Amundi Money Market Fund

Transcription

1 Amundi Money Market Fund SICAV with subfunds under Luxembourg law Audited annual report as at 31/12/12

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3 Amundi Money Market Fund Audited annual report R.C.S. Luxembourg B As at 31/12/12 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the key investor information document, the latest annual report and the latest semiannual report if published after the annual report.

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5 Table of Contents Page Organisation 4 Manager s Report 5 Securities Portfolio as at 31/12/12 Amundi Money Market Fund Short Term (EUR) Amundi Money Market Fund Short Term () Amundi Money Market Fund Short Term (USD) Statement of Net Assets as at 31/12/12 12 Financial Details 13 Statement of Operations and Changes in Net Assets for the year/period ended 31/12/12 16 Notes to the Financial Statements as at 31/12/12 17 Audit Report 23 Global Exposure Calculation Method (Unaudited Information) 24 3

6 Organisation DENOMINATION AND REGISTERED OFFICE Amundi Money Market Fund 5, Allée Scheffer L 2520 Luxembourg MANAGEMENT COMPANY Amundi Luxembourg S.A. 5, Allée Scheffer L 2520 Luxembourg BOARD OF DIRECTORS Chairman Laurent BERTIAU Deputy Head of Institutional and Third party Distribution Amundi 90, Boulevard Pasteur F Paris, France Managing Directors Giorgio GRETTER General Manager Amundi Luxembourg 5, Allée Scheffer L 2520 Luxembourg Guillaume ABEL Head of Marketing and Business Development of Institutional and Third party Distribution Amundi 90, Boulevard Pasteur F Paris, France Directors Christine MOSER Head of Sales France Amundi 90, Boulevard Pasteur F Paris, France Thierry DARMON Deputy Head of Euro Fixed Income and Credit, Amundi 90, Boulevard Pasteur F Paris, France CUSTODIAN CACEIS Bank Luxembourg 5, Allée Scheffer L 2520 Luxembourg ADMINISTRATIVE AGENT, REGISTRAR AGENT AND PAYING AGENT CACEIS Bank Luxembourg 5, Allée Scheffer L 2520 Luxembourg INVESTMENT MANAGERS Amundi acting through its : Main establishment : 90, Boulevard Pasteur F Paris, France or its London Branch : 41, Lothbury London EC2R 7HF, United Kingdom AUDITOR OF THE FUND PricewaterhouseCoopers, Société coopérative 400, Route d Esch L 1471 Luxembourg 4

7 Manager s Report AMUNDI MONEY MARKET FUND Short Term (EUR) Market environment and monetary policy: 2012 started under particularly difficult conditions: the crisis in peripheral countries pushed returns on State borrowing in the uro zone to record levels (Greece 10 years: 31.5%, Italy: 7%, France: 3.20%), the budget situation in developed countries did not experience significant improvement, and investor defiance combined with risk aversion led to a blockage of the interbank market, especially in Europe. In that particularly unstable context, the European Central Bank has taken a series of measures to: reduce the borrowing rates of European states on the market, and enable them to continue to have access to financial markets in order to obtain financing give investors renewed confidence in banks, in order to keep the money market open ensure that the accommodating monetary policy moves across into the real economy. The European Central Bank has taken decisions and put in place several mechanisms: the 2 nd LTRO (LongTerm Refinancing Operation) in February produced 530 billion uros for 800 banks over 3 years in July, the refi rate fell from 0.75% to 0.25%, and the depositfacility fell to 0% widening the base of collaterals accepted by the ECB the Securities Market Program, which enables the ECB to buy State obligations, was raised to 220 billion uros (up by 20 billion in January) by the acquisitions of Spanish and Italian obligations a foreignexchange swap transaction in order to ensure the refinancing in USD of banks in the uro zone the announcement of the creation of the Outright Monetary Transaction in September: thanks to that mechanism, the ECB can purchase State obligations with maturity of between 1 and 3 years. The programme was put in place at the request of States under conditionality, and has not yet been activated. With fully solving the problems faced by the uro zone, those various measures have enabled a significant reduction in the rates of State obligations (Greece 10 years: 11.5%, Italy: 4.5%, France: 2%); they have flooded the markets with liquidity (excess liquidity close to 800 billion uros throughout the year); and they have facilitated the refinancing of banks. The Euribor 3month rate has fallen significantly, going from 1.343% at the beginning of the year to 0.187% at the end of The Eonia rate fell from 0.396% to 0.07% over the same period. At the same time, the issuing spreads from banking as well as corporate issuers have become significantly narrower. Management policy: Through the year, outstanding amounts increased from 4.55 to 4.97 billion uros. Tension, ever present in peripheral countries, confirmed us in our strategy of remaining distanced from the issuers of those countries and to invest solely in issuers from uro zone countries with the highest rating. As a reminder, the constraints of ratings agencies force the portfolio to hold at least 50% of its outstanding amounts in issuers rated A1+. The improvement in the financing situation of issuers and the narrowing of credit spreads led us to seek value along the longest part of the curve, and to lengthen our WAL from 40 days at the start of the year to 65 days in December 2012, so as to benefit from more attractive spreads. We also remained covered overall against rate risk with WAM varying between 1 and 4 days throughout the year. Immunising the rate risk enabled us to have a more active management of the credit risk on which we found more value, in particular during the second half of the year. The portfolio sought out sectorbased diversification. However, the banking and financial sector (of which the ratings correspond to the constraints of ratings agencies) represents over 60% of assets under management. The sector is the one that offers the best return / risk coupling. The portfolio is a liquidity fund, so at least 10% of assets have maturities of 1 day. On average, almost 25% of assets are liquid at 1 week. Furthermore, all the securities held are liquid and can be negotiated very easily. AMUNDI MONEY MARKET FUND Short Term () Market environment and monetary policy: 2012 will have been a difficult year for the Bank of England and the British government. Growth in 2012 should be slightly down by 0.1% (in spite of a positive third quarter thanks to the Olympic Games), but inflation remained above the Bank of England s targets (CPI at 2.8%). In that context, the Bank of England has maintained its base rate at 0.50% (unchanged since March 2009). It has to reinforce its Quantitative Easing measures by raising the amount of its AssetPurchase Facility from 300 billion at the beginning of the year to 375 billion at the end of 2012, and by setting up the FundingforLending Scheme, the aim of which is to make loans to the real economy on behalf of banks growth was less strong than expected, and the outlook for 2013 is negative, which combine to make it difficult to attain the objective of deficit reduction that the British government has set itself. Thus, the Chancellor of the Exchequer acknowledged that the promise to lower the United Kingdom s level of debt by 2016 could not be kept. That sluggish growth and the insufficient improvement in public finances across the Channel may have negative consequences for the United Kingdom s AAA rating, which has taken the form of placing the country under negative watch by the three leading ratings agencies during the year. In the course of the year, the Libor 3month rate went from 1.08% to 0.51%, whilst Sonia (the portfolio s reference index) fell from 0.515% to 0.402%. During that same period, the credit spreads of money issuers narrowed significantly. Management policy: The Amundi Money Market Fund Short Term was launched in July 2012 with assets of 400 million. Outstanding amounts under management stood at 449 million at the end of the year. Tension, ever present in peripheral countries, confirmed us in our strategy of remaining distanced from the issuers of those countries and to invest solely in issuers from uro zone countries with the highest rating. As a reminder, the constraints of ratings agencies for the portfolio to hold at least 50% of its outstanding amounts in issuers rated A1+. In spite of a difficult situation, the Bank of England did not seem ready to lower its rates during the course of the year. That led us to reduce our exposure to rate risk. Thus, the fund WAM fell from 51 days in July to 11 days in December. During that same period, the WAL changed only slightly, remaining stable at about fifty days (due to the constraints of rating agencies). The portfolio sought out sectorbased diversification. However, the banking and financial sector (of which the ratings correspond to the constraints of ratings agencies) represents over 70% of assets under management. 5

8 Manager s Report The portfolio is a liquidity fund, so at least 10% of assets have maturities of less than or equal to 1 day. On average, almost 25% of assets are liquid at 1 week. Furthermore, all the securities held are liquid and can be negotiated very easily. AMUNDI MONEY MARKET FUND Short Term (USD) Market environment: At the end of 2011, market conditions were difficult. The situation in Europe and in Greece, in particular set off strong distrust in the markets and a blockage of the interbank market. Central banks in Europe and the USA had to intervene and put in place exceptional liquidity measures (call for bids at 3 years in uros and at 3 months in USD). Those measures enabled a significant relaxation of monetary returns and of the credit market in the first quarter of The Libor curve has fallen very significantly on the dollar: the Libor 3month rate fell from 0.58% to 0.47% in a few months, becoming stable around 0.46% from March to June It was the summer of 2012 before monetary returns fell once more, thanks, in particular, to the measures taken by the ECB to contain the rise in returns on peripheral European debts (mainly Italian and Spanish). That action led to a regain in confidence, and USA monetary funds gradually returned to European issuers. From July 2012 to December 2012, the Libor 3month rate fell from 0.46% to 0.31%. During 2012, the fed funds rates Amundi Money Market Fund Short Term USD s benchmark remained very low, between 0.04% and 0.19%, with an average of 0.14%. When tensions were at their worst in Europe, USA TBills fell to negative rated and to a maximum of 0.20% for 1year terms. The Federal Reserve Bank s monetary policy: Faced with a difficult economic environment in the USA and tensions in Europe, the Fed s monetary policy has remained very accommodating throughout the year. Thus, the Fed renewed its Operation Twist in June 2012; it consists of lengthening the duration of its portfolio of Treasury instruments to enable a flattening of the rate curve. More recently, and to compensate for the end of Operation Twist, the Fed decided to make firm purchases of Treasury instruments from January 2013 onwards. Those purchases will be added to the MBS (MortgageBacked Securities) buying programme set up in September 2012, i.e. a total of USD 85 billion each month. Management policy: In the course of the year, outstanding amounts rose from USD 721 million to USD 909 million. Faced with an accommodating monetary policy, the portfolio has remained generally uncovered for rate risk. the average portfolio maturity (WAM) lay between 27 and 54 days (endofmonth data). The average life of the portfolio (WAL) varied according to market conditions. It fluctuated between 32 and 70 days. The portfolio is rated by Fitch and S&P, so it must contain a percentage of securities rated A1+ (shortterm rating) of at least 50%, and no securities rated lower than A1. During the year, the average percentage of A1+ securities stood at 60%. The portfolio s average rating (longterm) was AA. The portfolio aimed at the widest sectorbased diversification. However, the banking sector generally accounted for between 50% and 60% of the portfolio, due to an attractive returns / risk coupling. The portfolio also tried to maintain a significant level of geographical diversification, but the uro zone generally accounted for over 40% of exposure. The portfolio is a liquidity fund, so at least 15% of assets have maturities of 1 day. On average, almost 25% of assets are liquid at 1 week. Furthermore, all the securities held are liquid and can be negotiated very easily. Luxembourg, 15 April 2013 Note: The information stated in this report is historical and not necessarily indicative of future performance. 6

9 Short Term (EUR) Securities Portfolio as at 31/12/12 % of NAV Market Value Quantity % of NAV Market Value Quantity Transferable securities admitted to an official stock 1,648,398, exchange listing and/or dealt in on another regulated market Bonds 1,308,160, Australia 99,933, ,000,000 CA CIB AUSTRALIA 13 16/01U 99,933, Belgium 15,498, ,500,000 LVMH FINANCE BELGIQUE 12 31/12U 15,498, Finland 208,173, ,000,000 OKO BANK /01U 44,919, ,500,000 OKO BANK 12 03/11U 52,417, ,000,000 NORDEA BANK /01U 68,376, ,500,000 POHJOLA BANK ECP 13 30/04U 42,459, France 314,842, ,000,000 UNEDIC BTP 13 24/06U 224,886, ,000,000 FRANCE BTF 13 14/02U 50,000, ,000,000 BNP PARIBAS 13 20/05U 39,955, Germany 49,944, ,000,000 DEUTSCHE BANK 13 10/04U 49,944, Luxembourg 80,012, ,000,000 EFSF /03U 50,038, ,000,000 EFSF /12U 29,974, Netherlands 105,320, ,500,000 ING BANK /03U 15,473, ,000,000 ING BANK /02U 89,847, Sweden 234,769, ,000,000 SWEDBANK 13 24/01U 49,923, ,000,000 STADSHYPOTEK /02U 24,975, ,000,000 STADSHYPOTEK 13 13/03U 49,963, ,000,000 SVENSKA HANDELSBANK 13 16/04U 59,948, ,000,000 SHB 13 16/05U 49,958, United Kingdom 199,664, ,000,000 LLOYDS TSB BANK 13 08/05U 49,803, ,000,000 NATIONWIDE BUILDING 13 12/03U 69,929, ,000,000 NATIONWIDE BUILDING /04U 79,931, Floating rate bonds 340,238, France 160,051, ,000,000 BFCM FL.R 13 16/09Q 100,051, ,000,000 BNP PARIBAS FL.R /12Q 60,000, Netherlands 180,186, ,000,000 RABOBANK NEDERLAND FL.R /03Q 50,022, ,000,000 RABOBANK NED EMTN FL.R /04Q 130,164, Other transferable securities 64,996, Floating rate bonds 64,996, France 45,000, ,000,000 CREDIT DU NORD FL.R /06Q 45,000, EUR EUR Netherlands 19,996, ,000,000 ING BANK FL.R /04Q 19,996, Money market instruments 2,142,487, Bonds 1,376,487, Belgium 119,886, ,000,000 FORTIS BANQUE 13 07/02U 19,937, ,000,000 FORTIS BANK 13 18/03U 24,956, ,000,000 LVMH FINANCE 13 30/01U 49,994, ,000,000 LVMH FINANCE 13 11/01U 24,998, France 329,378, ,000,000 LMA /01U 59,964, ,000,000 LMA /01U 109,935, ,000,000 LMA 12 05/11U 53,985, ,000,000 LMA 13 28/02U 9,995, ,000,000 MANAGED ENHANCED 13 11/01U 24,998, ,500,000 MANAGED ENHANCED 13 08/01U 70,497, Germany 336,733, ,000,000 LANDESBK HESSEN THUERINGEN 13 18/02U 79,880, ,000,000 LDBK HESSENTHURINGEN 13 15/04U 99,898, ,000,000 DEKABANK 13 25/01U 86,971, ,000,000 DGZ DEKABANK /02U 69,982, Ireland 165,850, ,000,000 MATCHPOINT FINANCE 13 25/01U 69,971, ,100,000 MATCHPOINT /02U 18,093, ,800,000 MATCHPOINT FINANCE /02U 29,788, ,000,000 MATCHPOINT /01U 8,999, ,000,000 MATCHPOINT /01U 38,998, Luxembourg 99,992, ,000,000 BRD TBILLS 13 07/02U 99,992, Netherlands 109,871, ,000,000 ABN AMRO NV /01U 59,883, ,000,000 ABN AMRO BANK 13 11/02U 49,987, Norway 29,946, ,000,000 DNB BANK ASA 13 21/01U 29,946, Sweden 50,001, ,000,000 SVENSKA HANDELSBANK 13 24/01U 50,001, United Kingdom 134,826, ,000,000 STANDARD CHARTERED BK 13 28/01U 54,931, ,000,000 STANDARD CHARTERED 13 11/03U 79,894, Floating rate bonds 766,000, France 511,000, ,000,000 BNP PAR (OIS+0.82) FL.R /08U 50,000, ,000,000 BNP PAR (OIS+0.48) FL.R /02U 36,000, ,000,000 STE GENERALE(OIS+0.34) FL.R /04U 60,000, ,000,000 BNP PAR (OIS+0.52) FL.R /09U 40,000, ,000,000 CIC (OIS+0.41) FL.R 13 25/09U 50,000, ,000,000 BFCM (OIS+0.37) FL.R /10U 25,000, ,000,000 NATIXIS (OIS+0.57) FL.R 13 01/03U 10,000, The accompanying notes form an integral part of these financial statements 7

10 Short Term (EUR) Securities Portfolio as at 31/12/12 % of NAV Market Value Quantity 20,000,000 UNIBAIL (OIS+0.00) FL.R /01U 20,000, ,000,000 UNIBAIL (OIS+0.01) FL.R 13 07/02U 20,000, ,000,000 HSBC FRANCE(OIS+0.00) FL.R /03U 200,000, Ireland 180,000, ,000,000 GE CAP (OIS+0.20) FL.R 13 28/01U 50,000, ,000,000 GE CAP (OIS+0.20) FL.R 13 31/01U 50,000, ,000,000 GE CEF (OIS+0.12) FL.R /06U 80,000, Netherlands 75,000, ,000,000 ING BANK (OIS+0.24) FL.R 13 15/04U 75,000, Total securities portfolio 3,855,883, EUR The accompanying notes form an integral part of these financial statements 8

11 Short Term () Securities Portfolio as at 31/12/12 % of NAV Market Value Quantity % of NAV Market Value Quantity Transferable securities admitted to an official stock 195,689, exchange listing and/or dealt in on another regulated market Bonds 195,689, France 98,915, ,000,000 CCF 13 10/01U 15,983, ,000,000 BNP PARIBAS /04U 9,966, ,000,000 BFCM /05U 5,972, ,000,000 SNCF 13 10/01U 15,996, ,000,000 BNP P 12 31/12U 9,999, ,000,000 CIC 13 03/01U 18,998, ,000,000 SOCIETE GENERAL 12 31/12U 21,999, Netherlands 44,861, ,000,000 RABOBANK NEDERLANDS /01U 14,952, ,000,000 ING BANK /04U 14,946, ,000,000 BNG ECP 13 21/06U 14,962, Sweden 17,977, ,000,000 NORDEA BANK AG 13 11/02U 17,977, United Kingdom 33,935, ,000,000 UBS AG 13 25/02U 17,951, ,000,000 BARCLAYS BANK /02U 15,983, Other transferable securities 4,521, Bonds 4,521, United Kingdom 4,521, ,500,000 RABOBANK /06U 4,521, Money market instruments 227,918, Bonds 227,918, France 82,208, ,000,000 ACOSS 13 09/01U 16,982, ,000,000 BPCE SA ECP 13 22/04U 14,947, ,000,000 BFCM /01U 11,983, ,000,000 LMA /01U 16,996, ,300,000 CREDIT AGRICOLE 12 31/12U 21,299, Germany 44,890, ,000,000 ERSTE ABWICKLUNGSANSTALT 13 16/04U 16,959, ,000,000 LANDESBK HESS.TH /04U 14,950, ,000,000 DEKABANK 13 19/02U 12,981, Netherlands 14,973, ,000,000 ABN AMRO BANK /03U 14,973, New Zealand 14,984, ,000,000 KIWIBANK /01U 14,984, Norway 11,975, ,000,000 DNB BANK ASA 13 22/04U 11,975, United Kingdom 50,888, ,000,000 STANDARD CHARTERED BK /01U 14,934, ,000,000 SUMITOMO BANK /02U 17,968, ,000,000 TRANSPORT FOR LONDO 13 07/03U 17,985, United States of America 7,996, ,000,000 BANK OF TOKYO 13 23/01U 7,996, Total securities portfolio 428,129, The accompanying notes form an integral part of these financial statements 9

12 Short Term (USD) Securities Portfolio as at 31/12/12 % of NAV Market Value Quantity % of NAV Market Value Quantity Transferable securities admitted to an official stock 413,142, exchange listing and/or dealt in on another regulated market Bonds 388,112, Finland 34,898, ,000,000 OKO BANK /01U 19,943, ,000,000 POHJOLA BANK /02U 14,954, France 125,800, ,000,000 LA BANQUE POSTALE /03U 16,952, ,000,000 BNP PARIBAS 13 14/05U 14,911, ,000,000 SNCF 12 31/12U 14,992, ,000,000 EDF 13 29/01U 34,968, ,000,000 HSBC FRANCE 13 28/02U 19,986, ,000,000 SNCF /01U 14,996, ,000,000 LA BANQUE POSTALE /03U 8,992, Germany 29,992, ,000,000 LBK BAD.WUERT 13 07/01U 29,992, Japan 32,516, ,800,000,000 JAPAN TBILL /02U 32,516, Netherlands 49,929, ,000,000 BANK NEDERLANDSE GEMEENTEN 13 06/02U 19,989, ,000,000 ABN AMRO 13 27/06U 14,962, ,000,000 BNG ECP 13 28/05U 14,977, Sweden 114,975, ,000,000 SKANDINAV ENSKILDA BANK 13 17/01U 14,952, ,000,000 SWEDBANK AB 13 24/01U 24,904, ,000,000 SWEDISH HOUSING FINANCE /01U 24,984, ,000,000 NORDEA BANK 13 28/02U 30,144, ,000,000 SWEDEN /03U 19,988, Floating rate bonds 25,029, Germany 10,000, ,000,000 KFW FL.R /01Q 10,000, Netherlands 15,029, ,000,000 ING BANK REGS FL.R /03Q 15,029, Money market instruments 406,598, Bonds 406,598, Belgium 26,799, ,000,000 FORTIS BANQUE 13 08/04U 19,854, ,000,000 FORTIS BANK 13 03/06U 6,944, Canada 14,991, ,000,000 CSE CENT.DESJARDINS 13 13/03U 14,991, France 113,581, ,000,000 CDC /01U 34,887, ,000,000 BFCM 13 18/03U 21,863, ,000,000 CREDIT MUTUEL ARKEA /01U 17,919, ,000,000 ACOSS 13 08/02U 14,987, ,000,000 BPCE SA ECP 13 10/06U 19,924, USD USD 4,000,000 ACOSS 13 28/01U 3,999, Germany 81,422, ,500,000 ALLIANCE BANK 13 28/02U 15,457, ,000,000 BAYERISCHE MOTOREN /01U 15,991, ,000,000 FMS WERTMANAGEMENT 13 28/02U 19,987, ,000,000 KFW 13 18/04U 19,985, ,000,000 LDKR BAD W FOERD 13 03/01U 9,999, Ivory Coast 14,978, ,000,000 AFRICAN DEV BANK 13 12/06U 14,978, Netherlands 29,976, ,000,000 NEDERLANDSE WATERSC 13 25/03U 29,976, Norway 29,981, ,000,000 DNB BANK ASA 13 18/03U 29,981, Sweden 24,975, ,000,000 AKADEMISKA HUS 13 18/01U 24,975, United Kingdom 39,909, ,000,000 STANDARD BANK PLC 13 18/01U 19,924, ,000,000 NORINCHUKIN BANK LDN 13 15/01U 19,985, United States of America 29,982, ,000,000 BANK OF TOKYO LTD 13 18/03U 29,982, Total securities portfolio 819,740, The accompanying notes form an integral part of these financial statements 10

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14 Statement of Net Assets as at 31/12/12 Notes Short Term (EUR) Short Term () Short Term (USD) Combined Assets Securities portfolio at market value 2 Acquisition cost Unrealised gain/loss on the securities portfolio Cash at banks and liquidities Reverse repurchase agreements 2,7 Time deposits Interest receivable 2,8 Unrealised net appreciation on forward foreign exchange contracts 2,6 Other assets Liabilities Bank overdrafts Interest payable 2,8 Dividends payable 2,9 Management fees payable 4 Administration fees payable 2,5 Net asset value 31/12/12 EUR 4,971,530, ,855,883, ,855,868, , ,002, ,429, ,129, , , ,580, , , , , ,969,950, /12/12 449,310, ,129, ,129, , ,300, , , , , , , ,116, /12/12 USD 921,597, ,740, ,556, , ,999, , , , ,796, ,573, , , , , /12/12 EUR 6,217,579, ,999,010, ,999,612, , ,363, ,066, ,802, ,555, , , ,740, ,753, , , , , ,801, ,206,839, The accompanying notes form an integral part of these financial statements 12

15 Financial Details Short Term (EUR) Year/period ending as at: 31/12/12 31/12/11 Total Net Assets EUR 4,969,950, ,548,569, DPCClass 100, Net asset value per share EUR DPVClass Net asset value per share EUR 1, ICClass 433,683, ,305, Net asset value per share EUR IVClass 96, , Net asset value per share EUR 1, , OCClass 5,079, ,114, Net asset value per share EUR OVClass 1,145, ,245, Net asset value per share EUR 1, , PCClass 84,834, , Net asset value per share EUR PVClass Net asset value per share EUR 1, , X2VClass 25, Net asset value per share EUR 1, XCClass 1,767,104, ,966, Net asset value per share EUR XVClass 1,372, , Net asset value per share EUR 1, , Short Term () Period ending as at: 31/12/12 Total Net Assets 449,116, DPCClass Net asset value per share DPVClass Net asset value per share ICClass Net asset value per share IVClass Net asset value per share OCClass Net asset value per share OVClass Net asset value per share 50, , ,053, , , , ,

16 Financial Details Short Term () Period ending as at: 31/12/12 PCClass Net asset value per share 50, PVClass Net asset value per share , XCClass Net asset value per share 500, XVClass Net asset value per share , Short Term (USD) Year/period ending as at: 31/12/12 31/12/11 Total Net Assets USD 909,801, ,069, DPCClass 50, Net asset value per share USD DPVClass Net asset value per share USD 1, ICClass 155,905, , Net asset value per share USD IVClass 8, , Net asset value per share USD 1, , OCClass 1,000, ,000, Net asset value per share USD OVClass 530, , Net asset value per share USD 1, , ObisCClass 99,825, Net asset value per share USD ObisVClass Net asset value per share USD 1, PCClass 174, , Net asset value per share USD PVClass Net asset value per share USD 1, , XCClass 100,252, ,000, Net asset value per share USD XVClass 10, , Net asset value per share USD 1, ,

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18 Statement of Operations and Changes in Net Assets for the year ended 31/12/12 Notes Short Term (EUR) Short Term () Short Term (USD) Combined Income Net bond interest 2 Bank interest on cash accounts 2 Bank interest on time deposits 2 Income on reverse repurchase agreements 2 Interest received on swaps Expenses Management fees 4 Administrative fees 2,5 Transactions fees 2 Bank interest & similar charges Interest paid on swaps Expenses on repurchase agreements 2 Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold 2 Net realised profit/(loss) on forward foreign exchange contracts 2 Net realised profit/(loss) on swaps 2 Net realised profit/(loss) on foreign exchange 2 Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Result of operations Dividend paid 2,9 Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets Net assets at the beginning of the year/period Net assets at the end of the year/period 31/12/12 EUR 37,680, ,603, , , , ,792, ,704, ,192, ,282, , , ,175, , ,976, , ,480, , ,695, ,499, ,187, ,639, ,951, ,076, ,904,024, ,496,518, ,381, ,548,569, ,969,950, /12/12 1,291, , , , , , , , , , ,026, , ,028, ,028, , ,103, ,116, ,116, /12/12 USD 4,322, ,854, , , , , , , , , , ,688, , ,416, ,206, ,938, ,007, ,021, ,925, , ,721,175, /12/12 EUR 42,527, ,730, , , ,045, ,122, ,506, ,412, ,542, , , ,478, , ,021, , ,408, , ,782, ,735, ,425, ,867, ,177, ,785, ,509,747, ,535,455, ,414,266, ,732, ,112,873, ,062, ,069, ,104,028, ,801, ,206,839, The accompanying notes form an integral part of these financial statements 16

19 Notes to the Financial Statements as at 31/12/12 1 ACTIVITY Amundi Money Market Fund (the Fund ) is organised as a Société d'investissement à Capital Variable ( SICAV ) under the laws of the Grand Duchy of Luxembourg and created on 29 October The Fund is submitted to Part I of the law of 17 December 2010 relating to Undertakings for Collective Investment. The Fund is registered under number B at the Commercial Register of Luxembourg, where its Articles are available for inspection and a copy thereof may be obtained upon request. The Capital of the Fund is represented by Shares of no par value and shall at any time be equal to the total net assets of the Fund. As at 31 December 2012, the following subfunds were active: Amundi Money Market Fund Short Term (EUR) (launched on 23 November 2010) Amundi Money Market Fund Short Term () (launched on 16 July 2012) Amundi Money Market Fund Short Term (USD) (launched on 19 April 2011). 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRESENTATION OF FINANCIAL STATEMENTS The Fund s financial statements are prepared in accordance with the regulatory provisions in force in Luxembourg concerning undertakings for collective investment. VALUATION POLICY Securities Portfolio Securities listed or negotiated on an official stock exchange or traded on any other regulated market are valued on the basis of the last available price on the principal market on which such securities are traded. If such prices are not representative of the fair value, such securities including securities which are not listed on a stock exchange or traded on a regulated market are valued at a fair value, which is estimated with caution and in good faith. Money market instruments with a maturity date of less than twelve months are assessed according to the amortized cost basis, a method consisting in taking account, after the purchase, of a constant amortized cost in order to reach the redemption price at the final maturity date. If the marktomarket value of a money market instrument appears to be significantly different from its price derived from the amortized cost basis, the money market instrument is reevaluated according to its last available market price. Increases in value are recognized as interest. Repurchase/Reverse Repurchase Agreements Repurchase agreements are equivalent to securities lending and guaranteed by underlying assets, presented in the securities portfolio of the subfund, which remains exposed to market risk. Reverse repurchase agreements are equivalent to taking in securities. In this case, the subfund is not subject to the risk of an impairment loss for the underlying assets. The repurchase/reverse repurchase agreements are respectively considered as borrowing and lending for the amount of cash received and/or paid. Borrowings under the repurchase agreements are recorded in the Statement of Net Assets at nominal value, increased by accrued interests which are presented in the Statement of Operations and Changes in Net Assets as Expenses on repurchase agreements. Loans under the reverse repurchase agreements are recorded in the Statement of Net Assets at nominal value, increased by accrued interests which are presented in the Statement of Operations and Changes in Net Assets as Income on reverse repurchase agreements. Fee structure The Administrative fee is a fee expressed as a percentage of the Net Asset Value (the NAV ) of the subfunds and classes of shares, including all the administrative expenses of the Fund. Such fee includes the remuneration of the Administrative Agent, Domiciliary Agent, Transfer Agent and Registrar Agent, the remuneration of the Custodian as well as all other administrative expenses incurred in the operation of the Fund including, but not limited to: the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements); the cost of translation, printing and distributing to investors of the annual and semiannual reports and of the prospectus dated April 2011 of the Fund and any supplement thereto as well as any notice to the investors attention; any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of information material for the subscribers and distributors; any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with any regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative; the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law; the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders interests; From such fee, Amundi Luxembourg pays the fees of the Custodian, the Administrative Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Fund. Valuation of swaps The Fund is authorised to enter into interest rate swaps transactions. The interests receivable on swaps are included in the item Interest receivable of the Statement of Net Assets and the interests payable are included in the item Interest payable of the Statement of Net Assets. Valuation of forward foreign exchange contracts As a general principle, opened forward foreign exchange contracts are valued at the forward exchange rates applicable on the valuation date or on the closing date and unrealized appreciations or depreciations resulting from them are recorded in the Statement of Net Assets. However, if a forward foreign exchange contract is opened to cover the currency exposure of an instrument denominated in another currency than the reference currency of a subfund, it is valued so that the unrealized result on the forward foreign exchange contract cancels the unrealized foreign exchange result on the instrument involved adjusted by the costs born by the forward foreign exchange contract. 17

20 Notes to the Financial Statements as at 31/12/12 CONVERSION OF ITEMS EXPRESSED IN FOREIGN CURRENCIES The Fund s combined financial statements and one subfund s financial statements are expressed in euro, one subfund is expressed in dollar US and one subfund is expressed in British Pound. The valuation of the securities in the portfolio and of other assets and liabilities expressed in currencies other than the base currency of each subfund are converted at the exchange rate prevailing at the financial yearend. The acquisition cost of the securities in the portfolio and transactions expressed in currencies other than the base currency of each subfund are converted at the exchange rate prevailing on the acquisition or transaction date. The incomes and expenses in a currency other than the subfund base currency are measured in the subfund base currency using the exchange rate in effect on the booking date. The exchange rate used for the combined figures is the following: 1 EUR = USD 1 EUR = INCOME ACCOUNTING POLICY Profits and Losses on securities sales The profits and losses on the sale of investments are determined based on the average cost. Investment income The dividends are recognised in revenue on the date when announced and to the extent the openended investment company can obtain information on this subject. Interest is recognised on a daily basis. DIVIDEND POLICY The objective of the ICClass, OCClass, XCClass, ObisCClass, PCClass and DPCClass seeks to maintain the NAV at its initial issue price. The dividend is determined on each NAV calculation and payable monthly under the following conditions: cash payment on the first business day of each month (except in case of a total redemption. In that case, the cash payment is done at calculation date) reinvestment in shares on the first business day of each month. The Fund intends to distribute substantially all of the net investment income attributable to the distribution shares of each subfund (see note 9). TRANSACTIONS FEES Transaction fees include fees resulting from the coding of each new trade (buy or sell) by the dedicated service within CACEIS Luxembourg, forex fees, stock exchange fees, handling charges linked to transactions on portfolio securities and forward foreign exchange contracts. 3 TAXE D ABONNEMENT In order to be exempted from the Taxe d abonnement, the Fund complies with the following conditions, in accordance with article 175 b) of the law of 17 December 2010: its shares are reserved for institutional investors, and its exclusive object is the collective investment in Money Market Instruments and the placing of deposits with credit institutions, and its weighted residual portfolio maturity must not exceed 90 days, and it has obtained the highest possible rating from a recognised rating agency. 4 MANAGEMENT FEES The management fee is a fee expressed as a percentage of the NAV of the subfunds and classes of shares, payable quarterly in arrears to Amundi Luxembourg and calculated each day. Amundi Luxembourg is responsible for the payment of fees to Investment managers and Distributors. As at 31 December 2012, the maximum and the applicable management fee per annum is as follows: SubFund ICClass IVClass OCClass OVClass XCClass XVClass X2VClass Amundi Money Market Fund Short Term (EUR) 0.10% 0.10% 0.075% 0.075% 0.055% Amundi Money Market Fund Short Term () 0.10% 0.10% 0.075% 0.075% NA Amundi Money Market Fund Short Term (USD) 0.10% 0.10% 0.075% 0.075% NA SubFund PCClass PVClass OBIS CClass OBIS VClass DPCClass DPVClass Amundi Money Market Fund Short Term (EUR) 0.125% 0.125% NA NA 0.175% 0.175% Amundi Money Market Fund Short Term () 0.125% 0.125% 0.175% 0.175% Amundi Money Market Fund Short Term (USD) 0.125% 0.125% 0.175% 0.175% 18

21 Notes to the Financial Statements as at 31/12/12 5 ADMINISTRATIVE FEES The administrative fee is a fee expressed as a percentage of the NAV of the subfunds and classes of shares, payable monthly in arrears to Amundi Luxembourg and calculated each day. As at 31 December 2012, the maximum and the applicable administrative fee per annum is as follows: SubFund ICClass IVClass OCClass OVClass XCClass XVClass X2VClass Amundi Money Market Fund Short Term (EUR) 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% Amundi Money Market Fund Short Term () 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% NA Amundi Money Market Fund Short Term (USD) 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% NA SubFund PCClass PVClass OBIS CClass OBIS VClass DPCClass DPVClass Amundi Money Market Fund Short Term (EUR) 0.025% 0.025% 0.025% 0.025% Amundi Money Market Fund Short Term () 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% Amundi Money Market Fund Short Term (USD) 0.025% 0.025% 0.025% 0.025% 0.025% 0.025% 6 OPEN POSITIONS ON FORWARD FOREIGN EXCHANGE CONTRACTS All investments, which are not denominated in the subfund s currency, are systematically hedged. Thus, as at 31 December 2012, the following positions on forward foreign exchange contracts were open, for hedging of money market instruments: AMUNDI MONEY MARKET FUND SHORT TERM (EUR) Currency Amount in EUR Currency receivable EUR 68,414, Total : 68,414, Currency payable DKK 68,359, Total : 68,359, Total : 56, As at 31 December 2012, the net unrealised gain on forward foreign exchange contracts amounted to EUR 56, and the maturity dates for the contracts opened are January AMUNDI MONEY MARKET FUND SHORT TERM (USD) Currency Amount in USD Currency receivable USD 63,560, Total : 63,560, Currency payable DKK 30,122, JPY 32,522, Total : 62,644, Total : 915, As at 31 December 2012, the net unrealised profit on forward foreign exchange contracts amounted to USD 915, and the maturity dates for the contracts opened are February REVERSE REPURCHASE AGREEMENTS During the year, the subfunds entered into reverse repurchase contracts (see note 2). As at 31 December 2012, the loans granted in accordance with these agreements were guaranteed by the following underlying assets: AMUNDI MONEY MARKET FUND SHORT TERM (EUR) Currency Nominal Description Amount in EUR EUR 18,727, AFD /10A 20,000, EUR 28,500, CMCIC CB /02A 30,000, EUR 18,400, CMCIC COVERED BONDS /01A 20,000, EUR 25,224, CRH /01A 30,000, EUR 23,594, CRH /06A 28,000, EUR 18,553, CRH /10A 20,000, EUR 12,000, FRANCE OAT /04U 9,900, EUR 31,000, FRANCE OAT /04U 22,041, EUR 14,000, FRANCE OAT /10U 8,400, EUR 14,000, FRANCE OAT /04U 6,930, EUR 33,000, FRANCE OAT /04U 7,623, EUR 25,000, FRANCE OAT FUNGIBLE /04U 15,575, EUR 12,000, FRANCE OAT STRIP /04U 11,988, EUR 16,000, FRANCE OAT STRIP /04U 10,720, EUR 26,000, FRANCE OAT STRIP /04U 16,380, EUR 33,000, FRANCE OAT STRIP /10U 18,549, EUR 54,000, FRANCE OAT STRIP /04U 30,234, EUR 25,000, FRANCE OAT STRIP /04U 12,700, EUR 29,000, FRANCE OAT STRIP /04U 12,180, EUR 12,000, FRANCE OAT STRIP /04U 2,664,

22 Notes to the Financial Statements as at 31/12/12 Currency Nominal Description Amount in EUR EUR 78,700, GCE COVERED /09A 80,000, EUR 156,550, GCE COVERED BONDS /02S 159,994, EUR 14,000, NEDERLAND STRIPSJA /01U 8,554, EUR 56,420, SFEF /01A 59,997, Total : 642,429, These contracts will mature during January 2013 AMUNDI MONEY MARKET FUND SHORT TERM (USD) Currency Nominal Description Amount in USD USD 49,193, EUROPEAN INVESTMENT BK /05S 49,999, USD 49,529, IBRD TR /04S 49,999, Total : 99,999, These contracts will mature on 31 December 2012 and during January SWAPS INTEREST RATE SWAP The Fund has concluded Interest rate swap contracts in which the counterparties exchange respective engagements for the payment or receipt of interest on a specific nominal reference amount. In practice and by derogation from the current prospectus, the Interest rate swap contracts are not valued. The interests are calculated and booked for every time the NAV is calculated and are included in the item "Interest receivable" and Interest payable of the Statement of Net Assets. AMUNDI MONEY MARKET FUND SHORT TERM (EUR) Nominal Currency Maturity Date Flow/Rate paid Flow/Rate Received 50,000, EUR 31/12/ EONIA EURO 15,498, EUR 31/12/ EONIA EURO 53,985, EUR 07/01/ EONIA EURO 70,497, EUR 09/01/ EONIA EURO 59,964, EUR 11/01/ EONIA EURO 24,998, EUR 11/01/ EONIA EURO 24,998, EUR 11/01/ EONIA EURO 99,933, EUR 16/01/ EONIA EURO 30,000, EUR 17/01/ EONIA EURO 29,946, EUR 21/01/ EONIA EURO 38,998, EUR 22/01/ EONIA EURO 49,923, EUR 24/01/ EONIA EURO 50,001, EUR 24/01/ EONIA EURO 59,883, EUR 24/01/ EONIA EURO 68,396, EUR 24/01/ EONIA EURO 69,971, EUR 25/01/ EONIA EURO 86,971, EUR 25/01/ EONIA EURO 8,999, EUR 25/01/ EONIA EURO 89,869, EUR 28/01/ EONIA EURO 54,931, EUR 28/01/ EONIA EURO 109,935, EUR 29/01/ EONIA EURO 44,919, EUR 30/01/ EONIA EURO 20,000, EUR 07/02/ EONIA EURO 99,992, EUR 07/02/ EONIA EURO 89,847, EUR 11/02/ EONIA EURO 49,987, EUR 11/02/ EONIA EURO 29,788, EUR 11/02/ EONIA EURO 18,093, EUR 12/02/ EONIA EURO 79,880, EUR 18/02/ EONIA EURO 69,982, EUR 26/02/ EONIA EURO 24,975, EUR 28/02/ EONIA EURO 9,995, EUR 28/02/ EONIA EURO 15,473, EUR 04/03/ EONIA EURO 20,000, EUR 04/03/ EONIA EURO 52,417, EUR 11/03/ EONIA EURO 79,894, EUR 11/03/ EONIA EURO 20

23 Notes to the Financial Statements as at 31/12/12 Nominal Currency Maturity Date Flow/Rate paid Flow/Rate Received 69,929,68 EUR 12/03/ EONIA EURO 49,963, EUR 13/03/ EONIA EURO 45,000, EUR 14/03/ EONIA EURO 24,956,47 EUR 18/03/ EONIA EURO 60,000, EUR 20/03/ EONIA EURO 49,944, EUR 10/04/ EONIA EURO 79,931, EUR 11/04/ EONIA EURO 99,898,99 EUR 15/04/ EONIA EURO 59,948, EUR 16/04/ EONIA EURO 42,459, EUR 30/04/ EONIA EURO 49,803, EUR 08/05/ EONIA EURO 49,958, EUR 16/05/ EONIA EURO 39,955, EUR 20/05/ EONIA EURO 224,886, EUR 24/06/ EONIA EURO AMUNDI MONEY MARKET FUND SHORT TERM () Nominal Currency Maturity Date Flow/Rate paid Flow/Rate Received 16,982, /01/ SONIO 15,983, /01/ SONIO 14,991, /01/ SONIO 7,996, /01/ SONIO 11,983, /01/ SONIO 15,983, /02/ SONIO 17,977, /02/ SONIO 12,981, /02/ SONIO 17,951, /02/ SONIO 17,968, /02/ SONIO 17,985, /03/ SONIO 14,973, /03/ SONIO 16,959, /04/ SONIO 9,966, /04/ SONIO 14,946, /04/ SONIO 14,947, /04/ SONIO 14,950, /04/ SONIO 11,975, /04/ SONIO 5,972, /05/ SONIO 4,545, /06/ SONIO 14,962, /06/ SONIO AMUNDI MONEY MARKET FUND SHORT TERM (USD) Nominal Currency Maturity Date Flow/Rate paid Flow/Rate Received 22,000, USD 08/04/ FED 15,000, USD 14/05/ FED 7,000, USD 03/06/ FED 9 DIVIDENDS The Fund effectively paid or reinvested the following dividends per share during the year/period: AMUNDI MONEY MARKET FUND SHORT TERM (EUR) In (EUR) OCClass ICClass XCClass PCClass DPC Class Total Dividends effectively paid or reinvested as at 31 December ,366, ,709, ,649, , ,822, January , , , February , , , March , , , ,

24 Notes to the Financial Statements as at 31/12/12 In (EUR) OCClass ICClass XCClass PCClass DPC Class April , , , , May , , , , June , , , , July , , , , August , , , , September , , , , October , , , , November , , , , December , , , Total Dividends still have to be paid as at 31 December , , , , Dividends total 1,367, ,756, ,848, , ,076, As at 31 December 2012, the amount of dividends still to be paid is EUR 253, and is included in the item Dividends payable. AMUNDI MONEY MARKET FUND SHORT TERM () In () OCClass ICClass XCClass PCClass DPC Class Total Dividends effectively paid or reinvested as at 31 December , , , July August September October November , Dividends still have to be paid as at 31 December , , Dividends total 1, , , , As at 31 December 2012, the amount of dividends still to be paid is 10, and is included in the item Dividends payable. AMUNDI MONEY MARKET FUND SHORT TERM (USD) In (USD) OCClass ICClass XCClass PCClass ObisCClass DPC Class Total Dividends effectively paid or reinvested as at 31 December , , , , , , January , February , , March , , , , April , , , , May , , , , June , , , , July , , , , August , , , , September , , , , October , , , , November , , , , Dividends still have to be paid as at 31 December , , , , Dividends total 3, , , , , , As at 31 December 2012, the amount of dividends still to be paid is USD 101, and is included in the item Dividends payable. 10 CHANGES IN THE COMPOSITION OF SECURITIES PORTFOLIO The report on the changes in the composition of the portfolio is available upon simple request free of charge from the registered office of the Fund. 22