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COVEA ACTIONSEURO

YEAR ENDED: 31.12.2020

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2 Mutual Fund - Annual Report - Year ended: 31.12.202020047

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information about investments and management ...................3

activity report ...............................................................................8

auditor’s report ..........................................................................18

annual accounts ........................................................................22

balance sheet ..........................................................................23

assets ..................................................................................23

liabilities................................................................................24

off-balance sheet.....................................................................25

income statement ....................................................................26

appendices ..............................................................................27

accounting rules and methods ............................................27

changes net assets ..............................................................30

additional information ...........................................................31

inventory.....................................................................................45


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Information about investments and management

Management company COVEA FINANCE SASU8-12, rue Boissy d’Anglas - 75008 Paris

Depository and Custodian CACEIS BANK1-3, place Valhubert - 75013 Paris

Distributor CACEIS BANK 1-3, place Valhubert - 75013 Paris

Statutory auditors PRICEWATERHOUSE COOPERS AUDIT63, rue de Villiers 92200 Neuilly-sur-SeineRepresented by Frédéric Sellam

Marketing agent COVEA FINANCE SASU (Entity of COVEA group)8-12, rue Boissy d’Anglas - 75008 Paris

Classification: Euro Zone equities.

Calculating and allocating income: Net income:I(D) Unit DistributionI Unit CapitalisationA Unit Capitalisation

Net realised capital gains:I(D) Unit CapitalisationI Unit CapitalisationA Unit Capitalisation

Management objective: The management objective is to achieve, within an investment horizon of at least five (5) years, asuperior performance (net of fees) to the benchmark index, the MSCI EMU index calculated at the closing price in euros and withnet dividends reinvested, through exposure to the Euro Zone equity markets.

Benchmark indicator: MSCI EMU (net dividends reinvested).The index is an equity index designed by Morgan Stanley Capital International Inc., denominated in Euros and calculated at theclosing price (net dividends reinvested). It is representative of the large- and mid-caps markets of the ten developed economiesof the Economic and Monetary Union.

Further information on how to calculate this index is available to the investor on the website: www.msci.com

The portfolio does not aim to replicate its benchmark, and the performance of the net asset value of the UCITS may differ fromthe performance of the index.

Investment strategy:

Description of strategies used:

The management of the UCITS is proactive and discretionary.

The UCITS adopts an active management approach aimed at producing added value at the various levels of the process:macroeconomics, strategy, sector and selection of securities. The UCITS will be permanently invested to the tune of 75% at leastof its assets in equities eligible for the French PEA equities savings scheme issued by companies having their registered officesin the euro zone.

To set out the investment strategy, the management team relies on the conclusions reached by committees set up by theManagement Company.


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The management philosophy is based on a long term vision built on the fundamentals that give meaning to the economy andbring direction to investments. This expertise based on optimising internal added value is aimed at proposing and implementingan assets allocation system that is expressed through Economic and financial Outlooks (EFOs). Three times a year, the EFOcommittee presents the macroeconomic scenarios by region or by country (unemployment rate, inflation, GDP growth, interestrates) selected by the Management Company.

The management team identifies viable themes and sectors based on the findings of the EFO, as well as a strategic analysis ofstock markets. These themes are then operationalised in the selection of securities.

The allocation of the UCITS is then reviewed and adjusted, especially during investment committee meetings. Amongst theeligible securities, the manager equally analyses companies using criteria based on its market, strategy, product positioning,growth potential, balance sheet quality and valuation. These SWOT analyses of companies generate material for it to form itsopinions (purchases or sales) and share them with the team, thereby enabling them to make investment decisions collectively.

The portfolio of the UCITS will have a permanent exposure of 75% at the minimum and 110% at the maximum of its net assetsin Euro Zone equities. In order to seize all opportunities for performance and take advantage of the most promising managementstrategies, the UCITS invests in all sectors of the economy.

The UCI systematically adopts the Management Company exclusion policy applied by all UCIs in the Covéa Finance portfolioand featured on its website. This policy entails the statutory and thematic exclusions. It is available on the Covéa Finance websiteat the address: www.covea-finance.com.

Description of asset categories

- Equities and/or similar securities:

The portfolio of the UCITS will be permanently invested to the tune of 75% at the minimum of its assets in shares and/or similarsecurities eligible for the ESP issued by companies with head office in the Euro Zone.

The portfolio's global exposure to the equity risk may vary between 75% and 110% of the net assets of the UCITS.

The UCITS may equally invest up to 10% of the assets in shares and/or similar securities located outside the Euro Zone or theEuropean Union.

The selection will be made on securities giving or that can give direct or indirect access to the capital or voting rights of companies,with no prior consideration of the size or sector of the company. Investments in small caps will not exceed 20% of the net assetsof the UCITS.

The UCITS is exposed in a subsidiary manner to the currency risk.

- Debt securities and money market instruments:

The UCITS may invest up to 25% of its net assets in money market instruments and debt securities issued by public or privateissuers with no predetermined distribution formula, with a rating higher than or equal to the Investment Grade (BBB- for Standard& Poor's or deemed to be an equivalent rating by the management company), within the European Union or outside the EuropeanUnion to the tune of 10% for the latter region.

The Management Company does not make use solely or systematically of the ratings issued by rating agencies, and also carriesout its own in-house analysis. In the event of a rating downgrade, the assessment of the rating constraints will take into accountthe interest of the holders, the market conditions, and the analysis of the Management Company itself on the rating of theseinterest-rate products.

The portfolio interest-rate sensitivity will range between 0 and 5.

- Shares or units of UCIs and Investment Funds:

The UCITS may invest up to 10% of its net assets in shares or units of mutual investment funds including the exchange-tradedfunds (ETFs) of which include:- Shares or units of French or European UCITS;- Shares or units of French or European Union AIFs as well as investment funds incorporated under a foreign law that is in linewith the 4 requirements of Article R214-13 of the Monetary and Financial Code.

The aforementioned UCIs may be managed by the Management Company.

- Derivative instruments:

Type of investment markets:- Regulated- Organised- Over-the-counter

Risks on which the manager wishes to intervene:- Equity- Foreign exchange


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Type of interventions:- Hedging- Exposure- Arbitrage

Type of instruments used:- Equity futures- Equity and index options- Equity and index swaps- Forward foreign exchange

Strategy for using derivatives to achieve the management objective:

Forward and/or conditional financial instruments are part of the investment process due to their liquidity and their costeffectiveness. The underlying items concern asset categories used directly.Futures on shares (futures contracts) are used for purchasing or selling as inexpensive and liquid substitutes for direct investmentsto adjust the portfolio's global exposure to the equity risk.The options and swaps on shares/indexes linked to equities markets are used for hedging, exposure and/or arbitration of an equityrisk.Forward foreign exchange transactions are used to hedge exposure to currency.The operations concerning derivatives will be carried out up to the maximum 100% limit of the net assets of the UCITS.

- Securities with embedded derivatives:

Risks on which the manager wishes to intervene:- Equity- Foreign exchange

Type of interventions:- Hedging- Exposure

Type of instruments used:- Convertible bonds- Financial securities warrants- Other warrants- Other capital or debt securities with a financial contract.

Strategy for using derivatives to achieve the management objective:

To create a synthetic exposure of the European stock market, the UCITS may make use of securities with embedded derivativesfor up to 15% of the assets, including 10% of net assets in certificates aimed at enabling the manager to promptly expose the fundto the prospect of a market or a specific sector, including the commodities sector.The certificates under consideration have for underlying items the raw materials futures indexes.

Deposits:

Deposits with a term of less than 12 months, made with a credit institution based in a Member State of the European Union or aparty State to the European Economic Area may be used to finance cash flow to a maximum limit of 10% of net assets.

Cash loans:

In carrying out an investment in anticipation of a market growth or more temporarily as part of major redemption operations, themanager may borrow cash to a maximum limit of 10% of net assets.

Cash:

To meet the management objective, the UCI may hold cash within a maximum limit of 10% of net assets. However, whenexceptional market conditions so warrant, the UCI may raise this limit to 20% insofar as this cash level, when added to theexposure to the elements mentioned in III of Article R.214-21 and Article R.214-32-29 of the French Monetary and Financial Code,does not exceed 30% of net assets.

- Temporary purchases and sales of securities:

The UCITS may implement techniques for the temporary transfer or acquisition of financial instruments.These will include securities lending, and/or repurchase transactions on stocks and/or similar securities of up to 25% of its netassets with the authority to terminate any contracted transaction at any time, and/or securities borrowing and reverse repurchasetransactions of up to 100% of its net assets with the authority to recall the total amount in cash for reverse repurchase transactionsin return for cash and/or terminate the transaction at any time.The tentative proportion of assets under management that will be used for such a transaction may account for 10% of net assets.Any subsequent temporary acquisition or transfer of securities will be carried out under market conditions and pursuant to theregulations. These transactions will be carried out with the aim of managing cash flow and/or optimising the income of the UCITS.


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The counterparties of these operations will be credit institutions having a minimum "Investment Grade" rating and whose registeredoffices are located in a member country of the OECD. They will be selected by a counterparty selection committee according tothe criteria determined by the management company. Additional information on remuneration is provided in the fees andcommissions section.The assets received by the UCI from temporary purchases and sales of securities will be held by the fund depositary.The assets received by the UCI in the context of effective management techniques are considered to be financial guarantees.

- Information on financial guarantees:In over-the-counter derivative transactions and temporary acquisition/transfer of securities, the UCITS may receive financialassets as collateral and aimed at reducing its exposure to counterparty risk.There is no correlation policy given that the UCI will only receive cash as financial guarantee (collateral).In this respect, any financial guarantee received must fulfil the following criteria:Financial guarantees in cash will be:- deposited with eligible entities;- invested in high quality government bonds;- used in a reverse repurchase agreement;- invested in money market undertakings for collective investment (UCIs).

The risks associated to cash reinvestments depend on the type of assets or operations and may include liquidity risks or counterpartyrisks.

Maximum usage level of the different instruments:

The overall exposure to directly held securities, shares and units of the UCI as well as financial futures may amount to 200% ofnet assets (i.e. up to 100% of net assets in directly held securities and shares of the UCI, and up to 100% of net assets in derivatives)within the limits of the predefined exposure categories. This commitment limit takes into account any instruments with embeddedderivatives.

Risk profile : Your money will be invested primarily in financial instruments selected by the Management Company. Theseinstruments will be subject to market fluctuations.

The investor's risk exposure in investing in the Fund is as follows:

Risk related to discretionary management:

The management style applied to the Fund is based on selection of securities. There is thus a risk that the selected securities maynot be the best performing ones. The Fund's performance may not be consistent with the management objectives. The Fund's netasset value may also perform negatively.

Risk of capital loss:

The Fund does not benefit from any guarantee or protection. Therefore, the capital initially invested may not be recovered in full.

Equity risk:

This risk arises from fluctuations in equities markets that can have a negative impact on variations in the Fund's net asset valuein case of a fall in equity markets.

Risk from investments in small- and mid-caps:

This is the risk arising from investments in small- and/or mid-cap equities that may have volatile prices and securities with lowerliquidity that those of large caps, thereby leading to a drop in the Fund's net asset value.

Credit risk:

This risk arises from the failure or deterioration in the credit quality of a rate instruments issuer. The value of these rate instrumentsmay fall, thereby leading to a drop in the Fund's net asset value.

Interest-rate risk:

The interest-rate risk is the risk associated with a rise in interest rates, which causes a drop-in debt security prices and/or moneymarket instruments that may lead to a decline in the Fund's net asset value.

Risk of overexposure of the Fund:

The Fund may use derivatives and opt for overexposure. Should the market decline, the Fund's net asset value can therefore dropmore substantially than in the markets to which the Fund is exposed.

Currency risk:

This is the risk of a drop in the value of the investment currencies in relation to the Fund's reference currency, namely the euro.This risk will be represented by the share of the portfolio not invested in euros. Currency fluctuations compared with the euro mayhave a negative impact on the Fund's net asset value (where the exposure to these currencies is not hedged).


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Counter-party risk:

This is the risk of losses incurred due to the failure of a market participant or its inability to satisfy its contractual obligations andto honour its commitments. This failure may lead to a drop in the Fund's net asset value. This risk stems from over-the-countertransactions concluded with counterparties.

Raw materials risk:

The fund may be exposed by its underlyers to the raw materials market. Commodities may fluctuate in a manner that is significantlydifferent from traditional transferable securities markets. An unfavourable development on the raw materials market may lowerthe fund's net asset value through an indirect exposure to raw materials.

Risk from investing in derivatives and/or securities with embedded derivatives:

The Fund may use derivatives and/or securities with embedded derivatives. When used as part of an exposure strategy on a bearishmarket or as a hedging strategy on a bullish market, this may have a negative impact on the Fund's net asset value.

Eligible subscribers and typical investor profile:

I(D) Unit Reserved for legal entities and UCIsI Unit Reserved for legal entities and UCIsA Unit All subscribersThe investment option is in line with the needs of persons looking for a dynamic capital valuation and who are willing to accepta high equity risk.The minimum recommended investment duration is 5 years.This UCITS may not be offered for sale, sold, marketed or transferred to the United States (including its territories and possessions)nor directly or indirectly benefit a US person or entity, US citizens or a "US Person" as defined by the FATCA act of 2010.The reasonable amount to be invested in this UCITS will depend on the unitholder's personal situation, which must take intoaccount their personal assets, current needs, the recommended investment period as well as their risk aversion. Investors are alsoadvised to diversify their investments sufficiently so as not to be exposed solely to the risks of this UCITS.

Tax regime: The UCITS is not subject to French corporation tax. The fiscal transparency principle applies to the bearer.The bearer's fiscal status depends on whether they are a resident or non-resident corporate entity or private individual.Income distributed is liable for personal income taxes for residents, except in the specific cases of withholding tax or corporatetax for corporate bodies.The latent capital gains or losses generated by corporate bodies liable for corporate tax will be recognised in the taxable incomefollowing a taxation procedure applicable to their category.Dividends received by a non-resident unitholder are liable for withholding tax, subject to the existence of a tax agreement withthe unitholder's country.Generally, the Fund's unitholders are encourage to contact their tax advisor.

For further information, the full prospectus is available on request from the management company.

• The net asset value is available from Covea Finance on the website: www.covea-finance.com.

• The prospectus, annual reports and the latest periodical documents are sent free of charge within eight business days upon written requestfrom the holder sent to: Covea Finance, 8-12 rue Boissy d’Anglas, 75008 Paris, e-mail: [email protected].

• Date the UCITS was created : 21 December 1998.


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activityreport

Economic Environment

2020 was an exceptional year in many respects. In response to the COVID-19 pandemic, lockdownmeasures were taken to varying degrees worldwide, bringing entire swathes of business to a virtualstandstill and plunging the global economy into its the worst recession since the Great Depression.Confronted with an unprecedented shock, the government authorities responded vigorously bothon the fiscal and monetary fronts. At a time when the squeeze on public finances was unavoidable,it is once again clear that heavily indebted countries that did not scale down their current expenditureduring the boom will be further undermined. Furthermore, the intensification of ultra-expansionarymonetary policies raised the question of their impact on financial stability and inequality. Althoughthe roll-out of vaccines, slated for the end of H1 2021, is expected to ultimately contain thepandemic, the months ahead remain fraught with uncertainty as the end of the year was marked bya further spike in infections. On the political front, the year was equally quite eventful. In the UnitedStates, the Democratic candidate, J. Biden, won the elections and will replace D. Trump in the WhiteHouse in January 2021. In Europe, the Brexit talks were finally concluded with an agreement. EUleaders also agreed on a €750bn stimulus package, almost half of which will be subsidies. On theforeign exchange market, the euro rallied against the dollar by 9.2%, closing at $1.227 per euro. Theprice per barrel of Brent crude oil fell by 21.5%, closing the year at $51.8.

In the United States, the monetary and fiscal response was unprecedented. The Federal Reserve wasswift to activate a monetary stimulus arsenal that surpasses the measures taken in 2008-2009. Inaddition to a cumulative cut in the prime lending rate of 150 basis points and a battery of financingarrangements to support the liquidity of the financial system and businesses, the monetary policycommittee rolled out a programme of asset purchases unlimited in both amount and duration. Onthe fiscal front, Congress passed a historic fiscal stimulus package of more than €2,500bn. Thisplan includes direct aid to households, extension of unemployment benefits and loans, loanguarantees, as well as other forms of aid for businesses, states and communities. At the end of theyear and after heated negotiations, a €900bn budget plan was voted in, paving the way for theextension of these exceptional measures until early 2021. On the political front, Joe Biden finallywon the presidential elections. The Democratic majority in the House of Representatives shrank byfive seats (219 to 203). The majority in the Senate remained undecided pending a run-off electionin Georgia in January 2021. In the event of a Republican victory, the new president's ability toimplement his agenda may be curtailed. On the economic front, the scale of the shock to the USeconomy in 2020 was relatively milder than in the Eurozone, but remained historically high.However, the country's ability to recover in 2021 remains contingent on how the pandemic willdevelop and on fiscal considerations.


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In the Eurozone, the lockdown measures taken to contain the spread of COVID-19 have beenparticularly drastic and produced a brutal economic shock. In this context, Member States openedthe budgetary floodgates wide and rolled out substantial stimulus packages, characterised by partialactivity schemes and guaranteed loans. EU Member State leaders also agreed on a €750bn stimuluspackage, including €390bn in subsidies and €360bn in loans. These funds will be borrowed onfinancial markets at EU level, to be repaid with Member State contributions and newly-introducednew taxes. On the monetary front, the ECB announced a broad easing of its monetary policy,including a €120bn increase in its asset purchase programme during 2020 and the introduction of anew €1,850bn emergency purchase programme, open to a wider range of maturities and moreflexible in the geographical breakdown of purchases. Lastly, on the political front, the EuropeanUnion and the United Kingdom finally reached a deal on their future relationship with only a fewdays to go. The deal provides for the creation of a free trade area between the EU and the UK withouttariffs or quotas on all goods. Nonetheless, there will be many "non-tariff" barriers compared to thecurrent situation. The scope of the agreement seems to be more restricted as far as services areconcerned. The issue of financial services is still pending and will be decided in March 2021. Bothparties have also agreed on a principle of non-regression in many areas, including labour law andstate aid. The agreement will be ratified by the European Union in early 2021.

In China, the pandemic which had broke out in the heart of the country was quickly contained.Consequently and according to forecasts of international institutes, the country should be the onlyleading economy to maintain positive growth in 2020. Fiscal and monetary stimulus has also beenfar less than in the rest of the world. In contrast to the developed countries, China's recovery reliedprimarily on its industrial sector and exports, while consumption has been less brisk. Japan'smonetary policy, which was already extremely expansionary, was only slightly adjusted. Conversely,the fiscal response was particularly robust and actually among the highest in the world. On theeconomic front, recovery seems sluggish and, as elsewhere in the world, remains contingent onhealth developments.


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Presentation of financial management carried out on shares

Europe

Financial markets

In many respects, 2020 was an extraordinary year for financial markets. There was the speed atwhich the pandemic escalated, the severity of lockdowns, the size and speed of equity marketdeclines (30 days for 30% in the US market), the size of the government stimulus package globally,the global roll-out of expansionary monetary policy, the brutal contraction of rates and the scale ofequity market recoveries. Perhaps the greatest surprise was that global equities gained more than10% and were closing at an all-time high in a year when the dichotomy between the real economyand financial markets has never been so pronounced.

All against a complex geopolitical landscape that witnessed a widening of the rift between theworld's two largest economies, embodied in a technology war that is far from over. On top of thiswas an unusually turbulent US presidential election that showed just how divided American societyis, and which should have consequences in the years to come.

Meanwhile, China has further asserted its ambitions somewhat and is the only leading economy topost positive growth for the year. The signing of the Regional Comprehensive Economic Partnership(RCEP), including close allies of the United States, is another illustration of the success of Chinesediplomacy and the force of attraction that China has become.

Finally, during the last days of the year, Brexit delivered an exit agreement between the EuropeanUnion and Great Britain, although the implications thereof are yet to be clearly spelt out.

All of this did not prevent wide disparities in performances on equity markets. In the developedeconomies, the US and Japan grew by more than 15% in local currency terms, while Europeremained negative. In the emerging economies, the outstanding performance of North Asian marketsincluding South Korea, China and Taiwan contrasted with negative performances in Eastern Europeand mixed performances in Latin America.

On the commodities front, the market was as volatile as it was inconsistent. Despite anunprecedented rally in the latter part of the year, oil ended the year down nearly 20%. Industrialcommodities performed exceptionally well in the face of negative global GDP growth. In themeantime, this did not prevent gold from soaring by more than 20% after hitting $2,000 an ounceduring the year.


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Ultimately, the stock market year was shaped by three distinctive periods:

1. A period of optimism from January to early March 2020 with the same momentum as the end of2019 - At the beginning of the year, the markets were boosted by investor confidence and the positivemomentum of 2019. Accommodative central bank monetary policies continued to support markets.Lower geopolitical risk and the Sino-US agreement pointed to a good 2020. The coronavirusepidemic outbreak in China and its spread to Europe in particular completely changed the mood andunleashed a wave of panic on financial markets.

2.The fastest stock market crash in modern history (March - April) - Uncertainties surrounding thevirus and the ensuing expected fall in industrial production and consumer spending led to a globaldownward spiral. The decline varied based on the scale of the COVID-19 spread across the world.The US market, for instance, bottomed out on 23 March with a precipitous drop of 35% over afairly brief period.

3.A historic turnaround (April-December) - The massive global fiscal and monetary response aroundthe world stopped the markets from falling. The prospect of COVID-19 vaccines during the summerfuelled the rise in equity markets to record levels, driving valuation ratios to excessive levels. FromNovember onwards, cyclical stocks began to rally, despite the return of the pandemic forcingcountries, particularly in Europe, to return to lockdown. The stock market was also boosted byexceptionally low or negative interest rates in many countries, which encouraged investors to buyrisky assets wherever they were found.

Management Policy

The 2020 stock market year unfolded in step with health news. Accordingly, the highly volatilemarkets and the highlighting of structural economic issues led to the following managementdecisions, in line with our EFO themes:

We increased our exposure to economic digitalisation themes, particularly through technologycompanies that allow for adaptation. We are adding Worldline, a European specialist in paymentplatforms; STMicroelectronics, which is directly exposed to growth cycles in the semiconductorsegment; Prysmian, the world leader in cables; and Teamviewer, which specialises in teleworkingsoftware solutions. Conversely, we are cutting down our weighting in SAP, whose growth prospectsseem disappointing, and selling off Amadeus, whose global tourism business is being damaged byhealth restrictions in a lasting manner.


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We are scaling down our investments in the consumer sector, selling off certain stocks such asDanone whose product portfolio seems to require a more comprehensive reorganisation thanexpected, and Heineken whose business is directly affected by the closure of bars and restaurants.By the same token, we are selling lnditex (Consumer Discretionary), whose dynamic online salesis not expected offset the impact of the closure of physical shops. On another front, we prefer to addJDE Peet's, the global leader in coffee and tea, whose profile offers more growth opportunities; andKerry Group, whose nutritional and functional ingredient solutions are more added value andresponding to current consumer trends.

We are beefing up the portfolio on energy independence and sovereignty themes with lberdrola andRed Electrica. Lastly, we are equally focusing on leaders in their field of expertise and which wedeem to be the rare winning models in this crisis. This is the case with Téléperformance, in remotecustomer management services, and Sartorius Stedim Biotech in laboratory equipment.

At the end of the year, taking advantage of valuations that seem extreme to us, we returned to Thales,whose medium-term positioning has not been undermined by the ongoing crisis and which offersan adaptation capacity we deem relevant to us. Similarly, we are taking advantage of theseopportunities for volatility to invest in UPM, whose valuation is attractive given its recentinvestments and which offers very attractive growth potential over a three-year horizon.

In addition to these transactions, we are actively managing the Fund's investment rate in order tocapitalise on the volatility of the stock market in an opportunistic manner. Our exposure went from96% early in the year to 100% when the markets fell in March. Following the sharp rebound ofindices in April, we returned to our initial exposure. After the summer, we maintained a higherexposure rate in line with the reassuring news about the development of vaccines and closed 2020at 98%.

The COVID-19 health crisis did not have a significant impact on the fund during the year.

Outlook

After such an extraordinary year, financial markets will face several challenges:Optimism has been sustained by the prospect of massive vaccine roll-outs. But in recent weeks, aresurgence of the pandemic, followed by lockdowns and administrative closures have thwarted thisoptimism. It will only be justified, with a rebound in economic growth in its wake, if vaccinationwill be swift (outpacing the spread of the disease) across the board and effective against the newstrains of COVID 19. In some countries this assumption seems too optimistic. Should this proveimpossible, expected economic growth for 2021 and hence profit growth, would have to be reviseddownwards.


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Another challenge as this year dawns is the valuation of markets. All over the world, it is excessiveand based on trust in a better future, absurdly low interest rates and Central Banks, like the Bank ofJapan, that are doing everything to prevent the economic crisis from taking hold, going as far asbuying equity ETFs, . Is this valuation sustainable, given the risks of economic disappointment ora possible rise in interest rates? Already in the US, rates have risen above 1%, whereupongovernments have come up with measures to protect the consumer or certain businesses throughout2020. The wake-up call, i.e. the end of aid, will reveal the extent to which certain economic sectorshave been lastingly impacted by this recession.

Will the energy transition, which is almost unanimously supported in some developed countriesand especially in Europe, be sufficient to offset the lasting loss of wealth and jobs?

2020 was also the theatre of a technological war between the Americans and the Chinese. Japanand Korea also joined the fray through the choices they made during the year. We can bet that 2021will again be a year full of tensions and expressions of sovereignty.

UCI performances

In 2020, COVEA ACTIONS EURO performance stood at 3.67% for the IC unit, 2.66% for the ACunit and 3.67% for the ID unit.

Meanwhile, the performance of its benchmark index, MSCI EMU (in Euro) with net couponsreinvested stood at -0.08%.

The performance achieved over the period is no indicator of future results of the UCI.

The UCI's overall risk exposure is measured by the method of calculation of commitments.

Efficient portfolio management techniques

For the 2020 financial year, the UCITS:- used over-the-counter financial derivatives (forward exchange) and listed derivatives (futures);- did not resort to temporary purchases and/or sales of securities.

At the end of the financial year, the UCITS:-is not exposed to equities via index futures;-does not hold forward foreign exchange contract

Additional information (PEA, others…)

The average stock exposure to ESP-eligible shares for the year 2020 stood at 97.59%.


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REGULATORY INFORMATION

Information on selection policy for execution intermediaries and execution policy

Pursuant to its professional obligations as a portfolio management company as set forth by theFrench Monetary and Financial Code and the General Regulations of the "Autorité des marchésfinanciers" (AMF), Covéa Finance publishes and reviews on an annual basis, policies describing theorganisation and criteria used to ensure that the interests of its clients are protected when executingorders stemming from its management decisions.

These procedures for best selection of intermediaries and best execution (hereinafter referred to asthe "Procedures") are available on the Covéa Finance website: www.covea-finance.fr.

A selection and evaluation committee meets once a year to assess the performance of theintermediaries selected based on several quantitative criteria. The latter committee meets in thepresence of the negotiating teams responsible for the selection and evaluation of the intermediariesas well as managers, middle office heads, legal officers and internal auditors.

Monthly ad hoc committee meetings may also be held, particularly in case of a major change in theperformance of an authorised intermediary, market conditions or a specific development at CovéaFinance.

Compliance with the list of intermediaries is subject to control by the RCCI.

Pursuant to the terms of the AMF General Regulations applicable, a report on brokerage/intermediation fees is provided on the Covéa Finance website: www.covea-finance.fr.

Policy on voting rights

Pursuant to Article 321-132 of the General Regulation of the AMF, the rights attached to a UCITSshareholder, including voting rights, have been freely exercised within legal limits. This voting rightis exercised in the interests of the holders of shares and units of the UCITS in accordance with thevoting policy defined by Covéa Finance, which is available on the website: www.covea-finance.fr.

ESG criteria

Pursuant to Article 173 of Law No. 2015-992 of 17 August 2015 on the energy transition, CovéaFinance has opted for a general approach which takes into account environmental, social andgovernance (ESG) criteria in its investment process based on an appropriate and phased deploymenttimetable. All information on ESG criteria is available on the Covéa Finance website at: www.covea- finance.fr/coveafinance/criteres-esg.jsp http://www.covea-finance.fr.


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Information on remuneration policy

As a management company, Covéa Finance places a high premium on compliance with provisionson remuneration stated in Directive 2011/61/EU by the European Parliament and the Council of 8June 2011 on alternative investment fund managers (hereinafter referred the "AIFM Directive") andDirective 2014/91/EU of 23 July 2014 on UCITS managers (hereinafter the "UCITS V Directive").The regulations on the management company's remuneration structures, practices and policies aremainly aimed at fostering a sound, efficient and disciplined management of the risks to which themanagement company and the fund are both exposed.

1. Remuneration amounts paid by the Management Company to its employees

During the 2020 financial year, the total amount of remuneration announced by Covéa Finance toall of its staff (persons at 31/12/2020) stands at EUR 13,011,826. This amount is broken down asfollows:

- EUR 10,684,251, i.e. 82% of the total amount paid by the company to its employees was fixed pay,and

- EUR 2,327,575, i.e. 18% of the total amount paid by the company to its employees was variablepay. Variable pay for the 2020 financial year was made to 138 employees. One employee receivedvariable pay in arrears for 3 years.

Out of the total payment made by the management company for the year, EUR 6,324,337 was madeto senior staff of Covéa Finance whose activities have a substantial impact on the Fund's risk profileas outlined in our 2020 Remuneration Policy.

2. Remuneration amounts paid by the Fund to the Management Company's employees

Covéa Finance does not effect any profit-sharing on capital gains (or carried interest) and the Funddoes not pay any (fixed or variable) salary to managers.

3. Impact of remuneration policy and practices on the Fund's risk profile and management ofconflicts of interest

In February 2017, Covéa Finance aligned its current remuneration policy with Directive2014/91/EU of 23 July 2014, revised the rules of procedure of its Remuneration Committee andimplemented remuneration practices in line with the latest legislative, regulatory and doctrinaldevelopments introduced by the regulatory authorities. It also identified persons working under itsemployees who were affected by the new remuneration provisions in the AIFM Directive, theUCITS V Directive and its transpositions laws (hereinafter the "Identified Population"). These areemployees who meet the following two criteria:


COVEA ACTIONS EURO

(i ) Belong to an employee category with a variable pay and whose activities are likely to impact therisk profile of the management company or the Fund managed;

and

(ii) Have a variable pay above EUR200,000, thereby reflecting the level of responsibility for the riskprofile.

Where the Identified Population's remuneration varies based on performance, the total amount,which is capped at a level below their fixed pay, is determined by the manager by combining theperformance assessments of the employee concerned, their operational unit and/or the portfoliobasket (UCI, AIF and "Mandate") with assessments of the overall performance of the managementcompany. The individual performance assessment is based on both financial and non-financialcriteria.

All the principles are outlined in the Covéa Finance Remuneration Policy, which is available on itswebsite.

4. Governance and management of remuneration principleThe remuneration policy is reviewed yearly by the Remuneration Committee provided for in theCovéa Finance articles of association. It comprises:

• A representative of the Supervisory Board of Covéa Finance;

•- Two representatives of Covéa Group, who are independent from Covéa Finance, at least one ofwhom must sit on the Covéa Group Remuneration Committee; and

• The Chairperson of Covéa Finance.

Pursuant to the regulations, most members of the Remuneration Committee neither hold anyexecutive position within Covéa Finance nor earn any salary as employees of the latter.

Transparency of securities financing transactions and reuse of financial instruments(Securities Financing Transactions Regulation (SFTR)

During the financial year ended at 31 December 2020, the UCI did not carry out any transactionsthat fall under the SFT Regulations.


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Main portfolio movements during the year

Income eligible for allowance

Movements ("Accounting currency")

Securities Acquisitions DisposalsCOVEA FINANCE SECURITE C 23,452,909.70 20,421,511.25

AMUNDI CASH INST SRI I C 5,885,925.94 18,531,391.52

THALES SA 5,506,171.53 5,387,058.45

FRESENIUS MEDICAL CARE AG & CO 6,446,619.63 4,243,005.07

CARL ZEISS MEDITEC 4,655,448.08 5,810,957.93

UNILEVER NV -, 9,561,670.20

TOTAL SA 1,820,590.67 7,176,712.88

SANOFI 3,109,499.02 5,368,665.19

FAURECIA 5,784,851.88 2,634,825.34

LEGRAND 3,849,388.42 4,244,685.85

CategoriesBreakdown of net unit

dividendBond income and other debt securities eligible for a deduction option -

Income from French bonds (issued before 01/10/84) -

Income from French bonds (issued between 10/84 and 01/87) -

Income from French bonds (issued from 01/01/1987) -

Income from French bonds (EC + Iceland + Norway) -

Income from French negotiable debt instruments -

Income from negotiable debt instruments (EC + Iceland + Norway) -

Income from non-negotiable debt instruments (EC + Iceland + Norway) -

Income from shares eligible for 40% allowance or a deduction option 0.27Income from French shares -

Income from foreign shares with an agreement 0.27

Exempted income - Premiums and prizes -

Other income - Income from securities with no allowance or option -

Income from non-negotiable debt instruments - Lichtenstein or non-EEA -

Total net unit dividend 0.27


COVEA ACTIONS EURO

auditor’s report

ARATSTAATTUTORYY UUDITOR'S REPATANON THE FINANNCIAL STAATTEM

For the year ended 3 m1 Dece bb

COVEA ACTIONS EUROOPCVM CONSTITUE SOUS FOR

edGovern d b by the French Monetary

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PORTMENTSber 2020

RME DE FONDS COMMUN DE PLACEMENTy and Financial Code ( fCCoode monétaire et fiinancier)

ennc

ements give a true vand fair viiew of the assets and liabilities and of the 31 December 2020 and of the results of its operations for the year then h accounting principles.

Wpfwdance wiith profeessional standards appplicable in France. Wee veb llievee thatdfvrffed is sufffiicient and appropriiate to proviide a basis foor our audiit opinion.

andard drs are descriibed i in the secttion isett""SStatutoory Auditoor's resspponsibilit eestmentss" rein this r pportt.

ment in compliance with independence requirements of the French mmerce) and the French Code of Ethics (code de déontologie) for

d t th d t f thi t

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N VoCPricewaterhouseCoooppers Audit, 63, rue de Viilliers 92208 Neeuilly-sur- x CSeine Ceedex,, France7 (07T: +33 (0) 1 56 57 5 58 59, F: +33 0) 1) 1 56 57 5 58 60, fcwww.pw .ffrr

- Ile de France. Société de commissariat aux comptes membre de la compagnie régionale de-sur-Seine. RCS Nanterre 672 006 483. TVA n° FR

76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Bureaux : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen,Strasbourg, Toulouse.

Management companyCOVEA FINANCE8-12, rue Boissy d'Anglas75008 PARIS

Opinion

Iany

De

In our opinion, the financial statefinancial position of the fuund at 3ended, in accordance with French

ofBasis f our our opinion

Audit staandards

cWWee conductted our audit in accordvethe audit vviidence we have obtaine

tOur responsibili iies under these staiftoffoor the audit off the fina tncial staatem

IInndependence

We conducted our audit engagemCommercial Code (Code de comstatutory auditors, from 02/01/2020 and up to the date of this report.


COVEA ACTIONS EURO

EA ACTIONS EURO

f

offJustifiication f our our assessments

Due to the global crisis related to the Covid-19 pandemic, thecifbeen prepared and audited under sp fiic conditions. Indeed

taken in the context of the state of sanitary emergency have hInvesment Funds ( niOrga ismsm iCes de Placements Coollectiffss), thecorresponding assets and liabilities. Those measures, such ahave also had an impact on the Collective Invesment Fperformance of the audits.

vIt is in this complex and evolving context that, in accordance and R.823-7 of the French Commercial Code relating to the jto your attention the following assessments that, in our significant for the audit of the financial statements.

These assessments were made in the context of our audit of tand of the opinion we formed which is expressed above. We items in the financial statements.

fiSpeciffiic v fieriffiications

We have also performed, i rofn accordance with p fessiessional stafverifiications required by laws and regulations.

We have no matters to report as to the fair presentation statements of the information given in the management repor

ur- x CSeine Ceede ,, France

commissariat aux comptes membre de la compagnie régionale de -sur-Seine. RCS Nanterre 672 006 483. TVA n° FR

Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen,

e financial statements of this period haved, this crisis and the exceptional measureshad numerous consequences for Collective eir investments and the assessment of the

workcas travel restri ttions and remote king,Funds' operational monitoring and the

with the requirements of articles L.823-9 justification of our assessments, we bring

rofp fessessional judgement, were the most

he financial statements, taken as a whole,e do not provide an opinion on individual

andards applicable in France, the specific

fn and the consistency with the fiinancialrt prepared by the management company.

( N VoCPricewaterhouseCoooppers Audit, 63, rue de Viilliers 92208 Neeuilly-su

7T: +33 (0) 1 56 57 5 58 59, F: +33 (0) 70) 1 56 57 5 58 60, fc.www.pw .ffrr

- Ile de France. Société deVersailles. Société par Actions

76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Bureaux : Bordeaux, Grenoble, Lille, Strasbourg, Toulouse.


COVEA ACTIONS EURO

EA ACTIONS EURO

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ur- x CSeine Ceede ,, France

commissariat aux comptes membre de la compagnie régionale deers 92200 Neuilly-sur-Seine. RCS Nanterre 672 006 483. TVA n° FR

Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen,

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- Ile de France. Société deRegistered office: 63 rue de Villi

76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Bureaux : Bordeaux, Grenoble, Lille, Strasbourg, Toulouse.

ee the v


COVEA ACTIONS EURO

EA ACTIONS EURO

:soe ale h ttuoghrouh tntmege judnaloissefees pr usotidu rofry aotuat

naloissefephtwie ancrdocn ac id rofetcundoctiduf an a oartps AstH

entifid fiies and assesses the risks of material misstatemdue to fraud or error, designs and performs audit procedur

daudit evidence that is sufficient and appropriate to provide detecting a material misstatement fresulting fr rom fraud is higfraud may involve collusion, forgery, intentional omissionsinternal control;

obtains an understanding of internal control relevap crocedures that are appropriate in the ircumstances, but not

e effon th fectectiveness of the company's internal control;

evaluates the appropriateness of accounting polaccounting estimates and related disclosures made by manage

ncco cludes on the appropriateness of managemenaccounting and, based on the audit evidence obtained, whethevents or conditions that may cast fsignifiicant doubt on thconcern. Such conclusions are based on the audit evidence report. However, future events or conditions may cause the concern. If we conclude that a material uncertainty exists, w

dauditor's report to the related disclosures in the financial stfedprovid d o or inadequate, to issue a qualifiied opinion or a discla

evaluates the overall presentation of the financialstatements represent the underlying transactions and e

.tide aue h te,ncn Frae ilbacilpps aardand stl

e entir

ment of the financial statements, whether es responsive to those risks, and obtains

e a basis for his opinion. The risk of notgher than for one resulting from error, ass, misrepresentations, or the override of

ant to the audit in order to design auditt for the purpose of expressing an opinion

licies used and the reasonableness ofement in the financial statements;

nt's use of the going concern basis ofher a material uncertainty exists related tohe fund's ability to continue as a going obtained up to the date of our auditor'scompany to cease to continue as a going

we are required to draw attention in our tatements or, if dsuch disclosures are not

er ofaim f o opinion;

fl statements and whether the fiinancialevents in a manner that achieves fair

presentation.

Neuilly sur Seine, March 09 2020

The Statutory Auditor

PricewaterhouseCoopers Audit

LLFrédéric SE LAAM


COVEA ACTIONS EURO

annualaccounts

assets


COVEA ACTIONS EURO

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 282,621,783.99 309,101,178.40

• EQUITIES AND SIMILAR SECURITIESTraded on a regulated or similar market 277,629,489.19 294,433,311.99

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIESTraded on a regulated or similar market - -


• DEBT SECURITIESTraded on a regulated or similar market

Negotiable debt securities - -

Other debt securities - -


• MUTUAL FUNDSUCITS and general purpose AIF for non-professionals and equivalents in other countries

4,992,294.80 14,626,486.41

Other funds for non-professionals and equivalents in other European Union Member States

- -

Professional general purpose funds and equivalents in other European Union Member States and listed securitization bodies

- -

Other Professional Investment Funds and equivalents in other European Union Member States and unlisted securitization bodies

- -

Other non-European organisations - -

• TEMPORARY PURCHASES AND SALES OF SECURITIESReceivables representing financial repurchase agreements - -

Receivables representing financial securities lendings - -

Borrowed financial securities - -

Repurchase financial agreements - -

Other temporary purchases and sales - -

• FINANCIAL CONTRACTSTransactions on a regulated or similar market - 41,380.00

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 998.60 258,467.19

Foreign exchange forward contracts - -

Other 998.60 258,467.19

Financial accounts 208,884.75 141,531.30

Cash and cash equivalents 208,884.75 141,531.30

Other assets - -

Total assets 282,831,667.34 309,501,176.89

31.12.2020 31.12.2019

BALANCE SHEET

Currency EUR EUR

Equity

• Capital 284,593,317.06 314,616,297.53

• Previous undistributed net capital gains and losses - -

• Retained earnings 1,530.40 4,078.53

• Net capital gains and losses for the financial year -3,706,377.71 -9,482,390.49

• Result 1,799,970.13 4,177,456.08

Total equity(amount representing net assets) 282,688,439.88 309,315,441.65

Financial instruments - 41,380.00

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF FINANCIAL SECURITIES

Debts representing financial repurchase agreements - -

Debts representing financial securities borrowings - -

Other temporary purchases and sales - -

• FINANCIAL CONTRACTS

Transactions on a regulated or similar market - 41,380.00

Other transactions - -

Debts 143,227.46 144,355.24

Foreign exchange forward contracts - -

Other 143,227.46 144,355.24

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilites 282,831,667.34 309,501,176.89


COVEA ACTIONS EURO

31.12.201931.12.2020

liabilitiesBALANCE SHEET

OFF-balance sheet


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Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets

- Futures market (Futures) - 3,691,710.00



- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


31.12.201931.12.2020


COVEA ACTIONS EURO

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts 362.35 1,202.92

• Income from equities and similar securities 4,228,869.78 7,332,969.28

• Income from bonds and similar securities - -

• Income from debt securities - -

• Income from temporary purchases and disposals of financial securities - -

• Income from financial contracts - -

• Other financial income - -

Total (I) 4,229,232.13 7,334,172.20

Expenses on financial transactions

• Expenses on temporary purchases and disposals of financial securities - -

• Expenses on financial contracts - -

• Expenses on financial debt -1,678.98 -12,172.77

• Other financial expenses - -

Total (II) -1,678.98 -12,172.77

Profit/loss on financial transactions (I - II) 4,227,553.15 7,321,999.43

Other income (III) - -

Management fees and depreciation expense (IV) -1,437,770.80 -1,570,936.68

Net income for the period (L.214-9-17-1) (I - II + III - IV) 2,789,782.35 5,751,062.75

Income adjustments for the period (V) -52,355.69 -48,017.67

Interim payments in terms of the period (VI) -937,456.53 -1,525,589.00

Income (I - II + III - IV +/- V - VI): 1,799,970.13 4,177,456.08

31.12.2020 31.12.2019

INCOMEstatement

accounting rules and methods


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appendices

1The annual financial statements are presented in the formats prescribed by the amendedRegulation ANC 2014-01.The accounts have been prepared by the Management Company on the basis of availableinformation in the context of the evolving Covid-19 crisis.

Asset valuation and accounting rules1 - Valuation methods:The net asset value of the unit and/or share is calculated, taking into account the followingvaluation methods:

General rules:

- Portfolio inflows are recorded at their acquisition price (excluding charges) and outflows attheir transfer price (excluding charges).

- Cash, deposits and financial instruments held in portfolio and denominated in foreigncurrency are converted to the UCI's accounting currency at the exchange rate of the valuationday.

Financial instruments traded on a regulated or similar market:

• Securities of the "Shares and similar securities" category traded on a French or foreignregulated market are valued at the closing price of their main market.

• Bonds and similar securities are valued at the market price based on "contributed pricing".

However: Securities for which the price is yet to be recorded at the valuation date or for whichthe price has been rectified, shall be valued at their probable trading value under thesupervision of the Management Company. These valuations and the justification thereof arereported to the auditor during the latter's audits.

• Negotiable debt securities and similar securities:

i. Treasury bonds and similar securities (BTF, T-bill, Letras, BOTS, etc.), as well as medium-term marketable securities and similar securities with a maturity above one year are all valuedat the market price based on contributed rates.

ii.Short-term marketable securities and similar securities (ECP, NEU CP, etc.) with a maturitybelow one year are valued daily using a spread and a representative composite yield curvein the investment universe.

• UCI units and shares Mutual Fund shares and UCI units are valued at the last known net assetvalue.

Financial contracts:- Transactions on financial futures or options negotiated on organised markets:Transactions on financial futures or options traded on French or foreign organised marketsare valued at the settlement price or the market value.

- Over-the-counter (OTC) transactions:Futures or options transactions, or swap transactions carried out on OTC markets andauthorised by the regulations on UCIs are valued based on market conditions or at a valueestimated following the procedure outlined by the Management Company.

Temporary acquisition and transfer of securities:

- Temporary acquisition of securities: Securities acquired under repurchase agreements orborrowed securities are recorded as securities purchased for the amount indicated in thecontract, plus interest receivable.

- Temporary transfer of securities: Securities transferred under repurchase agreements arerecorded as securities sold and valued at their current value. Debts representing securitiestransferred under repurchase agreements, such as those from borrowed securities, arerecorded as securities sold at the value set in the contract plus accrued interest payable.


COVEA ACTIONS EURO

appendices

Off-balance sheet commitments:

Futures contracts are recorded at their market value as off-balance sheet commitments at thesettlement price.Conditional forward transactions are translated into the equivalent underlying.Financial guarantees and margin calls: Financial guarantees received are valued at the marketprice (mark-to-market). Daily variation margins are determined from the difference betweenthe market price valuation of guarantees provided and the market price valuation ofcollateralised instruments.

2 - Accounting method

Income recognition method

The accounting method retained for income recognition is the matured coupon method.The following are deducted from income:- Management fees,- Financial expenses and charges on lending and borrowing of securities and other investments.

Income is composed of:- Income from securities,- Dividends and interest received at the currency rate, for foreign securities,- Income from cash flow in foreign currency, securities lending, repo transactions, and otherinvestments.

Operating and management feesThese fees include all the fees charged directly to the UCITS, excluding transaction fees.Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) andtransfer fees, if applicable, which may be levied by the depository.

The following fees may also be charged in addition to management fees:

- Outperformance fees. These compensate the management company if the UCITS exceeds itsobjectives. They are therefore charged to the UCITS;

- Transfer commissions charged to the UCITS;

For more information on the fees actually charged to the UCITS, kindly refer to the "Fees"section of your Key Investor Information Document (KIID).

Accounting currencyThe Fund's accounts are kept in euros.

Indication of accounting changes subject to special information to unitholdersChanges made: None.Changes to occur: None.

Fees charged to the UCITS Base Rate / Scale

Financial management fees (incl. VAT) Net assetsI(D) Unit: 0.60 % maximumI Unit: 0.60 % maximumA Unit: 1.60 % maximum

Administration fees outside the ManagementCompany

Net assets None

Maximum indirect costs, tax inclusive(management fees and expenses)

Net assets Not concerned

Transfer commissionCharge transaction

on eachNone

Outperformance fee Net assets None


COVEA ACTIONS EURO

appendices

Details of other changes which must be specifically notified to unitholders (notcertified by the statutory auditor)Changes made: - Annual update of fees and performance;- Updating of the exclusion policy applicable to all funds managed by Covéa Finance byreference to the management company's website;- Change of index: "DJ Euro STOXX®" → "MSCI EMU";- SRRI rises from 5 to 6.

Changes to occur:- Possible adaptation of the UCI's regulatory documentation following the change of AMFdoctrine on non-financial criteria (position No. 2020-03).

Details and justification of changes in valuation and implementation proceduresNone.

Details of the type of errors that have been corrected during the periodNone.

Details of the rights and conditions attached to each unit category Net income:I(D) Unit DistributionI Unit CapitalisationA Unit CapitalisationNet realised capital gains:I(D) Unit CapitalisationI Unit CapitalisationA Unit Capitalisation

appendices


COVEA ACTIONS EURO

Currency EUR EUR

Net assets at the beginning of the period 309,315,441.65 250,068,650.00

Subscriptions (including the subscription fee allocated to the UCIT)

9,804,134.93 83,927,187.15

Redemptions (with deduction of the redemption fee allocated to the UCIT)

-44,216,926.33 -89,936,632.36

Capital gains on deposits and financial instruments 12,718,380.50 16,703,707.69

Capital losses on deposits and financial instruments -15,576,252.93 -26,335,455.60

Capital gains on financial contracts 94,400.00 490,370.00

Capital losses on financial contracts -203,460.00 -573,200.00

Transaction fees -428,424.42 -383,934.38

Foreign exchange differences -10,434.12 54,154.11

Changes in the estimate difference in deposits and financial instruments:

10,096,581.88 71,157,820.08

- Estimate difference – period N 61,631,714.23 51,535,132.35

- Estimate difference – period N-1 51,535,132.35 -19,622,687.73

Changes in the estimate difference in financial contracts:

-41,380.00 448,990.00

- Estimate difference – period N - 41,380.00

- Estimate difference – period N-1 41,380.00 -407,610.00

Distribution over the previous year net capital gains and losses - -

Prior period distribution -715,947.10 -531,688.79

Net income for the period before adjustment accounts 2,789,782.35 5,751,062.75

Deposit(s) paid(s) during the yearnet capital gains and losses

- -

Interim payment(s) during the period -937,456.53 -1,525,589.00

Other items - -

Net assets at the end of the period 282 688 439,88 309,315,441.65

31.12.2020 31.12.2019

changes net assets2

appendices


COVEA ACTIONS EURO

3.1. Financial instruments: breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrumentTraded on a regulated

or similar marketNot traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds - -

Variable-rate bonds - -

Zero-coupon bonds - -

Investments - -

Other instruments - -

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument

Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds - -

Short-term debt securities (NEU CP)issued by non-financial issuers

- -

Short-term debt securities (NEU CP)issued by bank issuers

- -

Medium-term debt securities NEUMTN

- -

Other instruments - -

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additional information3

appendices


COVEA ACTIONS EURO

3.2. Breakdown by rate type for asset, liability and off-balance sheets itemsFixed rate Variable rates Rollover rate Other

AssetsDeposits

- - - -

Bonds and similar securities - - - -


Temporary purchases and sales offinancial securities

- - - -

Financial accounts - - - 208,884.75

LiabilitiesTemporary purchases and sales offinancial securities

- - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

AssetsDeposits

- - - - -

Bonds and similar securities - - - - -

Debt securities - - - - -

Temporary purchases and salesof financial securities

- - - - -

Financial accounts 208,884.75 - - - -

LiabilitiesTemporary purchases and salesof financial securities

- - - - -

Financial accounts - - - - -


- - - - -

Other transactions - - - - -

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities)Rates Equities Foreign Exchange Other

HedgingCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

appendices


COVEA ACTIONS EURO

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency USD GBP - Other currencies

AssetsDeposits

- - - -

Equities and similar securities - - - -

Bonds and similar securities - - - -


Collective investment undertakings - - - -

Temporary purchases and sales offinancial securities

- - - -

Receivables - - - -

Financial accounts 37,879.97 905.36 - -

Other assets - - - -

LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of financial securities

- - - -

Debts - - - -

Financial accounts - - - -


- - - -

Other transactions - - - -

3.5. Receivables and Debts: breakdown by typeDetails on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type ofoperation (purchase/sale).

ReceivablesForeign exchange forward contracts: 998.60

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables:

Subscriptions to be received 998.60

- -

- -

- -

Other transactions -

DebtsForeign exchange forward contracts: 143,227.46

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts: -

Provisioned expenses 128,150.32

Redemption payment 15,077.14

- -

- -

Other transactions -

appendices


COVEA ACTIONS EURO

3.6. EquitySubscriptions Redemptions

Number of units issued / redeemedduring the period:

Number of units Amount Number of units Amount

AC Unit / FR0000441636 93,260.7225 1,804,134.93 143,950.8613 3,188,405.69

IC Unit / FR0010567487 - - 240,028 38,033,698.02

I (D) Unit / FR0013317682 81,916.5039 8,000,000.00 28,763.1831 2,994,822.62

Subscription / redemption fee: Amount AmountAC Unit / FR0000441636 - -

IC Unit / FR0010567487 - -

I (D) Unit / FR0013317682 - -

Retrocessions: Amount AmountAC Unit / FR0000441636 - -

IC Unit / FR0010567487 - -

I (D) Unit / FR0013317682 - -

Commissions allocated to the UCIT:Amount Amount

AC Unit / FR0000441636 - -

IC Unit / FR0010567487 - -

I (D) Unit / FR0013317682 - -


COVEA ACTIONS EURO

appendices

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets %Unit class:

AC Unit / FR0000441636 1.50

IC Unit / FR0010567487 0.50

I (D) Unit / FR0013317682 0.50

Outperformance fee (variable charges): amount of fees for the period Amount

Unit class:

AC Unit / FR0000441636 -

IC Unit / FR0010567487 -

I (D) Unit / FR0013317682 -

Retrocession of management fees:- Amount of fees retroceded to the UCIT 205.64

- Breakdown by "target" UCIT:

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appendices


COVEA ACTIONS EURO

3.8. Commitments received and granted3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. Description of other commitments received and/or granted ........................................................................none

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition:

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

3.9.2. Current value of financial instruments comprising guarantee deposits: Financial instruments received as a guarantee and not written to the balance sheet:

- equities -

- bonds -

- debt securities -

- other financial instruments -

Financial instruments granted as a guarantee and maintained in their original item:

- equities -

- bonds -

- debt securities -


3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) orfinancial managers (Mutual Funds) and UCITS managed by these entities:

- UCITS 4,992,294.80


appendices


COVEA ACTIONS EURO

3.10. Income allocation table (In the accounting currency of the UCIT)

Interim payments in terms of the period

Date Unit ClassTotal

amount Unit

amountTotal

tax creditUnit

tax credit

09/11/20 - 937,456.53 0.80 - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

appendices


COVEA ACTIONS EURO

Income allocation EUR EUR

Sums remaining to be allocated

Retained earnings 1,530.40 4,078.53

Result 1,799,970.13 4,177,456.08

Total 1,801,500.53 4,181,534.61

31.12.2020 31.12.2019

AC Unit / FR0000441636 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 9,429.77 113,009.00

Total 9,429.77 113,009.00

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -

IC Unit / FR0010567487 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 1,470,925.68 3,351,117.52

Total 1,470,925.68 3,351,117.52


Number of units - -


Tax credits - -

appendices


COVEA ACTIONS EURO

I (D) Unit / FR0013317682 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution 316,391.58 715,947.10

Retained earnings for the period 4,753.50 1,460.99

Capitalisation - -

Total 321,145.08 717,408.09


Number of units 1,171,820.6586 1,118,667.3378

Unit distribution 0,27 0.64

Tax credits - -

appendices


COVEA ACTIONS EURO

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses(in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Date Total amount

Unitamount

- - -

- - -

- - -

- - -

- - -

- - -

appendices


COVEA ACTIONS EURO

Allocation of net capital gains and losses EUR EUR

Amounts remaining to be allocated

Previous undistributed net capital gains and losses - -

Net capital gains and losses for the financial year -3,706,377.71 -9,482,390.49

Payments on net capital gains and losses for the financial year - -

Total -3,706,377.71 -9,482,390.49

31.12.2020 31.12.2019

AC Unit / FR0000441636 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation -146,287.12 -368,642.35

Total -146,287.12 -368,642.35

Information concerning units conferring distribution rights

Number of units - -


IC Unit / FR0010567487 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -1,913,516.74 -5,447,193.80

Total -1,913,516.74 -5,447,193.80


Number of units - -



COVEA ACTIONS EURO

appendices

I (D) Unit / FR0013317682 31.12.2020 31.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -1,646,573.85 -3,666,554.34

Total -1,646,573.85 -3,666,554.34


Number of units - -


appendices


COVEA ACTIONS EURO

3.12. Table of results and other characteristic elements of the Fund over the last 5 periodsUCIT creation date: 21 December 1998.

Currency

EUR 31.12.2020 31.12.2019 29.12.2018 29.12.2017 30.12.2016

Net assets 282,688,439.88 309,315,441.65 250,068,650.00 307,033,876.00 383,519,568.90

IC Unit / FR0010567487 UNIT currency: EUR

31.12.2020 31.12.2019 29.12.2018 29.12.2017 30.12.2016Number of outstanding units

873,667 1,113,695 1,236,150 1,949,933.4647 2,795,124.4599

Net asset value 168.49 162.52 127.4 150.27 133.01

Unit distribution net capital gains and losses(including interim payments)

- - - - -

Unit distribution (including interim payments)*

- - - - -

Unit tax credit transferred to unit holders (individuals) (1)

- - - - -

Unit capitalisation* -0.50 -1.88 9.42 14.28 4.95

* The amounts of the unit distribution, the unit capitalization and the tax credits are indicated in the accounting currency of the UCITS. The unit capitalizationis the sum of earnings and higher net capital losses and the number of units outstanding. This calculation method has been applied since 1 January 2013.(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped bydividing the total amount of the tax credits amongst the outstanding units on that date.

AC Unit / FR0000441636 UNIT currency: EUR


450,020.5261 500,710.6649 645,456.3114 616,160.7924 577,279.2421

Net asset value 24.72 24.08 19.07 22.72 20.31


- - - - -


- - - - -


- - - - -

Unit capitalisation* -0.30 -0.51 1.19 1.95 0.56


appendices


COVEA ACTIONS EURO

I (D) Unit / FR0013317682 UNIT currency: EUR


1,171,820.6586 1,118,667.3378 966,706.8972 - -

Net asset value 106.11 103.91 83.02 - -


- - - - -


0.27 2.00 1.71 - -


- - - - -

Unit capitalisation* -1.40 -3.27 2.27 - -


COVEA ACTIONS EURO

ati 31.12.20204inventory

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus

Asset DescriptionAsset Code

Securities

Share


1.34EUR3,786,606.9012,711.00

4.03EUR11,398,764.7584,907.00

1.93EUR5,453,206.6262,067.00

2.93EUR8,273,647.88177,508.00

4.11EUR11,621,579.1529,233.00

1.91EUR5,388,125.00125,000.00

2.18EUR6,148,841.60125,180.00

1.47EUR4,155,750.00110,820.00

1.65EUR4,662,202.86137,043.00

2.11EUR5,959,135.9035,866.00

0.95EUR2,699,260.00289,000.00

2.14EUR6,063,223.5043,542.00

1.07EUR3,014,814.38364,284.00

2.07EUR5,863,929.80468,365.00

1.33EUR3,758,740.2689,686.00

2.15EUR6,079,623.5532,227.00

0.69EUR1,954,816.6028,663.00

1.62EUR4,569,605.16191,357.00

3.21EUR9,061,837.20774,516.00

0.99EUR2,787,397.1575,437.00

0.97EUR2,747,098.14198,777.00

2.08EUR5,870,727.0049,542.00

1.56EUR4,414,481.7662,036.00

3.08EUR8,712,552.0040,904.00

3.13EUR8,860,286.4028,508.00

OWNADIDAS NOMDE000A1EWWW0

OWNAIR LIQUIDEFR0000120073

OWNAKZO NOBEL NVNL0013267909

OWNALSTOMFR0010220475

OWNASML HOLDING N.V.NL0010273215

OWNBNP PARIBASFR0000131104

OWNCELLNEX TELECOM S.A.ES0105066007

OWNCOMPAGNIE DE SAINT-GOBAIN SAFR0000125007

OWNCRH PLCIE0001827041

OWNDASSAULT SYSTEMESFR0000130650

OWNDAVIDE CAMPARI MILANO NVNL0015435975

OWNDEUTSCHE BOERSE AGDE0005810055

OWNENEL SPAIT0003128367

OWNENGIE SAFR0010208488

OWNFAURECIAFR0000121147

OWNFERRARI NVNL0011585146

OWNFRESENIUS MEDICAL CARE AG & CODE0005785802

OWNGRIFOLS SAES0171996087

OWNIBERDROLA SAES0144580Y14

OWNJDE PEETS B VNL0014332678

OWNJERONIMO MARTINS SGPS SAPTJMT0AE0001

OWNKERRY GROUP AIE0004906560

OWNKION GROUPDE000KGX8881

OWNLINDE PLCIE00BZ12WP82

OWNL’OREAL SAFR0000120321


COVEA ACTIONS EURO

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


4.21EUR11,914,698.9023,321.00

1.29EUR3,649,006.5534,769.00

2.65EUR7,486,579.68126,548.00

1.24EUR3,500,156.04120,363.00

1.61EUR4,546,377.28271,021.00

4.25EUR12,017,804.80152,704.00

2.39EUR6,760,757.1063,055.00

1.50EUR4,241,036.8014,564.00

1.19EUR3,372,259.8028,506.00

1.08EUR3,054,500.0020,500.00

1.75EUR4,956,406.0042,175.00

1.72EUR4,860,226.11146,879.00

1.65EUR4,664,817.60111,120.00

2.26EUR6,399,375.20211,340.00

1.91EUR5,411,544.8049,922.00

1.02EUR2,887,608.0665,882.00

2.34EUR6,609,953.2024,364.00

2.06EUR5,831,788.9077,861.00

2.19EUR6,191,408.20175,394.00

2.01EUR5,667,998.93186,019.00

1.49EUR4,204,301.10210,110.00

1.15EUR3,264,488.6440,124.00

1.99EUR5,614,402.64212,828.00

2.55EUR7,215,739.3091,223.00

98.21277,629,489.19

1.77EUR4,992,294.8022,600.00

1.774,992,294.80

99.98282,621,783.99

OWNLVMH MOET HENNESSY LOUIS VUITTONSEFR0000121014

OWNMICHELIN (CGDE)-SAFR0000121261

OWNNESTE CORPORATIONFI0009013296

OWNPRYSMIAN SPAIT0004176001

OWNRED ELECTRICA CORPORACION SAES0173093024

OWNSANOFIFR0000120578

OWNSAP SEDE0007164600

OWNSARTORIUS STEDIM BIOTECHFR0013154002

OWNSCHNEIDER ELECTRIC SAFR0000121972

OWNSEBFR0000121709

OWNSIEMENS AG-NOMDE0007236101

OWNSIEMENS GAMESA RENEWABLE ENERGYSAES0143416115

OWNSIEMENS HEALTHINEERS AGDE000SHL1006

OWNSTMICROELECTRONICS NVNL0000226223

OWNSYMRISEDE000SYM9999

OWNTEAMVIEWER AGDE000A2YN900

OWNTELEPERFORMANCE SEFR0000051807

OWNTHALES SAFR0000121329

OWNTOTAL SAFR0000120271

OWNUPM KYMMENE OYJFI0009005987

OWNVEOLIA ENVIRONNEMENTFR0000124141

OWNVINCI SAFR0000125486

OWNVIVENDIFR0000127771

OWNWORLDLINEFR0011981968

Total Share

UCITS

OWNCOVEA FINANCE SECURITE CFR0000931412

Total UCITS

Total Securities


COVEA ACTIONS EURO

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


-0.01EUR-15,077.14-15,077.14

0.06EUR170,099.42170,099.42

0.00GBP905.36813.95

0.01USD37,879.9746,482.51

0.00EUR998.60998.60

0.07194,806.21

-0.00EUR-14,072.50-14,072.50

-0.02EUR-61,852.05-61,852.05

-0.02EUR-52,225.77-52,225.77

-0.05-128,150.32

0.0266,655.89

100.00282,688,439.88

Cash

BANK or HOLDING

OWNACH DIFF OP DE CAPI

OWNBANQUE EUR CAI

OWNBANQUE GBP CAI

OWNBANQUE USD CAI

OWNSOUS RECEV EUR CAI

Total BANK or HOLDING

MANAGEMENT FEES

OWNPRCOMGESTFIN

OWNPRCOMGESTFIN

OWNPRCOMGESTFIN

Total MANAGEMENT FEES

Total Cash

Total COVEA ACTIONS EURO

covea actions euro

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