AMUNDI OBLIG INTERNATIONALES

AMUNDI OBLIG INTERNATIONALES

UCITS (SICAV)

ANNUAL REPORT

JUNE 2019

Asset Management Company Amundi Asset Management

Copany’s shares accounting management sub-delegate CACEIS Fund Administration France

Custodian CACEIS BANK Statutory auditor KPMG AUDIT

Annual Report on 06/28/19 2- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Contents

Informations about the Fund 3

Annual Report 10

Significant events during the financial period 25

Specific details 34

Regulatory informations 35

Auditor's Certification 39

Annual accounts 45

Balance Sheet Asset 47

Balance Sheet Liabilities 48

Off-balance sheet 49

Income Statement 52

Notes to the annual accounts 53

Accouting rules and methods 54

Changes in net assets 59

Table of profit (loss) of the fund over the past five financial periods 76

Portfolio Listing 79

Pages

UCITS AMUNDI OBLIG INTERNATIONALES EUR(SICAV)

UCITS AMUNDI OBLIG INTERNATIONALES EUR (SICAV)

Annual Report on 06/28/19 3

Informations about the Fund Classification Bonds and other international debt securities Allocation of net profit CHF-P-C share: Accumulation EUR-I-C share: Accumulation EUR-P-C share: Accumulation GBP-I-C share: Accumulation GBP-P-C share: Accumulation IHC-C share: Accumulation OR-D shares: Distribution R-C share: Accumulation USD-I-C share: Accumulation USD-P-C share: Accumulation Allocation of net capital gains realised CHF-P-C share: Accumulation EUR-I-C share: Accumulation EUR-P-C share: Accumulation GBP-I-C share: Accumulation GBP-P-C share: Accumulation IHC-C share: Accumulation OR-D shares: Accumulation and/or distribution at the discretion of the SICAV R-C share: Accumulation USD-I-C share: Accumulation USD-P-C share: Accumulation Investment objective The SICAV's objective is to outperform the JP Morgan Government Bond Index Broad over a recommended investment term of at least 3 years. Benchmark index The JP Morgan Government Bond Index Broad consists of international government bonds rated at least BBB- by Standard &Poor’s and Baa3 by Moody’s (Investment Grade class). Exclusively at fixed rates, issues must have a residual term of over 1 year. The index is not hedged against currency risk. Investment strategy Main management characteristics of the UCITS:

Spread of sensitivity to interest rates [0;8]

Geographic area of the securities issuers OECD countries: of [0%;100%] Non-OECD countries: [0% ;15%]

Currency of the securities All currencies

Level of exposure to currency exchange risk [0; 300%]

Your SICAV’s range of sensitivity to credit spreads may differ substantially from the interest rate sensitivity range specified above, namely due to the active management of our corporate securities positions and to the volatility of credit spreads.



1. Strategies used Within an international investment universe, the SICAV offers active management in the interest-rate and currency markets. To outperform the benchmark index, the management team takes strategic and tactical positions and carries out arbitrages across all international interest-rate and currency markets. Currency positions are based on the qualitative, strategic viewpoints of the management team regarding the currency market.These viewpoints are supplemented by both internal analyses by the Amundi Group and external analyses (by consultants and brokers) and are then quantified in a model portfolio through statistical optimisation (with the optimisation including viewpoints on the interest-rate markets), before being adapted based on the SICAV’s specific management requirements (benchmark index, maximum tracking error, etc.) Furthermore, IHC units will be denominated in CHF while investments in the portfolio will be made in euros. The Fund will use forward financial instruments (currency swaps, forward exchange contracts) in order to hedge the exposure to currency risk of the unit denominated in foreign currency. In this way, the performance of the CHF unit’s NAV can be compared to that of its benchmark index, the JP Morgan Global Government Bond Index Broad. The management team also uses limited diversification on emerging markets. The SICAV seeks outperformance based on seven major areas of added value: - the portfolio’s overall sensitivity; active management of the portfolio's comprehensive bond risk within a sensitivity range of 0 to 8 according to the bullish or bearish anticipations of the management team on rate developments; - the sensitivity allocation between the various bond markets; - the sensitivity allocation between the various interest-rate curve segments; - emerging credit allocation; - the selection of credit securities; - the currency allocation, both for OECD and non-OECD currencies; - trading. Overall and precise risk management is applied through control of the SICAV’s ex-ante tracking error (annual, at 66% confidence level) compared with its benchmark index. This will range from 3 to 6%. 2. Description of the assets used (excluding derivatives) Bond market instruments Portfolio securities will be selected according to management decision and in compliance with the internal credit risk monitoring policy of the Management company. For the purpose of stock-picking, management does not - neither exclusively nor automatically - rely on the ratings issued by rating agencies, but bases its buy and sell opinion about a security on its own credit and market analyses. By way of information, management may specifically use securities with the ratings described below. Investments shall be made: Up to 100% of net assets: • Bonds issued or guaranteed by OECD Member States regardless of rating; • Investment-grade, non-government OECD bonds, i.e. those corresponding to securities rated AAA to BBB- by Standard & Poor’s and Fitch or Baa3 by Moody’s; • Mortgage-backed securities (securities resulting from the securitisation of mortgage loan portfolios) • Asset-backed securities (securities resulting from the securitisation of non-mortgage loan portfolios such as consumer spending, motor vehicles and bank cards) rated AAA/Aaa (Standard & Poor’s and Fitch/Moody’s) at the time of purchase. Subsequently, the SICAV may however hold said securities, where the initial rating is downgraded to no lower than Aa2 (Moody’s) or AA (Standard & Poor’s and Fitch);



Up to 10% of net assets: • Non-OECD government bonds regardless of rating; • Non-OECD government bonds issued by an issuer whose country risk is non-OECD, provided their rating is at least equal to that of the country with which their country risk is associated. All these bonds may be issued in G4 currencies (USD, EUR, GBP, JPY) or in local currencies. Within a cumulative limit of 5% of the net assets: • Non-investment-grade, non-government OECD bonds • Mortgage-backed securities and asset-backed securities rated less than AA/Aa2 • Non-government, non-OECD bonds rated lower than the country with which their country risk is associated issued in all OECD and non-OECD currencies. The use of top-quality securitisation vehicles allows the return/rating ratio to be improved while actively managing the risk that the rating may change. The SICAV may invest in all types of bonds: - Fixed-rate bonds - Floating-rate bonds - Indexed bonds (inflation, Constant Maturity Treasury, Constant Maturity Swap, etc.). - Exchangeable bonds - Convertible bonds - Subordinated securities including complex products (contingent convertible bonds known as "Coco's") - Other: non-voting shares, asset-backed securities, mortgage-backed securities, subordinated securities, perpetual bonds. The SICAV is invested in interest-rate products within a sensitivity range of between 0 and 8. The maximum allocation of sensitivity by bond market and by curve segment lies within a range of between -2.5 and +2.5. The SICAV may invest up to 5% of its net assets in contingent convertible bonds of any rating from the financial sector. Money-market instruments Cash is managed through money market instruments, repurchase agreements and deposits. Its objective is to pay interest on the portfolio’s cash holdings and adjust the portfolio’s overall exposure to the interest rate and currency markets. The money-market instrument categories used are the following: - T-bills (including fixed-rate treasury notes (BTFs) and French government treasury notes (BTANs)) - Certificates of deposit - Commercial Paper (including Euro Commercial Paper) - money-market UCI Currencies Within the currency universe, the Fund may invest in OECD and non-OECD currencies up to the portfolio’s tracking error limit. Equities The SICAV does not intend to invest in equities.However, up to 5% of the Fund’s net assets may be exposed to equities through its investments in convertible bonds and contingent convertible bonds.



Holding of shares or units of other UCIs or investment funds The SICAV may hold up to 10% of its assets in shares or units of the following UCIs or investment funds: French or foreign UCITS(1) French or European AIF or investment funds complying with the criteria defined by the French Monetary and Financial Code(2) These UCI and investment funds may invest up to 10% of their assets in UCITS, AIF or investment funds. They may be managed by the Management Company or an affiliated company. The risk profile of these UCIs is compatible with that of the UCITS. (1) up to 100% of net assets in total (regulatory maximum) (2) up to 30% of net assets in total (regulatory maximum) 3. Derivatives used The use of both hedges and options is an integral part of the investment process due to the advantages they offer in terms of liquidity and/or cost/efficiency ratios. Information about the counterparties of the OTC derivative contracts: Counterparties are selected through the procedure in effect within Amundi and based on the principle of selecting the best market counterparties. This includes specifically: a double validation of the counterparties by the Amundi Intermédiation manager and by Amundi Asset Management’s Credit Committee after analysis of their financial and operational profiles (type of activities, governance, reputation, etc.) conducted by a team of credit analysts working independently from the management teams. A limited number of financial institutions with which the UCITS trades. The manager may invest in the following derivatives: Type of markets: regulated, organised, over-the-counter. Categories of risks in which the manager intends to trade: equity, interest rate, currency, credit: Credit Default Swaps, CDS indices such as Itraxx and CDX as well as the options on those indices Types of transactions and description of all operations that must be limited to the achievement of the investment objective: hedging, exposure, arbitrage, trading. Types of instruments used: currency and interest rate futures, currency and interest rate options, currency and interest rate swaps, total return swap, credit derivatives, other.



Strategies for using derivatives to achieve the investment objective: interest-rate risk hedging or exposure, currency risk hedging or exposure, hedging or equity exposure, constructing a synthetic exposure to particular assets or the above-mentioned risks, trading in futures. Forward contracts are used (i) to buy and sell as inexpensive and liquid substitutes for real securities to adjust both the overall portfolio exposure to bond or equities markets and the geographical allocation among the various G4 countries, (ii) to implement arbitrage strategies with the real securities in the underlying portfolio when some inefficiency presents itself. Options on interest-rate futures are (i) long option positions to protect the SICAV from an upward movement of the volatility of the contracts, (ii) spread positions (buy and sell of the same type of option) to expose the SICAV downward to the volatility of the markets or, directionally, to the changes in the money-market contracts (Euribor and Eurodollars contracts). Currency options are used to adjust the allocation of currencies in the portfolio (exchange risk management) by exposing the SICAV to a currency or by hedging the portfolio exposure. Index swaps are used to expose the SICAV to underlying markets. Interest-rate swaps are used, on a very occasional basis, as substitutes for real securities to expose or hedge the SICAV against equity indices when they are financially more attractive than the latter. Currency swaps are used extensively to manage the portfolio's cash flows. They do not lead to any exchange rate risk. Credit derivatives (credit default swaps, indices such as iTraxx and CDX and the options on those indices) are used either to hedge against credit risk or issuer default, or as part of arbitrage strategies in order to anticipate upward or downward changes in these instruments or to exploit disparities between the credit risk market and that of the security for a single issuer or between two issuers. Purchasing protection reduces the risk of the portfolio while selling protection, which synthetically replicates the possession of a physical security, generates risk equivalent to the existing risk in the case of direct holding of the security. Consequently, like the default of an issuer of the portfolio, the default of an underlying issuer to a credit derivative will have a negative impact on the net asset value. Investments in credit derivatives are subject to the same rating restrictions as the SICAV’s cash credit investments. 4. Embedded derivatives • Categories of risks in which the manager intends to trade: equity, interest rate, currency, credit. • Types of transactions and description of all operations that must be limited to the achievement of the investment objective: hedging, exposure, arbitrage, other.



• Types of instruments used warrants callable obligations puttable actions • Using embedded derivatives to achieve the investment objective currency warrants are used to adjust the allocation of currencies in the portfolio (exchange risk management) by exposing the SICAV to a currency. 5. Deposits The UCITS can lodge deposits for a maximum 12-month period. The deposits are used for cash management purposes and help the UCITS reach its management objectives. 6. Cash borrowings The UCITS may have a debit position up to a maximum 10% of its net assets to accommodate cash inflows and outflows (investments/disinvestments in progress, subscriptions/redemptions). 7. Transactions involving temporary acquisition/disposal of securities • Types of transactions used: repo and reverse repo agreements with reference to the French Monetary and Financial Code; lending and borrowing of securities with reference to the French Monetary and Financial Code; sell and buy back; buy and sell back. These transactions will cover eligible assets as defined by the regulations. These assets are held with the Depositary. • Types of transactions and description of all operations that must be limited to the achievement of the investment objective: cash management: through securities repurchase agreements; optimisation of the UCITS’ income and performance. • The commitment must not exceed 100% of the NAV of the UCITS. • Fees: Information is provided in the "Costs and Fees" section. Summary of proportions used:

Types of transactions

Reverse repurchase agreements

Repurchase agreements

Securities lending Securities borrowing

Maximum proportion of net

assets

100%

100%

90%

20%

Expected proportion of net

assets

25%

25%

22.5% 5%

8. Information relating to collateral (temporary purchases and sales of securities and/or over-the-counter (OTC) derivatives including total return swaps (TRS)) Type of collateral: In the context of temporary acquisitions and sales of securities and OTC derivative transactions, the Fund may receive securities or cash as collateral.



Securities received as collateral must adhere to the criteria defined by the Management Company. They must be: - liquid, - transferable at any time, - diversified in compliance with the eligibility, exposure and diversification rules of the UCITS, - issued by an issuer that is not an entity of the counterparty or its group. For bonds, the securities will also be issued by high-quality issuers located in the OECD whose minimum rating may be AAA to BBB- on the Standard & Poor’s scale or a rating deemed equivalent by the Management Company. Bonds must have a maximum maturity of 50 years. The criteria described above are detailed in a Risk Policy available on the Management Company’s website at www.amundi.com and may be subject to change, particularly in the event of exceptional market circumstances. The discounts that may be applied to the collateral received will take into account the credit quality, the price volatility of the securities and the results of the stress tests performed. Reuse of cash received as collateral : Cash received as collateral may be reinvested in deposits, government bonds, repurchase agreements or short-term money market UCITS in accordance with the Management Company’s Risk Policy. Reuse of securities received as collateral: Not authorised: Securities received as collateral may not be sold, reinvested or provided as collateral. Risk profile The main risks related to this type of investment are Interest rate risk Currency risk Credit risk Risk associated with the use of speculative (high-yield) securities Risks associated with the use of ABS/MBS The principal specific management-related risks are Possible effects of using derivatives on the risk profile Potential risks of certain factors changing (taxation) Capital risk Specific risk associated with the use of complex subordinated bonds (contingent convertible bonds) (incidental) Equity risk (incidental) The other risks are: Risk associated with securities issued by emerging countries Liquidity restriction Counterparty risk Liquidity risk linked to temporary purchases and sales of securities and/or total return swaps (TRS): Legal risk



Annual Report July 2018 July was a relatively quiet month as the summer got underway and market activity slowed somewhat. Mr Powell, the chair of the US Federal Reserve, testified to congress and indicated that on balance, with the US economy being buoyed by a strong job market and inflation approaching the target rate of 2%, the institution would keep gradually raising the federal funds rate. As a result, the 10 year treasury yield rose 10 bps from 2.86% to 2.96%. In Europe, markets continued to assess the impact of last month's ECB announcement that stated that the size of monthly bond purchases would be halved to €15 bn per month before phasing out purchases altogether in December. As a result, the 10 year German bund yield rose from 0.27% to 0.37%. The Bank of Japan intervened several times to keep the 10 year government bond yield below 0.1% in the lead up to the bank's July meeting during which, the bank made changes that mean the 10 year yield can now rise to 0.2% before they intervene. Following this, the 10 year yield rose from 0.035% to 0.045%. Many G10 currencies appreciated against the USD in a reversal of the moves seen in recent months. Emerging markets currencies generally appreciated strongly against the USD with the notable exception of the TRY which lost over 6% against the USD after the country's President appointed his son-in-law to the post of Economic minister after recent elections, a move that was seen as not being investor friendly. The fund returned a strong monthly performance, significantly above benchmark, thanks to positive contribution of all strategies. First the underweight duration had a strong contribution as rates rose in the US and Europe. The overweight corporate credit as well as emerging market debt added to gains amid broad spread tightening during the month. Finally, currencies did well mostly driven by the selectively long emerging market currencies which rallied. August 2018 The month of August was dominated by emerging markets, with stories from Turkey, Argentina and Venezuela dominating headlines. Beginning with Turkey, rising inflation, combined with an escalation in tensions with the United States and a lack of action from the Central Bank caused yields to rise and the currency to depreciate; over the month the 10Y local debt yield widened by 295 bps with the TRY losing 25.5% of its value versus the USD. A similar story occurred in Argentina with capital outflows on-going, and in Venezuela the government devalued the currency by 95%. In the US, data was strong as job openings reached historic highs. However, there was no clear breakthrough in trade negotiations between the US and China, raising the possibility that the US could place tariffs on over $200bn worth of Chinese imports. In the UK, higher chances of a no deal Brexit following comments from Trade Secretary Liam Fox drove the GBP down, however growth figures came in strong. The multitude of geopolitical stories throughout the month saw developed market yields fall with US and German 10 year yields down about 10 and 12 bps respectively. The fund performance was negative and below the benchmark. The underperformance was mainly driven by the currency strategies, especially in emerging countries, such as our positions in Turkish Lira (-25.5%), Rubble (-7.7%) and Argentine Peso (-27.1%) which deeply depreciated against the dollar. Also in currencies, the fund posted gains on the long USD position (Dollar Index + 0.6%) but the weakness of the Swedish krona (-3.3%) against Euro weighed on the performance. Our exposure to corporate credit, and particularly to financials, was penalized by widening spreads in this context of risk aversion. Our positions on emerging bonds, also underperformed by contagion effect. Finally, our duration underweight contributed negatively to performance, as did our country allocation (underweight exposure to German and US sovereign bonds). September 2018 Good US economic momentum, hawkish central bank language and abating risk aversion lifted risk assets and pushed treasury yields higher in September. The US saw particularly strong labour data including record job openings, highest worker turnover since 2001 and the strongest wage pick-up for the last 10 years. In Europe, Mario Draghi surprised by mentioning a "relatively vigorous" pickup in underlying euro-area inflation, signaling that the European Central Bank is well on track to raise interest rates late next year. Ten year US and German government bond yields ended the month 20 bps and 14 bps higher respectively. By month-end, the Italian government unveiled a 2019 budget deficit of 2.4%, opening the door to confrontation with Brussels. Italian sovereign debt consequently sank, offsetting earlier gains. Global investment grade corporate yield spreads tightened in September, and the asset class outperformed government bonds.



Emerging markets wise, the US and China spat deteriorated after the Trump admiration slapped tariffs on $200bn of Chinese goods. China then responded with its own tariff on $60bn of US goods. Still, this was not enough to derail emerging market debt performance recovery from exacerbated August losses. Turkey was the top performer thanks to the country's Monetary Policy Committee raising the one-week repo rate by 625bps 24 percent. With respect to currencies, the USD rose very slightly against other developed markets currencies, the EUR ended the month unchanged, and the JPY finished the month weaker against the USD. Emerging market currencies bounced back from the losses sustained in August with the Turkish Lira rallying the most at +8% vs USD.Amundi Oblig Internationales a positive performance and outperformed its benchmark with positive performance in all strategies, Fixed Income and Currencies being the top performers. Within Fixed Income, duration management and regional allocation were key contributors as materially higher rates in the US and Europe. In addition, the fund's small overweight in peripheral Europe (mostly Portugal) did well in spite of the Italian budget uncertainties. Long inflation positions also posted gains, mostly out of Europe following Mario Draghi's comments. Currencies were also a strong contributor, with good performance from both developed countries (long SEK, NOK and short JPY were top contributors) and emerging markets (long RUB was the strongest contributor). Allocation to emerging country debt and finally corporate credit also contributed. October 2018 A combination of mounting trade war tensions, concerns about slowing global growth and mixed corporate earnings season led to a sharp sell-off of risky assets. Indeed, it seems the US administration is on the path to impose tariffs on all remaining Chinese imports if talks between Presidents Donald Trump and Xi Jinping fail to break the impasse at the November G20 gathering. The IMF lowered its global growth forecast from 3.9% to 3.7% for 2019 and a number of key corporates released weak earnings and / or disappointing forward guidance. Consequently, the equity market ended the month sharply lower with negative 7.8% return for the MSCI World. Within fixed income markets, global developed treasury rates saw divergence across regions. The US saw higher rates amid good data including a strong labour market (3.7% unemployment at 48-year low), a robust inflation (2.2% YoY CPI) and hawkish Federal Reserve comments. On the other hand, German rates went lower driven by the open confrontation between the European Commission and the Italian government about the country's budget and weakening economic momentum. Emerging market debt and corporate credit were also caught up in the risk asset sell-off. Within credit, yield spreads in both investment grade and sub-investment grade assets ended the month wider. Currency wise, the USD maintained its momentum and appreciated against most currencies. Against the USD, the EUR was weaker and the JPY slightly higher. Emerging markets currencies continued to exhibit high volatility, although there were divergent returns caused by country specific idiosyncratic factors. The Turkish Lira, Brazilian Real and Argentinean Peso posted strong gains while the Mexican Peso suffered.The fund enjoyed strong performance and outperformed its benchmark in October. The bulk of the performance came from currency strategies with positive contribution both from developed and emerging markets. Within developed markets, the long USD worked particularly well as the currency broadly appreciated in October. Within emerging markets, longs in Turkish Lira, Brazil Real and Argentinean Peso posted outstanding performance. On the other hand, the long Mexican Peso detracted. Outside of currencies, rate strategies detracted driven by the German duration underweight. Similarly overweight in credit and emerging market debt suffered from higher spreads. November 2018 November was an eventful month in the UK: the EU approved the draft of the withdrawal agreement, several members of the government, including the Brexit secretary, resigned, and PM May faced strong opposition from the House of Commons where one of the most important debate in recent history has started before the vote scheduled for December 11. In the US, midterm elections' outcome matched broadly market expectations and late in the month, the US Federal Reserve surprised markets with a dovish stance, stating that interest rates were "just below" the neutral range. Crude oil dropped over 20% due to concerns over excessive supply and lower demand growth. The meeting of G20 members in Argentina seemed to yield a trade war truce between Presidents Trump and Xi Jinping, which brought some relief to markets. Significant drops in global stock markets spread to bond markets and saw developed markets bonds yields fall significantly: the 10-year US Treasury and German Bund yields down 16bps and 7bps to 2.99% and 0.31% respectively. Italian yield spreads tightened on hopes that the government could revised down its budget deficit target. Credit corporate bonds and emerging bonds yield spreads widen further in November.



Currency returns were mixed with many emerging markets currencies staging strong rebounds after recent weakness. In this context, of the fund recorded a negative absolute monthly performance and underperformed its benchmark. Our underweight duration was a detractor to relative returns as most of developed markets yields fell over the month. Our overweight allocations to corporate and emerging bonds suffered from spread widening. Our currency strategies were overall flat with gains in emerging countries offset by losses in developed markets. December 2018 Global bonds enjoyed their best month in more than a year as equity markets sold off sharply. The 10 year US Treasury yield fell 30bps in December to 2.68%. As expected, the US Federal Reserve hiked rates for the fourth time in 2018, but surprised with a mixed tone. Indeed they hinted two hikes in 2019 rather than the three previously inferred. Additionally, the FED conveyed the message that risks to economic outlook are "roughly balanced". In Europe, the 10 year German Bund yield fell to 0.24%, the lowest level seen in 2018. The ECB confirmed the end of bond purchases with, however, the reinvestment of maturing assets. Draghi reiterated its "continued confidence with increasing caution" message. European peripheral country spreads tightened, especially in Italy, as the European Commission finally endorsed the government's revised budget plan, with a 2019 deficit target of 2.04%. In the UK, Prime Minister May postponed the December 11th Parliamentary vote of her Brexit withdrawal draft. She was also confronted by a vote of no confidence which she defeated a few days later. However market reaction was limited. Outside of fixed income, equities sold off on rising concerns around global growth while credit markets (particularly high yield issuers) saw their spreads widened. Emerging markets bonds held up quite well, partly supported by a weaker dollar. Within currencies, the USD weakened against most developed markets currencies as the US government shutdown got underway, the JPY and CHF took on their roles of alternative safe haven currencies and were the best performers while emerging markets currencies saw mixed performance.The fund posted positive performance and in line with its benchmark. Fixed income strategies added to gains thanks to an overweight duration in the US and Italy, where treasuries rallied materially as rates dropped. On the other hand, our underweight duration (mostly in German bonds) detracted. Corporate credit and emerging market debt strategies detracted slightly as spreads went wider amid generalized risk aversion. Currencies generated small gains thanks notably to the strong performance of our long SEK against the EUR following a first rate hike in Sweden. January 2019 January got off to a good start for global fixed income, with good performance across developed and emerging markets. In the US, the government shutdown went on to become the longest in the US government's history, before ending on January 25. The shutdown affected thousands of government workers and contractors, and has led to concerns that the first quarter US economy would be impacted. Towards the end of the month, the FOMC held a non-monetary policy meeting that was more dovish and provided support for risky assets. In Europe, the ECB held a monetary policy meeting, where rates were left on hold as widely expected, although they acknowledged that growth had slowed slightly. In the UK, Brexit negotiations were met with a number of setbacks; Prime Minister Mays' proposals were put to a vote and rejected in Parliament by a large margin, even by members of the conservative party. However, the UK parliament also rejected the idea of a no-deal. With news flow generally positive, corporate bonds outperformed government bonds in all developed markets regions. Regarding currencies, the USD ended the month weaker amid the dovish stance of the FOMC. After a weak start, the GBP staged a strong rebound against the USD as the probability of a no-deal receded. Some softening of the trade war rhetoric between the US and China which helped commodity currencies like the CAD, AUD, NZD, ZAR and MXN to perform strongly against the USD. The fund posted strong gains in January and outperformed its benchmark, with good contribution from corporate credit, emerging markets and currencies strategies. On the other hand, interest rate strategies posted slightly disappointing P&L as the drop in rates weighed on the fund's underwight duration. In credit, we benefited from the material spread tightening across regions and sectors. Our allocation in emerging market did well thanks to a favorable backdrop for emerging economies (weaker USD and Fed dovish stance). Finally, within currencies most of the gains came from the fund's allocation to emerging currencies, which posted strong gains.



February 2019 February was a relatively busy month with a number of central bank meetings and political developments within developed markets. The US also made "substantial progress" on trade negotiations with China, including delaying the imposition of tariffs on $200 bn worth of imports. Central bank minutes from January's meetings showed that the ECB, US Federal Reserve, Bank of England and Bank of Japan had all become more dovish. This dovishness came even as fourth 4th US GDP surprised to the upside, with a quarter on quarter increase of 2.6% against expectations of 2.2% for total growth of 3.1% in 2018. In the Eurozone, it is now clear that growth is stalling as German GDP came in at 0.0% for the 4th quarter after a 0.2% contraction in the previous quarter, narrowly averting a technical recession. Further evidence of a European slowdown came as Eurozone inflation for February came in at 1.2%, lower than January's 1.3%. In the UK, there was some optimism, as the chance of a no-deal Brexit was lower after the opposition party put pressure on the Prime Minister to rule out that as an option. March will be key as the UK Parliament votes on whether to accept the terms of a revised withdrawal agreement. Improved optimism on Brexit saw the 10-year Gilt yield rise. The GBP appreciated against all major developed currencies. The JPY was one of the biggest fallers against the USD as risk aversion remained low. A few emerging markets currencies such as INR, PHP and MYR gained after improvement in US and China talks. The fund posted a positive performance and outperformed its benchmark this month. Outperformance came from credit and interest rate strategies while currency allocations detracted. Within interest rate, the underweight duration paid off this month amid higher global rates and we made some gains from higher inflation. Credit strategies enjoyed good gains as both corporate credit and emerging market debt did well. Currency allocations were negative with losses spread across developed and emerging currencies. Our USD exposure made some gains; however, we lost on the short GBP, which rallied alongside receding no-deal risk. March 2019 The marked shift of key central banks away from policy tightening toward a more cautious stance, amid increased signals that global growth is slowing, drove global treasuries higher as yields plunged. Indeed, in March, the Federal Reserve held the target range of the federal funds rate at 2.25% to 2.5%. Chairman Jerome Powell added that interest rates could be on hold for "some time" as global risks weigh on the economic outlook and inflation remains muted. The central bank also decided to slow down the drawdown of the central bank's bond holdings due to begin in May. This resulted on the inversion of the US yield curve, which has historically been a precursor of recession. On the same page, the European Central Bank delivered a fresh round of stimulus as it cut the region's growth forecast to 1.1% (from 1.6% just 3 months before). Stimulus took form of a new round of long-term loans banks (TLTRO) and a new pledge on extended low rates. Consequently, the 10Y US government bond yield fell by 0.32% to 2.39% while the German 10Y yield slid 0.25% to negative territory at -0.07% (a first since 2016). On the Brexit front, the UK parliament did manage to twice reject the British government's Brexit deal, paving the way to further uncertainties in the coming weeks. The UK 10Y yield dropped 0.30% and the currency lost 0.46% against the USD. We saw some divergence in corporate credit with investment grade spreads virtually flat on the month, while high-yield spreads went slightly higher. Similarly, emerging market spreads ended the month higher. The USD was stronger in March, mostly against the EUR. In Europe, we note the strong performance of Nordic countries' currencies (NOK and SEK) thanks to supportive macro-economic news flow. Emerging currencies were generally weaker, suffering from both the broad risk aversion but also from specific idiosyncratic issues (Turkey in particular).The fund returns were positive but lagged the benchmark. Our underweight duration position detracted from returns as government bond yields fell during the month, in response to the changes in central bank policies. This was however partially offset by our regional allocation (overweight US duration) and curve positioning (flattener in the German rate curve). On the credit side, we experienced losses coming mostly from our allocation to emerging market debt, where spreads widened. Finally, on the currency front, we suffered on emerging markets, largely due to our overweight position on the Turkish Lira and underweight to the Indian Rupee, which appreciated.



April 2019 The theme of generally more dovish central banks continued into April as the Bank of Canada and the Reserve Bank of Australia joined the growing ranks of Central Banks keeping rates on hold or even hinting at cuts. The ECB's dovish stance continued to be justified as both European inflation and Q1 GDP came in weak (1.4 and 0.4% respectively). European Manufacturing surveys did surprise to the downside particularly in Germany. On the other hand, US GDP growth for the first quarter of 2019 came in above expectations at 3.2% annualised, and over the same period, Chinese GDP showed that the economy grew by 6.4% annualised in the first quarter of 2019, also beating expectations. In the UK, an unexpected positive side effect from the Brexit uncertainty was stockpiling by households and businesses, pushing the manufacturing PMI for March up to 55.1. With a raft of better than expected news, developed markets government bond yields rose and riskier assets such as corporate bonds saw their spreads tighten. Within currencies, the USD rose against most currencies although it was in line with the EUR, and the GBP appreciated against most currencies as Brexit was delayed until later in the year. Within emerging markets, the ZAR and MXN and RUB - all commodity dependent, performed well, helped by the stronger Chinese GDP number.The fund returns were strongly positive and above the benchmark helped by good gains across our three main strategies (rates, spreads and currencies). Our underweight duration position added to returns as developed markets government bond yields rose during the month as risk aversion became less prominent. This also helped corporate bonds and hard currency emerging markets, allowing our overweight allocations to both to contribute to returns. We had gains across both developed and emerging currencies with short CAD, NZD and CHF contributing strongly for developed markets and long RUB and MXN being the winners in EM. May 2019 May was dominated by deterioration in the trade negotiations between the US and China, and later in the month, the US and Mexico. US and Chinese negotiators failed to reach a trade deal, prompting President Trump's administration to raise import taxes on $200 bn worth of Chinese imports to the US from 10% to 25%, with the potential for taxes to be levied on a further $300 bn worth of imports. Later in the month, President Trump announced his intention to issue tariffs on Mexican imports, leading the MXN to lose over 3.0% against the USD. Markets were alarmed by the seeming escalation of the trade war and developed markets bond yields fell as investors sought "safe haven assets". The US 10 year treasury yield plummeted by 38 bps to end the month at 2.12%, a low not seen since 2017. Similarly, the 10-year German bund yield fell by 22 bps to end the month at -0.20%. Conversely, as worries spread about the impact of the trade war on global manufacturing and retail industries, corporate bonds underperformed government bonds, with the yield spread between corporate and government bonds widening by 15 bps. In the UK, embattled Prime Minister (PM) May announced that she would step down as PM on the 7th of June, it still remains unclear who will take over the role. UK Gilts performed strongly on the back of the uncertainty that this created, however, the GBP lost around 3% against the USD and the EUR. European parliamentary elections took place with a slight power shift to right and left parties, away from central parties, although there was little market reaction. The fund returns were positive but below the benchmark. Our underweight position detracted from relative returns as key developed markets government bonds yields fell in a risk-off market environment. Corporate and emerging markets bonds underperformed amid growing global growth concerns. The contribution of our currency strategies was broadly neutral. June 2019 June started with tit-for-tat trade war escalation as the US implemented more tariffs on a further $200bn of Chinese goods and China retaliated with tariffs of $60bn on US goods. A trade truce was however reached at the G20 summit later in the month. Major central banks continue to shift towards a more dovish stance; the US Federal Reserve signaled openness to rate cuts as Powell said that they will "act as appropriate" to support the economy as "uncertainties" have increased. Similarly, the ECB stated that risks remain to the downside and the institution stands ready for more stimulus either through quantitative easing or rate cuts in case of "adverse contingencies". Economic data came in below market expectations across manufacturing and confidence surveys, confirming the trend of global growth deceleration. Developed markets bonds continued their extraordinary performance streak with 10-year US Treasury yields ending the month at 2.01%. Similarly, the 10-year German Bund yield plunged deeper into negative territory to a historic low of -0.33%. Italian government bonds, global corporate and emerging markets bonds performed strongly as their yield spreads tightened. Within currencies, the USD weakened and the GBP was the worst performing G10 currency as Boris Johnson, the front-runner to be the next Prime Minister, said that the UK "will leave with or



without a deal". Commodity-linked currencies strengthened as US and Iranian tensions fed through to higher oil prices. The NOK was a strong performer as the Norges Bank hiked rates for the second time this year. Emerging markets currencies generally benefitted from a weaker dollar.The fund returns were positive and above the benchmark. Our underweight duration positioning detracted to relative returns. However, our overweight European peripherals, overweight credit and emerging markets bonds exposure all paid off as yields and yield spreads fell in tandem. Finally, our currency strategies were overall positive thanks to our positioning on emerging currencies. Subfund Rolling Performance AMUNDI OBLIG INTERNATIONALES EUR For the period under review, the unit USD I performance is 7.23%. The benchmark performance is 5.66% with a tracking error of 5.68%. For the period under review, the unit EUR P performance is 9.73%. The benchmark performance is 8.33% with a tracking error of 5.70%. For the period under review, the unit EUR OR performance is 11.11%. The benchmark performance is 8.33% with a tracking error of 6.21%. For the period under review, the unit USD P performance is 7.08%. The benchmark performance is 5.66% with a tracking error of 5.72%. For the period under review, the unit CHF IHC performance is 9.59%. The benchmark performance is 8.33% with a tracking error of 5.74%. For the period under review, the unit EUR I performance is 9.91%. The benchmark performance is 8.33% with a tracking error of 5.67%. For the period under review, the unit CHF P performance is 5.12%. The benchmark performance is 3.75% with a tracking error of 5.71%. For the period under review, the unit GBP I performance is 11.23%. The benchmark performance is 9.61% with a tracking error of 5.68%. For the period under review, the unit GBP P performance is 10.83%. The benchmark performance is 9.61% with a tracking error of 5.81%. For the period under review, the unit EUR R performance is 10.47%. The benchmark performance is 8.33% with a tracking error of 6.21%. Past performance is no guarantee of future performance.



Movements in portfolio listing during the period

Movements (in amount) Securities

Acquisitions Transfers

UNITED STATES AMERIC 0.125% 15/04/20 IND 0.00 30,398,612.43

BELGIUM GOVERNMENT BOND 0.5% 22-10-24 17,472,672.19 10,449,321.92

NORWAY GOVERNMENT BOND 1.75% 06-09-29 26,200,442.57 0.00

US TREASURY I 0,625% 15/07/2021 25,920,323.41 0.00

NORWEGIAN GOVERNMENT 2% 24/05/2023 0.00 21,436,436.11

UKT 1 3/4 09/07/37 18,354,836.72 0.00

GM 3.45 01/14/22 6,669,601.56 7,100,290.54

US TREASURY I 1,375% 15/01/2020 0.00 13,591,237.28

UNITED STATES TREAS INFLATION BONDS 1.0% 15-02-48

10,984,147.64 2,556,699.94

UNICREDIT 6.572% 14-01-22 EMTN 6,643,515.25 6,699,865.38



Efficient portfolio management (EPM) techniques and Financial derivative instruments a) Exposure obtained through the EPM techniques and Financial derivative instruments • Exposure obtained through the EPM techniques and Financial derivative instruments : 301,875,112.90

o Securities lending : 13,338,484.25 o Securities loans : o Reverse repurchase agreement : 6,634,474.88 o Repurchase : 281,902,153.77

• Underlying exposure reached through financial derivative instruments : 4,774,671,311.68

o Forward transaction : 1,842,070,329.04 o Future : 2,674,372,801.53 o Options : 47,921,601.11 o Swap : 210,306,580.00



b) Identity of the counterparty(ies) to EPM techniques and Financial derivative instruments

Identity of the counterparty(ies) to EPM techniques

Financial derivative instruments (*)

GOLDMAN SACHS INTERNATIONAL LTD

BOFA SECURITIES EUROPE SA

BANCO BILBAO VIZCAYA ARGENTARIA SA (MADRID)

HSBC FRANCE EX CCF

BNP PARIBAS FRANCE

CREDIT AGRICOLE CIB

SOCIETE GENERALE SA

MORGAN STANLEY & CO INTL LONDRES

CREDIT AGRICOLE CIB

MERRILL LYNCH INTERNATIONAL

BOFA SECURITIES EUROPE S.A. - BOFAFRP3

SOCIETE GENERALE SA

HSBC HOLDING LONDRES

DEUTSCHE BANK AG LONDON GREAT WINCH

HSBC FRANCE EX CCF

STANDARD CHARTERED PLC

BANCO SANTANDER SA

NOMURA INTL LONDRES

CHASE MANHATTAN BK AG FRANCFORT

NATWEST MARKETS N.V.

UBS EUROPE SE

CACEIS BANK, LUXEMBOURG BRANCH

BNP PARIBAS FRANCE

BARCLAYS BANK PLC

ROYAL BK CANADA LONDRES (ORION)

CACIB LONDON

NATIXIS

MORGAN STANLEY & CO INTL LONDRES

GOLDMAN SACHS INTERNATIONAL LTD

CITIGROUP GLOBAL MARKETS LTD

JP MORGAN SECURITIES PLC

CREDIT AGRICOLE CIB

HSBC FRANCE EX CCF

CITIGROUP GLOBAL MARKETS LTD

JP MORGAN SECURITIES PLC

BNP PARIBAS FRANCE

(*) Excepted derivative listed.



c) Type and amount of collateral received by the UCITS to reduce counterparty risk

Types of financial instruments Amount portfolio currency

EPM

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash (**)

Total

6,634,474.88

287,422,043.99

294,056,518.87

Financial derivative instruments

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash

Total

16,780,000.00

16,780,000.00

(**) The cash account also includes liquidity resulting from repurchase deals. d) Revenues and operational cost/fees from EPM

Revenues and operational cost/fees Amount portfolio currency

. Revenues (***)

. Other revenues

Total revenues

. Direct operational fees

. Indirects operational fees

. Other fees

Total fees

1,040,318.38

1,040,318.38

128,335.76

128,335.76

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

UCITS AMUNDI OBLIG INTERNATIONALES EUR (SICAV) Transparency of securities financing transactions and of reuse (SFTR) – Regulation SFTR – in accounting currency of the portfolio (EUR)

Securities lending

Securities loan

Repurchase Reverse

repurchase agreement

Total Return Swaps (TRS)


a) Securities and commodities on loan

Amount 13,338,484.25

% of Net Assets* 1.38%

*% excluding cash and cash equivalent b) Assets engaged in each type of SFTs and TRS expressed in absolute amount

Amount 13,338,484.25 286,947,568.02 6,718,548.92

% of Net Assets 1.39% 29.89% 0.70%

c) 10 largest collateral issuers received (excuding cash) across all SFTs and TRS

BARCLAYS PLC

UNITED KINGDOM 4,357,142.20

SUMITOMO MITSUI FINANCIAL GROUP INC

JAPAN 2,299,360.73


Securities lending

Securities loan

Repurchase Reverse




d) Top 10 counterparties expressed as an absolute amount of assets and liabilities without clearing (2nd_levels HSBC FRANCE EX CCF

FRANCE 13,338,484.25

(2nd_levels SOCIETE GENERALE

FRANCE 75,590,562.11

(2nd_levels BNP PARIBAS FRANCE

FRANCE 62,961,526.59

(2nd_levels HSBC FRANCE EX CCF

FRANCE 47,096,446.24

(2nd_levels BOFA SECURITIES

EUROPE SA

FRANCE 33,388,113.24

(2nd_levels MORGAN STANLEY & CO

INTL LONDRES


(2nd_levels GOLDMAN SACHS

INTERNATIONAL LTD


(2nd_levels BANCO BILBAO VIZCAYA

ARGENTARIA SA (MADRID)

SPAIN

12,801,300.71

(2nd_levels CREDIT AGRICOLE CIB

FRANCE 5,068,075.81

(2nd_levels CREDIT AGRICOLE CIB

FRANCE 6,634,474.88


Securities lending

Securities loan

Repurchase Reverse




e)Type and quality (collateral)

Type

- Equities

- Bonds 6,656,502.93

- UCITS

- Notes

- Cash 5,519,890.22 281,902,153.77

Rating

Currency of the collateral

- US DOLLAR 4,005,266.78 6,656,502.93

- EURO 5,519,890.22 274,288,782.61

LIVRE STERLING 3,608,104.38

f)Settlement and clearing

Tri-party X

Central Counterparty

Bilateral X X

g)Maturity tenor of the collateral broken down maturity buckets

< 1 day

[1 day - 1 week]

]1 week - 1 month]

]1 month - 3 months]

]3 months - 1 year]

> 1 year 6,656,502.93

Open

h)Maturity tenor of the SFTs and TRS broken down maturity buckets

< 1 day

[1 day - 1 week] 31,828,187.03

]1 week - 1 month] 13,338,484.25 224,825,172.32 6,634,474.88

]1 month - 3 months] 12,912,676.71

]3 months - 1 year]

> 1 year 17,381,531.96

Open


Securities lending

Securities loan

Repurchase Reverse




i)Data on reuse of collateral

Maximum amount (%)

Amount reused (%)

Cash collateral reinvestment returns to the collective investment undertaking in euro

j)Data on safekeeping of collateral received by the collective investment undertaking

Caceis Bank

Securities 6,656,502.93

Cash 5,519,890.22

k)Data on safekeeping of collateral granted by the collective investment undertaking

Securities

Cash

l)Data on return and cost broken down Revenus

- OPC 34,324.39 1,005,993.99

- Gestionnaire

- Tiers

Coûts

- OPC 69,338.84 58,996.92

- Gestionnaire

- Tiers e) Type and quality (collateral) Amundi Asset Management undertakes to accept only securities of a high credit quality and to increase the value of its collateral by applying valuation discounts to securities loaned to it. This process is regularly reviewed and updated. i) Data on reuse of collateral “The regulations governing UCITS forbid the reuse of collateral securities. Cash collateral received is: o reinvested in short-term money market funds (as defined by ESMA in its ‘Guidelines on ETFs and other UCITS issues’); o placed on deposit; o reinvested in high-quality long-term government bonds; o reinvested in high-quality short-term government bonds; or o used for the purpose of reverse repurchase transactions. The maximum proportion of received collateral that may be reused is 0% in the case of securities and 100% in the case of cash. The effective usage amounts to 0% for collateral securities and 100% for cash collateral.



k) Data on safekeeping of collateral granted by the collective investment undertaking Amundi Asset Management undertakes to do business with a limited number of depositaries, selected to ensure the adequate custody of securities received and cash. l) Data on return and cost broken down For securities lending transactions and repurchase agreements, Amundi Asset Management has entrusted Amundi Intermédiation, acting on behalf of the UCITS, with the following responsibilities: selecting counterparties, ordering the implementation of market agreements, monitoring counterparty risk, performing qualitative and quantitative monitoring of collateralisation (dispersion checks, ratings, liquid assets), repurchase agreements and securities lending. Income generated from these transactions is paid into the UCITS. Costs generated by these transactions are incurred by the UCITS. Charges by Amundi Intermédiation must not exceed 50% of the income generated by these transactions.



Significant events during the financial period None.



CORPORATE GOVERNANCE REPORT

(Article L.225-37 of the French Commercial Code)

List of mandates and positions held during the financial year 2018 by the corporate officers Eric BRARD

Company Position Represented


Chairman of the Board of Directors

TIKEHAU CAPITAL EUROPE Ltd *

Director

(*) Mandate expired during the financial year Cédric MORISSEAU



Director and Chief Executive Officer

(*) Mandate expired during the financial year Agnès CANARELLI



Director IRP AUTO Prévoyance-Santé

(*) Mandate expired during the financial year Marc de PONTEVES



Director

AMUNDI CONVERTIBLES EUROLAND

Director

SOCIETE DES CINCINNATI DE FRANCE

Director

(*) Mandate expired during the financial year



Olivier DUBREUIL


ASA Chairman of the Board of

Directors

ATIC SERVICES Chief Executive Officer SOCIETE DU TERMINAL DE

L'ESCAUT/SOCIETE DU TERMINAL DE L'ESCAUT ET

MANUTENTION

Chairman of the Board of Directors

CEMP Chairman

CITA LOGISTICS Director

MANUFRANCE Director


Observer

CFNR Member of the Supervisory Board

SOSERSID/SOMARSID General Management Committee

MTMG Member of the Supervisory Board

(*) Mandate expired during the financial year Pierre FORTUNY


AMUNDI OBLIG 5-7 EURO Director


Director

(*) Mandate expired during the financial year Thierry GUERILLOT



Director

(*) Mandate expired during the financial year Jean-Luc HOUDRY


AMUNDI OBLIG INTERNATIONALES *

Director

AMUNDI OBLIG 5-7 EURO * Director




Céline LAIGLE Company Position Represented

NORDEN Director IRP AUTO Prévoyance-Santé


Director IRP AUTO Prévoyance-Santé

(*) Mandate expired during the financial year Vincent MALANDAIN


EUROMAF Executive Officer

MUTUELLE DES ARCHITECTES FRANCAIS

Executive Officer

EUROMAF BELGIQUE Legal representative


Director MUTUELLE DES ARCHITECTES

FRANCAIS

(*) Mandate expired during the financial year Sylvain MORTERA



Director AREAS DOMMAGES

AMUNDI CONVERTIBLES EUROLAND

Observer AREAS DOMMAGES

LA FONCIERE LFPI Member AREAS DOMMAGES




Christian SCHOR Company Position Represented

FG ACTIONS Chief Executive Officer

CLARTE VALEURS Chief Executive Officer

FG CROISSANCE Chief Executive Officer

CLARTE VALEURS Director FONDS DE GARANTIE DES

ASSURANCES OBLIGATOIRES DE DOMMAGES

CLUB FRANCE SMALL CAPS

Director FONDS DE GARANTIE DES ASSURANCES OBLIGATOIRES

DE DOMMAGES

FG ACTIONS Director FONDS DE GARANTIE DES


FG CROISSANCE Director FGTI

HUGAU PATRIMOINE


DE DOMMAGES

NOAM MONDE CONVERTIBLES Director

NORDEN


DE DOMMAGES

OBJECTIF ALPHA OBLIGATAIRE


DE DOMMAGES

OBJECTIF SMALL CAPS EURO SICAV


DE DOMMAGES

PALATINE MEDITERRANEA


DE DOMMAGES

UNIGESTION


DE DOMMAGES

SILVER AUTONOMIE


DE DOMMAGES



DE DOMMAGES

L'AIGUILLON Managing Partner

NEXTSTAGE Member of the Supervisory board FGTI




Fabrice ZAMBONI Company Position Represented


Director FONDS DE GARANTIE DES



Regulated agreements During the financial year ended 31st may 2019, no agreement has been concluded within the scope of Article L. 225-38 of the French Commercial Code.

Delegations granted by the general shareholders 'meeting on capital increase Nil

Terms of exercise of the general management The Board of Directors decided to separate the functions of Chairman of the Board of Directors and of Chief Executive Officer. Therefore, General Management of the Company is carried out by the Chief Executive Officer, until a contrary decision is made.



Composition of the Board of Directors at the end of the period

Chairman of the Board of Directors Mr Eric BRARD

Director and Chief Executive Officer Mr Cédric MORISSEAU

Directors Mr Pierre FORTUNY

Mr Thierry GUERILLOT

Mutuelle des Architectes Français represented by

Mrs Céline LAIGLE

Areas Dommages represented by Mr Sylvain MORTERA

Mr Marc de PONTEVES

IRP AUTO Prévoyance-Santé represented by Mrs Agnès CANARELLI

Observer

Mr Olivier DUBREUIL

Statutory Auditor KPMG Audit represented by

Mr Gérard GAULTRY



Presentation of the work of the Board of Directors During the financial year Your Board of Directors met twice and it voted on the following points in particular: Board of Directors meeting of 7 September 2018 - Change of permanent representative of the company IRP AUTO Prévoyance-Santé, Director: Mrs Agnès CANARELLI, replacing Mrs. Yuna LE GALL, starting from 18 May 2018. - Change of permanent representative of Fonds de Garantie des Assurances Obligatoires de Dommages, Director: Mr Fabrice ZAMBONI, replacing Mr Christian SCHOR, starting from 16 July 2018. - Renewal of Mr Eric BRARD as Chairman of the Board of Directors, subject to the condition precedent of approval by the next Ordinary General Meeting of the renewal of his term as a Director. - Confirmation of Mr Cédric MORISSEAU as Chief Executive Officer, subject to the condition precedent of approval by the next Ordinary General Meeting of the renewal of the Chairman of the Board of Directors' term as Director. - End of the terms of four Directors: o IRP Auto Prévoyance-Santé, represented by Mrs Agnès CANARELLI, o Mr Marc de PONTEVES, o AREAS Dommages, represented by Mr Sylvain MORTERA, o MUTUELLE DES ARCHITECTES FRANÇAIS, represented by Mr Vincent MALANDAIN.

- Proposal to submit to the Ordinary General Meeting the renewal of the terms for the four above-mentioned Directors. - End of the terms of two Observers: o Mr Olivier DUBREUIL, o Mr Jean-Jacques REYDELLET.

- Proposal to submit to the Ordinary General Meeting the renewal of the term of Mr Olivier DUBREUIL as an Observer. - Proposal to submit to the Ordinary General Meeting the non-renewal of the term of Jean-Jacques REYDELLET. - Allocation of Directors' fees. - Review and approval of the financial statements for the financial year ended 29 June 2018. - Convening to the Ordinary General Meeting. - Presentation of the economic situation and performance of the Company since the previous meeting. - Proposed changes to the Articles of Association relating to the reform of the AMF's "cash management". - Harmonization of the Articles of Association of the SICAV in accordance with the standard Articles of Association of AMF instruction 2011-19 (UCITS) published on 26 April 2018. - Convening to the Extraordinary General Meeting. Board of Directors meeting of 15 March 2019 - Change of permanent representative of Mutuelle des Architectes Français (MAF), Director: Mrs Céline LAIGLE, replacing Mr Vincent MALANDAIN, starting from 7 September 2018. - Resignation of Mr Jean-Luc HOUDRY as a Director of the company on 20 February 2019. - Resignation of Fonds de Garantie des Assurances Obligatoires de Dommages, represented by Mr Fabrice ZAMBONI, as Director of the company, on 15 January 2019. - Presentation of the economic situation and performance of the SICAV since the previous meeting. - Proposed changes to the Articles of Association relating to the reform of the AMF's "cash management". - Harmonization of the Articles of Association of the SICAV in accordance with the standard Articles of Association of AMF instruction 2011-19 (UCITS) published on 26 April 2018. - Convening of the Extraordinary General Meeting.



Since the end of the financial year: Board of Directors meeting of 13 September 2019 - Resignation of AREAS Dommages, as Director of the company, on 13 September 2019. - Co-option of Mr Sylvain MORTERA, replacing AREAS Dommages, as a Director. - Proposal to submit to the Ordinary General Meeting the ratification of Mr Sylvain MORTERA’s co-option, replacing AREAS Dommages. - Expiry of the terms as a Director of Monsieur Thierry GUERILLOT. - Proposal to submit to the Ordinary General Meeting the renewal as a Director of Mr Thierry GUERILLOT. - Presentation of the economic situation and performance of the SICAV since the previous meeting. - Allocation of Directors' fees. - Review and approval of the financial statements for the year ended 28 June 2019: o Approval of the Management Report, o Corporate Governance Report.

- Convening of the Ordinary General Meeting.



Specific details Voting rights The exercise of voting rights attached to the securities included in the fund's assets and the decision on the contribution in securities are defined in the fund regulations. Group funds and instruments In order to obtain information on the financial instruments held in the portfolio those are issued by the Management Company or by its affiliates, please refer to the sections: • Additional information • Group financial instruments held in the portfolio in the annual financial statements for the year ended, attached hereto. Calculating overall risk Specify the method used to measure the overall risk: - Probabilist in Relative VaR. - Calculation takes place daily, and results are presented in annualised form (root of time). - The proposed calculation interval is 95% and 99%. - The historical depth is 1 year (259 scenarios) from 29/06/2018 to 30/06/2019. • VAR 95 : - maximum : 1.62 - minimum : 1.07 - moyenne : 1.38 • VAR 99 : - maximum : 2.10 - minimum : 1.26 - moyenne : 1.69 • Leverage: - Funds for which the calculation at risk is applied Level of indicative lever : 508.04%.



Regulatory informations Selection procedure for brokers and counterparties Our Management Company and its "Trading" subsidiary attaches great importance to the selection of transactional service providers that are brokers or counterparties. Its selection methods are as follows: - Brokers are selected by geographical area and then by business. Counterparties are selected by business. - Brokers and counterparties are provided with a quarterly internal memorandum. The company departments involved in the rating process are directly concerned by the services rendered by these service providers. The "Trading" subsidiary organises and determines this rating based on the scores provided by each team leader concerned, using the following criteria: For teams of managers, financial analysts and strategists: - general commercial relations, understanding of needs, relevance of contracts, - quality of market and opportunities advice, consultancy monitoring, - quality of research and publications, - universe of securities covered, company and management visits. For teams of traders: - quality of personnel, market knowledge and information on companies, confidentiality, - price proposals, - quality of execution, - quality of transactions processing, connectivity, technical standards and responsiveness. Our Company's Compliance and Middle Office departments have a right of veto. Accreditation of a new transactional service provider (broker or counterparty) The Trading subsidiary is in charge of processing authorisation dossiers and obtain approval from the Risk and Compliance departments. When the transactional service provider (broker or counterparty) is authorised, it is rated in the following quarter. Monitoring committees for transactional service providers (brokers and counterparties) These monitoring committees meet every quarter under the chairmanship of the Trading subsidiary manager. The purpose of the meetings is to: - validate past activity and the new selection to be implemented in the following quarter, - decide on whether service providers will form part of a group that will be assigned a certain number of transactions, - define the business outlook. In this perspective, the monitoring committees review the statistics and ratings assigned to each service provider and take decisions accordingly. Report on broking fees A report on broking fees is available for bearers. It can be viewed at the following web address: www.amundi.com.



The ucits' compliance with targets relating to ESG (environmental, social and governance) criteria • Amundi produces an ESG analysis by rating around 6,000 companies worldwide. The rating scales from A (for issuers with best ESG practices) to G (for worst ESG practices). This analysis is completed by an active engagement policy with issuers, particularly on major sustainable development issues specific to their sector. • Amundi applies a targeted exclusion policy based on texts with a universal scope such as the United Nations’ Global Compact, on human rights and environmental conventions and on the International Labour Organization. Amundi therefore excludes from all its active management*, companies that do not comply with its ESG policy, with international conventions, or with national law and regulations: - anti-personnel mines, - cluster munitions, - chemical weapons, - biological weapons, - depleted uranium weapons. Those issuers have a G rating on Amundi’s rating scale. • Amundi has also decided to exclude or underweight in its portfolios certain issuers whose activities have very strong negative externalities exposing them to increasing societal and regulatory pressures. At the end of 2018, this evolution affects two sectors: - Coal: exclusion of companies that derive over 25% of their revenue from coal extraction or that produce more than 100m tons of coal each year; - Tobacco: companies that generate more than 10% of their revenue in the tobacco sector cannot have an ESG rating higher than E (suppliers, manufacturers and retailers). Additional information on Amundi's methods for incorporating ESG criteria is available on its website: www.amundi.com. * Except for index funds and ETFs – Exchange Traded Funds – constrained by their benchmark index Remuneration Policy 1. Remuneration policy and practices of the AIFM/Management company The remuneration policy implemented by Amundi Asset Management (« Amundi AM ») is compliant with the rules in terms of remuneration specified in the Directive 2011/61/UE of the European Parliament and of the Council of June 8th 2011 on Alternative Investment Fund Managers (the “AIFM Directive”), and in the Directive 2014/91/UE of July 23rd 2014 on undertakings for collective investment in transferable securities (the “UCITS V Directive”). These rules, about remuneration policies and practices, have for objective to promote sound and effective risk management of fund managers and the funds they manage. This policy is incorporated within the framework of the remuneration policy of Amundi reviewed each year by its Remuneration Committee. The Remuneration Committee approved the remuneration policy in relation to the 2017 fiscal year and its compliance with the AIFM/UCITS Directives’ principles at its meeting held on February 1st 2018. The policy applicable for the 2017 exercise has been reviewed during the Remuneration Committee held on February 1st 2018 and extended in 2018. In 2018, the implementation of the Amundi remuneration policy was subject to an internal, central and independent audit, driven by the Amundi Internal Audit.



1.1 Amounts of remuneration paid by the Management companies to its employees During fiscal year 2018, the total amount of compensation (including fixed, deferred and non-deferred bonus) paid by Amundi AM to its employees (1 411 beneficiaries at December 31st 2018) is EUR 143 058 248. This amount is split as follows: • The total amount of fixed remuneration paid by Amundi AM in 2018: EUR 104 960 035, which represents 73% of the total amount of compensation paid by Amundi AM to its staff, were in the form of fixed remuneration. • The total amount of bonus deferred and non-deferred paid by Amundi AM in 2018: EUR 38 098 212, which represents 27% of the total amount of compensation paid by Amundi AM to its staff, were in this form. The entire staff is eligible for variable compensation. Additionally, some ‘carried interest’ was paid by Amundi AM with respect to fiscal year 2018, and is taken into account in the total amount of bonus referred to here above. Of the total amount of remuneration (fixed and bonus deferred and non-deferred) paid during the fiscal year, EUR 11 282 172 were paid to the ‘executives and senior managers’ of Amundi AM (24 beneficiaries at December 31st 2018), and EUR 11 876 785 were paid to the ‘senior investment managers’ whose professional activities have a material impact on Amundi AM’s risk profile (40 beneficiaries at December 31st 2018).

1.2 Alignment of remuneration policy and practices with risk profile of the AIFs/UCITS The Amundi Group has adopted and implemented remuneration policy and practices compliant with the latest norms, rules, and guidelines issued from the regulatory authorities for its management companies (AIFM/UCITS). The Amundi Group has also identified all of its ‘Identified Staff’, which includes all the employees of the Amundi Group having a decision authority on the UCITS/AIFM management companies or the UCITS/AIFs managed and consequently likely to have a significant impact on the performance or the risk profile. The variable remuneration awarded to the Amundi Group staff takes into account the performance of the employee, its business unit and the Amundi Group as a whole, and is based on financial and non-financial criteria as well as the respect of sound risk management rules. The criteria taken into account for performance assessment and remuneration award depends on the nature of the employee’s functions: 1. Management and selection of AIFs/UCITS functions Common financial criteria: - Gross and net performance over 1, 3 years ; - Information ratio and Sharpe ratio over 1, 3 and 5 years ; - Performance fees collected during fiscal year when relevant ; - Competitive ranking ; - Contribution to net inflows/Successful requests for proposals, mandates during fiscal year. Common non-financial criteria: - Respect of internal rules in terms of risk management and prevention (Risk/Compliance) ; - Innovation / Product development; - Sharing of best practices and collaboration between employees ; - Commercial engagement ; - Quality of management.



2. Sales and marketing functions Common financial criteria: - Net inflows ; - Revenues ; - Gross inflows; client base development and retention; product mix; Common non-financial criteria: - Joint consideration of Amundi’s and clients’ interests ; - Clients satisfaction and quality of relationship ; - Quality of management ; - Securing/developing the business ; - Cross-functional approach and sharing of best practices ; - Entrepreneurial spirit. 3. Control and support functions For control and support functions, performance assessment and remuneration award are independent from the performance of the business they oversee. Common criteria taken into account are: - Mainly criteria related to the meeting of objectives linked to their functions (risk management, quality of controls, completion of projects, tools and systems improvement etc.) - When financial criteria are used, these are mainly related to management/ optimization of expenses. The above-mentioned performance criteria, and specifically those applicable to Identified staff in charge of the management of AIFs/UCITS, comply with the applicable regulation as well as to the AIF’s/UCITS investment policy. These internal rules of Amundi Group contribute to a sound and effective risk management. Furthermore, Amundi Group has adopted and implemented, for its entire staff, measures aiming to align remuneration with long-term performance and risks in order to avoid conflicts of interest. In this respect, notably: - The deferral policy has been adapted to comply with the AIFM and UCITS V Directives’ requirements. - The deferred portion of bonus for identified staff members is awarded in financial instruments indexed at 100% on the performance of a basket of AIFs and/or UCITS funds managed. - The actual payment of the deferred portion is linked to the financial situation of Amundi Group, with the continued employment within the group and to a sound and effective risk management over the vesting period. Energy transition law for green growth (Article 173, law n°2015-992) • In the framework of Article 173 from law n ° 2015-992, Amundi has developed for its clients and funds an asset allocation and reporting methodology that assesses the risk of the energy transition in the portfolios. We calculate the portfolios’ carbon footprint and have developed an ET (Energy Transition) rating for issuers to understand their exposure to transitional risks and the management of these risks. We complete the analysis of energy transition risks through comprehensive research on the 2°C alignment of companies. This research is carried out jointly with the Crédit Agricole SA group (CASA) whose recognized model - P9XCA - allows carbon emissions to be distributed by sector and geography. Physical risks related to climate change are also part of the research undertaken with CASA to develop a model dedicated to asset management. • For more information on the management of Environmental (in particular issues related to climate change), Social, and Governance issues taken into account in its investment policy, Amundi provides a report "Application of Article 173" to investors, available at www.amundi.com (Legal Documentation section).

Annual Report on 06/28/19 39- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Certificate drafted by the Auditor on the annual accounts

Annual Report on 06/28/19 45- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Annual accounts



Financial statements The financial statements are presented pursuant to the provisions of ANC regulation 2014-01. As such, the balance sheet reflects the situation on the last trading day of the financial year. Furthermore, the income statement lists income from which management fees and financial expenses are deducted, resulting in NET INCOME OF €27,399,222.06. This figure is corrected for income accruals, interim payments, and retained earnings in order to obtain the distributable amounts for the reporting period in the amount of: €25,904,703.53 We propose to divide the distributable amounts as follows: AMUNDI OBLIG INTERNATIONAL – OR D shares - allocate a net dividend of €3.50 per share, for a total of €11,331,334.55; - allocate the sum of €19,301.81 to retained earnings. We propose to increase capital as follows: €151,205.04 for AMUNDI OBLIG INTERNATIONALES USD, I units. €3,527,513.01 for AMUNDI OBLIG INTERNATIONALES EUR, P units. €3,574.94 for AMUNDI OBLIG INTERNATIONALES USD, P units. €1,400,111.58 for AMUNDI OBLIG INTERNATIONALES EUR, IHC units. €9,174,572.11 for AMUNDI OBLIG INTERNATIONALES EUR - I- units. €4,969.96 for AMUNDI OBLIG INTERNATIONALES CHF, P units. €1,244.91 for AMUNDI OBLIG INTERNATIONALES GBP, I units. €-29.68 for AMUNDI OBLIG INTERNATIONALES GBP, P units €290,845.94 for AMUNDI OBLIG INTERNATIONALES EUR, R units. The dividend will be broken down as follows:

AMUNDI OBLIG INTERNATIONAL – OR D Net

Income subject to a compulsory, non-definitive withholding tax 1.95 Shares eligible for a tax deduction and subject to a compulsory, non-definitive withholding tax

0,00

Other income not eligible for a tax deduction and subject to a compulsory, non-definitive withholding tax

1,55

Income that does not need to be declared and is not taxable 0,00 TOTAL 3.50

Annual Report on 06/28/19 47- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FIXED ASSETS, NET

06/28/19 06/29/18

DEPOSITS FINANCIAL INSTRUMENTS 1,267,585,880.30 1,157,534,276.99

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

Bonds and similar securities 868,071,358.25 898,567,684.10Traded in a regulated market or equivalent 868,071,358.25 898,567,684.10Not traded in a regulated market or equivalent

Credit instruments Traded in a regulated market or equivalent

Negotiable credit instruments (Notes) Other credit instruments

Not traded in a regulated market or equivalent Collective investment undertakings 76,270,094.40 70,021,177.00

General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries 76,270,094.40 70,021,177.00

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

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

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

Other non-European entities

Temporary transactions in securities 306,926,955.19 169,212,211.97Credits for securities held under sell-back deals 6,641,332.64 Credits for loaned securities 13,338,054.53 Borrowed securities Securities sold under buy-back deals 286,947,568.02 169,212,211.97Other temporary transactions

Hedges 16,317,472.46 19,733,203.92Hedges in a regulated market or equivalent 14,500,968.87 16,463,181.01Other hedges 1,816,503.59 3,270,022.91

Other financial instruments RECEIVABLES 1,876,442,288.77 2,318,530,116.72

Forward currency transactions 1,842,070,329.04 2,245,601,486.51Other 34,371,959.73 72,928,630.21

FINANCIAL ACCOUNTS 1,958,883.67 30,057,194.09Cash and cash equivalents 1,958,883.67 30,057,194.09

TOTAL ASSETS 3,145,987,052.74 3,506,121,587.80

Balance Sheet on 06/28/19Portfolio : 050036 AMUNDI OBLIG INTERNATIONALES EUR

Balance sheet - asset in EUR


Annual Report on 06/28/19 48- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SHAREHOLDERS' FUNDS

06/28/19 06/29/18

983,364,638.47941,990,610.56Capital

Allocation Report of distributed items (a) 13,104,085.571,412,590.91

7,177.7015,171.40Brought forward (a)

Allocation Report of distributed items on Net Income (a,b) -31,658,188.82-9,308,878.50

26,805,776.8225,889,532.13Result (a,b)

991,623,489.74959,999,026.50Total net shareholders' funds

* Net Assets

FINANCIAL INSTRUMENTS 197,351,689.78306,442,324.97

Transfers of financial instruments

Temporary transactions in securities 167,532,536.39281,902,153.77

Sums owed for securities sold under buy-back deals 167,532,536.39281,902,153.77

Sums owed for borrowed securities

Other temporary transactions

Hedges 29,819,153.3924,540,171.20

Hedges in a regulated market or equivalent 16,011,377.5414,514,974.41

Other hedges 13,807,775.8510,025,196.79

PAYABLES 2,317,143,059.981,869,530,631.30

Forward currency transactions 2,242,138,892.921,836,011,483.17

Other 75,004,167.0633,519,148.13

FINANCIAL ACCOUNTS 3,348.3010,015,069.97

Short-term credit 3,348.3010,015,069.97

Loans received

TOTAL LIABILITIES 3,506,121,587.803,145,987,052.74

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

Balance Sheet Liabilities on 06/28/19Portfolio : 050036 AMUNDI OBLIG INTERNATIONALES EUR

Balance sheet - liabilities in EUR


Annual Report on 06/28/19 49- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/28/19 06/29/18

HEDGES

Contracts in regulated markets or similar

Contracts intendeds

CBFT CBOT YST 0918 128,613,295.47

CBFT CBOT YST 0919 131,114,440.64

CBO CBOT USUL 3 0918 15,716,404.01

CME 3M EUR 0918 50,128,045.91

ED CME EUR U9 51,630,663.86

JGBL JAPAN GO 0919 101,568,247.24

L LIBOR 3 MO 0919 55,439,763.08

L LIBOR 3 U8 56,077,910.33

LIFFE LG GILT 0919 2,184,286.99

OSE JGBL JAPAN 0918 46,655,021.37

TY CBOT YST 1 0918 191,674,125.29

TY CBOT YST 1 0919 79,671,446.92

XEUR FGBL BUN 0919 348,934,800.00

XEUR FGBM BOB 0918 426,909,100.00

XEUR FGBM BOB 0919 781,096,400.00

XEUR FGBS SCH 0918 347,463,500.00

XEUR FOAT EUR 0918 463,620.00

XEUR FOAT EUR 0919 154,977,800.00

Options

BTP 10Y 6% 07/2018 CALL 130 130,000,000.00

CBOT YST 10 A 07/2019 PUT 127,5 37,337.06

EUREX EURO BUND 07/2018 CALL 160 326,712,072.56

USD/ZAR OTC 07/2019 PUT 13,75 496,486.56

OTC contracts

Options

AUD/JPY OTC 09/2018 CALL 85,5 11,140,498.67

CAD/JPY OTC 08/2018 PUT 84,5 64,964,783.34

EUR/JPY OTC 07/2019 CALL 125,5 3,890,850.65

EUR/SEK OTC 08/2018 CALL 11 620,732.50

EUR/SEK OTC 08/2018 CALL 11 620,732.50

Off-balance sheet on 06/28/19Portfolio : 050036 AMUNDI OBLIG INTERNATIONALES EUR

Off balance sheet in EUR


Annual Report on 06/28/19 50- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/28/19 06/29/18

EUR/SEK OTC 08/2018 PUT 10,1 2,727,825.00

EUR/USD OTC 09/2018 PUT 1,1275 26,788,302.00

GBP/USD OTC 09/2019 CALL 1,2975 101,741.63

GBP/USD OTC 09/2019 PUT 1,235 53,522.99

USD/BRL OTC 08/2018 PUT 3,575 1,344,021.67

USD/BRL OTC 08/2018 PUT 3,61 4,462,607.60

USD/BRL OTC 08/2018 PUT 3,635 7,322,502.68

USD/BRL OTC 08/2019 PUT 3,69 72,801.11

USD/BRL OTC 08/2019 PUT 3,73 75,617.00

USD/BRL OTC 09/2019 PUT 3,73 160,351.99

USD/MXN OTC 09/2018 PUT 19,7 57,354,768.53

USD/RUB OTC 07/2019 PUT 63,75 7,914,333.09

USD/RUB OTC 07/2019 PUT 63,75 4,398,396.65

USD/RUB OTC 07/2019 PUT 63,9 9,938,560.45

USD/RUB OTC 07/2019 PUT 64,1 13,686,135.21

USD/RUB OTC 08/2018 PUT 60,5 9,914,977.52

USD/RUB OTC 08/2018 PUT 61,5 19,323,951.87

Interest rate swaps

E6R/0.0/FIX/1.76 25,000,000.00 25,000,000.00

E6R/0.0/FIX/1.789 10,000,000.00 10,000,000.00

Credit Default Swap

ITRAXX EUR XOVER S27 25,306,580.00 26,000,000.00

ITRAXX EUROPE S27 V1 30,000,000.00 30,000,000.00

ITRAXX EUROPE S27 V1 100,000,000.00 100,000,000.00

Other commitments

OTHER OPERATIONS

Contracts in regulated markets or similar

Contracts intendeds

CBOT USUL 30A 0919 48,335,418.86

EUR XEUR FGBX B 0918 105,198,400.00

EUR XEUR FGBX B 0919 16,840,700.00

FV CBOT UST 5 0918 29,873,019.87

FV CBOT UST 5 0919 65,050,252.62

LIFFE LG GILT 0918 6,261,887.26




Annual Report on 06/28/19 51- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/28/19 06/29/18

MSE CANADA 10 0918 33,735,774.98

MSE CANADA 10 0919 82,121,598.01

TU CBOT UST 2 0918 892,815,042.67

TU CBOT UST 2 0919 288,153,339.88

US US TBOND 3 0918 16,269,110.53

US US TBOND 3 0919 21,860,730.59

XEUR FBTP BTP 0918 64,256,200.00

XEUR FBTP BTP 0919 47,005,000.00

XEUR FGBL BUN 0918 552,670,000.00

XEUR FGBS SCH 0919 123,513,500.00

XSFE XT AUSTR 0918 188,053,532.47

XSFE XT AUSTR 0919 204,670,969.91

XSFE YT1 AUST 0918 68,530,367.30

XSFE YT1 AUST 0919 70,203,442.93

Options

CBOT YST 10 A 08/2019 PUT 126 34,513.25

EUREX EURO BUND 07/2018 PUT 159 15,420,970.58

EUREX EURO BUND 07/2018 PUT 160,5 15,685,469.50

EUREX EURO BUND 07/2018 PUT 161 39,433,796.93

EUREX EURO BUND 07/2018 PUT 161,5 2,464,875.69

OTC contracts

Options

CAD/JPY OTC 08/2018 PUT 82,5 16,814,151.77

EUR/JPY OTC 07/2019 PUT 120,5 6,946,430.00

EUR/SEK OTC 08/2018 CALL 11 1,241,465.00

EUR/SEK OTC 08/2018 PUT 10,4 20,999,240.00

EUR/TRY OTC 06/2020 CALL 12 44,674.56

EUR/TRY OTC 06/2020 PUT 6 69,848.91 141,786.00

EUR/USD OTC 09/2018 PUT 1,1525 27,370,287.00

Interest rate swaps

FIX/0.878/E6R/0.0 20,000,000.00

Other commitments




Annual Report on 06/28/19 52- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/28/19

Revenues from financial operations

06/29/18

94,208.21Revenues from deposits and financial accounts 125,930.49

Revenues from equities and similar securities

34,631,615.88Revenues from bonds and similar securities 31,238,377.92

Revenues from credit instruments 903,195.34

1,040,318.38Revenues from temporary acquisition and disposal of securities 375,555.43

27,600.00Revenues from hedges

Other financial revenues

35,793,742.47TOTAL (1) 32,643,059.18

Charges on financial operations

128,335.76Charges on temporary acquisition and disposal of securities 78,265.20

710,287.93Charges on hedges 712,032.78

129,339.49Charges on financial debts 353,649.97

Other financial charges

967,963.18TOTAL (2) 1,143,947.95

34,825,779.29NET INCOME FROM FINANCIAL OPERATIONS (1 - 2) 31,499,111.23

Other income (3)

7,426,557.23Management fees and depreciation provisions (4) 7,694,729.11

27,399,222.06NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1-2+3-4) 23,804,382.12

-1,509,689.93Revenue adjustment (5) 3,001,394.70

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

NET PROFIT (1 - 2 + 3 - 4 + 5 + 6) 25,889,532.13 26,805,776.82

Income Statement on 06/28/19Portfolio : 050036 AMUNDI OBLIG INTERNATIONALES EUR

Income statement in EUR


Annual Report on 06/28/19 53- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Notes to the annual accounts



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



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



SWING PRICING : Swing pricing is an adjustment to a UCI's net asset value (NAV). If a UCI experiences a large volume of subscriptions and/or redemptions, swing pricing can raise or lower the NAV in response to changes in the net balance of subscriptions/redemptions, protecting current investors against dilution generated by portfolio adjustment costs. Swing pricing is executed by varying the allocation of costs between current investors on the one hand and incoming and outgoing investors on the other. The UCI's existing investors do not incur additional costs from the use of swing pricing. The portfolio adjustment costs (transaction fees, taxes, liquidity costs, etc.) related to subscriptions/redemptions are incurred by incoming and outgoing investors trading in large volumes. The use of swing pricing does not change the terms of the purchases/redemptions. The Swing Pricing method applied by the Amundi Group is the trigger threshold method: Swing Pricing will be applied on the NAV, only when the net balance of subscriptions/redemptions reaches a predefined threshold. If the threshold is reached, the NAV is ‘swung’; i.e. it is adjusted by a predefined adjustment factor, known as the ‘swing factor’. The NAV is adjusted upwards in the event of positive net inflows (subscriptions > redemptions) and downwards in response to negative net inflows (redemptions > subscriptions). Due to the use of swing pricing, a UCI's volatility may not solely be a function of the assets held in the portfolio. The threshold and the adjustment factor for the NAV are determined by the fund manager and are reviewed at least on a quarterly basis. Knowledge of parameters or information that could influence the use of swing pricing can generate situations of conflict of interest. This is taken into account in Amundi's conflict of interest risk mapping framework. To protect the interests of investors, these parameters are confidential and non-disclosable. Management fees: Management fees and running costs cover all fees relating to the UCI: financial, administrative, accounting, custody, distribution management and audit costs, etc. These fees are charged to the UCI income statement. Management fees do not include transaction fees. For more details about the fees charged to the UCI, please refer to the prospectus. They are recorded pro rata temporis for each net asset value calculation. The total amount of these fees complies with the maximum fee rate based on net assets, as indicated in the prospectus: - 0.80% including tax for EUR- I, GBP- I, USD-I, IHC shares - 0.10% including tax for OR shares - 1.00% including tax for EUR-P, USD-P, CHF-P, GBP-P shares - 0.52% including tax for R shares Administrative management fees are paid by the SICAV. The statutory auditor’s fees of €5,100 (including tax) are paid by the SICAV.



Performance fees: The performance fee is calculated at the level of each unit/share concerned and on each calculation date of net asset value. This is based on the comparison between: The NAV of the unit/share (before deduction of the performance fee) and the “reference NAV” which represents the NAV of the unit/share (before deduction of the performance fee) on the first day of the observation period adjusted for subscriptions/redemptions at each valuation date, to which the performance of the benchmark index (JP Morgan Government Bond Index Broad) is applied. This comparison is made over an observation period of one year, the anniversary date of which corresponds to the calculation date of the last NAV for June. As an exception, for R units, the first observation period shall begin on 30 November 2017 and end on 30 June 2019. If, during the course of the observation period, the unit/share’s NAV (before deduction of the performance fee) is higher than that of the benchmark defined above, the performance fee will be 20% of the difference between these two values. This fee will be provisioned when the net asset value is calculated. In the event of a redemption, the share of the provision recorded for the number of units/shares redeemed permanently accrues to the fund manager. If, during the course of the observation period, the unit/share’s NAV (before deduction of the performance fee) is lower than that of the benchmark, the performance fee will be zero and will be the subject of a provision reversal when the net asset value is calculated. Reversals of provisions may not exceed total prior allocations. This performance fee will only be finally collected if, on the day of the last NAV of the observation period, the value of the unit (before deduction of the performance fee) is higher than that of the benchmark. Allocation of net profit: Definition of Distribuable The distribuable funds shall consist of: The result: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, attendance fees, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains.



Appropriation methods for the distributable amounts:

Distributable amounts Shares « CHF-P, EUR-I, EUR-P,

GBP-I, GBP-P, IHC, R, USD-I, and USD-P

Share « OR »

Allocation of the net income Capitalisation Distribution

Allocation of the net realized gains and losses

Capitalisation Capitalisation and / or distribution

Annual Report on 06/28/19 59- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/28/19

991,623,489.74NET ASSETS IN START OF PERIOD 801,350,786.70

06/29/18

171,159,801.93Subscriptions (including subscription fees received by the fund) 612,404,840.24

-282,398,060.39Redemptions (net of redemption fees received by the fund) -383,865,987.66

5,159,252.53Capital gains realised on deposits and financial instruments 7,811,159.68

-3,160,031.95Capital losses realised on deposits and financial instruments -3,141,447.80

226,585,506.97Capital gains realised on hedges 195,319,784.58

-232,267,392.43Capital losses realised on hedges -218,087,894.45

-1,381,839.52Dealing costs -1,190,899.43

8,573,986.47Exchange gains/losses -8,794,693.40

59,097,664.00Changes in difference on estimation (deposits and financial instruments) -18,045,678.92

94,962,167.58Difference on estimation, period N 35,864,503.58

-35,864,503.58Difference on estimation, period N-1 -53,910,182.50

1,839,037.09Changes in difference on estimation (hedges) -9,061,293.89

-15,332,735.50Difference on estimation, period N -17,171,772.59

17,171,772.59Difference on estimation, period N-1 8,110,478.70

Net Capital gains and losses Accumulated from Previous business year

-12,231,610.00Distribution on Net Capital Gains and Losses from previous business year -6,879,568.03

27,399,222.06Net profit for the period, before adjustment prepayments 23,804,382.12

Allocation Report of distributed items on Net Income

Interim Distribution on Net Income paid during the business year

Other items

NET ASSETS IN END OF PERIOD 959,999,026.50 991,623,489.74

Change in net assets on 06/28/19Portfolio : 050036 AMUNDI OBLIG INTERNATIONALES EUR

Changes in net asset in EUR




BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE

Amount %

ASSETS

BONDS AND SIMILAR SECURITIES

Fixed-rate bonds traded on a regulated or similar market 752,610,495.80 78.40

Other bonds (indexed bonds, participating interests) 115,460,862.45 12.03

TOTAL BONDS AND SIMILAR SECURITIES 868,071,358.25 90.42

CREDIT INSTRUMENTS

TOTAL CREDIT INSTRUMENTS

LIABILITIES

TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

OFF-BALANCE SHEET

HEDGES

Credit 155,306,580.00 16.18

Exchange rate 40,788,797.33 4.25

Rate 1,741,655,185.79 181.42

TOTAL HEDGES 1,937,750,563.12 201.85

OTHER OPERATIONS

Exchange rate 7,060,953.47 0.74

Rate 987,789,466.05 102.89

TOTAL OTHER OPERATIONS 994,850,419.52 103.63

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

Fixed rate % Variable rate % Rate subject to

review % Other %

Assets

Deposits

Bonds and similar securities

752,610,495.80 78.40 115,460,862.45 12.03

Credit instruments

Temporary transactions in securities

275,046,695.53 28.65 -429.72 31,880,689.38 3.32

Financial accounts 1,958,883.67 0.20

Liabilities


89,328,464.83 9.31 192,573,688.94 20.06


Off-balance sheet

Hedges 1,634,547,421.79 170.27 55,439,763.08 5.77 51,630,663.86 5.38

Other operations 487,245,441.95 50.75 20,000,000.00 2.08 480,509,510.85 50.05



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

< 3 Months % ]3 Months - 1

Year] % ]1 - 3 Years] % ]3 - 5 Years] % > 5 Years %

Assets

Deposits


14,060,000.35 1.46 105,806,385.02 11.02 90,729,079.72 9.45 657,475,893.16 68.49

Credit instruments


6,640,902.92 0.69 29,313,413.30 3.05 84,871,391.82 8.84 186,101,247.15 19.39


Liabilities


265,227,720.63 27.63 16,674,433.14 1.74


Off-balance sheet

Hedges 107,070,426.94 11.15 816,096,400.00 85.01 818,451,021.79 85.26


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

Currency 1 USD

%

Currency 2 AUD

%

Currency 3 NOK

%

Currency N Others

currencies

%

Assets

Deposits

Equities and similar securities

Bonds and similar securities 376,934,504.76 39.26 47,837,684.74 4.98 250,589,895.61 26.10

Credit instruments

Mutual fund units 53,755,715.24 5.60


10,659,973.24 1.11 3,590,090.47 0.37

Liabilities 211,930,058.14 22.08 103,540,652.85 10.79 77,592,939.39 8.08 670,962,522.16 69.89

Financial accounts 1,453,592.93 0.15 0.42 505,290.32 0.05

Liabilities

Transactions involving transfer of financial instruments


4,005,266.78 0.42 3,608,104.38 0.38

Debts 311,800,376.04 32.48 418,296.76 0.04 754,284,619.55 78.57

Financial accounts 118,256.62 0.01

Off-balance sheet

Hedges 299,196,570.54 31.17 159,347,561.93 16.60


Annual Report on 06/28/19 62- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BREAKDOWN BY ITEMS OF RECEIVABLES AND PAYABLES

Forward foreign exchange purchase 911,726,945.96

06/28/19Type

ReceivablesFunds to be accepted on urgent sale of currencies 930,343,383.08Sales deferred settlement 1,814,996.13Deposits 15,616,963.60Collateral 16,940,000.00

Total receivables 1,876,442,288.77

Urgent sale of currency - 929,556,287.52PayablesForward foreign exchange sale - 906,455,195.65Purchases deferred settlement - 6,675,367.54Management fees - 445,746.56Variable management fees - 3,447,840.56Collateral - 22,299,890.22Other payables - 650,303.25

Total of Payables - 1,869,530,631.30

Total payables and receivables 6,911,657.47


Number of units issued or redeemed

Shares subscribed during the period 100.000 59,559.00

Share in circulation at the end of the period 9,750.864

USD-IShare

Shares redeemed during the period -4,539.027 -2,854,119.98

Shares subscribed during the period 216,504.583 49,075,818.83


EUR-PShare



Share in circulation at the end of the period 3,237,524.156

ORShare


Shares Value

SHAREHOLDERS’ FUNDS

Annual Report on 06/28/19 63- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Number of units issued or redeemed


Share in circulation at the end of the period 936.912

USD-PShare

Shares redeemed during the period -454.386 -71,497.52



IHCShare

Shares redeemed during the period



EUR-IShare


Shares subscribed during the period


CHF-PShare

Shares redeemed during the period -549.642 -54,996.81



GBP-IShare




GBP-PShare




RShare


Shares Value

SHAREHOLDERS’ FUNDS


Annual Report on 06/28/19 64- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SUBSCRIPTION AND/OR REDEMPTION FEES

Total of subscription fees received

Total of redemption fees received

USD-IShare

Total of subscription and/or redemption fees received



EUR-PShare




ORShare




USD-PShare




EUR-IShare




IHCShare


Value


Annual Report on 06/28/19 65- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SUBSCRIPTION AND/OR REDEMPTION FEES



CHF-PShare




GBP-IShare




GBP-PShare




RShare


Value


MANAGEMENT FEES CHARGEABLE TO THE FUND

06/28/19

EUR-PShare

1.00Percentage set for fixed management fees

1,403,896.59Fixed management fees

538,241.23Variable management fees

Trailer fees

Underwriting commission

Annual Report on 06/28/19 66- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


06/28/19

USD-IShare


65,050.97Fixed management fees


Trailer fees


USD-PShare


980.69Fixed management fees

451.75Variable management fees

Trailer fees


ORShare



Variable management fees

Trailer fees


IHCShare




Trailer fees



Annual Report on 06/28/19 67- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


06/28/19

EUR-IShare


2,943,676.06Fixed management fees

1,459,252.84Variable management fees

Trailer fees


CHF-PShare




Trailer fees


GBP-IShare




Trailer fees


GBP-PShare




Trailer fees



Annual Report on 06/28/19 68- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


06/28/19

RShare



Variable management fees

Trailer fees



COMMITMENTS RECEIVED AND GIVEN06/28/19

Guarantees received by the fund

- including capital guarantees

Other commitments received

Other commitments given

Annual Report on 06/28/19 69- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Securities held under sell-back deals 6,656,502.93

Borrowed securities

06/28/19

Stock market values of pledged securities

Financial instruments pledged but not reclassified

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

06/28/19

Group financial instruments held by the Fund

06/28/19Name of securityIsin code

Equities

Bonds 4,134,514.75

1,941,448.45ACAFP 7 7/8 01/29/49USF22797RT78

2,193,066.30CASA 6.50% PERPXS1055037177

Notes

UCITS 52,853,087.82

9,938,530.06AMUNDI ABS GL MACRO 2 OE CLU0557852950

1,704,461.10AMUNDI ABSOLUE FOREX OE CLU0568619554

4,477,833.17AMUNDI BD ASIAN LOC DBT OU CLU0945149754

10,871,388.00AMUNDI FUNDS ABSOLUTE RETURNLU1622150271

24,033,531.09AMUNDI FUNDS EMERGING MARKETSLU0755948360

1,827,344.40AMUNDI FUNDS GLOBAL INFLATIONLU0752743194

Hedges 10,000,000.00

10,000,000.00E6R/0.0/FIX/1.789SWP015356201

Total group financial instruments 66,987,602.57

FUTHER DETAILS

Stock market values of temporarily acquired securities


Annual Report on 06/28/19 70- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

Distribution

Brought forward

Allocation

Capitalized 3,527,513.01 3,299,464.25

Total 3,527,513.01 3,299,464.25

06/28/19 06/29/18

Sums not yet allocated

Brought forward 15,171.40 7,177.70

Profit (loss) 25,889,532.13 26,805,776.82

Total 25,904,703.53 26,812,954.52

06/28/19 06/29/18

EUR-PShare

Distribution

Brought forward

Allocation

Capitalized 151,205.04 148,639.45

Total 151,205.04 148,639.45

06/28/19 06/29/18

USD-IShare

Distribution

Brought forward

Allocation

Capitalized 3,574.94 2,626.02

Total 3,574.94 2,626.02

06/28/19 06/29/18

USD-PShare


Annual Report on 06/28/19 71- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Distribution 11,331,334.55 12,334,421.52

Brought forward 19,301.81 18,584.03

Allocation

Capitalized

Total 11,350,636.36 12,353,005.55

Details of shares with dividend entitlement

Number of shares 3,237,524.156 3,966,051.936

Dividend per unit 3.50 3.11

Tax credits

Tax credit attached to the distribution of income

06/28/19 06/29/18

ORShare

Distribution

Brought forward

Allocation

Capitalized 9,174,572.11 9,675,171.30

Total 9,174,572.11 9,675,171.30

06/28/19 06/29/18

EUR-IShare

Distribution

Brought forward

Allocation

Capitalized 1,400,111.58 1,198,126.06

Total 1,400,111.58 1,198,126.06

06/28/19 06/29/18

IHCShare


Annual Report on 06/28/19 72- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Distribution

Brought forward

Allocation

Capitalized 4,969.96 4,910.50

Total 4,969.96 4,910.50

06/28/19 06/29/18

CHF-PShare

Distribution

Brought forward

Allocation

Capitalized 1,244.91 539.69

Total 1,244.91 539.69

06/28/19 06/29/18

GBP-IShare

Distribution

Brought forward

Allocation

Capitalized 29.68 -129.85

Total 29.68 -129.85

06/28/19 06/29/18

GBP-PShare

Distribution

Brought forward

Allocation

Capitalized 290,845.94 130,601.55

Total 290,845.94 130,601.55

06/28/19 06/29/18

RShare


Annual Report on 06/28/19 73- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Distribution

Allocation

Capitalized -1,793,127.31 -4,213,207.16

Total -1,793,127.31 -4,213,207.16

06/28/19 06/29/18

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year 1,412,590.91 13,104,085.57

Total -7,896,287.59 -18,554,103.25

Net Capital gains and losses of the business year -9,308,878.50 -31,658,188.82

Allocation Report of distributed items on Net Capital Gains and Losses

06/28/19 06/29/18

EUR-PShare

Net capital gains and losses accumulated per share

Distribution

Allocation

Capitalized -71,051.34 -239,269.49

Total -71,051.34 -239,269.49

06/28/19 06/29/18

USD-IShare


Distribution

Allocation

Capitalized -1,771.62 -3,442.73

Total -1,771.62 -3,442.73

06/28/19 06/29/18

USD-PShare



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

Annual Report on 06/28/19 74- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Distribution

Allocation

Capitalized -2,469,646.72

Total -2,469,646.72 2,537,008.68

06/28/19 06/29/18

ORShare

Net capital gains and losses accumulated per share 2,537,008.68

Distribution

Allocation

Capitalized 909,299.04 -5,118,031.19

Total 909,299.04 -5,118,031.19

06/28/19 06/29/18

IHCShare


Distribution

Allocation

Capitalized -4,353,982.28 -11,202,998.51

Total -4,353,982.28 -11,202,998.51

06/28/19 06/29/18

EUR-IShare


Distribution

Allocation

Capitalized -2,487.85 -7,347.53

Total -2,487.85 -7,347.53

06/28/19 06/29/18

CHF-PShare




Annual Report on 06/28/19 75- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Distribution

Allocation

Capitalized -586.26 -794.30

Total -586.26 -794.30

06/28/19 06/29/18

GBP-IShare


Distribution

Allocation

Capitalized -14.60 -6.90

Total -14.60 -6.90

06/28/19 06/29/18

GBP-PShare


Distribution

Allocation

Capitalized -112,918.65 -306,014.12

Total -112,918.65 -306,014.12

06/28/19 06/29/18

RShare




Annual Report on 06/28/19 76- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

06/30/15

Global Net Assets in EUR 784,382,959.38

06/30/16

776,291,961.97

06/30/17

801,350,786.70

06/29/18

991,623,489.74

06/28/19

959,999,026.50

AMUNDI OBLIGINTERNATIONALES - EUR-P

141,890,369.90Net assets in EUR 143,348,586.36 201,936,775.25 148,624,483.41 160,486,317.74

676,312.609Number of shares/units 640,440.747 906,080.537 686,618.807 675,703.605

209.79NAV per share/unit in EUR 223.82 222.86 216.45 237.50

5.05Net Capital Gains and LossesAccumulated per share in EUR

17.54 7.11 -6.13 -2.65

5.92Net income Accumulated pershare in EUR

6.20 5.45 4.80 5.22

AMUNDI OBLIGINTERNATIONALES - USD-I

53,177,569.40Net assets in USD 52,799,656.01 31,843,687.79 9,840,303.94 7,250,906.22


641.93NAV per share/unit in USD 684.22 700.46 693.47 743.61


48.22 19.60 -16.86 -7.28


18.22 15.92 10.47 15.50

AMUNDI OBLIGINTERNATIONALES - USD-P

986,434.66Net assets in USD 769,292.69 80,775.34 141,753.59 180,645.27

5,919.500Number of shares/units 4,339.782 445.754 787.298 936.912

166.64NAV per share/unit in USD 177.26 181.21 180.05 192.80


12.50 5.07 -4.37 -1.89


4.42 3.89 3.33 3.81

AMUNDI OBLIGINTERNATIONALES - OR

Net assets in EUR 214,091.97 1,458,854.39 380,718,742.11 334,092,832.98

Number of shares/units 2,058.670 14,424.816 3,966,051.936 3,237,524.156

NAV per share/unit in EUR 103.99 101.13 95.99 103.19

Net capital gains and lossesaccumulated per share in EUR

3.30 0.63

Net Capital Gains and LossesAccumulated per share in EUR

6.05 -0.76

Distribution on Net Income pershare in EUR

3.23 3.31 3.11 3.50

Unit brought forward in EUR onthe result


Annual Report on 06/28/19 77- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


06/30/15


06/30/16

776,291,961.97

06/30/17

801,350,786.70

06/29/18

991,623,489.74

06/28/19

959,999,026.50

in EURTax credits per share/unit *

AMUNDI OBLIGINTERNATIONALES - IHC

Net assets in CHF 55,691,860.28 55,558,847.20 56,294,560.33 64,694,271.94

Number of shares/units 88,007.973 88,425.973 92,597.973 97,099.781

NAV per share/unit in CHF 632.80 628.30 607.94 666.26


12.93 19.10 -55.27 9.36

Net income Accumulated pershare in EUR

15.49 15.46 12.93 14.41

AMUNDI OBLIGINTERNATIONALES - EUR-I

593,761,028.08Net assets in EUR 532,738,329.58 518,881,902.78 395,397,244.48 390,106,436.38

1,035,822.337Number of shares/units 869,380.404 848,711.919 664,474.273 596,468.530

573.22NAV per share/unit in EUR 612.77 611.37 595.05 654.02


47.98 19.50 -16.85 -7.29


18.13 16.20 14.56 15.38

AMUNDI OBLIGINTERNATIONALES - CHF-P

120,853.06Net assets in CHF 337,363.66 204,451.65 300,219.06 247,274.88


103.29NAV per share/unit in CHF 114.53 115.06 118.25 124.31


8.29 3.36 -2.89 -1.25


2.93 2.54 1.93 2.49

AMUNDI OBLIGINTERNATIONALES - GBP-I

585.69Net assets in GBP 734.07 773.72 24,917.49 47,031.69

1.000Number of shares/units 1.000 1.000 33.000 56.000

585.69NAV per share/unit in GBP 734.07 773.72 755.07 839.85


69.42 28.51 -24.06 -10.46


25.81 23.18 16.35 22.23

AMUNDI OBLIGINTERNATIONALES - GBP-P


Annual Report on 06/28/19 78- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


06/30/15


06/30/16

776,291,961.97

06/30/17

801,350,786.70

06/29/18

991,623,489.74

06/28/19

959,999,026.50

1,568.42Net assets in GBP 1,963.10 24,900.03 220.82 1,223.67

9.000Number of shares/units 9.000 109.000 1.000 5.000

174.26NAV per share/unit in GBP 218.12 228.44 220.82 244.73


20.59 8.39 -6.90 -2.92


7.29 5.22 -129.85 5.93

AMUNDI OBLIGINTERNATIONALES - R

Net assets in EUR 9,489,061.24 10,246,280.66

Number of shares/units 98,844.433 96,618.147

NAV per share/unit in EUR 95.99 106.04


-3.09 -1.16

Net income Accumulated pershare in EUR

1.32 3.01


Annual Report on 06/28/19 79- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Listed bonds and similar securitiesARGENTINA

PROVINCE OF BUENOS AIRES 5.375% 20-01-23 EUR 2,500,000 1,974,773.46 0.21

Currency Quantity Market value %Name of security

ROPUERTOS ARGENTINA 2000 6.875% 01-02-27 USD 15,250,000 12,882,357.29 1.34TOTAL ARGENTINA 14,857,130.75 1.55

AUSTRIABRF 4.35% 29-09-26 USD 6,000,000 5,144,674.22 0.54

TOTAL AUSTRIA 5,144,674.22 0.54

BELGIUMBELGIQUE 1.0% 22-06-31 EUR 3,500,000 3,820,631.27 0.40BELGIUM GOVERNMENT BOND 0.5% 22-10-24 EUR 1,000,000 1,051,980.96 0.11

TOTAL BELGIUM 4,872,612.23 0.51

BRAZILBRAZ NOTA DO 10.0% 01-01-27 BRL 4,275 1,124,555.37 0.12BRAZIL NOTAS DO TESOURO NACIONAL SERIE F 10.0% 01-01-21 BRL 78,650 19,020,511.22 1.98NOTA DO TESOURO NACIONAL 10% 01/01/23 BRL 30,000 7,560,703.16 0.79

TOTAL BRAZIL 27,705,769.75 2.89

CANADABANK OF NOVA SCOTIA TORONTO 3.125% 20-04-21 USD 4,650,000 4,175,338.14 0.43ONT 0 5/8 04/17/25 EUR 7,500,000 7,830,033.81 0.82PROVINCE DE LONTARIO 2.7% 02-06-29 CAD 11,500,000 8,117,913.70 0.85QUEBEC MONTREAL 0.875% 04-05-27 EUR 12,000,000 12,772,498.69 1.33

TOTAL CANADA 32,895,784.34 3.43

CHILECHILE GOVERNMENT INTL BOND 1.44% 01-02-29 EUR 5,000,000 5,432,097.26 0.57

TOTAL CHILE 5,432,097.26 0.57

CYPRUSCYPRUS GOVERNMENT INTL BOND 2.75% 03-05-49 EUR 2,500,000 3,117,056.63 0.32

TOTAL CYPRUS 3,117,056.63 0.32

EIREIRELAND GOVERNMENT BOND 1.1% 15-05-29 EUR 5,000,000 5,461,762.02 0.57

TOTAL EIRE 5,461,762.02 0.57

FINLANDFINLANDE 6,95%96-26 USD 9,752,000 11,094,967.11 1.16

TOTAL FINLAND 11,094,967.11 1.16

FRANCEACAFP 7 7/8 01/29/49 USD 2,000,000 1,941,448.45 0.20BNP PARIBAS 2.375% 17-02-25 EMTN EUR 4,250,000 4,634,671.63 0.48CASA 6.50% PERP EUR 2,000,000 2,193,066.30 0.23CNP ASSU 4.5% 10-06-47 EUR 4,000,000 4,699,168.46 0.49

Portfolio listing of financial instruments in EUR


Annual Report on 06/28/19 80- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

EDF 4.0% PERP EUR 5,400,000 6,007,118.08 0.63


ELECTRICITE DE FRANCE 27/01/40 USD 5,842,000 6,329,345.76 0.66GROUPAMA ASSURANCES MUTUELLES SA 6.375% PERP EUR 5,000,000 5,848,172.95 0.61LAMON 5.05 12/17/49 EUR 2,152,000 2,478,967.86 0.26NATIXIS TV 09-PERP.USMTN USD 3,136,000 2,901,823.18 0.30RATP 0.875% 25-05-27 EMTN EUR 3,900,000 4,158,971.08 0.43SCOR 5.25% PERP USD 2,000,000 1,650,622.59 0.17SG 4.25% 19-08-26 USD 4,500,000 4,114,430.32 0.43SOCGEN 5% 17/01/2024 USD 5,000,000 4,757,991.36 0.50

TOTAL FRANCE 51,715,798.02 5.39

GERMANYCMZB 4.0% 23-03-26 EMTN EUR 4,000,000 4,622,320.37 0.48

TOTAL GERMANY 4,622,320.37 0.48

ILIAC TRACTS CAIMANESVALE OVER 6.25% 10-08-26 USD 3,000,000 3,056,075.69 0.32

TOTAL ILIAC TRACTS CAIMANES 3,056,075.69 0.32

INDONESIAPERUSAHAAN LISTRIK NEGARA 5.25% 10/42 USD 2,200,000 2,059,873.31 0.21STAR ENERGY GEOTHERMAL WAYANG WINDU 6.75% 24-04-33 USD 4,000,000 3,458,501.14 0.36

TOTAL INDONESIA 5,518,374.45 0.57

ITALYASSI 5.0% 08-06-48 EMTN EUR 1,500,000 1,666,957.86 0.17ASSICURAZIONI GENERALI 7.75% 12/42 EUR 2,800,000 3,483,709.87 0.36INTE SANP SPA 5.017% 26-06-24 USD 2,900,000 2,555,526.25 0.27UNICREDIT SPA 5.861% 19-06-32 USD 9,000,000 7,617,275.42 0.80

TOTAL ITALY 15,323,469.40 1.60

JAPANDEVE BANK OF 4.75% 26-11-27 EUR 77 5,390,401.61 0.56JAPA 20 YEAR 0.2% 20-06-36 JPY 2,800,000,000 23,069,886.59 2.40JAPAN 30 YEAR ISSUE 0.5% 20-09-46 JPY 3,200,000,000 27,292,402.32 2.84JAPON 1.7% 06/20/33 JPY 3,000,000,000 30,211,968.26 3.14MITSUBISHI UFJ FINANCIAL GROUP 2.665% 25-07-22 USD 9,000,000 8,041,337.59 0.84

TOTAL JAPAN 94,005,996.37 9.78

LUXEMBURGARCELLOR MITTAL 4.55% 11-03-26 USD 3,160,000 2,968,542.54 0.31BANQ EURO DIN 1.125% 18-02-20 CAD 13,000,000 8,735,483.31 0.91MHP LUX SA 6.95% 03-04-26 USD 5,000,000 4,533,033.55 0.47MINE LUXE 6.5% 20-09-26 USD 7,000,000 6,502,276.18 0.68SB CAPITAL 5.25% 23-05-23 USD 9,000,000 8,247,907.01 0.86

TOTAL LUXEMBURG 30,987,242.59 3.23

MEXICOMEXICAN BONOS 8.5% 18-11-38 MXN 1,900,000 9,326,412.44 0.97



Annual Report on 06/28/19 81- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

MEXICAN BONOS 8.5% 31-05-29 MXN 1,200,000 5,858,827.51 0.61


MEXICO GOVERNMENT INTL BOND 1.75% 17-04-28 EUR 9,300,000 9,567,992.42 1.00MEXICO GOVERNMENT INTL BOND 3.75% 11-01-28 USD 13,000,000 11,836,938.73 1.22PETROLEOS MEXICANOS 2.75% 21/04/27 EMTN EUR 6,000,000 5,309,695.74 0.55PETROLEOS MEXICANOS 4.75% 26-02-29 EUR 5,000,000 4,878,995.62 0.51PETROLEOS MEXICANOS 4.875% 21-02-28 EUR 11,500,000 11,476,555.28 1.20PETROLEOS MEXICANOS 6.5% 23-01-29 USD 2,650,000 2,319,278.49 0.24

TOTAL MEXICO 60,574,696.23 6.30

MONGOLIEMONGOLIA INTERNATIONAL REGS 8.75% 09-03-24 USD 1,500,000 1,526,255.34 0.16

TOTAL MONGOLIE 1,526,255.34 0.16

NETHERLANDSBNG BANK NV 2.5% 28-02-20 EMTN USD 6,000,000 5,324,517.04 0.55DEME INVE BV FOR 4.375% PERP EUR 3,500,000 3,988,230.49 0.42GTH FINA BV 7.25% 26-04-23 USD 2,500,000 2,433,605.80 0.25MDC GMTN BV 2.75% 11-05-23 USD 2,800,000 2,483,872.13 0.26METINVEST BV 8.5% 23-04-26 USD 3,500,000 3,251,804.34 0.34MINEJESA CAPITAL BV 4.625% 10-08-30 USD 7,000,000 6,345,770.26 0.66PETROBRAS GLOBAL FINANCE BV 5.299% 27-01-25 USD 1,950,000 1,855,384.18 0.19PETROBRAS GLOBAL FINANCE BV 5.999% 27-01-28 USD 8,000,000 7,645,314.17 0.81PETROBRAS GLOBAL FINANCE BV 6.9% 19-03-49 USD 3,000,000 2,857,007.38 0.30RABO NEDE 6.625% PERP EUR 5,000,000 5,706,179.97 0.59VOLKSWAGEN INTERNATIONAL FINANCE NV 3.875% PERP EUR 3,500,000 3,575,387.34 0.37

TOTAL NETHERLANDS 45,467,073.10 4.74

NORWAYNORWAY GOVERNMENT BOND 1.75% 06-09-29 NOK 250,000,000 26,601,929.90 2.77NORWEGIAN GOVERNMENT 2% 24/05/2023 NOK 200,000,000 21,235,754.84 2.21

TOTAL NORWAY 47,837,684.74 4.98

OMANOMAN GOVERNMENT INTL BOND 6.5% 08-03-47 USD 8,000,000 6,221,960.74 0.65

TOTAL OMAN 6,221,960.74 0.65

PORTUGALREDE FERROVIARA 4.25% 13/12/21 EUR 8,000,000 8,963,786.85 0.93

TOTAL PORTUGAL 8,963,786.85 0.93

ROMANIAROMANIAN GOVERNMENT INTL BOND 3.375% 08-02-38 EUR 20,000,000 21,899,404.11 2.28

TOTAL ROMANIA 21,899,404.11 2.28

RUSSIARUSSIAN FEDERAL BOND OFZ 7.0% 15-12-21 RUB 750,000,000 10,436,958.24 1.09

TOTAL RUSSIA 10,436,958.24 1.09

SLOVENIAREPU DE SLOV 3.125% 07-08-45 EUR 500,000 738,992.67 0.08



Annual Report on 06/28/19 82- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SLOVENIA GOVERNMENT BOND 1.0% 06-03-28 EUR 10,000,000 10,878,497.54 1.13


SLOVENIA GOVERNMENT INTERNATIONAL BOND 5.25% 18-02-24 USD 12,217,000 12,264,131.50 1.28TOTAL SLOVENIA 23,881,621.71 2.49

SOUTHERN AFRICAAFRIQUE DU SUD 7% 28/02/2031 SERIE 213 ZAR 190,000,000 10,405,984.13 1.08ESKOM HOLDINGS SOC 6.35% 10-08-28 USD 4,400,000 4,282,731.06 0.45SAGB 8 01/31/30 ZAR 100,000,000 6,084,826.39 0.63

TOTAL SOUTHERN AFRICA 20,773,541.58 2.16

SPAINB BILB VIZC ARGE 6.75% PERP EUR 1,600,000 1,658,739.81 0.17BANCO BILBAO VIZCAYA ARGENTARIA SA 5.875% PERP EUR 400,000 416,815.05 0.04ESPAGNE 5.15% 10/44 EUR 1,000,000 1,887,083.01 0.21SPAIN GOVERNMENT BOND 2.7% 31-10-48 EUR 178,000 237,425.02 0.02

TOTAL SPAIN 4,200,062.89 0.44

SWEDENKINGDOM OF SWEDEN 0.75% 12-05-28 SEK 165,000,000 16,837,360.40 1.75

TOTAL SWEDEN 16,837,360.40 1.75

TUNISIEBANQUE CENTRALE DE TUNISIE INTERNATIONAL 5.625% 17-02-24

EUR 3,000,0003,048,805.07 0.32

TOTAL TUNISIE 3,048,805.07 0.32

TURKEYREPUBLIQUE DE TURQUIE 6.0% 25-03-27 USD 16,000,000 13,609,062.17 1.42TURK VAKI BAN 2.375% 04-05-21 EUR 1,700,000 1,693,789.88 0.18TURKEY GOVERNMENT INTL BOND 5.125% 17-02-28 USD 20,000,000 16,073,925.28 1.67TURQUIE 9.50% 01/22 TRY 18,000,000 2,286,963.59 0.24

TOTAL TURKEY 33,663,740.92 3.51

UNITED KINGDOMANGLETERRE 4.25% 06/32 GBP 29,500,000 45,699,236.12 4.75BARCLAYS 7.75% PERP USD 1,800,000 1,626,212.77 0.17HSBC HOLDINGS PLC 4.75% PERP EUR 3,000,000 3,227,570.12 0.34LLOYDS TSB TV PERP SERIE B GBP 1,500,000 2,996,134.89 0.31UKT 1 3/4 09/07/37 GBP 13,000,000 15,523,767.97 1.62

TOTAL UNITED KINGDOM 69,072,921.87 7.19

USAAT T 2.45% 15-03-35 EUR 6,500,000 6,910,966.98 0.72CAPITAL ONE FINANCIAL 3.45% 30-04-21 USD 5,000,000 4,494,596.65 0.47DIAM 1 FIND 2 5.45% 15-06-23 USD 4,014,000 3,807,519.58 0.40GENE MOTO FIN 3.7% 09-05-23 USD 7,900,000 7,077,382.40 0.74GOLD SACH GR 5.15% 22-05-45 USD 2,500,000 2,526,086.67 0.26JEFF GROU INC 6.5% 20-01-43 USD 8,000,000 7,829,629.63 0.82KRAF FOOD GRP 5% 04-06-42 USD 5,000,000 4,535,600.34 0.47



Annual Report on 06/28/19 83- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

MORGAN STANLEY 5.50% 07/21 USD 10,000,000 9,524,733.64 0.99


PRUDENTIAL FIN 5.2% TF/TV 15/03/44 USD 5,000,000 4,607,542.05 0.48PRUDENTIAL FINANCIAL 5.625% 06/43 USD 4,954,000 4,611,923.65 0.48UNITED STATES TREAS INFLATION BONDS 0.5% 15-01-28 USD 25,000,000 23,175,346.56 2.41UNITED STATES TREAS INFLATION BONDS 1.0% 15-02-48 USD 20,000,000 19,247,544.94 2.00US TREASURY I 0,625% 15/07/2021 USD 45,000,000 45,209,706.81 4.70US TREASURY I 1,75% 15/01/2028 USD 23,000,000 27,828,264.14 2.90WHIRLPOOL 5.15% 01-03-43 USD 3,000,000 2,753,994.99 0.29

TOTAL USA 174,140,839.03 18.13

VENEZUELAPETR DE VENE 6.0% 16-05-24 - DEFAUT USD 7,500,000 1,487,091.68 0.15VENEZUELA 12.75% 23/08/2022 *USD DEFAULT USD 7,500,000 2,226,422.55 0.24

Total listed bond and similar securities 868,071,358.25 90.42

Total bonds and similar securities 868,071,358.25 90.42

TOTAL VENEZUELA 3,713,514.23 0.39

Collective investment undertakingsGeneral-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countriesLUXEMBURG

AMUNDI ABS GL MACRO 2 OE C EUR 10,056.798 9,938,530.06 1.04AMUNDI ABSOLUE FOREX OE C EUR 1,667.966 1,704,461.10 0.18AMUNDI BD ASIAN LOC DBT OU C USD 4,613.174 4,477,833.17 0.47AMUNDI FUNDS ABSOLUTE RETURN CREDIT I EUR C EUR 9,900 10,871,388.00 1.13AMUNDI FUNDS EMERGING MARKETS CORPORATE BOND O USDC

USD 20,359.12724,033,531.09 2.49

AMUNDI FUNDS EMERGING MARKETS LOCAL CURRENCY BONDO USD C

USD 26,463.51823,417,006.58 2.44

AMUNDI FUNDS GLOBAL INFLATION BOND I USD H C USD 1,940 1,827,344.40 0.19

TOTAL General-purpose UCITS and alternative investmentfunds intended for non-professionals and equivalents in othercountries 76,270,094.40 7.94

Total collective investment undertakings 76,270,094.40 7.94

TOTAL LUXEMBURG 76,270,094.40 7.94

Securities purchased under agreement to resell

JAPANSUMITOMO MITSUI FINANCIAL GROUP L3RUSD+0.74% 17-01-23 USD 2,600,000 2,296,575.34 0.24

TOTAL JAPAN 2,296,575.34 0.24

UNITED KINGDOMBARCLAYS L3RUSD+1.38% 16-05-24 USD 5,000,000 4,337,899.54 0.45

TOTAL Securities purchased under agreement to resell 6,634,474.88 0.69


Indemnification on titles received in pension 6,857.76



Annual Report on 06/28/19 84- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Receivables on securities lent

SPAINSPAIN GOVERNMENT BOND 2.7% 31-10-48 EUR 10,000,000 13,338,484.25 1.39

Total receivables on securities lent 13,338,484.25 1.39

TOTAL SPAIN 13,338,484.25 1.39


Revenues from securities lent -429.72

Securities sold under agreements to repurchase

BELGIUMBELGIQUE 3.75% 22/06/2045 EUR 3,000,000 5,031,839.26 0.52BELGIUM GOVERNMENT BOND 0.5% 22-10-24 EUR 6,000,000 6,311,885.76 0.66BELGIUM 1.6% 22-06-47 EUR 13,000,000 15,124,944.85 1.58

TOTAL BELGIUM 26,468,669.87 2.76

EIREIRELAND GOVERNMENT BOND 0.9% 15-05-28 EUR 11,000,000 11,856,756.64 1.24

TOTAL EIRE 11,856,756.64 1.24

FRANCEETAT 0% 4/22 PPMT ECU EUR 14,000,000 14,113,820.00 1.47FRANCE GOVERNMANT BOND OAT 2.0% 25-05-48 EUR 5,200,000 6,704,765.20 0.70FRTR 2 1/4 05/25/24 EUR 45,000,000 51,298,432.38 5.33OAT 4%06-25102038 EUR 4,700,000 7,837,620.85 0.82REPUBLIQUE FRANCAISE 2.5% 25/05/2030 EUR 3,000,000 3,800,992.21 0.40SG 6.75% 31/12/2099 EUR 2,000,000 2,169,741.90 0.23

TOTAL FRANCE 85,925,372.54 8.95

GERMANYALLEM 0.1% 15-04-26 IND EUR 15,000,000 17,381,531.96 1.81

TOTAL GERMANY 17,381,531.96 1.81

ITALYBTPS 2.35 09/15/24 EUR 9,200,000 10,480,516.82 1.09BTPS 4 3/4 09/01/44 EUR 10,000,000 13,302,500.54 1.39ITAL BUON POL 1.6% 01-06-26 EUR 10,250,000 10,275,269.61 1.07ITALIE 5%09-010940 EUR 6,500,000 8,782,660.11 0.91ITALY BUONI POLIENNALI DEL TESORO 1.2% 01-04-22 EUR 11,000,000 11,180,952.70 1.16ITALY BUONI POLIENNALI DEL TESORO 2.95% 01-09-38 EUR 7,000,000 7,351,885.82 0.77ITALY BUONI POLIENNALI DEL TESORO 3.45% 01-03-48 EUR 4,500,000 4,998,853.13 0.52

TOTAL ITALY 66,372,638.73 6.91

PORTUGALPGB 5.65% 02/15/24 EUR 26,000,000 33,572,959.44 3.50PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14-04-27 EUR 11,000,000 14,407,446.56 1.50PORTUGAL REPUBLIQUE 4.1% 15-02-45 EUR 4,500,000 7,218,448.77 0.75

TOTAL PORTUGAL 55,198,854.77 5.75



Annual Report on 06/28/19 85- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SLOVENIAREPU DE SLOV 3.125% 07-08-45 EUR 1,000,000 1,477,985.34 0.15

TOTAL SLOVENIA 1,477,985.34 0.15


SPAINESPAGNE 5.15% 10/44 EUR 3,000,000 5,661,249.04 0.59SPAI GOVE BON 3.45% 30-07-66 EUR 4,800,000 7,661,929.64 0.80SPAIN GOVERNMENT BOND 2.7% 31-10-48 EUR 1,000,000 1,333,848.42 0.14

TOTAL SPAIN 14,657,027.10 1.53

UNITED KINGDOMUKT 1 3/4 09/07/37 GBP 3,000,000 3,590,090.47 0.37


USAUS TREASURY I 0,625% 15/07/2021 USD 4,000,000 4,018,640.60 0.42

TOTAL Securities sold under agreement to resell 286,947,568.02 29.89

TOTAL USA 4,018,640.60 0.42

Debts representative of securities sold under agreements torepurchase -282,099,439.30 -29.39

Indemnification on securities sold under agreements to repurchase 197,285.53 0.02

Hedges

Urgent commitments closedUrgent commitments firm on regulated or assimilated market

CBFT CBOT YST 0919 USD -1,081 -3,129,534.65 -0.33CBOT USUL 30A 0919 USD 310 522,040.74 0.05ED CME EUR U9 USD -240 -59,272.92 -0.01EUR XEUR FGBX B 0919 EUR 83 262,380.00 0.03FV CBOT UST 5 0919 USD 627 860,280.56 0.09JGBL JAPAN GO 0919 JPY -81 -264,070.84 -0.03L LIBOR 3 MO 0919 GBP -400 -13,969.60LIFFE LG GILT 0919 GBP -15 -25,480.55MSE CANADA 10 0919 CAD 855 242,006.59 0.03TU CBOT UST 2 0919 USD 1,525 1,715,141.49 0.18TY CBOT YST 1 0919 USD -709 -291,836.80 -0.03US US TBOND 3 0919 USD 160 648,695.45 0.07XEUR FBTP BTP 0919 EUR 350 477,960.00 0.05XEUR FGBL BUN 0919 EUR -2,020 -3,588,000.00 -0.37XEUR FGBM BOB 0919 EUR -5,810 -3,611,310.00 -0.38XEUR FGBS SCH 0919 EUR 1,100 269,500.00 0.03XEUR FOAT EUR 0919 EUR -940 -2,462,800.00 -0.26XSFE XT AUSTR 0919 AUD 300 238,254.87 0.02XSFE YT1 AUST 0919 AUD 360 49,598.72 0.01

Total Firm urgent commitments -8,160,416.94 -0.85

Total Firm urgent commitments on market reglemente -8,160,416.94 -0.85



Annual Report on 06/28/19 86- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commitments with conditional termsCommitments with conditional terms on OTC market

EUR/JPY OTC 07/2019 CALL 125,5 EUR -38,000,000 -22,666.91


EUR/JPY OTC 07/2019 PUT 120,5 EUR -38,000,000 -52,985.27 -0.01EUR/TRY OTC 06/2020 CALL 12 EUR -15,000,000 -258,495.00 -0.03EUR/TRY OTC 06/2020 PUT 6 EUR 15,000,000 58,545.00 0.01GBP/USD OTC 09/2019 CALL 1,2975 GBP 25,000,000 140,100.14 0.01GBP/USD OTC 09/2019 PUT 1,235 GBP -25,000,000 -73,219.50 -0.01USD/BRL OTC 08/2019 PUT 3,69 USD -12,500,000 -49,034.16 -0.01USD/BRL OTC 08/2019 PUT 3,73 USD -10,000,000 -47,999.11USD/BRL OTC 09/2019 PUT 3,73 USD -18,000,000 -142,028.74 -0.01USD/RUB OTC 07/2019 PUT 63,75 USD -12,000,000 -130,143.92 -0.01USD/RUB OTC 07/2019 PUT 63,75 USD -20,500,000 -218,940.05 -0.02USD/RUB OTC 07/2019 PUT 63,9 USD -23,400,000 -277,035.52 -0.03USD/RUB OTC 07/2019 PUT 64,1 USD -30,000,000 -423,112.88 -0.04

TOTAL Commitments with conditional terms on OTC -1,497,015.92 -0.15

Commitments with conditional terms on regulated or assimilatedmarket

CBOT YST 10 A 07/2019 PUT 127,5 USD 700 259,319.02 0.03CBOT YST 10 A 08/2019 PUT 126 USD -1,400 -268,923.43 -0.04USD/ZAR OTC 07/2019 PUT 13,75 USD -30,000,000 -45,111.72

TOTAL Commitments with conditional terms -1,551,732.05 -0.16

TOTAL Commitments with conditional terms on regulatedmarket -54,716.13 -0.01

Other hedgesCredit Default Swap

ITRAXX EUR XOVER S27 EUR -25,306,580 -2,338,722.78 -0.24ITRAXX EUROPE S27 V1 EUR -30,000,000 -708,282.00 -0.07ITRAXX EUROPE S27 V1 EUR -100,000,000 -2,360,940.00 -0.25

TOTAL Credit Default Swap -5,407,944.78 -0.56

Interest rate swapsE6R/0.0/FIX/1.76 EUR 25,000,000 -2,078,091.95 -0.22E6R/0.0/FIX/1.789 EUR 10,000,000 -843,499.00 -0.09FIX/0.878/E6R/0.0 EUR 20,000,000 1,617,858.45 0.17

Total other hedges -6,711,677.28 -0.70

Total hedges -16,423,826.27 -1.71

TOTAL Interest rate swap -1,303,732.50 -0.14

Margin callAppels de marges C.A.Indo en £ sterling GBP 35,300.39 39,450.59Appels de marges C.A.Indo en $ us USD -302,399.88 -265,542.57 -0.03Appels de marges C.A.Indo en AUD AUD -401,017.8 -247,114.74 -0.03Appels de marges C.A.Indo en CAD CAD -360,130 -242,006.59 -0.03Appels de marges C.A.Indo en euro EUR 8,652,270 8,652,270.00 0.91



Annual Report on 06/28/19 87- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Appels de marges C.A.Indo en yen JPY 32,400,000 264,070.84 0.03Total margin call 8,201,127.53 0.85


Receivables 1,876,442,288.77 195.47

Debts -1,869,530,631.30 -194.73

Financial accounts -8,056,186.30 -0.84

Net assets 959,999,026.50 100.00



AMUNDI OBLIG INTERNATIONALES - USD-I 9,750.864 743.61USDAMUNDI OBLIG INTERNATIONALES - USD-P 936.912 192.80USDAMUNDI OBLIG INTERNATIONALES - R 96,618.147 106.04EURAMUNDI OBLIG INTERNATIONALES - IHC 97,099.781 666.26CHFAMUNDI OBLIG INTERNATIONALES - GBP-I 56.000 839.85GBPAMUNDI OBLIG INTERNATIONALES - CHF-P 1,989.029 124.31CHFAMUNDI OBLIG INTERNATIONALES - GBP-P 5.000 244.73GBPAMUNDI OBLIG INTERNATIONALES - EUR-I 596,468.530 654.02EURAMUNDI OBLIG INTERNATIONALES - EUR-P 675,703.605 237.50EURAMUNDI OBLIG INTERNATIONALES - OR 3,237,524.156 103.19EUR

Amundi Asset Management, French “société par actions simplifiée”-SAS. 1 086 262 605 € capital amount Portfolio management company authorised by the French Financial Market Authority (AMF) under no GP 04 000 036. Registered office : 90 boulevard Pasteur - 75 015 Paris - France - 437 574 452 trade and companies’ register Paris amundi.com

AMUNDI OBLIG INTERNATIONALES

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