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AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Annual report June 2016

AMUNDI’S ASSET MANAGEMENT UCITS Fund Manager: AMUNDI ASSET MANAGEMENT Delegated fund accountant: CACEIS FUND ADMINISTRATION FRANCE Custodian: CACEIS BANK FRANCE Auditors: PWC SELLAM

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Contents

Informations about the Fund 3

Annual Report 7

Significant events during the financial period 10

Specific details 11

Regulatory informations 12

Auditor's Certification 13

Annual accounts 16

Balance Sheet 17

Balance Sheet Liabilities 18

Off-balance sheet 19

Income Statement 20

Notes to the annual accounts 21

Accouting rules and methods 22

Changes in net assets 25

Table of profit (loss) of the fund over the past five financial periods 32

Portfolio Listing 33

Pages

UCITS AMUNDI ETF GOVT BOND EUROMTSBROAD INVESTMENT GRADE 10-15 UCITS ETF

UCITS AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Annual Report on 06/30/16 3

Informations about the Fund Classification Bonds and other debt instruments denominated in the euro. Determination and allocation of distributable sums Accumulation. Tax treatment The Fund is eligible for life insurance policies. The Fund may provide a support vehicle for life insurance policies denominated in units of account. The UCITS, by its nature, is not subject to taxation. However, unitholders may be taxed on any income distributed by the Fund or when they sell Fund units. The tax treatment applicable to amounts distributed by the Fund or unrealised or realised capital gains or losses will depend on the individual unitholder's tax situation, residence for tax purposes and/or the investment jurisdiction of the Fund. If an investor is uncertain of his or her tax position, the investor should consult a financial advisor or a professional investment consultant to determine the tax rules applicable to his or her particular situation before any investment. Some income distributed by the UCITS to unitholders residing outside France may be subject to withholding tax in France. Benchmark index The Fund’s benchmark index is the FTSE MTS Eurozone Government Broad IG 10-15Y Index, a euro-denominated total return index (i.e. reinvesting the coupons of the components). The FTSE MTS Eurozone Government Broad IG 10-15Y Index is a bond index calculated and published by the international index provider FTSE TMX Global Debt Capital Market Limited (“FTSE MTS”). Management fees & commissions Administrative and management fees: 0.14% including tax. Subscription fees received by the Fund: None. In compliance with current regulations, this mutual fund has, during the financial period just ended, levied charges at rates which are in line with those stated in the Prospectus and used under the following headings: - Notes to the Annual Accounts /- Management fees. - Shareholders’ Funds /-Subscription and/or redemption fees /- Management fees. Investment objective The Fund’s investment objective is to track the performance of the FTSE MTS Eurozone Government Broad IG 10-15Y Index (see “Benchmark Index” section), as closely as possible, whether the Index rises or falls. The Fund is managed to obtain the smallest possible difference between changes in the NAV and changes in the value of the FTSE MTS Eurozone Government Broad IG 10-15Y Index (hereinafter the “FTSE MTS Eurozone Government Broad IG 10-15Y Index”). The target for the maximum tracking error between changes in the Fund’s Net Asset Value and those in the FTSE MTS Eurozone Government Broad IG 10-15Y Index is 2%. If the “tracking error” exceeds 2%, the aim would nevertheless be to remain below 15% of the volatility shown by the FTSE MTS Eurozone Government Broad IG 10-15Y Index. Investment strategy The Fund is managed by “index tracking”. 1. Strategy employed: The Fund is managed by a technique known as “index-tracking” with the objective of tracking the changes in the performance of the FTSE MTS Eurozone Government Broad IG 10-15Y Index using a swap-based replication method of the FTSE MTS Eurozone Government Broad IG 10-15Y Index.



To maintain the closest possible correlation with the performance of the FTSE MTS Eurozone Government Broad IG 10-15Y Index, the Fund will buy a portfolio of bonds and money market instruments (the “Portfolio”), and a forward exchange contract traded over-the-counter on bonds and indices (“total return swap”) that turns the exposure to the securities in the Portfolio into an exposure to the FTSE MTS Eurozone Government Broad IG 10-15Y Index. Geographic area of the securities issuers Eurozone countries: Austria, Belgium, Finland,

France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain

Spread of sensitivity to interest rates Between 7 and 10

Spread of sensitivity to credit spread Not applicable

Currency in which the components of the index are denominated

Euro (EUR)

Level of exposure to currency exchange risk None

The Fund will comply with the investment rules set forth in Articles R 214-21 and R214-22 of the French Monetary and Financial Code (CMF). The Portfolio comprising directly held assets described in the "Assets used" section, complies with the provisions of Article R 214-21 of the French Monetary and Financial Code (CMF). The Fund's exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as the regulated markets where some marketable securities or some money-market instruments are largely dominant. 2. Assets used (except embedded derivatives): The Fund's exposure to the Index is achieved through the total return swap. The Portfolio consists of the Fund's directly held assets described below. - Securities: The Fund will be continuously exposed to one or more Eurozone rate markets. The securities held by the Fund will be chosen so as to limit the tracking costs of the FTSE MTS Eurozone Government Broad IG 10-15Y Index. They will mostly be fixed interest securities from OECD countries, including government stock, Treasury Bills, Deposit Certificates, commercial paper, bonds issued by firms registered in OECD countries and EMTN (Euro Medium Term Notes). - Interest-rate instruments: Up to 100% of the Fund’s net assets may be invested in any kind of monetary and/or bond instrument from OECD countries. The bond issuers selected may be from the private sector or from the public sector (national or local governments, etc.), and private sector debt may account for up to 100% of all debt instruments. The Fund’s sensitivity to interest rates will range from 7 to 10.



- UCITS units or shares: The Fund may hold up to 10% of its assets in UCITS units and/or shares. These UCITS are representative of all asset classes, in compliance with the Fund's requirements. They may be UCITS managed by the Management Company, or by other entities, regardless of whether they belong to the Crédit Agricole SA Group, including related companies. 3. Derivatives: The Fund will use derivative financial instruments, particularly over-the-counter financial futures such as total return swaps that transform the exposure to the securities held by the Fund into exposure to the FTSE MTS Eurozone Government Broad IG 10-15Y Index. Off-balance sheet commitments are calculated by the accrual method of accounting. The Fund may take positions in the following derivatives: Type of market: regulated organised over-the-counter Categories of risk in which the Fund intends to take a position: equity risk interest rate risk currency risk credit risk other risks Nature of positions to be taken, which must be limited to those required to meet the management objective: hedging exposure arbitrage other Types of instruments used: futures: on equities and indices options: on equities and indices total return swaps: on equities and indices total return swap: credit derivatives: credit default swaps other Strategies for use of incorporated derivatives to achieve the management objective: constructing synthetic exposure to a particular stock, business sector and/or to the FTSE MTS Eurozone Government Broad IG 10-15Y Index via the use of swaps. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the FTSE MTS Eurozone Government Broad IG 10-15Y Index via the use of futures. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the FTSE MTS Eurozone Government Broad IG 10-15Y Index via the use of options. These instruments may be used to hedge up to 100% of the Fund’s net assets. 4. Securities incorporating derivatives (“embedded derivatives”): None.



5. Deposits and liquid assets: The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its management objectives. 6. Borrowing: The Fund may temporarily, and in exceptional cases, borrow up to 10% of its net assets in order to optimise its cash flow management. 7. Temporary acquisitions and sales of securities: None. Over-exposure of the assets: None. All the Fund’s commitments on derivatives may not exceed 110% of the net assets. Information on UCITS financial guarantees (collateral) None. Overview of the procedure for choosing intermediaries / counterparties and comments The Management Company generally issues a bid tender. In this case such a procedure has not been required. The Management Company will therefore not undertake a formal procedure that might be tracked and monitored, so as to ensure competition among potential counterparties of OTC swaps it enters into, or among the vendors it buys embedded derivatives from. The Fund may conduct these transactions with Société Générale Corporate and Investment Banking or any other company in the Société Générale group as counterparties or intermediaries. Risk profile Capital risk Factors that may influence the ability of the Fund to track the performance of the FTSE MTS Eurozone Government Broad IG 10-15Y Index Interest rate risk Credit risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market Operational risk



Annual Report June 2016 The Fund's objective is to track as closely as possible the euro-denominated FTSE MTS Eurozone Government Broad IG 10-15Y Index, “total return” index (i.e. interest is rolled up), whether the FTSE MTS Eurozone Government Broad IG 10-15Y index rises or falls. For the period under review, the portfolio AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF performance is 14.07%. The benchmark performance is 14.31% with a tracking error of 0.01%. Past performance is no guarantee of future performance. Movements in portfolio listing during the period

Movements (in amount) Securities

Acquisitions Transfers

ITALIE 4.75% 01/09/2021 200,623,286.00 200,663,240.57

ITALY 2.0% 01-12-25 198,589,710.32 199,728,908.10

ITALIE 6%99-010531 195,190,840.20 194,947,313.70

ESPAGNE 5.4% 31/01/2023 159,266,485.11 159,665,197.63

ITALIE 2.5% 01-12-24 113,513,521.75 112,527,495.00

SPGB 3.8 04/30/24 97,774,933.68 98,759,287.22

IRLANDE 3.40% 03/24 96,048,090.31 95,946,149.81

FRANCE (GOVT OF) 0.10% 25/07/2021 INDEXE 77,229,211.77 77,021,698.37

ITALIE 5% 03/22 66,148,252.95 66,409,121.57

ITALIE 2.15% 15/12/21 65,946,320.51 65,930,369.02



Efficient portfolio management (EPM) techniques and Financial derivative instruments a) Exposure obtained through the EPM techniques and Financial derivative instruments Exposure obtained through the EPM techniques and Financial derivative instruments : None.

Underlying exposure reached through financial derivative instruments : 129,134,625.00

o Swap : 129,134,625.00 b) Identity of the counterparty(ies) to EPM techniques and Financial derivative instruments

Identity of the counterparty(ies) to EPM techniques

Financial derivative instruments (*)

SOCIETE GENERALE

(*) Excepted derivative listed c) Type and amount of collateral received by the UCITS to reduce counterparty risk

Types of financial instruments Amount portfolio currency

EPM

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash

Total

Financial derivative instruments

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash

Total



d) Revenues and operational cost/fees from EPM

Revenues and operational cost/fees Amount portfolio currency

. Revenues (**)

. Other revenues

Total revenues

. Direct operational fees

. Indirects operational fees

. Other fees

Total fees

(**) Revenues received from loans, repurchase and reverse repurchase agreements



Significant events during the financial period November 12, 2015 Update of the Management Company's name: « Amundi » has changed to « Amundi Asset Management », compagny of tke Amundi Group.



Specific details Voting rights In accordance with the Fund’s Rules and the Fund Manager’s stated policy, the Fund Manager exercises the voting rights attached to the securities held by the Fund and decides on contributions in the form of securities, except where the securities are those of the Fund Manager itself or of any associate company as defined in Art L. 444-3 of the French Labour Code (Code du Travail). Two documents, “Voting Policy” and “Report on the Exercise of Voting Rights”, prepared by the Fund Manager in compliance with the current regulations are available upon request. This mutual fund (OPC) has not been selected as one of the funds which currently exercise voting rights. Soft commissions The Fund Manager has received no “soft” commissions. Movement commission The Fund Manager has received no commissions on trade. Use of credit derivatives The Fund has not used credit derivatives during the period under consideration. Group funds Details of the financial instruments held by the Fund which are issued by the Fund Manager or its associates will be found in the Auditor’s Report for the latest financial period (enclosed herein) under the following headings of annuals accounts: Further details. Group financial instruments held by the Fund. Calculating overall risk • Overall risk calculation method: the mutual fund uses the commitment calculation method to calculate the mutual fund’s overall exposure to financial contracts.



Regulatory informations The Broker Selection Policy draws up and implements a policy which enables it to comply with the Fund’s obligation under Art.314-75 (iv) while meeting the requirements set out in Art L.533-18 of the French CMF. For each class of instrument, the policy selects the organizations that will be commissioned to execute orders. AMUNDI execution policy may be consulted on the AMUNDI website. Investment advice service The Fund Manager has not prepared a “Report on Brokerage Expenses” since it has not used any investment advice services. Information on environmental, social and governance quality criteria (ESG) Throughout its active management* Amundi, like the entire group, applies strict rules for the integration of extrafinancial criteria (ESG) that form the basis of its liability. Thus it: - excludes direct investment in companies involved in the manufacture or trade in antipersonnel mines and cluster munitions, in accordance with the Ottawa and Oslo Conventions - excludes firms that violate grossly and repeatedly one or more of the 10 principles of the Global Compact. Issuers falling under these two categories are rated G on Amundi's scale (scale from A to G, A being the best and G the worst). Further information on how to take Amundi's ESG criteria into account is available on its websit. *Active Management: excluding index funds and ETF constrained by their benchmark.

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Certificate drafted by the Auditor on the annual accounts

AUDITOR’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2016 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESMENT GRADE 10-15 UCITS ETF Mutual Fund Governed by the Code monétaire et financier Fund Manager AMUNDI 91-93, boulevard Pasteur 75710 Paris Cedex 15 Dear Madam, dear Sir, We submit herewith our report for the financial period ended 30 JUNE 2016 on the following matters, as commissioned by the Fund Manager’s Board of Directors: our audit on the annual accounts of the mutual fund AMUNDI ETF GOVT BOND EUROMTS BROAD INVESMENT GRADE 10-15 UCITS ETF, as attached hereto; the grounds for our opinion;

the auditing checks and specific details required by law.

The annual accounts have been drawn up by the Fund Manager; it is our task to give an opinion on these accounts, based on our audit. 1. - OPINION ON THE ANNUAL ACCOUNTS We have carried out our audit according to the standards of professional practice applicable in France; those standards require the implementation of due diligence sufficient to give a reasonable assurance that the annual accounts in question contain no significant discrepancies. An audit involves checking, by sampling or other selective means, the evidence for the entries (amounts and other details) which appear in the annual accounts. It also involves assessing the accounting standards that have been followed, the significant estimates made, and the way in which the accounts as a whole have been presented. We reckon that the evidence we have gathered is appropriate and sufficient as a basis for our opinion. We hereby certify that the annual accounts have been reliably drafted and are in good order under French accounting rules and standards, and give a fair picture of the outcome of all transactions during the period recently ended, as well as of the mutual fund’s assets, liabilities and financial situation at the end of that period. 2. – GROUNDS FOR OUR OPINION In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention that our assessments were conducted with regard to evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made. PwC: 63 rue de Villiers – 92208 Neuilly-sur-Seine Cedex – France Tel. + 33 1 56 57 58 59 – Fax. + 33 1 56 57 58 60 Public Joint-Stock company (SA); share capital €2 510 460 Siret No. 672 006 483 00362

AMUNDI ETF GOVT BOND EUROMTS BROAD INVESMENT GRADE 10-15 UCITS ETF These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. 3. - CHECKS AND SPECIFIC DETAILS We have also made the specific checks required by law. We have no qualifications to add concerning the trustworthiness and consistency of the annual accounts with the information given in the Annual Report and in the documents submitted to unit holders concerning the financial situation and the annual accounts. Neuilly sur Seine, date of the electronic signature

Document authenticated by electronic signature The Auditor

PricewaterouseCoopers Audit

Benjamin Moïse

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Annual accounts

Annual Report on 06/30/16 17- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FIXED ASSETS, NET

06/30/16 06/30/15

DEPOSITS FINANCIAL INSTRUMENTS 130,384,540.87 65,001,565.04

Equities and similar securities Traded in a regulated market or equivalent Not traded in a regulated market or equivalent

Bonds and similar securities 130,384,540.87 65,001,565.04Traded in a regulated market or equivalent 130,384,540.87 65,001,565.04Not traded in a regulated market or equivalent

Credit instruments Traded in a regulated market or equivalent

Negotiable credit instruments (Notes) Other credit instruments

Not traded in a regulated market or equivalent Collective investment undertakings

General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries

Other Funds intended for non-professionals and equivalents in other EUMember States

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

Other non-European entities

Temporary transactions in securities Credits for securities held under sell-back deals Credits for loaned securities Borrowed securities Securities sold under buy-back deals Other temporary transactions

Hedges Hedges in a regulated market or equivalent Other hedges

Other financial instruments RECEIVABLES 33,423,076.61 734,306.55

Forward currency transactions Other 33,423,076.61 734,306.55

FINANCIAL ACCOUNTS 0.02Cash and cash equivalents 0.02

TOTAL ASSETS 163,807,617.48 65,735,871.61

Balance Sheet on 06/30/16Portfolio : 730075 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Balance sheet - asset in EUR


Annual Report on 06/30/16 18- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SHAREHOLDERS' FUNDS

06/30/16 06/30/15

56,482,458.22122,341,934.38Capital

Allocation Report of distributed items (a)

Brought forward (a)

Allocation Report of distributed items on Net Income (a,b) 8,320,074.086,980,159.27

-92,241.04-169,230.06Result (a,b)

64,710,291.26129,152,863.59Total net shareholders' funds

* Net Assets

FINANCIAL INSTRUMENTS 259,989.581,186,298.18

Transfers of financial instruments

Temporary transactions in securities

Sums owed for securities sold under buy-back deals

Sums owed for borrowed securities

Other temporary transactions

Hedges 259,989.581,186,298.18

Hedges in a regulated market or equivalent

Other hedges 259,989.581,186,298.18

PAYABLES 765,590.7733,468,449.02

Forward currency transactions

Other 765,590.7733,468,449.02

FINANCIAL ACCOUNTS 6.69

Short-term credit 6.69

Loans received

TOTAL LIABILITIES 65,735,871.61163,807,617.48

(a) Including adjusment(b) Decreased interim distribution paid during the business year

Balance Sheet Liabilities on 06/30/16Portfolio : 730075 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Balance sheet - liabilities in EUR


Annual Report on 06/30/16 19- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16 06/30/15

HEDGES

Contracts in regulated markets or similar

OTC contracts

Other commitments

OTHER OPERATIONS

Contracts in regulated markets or similar

OTC contracts

Performance swap

SG ETF 25/11/2016 129,134,625.00 67,254,057.00

Other commitments

Off-balance sheet on 06/30/16Portfolio : 730075 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Off balance sheet in EUR


Annual Report on 06/30/16 20- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16

Revenues from financial operations

06/30/15

Revenues from deposits and financial accounts

Revenues from equities and similar securities

Revenues from bonds and similar securities

Revenues from credit instruments

Revenues from temporary acquisition and disposal of securities

Revenues from hedges

Other financial revenues

TOTAL (1)

Charges on financial operations

Charges on temporary acquisition and disposal of securities

Charges on hedges

7.05Charges on financial debts 6.41

Other financial charges

7.05TOTAL (2) 6.41

-7.05NET INCOME FROM FINANCIAL OPERATIONS (1 - 2) -6.41

Other income (3)

334,537.29Management fees and depreciation provisions (4) 109,303.64

-334,544.34NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1-2+3-4) -109,310.05

165,314.28Revenue adjustment (5) 17,069.01

Interim Distribution on Net Income paid during the business year (6)

NET PROFIT (1 - 2 + 3 - 4 + 5 + 6) -169,230.06 -92,241.04

Income Statement on 06/30/16Portfolio : 730075 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Income statement in EUR


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Notes to the annual accounts



Accounting rules and methods The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended. General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized exclusiveof costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months. Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions.. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT);



Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities: Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price. Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs.



The percentage of nominal capital charged is 0.14% including taxes. Allocation of net profit: Definition of Distributable: The distributable funds shall consist of: The result: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts: Distributable amounts Unit: Allocation of the net income Accumulation and/ or distribution and / or carry

forward a decision taken by the managementAllocation of the net realized gains and losses Accumulation and/ or distribution and / or carry

forward a decision taken by the management

Annual Report on 06/30/16 25- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16

64,710,291.26NET ASSETS IN START OF PERIOD 27,620,674.10

06/30/15

2,118,277,420.00Subscriptions (including subscription fees received by the fund) 192,957,150.00

-2,075,667,130.00Redemptions (net of redemption fees received by the fund) -160,062,740.00

24,911,198.93Capital gains realised on deposits and financial instruments 7,022,251.57

-13,000,626.62Capital losses realised on deposits and financial instruments -1,936,767.88

2,305,604,243.05Capital gains realised on hedges 106,908,590.44

-2,306,215,273.76Capital losses realised on hedges -104,147,003.20

Dealing costs

Exchange gains/losses

11,793,593.67Changes in difference on estimation (deposits and financial instruments) -3,403,929.45

8,745,149.62Difference on estimation, period N -3,048,444.05

3,048,444.05Difference on estimation, period N-1 -355,485.40

-926,308.60Changes in difference on estimation (hedges) -138,624.27

-1,186,298.18Difference on estimation, period N -259,989.58

259,989.58Difference on estimation, period N-1 121,365.31

Net Capital gains and losses Accumulated from Previous business year

Distribution on Net Capital Gains and Losses from previous business year

-334,544.34Net profit for the period, before adjustment prepayments -109,310.05

Allocation Report of distributed items on Net Income

Interim Distribution on Net Income paid during the business year

Other items

NET ASSETS IN END OF PERIOD 129,152,863.59 64,710,291.26

Change in net assets on 06/30/16Portfolio : 730075 AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF

Changes in net asset in EUR




BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE

Amount %

ASSETS

BONDS AND SIMILAR SECURITIES

Fixed-rate bonds traded on a regulated or similar market 124,972,097.07 96.76

Floating-rate bonds traded on regulated markets 4,753,055.90 3.68

Other bonds (indexed bonds, participating interests) 659,387.90 0.51

TOTAL BONDS AND SIMILAR SECURITIES 130,384,540.87 100.95

CREDIT INSTRUMENTS

TOTAL CREDIT INSTRUMENTS

LIABILITIES

TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

OFF-BALANCE SHEET

HEDGES

TOTAL HEDGES

OTHER OPERATIONS

Other 129,134,625.00 99.99

TOTAL OTHER OPERATIONS 129,134,625.00 99.99

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TYPE

Fixed rate % Variable rate % Rate subject to

review % Other %

Assets

Deposits

Bonds and similar securities 124,972,097.07 96.76 4,753,055.90 3.68 659,387.90 0.51

Credit instruments


Financial accounts

Liabilities


Financial accounts 6.69

Off-balance sheet

Hedges

Other operations



BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TIME TO MATURITY

< 3 Months % ]3 Months -

1 Year] %

]1 - 3 Years]

% ]3 - 5 Years] % > 5 Years %

Assets

Deposits

Bonds and similar securities 130,384,540.87 100.95

Credit instruments


Financial accounts

Liabilities


Financial accounts 6.69

Off-balance sheet

Hedges

Other operations

All hedges are shown in terms of time to maturity of the underlying securities. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY LISTING OR EVALUATION CURRENCY

Currency 1

%

Currency 2

%

Currency 3

%

Currency N Others

currencies

%

Assets

Deposits

Equities and similar securities

Bonds and similar securities

Credit instruments

Mutual fund units


Liabilities

Financial accounts

Liabilities

Transactions involving transfer of financial instruments


Financial accounts

Off-balance sheet

Hedges

Other operations

Annual Report on 06/30/16 28- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BREAKDOWN BY ITEMS OF RECEIVABLES AND PAYABLES

Sales deferred settlement 224,326.61

06/30/16Type

ReceivablesSubscription receivable 33,198,750.00

Total receivables 33,423,076.61

Purchases deferred settlement - 33,423,076.60PayablesManagement fees - 45,372.42

Total of Payables - 33,468,449.02

Total payables and receivables - 45,372.41


Number of units issued or redeemed

Units subscribed during the period 8,028,000 2,118,277,420.00

Units in circulation at the end of the period 455,100

Units redeemed during the period -7,833,000 -2,075,667,130.00

Units Value

SHAREHOLDERS’ FUNDS

SUBSCRIPTION AND/OR REDEMPTION FEES

Total of subscription and/or redemption fees received

Total of subscription fees received

Total of redemption fees received

Value

Annual Report on 06/30/16 29- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

MANAGEMENT FEES CHARGEABLE TO THE FUND

06/30/16

334,537.29Cost of functioning and management fees (fixed management fees)

Commission of performance (variable management fees)

Trailer fees

0.14Percentage set for fixed management fees

Underwriting commission


COMMITMENTS RECEIVED AND GIVEN06/30/16

Guarantees received by the fund

- including capital guarantees

Other commitments received

Other commitments given

Annual Report on 06/30/16 30- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Securities held under sell-back deals

Borrowed securities

06/30/16

Stock market values of pledged securities

Financial instruments pledged but not reclassified

Financial instruments received as pledges but not recognized in the Balance Sheet

06/30/16

Group financial instruments held by the Fund

06/30/16Name of securityIsin code

Equities

Bonds

Notes

UCITS

Hedges

Total group financial instruments

FUTHER DETAILS

Stock market values of temporarily acquired securities


Annual Report on 06/30/16 31- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOPROFIT (LOSS)

06/30/16 06/30/15

Sums not yet allocated

Brought forward

Profit (loss) -169,230.06 -92,241.04

Total -169,230.06 -92,241.04

Distribution

Brought forward

Allocation

Capitalized -169,230.06 -92,241.04

Total -169,230.06 -92,241.04

06/30/16 06/30/15


Distribution

Allocation

Capitalized 6,980,159.27 8,320,074.08

Total 6,980,159.27 8,320,074.08

06/30/16 06/30/15

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year

Total 6,980,159.27 8,320,074.08

Net Capital gains and losses of the business year 6,980,159.27 8,320,074.08

Allocation Report of distributed items on Net Capital Gains and Losses

06/30/16 06/30/15

Net capital gains and losses accumulated per share

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOCAPITAL GAINS AND LOSSES

Annual Report on 06/30/16 32- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF PROFIT (LOSS) ANS OTHER TYPICAL FEATURES OF THE FUND OVER THE PASTFIVE FINANCIAL PERIODS

06/29/12 06/28/13 06/30/14 06/30/15 06/30/16

7,116,580.13Net assets in EUR 2,433,285.55 27,620,674.10 64,710,291.26 129,152,863.59

40,101Number of shares/units 12,100 119,100 260,100 455,100

177.47NAV per share/unit in EUR inEUR

201.10 231.91 248.79 283.79

Net Capital Gains and LossesAccumulated per share in EUR

14.67 31.98 15.33

-0.24Net income Accumulated pershare in EUR

-0.27 -0.29 -0.35 -0.37


Annual Report on 06/30/16 33- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Bonds and similar securities

Listed bonds and similar securitiesAUSTRALIA

NATL AUST BAN 0.875% 20-01-22 EUR 406,000 417,688.16 0.32

Currency Quantity Market value %Name of security

NATL AUST BAN 1.25% 18-05-26 EUR 89,000 91,236.53 0.07WEST BAN 0.625% 14-01-22 EMTN EUR 345,000 356,701.42 0.28

TOTAL AUSTRALIA 865,626.11 0.67

BELGIUMBELG GOVE BOND ZCP 22-06-22 EUR 187,500 190,505.63 0.15BELG GOVE BOND ZCP 22-06-23 EUR 187,500 190,162.50 0.15BELG GOVE BOND ZCP 22-06-24 EUR 750,000 755,167.50 0.58BELG GOVE BOND ZCP 22-06-25 EUR 750,000 744,277.50 0.58BELG GOVE BOND ZCP 22-06-26 EUR 1,408,460.55 1,376,727.93 1.07BELG GOVE BOND ZCP 22-06-27 EUR 1,657,500 1,580,442.83 1.22BELG GOVE BOND ZCP 22-06-28 EUR 1,591,935.12 1,518,849.38 1.18BELG GOVE BOND ZCP 22-06-29 EUR 900,000 847,764.00 0.66BELG GOVE BOND ZCP 22-06-30 EUR 900,000 835,776.00 0.65BELG GOVE BOND ZCP 22-06-31 EUR 1,087,500 993,833.63 0.77BELG GOVE BOND ZCP 22-06-33 EUR 1,087,500 965,830.50 0.75BELG GOVE BOND ZCP 22-06-34 EUR 1,087,500 954,226.88 0.74BELG GOVE BOND ZCP 22-06-35 EUR 1,087,500 928,931.63 0.72BELGIQUE ZCP 22-06-32 EUR 1,395,000 1,217,011.95 0.94BELGIQUE 0% 28/03/2035 EUR 250,000 217,737.50 0.17BELGIQUE 0% 28/03/22 EUR 124,556.28 127,224.28 0.10BELGIQUE 0% 28/03/25 EUR 225,000 223,699.50 0.17BELGIQUE 0% 28/03/26 EUR 2,525,750 2,490,970.42 1.92BELGIQUE 0% 28/03/27 EUR 150,000 145,369.50 0.11BELGIQUE 0% 28/03/28 EUR 150,000 143,691.00 0.11BELGIQUE 0% 28/03/29 EUR 150,000 141,564.00 0.11BELGIQUE 0% 28/03/30 EUR 150,000 139,750.50 0.11BELGIQUE 0% 28/03/31 EUR 150,000 138,003.00 0.11BELGIQUE 0% 280332 IMPT EUR 787,500 716,821.88 0.56BELGIQUE 0% 28/03/33 EUR 150,000 134,116.50 0.10BELGIQUE 0% 28/03/34 EUR 150,000 132,097.50 0.10BELGIUM BE-STRIP 0% 09/22 EUR 3,362,141.72 3,428,241.43 2.64BELGIUM OLO STRIP 0% 28/03/2024 EUR 225,000 226,098.00 0.18BELGIUM 0% 28/03/2023 EUR 225,000 227,794.50 0.18

TOTAL BELGIUM 21,732,687.37 16.83

EIREIRLANDE 5.4%09-130325 EUR 143,815.34 206,744.30 0.16

TOTAL EIRE 206,744.30 0.16

Portfolio listing of financial instruments in EUR


Annual Report on 06/30/16 34- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FRANCEFREN REPU REPU ZCP 25-05-24 EUR 2,802,141.32 2,819,290.42 2.18


FREN REPU REPU ZCP 25-11-24 EUR 1,535,135 1,531,358.57 1.19OAT 0% 25/04/2027 EUR 501,690.67 485,139.89 0.38OAT 0% 25/04/2028 EUR 1,543,317.37 1,475,442.27 1.14OAT 0% 25/04/2032 EUR 6,172,972.22 5,615,984.94 4.34OAT 0% 25/04/25 EUR 1,947,863.38 1,935,104.87 1.50OAT 0% 25/04/29 EUR 113,500 107,861.32 0.08OAT 0% 25/04/35 DEM EUR 3,538,779.58 3,079,976.81 2.38OAT 0% 25/10/2026 EUR 217,709.75 212,404.16 0.16OAT 0% 25/10/2028 FUNGIBLE EUR 2,255,661.36 2,152,261.84 1.67OAT 0% 25/10/2030 FUNGIBLE STRP EUR 549,310 511,533.95 0.40OAT 0%250423 DEM EUR 281,196.75 284,621.73 0.22OAT 0%250431 DEM EUR 2,064,750 1,904,174.39 1.47OAT 0%250433 DEM EUR 5,916,411.02 5,306,606.54 4.11OAT 0%250434 DEM EUR 2,107,124.83 1,861,265.50 1.44OAT 0%250436 DEM EUR 646,316.2 553,072.16 0.43OAT 0%251031 DEM EUR 1,148,260 1,054,171.58 0.82OAT 0%251033 DEM EUR 1,779,010 1,584,564.21 1.23OAT 0%251034 DEM EUR 1,173,380 1,028,690.51 0.80

TOTAL FRANCE 33,503,525.66 25.94

GERMANYALLEMAGNE 0% 07/26 EUR 930,463.58 939,228.55 0.72ALLEMAGNE 0% 07/27 EUR 151,386.55 151,969.39 0.12ALLEMAGNE 0% 07/28 EUR 226,374.28 226,827.03 0.18ALLEMAGNE 0% 07/32 EUR 755,000.93 731,029.65 0.57ALLEMAGNE 0% 07/35 EUR 957,809.06 907,361.26 0.70

TOTAL GERMANY 2,956,415.88 2.29

ITALYBTPSH 0 05/01/31 EUR 15,000,000 11,464,800.00 8.88BTPSH 0 08/01/21 EUR 1,642,232.8 1,614,347.69 1.25BTPSH 0 11/01/23 EUR 624,375 583,347.32 0.45BTPSH 0 11/01/26 EUR 510,721.16 437,335.64 0.34BTPSH 0 11/01/27 EUR 2,996,668.62 2,496,344.83 1.93CCTS 0 06/15/22 EUR 4,729,000 4,753,055.90 3.68ITAL BUON POL 1.6% 01-06-26 EUR 27,719,000 28,654,866.15 22.18ITAL BUON 0.1% 15-05-22 IND EUR 653,000 659,387.90 0.51ITALIE 0% 01/11/21 EUR 340,375.35 331,334.98 0.26ITALY 0% 01/11/2028 EUR 690,000 557,202.60 0.43ITALY 0% 01/11/2030 EUR 690,000 528,671.10 0.41

TOTAL ITALY 52,080,694.11 40.32



Annual Report on 06/30/16 35- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

LUXEMBURGNESTLE FINANCE 1.75% 12/09/2022 EUR 3,180,000 3,550,861.16 2.75

TOTAL LUXEMBURG 3,550,861.16 2.75


NETHERLANDSRABOBANK NEDERLAND 4.125%10-140725 EUR 1,760,000 2,335,542.79 1.80RABOBK 1 3/8 02/03/27 EUR 1,504,000 1,560,174.98 1.21ROSW 0 7/8 02/25/25 EUR 426,000 447,601.58 0.35

TOTAL NETHERLANDS 4,343,319.35 3.36

SPAINESPAGNE 0% 01-28 EUR 94,000 77,247.32 0.05ESPAGNE 0% 01-30/07/31 EUR 94,000 71,479.48 0.06ESPAGNE 0% 07-30/07/33 EUR 94,000 67,244.78 0.05ESPAGNE 0% 07-30/07/34 EUR 94,000 65,180.54 0.05ESPAGNE 0% 30/07/35 EUR 94,000 62,933.94 0.05ESPAGNE 0% 31/01/2022 STRIP EUR 5,000 4,894.65ESPAGNE 0%230101-300729 EUR 94,000 75,425.60 0.06ESPAGNE 0%300732 EUR 94,000 70,002.74 0.05ROYAUME D ESPAGNE ZCP 31/10/24 EUR 54,496 49,187.54 0.04ROYAUME D ESPAGNE ZCP 31/10/25 EUR 66,950 58,563.84 0.05ROYAUME D ESPAGNE ZCP 31/10/27 EUR 61,372 51,149.27 0.04ROYAUME D ESPAGNE ZCP 31/10/28 EUR 66,950 54,302.48 0.04SPAIN ZC 30-07-30 EUR 94,000 73,421.52 0.06

TOTAL SPAIN 781,033.70 0.60

UNITED KINGDOMNWIDE 0 5/8 03/25/27 EUR 1,120,000 1,108,810.59 0.86

TOTAL UNITED KINGDOM 1,108,810.59 0.86

USAJOHN AND JOHN 1.65% 20-05-35 EUR 4,963,000 5,465,276.68 4.24WAL-MART STORES 4.875%09-210929 EUR 2,489,000 3,789,545.96 2.93

Total listed bond and similar securities 130,384,540.87 100.95

Total bonds and similar securities 130,384,540.87 100.95

TOTAL USA 9,254,822.64 7.17

Hedges

Other hedgesOther swaps

SG ETF 25/11/2016 EUR 129,134,625 -1,186,298.18 -0.92

Total other hedges -1,186,298.18 -0.92

Total hedges -1,186,298.18 -0.92

Total Other SWAPS -1,186,298.18 -0.92

Receivables 33,423,076.61 25.88

Debts -33,468,449.02 -25.91



Annual Report on 06/30/16 36- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Financial accounts -6.69

Net assets 129,152,863.59 100.00




AMUNDI ETF GOVT BOND EUROMTS BROAD INVESTMENT GRADE 10-15 UCITS ETF 455,100 283.79EUR

Amundi Asset Management Anonymous Inc. 596 262 615 Euros. capital amount

Licensed by the French Market Regulator (AMF) as a portfolio management company reg N° GP 04000036

437 574 452 RCS Paris. Registered Office social: 90, boulevard Pasteur 75015 Paris France

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