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Unaudited Semi-Annual Report and Financial Statements As at 30Th June 2015

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Unaudited Semi-Annual Report and Financial Statements As at 30Th June 2015 Unaudited semi-annual report and financial statements as at 30th June 2015 UBAM Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 35 412 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter. UBAM Contents Organisation ....................................................................................................................................................5 Combined statement of net assets................................................................................................................9 Combined statement of operations and other changes in net assets .....................................................10 UBAM - CORPORATE EURO BOND ............................................................................................................12 UBAM - CORPORATE US DOLLAR BOND..................................................................................................22 UBAM - DYNAMIC EURO BOND...................................................................................................................33 UBAM - DYNAMIC US DOLLAR BOND ........................................................................................................41 UBAM - EMERGING MARKET BOND...........................................................................................................49 UBAM - EMERGING MARKET CORPORATE BOND...................................................................................59 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND ..........................................................70 UBAM - EURO BOND ....................................................................................................................................78 UBAM - GLOBAL BOND .............................................................................................................................. 85 UBAM - GLOBAL CREDIT OPPORTUNITIES ..............................................................................................91 UBAM - GLOBAL HIGH YIELD SOLUTION ..................................................................................................97 UBAM - LOCAL CURRENCY EMERGING MARKET BOND ......................................................................106 UBAM - STERLING BOND ..........................................................................................................................114 UBAM - UNCONSTRAINED BOND .............................................................................................................118 UBAM - US DOLLAR BOND .......................................................................................................................126 UBAM - EM INVESTMENT GRADE CORPORATE BOND .........................................................................132 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES .......................................................................................137 UBAM - EUROPEAN CONVERTIBLE BOND..............................................................................................142 UBAM - EURO 10-40 CONVERTIBLE BOND .............................................................................................147 UBAM - GLOBAL CONVERTIBLE BOND...................................................................................................154 UBAM - 30 GLOBAL LEADERS EQUITY....................................................................................................159 UBAM - ASIA EQUITY .................................................................................................................................165 UBAM - ASIA EQUITY HIGH DIVIDEND .....................................................................................................172 UBAM - DR. EHRHARDT GERMAN EQUITY..............................................................................................178 UBAM - EQUITY BRIC+...............................................................................................................................184 UBAM - EUROPE EQUITY...........................................................................................................................191 UBAM - EUROPE EQUITY DIVIDEND+ ......................................................................................................199 UBAM - EUROPE EQUITY FLEX.................................................................................................................208 UBAM - EUROPEAN OPPORTUNITIES EQUITY .......................................................................................215 UBAM - GCM MIDCAP US EQUITY GROWTH ...........................................................................................220 UBAM - GLOBAL EQUITY* .........................................................................................................................226 UBAM - GLOBAL EQUITY INCOME…………………………………………………………………………... ....233 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY ......................................................................................238 UBAM - NEUBERGER BERMAN US EQUITY VALUE ...............................................................................244 UBAM - RUSSIAN EQUITY..........................................................................................................................250 Page 3 UBAM Contents (continued) UBAM - SNAM JAPAN EQUITY VALUE .....................................................................................................255 UBAM - SWISS EQUITY ..............................................................................................................................262 UBAM - TURKISH EQUITY..........................................................................................................................268 UBAM - EURO EQUITY INCOME ................................................................................................................273 UBAM - MULTIFUNDS ALLOCATION 30 ....................................................................................................278 UBAM - MULTIFUNDS ALLOCATION 50 ....................................................................................................283 UBAM - MULTIFUNDS ALLOCATION 70 ...................................................................................................288 UBAM - MULTIFUNDS ALTERNATIVE........................................................................................................293 UBAM - MULTIFUNDS EMERGING MARKETS..........................................................................................298 UBAM - ASYMMETRY 50 EUR....................................................................................................................303 UBAM - ASYMMETRY 50 USD....................................................................................................................309 Notes to the financial statements..............................................................................................................314 Page 4 UBAM Organisation REGISTERED OFFICE 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS OF THE SICAV Mr. Pierre BERGER Managing Director UBP Gestion Institutionnelle SA Geneva, Switzerland Chairman of the Board of Directors Mr. Daniel VAN HOVE Managing Director Orionis Management S.A. Luxembourg, Grand Duchy of Luxembourg Director Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. Luxembourg, Grand Duchy of Luxembourg Director MANAGEMENT COMPANY UBP Asset Management (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg MANAGEMENT COMPANY’S BOARD OF DIRECTORS Mr. André GIGON Senior Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Chairman of the Board of Directors (from 5th June 2015) Mr. Ian CRAMB Executive Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Chairman of the Board of Directors (until 4th June 2015) Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Ms. Isabelle ASSERAY Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Page 5 UBAM Organisation (continued) Mr. Patrick PALFFY Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland MANAGEMENT COMPANY’S CONDUCTING OFFICERS Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Ms. Isabelle ASSERAY Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Mr. Pierre BERGER Managing Director UBP Gestion Institutionnelle SA 8, rue Robert-Estienne, CH-1211 Genève 1 Switzerland Sub-fund Management delegated to: UBAM - ASIA EQUITY UBP Asset Management Asia Limited Hong Kong UBAM - ASIA EQUITY HIGH DIVIDEND UBAM - DR. EHRHARDT GERMAN EQUITY DJE Kapital AG Pullach, Germany UBAM - EQUITY BRIC+ Brazilian portfolio Hedging-Griffo Serviços Internacionais Ltda São Paulo, Brazil Russian portfolio Union Bancaire Privée, UBP SA (London Branch) Geneva, Switzerland Indian portfolio
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