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AMunDIFunDS

30/06/18

AnnuAL rEPorT

SICAV with sub-funds under Luxembourg law

Management CompanyAmundi Luxembourg S.A.Administrative AgentSocit Gnrale Bank & Trust S.A.DepositaryCACEIS Bank, Luxembourg BranchAuditorPricewaterhouseCoopers, Socit cooprative

AmundiASSET MANAGEMENT

AMUNDI FUNDS

Management CompanyAmundi Luxembourg S.A.

Administrative AgentSocit Gnrale Bank & Trust S.A.

DepositaryCACEIS Bank, Luxembourg Branch

AuditorPricewaterhousecoopers, Socit cooprative

AMUNDI FUNDSAudited annual report

R.C.S. Luxembourg B 68.806

For the year ended as at 30/06/18

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annualreport of the SICAV and the unaudited semi-annual report if published after such annual report and the most recent Key Investor Information Document relating to the relevant sub-fund.

Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2018:

Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities:

Equity Euro Concentrated / Equity Global Income1 / Equity Japan Target / Equity Japan Value / Wells Fargo US Mid Cap / Equity Euroland Small Cap / Equity Europe Small Cap / Equity GreenImpact / Equity Asia Ex Japan Concentrated2 / Equity Brazil3 / SBI FM Equity India Select / Dynamic Multi Factors Euro Equity4 / Dynamic Multi Factors Europe Equity5 / Dynamic Multi FactorsGlobal Equity6 / Equity Emerging Conservative / Equity Euro Risk Parity / Equity Europe Risk Parity7 / Equity Europe Conservative / Equity Global Conservative.

Bonds:

Convertible Conservative8 / Convertible Europe / Bond Euro Aggregate / Bond Euro Corporate Short Term / Bond Euro Government / Bond Euro Inflation / Bond Euro High Yield Short Term / BondTotal Hybrid9 / Bond Europe / Bond Global Aggregate / Bond Global Corporate / Bond Global High Yield / Bond Global Inflation / Bond Global Total Return / Bond US Aggregate10 / Bond USCorporate / US Aggregate11 / Sterling Strategic Bond12 / Bond Asian Local Debt / Income Partners China Aggregate Bond13 / Bond Global Emerging Blended / Bond Global Emerging Corporate /Bond Global Emerging Hard Currency.

Multi Asset:

BFT Optimal Income / Multi Asset Conservative / Global Perspectives / Target Coupon.

Protected:

Protect 90 / Protect 90 USD.

Absolute Return:

Absolute Volatility Arbitrage / Absolute Volatility Arbitrage Plus14 / Absolute Volatility Euro Equities / Absolute Volatility World Equities / BFT Absolute Global Dividend15 / Credit Unconstrained /Global Macro Bonds & Currencies / Global Macro Bonds & Currencies Low Vol / Global Macro Forex.

For all sub-funds authorized in Hong Kong, please note that the shares

AHC, AE-DH, AE-MD, AHE, AHE-MD, AHK, AHU, AHU-MD, AK, AU-MD, A2HS, A3E, A3HC, A3HU, A3HU-MD, A5HP, A5K, A5U, FE, FE-MD, FHE, FHE-MD, FU, IG, IHC, IHE, IHG, IHU, I2, I4,I8, I9, I10, I11, I(15)E, ME, MG, MHE, MU, OE, OFE, OFU, OHE, OR, ORHE, ORU, OU, O1, RE, RHE, RHG, RU, R2E, SE, SE-MD, SHA, SHA-MD, SHE, SHE-MD, SHU, SHU-MD, SU, XE, XU,ZE are not authorized in Hong Kong.

For all the sub-funds authorized in Hong Kong, please note that the shares AE and IE are not authorized in Hong Kong excepted for the sub-fund Cash EUR.

For all the sub-funds authorized in Hong Kong, please note that the shares AU and IU are not authorized in Hong Kong excepted for the sub-funds Equity Korea, Equity Thailand and Cash USD.

1 Amundi Funds Equity Global Income has been liquidated on 2 February 2018.2 Amundi Funds Equity Asia Ex Japan Concentrated has been merged into Amundi Funds Equity Asia Concentrated as at 20 December 2017.3 Amundi Funds Equity Brazil has been merged into Amundi Funds Equity Latin America as at 17 November 2017.4 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.6 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.8 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017.10 Amundi Funds Bond US Aggregate has been merged into Amundi Funds US Aggregate as at 5 October 2017.11 Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. 12 Amundi Funds Sterling Strategic Bond was closed on 12 October 2017, based on NAV of 26 July 2017.13 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.14 Amundi Funds Absolute Volatility Arbitrage Plus has been liquidated on 15 November 2017.15 Amundi Funds BFT Absolute Global Dividend has been merged into Amundi Funds BFT Optimal Income as at 13 October 2017.

AMUNDI FUNDSAudited annual report

R.C.S. Luxembourg B 68.806

For the year ended as at 30/06/18

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annualreport of the SICAV and the unaudited semi-annual report if published after such annual report and the most recent Key Investor Information Document relating to the relevant sub-fund.

Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2018:

Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities:

Equity Euro Concentrated I Equity Global Income I Equity Japan Targetl Equity Japan Value I Wells Fargo US Mid Cap I Equity Euroland Small Cap I Equity Europe Small Cap I Equity GreenImpactl Equity Asia Ex Japan Concentrated? I Equity Brazil3 I SBI FM Equity India Selectl Dynamic Multi Factors Euro Equity I Dynamic Multi Factors Europe Equityfi l Dynamic Multi FactorsGlobal Equity I Equity Emerging Conservative I Equity Euro Risk ParityI Equity Europe Risk Parity I Equity Europe Conservativel Equity Global Conservative.

Bonds:

Convertible Conservative I Convertible Europe I Bond Euro Aggregate I Bond Euro Corporate Short Tenn I Bond Euro Governmentl Bond Euro Inflation I Bond Euro High Yield Short Term I BondTotal Hybrid-9 I Bond Europe I Bond Global Aggregate I Bond Global Corporate I Bond Global High Weld I Bond Global Inflation I Bond Global Total Return I Bond US Aggregate I Bond USCorporate I US Aggregate ISter|ing Strategic Bond I Bond Asian Local Debtl Income Partners China Aggregate Bond3I Bond Global Emerging Blended I Bond Global Emerging Corporate IBond Global Emerging Hard Currency.

Multi Asset:

BFT Optimal Income I Multi Asset Conservative I Global Perspectives I Target Coupon.

Protected:

Protect 90 I Protect 90 USD.

Absolute Return:

Absolute Volatility Arbitrage IAbso|ute Volatility Arbitrage Plus IAbso|ute Volatility Euro Equities I Absolute Volatility World Equities I BFT Absolute Global Dividend5 I Credit Unconstrained IGlobal Macro Bonds & Currencies I Global Macro Bonds & Currencies Law Vol I Global Macro Forex.

For all sub-funds authorized in Hong Kong, please note that the shares

AHC,AEDH, AEMD,AHE, AHEMD, AHK,AHU, AHUMD,AK, AUMD,A2HS,A3E,A3HC, A3HU,A3HUMD,A5HP, A5K, A5U, FE, FEMD, FHE, FHEMD, FU, IG, IHC, IHE, IHG, IHU, I2, I4,I8, I9, I10, I11, |(15)E, ME, MG, MHE, MU, OE, OFE, OFU, OHE, OR, ORHE, ORU, 0U, 01, RE, RHE, RHG, RU, R2E, SE, SEMD, SHA, SHAMD, SHE, SHEMD, SHU, SHUMD, SU, XE, XU,ZE are not authorized in Hong Kong.

For all the sub-funds authorized in Hong Kong, please note that the shares AE and IE are not authorized in Hong Kong excepted for the sub-fund Cash EUR.

For all the sub-funds authorized in Hong Kong, please note that the shares AU and IU are not authorized in Hong Kong excepted for the sub-funds Equity Korea, Equity Thailand and Cash USD.

Amundi Funds Equity Global Income has been liquidated on 2 February 2018.2 Amundi Funds Equity Asia Ex Japan Concentrated has been merged into Amundi Funds Equity Asia Concentrated as at 20 December 2017.3 Amundi Funds Equity Brazil has been merged into Amundi Funds Equity Latin America as at 17 November 2017.1 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.5 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.*3 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017. Amundi Funds Bond US Aggregate has been merged into Amundi Funds US Aggregate as at 5 October 2017. Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017.'2 Amundi Funds Sterling Strategic Bond was closed on 12 October 2017, based on NAV of 26 July 2017.'3 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017. Amundi Funds Absolute Volatility Arbitrage Plus has been liquidated on 15 November 2017.'5 Amundi Funds BFT Absolute Global Dividend has been merged into Amundi Funds BFT Optimal Income as at 13 October 2017.

Table of Contents

1 Amundi Funds Equity Global Agriculture has been renamed into Amundi Funds CPR Global Agriculture as at 27 October 2017.2 Amundi Funds Equity Global Luxury and Lifestyle has been renamed into Amundi Funds CPR Global Lifestyles as at 3 July 2017.3 Amundi Funds Equity Asia Ex Japan has been renamed into Amundi Funds Equity Asia Concentrated as at 20 December 2017.4 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.6 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.8 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017.10 Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. 11 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.

Page

Organisation 6Board of Directors Report 9

Portfolios details as at 30/06/18:

EquitiesEquity Euro Concentrated 10Equity Europe Concentrated 11Equity Global Concentrated 12Equity Japan Target 13Equity Japan Value 14Wells Fargo US Mid Cap 16Equity US Relative Value 18Equity Euroland Small Cap 19Equity Europe Small Cap 20CPR Global Agriculture1 21CPR Global Gold Mines 22CPR Global Lifestyles2 23CPR Global Resources 25Equity Green Impact 26Equity ASEAN 27Equity Asia Concentrated3 28Equity Emerging Focus 29Equity Emerging World 31Equity Greater China 34SBI FM Equity India 36Equity India Infrastructure 37SBI FM Equity India Select 38Equity Korea 39Equity Latin America 41Equity MENA 43Equity Thailand 45Dynamic Multi Factors Euro Equity4 46Dynamic Multi Factors Europe Equity5 48Dynamic Multi Factors Global Equity6 51Equity Emerging Conservative 56Equity Euro Risk Parity 58Equity Europe Risk Parity7 61Equity Europe Conservative 66Equity Global Conservative 68

BondsConvertible Conservative8 70Convertible Europe 72Convertible Global 74Bond Euro Aggregate 76Bond Euro Corporate 78Bond Euro Corporate Short Term 82Bond Euro Government 84Bond Euro Inflation 85Bond Euro High Yield 86Bond Euro High Yield Short Term 90Bond Total Hybrid9 92Bond Europe 94Bond Global 96

Bond Global Aggregate 98Bond Global Corporate 102Bond Global High Yield 105Bond Global Inflation 108Bond Global Total Return 109Bond US Corporate 110US Aggregate10 113Bond Asian Local Debt 121Income Partners China Aggregate Bond11 122Bond Global Emerging Blended 123Bond Global Emerging Corporate 127Bond Global Emerging Hard Currency 130Bond Global Emerging Local Currency 133

Multi AssetBFT Optimal Income 134Multi Asset Conservative 137Global Perspectives 145Target Coupon 153

ProtectProtect 90 154Protect 90 USD 155

AbsoluteAbsolute Volatility Arbitrage 156Absolute Volatility Euro Equities 157Absolute Volatility World Equities 158Credit Unconstrained 159Global Macro Bonds & Currencies 161Global Macro Bonds & Currencies Low Vol 164Global Macro Forex 166

CashCash EUR 167Cash USD 170

Accounts:Statement of Net Assets 172Financial Details Relating to the Last 3 Years 198Statement of Operations and Changes in Net Assets 280Notes to the Financial Statements as at 30/06/18 308Audit Report 395Report of the Custodian 397Notices and Reports 398Additional Information (unaudited) 399

Table of Contents

figs

Organisation 6 Bond Global Aggregate 98Board of Directors Report 9 Bond Global Corporate 102

_ _ Bond Global High Yield 105Portfolios details as at 30/06/18: _Bond Global Inflation 108Equities Bond Global Total Return 109

Equity Euro Concentrated 10 Bond Us CVPT31e 110Equity Europe Concentrated 11 Us A99-931e1 113Equity Global Concentrated 12 Bond A513" 1-0031 Debt 121Equity Japan Target 13 Income Partners China Aggregate Bond 122

Equity Japan Vaiue 14 Bond Global Emerging Blended 123wens Fargo Us Mid cap 15 Bond Global Emerging Corporate 127

Equity Us Re|atiVe Vaiue 13 Bond Global Emerging Hard Currency 130

Equity Euioiand smaii cap 19 Bond Global Emerging Local Currency 133

Equity Europe Small Cap 20 Multi Asset

ElZEZli:2,.1:tliJ:; 2;CPR Global Lifesiyiesz 23

Multi Asset Conservative 137Global Perspectives 145

CPR Global Resources 25_ Target Coupon 153Equity Green Impact 26

Equity ASEAN 27 ProtectEquity Asia Concentrateda 28 Protect 90 154Equity Emerging Focus 29 Protect 90 USD 155

EquityEmerging

Vilorld31

AbsoluteEquity Greater China 34 Absolute Volatility Arbitrage 156SBI FM Equity India 36 __ __Equity india infrastructure 37

AbsoluteVolatility

EuroEquities

157

Sui FM Equity indie Seieci 38 Absolute VolatilityWorld Equities 158

Equity Korea 39Credit Unconstrained 159

. . . Global Macro Bonds & Currencies 161Equity Latin America 41 Global Macro Bonds & Currencies Low Vol 164Equity MENA 43

Equity Thaiiand 45Global Macro Forex 166

Dynamic Multi Factors Euro Equity 46 cashDynamic Multi Factors Europe Equity5 48 Cash EUR 157Dynamic Multi Factors Global Equity 51 Cash USD 170Equity Emerging Conservative 56Equity Euro Risk Parity 58 Accounts:

Equity Europe Risk Parity, 61 Statement of Net Assets 172

Equity Europe Conservative 66 Financial Details Relating to the Last 3 Years 198

Equity Gtobat Conservative 68 Statement of Operations and Changes in Net Assets 280Notes to the Financial Statements as at 30/06/18 308

30" Audit Report 395Convertible Conservativea 70 Report of the Custodian 397

C0"Ve|1ib1e Europe 72 Notices and Reports 398Convertible Global 74 Additional Information (unaudited) 399Bond Euro Aggregate 76Bond Euro Corporate 78Bond Euro Corporate Short Term 82Bond Euro Government 84Bond Euro Inflation 85Bond Euro High Weld 86Bond Euro High Weld Short Term 90Bond Total Hybrid9 92Bond Europe 94Bond Global 96

' Amundi Funds Equity Global Agriculture has been renamed into Amundi Funds CPR Global Agriculture as at 27 October 2017.2 Amundi Funds Equity Global Luxury and Lifestyle has been renamed into Amundi Funds CPR Global Lifestyles as at 3 July 2017.3 Amundi Funds Equity Asia Ex Japan has been renamed into Amundi Funds Equity Asia Concentrated as at 20 December 2017. Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.5 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.3 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017. Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.

6

Organisation

DEnoMInATIon AnD rEGISTErED oFFICE Amundi Funds 5, Alle Scheffer, L-2520 Luxembourg

MAnAGEMEnT CoMPAnY Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg

BoArD oF DIrECTorS

Chairman Christophe LEMArI Head of Retail Marketing Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France

Directors Laurent BErTIAu Global Head of Institutional Clients Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France

ramon DunG Company Secretary Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France

Christian PELLIS Global Head of External Distribution Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France

ConDuCTInGoFFICErS Julien FAuCHEr Managing Director Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg

Charles GIrALDEZ Deputy General Manager Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg

DEPoSITArY CACEIS Bank, Luxembourg Branch 5, Alle Scheffer, L-2520 Luxembourg

rEGISTrAr, TrAnSFEr AnD CACEIS Bank, Luxembourg BranchPAYInGAGEnT 5, Alle Scheffer, L-2520 Luxembourg

ADMInISTrATIVE AGEnT Socit Gnrale Bank & Trust S.A. 28-32, Place de la gare, L-1616 Luxembourg

InVESTMEnT MAnAGErS Amundi Asset Management acting through: n Main office 90, Boulevard Pasteur, 75015 Paris, France

n London Branch 41, Lothbury, London EC2R 7HF, United Kingdom

Amundi Hong-Kong Ltd 901-908, One Pacific Place, No. 88 Queensway, Hong Kong, Peoples Republic of China

Amundi Japan 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100-0011, Japan

Organisation

DENOMINATION AND REGISTERED OFFICE

MANAGEMENT COMPANY

BOARD OF DIRECTORS

Chairman

Directors

CONDUCTING OFFICERS

DEPOSITARY

REGISTRAR, TRANSFER ANDPAYING AGENT

ADMINISTRATIVE AGENT

INVESTMENT MANAGERS

Amundi Funds5, Alle Scheffer,L-2520 Luxembourg

Amundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg

Christophe LEMARIEHead of Retail MarketingAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France

Laurent BERTIAUGlobal Head of Institutional ClientsAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France

Ramon DUNGCompany SecretaryAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France

Christian PELLISGlobal Head of External DistributionAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France

Julien FAUCHERManaging DirectorAmundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg

Charles GIRALDEZDeputy General ManagerAmundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg

CACEIS Bank, Luxembourg Branch5, Alle Scheffer,L-2520 Luxembourg

CACEIS Bank, Luxembourg Branch5, Alle Scheffer,L-2520 Luxembourg

Socit Gnrale Bank & Trust S.A.28-32, Place de la gare,L-1616 Luxembourg

Amundi Asset Management acting through:I Main office90, Boulevard Pasteur,75015 Paris, France

I London Branch41, Lothbury,London EC2R 7HF, United Kingdom

Amundi Hong-Kong Ltd901-908, One Pacifi c Place,No. 88 Queensway, Hong Kong, People's Republic of China

Amundi Japan1-2-2, Uchisaiwaicho Chiyoda-Ku,Tokyo 100-0011, Japan

7

Organisation

Amundi Singapore Ltd 168, Robinson Road #24-01, Capital Tower, Singapore 068912, Singapore

Amundi Pioneer Asset Management Inc 280 South Mangum Street, Suite 301 Durham, NC 27701, United States of America

BFT Gestion S.A 90, Boulevard Pasteur, 75015 Paris

CPr Asset Management 90, Boulevard Pasteur, 75015 Paris

Income Partners Asset Management (HK) Ltd Two International Finance Centre, Suite 3313, 8 Finance Street Central Hong-Kong SAR

Polen Capital Management LLC 1825 NW Corporate Blvd. Suite 300 Boca Raton, Florida 33431, United States of America

resona Bank Ltd Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku, Tokyo 135-8581, Japan

TCW Investment Management Company 865, South Figueroa Street, Suite 1800, Los Angeles, California 90017, United States of America

Wells Capital Management 525 Market Street, 10th Floor San Francisco, California 94105, United States of America

InVESTMEnT SuB-MAnAGErS Amundi Japan 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100 0011, Japan

CPr Asset Management 90, Boulevard Pasteur, 75015 Paris

nH-Amundi Asset Management Co., Ltd 10F Nonghyup Culture & Welfare Foundation Bldg. 34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea

InVESTMEnT ConSuLTAnT SBI Funds Management Pvt Ltd. 9th Floor, Crescenzo, C-38 & 39, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051, India

Pioneer Investment Management SGPrA (Milan) Piazza Gae Aulenti 1 Tower B I-20157 Milan, Italy

Pioneer Investment Management Limited (Dublin) 1, Georges Quay Plaza, Georges Quay Dublin 2, Ireland

GuArAnTor Amundi S.A. 91-93, Boulevard Pasteur, 75015 Paris, France

AuDITor oF THE FunD PricewaterhouseCoopers, Socit cooprative 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg

FInAnCIAL AGEnT In BELGIuM CACEISBelgium SA/Vn Avenue du Port / Havenlaan 86 C/320, B - 1000 Brussels, Belgium

Organisation

INVESTMENT SUB-MANAGERS

INVESTMENT CONSULTANT

GUARANTOR

AUDITOR OF THE FUND

FINANCIAL AGENT IN BELGIUM

Amundi Singapore Ltd168, Robinson Road #24-01, Capital Tower,Singapore 068912, Singapore

Amundi Pioneer Asset Management Inc280 South Mangum Street, Suite 301Durham, NC 27701, United States of America

BFT Gestion S.A90, Boulevard Pasteur,75015 Paris

CPR Asset Management90, Boulevard Pasteur,75015 Paris

Income Partners Asset Management (HK) LtdTwo International Finance Centre, Suite 3313,8 Finance Street CentralHong-Kong SAR

Polen Capital Management LLC1825 NW Corporate Blvd.Suite 300Boca Raton, Florida 33431, United States of America

Resona Bank LtdFukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku,Tokyo 135-8581, Japan

TCW Investment Management Company865, South Figueroa Street, Suite 1800,Los Angeles, California 90017, United States of America

Wells Capital Management525 Market Street, 10th FloorSan Francisco, California 94105, United States of America

Amundi Japan1-2-2, Uchisaiwaicho Chiyoda-Ku,Tokyo 100 0011, Japan

CPR Asset Management90, Boulevard Pasteur,75015 Paris

NH-Amundi Asset Management Co., Ltd10F Nonghyup Culture 8. Welfare Foundation Bldg.34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea

SBI Funds Management Pvt Ltd.9th Floor, Crescenzo, C-38 8. 39,G Block Bandra-Kurla ComplexBandra (East), Mumbai 400051, India

Pioneer Investment Management SGPrA (Milan)Piazza Gae Aulenti 1 Tower BI-20157 Milan, Italy

Pioneer Investment Management Limited (Dublin)1, George's Quay Plaza, George's QuayDublin 2, Ireland

Amundi S.A.91-93, Boulevard Pasteur,75015 Paris, France

Pricewaterhousecoopers, Socit cooprative2 rue Gerhard Mercator,B.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg

CACEIS Belgium SANNAvenue du Portl Havenlaan 86 C/320,B - 1000 Brussels, Belgium

8

Organisation

CEnTrALIZInG AGEnT In FrAnCE CACEIS Bank France 1-3, Place Valhubert, F-75206 Paris Cedex 13, France

PAYInG AnD InForMATIon AGEnT Marcard, Stein & Co AGIn GErMAnY Ballindam 36, D-20095 Hamburg, Germany

PAYInG AnD InForMATIon AGEnT Meinl Bank A.G.In AuSTrIA Bauermarkt 2, 1014, Wien, Austria

PAYInG AGEnT In GrEECE Alpha Bank of Greece 11, Sofokleous Str., 102 35 Athens, Greece

rEPrESEnTATIVE In GrEECE Amundi Hellas M.F.M.C 45, Mitropoleos Street, 105 56 Athens, Greece

rEPrESEnTATIVE In HonG KonG Amundi Hong-Kong Ltd 901-908, One Pacific Place, 88, Queensway, Hong-Kong

rEPrESEnTATIVE In THE nETHErLAnDS CACEIS netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands

rEPrESEnTATIVE In SPAIn Amundi Iberia SGICC Paseo de la Castellana 1, 28046 Madrid, Spain

FACILITIES AGEnT In unITED KInGDoM Amundi London Branch. 41, Lothbury, London EC2R 7HF, United Kingdom

PAYInG AnD rEPrESEnTATIVE AGEnT Socit Gnrale Express Bank ADIn BuLGArIA 92,Vladislav Varnenchik Blvd, 9000 Varma, Bulgaria

PAYInG AnD rEPrESEnTATIVE AGEnT CACEIS (Switzerland) S.A.In SWITZErLAnD Route de Signy 35 CH-1260 Nyon, Switzerland

ConTACT BAnK In CZECH rEPuBLIC Komercni Banka A.S Na Prikogne 33, Prague 1, Czech Republic

PAYInG AnD rEPrESEnTATIVE SKB Banka D.D. Ljubljana AGEnT In SLoVEnIA Ajdovscina 4, Ljubljana, Slovenia

FACILITIES AGEnT In IrELAnD Socit Gnrale, Dublin Branch 3rd Floor, IFSC House, IFSC, Dublin 1, Ireland

PAYInG AnD rEPrESEnTATIVE AGEnT Amundi Singapore LtdIn SInGAPorE 168, Robinson Road #24-01, Capital Tower, Singapore 068912

MASTEr AGEnT In TAIWAn Amundi Tawan Suite A, 14F, Tun Hua North Road, Taipei, Tawan

Organisation

CENTRALIZING AGENT IN FRANCE

PAYING AND INFORMATION AGENTIN GERMANY

PAYING AND INFORMATION AGENTIN AUSTRIA

PAYING AGENT IN GREECE

REPRESENTATIVE IN GREECE

REPRESENTATIVE IN HONG KONG

REPRESENTATIVE IN THE NETHERLANDS

REPRESENTATIVE IN SPAIN

FACILITIES AGENT IN UNITED KINGDOM

PAYING AND REPRESENTATIVE AGENTIN BULGARIA

PAYING AND REPRESENTATIVE AGENTIN SWITZERLAND

CONTACT BANK IN CZECH REPUBLIC

PAYING AND REPRESENTATIVEAGENT IN SLOVENIA

FACILITIES AGENT IN IRELAND

PAYING AND REPRESENTATIVE AGENTIN SINGAPORE

MASTER AGENT IN TAIWAN

CACEIS Bank France1-3, Place Valhubert,F-75206 Paris Cedex 13, France

Marcard, Stein & Co AGBallindam 36,D-20095 Hamburg, Germany

Meinl Bank A.G.Bauermarkt 2,1014, Wien, Austria

Alpha Bank of Greece11, Sofokleous Str.,102 35 Athens, Greece

Amundi Hellas M.F.M.C45, Mitropoleos Street,105 56 Athens, Greece

Amundi Hong-Kong Ltd901-908, One Pacifi c Place,88, Queensway, Hong-Kong

CACEIS NetherlandsDe Ruyterkade 6,1013 AAAmsterdam, The Netherlands

Amundi Iberia SGICCPaseo de la Castellana 1,28046 Madrid, Spain

Amundi London Branch.41, Lothbury,London EC2R 7HF, United Kingdom

Socit Gnrale Express Bank AD92,V|adis|av Varnenchik Blvd,9000 Varma, Bulgaria

CACEIS (Switzerland) S.A.Route de Signy 35CH-1260 Nyon, Switzerland

Komercni Banka A.SNa Prikogne 33,Prague 1, Czech Republic

SKB Banka D.D. LjubljanaAjdovscina 4,Ljubljana, Slovenia

Socit Gnrale, Dublin Branch3" Floor, IFSC House, IFSC,Dublin 1, Ireland

Amundi Singapore Ltd168, Robinson Road #24-01, Capital Tower,Singapore 068912

Amundi Ta'I'wanSuite A, 14F, Tun Hua North Road,Taipei, Taiwan

9

Board of Directors Report

uS GDP enjoyed a solid acceleration in H2 17 (average of 3% QoQ AR) followed by a soft patch in Q1 2018 due in part to seasonal factors. Although data on Q2 GDPare not yet available, coincident and leading indicators point to reaccelerating growth, supported by the fiscal expansion provided by the Tax Cuts passed in December2017 and the increased government spending approved by Congress in early 2018. Surveys altogether (business manufacturing, services, small companies and consumer) moved in a clear upward trend since June 2017, reaching multi-year highsbetween Q4 17 and Q1 18. Capex picked-up while consumption consolidated. Activity data followed a progressive consolidation, moving to an average growth in the1.5% range in early H2 17 to the 3.5% range at the end of H1 18. Labor market kept improving, with unemployment rate down to 3.8% in May from 4.3% in July 2017.Measures of labor compensations though responded to a slower pace to the tightening labor market.Inflation, subdued in part due to base effects and technical factors in mid 2017, gradually moved higher as transitory factors dissipated. While Headline inflation movedfrom below 2% in mid 2017 to 2.8% YoY in May, Core inflation increased at a slower pace, from 1.4% to 1.8% YoY.On this macro backdrop, the Fed grew progressively more confident on the economic outlook and since mid-2017 hiked three times moving rates within the 1.75% to2.00% range, as the new Fed Chair Powell continued along the gradual rate and balance sheet normalization path initiated by Yellen.

The Eurozone economy improved a lot in H2 2017, with a real GDP growth of 0.7% in both Q3 and Q4. Growth became more broad based in terms of sectoralcomponents (pick-up in internal demand, notably investment, and in exports) and geographically (the situation improved in countries that had been lagging, especiallyItaly and Portugal). The unemployment rate also declined, ending 2017 at 8.7% vs. 9.6% 12 months earlier. Political risk also receded while it had been a major topicearlier in the year, prior to the April-June French electoral cycle.However, the Eurozone situation deteriorated in H1 2018, with a significant drop in economic surprise. Real GDP growth in Q1 2018 was just 0.4% and early economicfigures for Q2 only pointed to a moderate improvement. While some of the disappointment could be attributed to exaggeratedly high expectations at the end of 2017,worries over global trade and the higher euro also played a part. Moreover, political risk surged again when protest parties managed to form a government coalition inItaly in June. Nonetheless, at the end of the period, most indicators remained compatible with economic growth of around 2% on an annual basis.Throughout the period, while Eurozone headline inflation largely followed rising oil prices (reaching 2% in June 2018), core inflation remained very low, failing to crediblybypass the 1% threshold. The ECB nonetheless reduced its asset purchases at the beginning of 2018 and announced in June that it would probably end its QE programby the end of the year.

In the second half of 2017, the Emerging Markets economic growth has been further accelerating from the first part of the year. In particular, the Chinese economyhas been more than resilient and supportive with a GDP growing at around 6.9% YoY. Russia and Brazil coming out from their deep recessions has been supportiveof market sentiment. In terms of growth drivers, Households Consumptions have been leading the economic performance while Fixed Investments have improved lessevenly. Together with that, the USD has remained on the weaker side thanks to the much gradual normalization process implemented by the Federal Reserve: EmergingMarkets portfolio inflows has been significantly positive. That positive environment within EM universe stayed until the first quarter of 2018: constructive growthenvironment, low inflation, supportive commodity cycle, stable/weak USD and very accommodative Monetary Policy; only the US rates started to peak up significantly.In Q2 2018, finally, USD started to appreciate and EM Central Banks have been tightening their Monetary Policy or stopping their easing cycle under pressure fromglobal financial conditions. In that regard, only China has made its Monetary Policy stance less tighter to accommodate the eventual economic cooling-down. Theprotectionist measures started by the US Administration have been increasing the downside risk to our otherwise constructive economic outlook.

Equities: In the fiscal year under review (July 1, 2017 - June 30, 2018), the total return of the MSCI World AC went up by 11.3% in USD (+11.4% in local currencies). This variation, however, covers two distinct periods with a sharp rise in the first six months (+11.5%), followed by a virtual stagnation in the last six months. By majorregions, the US (+ 14.5%) posted the best performance over twelve months, followed by Japan, the UK, Emerging Markets and, more in retreat, the eurozone. Withinthe euro area, France and Italy stand out ahead of Germany and Spain (respectively + 8.4%, + 6.9%, + 0.9% and -5.3% in )This dichotomy between the two semesters is due to the gradual alteration of the economic scenario. Thus, at the beginning of the period, the global recovery was notonly substantial but also synchronized between the different regions. As a result, corporate earnings have grown strongly. In addition, from September 2017, the USmarket was boosted with the announcement of the tax reform. As at the same time, the Fed kept a conciliatory tone, emerging equities continued to benefit fromsignificant flows.Conversely, from the end of January, the markets which had continued to rally began to be seized with doubt. In chronological order, the first reason for concern wasthe Fed's tightening of tone which led to a reassessment of risk premiums. Subsequently, Q1 GDP growth slowed significantly on both sides of the Atlantic. Finally,while this soft patch was supposed to fade, the threat of trade war worried investors. As a result, even though corporate results at March 31, 2018 were sustained, andare expected to remain solid on Q2, the longer term prospects being less clear-cut prompted a general decline in PE ratios.

The Fixed Income markets were characterized by a pressure on long term yields. The 10-year Bund did rise to 0.75% in February but has fallen below 0.3% in recentweeks. US rates have been rising since the beginning of the year, but the very small difference between short and long-dated rates challenges us.The recent fall in yields can be explained in by investors' flight to safe havens. Our economists continue to anticipate solid global growth, but the risks to this scenarioare growing. Investors are worried about (1) the impact of a trade war on growth, inflation or the exchange rate, (2) tensions on emerging currencies and (3) the rise inpolitical risk in Europe. In the Euro area, the normalization of the monetary policy turns out to be slower than expected. The ECB will stop buying bonds at the end of the year but should notraise its key rates until the summer of 2019. The ECB will continue to play an important role on the interest rate markets by reinvesting bonds of its own portfoliomaturing (estimation: 180bn in 2019 and 50bn in German debt) and should favour long-dated bonds to keep rates low.The gap between short-term yields has reached record levels between the United States and the euro area. Due to the strong macroeconomic environment, the Fedexpects to hike Fed Funds rate two more time this year. Conversely, the ECB revised its forward guidance and do not expect to increase interest rates before summer2019.In this context of higher volatility, credit indices have widened, in particular Euro HY.For the time being trade tensions and the resulting threat to global growth outlook supports long term bonds. Greater confidence in growth projections and lowerpolitical risk (Eurozone) are the catalysts needed for a rise in rates. Volatility is expected to remain high in this environment, but we expect higher bond yields in thesecond half of this year.

Luxembourg, October 26, 2018The Boards of Directors

The figures stated in this report are historical and not necessarily indicative of future performance.

Board of Directors Report

US GDP enjoyed a solid acceleration in H2 17 (average of 3% QoQ AR) followed by a soft patch in Q1 2018 due in part to seasonal factors. Although data on Q2 GDPare not yet available, coincident and leading indicators point to reaccelerating growth, supported by the fiscal expansion provided by the Tax Cuts passed in December2017 and the increased government spending approved by Congress in early 2018.Surveys altogether (business manufacturing, services, small companies and consumer) moved in a clear upward trend since June 2017, reaching multi-year highsbetween Q4 17 and Q1 18. Capex picked-up while consumption consolidated. Activity data followed a progressive consolidation, moving to an average growth in the1.5% range in early H2 17 to the 3.5% range at the end of H1 18. Labor market kept improving, with unemployment rate down to 3.8% in May from 4.3% in July 2017.Measures of labor compensations though responded to a slower pace to the tightening labor market.Inflation, subdued in part due to base effects and technical factors in mid 2017, gradually moved higher as transitory factors dissipated. While Headline inflation movedfrom below 2% in mid 2017 to 2.8% YoY in May, Core inflation increased at a slower pace, from 1.4% to 1.8% YoY.On this macro backdrop, the Fed grew progressively more confident on the economic outlook and since mid-2017 hiked three times moving rates within the 1.75% to2.00% range, as the new Fed Chair Powell continued along the gradual rate and balance sheet normalization path initiated by Yellen.

The Eurozone economy improved a lot in H2 2017, with a real GDP growth of 0.7% in both Q3 and Q4. Growth became more broad based in terms of sectoralcomponents (pick-up in internal demand, notably investment, and in exports) and geographically (the situation improved in countries that had been lagging, especiallyItaly and Portugal). The unemployment rate also declined, ending 2017 at 8.7% vs. 9.6% 12 months earlier. Political risk also receded while it had been a major topicearlier in the year, prior to the April-June French electoral cycle.However, the Eurozone situation deteriorated in H1 2018, with a significant drop in economic surprise. Real GDP growth in Q1 2018 was just 0.4% and early economicfigures for Q2 only pointed to a moderate improvement. While some of the disappointment could be attributed to exaggeratedly high expectations at the end of 2017,worries over global trade and the higher euro also played a part. Moreover, political risk surged again when protest parties managed to form a government coalition inItaly in June. Nonetheless, at the end of the period, most indicators remained compatible with economic growth of around 2% on an annual basis.Throughout the period, while Eurozone headline inflation largely followed rising oil prices (reaching 2% in June 2018), core inflation remained very low, failing to crediblybypass the 1% threshold. The ECB nonetheless reduced its asset purchases at the beginning of 2018 and announced in June that it would probably end its QE programby the end of the year.

In the second half of 2017, the Emerging Markets economic growth has been further accelerating from the first part of the year. In particular, the Chinese economyhas been more than resilient and supportive with a GDP growing at around 6.9% YoY. Russia and Brazil coming out from their deep recessions has been supportiveof market sentiment. In terms of growth drivers, Households Consumptions have been leading the economic performance while Fixed Investments have improved lessevenly. Together with that, the USD has remained on the weaker side thanks to the much gradual normalization process implemented by the Federal Reserve: EmergingMarkets portfolio inflows has been significantly positive. That positive environment within EM universe stayed until the first quarter of 2018: constructive growthenvironment, low inflation, supportive commodity cycle, stablelweak USD and very accommodative Monetary Policy; only the US rates started to peak up significantly.In Q2 2018, finally, USD started to appreciate and EM Central Banks have been tightening their Monetary Policy or stopping their easing cycle under pressure fromglobal financial conditions. In that regard, only China has made its Monetary Policy stance less tighter to accommodate the eventual economic cooling-down. Theprotectionist measures started by the US Administration have been increasing the downside risk to our othewvise constructive economic outlook.

Equities: In the fiscal year under review (July 1, 2017 - June 30, 2018), the total return of the MSCI World AC went up by 11.3% in USD (+11.4% in local currencies).This variation, however, covers two distinct periods with a sharp rise in the first six months (+11.5%), followed by a virtual stagnation in the last six months. By majorregions, the US (+ 14.5%) posted the best performance over twelve months, followed by Japan, the UK, Emerging Markets and, more in retreat, the eurozone. Withinthe euro area, France and Italy stand out ahead of Germany and Spain (respectively + 8.4%, + 6.9%, + 0.9% and -5.3% in )This dichotomy between the two semesters is due to the gradual alteration of the economic scenario. Thus, at the beginning of the period, the global recovery was notonly substantial but also synchronized between the different regions. As a result, corporate earnings have grown strongly. In addition, from September 2017, the USmarket was boosted with the announcement of the tax reform. As at the same time, the Fed kept a conciliatory tone, emerging equities continued to benefit fromsignificant flows.Conversely, from the end of January, the markets which had continued to rally began to be seized with doubt. In chronological order, the first reason for concern wasthe Fed's tightening of tone which led to a reassessment of risk premiums. Subsequently, Q1 GDP growth slowed significantly on both sides of the Atlantic. Finally,while this soft patch was supposed to fade, the threat of trade war worried investors. As a result, even though corporate results at March 31, 2018 were sustained, andare expected to remain solid on Q2, the longer term prospects being less clear-cut prompted a general decline in PE ratios.

The Fixed Income markets were characterized by a pressure on long term yields. The 10-year Bund did rise to 0.75% in February but has fallen below 0.3% in recentweeks. US rates have been rising since the beginning of the year, but the very small difference between short and long-dated rates challenges us.The recent fall in yields can be explained in by investors flight to safe havens. Our economists continue to anticipate solid global growth, but the risks to this scenarioare growing. Investors are worried about (1) the impact of a trade war on growth, inflation or the exchange rate, (2) tensions on emerging currencies and (3) the rise inpolitical risk in Europe.In the Euro area, the normalization of the monetary policy turns out to be slower than expected. The ECB will stop buying bonds at the end of the year but should notraise its key rates until the summer of 2019. The ECB will continue to play an important role on the interest rate markets by reinvesting bonds of its own portfoliomaturing (estimation: 180bn in 2019 and 50bn in German debt) and should favour long-dated bonds to keep rates low.The gap between short-term yields has reached record levels between the United States and the euro area. Due to the strong macroeconomic environment, the Fedexpects to hike Fed Funds rate two more time this year. Conversely, the ECB revised its forward guidance and do not expect to increase interest rates before summer2019.In this context of higher volatility, credit indices have widened, in particular Euro HY.For the time being trade tensions and the resulting threat to global growth outlook supports long term bonds. Greater confidence in growth projections and lowerpolitical risk (Eurozone) are the catalysts needed for a rise in rates. Volatility is expected to remain high in this environment, but we expect higher bond yields in thesecond half of this year.

Luxembourg, October 26, 2018The Boards of Directors

The figures stated in this report are historical and not necessarily indicative of future performance.

10

The accompanying notes form an integral part of these financial statements

Securities Portfolio as at 30/06/18

Equity Euro Concentrated

Equities

Portfolios details as at 30/06/18:

% o

f NaV

Mark

et V

alu

e

Quantity

EUR

100.05489,795,629Long positions

99.35486,347,338Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market99.35486,347,320Shares0.964,722,087Denmark

0.964,722,087NOVO NORDISK118,861

2.1910,733,147Finland

2.1910,733,147NOKIA OYJ2,177,109

26.33128,860,870France

4.0719,925,506BNP PARIBAS374,6101.507,341,120CAP GEMINI SE63,7251.899,258,508COMPAGNIE DE SAINT-GOBAIN SA241,9263.8919,048,667DANONE302,9851.426,952,777LEGRAND110,5372.8914,135,180LOREAL SA66,8333.8618,885,944LVMH MOET HENNESSY LOUIS VUITTON SE66,2203.4616,930,611SCHNEIDER ELECTRIC SA237,0573.3516,382,557VINCI SA198,914

21.61105,767,460Germany

4.6022,533,799BAYER AG238,8322.8413,911,691DEUTSCHE POST AG-NOM497,3793.7218,206,188DEUTSCHE TELEKOM AG-NOM1,371,9812.3411,465,864FRESENIUS SE & CO KGAA166,6551.658,060,274HEIDELBERGCEMENT AG111,8244.8923,893,835SIEMENS AG-NOM211,0391.577,695,809VOLKSWAGEN AG-PFD54,112

10.2750,256,294Ireland

0.944,580,627AIB GROUP PLC985,0810.904,391,711AIB GROUP PLC944,4543.4917,080,100CRH PLC562,7713.2415,866,816KERRY GROUP A177,0851.708,337,040RYANAIR HOLDINGS PLC528,497

2.039,921,177Italy

2.039,921,177ENI SPA623,738

2.6512,991,334Jersey

2.6512,991,334SHIRE269,376

13.9568,256,559Netherlands

1.909,306,874AKZO NOBEL NV-CVA126,9353.1915,616,133ASML HOLDING N.V.92,0223.9119,132,194ING GROUP NV1,551,9302.5512,472,982KONINKLIJKE KPN NV5,353,2112.4011,728,376KONINKLIJKE PHILIPS N.V.321,987

9.7447,707,571Spain

3.6117,672,959BANCO BILBAO VIZCAYA ARGENTA2,909,6083.5417,347,037IBERDROLA SA2,618,8162.5912,687,575INDITEX433,615

% o

f NaV

Mark

et V

alu

e

Quantity

EUR

1.035,063,855Switzerland

1.035,063,855LONZA GROUP AG N22,280

8.5942,066,966United Kingdom

2.1510,523,933CARNIVAL PLC214,0982.8513,966,652PRUDENTIAL PLC712,1022.5712,589,078ROYAL DUTCH SHELL PLC-A422,8781.024,987,303TECHNIPFMC PLC183,457

0.0018Warrants, Rights0.0018Germany

0.0018BAYER AG SUBSCRIPTION RIGHT11

0.703,448,291Share/Units of UCITS/UCIS

0.703,448,291Share/Units in investment funds0.703,448,291France

0.003AMUNDI CASH INSTITUTIONS SRI-SC0.0030.703,448,288AMUNDI 3 M - IC3

100.05489,795,629Total securities portfolio

Equity Euro Concentrated


0 3 ,\ .0 2 g5 9, 0 5 3 0 E 2 E E 21.|ew

JPY

18,067,688,410

18,067,688,410

18,067,688,410

1, 775, 766,400

186,319,000125,240,000365,637,200187,572,000155,811 ,200127,072,000254,775,000181,500,000191,840,000

772, 688, 080

408,826,580363,861,500

896, 792,500

458,872,500437,920,000

1,550,699,600

270,720,000134,100,000359,283,000169,336,600451,200,000166,060,000

1,021,574,600

462,598,600155,120,000403,856,000

1,580,572,150

252,280,000436,819,950169,918,400353,780,000122,326,000245,447,800

414,381,180

153,333,180261,048,000

829, 037, 000

360,689,000468,348,000

516,463,000

258,520,000

/\9N

J0/o

98.48

98.48

98.48

9. 67

1.020.681.981.020.850.691.390.991.05

4.21

2.231.98

4. 89

2.502.39

8.45

1.480.731.960.922.450.91

5.57

2.520.852.20

8. 62

1.382.370.931.930.671.34

2. 26

0.841.42

4. 52

1.972.55

2.82

1.41

Amuenb

49,700 DAIKOKUTENBUSSAN CO LTD

Food Producers

358,000 ITOHAM YONEKYU SHS11,000 KAMEDA SEIKA

Gas, Water & Multiutilities

98,200 TOKYO GAS CO LTD

General Industn'als

134,000 ASICS CORPORATION

General Retailers

95,000 RAKUTEN66,000 SEVEN & I HOLDINGS CO LTD

Household Goods & Home Construction

55,000 SANRIO

Industrial Engineering

11,200 FANUC LTD144,000 KURITA WATER INDUSTRIES LTD57,000 THE JAPAN STEEL WORKS

Industrial Metals & Mining

182,000 HITACHI METALS LTD

Industrial Transportation

60,000 YAMATO HOLDINGS

Leisure Goods

65,800 MIZUNO CORP257,000 NIKON CORP

16,200 SHIMANO

Media

58,000 DENTSU INC

Nonlife Insurance

63,000 TOKIO MARINE HLDGS INC

Pharmaceuticals & Biotechnology

144,000 ASTELLAS PHARMA INC21,700 EISAI

123,000 MIRACA HOLDINGS INC9,000 TAISHO PHARM

Real Estate Investment & Services

136,000 IIDA GROUP HLDGS71,000 MITSUI FUDOSAN CO LTD REIT

Software & Computer Services

150,000 NTT DATA

Support Services

134,000 DAISEKI

an|e/\

J,a>1.iew

JPY

257,943,000

406,294,000

341 ,174,00065,120,000

288, 757, 100

288,757, 1 00

250,982, 000

250,982,000

390,039, 000

71,193,000318,846,000

118,030,000

118,030,000

860,811,000

246,456,000455,040,000159,315,000

209,300,000

209,300,000

195,840,000

195,840,000

988,915,000

272,412,000453,091,000263,412,000

304,500, 000

304,500,000

327, 1 59, 000

327, 1 59,000

935, 1 92, 800

243,216,000169,346,800405,900,000116,730,000

480,486, 000

290,632,000189,854,000

191,400,000

191,400,000

1,000,084,500

436,170,000

l\EN

J0%

1.41

2.21

1.860.35

1.57

1.57

1.37

1.37

2.13

0.391.74

0.64

0.64

4.69

1.342.480.87

1.14

1.14

1.07

1.07

5.39

1.482.471.44

1.66

1.66

1.78

1.78

5.10

1.330.922.210.64

2.62

1.591.03

1.04

1.04

5.45

2.38


14

15



Equity Japan Value

% o

f NaV

Mark

et V

alu

e

Quantity

JPY

1.75321,465,000MITSUI & CO LTD174,0001.32242,449,500SECOM CO LTD28,500

7.411,358,746,000Technology Hardware & Equipment

2.75503,850,000FUJITSU LTD750,0002.67489,712,000RICOH COMPANY LTD482,0001.99365,184,000TOKYO ELECTRON LTD19,200

2.20403,177,500Travel, Leisure & Catering

0.1628,468,000AEON FANTASY CO.LTD4,4002.04374,709,500EAST JAPAN RAILWAY CO35,300

98.4818,067,688,410Total securities portfolio

Equity Japan Value


Amuenb

174,000 MITSUI & CO LTD28,500 SECOM CO LTD

Technology Hardware & Equipment

750,000 FUJITSU LTD482,000 RICOH COMPANY LTD

19,200 TOKYO ELECTRON LTD

Travel, Leisure & Catering

4,400 AEON FANTASY CO.LTD35,300 EAST JAPAN RAILWAY CO

Total securities portfolio

an|e/\

:;a>1.|ew

JPY

321,465,000242,449,500

1,358, 746,000

503,850,000489,712,000365,184,000

403,177,500

28,468,000374,709,500

18,067,688,410

/\9N

J0/2

1.751.32

7.41

2.752.671.99

2. 20

0.162.04

98.48


15

16



Wells Fargo US Mid Cap

% o

f NaV

Mark

et V

alu

e

Quantity

USD


96.7762,541,522Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market96.7762,541,522Shares0.43280,665Aerospace & Defense

0.43280,665ARCONIC INC16,500

0.89576,353Automobiles & Parts

0.89576,353APTIV REGISTERED SHS6,290

8.535,510,513Banks

1.46945,091FIFTH THIRD BANCORP32,9302.211,425,027NORTHERN TRUST CORP13,8501.831,180,100PACWEST BANCORP23,8791.841,188,966REGIONS FINANCIAL CORP66,8711.19771,329ZIONS BANCORP14,639

3.372,176,416Chemicals

1.38893,380INTERNATIONAL FLAVORS & FRAGRANCES7,2071.991,283,036PPG INDUSTRIES INC12,369

2.191,412,631Construction & Materials

0.86552,700ACUITY BRANDS INC.4,7701.33859,931OWENS CORNING13,570

5.923,825,652Electricity

2.771,794,770AMEREN CORPORATION29,4952.371,529,525AMERICAN ELECTRIC POWER INC22,0870.78501,357PG&E CORP11,780

7.374,765,040Financial Services

1.13732,176CARLISLE COS6,7601.921,240,475CBRE GROUP25,9841.27823,459EURONET WORLDWIDE9,8301.51973,982FIDELITY NATIONAL FINANCIAL CLASSE A25,8901.54994,948SPECTRUM BRANDS HOLDINGS12,190

1.721,114,043Forestry & Paper

1.721,114,043INTERNATIONAL PAPER21,391

2.331,508,750Gas, Water & Multiutilities

2.331,508,750AMERICAN WATER WORKS17,671

9.616,209,878General Industrials

0.79509,829AMERISOURCEBERGEN5,9790.82531,472C&J ERGY SVCS REGISTERED SHS22,5201.33861,186NATIONAL OILWELL VARCO19,8431.33858,100PACKAGING CORP. OF AMERICA7,6762.601,682,818REPUBLIC SERVICES INC24,6172.741,766,473SEALED AIR41,613

2.511,618,960General Retailers

1.721,106,258KOHL S CORP15,1750.79512,702MIDDLEBY CORP4,910

% o

f NaV

Mark

et V

alu

e

Quantity

USD

6.764,370,360Health Care Equipment & Services

1.701,105,398HUMANA3,7141.22787,470STERIS PLC7,4990.84540,484UNIVERSAL HEALTH SERV CL B4,8501.06687,324VARIAN MEDICAL SYSTEMS INC6,0440.26166,487WATERS CORP8601.681,083,197ZIMMER BIOMET HOLDINGS INC9,720

1.931,247,494Household Goods & Home Construction

1.841,191,342MOHAWK INDUSTRIES5,5600.0956,152WHIRLPOOL CORP384

0.60390,042Industrial Engineering

0.60390,042DEERE & CO2,790

3.682,379,095Industrial Transportation

2.711,752,260KANSAS CITY SOUTHERN16,5370.97626,835RYDER SYSTEM INC8,723

0.54348,787Media

0.54348,787INTERPUBLIC GROUP OF COS INC14,880

10.196,575,848Nonlife Insurance

1.46940,355ALLSTATE CORP10,3031.611,043,397ARCH CAP GRP39,4332.741,770,172BROWN & BROWN63,8362.831,822,425LOEWS CORP37,7471.55999,499WILLIS TOWERS - SHS6,593

6.904,460,504Oil & Gas Producers

1.901,229,794ANADARKO PETROLEUM CORP16,7892.011,300,238CIMAREX ENERGY12,7801.591,026,962HESS CORP15,3531.40903,510PATTERSON UTI ENERGY50,195

0.82527,347Personal Goods

0.82527,347CHURCH & DWIGHT INC9,920

1.551,003,604Pharmaceuticals & Biotechnology

1.551,003,604CHARLES RIVER LABORATORIES8,940

4.462,885,235Real Estate Investment Trusts

1.631,051,031AMERICAN CAMPUS COMMUNITI REIT24,5111.551,004,079INVITATION HOMES INC REIT43,5421.28830,125MID-AMERICA APARTMENT COMMUNITIES INC

REIT8,246

4.723,052,874Software & Computer Services

1.961,264,825AMDOCS19,1091.04673,992CHECK POINT SOFTWARE TECHNOLOGIES6,9001.721,114,057NCR CORP37,160

5.133,313,469Support Services

2.651,712,066FIDELITY NATIONAL INFORM SVCES16,1471.06685,580LEIDOS HOLDINGS11,620



0 3 3 .0 2 g5 1.", 0 5 2 0 E 2 E E 2< 5 g < 5 2

5 5

USD USD

'-9 P"i"5 2'5"'522 '77 Health Care Equipment 0 Services 4 370 300 0 70Transferable securities admitted to an official stock exchange 3,714 HUMANA 1,105,398 1.70. . . 02,541,522 90.77listing and/or dealt In on another regulated market 7499 37-ERIS p|_C 7871470 122

shares 62,541,522 96-77 4,050 UNIVERSAL HEALTH SERv CL B 540,404 0.04Aerospace & Defense 2301555 o_43 0,044 vARIAN MEDICAL SYSTEMS INC 007,324 1.00

000 wATERS CORP 100,407 0.2015500 ARN' 'NC 280365 0'43 9 720 ZIMMER BIOMET HOLDINGS INC 1 003 197 1 00

A"s & PMS 576353 0'89 Household Goods 0 Home Construction 1 247 494 1 930,290 APTIV REGISTERED SHS 570,353 0.09 515611 M011AWK 1NDUSTR1ES 111911342 184

Banks 5,510,513 0.53 304 wHIRLPOOL CORP 50,152 0.0932,930 FIFTH THIRD BANCORP 945,091 1.46 Industrial Engineering 390,042 0.6013,050 NORTHERN TRUST CORP 1,425,027 2.21 2 7911 DEERE & C0 390 042 11 61123,079 PACwEST BANCORP 1,100,100 1.03

'

00,071 REGIONS FINANCIAL CORP 1,100,900 1.04 Industnal Transportation 2,379,095 3.6814539 Z'N3 BANCORP 771329 1-19 10 537 KANSAS CITY SOUTHERN 1 752 200 2.71

chem,-ee;s 211751415 337 0,723 RYDER SYSTEM INC 020,035 0.977,207 INTERNATIONAL FLAvORS 0 FRAGRANCES 093,300 1.30 Media 348,787 0.54

11359 PPG 'NDU3TR'E'5 NC 13831035 1-99 14 000 INTERPUBLIC GROUP OF COS INC 340 707 0.54COl'lS1l'llC1l0ll & Materials 1,412,631 2.19 Nonlife Insurance 6 575 848 10.19

4,770 ACUITY BRANDS INC. 552,700 0.00 ,0 303 ALLSTATE CORP 940 355 14513,570 OwENS CORNING 059,931 1.33 39 433 ARCH CAP GRP 1 043 397 ,6,

7;-Ieem-e,-7,, 313251552 5_92 03,030 BROWN 0 BROwN 1,770,172 2.7429 495 AMEREN CORPORATION 1 794 770 2 77 37] LOEWS CORP 1822425 2'83' ' ' ' 0,593 wILLIS TOwERS SHS 999,499 1.5522,007 AMERICAN ELECTRIC POWER INC 1,529,525 2.37111780 pGg,E CORP 5011357 015 Oil & Gas Producers 4,460,504 6.90

F,-,,e,,e,-e; se,,,,-eee 417551040 7_37 10,709 ANADARKO PETROLEUM CORP 1,229,794 1.9012,700 CIMAREx ENERGY 1,300,230 2.010,700 CARLISLE COS 732,170 1.13 15 353 HESS CORP 1 1126 962 1 59

25984 CBRE GROUP 1'24'475 1'92 50,195 PATTERSON UTI ENERGY 903,510 1.409,030 EURONET wORLDwIDE 023,459 1.2725,090 FIDELITY NATIONAL FINANCIAL CLASSE A 973,902 1.51 Personal Goods 527,347 0.8212,190 SPECTRUM BRANDS HOLDINGS 994,940 1.54 9 92,, CHURCH 81 DW,G,_,, mo 52, 347 1,82

FeS"Y & Pm 17741043 1-72 Pharmaceuticals 0 Biotechnology 1 003 004 1.5521391 'NTERNAT'NA'- PAPER 14v43 1-72 0 940 CHARLES RIVER LABORATORIES 1 003 004 1.55

Gas Water & Mfi tmies 115081750 2'33 Real Estate Investment Trusts 2 885 235 4.46

17571 AMEWCAN WATER WORKS 158v75 2-33 24 511 AMERICAN CAMPUS COMMUNITI REIT 1 051 031 1.03Genera; Induem-eIs 5,209,973 901 43,542 INVITATION HOMES INC REIT 1,004,079 1.55

0,240 MID-AMERICAAPARTMENT COMMUNITIES INC 030,125 1.205,979 AMERISOURCEBERGEN 509,029 0.79 RE22,520 C&J ERGY SvCS REGISTERED SHS 531,472 0.02 _19,043 NATIONAL OILwELL vARCO 001,100 1.33 S""a" & CP" S"""s 3'52374 4'727,070 PACKAGING CORP OF AMERICA 050,100 1.33 19,109 Ampocs 1,254,325 195

24,617 REPUBLIC SERVICES INC 1,682,818 2.60 0,900 CHECK POINT SOFTWARE TECHNOLOGIES 073,992 1.0441,613 SEALED AIR 1,766,473 2.74 37,160 NCR CORP 1,114,057 1.72

General Retailers 1,618,960 2.51 Support Services 33131469 5_ 13

15,175 KOHL S CORP 1,106,258 1.72 10,147 FIDELITY NATIONAL INFORM svCES 1,712,000 2.054,910 MIDDLEBY CORP 512,702 0.79 11,020 LEIDOS HOLDINGS 005,500 1.00


16

17




% o

f NaV

Mark

et V

alu

e

Quantity

USD

1.42915,823STERICYCLE14,027

0.65421,089Technology Hardware & Equipment

0.65421,089ANALOG DEVICES INC4,390

2.681,735,224Tobacco

2.681,735,224MOLSON COORS BREWING CO-B25,503

1.29831,649Travel, Leisure & Catering

1.29831,649WENDYS CO48,408




Azlzuenb

14,027 STERICYCLE


4,390 ANALOG DEVICES INC

Tobacco

25,503 MOLSON COORS BREWING CO-B

Travel, Leisure & Catering

48,408 WENDYS CO


anle/\

:;a>1.|ew

USD

915,823

421,089

421,089

1, 735,224

1,735,224

831,649

831,649

62,541,522

/\9N

J0/2

1.42

0.65

0.65

2.68

2.68

1.29

1.29

96.77


17

18



Equity US Relative Value

% o

f NaV

Mark

et V

alu

e

Quantity

USD


99.60242,056,957Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market99.60242,056,957Shares1.593,865,416Automobiles & Parts

1.593,865,416DANA INC SHS191,452

11.4727,870,556Banks

4.2210,245,452CITIGROUP INC153,1004.5210,991,433J.P.MORGAN CHASE & CO105,4842.736,633,671ZIONS BANCORP125,900

2.085,064,088Beverages

2.085,064,088PEPSICO INC46,515

1.914,643,009Chemicals

1.914,643,009DOWDU POINT INC70,434

1.964,775,489Construction & Materials

1.964,775,489JOHNSON CONTROLS INTERNATIONAL PLC142,765

2.455,959,203Electricity

2.455,959,203AES CORP444,385

3.187,717,711Electronic & Electrical Equipment

2.556,179,708CORNING INC224,6350.631,538,003NVENT ELECTRIC61,275

12.8231,147,267Financial Services

2.756,677,939BAKER HUGHES A GE CO LLC202,1781.032,508,763GOLDMAN SACHS GROUP11,3743.328,067,332INTERCONTINENTALEXCHANGE GROUP109,6850.821,986,688INVESCO LTD74,8000.701,700,400METLIFE INC39,0002.125,157,186STATE STREET CORP55,4002.085,048,959SYCHRONY FINANCIAL151,257

1.273,076,138Fixed Line Telecommunications

1.273,076,138AT&T INC95,800

3.819,255,871General Industrials

1.603,889,779GENERAL ELECTRIC CO285,8032.215,366,092KONINK PHIL SP ADR NY REGISTRED ADR126,948

1.824,430,770General Retailers

1.824,430,770TAPESTRY INC94,857

5.5613,513,673Health Care Equipment & Services

2.275,519,808CENTENE44,8001.423,459,243MEDTRONIC PLC40,4071.874,534,622MOLINA HEALTHCARE46,300

2.796,773,094Household Goods & Home Construction

2.736,636,315LENNAR A126,4060.06136,779LENNAR CORP B3,204

% o

f NaV

Mark

et V

alu

e

Quantity

USD

4.099,941,918Industrial Engineering

0.641,546,326FLUOR NEW31,7000.962,342,804PENTAIR PLC55,6752.496,052,788TEREX143,465

2.395,796,564Industrial Metals & Mining

2.395,796,564FREEPORT MCMORAN INC335,838

1.012,451,788Industrial Transportation

1.012,451,788UNITED PARCEL SERVICE-B23,080

2.977,219,119Leisure Goods

2.977,219,119COMCAST CLASS A220,028

1.253,038,046Life Insurance

1.253,038,046AMERICAN INTL GRP57,300

2.115,130,896Nonlife Insurance

2.115,130,896HARTFORD FINANCIAL SERVICES GRP100,350

4.3010,447,776Oil & Gas Producers

3.428,329,841CHEVRON CORP65,8850.25596,360MARATHON PETROLEUM8,5000.631,521,575NEWFIELD EXPLORATN50,300

1.583,843,714Oil Equipment, Services & Distribution

1.583,843,714TECHNIPFMC PLC121,100

2.155,222,214Personal Goods

2.155,222,214PROCTER AND GAMBLE CO66,900

7.0917,228,319Pharmaceuticals & Biotechnology

0.962,343,348AMNEAL PHARMACEUTICALS INC142,8002.917,081,379GILEAD SCIENCES INC99,9633.227,803,592MERCK AND CO INC128,560

2.425,892,645Real Estate Investment & Services

2.425,892,645JONES LANG LASALLE REIT35,500

2.075,039,944Support Services

2.075,039,944FIRST DATA CORP240,800

13.4632,711,729Technology Hardware & Equipment

4.4310,769,118CISCO SYSTEMS INC250,2703.077,462,820CYPRESS SEMICONDUCTOR CORP479,0001.212,947,107INTEL CORP59,2861.764,276,658ON SEMICONDUCTOR192,3392.997,256,026WESTERN DIGITAL CORP93,735


Equity US Relative Value


Amuenb

Long positions

Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market

SharesAutomobiles & Parts

191,452 DANAINC SHS

Banks

153,100 CITIGROUP INC105,484 J.P.MORGAN CHASE & CO125,900 ZIONS BANCORP

Beverages

46,515 PEPSICO INC

Chemicals

70,434 DOWDU POINT INC

Construction & Materials

142,765 JOHNSON CONTROLS INTERNATIONAL PLC

Electricity

444,385 AES CORP

Electronic & Electrical Equipment

224,635 CORNING INC61,275 NVENT ELECTRIC

Financial Services

202,178 BAKER HUGHESAGE CO LLC11,374 GOLDMAN SACHS GROUP

109,685 INTERCONTINENTALEXCHANGE GROUP74,800 INVESCO LTD39,000 METLIFE INC55,400 STATE STREET CORP

151,257 SYCHRONY FINANCIAL

Fixed Line Telecommunications

95,800 AT&T INC

General lndustrials

285,803 GENERAL ELECTRIC CO126,948 KONINK PHIL SP ADR NY REGISTRED ADR

General Retailers

94,857 TAPESTRY INC

Health Care Equipment & Services

44,800 CENTENE40,407 MEDTRONIC PLC46,300 MOLINA HEALTHCARE

Household Goods & Home Construction

126,406 LENNARA3,204 LENNAR CORP B

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:;e>1.lew

USD

242,056,957

242,056,957

242,056,957

3,865,416

3,865,416

27,870,556

10,245,45210,991,4336,633,671

5,064, 088

5,064,088

4, 643, 009

4,643,009

4, 775,489

4,775,489

5,959,203

5,959,203

7,717,711

6,179,7081,538,003

31,147,267

6,677,9392,508,7638,067,3321,986,6881,700,4005,157,1865,048,959

3,076,138

3,076,138

9,255,871

3,889,7795,366,092

4,430, 770

4,430,770

13, 513, 673

5,519,8083,459,2434,534,622

6, 773, 094

6,636,315136,779

/\9N

J0/o

99.60

99.60

99.60

1.59

1.59

11.47

4.224.522.73

2.08

2.08

1.91

1.91

1.96

1.96

2.45

2.45

3.18

2.550.63

12.82

2.751.033.320.820.702.122.08

1.27

1.27

3.81

1.602.21

1.82

1.82

5.56

2.271.421.87

2. 79

2.730.06

Amuent)

Industrial Engineering

31,700 FLUOR NEW55,675 PENTAIR PLC

143,465 TEREX

Industrial Metals & Mining

335,838 FREEPORT MCMORAN INC

Industrial Transportation

23,080 UNITED PARCEL SERVICE-B

Leisure Goods

220,028 COMCAST CLASS A

Life Insurance

57,300 AMERICAN INTL GRP

Nonlife Insurance

100,350 HARTFORD FINANCIAL SERVICES GRP

Oil & Gas Producers

65,885 CHEVRON CORP8,500 MARATHON PETROLEUM

50,300 NEWFIELD EXPLORATN

Oil Equipment, Services & Distribution

121,100 TECHNIPFMC PLC

Personal Goods

66,900 PROCTER AND GAMBLE C0

Pharmaceuticals & Biotechnology

142,800 AMNEAL PHARMACEUTICALS INC99,963 GILEAD SCIENCES INC

128,560 MERCKAND CO INC

Real Estate Investment & Services

35,500 JONES LANG LASALLE REIT

Support Services

240,800 FIRST DATA CORP


250,270 CISCO SYSTEMS INC479,000 CYPRESS SEMICONDUCTOR CORP

59,286 INTEL CORP192,339 ON SEMICONDUCTOR93,735 WESTERN DIGITAL CORP


an|e/\

J,a>1.iew

USD

9,941,918

1,546,3262,342,8046,052,788

5, 796,564

5,796,564

2,451, 788

2,451,788

7,219,119

7,219,119

3,038, 046

3,038,046

5,130,896

5,130,896

10,447, 776

8,329,841596,360

1,521,575

3, 843, 714

3,843,714

5,222,214

5,222,214

1 7,228, 319

2,343,3487,081,3797,803,592

5,892,645

5,892,645

5,039,944

5,039,944

32, 711, 729

10,769,1187,462,8202,947,1074,276,6587,256,026

242,056,957

/\EN

J0%

4.09

0.640.962.49

2.39

2.39

1.01

1.01

2.97

2.97

1.25

1.25

2.11

2.11

4.30

3.420.250.63

1.58

1.58

2.15

2.15

7.09

0.962.913.22

2.42

2.42

2.07

2.07

13.46

4.433.071.211.762.99

99.60


18

19



Equity Euroland Small Cap

% o

f NaV

Mark

et V

alu

e

Quantity

EUR


96.63600,177,074Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market96.63600,177,074Shares1.9812,276,379Austria

1.9812,276,379SCHOELLER-BLECKMANN OILFIELD E118,842

1.147,065,680Belgium

1.147,065,680TELENET GROUP HOLDING176,642

5.6234,876,151Finland

1.7310,709,002HUHTAMAKI OYJ337,9301.308,082,187KONECRANES OYJ228,6981.569,681,793NOKIAN RENKAAT OYJ286,1051.036,403,169VALMET CORPORATION387,601

26.95167,478,821France

1.9512,106,122ALTRAN TECHNOLOGIES974,7281.116,884,553ARKEMA67,8950.724,492,716DBV TECHNOLOGIES135,4861.7911,087,978ELIS SA564,5611.499,271,698FNAC DARTY113,8331.7710,983,473GAZTRANSPORT ET TECHNIGAZ209,2090.955,897,381MAISON DU MONDE186,9812.3614,695,893ORPEA128,5731.8311,388,385RUBIS SCA212,8670.915,642,463SEB37,7171.9312,003,327SMCP SAS490,3322.0712,826,290SOPRA STERIA GROUP SA73,4611.378,495,049SPIE SA488,7832.3414,576,090TELEPERFORMANCE SE96,3391.9712,262,040UBISOFT ENTERTAINMENT130,4751.066,578,972WENDEL ACT55,7541.338,286,391WORLDLINE170,783

14.8091,911,713Germany

1.298,012,9751&1 DRILLISCH AKTIENGESELLCHAFT164,3351.388,592,173DUERR215,9381.589,803,431EVOTEC665,3161.197,378,401INSTONE REAL ESTATE GROUP BV327,3470.784,870,436JOST WERKE AG148,9431.398,626,941KOENIG & BAUER139,3692.2113,684,621LEG IMMOBILIEN REIT147,0201.338,235,810NORMA GROUP N140,1841.9211,937,444RHEINMETALL AG126,2421.7310,769,481WIRECARD78,068

7.1944,653,754Ireland

1.126,930,491GLENVEAGH PROPERTIES PLC6,026,5141.207,468,092GREEN REIT5,046,0082.6716,609,396KINGSPAN GROUP PLC387,3462.2013,645,775SMURFIT KAPPA393,250

% o

f NaV

Mark

et V

alu

e

Quantity

EUR

19.12118,751,910Italy

2.2313,860,171AMPLIFON780,4150.986,077,077BREMBO SPA CURNEO524,3381.569,717,242CERVED GROUP SPA AZ NOMINATIVA1,056,2222.5815,996,580FINECOBANK1,653,9061.459,004,922HERA SPA3,372,6301.489,188,453INFRASTRUTTURE WIRELESS ITALIA

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