical allocation, sector
To achieve long-term capital growth.
allocation within each country and equity selection of companies directly
Investments exposed to emerging markets and economies.
The Sub-Fund invests mainly in emerging market equities. Investment Manager Amundi Asset Management.
Specifically, the Sub-Fund invests at least 67% of assets in equities and
equity-linked instruments issued by companies that are headquartered, Techniques and instruments
or do substantial business, in emerging countries. Investments in Please refer to the section More about Derivatives and Techniques for
Chinese equities can be made either through authorised markets in information regarding the maximum and expected proportions of the
Hong Kong or through the Stock Connect.). The Sub-Fund may also Sub-Fund’s assets that may be subject to securities financing
invest in P-Notes for the purpose of efficient portfolio management, The transactions and total return swaps.
Sub-Fund’s total investment exposure to China A shares and B Shares
(combined) will be less than 30% of net assets. There are no currency
constraints on these investments. Main Risks
While complying with the above policies, the Sub-Fund may also invest See “Risk Descriptions” for more information.
in other equities, equity-linked instruments, convertible bonds, bonds, • Concentration • Equity
money market instruments and deposits, and may invest up to 10% of
• Counterparty • Hedging
net assets in UCITS/UCIs.
• Country risk - China • Investment fund
Benchmark • Currency • Liquidity
The Sub-Fund is actively managed by reference to and seeks to • Default • Management
outperform (after applicable fees) the MSCI Emerging Markets Index
(the ”Benchmark”) over the recommended holding period. The Sub- • Derivatives • Market
Fund is mainly exposed to the issuers of the Benchmark, however, the • Emerging markets • Operational
management of the Sub-Fund is discretionary, and will be exposed to
Risk management method Commitment.
issuers not included in the Benchmark. The Sub-Fund monitors risk
exposure in relation to the Benchmark however the extent of deviation
from the Benchmark is expected to be material.
Derivatives
The Sub-Fund may use derivatives for hedging and efficient portfolio
management.

Equity MENA
Objective and Investment Policy Management Process
Objective The investment team actively manages the Sub-Fund’s portfolio by
combining top-down and bottom-up strategies: geographical allocation,
To achieve long-term capital growth. sector allocation within each country and equity selection based on
Investments growth potential and valuation.
The Sub-Fund invests mainly in equities of companies in the Middle East Investment Manager Amundi Asset Management.
and North Africa (MENA).
Specifically, the Sub-Fund invests at least 67% of assets in equities and Techniques and instruments
equity-linked instruments of companies that are headquartered, or do Please refer to the section More about Derivatives and Techniques for
substantial business, in MENA countries. The Sub-Fund may invest in information regarding the maximum and expected proportions of the
P-Notes for the purpose of efficient portfolio management. There are no Sub-Fund’s assets that may be subject to securities financing
currency constraints on these investments. transactions and total return swaps.
While complying with the above policies, the Sub-Fund may also invest
in other equities, equity-linked instruments, convertible bonds, bonds,
money market instruments and deposits, and may invest up to 10% of Main Risks
net assets in UCITS/UCIs. See “Risk Descriptions” for more information.
Benchmark • Counterparty • Equity
The Sub-Fund is actively managed by reference to and seeks to • Concentration • Hedging
outperform (after applicable fees) the S&P Pan Arab Large Mid Cap • Country risk - MENA • Interest rate
Index (the ”Benchmark”) over the recommended holding period. The • Credit • Investment fund
Sub-Fund is mainly exposed to the issuers of the Benchmark, however, • Currency • Liquidity
the management of the Sub-Fund is discretionary, and will be exposed
to issuers not included in the Benchmark. The Sub-Fund monitors risk • Default • Management
exposure in relation to the Benchmark however the extent of deviation • Derivatives • Market
from the Benchmark is expected to be material. • Emerging markets • Operational
Derivatives Risk management method Commitment.
The Sub-Fund may use derivatives for hedging and efficient portfolio
management.
Base currency USD.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV of
• Who understand the risk of losing some or all of the capital the following Valuation Day (D+1). Settlement occurs not later than
invested. D+3
• Seeking to increase the value of their investment over the Orders for Equity MENA are not accepted for processing on
recommended holding period. Thursdays.
• Qualifies as an equity Sub-Fund for German tax purposes.
Switching in/out permitted (Group A).

58 Amundi Funds SICAV

4Decreases yearly, reaching zero 3 years after investment.

Performance fee benchmark S&P Pan Arab Large Mid Cap Index. Performance fee measurement
period: 1 year period from 1 Jul – 30 June. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

59 Amundi Funds SICAV

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV of
• Who understand the risk of losing some or all of the capital the following Valuation Day (D+1). Settlement occurs not later than
invested. D+4
• Seeking to increase the value of their investment over the Switching in/out Permitted (Group B).
recommended holding period.
• Qualifies as an equity Sub-Fund for German tax purposes.

European Convertible Bond
Objective and Investment Policy Management Process
Objective The investment team chooses securities based on an intrinsic value
analysis (bottom-up), then monitors the sensitivity of the portfolio to
To achieve medium- to long-term capital growth. equity and credit markets according to their market expectations (top-
Investments down). The investment team actively manages market and risk
exposure with the goal of optimising the asymmetric risk/return profile of
The Sub-Fund invests mainly in convertible bonds issued by European
the fund.
companies. Investments may include mortgage-backed securities
(MBS) and asset-backed securities (ABS). Investment Manager Amundi Asset Management.
Specifically, the Sub-Fund invests at least 67% of assets in convertible
bonds that are either issued by Europe-based companies (those that are Techniques and instruments
headquartered or do substantial business in Europe), or are Please refer to the section More about Derivatives and Techniques for
exchangeable for equities of these companies. These investments may information regarding the maximum and expected proportions of the
include synthetic convertible bonds. The Sub-Fund may invest up to Sub-Fund’s assets that may be subject to securities financing
10% of assets in convertible bonds listed in non-OECD countries. There transactions and total return swaps.
are no rating constraints on these investments.
While complying with the above policies, the Sub-Fund may also invest
in other types of bonds, in equities, money market instruments and Main Risks
deposits, and may invest up to 20% of net assets in ABSs and MBSs. See “Risk Descriptions” for more information.
The Sub-Fund’s exposure to contingent convertible bonds is limited to • Counterparty • Interest rate
10% of net assets. • Credit • Investment fund
Benchmark • Currency • Liquidity
The Sub-Fund is actively managed by reference to and seeks to • Default • Management
outperform (after applicable fees) the Thomson Reuters Convertible • Derivatives • Market
Index - Europe Focus Hedged Index (EUR) Index (the “Benchmark”) • Equity • MBS/ABS
over the recommended holding period. The Sub-Fund is mainly
exposed to the issuers of the Benchmark, however, the management of • ESG Investment Risk • Operational
the Sub-Fund is discretionary, and will be exposed to issuers not • Hedging • Prepayment and extension
included in the Benchmark. The Sub-Fund monitors risk exposure in • High Yield
relation to the Benchmark however the extent of deviation from the
Benchmark is expected to be material. Further and as from 1 January Risk management method Commitment.
2021, the Sub-Fund seeks to achieve an ESG score of its portfolio
greater than that of the Benchmark.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks and for
efficient portfolio management.The Sub-Fund may use credit derivatives
(up to 40% of assets).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 4 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment over the
recommended holding period.

77 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.20% None 20.00% 0.20% A2 1.30%
B None 4.00%1 None 1.30% 1.00% None 0.20%
C None 1.00%2 None 1.30% 1.00% None 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.50% None 20.00% 0.10% I2 0.60%
J None None None 0.50% None 20.00% 0.06% J2 0.60%
M None None None 0.45% None 20.00% 0.10% M2 0.50%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.50% None 20.00% 0.20% R2 0.60%
T None 2.00%3 None 1.30% 1.00% None 0.20%
U None 3.00%4 None 1.30% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Thomson Reuters Convertible Index-Europe Focus Hedged (EUR)
Index. Performance fee measurement period: 1 year period from 1 Jul – 30 June. For a complete list of share classes available, go to www.amundi.lu/amundi-
funds.

78 Amundi Funds SICAV

Global Convertible Bond
Objective and Investment Policy Management Process
Objective The investment team chooses securities based on an intrinsic value
analysis (bottom-up), then monitors the sensitivity of the portfolio to
To achieve medium- to long-term capital growth. equity and credit markets according to their market expectations (top-
Investments down). The investment team actively manages market and risk
The Sub-Fund invests mainly in convertible bonds of companies around exposure with the goal of optimising the asymmetric risk/return profile of
the world. The Sub-Fund seeks to eliminate the effects of most currency the fund.
exchange differences for investments in non-euro denominated
Investment Manager Amundi Asset Management.
securities (currency hedging).
Specifically, the Sub-Fund invests at least 67% of assets in convertible Techniques and instruments
bonds. There are no rating constraints on these investments.
Please refer to the section More about Derivatives and Techniques for
While complying with the above policies, the Sub-Fund may also invest information regarding the maximum and expected proportions of the
in other types of bonds, in money market instruments, in deposits, and Sub-Fund’s assets that may be subject to securities financing
in the following up to these percentages of net assets: transactions and total return swaps.
- equities and equity-linked instruments: 10%
- UCITS/UCIs: 10%
Main Risks
The Sub-Fund’s exposure to contingent convertible bonds is limited to
10% of net assets. See “Risk Descriptions” for more information.
• Counterparty • Interest rate
Benchmark
• Credit • Investment fund
The Sub-Fund is actively managed by reference to and seeks to
outperform (after applicable fees) the Thomson Reuters Convertible • Currency • Liquidity
Index Global Focus Hedged (EUR) Index (the “Benchmark”) over the • Default • Management
recommended holding period. The Sub-Fund is mainly exposed to the • Derivatives • Market
issuers of the Benchmark, however, the management of the Sub-Fund • Equity • Operational
is discretionary, and will be exposed to issuers not included in the
Benchmark. The Sub-Fund monitors risk exposure in relation to the • ESG Investment Risk • Prepayment and extension
Benchmark however the extent of deviation from the Benchmark is • Hedging
expected to be material. Further and as from 1 January 2021, the Sub- • High Yield
Fund seeks to achieve an ESG score of its portfolio greater than that of
the Benchmark. Risk management method Commitment.

Derivatives
The Sub-Fund may use derivatives for hedging and efficient portfolio
management.
Base currency EUR.

Planning Your Investment

79 Amundi Funds SICAV

4Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Thomson Reuters Convertible Index-Global Focus Hedged (EUR) Index.

Performance fee measurement period: 1 year period from 1 Dec – 30 Nov. For a complete list of share classes available, go to www.amundi.lu/amundi-funds

80 Amundi Funds SICAV

Euro Aggregate Bond
Objective and Investment Policy Management Process
The investment team analyses interest rates and economic trends (top-
Objective down) to identify the bond market segment that appear likely to offer the
To achieve a combination of income and capital growth (total return). best risk-adjusted returns. The investment team then uses both technical
and fundamental analysis, including credit analysis, to select issuers and
securities (bottom-up) and to construct a diversified portfolio.
Investments
The Sub-Fund invests mainly in debt instruments (bonds and money Investment Manager Amundi Asset Management.
market instruments) that are denominated in euro. Investments may
Techniques and instruments
include mortgage-backed securities (MBS).
Specifically, the Sub-Fund invests at least 67% of assets in euro- Please refer to the section More about Derivatives and Techniques for
denominated instruments. These are: information regarding the maximum and expected proportions of the
- debt instruments issued by Eurozone governments or state agencies, Sub-Fund’s assets that may be subject to securities financing
or by supranational entites such as the World Bank transactions and total return swaps.
- investment-grade corporate debt instruments
- MBS (up to 20% of its net assets) Main Risks
The Sub-Fund invests at least 50% of net assets in bonds See “Risk Descriptions” for more information. The Sub-Fund may
denominated in euro involve above-average volatility and risk of loss.
While complying with the above policies, the Sub-Fund may also invest • Counterparty • Investment fund
in other types of debt instruments, in deposits, and in the following up to • Credit • Liquidity
these percentages of net assets:
• Currency • Management
- convertible bonds: 25%
• Default • Market
- equities and equity-linked instruments: 10%
• Derivatives • MBS/ABS
- UCITS/UCIs: 10%
• Hedging • Operational
The Sub-Fund’s exposure to contingent convertible bonds is limited to
10% of net assets. • High Yield • Prepayment and extension
• Interest rate
Benchmark
The Sub-Fund is actively managed by reference to and seeks to Risk management method Commitment.
outperform (after applicable fees) the Bloomberg Barclays Euro
Aggregate (E) Index (the “Benchmark”) over the recommended holding
period. The Sub-Fund is mainly exposed to the issuers of the
Benchmark, however, the management of the Sub-Fund is
discretionary, and will be exposed to issuers not included in the
Benchmark. The Sub-Fund monitors risk exposure in relation to the
Benchmark however the extent of deviation from the Benchmark is
expected to be significant..
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks and for
efficient portfolio management. The Sub-Fund may use credit
derivatives (up to 40% of net assets).
Base currency EUR

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 3 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment and provide
income over the recommended holding period.

81 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.80% None 20.00% 0.20% A2 0.90%
B None 4.00%1 None 0.90% 1.00% None 0.20%
C None 1.00%2 None 0.90% 1.00% None 0.20%
E 4.00% None None 0.55% None 20.00% 0.20% E2 0.70%
F None None None 1.20% None 20.00% 0.20% F2 1.35%
G 3.00% None None 0.70% 0.20% 20.00% 0.20% G2 0.85%
I None None None 0.35% None 20.00% 0.10% I2 0.40%**
J None None None 0.35% None 20.00% 0.06% J2 0.40%**
M None None None 0.40% None 20.00% 0.10% M2 0.45%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.35% None 20.00% 0.20% R2 0.45%
T None 2.00%3 None 0.90% 1.00% None 0.20%
U None 3.00%4 None 0.90% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
**
0,30% until 31 December 2020.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
34Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Bloomberg Barclays Euro Aggregate (E) Index. Performance fee
measurement period: 1 year period from 1 Jul – 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

82 Amundi Funds SICAV

Euro Corporate Bond
Objective and Investment Policy Management Process
The investment team analyses interest rate and economic trends (top-
Objective down) to identify geographic areas and sectors that appear likely to offer
To achieve a combination of income and capital growth (total return). the best risk-adjusted returns. The investment team then uses both
Investments technical and fundamental analysis, including credit analysis, to select
The Sub-Fund invests mainly in investment-grade corporate and sectors and securities (bottom-up) and to construct a highly diversified
government bonds that are denominated in euro. portfolio.
Specifically, the Sub-Fund invests at least 67% of assets in investment- Investment Manager Amundi Asset Management.
grade bonds that are denominated in euro and are issued or guaranteed
by governments in the Eurozone, or issued by companies around the Techniques and instruments
world and listed on a European market.
Please refer to the section More about Derivatives and Techniques for
While complying with the above policies, the Sub-Fund may also invest information regarding the maximum and expected proportions of the
in other types of bonds, in money market instruments, in deposits, and Sub-Fund’s assets that may be subject to securities financing
in the following up to these percentages of net assets: transactions and total return swaps.
- convertible bonds: 25%
- equities and equity-linked instruments: 10%
Main Risks
- UCITS/UCIs: 10%
See “Risk Descriptions” for more information. The Sub-Fund may
The Sub-Fund’s exposure to contingent convertible bonds is limited to
involve above-average volatility and risk of loss.
10% of net assets.
• Counterparty • Interest rate
Benchmark • Credit • Investment fund
The Sub-Fund is actively managed by reference to and seeks to
• Currency • Liquidity
outperform (after applicable fees) the Bloomberg Barclays Euro-Agg
Corporates (E) Index (the “Benchmark”) over the recommended holding • Default • Management
period. The Sub-Fund is mainly exposed to the issuers of the • Derivatives • Market
Benchmark, however, the management of the Sub-Fund is • ESG Investment Risk • Operational
discretionary, and will be exposed to issuers not included in the • Hedging • Prepayment and extension
Benchmark. The Sub-Fund monitors risk exposure in relation to the
• High Yield
Benchmark however the extent of deviation from the Benchmark is
expected to be significant. Further and as from 1 January 2021, the Sub- Risk management method Commitment.
Fund seeks to achieve an ESG score of its portfolio greater than that of
the Benchmark.
Derivatives
The Sub-Fund may use derivatives for hedging and efficient portfolio
management.
The Sub-Fund may use credit derivatives (up to 40% of net assets).
Base currency EUR.

88 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.75% None 20.00% 0.20% A2 0.85%
B None 4.00%1 None 0.85% 1.00% None 0.20%
C None 1.00%2 None 0.85% 1.00% None 0.20%
E 4.00% None None 0.45% None 20.00% 0.20% E2 0.60%
F None None None 1.10% None 20.00% 0.20% F2 1.25%
G 3.00% None None 0.60% 0.20% 20.00% 0.20% G2 0.75%
I None None None 0.35% None 20.00% 0.10% I2 0.40%
J None None None 0.35% None 20.00% 0.06% J2 0.40%
M None None None 0.35% None 20.00% 0.10% M2 0.40%
P None None None 0.40% None 20.00% 0.20% P2 0.50%
R None None None 0.35% None 20.00% 0.20% R2 0.40%
T None 2.00%3 None 0.85% 1.00% None 0.20%
U None 3.00%4 None 0.85% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Bloomberg Barclays EGILB All Markets Index. Performance fee
measurement period: 1 year period from 1 Dec – 30 Nov. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

89 Amundi Funds SICAV

Strategic Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of market analysis and
analysis of individual bond issuers to identify those bonds that appear
Seeks to increase the value of your investment and to provide income more creditworthy than their ratings indicate.
over the recommended holding period.
Investment Manager Amundi (UK) Limited.
Investments
Techniques and instruments
The Sub-Fund invests mainly in debt and debt related instruments, in
particular Euro denominated securities, as well as cash and money Please refer to the section More about Derivatives and Techniques for
market instruments. The Sub-Fund may invest up to 90% of its assets in information regarding the maximum and expected proportions of the
below-investment grade bonds and up to 20% in bonds rated below Sub-Fund’s assets that may be subject to securities financing
CCC by Standard & Poor’s or considered to be of comparable quality by transactions and total return swaps
the Management Company. The Sub-Fund may also invest in
convertible bonds, up to 10% of its assets in contingent convertible Main Risks
bonds and, on an ancillary basis, equities. See “Risk Descriptions” for more information.
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS. • Concentration • Interest rate
Benchmark • Counterparty • Investment fund
• Credit • Leverage
The Sub-Fund is actively managed and uses the EONIA Index (the
• Currency • Liquidity
”Benchmark”) a posteriori as an indicator for assessing the Sub-Fund's
performance and, as regards the performance fee, as a benchmark • Default • Management
used by relevant share classes, for calculating the performance fees. • Derivatives • Market
There are no constraints relative to any such Benchmark restraining • Emerging markets • MBS/ABS
portfolio construction. • Hedging • Operational
Derivatives • High yield • Prepayment and extension
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or Risk management method Absolute VaR.
short) to various assets, markets or other investment opportunities Expected gross leverage 290%.
(including derivatives which focus on credit, equities, interest rates and
For further information on leverage please see the section
foreign exchange). The Sub-Fund may use derivatives to gain exposure
Management And Monitoring Of Global Risk Exposure
to loans up to a maximum of 20% of its assets.
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 4 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for
• Who understand the risk of losing some or all of the capital that Valuation Day (D). Settlement occurs not later than D+3
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment and provide
income over the recommended holding period.

90 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.25% None 20.00% 0.20% A2 1.45%
B None 4.00%1 None 1.00% 1.00% None 0.20%
C None 1.00%2 None 1.00% 1.00% None 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.55% None 20.00% 0.10% I2 0.65%
J None None None 0.55% None 20.00% 0.06% J2 0.65%
M None None None 0.55% None 20.00% 0.10% M2 0.60%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.55% None 20.00% 0.20% R2 0.65%
T None 2.00%3 None 1.00% 1.00% None 0.20%
U None 3.00%4 None 1.00% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Euro Short Term Rate+ 2.50%. Performance fee measurement
period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds.

91 Amundi Funds SICAV

Euro High Yield Bond
Objective and Investment Policy Management Process
Objective The investment team analyses interest rate and economic trends (top-
down) to identify geographic areas and sectors that appear likely to offer
To achieve a combination of income and capital growth (total return). the best risk-adjusted returns. The investment team then uses both
Investments technical and fundamental analysis, including credit analysis, to select
The Sub-Fund invests mainly in below investment-grade bonds (high- sectors and securities (bottom-up) and to construct a highly diversified
yield bonds) that are denominated in euro. portfolio.
Specifically, the Sub-Fund invests at least 67% of assets in below-
Investment Manager Amundi Asset Management.
investment-grade bonds that are denominated in euro.
While complying with the above policies, the Sub-Fund may also invest Techniques and instruments
in other types of bonds, in money market instruments, in deposits, and
in the following up to these percentages of net assets: Please refer to the section More about Derivatives and Techniques for
information regarding the maximum and expected proportions of the
- convertible bonds: 25% Sub-Fund’s assets that may be subject to securities financing
- equities and equity-linked instruments: 10% transactions and total return swaps.
- UCITS/UCIs: 10%
The Sub-Fund’s exposure to contingent convertible bonds is limited to Main Risks
10% of net assets.
See “Risk Descriptions” for more information. The Sub-Fund may
Benchmark involve above-average volatility and risk of loss.
The Sub-Fund is actively managed by reference to and seeks to • Counterparty • Interest rate
outperform (after applicable fees) the ML European Curr H YLD BB-B
• Credit • Investment fund
Rated Constrained Hed Index (the “Benchmark”) over the
recommended holding period. The Sub-Fund is mainly exposed to the • Currency • Liquidity
issuers of the Benchmark, however, the management of the Sub-Fund • Default • Management
is discretionary, and will be exposed to issuers not included in the • Derivatives • Market
Benchmark. The Sub-Fund monitors risk exposure in relation to the • Hedging • Operational
Benchmark however the extent of deviation from the Benchmark is
expected to be material. • High Yield • Prepayment and extension

Derivatives Risk management method Commitment.

The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit and interest rates).The Sub-
Fund may use credit derivatives (up to 40% of net assets).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment and provide
income over the recommended holding period.

92 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.20% None 20.00% 0.20% A2 1.30%
B None 4.00%1 None 1.30% 1.00% None 0.20%
C None 1.00%2 None 1.30% 1.00% None 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.45% None 20.00% 0.10% I2 0.50%
J None None None 0.45% None 20.00% 0.06% J2 0.50%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.60% None 20.00% 0.20% P2 0.70%
R None None None 0.50% None 20.00% 0.20% R2 0.60%
T None 2.00%3 None 1.30% 1.00% None 0.20%
U None 3.00%4 None 1.30% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark ML European Curr H YLD BB-B Rated Constrained Hed Index.
Performance fee measurement period: 1 year period from 1 Dec – 30 Nov. For a complete list of share classes available, go to www.amundi.lu/amundi-funds

93 Amundi Funds SICAV

Euro High Yield Short Term Bond
Objective and Investment Policy Management Process
Objective The investment team analyses interest rate and economic trends (top-
down) to identify geographic areas and sectors that appear likely to offer
To achieve a combination of income and capital growth (total return). the best risk-adjusted returns. The investment team then uses both
Investments technical and fundamental analysis, including credit analysis, to select
sectors and securities (bottom-up) and to construct a highly diversified
The Sub-Fund invests mainly in below investment-grade bonds (high-
portfolio.
yield bonds) that are denominated in euro and are maturing within 4
years. Investment Manager Amundi Asset Management.
Specifically, the Sub-Fund invests at least 67% of net assets in below
investment-grade bonds that are denominated in euro and are maturing Techniques and instruments
within 4 years. Please refer to the section More about Derivatives and Techniques for
While complying with the above policies, the Sub-Fund may also invest information regarding the maximum and expected proportions of the
in other types of bonds, in money market instruments, in deposits, and Sub-Fund’s assets that may be subject to securities financing
in the following up to these percentages of net assets: transactions and total return swaps.
- convertible bonds: 25%
- equities and equity-linked instruments: 10% Main Risks
- UCITS/UCIs: 10% See “Risk Descriptions” for more information. The Sub-Fund may
The Sub-Fund’s exposure to contingent convertible bonds is limited to involve above-average volatility and risk of loss.
10% of net assets.
• Counterparty • Interest rate
Benchmark • Credit • Investment fund
The Sub-Fund is actively managed by reference to and seeks to • Currency • Liquidity
outperform (after applicable fees) the Merill Lynch Euro High Yield 1-3, • Default • Management
Non Fin, BB-B, Constrained Index (the “Benchmark”) over the
recommended holding period. The Sub-Fund is mainly exposed to the • Derivatives • Market
issuers of the Benchmark, however, the management of the Sub-Fund • Hedging • Operational
is discretionary, and will be exposed to issuers not included in the • High Yield • Prepayment and extension
Benchmark. The Sub-Fund monitors risk exposure in relation to the
Benchmark however the extent of deviation from the Benchmark is Risk management method Commitment.
expected to be material.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit and interest rates). The Sub-
Fund may use derivatives on foreign exchange for hedging only. )The
Sub-Fund may use credit derivatives (up to 40% of net assets).
Base currency EUR.

Planning Your Investment

94 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.10% None 20.00% 0.20% A2 1.20%
B None 4.00%1 None 1.40% 1.00% None 0.20%
C None 1.00%2 None 1.40% 1.00% None 0.20%
E 4.00% None None 0.95% None 20.00% 0.20% E2 1.10%
F None None None 1.60% None 20.00% 0.20% F2 1.75%
G 3.00% None None 1.10% 0.20% 20.00% 0.20% G2 1.25%
I None None None 0.40% None 20.00% 0.10% I2 0.45%
J None None None 0.40% None 20.00% 0.06% J2 0.45%
M None None None 0.45% None 20.00% 0.10% M2 0.50%
P None None None 0.40% None 20.00% 0.20% P2 0.50%
R None None None 0.40% None 20.00% 0.20% R2 0.45%
T None 2.00%3 None 1.40% 1.00% None 0.20%
U None 3.00%4 None 1.40% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark Merrill Lynch Euro High-Yield 1-3, Non Fin, BB-B, Constrained Index.
Performance fee measurement period: 1 year period from 1 Jul – 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

95 Amundi Funds SICAV

Global Subordinated Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a risk-managed approach to seeking
additional performance opportunities. The investment manager pursues
Seeks to provide income and secondarily, to increase the value of your a flexible asset allocation strategy.
investment over the recommended holding period.
Investment Manager Amundi (UK) Limited
Investments
Sub-Investment Manager Amundi Asset Management.
The Sub-Fund invests mainly in a broad range of subordinated securities
from corporate issuers anywhere in the world. The Sub-Fund’s Techniques and instruments
investments may include, but are not limited to, subordinated bonds,
senior bonds, preferred securities, convertible securities such as Please refer to the section More about Derivatives and Techniques for
corporate hybrid bonds and (up to 50% of its assets) contingent information regarding the maximum and expected proportions of the
convertible bonds. The Sub-Fund may invest up to 75% of its assets in Sub-Fund’s assets that may be subject to securities financing
securities issued by financial companies. The Sub-Fund may invest in transactions and total return swaps.
Investment or Sub-investment grade bonds.
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS. Main Risks
See “Risk Descriptions” for more information.
Benchmark
• Concentration • Hedging
The Sub-Fund is actively managed by reference to and seeks to • Contingent convertible bonds • Interest rate
outperform (after applicable fees) the 37.5% ICE BofA ML Global Hybrid (Cocos) • Investment Fund
Non-Financial Corporate Index (hedged to EUR); 30% ICE BofA ML
• Counterparty • Leverage
Contingent Capital Index (hedged to EUR); 15% ICE BofA ML Perpetual
Preferred Securities Index (hedged to EUR); 17.5% ICE BofA ML Global • Credit • Liquidity
Hybrid Non-Financial High Yield Index (hedged to EUR) Index (the • Currency • MBS/ABS
“Benchmark”) over the recommended holding period. The Sub-Fund is • Default • Management
mainly exposed to the issuers of the Benchmark, however, the
• Derivatives • Market
management of the Sub-Fund is discretionary, and will be exposed to
issuers not included in the Benchmark. The Sub-Fund monitors risk • Emerging markets • Operational
exposure in relation to the Benchmark however the extent of deviation • Equity • Prepayment and extension
from the Benchmark is expected to be material.
Risk management method Relative VaR.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for Risk reference portfolio 50% ICE BofA ML Contingent Capital Index
efficient portfolio management and as a way to gain exposure (long or (hedged to EUR); 50% iBoxx € Non-Financials Subordinated Total
short) to various assets, markets or other investment opportunities Return Index
(including derivatives which focus on credit, interest rates and foreign Expected gross leverage 275%.
exchange).
For further information on leverage please see the section
Base currency EUR. Management And Monitoring Of Global Risk Exposure

Planning Your Investment

96 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.20% None 20.00% 0.20% A2 1.30%
B None 4.00%1 None 1.20% 1.00% 20.00% 0.20%
C None 1.00%2 None 1.20% 1.00% 20.00% 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.45% None 20.00% 0.10% I2 0.55%
J None None None 0.45% None 20.00% 0.06% J2 0.55%
M None None None 0.55% None 20.00% 0.10% M2 0.60%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.45% None 20.00% 0.20% R2 0.55%
T None 2.00%3 None 1.20% 1.00% 20.00% 0.20%
U None 3.00%4 None 1.20% 1.00% 20.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark 37.5% ICE BofA ML Global Hybrid Non-Financial Corporate Index
(hedged to EUR); 30% ICE BofA ML Contingent Capital Index (hedged to EUR); 15% ICE BofA ML Perpetual Preferred Securities Index (hedged to EUR);
17.5% ICE BofA ML Global Hybrid Non-Financial High Yield Index (hedged to EUR) Performance fee measurement period: 1 year period from 1 Feb - 31
Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

97 Amundi Funds SICAV

Pioneer Global High Yield Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of market analysis and
analysis of individual bond issuers to identify those bonds that appear
Seeks to increase the value of your investment and to provide income more creditworthy than their ratings indicate.
over the recommended holding period.
Investment Manager Amundi Pioneer Asset Management, Inc.
Investments
Techniques and instruments
The Sub-Fund invests at least 80% of its assets in below- investment
grade bonds, preferred stocks, convertible bonds, and mortgage-related Please refer to the section More about Derivatives and Techniques for
and asset-backed securities. These securities will be from at least three information regarding the maximum and expected proportions of the
countries, and may be from anywhere in the world, including emerging Sub-Fund’s assets that may be subject to securities financing
markets. transactions and total return swaps.
Money market securities and cash may be included in the calculation of
the percentage of the Sub-Fund's assets invested in below-investment Main Risks
grade bonds to the extent they constitute interest due on securities held See “Risk Descriptions” for more information.
in the Sub-Fund’s portfolio and the value of securities pending
settlement. • Concentration • Interest Rate
• Counterparty • Investment fund
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS.
• Credit • Liquidity
Benchmark • Currency • Management
The Sub-Fund is actively managed by reference to and seeks to • Default • Market
outperform (after applicable fees) the Bloomberg Barclays Global High • Derivatives • MBS/ABS
Yield Index (the “Benchmark”) over the recommended holding period. • Hedging • Operational
The Sub-Fund is mainly exposed to the issuers of the Benchmark, • High yield • Prepayment and extension
however, the management of the Sub-Fund is discretionary, and will be
exposed to issuers not included in the Benchmark. The Sub-Fund Risk management method Commitment.
monitors risk exposure in relation to the Benchmark however the extent
of deviation from the Benchmark is expected to be significant.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit, and foreign exchange). The
Sub-Fund may use derivatives to gain exposure to loans up to a
maximum of 20% of its assets.
Base currency EUR.

Planning Your Investment

98 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.35% None 20.00% 0.20% A2 1.45%
B None 4.00%1 None 1.20% 1.00% None 0.20%
C None 1.00%2 None 1.20% 1.00% None 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.45% None 20.00% 0.10% I2 0.50%
J None None None 0.45% None 20.00% 0.06% J2 0.50%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.60% None 20.00% 0.20% P2 0.70%
R None None None 0.50% None 20.00% 0.20% R2 0.60%
T None 2.00%3 None 1.20% 1.00% None 0.20%
U None 3.00%4 None 1.20% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Bloomberg Barclays Global High Yield Index. Performance fee
measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go
to www.amundi.lu/amundi-funds.

99 Amundi Funds SICAV

Pioneer US High Yield Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of market analysis and
Seeks to increase the value of your investment and to provide income analysis of individual bond issuers to identify those bonds that appear
over the recommended holding period. more creditworthy than their ratings indicate

Investments Investment Manager Amundi Pioneer Asset Management, Inc.

The Sub-Fund invests at least 70% of its assets in below- investment Techniques and instruments
grade U.S. corporate bonds, convertible securities, preferred stocks and Please refer to the section More about Derivatives and Techniques for
mortgage-related and asset-backed securities. The Sub-Fund may also information regarding the maximum and expected proportions of the
invest up to 30% of its assets in Canadian issuers and up to 15% in Sub-Fund’s assets that may be subject to securities financing
issuers from elsewhere in the world, including emerging markets, as well transactions and total return swaps
as in cash, money market securities, investment grade bonds, and, on
an ancillary basis, equities.
Main Risks
Money market securities and cash may be included in the calculation of
the percentage of the Sub-Fund's assets invested in below-investment See “Risk Descriptions” for more information.
grade bonds to the extent they constitute interest due on securities held • Concentration • Hedging
in the Sub-Fund’s portfolio and the value of securities pending • Contingent convertible bonds • High yield
settlement. (Cocos) • Interest rate
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS. • Counterparty • Investment fund
Benchmark • Credit • Liquidity
• Currency • Management
The Sub-Fund is actively managed by reference to and seeks to • Default
outperform (after applicable fees) the ICE BofA ML US High Yield Index • Market
(the “Benchmark”) over the recommended holding period. The Sub- • Derivatives • MBS/ABS
Fund is mainly exposed to the issuers of the Benchmark, however, the • Emerging markets • Operational
management of the Sub-Fund is discretionary, and will be exposed to • Equity • Prepayment and extension
issuers not included in the Benchmark. The Sub-Fund monitors risk
exposure in relation to the Benchmark however the extent of deviation Risk management method Commitment.
from the Benchmark is expected to be significant.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit). The Sub-Fund may use
derivatives to gain exposure to loans up to a maximum of 20% of its
assets.
Base currency EUR.

Planning Your Investment

100 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.35% None 20.00% 0.20% A2 1.45%
B None 4.00%1 None 1.20% 1.00% None 0.20%
C None 1.00%2 None 1.20% 1.00% None 0.20%
E 4.00% None None 1.05% None 20.00% 0.20% E2 1.20%
F None None None 1.70% None 20.00% 0.20% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.20% G2 1.35%
I None None None 0.45% None 20.00% 0.10% I2 0.50%
J None None None 0.45% None 20.00% 0.06% J2 0.50%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.60% None 20.00% 0.20% P2 0.70%
R None None None 0.50% None 20.00% 0.20% R2 0.60%
T None 2.00%3 None 1.20% 1.00% None 0.20%
U None 3.00%4 None 1.20% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment Performance fee benchmark ICE BofA ML U.S. High Yield Index. Performance fee measurement
period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds

101 Amundi Funds SICAV

Total Hybrid Bond
Objective and Investment Policy Management Process
Objective The investment team analyses interest rate and economic trends (top-
down) to identify geographic areas and sectors that appear likely to offer
To achieve a combination of income and capital growth (total return) over the best risk-adjusted returns. The investment team then uses both
the recommended holding period. technical and fundamental analysis, including credit analysis, to select
Investments issuers and securities (bottom-up) and to construct a diversified portfolio.
The Sub-Fund invests mainly in subordinated bonds issued by Investment Manager Amundi Asset Management.
companies in developed countries.
Techniques and instruments
Specifically, the Sub-Fund invests at least 51% of net assets in
subordinated corporate bonds (including contingent convertible bonds), Please refer to the section More about Derivatives and Techniques for
and at least 51% of net assets in securities and instruments, of issuers information regarding the maximum and expected proportions of the
that are headquartered, or do substantial business, in developed Sub-Fund’s assets that may be subject to securities financing
countries. transactions and total return swaps.
While complying with the above policies, the Sub-Fund may also invest
in other types of bonds, convertible bonds, money market instruments,
in deposits, and in the following up to these percentages of net assets: Main Risks
- equities and equity-linked instruments: 10% See “Risk Descriptions” for more information. The Sub-Fund may
- UCITS/UCIs: 10% involve above-average volatility and risk of loss.
There are no rating or currency constraints on these investments. Non- • Concentration • Interest rate
euro investments are aimed to be hedged against the euro. • Contingent convertible bonds • Investment fund
(Cocos) risk • Leverage
Benchmark
• Counterparty • Liquidity
The Sub-Fund is actively managed and uses the EONIA (compounded
daily) Index (the “Benchmark”) a posteriori as an indicator for assessing • Credit • Management
the Sub-Fund's performance and, as regards the performance fee, as a • Default • Market
benchmark used by relevant share classes, for calculating the • Derivatives • Operational
performance fees. There are no constraints relative to any such • ESG Investment Risk • Prepayment and extension
Benchmark restraining portfolio construction. Further and as from 1
• Hedging
January 2021, the Sub-Fund seeks to achieve an ESG score of its
portfolio greater than that of the Benchmark. • High Yield

Derivatives Risk management method Absolute VaR.

The Sub-Fund makes use of derivatives to reduce various risks, for Expected gross leverage 300%.
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities For further information on leverage please see the section
(including derivatives which focus on credit, interest rates, foreign Management And Monitoring Of Global Risk Exposure
exchange, volatility and inflation). The Sub-Fund may use credit
derivatives (up to 40% of net assets).
Base currency EUR.

Planning Your Investment

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 3 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group B).
• Seeking to increase the value of their investment and provide
income over the recommended holding period.

114 Amundi Funds SICAV

122 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.75% None 20.00% 0.20% A2 1.05%
B None 4.00%1 None 1.00% 1.00% None 0.20%
C None 1.00%2 None 1.00% 1.00% None 0.20%
E 4.00% None None 0.65% None 20.00% 0.20% E2 0.80%
F None None None 1.30% None 20.00% 0.20% F2 1.45%
G 3.00% None None 0.80% 0.20% 20.00% 0.20% G2 0.95%
I None None None 0.35% None 20.00% 0.10% I2 0.40%
J None None None 0.35% None 20.00% 0.06% J2 0.40%
M None None None 0.40% None 20.00% 0.10% M2 0.45%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.35% None 20.00% 0.20% R2 0.45%
T None 2.00%3 None 1.00% 1.00% None 0.20%
U None 3.00%4 None 1.00% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Bloomberg Barclays U.S. Aggregate Index. Performance fee
measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go
to www.amundi.lu/amundi-funds.

123 Amundi Funds SICAV

Pioneer US Corporate Bond
Objective and Investment Policy Management Process
Objective The investment team uses both technical and fundamental analysis to
To achieve a combination of income and capital growth (total return). develop a list of individual securities that appear to be attractively valued
and to offer the best risk-adjusted returns (bottom-up). The investment
Investments team also factors in analysis of economic and interest rate trends.
The Sub-Fund invests mainly in investment-grade debt instruments
(bonds and money market instruments) of companies in the United Investment Manager Amundi Pioneer Asset Management Inc.
States. Investments may include mortgage-backed securities (MBS) Techniques and instruments
and asset-backed securities (ABS).
Specifically, the Sub-Fund invests at least 67% of net assets in Please refer to the section More about Derivatives and Techniques for
investment-grade debt instruments that are denominated in US dollar, information regarding the maximum and expected proportions of the
and at least 50% of net assets in investment-grade debt instruments Sub-Fund’s assets that may be subject to securities financing
issued by companies that are headquartered, or do substantial transactions and total return swaps.
business, in the United States.
While complying with the above policies, the Sub-Fund may also invest Main Risks
in other types of debt instruments, in deposits, and in the following up to
these percentages of net assets: See “Risk Descriptions” for more information. The Sub-Fund may
involve above-average volatility and risk of loss.
- convertible bonds: 25%
• Concentration • Interest rate
- equities and equity-linked instruments: 10%
- UCITS/UCIs: 10% • Counterparty • Investment fund
The Sub-Fund’s exposure to contingent convertible bonds is limited to • Credit • Liquidity
10% of net assets. • Currency • Management
• Default • Market
Benchmark
• Derivatives • MBS/ABS
The Sub-Fund is actively managed by reference to and seeks to
outperform (after applicable fees) the Bloomberg Barclays Capital US • Emerging markets • Operational
Corporate Index (the “Benchmark”) over the recommended holding • Hedging • Prepayment and extension
period. The Sub-Fund is predominantly exposed to the issuers of the • High Yield
Benchmark, however, the management of the Sub-Fund is
discretionary, and will be exposed to issuers not included in the Risk management method Commitment.
Benchmark. The Sub-Fund monitors risk exposure in relation to the
Benchmark and the extent of deviation from the Benchmark is expected
to be significant.
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit, interest rates, and foreign
exchange). The Sub-Fund may use credit derivatives (up to 40% of net
assets).
Base currency USD.

Planning Your Investment

124 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.90% None 20.00% 0.20% A2 1.00%
B None 4.00%1 None 1.00% 1.00% None 0.20%
C None 1.00%2 None 1.00% 1.00% None 0.20%
E 4.00% None None 0.65% None 20.00% 0.20% E2 0.80%
F None None None 1.30% None 20.00% 0.20% F2 1.45%
G 3.00% None None 0.80% 0.20% 20.00% 0.20% G2 0.95%
I None None None 0.35% None 20.00% 0.10% I2 0.40%
J None None None 0.35% None 20.00% 0.06% J2 0.40%
M None None None 0.40% None 20.00% 0.10% M2 0.45%
P None None None 0.45% None 20.00% 0.20% P2 0.55%
R None None None 0.35% None 20.00% 0.20% R2 0.45%
T None 2.00%3 None 1.00% 1.00% None 0.20%
U None 3.00%4 None 1.00% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark Bloomberg Barclays Capital US Corporate Index. Performance fee measurement
period: 1 year period from 1 Jan – 31 Dec. The first performance period will end on 31 Dec 2020. For a complete list of share classes available, go to
www.amundi.lu/amundi-funds.

125 Amundi Funds SICAV

Pioneer US Short Term Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of market analysis and
Seeks to provide income and maintain the value of your investment over analysis of individual bond issuers to identify those bonds that appear to
the recommended holding period. offer the best return for their risk level.

Investments Investment Manager Amundi Pioneer Asset Management, Inc.

The Sub-Fund invests mainly in U.S. dollar denominated short-term Techniques and instruments
bonds and in comparable securities that are denominated in other
currencies, provided that the currency exposure is principally hedged Please refer to the section More about Derivatives and Techniques for
back to the U.S. dollar. The Sub-Fund’s average interest rate duration is information regarding the maximum and expected proportions of the
no greater than 12 months. Sub-Fund’s assets that may be subject to securities financing
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS. transactions and total return swaps

Benchmark
The Sub-Fund is actively managed and uses the USD LIBOR 3-Month
Main Risks
Index (the “Benchmark”) a posteriori as an indicator for assessing the See “Risk Descriptions” for more information.
Sub-Fund's performance and, as regards the performance fee, as a • Concentration • Interest Rate
benchmark used by relevant share classes, for calculating the
• Counterparty • Investment fund
performance fees. There are no constraints relative to any such
Benchmark restraining portfolio construction. • Credit • Liquidity
• Currency • Management
Derivatives
• Default • Market
The Sub-Fund makes use of derivatives to reduce various risks, for
• Derivatives • MBS/ABS
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities • Hedging • Operational
(including derivatives which focus on interest rates). The Sub-Fund may • High yield • Prepayment and extension
use derivatives to gain exposure to loans up to a maximum of 20% of its
assets. Risk management method Commitment.

137 Amundi Funds SICAV

C None 1.00%2 None 1.30% 1.00% None 0.30%

E 4.00% None None 1.05% None 20.00% 0.30% E2 1.20%
F None None None 1.70% None 20.00% 0.30% F2 1.85%
G 3.00% None None 1.20% 0.20% 20.00% 0.30% G2 1.35%
I None None None 0.40% None 20.00% 0.15% I2 0.50%
J None None None 0.40% None 20.00% 0.10% J2 0.50%
M None None None 0.50% None 20.00% 0.15% M2 0.55%
P None None None 0.60% None 20.00% 0.30% P2 0.70%
R None None None 0.50% None 20.00% 0.30% R2 0.60%
T None 2.00%3 None 1.30% 1.00% None 0.30%
U None 3.00%4 None 1.30% 1.00% None 0.30%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark JP Morgan EMBI Global Diversified Hedged Euro Index. Performance fee
measurement period: 1 year period from 1 Jul – 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

138 Amundi Funds SICAV

Emerging Markets Local Currency Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of overall market
analysis and analysis of individual bond issuers to identify those bonds
Seeks to provide income and to increase the value of your investment that appear more creditworthy than their ratings indicate, offer the
over the recommended holding period. potential for attractive income and may benefit from increases in the
value of local currencies.
Investments
The Sub-Fund invests mainly in bonds that are denominated in a local Investment Manager Amundi (UK) Limited.
currency from emerging markets or where the bond’s credit risk is Techniques and instruments
linked to emerging markets.
The Sub-Fund may also invest in bonds from any country that are Please refer to the section More about Derivatives and Techniques for
denominated in other currencies, and may invest up to 25% of its information regarding the maximum and expected proportions of the
assets in bonds with attached warrants, up to 10% in contingent Sub-Fund’s assets that may be subject to securities financing
convertible bonds and up to 5% in equities. transactions and total return swaps
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS.
Benchmark Main Risks
The Sub-Fund is actively managed by reference to and seeks to See “Risk Descriptions” for more information.
outperform (after applicable fees) the JP Morgan GBI-EM Global • Counterparty • Investment Fund
Diversified Index (the “Benchmark”) over the recommended holding • Credit • Leverage
period. The Sub-Fund is mainly exposed to the issuers of the
• Currency • Liquidity
Benchmark, however, the management of the Sub-Fund is
discretionary, and will be exposed to issuers not included in the • Default • Management
Benchmark. The Sub-Fund monitors risk exposure in relation to the • Derivatives • Market
Benchmark however the extent of deviation from the Benchmark is • Emerging markets • MBS/ABS
expected to be material.
• Hedging • Operational
Derivatives • High yield • Prepayment and extension
The Sub-Fund makes use of derivatives to reduce various risks, for • Interest rate
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities Risk management method Relative VaR.
(including derivatives which focus on credit, interest rates and foreign
Risk reference portfolio JP Morgan GBI-EM Global Diversified
exchange). The Sub-Fund may use derivatives to gain exposure to Index.
loans up to a maximum of 20% of its assets.
Expected gross leverage 250%.
Base currency EUR.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

139 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.35% None 20.00% 0.30% A2 1.45%
B None 4.00%1 None 1.20% 1.00% None 0.30%
C None 1.00%2 None 1.20% 1.00% None 0.30%
E 4.00% None None 1.15% None 20.00% 0.30% E2 1.30%
F None None None 1.80% None 20.00% 0.30% F2 1.95%
G 3.00% None None 1.30% 0.20% 20.00% 0.30% G2 1.45%
I None None None 0.45% None 20.00% 0.15% I2 0.50%
J None None None 0.45% None 20.00% 0.10% J2 0.50%
M None None None 0.55% None 20.00% 0.15% M2 0.60%
P None None None 0.60% None 20.00% 0.30% P2 0.70%
R None None None 0.50% None 20.00% 0.30% R2 0.60%
T None 2.00%3 None 1.20% 1.00% None 0.30%
U None 3.00%4 None 1.20% 1.00% None 0.30%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class. 1Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of
investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark JP Morgan GBI-EM Global Diversified Index. Performance fee
measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go
to www.amundi.lu/amundi-funds.

140 Amundi Funds SICAV

Emerging Markets Short Term Bond
Objective and Investment Policy Management Process
Objective The investment manager uses a combination of overall market analysis
and analysis of individual bond issuers to identify those bonds that
Seeks to provide income and secondarily, to increase the value of your appear more creditworthy than their ratings indicate and that offer the
investment over the recommended holding period.. potential for attractive income.
Investments Investment Manager Amundi (UK) Limited.
The Sub-Fund invests mainly in a diversified portfolio of short duration, Techniques and instruments
typically 1-3 years, USD and other OECD denominated bonds from
emerging markets. These bonds are issued by companies that either Please refer to the section More about Derivatives and Techniques for
are incorporated, headquartered in or do their business mainly in information regarding the maximum and expected proportions of the
emerging markets or their credit risk is linked to emerging markets. The Sub-Fund’s assets that may be subject to securities financing
overall emerging market currency exposure may not exceed 25% of the transactions and total return swaps
Sub-Fund’s assets. The Sub-Fund may also invest up to 25% of its
assets in bonds with attached warrants, up to 10% in contingent
convertible bonds as well as up to 5% in equities. Main Risks
The Sub-Fund may invest up to 10% of its assets in UCIs and UCITS. See “Risk Descriptions” for more information.
Benchmark • Concentration • Investment Fund
The Sub-Fund is actively managed and is not managed in reference to • Counterparty • High yield
a benchmark. • Credit • Leverage
• Currency • Liquidity
Derivatives
The Sub-Fund makes use of derivatives to reduce various risks, for • Default • Management
efficient portfolio management and as a way to gain exposure (long or • Derivatives • Market
short) to various assets, markets or other investment opportunities • Emerging markets • MBS/ABS
(including derivatives which focus on credit, interest rates and foreign • Hedging • Operational
exchange)..
• Interest rate • Prepayment and extension
Base currency USD.
Risk management method Absolute VaR
Expected gross leverage 200%.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None None None None 0.30% A2 1.10%
B None 4.00%1 None 1.10% 1.00% None 0.30%
C None 1.00%2 None 1.10% 1.00% None 0.30%
E 4.00% None None None None None 0.30% E2 1.10%
F None None None None None None 0.30% F2 1.75%
G 3.00% None None None 0.20% None 0.30% G2 1.10%
I None None None None None None 0.15% I2 0.50%
J None None None None None None 0.10% J2 0.50%
M None None None None None None 0.15% M2 0.50%
P None None None None None None 0.30% P2 0.70%
R None None None None None None 0.30% R2 0.60%
T None 2.00%3 None 1.10% 1.00% None 0.30%
U None 3.00%4 None 1.10% 1.00% None 0.30%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund). 1Decreases yearly, reaching zero 4
years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

141 Amundi Funds SICAV

Euro Multi-Asset Target Income
Objective and Investment Policy Management Process
Objective The Investment Manager uses its own global economic analysis to
Seeks to provide income and, secondarily, to increase the value of your determine the most attractive asset types and geographical regions, then
investment over the recommended holding period. uses analysis of individual issuers to identify individual securities that offer
the best potential gain for the risk involved.
Investments
The Sub-Fund mainly invests in a broad range of securities from around Investment Manager Amundi Deutschland GmbH
the world, including emerging markets. This may include equities, Techniques and instruments
government and corporate bonds and money market securities. The
Sub-Fund’s bond investments may be of any quality (investment grade Please refer to the section More about Derivatives and Techniques for
or below). The Sub-Fund’s investments will be denominated mainly in information regarding the maximum and expected proportions of the Sub-
euro. The Sub-Fund may invest, up to 40% of its assets, in securities that Fund’s assets that may be subject to securities financing transactions and
are denominated in currencies other than the euro (until 1 January 2021, total return swaps.
the currency exposure is hedged back to the euro).
The Sub-Fund may invest up to 50% of its assets in equities including up Main Risks
to 30% in equities of companies that are based outside Europe (until 1
January 2021, those limits are at 40%, respectively 20%). See “Risk Descriptions” for more information.
The Sub-Fund may invest up to 10% of its assets in other UCIs and • Counterparty • Interest rate
UCITS. • Credit • Investment fund
Benchmark • Currency • Leverage
The Sub-Fund is actively managed and is not managed in reference to a • Default • Liquidity
benchmark. • Derivatives • Management
Derivatives • Emerging Markets • Market
The Sub-Fund makes use of derivatives to reduce various risks, for • Equity • MBS/ABS
efficient portfolio management and as a way to gain exposure (long or • Hedging • Operational
short) to various assets, markets or other investment opportunities • High yield • Prepayment and extension
(including derivatives which focus on credit, equities, interest rates and
foreign exchange).. Risk management method Absolute VaR.
Base currency EUR. Expected gross leverage 500%.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 4 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for that
• Who understand the risk of losing some or all of the capital invested. Valuation Day (D). Settlement occurs not later than D+3
• Seeking to increase the value of their investment and provide income Switching in/out Permitted (Group A).
over the recommended holding period.

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None None None None 0.20% A2 1.50%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None None None None 0.20% E2 1.50%
F None None None None None None 0.20% F2 2.25%
G 3.00% None None None 0.30% None 0.20% G2 1.40%
I None None None None None None 0.10% I2 0.60%
J None None None None None None 0.06% J2 0.60%
M None None None None None None 0.10% M2 0.70%
P None None None None None None 0.20% P2 0.95%
R None None None None None None 0.20% R2 0.85%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund). 1Decreases yearly, reaching zero 4
years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases yearly, reaching zero 3 years
after investment.

142 Amundi Funds SICAV

Global Multi-Asset
Objective and Investment Policy Management Process
Objective The investment manager uses its own economic analysis in accordance
Seeks to increase the value of your investment and to provide income with a top-down approach to determine the most attractive asset types
over the recommended holding period. and geographical regions and, within those, the most attractive
securities.
Investments
Investment Manager Amundi Ireland Limited
The Sub-Fund invests, directly or indirectly, in a broad range of securities
from around the world. This may include equities, government and Sub-Investment Manager Amundi SGR S.p.A.
corporate bonds, bonds with attached warrants, convertible bonds Techniques and instruments
(including up to 10% of its assets in contingent convertible bonds) and
money market securities and deposits with a maximum term of 12 Please refer to the section More about Derivatives and Techniques for
months. The Sub-Fund may invest up to 15% of its assets in information regarding the maximum and expected proportions of the
investments whose values are linked to commodity prices. Sub-Fund’s assets that may be subject to securities financing
transactions and total return swaps.
The Sub-Fund may invest up to 10% of its assets in other UCIs and
UCITS.
Main Risks
Benchmark
See “Risk Descriptions” for more information.
The Sub-Fund is actively managed and uses the 60% MSCI World
• Counterparty • Interest rate
Index; 40% JP Morgan GBI Global Index (the “Benchmark”)a posteriori
as an indicator for assessing the Sub-Fund's performance and, as • Credit • Investment fund
regards the performance fee, as a benchmark used by relevant share • Currency • Leverage
classes, for calculating the performance fees. There are no constraints • Default • Liquidity
relative to the Benchmark restraining portfolio construction. • Derivatives • Management
Derivatives • Emerging Markets • Market
The Sub-Fund makes use of derivatives to reduce various risks, for • Equity • MBS/ABS
efficient portfolio management and as a way to gain exposure (long or • Hedging • Operational
short) to various assets, markets or other investment opportunities
• High yield • Prepayment and extension
(including derivatives which focus on credit, equities, interest rates,
foreign exchange, and inflation). The Sub-Fund may use derivatives to Risk management method AbsoluteVaR..
gain exposure to loans up to a maximum of 20% of its assets.
Expected gross leverage 200%.
Base currency EUR.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

143 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.50% None 20.00% 0.20% A2 1.70%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 2.00% None 20.00% 0.20% F2 2.25%
G 3.00% None None 1.40% 0.30% 20.00% 0.20% G2 1.65%
I None None None 0.50% None 20.00% 0.10% I2 0.60%
J None None None 0.50% None 20.00% 0.06% J2 0.60%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.80% None 20.00% 0.20% P2 0.95%
R None None None 0.70% None 20.00% 0.20% R2 0.85%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4Decreases yearly, reaching zero 3 years after investment.
Performance fee benchmark 60% MSCI World Index; 40% JP Morgan GBI Global Index.
Performance fee measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share
classes available, go to www.amundi.lu/amundi-funds.

144 Amundi Funds SICAV

Global Multi-Asset Conservative
Objective and Investment Policy Management Process
Objective The investment manager uses its own global economic analysis to
Seeks to increase the value of your investment and to provide income determine the most attractive asset types and geographical regions,
over the recommended holding period then uses analysis of individual issuers to identify individual securities
that offer the best potential gain for the risk involved.
Investments
The Sub-Fund mainly invests in a broad range of bonds from around Investment Manager Amundi SGR S.p.A.
the world as well as money market securities. This may include Techniques and instruments
government, corporate or other bonds.
Please refer to the section More about Derivatives and Techniques for
The Sub-Fund may invest up to 10% of its assets in contingent
information regarding the maximum and expected proportions of the
convertible bonds and may also invest up to 30% of its assets in
Sub-Fund’s assets that may be subject to securities financing
equities worldwide.
transactions and total return swaps.
The Sub-Fund may invest up to 10% of its assets in other UCIs and
UCITS.
Main Risks
Benchmark See “Risk Descriptions” for more information.
The Sub-Fund is actively managed and uses the 80% Bloomberg • Counterparty • Interest rate
Barclays Global Aggregate Bond Index; 20% MSCI World Index (the
“Benchmark”) a posteriori as an indicator for assessing the Sub-Fund's • Credit • Investment fund
performance and, as regards the performance fee, as a benchmark • Currency • Leverage
used by relevant share classes, for calculating the performance fees. • Default • Liquidity
There are no constraints relative to any such Benchmark restraining • Derivatives • Management
portfolio construction.
• Emerging Markets • Market
Derivatives • Equity • MBS/ABS
The Sub-Fund makes use of derivatives to reduce various risks, for • Hedging • Operational
efficient portfolio management and as a way to gain exposure (long or • High yield • Prepayment and extension
short) to various assets, markets or other investment opportunities
(including derivatives which focus on credit, equities, interest rates, Risk management method Absolute VaR.
foreign exchange, and inflation). The Sub-Fund may use derivatives to
Expected gross leverage 200%.
gain exposure to loans up to a maximum of 20% of its assets.
For further information on leverage please see the section
Base currency EUR. Management And Monitoring Of Global Risk Exposure

Planning Your Investment

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.25% None 20.00% 0.20% A2 1.40%
B None 4.00%1 None 1.25% 1.00% 20.00% 0.20%
C None 1.00%2 None 1.25% 1.00% 20.00% 0.20%
E 4.00% None None 0.95% None 20.00% 0.20% E2 1.15%
F None None None 1.80% None 20.00% 0.20% F2 2.00%
G 3.00% None None 1.15% 0.30% 20.00% 0.20% G2 1.35%
I None None None 0.45% None 20.00% 0.10% I2 0.55%
J None None None 0.45% None 20.00% 0.06% J2 0.55%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.80% None 20.00% 0.20% P2 0.90%
R None None None 0.70% None 20.00% 0.20% R2 0.80%
T None 2.00%3 None 1.25% 1.00% 20.00% 0.20%
U None 3.00%4 None 1.25% 1.00% 20.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark 80% Bloomberg Barclays Global Aggregate Bond Index; 20% MSCI
World Index. Performance fee measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete
list of share classes available, go to www.amundi.lu/amundi-funds.

145 Amundi Funds SICAV

Global Multi-Asset Target Income
Objective and Investment Policy Management Process
Objective The investment manager uses its own global economic analysis to
determine the most attractive asset types and geographical regions,
Seeks to provide income and, secondarily, to increase the value of your then uses analysis of individual issuers to identify individual securities
investment over the recommended holding period. that offer the best potential gain for the risk involved.
Investments Investment Manager Amundi Deutschland GmbH
The Sub-Fund mainly invests in a broad range of securities from around Techniques and instruments
the world, including emerging markets. This may include equities,
government and corporate bonds and money market securities. The Please refer to the section More about Derivatives and Techniques for
Sub-Fund’s bond investments may be of any quality (investment grade information regarding the maximum and expected proportions of the
or below). Sub-Fund’s assets that may be subject to securities financing
transactions and total return swaps.
The Sub-Fund may invest up to 10% of its assets in other UCIs and
UCITS. Main Risks
Benchmark See “Risk Descriptions” for more information.
The Sub-Fund is actively managed and is not managed in reference to • Counterparty • Interest rate
a benchmark. • Credit • Investment fund
Derivatives • Currency • Leverage
• Default • Liquidity
The Sub-Fund makes use of derivatives to reduce various risks, for
• Derivatives • Management
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities • Emerging Markets • Market
(including derivatives which focus on credit, equities, interest rates, • Equity • MBS/ABS
foreign exchange, and inflation). The Sub-Fund may use derivatives to • Hedging • Operational
gain exposure to loans up to a maximum of 20% of its assets. • High yield • Prepayment and extension
Base currency USD.
Risk management method Absolute VaR
Expected gross leverage 450%.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

Main Share Classes and Fees

Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None None None None 0.20% A2 1.50%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None None None None 0.20% E2 1.50%
F None None None None None None 0.20% F2 2.25%
G 3.00% None None None 0.30% None 0.20% G2 1.40%
I None None None None None None 0.10% I2 0.60%
J None None None None None None 0.06% J2 0.60%
M None None None None None None 0.10% M2 0.70%
P None None None None None None 0.20% P2 0.95%
R None None None None None None 0.20% R2 0.85%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund).
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment

146 Amundi Funds SICAV

Global Perspectives
Objective and Investment Policy Management Process
Objective The Sub-Fund’s investment team analyses macroeconomic trends and
uses valuation of asset classes (top-down) to identify the asset classes
To achieve a combination of income and capital growth (total return). that appear likely to offer the best risk-adjusted returns. The investment
Investments team then constructs a highly diversified portfolio that can be flexibly
adapted to market movements with a view to operating sustainable
The Sub-Fund invests in all types of asset classes of issuers from
performance. This may involve taking both strategic and tactical
around the world, including emerging markets.
positions as well as arbitrage on any equity, interest rate and currency
Specifically, the Sub-Fund may invest between 0% and 100% of net markets.
assets in equities, bonds, convertible bonds, deposits, money market
instruments and in products that expose to currencies. The Sub-Fund’s Investment Manager Amundi Asset Management.
may also invest up to 10% each in products exposing to commodities
and real estates. The Sub-Fund’s exposure to MBSs and ABSs is limited Techniques and instruments
to 20% of net assets. Please refer to the section More about Derivatives and Techniques for
The modified duration of the bond and money market portfolio ranges information regarding the maximum and expected proportions of the
from -2 to +10. There are no ratings, sectors or market capitalization Sub-Fund’s assets that may be subject to securities financing
constraints on these investments. While complying with the above transactions and total return swaps.
policies, the Sub-Fund may also invest up to 10% of net assets in
UCITS/UCIs.
Main Risks
The Sub-Fund’s exposure to contingent convertible bonds is limited to
10% of net assets. See “Risk Descriptions” for more information. The Sub-Fund may
involve above-average volatility and risk of loss.
Benchmark
• Counterparty • Leverage
The Sub-Fund is actively managed and seeks to outperform (after
• Credit • Liquidity
applicable fees) the EONIA (compounded daily) Index (the
“Benchmark”) over the recommended holding period, while offering • Currency • Management
controlled risk exposure. The Sub-Fund uses the Benchmark a • Default • Market
posteriori as an indicator for assessing the Sub-Fund's performance and, • Derivatives • MBS/ABS
as regards the performance fee, as a benchmark used by relevant share • Emerging markets • Operational
classes, for calculating the performance fees. There are no constraints
relative to any such Benchmark restraining portfolio construction. For • Equity • Prepayment and extension
indicative purposes, given the risk profile, the return is expected to be in • Hedging • Real estate
excess (before applicable fees) of EONIA+ 5% per annum. • High Yield • Small and mid-cap stock
Derivatives • Interest rate • Volatility
• Investment fund
The Sub-Fund makes use of derivatives to reduce various risks, for
efficient portfolio management and as a way to gain exposure (long or Risk management method Absolute VaR.
short) to various assets, markets or other investment opportunities Expected gross leverage 300%.
(including derivatives which focus on credit, equities, interest rates and
foreign exchange). For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment over the
recommended holding period.

147 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.30% None 20.00% 0.20% A2 1.50%
B None 4.00%1 None 1.50% 1.00% None 0.20%
C None 1.00%2 None 1.50% 1.00% None 0.20%
E 4.00% None None 1.25% None 20.00% 0.20% E2 1.50%
F None None None 1.90% None 20.00% 0.20% F2 2.15%
G 3.00% None None 1.30% 0.30% 20.00% 0.20% G2 1.55%
I None None None 0.50% None 20.00% 0.10% I2 0.60%
J None None None 0.50% None 20.00% 0.06% J2 0.60%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.80% None 20.00% 0.20% P2 0.95%
R None None None 0.70% None 20.00% 0.20% R2 0.85%
T None 2.00%3 None 1.50% 1.00% None 0.20%
U None 3.00%4 None 1.50% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class .
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark EONIA (compounded daily) Index + 5%.. Performance fee measurement
period: 1 year period from 1 Jul - 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

148 Amundi Funds SICAV

Multi-Asset Real Return
Objective and Investment Policy Management Process
Objective Depending on inflation regime, the Sub-Fund’s investment team
actively manages the Sub-Fund in combiningglobal geographic
To achieve real returns through a combination of capital growth and
allocation, diversification strategies and a wide range of strategic and
income. .
tactical positions, including arbitrage among equity, credit, interest rate,
Investments volatility and currency markets, in assembling a highly diversified
The Sub-Fund invests mainly in investment-grade debt instruments portfolio.
(bonds and money market instruments), equities and currency Investment Manager Amundi Asset Management.
products of issuers around the world, including emerging markets.
Specifically, the Sub-Fund may invests up to 100% of net assets in Techniques and instruments
government bonds and money market instruments. It may invest up to Please refer to the section More about Derivatives and Techniques for
50% of net assets in investment grade corporate bonds, up to 20% of information regarding the maximum and expected proportions of the
net assets in below-investment-grade corporate bonds and its Sub-Fund’s assets that may be subject to securities financing
exposure to equities may range from -10% to +30% of the net assets. transactions and total return swaps.
The Sub-Fund may invest up to 20% of net assets in ABSs and MBSs.
There are no sectors, market capitalization or currency constraints on
these investments.
Main Risks
While complying with the above policies, the Sub-Fund may also invest See “Risk Descriptions” for more information. The Sub-Fund may
in deposits, seek exposure to commodities up to 30% of its assets, involve above-average volatility and risk of loss.
invest up to 20% of its assets in convertible bonds, up to 10% of its • Counterparty • Investment fund
assets in contingent convertible bonds and up to 10% of its assets in • Commodity-Related • Leverage
UCITS/UCIs. Investments • Liquidity
Benchmark • Credit • Management
The Sub-Fund is actively managed and seeks to outperform (after • Currency • Market
applicable fees) euro inflation, using Euro HICP ex Tobacco (the • Default • MBS/ABS
“Benchmark”) as the indicative inflation reference over the • Derivatives • Operational
recommended holding period. The Sub-Fund uses the Benchmark a
• Emerging markets • Prepayment and extension
posteriori as an indicator for assessing the Sub-Fund's performance and,
as regards the performance fee, as a benchmark used by relevant share • Equity • Small and mid-cap stock
classes, for calculating the performance fees. There are no constraints • Hedging • Volatility
relative to any such Benchmark restraining portfolio construction. • High Yield
Derivatives • Interest rate

The Sub-Fund makes use of derivatives to reduce various risks, for Risk management method Absolute VaR.
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities Expected gross leverage 300%.
(including derivatives which focus on credit, equities, interest rates and For further information on leverage please see the section
foreign exchange,). Management And Monitoring Of Global Risk Exposure
Base currency EUR.

Planning Your Investment

149 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.00% None 20.00% 0.20% A2 1.15%
B None 4.00%1 None 1.15% 1.00% None 0.20%
C None 1.00%2 None 1.15% 1.00% None 0.20%
E 4.00% None None 0.95% None 20.00% 0.20% E2 1.15%
F None None None 1.80% None 20.00% 0.20% F2 2.00%
G 3.00% None None 1.15% 0.30% 20.00% 0.20% G2 1.35%
I None None None 0.40% None 20.00% 0.10% I2 0.50%
J None None None 0.40% None 20.00% 0.06% J2 0.50%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.70% None 20.00% 0.20% P2 0.80%
R None None None 0.60% None 20.00% 0.20% R2 0.70%
T None 2.00%3 None 1.15% 1.00% None 0.20%
U None 3.00%4 None 1.15% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee benchmark Euro Short Term Rate + 2.5% (EONIA (compounded daily) Index +
2.5% until 31st January 2020). Performance fee measurement period: 1 year period from 1 Jan - 31 Dec. The first performance period will end on 31 Dec
2020. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

150 Amundi Funds SICAV

Multi-Asset Sustainable Future
Objective and Investment Policy Management Process
Objective The investment manager uses its own global economic analysis to
determine the most attractive asset types and geographical regions
Seeks to increase the value of your investment over the recommended and, then uses analysis of individual issuers to identify securities that
holding period. offer the best potential gain for the risk involved. The fund applies strict
Investments exclusion rules to certain industries and sectors on the basis of ESG
fundamentals and investment manager convictions, excluding rather
The Sub-Fund invests mainly in euro denominated investment grade than underweighting benchmark securities with low ESG scores.
bonds, across the full range of maturities, issued by governments of
OECD countries or supranational entities and or corporate entities. The The sub-funds investable universe (as represented by the Benchmark)
fund may invest in inflation-linked bonds. is reduced by a minimum of 20% due to exclusion of securities with a
lower ESG rating.Investment Manager Amundi Austria GmbH.
The Sub-Fund may invest up to 10% of its assets in contingent
convertible bonds and may also invest up to 40% of its assets in Techniques and instruments
equities worldwide. Please refer to the section More about Derivatives and Techniques for
The sub-fund will limit investment in non-ESG rated securities to a information regarding the maximum and expected proportions of the
maximum of 10% of its assets7. Sub-Fund’s assets that may be subject to securities financing
transactions and total return swaps
Benchmark
The Sub-Fund is actively managed and uses the MSCI Daily Net Total Main Risks
Return World Euro Index (30%) Barclays EuroAgg Total Return Index
Value Unhedged EUR Index (70%) Index (EONIA (compounded daily) See “Risk Descriptions” for more information.
until 31 Jan 2020) (the “Benchmark”) a posteriori as an indicator for • Counterparty • Hedging
assessing the Sub-Fund's performance and, as regards the • Contingent convertible bonds • Interest rate
performance fee, as a benchmark used by relevant share classes, for • Credit • Investment fund
calculating the performance fees. There are no constraints relative to
• Currency • Liquidity
any such Benchmark restraining portfolio construction. Further and as
from 1 January 2021, the Sub-Fund seeks to achieve an ESG score of • Default • Management
its portfolio greater than that of the Benchmark . • Derivatives • Market
Derivatives • Emerging Markets • Operational
• Equity • Prepayment and extension
The Sub-Fund makes use of derivatives to reduce various risks, for • ESG Investment Risk
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities Risk management method Commitment.
(including derivatives which focus on equities).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information.
Recommended holding period 4 years.
Recommended for retail investors
Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment over the
recommended holding period.

7
Limit effective as from 1 January 2021
151 Amundi Funds SICAV
Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class
(Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.20% None 20.00% 0.20% A2 1.35%
B None 4.00%1 None 1.35% 1.00% None 0.20%
C None 1.00%2 None 1.35% 1.00% None 0.20%
E 4.00% None None 1.00% None 20.00% 0.20% E2 1.15%
F None None None 2.00% None 20.00% 0.20% F2 2.15%
G 3.00% None None 1.00% 0.25% 20.00% 0.20% G2 1.15%
I None None None 0.45% None 20.00% 0.10% I2 0.55%
J None None None 0.45% None 20.00% 0.06% J2 0.55%
M None None None 0.50% None 20.00% 0.10% M2 0.55%
P None None None 0.75% None 20.00% 0.20% P2 0.85%
R None None None 0.65% None 20.00% 0.20% R2 0.75%
T None 2.00%3 None 1.35% 1.00% None 0.20%
U None 3.00%4 None 1.35% 1.00% None 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark: MSCI Daily Net Total Return World Euro Index (30%) Barclays EuroAgg Total
Return Index Value Unhedged EUR Index (70%) (Euro OverNight Index Average (EONIA) until 31 Jan 2020) Performance fee measurement period: 1 year
period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go to www.amundi.lu/amundi-
funds.

152 Amundi Funds SICAV

Pioneer Flexible Opportunities
Objective and Investment Policy Management Process
Objective The investment manager uses its own global economic analysis in
accordance with a top-down approach to determine the most attractive
Seeks to increase the value of your investment and to provide income asset types and geographical regions. The investment approach takes
over the recommended holding period. into account economic growth, inflation dynamics as well as fiscal and
Investments monetary policy at a global level based on extensive quantitative and
qualitative macroeconomic research.
The Sub-Fund mainly invests in a broad range of securities from around
the world, including emerging markets. The mix of securities can include Investment Manager Amundi Pioneer Asset Management, Inc.
equities, government and corporate bonds, money market securities
and investments whose values are linked to commodity prices and to Techniques and instruments
20% in asset-backed and mortgage-related securities,The Sub-Fund Please refer to the section More about Derivatives and Techniques for
may invest up to 10% of its assets in other UCIs and UCITS. information regarding the maximum and expected proportions of the
Benchmark Sub-Fund’s assets that may be subject to securities financing
The Sub-Fund is actively managed and uses the U.S. CPI Index (the transactions and total return swaps.
“Benchmark”) a posteriori as an indicator for assessing the Sub-Fund's
performance and, as regards the performance fee, as a benchmark Main Risks
used by relevant share classes, for calculating the performance fees.
There are no constraints relative to any such Benchmark restraining See “Risk Descriptions” for more information.
portfolio construction. • Concentration • Interest rate
• Counterparty • Investment fund
Derivatives
• Credit • Leverage
The Sub-Fund makes use of derivatives to reduce various risks, for • Currency • Liquidity
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities • Default • Management
(including derivatives which focus on equities). The Sub-Fund may use • Derivatives • Market
derivatives to gain exposure to loans up to a maximum of 20% of its • Emerging Markets • MBS/ABS
assets. • Equity • Operational
Base currency USD. • Hedging • Prepayment and extension
• High yield

Risk management method Absolute VaR.

Expected gross leverage 280%.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment and provide
income over the recommended holding period.

153 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.50% None 20.00% 0.20% A2 1.70%
B None 4.00%1 None 1.50% 1.00% 20.00% 0.20%
C None 1.00%2 None 1.50% 1.00% 20.00% 0.20%
E 4.00% None None 1.15% None 20.00% 0.20% E2 1.50%
F None None None 2.00% None 20.00% 0.20% F2 2.25%
G 3.00% None None 1.40% 0.30% 20.00% 0.20% G2 1.65%
I None None None 0.50% None 20.00% 0.10% I2 0.60%
J None None None 0.50% None 20.00% 0.06% J2 0.60%
M None None None 0.65% None 20.00% 0.10% M2 0.70%
P None None None 0.85% None 20.00% 0.20% P2 0.95%
R None None None 0.75% None 20.00% 0.20% R2 0.85%
T None 2.00%3 None 1.50% 1.00% 20.00% 0.20%
U None 3.00%4 None 1.50% 1.00% 20.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class. 1Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of
investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases yearly, reaching zero 3 years after investment. Performance fee hurdle rate
U.S. CPI Index + 300 bps per annum. Performance fee measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31
Jan 2020. For a complete list of share classes available, go to www.amundi.lu/amundi-funds

154 Amundi Funds SICAV

Pioneer Income Opportunities
Objective and Investment Policy Management Process
Objective The investment manager pursues a flexible allocation strategy which
seeks to identify attractive opportunities for income and capital
Seeks to provide income and as a secondary objective capital appreciation. In addition to constructing a portfolio of securities based on
appreciation over the recommended holding period. that strategy, the investment manager uses tactical asset allocation and
Investments hedging strategies in an effort to eliminate unintended risks and reduce
volatility
The Sub-Fund has the flexibility to invest in a broad range of income-
producing securities from around the world, including in emerging Investment Manager Amundi Pioneer Asset Management, Inc.,
markets. This may include equities, government and corporate bonds Techniques and instruments
and money market securities. The Sub-Fund’s bond investments may
be of any quality (investment grade or below) including up to 20% in Please refer to the section More about Derivatives and Techniques for
asset-backed and mortgage-related securities, and up to 20% in information regarding the maximum and expected proportions of the
convertible securities. The Sub-Fund may invest up to 10% in contingent Sub-Fund’s assets that may be subject to securities financing
convertible bonds and may also seek exposure to real estate. transactions and total return swaps.
The Sub-Fund may invest without limit in debt and equity securities of
non-U.S. issuers, including up to 30% of its total assets in debt and equity Main Risks
securities of emerging market issuers.
See “Risk Descriptions” for more information.
The Sub-Fund may invest up to 10% of its assets in other UCIs and • Concentration • Interest rate
UCITS. • Counterparty • Investment fund
Benchmark • Credit • Leverage
• Currency • Liquidity
The Sub-Fund is actively managed and uses the USD Libor Index (the
“Benchmark”) a posteriori as an indicator for assessing the Sub-Fund's • Default • Management
performance and, as regards the performance fee, as a benchmark • Derivatives • Market
used by relevant share classes, for calculating the performance fees. • Emerging markets • MBS/ABS
There are no constraints relative to any such Benchmark restraining • Equity • Operational
portfolio construction.
• Hedging • Prepayment and extension
Derivatives • High yield
The Sub-Fund makes use of derivatives to reduce various risks, for Risk management method Absolute VaR.
efficient portfolio management and as a way to gain exposure (long or
short) to various assets, markets or other investment opportunities Expected gross leverage 100%.
(including derivatives which focus on credit, equities, interest rates and
foreign exchange). The Sub-Fund may use derivatives to gain exposure For further information on leverage please see the section
to loans up to a maximum of 20% of its assets. Management And Monitoring Of Global Risk Exposure

166 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.80% None 15.00% 0.20% A2 1.00%
B None 4.00%1 None 0.80% 1.00% 15.00% 0.20%
C None 1.00%2 None 0.80% 1.00% 15.00% 0.20%
E 4.00% None None 0.70% None 15.00% 0.20% E2 0.90%
F None None None 1.55% None 15.00% 0.20% F2 1.75%
G 3.00% None None 0.90% 0.30% 15.00% 0.20% G2 1.10%
I None None None 0.35% None 15.00% 0.10% I2 0.40%
J None None None 0.35% None 15.00% 0.06% J2 0.40%
M None None None 0.40% None 15.00% 0.10% M2 0.45%
P None None None 0.50% None 15.00% 0.20% P2 0.60%
R None None None 0.40% None 15.00% 0.20% R2 0.50%
T None 2.00%3 None 0.80% 1.00% 15.00% 0.20%
U None 3.00%4 None 0.80% 1.00% 15.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class. 1Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of
investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. Performance fee hurdle rate Euro OverNight Index Average (EONIA). Performance fee
measurement period: 1 year period from 1 Feb - 31 Jan. The first performance period will end on 31 Jan 2020. For a complete list of share classes available, go
to www.amundi.lu/amundi-funds.

167 Amundi Funds SICAV

Global Macro Bonds & Currencies
Objective and Investment Policy Management Process
Objective The investment team uses a wide range of strategic and tactical
positions, including arbitrage among volatility, credit, interest rate and
To achieve a positive return in any type of market condition (absolute currency markets, in assembling a highly diversified portfolio.
return strategy).
Investment Manager Amundi (UK) Limited.
Investments
The Sub-Fund’s performance comes mainly from investment allocation Techniques and instruments
between various strategies applied on currencies and debt instruments Please refer to the section More about Derivatives and Techniques for
(bonds and money market instruments) of issuers around the world. information regarding the maximum and expected proportions of the
Investments may include mortgage-backed securities (MBS) and asset- Sub-Fund’s assets that may be subject to securities financing
backed securities (ABS). transactions and total return swaps.
Specifically, the Sub-Fund invests in investment-grade debt instruments
and up to 15% of net assets in non-rated or below-investment-grade Main Risks
securities (high-yield securities). The Sub-Fund’s exposure to MBSs and
ABSs is limited to 20% of net assets. This includes indirect exposure See “Risk Descriptions” for more information. The Sub-Fund may
gained through to-be-announced securities (TBA), which is limited to involve above-average volatility and risk of loss.
20% of net assets.
While complying with the above policies, the Sub-Fund may also invest
• Counterparty • Investment fund
in deposits and up to 10% of net assets in UCITS/UCIs.
• Credit • Leverage
There are no currency constraints on these investments.
The Sub-Fund’s exposure to contingent convertible bonds is limited to • Currency • Liquidity
10% of net assets. • Default • Management
• Derivatives • Market
Benchmark
• Emerging markets • MBS/ABS
The Sub-Fund is actively managed and seeks to outperform (after
applicable fees) the EONIA (compounded daily) Index, (the • Hedging • Operational
“Benchmark”) over the recommended holding period, while offering • High Yield • Prepayment and extension
controlled risk exposure. The Sub-Fund uses the Benchmark a • Interest rate
posteriori as an indicator for assessing the Sub-Fund's performance and,
as regards the performance fee, as a benchmark used by relevant share Risk management method Absolute VaR.
classes, for calculating the performance fees. There are no constraints
Expected gross leverage 1500%
relative to any such Benchmark restraining portfolio construction. For
indicative purposes, given the risk profile, the return is expected to be in For further information on leverage please see the section
excess (before applicable fees) of EONIA +4% per annum. Management And Monitoring Of Global Risk Exposure
Derivatives
The Sub-Fund makes extensive use of derivatives to reduce various
risks, for efficient portfolio management and as a way to gain exposure
(long or short) to various assets, markets or other investment
opportunities (including derivatives which focus on credit, interest rates,
foreign exchange, and volatility).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 3 years.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group B).
• Seeking to increase the value of their investment over the
recommended holding period.

168 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 1.00% None 15.00% 0.20% A2 1.20%
B None 4.00%1 None 1.00% 1.00% 15.00% 0.20%
C None 1.00%2 None 1.00% 1.00% 15.00% 0.20%
E 4.00% None None 0.70% None 15.00% 0.20% E2 0.90%
F None None None 1.55% None 15.00% 0.20% F2 1.75%
G 3.00% None None 0.90% 0.30% 15.00% 0.20% G2 1.10%
I None None None 0.40% None 15.00% 0.10% I2 0.50%
J None None None 0.40% None 15.00% 0.06% J2 0.50%
M None None None 0.40% None 15.00% 0.10% M2 0.45%
P None None None 0.70% None 15.00% 0.20% P2 0.80%
R None None None 0.60% None 15.00% 0.20% R2 0.70%
T None 2.00%3 None 1.00% 1.00% 15.00% 0.20%
U None 3.00%4 None 1.00% 1.00% 15.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark EONIA (compounded daily) Index. Performance fee measurement period: 1
year period from 1 Jul- 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

169 Amundi Funds SICAV

Global Macro Bonds & Currencies Low Vol
Objective and Investment Policy Management Process
Objective The investment team uses a wide range of strategic and tactical
positions, including arbitrage among volatility, credit, interest rate and
To achieve a positive return in any type of market condition (absolute currency markets, in assembling a highly diversified portfolio.
return strategy).
Investment Manager Amundi (UK) Limited.
Investments
The Sub-Fund’s performance comes mainly from investment allocation Techniques and instruments
between various strategies applied on currencies and debt instruments Please refer to the section More about Derivatives and Techniques for
(bonds and money market instruments) of issuers around the world. information regarding the maximum and expected proportions of the
Investments may include mortgage-backed securities (MBS) and asset- Sub-Fund’s assets that may be subject to securities financing
backed securities (ABS). transactions and total return swaps.
Specifically, the Sub-Fund invests in debt instruments of any issuer. The
Sub-Fund’s exposure to MBSs and ABSs is limited to 20% of net assets.
While complying with the above policies, the Sub-Fund may also invest Main Risks
in deposits and up to 10% of net assets in UCITS/UCIs. See “Risk Descriptions” for more information. The Sub-Fund may
There are no rating or currency constraints on these investments. involve above-average volatility and risk of loss.
The Sub-Fund’s exposure to contingent convertible bonds is limited to • Counterparty • Investment fund
10% of net assets. • Credit • Leverage
Benchmark • Currency • Liquidity
The Sub-Fund is actively managed and seeks to outperform (after • Default • Management
applicable fees) the EONIA (compounded daily) Index (the • Derivatives • Market
“Benchmark”) over the recommended holding period, while offering • Emerging markets • MBS/ABS
controlled risk exposure. The Sub-Fund uses the Benchmark a • Hedging • Operational
posteriori as an indicator for assessing the Sub-Fund's performance and,
as regards the performance fee, as a benchmark used by relevant share • Interest rate • Prepayment and extension
classes, for calculating the performance fees. There are no constraints Risk management method Absolute VaR.
relative to any such Benchmark restraining portfolio construction. For
indicative purposes, given the risk profile, the return is expected to be in Expected gross leverage 1000%.
excess (before applicable fees) of EONIA +1% per annum.
For further information on leverage please see the section
Derivatives Management And Monitoring Of Global Risk Exposure
The Sub-Fund makes extensive use of derivatives to reduce various
risks, for efficient portfolio management and as a way to gain exposure
(long or short) to various assets, markets or other investment
opportunities (including derivatives which focus on credit, interest rates,
foreign exchange, and volatility).
Base currency EUR.

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 1 year.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Who understand the risk of losing some or all of the capital
invested. Switching in/out Permitted (Group B).
• Seeking to increase the value of their investment over the
recommended holding period.

Main Share Classes and Fees

Fees for Share Transactions Annual Fees
Share Minimum Initial Management Administration
Class Currency Investment Purchase (max) Switch (max) (max) (max) Performance

AE EUR — 4.50% 1.00% 0.50% 0.30% 15%

IE EUR USD 500,000 2.50% 1.00% 0.30% 0.10% 15%
RE EUR — 4.50% 1.00% 0.30% 0.30% 15%
Reference for performance fee: EONIA (compounded daily) index. Fee applies only to share class performance that exceeds this reference.
Performance fee measurement period: 1 year period from 1 Jan – 31 Dec.
See “Notes on Sub-Fund Costs” on page 185. Other share classes may be available. For a complete list, go to www.amundi.lu/amundi-funds

170 Amundi Funds SICAV

Absolute Return Forex
Objective and Investment Policy Management Process
Objective The investment team uses economic research and a combination of
fundamental, technical and quantitative models on a 12-month horizon
To achieve a positive return in any type of market condition (absolute to identify investment opportunities on the foreign exchange market. The
return strategy). investment team then constructs a highly diversified portfolio using a
Investments wide range of currency exposure and implementing strategic and tactical
positions, including arbitrage among credit, interest rate and currency
Although the Sub-Fund typically invests most of its assets in money
markets.
market instruments and investment-grade bonds, its performance
comes mainly from investment allocation between various currency Investment Manager Amundi (UK) Limited.
arbitrage strategies. The aim is to capture value from the highly liquid
and fluctuating foreign exchange market. Techniques and instruments
Specifically, the Sub-Fund invests at least 67% of assets in money Please refer to the section More about Derivatives and Techniques for
market instruments and investment-grade bonds that are issued around information regarding the maximum and expected proportions of the
the world and listed in OECD countries. Sub-Fund’s assets that may be subject to securities financing
While complying with the above policies, the Sub-Fund may also invest transactions and total return swaps.
in deposits and up to 10% of net assets in UCITS/UCIs.
There are no currency constraints on these investments. Main Risks
Benchmark See “Risk Descriptions” for more information. The Sub-Fund may
The Sub-Fund is actively managed and seeks to outperform (after involve above-average volatility and risk of loss.
applicable fees) the EONIA (compounded daily) Index (the
“Benchmark”) over the recommended holding period, while offering
controlled risk exposure. The Sub-Fund uses the Benchmark a • Counterparty • Investment fund
posteriori as an indicator for assessing the Sub-Fund's performance and, • Credit • Leverage
as regards the performance fee, as a benchmark used by relevant share • Currency • Liquidity
classes, for calculating the performance fees. There are no constraints
relative to the Benchmark restraining portfolio construction. For indicative • Default • Management
purposes, given the risk profile, the return is expected to be in excess • Derivatives • Market
(before applicable fees) of EONIA +3% per annum. • Emerging markets • Operational
Derivatives • Hedging • Prepayment and extension
• Interest rate
The Sub-Fund makes extensive use of derivatives to reduce various
risks, for efficient portfolio management and as a way to gain exposure Risk management method Absolute VaR.
(long or short) to various assets, markets or other investment
opportunities (including derivatives which focus on foreign exchange,).. Expected gross leverage 1200%.

Base currency EUR. For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

171 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None 0.75% None 15.00% 0.20% A2 0.90%
B None 4.00%1 None 0.50% 1.00% 15.00% 0.20%
C None 1.00%2 None 0.50% 1.00% 15.00% 0.20%
E 4.00% None None 0.40% None 15.00% 0.20% E2 0.60%
F None None None 1.25% None 15.00% 0.20% F2 1.45%
G 3.00% None None 0.60% 0.30% 15.00% 0.20% G2 0.80%
I None None None 0.40% None 15.00% 0.10% I2 0.50%
J None None None 0.40% None 15.00% 0.06% J2 0.50%
M None None None 0.40% None 15.00% 0.10% M2 0.45%
P None None None 0.70% None 15.00% 0.20% P2 0.80%
R None None None 0.65% None 15.00% 0.20% R2 0.75%
T None 2.00%3 None 0.50% 1.00% 15.00% 0.20%
U None 3.00%4 None 0.50% 1.00% 15.00% 0.20%
*
Share Classes A2, E2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees
remain as shown for the corresponding A, E, F, G, I, J, M, P and R Share Class.
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment. 4Decreases
yearly, reaching zero 3 years after investment. Performance fee benchmark EONIA (compounded daily) Index. Performance fee measurement period: 1
year period from 1 Jul- 30 Jun. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

172 Amundi Funds SICAV

Multi-Strategy Growth
Objective and Investment Policy Management Process
Objective The investment manager first constructs a macro strategy portfolio to
provide a return not correlated to any market, and then overlays this with
Seeks to achieve positive returns in excess of cash over a full market an investment strategy to generate excess return. The macro strategy
cycle over the recommended holding period. portfolio consists of any type of equities and bonds from any type of
Investments issuers worldwide and the asset allocation and long or short positioning
are driven by macroeconomic, thematic and regional scenarios. The
The Sub-Fund invests, directly or indirectly, in a broad range of securities excess return strategy principally targets interest rates, equities,
from around the world, including emerging markets. These investments corporate bonds, currencies and commodities. This strategy will take
may include government and corporate bonds of any maturity, equities, advantage of price differentials between correlated financial
convertible bonds and money market securities. The Sub-Fund may instruments, but will also be based on the direction in which a specific
invest up to 100% of its assets in equities and up to 25% in convertible security is heading. A sophisticated process continually assesses risk
bonds (including up to 10% in contingent convertible bonds). The Sub- and performance and determines the allocation among different types of
Fund’s investments will mainly be denominated in euro, other European asset classes..
currencies, U.S. dollars or Japanese yen.
Investment Manager Amundi SGR S.p.A
The Sub-Fund may invest up to 10% of its assets in other UCIs and
UCITS. Techniques and instruments

Benchmark Please refer to the section More about Derivatives and Techniques for
information regarding the maximum and expected proportions of the
The Sub-Fund is actively managed and uses the EONIA (compounded Sub-Fund’s assets that may be subject to securities financing
daily) Index, (the “Benchmark”) a posteriori as an indicator for assessing transactions and total return swaps.
the Sub-Fund's performance and, as regards the performance fee, as a
benchmark used by relevant share classes, for calculating the
performance fees. There are no constraints relative to any such Main Risks
Benchmark restraining portfolio construction. See “Risk Descriptions” for more information.
Derivatives • Counterparty • Interest rate
The Sub-Fund makes use of derivatives to reduce various risks, for • Credit • Investment fund
efficient portfolio management and as a way to gain exposure (long or • Currency • Leverage
short) to various assets, markets or other investment opportunities • Default • Liquidity
(including derivatives which focus on credit, equities, interest rates,
• Derivatives • Management
foreign exchange, volatility and inflation).. The Sub-Fund may use
• Emerging markets • Market
derivatives to gain exposure to loans up to a maximum of 20% of its
assets. • Equity • MBS/ABS
• Hedging • Operational
Base currency EUR
• High yield • Prepayment and extension

Risk management method Absolute VaR.

Expected gross leverage 1500%.
For further information on leverage please see the section
Management And Monitoring Of Global Risk Exposure

Planning Your Investment

See “Investing in the Sub-Funds” for more information. Recommended holding period 5 years.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for
• Who understand the risk of losing some or all of the capital that Valuation Day (D). Settlement occurs not later than D+3
invested. Switching in/out Permitted (Group A).
• Seeking to increase the value of their investment over the
recommended holding period.

See “Investing in the Sub-Funds” for more information. Recommended holding period 1 day to 3 months.
Recommended for retail investors Timing of transactions Requests received and accepted by 14:00
• With a basic knowledge of investing in funds and no or limited CET on a Business Day will ordinarily be processed at the NAV for
experience of investing in the Sub-Fund or similar funds. that Valuation Day (D). Settlement occurs not later than D+3
• Seeking to preserve some or all of the capital invested over the
recommended holding period. Switching in/out Permitted (Group B).

181 Amundi Funds SICAV

Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None None None None 0.10% A2 0.30%
B None 4.00%1 None 0.19% 1.00% None 0.10%
C None 1.00%2 None 0.19% 1.00% None 0.10%
F None None None None None None 0.10% F2 0.30%
G 3.00% None None None None None 0.10% G2 0.30%
I None None None None None None 0.10% I2 0.12%
J None None None None None None 0.06% J2 0.12%
M None None None None None None 0.10% M2 0.10%
P None None None None None None 0.10% P2 0.30%
R None None None None None None 0.10% R2 0.20%
T None 2.00%3 None 0.19% 1.00% None 0.10%
U None 3.00%4 None 0.19% 1.00% None 0.10%
*
Share Classes A2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees remain
as shown for the corresponding A, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund).
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

182 Amundi Funds SICAV

Cash USD
Type of Money Market Sub-Fund Management Process
The Sub-Fund qualifies as a standard variable net asset value MMF Sub- The investment team uses both technical and fundamental analysis,
Fund under the MMF Regulation. including credit analysis, to select issuers and short term private securities
(bottom-up) while constructing a high quality portfolio with a strong focus
on liquidity and risk management.
Objective and Investment Policy Investment Manager Amundi Asset Management.
Objective
Techniques and instruments
To offer returns in line with money markets rates.
Please refer to the section More about Derivatives and Techniques for
Investments information regarding the maximum and expected proportions of the Sub-
The Sub-Fund invests in short term assets and, more precisely, mainly in Fund’s assets that may be subject to securities financing transactions and
money market instruments that are denominated in US dollar or hedged total return swaps.
against the US dollar.
Specifically, the Sub-Fund invests at least 67% of assets in money market
instruments (including ABCPs). The Sub-Fund maintains within its
Main Risks
portfolio a WAM of 90 days or less. See “Risk Descriptions” for more information. The Sub-Fund may
The Sub-Fund does not invest more than 30% of assets in money involve above-average volatility and risk of loss.
market instruments issued or guaranteed by any nation, public local • Counterparty • Investment fund
authority within the EU, or an international body to which at least one EU • Credit • Low interest rate
member belongs.
• Default • Liquidity
The Sub-Fund may invest up to 10% of net assets in units/shares of other
• Derivatives • Management
MMFs.
• ESG Investment Risk • Market
Benchmark • Hedging • Money Market Fund
The Sub-Fund is actively managed and seeks to achieve a stable • Interest rate • Operational
performance in line with the Compounded Effective Federal Funds Rate
Index (the “Benchmark”8). The Sub-Fund may use the Benchmark a Risk management method Commitment.
posteriori as an indicator for assessing the Sub-Fund's performance.
There are no constraints relative to the Benchmark restraining portfolio Rating
construction. Further and as from 1 January 2021, the Sub-Fund seeks The Fund has not solicited an external credit rating for the Sub-Fund
to achieve an ESG score of its portfolio greater than that of its investment
universe .
Derivatives
The Sub-Fund may use derivatives for hedging purposes.
Base currency USD.

Planning Your Investment

See “Investing in the Sub-Funds” for more information.
Recommended holding period 1 day to 3 months.
Recommended for retail investors
• With a basic knowledge of investing in funds and no or limited Timing of transactions Requests received and accepted by 14:00
experience of investing in the Sub-Fund or similar funds. CET on a Business Day will ordinarily be processed at the NAV for
• Seeking to preserve some or all of the capital invested over the that Valuation Day (D). Settlement occurs not later than D+3
recommended holding period.
Switching in/out Permitted (group C).

8
Effective as from 1 March 2021 and replacing the previous
Benchmark “USD Libor 3-month Rate”
183 Amundi Funds SICAV
Main Share Classes and Fees
Entry charge CDSC Exit charge Management Distribution Performance Administration Share Management
Class (Max) (Max) (Max) Fee (Max) Fee (Max) Fee (Max) Fee (Max) Class Fee (Max)
A 4.50% None None None None None 0.10% A2 0.30%
B None 4.00%1 None 0.30% 1.00% None 0.10%
C None 1.00%2 None 0.30% 1.00% None 0.10%
F None None None None None None 0.10% F2 0.30%
G 3.0%% None None None None None 0.10% G2 0.30%
I None None None None None None 0.10% I2 0.12%
J None None None None None None 0.06% J2 0.12%
M None None None None None None 0.10% M2 0.10%
P None None None None None None 0.10% P2 0.25%
R None None None None None None 0.10% R2 0.15%
T None 2.00%3 None 0.30% 1.00% None 0.10%
U None 3.00%4 None 0.30% 1.00% None 0.10%
*
Share Classes A2, F2, G2, I2, J2, M2, P2 and R2 Share Classes carry no performance fee and all charges other than management and performance fees remain
as shown for the corresponding A, F, G, I, J, M, P and R Share Class (which are not available for this Sub-Fund).
1
Decreases yearly, reaching zero 4 years after investment. 2Zero after 1 year of investment. 3Decreases yearly, reaching zero 2 years after investment.
4
Decreases yearly, reaching zero 3 years after investment. For a complete list of share classes available, go to www.amundi.lu/amundi-funds.

184 Amundi Funds SICAV

NOTES ON SUB-FUND COSTS
General The charges you pay as an investor in the sub-fund go to cover sub-fund operating costs, including marketing and distribution costs. These
ongoing charges reduce the performance of your investment.
One-off charges taken before or after you invest These are deducted from your investment or your redemption proceeds, and are paid to sales
agents and authorised intermediaries. The fees shown are maximums. To find out the actual fee for a transaction, contact your financial adviser or the
transfer agent (see page 222).
Charges taken from the sub-fund over a year These charges are the same for all shareholders of a given share class.
Performance fee This fee is charged only when a share class of a sub-fund outperforms its stated performance fee reference indicator over the
performance fee measurement period (and, in the case of Class A3 Shares, higher than their respective High Water Mark). The fee is equal to the
performance fee percentage (as stated for each sub-fund and share class) multiplied by the amount of the outperformance.
The reference indicator is, in principle, a replica of the fund except that its portfolio performance is equal to the benchmark performance over the performance
fee measurement period.
A High Water Mark is defined as the highest NAV per Share in any preceding period in respect of which a performance fee for the relvant Share was
calculated and paid.
One of the two following performance fee measurement periods may apply :
the 1/3 year(s) period
the standard period is 12 months. If any performance fee is due at the end of a measurement period, the fee is paid and a new measurement period
begins. If no fee is due at the end of a measurement period, the period is extended to include a second 12-month period. If, at the end of this second
period there is still no performance fee due, the period can be extended to include a third 12-month period (total of 36 months). After three periods, a new
measurement period begins, regardless of whether any performance fee is due or not. All share classes of a sub-fund will have the same performance
fee measurement period.
The 1 year period
the period is 12 months and begins, regardless of whether any performance fee was due or not at the end of the preceding period.
The performance fee accrues daily as part of the NAV calculation. During the measurement period, previously accrued fees are canceled out by any
subsequent underperformance. However, when distributions or redemption proceeds are paid out during a performance fee period, any performance fee
that has accrued as of that point is considered earned. Thus if you redeem your shares or receive a cash distribution when there is an accrued performance
fee, your share of the accrued fee will be deducted from the amount you receive. The accrued performance fee is paid to the Management Company at
the end of the performance period.
Because different share classes may have different NAVs, the actual performance fees paid may vary by share class. For distributing shares, any
distributions paid out are counted as part of performance for purposes of performance fee calculation.

185 Amundi Funds SICAV

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY

Since its creation, Amundi has put responsible investment and corporate Euroland Equity
responsibility as one of its founding pillars, based on the conviction that European Equity ESG Improvers
economic and financial actors have a greater responsibility towards Euroland Equity Small Cap
sustainable society and that ESG is a long-term driver of financial European Equity Green Impact
performance. European Equity Value
European Equity Sustainable Income
Amundi considers that, in addition to economic and financial aspects, the European Equity Small Cap.
integration within the investment decision process of ESG dimensions European Equity Conservative
allows a more comprehensive assessment of investment risks and
opportunities. Euroland Equity Dynamic Multi Factors
Euroland Equity Risk Parity
In addition to ESG integration, Amundi applies targeted exclusion European Equity Dynamic Multi Factors
policies to all Amundi’s active investing strategies by excluding European Equity Risk Parity
companies in contradiction with the ESG policy, such as those which do Global Equity Conservative
not respecting international conventions, internationally recognized Global Equity Dynamic Multi Factors
frameworks or national regulations. Pioneer US Equity ESG Improvers
Euro Corporate Bond
Amundi has developed its own in-house ESG rating process based on Euro Corporate Short Term Bond
the “Best-in-class” approach. Ratings adapted to each sector of activity
European Convertible Bond
aim to assess the dynamics in which companies operate.
ESG rating and analysis is performed within the ESG analysis team of Global Convertible Bond
Amundi, which is also used as an independent and complementary input Global Ecology ESG
into the decision process. Global Equity Sustainable Income
Global Corporate Bond
The Amundi ESG rating is a ESG quantitative score translated into Multi-Asset Sustainable Future
seven grades, ranging from A (the best scores universe) to G (the worst). Top European Players
In the Amundi ESG Rating scale, the securities belonging to the Total Hybrid Bond
exclusion list correspond to a G. Cash EUR
Cash USD
The ESG rating aims to measure the ESG performance of an issuer,
e.g. its ability to anticipate and manage the Environmental, Social and
Governance risks and opportunities inherent to its industry and to its Further, unless otherwise specified in the investment policy of a Sub-
individual circumstances. The ESG rating also assess the ability of the Fund, all sub-funds of Amundi Funds exclude all issuers specified in the
management team to handle severe controversies. This issuer’s ESG exclusion list of the ESG Policy as outlined above.
performance is assessed by comparison with the average performance
of its industry, through the three ESG dimensions:
1. Environmental dimension: this examines issuers’ ability to
control their direct and indirect environmental impact, by
limiting their energy consumption, reducing their greenhouse
emissions, fighting resource depletion and protecting
biodiversity. It also judges an issuer’s contribution to building
a positive ecology in the territories in which it operates.
2. Social dimension: this measures how an issuer operates on
two distinct concepts: the issuer’s strategy to develop its
human capital and the respect of human rights in general. The
social dimension also assesses the contribution of the issuer
to the stability of the societies where it operates.
3. Governance dimension: This assesses capability of issuer’s
management to set a collaborative process involving all
stakeholders, to ensure it will meet its objectives and generate
value over the long-term.

The way in which and the extent to which ESG analyses are integrated,
for example based on ESG scores, are determined separately for each
Amundi Funds Sub-Fund by the asset manager.

Additional explanations on “ESG Risk” are provided under “Risk

Descriptions”. More detailed information including Amundi’s ESG
policies and rating methodology are available at www.amundi.com

ESG Investment Objectives

The Sub-Funds listed below integrate ESG factors in their investment

process as outlined above and in addition aim to achieve an ESG score
of the portfolio above the ESG score of its benchmark or investment
universe (where there is no benchmark). The ESG portfolio score is the
AUM-weighted average of the issuers’ ESG score based on Amundi
ESG scoring model.

186 Amundi Funds SICAV

RISK DESCRIPTIONS

All investments involve risk. The risks of some of these sub-funds may could become unwilling or unable to meet its obligations to the sub-fund.
be comparatively high. Country risk — China In China, it is uncertain whether a court would
The risk descriptions below correspond to the risk factors named in the protect the sub-fund’s right to securities it may purchase via the
information about the sub-funds. To permit the risks to be read properly Shanghai-Hong Kong Stock Connect or other programs, whose
in connection with any sub-fund’s named risks, each risk is described as regulations are untested and subject to change. The structure of these
for an individual sub-fund. schemes does not require full accountability of some of its component
The risk information in this prospectus is intended to give an idea of the entities and leaves investors such as the sub-fund with relatively little
main and material risks associated with each sub-fund. standing to take legal action in China. In addition, the Security exchanges
Any of these risks could cause a sub-fund to lose money, to perform less in China may tax or limit short-swing profits, recall eligible stocks, set
well than similar investments, to experience high volatility (ups and maximum trading volumes (at the investor level or at the market level) or
downs in NAV), or to fail to meet its objective over any period of time. may otherwise limit or delay trading.
Benchmark and Sub-Fund performance risk Investors should note Country risk — MENA countries MENA countries may have
that any sub-fund whose objective is to outperform a given reference particularly high levels of emerging market risks. Due to political and
benchmark in adopting an active management process will , at certain economic situation in Middle East and North Africa, markets of MENA
points in time, achieve a return close and very similar to the relevant countries have a comparatively high-risk of instability that may result from
benchmark due to a variety of circumstances that may among other factors such as government or military intervention, or civil unrest. MENA
include a narrow investment universe which offers more limited markets may remain closed for days at a time (due to religious
opportunities in terms of securities acquisition compared to those celebrations, for instance), and the exact dates of market closure may
represented in the benchmark, the chosen degree of risk exposure not be known in advance.
depending on market circumstances or environment, a wide spread Country risk — Russia Investing in Russia involves particular risks.
portfolio investing in a large number of securities or the current liquidity Risks associated with custody ownership and counterparties are higher
conditions than in EU Members States. For example, Russian custodial institutions
Collateral management Counterparty risk arising from investments in may not have adequate insurance to cover losses due to theft,
OTC financial derivative instruments (including TRS) and securities destruction or default. The Russian securities market may also suffer
lending transactions, securities borrowing transactions, reverse from impaired efficiency and liquidity, which may exacerbate price
repurchase agreements and repurchase agreements is generally volatility and market disruptions.
mitigated by the transfer or pledge of collateral in favor of the sub-fund. If Those Russian Transferable Securities and Money Market Instruments
a counterparty defaults, the sub-fund may need to sell non-cash that are not listed on stock exchanges or traded on a Regulated Market
collateral received at prevailing market prices in which case the sub-fund (within the meaning of the 2010 Law), are limited to 10% of the assets of
could realise a loss. any given Sub-Fund. However, the Russian Trading System and the
The sub-fund may also incur a loss in reinvesting cash collateral Moscow Interbank Currency Exchange are recognised as Regulated
received, where permitted due to a decline in the value of the Markets, and thus investments in Transferable Securities and Money
investments made. Market Instruments that are listed or traded on those markets are not
Commodity-Related Investments Commodity values can be highly limited to 10% of the assets of the relevant Sub-Funds. This does not
volatile, in part because they can be affected by many factors, such as mean they are free from the risks mentioned in the previous paragraph,
changes in interest rates, changes in supply and demand, extreme or from a generally higher degree of risk than, for example, comparable
weather, agricultural diseases, trade policies and political and regulatory European or US securities.
developments. Credit risk A bond or money market security could lose value if the
Concentration risk To the extent that the sub-fund invests a large issuer’s financial health deteriorates.
portion of its assets in a limited number of industries, sectors, or issuers,
or within a limited geographical area, it can be more risky than a fund that If the financial health of the issuer of a bond or money market security
invests more broadly. weakens, or if the market believes it may weaken, the value of the bond
or money market security may fall. The lower the credit quality of the
When a sub-fund invests a large portion of its assets in a particular debt, the greater the credit risk.
issuer, industry, type of bond, country or region, or in a series of closely
interconnected economies, its performance will be more strongly In some cases an individual issuer could go into default (see “Default
affected by any business, economic, financial, market or political risk” under “Risks of Unusual Market Conditions”), even though ordinary
conditions affecting the area of concentration. This can mean both higher conditions prevail in the general market.
volatility and a greater risk of loss. Custody risk Assets of the Funds are safe kept by the Depositary and
Contingent Convertible Bonds (Cocos) risk These include risks Shareholders are exposed to the risk of the Depositary not being able to
related to the characteristics of these almost perpetual securities: fully meet its obligation to restitute in a short time frame all of the assets
Coupon cancellation, partial or total reduction in the value of the security, of the Funds in the case of bankruptcy of the Depositary. Securities of
conversion of the bond into equity, reimbursement of principal and the Funds will normally be identified in the Depositary's books as
coupon payments "subordinate" to those of other creditors with senior belonging to the Funds and segregated from other assets of the
bonds, the possibility to call during life at predetermined levels or to Depositary which mitigates but does not exclude the risk of non
extend the call. These conditions can be triggered, in whole or part, either restitution in case of bankruptcy. However, no such segregation applies
due to financial ratios at level of the issuer or by discretionary and to cash which increases the risk of non restitution of cash in case of
arbitrary decision of the latter or with the approval of the competent bankruptcy. The Depositary does not keep all the assets of the Funds
supervisory authority. Such securities are also innovative, yet untested itself but uses a network of sub-despoitaries which are not necessarily
and may therefore be subject to reaction of the market that may not be part of the same group of companies as the Depositary. Shareholders
anticipated and that may affect their valuation and liquidity. The attractive are exposed to the risk of bankruptcy of the sub-despoitaries, to the
yield offered by such securities compared to similarly rated debts may extent that the Depositary may face difficulties ensuring the restitution of
be the result of investors’ undervalued risk assessment and capacity to the securities to the Fund in all or in part or a timely manner. The Funds
face adverse events. Occurrence of any such risks may cause a may invest in markets which custodial and/or settlement systems are not
decrease in the net asset value. fully developed and is thus exposed to additional risks.
Counterparty risk An entity with which the sub-fund does business Currency risk Changes in currency exchange rates could reduce
investment gains or increase investment losses, in some cases
187 Amundi Funds SICAV
significantly. investment strategy without ESG criteria. The selection of assets may
Exchange rates can change rapidly and unpredictably, and it may be rely on a proprietary ESG scoring process that relies partially on third
difficult for the sub-fund to unwind its exposure to a given currency in time party data. Data provided by third parties may be incomplete, inaccurate
to avoid losses. or unavailable and as a result, there is a risk that the Investment Adviser
Derivatives risk Certain derivatives could behave unexpectedly or may incorrectly assess a security or issuer.
could expose the sub-fund to losses that are significantly greater than
the cost of the derivative. Exchange-traded derivatives While exchange-traded derivatives are
Derivatives in general are highly volatile and do not carry any voting generally considered lower-risk than OTC derivatives, there is still the
rights. The pricing and volatility of many derivatives (especially credit risk that a suspension of trading in derivatives or in their underlying
default swaps) may diverge from strictly reflecting the pricing or volatility assets could make it impossible for the sub-fund to realise gains or avoid
of their underlying reference(s). In difficult market conditions, it may be losses, which in turn could cause a delay in handling redemptions of
impossible or unfeasible to place orders that would limit or offset the shares. There is also a risk that settlement of exchange-traded
market exposure or losses created by certain derivatives. derivatives through a transfer system may not happen when or as
OTC derivatives Because OTC derivatives are in essence private expected.
agreements between the sub-fund and one or more counterparties, they Default risk The issuers of certain bonds could become unable to make
are less highly regulated than market-traded securities. OTC derivatives payments on their bonds
carry greater counterparty risk and liquidity risk, and it may be more Defensive stance risk The more the current NAV gets close to the
difficult to force a counterparty to honor its obligations to the sub-fund. guaranteed NAV, the more the sub-fund seeks to preserve capital by
The list of counterparties contracts will be available in the annual report. reducing or eliminating its exposure to dynamic investments and by
This counterparty default risk is limited by the regulatory OTC derivatives investing in more conservative investments. This reduces or eliminates
counterparty limits. Mitigation techniques aiming to limit this risk are the sub-fund’s ability to benefit from any future value increases.
used, such as collateral policy or resets in contracts for difference. Emerging markets risk Emerging markets are less established than
If a counterparty ceases to offer a derivative that the sub-fund had been developed markets and therefore involve higher risks, particularly
planning on using, the sub-fund may not be able to find a comparable market, liquidity, currency risks and interest rate risks, and the risk of
derivative elsewhere and may miss an opportunity for gain or find itself higher volatility.
unexpectedly exposed to risks or losses, including losses from a Reasons for this higher risk may include:
derivative position for which it was unable to buy an offsetting derivative.
• political, economic, or social instability
Because it is generally impractical for the SICAV to divide its OTC
• fiscal mismanagement or inflationary policies
derivative transactions among a wide variety of counterparties, a decline
in the financial health of any one counterparty could cause significant • unfavorable changes in regulations and laws and uncertainty about
losses. Conversely, if any sub-fund experiences any financial weakness their interpretation
or fails to meet an obligation, counterparties could become unwilling to • failure to enforce laws or regulations, or to recognise the rights of
do business with the SICAV, which could leave the SICAV unable to investors as understood in developed markets
operate efficiently and competitively.ESG Risk • excessive fees, trading costs or taxation, or outright seizure of assets
ESG refers to “environmental, social and governance” criteria, which are • rules or practices that place outside investors at a disadvantage
three central factors used in measuring the sustainability and ethical • incomplete, misleading, or inaccurate information about securities
impact of an investment in securities of an issuer. ESG Risks include issuers
those related to climate change impacts mitigation and adaptation,
environmental management practices and duty of care, working and • lack of uniform accounting, auditing and financial reporting standards
safety condition, respect for human rights, anti-bribery and corruption • manipulation of market prices by large investors
practices, and compliance to relevant laws and regulations. Responsible • arbitrary delays and market closures
investment should also consider the impacts of megatrends (e.g. climate • fraud, corruption and error
change), and emerging regulations or voluntary guidelines, as well as
Emerging markets countries may restrict securities ownership by
the requirements of wider stakeholders for transparency. Unless
outsiders or may have less regulated custody practices, leaving the sub-
otherwise specified in the investment policy of a Sub-Fund, all sub-funds
fund more vulnerable to losses and less able to pursue recourse.
of Amundi Funds exclude all issuers specified in the exclusion list of the
Amundi ESG Policy. In countries where, either because of regulations or for efficiency, the
sub-fund uses depository receipts (tradable certificates issued by the
actual owner of the underlying securities), P-notes or similar instruments
ESG Investment Risk
to gain investment exposure, the sub-fund takes on risks that are not
Sub-Funds will use certain ESG criteria in their investment strategies. present with direct investment. These instruments involve counterparty
ESG investment risk is the risk that because investments are selected risk (since they depend on the creditworthiness of the issuer) and liquidity
for reasons which are not only financial, the Sub-Fund may risk, may trade at prices that are below the value of their underlying
underperform the broader market or other funds that do not utilize ESG securities, and may fail to pass along to the sub-fund some of the rights
criteria when selecting investments and/or could cause the Sub-Fund to (such as voting rights) it would have if it owned the underlying securities
sell for ESG related concerns equities that both are performing and directly.
subsequently perform well. ESG investing is to a degree subjective and
To the extent that emerging markets are in different time zones from
there is no guarantee that all investments made by the Sub-Fund will
Luxembourg, the sub-fund might not be able to react in a timely fashion
reflect the beliefs or values of any particular investor.
to price movements that occur during hours when the sub- fund is not
Exclusion or disposal of securities of companiesissuers that do not meet open for business.
certain ESG criteria from the Sub-Fund’s investment universe may
For purposes of risk, the category of emerging markets includes markets
cause the Sub-Fund to perform differently compared to similar funds that
that are less developed, such as most countries in Asia, Africa, South
do not have such a policy.
America and Eastern Europe, as well as countries that have successful
Sub-Funds will vote proxies in a manner that is consistent with the economies but may not offer the same level of investor protection as
relevant ESG exclusionary criteria, which may not always be consistent exists in, for example, Western Europe, the US and Japan.
with maximising the short-term performance of the relevant issuer.
Equity risk Equities can lose value rapidly, and typically involve higher
Further information relating to Amundi’s ESG voting policy may be found
risks than bonds or money market instruments.
at www.amundi.com
If a company goes through bankruptcy or a similar financial restructuring,
Sub-Funds have an investment universe which is limited to assets that
its equities may lose most or all of their value.
meet specific criteria either through ban lists or ESG scores. As a result,
performance may be different from a fund implementing a similar Guarantee limitations risk The sub-fund’s guarantee may not cover
all of your investment, may extend only for a limited amount of time and
188 Amundi Funds SICAV
may be altered at defined reset points. repay repurchase proceeds by the deadline stated in the prospectus. To
Hedging risk Any attempts to hedge (reduce or eliminate certain risks) the extent that the sub-fund uses derivatives to increase its net exposure
may not work as intended, and to the extent that they do work, they will to any market, rate, basket of securities or other financial reference
generally eliminate potentials for gain along with risks of loss. source, fluctuations in the price of the reference source will be amplified
Any measures that the sub-fund takes that are designed to offset specific at the sub-fund level.
risks may work imperfectly, may not be feasible at times, or may fail Low interest rate risk When interest rates are low, the yield on money
completely. To the extent that no hedge exists, the sub-fund or share market instruments and other short-term investments may not be
class will be exposed to all risks that the hedge would have protected enough to cover the sub-fund’s management and operating costs,
against. leading to a decline in the value of the sub-fund.
The sub-fund may use hedging within its portfolio. With respect to any Management risk The sub-fund’s management team may be wrong
designated share classes, the sub-fund may hedge either the currency in its analysis, assumptions, or projections.
exposure of the class (relative to the currency exposure(s) of the relevant This includes projections concerning industry, market, economic,
portfolio or reference currency) . Hedging involves costs, which reduce demographic, or other trends.
investment performance. Market risk Prices of many securities change continuously, and can fall
High Yield risk : The high yield debt securities involve special based on a wide variety of factors.
considerations and risks, including the risks associated with international Examples of these factors include:
investing generally, such as currency fluctuations, the risks of investing
• political and economic news
in countries with smaller capital markets, limited liquidity, price volatility
and restrictions on foreign investment. • government policy
Investment in high yield debt securities is subject to risks of interest rate, • changes in technology and business practices
currency, market, credit and security. Compared to investment-grade • changes in demographics, cultures and populations
bonds, the high yield bonds are normally lower-rated securities and will • natural or human-caused disasters
usually offer higher yields to compensate for the reduced • weather and climate patterns
creditworthiness or increased risk of default that these securities carry.
• scientific or investigative discoveries
Interest rate risk When interest rates rise, bond values generally fall.
This risk is generally greater the longer the maturity of a bond investment. • costs and availability of energy, commodities and natural resources
Investment fund risk As with any investment fund, investing in the The effects of market risk can be immediate or gradual, short-term or
sub-fund involves certain risks an investor would not face if investing in long-term, narrow or broad.
markets directly: In particular, commodity market risk may experience significant, sudden
price variations that have a direct effect on the valuation of shares and
• the actions of other investors, in particular sudden large outflows of
securities that equate to the shares in which a sub-fund may invest
cash, could interfere with orderly management of the sub-fund and
and/or indices that a sub-fund may be exposed to.
cause its NAV to fall
Moreover, the underlying assets may evolve in a markedly different way
• the investor cannot direct or influence how money is invested while it
from traditional securities markets (equity markets, bond markets etc.)
is in the sub-fund
MBS / ABS risk Mortgage-backed and asset-backed securities (MBSs
• the sub-fund’s buying and selling of investments may not be optimal
and ABSs) typically carry prepayment and extension risk and can carry
for the tax efficiency of any given investor
above-average liquidity, credit and interest rate risks.
• the sub-fund is subject to various investment laws and regulations that
MBSs (a category that includes collateralised mortgage obligations, or
limit the use of certain securities and investment techniques that might
CMOs) and ABSs represent an interest in a pool of debt, such as credit
improve performance; to the extent that the sub-fund decides to
card receivables, auto loans, student loans, equipment leases, home
register in jurisdictions that impose narrower limits, this decision could
mortgages and home equity loans.
further limit its investment activities
When interest rates fall, these securities are often paid off early, as the
• because the sub-fund is based in Luxembourg, any protections that mortgage-holders and other borrowers refinance the debt underlying the
would have been provided by other regulators (including, for investors
security. When interest rates rise, the borrowers of the underlying debt
outside Luxembourg, those of their home regulator) may not apply
tend not to refinance their low-interest debt.
• because sub-fund shares are not publicly traded, the only option for MBSs and ABSs also tend to be of lower credit quality than many other
liquidating shares is generally redemption, which could be subject to
types of debt securities. To the extent that the debts underlying an MBS
delays and any other redemption policies set by the sub-fund
or ABS go into default or become uncollectable, the securities based on
• to the extent that the sub-fund invests in other UCITS / UCIs, it may those debts will lose some or all of their value.
incur a second layer of investment fees, which will further erode any
Money Market Fund Risk A Money Market Fund differs from an
investment gains
investment in deposits. A Money Market Fund is not a guaranteed
• to the extent that the sub-fund uses efficient portfolio management investment and the principal invested in any Money Market Fund is
techniques, such as securities lending, repurchase transactions and capable of fluctuation. As a consequence, the risk of loss of the principal
reverse repurchase transactions, and in particular if it reinvests is to be borne by the Shareholders. Finally, the Fund does not rely on
collateral associated with these techniques, the sub-fund takes on external support for guaranteeing the liquidity of any MMF or stabilising
counterparty, liquidity, custody (e.g. of the assets’ segregation) and the NAV per unit or share.
operational, risks, which can have an impact on the performance of Operational risk In any country, but especially in emerging markets,
the sub-fund concerned. there could be losses due to errors, service disruptions or other failures,
• the investment manager or its designees may at times find their as well as fraud, corruption, electronic crime, instability, terrorism or other
obligations to the sub-fund to be in conflict with their obligations to other irregular events. Operational risks may subject the sub-fund to errors
investment portfolios they manage (although in such cases, all affecting valuation, pricing, accounting, tax reporting, financial reporting,
portfolios will be dealt with equitably) and trading, among other things. Operational risks may go undetected
Legal risk The characterization of a transaction or a party’s legal for long periods of time, and even if they are detected it may prove
capacity to enter into it could render the financial contract impractical to recover prompt or adequate compensation from those
unenforceable and the insolvency or bankruptcy of a counterparty responsible
could pre-empt otherwise enforceable contract rights. Prepayment and extension risk Any unexpected behaviour in
Leverage risk The sub-fund’s net exposure above the sub-fund net interest rates could hurt the performance of callable debt securities
asset value makes its share price more volatile. (securities whose issuers have the right to pay off the security’s principal
Liquidity risk Any security could become hard to value or to sell at a before the maturity date).
desired time and price. Liquidity risk could affect the sub-fund’s ability to When interest rates fall, issuers tend to pay off these securities and re-
189 Amundi Funds SICAV
issue new ones at lower interest rates. When this happens, the sub-fund
may have no alternative but to reinvest the money from these prepaid
securities at a lower rate of interest (“prepayment risk”).
At the same time, when interest rates rise, borrowers tend not to prepay
their low-interest mortgages. This may lead the sub-fund to receiving
below-market yields until interest rates fall or the securities mature
(“extension risk”). It can also mean that the sub-fund must either sell the
securities at a loss or forgo the opportunity to make other investments
that may turn out to have performed better.
The prices and yields of callable securities typically reflect the
assumption that they will be paid off at a certain point before maturity. If
this prepayment happens when expected, the sub-fund generally will not
suffer any adverse effects. However, if it happens substantially earlier or
later than expected, it can mean that the sub-fund effectively overpaid
for the securities. Other factors as well can affect when or if an individual
security is prepaid, including the presence or absence of any optional
redemption and mandatory prepayment features, the default rate of the
underlying assets and the nature of any turnover in the underlying
assets.
Prepayment and extension considerations can also affect the sub-fund’s
duration, increasing or decreasing sensitivity to interest rates in
undesired ways. In some circumstances, the failure of rates to rise or fall
when anticipated could cause prepayment or extension risks as well.
Real estate investments risk Real estate and related investments
can be hurt by any factor that makes an area or individual property less
valuable.
Specifically, investments in real estate holdings or related businesses or
securities (including interests in mortgages) can be hurt by natural
disasters, economic declines, overbuilding, zoning changes, tax
increases, population or lifestyle trends, environmental contamination,
defaults on mortgages, failures of management, and other factors that
may affect the market value or cash flow of the investment.
Small and mid-cap stock risk Stocks of small and mid-size
companies can be more volatile than stocks of larger companies.
Small and mid-size companies often have fewer financial resources,
shorter operating histories, and less diverse business lines, and as a
result can be at greater risk of bankruptcy or other long-term or
permanent business setbacks. Initial public offerings (IPOs) can be
highly volatile and can be hard to evaluate because of a lack of trading
history and relative lack of public information.
Volatility risk Changes in the volatility patterns of relevant markets
could create sudden and/or material changes in the sub-fund’s share
price.

190 Amundi Funds SICAV

MANAGEMENT AND MONITORING OF GLOBAL RISK EXPOSURE

The Management Company uses a risk-management process, approved and supervised by its board, that enables it to monitor and measure the overall
risk profile of each sub-fund. Risk calculations are performed every trading day.
There are three possible risk measurement approaches, as described below. The Management Company chooses which approach each sub-fund will
use, based on the sub-fund’s investment strategy. Where a sub-fund’s use of derivatives is mostly for hedging and efficient portfolio management purposes,
the commitment method is usually used. Where a sub-fund may use derivatives extensively, Absolute VaR is usually used, unless the sub-fund is managed
with respect to a benchmark, in which case Relative VaR is used.
The board can require a sub-fund to use an additional approach (for reference only, however, not for purposes of determining compliance), and can change
the approach if it believes the current method no longer adequately expresses the sub-fund’s overall market exposure.

Approach Description

Absolute Value-at- The sub-fund seeks to estimate the maximum loss it could experience in a month (meaning 20 trading days), and requires that
Risk (Absolute VaR) 99% of the time, the sub-fund’s worst outcome is no worse than a 20% decline in net asset value.

Relative Value-at- The sub-fund seeks to estimate the maximum loss it could experience beyond the estimated maximum loss of a benchmark
Risk (Relative VaR) (typically an appropriate market index or combination of indexes). The sub-fund calculates the amount that, with 99% certainty,
is the limit for how much the sub-fund could underperform the benchmark over a month (20 trading days). The absolute VaR of
the sub-fund cannot exceed twice that of the benchmark.

Commitment The sub-fund calculates all derivatives exposures as if they were direct investments in the underlying positions. This allows the
sub-fund to include the effects of any hedging or offsetting positions as well as positions taken for efficient portfolio
management. A sub-fund using this approach must ensure that its overall market exposure from derivatives commitments does
not exceed 210% of total assets (100% from direct investment, 100% from derivatives and 10% from borrowings).

Any sub-fund that uses the Absolute or Relative VaR approaches must also calculate its expected gross leverage, which is stated in “Sub-Fund
Descriptions”. Under certain circumstances, gross leverage might exceed this percentage. This percentage of leverage might not reflect adequately the risk
profile of the Sub-Funds and should be read in conjunction with the investment policy and objectives of the sub-funds. Gross leverage is a measure of total
derivative usage and is calculated as the sum of the notional exposure of the derivatives used, without any netting that would allow opposite positions to be
considered as cancelling each other out. As the calculation neither takes into account whether a particular derivative increases or decreases investment
risk, nor takes into account the varying sensitivities of the notional exposure of the derivatives to market movements, this may not be representative of the
actual level of investment risk within a sub-fund. The mix of derivatives and the purposes of any derivative’s use may vary with market conditions.
For purposes of compliance and risk monitoring, any derivatives embedded in transferable securities or money market instrument count as derivatives, and
any exposure to transferable securities or money market instruments gained through derivatives (except for index-based derivatives) counts as investment
in those securities or instruments.
Derivatives contracts carry significant counterparty risk. Although the sub-funds use various techniques to mitigate exposure to counterparty risk, this risk is
still present and could affect investment results. Counterparties used by the SICAV are identified in the annual report.
BENCHMARK DISCLOSURE
For a complete list of benchmarks currently referred to in this Prospectus and (i) provided by benchmark administrators who are availing of the transitional
arrangements afforded under Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks
in financial instruments and financial contracts or to measure the performance of investment funds (the "Benchmark Regulation") and accordingly do not
appear on the register of administrators and benchmarks maintained by ESMA pursuant to article 36 of the Benchmark Regulation or (ii) provided by
benchmark administrators mentioned in the register referred to in article 36 of the Benchmarks Regulation as administrator authorised pursuant to article
34 of the Benchmarks Regulation, go to www.amundi.lu/Amundi-Funds.
The Management Company has adopted a written plan setting out actions, which it will take with respect to the sub-funds in the event that any benchmark
materially changes or ceases to be provided (the "Contingency Plan"), as required by article 28(2) of the Benchmark Regulation. A copy of the Contingency
Plan may be obtained, free of charge, and upon request at the registered office of the Company and the Management Company.

GENERAL INVESTMENT POLICIES

Each sub-fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, technical
standards and other requirements. This section presents, in synthesised form, the portfolio management requirements of the 2010 law, the main law
governing the operation of a UCITS, the MMF Regulation, governing the operation of theMMF Sub-Funds as well as the ESMA requirements for risk
monitoring and management. In case of any discrepancy the law itself (which is in French) would prevail.
In the case of any detected violation of the 2010 law or, if applicable the MMF Regulation the appropriate sub-fund(s) must comply with the relevant policies
a priority in its securities trades and management decisions, taking due account of the interests of its shareholders. Except where noted, all percentages
and restrictions apply to each sub-fund individually.
RULES RELATED TO SUB-FUNDS OTHER THAN MMF SUB-FUNDS
Permitted securities and transactions
The table below describes the types of securities and transactions that are allowable to any UCITS under the 2010 law. Most sub-funds set limits that are
more restrictive in one way or another, based on their investment objectives and strategy. No sub-fund will make use of the investments described in Rows
6 and 9 except as described in “Sub-Fund Descriptions”. A sub-fund’s usage of a security or technique must be consistent with its investment policies and
restrictions. A sub-fund that invests or is marketed in jurisdictions outside the EU may be subject to further requirements (not described here) from regulators
in those jurisdictions.
A sub-fund does not need to comply with investment limits when exercising subscription rights, so long as any violations are corrected as described above.

191 Amundi Funds SICAV

Security / Transaction Requirements

1. Transferable securities Must be listed or dealt on an official stock exchange in Recently issued securities must pledge to seek a listing
and money market an eligible state, or must trade in a regulated market in on a stock exchange or regulated market in an eligible
instruments an eligible state that operates regularly, is recognised, state and must receive it within 12 months of issue.
and is open to the public.

2. Money market Must be subject (either at the securities level or the Can also qualify if issuer belongs to a category
instruments that do issuer level) to investor protection and savings recognized by the CSSF, is subject to investor
not meet the regulation and also must meet one of the following protections that are equivalent to those described
requirements in row 1. criteria: directly at left, and meets one of the following criteria:
• issued or guaranteed by a central, regional or local • issued by a company with at least EUR 10 million in
authority or a central bank of a EU member, the capital and reserves that publishes annual account
European Central Bank, the European Investment • issued by an entity dedicated to financing a group of
Bank, the EU, an international authority to which at companies at least one of which is publicly listed
least one EU nation belongs, a sovereign nation, or in • issued by an entity dedicated to financing
the case of a federation, a federal state securitisation vehicles that benefit from a banking
• issued by an issuer or undertaking whose securities liquidity line
qualify under row 1 above
• issued or guaranteed by an issuer that is subject to
EU prudential supervision rules or to other prudential
rules the CSSF accepts as equivalent

3. Units of UCITS or UCIs Must be authorized by an EU member or by a state that Must be subject either to EU regulatory supervision and
that are not linked to the CSSF considers to have equivalent laws and investor protections for a UCITS or to equivalent of
the SICAV1 adequate cooperation between authorities. those outside the EU (especially regarding asset
Must issue annual and semi-annual financial reports. segregation, borrowing, lending, and uncovered sales
Must be limited by constitutional documents to investing of transferable securities and money market
no more than 10% of assets in other UCITS or UCIs. instruments).

4. Unitsof UCITS or UCIs Must meet all requirements in row 3. The prospectus of any sub-fund with substantial
that are linked to the The UCITS/UCI cannot impose any charges for buying, investments in other UCITS/UCIs must state maximum
SICAV1 switching or redeeming units. management fees for the sub-fund itself and for
UCITS/UCIs it intends to hold.

5. Units of other sub- Must meet all requirements in rows 3 and 4. The acquiring sub-fund surrenders all voting rights in
funds of the SICAV The target sub-fund cannot invest, in turn, in the units it acquires.
acquiring sub-fund (reciprocal ownership). The units do not count as assets of the acquiring sub-
At the time of investment, the target sub-fund must not fund for purposes of minimum asset thresholds.
have more than 10% of its assets in any other sub-fund. Adhering to these requirements exempts the SICAV
from the requirements of the Law of 10 August 1915.

6. Real estate and Investment exposure is allowed only through The SICAV may directly purchase real estate or other
commodities, transferable securities, derivatives, or other allowable tangible property that is directly necessary to its
including precious types of investments. business.
metals Ownership of precious metals or commodities, directly
or through certificates, is prohibited.

7. Credit institution Must be able to be withdrawn on demand and must not Institutions either must be headquartered in a EU
deposits have a maturity longer than 12 months. Member State or, if not, subject to EU prudential rules
or to other prudential rules the CSSF accepts as
equivalent.

8. Ancillary liquid assets No stated requirements. As a practical matter, a sub-fund may hold up to (but
not including) 50% of assets in cash or other liquid
assets.

9. Derivatives and Underlying investments or reference indicators must be OTC derivatives must meet all of the following criteria:
equivalent cash- those described in rows 1, 2, 3, 4, 6 and 7, or must be • be in categories approved by the CSSF
settled instruments indices, interest rates, forex rates or currencies. In all • have reliable daily valuations that are accurate and
cases, these investments or indicators, and any independent
investments they deliver, must be within scope for the • be able to be sold, liquidated or otherwise closed at
sub-fund’s non-derivative investments. fair value at any time
Total exposure cannot exceed 100% of sub-fund • be with counterparties that are subject to prudential
assets. supervision
• have risk profiles that can adequately be measured
• not exceed 10% of the sub-fund assets when the
counterpart is a credit institution or 5% with other
counterparts.
•
1
A UCITS/UCI is considered to be linked to the SICAV if both are managed or controlled by the same or affiliated management companies, or
if the SICAV directly or indirectly holds more than 10% of capital or voting rights of the UCITS/UCI.

192 Amundi Funds SICAV

10. Transferable Limited to 10% of sub-fund assets.
securities and
money market
instruments that do
not meet the
requirements in
rows 1, 2, 6 and 7
11. Securities lending The volume of transactions must not interfere with a The cash collateral from the transactions must be
and borrowing, sub-fund’s pursuit of its investment policy or its ability to invested in high-quality, short term investments.
repurchase meet redemptions. Lending or guaranteeing loans to third parties for any
agreements and other purposes is prohibited.
reverse repurchase
agreements
12. Borrowing Except for back-to-back loans used for acquiring foreign
currencies, all loans must be temporary and are limited
to 10% of sub-fund’s net assets.

Diversification requirements
To ensure diversification, a sub-fund cannot invest more than a certain amount of its assets in one body or one category of securities. For purposes of this
table and the next, a “body” means an individual company, except for the limits in the “In aggregate” column, which are monitored at the group or
consolidated level. These diversification rules do not apply during the first six months of a sub-fund’s operation.

Maximum investment/exposure, as a % of sub-fund assets

Category of securities In any one issuer In aggregate Other

A. Transferable securities and money market 35%** A sub-fund may invest up to 100% in as few as
instruments issued or guaranteed by an any six issues if it is investing in accordance with the
nation, a public local authority within the EU, or principles of risk spreading and the sub-fund
an international body to which at least one EU invests no more than 30% in any one issue
member belongs.

B. Bonds subject to certain legally defined 25% 35% 80% in bonds from all issuers or bodies in whose
investor protections* and issued by a credit a sub-fund has invested more than 5% of
institution domiciled in the EU** assets.

C. Any transferable securities and money market 10%*** 20% in all companies within a single issuer
instruments other than those described in rows A 40%, in aggregate, in all issuers or bodies in
and B above. which a sub-fund has invested more than 5% of
its assets.

D. Credit institution deposits 20%

20%

E. OTC derivatives with a counterparty that is a 10%

credit institution as defined in row 7 (previous exposure
table)

F. OTC derivatives with any other counterparty 5%

exposure

G. Units of UCITS or UCIs as defined in rows 3 20% UCI compartments whose assets are
and 4 (previous table). With no specific statement segregated are each considered a separate
of policy, 10%; with a UCI.
statement, 30% in UCI, Assets held by the UCITS/UCIs do not count for
100% in UCITS purposes of complying with rows A - F of this
table.

* Bonds must invest the proceeds from their offerings to maintain full liability coverage and to give priority to bond investor repayment in case of
issuer bankruptcy.
** Not applicable to MMF Sub-Fund
*** For index-tracking sub-funds, increases to 20%, so long as the index is a published, sufficiently diversified index that is adequate as a
benchmark for its market and is recognised by the CSSF. This 20% increases to 35% (but for one issuer only) in exceptional circumstances,
such as when the security is highly dominant in the regulated market in which it trades.

193 Amundi Funds SICAV

Limits to prevent significant influence
These limits, which apply at the SICAV level, except in respect of the MMF Sub-Funds, are intended to prevent the SICAV from the risks that could arise
for it and the issuer if the SICAV were to own a significant percentage of a given security or issuer.
Category of securities Maximum ownership, as a % of the total value of the securities issue

Securities carrying voting rights Less than would allow the SICAV
significant management influence
These rules do not apply to:
Non-voting securities of any one 10% • securities described in row A
(previous table)
issuer
• shares of EU funds that represent
Debt securities of any one issuer 10% These limits can the only way a sub-fund can invest
Money market securities of any one 10% be disregarded at in the EU fund’s home country and
purchase if not that comply with the applicable
issuer
calculable at that articles of the 2010 Law
Shares of any one UCITS or UCI 25% time.

Feeder Funds
The SICAV can create sub-funds, other than MMF Sub-Funds, that qualify as a master fund or a feeder fund. It can also convert existing sub-funds into
feeder funds, or switch any feeder fund to a different master fund. The rules below apply to any sub-fund that is a feeder fund.
Investment
Security Requirements Other Terms and Requirements

Units of the master fund At least 85% of assets.

Derivatives and ancillary Up to 15% of assets. Derivatives must only be used for hedging. In measuring derivatives exposure, the sub-fund
liquid assets must combine its own direct exposure with the exposure created by the master fund.

The master fund and feeder fund must have the same business days, share valuation days and financial year. The cut-off times for order processing must
be coordinated so that orders for shares of the feeder fund can be processed and the resulting orders for shares of the master fund can be placed before
the master fund’s cut-off time.

194 Amundi Funds SICAV

Rules related to MMF SUB-FUNDS
The SICAV can create MMF sub-funds that qualify as standard variable net asset value MMF Sub-Funds as per the MMF Regulation. It can also convert
existing sub-funds into MMF Sub-Funds or any MMF Sub-Fund to a different sub-fund’s type.
Shareholders of MMF Sub-Fund should be made aware that the rules set under MMF Regulation in such regulation regarding notably permitted
securities or transaction and portfolio diversification partially differ from those disclosed in the 2010 Law, notably as regards permitted assets,
diversification rules and the use of financial derivative instruments.

MMF Sub-Funds’ permitted securities and transactions

The table below describes the types of financial instruments that are allowable to any MMF Sub-Fund under the MMF Regulation.

Security / Requirements Valuation

Transaction
1. Eligible money Must be listed or dealt on an official stock Money market instruments including financial mark-to-market
market exchange in an eligible state, or must trade in a instruments issued or guaranteed separately or whenever
instruments regulated market in an eligible state that jointly by the European Union, the national, possible, at
operates regularly, is recognised, and is open regional and local administrations of the mark-to-model
to the public. Member States or their central banks, the otherwise
European Central Bank, the European
Investment Bank, the European Investment
2. Money market Must be subject (either at the issue or the issuer Fund, the European Stability Mechanism, the mark-to-market
instruments that level) to regulation for the purpose of protecting European Financial Stability Facility, a central whenever
do not meet the investors and savings, and provided that they authority or central bank of a third country, the possible, at
requirements in are: International Monetary Fund, the International mark-to-model
row 1. • issued or guaranteed by a central, regional or Bank for Reconstruction and Development, the otherwise
local authority or a central bank of a EU Council of Europe Development Bank, the
member, the European Central Bank, the EU, European Bank for Reconstruction and
the European Investment Bank, a non- Development, the Bank for International
Member State or, in the case of a Federal Settlements or any other relevant international
State, by one of the members making up the financial institution or organisation to which one
federation, or by a public international body or more Member States belong.
to which one or more Member States belong,
or Must display one of the following alternative
• issued by an issuer or undertaking whose characteristics:
securities qualify under row 1 above, or • legal maturity at issuance of 397 days or less;
• issued or guaranteed by an issuer that is • residual maturity of 397 days or less;
subject to EU prudential supervision rules or • residual maturity until the legal redemption
to other prudential rules the CSSF accepts as date of less than or equal to two (2) years,
equivalent. provided that the time remaining until the next
interest rate reset date is 397 days or less
Can also qualify if issuer belongs to a category (floating-rate money-market instruments and
recognized by the CSSF, is subject to investor fixed-rate money-market instruments hedged
protections that are equivalent to those by a swap arrangement shall be reset to a
described directly at left, and meets one of the money market rate or index).
following criteria:
• issued by a company with at least EUR 10 Money market instruments issued or
million in capital and reserves that publishes guaranteed by the European Union, a central
annual account and authority or central bank of a Member State, the
• issued by an entity dedicated to financing a European Central Bank, the European
group of companies at least one of which is Investment Bank, the European Stability
publicly listed or by an entity dedicated to Mechanism or the European Financial Stability
financing securitisation vehicles that benefit Facility are not subject to the Internal Credit
from a banking liquidity line Quality Assessment Procedure described
under section “Internal Credit Quality
Assessment Procedure appicable for MMF
Sub-Funds”.

3. Units or shares of Only short-term MMFs and standard MMFs Where the targeted MMF is managed, whether net asset value
MMFs authorised under the MMF Regulation and: directly or under a delegation, by the same issued by the
• no more than 10 % of the assets of the manager as that of the MMF Sub-Fund or by targeted MMF
targeted MMF are able, according to the any other company to which the manager of the
targeted MMF’s rules or instruments of MMF Sub-Fund is linked by common
incorporation, to be invested in aggregate in management or control1, or by a substantial
units or shares of other MMFs; direct or indirect holding, the manager of the
• the targeted MMF does not hold Shares in the targeted MMF, or that other company, is
MMF Sub-Fund and shall not invest in the prohibited from charging subscription or
MMF Sub-Fund during the period in which the redemption fees on account of the investment
MMF Sub-Fund holds units or shares in it. by the MMF Sub-Fund in the units or shares of
the targeted MMF.

195 Amundi Funds SICAV

4. Reverse The assets received shall be money market Cash received as part of repurchase deemed to be
Repurchase instruments in rows 1. and 2, shall not be sold, agreement may also be invested (but shall not the full amount
agreements reinvested, pledged or otherwise transferred otherwise be invested in other eligible assets, thereof, unless in
and shall be sufficiently diversified and issued transferred or otherwise reused) in liquid any case the
entities independent from and expected not to transferable securities or money market same is unlikely
display a high correlation with the performance instruments other than those under rows 1. and to be paid or
of the counterparty. 2. and assets received as part of reverse received in full,
repurchase agreement may be liquid in which case the
Securitisations and ABCPs shall not be transferable securities or money market value thereof
received by the Fund as part of a reverse instruments other than those under rows 1. and shall be arrived
repurchase agreement. 2., provided that these assets are issued or at after making
guaranteed by the EU, a central authority or such discount as
The market value of the assets received is at all central bank of a EU Member State, the the Board may
times at least equal to the value of the cash paid European Central Bank, the European consider
out. Investment Bank, the European Stability appropriate in
Mechanism or the European Financial Stability such case to
The full amount of cash must be recallable at Facility or issued or guaranteed by a central reflect the true
any time on either an accrued basis or a mark- authority or central bank of a third country. value thereof
to-market basis Assets received as collateral must be subject to an
haircut policy in full compliance with the provisions
of the Commission Delegated Regulation (EU)
2018/990 of 10 April 2018 amending and
supplementing Regulation (EU) 2017/1131 of the
5. Repurchase On a temporary basis only, for no more than European Parliament and of the Council with mark-to-market
agreements seven working days, only for liquidity regard to simple, transparent and standardised whenever
management purposesand not for investment (STS) securitisations and asset-backed possible, at
purposes commercial papers (ABCPs), requirements for mark-to-model
assets received as part of reverse repurchase otherwise
The counterparty receiving assets transferred agreements and credit quality assessment
by the Fund as collateral under the repurchase methodologies.
agreement is prohibited from selling, investing,
pledging or otherwise transferring those
assets without the Fund's prior consent. The Fund must have the right to terminate the
agreement at any time upon giving prior notice
The cash received may be placed on deposits of no more than two working days.
and may not exceed 10 %.
6. Credit institution Must be able to be repayable on demand or is Institutions either must be headquartered in a deemed to be
deposits able to be withdrawn at any time and must not EU Member State or, if not, subject to EU the full amount
have a maturity longer than 12 months. prudential rules or to other prudential rules thereof, unless
considered equivalent. in any case the
same is unlikely
to be paid or
received in full,
in which case
the value thereof
shall be arrived
at after making
such discount as
the Board may
consider
appropriate in
such case to
reflect the true
value thereof

7. Ancillary liquid No stated requirements .

assets

196 Amundi Funds SICAV

8. Derivatives Must be dealt in on a regulated market as Assets received as collateral are subject to mark-to-market
referred to in row 1 or OTC and all of the CSSF circulars 14/592. whenever
following conditions are fulfilled: The assets other than cash received as possible, at
• the underlying of the derivative instrument collateral shall be assets in rows 1 to 3, shall mark-to-model
consists of interest rates, foreign exchange not be sold, reinvested, pledged or otherwise otherwise
rates, currencies or indices representing one transferred and shall be sufficiently diversified
of those categories; and issued entities independent from and
• the derivative instrument serves only the expected not to display a high correlation with
purpose of hedging the interest rate or the performance of the counterparty.
exchange rate risks inherent in other Cash received as collateral may only be
investments of the Fund; placed on deposits or invested in money
• the counterparties to OTC derivative market instruments or short term MMFs
transactions are institutions subject to compliant with MMF Regulation.
prudential regulation and supervision and Assets received as collateral are subject to the
belonging to the categories approved by the haircut policy described in the collateral policy
competent authority of the Fund; of the SICAV which is available on the website
• the OTC derivatives are subject to reliable at www.amundi.com.
and verifiable valuation on a daily basis and
can be sold, liquidated or closed by an
offsetting transaction at any time at their fair
value at the Fund's initiative.

9. Securitisations Must be sufficiently liquid and consist of any of In respect of a securitization, must be an mark-to-market
and/or ABCPs the following having a legal maturity at amortising instrument and have a WAL of two whenever
issuance or a residual maturity of 2 years or (2) years or less. possible, at
less and the time remaining until the next mark-to-model
interest rate reset date is 397 days or less: otherwise
• a securitization qualifying as a “Level 2B
asset” within the meaning of Article 13 of the
Commission Delegated Regulation (EU)
2015/61,
• an ABCP issued by an ABCP programme
which fulfilled the requirements stated in
Article 11 of the MMF Regulation
• a simple, transparent and standardized
(STS) ABCP or securitization
1 A targeted MMF is considered to be linked to the Fund if both are managed or controlled by the same or affiliated management companies,
or if the Fund directly or indirectly holds more than 10% of capital or voting rights of the targeted MMF.
Other assets than those under above rows 1. to 9., short selling, borrowing or cash lending, direct or indirect exposure to equity or commodities, including
via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them and securities
lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the MMF Sub-Fund are not allowed.

197 Amundi Funds SICAV

MMF Sub-Fund’s diversification and concentration limits
To ensure diversification, any MMF Sub-Fund is subject to the following diversification rules.

Maximum investment/exposure, as a % of sub-fund assets

In any one In
Category of securities issuer aggregate Other

A. Money market instruments issued or guaranteed Up to 100%, upon authorisation of the CSSF and
separately or jointly by the European Union, the provided the MMF Sub-Fund
national, regional and local administrations of the - holds securities from at least six different
Member States or their central banks, the European issues by the issuer,
Central Bank, the European Investment Bank, the - limits the investment in money market
European Investment Fund, the European Stability instruments from the same issue to a
Mechanism, the European Financial Stability Facility, maximum of 30 % of its assets
a central authority or central bank of an OECD
country, the People’s Republic of China, Hong-Kong
and/or Singapore , the International Monetary Fund,
the International Bank for Reconstruction and
Development, the Council of Europe Development
Bank, the European Bank for Reconstruction and
Development, the Bank for International Settlements,
or any other relevant international financial institution
or organisation to which one or more Member States
belong.

B. Money market instruments, securitisations and 5% Derogation:a VNAV MMF Sub-Fund may invest
ABCPs issued by the same body issued by the same up to 10 % provided that the total value of such
body money market instruments, securitisations and
ABCPs held in each issuing bodies in each of
which it invests more than 5 % of its assets does
not exceed 40 % of the value of its assets.

Aggregate exposure to securitisations and ABCP

up to 20% (15% for non STS ones).

C. Credit institution deposits made with the same 10% 15% in a

credit institution single
body

D. OTC derivatives with any other counterparty 5%

E. Units or shares of MMFs 5% in a Maximum 17,5% in aggregate in targeted

single MMFs.
targeted Where 10 % or more are invested in targeted
MMF MMF, the Sub-Fund shall disclose the maximum
level of the management fees that may be
charged to the MMF Sub-Fund itself and to the
other MMFs in which it invests and the annual
report shall indicate the maximum proportion of
management fees charged to the MMF Sub-
Fund itself and to the other MMFs in which it
invests.

F. bonds issued by a single credit institution having 10% Sums deriving from the issue of these bonds
its registered office a Member State and which is must be invested in assets which, during the
subject, by law, to special public supervision whole period of validity of such bonds, are
designed to protect bond-holders. capable of covering claims attaching to the bonds
and which, in the event of failure of the issuer,
would be used on a priority basis for the
reimbursement of the principal and payment of
the accrued interest.

When a MMF Sub-Fund invests more than 5 %

of its assets in such bonds issued by a single
issuer, the total value of those investments shall
not exceed 40 % of the value of the assets of the
Fund.

G. bonds issued by a single credit institution where 20% When a MMF Sub-Fund invests more than 5 % of its assets
the requirements set out in point (f) of Article 10(1) or in such bonds issued by a single issuer, the total value of
point (c) of Article 11(1) of the Delegated Regulation those investments shall not exceed 60 % of the value of the
(EU) 2015/61 are met. assets of the Fund.

198 Amundi Funds SICAV

H. Reverse Repurchase Agreement Received assets: exposure to a given issuer up to
15%, except where those assets take the form of
money market instruments that fulfil the requirements
of the 100% derogation under row 1.;

Aggregate amount of cash provided to the same

counterparty up to 15 %.

Companies which are included in the same group for the purposes of consolidated accounts, as defined in Directive 2013/34/EU on the annual financial
statements, consolidated financial statements and related reports of certain types of undertakings, or in accordance with recognised international accounting
rules are regarded as a single body for the purpose of calculating the limits above.
A MMF or MMF Sub-Fund shall be regarded as a separate MMF for the purpose of calculating the limits above.
A MMF Sub-Fund may not hold any voting rights which would enable it to exercise significant influence over the management of an issuing body. Moreover,
A MMF Sub-Fund may hold no more than 10 % of the money market instruments, securitisations and ABCPs issued by a single body. This limit is waived
as regards money market instruments issued or guaranteed by the European Union, national, regional and local administrations of the Member States or
their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the
European Financial Stability Facility, a central authority or central bank of a third country, the International Monetary Fund, the International Bank for
Reconstruction and Development, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the Bank for
International Settlements, or any other relevant international financial institution or organisation to which one or more Member States belong.

Portfolio rules for standard MMF Sub-Funds

A standard MMF Sub-Fund shall comply on an ongoing basis with all of the following requirements:
- its portfolio is to have at all times a WAM of no more than 6 months;
- its portfolio is to have at all times a WAL of no more than 12 months, subject to the second and third subparagraphs;
- at least 7,5 % of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which can be terminated by giving prior notice
of one working day or cash which can be withdrawn by giving prior notice of one working day. A standard MMF Sub-Fund is not to acquire any asset
other than a daily maturing asset when such acquisition would result in that MMF Sub-Fund investing less than 7,5 % of its portfolio in daily maturing
assets;
- at least 15 % of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which can be terminated by giving prior
notice of five working days or cash which can be withdrawn by giving prior notice of five working days. A standard MMF Sub-Fund is not to acquire any
asset other than a weekly maturing asset when such acquisition would result in that MMF Sub-Fund investing less than 15 % of its portfolio in weekly
maturing assets;
- for the purpose of the calculation referred to above, money market instruments or units or shares of other MMFs may be included within the weekly
maturing assets up to 7,5 % of its assets provided they are able to be redeemed and settled within five working days. For the purposes of point (b) of
the first subparagraph, when calculating the WAL for securities, including structured financial instruments, a standard MMF Sub-Fund shall base the
maturity calculation on the residual maturity until the legal redemption of the instruments. However, in the event that a financial instrument embeds a
put option, a standard MMF Sub-Fund may base the maturity calculation on the exercise date of the put option instead of the residual maturity, but only
if all of the following conditions are fulfilled at all times:
- the put option is able to be freely exercised by that Standard MMF Sub-Fund at its exercise date;
- the strike price of the put option remains close to the expected value of the instrument at the exercise date;
- the investment strategy of that standard MMF Sub-Fund implies that there is a high probability that the option will be exercised at the exercise date.

By way of derogation, when calculating the WAL for securitisations and ABCPs, a standard MMF Sub-Fund may instead, in the case of amortising
instruments, base the maturity calculation on one of the following:
- the contractual amortisation profile of such instruments;
- the amortisation profile of the underlying assets from which the cash-flows for the redemption of such instruments result.

If the limits referred to above are exceeded for reasons beyond the control of the MMF Sub-Fund or as a result of the exercise of subscription or redemption
rights, that MMF Sub-Fund shall adopt as a priority objective the correction of that situation, taking due account of the interests of its Shareholders.

A standard MMF Sub-Fund shall not take the form of a public debt CNAV MMF Sub-Funds or a LVNAV MMF Sub-Funds.

Internal Credit Quality Assessment Procedure appicable tor MMF Sub-Funds

Description of the purpose of the procedure

The Management Company bears final responsibility for the establishment, implementation and constant application of an internal credit quality assessment
procedure for determining the credit quality of money markets instruments, securitisations and ABCPs which characteristics have been defined as follows:
The purpose of the internal credit quality assessment procedure is to establish the principles and methodologies that must be applied systematically to
determine the investable quality of credits for the Company, in accordance with the MMF Regulation. The procedure specifies the process by which inter
alia deteriorating credits should be monitored in order to avoid keeping credits that may default.
The internal credit quality assessment procedure has been defined by the Credit Risk Committee under the responsibility of the Management Company.
The Credit Risk Committee is held at Amundi group level and is independent from the investment teams.
An independent credit analysis and limits management team operating under the responsibility of the Management Company, at Amundi group level and
based in Paris (France) implements the methodologies that are applicable to all the key stages of the investment cycle: collection of information, analyses
and assessments of the credit quality, recommendations for validation by the Credit Risk Committee, monitoring of the credits as validated by the Committee,
199 Amundi Funds SICAV
specific monitoring of deteriorating credits and alert cases, management of cases in breach of limits.
The methodologies are reviewed and validated as many times as necessary and at least once a year, in order to adapt them to the current portfolio and to
external conditions. In case of change of methodologies, all affected internal credit assessments are reviewed as soon as possible in compliance with the
MMF Regulation.
Credits eligible for the money market funds are reviewed at least once a year, and as many times as required by developments impacting the credit quality.

Description of the inputs for the credit quality assessment

The methodologies for the assessment of the credit quality address the profitability, solvency and liquidity, based on specific quantitative and qualitative
elements that vary depending on the type of issuers (national, regional or local administrations, financial corporations, and non-financial corporations), and
the type of asset class/instrument (unrated, securitized, covered, subordinated, etc.).
The methodologies take into account quantitative and qualitative indicators that make it possible to assess in a prudent, systematic and permanent manner
the reliability of the information and the visibility in the short and medium term for the viability of the issuer (both from an intrinsic point of view and in the
context in which the issuer operates) and issuances.
The relevant criteria that are used for the analysis vary depending on the types of issuers and their sectors of activity. The following elements are taken into
account:
- quantitative indicators, such as reported operating and financial data, are analyzed not only at accounts closing, but also in trend over time, and
reassessed if necessary, in order to estimate the profitability, solvency, risk of failure and liquidity ratios that are considered to be as representative as
possible;
- qualitative indicators, such as access to funding, operational and business management, strategy, governance, reputation, are evaluated in terms of
their consistency, credibility or viability in the short and medium term as well as in the light of the macroeconomic and financial market situation;
- the short term nature of the asset/instrument.
- for structured financial instruments, the operational and counterparty risk inherent within the structured financial transaction and, in case of exposure to
securitisations, the credit risk of the issuer, the structure of the securitisation and the credit risk of the underlying assets.

The sources of information are of sufficient, multiple, up-to-date and reliable quality, based on an efficient system, consisting of:
- at the source: annual reports and publications on the issuers' sites, presentations of issuers in the context of bilateral meetings (one-on-ones) or road
shows,
- in the market: verbal or written presentations by rating agencies, internal/external sell-side research, or media/public information.

Description of the credit quality assessment methodology

The assessment of the credit quality gives rise to a recommendation indicating a level of risk-code and a limit per management desk. The risk codes
represent the varying levels of credit quality, the scale ranging from 1 (solid) to 6 (low). In case of developments and events affecting the quality of the credits
adversely to varying degree of seriousness, the risk-codes are downgraded accordingly, to the bottom of risk-code 4, risk-code 5, or 6. There is no
mechanistic reliance on external ratings. A new credit quality assessment is undertaken whenever there is a material change that could have an impact on
the existing assessment of the issuer and instrument., as further required and governed under relevant regulation issued by ESMA.
The limits are determined according to the credit quality, the size of the issuer and the share in the consolidated debt of the issuer.
The Credit Risk Committee is convened every month, and if necessary, at any time on an ad hoc basis, and validates the credit recommendations that
must be pre-validated by the Head in charge of the credit risk analysis and limits management.
The Credit Risk Committee is chaired by the Deputy General Manager of Amundi group and in his absence by the Head of Risk of Amundi group. The
Committee is also composed of the permanent members who are the Heads (and in their absence, their alternates) of the supervised business lines,
including the Money Market, Compliance and Audit business lines, and managers of the Risk Management and Credit Analysis within the Risk business
line.
Credit recommendations validated by the Credit Risk Committee are communicated to the Management Company that shall review and validate them at
adequate frequency. Divergence on any recommendation shall be communicated to the Credit Risk Committee and Head in charge of the credit risk
analysis and limits management for consideration of the Management Company’s opinion.
If case of breach, the relevant procedure applies in order to regularize the situation:
- either by an immediate sale of the assets in breach, to comply with the limits,
- either by an extinguishing management of the assets in breach which is then followed in excess, if justified,
- or by increasing the limit absorbing the excess, if justified.
These decisions must be recorded in writing in accordance with Article 7 of the Delegated Regulation (EU) 2018/990.

Liquidity management and KYC

The Investment Manager of any MMF Sub-Fund consistently applies liquidity management procedures for assessing the capacity of any MMF Sub-Fund
to maintain an adequate level of liquidity under consideration of the liquidity profiles of the relevant sub-fund’s various assets and the fund concentrations
and flow volatilities anticipated on basis of shareholders’ related know you customer information (that includes various elements like their size, any correlation
between them and past behaviors) and other liabilities impacting the Sub-Fund’s assets.

200 Amundi Funds SICAV

MORE ABOUT DERIVATIVES AND TECHNIQUES

TYPES OF DERIVATIVES THE SUB-FUNDS MAY USE parallel shifts along the curves. Such hedging can be done at the sub-
fund level and at the share class level (for DH share classes). Duration
A derivative is a financial contract whose value depends on the hedged share classes are no longer available for subscription
performance of one of more reference assets (such as a security or
basket of securities, an index or an interest rate). Always consistent with At the share class level, this technique aims to cover the duration of the
its investment policy, each Sub-Fund may invest in any type of financial reference benchmark of the sub-fund.
derivative instrument. (for MMF Sub-Funds, refer to “Rules related to Efficient portfolio management The sub-funds other than MMF
MMF Sub-funds” on page 195.) These may include the following types Sub-Funds can use any allowable derivative for efficient portfolio
currently making up the most common derivatives: management. Efficient portfolio management includes cost reduction,
cash management, the orderly maintenance of liquidity and related
• currency forwards (including non-deliverable forwards), currency
options currency swaps, equity swaps, futures contracts, interest rate practices (for instance, maintaining 100% investment exposure while
swaps, inflation-linked swaps, interest rate swaps options, options on also keeping a portion of assets liquid to handle redemptions of shares
futures contracts, contracts for difference,volatility futures, variance and the buying and selling of investments). Efficient portfolio
swaps, warrants. management does not include any activities that create leverage at the
overall portfolio level.
• TRS are contracts where one party transfers to another party the total
Gaining exposure The sub-funds, other than MMF Sub-Funds, can
performance of a reference assets, including all interest, fee income,
use any allowable derivative as a substitute for direct investment, that is,
market gains or losses, and credit losses. The maximum and
to gain investment exposure to any security, market, index, rate, or
expected exposure of the Sub-Funds’ assets to TRS are disclosed in
instrument that is consistent with the sub-fund’s investment objective and
the Prospectus. In certain circumstances these proportions may be
policy. This exposure may exceed the one than would be obtained
higher.
through direct investment in that position (leverage effect).
• credit derivatives, such as credit default swaps are contracts where a
A sub-fund can also sell a credit default swap as a way of gaining a
bankruptcy, default, or other “credit event” triggers a payment from one
specific credit exposure. Selling a credit default swap could generate
party to the other
large losses if the issuer or security on which the swap is based
• TBA derivatives (forward contracts on a generic pool of mortgages. experiences a bankruptcy, default or other “credit event”.
Overall characteristics of this pool is specified but the exact securities
to be delivered to the buyer are determined 2 days before delivery, TECHNIQUES AND INSTRUMENTS ON SECURITIES FINANCING
rather than at the time of the original trade) TRANSACTIONS
• structured financial derivatives, such as credit-linked and equity- linked Consistent with its investment policy each sub-fund may use the
securities techniques and instruments on securities financing transcations
• contracts for difference are contracts whose value is based on the described in this section. MMF Sub-Funds are subject to specific
difference between two reference measurements such as a basket of constraints as further described under the “Rules related to MMF Sub-
securities Funds”.
Futures are generally exchange-traded. All other types of derivatives are Each sub-fund must ensure that it is able at all times to meet its
generally OTC. For any index-linked derivatives, the index provider redemption obligations towards shareholders and its delivery obligations
determines the rebalancing frequency. toward counterparties.
The Sub-Fund will, at any given time, be capable of meeting all its No sub-fund may sell, pledge, or give as security any securities received
payment and delivery obligations incurred by transactions involving through these contracts.
derivatives. Securities lending and borrowing
In securities lending and borrowing transactions, a lender transfers
PURPOSES OF DERIVATIVES USE
securities or instruments to a borrower, subject to a commitment that the
Consistent with its investment policy, a sub-fund other than a MMF Sub- borrower will return equivalent securities or instruments on a future date
Fund may use derivatives for hedging against various types of risk, for or when requested by the lender. Through such transactions, a sub-fund
efficient portfolio management or to gain exposure to certain investments other than a MMF Sub-Fund may lend securities or instruments with any
or markets . counterparty that is subject to prudential supervision rules considered by
Feeder sub-funds may invest up to 15% in derivatives for hedging only. the CSSF as equivalent to those prescribed by EU law.
MMF sub-funds may use derivatives only for the purpose of hedging the A sub-fund other than a MMF Sub-Fund may lend portfolio securities
interest rate or exchange rate risk inherent in other investment of the either directly or through one of the following:
relevant MMF sub-fund. • a standardised lending system organised by a recognised clearing
Currency hedging A sub-fund may engage in direct hedging (taking a institution
position in a given currency that is in the opposite direction from the • a lending system organised by a financial institution that specializes in
position created by other portfolio investments) and in cross-hedging this type of transaction
(reducing the effective exposure to one currency while increasing the
The borrower must provide a guarantee, in the form of collateral, that
effective exposure to another).
extends throughout the loan period and is at least equal to the global
Currency hedging can be done at the sub-fund level and at the share valuation of the securities lent, plus the value of any haircut considered
class level (for share classes that are hedged to a different currency than appropriate in light of the collateral quality.
the sub-fund’s base currency).
Each sub-fund other than a MMF Sub-Fund may borrow securities only
When a sub-fund holds assets that are denominated in multiple in exceptional circumstances, such as:
currencies, there is a greater risk that currency fluctuations will in practice
not be fully hedged. • when securities that have been lent are not returned on time
Interest rate hedging For interest rate hedging, the sub-funds typically • when, for an external reason, the sub-fund could not deliver securities
when obligated to
use interest rate futures, interest rate swaps, writing call options on
interest rates or buying put options on interest rates. Reverse repurchase and repurchase agreement transactions
Credit risk hedging A sub-fund can use credit default swaps to hedge Under these transactions, the sub-fund respectively buys or sells
the credit risk of its assets. This includes hedges against the risks of securities and has either the right or the obligation to sell back or buy
specific assets or issuers as well as hedges against securities or issuers back (respectively) the securities at a later date and a specific price. A
to which the sub-fund is not directly exposed. sub-fund may enter into repurchase agreements only with
counterparties that are subject to prudential supervision rules considered
Duration hedging seeks to reduce the exposure to interest rates
by the CSSF as equivalent to those prescribed by EU law.
201 Amundi Funds SICAV
The securities and counterparties allowed for these operations must Counterparties
comply with CSSF circulars 08/356 (for sub-funds other than MMF Sub- Counterparties are selected through a strict selection process.
Funds) and circular 14/592 and the MMF Regulation for MMF Sub- Counterparties analysis is based on credit risk analysis based on
Funds. financial risk analysis (such as but not limited to earnings analysis,
Acceptable Collateral profitability evolution, structure of balance sheet, liquidity, capital
As part of OTC Derivative transactions (including Total Return Swaps) requirement), and operational risk (such as but not limited to country,
and temporary purchases and sales of securities, the sub-fund other activity, strategy, business model viability, risk management and
than MMF Sub-Funds may receive securities and cash as a guarantee management track record).
(collateral). For MMF Sub-Funds related rules on acceptable collateral, The selection :
refer to the “Rules related to MMF Sub-Funds”. - only concerns financial institutions of OECD countries (without any
Any collateral received other than cash should be of high quality, highly legal status criteria) whose minimum rating ranges between AAA to
liquid and traded on a regulated market or multilateral trading facility with BBB- by Standard and Poor's, at the moment of transaction’s, or
transparent pricing in order that it can be sold quickly at a price that is considered to be equivalent by the Management Company
close to pre-sale valuation. according its own criteria and
It should be sufficiently diversified in terms of country, markets, issue and - is made from among reputable financial intermediaries on the basis
issuers and shall not entail on an aggregate basis an exposure to a given of multiple criteria related to the provision of research services
issuer for more than 20 %* of its Net Asset Value (* 30% for specific (fundamental financial analysis, company information, value added
issuers in accordance with CSSF circular 14/592). by partners, solid basis for recommendations, etc.) or execution
Securities received as collateral, in compliance with and as listed in the services (access to market information, transaction costs, execution
CSSF circular 08/356 (for sub-funds other than MMF Sub-Funds) and prices, good transaction settlement practices, etc.).
CSSF circular 14/592 must adhere to the criteria defined by the In addition, each of the counterparties retained will be analysed using the
Management Company. They must be: criteria of the Risk Department, such as country, financial stability, rating,
- liquid; exposure, type of activity, past performance, etc.
- transferable at any time; The selection procedure, implemented annually, involves the different
- diversified in compliance with the relevant sub-fund’s eligibility, parties of the front office and support departments. The brokers and
exposure and diversification rules; financial intermediaries selected through this procedure will be
monitored regularly in accordance with the Execution Policy of the
- issued by an issuer that is not an entity of the counterparty or its Management Company.
group and it is expected not to display a high correlation of the
performance of the counterparty. As of the prospectus date, the counterparties used for the EPM
transactions are Amundi Intermediation and CACEIS. Any counterparty
For bonds, securities will also be issued by high-quality issuers located newly appointed will be detailed in the annual report of the SICAV.
in the OECD whose minimum rating may be AAA to BBB- on Standard
& Poor’s rating scale or with a rating deemed equivalent by the
Management Company. Bonds must have a maximum maturity of 50
years. LIMITATIONS ON EXPOSURE TO DERIVATIVES
Cash collateral received should only be (i) placed on deposit with entities For as long as may be necessary to comply with Taiwanese regulations,
prescribed in Article 41 1) (f) of the 2010 Law, (ii) invested in high-quality each of the following Sub-Funds intends to limit its investments (total
government bonds, (iii) used for the purpose of reverse repo transactions commitments taken and premiums paid) in derivatives (including
provided the transactions are with credit institutions subject to prudential derivatives used for hedging and netting purposes), to 40% of its net
supervision and the concerned Sub-Fund is able to recall at any time the asset value:
full amount of cash on accrued basis, (iv) invested in short-term money Pioneer US Short Term Bond
market funds as defined in the MMF Regulation Pioneer US Bond
These criteria are detailed in a Risks policy which can be viewed on the Pioneer Strategic Income
website at www.amundi.com and may be subject to change, especially Pioneer US High Yield Bond
in the event of exceptional market circumstances. Pioneer Global High Yield Bond
The assets received as collateral are held in custody by the Depository. Emerging Markets Bond
Euroland Equity
Valuation of collateral Top European Players
Collateral received is valuated daily at market price (mark-to-market). European Research
Haircuts may be applied to the collateral received (which depends on the European Equtiy Small Cap
type and sub-types of collaterals), taking into account credit quality, price US Pioneer Fund
volatility and any stress-test results. Haircuts on debt securities are Pioneer US Equity Research
namely based on the type of issuer and the duration of these securities. Pioneer US Equity Mid Cap Value
Higher haircuts are used for equities. Emerging Markets Equity
Margin calls are in principle made daily unless stipulated otherwise in a Emerging Europe and Mediterranean Equity
framework agreement covering these transactions if it has been agreed China Equity
with the counterparty to apply a trigger threshold. Global Ecology ESG
The collateral policy of the SICAV is made available to investor on the Euro High Yield Bond
website at www.amundi.com. Global Inflation Bond
European Equity Conservative
Reinvestment of cash provided as guarantee
Any cash provided as a guarantee can only be reinvested in keeping
with CSSF circular 08/356 (for sub-funds other than MMF Sub-Funds)
and CSSF circular 14/592.
Any other assets provided as a guarantee will not be be sold, re-invested
or pledged.
For MMF Sub-Funds related rules on reinvestment of cash, refer to the
“Rules related to MMF Sub-funds”.
Operational costs
The net revenues achieved from efficient portfolio management
transactions remain with the relevant sub-fund. Direct and indirect
operational costs may be deducted from the revenues delivered to the
sub-fund.

202 Amundi Funds SICAV

Use of securities financing transactions and total return swaps

The sub-funds will not use buy-sell back transactions or sell-buy back transactions and margin lending transactions in the meaning of Regulation (EU)
2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse (SFTR)
and the MMF Sub-Funds will not use any other EPM techniques than those provided in table under section “MMF Sub-Fund permitted securities and
transactions”.

Sec Sec
Repo – Rev Repo – Rev Repo Sec Lend – Sec TRS – TRS –
Repo – Lend – Borrow –
SUB-FUNDS Estimated Estimated – Estimated Borrow – Estimate Max
Max (%) Max Estimated
(%) (%) Max (%) (%) Max (%) d (%) (%)
(%) (%)
EQUITY SUB-FUNDS
Global/ Regional / Country
EUROLAND EQUITY - 20 - 20 5 90 - 20 5 100
EUROLAND EQUITY SMALL CAP - 20 - 20 15 90 - 20 - -
EUROPEAN EQUITY ESG
IMPROVERS - 20 - 20 5 90 - 20 5 100
EUROPEAN EQUITY GREEN IMPACT 5 20 5 20 25 90 5 20 - -
EUROPEAN EQUITY VALUE - 20 - 20 5 90 - 20 - -
EUROPEAN EQUITY SUSTAINABLE - -
INCOME 20 20 - 90 - 20 - -
EUROPEAN EQUITY SMALL CAP - 20 - 20 - 90 - 20 - -
EQUITY JAPAN TARGET - 20 - 20 - 90 - 20 - -
GLOBAL ECOLOGY ESG - 20 - 20 5 90 - 20 - -
GLOBAL EQUITY SUSTAINABLE - 20 - 20 - 90 - 20 - -
INCOME
PIONEER GLOBAL EQUITY - 20 - 20 5 90 - 20 5 100
PIONEER US EQUITY DIVIDEND - 20 - 20 - 90 - 20 - -
GROWTH
PIONEER US EQUITY ESG
IMPROVERS - 20 - 20 5 90 - 20 5 100
PIONEER US EQUITY - 20 - 20 - 90 - 20 - -
FUNDAMENTAL GROWTH
PIONEER US EQUITY MID CAP - 20 - 20 - 90 - 20 - -
VALUE
PIONEER US EQUITY RESEARCH - 20 - 20 - 90 - 20 - -
PIONEER US EQUITY RESEARCH - 20 - 20 - 90 - 20 - -
VALUE
POLEN CAPITAL GLOBAL GROWTH - 20 - 20 - 90 - 20 - -
TOP EUROPEAN PLAYERS - 20 - 20 5 90 - 20 - -
US PIONEER FUND - 20 - 20 - 90 - 20 - -
WELLS FARGO US EQUITY MID CAP - 20 - 20 - 90 - 20 - -
Asia / Emerging Markets
ASIA EQUITY CONCENTRATED - 20 - 20 - 90 - 20 - -
CHINA EQUITY - 20 - 20 - 90 - 20 - -
EMERGING EUROPE AND - 20 - 20 5 90 - 20
MEDITERRANEAN EQUITY - -
EMERGING MARKETS EQUITY
FOCUS - 20 - 20 5 90 - 20 - -
EMERGING WORLD EQUITY - 20 - 20 5 90 - 20 - -
EQUITY ASEAN - 20 - 20 - 90 - 20 - -
LATIN AMERICA EQUITY - 20 - 20 - 90 - 20 - -
EQUITY MENA - 20 - 20 0 90 - 20 - -
JAPAN EQUITY ENGAGEMENT - - - - - - - - - -
JAPAN EQUITY VALUE - 20 - 20 - 90 - 20 - -
NEW SILK ROAD 5 10 - - 5 10 5 10 15 30
RUSSIAN EQUITY - 20 - 20 - 90 - 20 - -
SBI FM INDIA EQUITY - 20 - 20 - 90 - 20 - -
Smart Beta
EQUITY EMERGING CONSERVATIVE - 20 - 20 5 90 - 20 - 100
EUROLAND EQUITY DYNAMIC 15
MULTI FACTORS - 20 - 20 90 - 20 - -
EUROLAND EQUITY RISK PARITY - 20 - 20 15 90 - 20 - -
EUROPEAN EQUITY CONSERVATIVE - 20 - 20 10 90 - 20 - 100
EUROPEAN EQUITY DYNAMIC 15
MULTI FACTORS - 20 - 20 90 - 20 - -
EUROPEAN EQUITY RISK PARITY 5 20 5 20 25 90 5 20 - -
GLOBAL EQUITY CONSERVATIVE - 20 - 20 30 90 - 20 - -
GLOBAL EQUITY DYNAMIC MULTI 10
FACTORS - 20 - 20 90 - 20 - -

203 Amundi Funds SICAV

BOND SUB-FUNDS
Convertible Bonds
EUROPEAN CONVERTIBLE BOND - 20 - 20 10 90 - 20 - -
GLOBAL CONVERTIBLE BOND - 20 - 20 5 90 - 20 - -
Euro Bonds
EURO AGGREGATE BOND 15 100 - 100 30 90 - 20 - -
EURO CORPORATE BOND 5 100 - 100 5 90 - 20 - -
EURO CORPORATE SHORT TERM
BOND 5 100 - 100 - 90 - 20 - -

EURO GOVERNMENT BOND 10 100 - 100 35 90 - 20 - -

EURO INFLATION BOND 45 100 - 100 40 90 - 20 - -
STRATEGIC BOND - 100 - 100 - 90 - 20 5 100
Subordinated / High-Yield Bonds
EURO HIGH YIELD BOND - 100 - 100 - 90 - 20 5 100
EURO HIGH YIELD SHORT TERM
BOND - 100 - 100 - 90 - 20 - -
GLOBAL SUBORDINATED BOND - 100 - 100 - 90 - 20 - -
PIONEER GLOBAL HIGH YIELD BOND - 100 - 100 - 90 - 20 - -
PIONEER US HIGH YIELD BOND - 100 - 100 - 90 - 20 - -
TOTAL HYBRID BOND - 100 - 100 - 90 - 20 - -
Global Bonds
GLOBAL AGGREGATE BOND 5 100 5 100 - 90 - 20 - -
GLOBAL BOND 25 100 0 100 - 90 - 20 - -
GLOBAL CORPORATE BOND 5 100 5 100 - 90 - 20 - -
GLOBAL HIGH YIELD BOND - 100 - 100 - 90 - 20 - -
GLOBAL INFLATION BOND 25 100 - 100 30 90 - 20 - -
GLOBAL TOTAL RETURN BOND 25 100 25 100 25 90 5 20 - -
OPTIMAL YIELD - 100 - 100 - 90 - 20 10 100
OPTIMAL YIELD SHORT TERM - 100 - 100 - 90 - 20 5 100
PIONEER STRATEGIC INCOME - 100 - 100 - 90 - 20 - -
US Bond
PIONEER US BOND - 100 - 100 - 90 - 20 - -
PIONEER US CORPORATE BOND - 100 - 100 - 90 - 20 - -
PIONEER US SHORT TERM BOND - 100 - 100 - 90 - 20 - -
Emerging Markets Bonds
EMERGING MARKETS BLENDED
BOND - 100 - 100 - 90 - 20 - -
EMERGING MARKETS BOND - 100 - 100 - 90 - 20 5 100
EMERGING MARKETS CORPORATE
BOND - 100 - 100 - 90 - 20 - -
EMERGING MARKETS CORPORATE - 100 - 100 - 90 - 20 10 100
HIGH YIELD BOND
EMERGING MARKETS GREEN BOND - 100 - 100 - 90 - 20 - -
EMERGING MARKETS HARD
CURRENCY BOND 5 100 0 100 - 90 - 20 - -
EMERGING MARKETS LOCAL - 100 - 100 - 90 - 20 5 100
CURRENCY BOND
EMERGING MARKETS SHORT TERM - 100 - 100 - 90 - 20 5 100
BOND
MULTI ASSET SUB-FUNDS
EURO MULTI-ASSET TARGET - 70 - 70 - 90 - 20 5 100
INCOME
GLOBAL MULTI-ASSET 5 70 5 70 5 90 - 20 5 100
GLOBAL MULTI-ASSET - 70 - 70 - 90 - 20 5 100
CONSERVATIVE
GLOBAL MULTI-ASSET TARGET - 70 - 70 - 90 - 20 5 100
INCOME
GLOBAL PERSPECTIVES - 70 - 70 - 90 - 20 - 100
MULTI-ASSET REAL RETURN - 70 - 70 - 90 - 20 - 100
MULTI-ASSET SUSTAINABLE - 70 - 70 - 90 - 20 100
FUTURE
PIONEER FLEXIBLE OPPORTUNITIES - 70 - 70 - 90 - 20 10 100
PIONEER INCOME OPPORTUNITIES - 70 - 70 - 90 - 20 10 100
REAL ASSETS TARGET INCOME - 70 - 70 - 90 - 20 5 100
TARGET COUPON 20 70 20 70 25 90 5 20 - -
ABSOLUTE RETURN SUB-FUNDS
ABSOLUTE RETURN CREDIT - 70 5 70 - 90 - 20 - -
ABSOLUTE RETURN EUROPEAN - 70 - 70 - 90 - 20 125 200
EQUITY
ABSOLUTE RETURN MULTI- - 70 - 70 90 - 20 10 100
STRATEGY 5

204 Amundi Funds SICAV

EURO ALPHA BOND 30 70 30 70 0 90 - 20 - 100
GLOBAL MACRO BONDS & - -
CURRENCIES 5 70 - 70 - 90 - 20
GLOBAL MACRO BONDS & - -
CURRENCIES LOW VOL 10 70 - 70 - 90 - 20
ABSOLUTE RETURN FOREX - 70 15 70 - 90 - 20 - -
MULTI-STRATEGY GROWTH - 70 - 70 5 90 - 20 15 100
VOLATILITY EURO - 70 20 70 - 90 - 20 - -
VOLATILITY WORLD - 70 10 70 - 90 - 20 - -
PROTECTED SUB-FUNDS
PROTECT 90 - 70 - 70 - 90 - 20 - -
PROTECTED 90 USD 20 70 20 70 25 90 5 20 - -
CASH SUB-FUNDS
CASH EUR - 10 - 100 - - - - - -
CASH USD 0 10 10 100 - - - - - -

205 Amundi Funds SICAV

INVESTING IN THE SUB-FUNDS
SHARE CLASSES
Within each sub-fund, the SICAV can create and issue share classes with various characteristics and investor eligibility requirements. Each share class is
identified first by one of the base share class labels (described in the table below) and then by any applicable suffixes (described following the table). For
instance, “AE-MD” would designate Class A shares that are denominated in Euro and pay monthly dividends.
BASE SHARE CLASS DESIGNATIONS
Note that even when advance approval from the board is not necessary to own a certain class of shares, such approval is always required to serve as a
distributor of any given share class. For entry charges, you might be eligible to pay less than the maximum amounts shown. Consult a financial advisor. All
fees shown are direct fees. Any indirect fees that are attributable to target funds and are relevant for a given sub-fund, are noted in that sub-fund’s description.
Performance fees apply to most of the sub-funds and share classes. For a complete list of sub-funds and share classes currently available, go to
www.amundi.lu/Amundi-Funds.
Unless specified in the prospectus for each sub-fund the following terms shall apply to the Share classes referred to below

Maximum Fees
Share Transactions Annual
Management Management Administration Distribution
Minimum
Class Company
Available to initial Purchase Redemption
Label approval
investment
needed?

A, All investors No None 5% None 3.00% 0.50% 1.00%

E All investors No EUR 25,000 4% None 2.00% 0.50% None
G All investors No None 3% None 2.00% 0.50% 1.00%
B, C, Deferred 2.50% 0.50% 1.00%
All investors No None None
T, U sales charges
F, All investors No None none None 4.00% 0.50% None
Reserved for 2.00% 0.50% None
intermediaries or
providers of individual
portfolio management
R No None None None
services that are
prohibited, by law or
contract from retaining
inducements
Reserved for 2.00% 0.50% None
distributors or sales
agents, providing
investors with fee-
based investment
P advice and the Yes EUR 30 million none None
Management
Company (or its
agents) with fee-based
services provided on a
dedicated platform.
funds established in 1.00% 0.40% None
Italy by Amundi Group
companies and Italian
H pension funds No EUR 1 million none None
established or
managed by Amundi
group companies.
I Institutional investors No EUR 5 million none None 1.50% 0.40% None
J Institutional investors No EUR 25 million none None 1.00% 0.40% None
For distribution in Italy 1.00% 0.40% None
M to mandates and No EUR 100,000 none None
institutional investors *
Reserved for feeder 1.00% 0.40% None
funds managed or
O No None none None
distributed Amundi
group companies.
Reserved for feeder 1.00% 0.40% None
OR No None none None
funds established in
206 Amundi Funds SICAV
France and managed
or distributed by
Amundi group
companies
SE Institutional investors Yes EUR 10 million none None 1.00% 0.40% None
X Institutional investors No EUR 25 million none None 1.00% 0.40% None
Reserved for funds 1.00% 0.40% None
(other than feeder
funds and funds
Z domiciled in Italy) No None none None
managed by an
Amundi Group
company
* Class M was available to all institutional investors for Shareholders having invested until 1st January 2020.
For the purpose of minimum initial investment, (except in the case of Classes E/E2) we aggregate the investments of a given investor (or group of entities
fully owned by the same parent company) across the entire SICAV (all share classes and all sub-funds). Minimums apply in euro or equivalent amount in
any other currency.
Purchases of any Class I or I2 Shares by Italian domiciled investors (including entities having an Italian parent company) are subject to receipt of confirmation
to the satisfaction of the Management Company or its agents that the Units purchased will not be the underlying investment for any product ultimately
marketed to retail investors in Italy.
Switches are subject to a max 1% fee. Classes H, M and M2 are not subject to switch fees.
Class SE and SE2 Shares are subject to fees agreed between the Management Company and the relevant investors, which will not be greater than the
management and/or performance fees specified for Class I and I2 Shares respectively of the relevant Sub-Fund.

I, I2, J, J2, X, P, P2, H, SE Units available for investors making initial minimum investments, either directly or through a nominee, In some cases, additional
requirements apply. The Management Company may waive the minimum investment requirement of any of these Unit Classes.

Class J: J3 are reserved for UK providers of independent advisory services or discretionary investment management, or UK distributors who: (i) provide
investors with fee-based investment services and activities and (ii) who do not receive any other fee, rebate or payment from the relevant Sub-Fund or the
Management Company in respect of those services and activities.
Further information regarding maximum fees, performance fees and other restrictions relating to the above Share classes may be found at
https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi-Funds

207 Amundi Funds SICAV

The Share classes available as at June 1, 2019 are shown below and were renamed as indicated in the second column

Maximum Fees
Share Transactions Annual
Class Label
Board Minimum
Class (as from Redemp- Manage- Adminis- Distri-
Available to approval initial Purchase1 Switch
Label June 1, tion ment tration bution
needed? investment2
2019)

A Q-A All investors No3 None 4.50% 3.00%4 None 2.00% 0.50% None
Existing Clients
Q-D No None 3.00% 3.00% None 1.50% 0.20% 1.00%
Only
Clients of authorised
F Q-F No None None 1.00% None 2.20% 0.50% 1.00%
distributors
Clients of authorised
H Q-H Yes None 1.00% 1.00% None 1.80% 0.40% None
distributors

I Q-I Institutional investors No3 USD 500,000 2.50% 1.00% None 1.00% 0.40% None

EUR 25
J Q-J Institutional investors No None 1.00% None 1.00% 0.40% None
million

Italian GPF and UCITS,

M - UCIs, mandates or Yes None 2.50% 1.00% None 1.00% 0.50% None
pension vehicles
Institutional investors or
feeder funds managed or
O, OF Q-O, Q-OF Yes USD 500,000 5.00% 1.00% None None 0.50% None
distributed by an Amundi
Group company
Feeder funds managed or
OR - distributed by an Amundi No None 5.00% 1.00% None None 0.50% None
Group company
P - Private banks Yes USD 100,000 4.50% 1.00% None 1.00% 0.50% None
Reserved for
intermediaries or providers
of individual portfolio
R Q-R management services that No None 4.50% 1.00% None 1.00% 0.50% None
are prohibited, by law or
contract from retaining
inducements
Clients of authorised
S G, Q-S No None 3.00% 1.00% None 2.20% 0.50% None
distributors
X Q-X Institutional investors No USD 5 million 5.00% 1.00% None 0.80% 0.40% None
Funds managed by an
Z - Yes None 5.00% 1.00% None 1.00% 0.50% None
Amundi Group company

Class A, I, O S and X denominated Share classes may be created with specific conditions. Further information regarding minimum investment
requirements, maximum fees and other restrictions relating to those Share classes may be found at www.amundi.lu/amundi-funds.
1 For purposes of minimum initial investment, we aggregate the investments of a given investor (or group of entities fully owned by the same parent
company) across the entire SICAV (all share classes and all sub-funds). Minimums apply in USD or equivalent amount in any other currency.
2 For Volatility Euro and Volatility World, may be up to 2.00% higher if the board determines that new investments may adversely affect the interests of
existing shareholders.
3 In I2 and A2 share classes, Board approval is not required.
4 For A4 share classes, switch is only possible between A4 share classes of another Sub-Fund of the UCITS

As notified to existing investors on 5th April 2019, with effect from 1st of June 2019, certain holders of Classes A, F, H, I O, OF, R, S and X will hold such
share classes renamed as, respectively, Q-A, Q-F, Q-H, Q-I, Q-O, Q-OF, Q-R, Q-S and Q-X. Such share classes will no longer be actively promoted.
Shareholders of the sub-funds Equity Emerging Conservative and Global Macro Bonds & Currencies Low Vol are not impacted by those name changes
and may still refer to the above table for all other features of their share classes. All other investors should refer to the table on page 206 for information on
share classes held after the 1st of June 2019.

With effect from 1st of June 2019 the above Share Classes will cease to be available for subscription by new investors.

208 Amundi Funds SICAV

SHARE CLASSES of a joint account may act upon the account individually, except with
respect to voting rights.
Where appropriate, one or more suffixes may be added to the base
share class to indicate certain characteristics. Share certificates Although we do not recommend it, you can request
a printed share certificate that documents your registered shares.
Currency suffixes These forms part of the actual share class label and Certificates are mailed within 14 days of when we approve the opening
indicates the primary currency in which the shares are denominated. of your account and process your payment for the shares.
The following are the currency suffixes currently in use. Informaiton
regarding further currency classes made available may be found at at One drawback of share certificates is that once one has been issued,
www.amundi.lu/amundi-funds. you cannot switch or redeem any of your shares until you have endorsed
the certificate and it has been physically received by the transfer agent.
AUD CAD GBP CZK SGD USD This can involve costs and can delay your transaction.
CHF EUR JPY PLN SEK NOK The loss of a certificate, regardless of the cause, creates further costs
and delays. In addition, unless you request (and pay for) insurance, your
DKK HKD NZD RMB TRY certificates will be mailed to you at your own risk. You also bear the risk
(C), (D) These indicate whether shares are accumulation (C) or if you mail the signed certificates back to us for redemption.
distribution shares (D). These abbreviations appear in parentheses. See Bearer shares Bearer shares have been discontinued, and in keeping
“Dividend Policy” below. with Luxembourg law, all bearer shares still in existence as of 18
M, Q, S, A For distribution shares, these further qualify the nature and February 2016 have been liquidated and the proceeds deposited with
frequency of dividend payments. See “Dividend Policy” below. the Luxembourg Caisse de Consignation. Anyone still holding bearer
share certificates should contact the Caisse. You will need to present
DH Indicates that the shares are duration hedged (designed to allow the your share certificate(s) as well as adequate identification in order to be
investment manager to manage interest rate risk). able to claim any liquidation proceeds.
In accordance with an opinion of the ESMA on January 30th, 2017, the Investing through a nominee vs. directly with the SICAV If you
share class hedged in duration is closed to new investor as from 30th invest through an entity that holds your shares under its own name (a
July 2017. New Investors are shareholders that were not in the nominee account), that entity is legally entitled to exercise certain rights
shareholder register of the share class prior to 30th of July 2017. associated with your shares, such as voting rights. If you want to retain
Investors who are on the shareholder register of the share class prior to all shareholder rights, you may invest directly with the SICAV. Be aware
30th of July 2017 can continue to make additional investments in the that in some jurisdictions, a nominee account may be the only option
share class until 30th of July 2018. available.
Hgd Indicates that the shares are currency hedged. Currency hedging
seeks to fully eliminate the effect of foreign exchange rate fluctuations DIVIDEND POLICY
between the share class currency and the currency exposure(s) of the Distributing shares These shares will distribute substantially all net
relevant sub-fund portfolio. However, in practice it is unlikely that the investment income received by the relevant sub-fund, and may also
hedging will eliminate 100% of the difference, because sub-fund cash distribute capital gains (both realised and unrealised) and capital. When
flows, foreign exchange rates, and market prices are all in constant flux. a dividend is declared, the NAV of the relevant class is reduced by the
For more on currency hedging, see “More About Derivatives and amount of the dividend. The SICAV may, in compliance with the principle
Efficient Portfolio Management”, page 201. of equal treatment of Shareholders, decide that, for some Shares,
dividends will be paid out of the gross investment income.
Number Except in the case of A4 shares, indicates that the shares are
limited to particular investors, distributors or countries. Accumulating Shares accumulate their entire earnings whereas
Distributing Shares may pay dividends.
AVAILABLE CLASSES For Distributing Shares, dividends (if any) will be declared at least
Within a Sub-Fund, classes of Shares may be defined from time to time annually. Dividends may also be declared at other times or on other
by the SICAV so as to correspond to (i) a specific distribution policy, such schedules as may be determined by the SICAV, including at monthly
as entitling to distributions or not entitling to distributions and/or (ii) a (M), quarterly (Q) semi annual (S) or annual (A) frequencies. The SICAV
specific sales and redemption charge structure and/or (iii) a specific determines the distributions to be made by a Sub-Fund. Shares that
management or advisory fee structure and/or (iv) different distribution, have the suffix beginning with MT, QT, ST or AT pre-announce a target
Shareholder servicing or other fees, and/or (v) the currency or currency dividend amount, and schedule their dividend payments either monthly
Share in which the class may be quoted (the “Pricing Currency”) and (M), quarterly (Q) semi annualy (S) or yearly (A).
based on the rate of exchange of the same Valuation Day between such A target dividend is an amount that the sub-fund aims to pay, but does
currency or currency Share and the Base Currency of the relevant Sub- not guarantee. Target dividends may be stated as a specific currency
Fund and/or (vi) the use of different hedging techniques in order to amount or as a percentage of NAV. Note that in order to meet a targeted
protect in the Base Currency of the relevant Sub-Fund the assets and dividend amount, a sub-fund may end up paying out more money than
returns quoted in the Pricing Currency of the relevant class of Shares it actually earned in dividends, meaning that in effect you are getting
against long-term movements of their Pricing Currency and/or (vii) some of your capital back as a dividend.
specific jurisdictions where the Shares are sold and/or (viii) specific For information on dividend features, calendar and objectives, go to
distributions channels and/or (ix) different types of targeted investors amundi.com (or for investors in Italy, amundi.com/ita).
and/or (x) specific protection against certain currency fluctuations and/or
Dividends on distributing shares are paid according to the bank account
(xi) such other features as may be determined by the Management
details we have on file for your account. For each share class, dividends
Company from time to time in compliance with applicable law.
are paid in the currency of the share class. You can request to have your
Not all share classes and categories are available in all sub-funds, and dividends converted to a different currency. If the currency is one that the
some share classes (and sub-funds) that are available in certain sub-fund uses, there is typically no currency conversion charge. In other
jurisdictions may not be available in others. For the most current cases you will be typically charged applicable currency conversion costs.
information on available share classes, go to amundi.com or amundi- Contact the transfer agent for terms and fees and to set up this service
funds.com or request a list free of charge from the registered office (see (see page 222).
page 216).
Unclaimed dividend payments will be returned to the sub-fund after five
years. Dividends are paid only on shares owned as at the record date.
Share Class Policies No sub-fund will make a dividend payment if the assets of the SICAV are
below the minimum capital requirement, or if paying the dividend would
ISSUANCE AND OWNERSHIP cause that situation to occur.
Registered shares Currently, we issue shares in registered form only,
meaning that the owner’s name is recorded in the SICAV’s register of OTHER POLICIES
shareholders. You can register your shares in the names of multiple A sub-fund may issue fractional shares of as little as one one-
owners (up to four) but can use only one registered address. Each owner thousandth of a share (three decimal places). Fractional shares receive

209 Amundi Funds SICAV

their pro rata portion of any dividends, reinvestments and liquidation freely convertible currencies. If the currency you request is one that the
proceeds. sub-fund accepts, there is typically no currency conversion charge. In
Shares carry no preferential or preemptive rights. No sub-fund is other cases you will be typically charged applicable currency conversion
required to give existing shareholders any special rights or terms for costs, and also you may experience a delay in your investment or the
buying new share. receipt of redemption proceeds. The transfer agent converts currencies
at exchange rates in effect at the time the conversion is processed.
Contact the transfer agent (page 222) before requesting any transaction
Purchasing, Switching, Redeeming and in a currency that is different from that of the share class. In some cases,
Transferring Shares you may be asked to transmit payment earlier than would normally be
required.
The instructions in this section are generally intended for financial
intermediaries and for investors conducting business directly with the Fees Any purchase, switch or redemption may involve fees. For the
SICAV. If you are investing through a financial advisor or other maximum fees charged by each basic share class, see page 206. To
intermediary, you may use these instructions, but in general we find out the actual purchase, switch or redemption fee for a transaction,
recommend that you place all transaction orders through your contact your financial adviser or the transfer agent (see page 222). Other
intermediary unless there is reason not to. parties involved in the transaction, such as a bank, financial intermediary,
or paying agent may charge their own fees. Some transactions may
INFORMATION THAT APPLIES TO ALL TRANSACTIONS EXCEPT generate tax liabilities. You are responsible for all costs and taxes
TRANSFERS associated with each request you place.
Placing requests You can place requests to buy, switch or redeem Changes to account information You must promptly inform us of
(sell back to the SICAV) shares at any time by approved electronic any changes in personal or bank information. We will require adequate
means, or by fax or letter to a distributor or the transfer agent (see page proof of authenticity for any request to change the bank account
222). Fax requests by nature are subject to transmission errors, and we associated with your sub-fund investment.
cannot be responsible for fax orders that do not reach us, are not legible,
or become garbled in transmission. BUYING SHARES
As noted above, if you are redeeming or switching certificated shares, Also see “Information that Applies to All Transactions Except
we cannot process your request until we have received your certificates. Transfers” above
When placing any request, you must include all necessary identifying To make an initial investment, submit a completed application form and
information and instructions as to the sub-fund, share class, account, all account opening documentation (such as all required tax and anti-
and size and type of transaction (purchasing, switching or redeeming). money laundering information) to a distributor or the transfer agent (see
You may indicate the value of a request as a currency amount or a share page 222). If you place your request by fax, you must follow up by mailing
amount. a paper copy to the transfer agent (see page 222). Once an account has
Note that requests that arrive at a time when transactions in sub-fund been opened, you can place additional orders by fax or letter.
shares are suspended will cancelled. Note that any order that arrives before your account is fully approved and
For each transaction, a confirmation notice will be sent to the registered established will normally be held until the account becomes operational.
account holder. These notices will include information about how much If we do not receive full payment for your shares within the time indicated
of the share price represents income, capital gains or a return of capital. above for settlement, we may redeem your shares, cancel their issuance
Cutoff times and processing schedule Any application to buy, and return the payment to you, minus any investment losses and any
switch or redeem Shares must be received by the Registrar and incidental expenses incurred in cancelling the shares issued.
Transfer Agent (on behalf of the Management Company from the For optimal processing of investments, send money via bank transfer in
Agents (if any) or directly from the investor), before the cut-off time shown the currency denomination of the shares you want to buy.
in “The Sub-Funds” for the relevant Sub-Fund. Any orders not Multi-year investment plans Some distributors, with board approval,
considered to have arrived before the cut-off time will be processed on may offer plans in which an investor commits to investing a stated
the relevant Sub-Fund’s next Valuation Day. amount in one or more sub-funds over a stated period. In exchange, the
If you are investing through an Agent, then, subject to the principle of investor may receive a lower purchase fee than would have applied had
equal treatment of Shareholders, different time limits or days when the the same investments been made outside the plan.
Agent is open for business may apply, and may supersede the timing The distributor who operates the plan may charge plan-related fees.
information given in this Prospectus. However applications must be However, the total amount of these fees that investors pay over the entire
received by Agents prior to the cut-off time. The Management Company time they are enrolled in the plan must not be more than one- third of the
may permit a purchase, redemption or switch application to be accepted amount they invest in their first year in the plan. The terms and conditions
after the cut-off time, but only if of each plan are described in a leaflet (which must be accompanied by,
• a Distributor and/or its Agent(s) so authorised receives the or state how to obtain, this prospectus). To find out which distributors
application before the cut-off time currently offer plans, and in which jurisdictions, contact the SICAV (see
• the acceptance of the request does not affect other Shareholders; page 216).
and Contingent Deferred Sales Charges (CDSC) On certain Share
• there is equal treatment of all Shareholders Classes, a deferred sales charge is levied on Shares that are redeemed
Payment of the dealing price is to be made in the Pricing Currency or within a certain amount of time after purchase. The following table shows
any other currency acceptable to the Management Company. Any how the rate is calculated for each Share Class that levies this charge.
currency conversion costs as well as any costs incurred on cash Share Class CDSC
transfers will be charged to the Shareholder.
Orders for Equity MENA are not accepted for processing on Thursdays. Class B Maximum 4% if redeemed within the first year of
Class OR of Equity Europe Concentrated, Equity Euro Concentrated purchase, 3% if redeemed within the second year,
and Convertible Conservative will settle on D+1, Redemptions for Class 2% if redeemed within the third year and 1% if
I11 of any Sub-Fund will settle on D+1. Class XU on Cash USD and redeemed within the fourth year
Class XE on Cash EUR will settle on D+1. The rules for request Class C Maximum 1% during the first year of investment;
processing described in this prospectus, including those concerning the none thereafter -
date and NAV that will apply to the execution of any order, will prevail
over any other written or verbal communications. A confirmation notice Class T Maximum 2% if redeemed within the first year of
will normally be sent. purchase and 1% if redeemed within the second year
Pricing Shares are priced on the relevant Dealing Day at the NAV for Class U Maximum 3% if redeemed within the first year of
the relevant share class and are quoted in the currency of that share purchase, 2% if redeemed within the second year
class. It is not possible to know the share price in advance. and 1% if redeemed within the third year
Currency conversions We can accept and make payments in most

210 Amundi Funds SICAV

Shareholders should note that for the purpose of determining the REDEEMING SHARES
number of years Shares have been held: Also see “Information that Applies to All Transactions Except Transfers”
(a) the anniversary of the date of subscription shall be used. above
(b) the Shares held the longest period are redeemed first.
When you redeem shares, we will send out payment (in the base
(c) the Shares which a Shareholder receives upon a conversion carry
currency of the share class) on the settlement day indicated under
the holding period(s) which corresponds to the holding period(s) of
“Cutoff times and processing schedule” in the previous page. To have
the Shares which were converted.
your redemption proceeds converted to a different currency, contact a
(d) when a Shareholder converts Shares which have been subscribed
distributor or the transfer agent prior to placing your request (see page
at different times to Shares of another Sub-Fund, the Registrar and
222).
Transfer Agent will convert the Shares held for the longest period.
We will pay redemption proceeds only to the shareholder(s) identified in
Shares acquired by reinvestment of dividends or distributions will be the register of shareholders. Proceeds are paid according to the bank
exempt from the deferred sales charge in the same manner as the account details we have on file for your account. The SICAV does not
deferred sales charge will also be waived on redemption of Classes B, pay interest on redemption proceeds whose transfer or receipt is
C, T and U Shares arising out of death or disability of a Shareholder or delayed for reasons that are beyond its control.
all Shareholders (in the case of joint Shareholding).
Once you have placed a request to purchase shares, you can withdraw
The amount of any deferred sales charge is based on the current market it only if there is a suspension of trading in shares for the relevant sub-
value and the purchase price of the Shares being redeemed whichever fund.
is lower. For example, when a Share that has appreciated in value is
Note that we will not pay out any redemption proceeds until we have
redeemed during the deferred sales charge period, a deferred sales
received all investor documentation from you that we may consider
charge is assessed only on its initial purchase price.
necessary.
In determining whether a deferred sales charge is payable on any
redemption, the Sub-Fund will first redeem Shares not subject to any TRANSFERRING SHARES
deferred sales charge, and then Shares held longest during the deferred As an alternative to switching or redemption, you may transfer ownership
sales charge period. Any deferred sales charge due will be retained by of your shares to another investor through the transfer agent (see page
the Management Company, which is entitled to such deferred sales 222).
charge. Note that all transfers are subject to any eligibility requirements and
SWITCHING SHARES holding restrictions that may apply. For example, institutional shares
cannot be transferred to non-institutional investors, and no shares of any
Also see “Information that Applies to All Transactions Except Transfers” type can be transferred to a US investor. If a transfer to an ineligible
above owner occurs, the board will either void the transfer, require a new
You can switch (convert) shares of most sub-funds and classes into transfer to an eligible owner, or forcibly liquidate the shares.
shares of certain other sub-funds and classes. To ensure that a switch
is permissible, see page 206 or contact a distributor or the transfer agent
(see page 222). How We Calculate NAV
All switches are, unless otherwise authorized by the Board, subject to Timing and formula
the following conditions:
The NAV of each Sub-Fund and Share Class is determined for each
• you must meet all eligibility requirements for the share class into which
business day (the “Valuation Day”) and published{*} on that day. The
you are requesting to switch
following formula is used to calculate NAV per Share for each Share
• you can only switch into a sub-fund and share class that is available in Class of a Sub-Fund:
your country of residence
• the switch must not violate any particular restrictions of either sub-fund (assets-liabilities) per Share Class
=NAV
involved (as stated in “Sub-Fund Descriptions”) number of outstanding Shares of a Class
• A switch from a CDSC share class may only be made to the same
CDSC share class of another sub-fund.
Appropriate provisions will be made to account for the charges and fees
• A switch from Class E, E2, F, F2, G or G2 shares may only be made attributable to each Sub-Fund and Share Class as well as accrued
to the same share class; income on investments
• As from 1 January 2021, you may switch only in and out a sub-fund The Net Asset Value is normally calculated by reference to the value of
within a same group (A, B or C), as further indicated in “Sub-Fund
the underlying assets of the relevant Class within the relevant Sub-Fund
Descriptions”.
on the relevant Valuation Day.
We process all switches of shares on a value-for-value basis, using the Each NAV is stated in the designated currency of the share class (and,
NAVs of the two investments (and, if applicable, any currency exchange for some share classes, in other currencies as well) and is calculated to
rates) that are in effect as at the time we process the switch. at least two (2) decimal points except in respect of MMF Sub-Funds, for
When switching into another share class charging a higher sales charge, which the NAV is rounded at a maximum to the nearest basis point. All
the difference between the two sales charges will be deducted from the NAVs whose pricing involves currency conversion of an underlying NAV
amount being switched. are calculated at an exchange rate in effect at the time the NAV is
calculated.
Once you have placed a request to switch shares, you can withdraw it {*}Only in respect of some Sub-Funds.
only if there is a suspension of trading in shares for the relevant sub-fund.
AUTOMATIC SWITCHING
Holdings in Classes B, T and U Shares will automatically convert, without
any fee, into Class A Shares on a monthly basis following expiry of the
deferred sales charge period applicable to the relevant Shares.
Automatic conversion will happen on a monthly basis and Shareholders
should note that if there is a pending redemption or conversion-out
request in respect of any of the Shares to be switched, the switch of the
remaining Shares into Class A Shares will take place in the following
month. Switching may give rise to a tax liability for investors in certain
jurisdictions. Investors should consult their tax advisers about their
position.

211 Amundi Funds SICAV

Concerning the following Sub-Funds, there will be no NAVs when a date • Currencies. Valued at the applicable foreign exchange rate (applies
of NAV is a public holiday in the countries shown in the table below. to currencies held as assets and when translating values of securities
Sub-Fund Public Holiday In: denominated in other currencies into the base currency of the sub-
fund.
Equity MENA Luxembourg or MENA
Global Total Return Bond Luxembourg or France For any asset, the board can choose a different valuation method if it
Target Coupon believes the method may result in a fairer valuation.
Protect 90 Only in respect of assets of MMF Sub-Funds, the valuation must be
European Equity Green Luxembourg, France or UK made at the mark-to-market value whenever possible or at the mark-to-
Impact* market model value as provided under MMF Regulation.
Global Equity Dynamic Luxembourg or USA Trades made in a sub-fund’s portfolio will be reflected on the business
Multi Factors day they are made to the extent practicable.
Pioneer US Equity
Dividend Growth For complete information on how we value investments, see the articles
Pioneer US Equity ESG of incorporation.
Improvers
Pioneer US Equity
Fundamental Growth
Pioneer US Equity Mid
Cap Value
Pioneer US Equity
Research
Pioneer US Equity
Research Value
US Pioneer Fund
Global Equity
Conservative
Equity Japan Target Luxembourg or Japan
Japan Equity Engagement
Japan Equity Value**
China Equity Luxembourg or Hong Kong
Russian Equity** Luxembourg or Russia
SBI FM India Equity** Luxembourg or India
* since 30 November 2020 (UK)
** since 1 January 2021.
Orders received on a day preceding a day on which the NAV is not
calculated will be executed at the next available NAV.
Swing pricing On Valuation Days when it believes that trading in a sub-
fund’s shares will require significant purchases or sales of portfolio
investments, the Board may adjust the sub-fund’s NAV to more closely
reflect the actual prices of the underlying transactions, based on
estimated dealing spreads, costs, and other market and trading
considerations. In general, the NAV will be adjusted upward when there
is strong demand to buy sub-fund shares and downward when there is
strong demand to redeem sub-fund shares. For any given Valuation
Day, the adjustment will normally not be larger than 2% of NAV, but the
Board can raise this limit when necessary to protect the interests of
shareholders. In such a case, a communication to investors will be
published in the dedicated website.
Asset valuations In general, we determine the value of each sub-
fund’s assets as follows:
• Cash in hand or on deposit, bills and demand notes and
accounts receivable, prepaid expenses, cash dividends and
interest declared or accrued but not yet received. Valued at full
value, minus any appropriate discount we may apply based on our
assessments of any circumstances that make the full payment
unlikely.
• Transferable securities, money market instruments and
derivatives that are quoted or dealt in on any stock exchange or
traded in any other regulated market. Generally valued at the last
available prices of the Valuation Day at the time of valuation.
• Non-listed securities, or listed securities for which the price
determined according to the above methods not representative
of fair market value. Valued in good faith at a prudent estimate of their
sales price.
• Derivatives that are not listed on any official stock exchange or
are traded over the counter. Valued daily in a reliable and verifiable
manner, consistent with market practice.
• Shares of UCITS or UCIs. Valued at the most recent NAV reported
by the UCITS/UCI that is available of the Valuation Day at the time the
sub-fund is calculating its NAV.
• Swaps. Valued at the net present value of their cash flows.

212 Amundi Funds SICAV

Taxes COMMON REPORTING STANDARD
Under CRS law, the SICAV is likely to be treated as a Luxembourg
TAXES PAID FROM SUB-FUND ASSETS reporting financial institution. As such, as of 30 June 2017, the SICAV
Taxe d’abonnement The SICAV is subject to a taxe d’abonnement at will be required to annually report to the Luxembourg tax authorities
the following rates: personal and financial information related to the identification and
Cash sub-funds holdings of, and payments made to, certain investors and controlling
persons of certain non-financial entities that are themselves reportable
• All classes: 0.01%. persons. Certain operations performed by reportable persons will be
All other sub-funds reported to the Luxembourg tax authorities through the issuance of
• Classes H, I, J, M, O, OR, SE, X and Z: 0.01%. statements, which will serve as a basis for the annual disclosure to these
• All other classes: 0.05%. authorities.
This tax is calculated and payable quarterly, on the aggregate net asset Any shareholder who fails to comply with the SICAV's information or
value of the outstanding shares of the SICAV at the end of each quarter. documentation requests may be held liable for penalties imposed on the
The SICAV is not currently subject to any other Luxembourg taxes on SICAV that are attributable to the shareholder' s failure to provide the
income or capital gains. documentation.
While the above tax information is accurate to the best of the board’s
knowledge, it is possible that a tax authority may impose new taxes Rights We Reserve
(including retroactive taxes) or that the Luxembourg tax authorities may
We reserve the right to do any of the following at any time:
determine, for example, that any class currently identified as being
subject to the 0.01% taxe d’abonnement should be reclassified as being • Reject or cancel any request to buy shares, whether for an initial or
subject to the 0.05% rate. The latter case could happen for an additional investment, for any reason. We can reject the entire request
institutional share class of any sub-fund for any period during which an or part of it.
investor not entitled to hold institutional shares was found to have held • Refuse your investment if we do not receive all documentation we
such shares. consider necessary to open your account. Without prejudice to other
specific rules (see “Measures to prevent Money laundering and
TAXES YOU ARE RESPONSIBLE FOR PAYING Terrorism financing”), we will return your initial investment money
Taxpayers in Luxembourg Shareholders whom Luxembourg without interest.
considers to be residents or otherwise to have permanent establishment • Redeem your shares and send you the proceeds or switch your
there, currently or in the past, may be subject to Luxembourg taxes. holding to another class if you no longer meet the qualifying
Taxpayers in Other Countries Shareholders who are not criteria for the share class you hold. We will give you 30 calendar
Luxembourg taxpayers are not subject to any Luxembourg capital gains, days’ notice before doing so, to allow you time to switch to another
income, withholding, gift, estate, inheritance or other taxes, with the rare class or redeem the shares.
exceptions of certain former Luxembourg residents and any investor
Request proof of eligibility to hold shares or compel an ineligible
who owns more than 10% of the SICAV’s total value. However, an
shareholder to relinquish ownership. If we believe that shares are
investment in a sub-fund may have tax implications in any jurisdiction
being held in whole or in part by an ineligible owner, or that the
that considers you to be a taxpayer.
circumstances of ownership may cause the SICAV to be taxed by
FATCA The US Foreign Account Tax Compliance Act (FATCA) jurisdictions other than Luxembourg, we may redeem the shares
imposes a 30% withholding tax on certain payments to foreign entities without the owner’s consent. At our option, we may request certain
that originate in the US, unless an exception applies. Starting 1 January information from the owner to establish eligibility, but we may still at
2017, any shareholders who do not provide all FATCA-related any time proceed with forcible redemption. The SICAV will not be held
information requested, or whom we believe are US investors, may be liable for any gain or loss associated with these redemptions.
subject to this withholding tax on all or a portion of any redemption or • Temporarily suspend the calculation of NAVs or transactions in
dividend payments paid by the sub-fund. From this same date, we may a sub-fund’s shares when any of the following is true:
prohibit the sale or ownership of shares involving any Non-Participating
− the principal stock exchanges or markets associated with a
FFI (NPFFI) or any other investor we believe to be subject to the
substantial portion of the sub-fund’s investments are closed during
withholding tax, in order to avoid any potential issues from the “Foreign
a time when they normally would be open, or their trading is
Passthru payment” mechanism and the necessity of deducting the tax.
restricted or suspended
Amundi Luxembourg and the SICAV are each considered a “Reporting − a master fund of which the sub-fund is a feeder fund has suspended
FFI Model 1” under FATCA, and each intends to comply with the Model its NAV calculations or share transactions
I Intergovernmental Agreement between Luxembourg and the United
− the board believes an emergency exists that has made it impractical
States (IGA). Neither the SICAV nor any sub-fund expects to be subject
to reliably value or to trade sub-fund assets; this may include
to any FATCA withholding tax. political, military, economic, monetary, fiscal, or infrastructure-related
FATCA requires the SICAV and the sub-funds to gather certain account events
information (including ownership details, holdings and distribution − portfolio transactions are being hampered or blocked by restrictions
information) about certain US investors, US-controlled investors and on cash transfers or currency conversions, cannot be completed at
non-US investors that do not comply with applicable FATCA rules or do normal exchange rates, or are otherwise affected by any settlement
not provide all required information under the IGA. In this regard, each issue
shareholder agrees in the Application Form to provide any required − notice has been given of decision to merge the SICAV or the sub-
information upon request from the SICAV, a sub-fund, or its agent. fund, or of a shareholder meeting at which it will be decided whether
Under the IGA, this information must be reported to the Luxembourg tax or not to liquidate the sub-fund or the SICAV
authorities, who in turn may share it with the US Internal Revenue − any other circumstance exists that would justify the suspension for
Service or other tax authorities. the protection of shareholders
FATCA is comparatively new and its implementation is still developing. A suspension could apply to any share class and sub-fund, or to all,
While the above information summarises the board’s current and to any type of request (buy, switch, redeem). We can also refuse
understanding, that understanding could be incorrect, or the way FATCA to accept requests to buy, switch or redeem shares.
is implemented could change in a way that would make some or all During times of suspension, any unprocessed subscription orders are
investors in the sub-funds subject to the 30% withholding tax. cancelled, and any unprocessed conversion/redemption orders are
suspended, unless you withdraw them.
If your order is delayed in processing because of a suspension, you
will be notified of the suspension within 7 days of your request, and of
its termination. If a suspension lasts for an unusually long time, all
investors will be notified.

213 Amundi Funds SICAV

• Limit how many shares are redeemed in a short amount of time. Excessive Trading and Market Timing
On any Valuation Day, no sub-fund will be obligated to process
redemption requests that, in total, exceed either 10% of its outstanding The sub-funds are in general designed to be long-term investments and
shares or 10% of its net assets. To meet these limits, the sub-fund can not vehicles for frequent trading or for market timing (defined as short-
reduce the requests on a pro rata basis. If this occurs, unfulfilled term intended to take advantage of arbitrage opportunities that may arise
portions will be deferred to the next Valuation Day and given priority from the interaction of market opening times and the timing of NAV
over new requests. calculations).
On any day when the volume of redemptions to be processed is larger These types of trading are not acceptable as they may disrupt portfolio
than the redemption capacity for the day, as determined by the rules management and drive up sub-fund expenses, to the detriment of other
stated in this bullet, all orders scheduled to be processed will be shareholders. We may therefore take various measures to protect
processed as partial redemptions, with the same pro rata percentage shareholder interests, including rejecting, suspending or cancelling any
for each order. A sub-fund will only limit redemptions when necessary request we believe represents excessive trading or market timing. We
to prevent liquidity constraints that would be detrimental to remaining may also forcibly redeem your investment, at your sole cost and risk, if
shareholders. we believe you have engaged in excessive trading or market timing.
• Process unusually large purchases or redemptions at a price To determine the extent to which certain transactions are motivated by
different from NAV. With any order we believe is large enough that short-term trading or market timing considerations and therefore may be
the purchases or liquidations of portfolio securities necessary to subject to the policy of restricting certain transactions, the SICAV
process the order may affect the prices at which the transactions considers various criteria, including the Intermediary’s assumption to
occur, we may use actual ask or bid prices (for purchases or involve certain volumes and frequencies, market norms, historical
liquidations respectively) in determining the amount of redemption patterns and the intermediary' s asset levels.
proceeds due or the quantity of sub-fund shares purchased.
• Use fair market valuation. In any case when a sub-fund has Late Trading
calculated its NAV and there is subsequently a material change in the
quoted market prices of that sub-fund’s investments, the board may We take measures to ensure that any request to buy, switch or redeem
direct the sub-fund to cancel its current NAV and issue a new NAV that shares that arrives after the cut-off time for a given NAV will not be
reflects fair market values for its holdings. If any transactions were processed at that NAV.
processed at the canceled NAV, the sub-fund may re-process them at
the new NAV. The board will only take these measures when it Privacy of Personal Information
believes they are warranted in light of unusual market volatility or other
circumstances. Any fair value adjustments will be applied consistently In accordance with the Data Protection Law, the SICAV, acting as data
to all share classes within a sub-fund. controller, hereby informs you (in case of a legal person, informs the
shareholder’s contact person and/or beneficial owner) that certain
personal data (“Personal Data”) provided to the SICAV or its delegates
Measures to Prevent Crime and Terrorism may be collected, recorded, stored, adapted, transferred or otherwise
To comply with Luxembourg laws, regulations, circulars, etc. aimed at processed for the purposes set out below.
preventing money laundering and the financing of terrorism, we or any
distributor may require certain types of account documentation to allow Personal Data includes (i) the name, address (postal and/or e-mail),
us ensuring proper identification of Investors and ultimate beneficial bank details, invested amount and holdings of a shareholder; (ii) for
owners. corporate shareholders: the name and address (postal and/or e-mail) of
the shareholders’ contact persons, signatories, and the beneficial
CUSTOMER IDENTIFICATION owners; and (iii) any other personal data the processing of which is
Before being approved for opening an account, each investor must required in order to comply with regulatory requirements, including tax
provide, at a minimum, the following identification: law and foreign laws.
• Natural persons An identity card or passport duly certified by a public
authority (such as a notary, police official or ambassador) in his or her Personal Data supplied by you is processed in order to enter into and
country of residence. execute transactions in Shares of the SICAV and for the legitimate
interests of the SICAV. In particular, legitimate interests include (a)
• Corporations and other entities investing on their own behalf A
complying with the SICAV’s accountability, regulatory and legal
certified copy of the entity’s incorporation documents or other official
obligations; as well as in respect of the provision of evidence of a
statutory document, plus, for the entity’s owners or other economic
transaction or any commercial communication; (b) exercising the
beneficiaries, the identification described above for natural persons.
business of the SICAV in accordance with reasonable market
• Financial intermediaries A certified copy of the entity’s incorporation standards and (c) the processing of Personal Data for the purpose of:
documents or other official statutory document, plus certification that (i) maintaining the register of shareholders; (ii) processing transactions
the account owner has obtained necessary documentation for all end in Shares and the payment of dividends; (iii) maintaining controls in
investors. respect of late trading and market timing practices; (iv) complying with
You will also be required regularly to supply updated documentation. We applicable anti-money laundering rules; (v) marketing and client-related
or any distributor may ask you for additional documentation as well services; (vi) fee administration; and (vii) tax identification under the EU
(either before opening an account or at any time afterward). Delay or Savings Directive, OECD Common Reporting Standard (the “CRS”)
failure to provide the required documentation may result in having any and FATCA.
order delayed or not executed, or any proceeds withheld.
The SICAV may, subject to applicable law and regulation, delegate the
processing of Personal Data, to other data recipients such as, inter alia,
the Management Company, the Investment Managers, the Sub-
Investment Managers, the Administrator, the Registrar and Transfer
Agent, the Depositary and Paying Agent, the auditor and the legal
advisors of the SICAV and their service providers and delegates (the
“Recipients”).

The Recipients may, under their own responsibility, disclose Personal

Data to their agents and/or delegates (including the providers
mentioned under the “Section Information for Investors in Certain
Countries”), for the sole purposes of assisting the Recipients to provide
services to the SICAV and/or to fulfil their own legal obligations.
Recipients or their agents or delegates may, process Personal Data as

214 Amundi Funds SICAV

data processors (when processing upon instruction of the SICAV), or as
data controllers (when processing for their own purposes or to fulfil their
own legal obligations). Personal Data may also be transferred to third
parties such as governmental or regulatory agencies, including tax
authorities, in accordance with applicable law and regulation. In
particular, Personal Data may be disclosed to the Luxembourg tax
authorities, which in turn may, acting as data controller, disclose the
same to foreign tax authorities.

Data processors may include any entity belonging to the Crédit Agricole
or Société Générale group of companies (including outside the EU) for
the purposes of performing operational support tasks in relation to
transactions in the Shares, fulfilling anti-money laundering and counter-
terrorist financing obligations, avoiding investment fraud and for
compliance with the obligations of CRS.

In accordance with the conditions laid down by the Data Protection Law,
you have the right to:
• request access to their Personal Data
• request the correction of their Personal Data where it is inaccurate or
incomplete
• object to the processing of their Personal Data
• request erasure of their Personal Data
• request for restriction of the use of their Personal Data and
• request for Personal Data portability)

You may exercise the above rights by writing to the SICAV at the
following address: 5, Allée Scheffer L-2520 Luxembourg, Grand Duchy
of Luxembourg.

You also have the right to lodge a complaint with the National
Commission for Data Protection (the “CNPD”) at the following address:
15 boulevard du Jazz, L-4370 Belvaux, Grand Duchy of Luxembourg,
or with any competent data protection supervisory authority.

You may, at your discretion, refuse to communicate your Personal Data

to the SICAV. In this event however, the SICAV may reject the request
for subscription for Shares and block an account for further transactions.
Personal Data shall not be retained for periods longer than those
required for the purpose of its processing subject to any limitation
periods imposed by applicable law.

Information for Investors in Certain Countries

• Contact in Asia
In order to facilitate communication in the Asian time zones, the
Registrar and Transfer Agent offers you the option to contact
CACEIS Hong Kong Trust Company Limited for the transmission
of any application to buy, switch or redeem Shares and any
related customer identification documentation or Personal Data.

• Italy
Under the multi-year investment plan disributed in Italy, if an investment
plan is terminated before the agreed final date, you may end up paying
more in purchase fees than if you had bought the same shares outside
of the plan.

215 Amundi Funds SICAV

THE SICAV
Operations and Business Structure Board of Directors of the SICAV
SICAV name Mr. Christophe Lemarié, Chairman
Amundi Funds Deputy Head of Retail Marketing
Amundi Ireland Ltd
Registered office
1, George’s Quay Plaza
5, allée Scheffer
Dublin 2, Ireland
2520 Luxembourg, Luxembourg
Ms. Elodie Laugel
Other contact information
Global Head of Institutional Marketing
amundi.com
Amundi Asset Management
Tel +352 26 86 80 80
90, boulevard Pasteur
Legal structure Open-ended investment company organised as a 75015 Paris, France
société anonyme and qualifying as a société d’investissement à
capital variable (SICAV) Mr. Christian Pellis
Global Head of Distribution
Legal jurisdiction Luxembourg Amundi Asset Management
Founding/history Formed in 1985 (as Groupe Indosuez Funds FCP, 90, boulevard Pasteur
a mutual unincorporated investment fund); incorporated on 15 March 75015 Paris, France
1999 (as GIF SICAV II); after several name changes, renamed Amundi
Funds on 2 March 2010 Mr. Eric Pinon
Independent Director
Duration Indefinite
Articles of incorporation Last modified on 14 March 2019 and The board is responsible for the overall management and administration
published in the Recueil Electronique des Sociétés et Associations, on of the SICAV and has broad powers to act on its behalf, including:
5 April 2019 • appointing and supervising the Management Company
Regulatory authority • setting investment policy and approving the appointment of any
Commission de Surveillance du Secteur Financier (CSSF) investment manager or sub-manager
283, route d'Arlon • making all determinations regarding the launch, modification, merger
1150 Luxembourg, Luxembourg or discontinuation of sub-funds and share classes including such
matters as timing, pricing, fees, dividend policy and payment and
Registration number B 68.806 amount of dividends, liquidation of the SICAV, and other conditions
Financial year 1 July to 30 June • determining whether to list a sub-fund’s shares on any stock exchange
• determining whether and where to publish sub-fund NAVs and
Capital Sum of the net assets of all of the sub-funds. dividend notices
Minimum capital (under Luxembourg law) EUR1,250,000 or • determining when and in what manner the SICAV will exercise any of
equivalent in any other currency. the rights reserved in this prospectus or by statute and making any
associated shareholder communications
Par value of shares None
• ensuring that the Management Company and the depositary are
Share capital and reporting currency EUR adequately capitalised and that their appointment is consistent with the
2010 Law and any applicable contracts of the SICAV
Structure and Governing Law • determining the availability of any share class to any investor or
distributor or in any jurisdiction
The SICAV functions as an “umbrella fund” under which the sub- funds • approving any multi-year investment plans, making any changes to
are created and operate. The assets and liabilities of each sub-fund are the terms, fees, general structure, and extent of shareholder choices it
segregated from those of other sub-funds (meaning that third-party may desire
creditors have recourse only to the assets of the sub-fund concerned.
The board is responsible for the information in this prospectus and has
The SICAV qualifies as an Undertaking for Collective Investment in
taken all reasonable care to ensure that it is materially accurate and
Transferable Securities (UCITS) under Part 1 of the 2010 law and some
complete.
of its sub-funds qualify as MMFs under the MMF Regulation. The SICAV
is registered on the official list of collective investment undertakings Directors serve until their term ends, they resign, or they are revoked, in
maintained by the CSSF. accordance with the articles of incorporation. Any additional directors will
be appointed in accordance with the articles of incorporation and
Any legal disputes involving the SICAV, the depositary or any
Luxembourg law. Directors may receive compensation for serving on the
shareholder will be subject to the jurisdiction of the competent
board. Any such compensation will be disclosed as required by
Luxembourg court, although the SICAV or the depositary may submit to
applicable law or regulation.
a competent court of another jurisdiction when that jurisdiction’s
regulations require it. The ability for a shareholder to bring a claim against
the SICAV expires five years after the event on which the claim would
be based (30 years in the case of claims concerning entitlement to the
proceeds of a liquidation).

216 Amundi Funds SICAV

Conducting Officers - recording, managing and monitoring the conflict of interest
situations either in:
Ms. Jeanne Duvoux a) relying on the permanent measures in place to address conflicts
Chief Executive Officer and Managing Director of interest such as maintaining separate legal entities, segregation
Amundi Luxembourg S.A. of duties, separation of reporting lines, insider lists for staff
members; or
Mr. Charles Giraldez b) implementing a case-by-case management to (i) take the
Deputy General Manager appropriate preventive measures such as drawing up a new
Amundi Luxembourg S.A. watch list, implementing a new Chinese wall, making sure that
operations are carried out at arm’s length and/or informing the
concerned shareholders of the UCITS, or (ii) refuse to carry out
Service Providers Engaged by the SICAV the activity giving rise to the conflict of interest.
Depositary The Depositary has established a functional, hierarchical and/or
contractual separation between the performance of its UCITS depositary
CACEIS Bank, Luxembourg Branch functions and the performance of other tasks on behalf of the UCITS,
5, allée Scheffer notably, administrative agency and registrar agency services.
2520 Luxembourg Where the law of a third country requires that certain financial
Grand-Duchy of Luxembourg instruments be held in custody by a local entity and there are no local
caceis.com entities that satisfy the delegation requirement, the depositary may
delegate to a local entity, provided that the investors have been duly
The depositary holds all of the SICAV's assets, including its cash and informed and that instructions to delegate to the relevant local entity have
securities, either directly or through other financial institutions such as been given by or for the SICAV.
correspondent banks, subsidiaries or affiliates of the depositary, as CACEIS and Amundi are members of the Crédit Agricole Group.
described in the depositary agreement.
The depositary is entrusted with the safe-keeping and/or, as the cas may Auditor
be , recordkeeping of the SICAV's assets on behalf of and for the PricewaterhouseCoopers, Société Cooperative
exclusive interest of the shareholders. All assets that can be held in
2, rue Gerhard Mercator
custody are registered in the depositary's books in segregated accounts,
opened in the name of the SICAV, in respect of each sub-fund. The B.P. 1443
depositary must verify the ownership of such assets by the SICAV in 1014 Luxembourg
respect of each sub-fund, and shall ensure that the SICAV' s cash flows Grand-Duchy of Luxembourg
are properly monitored. The auditor, a “reviseur d’entreprise” appointed at the annual general
In addition, the depositary is responsible for ensuring that: meeting of shareholders, provides independent review of the financial
• the sale, issue, repurchase, cancellation and valuation of shares are statements of the SICAV and all sub-funds once a year. The auditor also
done according to law and the articles of incorporation verifies all performance fee calculations.
• all income produced by the SICAV is properly allocated (as specified Local Agents
in the articles)
The SICAV may engage local agents in certain countries or markets,
• all monies due to the SICAV arrive within the customary market period whose duties include making available applicable documents
• the SICAV carries out the board’s instructions (unless they conflict with (such as the prospectus, KIIDs and shareholder reports), in the local
the law or the articles of incorporation) language if required. In some countries, use of an agent is mandatory,
• the NAV of the shares is calculated in accordance with the law and the and the agent may not merely facilitate transactions but may hold shares
articles of incorporation in its own name on behalf of investors. For information on the local
The depositary must use reasonable care in exercising its functions and agents in various countries, go to amundi.com or amundi-
is liable for the loss or theft of any financial instrument held in custody. In funds.com.
such case, the depositary must return a financial instrument of identical
type or the corresponding amount to the SICAV without undue delay Shareholder Meetings and Voting
unless it proves that the loss is the result of an external event beyond its
reasonable control.In compliance with Luxembourg law, the depositary The annual general meeting shall be held, in accordance with the Law of
is liable to the SICAV and its shareholders for any loss incurred by the 10 August 1915.in the Grand-Duchy of Luxembourg within six months of
depositary or resulting from its failure to execute, or from its wrongful the Company’s financial year as determined in the articles of
execution of, its duties. It may entrust assets to third party banks, financial incorporation. The annual general meeting may be held abroad if, in the
institutions or clearinghouses but this will not affect its liability. The list of absolute and final judgement of the Board, exceptional circumstances
such delegates or the potential conflict of interest that may arise from so require. Other shareholder meetings can be held at other places and
such delegation is available on the website of the depositary caceis.com times; if any are scheduled, notices will be distributed to you and will be
section “veille reglementaire”. Such list may be updated from time to made publicly available as required by law or regulation.
time. A complete list of all correspondents/third party custodians may be Resolutions concerning the interests of all shareholders generally will be
obtained, free of charge and upon request, from the Depositary. Up-to- taken in a general meeting. Those concerning the rights of the
date information regarding the identity of the Depositary, the description shareholders of a specific sub-fund, share class or share class category
of its duties and of conflicts of interest that may arise, the safekeeping may be discussed in a meeting of those shareholders only.
functions delegated by the Depositary and any conflicts of interest that The meeting notice will indicate any applicable quorum requirements as
may arise from such a delegation are also made available to investors well. When no quorum is required, decisions will be taken if approved by
on the website of the Depositary, as mentioned above, and upon a majority (either a two-thirds majority or a simple majority, as required
request. There are many situations in which a conflict of interest may by law) of those shares that actually vote on the matter, whether in
arise, notably when the Depositary delegates its safekeeping functions person or by proxy.
or when the Depositary also performs other tasks on behalf of the
Each share gets one vote in all matters brought before a general meeting
UCITS, such as administrative agency and registrar agency services.
of shareholders. Fractional shares do not have voting rights. Nominees
These situations and the conflicts of interest thereto related have been
determine the voting policy for all shares of which they are the owner of
identified by the Depositary. In order to protect the UCITS’ and its
record. The same rules apply at any meetings of sub- funds, share
shareholders’ interests and comply with applicable regulations, a policy
classes or share class categories.
and procedures designed to prevent situations of conflicts of interest and
monitor them when they arise have been set in place within the For information on admission and voting at any meeting, refer to the
Depositary, aiming namely at: applicable meeting notice.
- identifying and analysing potential situations of conflicts of interest

217 Amundi Funds SICAV

Expenses Notices and Publications
The SICAV pays the following expenses out of shareholder assets: PUBLICATION OF NOTICES
Expenses included in the fees disclosed in “Sub-Fund Descriptions” As from <4 June> 2020 and unless otherwise required by any applicable
In the management and distribution fees laws and regulations of any relevant jurisdictions, notices to shareholders
informing about any change concerning the SICAV or its sub-funds (i)
• fees of the Management Company and all other service providers,
including distributors decided in exceptional and urgent circumstances or (ii) considered as
not materially affecting shareholders’ interests, will only be notified by
In the administration fee way of website.
• fees of professional firms, such as the auditors and legal advisers
• government, regulatory, registration, local representatives and cross- Shareholders are invited to consult on a regular basis
border marketing expenses https://www.amundi.lu/retail/Local-Content/Footer/Quick-
• costs of providing information to shareholders, such as the costs of Links/Regulatory-information/Amundi-Funds
creating, translating, printing and distributing shareholder reports,
prospectuses and KIIDs
Unless otherwise specified in the Prospectus or in the event of
• extraordinary expenses, such as any legal or other expertise needed exceptional and urgent circumstances as referred to above, any notice
to defend the interests of shareholders informing about a material change to shareholders’ interests in the
• all other costs associated with operation and distribution, including SICAV or any sub-fund will continue to be mailed at your address of
expenses incurred by the Management Company, depositary and all record.
service providers in the course of discharging their responsibilities to
the SICAV
NAVs and notices of dividends for all existing share classes of all sub-
Expenses not included in the fees disclosed in “Sub-Fund Descriptions” funds are available from the registered office, and through other financial
• taxes on assets and income and media outlets as determined by the board. NAVs are also available
• standard brokerage and bank charges incurred on business at fundsquare.com.
• transactions and securities trades Information on past performance appears in the KIID for each sub- fund,
by share class, and in the shareholder reports. Audited annual reports
• any fees that the board agrees the SICAV should pay to independent
are issued within four months of the end of the financial year. Unaudited
board members for their service on the board (currently, no such fees
semi-annual reports are issued within two months of the end of the
are paid)
period they cover. Accounts for the SICAV are expressed in EUR and
• any fees and costs incurred by the agents of investment managers sub-fund accounts are expressed in the base currency of each sub-fund.
and investment sub-managers centralising orders and supporting best
execution; some of these agents may be affiliates of Amundi COPIES OF DOCUMENTS
All expenses that are paid from shareholder assets are reflected in NAV You can access various documents about the SICAV online at
calculations, and the actual amounts paid are documented in the amundi.com at a local agent (if one exists in your country) or at the
SICAV’s annual reports. registered office, including:
Recurring expenses will be charged first against current income, then • KIIDs
against realised capital gains, and lastly against capital. • shareholder reports (latest annual report and semi-annual report)
Each sub-fund and/or class pays all costs it incurs directly and also pays • notices to shareholders
its pro rata share (based on net asset value) of costs not attributable to a • the prospectus
specific sub-fund or class. For each share class whose currency is
different from the base currency of the sub-fund, all costs associated with • the SICAV’s policies on best execution, complaint handling, managing
maintaining the separate share class currency (such as currency conflicts of interest, and the voting rights associated with portfolio
hedging and foreign exchange costs) will be charged to that share class. securities
• the Management Company’s remuneration policy
• each master fund’s prospectus, articles of incorporation or
Best Execution management regulations, annual and semi-annual financial reports,
Each investment manager and sub-investment manager has adopted a key investor information documents and the agreement entered into
best execution policy to implement all reasonable measures to ensure between the SICAV and the master fund.
the best possible result for the SICAV, when executing orders. In
determining what constitutes best execution, the investment manager In respect of the MMF Sub-Funds, you can access the following
and/or sub-investment manager will consider a range of different factors, documents (updated on a weekly basis):
such as price, liquidity, speed and cost, among others, depending on
their relative importance based on the various types of orders or financial • the maturity breakdown of the portfolio of each MMF Sub-
instrument. Transactions are principally executed via brokers that are Fund;
selected and monitored on the basis of the criteria of the best execution • the credit profile of each MMF Sub-Fund;
policy. Counterparties that are affiliates of Amundi are also considered. • details of the ten (10 largest holding in each MMF Sub-Fund,
To meet its best execution objective, the investment manager and/or including the name, country, maturity and asset type, and the
sub-investment manager may choose to use agents (affiliates of Amundi counterparty in case of repurchase and reverse repurchase
or not) for its order transmission and execution activities. agreements;
The investment manager and sub-investment manager may use soft • the total value of the assets of each MMF Sub-Fund; and
commission arrangements to enable them to obtain goods, services or • the net yield of each MMF Sub-Fund.
other benefits (such as research) that are beneficial to the management
Also at the registered office, you can read or get copies of all of the above
of the SICAV, in the best interest of the shareholders. All transactions
documents as well as other relevant documents, such as the articles of
undertaken on a soft commission basis in respect of the SICAV will be
incorporation, and certain key agreements between the SICAV and the
subject to the fundamental rule of best execution and will also be
Management Company, investment managers and service providers.
disclosed in the shareholder reports.

218 Amundi Funds SICAV

Liquidation or Merger
LIQUIDATION MERGERS
The board may decide to liquidate any sub-fund or share class if any of Within the limits of the 2010 Law, any sub-fund may merge with any
the following is true: other sub-fund, wherever domiciled (whether the other sub-fund is within
• the value of all assets of the sub-fund or share class falls below what the SICAV or in a different UCITS). The board is authorised to approve
the board views as the minimum for efficient operation any such mergers. If the merger involves a different UCITS, the board
may also choose the effective date of the merger.
• the liquidation is justified by a significant change in economic or political
situation affecting the investments of the sub-fund or share class The SICAV may also merge with another UCITS as permitted by the
2010 law. The board is authorised to approve mergers of other UCITS
• the liquidation is part of a project of rationalisation (such as an overall
into the SICAV and to set effective dates for such mergers. However, a
adjustment of sub-fund offerings)
merger of the SICAV into another UCITS must be approved by a
If none of these is true, then any liquidation of a sub-fund or share class majority of the shares present or represented at a shareholder meeting.
requires the approval of the shareholders of the sub-fund or share class.
Shareholders whose investments are involved in any merger will receive
Approval may be given by a simple majority of the shares present or
at least one month’s advance notice of the merger, during which they will
represented at a validly held meeting (no quorum required).
be able to redeem or switch their shares free of any redemption and
Generally, shareholders of the relevant sub-fund or share class may switching charges.
continue to redeem or switch their shares, free of any redemption and
switching fee up to the liquidation date. The prices at which these
redemptions and switches are executed will reflect any costs relating to
the liquidation. The board can suspend or refuse redemptions and
switches if it believes it is in the best interests of shareholders.
Only the liquidation of the last remaining sub-fund will result in the
liquidation of the SICAV. In such a case, once liquidation is decided
upon, the SICAV and all sub-funds must cease issuing new shares
except for the purpose of liquidation.
The SICAV may itself be dissolved at any time by a resolution of
shareholders (for quorum and voting requirements, see the articles of
incorporation). In addition, if it is determined that the SICAV’s capital has
fallen below two-thirds of minimum required capital, shareholders must
be given the opportunity to vote on dissolution at a general meeting held
within 40 days of the determination.
Dissolution will occur if approved by a majority of the shares present and
represented at the meeting, or by 25% of the shares present and
represented if the SICAV’s capital is below 25% of the minimum (no
quorum required).
Should the SICAV need to liquidate, one or more liquidators appointed
by the shareholders meeting will liquidate the SICAV’s assets in the best
interest of shareholders and will distribute the net proceeds (after
deduction of any costs relating to the liquidation) to shareholders in
proportion to their holdings.
Amounts from any liquidations that are not claimed promptly by
shareholders will be deposited in escrow with the Caisse de
Consignation. Amounts still unclaimed after 30 years will be forfeited
according to Luxembourg law.

219 Amundi Funds SICAV

THE MANAGEMENT COMPANY
Operations and Business Structure REMUNERATION POLICY
The Management Company has designed and implemented a
Management Company name remuneration policy that is consistent with, and promotes, sound and
Amundi Luxembourg S.A. effective risk management by having a business model that by its nature
does not encourage excessive risk taking, such risk taking being
Registered office and operations center
inconsistent with the risk profile of the sub-funds. The Management
5, allée Scheffer Company has identified those of its staff members whose professional
2520 Luxembourg activity has a material impact on the risk profiles of the sub-funds, and
Grand-Duchy of Luxembourg will ensure that these staff members comply with the remuneration
Tel +352 26 86 80 80 policy. The remuneration policy integrates governance, a pay structure
that is balanced between fixed and variable components, and risk and
Legal form of company Société Anonyme long-term performance alignment rules. These alignment rules are
Incorporated 20 December 1996 designed to be consistent with the interests of the Management
Company, the SICAV and the shareholders, with respect to such
Articles of incorporation First effective on 20 December 1996 and considerations as business strategy, objectives, values and interests,
published in the Mémorial on 28 January 1997. Last modified on 1 and include measures to avoid conflicts of interest. The Management
January 2018 and published in the RESA on 8 January 2018. Company ensures that the calculation of any performance-based
Regulatory authority remuneration is based on the applicable multi-year performance figures
of the SICAV and that the actual payment of such remuneration is
Commission de Surveillance du Secteur Financier spread over the same period. The details of the current remuneration
283, route d’Arlon policy of the Management Company, such as a description of how
1150 Luxembourg, Luxembourg remuneration and benefits are calculated and the identity of the persons
responsible for awarding the remuneration and benefits, are available on
Registration number B 57.255 the “Regulatory information” page of amundi.com, or you can request a
Capital EUR 17,785,525 free paper copy from the registered office of the Management Company.

Other FCPs managed Amundi SIF, Amundi S.F., Amundi Unicredit

Premium Portfolio (formerly named MyNEXT), Amundi Total Return. Board of Directors
RESPONSIBILITIES Directors of the Management Company employed by Amundi
The Management Company is responsible for investment Ms. Jeanne Duvoux
management, administrative services, marketing services and Chief Executive Officer and Managing Director
distribution services. The Management Company also serves as
domiciliary agent, in which capacity it is responsible for the administrative Amundi Luxembourg S.A.
work required by law and the articles of incorporation, and for keeping Mr. Christian Pellis
the books and records of the sub-funds and the SICAV. The Global Head of Distribution
Management Company is subject to Chapter 15 of the 2010 Law.
Amundi Asset Management
The Management Company has the option of delegating to third parties
some or all of its responsibilities. For example, so long as it retains control Mr. David Joseph Harte
and supervision, the Management Company can appoint one or more Chief Executive Officer
investment managers to handle the day-to-day management of sub-
Amundi Ireland Limited
fund assets, or one or more advisors to provide investment information,
recommendations and research concerning prospective and existing Mr. Enrico Turchi
investments. The Management Company can also appoint various Deputy Chief Executive Officer and Managing Director
service providers, including those listed below, and can appoint
Amundi Luxembourg S.A.
distributors to market and distribute sub-fund shares in any jurisdiction
where the shares are approved for sale. Directors of the Management Company not employed by Amundi
FEES Mr. Claude Kremer
The Management Company is entitled to receive a Management Partner of Arendt & Medernach
Company fee as indicated for each sub-fund in “Sub-Fund Descriptions”.
This fee is calculated based on each sub-fund’s daily net assets and is Mr. François Veverka
paid quarterly in arrears. The Management Company pays any Independent Director
investment managers, service providers and distributors out of the
Management Company fee. The Management Company may decide
to waive some or all of its fee in order to reduce the impact on
performance. These waivers may be applied to any sub-fund or share
class, for any amount of time and to any extent, as determined by the
Management Company.
AGREEMENTS WITH MANAGERS AND OTHER SERVICE
PROVIDERS
The investment managers, sub Investment-managers, and all other
service providers have agreements with the Management Company to
serve for an indefinite period. An investment manager in material breach
of its contract can be terminated immediately. Otherwise, investment
managers and other service providers can resign or be replaced upon
90 days’ notice.

220 Amundi Funds SICAV

Conducting Officers Polen Capital Management LLC
1825 NW Corporate Blvd.
Ms. Jeanne Duvoux Suite 300
Chief Executive Officer and Managing Director Boca Raton, Florida – 33431, United States of America
Amundi Luxembourg S.A. Resona Asset Management Co. Ltd
Mr. Enrico Turchi Fukagawa Gatharia W2 Bldg
Deputy Chief Executive Officer and Managing Director 5-65, Kiba 1-Chome, Koto-Ku
Amundi Luxembourg S.A. Tokyo 135-8581, Japan
Mr. Pierre Bosio Wells Capital Management
Chief Operating Officer 525 Market Street, 10th Floor
Amundi Luxembourg S.A. San Francisco, California 94105, United States of America
Mr. Charles Giraldez
Deputy Chief Executive Officer The investment manager is responsible for day-to-day management of
the sub-funds.
Amundi Luxembourg S.A.
Upon request of the board, the investment manager may provide advice
Mr. Benjamin Launay and assistance to the board in setting investment policy and in
Real Estate Portfolio Manager determining related matters for the SICAV or for any sub-fund.
Amundi Luxembourg S.A. The investment manager has the option of delegating to investment sub-
investment managers, at its own expense and responsibility and with the
approval of the board, the Management Company and the CSSF, any
Investment Managers and Sub-Managers or all of its investment management and advisory duties.
INVESTMENT MANAGERS For example, so long as it retains control and supervision, the
Management Company can appoint one or more sub-investment
Amundi Asset Management managers to handle the day-to-day management of sub-fund assets, or
90, boulevard Pasteur one or more advisors to provide investment information,
75015 Paris, France recommendations and research concerning prospective and existing
investments.
Amundi Austria GmbH
Schwarzenbergplatz 3
1010 Vienna, Austria SUB-INVESTMENT MANAGERS
Amundi Deutschland GmbH Amundi Asset Management (address above)
Arnulfstraße 124 - 126
Amundi Ireland Limited (address above)
D-80636 Munich, Germany
Amundi Japan (address above)
Amundi Hong Kong Ltd
901-908, One Pacific Place Amundi SGR S.p.A. (address above)
No. 88 Queensway Amundi (UK) Ltd (address above)
Hong Kong, People’s Republic of China
Amundi Ireland Limited
INVESTMENT CONSULTANTS
1,George’s Quay Plaza
George’s Quay SBI Funds Management Pvt Ltd.
Dublin 2, Ireland 9th Floor, Crescenzo, C-38 & 39,
G Block Bandra-Kurla Complex
Amundi Japan
Bandra (East), Mumbai 400051, India
1-2-2, Uchisaiwaicho Chiyoda-Ku
Tokyo 100-0011, Japan
Investment consultants provide investment recommendations to the
Amundi SGR S.p.A. investment managers or sub-managers of sub-funds.
Via Cernaia, 8-10 –
20121 Milan, ItalyAmundi Pioneer Asset Management Inc
60, State Street
Boston, MA 02109-1820, United States of America USA.
Amundi (UK) Ltd
41 Lothbury
London EC2R 7HF, United Kingdom
Amundi Singapore Ltd
168 Robinson Road #24-01, Capital Tower,
Singapore 068912, Singapore

221 Amundi Funds SICAV

Service Providers Engaged by the
Management Company
ADMINISTRATIVE AGENT
Société Générale Luxembourg
28-32, place de la Gare
1616 Luxembourg
Grand-Duchy of Luxembourg
The administrative agent is responsible for certain administrative and
clerical services delegated to it, including calculating NAVs and assisting
with the preparation and filing of financial reports.

REGISTRAR, TRANSFER AGENT AND PAYING AGENT

CACEIS Bank, Luxembourg Branch.
5, allée Scheffer
2520 Luxembourg
Grand-Duchy of Luxembourg
The registrar and transfer agent is responsible for maintaining the
SICAV’s register of shareholders and for processing requests to issue,
buy, sell, redeem, switch or transfer sub-fund shares.

GUARANTOR
Amundi S.A.
91-93, boulevard Pasteur
75015 Paris
France
The guarantor provides the protection feature for those sub-funds that
have such a feature.

222 Amundi Funds SICAV

Terms with specific meanings
The terms in this box have the following meanings within this prospectus: Mark-to-market valuation: valuation based on the last available price
Words and expressions that are defined in the 2010 Law or, if applicable, the on the principal market on which such securities are traded, as
MMF Regulation, but not herein shall have the meaning ascribed to them in furnished by a pricing service approved by the Board
the 2010 Law or, if applicable, the MMF Regulation. Mark-to-model valuation: valuation benchmarked, extrapolated or
2010 Law The Luxembourg law of December 17, 2010 on Undertakings for otherwise calculated from one or more market inputs;
Collective Investment, as amended. member state A member state of the EU or of the European Economic
articles of incorporation The Articles of Incorporation of the SICAV, as Area.
amended. MENA (Middle East and North Africa) Bahrain, Egypt, Jordan,
ABCPs Asset-backed commercial papers. Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and
base currency The currency in which a sub-fund does the accounting for its the United Arab Emirates.
portfolio and maintains its primary NAV. MMF. A UCITS/UCI qualifying and authorized as a money market fund
board The Board of Directors of the SICAV. in accordance the MMF Regulation (as defined below).
business day Any day that is a full bank business day in Luxembourg or in MMF Regulation. The Regulation (EU) 2017/1131 of the European
such other country as may be speficied in relation to a particular Sub-Fund. Parliament and of the Council of 14 June 2017 on money market funds
and Commission Delegated Regulation (EU) 2018/990 of 10 April 2018
emerging market All countries except Australia, Austria, Belgium, Canada,
amending and supplementing Regulation (EU) 2017/1131 of the
Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland,
European Parliament and of the Council with regard to simple,
Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway,
transparent and standardised (STS) securitisations and asset-backed
Portugal, San Marino, Singapore, Spain, Sweden, Switzerland, United
commercial papers (ABCPs), requirements for assets received as part
Kingdom, United States of America, Vatican City.
of reverse repurchase agreements and credit quality assessment
equity-linked instrument A security or instrument that replicates or is based methodologies
on an equity, including a share warrant, a subscription right, an acquisition or
purchase right, an embedded derivative based on equities or equity indexes MMF Sub-Fund. A sub-fund within the SICAV qualifying and
and whose economic effect leads to be exclusively exposed to equities, a authorized as a money market fund in accordance with MMF
depository receipt such as an ADR and GDR, or a P-Note. Sub-funds that Regulation.
intend to use P-Notes will specifically indicate so in their investment policy. NAV Net asset value; the value of one share.
Europe Denmark, France, Netherlands, United Kingdom and their respective prospectus This document, as amended from time to time.
dependencies; Albania, Andorra, Austria, Belarus, Belgium, Bosnia and
Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Finland, SICAV Amundi Funds, a Luxembourg-domiciled SICAV.
Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, shareholder reports The annual and semi-annual reports of the
Lithuania, Luxembourg, Macedonia, Malta, Moldavia, Monaco, Montenegro, SICAV.
Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, US person Any of the following:
Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, Vatican City;
European Union, Russian Federation (CIS). – a US resident, a trust of which a US resident is a trustee, or an estate
of which a US resident is an executor or administrator
institutional investors Investors who qualify as institutional investors under
article 175 of the 2010 Law or under the guidelines or recommendations of the – a partnership or corporation organized under US federal or state law
CSSF. – an agency or branch of a foreign entity located in the US
Internal Credit Quality Assessment Procedure. The prudent internal credit – a non-discretionary or similar account (other than an estate or trust
quality assessment procedure established, implemented and consistently account) that is held by a dealer or other fiduciary who is one of the
applied by the Management Company, for the purpose of determining the above, or for the benefit or account of one of the above
credit quality of money market instruments, securitisatrions and BCPs, taking – a partnership or corporation organised or incorporated by one of the
into account the issuer of the instrument and the characteristic of the above under non-US laws primarily for investing in securities that are
instrument itself. not registered under the 1933 Act, unless organised and owned by
investment grade Rated at least BBB- by S&P, Baa3 by Moody’s and/or accredited investors who are not natural persons, estates or trusts
BBB- (by Fitch). US tax resident Any of the following:
KIID Key Investor Information Document. – a US citizen or resident, or the estate of such a person
Latin America Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, – a partnership or corporation organized in the US or under US federal
Dominican Republic, El Salvador, Ecuador, Guatemala, Haiti, Honduras, or state law
Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela.
– a trust that is substantially controlled by any of the above and is
substantially within the jurisdiction of a US court
WAL Weighted average life, which reflects the term left to run until the
initial principal repayments on the security (without taking into account
interest payments and reductions in the principle value).
WAM Weighted average maturity.which is defined as the asset-
weighted average number of days to the next floating-rate reset date
(rather than the final maturity), or the maturity date for fixed-rate
instruments and floating-rate instruments that have passed their last
reset date
we, us The SICAV, acting through the board or through any
service providers described in this prospectus except for the auditor and
any distributors.
you Any past, current or prospective shareholder, or an agent for the
same.

223 Amundi Funds SICAV

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