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 LGM Investment Limited, London – United Kingdom Chinese portfolio UBP Asset Management Asia Limited Hong Kong UBAM - 10-40 CONVERTIBLE OPPORTUNITIES Union Bancaire Gestion Institutionnelle (France) SAS UBAM - EUROPEAN CONVERTIBLE BOND Paris, France UBAM - EURO 10-40 CONVERTIBLE BOND UBAM - GLOBAL CONVERTIBLE BOND UBAM - EUROPE EQUITY FLEX Union Bancaire Privée, UBP SA Geneva, Switzerland Union Bancaire Gestion Institutionnelle (France) SAS Paris, France UBAM - GCM MIDCAP US EQUITY GROWTH Geneva Capital Management Ltd Milwaukee, United States of America UBAM - IFDC JAPAN OPPORTUNITIES EQUITY IFDC Limited London, United Kingdom
Page 6
UBAM
Organisation (continued)
UBAM - NEUBERGER BERMAN US EQUITY VALUE Neuberger Berman LLC New-York, United States of America UBAM - SNAM JAPAN EQUITY VALUE Sompo Japan Nipponkoa Asset Management Co, Ltd Tokyo, Japan ALL OTHERS SUB-FUNDS Union Bancaire Privée, UBP SA Geneva, Switzerland (using the resources of its London and Zurich branches)
CUSTODIAN BANK
Union Bancaire Privée (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg
ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT BY DELEGATION
CACEIS Bank Luxembourg 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg
GENERAL DISTRIBUTOR, REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND
Union Bancaire Privée, UBP SA 96-98 rue du Rhône P.O. Box 1320 CH-1211 Genève 1 Switzerland
CABINET DE REVISION AGREE
Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg
INFORMATION ON THE MAIN REPRESENTATIVE OFFICES ABROAD
The information documents concerning the SICAV, including the articles of incorporation, the prospectus and the Key Investor Information Documents (KIIDs), the annual reports and audited financial statements and semi-annual unaudited reports and the statement of changes in investments for the period referring to this report are available free of charge at the registered office of the SICAV, 287-289 route d’Arlon, L-1150 Luxembourg and at the office of the following financial intermediaries:
Page 7
UBAM
Organisation (continued)
- General distributor, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, P.O. Box 1320 CH-1211 Genève 1 Tel: + 41 (0) 58 819 21 11 Payment services, execution place and jurisdiction place are established, for the shares distributed in Switzerland, in the place here-above mentioned. Supplementary information concerning the distribution of the different types and classes of shares of the SICAV in Switzerland are specified in the prospectus and the Key Investor Information Documents (KIIDs). Information in Switzerland concerning the SICAV are published on the electronic platform Swiss Fund Data (www.swissfunddata.ch). The subscription and redemption prices of the shares of the different sub-funds are published daily on the said electronic platform at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby informed that transactions made in the SICAV’s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the SICAV’s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding, selling and redemption of shares, in the light of their place of residence. Additional information for Swiss investors in accordance with the Guidelines on transparency with regard to management fees as of 7th June 2005 of Swiss Funds & Asset Management Association (SFAMA) : Trailer fees for the commercialisation of the SICAV to distributors and investment managers are taken directly from the management and advisory fees. Rebates from the management and advisory fees are granted to institutional investors who, from a commercial perspective are holding shares of the SICAV for third parties.
- Paying agent and information place in Germany SAL. OPPENHEIM JR. & CIE. AG & Co., 4, Unter Sachsenhausen, D-50667 Cologne
- Paying agent in Austria ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, Graben 21, A-1010 Vienna
- Financial agent in Belgium CACEIS BELGIUM FUND ADMINISTRATION SERVICE & TECHNOLOGY NETWORK BELGIUM (FASTNET) Avenue du Port, 86 C b320, B-1000 Brussels
- Official distributor agent in Spain ALLFUNDS BANKS S.A., Nuria 57, E-28034 Madrid The information documents concerning the SICAV can be obtained by the shareholders from the distributor agent or from UBP GESTION INSTITUCIONAL S.A., Avenida Diagonal 520, 2°2aB, E-08006 Barcelona.
- Correspondent bank in France CACEIS BANK, 1-3, Place Valhubert, F-75206 Paris Cedex 13 The correspondent is also in charge of the subscriptions / redemptions processing and of the dividend payments of the shares of the SICAV.
- Paying agents in Italy Allfunds Bank S.A, via Santa Margherita 7, I-20121 Milan State Street Bank S.p.A, Via Ferrante Aporti 10, I-20125 Milan
- Official distributor agent in Portugal BEST - Banco Electronico de Serviço Total, S.A., Praça Marquês de Pombal, no. 3 - 3°, 1250-161 Lisbon
- Representative in United Kingdom UNION BANCAIRE PRIVEE, UBP SA, 26 St James's Square, GB-London SW1Y4JH
- Distributor agent in Singapore UNION BANCAIRE PRIVEE (Singapore) Ltd, OUE Bayfront, 50 Collyer Quay #08-03, SG-Singapore 049321
- Distributor agent in Sweden MFEX Mutual Funds Exchange AB, Linnégatan 9-11, SE Stockholm 114 47 (formerly Carnegie Investment Bank AB, Gustav Adolfs Torg 18, SE Stockholm 103 38 )
Page 8
UBAM Combined Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 11,063,702,550.82 Securities portfolio at market value Note 2 10,453,829,169.50 Options contracts at market value Note 2, 11 1,141,458.45 Other liquid assets 1,908,226.53 Cash at banks and time deposits 300,970,643.67 Deposits on futures and option contracts 21,188,593.68 Interest receivable on bank accounts 0.40 Interest receivable on swap contracts Note 2 3,922,218.77 Interest receivable on bonds and other debt securities 34,736,645.52 Formation expenses, net Note 2 66,259.54 Receivable on sales of securities 3,529,334.37 Receivable on issues of shares 59,265,811.82 Dividends receivable 2,180,888.90 Unrealised gain on forward foreign exchange contracts Note 2, 8 9,282,129.17 Unrealised gain on futures contracts Note 2, 9 1,213,750.15 Unrealised gain on swap contracts Note 2, 10 169,782,891.11 Receivable on treasury transactions Note 2 8,807.57 Receivable on swap contracts 41,763.07 Other receivables 633,958.60 Liabilities 113,654,234.08 Short option contracts at market value Note 2, 11 2,179,016.23 Bank liabilities 34,683,782.71 Other liquid liabilities 3,883,346.56 Payable on purchases of securities 2,700,578.74 Payable on redemptions of shares 5,556,820.11 Unrealised loss on forward foreign exchange contracts Note 2, 8 37,503,613.88 Unrealised loss on futures contracts Note 2, 9 546,639.33 Unrealised loss on swap contracts Note 2, 10 343,355.32 Payable on treasury transactions Note 2 897.48 Interest payable on bank liabilities and expenses payable 26,256,183.72 Net assets at the end of the period 10,950,048,316.74
The accompanying notes are an integral part of these financial statements. Page 9 UBAM Combined Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015
Expressed in EUR
Income 172,988,500.61 Dividends, net Note 2 47,364,362.17 Interest on bonds and other debt securities, net Note 2 55,896,723.83 Interest on bank accounts 59,310.25 Bank interest on time deposits 454.44 Interest received on swap contracts Note 2 69,627,215.28 Other income 40,434.64 Expenses 74,824,186.36 Management fees Note 3 36,253,877.26 Custodian fees 7,481,545.99 Subscription duty ("taxe d'abonnement") Note 5 1,577,231.08 Central administration costs 4,775,145.89 Performance fees Note 4 1,576,224.71 Audit fees 163,960.29 Interest paid on bank liabilities 141,122.76 Legal fees 256,808.72 Transaction fees Note 2 10,163,938.59 Other administration costs Note 6, 7 3,311,005.59 Banking charges and other fees 74,858.12 Expenses on repos and reverse repos 33.60 Interest paid on swap contracts Note 2 8,470,719.15 Other expenses 577,714.61 Net investment income 98,164,314.25 Net realised gain/(loss) on: - securities portfolio Note 2 259,592,042.55 - option contracts Note 2 -3,579,632.71 - forward foreign exchange contracts Note 2 -8,514,839.12 - futures contracts Note 2 -3,121,235.57 - swap contracts Note 2 -128,590,576.62 - foreign exchange Note 2 -6,988,313.23 Realised result 206,961,759.55 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -91,123,410.51 - option Note 2 22,319.80 - forward foreign exchange contracts Note 2 -7,821,649.19 - futures contracts Note 2 1,128,951.98 - swap contracts Note 2 75,498,825.49 Result of operations 184,666,797.12 Dividends paid Note 14 -24,385,345.00 Subscriptions capitalisation shares 4,071,813,833.77 Subscriptions distribution shares 644,895,870.25 Redemptions capitalisation shares -2,531,249,710.57 Redemptions distribution shares -126,355,967.42 Total changes in net assets 2,219,385,478.15
Revaluation difference Note 2 473,558,020.66
The accompanying notes are an integral part of these financial statements. Page 10 UBAM Combined Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015
Expressed in EUR
Total net assets at the beginning of the period 8,257,104,817.93
Net assets at the end of the period 10,950,048,316.74
The accompanying notes are an integral part of these financial statements. Page 11 UBAM - CORPORATE EURO BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 198,931,322.30 Securities portfolio at market value Note 2 189,729,978.85 Cash at banks and time deposits 5,486,937.22 Deposits on futures and option contracts 736,444.35 Interest receivable on swap contracts Note 2 5,957.28 Interest receivable on bonds and other debt securities 2,612,484.22 Unrealised gain on forward foreign exchange contracts Note 2, 8 275,505.65 Unrealised gain on futures contracts Note 2, 9 35,444.97 Unrealised gain on swap contracts Note 2, 10 46,514.97 Other receivables 2,054.79 Liabilities 551,723.19 Other liquid liabilities 180,146.92 Interest payable on bank liabilities and expenses payable 371,576.27 Net assets at the end of the period 198,379,599.11
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 796,713.434 62,119.426 165,757.517 693,075.343 Distribution shares 70,279.852 2,480.000 23,271.000 49,488.852
AH CHF shares Capitalisation shares 6,666.000 4,225.000 1,265.000 9,626.000
AH USD shares Capitalisation shares 7,768.000 664.000 0.000 8,432.000
AS shares Capitalisation shares 38,265.000 7,375.000 16,797.000 28,843.000
I shares Capitalisation shares 250,427.982 95,227.111 111,969.551 233,685.542 Distribution shares 24,938.000 57.000 24,259.000 736.000
IH CHF shares Capitalisation shares 0.000 9,928.892 0.000 9,928.892
IH GBP shares Capitalisation shares 67,087.000 13,383.000 850.000 79,620.000
IS shares Capitalisation shares 61,556.250 0.000 48,846.250 12,710.000
U shares Capitalisation shares 137.000 329.000 256.000 210.000
The accompanying notes are an integral part of these financial statements. Page 12 UBAM - CORPORATE EURO BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
R shares Capitalisation shares 4,755.932 329.705 1,231.176 3,854.461
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 198,379,599.11 232,648,255.25 225,864,135.99
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 693,075.343 796,713.434 693,508.216 Net asset value per share 182.25 185.65 172.37 Distribution shares Number of shares outstanding 49,488.852 70,279.852 26,537.288 Net asset value per share 104.69 109.46 105.15 Dividend per share 2.86 3.61 4.29
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 9,626.000 6,666.000 5,708.000 Net asset value per share 267.11 274.07 255.19
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 8,432.000 7,768.000 - Net asset value per share 103.50 105.39 -
AS shares EUR EUR EUR Capitalisation shares Number of shares outstanding 28,843.000 38,265.000 361,479.000 Net asset value per share 100.65 102.27 101.23
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 233,685.542 250,427.982 253,490.281 Net asset value per share 193.77 197.05 182.33 Distribution shares Number of shares outstanding 736.000 24,938.000 28,545.000 Net asset value per share 182.49 190.48 182.33 Dividend per share 4.98 6.25 -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 9,928.892 - - Net asset value per share 97.58 - -
The accompanying notes are an integral part of these financial statements. Page 13 UBAM - CORPORATE EURO BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 198,379,599.11 232,648,255.25 225,864,135.99
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 79,620.000 67,087.000 59,800.000 Net asset value per share 110.39 111.95 103.33
IS shares EUR EUR EUR Capitalisation shares Number of shares outstanding 12,710.000 61,556.250 52,565.250 Net asset value per share 101.16 102.65 101.34
U shares EUR EUR EUR Capitalisation shares Number of shares outstanding 210.000 137.000 4,288.000 Net asset value per share 193.24 196.67 182.26
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 3,854.461 4,755.932 4,931.735 Net asset value per share 168.47 172.20 161.01
The accompanying notes are an integral part of these financial statements. Page 14 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 186,330,213.50 189,729,978.85 2,612,484.22 95.64 dealt in on another regulated market Bonds 149,581,315.75 152,503,318.10 2,011,070.26 76.87 Euro 149,581,315.75 152,503,318.10 2,011,070.26 76.87 1,250,000 ABBEY NAT TREAS 2.00 14-19 14/01A 1,247,000.00 1,298,300.00 11,438.36 0.65 1,000,000 ABBEY NATL 1.125 15-22 14/01A 998,730.00 973,620.00 5,147.26 0.49 500,000 ABERTIS INFRAESTRUCT. 2.50 14-25 27/02A 497,495.00 512,150.00 4,212.33 0.26 300,000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A 294,168.00 341,367.00 307.38 0.17 500,000 ABN AMRO EMTN 7.125 12-22 06/07A 638,617.22 639,865.00 35,039.38 0.32 1,200,000 ADECCO INT FINANCIAL 4.75 11-18 13/04A 1,359,600.00 1,333,344.00 12,147.54 0.67 500,000 AIR LIQUIDE SA 1.875 14-24 05/06A 499,980.00 519,505.00 640.37 0.26 100,000 AIRBUS GROUP FINANCE 2.125 14-29 29/10A 99,126.00 101,481.00 1,420.55 0.05 350,000 AKZO NOBEL 1.75 14-24 07/11A 352,415.00 350,238.00 3,943.49 0.18 600,000 AKZO NOBEL EMTN 2.625 12-22 27/07A 652,134.00 650,394.00 14,584.93 0.33 2,000,000 ALLIED IRISH REGS 2.875 13-16 28/11A 1,996,400.00 2,044,480.00 33,712.33 1.03 800,000 AMERICA MOVIL SAB 3.00 12-21 12/07A 888,000.00 872,144.00 23,210.96 0.44 300,000 ANGLO AMERICAN CAP 3.25 14-23 03/04A 332,460.00 317,064.00 2,344.26 0.16 250,000 ARCELORMITTAL SA 9.375 09-16 03/06A 288,025.00 272,115.00 1,959.53 0.14 1,000,000 ARRFP 1.125 14-21 15/01A 996,110.00 991,510.00 5,116.44 0.50 1,000,000 ASF SA EMTN 7.375 09-19 20/03A 1,284,500.00 1,244,070.00 20,553.28 0.63 500,000 ASSICURAZ GENERALI 5.125 09-24 16/09A 511,275.00 608,630.00 20,148.97 0.31 600,000 ASSICURAZ GENERALI 7.75 12-42 12/12A 776,423.07 718,500.00 25,479.45 0.36 300,000 AT T 1.30 15-23 05/09A 300,489.00 285,492.00 1,207.40 0.14 500,000 AT T 3.375 14-34 15/03A 505,965.00 502,825.00 4,933.40 0.25 1,500,000 ATLANTIA 3.625 12-18 30/11A 1,578,525.00 1,634,985.00 31,582.19 0.82 350,000 AT&T INC 1.45 14-22 01/06A 357,525.00 345,362.50 402.12 0.17 500,000 ATT T 3.55 12-32 17/12A 498,730.00 523,420.00 9,482.88 0.26 700,000 AUTOROUTES DU SUD FRA 2.95 14-24 17/01A 785,260.00 770,266.00 9,278.36 0.39 1,000,000 BANK OF AMERICA 2.50 13-20 27/07A 1,077,070.00 1,062,950.00 23,150.68 0.54 500,000 BANK OF IRELAND 1.25 15-20 09/04A 499,435.00 485,940.00 1,931.10 0.24 250,000 BAT HOLDINGS BV 3.125 14-29 06/03A 260,660.00 268,550.00 2,476.09 0.14 500,000 BAT HOLDINGS BV 4.00 10-20 07/07A 560,135.00 573,920.00 19,616.44 0.29 750,000 BAT HOLDINGS BV EMTN 2.375 12-23 19/01A 746,175.00 791,340.00 7,905.82 0.40 250,000 BAT INTL FIN 0.875 15-23 13/10A 248,972.50 234,247.50 653.25 0.12 400,000 BBVA SENIOR FIN 2.375 14-19 22/01A 398,996.00 418,348.00 4,138.36 0.21 1,000,000 BFCM EMTN 2.625 14-24 18/03Q 1,074,400.00 1,059,380.00 7,459.02 0.53 600,000 BHP BILLITON 0.75 15-22 28/10A 596,436.00 574,416.00 776.71 0.29 1,000,000 BHP BILLITON FINANCE 2.25 12-20 25/09A 1,001,930.00 1,064,230.00 17,136.99 0.54 1,000,000 BK IRELAND (GOV&CO) 2.00 14-17 08/05A 997,900.00 1,011,080.00 2,896.17 0.51 500,000 BK TOKYO-MITSUBISHI 0.875 15-22 11/03A 500,540.00 485,225.00 1,326.84 0.24 500,000 BMW FINANCE 2.625 14-24 17/01A 543,810.00 545,925.00 5,897.26 0.28 1,000,000 BNP PARIBAS 2.50 12-19 23/08A 995,570.00 1,068,110.00 21,301.37 0.54 500,000 BNP PARIBAS 2.875 13-23 26/09A 518,250.00 547,295.00 10,909.25 0.28 700,000 BOUYGUES 3.641 10-19 29/10A 757,050.00 782,145.00 17,037.88 0.39 500,000 BP CAPITAL MKTS 2.972 14-26 27/02A 504,800.00 554,030.00 5,007.62 0.28 1,000,000 BPCE 4.50 12-22 10/02A 1,053,200.00 1,199,490.00 17,260.27 0.60 1,900,000 BPCE GP 6.117 07-XX 30/10A 2,037,110.50 2,059,410.00 77,375.86 1.04 900,000 BRITISH SKY 1.875 14-23 24/11A 930,213.82 891,513.00 10,078.77 0.45 800,000 BRITISH SKY BROADCAST 1.50 14-21 15/09A 798,944.00 798,864.00 9,468.49 0.40 500,000 BRITISH TELECOM 1.125 14-19 10/06A 501,100.00 507,595.00 307.38 0.26 750,000 CARLSBERG BREWERIES 2.625 12-19 03/07A 785,375.00 799,702.50 19,525.68 0.40 350,000 CARLSBERG BREWERIES 2.625 12-22 15/11A 358,435.00 371,343.00 5,713.87 0.19 500,000 CARREFOUR 1.25 15-25 03/06A 497,340.00 471,430.00 2,515.86 0.24 500,000 CARREFOUR 1.75 14-22 15/07A 496,460.00 508,930.00 8,390.41 0.26 250,000 CARREFOUR EMTN 4.00 10-20 09/04A 270,748.50 285,630.00 2,240.44 0.14 300,000 CASINO GUICHARD 2.33 14-25 07/02A 306,369.00 293,082.00 2,738.55 0.15 900,000 CASINO GUICHARD 3.157 12-19 06/08A 930,600.00 975,159.00 25,532.78 0.49 800,000 CASINO GUICHARD 4.726 11-21 26/05A 900,098.00 937,952.00 3,615.52 0.47 500,000 CHRISTIAN DIOR 1.375 14-19 19/06A 497,700.00 507,675.00 206.63 0.26 500,000 CITIGROUP 1.375 14-21 27/10A 502,100.00 497,055.00 4,633.56 0.25 750,000 CITIGROUP EMTN 2.375 14-24 22/05A 789,427.50 771,907.50 1,898.05 0.39 300,000 CLOVERIE PLC SWISS RE 6.625 12-42 01/09A 297,387.00 376,236.00 16,444.52 0.19 750,000 CNOOC CURTIS 2.75 13-20 03/10A 777,187.50 805,320.00 15,256.85 0.41 500,000 COCA COLA 0.75 16-23 09/03A 502,260.00 476,140.00 1,157.79 0.24 700,000 CREDIT AGRICOLE EMTN 3.125 14-26 05/02A 838,670.00 770,000.00 8,690.07 0.39 1,700,000 CREDIT SUISSE GR FDG 1.25 15-22 14/04A 1,687,148.00 1,611,787.00 4,470.63 0.81
The accompanying notes are an integral part of these financial statements. Page 15 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,050,000 CRH FINANCE GERMANY 1.75 14-21 16/07A 1,055,380.20 1,060,237.50 17,569.52 0.53 500,000 CRH FINLAND SERVICES 2.75 13-20 15/10A 505,200.00 532,900.00 9,719.18 0.27 750,000 DAIMLER EMTN 1.875 14-24 08/07A 752,580.00 769,860.00 13,754.28 0.39 500,000 DEN NORSKE BANK 4.375 11-21 24/02A 556,940.00 587,925.00 7,551.37 0.30 1,500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 4.25 10-22 13/07A 1,488,840.00 1,803,630.00 61,479.45 0.91 500,000 DIAGEO FINANCE PLC 2.375 14-26 20/05A 499,210.00 512,650.00 1,330.26 0.26 800,000 DIRECTV 2.75 13-23 19/05A 796,980.00 849,864.00 2,524.59 0.43 1,000,000 DONG ENERGY 2.625 12-22 19/09A 1,028,100.00 1,086,110.00 20,424.66 0.55 250,000 DONG ENERGY A/S 4.875 09-21 16/12A 249,532.50 307,827.50 6,544.52 0.16 600,000 EDF SA 2.75 12-23 10/03A 604,126.00 654,204.00 5,049.18 0.33 500,000 EDP FINANCE EMTN 2.625 14-22 18/01A 540,000.00 502,675.00 5,861.30 0.25 900,000 ELECT.DE FRANCE EMTN 5.625 03-33 21/02A 1,136,097.50 1,229,022.00 17,892.12 0.62 500,000 ENAGAS FIN REGS 1.25 15-25 06/02A 486,145.00 457,770.00 2,465.75 0.23 300,000 ENBW INTL FIN. EMTN 6.125 09-39 07/07A 496,425.00 450,384.00 18,022.60 0.23 1,000,000 ENEL FINANCE INTL 4.875 12-20 11/03A 1,018,580.00 1,168,300.00 14,784.84 0.59 300,000 ENEL SOCIETA -EMTN- 5.625 07-27 21/06A 415,869.00 391,626.00 414.96 0.20 1,000,000 ENERGA FINANCE AB 3.25 13-20 19/03A 1,057,000.00 1,081,711.00 9,146.17 0.55 300,000 ENI 1.50 15-26 02/02A 297,804.00 282,843.00 1,824.66 0.14 400,000 ENI SPA 3.625 14-29 29/01A 446,143.67 454,188.00 6,038.36 0.23 1,500,000 ENI SPA 4.25 12-20 03/02A 1,536,450.00 1,722,165.00 25,674.66 0.87 500,000 EUTELSAT 2.625 13-20 13/01A 536,755.00 531,385.00 6,041.10 0.27 1,250,000 EXP-IMP BANK KOREA 2.00 13-20 30/04A 1,253,058.33 1,315,612.50 4,166.67 0.66 500,000 FCA CAPITAL IRELAND 1.375 15-20 17/04A 500,000.00 485,830.00 1,390.03 0.24 1,000,000 FCE BANK 1.75 13-18 21/05A 997,250.00 1,024,020.00 1,912.57 0.52 500,000 FCE BANK EMTN 1.134 15-22 10/02A 500,000.00 478,970.00 2,174.79 0.24 250,000 FCE BANK EMTN REGS 1.875 14-21 24/06A 251,475.00 253,565.00 76.84 0.13 400,000 FGA CAPITAL IRELAND 2.00 14-19 23/09A 398,600.00 403,516.00 6,136.99 0.20 800,000 GAS NATURAL 3.875 13-23 17/01A 903,761.00 914,224.00 13,928.77 0.46 1,000,000 GDF SUEZ 0.50 15-22 13/03A 988,510.00 960,630.00 1,489.07 0.48 700,000 GDF SUEZ 1.00 15-26 13/03A 664,300.00 649,551.00 2,084.70 0.33 1,500,000 GECC 2.75 13-23 15/03A 1,492,880.00 1,635,870.00 11,511.27 0.82 500,000 GECC EMTN 5.375 09-20 23/01A 592,590.00 602,420.00 11,633.56 0.30 1,550,000 GENERAL MOTORS 1.875 14-19 15/10A 1,578,629.41 1,569,375.00 20,542.81 0.79 650,000 GLENCORE FINANCE 1.625 14-22 18/01A 651,827.00 636,116.00 4,716.95 0.32 500,000 GLENCORE FINANCE 5.25 10-17 22/03A 532,500.00 539,395.00 7,172.13 0.27 250,000 GLENCORE FINANCE EURO 1.25 15-21 17/03A 249,970.00 241,597.50 896.52 0.12 1,000,000 GOLDMAN SACHS GR EMTN 3.25 13-23 01/02A 1,049,100.00 1,097,940.00 13,267.12 0.55 1,500,000 GOLDMAN SACHS GROUP 2.625 13-20 19/08A 1,622,110.00 1,600,500.00 33,981.16 0.81 500,000 HEINEKEN NV 2.125 12-20 04/08A 508,200.00 528,055.00 9,606.16 0.27 400,000 HEINEKEN NV 2.875 12-25 04/08A 434,372.00 440,068.00 10,397.26 0.22 1,500,000 HSBC HOLDINGS SUB 6.00 09-10 10/06A 1,797,750.00 1,758,135.00 4,918.03 0.89 1,000,000 HUTCHISON WHAMPOA 3.625 12-22 06/06A 1,073,700.00 1,136,950.00 2,377.05 0.57 1,500,000 IBERDROLA FINANZAS 4.125 10-20 23/03A 1,432,930.00 1,708,275.00 16,736.68 0.86 800,000 ILLINOIS TOOL WORKS 1.25 15-23 22/05A 793,912.00 776,608.00 1,065.57 0.39 900,000 IMPERIAL TABACCO 2.25 14-21 26/02A 968,355.00 937,664.10 6,879.45 0.47 150,000 IMPERIAL TABACCO 3.375 14-26 26/02A 151,428.00 160,578.00 1,719.86 0.08 1,000,000 IMPERIAL TOBACCO FIN 4.50 11-18 05/07A 1,108,280.00 1,107,880.00 44,383.56 0.56 1,000,000 ING BANK NV 4.50 12-22 21/02A 1,208,950.00 1,198,130.00 15,904.11 0.60 1,500,000 INTESA SAN PAOLO 4.75 07-17 15/06A 1,638,750.00 1,606,770.00 2,920.08 0.81 300,000 INTESA SAN PAOLO 1.125 15-22 04/03A 298,917.00 282,171.00 1,088.11 0.14 2,000,000 INTESA SAN PAOLO 4.00 10-18 08/11A 2,119,907.00 2,177,840.00 51,287.67 1.09 550,000 INTESA SAN PAOLO 4.00 13-23 30/11A 545,385.50 617,100.00 14,646.58 0.31 500,000 IPIC GMTN REG 2.375 12-18 30/05A 498,943.33 525,525.00 10,898.97 0.26 1,000,000 JPMORGAN CHASE 1.375 14-21 16/09A 1,004,560.00 1,001,650.00 10,811.64 0.50 1,000,000 KERING 2.50 13-20 15/07A 1,017,128.00 1,070,340.00 23,972.60 0.54 500,000 KINDER MORGAN INC/DEL 1.50 15-22 16/03M 503,100.00 482,140.00 2,172.13 0.24 1,300,000 KOREA GAS CORP 2.375 13-19 15/04A 1,395,420.00 1,380,730.00 6,411.20 0.70 850,000 KPN 3.25 12-21 01/02A 888,188.80 930,138.00 11,277.05 0.47 700,000 KPN 4.25 12-22 01/03A 841,120.00 807,709.00 9,835.38 0.41 1,500,000 LLOYDS TSB 6.50 10-20 24/03A 1,793,512.50 1,795,350.00 26,106.56 0.91 500,000 MERCK & CO 1.125 14-21 15/10A 499,365.00 501,235.00 3,976.03 0.25 1,000,000 MET LIFE GLOBAL FDG 2.375 13-23 11/01A 1,113,700.00 1,049,020.00 11,061.64 0.53 500,000 MONDELEZ INTL 1.00 15-22 07/03A 504,600.00 482,325.00 1,584.74 0.24 1,500,000 MONDELEZ INTL 2.375 13-21 26/01A 1,587,750.00 1,580,250.00 15,128.42 0.80 500,000 MORGAN STANLEY 1.75 15-25 30/01A 509,150.00 480,655.00 3,619.86 0.24 500,000 MORGAN STANLEY 2.375 14-21 31/03A 525,200.00 525,700.00 2,952.53 0.26 500,000 MORGAN STANLEY EMTN 5.375 10-20 10/08A 597,885.00 602,770.00 23,856.16 0.30
The accompanying notes are an integral part of these financial statements. Page 16 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 MORGAN STANLEY SER G 6.50 08-18 28/12A 1,122,068.33 1,197,230.00 32,767.12 0.60 1,000,000 MUNICH RE 6.25 12-42 26/05A 993,800.00 1,229,160.00 5,976.78 0.62 500,000 NATIONSWIDE BUILDING 1.25 15-25 03/03A 507,520.00 468,655.00 2,032.10 0.24 850,000 NGG FINANCE PLC 4.25 13-76 18/06A 914,150.00 900,048.00 1,184.43 0.45 2,000,000 NOMURA EUR.FIN.EMTN 1.875 13-18 29/05A 1,985,290.00 2,058,980.00 3,278.69 1.04 500,000 NORDEA BANK EMTN 4.00 10-21 29/03A 528,000.00 569,835.00 5,081.97 0.29 500,000 NORDEA BANK EMTN 4.50 10-20 26/03A 574,400.00 573,175.00 5,901.64 0.29 300,000 OMV AG 3.50 12-27 27/09A 361,032.00 349,857.00 7,939.73 0.18 300,000 ORANGE EMTN 8.125 03-33 28/01A 443,700.00 496,059.00 10,217.47 0.25 600,000 ORIGIN ENERGY REGS 2.50 13-20 23/10A 637,254.00 621,288.00 10,273.97 0.31 750,000 PEARSON FDG 5 1.875 14-21 19/05A 756,052.50 777,142.50 1,613.73 0.39 500,000 PEMEX 1.875 15-22 21/04A 498,000.00 475,775.00 1,793.03 0.24 500,000 PEMEX REGS 3.125 13-20 27/11A 515,000.00 526,285.00 9,203.77 0.27 500,000 PHILIP MORRIS 2.875 14-29 14/05A 503,690.00 526,205.00 1,845.97 0.27 300,000 PHILIP MORRIS INTL 2.875 12-24 30/05A 315,393.00 328,731.00 730.53 0.17 400,000 PHILIP MORRIS INTL 2.875 14-26 03/03A 395,932.00 433,336.00 3,739.07 0.22 500,000 PPG INDUSTRIES INC 0.875 15-22 13/03A 500,825.00 479,815.00 1,302.94 0.24 250,000 PROCTER GAMBLE 4.875 07-27 11/05A 322,677.50 326,937.50 1,664.96 0.16 900,000 PUBLICIS GROUP 1.125 14-21 16/12A 911,601.00 888,759.00 5,436.99 0.45 600,000 PUBLICIS GROUP 1.625 14-24 16/12A 613,094.73 586,170.00 5,235.62 0.30 500,000 RABOBANK NED 3.75 10-20 09/11A 507,955.00 544,220.00 11,969.18 0.27 1,600,000 RABOBANK REG S 2256A 4.125 10-25 14/07A 2,059,000.00 1,940,128.00 63,468.49 0.98 300,000 RABOBANK SUB 3.875 13-23 25/07A 328,605.00 329,676.00 10,828.77 0.17 950,000 RBS 5.375 09-19 30/09A 1,142,435.00 1,115,034.00 38,191.95 0.56 800,000 RCI BANQUE SA 2.875 13-18 22/01A 826,900.80 843,384.00 10,019.18 0.43 1,100,000 RENAULT SA 3.125 14-21 05/03A 1,230,625.00 1,185,250.00 10,988.73 0.60 500,000 REPSOL INTL FINANCE 4.875 12-19 19/02A 548,315.00 568,000.00 8,748.29 0.29 1,500,000 RIO TINTO FIN EMTN 2.00 12-20 11/05A 1,517,250.00 1,580,715.00 4,098.36 0.80 1,000,000 ROYAL BK OF SCOT SUB 4.35 06-17 23/01A 1,029,379.25 1,041,970.00 18,830.14 0.53 600,000 ROYAL BK SCOTLAND 1.625 14-19 25/06A 612,219.23 602,556.00 133.20 0.30 200,000 RTE EDF TRANSPORT 2.75 14-29 20/06A 197,826.00 208,914.00 150.27 0.11 200,000 RTE EDF TRANSPORT 2.875 13-23 12/09A 198,376.00 219,916.00 4,584.25 0.11 500,000 RWE AG EMTN 5.75 03-33 14/02A 693,105.00 671,075.00 10,712.33 0.34 500,000 SES GLOBAL AMERICAS 1.875 13-18 24/10A 495,860.00 519,820.00 6,395.55 0.26 1,000,000 SNAM EMTN 3.50 12-20 13/02A 1,123,020.00 1,104,230.00 13,136.99 0.56 500,000 SNAM SPA 3.875 12-18 19/03A 533,830.00 542,450.00 5,452.53 0.27 500,000 SODEXHO 2.50 14-26 24/06A 499,385.00 529,490.00 204.92 0.27 750,000 SPAREBANK 1 SR BANK 2.125 14-21 14/04A 795,825.00 786,285.00 3,352.97 0.40 500,000 SPAREBANK 1 SR BK 2.125 13-20 03/02A 498,380.00 527,050.00 4,279.11 0.27 600,000 SSE PLC EMTN 2.375 13-22 10/02A 642,678.00 640,236.00 5,465.75 0.32 750,000 STANDARD CHARTERED 5.875 07-17 26/09A 737,400.00 833,407.50 33,439.21 0.42 700,000 STATOIL ASA 1.25 15-27 17/02A 679,399.00 655,921.00 3,188.36 0.33 1,000,000 STE DE AUTOROUTE 2.25 14-20 16/01A 1,059,400.00 1,058,450.00 10,171.23 0.53 500,000 SUMITOMO MITSUI BK 2.75 13-23 24/07A 494,780.00 542,645.00 12,845.89 0.27 500,000 TDC 1.75 15-27 27/02A 495,195.00 459,490.00 2,948.63 0.23 1,000,000 TELEFONICA EMIS 2.736 13-19 29/05A 995,625.00 1,067,600.00 2,392.13 0.54 500,000 TELEFONICA EMISIONES 3.987 13-23 23/01A 500,000.00 573,390.00 8,629.40 0.29 2,000,000 TERNA 2.875 12-18 16/02A 2,001,115.00 2,113,600.00 21,109.59 1.07 400,000 TESCO EMTN 2.125 13-20 12/11A 404,380.00 393,660.00 5,356.16 0.20 50,000 TESCO PLC-EMTN- 5.125 07-47 10/04A 60,403.40 47,564.00 567.11 0.02 100,000 TEVA PHARMA FINANCE 2.875 12-19 15/04A 108,588.00 107,455.00 596.99 0.05 600,000 THEVA PHARMAC 1.25 15-23 31/03A 603,582.00 567,726.00 1,864.75 0.29 700,000 TOTAL CAPITAL CANADA 2.125 14-29 18/09A 736,687.00 701,834.00 11,614.73 0.35 1,500,000 UNICREDIT 3.25 14-21 14/01A 1,491,420.00 1,597,545.00 22,304.79 0.81 150,000 VATTENFALL AB 3.00 15-77 19/03A 150,825.00 134,500.50 1,266.39 0.07 300,000 VEOLIA ENVIRONNEMENT 4.625 12-27 30/03A 359,265.00 379,959.00 3,487.70 0.19 1,000,000 VERIZON COMM 1.625 14-24 01/03A 998,660.00 977,020.00 5,372.27 0.49 1,500,000 VW LEASING GMBH 2.375 12-22 06/09A 1,508,400.00 1,613,670.00 28,988.01 0.81 1,500,000 WACHOVIA CORP -SUB- 4.375 06-18 27/11A 1,554,300.00 1,675,335.00 38,655.82 0.84 250,000 WALGREENS BOOTS 2.125 14-26 20/11A 249,650.00 241,440.00 3,231.16 0.12 500,000 WAL-MART STORES INC 4.875 09-29 21/09A 631,438.00 669,465.00 18,832.19 0.34 1,250,000 WELLS FARGO 1.125 14-21 29/10A 1,239,750.00 1,240,700.00 9,400.68 0.63 500,000 WHIRLPOOL 0.625 15-20 12/03A 498,910.00 485,685.00 939.21 0.24 100,000 WPP FINANCE DEUTSCHLA 1.625 15-30 23/03A 99,749.00 87,816.00 439.55 0.04 100,000 WPP FINANCE SA EMTN 2.25 14-26 22/09A 98,575.00 100,298.00 1,732.19 0.05 500,000 XSTRATA FINANCE EMTN 5.25 07-17 13/06A 572,275.00 544,125.00 1,219.26 0.27 500,000 XSTRATA FINANCE REGS 2.375 12-18 19/11A 500,961.66 526,525.00 8,018.84 0.27
The accompanying notes are an integral part of these financial statements. Page 17 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Floating rate bonds 36,748,897.75 37,226,660.75 601,413.96 18.77 Euro 36,748,897.75 37,226,660.75 601,413.96 18.77 1,850,000 ABN AMRO BANK NV FL.R 06-XX 10/03A 1,879,000.00 1,866,650.00 24,399.78 0.94 400,000 ACHMEA BV FL.R 15-49 31/12A 433,000.00 386,464.00 6,800.00 0.19 100,000 AEGON FL.R 14-44 25/04A 112,750.00 101,038.00 721.31 0.05 350,000 ALLIANDER SUB FL.R 13-XX 27/11A 361,375.00 365,085.00 6,700.34 0.18 200,000 ALLIANZ FL.R 12-42 17/10A 226,934.00 235,654.00 7,890.41 0.12 750,000 AMERICAN INTL GROUP FL.R 07-67 15/03A 788,437.50 772,211.25 10,689.04 0.39 500,000 AVIVA PLC FL.R 08-38 22/05A 511,000.00 564,545.00 3,662.91 0.28 500,000 AVIVA SUB FL.R 14-44 03/07A 503,125.00 498,725.00 19,215.75 0.25 600,000 AXA FL.R 10-40 16/04A 610,385.50 672,600.00 6,454.92 0.34 1,000,000 BARCLAYS BANK EMTN FL.R 05-XX 15/03A 1,027,500.00 1,023,840.00 13,886.61 0.52 300,000 BAYER SUB FL.R 14-74 01/07A 330,375.00 302,661.00 11,219.18 0.15 750,000 BAYER SUB FL.R 14-75 01/07A 769,675.00 760,980.00 22,438.36 0.38 1,000,000 BFCM EMTN FL.R 05-15 28/10A 998,050.00 1,008,850.00 30,010.82 0.51 2,000,000 BNP PARIBAS SUB FL.R 06-XX 12/04A 2,072,264.00 2,035,120.00 20,419.13 1.04 300,000 BPCE FL.R 14-26 08/07A 301,932.00 301,263.00 8,069.18 0.15 1,500,000 CITIGROUP EMTN VAR FL.R 05-17 30/11Q 1,498,500.00 1,499,220.00 1,676.00 0.76 1,000,000 CITIGROUP INC EMTN SUB FL.R 07-17 31/05A 855,000.00 994,910.00 0.00 0.50 500,000 CLOVERIE PLC SUB FL.R 09-39 24/07A 536,430.00 607,515.00 35,034.25 0.31 1,000,000 CNCEP EMTN FL.R 04-XX 29/07A 987,500.00 1,002,760.00 42,448.63 0.51 750,000 CNP ASSURANCES FL.R 10-40 14/09A 795,000.00 845,400.00 35,630.14 0.43 700,000 COMMONW.BK AUSTRALIA FL.R 15-27 22/04A 696,990.00 666,225.00 2,639.34 0.34 1,500,000 CREDIT AGRICOLE SUB. FL.R 05- 09/11A 1,502,850.00 1,510,125.00 39,546.16 0.76 1,700,000 DANSKE BANK SUB FL.R 07-XX 15/05A 1,779,250.00 1,787,992.00 10,422.39 0.90 200,000 EDF SA FL.R 14-XX 22/01A 215,250.00 205,710.00 3,593.84 0.10 800,000 ELECT.DE FRANCE FL.R 13-XX 29/01A 823,625.00 836,608.00 14,158.90 0.42 600,000 ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A 629,480.00 633,510.00 7,574.93 0.32 200,000 ELM BV/SWISS REA. FL.R 06- 25/11S 176,737.50 205,198.00 1,036.01 0.10 300,000 ENGIE FL.R 13-18 10/07A 314,100.00 312,813.00 11,306.51 0.16 250,000 GENERALI FINANCE FL.R 06-XX 16/06A 247,187.50 253,230.00 508.46 0.13 500,000 HANNOVER FINANCE FL.R 10-40 14/09A 574,080.00 579,300.00 22,763.70 0.29 1,000,000 HSBC CAPITAL FUNDING SUB FL.R 04- 29/12A 889,437.50 1,019,570.00 13,035.25 0.51 500,000 ING BANK EMTN FL.R 08-23 29/05A 498,175.00 564,295.00 2,677.60 0.28 250,000 ING BANK NV FL.R 14-26 25/02A 262,420.00 265,022.50 3,103.60 0.13 500,000 ING VERZEKERINGEN FL.R 02-27 07/05A 553,250.00 539,330.00 4,702.87 0.27 1,000,000 JP MORGAN CHASE BANK NA FL.R 06-21 30/11A 914,333.33 1,045,650.00 27,328.77 0.53 600,000 KBC GROEP EMTN FL.R 15-27 11/03A 597,102.00 567,882.00 3,411.89 0.29 300,000 MERCK KGAA FL.R 14-74 12/12A 321,450.00 296,949.00 5,547.95 0.15 200,000 ORANGE EMTN FL.R 14-XX 01/10A 198,506.00 203,970.00 5,961.64 0.10 400,000 ORANGE EMTN SUB REGS FL.R 14-XX 01/10A 402,500.00 413,344.00 14,904.11 0.21 500,000 ORANGE SA SUB FL.R 14-XX 07/02A 530,000.00 519,725.00 8,325.34 0.26 1,000,000 RWE FL.R 10- 28/09A 996,770.00 1,002,640.00 34,845.89 0.51 800,000 SEB FL.R 14-26 28/05A 795,840.00 816,032.00 1,803.28 0.41 1,200,000 SEB REGS FL.R 07-XX 21/12A 1,372,500.00 1,358,676.00 2,092.78 0.68 750,000 SOLVAY FIN SUB FL.R 13-XX 12/05A 750,000.00 773,002.50 4,216.21 0.39 300,000 SUEZ FL.R 15-XX 30/03A 301,650.00 285,765.00 1,885.25 0.14 1,250,000 SVENSKA HANDELSB SUB FL.R 14-24 15/01A 1,296,884.67 1,299,550.00 15,099.18 0.66 1,500,000 UBS CAPITAL FL.R 07-XX 29/12A 1,685,625.00 1,665,810.00 5,276.07 0.84 300,000 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A 357,000.00 328,809.00 12,594.86 0.17 300,000 VW INTL FIN FL.R 14-26 24/03A 344,190.00 312,024.00 3,715.16 0.16 750,000 VW INTL FIN SUB FL.R 14-XX 24/03A 771,731.25 776,640.00 7,530.74 0.39 350,000 VW INTL FIN SUB FL.R 15-XX 20/03A 351,750.00 335,772.50 2,438.52 0.17
Total investments in securities 186,330,213.50 189,729,978.85 95.64
Cash at banks/(bank liabilities) 5,486,937.22 2.77
Other net assets/(liabilities) 3,162,683.04 1.59
Total 198,379,599.11 100.00
The accompanying notes are an integral part of these financial statements. Page 18 UBAM - CORPORATE EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 18.55 United States of America 14.54 The Netherlands 13.76 United Kingdom 12.54 Italy 7.99 Germany 4.00 Ireland 3.84 Sweden 3.28 Spain 2.56 Denmark 2.43 Australia 1.89 Jersey Island 1.39 South Korea 1.36 Norway 1.30 Luxembourg 1.14 Mexico 0.95 Cayman Islands 0.83 Guernsey 0.81 Canada 0.62 Japan 0.51 The Netherlands Antilles 0.34 Belgium 0.29 Finland 0.27 United Arab Emirates 0.27 Austria 0.18
95.64
Page 19 UBAM - CORPORATE EURO BOND
Industrial classification of investments
% of net assets Banks and credit institutions 33.15 Holding and finance companies 26.94 Utilities 7.30 Communications 6.15 Petroleum 3.52 Insurance 3.42 Transportation 3.30 Retail trade, department stores 2.65 Tobacco and alcoholic drinks 1.74 Foods and non alcoholic drinks 1.28 Chemicals 1.21 Road vehicles 0.99 Precious metals and stones 0.80 Graphic art and publishing 0.75 Building materials and trade 0.66 Pharmaceuticals and cosmetics 0.45 Miscellaneous consumer goods 0.40 Machine and apparatus construction 0.39 Textiles and garments 0.26 Coal mining and steel industry 0.14 Miscellaneous services 0.14
95.64
Page 20 UBAM - CORPORATE EURO BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 3,576,802.35 Interest on bonds and other debt securities, net Note 2 3,403,765.91 Interest on bank accounts 49.08 Interest received on swap contracts Note 2 172,987.36 Expenses 933,922.43 Management fees Note 3 512,876.82 Custodian fees 114,152.37 Subscription duty ("taxe d'abonnement") Note 5 40,739.74 Central administration costs 108,858.30 Audit fees 3,144.77 Interest paid on bank liabilities 1,950.44 Legal fees 6,230.39 Transaction fees Note 2 11,121.99 Other administration costs Note 6, 7 124,183.64 Banking charges and other fees 1,105.42 Interest paid on swap contracts Note 2 1,625.00 Other expenses 7,933.55 Net investment income 2,642,879.92 Net realised gain/(loss) on: - securities portfolio Note 2 2,921,320.71 - forward foreign exchange contracts Note 2 1,135,477.69 - futures contracts Note 2 -472,261.58 - swap contracts Note 2 42,188.29 - foreign exchange Note 2 51,624.36 Realised result 6,321,229.39 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -8,554,749.72 - forward foreign exchange contracts Note 2 139,168.42 - futures contracts Note 2 33,468.45 - swap contracts Note 2 -128,561.66 Result of operations -2,189,445.12 Dividends paid Note 14 -195,467.90 Subscriptions capitalisation shares 35,626,625.36 Subscriptions distribution shares 277,648.64 Redemptions capitalisation shares -60,685,416.84 Redemptions distribution shares -7,102,600.28 Total changes in net assets -34,268,656.14
Total net assets at the beginning of the period 232,648,255.25
Total net assets at the end of the period 198,379,599.11
The accompanying notes are an integral part of these financial statements. Page 21 UBAM - CORPORATE US DOLLAR BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 596,362,791.17 Securities portfolio at market value Note 2 575,649,358.88 Cash at banks and time deposits 12,455,221.95 Deposits on futures and option contracts 765,728.11 Interest receivable on swap contracts Note 2 17,607.26 Interest receivable on bonds and other debt securities 6,305,108.93 Receivable on issues of shares 548,284.82 Unrealised gain on futures contracts Note 2, 9 282,610.73 Unrealised gain on swap contracts Note 2, 10 240,478.07 Receivable on swap contracts 46,532.42 Other receivables 51,860.00 Liabilities 4,405,715.33 Other liquid liabilities 206,958.28 Payable on redemptions of shares 478,143.40 Unrealised loss on forward foreign exchange contracts Note 2, 8 2,733,189.16 Interest payable on bank liabilities and expenses payable 987,424.49 Net assets at the end of the period 591,957,075.84
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 1,418,677.904 264,989.678 144,427.201 1,539,240.381 Distribution shares 93,810.311 19,040.329 10,600.000 102,250.640
AH EUR shares Capitalisation shares 12,955.206 505,618.470 189,696.830 328,876.846
AH CHF shares Capitalisation shares 1,290.000 14,307.802 232.000 15,365.802
AH GBP shares Capitalisation shares 0.000 1,307.000 0.000 1,307.000
AS shares Capitalisation shares 89,655.000 21,269.000 25,285.000 85,639.000
I shares Capitalisation shares 651,952.645 493,920.237 381,335.178 764,537.704 Distribution shares 417,873.091 35,764.539 176,600.000 277,037.630
IH EUR shares Capitalisation shares 5,173.192 408,867.030 192,807.598 221,232.624
IH CHF shares Capitalisation shares 2,325.000 301,546.000 3,252.000 300,619.000
The accompanying notes are an integral part of these financial statements. Page 22 UBAM - CORPORATE US DOLLAR BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
IS shares Capitalisation shares 60,019.044 0.000 47,344.044 12,675.000
R shares Capitalisation shares 9,427.889 1,615.309 1,116.722 9,926.476
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 591,957,075.84 451,688,389.05 421,448,782.69
A shares USD USD USD Capitalisation shares Number of shares outstanding 1,539,240.381 1,418,677.904 1,313,970.039 Net asset value per share 179.87 179.14 172.77 Distribution shares Number of shares outstanding 102,250.640 93,810.311 95,149.824 Net asset value per share 116.06 120.01 120.32 Dividend per share 4.51 4.66 5.07
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 328,876.846 12,955.206 8,628.362 Net asset value per share 132.36 131.97 127.73
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 15,365.802 1,290.000 405.000 Net asset value per share 170.58 171.71 166.33
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 1,307.000 - - Net asset value per share 99.10 - -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 85,639.000 89,655.000 356,452.279 Net asset value per share 101.65 101.84 102.12
The accompanying notes are an integral part of these financial statements. Page 23 UBAM - CORPORATE US DOLLAR BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 591,957,075.84 451,688,389.05 421,448,782.69
I shares USD USD USD Capitalisation shares Number of shares outstanding 764,537.704 651,952.645 493,265.222 Net asset value per share 191.13 190.03 182.66 Distribution shares Number of shares outstanding 277,037.630 417,873.091 465,967.961 Net asset value per share 97.59 100.74 100.65 Dividend per share 3.79 3.90 -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 221,232.624 5,173.192 7,264.524 Net asset value per share 140.61 139.94 134.98
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 300,619.000 2,325.000 - Net asset value per share 100.00 100.49 -
IS shares USD USD USD Capitalisation shares Number of shares outstanding 12,675.000 60,019.044 49,660.730 Net asset value per share 102.24 102.25 102.18
R shares USD USD USD Capitalisation shares Number of shares outstanding 9,926.476 9,427.889 9,283.891 Net asset value per share 173.18 173.07 168.09
The accompanying notes are an integral part of these financial statements. Page 24 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 568,669,007.69 564,679,059.41 6,163,047.13 95.40 dealt in on another regulated market Bonds 514,543,093.05 510,767,032.91 5,629,809.24 86.29 US Dollar 514,543,093.05 510,767,032.91 5,629,809.24 86.29 6,000,000 ABBVIE 2.50 15-20 14/05S 5,998,020.00 5,940,960.00 19,166.67 1.00 500,000 ABBVIE 2.90 13-22 06/11S 496,780.00 484,445.00 2,175.00 0.08 2,525,000 ABN AMRO BANK 1.80 15-18 04/06S 2,523,459.75 2,524,949.50 3,282.50 0.43 5,000,000 ABN AMRO BANK REGS 2.50 13-18 30/10S 4,992,050.00 5,090,050.00 20,833.33 0.86 2,400,000 ACTAVIS FUNDING 3.45 15-22 15/03S 2,448,089.14 2,379,840.00 24,840.00 0.40 2,000,000 AGRICULTURAL BK CHINA 2.75 15-20 21/05S 2,012,140.00 1,992,800.00 5,958.33 0.34 1,500,000 ALCOA 6.15 10-20 15/08S 1,674,025.00 1,631,955.00 34,593.75 0.28 3,000,000 ALCOA INC 5.55 07-17 01/02S 3,087,500.00 3,152,580.00 68,912.50 0.53 1,000,000 ALTRIA GROUP INC 2.85 12-22 09/08S 998,880.00 961,760.00 11,162.50 0.16 1,000,000 ALTRIA GROUP INC 4.75 11-21 05/05S 1,112,290.00 1,084,530.00 7,256.94 0.18 2,000,000 ALTRIA GROUP INC 9.25 09-19 06/08S 2,443,206.79 2,511,580.00 74,000.00 0.42 2,500,000 AMERICA MOVIL 5.00 10-20 30/03S 2,844,750.00 2,770,675.00 31,250.00 0.47 2,000,000 AMERICAN EXPRESS CO 8.125 09-19 20/05S 2,412,205.00 2,426,440.00 18,055.56 0.41 3,000,000 AMERICAN INTL GROUP 3.375 13-20 15/08S 2,999,250.00 3,105,180.00 37,968.75 0.52 2,500,000 AMERICAN INTL GROUP 4.875 12-22 01/06S 2,707,372.00 2,745,650.00 9,817.71 0.46 2,000,000 AMGEN 5.70 09-19 01/02S 2,269,000.00 2,236,298.00 47,183.33 0.38 2,000,000 AMPHENOL 3.125 14-21 15/09S 1,998,240.00 2,001,420.00 18,229.17 0.34 2,100,000 ANGLO AMER CAPITAL 2.625 12-17 03/04S 2,097,756.50 2,119,215.00 13,321.88 0.36 4,000,000 ANHEUSER BUSCH INBEV 7.75 11-19 15/01S 5,089,140.00 4,747,760.00 142,083.33 0.80 1,500,000 ANZ BKING GROUP EMTN 3.45 12-22 08/08S 1,497,750.00 1,537,425.00 20,412.50 0.26 500,000 APACHE CORP 2.625 12-23 15/01S 481,050.00 470,880.00 6,015.63 0.08 1,000,000 ARCELORMITTAL 5.25 12-17 25/02S 987,500.00 1,039,170.00 18,229.17 0.18 700,000 ARCELORMITTAL 9.85 09-19 01/06S 895,252.65 840,889.00 5,554.31 0.14 1,500,000 AT T INC 2.45 15-20 30/06S 1,499,235.00 1,470,855.00 5,716.67 0.25 2,700,000 AT&T INC 5.60 08-18 15/05S 3,023,872.00 2,974,644.00 18,900.00 0.50 1,200,000 BAE SYSTEMS 144A 3.80 14-24 07/10S 1,247,251.09 1,204,932.00 10,513.33 0.20 3,000,000 BAKER HUGHES INC 3.20 11-21 15/08S 3,038,400.00 3,052,770.00 36,000.00 0.52 550,000 BANCO BRADESCO 5.75 12-22 01/03S 575,800.00 575,861.00 10,453.82 0.10 450,000 BANCO BRADESCO 5.90 10-21 16/01S 478,125.00 475,267.50 12,095.00 0.08 300,000 BANCO BRASIL CAYMAN 3.875 12-22 10/10S 281,250.00 273,141.00 2,583.33 0.05 2,500,000 BANCO DO BRAZIL 6.00 10-20 22/01S 2,678,125.00 2,689,000.00 65,833.33 0.45 3,750,000 BANK OF AMERICA 3.30 13-23 11/01S 3,814,410.00 3,693,112.50 58,093.75 0.62 1,300,000 BANK OF AMERICA 5.70 12-22 24/01S 1,525,069.00 1,475,968.00 32,110.00 0.25 2,750,000 BANK OF AMERICA 5.875 10-21 05/01S 2,923,452.50 3,146,357.50 78,537.33 0.53 2,000,000 BANK OF AMERICA CORP 6.50 09-16 01/08S 2,247,440.00 2,109,740.00 53,805.56 0.36 1,000,000 BANK OF AMERICA CORP 4.00 14-24 01/04S 1,034,400.00 1,017,570.00 9,888.89 0.17 1,000,000 BANK OF AMERICA CORP 4.20 14-24 26/08S 1,021,660.00 997,590.00 14,466.67 0.17 1,150,000 BANK OF AMERICA CORP 5.65 08-18 01/05S 1,108,475.00 1,263,275.00 10,648.68 0.21 1,500,000 BANK OF AMERICA CORP 7.625 09-19 01/06S 1,916,100.00 1,780,005.00 9,213.54 0.30 4,200,000 BANK OF INDIA REGS 3.125 15-20 06/05S 4,172,618.00 4,133,220.00 19,687.50 0.70 2,000,000 BARCLAYS BANK 6.05 07-17 04/12S 2,240,000.00 2,174,280.00 8,738.89 0.37 700,000 BARCLAYS BANK PLC 6.75 09-19 22/05S 770,763.00 812,623.00 4,987.50 0.14 2,000,000 BARRICK GOLD CORP 4.10 13-23 01/05S 1,956,200.00 1,948,740.00 13,438.89 0.33 2,000,000 BAT INTERNATIONAL FINANCE PLC REG S 9.50 08-18 15/11S 2,594,000.00 2,482,540.00 23,750.00 0.42 1,500,000 BCO DO BRASIL CAYMAN 3.875 11-17 23/01S 1,582,500.00 1,541,250.00 25,348.96 0.26 2,000,000 BECTION DICKINSON 3.734 14-24 15/12S 2,090,876.92 1,997,260.00 3,111.67 0.34 1,000,000 BERKSHIRE HATHAWAY 3.00 12-22 15/05S 1,026,470.00 1,011,280.00 3,750.00 0.17 1,500,000 BERKSHIRE HATHAWAY 3.75 13-23 15/11S 1,555,350.00 1,537,785.00 7,031.25 0.26 3,900,000 BERKSHIRE HATHAWAY EN 5.75 08-18 01/04S 4,375,332.00 4,318,690.35 55,439.58 0.73 5,000,000 BFCM REGS 2.50 13-18 29/10S 4,981,350.00 5,091,950.00 21,180.56 0.86 2,000,000 BG ENERGY CAPITAL 4.00 11-21 15/10S 2,096,800.00 2,127,440.00 16,666.67 0.36 2,100,000 BHARTI AIRTEL REGS 5.125 13-23 11/03S 2,284,430.00 2,203,929.00 32,586.46 0.37 2,500,000 BHP BILLITON FINANCE 6.50 09-19 01/04S 3,060,230.00 2,894,675.00 40,173.61 0.49 2,000,000 BK TOKYO-MITSUBISHI 2.30 14-19 10/03S 1,996,800.00 2,004,560.00 14,055.56 0.34 2,750,000 BNP PARIBAS 714 5.00 11-21 15/01S 3,115,467.50 3,054,755.00 63,020.83 0.52 2,500,000 BNY MELLON 3.55 11-21 23/09S 2,485,265.00 2,618,850.00 23,913.19 0.44 2,000,000 BP CAPITAL MARKETS 2.75 13-23 10/05S 1,911,700.00 1,918,460.00 7,638.89 0.32 2,000,000 BP CAPITAL MARKETS 3.814 14-24 10/02S 2,102,320.00 2,045,700.00 29,664.44 0.35 1,270,000 BRASKEM SA REG-S 7.25 08-18 05/06S 1,421,130.00 1,325,194.20 6,394.10 0.22 1,000,000 BRITISH SKY BROADCAST 3.75 14-24 16/09S 1,020,924.00 983,020.00 10,833.33 0.17 1,000,000 BRITISH TELECOM 2.35 14-19 14/02S 999,020.00 1,005,820.00 8,877.78 0.17 1,500,000 BURLINGTON NORTHERN 3.75 14-24 01/04S 1,570,200.00 1,533,630.00 13,906.25 0.26
The accompanying notes are an integral part of these financial statements. Page 25 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 2,000,000 CATERPILLAR 3.90 11-21 27/05S 2,091,700.00 2,142,540.00 7,150.00 0.36 2,000,000 CELGENE CORP 3.625 14-24 15/05S 2,044,770.00 2,003,400.00 9,062.50 0.34 3,500,000 CITIGROUP 2.50 14-19 29/07S 3,534,300.00 3,505,845.00 36,701.39 0.59 2,000,000 CITIGROUP G 3.75 14-24 16/06S 2,034,940.00 2,011,840.00 2,916.67 0.34 2,000,000 CITIGROUP INC 6.125 08-18 15/05S 2,032,941.82 2,231,820.00 15,312.50 0.38 2,000,000 CNOOC FIN 2014 4.25 14-24 30/04S 2,116,420.00 2,047,740.00 14,166.67 0.35 2,000,000 CNOOC FIN 2015 AUS 2.625 15-20 05/05S 1,995,000.00 1,976,600.00 8,020.83 0.33 800,000 COMCAST CORP 5.70 08-18 15/05S 798,295.00 892,064.00 5,700.00 0.15 2,000,000 COMMONWEALTH BANK OF AUSTRALIA REG S 5.00 09-19 15/10S 2,008,400.00 2,220,240.00 20,833.33 0.38 3,250,000 CREDIT SUIS GP FUND 2.75 15-20 26/03S 3,251,195.00 3,213,080.00 23,336.81 0.54 4,000,000 CS NY MTN SUB TR.6 4.375 10-20 05/08S 4,410,400.00 4,355,840.00 70,486.11 0.74 1,800,000 CSX 3.40 14-24 01/08S 1,859,832.00 1,801,152.00 25,330.00 0.30 1,600,000 CVS CAREMARK 4.00 13-23 05/12S 1,716,656.78 1,653,328.00 4,444.44 0.28 257,000 CVS CAREMARK 5.75 07-17 01/06S 290,649.87 277,836.27 1,190.41 0.05 2,000,000 DAIMLER FINANCE REGS 1.875 13-18 11/01S 2,005,800.00 2,008,420.00 17,604.17 0.34 6,000,000 DAIMLER FINANCE 144A 2.45 15-20 18/05S 6,021,780.00 5,961,240.00 17,150.00 1.01 1,000,000 DELL INC 5.875 09-19 15/06S 1,081,980.00 1,055,620.00 2,447.92 0.18 5,000,000 DEUTSCHE BANK AG 1.875 15-18 13/02S 4,994,050.00 4,994,450.00 35,677.08 0.84 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.75 08-18 20/08S 995,000.00 1,147,130.00 24,375.00 0.19 500,000 DIAGEO CAPITAL 2.875 12-22 11/05S 498,190.00 490,165.00 1,956.60 0.08 1,500,000 DIRECT TV 3.80 12-22 15/03S 1,531,490.00 1,510,875.00 16,625.00 0.26 1,000,000 DOW CHEMICAL 3.00 12-22 15/11S 982,660.00 964,230.00 3,750.00 0.16 2,800,000 DOW CHEMICAL 8.55 09-19 15/05S 3,156,778.00 3,413,844.00 29,925.00 0.58 3,800,000 DUKE ENERGY 3.05 12-22 15/08S 3,843,618.26 3,768,346.00 43,462.50 0.64 1,000,000 EASTMAN CHEMICAL 3.60 12-22 15/08S 1,034,060.00 1,013,340.00 13,500.00 0.17 500,000 EI DU PONT DE NEMOURS 2.80 13-23 15/02S 493,730.00 487,190.00 5,250.00 0.08 1,500,000 ELETROBRAS 5.75 11-21 27/10S 1,675,500.00 1,407,675.00 15,093.75 0.24 1,000,000 ENERGY TRANSFER 4.65 11-21 01/06S 1,080,420.00 1,029,160.00 3,745.83 0.17 2,000,000 ENERGY TRANSFER PART 4.15 13-20 01/10S 2,094,800.00 2,056,560.00 20,519.44 0.35 1,000,000 FEDEX 2.625 12-22 01/08S 991,570.00 969,350.00 10,864.58 0.16 3,000,000 FORD MOTOR CREDIT 2.375 13-18 16/01S 2,994,410.00 3,027,870.00 32,458.33 0.51 1,000,000 FORD MOTOR CREDIT 2.875 13-18 01/10S 1,011,330.00 1,020,600.00 7,107.64 0.17 250,000 FORD MOTOR CREDIT 4.375 13-23 06/08S 274,207.50 260,585.00 4,375.00 0.04 1,000,000 FORD MOTOR CREDIT 5.75 11-21 01/02S 1,140,940.00 1,125,320.00 23,798.61 0.19 1,900,000 FORD MOTOR CREDIT 3.664 14-24 08/09S 1,968,268.84 1,879,689.00 21,658.31 0.32 2,200,000 FREEPORT MCMORAN 3.10 13-20 15/03S 2,176,743.25 2,171,884.00 19,891.67 0.37 2,000,000 GAZ CAPITAL REGS 6.212 06-16 22/11S 2,142,187.50 2,077,300.00 13,114.22 0.35 2,000,000 GECC 839 4.625 11-21 07/01S 2,259,820.00 2,202,000.00 44,451.39 0.37 3,000,000 GENERAL ELECTRIC CAP 3.10 13-23 09/01S 2,967,380.00 2,991,720.00 44,175.00 0.51 100,000 GENERAL ELECTRIC CAPITAL CORP 5.625 07-17 15/09S 101,071.43 109,088.00 1,640.63 0.02 1,600,000 GENERAL MOTORS 3.15 15-20 15/01S 1,608,288.00 1,607,488.00 23,520.00 0.27 1,400,000 GENERAL MOTORS 4.375 14-21 25/09S 1,465,314.66 1,453,060.00 16,163.19 0.25 1,250,000 GFB REGS 4.375 14-24 10/04S 1,295,625.00 1,262,162.50 12,152.78 0.21 2,000,000 GOLDMAN SACHS 5.25 11-21 27/07S 2,262,620.00 2,225,320.00 44,625.00 0.38 4,050,000 GOLDMAN SACHS GROUP 3.625 13-23 22/01S 4,180,270.00 4,045,909.50 64,434.38 0.68 2,000,000 GOLDMAN SACHS GROUP 5.75 12-22 24/01S 2,049,100.00 2,274,920.00 49,833.33 0.38 3,700,000 GOLDMAN SACHS GROUP INC 6.15 08-18 01/04S 4,057,790.00 4,113,956.00 56,255.42 0.69 1,500,000 GOLDMAN SACHS GROUP INC 7.50 09-19 15/02S 1,759,891.66 1,761,900.00 42,187.50 0.30 2,000,000 HARVEST OPERAT REGS 2.125 13-18 14/05S 1,942,000.00 2,010,040.00 5,430.56 0.34 650,000 HISTORIC TW 9.15 93-23 01/02S 904,741.50 858,663.00 24,616.04 0.15 1,620,000 HOLCIM US FINANCE 6.00 09-19 30/12S 1,689,737.88 1,824,282.00 0.00 0.31 800,000 HOME DEPOT INC 3.75 13-24 15/02S 847,680.00 832,552.00 11,250.00 0.14 2,750,000 HSBC HOLDINGS PLC 5.10 11-21 05/04S 3,178,820.00 3,072,877.50 33,114.58 0.52 2,000,000 HUTCH WHAMPOA REGS 3.25 12-22 08/11S 1,990,540.00 1,996,900.00 9,388.89 0.34 2,000,000 HUTCHISON WHAMPOA 3.50 12-17 13/01S 1,990,380.00 2,059,280.00 32,472.22 0.35 2,500,000 IMPERIAL TOBACCO REGS 3.50 13-23 11/02S 2,559,020.00 2,430,925.00 33,784.72 0.41 2,000,000 INTESA SAN PAOLO 2.375 14-17 13/01S 2,007,000.00 2,012,520.00 22,034.72 0.34 2,000,000 INTESA SAN PAOLO 3.125 13-16 15/01S 2,003,880.00 2,018,420.00 28,645.83 0.34 1,855,000 INTL PAPER CO 4.75 11-22 15/02S 2,036,771.45 2,022,321.00 33,042.19 0.34 4,600,000 ITAU UNIBANCO HDLG 2.85 15-18 26/05S 4,598,666.00 4,564,948.00 12,381.67 0.77 1,000,000 ITAU UNIBANCO HLDG 6.20 10-20 15/04S 1,075,000.00 1,091,890.00 12,916.67 0.18 850,000 ITAU UNIBANCO REGS 5.50 12-22 06/08S 863,600.00 853,748.50 18,700.00 0.14 1,000,000 JOHN DEERE CAP 3.35 14-24 12/06S 1,010,810.00 1,019,240.00 1,675.00 0.17 3,700,000 JP MORGAN CHASE 3.25 12-22 23/09S 3,751,076.00 3,675,987.00 32,400.69 0.62 750,000 JP MORGAN CHASE 4.50 12-22 24/01S 828,375.00 803,887.50 14,625.00 0.14 3,150,000 JP MORGAN CHASE 6.30 09-19 23/04S 3,660,741.00 3,608,703.00 36,933.75 0.61 1,250,000 JP MORGAN CHASE 4.40 10-20 22/07S 1,281,140.00 1,346,825.00 24,138.89 0.23
The accompanying notes are an integral part of these financial statements. Page 26 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 KERR MCGEE CORP 6.95 04-24 01/07S 1,216,950.00 1,213,590.00 34,556.94 0.21 500,000 KEYSIGHT TECHNOLOGIES 4.55 14-24 30/10S 499,830.00 483,436.00 3,791.67 0.08 2,000,000 KINDER MORGAN ENERGY 3.95 12-22 01/09S 2,010,655.00 1,959,720.00 26,113.89 0.33 3,000,000 KINDER MORGAN INC 3.05 14-19 01/12S 3,028,020.00 3,000,030.00 7,370.83 0.51 2,000,000 KOR HYDRO NUCL REG S 3.00 12-22 19/09S 1,975,740.00 1,989,300.00 16,833.33 0.34 3,000,000 KOREA GAS CORP REGS 2.875 13-18 29/07S 3,009,300.00 3,088,470.00 36,177.08 0.52 500,000 KOREA NATIONAL OIL 3.25 14-24 10/07S 492,750.00 500,290.00 7,673.61 0.08 2,000,000 KOREA NATL OIL REGS 3.125 12-17 03/04S 2,048,000.00 2,052,040.00 15,104.17 0.35 2,000,000 KOREA REGS 2.50 12-17 16/07S 2,007,000.00 2,031,240.00 22,777.78 0.34 1,000,000 KOREA WESTERN POWER 2.875 13-18 10/10S 993,040.00 1,025,810.00 6,388.89 0.17 2,000,000 KRAFT FOODS 5.375 12-20 10/02S 2,262,940.00 2,232,380.00 41,805.56 0.38 2,200,000 KROGER 2.95 14-21 01/11S 2,233,748.00 2,185,920.00 10,636.39 0.37 3,000,000 LLOYDS BANK 9.875 11-21 16/12A 3,560,250.00 3,324,840.00 159,645.83 0.56 2,500,000 LLOYDS BANK 2.30 13-18 27/11S 2,506,100.00 2,530,600.00 5,270.83 0.43 500,000 LLOYDS BANKING GROUP 4.50 14-24 04/11S 519,465.00 501,965.00 3,500.00 0.08 2,000,000 LLOYDS TSB REGS 6.50 10-20 14/09S 2,294,100.00 2,310,080.00 38,277.78 0.39 3,000,000 LORILLARD TOBACCO 8.125 09-19 23/06S 3,530,240.00 3,571,050.00 4,739.58 0.60 1,000,000 LUKOIL INT REG S 6.125 10-20 09/11S 1,062,500.00 1,021,070.00 8,677.08 0.17 1,500,000 L-3 COMMUNICATIONS 3.95 14-24 28/05S 1,523,055.00 1,462,245.00 5,266.67 0.25 2,000,000 M UFG LEASE FIN 1.875 13-16 17/10S 1,994,960.00 2,013,976.00 7,604.17 0.34 2,000,000 MACQUARIE BANK 5.00 12-17 22/02S 2,213,420.00 2,112,980.00 35,555.56 0.36 1,000,000 MACYS RETAIL HLDG 3.625 14-24 01/06S 996,580.00 999,310.00 2,920.14 0.17 1,600,000 MCKESSON CORP 3.796 14-24 15/03S 1,683,520.00 1,618,384.00 17,714.67 0.27 4,674,000 MERRILL LYNCH & CO 6.05 06-16 16/05S 4,922,534.77 4,860,819.78 34,561.63 0.82 900,000 MERRILL LYNCH & CO 6.875 08-18 25/04S 851,965.00 1,016,712.00 11,171.88 0.17 4,000,000 METLIFE 3.048 12-22 15/12Q 4,136,320.00 3,956,840.00 5,080.00 0.67 2,030,000 METLIFE INC SER B 7.717 09-19 15/02S 2,550,275.00 2,422,845.60 58,745.66 0.41 200,000 MEXICHEM REGS 4.875 12-22 19/09S 198,052.00 207,152.00 2,735.42 0.03 2,000,000 MITSUBISHI CORP 2.875 13-18 18/07S 1,989,760.00 2,057,800.00 25,875.00 0.35 3,000,000 MITSUBISHI UFJ 2.00 13-18 28/02S 2,987,820.00 3,006,750.00 20,333.33 0.51 5,000,000 MITSUBISHI UFJ 2.45 14-19 16/10S 4,996,500.00 5,016,550.00 25,180.56 0.85 2,000,000 MIZUHO BANK REGS 2.40 15-20 26/03S 2,011,400.00 1,992,780.00 12,533.33 0.34 1,900,000 MIZUHO CORP BANK REGS 2.95 12-22 17/10S 1,894,048.00 1,859,036.00 11,365.69 0.31 2,000,000 MIZUHO FINANCE 4.20 12-22 18/07S 1,991,935.00 2,055,480.00 37,800.00 0.35 4,500,000 MOLEX ELECTRONICS TEC 2.878 15-20 15/04S 4,524,195.00 4,439,443.50 29,859.25 0.75 500,000 MONSANTO 2.75 14-21 15/07S 495,905.00 490,805.00 6,302.08 0.08 2,000,000 MORGAN STANLEY 3.70 14-24 23/10S 2,001,300.00 1,991,900.00 13,772.22 0.34 2,000,000 MORGAN STANLEY 3.75 13-23 25/02S 2,084,220.00 2,028,080.00 26,041.67 0.34 1,500,000 MORGAN STANLEY 5.50 10-20 26/01S 1,699,375.00 1,675,575.00 35,291.67 0.28 1,000,000 MORGAN STANLEY 5.50 11-21 28/07S 983,660.00 1,128,500.00 23,222.22 0.19 1,100,000 MORGAN STANLEY 6.625 08-18 01/04S 1,067,450.00 1,236,554.00 18,016.32 0.21 1,000,000 MORGAN STANLEY 7.30 09-19 13/05S 1,082,517.50 1,176,470.00 9,530.56 0.20 2,000,000 MORGAN STANLEY EMTN 2.50 15-20 27/01S 2,015,960.00 1,999,620.00 21,250.00 0.34 2,000,000 MOTIVA ENTERPRISES 5.75 10-20 15/01S 2,344,430.00 2,200,565.00 52,708.33 0.37 500,000 MURPHY OIL 2.50 12-17 01/12S 499,930.00 499,070.00 1,006.94 0.08 3,000,000 NBC UNIVERSAL 4.375 11-21 01/04S 3,302,610.00 3,249,210.00 32,447.92 0.55 2,000,000 NISSAN MOTOR REGS 2.35 14-19 04/03S 1,999,060.00 2,015,980.00 15,144.44 0.34 2,000,000 NOMURA HOLDING 6.70 10-20 04/03S 2,317,945.00 2,350,840.00 43,177.78 0.40 2,911,000 NORDEA BANK 4.25 12-22 21/09S 3,079,871.78 2,992,973.76 34,022.31 0.51 1,000,000 NORDEA BANK 9 REGS 4.875 10-20 27/01S 1,017,230.00 1,111,910.00 20,718.75 0.19 1,500,000 NORFOLK SOUTHERN 3.85 13-24 15/01S 1,583,700.00 1,542,585.00 26,468.75 0.26 2,800,000 NORTHROP GRUMMAN 3.25 13-23 01/08S 2,874,186.00 2,743,104.00 37,663.89 0.46 2,000,000 OMNICOM GROUP 3.625 12-22 01/05S 2,089,552.42 2,011,600.00 11,881.94 0.34 500,000 ORACLE CORP 3.40 14-24 08/07S 498,180.00 502,590.00 8,122.22 0.08 1,500,000 ORANGE 4.125 11-21 14/09S 1,641,702.80 1,592,865.00 18,218.75 0.27 3,750,000 PEMEX 8.00 09-19 03/05S 4,717,992.50 4,414,275.00 47,500.00 0.75 2,000,000 PERNOD RICARD REGS 5.75 11-21 07/04S 2,332,155.00 2,259,480.00 26,513.89 0.38 2,500,000 PETROLEOS MEXICANOS 3.50 15-20 23/07S 2,533,750.00 2,526,700.00 38,159.72 0.43 500,000 PHILIP MORRIS 2.625 13-23 06/03S 469,235.00 478,885.00 4,156.25 0.08 3,000,000 PHILIP MORRIS 3.60 13-23 15/11S 3,143,850.00 3,049,110.00 13,500.00 0.52 1,000,000 PIONEER NAT RES CO 7.50 09-20 15/01S 1,195,360.00 1,183,230.00 34,375.00 0.20 1,000,000 PRIDE INTL 8.50 09-19 15/06S 1,191,330.00 1,181,760.00 3,541.67 0.20 1,000,000 PRUDENTIAL FINANCIAL 4.50 10-20 15/11S 1,037,620.00 1,093,860.00 5,625.00 0.18 2,000,000 PRUDENTIAL FINANCIAL 5.875 12-42 15/09S 2,104,750.00 2,114,900.00 34,270.83 0.36 2,000,000 PRUDENTIAL FINANCIAL 7.75 11-XX 23/06Q 2,183,500.00 2,092,420.00 3,013.89 0.35 500,000 PRUDENTIAL FINANCIAL INC SER D TR 31 7.375 09-19 15/06S 507,670.00 594,372.25 1,536.46 0.10 300,000 PRUDENTIAL FINANCIAL TR 27 6.00 07-17 01/12S 216,000.00 331,530.00 1,450.00 0.06
The accompanying notes are an integral part of these financial statements. Page 27 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,200,000 QTEL INTL REGS 3.25 12-23 21/02S 1,188,442.00 1,159,452.00 13,975.00 0.20 1,100,000 QUALCOMM INC 2.25 15-20 20/05S 1,099,120.00 1,094,500.00 2,750.00 0.18 500,000 RAS LAFFAN REGS 6.75 09-19 30/09S 521,750.00 590,765.00 8,437.50 0.10 1,000,000 REYNOLDS AMERICAN INC 6.75 07-17 15/06S 1,213,850.00 1,094,440.00 2,812.50 0.18 500,000 RIO TINTO FINANCE USA 2.875 12-22 21/08S 474,850.00 484,350.00 5,151.04 0.08 2,000,000 RIO TINTO FINANCE USA LTD 9.00 09-19 01/05S 2,485,880.00 2,496,520.00 29,500.00 0.42 2,000,000 RIO TINTO FINANCE USA LTD 6.50 08-18 15/07S 2,237,080.00 2,269,620.00 59,583.33 0.38 500,000 ROCKWELL COLLINS 5.25 09-19 15/07S 497,355.00 557,065.00 12,031.25 0.09 4,000,000 ROYAL BANK OF CANADA 1.875 15-20 05/02S 3,999,440.00 3,967,720.00 30,208.33 0.67 4,250,000 ROYAL BK OF SCOTLAND 6.125 11-11 11/01S 5,021,087.50 4,902,417.50 122,202.26 0.83 1,000,000 SABMILLER HOLDINGS 3.75 12-22 15/01S 1,072,600.00 1,031,400.00 17,187.50 0.17 2,000,000 SANTANDER UK REGS SUB 5.00 13-23 07/11S 2,079,725.00 2,057,980.00 14,722.22 0.35 1,500,000 SCHLUMBERGER INVEST 2.40 12-22 01/08S 1,405,860.00 1,440,105.00 14,900.00 0.24 400,000 SES REGS 3.60 13-23 04/04S 416,600.00 403,165.00 3,440.00 0.07 2,000,000 SINGTEL GROUP TREAS 2.375 12-17 08/09S 1,995,900.00 2,039,820.00 14,777.78 0.34 1,800,000 SINOPEC GR OVER REGS 3.90 12-22 17/05S 1,875,060.00 1,840,392.00 8,385.00 0.31 1,500,000 SINOPEC GR OVER REGS 4.375 14-24 10/04S 1,577,400.00 1,575,420.00 14,583.33 0.27 500,000 SK TELECOM REGS 2.125 12-18 01/05S 497,115.00 504,140.00 1,741.32 0.09 1,500,000 SKY PLC REGS 2.625 14-19 16/09S 1,526,700.00 1,498,635.00 11,375.00 0.25 6,300,000 STATE GRID REGS 2.75 14-19 07/05S 6,445,089.00 6,370,749.00 25,506.25 1.08 2,000,000 STATOILHYDRO ASA 5.25 09-19 15/04S 2,312,560.00 2,235,440.00 21,875.00 0.38 2,000,000 SUMITOMO BANK 4.85 12-22 01/03S 1,999,585.00 2,203,252.00 32,063.89 0.37 1,500,000 SUMITOMO MITSUI 3.40 14-24 11/07S 1,513,875.00 1,507,275.00 23,941.67 0.25 1,000,000 SWEDBANK REGS 1.75 13-18 12/03S 995,810.00 1,001,640.00 5,250.00 0.17 1,000,000 SWISS RE CAPITAL REGS 6.854 06-XX 25/05S 988,333.33 1,032,990.00 6,663.61 0.17 1,000,000 TELEFONICA EMISIONES SA 4.57 13-23 27/04S 1,059,170.00 1,054,330.00 7,997.50 0.18 5,700,000 TESCO PLC 5.50 07-17 15/11S 6,130,899.27 6,096,720.00 39,187.50 1.03 1,500,000 TIME WARNER CABLE INC 6.75 08-18 01/04S 1,650,580.00 1,675,545.00 50,343.75 0.28 500,000 TIME WARNER CABLE INC 8.25 09-19 01/04S 610,571.25 588,380.00 10,197.92 0.10 1,750,000 TIME WARNER INC 3.55 14-24 01/06S 1,796,620.70 1,711,937.50 5,004.51 0.29 2,000,000 TRANSCANADA PIPELINES 2.50 12-22 01/08S 1,876,060.00 1,898,960.00 20,694.44 0.32 750,000 TRANSCANADA PIPELINES 7.125 09-19 15/01S 915,384.00 874,806.37 24,492.19 0.15 1,000,000 TRANSOCEAN INC 6.00 07-18 15/03S 1,144,700.00 1,015,390.00 17,500.00 0.17 2,600,000 TYSON FOODS 3.95 14-24 15/08S 2,770,641.94 2,619,266.00 38,512.50 0.44 1,500,000 UBS AG STAMFORD-DPNT- 5.75 08-18 25/04S 1,589,100.00 1,661,805.00 15,572.92 0.28 1,000,000 UNITED PARCEL SVC 5.125 09-19 01/04S 1,153,200.00 1,114,810.00 12,670.14 0.19 1,500,000 UNITED TECH CORP 6.125 08-19 01/02S 1,873,800.00 1,713,840.00 38,026.04 0.29 1,000,000 UNITED TECHNOLOGIES 3.1 12-22 01/06S 1,024,200.00 1,007,950.00 2,497.22 0.17 2,000,000 UNITEDHEALTH GROUP 2.875 14-21 15/12A 1,997,840.00 1,999,780.00 2,395.83 0.34 3,000,000 VALE OVERSEAS 5.625 09-19 15/09S 3,234,900.00 3,244,920.00 49,218.75 0.55 4,000,000 VALE OVERSEAS GTD 6.25 06-17 23/01S 4,575,600.00 4,238,720.00 109,027.78 0.72 6,000,000 VERIZON COMMUNICATION 4.50 13-20 15/09S 6,479,640.00 6,472,380.00 78,750.00 1.09 1,500,000 VERIZON COMMUNICATION 5.15 13-23 15/09S 1,708,150.80 1,643,595.00 22,531.25 0.28 1,500,000 VIACOM 3.875 14-24 01/04S 1,491,090.00 1,468,725.00 14,369.79 0.25 250,000 VODAFONE GROUP 2.50 12-22 26/09S 246,747.50 229,332.50 1,631.94 0.04 500,000 VODAFONE GROUP 2.95 13-23 19/02S 473,660.00 469,315.00 5,367.36 0.08 200,000 VODAFONE GROUP 5.625 07-17 27/02S 197,088.00 212,748.00 3,843.75 0.04 1,200,000 WATSON PHARMACEUTICAL 3.25 12-22 01/10S 1,194,578.40 1,163,580.00 9,641.67 0.20 500,000 WELLS FARGO & CO 4.60 11-21 01/04S 498,965.00 548,675.00 5,686.11 0.09 1,000,000 WELLS FARGO BANK 3.50 12-22 08/03S 1,045,290.00 1,027,720.00 10,888.89 0.17 3,300,000 WILLIAMS PARTNERS 4.00 12-21 15/11S 3,435,917.00 3,368,970.00 16,500.00 0.57 1,000,000 WM WRIGLEY JR REGS 2.90 13-19 21/10S 997,810.00 1,020,255.00 5,558.33 0.17 250,000 WOORI BANK 2.875 13-18 02/10S 257,850.00 256,542.50 1,756.94 0.04 1,000,000 WOORI BANK 4.75 14-24 30/04S 1,046,512.00 1,037,040.00 7,916.67 0.18 750,000 WOORI BANK REGS 5.875 11-21 13/04S 870,025.00 860,452.50 9,424.48 0.15 750,000 WPP FINANCE 3.625 12-22 07/09S 753,352.50 760,507.50 8,533.85 0.13 1,450,000 WPP FINANCE 2010 3.75 14-24 19/09S 1,503,527.18 1,452,769.50 15,255.21 0.25 2,000,000 XCEL ENERGY 4.70 10-20 15/05S 2,214,560.00 2,183,361.00 11,750.00 0.37 1,000,000 XEROX 4.50 11-21 15/05S 1,054,420.00 1,062,250.00 5,625.00 0.18 3,500,000 XSTRATA FINANCE REGS 4.95 11-21 15/11S 3,749,990.00 3,695,440.00 21,656.25 0.62 150,000 XSTRATA FINANCE REGS 2.05 12-15 23/10S 149,952.00 150,402.83 572.29 0.03 2,800,000 21ST CENTURY FOX 3.00 12-22 15/09S 2,809,986.67 2,736,412.00 24,500.00 0.46 Floating rate bonds 51,308,358.64 51,112,922.50 511,762.36 8.64 US Dollar 51,308,358.64 51,112,922.50 511,762.36 8.64 1,250,000 AMERICAN EXPRESS -B- FL.R 14-XX 15/11S 1,272,708.33 1,244,362.50 8,125.00 0.21 1,500,000 BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S 1,666,925.00 1,649,955.00 4,646.25 0.28
The accompanying notes are an integral part of these financial statements. Page 28 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,350,000 BARCLAYS BANK REGS FL.R 06-XX 15/06S 1,427,437.50 1,403,811.00 3,333.38 0.24 3,500,000 CREDIT AGRICOLE REGS FL.R 09-XX 13/10S 4,118,750.00 4,048,030.00 62,696.18 0.68 4,200,000 CREDIT SUISSE GUERNSEY FL.R 07-15/05S 4,141,300.00 4,446,288.00 30,765.00 0.75 4,750,000 DEUTSCHE BK CAP REGS FL.R 06-XX 19/01S 4,887,525.00 4,797,547.50 119,555.92 0.81 2,000,000 DOMINION RESOURCES FL.R 14-54 01/10S 2,000,000.00 2,084,960.00 28,430.56 0.35 1,100,000 EDF SA REGS FL.R 13-XX 29/01S 1,157,750.00 1,106,853.00 24,222.92 0.19 1,000,000 GECC SUB FL.R 12-XX 15/06S 1,183,750.00 1,154,180.00 2,968.75 0.19 2,600,000 HUTCH WHAM REGS FL.R 12-XX 07/05S 2,774,200.00 2,759,978.00 22,966.67 0.47 1,250,000 JPM CHASE FL.R 08-XX 29/04S 1,348,958.33 1,322,300.00 16,458.33 0.22 500,000 NATIONAL AUSTRALIA BANK LTD NEW YORK REG S SUB FL.R 09-24/09S 504,200.00 534,320.00 10,666.67 0.09 3,000,000 RABOBANK NED. SUB FL.R 09-XX 29/12S 3,875,625.00 3,799,680.00 0.00 0.64 2,100,000 RWE FL.R 12-72 12/10S 2,125,583.65 2,207,163.00 31,850.00 0.37 4,900,000 SOCIETE GENERALE FL.R 07-XX 05/04S 5,164,500.00 5,045,677.00 68,514.25 0.85 6,000,000 UBS AG STAMFORD FL.R 15-18 26/03Q 6,000,000.00 5,995,320.00 646.23 1.02 6,000,000 UBS PFD FDG V S.1 FL.R 06-XX 15/05S 6,285,500.00 6,157,560.00 46,822.50 1.05 1,250,000 WELLS FARGO SUB -K- FL.R 08-XX 28/02S 1,373,645.83 1,354,937.50 29,093.75 0.23 Sukuk 2,817,556.00 2,799,104.00 21,475.53 0.47 US Dollar 2,817,556.00 2,799,104.00 21,475.53 0.47 2,800,000 PETRONAS GLOBAL SUKUK 2.707 15-20 18/03S 2,817,556.00 2,799,104.00 21,475.53 0.47
Other transferable securities 10,901,922.50 10,970,299.47 142,061.80 1.85 Bonds 10,901,922.50 10,970,299.47 142,061.80 1.85 US Dollar 10,901,922.50 10,970,299.47 142,061.80 1.85 750,000 BANCO DO BRAZIL 144A 6.00 10-20 22/01S 816,375.00 806,550.00 19,750.00 0.14 1,500,000 CNOOC FIN.2012 144A 3.875 12-22 02/05S 1,508,775.00 1,524,510.00 9,364.58 0.26 1,000,000 COX COMM. -144A- 9.375 08-19 15/01S 1,234,690.00 1,221,402.60 42,968.75 0.21 3,500,000 MEDTRONIC 144A 3.15 14-22 15/03S 3,565,775.00 3,515,680.00 32,156.25 0.59 250,000 METROPOLITAN LIFE 144A 3.00 12 23 10/01S 249,872.50 246,796.87 3,541.67 0.04 1,000,000 STANDARD CHARTERED 144A 6.40 07-17 26/09S 1,042,910.00 1,089,760.00 16,711.11 0.18 2,500,000 WOORI BANK 144A TR 8 2.875 13-18 02/10S 2,483,525.00 2,565,600.00 17,569.44 0.43
Total investments in securities 579,570,930.19 575,649,358.88 97.25
Cash at banks/(bank liabilities) 12,455,221.95 2.10
Other net assets/(liabilities) 3,852,495.01 0.65
Total 591,957,075.84 100.00
The accompanying notes are an integral part of these financial statements. Page 29 UBAM - CORPORATE US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 52.04 United Kingdom 10.02 Cayman Islands 5.34 Japan 4.06 France 3.75 Canada 2.81 South Korea 2.70 The Netherlands 2.66 Australia 2.62 British Virgin Islands 1.92 Mexico 1.89 Luxembourg 1.45 Guernsey 1.29 Sweden 0.87 Jersey Island 0.87 Italy 0.68 Malaysia 0.47 Norway 0.38 Germany 0.37 Singapore 0.34 Brazil 0.24 Bermuda 0.20 Spain 0.18 Qatar 0.10
97.25
Page 30 UBAM - CORPORATE US DOLLAR BOND
Industrial classification of investments
% of net assets Banks and credit institutions 33.84 Holding and finance companies 27.08 Communications 6.18 Petroleum 4.43 Utilities 4.20 Tobacco and alcoholic drinks 3.32 Pharmaceuticals and cosmetics 2.81 Insurance 2.41 Retail trade, department stores 1.71 Aerospace industry 1.21 Transportation 1.17 Chemicals 1.07 Foods and non alcoholic drinks 0.99 Non-ferrous metals 0.81 Graphic art and publishing 0.78 Biotechnology 0.72 Precious metals and stones 0.70 Miscellaneous services 0.68 Electronics and semiconductors 0.52 Electrical engineering and electronics 0.50 Machine and apparatus construction 0.36 Miscellaneous trading companies 0.35 Paper and forest products 0.34 Healthcare and social services 0.34 Coal mining and steel industry 0.32 Office supplies and computing 0.18 Hotels and restaurants 0.15 Internet and Internet services 0.08
97.25
Page 31 UBAM - CORPORATE US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 12,218,556.81 Interest on bonds and other debt securities, net Note 2 11,771,021.83 Interest on bank accounts 408.05 Bank interest on time deposits 5.95 Interest received on swap contracts Note 2 447,104.09 Other income 16.89 Expenses 2,268,111.92 Management fees Note 3 1,254,502.21 Custodian fees 300,498.70 Subscription duty ("taxe d'abonnement") Note 5 97,007.51 Central administration costs 277,822.46 Audit fees 9,204.88 Interest paid on bank liabilities 2,139.07 Legal fees 10,227.24 Transaction fees Note 2 28,010.89 Other administration costs Note 6, 7 259,611.96 Banking charges and other fees 3,736.29 Interest paid on swap contracts Note 2 3,649.01 Other expenses 21,701.70 Net investment income 9,950,444.89 Net realised gain/(loss) on: - securities portfolio Note 2 -1,774,093.67 - forward foreign exchange contracts Note 2 2,743,207.37 - futures contracts Note 2 -438,436.02 - swap contracts Note 2 -124,870.80 - foreign exchange Note 2 -884,130.05 Realised result 9,472,121.72 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -6,615,553.55 - forward foreign exchange contracts Note 2 -2,653,765.01 - futures contracts Note 2 200,342.78 - swap contracts Note 2 -390,036.96 Result of operations 13,108.98 Dividends paid Note 14 -1,424,956.19 Subscriptions capitalisation shares 321,423,926.78 Subscriptions distribution shares 5,866,709.93 Redemptions capitalisation shares -166,292,083.11 Redemptions distribution shares -19,318,019.60 Total changes in net assets 140,268,686.79
Total net assets at the beginning of the period 451,688,389.05
Total net assets at the end of the period 591,957,075.84
The accompanying notes are an integral part of these financial statements. Page 32 UBAM - DYNAMIC EURO BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 715,563,185.16 Securities portfolio at market value Note 2 661,218,875.53 Other liquid assets 550,000.00 Cash at banks and time deposits 17,143,950.44 Deposits on futures and option contracts 1,230,499.47 Interest receivable on swap contracts Note 2 42,523.39 Interest receivable on bonds and other debt securities 3,311,312.56 Receivable on issues of shares 31,309,149.79 Unrealised gain on forward foreign exchange contracts Note 2, 8 162,478.18 Unrealised gain on swap contracts Note 2, 10 589,016.69 Other receivables 5,379.11 Liabilities 2,084,090.56 Other liquid liabilities 1,204,021.03 Payable on redemptions of shares 225,819.63 Unrealised loss on futures contracts Note 2, 9 53,316.82 Interest payable on bank liabilities and expenses payable 600,933.08 Net assets at the end of the period 713,479,094.60
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 736,202.177 132,481.845 182,043.748 686,640.274 Distribution shares 513,334.015 100,004.748 32,776.871 580,561.892
AH CHF shares Capitalisation shares 31,114.019 579.934 13,372.522 18,321.431
AH GBP shares Capitalisation shares 31,767.000 2,200.000 7,539.000 26,428.000
I shares Capitalisation shares 635,142.060 796,745.267 339,058.214 1,092,829.113 Distribution shares 684,401.000 249,874.000 1,820.000 932,455.000
IH CHF shares Capitalisation shares 431,644.914 57,570.626 314,720.171 174,495.369
IH GBP shares Capitalisation shares 22,045.000 3,874.000 8,249.000 17,670.000 Distribution shares 26,770.000 325.000 27,095.000 0.000
U shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 33 UBAM - DYNAMIC EURO BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
UH GBP shares Capitalisation shares 0.000 10.000 0.000 10.000
UH CHF shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
UH USD shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
R shares Capitalisation shares 88,685.454 54,784.562 125.651 143,344.365
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 713,479,094.60 586,312,915.61 519,813,458.27
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 686,640.274 736,202.177 702,290.682 Net asset value per share 255.59 255.49 253.72 Distribution shares Number of shares outstanding 580,561.892 513,334.015 374,568.457 Net asset value per share 165.29 167.99 169.55 Dividend per share 2.77 2.73 2.12
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 18,321.431 31,114.019 24,983.000 Net asset value per share 323.12 325.10 323.78
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 26,428.000 31,767.000 35,304.000 Net asset value per share 101.74 101.24 100.28
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,092,829.113 635,142.060 832,888.071 Net asset value per share 260.58 260.18 257.76 Distribution shares Number of shares outstanding 932,455.000 684,401.000 - Net asset value per share 98.65 100.14 - Dividend per share 1.65 - -
The accompanying notes are an integral part of these financial statements. Page 34 UBAM - DYNAMIC EURO BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 713,479,094.60 586,312,915.61 519,813,458.27
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 174,495.369 431,644.914 554,834.914 Net asset value per share 102.55 103.06 102.39
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 17,670.000 22,045.000 24,672.000 Net asset value per share 102.87 102.24 101.03 Distribution shares Number of shares outstanding - 26,770.000 26,808.000 Net asset value per share - 99.66 100.08 Dividend per share - 1.61 -
U shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.85 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 99.85 - -
UH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.92 - -
UH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.59 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 99.59 - -
UH USD shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.96 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 99.78 - -
The accompanying notes are an integral part of these financial statements. Page 35 UBAM - DYNAMIC EURO BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 713,479,094.60 586,312,915.61 519,813,458.27
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 143,344.365 88,685.454 1.000 Net asset value per share 251.31 251.47 251.18
The accompanying notes are an integral part of these financial statements. Page 36 UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 665,690,674.18 661,218,875.53 3,311,312.56 92.68 dealt in on another regulated market Bonds 193,050,474.67 188,264,577.72 3,000,466.79 26.39 Euro 193,050,474.67 188,264,577.72 3,000,466.79 26.39 2,000,000 ADECCO INT FINANCIAL 4.75 11-18 13/04A 2,225,600.00 2,222,240.00 20,245.90 0.31 6,326,000 ALTADIS EMISIONES FIN 4.00 05-15 11/12A 6,780,308.80 6,429,556.62 139,345.32 0.90 15,850,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 16,974,100.00 16,378,122.00 123,151.47 2.29 3,200,000 BANK OF AMERICA 4.625 07-17 08/02A 3,467,200.00 3,401,056.00 57,983.56 0.48 7,850,000 BANK OF IRELAND (GOV CO) 2.75 13-16 05/06A 8,022,425.00 7,983,685.50 14,745.56 1.12 3,000,000 BK IRELAND (GOV&CO) 2.00 14-17 08/05A 3,052,360.80 3,033,240.00 8,688.52 0.43 1,000,000 CIE DE SAINT GOBAIN 4.875 06-16 31/05A 1,099,350.00 1,042,130.00 3,995.90 0.15 9,500,000 EDP FINANCE EMTN 4.75 09-16 26/09A 10,074,750.00 9,916,955.00 342,455.48 1.39 11,281,000 ENEL 3.50 10-16 26/02A 11,804,943.35 11,520,834.06 134,135.73 1.61 3,274,000 FORTIS BANK 5.757 07-17 04/10A 3,727,701.42 3,636,300.84 138,910.26 0.51 2,000,000 FRANCE TELECOM 5.625 08-18 22/05A 2,295,740.00 2,295,380.00 11,987.70 0.32 3,000,000 GAS NATURAL CAPITAL 4.375 09-16 02/11A 3,256,020.00 3,161,640.00 86,301.37 0.44 3,000,000 GENERAL MOTORS 0.85 15-18 23/02A 2,980,440.00 2,981,280.00 8,872.60 0.42 8,100,000 GLENCORE FINANCE 5.25 10-17 22/03A 8,970,721.00 8,738,199.00 116,188.52 1.22 9,166,000 IMPERIAL TOBACCO FIN 8.375 09-16 17/02A 10,848,174.40 9,626,499.84 279,719.95 1.35 2,000,000 IMPERIAL TOBACCO FIN 4.50 11-18 05/07A 2,217,500.00 2,215,760.00 88,767.12 0.31 7,198,000 KPN GMTN 4.75 06-17 17/01A 7,796,956.48 7,679,762.14 153,623.07 1.08 10,000,000 PEMEX 5.50 09-17 09/01A 11,011,600.00 10,723,600.00 259,178.08 1.50 4,993,000 PEMEX PROJ FDG MSTR 6.375 04-16 05/08A 5,491,319.00 5,315,248.22 286,909.41 0.74 6,000,000 PERNOD RICARD 4.875 10-16 18/03A 6,529,950.00 6,195,660.00 83,114.75 0.87 4,500,000 PORTUGAL TEL FIN 5.625 11-16 08/02A 4,780,206.82 4,618,710.00 98,476.03 0.65 1,500,000 RENAULT SA 4.625 11-16 25/05A 1,588,500.00 1,553,850.00 6,823.77 0.22 4,000,000 REPSOL SA EMTN 4.25 11-16 12/02A 4,251,800.00 4,097,040.00 64,273.97 0.57 12,000,000 SINOPEC GR OVER REGS 0.50 15-18 27/04A 11,965,920.00 11,973,000.00 10,327.87 1.68 3,000,000 SOCIETE GENERALE 6.125 08-18 20/08A 3,515,400.00 3,488,190.00 158,075.34 0.49 6,000,000 SPAIN 4.25 11-16 31/10A 6,498,840.00 6,323,880.00 169,068.49 0.89 8,000,000 SPAIN 2.10 13-17 30/04A 8,288,800.00 8,250,400.00 28,000.00 1.16 10,320,000 TESCO EMTN 1.25 13-17 13/11A 10,313,932.00 10,287,595.20 80,934.25 1.44 13,030,000 XSTRATA FIN REG S 1.75 12-16 19/05A 13,219,915.60 13,174,763.30 26,166.80 1.85 Floating rate bonds 472,640,199.51 472,954,297.81 310,845.77 66.29 Euro 472,640,199.51 472,954,297.81 310,845.77 66.29 16,000,000 ABN AMRO FL.R 13-16 01/08Q 16,046,900.00 16,068,800.00 14,566.67 2.25 7,000,000 ACHMEA BANK REGS TR2 FL.R 15-18 18/08Q 6,996,961.30 6,998,320.00 4,105.31 0.98 5,000,000 ANHEUSER-BUSCH INBEV FL.R 15-18 19/10Q 5,000,000.00 5,001,200.00 2,485.00 0.70 7,500,000 AQUARIUS INVT EMTN FL.R 14-17 20/05Q 7,515,090.00 7,528,650.00 4,176.88 1.06 2,000,000 BANK OF AMERICA FL.R 06-16 18/05Q 1,963,648.57 2,000,720.00 456.28 0.28 14,650,000 BANK OF AMERICA FL.R 07-17 23/05M 14,610,210.00 14,576,896.50 1,978.15 2.04 8,250,000 BANK OF AMERICA-SUB- FL.R 06-18 28/03Q 8,228,875.00 8,190,517.50 189.06 1.15 15,000,000 BFCM FL.R 13-16 15/11Q 15,000,000.00 15,080,100.00 10,560.83 2.11 13,000,000 BFCM EMTN FL.R 14-17 22/05A 13,078,400.00 13,080,730.00 7,576.83 1.83 7,100,000 BMW FINANCE EMTN FL.R 15-18 01/06Q 7,093,503.50 7,089,634.00 897.95 0.99 12,900,000 BMW US CAPITAL LLC FL.R 15-18 20/04Q 12,900,000.00 12,903,483.00 5,139.22 1.81 2,000,000 CARREFOUR BANQUE FL.R 14-18 21/03Q 2,022,000.00 2,017,560.00 516.00 0.28 6,000,000 CATERPILLAR INTL FL.R 15-18 13/05Q 6,000,000.00 6,003,720.00 1,688.00 0.84 500,000 CATERPILLAR INTL FIN FL.R 13-16 23/05Q 500,000.00 500,755.00 140.00 0.07 1,900,000 CITIGROUP EMTN FL.R 06-16 09/02Q 1,865,696.62 1,900,380.00 504.03 0.27 10,517,000 CITIGROUP EMTN VAR FL.R 05-17 30/11Q 10,511,750.00 10,511,531.16 11,750.98 1.47 6,068,000 CITIGROUP INC FL.R 04-19 10/02Q 6,070,752.00 6,035,475.52 11,723.04 0.85 7,100,000 CITIGROUP INC EMTN SUB FL.R 07-17 31/05A 7,030,400.00 7,063,861.00 0.00 0.99 4,500,000 CREDIT SUISSE FL.R 14-17 15/12Q 4,500,000.00 4,505,760.00 817.50 0.63 3,000,000 CS AG LDN FL.R 15-18 18/06Q 3,000,000.00 2,994,660.00 472.33 0.42 1,000,000 DBJ FL.R 14-16 06/05Q 1,000,000.00 1,001,900.00 258.00 0.14 3,160,000 FCA CAPITAL IRELAND P FL.R 15-17 17/10Q 3,165,521.60 3,166,952.00 5,917.45 0.44 10,000,000 FCE BANK PLC FL.R 14-16 15/11Q 9,999,320.00 10,039,300.00 8,829.44 1.41 15,000,000 FCE BANK PLC FL.R 15-18 10/02Q 15,011,710.00 14,986,500.00 9,796.25 2.10 4,100,000 GECC FL.R 06-16 20/06Q 4,053,342.00 4,096,351.00 96.58 0.57 11,000,000 GOLDMAN SACHS FL.R 14-19 20/10Q 11,099,380.00 11,040,700.00 15,250.28 1.55 1,500,000 GOLDMAN SACHS GROUP FL.R 14-16 05/09Q 1,499,250.00 1,506,075.00 610.42 0.21 6,500,000 GOLDMAN SACHS GROUP FL.R 06-16 23/05Q 6,455,047.58 6,508,190.00 2,135.97 0.91 3,000,000 GOLDMAN SACHS GROUP FL.R 15-20 29/05Q 2,997,000.00 2,982,690.00 1,832.00 0.42 10,000,000 HBOS EMTN FL.R 04-16 01/09Q 9,983,000.00 9,978,150.00 6,339.72 1.40 10,000,000 HBOS EMTN FL.R 07-17 21/03Q 9,997,000.00 9,974,900.00 1,524.44 1.40
The accompanying notes are an integral part of these financial statements. Page 37 UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 ING BANK NV FL.R 13-16 14/03Q 998,500.00 1,002,490.00 202.50 0.14 3,984,000 ING GROEP NV FL.R 06-16 11/04Q 3,916,942.66 3,985,115.52 1,829.98 0.56 6,900,000 INTESA SANPAOLO FL.R 15-20 15/06Q 6,889,788.00 6,855,288.00 2,981.38 0.96 16,500,000 INTESA SANPAOLO IRELA FL.R 15-18 09/03Q 16,494,180.96 16,373,445.00 5,649.88 2.29 7,000,000 INTESA SANPAOLO SPA FL.R 07-17 18/05Q 6,931,500.00 6,934,340.00 1,178.92 0.97 19,000,000 JPM CHASE FL.R 14-17 19/02Q 18,987,250.00 19,046,360.00 8,600.67 2.68 4,000,000 JPMORGAN CHASE FL.R 15-17 12/06Q 4,030,800.00 4,022,200.00 1,172.00 0.56 20,500,000 LEASEPLAN CORP FL.R 14-17 28/04Q 20,515,810.00 20,527,880.00 19,264.88 2.89 9,000,000 MACQUARIE BANK FL.R 14-16 24/04Q 8,996,400.00 9,021,150.00 7,504.00 1.26 8,000,000 MORGAN STANLEY FL.R 06-16 13/04Q 7,930,203.04 8,012,240.00 7,141.33 1.12 13,000,000 MORGAN STANLEY FL.R 14-19 19/11Q 12,980,630.00 13,026,130.00 10,465.00 1.83 4,000,000 PACCAR FIN EUROPE FL.R 13-16 24/06Q 4,000,000.00 4,008,720.00 244.00 0.56 8,000,000 RCI BANQUE FL.R 15-18 16/07Q 8,009,730.00 8,001,520.00 9,800.00 1.12 7,100,000 RCI BANQUE SA FL.R 14-17 27/11Q 7,105,850.00 7,107,242.00 4,103.80 1.00 5,000,000 RCI BANQUE SA EMTN FL.R 14-17 13/06Q 5,009,381.25 5,021,850.00 1,470.83 0.70 8,000,000 SANTANDER CONS.SUB FL.R 06-16 28/09Q 7,949,000.00 7,981,840.00 185.56 1.12 1,000,000 SANTANDER INTL EMTN FL.R 14-16 23/05Q 1,000,000.00 1,003,340.00 748.00 0.14 10,800,000 SANTANDER ISSUAN.EMTN FL.R 07-17 23/03Q 10,702,000.00 10,768,788.00 1,545.60 1.51 8,500,000 TELECOM ITALIA SPA FL.R 04-15 23/11Q 8,509,775.00 8,491,797.50 5,508.00 1.19 5,000,000 TELEFONICA EMIS SA FL.R 14-16 26/03Q 4,995,000.00 5,008,750.00 353.33 0.70 13,800,000 TELEFONICA EMIS SA FL.R 14-17 10/04Q 13,839,200.00 13,847,472.00 23,722.20 1.94 9,000,000 UBS AG LONDON FL.R 14-16 05/09Q 9,000,000.00 9,011,340.00 1,475.00 1.26 21,000,000 UNICREDIT FL.R 14-17 10/04Q 21,109,460.00 21,047,040.00 45,549.00 2.96 700,000 VINCI FL.R 13-16 18/04Q 700,000.00 702,163.00 803.48 0.10 1,000,000 VOLKSWAGEN BANK REGS FL.R 13-16 09/05Q 999,100.00 1,002,140.00 543.06 0.14 700,000 VOLVO TREASURY AB FL.R 13-16 16/05Q 705,810.00 703,710.00 661.36 0.10 8,000,000 VOLVO TREASURY AB FL.R 14-16 05/09Q 7,998,123.08 8,011,760.00 1,922.22 1.12 8,600,000 VOLVO TREASURY AB FL.R 14-17 11/09Q 8,628,880.00 8,615,652.00 1,983.49 1.21 4,999,000 VW INTL FIN FL.R 15-18 16/07Q 5,012,127.35 5,008,448.11 3,207.69 0.70 13,500,000 WELLS FARGO FL.R 15-20 02/06Q 13,500,000.00 13,469,625.00 8,694.00 1.89
Total investments in securities 665,690,674.18 661,218,875.53 92.68
Cash at banks/(bank liabilities) 17,143,950.44 2.40
Other net assets/(liabilities) 35,116,268.63 4.92
Total 713,479,094.60 100.00
The accompanying notes are an integral part of these financial statements. Page 38 UBAM - DYNAMIC EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 22.80 The Netherlands 13.49 United Kingdom 11.72 France 9.19 Spain 8.80 Italy 7.69 Ireland 6.38 Sweden 2.43 Mexico 2.24 United Arab Emirates 1.85 British Virgin Islands 1.68 Luxembourg 1.66 Australia 1.26 Belgium 1.21 Japan 0.14 Germany 0.14
92.68
Industrial classification of investments
% of net assets Banks and credit institutions 42.87 Holding and finance companies 33.91 Communications 5.23 Insurance 2.29 Petroleum 2.24 Countries and central government 2.05 Utilities 1.61 Tobacco and alcoholic drinks 1.57 Healthcare and social services 0.44 Building materials and trade 0.25 Road vehicles 0.22
92.68
Page 39 UBAM - DYNAMIC EURO BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 5,714,006.65 Interest on bonds and other debt securities, net Note 2 4,777,489.85 Interest on bank accounts 51.25 Bank interest on time deposits 32.07 Interest received on swap contracts Note 2 936,431.62 Other income 1.86 Expenses 1,583,587.52 Management fees Note 3 694,587.91 Custodian fees 316,631.16 Subscription duty ("taxe d'abonnement") Note 5 95,044.23 Central administration costs 292,702.45 Audit fees 9,667.99 Interest paid on bank liabilities 1,142.36 Legal fees 10,665.69 Transaction fees Note 2 14,913.21 Other administration costs Note 6, 7 102,362.02 Banking charges and other fees 1,140.60 Interest paid on swap contracts Note 2 3,300.00 Other expenses 41,429.90 Net investment income 4,130,419.13 Net realised gain/(loss) on: - securities portfolio Note 2 -1,166,832.86 - forward foreign exchange contracts Note 2 7,371,099.92 - futures contracts Note 2 -428,213.58 - swap contracts Note 2 -732,411.15 - foreign exchange Note 2 -1,033,913.95 Realised result 8,140,147.51 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -1,787,310.71 - forward foreign exchange contracts Note 2 84,063.57 - futures contracts Note 2 -82,733.39 - swap contracts Note 2 306,934.37 Result of operations 6,661,101.35 Dividends paid Note 14 -3,011,954.35 Subscriptions capitalisation shares 262,222,435.74 Subscriptions distribution shares 41,798,327.48 Redemptions capitalisation shares -171,125,676.57 Redemptions distribution shares -9,378,054.66 Total changes in net assets 127,166,178.99
Total net assets at the beginning of the period 586,312,915.61
Total net assets at the end of the period 713,479,094.60
The accompanying notes are an integral part of these financial statements. Page 40 UBAM - DYNAMIC US DOLLAR BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 504,273,104.47 Securities portfolio at market value Note 2 489,559,808.92 Cash at banks and time deposits 5,907,617.27 Deposits on futures and option contracts 605,515.58 Interest receivable on swap contracts Note 2 38,061.17 Interest receivable on bonds and other debt securities 1,742,046.37 Receivable on issues of shares 5,792,238.76 Unrealised gain on swap contracts Note 2, 10 599,916.25 Other receivables 27,900.15 Liabilities 3,292,955.37 Other liquid liabilities 593,581.19 Payable on redemptions of shares 1,155,129.52 Unrealised loss on forward foreign exchange contracts Note 2, 8 949,116.27 Unrealised loss on futures contracts Note 2, 9 89,171.88 Interest payable on bank liabilities and expenses payable 505,956.51 Net assets at the end of the period 500,980,149.10
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 1,581,253.770 289,564.499 302,327.630 1,568,490.639 Distribution shares 89,671.264 1,627.000 35,873.448 55,424.816
A EUR shares Capitalisation shares 0.000 144,104.785 954.572 143,150.213
AH EUR shares Capitalisation shares 0.000 25,902.115 21,932.030 3,970.085
AH CHF shares Capitalisation shares 4,937.988 913.000 1,073.000 4,777.988
AH GBP shares Capitalisation shares 6,530.000 9,067.749 660.000 14,937.749
I shares Capitalisation shares 395,966.178 278,828.221 248,380.063 426,414.336
IH EUR shares Capitalisation shares 0.000 350,000.000 0.000 350,000.000
IH CHF shares Capitalisation shares 124,460.357 31,777.955 108,990.357 47,247.955
The accompanying notes are an integral part of these financial statements. Page 41 UBAM - DYNAMIC US DOLLAR BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
IH GBP shares Capitalisation shares 17,667.214 0.000 5,377.214 12,290.000 Distribution shares 2,760.000 0.000 1,150.000 1,610.000
U shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
UH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
UH GBP shares Capitalisation shares 0.000 10.000 0.000 10.000
UH CHF shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
R shares Capitalisation shares 10,720.429 4,361.282 1,913.365 13,168.346
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 500,980,149.10 452,521,311.40 433,677,898.84
A shares USD USD USD Capitalisation shares Number of shares outstanding 1,568,490.639 1,581,253.770 1,362,119.862 Net asset value per share 211.38 211.09 210.61 Distribution shares Number of shares outstanding 55,424.816 89,671.264 52,069.000 Net asset value per share 133.51 135.12 136.48 Dividend per share 1.80 1.67 1.62
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 143,150.213 - - Net asset value per share 102.50 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 3,970.085 - - Net asset value per share 99.87 - -
The accompanying notes are an integral part of these financial statements. Page 42 UBAM - DYNAMIC US DOLLAR BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 500,980,149.10 452,521,311.40 433,677,898.84
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,777.988 4,937.988 3,471.988 Net asset value per share 218.31 220.40 220.74
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 14,937.749 6,530.000 13,310.000 Net asset value per share 102.05 101.78 101.15
I shares USD USD USD Capitalisation shares Number of shares outstanding 426,414.336 395,966.178 541,284.038 Net asset value per share 215.57 215.02 214.02
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 350,000.000 - - Net asset value per share 100.02 - -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 47,247.955 124,460.357 116,644.766 Net asset value per share 101.74 102.59 102.50
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 12,290.000 17,667.214 10,017.214 Net asset value per share 136.45 135.91 134.76 Distribution shares Number of shares outstanding 1,610.000 2,760.000 11,826.018 Net asset value per share 131.44 132.69 133.17 Dividend per share 1.77 1.62 1.57
U shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 100.00 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 100.00 - -
The accompanying notes are an integral part of these financial statements. Page 43 UBAM - DYNAMIC US DOLLAR BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 500,980,149.10 452,521,311.40 433,677,898.84
UH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.95 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 99.95 - -
UH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.95 - -
UH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.56 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 99.37 - -
R shares USD USD USD Capitalisation shares Number of shares outstanding 13,168.346 10,720.429 12,122.009 Net asset value per share 202.83 202.75 203.45
The accompanying notes are an integral part of these financial statements. Page 44 UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 471,112,437.80 468,556,138.42 1,707,930.57 93.53 dealt in on another regulated market Bonds 123,457,599.66 121,079,639.61 1,356,683.62 24.17 US Dollar 123,457,599.66 121,079,639.61 1,356,683.62 24.17 3,500,000 ANADARKO PETROLEUM 5.95 06-16 15/09S 3,809,700.00 3,693,130.00 60,739.58 0.74 1,757,000 BANK OF AMERICA SUB. 5.25 03-15 01/12S 1,883,659.86 1,787,993.48 7,430.65 0.36 3,000,000 BBVA US SENIOR 4.664 12-15 09/10S 3,150,523.33 3,029,460.00 31,482.00 0.60 6,000,000 DIRECT TV 3.50 11-16 01/03S 6,253,520.00 6,096,300.00 69,416.67 1.22 7,400,000 ENEL FINANCE INTL 6.25 07-17 15/09S 8,225,370.00 8,115,284.00 134,895.83 1.62 4,200,000 FORD MOTOR CREDIT 2.50 12-16 15/01S 4,261,876.00 4,234,188.00 48,125.00 0.85 9,955,000 GENERAL MOTORS 2.625 14-17 10/07S 10,080,894.80 10,073,962.25 123,400.52 2.00 3,000,000 GENERAL MOTORS 3.00 14-17 25/09S 3,068,760.00 3,059,040.00 23,750.00 0.61 4,000,000 GLENCORE FINANCE 7.50 10-49 06/10Q 4,205,000.00 4,057,240.00 70,000.00 0.81 2,500,000 HUTCH WHAM REGS 1.625 14-17 31/10S 2,494,440.00 2,493,500.00 6,770.83 0.50 710,000 HUTCHISON WHAMPOA 3.50 12-17 13/01S 747,388.60 731,044.40 11,527.64 0.15 7,910,000 INTESA SAN PAOLO 3.125 13-16 15/01S 8,052,868.27 7,982,851.10 113,294.27 1.59 5,000,000 KOOKMIN BANK REGS 1.625 14-17 14/07S 4,985,900.00 4,998,250.00 37,465.28 1.00 3,517,000 KRAFT FOODS 4.125 10-16 09/02S 3,669,468.74 3,584,842.93 56,821.53 0.72 2,000,000 METROPOLITAN LIFE 41 3.125 11-16 11/01S 2,027,200.00 2,025,590.00 29,340.28 0.40 2,000,000 NISSAN MOTOR REGS 1.00 13-16 15/03S 1,996,760.00 2,002,780.00 5,833.33 0.40 626,000 NOMURA HOLDINGS INC 4.125 11-16 19/01S 658,708.50 635,997.22 11,548.40 0.13 1,500,000 RBS 4.375 11-16 16/03S 1,602,675.00 1,534,860.00 18,958.33 0.31 9,556,000 RCI BANQUE 4.60 11-16 12/04S 10,071,146.00 9,804,838.24 95,241.47 1.96 7,000,000 SINOPEC GR OVER REGS 2.50 15-20 28/04S 6,974,020.00 6,897,660.00 30,138.89 1.38 2,650,000 TELEFONICA EMIS SA 3.992 11-16 16/02S 2,768,140.00 2,697,117.00 39,376.64 0.54 6,601,000 TELEFONICA EMISIONES 6.421 06-16 20/06S 7,212,845.20 6,921,412.54 11,773.62 1.38 2,500,000 TESCO PLC 2.70 11-17 05/01S 2,531,105.00 2,524,175.00 32,812.50 0.50 4,000,000 TESCO PLC 5.50 07-17 15/11S 4,301,600.00 4,278,400.00 27,500.00 0.85 5,000,000 UBS AG STAMFORD 5.875 06-16 15/07A 5,452,734.36 5,234,450.00 134,635.42 1.04 5,025,000 UNICREDIT F REGS SUB 6.00 07-17 31/10S 5,524,500.00 5,304,088.50 50,250.00 1.06 2,000,000 VALE OVERSEAS GTD 6.25 06-17 23/01S 2,233,620.00 2,119,360.00 54,513.89 0.42 5,148,000 XSTRATA FINANCE REGS 2.05 12-15 23/10S 5,213,176.00 5,161,824.95 19,641.05 1.03 Floating rate bonds 347,654,838.14 347,476,498.81 351,246.95 69.36 US Dollar 347,654,838.14 347,476,498.81 351,246.95 69.36 1,825,000 ACTAVIS FUNDING SCS FL.R 15-18 12/03Q 1,842,410.50 1,839,423.89 1,248.16 0.37 5,000,000 AT T INC FL.R 15-20 30/06Q 5,025,950.00 5,042,960.00 0.00 1.01 4,715,000 BANK OF AMERICA FL.R 06-16 15/08Q 4,683,859.50 4,689,258.46 3,638.33 0.94 11,216,000 BANK OF AMERICA CORP FL.R 13-18 22/03Q 11,362,660.00 11,319,047.00 3,366.79 2.26 11,000,000 BANK OF TOKYO MITSUB FL.R 13-16 09/09Q 11,050,100.00 11,025,190.00 5,718.53 2.20 4,000,000 BARCLAYS BANK FL.R 14-17 20/02Q 4,000,000.00 4,007,160.00 4,089.78 0.80 12,000,000 BAT INTERNATIONAL FIN FL.R 15-18 15/06Q 12,000,000.00 12,001,620.00 3,979.25 2.39 8,000,000 BFCM FL.R 14-17 20/01Q 8,000,000.00 8,047,920.00 17,751.58 1.61 8,000,000 BFCM REGS FL.R 13-16 28/10Q 8,000,000.00 8,045,680.00 15,806.00 1.61 9,000,000 BPCE TR.6 FL.R 14-17 10/02Q 9,020,980.00 9,049,770.00 13,828.41 1.81 3,000,000 CITIGROUP FL.R 14-17 24/11Q 3,000,000.00 2,991,729.00 2,807.58 0.60 14,000,000 CITIGROUP INC FL.R 06-16 09/06Q 13,842,080.00 13,947,500.00 4,501.47 2.77 4,000,000 CITIGROUP INC FL.R 15-18 27/04Q 4,000,000.00 3,990,720.00 6,876.44 0.80 6,000,000 CS NY FL.R 15-18 29/01Q 6,003,283.50 5,995,260.00 10,013.00 1.20 1,500,000 DAIMLER FIN REGS FL.R 13-16 01/08Q 1,500,000.00 1,504,920.00 2,395.38 0.30 7,000,000 DB LONDON -A- TR 471 FL.R 14-17 13/02Q 7,000,000.00 6,989,360.00 8,274.93 1.40 8,000,000 DEUTSCHE BANK AG FL.R 15-18 13/02Q 8,003,270.00 7,980,036.00 10,203.73 1.59 3,000,000 DEVON ENERGY FL.R 13-16 15/12Q 3,000,000.00 2,968,086.00 1,032.31 0.59 3,000,000 EDF SA REGS FL.R 14-17 20/01Q 3,000,000.00 3,003,940.50 4,349.34 0.60 1,500,000 ENBRIDGE FL.R 13-16 01/10Q 1,500,000.00 1,501,750.50 3,465.56 0.30 2,000,000 ENBRIDGE FL.R 14-17 02/06Q 2,000,000.00 1,982,216.00 1,141.39 0.40 2,800,000 EXP-IMP BANK KOREA FL.R 13-16 17/09Q 2,812,585.00 2,811,732.00 1,145.84 0.56 2,333,000 EXP-IMP BK KOREA FL.R 14-17 14/01Q 2,336,615.22 2,340,418.94 5,124.76 0.47 5,000,000 FORD MOTOR CRED FL.R 15-18 15/06Q 5,000,000.00 5,003,400.00 2,306.21 1.00 8,550,000 FORD MOTOR CREDIT FL.R 14-17 06/12Q 8,535,640.00 8,508,395.70 4,435.50 1.70 3,000,000 FORD MOTOR CREDIT FL.R 14-17 08/09Q 2,994,560.00 2,981,320.50 1,464.65 0.60 2,000,000 GENERAL MOTORS FL.R 15-18 10/04Q 2,015,520.00 2,017,500.00 7,340.40 0.40 5,310,000 GLENCORE FUNDING LLC FL.R 13-16 27/05Q 5,330,300.00 5,320,978.43 7,031.10 1.06 4,000,000 GOLDMAN SACHS FL.R 13-18 30/04Q 4,072,040.00 4,044,880.00 10,018.57 0.81 8,000,000 GOLDMAN SACHS GROUP FL.R 15-17 22/05Q 8,000,000.00 8,000,560.00 8,263.67 1.60 6,000,000 GOLDMAN SACHS GRP FL.R 14-17 15/12Q 6,004,560.00 6,009,516.00 2,607.13 1.20 6,105,000 HANA BANK REGS FL.R 13-16 09/11Q 6,138,147.45 6,145,598.25 11,903.48 1.23
The accompanying notes are an integral part of these financial statements. Page 45 UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 10,745,000 HBOS PLC FL.R 06-16 30/09Q 10,712,157.86 10,714,054.40 0.00 2.14 4,250,000 HYUNDAI CAP REGS FL.R 14-17 18/03Q 4,252,090.00 4,253,527.50 1,538.85 0.85 10,000,000 ING REGS FL.R 15-18 16/03Q 10,009,000.00 9,989,700.00 1,691.67 1.99 8,000,000 JP MORGAN CHASE FL.R 06-16 13/06Q 7,918,480.00 7,980,000.00 2,052.83 1.59 2,686,000 JP MORGAN CHASE FL.R 13-18 25/01Q 2,710,603.76 2,704,855.72 5,620.31 0.54 7,000,000 KOOKMIN BANK FL.R 13-16 11/10Q 7,069,654.37 7,059,990.00 23,142.82 1.41 4,947,000 KOOKMIN BANK TR2 REGS FL.R 14-17 27/01Q 4,957,718.49 4,968,074.22 10,131.46 0.99 5,000,000 KOREA DEV BANK FL.R 14-17 22/01Q 5,006,660.00 5,006,700.00 8,634.58 1.00 7,000,000 KROGER CO FL.R 13-16 17/10Q 7,005,100.00 6,996,766.00 11,573.70 1.40 2,000,000 LLOYDS BANK TSB FL.R 15-18 16/03Q 2,000,000.00 2,001,345.00 614.95 0.40 3,500,000 MACQUARIE BANK LTD FL.R 14-17 27/10Q 3,500,000.00 3,500,350.00 5,389.07 0.70 5,400,000 MIZUHO BANK LTD FL.R 14-17 25/09Q 5,399,252.00 5,384,772.00 548.06 1.07 2,500,000 MORGAN STANLEY FL.R 13-16 25/02Q 2,537,161.11 2,513,850.00 3,723.61 0.50 12,000,000 MORGAN STANLEY FL.R 13-18 25/04Q 12,277,690.00 12,171,600.00 33,216.00 2.42 6,000,000 NISSAN MOTOR REGS FL.R 13-16 26/09Q 6,000,000.00 6,030,051.00 653.83 1.20 4,000,000 NISSAN MOTOR REGS FL.R 14-17 03/03Q 4,000,000.00 4,006,644.00 2,497.50 0.80 13,000,000 NOMURA HOLDINGS FL.R 13-16 13/09Q 13,192,080.00 13,118,950.00 9,402.52 2.61 10,000,000 NWB REGS FL.R 13-16 18/10Q 10,000,000.00 10,021,300.00 9,370.03 2.00 1,750,000 PETROBRAS GLO FIN FL.R 14-17 17/03Q 1,777,606.25 1,713,250.00 1,670.39 0.34 9,000,000 RBS FL.R 14-17 31/03Q 9,026,128.13 8,980,740.00 0.00 1.79 2,600,000 SINOPEC GR REGS FL.R 14-17 10/04Q 2,601,560.00 2,597,946.00 6,149.52 0.52 2,000,000 SUMITOMO BANK FL.R 14-17 10/01Q 2,000,000.00 1,999,220.00 3,155.40 0.40 7,000,000 SUMITOMO BANK FL.R 15-18 16/01Q 7,005,635.00 7,005,040.00 12,156.67 1.40 4,500,000 SUMITOMO MITSUI REGS FL.R 13-16 16/09Q 4,500,000.00 4,508,408.25 1,727.78 0.90 5,000,000 SUNCORP-METWAY FL.R 14-17 28/03Q 5,021,700.00 5,016,042.50 136.39 1.00 2,000,000 UBS AG STAMFORD FL.R 15-18 26/03Q 2,000,000.00 1,998,440.00 215.41 0.40 3,100,000 VERIZON COMM FL.R 14-17 09/06Q 3,100,000.00 3,097,862.55 1,231.84 0.62 1,000,000 VERIZON COMMUNICATION FL.R 13-16 15/09Q 1,000,000.00 1,013,710.00 756.60 0.20 7,000,000 VW GROUP AMERICA FL.R 14-17 20/11Q 7,000,000.00 7,014,840.00 5,585.34 1.40 3,000,000 WALGREENS BOOTS FL.R 14-16 18/05Q 3,000,000.00 3,000,622.50 2,530.55 0.60
Other transferable securities 21,074,545.00 21,003,670.50 34,115.80 4.19 Floating rate bonds 21,074,545.00 21,003,670.50 34,115.80 4.19 US Dollar 21,074,545.00 21,003,670.50 34,115.80 4.19 13,000,000 CREDIT AGRICOLE 144A FL.R 14-17 12/06Q 13,014,385.00 12,982,326.50 5,413.53 2.59 8,000,000 INTESA SAN PAOLO NY FL.R 14-16 11/04Q 8,060,160.00 8,021,344.00 28,702.27 1.60
Total investments in securities 492,186,982.80 489,559,808.92 97.72
Cash at banks/(bank liabilities) 5,907,617.27 1.18
Other net assets/(liabilities) 5,512,722.91 1.10
Total 500,980,149.10 100.00
The accompanying notes are an integral part of these financial statements. Page 46 UBAM - DYNAMIC US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 41.05 United Kingdom 12.18 France 10.17 Japan 8.71 South Korea 7.51 The Netherlands 5.95 Luxembourg 2.24 Spain 1.92 British Virgin Islands 1.90 Canada 1.73 Australia 1.70 Italy 1.59 Cayman Islands 1.07
97.72
Industrial classification of investments
% of net assets Banks and credit institutions 51.68 Holding and finance companies 34.79 Communications 3.75 Retail trade, department stores 2.75 Petroleum 1.67 Utilities 1.30 Coal mining and steel industry 1.06 Foods and non alcoholic drinks 0.72
97.72
Page 47 UBAM - DYNAMIC US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 4,782,943.12 Interest on bonds and other debt securities, net Note 2 3,897,671.36 Interest on bank accounts 59.29 Bank interest on time deposits 37.11 Interest received on swap contracts Note 2 885,175.36 Expenses 1,302,611.08 Management fees Note 3 604,193.75 Custodian fees 236,286.34 Subscription duty ("taxe d'abonnement") Note 5 92,759.84 Central administration costs 222,023.42 Audit fees 7,120.77 Interest paid on bank liabilities 2,892.14 Legal fees 8,672.54 Transaction fees Note 2 8,255.67 Other administration costs Note 6, 7 98,298.43 Banking charges and other fees 36.76 Interest paid on swap contracts Note 2 2,395.53 Other expenses 19,675.89 Net investment income 3,480,332.04 Net realised gain/(loss) on: - securities portfolio Note 2 -1,269,414.53 - forward foreign exchange contracts Note 2 2,008,726.22 - futures contracts Note 2 -385,610.33 - swap contracts Note 2 -512,757.30 - foreign exchange Note 2 875,886.04 Realised result 4,197,162.14 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -398,151.95 - forward foreign exchange contracts Note 2 -424,208.23 - futures contracts Note 2 -345,987.30 - swap contracts Note 2 131,807.82 Result of operations 3,160,622.48 Dividends paid Note 14 -110,374.66 Subscriptions capitalisation shares 184,098,522.68 Subscriptions distribution shares 222,921.77 Redemptions capitalisation shares -133,830,671.13 Redemptions distribution shares -5,082,183.44 Total changes in net assets 48,458,837.70
Total net assets at the beginning of the period 452,521,311.40
Total net assets at the end of the period 500,980,149.10
The accompanying notes are an integral part of these financial statements. Page 48 UBAM - EMERGING MARKET BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 167,298,718.99 Securities portfolio at market value Note 2 161,879,801.82 Cash at banks and time deposits 1,590,035.14 Deposits on futures and option contracts 1,199,423.72 Interest receivable on bonds and other debt securities 2,542,911.42 Unrealised gain on futures contracts Note 2, 9 46,859.39 Other receivables 39,687.50 Liabilities 1,964,538.97 Bank liabilities 77,102.16 Unrealised loss on forward foreign exchange contracts Note 2, 8 1,132,808.98 Interest payable on bank liabilities and expenses payable 754,627.83 Net assets at the end of the period 165,334,180.02
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 477,810.068 157,642.883 65,359.491 570,093.460 Distribution shares 21,071.791 460.000 2,861.000 18,670.791
AH EUR shares Capitalisation shares 170,801.602 195,464.000 43,797.026 322,468.576 Distribution shares 8,079.493 6,650.000 2,685.389 12,044.104
AH CHF shares Capitalisation shares 5,071.000 0.000 60.000 5,011.000
AH GBP shares Capitalisation shares 5,220.000 1,264.821 1,000.000 5,484.821
AS shares Capitalisation shares 389,584.724 26,970.000 273,293.724 143,261.000
AHS EUR shares Capitalisation shares 255,566.848 10,290.000 250,056.848 15,800.000
I shares Capitalisation shares 28,299.000 27,296.193 33,331.193 22,264.000
IH EUR shares Capitalisation shares 77,104.000 0.000 3,941.000 73,163.000
R shares Capitalisation shares 1.000 0.000 0.000 1.000
Z shares Capitalisation shares 100,000.000 0.000 100,000.000 0.000
The accompanying notes are an integral part of these financial statements. Page 49 UBAM - EMERGING MARKET BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 165,334,180.02 199,136,224.31 169,135,694.49
A shares USD USD USD Capitalisation shares Number of shares outstanding 570,093.460 477,810.068 433,432.086 Net asset value per share 157.58 158.53 154.43 Distribution shares Number of shares outstanding 18,670.791 21,071.791 20,031.023 Net asset value per share 106.15 111.14 112.90 Dividend per share 4.45 4.82 5.33
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 322,468.576 170,801.602 120,062.447 Net asset value per share 114.59 115.70 112.75 Distribution shares Number of shares outstanding 12,044.104 8,079.493 6,246.279 Net asset value per share 75.81 79.67 80.97 Dividend per share 3.19 3.46 3.84
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 5,011.000 5,071.000 1,160.000 Net asset value per share 150.32 151.94 148.57
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 5,484.821 5,220.000 - Net asset value per share 95.09 95.46 -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 143,261.000 389,584.724 266,978.422 Net asset value per share 97.53 98.01 101.75
AHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 15,800.000 255,566.848 247,624.444 Net asset value per share 97.08 97.79 101.67
I shares USD USD USD Capitalisation shares Number of shares outstanding 22,264.000 28,299.000 72,714.000 Net asset value per share 171.29 171.51 165.51
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 73,163.000 77,104.000 38,871.000 Net asset value per share 125.17 125.79 121.44
The accompanying notes are an integral part of these financial statements. Page 50 UBAM - EMERGING MARKET BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 165,334,180.02 199,136,224.31 169,135,694.49
R shares USD USD USD Capitalisation shares Number of shares outstanding 1.000 1.000 1.000 Net asset value per share 156.52 157.71 153.95
Z shares USD USD USD Capitalisation shares Number of shares outstanding - 100,000.000 - Net asset value per share - 97.90 -
The accompanying notes are an integral part of these financial statements. Page 51 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 166,251,722.57 161,879,801.82 2,542,911.42 97.91 dealt in on another regulated market Bonds 164,038,706.46 159,773,641.82 2,518,896.71 96.64 US Dollar 164,038,706.46 159,773,641.82 2,518,896.71 96.64 1,000,000 ARGENTINA 2.50 05-38 31/12S 581,500.00 535,000.00 6,250.00 0.32 841,223 ARGENTINA 8.28 05-33 31/12S 874,871.71 807,573.89 0.00 0.49 350,510 ARGENTINA 8.28 09-33 31/12S 346,759.05 330,099.33 0.00 0.20 1,000,000 ARGENTINA 8.75 10-17 02/06S 986,125.00 949,330.00 6,805.56 0.57 1,000,000 ARMENIA 7.15 15-25 26/03S 975,680.00 991,600.00 18,669.44 0.60 500,000 AZERBAIDJAN (REP) REGS 4.75 14-24 18/03S 517,450.00 511,875.00 6,729.17 0.31 500,000 BANCO NAC DE DESEN 5.50 10-20 12/07S 549,875.00 523,495.00 12,833.33 0.32 300,000 BANCO NACIONAL REGS 4.875 13-18 01/11S 297,993.00 304,371.00 2,396.88 0.18 300,000 BANCO NACIONAL REGS 6.25 13-23 01/11S 301,968.00 303,000.00 3,072.92 0.18 500,000 BANK OF CEYLON 5.325 13-18 16/04S 500,000.00 502,185.00 5,472.92 0.30 500,000 BANK OF GEOGIA REGS 7.75 12-17 05/07S 531,500.00 520,595.00 18,836.81 0.31 400,000 BANQUE CENT TUNISIE 5.75 15-25 30/01S 406,000.00 390,500.00 9,583.33 0.24 500,000 BCO BOGOTA REGS SUB 5.375 13-23 19/02S 519,375.00 505,640.00 9,779.51 0.31 1,000,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 1,016,483.53 994,980.00 35,729.17 0.60 500,000 BNDES REGS 5.75 13-23 26/09S 536,200.00 509,375.00 7,506.94 0.31 300,000 BOLIVIA REGS 4.875 12-22 29/10S 301,350.00 303,879.00 2,478.13 0.18 1,000,000 BOLIVIA REGS 5.95 13-23 22/08S 1,042,125.00 1,065,170.00 21,155.56 0.64 500,000 BRAZIL 4.25 13-25 07/01S 497,605.00 482,325.00 10,211.81 0.29 1,000,000 BRAZIL 5.00 14-45 27/01S 968,240.00 868,750.00 21,250.00 0.53 1,000,000 BRAZIL 7.125 06-37 20/01S 1,099,000.00 1,133,750.00 31,666.67 0.69 700,000 BRAZIL 10.125 97-27 15/05S 1,105,020.00 1,031,625.00 8,859.38 0.62 600,000 BRAZIL 2.625 12-23 05/01S 549,870.00 534,000.00 7,656.25 0.32 580,045 BRAZIL LOAN 1 REGS 5.477 13-23 24/07S 591,645.50 573,156.60 13,766.59 0.35 500,000 CHILE (REPUBLIC OF) 3.625 12-42 30/10S 489,750.00 447,500.00 3,020.83 0.27 600,000 CNDCC REGS 3.00 12-22 17/07S 589,476.00 576,138.00 8,150.00 0.35 750,000 CNOOC CURTIS REGS 4.50 13-23 03/10S 775,335.00 790,072.50 8,156.25 0.48 200,000 CODELCO INC 4.875 14-44 04/11S 197,176.00 191,740.00 1,516.67 0.12 1,400,000 CODELCO INC REGS 4.25 12-42 17/07S 1,365,658.00 1,231,146.00 26,940.28 0.74 300,000 CODELCO INC REGS 4.50 13-23 13/08S 321,546.00 317,265.00 5,137.50 0.19 600,000 COLOMBIA 5.00 15-45 15/06S 594,108.00 557,778.00 1,250.00 0.34 400,000 COLOMBIA 5.625 14-44 26/02S 451,712.00 406,500.00 7,750.00 0.25 1,100,000 COLOMBIA 6.125 09-41 18/01S 1,296,056.67 1,193,753.00 30,318.75 0.72 1,000,000 COLOMBIA 7.375 06-37 18/09S 1,183,347.97 1,237,480.00 20,895.83 0.75 500,000 COLOMBIA 7.375 09-19 18/03S 602,950.00 581,815.00 10,447.92 0.35 500,000 COLOMBIA 4.00 13-24 26/02S 516,875.00 499,325.00 6,888.89 0.30 900,000 COSTA RICA REGS 7.008 14-44 04/04S 878,310.00 867,942.00 15,050.00 0.52 700,000 CPE REGS 4.875 13-24 15/01S 743,750.00 725,375.00 15,640.63 0.44 200,000 CROATIA 5.50 13-23 04/04S 214,320.00 206,214.00 2,627.78 0.12 500,000 CROATIA 6.375 11-21 24/03S 503,750.00 541,420.00 8,500.00 0.33 800,000 CROATIA 6.625 10-20 14/07S 792,816.00 876,616.00 24,438.89 0.53 500,000 CROATIA 6.75 09-19 05/11S 557,625.00 551,485.00 5,156.25 0.33 800,000 CROATIA REGS 6.00 13-24 26/01S 865,048.54 847,408.00 20,533.33 0.51 500,000 DEV B PHILIPPINES 5.50 11-21 25/03S 499,620.00 557,285.00 7,256.94 0.34 800,000 DOMINICAN REPUBLIC 5.50 15-25 27/01S 833,400.00 806,768.00 18,700.00 0.49 900,000 DOMINICAN REPUBLIC 7.45 14-44 30/04S 985,650.00 985,473.00 11,175.00 0.60 1,000,000 DOMINICAN REPUBLIC REGS 5.875 13-24 18/04S 1,036,900.00 1,041,250.00 11,750.00 0.63 1,000,000 DOMINICAN REPUBLIC REGS 6.85 15-45 27/01S 1,067,240.00 1,026,070.00 29,112.50 0.62 1,000,000 ECOPETROL 5.875 13-23 18/09S 1,114,585.00 1,055,000.00 16,645.83 0.64 800,000 ECOPETROL 5.875 14-45 28/05S 778,000.00 707,840.00 4,177.78 0.43 1,500,000 ECUADOR REG S 7.95 14-24 20/06S 1,435,500.00 1,349,670.00 3,312.50 0.82 800,000 EGYPT 5.875 15-25 11/06S 792,560.00 781,544.00 2,480.56 0.47 300,000 EGYPT REG-S 6.875 10-40 30/04S 295,355.40 295,875.00 3,437.50 0.18 700,000 EL SALVADOR REGS 5.875 12-25 30/01S 699,888.00 677,691.00 17,135.42 0.41 500,000 EL SALVADOR REGS 6.375 14-27 18/01S 504,600.00 488,125.00 14,343.75 0.30 500,000 EL SALVADOR REGS 7.625 11-41 01/02S 500,000.00 501,835.00 15,779.51 0.30 500,000 EL SALVADOR REGS 7.375 09-19 01/12S 548,250.00 545,940.00 2,970.49 0.33 400,000 EL SALVADOR REGS 7.75 02-23 24/01S 452,400.00 438,252.00 13,433.33 0.27 400,000 EL SALVADOR REGS 8.25 02-32 10/04S 467,600.00 441,000.00 7,333.33 0.27 500,000 ENAP REGS 4.75 11-21 06/12S 502,400.00 517,500.00 1,583.33 0.31 500,000 ENAP REGS 5.25 10-20 10/08S 524,000.00 531,840.00 10,208.33 0.32 700,000 ESKOM HOLDINGS 5.75 11-21 26/01S 694,911.00 686,000.00 17,218.06 0.41 500,000 ESKOM HOLDINGS 7.125 15-25 11/02S 510,700.00 507,940.00 13,755.21 0.31
The accompanying notes are an integral part of these financial statements. Page 52 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 500,000 ETHIOPIA (FED REP) 6.625 14-24 11/12S 469,900.00 496,840.00 1,748.26 0.30 1,200,000 GABON REGS 6.375 13-24 12/12S 1,180,350.00 1,165,212.00 3,825.00 0.70 500,000 GEORGIA 6.875 11-21 12/04S 545,950.00 538,750.00 7,447.92 0.33 500,000 GHANA REGS 7.875 13-23 07/08S 495,755.00 455,000.00 15,640.63 0.28 1,000,000 GHANA REGS 8.125 14-26 18/01S 941,660.87 913,460.00 36,562.50 0.55 1,500,000 GUATEMALA(REP OF)REG S4.875 13-28 13/02S 1,554,950.00 1,480,740.00 27,828.13 0.90 1,000,000 HALYK BANK REG S 7.25 11-21 28/01S 982,630.00 1,034,870.00 30,611.11 0.63 500,000 HEP REGS 6.00 12-17 09/11S 525,950.00 525,000.00 4,250.00 0.32 300,000 HONDURAS GOVT REGS 8.75 13-20 15/12S 325,875.00 342,651.00 1,020.83 0.21 500,000 HUNGARY 5.375 13-23 21/02S 525,450.00 547,440.00 9,630.21 0.33 2,000,000 HUNGARY 5.375 14-24 25/03S 2,197,670.00 2,170,220.00 28,368.06 1.30 1,500,000 HUNGARY 5.75 13-23 22/11S 1,616,449.25 1,672,500.00 9,104.17 1.00 1,000,000 HUNGARY 6.375 11-21 29/03S 1,101,742.50 1,138,450.00 16,114.58 0.69 1,500,000 HUNGARY 7.625 11-41 29/03S 2,032,430.00 1,998,405.00 28,911.46 1.20 500,000 ICE REG S 6.95 11-21 10/11S 531,950.00 528,040.00 4,826.39 0.32 500,000 INDONESIA 3.75 12-22 25/04S 495,880.00 493,560.00 3,385.42 0.30 500,000 INDONESIA 5.25 12-42 17/01S 523,180.00 485,070.00 11,885.42 0.29 500,000 INDONESIA 6.625 07-37 17/02S 445,795.72 567,415.00 12,237.85 0.34 500,000 INDONESIA REGS 6.75 14-44 15/01S 493,670.00 581,540.00 15,468.75 0.35 500,000 INDONESIA REGS 5.875 04-24 15/01S 555,500.00 553,965.00 13,463.54 0.34 500,000 INDONESIA REGS 7.75 08-38 17/01S 629,725.00 638,195.00 17,545.14 0.39 1,500,000 IRAQ 5.80 06-28 15/01S 1,321,350.00 1,222,500.00 39,875.00 0.74 500,000 ISBANK 6.00 12-22 24/10S 505,000.00 500,290.00 5,500.00 0.30 500,000 ITAU UNIBANCO REGS 6.20 11-21 21/12S 541,250.00 530,875.00 775.00 0.32 1,000,000 IVORY COAST REGS 5.375 14-24 23/07S 966,168.00 942,690.00 23,440.97 0.57 500,000 JAMAICA (GOV.OF) 7.625 14-25 09/07S 508,000.00 562,040.00 18,109.38 0.34 500,000 KASAK TEMIR REGS 6.95 12-42 10/07S 573,614.54 483,775.00 16,409.72 0.29 700,000 KAZAKHSTAN DEV BANK 4.875 14-44 14/10S 674,268.00 606,375.00 7,204.17 0.37 500,000 KAZAKHSTAN REGS 3.875 14-24 14/10S 491,935.00 472,025.00 4,090.28 0.29 800,000 KAZMUNAIGAZ 4.875 14-25 07/05S 718,792.00 730,240.00 5,741.67 0.44 500,000 KAZMUNAIGAZ 9.125 08-18 02/07S 549,950.00 566,455.00 22,559.03 0.34 500,000 KAZMUNAIGAZ FIN. REGS 6.375 10-21 09/04S 515,000.00 522,500.00 7,171.88 0.32 1,000,000 KAZMUNAIGAZ REGS 4.40 13-23 30/04S 974,490.00 911,000.00 7,333.33 0.55 500,000 KAZMUNAIGAZ REGS 5.75 13-43 30/04S 496,465.00 418,900.00 4,791.67 0.25 1,000,000 KENYA 5.875 14-19 24/06S 1,007,500.00 1,023,770.00 979.17 0.62 500,000 KENYA REGS 6.875 14-24 24/06S 516,150.00 510,000.00 572.92 0.31 500,000 LEBANESE REPUBLIC 5.00 12-17 12/10S 508,125.00 508,750.00 5,416.67 0.31 500,000 LEBANESE REPUBLIC 6.00 12-23 27/01S 508,125.00 504,375.00 12,750.00 0.31 500,000 LEBANESE REPUBLIC 6.10 10-22 04/10S 510,950.00 510,200.00 4,066.67 0.31 500,000 LEBANESE REPUBLIC 6.75 12-27 29/11S 518,750.00 519,545.00 2,906.25 0.31 500,000 LEBANESE REPUBLIC 9.00 09-17 20/03S 561,883.50 540,455.00 12,625.00 0.33 900,000 LEBANESE REPUBLIC 6.375 10-20 09/03S 900,000.00 939,564.00 17,762.67 0.57 800,000 LEBANESE REPUBLIC EMTN 8.25 06-21 12/04S 839,502.59 906,424.00 14,300.00 0.55 1,000,000 LEBANESE REPUBLIC REGS 5.15 10-18 12/11S 1,000,000.00 1,016,250.00 6,866.67 0.61 350,000 LEBANESE REPUBLIC 61 6.60 11-26 27/11S 358,540.00 360,461.50 2,053.33 0.22 300,000 LITHUANIA 6.625 12-22 01/02S 366,885.00 359,907.00 8,226.04 0.22 500,000 MAJAPAHIT HOLD.REGS 7.75 09-20 20/01S 589,733.33 579,315.00 17,222.22 0.35 500,000 MAJAPAHIT HOLD.REGS 8.00 09-19 07/08S 547,400.00 579,765.00 15,888.89 0.35 500,000 METRO REGS 4.75 14-24 04/02S 529,950.00 530,055.00 9,631.94 0.32 500,000 MEXICO MTN 26 4.75 12-44 08/03S 534,155.57 478,765.00 7,388.89 0.29 500,000 MONGOLIA EMTN REGS 2 5.125 12-22 05/12S 449,000.00 453,750.00 1,779.51 0.27 800,000 MOROCCO REGS 4.25 12-22 11/12S 815,970.00 819,648.00 1,794.44 0.50 200,000 MOROCCO REGS 5.50 12-42 11/12S 195,000.00 204,110.00 580.56 0.12 750,000 MOZAMBIQUE EMATUM REGS6.305 13-20 11/09S 725,523.75 703,125.00 14,317.60 0.43 500,000 NIGERIA REGS 5.125 13-18 12/07S 486,325.00 502,500.00 11,958.33 0.30 200,000 NIGERIA REGS 6.75 11-21 28/01S 221,200.00 207,000.00 5,700.00 0.13 500,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 494,450.00 500,000.00 4,277.78 0.30 400,000 OIL INDIA LTD 5.375 14-24 17/04S 398,108.00 428,064.00 4,359.72 0.26 500,000 PAKISTAN 7.25 14-19 15/04S 524,500.00 526,635.00 7,552.08 0.32 1,000,000 PAKISTAN 8.255 14-24 15/04S 1,051,950.00 1,095,160.00 17,187.50 0.66 500,000 PAKISTAN REG S 6.875 07-17 01/06S 520,000.00 521,870.00 2,769.10 0.32 800,000 PANAMA (REP.) 4.30 13-53 29/04S 800,000.00 699,504.00 5,828.89 0.42 600,000 PANAMA (REP.) 6.70 06-36 26/01S 775,500.00 744,588.00 17,196.67 0.45 500,000 PANAMA (REP.) 8.875 97-27 30/09S 717,495.00 709,375.00 11,217.01 0.43 500,000 PANAMA (REP.) 4.00 14-24 22/09S 512,275.00 505,825.00 5,444.44 0.31 500,000 PANAMA (REP.) 9.375 99-29 01/04S 739,500.00 738,750.00 11,588.54 0.45 500,000 PARAGUAY 4.625 13-23 25/01S 513,750.00 507,500.00 9,956.60 0.31
The accompanying notes are an integral part of these financial statements. Page 53 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 500,000 PARAGUAY REGS 6.10 14-44 11/08S 551,875.00 512,150.00 11,776.39 0.31 500,000 PEMEX 4.875 12-22 24/01S 538,740.00 520,025.00 10,562.50 0.31 500,000 PEMEX 6.00 10-20 05/03S 562,500.00 559,530.00 9,583.33 0.34 1,000,000 PEMEX 6.375 14-45 23/01S 1,129,806.00 1,026,250.00 27,802.08 0.62 500,000 PEMEX GTD 5.50 12-44 27/06S 525,000.00 461,760.00 229.17 0.28 500,000 PEMEX PROJ FDG 6.625 05-35 15/06S 581,250.00 535,100.00 1,380.21 0.32 500,000 PEMEX PROJECT 6.50 11-41 02/06S 563,480.00 522,500.00 2,527.78 0.32 1,000,000 PEMEX REGS 4.50 15-26 23/01S 1,031,800.00 975,500.00 19,625.00 0.59 500,000 PERTAMINA REGS 4.30 13-23 20/05S 475,562.50 481,895.00 2,388.89 0.29 500,000 PERTAMINA REGS 4.875 12-22 03/05S 497,070.00 503,210.00 3,859.38 0.30 500,000 PERTAMINA REGS 6.45 14-44 30/05S 519,250.00 494,410.00 2,687.50 0.30 1,000,000 PERU 8.75 03-33 21/11S 1,547,736.00 1,513,380.00 9,479.17 0.92 500,000 PERU 5.625 10-50 18/11S 561,250.00 559,465.00 3,281.25 0.34 1,000,000 PERU 6.55 07-37 14/03S 1,314,320.00 1,249,730.00 19,286.11 0.76 500,000 PERU 7.35 05-25 21/07S 672,475.00 654,500.00 16,231.25 0.40 500,000 PERUSAHAAN PERSEROAN 5.50 11-21 22/11S 495,270.00 530,045.00 2,902.78 0.32 500,000 PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S 589,950.00 582,500.00 18,416.67 0.35 500,000 PETROBRAS INTL FIN 6.75 11-41 27/01S 545,998.75 437,955.00 14,343.75 0.26 1,000,000 PETROLEOS DE VENEZUEL 6.00 13-26 15/11S 640,000.00 353,750.00 7,500.00 0.21 500,000 PETROLEOS MEXICANOS 3.50 13-23 30/01S 478,750.00 473,000.00 7,291.67 0.29 700,000 PETROLEOS MEXICANOS 4.875 13-24 18/01S 752,430.00 719,719.00 15,356.25 0.44 1,000,000 PETROLEOS VENEZUELA 5.375 07-27 12/04S 577,500.00 345,400.00 11,645.83 0.21 1,000,000 PETROLEOS VENEZUELA 5.50 07-37 12/04S 437,428.00 341,250.00 11,916.67 0.21 1,000,000 PETROLEOS VENEZUELA 6.00 14-24 16/05S 627,000.00 360,000.00 7,333.33 0.22 500,000 PETROLEOS VENEZUELA 9.75 12-35 17/05S 404,683.33 203,750.00 5,822.92 0.12 500,000 PETROLIAM NASIO.REG S 7.625 96-26 15/10S 702,200.00 670,490.00 7,942.71 0.41 1,000,000 PETRONAS CAPITAL LTD 3.50 15-25 18/03S 991,250.00 989,700.00 9,916.67 0.60 500,000 PETRONAS CAPITAL REGS 7.875 02-22 22/05S 650,032.50 641,530.00 4,156.25 0.39 500,000 PHILIPPINES 4.20 14-24 21/01S 500,000.00 545,655.00 9,275.00 0.33 500,000 PHILIPPINES 5.00 12-37 13/01S 500,000.00 579,075.00 11,597.22 0.35 500,000 PHILIPPINES 6.375 07-32 15/01S 477,790.54 649,065.00 14,609.38 0.39 1,000,000 PHILIPPINES 6.375 09-34 23/10S 1,259,603.85 1,329,210.00 11,864.58 0.80 500,000 PHILIPPINES 7.75 06-31 14/01S 696,900.00 722,600.00 17,868.06 0.44 700,000 PHILIPPINES 9.50 05-30 02/02S 1,113,910.00 1,134,553.00 27,338.89 0.69 500,000 POLAND 5.00 11-22 23/03S 542,381.25 555,360.00 6,736.11 0.34 500,000 POLAND 5.125 11-21 21/04S 564,750.00 556,045.00 4,911.46 0.34 500,000 POLAND 4.00 14-24 22/01S 515,421.67 524,395.00 8,777.78 0.32 500,000 PT BK NEGARA REGS 5.25 12-42 24/10S 492,570.00 436,775.00 4,812.50 0.26 1,000,000 PT PELABUHAN INDO II 4.25 15-25 05/05S 989,960.00 942,400.00 6,493.06 0.57 1,000,000 PT PELABUHAN INDO II 5.375 15-45 05/05S 981,740.00 878,750.00 8,211.81 0.53 500,000 PWR SECTOR REG S 7.39 09-24 02/12S 644,725.00 656,715.00 2,873.89 0.40 200,000 REBUBLIC NAMIBIA 5.50 11-21 03/11S 217,000.00 216,500.00 1,741.67 0.13 500,000 REPUBLIC OF PANAMA 3.75 15-25 16/03S 494,285.00 494,720.00 5,416.67 0.30 1,000,000 ROMANIA 6.75 12-22 07/02S 1,223,200.00 1,170,500.00 26,812.50 0.71 1,000,000 ROMANIA REGS 4.875 14-24 22/01S 1,046,107.50 1,061,700.00 21,395.83 0.64 500,000 ROMANIA REGS 6.125 14-44 22/01S 588,695.00 565,000.00 13,440.97 0.34 500,000 RSHB CAP RAB -REGS- 6.299 07-17 15/05S 531,000.00 504,200.00 3,936.88 0.30 450,000 RSHB CAP REGS 5.298 12-17 27/12S 472,500.00 442,422.00 198.68 0.27 600,000 RUSSIA 5.625 12-42 04/04S 590,640.00 566,340.00 8,062.50 0.34 600,000 RUSSIA REG -S- 5.00 10-20 29/04S 629,940.00 617,538.00 5,083.33 0.37 800,000 RUSSIA REG -S- 12.75 98-28 24/06S 1,310,498.40 1,260,704.00 1,700.00 0.76 400,000 RUSSIA REGS 3.50 13-19 16/01S 399,000.00 394,648.00 6,377.78 0.24 2,200,000 RUSSIA REGS 4.875 13-23 16/09S 2,193,192.00 2,180,508.00 30,983.33 1.31 400,000 RUSSIA REGS 5.875 13-43 16/09S 431,976.00 387,784.00 6,788.89 0.23 500,000 RZD EMTN 5.739 10-17 03/04S 522,250.00 507,190.00 6,934.63 0.31 350,000 SENEGAL REGS 6.50 14-24 30/07S 346,937.50 339,220.00 9,114.58 0.21 500,000 SERBIA REGS 5.25 12-17 21/11S 518,750.00 518,320.00 2,843.75 0.31 1,000,000 SERBIA REGS 7.25 11-21 28/09S 1,101,906.67 1,123,820.00 18,527.78 0.68 500,000 SINOCHEM OV CAP REG S 4.50 10-20 12/11S 527,310.00 528,750.00 3,000.00 0.32 500,000 SINOPEC GR OVER REGS 3.90 12-22 17/05S 511,500.00 511,220.00 2,329.17 0.31 1,000,000 SINOPEC GR OVER REGS 4.375 14-24 10/04S 997,670.00 1,050,280.00 9,722.22 0.64 500,000 SINOPEC GR OVER REGS 4.875 12-42 17-05S 518,910.66 520,455.00 2,911.46 0.31 250,000 SLOVAK REPUBLIC 4.375 12-22 21/05S 279,872.50 274,360.00 1,184.90 0.17 400,000 SOUTH AFRICA 6.25 11-41 08/03S 471,000.00 453,384.00 7,777.78 0.27 400,000 SOUTH AFRICA 5.375 14-44 24/07S 446,920.00 400,884.00 9,316.67 0.24 500,000 SOUTH AFRICA 6.875 09-19 27/05S 511,329.25 569,800.00 3,151.04 0.34 1,250,000 SOUTH AFRICA 5.875 13-25 16/09S 1,402,083.33 1,389,387.50 21,215.28 0.84
The accompanying notes are an integral part of these financial statements. Page 54 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 750,000 SOUTH AFRICA 5.50 10-20 09/03S 833,175.00 817,635.00 12,718.75 0.49 500,000 SRI LANKA 5.875 12-22 25/07S 508,031.82 493,950.00 12,647.57 0.30 500,000 SRI LANKA 6.25 10-20 04/10S 529,665.00 513,435.00 7,465.28 0.31 800,000 SRI LANKA REGS 5.125 14-19 11/04S 800,000.00 797,656.00 8,997.22 0.48 500,000 SRI LANKA REGS 6.00 14-19 14/01S 522,500.00 513,055.00 13,833.33 0.31 500,000 SRI LANKA REGS 6.25 11-21 27/07S 514,250.00 508,040.00 13,281.25 0.31 500,000 STATE BANK OF INDIA 4.875 14-24 17/04S 499,725.00 525,000.00 4,942.71 0.32 500,000 STATE GRID OVER REGS 4.85 14-44 07/05S 520,500.00 530,220.00 3,570.14 0.32 1,000,000 STATE GRID REGS 4.125 14-24 07/05S 1,021,460.00 1,047,070.00 6,072.92 0.63 1,000,000 STATE OIL REGS 4.75 13-23 13/03S 959,668.50 961,250.00 14,118.06 0.58 500,000 SUAM FINANCE BV REGS 4.875 14-24 17/04S 500,175.00 505,000.00 4,942.71 0.31 500,000 TGI INTERNATIONAL 5.70 12-22 20/03S 511,500.00 526,875.00 7,916.67 0.32 1,300,000 TRANSNET REG S EMTN 4.00 12-22 26/07S 1,219,367.50 1,252,771.00 22,244.44 0.76 500,000 TRINITAD TOBAGO REGS 4.375 13-24 16/01S 500,000.00 539,375.00 9,965.28 0.33 500,000 TURK EXIMBANK 5.875 12-19 24/04S 532,453.57 528,705.00 5,385.42 0.32 1,000,000 TURKEY 11.875 00-30 15/01S 1,488,271.29 1,685,580.00 54,427.08 1.01 500,000 TURKEY 5.625 10-21 30/03S 504,100.45 540,075.00 7,031.25 0.33 1,000,000 TURKEY 6.00 11-41 14/01S 1,046,392.00 1,056,280.00 27,666.67 0.64 1,000,000 TURKEY 6.25 12-22 26/09S 1,039,360.00 1,116,010.00 16,319.44 0.68 500,000 TURKEY 6.75 10-40 30/05S 583,090.00 577,010.00 2,812.50 0.35 800,000 TURKEY 6.875 06-36 17/03S 939,920.00 929,520.00 15,736.11 0.56 500,000 TURKEY 7.00 05-20 05/06S 585,850.00 572,525.00 2,430.56 0.35 500,000 TURKEY 8.00 04-34 14/02S 667,500.00 645,735.00 15,111.11 0.39 1,500,000 URUGUAY 4.125 12-45 20/11S 1,180,761.14 1,288,650.00 6,875.00 0.78 850,000 URUGUAY 4.50 13-24 14/08S 902,020.00 894,429.50 14,450.00 0.54 1,500,000 URUGUAY 5.10 14-50 18/06S 1,523,020.00 1,440,000.00 2,550.00 0.87 1,000,000 UTD MEXICAN STS TR20 6.05 07-40 11/01S 1,202,297.50 1,142,250.00 28,401.39 0.69 500,000 VEB FINANCE REGS 5.942 13-23 21/11S 497,305.00 437,500.00 3,218.58 0.26 1,000,000 VENEZUELA 7.65 05-25 21/04S 598,500.00 372,500.00 14,662.50 0.23 500,000 VENEZUELA 9.25 08-28 07/05S 424,950.00 195,000.00 6,809.03 0.12 1,000,000 VENEZUELA 9.25 97-27 15/09S 991,250.00 430,000.00 26,979.17 0.26 700,000 VENEZUELA REGS 8.25 09-24 13/10S 571,200.00 266,021.00 12,352.08 0.16 1,500,000 VIETNAM REGS 4.80 14-24 19/11S 1,559,562.50 1,503,030.00 8,200.00 0.91 900,000 ZAMBIA 8.50 14-24 14/04S 933,970.00 912,798.00 16,150.00 0.55 300,000 ZAMBIA REGS 5.375 12-22 20/09S 294,324.00 260,826.00 4,479.17 0.16 1,000,000 1MDB 4.40 13-23 09/03S 977,010.00 875,000.00 13,566.67 0.53 Floating rate bonds 2,213,016.11 2,106,160.00 24,014.71 1.27 US Dollar 2,213,016.11 2,106,160.00 24,014.71 1.27 1,000,000 BRAZIL MINAS SPE REGS FL.R 13-28 15/02S 1,039,800.00 953,910.00 19,998.75 0.58 1,000,000 IVORY COAST REGS FL.R 10-32 31/12S 959,416.11 947,500.00 0.00 0.57 200,000 TANZANIA FL.R 13-20 08/03S 213,800.00 204,750.00 4,015.96 0.12
Other transferable securities 0.02 0.00 0.00 0.00 Bonds 0.02 0.00 0.00 0.00 US Dollar 0.02 0.00 0.00 0.00 362,000 SINO FOREST GTD ESCROW 6.25 10-17 21/10S (DEFAULTED) 0.01 0.00 0.00 0.00 638,000 SINO FOREST GTD ESCROW 6.25 10-17 21/10S (DEFAULTED) 0.01 0.00 0.00 0.00
Total investments in securities 166,251,722.59 161,879,801.82 97.91
Cash at banks/(bank liabilities) 1,512,932.98 0.92
Other net assets/(liabilities) 1,941,445.22 1.17
Total 165,334,180.02 100.00
The accompanying notes are an integral part of these financial statements. Page 55 UBAM - EMERGING MARKET BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Mexico 4.93 Turkey 4.93 Indonesia 4.58 Hungary 4.52 Colombia 4.41 Philippines 3.74 Brazil 3.66 South Africa 3.66 Lebanese Republic 3.52 Russia 3.25 Chile 2.62 British Virgin Islands 2.53 Peru 2.42 Panama 2.36 Dominican Republic 2.34 Uruguay 2.19 Croatia 2.14 Sri Lanka 2.01 Malaysia 1.93 El Salvador 1.88 Venezuela 1.74 Romania 1.69 Luxembourg 1.67 Argentina 1.58 Kazakhstan 1.58 Pakistan 1.30 The Netherlands 1.26 Costa Rica 1.20 Ivory Coast 1.14 Other 21.13
97.91
56Page UBAM - EMERGING MARKET BOND
Industrial classification of investments
% of net assets Countries and central government 67.09 Petroleum 10.83 Holding and finance companies 6.72 Banks and credit institutions 4.38 Transportation 3.10 Utilities 2.46 Coal mining and steel industry 1.40 Miscellaneous sectors 1.01 Electrical engineering and electronics 0.32 Electronics and semiconductors 0.30 Healthcare and social services 0.30
97.91
57Page UBAM - EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 5,126,645.08 Interest on bonds and other debt securities, net Note 2 5,126,630.09 Interest on bank accounts 14.87 Other income 0.12 Expenses 1,754,598.42 Management fees Note 3 1,253,032.66 Custodian fees 222,912.40 Subscription duty ("taxe d'abonnement") Note 5 37,874.24 Central administration costs 84,807.06 Audit fees 2,574.75 Interest paid on bank liabilities 2,738.65 Legal fees 6,379.00 Transaction fees Note 2 7,872.39 Other administration costs Note 6, 7 126,558.80 Banking charges and other fees 2,723.54 Other expenses 7,124.93 Net investment income 3,372,046.66 Net realised gain/(loss) on: - securities portfolio Note 2 -9,505,991.93 - forward foreign exchange contracts Note 2 -4,299,649.22 - futures contracts Note 2 -1,280,126.80 - foreign exchange Note 2 -1,450,586.78 Realised result -13,164,308.07 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 4,761,467.32 - forward foreign exchange contracts Note 2 330,572.76 - futures contracts Note 2 1,252,054.73 Result of operations -6,820,213.26 Dividends paid Note 14 -116,149.33 Subscriptions capitalisation shares 59,454,273.08 Subscriptions distribution shares 626,129.30 Redemptions capitalisation shares -86,401,287.41 Redemptions distribution shares -544,796.67 Total changes in net assets -33,802,044.29
Total net assets at the beginning of the period 199,136,224.31
Total net assets at the end of the period 165,334,180.02
The accompanying notes are an integral part of these financial statements. Page 58 UBAM - EMERGING MARKET CORPORATE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 267,963,641.46 Securities portfolio at market value Note 2 261,828,720.58 Cash at banks and time deposits 1,570,020.19 Deposits on futures and option contracts 784,081.87 Interest receivable on swap contracts Note 2 1,648.33 Interest receivable on bonds and other debt securities 3,593,326.56 Unrealised gain on futures contracts Note 2, 9 183,687.05 Other receivables 2,156.88 Liabilities 3,447,535.31 Other liquid liabilities 124.61 Unrealised loss on forward foreign exchange contracts Note 2, 8 2,526,369.91 Unrealised loss on swap contracts Note 2, 10 1,949.62 Interest payable on bank liabilities and expenses payable 919,091.17 Net assets at the end of the period 264,516,106.15
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 868,953.200 46,881.000 83,661.039 832,173.161 Distribution shares 58,432.289 5,503.000 470.000 63,465.289
AH EUR shares Capitalisation shares 60,916.169 7,065.000 9,308.000 58,673.169 Distribution shares 5,777.000 400.000 1,070.000 5,107.000
AH CHF shares Capitalisation shares 4,430.000 680.000 370.000 4,740.000
AS shares Capitalisation shares 55,740.000 4,800.000 8,931.000 51,609.000
AHS EUR shares Capitalisation shares 14,064.000 320.000 2,000.000 12,384.000
AHS CHF shares Capitalisation shares 21,410.000 1,500.000 0.000 22,910.000
AP shares Capitalisation shares 7,537.000 3,750.000 3,387.000 7,900.000
APH EUR shares Capitalisation shares 2,375.000 9,047.000 475.000 10,947.000
APH CHF shares Capitalisation shares 31,400.000 2,600.000 0.000 34,000.000
The accompanying notes are an integral part of these financial statements. Page 59 UBAM - EMERGING MARKET CORPORATE BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
I shares Capitalisation shares 73,255.000 160,121.561 129,024.000 104,352.561 Distribution shares 45,000.000 17,100.000 45,000.000 17,100.000
IH EUR shares Capitalisation shares 684,721.797 251,357.423 255,699.788 680,379.432
IH CHF shares Capitalisation shares 415.351 0.000 415.351 0.000
IHS EUR shares Capitalisation shares 10,000.000 34,400.000 0.000 44,400.000
IP shares Capitalisation shares 4,150.000 0.000 0.000 4,150.000
IPH EUR shares Capitalisation shares 590.000 12,852.000 0.000 13,442.000
R shares Capitalisation shares 784.399 0.000 617.680 166.719
RH EUR shares Capitalisation shares 10.000 0.000 0.000 10.000
Z shares Capitalisation shares 30,000.000 0.000 3,074.085 26,925.915
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 264,516,106.15 267,470,691.40 228,078,648.84
A shares USD USD USD Capitalisation shares Number of shares outstanding 832,173.161 868,953.200 856,123.423 Net asset value per share 126.99 124.87 120.15 Distribution shares Number of shares outstanding 63,465.289 58,432.289 54,527.289 Net asset value per share 104.32 106.72 106.99 Dividend per share 4.27 4.46 4.80
The accompanying notes are an integral part of these financial statements. Page 60 UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 264,516,106.15 267,470,691.40 228,078,648.84
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 58,673.169 60,916.169 77,025.169 Net asset value per share 125.99 124.04 119.53 Distribution shares Number of shares outstanding 5,107.000 5,777.000 15,849.476 Net asset value per share 111.40 114.11 114.57 Dividend per share 4.56 4.77 5.15
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,740.000 4,430.000 9,290.000 Net asset value per share 135.90 134.17 129.52
AS shares USD USD USD Capitalisation shares Number of shares outstanding 51,609.000 55,740.000 18,858.000 Net asset value per share 123.67 122.03 122.22
AHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 12,384.000 14,064.000 - Net asset value per share 101.80 100.97 -
AHS CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 22,910.000 21,410.000 - Net asset value per share 96.54 95.65 -
AP shares USD USD USD Capitalisation shares Number of shares outstanding 7,900.000 7,537.000 8,520.000 Net asset value per share 128.18 125.62 120.08
APH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10,947.000 2,375.000 2,070.000 Net asset value per share 127.01 124.86 119.56
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 34,000.000 31,400.000 32,937.000 Net asset value per share 124.33 122.34 117.31
The accompanying notes are an integral part of these financial statements. Page 61 UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 264,516,106.15 267,470,691.40 228,078,648.84
I shares USD USD USD Capitalisation shares Number of shares outstanding 104,352.561 73,255.000 87,576.000 Net asset value per share 132.64 129.81 123.73 Distribution shares Number of shares outstanding 17,100.000 45,000.000 47,000.000 Net asset value per share 99.02 119.45 118.62 Dividend per share - 4.94 5.27
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 680,379.432 684,721.797 441,575.268 Net asset value per share 131.27 128.65 122.82
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding - 415.351 415.351 Net asset value per share - 138.62 132.57
IHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 44,400.000 10,000.000 10,000.000 Net asset value per share 104.19 102.33 101.17
IP shares USD USD USD Capitalisation shares Number of shares outstanding 4,150.000 4,150.000 5,550.000 Net asset value per share 131.29 128.33 122.03
IPH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 13,442.000 590.000 8,377.955 Net asset value per share 129.90 127.45 121.47
R shares USD USD USD Capitalisation shares Number of shares outstanding 166.719 784.399 1,232.964 Net asset value per share 125.31 123.48 119.40
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 10.000 10.000 Net asset value per share 107.94 106.49 103.01
Z shares USD USD USD Capitalisation shares Number of shares outstanding 26,925.915 30,000.000 - Net asset value per share 100.42 97.91 -
The accompanying notes are an integral part of these financial statements. Page 62 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 261,294,317.32 259,147,045.58 3,577,961.98 97.97 dealt in on another regulated market Bonds 251,859,152.32 249,574,515.58 3,475,002.55 94.35 US Dollar 251,859,152.32 249,574,515.58 3,475,002.55 94.35 1,500,000 ABJA INVESTMENT 5.95 14-24 31/07S 1,557,000.00 1,508,505.00 37,187.50 0.57 1,000,000 ABU DHABI NAT ENERGY 6.50 06-36 27/10S 1,326,250.00 1,215,310.00 11,375.00 0.46 1,000,000 AGRICOLA SENIOR TRUST 6.75 15-20 18/06S 1,000,000.00 1,020,560.00 2,250.00 0.39 1,000,000 AKBANK REGS 5.125 15-25 31/03S 983,685.00 958,760.00 12,812.50 0.36 750,000 ALFA BOND 7.75 11-21 28/04S 789,886.36 743,947.50 10,010.42 0.28 750,000 ALFA BOND ISS REGS 7.50 12-19 26/09S 792,525.00 720,000.00 14,687.50 0.27 1,000,000 ALFA REGS 5.25 14-24 25/03S 1,054,250.00 1,025,000.00 13,854.17 0.39 1,000,000 ALFA S.A. 6.875 14-44 25/03S 1,090,000.00 1,027,200.00 18,142.36 0.39 1,000,000 ALPEK REGS 4.50 12-22 20/11S 997,130.00 1,001,710.00 5,000.00 0.38 1,500,000 ALROA FINANCE REG S 7.75 10-20 03/11S 1,620,599.00 1,580,625.00 18,406.25 0.60 500,000 ALTICE FINANCE REGS 6.50 13-22 15/01S 525,000.00 501,875.00 14,895.83 0.19 1,000,000 ALTICE FINANCING REGS 6.625 15-23 15/02S 1,032,600.00 995,200.00 26,868.06 0.38 1,100,000 AMERICA MOVIL 6.125 10-40 30/03S 1,316,542.33 1,263,581.00 16,843.75 0.48 2,000,000 ANGLOGOLD ASH 8.50 13-20 30/07S 2,182,588.00 2,212,360.00 77,916.67 0.84 1,500,000 ARCELIK AS REGS 5.00 13-23 03/04S 1,449,500.00 1,432,950.00 18,125.00 0.54 1,000,000 ARMENIA 6.00 13-20 30/09S 1,002,258.00 980,000.00 15,000.00 0.37 500,000 ARMENIA 7.15 15-25 26/03S 499,950.00 495,800.00 9,334.72 0.19 800,000 BANCO DO BRASIL 9.00 14-XX 18/12S 693,200.00 727,760.00 2,400.00 0.28 1,000,000 BANCO INBURSA 4.125 14-24 06/06S 978,750.00 968,800.00 2,750.00 0.37 500,000 BANCOLOMBIA 6.125 10-20 26/07S 511,045.00 533,125.00 13,100.69 0.20 1,000,000 BANCOLOMBIA SUB 5.125 12-22 11/09S 975,855.00 998,000.00 15,517.36 0.38 500,000 BANGKOK BK HK REGS 3.875 12-22 27/09S 473,590.00 509,660.00 5,005.21 0.19 1,500,000 BANK CHINA HK 5.55 10-20 11/02S 1,606,027.50 1,644,240.00 32,143.75 0.62 500,000 BANK OF CHINA 5.00 14-24 13/11S 497,940.00 511,715.00 3,263.89 0.19 250,000 BANK OF EAST ASIA SUB 6.125 10-20 16/07S 275,775.00 280,552.50 6,975.69 0.11 500,000 BANK OF INDIA 6.25 11-21 16/02S 525,000.00 559,730.00 11,631.94 0.21 1,000,000 BBVA 4.875 15-25 21/04S 1,010,200.00 983,480.00 9,343.75 0.37 1,500,000 BBVA BANCOMER REGS 6.75 12-22 30/09S 1,639,525.00 1,657,230.00 25,312.50 0.63 500,000 BBVA BANCOMER SA TEXA 6.50 11-21 10/03S 563,200.00 543,075.00 9,930.56 0.21 1,500,000 BBVA REGS 5.00 12-22 26/08S 1,558,125.00 1,563,555.00 25,833.33 0.59 1,000,000 BCO BOGOTA REGS SUB 5.375 13-23 19/02S 1,015,600.00 1,011,280.00 19,559.03 0.38 1,000,000 BCO CREDITO DEL PERU 4.25 13-23 01/04S 973,750.00 1,003,470.00 10,506.94 0.38 1,500,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 1,533,000.00 1,492,470.00 53,593.75 0.56 1,000,000 BHARAT PETROLEUM 4.625 12-22 25/10S 1,008,665.00 1,023,360.00 8,350.69 0.39 1,500,000 BHARTI AIRTEL REGS 5.125 13-23 11/03S 1,483,500.00 1,569,630.00 23,276.04 0.59 1,000,000 BHARTI AIRTEL REGS 5.35 14-24 20/05S 1,043,980.00 1,060,430.00 5,944.44 0.40 1,000,000 BOLIVIA REGS 5.95 13-23 22/08S 1,042,500.00 1,065,170.00 21,155.56 0.40 500,000 BRASIL TELECOM REGS 5.75 12-22 10/02S 481,350.00 435,975.00 11,180.56 0.16 250,000 BRASKEM AMERICA REGS 7.125 11-41 22/07S 280,950.00 219,075.00 7,817.71 0.08 1,000,000 BRASKEM FIN I. REG-S 7.00 10-20 07/05S 1,008,650.00 1,037,980.00 10,305.56 0.39 1,000,000 BRF REGS 4.75 14-24 22/05S 984,220.00 989,430.00 5,013.89 0.37 1,000,000 BURGAN FINANCE REGS 7.875 10-20 29/09S 1,164,642.86 1,157,500.00 19,906.25 0.44 1,500,000 CEMEX FIN EUROP REGS 9.375 12-22 12/10S 1,680,500.00 1,674,945.00 30,468.75 0.63 2,000,000 CEMEX REGS 5.70 14-25 11/01S 1,979,800.00 1,908,800.00 53,516.67 0.72 750,000 CEMEX REGS 7.25 13-21 15/01S 786,925.00 791,850.00 24,921.88 0.30 1,000,000 CENCOSUD SA 5.50 11-21 20/01S 1,057,700.00 1,054,650.00 24,444.44 0.40 1,000,000 CGNPC INTL REGS 4.00 15-25 19/05S 994,050.00 993,010.00 0.00 0.38 2,000,000 CHINA CINDA FIN REGS 4.25 15-25 23/04S 1,994,200.00 1,908,420.00 15,819.44 0.72 1,000,000 CHINA CINDA FINANCE 5.625 14-24 14/05S 1,050,680.00 1,058,950.00 7,187.50 0.40 500,000 CHINA OIL GAS REGS 5.25 13-18 25/04S 503,500.00 504,645.00 4,739.58 0.19 500,000 CHINA RAILWAY RES 3.85 13-23 05/02S 498,930.00 496,910.00 7,753.47 0.19 500,000 CITI BANK INTL 6.875 10-20 24/06S 546,160.00 561,270.00 572.92 0.21 600,000 CITI PACIFIC REGS 4 6.80 12-23 17/01S 601,200.00 694,026.00 18,473.33 0.26 1,000,000 CITIC TELECOM REGS 6.10 13-25 05/03S 1,000,000.00 1,022,420.00 19,486.11 0.39 1,000,000 CNOOC FIN 2013 3.00 13-23 09/05S 908,110.00 949,460.00 4,250.00 0.36 1,000,000 CNOOC FIN 2014 4.25 14-24 30/04S 1,027,660.00 1,023,870.00 7,083.33 0.39 1,000,000 COLBUN REGS 4.50 14-24 10/07S 998,500.00 997,070.00 21,250.00 0.38 1,000,000 COLOMBIA REGS 5.375 12-22 27/09S 1,003,750.00 995,330.00 13,885.42 0.38 2,000,000 COLUMBUS INTL INC 7.375 14-21 30/03S 2,177,450.00 2,157,500.00 36,875.00 0.82 1,500,000 COMCEL TRUST REGS 6.875 14-24 06/02S 1,589,628.75 1,585,530.00 41,250.00 0.60 500,000 CORPGROUP BANKING SA 6.75 13-23 15/03S 515,625.00 501,250.00 9,843.75 0.19 200,000 COUNTRY GARDEN 7.50 15-20 09/03S 199,500.00 207,040.00 4,625.00 0.08
The accompanying notes are an integral part of these financial statements. Page 63 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 CRCC YUXIANG LTD 3.50 13-23 16/05S 942,850.00 973,500.00 4,277.78 0.37 1,500,000 DAVIVIENDA SUB REGS 5.875 12-22 09/07S 1,566,200.00 1,521,000.00 41,859.38 0.58 2,500,000 DIGICEL REGS 6.00 13-21 15/04S 2,493,200.00 2,416,600.00 31,250.00 0.91 1,500,000 DIGICEL REGS 8.25 12-20 30/09S 1,551,000.00 1,511,250.00 30,937.50 0.57 500,000 DOMINICAN REPUBLIC 5.50 15-25 27/01S 516,250.00 504,230.00 11,687.50 0.19 2,400,000 DP WORLD REG S 6.85 07-37 02/07S 2,622,500.00 2,624,928.00 81,286.67 0.99 2,000,000 ECOPETROL 4.125 14-25 16/01S 1,970,015.00 1,855,600.00 37,583.33 0.70 1,000,000 ECOPETROL 5.875 13-23 18/09S 1,088,000.00 1,055,000.00 16,645.83 0.40 2,000,000 ECOPETROL 5.875 14-45 28/05S 1,873,360.00 1,769,600.00 10,444.44 0.67 1,000,000 EGYPT 5.875 15-25 11/06S 990,700.00 976,930.00 3,100.69 0.37 71,896 EMERALD PLANT HLDGS 6.00 13-20 30/01S 416,475.11 61,471.08 0.00 0.02 1,300,000 EMPRESA ELEC GUACOLD 4.56 15-25 30/04S 1,300,579.22 1,254,500.00 9,880.00 0.47 500,000 ENN ENERGY HOLDINGS 6.00 11-21 13/05S 532,945.00 553,600.00 3,916.67 0.21 900,000 FILINVEST DEVL REGS 4.25 13-20 02/04S 900,000.00 892,179.00 9,350.00 0.34 1,500,000 FINANSBANK REGS 6.25 14-19 30/04S 1,559,587.50 1,520,625.00 15,625.00 0.57 1,000,000 FITA INTL LTD 7.00 10-20 10/02S 1,052,354.00 1,130,070.00 27,222.22 0.43 1,000,000 FRANSHION BRILLIANT 5.75 14-19 19/03S 1,039,500.00 1,064,880.00 16,131.94 0.40 250,000 FRANSHION DEVLT 6.75 11-21 15/04S 270,875.00 281,520.00 3,515.63 0.11 1,000,000 FRESNILLO REG S 5.50 13-23 13/11S 1,002,265.62 1,060,000.00 7,180.56 0.40 2,000,000 GAZ CAPITAL 6.51 07-22 07/03S 2,075,850.00 2,009,620.00 40,868.33 0.76 1,500,000 GAZ CAPITAL REG S 9.25 09-19 23/04S 1,666,035.00 1,668,300.00 25,822.92 0.63 1,400,000 GEELY AUTOMOBILE REGS 5.25 14-19 06/10S 1,400,000.00 1,431,416.00 17,150.00 0.54 2,000,000 GEORG RAILWAY REGS 7.75 12-22 11/07S 2,184,800.00 2,150,000.00 72,763.89 0.81 1,000,000 GHANA REGS 7.875 13-23 07/08S 949,640.00 910,000.00 31,281.25 0.34 1,000,000 GOLD FIELDS ORO REG-S 4.875 10-20 07/10S 898,750.00 915,990.00 11,239.58 0.35 1,500,000 GPN CAPITAL REGS 6.00 13-23 27/11S 1,451,480.00 1,382,775.00 8,250.00 0.52 1,500,000 GPN CAPITAL SA 4.375 12-22 19/09S 1,372,600.00 1,282,635.00 18,411.46 0.48 500,000 GRUOP TELEVISA 5.00 14-45 13/05S 493,375.00 479,500.00 3,263.89 0.18 700,000 GRUPO AVAL LTD 4.75 12-22 26/09S 698,407.50 675,500.00 8,681.94 0.26 400,000 GRUPO IDESA REGS 7.875 13-20 18/12S 397,360.00 423,596.00 1,050.00 0.16 500,000 GRUPO TELEVISA S.A. 6.625 10-40 15/01S 601,250.00 576,535.00 15,182.29 0.22 1,000,000 GTL TRADE REGS 5.893 14-24 29/04S 1,024,500.00 980,000.00 9,985.36 0.37 2,000,000 HALYK BANK REG S 7.25 11-21 28/01S 2,098,917.40 2,069,740.00 61,222.22 0.78 1,000,000 HANA BANK REGS SUB 4.375 14-24 30/09S 1,067,030.00 1,025,910.00 10,937.50 0.39 2,000,000 HLP FINANCE 4.45 14-21 16/04S 2,042,670.00 2,086,240.00 18,294.44 0.79 1,000,000 HLP FINANCE 4.75 12-22 25/16S 995,940.00 1,035,570.00 659.72 0.39 750,000 HONGKONG LAND FINANCE 4.50 10-25 07/10S 755,835.00 794,107.50 7,781.25 0.30 500,000 HSBK EUROPE BV 7.25 07-17 03/05S 518,500.00 516,250.00 5,739.58 0.20 1,000,000 HUTCHISON WHAMPOA 3.625 14-24 31/10S 1,028,970.00 987,450.00 6,041.67 0.37 1,500,000 ICD FUNDING 4.625 14-24 21/05S 1,513,375.00 1,491,510.00 7,515.63 0.56 750,000 ICICI BANK REGS 5.75 10-20 16/11S 814,020.00 833,265.00 5,270.83 0.32 1,000,000 IDBI 4.125 14-20 23/04S 999,030.00 1,005,590.00 7,677.08 0.38 1,000,000 INDIAN OIL 5.625 11-21 02/08S 992,170.00 1,092,200.00 23,125.00 0.41 600,000 INDIAN OIL REGS 5.75 13-23 01/08S 610,512.00 654,084.00 14,279.17 0.25 1,100,000 INDUSTRIAL SR TR REGS 5.50 12-22 01/11S 1,107,430.00 1,064,624.00 9,915.28 0.40 1,000,000 INTERBANK PEROU REG S 5.75 10-20 07/10S 1,066,475.00 1,081,600.00 13,256.94 0.41 1,000,000 INTL BK AZERBAIJAN 5.625 14-19 11/06S 998,750.00 972,980.00 2,968.75 0.37 1,000,000 INVERSIONES CMPC 4.75 14-24 15/09S 1,054,250.00 1,022,010.00 13,854.17 0.39 750,000 IOI INVESTMENT 4.375 12-22 27/06S 721,185.00 762,157.50 273.44 0.29 1,500,000 ISBANK 6.00 12-22 24/10S 1,498,988.62 1,500,870.00 16,500.00 0.57 2,000,000 ISRAEL ELECTRIC CORP 5.00 14-24 12/11S 2,045,407.50 2,034,300.00 13,333.33 0.77 1,000,000 ISRAEL ELECTRIC REGS 6.875 13-23 21/06S 1,093,000.00 1,143,850.00 1,718.75 0.43 1,000,000 ITAU UNIBANCO REGS 5.50 12-22 06/08S 1,035,500.00 997,500.00 22,000.00 0.38 1,100,000 IVORY COAST REGS 5.375 14-24 23/07S 1,050,590.00 1,036,959.00 25,785.07 0.39 1,000,000 IXE BANCO SA REG S 9.25 10-20 14/10S 992,500.00 1,196,250.00 19,527.78 0.45 3,000,000 JBS USA LLC 5.75 15-25 15/06S 3,000,000.00 2,956,830.00 12,458.33 1.12 1,000,000 JGSH PHILIPPINES 4.375 13-23 23/01S 970,750.00 1,007,090.00 19,079.86 0.38 1,000,000 JSW STEEL LTD 4.75 14-19 12/11S 978,750.00 961,480.00 6,333.33 0.36 1,500,000 KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S 1,607,200.00 1,573,125.00 22,207.99 0.59 900,000 KENYA 5.875 14-19 24/06S 900,000.00 921,393.00 881.25 0.35 500,000 KENYA REGS 6.875 14-24 24/06S 526,200.00 510,000.00 572.92 0.19 1,000,000 KOR HYDRO NUCL REG S 3.00 12-22 19/09S 987,350.00 994,650.00 8,416.67 0.38 500,000 KUNLUN ENERGY 3.75 15-25 13/05S 495,065.00 484,890.00 2,447.92 0.18 3,000,000 LATAM AIR GRP REGS 7.25 15-20 09/06S 3,000,000.00 3,101,370.00 12,687.50 1.16 1,000,000 LEBANESE REPUBLIC REGS 5.80 14-20 14/04S 1,029,400.00 1,019,290.00 12,244.44 0.39 750,000 LI & FUNG 6.00 12-XX 25/05S 750,000.00 790,680.00 4,375.00 0.30 2,000,000 LONGFOR PROPERTIES 6.75 13-23 29/01S 2,012,000.00 1,979,680.00 56,625.00 0.75
The accompanying notes are an integral part of these financial statements. Page 64 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 MAG GLB SEC REGS 4.75 14-24 07/05S 998,400.00 1,032,050.00 6,993.06 0.39 500,000 MARFRIG HOLDINGS REGS 6.875 14-19 24/06S 502,666.66 478,205.00 572.92 0.18 1,500,000 MCE FINANCE REGS 5.00 13-21 15/02S 1,505,000.00 1,427,565.00 28,125.00 0.54 1,500,000 METALLOINVEST FIN 5.625 13-20 17/04S 1,386,800.00 1,376,250.00 17,109.38 0.52 500,000 MEXICHEM REGS 5.875 14-44 17/09S 495,750.00 465,245.00 8,404.51 0.18 1,500,000 MILLICOM INT CEL REGS 6.625 13-21 15/10S 1,604,862.00 1,552,500.00 20,703.13 0.59 1,000,000 MILLICOM INTL CEL 6.00 15-25 10/03S 1,008,750.00 975,000.00 17,166.67 0.37 1,000,000 MINERVA LUXE REGS 7.75 13-23 31/01S 1,051,000.00 1,002,500.00 32,291.67 0.38 1,000,000 MOZAMBIQUE EMATUM REGS6.305 13-20 11/09S 961,260.00 937,500.00 19,090.14 0.35 750,000 MTN MAURITIUS INV REGS4.755 14-24 11/11S 754,600.00 751,140.00 4,854.06 0.28 1,000,000 MTS INTL FDG 5.00 13-23 30/05S 936,500.00 894,000.00 4,166.67 0.34 1,250,000 MTS INTL FDG 8.625 10-20 22/06S 1,421,805.00 1,355,237.50 2,395.83 0.51 500,000 NEXEN INC 5.875 05-35 10/03S 544,200.00 556,045.00 8,975.69 0.21 1,000,000 NOBLE GROUP LTD 6.75 09-20 19/01S 1,076,333.33 1,032,190.00 28,312.50 0.39 1,000,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 995,000.00 1,000,000.00 8,555.56 0.38 2,000,000 NOVATEK FIN REGS 4.422 12-22 13/12S 1,812,180.00 1,735,000.00 4,176.33 0.66 2,000,000 NOVATEK FINANCE REG S 6.604 11-21 03/02S 2,015,245.00 1,990,000.00 53,932.67 0.75 1,000,000 NTPC LTD 4.375 14-24 26/11S 1,054,900.00 999,700.00 4,131.94 0.38 3,250,000 OCP SA 5.625 14-24 25/04S 3,344,142.50 3,424,687.50 33,007.81 1.28 500,000 ODEBRECH FIN REGS 7.50 10-XX 14/09Q 493,750.00 395,000.00 1,666.67 0.15 500,000 ODEBRECHT REGS 7.125 12-42 26/06S 466,250.00 385,000.00 395.83 0.15 1,000,000 OLAM INTL LTD 7.50 10-20 12/08S 1,012,000.00 1,122,210.00 28,750.00 0.42 750,000 ONCG VIDESH REGS 4.625 14-24 15/07S 745,905.00 763,905.00 15,898.44 0.29 1,000,000 PACIFIC RUB ENE REGS 5.625 14-25 19/01S 890,000.00 725,000.00 25,156.25 0.27 250,000 PACIFIC RUB REGS 5.125 13-23 28/03S 245,000.00 180,000.00 3,274.31 0.07 1,700,000 PACIFIC RUB REGS 5.375 13-19 26/01S 1,699,745.00 1,405,050.00 39,088.19 0.53 500,000 PARAGUAY 4.625 13-23 25/01S 518,750.00 507,500.00 9,956.60 0.19 1,000,000 PARKSON RETAIL GP 4.50 13-18 03/05S 991,625.00 950,770.00 7,125.00 0.36 300,000 PCCW-HKTC CAPITAL REGS3.75 13-23 08/03S 276,343.50 297,591.00 3,500.00 0.11 1,500,000 PERTAMINA REGS 4.30 13-23 20/05S 1,509,450.00 1,445,685.00 7,166.67 0.55 1,000,000 PERTAMINA REGS 4.875 12-22 03/05S 1,025,000.00 1,006,420.00 7,718.75 0.38 2,250,000 PERUSAHAAN GAS REG S 5.125 14-24 16/05S 2,267,075.00 2,269,867.50 14,093.75 0.86 2,000,000 PERUSAHAAN PERSEROAN 5.50 11-21 22/11S 2,120,050.00 2,120,180.00 11,611.11 0.80 500,000 PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S 571,250.00 582,500.00 18,416.67 0.22 1,500,000 PETROBRAS GLB FIN 4.375 13-23 20/05S 1,389,600.00 1,305,420.00 7,291.67 0.49 1,500,000 PETROBRAS INTL FIN 5.375 11-21 27/01S 1,357,950.00 1,442,145.00 34,265.63 0.55 1,000,000 PETROLEOS MEXICANOS 4.875 13-24 18/01S 1,048,000.00 1,028,170.00 21,937.50 0.39 1,000,000 POWER GRID INDIA 3.875 13-23 17/01S 1,015,500.00 982,060.00 17,545.14 0.37 1,000,000 PROVEN HONOUR CAP 4.125 15-25 19/05S 990,060.00 987,820.00 4,697.92 0.37 1,500,000 PT PELABUHAN INDO II 4.25 15-25 05/05S 1,484,940.00 1,413,600.00 9,739.58 0.53 1,000,000 PTT GLB CHEM REGS 4.25 12-22 19/02S 997,885.00 1,024,900.00 11,923.61 0.39 500,000 PTT PCL REGS 4.50 12-42 25/10S 389,450.00 450,735.00 4,062.50 0.17 500,000 PTT REGS 3.375 12-22 25/10S 461,095.00 490,465.00 3,046.88 0.19 500,000 PTTEP CANADA REGS 5.692 10-15 19/07S 532,145.00 559,565.00 6,719.72 0.21 1,900,000 RELIANCE COMM 6.50 15-20 06/11S 1,905,350.00 1,928,272.00 18,525.00 0.73 1,900,000 RELIANCE HLDGS REGS 5.40 12-22 14/02S 2,063,501.00 2,052,019.00 38,760.00 0.78 1,000,000 RELIANCE INDUSTRIES L 4.125 15-25 28/01S 1,003,490.00 977,550.00 17,416.67 0.37 1,000,000 ROSNEFT INTL REGS 4.199 12-22 06/03S 847,400.00 856,360.00 13,296.83 0.32 1,000,000 SAN MIGUEL 4.875 13-23 26/04S 986,500.00 966,660.00 8,666.67 0.37 1,000,000 SANTANDER CAP REGS SUB 5.95 13-24 30/01S 1,006,175.00 1,053,450.00 24,791.67 0.40 1,000,000 SASOL FIN INTL 4.50 12-22 14/11S 1,006,250.00 1,012,430.00 5,750.00 0.38 1,000,000 SBERBANK LUX REGS 5.125 12-22 29/10S 850,000.00 860,000.00 8,684.03 0.33 1,000,000 SENEGAL REGS 6.50 14-24 30/07S 983,900.00 969,200.00 26,041.67 0.37 1,000,000 SOUTHERN COPPER CORP 5.875 15-45 23/04S 911,740.00 957,510.00 10,934.03 0.36 1,500,000 SRI LANKA 5.875 12-22 25/07S 1,528,000.00 1,481,850.00 37,942.71 0.56 1,500,000 SRI LANKA REGS 5.125 14-19 11/04S 1,501,250.00 1,495,605.00 16,869.79 0.57 1,375,000 STANDARD BANK SUB 8.125 09-19 02/12S 1,448,333.33 1,537,855.00 8,689.24 0.58 1,500,000 STATE BANK OF INDIA 4.875 14-24 17/04S 1,499,175.00 1,575,000.00 14,828.13 0.60 2,000,000 STATE OIL REGS 4.75 13-23 13/03S 1,921,225.00 1,922,500.00 28,236.11 0.73 2,100,000 STATS CHIPPAC 4.50 13-18 20/03S 2,103,500.00 2,111,970.00 26,250.00 0.80 750,000 SUAM FINANCE BV REGS 4.875 14-24 17/04S 749,115.00 757,500.00 7,414.06 0.29 500,000 SUN HUNG CAP MKT 3.625 13-23 16/01S 486,780.00 503,900.00 8,256.94 0.19 700,000 SUZANO TRADING REG S 5.875 10-21 23/01S 721,700.00 733,166.00 17,935.07 0.28 500,000 SWIRE PACIFIC REGS 36 4.50 13-23 09/10S 508,760.00 532,080.00 5,062.50 0.20 2,000,000 TATA MOTORS LTD 4.625 14-20 30/04S 2,018,500.00 2,046,340.00 15,416.67 0.77 1,000,000 TELEFONICA CHILE REGS 3.875 12-22 12/10S 968,127.50 983,250.00 8,395.83 0.37 500,000 TELEMAR N L REGS 5.50 10-20 23/10S 499,955.00 460,625.00 5,118.06 0.17
The accompanying notes are an integral part of these financial statements. Page 65 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 2,000,000 TENEDORA NEMAK REGS 5.50 13-23 28/02S 2,045,052.73 2,054,060.00 37,277.78 0.78 1,200,000 TEVA PHARMAC.FINANCE 6.15 06-36 01/02S 1,361,743.00 1,394,736.00 30,545.00 0.53 1,300,000 THAI OIL REGS 3.625 13-23 23/01S 1,227,783.00 1,282,593.00 20,551.74 0.48 500,000 THAI OIL REGS 4.875 13-43 23/01S 414,260.00 462,060.00 10,630.21 0.17 1,000,000 TNK-BP FINANCE REG.S 7.875 07-18 13/03S 970,200.00 1,045,000.00 23,406.25 0.40 500,000 TRANSNET REG S EMTN 4.00 12-22 26/07S 471,875.00 481,835.00 8,555.56 0.18 1,000,000 TURK GARANTI BANK 6.25 11-21 20/04S 1,083,480.00 1,073,650.00 12,152.78 0.41 900,000 TURK GARANTI BK REGS 5.25 12-22 13/09S 844,835.00 911,313.00 14,043.75 0.34 1,000,000 TURK SISE CAM REGS 4.25 13-20 09/05S 992,650.00 987,500.00 6,020.83 0.37 1,000,000 TURK TELEKOM REGS 4.875 14-24 19/06S 991,650.00 996,080.00 1,489.58 0.38 1,500,000 TURK VAK BANK TAO 6.00 12-22 01/11S 1,550,650.00 1,474,080.00 14,750.00 0.56 1,000,000 TURKIYE IS BANKASI 5.00 14-21 25/06S 1,011,180.00 1,000,180.00 694.44 0.38 1,500,000 UNACEM 5.875 14-21 30/10S 1,510,200.00 1,519,365.00 14,687.50 0.57 1,500,000 URALKALIY REGS 3.723 13-18 30/04S 1,397,300.00 1,414,050.00 9,307.50 0.53 750,000 VALE OVERSEAS 4.375 12-22 11/01S 735,420.00 734,250.00 15,403.65 0.28 400,000 VALE OVERSEAS GTD 6.875 06-36 21/11S 493,620.00 384,744.00 2,979.17 0.15 1,000,000 VEDANTA RES REGS 6.00 13-19 31/01S 979,950.00 972,500.00 4,500.00 0.37 1,500,000 VEDANTA RES REGS 8.25 11-21 07/06S 1,715,062.50 1,534,170.00 7,906.25 0.58 2,000,000 VIETNAM REGS 4.80 14-24 19/11S 2,094,400.00 2,004,040.00 10,933.33 0.76 1,000,000 VIMPELCON 7.504 11-22 01/03S 1,058,125.00 980,500.00 24,805.88 0.37 1,000,000 VOTORANTIM CIMENTOS 7.25 11-41 05/04S 1,085,150.00 981,240.00 17,118.06 0.37 2,000,000 WOORI BANK 4.75 14-24 30/04S 2,018,795.00 2,069,020.00 15,833.33 0.78 1,000,000 WYNN MACAU REGS 5.25 13-21 15/10S 972,500.00 960,850.00 10,937.50 0.36 1,000,000 YPF REGS 8.125 15-25 28/07A 1,020,000.00 990,000.00 13,993.06 0.37 800,000 YPF REGS 8.875 13-18 19/12S 861,200.00 848,000.00 2,169.44 0.32 600,000 ZAMBIA 8.50 14-24 14/04S 595,044.00 608,532.00 10,766.67 0.23 500,000 ZAMBIA REGS 5.375 12-22 20/09S 464,200.00 434,710.00 7,465.28 0.16 1,500,000 ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S 1,482,750.00 1,438,125.00 13,953.13 0.54 Floating rate bonds 9,435,165.00 9,572,530.00 102,959.43 3.62 US Dollar 9,435,165.00 9,572,530.00 102,959.43 3.62 500,000 BANK O EAST ASIA REGS FL.R 09-59 05/11S 576,875.00 586,250.00 6,493.06 0.22 500,000 CONTINENTAL REG S FL.R 10-40 07/10S 500,000.00 555,000.00 8,501.74 0.21 2,000,000 KRUNG THAI BK EMTN FL.R 14-24 26/12S 2,088,140.00 2,063,180.00 1,155.56 0.78 2,500,000 MAJID FUTTAIM HLDG FL.R 13-18 29/10S 2,702,000.00 2,704,450.00 30,182.29 1.03 1,500,000 PETRON SUB FL.R 13-XX 06/08S 1,537,000.00 1,586,490.00 45,000.00 0.60 1,000,000 PTT EXPLOR. PROD REGS FL.R 14-XX 18/06S 1,017,400.00 1,009,110.00 1,625.00 0.38 1,000,000 WOORI BANK REGS FL.R 07-37 025/05S 1,013,750.00 1,068,050.00 10,001.78 0.40
Other transferable securities 2,679,550.00 2,681,675.00 15,364.58 1.01 Bonds 2,679,550.00 2,681,675.00 15,364.58 1.01 US Dollar 2,679,550.00 2,681,675.00 15,364.58 1.01 2,500,000 B COMMUNIC REGS 144A 7.375 14-21 15/02S 2,679,550.00 2,681,675.00 15,364.58 1.01
Total investments in securities 263,973,867.32 261,828,720.58 98.98
Cash at banks/(bank liabilities) 1,570,020.19 0.59
Other net assets/(liabilities) 1,117,365.38 0.43
Total 264,516,106.15 100.00
The accompanying notes are an integral part of these financial statements. Page 66 UBAM - EMERGING MARKET CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Cayman Islands 10.86 Mexico 6.63 Luxembourg 6.00 British Virgin Islands 5.14 Turkey 4.48 India 4.32 Ireland 4.18 Colombia 4.06 The Netherlands 3.70 United States of America 3.50 Chile 3.36 Hong Kong 3.19 Indonesia 3.12 United Kingdom 2.74 Bermuda 2.54 Israel 2.21 South Korea 1.95 Peru 1.95 United Arab Emirates 1.83 Singapore 1.79 Thailand 1.78 Canada 1.68 Kazakhstan 1.37 Morocco 1.28 Isle of Man 1.22 Sri Lanka 1.13 Brazil 1.07 Philippines 0.97 Barbados 0.82 Other 10.11
98.98
Page 67 UBAM - EMERGING MARKET CORPORATE BOND
Industrial classification of investments
% of net assets Holding and finance companies 30.42 Banks and credit institutions 14.23 Petroleum 12.31 Communications 6.81 Countries and central government 6.58 Transportation 4.45 Building materials and trade 2.74 Utilities 2.60 Electrical engineering and electronics 2.24 Chemicals 2.03 Real estate companies 2.00 Coal mining and steel industry 1.88 Road vehicles 1.55 Foods and non alcoholic drinks 1.30 Electronics and semiconductors 1.18 Internet and Internet services 1.01 Miscellaneous consumer goods 0.91 Miscellaneous services 0.78 Non-ferrous metals 0.76 Miscellaneous trading companies 0.72 Paper and forest products 0.67 Agriculture and fishery 0.37 Tobacco and alcoholic drinks 0.37 Hotels and restaurants 0.36 Retail trade, department stores 0.36 Miscellaneous sectors 0.35
98.98
Page 68 UBAM - EMERGING MARKET CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 6,839,972.47 Interest on bonds and other debt securities, net Note 2 6,825,193.03 Interest on bank accounts 25.94 Interest received on swap contracts Note 2 14,753.50 Expenses 2,086,805.90 Management fees Note 3 1,429,999.77 Custodian fees 320,503.87 Subscription duty ("taxe d'abonnement") Note 5 39,027.35 Central administration costs 121,026.62 Performance fees Note 4 730.69 Audit fees 4,249.48 Interest paid on bank liabilities 3,385.10 Legal fees 7,349.69 Transaction fees Note 2 11,358.50 Other administration costs Note 6, 7 118,408.26 Banking charges and other fees 3,283.61 Interest paid on swap contracts Note 2 19,608.33 Other expenses 7,874.63 Net investment income 4,753,166.57 Net realised gain/(loss) on: - securities portfolio Note 2 -2,669,005.85 - forward foreign exchange contracts Note 2 -6,323,599.93 - futures contracts Note 2 -247,053.01 - foreign exchange Note 2 -1,551,466.60 Realised result -6,037,958.82 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 1,489,640.34 - forward foreign exchange contracts Note 2 289,060.61 - futures contracts Note 2 518,413.62 - swap contracts Note 2 -4,212.25 Result of operations -3,745,056.50 Dividends paid Note 14 -289,945.38 Subscriptions capitalisation shares 73,174,697.46 Subscriptions distribution shares 2,346,193.37 Redemptions capitalisation shares -68,831,718.10 Redemptions distribution shares -5,608,756.10 Total changes in net assets -2,954,585.25
Total net assets at the beginning of the period 267,470,691.40
Total net assets at the end of the period 264,516,106.15
The accompanying notes are an integral part of these financial statements. Page 69 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 101,700,879.11 Securities portfolio at market value Note 2 99,468,245.08 Cash at banks and time deposits 385,725.41 Interest receivable on swap contracts Note 2 11,000.00 Interest receivable on bonds and other debt securities 1,199,228.08 Receivable on issues of shares 21,152.00 Unrealised gain on swap contracts Note 2, 10 615,528.54 Liabilities 2,133,121.59 Bank liabilities 609,641.58 Unrealised loss on forward foreign exchange contracts Note 2, 8 1,121,159.42 Interest payable on bank liabilities and expenses payable 402,320.59 Net assets at the end of the period 99,567,757.52
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 397,776.000 12,627.000 61,317.000 349,086.000 Distribution shares 52,212.000 1,002.908 0.000 53,214.908
AH EUR shares Capitalisation shares 311,814.125 3,506.000 54,752.000 260,568.125
AH CHF shares Capitalisation shares 9,358.000 2,600.000 500.000 11,458.000
I shares Capitalisation shares 16,479.000 4,224.000 6,000.000 14,703.000
IH EUR shares Capitalisation shares 94,938.000 103,311.000 37,753.000 160,496.000 Distribution shares 45,000.000 0.000 0.000 45,000.000
The accompanying notes are an integral part of these financial statements. Page 70 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 99,567,757.52 105,340,945.10 105,233,291.70
A shares USD USD USD Capitalisation shares Number of shares outstanding 349,086.000 397,776.000 511,508.660 Net asset value per share 105.44 103.20 103.11 Distribution shares Number of shares outstanding 53,214.908 52,212.000 19,680.000 Net asset value per share 99.38 101.78 103.25 Dividend per share 4.58 1.57 -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 260,568.125 311,814.125 216,628.781 Net asset value per share 105.28 103.06 102.94
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 11,458.000 9,358.000 1,110.000 Net asset value per share 103.64 101.96 102.31
I shares USD USD USD Capitalisation shares Number of shares outstanding 14,703.000 16,479.000 - Net asset value per share 103.31 100.64 -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 160,496.000 94,938.000 137,388.000 Net asset value per share 107.27 104.52 103.42 Distribution shares Number of shares outstanding 45,000.000 45,000.000 - Net asset value per share 98.47 100.39 - Dividend per share 4.52 - -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding - - 200.000 Net asset value per share - - 103.47
The accompanying notes are an integral part of these financial statements. Page 71 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 100,299,210.44 98,931,910.08 1,196,155.16 99.36 dealt in on another regulated market Bonds 98,244,900.44 96,877,400.08 1,184,056.41 97.30 Euro 2,720,401.68 2,219,860.77 27,051.90 2.23 300,000 BULGARIAN ENERGY REGS 4.25 13-18 07/11A 402,141.15 330,549.71 9,146.36 0.33 600,000 CABLE COMM SYS REGS 7.50 13-20 01/11S 839,761.01 703,349.89 8,217.23 0.71 1,050,000 VIVACOM REGS 6.625 13-18 15/11A 1,478,499.52 1,185,961.17 9,688.31 1.19 US Dollar 95,524,498.76 94,657,539.31 1,157,004.51 95.07 400,000 AES ITABO REG S 9.50 10-20 12/11S 426,126.00 422,000.00 5,066.67 0.42 500,000 AGROMERCANTIL SENIOR 6.25 14-19 10/04S 506,875.00 519,490.00 6,944.44 0.52 900,000 AK FIN KIRALAMA 4.125 13-18 17/04S 873,315.00 895,446.00 7,528.13 0.90 700,000 ALFA BOND ISS REGS 7.50 12-19 26/09S 747,625.00 680,904.00 13,708.33 0.68 500,000 ALFA BOND ISS REGS 7.875 10-17 25/09S 551,200.00 518,020.00 10,390.63 0.52 400,000 ALTICE FINANCING REGS 7.875 12-19 15/12S 439,000.00 421,700.00 1,312.50 0.42 350,000 ARMENIA 6.00 13-20 30/09S 353,325.00 343,962.50 5,250.00 0.35 1,000,000 BANCO DAYCOVAL REGS 5.75 14-19 19/03S 1,036,800.00 1,038,180.00 16,131.94 1.04 850,000 BANCO DE COSTA RICA 5.25 13-18 12/08S 862,575.00 869,966.50 17,106.25 0.87 400,000 BANCO NACIONAL REGS 4.875 13-18 01/11S 398,102.00 405,828.00 3,195.83 0.41 850,000 BANCO REGIONAL REGS 8.125 14-19 24/01S 892,675.00 918,119.00 29,927.08 0.92 1,050,000 BANK OF CELIO REGS 6.875 12-17 03/05S 1,101,161.00 1,084,104.00 11,429.69 1.09 800,000 BANK OF GEOGIA REGS 7.75 12-17 05/07S 849,969.14 832,952.00 30,138.89 0.84 600,000 BC LUXCO REGS 7.375 13-20 29/01S 595,125.00 603,000.00 18,560.42 0.61 600,000 BCO GNB SUDAMMER REGS 3.875 13-18 02/05S 580,986.67 597,180.00 3,745.83 0.60 800,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 813,838.91 795,984.00 28,583.33 0.80 900,000 BMCE REGS 6.25 13-18 27/11S 929,250.00 943,029.00 5,156.25 0.95 700,000 BMG REG S 9.625 12-17 27/03S 753,676.00 716,254.00 17,405.21 0.72 600,000 BURGAN FINANCE REGS 7.875 10-20 29/09S 694,787.50 693,108.00 11,943.75 0.70 350,000 CABCORP REGS 6.75 12-22 09/02S 377,019.69 374,281.25 9,253.13 0.38 2,500,000 CANADA 0.875 12-17 14/02S 2,509,042.00 2,509,675.00 8,263.89 2.51 1,000,000 CEMEX REGS 6.50 13-19 10/12S 1,070,000.00 1,054,010.00 3,611.11 1.06 950,000 CHINA OIL GAS REGS 5.25 13-18 25/04S 959,150.00 958,825.50 9,005.21 0.96 900,000 COLUMBUS INTL INC 7.375 14-21 30/03S 986,250.00 975,744.00 16,593.75 0.98 1,000,000 COUNTRY GARDEN REGS 7.875 14-19 27/05S 1,071,400.00 1,066,440.00 7,218.75 1.07 1,100,000 CREDITO REAL REGS 7.50 14-19 13/03S 1,168,004.02 1,155,792.00 24,520.83 1.16 950,000 CSN ISLANDS XI CORP 6.875 09-19 21/09S 1,000,825.00 851,437.50 17,960.94 0.86 650,000 DIGICEL REGS 7.00 12-20 15/02S 684,088.89 674,297.00 17,062.50 0.68 800,000 EASTERN REGS 6.375 13-18 06/12S 851,200.00 832,000.00 3,400.00 0.84 500,000 EL SALVADOR REGS 7.375 09-19 01/12S 546,200.00 544,315.00 2,970.49 0.55 400,000 FINANCIERA IND REGS 7.50 14-19 03/06S 408,000.00 406,868.00 2,250.00 0.41 900,000 FINANSBANK REGS 6.25 14-19 30/04S 924,210.00 910,017.00 9,375.00 0.91 1,000,000 FRANSHION BRILLIANT 5.75 14-19 19/03S 1,071,000.00 1,064,880.00 16,131.94 1.07 500,000 GABONESE REPUBLIC 8.20 07-17 12/12S 532,250.00 534,430.00 2,050.00 0.54 500,000 GAZ CAPITAL REGS 6.212 06-16 22/11S 502,250.00 519,325.00 3,278.56 0.52 600,000 GEELY AUTOMOBILE REGS 5.25 14-19 06/10S 600,000.00 613,464.00 7,350.00 0.62 550,000 GEORGIAN OIL GAS REGS 6.875 12-17 16/05S 571,494.00 556,611.00 4,621.53 0.56 500,000 GHANA 8.50 07-17 04/10A 520,000.00 517,405.00 10,152.78 0.52 700,000 GRUPO CEMENTOS REGS 8.125 13-20 08/02S 734,300.00 756,945.00 22,434.03 0.76 850,000 GRUPO IDESA REGS 7.875 13-20 18/12S 887,375.00 900,141.50 2,231.25 0.90 400,000 GRUPO POSADAS REGS 7.875 12-17 30/11S 408,602.00 420,904.00 2,625.00 0.42 850,000 HENGDELI HOLDINGS LTD 6.25 13-18 29/01S 847,016.00 867,280.50 22,282.99 0.87 850,000 HEP REGS 6.00 12-17 09/11S 880,102.00 890,128.50 7,225.00 0.89 500,000 HIKMA PHARMCEUTICALS 4.25 15-20 10/04S 497,355.00 501,145.00 4,722.22 0.50 1,000,000 HSBK EUROPE BV 7.25 07-17 03/05S 1,068,489.50 1,036,140.00 11,479.17 1.04 700,000 HYPERMARCAS REGS 6.50 11-21 20/04S 734,216.00 736,785.00 8,847.22 0.74 700,000 INKIA ENERGY REGS 8.375 11-21 04/04S 756,973.00 747,250.00 14,004.86 0.75 1,000,000 INTEGAS FINANCE BV 6.375 07-17 14/05S 1,068,875.00 1,036,040.00 8,145.83 1.04 1,100,000 INTL BK AZERBAIJAN 5.625 14-19 11/06S 1,102,278.57 1,070,278.00 3,265.63 1.07 1,000,000 KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S 1,066,875.00 1,052,200.00 14,805.33 1.06 750,000 KAZMUNAIGAZ 9.125 08-18 02/07S 824,775.00 849,682.50 33,838.54 0.85 500,000 KAZMUNAIGAZ FIN REG-S 7.00 10-20 05/05S 541,000.00 539,620.00 5,347.22 0.54 500,000 KENYA 5.875 14-19 24/06S 510,700.00 511,885.00 489.58 0.51 350,000 LANDW RENTENBANK 3.125 10-15 15/07S 366,632.00 350,381.50 5,013.02 0.35 1,000,000 LANDW RENTENBANK 5.00 06-16 08/11S 1,113,122.00 1,059,140.00 7,222.22 1.06 500,000 LATAM AIR GRP REGS 7.25 15-20 09/06S 500,000.00 516,895.00 2,114.58 0.52 700,000 LEBANESE REPUBLIC 9.00 09-17 20/03S 759,500.00 756,637.00 17,675.00 0.76 750,000 LISTRINDO CAP BV R 6.95 12-19 21/02S 800,275.00 786,412.50 18,678.13 0.79
The accompanying notes are an integral part of these financial statements. Page 72 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 670,000 LONGFOR PROPERT EMTN 6.875 12-19 18/10S 679,110.27 700,920.50 9,212.50 0.70 700,000 LUKOIL INT REGS 3.416 13-18 24/04S 658,700.00 673,435.00 4,383.87 0.68 800,000 MARFRIG HOLDINGS REGS 6.875 14-19 24/06S 784,000.00 765,128.00 916.67 0.77 700,000 METALLOINVEST FIN 6.50 11-16 21/07S 734,370.00 713,370.00 20,095.83 0.72 1,000,000 MILLICOM INT CEL REGS 6.625 13-21 15/10S 1,068,925.00 1,032,730.00 13,802.08 1.04 600,000 MMC FINANCE 4.375 13-18 30/04S 603,000.00 603,180.00 4,375.00 0.61 350,000 MONGOLIA REGS 4.125 12-18 05/01S 322,805.00 338,026.50 7,018.23 0.34 500,000 MOZAMBIQUE EMATUM REGS6.305 13-20 11/09S 478,950.00 467,485.00 9,545.07 0.47 600,000 NATIONAL SAVINGS REGS 8.875 13-18 18/09S 652,937.50 651,060.00 15,087.50 0.65 2,000,000 NETHERLANDS 1.00 12-17 24/02S 2,009,441.00 2,010,020.00 7,000.00 2.02 1,000,000 NETHERLANDS 0.50 12-15 12/09S 998,950.00 1,000,180.00 1,500.00 1.00 500,000 NITROGENMUVEK ZRT 7.875 13-20 21/05S 467,295.00 479,260.00 4,265.63 0.48 700,000 NORD GOLD NV 6.375 13-18 07/05S 687,680.00 695,331.00 6,569.79 0.70 1,150,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 1,257,770.00 1,154,519.50 9,838.89 1.16 350,000 OLAM INTL LTD 5.75 12-17 20/09S 332,500.00 364,651.00 5,590.28 0.37 700,000 PACIFIC RUB REGS 5.375 13-19 26/01S 715,493.75 575,225.00 16,095.14 0.58 1,000,000 PARKSON RETAIL GP 4.50 13-18 03/05S 930,096.25 950,770.00 7,125.00 0.95 900,000 PETROBRAS INTL 7.875 09-19 15/03S 949,800.00 957,492.00 20,671.88 0.96 500,000 PHOSAGRO BD FND REGS 4.204 13-18 13/02S 488,500.00 484,585.00 7,999.28 0.49 700,000 REARDEN G HOLDINGS REGS 7.875 10-20 30/03S 726,708.50 684,138.00 13,781.25 0.69 900,000 RELIANCE COMM 6.50 15-20 06/11S 921,900.00 913,392.00 8,775.00 0.92 1,050,000 ROAD KING INFRA REGS 9.875 12-17 18/09S 1,146,842.50 1,108,758.00 29,378.13 1.11 350,000 SERBIA REGS 5.25 12-17 21/11S 342,083.00 362,824.00 1,990.63 0.36 800,000 SERVICIOS COR 9.875 11-21 06/04S 866,935.00 857,224.00 18,433.33 0.86 500,000 SHIMAO PPTY 6.625 13-20 14/01S 478,812.50 506,790.00 15,274.31 0.51 700,000 SIBUR SEC REGS 3.94 13-18 31/01S 684,355.00 656,691.00 11,415.83 0.66 1,000,000 STANDARD BANK SUB 8.125 09-19 02/12S 1,137,345.00 1,118,440.00 6,319.44 1.12 1,050,000 STATS CHIPPAC 4.50 13-18 20/03S 1,041,990.00 1,055,985.00 13,125.00 1.06 500,000 STEEL FUNDING LTD 4.45 13-18 19/02S 495,000.00 486,515.00 8,096.53 0.49 1,050,000 SUN HUNG KAI PROP 6.375 12-17 26/09S 1,066,332.00 1,098,321.00 17,478.13 1.10 1,000,000 SWEDEN 1.00 13-16 15/11S 1,007,500.00 1,006,340.00 1,250.00 1.01 800,000 SWEDISCH EXP CREDIT 1.75 10-15 20/10S 816,609.00 803,432.00 2,722.22 0.81 700,000 TAM CAPITAL INC 7.375 07-17 25/04S 738,500.00 728,028.00 9,321.18 0.73 500,000 TBG GLOBAL REGS 4.625 13-18 03/04S 494,404.76 499,430.00 5,588.54 0.50 400,000 TF VARLIK KIRA REGS 5.375 14-19 24/04S 409,000.00 414,016.00 3,941.67 0.42 500,000 TNK-BP FINANCE REG.S 7.875 07-18 13/03S 583,125.00 524,195.00 11,703.13 0.53 500,000 TRANSCAPITALINV 8.70 08-18 08/07S 519,950.00 549,440.00 17,279.17 0.55 700,000 TUPRAS REGS 4.125 12-18 02/05S 676,282.00 705,264.00 4,652.08 0.71 1,000,000 TURK SISE CAM REGS 4.25 13-20 09/05S 987,500.00 984,280.00 6,020.83 0.99 600,000 TURKIYE FINANS REGS 3.95 13-18 02/05S 577,795.00 601,734.00 3,818.33 0.60 900,000 TURKIYE GARANTI BANK 4.75 14-19 17/10S 920,016.00 913,149.00 8,668.75 0.92 600,000 TV AZTECA 7.625 13-20 18/09S 648,750.00 634,524.00 12,962.50 0.64 300,000 TV AZTECA EMTN 7.50 11-18 25/05S 315,736.75 309,333.00 2,187.50 0.31 750,000 URALKALIY REGS 3.723 13-18 30/04S 690,000.00 702,877.50 4,653.75 0.71 1,900,000 US TREASURY NOTES Series AG-2015 0.25 12-15 15/12S 1,900,148.43 1,901,261.72 194.67 1.91 2,000,000 US TREASURY NOTES Series AH-2017 0.75 14-17 15/01S 2,007,500.00 2,007,422.00 6,878.45 2.02 2,000,000 US TREASURY NOTES Series AP-2016 0.625 13-16 15/08S 2,005,859.36 2,005,626.00 4,623.29 2.01 2,300,000 US TREASURY NOTES Series BA -2016 0.375 14-16 31/05S 2,297,359.36 2,301,527.34 718.75 2.31 800,000 VEB FINANCE REGS 4.224 13-18 21/11S 763,000.00 748,464.00 3,660.80 0.75 800,000 VEDANTA RESOURCES 6.75 11-16 07/06S 828,512.00 821,608.00 3,450.00 0.83 950,000 VEDANTA RESOURCES 9.50 08-18 18/07S 1,056,532.00 1,020,556.50 40,612.50 1.02 700,000 VIP FINANCE IRELAND 9.125 08-18 30/04S 752,423.00 752,423.00 10,645.83 0.76 800,000 VTB CAPITAL SA REG S 6.875 08-18 29/05S 869,200.00 812,088.00 4,888.89 0.82 2,000,000 WI TREASURY SEC. 0.50 15-17 30/04S 1,994,765.62 1,996,876.00 1,671.23 2.01 350,000 YANCOAL INT REGS 4.461 12-17 16/05S 340,270.00 347,322.50 1,908.32 0.35 600,000 YANLORD LAND REG S 10.625 11-18 29/03S 651,000.00 630,648.00 16,114.58 0.63 1,000,000 ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S 984,400.00 956,550.00 9,302.08 0.96 700,000 ZOOMLION HK SPV REGS 6.875 12-17 05/04S 732,476.32 707,742.00 11,362.85 0.71 Floating rate bonds 2,054,310.00 2,054,510.00 12,098.75 2.06 US Dollar 2,054,310.00 2,054,510.00 12,098.75 2.06 1,000,000 BANK BARODA SUB REGS FL.R 07-22 25/05S 1,035,000.00 1,037,940.00 6,440.97 1.04 1,000,000 CANARA BANK -REGS- FL.R 06-21 28/11S 1,019,310.00 1,016,570.00 5,657.78 1.02
The accompanying notes are an integral part of these financial statements. Page 73 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Other transferable securities 534,875.00 536,335.00 3,072.92 0.54 Bonds 534,875.00 536,335.00 3,072.92 0.54 US Dollar 534,875.00 536,335.00 3,072.92 0.54 500,000 B COMMUNIC REGS 144A 7.375 14-21 15/02S 534,875.00 536,335.00 3,072.92 0.54
Total investments in securities 100,834,085.44 99,468,245.08 99.90
Cash at banks/(bank liabilities) -223,916.17 -0.22
Other net assets/(liabilities) 323,428.61 0.32
Total 99,567,757.52 100.00
The accompanying notes are an integral part of these financial statements. Page 74 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 11.66 The Netherlands 10.79 Ireland 6.94 Cayman Islands 6.93 Mexico 6.52 Luxembourg 5.55 United Kingdom 5.53 Turkey 5.45 British Virgin Islands 3.66 Canada 3.09 Singapore 2.56 Brazil 2.50 Kazakhstan 2.10 Sweden 1.82 Sri Lanka 1.74 Bermuda 1.64 Bulgaria 1.52 Hong Kong 1.42 Germany 1.41 Georgia 1.40 Kenya 1.35 Costa Rica 1.28 Barbados 0.98 Morocco 0.95 India 0.92 Paraguay 0.92 Croatia 0.89 Micronesian Islands 0.85 Belarus 0.80 Other 6.73
99.90
Page 75 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND
Industrial classification of investments
% of net assets Countries and central government 21.53 Banks and credit institutions 19.61 Holding and finance companies 17.02 Petroleum 7.10 Communications 6.47 Real estate companies 3.47 Building materials and trade 3.19 Transportation 2.69 Miscellaneous sectors 2.41 Electronics and semiconductors 2.22 Coal mining and steel industry 2.20 Utilities 2.06 Miscellaneous consumer goods 1.73 Miscellaneous services 1.44 Foods and non alcoholic drinks 1.15 Electrical engineering and electronics 0.96 Retail trade, department stores 0.95 Precious metals and stones 0.70 Non-ferrous metals 0.69 Internet and Internet services 0.54 Pharmaceuticals and cosmetics 0.50 Chemicals 0.48 Hotels and restaurants 0.42 Miscellaneous trading companies 0.37
99.90
Page 76 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 2,943,295.08 Interest on bonds and other debt securities, net Note 2 2,546,404.99 Interest received on swap contracts Note 2 393,563.61 Other income 3,326.48 Expenses 933,352.98 Management fees Note 3 654,539.83 Custodian fees 124,188.66 Subscription duty ("taxe d'abonnement") Note 5 19,257.25 Central administration costs 47,543.91 Audit fees 1,543.67 Interest paid on bank liabilities 811.09 Legal fees 5,529.92 Transaction fees Note 2 9,466.56 Other administration costs Note 6, 7 62,037.72 Banking charges and other fees 3,771.55 Other expenses 4,662.82 Net investment income 2,009,942.10 Net realised gain/(loss) on: - securities portfolio Note 2 -1,940,511.93 - forward foreign exchange contracts Note 2 -3,095,484.62 - swap contracts Note 2 548,479.96 - foreign exchange Note 2 -1,075,310.82 Realised result -3,552,885.31 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 2,187,139.85 - forward foreign exchange contracts Note 2 216,698.99 - swap contracts Note 2 -744,498.13 Result of operations -1,893,544.60 Dividends paid Note 14 -457,257.12 Subscriptions capitalisation shares 14,410,609.97 Subscriptions distribution shares 100,140.36 Redemptions capitalisation shares -17,933,136.19 Total changes in net assets -5,773,187.58
Total net assets at the beginning of the period 105,340,945.10
Total net assets at the end of the period 99,567,757.52
The accompanying notes are an integral part of these financial statements. Page 77 UBAM - EURO BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 68,498,883.37 Securities portfolio at market value Note 2 66,253,030.99 Cash at banks and time deposits 600,375.49 Deposits on futures and option contracts 712,147.63 Interest receivable on swap contracts Note 2 2,111.88 Interest receivable on bonds and other debt securities 896,737.65 Unrealised gain on forward foreign exchange contracts Note 2, 8 5,662.97 Unrealised gain on swap contracts Note 2, 10 28,816.76 Liabilities 220,023.05 Unrealised loss on futures contracts Note 2, 9 90,798.65 Interest payable on bank liabilities and expenses payable 129,224.40 Net assets at the end of the period 68,278,860.32
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 50,363.283 2,839.903 10,788.219 42,414.967 Distribution shares 11,055.953 1,368.000 677.479 11,746.474
I shares Capitalisation shares 436,411.896 113,683.795 392,102.333 157,993.358
R shares Capitalisation shares 1,426.677 1,186.240 1,417.202 1,195.715
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 68,278,860.32 122,866,659.33 104,690,174.04
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 42,414.967 50,363.283 65,227.509 Net asset value per share 961.30 979.55 869.39 Distribution shares Number of shares outstanding 11,746.474 11,055.953 9,734.543 Net asset value per share 89.31 93.56 85.76 Dividend per share 2.65 2.86 2.89
The accompanying notes are an integral part of these financial statements. Page 78 UBAM - EURO BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 68,278,860.32 122,866,659.33 104,690,174.04
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 157,993.358 436,411.896 326,725.326 Net asset value per share 160.27 162.96 144.00
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,195.715 1,426.677 115.195 Net asset value per share 948.69 969.07 864.46
The accompanying notes are an integral part of these financial statements. Page 79 UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 65,784,170.62 66,253,030.99 896,737.65 97.03 dealt in on another regulated market Bonds 65,284,170.62 65,755,710.99 895,771.68 96.30 Euro 65,284,170.62 65,755,710.99 895,771.68 96.30 500,000 ALLIED IRISH BANKS 2.75 14-19 16/04A 531,990.00 517,950.00 2,817.62 0.76 1,000,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 1,078,000.00 1,033,320.00 7,769.81 1.51 460,000 AUSTRIA 1.75 13-23 20/10A 476,779.08 493,281.00 5,579.86 0.72 230,000 AUSTRIA 1.95 12-19 18/06A 248,211.40 247,043.00 147.05 0.36 90,000 AUSTRIA 2.40 13-34 23/05A 118,357.10 101,707.20 224.26 0.15 105,000 AUSTRIA 3.15 12-44 20/06A 170,654.40 137,151.00 90.37 0.20 150,000 AUSTRIA 3.50 05-21 15/09A 180,235.50 177,919.50 4,142.47 0.26 40,000 AUSTRIA 3.80 12-62 26/01A 84,924.80 63,628.00 645.48 0.09 420,000 AUSTRIA 3.90 04-20 15/07A 483,072.18 496,629.00 15,706.85 0.73 90,000 AUSTRIA 4.15 06-37 15/03A 104,439.39 130,690.80 1,091.93 0.19 420,000 AUSTRIA 4.65 03-18 15/01A 471,603.29 471,072.00 8,882.14 0.69 140,000 AUSTRIA 6.25 97-27 15/07A 187,842.29 217,984.20 8,390.41 0.32 1,000,000 BANK OF IRELAND 1.75 14-19 19/03A 996,680.00 1,048,380.00 4,924.86 1.54 1,000,000 BANK OF IRELAND (GOV CO) 2.75 13-16 05/06A 1,017,040.00 1,017,030.00 1,878.42 1.49 200,000 BCO POP ESPANOL 2.125 14-19 08/10A 199,038.00 212,454.00 3,085.62 0.31 105,000 BELGIUM 3.75 13-45 22/06A 179,344.20 142,311.75 86.07 0.21 450,000 BELGIUM OLO -31- 5.50 98-28 28/03A 593,899.96 658,701.00 6,356.56 0.96 275,000 BELGIUM OLO -44- 5.00 04-35 28/03A 380,713.42 416,858.75 3,531.42 0.61 905,000 BELGIUM OLO -55- 4.00 09-19 28/03A 1,044,195.93 1,037,292.90 9,297.27 1.52 430,000 BELGIUM OLO -58- 3.75 10-20 28/09A 467,824.32 506,376.60 12,148.97 0.74 160,000 BELGIUM OLO -60- 4.25 10-41 28/03A 281,368.80 231,600.00 1,746.45 0.34 175,000 BELGIUM OLO -65- 4.25 12-22 28/09A 225,148.00 218,412.25 5,603.60 0.32 430,000 BELGIUM OLO -68- 2.25 13-23 22/06A 468,864.73 474,861.90 211.48 0.70 40,000 BELGIUM OLO -73- 3.00 14-34 22/06A 55,268.40 47,378.80 26.23 0.07 125,000 BELGIUM OLO -75- 1.00 15-31 22/06A 129,100.00 111,625.00 27.32 0.16 1,300,000 CIE FIN FONCIER 0.125 15-20 18/02A 1,292,616.00 1,287,481.00 587.67 1.89 350,000 FCE BANK EMTN REGS 1.875 14-21 24/06A 371,458.50 354,991.00 107.58 0.52 400,000 FINLAND 2.75 12-28 04/07A 464,440.00 469,460.00 10,879.45 0.69 830,000 FRANCE OAT 1.00 12-18 25/05A 842,169.50 855,298.40 816.39 1.25 990,000 FRANCE OAT 2.25 11-22 25/10A 1,039,364.27 1,096,751.70 15,134.79 1.61 700,000 FRANCE OAT 2.50 09-20 25/10A 791,560.00 778,176.00 11,890.41 1.14 320,000 FRANCE OAT 2.50 13-30 25/05A 399,166.90 353,856.00 786.89 0.52 320,000 FRANCE OAT 3.25 10-21 25/10A 377,448.40 373,638.40 7,066.30 0.55 200,000 FRANCE OAT 3.25 12-45 25/05A 259,874.00 246,140.00 639.34 0.36 1,510,000 FRANCE OAT 3.75 05-21 25/04A 1,781,120.24 1,795,541.00 10,211.07 2.63 2,260,000 FRANCE OAT 3.75 06-17 25/04A 2,476,704.00 2,421,092.80 15,282.79 3.54 1,390,000 FRANCE OAT 3.75 08-19 25/10A 1,541,122.87 1,602,948.00 35,416.44 2.35 350,000 FRANCE OAT 4.00 04-55 25/04A 410,011.50 506,618.00 2,524.59 0.74 445,000 FRANCE OAT 4.00 06-38 25/10A 588,251.58 608,270.50 12,094.25 0.89 50,000 FRANCE OAT 4.00 09-60 25/04A 97,892.00 73,265.00 360.66 0.11 450,000 FRANCE OAT 4.25 03-19 25/04A 510,896.86 521,316.00 3,448.77 0.76 155,000 FRANCE OAT 4.75 04-35 25/04A 198,989.29 227,846.90 1,327.66 0.33 280,000 FRANCE OAT 5.50 98-29 25/04A 454,594.00 416,080.00 2,777.05 0.61 390,000 FRANCE OAT 5.75 00-32 25/10A 558,008.25 621,749.70 15,236.71 0.91 1,200,000 FRANCE OAT 8.50 92-23 25/04A 1,912,561.44 1,905,516.00 18,393.44 2.79 230,000 FRANCE OAT 2.75 12-27 25/10A 277,154.60 262,453.00 4,297.53 0.38 1,050,000 FRANCE OAT 3.50 10-26 25/04A 1,233,594.48 1,281,924.00 6,627.05 1.88 90,000 FRANCE OAT 4.50 09-41 25/04A 162,416.70 133,535.70 730.33 0.20 260,000 IRELAND TREASURY BOND 3.40 14-24 18/03A 314,587.00 300,463.80 2,511.91 0.44 400,000 IRELAND TREASURY BOND 5.00 10-20 18/10A 499,921.50 488,920.00 13,972.60 0.72 300,000 IRELAND TREASURY BOND 4.50 07-18 18/10A 339,701.00 341,730.00 9,431.51 0.50 75,000 IRELAND TREASURY BOND REGS 2.00 15-45 18/02A 79,458.00 66,000.00 542.47 0.10 355,000 IRELAND TREASURY BOND 5.40 09-25 13/03A 415,115.64 474,077.65 5,709.10 0.69 330,000 IRELAND TREASURY BOND 5.90 09-19 18/10A 370,899.93 405,200.40 13,602.33 0.59 480,000 ITALY BOT 1.65 15-32 01/03S 479,267.80 415,046.40 2,625.53 0.61 180,000 ITALY BOT 4.75 13-28 01/09S 242,732.75 219,772.80 2,811.28 0.32 330,000 ITALY BTP 1.50 15-25 01/06S 325,768.70 306,752.82 392.21 0.45 140,000 ITALY BTP 1.50 14-19 01/08S 145,980.80 142,991.10 857.26 0.21 320,000 ITALY BTP 2.15 14-21 15/12S 341,532.30 329,219.84 281.97 0.48 145,000 ITALY BTP 3.25 14-46 01/09S 187,103.30 145,033.35 1,549.49 0.21 500,000 ITALY BTP 3.75 06-16 01/08S 516,050.78 518,900.00 7,717.54 0.76 235,000 ITALY BTP 3.75 06-21 01/08S 272,250.60 264,463.36 3,627.24 0.39
The accompanying notes are an integral part of these financial statements. Page 80 UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 450,000 ITALY BTP 4.00 05-37 01/02S 432,404.93 504,505.80 7,408.84 0.74 1,725,000 ITALY BTP 4.00 06-17 01/02S 1,843,427.63 1,823,273.25 28,400.55 2.67 1,560,000 ITALY BTP 4.25 09-19 01/09S 1,725,513.11 1,766,210.16 21,799.73 2.59 1,830,000 ITALY BTP 4.25 09-20 01/03S 1,987,311.82 2,085,980.40 25,572.76 3.05 300,000 ITALY BTP 4.50 08-18 01/08S 326,327.37 334,830.00 5,556.63 0.49 935,000 ITALY BTP 4.75 08-23 01/08S 1,086,989.57 1,121,068.74 18,280.28 1.64 140,000 ITALY BTP 4.75 13-44 01/09S 227,421.03 176,259.16 2,186.55 0.26 300,000 ITALY BTP 5.00 03-34 01/08S 304,860.00 382,811.40 6,174.03 0.56 425,000 ITALY BTP 5.00 07-39 01/08S 513,860.17 545,739.10 8,746.55 0.80 680,000 ITALY BTP 5.00 09-25 01/03S 705,682.46 833,519.52 11,179.35 1.22 50,000 ITALY BTP 5.00 09-40 01/09S 74,047.30 64,182.90 822.01 0.09 570,000 ITALY BTP 5.00 11-22 01/03S 638,578.12 687,477.00 9,370.92 1.01 1,269,000 ITALY BTP 5.25 02-17 01/08S 1,414,178.14 1,395,392.40 27,421.97 2.04 428,000 ITALY BTP 5.25 98-29 01/11S 535,393.01 549,100.88 3,663.59 0.80 85,000 ITALY BTP 5.75 02-33 01/02S 131,793.47 116,495.90 2,011.71 0.17 530,000 ITALY BTP 6.00 00-31 01/05S 724,796.23 735,583.82 5,184.78 1.08 725,000 ITALY BTP 9.00 93-23 01/11S 1,112,886.66 1,099,245.00 10,696.72 1.61 700,000 KOREA GAS CORP 2.375 13-19 15/04A 751,380.00 743,470.00 3,452.19 1.09 450,000 NATIONAL AUSTRALIA BK 4.625 10-20 10/02A 532,530.00 519,984.00 7,982.88 0.76 615,000 NETHERLANDS 3.50 10-20 15/07A 680,794.00 715,540.20 20,640.41 1.05 204,000 NETHERLANDS 3.75 06-23 15/01A 247,806.47 250,593.60 3,479.18 0.37 145,000 NETHERLANDS 4.00 05-37 15/01A 210,175.53 210,464.60 2,637.81 0.31 420,000 NETHERLANDS 4.00 09-19 15/07A 482,920.27 486,750.60 16,109.59 0.71 840,000 NETHERLANDS 4.50 07-17 15/07A 952,654.08 920,539.20 36,246.58 1.35 350,000 NETHERLANDS 7.50 93-23 15/01A 508,095.41 527,030.00 11,938.36 0.77 70,000 NETHERLANDS 0.25 15-25 15/07A 69,692.00 64,806.00 46.03 0.09 200,000 NETHERLANDS 2.00 14-24 15/07A 231,820.00 219,334.00 3,835.62 0.32 160,000 NETHERLANDS 2.75 14-47 15/01A 250,496.00 200,280.00 2,001.10 0.29 110,000 NETHERLANDS 3.75 10-42 15/01A 193,985.00 161,147.80 1,876.03 0.24 150,000 NETHERLANDS 5.50 98-28 15/01A 244,093.50 224,527.50 3,752.05 0.33 180,000 NETHERLANDS 2.50 12-33 15/01A 220,339.51 208,692.00 2,046.58 0.31 1,150,000 NIBC BANK NV 1.75 13-18 10/08A 1,217,275.00 1,207,902.50 14,611.30 1.77 500,000 NORDEA BANK EMTN 4.50 10-20 26/03A 589,375.00 573,175.00 5,901.64 0.84 1,000,000 PORTUGAL TEL FIN 5.625 11-16 08/02A 1,062,500.00 1,026,380.00 21,883.56 1.50 400,000 RABOBANK NED 3.75 10-20 09/11A 453,100.00 435,376.00 9,575.34 0.64 500,000 RCI BANQUE EMTN 0.625 15-20 04/03A 499,165.00 486,495.00 1,007.51 0.71 750,000 SPAIN 0.50 14-17 31/10A 756,300.00 749,647.50 2,486.30 1.10 260,000 SPAIN 1.40 14-20 31/01A 268,977.80 263,237.00 1,495.89 0.39 120,000 SPAIN 1.60 15-25 30/04A 123,074.40 112,908.00 320.00 0.17 145,000 SPAIN 1.95 15-30 30/07A 144,463.50 129,992.50 914.10 0.19 1,030,000 SPAIN 3.80 06-17 31/01A 1,085,505.27 1,086,804.50 16,084.93 1.59 1,200,000 SPAIN 4.00 10-20 30/04A 1,314,589.85 1,356,302.40 8,000.00 1.99 35,000 SPAIN 4.00 14-64 31/10A 54,963.88 37,956.24 928.22 0.06 1,067,000 SPAIN 4.10 08-18 30/07A 1,163,994.16 1,177,754.60 40,151.36 1.72 389,000 SPAIN 4.20 05-37 31/01A 414,748.45 450,578.70 6,714.25 0.66 520,000 SPAIN 4.65 10-25 30/07A 534,102.40 627,296.80 22,192.60 0.92 45,000 SPAIN 4.70 09-41 30/07A 66,766.95 56,065.50 1,941.16 0.08 935,000 SPAIN 4.80 08-24 31/01A 1,094,981.46 1,129,835.30 18,443.84 1.65 190,000 SPAIN 4.90 07-40 30/07A 232,668.55 243,463.72 8,544.79 0.36 60,000 SPAIN 5.15 13-28 31/10A 80,212.80 75,884.40 2,048.71 0.11 75,000 SPAIN 5.15 13-44 31/10A 127,770.75 100,157.25 2,560.89 0.15 160,000 SPAIN 5.75 01-32 30/07A 236,821.24 219,923.20 8,443.84 0.32 300,000 SPAIN 5.85 11-22 31/01A 338,608.16 376,740.00 7,212.33 0.55 320,000 SPAIN 5.90 11-26 30/07A 370,759.23 424,455.68 17,328.22 0.62 175,000 SPAIN 6.00 98-29 31/01A 262,655.31 238,231.00 4,315.07 0.35 600,000 WACHOVIA CORP -SUB- 4.375 06-18 27/11A 682,158.00 670,134.00 15,462.33 0.98 Floating rate bonds 500,000.00 497,320.00 965.97 0.73 Euro 500,000.00 497,320.00 965.97 0.73 500,000 CITIGROUP INC FL.R 04-19 10/02Q 500,000.00 497,320.00 965.97 0.73
Total investments in securities 65,784,170.62 66,253,030.99 97.03
Cash at banks/(bank liabilities) 600,375.49 0.88
Other net assets/(liabilities) 1,425,453.84 2.09
The accompanying notes are an integral part of these financial statements. Page 81 UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Total 68,278,860.32 100.00
The accompanying notes are an integral part of these financial statements. Page 82 UBAM - EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 26.15 Italy 24.25 Spain 13.29 The Netherlands 10.05 Ireland 6.83 Belgium 5.63 Austria 3.71 United States of America 3.22 South Korea 1.09 Sweden 0.84 Australia 0.76 Finland 0.69 United Kingdom 0.52
97.03
Industrial classification of investments
% of net assets Countries and central government 79.99 Banks and credit institutions 10.69 Holding and finance companies 3.75 Insurance 1.51 Utilities 1.09
97.03
Page 83 UBAM - EURO BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 1,593,005.18 Interest on bonds and other debt securities, net Note 2 1,550,681.15 Interest on bank accounts 2.01 Interest received on swap contracts Note 2 41,816.99 Other income 505.03 Expenses 358,959.53 Management fees Note 3 192,139.08 Custodian fees 48,848.04 Subscription duty ("taxe d'abonnement") Note 5 13,905.39 Central administration costs 48,321.66 Audit fees 1,075.57 Interest paid on bank liabilities 962.50 Legal fees 4,938.39 Transaction fees Note 2 3,503.04 Other administration costs Note 6, 7 40,079.40 Banking charges and other fees 1,105.87 Expenses on repos and reverse repos 33.60 Interest paid on swap contracts Note 2 350.00 Other expenses 3,696.99 Net investment income 1,234,045.65 Net realised gain/(loss) on: - securities portfolio Note 2 5,149,072.50 - forward foreign exchange contracts Note 2 112,700.11 - futures contracts Note 2 429,387.02 - swap contracts Note 2 -13,451.34 - foreign exchange Note 2 -119,379.67 Realised result 6,792,374.27 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -6,945,939.88 - forward foreign exchange contracts Note 2 21,067.42 - futures contracts Note 2 -400,358.91 - swap contracts Note 2 -23,089.59 Result of operations -555,946.69 Dividends paid Note 14 -31,325.53 Subscriptions capitalisation shares 23,079,422.61 Subscriptions distribution shares 129,692.80 Redemptions capitalisation shares -77,147,464.12 Redemptions distribution shares -62,178.08 Total changes in net assets -54,587,799.01
Total net assets at the beginning of the period 122,866,659.33
Total net assets at the end of the period 68,278,860.32
The accompanying notes are an integral part of these financial statements. Page 84 UBAM - GLOBAL BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 33,640,036.43 Securities portfolio at market value Note 2 28,308,991.69 Cash at banks and time deposits 3,354,362.50 Deposits on futures and option contracts 1,438,031.06 Interest receivable on swap contracts Note 2 653.60 Interest receivable on bonds and other debt securities 528,515.22 Unrealised gain on swap contracts Note 2, 10 9,482.36 Liabilities 2,213,642.36 Other liquid liabilities 1,104,589.35 Unrealised loss on forward foreign exchange contracts Note 2, 8 978,046.62 Unrealised loss on futures contracts Note 2, 9 67,217.34 Interest payable on bank liabilities and expenses payable 63,789.05 Net assets at the end of the period 31,426,394.07
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
AH EUR shares Capitalisation shares 8.000 78.000 78.000 8.000
AH CHF shares Capitalisation shares 20,401.454 305.000 1,990.132 18,716.322 Distribution shares 10,958.000 85.000 3,260.000 7,783.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD CHF
Total net assets 31,426,394.07 33,208,484.72 32,848,395.26
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8.000 8.000 8.000 Net asset value per share 1,254.96 1,271.72 1,184.15
The accompanying notes are an integral part of these financial statements. Page 85 UBAM - GLOBAL BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD CHF
Total net assets 31,426,394.07 33,208,484.72 32,848,395.26
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 18,716.322 20,401.454 21,790.651 Net asset value per share 1,519.66 1,551.02 1,448.64 Distribution shares Number of shares outstanding 7,783.000 10,958.000 10,924.000 Net asset value per share 117.87 122.45 116.25 Dividend per share 2.17 1.92 4.00
The accompanying notes are an integral part of these financial statements. Page 86 UBAM - GLOBAL BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 31,109,704.73 28,308,991.69 528,515.22 90.08 dealt in on another regulated market Bonds 29,660,947.54 27,000,746.55 528,216.86 85.92 Australian Dollar 1,478,497.89 1,153,844.35 17,025.00 3.67 1,500,000 FMS WERTMANAGEMENT 3.50 12-15 27/07S 1,478,497.89 1,153,844.35 17,025.00 3.67 Canadian Dollar 795,354.97 715,608.61 3,054.80 2.28 600,000 CANADA 8.00 92-23 01/06S 795,354.97 715,608.61 3,054.80 2.28 Euro 14,885,272.68 13,331,682.18 432,161.67 42.41 300,000 BANK OF IRELAND (GOV CO) 2.75 13-16 05/06A 381,563.59 339,952.45 627.87 1.08 80,000 BELGIUM OLO -31- 5.50 98-28 28/03A 135,342.16 130,475.50 1,259.10 0.42 50,000 BELGIUM OLO -44- 5.00 04-35 28/03A 81,314.88 84,448.00 715.41 0.27 120,000 BELGIUM OLO -58- 3.75 10-20 28/09A 173,282.08 157,452.51 3,777.59 0.50 500,000 BFCM 2.875 12-17 21/06A 663,678.54 584,776.73 393.85 1.86 500,000 FCE BANK 1.75 13-18 21/05A 642,825.52 570,481.54 1,065.49 1.82 1,140,615 FRANCE OAT 0.00 94-25 25/10U 600,496.54 860,259.57 252,834.75 2.74 100,000 FRANCE OAT 3.75 05-21 25/04A 148,524.82 132,489.52 753.46 0.42 200,000 FRANCE OAT 3.75 06-17 25/04A 275,829.11 238,724.04 1,506.91 0.76 200,000 FRANCE OAT 4.25 03-19 25/04A 295,455.45 258,155.69 1,707.83 0.82 700,000 GERMANY 3.00 10-20 04/07A 892,424.45 892,485.34 23,141.78 2.84 800,000 GERMANY 6.25 94-24 04/01A 1,326,177.24 1,311,707.55 27,015.54 4.17 2,000,000 GERMANY -07- 4.00 07-18 04/01A 2,957,584.88 2,464,565.84 43,224.85 7.83 500,000 INTESA SAN PAOLO 5.00 12-17 28/02A 688,790.55 593,935.46 9,310.43 1.89 150,000 IRELAND TREASURY BOND 5.40 09-25 13/03A 234,901.23 223,190.42 2,687.78 0.71 100,000 IRELAND TREASURY BOND 5.90 09-19 18/10A 154,046.45 136,810.39 4,592.64 0.44 250,000 ITALY BTP 3.75 05-15 01/08S 405,783.92 279,421.86 4,299.44 0.89 1,000,000 ITALY BTP 4.50 07-18 01/02S 1,642,381.86 1,225,250.09 20,637.32 3.90 100,000 ITALY BTP 5.00 03-34 01/08S 161,586.53 142,176.16 2,293.03 0.45 100,000 ITALY BTP 5.25 98-29 01/11S 168,445.15 142,945.85 953.73 0.45 450,000 ITALY BTP 6.00 00-31 01/05S 806,223.82 695,876.17 4,904.90 2.21 100,000 MERCK & CO 1.125 14-21 15/10A 125,055.27 111,695.21 886.02 0.36 200,000 MET LIFE GLOBAL FDG 0.875 15-22 20/01A 234,169.09 215,686.84 860.07 0.69 400,000 NATL GRID 0.75 15-22 11/02A 453,886.25 428,860.04 1,272.94 1.36 200,000 PORTUGAL 4.75 09-19 14/06A 263,498.22 252,321.73 462.73 0.80 100,000 SPAIN 4.00 10-20 30/04A 142,284.73 125,932.68 742.80 0.40 275,000 SPAIN 4.10 08-18 30/07A 406,785.76 338,209.84 11,530.06 1.08 100,000 SPAIN 4.80 08-24 31/01A 148,315.51 134,637.70 2,197.87 0.43 75,000 SPAIN 4.90 07-40 30/07A 110,868.18 107,079.19 3,758.14 0.34 100,000 SPAIN 6.00 98-29 31/01A 163,750.90 151,678.27 2,747.34 0.48 Japanese Yen 6,459,865.14 5,601,783.21 16,810.26 17.83 50,000,000 ASIAN DEVELOP BANK 2.35 04-27 21/06S 591,868.72 497,838.55 236.78 1.58 10,000,000 BEI EMTN 1.90 06-26 26/01S 103,233.75 94,568.73 659.38 0.30 150,000,000 BK NED GEMEENTEN 1.85 06-16 07/11A 1,561,115.29 1,255,653.48 14,600.94 4.00 230,000,000 DEVELOPMENT BANK OF JAPAN 1.05 03-23 20/06S 2,115,261.51 1,983,472.07 540.71 6.32 150,000,000 JAPAN FIN.MUNICIPAL 1.90 08-18 22/06S 1,603,954.37 1,292,539.03 510.49 4.11 45,000,000 KREDITANSTALT FUER WIEDERAUFBAU 2.60 07-37 20/06S 484,431.50 477,711.35 261.96 1.52 New Polish Zloty 95,101.32 74,511.99 2,484.10 0.24 250,000 POLAND -1019- 5.50 08-19 25/10A 95,101.32 74,511.99 2,484.10 0.24 Pound Sterling 1,276,367.19 1,282,055.81 8,278.04 4.08 300,000 UK TREASURY STOCK 4.50 08-19 07/03S 521,620.27 529,418.39 6,634.95 1.68 350,000 UK TREASURY STOCK 4.75 04-38 07/12S 754,746.92 752,637.42 1,643.09 2.40 US Dollar 4,670,488.35 4,841,260.40 48,402.99 15.41 500,000 COMMONW.BK AUSTRAL. 1.125 14-17 13/03S 499,135.00 500,625.00 1,671.88 1.59 200,000 DEUTSCHE BANK AG 1.875 15-18 13/02S 199,762.00 199,778.00 1,427.08 0.64 500,000 GLENCORE FINANCE 7.50 10-49 06/10Q 537,500.00 507,155.00 8,750.00 1.61 500,000 KOOKMIN BANK REGS 1.625 14-17 14/07S 498,590.00 499,825.00 3,746.53 1.59 800,000 US TREASURY BONDS 0.875 12-17 30/04S 800,562.50 804,062.40 1,160.33 2.56 380,000 US TREASURY BONDS 1.25 12-19 30/04S 379,628.91 379,138.92 787.36 1.21 700,000 US TREASURY BONDS 4.50 06-36 15/02S 714,480.78 880,031.60 11,747.24 2.80 820,000 US TREASURY BONDS 6.25 93-23 15/08S 1,040,829.16 1,070,644.48 19,112.57 3.41 Floating rate bonds 1,448,757.19 1,308,245.14 298.36 4.16 Euro 1,245,251.19 1,112,445.14 107.46 3.54 500,000 CS LDN FL.R 14-16 23/09Q 624,315.92 556,955.16 27.73 1.77 500,000 SANTANDER ISSUAN.EMTN FL.R 07-17 23/03Q 620,935.27 555,489.98 79.73 1.77 US Dollar 203,506.00 195,800.00 190.90 0.62 200,000 PETROBRAS GLO FIN FL.R 14-17 17/03Q 203,506.00 195,800.00 190.90 0.62
The accompanying notes are an integral part of these financial statements. Page 87 UBAM - GLOBAL BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Total investments in securities 31,109,704.73 28,308,991.69 90.08
Cash at banks/(bank liabilities) 3,354,362.50 10.67
Other net assets/(liabilities) -236,960.12 -0.75
Total 31,426,394.07 100.00
The accompanying notes are an integral part of these financial statements. Page 88 UBAM - GLOBAL BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 20.04 United States of America 13.98 Japan 10.42 Italy 9.79 United Kingdom 8.31 France 7.40 The Netherlands 4.62 Spain 4.50 Canada 2.28 Ireland 2.23 Luxembourg 1.91 South Korea 1.59 Philippines 1.58 Belgium 1.19 Portugal 0.80 Poland 0.24
90.88
Industrial classification of investments
% of net assets Countries and central government 49.93 Banks and credit institutions 29.96 State 3.67 Holding and finance companies 2.30 Petroleum 1.98 Supranational 1.88 Pharmaceuticals and cosmetics 0.36
90.08
Page 89 UBAM - GLOBAL BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 418,896.46 Interest on bonds and other debt securities, net Note 2 401,153.89 Interest on bank accounts 43.52 Interest received on swap contracts Note 2 17,690.29 Other income 8.76 Expenses 163,255.83 Management fees Note 3 82,855.21 Custodian fees 17,031.92 Subscription duty ("taxe d'abonnement") Note 5 10,209.48 Central administration costs 16,103.47 Audit fees 472.96 Interest paid on bank liabilities 1,735.26 Legal fees 4,649.76 Transaction fees Note 2 2,084.36 Other administration costs Note 6, 7 26,896.53 Banking charges and other fees 3.81 Interest paid on swap contracts Note 2 167.13 Other expenses 1,045.94 Net investment income 255,640.63 Net realised gain/(loss) on: - securities portfolio Note 2 -14,258.71 - forward foreign exchange contracts Note 2 4,572,350.67 - futures contracts Note 2 81,124.52 - swap contracts Note 2 -7,171.83 - foreign exchange Note 2 -625,881.78 Realised result 4,261,803.50 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -1,847,117.04 - forward foreign exchange contracts Note 2 -757,769.76 - futures contracts Note 2 -193,951.25 - swap contracts Note 2 -11,272.20 Result of operations 1,451,693.25 Dividends paid Note 14 -18,185.87 Subscriptions capitalisation shares 610,392.81 Subscriptions distribution shares 12,029.20 Redemptions capitalisation shares -3,429,688.94 Redemptions distribution shares -408,331.10 Total changes in net assets -1,782,090.65
Total net assets at the beginning of the period 33,208,484.72
Total net assets at the end of the period 31,426,394.07
The accompanying notes are an integral part of these financial statements. Page 90 UBAM - GLOBAL CREDIT OPPORTUNITIES Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 96,901,286.28 Securities portfolio at market value Note 2 79,482,296.95 Cash at banks and time deposits 12,798,381.31 Deposits on futures and option contracts 1,441,299.38 Interest receivable on swap contracts Note 2 15,484.26 Interest receivable on bonds and other debt securities 1,292,854.51 Receivable on issues of shares 455,873.67 Unrealised gain on forward foreign exchange contracts Note 2, 8 1,274,405.75 Unrealised gain on futures contracts Note 2, 9 105,124.59 Other receivables 35,565.86 Liabilities 630,343.97 Other liquid liabilities 137,621.54 Unrealised loss on swap contracts Note 2, 10 200,542.19 Interest payable on bank liabilities and expenses payable 292,180.24 Net assets at the end of the period 96,270,942.31
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
AP shares Capitalisation shares 501,227.113 85,331.040 53,768.519 532,789.634
APH CHF shares Capitalisation shares 3,410.000 1,848.000 0.000 5,258.000
APH USD shares Capitalisation shares 276,660.000 195,142.533 59,795.000 412,007.533
APH GBP shares Capitalisation shares 4,650.000 1,277.002 0.000 5,927.002
IP shares Capitalisation shares 163,300.000 34,398.796 160,598.637 37,100.159
IPH USD shares Capitalisation shares 0.000 12,890.000 110.000 12,780.000
R shares Capitalisation shares 10.000 0.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 91 UBAM - GLOBAL CREDIT OPPORTUNITIES Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 96,270,942.31 90,209,896.34 -
AP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 532,789.634 501,227.113 - Net asset value per share 99.79 99.99 -
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 5,258.000 3,410.000 - Net asset value per share 99.18 99.98 -
APH USD shares USD USD USD Capitalisation shares Number of shares outstanding 412,007.533 276,660.000 - Net asset value per share 99.81 100.03 -
APH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 5,927.002 4,650.000 - Net asset value per share 100.13 100.04 -
IP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 37,100.159 163,300.000 - Net asset value per share 100.11 100.06 -
IPH USD shares USD USD USD Capitalisation shares Number of shares outstanding 12,780.000 - - Net asset value per share 99.59 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 10.000 - Net asset value per share 99.44 99.90 -
The accompanying notes are an integral part of these financial statements. Page 92 UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 79,386,758.92 79,482,296.95 1,292,854.51 82.56 dealt in on another regulated market Bonds 28,039,906.86 27,731,732.90 443,684.06 28.81 Euro 23,178,048.64 22,748,097.98 429,593.34 23.63 1,200,000 ALLIED IRISH BANKS 2.75 14-19 16/04A 1,277,160.00 1,243,080.00 6,762.30 1.29 600,000 ASSICURAZ GENERALI 7.75 12-42 12/12A 779,875.00 718,500.00 25,479.45 0.75 300,000 BANCO ESPERITO SANTO 5.875 12-15 09/11A 300,750.00 300,864.00 11,251.03 0.31 500,000 BANK OF IRELAND 1.25 15-20 09/04A 499,435.00 485,940.00 1,931.10 0.50 1,000,000 BNP PARIBAS 7.781 08-XX 02/07A 1,163,750.00 1,154,890.00 77,383.64 1.20 2,000,000 BPCE GP 6.117 07-XX 30/10A 2,185,156.25 2,167,800.00 81,448.27 2.25 300,000 CASINO GUICHARD 4.726 11-21 26/05A 363,031.12 351,732.00 1,355.82 0.37 600,000 CLOVERIE PLC SWISS RE 6.625 12-42 01/09A 777,956.00 752,472.00 32,889.04 0.78 950,000 CNOOC CURTIS 2.75 13-20 03/10A 1,037,567.00 1,020,072.00 19,325.34 1.06 650,000 FCE BANK EMTN 1.134 15-22 10/02A 658,086.00 622,661.00 2,827.23 0.65 450,000 FCE BANK EMTN REGS 1.875 14-21 24/06A 464,356.04 456,417.00 138.32 0.47 4,000,000 GERMANY 0.00 15-17 16/06U 4,016,000.00 4,018,284.93 -284.93 4.18 1,400,000 HEIDELBERGCEMENT 7.50 10-20 03/04S 1,814,096.00 1,746,738.00 25,375.00 1.81 450,000 IMPERIAL TABACCO 2.25 14-21 26/02A 478,659.06 468,832.05 3,439.73 0.49 800,000 NGG FINANCE PLC 4.25 13-76 18/06A 875,692.50 847,104.00 1,114.75 0.88 1,000,000 RENAULT SA 3.125 14-21 05/03A 1,121,225.00 1,077,500.00 9,989.75 1.12 2,000,000 ROYAL BK OF SCOT SUB 4.35 06-17 23/01A 2,102,000.00 2,083,940.00 37,660.27 2.16 950,000 SINOPEC GR OVER REGS 2.625 13-20 17/10A 1,025,087.00 1,018,191.00 17,490.41 1.06 2,000,000 SOCIETE GENERALE 6.999 07-17 19/12A 2,238,166.67 2,213,080.00 74,016.82 2.30 US Dollar 4,861,858.22 4,983,634.92 14,090.72 5.18 1,000,000 BANK OF INDIA REGS 3.125 15-20 06/05S 907,005.32 883,234.61 4,207.05 0.92 2,500,000 EKSPORTFINANS 2.375 11-16 25/05S 2,146,023.79 2,251,189.19 5,180.91 2.33 1,800,000 ITAU UNIBANCO HDLG 2.85 15-18 26/05S 1,583,489.97 1,603,198.71 4,348.41 1.67 262,000 PRUDENTIAL FINANCIAL 7.75 11-XX 23/06Q 225,339.14 246,012.41 354.35 0.26 Floating rate bonds 51,346,852.06 51,750,564.05 849,170.45 53.75 Euro 32,745,694.69 32,223,050.95 560,809.67 33.47 2,308,000 ABN AMRO BANK NV FL.R 06-XX 10/03A 2,348,468.00 2,328,772.00 30,440.38 2.42 2,050,000 AMERICAN INTL GROUP FL.R 07-67 15/03A 2,156,312.50 2,110,710.75 29,216.70 2.19 500,000 ARCELORMITTAL FL.R 10-17 18/11A 552,450.00 544,350.00 18,107.88 0.57 250,000 AVIVA PLC SUB FL.R 03-XX 29/09A 257,525.00 252,437.50 10,697.26 0.26 833,000 AXA EMTN PERP. SUB FL.R 06-XX 06/07A 879,897.90 865,320.40 47,331.36 0.90 1,500,000 BARCLAYS BANK EMTN FL.R 05-XX 15/03A 1,533,412.50 1,535,760.00 20,829.92 1.60 500,000 BAYER SUB FL.R 14-74 01/07A 553,125.00 504,435.00 18,698.63 0.52 420,000 BAYER SUB FL.R 14-75 01/07A 433,295.00 426,148.80 12,565.48 0.44 1,050,000 BBVA INTL PRED. SA FL.R 06-XX 20/09A 1,075,187.50 1,062,274.50 40,314.71 1.10 200,000 BNP PARIBAS SUB FL.R 06-XX 12/04A 205,220.00 203,512.00 2,041.91 0.21 1,700,000 BNP PARIBAS SUB FL.R 07-XX 13/04A 1,789,500.00 1,778,370.00 18,183.59 1.85 1,700,000 CREDIT AGRICOLE SUB. FL.R 05- 09/11A 1,724,550.00 1,711,475.00 44,818.99 1.78 2,150,000 DANSKE BANK SUB FL.R 07-XX 15/05A 2,252,790.00 2,261,284.00 13,181.26 2.35 2,000,000 ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A 2,147,914.29 2,111,700.00 25,249.78 2.19 550,000 ENBW ENERGIE FL.R 14-76 02/04A 562,162.50 544,373.50 4,848.19 0.57 800,000 HANNOVER FINANCE FL.R 10-40 14/09A 948,415.00 926,880.00 36,421.92 0.96 550,000 MERCK KGAA SUB FL.R 14-74 12/12A 551,146.00 539,720.50 710.04 0.56 800,000 MUNICH RE EMTN FL.R 11-41 26/05A 974,714.00 955,136.00 4,590.16 0.99 1,500,000 NATIXIS PERPETUAL FL.R 07-49 18/10A 1,642,500.00 1,635,720.00 66,093.90 1.70 400,000 ORANGE EMTN FL.R 14-XX 01/10A 422,737.00 407,940.00 11,923.29 0.42 400,000 ORANGE SA SUB FL.R 14-XX 07/02A 428,720.00 415,780.00 6,660.27 0.43 1,000,000 RBS CAPIT.TRUST.C FL.R 05-XX 12/01A 997,500.00 997,700.00 19,645.67 1.04 1,000,000 SEB FL.R 14-26 28/05A 1,054,520.00 1,020,040.00 2,254.10 1.06 1,000,000 SOLVAY FIN SUB FL.R 13-XX 12/05A 1,061,500.00 1,030,670.00 5,621.61 1.07 300,000 SUEZ FL.R 15-XX 30/03A 300,375.00 285,765.00 1,885.25 0.30 1,700,000 SVENSKA HANDELSBK SUB FL.R 05-XX 16/12A 1,742,500.00 1,719,295.00 38,286.05 1.79 1,000,000 TELE EUR REGS SUB FL.R 14-XX 31/03A 1,077,120.00 1,043,710.00 12,431.69 1.08 2,000,000 UBS CAPITAL FL.R 07-XX 29/12A 2,250,000.00 2,221,080.00 7,034.75 2.31 100,000 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A 119,100.00 109,603.00 4,198.29 0.11 650,000 VW INTL FIN SUB FL.R 14-XX 24/03A 703,037.50 673,088.00 6,526.64 0.70 Pound Sterling 1,072,591.46 1,203,235.23 31,112.06 1.25 800,000 RABOBK.CAP FD IV REGS FL.R 04-XX 31/12A 1,072,591.46 1,203,235.23 31,112.06 1.25 US Dollar 17,528,565.91 18,324,277.87 257,248.72 19.03 900,000 AMERICAN EXPRESS -B- FL.R 14-XX 15/11S 749,704.11 804,111.47 5,250.40 0.84 900,000 BANK OF AMERICA CORP FL.R 08-XX 30/01S 799,050.66 851,987.07 26,925.15 0.88
The accompanying notes are an integral part of these financial statements. Page 93 UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 BANK OF NY MELLON CO FL.R 15-49 20/12S 918,822.07 889,947.94 7,651.23 0.92 1,500,000 BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S 1,334,903.02 1,480,842.76 4,170.03 1.54 867,000 BBVA INTL PRED SA FL.R 07-XX 18/04S 709,294.44 800,994.54 9,211.59 0.83 900,000 CITIGROUP INC FL.R 14-XX 15/11S 742,059.97 809,588.04 5,856.22 0.84 2,000,000 CREDIT AGRICOLE REGS FL.R 09-XX 13/10S 2,152,602.10 2,076,072.52 32,154.36 2.16 2,450,000 CREDIT SUISSE GUERNSEY FL.R 07-15/05S 2,183,124.95 2,327,829.83 16,106.85 2.42 2,831,000 DEUTSCHE BK CAP REGS FL.R 06-XX 19/01S 2,325,575.39 2,566,270.25 63,952.01 2.66 750,000 DOMINION RESOURCES FL.R 14-54 01/10S 677,115.01 701,723.21 9,568.71 0.73 900,000 GECC SUB FL.R 12-XX 15/06S 938,036.54 932,294.02 2,398.03 0.97 850,000 GOLDMAN SACHS GROUP FL.R 14-XX 10/05S 757,337.54 765,884.94 6,039.46 0.80 200,000 ING GROEP NV FL.R 05-XX 08/06S 164,358.90 181,493.44 633.49 0.19 700,000 JPM CHASE FL.R 08-XX 29/04S 615,434.87 664,591.63 8,272.01 0.69 900,000 JPMORGAN CHASE FL.R 14-XX 01/07S 781,381.83 792,988.69 20,081.67 0.82 900,000 MORGAN STANLEY -H- FL.R 14-XX 15/07S 808,490.02 802,092.09 20,177.03 0.83 900,000 WELLS FARGO SUB -K- FL.R 08-XX 28/02S 871,274.49 875,565.43 18,800.48 0.91
Total investments in securities 79,386,758.92 79,482,296.95 82.56
Cash at banks/(bank liabilities) 12,798,381.31 13.29
Other net assets/(liabilities) 3,990,264.05 4.15
Total 96,270,942.31 100.00
The accompanying notes are an integral part of these financial statements. Page 94 UBAM - GLOBAL CREDIT OPPORTUNITIES
Geographical classification of investments
(by domicile of the issuer) % of net assets France 18.06 United States of America 16.37 United Kingdom 8.31 Germany 7.26 The Netherlands 6.69 Luxembourg 3.34 Jersey Island 3.23 Sweden 2.85 Ireland 2.57 Guernsey 2.42 Denmark 2.35 Norway 2.33 Spain 1.93 Cayman Islands 1.67 British Virgin Islands 1.06 Australia 1.06 Italy 0.75 Portugal 0.31
82.56
Industrial classification of investments
% of net assets Banks and credit institutions 43.82 Holding and finance companies 22.10 Insurance 5.35 Countries and central government 4.18 Communications 1.93 Utilities 1.30 Road vehicles 1.12 Chemicals 0.96 Coal mining and steel industry 0.57 Pharmaceuticals and cosmetics 0.56 Retail trade, department stores 0.37 Miscellaneous services 0.30
82.56
Page 95 UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 2,472,010.92 Interest on bonds and other debt securities, net Note 2 1,991,141.68 Interest on bank accounts 346.35 Interest received on swap contracts Note 2 480,522.89 Expenses 725,546.41 Management fees Note 3 403,373.40 Custodian fees 55,334.51 Subscription duty ("taxe d'abonnement") Note 5 23,792.69 Central administration costs 52,318.91 Performance fees Note 4 11,791.02 Audit fees 1,678.56 Interest paid on bank liabilities 3,548.33 Legal fees 3,309.37 Transaction fees Note 2 13,564.07 Other administration costs Note 6, 7 71,791.74 Interest paid on swap contracts Note 2 80,754.47 Other expenses 4,289.34 Net investment income 1,746,464.51 Net realised gain/(loss) on: - securities portfolio Note 2 -98,754.15 - forward foreign exchange contracts Note 2 -233,679.71 - futures contracts Note 2 -400,126.55 - swap contracts Note 2 861,562.38 - foreign exchange Note 2 861,224.76 Realised result 2,736,691.24 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -361,383.91 - forward foreign exchange contracts Note 2 905,553.36 - futures contracts Note 2 279,724.57 - swap contracts Note 2 -1,222,143.27 Result of operations 2,338,441.99 Subscriptions capitalisation shares 30,763,059.61 Redemptions capitalisation shares -27,040,455.63 Total changes in net assets 6,061,045.97
Total net assets at the beginning of the period 90,209,896.34
Total net assets at the end of the period 96,270,942.31
The accompanying notes are an integral part of these financial statements. Page 96 UBAM - GLOBAL HIGH YIELD SOLUTION Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 3,048,272,296.05 Securities portfolio at market value Note 2 2,801,839,869.15 Cash at banks and time deposits 42,116,677.39 Deposits on futures and option contracts 738,704.93 Interest receivable on swap contracts Note 2 4,172,730.44 Interest receivable on bonds and other debt securities 5,501,010.13 Receivable on issues of shares 6,777,492.22 Unrealised gain on futures contracts Note 2, 9 202,730.74 Unrealised gain on swap contracts Note 2, 10 186,923,081.05 Liabilities 49,063,945.55 Bank liabilities 21,211,825.05 Payable on redemptions of shares 1,849,255.20 Unrealised loss on forward foreign exchange contracts Note 2, 8 22,492,036.06 Interest payable on bank liabilities and expenses payable 3,510,829.24 Net assets at the end of the period 2,999,208,350.50
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 3,427,267.344 1,127,930.686 252,277.712 4,302,920.318 Distribution shares 340,393.074 370,805.079 25,912.967 685,285.186
AH EUR shares Capitalisation shares 1,125,966.159 251,302.000 135,661.071 1,241,607.088 Distribution shares 148,582.343 23,014.582 23,872.913 147,724.012
AH CHF shares Capitalisation shares 177,563.801 89,223.564 10,813.693 255,973.672 Distribution shares 29,212.920 25,024.613 1,200.000 53,037.533
AH GBP shares Capitalisation shares 44,479.183 19,999.198 4,055.000 60,423.381
I shares Capitalisation shares 3,553,477.082 2,483,849.852 1,064,179.893 4,973,147.041 Distribution shares 10,243.000 260,845.734 62,251.632 208,837.102
IH EUR shares Capitalisation shares 1,358,743.354 2,093,696.507 192,178.788 3,260,261.073 Distribution shares 82,456.763 97,412.588 9,203.181 170,666.170
IH CHF shares Capitalisation shares 355,459.983 917,504.129 18,288.626 1,254,675.486 Distribution shares 3,091.000 20,249.000 9.000 23,331.000
The accompanying notes are an integral part of these financial statements. Page 97 UBAM - GLOBAL HIGH YIELD SOLUTION Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
IH SEK shares Capitalisation shares 150.000 0.000 0.000 150.000
IH GBP shares Capitalisation shares 23,586.000 28,565.889 747.333 51,404.556 Distribution shares 45,047.000 1,203,701.885 28,469.847 1,220,279.038
U shares Capitalisation shares 0.000 15,011.024 0.000 15,011.024 Distribution shares 0.000 10.000 0.000 10.000
UH EUR shares Capitalisation shares 1.000 952,998.000 30,393.000 922,606.000 Distribution shares 1.000 668,151.000 20,125.000 648,027.000
UH GBP shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 934,539.041 1,734.054 932,804.987
R shares Capitalisation shares 16,537.648 9,246.337 9,264.802 16,519.183
RH EUR shares Capitalisation shares 11,624.418 6,913.194 6,268.762 12,268.850
Z shares Capitalisation shares 172,124.000 45,000.000 45,000.000 172,124.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 2,999,208,350.50 1,607,354,974.56 1,253,488,709.71
A shares USD USD USD Capitalisation shares Number of shares outstanding 4,302,920.318 3,427,267.344 2,078,195.261 Net asset value per share 143.72 141.63 135.81 Distribution shares Number of shares outstanding 685,285.186 340,393.074 153,027.848 Net asset value per share 110.11 114.25 116.47 Dividend per share 5.93 7.04 6.93
The accompanying notes are an integral part of these financial statements. Page 98 UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 2,999,208,350.50 1,607,354,974.56 1,253,488,709.71
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,241,607.088 1,125,966.159 962,077.097 Net asset value per share 141.09 139.29 133.80 Distribution shares Number of shares outstanding 147,724.012 148,582.343 130,833.653 Net asset value per share 110.24 114.61 117.04 Dividend per share 5.95 7.08 7.00
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 255,973.672 177,563.801 170,666.514 Net asset value per share 137.32 136.82 131.61 Distribution shares Number of shares outstanding 53,037.533 29,212.920 11,232.000 Net asset value per share 115.05 120.76 123.51 Dividend per share 6.27 7.47 7.40
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 60,423.381 44,479.183 18,441.000 Net asset value per share 113.06 111.40 106.71
I shares USD USD USD Capitalisation shares Number of shares outstanding 4,973,147.041 3,553,477.082 1,758,816.398 Net asset value per share 145.01 142.77 136.64 Distribution shares Number of shares outstanding 208,837.102 10,243.000 11,310.000 Net asset value per share 101.80 105.53 107.36 Dividend per share 5.48 6.49 -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 3,260,261.073 1,358,743.354 1,981,278.132 Net asset value per share 142.34 140.40 134.61 Distribution shares Number of shares outstanding 170,666.170 82,456.763 58,983.958 Net asset value per share 109.39 113.62 115.80 Dividend per share 5.90 7.00 6.91
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,254,675.486 355,459.983 565,476.388 Net asset value per share 138.54 137.91 132.41 Distribution shares Number of shares outstanding 23,331.000 3,091.000 - Net asset value per share 95.54 100.19 - Dividend per share 5.20 - -
The accompanying notes are an integral part of these financial statements. Page 99 UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 2,999,208,350.50 1,607,354,974.56 1,253,488,709.71
IH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 150.000 150.000 - Net asset value per share 1,031.79 1,017.58 -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 51,404.556 23,586.000 688.000 Net asset value per share 113.44 111.67 106.76 Distribution shares Number of shares outstanding 1,220,279.038 45,047.000 58,198.000 Net asset value per share 111.12 115.18 117.06 Dividend per share 5.98 7.08 6.95
U shares USD USD USD Capitalisation shares Number of shares outstanding 15,011.024 - - Net asset value per share 98.37 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 98.19 - -
UH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 922,606.000 1.000 - Net asset value per share 100.84 99.49 - Distribution shares Number of shares outstanding 648,027.000 1.000 - Net asset value per share 95.67 99.43 - Dividend per share 5.16 - -
UH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 98.68 - - Distribution shares Number of shares outstanding 932,804.987 - - Net asset value per share 100.14 - -
R shares USD USD USD Capitalisation shares Number of shares outstanding 16,519.183 16,537.648 9,059.121 Net asset value per share 141.78 139.92 134.57
The accompanying notes are an integral part of these financial statements. Page 100 UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 2,999,208,350.50 1,607,354,974.56 1,253,488,709.71
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 12,268.850 11,624.418 896.726 Net asset value per share 115.50 114.20 110.05
Z shares USD USD USD Capitalisation shares Number of shares outstanding 172,124.000 172,124.000 83,041.000 Net asset value per share 121.54 119.51 114.09
The accompanying notes are an integral part of these financial statements. Page 101 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 2,801,045,397.44 2,801,839,869.15 5,501,010.13 93.42 dealt in on another regulated market Bonds 2,601,681,592.54 2,602,160,610.75 5,381,299.14 86.76 US Dollar 2,601,681,592.54 2,602,160,610.75 5,381,299.14 86.76 10,000,000 CADES 5.25 06-16 02/11A 10,638,000.00 10,606,440.00 347,083.33 0.35 10,650,000 CADES REGS S9 1.625 12-15 06/07S 10,825,938.00 10,651,704.00 83,646.88 0.36 9,990,000 FMS WERTMANAGEMENT 0.625 14-17 30/01S 9,981,561.00 9,984,905.10 26,015.63 0.33 20,000,000 KOMMUNALBANKEN AS 0.875 13-16 03/10S 20,076,000.00 20,076,600.00 42,291.67 0.67 5,000,000 LANDW RENTENBANK 5.00 06-16 08/11S 5,613,450.00 5,295,700.00 36,111.11 0.18 13,500,000 LDBK BADEN WUERTT 1.375 15-18 05/03A 13,499,270.00 13,504,050.00 59,296.88 0.45 5,000,000 NETHERLANDS 1.00 12-17 24/02S 4,972,100.00 5,025,050.00 17,500.00 0.17 20,000,000 NWB REGS 1401 1.25 15-18 16/01S 20,062,000.00 20,077,200.00 113,888.89 0.67 7,000,000 SWEDEN 1.00 13-16 15/11S 6,996,500.00 7,044,380.00 8,750.00 0.23 23,870,000 SWEDISCH EXP CREDIT 1.75 10-15 20/10S 24,386,026.30 23,972,402.30 81,224.31 0.80 7,000,000 TEMASEK FINANCIAL 4.50 05-15 21/09S 7,728,050.00 7,056,980.00 86,625.00 0.24 40,000,000 US TREASURY NOTES 0.25 12-15 15/08S 40,035,937.32 40,007,812.40 37,292.82 1.33 140,000,000 US TREASURY NOTES 0.25 12-15 15/09S 140,108,159.02 140,071,093.40 102,322.40 4.67 50,000,000 US TREASURY NOTES Series AA-2016 1.50 11-16 31/07S 50,712,890.50 50,617,200.00 310,773.48 1.69 50,000,000 US TREASURY NOTES Series AB-2017 0.50 12-17 31/07S 49,830,078.00 49,826,150.00 102,739.73 1.66 40,000,000 US TREASURY NOTES Series AG-2017 0.75 12-17 31/12S 39,970,312.40 39,915,640.00 0.00 1.33 40,000,000 US TREASURY NOTES Series AH-2017 0.75 14-17 15/01S 40,146,875.00 40,148,440.00 137,569.06 1.34 45,000,000 US TREASURY NOTES Series AH-2018 0.875 15-18 15/01S 44,973,288.00 45,021,105.00 179,075.34 1.50 35,000,000 US TREASURY NOTES Series AJ-2018 1.00 15-18 15/02S 34,989,843.60 35,102,550.00 129,452.05 1.17 45,000,000 US TREASURY NOTES Series AK-2018 1.00 15-18 15/03S 45,078,046.83 45,101,970.00 131,917.81 1.50 180,000,000 US TREASURY NOTES Series AL-2016 0.25 13-16 15/05S 179,599,210.36 179,957,813.40 56,712.33 5.99 154,900,000 US TREASURY NOTES Series AL-2017 0.875 14-17 15/04S 154,771,475.79 155,722,983.70 281,443.99 5.19 45,000,000 US TREASURY NOTES Series AL-2018 0.75 15-18 15/04S 44,743,359.15 44,762,715.00 70,273.97 1.49 100,000,000 US TREASURY NOTES Series AM-2017 0.875 14-17 15/05S 100,000,780.90 100,488,300.00 109,375.00 3.35 50,000,000 US TREASURY NOTES Series AM-2018 1.00 15-18 15/05S 50,091,797.00 50,050,800.00 63,013.70 1.67 141,000,000 US TREASURY NOTES Series AP-2016 0.875 13-16 15/09S 141,948,554.15 141,815,121.00 358,726.22 4.73 50,000,000 US TREASURY NOTES Series AR-2016 0.625 13-16 15/10S 50,144,531.00 50,132,812.50 64,890.71 1.67 95,000,000 US TREASURY NOTES Series AR-2017 1.00 14-17 15/09S 95,018,554.45 95,564,110.00 276,222.83 3.19 20,000,000 US TREASURY NOTES Series AS-2015 0.25 13-15 31/10S 20,014,765.48 20,013,281.20 8,333.33 0.67 95,000,000 US TREASURY NOTES Series AS-2017 0.875 14-17 15/10S 94,895,117.20 95,233,795.00 172,609.29 3.18 40,000,000 US TREASURY NOTES Series AT-2016 0.625 13-16 15/12S 40,067,184.30 40,085,920.00 10,245.90 1.34 45,000,000 US TREASURY NOTES Series AT-2017 0.875 14-17 15/11S 45,083,202.90 45,084,375.00 49,487.70 1.50 60,000,000 US TREASURY NOTES Series AU-2015 0.25 13-15 31/12S 60,003,320.10 60,037,500.00 0.00 2.00 215,000,000 US TREASURY NOTES Series AU-2016 0.375 14-16 31/01S 215,293,553.80 215,293,945.85 331,335.62 7.17 80,300,000 US TREASURY NOTES Series AU-2017 1.00 14-17 15/12S 80,723,942.10 80,645,049.10 32,909.84 2.69 30,000,000 US TREASURY NOTES Series AW-2016 0.25 14-16 29/02S 30,009,375.00 30,019,921.80 25,416.67 1.00 160,000,000 US TREASURY NOTES Series AY-2016 0.375 14-16 30/04S 160,240,036.64 160,150,000.00 100,000.00 5.34 40,000,000 US TREASURY NOTES Series BB-2016 0.50 14-16 30/06S 40,085,156.20 40,071,880.00 0.00 1.34 40,000,000 US TREASURY NOTES Series BE-2016 0.50 14-16 31/08S 40,045,312.40 40,059,360.00 67,403.31 1.34 40,000,000 US TREASURY NOTES Series BG-2016 0.375 14-16 31/10S 39,966,406.20 39,971,880.00 25,000.00 1.33 60,000,000 US TREASURY NOTES Series BJ-2016 0.50 14-16 30/11S 59,971,875.00 60,044,520.00 24,590.16 2.00 40,000,000 US TREASURY NOTES Series F-2016 4.625 06-16 15/11S 42,639,843.60 42,284,360.00 231,250.00 1.41 45,000,000 US TREASURY NOTES Series G-2018 2.625 11-18 31/01S 47,237,695.20 47,019,735.00 485,445.21 1.57 118,000,000 US TREASURY NOTES Series U-2017 0.875 12-17 31/01S 118,588,046.80 118,663,750.00 427,831.49 3.96 30,000,000 US TREASURY NOTES Series V-2018 0.75 13-18 28/02S 29,874,170.85 29,879,310.00 75,205.48 1.00 Floating rate bonds 199,363,804.90 199,679,258.40 119,710.99 6.66 US Dollar 199,363,804.90 199,679,258.40 119,710.99 6.66 26,000,000 BNG REGS FL.R 13-16 18/07Q 26,015,180.00 26,038,480.00 22,823.74 0.87 10,000,000 FMS WERTMANAGEMENT FL.R 13-16 27/09Q 9,997,000.00 10,003,150.00 89.44 0.33 30,000,000 INTER AMERCIAN DEV BK FL.R 13-15 23/10M 30,000,000.00 30,000,900.00 1,207.50 1.00 6,330,000 KOMMUNALBANKEN REGS FL.R 13-16 18/03Q 6,333,354.90 6,333,038.40 772.79 0.21 14,000,000 KOMMUNEKREDIT FL.R 13-16 23/05Q 14,000,000.00 14,010,780.00 5,335.56 0.47 2,000,000 KRED.ANST.WIEDERAUFB. FL.R 13 15 09/07M 2,001,200.00 2,000,040.00 283.50 0.07 20,000,000 LDKR BAD W FOERD REGS FL.R 13-15 14/09Q 20,000,000.00 20,006,800.00 3,382.08 0.67 10,000,000 NORTH RHINE W FL.R 13-17 28/04Q 10,012,300.00 10,047,950.00 10,132.50 0.34 40,000,000 NRW BANK EMTN FL.R 13-17 16/10Q 40,000,000.00 40,159,600.00 42,962.50 1.33 6,000,000 NWB REGS FL.R 13-15 04/11Q 6,006,420.00 6,001,920.00 3,441.67 0.20 30,000,000 NWB REGS FL.R 13-16 18/10Q 30,000,000.00 30,063,900.00 28,110.08 1.00 5,000,000 SWEDISH EXPORT CREDIT FL.R 13-17 12/06Q 4,998,350.00 5,012,700.00 1,169.63 0.17
Total investments in securities 2,801,045,397.44 2,801,839,869.15 93.42
The accompanying notes are an integral part of these financial statements. Page 102 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Cash at banks/(bank liabilities) 20,904,852.34 0.70
Other net assets/(liabilities) 176,463,629.01 5.88
Total 2,999,208,350.50 100.00
The accompanying notes are an integral part of these financial statements. Page 103 UBAM - GLOBAL HIGH YIELD SOLUTION
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 83.31 Germany 3.70 The Netherlands 2.91 Sweden 1.20 Norway 0.88 France 0.71 Denmark 0.47 Singapore 0.24
93.42
Industrial classification of investments
% of net assets Countries and central government 82.71 Banks and credit institutions 5.44 Holding and finance companies 2.09 State 1.84 Supranational 1.00 Cantons, Federal States, Provinces 0.34
93.42
Page 104 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 80,425,592.88 Interest on bonds and other debt securities, net Note 2 7,547,831.34 Interest on bank accounts 5,534.15 Interest received on swap contracts Note 2 72,872,223.40 Other income 3.99 Expenses 15,731,356.02 Management fees Note 3 3,486,882.56 Custodian fees 1,239,750.82 Subscription duty ("taxe d'abonnement") Note 5 363,229.14 Central administration costs 1,154,004.74 Audit fees 44,512.40 Interest paid on bank liabilities 31,309.55 Legal fees 24,817.96 Transaction fees Note 2 56,683.80 Other administration costs Note 6, 7 38,225.91 Banking charges and other fees 2,804.17 Interest paid on swap contracts Note 2 9,191,250.31 Other expenses 97,884.66 Net investment income 64,694,236.86 Net realised gain/(loss) on: - securities portfolio Note 2 -2,534,073.44 - forward foreign exchange contracts Note 2 -7,262,959.34 - futures contracts Note 2 873,105.72 - swap contracts Note 2 -144,050,137.12 - foreign exchange Note 2 -5,819,228.79 Realised result -94,099,056.11 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 4,032,346.80 - forward foreign exchange contracts Note 2 -6,372,534.31 - futures contracts Note 2 -368,712.81 - swap contracts Note 2 88,352,611.06 Result of operations -8,455,345.37 Dividends paid Note 14 -16,052,058.53 Subscriptions capitalisation shares 1,175,582,233.54 Subscriptions distribution shares 522,043,280.28 Redemptions capitalisation shares -259,856,149.90 Redemptions distribution shares -21,408,584.08 Total changes in net assets 1,391,853,375.94
Total net assets at the beginning of the period 1,607,354,974.56
Total net assets at the end of the period 2,999,208,350.50
The accompanying notes are an integral part of these financial statements. Page 105 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 47,654,803.74 Securities portfolio at market value Note 2 44,635,418.90 Options contracts at market value Note 2, 11 263.36 Cash at banks and time deposits 2,017,575.68 Interest receivable on bonds and other debt securities 885,785.02 Other receivables 115,760.78 Liabilities 529,960.86 Short option contracts at market value Note 2, 11 12,543.52 Unrealised loss on forward foreign exchange contracts Note 2, 8 298,754.36 Interest payable on bank liabilities and expenses payable 218,662.98 Net assets at the end of the period 47,124,842.88
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 331,186.256 5,411.842 104,415.905 232,182.193 Distribution shares 12,939.758 0.000 4,424.726 8,515.032
AH EUR shares Capitalisation shares 142,954.239 1,184.000 16,357.236 127,781.003 Distribution shares 11,085.405 176.000 1,749.512 9,511.893
AH CHF shares Capitalisation shares 4,150.000 0.000 0.000 4,150.000
I shares Capitalisation shares 37,701.000 33,140.016 3,660.000 67,181.016 Distribution shares 1,670.000 0.000 1,120.000 550.000
IH EUR shares Capitalisation shares 22,919.571 1,818.899 7,107.451 17,631.019
IH CHF shares Capitalisation shares 6,357.761 0.000 99.000 6,258.761
R shares Capitalisation shares 486.000 0.000 485.000 1.000
RH EUR shares Capitalisation shares 10.000 0.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 106 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 47,124,842.88 61,571,842.21 171,909,534.04
A shares USD USD USD Capitalisation shares Number of shares outstanding 232,182.193 331,186.256 359,845.371 Net asset value per share 105.05 111.60 121.18 Distribution shares Number of shares outstanding 8,515.032 12,939.758 24,805.709 Net asset value per share 73.80 82.29 93.04 Dividend per share 3.79 3.74 4.83
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 127,781.003 142,954.239 341,053.216 Net asset value per share 77.55 82.84 90.17 Distribution shares Number of shares outstanding 9,511.893 11,085.405 12,970.405 Net asset value per share 55.82 62.60 70.97 Dividend per share 2.88 2.86 3.70
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,150.000 4,150.000 910.000 Net asset value per share 92.29 99.17 108.27
I shares USD USD USD Capitalisation shares Number of shares outstanding 67,181.016 37,701.000 189,994.754 Net asset value per share 114.71 121.31 130.47 Distribution shares Number of shares outstanding 550.000 1,670.000 88,780.000 Net asset value per share 100.43 111.46 124.72 Dividend per share 5.13 5.02 6.41
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 17,631.019 22,919.571 34,735.213 Net asset value per share 84.68 90.04 97.10 Distribution shares Number of shares outstanding - - 326,400.000 Net asset value per share - - 89.77 Dividend per share - - 4.64
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 6,258.761 6,357.761 10,179.761 Net asset value per share 95.15 101.76 110.05
The accompanying notes are an integral part of these financial statements. Page 107 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 47,124,842.88 61,571,842.21 171,909,534.04
R shares USD USD USD Capitalisation shares Number of shares outstanding 1.000 486.000 808.527 Net asset value per share 103.43 110.17 120.21
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 10.000 10.000 Net asset value per share 83.74 89.62 97.95
The accompanying notes are an integral part of these financial statements. Page 108 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 53,440,839.90 43,333,781.02 872,473.45 91.96 dealt in on another regulated market Bonds 53,440,839.90 43,333,781.02 872,473.45 91.96 Brazilian Real 5,078,623.23 4,084,209.47 0.00 8.67 1,200 BRAZIL 0.00 15-19 01/01S 245,161.38 252,465.55 0.00 0.54 1,800 BRAZIL -DY- 10.00 10-17 28/04S (Note 2.j) 766,400.59 521,123.43 0.00 1.11 1,700 BRAZIL -DY- 10.00 10-23 01/01S (Note 2.j) 621,564.86 482,589.10 0.00 1.02 1,500 BRAZIL LFT 0.00 12-16 01/07U 547,101.52 422,428.96 0.00 0.90 4,000 BRAZIL LFT 0.00 14-18 01/01U 1,127,046.07 944,149.09 0.00 2.00 3,000 BRAZIL LTN 0.00 14-18 01/07U 720,987.39 668,304.64 0.00 1.42 1,000 BRAZIL NTN-F 10.00 07-17 01/01S (Note 2.j) 433,642.51 305,876.33 0.00 0.65 1,750 BRAZIL-DY- 10.00 14-25 01/01S (Note 2.j) 616,718.91 487,272.37 0.00 1.03 Columbian Peso 5,662,735.37 4,096,977.88 254,078.57 8.69 1,600,000,000 COLOMBIA 6.00 12-28 28/04A 770,420.72 524,382.13 6,374.00 1.11 3,400,000,000 COLOMBIA 10.00 08-24 24/07A 2,055,995.36 1,543,863.41 122,189.48 3.27 1,650,000,000 COLOMBIA B 7.00 12-22 04/05A 895,064.43 639,149.57 6,919.41 1.36 3,000,000,000 COLOMBIA B 11.00 05-20 24/07A 1,941,254.86 1,389,582.77 118,595.68 2.95 Hungarian Forint 1,993,233.14 1,759,484.08 31,994.56 3.73 40,000,000 HUNGARY 5.50 13-18 20/12A 188,655.78 156,588.09 4,089.89 0.33 26,000,000 HUNGARY 6.00 07-23 24/11A 127,010.83 106,271.85 3,292.83 0.23 70,000,000 HUNGARY 20/A 7.50 04-20 12/11A 335,750.02 301,494.17 11,691.62 0.64 60,000,000 HUNGARY A 7.00 11-22 24/06A 307,379.77 255,618.20 243.33 0.54 65,000,000 HUNGARY -A- 6.50 08-19 24/06A 319,163.11 263,437.60 244.78 0.56 25,000,000 HUNGARY -B- 5.50 13-25 24/06A 110,309.76 100,107.30 79.66 0.21 150,000,000 HUNGARY -B- 6.75 06-17 24/02A 604,963.87 575,966.87 12,352.45 1.22 Indonesian Rupiah 5,091,372.90 4,094,537.67 102,123.69 8.69 7,000,000,000 INDONESIA 5.625 12-23 15/05S 531,708.17 445,479.91 3,691.64 0.95 3,500,000,000 INDONESIA 6.25 11-17 15/04S 335,735.66 256,029.66 3,406.98 0.54 3,700,000,000 INDONESIA 6.625 12-33 15/05S 272,387.81 230,236.75 2,298.19 0.49 19,500,000,000 INDONESIA FR0054 9.50 10-31 15/07S 1,918,456.96 1,596,652.80 63,715.66 3.38 7,500,000,000 INDONESIA -FR0061- 7.00 11-22 15/05S 700,422.61 525,593.56 4,922.18 1.12 2,000,000,000 INDONESIA FR0068 8.375 13-34 15/03S 170,138.29 148,864.82 3,682.94 0.32 3,000,000,000 INDONESIA FR70 8.375 13-24 15/03S 254,039.44 226,123.42 5,524.40 0.48 3,500,000,000 INDONESIA SER FR53 8.25 10-21 15/07S 449,912.91 262,878.72 9,931.39 0.56 4,800,000,000 INDONESIA S.-FR0031- 11.00 05-20 15/11S 458,571.05 402,678.03 4,950.31 0.85 Malaysian Ringgit 5,713,826.16 4,670,269.80 56,509.34 9.92 2,500,000 MALAYSIA 4.24 03-18 07/02S 840,318.02 676,434.09 11,097.98 1.44 1,300,000 MALAYSIA S 0112 3.418 12-22 15/08S 397,969.39 333,329.45 4,391.89 0.71 2,000,000 MALAYSIA S 0311 4.392 11-26 15/04S 704,958.34 544,131.61 4,834.32 1.15 2,000,000 MALAYSIA S 0412 4.127 12-32 15/04S 629,307.77 519,631.35 4,542.63 1.10 1,000,000 MALAYSIA S 0613 3.889 13-20 31/07S 310,290.88 267,281.84 4,235.91 0.57 2,000,000 MALAYSIA S 09/0002 4.378 09-19 29/11S 692,194.47 546,421.55 2,017.99 1.16 2,200,000 MALAYSIA S 11/0001 4.16 11-21 15/07S 754,069.78 593,296.99 11,123.11 1.26 2,500,000 MALAYSIA S.0113 3.172 13-16 15/07S 755,409.74 663,824.83 9,637.92 1.41 2,000,000 MALAYSIA 0612 3.492 12-20 31/03S 629,307.77 525,918.09 4,627.59 1.12 Mexican Peso 4,793,027.09 3,996,445.79 9,267.18 8.48 6,200,000 MEXICO 8.50 09-38 18/11S 542,921.49 472,558.77 1,119.56 1.00 8,000,000 MEXICO 10.00 04-24 05/12S 737,617.20 654,442.21 1,699.52 1.40 4,000,000 MEXICO 4.75 13-18 14/06S 268,346.16 256,231.17 403.64 0.54 2,000,000 MEXICO 6.50 11-21 10/06S 142,357.76 133,170.82 276.17 0.28 7,500,000 MEXICO 6.50 11-22 09/06S 645,652.69 495,862.99 1,035.65 1.05 5,200,000 MEXICO 7.50 06-27 03/06S 454,831.91 364,156.67 828.52 0.77 700,000 MEXICO 7.75 11-31 29/04S 54,604.77 49,870.51 115.25 0.11 2,000,000 MEXICO 7.75 11-42 13/11S 174,432.13 141,744.06 329.28 0.30 8,000,000 MEXICO 8.00 09-20 11/06S 707,717.70 569,591.81 1,359.62 1.21 3,800,000 MEXICO 8.50 08-18 13/12S 339,627.96 270,551.27 686.18 0.57 4,300,000 MEXICO 8.50 09-29 31/05S 402,138.98 326,448.86 776.47 0.69 3,000,000 MEXICO -M 30- 10.00 06-36 20/11S 322,778.34 261,816.65 637.32 0.56 New Polish Zloty 4,407,157.22 3,787,546.00 108,231.48 8.04 700,000 POLAND 3.25 13-25 25/07A 188,169.77 185,293.44 5,634.76 0.39 1,000,000 POLAND 4.00 12-23 25/10A 333,849.43 281,341.89 7,226.47 0.60 1,200,000 POLAND 5.75 10-21 25/10A 448,710.13 370,378.97 12,465.67 0.79 2,200,000 POLAND PS0418 3.75 12-18 25/04A 701,316.18 609,317.76 3,955.71 1.29 2,350,000 POLAND S1020 5.25 09-20 25/10A 780,801.75 701,862.37 22,288.39 1.49 1,500,000 POLAND -1017- 5.25 06-17 25/10A 514,987.38 427,736.18 14,226.63 0.91
The accompanying notes are an integral part of these financial statements. Page 109 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 2,500,000 POLAND -1019- 5.50 08-19 25/10A 877,648.26 745,119.92 24,841.01 1.58 1,500,000 POLAND -922- 5.75 01-22 23/09A 561,674.32 466,495.47 17,592.84 0.99 New Romanian Leu 960,663.43 797,716.70 20,606.27 1.69 700,000 ROMANIA 5.60 12-18 28/11A 231,837.53 191,883.01 5,718.55 0.41 200,000 ROMANIA 5.75 13-20 29/04A 64,015.77 55,660.73 484.72 0.12 1,000,000 ROMANIA 5.90 11-21 11/06A 337,343.02 281,933.91 768.54 0.59 1,000,000 ROMANIA 05YR 5.90 11-17 26/07A 327,467.11 268,239.05 13,634.46 0.57 Peruvian Nuevo Sol 1,203,368.29 997,976.09 25,761.71 2.12 750,000 PERU 6.90 07-37 12/08S 288,948.86 227,968.06 6,242.89 0.48 1,000,000 PERU 6.95 08-31 12/08S 437,264.92 352,799.05 9,892.11 0.75 1,400,000 PERU REGS 5.70 14-24 12/08S 477,154.51 417,208.98 9,626.71 0.89 Russian Ruble 3,777,034.85 2,951,683.47 55,835.76 6.26 10,000,000 RUSSIA 7.05 13-28 19/01S 247,064.83 135,141.46 4,957.47 0.29 15,000,000 RUSSIA 6.90 10-16 03/08S 219,900.23 259,686.12 7,430.68 0.55 8,600,000 RUSSIA 7.00 13-23 25/01S 203,211.58 124,657.27 4,233.19 0.26 66,000,000 RUSSIA 7.40 11-17 14/06S 1,617,095.14 1,121,663.35 3,122.15 2.38 19,000,000 RUSSIA 7.60 12-22 20/07S 658,477.23 288,132.53 10,722.09 0.61 11,000,000 RUSSIA 6.20 13-18 31/01S 164,235.98 177,575.67 4,896.35 0.38 30,000,000 RUSSIA 7.60 11-21 14/04S 358,413.14 464,891.36 7,736.05 0.99 20,000,000 RUSSIA 6207 8.15 12-27 03/02S 219,355.78 299,011.30 10,580.27 0.63 5,000,000 RUSSIA 6208 7.50 12-19 27/02S 89,280.94 80,924.41 2,157.51 0.17 South African Rand 5,941,914.54 4,519,044.62 90,843.25 9.59 5,000,000 SOUTH AFRICA 6.25 06-36 31/03S 381,587.31 310,832.62 6,489.45 0.66 7,000,000 SOUTH AFRICA 6.50 10-41 28/02S 516,535.42 437,939.67 12,529.71 0.93 6,000,000 SOUTH AFRICA 6.75 06-21 31/03S 719,103.99 467,697.31 8,410.33 0.99 6,000,000 SOUTH AFRICA 7.00 10-31 28/02S 540,330.66 421,794.13 11,565.89 0.90 3,500,000 SOUTH AFRICA 7.75 12-23 28/02S 310,204.52 281,863.43 7,469.64 0.60 4,500,000 SOUTH AFRICA 8.00 04-18 21/12S 584,010.60 375,709.30 731.33 0.80 4,500,000 SOUTH AFRICA 8.75 12-48 28/02S 421,600.42 362,703.56 10,843.02 0.77 10,000,000 SOUTH AFRICA R186 10.50 98-26 21/12S 1,184,534.63 958,169.90 2,133.05 2.03 3,300,000 SOUTH AFRICA R2030 8.00 13-30 31/01S 284,430.61 256,480.41 8,938.51 0.54 8,000,000 SOUTH AFRICA R207 7.25 05-20 15/01S 999,576.38 645,854.29 21,732.32 1.37 Thai Bath 3,498,448.10 3,387,048.79 7,441.04 7.19 23,500,000 MINISTRY FIN.THAILAND 3.875 09-19 13/06S 787,508.20 741,684.75 1,252.29 1.58 8,000,000 MINISTRY OF FINANCE 3.85 10-25 12/12S 252,916.94 255,596.00 449.71 0.54 10,300,000 THAILAND GOVT 3.25 11-17 16/06S 342,241.65 315,042.78 380.15 0.67 10,000,000 THAILAND GOVT 3.45 04-19 08/03S 314,613.22 309,837.12 3,190.28 0.66 9,000,000 THAILAND GOVT 3.58 12-27 17/12S 273,208.22 275,245.46 339.76 0.58 21,500,000 THAILAND GOVT 3.625 10-23 16/06S 676,078.91 672,165.25 885.07 1.43 20,000,000 THAILAND GOVT 3.65 10-21 17/12S 662,107.54 628,029.39 769.79 1.33 5,500,000 THAILAND GOVT 4.875 09-29 22/06S 189,773.42 189,448.04 173.99 0.40 Turkish Lira 5,319,435.58 4,190,840.66 109,780.60 8.89 1,300,000 TURKEY 7.10 13-23 08/03A 543,498.03 430,731.18 9,843.73 0.91 1,000,000 TURKEY 8.30 13-18 20/06S 474,701.46 362,078.14 424.41 0.77 450,000 TURKEY 8.50 12-22 14/09S 212,957.02 161,727.44 3,794.34 0.34 2,450,000 TURKEY 8.80 13-23 27/09S 1,142,636.75 893,209.56 18,350.66 1.90 400,000 TURKEY 9.00 12-17 08/03S 147,695.86 148,184.74 4,086.57 0.31 500,000 TURKEY 9.00 14-24 24/07S 186,899.91 184,788.59 6,718.91 0.39 1,000,000 TURKEY 9.50 12-22 12/01S 508,978.78 376,994.12 15,544.50 0.80 700,000 TURKEY 10.50 09-20 15/01S 492,659.53 273,328.47 12,026.54 0.58 2,200,000 TURKEY 6.30 13-18 14/02S 956,836.18 761,810.52 18,709.86 1.62 1,100,000 TURKEY 7.40 15-20 05/02S 385,128.42 380,297.57 11,571.04 0.81 600,000 TURKEY 8.50 14-19 10/07Q 267,443.64 217,690.33 8,710.04 0.46
Other transferable securities 1,540,721.04 1,301,637.88 13,311.57 2.76 Bonds 1,540,721.04 1,301,637.88 13,311.57 2.76 Brazilian Real 1,029,515.15 793,432.79 0.00 1.68 3,000 BRAZIL LTN 0.00 13-17 01/01U 1,029,515.15 793,432.79 0.00 1.68 Naira Di Nigeria 511,205.89 508,205.09 13,311.57 1.08 100,000,000 NIGERIA 15.10 12-17 27/04S 511,205.89 508,205.09 13,311.57 1.08
Derivative instruments -6,255.00 -12,280.16 0.00 -0.03 Options -6,255.00 -12,280.16 0.00 -0.03 US Dollar -6,255.00 -12,280.16 0.00 -0.03 -300,000 USD(C)/RUB(P)OTC JUL 58.00 08.07.15 CALL -5,847.00 -12,375.90 0.00 -0.03 400,000 USD(C)/ZAR(P)OTC JUL 12.65 07.07.15 CALL 5,200.00 263.36 0.00 0.00
The accompanying notes are an integral part of these financial statements. Page 110 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets -400,000 USD(C)/ZAR(P)OTC JUL 12.75 07.07.15 CALL -5,608.00 -167.62 0.00 0.00
Total investments in securities 54,975,305.94 44,623,138.74 94.69
Cash at banks/(bank liabilities) 2,017,575.68 4.28
Other net assets/(liabilities) 484,128.46 1.03
Total 47,124,842.88 100.00
The accompanying notes are an integral part of these financial statements. Page 111 UBAM - LOCAL CURRENCY EMERGING MARKET BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Brazil 10.35 Malaysia 9.92 South Africa 9.59 Turkey 8.89 Indonesia 8.69 Colombia 8.69 Mexico 8.48 Poland 8.04 Thailand 7.19 Russia 6.26 Hungary 3.73 Peru 2.12 Romania 1.69 Nigeria 1.08 Luxembourg -0.03
94.69
Industrial classification of investments
% of net assets Countries and central government 94.72 Miscellaneous sectors -0.03
94.69
Page 112 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 1,697,619.65 Interest on bonds and other debt securities, net Note 2 1,694,850.86 Interest on bank accounts 2,557.10 Other income 211.69 Expenses 556,149.65 Management fees Note 3 383,142.01 Custodian fees 71,260.77 Subscription duty ("taxe d'abonnement") Note 5 10,596.11 Central administration costs 27,184.87 Audit fees 726.06 Interest paid on bank liabilities 1,819.58 Legal fees 5,242.77 Transaction fees Note 2 8,476.48 Other administration costs Note 6, 7 39,387.40 Banking charges and other fees 2,460.12 Other expenses 5,853.48 Net investment income 1,141,470.00 Net realised gain/(loss) on: - securities portfolio Note 2 202,513.14 - options contracts Note 2 78,364.70 - forward foreign exchange contracts Note 2 -746,350.00 - foreign exchange Note 2 -4,841,808.38 Realised result -4,165,810.54 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -418,532.60 - option Note 2 -82,357.56 - forward foreign exchange contracts Note 2 -56,830.35 Result of operations -4,723,531.05 Dividends paid Note 14 -80,956.51 Subscriptions capitalisation shares 4,896,454.58 Subscriptions distribution shares 11,199.39 Redemptions capitalisation shares -13,973,107.14 Redemptions distribution shares -577,058.60 Total changes in net assets -14,446,999.33
Total net assets at the beginning of the period 61,571,842.21
Total net assets at the end of the period 47,124,842.88
The accompanying notes are an integral part of these financial statements. Page 113 UBAM - STERLING BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in GBP
Assets 13,985,875.13 Securities portfolio at market value Note 2 13,352,202.62 Cash at banks and time deposits 266,534.70 Deposits on futures and option contracts 52,421.85 Interest receivable on bonds and other debt securities 106,245.96 Receivable on issues of shares 207,270.00 Other receivables 1,200.00 Liabilities 42,681.45 Other liquid liabilities 2,823.49 Unrealised loss on futures contracts Note 2, 9 12,900.00 Interest payable on bank liabilities and expenses payable 26,957.96 Net assets at the end of the period 13,943,193.68
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 45,077.268 3,076.960 3,007.882 45,146.346 Distribution shares 1,085.000 0.000 500.000 585.000
I shares Capitalisation shares 11,245.530 3,797.000 14,079.530 963.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 GBP GBP GBP
Total net assets 13,943,193.68 17,481,363.36 15,162,955.64
A shares GBP GBP GBP Capitalisation shares Number of shares outstanding 45,146.346 45,077.268 55,723.375 Net asset value per share 300.31 306.09 269.45 Distribution shares Number of shares outstanding 585.000 1,085.000 1,015.000 Net asset value per share 153.30 160.22 145.24 Dividend per share 4.01 4.30 4.64
I shares GBP GBP GBP Capitalisation shares Number of shares outstanding 963.000 11,245.530 3.000 Net asset value per share 306.92 312.12 273.63
The accompanying notes are an integral part of these financial statements. Page 114 UBAM - STERLING BOND Statement of investments and other net assets as at 30/06/2015 Expressed in GBP Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 12,767,875.65 13,352,202.62 106,245.96 95.76 dealt in on another regulated market Bonds 12,716,244.45 13,302,027.47 105,852.39 95.40 Pound Sterling 12,716,244.45 13,302,027.47 105,852.39 95.40 50,000 IMPERIAL TOBACCO FINANCE PLC EMTN 7.75 09-19 24/06A 49,650.00 59,802.00 63.52 0.43 50,000 ORANGE S.A. EMTN 5.00 09-16 12/05A 49,569.50 51,639.50 334.70 0.37 626,000 UK TREASURY STOCK 1.00 12-17 07/09S 624,224.53 629,693.40 1,956.25 4.52 186,000 UK TREASURY STOCK 1.25 13-18 22/07S 186,663.53 187,376.40 1,021.20 1.34 96,000 UK TREASURY STOCK 1.75 12-17 22/01S 98,592.00 97,774.08 737.90 0.70 835,000 UK TREASURY STOCK 1.75 12-22 07/09S 796,387.18 832,186.05 4,566.41 5.97 408,000 UK TREASURY STOCK 2.00 10-16 22/01S 420,652.08 411,427.20 3,584.09 2.95 415,000 UK TREASURY STOCK 2.75 14-24 07/09S 446,383.28 439,837.75 3,566.41 3.15 578,000 UK TREASURY STOCK 3.25 12-44 22/01S 640,606.71 639,574.34 8,250.87 4.59 335,000 UK TREASURY STOCK 3.50 13-65 22/07S 344,546.93 421,490.30 5,149.93 3.02 860,000 UK TREASURY STOCK 3.75 09-19 07/09S 944,334.40 946,946.00 10,078.13 6.78 649,000 UK TREASURY STOCK 3.75 11-21 07/09S 721,844.75 730,306.72 7,605.47 5.24 124,700 UK TREASURY STOCK 3.75 11-52 22/07S 160,561.97 157,078.36 2,053.93 1.13 325,000 UK TREASURY STOCK 4.00 06-16 07/09S 343,362.91 338,422.50 4,062.50 2.43 260,000 UK TREASURY STOCK 4.00 09-60 22/01S 264,632.82 356,135.00 4,567.96 2.55 727,000 UK TREASURY STOCK 4.25 00-32 07/06S 789,253.25 901,770.80 1,941.65 6.46 313,000 UK TREASURY STOCK 4.25 03-36 07/03S 346,649.31 394,232.89 4,157.03 2.83 205,000 UK TREASURY STOCK 4.25 05-55 07/12S 259,282.60 289,568.65 547.51 2.08 355,000 UK TREASURY STOCK 4.25 06-46 07/12S 405,307.74 473,516.75 948.12 3.40 140,000 UK TREASURY STOCK 4.25 08-49 07/12S 169,411.16 190,796.20 373.91 1.37 281,000 UK TREASURY STOCK 4.25 09-39 07/09S 337,463.15 359,989.10 3,732.03 2.58 305,000 UK TREASURY STOCK 4.25 10-40 07/12S 361,232.60 393,105.35 814.58 2.82 252,000 UK TREASURY STOCK 4.50 07-42 07/12S 258,718.00 341,271.00 712.62 2.45 405,000 UK TREASURY STOCK 4.50 08-19 07/03S 458,346.71 454,442.40 5,695.31 3.26 277,400 UK TREASURY STOCK 4.50 09-34 07/09S 334,039.84 357,979.15 3,900.94 2.57 680,000 UK TREASURY STOCK 4.75 03-15 07/09S 725,823.25 685,440.00 10,093.75 4.92 290,000 UK TREASURY STOCK 4.75 04-38 07/12S 401,850.20 396,517.00 865.64 2.84 304,000 UK TREASURY STOCK 4.75 05-20 07/03S 345,987.82 350,670.08 4,512.50 2.51 60,000 UK TREASURY STOCK 4.75 07-30 07/12S 75,169.67 77,958.00 179.10 0.56 385,000 UK TREASURY STOCK 5.00 07-18 07/03S 434,381.50 428,043.00 6,015.63 3.07 335,000 UK TREASURY STOCK 6.00 98-28 07/12S 474,215.87 480,775.25 1,263.11 3.45 285,000 UK TREASURY STOCK 8.00 96-21 07/06S 412,315.14 388,469.25 1,432.79 2.79 35,000 VODAFONE GROUP EMTN 5.375 09-17 05/12A 34,784.05 37,793.00 1,066.90 0.27 Floating rate bonds 51,631.20 50,175.15 393.57 0.36 Pound Sterling 51,631.20 50,175.15 393.57 0.36 15,000 NATL GRID ELECT FL.R 01-20 27/07S 26,457.00 26,148.45 240.87 0.19 15,000 NATL GRID ELECT FL.R 02-18 08/07S 25,174.20 24,026.70 152.70 0.17
Total investments in securities 12,767,875.65 13,352,202.62 95.76
Cash at banks/(bank liabilities) 266,534.70 1.91
Other net assets/(liabilities) 324,456.36 2.33
Total 13,943,193.68 100.00
The accompanying notes are an integral part of these financial statements. Page 115 UBAM - STERLING BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 95.39 France 0.37
95.76
Industrial classification of investments
% of net assets Countries and central government 94.33 Communications 0.64 Holding and finance companies 0.43 Electrical engineering and electronics 0.36
95.76
Page 116 UBAM - STERLING BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in GBP
Income 226,024.27 Interest on bonds and other debt securities, net Note 2 225,324.94 Interest on bank accounts 618.94 Other income 80.39 Expenses 69,609.51 Management fees Note 3 35,419.45 Custodian fees 7,579.21 Subscription duty ("taxe d'abonnement") Note 5 3,367.31 Central administration costs 7,178.70 Audit fees 203.18 Interest paid on bank liabilities 65.07 Legal fees 3,009.34 Transaction fees Note 2 207.86 Other administration costs Note 6, 7 11,118.80 Banking charges and other fees 7.73 Other expenses 1,452.86 Net investment income 156,414.76 Net realised gain/(loss) on: - securities portfolio Note 2 344,477.98 - forward foreign exchange contracts Note 2 -622.68 - futures contracts Note 2 55.11 - foreign exchange Note 2 -1,593.86 Realised result 498,731.31 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -738,842.82 - forward foreign exchange contracts Note 2 619.17 - futures contracts Note 2 -30,609.09 Result of operations -270,101.43 Dividends paid Note 14 -2,626.55 Subscriptions capitalisation shares 2,164,657.44 Redemptions capitalisation shares -5,348,925.74 Redemptions distribution shares -81,173.40 Total changes in net assets -3,538,169.68
Total net assets at the beginning of the period 17,481,363.36
Total net assets at the end of the period 13,943,193.68
The accompanying notes are an integral part of these financial statements. Page 117 UBAM - UNCONSTRAINED BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 503,508,562.14 Securities portfolio at market value Note 2 403,646,053.01 Other liquid assets 1,358,226.53 Cash at banks and time deposits 86,452,696.57 Deposits on futures and option contracts 1,868,476.10 Interest receivable on swap contracts Note 2 46,521.76 Interest receivable on bonds and other debt securities 5,448,570.39 Receivable on issues of shares 273,479.78 Unrealised gain on forward foreign exchange contracts Note 2, 8 4,157,531.75 Unrealised gain on futures contracts Note 2, 9 187,696.38 Other receivables 69,309.87 Liabilities 1,305,734.27 Other liquid liabilities 442,231.13 Payable on redemptions of shares 152,187.65 Unrealised loss on swap contracts Note 2, 10 141,063.34 Interest payable on bank liabilities and expenses payable 570,252.15 Net assets at the end of the period 502,202,827.87
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
AP shares Capitalisation shares 1,018,119.941 161,518.785 273,268.461 906,370.265 Distribution shares 2,635.000 2,690.138 1,350.000 3,975.138
APH CHF shares Capitalisation shares 78,498.000 24,899.481 15,945.000 87,452.481
APH USD shares Capitalisation shares 894,704.762 97,861.425 136,808.368 855,757.819
APH GBP shares Capitalisation shares 39,896.000 7,165.034 8,571.000 38,490.034 Distribution shares 4,090.000 3,500.000 2,940.000 4,650.000
IP shares Capitalisation shares 575,121.081 1,591,544.917 216,121.447 1,950,544.551
IPH CHF shares Capitalisation shares 596,115.000 289,396.412 27,543.000 857,968.412
IPH USD shares Capitalisation shares 206,266.397 191,082.000 49,301.000 348,047.397
R shares Capitalisation shares 10.000 0.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 118 UBAM - UNCONSTRAINED BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 502,202,827.87 319,031,379.36 198,986,117.12
AP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 906,370.265 1,018,119.941 954,363.816 Net asset value per share 102.11 102.03 101.08 Distribution shares Number of shares outstanding 3,975.138 2,635.000 1,545.000 Net asset value per share 98.36 100.87 100.71 Dividend per share 2.58 0.77 -
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 87,452.481 78,498.000 78,218.000 Net asset value per share 101.03 101.59 100.92
APH USD shares USD USD USD Capitalisation shares Number of shares outstanding 855,757.819 894,704.762 634,240.724 Net asset value per share 102.06 102.02 101.12
APH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 38,490.034 39,896.000 32,084.000 Net asset value per share 102.91 102.48 101.19 Distribution shares Number of shares outstanding 4,650.000 4,090.000 5,890.000 Net asset value per share 99.53 101.71 101.19 Dividend per share 2.60 0.77 -
IP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,950,544.551 575,121.081 330,620.396 Net asset value per share 102.70 102.50 101.24
IPH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 857,968.412 596,115.000 109,745.000 Net asset value per share 101.65 102.04 101.07
IPH USD shares USD USD USD Capitalisation shares Number of shares outstanding 348,047.397 206,266.397 30,433.967 Net asset value per share 102.66 102.48 101.28
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 10.000 10.000 Net asset value per share 101.47 101.59 101.03
The accompanying notes are an integral part of these financial statements. Page 119 UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 391,638,796.66 399,682,122.66 5,407,459.33 79.59 dealt in on another regulated market Bonds 279,350,362.13 282,923,023.74 4,102,288.10 56.34 Euro 238,998,089.76 237,212,856.27 3,512,068.54 47.24 1,650,000 ABBEY NAT TREAS 2.00 14-19 14/01A 1,735,965.00 1,713,756.00 15,098.63 0.34 1,000,000 ADECCO INT FINANCIAL 4.75 11-18 13/04A 1,134,600.00 1,111,120.00 10,122.95 0.22 2,650,000 ALLIED IRISH REGS 2.875 13-16 28/11A 2,725,425.00 2,708,936.00 44,668.84 0.54 2,000,000 ARCELORMITTAL SA 9.375 09-16 03/06A 2,337,850.00 2,176,920.00 15,676.23 0.43 1,000,000 ASSICURAZ GENERALI 7.75 12-42 12/12A 1,299,000.00 1,197,500.00 42,465.75 0.24 1,300,000 BANCO ESPERITO SANTO 5.875 12-15 09/11A 1,304,813.64 1,303,744.00 48,754.45 0.26 2,000,000 BANQUE PSA FINANCE 4.25 11-16 25/02A 2,085,900.00 2,047,980.00 29,109.59 0.41 2,000,000 BNP PARIBAS 7.781 08-XX 02/07A 2,350,500.00 2,309,780.00 154,767.29 0.46 5,000,000 BPCE GP 6.117 07-XX 30/10A 5,435,200.00 5,419,500.00 203,620.68 1.08 1,500,000 BRITISH TELECOM 1.125 14-19 10/06A 1,519,665.00 1,522,785.00 922.13 0.30 2,300,000 CNOOC CURTIS 2.75 13-20 03/10A 2,508,833.00 2,469,648.00 46,787.67 0.49 3,300,000 CREDIT AGRICOLE LDN 1.75 13-18 12/03A 3,427,248.00 3,413,850.00 17,356.56 0.68 1,000,000 CRH FINANCE 5.00 12-19 25/01A 1,165,290.00 1,143,630.00 21,369.86 0.23 1,800,000 ENEXIS HOLDING NV 3.375 12-22 26/01A 2,127,960.00 2,048,868.00 25,797.95 0.41 2,000,000 FBE BANK PLC 1.875 13-16 12/05A 2,028,000.00 2,025,340.00 5,020.49 0.40 1,700,000 FCE BANK EMTN 1.625 13-16 09/09A 1,720,757.00 1,723,392.00 22,251.37 0.34 2,375,000 FCE BANK EMTN 2.875 12-17 03/10A 2,475,029.25 2,491,945.00 50,509.42 0.50 1,500,000 FRANCE TELECOM 1.875 13-18 03/09A 1,569,900.00 1,562,775.00 23,116.44 0.31 3,500,000 GE CAPITAL EUROP FUND 4.125 06/16 27/10A 3,799,145.00 3,682,315.00 97,304.79 0.73 35,000,000 GERMANY 0.00 15-17 16/06U 35,138,250.00 35,159,961.99 -2,461.99 7.01 35,000,000 GERMANY 0.50 12-17 07/04A 35,467,200.00 35,463,750.00 40,163.93 7.07 30,000,000 GERMANY 4.25 07-17 04/07A 32,724,900.00 32,706,000.00 1,261,027.40 6.52 30,000,000 GERMANY 164 0.50 12-17 13/10A 30,490,900.00 30,502,500.00 106,849.32 6.08 1,250,000 HEIDELBERGCEMENT 4.00 12-16 08/03S 1,297,500.00 1,275,187.50 15,555.56 0.25 3,500,000 HEIDELBERGCEMENT FIN 8.00 09-17 31/01S 4,006,165.00 3,870,020.00 116,666.67 0.77 1,000,000 HEIDELBERGCEMENT REG S6.75 10-15 15/12S 1,070,500.00 1,027,740.00 2,812.50 0.20 2,000,000 HUTCHISON WHAMPOA 2.50 12-17 06/06A 2,099,620.00 2,079,640.00 3,278.69 0.41 1,500,000 IMPERIAL TOBACCO FIN 4.50 11-18 05/07A 1,702,185.00 1,661,820.00 66,575.34 0.33 3,990,000 KOREA GAS CORP 2.375 13-19 15/04A 4,280,716.00 4,237,779.00 19,677.46 0.84 1,500,000 KPN NV 4.50 11-21 04/10A 1,852,500.00 1,750,995.00 49,746.58 0.35 1,500,000 LAFARGE EMTN 4.25 05-16 23/03A 1,582,125.00 1,538,985.00 17,243.85 0.31 500,000 LAFARGE EMTN 5.375 07-17 26/06A 556,200.00 543,390.00 293.72 0.11 2,500,000 MERRILL LYNCH EMTN 4.625 06-18 14/09A 2,827,500.00 2,778,275.00 91,549.66 0.55 2,647,000 MORGAN STANLEY 2.25 13-18 12/03S 2,786,685.97 2,760,132.78 17,899.80 0.55 1,500,000 NGG FINANCE PLC 4.25 13-76 18/06A 1,640,425.00 1,588,320.00 2,090.16 0.32 4,000,000 PEMEX 5.50 09-17 09/01A 4,376,625.00 4,289,440.00 103,671.23 0.85 2,700,000 PERNOD RICARD 5.00 11-17 15/03A 2,982,716.00 2,909,088.00 39,467.21 0.58 3,000,000 PEUGEOT 5.625 12-17 11/07A 3,275,055.00 3,230,490.00 163,664.38 0.64 1,500,000 PEUGEOT 7.375 13-18 06/03A 1,733,250.00 1,711,665.00 35,061.48 0.34 1,100,000 RCI BANQUE SA 2.875 13-18 22/01A 1,171,280.00 1,159,653.00 13,776.37 0.23 1,300,000 RENAULT SA 3.125 14-21 05/03A 1,454,375.00 1,400,750.00 12,986.68 0.28 3,000,000 RENAULT SA 4.625 11-16 25/05A 3,165,652.90 3,107,700.00 13,647.54 0.62 5,000,000 ROYAL BK OF SCOT SUB 4.35 06-17 23/01A 5,263,370.00 5,209,850.00 94,150.68 1.04 2,500,000 SANTANDER CONSUMER 1.45 14-16 29/01A 2,499,375.00 2,516,425.00 15,095.89 0.50 5,000,000 SOCIETE GENERALE 6.999 07-17 19/12A 5,597,062.50 5,532,700.00 185,042.05 1.10 1,000,000 TESCO 5.875 08-16 12/09A 1,074,443.00 1,060,330.00 46,839.04 0.21 2,250,000 UNICREDITO SPA -219- 5.75 07-17 26/09A 2,488,007.50 2,446,875.00 98,183.22 0.49 1,500,000 VOLKSWAGEN LEASING 3.25 11-18 10/05A 1,642,425.00 1,619,610.00 6,793.03 0.32 US Dollar 40,352,272.37 45,710,167.47 590,219.56 9.10 2,000,000 ANADARKO PETROLEUM 5.95 06-16 15/09S 1,720,625.73 1,894,058.51 31,150.90 0.38 2,500,000 BANK OF INDIA REGS 3.125 15-20 06/05S 2,210,789.60 2,208,086.52 10,517.64 0.44 2,500,000 BBVA US SENIOR 4.664 12-15 09/10S 1,943,827.73 2,265,796.09 23,546.04 0.45 5,167,000 EKSPORTFINANS 2.375 11-16 25/05S 4,177,367.47 4,652,757.82 10,707.91 0.92 1,433,000 EKSPORTFINANS 716 2.00 10-15 15/09S 1,146,948.89 1,287,166.33 7,502.40 0.26 4,000,000 GLENCORE FINANCE 7.50 10-49 06/10Q 3,136,252.42 3,641,392.92 62,825.35 0.73 500,000 HYUNDAI CAP REGS 1.875 13-16 09/08S 375,453.62 451,893.74 3,295.53 0.09 1,049,000 HYUNDAI CAP REGS 3.75 10-16 06/04S 808,047.80 959,860.42 8,237.97 0.19 6,000,000 INTESA SAN PAOLO 3.125 13-16 15/01S 4,442,263.12 5,434,625.74 77,129.33 1.07 4,000,000 ITAU UNIBANCO HDLG 2.85 15-18 26/05S 3,527,168.66 3,562,663.79 9,663.14 0.71 2,000,000 KOREA WESTERN POWER 2.875 13-18 10/10S 1,471,722.97 1,841,339.08 11,468.12 0.37 5,000,000 LAFARGE 5.50 10-15 09/07S 3,831,428.61 4,487,524.68 132,157.60 0.89 3,213,000 LLOYDS BANK 9.875 11-21 16/12A 2,792,483.22 3,195,928.60 153,456.01 0.64
The accompanying notes are an integral part of these financial statements. Page 120 UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets 1,000,000 M UFG LEASE FIN 1.875 13-16 17/10S 733,629.98 903,776.70 3,412.39 0.18 2,000,000 MITSUBISHI UFJ REGS 1.60 14-17 16/10S 1,572,200.59 1,793,376.41 5,903.59 0.36 700,000 PRUDENTIAL FINANCIAL 7.75 11-XX 23/06Q 567,528.79 657,285.05 946.74 0.13 2,000,000 SINOPEC GR OVER REGS 2.50 15-20 28/04S 1,854,042.73 1,768,766.83 7,728.51 0.35 4,000,000 TELEFONICA EMISIONES 6.421 06-16 20/06S 3,203,573.62 3,764,279.30 6,403.20 0.75 1,000,000 UBS AG STAMFORD 5.875 06-16 15/07A 836,916.82 939,588.94 24,167.19 0.19 Floating rate bonds 112,288,434.53 116,759,098.92 1,305,171.23 23.25 Australian Dollar 2,801,414.71 2,779,788.22 2,697.02 0.55 4,000,000 BANK OF TOKYO MITSUB FL.R 13-17 19/09Q 2,801,414.71 2,779,788.22 2,697.02 0.55 Euro 74,068,206.14 73,359,922.36 1,006,885.42 14.62 5,050,000 ABN AMRO BANK NV FL.R 06-XX 10/03A 5,138,305.00 5,095,450.00 66,604.81 1.02 4,500,000 ACHMEA BANK REGS TR2 FL.R 15-18 18/08Q 4,498,046.55 4,498,920.00 2,639.13 0.90 1,450,000 AMERICAN INTL GROUP FL.R 07-67 15/03A 1,524,312.50 1,492,941.75 20,665.47 0.30 1,000,000 ARCELORMITTAL FL.R 10-17 18/11A 1,104,200.00 1,088,700.00 36,215.75 0.22 5,000,000 BANK OF AMERICA FL.R 07-17 23/05M 4,942,000.00 4,975,050.00 675.14 1.00 4,000,000 BARCLAYS BANK EMTN FL.R 05-XX 15/03A 4,146,125.00 4,095,360.00 55,546.45 0.82 1,000,000 BAYER SUB FL.R 14-75 01/07A 1,033,750.00 1,014,640.00 29,917.81 0.20 2,350,000 BBVA INTL PRED. SA FL.R 06-XX 20/09A 2,405,192.50 2,377,471.50 90,228.15 0.47 4,250,000 BFCM EMTN FL.R 05-15 28/10A 4,349,025.00 4,287,612.50 127,545.99 0.85 1,750,000 BNP PARIBAS SUB FL.R 06-XX 12/04A 1,807,875.00 1,780,730.00 17,866.73 0.35 1,000,000 BNP PARIBAS SUB FL.R 07-XX 13/04A 1,062,000.00 1,046,100.00 10,696.23 0.21 2,200,000 CITIGROUP EMTN VAR FL.R 05-17 30/11Q 2,199,500.00 2,198,856.00 2,458.13 0.44 3,000,000 CITIGROUP INC FL.R 04-19 10/02Q 2,999,469.60 2,983,920.00 5,795.83 0.59 3,000,000 CNCEP EMTN FL.R 04-XX 29/07A 3,043,250.00 3,008,280.00 127,345.89 0.60 4,750,000 CREDIT AGRICOLE SUB. FL.R 05- 09/11A 4,816,300.00 4,782,062.50 125,229.52 0.95 3,190,000 DANSKE BANK SUB FL.R 07-XX 15/05A 3,373,469.90 3,355,114.40 19,557.31 0.67 4,150,000 ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A 4,430,145.00 4,381,777.50 52,393.30 0.87 350,000 ELM BV/SWISS REA. FL.R 06- 25/11S 367,231.14 359,096.50 1,813.02 0.07 900,000 ENBW ENERGIE FL.R 14-76 02/04A 919,125.00 890,793.00 7,933.40 0.18 1,000,000 ENGIE FL.R 13-18 10/07A 1,061,130.00 1,042,710.00 37,688.36 0.21 450,000 GENERALI FINANCE FL.R 06-XX 16/06A 452,405.95 455,814.00 915.22 0.09 4,653,000 HSBC CAPITAL FUNDING SUB FL.R 04- 29/12A 4,837,357.00 4,744,059.21 60,653.00 0.94 1,000,000 LEASEPLAN CORP FL.R 14-17 28/04Q 998,740.00 1,001,360.00 939.75 0.20 3,000,000 MUNICH RE SUB FL.R 07-XX 29/06A 3,259,136.00 3,231,810.00 8,508.69 0.64 1,500,000 NATIXIS PERPETUAL FL.R 07-49 18/10A 1,659,150.00 1,635,720.00 66,093.90 0.33 500,000 ORANGE EMTN FL.R 14-XX 01/10A 537,450.00 509,925.00 14,904.11 0.10 1,950,000 SANTANDER CONS.SUB FL.R 06-16 28/09Q 1,937,325.00 1,945,573.50 45.23 0.39 1,000,000 SUEZ FL.R 15-XX 30/03A 998,125.00 952,550.00 6,284.15 0.19 2,500,000 TELECOM ITALIA SPA FL.R 07-16 07/06Q 2,500,000.00 2,499,225.00 1,187.08 0.50 1,000,000 UBS CAPITAL FL.R 07-XX 29/12A 1,134,000.00 1,110,540.00 3,517.38 0.22 500,000 VW INTL FIN SUB FL.R 14-XX 24/03A 534,065.00 517,760.00 5,020.49 0.10 Pound Sterling 2,721,218.55 3,036,005.36 45,230.73 0.60 1,000,000 BARCLAYS BANK PLC FL.R 02-XX 19/04A 1,340,320.13 1,471,240.03 17,702.00 0.29 1,100,000 CREDIT AGRICOLE FL.R 06-XX 24/02A 1,380,898.42 1,564,765.33 27,528.73 0.31 US Dollar 32,697,595.13 37,583,382.98 250,358.06 7.48 2,000,000 ANGLO AMER CAP REGS FL.R 14-16 15/04Q 1,449,853.20 1,795,871.48 4,643.23 0.36 2,500,000 BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S 2,241,013.07 2,468,071.27 6,950.05 0.49 2,000,000 CITIGROUP INC FL.R 06-16 09/06Q 1,465,907.03 1,788,278.58 577.16 0.36 1,658,000 CREDIT AGRICOLE REGS FL.R 09-XX 13/10S 1,784,507.14 1,721,064.12 26,655.97 0.34 4,300,000 CREDIT SUISSE GUERNSEY FL.R 07-15/05S 3,418,581.79 4,085,578.89 28,269.16 0.82 2,000,000 DEUTSCHE BANK CAP FL.R 06-XX 19/01S 1,563,271.36 1,810,913.66 45,179.80 0.36 3,400,000 DEUTSCHE BK CAP REGS FL.R 06-XX 19/01S 2,597,296.62 3,082,062.47 76,805.66 0.61 2,200,000 DOMINION RESOURCES FL.R 14-54 01/10S 1,788,699.15 2,058,388.08 28,068.22 0.41 1,500,000 ENBRIDGE FL.R 13-16 01/10Q 1,110,494.17 1,347,828.48 3,110.36 0.27 750,000 GLENCORE FUNDING LLC FL.R 13-16 27/05Q 557,051.21 674,520.40 891.30 0.13 2,500,000 HYUNDAI CAP REGS FL.R 14-17 18/03Q 1,802,906.28 2,245,624.66 812.43 0.45 1,250,000 MITSUBISHI UF LEASE FL.R 14-19 23/07Q 923,497.47 1,118,683.81 2,229.83 0.22 1,800,000 MITSUBISHI UFJ FL.R 14-19 20/02Q 1,317,137.42 1,619,547.66 2,209.70 0.32 1,200,000 PETROBRAS GLO FIN FL.R 14-17 17/03Q 892,881.97 1,054,388.80 1,028.01 0.21 2,384,000 RABOBANK NED. SUB FL.R 09-XX 29/12S 2,652,700.74 2,709,997.34 0.00 0.54 4,000,000 RBS FL.R 14-17 31/03Q 2,911,314.09 3,582,337.10 0.00 0.71 500,000 SOCIETE GENERALE FL.R 07-XX 05/04S 471,801.59 462,093.88 6,274.68 0.09 2,000,000 UBS AG STAMFORD FL.R 15-18 26/03Q 1,830,412.30 1,793,609.77 193.33 0.36 2,350,000 UBS PFD FDG V S.1 FL.R 06-XX 15/05S 1,918,268.53 2,164,522.53 16,459.17 0.43
The accompanying notes are an integral part of these financial statements. Page 121 UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Other transferable securities 3,301,080.18 3,963,930.35 41,111.06 0.79 Bonds 3,009,722.12 3,603,970.56 39,823.04 0.72 US Dollar 3,009,722.12 3,603,970.56 39,823.04 0.72 3,000,000 INTESA SAN PAOLO 144A 3.625 10-15 12/05S 2,269,337.43 2,698,084.27 37,414.74 0.54 1,000,000 WM WRIGLEY JR 144A 1.40 13-16 21/10S 740,384.69 905,886.29 2,408.30 0.18 Floating rate bonds 291,358.06 359,959.79 1,288.02 0.07 US Dollar 291,358.06 359,959.79 1,288.02 0.07 400,000 INTESA SAN PAOLO NY FL.R 14-16 11/04Q 291,358.06 359,959.79 1,288.02 0.07
Total investments in securities 394,939,876.84 403,646,053.01 80.38
Cash at banks/(bank liabilities) 86,452,696.57 17.21
Other net assets/(liabilities) 12,104,078.29 2.41
Total 502,202,827.87 100.00
The accompanying notes are an integral part of these financial statements. Page 122 UBAM - UNCONSTRAINED BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 28.01 France 11.89 United States of America 8.05 United Kingdom 7.90 The Netherlands 4.80 Italy 2.84 Luxembourg 2.60 Spain 2.11 South Korea 1.66 Jersey Island 1.60 Ireland 1.27 Norway 1.18 Cayman Islands 1.12 Japan 1.08 Australia 1.04 Mexico 0.85 Guernsey 0.82 Denmark 0.67 British Virgin Islands 0.35 Canada 0.27 Portugal 0.26
80.38
123Page UBAM - UNCONSTRAINED BOND
Industrial classification of investments
% of net assets Banks and credit institutions 27.74 Countries and central government 26.68 Holding and finance companies 12.88 Utilities 2.32 Communications 2.31 Road vehicles 1.88 Petroleum 1.44 Building materials and trade 1.31 Insurance 1.31 Coal mining and steel industry 0.78 Tobacco and alcoholic drinks 0.58 Electrical engineering and electronics 0.37 Retail trade, department stores 0.21 Chemicals 0.20 Miscellaneous services 0.19 Foods and non alcoholic drinks 0.18
80.38
Page 124 UBAM - UNCONSTRAINED BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 6,766,200.75 Interest on bonds and other debt securities, net Note 2 5,818,103.23 Interest on bank accounts 427.96 Interest received on swap contracts Note 2 947,669.56 Expenses 1,402,867.86 Management fees Note 3 708,690.36 Custodian fees 200,164.07 Subscription duty ("taxe d'abonnement") Note 5 60,460.92 Central administration costs 181,549.05 Performance fees Note 4 26,465.90 Audit fees 6,658.51 Interest paid on bank liabilities 6,873.43 Legal fees 6,998.71 Transaction fees Note 2 24,449.37 Other administration costs Note 6, 7 55,735.77 Banking charges and other fees 2,510.00 Interest paid on swap contracts Note 2 111,623.91 Other expenses 10,687.86 Net investment income 5,363,332.89 Net realised gain/(loss) on: - securities portfolio Note 2 -1,912,776.26 - forward foreign exchange contracts Note 2 235,385.06 - futures contracts Note 2 -454,033.25 - swap contracts Note 2 667,623.88 - foreign exchange Note 2 10,000,268.97 Realised result 13,899,801.29 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -564,894.61 - forward foreign exchange contracts Note 2 5,077,716.72 - futures contracts Note 2 215,860.03 - swap contracts Note 2 -1,763,922.53 Result of operations 16,864,560.90 Dividends paid Note 14 -31,797.88 Subscriptions capitalisation shares 238,958,003.48 Subscriptions distribution shares 746,323.45 Redemptions capitalisation shares -72,838,782.14 Redemptions distribution shares -526,859.30 Total changes in net assets 183,171,448.51
Total net assets at the beginning of the period 319,031,379.36
Total net assets at the end of the period 502,202,827.87
The accompanying notes are an integral part of these financial statements. Page 125 UBAM - US DOLLAR BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 162,847,166.01 Securities portfolio at market value Note 2 157,582,740.52 Cash at banks and time deposits 3,749,142.41 Deposits on futures and option contracts 285,695.08 Interest receivable on swap contracts Note 2 2,978.20 Interest receivable on bonds and other debt securities 1,121,661.03 Unrealised gain on futures contracts Note 2, 9 61,547.16 Unrealised gain on swap contracts Note 2, 10 43,401.61 Liabilities 273,926.06 Unrealised loss on forward foreign exchange contracts Note 2, 8 6,926.29 Interest payable on bank liabilities and expenses payable 266,999.77 Net assets at the end of the period 162,573,239.95
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 40,737.318 6,084.053 5,842.560 40,978.811 Distribution shares 588.106 0.000 104.174 483.932
I shares Capitalisation shares 27,788.953 8,712.578 14,888.947 21,612.584
R shares Capitalisation shares 1,106.748 0.000 99.574 1,007.174
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 162,573,239.95 180,022,052.56 172,953,775.83
A shares USD USD USD Capitalisation shares Number of shares outstanding 40,978.811 40,737.318 50,871.104 Net asset value per share 2,498.76 2,519.72 2,389.73 Distribution shares Number of shares outstanding 483.932 588.106 3,318.978 Net asset value per share 2,041.64 2,110.86 2,058.35 Dividend per share 52.69 57.94 51.42
The accompanying notes are an integral part of these financial statements. Page 126 UBAM - US DOLLAR BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 162,573,239.95 180,022,052.56 172,953,775.83
I shares USD USD USD Capitalisation shares Number of shares outstanding 21,612.584 27,788.953 16,626.332 Net asset value per share 2,627.04 2,643.31 2,496.00
R shares USD USD USD Capitalisation shares Number of shares outstanding 1,007.174 1,106.748 1,323.794 Net asset value per share 2,394.74 2,420.82 2,307.48
The accompanying notes are an integral part of these financial statements. Page 127 UBAM - US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 151,645,580.20 153,573,098.52 1,092,436.03 94.46 dealt in on another regulated market Bonds 147,645,580.20 149,577,253.52 1,089,666.62 92.00 US Dollar 147,645,580.20 149,577,253.52 1,089,666.62 92.00 1,000,000 ABN AMRO BANK 1.80 15-18 04/06S 999,390.00 999,980.00 1,300.00 0.62 2,000,000 AMERICAN EXPRESS -E- 1.125 14-17 05/06S 1,995,120.00 1,992,540.00 1,562.50 1.23 1,000,000 BBVA US SENIOR 4.664 12-15 09/10S 1,052,830.00 1,009,820.00 10,494.00 0.62 1,500,000 BNY MELLON 2.15 15-20 24/02S 1,497,660.00 1,484,445.00 11,287.50 0.91 1,000,000 COMMONW.BK AUSTRAL. 1.125 14-17 13/03S 998,270.00 1,001,250.00 3,343.75 0.62 1,500,000 DEUTSCHE BANK AG 1.875 15-18 13/02S 1,498,215.00 1,498,335.00 10,703.13 0.92 3,000,000 EGYPT 4.45 05-15 15/09S 3,017,061.60 3,025,845.00 38,937.50 1.86 1,250,000 EXP IMP BANK KOREA 1.25 12-15 20/11S 1,244,450.00 1,252,337.50 1,736.11 0.77 500,000 HJ HEINZ 144A 1.60 15-17 30/06S 499,685.00 500,545.00 0.00 0.31 1,000,000 HYUNDAI CAPITAL SERV 4.375 11-16 27/07S 1,070,770.00 1,033,120.00 18,593.75 0.64 1,000,000 KOOKMIN BANK REGS 1.625 14-17 14/07S 997,180.00 999,650.00 7,493.06 0.61 500,000 M UFG LEASE FIN 1.875 13-16 17/10S 498,740.00 503,494.00 1,901.04 0.31 1,000,000 MERRILL LYNCH 6.875 98-18 15/11S 1,168,710.00 1,147,500.00 8,593.75 0.71 1,500,000 MERRILL LYNCH & CO 6.05 06-16 16/05S 1,647,540.00 1,559,955.00 11,091.67 0.96 2,000,000 METROPOLITAN LIFE 41 3.125 11-16 11/01S 2,027,200.00 2,025,590.00 29,340.28 1.25 1,000,000 MITSUBISHI UFJ 2.45 14-19 16/10S 999,300.00 1,003,310.00 5,036.11 0.62 800,000 MORGAN STANLEY 5.50 10-20 26/01S 912,432.00 893,640.00 18,822.22 0.55 2,000,000 NOMURA HOLDINGS 2.00 13-16 13/09S 2,018,080.00 2,014,560.00 11,888.89 1.24 600,000 NORDEA BANK REGS SUB 4.875 11-21 13/05S 658,860.00 647,724.00 3,818.75 0.40 500,000 RABOBANK 3.95 12-22 09/11S 519,750.00 500,685.00 2,797.92 0.31 2,000,000 ROYAL BANK OF CANADA 1.875 15-20 05/02S 1,999,720.00 1,983,860.00 15,104.17 1.22 500,000 SUMITOMO MITSUI 2.25 14-15 11/01S 499,015.00 498,985.00 5,281.25 0.31 1,000,000 TORONTO DOMINION BK 2.25 14-19 05/11S 998,210.00 1,004,140.00 3,437.50 0.62 2,635,000 US TREASURY BONDS 2.75 12-42 15/11S 2,205,990.38 2,450,652.77 9,057.81 1.51 3,212,000 US TREASURY BONDS 4.25 09-39 15/05S 3,603,964.38 3,874,976.07 17,063.75 2.38 2,500,000 US TREASURY BONDS 2.50 15-45 15/02S 2,500,000.00 2,200,977.50 23,308.01 1.35 3,350,000 US TREASURY BONDS 3.00 14-44 15/11S 3,712,463.86 3,277,502.65 12,562.50 2.02 1,500,000 US TREASURY BONDS 3.50 09-39 15/02S 1,230,234.37 1,616,542.50 19,578.73 0.99 2,600,000 US TREASURY BONDS 4.50 06-36 15/02S 2,627,297.75 3,268,688.80 43,632.60 2.01 2,500,000 US TREASURY BONDS 4.50 08-38 15/05S 3,209,959.75 3,124,902.50 14,062.50 1.92 700,000 US TREASURY BONDS 5.00 07-37 15/05S 1,034,277.34 937,863.50 4,375.00 0.58 1,050,000 US TREASURY BONDS 5.25 99-29 15/02S 1,085,902.68 1,370,045.25 20,557.67 0.84 1,100,000 US TREASURY BONDS 6.00 96-26 15/02S 1,571,625.00 1,477,137.20 24,613.26 0.91 1,000,000 US TREASURY BONDS 6.125 97-27 15/11S 1,191,640.62 1,386,914.00 7,656.25 0.85 4,000,000 US TREASURY BONDS 6.25 93-23 15/08S 4,710,624.99 5,222,656.00 93,232.04 3.21 2,000,000 US TREASURY BONDS 7.25 86-16 15/05S 2,707,500.00 2,120,625.00 18,125.00 1.30 1,900,000 US TREASURY BONDS 7.50 94-24 15/11S 2,536,425.77 2,744,907.20 17,812.50 1.69 1,625,000 US TREASURY BONDS 8.00 91-21 15/11S 2,467,143.55 2,218,950.50 16,250.00 1.36 1,600,000 US TREASURY BONDS 8.125 89-19 15/08S 2,405,000.00 2,033,000.00 48,480.66 1.25 1,800,000 US TREASURY BONDS 8.75 90-20 15/05S 2,590,031.25 2,401,313.40 19,687.50 1.48 5,000,000 US TREASURY BONDS Series 2039 4.375 09-39 15/11S 4,696,093.75 6,146,290.00 27,343.75 3.78 3,000,000 US TREASURY NOTES Series AC-2016 1.00 11-16 30/09S 3,034,858.47 3,022,851.57 7,459.02 1.86 6,500,000 US TREASURY NOTES Series AV-2017 0.50 15-17 31/01S 6,492,617.15 6,498,986.00 13,466.85 4.00 2,400,000 US TREASURY NOTES Series B-2019 2.75 09-19 15/02S 2,460,240.63 2,527,219.20 24,613.26 1.55 3,000,000 US TREASURY NOTES Series B-2022 2.00 12-22 15/02S 2,953,007.79 2,999,649.00 22,375.69 1.85 2,400,000 US TREASURY NOTES Series C-2018 3.875 08-18 15/05S 2,562,502.83 2,598,000.00 11,625.00 1.60 6,595,000 US TREASURY NOTES Series C-2022 1.75 12-22 15/05S 6,292,042.19 6,467,736.29 14,426.56 3.98 1,900,000 US TREASURY NOTES Series C-2024 2.50 14-24 15/05S 1,945,050.90 1,932,805.40 5,937.50 1.19 9,800,000 US TREASURY NOTES Series E-2017 4.75 07-17 15/08S 10,809,719.57 10,639,890.67 173,598.07 6.53 700,000 US TREASURY NOTES Series E-2024 2.375 14-24 15/08S 707,765.62 703,828.30 6,199.93 0.43 6,500,000 US TREASURY NOTES Series F-2016 4.625 06-16 15/11S 7,033,859.60 6,871,208.50 37,578.13 4.23 5,000,000 US TREASURY NOTES Series F-2019 3.375 09-19 15/11S 5,200,781.25 5,397,850.00 21,093.75 3.32 7,000,000 US TREASURY NOTES Series J-2017 3.25 10-17 31/03S 7,153,945.33 7,328,398.42 56,875.00 4.50 8,441,000 US TREASURY NOTES Series S-2019 1.00 12-19 30/11S 8,103,360.00 8,256,682.33 6,918.85 5.07 4,900,000 US TREASURY NOTES Series U-2017 0.875 12-17 31/01S 4,921,890.60 4,927,562.50 17,765.88 3.03 500,000 VERIZON COMM 1.35 14-17 09/06S 499,750.00 499,525.00 393.75 0.31 2,500,000 WI TREASURY SEC. 3.00 15-45 15/05 2,569,824.23 2,449,805.00 9,375.00 1.51 Floating rate bonds 4,000,000.00 3,995,845.00 2,769.41 2.46 US Dollar 4,000,000.00 3,995,845.00 2,769.41 2.46 1,500,000 CS NY FL.R 15-18 29/01Q 1,500,000.00 1,498,815.00 2,503.25 0.92 500,000 MIZUHO BANK LTD FL.R 14-17 25/09Q 500,000.00 498,590.00 50.75 0.31 2,000,000 UBS AG STAMFORD FL.R 15-18 26/03Q 2,000,000.00 1,998,440.00 215.41 1.23
The accompanying notes are an integral part of these financial statements. Page 128 UBAM - US DOLLAR BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Cost Market value Accrued Interest nom. value net assets
Other transferable securities 4,045,340.00 4,009,642.00 29,225.00 2.47 Bonds 4,045,340.00 4,009,642.00 29,225.00 2.47 US Dollar 4,045,340.00 4,009,642.00 29,225.00 2.47 2,000,000 INTESA SAN PAOLO 144A 3.625 10-15 12/05S 2,047,600.00 2,004,137.00 27,791.67 1.23 2,000,000 NEW YORK LIFE GLB 144A 2.15 14-19 18/06S 1,997,740.00 2,005,505.00 1,433.33 1.24
Total investments in securities 155,690,920.20 157,582,740.52 96.93
Cash at banks/(bank liabilities) 3,749,142.41 2.31
Other net assets/(liabilities) 1,241,357.02 0.76
Total 162,573,239.95 100.00
The accompanying notes are an integral part of these financial statements. Page 129 UBAM - US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 84.94 Japan 2.79 South Korea 2.02 Egypt 1.86 Canada 1.84 Italy 1.23 The Netherlands 0.93 United Kingdom 0.92 Sweden 0.40
96.93
Industrial classification of investments
% of net assets Countries and central government 75.94 Banks and credit institutions 14.22 Holding and finance companies 6.15 Communications 0.31 Foods and non alcoholic drinks 0.31
96.93
Page 130 UBAM - US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 2,642,559.23 Interest on bonds and other debt securities, net Note 2 2,568,288.70 Interest on bank accounts 96.06 Bank interest on time deposits 37.58 Interest received on swap contracts Note 2 74,136.89 Expenses 670,739.43 Management fees Note 3 354,819.06 Custodian fees 87,457.55 Subscription duty ("taxe d'abonnement") Note 5 29,458.18 Central administration costs 82,363.32 Audit fees 2,456.22 Interest paid on bank liabilities 1,942.60 Legal fees 6,043.74 Transaction fees Note 2 7,089.87 Other administration costs Note 6, 7 86,558.47 Banking charges and other fees 230.05 Interest paid on swap contracts Note 2 779.94 Other expenses 11,540.43 Net investment income 1,971,819.80 Net realised gain/(loss) on: - securities portfolio Note 2 796,714.96 - forward foreign exchange contracts Note 2 -49,831.93 - futures contracts Note 2 217,386.72 - swap contracts Note 2 -48,954.75 - foreign exchange Note 2 405,291.53 Realised result 3,292,426.33 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -4,394,653.65 - forward foreign exchange contracts Note 2 -322,238.80 - futures contracts Note 2 44,358.05 - swap contracts Note 2 -59,546.39 Result of operations -1,439,654.46 Dividends paid Note 14 -25,498.38 Subscriptions capitalisation shares 38,842,781.59 Redemptions capitalisation shares -54,603,717.06 Redemptions distribution shares -222,724.30 Total changes in net assets -17,448,812.61
Total net assets at the beginning of the period 180,022,052.56
Total net assets at the end of the period 162,573,239.95
The accompanying notes are an integral part of these financial statements. Page 131 UBAM - EM INVESTMENT GRADE CORPORATE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 26,506,500.92 Securities portfolio at market value Note 2 26,112,214.59 Cash at banks and time deposits 214,590.78 Deposits on futures and option contracts 72,140.17 Receivable on issues of shares 6,266.32 Unrealised gain on futures contracts Note 2, 9 101,289.06 Liabilities 206,559.44 Unrealised loss on forward foreign exchange contracts Note 2, 8 140,089.46 Interest payable on bank liabilities and expenses payable 66,469.98 Net assets at the end of the period 26,299,941.48
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 9,620.000 6,779.000 0.000 16,399.000 Distribution shares 6,284.000 3,224.000 1,800.000 7,708.000
AH EUR shares Distribution shares 0.000 2,000.000 0.000 2,000.000
AS shares Capitalisation shares 32,458.566 2,775.000 9,169.000 26,064.566
I shares Capitalisation shares 22,103.419 60,654.000 4,380.000 78,377.419
IH EUR shares Capitalisation shares 0.000 4,690.000 0.000 4,690.000
IH CHF shares Capitalisation shares 0.000 10.000 0.000 10.000
IS shares Capitalisation shares 147,999.000 0.000 55,324.000 92,675.000
IHS EUR shares Capitalisation shares 66,248.000 35,019.000 80,023.000 21,244.000
R shares Capitalisation shares 10.000 0.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 132 UBAM - EM INVESTMENT GRADE CORPORATE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 26,299,941.48 30,777,714.46 8,509,191.68
A shares USD USD USD Capitalisation shares Number of shares outstanding 16,399.000 9,620.000 400.000 Net asset value per share 102.23 101.83 96.26 Distribution shares Number of shares outstanding 7,708.000 6,284.000 - Net asset value per share 98.61 102.42 - Dividend per share 4.30 - -
AH EUR shares EUR EUR EUR Distribution shares Number of shares outstanding 2,000.000 - - Net asset value per share 97.73 - -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 26,064.566 32,458.566 42,543.840 Net asset value per share 102.56 102.12 101.43
I shares USD USD USD Capitalisation shares Number of shares outstanding 78,377.419 22,103.419 17,253.000 Net asset value per share 107.76 106.84 100.04
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,690.000 - - Net asset value per share 99.35 - -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.01 - -
IS shares USD USD USD Capitalisation shares Number of shares outstanding 92,675.000 147,999.000 17,124.810 Net asset value per share 102.99 102.64 100.86
IHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 21,244.000 66,248.000 5,020.000 Net asset value per share 103.95 103.36 101.42
R shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 10.000 10.000 Net asset value per share 108.78 108.47 102.77
The accompanying notes are an integral part of these financial statements. Page 133 UBAM - EM INVESTMENT GRADE CORPORATE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 25,522,398.01 26,112,214.59 99.29 Investment funds (UCITS) 25,522,398.01 26,112,214.59 99.29 US Dollar 25,522,398.01 26,112,214.59 99.29 234,967 UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND -Z- CAP * USD 24,554,476.10 25,157,916.69 95.66 9,654 UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND -Z- DIS * USD 967,921.91 954,297.90 3.63
Total investments in securities 25,522,398.01 26,112,214.59 99.29
Cash at banks/(bank liabilities) 214,590.78 0.82
Other net assets/(liabilities) -26,863.89 -0.11
Total 26,299,941.48 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 134 UBAM - EM INVESTMENT GRADE CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.29
99.29
Industrial classification of investments
% of net assets Investment funds 99.29
99.29
Page 135 UBAM - EM INVESTMENT GRADE CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 28,415.16 Dividends, net Note 2 28,405.00 Other income 10.16 Expenses 170,451.23 Management fees Note 3 110,085.56 Custodian fees 25,531.04 Subscription duty ("taxe d'abonnement") Note 5 2,515.42 Central administration costs 16,157.60 Audit fees 470.06 Interest paid on bank liabilities 317.32 Legal fees 3,174.93 Transaction fees Note 2 2,242.80 Other administration costs Note 6, 7 6,978.30 Other expenses 2,978.20 Net investment loss -142,036.07 Net realised gain/(loss) on: - securities portfolio Note 2 593,664.26 - forward foreign exchange contracts Note 2 -537,715.38 - futures contracts Note 2 -397,749.98 - foreign exchange Note 2 -204,679.03 Realised result -688,516.20 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -194,934.34 - forward foreign exchange contracts Note 2 61,678.30 - futures contracts Note 2 305,515.64 Result of operations -516,256.60 Dividends paid Note 14 -28,853.00 Subscriptions capitalisation shares 12,164,693.30 Subscriptions distribution shares 542,690.98 Redemptions capitalisation shares -16,452,565.66 Redemptions distribution shares -187,482.00 Total changes in net assets -4,477,772.98
Total net assets at the beginning of the period 30,777,714.46
Total net assets at the end of the period 26,299,941.48
The accompanying notes are an integral part of these financial statements. Page 136 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 102,824,981.69 Securities portfolio at market value Note 2 98,966,818.30 Cash at banks and time deposits 2,641,431.61 Receivable on issues of shares 907,666.93 Unrealised gain on forward foreign exchange contracts Note 2, 8 309,064.85 Liabilities 3,399,692.36 Bank liabilities 3,155,745.09 Interest payable on bank liabilities and expenses payable 243,947.27 Net assets at the end of the period 99,425,289.33
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 361,458.359 104,947.282 32,455.952 433,949.689 Distribution shares 0.000 750.000 0.000 750.000
AH CHF shares Capitalisation shares 20,650.000 61,139.000 2,300.000 79,489.000
AH USD shares Capitalisation shares 128,869.000 102,959.229 6,201.000 225,627.229 Distribution shares 1,950.000 2,930.000 0.000 4,880.000
AH GBP shares Capitalisation shares 8,780.000 7,901.000 0.000 16,681.000
I shares Capitalisation shares 0.000 116,854.000 75.000 116,779.000
IH CHF shares Capitalisation shares 0.000 48,263.000 0.000 48,263.000
IH USD shares Capitalisation shares 0.000 54,477.000 0.000 54,477.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 137 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 99,425,289.33 50,463,583.23 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 433,949.689 361,458.359 - Net asset value per share 105.77 101.33 - Distribution shares Number of shares outstanding 750.000 - - Net asset value per share 101.73 - -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 79,489.000 20,650.000 - Net asset value per share 105.49 101.30 -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 225,627.229 128,869.000 - Net asset value per share 105.93 101.30 - Distribution shares Number of shares outstanding 4,880.000 1,950.000 - Net asset value per share 105.37 100.96 - Dividend per share 0.20 - -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 16,681.000 8,780.000 - Net asset value per share 106.03 101.39 -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 116,779.000 - - Net asset value per share 98.98 - -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 48,263.000 - - Net asset value per share 99.00 - -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 54,477.000 - - Net asset value per share 98.99 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.07 - -
The accompanying notes are an integral part of these financial statements. Page 138 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 96,136,374.60 98,966,818.30 99.54 Investment funds (UCITS) 96,136,374.60 98,966,818.30 99.54 Euro 96,136,374.60 98,966,818.30 99.54 92,630 UBAM CONVERTIBLES 10-40 OPPORTUNITES -ZC-EUR* EUR 96,136,374.60 98,966,818.30 99.54
Total investments in securities 96,136,374.60 98,966,818.30 99.54
Cash at banks/(bank liabilities) -514,313.48 -0.52
Other net assets/(liabilities) 972,784.51 0.98
Total 99,425,289.33 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 139 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.54
99.54
Industrial classification of investments
% of net assets Investment funds 99.54
99.54
Page 140 UBAM - 10-40 CONVERTIBLE OPPORTUNITIES Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 4.24 Interest on bank accounts 4.24 Expenses 472,126.32 Management fees Note 3 312,332.48 Custodian fees 52,601.83 Subscription duty ("taxe d'abonnement") Note 5 18,174.87 Central administration costs 31,651.81 Audit fees 1,137.22 Interest paid on bank liabilities 2,261.18 Legal fees 462.67 Other administration costs Note 6, 7 50,912.19 Other expenses 2,592.07 Net investment loss -472,122.08 Net realised gain/(loss) on: - securities portfolio Note 2 265,364.94 - forward foreign exchange contracts Note 2 1,169,884.57 - foreign exchange Note 2 29,106.63 Realised result 992,234.06 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 2,103,084.72 - forward foreign exchange contracts Note 2 -2,948.36 Result of operations 3,092,370.42 Dividends paid Note 14 -788.88 Subscriptions capitalisation shares 49,774,548.50 Subscriptions distribution shares 361,779.90 Redemptions capitalisation shares -4,266,203.84 Total changes in net assets 48,961,706.10
Total net assets at the beginning of the period 50,463,583.23
Total net assets at the end of the period 99,425,289.33
The accompanying notes are an integral part of these financial statements. Page 141 UBAM - EUROPEAN CONVERTIBLE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 27,300,605.09 Securities portfolio at market value Note 2 26,699,217.62 Cash at banks and time deposits 97,202.77 Receivable on issues of shares 448,446.12 Unrealised gain on forward foreign exchange contracts Note 2, 8 55,738.58 Liabilities 502,067.41 Bank liabilities 415,479.96 Interest payable on bank liabilities and expenses payable 86,587.45 Net assets at the end of the period 26,798,537.68
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 92,178.642 29,115.363 35,583.000 85,711.005 Distribution shares 3,611.000 2,920.000 437.000 6,094.000
AH CHF shares Capitalisation shares 2,617.000 19,418.039 0.000 22,035.039
AH USD shares Capitalisation shares 13,493.195 11,406.000 1,545.000 23,354.195
I shares Capitalisation shares 16,972.664 53,139.010 20,211.411 49,900.263
IH CHF shares Capitalisation shares 492.651 13,388.514 3,480.146 10,401.019
IH USD shares Capitalisation shares 0.000 19,000.000 0.000 19,000.000
U shares Capitalisation shares 0.000 10.000 0.000 10.000 Distribution shares 0.000 10.000 0.000 10.000
R shares Capitalisation shares 491.725 757.067 490.725 758.067
The accompanying notes are an integral part of these financial statements. Page 142 UBAM - EUROPEAN CONVERTIBLE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 26,798,537.68 15,669,965.42 30,177,691.76
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 85,711.005 92,178.642 131,860.927 Net asset value per share 125.80 119.93 118.74 Distribution shares Number of shares outstanding 6,094.000 3,611.000 2,901.000 Net asset value per share 119.04 114.53 114.73 Dividend per share 1.15 1.38 2.07
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 22,035.039 2,617.000 51,113.500 Net asset value per share 121.23 116.09 115.28
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 23,354.195 13,493.195 30,913.195 Net asset value per share 165.74 158.09 156.74
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 49,900.263 16,972.664 47,498.423 Net asset value per share 129.30 122.96 121.15
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 10,401.019 492.651 - Net asset value per share 104.14 99.46 -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 19,000.000 - - Net asset value per share 97.48 - -
U shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 97.85 - - Distribution shares Number of shares outstanding 10.000 - - Net asset value per share 97.82 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 758.067 491.725 909.390 Net asset value per share 124.51 119.15 118.98
The accompanying notes are an integral part of these financial statements. Page 143 UBAM - EUROPEAN CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 25,951,801.75 26,699,217.62 99.63 Investment funds (UCITS) 25,951,801.75 26,699,217.62 99.63 Euro 25,951,801.75 26,699,217.62 99.63 18,923 UBAM CONVERTIBLES SICAV - UBAM CONVERTIBLES EUROPE -ZC- * EUR 25,951,801.75 26,699,217.62 99.63
Total investments in securities 25,951,801.75 26,699,217.62 99.63
Cash at banks/(bank liabilities) -318,277.19 -1.19
Other net assets/(liabilities) 417,597.25 1.56
Total 26,798,537.68 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 144 UBAM - EUROPEAN CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.63
99.63
Industrial classification of investments
% of net assets Investment funds 99.63
99.63
Page 145 UBAM - EUROPEAN CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 6.62 Interest on bank accounts 6.62 Expenses 179,507.57 Management fees Note 3 122,712.57 Custodian fees 17,494.51 Subscription duty ("taxe d'abonnement") Note 5 4,899.69 Central administration costs 10,625.87 Audit fees 393.11 Interest paid on bank liabilities 928.30 Legal fees 4,232.46 Other administration costs Note 6, 7 15,990.64 Other expenses 2,230.42 Net investment loss -179,500.95 Net realised gain/(loss) on: - securities portfolio Note 2 530,665.37 - forward foreign exchange contracts Note 2 139,028.27 - foreign exchange Note 2 38,175.07 Realised result 528,367.76 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 186,362.22 - forward foreign exchange contracts Note 2 9,669.05 Result of operations 724,399.03 Dividends paid Note 14 -7,008.10 Subscriptions capitalisation shares 18,006,717.45 Subscriptions distribution shares 358,964.00 Redemptions capitalisation shares -7,902,476.04 Redemptions distribution shares -52,024.08 Total changes in net assets 11,128,572.26
Total net assets at the beginning of the period 15,669,965.42
Total net assets at the end of the period 26,798,537.68
The accompanying notes are an integral part of these financial statements. Page 146 UBAM - EURO 10-40 CONVERTIBLE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 792,556,704.96 Securities portfolio at market value Note 2 787,106,943.04 Cash at banks and time deposits 1,308,695.69 Receivable on issues of shares 3,625,444.95 Unrealised gain on forward foreign exchange contracts Note 2, 8 515,621.28 Liabilities 2,991,318.29 Bank liabilities 1,040,876.11 Interest payable on bank liabilities and expenses payable 1,950,442.18 Net assets at the end of the period 789,565,386.67
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 1,302,479.269 201,465.985 364,348.551 1,139,596.703 Distribution shares 1,318,013.010 493,357.965 51,764.824 1,759,606.151
AH CHF shares Capitalisation shares 67,416.000 41,679.454 3,985.000 105,110.454
AH USD shares Capitalisation shares 265,716.209 84,783.059 50,933.411 299,565.857
AH SEK shares Capitalisation shares 0.000 186,965.478 3,312.125 183,653.353
AH GBP shares Capitalisation shares 5,340.000 955.000 0.000 6,295.000
I shares Capitalisation shares 1,138,452.863 635,169.538 574,746.258 1,198,876.143 Distribution shares 362,079.412 34,604.110 238,931.741 157,751.781
IH CHF shares Capitalisation shares 131,636.674 49,446.000 12,760.945 168,321.729
IH USD shares Capitalisation shares 114,240.366 322,014.945 30,535.081 405,720.230 Distribution shares 8,210.000 200.000 90.000 8,320.000
IH SEK shares Capitalisation shares 660,438.000 274,009.000 4,516.000 929,931.000
IH GBP shares Capitalisation shares 600.000 0.000 0.000 600.000 Distribution shares 3,724.000 222.000 220.000 3,726.000
The accompanying notes are an integral part of these financial statements. Page 147 UBAM - EURO 10-40 CONVERTIBLE BOND Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
U shares Capitalisation shares 4,234.266 2,737.000 0.000 6,971.266 Distribution shares 10.000 0.000 0.000 10.000
R shares Capitalisation shares 56,482.582 122,142.952 67,253.000 111,372.534
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 789,565,386.67 636,599,363.31 443,307,204.76
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,139,596.703 1,302,479.269 1,316,691.854 Net asset value per share 129.20 123.35 120.20 Distribution shares Number of shares outstanding 1,759,606.151 1,318,013.010 1,074,351.504 Net asset value per share 121.15 117.19 115.53 Dividend per share 1.64 1.39 1.29
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 105,110.454 67,416.000 69,049.000 Net asset value per share 126.04 120.69 118.00
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 299,565.857 265,716.209 33,945.000 Net asset value per share 112.09 106.97 104.39
AH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 183,653.353 - - Net asset value per share 987.49 - -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 6,295.000 5,340.000 3,100.000 Net asset value per share 112.65 107.39 104.56
The accompanying notes are an integral part of these financial statements. Page 148 UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 789,565,386.67 636,599,363.31 443,307,204.76
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,198,876.143 1,138,452.863 924,660.682 Net asset value per share 132.35 126.05 122.22 Distribution shares Number of shares outstanding 157,751.781 362,079.412 150,607.815 Net asset value per share 127.57 123.10 120.75 Dividend per share 1.72 1.45 1.34
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 168,321.729 131,636.674 94,953.000 Net asset value per share 127.74 122.01 118.71
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 405,720.230 114,240.366 80,322.880 Net asset value per share 123.30 117.38 113.98 Distribution shares Number of shares outstanding 8,320.000 8,210.000 2,990.000 Net asset value per share 118.86 114.64 112.61 Dividend per share 1.60 1.35 1.25
IH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 929,931.000 660,438.000 - Net asset value per share 1,043.33 994.35 -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 600.000 600.000 - Net asset value per share 104.87 99.73 - Distribution shares Number of shares outstanding 3,726.000 3,724.000 26,157.389 Net asset value per share 110.39 106.36 104.25 Dividend per share 1.49 1.25 1.15
U shares EUR EUR EUR Capitalisation shares Number of shares outstanding 6,971.266 4,234.266 - Net asset value per share 102.31 97.53 - Distribution shares Number of shares outstanding 10.000 10.000 - Net asset value per share 102.52 99.04 - Dividend per share 1.39 - -
The accompanying notes are an integral part of these financial statements. Page 149 UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 789,565,386.67 636,599,363.31 443,307,204.76
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 111,372.534 56,482.582 6,290.864 Net asset value per share 126.71 121.51 119.49
The accompanying notes are an integral part of these financial statements. Page 150 UBAM - EURO 10-40 CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 727,319,728.64 787,106,943.04 99.69 Investment funds (UCITS) 727,319,728.64 787,106,943.04 99.69 Euro 727,319,728.64 787,106,943.04 99.69 588,368 UBAM CONVERTIBLES SICAV - UBAM CONVERTIBLES EURO 10-40 -ZC- * EUR 727,319,728.64 787,106,943.04 99.69
Total investments in securities 727,319,728.64 787,106,943.04 99.69
Cash at banks/(bank liabilities) 267,819.58 0.03
Other net assets/(liabilities) 2,190,624.05 0.28
Total 789,565,386.67 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 151 UBAM - EURO 10-40 CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.69
99.69
Industrial classification of investments
% of net assets Investment funds 99.69
99.69
Page 152 UBAM - EURO 10-40 CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 4.68 Interest on bank accounts 4.68 Expenses 4,237,759.77 Management fees Note 3 2,806,330.39 Custodian fees 555,158.66 Subscription duty ("taxe d'abonnement") Note 5 123,651.85 Central administration costs 347,563.56 Audit fees 11,948.34 Interest paid on bank liabilities 572.98 Legal fees 12,134.79 Other administration costs Note 6, 7 312,006.06 Banking charges and other fees 1,416.81 Other expenses 66,976.33 Net investment loss -4,237,755.09 Net realised gain/(loss) on: - securities portfolio Note 2 9,263,397.30 - forward foreign exchange contracts Note 2 8,366,042.03 - foreign exchange Note 2 -369,738.45 Realised result 13,021,945.79 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 23,986,490.99 - forward foreign exchange contracts Note 2 -436,767.71 Result of operations 36,571,669.07 Dividends paid Note 14 -3,025,641.36 Subscriptions capitalisation shares 233,469,680.83 Subscriptions distribution shares 65,136,949.90 Redemptions capitalisation shares -141,733,292.70 Redemptions distribution shares -37,453,342.38 Total changes in net assets 152,966,023.36
Total net assets at the beginning of the period 636,599,363.31
Total net assets at the end of the period 789,565,386.67
The accompanying notes are an integral part of these financial statements. Page 153 UBAM - GLOBAL CONVERTIBLE BOND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 63,497,126.85 Securities portfolio at market value Note 2 62,171,847.50 Cash at banks and time deposits 972,612.42 Receivable on issues of shares 9,989.94 Unrealised gain on forward foreign exchange contracts Note 2, 8 342,676.99 Liabilities 967,014.14 Bank liabilities 752,322.04 Interest payable on bank liabilities and expenses payable 214,692.10 Net assets at the end of the period 62,530,112.71
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 130,327.000 40,874.000 13,940.000 157,261.000
AH CHF shares Capitalisation shares 15,840.000 2,590.000 3,200.000 15,230.000
AH USD shares Capitalisation shares 230,385.000 111,907.721 6,589.000 335,703.721
AH GBP shares Capitalisation shares 10,440.000 4,580.000 1,000.000 14,020.000
I shares Capitalisation shares 22,077.000 413.000 8,500.000 13,990.000
IH CHF shares Capitalisation shares 15,000.000 4,400.000 0.000 19,400.000
UH GBP shares Capitalisation shares 0.000 1,680.000 0.000 1,680.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 154 UBAM - GLOBAL CONVERTIBLE BOND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 62,530,112.71 42,797,271.77 27,306,570.72
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 157,261.000 130,327.000 135,180.000 Net asset value per share 119.05 112.65 106.49
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 15,230.000 15,840.000 14,250.000 Net asset value per share 118.29 112.18 106.36
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 335,703.721 230,385.000 96,194.000 Net asset value per share 118.98 112.50 106.54
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 14,020.000 10,440.000 10,620.000 Net asset value per share 119.25 112.76 106.50
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 13,990.000 22,077.000 27,794.000 Net asset value per share 116.61 110.07 103.53
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 19,400.000 15,000.000 - Net asset value per share 107.74 101.93 -
UH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 1,680.000 - - Net asset value per share 97.68 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 100.03 - -
The accompanying notes are an integral part of these financial statements. Page 155 UBAM - GLOBAL CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 56,563,365.19 62,171,847.50 99.43 Investment funds (UCITS) 56,563,365.19 62,171,847.50 99.43 Euro 56,563,365.19 62,171,847.50 99.43 50,575 UBAM CONVERTIBLES SICAV - UBAM CONVERTIBLES GLOBAL -ZC- EUR * EUR 56,563,365.19 62,171,847.50 99.43
Total investments in securities 56,563,365.19 62,171,847.50 99.43
Cash at banks/(bank liabilities) 220,290.38 0.35
Other net assets/(liabilities) 137,974.83 0.22
Total 62,530,112.71 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 156 UBAM - GLOBAL CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.43
99.43
Industrial classification of investments
% of net assets Investment funds 99.43
99.43
Page 157 UBAM - GLOBAL CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 36.86 Interest on bank accounts 36.86 Expenses 436,253.30 Management fees Note 3 307,392.36 Custodian fees 40,814.71 Subscription duty ("taxe d'abonnement") Note 5 13,527.09 Central administration costs 25,403.71 Audit fees 903.36 Interest paid on bank liabilities 968.14 Legal fees 2,528.20 Other administration costs Note 6, 7 39,669.43 Other expenses 5,046.30 Net investment loss -436,216.44 Net realised gain/(loss) on: - securities portfolio Note 2 583,504.30 - forward foreign exchange contracts Note 2 2,600,072.95 - foreign exchange Note 2 -36,597.41 Realised result 2,710,763.40 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 2,261,962.31 - forward foreign exchange contracts Note 2 -265,289.28 Result of operations 4,707,436.43 Subscriptions capitalisation shares 18,856,832.34 Redemptions capitalisation shares -3,831,427.83 Total changes in net assets 19,732,840.94
Total net assets at the beginning of the period 42,797,271.77
Total net assets at the end of the period 62,530,112.71
The accompanying notes are an integral part of these financial statements. Page 158 UBAM - 30 GLOBAL LEADERS EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 131,947,572.46 Securities portfolio at market value Note 2 129,768,642.40 Cash at banks and time deposits 2,118,755.24 Receivable on issues of shares 26,278.94 Dividends receivable 33,895.88 Liabilities 683,216.25 Unrealised loss on forward foreign exchange contracts Note 2, 8 94,861.62 Interest payable on bank liabilities and expenses payable 588,354.63 Net assets at the end of the period 131,264,356.21
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 123,018.000 14,975.000 30,854.000 107,139.000 Distribution shares 10,695.000 1,300.000 4,600.000 7,395.000
AH shares Capitalisation shares 171,389.742 12,452.000 34,297.742 149,544.000
AH CHF shares Capitalisation shares 117,693.000 3,800.000 300.000 121,193.000
A USD shares Capitalisation shares 148,778.000 32,678.064 21,440.000 160,016.064 Distribution shares 16,592.000 342.000 0.000 16,934.000
AH USD shares Capitalisation shares 335,363.175 23,969.240 35,971.307 323,361.108
AH GBP shares Capitalisation shares 21,064.000 4,000.000 3,175.000 21,889.000
IH shares Capitalisation shares 23,005.000 0.000 0.000 23,005.000
I USD shares Capitalisation shares 240,483.000 0.000 107,921.000 132,562.000
IH USD shares Capitalisation shares 28,771.488 94,473.844 3,885.000 119,360.332
R shares Capitalisation shares 60,701.867 460.151 5,787.056 55,374.962
The accompanying notes are an integral part of these financial statements. Page 159 UBAM - 30 GLOBAL LEADERS EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 131,264,356.21 123,007,744.55 123,847,039.57
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 107,139.000 123,018.000 112,053.831 Net asset value per share 100.49 89.64 76.51 Distribution shares Number of shares outstanding 7,395.000 10,695.000 16,205.000 Net asset value per share 100.50 89.64 76.51
AH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 149,544.000 171,389.742 203,580.000 Net asset value per share 86.75 83.61 77.93
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 121,193.000 117,693.000 103,021.000 Net asset value per share 106.84 103.55 96.68
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 160,016.064 148,778.000 65,917.608 Net asset value per share 121.41 117.62 114.33 Distribution shares Number of shares outstanding 16,934.000 16,592.000 - Net asset value per share 107.73 104.36 -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 323,361.108 335,363.175 383,044.564 Net asset value per share 115.13 111.15 103.99
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 21,889.000 21,064.000 14,265.000 Net asset value per share 122.46 118.22 110.59
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding - - 3,430.773 Net asset value per share - - 76.95
IH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 23,005.000 23,005.000 30,357.000 Net asset value per share 90.13 86.54 80.07
The accompanying notes are an integral part of these financial statements. Page 160 UBAM - 30 GLOBAL LEADERS EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 131,264,356.21 123,007,744.55 123,847,039.57
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 132,562.000 240,483.000 508,493.998 Net asset value per share 125.34 120.98 116.72
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 119,360.332 28,771.488 5,020.488 Net asset value per share 122.66 117.99 109.58
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 55,374.962 60,701.867 68,534.034 Net asset value per share 143.56 128.69 110.95
The accompanying notes are an integral part of these financial statements. Page 161 UBAM - 30 GLOBAL LEADERS EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 91,877,613.36 129,768,642.40 98.86 another regulated market Shares 91,877,613.36 129,768,642.40 98.86 Euro 14,378,641.14 19,761,808.15 15.05 38,259 AIR LIQUIDE SA EUR 3,335,363.83 4,340,483.55 3.31 56,631 ANHEUSER-BUSCH INBEV NV EUR 4,431,189.68 6,087,832.50 4.63 81,882 LUXOTTICA GROUP SPA EUR 3,145,863.78 4,884,261.30 3.72 28,312 LVMH EUR 3,466,223.85 4,449,230.80 3.39 Pound Sterling 4,802,796.44 5,811,074.46 4.43 62,805 BHP BILLITON PLC GBP 1,318,814.92 1,107,254.50 0.84 217,450 PRUDENTIAL PLC GBP 3,483,981.52 4,703,819.96 3.59 Swiss Franc 13,042,234.33 17,068,063.28 13.00 193,213 ABB LTD REG SHS CHF 3,273,530.14 3,633,064.96 2.77 65,216 NESTLE SA REG SHS CHF 3,450,497.85 4,227,484.87 3.22 56,385 NOVARTIS AG REG SHS CHF 3,029,763.18 4,989,799.05 3.80 16,763 ROCHE HOLDING AG GENUSSSCHEIN CHF 3,288,443.16 4,217,714.40 3.21 US Dollar 59,653,941.45 87,127,696.51 66.38 133,045 ABBOTT LABORATORIES LTD USD 4,932,294.13 5,860,571.35 4.46 58,796 ACCENTURE - SHS CLASS A USD 3,305,184.43 5,107,051.59 3.89 58,010 AON USD 3,174,767.66 5,189,765.57 3.95 14,144 BLACKROCK INC USD 2,758,036.40 4,391,977.31 3.35 13,157 CHEVRON CORP USD 1,165,781.01 1,139,163.34 0.87 72,624 COLGATE-PALMOLIVE CO USD 3,198,751.18 4,263,449.87 3.25 64,847 DANAHER CORP USD 3,084,390.22 4,981,381.02 3.79 4,240 GOOGLE -C- USD 1,361,189.36 1,980,759.65 1.51 4,228 GOOGLE INC USD 1,427,089.94 2,049,263.26 1.56 74,619 MASTERCARD INC -A- USD 3,704,989.57 6,260,441.68 4.77 49,570 MCDONALD'S CORP USD 3,619,702.30 4,229,599.62 3.22 91,146 MICROSOFT CORP USD 2,040,138.52 3,611,645.93 2.75 70,099 NIKE INC USD 3,913,774.72 6,795,991.73 5.19 17,935 OCCIDENTAL PETROLEUM CORP USD 1,125,352.78 1,251,844.33 0.95 55,129 PROCTER AND GAMBLE CO USD 3,220,422.80 3,871,201.72 2.95 16,967 SCHLUMBERGER LTD USD 1,006,816.24 1,312,498.41 1.00 42,756 UNITED TECHNOLOGIES CORP USD 3,349,312.67 4,256,796.88 3.24 100,852 VISA INC -A- USD 3,873,891.99 6,078,093.52 4.63 66,087 WALT DISNEY CO USD 3,585,305.31 6,770,032.47 5.16 44,119 WMWARE USD 3,242,587.77 3,395,048.52 2.59 31,275 3M CO USD 2,564,162.45 4,331,118.74 3.30
Total investments in securities 91,877,613.36 129,768,642.40 98.86
Cash at banks/(bank liabilities) 2,118,755.24 1.61
Other net assets/(liabilities) -623,041.43 -0.47
Total 131,264,356.21 100.00
The accompanying notes are an integral part of these financial statements. Page 162 UBAM - 30 GLOBAL LEADERS EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 57.54 Switzerland 13.00 United Kingdom 8.38 France 6.70 Belgium 4.63 Ireland 3.89 Italy 3.72 The Netherlands Antilles 1.00
98.86
Industrial classification of investments
% of net assets Pharmaceuticals and cosmetics 11.47 Miscellaneous consumer goods 9.50 Textiles and garments 8.58 Miscellaneous services 8.52 Holding and finance companies 8.51 Internet and Internet services 8.41 Insurance 7.54 Banks and credit institutions 4.77 Tobacco and alcoholic drinks 4.63 Machine and apparatus construction 3.79 Photographics and optics 3.72 Chemicals 3.31 Aerospace industry 3.24 Hotels and restaurants 3.22 Foods and non alcoholic drinks 3.22 Petroleum 2.82 Electrical engineering and electronics 2.77 Coal mining and steel industry 0.84
98.86
Page 163 UBAM - 30 GLOBAL LEADERS EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 1,387,881.80 Dividends, net Note 2 1,387,074.77 Interest on bank accounts 807.03 Expenses 1,345,808.73 Management fees Note 3 958,459.49 Custodian fees 134,907.29 Subscription duty ("taxe d'abonnement") Note 5 27,194.21 Central administration costs 64,353.31 Audit fees 1,982.89 Interest paid on bank liabilities 20,626.67 Legal fees 5,455.60 Transaction fees Note 2 18,747.62 Other administration costs Note 6, 7 107,287.84 Banking charges and other fees 0.48 Other expenses 6,793.33 Net investment income 42,073.07 Net realised gain/(loss) on: - securities portfolio Note 2 1,473,026.21 - forward foreign exchange contracts Note 2 -641,800.03 - foreign exchange Note 2 789,442.16 Realised result 1,662,741.41 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 12,882,565.59 - forward foreign exchange contracts Note 2 125,754.81 Result of operations 14,671,061.81 Subscriptions capitalisation shares 20,031,231.50 Subscriptions distribution shares 170,542.00 Redemptions capitalisation shares -26,155,980.85 Redemptions distribution shares -460,242.80 Total changes in net assets 8,256,611.66
Total net assets at the beginning of the period 123,007,744.55
Total net assets at the end of the period 131,264,356.21
The accompanying notes are an integral part of these financial statements. Page 164 UBAM - ASIA EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 37,207,580.82 Securities portfolio at market value Note 2 33,698,966.01 Cash at banks and time deposits 3,381,802.52 Receivable on issues of shares 16,994.88 Dividends receivable 109,817.41 Liabilities 240,687.84 Interest payable on bank liabilities and expenses payable 240,687.84 Net assets at the end of the period 36,966,892.98
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 899,990.204 246,177.614 147,827.589 998,340.229
A EUR shares Capitalisation shares 54,964.377 101,894.760 15,223.000 141,636.137
AP shares Capitalisation shares 241,417.053 16,057.000 40,647.011 216,827.042
IP shares Capitalisation shares 38,745.231 25,225.194 7,105.950 56,864.475
R shares Capitalisation shares 44,434.401 127.630 13,589.979 30,972.052
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 36,966,892.98 29,696,452.14 26,975,170.18
A shares USD USD USD Capitalisation shares Number of shares outstanding 998,340.229 899,990.204 766,008.727 Net asset value per share 25.61 23.25 22.08
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 141,636.137 54,964.377 17,743.000 Net asset value per share 22.98 19.21 16.02
The accompanying notes are an integral part of these financial statements. Page 165 UBAM - ASIA EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 36,966,892.98 29,696,452.14 26,975,170.18
AP shares USD USD USD Capitalisation shares Number of shares outstanding 216,827.042 241,417.053 358,768.735 Net asset value per share 25.58 23.33 22.07
IP shares USD USD USD Capitalisation shares Number of shares outstanding 56,864.475 38,745.231 259.954 Net asset value per share 26.75 24.31 22.86
R shares USD USD USD Capitalisation shares Number of shares outstanding 30,972.052 44,434.401 87,546.387 Net asset value per share 22.76 20.76 19.92
The accompanying notes are an integral part of these financial statements. Page 166 UBAM - ASIA EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 28,704,586.57 33,698,966.01 91.16 another regulated market Shares 28,704,586.57 33,698,966.01 91.16 Hong Kong Dollar 11,824,647.91 15,199,405.63 41.11 1,100,000 AVICHINA INDUSTRY AND TECHNOLOGY CO LTD HKD 685,156.56 1,075,522.22 2.91 650,000 BANK OF CHINA LTD -H- HKD 446,359.05 422,572.65 1.14 370,000 CHINA EVERBRIGHT LTD HKD 514,684.72 1,283,841.77 3.48 40,000 CHINA MOBILE LTD HKD 566,297.03 512,092.01 1.39 230,000 CHINA OVERSEAS LAND INVESTMENT LTD -RC- HKD 687,062.64 811,414.31 2.19 1,285,000 CHINA POWER INTERNATIONAL DEV. -RC- HKD 634,671.54 979,598.48 2.65 1,800,000 CN CINDA AM -H- HKD 1,001,563.94 1,003,029.60 2.71 1,000,000 CN MACHINERY -H- HKD 688,842.77 1,078,360.01 2.92 1,189,400 EMBRY HOLDINGS LTD HKD 817,284.54 690,395.49 1.87 1,700,000 FIH MOBILE LTD HKD 944,051.67 1,028,440.71 2.78 110,000 HAITONG SECURITIES CO LTD -H- HKD 175,747.34 290,873.42 0.79 900,000 INDUS.AND COMMERCIAL BANK OF CHINA -H- HKD 603,396.62 715,122.95 1.93 200,000 PETROCHINA CO LTD -H- HKD 277,901.18 223,153.45 0.60 519,000 PHOENIX HEALTHCARE HKD 743,806.61 988,123.46 2.67 85,000 PING AN INS (GRP) CO -H- HKD 777,103.86 1,147,950.35 3.11 1,300,000 SITC INTERNATIONAL HOLDINGS CO LTD HKD 598,701.45 858,560.31 2.32 165,000 TECHTRONIC INDUSTRIES CO LTD HKD 575,702.30 540,598.90 1.46 300,000 TINGY HOLDING CORP HKD 680,597.52 612,962.53 1.66 125,000 ZHUZHOU CSR TIMES - SHS -H- HKD 405,716.57 936,793.01 2.53 Indian Rupee 3,136,450.92 3,663,086.83 9.91 75,000 GLENMARK PHARMACEUTICALS INR 651,262.95 1,170,874.00 3.17 160,000 NTPC DS - SHS - DEMATERIALISED INR 369,502.01 345,854.30 0.94 122,000 OIL AND NATURAL GAS CORP INR 639,723.03 593,140.75 1.60 175,000 PRESTIGE ESTATES PROJECTS LTD INR 401,845.57 679,334.23 1.84 105,000 SUN TV NETWORK INR 673,733.67 465,805.63 1.26 176,000 UNION BANK OF INDIA DEMATERIALISED INR 400,383.69 408,077.92 1.10 Indonesian Rupiah 2,209,954.26 2,044,478.83 5.53 6,000,000 ARWANA CITRAMULIA IDR 238,302.02 238,514.95 0.65 44,000,036 KAWASAN INDUSTRI JABABEKA IDR 952,134.35 864,654.89 2.33 2,000,000 PP TBK IDR 582,110.40 520,532.62 1.41 3,000,000 TIGA PILAR SEJAHTER -A- IDR 437,407.49 420,776.37 1.14 Korean Won 4,770,827.42 5,258,645.87 14.23 2,340 AMOREPACIFIC CORP KRW 196,412.61 876,883.70 2.38 4,017 HYUNDAI MOTOR CO LTD KRW 832,031.58 489,768.22 1.32 7,700 KOREA ELECTRIC POWER CORP KRW 307,071.85 316,159.37 0.86 800 LOTTE CHEMICAL CORPORATION KRW 177,318.57 207,270.59 0.56 1,000 NAVER KRW 482,401.17 568,380.43 1.54 475 SAMSUNG ELECTRONICS CO LTD KRW 584,132.95 539,961.41 1.46 17,500 SHINHAN FINANCIAL GROUP KRW 760,348.82 651,866.91 1.76 53,000 SK GLOBAL KRW 423,720.78 426,679.78 1.15 22,000 SK HYNIX INC KRW 617,938.62 834,282.06 2.26 1,550 SK TELEKOM KRW 389,450.47 347,393.40 0.94 Malaysian Ringgit 815,260.13 946,191.40 2.56 1,000,000 IFCA MSC BHD MYR 365,574.48 318,047.53 0.86 600,000 QL RESOURCES MYR 449,685.65 628,143.87 1.70 New Taiwan Dollar 3,779,273.99 4,166,738.17 11.27 39,000 ASUSTEK COMPUTER TWD 409,221.40 379,830.97 1.03 2,836,000 CHINA DEVELOPMENT BANK FINANCIAL HDG CO TWD 787,375.18 1,075,408.27 2.91 810,000 CHINA LIFE INSURANCE TWD 701,651.94 829,570.66 2.24 200,000 CHIPBOND TECHNOLOGY CORP TWD 415,194.26 432,351.64 1.17 165,000 CHROMA ATE TWD 439,211.92 364,711.62 0.99 165,000 NAN YA PLASTICS CORP TWD 411,649.60 387,171.87 1.05 55,000 SUPERIOR PLATIN TWD 152,508.28 156,152.19 0.42 1,554,324 TA CHONG BANK TWD 462,461.41 541,540.95 1.46 Philippine Peso 1,006,584.89 1,074,673.48 2.91 20,000 AYALA CORP PHP 317,202.37 350,410.49 0.95 850,000 D L INDUSTRIES PHP 361,946.24 366,090.25 0.99 100,000 SECURITY BANK CORP PHP 327,436.28 358,172.74 0.97 Singapore Dollar 535,119.88 506,505.18 1.37 150,000 FIRST RESSOURCES SGD 222,099.19 227,258.92 0.61 200,000 OLAM INTERNATIONAL LTD SGD 313,020.69 279,246.26 0.76
The accompanying notes are an integral part of these financial statements. Page 167 UBAM - ASIA EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Thai Bath 447,036.65 413,909.62 1.12 600,000 SINO THAI ENGINEERING AND CONST. FOREIGN THB 447,036.65 413,909.62 1.12 US Dollar 179,430.52 425,331.00 1.15 17,700 HOLLYSYS AUTOMATION TECHNOLOGIES USD 179,430.52 425,331.00 1.15
Total investments in securities 28,704,586.57 33,698,966.01 91.16
Cash at banks/(bank liabilities) 3,381,802.52 9.15
Other net assets/(liabilities) -113,875.55 -0.31
Total 36,966,892.98 100.00
The accompanying notes are an integral part of these financial statements. Page 168 UBAM - ASIA EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets China 18.64 South Korea 14.23 Cayman Islands 11.30 Taiwan 11.27 Hong Kong 11.17 India 9.91 Indonesia 5.53 Philippines 2.91 Malaysia 2.56 Singapore 1.37 British Virgin Islands 1.15 Thailand 1.12
91.16
Page 169 UBAM - ASIA EQUITY
Industrial classification of investments
% of net assets Holding and finance companies 12.96 Electronics and semiconductors 7.54 Banks and credit institutions 6.60 Electrical engineering and electronics 6.17 Pharmaceuticals and cosmetics 5.55 Machine and apparatus construction 5.45 Insurance 5.35 Real estate companies 4.52 Building materials and trade 4.37 Road vehicles 4.23 Communications 3.48 Foods and non alcoholic drinks 2.80 Healthcare and social services 2.67 Internet and Internet services 2.40 Transportation 2.32 Petroleum 2.20 Miscellaneous services 2.05 Miscellaneous trading companies 2.02 Textiles and garments 1.87 Agriculture and fishery 1.70 Chemicals 1.61 Office supplies and computing 1.03 Miscellaneous sectors 0.99 Utilities 0.86 Miscellaneous consumer goods 0.42
91.16
Page 170 UBAM - ASIA EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 338,957.77 Dividends, net Note 2 338,955.78 Interest on bank accounts 1.99 Expenses 523,065.74 Management fees Note 3 273,896.85 Custodian fees 42,748.07 Subscription duty ("taxe d'abonnement") Note 5 7,983.89 Central administration costs 16,074.07 Performance fees Note 4 50,143.54 Audit fees 563.39 Interest paid on bank liabilities 6.38 Legal fees 4,976.54 Transaction fees Note 2 87,059.37 Other administration costs Note 6, 7 35,340.69 Banking charges and other fees 1.82 Other expenses 4,271.13 Net investment loss -184,107.97 Net realised gain/(loss) on: - securities portfolio Note 2 396,392.09 - foreign exchange Note 2 -229,598.79 Realised result -17,314.67 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 2,798,832.62 Result of operations 2,781,517.95 Subscriptions capitalisation shares 10,001,787.08 Redemptions capitalisation shares -5,512,864.19 Total changes in net assets 7,270,440.84
Total net assets at the beginning of the period 29,696,452.14
Total net assets at the end of the period 36,966,892.98
The accompanying notes are an integral part of these financial statements. Page 171 UBAM - ASIA EQUITY HIGH DIVIDEND Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 26,745,917.98 Securities portfolio at market value Note 2 25,685,341.27 Cash at banks and time deposits 718,401.30 Dividends receivable 291,868.33 Other receivables 50,307.08 Liabilities 138,248.24 Interest payable on bank liabilities and expenses payable 138,248.24 Net assets at the end of the period 26,607,669.74
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 149,939.976 556.376 44,980.973 105,515.379 Distribution shares 12,091.880 0.000 505.000 11,586.880
I shares Capitalisation shares 11,610.000 0.000 0.000 11,610.000 Distribution shares 52,200.000 1,888.220 32,365.000 21,723.220
I EUR shares Capitalisation shares 9,010.000 0.000 0.000 9,010.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 26,607,669.74 38,091,062.30 47,727,900.23
A shares USD USD USD Capitalisation shares Number of shares outstanding 105,515.379 149,939.976 209,646.070 Net asset value per share 187.56 183.68 172.17 Distribution shares Number of shares outstanding 11,586.880 12,091.880 3,132.880 Net asset value per share 113.05 111.34 104.37 Dividend per share 0.68 - -
The accompanying notes are an integral part of these financial statements. Page 172 UBAM - ASIA EQUITY HIGH DIVIDEND Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 26,607,669.74 38,091,062.30 47,727,900.23
I shares USD USD USD Capitalisation shares Number of shares outstanding 11,610.000 11,610.000 19,710.000 Net asset value per share 117.02 114.18 106.24 Distribution shares Number of shares outstanding 21,723.220 52,200.000 68,352.000 Net asset value per share 127.54 125.16 116.45 Dividend per share 0.77 - -
I EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 9,010.000 9,010.000 9,010.000 Net asset value per share 137.35 123.40 100.83
The accompanying notes are an integral part of these financial statements. Page 173 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 22,551,534.18 24,950,419.40 93.77 another regulated market Shares 22,551,534.18 24,950,419.40 93.77 Hong Kong Dollar 12,732,194.65 15,503,739.32 58.26 1,404,000 AGRICULTURAL BANK OF CHINA -H- HKD 624,298.71 755,197.70 2.84 20,000 AIA GROUP LTD HKD 115,232.90 130,925.29 0.49 504,000 AVICHINA INDUSTRY AND TECHNOLOGY CO LTD HKD 329,958.14 492,784.73 1.85 2,648,000 BANK OF CHINA LTD -H- HKD 1,269,817.99 1,721,495.98 6.47 1,751,000 CHINA CONSTRUCTION BANK CORPORATION -H- HKD 1,403,153.69 1,599,104.70 6.01 66,000 CHINA EVERBRIGHT LTD HKD 94,722.66 229,009.61 0.86 41,500 CHINA MOBILE LTD HKD 490,967.56 531,295.46 2.00 198,000 CHINA OVERSEAS LAND INVESTMENT LTD -RC- HKD 587,355.96 698,521.88 2.63 411,400 CHINA PETROLEUM AND CHEMICAL -H- HKD 348,244.57 355,015.98 1.33 439,000 CHINA POWER INTERNATIONAL DEV. -RC- HKD 219,060.17 334,664.38 1.26 25,000 CK HUTCHISON HKD 497,521.57 367,300.25 1.38 25,000 CK PROPERTY HOLDINGS LTD HKD 0.00 207,352.12 0.78 922,000 CN CINDA AM -H- HKD 487,695.42 513,774.05 1.93 442,000 CN MACHINERY -H- HKD 304,465.42 476,635.12 1.79 332,000 CNOOC LTD -RC- HKD 604,770.74 471,073.06 1.77 16,800,000 EAGLE RIDE HKD 762,064.06 1,473,586.69 5.54 13,500 HANG SENG BANK LTD HKD 265,144.98 263,817.68 0.99 2,240,000 INDUS.AND COMMERCIAL BANK OF CHINA -H- HKD 1,526,511.37 1,779,861.57 6.68 324,000 PETROCHINA CO LTD -H- HKD 369,227.92 361,508.58 1.36 66,500 PING AN INS (GRP) CO -H- HKD 580,642.07 898,102.33 3.38 59,500 SHIMAO PROPERTY HOLDINGS LIMITED HKD 146,544.70 117,426.44 0.44 38,000 SUN HUNG KAI PROPERTIES LTD HKD 627,275.49 615,645.53 2.31 290,000 TINGY HOLDING CORP HKD 713,354.91 592,530.45 2.23 69,000 ZHUZHOU CSR TIMES - SHS -H- HKD 364,163.65 517,109.74 1.94 Indonesian Rupiah 676,227.79 607,024.96 2.28 1,156,400 PT ADHI KARYA (PERSERO) TBK IDR 270,083.55 175,205.58 0.66 1,326,700 TELKOM INDONESIA -B- IDR 271,592.63 291,560.59 1.09 1,000,000 TIGA PILAR SEJAHTER -A- IDR 134,551.61 140,258.79 0.53 Korean Won 1,543,856.74 1,544,569.62 5.80 6,831 KOREA ELECTRIC POWER CORP KRW 279,572.78 280,478.53 1.05 600 LOTTE CHEMICAL CORPORATION KRW 151,275.40 155,452.94 0.58 91,774 SK GLOBAL KRW 762,065.92 738,832.27 2.78 1,650 SK TELEKOM KRW 350,942.64 369,805.88 1.39 Malaysian Ringgit 1,241,762.37 1,063,794.76 4.00 713,100 IFCA MSC BHD MYR 244,977.12 226,799.69 0.85 144,721 MALAYAN BANKING BHD MYR 442,194.46 350,581.12 1.33 63,000 PUBLIC BANK BHD MYR 364,578.88 312,577.11 1.17 100,289 TELEKOM MALAYSIA MYR 190,011.91 173,836.84 0.65 New Taiwan Dollar 2,516,224.59 2,471,404.97 9.29 220,000 ADVANCED SEMICONDUCTOR ENGENEERING INC TWD 315,170.55 298,043.91 1.12 25,000 ASUSTEK COMPUTER TWD 260,993.44 243,481.39 0.92 372,000 CHINA LIFE INSURANCE TWD 317,050.06 380,988.01 1.43 73,000 CHIPBOND TECHNOLOGY CORP TWD 151,985.88 157,808.35 0.59 56,000 DELTA ELECTRONIC INCS TWD 359,004.09 286,765.17 1.08 142,000 FAR EASTONE TELECOMMUNICATION CO LTD TWD 349,151.28 343,327.39 1.29 31,000 MEDIA TEK INCORPORATION TWD 415,809.52 423,989.82 1.60 117,000 NAN YA PLASTICS CORP TWD 286,056.45 274,540.05 1.03 22,000 SUPERIOR PLATIN TWD 61,003.32 62,460.88 0.23 Philippine Peso 58,320.41 52,295.44 0.20 524,000 SPC POWER CORP PHP 58,320.41 52,295.44 0.20 Singapore Dollar 2,645,357.46 2,686,530.36 10.10 52,100 DBS GROUP HOLDINGS SGD 743,210.67 800,567.09 3.01 106,000 FIRST RESSOURCES SGD 156,950.10 160,596.31 0.60 81,251 OVERSEA-CHINESE BANKING CORPORATION LTD SGD 644,288.91 614,293.63 2.31 180,000 SINGAPORE TELECOM - SH BOARD LOT 1000 SGD 541,872.11 562,800.04 2.12 32,000 UNITED OVERSEAS BANK SGD 559,035.67 548,273.29 2.06 Thai Bath 1,137,590.17 1,021,059.97 3.84 35,900 ADVANCED INFO SERV.UNITS NON VOTING D.R. THB 266,676.86 255,096.23 0.96 74,200 KASIKORNBANK UNITS NVDR THB 543,389.74 415,206.42 1.56 33,000 PTT PUBLIC COMPANY LTD LIMITED THB 327,523.57 350,757.32 1.32
The accompanying notes are an integral part of these financial statements. Page 174 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Other transferable securities 840,585.82 734,921.87 2.76 Warrants, Rights 840,585.82 734,921.87 2.76 US Dollar 840,585.82 734,921.87 2.76 47,000 UBS AG (OIL AND NATURAL GAS)20.12.15 WAR USD 315,249.68 228,561.00 0.86 234,254 UBS LONDON (NTPC DS) 09.02.16 WAR USD 525,336.14 506,360.87 1.90
Total investments in securities 23,392,120.00 25,685,341.27 96.53
Cash at banks/(bank liabilities) 718,401.30 2.70
Other net assets/(liabilities) 203,927.17 0.77
Total 26,607,669.74 100.00
The accompanying notes are an integral part of these financial statements. Page 175 UBAM - ASIA EQUITY HIGH DIVIDEND
Geographical classification of investments
(by domicile of the issuer) % of net assets China 35.58 Hong Kong 12.31 Cayman Islands 10.37 Singapore 10.10 Taiwan 9.29 South Korea 5.80 Malaysia 4.00 Thailand 3.84 United Kingdom 2.76 Indonesia 2.28 Philippines 0.20
96.53
Industrial classification of investments
% of net assets Banks and credit institutions 37.19 Communications 12.28 Holding and finance companies 9.71 Petroleum 5.78 Real estate companies 5.72 Insurance 5.30 Machine and apparatus construction 3.73 Electronics and semiconductors 2.97 Foods and non alcoholic drinks 2.76 Electrical engineering and electronics 2.68 Road vehicles 1.85 Chemicals 1.61 Utilities 1.25 Building materials and trade 1.10 Office supplies and computing 0.92 Internet and Internet services 0.85 Miscellaneous trading companies 0.60 Miscellaneous consumer goods 0.23
96.53
Page 176 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 497,590.45 Dividends, net Note 2 497,580.43 Interest on bank accounts 10.02 Expenses 479,479.77 Management fees Note 3 249,328.86 Custodian fees 37,909.82 Subscription duty ("taxe d'abonnement") Note 5 5,317.91 Central administration costs 14,631.31 Audit fees 416.54 Interest paid on bank liabilities 236.96 Legal fees 5,049.63 Transaction fees Note 2 135,899.91 Other administration costs Note 6, 7 25,152.53 Other expenses 5,536.30 Net investment income 18,110.68 Net realised gain/(loss) on: - securities portfolio Note 2 638,542.39 - forward foreign exchange contracts Note 2 -630.51 - foreign exchange Note 2 -423,139.53 Realised result 232,883.03 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 80,142.37 Result of operations 313,025.40 Dividends paid Note 14 -23,941.28 Subscriptions capitalisation shares 107,004.84 Subscriptions distribution shares 247,904.40 Redemptions capitalisation shares -8,040,662.12 Redemptions distribution shares -4,086,723.80 Total changes in net assets -11,483,392.56
Total net assets at the beginning of the period 38,091,062.30
Total net assets at the end of the period 26,607,669.74
The accompanying notes are an integral part of these financial statements. Page 177 UBAM - DR. EHRHARDT GERMAN EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 38,926,307.15 Securities portfolio at market value Note 2 28,051,133.33 Cash at banks and time deposits 9,679,318.06 Deposits on futures and option contracts 1,184,643.55 Unrealised gain on forward foreign exchange contracts Note 2, 8 286.97 Other receivables 10,925.24 Liabilities 437,049.82 Unrealised loss on futures contracts Note 2, 9 243,955.00 Interest payable on bank liabilities and expenses payable 193,094.82 Net assets at the end of the period 38,489,257.33
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 23,621.672 3,133.559 4,174.528 22,580.703
AH USD shares Capitalisation shares 1,000.000 438.000 1,000.000 438.000
I shares Capitalisation shares 561.859 770.330 866.979 465.210
R shares Capitalisation shares 1,773.661 36.098 120.994 1,688.765
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 38,489,257.33 36,507,584.46 83,040,392.54
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 22,580.703 23,621.672 31,773.815 Net asset value per share 1,561.90 1,409.51 1,476.99
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 438.000 1,000.000 - Net asset value per share 107.31 97.68 -
The accompanying notes are an integral part of these financial statements. Page 178 UBAM - DR. EHRHARDT GERMAN EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 38,489,257.33 36,507,584.46 83,040,392.54
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 465.210 561.859 20,494.536 Net asset value per share 1,684.65 1,514.69 1,575.40
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,688.765 1,773.661 2,809.121 Net asset value per share 1,417.99 1,286.00 1,361.11
The accompanying notes are an integral part of these financial statements. Page 179 UBAM - DR. EHRHARDT GERMAN EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 24,922,143.91 28,051,133.33 72.88 another regulated market Shares 24,922,143.91 28,051,133.33 72.88 Euro 24,922,143.91 28,051,133.33 72.88 8,500 AAREAL BANK AG EUR 329,165.95 299,370.00 0.78 3,400 ADIDAS NAMEN AKT EUR 198,922.63 233,410.00 0.61 16,200 ALLIANZ SE REG SHS EUR 2,272,702.45 2,263,140.00 5.87 20,000 ALSTRIA OFFICE REIT AG EUR 242,585.00 231,100.00 0.60 22,600 AURUBIS EUR 1,030,400.70 1,191,020.00 3.09 5,000 BASF - NAMEN AKT EUR 422,089.50 394,100.00 1.02 11,700 BAYER AG REG SHS EUR 1,261,061.51 1,468,935.00 3.82 900 BB BIOTECH NAM.AKT EUR 183,985.97 238,590.00 0.62 1,200 BEIERSDORF AG EUR 78,201.40 90,168.00 0.23 15,000 BRENNTAG - NAMEN AKT EUR 642,706.76 771,450.00 2.00 3,500 CARL ZEISS MEDITEC AG EUR 76,445.95 80,045.00 0.21 5,800 CONTINENTAL AG EUR 1,118,216.88 1,231,050.00 3.20 38,000 DAIMLER AG REG SHS EUR 2,888,787.51 3,102,320.00 8.05 11,000 DEUTSCHE BOERSE AG REG SHS EUR 630,602.96 816,750.00 2.12 5,150 DEUTSCHE EUROSHOP AG REG SHS EUR 209,156.00 202,858.50 0.53 22,100 DEUTSCHE LUFTHANSA AG REG SHS EUR 250,479.19 255,586.50 0.66 24,550 DEUTSCHE POST AG REG SHS EUR 608,538.67 643,332.75 1.67 142,000 DEUTSCHE TELEKOM AG REG SHS EUR 1,745,052.10 2,193,900.00 5.69 20,150 DEUTSCHE WOHNEN AG EUR 378,964.86 414,183.25 1.08 38,400 DEUTZ EUR 196,074.24 197,376.00 0.51 4,700 DMG MORI EUR 105,643.78 152,068.50 0.40 14,864 DT ANNINGTON IMMOBILIEN NAM.AKT EUR 423,666.19 376,059.20 0.98 34,083 EVONIK INDUSTRIES AG EUR 1,026,372.29 1,166,490.68 3.03 1,900 FRAPORT AG EUR 97,894.84 107,046.00 0.28 14,900 FRESENIUS AG EUR 415,775.46 857,495.00 2.23 17,500 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 1,056,789.67 1,295,700.00 3.37 7,900 GEA GROUP AG EUR 270,242.89 316,079.00 0.82 3,700 GERRESHEIMER AG EUR 202,710.79 206,867.00 0.54 3,300 HANNOVER RUECKVERSICHERUNG AG REG SHS EUR 240,839.12 286,407.00 0.74 4,100 HEIDELBERGCEMENT AG EUR 248,399.67 291,633.00 0.76 6,000 HENKEL AG & CO KGAA EUR 496,430.03 603,600.00 1.57 39,000 INFINEON TECHNOLOGIES REG SHS EUR 394,854.39 434,070.00 1.13 15,800 JUNGHEINRICH VORZ.STIMMRECHTSLOS EUR 927,542.76 960,482.00 2.50 15,900 KION GROUP EUR 655,859.83 683,223.00 1.78 5,500 K+S EUR 209,263.45 207,817.50 0.54 14,900 LANXESS AG EUR 785,325.86 788,061.00 2.05 4,750 LEG IMMOBILIEN - NAMEN AKT EUR 308,254.44 296,020.00 0.77 3,350 LINDE AG EUR 502,879.70 569,165.00 1.48 4,570 MERCK KGAA EUR 307,570.48 408,466.60 1.06 1,000 MTU AERO ENGINES HOLDING AG EUR 71,957.46 84,370.00 0.22 1,001 RENK AG EUR 32,190.06 98,698.60 0.26 2,600 RHEINMETALL AG EUR 120,151.42 118,261.00 0.31 3,000 SALZGITTER AG EUR 70,854.83 96,180.00 0.25 5,700 SOFTWARE AG EUR 108,832.95 140,106.00 0.36 2,200 STROEER OUT-OF-HOME MEDIA A EUR 54,805.96 92,180.00 0.24 9,650 THYSSENKRUPP AG EUR 185,226.21 225,182.75 0.59 3,500 UNITED INTERNET AG REG SHS EUR 113,046.15 139,562.50 0.36 14,000 VILLEROY BOCH VORZUG STIMMRECHTSLOS EUR 200,819.12 189,000.00 0.49 66,000 WESTGRUND EUR 329,335.25 353,232.00 0.92 5,500 WIRECARD AG EUR 194,468.63 188,925.00 0.49
Other transferable securities 0.00 0.00 0.00 Shares 0.00 0.00 0.00 Euro 0.00 0.00 0.00 48,884 SPORTHOUSE.DE -N (DEFAULTED) EUR 0.00 0.00 0.00
Total investments in securities 24,922,143.91 28,051,133.33 72.88
Cash at banks/(bank liabilities) 9,679,318.06 25.15
Other net assets/(liabilities) 758,805.94 1.97
The accompanying notes are an integral part of these financial statements. Page 180 UBAM - DR. EHRHARDT GERMAN EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Total 38,489,257.33 100.00
The accompanying notes are an integral part of these financial statements. Page 181 UBAM - DR. EHRHARDT GERMAN EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 72.26 Switzerland 0.62
72.88
Industrial classification of investments
% of net assets Chemicals 13.94 Road vehicles 8.62 Pharmaceuticals and cosmetics 7.10 Insurance 6.61 Machine and apparatus construction 6.01 Communications 5.69 Real estate companies 3.80 Tires and rubber 3.20 Non-ferrous metals 3.09 Transportation 2.61 Building materials and trade 2.33 Holding and finance companies 2.12 Miscellaneous consumer goods 1.57 Internet and Internet services 1.21 Electronics and semiconductors 1.13 Coal mining and steel industry 0.84 Banks and credit institutions 0.78 Biotechnology 0.62 Textiles and garments 0.61 Packaging industries 0.54 Graphic art and publishing 0.24 Aerospace industry 0.22
72.88
Page 182 UBAM - DR. EHRHARDT GERMAN EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 577,732.25 Dividends, net Note 2 577,382.25 Bank interest on time deposits 350.00 Expenses 600,578.43 Management fees Note 3 309,375.25 Custodian fees 40,451.81 Subscription duty ("taxe d'abonnement") Note 5 9,887.77 Central administration costs 19,379.26 Audit fees 589.16 Interest paid on bank liabilities 418.56 Legal fees 4,541.21 Transaction fees Note 2 169,278.56 Other administration costs Note 6, 7 41,825.44 Banking charges and other fees 1,100.56 Other expenses 3,730.85 Net investment loss -22,846.18 Net realised gain/(loss) on: - securities portfolio Note 2 4,024,438.71 - forward foreign exchange contracts Note 2 9,604.77 - futures contracts Note 2 -451,497.83 - foreign exchange Note 2 4,853.77 Realised result 3,564,553.24 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 677,160.98 - forward foreign exchange contracts Note 2 -2,289.61 - futures contracts Note 2 -243,955.00 Result of operations 3,995,469.61 Subscriptions capitalisation shares 6,406,212.98 Redemptions capitalisation shares -8,420,009.72 Total changes in net assets 1,981,672.87
Total net assets at the beginning of the period 36,507,584.46
Total net assets at the end of the period 38,489,257.33
The accompanying notes are an integral part of these financial statements. Page 183 UBAM - EQUITY BRIC+ Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 23,993,480.42 Securities portfolio at market value Note 2 22,408,487.40 Cash at banks and time deposits 1,413,439.50 Receivable on sales of securities 29,036.39 Dividends receivable 142,517.13 Liabilities 540,775.14 Bank liabilities 137,002.78 Payable on treasury transactions Note 2 999.97 Interest payable on bank liabilities and expenses payable 402,772.39 Net assets at the end of the period 23,452,705.28
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
AP shares Capitalisation shares 272,425.942 2,873.163 39,044.266 236,254.839 Distribution shares 2,890.000 101.000 69.000 2,922.000
AP EUR shares Capitalisation shares 13,046.263 0.000 7,226.000 5,820.263
AP CHF shares Capitalisation shares 300.000 1,677.000 1,677.000 300.000
IP shares Capitalisation shares 166,921.900 11,726.307 147,944.245 30,703.962
IP EUR shares Capitalisation shares 950.000 0.000 0.000 950.000
RP shares Capitalisation shares 13,036.342 792.759 811.960 13,017.141
Z shares Capitalisation shares 37,300.000 0.000 37,300.000 0.000
The accompanying notes are an integral part of these financial statements. Page 184 UBAM - EQUITY BRIC+ Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 23,452,705.28 39,056,980.96 67,332,275.74
AP shares USD USD USD Capitalisation shares Number of shares outstanding 236,254.839 272,425.942 400,579.480 Net asset value per share 80.71 74.66 81.36 Distribution shares Number of shares outstanding 2,922.000 2,890.000 7,377.000 Net asset value per share 73.94 68.40 74.54
AP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 5,820.263 13,046.263 26,931.704 Net asset value per share 72.42 61.68 59.03
AP CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 300.000 300.000 805.000 Net asset value per share 75.48 74.19 72.35
IP shares USD USD USD Capitalisation shares Number of shares outstanding 30,703.962 166,921.900 276,240.739 Net asset value per share 84.03 77.44 83.77
IP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 950.000 950.000 13,350.000 Net asset value per share 74.81 63.49 60.30
RP shares USD USD USD Capitalisation shares Number of shares outstanding 13,017.141 13,036.342 32,135.036 Net asset value per share 77.97 72.41 79.54
Z shares USD USD USD Capitalisation shares Number of shares outstanding - 37,300.000 50,000.000 Net asset value per share - 95.98 102.54
The accompanying notes are an integral part of these financial statements. Page 185 UBAM - EQUITY BRIC+ Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 21,963,232.87 22,408,487.40 95.55 another regulated market Shares 21,963,232.87 22,408,487.40 95.55 Brazilian Real 3,932,893.91 3,053,537.17 13.02 62,200 ALLIANSCE SHOPPING BRL 484,694.07 290,336.15 1.24 57,150 AX PART - UNITS CONS OF 1 SH - 4 PFD SHS BRL 567,806.96 97,874.74 0.42 18,600 BANCO BRADESCO PREF. BRL 164,444.99 170,647.74 0.73 28,100 BB SEGURIDADE BRL 307,362.25 308,463.25 1.32 4,437 CPFL ENERGIA SA BRL 27,075.38 27,495.58 0.12 15,000 CYRELA COMMERCIAL PROPERTIES BRL 51,480.38 51,860.69 0.22 71,800 EQUATORIAL ENERGIA SA BRL 637,749.06 812,904.53 3.46 1,300 GUARARAPES CONFECCOES SA BRL 57,127.85 26,364.93 0.11 203,220 ITAUSA INVESTIMENTOS ITAU SA-PREF BRL 609,509.92 582,890.37 2.48 37,300 LOG-IN LOGIST BRL 119,815.87 40,104.95 0.17 8,900 MAHLE-METAL LEVE SA BRL 102,098.30 61,312.15 0.26 1,800 OURO FINO SAUDE ANIMAL PARTICIPACOES SA BRL 19,671.69 18,542.37 0.08 10,400 PARCORRETORA BRL 43,582.03 45,397.90 0.19 61,300 QUALICORP SA BRL 541,611.09 388,946.47 1.66 31,400 SANTOS BRP (CDA 1SHS+4PFD SHS) BRL 198,864.07 130,395.35 0.56 Hong Kong Dollar 6,277,375.99 7,594,478.07 32.39 2,000,000 AMAX INTERNATIONAL HOLDINGS HKD 248,222.23 325,055.89 1.39 770,000 BANK OF CHINA LTD -H- HKD 370,571.37 500,586.07 2.13 480,000 BJ JINGNENG CLE SHS -H- HKD 214,179.37 195,652.69 0.83 2,000,000 CHINA ASSURANCE FINANCE GROU HKD 574,962.86 549,499.24 2.35 20,000 CHINA MOBILE LTD HKD 246,374.66 256,046.01 1.09 46,000 CHINA OVERSEAS LAND INVESTMENT LTD -RC- HKD 134,213.40 162,282.86 0.69 260,000 CHINA POWER INTERNATIONAL DEV. -RC- HKD 127,452.14 198,206.70 0.85 2,500,000 CHINA SAITE GROUP CO LTD HKD 268,836.13 535,310.29 2.28 4,000,000 CHINA ZHONGSHENG RESOURCES HKD 272,251.92 198,645.26 0.85 551,000 CN CINDA AM -H- HKD 302,465.86 307,038.50 1.31 1,400,000 COOLPAD GROUP LTD HKD 451,615.83 485,777.97 2.07 5,000,000 EAGLE RIDE HKD 416,226.81 438,567.47 1.87 89,600 HAITONG SECURITIES CO LTD -H- HKD 119,988.43 236,929.62 1.01 538,000 HONBRIDGE HOLDINGS LTD HKD 169,397.00 183,901.66 0.78 500,000 INDUS.AND COMMERCIAL BANK OF CHINA -H- HKD 324,911.12 397,290.53 1.69 600,000 KANGDA INTL ENV HKD 275,089.27 273,201.73 1.16 97,000 PHOENIX HEALTHCARE HKD 136,965.32 184,678.18 0.79 30,000 PING AN INS (GRP) CO -H- HKD 245,149.85 405,158.95 1.73 8,000,000 SMARTAC GROUP CHINA HOLDINGS LTD HKD 364,965.00 650,111.78 2.78 30,000 TENCENT HLDG HKD 494,694.89 598,644.59 2.56 160,000 VINDA INTERNATIONAL HOLDINGS LTD HKD 339,922.26 335,168.74 1.43 53,000 WEICHAI POWER -H- HKD 178,920.27 176,723.34 0.75 Indian Rupee 3,987,375.36 5,445,762.04 23.22 4,334 BAJAJ AUTO LTD INR 137,680.11 173,002.70 0.74 9,000 BATA INDIA DEMATERIALISED INR 133,615.35 149,486.51 0.64 5,317 COLGATE-PALMOLIVE (INDIA) LTD INR 115,573.18 170,310.17 0.73 6,703 CONTAINER CORPN DEMATERIALISED INR 151,860.73 176,622.17 0.75 1,547 DR REDDY'S LABORATORIES LTD INR 50,272.34 86,470.94 0.37 12,298 EMAMI INR 106,481.33 223,973.10 0.95 56,430 FEDERAL BANK LTD INR 99,184.62 130,972.91 0.56 5,046 HCL TECHNOLOGIES DEMATERIALISED INR 26,243.60 72,880.95 0.31 17,856 HDFC BANK LTD INR 176,419.18 299,231.03 1.27 14,711 HOUSING DEVELOPMENT FINANCE CORP INR 201,360.97 299,498.71 1.27 58,334 ICICI BANK INR 230,463.88 282,143.11 1.20 4,880 INFOSYS TECHNOLOGIES DEMATERALISED INR 60,692.35 75,433.86 0.32 62,754 ITC DEMATERIALISED INR 250,378.95 310,567.29 1.31 7,403 JUBILANT FOODWORKS LTD INR 137,019.42 215,946.04 0.92 7,392 KOTAK MAHINDRA BANK INR 95,325.47 160,864.23 0.69 3,495 LARSEN & TOUBRO LTD DEMATERIALISED INR 70,630.71 97,846.84 0.42 6,536 LUPIN LTD INR 61,455.29 193,580.78 0.83 54,700 MAHINDRA AND MAHINDRA FINANCIAL SERVICE INR 230,858.96 240,772.79 1.03 4,754 MAHINDRA&MAHINDRA INR 65,194.80 95,733.24 0.41 1,940 NESTLE INDIA DEMATERAILISED INR 167,731.76 193,518.67 0.83 27,937 PIDILITE INDUSTRIES LTD (DEMATERIALISED) INR 264,922.39 241,465.55 1.03 8,683 SHIRAM TRANSPORT FIN DEMATERIALISED INR 102,644.10 116,371.03 0.50 789 SHREE CEMENTS LTD INR 64,755.92 140,516.48 0.60
The accompanying notes are an integral part of these financial statements. Page 186 UBAM - EQUITY BRIC+ Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets 3,985 SHRIRAM CITY UNION FINANCE LTD (DEMAT) INR 129,508.25 109,650.09 0.47 15,443 STATE BANK OF INDIA INR 43,785.24 63,731.48 0.27 7,621 SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL INR 75,181.17 104,669.08 0.45 2,145 TATA CONSULT.SERVICES SVS DEMATERIALISED INR 50,389.70 85,926.32 0.37 25,419 TITAN INDUSTRIES LTD INR 105,127.60 146,215.15 0.62 3,990 ULTRA TECH CEMENT LTD INR 170,438.76 187,560.72 0.80 4,020 UNITED SPIRITS LTD -DEMATERIALISED INR 174,999.84 213,439.42 0.91 18,783 YES BANK DEMATERIALISED INR 124,955.11 248,901.32 1.06 23,966 ZEE ENTERTAINMENT - DEMATERIALISED INR 112,224.28 138,459.36 0.59 Pound Sterling 166,069.07 190,296.30 0.81 6,205 BANK OF GEORGIA HOLDINGS PLC GBP 166,069.07 190,296.30 0.81 Russian Ruble 2,442,659.38 2,223,743.60 9.48 56,000 AK SBEREGATELNY BK SBERBANK RUB 92,485.94 48,567.21 0.21 7,648 AKRON OJSC RUB 298,282.76 306,249.71 1.31 12,464 BASHNEFT PREF SHS RUB RUB 347,273.95 319,681.80 1.36 4,480 DIXY GROUP (SHS) RUB 34,959.61 26,334.04 0.11 6,185,942 E.ON RUSSIA OJSC RUB 292,920.68 337,304.28 1.44 2,040 M VIDEO COMPANY JSC RUB 6,776.48 6,894.59 0.03 1,600 MAGNIT JSC RUB 279,198.85 327,351.98 1.40 22,000 MOBILE TELESYSTEMS RUB 89,466.83 95,992.18 0.41 130,000 MOSCOW EXCHANGE RUB 190,515.11 162,911.38 0.69 190,956 MOSTOTREST OAO RUB 514,281.25 306,750.01 1.31 40,100 ROSTELECOM PREF SHS RUB 47,429.81 45,343.30 0.19 90,000 SURGUTNEFTEGAZ RUB 61,721.17 68,895.33 0.29 61,200 TATNEFT PREF.SHS RUB 187,346.94 171,467.79 0.73 US Dollar 5,156,859.16 3,900,670.22 16.63 137,000 AK SBEREGATELNY BANK SBERBANK USD 316,193.63 118,816.26 0.51 22,577 CHERKIZOVO GRP GDR REGS USD 260,972.71 198,226.06 0.85 42,394 DIXY GROUP (SHS) USD 499,083.12 249,197.87 1.06 94,172 ETALON GRP GDR REPR 1SHS REG S USD 290,050.15 174,218.20 0.74 39,602 GAZPROM NEFT ADR REPR 5 SHS USD 643,010.55 477,204.10 2.04 33,900 GLOBALTRANS INV -GDR- REP 1 SH REG -S USD 431,347.50 161,025.00 0.69 73,128 GROUP LSR OJSC -GDR- REPR SHS REG -S USD 183,561.83 147,718.56 0.63 36,000 HALYK BANK SPONS GDR REPR 4 SHS REGS USD 213,840.00 306,000.00 1.30 35,106 KCELL GDR REPR SHS REGS USD 305,184.59 304,720.08 1.30 7,300 LUKOIL HOLDING ADR REPR.1SHS USD 370,518.17 321,236.50 1.37 45,301 M VIDEO COMPANY USD 277,037.78 153,104.06 0.65 8,000 MAIL.RU GROUP GDR REPR 1 SH REGS USD 208,276.92 166,800.00 0.71 10,000 MMC NORILSK NICKEL ADR REPR.1/10SHS USD 158,279.22 168,700.00 0.72 25,210 MOBILE TELESYSTEMS ADR REPR.2 SHS USD 278,633.87 246,553.80 1.05 1,400 NOVATEK GDR REPR 1/100 SHS REG-S USD 128,878.37 142,520.00 0.61 25,631 PHOSAGRO GDR REPR SHS REG S USD 281,617.18 328,076.80 1.40 130,075 SURGUTNEFTEGAZ PREF SHS USD 71,026.42 99,572.93 0.42 9,000 YANDEX N.V. USD 239,347.15 136,980.00 0.58
Total investments in securities 21,963,232.87 22,408,487.40 95.55
Cash at banks/(bank liabilities) 1,276,436.72 5.44
Other net assets/(liabilities) -232,218.84 -0.99
Total 23,452,705.28 100.00
The accompanying notes are an integral part of these financial statements. Page 187 UBAM - EQUITY BRIC+
Geographical classification of investments
(by domicile of the issuer) % of net assets India 23.22 Russia 20.79 Cayman Islands 18.92 Brazil 13.02 China 9.45 Hong Kong 2.63 Kazakhstan 2.60 Bermuda 1.39 United Kingdom 0.81 Guernsey 0.74 British Virgin Islands 0.71 Cyprus 0.69 The Netherlands 0.58
95.55
Page 188 UBAM - EQUITY BRIC+
Industrial classification of investments
% of net assets Banks and credit institutions 13.01 Holding and finance companies 12.00 Chemicals 6.84 Petroleum 6.21 Communications 6.11 Insurance 4.90 Internet and Internet services 4.85 Foods and non alcoholic drinks 4.32 Miscellaneous services 4.26 Miscellaneous sectors 3.63 Transportation 3.31 Coal mining and steel industry 3.13 Pharmaceuticals and cosmetics 2.86 Miscellaneous trading companies 2.48 Utilities 2.39 Building materials and trade 1.65 Miscellaneous consumer goods 1.43 Electrical engineering and electronics 1.39 Tobacco and alcoholic drinks 1.31 Environmental services and recycling 1.16 Road vehicles 1.15 Machine and apparatus construction 1.01 Real estate companies 0.91 Healthcare and social services 0.87 Electronics and semiconductors 0.85 Graphic art and publishing 0.78 Textiles and garments 0.75 Non-ferrous metals 0.72 Retail trade, department stores 0.68 Photographics and optics 0.59
95.55
Page 189 UBAM - EQUITY BRIC+ Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 448,869.39 Dividends, net Note 2 448,110.55 Interest on bank accounts 508.24 Other income 250.60 Expenses 808,631.48 Management fees Note 3 263,591.45 Custodian fees 35,125.22 Subscription duty ("taxe d'abonnement") Note 5 5,401.69 Central administration costs 15,774.05 Performance fees Note 4 248,529.15 Audit fees 379.81 Interest paid on bank liabilities 6,206.96 Legal fees 5,157.52 Transaction fees Note 2 181,160.62 Other administration costs Note 6, 7 26,225.13 Banking charges and other fees 16,618.46 Other expenses 4,461.42 Net investment loss -359,762.09 Net realised gain/(loss) on: - securities portfolio Note 2 2,779,916.31 - forward foreign exchange contracts Note 2 4.79 - foreign exchange Note 2 -3,194,929.82 Realised result -774,770.81 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 3,726,781.04 Result of operations 2,952,010.23 Subscriptions capitalisation shares 1,444,710.41 Subscriptions distribution shares 7,391.39 Redemptions capitalisation shares -20,003,483.86 Redemptions distribution shares -4,903.85 Total changes in net assets -15,604,275.68
Total net assets at the beginning of the period 39,056,980.96
Total net assets at the end of the period 23,452,705.28
The accompanying notes are an integral part of these financial statements. Page 190 UBAM - EUROPE EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 795,070,591.32 Securities portfolio at market value Note 2 780,031,575.40 Cash at banks and time deposits 13,025,490.57 Receivable on issues of shares 1,063,948.74 Dividends receivable 913,624.50 Unrealised gain on forward foreign exchange contracts Note 2, 8 27,450.11 Receivable on treasury transactions Note 2 8,502.00 Liabilities 11,777,293.55 Bank liabilities 8,460,767.06 Payable on redemptions of shares 446,345.55 Interest payable on bank liabilities and expenses payable 2,870,180.94 Net assets at the end of the period 783,293,297.77
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 566,277.501 197,877.612 117,276.271 646,878.842 Distribution shares 34,583.022 2,649.777 2,413.442 34,819.357
A CHF shares Capitalisation shares 4,856.000 1,575.000 809.000 5,622.000
A USD shares Capitalisation shares 63,341.700 26,835.585 6,522.000 83,655.285
AH USD shares Capitalisation shares 0.000 42,476.089 0.000 42,476.089
A GBP shares Capitalisation shares 11,212.934 1,222.000 1,095.359 11,339.575
I shares Capitalisation shares 602,919.974 368,182.518 65,041.226 906,061.266 Distribution shares 10,156.462 52,447.000 0.000 62,603.462
I USD shares Capitalisation shares 1,827.000 3,571.491 1,875.000 3,523.491
IH USD shares Capitalisation shares 0.000 3,733.000 0.000 3,733.000
R shares Capitalisation shares 2,259.481 243.964 14.280 2,489.165
The accompanying notes are an integral part of these financial statements. Page 191 UBAM - EUROPE EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 783,293,297.77 508,682,076.77 237,883,528.43
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 646,878.842 566,277.501 526,743.031 Net asset value per share 431.17 383.41 350.53 Distribution shares Number of shares outstanding 34,819.357 34,583.022 34,454.687 Net asset value per share 428.46 382.21 349.42 Dividend per share 1.44 - 0.92
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 5,622.000 4,856.000 4,708.000 Net asset value per share 448.92 460.94 429.52
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 83,655.285 63,341.700 8,252.700 Net asset value per share 480.27 463.81 482.91
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 42,476.089 - - Net asset value per share 94.88 - -
A GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 11,339.575 11,212.934 12,399.739 Net asset value per share 264.78 257.92 252.79
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 906,061.266 602,919.974 79,174.421 Net asset value per share 454.71 402.86 365.59 Distribution shares Number of shares outstanding 62,603.462 10,156.462 9,086.722 Net asset value per share 451.82 401.57 364.42 Dividend per share 1.52 - 0.95
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 3,523.491 1,827.000 - Net asset value per share 485.51 467.15 -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 3,733.000 - - Net asset value per share 93.11 - -
The accompanying notes are an integral part of these financial statements. Page 192 UBAM - EUROPE EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 783,293,297.77 508,682,076.77 237,883,528.43
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,489.165 2,259.481 1,949.403 Net asset value per share 400.74 357.24 328.24
The accompanying notes are an integral part of these financial statements. Page 193 UBAM - EUROPE EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 696,836,285.82 780,031,575.40 99.58 another regulated market Shares 696,836,285.82 779,820,894.22 99.55 Euro 386,881,290.60 433,607,383.70 55.35 528,045 ACERINOX REG SHS EUR 7,953,943.11 6,553,038.45 0.84 483,754 AHOLD NV EUR 8,033,497.49 8,127,067.20 1.04 184,119 ANHEUSER-BUSCH INBEV NV EUR 15,906,804.56 19,792,792.50 2.53 79,500 ASML HLDG EUR 5,876,921.38 7,369,650.00 0.94 420,798 AXA SA EUR 7,554,767.06 9,522,658.74 1.22 8,102,103 BANCA POPOLARE DI MILANO EUR 6,780,691.30 7,664,589.44 0.98 1,659,103 BANCO POPULAR ESPANOL EUR 7,926,383.65 7,210,461.64 0.92 18,167,299 BANK OF IRELAND (GOV&CO) EUR 5,565,516.45 6,576,562.24 0.84 1,834,396 BANKINTER REG.SHS EUR 11,158,062.84 12,160,211.08 1.55 162,400 BAYER AG REG SHS EUR 17,476,563.65 20,389,320.00 2.59 36,795 BMW AG EUR 3,522,538.64 3,612,533.10 0.46 90,256 BMW VORZUG - STIMMRECHTSLOS EUR 6,401,883.68 6,853,138.08 0.87 409,690 CARREFOUR SA EUR 11,479,414.10 11,766,296.80 1.50 612,930 COMMERZBK EUR 7,067,887.35 7,027,242.45 0.90 763,671 CREDIT AGRICOLE SA EUR 8,449,787.32 10,187,371.14 1.30 336,183 CRH PLC EUR 8,417,969.43 8,512,153.56 1.09 462,537 CTT-CORREIOS DE PORTUGAL S.A. EUR 3,521,166.92 4,280,317.40 0.55 182,645 DAIMLER AG REG SHS EUR 13,029,552.29 14,911,137.80 1.90 394,305 DEUTSCHE POST AG REG SHS EUR 9,417,818.40 10,332,762.53 1.32 1,499,405 DEUTSCHE TELEKOM AG REG SHS EUR 20,164,945.78 23,165,807.25 2.95 385,938 FERROVIAL SA EUR 7,801,390.20 7,506,494.10 0.96 169,635 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 9,279,559.02 12,559,775.40 1.60 819,052 GALP ENERGIA SA REG SHS -B- EUR 9,358,599.05 8,616,427.04 1.10 117,068 HEINEKEN HOLDING EUR 5,871,207.12 7,369,430.60 0.94 23,096 HEINEKEN NV EUR 1,360,390.00 1,572,144.72 0.20 1,347,636 ING GROEP NV EUR 14,216,449.18 19,958,489.16 2.55 6,273,885 INTESA SANPAOLO SPA NON CONV EUR 13,042,858.77 17,955,858.87 2.29 170,021 KBC GROUPE SA EUR 9,382,524.98 10,191,058.74 1.30 129,329 KION GROUP EUR 5,539,397.12 5,557,267.13 0.71 186,998 LEGRAND SA EUR 8,614,991.25 9,417,219.28 1.20 110,022 L'OREAL SA EUR 14,581,993.35 17,603,520.00 2.25 1,414,751 MEDIASET SPA EUR 6,008,512.93 6,100,406.31 0.78 1,343,749 NATIXIS SA EUR 8,948,081.76 8,673,899.80 1.11 513,146 PEUGEOT SA EUR 7,989,237.38 9,464,977.97 1.21 452,465 REED ELSEVIER NV EUR 9,642,785.78 9,626,192.88 1.23 238,551 SALZGITTER AG EUR 6,443,073.83 7,647,945.06 0.98 335,199 SAMPO OYJ -A- EUR 12,774,865.87 14,162,157.75 1.81 1,234,805 SORIN EUR 3,183,593.19 3,099,360.55 0.40 599,441 TELECINCO EUR 5,805,653.26 7,046,428.96 0.90 529,559 TOTAL SA EUR 23,550,313.83 23,072,885.63 2.94 615,050 TUI AG REG SHS EUR 9,859,462.98 8,918,225.00 1.14 81,161 VALEO SA EUR 7,920,234.35 11,472,107.35 1.46 Pound Sterling 203,613,026.01 224,043,753.45 28.60 813,074 ARM HOLDINGS PLC GBP 12,963,560.18 11,901,443.12 1.52 247,193 ASTRAZENECA PLC GBP 14,107,456.66 14,023,130.31 1.79 572,020 BHP BILLITON PLC GBP 11,793,865.94 10,084,734.00 1.29 3,667,803 BT GROUP PLC GBP 18,338,724.86 23,307,853.92 2.98 551,578 DIAGEO PLC GBP 14,390,240.71 14,333,475.87 1.83 1,291,020 DIXONS CARPHONE PLC GBP 5,489,715.44 8,264,204.53 1.06 688,089 GAME DIGITAL PLC GBP 1,819,511.67 2,525,275.46 0.32 342,917 GRAFTON GRP UNITS CONS.OF 1 ORD+1C+17-A- GBP 3,514,669.93 3,756,137.93 0.48 755,206 GREENE KING PLC GBP 8,421,684.33 9,002,349.74 1.15 12,340,052 LLOYDS BANKING GROUP PLC GBP 14,950,842.51 14,847,427.93 1.90 1,211,734 MERLIN ENTERTAINMENTS PLC GBP 7,649,901.45 7,305,125.15 0.93 1,651,638 NEW RIVER RETAIL LIMITED GBP GBP 6,492,101.58 7,436,975.40 0.95 139,516 NEXT PLC GBP 10,661,682.09 14,671,384.01 1.87 808,356 PRUDENTIAL PLC GBP 15,289,141.66 17,486,139.74 2.23 2,404,189 REGUS GBP 6,418,432.29 8,864,057.69 1.13 472,217 RIO TINTO PLC GBP 18,607,354.27 17,423,604.18 2.22 192,130 SCHRODERS GBP 8,524,471.40 8,613,238.48 1.10 196,506 SHIRE GBP 11,782,794.36 14,132,233.33 1.80 3,155,479 TAYLOR WIMPEY PLC GBP 4,299,940.03 8,275,643.98 1.06
The accompanying notes are an integral part of these financial statements. Page 194 UBAM - EUROPE EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets 1,068,411 3I GROUP PLC GBP 8,096,934.65 7,789,318.68 0.99 Swedish Krone 16,065,668.76 19,233,297.08 2.46 693,672 ASSA ABLOY -B- NEW I SEK 8,466,130.32 11,712,388.10 1.50 758,664 SANDVIK AB SEK 7,599,538.44 7,520,908.98 0.96 Swiss Franc 90,276,300.45 102,936,459.99 13.14 175,658 AMS CHF 7,980,876.29 6,899,464.32 0.88 495,289 CLARIANT NAMEN AKT CHF 9,639,494.66 9,113,355.65 1.16 439,571 NESTLE SA REG SHS CHF 25,569,086.98 28,494,230.77 3.64 412,679 NOVARTIS AG REG SHS CHF 29,424,206.59 36,520,090.13 4.66 87,077 ROCHE HOLDING AG GENUSSSCHEIN CHF 17,662,635.93 21,909,319.12 2.80 Warrants, Rights 0.00 210,681.18 0.03 Euro 0.00 210,681.18 0.03 528,023 ACERINOX 01.07.15 RIGHT EUR 0.00 210,681.18 0.03
Total investments in securities 696,836,285.82 780,031,575.40 99.58
Cash at banks/(bank liabilities) 4,564,723.51 0.58
Other net assets/(liabilities) -1,303,001.14 -0.16
Total 783,293,297.77 100.00
The accompanying notes are an integral part of these financial statements. Page 195 UBAM - EUROPE EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 24.24 Germany 15.42 France 14.19 Switzerland 12.26 The Netherlands 6.90 Spain 5.20 Italy 4.45 Belgium 3.83 Jersey Island 2.93 Sweden 2.46 Ireland 2.41 Finland 1.81 Portugal 1.65 Guernsey 0.95 Austria 0.88
99.58
Page 196 UBAM - EUROPE EQUITY
Industrial classification of investments
% of net assets Banks and credit institutions 16.74 Pharmaceuticals and cosmetics 13.10 Communications 8.67 Road vehicles 5.90 Tobacco and alcoholic drinks 5.50 Insurance 5.26 Retail trade, department stores 4.73 Petroleum 4.04 Chemicals 3.75 Foods and non alcoholic drinks 3.64 Electronics and semiconductors 3.34 Machine and apparatus construction 3.17 Coal mining and steel industry 3.14 Building materials and trade 2.63 Transportation 2.28 Non-ferrous metals 2.22 Holding and finance companies 2.14 Real estate companies 2.08 Hotels and restaurants 2.07 Biotechnology 1.80 Graphic art and publishing 1.23 Electrical engineering and electronics 1.20 Miscellaneous services 0.95
99.58
Page 197 UBAM - EUROPE EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 15,091,413.65 Dividends, net Note 2 15,085,384.88 Interest on bank accounts 6,028.77 Expenses 8,213,649.21 Management fees Note 3 4,395,289.24 Custodian fees 748,791.06 Subscription duty ("taxe d'abonnement") Note 5 106,915.14 Central administration costs 347,909.81 Audit fees 11,979.62 Interest paid on bank liabilities 6,398.36 Legal fees 10,529.95 Transaction fees Note 2 2,216,919.53 Other administration costs Note 6, 7 340,169.12 Banking charges and other fees 1,160.05 Other expenses 27,587.33 Net investment income 6,877,764.44 Net realised gain/(loss) on: - securities portfolio Note 2 20,861,727.05 - forward foreign exchange contracts Note 2 167,057.54 - foreign exchange Note 2 5,800,109.82 Realised result 33,706,658.85 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 34,873,534.02 - forward foreign exchange contracts Note 2 27,450.11 Result of operations 68,607,642.98 Dividends paid Note 14 -84,294.18 Subscriptions capitalisation shares 266,957,071.03 Subscriptions distribution shares 25,585,782.27 Redemptions capitalisation shares -85,392,982.45 Redemptions distribution shares -1,061,998.65 Total changes in net assets 274,611,221.00
Total net assets at the beginning of the period 508,682,076.77
Total net assets at the end of the period 783,293,297.77
The accompanying notes are an integral part of these financial statements. Page 198 UBAM - EUROPE EQUITY DIVIDEND+ Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 53,589,953.91 Securities portfolio at market value Note 2 44,329,789.54 Cash at banks and time deposits 5,603,775.59 Deposits on futures and option contracts 3,536,458.25 Receivable on issues of shares 15,132.80 Dividends receivable 50,495.54 Unrealised gain on forward foreign exchange contracts Note 2, 8 51,159.81 Other receivables 3,142.38 Liabilities 1,179,761.47 Short option contracts at market value Note 2, 11 761,886.38 Bank liabilities 12,839.84 Other liquid liabilities 197,394.35 Payable on redemptions of shares 1,978.46 Interest payable on bank liabilities and expenses payable 205,662.44 Net assets at the end of the period 52,410,192.44
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 267,387.250 18,517.900 128,810.831 157,094.319 Distribution shares 12,296.519 1,723.000 5,326.380 8,693.139
A CHF shares Capitalisation shares 5,125.000 0.000 1,000.000 4,125.000 Distribution shares 6,495.000 0.000 0.000 6,495.000
A USD shares Capitalisation shares 54,308.918 796.000 22,052.145 33,052.773 Distribution shares 9,339.301 0.000 3,827.384 5,511.917
AH shares Capitalisation shares 1,197.000 1,100.000 0.000 2,297.000
AH CHF shares Capitalisation shares 4,629.000 308.000 0.000 4,937.000 Distribution shares 1,965.000 500.000 80.000 2,385.000
AH USD shares Capitalisation shares 8,160.000 2,050.000 3,150.000 7,060.000
AH SEK shares Capitalisation shares 132.000 0.000 111.000 21.000
The accompanying notes are an integral part of these financial statements. Page 199 UBAM - EUROPE EQUITY DIVIDEND+ Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
I shares Capitalisation shares 70,743.739 1,400.000 20,091.000 52,052.739 Distribution shares 174,897.372 55,861.428 54,284.559 176,474.241
I CHF shares Capitalisation shares 20,000.000 0.000 0.000 20,000.000
I USD shares Capitalisation shares 145.000 0.000 0.000 145.000 Distribution shares 500.000 0.000 0.000 500.000
I GBP shares Capitalisation shares 603.742 0.000 603.742 0.000 Distribution shares 12,796.391 199.641 5,555.630 7,440.402
IH shares Capitalisation shares 4,040.000 0.000 3,900.000 140.000
IH GBP shares Capitalisation shares 2,226.278 0.000 1,601.388 624.890 Distribution shares 49,168.894 3,729.583 19,925.674 32,972.803
R shares Capitalisation shares 2,741.307 0.000 226.985 2,514.322 Distribution shares 504.740 235.442 266.605 473.577
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 52,410,192.44 70,410,516.28 93,702,587.57
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 157,094.319 267,387.250 173,185.700 Net asset value per share 116.78 111.87 112.15 Distribution shares Number of shares outstanding 8,693.139 12,296.519 24,066.718 Net asset value per share 83.66 84.78 94.04 Dividend per share 4.77 9.27 9.59
The accompanying notes are an integral part of these financial statements. Page 200 UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 52,410,192.44 70,410,516.28 93,702,587.57
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,125.000 5,125.000 5,625.000 Net asset value per share 99.38 109.93 112.32 Distribution shares Number of shares outstanding 6,495.000 6,495.000 6,670.000 Net asset value per share 71.16 83.35 94.23 Dividend per share 4.41 9.22 9.56
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 33,052.773 54,308.918 58,899.749 Net asset value per share 100.12 104.16 118.90 Distribution shares Number of shares outstanding 5,511.917 9,339.301 6,815.301 Net asset value per share 73.46 80.92 102.26 Dividend per share 4.31 9.86 9.94
A SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding - - 185.000 Net asset value per share - - 1,107.06
AH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,297.000 1,197.000 5,691.293 Net asset value per share 104.43 101.95 104.33
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,937.000 4,629.000 7,640.000 Net asset value per share 109.02 108.57 111.38 Distribution shares Number of shares outstanding 2,385.000 1,965.000 14,300.000 Net asset value per share 80.50 84.81 96.25 Dividend per share 4.71 9.42 9.82
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 7,060.000 8,160.000 17,755.000 Net asset value per share 106.95 105.72 109.08 Distribution shares Number of shares outstanding - - 9,990.000 Net asset value per share - - 96.40 Dividend per share - 2.41 7.31
The accompanying notes are an integral part of these financial statements. Page 201 UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 52,410,192.44 70,410,516.28 93,702,587.57
AH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 21.000 132.000 9,165.080 Net asset value per share 1,040.84 1,026.38 1,050.66
AH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding - - - Net asset value per share - - - Dividend per share - - 2.52
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 52,052.739 70,743.739 143,580.397 Net asset value per share 119.91 114.45 113.88 Distribution shares Number of shares outstanding 176,474.241 174,897.372 342,000.631 Net asset value per share 85.90 86.73 95.50 Dividend per share 4.89 9.44 9.69
I CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 20,000.000 20,000.000 20,000.000 Net asset value per share 95.54 105.29 106.79 Distribution shares Number of shares outstanding - - 1,020.000 Net asset value per share - - 95.62 Dividend per share - 2.39 9.64
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 145.000 145.000 145.000 Net asset value per share 95.02 98.50 111.62 Distribution shares Number of shares outstanding 500.000 500.000 2,500.000 Net asset value per share 73.56 80.74 101.27 Dividend per share 4.31 9.79 9.80
I GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding - 603.742 728.742 Net asset value per share - 88.81 94.75 Distribution shares Number of shares outstanding 7,440.402 12,796.391 24,150.351 Net asset value per share 62.38 69.00 81.47 Dividend per share 4.09 7.84 8.32
The accompanying notes are an integral part of these financial statements. Page 202 UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 52,410,192.44 70,410,516.28 93,702,587.57
IH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 140.000 4,040.000 17,701.312 Net asset value per share 116.43 113.21 115.01
IH USD shares USD USD USD Distribution shares Number of shares outstanding - - 453.476 Net asset value per share - - 100.51 Dividend per share - 7.46 10.20
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 624.890 2,226.278 480.019 Net asset value per share 88.55 87.04 88.78 Distribution shares Number of shares outstanding 32,972.803 49,168.894 39,358.801 Net asset value per share 68.37 71.10 80.27 Dividend per share 3.97 7.87 8.14
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,514.322 2,741.307 2,835.426 Net asset value per share 115.90 111.30 112.14 Distribution shares Number of shares outstanding 473.577 504.740 607.703 Net asset value per share 86.76 88.14 98.26 Dividend per share 4.96 9.67 10.06
The accompanying notes are an integral part of these financial statements. Page 203 UBAM - EUROPE EQUITY DIVIDEND+ Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 38,742,798.78 44,329,789.54 84.58 another regulated market Shares 38,742,798.78 44,329,789.54 84.58 Euro 25,500,813.99 30,059,692.86 57.35 17,100 ALLIANZ SE REG SHS EUR 2,369,458.16 2,388,870.00 4.56 29,400 BASF - NAMEN AKT EUR 2,187,881.57 2,317,308.00 4.42 33,200 DEUTSCHE BOERSE AG REG SHS EUR 1,719,661.85 2,465,100.00 4.70 88,400 DEUTSCHE POST AG REG SHS EUR 1,590,766.84 2,316,522.00 4.42 152,000 DEUTSCHE TELEKOM AG REG SHS EUR 2,264,359.20 2,348,400.00 4.48 105,100 REED ELSEVIER NV EUR 1,342,837.38 2,236,002.50 4.27 89,294 ROYAL DUTCH SHELL PLC EUR 2,285,545.18 2,265,388.78 4.32 99,144 ROYAL PHILIPS ELECTRONICS EUR 2,307,765.75 2,262,466.08 4.32 26,800 SANOFI AVENTIS EUR 2,066,673.96 2,364,832.00 4.51 25,200 SIEMENS AG REG SHS EUR 2,106,596.07 2,276,820.00 4.34 55,200 TOTAL SA EUR 2,182,011.02 2,405,064.00 4.59 61,000 UNILEVER NV EUR 1,893,604.70 2,278,655.00 4.35 80,100 WOLTERS KLUWER NV EUR 1,183,652.31 2,134,264.50 4.07 Pound Sterling 13,241,984.79 14,270,096.68 27.23 40,000 ASTRAZENECA PLC GBP 2,105,010.72 2,269,179.19 4.33 131,000 BHP BILLITON PLC GBP 2,776,097.10 2,309,534.90 4.41 50,000 BRITISH AMERICAN TOBACCO PLC GBP 1,933,908.62 2,410,191.26 4.60 98,000 DIAGEO PLC GBP 1,912,472.53 2,546,658.20 4.86 300,000 HSBC HOLDINGS PLC GBP 2,447,465.56 2,414,143.55 4.61 128,000 PEARSON PLC GBP 1,853,201.19 2,177,147.29 4.15 118,000 SOUTH 32 LTD GBP 213,829.07 143,242.29 0.27
Derivative instruments -1,097,394.69 -761,886.38 -1.45 Options -1,097,394.69 -761,886.38 -1.45 Euro -651,890.20 -324,577.56 -0.62 -85 ALLIANZ SE JUL 145.50 31.07.15 CALL EUR -24,837.00 -21,784.65 -0.04 -83 ALLIANZ SE JUL 147.50 15.07.15 CALL EUR -21,248.00 -7,207.72 -0.01 -150 BASF SE JUL 82.00 31.07.15 CALL EUR -24,900.00 -23,905.50 -0.05 -143 BASF SE JUL 82.40 16.07.15 CALL EUR -29,887.00 -11,136.84 -0.02 -163 DEUTSCHE BOERSE JUL 73.50 21.07.15 CALL EUR -23,798.00 -39,273.22 -0.07 -167 DEUTSCHE BOERSE JUL 74.70 07.07.15 CALL EUR -23,697.30 -16,040.35 -0.03 -455 DEUTSCHE POST JUL 26.30 13.07.15 CALL EUR -24,570.00 -25,757.55 -0.05 -450 DEUTSCHE POST JUL 27.20 30.07.15 CALL EUR -27,000.00 -23,710.50 -0.05 -780 DEUTSCHE TELECOM JUL 15.60 17.07.15 CALL EUR -25,350.00 -30,427.80 -0.06 -770 DEUTSCHE TELECOM JUL 16.40 06.07.15 CALL EUR -28,413.00 -1,824.90 0.00 -555 REED ELSEVIER JUL 21.90 23.07.15 CALL EUR -21,517.35 -14,274.60 -0.03 -545 REED ELSEVIER JUL 23.00 03.07.15 CALL EUR -26,841.25 0.00 0.00 -455 ROYAL DUTCH SHELL JUL 25.80 13.07.15 CALL EUR -24,342.50 -10,064.60 -0.02 -460 ROYAL DUTCH SHELL JUL 26.80 27.07.15 CALL EUR -24,012.00 -4,692.00 -0.01 -510 ROYAL PHILIPS ELECTRONICS JUL 24.00 28.07.15 CALL EUR -26,877.00 -14,489.10 -0.03 -495 ROYAL PHILIPS ELECTRONICS JUL 25.20 09.07.15 CALL EUR -24,651.00 -227.70 0.00 -132 SANOFI AVENTIS JUL 92.50 15.07.15 CALL EUR -22,836.00 -7,868.52 -0.02 -133 SANOFI AVENTIS JUL 92.80 01.07.15 CALL EUR -26,866.00 -1.33 0.00 -124 SIEMENS AG JUL 97.50 24.07.15 CALL EUR -23,820.40 -5,463.44 -0.01 -128 SIEMENS AG JUL 97.60 08.07.15 CALL EUR -26,208.00 -472.32 0.00 -266 TOTAL SA JUL 45.00 22.07.15 CALL EUR -25,163.60 -17,130.40 -0.03 -264 TOTAL SA JUL 45.10 10.07.15 CALL EUR -23,812.80 -7,378.80 -0.01 -316 UNILEVER JUL 37.50 16.07.15 CALL EUR -26,702.00 -25,286.32 -0.05 -310 UNILEVER JUL 39.80 01.07.15 CALL EUR -25,829.20 0.00 0.00 -290 WOLTERS KLUWERS JUL 27.70 20.07.15 CALL EUR -15,660.00 -7,664.70 -0.01 -290 WOLTERS KLUWERS JUL 28.10 30.07.15 CALL EUR -15,660.00 -8,024.30 -0.02 -280 WOLTERS KLUWERS JUL 28.40 08.07.15 CALL EUR -17,390.80 -470.40 0.00 Pound Sterling -309,681.92 -97,698.62 -0.19 -21 ASTRAZENECA JUL 42.00 20.07.15 CALL GBP -25,605.98 -7,970.78 -0.02 -20 ASTRAZENECA JUL 44.30 02.07.15 CALL GBP -26,323.66 0.00 0.00 -65 BHP BILLITON JUL 13.40 29.07.15 CALL GBP -23,572.95 -9,239.18 -0.02 -65 BHP BILLITON JUL 13.70 14.07.15 CALL GBP -31,282.23 -1,312.02 0.00 -25 BRITISH AMERICAN TOBACCO JUL 34.40 10.07.15 CALL GBP -24,090.23 -14,415.27 -0.03 -24 BRITISH AMERICAN TOBACCO JUL 35.90 23.07.15 CALL GBP -24,066.62 -5,843.74 -0.01 -50 DIAGEO PLC JUL 18.05 09.07.15 CALL GBP -27,758.88 -38,788.91 -0.06 -45 DIAGEO PLC JUL 19.50 29.07.15 CALL GBP -26,691.14 -13,891.59 -0.03 -143 HSBC HOLDINGS JUL 6.02 17.07.15 CALL GBP -26,707.55 -2,724.96 -0.01
The accompanying notes are an integral part of these financial statements. Page 204 UBAM - EUROPE EQUITY DIVIDEND+ Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets -142 HSBC HOLDINGS JUL 6.32 03.07.15 CALL GBP -26,021.99 0.00 0.00 -66 PEARSON PLC JUL 12.80 21.07.15 CALL GBP -25,153.85 -3,512.17 -0.01 -65 PEARSON PLC JUL 13.35 02.07.15 CALL GBP -22,406.84 0.00 0.00 Swiss Franc -135,822.57 -339,610.20 -0.64 -178 NESTLE SA JUL 70.20 27.07.15 PUT CHF -18,290.00 -52,478.63 -0.10 -175 NESTLE SA JUL 73.30 07.07.15 PUT CHF -18,426.40 -97,659.18 -0.18 -132 NOVARTIS AG JUL 94.00 14.07.15 PUT CHF -25,025.48 -34,746.18 -0.07 -134 NOVARTIS AG JUL 95.00 28.07.15 PUT CHF -24,630.47 -51,628.54 -0.10 -47 ROCHE HOLDING JUL 257.00 22.07.15 PUT CHF -23,077.95 -18,929.99 -0.04 -46 ROCHE HOLDING JUL 281.00 06.07.15 PUT CHF -26,372.27 -84,167.68 -0.15
Total investments in securities 37,645,404.09 43,567,903.16 83.13
Cash at banks/(bank liabilities) 5,590,935.75 10.67
Other net assets/(liabilities) 3,251,353.53 6.20
Total 52,410,192.44 100.00
The accompanying notes are an integral part of these financial statements. Page 205 UBAM - EUROPE EQUITY DIVIDEND+
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 26.87 United Kingdom 26.84 The Netherlands 21.33 France 9.10 Australia 0.27 Luxembourg -1.28
83.13
Industrial classification of investments
% of net assets Graphic art and publishing 12.49 Tobacco and alcoholic drinks 9.46 Petroleum 8.91 Pharmaceuticals and cosmetics 8.84 Coal mining and steel industry 4.68 Holding and finance companies 4.65 Banks and credit institutions 4.61 Insurance 4.56 Communications 4.48 Chemicals 4.42 Transportation 4.42 Miscellaneous consumer goods 4.35 Electrical engineering and electronics 4.34 Electronics and semiconductors 4.32 Other -1.40
83.13
Page 206 UBAM - EUROPE EQUITY DIVIDEND+ Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 1,408,806.23 Dividends, net Note 2 1,408,117.60 Interest on bank accounts 687.50 Other income 1.13 Expenses 699,263.79 Management fees Note 3 349,542.55 Custodian fees 69,092.82 Subscription duty ("taxe d'abonnement") Note 5 7,838.40 Central administration costs 26,858.59 Audit fees 801.76 Interest paid on bank liabilities 19,889.85 Legal fees 4,848.17 Transaction fees Note 2 174,257.86 Other administration costs Note 6, 7 34,133.83 Banking charges and other fees 4,986.77 Other expenses 7,013.19 Net investment income 709,542.44 Net realised gain/(loss) on: - securities portfolio Note 2 3,708,366.25 - option contracts Note 2 -2,864,636.41 - forward foreign exchange contracts Note 2 487,173.08 - foreign exchange Note 2 904,485.10 Realised result 2,944,930.46 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -232,687.17 - option Note 2 508,044.51 - forward foreign exchange contracts Note 2 -42,562.40 Result of operations 3,177,725.40 Dividends paid Note 14 -1,166,387.63 Subscriptions capitalisation shares 2,756,934.61 Subscriptions distribution shares 5,575,402.13 Redemptions capitalisation shares -20,459,956.22 Redemptions distribution shares -7,884,042.13 Total changes in net assets -18,000,323.84
Total net assets at the beginning of the period 70,410,516.28
Total net assets at the end of the period 52,410,192.44
The accompanying notes are an integral part of these financial statements. Page 207 UBAM - EUROPE EQUITY FLEX Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 25,315,214.39 Securities portfolio at market value Note 2 22,073,252.55 Cash at banks and time deposits 2,544,925.79 Deposits on futures and option contracts 575,009.26 Dividends receivable 24,896.22 Unrealised gain on futures contracts Note 2, 9 96,825.00 Receivable on treasury transactions Note 2 305.57 Liabilities 420,080.02 Short option contracts at market value Note 2, 11 55,992.00 Bank liabilities 250,178.53 Other liquid liabilities 7,971.85 Interest payable on bank liabilities and expenses payable 105,937.64 Net assets at the end of the period 24,895,134.37
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 395.000 189,643.000 5,566.000 184,472.000
IP shares Capitalisation shares 10.000 37,170.000 6,510.000 30,670.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
Z shares Capitalisation shares 49,980.000 0.000 49,980.000 0.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 24,895,134.37 5,347,383.66 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 184,472.000 395.000 - Net asset value per share 115.56 104.84 -
The accompanying notes are an integral part of these financial statements. Page 208 UBAM - EUROPE EQUITY FLEX Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 24,895,134.37 5,347,383.66 -
IP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 30,670.000 10.000 - Net asset value per share 116.62 105.19 -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 96.78 - -
Z shares EUR EUR EUR Capitalisation shares Number of shares outstanding - 49,980.000 - Net asset value per share - 106.14 -
The accompanying notes are an integral part of these financial statements. Page 209 UBAM - EUROPE EQUITY FLEX Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 22,259,145.28 22,073,252.55 88.66 another regulated market Shares 22,259,145.28 22,067,315.43 88.64 Euro 12,401,920.78 12,285,609.48 49.34 14,910 ACERINOX REG SHS EUR 221,056.63 185,033.10 0.74 14,888 AHOLD NV EUR 267,902.83 250,118.40 1.00 4,979 ANHEUSER-BUSCH INBEV NV EUR 535,600.06 535,242.50 2.15 2,318 ASML HLDG EUR 208,573.92 214,878.60 0.86 12,210 AXA SA EUR 269,871.91 276,312.30 1.11 212,699 BANCA POPOLARE DI MILANO EUR 187,521.16 201,213.25 0.81 46,668 BANCO POPULAR ESPANOL EUR 222,960.45 202,819.13 0.81 516,270 BANK OF IRELAND (GOV&CO) EUR 174,013.64 186,889.74 0.75 53,260 BANKINTER REG.SHS EUR 365,718.40 353,060.54 1.42 4,777 BAYER AG REG SHS EUR 611,644.36 599,752.35 2.41 996 BMW AG EUR 102,706.65 97,787.28 0.39 2,671 BMW VORZUG - STIMMRECHTSLOS EUR 217,814.32 202,809.03 0.81 12,192 CARREFOUR SA EUR 378,695.61 350,154.24 1.41 17,301 COMMERZBK EUR 211,168.31 198,355.97 0.80 21,556 CREDIT AGRICOLE SA EUR 280,993.31 287,557.04 1.16 8,853 CRH PLC EUR 225,614.78 224,157.96 0.90 14,886 CTT-CORREIOS DE PORTUGAL S.A. EUR 141,421.26 137,755.04 0.55 5,328 DAIMLER AG REG SHS EUR 439,605.36 434,977.92 1.75 11,028 DEUTSCHE POST AG REG SHS EUR 324,840.70 288,988.74 1.16 42,383 DEUTSCHE TELEKOM AG REG SHS EUR 666,474.68 654,817.35 2.64 10,909 FERROVIAL SA EUR 220,510.73 212,180.05 0.85 4,867 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 344,195.50 360,352.68 1.45 23,163 GALP ENERGIA SA REG SHS -B- EUR 264,663.10 243,674.76 0.98 3,365 HEINEKEN HOLDING EUR 204,679.12 211,826.75 0.85 662 HEINEKEN NV EUR 45,514.09 45,062.34 0.18 38,039 ING GROEP NV EUR 492,055.31 563,357.59 2.26 182,841 INTESA SANPAOLO SPA NON CONV EUR 482,211.07 523,290.94 2.10 4,799 KBC GROUPE SA EUR 274,179.40 287,652.06 1.16 3,649 KION GROUP EUR 156,294.49 156,797.53 0.63 5,416 LEGRAND SA EUR 269,983.60 272,749.76 1.10 3,240 L'OREAL SA EUR 523,118.15 518,400.00 2.08 36,452 MEDIASET SPA EUR 157,616.88 157,181.02 0.63 36,326 NATIXIS SA EUR 254,758.63 234,484.33 0.94 11,710 PEUGEOT SA EUR 186,120.85 215,990.95 0.87 13,130 REED ELSEVIER NV EUR 296,607.33 279,340.75 1.12 6,970 SALZGITTER AG EUR 198,487.43 223,458.20 0.90 9,456 SAMPO OYJ -A- EUR 416,168.57 399,516.00 1.60 34,909 SORIN EUR 90,002.77 87,621.59 0.35 17,426 TELECINCO EUR 193,355.90 204,842.63 0.82 14,976 TOTAL SA EUR 709,478.44 652,504.32 2.62 16,521 TUI AG REG SHS EUR 271,418.38 239,554.50 0.96 2,215 VALEO SA EUR 296,302.70 313,090.25 1.26 Pound Sterling 6,342,441.85 6,364,713.21 25.57 22,986 ARM HOLDINGS PLC GBP 366,462.24 336,459.62 1.35 6,852 ASTRAZENECA PLC GBP 425,484.93 388,710.40 1.56 16,673 BHP BILLITON PLC GBP 339,609.27 293,945.61 1.18 103,528 BT GROUP PLC GBP 622,873.47 657,891.26 2.63 15,104 DIAGEO PLC GBP 398,416.55 392,497.20 1.58 38,673 DIXONS CARPHONE PLC GBP 217,654.77 247,557.43 0.99 22,403 GAME DIGITAL PLC GBP 71,500.97 82,218.65 0.33 8,826 GRAFTON GRP UNITS CONS.OF 1 ORD+1C+17-A- GBP 94,855.11 96,675.50 0.39 21,916 GREENE KING PLC GBP 254,854.40 261,247.26 1.05 348,704 LLOYDS BANKING GROUP PLC GBP 422,499.92 419,557.19 1.69 37,662 MERLIN ENTERTAINMENTS PLC GBP 238,663.60 227,051.17 0.91 46,211 NEW RIVER RETAIL LIMITED GBP GBP 191,886.41 208,078.33 0.84 3,835 NEXT PLC GBP 371,286.45 403,285.34 1.62 22,649 PRUDENTIAL PLC GBP 500,976.80 489,937.09 1.97 65,982 REGUS GBP 208,044.21 243,270.49 0.98 13,749 RIO TINTO PLC GBP 566,206.43 507,303.07 2.04 5,304 SCHRODERS GBP 238,276.02 237,779.72 0.96 5,730 SHIRE GBP 405,628.33 412,087.66 1.66 91,533 TAYLOR WIMPEY PLC GBP 178,996.52 240,056.90 0.96
The accompanying notes are an integral part of these financial statements. Page 210 UBAM - EUROPE EQUITY FLEX Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets 30,053 3I GROUP PLC GBP 228,265.45 219,103.32 0.88 Swedish Krone 519,238.78 507,807.62 2.04 18,291 ASSA ABLOY -B- NEW I SEK 310,149.26 308,836.58 1.24 20,071 SANDVIK AB SEK 209,089.52 198,971.04 0.80 Swiss Franc 2,995,543.87 2,909,185.12 11.69 5,052 AMS CHF 234,581.44 198,431.58 0.80 13,981 CLARIANT NAMEN AKT CHF 273,831.02 257,251.47 1.03 12,407 NESTLE SA REG SHS CHF 842,686.12 804,256.70 3.23 11,648 NOVARTIS AG REG SHS CHF 1,037,393.35 1,030,791.51 4.15 2,458 ROCHE HOLDING AG GENUSSSCHEIN CHF 607,051.94 618,453.86 2.48 Warrants, Rights 0.00 5,937.12 0.02 Euro 0.00 5,937.12 0.02 14,880 ACERINOX 01.07.15 RIGHT EUR 0.00 5,937.12 0.02
Derivative instruments -38,260.00 -55,992.00 -0.22 Options -38,260.00 -55,992.00 -0.22 Euro -38,260.00 -55,992.00 -0.22 -20 DJ EURO STOXX 50 AUG 3400 24.08.15 PUT EUR -12,200.00 -26,760.00 -0.11 -42 DJ EURO STOXX 50 AUG 3200 24.08.15 PUT EUR -26,060.00 -29,232.00 -0.11
Total investments in securities 22,220,885.28 22,017,260.55 88.44
Cash at banks/(bank liabilities) 2,294,747.26 9.22
Other net assets/(liabilities) 583,126.56 2.34
Total 24,895,134.37 100.00
The accompanying notes are an integral part of these financial statements. Page 211 UBAM - EUROPE EQUITY FLEX
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 21.70 Germany 13.68 France 12.55 Switzerland 10.89 The Netherlands 6.27 Spain 4.66 Italy 3.89 Belgium 3.31 Jersey Island 2.64 Ireland 2.04 Sweden 2.04 Finland 1.60 Portugal 1.53 Guernsey 0.84 Austria 0.80
88.44
Page 212 UBAM - EUROPE EQUITY FLEX
Industrial classification of investments
% of net assets Banks and credit institutions 14.86 Pharmaceuticals and cosmetics 11.72 Communications 7.71 Road vehicles 5.08 Tobacco and alcoholic drinks 4.76 Insurance 4.68 Retail trade, department stores 4.36 Petroleum 3.60 Chemicals 3.44 Foods and non alcoholic drinks 3.23 Electronics and semiconductors 3.01 Coal mining and steel industry 2.84 Machine and apparatus construction 2.67 Building materials and trade 2.25 Non-ferrous metals 2.04 Transportation 2.01 Hotels and restaurants 1.87 Real estate companies 1.82 Holding and finance companies 1.71 Biotechnology 1.66 Graphic art and publishing 1.12 Electrical engineering and electronics 1.10 Miscellaneous services 0.90
88.44
Page 213 UBAM - EUROPE EQUITY FLEX Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 392,023.87 Dividends, net Note 2 392,023.87 Expenses 297,598.73 Management fees Note 3 100,725.48 Custodian fees 24,915.04 Subscription duty ("taxe d'abonnement") Note 5 4,312.57 Central administration costs 8,961.64 Audit fees 378.26 Interest paid on bank liabilities 1,863.24 Legal fees 2,534.62 Transaction fees Note 2 138,648.19 Other administration costs Note 6, 7 14,408.99 Other expenses 850.70 Net investment income 94,425.14 Net realised gain/(loss) on: - securities portfolio Note 2 241,025.60 - options contracts Note 2 22,419.00 - futures contracts Note 2 71,120.00 - foreign exchange Note 2 117,638.39 Realised result 546,628.13 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -485,101.45 - option Note 2 -21,818.00 - futures contracts Note 2 102,845.00 Result of operations 142,553.68 Subscriptions capitalisation shares 26,968,379.05 Redemptions capitalisation shares -7,563,182.02 Total changes in net assets 19,547,750.71
Total net assets at the beginning of the period 5,347,383.66
Total net assets at the end of the period 24,895,134.37
The accompanying notes are an integral part of these financial statements. Page 214 UBAM - EUROPEAN OPPORTUNITIES EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 5,029,051.92 Securities portfolio at market value Note 2 4,862,364.42 Cash at banks and time deposits 165,046.02 Dividends receivable 1,641.48 Liabilities 26,355.35 Interest payable on bank liabilities and expenses payable 26,355.35 Net assets at the end of the period 5,002,696.57
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 59,320.000 7,395.000 25,301.000 41,414.000
A CHF shares Capitalisation shares 1,500.000 800.000 1,200.000 1,100.000
I shares Capitalisation shares 16,255.922 1,859.747 9,995.499 8,120.170
UP GBP shares Capitalisation shares 375.000 0.000 0.000 375.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 5,002,696.57 6,450,883.78 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 41,414.000 59,320.000 - Net asset value per share 98.48 83.81 -
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,100.000 1,500.000 - Net asset value per share 80.59 79.18 -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8,120.170 16,255.922 - Net asset value per share 97.04 82.27 -
The accompanying notes are an integral part of these financial statements. Page 215 UBAM - EUROPEAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 5,002,696.57 6,450,883.78 -
UP GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 375.000 375.000 - Net asset value per share 96.39 89.42 -
The accompanying notes are an integral part of these financial statements. Page 216 UBAM - EUROPEAN OPPORTUNITIES EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 4,555,116.30 4,862,364.42 97.19 another regulated market Shares 4,555,116.30 4,855,079.02 97.04 Euro 4,348,716.24 4,580,972.07 91.56 3,350 ACERINOX REG SHS EUR 52,858.19 41,573.50 0.83 4,761 ACS EUR 139,012.99 137,378.66 2.75 16,229 ALTRI SGPS SA EUR 52,501.65 53,020.14 1.06 7,086 ATLANTIA SPA EUR 135,368.99 157,025.76 3.14 9,623 ATRESMEDIA CORPORACION DE MEDIOS EUR 107,315.70 133,759.70 2.67 7,539 BANCO POPOLARE AZ. POST RAGGRUPPAMEN EUR 101,822.32 111,275.64 2.22 582,003 BANK OF IRELAND (GOV&CO) EUR 165,817.16 210,685.09 4.20 4,166 BOLSAS Y MERCADOS ESPANOLES SA EUR 130,378.58 151,142.48 3.02 100,000 CAIRN HOMES EUR 100,000.00 109,250.00 2.18 5,833 COMMERZBK EUR 65,424.93 66,875.35 1.34 14,955 CTT-CORREIOS DE PORTUGAL S.A. EUR 104,881.21 138,393.57 2.77 20,550 DALATA HOTEL GROUP PLC EUR 79,091.95 73,980.00 1.48 47,976 EDP-ENERGIAS REG.SHS EUR 163,336.85 163,358.28 3.27 2,702 EI TOWERS EUR 107,040.38 146,043.10 2.92 10,793 FIAT CHRYSLER AUTOMOBILES -A- EUR 86,038.70 141,820.02 2.83 11,568 GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS EUR 132,710.67 90,346.08 1.81 72,010 GREEN REIT EUR 95,604.08 105,566.66 2.11 8,938 GRIVALIA PROPERTIES EUR 77,409.51 65,783.68 1.31 15,107 HELLENIC EXCHANGES SA REG SHS EUR 129,223.54 70,096.48 1.40 427,777 INDEPENDENT NEW AND MEDIA PLC EUR 82,658.62 76,144.31 1.52 60,279 INTESA SANPAOLO SPA EUR 144,101.35 196,027.31 3.92 24,609 IRISH CONTL GROUP UNITS EUR 72,328.28 96,959.46 1.94 22,724 ITALCEMENTI SPA EUR 163,248.89 134,526.08 2.69 6,664 LAR ESPANA EUR 66,240.16 66,000.26 1.32 23,599 MAPFRE REG-SHS EUR 70,595.62 72,850.11 1.46 38,299 MEDIASET SPA EUR 146,289.79 165,145.29 3.30 18,249 MEDIOLANUM SPA EUR 118,293.80 135,042.60 2.70 9,501 MELIA HOTELS EUR 88,277.54 112,491.84 2.25 18,071 MOTOR OIL HELLAS CORINTH REFIN.REG SHS EUR 150,299.66 153,603.50 3.07 23,381 NH HOTELES SA EUR 108,569.86 120,412.15 2.41 17,713 NOS REG SHS EUR 98,237.78 127,073.06 2.54 2,289 PEUGEOT SA EUR 33,325.32 42,220.61 0.84 26,471 PIAGGIO AND C SPA EUR 76,373.02 79,677.71 1.59 5,263 PRYSMIAN SPA EUR 91,351.52 101,996.94 2.04 68,617 RCS MEDIAGROUP EUR 73,114.82 77,743.06 1.55 1,288 RED ELECTRICA CORPORACION SA EUR 89,702.28 92,581.44 1.85 27,084 REN EUR 71,294.84 68,007.92 1.36 5,230 REPSOL SA EUR 99,923.14 82,372.50 1.65 33,871 SACYR SA EUR 161,126.01 115,025.92 2.30 86,417 SONAE SGPS - REG SHS EUR 100,570.64 101,712.81 2.03 5,880 TITAN CEMENT REG. EUR 136,339.17 125,832.00 2.52 4,838 TUI AG REG SHS EUR 80,616.73 70,151.00 1.40 Pound Sterling 206,400.06 274,106.95 5.48 41,303 COLT TELECOM GROUP SA GBP 83,541.57 110,187.97 2.20 14,965 GRAFTON GRP UNITS CONS.OF 1 ORD+1C+17-A- GBP 122,858.49 163,918.98 3.28 Warrants, Rights 0.00 7,285.40 0.15 Euro 0.00 7,285.40 0.15 3,348 ACERINOX 01.07.15 RIGHT EUR 0.00 1,335.85 0.03 5,230 REPSOL 03.07.15 RIGHT EUR 0.00 2,494.71 0.05 33,871 SACYR 14.07.15 RIGHT EUR 0.00 3,454.84 0.07
Total investments in securities 4,555,116.30 4,862,364.42 97.19
Cash at banks/(bank liabilities) 165,046.02 3.30
Other net assets/(liabilities) -24,713.87 -0.49
Total 5,002,696.57 100.00
The accompanying notes are an integral part of these financial statements. Page 217 UBAM - EUROPEAN OPPORTUNITIES EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Italy 26.07 Spain 22.66 Ireland 16.71 Portugal 13.03 Greece 10.11 The Netherlands 2.83 Germany 2.74 Luxembourg 2.20 France 0.84
97.19
Industrial classification of investments
% of net assets Building materials and trade 15.79 Banks and credit institutions 13.08 Communications 12.49 Hotels and restaurants 9.35 Graphic art and publishing 5.74 Miscellaneous services 5.31 Utilities 5.12 Transportation 5.08 Petroleum 4.77 Holding and finance companies 4.01 Road vehicles 3.67 Real estate companies 3.43 Miscellaneous trading companies 3.02 Machine and apparatus construction 1.59 Insurance 1.46 Electrical engineering and electronics 1.36 Paper and forest products 1.06 Coal mining and steel industry 0.86
97.19
Page 218 UBAM - EUROPEAN OPPORTUNITIES EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 69,916.66 Dividends, net Note 2 69,769.23 Interest on bank accounts 147.43 Expenses 82,243.89 Management fees Note 3 44,953.60 Custodian fees 5,438.55 Subscription duty ("taxe d'abonnement") Note 5 1,161.97 Central administration costs 2,627.26 Audit fees 81.81 Interest paid on bank liabilities 33.58 Legal fees 2,353.13 Transaction fees Note 2 17,764.49 Other administration costs Note 6, 7 6,475.44 Other expenses 1,354.06 Net investment loss -12,327.23 Net realised gain/(loss) on: - securities portfolio Note 2 -193,755.26 - foreign exchange Note 2 6,657.69 Realised result -199,424.80 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 1,083,377.86 Result of operations 883,953.06 Subscriptions capitalisation shares 940,876.30 Redemptions capitalisation shares -3,273,016.57 Total changes in net assets -1,448,187.21
Total net assets at the beginning of the period 6,450,883.78
Total net assets at the end of the period 5,002,696.57
The accompanying notes are an integral part of these financial statements. Page 219 UBAM - GCM MIDCAP US EQUITY GROWTH Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 52,007,178.16 Securities portfolio at market value Note 2 49,725,846.17 Cash at banks and time deposits 3,967.06 Receivable on issues of shares 2,269,086.68 Dividends receivable 8,278.25 Liabilities 689,053.64 Bank liabilities 419,706.74 Payable on redemptions of shares 41,614.19 Unrealised loss on forward foreign exchange contracts Note 2, 8 8,729.72 Interest payable on bank liabilities and expenses payable 219,002.99 Net assets at the end of the period 51,318,124.52
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 107,802.795 6,509.041 15,378.538 98,933.298 Distribution shares 4,760.000 130.000 0.000 4,890.000
AH EUR shares Capitalisation shares 6,176.000 0.000 1,357.000 4,819.000
AH CHF shares Capitalisation shares 1,500.000 0.000 0.000 1,500.000
I shares Capitalisation shares 53,720.710 8,939.204 39,073.655 23,586.259
IH CHF shares Capitalisation shares 840.000 0.000 0.000 840.000
R shares Capitalisation shares 914.581 57.330 442.494 529.417
The accompanying notes are an integral part of these financial statements. Page 220 UBAM - GCM MIDCAP US EQUITY GROWTH Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 51,318,124.52 63,519,763.13 119,919,088.40
A shares USD USD USD Capitalisation shares Number of shares outstanding 98,933.298 107,802.795 157,062.873 Net asset value per share 377.77 355.63 344.25 Distribution shares Number of shares outstanding 4,890.000 4,760.000 3,385.000 Net asset value per share 377.72 355.59 344.23
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,819.000 6,176.000 36,654.000 Net asset value per share 270.55 255.56 248.38
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,500.000 1,500.000 1,500.000 Net asset value per share 340.31 321.07 312.20
I shares USD USD USD Capitalisation shares Number of shares outstanding 23,586.259 53,720.710 138,409.368 Net asset value per share 407.36 382.08 367.13
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding - - 23.000 Net asset value per share - - 253.82
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 840.000 840.000 840.000 Net asset value per share 344.18 323.52 312.27
R shares USD USD USD Capitalisation shares Number of shares outstanding 529.417 914.581 1,567.952 Net asset value per share 341.84 323.39 316.19
The accompanying notes are an integral part of these financial statements. Page 221 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 41,923,227.04 49,725,846.17 96.90 another regulated market Shares 41,923,227.04 49,725,846.17 96.90 US Dollar 41,923,227.04 49,725,846.17 96.90 4,765 AFFILIATED MANAGERS GROUP USD 953,639.21 1,041,629.00 2.03 13,481 ALIGN TECHNOLOGY INC USD 784,056.13 845,393.51 1.65 21,955 AMPHENOL -A- USD 928,909.33 1,272,731.35 2.48 10,179 ANSYS INC USD 879,751.23 928,731.96 1.81 5,419 BARD INC USD 801,616.00 925,023.30 1.80 10,711 BEACON ROOFING SUPPLY INC USD 347,242.53 355,819.42 0.69 9,150 BROADRIDGE FINANCIAL SOL -W/I USD 498,183.63 457,591.50 0.89 10,963 CARTER S INC USD 960,821.56 1,165,366.90 2.27 16,833 CERNER CORP USD 823,684.55 1,162,486.98 2.27 1,432 CHIPOTLE MEXICAN GRILL -A- USD 787,263.47 866,345.68 1.69 13,446 CHURCH AND DWIGHT CO USD 918,358.99 1,090,873.98 2.13 17,828 COGNIZANT TECHNOLOGY SOLUTIONS -A- USD 810,217.07 1,089,112.52 2.12 4,652 CONCHO RES USD 524,177.10 529,676.72 1.03 5,242 COOPER COMPANIES INC USD 871,834.03 932,918.74 1.82 23,581 COPART INC USD 794,874.28 836,653.88 1.63 3,793 COSTAR GROUP INC USD 653,713.90 763,379.18 1.49 18,340 DSW -A- USD 777,062.47 612,005.80 1.19 25,315 EAST WEST BANCORP INC USD 867,930.04 1,134,618.30 2.21 15,492 FASTENAL CO USD 744,691.30 653,452.56 1.27 16,148 FISERV INC USD 900,243.77 1,337,538.84 2.61 8,651 GARTNER GROUP INC -A- USD 684,804.97 742,082.78 1.45 8,399 GENESEE&WYOMING -A- USD 833,304.51 639,835.82 1.25 16,153 HAIN CELESTIAL GROUP INC USD 735,260.81 1,063,836.58 2.07 10,840 IDEX CORP USD 777,795.75 851,807.20 1.66 7,663 IDEXX LABS CORP USD 509,478.18 491,504.82 0.96 4,981 IHS INC -A- USD 565,007.83 640,706.03 1.25 4,216 INTERCONEXCH GR INC WI USD 833,065.56 942,739.76 1.84 11,233 INTUIT USD 838,667.03 1,131,949.41 2.21 9,118 J.B. HUNT TRANSPORT SERVICES INC USD 704,472.74 748,496.62 1.46 6,522 J.M. SMUCKER CO SHS/WHEN ISSUED USD 699,396.17 707,050.02 1.38 38,528 LKQ CORP USD 1,186,747.61 1,165,279.36 2.27 20,880 MANHATTAN ASSOCIATES INC USD 747,098.30 1,245,492.00 2.43 11,417 MIDDLEBY CORP USD 943,209.07 1,281,329.91 2.50 6,950 O REILLY AUTO USD 936,057.33 1,570,561.00 3.05 3,672 PANERA BREAD CO -A- USD 598,758.04 641,755.44 1.25 13,321 PAREXEL INTERNATIONAL USD 628,853.64 856,673.51 1.67 5,174 PERRIGO COMPANY PLC USD 754,986.54 956,310.42 1.86 6,769 POLARIS INDUSTRIES INC USD 867,650.09 1,002,556.59 1.95 8,312 RANGE RESOURCES CORP USD 624,061.70 410,446.56 0.80 17,895 RAYMOND JAMES FINANCIAL INC USD 977,901.06 1,066,184.10 2.08 13,688 RED HAT USD 741,087.89 1,039,329.84 2.03 4,600 ROPER TECHNOLOGIES USD 635,362.95 793,316.00 1.55 7,340 SIGNATURE BANK USD 776,419.74 1,074,502.60 2.09 9,400 SIRONA DENTAL SYSTEMS USD 710,566.43 943,948.00 1.84 5,837 STERICYCLE INC USD 688,404.52 781,632.67 1.52 5,568 STERIS CORP USD 393,551.20 358,801.92 0.70 3,568 THE ULTIMATE SOFTWARE GROUP INC USD 518,325.69 586,365.12 1.14 8,094 TIFFANY CO USD 751,225.86 743,029.20 1.45 3,609 TOWERS WATSON -A- USD 496,888.81 454,012.20 0.88 16,477 TRACTOR SUPPLY CO USD 1,185,969.62 1,481,941.38 2.88 9,039 TYLER TECHNOLOGIES INC USD 870,317.45 1,169,465.82 2.28 16,052 UNDER ARMOUR INC -A- USD 772,781.23 1,339,378.88 2.61 9,233 VARIAN MEDICAL SYTEMS USD 693,946.53 778,618.89 1.52 13,858 VERISK ANALYTICS INC USD 866,988.16 1,008,308.08 1.96 10,773 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP USD 746,543.44 1,015,247.52 1.98
Total investments in securities 41,923,227.04 49,725,846.17 96.90
Cash at banks/(bank liabilities) -415,739.68 -0.81
Other net assets/(liabilities) 2,008,018.03 3.91
The accompanying notes are an integral part of these financial statements. Page 222 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Total 51,318,124.52 100.00
The accompanying notes are an integral part of these financial statements. Page 223 UBAM - GCM MIDCAP US EQUITY GROWTH
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 95.04 Ireland 1.86
96.90
Industrial classification of investments
% of net assets Internet and Internet services 21.29 Pharmaceuticals and cosmetics 12.86 Holding and finance companies 10.08 Retail trade, department stores 8.13 Machine and apparatus construction 6.46 Foods and non alcoholic drinks 6.39 Banks and credit institutions 6.38 Road vehicles 5.85 Miscellaneous consumer goods 4.63 Transportation 2.71 Electronics and semiconductors 2.48 Healthcare and social services 2.27 Petroleum 1.83 Environmental services and recycling 1.52 Real estate companies 1.49 Biotechnology 0.96 Insurance 0.88 Building materials and trade 0.69
96.90
Page 224 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 94,223.84 Dividends, net Note 2 94,223.84 Expenses 564,694.66 Management fees Note 3 377,704.54 Custodian fees 54,100.37 Subscription duty ("taxe d'abonnement") Note 5 10,521.07 Central administration costs 26,488.78 Audit fees 746.75 Interest paid on bank liabilities 6.58 Legal fees 5,195.43 Transaction fees Note 2 36,078.87 Other administration costs Note 6, 7 45,834.87 Banking charges and other fees 2,631.47 Other expenses 5,385.93 Net investment loss -470,470.82 Net realised gain/(loss) on: - securities portfolio Note 2 2,415,618.13 - forward foreign exchange contracts Note 2 -211,914.32 - foreign exchange Note 2 16,809.63 Realised result 1,750,042.62 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 1,630,945.19 - forward foreign exchange contracts Note 2 80,245.81 Result of operations 3,461,233.62 Subscriptions capitalisation shares 6,063,246.71 Subscriptions distribution shares 49,173.80 Redemptions capitalisation shares -21,775,292.74 Total changes in net assets -12,201,638.61
Total net assets at the beginning of the period 63,519,763.13
Total net assets at the end of the period 51,318,124.52
The accompanying notes are an integral part of these financial statements. Page 225 UBAM - GLOBAL EQUITY* Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 25,528,403.43 Securities portfolio at market value Note 2 23,686,948.92 Cash at banks and time deposits 552,720.96 Receivable on sales of securities 122,459.10 Receivable on issues of shares 1,158,632.60 Dividends receivable 7,641.85 Liabilities 589,075.60 Payable on purchases of securities 510,932.88 Unrealised loss on forward foreign exchange contracts Note 2, 8 9,783.17 Interest payable on bank liabilities and expenses payable 68,359.55 Net assets at the end of the period 24,939,327.83
Changes in number of shares outstanding from 30/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 30/01/2015 30/06/2015
A shares Capitalisation shares 0.000 90,618.598 2,170.000 88,448.598
A EUR shares Capitalisation shares 0.000 8,075.000 899.000 7,176.000
AP shares Capitalisation shares 0.000 41,661.000 1,040.000 40,621.000
APH shares Capitalisation shares 0.000 11,202.000 0.000 11,202.000
APH EUR shares Capitalisation shares 0.000 11,358.000 79.000 11,279.000
I shares Capitalisation shares 0.000 45,151.000 0.000 45,151.000
IP shares Capitalisation shares 0.000 33,740.000 0.000 33,740.000
* Please refer to Note 18
The accompanying notes are an integral part of these financial statements. Page 226 UBAM - GLOBAL EQUITY* Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 24,939,327.83 - -
A shares USD USD USD Capitalisation shares Number of shares outstanding 88,448.598 - - Net asset value per share 103.79 - -
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 7,176.000 - - Net asset value per share 106.13 - -
AP shares USD USD USD Capitalisation shares Number of shares outstanding 40,621.000 - - Net asset value per share 104.00 - -
APH shares USD USD USD Capitalisation shares Number of shares outstanding 11,202.000 - - Net asset value per share 104.10 - -
APH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 11,279.000 - - Net asset value per share 103.56 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 45,151.000 - - Net asset value per share 104.12 - -
IP shares USD USD USD Capitalisation shares Number of shares outstanding 33,740.000 - - Net asset value per share 104.25 - -
* Please refer to Note 18
The accompanying notes are an integral part of these financial statements. Page 227 UBAM - GLOBAL EQUITY* Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 22,183,277.49 22,292,507.00 89.39 another regulated market Shares 22,183,277.49 22,292,507.00 89.39 Canadian Dollar 528,516.51 576,700.03 2.31 13,475 ALIMENTATION COUCHE - TARD INC SUB VTG B CAD 528,516.51 576,700.03 2.31 Danish Krone 299,160.14 320,801.09 1.29 5,891 NOVO NORDISK DKK 299,160.14 320,801.09 1.29 Euro 3,929,250.83 3,679,344.01 14.75 3,314 AKZO NOBEL NV EUR 257,481.21 241,006.79 0.97 2,284 ALLIANZ SE REG SHS EUR 391,139.20 355,513.14 1.43 1,604 ANHEUSER-BUSCH INBEV NV EUR 196,811.07 192,121.51 0.77 1,849 CONTINENTAL AG EUR 434,804.75 437,268.07 1.75 2,423 DAIMLER AG REG SHS EUR 228,881.54 220,404.05 0.88 2,987 HENKEL AG & CO KGAA EUR 350,732.59 334,808.41 1.34 2,229 INGENICO GROUP EUR 279,399.77 261,518.00 1.05 2,547 L'OREAL SA EUR 482,966.47 454,058.78 1.82 7,139 PROSIEBENSAT.1 NAMEN-AKT EUR 364,578.66 352,374.33 1.41 8,944 ROCKET INTERNET AG EUR 447,808.70 395,377.44 1.59 11,363 WIRECARD AG EUR 494,646.87 434,893.49 1.74 Hong Kong Dollar 1,214,231.82 1,460,610.26 5.86 535,000 PAX GLOBAL TECH HKD 618,222.79 767,389.88 3.08 318,000 SUNNY OPTI TECH SHS HKD 596,009.03 693,220.38 2.78 Norwegian Krone 309,583.46 312,838.23 1.25 18,817 DNB NOK 309,583.46 312,838.23 1.25 Pound Sterling 2,599,104.96 2,646,856.76 10.61 43,890 ASHTEAD GROUP GBP 751,620.04 758,607.66 3.04 110,633 BT GROUP PLC GBP 748,148.56 783,328.87 3.14 75,210 HSS HIRE GROUP PLC GBP 231,970.45 159,093.28 0.64 160,323 ITV PLC GBP 602,206.20 663,896.90 2.66 34,707 3I GROUP PLC GBP 265,159.71 281,930.05 1.13 Swiss Franc 727,635.84 694,806.38 2.79 5,886 AMS CHF 281,553.64 257,591.10 1.04 665 GEBERIT AG CHF 238,861.53 221,791.93 0.89 213 GURIT HEBERLEIN CHF 111,401.79 118,286.25 0.47 559 LEONTEQ AG CHF 95,818.88 97,137.10 0.39 US Dollar 12,575,793.93 12,600,550.24 50.53 5,172 ABBVIE INC WI USD 324,163.49 347,506.68 1.39 2,324 ALEXION PHARMACEUTICALS USD 413,184.87 420,109.48 1.68 4,759 AON USD 464,933.72 474,377.12 1.90 8,601 APPLE INC USD 1,079,275.49 1,078,780.43 4.33 1,368 BIOGEN IDEC INC USD 545,685.99 552,589.92 2.22 3,463 CARTER S INC USD 372,172.86 368,116.90 1.48 6,931 CELGENE CORP USD 814,713.99 802,159.29 3.22 4,357 GILEAD SCIENCES INC USD 464,298.06 510,117.56 2.05 659 GOOGLE -C- USD 351,510.31 343,016.09 1.38 3,988 HOME DEPOT INC USD 442,916.24 443,186.44 1.78 1,926 LOCKHEED MARTIN CORP USD 364,268.80 358,043.40 1.44 5,631 MALLINCKRODT USD 669,404.83 662,881.32 2.66 11,697 MASTERCARD INC -A- USD 1,039,849.28 1,093,435.56 4.37 4,961 MC GRAW-HILL INC USD 499,250.28 498,332.45 2.00 8,499 MYLAN NV USD 551,189.63 576,742.14 2.31 1,351 PAOLO ALTO NET USD 242,963.84 236,019.70 0.95 8,183 PRUDENTIAL FINANCIAL INC USD 670,957.36 716,176.16 2.87 7,500 TE CONNECTIVITY LTD REG SHS USD 521,788.55 482,250.00 1.93 5,624 TJX COS INC USD 375,571.92 372,140.08 1.49 5,671 UNITED RENTALS INC USD 529,596.56 496,893.02 1.99 9,401 VISA INC -A- USD 630,780.74 631,277.15 2.53 3,290 WALT DISNEY CO USD 369,818.21 375,520.60 1.51 2,931 WHIRLPOOL CORP USD 569,923.57 507,209.55 2.03 1,644 3M CO USD 267,575.34 253,669.20 1.02
Open-ended investment funds 1,407,641.65 1,394,441.92 5.59 Shares/Units in investment funds 1,031,555.84 1,035,129.40 4.15 US Dollar 1,031,555.84 1,035,129.40 4.15 22,454 ISHARES CHINA LARGE CAP ETF USD 1,031,555.84 1,035,129.40 4.15
* Please refer to Note 18
The accompanying notes are an integral part of these financial statements. Page 228 UBAM - GLOBAL EQUITY* Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Investment funds (UCITS) 376,085.81 359,312.52 1.44 Euro 376,085.81 359,312.52 1.44 2,678 DB X TRACKERS S&P CNX NIFTY ETS -1C- CAP EUR 376,085.81 359,312.52 1.44
Total investments in securities 23,590,919.14 23,686,948.92 94.98
Cash at banks/(bank liabilities) 552,720.96 2.22
Other net assets/(liabilities) 699,657.95 2.80
Total 24,939,327.83 100.00
* Please refer to Note 18
The accompanying notes are an integral part of these financial statements. Page 229 UBAM - GLOBAL EQUITY*
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 45.89 United Kingdom 12.51 Germany 10.14 Switzerland 3.68 The Netherlands 3.28 Bermuda 3.08 France 2.87 Cayman Islands 2.78 Ireland 2.66 Canada 2.31 Luxembourg 1.44 Denmark 1.29 Norway 1.25 Austria 1.03 Belgium 0.77
94.98
Page 230 UBAM - GLOBAL EQUITY*
Industrial classification of investments
% of net assets Holding and finance companies 11.62 Biotechnology 9.17 Retail trade, department stores 7.57 Pharmaceuticals and cosmetics 7.16 Communications 5.80 Internet and Internet services 5.66 Banks and credit institutions 5.62 Investment funds 5.59 Electronics and semiconductors 5.17 Miscellaneous consumer goods 5.03 Office supplies and computing 4.33 Graphic art and publishing 3.41 Insurance 3.33 Machine and apparatus construction 3.04 Photographics and optics 2.78 Miscellaneous services 2.53 Tires and rubber 1.75 Aerospace industry 1.44 Chemicals 1.44 Building materials and trade 0.89 Road vehicles 0.88 Tobacco and alcoholic drinks 0.77
94.98
Page 231 UBAM - GLOBAL EQUITY* Statement of operations and other changes in net assets from 30/01/2015 to 30/06/2015 Expressed in USD
Income 105,315.67 Dividends, net Note 2 105,309.67 Interest on bank accounts 6.00 Expenses 165,864.58 Management fees Note 3 68,707.63 Custodian fees 14,035.84 Subscription duty ("taxe d'abonnement") Note 5 3,532.64 Central administration costs 5,938.20 Performance fees Note 4 107.24 Audit fees 331.16 Interest paid on bank liabilities 462.51 Transaction fees Note 2 59,802.31 Other administration costs Note 6, 7 11,629.59 Other expenses 1,317.46 Net investment loss -60,548.91 Net realised gain/(loss) on: - securities portfolio Note 2 -114,310.59 - forward foreign exchange contracts Note 2 13,799.81 - foreign exchange Note 2 -50,453.79 Realised result -211,513.48 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 96,029.78 - forward foreign exchange contracts Note 2 -9,783.17 Result of operations -125,266.87 Subscriptions capitalisation shares 25,528,591.75 Redemptions capitalisation shares -463,997.05 Total changes in net assets 24,939,327.83
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 24,939,327.83
* Please refer to Note 18
The accompanying notes are an integral part of these financial statements. Page 232 UBAM - GLOBAL EQUITY INCOME Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 2,429,827.65 Securities portfolio at market value Note 2 2,261,751.49 Cash at banks and time deposits 65,902.10 Receivable on issues of shares 87,675.67 Dividends receivable 2,864.58 Unrealised gain on forward foreign exchange contracts Note 2, 8 11,633.81 Liabilities 11,133.90 Interest payable on bank liabilities and expenses payable 11,133.90 Net assets at the end of the period 2,418,693.75
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 700.000 0.000 0.000 700.000 Distribution shares 3,235.000 420.000 1,640.000 2,015.000
AH CHF shares Capitalisation shares 0.000 1,221.285 0.000 1,221.285
A USD shares Capitalisation shares 4,115.000 825.000 880.000 4,060.000 Distribution shares 1,700.000 1,066.000 450.000 2,316.000
AH USD shares Capitalisation shares 10,895.000 4,673.000 295.000 15,273.000
IH SEK shares Capitalisation shares 92.000 0.000 92.000 0.000
The accompanying notes are an integral part of these financial statements. Page 233 UBAM - GLOBAL EQUITY INCOME Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 2,418,693.75 1,776,681.21 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 700.000 700.000 - Net asset value per share 106.67 99.98 - Distribution shares Number of shares outstanding 2,015.000 3,235.000 - Net asset value per share 108.66 101.84 -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,221.285 - - Net asset value per share 98.51 - -
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 4,060.000 4,115.000 - Net asset value per share 93.55 95.23 - Distribution shares Number of shares outstanding 2,316.000 1,700.000 - Net asset value per share 90.56 92.19 -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 15,273.000 10,895.000 - Net asset value per share 108.00 101.48 -
IH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding - 92.000 - Net asset value per share - 1,046.63 -
The accompanying notes are an integral part of these financial statements. Page 234 UBAM - GLOBAL EQUITY INCOME Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 2,214,171.25 2,261,751.49 93.51 another regulated market Shares 2,214,171.25 2,261,751.49 93.51 Euro 754,661.89 748,000.75 30.93 3,312 ENAGAS EUR 87,031.38 80,796.24 3.34 1,090 HANNOVER RUECKVERSICHERUNG AG REG SHS EUR 88,073.34 94,601.10 3.91 14,582 IBERDROLA S A EUR 84,690.50 88,104.44 3.64 1,231 RED ELECTRICA CORPORACION SA EUR 91,670.15 88,484.28 3.66 780 SANOFI AVENTIS EUR 66,298.67 68,827.20 2.85 7,933 TELEFONICA S A EUR 108,256.31 101,145.75 4.18 2,740 TOTAL SA EUR 134,091.29 119,381.80 4.94 4,003 WOLTERS KLUWER NV EUR 94,550.25 106,659.94 4.41 Pound Sterling 308,667.24 309,735.77 12.81 2,138 BRITISH AMERICAN TOBACCO PLC GBP 99,877.90 103,059.78 4.26 28,036 LEGAL GENERAL GROUP PLC GBP 90,121.24 98,498.98 4.07 6,360 PEARSON PLC GBP 118,668.10 108,177.01 4.48 Swedish Krone 114,043.97 108,943.59 4.50 20,635 TELIASONERA AB SEK 114,043.97 108,943.59 4.50 Swiss Franc 564,721.86 589,962.74 24.39 1,404 GE MONEY BANK AG CHF 78,874.01 76,853.93 3.18 1,555 NESTLE SA REG SHS CHF 96,003.34 100,799.48 4.17 422 ROCHE HOLDING AG GENUSSSCHEIN CHF 98,401.30 106,178.81 4.39 1,482 SWISS RE NAMEN AKT CHF 107,892.74 117,771.54 4.86 213 SWISSCOM SHS NOM CHF 103,664.49 107,185.25 4.43 297 ZURICH INSURANCE GROUP NAMEN AKT CHF 79,885.98 81,173.73 3.36 US Dollar 472,076.29 505,108.64 20.88 1,466 ABBVIE INC WI USD 66,526.49 88,404.72 3.66 2,089 ALTRIA GROUP USD 77,206.75 91,700.76 3.79 3,807 GENERAL ELECTRIC CO USD 79,671.39 90,784.41 3.75 880 JOHNSON AND JOHNSON USD 80,839.88 76,974.33 3.18 1,286 MERCK AND CO USD 70,539.19 65,708.11 2.72 2,183 VERIZON COMMUNICATIONS INC (USD LONDRE) USD 97,292.59 91,536.31 3.78
Total investments in securities 2,214,171.25 2,261,751.49 93.51
Cash at banks/(bank liabilities) 65,902.10 2.72
Other net assets/(liabilities) 91,040.16 3.77
Total 2,418,693.75 100.00
The accompanying notes are an integral part of these financial statements. Page 235 UBAM - GLOBAL EQUITY INCOME
Geographical classification of investments
(by domicile of the issuer) % of net assets Switzerland 24.39 United States of America 20.88 Spain 14.82 United Kingdom 12.81 France 7.79 Sweden 4.50 The Netherlands 4.41 Germany 3.91
93.51
Industrial classification of investments
% of net assets Communications 16.89 Pharmaceuticals and cosmetics 16.80 Insurance 16.20 Utilities 10.64 Graphic art and publishing 8.89 Tobacco and alcoholic drinks 8.05 Petroleum 4.94 Foods and non alcoholic drinks 4.17 Electrical engineering and electronics 3.75 Banks and credit institutions 3.18
93.51
Page 236 UBAM - GLOBAL EQUITY INCOME Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 46,370.07 Dividends, net Note 2 46,341.78 Interest on bank accounts 28.29 Expenses 42,449.40 Management fees Note 3 16,257.93 Custodian fees 2,265.61 Subscription duty ("taxe d'abonnement") Note 5 559.22 Central administration costs 1,055.96 Audit fees 32.71 Interest paid on bank liabilities 127.65 Legal fees 2,413.87 Transaction fees Note 2 13,171.97 Other administration costs Note 6, 7 6,211.08 Other expenses 353.40 Net investment income 3,920.67 Net realised gain/(loss) on: - securities portfolio Note 2 51,278.01 - forward foreign exchange contracts Note 2 81,985.12 - foreign exchange Note 2 66,288.18 Realised result 203,471.98 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -24,462.20 - forward foreign exchange contracts Note 2 -17,503.57 Result of operations 161,506.21 Subscriptions capitalisation shares 682,040.59 Subscriptions distribution shares 136,400.24 Redemptions capitalisation shares -116,822.00 Redemptions distribution shares -221,112.50 Total changes in net assets 642,012.54
Total net assets at the beginning of the period 1,776,681.21
Total net assets at the end of the period 2,418,693.75
The accompanying notes are an integral part of these financial statements. Page 237 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in JPY
Assets 11,363,006,738 Securities portfolio at market value Note 2 10,764,337,500 Cash at banks and time deposits 588,222,696 Interest receivable on bank accounts 54 Dividends receivable 10,446,488 Liabilities 268,362,255 Bank liabilities 572,482 Unrealised loss on forward foreign exchange contracts Note 2, 8 64,955,422 Interest payable on bank liabilities and expenses payable 202,834,351 Net assets at the end of the period 11,094,644,483
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
AP shares Capitalisation shares 17,013.000 2,749.000 2,735.000 17,027.000
APH EUR shares Capitalisation shares 19,026.605 868.000 5,927.887 13,966.718
APH CHF shares Capitalisation shares 23,220.000 6,195.000 3,755.000 25,660.000
APH USD shares Capitalisation shares 13,409.094 4,247.126 2,611.000 15,045.220
APH GBP shares Capitalisation shares 511.890 4,264.641 25.022 4,751.509
IP shares Capitalisation shares 291,433.140 208,131.515 104,243.312 395,321.343
IPH EUR shares Capitalisation shares 134,090.700 38,033.970 31,426.087 140,698.583
IPH USD shares Capitalisation shares 90,733.000 12,617.480 50,045.097 53,305.383
UP shares Capitalisation shares 0.000 2,409.000 0.000 2,409.000
R shares Capitalisation shares 70.000 77.458 0.000 147.458
RH EUR shares Capitalisation shares 10.000 0.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 238 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 JPY JPY JPY
Total net assets 11,094,644,483 8,618,991,340 6,493,200,533
AP shares JPY JPY JPY Capitalisation shares Number of shares outstanding 17,027.000 17,013.000 24,171.976 Net asset value per share 13,950 11,929 10,431
APH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 13,966.718 19,026.605 15,481.569 Net asset value per share 119.52 102.41 90.15
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 25,660.000 23,220.000 20,470.000 Net asset value per share 154.63 133.38 117.70
APH USD shares USD USD USD Capitalisation shares Number of shares outstanding 15,045.220 13,409.094 8,866.000 Net asset value per share 169.31 145.02 128.02
APH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 4,751.509 511.890 - Net asset value per share 124.54 106.56 -
IP shares JPY JPY JPY Capitalisation shares Number of shares outstanding 395,321.343 291,433.140 307,762.000 Net asset value per share 14,772 12,593 10,943
IPH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 140,698.583 134,090.700 99,491.000 Net asset value per share 148.53 126.84 110.93
IPH USD shares USD USD USD Capitalisation shares Number of shares outstanding 53,305.383 90,733.000 57,206.000 Net asset value per share 148.31 126.65 111.10
UP shares JPY JPY JPY Capitalisation shares Number of shares outstanding 2,409.000 - - Net asset value per share 10,825.00 - -
R shares JPY JPY JPY Capitalisation shares Number of shares outstanding 147.458 70.000 35.500 Net asset value per share 13,225 11,150 9,786
The accompanying notes are an integral part of these financial statements. Page 239 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 JPY JPY JPY
Total net assets 11,094,644,483 8,618,991,340 6,493,200,533
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 10.000 10.000 Net asset value per share 152.60 128.92 113.85
The accompanying notes are an integral part of these financial statements. Page 240 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in JPY Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 8,744,615,281 10,764,337,500 97.02 another regulated market Shares 8,744,615,281 10,764,337,500 97.02 Japanese Yen 8,744,615,281 10,764,337,500 97.02 100,000 CANON INC JPY 344,886,838 398,250,000 3.59 300,000 COMSYS HOLDINGS CORP JPY 498,426,407 546,600,000 4.93 150,000 DAIWA HOUSE INDUSTRY CO LTD JPY 271,736,535 427,950,000 3.86 3,350 HEIWA REAL ESTATE REIT INC JPY 263,438,136 310,880,000 2.80 130,000 INPEX JPY 173,016,224 180,895,000 1.63 1,250 JAPAN RETAIL FUND INVESTMENT CORP JPY 266,509,635 306,125,000 2.76 350,000 JX HOLDINGS INC JPY 180,136,176 184,870,000 1.67 55,000 KYOCERA CORP JPY 235,815,724 349,965,000 3.15 325,000 KYOWA EXEO CORP JPY 399,923,478 463,450,000 4.18 250,000 MITSUBISHI CORP JPY 484,834,110 673,000,000 6.06 315,000 MITSUI AND CO LTD JPY 474,262,004 523,687,500 4.72 600,000 NIPPON SYNTH CHEM JPY 493,340,457 499,200,000 4.50 60,000 NIPPON TELEGRAPH AND TELEPHONE CORP JPY 113,376,131 266,010,000 2.40 185,000 NIPPON TELEVISION HOLDINGS JPY 302,720,568 400,525,000 3.61 150,000 NTT DOCOMO INC JPY 188,448,045 351,600,000 3.17 6,000 RE-PLUS RESIDENTIAL - SHS JPY 492,185,747 516,000,000 4.65 600,000 RICOH CO LTD JPY 765,727,054 762,000,000 6.86 300,000 SEKISUI HOUSE LTD JPY 383,666,114 583,200,000 5.26 100,000 SHIMACHU CO LTD JPY 219,773,785 353,000,000 3.18 300,000 SUMITOMO ELECTRIC INDUSTRIES LTD JPY 500,953,287 569,100,000 5.13 400,000 SUMITOMO OSAKA CEMENT JPY 139,575,909 181,200,000 1.63 700,000 SUMITOMO WAREHOUSE JPY 387,831,376 478,800,000 4.32 875,000 TOSHIBA MACHINE CO LTD JPY 441,392,897 490,875,000 4.42 2,325,000 UBE INDUSTRIES LTD JPY 413,804,123 537,075,000 4.84 160,000 UNIPRESS CORP JPY 308,834,521 410,080,000 3.70
Total investments in securities 8,744,615,281 10,764,337,500 97.02
Cash at banks/(bank liabilities) 587,650,214 5.30
Other net assets/(liabilities) -257,343,231 -2.32
Total 11,094,644,483 100.00
The accompanying notes are an integral part of these financial statements. Page 241 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Japan 97.02
97.02
Industrial classification of investments
% of net assets Building materials and trade 14.93 Electronics and semiconductors 13.60 Miscellaneous trading companies 10.78 Real estate companies 10.21 Chemicals 9.34 Communications 9.18 Holding and finance companies 6.60 Electrical engineering and electronics 5.13 Machine and apparatus construction 4.42 Transportation 4.32 Road vehicles 3.70 Retail trade, department stores 3.18 Petroleum 1.63
97.02
Page 242 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in JPY
Income 96,185,100 Dividends, net Note 2 96,165,447 Interest on bank accounts 19,605 Other income 48 Expenses 273,908,668 Management fees Note 3 48,721,438 Custodian fees 9,508,932 Subscription duty ("taxe d'abonnement") Note 5 718,815 Central administration costs 4,453,287 Performance fees Note 4 171,786,991 Audit fees 156,952 Interest paid on bank liabilities 24,658 Legal fees 674,302 Transaction fees Note 2 35,132,930 Other administration costs Note 6, 7 1,835,957 Banking charges and other fees 73,669 Other expenses 820,737 Net investment loss -177,723,568 Net realised gain/(loss) on: - securities portfolio Note 2 773,870,126 - forward foreign exchange contracts Note 2 47,779,775 - foreign exchange Note 2 -48,320,639 Realised result 595,605,694 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 786,325,305 - forward foreign exchange contracts Note 2 -89,651,866 Result of operations 1,292,279,133 Subscriptions capitalisation shares 4,261,499,932 Redemptions capitalisation shares -3,078,125,922 Total changes in net assets 2,475,653,143
Total net assets at the beginning of the period 8,618,991,340
Total net assets at the end of the period 11,094,644,483
The accompanying notes are an integral part of these financial statements. Page 243 UBAM - NEUBERGER BERMAN US EQUITY VALUE Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 596,324,469.02 Securities portfolio at market value Note 2 586,243,100.00 Cash at banks and time deposits 5,235,088.79 Receivable on sales of securities 3,768,035.80 Receivable on issues of shares 1,024,344.43 Dividends receivable 53,900.00 Liabilities 5,759,731.18 Bank liabilities 3,627.13 Payable on purchases of securities 2,498,052.07 Payable on redemptions of shares 527,053.40 Unrealised loss on forward foreign exchange contracts Note 2, 8 228,928.11 Interest payable on bank liabilities and expenses payable 2,502,070.47 Net assets at the end of the period 590,564,737.84
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 406,768.354 22,814.317 156,797.068 272,785.603 Distribution shares 3,099.000 409.000 576.000 2,932.000
AH EUR shares Capitalisation shares 18,020.805 2,477.101 12,382.111 8,115.795
AH CHF shares Capitalisation shares 1,715.000 426.000 540.000 1,601.000
I shares Capitalisation shares 602,964.437 48,336.000 387,559.543 263,740.894
IH EUR shares Capitalisation shares 59,692.808 15,597.120 42,592.198 32,697.730
IH GBP shares Distribution shares 352.000 0.000 230.000 122.000
U shares Capitalisation shares 3,912.528 0.000 0.000 3,912.528
R shares Capitalisation shares 5,169.439 257.448 1,532.396 3,894.491
RH EUR shares Capitalisation shares 553.073 0.000 455.431 97.642
The accompanying notes are an integral part of these financial statements. Page 244 UBAM - NEUBERGER BERMAN US EQUITY VALUE Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 590,564,737.84 1,187,368,732.50 821,649,076.36
A shares USD USD USD Capitalisation shares Number of shares outstanding 272,785.603 406,768.354 377,047.749 Net asset value per share 982.82 1,043.33 959.18 Distribution shares Number of shares outstanding 2,932.000 3,099.000 1,815.000 Net asset value per share 982.73 1,043.23 959.13
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8,115.795 18,020.805 4,471.282 Net asset value per share 643.04 687.52 634.12
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,601.000 1,715.000 1,205.000 Net asset value per share 932.44 991.69 915.85
I shares USD USD USD Capitalisation shares Number of shares outstanding 263,740.894 602,964.437 401,458.608 Net asset value per share 1,069.82 1,131.52 1,032.59 Distribution shares Number of shares outstanding - - 5,580.000 Net asset value per share - - 1,032.62
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 32,697.730 59,692.808 27,863.789 Net asset value per share 716.49 763.29 698.75
IH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 122.000 352.000 172.320 Net asset value per share 531.18 562.45 513.85
U shares USD USD USD Capitalisation shares Number of shares outstanding 3,912.528 3,912.528 - Net asset value per share 96.07 101.73 -
R shares USD USD USD Capitalisation shares Number of shares outstanding 3,894.491 5,169.439 6,693.968 Net asset value per share 878.68 937.40 870.45
The accompanying notes are an integral part of these financial statements. Page 245 UBAM - NEUBERGER BERMAN US EQUITY VALUE Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 590,564,737.84 1,187,368,732.50 821,649,076.36
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 97.642 553.073 10.000 Net asset value per share 115.50 124.05 115.53
The accompanying notes are an integral part of these financial statements. Page 246 UBAM - NEUBERGER BERMAN US EQUITY VALUE Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 500,847,246.55 586,243,100.00 99.27 another regulated market Shares 500,847,246.55 586,243,100.00 99.27 US Dollar 500,847,246.55 586,243,100.00 99.27 200,000 AETNA INC USD 15,402,823.66 25,492,000.00 4.32 300,000 ALASKA AIR GROUP INC USD 18,736,026.79 19,329,000.00 3.27 50,000 ALLERGAN USD 14,668,204.80 15,173,000.00 2.57 140,000 AMERICAN AIRLINES USD 3,747,857.17 5,590,900.00 0.95 240,000 ANADARKO PETROLEUM CORP USD 19,905,640.68 18,734,400.00 3.17 250,000 AON USD 11,822,423.94 24,920,000.00 4.22 200,000 APPLE INC USD 20,225,117.14 25,085,000.00 4.25 100,000 ASHLAND INC USD 8,898,082.47 12,190,000.00 2.06 200,000 ASSURANT INC USD 13,727,635.00 13,400,000.00 2.27 190,000 BED BATH AND BEYOND INC USD 14,647,215.42 13,106,200.00 2.22 700,000 CISCO SYSTEMS INC USD 15,642,948.25 19,222,000.00 3.25 120,000 CONCHO RES USD 14,236,233.00 13,663,200.00 2.31 300,000 DELTA AIR LINES USD 6,966,299.85 12,324,000.00 2.09 250,000 DEVON ENERGY CORP USD 16,290,131.00 14,872,500.00 2.52 650,000 DR HORTON USD 17,904,088.00 17,784,000.00 3.01 300,000 EOG RESOURCES INC USD 18,255,082.57 26,265,000.00 4.46 200,000 EXPRESS SCRIPTS USD 14,359,509.70 17,788,000.00 3.01 440,000 GENERAL MOTORS CO USD 14,551,786.74 14,665,200.00 2.48 120,000 GOLDMAN SACHS GROUP INC USD 21,590,152.50 25,054,800.00 4.24 25,000 GOOGLE INC USD 10,259,010.13 13,501,000.00 2.29 340,000 JPMORGAN CHASE CO USD 17,370,202.74 23,038,400.00 3.90 440,000 LENNAR CORP -A- USD 17,375,217.03 22,457,600.00 3.80 360,000 LINCOLN NATIONAL CORP USD 18,225,947.04 21,319,200.00 3.61 180,000 LYONDELLBASELL -A- USD 18,470,721.00 18,633,600.00 3.16 370,000 ORACLE CORP USD 12,671,577.63 14,911,000.00 2.52 100,000 PACKAGING CORP OF AMERICA USD 3,404,147.77 6,249,000.00 1.06 140,000 PIONEER NATURAL RESOURCES COMPANY USD 17,469,089.89 19,416,600.00 3.29 200,000 PNC FINANCIAL SERVICES GROUP INC USD 15,778,658.35 19,130,000.00 3.24 240,000 SANDISK USD 19,461,937.54 13,972,800.00 2.37 320,000 SANOFI AVENTIS ADR REPR 1/2 SHS USD 14,732,834.48 15,849,600.00 2.68 280,000 TEVA PHARMA ADR SPONS REPR 1 SH USD 14,877,036.86 16,548,000.00 2.80 300,000 TOLL BROTHERS INC USD 11,086,114.00 11,457,000.00 1.94 50,000 UNION PACIFIC CORP USD 5,584,105.00 4,768,500.00 0.81 360,000 UNITED CONTINENTAL HOLDINGS INC USD 15,089,415.57 19,083,600.00 3.23 200,000 WELLS FARGO AND CO USD 7,413,972.84 11,248,000.00 1.90
Total investments in securities 500,847,246.55 586,243,100.00 99.27
Cash at banks/(bank liabilities) 5,231,461.66 0.89
Other net assets/(liabilities) -909,823.82 -0.16
Total 590,564,737.84 100.00
The accompanying notes are an integral part of these financial statements. Page 247 UBAM - NEUBERGER BERMAN US EQUITY VALUE
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 83.84 United Kingdom 4.22 The Netherlands 3.16 Israel 2.80 France 2.68 Ireland 2.57
99.27
Industrial classification of investments
% of net assets Petroleum 17.81 Banks and credit institutions 13.28 Insurance 10.10 Office supplies and computing 9.87 Building materials and trade 8.75 Pharmaceuticals and cosmetics 8.05 Holding and finance companies 7.19 Transportation 6.17 Internet and Internet services 4.81 Healthcare and social services 4.32 Miscellaneous services 3.16 Road vehicles 2.48 Retail trade, department stores 2.22 Packaging industries 1.06
99.27
Page 248 UBAM - NEUBERGER BERMAN US EQUITY VALUE Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 4,375,853.52 Dividends, net Note 2 4,375,851.93 Interest on bank accounts 1.59 Expenses 10,162,174.53 Management fees Note 3 5,109,377.85 Custodian fees 796,252.47 Subscription duty ("taxe d'abonnement") Note 5 94,036.86 Central administration costs 405,651.72 Audit fees 9,681.41 Interest paid on bank liabilities 500.98 Legal fees 19,326.33 Transaction fees Note 2 3,292,231.60 Other administration costs Note 6, 7 376,189.67 Banking charges and other fees 8,293.42 Other expenses 50,632.22 Net investment loss -5,786,321.01 Net realised gain/(loss) on: - securities portfolio Note 2 159,729,444.57 - forward foreign exchange contracts Note 2 -8,248,025.55 - foreign exchange Note 2 309,381.27 Realised result 146,004,479.28 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -201,870,260.38 - forward foreign exchange contracts Note 2 2,134,076.33 Result of operations -53,731,704.77 Subscriptions capitalisation shares 92,050,423.51 Subscriptions distribution shares 411,266.07 Redemptions capitalisation shares -634,749,292.98 Redemptions distribution shares -784,686.49 Total changes in net assets -596,803,994.66
Total net assets at the beginning of the period 1,187,368,732.50
Total net assets at the end of the period 590,564,737.84
The accompanying notes are an integral part of these financial statements. Page 249 UBAM - RUSSIAN EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 7,106,357.76 Securities portfolio at market value Note 2 6,794,598.52 Cash at banks and time deposits 265,763.77 Receivable on sales of securities 12,853.22 Dividends receivable 33,142.25 Liabilities 85,353.99 Bank liabilities 45,562.54 Interest payable on bank liabilities and expenses payable 39,791.45 Net assets at the end of the period 7,021,003.77
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 26,155.005 9,731.005 3,131.228 32,754.782 Distribution shares 75,826.461 0.000 3,840.988 71,985.473
A EUR shares Capitalisation shares 7,297.000 200.000 1,865.000 5,632.000
R shares Capitalisation shares 2.047 0.000 0.000 2.047
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 7,021,003.77 5,619,488.78 17,264,146.14
A shares USD USD USD Capitalisation shares Number of shares outstanding 32,754.782 26,155.005 51,001.112 Net asset value per share 65.20 52.14 99.69 Distribution shares Number of shares outstanding 71,985.473 75,826.461 110,133.336 Net asset value per share 62.94 51.28 99.68 Dividend per share 1.28 1.32 -
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 5,632.000 7,297.000 12,473.000 Net asset value per share 56.54 41.63 69.90
The accompanying notes are an integral part of these financial statements. Page 250 UBAM - RUSSIAN EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 7,021,003.77 5,619,488.78 17,264,146.14
R shares USD USD USD Capitalisation shares Number of shares outstanding 2.047 2.047 1.000 Net asset value per share 65.47 52.43 100.94
The accompanying notes are an integral part of these financial statements. Page 251 UBAM - RUSSIAN EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 9,166,313.53 6,794,598.52 96.78 another regulated market Shares 9,166,313.53 6,794,598.52 96.78 Pound Sterling 69,006.00 79,154.67 1.13 2,581 BANK OF GEORGIA HOLDINGS PLC GBP 69,006.00 79,154.67 1.13 Russian Ruble 4,127,627.12 3,061,299.57 43.60 418,000 AK SBEREGATELNY BK SBERBANK RUB 894,031.70 362,519.56 5.16 5,076 AKRON OJSC RUB 181,037.00 203,258.83 2.90 60,000 ALROSA CJSC RUB 69,573.69 67,845.34 0.97 13,180 BASHNEFT PREF SHS RUB RUB 343,976.54 338,046.06 4.81 32,289 DIXY GROUP (SHS) RUB 274,269.89 189,799.09 2.70 3,543,647 E.ON RUSSIA OJSC RUB 194,594.94 193,226.40 2.75 20,000 M VIDEO COMPANY JSC RUB 160,687.27 67,594.06 0.96 2,000 MAGNIT JSC RUB 417,655.06 409,189.98 5.84 34,000 MOBILE TELESYSTEMS RUB 163,098.76 148,351.56 2.11 194,000 MOSCOW EXCHANGE RUB 262,772.66 243,113.91 3.46 132,514 MOSTOTREST OAO RUB 542,061.55 212,869.30 3.03 83,900 ROSTELECOM PREF SHS RUB 96,224.87 94,870.40 1.35 406,000 SURGUTNEFTEGAZ RUB 287,707.37 310,794.49 4.43 78,458 TATNEFT PREF.SHS RUB 239,935.82 219,820.59 3.13 US Dollar 4,969,680.41 3,654,144.28 52.05 17,097 CHERKIZOVO GRP GDR REGS USD 169,061.18 150,111.66 2.14 25,670 ETALON GRP GDR REPR 1SHS REG S USD 98,682.06 47,489.50 0.68 26,000 GAZPROM ADR REPR. 2 SHS USD 141,517.80 133,900.00 1.91 27,694 GAZPROM NEFT ADR REPR 5 SHS USD 510,876.63 333,712.70 4.75 49,196 GAZPROM OAO ADR REPR 2 SHS USD 516,975.39 259,262.92 3.69 40,776 GLOBALTRANS INV -GDR- REP 1 SH REG -S USD 458,523.24 193,686.00 2.76 31,851 GROUP LSR OJSC -GDR- REPR SHS REG -S USD 114,929.08 64,339.02 0.92 27,000 HALYK BANK SPONS GDR REPR 4 SHS REGS USD 195,066.40 229,500.00 3.27 6,923 KCELL GDR REPR SHS REGS USD 92,985.87 60,091.64 0.86 13,800 LUKOIL HOLDING ADR REPR.1SHS USD 784,488.57 607,269.00 8.64 3,000 MAIL.RU GROUP GDR REPR 1 SH REGS USD 89,822.28 62,550.00 0.89 10,000 MEGAFON GDR REPR SHS REGS USD 169,674.80 139,000.00 1.98 22,381 MMC NORILSK NICKEL ADR REPR.1/10SHS USD 379,181.97 377,567.47 5.38 17,893 MOBILE TELESYSTEMS ADR REPR.2 SHS USD 329,544.13 174,993.54 2.49 7,000 NOVATEK USD 71,211.00 70,069.23 1.00 600 NOVATEK GDR REPR 1/100 SHS REG-S USD 72,123.56 61,080.00 0.87 28,372 PHOSAGRO GDR REPR SHS REG S USD 315,292.38 363,161.60 5.17 26,000 ROSNEFT OIL-GDR- USD 127,826.40 107,120.00 1.53 42,000 SBERBANK ADR 4 SHS USD 331,897.67 219,240.00 3.12
Total investments in securities 9,166,313.53 6,794,598.52 96.78
Cash at banks/(bank liabilities) 220,201.23 3.14
Other net assets/(liabilities) 6,204.02 0.08
Total 7,021,003.77 100.00
The accompanying notes are an integral part of these financial statements. Page 252 UBAM - RUSSIAN EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Russia 87.19 Kazakhstan 4.13 Cyprus 2.76 United Kingdom 1.13 British Virgin Islands 0.89 Guernsey 0.68
96.78
Industrial classification of investments
% of net assets Petroleum 32.89 Banks and credit institutions 12.68 Foods and non alcoholic drinks 8.54 Holding and finance companies 7.31 Communications 6.81 Chemicals 6.14 Transportation 5.79 Non-ferrous metals 5.38 Pharmaceuticals and cosmetics 2.90 Miscellaneous services 2.82 Utilities 2.75 Retail trade, department stores 0.96 Building materials and trade 0.92 Internet and Internet services 0.89
96.78
Page 253 UBAM - RUSSIAN EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 112,762.03 Dividends, net Note 2 112,762.03 Expenses 104,959.32 Management fees Note 3 59,274.91 Custodian fees 8,614.34 Subscription duty ("taxe d'abonnement") Note 5 1,665.29 Central administration costs 3,315.02 Audit fees 109.25 Interest paid on bank liabilities 2,609.56 Legal fees 4,741.17 Transaction fees Note 2 14,328.70 Other administration costs Note 6, 7 9,369.53 Other expenses 931.55 Net investment income 7,802.71 Net realised gain/(loss) on: - securities portfolio Note 2 -582,030.56 - forward foreign exchange contracts Note 2 -216.50 - foreign exchange Note 2 -732,532.34 Realised result -1,306,976.69 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 2,653,633.89 Result of operations 1,346,657.20 Dividends paid Note 14 -93,132.17 Subscriptions capitalisation shares 666,500.84 Redemptions capitalisation shares -297,565.20 Redemptions distribution shares -220,945.68 Total changes in net assets 1,401,514.99
Total net assets at the beginning of the period 5,619,488.78
Total net assets at the end of the period 7,021,003.77
The accompanying notes are an integral part of these financial statements. Page 254 UBAM - SNAM JAPAN EQUITY VALUE Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in JPY
Assets 114,767,913,837 Securities portfolio at market value Note 2 112,297,026,500 Cash at banks and time deposits 2,221,141,736 Receivable on issues of shares 187,307,690 Dividends receivable 62,437,911 Liabilities 1,258,501,698 Bank liabilities 35,297 Payable on redemptions of shares 3,192,071 Unrealised loss on forward foreign exchange contracts Note 2, 8 911,065,653 Interest payable on bank liabilities and expenses payable 344,208,677 Net assets at the end of the period 113,509,412,139
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 11,835,513.691 2,842,041.170 1,934,428.441 12,743,126.420 Distribution shares 130,134.000 19,950.000 27,835.000 122,249.000
AH EUR shares Capitalisation shares 1,786,603.333 580,567.576 566,560.380 1,800,610.529 Distribution shares 594,164.180 44,252.654 69,981.000 568,435.834
AH CHF shares Capitalisation shares 26,365.000 18,535.000 3,425.000 41,475.000
AH USD shares Capitalisation shares 2,107,111.673 1,011,067.040 459,294.580 2,658,884.133
AH SEK shares Capitalisation shares 11,368.956 1,620.664 2,688.599 10,301.021
I shares Capitalisation shares 11,708,541.278 8,271,280.729 5,031,286.047 14,948,535.960
IH EUR shares Capitalisation shares 15,307,256.816 15,244,160.885 3,959,564.146 26,591,853.555
IH CHF shares Capitalisation shares 0.000 145,243.541 11,211.728 134,031.813
IH USD shares Capitalisation shares 6,561,372.648 565,157.387 3,140,198.261 3,986,331.774
IH GBP shares Distribution shares 47,000.000 730.000 0.000 47,730.000
The accompanying notes are an integral part of these financial statements. Page 255 UBAM - SNAM JAPAN EQUITY VALUE Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
U shares Capitalisation shares 3,975,286.354 358,594.410 0.000 4,333,880.764
R shares Capitalisation shares 86,157.399 65,900.328 26,044.988 126,012.739
RH EUR shares Capitalisation shares 10.000 64.844 0.000 74.844
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 JPY JPY JPY
Total net assets 113,509,412,139 79,551,307,424 44,393,463,018
A shares JPY JPY JPY Capitalisation shares Number of shares outstanding 12,743,126.420 11,835,513.691 7,349,841.422 Net asset value per share 1,447 1,253 1,130 Distribution shares Number of shares outstanding 122,249.000 130,134.000 65,190.000 Net asset value per share 1,444 1,250 1,127 Dividend per share - - 3.00
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,800,610.529 1,786,603.333 2,158,638.439 Net asset value per share 11.62 10.09 9.17 Distribution shares Number of shares outstanding 568,435.834 594,164.180 689,204.490 Net asset value per share 11.29 9.80 8.91
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 41,475.000 26,365.000 - Net asset value per share 121.00 105.48 -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 2,658,884.133 2,107,111.673 3,278,992.599 Net asset value per share 18.02 15.62 14.24
AH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 10,301.021 11,368.956 14,412.333 Net asset value per share 1,307.97 1,140.04 1,032.49
The accompanying notes are an integral part of these financial statements. Page 256 UBAM - SNAM JAPAN EQUITY VALUE Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 JPY JPY JPY
Total net assets 113,509,412,139 79,551,307,424 44,393,463,018
I shares JPY JPY JPY Capitalisation shares Number of shares outstanding 14,948,535.960 11,708,541.278 9,685,268.396 Net asset value per share 1,577 1,360 1,218
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 26,591,853.555 15,307,256.816 10,041,013.003 Net asset value per share 11.94 10.33 9.33
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 134,031.813 - - Net asset value per share 110.59 - -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 3,986,331.774 6,561,372.648 1,113,775.482 Net asset value per share 18.30 15.81 14.31
IH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 47,730.000 47,000.000 - Net asset value per share 124.82 107.63 -
U shares JPY JPY JPY Capitalisation shares Number of shares outstanding 4,333,880.764 3,975,286.354 - Net asset value per share 1,252.00 1,080.00 -
R shares JPY JPY JPY Capitalisation shares Number of shares outstanding 126,012.739 86,157.399 108,000.991 Net asset value per share 922 802 730
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 74.844 10.000 10.000 Net asset value per share 149.72 130.68 119.88
The accompanying notes are an integral part of these financial statements. Page 257 UBAM - SNAM JAPAN EQUITY VALUE Statement of investments and other net assets as at 30/06/2015 Expressed in JPY Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 98,464,949,989 112,297,026,500 98.93 another regulated market Shares 98,464,949,989 112,297,026,500 98.93 Japanese Yen 98,464,949,989 112,297,026,500 98.93 260,000 AISAN INDUSTRY JPY 234,508,171 298,740,000 0.26 140,000 ALPEN CO LTD JPY 264,020,716 274,820,000 0.24 2,000,000 ASAHI GLASS CO LTD JPY 1,282,513,194 1,470,000,000 1.30 220,000 CAWACHI LTD JPY 421,434,230 405,020,000 0.36 180,000 COCOKARA FINE JPY 533,753,630 757,800,000 0.67 353,900 COMSYS HOLDINGS CORP JPY 536,364,021 644,805,800 0.57 160,000 COSEL JPY 198,914,480 237,440,000 0.21 3,500,000 DAIDO STEEL JPY 1,533,179,298 1,785,000,000 1.57 1,412,000 DAI-ICHI LIFE INSURANCE CO LT JPY 2,294,154,369 3,397,978,000 2.99 265,000 DAISEKI CO LTD JPY 497,998,848 627,785,000 0.55 220,000 EPS HLDG JPY 270,956,871 326,700,000 0.29 540,000 FCC CO LTD JPY 994,066,462 1,009,800,000 0.89 2,958,900 FUJI MEDIA HLDGS JPY 4,762,771,641 4,808,212,500 4.24 3,400,000 FURUKAWA-SKY ALUMINIUM CORP JPY 1,098,186,963 1,054,000,000 0.93 62,100 FUYO GENERAL LEASE CO LTD JPY 274,997,308 324,783,000 0.29 2,300,000 GUNZE JPY 642,853,189 770,500,000 0.68 2,200,000 HANWA CO LTD JPY 937,954,896 1,265,000,000 1.11 800,000 HITACHI CONST MACH. JPY 1,734,293,217 1,715,200,000 1.51 760,000 HITACHI KOKI CO LTD JPY 649,020,847 775,960,000 0.68 1,450,000 HITACHI LTD JPY 1,192,383,880 1,169,860,000 1.03 95,500 HOKUTO JPY 186,752,868 239,609,500 0.21 730,000 HONDA MOTOR CO LTD JPY 2,766,426,604 2,891,895,000 2.55 660,000 HOSIDEN CORP JPY 392,226,118 494,340,000 0.44 458,000 IDEMITSU KOSAN JPY 1,017,492,143 1,100,574,000 0.97 1,700,000 JFE HOLDINGS INC JPY 4,001,503,170 4,618,050,000 4.07 9,720,000 JX HOLDINGS INC JPY 4,913,937,356 5,134,104,000 4.52 155,000 KEIHIN CORP JPY 226,437,302 272,180,000 0.24 930,000 KOMATSU LTD JPY 2,336,338,188 2,285,010,000 2.01 215,000 KOMORI CORPORATION JPY 290,531,238 357,545,000 0.31 800,000 K'S HOLDINGS SHS JPY 2,623,379,376 3,528,000,000 3.11 1,470,000 KURARAY CO LTD JPY 1,931,819,442 2,200,590,000 1.94 140,000 KYOEI STEEL -SHS- JPY 290,056,640 317,100,000 0.28 440,000 KYOWA EXEO CORP JPY 556,077,010 627,440,000 0.55 2,095,000 MAZDA MOTOR CORP JPY 4,994,458,495 5,023,810,000 4.43 3,050,000 MITSUI AND CO LTD JPY 4,706,344,550 5,070,625,000 4.47 13,000,000 MITSUI OSK LINES LTD JPY 4,778,633,755 5,096,000,000 4.49 15,450,000 MIZUHO FINANCIAL GROUP INC JPY 3,290,504,686 4,094,250,000 3.61 272,000 NAGASE CO LTD JPY 368,316,572 459,680,000 0.40 14,500,000 NIPPON STEEL AND SUMITOMO CORP JPY 4,494,345,800 4,602,300,000 4.05 788,000 NIPPON TELEGRAPH AND TELEPHONE CORP JPY 2,300,352,586 3,493,598,000 3.08 4,660,000 NIPPON YUSEN KK JPY 1,309,908,889 1,589,060,000 1.40 800,000 NISSAN MOTOR CO LTD JPY 771,226,947 1,020,000,000 0.90 1,500,000 NISSHIN STEEL HOLDINGS CO LTD JPY 1,810,740,739 2,278,500,000 2.01 380,000 OKINAWA ELECTRIC POWER CO LTD JPY 941,679,739 1,162,800,000 1.02 980,000 RENGO JPY 469,865,233 496,860,000 0.44 2,260,000 RICOH CO LTD JPY 2,766,394,222 2,870,200,000 2.53 680,000 SHINKO ELECTRIC INDUSTRIES CO LTD JPY 535,943,519 600,440,000 0.53 2,000,000 SUMITOMO CORP JPY 2,608,552,865 2,848,000,000 2.51 961,300 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 4,294,333,644 5,247,736,700 4.62 1,650,000 SUMITOMO WAREHOUSE JPY 945,183,690 1,128,600,000 0.99 164,900 SUZUKEN CO JPY 505,413,851 646,408,000 0.57 520,000 TACHI-S CO LTD JPY 769,990,805 908,960,000 0.80 1,435,000 TOKAI CARBON CO LTD JPY 442,823,133 551,040,000 0.49 1,120,000 TOSHIBA MACHINE CO LTD JPY 522,071,085 628,320,000 0.55 1,100,000 TSUMURA AND CO JPY 2,890,334,334 2,897,400,000 2.55 20,987,000 UBE INDUSTRIES LTD JPY 3,769,872,470 4,847,997,000 4.27 700,000 XEBIO CO LTD JPY 1,396,916,485 1,673,000,000 1.47 10,300,000 YAMADA DENKI CO LTD JPY 4,087,028,315 5,047,000,000 4.45 200,000 YAMATO KOGYO CO LTD JPY 599,426,993 571,800,000 0.50 480,000 YODOGAWA STEEL WORKS LTD JPY 206,982,901 256,800,000 0.23
Total investments in securities 98,464,949,989 112,297,026,500 98.93
The accompanying notes are an integral part of these financial statements. Page 258 UBAM - SNAM JAPAN EQUITY VALUE Statement of investments and other net assets as at 30/06/2015 Expressed in JPY Number/ % of total Description Currency Cost Market value nom. value net assets
Cash at banks/(bank liabilities) 2,221,106,439 1.96
Other net assets/(liabilities) -1,008,720,800 -0.89
Total 113,509,412,139 100.00
The accompanying notes are an integral part of these financial statements. Page 259 UBAM - SNAM JAPAN EQUITY VALUE
Geographical classification of investments
(by domicile of the issuer) % of net assets Japan 98.93
98.93
Industrial classification of investments
% of net assets Holding and finance companies 25.41 Road vehicles 10.07 Coal mining and steel industry 9.57 Miscellaneous trading companies 8.49 Transportation 6.88 Chemicals 6.70 Retail trade, department stores 6.52 Machine and apparatus construction 5.06 Electronics and semiconductors 4.53 Pharmaceuticals and cosmetics 3.12 Communications 3.08 Insurance 2.99 Building materials and trade 1.85 Utilities 1.02 Petroleum 0.97 Textiles and garments 0.68 Environmental services and recycling 0.55 Packaging industries 0.44 Healthcare and social services 0.29 Banks and credit institutions 0.29 Electrical engineering and electronics 0.21 Agriculture and fishery 0.21
98.93
Page 260 UBAM - SNAM JAPAN EQUITY VALUE Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in JPY
Income 1,009,296,570 Dividends, net Note 2 1,009,284,193 Interest on bank accounts 12,342 Other income 35 Expenses 1,059,547,151 Management fees Note 3 522,398,133 Custodian fees 97,165,145 Subscription duty ("taxe d'abonnement") Note 5 11,365,854 Central administration costs 44,854,859 Audit fees 1,701,963 Interest paid on bank liabilities 11,207 Legal fees 1,397,271 Transaction fees Note 2 340,039,967 Other administration costs Note 6, 7 32,649,709 Banking charges and other fees 1,603,924 Other expenses 6,359,119 Net investment loss -50,250,581 Net realised gain/(loss) on: - securities portfolio Note 2 6,545,243,589 - forward foreign exchange contracts Note 2 961,171,119 - foreign exchange Note 2 -393,049,936 Realised result 7,063,114,191 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 5,610,953,302 - forward foreign exchange contracts Note 2 -1,191,736,934 Result of operations 11,482,330,559 Subscriptions capitalisation shares 47,260,619,425 Subscriptions distribution shares 108,113,918 Redemptions capitalisation shares -24,754,381,347 Redemptions distribution shares -138,577,840 Total changes in net assets 33,958,104,715
Total net assets at the beginning of the period 79,551,307,424
Total net assets at the end of the period 113,509,412,139
The accompanying notes are an integral part of these financial statements. Page 261 UBAM - SWISS EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in CHF
Assets 758,618,123.96 Securities portfolio at market value Note 2 751,662,755.63 Cash at banks and time deposits 4,896,671.35 Receivable on issues of shares 2,058,696.98 Liabilities 3,045,753.63 Payable on redemptions of shares 749,139.90 Unrealised loss on forward foreign exchange contracts Note 2, 8 505,150.37 Interest payable on bank liabilities and expenses payable 1,791,463.36 Net assets at the end of the period 755,572,370.33
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 975,188.758 553,945.565 349,091.800 1,180,042.523 Distribution shares 14,143.345 54,059.196 757.000 67,445.541
AH EUR shares Capitalisation shares 101,195.425 57,454.028 32,136.330 126,513.123
AH USD shares Capitalisation shares 128,901.996 83,927.891 21,259.417 191,570.470
I shares Capitalisation shares 790,150.487 655,415.856 226,111.572 1,219,454.771 Distribution shares 3,380.000 380.000 3,080.000 680.000
IH EUR shares Capitalisation shares 83,429.524 110,631.340 68,369.714 125,691.150
IH USD shares Capitalisation shares 20,840.275 26,598.198 2,536.473 44,902.000
U shares Capitalisation shares 917.003 1,230.000 0.000 2,147.003 Distribution shares 0.000 1,710.000 0.000 1,710.000
UH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
R shares Capitalisation shares 10,539.333 8,585.143 13,023.765 6,100.711
The accompanying notes are an integral part of these financial statements. Page 262 UBAM - SWISS EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 CHF CHF CHF
Total net assets 755,572,370.33 537,460,328.78 307,070,243.25
A shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,180,042.523 975,188.758 790,070.854 Net asset value per share 265.20 258.50 229.12 Distribution shares Number of shares outstanding 67,445.541 14,143.345 10,459.914 Net asset value per share 262.29 257.19 229.12 Dividend per share 1.64 1.21 -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 126,513.123 101,195.425 71,128.806 Net asset value per share 171.89 171.01 151.93
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 191,570.470 128,901.996 10,368.079 Net asset value per share 226.03 226.93 202.36
I shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,219,454.771 790,150.487 438,878.090 Net asset value per share 277.26 269.74 238.15 Distribution shares Number of shares outstanding 680.000 3,380.000 2,885.000 Net asset value per share 274.29 268.37 238.14 Dividend per share 1.71 1.26 -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 125,691.150 83,429.524 21,840.535 Net asset value per share 128.61 127.70 113.01
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 44,902.000 20,840.275 - Net asset value per share 105.60 105.81 -
U shares CHF CHF CHF Capitalisation shares Number of shares outstanding 2,147.003 917.003 - Net asset value per share 266.36 259.20 - Distribution shares Number of shares outstanding 1,710.000 - - Net asset value per share 96.03 - -
The accompanying notes are an integral part of these financial statements. Page 263 UBAM - SWISS EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 CHF CHF CHF
Total net assets 755,572,370.33 537,460,328.78 307,070,243.25
UH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 96.57 - -
R shares CHF CHF CHF Capitalisation shares Number of shares outstanding 6,100.711 10,539.333 1,418.650 Net asset value per share 249.89 244.78 219.17
The accompanying notes are an integral part of these financial statements. Page 264 UBAM - SWISS EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in CHF Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 681,611,183.80 751,662,755.63 99.48 another regulated market Shares 681,611,183.80 751,662,755.63 99.48 Euro 12,130,171.21 12,845,666.58 1.70 58,121 CONTINENTAL AG EUR 12,130,171.21 12,845,666.58 1.70 Swiss Franc 650,203,687.30 712,470,554.96 94.29 118,391 ACTELION LTD NAMEN CHF 10,823,209.43 16,195,888.80 2.14 217,849 ADECCO REG.SHS CHF 17,611,552.36 16,534,739.10 2.19 459,574 AMS CHF 16,739,597.76 18,796,576.60 2.49 21,789 AUTONEUM HOLDING AG CHF 3,344,999.93 4,026,607.20 0.53 75,828 BALOISE HOLDING REG.SHS CHF 8,888,925.07 8,644,392.00 1.14 107,135 BB BIOTECH NAM.AKT CHF 23,106,097.74 29,676,395.00 3.93 171,747 CALIDA HOLDING -NAMEN CHF 5,321,648.82 7,196,199.30 0.95 2,045 CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH CHF 9,905,127.91 10,110,480.00 1.34 50,763 CICOREL TECHNOLOGIES ACT. NOM. CHF 1,973,363.52 1,705,636.80 0.23 404,602 CIE FINANCIERE RICHEMONT NAMEN AKT CHF 32,406,715.20 30,769,982.10 4.07 671,880 CLARIANT NAMEN AKT CHF 10,094,184.26 12,873,220.80 1.70 9,053 COMET HOLDING AG CHF 5,661,591.46 7,043,234.00 0.93 1,207,835 CREDIT SUISSE GROUP AG REG SHS CHF 30,066,798.37 31,041,359.50 4.11 51,528 DAETWYLER HOLDING AG CHF 5,608,746.35 5,724,760.80 0.76 121,542 DUFRY GROUP CHF 16,959,800.96 15,824,768.40 2.09 5,613,694 EVOLVA HOLDING NAMEN AKT CHF 8,488,016.42 9,206,458.16 1.22 560,791 GAM HOLDING AG CHF 10,009,601.68 11,019,543.15 1.46 90,250 GEBERIT AG CHF 26,723,043.34 28,130,925.00 3.72 27,155 GEORG FISCHER REG. CHF 16,582,460.46 17,447,087.50 2.31 9,806 GIVAUDAN SA REG.SHS CHF 15,053,669.95 15,866,108.00 2.10 24,295 HELVETIA HOLDING AG CHF 11,480,416.60 12,985,677.50 1.72 56,313 HIAG IMMOBILIEN HOLDING AG NAM.AKT CHF 4,404,936.51 5,293,422.00 0.70 72,732 IMPLENIA AG CHF 3,600,706.39 3,800,247.00 0.50 41,839 KOMAX HOLDING NAMEN CHF 5,599,919.87 6,614,745.90 0.88 127,222 LEONTEQ AG CHF 9,390,989.54 20,660,852.80 2.73 145,678 LONZA GROUP NOM. CHF 15,067,450.81 18,195,182.20 2.41 230,448 MOLECULAR PARTNERS CHF 5,505,301.46 8,077,202.40 1.07 640,568 NESTLE SA REG SHS CHF 42,645,968.16 43,238,340.00 5.72 653,622 NOVARTIS AG REG SHS CHF 52,933,482.92 60,231,267.30 7.96 723,159 OC OERLIKON CORP NAMEN-AKT. CHF 8,735,484.97 8,280,170.55 1.10 67,341 PARTNERS GROUP HLDG NAMEN AKT CHF 16,429,694.86 18,821,809.50 2.49 207,225 ROCHE HOLDING AG GENUSSSCHEIN CHF 49,875,058.54 54,292,950.00 7.18 64,416 SANTHERA PHARMA HLDG CHF 4,555,800.83 5,797,440.00 0.77 13,791 SCHAFFNER HOLDING REG SHS CHF 3,987,675.48 3,075,393.00 0.41 63,503 STRAUMANN HOLDING REG CHF 15,915,006.48 16,288,519.50 2.16 71,856 SWISS LIFE HOLDING N-NAMEN REGISTERED CHF 13,583,902.13 15,384,369.60 2.04 339,453 SWISS RE NAMEN AKT CHF 25,609,081.53 28,089,735.75 3.72 57,647 SYNGENTA NAMEN CHF 23,083,002.10 21,905,860.00 2.90 43,170 THE SWATCH GROUP CHF 20,184,178.28 15,718,197.00 2.08 42,014 U BLOX HOLDING AG NAMEN AKT CHF 5,637,856.45 7,949,048.80 1.05 777,865 UBS GROUP NAMEN-AKT CHF 14,084,457.40 15,425,062.95 2.04 33,119 VZ HOLDING AG CHF 5,114,733.05 7,451,775.00 0.99 59,940 ZURICH INSURANCE GROUP NAMEN AKT CHF 17,409,431.95 17,058,924.00 2.26 US Dollar 19,277,325.29 26,346,534.09 3.49 153,003 MASTERCARD INC -A- USD 9,525,845.32 13,366,920.48 1.77 206,825 VISA INC -A- USD 9,751,479.97 12,979,613.61 1.72
Total investments in securities 681,611,183.80 751,662,755.63 99.48
Cash at banks/(bank liabilities) 4,896,671.35 0.65
Other net assets/(liabilities) -987,056.65 -0.13
Total 755,572,370.33 100.00
The accompanying notes are an integral part of these financial statements. Page 265 UBAM - SWISS EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Switzerland 91.80 United States of America 3.49 Austria 2.49 Germany 1.70
99.48
Industrial classification of investments
% of net assets Pharmaceuticals and cosmetics 21.43 Holding and finance companies 11.74 Insurance 10.88 Banks and credit institutions 9.38 Chemicals 9.11 Foods and non alcoholic drinks 7.06 Electronics and semiconductors 5.28 Biotechnology 5.00 Building materials and trade 4.22 Miscellaneous services 3.91 Machine and apparatus construction 3.19 Retail trade, department stores 2.09 Watch industry 2.08 Tires and rubber 1.70 Textiles and garments 0.95 Electrical engineering and electronics 0.93 Road vehicles 0.53
99.48
Page 266 UBAM - SWISS EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in CHF
Income 14,292,901.82 Dividends, net Note 2 14,292,853.79 Interest on bank accounts 18.73 Other income 29.30 Expenses 4,742,050.11 Management fees Note 3 2,745,153.49 Custodian fees 673,018.21 Subscription duty ("taxe d'abonnement") Note 5 107,848.75 Central administration costs 313,767.52 Audit fees 11,755.79 Interest paid on bank liabilities 9,007.74 Legal fees 10,894.09 Transaction fees Note 2 791,708.60 Other administration costs Note 6, 7 13,442.90 Banking charges and other fees 4,023.85 Other expenses 61,429.17 Net investment income 9,550,851.71 Net realised gain/(loss) on: - securities portfolio Note 2 22,818,523.96 - forward foreign exchange contracts Note 2 -3,661,696.07 - foreign exchange Note 2 -2,514,419.82 Realised result 26,193,259.78 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -23,080,795.78 - forward foreign exchange contracts Note 2 -1,589,282.73 Result of operations 1,523,181.27 Dividends paid Note 14 -25,517.77 Subscriptions capitalisation shares 380,605,574.47 Subscriptions distribution shares 15,334,145.06 Redemptions capitalisation shares -178,265,338.75 Redemptions distribution shares -1,060,002.73 Total changes in net assets 218,112,041.55
Total net assets at the beginning of the period 537,460,328.78
Total net assets at the end of the period 755,572,370.33
The accompanying notes are an integral part of these financial statements. Page 267 UBAM - TURKISH EQUITY Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 27,246,279.69 Securities portfolio at market value Note 2 25,843,989.99 Cash at banks and time deposits 1,385,089.67 Dividends receivable 17,200.03 Liabilities 554,917.99 Bank liabilities 416,874.99 Interest payable on bank liabilities and expenses payable 138,043.00 Net assets at the end of the period 26,691,361.70
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 220,385.014 3,550.919 37,826.466 186,109.467
A EUR shares Capitalisation shares 21,079.216 9,724.253 17,580.798 13,222.671 Distribution shares 648.725 807.656 728.000 728.381
I shares Capitalisation shares 49,521.558 27,515.588 69,028.666 8,008.480
I EUR shares Capitalisation shares 40,620.554 210.000 15,370.554 25,460.000
IP shares Capitalisation shares 4,381.481 561.014 3,353.000 1,589.495
IP EUR shares Capitalisation shares 17,668.172 2,554.611 13,493.772 6,729.011
R shares Capitalisation shares 577.151 306.106 666.966 216.291
The accompanying notes are an integral part of these financial statements. Page 268 UBAM - TURKISH EQUITY Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 26,691,361.70 47,477,980.61 14,637,325.45
A shares USD USD USD Capitalisation shares Number of shares outstanding 186,109.467 220,385.014 51,579.032 Net asset value per share 103.81 124.29 95.15
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 13,222.671 21,079.216 32,751.815 Net asset value per share 119.08 131.27 88.23 Distribution shares Number of shares outstanding 728.381 648.725 858.990 Net asset value per share 118.17 130.27 87.55
I shares USD USD USD Capitalisation shares Number of shares outstanding 8,008.480 49,521.558 7,706.878 Net asset value per share 107.79 128.58 97.69
I EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 25,460.000 40,620.554 30,550.000 Net asset value per share 124.41 136.65 91.17
IP shares USD USD USD Capitalisation shares Number of shares outstanding 1,589.495 4,381.481 4,503.000 Net asset value per share 108.32 128.85 97.41
IP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 6,729.011 17,668.172 4,815.273 Net asset value per share 124.56 136.43 91.63
R shares USD USD USD Capitalisation shares Number of shares outstanding 216.291 577.151 72.010 Net asset value per share 102.91 123.62 94.22
The accompanying notes are an integral part of these financial statements. Page 269 UBAM - TURKISH EQUITY Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 30,187,071.26 25,843,989.99 96.83 another regulated market Shares 30,187,071.26 25,843,989.99 96.83 Turkish Lira 30,187,071.26 25,843,989.99 96.83 42,000 ADANA CIMENTO -A- TRY 82,140.05 103,471.16 0.39 611,000 AKBANK TRY 2,071,831.30 1,767,539.00 6.62 104,000 ALARKO HOLDING TRY 206,530.66 140,529.66 0.53 1,222,000 ALBARAKA TURK KATILIM BANKASI TRY 936,862.34 665,963.08 2.50 230,000 ANADOLU CAM SANAYII TRY 189,461.76 170,846.86 0.64 389,134 ARENA BILGISAYAR AS TRY 605,898.82 457,547.12 1.71 405,680 BATI SOEKE CIMENTO SANAYI AS TRY 402,817.67 361,915.84 1.36 7,000 BIM BIRLESIK MAGAZALAR TRY 127,828.64 125,419.59 0.47 516,431 BIMEKS BIL ISLEM TRY 427,285.86 404,816.02 1.52 18,215 CELEBI HAVA SERVISI AS TRY 200,472.29 232,531.28 0.87 36,000 COCA COLA ICECEK SANAYI A.S TRY 805,934.24 599,326.46 2.25 545,127 EGE SERAMIK CO INC TRY 826,436.46 716,252.99 2.68 1,395,000 EMLAK KONUT REIT TRY 1,664,985.09 1,437,174.10 5.38 578,888 ENKA INSAAT VE SANAY A.S TRY 1,271,925.27 1,102,023.40 4.13 375,000 EREGLI DEMIR VE CELIK TRY 662,924.36 607,501.13 2.28 705,001 GENTAS CLENEL METAL TRY 532,609.46 315,789.05 1.18 220,000 HACI OMER SABANCI HOLDING AS TRY 962,171.17 829,411.68 3.11 300,000 HEKTAS TICARET AS TRY 293,096.71 298,991.34 1.12 1,227,983 IS GAYRIMENKUL YATIRIM TRY 676,782.47 751,730.72 2.82 1,236,000 KARDEMIR KARABUK -SHS- -D- TRY 1,099,015.68 724,342.91 2.71 155,000 KOC HOLDING AS -B- TRY 742,311.34 717,429.91 2.69 36,256 LOGO YAZILIM SANAYI VE TICARET AS TRY 96,256.65 319,387.55 1.20 183,494 MARDIN CIMENTO TRY 392,700.14 289,726.57 1.09 27,643 PINAR ENTEGRE ET TRY 112,538.22 100,191.41 0.38 118,285 SODA SANAYII TRY 200,314.12 256,967.83 0.96 251,465 T TUBORG BIRA VE MALT SANAYII AS TRY 356,041.64 497,484.45 1.86 59,000 TAV HAVALIMALARI HOLDING AS TRY 467,861.82 501,025.13 1.88 381,000 TEKFEN HOLDING AS TRY 951,090.25 649,931.03 2.43 145,005 TEKNOSA TRY 571,737.14 414,608.16 1.55 375,000 TRAKYA CAM SANAYII TRY 444,761.19 391,936.21 1.47 41,000 TUPRAS TURKIYE PETROL RAFINELERI TRY 903,626.04 1,039,153.55 3.89 307,000 TURK HAVA YOLLARI AO TRY 1,058,028.24 1,008,433.21 3.78 171,000 TURK SISE CAM TRY 225,941.43 230,424.90 0.86 142,000 TURK TELEKOM TRY 410,307.22 373,683.18 1.40 168,750 TURKCELL ILETISIM HIZMET TRY 966,013.07 777,923.39 2.91 718,000 TURKIYE GARANTI BANKASI AS (NAMEN-AKT) TRY 2,723,962.19 2,240,561.22 8.40 224,000 TURKIYE HALK BANKA -SHS- TRY 1,444,417.47 1,032,621.28 3.87 771,000 TURKIYE IS BANKASI AS TRY 1,929,163.17 1,623,153.44 6.08 506,333 TURKIYE SINAI KALK TRY 363,141.55 321,300.39 1.20 314,000 TURKIYE VAKIFLAR BANKASI TAO TRY 694,349.77 505,164.72 1.89 503,000 YAPI VE KREDI BANKASI AS TRY 1,085,498.30 739,759.07 2.77
Total investments in securities 30,187,071.26 25,843,989.99 96.83
Cash at banks/(bank liabilities) 968,214.68 3.63
Other net assets/(liabilities) -120,842.97 -0.46
Total 26,691,361.70 100.00
The accompanying notes are an integral part of these financial statements. Page 270 UBAM - TURKISH EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Turkey 96.83
96.83
Industrial classification of investments
% of net assets Banks and credit institutions 33.33 Holding and finance companies 11.58 Building materials and trade 9.08 Transportation 6.53 Real estate companies 5.38 Coal mining and steel industry 4.99 Communications 4.31 Petroleum 3.89 Foods and non alcoholic drinks 3.10 Internet and Internet services 2.72 Textiles and garments 2.68 Chemicals 2.08 Tobacco and alcoholic drinks 1.86 Office supplies and computing 1.71 Retail trade, department stores 1.55 Various capital goods 1.18 Miscellaneous consumer goods 0.86
96.83
Page 271 UBAM - TURKISH EQUITY Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 673,893.95 Dividends, net Note 2 629,545.93 Interest on bank accounts 44,332.96 Other income 15.06 Expenses 424,679.08 Management fees Note 3 260,099.54 Custodian fees 31,610.67 Subscription duty ("taxe d'abonnement") Note 5 5,474.94 Central administration costs 15,563.27 Performance fees Note 4 3,969.42 Audit fees 415.10 Interest paid on bank liabilities 4,499.26 Legal fees 5,121.62 Transaction fees Note 2 58,301.24 Other administration costs Note 6, 7 29,013.13 Banking charges and other fees 2,598.81 Other expenses 8,012.08 Net investment income 249,214.87 Net realised gain/(loss) on: - securities portfolio Note 2 2,995,507.36 - foreign exchange Note 2 -2,414,402.31 Realised result 830,319.92 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -7,054,661.39 Result of operations -6,224,341.47 Subscriptions capitalisation shares 6,188,733.33 Subscriptions distribution shares 126,106.09 Redemptions capitalisation shares -20,774,921.85 Redemptions distribution shares -102,195.01 Total changes in net assets -20,786,618.91
Total net assets at the beginning of the period 47,477,980.61
Total net assets at the end of the period 26,691,361.70
The accompanying notes are an integral part of these financial statements. Page 272 UBAM - EURO EQUITY INCOME Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 56,871,495.35 Securities portfolio at market value Note 2 56,361,579.91 Cash at banks and time deposits 352,556.56 Receivable on issues of shares 87,342.50 Other receivables 70,016.38 Liabilities 276,685.45 Payable on redemptions of shares 38,430.35 Interest payable on bank liabilities and expenses payable 238,255.10 Net assets at the end of the period 56,594,809.90
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 119,363.932 5,840.000 13,594.449 111,609.483 Distribution shares 185.000 2,000.000 185.000 2,000.000
I GBP shares Distribution shares 72,426.157 51,268.168 0.000 123,694.325
R shares Capitalisation shares 0.000 10.000 0.000 10.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 56,594,809.90 46,999,575.46 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 111,609.483 119,363.932 - Net asset value per share 346.08 314.61 - Distribution shares Number of shares outstanding 2,000.000 185.000 - Net asset value per share 96.23 103.27 -
The accompanying notes are an integral part of these financial statements. Page 273 UBAM - EURO EQUITY INCOME Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 56,594,809.90 46,999,575.46 -
I GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 123,694.325 72,426.157 - Net asset value per share 101.81 101.01 -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 93.22 - -
The accompanying notes are an integral part of these financial statements. Page 274 UBAM - EURO EQUITY INCOME Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 51,120,078.18 56,361,579.91 99.59 Investment funds (UCITS) 51,120,078.18 56,361,579.91 99.59 Euro 51,120,078.18 56,361,579.91 99.59 33,256 UBAM ACTIONS EURO RENDEMENT -ZC- * EUR 33,530,897.97 38,444,933.68 67.93 15,549 UBAM ACTIONS EURO RENDEMENT -ZD- * EUR 17,589,180.21 17,916,646.23 31.66
Total investments in securities 51,120,078.18 56,361,579.91 99.59
Cash at banks/(bank liabilities) 352,556.56 0.62
Other net assets/(liabilities) -119,326.57 -0.21
Total 56,594,809.90 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 275 UBAM - EURO EQUITY INCOME
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.59
99.59
Industrial classification of investments
% of net assets Investment funds 99.59
99.59
Page 276 UBAM - EURO EQUITY INCOME Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 320.06 Interest on bank accounts 320.06 Expenses 517,834.90 Management fees Note 3 381,451.75 Custodian fees 43,504.18 Subscription duty ("taxe d'abonnement") Note 5 10,923.80 Central administration costs 27,525.20 Audit fees 868.30 Interest paid on bank liabilities 56.88 Legal fees 4,746.03 Other administration costs Note 6, 7 42,003.94 Other expenses 6,754.82 Net investment loss -517,514.84 Net realised gain/(loss) on: - securities portfolio Note 2 1,840,762.24 - forward foreign exchange contracts Note 2 -52,238.34 - foreign exchange Note 2 48,328.84 Realised result 1,319,337.90 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 3,359,912.19 Result of operations 4,679,250.09 Subscriptions capitalisation shares 2,075,692.57 Subscriptions distribution shares 7,626,154.15 Redemptions capitalisation shares -4,765,984.12 Redemptions distribution shares -19,878.25 Total changes in net assets 9,595,234.44
Total net assets at the beginning of the period 46,999,575.46
Total net assets at the end of the period 56,594,809.90
The accompanying notes are an integral part of these financial statements. Page 277 UBAM - MULTIFUNDS ALLOCATION 30 Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 79,022,056.18 Securities portfolio at market value Note 2 77,826,915.93 Cash at banks and time deposits 362,333.87 Formation expenses, net Note 2 17,741.47 Unrealised gain on forward foreign exchange contracts Note 2, 8 775,180.01 Other receivables 39,884.90 Liabilities 377,863.32 Bank liabilities 17.41 Payable on redemptions of shares 119,214.00 Interest payable on bank liabilities and expenses payable 258,631.91 Net assets at the end of the period 78,644,192.86
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 365,569.929 12,226.238 46,784.693 331,011.474 Distribution shares 0.000 2,959.000 0.000 2,959.000
AH EUR shares Capitalisation shares 210,280.243 22,430.730 21,615.730 211,095.243
AH CHF shares Capitalisation shares 1,340.000 4,772.000 2,500.000 3,612.000
AH GBP shares Capitalisation shares 22,711.224 0.000 1,940.000 20,771.224 Distribution shares 1,605.951 468.000 0.000 2,073.951
I shares Capitalisation shares 1,000.000 0.000 0.000 1,000.000
The accompanying notes are an integral part of these financial statements. Page 278 UBAM - MULTIFUNDS ALLOCATION 30 Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 78,644,192.86 84,953,906.54 -
A shares USD USD USD Capitalisation shares Number of shares outstanding 331,011.474 365,569.929 - Net asset value per share 132.49 131.80 - Distribution shares Number of shares outstanding 2,959.000 - - Net asset value per share 98.16 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 211,095.243 210,280.243 - Net asset value per share 128.31 127.78 -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 3,612.000 1,340.000 - Net asset value per share 98.18 98.08 -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 20,771.224 22,711.224 - Net asset value per share 107.14 106.41 - Distribution shares Number of shares outstanding 2,073.951 1,605.951 - Net asset value per share 104.71 103.99 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 1,000.000 1,000.000 - Net asset value per share 99.53 98.71 -
The accompanying notes are an integral part of these financial statements. Page 279 UBAM - MULTIFUNDS ALLOCATION 30 Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 77,208,231.82 77,826,915.93 98.96 Shares/Units in investment funds 1,910,800.00 1,807,950.00 2.30 US Dollar 1,910,800.00 1,807,950.00 2.30 17,000 GLG MAN EM EQ ACC CL. -I- USD USD 1,910,800.00 1,807,950.00 2.30 Investment funds (UCITS) 75,297,431.82 76,018,965.93 96.66 Euro 5,645,694.76 5,601,341.78 7.12 6,860 ALKEN EUROPEAN OPPORTUNITIES -EU1-CAP EUR 1,328,320.57 1,253,137.40 1.59 44,800 COMGEST GROWTH EUROPE FUND EUR 1,014,419.02 1,025,777.09 1.30 54,300 F C PF EU SM -I- CAP EUR 712,117.68 789,538.83 1.00 349,450 J O HAMBRO CAP MGT UMBRELLA FD PLC EUROPEAN SELECT VAL ISTL EUR 1,319,887.56 1,286,045.18 1.64 200 MANDARINE VALEUR FCP I CAP EUR 1,270,949.93 1,246,843.28 1.59 Japanese Yen 2,790,849.32 2,887,721.71 3.67 159,000 BA GI WO JAPAN ACC PTG CL-B-JPY JPY 1,578,829.68 1,700,500.12 2.16 7,143 GLG INV PLC JAPAN COREALPHA EQ -AAX- JPY 1,212,019.64 1,187,221.59 1.51 US Dollar 66,860,887.74 67,529,902.44 85.87 6,700 ALKEN EU OPP -US1H- CAP USD 699,011.00 736,732.00 0.94 3,680 AMUNDI BOND GLOBAL AGGREGATE -IU- CAP USD 7,235,027.93 7,508,598.40 9.54 353,000 BGF FIX GL OPP --- SHS -I2- CAP USD 3,701,503.62 3,745,330.00 4.76 47,500 COMGEST GRW EMRG MR ACC CLASS -I- USD USD 1,722,350.00 1,754,175.00 2.23 33,400 GS GLOB STR INCOME BD PTF I ACC USD 3,966,869.81 3,901,454.00 4.96 90 H2O MULTIBONDS FCP -HI- USD 4 DEC USD 4,500,000.00 4,722,578.10 6.00 32,500 J BAER MULTI AB RET -SHS -A- CAP. USD 4,263,625.00 4,213,300.00 5.36 69,600 JPMF AGGR BD -JPM C (DIST) USD- DIS USD 7,428,039.75 7,302,432.00 9.28 72,750 JPMF HIGH US STEEP JPM C USD CAP USD 2,076,860.53 2,187,592.50 2.78 47,800 JPMF US VALUE FUND -C-USD CAP USD 1,138,118.00 1,114,218.00 1.42 582 L SELECT US SELECT GROWTH US SELECT GROWTH USD IC CAP USD 2,316,081.52 2,465,724.48 3.14 41,700 LEGG WE MAC OP -X- USD USD 4,511,523.00 4,445,220.00 5.65 3,000 NIFLI US SMALL VALUE I/A(USD)- CAP USD 947,160.00 956,340.00 1.22 51,800 PICTET-ARFI -I USD- CAP USD 5,392,898.00 5,336,436.00 6.79 176,000 PIMCO GLB INVR SERIES GLOBAL BD -INS- USD 4,938,710.00 4,838,240.00 6.15 159,500 PIMCO GLB INVR SR HY BD -INS- CAP USD 4,479,180.00 4,477,165.00 5.69 520 PION US FD GR UNITS -I- CAP USD 2,058,470.75 2,222,324.00 2.83 11,150 R CAP US L C EQ SHS I USD CAP USD 2,106,778.39 2,198,445.50 2.80 25,400 VAN GLB BON IND USD 3,378,680.44 3,403,597.46 4.33
Total investments in securities 77,208,231.82 77,826,915.93 98.96
Cash at banks/(bank liabilities) 362,316.46 0.46
Other net assets/(liabilities) 454,960.47 0.58
Total 78,644,192.86 100.00
The accompanying notes are an integral part of these financial statements. Page 280 UBAM - MULTIFUNDS ALLOCATION 30
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 58.41 Ireland 32.96 France 7.59
98.96
Industrial classification of investments
% of net assets Investment funds 98.96
98.96
Page 281 UBAM - MULTIFUNDS ALLOCATION 30 Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 12,923.81 Dividends, net Note 2 12,886.56 Interest on bank accounts 37.25 Expenses 591,598.44 Management fees Note 3 401,443.23 Custodian fees 40,721.45 Subscription duty ("taxe d'abonnement") Note 5 5,176.46 Central administration costs 39,199.59 Audit fees 1,216.96 Interest paid on bank liabilities 245.20 Legal fees 5,184.38 Transaction fees Note 2 14,854.53 Other administration costs Note 6, 7 80,465.66 Other expenses 3,090.98 Net investment loss -578,674.63 Net realised gain/(loss) on: - securities portfolio Note 2 881,221.82 - forward foreign exchange contracts Note 2 -4,666,131.48 - foreign exchange Note 2 -41,622.40 Realised result -4,405,206.69 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 664,592.79 - forward foreign exchange contracts Note 2 1,662,635.76 Result of operations -2,077,978.14 Subscriptions capitalisation shares 5,398,250.56 Subscriptions distribution shares 371,058.98 Redemptions capitalisation shares -10,001,045.08 Total changes in net assets -6,309,713.68
Total net assets at the beginning of the period 84,953,906.54
Total net assets at the end of the period 78,644,192.86
The accompanying notes are an integral part of these financial statements. Page 282 UBAM - MULTIFUNDS ALLOCATION 50 Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 74,491,972.16 Securities portfolio at market value Note 2 72,213,466.82 Cash at banks and time deposits 315,933.20 Formation expenses, net Note 2 17,741.47 Receivable on issues of shares 1,042,179.82 Unrealised gain on forward foreign exchange contracts Note 2, 8 808,669.15 Other receivables 93,981.70 Liabilities 441,942.15 Bank liabilities 16,529.73 Payable on redemptions of shares 121,113.08 Interest payable on bank liabilities and expenses payable 304,299.34 Net assets at the end of the period 74,050,030.01
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 272,815.350 27,761.938 31,142.000 269,435.288 Distribution shares 0.000 2,959.000 0.000 2,959.000
AH EUR shares Capitalisation shares 198,267.595 15,096.977 32,076.605 181,287.967 Distribution shares 500.000 1,000.000 0.000 1,500.000
AH CHF shares Capitalisation shares 3,490.000 72.000 0.000 3,562.000
AH GBP shares Capitalisation shares 50,720.515 1,585.000 10,386.923 41,918.592
The accompanying notes are an integral part of these financial statements. Page 283 UBAM - MULTIFUNDS ALLOCATION 50 Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 74,050,030.01 79,664,735.53 -
A shares USD USD USD Capitalisation shares Number of shares outstanding 269,435.288 272,815.350 - Net asset value per share 145.34 143.47 - Distribution shares Number of shares outstanding 2,959.000 - - Net asset value per share 98.48 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 181,287.967 198,267.595 - Net asset value per share 130.67 129.42 - Distribution shares Number of shares outstanding 1,500.000 500.000 - Net asset value per share 99.27 98.32 -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 3,562.000 3,490.000 - Net asset value per share 99.01 98.07 -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 41,918.592 50,720.515 - Net asset value per share 116.19 114.68 -
The accompanying notes are an integral part of these financial statements. Page 284 UBAM - MULTIFUNDS ALLOCATION 50 Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 71,314,949.31 72,213,466.82 97.52 Shares/Units in investment funds 2,810,000.00 2,658,750.00 3.59 US Dollar 2,810,000.00 2,658,750.00 3.59 25,000 GLG MAN EM EQ ACC CL. -I- USD USD 2,810,000.00 2,658,750.00 3.59 Investment funds (UCITS) 68,504,949.31 69,554,716.82 93.93 Euro 8,399,140.04 8,307,618.92 11.22 11,360 ALKEN EUROPEAN OPPORTUNITIES -EU1-CAP EUR 2,215,185.73 2,075,166.30 2.80 63,300 COMGEST GROWTH EUROPE FUND EUR 1,432,611.60 1,449,368.07 1.96 77,000 F C PF EU SM -I- CAP EUR 1,009,816.96 1,119,603.87 1.51 504,200 J O HAMBRO CAP MGT UMBRELLA FD PLC EUROPEAN SELECT VAL ISTL EUR 1,930,961.22 1,855,557.92 2.51 290 MANDARINE VALEUR FCP I CAP EUR 1,810,564.53 1,807,922.76 2.44 Japanese Yen 3,954,985.58 4,085,920.21 5.52 206,431 BA GI WO JAPAN ACC PTG CL-B-JPY JPY 2,037,608.86 2,207,773.22 2.98 11,300 GLG INV PLC JAPAN COREALPHA EQ -AAX- JPY 1,917,376.72 1,878,146.99 2.54 US Dollar 56,150,823.69 57,161,177.69 77.19 9,750 ALKEN EU OPP -US1H- CAP USD 1,017,217.50 1,072,110.00 1.45 2,500 AMUNDI BOND GLOBAL AGGREGATE -IU- CAP USD 4,895,394.82 5,100,950.00 6.88 215,500 BGF FIX GL OPP --- SHS -I2- CAP USD 2,259,609.93 2,286,455.00 3.09 70,000 COMGEST GRW EMRG MR ACC CLASS -I- USD USD 2,538,200.00 2,585,100.00 3.49 22,000 GS GLOB STR INCOME BD PTF I ACC USD 2,618,935.00 2,569,820.00 3.47 61 H2O MULTIBONDS FCP -HI- USD 4 DEC USD 3,050,000.00 3,200,858.49 4.32 21,300 J BAER MULTI AB RET -SHS -A- CAP. USD 2,804,196.63 2,761,332.00 3.73 43,200 JPMF AGGR BD -JPM C (DIST) USD- DIS USD 4,611,096.00 4,532,544.00 6.12 121,100 JPMF HIGH US STEEP JPM C USD CAP USD 3,453,345.49 3,641,477.00 4.92 83,000 JPMF US VALUE FUND -C-USD CAP USD 1,975,015.00 1,934,730.00 2.61 890 L SELECT US SELECT GROWTH US SELECT GROWTH USD IC CAP USD 3,536,348.88 3,770,609.60 5.09 28,000 LEGG WE MAC OP -X- USD USD 3,029,320.00 2,984,800.00 4.03 4,800 NIFLI US SMALL VALUE I/A(USD)- CAP USD 1,515,456.00 1,530,144.00 2.07 36,200 PICTET-ARFI -I USD- CAP USD 3,768,782.00 3,729,324.00 5.04 105,000 PIMCO GLB INVR SERIES GLOBAL BD -INS- USD 2,954,554.17 2,886,450.00 3.90 106,000 PIMCO GLB INVR SR HY BD -INS- CAP USD 2,971,026.00 2,975,420.00 4.02 860 PION US FD GR UNITS -I- CAP USD 3,402,791.77 3,675,382.00 4.96 18,490 R CAP US L C EQ SHS I USD CAP USD 3,486,364.84 3,645,673.30 4.92 17,000 VAN GLB BON IND USD 2,263,169.66 2,277,998.30 3.08
Total investments in securities 71,314,949.31 72,213,466.82 97.52
Cash at banks/(bank liabilities) 299,403.47 0.40
Other net assets/(liabilities) 1,537,159.72 2.08
Total 74,050,030.01 100.00
The accompanying notes are an integral part of these financial statements. Page 285 UBAM - MULTIFUNDS ALLOCATION 50
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 58.66 Ireland 32.10 France 6.76
97.52
Industrial classification of investments
% of net assets Investment funds 97.52
97.52
Page 286 UBAM - MULTIFUNDS ALLOCATION 50 Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 21,970.66 Dividends, net Note 2 21,477.60 Interest on bank accounts 111.60 Other income 381.46 Expenses 673,466.49 Management fees Note 3 492,503.90 Custodian fees 38,452.66 Subscription duty ("taxe d'abonnement") Note 5 6,286.58 Central administration costs 36,864.80 Audit fees 1,142.16 Interest paid on bank liabilities 264.53 Legal fees 3,402.20 Transaction fees Note 2 13,038.34 Other administration costs Note 6, 7 78,414.39 Other expenses 3,096.93 Net investment loss -651,495.83 Net realised gain/(loss) on: - securities portfolio Note 2 1,281,229.24 - forward foreign exchange contracts Note 2 -4,509,815.67 - foreign exchange Note 2 -221,047.17 Realised result -4,101,129.43 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 967,616.64 - forward foreign exchange contracts Note 2 1,678,691.37 Result of operations -1,454,821.42 Subscriptions capitalisation shares 6,534,396.32 Subscriptions distribution shares 408,803.42 Redemptions capitalisation shares -11,103,083.84 Total changes in net assets -5,614,705.52
Total net assets at the beginning of the period 79,664,735.53
Total net assets at the end of the period 74,050,030.01
The accompanying notes are an integral part of these financial statements. Page 287 UBAM - MULTIFUNDS ALLOCATION 70 Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 21,827,660.32 Securities portfolio at market value Note 2 21,340,310.65 Cash at banks and time deposits 21,709.17 Formation expenses, net Note 2 17,761.20 Receivable on issues of shares 141,359.10 Unrealised gain on forward foreign exchange contracts Note 2, 8 245,793.16 Other receivables 60,727.04 Liabilities 103,321.77 Bank liabilities 4,732.49 Interest payable on bank liabilities and expenses payable 98,589.28 Net assets at the end of the period 21,724,338.55
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 77,205.405 2,389.000 4,556.000 75,038.405
AH EUR shares Capitalisation shares 61,909.000 2,009.000 4,782.000 59,136.000
AH GBP shares Capitalisation shares 8,684.894 0.000 0.000 8,684.894 Distribution shares 387.003 0.000 0.000 387.003
I shares Capitalisation shares 0.000 2,500.000 0.000 2,500.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 21,724,338.55 22,637,890.17 -
A shares USD USD USD Capitalisation shares Number of shares outstanding 75,038.405 77,205.405 - Net asset value per share 144.94 142.60 -
The accompanying notes are an integral part of these financial statements. Page 288 UBAM - MULTIFUNDS ALLOCATION 70 Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 21,724,338.55 22,637,890.17 -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 59,136.000 61,909.000 - Net asset value per share 133.90 132.10 -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 8,684.894 8,684.894 - Net asset value per share 124.43 122.40 - Distribution shares Number of shares outstanding 387.003 387.003 - Net asset value per share 126.02 123.96 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 2,500.000 - - Net asset value per share 99.61 - -
The accompanying notes are an integral part of these financial statements. Page 289 UBAM - MULTIFUNDS ALLOCATION 70 Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 21,016,530.49 21,340,310.65 98.23 Shares/Units in investment funds 1,164,464.00 1,101,786.00 5.07 US Dollar 1,164,464.00 1,101,786.00 5.07 10,360 GLG MAN EM EQ ACC CL. -I- USD USD 1,164,464.00 1,101,786.00 5.07 Investment funds (UCITS) 19,852,066.49 20,238,524.65 93.16 Euro 3,417,983.19 3,405,043.27 15.67 4,330 ALKEN EUROPEAN OPPORTUNITIES -EU1-CAP EUR 830,048.99 790,974.48 3.63 25,600 COMGEST GROWTH EUROPE FUND EUR 575,314.38 586,158.34 2.70 35,000 F C PF EU SM -I- CAP EUR 459,007.71 508,910.85 2.34 201,000 J O HAMBRO CAP MGT UMBRELLA FD PLC EUROPEAN SELECT VAL ISTL EUR 755,638.51 739,722.55 3.41 125 MANDARINE VALEUR FCP I CAP EUR 797,973.60 779,277.05 3.59 Japanese Yen 1,490,792.77 1,532,164.28 7.05 78,300 BA GI WO JAPAN ACC PTG CL-B-JPY JPY 781,622.57 837,416.10 3.85 4,180 GLG INV PLC JAPAN COREALPHA EQ -AAX- JPY 709,170.20 694,748.18 3.20 US Dollar 14,943,290.53 15,301,317.10 70.44 4,350 ALKEN EU OPP -US1H- CAP USD 453,835.50 478,326.00 2.20 430 AMUNDI BOND GLOBAL AGGREGATE -IU- CAP USD 844,631.90 877,363.40 4.04 30,700 BGF FIX GL OPP --- SHS -I2- CAP USD 322,034.51 325,727.00 1.50 29,430 COMGEST GRW EMRG MR ACC CLASS -I- USD USD 1,072,004.61 1,086,849.90 5.00 2,800 GS GLOB STR INCOME BD PTF I ACC USD 332,481.01 327,068.00 1.51 10 H2O MULTIBONDS FCP -HI- USD 4 DEC USD 527,936.05 524,730.90 2.42 3,100 J BAER MULTI AB RET -SHS -A- CAP. USD 408,224.55 401,884.00 1.85 8,900 JPMF AGGR BD -JPM C (DIST) USD- DIS USD 949,851.00 933,788.00 4.30 52,660 JPMF HIGH US STEEP JPM C USD CAP USD 1,507,959.13 1,583,486.20 7.29 33,500 JPMF US VALUE FUND -C-USD CAP USD 797,635.00 780,885.00 3.59 385 L SELECT US SELECT GROWTH US SELECT GROWTH USD IC CAP USD 1,536,315.64 1,631,106.40 7.51 4,800 LEGG WE MAC OP -X- USD USD 519,312.00 511,680.00 2.36 2,000 NIFLI US SMALL VALUE I/A(USD)- CAP USD 631,440.00 637,560.00 2.93 6,700 PICTET-ARFI -I USD- CAP USD 697,537.00 690,234.00 3.18 17,300 PIMCO GLB INVR SERIES GLOBAL BD -INS- USD 486,492.83 475,577.00 2.19 19,000 PIMCO GLB INVR SR HY BD -INS- CAP USD 532,819.59 533,330.00 2.45 365 PION US FD GR UNITS -I- CAP USD 1,443,817.78 1,559,900.50 7.18 7,830 R CAP US L C EQ SHS I USD CAP USD 1,483,487.25 1,543,841.10 7.11 2,970 VAN GLB BON IND USD 395,475.18 397,979.70 1.83
Total investments in securities 21,016,530.49 21,340,310.65 98.23
Cash at banks/(bank liabilities) 16,976.68 0.08
Other net assets/(liabilities) 367,051.22 1.69
Total 21,724,338.55 100.00
The accompanying notes are an integral part of these financial statements. Page 290 UBAM - MULTIFUNDS ALLOCATION 70
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 60.16 Ireland 32.06 France 6.01
98.23
Industrial classification of investments
% of net assets Investment funds 98.23
98.23
Page 291 UBAM - MULTIFUNDS ALLOCATION 70 Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 8,043.61 Dividends, net Note 2 7,982.51 Interest on bank accounts 61.10 Expenses 223,498.79 Management fees Note 3 162,872.58 Custodian fees 11,045.04 Subscription duty ("taxe d'abonnement") Note 5 1,654.97 Central administration costs 10,609.71 Audit fees 332.16 Interest paid on bank liabilities 136.68 Legal fees 4,804.89 Transaction fees Note 2 9,929.20 Other administration costs Note 6, 7 21,067.52 Other expenses 1,046.04 Net investment loss -215,455.18 Net realised gain/(loss) on: - securities portfolio Note 2 415,975.31 - forward foreign exchange contracts Note 2 -1,407,538.08 - foreign exchange Note 2 -85,366.17 Realised result -1,292,384.12 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 354,352.06 - forward foreign exchange contracts Note 2 502,925.64 Result of operations -435,106.42 Subscriptions capitalisation shares 909,240.10 Redemptions capitalisation shares -1,387,685.30 Total changes in net assets -913,551.62
Total net assets at the beginning of the period 22,637,890.17
Total net assets at the end of the period 21,724,338.55
The accompanying notes are an integral part of these financial statements. Page 292 UBAM - MULTIFUNDS ALTERNATIVE Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 57,280,156.82 Securities portfolio at market value Note 2 48,803,997.39 Cash at banks and time deposits 7,953,296.34 Formation expenses, net Note 2 20,582.24 Unrealised gain on forward foreign exchange contracts Note 2, 8 502,280.85 Liabilities 152,606.48 Interest payable on bank liabilities and expenses payable 152,606.48 Net assets at the end of the period 57,127,550.34
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Distribution shares 0.000 350.000 0.000 350.000
I shares Capitalisation shares 0.000 5,750.000 0.000 5,750.000
IH EUR shares Capitalisation shares 0.000 3,750.000 0.000 3,750.000
IH GBP shares Capitalisation shares 0.000 4,000.000 0.000 4,000.000 Distribution shares 7,353.778 300.000 5,696.773 1,957.005
U shares Capitalisation shares 229,696.521 50,265.765 42,068.435 237,893.851
UH EUR shares Capitalisation shares 220,819.479 40,601.747 30,307.056 231,114.170
UH GBP shares Distribution shares 35,646.969 10,760.031 31,761.000 14,646.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 293 UBAM - MULTIFUNDS ALTERNATIVE Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 57,127,550.34 57,840,829.51 -
A shares USD USD USD Distribution shares Number of shares outstanding 350.000 - - Net asset value per share 99.41 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 5,750.000 - - Net asset value per share 100.63 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 3,750.000 - - Net asset value per share 100.62 - -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 4,000.000 - - Net asset value per share 100.08 - - Distribution shares Number of shares outstanding 1,957.005 7,353.778 - Net asset value per share 111.54 107.07 -
U shares USD USD USD Capitalisation shares Number of shares outstanding 237,893.851 229,696.521 - Net asset value per share 105.09 101.26 -
UH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 231,114.170 220,819.479 - Net asset value per share 107.47 103.61 -
UH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 14,646.000 35,646.969 - Net asset value per share 106.13 101.98 -
R shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 99.39 - -
The accompanying notes are an integral part of these financial statements. Page 294 UBAM - MULTIFUNDS ALTERNATIVE Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 46,225,944.50 48,803,997.39 85.43 Investment funds (UCITS) 46,225,944.50 48,803,997.39 85.43 Euro 6,090,125.95 5,949,846.44 10.42 151,469 JPMF HIGH EUR STEEP JPM C PERF EUR CAP EUR 3,417,761.62 3,545,795.75 6.21 12,950 SCHRODER GAIA VAR EGERTON EQ -C- CAP EUR 2,672,364.33 2,404,050.69 4.21 Pound Sterling 270,981.27 273,412.96 0.48 1,170 SCHRODER GAIA EGERTON EQUITY GBP 270,981.27 273,412.96 0.48 US Dollar 39,864,837.28 42,580,737.99 74.53 14,703 CONVENTUM SICAV LYRICAL -I- CAP USD 2,924,273.51 3,013,814.59 5.28 2,674 FUNDLOGIC ALINDUS PACIFICHOICE ASIA FUND USD 3,500,000.74 3,547,203.40 6.21 6,998 GFS TREND MAC -D- USD USD 700,000.00 698,810.40 1.22 30,869 GFS UCITS FD PLC HALCYON LIQ OPP A USD USD 3,090,000.00 3,072,362.97 5.38 25,475 GFS UCITS FD PLC TREND MACRO CLASS C USD USD 2,552,120.20 2,549,134.49 4.46 983,183 HGF UK AR -I USD CAP HEDGED- USD 5,909,129.16 6,334,355.99 11.09 38,555 LYXOR NEWCITS II LYX/WNT SHS -EB- USD USD 4,198,294.04 4,462,775.15 7.81 28,074 ML INV SOLUTIONS CCI HLT L/S UCITS -B- USD 3,767,025.95 4,338,340.43 7.59 42,395 MW DEV EUR TOPS -A- USD USD 6,078,786.45 6,901,400.87 12.07 15,098 SCHRODER GAIA EGERTON EQ -A-USD HDG CAP USD 2,017,545.74 2,169,431.62 3.80 40,617 SERVICED PLATFORM SEL EQ L/S S-F I USD 5,127,661.49 5,493,108.08 9.62
Total investments in securities 46,225,944.50 48,803,997.39 85.43
Cash at banks/(bank liabilities) 7,953,296.34 13.92
Other net assets/(liabilities) 370,256.61 0.65
Total 57,127,550.34 100.00
The accompanying notes are an integral part of these financial statements. Page 295 UBAM - MULTIFUNDS ALTERNATIVE
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 48.28 Ireland 37.15
85.43
Industrial classification of investments
% of net assets Investment funds 85.43
85.43
Page 296 UBAM - MULTIFUNDS ALTERNATIVE Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 530.30 Interest on bank accounts 24.50 Other income 505.80 Expenses 340,066.86 Management fees Note 3 214,571.76 Custodian fees 27,709.67 Subscription duty ("taxe d'abonnement") Note 5 6,203.23 Central administration costs 26,109.20 Audit fees 822.25 Interest paid on bank liabilities 706.57 Legal fees 2,726.84 Transaction fees Note 2 2,583.29 Other administration costs Note 6, 7 54,839.68 Other expenses 3,794.37 Net investment loss -339,536.56 Net realised gain/(loss) on: - securities portfolio Note 2 847,011.64 - forward foreign exchange contracts Note 2 -2,787,821.05 - foreign exchange Note 2 -589,825.52 Realised result -2,870,171.49 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 1,429,539.12 - forward foreign exchange contracts Note 2 1,070,587.10 Result of operations -370,045.27 Subscriptions capitalisation shares 11,775,330.25 Subscriptions distribution shares 1,831,290.69 Redemptions capitalisation shares -7,925,659.46 Redemptions distribution shares -6,024,195.38 Total changes in net assets -713,279.17
Total net assets at the beginning of the period 57,840,829.51
Total net assets at the end of the period 57,127,550.34
The accompanying notes are an integral part of these financial statements. Page 297 UBAM - MULTIFUNDS EMERGING MARKETS Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 36,066,429.79 Securities portfolio at market value Note 2 35,980,140.97 Cash at banks and time deposits 83,479.23 Other receivables 2,809.59 Liabilities 170,740.96 Interest payable on bank liabilities and expenses payable 170,740.96 Net assets at the end of the period 35,895,688.83
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 23,580.704 38.000 459.456 23,159.248 Distribution shares 46,099.036 793.000 5,313.557 41,578.479
A EUR shares Capitalisation shares 88,836.051 0.000 3,234.838 85,601.213
I shares Capitalisation shares 73,250.000 0.000 54,060.000 19,190.000 Distribution shares 5,326.269 0.000 969.021 4,357.248
R shares Capitalisation shares 10.000 0.000 10.000 0.000
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 35,895,688.83 42,519,727.27 52,611,056.46
A shares USD USD USD Capitalisation shares Number of shares outstanding 23,159.248 23,580.704 27,823.793 Net asset value per share 345.75 339.13 364.41 Distribution shares Number of shares outstanding 41,578.479 46,099.036 59,378.218 Net asset value per share 345.82 339.20 364.48
The accompanying notes are an integral part of these financial statements. Page 298 UBAM - MULTIFUNDS EMERGING MARKETS Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 35,895,688.83 42,519,727.27 52,611,056.46
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 85,601.213 88,836.051 100,200.294 Net asset value per share 105.08 94.90 89.55
I shares USD USD USD Capitalisation shares Number of shares outstanding 19,190.000 73,250.000 60,215.000 Net asset value per share 93.10 90.85 96.63 Distribution shares Number of shares outstanding 4,357.248 5,326.269 6,528.122 Net asset value per share 390.38 380.96 405.21
R shares USD USD USD Capitalisation shares Number of shares outstanding - 10.000 10.000 Net asset value per share - 100.00 107.88
The accompanying notes are an integral part of these financial statements. Page 299 UBAM - MULTIFUNDS EMERGING MARKETS Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 36,101,330.03 35,980,140.97 100.24 Shares/Units in investment funds 3,306,900.00 3,190,500.00 8.89 US Dollar 3,306,900.00 3,190,500.00 8.89 30,000 GLG MAN EM EQ ACC CL. -I- USD USD 3,306,900.00 3,190,500.00 8.89 Investment funds (UCITS) 32,794,430.03 32,789,640.97 91.35 Euro 2,437,030.48 2,324,452.95 6.48 40,000 LYXOR ETF ZAF FTSE TOP40 FCP -C- EUR EUR 1,627,487.24 1,592,860.32 4.44 27,200 SCHRODER INT SEL EME EUROPE -C- CAP EUR 809,543.24 731,592.63 2.04 Pound Sterling 2,720,216.86 3,189,245.22 8.88 387,000 FIRST STATE ASIA PACIFIC LEADERS FD -B- GBP 2,720,216.86 3,189,245.22 8.88 US Dollar 27,637,182.69 27,275,942.80 75.99 97,000 COMGEST GRW EMRG MR ACC CLASS -I- USD USD 3,365,706.00 3,582,210.00 9.98 290,000 CORONATION GLB OPP GLB EME MKT -B- CAP USD 3,178,178.57 2,954,694.00 8.23 138,000 FRANK TEMP INV EME MKT SMR CIE -I- CAP USD 1,464,180.00 1,581,480.00 4.41 37,000 FRANK TEMP INV FD FRANKLIN INDIA -I- CAP USD 949,183.20 1,308,320.00 3.64 27,000 FRANKLIN TEMPLETON INVESTMENT FUNDS - ASIAN GROWTH GLB.CERT -A- USD 943,650.00 906,390.00 2.53 CAP 212,000 GAM STAR FD PLC CHN EQ -INS- USD CAP USD 2,982,911.89 3,420,174.80 9.53 133,000 INVESTEC GLB STR FD ASIAN EQ FD -I- CAP USD 3,143,833.90 3,403,470.00 9.48 40,000 JPMF LATIN AMERICA EQ. -A (ACC) USD-CAP USD 1,259,617.40 920,400.00 2.56 6,020 JPMORGAN FD JF ASEAN EQUITY -C- USD CAP USD 839,691.10 787,115.00 2.19 9,300 MFS MERIDIAN LATIN AME EQ -I1- USD 2,131,253.63 1,434,990.00 4.00 12,200 PCM RUSSIAN PROSPERITY -A- CAP USD 990,044.76 761,890.00 2.12 243,000 RUS AC EM EQ II -C- USD USD 3,611,477.49 3,501,630.00 9.76 2,100 UNI-GLOBAL MIN VRI EME MKT -B1- USD 2,777,454.75 2,713,179.00 7.56
Total investments in securities 36,101,330.03 35,980,140.97 100.24
Cash at banks/(bank liabilities) 83,479.23 0.23
Other net assets/(liabilities) -167,931.37 -0.47
Total 35,895,688.83 100.00
The accompanying notes are an integral part of these financial statements. Page 300 UBAM - MULTIFUNDS EMERGING MARKETS
Geographical classification of investments
(by domicile of the issuer) % of net assets Ireland 46.39 Luxembourg 40.53 United Kingdom 8.88 France 4.44
100.24
Industrial classification of investments
% of net assets Investment funds 100.24
100.24
Page 301 UBAM - MULTIFUNDS EMERGING MARKETS Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 39,605.86 Interest on bank accounts 331.16 Other income 39,274.70 Expenses 391,608.89 Management fees Note 3 291,849.13 Custodian fees 19,793.81 Subscription duty ("taxe d'abonnement") Note 5 4,246.66 Central administration costs 19,206.08 Audit fees 553.13 Interest paid on bank liabilities 357.37 Legal fees 5,023.90 Transaction fees Note 2 4,076.04 Other administration costs Note 6, 7 35,418.67 Other expenses 11,084.10 Net investment loss -352,003.03 Net realised gain/(loss) on: - securities portfolio Note 2 682,767.66 - foreign exchange Note 2 -225,431.74 Realised result 105,332.89 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 677,609.56 Result of operations 782,942.45 Subscriptions capitalisation shares 13,887.86 Subscriptions distribution shares 285,708.60 Redemptions capitalisation shares -5,453,244.05 Redemptions distribution shares -2,253,333.30 Total changes in net assets -6,624,038.44
Total net assets at the beginning of the period 42,519,727.27
Total net assets at the end of the period 35,895,688.83
The accompanying notes are an integral part of these financial statements. Page 302 UBAM - ASYMMETRY 50 EUR Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in EUR
Assets 208,170,653.68 Securities portfolio at market value Note 2 185,086,131.71 Options contracts at market value Note 2, 11 774,431.96 Cash at banks and time deposits 18,789,341.39 Deposits on futures and option contracts 3,074,633.72 Interest receivable on bonds and other debt securities 5,517.34 Receivable on issues of shares 440,597.56 Liabilities 1,915,117.30 Short option contracts at market value Note 2, 11 915,990.00 Payable on redemptions of shares 97,555.34 Unrealised loss on forward foreign exchange contracts Note 2, 8 463,911.37 Interest payable on bank liabilities and expenses payable 437,660.59 Net assets at the end of the period 206,255,536.38
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 193,782.000 489,017.054 36,842.000 645,957.054
A USD shares Capitalisation shares 13,903.000 20,003.000 11,870.000 22,036.000
A CHF shares Capitalisation shares 10,700.000 27,550.000 0.000 38,250.000
AP shares Capitalisation shares 21,853.000 81,168.158 4,648.000 98,373.158
I shares Capitalisation shares 360.000 50,339.648 11,717.824 38,981.824
I USD shares Capitalisation shares 0.000 1,000.000 0.000 1,000.000
I CHF shares Capitalisation shares 0.000 2,380.000 0.000 2,380.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
M shares Capitalisation shares 265,437.925 284,817.439 56,709.439 493,545.925
MP shares Capitalisation shares 81,665.000 21,050.000 7,775.000 94,940.000
The accompanying notes are an integral part of these financial statements. Page 303 UBAM - ASYMMETRY 50 EUR Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
Z shares Capitalisation shares 0.000 589,749.411 11,148.000 578,601.411
Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 206,255,536.38 60,773,730.04 -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 645,957.054 193,782.000 - Net asset value per share 105.08 104.12 -
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 22,036.000 13,903.000 - Net asset value per share 92.71 99.76 -
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 38,250.000 10,700.000 - Net asset value per share 89.81 102.76 -
AP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 98,373.158 21,853.000 - Net asset value per share 104.72 103.88 -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 38,981.824 360.000 - Net asset value per share 106.54 105.17 -
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 1,000.000 - - Net asset value per share 96.74 - -
I CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 2,380.000 - - Net asset value per share 93.26 - -
The accompanying notes are an integral part of these financial statements. Page 304 UBAM - ASYMMETRY 50 EUR Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 EUR EUR EUR
Total net assets 206,255,536.38 60,773,730.04 -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 97.64 - -
M shares EUR EUR EUR Capitalisation shares Number of shares outstanding 493,545.925 265,437.925 - Net asset value per share 105.94 104.48 -
MP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 94,940.000 81,665.000 - Net asset value per share 105.52 104.04 -
Z shares EUR EUR EUR Capitalisation shares Number of shares outstanding 578,601.411 - - Net asset value per share 97.11 - -
The accompanying notes are an integral part of these financial statements. Page 305 UBAM - ASYMMETRY 50 EUR Statement of investments and other net assets as at 30/06/2015 Expressed in EUR Number/ % of total Description Cost Market value Accrued Interest nom. value net assets Transferable securities admitted to official stock exchange listing and/or 457,298.50 455,245.00 5,517.34 0.22 dealt in on another regulated market Bonds 457,298.50 455,245.00 5,517.34 0.22 Euro 457,298.50 455,245.00 5,517.34 0.22 250,000 ITALY BTP 2.75 12-15 01/12S 253,762.50 252,775.00 544.74 0.12 200,000 SPAIN 3.75 12-15 31/10A 203,536.00 202,470.00 4,972.60 0.10
Open-ended investment funds 184,085,066.93 184,630,886.71 0.00 89.52 Investment funds (UCITS) 184,085,066.93 184,630,886.71 0.00 89.52 Euro 139,459,609.26 139,027,165.00 0.00 67.41 19,230 AMUNDI ETF EX AAA GOVT BOND EUROMTS 4,224,713.59 4,095,220.80 0.00 1.99 92,000 AMUNDI ETF GOV BD EUROMTS BROAD 1-3 15,565,293.33 15,554,440.00 0.00 7.54 137,900 AMUNDI ETF GR 1-3 CU 15,879,575.00 15,829,541.00 0.00 7.67 259,000 AMUNDI ETF MSCI EM ASIA -EUR- 6,921,613.12 6,296,290.00 0.00 3.05 487,110 DBXT CSI300 IND 1C CAP ETF 4,618,265.80 5,762,511.30 0.00 2.79 218,500 ISH MSCI EU MI ETF EUR 8,344,185.00 8,252,745.00 0.00 4.00 41,920 ISHARES CORE DAX (R) UCITS ETF (DE) 4,117,996.13 4,077,977.60 0.00 1.98 51,500 ISHARES II PLC EURO GOVERNMENT BOND 3-5 8,542,639.18 8,475,355.00 0.00 4.11 116,700 ISHARES PLC EURO GOVERNMENT BOND 1-3 FD 16,751,526.00 16,710,273.00 0.00 8.11 210,200 ISHARES PLC MARKIT IBOXX EUR HY BD DIS 22,843,210.00 22,447,258.00 0.00 10.89 148,000 LYXOR ETF DJ EURO STOXX 50 SICAV 5,278,094.08 5,155,580.00 0.00 2.50 340,500 LYXOR ETF HONG KONG HSI FCP -A-CAP/DIS 10,735,161.25 10,010,700.00 0.00 4.85 50,890 LYXOR UCIT CHINA ENT FCP -C- CAP/DIS EUR 7,380,536.78 8,140,873.30 0.00 3.95 80,000 UBAM - UNCONSTRAINED BOND -IP- CAP 8,256,800.00 8,218,400.00 0.00 3.98 Japanese Yen 19,509,468.94 20,645,603.74 0.00 10.01 55,000 AMUNDI ETF JPX-NIKKEI 400 ETF JPY 6,173,204.75 6,120,476.86 0.00 2.97 108,810 ISHS NIKKEI 225 CAP SHS ETF JPY 13,336,264.19 14,525,126.88 0.00 7.04 Swiss Franc 9,134,017.27 9,266,492.94 0.00 4.49 107,130 DB X TRACKERS SMI ETF -1D- DIS 9,134,017.27 9,266,492.94 0.00 4.49 US Dollar 15,981,971.46 15,691,625.03 0.00 7.61 34,000 AMUNDI E R 2000 UCITS ETF -USD- 5,309,393.30 5,139,605.64 0.00 2.49 49,000 ISHARES NASDAQ 100 UCITS ETF 10,672,578.16 10,552,019.39 0.00 5.12
Derivative instruments 138,913.22 -141,558.04 0.00 -0.07 Options 138,913.22 -141,558.04 0.00 -0.07 Euro 9,513.59 -145,350.00 0.00 -0.07 -285 DAX DEC 10900 21.12.15 PUT -961,875.00 -915,990.00 0.00 -0.44 570 DAX JUL 10900 20.07.15 PUT 971,388.59 770,640.00 0.00 0.37 US Dollar 129,399.63 3,791.96 0.00 0.00 65 SP 500 JUL 2155 17.07.15 CALL 129,399.63 3,791.96 0.00 0.00
Total investments in securities 184,681,278.65 184,944,573.67 89.67
Cash at banks/(bank liabilities) 18,789,341.39 9.11
Other net assets/(liabilities) 2,521,621.32 1.22
Total 206,255,536.38 100.00
The accompanying notes are an integral part of these financial statements. Page 306 UBAM - ASYMMETRY 50 EUR
Geographical classification of investments
(by domicile of the issuer) % of net assets Ireland 61.93 France 14.35 Luxembourg 11.26 Germany 1.91 Italy 0.12 Spain 0.10 United States of America -
89.67
Industrial classification of investments
% of net assets Investment funds 89.52 Countries and central government 0.22 Holding and finance companies -0.07
89.67
Page 307 UBAM - ASYMMETRY 50 EUR Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in EUR
Income 341,805.63 Dividends, net Note 2 339,142.45 Interest on bonds and other debt securities, net Note 2 2,087.08 Interest on bank accounts 567.61 Other income 8.49 Expenses 936,560.43 Management fees Note 3 522,187.29 Custodian fees 109,087.46 Subscription duty ("taxe d'abonnement") Note 5 32,232.81 Central administration costs 66,348.83 Performance fees Note 4 5,464.53 Audit fees 3,112.78 Interest paid on bank liabilities 3,949.61 Legal fees 486.92 Transaction fees Note 2 116,495.02 Other administration costs Note 6, 7 70,527.75 Other expenses 6,667.43 Net investment loss -594,754.80 Net realised gain/(loss) on: - securities portfolio Note 2 -1,376,334.03 - option contracts Note 2 -573,746.32 - forward foreign exchange contracts Note 2 -1,648,240.59 - foreign exchange Note 2 2,027,741.77 Realised result -2,165,333.97 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -1,422,711.21 - option Note 2 -262,111.26 - forward foreign exchange contracts Note 2 -131,799.76 Result of operations -3,981,956.20 Subscriptions capitalisation shares 164,442,786.61 Redemptions capitalisation shares -14,979,024.07 Total changes in net assets 145,481,806.34
Total net assets at the beginning of the period 60,773,730.04
Total net assets at the end of the period 206,255,536.38
The accompanying notes are an integral part of these financial statements. Page 308 UBAM - ASYMMETRY 50 USD Financial Statements as at 30/06/2015 Statement of net assets as at 30/06/2015 Expressed in USD
Assets 110,482,136.85 Securities portfolio at market value Note 2 97,126,770.28 Options contracts at market value Note 2, 11 408,677.57 Cash at banks and time deposits 11,283,833.87 Deposits on futures and option contracts 1,637,086.12 Dividends receivable 25,197.00 Other receivables 572.01 Liabilities 719,449.76 Short option contracts at market value Note 2, 11 483,440.24 Unrealised loss on forward foreign exchange contracts Note 2, 8 21,131.05 Interest payable on bank liabilities and expenses payable 214,878.47 Net assets at the end of the period 109,762,687.09
Changes in number of shares outstanding from 01/01/2015 to 30/06/2015
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 30/06/2015
A shares Capitalisation shares 121,455.000 230,392.776 9,845.000 342,002.776 Distribution shares 1,090.000 8,920.000 0.000 10,010.000
A CHF shares Capitalisation shares 755.000 545.000 0.000 1,300.000
AP shares Capitalisation shares 7,795.000 85,708.000 1,500.000 92,003.000
I shares Capitalisation shares 10.000 8,116.539 221.601 7,904.938
M shares Capitalisation shares 85,028.351 159,423.000 11,055.364 233,395.987
MP shares Capitalisation shares 5,000.000 41,735.000 0.000 46,735.000
Z shares Capitalisation shares 0.000 362,215.923 2,965.000 359,250.923
The accompanying notes are an integral part of these financial statements. Page 309 UBAM - ASYMMETRY 50 USD Key figures relating to the last 3 years
Period/Year ended as at: 30/06/2015 31/12/2014 31/12/2013 USD USD USD
Total net assets 109,762,687.09 22,833,700.55 -
A shares USD USD USD Capitalisation shares Number of shares outstanding 342,002.776 121,455.000 - Net asset value per share 101.94 103.20 - Distribution shares Number of shares outstanding 10,010.000 1,090.000 - Net asset value per share 102.24 103.50 -
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,300.000 755.000 - Net asset value per share 94.98 102.22 -
AP shares USD USD USD Capitalisation shares Number of shares outstanding 92,003.000 7,795.000 - Net asset value per share 101.71 102.97 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 7,904.938 10.000 - Net asset value per share 103.04 103.91 -
M shares USD USD USD Capitalisation shares Number of shares outstanding 233,395.987 85,028.351 - Net asset value per share 102.77 103.56 -
MP shares USD USD USD Capitalisation shares Number of shares outstanding 46,735.000 5,000.000 - Net asset value per share 99.22 99.95 -
Z shares USD USD USD Capitalisation shares Number of shares outstanding 359,250.923 - - Net asset value per share 97.28 - -
The accompanying notes are an integral part of these financial statements. Page 310 UBAM - ASYMMETRY 50 USD Statement of investments and other net assets as at 30/06/2015 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 97,357,178.23 97,126,770.28 88.49 Investment funds (UCITS) 97,357,178.23 97,126,770.28 88.49 Euro 22,748,860.65 22,619,169.96 20.61 81,900 AMUNDI ETF MSCI EM ASIA -EUR- EUR 2,383,657.30 2,218,359.94 2.02 220,925 DBXT CSI300 IND 1C CAP ETF EUR 2,464,641.08 2,912,009.33 2.65 102,710 ISH MSCI EU MI ETF EUR EUR 4,462,585.31 4,322,379.24 3.94 15,240 ISHARES CORE DAX (R) UCITS ET EUR 1,707,281.20 1,645,910.95 1.50 42,000 LYXOR ETF DJ EURO STOXX 50 SICAV EUR 1,677,734.26 1,630,152.59 1.49 165,000 LYXOR ETF HONG KONG HSI FCP -A-CAP/DIS EUR 5,742,994.63 5,404,984.20 4.92 25,165 LYXOR UCIT CHINA ENT FCP -C- CAP/DIS EUR EUR 4,309,966.87 4,485,373.71 4.09 Japanese Yen 10,743,454.27 11,158,021.79 10.17 26,000 AMUNDI ETF JPX-NIKKEI 400 ETF JPY JPY 3,265,070.26 3,223,733.07 2.94 53,345 ISHS NIKKEI 225 CAP SHS ETF JPY JPY 7,478,384.01 7,934,288.72 7.23 Swiss Franc 4,259,159.14 4,280,043.88 3.90 44,410 DB X TRACKERS SMI ETF -1D- DIS CHF 4,259,159.14 4,280,043.88 3.90 US Dollar 59,605,704.17 59,069,534.65 53.81 16,000 AMUNDI E R 2000 UCITS ETF -USD- USD 2,794,240.00 2,694,846.40 2.46 35,000 ISH USD SH DUR ETF USD 3,530,450.00 3,521,875.00 3.21 101,000 ISHARES HIGH YIELD CAPPED BOND USD 10,879,266.00 10,659,540.00 9.71 10,200 ISHARES II PLC JP MORGAN USD EME MKT BD USD 1,143,579.91 1,105,884.00 1.01 23,000 ISHARES NASDAQ 100 UCITS ETF USD 5,663,621.73 5,518,620.00 5.03 106,000 ISHARES PLC TREASURY BOND 1-3 USD 14,089,020.00 14,093,760.00 12.83 33,000 L U E T 1-3Y DR USD 3,382,566.00 3,386,130.00 3.08 15,005 SSGA SPDR ETF S&P 500 USD USD 3,079,148.61 3,096,581.85 2.82 41,000 UBAM - UNCONSTRAINED BOND -IPH- CAP USD USD 4,231,610.00 4,209,880.00 3.84 25,820 VANGUARD US GOVERN.BOND INDEX-INVESTOR USD 4,521,810.92 4,502,233.40 4.10 52,300 XMTCH (IE) ON IBOXX USD GOV 3-7 ETF USD USD 6,290,391.00 6,280,184.00 5.72
Derivative instruments 71,738.69 -74,762.67 -0.07 Options 71,738.69 -74,762.67 -0.07 Euro 5,138.69 -76,712.67 -0.07 -135 DAX DEC 10900 21.12.15 PUT EUR -519,549.19 -483,440.24 -0.44 270 DAX JUL 10900 20.07.15 PUT EUR 524,687.88 406,727.57 0.37 US Dollar 66,600.00 1,950.00 0.00 30 SP 500 JUL 2155 17.07.15 CALL USD 66,600.00 1,950.00 0.00
Total investments in securities 97,428,916.92 97,052,007.61 88.42
Cash at banks/(bank liabilities) 11,283,833.87 10.28
Other net assets/(liabilities) 1,426,845.61 1.30
Total 109,762,687.09 100.00
The accompanying notes are an integral part of these financial statements. Page 311 UBAM - ASYMMETRY 50 USD
Geographical classification of investments
(by domicile of the issuer) % of net assets Ireland 61.00 France 15.60 Luxembourg 10.39 Germany 1.43 United States of America -
88.42
Industrial classification of investments
% of net assets Investment funds 88.49 Holding and finance companies -0.07
88.42
Page 312 UBAM - ASYMMETRY 50 USD Statement of operations and other changes in net assets from 01/01/2015 to 30/06/2015 Expressed in USD
Income 263,191.92 Dividends, net Note 2 262,818.20 Interest on bank accounts 61.11 Other income 312.61 Expenses 496,231.82 Management fees Note 3 255,264.46 Custodian fees 54,316.77 Subscription duty ("taxe d'abonnement") Note 5 15,262.67 Central administration costs 31,972.50 Performance fees Note 4 136.37 Audit fees 1,673.68 Interest paid on bank liabilities 1,015.49 Legal fees 398.26 Transaction fees Note 2 92,514.62 Other administration costs Note 6, 7 39,193.04 Other expenses 4,483.96 Net investment loss -233,039.90 Net realised gain/(loss) on: - securities portfolio Note 2 -1,224,910.90 - option contracts Note 2 -260,724.68 - forward foreign exchange contracts Note 2 -507,648.53 - foreign exchange Note 2 190,280.82 Realised result -2,036,043.19 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -713,923.19 - option Note 2 -142,482.94 - forward foreign exchange contracts Note 2 -91,816.71 Result of operations -2,984,266.03 Subscriptions capitalisation shares 91,634,255.86 Subscriptions distribution shares 947,193.40 Redemptions capitalisation shares -2,668,196.69 Total changes in net assets 86,928,986.54
Total net assets at the beginning of the period 22,833,700.55
Total net assets at the end of the period 109,762,687.09
The accompanying notes are an integral part of these financial statements. Page 313 UBAM
Notes to the financial statements as at 30th June 2015
Note 1 - General Information
UBAM (hereinafter the "SICAV") is a variable capital investment company incorporated in Luxembourg on 6th December 1990 in accordance with the legislation of the Grand Duchy of Luxembourg, subject to Part I of the law of 17th December 2010 relating to undertakings for collective investment (the "2010 Law"), as amended.
The objective of the SICAV is to offer its shareholders the possibility to invest in an investment vehicle oriented towards the growth of capital invested in various transferable securities.
The SICAV offers investors a choice between various sub-funds, each having different investment objectives. Each sub-fund constitutes a distinct set of assets, represented by different classes of shares. The SICAV thus constitutes a company with multiple sub-funds.
The Board of Directors may at any time and in conformity with the articles of incorporation, issue classes of shares falling within other sub-funds, whose investment aims differ from those of already existing sub-funds.
At closing date, the following sub-funds are active:
- UBAM - CORPORATE EURO BOND expressed in EUR - UBAM - CORPORATE US DOLLAR BOND expressed in USD - UBAM - DYNAMIC EURO BOND expressed in EUR - UBAM - DYNAMIC US DOLLAR BOND expressed in USD - UBAM - EMERGING MARKET BOND expressed in USD - UBAM - EMERGING MARKET CORPORATE BOND expressed in USD - UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND expressed in USD - UBAM - EURO BOND expressed in EUR - UBAM - GLOBAL BOND expressed in USD -.UBAM - GLOBAL CREDIT OPPORTUNITIES expressed in EUR - UBAM - GLOBAL HIGH YIELD SOLUTION expressed in USD - UBAM - LOCAL CURRENCY EMERGING MARKET BOND expressed in USD - UBAM - STERLING BOND expressed in GBP - UBAM - UNCONSTRAINED BOND expressed in EUR - UBAM - US DOLLAR BOND expressed in USD - UBAM - EM INVESTMENT GRADE CORPORATE BOND expressed in USD -.UBAM - 10-40 CONVERTIBLE OPPORTUNITIES expressed in EUR - UBAM - EUROPEAN CONVERTIBLE BOND expressed in EUR - UBAM - EURO 10-40 CONVERTIBLE BOND expressed in EUR - UBAM - GLOBAL CONVERTIBLE BOND expressed in EUR - UBAM - 30 GLOBAL LEADERS EQUITY expressed in EUR - UBAM - ASIA EQUITY expressed in USD - UBAM - ASIA EQUITY HIGH DIVIDEND expressed in USD - UBAM - DR. EHRHARDT GERMAN EQUITY expressed in EUR - UBAM - EQUITY BRIC+ expressed in USD - UBAM - EUROPE EQUITY expressed in EUR - UBAM - EUROPE EQUITY DIVIDEND+ expressed in EUR - UBAM - EUROPE EQUITY FLEX expressed in EUR - UBAM - EUROPEAN OPPORTUNITIES EQUITY expressed in EUR - UBAM - GCM MIDCAP US EQUITY GROWTH expressed in USD - UBAM - GLOBAL EQUITY (1) expressed in USD - UBAM - GLOBAL EQUITY INCOME expressed in EUR - UBAM - IFDC JAPAN OPPORTUNITIES EQUITY expressed in JPY - UBAM - NEUBERGER BERMAN US EQUITY VALUE expressed in USD - UBAM - RUSSIAN EQUITY expressed in USD - UBAM - SNAM JAPAN EQUITY VALUE expressed in JPY - UBAM - SWISS EQUITY expressed in CHF - UBAM - TURKISH EQUITY expressed in USD - UBAM - EURO EQUITY INCOME expressed in EUR - UBAM - MULTIFUNDS ALLOCATION 30 expressed in USD
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Notes to the financial statements as at 30th June 2015 (continued)
- UBAM - MULTIFUNDS ALLOCATION 50 expressed in USD - UBAM - MULTIFUNDS ALLOCATION 70 expressed in USD - UBAM - MULTIFUNDS ALTERNATIVE expressed in USD - UBAM - MULTIFUNDS EMERGING MARKETS expressed in USD - UBAM - ASYMMETRY 50 EUR expressed in EUR - UBAM - ASYMMETRY 50 USD expressed in USD
(1) This sub-fund has been launched during the period, please refer to Note 18 for more details.
Types of shares
Within each sub-fund, shareholders may be offered various Types of shares:
- Type A shares; standard share class; - Type I shares, reserved exclusively for institutional investors who may subscribe on their own behalf or on behalf of third parties, who must also be institutional investors; - Type R shares; retail share class; - Type U shares are only available for: • United Kingdom resident investors who purchase the shares directly or; • investors who indirectly purchase the shares through a business organisation located in the United Kingdom (such as a fund platform or wealth management firm) which provides fee based investment advisory services to investors under a separate investment management agreement; and which are pre-approved by the General Distributor, Union Bancaire Privée, UBP SA or; • others investors having received a specific approval given by the Board of Directors; - Type M shares, only available for the Asset Allocation sub-funds, which are reserved for UBP clients who have signed a Discretionary Portfolio Management with Union Bancaire Privée, UBP SA or with any other member of the UBP Group; - Type Z shares, which are reserved for institutional investors who have signed a specific remuneration agreement with Union Bancaire Privée, UBP SA or with any other member of the UBP Group.
Shares with performance fees
The Types of shares which include the letter “P” in their name bear a performance fee.
Shares in currencies other than the sub-fund's base currency
Classes in currencies other than the base currency of each sub-fund will be offered in EUR/CHF/ USD/SEK/GBP.
Depending on the sub-fund, the currency risk for the shares denominated in EUR/CHF/USD/SEK/GBP against the base currency of the sub-fund may or may not be hedged.
The hedged shares will be covered largely by hedging transactions. All the costs and risks resulting from hedging transactions against the EUR/CHF/USD/SEK/GBP will be borne by the shares denominated in these currencies respectively.
The shares, hedged against currency risk, are denominated with the letter “H”. The objective of the hedging transactions is to cover the exchange-related risks between the base currency of a sub-fund and the share’s currency. As an exception for UBAM - 30 GLOBAL LEADERS EQUITY and UBAM - EUROPE EQUITY DIVIDEND+, the objective of the hedging transactions is to cover the exchange-related risks between the currencies of the sub-fund’s underlyings and the share’s currency.
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Notes to the financial statements as at 30th June 2015 (continued)
Shares with Duration Hedging
“Duration hedged shares” will allow investors to benefit from the management of the concerned sub-fund by limiting possible impacts linked to rate movements. The duration hedged shares are denominated with the letter “S”.
During the first semester of 2015, the sub-funds concerned by Duration Hedging are UBAM - CORPORATE EURO BOND, UBAM - CORPORATE US DOLLAR BOND, UBAM - EMERGING MARKET BOND, UBAM - EMERGING MARKET CORPORATE BOND and UBAM - EM INVESTMENT GRADE CORPORATE BOND.
Note 2 - Principal accounting methods a) Presentation of the financial statements
The financial statements of the SICAV are prepared in accordance with the Luxembourg regulations relating to undertakings for collective investment and generally accepted accounting principles. b) Valuation of securities
The valuation of any security and/or money market instrument traded or listed on a stock exchange is based on the last known price unless such price is not representative.
The valuation of any security traded on another regulated market is based on the last available price.
When securities held in the portfolio are not traded or listed on a stock exchange or another regulated market, or when the price determined in respect of securities listed or traded on a stock exchange or another regulated market is not representative of the real value of those securities, such securities are valued on the basis of probable sales estimated with caution and in good faith by the Board of Directors.
Premiums received on the sale of options are recognised as liabilities and premiums paid on the purchase of options are carried as assets. Option contracts outstanding at the date of the report are valued at the last known price on the stock exchanges or regulated markets for that purpose. The unrealised gain or loss is disclosed in the statement of net assets. Realised gains or losses and changes in unrealised gains or losses are disclosed in the statement of operations and other changes in net assets.
Shares/Units in underlying open-ended investment funds are valued based on the net asset value available on the business day preceding the valuation date, provided said net asset value is dated on prior to the valuation date, after deducting any fees applicable.
OTC options are marked to market based upon prices obtained from third party pricing agents. c) Net realised gains/(losses) on sales of securities of each sub-fund
The net realised gains/(losses) on sales of securities are determined on the basis of the average cost of the securities sold and are recorded in the statement of operations and other changes in net assets. d) Acquisition cost of securities portfolio
In each sub-fund, the cost of acquiring securities denominated in another currency than the currency of the sub-fund is converted into this currency at the exchange rate on the date of purchase.
The cost of acquiring the SICAV’s securities portfolio is equal to the sum of the acquisition costs of the securities portfolio of each sub-fund, converted into EUR at the exchange rate prevailing at the date of the report.
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Notes to the financial statements as at 30th June 2015 (continued) e) Futures contracts
Futures contracts are posted off-balance sheet and valued at their last known price on the stock exchanges or regulated markets for that purpose. The unrealised gain or loss is disclosed in the statement of net assets. Realised gains or losses and changes in unrealised gains or losses are disclosed in the statement of operations and other changes in net assets. f) Swap contracts
Swap contracts are posted off-balance sheet and their values are determined each day on a reliable basis and verified by a competent professional appointed by the SICAV (the calculation is done through the system Kondor, fed by the data coming from the independent provider “ICAP”), in line with market practices. The unrealised gain or loss is disclosed in the statement of net assets. Realised gains or losses and changes in unrealised gains or losses are disclosed in the statement of operations and other changes in net assets. Valuation of CDS (Credit Default Swaps) contracts is essentially depending on the issuer’s credit risk, this being defined via a spread listed in basis points.
The interests to be received and to be paid on swap contracts are accrued for each net asset value calculation according to their rate, the coupon payments frequency and the maturity date of the contracts.
An interest rate swap is a bilateral agreement in which each party agrees to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on notional amount that serves as a computation basis which is usually not exchanged. Interest rate swaps are marked to market at each net asset value calculation date. The unrealised gain or loss is disclosed in the statement of net assets. Realised gains or losses and changes in unrealised gains or losses are disclosed in the statement of operations and other changes in net assets. g) Forward foreign exchange contracts
Forward foreign exchange contracts that have not matured on the valuation date are valued on the basis of the forward rates applicable on that date. Resulting unrealised gain or loss is disclosed in the statement of net assets. Realised gains or losses and changes in unrealised gains or losses are disclosed in the statement of operations and other changes in net assets. h) Conversion of foreign currencies
Bank balances, other net assets and liabilities and the valuation price of the securities portfolio expressed in currencies other than the currency of the sub-fund are converted into this currency at the exchange rate prevailing at the date of the report. Income and charges expressed in currencies other than the currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains and losses are recorded in the statement of operations and other changes in net assets. i) Combined statements
The various items appearing in the combined financial statements of the SICAV are equal to the sum of the corresponding items in the financial statements of each sub-fund and are drawn up in EUR.
At the date of the report, the exchange rates prevailing are the following:
1 EUR = 1.04130 CHF Swiss Franc 0.70845 GBP Pound Sterling 136.33905 JPY Japanese Yen 1.11420 USD US Dollar
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Notes to the financial statements as at 30th June 2015 (continued)
j) Income
Dividends are accounted at the ex-date. Interests are accounted on a prorata temporis basis and include amortization on zero coupon bonds. At the date of the report, several bonds held in certain sub-funds of the SICAV are valued using the “dirty price” methodology (i.e. price which includes the accrued interest since the last coupon payment). k) Receivable / payable on treasury transactions
The caption "Receivable on treasury transactions" comprises time deposits matured, new borrowings and foreign exchange transactions not yet recorded under the caption "Cash at banks and time deposits".
The caption "Payable on treasury transactions" comprises new time deposits, maturities of borrowings and foreign exchange transactions not yet recorded under the caption "Cash at banks and time deposits". For a sub-fund having "Receivable on treasury transactions" and "Payable on treasury transactions" at the date of the report, only the net amount is disclosed in the statement of net assets. l) Formation expenses
Expenses in connection with the incorporation of the SICAV are amortised on a straight line basis over five years period. m) Transaction fees
The transaction fees, i.e. fees charged by the brokers for securities transactions and similar transactions, are recorded separately in the statement of operations and other changes in net assets under the caption "Transaction fees". n) Revaluation difference
Opening net assets are maintained at the closing exchange rate of the previous year. Exchange differences arising are included in the combined statement of operations and other changes in net assets for the period under "Revaluation difference".
Note 3 - Management fee
UBP Asset Management (Europe) S.A., the Management Company, is in charge of the investment management of the SICAV. In consideration of its services, the Management Company receives an annual management fee payable quarterly and based on the average net assets of each Type of Shares of the various sub-funds managed during the relevant quarter, in accordance with the table below:
A AP I IP U UP R RP M MP
(in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) Bond sub-funds UBAM - CORPORATE EURO BOND 0.50 0.35 0.35 1.20 UBAM - CORPORATE US DOLLAR BOND 0.50 0.35 0.35* 1.20 UBAM - DYNAMIC EURO BOND 0.30 0.15 0.15 0.40 UBAM - DYNAMIC US DOLLAR BOND 0.30 0.15 0.15 0.40 UBAM - EMERGING MARKET BOND 1.50 0.75 0.75* 2.00 UBAM - EMERGING MARKET CORPORATE BOND 1.50 0.825 0.75 0.50 0.75* 0.50* 2.00 UBAM - EM HIGH YIELD SHORT DURATION 1.50 0.75 0.75* 2.00*
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Notes to the financial statements as at 30th June 2015 (continued)
A AP I IP U UP R RP M MP
(in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) CORPORATE BOND
UBAM - EURO BOND 0.50 0.25 0.25* 1.00 UBAM - GLOBAL BOND 0.50 0.25* 0.25* 1.00* UBAM - GLOBAL CREDIT OPPORTUNITIES 0.80 0.50 0.50* 1.50 UBAM - GLOBAL HIGH YIELD SOLUTION 0.40 0.25 0.25 0.70 UBAM - LOCAL CURRENCY EMERGING MARKET BOND 1.50 0.75 0.75* 2.00 UBAM - STERLING BOND 0.50 0.25 0.25* 1.00* UBAM - UNCONSTRAINED BOND 0.50 0.25 0.25* 1.00 UBAM - US DOLLAR BOND 0.50 0.25 0.25* 1.00 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND (1) 1.30 0.55 0.55* 1.80 Feeder convertible bond sub-funds UBAM - 10-40 CONVERTIBLE OPPORTUNITIES (1) 1.00 0.70 0.70* 1.80 UBAM - EUROPEAN CONVERTIBLE BOND (1) 1.20 0.90 0.90 2.00 UBAM - EURO 10-40 CONVERTIBLE BOND (1) 0.90 0.60 0.60 1.80 UBAM - GLOBAL CONVERTIBLE BOND (1) 1.20 0.90 0.90 2.00 Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY 1.50 1.00* 1.00 0.625* 1.00* 0.625* 2.50 UBAM - ASIA EQUITY 1.75 1.30 0.75 0.75* 2.75 UBAM - ASIA EQUITY HIGH DIVIDEND 1.75 1.30* 1.25 0.75* 1.25* 0.75* 2.75* UBAM - DR. EHRHARDT GERMAN EQUITY 1.50 1.00 1.00* 2.50 UBAM - EQUITY BRIC+ 1.75 1.25 1.25* 2.55 UBAM - EUROPE EQUITY 1.50 1.00 1.00* 2.00 UBAM - EUROPE EQUITY DIVIDEND+ 1.50 1.00 1.00* 2.00 UBAM - EUROPE EQUITY FLEX 1.60 1.30* 0.75 1.00* 0.75* 2.00 UBAM - EUROPEAN OPPORTUNITIES EQUITY 1.75 1.30* 1.25 0.75* 1.25* 0.75 2.75* UBAM - GCM MIDCAP US EQUITY GROWTH 1.50 1.00 1.00* 2.50 UBAM - GLOBAL EQUITY (2) 1.50 1.00 1.00 0.625 1.00* 0.625 2.50* UBAM - GLOBAL EQUITY INCOME 1.50 1.00 1.00* 2.50* UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 1.50 1.00 1.00 2.50 UBAM - NEUBERGER BERMAN US EQUITY VALUE 1.50 1.00 1.00 2.50 UBAM - RUSSIAN EQUITY 1.75 1.25* 1.25* 2.50 UBAM - SNAM JAPAN EQUITY VALUE 1.50 1.00 0.75 2.50 UBAM - SWISS EQUITY 1.00 0.65 0.65 2.00 UBAM - TURKISH EQUITY 1.75 1.30* 1.25 0.75 1.25* 0.75* 2.50 Feeder equity sub-fund UBAM - EURO EQUITY INCOME (1) 1.50 1.00 1.00* 2.00 Fund of funds sub-funds UBAM - MULTIFUNDS ALLOCATION 30 1.00 0.60 0.60* 1.50* UBAM - MULTIFUNDS ALLOCATION 50 1.30 0.90* 0.90* 2.00* UBAM - MULTIFUNDS ALLOCATION 70 1.50 1.00 1.00* 2.50* UBAM - MULTIFUNDS ALTERNATIVE 1.60 0.80 0.80 2.20 UBAM - MULTIFUNDS EMERGING MARKETS 1.60 0.80 0.80* 2.20
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Notes to the financial statements as at 30th June 2015 (continued)
A AP I IP U UP R RP M MP
(in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) Asset allocation sub-funds UBAM - ASYMMETRY 50 EUR 1.25 1.00 0.75 0.50* 0.75* 0.50* 2.00 0.50 0.35 UBAM - ASYMMETRY 50 USD 1.25 1.00 0.75 0.50* 0.75* 0.50* 2.00* 0.50 0.35
* This type of shares has not been active during the period, the annual management fee presented is the maximum annual management fee set out in the prospectus.
(1) This sub-fund acts as Feeder in a Master-Feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees. (2) Please refer to Note 18 for more details on events concerning this sub-fund.
No management fee is levied for Type Z shares.
When a sub-fund invests in shares of UCITS and/or other UCIs managed directly or indirectly by the SICAV or by a company with which it is affiliated through common management or control or by a direct or indirect stakeholding of more than 10% of the capital or voting rights, there will not be any duplication of management fees for the sub-fund and the UCITS or other UCIs concerned. As at 30th June 2015, the annual maximum management fees of the underlying investments are the following:
Management Sub-fund: UCITS or UCIS in which the sub-funds invest: fees (in %) UBAM - ASYMMETRY 50 EUR UBAM - UNCONSTRAINED BOND - IP- CAP 0.25 UBAM - ASYMMETRY 50 USD UBAM - UNCONSTRAINED BOND - IPH- CAP 0.25
For Master-Feeder structure, please refer to Note 16.
Note 4 - Performance fee
The fee will be equivalent to a percentage of the highest net return of the sub-fund and, respectively, of the class with respect to a reference index or a fixed rate of return. If this difference is negative or equal to zero, no performance fee will be paid by the sub-fund.
The performance fee is payable annually in arrears at the end of each 12-month period (financial year), and is equivalent to a percentage of the net asset value earnings, when this is greater than the reference net asset value, the minimum return-rate, or the high-water mark of the benchmark index. The performance fee is calculated on the basis of the net asset value after all charges and management fees (but not the performance fee) have been deducted, and is modified to take into account subscriptions and redemptions.
Sub-fund * Performance Benchmark index or Minimum return rate per percentage * annum (Hurdle) * UBAM - EMERGING MARKET CORPORATE BOND 20% Hurdle 7% UBAM - GLOBAL CREDIT OPPORTUNITIES 10% EONIA UBAM - UNCONSTRAINED BOND 20% Eonia +1% UBAM - 30 GLOBAL LEADERS EQUITY 10% MSCI AC World Net Return UBAM - ASIA EQUITY 15% Hurdle 10% UBAM - ASIA EQUITY HIGH DIVIDEND 15% Hurdle 10% UBAM - EUROPE EQUITY FLEX 15% MSCI Europe Equity Net Return UBAM - EUROPEAN OPPORTUNITIES EQUITY 15% MSCI Europe Equity Net Return UBAM - GLOBAL EQUITY (1) 10% MSCI AC World Net Return
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Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund * Performance Benchmark index or Minimum return rate per percentage * annum (Hurdle) * UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 15% Hurdle 10% UBAM - TURKISH EQUITY 20% MSCI Turkey 10/40 IMI Daily Net TR USD UBAM - ASYMMETRY 50 EUR 10% Hurdle 5% UBAM - ASYMMETRY 50 USD 10% Hurdle 5%
* Only applicable for share classes having a letter “P” in their denomination (AP, IP, UP, RP or MP). (1) Please refer to Note 18 for more details on events concerning this sub-fund.
The Management Company may receive a performance fee for the sub-fund UBAM - EQUITY BRIC+ as follows:
The performance fee is calculated on the basis of the net asset value for each sub-portfolio (hereafter technical net asset value per sub-portfolio). The performance fee applied to each share class corresponds to the sum of the performance fees calculated for each sub-portfolio.
Investors' attention is drawn to the fact that performance fees are charged and paid separately for each sub-portfolio due to multi-management. Consequently, performance fees may be due at class level, even if the class’ performance is negative or lower than the minimum return rate over the calculation period.
At the level of each sub-portfolio, the performance fee is payable annually in arrears at the end of each 12-month period (financial year), and is equivalent to a percentage of the technical net asset value performance, when this technical net asset value is greater than the benchmark technical net asset value (defined below) and the minimum return rate.
The performance fee is calculated on the basis of the technical net asset value deducting any costs, debt and management fees (but not the performance fee) and is adjusted to take in order subscriptions, redemptions and any reallocations between sub-portfolios into consideration. No performance fee will be received if the technical net asset value, before receiving this performance fee, proves to be lower than the benchmark technical net asset value for the calculation period in question.
The benchmark technical NAV corresponds to the highest of the two following values:
- the last technical NAV after deduction of the performance fee over the previous calculation period; or - the last benchmark technical NAV.
The applicable percentages are the following:
Sub-fund * Performance Minimum return rate per annum (Hurdle)* percentage * UBAM - EQUITY BRIC+ 15% Hurdle 10%
* Only applicable for share classes having a letter “P” in their denomination (AP, IP or RP)
During the period, performance fees accrued and presented in the caption "Performance fees" of the statement of operations and other changes in net assets are the following:
Currency Performance fees UBAM - EMERGING MARKET CORPORATE BOND (AP / IP only) USD 730.69 UBAM - GLOBAL CREDIT OPPORTUNITIES (AP / IP only) EUR 11,791.02 UBAM - UNCONSTRAINED BOND (AP / IP only) EUR 26,465.90 UBAM - ASIA EQUITY (AP / IP only) USD 50,143.54
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Notes to the financial statements as at 30th June 2015 (continued)
Currency Performance fees UBAM - EQUITY BRIC+ (AP / IP/ RP only) USD 248,529.15 UBAM - GLOBAL EQUITY (AP / IP only) (1) USD 107.24 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY (AP / IP / UP only) JPY 171,786,991 UBAM - TURKISH EQUITY (IP only) USD 3,969.42 UBAM - ASYMMETRY 50 EUR (AP / MP only) EUR 5,464.53 UBAM - ASYMMETRY 50 USD (AP / MP only) USD 136.37
(1) Please refer to Note 18 for more details on events concerning this sub-fund.
No performance has been recorded for the other sub-funds subject to a performance fee.
Note 5 - Subscription duty ("taxe d’abonnement")
The SICAV is subject in Luxembourg to an annual tax of 0.05%, for Types A, AP, U, UP, R, RP, M and MP shares, payable quarterly on the basis of the net assets of the SICAV as calculated at the end of the relevant quarter.
The Types I, IP and Z shares benefit from a reduced "taxe d’abonnement" of 0.01% of the net asset value which is dedicated to that Type of shares.
The net assets invested in collective investment undertakings subject to the "taxe d’abonnement" stipulated by Article 175 (a) of the amended Law of 2010 are exempt from the "taxe d’abonnement".
Note 6 - General distributor fee
The Management Company delegated with the approval of the Board of Directors the general distribution functions to the former delegate of UBAM, Union Bancaire Privée, UBP SA, Genève, in reference to the agreement dated 1st December 2003.
As remuneration for its services as general distributor, Union Bancaire Privée, UBP SA, Genève, receives an annual fee of 0.10% payable quarterly, calculated on the average net assets of Types A, AP, U, UP, R and RP shares for the SICAV’s various sub-funds during the relevant quarter (except Type A shares of the sub-funds UBAM - DYNAMIC EURO BOND, UBAM - DYNAMIC US DOLLAR BOND and Type A , U and R shares of the sub-fund UBAM - UNCONSTRAINED BOND for which the effective rate is 0.05% and excluding the sub-funds UBAM - GLOBAL HIGH YIELD SOLUTION and UBAM - SWISS EQUITY for which no fee is foreseen).
No fee is currently foreseen for the Types I, IP, M, MP and Z shares. These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs" which is primarily composed of marketing fees and distribution fees
Note 7 - Marketing fee
According to the agreement dated 1st December 2003, Union Bancaire Privée, UBP SA, Genève, is appointed as Marketing Agent. Union Bancaire Privée, UBP SA is responsible for the marketing and the promotion of the SICAV throughout and beyond Europe, as well as the coordination of the marketing activities between the local distributors.
In remuneration for its services as marketing agent, Union Bancaire Privée, UBP SA, Genève, receives an annual fee payable quarterly and calculated on the average net assets of Types A, AP, U, UP, R and RP shares for the SICAV’s various sub-funds during the relevant quarter (except for the sub-funds UBAM - GLOBAL HIGH YIELD SOLUTION, UBAM - UNCONSTRAINED BOND and
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - SWISS EQUITY for which no fee is foreseen), in accordance with the following table.
No fee is currently foreseen for the Types I, IP, M, MP and Z shares. These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs". Types A, U and R shares (in %) Bond sub-funds UBAM - CORPORATE EURO BOND 0.05 UBAM - CORPORATE US DOLLAR BOND 0.05 UBAM - DYNAMIC EURO BOND 0.05 (3) UBAM - DYNAMIC US DOLLAR BOND 0.05 (3) UBAM - EMERGING MARKET BOND 0.05 UBAM - EMERGING MARKET CORPORATE BOND 0.05 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND 0.05 UBAM - EURO BOND 0.05 UBAM - GLOBAL BOND 0.05 UBAM - GLOBAL CREDIT OPPORTUNITIES 0.05 UBAM - GLOBAL HIGH YIELD SOLUTION 0.00 UBAM - LOCAL CURRENCY EMERGING MARKET BOND 0.05 UBAM - STERLING BOND 0.05 UBAM - UNCONSTRAINED BOND 0.00 UBAM - US DOLLAR BOND 0.05 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND (1) 0.05 Feeder convertible bond sub-funds UBAM - 10-40 CONVERTIBLE OPPORTUNITIES(1) 0.05 UBAM - EUROPEAN CONVERTIBLE BOND (1) 0.05 UBAM - EURO 10-40 CONVERTIBLE BOND (1) 0.05 UBAM - GLOBAL CONVERTIBLE BOND (1) 0.05 Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY 0.10 UBAM - ASIA EQUITY 0.10 UBAM - ASIA EQUITY HIGH DIVIDEND 0.10 UBAM - DR. EHRHARDT GERMAN EQUITY 0.10 UBAM - EQUITY BRIC+ 0.10 UBAM - EUROPE EQUITY 0.10 UBAM - EUROPE EQUITY DIVIDEND+ 0.10 UBAM - EUROPE EQUITY FLEX 0.10 UBAM - EUROPEAN OPPORTUNITIES EQUITY 0.10 UBAM - GCM MIDCAP US EQUITY GROWTH 0.10 UBAM - GLOBAL EQUITY (2) 0.10 UBAM - GLOBAL EQUITY INCOME 0.10 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 0.10 UBAM - NEUBERGER BERMAN US EQUITY VALUE 0.10 UBAM - RUSSIAN EQUITY 0.10 UBAM - SNAM JAPAN EQUITY VALUE 0.10
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Notes to the financial statements as at 30th June 2015 (continued)
Types A, U and R shares (in %) UBAM - SWISS EQUITY 0.00 UBAM - TURKISH EQUITY 0.10 Feeder equity sub-fund UBAM - EURO EQUITY INCOME (1) 0.10 Fund of funds sub-funds UBAM - MULTIFUNDS ALLOCATION 30 0.10 UBAM - MULTIFUNDS ALLOCATION 50 0.10 UBAM - MULTIFUNDS ALLOCATION 70 0.10 UBAM - MULTIFUNDS ALTERNATIVE 0.10 UBAM - MULTIFUNDS EMERGING MARKETS 0.10 Asset allocation sub-funds UBAM - ASYMMETRY 50 EUR 0.10 UBAM - ASYMMETRY 50 USD 0.10
(1) This sub-fund acts as Feeder in a Master-Feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees. (2) Please refer to Note 18 for more details on events concerning this sub-fund. (3) No fee is currently foreseen for the Type A shares.
Note 8 - Forward foreign exchange contracts
As at 30th June 2015, the following forward foreign exchange contracts are outstanding:
The exposure corresponds to the commitment in the sub-fund’s currency. If each of the two legs are not in the sub-fund’s currency, the exposure is equal to the sum of the two commitments converted into the relevant foreign exchange rate.
UBAM - CORPORATE EURO BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 411,692.05 PRIVEE GENEVE USD -450,000.00 30/07/2015 7,963.55
7,963.55 Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 3,845,000.00 PRIVEE GENEVE EUR -3,692,854.40 21/08/2015 4,154.80 UNION BANCAIRE EUR 117,384.56 PRIVEE GENEVE CHF -121,000.00 21/08/2015 1,040.49 UNION BANCAIRE EUR 68,899.52 PRIVEE GENEVE CHF -72,000.00 21/08/2015 -328.85 UNION BANCAIRE EUR 71,646.92 PRIVEE GENEVE CHF -75,000.00 21/08/2015 -465.81 UNION BANCAIRE CHF 31,000.00 PRIVEE GENEVE EUR -29,886.72 03/07/2015 -115.51
4,285.12
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 819,000.00 PRIVEE GENEVE EUR -719,841.79 21/08/2015 14 717.70 UNION BANCAIRE USD 69,000.00 PRIVEE GENEVE EUR -61,527.49 21/08/2015 358.47 UNION BANCAIRE EUR 12,256.51 PRIVEE GENEVE USD -14,000.00 21/08/2015 -300.27
14,775.90
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts linked to IH GBP UNION BANCAIRE GBP 8,935,000.00 PRIVEE GENEVE EUR -12,347,982.31 21/08/15 251,148.09 UNION BANCAIRE EUR 187,708.57 PRIVEE GENEVE GBP -135,000.00 21/08/15 -2,655.92 UNION BANCAIRE GBP 99,000.00 PRIVEE GENEVE EUR -139,741.69 06/07/15 -11.09
248,481.08
UBAM - CORPORATE US DOLLAR BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 1,420,835.00 PRIVEE GENEVE EUR -1,300,000.00 30/07/2015 -28,138.06
-28,138.06 Forward foreign exchange contracts linked to AH EUR and IH EUR UNION BANCAIRE EUR 106,713,000.00 PRIVEE GENEVE USD -121,423,387.05 21/08/2015 -2,443,300.86 UNION BANCAIRE USD 11,181,690.00 PRIVEE GENEVE EUR -10,060,000.00 21/08/2015 -34,723.22 UNION BANCAIRE EUR 8,508,000.00 PRIVEE GENEVE USD -9,277,123.20 21/08/2015 208,905.43 UNION BANCAIRE USD 9,068,966.70 PRIVEE GENEVE EUR -8,142,000.00 21/08/2015 -8,982.27 UNION BANCAIRE USD 5,934,295.65 PRIVEE GENEVE EUR -5,263,000.00 21/08/2015 66,248.19 UNION BANCAIRE USD 3,034,483.20 PRIVEE GENEVE EUR -2,688,000.00 21/08/2015 37,461.64 UNION BANCAIRE USD 7,296,615.90 PRIVEE GENEVE EUR -6,562,000.00 21/08/2015 -19,698.58 UNION BANCAIRE USD 39,355.75 PRIVEE GENEVE EUR -35,000.00 21/08/2015 332.14 UNION BANCAIRE USD 6,675,499.60 PRIVEE GENEVE EUR -5,938,000.00 21/08/2015 54,865.93 UNION BANCAIRE USD 3,165,208.20 PRIVEE GENEVE EUR -2,772,000.00 21/08/2015 74,505.44 UNION BANCAIRE USD 185,920.00 PRIVEE GENEVE EUR -166,000.00 01/07/2015 962.80 UNION BANCAIRE USD 22,340.00 PRIVEE GENEVE EUR -20,000.00 03/07/2015 55.71 UNION BANCAIRE EUR 2,000.00 PRIVEE GENEVE USD -2,228.80 06/07/2015 -0.28
-2,063,367.93 Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 130,700.00 PRIVEE GENEVE USD -199,748.81 21/08/2015 5,735.43 UNION BANCAIRE USD 1,746.58 PRIVEE GENEVE GBP -1,100.00 21/08/2015 17.19 UNION BANCAIRE USD 95,934.70 PRIVEE GENEVE GBP -61,000.00 06/07/2015 0.89 UNION BANCAIRE GBP 61,000.00 PRIVEE GENEVE USD -95,910.30 21/08/2015 -7.17
5,746.34 Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 29,075,000.00 PRIVEE GENEVE USD -31,824,649.74 21/08/2015 -655,073.81 UNION BANCAIRE CHF 2,228,000.00 PRIVEE GENEVE USD -2,384,417.81 21/08/2015 4,088.30 UNION BANCAIRE CHF 1,088,000.00 PRIVEE GENEVE USD -1,156,954.49 21/08/2015 9,425.51 UNION BANCAIRE CHF 62,000.00 PRIVEE GENEVE USD -66,724.06 21/08/2015 -257.55 UNION BANCAIRE CHF 308,000.00 PRIVEE GENEVE USD -335,877.86 21/08/2015 -5,689.40 UNION BANCAIRE CHF 84,000.00 PRIVEE GENEVE USD -89,921.32 02/07/2015 -40.59 UNION BANCAIRE USD 24,765.80 PRIVEE GENEVE CHF -23,000.00 03/07/2015 154.67 UNION BANCAIRE USD 13,875.55 PRIVEE GENEVE CHF -13,000.00 06/07/2015 -36.64
-647,429.51
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - DYNAMIC EURO BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 1,509,537.53 PRIVEE GENEVE USD -1,650,000.00 30/07/2015 -29,199.70
-29,199.70 Forward foreign exchange contracts linked to AH, IH CHF and UH CHF UNION BANCAIRE CHF 30,095,000.00 PRIVEE GENEVE EUR -28,904,149.06 21/08/2015 32,519.84 UNION BANCAIRE CHF 88,000.00 PRIVEE GENEVE EUR -84,089.82 21/08/2015 523.13 UNION BANCAIRE EUR 3,019,193.03 PRIVEE GENEVE CHF -3,154,000.00 21/08/2015 -13,395.44 UNION BANCAIRE EUR 2,924,122.09 PRIVEE GENEVE CHF -3,056,000.00 21/08/2015 -14,237.30 UNION BANCAIRE CHF 47,000.00 PRIVEE GENEVE EUR -45,070.96 02/07/2015 64.93
5,475.16 Forward foreign exchange contracts linked to AH GBP, IH GBP and UH GBP UNION BANCAIRE GBP 4,782,000.00 PRIVEE GENEVE EUR -6,608,623.55 21/08/2015 134,414.12 UNION BANCAIRE EUR 198,388.10 PRIVEE GENEVE GBP -144,000.00 21/08/2015 -4,669.24 UNION BANCAIRE EUR 44,444.44 PRIVEE GENEVE GBP -32,000.00 21/08/2015 -679.04 UNION BANCAIRE EUR 91,768.63 PRIVEE GENEVE GBP -66,000.00 21/08/2015 -1,298.46
127,767.38 Forward foreign exchange contracts linked to UH USD UNION BANCAIRE USD 2,000.00 PRIVEE GENEVE EUR -1,757.86 21/08/2015 35.94
35.94
UBAM - DYNAMIC US DOLLAR BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 983,655.00 PRIVEE GENEVE EUR -900,000.00 30/07/2015 -19,480.19 UNION BANCAIRE USD 19,600.00 PRIVEE GENEVE EUR -17,500.00 01/07/2015 101.50 UNION BANCAIRE USD 27,842.50 PRIVEE GENEVE EUR -25,000.00 02/07/2015 -12.50 UNION BANCAIRE USD 52,499.00 PRIVEE GENEVE EUR -47,000.00 03/07/2015 130.92
-19,260.27 Forward foreign exchange contracts linked to AH EUR, IH EUR and UH EUR UNION BANCAIRE EUR 36,457,000.00 PRIVEE GENEVE USD -41,482,597.45 21/08/2015 -834,719.48 UNION BANCAIRE USD 1,183,531.10 PRIVEE GENEVE EUR -1,051,000.00 21/08/2015 11,706.58 UNION BANCAIRE EUR 37,000.00 PRIVEE GENEVE USD -42,250.30 21/08/2015 -997.00 UNION BANCAIRE EUR 25,000.00 PRIVEE GENEVE USD -28,013.75 01/07/2015 -158.75 UNION BANCAIRE USD 13,364.40 PRIVEE GENEVE EUR -12,000.00 02/07/2015 -6.00
-824,174.65
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts linked to AH CHF, IH CHF and UH CHF UNION BANCAIRE CHF 4,619,000.00 PRIVEE GENEVE USD -5,055,823.12 21/08/2015 -104,068.31 UNION BANCAIRE CHF 200,000.00 PRIVEE GENEVE USD -212,664.15 21/08/2015 1,743.94 UNION BANCAIRE CHF 186,000.00 PRIVEE GENEVE USD -197,683.07 21/08/2015 1,716.45 UNION BANCAIRE CHF 245,000.00 PRIVEE GENEVE USD -262,200.34 21/08/2015 449.57 UNION BANCAIRE USD 5,454.35 PRIVEE GENEVE CHF -5,000.00 21/08/2015 93.97 UNION BANCAIRE CHF 305,000.00 PRIVEE GENEVE USD -331,323.67 21/08/2015 -4,351.33 UNION BANCAIRE USD 325,125.25 PRIVEE GENEVE CHF -305,000.00 01/07/2015 -1,227.39 UNION BANCAIRE CHF 305,000.00 PRIVEE GENEVE USD -325,715.51 21/08/2015 1,256.83
-104,386.27 Forward foreign exchange contracts linked to AH GBP, IH GBP and UH GBP UNION BANCAIRE GBP 3,517,000.00 PRIVEE GENEVE USD -5,530,658.35 21/08/2015 -1,292.80 UNION BANCAIRE USD 25,406.40 PRIVEE GENEVE GBP -16,000.00 21/08/2015 251.57 UNION BANCAIRE GBP 52,000.00 PRIVEE GENEVE USD -82,035.20 03/07/2015 -253.85
-1,295.08
UBAM - EMERGING MARKET BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR, IH EUR and AHS EUR UNION BANCAIRE EUR 49,003,000.00 PRIVEE GENEVE USD -55,733,562.05 31/07/2015 -1,113,991.33 UNION BANCAIRE EUR 108,000.00 PRIVEE GENEVE USD -121,019.40 01/07/2015 -685.80 UNION BANCAIRE USD 13,364.40 PRIVEE GENEVE EUR -12,000.00 02/07/2015 -6.00 UNION BANCAIRE EUR 27,000.00 PRIVEE GENEVE USD -30,179.25 03/07/2015 -95.46 UNION BANCAIRE EUR 95,000.00 PRIVEE GENEVE USD -105,868.00 06/07/2015 -13.54
-1,114,792.13 Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 557,000.00 PRIVEE GENEVE USD -881,842.40 31/07/2015 -6,008.63 UNION BANCAIRE USD 53,431.00 PRIVEE GENEVE GBP -34,000.00 31/07/2015 -31.03 UNION BANCAIRE GBP 34,000.00 PRIVEE GENEVE USD -53,444.60 02/07/2015 28.19
-6,011.47 Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 755,000.00 PRIVEE GENEVE CHF -820,741.38 31/07/2015 -12,005.38
-12,005.38
UBAM - EMERGING MARKET CORPORATE BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR, IH EUR, RH EUR, APH EUR, IPH EUR, IHS EUR and AHS EUR UNION BANCAIRE EUR 106,162,000.00 PRIVEE GENEVE USD -120,743,350.70 31/07/2015 -2,413,394.03 UNION BANCAIRE EUR 22,000.00 PRIVEE GENEVE USD -24,620.20 02/07/2015 -107.80 UNION BANCAIRE EUR 14,000.00 PRIVEE GENEVE USD -15,601.60 08/07/2015 -1.59
-2,413,503.42 Forward foreign exchange contracts linked to AH CHF, IH CHF, APH CHF and AHS CHF UNION BANCAIRE CHF 7,098,000.00 PRIVEE GENEVE USD -7,716,056.09 31/07/2015 -112,866.49
-112,866.49
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UBAM
Notes to the financial statements as at 30th June 2015 (continued)
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 2,294,970.50 PRIVEE GENEVE EUR -2,018,000.00 31/07/2015 45,656.60
45,656.60 Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 1,187,000.00 PRIVEE GENEVE USD -1,290,357.65 31/07/2015 -18,874.69
-18,874.69 Forward foreign exchange contracts linked to AH EUR and IH EUR UNION BANCAIRE EUR 50,383,000.00 PRIVEE GENEVE USD -57,303,105.05 31/07/2015 -1,145,363.04 UNION BANCAIRE EUR 188,000.00 PRIVEE GENEVE USD -210,663.40 01/07/2015 -1,193.80 UNION BANCAIRE USD 5,568.50 PRIVEE GENEVE EUR -5,000.00 02/07/2015 -2.50 UNION BANCAIRE EUR 365,000.00 PRIVEE GENEVE USD -407,978.75 03/07/2015 -1,290.50 UNION BANCAIRE USD 222,760.00 PRIVEE GENEVE EUR -200,000.00 06/07/2015 -91.49
-1,147,941.33
UBAM - EURO BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 292,758.79 PRIVEE GENEVE USD -320,000.00 30/07/2015 5,662.97
5,662.97
UBAM - GLOBAL BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 1,178,000.00 PRIVEE GENEVE AUD -1,520,000.00 30/07/2015 11,578.04 UNION BANCAIRE USD 726,040.66 PRIVEE GENEVE CAD -900,000.00 30/07/2015 5,406.80 UNION BANCAIRE USD 1,490,987.00 PRIVEE GENEVE GBP -970,000.00 30/07/2015 -34,270.38 UNION BANCAIRE USD 5,748,717.53 PRIVEE GENEVE JPY -706,000,000.00 30/07/2015 -22,788.70 UNION BANCAIRE USD 76,107.50 PRIVEE GENEVE PLN -290,000.00 30/07/2015 -946.33 UNION BANCAIRE USD 13,825,817.50 PRIVEE GENEVE EUR -12,650,000.00 30/07/2015 -273,804.96
-314,825.53 Forward foreign exchange contracts linked to AH EUR UNION BANCAIRE EUR 10,100.00 PRIVEE GENEVE USD -11,492.29 21/08/2015 -231.25
-231.25 Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 29,938,000.00 PRIVEE GENEVE USD -32,769,264.45 21/08/2015 -674,517.61 UNION BANCAIRE USD 668,702.96 PRIVEE GENEVE CHF -613,000.00 21/08/2015 11,520.51 UNION BANCAIRE CHF 3,000.00 PRIVEE GENEVE USD -3,203.25 06/07/2015 7.26
-662,989.84
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - GLOBAL CREDIT OPPORTUNITIES Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 1,795,268.94 PRIVEE GENEVE GBP -1,275,000.00 30/07/2015 -3,436.85 UNION BANCAIRE EUR 25,616,394.49 PRIVEE GENEVE USD -28,000,000.00 30/07/2015 495,510.08
492,073.23 Forward foreign exchange contracts linked to APH CHF UNION BANCAIRE CHF 528,000.00 PRIVEE GENEVE EUR -507,107.18 21/08/2015 570.55 UNION BANCAIRE EUR 4,776.46 PRIVEE GENEVE CHF -5,000.00 21/08/2015 -31.06
539.49 Forward foreign exchange contracts linked to APH USD and IPH USD UNION BANCAIRE USD 42,688,000.00 PRIVEE GENEVE EUR -37,519,666.00 21/08/2015 767,117.13 UNION BANCAIRE EUR 84,044.65 PRIVEE GENEVE USD -96,000.00 21/08/2015 -2,058.95 UNION BANCAIRE EUR 28,711.14 PRIVEE GENEVE USD -32,000.00 02/07/2015 -9.02
765,049.16 Forward foreign exchange contracts linked to APH GBP UNION BANCAIRE GBP 599,400.00 PRIVEE GENEVE EUR -828,358.21 21/08/2015 16,848.14 UNION BANCAIRE EUR 7,369.30 PRIVEE GENEVE GBP -5,300.00 21/08/2015 -104.27
16,743.87
UBAM - GLOBAL HIGH YIELD SOLUTION Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 54,647,500.00 PRIVEE GENEVE EUR -50,000,000.00 30/07/2015 -1,082,233.03 UNION BANCAIRE USD 10,557,085.00 PRIVEE GENEVE EUR -9,350,000.00 30/07/2015 135,502.87 UNION BANCAIRE EUR 3,600,000.00 PRIVEE GENEVE USD -4,057,200.00 30/07/2015 -44,631.00 UNION BANCAIRE EUR 9,500,000.00 PRIVEE GENEVE USD -10,714,575.00 30/07/2015 -125,851.25 UNION BANCAIRE USD 19,096,950.00 PRIVEE GENEVE EUR -17,000,000.00 30/07/2015 148,654.16 UNION BANCAIRE EUR 15,000,000.00 PRIVEE GENEVE USD -16,747,500.00 30/07/2015 -28,462.50
-997,020.75 Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 188,945,000.00 PRIVEE GENEVE USD -206,813,704.03 21/08/2015 -4,257,022.19 UNION BANCAIRE CHF 18,241,000.00 PRIVEE GENEVE USD -19,229,390.68 21/08/2015 325,699.07 UNION BANCAIRE CHF 6,569,000.00 PRIVEE GENEVE USD -7,046,771.08 21/08/2015 -4,537.40 UNION BANCAIRE CHF 195,000.00 PRIVEE GENEVE USD -209,857.94 21/08/2015 -810.05 UNION BANCAIRE CHF 1,700,000.00 PRIVEE GENEVE USD -1,853,871.32 21/08/2015 -31,402.56 UNION BANCAIRE USD 182,118.32 PRIVEE GENEVE CHF -171,000.00 01/07/2015 -853.16 UNION BANCAIRE USD 458,553.79 PRIVEE GENEVE CHF -429,000.00 02/07/2015 -479.92 UNION BANCAIRE USD 21,535.48 PRIVEE GENEVE CHF -20,000.00 03/07/2015 134.50 UNION BANCAIRE USD 196,392.36 PRIVEE GENEVE CHF -184,000.00 06/07/2015 -518.68
-3,969,790.39
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts linked to AH EUR, IH EUR, RH EUR and UH EUR UNION BANCAIRE EUR 802,806,000.00 PRIVEE GENEVE USD -913,472,807.10 21/08/2015 -18,381,046.26 UNION BANCAIRE EUR 24,879,000.00 PRIVEE GENEVE USD -28,088,391.00 21/08/2015 -349,450.44 UNION BANCAIRE EUR 234,000.00 PRIVEE GENEVE USD -263,121.30 21/08/2015 -2,222.06 UNION BANCAIRE USD 2,533,765.15 PRIVEE GENEVE EUR -2,219,000.00 21/08/2015 59,641.98 UNION BANCAIRE USD 94,080.00 PRIVEE GENEVE EUR -84,000.00 01/07/2015 487.20 UNION BANCAIRE USD 2,757,521.20 PRIVEE GENEVE EUR -2,476,000.00 02/07/2015 -1,238.00 UNION BANCAIRE EUR 45,000.00 PRIVEE GENEVE USD -50,298.75 03/07/2015 -159.10 UNION BANCAIRE EUR 2,051,000.00 PRIVEE GENEVE USD -2,285,634.40 06/07/2015 -292.27
-18,674,278.95 Forward foreign exchange contracts linked to AH GBP, IH GBP and UH GBP UNION BANCAIRE GBP 204,630,000.00 PRIVEE GENEVE USD -321,790,906.50 21/08/2015 -75,218.94 UNION BANCAIRE GBP 10,142,000.00 PRIVEE GENEVE USD -15,541,600.80 21/08/2015 403,473.25 UNION BANCAIRE GBP 11,602,000.00 PRIVEE GENEVE USD -17,771,363.50 21/08/2015 469,096.88 UNION BANCAIRE GBP 7,666,000.00 PRIVEE GENEVE USD -11,748,528.30 21/08/2015 303,822.09 UNION BANCAIRE GBP 5,462,000.00 PRIVEE GENEVE USD -8,531,097.80 21/08/2015 56,162.55 UNION BANCAIRE GBP 278,000.00 PRIVEE GENEVE USD -441,491.80 21/08/2015 -4,425.09 UNION BANCAIRE GBP 317,000.00 PRIVEE GENEVE USD -503,174.10 21/08/2015 -4,792.27 UNION BANCAIRE USD 405,898.50 PRIVEE GENEVE GBP -258,000.00 01/07/2015 134.37 UNION BANCAIRE USD 407,588.30 PRIVEE GENEVE GBP -259,000.00 02/07/2015 251.44 UNION BANCAIRE USD 471,597.75 PRIVEE GENEVE GBP -299,000.00 03/07/2015 1,355.00 UNION BANCAIRE USD 928,712.18 PRIVEE GENEVE GBP -591,000.00 06/07/2015 -744.98
1,149,114.30 Forward foreign exchange contracts linked to IH SEK UNION BANCAIRE SEK 156,500.00 PRIVEE GENEVE USD -18,940.54 21/08/2015 -60.27
-60.27
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - LOCAL CURRENCY EMERGING MARKET BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts JPMORGAN SECURITIES LTD F USD 300,000.00 AND O SEG LD BRL -964,380.00 16/09/2015 -2,172.04 JPMORGAN SECURITIES LTD F INR 37,258,800.00 AND O SEG LD USD -572,041.82 16/09/2015 4,293.57 JPMORGAN SECURITIES LTD F USD 250,000.00 AND O SEG LD TRY -703,713.75 16/09/2015 -7,244.86 UNION BANK OF SWITZERLAND USD 200,000.00 (LONDON) HUF -55,770,320.00 16/09/2015 3,140.99 JPMORGAN SECURITIES LTD F USD 342,453.13 AND O SEG LD PEN -1,095,850.02 16/09/2015 1,368.16 JPMORGAN SECURITIES LTD F USD 1,001,152.57 AND O SEG LD COP -2,568,957,500.00 16/09/2015 21,385.63 JPMORGAN SECURITIES LTD F USD 150,000.00 AND O SEG LD RUB -8,378,796.90 16/09/2015 3,505.49 JPMORGAN SECURITIES LTD F USD 294,991.73 AND O SEG LD BRL -945,065.01 16/09/2015 -1,100.69 JPMORGAN SECURITIES LTD F USD 637,846.26 AND O SEG LD RUB -35,598,000.00 16/09/2015 15,466.92 JPMORGAN SECURITIES LTD F HUF 84,187,000.00 AND O SEG LD USD -303,344.87 16/09/2015 -6,174.52 JPMORGAN SECURITIES LTD F TRY 895,000.00 AND O SEG LD USD -318,596.27 16/09/2015 8,383.48 JPMORGAN SECURITIES LTD F USD 439,039.92 AND O SEG LD ZAR -5,552,000.00 16/09/2015 -12,551.61 JPMORGAN SECURITIES LTD F PLN 2,426,000.00 AND O SEG LD USD -656,887.01 16/09/2015 -13,152.20 JPMORGAN SECURITIES LTD F RON 1,697,000.00 AND O SEG LD USD -425,553.58 16/09/2015 -3,895.43 JPMORGAN SECURITIES LTD F BRL 319,390.00 AND O SEG LD USD -100,000.00 16/09/2015 58.91 JPMORGAN SECURITIES LTD F RUB 7,375,866.89 AND O SEG LD USD -135,000.00 16/09/2015 -5,958.18 JPMORGAN SECURITIES LTD F ZAR 2,346,187.07 AND O SEG LD USD -190,000.00 16/09/2015 767.24 JPMORGAN SECURITIES LTD F RUB 2,443,000.00 AND O SEG LD USD -44,188.52 16/09/2015 -1,447.89 UNION BANK OF SWITZERLAND USD 300,000.00 (LONDON) ZAR -3,731,277.00 16/09/2015 -3,431.06 JPMORGAN SECURITIES LTD F USD 100,000.00 AND O SEG LD TRY -278,895.70 16/09/2015 -1,931.24 JPMORGAN SECURITIES LTD F USD 100,000.00 AND O SEG LD RUB -5,532,283.40 16/09/2015 3,298.69 JPMORGAN SECURITIES LTD F USD 150,000.00 AND O SEG LD BRL -475,350.00 16/09/2015 1,115.89 JPMORGAN SECURITIES LTD F USD 43,684.75 AND O SEG LD RUB -2,445,000.00 16/09/2015 934.24 JPMORGAN SECURITIES LTD F TRY 83,000.00 AND O SEG LD USD -30,304.03 16/09/2015 19.23 JPMORGAN SECURITIES LTD F ZAR 700,000.00 AND O SEG LD USD -56,786.34 16/09/2015 130.29 UNION BANK OF SWITZERLAND USD 40,391.28 (LONDON) HUF -11,100,000.36 16/09/2015 1,211.02 UNION BANK OF SWITZERLAND MXN 9,400,000.00 (LONDON) USD -609,862.67 17/09/2015 -14,013.55 JPMORGAN SECURITIES LTD F TRY 1,091,935.60 AND O SEG LD USD -400,000.00 16/09/2015 -1,071.70 JPMORGAN SECURITIES LTD F USD 18,408.03 AND O SEG LD TRY -50,000.00 16/09/2015 144.38
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts JPMORGAN SECURITIES LTD F USD 19,286.38 AND O SEG LD MXN -299,999.97 17/09/2015 271.41 UNION BANK OF SWITZERLAND USD 150,000.00 (LONDON) PLN -565,316.40 16/09/2015 -5.69 JPMORGAN SECURITIES LTD F USD 150,000.00 AND O SEG LD RUB -8,400,102.90 08/07/2015 -465.07
-9,120.19
Forward foreign exchange contracts linked to AH EUR, IH EUR and RH EUR UNION BANCAIRE EUR 12,050,000.00 PRIVEE GENEVE USD -13,705,067.50 31/07/2015 -273,934.16 UNION BANCAIRE EUR 39,000.00 PRIVEE GENEVE USD -43,461.60 06/07/2015 -5.56
-273,939.72 Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 987,000.00 PRIVEE GENEVE USD -1,072,942.71 31/07/2015 -15,694.45
-15,694.45
UBAM - UNCONSTRAINED BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 1,162,816.23 PRIVEE GENEVE USD -1,461,660.00 15/09/2015 -147,808.75 UNION BANCAIRE EUR 2,840,303.91 PRIVEE GENEVE AUD -4,000,000.00 30/07/2015 86,503.24 UNION BANCAIRE EUR 7,744,297.38 PRIVEE GENEVE GBP -5,500,000.00 30/07/2015 -14,825.61 UNION BANCAIRE EUR 88,742,509.49 PRIVEE GENEVE USD -97,000,000.00 30/07/2015 1,716,588.52 UNION BANCAIRE EUR 3,123,466.16 PRIVEE GENEVE USD -3,500,000.00 30/07/2015 -16,672.78
1,623,784.62 Forward foreign exchange contracts linked to APH USD and IPH USD UNION BANCAIRE USD 123,489,000.00 PRIVEE GENEVE EUR -108,537,903.76 21/08/2015 2,219,137.13 UNION BANCAIRE USD 3,484,000.00 PRIVEE GENEVE EUR -3,041,732.15 21/08/2015 83,060.59 UNION BANCAIRE EUR 1,133,887.68 PRIVEE GENEVE USD -1,275,000.00 21/08/2015 -9,663.79 UNION BANCAIRE EUR 1,841,183.68 PRIVEE GENEVE USD -2,103,000.00 21/08/2015 -45,023.24 UNION BANCAIRE USD 19,000.00 PRIVEE GENEVE EUR -16,964.29 01/07/2015 88.30 UNION BANCAIRE EUR 47,552.82 PRIVEE GENEVE USD -53,000.00 02/07/2015 -14.94 UNION BANCAIRE EUR 12,524.60 PRIVEE GENEVE USD -14,000.00 06/07/2015 -39.82 UNION BANCAIRE EUR 304,199.57 PRIVEE GENEVE USD -339,000.00 06/07/2015 -38.90
2,247,505.33 Forward foreign exchange contracts linked to APH GBP UNION BANCAIRE GBP 4,372,000.00 PRIVEE GENEVE EUR -6,042,012.16 21/08/2015 122,889.70 UNION BANCAIRE GBP 102,000.00 PRIVEE GENEVE EUR -141,853.83 21/08/2015 1,975.08 UNION BANCAIRE EUR 67,743.98 PRIVEE GENEVE GBP -48,000.00 06/07/2015 -4.19
124,860.59 Forward foreign exchange contracts linked to APH CHF and IPH CHF UNION BANCAIRE CHF 83,539,000.00 PRIVEE GENEVE EUR -80,233,384.55 21/08/2015 90,270.00 UNION BANCAIRE CHF 12,672,000.00 PRIVEE GENEVE EUR -12,123,415.45 21/08/2015 60,849.99 UNION BANCAIRE CHF 1,734,000.00 PRIVEE GENEVE EUR -1,656,951.74 21/08/2015 10,308.07 UNION BANCAIRE CHF 15,000.00 PRIVEE GENEVE EUR -14,274.84 01/07/2015 130.23 UNION BANCAIRE CHF 33,000.00 PRIVEE GENEVE EUR -31,814.90 03/07/2015 -122.96 UNION BANCAIRE EUR 23,956.69 PRIVEE GENEVE CHF -25,000.00 06/07/2015 -54.12
161,381.21
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - US DOLLAR BOND Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 349,744.00 PRIVEE GENEVE EUR -320,000.00 30/07/2015 -6,926.29
-6,926.29
UBAM - EM INVESTMENT GRADE CORPORATE BOND(1) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR, IH EUR and IHS EUR UNION BANCAIRE EUR 6,159,000.00 PRIVEE GENEVE USD -7,004,938.65 31/07/2015 -140,013.32 UNION BANCAIRE USD 3,664,233.75 PRIVEE GENEVE EUR -3,275,000.00 31/07/2015 13,858.35 UNION BANCAIRE EUR 3,275,000.00 PRIVEE GENEVE USD -3,662,923.75 01/07/2015 -13,918.75
-140,073.72
Forward foreign exchange contracts linked to IH CHF UNION BANCAIRE CHF 990.00 PRIVEE GENEVE USD -1 076.20 31/07/2015 -15.74
-15.74
UBAM - 10-40 CONVERTIBLE OPPORTUNITIES(1) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 1,789,000.00 PRIVEE GENEVE EUR -2,474,583.30 22/07/2015 49,645.97
49,645.97
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 23,937,000.00 PRIVEE GENEVE EUR -21,307,637.53 22/07/2015 170,396.95 UNION BANCAIRE USD 4,636,000.00 PRIVEE GENEVE EUR -4,125,472.75 22/07/2015 34,286.95 UNION BANCAIRE USD 1,064,000.00 PRIVEE GENEVE EUR -939,348.46 22/07/2015 15,350.49 UNION BANCAIRE USD 19,000.00 PRIVEE GENEVE EUR -17,109.41 02/07/2015 -56.82 UNION BANCAIRE EUR 355,695.63 PRIVEE GENEVE USD -395,000.00 01/07/2015 1,181.18 UNION BANCAIRE USD 395,000.00 PRIVEE GENEVE EUR -355,695.63 01/07/2015 -1,181.18 UNION BANCAIRE EUR 352,521.20 PRIVEE GENEVE USD -395,000.00 01/07/2015 -1,993.25 UNION BANCAIRE USD 19,000.00 PRIVEE GENEVE EUR -16,956.72 02/07/2015 95.87 UNION BANCAIRE EUR 17,109.41 PRIVEE GENEVE USD -19,000.00 02/07/2015 56.82
218,137.01
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 5,630,000.00 PRIVEE GENEVE EUR -5,386,013.58 22/07/2015 23,352.71 UNION BANCAIRE CHF 427,000.00 PRIVEE GENEVE EUR -406,067.23 22/07/2015 4,199.09 UNION BANCAIRE CHF 4,868,000.00 PRIVEE GENEVE EUR -4,663,505.29 22/07/2015 13,722.97 UNION BANCAIRE CHF 2,354,000.00 PRIVEE GENEVE EUR -2,242,972.84 22/07/2015 18,776.40 UNION BANCAIRE EUR 2,241,904.76 PRIVEE GENEVE CHF -2,354,000.00 01/07/2015 -18,730.98 UNION BANCAIRE EUR 30,692.50 PRIVEE GENEVE CHF -32,000.00 02/07/2015 -38.32
41,281.87
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - EUROPEAN CONVERTIBLE BOND(1) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 5,688,000.00 PRIVEE GENEVE EUR -5,063,201.00 22/07/2015 40,490.36 UNION BANCAIRE EUR 90,138.33 PRIVEE GENEVE USD -101,000.00 01/07/2015 -509.67
39,980.69
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 3,799,000.00 PRIVEE GENEVE EUR -3,634,363.34 22/07/2015 15,757.89
15,757.89
UBAM - EURO 10-40 CONVERTIBLE BOND(1) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 35,686,000.00 PRIVEE GENEVE EUR -34,139,481.49 22/07/2015 148,022.14 UNION BANCAIRE EUR 12,468.83 PRIVEE GENEVE CHF -13,000.00 02/07/2015 -15.56 UNION BANCAIRE EUR 190,695.22 PRIVEE GENEVE CHF -199,000.00 06/07/2015 -430.82
147,575.76
Forward foreign exchange contracts linked to AH GBP and IH GBP UNION BANCAIRE GBP 1,192,000.00 PRIVEE GENEVE EUR -1,648,800.06 22/07/2015 33,078.81
33,078.81
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 88,155,000.00 PRIVEE GENEVE EUR -78,471,604.05 22/07/2015 627,536.61 UNION BANCAIRE EUR 2,951,140.35 PRIVEE GENEVE USD -3,319,000.00 22/07/2015 -26,917.04 UNION BANCAIRE EUR 38,392.86 PRIVEE GENEVE USD -43,000.00 01/07/2015 -199.85 UNION BANCAIRE USD 182,000.00 PRIVEE GENEVE EUR -162,500.00 02/07/2015 845.90 UNION BANCAIRE EUR 89,461.44 PRIVEE GENEVE USD -100,000.00 06/07/2015 -284.43 UNION BANCAIRE EUR 52,971.81 PRIVEE GENEVE USD -59,000.00 06/07/2015 21.75 UNION BANCAIRE USD 64,000.00 PRIVEE GENEVE EUR -57,460.94 07/07/2015 -24.33
600,978.61
Forward foreign exchange contracts linked to AH SEK and IH SEK UNION BANCAIRE SEK 1,116,039,000.00 PRIVEE GENEVE EUR -120,999,512.15 22/07/2015 -265,966.38 UNION BANCAIRE SEK 34,688,000.00 PRIVEE GENEVE EUR -3,753,056.50 22/07/2015 -494.77 UNION BANCAIRE EUR 267,806.88 PRIVEE GENEVE SEK -2,474,000.00 01/07/2015 205.66 UNION BANCAIRE SEK 23,000.00 PRIVEE GENEVE EUR -2,489.77 02/07/2015 -1.97 UNION BANCAIRE EUR 187,648.20 PRIVEE GENEVE SEK -1,741,000.00 02/07/2015 -667.77 UNION BANCAIRE SEK 10,000.00 PRIVEE GENEVE EUR -1,077.83 03/07/2015 3.83 UNION BANCAIRE SEK 8,000.00 PRIVEE GENEVE EUR -866.29 06/07/2015 -0.94 UNION BANCAIRE EUR 856,199.24 PRIVEE GENEVE SEK -7,907,000.00 03/07/2015 929.44 UNION BANCAIRE EUR 42,274.84 PRIVEE GENEVE SEK -391,000.00 06/07/2015 -19.00
-266,011.90
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - GLOBAL CONVERTIBLE BOND(1) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 3,937,000.00 PRIVEE GENEVE EUR -3,766,382.86 22/07/2015 16,330.30
16,330.30
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 39,074,000.00 PRIVEE GENEVE EUR -34,781,912.05 22/07/2015 278,150.59 UNION BANCAIRE EUR 323,962.52 PRIVEE GENEVE USD -363,000.00 01/07/2015 -1,831.77 UNION BANCAIRE USD 1,644,000.00 PRIVEE GENEVE EUR -1,475,763.02 22/07/2015 -645.47 UNION BANCAIRE USD 11,000.00 PRIVEE GENEVE EUR -9,876.99 06/07/2015 -4.94 UNION BANCAIRE EUR 632,098.77 PRIVEE GENEVE USD -704,000.00 02/07/2015 255.29
275,923.70
Forward foreign exchange contracts linked to AH GBP and UH GBP UNION BANCAIRE GBP 1,817,000.00 PRIVEE GENEVE EUR -2,513,313.51 22/07/2015 50,422.99
50,422.99
UBAM - 30 GLOBAL LEADERS EQUITY Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE GBP 114,000.00 PRIVEE GENEVE USD -179,242.20 06/07/2015 39.44
39.44
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 7,024,000.00 PRIVEE GENEVE EUR -6,483,854.40 23/07/2015 72,418.88 UNION BANCAIRE USD 7,977,000.00 PRIVEE GENEVE CHF -7,051,803.39 23/07/2015 105,654.56 UNION BANCAIRE USD 2,422,000.00 PRIVEE GENEVE DKK -1,529,619.81 23/07/2015 14,966.35
193,039.79
Forward foreign exchange contracts linked to AH EUR and IH EUR UNION BANCAIRE EUR 10,195,000.00 PRIVEE GENEVE USD -11,540,740.00 23/07/2015 -160,108.95 UNION BANCAIRE EUR 702,000.00 PRIVEE GENEVE GBP -501,789.60 23/07/2015 -5,999.57 UNION BANCAIRE EUR 2,035,000.00 PRIVEE GENEVE CHF -2,126,575.00 23/07/2015 -8,282.52
-174,391.04
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 8,776,000.00 PRIVEE GENEVE USD -9,514,310.49 23/07/2015 -104,569.96 UNION BANCAIRE CHF 604,000.00 PRIVEE GENEVE GBP -413,160.95 23/07/2015 -2,603.84 UNION BANCAIRE CHF 1,989,000.00 PRIVEE GENEVE EUR -1,905,172.41 23/07/2015 5,927.84 UNION BANCAIRE CHF 106,000.00 PRIVEE GENEVE EUR -101,038.99 23/07/2015 809.49
-100,436.47
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 415,000.00 PRIVEE GENEVE EUR -581,151.10 23/07/2015 4,390.74 UNION BANCAIRE GBP 365,000.00 PRIVEE GENEVE CHF -533,849.00 23/07/2015 2,053.05 UNION BANCAIRE GBP 1,829,000.00 PRIVEE GENEVE USD -2,897,867.60 23/07/2015 -19,534.51 UNION BANCAIRE CHF 36,765.00 PRIVEE GENEVE GBP -25,000.00 23/07/2015 51.51 UNION BANCAIRE USD 185,472.40 PRIVEE GENEVE GBP -118,000.00 23/07/2015 -74.13
-13,113.34
UBAM - DR. EHRHARDT GERMAN EQUITY Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 48,400.00 PRIVEE GENEVE EUR -43,118.04 22/07/2015 309.99 UNION BANCAIRE EUR 1,226.19 PRIVEE GENEVE USD -1,400.00 22/07/2015 -30.00 UNION BANCAIRE USD 2,000.00 PRIVEE GENEVE EUR -1,787.55 22/07/2015 7.00 UNION BANCAIRE EUR 1,345.90 PRIVEE GENEVE USD -1,500.01 22/07/2015 -0.02
286.97
UBAM - EUROPE EQUITY Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 3,058,000.00 PRIVEE GENEVE EUR -2,724,276.17 22/07/2015 19,586.03 UNION BANCAIRE USD 121,000.00 PRIVEE GENEVE EUR -105,977.67 22/07/2015 2,592.42 UNION BANCAIRE USD 132,000.00 PRIVEE GENEVE EUR -115,911.49 22/07/2015 2,528.60 UNION BANCAIRE USD 689,000.00 PRIVEE GENEVE EUR -615,865.92 22/07/2015 2,355.48 UNION BANCAIRE EUR 402,216.66 PRIVEE GENEVE USD -450,000.00 06/07/2015 -1,639.80 UNION BANCAIRE USD 562,000.00 PRIVEE GENEVE EUR -502,234.14 22/07/2015 2,033.54 UNION BANCAIRE EUR 161,536.39 PRIVEE GENEVE USD -180,000.00 06/07/2015 -6.16
27,450.11
UBAM - EUROPE EQUITY DIVIDEND + Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE SEK 119,000.00 PRIVEE GENEVE EUR -12,832.96 02/07/2015 38.72
38.72
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 511,000.00 PRIVEE GENEVE EUR -454,262.60 14/07/2015 4,291.45 UNION BANCAIRE USD 217,000.00 PRIVEE GENEVE GBP -140,013.55 14/07/2015 -2,858.84
1,432.61
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 499,000.00 PRIVEE GENEVE EUR -474,627.86 14/07/2015 4,722.45 UNION BANCAIRE CHF 212,000.00 PRIVEE GENEVE GBP -146,257.33 14/07/2015 -2,746.56
1,975.89
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Notes to the financial statements as at 30th June 2015 (continued)
Forward foreign exchange contracts linked to IH GBP UNION BANCAIRE GBP 1,564,000.00 PRIVEE GENEVE EUR -2,157,538.97 14/07/2015 49,571.90
49,571.90
Forward foreign exchange contracts linked to AH EUR and IH EUR UNION BANCAIRE EUR 74,000.00 PRIVEE GENEVE GBP -53,661.10 14/07/2015 -1,726.74
-1,726.74
Forward foreign exchange contracts linked to AH SEK UNION BANCAIRE SEK 93,000.00 PRIVEE GENEVE EUR -10,051.12 14/07/2015 9.10 UNION BANCAIRE SEK 39,000.00 PRIVEE GENEVE GBP -3,061.58 14/07/2015 -101.71 UNION BANCAIRE SEK 2,100.00 PRIVEE GENEVE GBP -161.76 14/07/2015 -1.11 UNION BANCAIRE GBP 2,642.98 PRIVEE GENEVE SEK -34,600.00 14/07/2015 -13.07 UNION BANCAIRE EUR 8,401.01 PRIVEE GENEVE SEK -77,900.00 14/07/2015 -25.78
-132.57
UBAM - GCM MIDCAP US EQUITY GROWTH Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR UNION BANCAIRE EUR 1,319,000.00 PRIVEE GENEVE USD -1,480,709.40 22/07/2015 -10,700.39
-10,700.39
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 809,000.00 PRIVEE GENEVE USD -864,316.24 22/07/2015 1,970.67
1,970.67
UBAM - GLOBAL EQUITY(2) Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to APH EUR UNION BANCAIRE EUR 1,202,000.00 PRIVEE GENEVE USD -1,349,365.20 22/07/2015 -9,751.23 UNION BANCAIRE USD 40,089.60 PRIVEE GENEVE EUR -36,000.00 22/07/2015 -31.94
-9,783.17
UBAM - GLOBAL EQUITY INCOME Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH USD UNION BANCAIRE USD 1,684,000.00 PRIVEE GENEVE EUR -1,500,222.72 22/07/2015 10,785.76
10,785.76
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 72,500.00 PRIVEE GENEVE EUR -69,027.90 22/07/2015 630.90 UNION BANCAIRE CHF 39,000.00 PRIVEE GENEVE EUR -37,299.16 22/07/2015 172.47 UNION BANCAIRE CHF 10,000.00 PRIVEE GENEVE EUR -9,563.43 22/07/2015 44.68
848.05
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in JPY)
Forward foreign exchange contracts linked to APH CHF UNION BANCAIRE CHF 3,992,000.00 PRIVEE GENEVE JPY -526,440,723.00 22/07/2015 -3,491,763.00
-3,491,763.00
Forward foreign exchange contracts linked to APH USD and IPH USD UNION BANCAIRE USD 10,651,000.00 PRIVEE GENEVE JPY -1,314,120,380.00 22/07/2015 -11,115,714.00 UNION BANCAIRE JPY 742,080.00 PRIVEE GENEVE USD -6,000.00 01/07/2015 7,890.00 UNION BANCAIRE USD 31,000.00 PRIVEE GENEVE JPY -3,799,515.00 06/07/2015 -6,378.00
-11,114,202.00
Forward foreign exchange contracts linked to APH EUR, IPH EUR and RH EUR UNION BANCAIRE EUR 22,979,000.00 PRIVEE GENEVE JPY -3,183,855,345.00 22/07/2015 -50,844,507.00 UNION BANCAIRE EUR 7,000.00 PRIVEE GENEVE JPY -968,240.00 01/07/2015 -13,867.00 UNION BANCAIRE EUR 45,000.00 PRIVEE GENEVE JPY -6,209,550.00 02/07/2015 -74,293.00 UNION BANCAIRE EUR 4,000.00 PRIVEE GENEVE JPY -548,400.00 03/07/2015 -3,043.00 UNION BANCAIRE EUR 4,000.00 PRIVEE GENEVE JPY -545,240.00 06/07/2015 119.00
-50,935,591.00 Forward foreign exchange contracts linked to APH GBP UNION BANCAIRE GBP 601,000.00 PRIVEE GENEVE JPY -115,031,400.00 22/07/2015 586,134.00
586,134.00
UBAM - NEUBERGER BERMAN US EQUITY VALUE Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR, IH EUR and RH EUR UNION BANCAIRE EUR 28,935,000.00 PRIVEE GENEVE USD -32,482,431.00 22/07/2015 -234,735.19
-234,735.19
Forward foreign exchange contracts linked to IH GBP UNION BANCAIRE GBP 96,400.00 PRIVEE GENEVE USD -149,487.48 22/07/2015 2,102.56 UNION BANCAIRE USD 47,148.00 PRIVEE GENEVE GBP -30,000.00 22/07/2015 -27.33
2,075.23
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 1,532,000.00 PRIVEE GENEVE USD -1,636,752.14 22/07/2015 3,731.85
3,731.85
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - SNAM JAPAN EQUITY VALUE Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in JPY)
Forward foreign exchange contracts linked to AH EUR, IH EUR and RH EUR UNION BANCAIRE EUR 346,301,000.00 PRIVEE GENEVE JPY -47,981,735,055.00 22/07/2015 -766,243,243.00 UNION BANCAIRE JPY 41,910,960.00 PRIVEE GENEVE EUR -303,000.00 01/07/2015 600,228.00 UNION BANCAIRE JPY 11,729,150.00 PRIVEE GENEVE EUR -85,000.00 02/07/2015 140,331.00 UNION BANCAIRE JPY 78,512,460.00 PRIVEE GENEVE EUR -573,000.00 03/07/2015 390,089.00 UNION BANCAIRE JPY 666,897,945.00 PRIVEE GENEVE EUR -4,897,000.00 06/07/2015 -757,608.00
-765,870,203.00
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 123,036,000.00 PRIVEE GENEVE JPY -15,180,181,680.00 22/07/2015 -128,404,192.00 UNION BANCAIRE USD 225,000.00 PRIVEE GENEVE JPY -27,828,000.00 01/07/2015 -295,882.00 UNION BANCAIRE USD 52,000.00 PRIVEE GENEVE JPY -6,446,960.00 02/07/2015 -83,982.00 UNION BANCAIRE JPY 1,102,140.00 PRIVEE GENEVE USD -9,000.00 06/07/2015 907.00 UNION BANCAIRE JPY 31,896,810.00 PRIVEE GENEVE USD -261,000.00 06/07/2015 -38,954.00
-128,822,103.00
Forward foreign exchange contracts linked to AH SEK UNION BANCAIRE SEK 14,085,000.00 PRIVEE GENEVE JPY -212,965,200.00 22/07/2015 -5,217,508.00 UNION BANCAIRE JPY 7,227,584.00 PRIVEE GENEVE SEK -476,000.00 22/07/2015 206,755.00 UNION BANCAIRE SEK 69,000.00 PRIVEE GENEVE JPY -1,034,172.00 01/07/2015 -16,617.00 UNION BANCAIRE SEK 74,000.00 PRIVEE GENEVE JPY -1,099,788.00 03/07/2015 -8,489.00 UNION BANCAIRE SEK 4,000.00 PRIVEE GENEVE JPY -58,980.00 06/07/2015 11.00
-5,035,848.00
Forward foreign exchange contracts linked to IH GBP UNION BANCAIRE GBP 6,027,000.00 PRIVEE GENEVE JPY -1,153,567,800.00 22/07/2015 5,877,915.00
5,877,915.00
Forward foreign exchange contracts linked to AH CHF and IH CHF UNION BANCAIRE CHF 20,556,000.00 PRIVEE GENEVE JPY -2,710,800,475.00 22/07/2015 -17,980,131.00 UNION BANCAIRE JPY 103,553,840.00 PRIVEE GENEVE CHF -778,000.00 22/07/2015 1,635,605.00 UNION BANCAIRE CHF 634,000.00 PRIVEE GENEVE JPY -83,630,128.00 22/07/2015 -576,611.00 UNION BANCAIRE CHF 23,000.00 PRIVEE GENEVE JPY -3,032,700.00 01/07/2015 -21,274.00 UNION BANCAIRE CHF 2,000.00 PRIVEE GENEVE JPY -265,252.00 02/07/2015 -3,389.00 UNION BANCAIRE CHF 2,000.00 PRIVEE GENEVE JPY -261,097.00 06/07/2015 793.00 UNION BANCAIRE JPY 78,328,982.00 PRIVEE GENEVE CHF -600,000.00 22/07/2015 -270,407.00
-17,215,414.00
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - SWISS EQUITY Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in CHF)
Forward foreign exchange contracts linked to AH EUR, IH EUR and UH EUR UNION BANCAIRE EUR 39,310,000.00 PRIVEE GENEVE CHF -41,291,224.00 22/07/2015 -377,867.36 UNION BANCAIRE CHF 1,470,051.50 PRIVEE GENEVE EUR -1,405,000.00 22/07/2015 7,749.09 UNION BANCAIRE EUR 9,000.00 PRIVEE GENEVE CHF -9,456.30 01/07/2015 -84.60 UNION BANCAIRE EUR 2,000.00 PRIVEE GENEVE CHF -2,084.70 02/07/2015 -2.10 UNION BANCAIRE CHF 65,334.15 PRIVEE GENEVE EUR -63,000.00 03/07/2015 -266.14 UNION BANCAIRE CHF 2,085.00 PRIVEE GENEVE EUR -2,000.00 06/07/2015 2.61
-370,468.50
Forward foreign exchange contracts linked to AH USD and IH USD UNION BANCAIRE USD 48,450,000.00 PRIVEE GENEVE CHF -45,354,045.00 22/07/2015 -107,992.22 UNION BANCAIRE USD 29,000.00 PRIVEE GENEVE CHF -26,981.60 22/07/2015 100.66 UNION BANCAIRE CHF 1,367,268.80 PRIVEE GENEVE USD -1,492,000.00 22/07/2015 -26,085.92 UNION BANCAIRE USD 2,017,000.00 PRIVEE GENEVE CHF -1,884,785.65 22/07/2015 -1,167.73 UNION BANCAIRE CHF 84,109.50 PRIVEE GENEVE USD -90,000.00 02/07/2015 -1.97 UNION BANCAIRE CHF 306,958.80 PRIVEE GENEVE USD -328,000.00 06/07/2015 465.31
-134,681.87
UBAM - MULTIFUNDS ALLOCATION 30 Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR UNION BANCAIRE EUR 27,846,000.00 PRIVEE GENEVE USD -30,343,786.20 09/07/2015 685,029.00 UNION BANCAIRE EUR 69,000.00 PRIVEE GENEVE USD -77,145.45 03/07/2015 -264.66 UNION BANCAIRE USD 180,328.05 PRIVEE GENEVE EUR -161,000.00 06/07/2015 932.55 UNION BANCAIRE USD 31,201,443.00 PRIVEE GENEVE EUR -27,846,000.00 09/07/2015 172,613.12 UNION BANCAIRE EUR 27,412,000.00 PRIVEE GENEVE USD -30,728,852.00 06/08/2015 -172,448.89
685,861.12
Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 2,500,000.00 PRIVEE GENEVE USD -3,847,750.00 09/07/2015 83,881.89 UNION BANCAIRE GBP 2,471,000.00 PRIVEE GENEVE USD -3,886,635.90 06/08/2015 -1,366.82 UNION BANCAIRE USD 3,932,750.00 PRIVEE GENEVE GBP -2,500,000.00 09/07/2015 1,118.20
83,633.27
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 384,000.00 PRIVEE GENEVE USD -405,277.04 09/07/2015 5,714.25 UNION BANCAIRE USD 21,383.51 PRIVEE GENEVE CHF -20,000.00 09/07/2015 -22.27 UNION BANCAIRE CHF 20,000.00 PRIVEE GENEVE USD -21,381.23 03/07/2015 19.75 UNION BANCAIRE USD 387,852.96 PRIVEE GENEVE CHF -364,000.00 09/07/2015 -1,731.99 UNION BANCAIRE CHF 359,000.00 PRIVEE GENEVE USD -382,933.33 06/08/2015 1,705.88
5,685.62
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - MULTIFUNDS ALLOCATION 50 Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts linked to AH EUR UNION BANCAIRE EUR 25,408,000.00 PRIVEE GENEVE USD -27,687,097.60 09/07/2015 625,052.68 UNION BANCAIRE USD 930,747.15 PRIVEE GENEVE EUR -827,000.00 09/07/2015 9,219.73 UNION BANCAIRE USD 867,882.40 PRIVEE GENEVE EUR -772,000.00 09/07/2015 7,641.65 UNION BANCAIRE USD 348,831.60 PRIVEE GENEVE EUR -312,000.00 03/07/2015 1,196.70 UNION BANCAIRE EUR 24,271,000.00 PRIVEE GENEVE USD -27,207,791.00 06/08/2015 -152,688.86 UNION BANCAIRE USD 26,677,984.50 PRIVEE GENEVE EUR -23,809,000.00 09/07/2015 147,588.37 UNION BANCAIRE EUR 45,000.00 PRIVEE GENEVE USD -50,301.00 08/07/2015 -158.12 UNION BANCAIRE USD 165,963.65 PRIVEE GENEVE EUR -149,000.00 09/07/2015 -67.13
637,785.02
Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 5,118,000.00 PRIVEE GENEVE USD -7,877,113.80 09/07/2015 171,723.00 UNION BANCAIRE USD 231,769.90 PRIVEE GENEVE GBP -151,000.00 09/07/2015 -5,700.94 UNION BANCAIRE USD 7,813,587.70 PRIVEE GENEVE GBP -4,967,000.00 09/07/2015 2,221.65 UNION BANCAIRE GBP 4,950,000.00 PRIVEE GENEVE USD -7,785,855.00 06/08/2015 -2,738.07
165,505.64
Forward foreign exchange contracts linked to AH CHF UNION BANCAIRE CHF 363,000.00 PRIVEE GENEVE USD -383,113.46 09/07/2015 5,401.74 UNION BANCAIRE CHF 358,600.00 PRIVEE GENEVE USD -382,506.67 06/08/2015 1,703.98 UNION BANCAIRE USD 386,787.43 PRIVEE GENEVE CHF -363,000.00 09/07/2015 -1,727.23
5,378.49
UBAM - MULTIFUNDS ALLOCATION 70 Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts linked to AH EUR UNION BANCAIRE EUR 8,312,000.00 PRIVEE GENEVE USD -9,057,586.40 09/07/2015 204,480.39 UNION BANCAIRE USD 292,994.00 PRIVEE GENEVE EUR -260,000.00 09/07/2015 3,275.55 UNION BANCAIRE USD 9,022,266.00 PRIVEE GENEVE EUR -8,052,000.00 09/07/2015 49,913.12 UNION BANCAIRE EUR 8,088,000.00 PRIVEE GENEVE USD -9,066,648.00 06/08/2015 -50,881.61
206,787.45
Forward foreign exchange contracts linked to AH GBP UNION BANCAIRE GBP 1,166,000.00 PRIVEE GENEVE USD -1,794,590.60 09/07/2015 39,122.51 UNION BANCAIRE USD 1,834,234.60 PRIVEE GENEVE GBP -1,166,000.00 09/07/2015 521.53 UNION BANCAIRE GBP 1,154,000.00 PRIVEE GENEVE USD -1,815,126.60 06/08/2015 -638.33
39,005.71
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - MULTIFUNDS ALTERNATIVE Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in USD)
Forward foreign exchange contracts UNION BANCAIRE USD 1,974,665.30 PRIVEE GENEVE GBP -1,283,000.00 09/07/2015 -43,050.26 UNION BANCAIRE USD 5,876,752.10 PRIVEE GENEVE EUR -5,393,000.00 09/07/2015 -132,659.02 UNION BANCAIRE GBP 1,109,000.00 PRIVEE GENEVE USD -1,723,053.30 09/07/2015 21,018.60 UNION BANCAIRE USD 283,104.00 PRIVEE GENEVE GBP -180,000.00 06/08/2015 81.58 UNION BANCAIRE GBP 174,000.00 PRIVEE GENEVE USD -273,719.40 09/07/2015 -77.82 UNION BANCAIRE USD 6,111,722.40 PRIVEE GENEVE EUR -5,453,000.00 06/08/2015 33,199.16 UNION BANCAIRE EUR 5,393,000.00 PRIVEE GENEVE USD -6,042,856.50 09/07/2015 -33,433.23
-154,920.99
Forward foreign exchange contracts linked to IH EUR and UH EUR UNION BANCAIRE EUR 24,656,000.00 PRIVEE GENEVE USD -26,867,643.20 09/07/2015 606,553.01 UNION BANCAIRE USD 383,231.00 PRIVEE GENEVE EUR -340,000.00 09/07/2015 4,368.40 UNION BANCAIRE EUR 427,000.00 PRIVEE GENEVE USD -483,598.85 09/07/2015 -7,792.48 UNION BANCAIRE USD 27,724,531.50 PRIVEE GENEVE EUR -24,743,000.00 09/07/2015 153,378.09 UNION BANCAIRE EUR 25,308,000.00 PRIVEE GENEVE USD -28,370,268.00 06/08/2015 -159,212.63 UNION BANCAIRE EUR 150,000.00 PRIVEE GENEVE USD -167,220.00 07/07/2015 -79.22 UNION BANCAIRE USD 120,387.60 PRIVEE GENEVE EUR -108,000.00 02/07/2015 54.00
597,269.17
Forward foreign exchange contracts linked to IH GBP and UH GBP UNION BANCAIRE GBP 1,543,000.00 PRIVEE GENEVE USD -2,374,831.30 09/07/2015 51,771.90 UNION BANCAIRE GBP 582,000.00 PRIVEE GENEVE USD -905,999.40 09/07/2015 9,284.50 UNION BANCAIRE GBP 60,000.00 PRIVEE GENEVE USD -95,256.00 09/07/2015 -896.83 UNION BANCAIRE USD 3,437,223.50 PRIVEE GENEVE GBP -2,185,000.00 09/07/2015 977.30 UNION BANCAIRE GBP 2,177,000.00 PRIVEE GENEVE USD -3,424,203.30 06/08/2015 -1,204.20
59,932.67
UBAM - ASYMMETRY 50 EUR Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE EUR 7,067,812.80 PRIVEE GENEVE CHF -7,400,000.00 17/09/2015 -52,060.05 UNION BANCAIRE EUR 14,352,350.20 PRIVEE GENEVE JPY -2,000,000,000.00 17/09/2015 -315,769.56 UNION BANCAIRE EUR 2,204,754.60 PRIVEE GENEVE CHF -2,300,000.00 17/09/2015 -8,193.99 UNION BANCAIRE EUR 6,146,059.29 PRIVEE GENEVE JPY -850,000,000.00 17/09/2015 -87,887.77
-463,911.37
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - ASYMMETRY 50 USD Unrealised Currency Purchases Counterparty Currency Sales Maturity result (in EUR)
Forward foreign exchange contracts UNION BANCAIRE USD 7,207,680.00 PRIVEE GENEVE EUR -6,400,000.00 17/09/2015 69,013.74 UNION BANCAIRE USD 10,972,548.38 PRIVEE GENEVE JPY -1,355,000,000.00 17/09/2015 -111,825.21 UNION BANCAIRE USD 4,314,529.18 PRIVEE GENEVE CHF -4,000,000.00 17/09/2015 21,680.42
-21,131.05
(1) This sub-fund acts as Feeder in a Master-Feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees. (2) Please refer to Note 18 for more details on events concerning this sub-fund.
Note 9 - Futures contracts
As at 30th June 2015, the following futures contracts are outstanding:
UBAM - CORPORATE EURO BOND
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 83 EURO BOBL FUTURE 09/15 EUX EUR -10,755,140.00 -33,720.03 Sale 7 EURO BOBL FUTURE 09/15 EUX EUR -907,060.00 -960.00 Sale 3 EURO BOBL FUTURE 09/15 EUX EUR -388,740.00 -240.00 Purchase 62 EURO BUND FUTURE 09/15 EUX EUR 9,424,000.00 43,070.00 Sale 7 EURO BUND FUTURE 09/15 EUX EUR -1,064,000.00 1,820.00 Sale 3 EURO BUND FUTURE 09/15 EUX EUR -456,000.00 780.00 Sale 2 EURO BUXL FUTURE 09/15 EUX EUR -297,280.00 11,200.00 Purchase 211 EURO SCHATZ 09/15 EUX EUR 23,479,025.00 14,105.00 Sale 8 EURO SCHATZ FUTURE 09/15 EUX EUR -890,200.00 -440.00 Sale 4 EURO SCHATZ FUTURE 09/15 EUX EUR -445,100.00 -170.00 35,444.97
UBAM - CORPORATE US DOLLAR BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 290 US 2 YEARS NOTE 09/15 USD 63,491,875.00 113,545.00 Sale 12 US 2 YEARS NOTE 09/15 CBOT USD - 2,627,250.00 - 3,937.50 Sale 2 US 2 YEARS NOTE 09/15 CBOT USD - 437,875.00 - 421.88 Sale 282 US 5 YEARS NOTE 09/15 CBOT USD - 33,630,703.13 - 8,368.81 Sale 16 US 5 YEARS NOTE 09/15 CBOT USD - 1,908,125.00 2,218.75 Sale 1 US 5 YEARS NOTE 09/15 CBOT USD - 119,257.81 117.19 Purchase 212 US 10 YEARS NOTE 09/15 CBOT USD 26,748,437.50 141,348.60 Sale 29 US 10 YEARS NOTE 09/15 CBOT USD - 3,658,984.38 32,562.50 Sale 5 US 10 YEARS NOTE 09/15 CBOT USD - 630,859.38 5,546.88 282,610.73
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - DYNAMIC EURO BOND
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 8 EURO BOBL FUTURE 09/15 EUX EUR -1,036,640.00 -621.82 Sale 991 EURO SCHATZ FUTURE 09/15 EUX EUR -110,273,525.00 -52,695.00 -53,316.82
UBAM - DYNAMIC US DOLLAR BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Sale 267 US 2 YEARS NOTE 09/15 CBOT USD -58,456,312.50 -91,109.38 Sale 62 US 5 YEARS NOTE 09/15 CBOT USD -7,393,984.38 1,937.50 -89,171.88
UBAM - EMERGING MARKET BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 59 US 2 YEARS NOTE 09/15 CBOT USD 12,917,312.50 22,625.00 Sale 3 US 2 YEARS NOTE 09/15 CBOT USD -656,812.50 -1,125.00 Purchase 144 US 5 YEARS NOTE 09/15 CBOT USD 17,173,125.00 37,875.00 Sale 2 US 5 YEARS NOTE 09/15 CBOT USD -238,515.63 187.50 Sale 27 US 5 YEARS NOTE 09/15 CBOT USD -3,219,960.94 2,531.25 Sale 135 US 10 YEARS NOTE 09/15 CBOT USD -17,033,203.13 -51,789.06 Sale 2 US 10 YEARS NOTE 09/15 CBOT USD -252,343.75 2,234.38 Sale 46 US 10 YEARS NOTE 09/15 CBOT USD -5,803,906.25 51,390.63 Sale 63 US TREASURY BOND 09/15 CBOT USD -9,503,156.25 -74,531.25 Sale 2 US TREASURY BOND 09/15 CBOT USD -301,687.50 7,703.13 Sale 11 US TREASURY BOND 09/15 CBOT USD -1,659,281.25 42,367.19 Purchase 6 US ULTRA BOND 30 YEARS 09/15 CBOT USD 924,375.00 -12,609.38 Sale 1 US ULTRA BOND 30 YEARS 09/15 CBOT USD -154,062.50 5,000.00 Sale 3 US ULTRA BOND 30 YEARS 09/15 CBOT USD -462,187.50 15,000.00 46,859.39
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - EMERGING MARKET CORPORATE BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 30 US 2 YEARS NOTE 09/15 CBOT USD 6,568,125.00 10,781.25 Sale 1 US 2 YEARS NOTE 09/15 CBOT USD -218,937.50 -375.00 Sale 1 US 2 YEARS NOTE 09/15 CBOT USD -218,937.50 -375.00 Sale 11 US 2 YEARS NOTE 09/15 CBOT USD -2,408,312.50 -4,125.00 Purchase 210 US 5 YEARS NOTE 09/15 CBOT USD 25,044,140.63 37,734.38 Sale 1 US 5 YEARS NOTE 09/15 CBOT USD -119,257.81 93.75 Sale 12 US 5 YEARS NOTE 09/15 CBOT USD -1,431,093.75 1,125.00 Sale 20 US 5 YEARS NOTE 09/15 CBOT USD -2,385,156.25 1,875.00 Sale 6 US 5 YEARS NOTE 09/15 CBOT USD -715,546.88 562.50 Sale 158 US 10 YEARS NOTE 09/15 CBOT USD -19,935,156.25 93,671.88 Sale 9 US 10 YEARS NOTE 09/15 CBOT USD -1,135,546.88 7,921.88 Sale 19 US 10 YEARS NOTE 09/15 CBOT USD -2,397,265.63 12,695.31 Sale 25 US 10 YEARS NOTE 09/15 CBOT USD -3,154,296.88 27,929.69 Sale 9 US 10 YEARS NOTE 09/15 CBOT USD -1,135,546.88 10,054.69 Purchase 46 US TREASURY BOND 09/15 CBOT USD 6,938,812.50 39,000.00 Sale 2 US TREASURY BOND 09/15 CBOT USD -301,687.50 7,703.13 Sale 3 US TREASURY BOND 09/15 CBOT USD -452,531.25 11,554.69 Sale 1 US TREASURY BOND 09/15 CBOT USD -150,843.75 3,851.56 Purchase 42 US ULTRA BOND 30 YEARS 09/15 CBOT USD 6,470,625.00 -82,992.66 Sale 1 US ULTRA BOND 30 YEARS 09/15 CBOT USD -154,062.50 5,000.00 183,687.05
UBAM - EURO BOND
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 25 EURO BOBL FUTURE 09/15 EUX EUR -3,239,500.00 -7,393.65 Purchase 23 EURO BUND FUTURE 09/15 EUX EUR 3,496,000.00 -7,090.00 Purchase 14 EURO BUXL FUTURE 09/15 EUX EUR 2,080,960.00 -77,910.00 Purchase 29 EURO SCHATZ FUTURE 09/15 EUX EUR 3,226,975.00 1,595.00 -90,798.65
UBAM - GLOBAL BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 32 10 YEARS MINI JG 09/15 SIMEX JPY 470,208,000.00 7,289.67 Sale 1 CAN 10 YEARS BOND (MSE) 09/15 ME CAD -140,000.00 -945.19 Sale 2 EURO BOBL FUTURE 09/15 EUX EUR -259,160.00 -173.21 Sale 2 EURO BUND FUTURE 09/15 EUX EUR -304,000.00 779.94 Purchase 1 EURO BUXL FUTURE 09/15 EUX EUR 148,640.00 -6,200.52 Sale 41 EURO SCHATZ FUTURE 09/15 EUX EUR -4,562,275.00 -3,654.58 Purchase 9 LONG GILT FUTURE 09/15 LIFFE GBP 1,041,570.00 -18,259.39 Purchase 1 SHORT GILT FUTURE 09/15 LIFFE GBP 104,500.00 -173.00 Purchase 8 US 2 YEARS NOTE 09/15 CBOT USD 1,751,500.00 2,870.00 Purchase 19 US 5 YEARS NOTE 09/15 CBOT USD 2,265,898.44 1,984.38 Purchase 15 US 10 YEARS NOTE 09/15 CBOT USD 1,892,578.13 -12,672.94 Purchase 8 US ULTRA BOND 30 YEARS 09/15 CBOT USD 1,232,500.00 -38,062.50 -67,217.34
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - GLOBAL CREDIT OPPORTUNITIES
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 146 EURO BOBL FUTURE 09/15 EUX EUR -18,918,680.00 -12,645.10 Sale 10 EURO BUND FUTURE 09/15 EUX EUR -1,520,000.00 -6,250.00 Sale 41 EURO SCHATZ FUTURE 09/15 EUX EUR -4,562,275.00 -2,230.00 Sale 4 LONG GILT FUTURE 09/15 LIFFE GBP -462,920.00 7,283.51 Sale 17 US 2 YEARS NOTE 09/15 CBOT USD -3,721,937.50 -5,314.92 Sale 24 US 5 YEARS NOTE 09/15 CBOT USD -2,862,187.50 -9,032.71 Purchase 252 US 10 YEARS NOTE 09/15 CBOT USD 31,795,312.50 133,313.81 105,124.59 UBAM - GLOBAL HIGH YIELD SOLUTION
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 1017 US 2 YEARS NOTE 09/15 CBOT USD 222,659,437.50 202,730.74 202,730.74
UBAM - STERLING BOND
Number Denomination Currency Commitment Unrealised result of contracts (in GBP) (in GBP) Purchase 10 LONG GILT FUTURE 09/15 LIFFE GBP 1,157,300.00 -12,900.00 -12,900.00
UBAM - UNCONSTRAINED BOND
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 213 EURO BOBL FUTURE 09/15 EUX EUR -27,600,540.00 -19,408.78 Sale 15 EURO BUND FUTURE 09/15 EUX EUR -2,280,000.00 -12,300.00 Sale 1,662 EURO SCHATZ FUTURE 09/15 EUX EUR -184,939,050.00 -92,520.00 Sale 11 SHORT GILT FUTURE 09/15 LIFFE GBP -1,149,500.00 1,439.76 Sale 76 US 2 YEARS NOTE 09/15 CBOT USD -16,639,250.00 -24,513.10 Sale 84 US 5 YEARS NOTE 09/15 CBOT USD -10,017,656.25 -31,614.49 Purchase 693 US 10 YEARS NOTE 09/15 CBOT USD 87,437,109.38 366,612.99 187,696.38
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - US DOLLAR BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Purchase 5 US 2 YEARS NOTE 09/15 CBOT USD 1,094,687.50 1,919.13 Purchase 116 US 5 YEARS NOTE 09/15 CBOT USD 13,833,906.25 4,429.69 Purchase 87 US 10 YEARS NOTE 09/15 CBOT USD 10,976,953.13 -80,340.72 Sale 30 US TREASURY BOND 09/15 CBOT USD -4,525,312.50 121,726.56 Sale 5 US ULTRA BOND 30 YEARS 09/15 CBOT USD -770,312.50 13,812.50 61,547.16
UBAM - EM INVESTMENT GRADE CORPORATE BOND
Number Denomination Currency Commitment Unrealised result of contracts (in USD) (in USD) Sale 1 US 2 YEARS NOTE 09/15 CBOT USD -218,937.50 -375.00 Sale 5 US 2 YEARS NOTE 09/15 CBOT USD -1,094,687.50 -1,875.00 Sale 8 US 5 YEARS NOTE 09/15 CBOT USD -954,062.50 750.00 Sale 9 US 5 YEARS NOTE 09/15 CBOT USD -1,073,320.31 843.75 Sale 38 US 5 YEARS NOTE 09/15 CBOT USD -4,531,796.88 3,562.50 Sale 11 US 10 YEARS NOTE 09/15 CBOT USD -1,387,890.63 12,289.06 Sale 9 US 10 YEARS NOTE 09/15 CBOT USD -1,135,546.88 10,054.69 Sale 25 US 10 YEARS NOTE 09/15 CBOT USD -3,154,296.88 27,929.69 Sale 1 US TREASURY BOND 09/15 CBOT USD -150,843.75 3,851.56 Sale 1 US TREASURY BOND 09/15 CBOT USD -150,843.75 3,851.56 Sale 4 US TREASURY BOND 09/15 CBOT USD -603,375.00 15,406.25 Sale 1 US ULTRA BOND 30 YEARS 09/15 CBOT USD -154,062.50 5,000.00 Sale 1 US ULTRA BOND 30 YEARS 09/15 CBOT USD -154,062.50 5,000.00 Sale 3 US ULTRA BOND 30 YEARS 09/15 CBOT USD -462,187.50 15,000.00 101,289.06
UBAM - DR.EHRHARDT GERMAN EQUITY
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Purchase 30 DAX INDEX GE 09/15 EUR 8,251,125.00 -244,575.00 Purchase 12 DAX INDEX GE 09/15 EUR 1,179,720.00 620.00 -243,955.00
UBAM - EUROPE EQUITY FLEX
Number Denomination Currency Commitment Unrealised result of contracts (in EUR) (in EUR) Sale 53 DJ EURO STOXX 50 03/15 EUX EUR -1,821,080.00 7,420.00 Purchase 283 VSTOXX MINI 07/15 EUR 744,290.00 89,405.00 96,825.00
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Notes to the financial statements as at 30th June 2015 (continued)
Note 10 - Swap contracts
The SICAV may enter into swaps contracts relating to any type of financial instrument or index (including "Total Return Swaps", “Interest Rate Swaps”, "Credit Default Swaps", "Inflation Swaps" or "Credit Spread Swaps").
As at 30th June 2015, the following Credit Default Swaps contracts are outstanding:
UBAM - CORPORATE EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale ALCOA INC USD XR SN M100 JP MORGAN SECURITIES LD 20/06/2020 USD 1,100,000.00 -40,511.67 Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 1,100,000.00 6,716.96 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 1,300,000.00 7,172.24 Sale DEUTSCHE BK AG EUR MM SN JP MORGAN SECURITIES LD 20/12/2019 EUR 1,000,000.00 4,135.07 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,000,000.00 23,156.99 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 1,000,000.00 -27,429.39 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2016 EUR 4,000,000.00 48,520.00 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2016 EUR 6,500,000,00 -78,845.00 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2016 EUR 4,000,000.00 48,520.00 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2016 EUR 2,500,000.00 30,325.00 Sale KDOM SPAIN USD CR SN B MORGAN STANLEY AND CO INTERN PLC 20/12/2016 USD 3,500,000.00 9,876.98 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 2,100,000.00 2,908.32 Sale SOCIETE GENERALE EUR MM SN M100 JP MORGAN SECURITIES LD 20/12/2019 EUR 1,500,000.00 11,969.47
46,514.97
UBAM - CORPORATE US DOLLAR BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 1,800,000.00 12,246.56 Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/09/2016 USD 1,300,000.00 9,683.33 Sale ANGLO AMERN PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/06/2018 USD 2,000,000.00 8,143.24 Sale BAY MOTOREN WERK EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2016 USD 2,000,000.00 16,823.38 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 2,400,000.00 14,753.21 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,900,000.00 49,022.91 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 4,800,000.00 -146,697.05 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,600,000.00 143,261.61 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 13,100,000.00 -177,049.72 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,600,000.00 143,261.61 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,500,000.00 33,788.11 Sale KDOM SPAIN USD CR SN B MORGAN STANLEY AND CO INTERN PLC 20/12/2015 USD 7,500,000.00 23,581.99 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 6,500,000.00 10,030.01 Sale SWISS REINS CO LTD EUR MM SN B JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000.00 4,184.62 Sale UBS AG EUR SU MM M BARCLAYS BANK PLC LONDON 20/06/2018 USD 2,000,000.00 136,088.16 Sale VOLKSWAGEN AG EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/09/2016 USD 2,000,000.00 16,373.77 Sale GENERAL MOTORS GOLDMAN SACHS INTERN. 20/09/2020 EUR 2,800,000.00 -57,017.67
240,478.07
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - DYNAMIC EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale ANGLO AMERN PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/03/2016 EUR 5,000,000.00 25,869.97 Sale ASS GENERALI SPA EUR MM SU M100 BNP PARIBAS LONDON BRANCH GB 20/06/2016 EUR 5,000,000.00 -4,337.70 Sale ASS GENERALI SPA EUR MM SU M100 JP MORGAN SECURITIES LD 20/09/2016 EUR 3,000,000.00 -5,937.64 Sale ASS GENERALI SPA EUR SU MM M BNP PARIBAS LONDON BRANCH GB 20/12/2016 EUR 5,000,000.00 131,836.67 Sale BARCLAYS BK PLC EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2015 EUR 5,000,000.00 14,647.73
Sale CREDIT SUISSE GP EUR MM SU MORGAN STANLEY AND CO INTERN PLC 20/12/2016 EUR 10,000,000.00 -2,858.64
Sale CREDIT SUISSE GP EUR MM SU JP MORGAN SECURITIES LD 20/06/2018 EUR 10,000,000.00 -64,369.87 Sale DEUTSCHE BK AG EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2018 EUR 6,000,000.00 51,472.29 Sale HANNOVER RUCK AG EUR MM SU M100 BARCLAYS BANK PLC LONDON 20/03/2016 EUR 6,000,000.00 22,214.82
Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 13,200,000.00 160,116.00 - Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 13,200,000.00 -160,116.00
Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 13,200,000.00 160,116.00 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/12/2015 USD 8,000,000.00 -75,680.35
Sale REP ITALY USD CR SN M JP MORGAN SECURITIES LD 20/09/2016 USD 10,000,000.00 40,237.65
Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/06/2016 USD 10,000,000.00 38,712.72
Sale REP ITALY USD CR SN M100 NOMURA INT PLC 20/12/2016 USD 10,000,000.00 40,892.82
Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2018 USD 20,000,000.00 37,014.15 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 3,100,000.00 4,293.25 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/12/2015 EUR 3,000,000.00 8,720.65 Sale TESCO PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/12/2015 EUR 6,000,000.00 19,263.65
Sale UBS AG EUR MM SU MORGAN STANLEY AND CO INTERN PLC 20/12/2016 EUR 10,000,000.00 -17,829.41 Sale UBS AG EUR MM SU BNP PARIBAS LONDON BRANCH GB 20/03/2017 EUR 8,000,000.00 -21,557.87
Sale VOLKSWAGEN AG EUR MM SN M100 NOMURA INT PLC 20/09/2017 EUR 14,500,000.00 186,295.80
589,016.69
UBAM - DYNAMIC US DOLLAR BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 1,900,000.00 12,926.96 Sale ANGLO AMERN PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/03/2016 USD 5,000,000.00 25,826.93 Sale ASS GENERALI SPA EUR SU MM M BNP PARIBAS LONDON BRANCH GB 20/12/2016 EUR 3,000,000.00 88,135.44 Sale BARCLAYS BK PLC EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2015 EUR 5,000,000.00 16,320.49 Sale BCO BILBAO VIZCA EUR SN MM M MORGAN STANLEY AND CO INTERN PLC 20/03/2016 USD 5,000,000.00 89,054.13 Sale BCO SANTANDER SA EUR SN MM M MORGAN STANLEY AND CO INTERN PLC 20/03/2016 USD 5,000,000.00 90,206.22 Sale CREDIT SUISSE GP EUR MM SU BARCLAYS BANK PLC LONDON 20/12/2016 EUR 6,200,000.00 -1,974.79 Sale CREDIT SUISSE GP EUR MM SU JP MORGAN SECURITIES LD 20/06/2018 EUR 6,000,000.00 -43,032.55 Sale HANNOVER RUCK AG EUR MM SU M100 BARCLAYS BANK PLC LONDON 20/03/2016 USD 5,000,000.00 18,478.83 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 8,600,000.00 116,231.12 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 8,600,000.00 -116,231.12 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 8,600,000.00 116,231.12 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/12/2015 USD 7,000,000.00 -73,782.68 Sale REP ITALY USD CR SN M JP MORGAN SECURITIES LD 20/09/2016 USD 5,000,000.00 22,416.40
Sale REP ITALY USD CR SN M100 JP MORGAN SECURITIES LD 20/09/2016 USD 10,000,000.00 45,037.66
Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2018 USD 20,000,000.00 41,241.17 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/12/2015 EUR 2,000,000.00 6,477.72 Sale TESCO PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/12/2015 USD 5,000,000.00 16,033.40 Sale UBS AG EUR MM SU NOMURA INT PLC 20/12/2016 EUR 6,200,000.00 -12,316.66 Sale UBS AG EUR MM SU BNP PARIBAS LONDON BRANCH GB 20/03/2017 EUR 5,000,000.00 -15,012.34 Sale UNICREDIT SPA EUR SN MM M CITIGROUP GLOBAL MARKETS LTD LDN 20/03/2016 USD 5,000,000.00 7,338.93
Sale VOLKSWAGEN AG EUR MM SN M100 NOMURA INT PLC 20/09/2017 EUR 10,500,000.00 150,309.87
599,916.25
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale CDX NA HY S24 V2 MKT CITIGROUP GLOBAL MARKETS LTD LDN 20/06/2020 USD 9,900,000,00 615,528.54
615,528.54
UBAM - EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 600,000.00 3,663.79 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 500,000.00 2,758.56 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 400,000.00 9,262.79 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 500,000.00 -13,714.69 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 1,400,000.00 16,982.00 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR -1,400,000.00 -16,982.00 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 1,400,000.00 16,982.00 Sale REP ITALY USD CR SN M100 BNP PARIBAS LONDON BRANCH GB 20/09/2017 USD 2,500,000.00 8,756.38 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 800,000.00 1,107.93
28,816.76
UBAM - GLOBAL BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 100,000.00 614.73 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 100,000.00 2,580.15 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 100,000.00 -3,056.13 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 600,000.00 8,109.15 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR -600,000.00 -8,109.15 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 600,000.00 8,109.15 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 800,000.00 1,234.46
9,482.36
UBAM - GLOBAL CREDIT OPPORTUNITIES
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale ALCOA INC USD XR SN M100 JP MORGAN SECURITIES LD 20/06/2020 USD 1,100,000.00 -40,511.67 Sale BK OF AMERICA CO USD XR SN CITIGROUP GLOBAL MARKETS LTD LDN 20/06/2020 USD 1,000,000.00 12,385.41 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,455,000.00 249,679.12 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD -4,455,000.00 -249,679.12 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 1,980,000.00 110,968.50 Sale CITIGROUP INC USD XR SN M100 JP MORGAN SECURITIES LD 20/06/2020 USD 650,000.00 5,222.62 Sale GENERAL MOTORS USD XR SN BNP PARIBAS LONDON BRANCH GB 20/03/2019 USD 1,000,000.00 -2,226.00 Sale GENERAL MOTORS USD XR SN BNP PARIBAS LONDON BRANCH GB 20/06/2020 USD 750,000.00 -10,819.69 Sale GLENCORE INTL AG EUR MM SN M100 CITIGROUP GLOBAL MARKETS LTD LDN 20/06/2020 EUR 700,000.00 -20,267.92 Sale GOLDMAN SACHS GP USD XR SN M100 JP MORGAN SECURITIES LD 20/03/2020 USD 1,000,000.00 4,987.32 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 1,300,000.00 -35,658.30 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 8,800,000.00 106,744.00 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR -8,800,000.00 -106,744.00 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 8,800,000.00 106,744.00 Sale JPMORGAN CHASE USD XR SN M100 BARCLAYS BANK PLC LONDON 20/06/2020 USD 650,000.00 8,758.62 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/06/2016 USD 500,000.00 -10,122.03 Sale METLIFE INC USD XR SN M100 BARCLAYS BANK PLC LONDON 20/06/2020 USD 1,000,000.00 12,938.81 Sale MORGAN STANLEY USD XR SN M100 CITIGROUP GLOBAL MARKETS LTD LDN 20/06/2020 USD 1,000,000.00 7,897.34 Sale PETROLEO BRASILE USD CR SN M100 BNP PARIBAS LONDON BRANCH GB 20/06/2020 USD 1,500,000.00 -189,025.66 Sale REP PORTUGAL USD CR SN B JP MORGAN SECURITIES LD 20/09/2017 USD 7,000,000.00 -25,173.25
-63,901.90
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - GLOBAL HIGH YIELD SOLUTION
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 594,000,000.00 37,092,330.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 99,000,000.00 6,182,055.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 99,000,000.00 12,364,110.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 35,145,000.00 2,194,629.53 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 198,000,000.00 12,364,110.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 321,255,000.00 20,060,768.48 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 8,415,000.00 525,474.68 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,950,000.00 309,102.75 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 13,860,000.00 -865,487.70 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 6,435,000.00 401,833.58 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 17,820,000.00 1,112,769.90 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 9,900,000.00 -618,205.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 6,435,000.00 401,833.58 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 5,940,000.00 370,923.30 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 7,920,000.00 494,564.40 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 49,500,000.00 3,091,027.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 49,500,000.00 3,091,027.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 40,590,000.00 2,534,642.55 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 3,465,000.00 216,371.93 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 40,590,000.00 2,534,642.55 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 6,435,000.00 401,833.58 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 5,940,000.00 -370,923.30 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,950,000.00 309,102.75 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 6,930,000.00 432,743.85 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 16,830,000.00 1,050,949.35 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 12,870,000.00 803,667.15 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 34,650,000.00 2,163,719.25 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 29,700,000.00 1,854,616.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 12,870,000.00 803,667.15 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 6,930,000.00 432,743.85 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 9,900,000.00 618,205.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 19,800,000.00 1,236,411.00 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 8,910,000.00 -556,384.95 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 19,800,000.00 -1,236,411.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 5,940,000.00 370,923.30 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 3,960,000.00 247,282.20 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 14,850,000.00 927,308.25 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,455,000.00 278,192.48 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 11,880,000.00 741,846.60 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 7,920,000.00 494,564.40 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 16,830,000.00 1,050,949.35 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,950,000.00 309,102.75 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 14,850,000.00 927,308.25 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 15,840,000.00 989,128.80 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 5,940,000.00 -370,923.30 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 12,870,000.00 803,667.15 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 3,960,000.00 247,282.20 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 38,610,000.00 -2,411,001.45 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 10,890,000.00 -680,026.05 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 21,780,000.00 1,360,052.10 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 148,500,000.00 9,273,082.50 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 5,940,000.00 370,923.30 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 3,465,000.00 216,371.93 - Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 138,600,000.00 -8,654,877.00 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 3,465,000.00 216,371.93
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Notes to the financial statements as at 30th June 2015 (continued)
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR -7,500,000.00 -631,400.42 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD -14,850,000.00 -927,308.25 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 161,000,000.00 13,554,062.50 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 7,000,000.00 589,307.07 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 7,000,000.00 589,307.07 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 15,000,000.00 1,262,800.85 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 7,000,000.00 589,307.07 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 3,500,000.00 294,653.53 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 5,500,000.00 463,026.97 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 5,000,000.00 420,933.62 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 5,000,000.00 420,933.62 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 4,500,000.00 378,840.25 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 4,000,000.00 -336,746.89 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 9,000,000.00 757,680.51 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 75,000,000.00 6,314,004.27 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,000,000.00 841,867.24 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,000,000.00 841,867.24 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 8,000,000.00 -673,493.79 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 3,500,000.00 294,653.53 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 3,000,000.00 252,560.17 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 11,000,000.00 -926,053.96 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 34,000,000.00 2,862,348.60 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 50,000,000.00 -4,209,336.18 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 40,000,000.00 -3,367,468.94 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 5,000,000.00 -420,933.62 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,000,000.00 168,373.45 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,000,000.00 168,373.45 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 90,000,000.00 7,576,805.12 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 4,000,000.00 336,746.89 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 6,000,000.00 -505,120.34 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,000,000.00 841,867.24 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 4,000,000.00 336,746.89 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,500,000.00 210,466.80 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,000,000.00 841,867.24 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 8,000,000.00 673,493.79 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 10,000,000.00 841,867.24 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 12,000,000.00 1,010,240.68 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 9,000,000.00 757,680.51 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 650,000.00 54,721.37 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 11,000,000.00 -926,053.96 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 7,000,000.00 589,307.07 - Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 100,000,000.00 -8,418,672.36 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 7,000,000.00 589,307.07 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 18,000,000.00 1,515,361.02 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 5,000,000.00 420,933.62
186,923,081.05
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - UNCONSTRAINED BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ALCOA INC USD XR SN M100 JP MORGAN SECURITIES LD 20/06/2020 USD 1,800,000.00 -66,291.88 Sale ALCOA INC USD XR SN M100 BARCLAYS BANK PLC LONDON 20/06/2020 USD 1,000,000.00 -36,828.79 Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 1,600,000.00 9,770.07 Sale ARCELORMITTAL EUR MM SN M100 CITIGROUP GLOBAL MARKETS LTD LDN 20/09/2015 EUR 1,000,000.00 1,142.49 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,455,000.00 249,679.12 Purchase CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD - 4,455,000.00 -249,679.12 Sale CDX NA HY S24 V2 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 USD 4,950,000.00 277,421.25 Sale CREDIT MUTUEL EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000.00 3,610.00 Sale CREDIT SUISSE GP EUR MM SU BARCLAYS BANK PLC LONDON 20/12/2016 EUR 5,100,000.00 -1,457.91 Sale ESPIRITO SANTO S EUR SN MM M BARCLAYS BANK PLC LONDON 20/09/2015 EUR 1,000,000.00 4,320.82 Sale GENERAL MOTORS USD XR SN BARCLAYS BANK PLC LONDON 20/03/2020 USD 3,000,000.00 444,509.67 Sale GLENCORE INTL AG EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/09/2020 EUR 2,800,000.00 -97,695.39 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 2,100,000.00 -57,601.83 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 20,000,000.00 242,600.00 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 20,000,000.00 -242,600.00 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 20,000,000.00 242,600.00 Sale ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 3,500,000.00 264,453.00 Purchase ITRAXX XOVER S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR - 3,500,000.00 -264,453.00 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/12/2015 USD 2,000,000.00 -18,920.08 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/03/2016 USD 2,000,000.00 -29,624.75 Sale JSC GAZPROM USD CR SN M100 NOMURA INT PLC 20/06/2016 USD 2,000,000.00 -40,488.14 Sale PETROLEO BRASILE USD CR SN M100 BNP PARIBAS LONDON BRANCH GB 20/06/2020 USD 2,500,000.00 -315,042.81 Sale PETROLEO BRASILE USD CR SN M100 GOLDMAN SACHS INTERN. 20/06/2020 USD 1,000,000.00 -126,017.08 Sale REP ITALY USD CR SN M100 NOMURA INT PLC 20/12/2016 USD 5,000,000.00 20,446.41 Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/06/2018 USD 5,000,000.00 5,150.95 Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2017 USD 20,000,000.00 70,053.59 Sale REP PORTUGAL USD CR SN B JP MORGAN SECURITIES LD 20/09/2017 USD 19,000,000.00 -68,327.31 Sale TESCO PLC EUR MM SN M100 CITIGROUP GLOBAL MARKETS LTD LDN 20/12/2015 EUR 4,000,000.00 12,842.42 Sale UBS AG EUR MM SU NOMURA INT PLC 20/12/2016 EUR 5,100,000.00 -9,093.00
224,478.70
UBAM - US DOLLAR BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/12/2017 EUR 600,000.00 4,082.19 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 700,000.00 4,303.00 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 600,000.00 15,480.92 Sale ING BK N V EUR MM SU JP MORGAN SECURITIES LD 20/03/2020 EUR 700,000.00 -21,393.35 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,800,000.00 37,842.69 Purchase ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR -2,800,000.00 -37,842.69 Sale ITRAXX EUROPE S23 V1 MKT J.P. MORGAN SECURITIES LLC ICE 20/06/2020 EUR 2,800,000.00 37,842.69 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY AND CO INTERN PLC 20/09/2015 EUR 2,000,000.00 3,086.16
43,401.61
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Notes to the financial statements as at 30th June 2015 (continued)
The sale of protection through Credit Default Swaps allows the SICAV to receive a premium as the SICAV is exposed to the risk of default by an issuer. A payment default by the issuer may be offset by settlement either in cash or in kind. In the case of settlement in cash, the buyer of a Credit Default Swap for hedging purposes receives from the seller a sum equivalent to the difference between the face value and the redemption amount which is still recoverable. In the case of settlement in kind, the buyer of a Credit Default Swap for hedging purposes receives from the seller the entire face value, in exchange for which he hands over the defaulted security to the seller; alternatively the buyer and seller exchange securities selected from a basket whose composition is decided in detail when the Credit Default Swap contract is signed. Events of default are set out in the Credit Default Swap contract, as are the arrangements for the delivery of bonds and debt securities. The SICAV may, if necessary, re-sell the Credit Default Swap acquired for hedging purposes, or reproduce the credit risk by buying call options.
As at 30th June 2015, the following Interest Rate Swap contract are outstanding:
UBAM - EMERGING MARKET CORPORATE BOND Unrealised result Nominal* Currency Counterparty Maturity Flows paid Flows received (in USD) 5,000,000.00 USD DEUTSCHE BANK AG LDN 18/02/2016 0.45% USD LIBOR 3 MONTHS -1,949.62
-1,949.62
UBAM - GLOBAL CREDIT OPPORTUNITIES Unrealised result Nominal* Currency Counterparty Maturity Flows paid Flows received (in EUR) 23,400,000.00 USD UBS AG LONDON BRANCH 30/06/2025 0.28% USD LIBOR 3 MONTHS -136,640.29
-136,640.29
UBAM - UNCONSTRAINED BOND Unrealised result Nominal* Currency Counterparty Maturity Flows paid Flows received (in USD) 62,600,000.00 USD UBS AG LONDON BRANCH 30/06/2025 0.28% USD LIBOR 3 MONTHS -365,542.04
-365,542.04
*Nominal corresponds to the underlying exposure.
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Notes to the financial statements as at 30th June 2015 (continued)
Note 11 - Options
As at 30th June 2015, the SICAV is engaged in the following options contracts:
UBAM - LOCAL CURRENCY EMERGING MARKET BOND
The counterparty of the OTC option is UBS AG London Branch.
Currency Quantity Denomination Commitment (in USD) Options Currency option USD 400,000.00 USD(C)/ZAR(P)OTC CALL 12.65 07/15 -5,060,000.00 -5,060,000.00
Currency Quantity Denomination Commitment (in USD) Options issued Currency options USD 400,000.00 USD(C)/ZAR(P)OTC CALL 12.75 07/15 5,100,000.00 USD 300,000.00 USD(C)/RUB(P)OTC CALL 58 07/15 17,400,000.00 22,500,000.00
UBAM - EUROPE EQUITY DIVIDEND+
The below options are listed with the broker Morgan Stanley and Co. International PLC.
Currency Quantity Denomination Commitment (in EUR) Options issued
Flexoptions
CHF 178.00 NESTLE SA JUL 70.20 27.07.15 PUT -1,200,000.00 CHF 175.00 NESTLE SA JUL 73.30 07.07.15 PUT -1,231,873.62 CHF 132.00 NOVARTIS AG JUL 94.00 14.07.15 PUT -1,191,587.44 CHF 134.00 NOVARTIS AG JUL 95.00 28.07.15 PUT -1,222,510.32 CHF 47.00 ROCHE HOLDING JUL 257.00 22.07.15 PUT -1,159,992.32 CHF 46.00 ROCHE HOLDING JUL 281.00 06.07.15 PUT -1,241,332.95 EUR 85.00 ALLIANZ SE JUL 145.50 31.07.15 CALL 1,236,750.00 EUR 83.00 ALLIANZ SE JUL 147.50 15.07.15 CALL 1,224,250.00 EUR 150.00 BASF SE JUL 82.00 31.07.15 CALL 1,230,000.00 EUR 143.00 BASF SE JUL 82.40 16.07.15 CALL 1,178,320.00 EUR 163.00 DEUTSCHE BOERSE JUL 73.50 21.07.15 CALL 1,198,050.00 EUR 167.00 DEUTSCHE BOERSE JUL 74.70 07.07.15 CALL 1,247,490.00 EUR 455.00 DEUTSCHE POST JUL 26.30 13.07.15 CALL 1,196,650.00 EUR 450.00 DEUTSCHE POST JUL 27.20 30.07.15 CALL 1,224,000.00 EUR 780.00 DEUTSCHE TELECOM JUL 15.60 17.07.15 CALL 1,216,800.00 EUR 770.00 DEUTSCHE TELECOM JUL 16.40 06.07.15 CALL 1,262,800.00 EUR 555.00 REED ELSEVIER JUL 21.90 23.07.15 CALL 1,215,450.00 EUR 545.00 REED ELSEVIER JUL 23.00 03.07.15 CALL 1,253,500.00 EUR 455.00 ROYAL DUTCH SHELL JUL 25.80 13.07.15 CALL 1,173,900.00 EUR 460.00 ROYAL DUTCH SHELL JUL 26.80 27.07.15 CALL 1,232,800.00 EUR 495.00 ROYAL PHILIPS ELECTRONICS JUL 25.20 09.07.15 CALL 1,247,400.00 EUR 510.00 ROYAL PHILIPS ELECTRONICS JUL 24.00 28.07.15 CALL 1,224,000.00 EUR 132.00 SANOFI AVENTIS JUL 92.50 15.07.15 CALL 1,221,000.00 EUR 133.00 SANOFI AVENTIS JUL 92.80 01.07.15 CALL 1,234,240.00 EUR 124.00 SIEMENS AG JUL 97.50 24.07.15 CALL 1,209,000.00
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Notes to the financial statements as at 30th June 2015 (continued)
Currency Quantity Denomination Commitment (in EUR) EUR 128.00 SIEMENS AG JUL 97.60 08.07.15 CALL 1,249,280.00 EUR 266.00 TOTAL SA JUL 45.00 22.07.15 CALL 1,197,000.00 EUR 264.00 TOTAL SA JUL 45.10 10.07.15 CALL 1,190,640.00 EUR 316.00 UNILEVER JUL 37.50 16.07.15 CALL 1,185,000.00 EUR 310.00 UNILEVER JUL 39.80 01.07.15 CALL 1,233,800.00 EUR 290.00 WOLTERS KLUWER JUL 27.70 20.07.15 CALL 803,300.00 EUR 290.00 WOLTERS KLUWER JUL 28.10 30.07.15 CALL 814,900.00 EUR 280.00 WOLTERS KLUWER JUL 28.40 08.07.15 CALL 795,200.00 GBP 21.00 ASTRAZENECA JUL 42.00 20.07.15 CALL 1,244,971.42 GBP 20.00 ASTRAZENECA JUL 44.30 02.07.15 CALL 1,250,617.55 GBP 65.00 BHP BILLITON JUL 13.40 29.07.15 CALL 1,229,444.56 GBP 65.00 BHP BILLITON JUL 13.70 14.07.15 CALL 1,256,969.44 GBP 25.00 BRITISH AMERICAN TOBACCO JUL 34.40 10.07.15 CALL 1,213,917.71 GBP 24.00 BRITISH AMERICAN TOBACCO JUL 35.90 23.07.15 CALL 1,216,176.16 GBP 45.00 DIAGEO PLC JUL19.50 29.07.15 CALL 1,238,619.52 GBP 50.00 DIAGEO PLC JUL 18.05 09.07.15 CALL 1,273,907.83 GBP 143.00 HSBC HOLDING 6.02 17.07.15 CALL 1,215,131.63 GBP 142.00 HSBC HOLDING 6.32 03.07.15 CALL 1,266,765.47 GBP 65.00 PEARSON PLC JUL 13.35 02.07.15 CALL 1,224,857.08 GBP 66.00 PEARSON PLC 12.80 21.07.15 CALL 1,192,462.42 39,272,064.14
UBAM - EUROPE EQUITY FLEX
The below options are listed with the broker Morgan Stanley and Co. International PLC
Currency Quantity Denomination Commitment (in EUR) Options issued Index options EUR 20.00 DJ EURO STOXX 50 PUT 3400 08/15 -680,000.00 EUR 42.00 DJ EURO STOXX 50 PUT 3200 08/15 -1,344,000.00 -2,024,000.00
UBAM - ASYMMETRY 50 EUR
The below options are listed with the broker Morgan Stanley and Co. International PLC
Currency Quantity Denomination Commitment (in EUR) Options Index options EUR 570.00 DAX PUT 10900 07/15 31,065,000.00 USD 65.00 SP 500 CALL 2155 07/15 -12,571,800.40 18,493,199.60
Options issued Index option EUR 285.00 DAX PUT 10900 12/15 -15,532,500.00 -15,532,500.00
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Notes to the financial statements as at 30th June 2015 (continued)
UBAM - ASYMMETRY 50 USD
The below options are listed with the broker Morgan Stanley and Co. International PLC
Currency Quantity Denomination Commitment (in USD) Options Index options EUR 270.00 DAX PUT 10900 07/15 16,395,453.00 USD 30.00 SP 500 CALL 2155 07/15 -6,465,000.00 9,930,453.00
Options issued Index option EUR 135.00 DAX PUT 10900 12/15 -8,197,726.50 -8,197,726.50
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Notes to the financial statements as at 30th June 2015 (continued)
Note 12 - Total expense ratio ("TER") and portfolio turnover rate ("PTR")
The TER and the PTR are calculated for the last 12 months preceding the date of this report.
Transaction fees are not taken into account in the calculation of the TER.
The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y X = Securities purchases Y = Securities sales
Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions
M = average net assets
If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the period from January, 1st 2015 to June 30th, 2015.
TER
As at 30th June 2015, the TER calculated for each Class of Shares is as follows:
Sub-fund and Codes ISIN Class of share TER in %
UBAM - CORPORATE EURO BOND LU0095453105 A C 0.92 LU0103635438 A D 0.93 LU0447826933 AH CHF C 0.93 LU0570462951 AH USD C 0.93 LU0943504927 AS C 0.88 LU0132673327 I C 0.58 LU0132673590 I D 0.57 LU0447827154 IH CHF C -** LU0782384613 IH GBP C 0.58 LU0943505577 IS C 0.58 LU0862299863 U C 0.76 LU0132659920 R C 1.62
UBAM - CORPORATE US DOLLAR BOND LU0146923718 A C 0.92 LU0146926141 A D 0.92 LU0352160062 AH EUR C 0.93 LU0447826263 AH CHF C 0.95 LU0782383995 AH GBP C -** LU0943506468 AS C 0.89 LU0146925176 I C 0.58 LU0146927388 I D 0.58 LU0192064839 IH EUR C 0.58 LU0447826693 IH CHF C 0.60* LU0943506971 IS C 0.58 LU0146924799 R C 1.62
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Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - DYNAMIC EURO BOND (3) LU0029761706 A C 0.62 LU0103636592 A D 0.63 LU0447824136 AH CHF C 0.61 LU0782382328 AH GBP C 0.62 LU0132662635 I C 0.39 LU0132663013 I D 0.39* LU0447824482 IH CHF C 0.38 LU0782382831 IH GBP C 0.38 LU0862297495 U C -** LU0862297578 U D -** LU0862297651 UH GBP C -** LU1209610556 UH CHF C -** LU1209610630 UH CHF D -** LU1209610713 UH USD C -** LU1209610804 UH USD D -** LU0132636399 R C 0.86
UBAM - DYNAMIC US DOLLAR BOND LU0029761532 A C 0.62 LU0103636329 A D 0.61 LU1209509089 A EUR C -** LU0352158918 AH EUR C 0.64* LU0447823757 AH CHF C 0.64 LU0782382088 AH GBP C 0.62 LU0132661827 I C 0.38 LU0192062460 IH EUR C -** LU0447823914 IH CHF C 0.38 LU0782382245 IH GBP C 0.38 LU0573557518 IH GBP D 0.37 LU0862296927 U C -** LU0862297065 U D -** LU0946659652 UH EUR C -** LU0946659736 UH EUR D -** LU0862297149 UH GBP C -** LU1209610986 UH CHF C -** LU1209611018 UH CHF D -** LU0132635235 R C 0.94
UBAM - EMERGING MARKET BOND LU0244149497 A C 2.07 LU0244149653 A D 2.08 LU0352160815 AH EUR C 2.08 LU0352161037 AH EUR D 2.07 LU0447828558 AH CHF C 2.06 LU0782384704 AH GBP C 2.06 LU0943513324 AS C 2.07 LU0943513597 AHS EUR C 2.06 LU0244149901 I C 1.13 LU0371556324 IH EUR C 1.15 LU0371557215 R C -***
Page 359
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - EMERGING MARKET CORPORATE BOND (3) LU0520928416 A C 2.07 LU0520928507 A D 2.07 LU0520929653 AH EUR C 2.07 LU0520929737 AH EUR D 2.07 LU0520930404 AH CHF C 2.06 LU0943514561 AS C 2.07 LU0943514645 AHS EUR C 2.07 LU0943514728 AHS CHF C 2.09* LU0520928689 AP C 1.46 Ratio of performance fee (in % of average net assets) 0.06 LU0520929810 APH EUR C 1.42 LU0520930669 APH CHF C 1.40 LU0520928846 I C 1.12 LU0520928929 I D 1.14* LU0520930073 IH EUR C 1.13 LU0943515618 IHS EUR C 1.14 LU0520929141 IP C 0.88 LU0520930230 IPH EUR C 0.85 LU0520929497 R C 2.53 LU0943516343 RH EUR C -*** LU0943516855 Z C 0.39*
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND LU0943508167 A C 2.08 LU0943508324 A D 2.09 LU0943508597 AH EUR C 2.08 LU0943508910 AH CHF C 2.09 LU0943509728 I C 1.15 LU0943510148 IH EUR C 1.14 LU0943510221 IH EUR D 1.15
UBAM - EURO BOND LU0100809085 A C 0.92 LU0103634621 A D 0.89 LU0132663286 I C 0.48 LU0132637017 R C 1.41
UBAM - GLOBAL BOND LU0352159569 AH EUR C 0.91 LU0068133486 AH CHF C 0.96 LU0103636758 AH CHF D 0.96
UBAM - GLOBAL CREDIT OPPORTUNITIES (3) LU1088683765 AP C 1.24* Ratio of performance fee (in % of average net assets) 0.01 LU1088684490 APH CHF C 1.24* LU1088685117 APH USD C 1.25* Ratio of performance fee (in % of average net assets) 0.01 LU1088686438 APH GBP C 1.25* LU1088686941 IP C 0.76* Ratio of performance fee (in % of average net assets) 0.02 LU1088687915 IPH USD C 0.83* Ratio of performance fee (in % of average net assets) 0.08* LU1088690208 R C -***
Page 360
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - GLOBAL HIGH YIELD SOLUTION LU0569862351 A C 0.68 LU0569862435 A D 0.68 LU0569862609 AH EUR C 0.67 LU0569863086 AH EUR D 0.67 LU0569862518 AH CHF C 0.68 LU0569862948 AH CHF D 0.68 LU0782386402 AH GBP C 0.68 LU0569863243 I C 0.49 LU0569863326 I D 0.51 LU0569863755 IH EUR C 0.49 LU0569864134 IH EUR D 0.49 LU0569863599 IH CHF C 0.49 LU0569863912 IH CHF D 0.49* LU0569863839 IH SEK C 0.48 LU0782386667 IH GBP C 0.49 LU0569864217 IH GBP D 0.51 LU0862302089 U C -** LU0862302162 U D -** LU0946662011 UH EUR C 0.53* LU0946662102 UH EUR D 0.53* LU0862302246 UH GBP C -** LU0862302592 UH GBP D 0.60* LU0569864480 R C 0.97 LU0940719098 RH EUR C 0.97 LU0894501013 Z C 0.23
UBAM - LOCAL CURRENCY EMERGING MARKET BOND LU0244150230 A C 2.12 LU0244150313 A D 2.10 LU0352161110 AH EUR C 2.10 LU0352161383 AH EUR D 2.11 LU0447828988 AH CHF C 2.12 LU0244150669 I C 1.18 LU0244150826 I D 1.19 LU0371559690 IH EUR C 1.16 LU0447829101 IH CHF C 1.18 LU0371560276 R C 2.58 LU0940719411 RH EUR C -***
UBAM - STERLING BOND LU0051100765 A C 0.95 LU0103635602 A D 0.95 LU0132664094 I C 0.52
UBAM - UNCONSTRAINED BOND (3) LU0940720344 AP C 0.83 Ratio of performance fee (in % of average net assets) 0.01 LU0940720427 AP D 0.85 Ratio of performance fee (in % of average net assets) 0.02 LU0940720690 APH CHF C 0.82 LU0940720856 APH USD C 0.82 LU0940721235 APH GBP C 0.84 Ratio of performance fee (in % of average net assets) 0.02 LU0940721318 APH GBP D 0.83 LU0940721409 IP C 0.50 Ratio of performance fee (in % of average net assets) 0.01 Page 361
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - UNCONSTRAINED BOND (3) (continued) LU0940721664 IPH CHF C 0.49 LU0940721821 IPH USD C 0.50 Ratio of performance fee (in % of average net assets) 0.01 LU0940722639 R C -***
UBAM - US DOLLAR BOND LU0068133569 A C 0.93 LU0181360743 A D 0.90 LU0181361394 I C 0.49 LU0181361048 R C 1.43
UBAM - EM INVESTMENT GRADE CORPORATE BOND (1) LU0862302675 A C 1.85 LU0862302758 A D 1.81 LU0862302915 AH EUR D -** LU0943512359 AS C 1.80 LU0862303640 I C 0.87 LU0862303996 IH EUR C 0.89* LU0862304291 IH CHF C -*** LU0943512789 IS C 0.88 LU0943512946 IHS EUR C 0.88 LU0862305348 R C -***
UBAM - 10-40 CONVERTIBLE OPPORTUNITIES (1) LU1088655128 A C 1.32* LU1088655391 A D -*** LU1088655557 AH CHF C 1.42* LU1088655714 AH USD C 1.37* LU1088655805 AH USD D 1.43* LU1088656100 AH GBP C 1.36* LU1088656449 I C -** LU1088656795 IH CHF C -** LU1088657090 IH USD C -** LU1088658494 R C -***
UBAM - EUROPEAN CONVERTIBLE BOND (1) LU0500228894 A C 1.73 LU0500229199 A D 1.71 LU0500229603 AH CHF C 1.78 LU0570471275 AH USD C 1.71 LU0500229272 I C 1.20 LU0500229868 IH CHF C 1.23 LU0570471788 IH USD C -** LU0862305850 U C -** LU0862305934 U D -** LU0500229439 R C -***
UBAM - EURO 10-40 CONVERTIBLE BOND (1) LU0500231252 A C 1.38 LU0500231336 A D 1.39 LU0500231922 AH CHF C 1.39 LU0570469378 AH USD C 1.39 LU0570469022 AH SEK C 1.45* LU0782395908 AH GBP C 1.38 LU0500231500 I C 0.89 LU0500231682 I D 0.88 Page 362
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - EURO 10-40 CONVERTIBLE BOND (1) (continued) LU0500232144 IH CHF C 0.90 LU0570469881 IH USD C 0.91 LU0570470038 IH USD D 0.89 LU0570469618 IH SEK C 0.90* LU0782396385 IH GBP C 0.90* LU0500232573 IH GBP D 0.86 LU0862306239 U C 1.08 LU0862306312 U D -*** LU0500231765 R C 2.33
UBAM - GLOBAL CONVERTIBLE BOND (1) LU0940716078 A C 1.68 LU0940716235 AH CHF C 1.68 LU0940716409 AH USD C 1.69 LU0940716821 AH GBP C 1.69 LU0940717126 I C 1.21 LU0940717472 IH CHF C 1.19 LU0940718876 UH GBP C -** LU0940718280 R C -***
UBAM - 30 GLOBAL LEADERS EQUITY LU0573559563 A C 2.09 LU0573559647 A D 2.06 LU0877608710 AH C 2.07 LU0573560223 AH CHF C 2.08 LU0943495910 A USD C 2.09 LU0943496132 A USD D 2.09 LU0277301916 AH USD C 2.08 LU0782401482 AH GBP C 2.11 LU0877610377 IH C 1.34 LU0878192136 I USD C 1.33 LU0277302211 IH USD C 1.39 LU0277302054 R C 3.08
UBAM - ASIA EQUITY (3) LU0034172394 A C 2.47 LU0352163322 A EUR C 2.49 LU0717716103 AP C 2.78 Ratio of performance fee (in % of average net assets) 0.77 LU0132667436 IP C 1.92 Ratio of performance fee (in % of average net assets) 0.69 LU0132641472 R C 3.45
UBAM - ASIA EQUITY HIGH DIVIDEND LU0943496991 A C 2.43 LU0943497023 A D 2.46 LU0943500180 I C 1.72 LU0943500347 I D 1.69 LU0943500420 I EUR C 1.71
UBAM - DR. EHRHARDT GERMAN EQUITY LU0087798301 A C 2.11 LU0570465202 AH USD C 2.08 LU0181358846 I C 1.36 LU0181358762 R C 3.11
Page 363
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - EQUITY BRIC+ (3) LU0306285940 AP C 2.99 Ratio of performance fee (in % of average net assets) 0.54 LU0306286088 AP D 2.97 Ratio of performance fee (in % of average net assets) 0.52 LU0573558169 AP EUR C 2.83 Ratio of performance fee (in % of average net assets) 0.40 LU0573558672 AP CHF C 4.02 Ratio of performance fee (in % of average net assets) 1.56 LU0306286161 IP C 2.44 Ratio of performance fee (in % of average net assets) 0.74 LU0573558326 IP EUR C 1.74 Ratio of performance fee (in % of average net assets) 0.12 LU0306286328 RP C 3.84 Ratio of performance fee (in % of average net assets) 0.58
UBAM - EUROPE EQUITY LU0045842449 A C 2.08 LU0367305108 A D 2.08 LU0447830703 A CHF C 2.08 LU0570470202 A USD C 2.09 LU1209508602 AH USD C -** LU0782398670 A GBP C 2.08 LU0132667782 I C 1.36 LU0371558619 I D 1.36 LU0570470624 I USD C 1.31 LU1209508867 IH USD C -** LU0132641985 R C 2.58
UBAM - EUROPE EQUITY DIVIDEND+ LU0717718067 A C 2.19 LU0717718224 A D 2.17 LU0717720980 A CHF C 2.18 LU0717721103 A CHF D 2.19 LU0717721871 A USD C 2.18 LU0717722093 A USD D 2.19 LU0782407331 AH C 2.17 LU0782407760 AH CHF C 2.18 LU0782407927 AH CHF D 2.19 LU0782408149 AH USD C 2.17 LU0782408651 AH SEK C -*** LU0717719891 I C 1.43 LU0717720394 I D 1.45 LU0717721368 I CHF C 1.45 LU0717722259 I USD C 1.45 LU0717722416 I USD D 1.42 LU0717723810 I GBP D 1.43 LU0782410046 IH C 1.44 LU0782411952 IH GBP C 1.46 LU0782412174 IH GBP D 1.45 LU0717720550 R C 2.69 LU0717720717 R D 2.69
UBAM - EUROPE EQUITY FLEX LU1044337407 A C 2.40 LU1044340963 IP C 1.19 LU1044343983 R C -*** Page 364
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - EUROPEAN OPPORTUNITIES EQUITY LU1044344528 A C 2.31 LU1044344957 A CHF C 2.44 LU1044347893 I C 1.56 LU1044352034 UP GBP C 1.49*
UBAM - GCM MIDCAP US EQUITY GROWTH LU0034171404 A C 2.10 LU0367304804 A D 2.11 LU0352161466 AH EUR C 2.10 LU0447829366 AH CHF C 2.11 LU0132666891 I C 1.36 LU0447829523 IH CHF C 1.37 LU0132641126 R C 3.08
UBAM - GLOBAL EQUITY (2) (3) LU1088691354 A C 2.20* LU1088692675 A EUR C 2.20* LU1088694457 AP C 1.66* Ratio of performance fee (in % of average net assets) 0.01* LU1088694887 APH C 1.67* LU1088696155 APH EUR C 1.67* LU1088697633 I C 1.43* LU1088700791 IP C 1.05*
UBAM - GLOBAL EQUITY INCOME LU1044353354 A C 2.70* LU1044353438 A D 2.69* LU1044353941 AH CHF C -*** LU1044354246 A USD C 2.71* LU1044354329 A USD D 2.71* LU1044354675 AH USD C 2.66*
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY (3) LU0306284893 AP C 3.91 Ratio of performance fee (in % of average net assets) 1.82 LU0352162944 APH EUR C 4.07 Ratio of performance fee (in % of average net assets) 1.95 LU0447831776 APH CHF C 3.78 Ratio of performance fee (in % of average net assets) 1.67 LU0570475268 APH USD C 3.91 Ratio of performance fee (in % of average net assets) 1.79 LU0782400831 APH GBP C 2.09* LU0306285197 IP C 3.12 Ratio of performance fee (in % of average net assets) 1.76 LU0306285353 IPH EUR C 3.32 Ratio of performance fee (in % of average net assets) 1.95 LU0570475771 IPH USD C 3.55 Ratio of performance fee (in % of average net assets) 2.18 LU0862309332 UP C 4.55* Ratio of performance fee (in % of average net assets) 2.90* LU0306285783 R C 3.18 LU0940719254 RH EUR C 3.08
Page 365
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - NEUBERGER BERMAN US EQUITY VALUE LU0045841987 A C 2.06 LU0367304986 A D 2.07 LU0352161623 AH EUR C 2.09 LU0447829879 AH CHF C 2.07 LU0181362285 I C 1.32 LU0192065562 IH EUR C 1.33 LU0362553587 IH GBP D 1.33 LU0862307120 U C 1.58* LU0181361980 R C 3.06 LU0940719767 RH EUR C 3.00
UBAM - RUSSIAN EQUITY LU0541091996 A C 2.44 LU0541092028 A D 2.42 LU0573556031 A EUR C 2.44 LU0541092531 R C -***
UBAM - SNAM JAPAN EQUITY VALUE LU0052780409 A C 2.10 LU0367305363 A D 2.09 LU0352162357 AH EUR C 2.10 LU0352162431 AH EUR D 2.09 LU0447831263 AH CHF C 2.11* LU0570474295 AH USD C 2.12 LU0570474022 AH SEK C 2.08 LU0132667519 I C 1.35 LU0192065992 IH EUR C 1.36 LU0447831420 IH CHF C 1.40* LU0570474881 IH USD C 1.34 LU0371558379 IH GBP D 1.35* LU0862308953 U C 1.35* LU0132641639 R C 3.08 LU0940720005 RH EUR C 3.19
UBAM - SWISS EQUITY (3) LU0073503921 A C 1.39 LU0367305280 A D 1.43 LU0352162191 AH EUR C 1.39 LU0570480771 AH USD C 1.40 LU0132668087 I C 1.00 LU0371561910 I D 0.98 LU0192065646 IH EUR C 0.99 LU0570481159 IH USD C 1.01* LU0862308441 U C 1.05 LU0862308524 U D -** LU0946663506 UH EUR C -** LU0132643411 R C 2.45
UBAM - TURKISH EQUITY (3) LU0500236210 A C 2.41 LU0500237457 A EUR C 2.38 LU0500237531 A EUR D 2.38 LU0500236640 I C 1.70 LU0500237887 I EUR C 1.66 LU0500236996 IP C 1.38 Ratio of performance fee (in % of average net assets) 0.22 Page 366
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - TURKISH EQUITY (3) (continued) LU0500238000 IP EUR C 1.48 Ratio of performance fee (in % of average net assets) 0.31 LU0500237291 R C 3.13
UBAM - EURO EQUITY INCOME (1) LU1044359633 A C 2.01* LU1044359716 A D -*** LU1044362777 I GBP D 1.30* LU1044363585 R C -***
UBAM - MULTIFUNDS ALLOCATION 30 LU1044364393 A C 1.46* LU1044364476 A D 1.48* LU1044364633 AH EUR C 1.46* LU1044364989 AH CHF C 1.43* LU1044365523 AH GBP C 1.45* LU1044365796 AH GBP D 1.46* LU1044365952 I C -***
UBAM - MULTIFUNDS ALLOCATION 50 LU1044369277 A C 1.80* LU1044369350 A D 1.79* LU1044369517 AH EUR C 1.80* LU1044369608 AH EUR D 1.79* LU1044369863 AH CHF C 1.78* LU1044370440 AH GBP C 1.79*
UBAM - MULTIFUNDS ALLOCATION 70 LU1044374194 A C 1.99* LU1044374434 AH EUR C 1.99* LU1044375597 AH GBP C 2.00* LU1044375670 AH GBP D 2.00* LU1044375837 I C -***
UBAM - MULTIFUNDS ALTERNATIVE LU1044379409 A D -** LU1044380597 I C -** LU1044380753 IH EUR C -** LU1044381306 IH GBP C -** LU1044381488 IH GBP D -*** LU1044381561 U C 1.14* LU1044381728 UH EUR C 1.13* LU1044382296 UH GBP D 1.13* LU1044382379 R C -**
UBAM - MULTIFUNDS EMERGING MARKETS LU0782412331 A C 2.12 LU0782412505 A D 2.11 LU0782412760 A EUR C 2.12 LU0782414899 I C 1.10 LU0782415193 I D 1.10
Page 367
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Sub-fund and Codes ISIN Class of share TER in %
UBAM - ASYMMETRY 50 EUR (3) LU1088659039 A C 1.83* LU1088659203 A USD C 1.82* LU1088659468 A CHF C 1.83* LU1088661100 AP C 1.57* Ratio of performance fee (in % of average net assets) 0.01 LU1088664039 I C 1.07* LU1088664468 I USD C -** LU1088664971 I CHF C -** LU1088670432 R C -*** LU1088670861 M C 0.76* LU1088671240 MP C 0.72* Ratio of performance fee (in % of average net assets) 0.05 LU1234260880 Z C -**
UBAM - ASYMMETRY 50 USD (3) LU1088671596 A C 1.82* LU1088671752 A D 1.81* LU1088672305 A CHF C 1.80* LU1088673709 AP C 1.56* LU1088676041 I C 1.07* LU1088684656 M C 0.78* LU1088685380 MP C 0.72* LU1234261698 Z C -**
(1) This sub-fund acts as Feeder in a master-feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees. (2) Please refer to Note 18 for more details on events concerning this sub-fund. (3) The performance fee ratio is calculated in percentage of the average net assets for the period from 1st January to 30th June 2015.
* : annualized -** : TER not calculated as unrepresentative -*** : TER not calculated as unrepresentative due to the reduced size of the relevant share class
Portfolio Turnover Ratio “PTR”
As at 30th June 2015, the PTR calculated for each sub-funds is:
Currency Portfolio Turnover Ratio Bond sub-funds UBAM - CORPORATE EURO BOND EUR 10.92% UBAM - CORPORATE US DOLLAR BOND USD -18.96% UBAM - DYNAMIC EURO BOND EUR -0.18% UBAM - DYNAMIC US DOLLAR BOND USD 17.16% UBAM - EMERGING MARKET BOND USD 7.69% UBAM - EMERGING MARKET CORPORATE BOND USD 16.79% UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND USD -16.92% UBAM - EURO BOND EUR -0.16% UBAM - GLOBAL BOND USD 24.58% Page 368
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Currency Portfolio Turnover Ratio Bond sub-funds (continued) UBAM - GLOBAL CREDIT OPPORTUNITIES EUR 160.88% UBAM - GLOBAL HIGH YIELD SOLUTION USD 6.16% UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD -1.13% UBAM - STERLING BOND GBP -13.95% UBAM - UNCONSTRAINED BOND EUR 106.54% UBAM - US DOLLAR BOND USD -41.02% Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND (1) USD 16.15% Feeder convertible bond sub-funds UBAM - 10-40 CONVERTIBLE OPPORTUNITIES (1) EUR 0.65% UBAM - EUROPEAN CONVERTIBLE BOND (1) EUR -12.58% UBAM - EURO 10-40 CONVERTIBLE BOND (1) EUR -36.30% UBAM - GLOBAL CONVERTIBLE BOND (1) EUR 10.48% Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY EUR -23.57% UBAM - ASIA EQUITY USD 27.15% UBAM - ASIA EQUITY HIGH DIVIDEND USD 200.67% UBAM - DR. EHRHARDT GERMAN EQUITY EUR 329.41% UBAM - EQUITY BRIC+ USD 153.54% UBAM - EUROPE EQUITY EUR 78.62% UBAM - EUROPE EQUITY DIVIDEND+ EUR -10.40% UBAM - EUROPE EQUITY FLEX EUR 78.24% UBAM - EUROPEAN OPPORTUNITIES EQUITY EUR 29.16% UBAM - GCM MIDCAP US EQUITY GROWTH USD 9.01% UBAM - GLOBAL EQUITY (2) USD 26.12% UBAM - GLOBAL EQUITY INCOME EUR 111.89% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY 15.00% UBAM - NEUBERGER BERMAN US EQUITY VALUE USD 48.70% UBAM - RUSSIAN EQUITY USD 149.07% UBAM - SNAM JAPAN EQUITY VALUE JPY -2.78% UBAM - SWISS EQUITY CHF -17.70% UBAM - TURKISH EQUITY USD 20.14% Feeder equity sub-fund UBAM - EURO EQUITY INCOME (1) EUR 19.92% Fund of funds sub-fund UBAM - MULTIFUNDS ALLOCATION 30 USD 247.99% UBAM - MULTIFUNDS ALLOCATION 50 USD 227.20% UBAM - MULTIFUNDS ALLOCATION 70 USD 209.82% UBAM - MULTIFUNDS ALTERNATIVE USD -3.14% UBAM - MULTIFUNDS EMERGING MARKETS USD 109.71% Asset Allocation sub-funds UBAM - ASYMMETRY 50 EUR EUR 352.88% UBAM - ASYMMETRY 50 USD USD 360.03%
(1) This sub-fund acts as Feeder in a master-feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees. (2) Please refer to Note 18 for more details on events concerning this sub-fund.
Page 369
UBAM
Notes to the financial statements as at 30th June 2015 (continued)
Note 13 - Changes of the investment portfolio
Details of changes in the securities portfolio for the period referring to this report are available upon request - free of charge - at the SICAV's registered office, and at the office of the financial intermediaries as described in the Organisation chapter of this report.
Note 14 - Dividends
During the period, the SICAV distributed the following dividends: - ‘Ex-dividend’ date: 22nd April 2015 - Payment date: 27th April 2015 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount ex-dividend date Bond sub-funds UBAM - CORPORATE EURO BOND A EUR 2.86 67,063.852 UBAM - CORPORATE EURO BOND I EUR 4.98 736.000 UBAM - CORPORATE US DOLLAR BOND A USD 4.51 97,951.640 UBAM - CORPORATE US DOLLAR BOND I USD 3.79 259,418.018 UBAM - DYNAMIC EURO BOND A EUR 2.77 550,942.076 UBAM - DYNAMIC EURO BOND I EUR 1.65 900,512.000 UBAM - DYNAMIC US DOLLAR BOND A USD 1.80 58,938.231 UBAM - DYNAMIC US DOLLAR BOND IH GBP 1.77 1,610.000 UBAM - EMERGING MARKET BOND A USD 4.45 20,931.791 UBAM - EMERGING MARKET BOND AH EUR 3.19 6,724.104 UBAM - EMERGING MARKET CORPORATE BOND A USD 4.27 62,512.289 UBAM - EMERGING MARKET CORPORATE BOND AH EUR 4.56 4,707.000 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND A USD 4.58 52,212.000 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND IH EUR 4.52 45,000.000 UBAM - EURO BOND A EUR 2.65 11,820.953 UBAM - GLOBAL BOND AH CHF 2.17 8,093.000 UBAM - GLOBAL HIGH YIELD SOLUTION A USD 5.93 489,090.104 UBAM - GLOBAL HIGH YIELD SOLUTION AH EUR 5.95 146,543.835 UBAM - GLOBAL HIGH YIELD SOLUTION AH CHF 6.27 39,229.620 UBAM - GLOBAL HIGH YIELD SOLUTION I USD 5.48 136,669.366 UBAM - GLOBAL HIGH YIELD SOLUTION IH EUR 5.90 141,600.440 UBAM - GLOBAL HIGH YIELD SOLUTION IH CHF 5.20 17,346.000 UBAM - GLOBAL HIGH YIELD SOLUTION IH GBP 5.98 752,231.865 UBAM - GLOBAL HIGH YIELD SOLUTION UH EUR 5.16 624,976.000 UBAM - LOCAL CURRENCY EMERGING MARKET BOND A USD 3.79 10,967.838 UBAM - LOCAL CURRENCY EMERGING MARKET BOND AH EUR 2.88 9,979.337 UBAM - LOCAL CURRENCY EMERGING MARKET BOND I USD 5.13 1,670.000 UBAM - STERLING BOND A GBP 4.01 655.000 UBAM - UNCONSTRAINED BOND AP EUR 2.58 2,785.000 UBAM - UNCONSTRAINED BOND APH GBP 2.60 6,750.000 UBAM - US DOLLAR BOND A USD 52.69 483.932 Feeder bond sub-funds UBAM - EM INVESTMENT GRADE CORPORATE BOND (1) A USD 4.30 6,710.000
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Notes to the financial statements as at 30th June 2015 (continued)
Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount ex-dividend date Feeder convertible bond sub-funds UBAM - 10-40 CONVERTIBLE OPPORTUNITIES (1) AH USD 0.20 4,230.000 UBAM - EUROPEAN CONVERTIBLE BOND (1) A EUR 1.15 6,094.000 UBAM - EURO 10-40 CONVERTIBLE BOND (1) A EUR 1.64 1,667,414.093 UBAM - EURO 10-40 CONVERTIBLE BOND (1) I EUR 1.72 157,751.781 UBAM - EURO 10-40 CONVERTIBLE BOND (1) IH USD 1.60 8,320.000 UBAM - EURO 10-40 CONVERTIBLE BOND (1) IH GBP 1.49 3,504.000 UBAM - EURO 10-40 CONVERTIBLE BOND (1) U EUR 1.39 10.000 Equity sub-funds UBAM - ASIA EQUITY HIGH DIVIDEND A USD 0.68 11,586.880 UBAM - ASIA EQUITY HIGH DIVIDEND I USD 0.77 20,860.000 UBAM - EUROPE EQUITY A EUR 1.44 34,759.696 UBAM - EUROPE EQUITY I EUR 1.52 22,526.462 UBAM - RUSSIAN EQUITY A USD 1.28 72,759.504 UBAM - SWISS EQUITY A CHF 1.64 15,236.383 UBAM - SWISS EQUITY I CHF 1.71 310.000 (1) This sub-fund acts as Feeder in a Master-Feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" in chapter of the prospectus dated October 2014, in order to obtain complete information about aggregate fees.
- ‘Ex-dividend’ date: 5th January 2015 - Payment date: 8th January 2015 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount ex-dividend date Equity sub-fund
UBAM - EUROPE EQUITY DIVIDEND+ A USD 2.02 9 339.301 UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.02 500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 1.73 12 599.186 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.12 1 965.000 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 1.78 49 168.894 UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.12 12 296.519 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.17 175 233.346 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.20 504.740 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.08 6 495.000
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Notes to the financial statements as at 30th June 2015 (continued)
- ‘Ex-dividend’ date: 1st April 2015 - Payment date: 7th April 2015
Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount ex-dividend date Equity sub-fund
UBAM - EUROPE EQUITY DIVIDEND+ A USD 1.87 5,511.917 UBAM - EUROPE EQUITY DIVIDEND+ I USD 1.87 500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 2.00 8,538.913 UBAM - EUROPE EQUITY DIVIDEND+ IH USD 2.48 2,445.000 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.15 2,465.000 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 1.82 44,009.662 UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.21 6,993.139 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.27 133,841.547 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.30 473.577 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 1.89 6,495.000
- ‘Ex-dividend’ date: 22th April 2015 - Payment date: 27th April 2015 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount ex-dividend date Equity sub-fund
UBAM - EUROPE EQUITY DIVIDEND+ A USD 0.42 5,511.917 UBAM - EUROPE EQUITY DIVIDEND+ I USD 0.42 500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 0.36 8,339.272 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 0.44 2,465.000 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 0.37 41,375.239 UBAM - EUROPE EQUITY DIVIDEND+ A EUR 0.44 6,993.139 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 0.45 166,960.086 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 0.46 473.577 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 0.44 6 495.000
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Notes to the financial statements as at 30th June 2015 (continued)
Note 15 - Swing Pricing Mechanism
The sub-funds may suffer a reduction in value of the net asset value per share due to transaction costs incurred in the purchase and sale of their underlying investments and/or the spread between the buying and selling prices of such investments when underlying investments trades are undertaken by the Investment Manager to accommodate subscriptions, redemptions and/or switches in and out of the sub-fund.
In order to counter this and to protect shareholders’ interests, the Management Company adopted a Swing Pricing Mechanism. The Swing Pricing Mechanism means that in certain circumstances, the Management Company will make adjustments in the calculation of the net asset value per share. The net asset value per share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The extent of the adjustments will be set by the Management Company to reflect the above mentioned transactions costs and/or spread when these are deemed to be significant. The maximum adjustment will not exceed 2% of the original net asset value per share.
The Swing Pricing Mechanism may be applied across all Bond and Asset Allocation sub-funds with the exception of UBAM - DYNAMIC EURO BOND, UBAM - DYNAMIC US DOLLAR BOND, UBAM - GLOBAL HIGH YIELD SOLUTION, UBAM - EURO BOND, UBAM - STERLING BOND, UBAM - US DOLLAR BOND and will be applied in an equitable manner to all shareholders of a same sub-fund on the same net asset value calculation date.
No Swing Pricing Mechanism will be applied for Feeder bond sub-fund, Feeder convertible bond sub-funds, Equity sub-funds and Feeder equity sub-fund.
During the period, swing pricing has been applied in some net asset value calculations.
Note 16 - Master-Feeder structures
Each sub-fund of the SICAV is eligible, subject to the approval of the CSSF, to become a Feeder sub-fund by investing at least 85% of its assets in securities of other Master UCITS, notwithstanding articles 2, 41, 43, 46 and 48 of the 2010 Law.
At the date of the report, the sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND acts as Feeder sub-fund of the Master UCITS UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND, a FCP authorized and regulated by the French Autorité des Marchés Financiers.
The four sub-funds UBAM - 10-40 CONVERTIBLE OPPORTUNITIES, UBAM - EUROPEAN CONVERTIBLE BOND, UBAM - EURO 10-40 CONVERTIBLE BOND and UBAM - GLOBAL CONVERTIBLE BOND act as Feeder sub-funds of the Master sub-funds respectively UBAM CONVERTIBLES 10-40 OPPORTUNITES, UBAM CONVERTIBLES EUROPE, UBAM CONVERTIBLES EURO 10-40 and UBAM CONVERTIBLES GLOBAL part of UBAM CONVERTIBLES, a SICAV authorized and regulated by the French Autorités des Marchés Financiers.
The sub-fund UBAM - EURO EQUITY INCOME acts as Feeder sub-fund of the Master UCITS UBAM ACTIONS EURO RENDEMENT, a FCP authorized and regulated by the French Autorité des Marchés Financiers.
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UBAM
Notes to the financial statements as at 30th June 2015 (continued)
The Feeder sub-funds are investing in Type Z shares of their respective Master sub-funds as follows:
Feeder sub-funds Master sub-funds UBAM - EM INVESTMENT GRADE CORPORATE BOND UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND ZC UBAM - EM INVESTMENT GRADE CORPORATE BOND UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND ZD UBAM - 10-40 CONVERTIBLE OPPORTUNITIES UBAM CONVERTIBLES 10-40 OPPORTUNITES UBAM - EUROPEAN CONVERTIBLE BOND UBAM CONVERTIBLES EUROPE UBAM - EURO 10-40 CONVERTIBLE BOND UBAM CONVERTIBLES EURO 10-40 UBAM - GLOBAL CONVERTIBLE BOND UBAM CONVERTIBLES GLOBAL UBAM - EURO EQUITY INCOME UBAM ACTIONS EURO RENDEMENT ZC UBAM - EURO EQUITY INCOME UBAM ACTIONS EURO RENDEMENT ZD
The investment objective of the Master sub-fund UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND is to offer to the investor exposure to investment-grade emerging market bonds with a minimum rating of BBB- (Fitch) or BBB- (S&P) or Baa3 (Moody’s). The investment objective of the Master sub-fund UBAM CONVERTIBLES 10-40 OPPORTUNITES is to enable the investor to benefit from the specific risk/return ratio of European and international convertible bonds. The investment objective of the Master sub-fund UBAM CONVERTIBLES EUROPE is to enable the investor to benefit from the specific risk/return ratio of European convertible bonds. The investment objective of the Master sub-fund UBAM CONVERTIBLES EURO 10-40 is to enable the investor to benefit from the specific risk/return ratio of Eurozone convertible bonds. The investment objective of the Master sub-fund UBAM CONVERTIBLES GLOBAL is to enable the investor to benefit from the specific risk/return ratio of international convertible bonds. The investment objective of the Master sub-fund UBAM ACTIONS EURO RENDEMENT is to enable the investor to benefit from performance of investments in a selection of stocks chosen to provide a dividend yield greater than that of the MSCI Euro index, net dividends reinvested, over a recommended investment period of more than 5 years. Please refer to the Master sub-funds’ prospectus for additional information regarding their respective investment policy.
At the level of the Master sub-funds, the fees, charges and expenses associated with the investments are operating fees covering all the expenses invoiced directly to the Master sub-funds, with the exception of transaction charges.
As at 30th June 2015, the maximum operating fees charged by the Master sub-funds for the classes of shares held by the Feeder sub-funds are as follows:
Operating and Feeder sub-funds Master sub-funds management fees UBAM - EM INVESTMENT GRADE UBAM FCP - EM INVESTMENT CORPORATE BOND GRADE CORPORATE BOND 0.20% UBAM - 10-40 CONVERTIBLE UBAM CONVERTIBLES 10-40 OPPORTUNITIES OPPORTUNITES 0.20% UBAM - EUROPEAN CONVERTIBLE BOND UBAM CONVERTIBLES EUROPE 0.20% UBAM - EURO 10-40 CONVERTIBLE BOND UBAM CONVERTIBLES EURO 10-40 0.20% UBAM - GLOBAL CONVERTIBLE BOND UBAM CONVERTIBLES GLOBAL 0.20% UBAM - EURO EQUITY INCOME UBAM ACTIONS EURO RENDEMENT 0.20%
The operating fees, as described by the UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND, UBAM CONVERTIBLES and UBAM ACTIONS EURO RENDEMENT prospectuses, may be increased by transaction fees.
Complete information about Master sub-funds, including prospectus, KIIDs, regulations, articles of incorporation and financial reports can be obtained free of charge at the SICAV’s registered office, 287-289 route d’Arlon, L-1150 Luxembourg.
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Notes to the financial statements as at 30th June 2015 (continued)
Note 17 - Cross-investments
As at 30th June 2015, the total of cross sub-funds’ investments amounts to EUR 12,909,048.30 and therefore total consolidated net asset value at the level of the SICAV at the end of the period without cross-investments would amount to EUR 10,937,139,268.44.
Cross-investments concern the sub-funds UBAM - ASYMMETRY 50 EUR and UBAM - ASYMMETRY 50 USD investing in the sub-fund UBAM - UNCONSTRAINED BOND.
Note 18 - Events
A new sub-fund of the SICAV has been launched, namely UBAM - GLOBAL EQUITY with effect on 30th January 2015.
Note 19 - Subsequent events
A new sub-fund of the SICAV has been launched, namely UBAM - SWISS SMALL AND MIDCAP EQUITY with effect on 10th July 2015.
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ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the additional sub-funds of UBAM no notification for public distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be publicly offered to investors within the scope of the German investment law. As a consequence, the following sub-funds are NOT available to investors in Germany:
- UBAM – Multifunds Emerging Markets - UBAM – Asymmetry 50 EUR - UBAM – Asymmetry 50 USD - UBAM – Global Credit Opportunities - UBAM – Global Equity
Sal. Oppenheim jr & Cie. AG & Co. KGaA, Unter Sachsenhausen 4, D-50667 Köln, Germany, has undertaken the function of Paying and Information Agent in the Federal Republic of Germany (the “German Paying and Information Agent”).
Applications for the redemption and conversion of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying and Information Agent.
The prospectus, the key investor information documents, the Articles of Association of the company, the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Paying and Information Agent during normal opening hours. The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and Information Agent available.
The issue, redemption and conversion prices of the shares and the notices to shareholders are also available free of charge from the German Paying and Information Agent.
The issue, redemption and conversion prices of the shares will be published on the fund website http://www.ubp.com. The notices to shareholders will be sent by post to the German shareholders.
The statement of changes in the composition of the investment portfolio is also free of charge upon request available at the office of the German Paying and Information Agent.