ABN AMRO MULTI-MANAGER FUNDS Semi-annual Report and Unaudited Financial Statements 30-06-2019 Société d’Investissement à Capital Variable (SICAV) R.C.S. Luxembourg Nr. B-78.762 English ABN AMRO Multi-Manager Funds Société d’Investissement à Capital Variable (SICAV) established under the laws of Luxembourg Registered Office ABN AMRO Multi-Manager Funds External Asset Managers Alliance Bernstein L.P. 49, avenue J.F. Kennedy 1345, avenue of the Americas L-1855 Luxembourg NY 101053 New York, USA Grand Duchy of Luxembourg Amundi S.A. Board of Directors 90, boulevard Pasteur F-75015 Paris, France Directors Mr Stéphane Corsaletti Chief Executive Officer Aristotle Capital Boston, LLC ABN AMRO Investment Solutions 125, Summer Street, Paris, France Suite 1220 MA 02110 Boston, USA Mrs Pauline Engelberts Global Chief Operations Officer Aristotle Capital Management, LLC ABN AMRO Clearing Bank NV 11100, Santa Monica Boulevard, Amsterdam, Netherlands Suite 1700 CA 90025 Los Angeles, USA Mr François-Xavier Gennetais Chief Operating Officer Barings, LLC ABN AMRO Investments Solutions 550, South Tryon Street, Paris, France Suite 3300 NC 28202 Charlotte, USA Management Company Blackrock Investment Management ABN AMRO Investment Solutions (UK) Ltd 3, Avenue Hoche 12, Throgmorton Avenue F-75008 Paris, France EC2N 2DL London, UK Investment Manager ABN AMRO Investment Solutions BNY Mellon Asset Management 3, Avenue Hoche International Ltd F-75008 Paris, France 160, Queen Victoria Street EC4V 4LA London, UK Boston Partners Global Investors Inc. 909, Third Avenue, 32nd Floor NY 10022 New York, USA Brown Investment Advisory Incorporated 901, South Bond Street, Suite 400 MD 21231-3340 Baltimore, USA Candriam France 40, rue Washington F-75008 Paris, France Candriam Belgium 58, Avenue des Arts B-1000 Brussels, Belgium Capital International Ltd 40, Grosvenor Place SW1X 7GG London, UK Dana Investment Advisors Inc. 15800, W. Bluemound Road, Suite 250 WI 53051 Brookfield, USA EdenTree Investment Management Limited Beaufort House, Brunswick Road, GL1 1JZ Gloucester, UK FIL Pensions Management, Hildenborough (UK) Oakhill House, 130 Tonbridge Road, Hildenborough, TN 11 9 DZ Kent, UK 1 ABN AMRO Multi-Manager Funds (continued) Société d’Investissement à Capital Variable (SICAV) established under the laws of Luxembourg External Asset Managers Fisher Investments Europe Limited External Asset Managers Pioneer Investment Management Ltd (continued) 6-10, Whitfield Street (continued) 1, George’s Quay Plaza’s, George’s Quay W1T2RE London, UK 2 Dublin, Ireland Fred Alger Management, Inc. PGIM Inc. 360, Park Avenue South 655 Broad Street NY 10010 New York, USA NJ 07102 Newark, USA Goldman Sachs Asset Management Principal Global Investors, LLC International 801, Grand Avenue, Des Moines Peterborough Court, 133 Fleet Street 50392 Iowa, USA EC4A 2BB London, UK Pzena Investment Management, LLC Henderson Global Investors Ltd 120, West 45th Street, 20th Floor 201, Bishopsgate NY 10036 New York, USA EC2M 3AE London, UK Robeco Institutional Asset Hermes Sourcecap Ltd Management B.V. 1, Portsoken Street, Lloyds Chambers 120, Coolsingel E1 8HZ, London, UK 3011 AG- Rotterdam, The Netherlands Insight Investment Management (Global) Schroder Investment Management Limited North America Inc. 160, Queen Victoria Street 875, Third Avenue, 22nd Floor EC4V 4LA London, UK NY-10022-6225 New York, USA JP Morgan Asset Management (UK) Ltd. Schroder Investment Management Ltd 20, Finsbury Street, Finsbury Dials 31, Gresham Street EC2Y 9AQ London, UK EC2V 7QA London, UK Kempen Capital Management N.V. Standish Mellon Asset Management, LLC 300, Beethovenstraat 201, Washington Street, 1077 WZ Amsterdam, BNY Mellon Center The Netherlands MA 02108-4408 Boston, USA Liontrust Asset Management Plc State Street Global Advisors Limited 2, Savoy Court 20, Churchill Place WC2R 0EZ, Edinburgh, UK E14 5HJ London, UK Loomis, Sayles & Company, L.P. State Street Global Advisors France One Financial Center 23-25, rue Delarivière-Lefoullon, Massachusetts 02111 Boston, USA Defense Plaza F-92064 Paris la Défense, France Matthews International Capital Management, LLC Sycomore Asset Management Four Embarcadero Center, Suite 550 14 Avenue Hoche CA 94111 San Francisco, USA 75008 Paris, France M&G Investment Management Limited TCW Investment Management Company Governor’s House, Laurence Pountney Hill, 865, S Figueroa Street, Suite 1800 EC4R 0HH London, UK California 90017 Los Angeles, USA NN Investment Partners B.V. Wellington Management International Ltd 65, Schenkkade 80, Victoria Street, Cardinal Place 2595 AS, The Hague, The Netherlands SW1E 5JL London, UK Numeric Investors LLC William Blair & Company L.L.C. 470, Atlantic Avenue, 6th Floor 222, West Adams Street MA 02210 Boston, USA IL 60606 Chicago, USA Parnassus Investments Depositary Bank and State Street Bank Luxembourg S.C.A. 1, Market Street, Suite 1600 Principal Paying Agent 49, Avenue J.F. Kennedy CA 94105 San Francisco, USA L-1855 Luxembourg, Grand Duchy of Luxembourg PIMCO Europe Ltd 103, Wigmore Street, Nations House W1U 1QS London, UK 2 ABN AMRO Multi-Manager Funds (continued) Société d’Investissement à Capital Variable (SICAV) established under the laws of Luxembourg Transfer Agent State Street Bank Luxembourg S.C.A. and Registrar 49, Avenue J.F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg Accounting Agent State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg Administrative and State Street Bank Luxembourg S.C.A. Domiciliary Agent 49, Avenue J.F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg Advisors ABN AMRO Bank N.V.Belgium Branch Roderveldlaan 5 bus 4, 2600 Antwerpen-Berchem, Belgium ABN AMRO N.V. Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands Auditor Pricewaterhouse Coopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443 L-1014 Luxembourg, Grand Duchy of Luxembourg Local Agents CACEIS Belgium S.A. Avenue du Port 86 C b320 B-1000 Brussels, Belgium (financial agent) CACEIS Bank France 1-3 place Valhubert F-75013 Paris, France (paying agent) State Street Bank GmbH Agent Fund Trading Solmsstrasse 83 D-60486 Frankfurt, Germany (paying and information agent) Société Générale, Vienna Branch Prinz-Eugen-Strasse 8-10/5/TOP 11, A-1040 Vienna, Austria (paying and information agent) CACEIS Switzerland, Nyon Branch, 35 Route de Signy, CH-1260 Nyon, Switzerland (paying agent) CACEIS (Switzerland) SA, 35 Route de Signy, CH-1260 Nyon, Switzerland (representative agent) Société Générale Securities Services SG House, 41 Tower Hill, EC3N 4SG London, United Kingdom (facilities agent) 3 CONTENTS History 5 Performance for the year/period ended 30-06-2019 29 Statement of changes in issued shares 33 Statement of Investments and other net assets 39 Statement of net assets as at 30-06-2019 396 Statement of operations and changes in net assets 401 for the period ended 30-06-2019 Notes to the Financial Statements as at 30-06-2019 412 Information to Shareholders (unaudited) 423 No subscription can be received on the sole basis of the present report. Subscriptions are only valid if made on the sole basis of the current Prospectus supplemented by the application form, the Key Investor Information (“KIID”), the latest annual report and the latest semi-annual report if published hereafter. 4 HISTORY 31-12-2017 31-12-2018 30-06-2019 AAMMF Fund of Mandates Asia-Pacific Number of shares 661,957 617,568 543,619 Equities – “A-EUR” Total net assets EUR 49,697,087 39,405,791 38,833,980 Net asset value per Share 75.08 63.81 71.44 AAMMF Fund of Mandates Asia-Pacific Number of shares 64,520 38,797 11,695 Equities – “A-USD” Total net assets USD 4,030,269 1,963,732 659,309 Net asset value per Share 62.47 50.62 56.37 AAMMF Fund of Mandates Asia-Pacific Number of shares 2,447,016 2,239,742 1,621,622 Equities – “C-EUR” Total net assets EUR 406,001,554 319,084,901 259,916,762 Net asset value per Share 165.92 142.47 160.28 AAMMF Fund of Mandates Asia-Pacific Number of shares 6,644 10,800 23,771 Equities – “C-USD” Total net assets USD 894,384 1,190,157 2,932,148 Net asset value per Share 134.62 110.20 123.35 AAMMF Fund of Mandates Asia-Pacific Number of shares - 1,280 16,989 Equities – “D-EUR” Total net assets EUR - 106,236 1,586,704 Net asset value per Share - 83.00 93.40 AAMMF Fund of Mandates Asia-Pacific Number of shares 203,607 310,717 323,739 Equities – “F-EUR” Total net assets EUR 27,898,190 36,563,025 42,870,146 Net asset value per Share 137.02 117.67 132.42 AAMMF Fund of Mandates Asia-Pacific Number of shares 150 199 45 Equities – “I-USD” Total net assets USD 2,239,327 2,430,517 609,697 Net asset value per Share 14,928.85 12,223.48 13,685.07 AAMMF Fund of Mandates Euro Number of shares 116,805 94,229 144,395 Government Bonds – “A-EUR” Total net assets EUR 13,533,776 10,837,819 17,108,609 Net asset value per Share 115.87 115.02 118.49 AAMMF Fund of Mandates Euro Number of shares 2,031,720 3,072,659 1,940,224 Government Bonds – “C-EUR” Total net assets EUR 245,475,172 371,003,397 241,758,544 Net asset value per Share 120.82 120.74 124.60 AAMMF Fund of Mandates Euro Number of shares 496,796 500,054 218,918 Government Bonds – “C2-EUR” Total net assets EUR 59,394,778 59,566,401 26,872,091 Net asset value per Share 119.56 119.12 122.75 AAMMF Fund of Mandates Euro Number of shares - 730 3,346 Government Bonds – “D-EUR” Total net assets EUR - 72,894 344,551 Net asset value per Share - 99.85 102.97 AAMMF Fund of Mandates Euro Number of shares 74,490 63,228 233,086 Government Bonds – “F-EUR” Total net assets EUR 7,504,499