Annual report, including Audited Financial Statements as at 31st December 2013
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 Report of the Board of Directors ...... 10 Report of the réviseur d'entreprises agréé...... 34 Consolidated statement of net assets...... 36 Consolidated statement of operations and other changes in net assets ...... 37 UBAM - CORPORATE EURO BOND ...... 39 UBAM - CORPORATE US DOLLAR BOND...... 48 UBAM - DYNAMIC EURO BOND...... 58 UBAM - DYNAMIC US DOLLAR BOND ...... 64 UBAM - EMERGING MARKET BOND...... 70 UBAM - EMERGING MARKET CORPORATE BOND...... 78 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND ...... 90 UBAM - GLOBAL BOND (CHF)...... 98 UBAM - GLOBAL HIGH YIELD SOLUTION ...... 104 UBAM - LOCAL CURRENCY EMERGING MARKET BOND ...... 112 UBAM - UNCONSTRAINED BOND ...... 119 UBAM - YIELD CURVE EURO BOND ...... 126 UBAM - YIELD CURVE STERLING BOND ...... 132 UBAM - YIELD CURVE US DOLLAR BOND...... 136 UBAM - EM INVESTMENT GRADE CORPORATE BOND ...... 142 UBAM - EUROPEAN CONVERTIBLE BOND...... 147 UBAM - EURO 10-40 CONVERTIBLE BOND ...... 152 UBAM - GLOBAL CONVERTIBLE BOND...... 158 UBAM - 30 GLOBAL LEADERS EQUITY (formerly UBAM - PCM GLOBAL EQUITY VALUE) ...... 163 UBAM - ASIA EQUITY ...... 169 UBAM - ASIA EQUITY HIGH DIVIDEND ...... 175 UBAM - DR. EHRHARDT GERMAN EQUITY...... 181 UBAM - EQUITY BRIC+...... 186 UBAM - EUROPE EQUITY...... 194 UBAM - EUROPE EQUITY DIVIDEND+ ...... 201 UBAM - GCM MIDCAP US EQUITY GROWTH (formerly UBAM - CALAMOS US EQUITY GROWTH)...210 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY ...... 216 UBAM - NEUBERGER BERMAN US EQUITY VALUE ...... 221 UBAM - RUSSIAN EQUITY...... 226 UBAM - SNAM JAPAN EQUITY VALUE (formerly UBAM - IFDC JAPAN EQUITY) ...... 231 UBAM - SWISS EQUITY ...... 238 UBAM - TURKISH EQUITY...... 243 UBAM - VP VALUE CHINA EQUITY (merged) ...... 248
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UBAM
Contents (continued)
UBAM - MULTIFUNDS EMERGING MARKETS...... 250 Notes to the financial statements...... 255 Unaudited information...... 306
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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
MANAGERS APPOINTED BY THE BOARD OF DIRECTORS OF THE SICAV (until 31st August 2013)
Mr. Pierre BERGER Mr. Daniel VAN HOVE
MANAGEMENT COMPANY (since 1st September 2013)
UBP Asset Management (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg
MANAGEMENT COMPANY’S BOARD OF DIRECTORS (since 1st September 2013)
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
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. André GIGON Senior Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland
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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 (since 1st September 2013)
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
INVESTMENT MANAGERS (until 31st August 2013)
Union Bancaire Privée, UBP SA 96-98 rue du Rhône CH-1211 Geneva 1 Switzerland
Union Bancaire Privée, UBP S.A., London Branch 26 St James’s Square Londres SW1Y 4JH United Kingdom
Union Bancaire Privée, UBP SA, Zurich Branch Bahnhofstrasse 1 CH-8022 Zurich Switzerland
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UBAM
Organisation (continued)
INVESTMENT MANAGERS (since 1st September 2013)
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 Investment S.A. Luxembourg, Grand-Duchy of Luxembourg Dr. Jens Ehrhardt 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 Lloyd George Investment Management (Bermuda) Limited Hamilton, Bermuda Chinese portfolio UBP Asset Management Asia Limited Hong Kong UBAM - EURO 10-40 CONVERTIBLE BOND Union Bancaire Gestion Institutionnelle Paris, France UBAM - EUROPEAN CONVERTIBLE BOND UBAM - GLOBAL CONVERTIBLE BOND 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 UBAM - NEUBERGER BERMAN US EQUITY VALUE Neuberger Berman Group 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 Zürich branches)
INVESTMENT ADVISER (until 31st August 2013)
UBAM International Services 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg
CUSTODIAN BANK
Union Bancaire Privée (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg
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UBAM
Organisation (continued)
ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT
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 CH-1211 Geneva 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 complete 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 office of the SICAV, 287-289 route d’Arlon, L-1150 Luxembourg and at the office of the following financial intermediaries:
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UBAM
Organisation (continued)
- General distributor, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Geneva 1 Tél: + 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 complete prospectus and the Key Investor Information Documents (KIIDs). Announcements in Switzerland concerning the SICAV are published in the "Swiss Official Gazette of Commerce" and in the Swiss Fund Data (www.swissfunddata.ch) (Switzerland). The subscription and redemption prices of the shares of the different sub-funds are daily published on the electronic platform Swiss Fund Data at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby warned that transactions made on 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 guide lines on transparency with regard to management fees as of 7th June 2005 of the 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.
- Correspondant 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 agent in Italy 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 Carnegie Investment Bank AB, Gustav Adolfs Torg 18, SE Stockholm 103 38
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UBAM
Report of the Board of Directors
1. MANAGER'S REPORT
1.1 Retrospective on financial markets
World economic recovery
World growth in 2013 was moderate but the economic outlook for developed countries brightened. And this in spite of the prevailing uncertainty early in the year due to such factors as the budget cuts in the US, the political crisis in Italy and the financial crisis in Cyprus. Corporate and consumer confidence increased markedly at the beginning of the summer, bearing out the scenario of a rising growth rate in the second half of the year, particularly in the US. Private demand in the US was boosted by the wealth effect (a sharp rise in equity and real estate prices) and receding inflation, but also and above all by the improvement on the employment front, where the jobless rate fell from 7.9% in January to 6.7% in December. Even the three-week partial government shut-down couldn’t dampen this positive momentum. The eurozone’s emergence from the recession half-way through the year was of course the highlight, but the continuing adjustments to current account balances in the peripheral countries and the progress on the banking union project also deserve a mention. Over in Asia, Japan’s growth was underpinned by ‘Abenomics’, a strategy named after the new Prime Minister comprising a monetary policy aiming to double the monetary base, and a particularly aggressive budget policy to extricate the country from 15 years of deflation. As for the promised structural reforms, they were delayed by fierce opposition. Beijing’s unveiling of its ambitious package of reforms in mid-November was well-received, and in particular the plans to give greater importance to the market economy. China’s economic activity figures, on the other hand, came as a disappointment to those who had anticipated a growth pick-up in 2013. But downward economic forecast revisions were much more severe in many other emerging countries, both in Asia and in Latin America.
One effect of the FED’s hints in May at its tapering plans was that large capital outflows from countries with current account deficits (India, Indonesia, Brazil, South Africa and also Turkey) caused their currencies to depreciate and to face the threat of heightened inflation. This forced those countries’ central banks to tighten their monetary policies. The drop in commodity prices was another negative factor for some of those countries, although it helped lower inflation in Europe and the US to levels well below those targeted by central banks (1.4% and 1.5% respectively). The risk of deflation in fact prompted the ECB to reduce its key rate, which after two cuts was down to 0.25%, a record low. Although less decisive than the firm action it took in the summer of 2012, the ECB’s decision to instigate ‘forward guidance’ to curb volatility at the short end of the yield curve was nevertheless a clear break from its past policy of never committing ahead to any actions. The FED also had a considerable impact on financial markets by repeatedly dashing investors’ anticipations as to its tapering plans in 2013. It finally announced in December that tapering would start in January, and the news came with assurances that the key rate would stay close to 0% even though the unemployment rate had fallen faster than expected.
Bonds: credit risk paid off
With its initial hints about tapering, the FED caused long yields to start rising in May (the US 10-year Treasury yield went from only 1.6% in early May to 3% at the end of the year), which weighed heavily on the performance of sovereign bonds in most developed countries: US Treasuries lost 3.3% according to BofA Merrill Lynch, German Bunds 2.3%, UK Gilts 4.3% and Swiss government bonds 4.0%. Peripheral eurozone bonds performed surprisingly well, with Spanish ones gaining 11.1% and Italian ones 7.3%. In credit, the renewed spread-narrowing was particularly propitious for the high-yield segment (+7.4% in USD) but was not sufficient to offset the sharp steepening of the yield curve for investment-grade corporate bonds in USD, which dropped 1.5%. Furthermore, emerging bonds suffered a rise in risk premiums, so both external debt (-5.3%) and local debt in USD (-9.0%) plummeted.
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Report of the Board of Directors (continued)
Currencies and commodities
On the foreign exchange market, 2013 saw the sharpest fall of the yen against the dollar (-18%) since 1979. This depreciation was not unexpected, unlike the euro’s rise, by 4% against the dollar and 2% against the pound, despite the ECB’s rate cuts and the prospect of the FED’s tapering. Emerging currencies were also on the slippery slope, with the Indonesian rupee and the South African rand sliding nearly 20% and the Turkish lira 17% against the dollar.
As regards commodities, the price of corn dropped the most (-40%) but industrial metals also recorded some sharp declines (mainly due to the dwindling demand in China), as did precious metals – silver lost 36% and gold recorded its first year-on-year loss since the year 2000 (-28%). The energy segment, on the other hand, was lifted slightly by the end-of-year rebound in the price of oil (+7% for 2013) and natural gas (+26%).
Last year was great for equities
The improving growth outlook and the continuing expansionist approach by central banks provided a particularly propitious environment for equity markets, as attested by the 25.5% year-on-year rise of the MSCI All Country World in local currency (net dividends reinvested), and with remarkably low volatility. Furthermore, the S&P 500 did not dip a single time below the level where it had started the year – an unusual occurrence.
There were, however, wide disparities in performance between regions. Lightened by the depreciation of its currency and energised by the success of Abenomics, the Japanese market shot up by 54.5% (MSCI index in local currency), its sharpest rise since 1986. The US (+31.8%) outperformed most of Europe, although the eurozone equity market’s +23.4% is not to be sneezed at either. Emerging markets as a whole gained only 3.4%, with a handful of markets ending in the red, including Turkey (-11.8%) and Brazil (-3.3%) and also some Chinese indices, such as the Shanghai Composite (-6.7%). Of the major sectors, basic materials (+2.9%) posted the most modest rise, whilst consumer discretionary (+39.9%), health care (+36.4%) and manufacturing (+32.9%) performed well above average.
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Report of the Board of Directors (continued)
Performances of the major asset classes in % (4th quarter)
Major asset classes CHF Local currencies
SPI 3.0
6.2 MSCI Wor ld 8.4
-2.7 CITIGROUP World 0.1
SBI AAA-BBB -0.3
CITIGROUP MM CHF 0.0
0.6 HFRX Global 2.3
-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0
Performances of the major equity markets in % (4th quarter)
Major equity markets CHF Local currencies
SPI 3.0
6.2 MSCI Wor ld 8.4
8.5 S&P 500 10.3
8.0 DJ EURO Stox x 50 7.8
0.3 Topix 9.2
0.2 MSCI Emerging 3.0
0.0 2.0 4.0 6.0 8.0 10.0 12.0
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UBAM
Report of the Board of Directors (continued)
Performances of the major bond markets in % (4th quarter)
Major bond markets CHF Local currencies
SBI AAA-BBB -0.3
-2.7 CITIGROUP World 0.1
-2.4 CITIGROUP US -0.7
CITIGROUP EMU 1.3 1.1
CITIGROUP Japan -8.0 0.2
CITIGROUP UK -0.9 -1.4
-0.7 JPM Emerging (USD) 0.9
-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0
Performances of the major currencies against CHF in % (4th quarter)
Major currencies against CHF
USD -1.6
EUR 0.1
GBP 0.6
JPY -8.3
-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0
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Report of the Board of Directors (continued)
YTD performances of the major asset classes in %
Major asset classes CHF Local currencies
SPI 24.6
23.1 MSCI Wor ld 28.9
-6.7 CITIGROUP World 0.2
SBI AAA-BBB -1.3
CITIGROUP MM CHF -0.1
3.7 HFRX Global 6.7
-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
YTD performances of the major equity markets in %
Major equity markets CHF Local currencies
SPI 24.6
23.1 MSCI Wor ld 28.9
27.8 S&P 500 31.6
23.4 DJ EURO Stox x 50 21.5
23.4 Topix 54.4
-5.4 MSCI Emerging 3.4
-10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0
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Report of the Board of Directors (continued)
YTD performances of the major bond markets in %
Major bond markets CHF Local currencies
SBI AAA-BBB -1.3
CITIGROUP World -6.7 0.2
-5.4 CITIGROUP US -2.7
CITIGROUP EMU 3.8 2.2
CITIGROUP Japan -18.3 2.2
CITIGROUP UK -5.1 -4.1
-9.2 JPM Emerging (USD) -6.6
-20.0 -15.0 -10.0 -5.0 0.0 5.0
YTD performances of the major currencies against CHF in %
Major currencies against CHF
USD -2.8
EUR 1.5
GBP -1.0
JPY -20.2
-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0
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Report of the Board of Directors (continued)
1.2 Sub-funds' report
UBAM - CORPORATE EURO BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE (Quantitative Easing) tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. In this credit-friendly environment the sub-fund's positioning on financial and hybrid institutions' debt paid off, as did its underweight on interest rates. In 2013, the sub-fund returned a performance of +1.68% (AC share).
UBAM - CORPORATE US DOLLAR BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. In this credit-friendly environment the sub-fund's positioning on financial and hybrid institutions' debt paid off, as did its underweight on interest rates. In 2013, the sub-fund returned a performance of +0.19% (AC share).
UBAM - DYNAMIC EURO BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. In this credit-friendly environment, credit spreads on short-maturity investment-grade bonds have tightened significantly. In 2013, the sub-fund returned a performance of +0.89% (AC share).
UBAM - DYNAMIC US DOLLAR BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. In this credit-friendly environment, credit spreads on short-maturity investment-grade bonds have tightened significantly. In 2013, the sub-fund returned a performance of +1.36% (AC share).
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Report of the Board of Directors (continued)
UBAM - EMERGING MARKET BOND UBAM - EMERGING MARKET BOND gained 1.17% (net of fees, IC USD share class) in Q4 2013, compared to 0.91% for the benchmark JP Morgan EMBI Global USD. In 2013, the sub-fund outperformed the benchmark index by 30 bp. Emerging sovereign bonds performed positively in December and Q4 in spite of adverse global bond markets. The US Treasury yield curve further steepened and 10-year German bond yields also ticked higher after two months of range trading. On the other hand, latest EM macro data lent further support to the view that economic activity continued to improve after the slowdown in summer. The sub-fund's underweight in longer-dated investment grade rated issuers was the main driver behind the relative outperformance. The allocations to high- yield rated sovereign issuers and to corporate issuers boosted its carry and also added to relative performance. The cautious approach to countries with large current account and budget deficits further underpinned relative performance. In 2013, the sub-fund returned a performance of -7.16% (AC share).
UBAM - EMERGING MARKET CORPORATE BOND UBAM - EMERGING MARKET CORPORATE BOND gained 1.81% in Q4 2013 (net of fees, IC USD share class) compared to 1.93% for the benchmark JP Morgan CEMBI Diversified. In 2013, the sub- fund outperformed the benchmark by 37 bp net of fees. Emerging corporate bonds further recovered in the last quarter of 2013. The improving macro situation in major emerging economies and a global fixed income re-allocation from government to corporate issuers boosted EM corporate bond returns. As a consequence, EM corporate bonds performed positively and the JP Morgan CEMBI Diversified gained 3.11% in the second half of 2013. The main reason for the sub-fund's positive performance in Q4 and for outperforming the benchmark in 2013 was the overweight allocation to the high yield and in particular the BB-rated segment. Other important contributors were the underweight to BBB-rated bonds and the underweight in long-dated bonds. In 2013, the sub-fund returned a performance of -2.28% (AC share).
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND gained 2.57% in Q4 2013 net of fees (AC USD share class). The improving macro situation in major emerging economies and a global fixed income reallocation from investment grade to high yield corporate issuers also boosted the performance of this particular segment. The sub-fund's duration was kept at around 2.5 in 2013 since launch and this turned out to be the main driver of performance. High emphasis on issuers with a stable or improving credit profile also added to return, whilst the broad diversification across countries and sectors mitigated downside risks.
UBAM - GLOBAL BOND (CHF) The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. The sub-fund's positioning – underweight interest rates and overweight short-maturity, high-quality credit - paid off. In 2013, the sub-fund returned a performance of -1.78% (AC share).
UBAM - GLOBAL HIGH YIELD SOLUTION UBAM - GLOBAL HIGH YIELD SOLUTION is managed by UBP’s Global & Absolute Return Fixed Income team in Geneva. The sub-fund’s managers have successfully managed credit and interest rate strategies for the past ten years. The sub-fund is exposed to high yield through credit default swaps on indices, providing access to 150 of the segment’s most liquid issuers in Europe (50 issuers) and the US (100 issuers). In 2013, the sub-fund returned a performance of +16.43% (AC share).
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Report of the Board of Directors (continued)
UBAM - LOCAL CURRENCY EMERGING MARKET BOND UBAM - LOCAL CURRENCY EMERGING MARKET BOND decreased 1.77% (net of fees, IC USD share class) in Q4 2013, compared to a decrease of 1.54% for the benchmark JP Morgan GBI-EM Global Diversified USD. In 2013, the sub-fund outperformed the benchmark by 51 bp net of fees. The FOMC announcement to start tapering in January not only fuelled renewed steepening of the US Treasury curve but also prompted the US dollar to strengthen against several EM currencies in December. On balance, weaker EM currencies, in particular the Indonesian rupiah, South African rand, Turkish lira and Brazilian real, caused a sharp decrease in overall return from EM local currency government bonds in 2013. The main reasons for the sub-fund's outperformance in 2013 were the underweight in long-dated bonds relative to the benchmark and the positive contribution of the FX positioning. The impact from carry on relative performance was very moderately negative. In 2013, the sub-fund returned a performance of -9.32% (AC share).
UBAM - UNCONSTRAINED BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. The sub-fund's exposure to financial and high-yield debt paid off, as did the fact that its interest rate sensitivity was near, or even below, zero. Overall, since its inception on 19 June 2013, the sub-fund has delivered a strong and steady performance in a volatile environment.
UBAM - YIELD CURVE EURO BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. The sub-fund's positioning – underweight interest rates and overweight short-maturity, high-quality credit and Italian sovereign debt - paid off. In 2013, the sub-fund returned a performance of +1.73% (AC share).
UBAM - YIELD CURVE STERLING BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. The sub-fund's positioning – underweight interest rates and overweight short-maturity, high-quality credit - paid off. In 2013, the sub-fund returned a performance of -5.17% (AC share).
UBAM - YIELD CURVE US DOLLAR BOND The last quarter of 2013 was marked by two major turning points: firstly, growth improved decisively in the US and in Europe, especially the euro-zone periphery, and secondly the FED finally announced it was going to start reducing the pace of its bond-buying in Q1 2014. Against this backdrop, interest rates tightened again, going back to where they had been in September, when the markets had expected QE tapering to begin, which had failed to materialise. The fourth quarter was more positive, with risk assets such as credit being swept up in a strong upward movement. The sub-fund's positioning – underweight interest rates and overweight short-maturity, high-quality credit - paid off. In 2013, the sub-fund returned a performance of -3.81% (AC share).
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Report of the Board of Directors (continued)
UBAM - EM INVESTMENT GRADE CORPORATE BOND UBAM - EM INVESTMENT GRADE CORPORATE BOND is a new sub-fund and acts as Feeder sub- fund of UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND. UBAM - EM INVESTMENT GRADE CORPORATE BOND gained 1.64% in Q4 2013 (net of fees, IC USD share class) compared to 1.54% for the benchmark JP Morgan CEMBI Diversified Investment Grade. In 2013 the sub-fund performed more or less in line with the benchmark. Emerging investment grade corporate bonds further recovered in the last quarter of 2013. The improving macro situation in major emerging economies and a global fixed income reallocation from government to corporate issuers boosted EM corporate bond returns. As a consequence, EM investment grade corporate bonds performed positively and the JP Morgan CEMBI Diversified Investment Grade gained 2.72% in the second half of 2013. The sub-fund's underweight in long-dated bonds mitigated the negative spill- over from the sharp steepening of the US Treasury curve in May-August and November-December. The overweight in BBB-rated issuers also added to relative performance.
UBAM - EUROPEAN CONVERTIBLE BOND UBAM - EUROPEAN CONVERTIBLE BOND acts as Feeder sub-fund of UBAM CONVERTIBLES EUROPE. European stock markets ended the year on a high note. Over Q4, the Euro Stoxx 50 NR climbed 7.8% and the Stoxx Europe 50 NR 5.2%. Volatility in Europe further decreased, from 19 to 17 pts. The positive equity momentum came with a broad spread-tightening trend over Q4. Within peripheral countries, Portugal's spread tightened by 143 bp, down to 352 bp at year-end, Italy's by 100 bp to 168 bp, Ireland's by 23 bp to 119 bp and Spain's by 71 bp to 157 bp. Meanwhile France's spread narrowed by 15 bp to 54 bp, while Germany's remained stable at around 25 bp. On the private issuers' front, the iTraxx Main (investment-grade issues) tightened by 34 bp to 70 bp while the Cross Over index (below IG) tightened by 120 bp down to 287 bp. The European primary market closed a strong year with a bright finish. 23 new deals were added to the region's supply over the quarter, totalling around EUR 9 bn, which represents more than 40% of the total amount issued in 2013 in Europe (EUR 22 bn). In 2013, the sub-fund returned a performance of +13.38% (AC share).
UBAM - EURO 10-40 CONVERTIBLE BOND UBAM - EURO 10-40 CONVERTIBLE BOND acts as Feeder sub-fund of UBAM CONVERTIBLES EURO 10-40. European stock markets ended the year on a high note. Over Q4, the Euro Stoxx 50 NR climbed 7.8% and the Stoxx Europe 50 NR 5.2%. Volatility in Europe further decreased, from 19 to 17 pts. The positive equity momentum came with a broad spread -tightening trend over Q4. Within peripheral countries, Portugal's spread tightened by 143 bp, down to 352 bp at year-end, Italy's by 100 bp to 168 bp, Ireland's by 23 bp to 119 bp and Spain's by 71 bp to 157 bp. Meanwhile France's spread narrowed by 15 bp to 54 bp, while Germany's remained stable at around 25 bp. On the private issuers' front, the iTraxx Main (investment-grade issues) tightened by 34 bp to 70 bp while the Cross Over index (below IG) tightened by 120 bp down to 287 bp. The European primary market closed a strong year with a bright finish. 23 new deals were added to the region's supply over the quarter, totalling around EUR 9 bn, which represents more than 40% of the total amount issued in 2013 in Europe (EUR 22 bn). In 2013, the sub-fund returned a performance of +8.87% (AC share).
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Report of the Board of Directors (continued)
UBAM - GLOBAL CONVERTIBLE BOND UBAM - GLOBAL CONVERTIBLE BOND is a new sub-fund and acts as Feeder sub-fund of UBAM CONVERTIBLES GLOBAL. At the end of the year, the sub-fund was overweight in terms of equity sensitivity compared to its benchmark, at 55% vs 51%. The sub-fund's equity sensitivity is mainly driven by overweighs in Europe (20% vs 15%) and Asia (8% vs 5%) while it is underweight in America (27% vs 31%). Our equity sensitivity allocation choices reflect our views on the main convertible bond markets and our assessment of the opportunities in each region. Global equity markets reported strong gains in Q4. The Stoxx Europe 50 NR gained 5.23%, the S&P 500 9.59% and the Nikkei 12.70%. The sub-fund gained 4.15% net of fees over the quarter while the benchmark added 4.52%. The sub-fund's overall performance was mainly driven by the equity sensitivity of the portfolio (+3.53%). The fixed-income bucket and optional features also contributed positively, +0.83% and +0.12 % respectively. In Q4, the global supply increased by around USD 35 bn. The US and European primary markets especially demonstrated strong dynamism over the quarter.
UBAM - 30 GLOBAL LEADERS EQUITY (formerly UBAM - PCM GLOBAL EQUITY VALUE) The MSCI AC World Net USD gained 7.31% in Q4 because relevant. October was a good month for equity markets worldwide. Developed markets were up with a total return of 3.9%. In November markets were again fairly supportive. The decision to delay tapering in the US prolonged its positive effects and removed a short-term uncertainty. The second half of December was very propitious for all equities except those of emerging markets. In Europe equities already rallied ahead of the FED's decision to taper during the first half of December's de-risking, and the confirmation of the tapering triggered further outperformance. Economic data in Europe was as much a catalyst as the FED's announcement, with the December flash PMIs and German IFO ahead of expectations and suggesting upside surprises for Q4 GDP growth estimates. The S&P closed at the year's peak on 31 December 2013, recording a gain of 32% for the year. Over the quarter, UBAM - 30 Global Leaders Equity (I USD) gained 8.22%, outperforming its benchmark by 91 bp.
UBAM - ASIA EQUITY Over Q4 2013, UBAM - ASIA EQUITY gained 10.1%, outperforming its index by 6.7%. Asian markets were choppy, rallying at first on momentum from a dovish September FOMC statement, only to fall back and then rally again on strong resolutions from China's Third Plenum (which outlined comprehensive market-driven reform plans), and then to fade once again as the FED announced it would begin tapering asset purchases. North Asia performed well while South Asia generally declined. Indonesia's under-pressure currency continued to depreciate whereas India managed to steady the rupee. And in Thailand political tensions erupted into large street protests. UBAM - Asia Equity performed well throughout the quarter, driven by strong stock selection and our overweight in the North Asian markets. In 2013, the sub-fund returned a performance of +7.65% (AC share).
UBAM - ASIA EQUITY HIGH DIVIDEND UBAM - ASIA EQUITY HIGH DIVIDEND was launched on 5th September 2013. Over Q4 2013, UBAM - ASIA EQUITY HIGH DIVIDEND gained 0.2%, outperforming its benchmark index by 0.5%. Asian markets were choppy, rallying at first on momentum from a dovish September FOMC statement, only to fall back and then rally again on strong resolutions from China's Third Plenum (which outlined comprehensive market-driven reform plans), and then to fade once again as the FED announced it would begin tapering asset purchases. This last event had more of a negative effect on high-dividend stocks than on others. UBAM - Asia Equity High Dividend's positive relative performance was driven by strong returns in our off-benchmark names in China and Malaysia.
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Report of the Board of Directors (continued)
UBAM - DR. EHRHARDT GERMAN EQUITY UBAM - DR. EHRHARDT GERMAN EQUITY underperformed the DAX in the fourth quarter. Since the beginning of the year, we had matched the DAX but this changed in November and December, partly because the DAX outperformed the broad market and partly because the sub-fund management kept a more cautious stance (more cash) due to deteriorating sentiment figures. Extreme optimism in the US and in Germany is a serious warning flag for us. The German advance/decline line, for example, showed a steep drop while the index was still going up. This line closed the year no higher than at the beginning of the year, which is usually a sign of deterioration in the market. Like in the year 2000 the advance of the DAX was mainly due to a few extremely strong stocks like Deutsche Post or Continental. On the other hand some weak stocks performed more like in a bear than a bull market. We think the bull market will continue but there are some short-term risks. In 2013, the sub-fund returned a performance of +20.47% (AC share).
UBAM - EQUITY BRIC+ In Brazil, there are concerns about an expansionist fiscal policy while inflation is persistently high and forcing the central bank to raise rates. The positive news is that a weaker currency will benefit some investments in the Brazilian portfolio, namely capital goods exporters. The currently stable economic environment in Russia is allowing the government to push for higher dividend payouts and better efficiency, and to freeze natural monopoly tariffs. In India investors are keenly evaluating the likely outcome of the 2014 general elections. The market's confidence in China's structural reforms increased in Q4. Policy actions and implementation will be the keys to the success of the reforms, and it is still crucial to watch for further concrete details and timeframes. The sub-fund gained 6.93% in Q4, outperforming the MSCI BRIC Net Return USD by 527 bp. India was the best-performing of the four countries while Brazil was the worst. All four managers beat their respective country benchmarks. In 2013, the sub-fund returned a performance of +0.28% (AC share).
UBAM - EUROPE EQUITY Equities once again outperformed a broad range of assets in Q4, as they had throughout 2013. The MSCI Europe EUR gained 5.98%. In October peripheral equity markets continued to outperform core equities after the Italian vote of confidence win. European equities traded sideways for most of November but eurozone names did rally in the last week boosted by signs of on-going political stability such as the comprehensive coalition deal reached by Germany's party leaders. Meanwhile the Italian Senate voted to expel ex-PM Berlusconi and ban him from public office. The second half of December was very propitious for all equities except those of emerging markets. In Europe equities already rallied ahead of the FED's decision to taper; the first half of December's de-risking and the confirmation of the tapering triggered further outperformance. Economic data in Europe was as much a catalyst as the FED's announcement. Over the quarter, UBAM – Europe Equity (IC) rose by 9.39%, outperforming the MSCI Europe EUR by 3.41%. In 2013, the sub-fund returned a performance of +24.53% (AC share).
UBAM - EUROPE EQUITY DIVIDEND+ Equities once again outperformed a broad range of assets in Q4, as they had throughout 2013. The MSCI Europe EUR gained 5.98%. In October peripheral equity markets continued to outperform core equities after the Italian vote of confidence win. European equities traded sideways for most of November but euro-zone names did rally in the last week boosted by signs of on-going political stability such as the comprehensive coalition deal reached by Germany’s party leaders. Meanwhile the Italian Senate voted to expel ex-PM Berlusconi and ban him from public office. The second half of December was very propitious for all equities except those of emerging markets. In Europe equities already rallied ahead of the FED’s decision to taper; the first half of December’s de-risking and the confirmation of the tapering triggered further outperformance. Economic data in Europe was as much a catalyst as the FED’s announcement. Over the quarter, UBAM – Europe Equity Dividend+ (IC) gained 2.9%. In 2013, the sub-fund returned a performance of +4.45% (AC share).
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Report of the Board of Directors (continued)
UBAM - GCM MIDCAP US EQUITY GROWTH (formerly UBAM - CALAMOS US EQUITY GROWTH) In Q4 2013, the US and global economies showed signs of a broad and more synchronized recovery and markets gained momentum. In the US, both housing activity and the manufacturing sector expanded. Employment gains have led to a chronic decline in the unemployment rate, and consumer confidence has increased steadily. The FED has announced it will reduce its bond-buying program, housing starts have exceeded one million units and an optimistic view is now broadly shared as we enter the New Year. The S&P 500 TR rose by 10.33% in Q4. All sectors were positive during the quarter with industrials, IT and consumer discretionary leading. The worst sectors were utilities and telecommunications. The sub-fund gained 7.76%, underperforming the S&P 500 TR by 257 bp. GCM took over the management of the UBAM - Calamos US Growth Fund on 1 November 2013. The sub- fund was renamed UBAM - GCM Midcap US Equity Growth. The transition was very efficient and the sub-fund was repositioned within one business day. In 2013, the sub-fund returned a performance of +26.89% (AC share).
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Q4 2013 was very constructive for Japanese equities. Abenomics and its 3 arrows of aggressive monetary policy (with additional BoJ balance-sheet expansion expected in 2014), flexible fiscal policy (setting public finances onto a sustainable path whilst buffering the short-term negative impact with a procyclical fiscal package) and growth strategy (through structural reforms and deregulation) provided strong support helping Japanese equities to perform well. The yen weakened by 7.16% against the USD in Q4, moving to 105.31. The Topix rose by 9.21%. With the exception of utilities, all sectors gained value. The best-performing sectors were telecommunication services (+23.81%), IT (+15.47%) and financials (+10.26%). The sub-fund gained 6.41%, underperforming the TSE Topix Total Return JPY by 280 bp. Our cash position was detrimental during this very strong quarter. Holdings in the IT sector weighed on the performance. The overweight in telecommunications, a strong sector, failed to contribute due to the stock selection. In 2013, the sub-fund returned a performance of +39.25% (AC share).
UBAM - NEUBERGER BERMAN US EQUITY VALUE In Q4 2013, the US and global economies showed signs of a broad and more synchronized recovery and markets gained momentum. In the US, both housing activity and the manufacturing sector expanded. Employment gains have led to a chronic decline in the unemployment rate, and consumer confidence has increased steadily. The FED has announced it will reduce its bond-buying program, housing starts have exceeded one million units and an optimistic view is now broadly shared as we enter the New Year. The S&P 500 NR rose by 10.33% in Q4. All sectors were positive during the quarter with industrials, IT and consumer discretionary leading. The worst sectors were utilities and telecommunications. The sub-fund gained 6.79%, underperforming the S&P 500 NR by 354 bp. The main detractors were the energy holdings, more precisely Anadarko, Pioneer, Seadrill and EOG. The sub-fund's underperformance was partially offset by the very strong performance of its airline exposure, built over Q3 and Q4. In 2013, the sub-fund returned a performance of +29.16% (AC share).
UBAM - RUSSIAN EQUITY The MSCI Russia 10/40 NR posted +1.18% in Q4. October was a benign month for Russian equities which stayed on their positive trend and followed the general outperformance of EM markets. In terms of sectors, financials, telecoms, and consumer segments showed strong returns. In November the main equity indices were among the leaders of the decline in the EM universe. The rouble declined, counter-intuitively going against the strengthening Brent. US QE tapering fears occupied the minds of investors more and more. The Russian equity market ended December in the black supported by higher oil, a stronger currency, and Christmas. The smallcap segment of the market did particularly well. In terms of sectors, industrials, materials, real estate and utilities were the top performers. Besides economics, the news is gradually being dominated by the Winter Olympics, to take place in Sochi in February 2014. Over the quarter UBAM - Russian Equity (IC share class) rose by 4.87%, outperforming the MSCI 10/40 NR by 364 bp. In 2013, the sub-fund returned a performance of +4.42% (AC share).
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Report of the Board of Directors (continued)
UBAM - SNAM JAPAN EQUITY VALUE (formerly UBAM - IFDC JAPAN EQUITY) Q4 2013 was very constructive for Japanese equities. Abenomics and its 3 arrows of aggressive monetary policy (with additional BoJ balance-sheet expansion expected in 2014), flexible fiscal policy (setting public finances onto a sustainable path whilst buffering the short-term negative impact with a pro-cyclical fiscal package) and growth strategy (through structural reforms and deregulation) provided strong support helping Japanese equities to perform well. The yen weakened by 7.16% against the USD in Q4, moving to 105.31. The Topix rose by 9.21%. With the exception of utilities, all sectors gained value. The best-performing sectors were telecommunication services (+23.81%), IT (+15.47%) and financials (+10.26%). The sub-fund gained 8.56%, slightly underperforming the TSE Topix Total Return JPY by 65 bp. While only being an outcome of the stock-picking, the large overweight in materials (mostly steel) and the small underweight in telecommunication services weighed the most on the relative performance. In 2013, the sub-fund returned a performance of +56.94% (AC share).
UBAM - SWISS EQUITY The Swiss equity index closed the year up by 24.6%, mainly supported by the upward revisions to Swiss economic growth forecasts and by Switzerland's trading partners. The Swiss index put in other strong performance in Q4, which consolidated its position among the leading global indices. We are confident for 2014 and see the Swiss market developing further, with the SPI gaining around 20% again, underpinned by double-digit earnings growth, favourable forex markets, lower risk premiums on the equity market and dividend yields still attractive. As regards sectors, technology gained 22.4%, telecoms 8.3% and industrials 6.3% over the quarter. In 2013, the sub-fund returned a performance of +27.18% (AC share).
UBAM - TURKISH EQUITY Turkish equities had a poor fourth quarter with the MSCI Turkey 10/40 IMI USD Net Return down 13.88%. The quarter started well and Turkish financial market sentiment was still improving in October. We believe the main reason behind the improvement was the expectation that QE tapering would be delayed further. In November the main highlight of the month was the Monetary Policy Meeting, where the Central Bank of Turkey signalled that the BIST interbank O/N rate would be the - new- policy rate. In December, the main index plummeted 10%, mainly due to local political events coupled with the FED's decision to start tapering. The lira performed poorly, two-year yields increased and the 5-year CDS spread increased to 244 bp. Over the quarter the UBAM - Turkish Equity (IC) sub- fund lost 12.68%, outperforming its benchmark by 120 bp. In 2013, the sub-fund returned a performance of -25.43% (AC share).
UBAM - MULTIFUNDS EMERGING MARKETS UBAM - MULTIFUNDS EMERGING MARKETS is a new sub-fund. UBAM - MULTIFUNDS EMERGING MARKETS aims at achieving long-term capital appreciation that outperforms the EM equities markets, with a comparable risk. UBAM - Multifunds Emerging Markets is a portfolio of sub-funds in EM equities, run by the top specialists of each region. The assets are allocated to five asset classes, according to geographic area i.e. "Global EM", "Asia", "Latin America", "Eastern Europe" and "Middle East & Africa". In each of these categories, the managers are selected for the quality of their management and their adherence to an investment strategy. Geographical asset allocation among different emerging countries is dynamic. The combination is a result of our risk management, which takes into account each manager's individual bets, while avoiding accumulation or compensation.
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Report of the Board of Directors (continued)
1.3. Outlook
World growth should reach 3.6% in 2014 as the recovery that started in the second half of 2013 in developed countries takes root. The US should achieve a growth rate close to 3% as consumer spending carries on strengthening and corporate investment resumes. Unlike in 2013, fiscal policy should not be a drag on economic actors and, under the impulse of the wealth effect and the receding unemployment, the economy should settle into a cycle of steady, self-sustained growth. The eurozone is expected to start growing again in 2014, driven by the rebound in Germany, which still has excellent fundamentals, but also by the spreading recovery in the peripheral countries. Their reforms have paid off and will allow some countries to gradually pull out of the European aid programmes and retrieve their place on the financial markets in 2014.
The average economic growth rate in emerging countries is still higher than in the developed world, but there are big differences between countries and weak spots remain. China, for instance, has launched an ambitious medium-term reform package, but its economy will remain slack for several quarters, with growth stuck between 7% and 7.5%. India and Brazil have yet to implement their reforms, so they are still plagued by risks to activity and the refinancing of their economies.
Inflation is set to stay low in 2014 and despite the recovery wages will stay contained in developed countries. The lack of a sharp rebound in emerging countries should keep commodity prices low, which will fuel pronounced disinflation in developed countries.
Given this, central banks will maintain their monetary stimulus and accommodative policies. Whilst gradually winding down its bond purchasing in 2014, the FED will keep a close eye on the stability of the recovery and make it clear in its communications that there will be no interest rate hikes in 2014. The ECB and the BoJ are expected to continue their aggressive stimulus: further liquidity injections in the eurozone and stepped-up bond-buying in Japan. The central banks in emerging countries still have to battle against inflation and stabilise their currencies or, as in the case of China, strengthen their banking sector, before they can think about boosting economic activity.
The financial and monetary context should therefore remain favourable to equities this year, especially in developed countries, as economic activity resumes, helped by low inflation and accommodative monetary policy. Earnings growth should near 10% and, thanks to low short-term interest rates, valuations still have room to increase in 2014. The best opportunities will be in areas and companies that offer the most attractive growth prospects. Two main themes stand out: one is the recovery of the eurozone’s peripheral countries, which should see their spreads ease further and their markets normalise; the other is the digitalisation of the economy with new products and new production processes promising firm growth both in the developed countries – by creating a new productivity cycle – and in the emerging world – with the development of e-commerce and m-commerce.
The corporate bond sector is still likely to generate better opportunities than sovereign debt. Long-term interest rates should gradually rise as developed countries recover, while corporate balance sheets should stay generally sound. Against this backdrop the default rate should remain very low in the high- yield segment.
In 2014 the dollar should at last appreciate against the other major currencies. The stronger economic growth in the US, the less aggressive FED monetary policy and the more decisive stimulus in Europe and Japan should help the dollar break out of the channel it was stuck in against the euro towards the end of the year. Lastly, gold’s prospects are not appealing as systemic risks are waning and inflation is not a threat for the time being. The metal can be an insurance policy against any unforeseen events that could upset the economic and financial recovery scenario.
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Report of the Board of Directors (continued)
2. EVOLUTION OF ACTIVITY AND OF THE FINANCIAL SITUATION
NET ASSETS AND PERFORMANCES
Sub-fund Ccy Net assets Net assets Net assets Net Asset Net Asset Net Asset Performance Performance as at as at as at Value per Value per Value per 2012 2013 31/12/11 31/12/12 31/12/13 AC share as AC share as AC share as (mios) (mios) (mios) at 31/12/11 at 31/12/12 at 31/12/13
UBAM - CORPORATE EURO BOND EUR 177.68 207.79 225.86 150.57 169.53 172.37 12.59% 1.68% UBAM - CORPORATE US DOLLAR USD 404.22 494.62 421.45 156.92 172.45 172.77 9.90% 0.19% BOND UBAM - DYNAMIC EURO BOND EUR 152.19 318.16 519.81 242.35 251.47 253.72 3.76% 0.89% UBAM - DYNAMIC US DOLLAR USD 154.91 188.86 433.68 200.79 207.78 210.61 3.48% 1.36% BOND UBAM - EMERGING MARKET BOND USD 165.74 219.26 169.13 143.13 166.34 154.43 16.22% -7.16% UBAM - EMERGING MARKET USD 139.03 169.00 228.08 107.08 122.95 120.15 14.82% -2.28% CORPORATE BOND UBAM - EM HIGH YIELD SHORT USD - - 105.23 - - 103.11 - N.R. DURATION CORPORATE BOND (1) UBAM - GLOBAL BOND (CHF) CHF 35.79 36.11 32.85 1,399.75 1,474.91 1,448.64 5.37% -1.78% UBAM - GLOBAL HIGH YIELD USD 353.60 482.93 1,253.49 99.80 116.65 135.81 16.88% 16.43% SOLUTION UBAM - LOCAL CURRENCY USD 236.79 286.25 171.91 118.64 133.63 121.18 12.63% -9.32% EMERGING MARKET BOND UBAM - UNCONSTRAINED BOND (2) EUR - - 198.98 - - 101.08 - N.R.
UBAM - YIELD CURVE EURO BOND EUR 89.53 90.73 104.69 770.30 854.61 869.39 10.95% 1.73% UBAM - YIELD CURVE STERLING GBP 10.86 10.76 15.16 278.35 284.15 269.45 2.08% -5.17% BOND UBAM - YIELD CURVE US DOLLAR USD 197.14 183.98 172.95 2,433.73 2,484.47 2,389.73 2.08% -3.81% BOND UBAM - EM INVESTMENT GRADE (3) USD - - 8.51 - - 96.26 - N.R. CORPORATE BOND UBAM - EUROPEAN CONVERTIBLE EUR 12.42 8.42 30.18 90.74 104.73 118.74 15.42% 13.38% BOND UBAM - EURO 10-40 CONVERTIBLE EUR 31.91 178.17 443.31 95.14 110.41 120.20 16.05% 8.87% BOND UBAM - GLOBAL CONVERTIBLE (4) EUR - - 27.31 - - 106.49 - N.R. BOND UBAM - 30 GLOBAL LEADERS EQUITY (formerly UBAM - PCM EUR - - 123.85 - - 76.51 - N.R. GLOBAL EQUITY VALUE) (5) UBAM - ASIA EQUITY USD 18.44 20.20 26.97 15.67 20.51 22.08 30.89% 7.65% UBAM - ASIA EQUITY HIGH (6) USD - - 47.73 - - 172.17 - N.R. DIVIDEND UBAM - DR. EHRHARDT GERMAN EUR 83.94 74.41 83.04 1,017.20 1,226.03 1,476.99 20.53% 20.47% EQUITY UBAM - EQUITY BRIC+ USD 87.21 124.87 67.33 68.15 81.13 81.36 19.05% 0.28%
UBAM - EUROPE EQUITY EUR 93.60 154.62 237.88 240.75 281.49 350.53 16.92% 24.53% UBAM - EUROPE EQUITY EUR 36.81 128.14 93.70 100.56 107.37 112.15 6.77% 4.45% DIVIDEND+ UBAM - GCM MID CAP US EQUITY GROWTH (formerly UBAM - USD 257.85 171.54 119.92 248.05 271.29 344.25 9.37% 26.89% CALAMOS US EQUITY GROWTH) UBAM - IFDC JAPAN JPY 986.05 4,544.60 6,493.20 6,333 7,491 10,431 18.29% 39.25% OPPORTUNITIES EQUITY UBAM - NEUBERGER BERMAN US USD 956.46 829.26 821.65 637.57 742.64 959.18 16.48% 29.16% EQUITY VALUE UBAM - RUSSIAN EQUITY USD 28.34 20.58 17.26 85.85 95.47 99.69 11.21% 4.42% UBAM - SNAM JAPAN EQUITY VALUE (formerly UBAM - IFDC JPY 26,771.91 21,058.68 44,393.46 619 720 1,130 16.32% 56.94% JAPAN EQUITY) UBAM - SWISS EQUITY CHF 108.54 156.28 307.07 148.16 180.16 229.12 21.60% 27.18%
UBAM - TURKISH EQUITY USD 44.33 59.86 14.64 77.50 127.60 95.15 64.65% -25.43% UBAM - MULTIFUNDS EMERGING (7) USD - - 52.61 - - 364.41 - N.R. MARKETS
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Report of the Board of Directors (continued)
(1) This sub-fund was launched on 19th August 2013 at a price of USD 100.00. The first calculated net asset value is dated 20th August 2013. (2) This sub-fund was launched on 19th June 2013 at a price of EUR 100.00. The first calculated net asset value is dated 20th June 2013. (3) This sub-fund was launched on 30th January 2013 at a price of USD 100.00. The first calculated net asset value is dated 31st January 2013. (4) This sub-fund was launched on 23rd August 2013 at a price of EUR 100.00. The first calculated net asset value is dated 26th August 2013. (5) Formerly UBAM - PCM Global Equity Value, this sub-fund was launched on 17th January 2013 with a new base currency (please see note 17). (6) This sub-fund was launched on 5th September 2013. The first calculated net asset value of the AC class of shares is dated 6th September 2013. (7) This sub-fund was launched on 5th February 2013. The first calculated net asset value of the AC class of shares is dated 15th April 2013.
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Report of the Board of Directors (continued)
3. PERFORMANCE OVER THE PAST THREE FINANCIAL YEARS
Name Type 2011 2012 2013 UBAM - CORPORATE EURO BOND AC +2.30% +12.59% +1.68% UBAM - CORPORATE EURO BOND AD +2.28% +12.57% +1.70% UBAM - CORPORATE EURO BOND AHC CHF +1.13% +12.19% +1.39% UBAM - CORPORATE EURO BOND ASC - - N.R. UBAM - CORPORATE EURO BOND IC +2.65% +12.98% +2.01% UBAM - CORPORATE EURO BOND ID - - N.R. UBAM - CORPORATE EURO BOND IHC GBP - - N.R. UBAM - CORPORATE EURO BOND ISC - - N.R. UBAM - CORPORATE EURO BOND UC - - N.R. UBAM - CORPORATE EURO BOND RC +1.58% +11.81% +0.97% Merrill Lynch EMU Corporate Large Cap Index +2.02% +13.17% +2.35%
UBAM - CORPORATE US DOLLAR BOND AC +4.44% +9.90% +0.19% UBAM - CORPORATE US DOLLAR BOND AD +4.43% +9.90% +0.19% UBAM - CORPORATE US DOLLAR BOND AHC EUR N.R.+9.53% -0.13% UBAM - CORPORATE US DOLLAR BOND AHC CHF - N.R. -0.45% UBAM - CORPORATE US DOLLAR BOND ASC - - N.R. UBAM - CORPORATE US DOLLAR BOND IC +4.80% +10.27% +0.53% UBAM - CORPORATE US DOLLAR BOND ID - - N.R. UBAM - CORPORATE US DOLLAR BOND IHC EUR N.R.+9.91% +0.16% UBAM - CORPORATE US DOLLAR BOND ISC - - N.R. UBAM - CORPORATE US DOLLAR BOND RC +3.71% +9.12% -0.51% Merrill Lynch US Corporate Large Cap 1-10 Yrs Index +4.80% +9.84% +0.06%
UBAM - DYNAMIC EURO BOND AC -0.07% +3.76% +0.89% UBAM - DYNAMIC EURO BOND AD -0.07% +3.76% +0.88% UBAM - DYNAMIC EURO BOND AHC CHF N.R. +3.42% +0.49% UBAM - DYNAMIC EURO BOND AHC GBP - - N.R. UBAM - DYNAMIC EURO BOND IC +0.18% +4.01% +1.14% UBAM - DYNAMIC EURO BOND IHC CHF - N.R. +0.75% UBAM - DYNAMIC EURO BOND IHC GBP - - N.R. UBAM - DYNAMIC EURO BOND IHD GBP - - N.R. UBAM - DYNAMIC EURO BOND RC - N.R. +0.27% Citigroup EUR 3M Eurodeposit Index +1.17% +0.60% +0.08%
UBAM - DYNAMIC US DOLLAR BOND AC -0.70% +3.48% +1.36% UBAM - DYNAMIC US DOLLAR BOND AD -0.70% +3.48% +1.37% UBAM - DYNAMIC US DOLLAR BOND AHC CHF -1.48%+2.82% +0.89% UBAM - DYNAMIC US DOLLAR BOND AHC GBP - - N.R. UBAM - DYNAMIC US DOLLAR BOND IC -0.45% +3.73% +1.61% UBAM - DYNAMIC US DOLLAR BOND IHC CHF -N.R. +1.13% UBAM - DYNAMIC US DOLLAR BOND IHC GBP - - N.R. UBAM - DYNAMIC US DOLLAR BOND IHD GBP N.R.+3.83% +3.85% UBAM - DYNAMIC US DOLLAR BOND RC -1.39%+2.76% +0.66% Citigroup USD 3M Eurodeposit Index +0.28% +0.41% +0.31%
UBAM - EMERGING MARKET BOND AC +1.26% +16.22% -7.16% UBAM - EMERGING MARKET BOND AD +1.27% +16.22% -7.16% UBAM - EMERGING MARKET BOND AHC EUR +1.44% +15.68% -7.45% UBAM - EMERGING MARKET BOND AHD EUR +1.36% +15.68% -7.44% UBAM - EMERGING MARKET BOND AHC CHF - N.R. -7.76%
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UBAM
Report of the Board of Directors (continued)
Name Type 2011 2012 2013 UBAM - EMERGING MARKET BOND ASC - - N.R. UBAM - EMERGING MARKET BOND AHSC EUR - - N.R. UBAM - EMERGING MARKET BOND IC +2.23% +17.32% -6.29% UBAM - EMERGING MARKET BOND IHC EUR +2.40% +16.78% -6.58% UBAM - EMERGING MARKET BOND RC - N.R. -7.34% JP Morgan EMBIG USD Index +8.46% +18.54% -6.58%
UBAM - EMERGING MARKET CORPORATE BOND AC +0.95% +14.82% -2.28% UBAM - EMERGING MARKET CORPORATE BOND AD +0.97% +14.82% -2.29% UBAM - EMERGING MARKET CORPORATE BOND AHC EUR +1.00% +14.50% -2.57% UBAM - EMERGING MARKET CORPORATE BOND AHD EUR - N.R. -2.56% UBAM - EMERGING MARKET CORPORATE BOND AHC CHF +0.01% +14.10% -2.70% UBAM - EMERGING MARKET CORPORATE BOND ASC - - N.R UBAM - EMERGING MARKET CORPORATE BOND APC +1.38% +13.79% -1.61% UBAM - EMERGING MARKET CORPORATE BOND APHC EUR +1.46% +13.53% -1.91% UBAM - EMERGING MARKET CORPORATE BOND APHC CHF +0.38% +13.19% -2.05% UBAM - EMERGING MARKET CORPORATE BOND IC +1.66% +15.90% -1.36% UBAM - EMERGING MARKET CORPORATE BOND ID - N.R. -1.36% UBAM - EMERGING MARKET CORPORATE BOND IHC EUR +1.70% +15.59% -1.66% UBAM - EMERGING MARKET CORPORATE BOND IHC CHF +0.19% +15.18% -1.79% UBAM - EMERGING MARKET CORPORATE BOND IHSC EUR - - N.R UBAM - EMERGING MARKET CORPORATE BOND IPC +1.92% +14.26% -1.12% UBAM - EMERGING MARKET CORPORATE BOND IPHC EUR +1.95% +13.99% -1.43% UBAM - EMERGING MARKET CORPORATE BOND RC - N.R. -2.78% UBAM - EMERGING MARKET CORPORATE BOND RHC EUR - - N.R JP Morgan Corporate EMBI Diversified USD Index +3.24% +16.95% -1.73%
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AC - - N.R. UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AD - - N.R. UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AHC EUR - - N.R. UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AHC CHF - - N.R. UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) IHC EUR - - N.R. UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) IHC CHF - - N.R.
UBAM - GLOBAL BOND (CHF) AC +1.12% +5.37% -1.78% UBAM - GLOBAL BOND (CHF) AHC EUR +2.40% +5.81% -1.37% UBAM - GLOBAL BOND (CHF) AD +1.11% +5.42% -1.84% ML Global Government Bond Index II hedged CHF Index +5.12% +3.91% -0.74%
UBAM - GLOBAL HIGH YIELD SOLUTION AC -1.83% +16.88% +16.43% UBAM - GLOBAL HIGH YIELD SOLUTION AD +1.78% +16.87% +16.43% UBAM - GLOBAL HIGH YIELD SOLUTION AHC EUR -2.12%+16.12% +15.81% UBAM - GLOBAL HIGH YIELD SOLUTION AHD EUR N.R.+16.13% +15.86% UBAM - GLOBAL HIGH YIELD SOLUTION AHC CHF -3.32%+15.86% +15.62% UBAM - GLOBAL HIGH YIELD SOLUTION AHD CHF -N.R. +15.62% UBAM - GLOBAL HIGH YIELD SOLUTION AHC GBP - - N.R UBAM - GLOBAL HIGH YIELD SOLUTION IC -1.63% +13.81% +16.66% UBAM - GLOBAL HIGH YIELD SOLUTION ID - - N.R UBAM - GLOBAL HIGH YIELD SOLUTION IHC EUR -1.94%+14.17% +16.04% UBAM - GLOBAL HIGH YIELD SOLUTION IHD EUR -1.94%+16.35% +16.04% UBAM - GLOBAL HIGH YIELD SOLUTION IHC CHF -3.13%+16.09% +15.84% UBAM - GLOBAL HIGH YIELD SOLUTION IHC GBP - - N.R UBAM - GLOBAL HIGH YIELD SOLUTION IHD GBP -1.79%+17.18% +16.67%
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UBAM
Report of the Board of Directors (continued)
Name Type 2011 2012 2013 UBAM - GLOBAL HIGH YIELD SOLUTION RC -2.12% +16.52% +16.08% UBAM - GLOBAL HIGH YIELD SOLUTION RHC EUR - - N.R UBAM - GLOBAL HIGH YIELD SOLUTION ZC USD - - N.R
UBAM - LOCAL CURRENCY EMERGING MARKET BOND AC -5.36% +12.63% -9.32% UBAM - LOCAL CURRENCY EMERGING MARKET BOND AD -5.36% +12.63% -9.32% UBAM - LOCAL CURRENCY EMERGING MARKET BOND AHC EUR -5.45% +11.70% -9.78% UBAM - LOCAL CURRENCY EMERGING MARKET BOND AHC CHF - N.R. -9.85% UBAM - LOCAL CURRENCY EMERGING MARKET BOND AHD EUR -5.48% +11.70% -9.78% UBAM - LOCAL CURRENCY EMERGING MARKET BOND IC -4.47% +13.70% -8.47% UBAM - LOCAL CURRENCY EMERGING MARKET BOND ID - N.R. -8.47% UBAM - LOCAL CURRENCY EMERGING MARKET BOND IHC EUR -4.55% +12.76% -8.94% UBAM - LOCAL CURRENCY EMERGING MARKET BOND IHD EUR N.R. +12.69% -8.94% UBAM - LOCAL CURRENCY EMERGING MARKET BOND IHC CHF N.R. +12.52% -9.04% UBAM - LOCAL CURRENCY EMERGING MARKET BOND RC - N.R. -9.78% UBAM - LOCAL CURRENCY EMERGING MARKET BOND RHC EUR - - N.R. JP Morgan GBI-EM Global Diversified USD Index -1.75% +16.76% -8.98%
UBAM - UNCONSTRAINED BOND (2) APC -- N.R. UBAM - UNCONSTRAINED BOND (2) APD -- N.R. UBAM - UNCONSTRAINED BOND (2) APHC CHF -- N.R. UBAM - UNCONSTRAINED BOND (2) APHC USD -- N.R. UBAM - UNCONSTRAINED BOND (2) APHC GBP -- N.R. UBAM - UNCONSTRAINED BOND (2) APHD GBP -- N.R. UBAM - UNCONSTRAINED BOND (2) IPC -- N.R. UBAM - UNCONSTRAINED BOND (2) IPHC CHF -- N.R. UBAM - UNCONSTRAINED BOND (2) IPHC USD -- N.R. UBAM - UNCONSTRAINED BOND (2) RC -- N.R.
UBAM - YIELD CURVE EURO BOND AC +2.92% +10.95% +1.73% UBAM - YIELD CURVE EURO BOND AD +2.91% +10.92% +1.75% UBAM - YIELD CURVE EURO BOND IC +3.38% +11.43% +2.18% UBAM - YIELD CURVE EURO BOND RC +2.41% +11.75% +1.30% ML EMU DIRECT Gvts AAA 1-30 Yrs in Euro Index +3.34% +11.12% +2.30%
UBAM - YIELD CURVE STERLING BOND AC +15.47% +2.08% -5.17% UBAM - YIELD CURVE STERLING BOND AD +15.46% +2.09% -5.17% UBAM - YIELD CURVE STERLING BOND IC N.R. +2.63% -4.69% Merrill Lynch UK Gilts 1-30 Years in GBP Index +16.92% +2.80% -4.25%
UBAM - YIELD CURVE US DOLLAR BOND AC +8.45% +2.08% -3.81% UBAM - YIELD CURVE US DOLLAR BOND AD +8.44% +2.08% -3.81% UBAM - YIELD CURVE US DOLLAR BOND IC +8.93% +2.53% -3.39% UBAM - YIELD CURVE US DOLLAR BOND RC +7.91% +1.66% -4.29% ML US Treasury Master 1-30 Yrs in USD Index +9.79% +2.16% -3.35%
UBAM - EM INVESTMENT GRADE CORP BOND (3) AC - - N.R. UBAM - EM INVESTMENT GRADE CORP BOND (3) ASC - - N.R. UBAM - EM INVESTMENT GRADE CORP BOND (3) IC - - N.R. UBAM - EM INVESTMENT GRADE CORP BOND (3) ISC - - N.R. UBAM - EM INVESTMENT GRADE CORP BOND (3) IHSC EUR - - N.R. UBAM - EM INVESTMENT GRADE CORP BOND (3) RC - - N.R. JPM Corporate EMBI Diversified Investment Grade Index Index - +15.11% -2.36%
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UBAM
Report of the Board of Directors (continued)
Name Type 2011 2012 2013
UBAM - EUROPEAN CONVERTIBLE BOND AC -9.59% +15.42% +13.38% UBAM - EUROPEAN CONVERTIBLE BOND AD N.R. +15.41% +13.40% UBAM - EUROPEAN CONVERTIBLE BOND AHC CHF - - N.R. UBAM - EUROPEAN CONVERTIBLE BOND AHC USD - N.R. +13.69% UBAM - EUROPEAN CONVERTIBLE BOND IC -9.23% +16.36% +13.96% UBAM - EUROPEAN CONVERTIBLE BOND RC - N.R. +12.92%
UBAM - EURO 10-40 CONVERTIBLE BOND AC -5.31% +16.05% +8.87% UBAM - EURO 10-40 CONVERTIBLE BOND AD -5.33% +16.05% +8.85% UBAM - EURO 10-40 CONVERTIBLE BOND AHC CHF -6.29% +15.61% +8.60% UBAM - EURO 10-40 CONVERTIBLE BOND AHC USD - - N.R. UBAM - EURO 10-40 CONVERTIBLE BOND AHC GBP - - N.R. UBAM - EURO 10-40 CONVERTIBLE BOND IC -4.94% +16.63% +9.40% UBAM - EURO 10-40 CONVERTIBLE BOND ID - N.R. +9.40% UBAM - EURO 10-40 CONVERTIBLE BOND IHC CHF - N.R. +9.14% UBAM - EURO 10-40 CONVERTIBLE BOND IHC USD - N.R. +9.52% UBAM - EURO 10-40 CONVERTIBLE BOND IHD USD - N.R. +9.52% UBAM - EURO 10-40 CONVERTIBLE BOND IHD GBP N.R. +16.76% +9.83% UBAM - EURO 10-40 CONVERTIBLE BOND RC - N.R. +7.88%
UBAM - GLOBAL CONVERTIBLE BOND (4) AC - - N.R. UBAM - GLOBAL CONVERTIBLE BOND (4) AHC CHF - - N.R. UBAM - GLOBAL CONVERTIBLE BOND (4) AHC USD - - N.R. UBAM - GLOBAL CONVERTIBLE BOND (4) AHC GBP - - N.R. UBAM - GLOBAL CONVERTIBLE BOND (4) IC - - N.R. UBS CONVERTIBLES GLOBAL (USD) Index -6.74% +13.76% +18.34%
UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AC - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AD - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AHC - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AHC CHF - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AC USD - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AHC USD - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** AHC GBP - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** IC - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** IHC - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** IC USD - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** IHC USD - - N.R. UBAM - 30 GLOBAL LEADERS EQUITY (5) ** RC - - N.R. MSCI AC World Net Return Index -7.35% +16.13% +22.80%
UBAM - ASIA EQUITY AC -34.93% +30.89% +7.65% UBAM - ASIA EQUITY AC EUR N.R. +28.83% +3.02% UBAM - ASIA EQUITY APC USD - - N.R. UBAM - ASIA EQUITY IPC N.R. +32.55% +9.01% UBAM - ASIA EQUITY RC -35.60% +29.61% +6.58% MSCI AC Asia ex-Japan Net Return Composite Index -16.56% +22.36% +3.07%
UBAM - ASIA EQUITY HIGH DIVIDEND (6) AC - - N.R. UBAM - ASIA EQUITY HIGH DIVIDEND (6) AD - - N.R. UBAM - ASIA EQUITY HIGH DIVIDEND (6) IC - - N.R. UBAM - ASIA EQUITY HIGH DIVIDEND (6) ID - - N.R.
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UBAM
Report of the Board of Directors (continued)
Name Type 2011 2012 2013 UBAM - ASIA EQUITY HIGH DIVIDEND (6) IC EUR -- N.R. MSCI AC Asia EX Japan High Dividend Yield Net Index in USD Index - - -0.06%
UBAM - DR. EHRHARDT GERMAN EQUITY AC -14.65% +20.53% +20.47% UBAM - DR. EHRHARDT GERMAN EQUITY IC -14.01% +21.43% +21.36% UBAM - DR. EHRHARDT GERMAN EQUITY RC -15.49% +19.33% +19.27% DAX 30 Total Return Index -14.69% +29.06% +25.48%
UBAM - EQUITY BRIC+ APC -25.86% +19.05% +0.28% UBAM - EQUITY BRIC+ APD -25.85% +19.05% +0.28% UBAM - EQUITY BRIC+ APC EUR N.R. +17.20% -4.05% UBAM - EQUITY BRIC+ APC CHF - N.R. -2.56% UBAM - EQUITY BRIC+ IPC -25.36% +19.93% +1.03% UBAM - EQUITY BRIC+ IPC EUR N.R. +18.08% -3.33% UBAM - EQUITY BRIC+ RC -26.35% +18.08% -0.50% UBAM - EQUITY BRIC+ ZC - - N.R. MSCI BRIC Net Return Index -22.85% +14.54% -3.53%
UBAM - EUROPE EQUITY AC -8.40% +16.92% +24.53% UBAM - EUROPE EQUITY AD - N.R. +24.53% UBAM - EUROPE EQUITY AC CHF - N.R. +26.46% UBAM - EUROPE EQUITY AC USD -- N.R. UBAM - EUROPE EQUITY AC GBP - - N.R. UBAM - EUROPE EQUITY IC -7.71% +17.80% +25.46% UBAM - EUROPE EQUITY ID - N.R. +25.45% UBAM - EUROPE EQUITY RC -9.25% +16.05% +23.91% MSCI Europe Net Return Index -8.08% +17.29% +19.82%
UBAM - EUROPE EQUITY DIVIDEND+ AC +0.56% +6.77% +4.45% UBAM - EUROPE EQUITY DIVIDEND+ AD +0.56% +4.38% +4.38% UBAM - EUROPE EQUITY DIVIDEND+ AHC EUR -- N.R. UBAM - EUROPE EQUITY DIVIDEND+ AC CHF +0.87%+6.16% +6.07% UBAM - EUROPE EQUITY DIVIDEND+ AD CHF -N.R. +6.01% UBAM - EUROPE EQUITY DIVIDEND+ AHC CHF -N.R. +5.84% UBAM - EUROPE EQUITY DIVIDEND+ AHD CHF -N.R. +5.78% UBAM - EUROPE EQUITY DIVIDEND+ AC USD +0.43%+8.45% +9.16% UBAM - EUROPE EQUITY DIVIDEND+ AD USD -N.R. +9.10% UBAM - EUROPE EQUITY DIVIDEND+ AHC USD -N.R. +5.75% UBAM - EUROPE EQUITY DIVIDEND+ AHD USD -- N.R. UBAM - EUROPE EQUITY DIVIDEND+ AC SEK -N.R. +7.79% UBAM - EUROPE EQUITY DIVIDEND+ AHC SEK -- N.R. UBAM - EUROPE EQUITY DIVIDEND+ IC +0.61% +7.57% +5.22% UBAM - EUROPE EQUITY DIVIDEND+ ID +0.60% +5.15% +5.15% UBAM - EUROPE EQUITY DIVIDEND+ IHC EUR -- N.R. UBAM - EUROPE EQUITY DIVIDEND+ IC CHF -N.R. +6.84% UBAM - EUROPE EQUITY DIVIDEND+ ID CHF -0.22%+6.79% +6.79% UBAM - EUROPE EQUITY DIVIDEND+ IC USD -- N.R. UBAM - EUROPE EQUITY DIVIDEND+ ID USD +1.07%+9.90% +9.90% UBAM - EUROPE EQUITY DIVIDEND+ IHD USD -N.R. +6.47% UBAM - EUROPE EQUITY DIVIDEND+ IC GBP - N.R. +7.94% UBAM - EUROPE EQUITY DIVIDEND+ ID GBP - N.R. +7.85% UBAM - EUROPE EQUITY DIVIDEND+ IHC GBP -N.R. +6.87% UBAM - EUROPE EQUITY DIVIDEND+ IHD GBP -N.R. +6.81%
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UBAM
Report of the Board of Directors (continued)
Name Type 2011 2012 2013 UBAM - EUROPE EQUITY DIVIDEND+ RC - N.R. +3.92% UBAM - EUROPE EQUITY DIVIDEND+ RD - N.R. +3.86% MSCI Europe High Dividend Yield Net Return EUR Index +3.61% +6.44% +19.36%
UBAM - GCM MIDCAP US EQUITY GROWTH *** AC -8.32% +9.37% +26.89% UBAM - GCM MIDCAP US EQUITY GROWTH *** AD - N.R. +26.89% UBAM - GCM MIDCAP US EQUITY GROWTH *** AHC EUR N.R. +7.70% +25.62% UBAM - GCM MIDCAP US EQUITY GROWTH *** AHC CHF - - N.R. UBAM - GCM MIDCAP US EQUITY GROWTH *** IC -7.63% +10.18% +27.84% UBAM - GCM MIDCAP US EQUITY GROWTH *** IHC EUR -8.95% +8.51% +26.61% UBAM - GCM MIDCAP US EQUITY GROWTH *** IHC CHF N.R. +8.34% +24.40% UBAM - GCM MIDCAP US EQUITY GROWTH *** RC -9.22% +8.27% +25.64% Russel Mid Cap Growth Net Return* Index +1.62% +15.22% +31.43%
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY APC -5.63% +18.29% +39.25% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY APHC EUR - N.R. +33.08% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY APHC CHF - N.R. +32.53% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY APHC USD - N.R. +32.54% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY IPC -4.94% +19.17% +40.28% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY IPHC EUR - - N.R. UBAM - IFDC JAPAN OPPORTUNITIES EQUITY IPHC USD - - N.R. UBAM - IFDC JAPAN OPPORTUNITIES EQUITY RC -6.54% +17.14% +37.81% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY RHC EUR - - N.R. TSE Topix Total Return JPY Index -17.00% +20.86% +54.41%
UBAM - NEUBERGER BERMAN US EQUITY VALUE AC -4.94% +16.48% +29.16% UBAM - NEUBERGER BERMAN US EQUITY VALUE AD - N.R. +29.16% UBAM - NEUBERGER BERMAN US EQUITY VALUE AHC EUR -6.52%+15.16% +27.91% UBAM - NEUBERGER BERMAN US EQUITY VALUE AHC CHF - N.R. +27.74% UBAM - NEUBERGER BERMAN US EQUITY VALUE IC -4.23% +17.35% +30.12% UBAM - NEUBERGER BERMAN US EQUITY VALUE ID -4.23% +17.34% +30.12% UBAM - NEUBERGER BERMAN US EQUITY VALUE IHC EUR -5.83%+16.01% +28.86% UBAM - NEUBERGER BERMAN US EQUITY VALUE IHD GBP -5.27%+16.69% +29.87% UBAM - NEUBERGER BERMAN US EQUITY VALUE RC -5.88% +15.32% +27.88% UBAM - NEUBERGER BERMAN US EQUITY VALUE RHC EUR - - N.R. S&P 500 Net Return Index +1.62% +15.22% +31.55%
UBAM - RUSSIAN EQUITY AC -26.09% +11.21% +4.42% UBAM - RUSSIAN EQUITY AD - N.R. +4.41% UBAM - RUSSIAN EQUITY AC EUR -26.98% +9.57% -0.10% UBAM - RUSSIAN EQUITY RC - N.R. +4.94% MSCI Russia 10/40 Net Return Index -23.66% +14.37% -1.84%
UBAM - SNAM JAPAN EQUITY VALUE **** AC -18.01% +16.32% +56.94% UBAM - SNAM JAPAN EQUITY VALUE **** AD - N.R. +56.80% UBAM - SNAM JAPAN EQUITY VALUE **** AHC EUR -18.24% +14.62% +53.86% UBAM - SNAM JAPAN EQUITY VALUE **** AHD EUR -18.20% +14.79% +53.62% UBAM - SNAM JAPAN EQUITY VALUE **** AHC USD - N.R. +53.78% UBAM - SNAM JAPAN EQUITY VALUE **** AHC SEK - - N.R. UBAM - SNAM JAPAN EQUITY VALUE **** IC -17.46% +17.20% +58.18% UBAM - SNAM JAPAN EQUITY VALUE **** IHC EUR -17.56% +15.55% +54.98% UBAM - SNAM JAPAN EQUITY VALUE **** IHC USD - - N.R. UBAM - SNAM JAPAN EQUITY VALUE **** RC -18.89% +15.20% +55.32%
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Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B.P.1173 L-1011 Luxembourg
Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu
REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ
To the Shareholders of UBAM
Following our appointment by the general meeting of the shareholders of 17th April 2013, we have audited the accompanying financial statements of UBAM (the ‘’SICAV’’) and of each of its sub-funds, which comprise the consolidated statement of net assets, the statement of net assets and the statement of investments and other net assets as at 31st December 2013 and the consolidated statement of operations, the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.
Board of Directors of the SICAV’s responsibility for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the réviseur d’entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 Page 34
Deloitte.
Opinion In our opinion, the financial statements give a true and fair view of the financial position of UBAM and of each of its sub-funds as of 31st December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
For Deloitte Audit, Cabinet de revision agree
Luxembourg, 15th April 2014 560, rue de Neudorf L-2220 Luxembourg
Societe a responsabilite limitee au capital de 35.000 EUR RCS Luxembourg B 67.895 Page 35 UBAM Combined Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 5,834,893,182.52 Securities portfolio at market value Note 2 5,418,399,982.76 Options contracts at market value Note 2, 12 8,816.83 Deposits on futures and options contracts 11,393,467.74 Cash at banks 203,853,658.71 Other liquid assets 68,534,918.84 Interest receivable on swap contracts 1,584,019.11 Interest receivable on bonds and other debt securities 31,175,894.95 Formation expenses, net Note 2 6,318.29 Receivable on issues of shares 3,462,455.68 Dividends receivable 1,130,621.85 Unrealised gain on forward foreign exchange contracts Note 2, 9 10,349,155.37 Unrealised gain on futures contracts Note 2, 10 2,356,323.33 Unrealised gain on swap contracts Note 2, 11 82,154,464.44 Receivable on treasury transactions Note 2 15,160.72 Other receivables 467,923.90 Liabilities 100,263,476.66 Short option contracts at market value Note 2, 12 2,932,249.67 Bank liabilities 10,251,726.40 Other liquid liabilities 68,740,679.33 Payable on redemptions of shares 2,916,102.21 Unrealised loss on forward foreign exchange contracts Note 2, 9 172,298.70 Unrealised loss on futures contracts Note 2, 10 524,173.20 Unrealised loss on swap contracts Note 2, 11 1,607.30 Payable on treasury transactions Note 2 177.48 Payable on swap contracts 61,075.51 Interest payable on bank liabilities and expenses payable 14,663,386.86 Net assets at the end of the year 5,734,629,705.86
The accompanying notes are an integral part of these financial statements. Page 36 UBAM Combined Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013
Expressed in EUR
Income 149,209,803.79 Dividends, net Note 2 31,079,981.29 Interest on bonds and other debt securities, net Note 2 79,479,425.10 Interest on bank accounts 47,389.99 Bank interest on time deposits 1,233.93 Interest received on swap contracts 38,054,307.35 Other income 547,466.13 Expenses 67,893,121.85 Advisory fees Note 4 17,540,699.85 Management fees Note 3 19,566,507.62 Custodian fees 7,364,095.83 Subscription duty ("taxe d'abonnement") Note 6 1,572,575.74 Central administration costs 4,586,115.40 Performance fees Note 5 461,674.09 Audit fees 243,268.96 Interest paid on bank liabilities 160,506.12 Legal fees 165,809.14 Transaction fees Note 2 10,273,568.55 Other administration costs Note 7, 8 3,472,493.03 Banking charges and other fees 282,678.99 Interest paid on swap contracts 1,344,646.15 Other expenses 858,482.38 Net investment income 81,316,681.94 Net realised gain/(loss) on: - securities portfolio Note 2 185,466,875.14 - options Note 2 18,751,525.04 - forward foreign exchange contracts Note 2 67,684,943.66 - futures contracts Note 2 -2,172,234.59 - swap contracts Note 2 -26,836,508.59 - foreign exchange Note 2 -31,194,913.38 Realised result 293,016,369.22 Net variation of the unrealised gain/(loss) on: - securities portfolio 147,439,755.56 - options -1,255,770.04 - forward foreign exchange contracts -5,974,285.12 - futures contracts 2,043,179.34 - swap contracts 79,355,971.02 Result of operations 514,625,219.98 Dividends paid Note 15 -15,674,159.43 Subscriptions capitalisation shares 3,514,813,749.44 Subscriptions distribution shares 392,174,767.42 Redemptions capitalisation shares -2,380,260,283.73 Redemptions distribution shares -176,624,887.92 Total changes in net assets 1,849,054,405.76
Revaluation difference Note 2 -157,686,987.57
The accompanying notes are an integral part of these financial statements. Page 37 UBAM Combined Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013
Expressed in EUR
Total net assets at the beginning of the year 4,043,262,287.67
Total net assets at the end of the year 5,734,629,705.86
The accompanying notes are an integral part of these financial statements. Page 38 UBAM - CORPORATE EURO BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 226,385,145.93 Securities portfolio at market value Note 2 218,778,016.36 Options contracts at market value Note 2, 12 1,158.49 Deposits on futures and options contracts 709,135.24 Cash at banks 1,006,900.08 Other liquid assets 200,000.00 Interest receivable on swap contracts 32,619.44 Interest receivable on bonds and other debt securities 4,777,246.05 Unrealised gain on forward foreign exchange contracts Note 2, 9 41,334.52 Unrealised gain on futures contracts Note 2, 10 296,008.43 Unrealised gain on swap contracts Note 2, 11 542,727.32 Liabilities 521,009.94 Short option contracts at market value Note 2, 12 6.60 Payable on redemptions of shares 44,128.88 Interest payable on bank liabilities and expenses payable 476,874.46 Net assets at the end of the year 225,864,135.99
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 882,991.446 163,396.027 352,879.257 693,508.216 Distribution shares 24,369.739 9,286.549 7,119.000 26,537.288
AH CHF shares Capitalisation shares 8,839.246 1,455.000 4,586.246 5,708.000
AS shares Capitalisation shares 0.000 368,344.000 6,865.000 361,479.000
I shares Capitalisation shares 294,500.668 168,110.613 209,121.000 253,490.281 Distribution shares 0.000 34,478.000 5,933.000 28,545.000
IH GBP shares Capitalisation shares 0.000 59,800.000 0.000 59,800.000
IS shares Capitalisation shares 0.000 56,565.250 4,000.000 52,565.250
U shares Capitalisation shares 0.000 5,506.000 1,218.000 4,288.000
R shares Capitalisation shares 6,216.013 244.495 1,528.773 4,931.735
The accompanying notes are an integral part of these financial statements. Page 39 UBAM - CORPORATE EURO BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 225,864,135.99 207,789,106.94 177,676,712.77
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 693,508.216 882,991.446 832,776.082 Net asset value per share 172.37 169.53 150.57 Distribution shares Number of shares outstanding 26,537.288 24,369.739 19,579.707 Net asset value per share 105.15 107.67 99.77 Dividend per share 4.29 4.34 3.92
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 5,708.000 8,839.246 2,065.000 Net asset value per share 255.19 251.70 224.35
AS shares EUR EUR EUR Capitalisation shares Number of shares outstanding 361,479.000 - - Net asset value per share 101.23 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 253,490.281 294,500.668 310,601.668 Net asset value per share 182.33 178.73 158.19 Distribution shares Number of shares outstanding 28,545.000 - - Net asset value per share 182.33 - -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 59,800.000 - - Net asset value per share 103.33 - -
IS shares EUR EUR EUR Capitalisation shares Number of shares outstanding 52,565.250 - - Net asset value per share 101.34 - -
U shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,288.000 - - Net asset value per share 182.26 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,931.735 6,216.013 5,728.707 Net asset value per share 161.01 159.47 142.63
The accompanying notes are an integral part of these financial statements. Page 40 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 212,769,080.09 218,778,016.36 4,777,831.67 96.86 dealt in on another regulated market Bonds 177,751,500.25 181,813,312.21 4,037,920.74 80.49 Euro 177,751,500.25 181,813,312.21 4,037,920.74 80.49 500,000 ABB FINANCE 2.625 12-19 26/03A 524,550.00 519,275.00 10,068.49 0.23 300,000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A 294,168.00 305,661.00 5,979.45 0.14 500,000 ABERTIS INFRAESTRUCT. 5.125 07-17 12/06A 546,600.00 557,325.00 14,181.51 0.25 1,000,000 ABN AMRO EMTN 7.125 12-22 06/07A 1,215,230.00 1,203,040.00 34,746.58 0.53 1,000,000 ALLIANDER 2.25 12-22 14/11A 996,280.00 977,830.00 2,897.26 0.43 2,000,000 ALLIED IRISH REGS 2.875 13-16 28/11A 1,996,400.00 1,995,260.00 5,198.63 0.88 1,000,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 1,078,300.00 1,069,380.00 29,845.89 0.47 1,250,000 AMERICAN INTL GRP 29 5.00 07-17 26/06A 1,406,345.00 1,394,200.00 32,191.78 0.62 500,000 ANGLO AMER CAPITAL 3.50 12-22 28/03A 518,630.00 501,755.00 13,328.77 0.22 1,000,000 ANHEUSER BUSCH 4.00 11-21 02/06A 1,009,300.00 1,111,300.00 23,232.88 0.49 250,000 ARCELORMITTAL SA 9.375 09-16 03/06A 288,025.00 299,552.50 15,355.31 0.13 1,000,000 ASF SA EMTN 7.375 09-19 20/03A 1,284,500.00 1,263,630.00 57,787.67 0.56 1,000,000 ASSICURAZ GENERALI 5.125 09-24 16/09A 1,022,550.00 1,089,640.00 14,883.56 0.48 500,000 ASSICURAZ GENERALI 7.75 12-42 12/12A 581,250.00 576,255.00 2,017.12 0.26 1,500,000 ATLANTIA 3.625 12-18 30/11A 1,578,525.00 1,581,720.00 4,618.15 0.70 500,000 ATT T 3.55 12-32 17/12A 498,730.00 480,090.00 680.82 0.21 2,500,000 BANK OF AMERICA CORP 4.625 10-17 07/08A 2,674,820.00 2,762,575.00 46,250.00 1.22 500,000 BANK OF AMERICA CORP EMTN 7.00 09-16 15/06A 528,575.00 569,575.00 19,082.19 0.25 250,000 BANQUE PSA FINANCE 4.25 11-16 25/02A 259,725.00 261,012.50 8,994.86 0.12 1,000,000 BARCLAYS BANK PLC EMTN 4.875 09-19 13/08A 1,177,560.00 1,158,060.00 18,698.63 0.51 500,000 BARCLAYS BANK PLC REG-S SUB 6.00 08-18 23/01A 495,230.00 564,345.00 28,109.59 0.25 500,000 BAT HOLDINGS BV 4.00 10-20 07/07A 560,135.00 554,210.00 9,698.63 0.25 500,000 BAT HOLDINGS BV EMTN 2.375 12-23 19/01A 490,970.00 486,750.00 13,241.44 0.22 1,500,000 BBVA SENIOR FIN 4.375 12-15 21/09A 1,565,100.00 1,578,225.00 18,159.25 0.70 900,000 BBVA SENIOR FIN EMTN 3.75 13-18 17/01A 895,487.00 957,429.00 32,178.08 0.42 2,000,000 BFCM 1.625 13-18 11/01A 1,997,620.00 1,999,900.00 31,520.55 0.89 1,000,000 BFCM EMTN 3.75 12-22 23/08A 993,850.00 1,047,490.00 11,575.34 0.46 700,000 BFCM EMTN 4.00 10-20 22/10A 731,150.00 742,707.00 5,369.86 0.33 1,000,000 BHP BILLITON FINANCE 2.25 12-20 25/09A 1,001,930.00 1,003,650.00 5,979.45 0.44 1,000,000 BMW FINANCE 3.25 12-19 14/01A 1,083,880.00 1,075,220.00 31,253.42 0.48 1,000,000 BNP PARIBAS 2.50 12-19 23/08A 995,570.00 1,030,440.00 8,904.11 0.46 500,000 BNP PARIBAS 7.781 08-XX 02/07A 512,500.00 582,860.00 19,399.21 0.26 700,000 BOUYGUES 3.641 10-19 29/10A 757,050.00 755,209.00 4,399.13 0.33 2,000,000 BP CAPITAL 2.994 12-19 18/02A 2,145,800.00 2,112,040.00 51,841.32 0.94 2,000,000 BP CAPITAL MKTS PLC 3.83 10-17 06/10A 2,075,000.00 2,182,140.00 18,048.22 0.97 1,000,000 BPCE 4.50 12-22 10/02A 1,053,200.00 1,144,440.00 39,945.21 0.51 250,000 CARLSBERG BREWERIES 2.625 12-19 03/07A 260,250.00 254,682.50 3,254.28 0.11 1,000,000 CARLSBERG BREWERIES 2.625 12-22 15/11A 994,800.00 975,000.00 3,308.22 0.43 1,250,000 CARREFOUR EMTN 4.00 10-20 09/04A 1,353,742.50 1,364,087.50 36,438.36 0.60 900,000 CASINO GUICHARD 3.157 12-19 06/08A 930,600.00 933,453.00 11,443.04 0.41 600,000 CASINO GUICHARD 4.726 11-21 26/05A 665,040.00 672,102.00 17,013.60 0.30 1,000,000 CIE SAINT GOBAIN EMTN 4.00 10-18 08/10A 1,095,115.00 1,093,100.00 9,205.48 0.48 2,000,000 CITIGROUP INC 7.375 09-19 04/09A 2,319,037.50 2,547,920.00 47,684.93 1.13 300,000 CLOVERIE PLC SWISS RE 6.625 12-42 01/09A 297,387.00 362,370.00 6,588.70 0.16 650,000 CNCEP PERP 6.117 07-XX 30/10A 667,725.00 689,351.00 7,005.22 0.31 500,000 COMMERZBANK EMTN 3.625 12-17 10/07A 499,380.00 534,850.00 8,640.41 0.24 1,300,000 CRCAM EMTN SUB 3.90 10-21 19/04A 1,322,217.00 1,361,399.00 35,559.45 0.60 3,000,000 CREDIT AGRICOLE 3.875 12-19 13/02A 3,274,400.00 3,286,140.00 102,236.30 1.45 500,000 CREDIT AGRICOLE LDN 5.125 11-23 18/04A 601,550.00 606,960.00 18,042.81 0.27 1,500,000 CREDIT AGRICOLE LDN 1.875 12-17 18/10A 1,519,650.00 1,525,710.00 5,702.05 0.68 1,000,000 CREDIT SUISSE 4.75 09-19 05/08A 992,300.00 1,146,210.00 19,260.27 0.51 1,000,000 CREDIT SUISSE LDN 3.875 10-17 25/01A 1,041,650.00 1,082,200.00 36,095.89 0.48 500,000 CRH FINLAND SERVICES 2.75 13-20 15/10A 505,200.00 502,415.00 2,900.68 0.22 500,000 DAIMLER AG 2.00 13-21 25/06A 490,005.00 490,298.00 5,178.08 0.22 500,000 DEN NORSKE BANK 4.375 11-21 24/02S 556,940.00 563,925.00 18,578.77 0.25 1,000,000 DEUTSCHE BANK EMTN 5.125 07-17 31/08A 1,093,360.00 1,142,290.00 17,130.14 0.51 1,000,000 DEUTSCHE TELEKOM 2.00 12-19 30/10A 999,140.00 1,010,630.00 3,397.26 0.45 1,500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 4.25 10-22 13/07A 1,488,840.00 1,668,390.00 29,866.44 0.74 800,000 DIRECTV 2.75 13-23 19/05A 796,980.00 750,552.00 13,561.64 0.33 250,000 DONG ENERGY A/S 4.875 09-21 16/12A 249,532.50 289,067.50 500.86 0.13 1,500,000 EDF SA 2.75 12-23 10/03A 1,510,315.00 1,497,015.00 33,452.05 0.66 900,000 ELECT.DE FRANCE EMTN 5.625 03-33 21/02A 1,136,097.50 1,134,603.00 43,412.67 0.50
The accompanying notes are an integral part of these financial statements. Page 41 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 500,000 ENBW INTERNATIONAL FINANCE BV 4.25 06-16 19/10A 495,180.00 545,215.00 4,250.00 0.24 1,000,000 ENEL 3.50 10-16 26/02A 969,500.00 1,043,180.00 29,534.25 0.46 1,500,000 ENEL 4.875 12-18 20/02A 1,603,500.00 1,642,965.00 62,907.53 0.73 1,000,000 ENEL FINANCE INTL 4.875 12-20 11/03A 1,018,580.00 1,111,660.00 39,400.68 0.49 1,500,000 ENI SPA 4.25 12-20 03/02A 1,536,450.00 1,660,500.00 57,811.64 0.74 2,000,000 ENI SPA 4.875 11-17 11/10A 2,244,475.00 2,243,920.00 21,636.99 0.99 1,250,000 EXP-IMP BANK KOREA 2.00 13-20 30/04A 1,253,058.33 1,212,212.50 16,780.82 0.54 1,000,000 FCE BANK 1.75 13-18 21/05A 990,600.00 991,790.00 10,739.73 0.44 600,000 FCE BANK EMTN 1.625 13-16 09/09A 599,388.00 604,410.00 2,991.78 0.27 1,000,000 GAS NATURAL CAPITAL 4.125 10-18 26/01A 1,072,700.00 1,088,720.00 38,198.63 0.48 1,000,000 GAS NATURAL CAPITAL 5.375 11-19 24/05A 1,051,670.00 1,151,190.00 32,544.52 0.51 1,200,000 GAZ CAPITAL -GARPROM- 5.364 07-14 31/10A 1,189,875.00 1,240,956.00 10,757.39 0.55 1,000,000 GAZ CAPITAL-REGS 5.875 05-15 01/06A 943,750.00 1,062,530.00 34,284.25 0.47 750,000 GAZPROM OAO REG-S 3.755 12-17 15/03A 774,375.00 784,605.00 22,452.84 0.35 500,000 GAZPROM REGS 3.70 13-18 25/07A 518,750.00 518,710.00 8,058.90 0.23 1,300,000 GDF SUEZ 6.375 09-21 18/01A 1,660,100.00 1,648,725.00 78,788.01 0.73 1,500,000 GE CAP EUR FD 2.875 12-19 18/06A 1,504,650.00 1,563,615.00 23,157.53 0.69 1,500,000 GECC 2.75 13-23 15/03A 1,492,880.00 1,476,060.00 31,392.12 0.65 500,000 GECC EMTN 5.375 09-20 23/01A 592,590.00 587,330.00 25,181.51 0.26 750,000 GENERAL ELECTRIC CAP 1.625 13-18 15/03A 756,975.00 750,922.50 9,716.61 0.33 500,000 GLENCORE FINANCE 5.25 10-17 22/03A 532,500.00 554,775.00 20,424.66 0.25 500,000 GOLDMAN SACHS GR EMTN 3.25 13-23 01/02A 528,950.00 505,155.00 14,825.34 0.22 500,000 GOLDMAN SACHS GROUP 6.375 08-18 02/05A 595,485.00 592,445.00 21,220.89 0.26 1,500,000 GOLDMAN SACHS GROUP INC 4.50 11-12 09/05A 1,537,370.00 1,610,505.00 43,643.84 0.71 2,000,000 GOLDMAN SACHS GROUPE 4.375 10-17 16/06A 2,174,000.00 2,172,860.00 69,520.55 0.96 500,000 GOV CIE BK IRELAND 2.75 13-18 22/03A 498,275.00 511,270.00 10,698.63 0.23 1,000,000 HUTCHISON WHAMPOA 3.625 12-22 06/06A 1,073,700.00 1,063,270.00 20,657.53 0.47 1,500,000 IBERDROLA FINANZAS 4.125 10-20 23/03A 1,432,930.00 1,643,190.00 47,974.32 0.73 2,500,000 IMPERIAL TOBACCO FIN 4.50 11-18 05/07A 2,770,700.00 2,777,625.00 55,171.23 1.23 1,300,000 ING BANK NV EMTN 1.875 13-18 27/02A 1,301,638.00 1,314,716.00 20,501.71 0.58 1,000,000 INTESA SAN PAOLO 4.00 10-18 08/11A 1,021,607.00 1,058,810.00 5,808.22 0.47 1,000,000 INTESA SAN PAOLO 4.00 13-23 30/11A 991,610.00 1,009,210.00 6,794.52 0.45 2,200,000 INTESA SAN PAOLO 4.125 11-16 14/01A 2,139,720.00 2,305,600.00 87,269.18 1.02 2,000,000 INTESA SANPAOLO 4.875 12-15 10/07A 2,102,600.00 2,102,280.00 46,479.45 0.93 3,500,000 INTESA SANPAOLO SPA 3.375 10-15 19/01A 3,510,855.00 3,575,530.00 111,976.03 1.58 1,500,000 IPIC GMTN REG 2.375 12-18 30/05A 1,496,830.00 1,537,320.00 15,030.82 0.68 2,000,000 JPMORGAN CHASE AND CO 3.875 10-20 23/09A 2,194,820.00 2,196,600.00 21,020.55 0.97 1,000,000 KERING 2.50 13-20 15/07A 1,017,128.00 1,004,410.00 11,575.34 0.44 750,000 KPN 3.25 12-21 01/02A 761,805.00 761,092.50 22,238.01 0.34 350,000 LANXESS FINANCE 2.625 12-22 21/11A 346,580.50 342,083.00 1,006.85 0.15 2,000,000 LLOYDS BANK 1.875 13-18 10/10A 1,998,580.00 2,009,100.00 8,424.66 0.89 1,000,000 LLOYDS BANK 4.625 12-17 02/02A 994,830.00 1,102,210.00 42,068.49 0.49 750,000 LLOYDS TSB 6.50 10-20 24/03A 856,012.50 870,585.00 37,664.38 0.39 2,000,000 LLOYDS TSB BANK EMTN 6.375 09-16 17/06A 2,072,600.00 2,255,380.00 68,815.07 1.00 1,000,000 MORGAN STANLEY 4.50 11-16 23/02A 1,022,617.50 1,068,410.00 38,342.47 0.47 1,000,000 MORGAN STANLEY EMTN 3.75 12-17 21/09A 1,065,110.00 1,070,960.00 10,376.71 0.47 1,000,000 MORGAN STANLEY SER G 6.50 08-18 28/12A 1,122,068.33 1,207,980.00 534.25 0.53 1,000,000 MUNICH RE 6.25 12-42 26/05A 993,800.00 1,177,400.00 37,500.00 0.52 2,500,000 NATIONAL GRID EMTN 5.00 03-18 02/07A 2,900,660.00 2,865,925.00 62,328.77 1.27 2,000,000 NOMURA EUR.FIN.EMTN 1.875 13-18 29/05A 1,985,290.00 1,963,120.00 22,191.78 0.87 1,000,000 NORDEA BANK EMTN 4.00 10-21 29/03A 1,056,000.00 1,060,090.00 30,356.16 0.47 500,000 ORANGE 3.00 12-22 15/06A 516,080.00 507,245.00 8,178.08 0.22 500,000 ORANGE EMTN 8.125 03-33 28/01A 739,500.00 739,685.00 37,508.56 0.33 1,300,000 PERNOD RICARD 5.00 11-17 15/03A 1,442,470.00 1,440,543.00 51,821.92 0.64 1,000,000 PETROBRAS INTL FIN 4.875 11-18 07/03A 1,071,250.00 1,081,460.00 39,934.93 0.48 600,000 RABOBANK EMTN 6.875 10-20 19/03A 680,700.00 680,322.00 32,434.93 0.30 1,000,000 RABOBANK NED 3.75 10-20 09/11A 1,015,910.00 1,032,460.00 5,342.47 0.46 250,000 RBS 5.375 09-19 30/09A 292,845.00 288,712.50 3,386.99 0.13 2,000,000 RCI BANQUE SA 2.875 13-18 22/01A 2,065,150.00 2,066,320.00 44,739.73 0.91 2,000,000 RENAULT EMTN 1.75 13-16 06/07A 2,002,400.00 2,021,340.00 19,945.21 0.89 250,000 REPSOL 3.50 13-23 01/07Q 236,562.50 249,414.46 2,181.51 0.11 500,000 REPSOL INTL FINANCE 4.875 12-19 19/02A 548,315.00 557,885.00 21,035.96 0.25 1,000,000 ROYAL BK OF SCOT SUB 4.35 06-17 23/01A 1,029,379.25 1,047,750.00 40,758.90 0.46 1,000,000 ROYAL BK SCOTLAND SUB 4.875 03-15 22/04A 1,037,780.00 1,042,000.00 33,791.10 0.46 200,000 RTE EDF TRANSPORT 2.875 13-23 12/09A 198,376.00 200,928.00 1,732.88 0.09 1,500,000 SABMILLER HLDGS REGS 1.875 12-20 20/01A 1,490,880.00 1,478,820.00 30,051.37 0.65 500,000 SANTANDER INTL 4.00 12-17 27/03A 531,650.00 535,235.00 15,287.67 0.24
The accompanying notes are an integral part of these financial statements. Page 42 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 3,500,000 SANTANDER INTL EMTN 4.50 11-15 18/05A 3,574,470.00 3,658,270.00 97,952.05 1.62 500,000 SAP REGS 2.125 12-19 13/11A 496,535.00 501,965.00 1,397.26 0.22 500,000 SES GLOBAL AMERICAS 1.875 13-18 24/10A 495,860.00 497,160.00 1,746.58 0.22 500,000 SNAM SPA 3.875 12-18 19/03A 533,830.00 540,865.00 15,234.59 0.24 2,000,000 SOCIETE GENERALE EMTN 2.375 12-18 28/02A 1,995,760.00 2,074,920.00 39,821.92 0.92 500,000 SPAREBANK 1 SR BK 2.125 13-20 03/02A 498,380.00 491,820.00 10,013.70 0.22 1,000,000 STANDARD CHART EMTN 4.125 12-19 18/01A 1,102,900.00 1,099,810.00 39,215.75 0.49 300,000 STANDARD CHARTERED 3.625 12-22 23/11A 307,353.00 292,272.00 1,132.19 0.13 750,000 STANDARD CHARTERED 5.875 07-17 26/09A 737,400.00 846,960.00 11,589.04 0.37 500,000 SUMITOMO MITSUI BK 2.75 13-23 24/07A 494,780.00 495,095.00 6,027.40 0.22 1,200,000 TDC 3.75 12-22 02/03A 1,202,994.00 1,286,532.00 37,479.45 0.57 1,000,000 TELECOM ITALIA 5.125 11-16 25/01A 1,013,000.00 1,055,480.00 47,739.73 0.47 700,000 TELECOM ITALIA EMTN 5.375 04-19 29/01A 699,602.27 747,033.00 34,635.62 0.33 750,000 TELECOM ITALIA REGS 4.00 12-20 21/01A 743,880.00 745,972.50 30,821.92 0.33 1,000,000 TELEFONICA EMIS 2.736 13-19 29/05A 995,625.00 1,017,580.00 16,191.12 0.45 1,000,000 TELEFONICA EMIS SA 4.797 12-18 21/02A 1,105,270.00 1,108,780.00 41,135.92 0.49 55,000 TELEFONICA EMISIONES 4.375 06-16 02/02A 50,039.91 58,473.25 2,188.70 0.03 1,000,000 TELEFONICA EMISIONES 5.496 09-16 01/04A 1,032,140.00 1,091,080.00 41,257.64 0.48 500,000 TELEFONICA EMISIONES 3.987 13-23 23/01A 500,000.00 520,950.00 18,733.44 0.23 500,000 TELEFONICA EMTN 5.811 12-17 05/09A 563,520.00 570,475.00 9,313.52 0.25 2,000,000 TERNA 2.875 12-18 16/02A 2,001,115.00 2,087,180.00 50,095.89 0.92 1,300,000 TERNA 4.125 12-17 17/02A 1,402,193.00 1,407,211.00 46,572.95 0.62 1,500,000 UBS AG LONDON 6.00 08-18 18/04A 1,853,040.00 1,778,820.00 63,369.86 0.79 1,300,000 UNICREDIT 4.00 12-18 31/01A 1,396,039.00 1,418,976.00 47,583.56 0.63 1,000,000 UNICREDIT 4.375 12-15 11/09A 1,054,670.00 1,048,440.00 13,304.79 0.46 1,000,000 UNICREDIT 4.875 12-17 07/03A 1,057,500.00 1,084,890.00 39,934.93 0.48 1,000,000 VEOLIA ENVRNMT 6.75 09-19 24/04A 1,245,500.00 1,233,510.00 46,417.81 0.55 200,000 VIVENDI SA 2.375 13-19 21/01A 199,148.00 199,710.00 2,173.29 0.09 1,500,000 VW LEASING GMBH 2.375 12-22 06/09A 1,508,400.00 1,486,035.00 11,321.92 0.66 1,500,000 WACHOVIA CORP -SUB- 4.375 06-18 27/11A 1,554,300.00 1,644,450.00 6,113.01 0.73 200,000 WAL-MART STORES INC 4.875 09-29 21/09A 243,832.00 239,866.00 2,697.95 0.11 250,000 WELLS FARGO REGS 2.625 12-22 16/08A 258,432.50 250,522.50 2,463.18 0.11 500,000 XSTRATA FINANCE EMTN 5.25 07-17 13/06A 572,275.00 558,040.00 14,455.48 0.25 500,000 XSTRATA FINANCE REGS 2.375 12-18 19/11A 500,961.66 506,015.00 1,510.27 0.22 Floating rate bonds 35,017,579.84 36,964,704.15 739,910.93 16.37 Euro 35,017,579.84 36,964,704.15 739,910.93 16.37 100,000 ALLIANZ FL.R 12-42 17/10A 100,784.00 111,251.00 1,155.82 0.05 1,000,000 ALLIANZ FINANCE II FL.R 11-41 08/07A 1,041,235.00 1,123,380.00 27,726.03 0.50 1,000,000 ALLIANZ FINANCE II FL.R 02-25 13/01A 1,082,125.00 1,056,880.00 62,684.93 0.47 500,000 AVIVA PLC FL.R 08-38 22/05A 511,000.00 570,705.00 21,001.71 0.25 600,000 AXA FL.R 10-40 16/04A 610,385.50 642,210.00 22,352.05 0.28 1,000,000 BFCM EMTN FL.R 05-15 28/10A 998,050.00 1,024,010.00 7,839.56 0.45 700,000 BNP PARIBAS SUB FL.R 06-XX 12/04A 725,450.00 727,685.00 23,857.34 0.32 1,000,000 CITIGROUP INC EMTN SUB FL.R 07-17 31/05A 855,000.00 977,500.00 0.00 0.43 500,000 CLOVERIE PLC SUB FL.R 09-39 24/07A 536,430.00 598,000.00 16,438.36 0.26 1,000,000 CNCEP EMTN FL.R 04-XX 29/07A 987,500.00 1,018,660.00 19,513.70 0.45 750,000 CNP ASSURANCES FL.R 10-40 14/09A 795,000.00 807,570.00 13,315.07 0.36 1,500,000 CREDIT AGRICOLE SUB. FL.R 05- 09/11A 1,502,850.00 1,506,480.00 8,995.48 0.67 550,000 CREDIT SUISSE FL.R 13-25 18/09A 587,812.50 589,281.00 9,010.96 0.26 2,000,000 CREDIT SUISSE FINANCE FL.R 05-20 14/09A 1,881,110.00 2,056,680.00 21,452.05 0.91 400,000 DANSKE BANK SUB FL.R 07-XX 15/05A 403,250.00 412,408.00 12,295.23 0.18 500,000 ELECT.DE FRANCE FL.R 13-XX 29/01A 501,875.00 517,140.00 19,561.64 0.23 200,000 ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A 200,440.00 206,602.00 8,428.97 0.09 1,000,000 ELM BV/SWISS REA. FL.R 06- 25/11S 883,687.50 1,050,910.00 5,180.05 0.47 1,000,000 ENBW INTL FINANCE FL.R 11-72 02/04A 1,124,375.00 1,118,360.00 55,160.96 0.50 2,000,000 ENEL SPA FL.R 10-10 26/02S 1,983,400.00 1,989,540.00 7,570.61 0.88 500,000 ENEL SPA FL.R 13-74 10/01A 494,780.00 537,415.00 9,972.60 0.24 750,000 GENERALI FINANCE FL.R 06-XX 16/06A 741,562.50 753,727.50 21,632.18 0.33 837,000 HANNOVER FINANCE EMTN FL.R 04-24 26/02A 801,041.35 843,235.65 40,611.70 0.37 100,000 HANNOVER FINANCE SUB FL.R 05-XX 01/06A 88,250.00 103,116.00 2,917.81 0.05 1,000,000 HSBC CAPITAL FUNDING SUB FL.R 04- 29/12A 889,437.50 1,052,940.00 38,931.78 0.47 300,000 HSBC HOLDINGS PLC FL.R 05-20 29/06A 274,119.23 307,614.00 5,511.99 0.14 500,000 ING BANK EMTN FL.R 08-23 29/05A 498,175.00 557,835.00 18,123.29 0.25 300,000 JP MORGAN CHASE & CO FL.R 06-18 31/03A 274,380.00 296,244.00 0.00 0.13 1,000,000 JP MORGAN CHASE BANK NA FL.R 06-21 30/11A 914,333.33 1,047,960.00 5,633.56 0.46 2,000,000 JPMORGAN CHASE SUB. FL.R 04-19 12/11A 2,030,000.00 2,035,360.00 11,746.58 0.90
The accompanying notes are an integral part of these financial statements. Page 43 UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,000,000 RWE FL.R 10- 28/09A 996,770.00 1,025,870.00 11,910.96 0.45 1,500,000 SOCIETE GENERALE FL.R 05-49 29/01A 1,467,800.00 1,505,760.00 58,629.04 0.67 1,000,000 SOLVAY FIN SUB FL.R 13-XX 12/05A 1,000,000.00 1,026,960.00 5,637.01 0.45 500,000 SUEZ ENVIRONNEMENT COMPANY FL.R 10- 21/09A 500,000.00 517,995.00 6,668.77 0.23 3,000,000 UBS JERSEY BRANCH FL.R 04-19 16/09A 2,771,571.43 3,071,880.00 39,205.48 1.37 1,000,000 UBS PREFERRED FUNDING (JERSEY) LTD EMTN FL.R 05- 29/04A 978,000.00 1,009,920.00 30,487.67 0.45 1,500,000 VATTENFALL TREASURY FL.R 05- 29/06A 1,486,200.00 1,562,670.00 39,914.38 0.69 1,000,000 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A 993,150.00 1,078,220.00 16,568.49 0.48 500,000 ZURICH FINANCE EMTN FL.R 05-25 15/06A 506,250.00 524,730.00 12,267.12 0.23
Derivative instruments 47,644.27 1,151.89 0.00 0.00 Options 47,644.27 1,151.89 0.00 0.00 US Dollar 47,644.27 1,151.89 0.00 0.00 56,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 31,798.24 659.59 0.00 0.00 -14,400,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -4,566.20 -0.10 0.00 0.00 14,400,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 28,671.51 498.90 0.00 0.00 -56,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -8,259.28 -6.50 0.00 0.00
Total investments in securities 212,816,724.36 218,779,168.25 96.86
Cash at banks/(bank liabilities) 1,006,900.08 0.45
Other net assets/(liabilities) 6,078,067.66 2.69
Total 225,864,135.99 100.00
The accompanying notes are an integral part of these financial statements. Page 44 UBAM - CORPORATE EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 17.70 United Kingdom 15.48 Italy 14.41 United States of America 13.70 The Netherlands 9.60 Spain 7.13 Ireland 3.46 Germany 3.37 Luxembourg 2.40 Jersey Island 2.29 Cayman Islands 1.63 Denmark 1.42 Sweden 1.16 South Korea 0.54 Belgium 0.49 Norway 0.47 Australia 0.44 Switzerland 0.26 Canada 0.25 Finland 0.22 Japan 0.22 United Arab Emirates 0.22
96.86
Page 45 UBAM - CORPORATE EURO BOND
Industrial classification of investments
% of net assets Banks and credit institutions 41.06 Holding and finance companies 26.38 Utilities 10.42 Communications 4.95 Insurance 4.26 Petroleum 2.45 Tobacco and alcoholic drinks 2.14 Retail trade, department stores 1.86 Transportation 1.65 Building materials and trade 0.81 Road vehicles 0.22 Internet and Internet services 0.22 Miscellaneous sectors 0.22 Coal mining and steel industry 0.13 Graphic art and publishing 0.09 Healthcare and social services -
96.86
Page 46 UBAM - CORPORATE EURO BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 9,397,530.94 Interest on bonds and other debt securities, net Note 2 8,491,766.08 Interest on bank accounts 103.35 Bank interest on time deposits 375.51 Interest received on swap contracts 887,323.36 Other income 17,962.64 Expenses 1,914,696.38 Advisory fees Note 4 456,789.62 Management fees Note 3 531,648.45 Custodian fees 222,170.63 Subscription duty ("taxe d'abonnement") Note 6 80,402.01 Central administration costs 219,579.25 Audit fees 10,997.06 Interest paid on bank liabilities 1,656.28 Legal fees 7,353.48 Transaction fees Note 2 18,712.91 Other administration costs Note 7, 8 228,607.63 Banking charges and other fees 6,615.50 Interest paid on swap contracts 105,556.36 Other expenses 24,607.20 Net investment income 7,482,834.56 Net realised gain/(loss) on: - securities portfolio Note 2 1,556,680.08 - options Note 2 -52,062.89 - forward foreign exchange contracts Note 2 237,739.96 - futures contracts Note 2 -882,321.76 - swap contracts Note 2 -294,941.95 - foreign exchange Note 2 -126,209.19 Realised result 7,921,718.81 Net variation of the unrealised gain/(loss) on: - securities portfolio -4,128,409.09 - options -41,251.47 - forward foreign exchange contracts 44,430.02 - futures contracts 244,218.43 - swap contracts 219,507.36 Result of operations 4,260,214.06 Dividends paid Note 15 -114,971.15 Subscriptions capitalisation shares 108,872,574.55 Subscriptions distribution shares 7,171,584.93 Redemptions capitalisation shares -100,294,865.92 Redemptions distribution shares -1,819,507.42 Total changes in net assets 18,075,029.05
Total net assets at the beginning of the year 207,789,106.94
Total net assets at the end of the year 225,864,135.99
The accompanying notes are an integral part of these financial statements. Page 47 UBAM - CORPORATE US DOLLAR BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 422,654,092.45 Securities portfolio at market value Note 2 413,364,026.75 Options contracts at market value Note 2, 12 2,199.74 Deposits on futures and options contracts 587,688.25 Cash at banks 1,188,320.39 Other liquid assets 310,053.78 Interest receivable on swap contracts 82,169.67 Interest receivable on bonds and other debt securities 4,939,995.11 Receivable on issues of shares 97,023.50 Unrealised gain on futures contracts Note 2, 10 518,784.97 Unrealised gain on swap contracts Note 2, 11 1,563,830.29 Liabilities 1,205,309.76 Short option contracts at market value Note 2, 12 12.52 Other liquid liabilities 140,997.65 Payable on redemptions of shares 102,034.60 Unrealised loss on forward foreign exchange contracts Note 2, 9 12,126.41 Interest payable on bank liabilities and expenses payable 950,138.58 Net assets at the end of the year 421,448,782.69
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 1,467,668.744 308,410.026 462,108.731 1,313,970.039 Distribution shares 84,926.207 25,067.330 14,843.713 95,149.824
AH EUR shares Capitalisation shares 121,987.418 4,791.041 118,150.097 8,628.362
AH CHF shares Capitalisation shares 300.000 105.000 0.000 405.000
AS shares Capitalisation shares 0.000 360,084.279 3,632.000 356,452.279
I shares Capitalisation shares 858,619.655 141,732.586 507,087.019 493,265.222 Distribution shares 0.000 488,667.961 22,700.000 465,967.961
IH EUR shares Capitalisation shares 284,417.119 9,800.290 286,952.885 7,264.524
IS shares Capitalisation shares 0.000 49,660.730 0.000 49,660.730
The accompanying notes are an integral part of these financial statements. Page 48 UBAM - CORPORATE US DOLLAR BOND Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
R shares Capitalisation shares 22,052.050 2,925.196 15,693.355 9,283.891
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 421,448,782.69 494,616,159.10 404,220,748.11
A shares USD USD USD Capitalisation shares Number of shares outstanding 1,313,970.039 1,467,668.744 1,715,881.348 Net asset value per share 172.77 172.45 156.92 Distribution shares Number of shares outstanding 95,149.824 84,926.207 84,565.168 Net asset value per share 120.32 125.11 118.84 Dividend per share 5.07 5.19 4.88
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8,628.362 121,987.418 96,514.033 Net asset value per share 127.73 127.90 116.77
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 405.000 300.000 - Net asset value per share 166.33 167.08 -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 356,452.279 - - Net asset value per share 102.12 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 493,265.222 858,619.655 660,857.000 Net asset value per share 182.66 181.70 164.78 Distribution shares Number of shares outstanding 465,967.961 - - Net asset value per share 100.65 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 7,264.524 284,417.119 2,500.000 Net asset value per share 134.98 134.77 122.62
The accompanying notes are an integral part of these financial statements. Page 49 UBAM - CORPORATE US DOLLAR BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 421,448,782.69 494,616,159.10 404,220,748.11
IS shares USD USD USD Capitalisation shares Number of shares outstanding 49,660.730 - - Net asset value per share 102.18 - -
R shares USD USD USD Capitalisation shares Number of shares outstanding 9,283.891 22,052.050 6,358.652 Net asset value per share 168.09 168.95 154.83
The accompanying notes are an integral part of these financial statements. Page 50 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 394,047,722.18 400,113,142.60 4,715,429.83 94.94 dealt in on another regulated market Bonds 373,164,169.88 377,688,468.95 4,520,807.92 89.62 US Dollar 373,164,169.88 377,688,468.95 4,520,807.92 89.62 500,000 ABBVIE 2.90 13-22 06/11S 496,780.00 467,930.00 2,175.00 0.11 5,000,000 ABN AMRO BANK REGS 2.50 13-18 30/10S 4,992,050.00 4,989,650.00 20,833.33 1.18 500,000 ABN AMRO REGS 4.25 12-17 02/02S 499,510.00 537,025.00 8,736.11 0.13 5,000,000 ABU DHABI NAT.EN. 2.50 12-18 12/01S 5,046,457.50 5,012,100.00 58,333.33 1.18 3,000,000 ALCOA INC 5.55 07-17 01/02S 3,087,500.00 3,247,740.00 68,912.50 0.77 1,000,000 ALTRIA GROUP INC 2.85 12-22 09/08S 998,880.00 921,070.00 11,162.50 0.22 2,000,000 ALTRIA GROUP INC 9.25 09-19 06/08S 2,443,206.79 2,637,180.00 74,000.00 0.63 2,000,000 ALTRIA GROUP INC 9.70 08-18 10/11S 2,462,970.00 2,640,140.00 26,944.44 0.63 2,000,000 AMERICA MOVIL 5.00 10-20 30/03S 2,282,000.00 2,182,420.00 25,000.00 0.52 2,000,000 AMERICAN EXPRESS CO 8.125 09-19 20/05S 2,412,205.00 2,560,740.00 18,055.56 0.61 300,000 AMERICAN HONDA REGS 2.125 12-17 28/02S 309,960.00 306,849.00 2,160.42 0.07 3,000,000 AMERICAN INTL GROUP 3.375 13-20 15/08S 2,999,250.00 3,030,900.00 39,656.25 0.72 1,500,000 AMERICAN INTL GROUP 4.875 12-22 01/06S 1,573,092.00 1,612,230.00 5,890.63 0.38 2,000,000 AMGEN 5.70 09-19 01/02S 2,269,000.00 2,313,080.00 47,183.33 0.55 1,000,000 ANADARKO PETROLEUM 5.95 06-16 15/09S 1,153,300.00 1,115,100.00 17,354.17 0.26 2,100,000 ANGLO AMER CAPITAL 2.625 12-17 03/04S 2,097,756.50 2,122,386.00 13,321.88 0.50 4,000,000 ANHEUSER BUSCH INBEV 7.75 11-19 15/01S 5,089,140.00 4,994,600.00 142,083.33 1.19 1,500,000 ANZ BKING GROUP EMTN 3.45 12-22 08/08S 1,497,750.00 1,526,760.00 20,412.50 0.36 500,000 APACHE CORP 2.625 12-23 15/01S 481,050.00 463,570.00 6,015.63 0.11 250,000 ARCELORMITTAL 3.75 12-15 25/02S 249,462.50 256,627.50 3,255.21 0.06 1,000,000 ARCELORMITTAL 5.00 12-17 25/02S 987,500.00 1,074,260.00 17,361.11 0.25 700,000 ARCELORMITTAL 9.85 09-19 01/06S 895,252.65 888,342.00 5,554.31 0.21 2,700,000 AT&T INC 5.60 08-18 15/05S 3,023,872.00 3,076,137.00 18,900.00 0.73 1,000,000 AVON PRODUCTS 6.50 09-19 01/03S 987,460.00 1,102,980.00 21,486.11 0.26 3,000,000 BAKER HUGHES INC 3.20 11-21 15/08S 3,038,400.00 2,982,780.00 36,000.00 0.71 250,000 BANK OF AMERICA 3.30 13-23 11/01A 248,610.00 236,565.00 3,872.92 0.06 2,500,000 BANK OF AMERICA 5.875 10-21 05/01S 2,629,750.00 2,873,450.00 71,397.57 0.68 2,000,000 BANK OF AMERICA CORP 6.50 09-16 01/08S 2,247,440.00 2,258,160.00 53,805.56 0.54 1,150,000 BANK OF AMERICA CORP 5.65 08-18 01/05S 1,108,475.00 1,308,999.00 10,648.68 0.31 1,500,000 BANK OF AMERICA CORP 7.625 09-19 01/06S 1,916,100.00 1,860,480.00 9,213.54 0.44 500,000 BANK OF MONTREAL 2.50 12-17 11/01S 498,975.00 516,480.00 5,868.06 0.12 2,000,000 BARCLAYS BANK 6.05 07-17 04/12S 2,240,000.00 2,245,600.00 8,738.89 0.53 700,000 BARCLAYS BANK PLC 6.75 09-19 22/05S 770,763.00 843,689.00 4,987.50 0.20 2,000,000 BAT INTERNATIONAL FINANCE PLC REG S 9.50 08-18 15/11S 2,594,000.00 2,639,169.50 23,750.00 0.63 4,970,000 BBVA US SENIOR 4.664 12-15 09/10S 5,216,716.10 5,229,185.50 52,155.18 1.23 1,500,000 BCO DO BRASIL CAYMAN 3.875 11-17 23/01S 1,582,500.00 1,541,370.00 25,348.96 0.37 5,000,000 BFCM REGS 2.50 13-18 29/10S 4,981,350.00 4,947,850.00 21,180.56 1.17 2,000,000 BG ENERGY CAPITAL 4.00 11-21 15/10S 2,096,800.00 2,044,040.00 16,666.67 0.49 2,500,000 BHP BILLITON FINANCE 6.50 09-19 01/04S 3,060,230.00 3,009,950.00 40,173.61 0.71 2,000,000 BNP PARIBAS 714 5.00 11-21 15/01S 2,263,740.00 2,194,800.00 45,833.33 0.52 2,000,000 BNY MELLON 3.55 11-21 23/09S 1,955,380.00 2,046,280.00 19,130.56 0.49 2,000,000 BPCE SUB REGS 5.70 13-23 22/10S 2,007,600.00 2,071,060.00 21,533.33 0.49 1,270,000 BRASKEM SA REG-S 7.25 08-18 05/06S 1,421,130.00 1,420,710.90 6,394.10 0.34 3,000,000 CA LONDON REGS 1.625 13-16 15/04S 2,998,350.00 3,017,880.00 10,156.25 0.72 2,000,000 CATERPILLAR 3.90 11-21 27/05S 2,091,700.00 2,094,520.00 7,150.00 0.50 500,000 CATERPILLAR FIN SERV 5.45 08-18 15/04S 491,845.00 569,525.00 5,677.08 0.14 1,000,000 CBS CORP 3.375 12-22 01/03S 960,550.00 958,540.00 11,156.25 0.23 3,000,000 CITIGROUP 4.50 11-22 14/01S 3,030,690.00 3,179,130.00 62,250.00 0.75 2,000,000 CITIGROUP INC 6.125 08-18 15/05S 2,032,941.82 2,318,120.00 15,312.50 0.55 2,000,000 CITIGROUP INC 1.70 13-16 25/07S 1,999,500.00 2,021,400.00 14,638.89 0.48 1,500,000 COMCAST 3.125 12-22 15/07S 1,542,217.50 1,434,285.00 21,484.38 0.34 800,000 COMCAST CORP 5.70 08-18 15/05S 798,295.00 919,760.00 5,700.00 0.22 2,000,000 COMMONWEALTH BANK OF AUSTRALIA REG S 5.00 09-19 15/10S 2,008,400.00 2,231,560.00 20,833.33 0.53 2,000,000 CS NY MTN SUB TR.6 4.375 10-20 05/08S 2,192,040.00 2,153,420.00 35,243.06 0.51 3,000,000 CVS CAREMARK 5.75 07-17 01/06S 3,392,800.00 3,402,330.00 13,895.83 0.81 250,000 DAIMLER FIN NA REGS 2.625 11-16 15/09S 261,204.50 258,797.50 1,914.06 0.06 2,000,000 DAIMLER FINANCE REGS 1.875 13-18 11/01S 2,005,800.00 1,979,500.00 17,604.17 0.47 1,275,000 DELL INC 5.875 09-19 15/06S 1,379,524.50 1,285,047.00 3,121.09 0.30 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.75 08-18 20/08S 995,000.00 1,187,330.00 24,375.00 0.28 500,000 DIAGEO CAPITAL 2.875 12-22 11/05S 498,190.00 477,445.00 1,956.60 0.11 1,500,000 DIRECT TV 3.80 12-22 15/03S 1,531,490.00 1,440,945.00 16,625.00 0.34 1,000,000 DOW CHEMICAL 3.00 12-22 15/11S 982,660.00 932,640.00 3,750.00 0.22
The accompanying notes are an integral part of these financial statements. Page 51 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 2,000,000 DUKE ENERGY 3.05 12-22 15/08S 1,977,600.00 1,900,820.00 22,875.00 0.45 1,000,000 EI DU PONT DE NEMOURS 2.80 13-23 15/02S 987,460.00 918,960.00 10,500.00 0.22 1,500,000 ELETROBRAS 5.75 11-21 27/10S 1,675,500.00 1,448,910.00 15,093.75 0.34 1,000,000 FEDEX 2.625 12-22 01/08S 991,570.00 905,420.00 10,864.58 0.21 3,000,000 FORD MOTOR CREDIT 2.375 13-18 16/01S 2,994,410.00 3,034,470.00 32,458.33 0.72 1,000,000 FORD MOTOR CREDIT 2.875 13-18 01/10S 1,011,330.00 1,023,590.00 7,107.64 0.24 3,000,000 FORD MOTOR CREDIT 3.00 12-17 12/06S 3,072,600.00 3,118,020.00 4,500.00 0.74 1,000,000 FORD MOTOR CREDIT 5.75 11-21 01/02S 1,140,940.00 1,121,910.00 23,798.61 0.27 1,500,000 GAZ CAPITAL REG S 9.25 09-19 23/04S 1,729,687.50 1,848,090.00 25,822.92 0.44 4,000,000 GAZ CAPITAL REGS 6.212 06-16 22/11S 4,284,375.00 4,420,960.00 26,228.44 1.05 2,000,000 GECC 839 4.625 11-21 07/01S 2,259,820.00 2,180,880.00 44,451.39 0.52 2,000,000 GENERAL ELECTRIC CAP 3.10 13-23 09/01S 1,986,880.00 1,897,500.00 29,450.00 0.45 3,500,000 GENERAL ELECTRIC CAPITAL CORP 5.625 07-17 15/09S 3,537,500.00 3,984,295.00 57,421.88 0.95 2,000,000 GOLDMAN SACHS 5.25 11-21 27/07S 2,262,620.00 2,189,680.00 44,625.00 0.52 2,000,000 GOLDMAN SACHS GROUP 5.75 12-22 24/01S 2,049,100.00 2,251,360.00 49,833.33 0.53 3,700,000 GOLDMAN SACHS GROUP INC 6.15 08-18 01/04S 4,057,790.00 4,249,191.00 56,255.42 1.01 1,000,000 GOLDMAN SACHS GROUP INC 7.50 09-19 15/02S 1,161,286.66 1,218,510.00 28,125.00 0.29 2,000,000 HARVEST OPERAT REGS 2.125 13-18 14/05S 1,942,000.00 1,949,700.00 5,430.56 0.46 500,000 HEWLETT PACKARD 4.65 11-21 09/12S 532,875.00 516,155.00 1,356.25 0.12 1,620,000 HOLCIM US FINANCE 6.00 09-19 30/12S 1,689,737.88 1,843,446.60 0.00 0.44 2,000,000 HSBC HOLDINGS PLC 5.10 11-21 05/04S 2,324,980.00 2,223,560.00 24,083.33 0.53 2,000,000 HUTCH WHAMPOA REGS 3.25 12-22 08/11S 1,990,540.00 1,832,380.00 9,388.89 0.43 2,000,000 HUTCHISON WHAMPOA 3.50 12-17 13/01S 1,990,380.00 2,090,820.00 32,472.22 0.50 2,000,000 INTESA SAN PAOLO 3.125 13-16 15/01S 2,003,880.00 2,041,560.00 28,645.83 0.48 2,250,000 INTL PAPER CO 4.75 11-22 15/02S 2,470,477.50 2,364,615.00 40,078.13 0.56 300,000 IPIC GMTN EMTN 1.75 12-15 30/11S 303,981.00 302,925.00 437.50 0.07 4,000,000 IPIC GMTN EMTN 3.75 11-17 01/03S 4,000,880.00 4,222,120.00 49,583.33 1.00 3,000,000 JP MORGAN CHASE 4.50 12-22 24/01S 3,182,740.00 3,174,210.00 58,500.00 0.75 3,150,000 JP MORGAN CHASE 6.30 09-19 23/04S 3,660,741.00 3,717,787.50 36,933.75 0.88 1,000,000 JPMORGAN CHASE AND CO 4.40 10-20 22/07S 1,005,300.00 1,074,950.00 19,311.11 0.26 2,000,000 KOR HYDRO NUCL REG S 3.00 12-22 19/09S 1,975,740.00 1,842,740.00 16,833.33 0.44 3,000,000 KOREA GAS CORP REGS 2.875 13-18 29/07S 3,009,300.00 3,024,630.00 36,177.08 0.72 2,000,000 KOREA NATL OIL REGS 3.125 12-17 03/04S 2,048,000.00 2,060,520.00 15,104.17 0.49 300,000 KOREA NATL OIL 144A 4.00 11-16 27/10S 324,451.50 319,458.00 2,100.00 0.08 2,000,000 KOREA REGS 2.50 12-17 16/07S 2,007,000.00 2,006,320.00 22,777.78 0.48 1,000,000 KOREA WESTERN POWER 2.875 13-18 10/10S 993,040.00 997,000.00 6,388.89 0.24 2,000,000 KRAFT FOODS 3.50 12-22 06/06S 2,142,920.00 1,960,680.00 4,666.67 0.47 2,500,000 KRAFT FOODS 6.125 07-18 01/02S 2,740,430.00 2,890,950.00 63,376.74 0.69 1,500,000 KRAFT FOODS 6.125 12-18 23/08S 1,833,000.00 1,748,430.00 32,411.46 0.41 1,000,000 KRAFT FOODS INC 5.375 10-20 10/02S 1,109,795.00 1,131,340.00 20,902.78 0.27 2,000,000 LLOYDS BANK PLC 2.30 13-18 27/11S 1,996,800.00 1,994,800.00 4,216.67 0.47 2,000,000 LLOYDS TSB REGS 6.50 10-20 14/09S 2,294,100.00 2,279,480.00 38,277.78 0.54 3,000,000 LORILLARD TOBACCO 8.125 09-19 23/06S 3,530,240.00 3,662,970.00 4,739.58 0.87 2,000,000 LUKOIL INT REG S 6.125 10-20 09/11S 2,125,000.00 2,168,400.00 17,354.17 0.51 2,500,000 M UFG LEASE FIN 1.875 13-16 17/10S 2,493,700.00 2,523,700.00 9,505.21 0.60 2,000,000 MACQUARIE BANK 5.00 12-17 22/02S 2,213,420.00 2,170,620.00 35,555.56 0.52 7,674,000 MERRILL LYNCH & CO 6.05 06-16 16/05S 8,082,056.44 8,443,088.28 56,744.97 1.99 900,000 MERRILL LYNCH & CO 6.875 08-18 25/04S 851,965.00 1,064,124.00 11,171.88 0.25 2,030,000 METLIFE INC SER B 7.717 09-19 15/02S 2,550,275.00 2,521,828.40 58,745.66 0.60 200,000 MEXICHEM REGS 4.875 12-22 19/09S 198,052.00 196,062.00 2,735.42 0.05 2,000,000 MITSUBISHI CORP 2.875 13-18 18/07S 1,989,760.00 2,049,760.00 25,875.00 0.49 3,000,000 MITSUBISHI UFJ 2.00 13-18 28/02S 2,987,820.00 2,975,685.00 20,333.33 0.71 1,500,000 MIZUHO CORP BANK REGS 2.95 12-22 17/10S 1,495,620.00 1,390,560.00 8,972.92 0.33 2,000,000 MIZUHO FINANCE 4.20 12-22 18/07S 1,991,935.00 1,997,590.00 37,800.00 0.47 2,000,000 MORGAN STANLEY 3.75 13-23 25/02S 2,084,220.00 1,947,400.00 26,041.67 0.46 2,000,000 MORGAN STANLEY 4.75 12-17 22/03S 2,165,120.00 2,184,320.00 25,861.11 0.52 1,000,000 MORGAN STANLEY 5.50 10-20 26/01S 1,128,100.00 1,122,880.00 23,527.78 0.27 1,000,000 MORGAN STANLEY 5.50 11-21 28/07S 983,660.00 1,117,450.00 23,222.22 0.27 1,100,000 MORGAN STANLEY 6.625 08-18 01/04S 1,067,450.00 1,287,099.00 18,016.32 0.31 1,000,000 MORGAN STANLEY 7.30 09-19 13/05S 1,082,517.50 1,216,100.00 9,530.56 0.29 2,000,000 MOTIVA ENTERPRISES 5.75 10-20 15/01S 2,344,430.00 2,271,220.00 52,708.33 0.54 500,000 MURPHY OIL 2.50 12-17 01/12S 499,930.00 505,665.00 1,006.94 0.12 2,000,000 NOMURA HOLDING 5.00 10-15 04/03S 2,119,000.00 2,090,880.00 32,222.22 0.50 1,500,000 NOMURA HOLDING 6.70 10-20 04/03S 1,721,452.50 1,721,790.00 32,383.33 0.41 3,000,000 NOMURA HOLDINGS 2.00 13-16 13/09S 2,989,920.00 3,025,650.00 17,833.33 0.72 1,500,000 NOMURA HOLDINGS INC 4.125 11-16 19/01S 1,489,365.00 1,580,610.00 27,671.88 0.38 2,411,000 NORDEA BANK 4.25 12-22 21/09S 2,555,611.78 2,383,924.47 28,178.56 0.57
The accompanying notes are an integral part of these financial statements. Page 52 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,000,000 NORDEA BANK 9 REGS 4.875 10-20 27/01S 1,017,230.00 1,108,360.00 20,718.75 0.26 432,000 ORANGE 4.125 11-21 14/09S 473,495.32 437,361.12 5,247.00 0.10 3,500,000 PEMEX 8.00 09-19 03/05S 4,417,150.00 4,251,030.00 44,333.33 1.01 1,000,000 PERNOD RICARD REGS 5.75 11-21 07/04S 1,180,470.00 1,103,210.00 13,256.94 0.26 3,500,000 PETROBRAS INTL FIN CO 5.875 07-18 01/03S 3,863,710.00 3,737,230.00 67,970.49 0.89 250,000 PETROBRAS INTL FIN CO 2.875 12-15 06/02S 248,747.50 253,997.50 2,875.00 0.06 4,000,000 PETROBRAS INTL FIN CO 3.875 11-16 27/01S 4,103,450.00 4,123,480.00 65,875.00 0.98 4,000,000 PHILIP MORRIS 5.65 08-18 16/05S 4,280,000.00 4,597,160.00 27,622.22 1.09 1,000,000 PRUDENTIAL FINANCIAL 4.50 10-20 15/11S 1,037,620.00 1,076,630.00 5,625.00 0.26 1,000,000 PRUDENTIAL FINANCIAL 5.875 12-42 15/09S 1,016,250.00 1,017,430.00 17,135.42 0.24 500,000 PRUDENTIAL FINANCIAL INC SER D TR 31 7.375 09-19 15/06S 507,670.00 614,080.00 1,536.46 0.15 300,000 PRUDENTIAL FINANCIAL TR 27 6.00 07-17 01/12S 216,000.00 344,970.00 1,450.00 0.08 1,200,000 QTEL INTL REGS 3.25 12-23 21/02S 1,188,442.00 1,078,392.00 13,975.00 0.26 500,000 RAS LAFFAN REGS 6.75 09-19 30/09S 521,750.00 588,865.00 8,437.50 0.14 2,000,000 REYNOLDS AMERICAN 3.25 12-22 01/11S 2,020,620.00 1,846,460.00 10,652.78 0.44 1,000,000 REYNOLDS AMERICAN INC 6.75 07-17 15/06S 1,213,850.00 1,150,321.30 2,812.50 0.27 1,000,000 RIO TINTO FIN USA 2.25 11-16 20/09S 1,019,380.00 1,029,170.00 6,250.00 0.24 2,000,000 RIO TINTO FINANCE USA LTD 9.00 09-19 01/05S 2,485,880.00 2,618,980.00 29,500.00 0.62 2,000,000 RIO TINTO FINANCE USA LTD 6.50 08-18 15/07S 2,237,080.00 2,367,080.00 59,583.33 0.56 500,000 ROCKWELL COLLINS 5.25 09-19 15/07S 497,355.00 567,197.18 12,031.25 0.13 5,000,000 SABMILLER HLDGS 2.45 12-17 15/01S 4,996,750.00 5,136,762.50 56,145.83 1.21 100,000 SABMILLER HLDGS REGS 2.45 12-17 15/01S 104,189.50 102,456.00 1,122.92 0.02 1,000,000 SABMILLER HOLDINGS 3.75 12-22 15/01S 1,072,600.00 1,009,619.80 17,187.50 0.24 1,000,000 SANTANDER UK REGS SUB 5.00 13-23 07/11S 996,810.00 1,008,260.00 7,361.11 0.24 2,000,000 SBERBANK LUX REGS 4.95 12-17 07/02S 2,142,500.00 2,124,420.00 39,325.00 0.50 2,000,000 SINGTEL GROUP TREAS 2.375 12-17 08/09S 1,995,900.00 2,030,860.00 14,777.78 0.48 500,000 SK TELECOM REGS 2.125 12-18 01/05S 497,115.00 485,725.00 1,741.32 0.12 1,000,000 STANDARD CHARTERED 5.70 12-22 25/01S 1,108,780.00 1,054,110.00 24,541.67 0.25 1,000,000 STANDARD CHARTERED REGS 6.40 07-17 26/09S 1,073,780.00 1,126,040.00 16,711.11 0.27 2,000,000 STATOILHYDRO ASA 5.25 09-19 15/04S 2,312,560.00 2,278,500.00 21,875.00 0.54 2,000,000 SUMITOMO BANK 4.85 12-22 01/03S 1,999,585.00 2,117,580.00 32,063.89 0.50 1,000,000 SWEDBANK REGS 1.75 13-18 12/03S 995,810.00 983,340.00 5,250.00 0.23 3,000,000 SWISS RE CAPITAL REGS 6.854 06-XX 25/05S 2,965,000.00 3,182,100.00 19,990.83 0.76 2,000,000 TELEFONICA EMIS SA 3.729 10-15 27/04S 2,062,740.00 2,066,280.00 13,051.50 0.49 1,000,000 TELEFONICA EMIS SA 3.992 11-16 16/02S 1,031,080.00 1,050,390.00 14,859.11 0.25 1,000,000 TELEFONICA EMIS SA 4.949 09-15 15/01S 1,051,930.00 1,039,590.00 22,682.92 0.25 1,500,000 TELEFONICA EMISIONES 6.421 06-16 20/06S 1,577,500.00 1,674,150.00 2,675.42 0.40 2,000,000 TEVA PHARMA FINANCE 2.95 12-22 18/02S 1,896,000.00 1,822,860.00 1,966.67 0.43 1,000,000 TI CAPITAL 6.175 09-14 18/06S 1,025,000.00 1,021,120.00 2,058.33 0.24 1,500,000 TIME WARNER CABLE INC 6.75 08-18 01/04S 1,650,580.00 1,691,280.00 50,343.75 0.40 1,500,000 TIME WARNER CABLE INC 8.25 09-19 01/04S 1,831,713.75 1,762,470.00 30,593.75 0.42 500,000 TOKYO MITSUBISHI UF 2.70 13-18 09/09S 499,560.00 506,430.00 4,162.50 0.12 2,000,000 TRANSCANADA PIPELINES 2.50 12-22 01/08S 1,876,060.00 1,824,140.00 20,694.44 0.43 750,000 TRANSCANADA PIPELINES 7.125 09-19 15/01S 915,384.00 909,292.50 24,492.19 0.22 2,000,000 TRANSOCEAN INC 6.00 07-18 15/03S 2,289,400.00 2,249,200.00 35,000.00 0.53 3,000,000 UBS AG STAMFORD 5.875 06-16 15/07A 3,152,700.00 3,335,790.00 80,781.25 0.79 872,000 UBS AG STAMFORD -108- 5.875 07-17 20/12S 819,156.80 1,001,823.36 1,423.06 0.24 1,500,000 UBS AG STAMFORD-DPNT- 5.75 08-18 25/04S 1,589,100.00 1,722,075.00 15,572.92 0.41 750,000 UNITED PARCEL SVC 3.125 10-21 15/01S 757,500.00 754,860.00 10,742.19 0.18 1,000,000 UNITED PARCEL SVC 5.125 09-19 01/04S 1,153,200.00 1,141,270.00 12,670.14 0.27 1,500,000 UNITED TECH CORP 6.125 08-19 01/02S 1,873,800.00 1,777,575.00 38,026.04 0.42 1,000,000 UNITED TECHNOLOGIES 3.1 12-22 01/06S 1,024,200.00 981,190.00 2,497.22 0.23 4,000,000 VALE OVERSEAS GTD 6.25 06-17 23/01S 4,575,600.00 4,455,560.00 109,027.78 1.06 6,000,000 VERIZON COMMUNICATION 4.50 13-20 15/09S 6,479,640.00 6,423,360.00 76,500.00 1.51 1,278,000 VERIZON COMMUNICATION 8.75 08-18 01/11S 1,647,968.22 1,638,945.54 18,326.88 0.39 2,000,000 VERIZON WIRELESS 8.50 08-18 15/11S 2,531,126.67 2,549,280.00 21,250.00 0.60 250,000 VODAFONE GROUP 2.50 12-22 26/09S 246,747.50 222,535.00 1,631.94 0.05 700,000 VODAFONE GROUP 5.625 07-17 27/02S 689,808.00 785,904.00 13,453.13 0.19 600,000 WELLS FARGO & CO 5.125 04-16 15/09S 572,676.00 661,542.00 8,968.75 0.16 1,000,000 WELLS FARGO & CO 5.625 06-16 15/10S 965,840.00 1,123,250.00 11,718.75 0.27 500,000 WELLS FARGO & CO 5.625 07-17 11/12S 461,750.00 573,095.00 1,484.38 0.14 500,000 WELLS FARGO & CO 4.60 11-21 01/04S 498,965.00 548,110.00 5,686.11 0.13 1,000,000 WM WRIGLEY JR REGS 2.90 13-19 21/10S 997,810.00 992,290.00 5,558.33 0.24 1,000,000 WOORI BANK REG S 7.00 09-15 02/02S 1,032,104.00 1,061,400.00 29,166.67 0.25 500,000 WOORI BANK REGS 5.875 11-21 13/04S 577,000.00 549,990.00 6,282.99 0.13 2,500,000 WOORI BANK 144A TR 8 2.875 13-18 02/10S 2,483,525.00 2,508,300.00 17,569.44 0.60 250,000 WPP FINANCE 3.625 12-22 07/09S 247,907.50 241,110.00 2,844.62 0.06
The accompanying notes are an integral part of these financial statements. Page 53 UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 2,000,000 XSTRATA CANADA 2.85 11-14 10/11S 2,008,707.50 2,028,220.00 7,916.67 0.48 2,000,000 XSTRATA FIN REGS 4.95 11-21 15/11S 2,112,200.00 2,034,300.00 12,375.00 0.48 250,000 XSTRATA FINANCE REGS 1.80 12-15 23/10S 249,920.00 253,185.00 837.50 0.06 Floating rate bonds 20,883,552.30 22,424,673.65 194,621.91 5.32 US Dollar 20,883,552.30 22,424,673.65 194,621.91 5.32 250,000 BG ENERGY CAPITAL FL.R 12-72 30/11S 272,500.00 274,857.50 1,380.14 0.07 1,000,000 BNP PARIBAS SUB REGS FL.R 05-XX 29/06S 1,027,500.00 1,023,510.00 144.06 0.24 500,000 CREDIT AGRICOLE FL.R 13-33 19/09S 500,000.00 553,530.00 11,397.57 0.13 2,750,000 CREDIT AGRICOLE -10-REGS FL.R 13-16 03/10Q 2,750,000.00 2,761,907.50 7,282.84 0.66 2,000,000 CREDIT SUISSE GUERNSEY FL.R 07-15/05S 1,802,000.00 2,125,220.00 14,650.00 0.50 2,300,000 DOW CHEMICAL FL.R 09-19 15/05S 2,529,038.00 2,973,693.00 24,581.25 0.71 5,000,000 JP MORGAN CHASE FL.R 06-16 31/03M 4,805,200.00 5,000,100.75 0.00 1.18 500,000 NATIONAL AUSTRALIA BANK LTD NEW YORK REG S SUBFL.R 09-24/09S 504,200.00 562,980.00 10,666.67 0.13 500,000 RABOBANK NEDERLAND FL.R 11-XX 29/06S 499,250.00 550,300.00 116.67 0.13 2,010,000 RABOBANK NEDERLAND NV FL.R 11-49 31/12S 1,988,280.65 2,189,271.90 72,011.04 0.52 2,100,000 RWE FL.R 12-72 12/10S 2,125,583.65 2,303,343.00 31,850.00 0.55 2,000,000 UNICREDIT FL.R 13-23 02/05S 2,080,000.00 2,105,960.00 20,541.67 0.50
Other transferable securities 12,972,462.50 13,250,884.15 224,565.28 3.14 Bonds 12,972,462.50 13,250,884.15 224,565.28 3.14 US Dollar 12,972,462.50 13,250,884.15 224,565.28 3.14 2,000,000 COX COMM. -144A- 9.375 08-19 15/01S 2,469,380.00 2,531,936.00 85,937.50 0.60 3,000,000 ING BANK 144A 4.00 11-16 15/03S 3,101,400.00 3,175,230.00 35,000.00 0.75 6,000,000 INTESA SANPAOLO 144A 3.625 10-15 12/05S 6,108,900.00 6,173,640.00 83,375.00 1.46 250,000 METROPOLITAN LIFE 144A3.00 12 23 10/01S 249,872.50 233,517.50 3,541.67 0.06 1,000,000 STANDARD CHARTERED 6.40 07-17 26/09S 144A 1,042,910.00 1,136,560.65 16,711.11 0.27
Derivative instruments 89,162.50 2,187.22 0.00 0.00 Options 89,162.50 2,187.22 0.00 0.00 US Dollar 89,162.50 2,187.22 0.00 0.00 77,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 59,290.00 1,249.71 0.00 0.00 -19,900,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -8,457.50 -0.20 0.00 0.00 19,900,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 53,730.00 950.03 0.00 0.00 -77,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -15,400.00 -12.32 0.00 0.00
Total investments in securities 407,109,347.18 413,366,213.97 98.08
Cash at banks/(bank liabilities) 1,188,320.39 0.28
Other net assets/(liabilities) 6,894,248.33 1.64
Total 421,448,782.69 100.00
The accompanying notes are an integral part of these financial statements. Page 54 UBAM - CORPORATE US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 49.36 Cayman Islands 6.70 United Kingdom 6.01 Japan 4.76 France 3.57 South Korea 3.55 Australia 3.54 The Netherlands 3.50 Luxembourg 3.19 Italy 2.44 Canada 2.25 Mexico 1.58 Spain 1.39 United Arab Emirates 1.18 Sweden 1.06 Jersey Island 0.76 Germany 0.55 Norway 0.54 Guernsey 0.50 Singapore 0.48 The Netherlands Antilles 0.43 Brazil 0.34 Bermuda 0.26 Qatar 0.14
98.08
Page 55 UBAM - CORPORATE US DOLLAR BOND
Industrial classification of investments
% of net assets Banks and credit institutions 35.50 Holding and finance companies 24.38 Communications 7.51 Petroleum 5.92 Tobacco and alcoholic drinks 5.60 Utilities 4.48 Foods and non alcoholic drinks 2.08 Insurance 1.70 Pharmaceuticals and cosmetics 1.35 Miscellaneous sectors 1.20 Chemicals 1.15 Miscellaneous services 0.90 Aerospace industry 0.78 Non-ferrous metals 0.77 Transportation 0.66 Graphic art and publishing 0.56 Paper and forest products 0.56 Biotechnology 0.55 Coal mining and steel industry 0.52 Machine and apparatus construction 0.50 Miscellaneous trading companies 0.49 Office supplies and computing 0.42 Miscellaneous consumer goods 0.26 Electrical engineering and electronics 0.24 Healthcare and social services -
98.08
Page 56 UBAM - CORPORATE US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 22,815,615.91 Interest on bonds and other debt securities, net Note 2 21,002,456.75 Interest on bank accounts 70.28 Bank interest on time deposits 130.16 Interest received on swap contracts 1,777,539.14 Other income 35,419.58 Expenses 4,130,868.70 Advisory fees Note 4 978,877.96 Management fees Note 3 1,142,902.69 Custodian fees 488,460.70 Subscription duty ("taxe d'abonnement") Note 6 159,115.68 Central administration costs 486,466.63 Audit fees 23,849.07 Interest paid on bank liabilities 2,075.38 Legal fees 15,475.71 Transaction fees Note 2 74,903.21 Other administration costs Note 7, 8 432,768.28 Banking charges and other fees 19,505.22 Interest paid on swap contracts 243,735.63 Other expenses 62,732.54 Net investment income 18,684,747.21 Net realised gain/(loss) on: - securities portfolio Note 2 2,500,578.70 - options Note 2 -152,541.57 - forward foreign exchange contracts Note 2 3,155,789.90 - futures contracts Note 2 -2,105,927.99 - swap contracts Note 2 -509,654.98 - foreign exchange Note 2 -579,834.89 Realised result 20,993,156.38 Net variation of the unrealised gain/(loss) on: - securities portfolio -19,327,398.55 - options -73,657.72 - forward foreign exchange contracts -2,178,414.32 - futures contracts 873,419.54 - swap contracts 1,114,126.00 Result of operations 1,401,231.33 Dividends paid Note 15 -476,617.99 Subscriptions capitalisation shares 122,887,173.55 Subscriptions distribution shares 52,015,588.77 Redemptions capitalisation shares -244,917,135.98 Redemptions distribution shares -4,077,616.09 Total changes in net assets -73,167,376.41
Total net assets at the beginning of the year 494,616,159.10
Total net assets at the end of the year 421,448,782.69
The accompanying notes are an integral part of these financial statements. Page 57 UBAM - DYNAMIC EURO BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 520,613,802.26 Securities portfolio at market value Note 2 494,611,501.04 Options contracts at market value Note 2, 12 2,271.24 Deposits on futures and options contracts 441,641.81 Cash at banks 18,726,131.32 Interest receivable on swap contracts 67,355.43 Interest receivable on bonds and other debt securities 4,777,106.20 Receivable on issues of shares 131,462.70 Unrealised gain on futures contracts Note 2, 10 314,248.91 Unrealised gain on swap contracts Note 2, 11 1,542,083.61 Liabilities 800,343.99 Short option contracts at market value Note 2, 12 12.87 Other liquid liabilities 107,421.52 Payable on redemptions of shares 44,381.28 Unrealised loss on forward foreign exchange contracts Note 2, 9 79,005.65 Interest payable on bank liabilities and expenses payable 569,522.67 Net assets at the end of the year 519,813,458.27
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 501,881.054 418,811.148 218,401.520 702,290.682 Distribution shares 63,190.701 340,538.276 29,160.520 374,568.457
AH CHF shares Capitalisation shares 1,024.000 28,122.000 4,163.000 24,983.000
AH GBP shares Capitalisation shares 0.000 36,734.000 1,430.000 35,304.000
I shares Capitalisation shares 683,414.995 639,116.947 489,643.871 832,888.071
IH CHF shares Capitalisation shares 80,171.419 478,818.523 4,155.028 554,834.914
IH GBP shares Capitalisation shares 0.000 24,922.000 250.000 24,672.000 Distribution shares 0.000 26,808.000 0.000 26,808.000
R shares Capitalisation shares 1.000 0.000 0.000 1.000
The accompanying notes are an integral part of these financial statements. Page 58 UBAM - DYNAMIC EURO BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 519,813,458.27 318,157,323.53 152,191,219.58
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 702,290.682 501,881.054 377,289.356 Net asset value per share 253.72 251.47 242.35 Distribution shares Number of shares outstanding 374,568.457 63,190.701 38,163.752 Net asset value per share 169.55 170.18 166.33 Dividend per share 2.12 2.37 1.35
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 24,983.000 1,024.000 15,042.177 Net asset value per share 323.78 322.19 311.54
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 35,304.000 - - Net asset value per share 100.28 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 832,888.071 683,414.995 206,296.956 Net asset value per share 257.76 254.85 245.02
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 554,834.914 80,171.419 - Net asset value per share 102.39 101.63 -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 24,672.000 - - Net asset value per share 101.03 - - Distribution shares Number of shares outstanding 26,808.000 - - Net asset value per share 100.08 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1.000 1.000 - Net asset value per share 251.18 250.50 -
The accompanying notes are an integral part of these financial statements. Page 59 UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 496,408,317.70 494,611,501.04 4,777,106.20 95.15 dealt in on another regulated market Bonds 180,357,277.36 178,012,384.26 4,114,917.75 34.25 Euro 180,357,277.36 178,012,384.26 4,114,917.75 34.25 6,326,000 ALTADIS EMISIONES FIN 4.00 05-15 11/12A 6,780,308.80 6,686,771.78 13,865.21 1.29 5,850,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 6,266,850.00 6,255,873.00 174,598.46 1.20 2,000,000 ANGLO AMER CAPITAL 4.375 09-16 02/12A 2,194,170.00 2,165,360.00 6,952.05 0.42 4,000,000 ANGLO AMERCAN CAPITAL 5.875 08-15 17/04A 4,327,150.00 4,249,240.00 166,109.59 0.82 1,000,000 BANQUE PSA FINANCE 6.00 12-14 16/07A 1,035,990.00 1,023,390.00 27,616.44 0.20 9,500,000 BBVA SENIOR 3.625 12-14 03/10A 9,705,720.24 9,688,860.00 83,970.89 1.86 3,000,000 BBVA SENIOR FIN 4.375 12-15 21/09A 3,133,512.00 3,156,450.00 36,318.49 0.61 1,500,000 CARLSBERG BREWER 6.00 09-14 28/05A 1,638,525.00 1,531,995.00 53,506.85 0.29 1,000,000 CIE DE SAINT GOBAIN 4.875 06-16 31/05A 1,099,350.00 1,092,610.00 28,582.19 0.21 500,000 CRH FINANCE EMTN 7.375 09-14 28/05A 548,995.00 512,845.00 21,922.95 0.10 3,500,000 DAIMLER 1.75 12-15 21/05A 3,541,905.00 3,555,160.00 37,589.04 0.68 1,000,000 ENEL-SOCIETA 5.25 07-15 14/01A 1,064,300.00 1,042,980.00 50,486.30 0.20 4,000,000 ESPAGNE 3.75 12-15 31/10A 4,175,760.00 4,166,440.00 25,068.49 0.80 9,000,000 FBE BANK PLC 1.875 13-16 12/05A 9,126,559.82 9,123,390.00 107,722.60 1.76 3,725,000 FCE BANK PLC 4.75 11-15 19/01N 3,930,117.50 3,872,659.00 167,727.05 0.75 5,000,000 GAS NATURAL CAPITAL 5.25 09-14 09/07A 5,157,400.00 5,110,400.00 125,856.16 0.98 9,500,000 GAZ CAPITAL -GARPROM- 5.364 07-14 31/10A 10,082,400.00 9,824,235.00 85,162.68 1.89 6,500,000 GAZ CAPITAL-REGS 5.875 05-15 01/06A 6,959,950.00 6,906,445.00 222,847.60 1.33 11,500,000 GLENCORE FINANCE 7.125 08-15 23/04A 12,692,910.00 12,403,670.00 565,705.48 2.38 3,000,000 HBOS PLC SUB. 4.875 03-15 20/03A 3,118,800.00 3,117,030.00 114,595.89 0.60 5,000,000 ITALY BOT (12MESI) -14 14/08U 4,948,324.35 4,955,420.78 19,679.22 0.95 1,000,000 KONINKLIJKE KPN NV 6.50 08-16 15/01A 1,119,600.00 1,106,120.00 62,328.77 0.21 3,000,000 MORGAN STANLEY 4.00 05-15 17/11A 3,194,400.00 3,161,730.00 14,465.75 0.61 14,315,000 NOMURA EUROPE FINANCE NV EMTN 5.125 09-14 09/12A 15,030,619.25 14,860,974.10 44,219.62 2.85 6,000,000 PERNOD RICARD 4.875 10-16 18/03A 6,529,950.00 6,478,860.00 230,794.52 1.25 5,000,000 PERNOD RICARD 7.00 09-15 15/01A 5,396,952.50 5,315,850.00 335,616.44 1.02 6,000,000 RCI BANQUE EMTN 4.375 10-15 27/01A 6,249,950.00 6,211,020.00 243,082.19 1.19 2,000,000 RCI BANQUE EMTN 5.625 11-15 05/10A 2,154,980.00 2,151,920.00 26,815.07 0.41 7,000,000 RCI BANQUE SA 3.75 11-14 07/07A 7,202,275.00 7,097,650.00 127,294.52 1.37 6,000,000 REPSOL INTERNATIONAL FINANCE BV 6.50 09-14 27/03A 6,394,520.00 6,074,520.00 298,109.59 1.17 4,955,000 REPSOL INTL FINANCE 4.625 04-14 08/10A 5,155,298.90 5,092,848.10 52,740.21 0.98 500,000 ROYAL BK SCOTLAND SUB 4.875 03-15 22/04A 521,000.00 521,000.00 16,895.55 0.10 1,000,000 RWE FINANCE EMTN 4.625 04-14 23/07A 1,074,930.00 1,022,530.00 20,400.68 0.20 4,000,000 SPAIN 4.00 12-15 30/07A 4,176,320.00 4,165,920.00 67,506.85 0.80 4,000,000 TELECOM ITALIA 4.625 12-15 15/06A 4,216,920.00 4,147,960.00 100,863.01 0.80 2,550,000 TELECOM ITALIA EMTN 4.75 06-14 19/05A 2,670,504.00 2,584,297.50 74,997.95 0.50 2,000,000 TELEFONICA EMIS SA 3.406 10-15 24/03A 2,067,000.00 2,058,400.00 52,629.70 0.40 5,000,000 TELEFONICA EMISIONES 4.674 07-14 07/02A 5,174,000.00 5,017,800.00 209,369.59 0.97 500,000 VOLKSWAGEN INT.EMTN 1.00 13-16 26/10A 499,060.00 501,760.00 904.11 0.10 Floating rate bonds 316,051,040.34 316,599,116.78 662,188.45 60.90 Euro 316,051,040.34 316,599,116.78 662,188.45 60.90 6,000,000 ABN AMRO FL.R 13-16 01/08Q 6,000,000.00 6,016,380.00 8,080.00 1.16 500,000 BANCA INTESA FL.R 04-14 01/10Q 491,705.00 497,440.00 535.89 0.10 7,000,000 BANK OF AMERICA FL.R 06-16 18/05Q 6,872,770.00 6,952,260.00 3,486.58 1.34 14,000,000 BEI EMTN FL.R 09-17 27/01Q 14,125,705.00 14,105,700.00 11,822.22 2.71 15,000,000 BFCM FL.R 13-16 15/11Q 15,000,000.00 14,990,032.50 14,911.67 2.88 1,850,000 BFCM EMTN FL.R 06-16 10/02Q 1,834,362.45 1,839,288.50 1,032.92 0.35 15,000,000 BNP PAR FL.R 13-15 13/11Q 14,994,000.00 14,999,400.00 10,360.00 2.89 6,000,000 BPCE FL.R 13-16 18/01Q 6,030,000.00 6,024,420.00 11,408.33 1.16 8,500,000 BPCE EMTN FL.R 13-15 10/03Q 8,496,175.00 8,494,645.00 2,717.17 1.63 3,000,000 BPCE EMTN FL.R 13-15 16/01Q 2,998,800.00 3,004,080.00 4,287.67 0.58 4,500,000 CARREFOUR BANQUE FL.R 13-16 16/04Q 4,518,160.00 4,559,220.00 10,231.50 0.88 500,000 CATERPILLAR INTL FIN FL.R 13-16 23/05Q 500,000.00 500,570.00 258.50 0.10 15,000,000 CITIGROUP EMTN FL.R 06-16 09/02Q 14,703,835.00 14,904,000.00 8,916.67 2.87 10,000,000 CREDIT AGRICOLE FL.R 12-15 14/01Q 9,999,260.00 10,014,100.00 13,585.00 1.93 10,000,000 CS LONDON EMTN FL.R 13-15 17/04Q 10,000,000.00 10,002,400.00 8,616.44 1.92 2,000,000 DAIMLER AG FL.R 12-15 03/03Q 1,999,100.00 2,001,573.50 768.44 0.39 8,790,000 ENEL FL.R 07-15 14/01S 8,787,440.30 8,802,921.30 45,989.76 1.69 2,000,000 ENEL SPA FL.R 10-10 26/02S 1,983,400.00 1,989,540.00 7,570.61 0.38 3,000,000 ENI SPA FL.R 09-15 29/06S 2,988,100.00 3,027,960.00 106.83 0.58 5,300,000 FMS WERTMANAGEMENT FL.R 12-15 02/02Q 5,300,300.00 5,308,321.00 3,188.83 1.02 15,000,000 GE CAP EUR FUNDING FL.R 13-16 03/05Q 15,017,320.00 15,010,800.00 16,150.00 2.89
The accompanying notes are an integral part of these financial statements. Page 60 UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 3,000,000 GE CAPITAL EUROP FUND FL.R 06-16 22/02Q 2,949,870.00 2,986,200.00 1,199.25 0.57 4,100,000 GECC FL.R 06-16 20/06Q 4,053,342.00 4,054,449.00 523.66 0.78 8,000,000 GOLDMAN SACHS GROUP FL.R 05-15 02/02Q 7,903,715.56 7,996,400.00 8,613.33 1.54 4,000,000 GOLDMAN SACHS GROUP FL.R 06-16 23/05Q 3,957,380.00 3,966,040.00 2,268.00 0.76 3,000,000 GOLDMAN SACHS GROUP FL.R 07-15 18/05Q 2,966,760.00 2,993,100.00 2,031.75 0.58 4,500,000 IMPERIAL TOBACCO FIN FL.R 09-16 17/02A 5,511,050.00 5,179,005.00 327,313.36 1.00 1,000,000 ING BANK NV FL.R 13-16 14/03Q 998,500.00 1,001,230.00 323.75 0.19 10,000,000 ING GROEP FL.R 13-15 27/02Q 10,003,750.00 10,021,100.00 6,393.89 1.93 4,984,000 ING GROEP NV FL.R 06-16 11/04Q 4,900,111.00 4,951,703.68 4,799.59 0.95 4,500,000 INTESA SAN PAOLO EMTN FL.R 13-15 29/07Q 4,514,490.00 4,516,740.00 13,608.00 0.87 8,000,000 INTESA SANPAOLO FL.R 13-16 11/01 7,988,120.00 8,005,200.00 7,057.78 1.54 10,000,000 JP MORGAN CHASE & CO FL.R 13-16 03/05Q 9,984,900.00 9,981,600.00 9,183.33 1.92 3,000,000 KRED.ANST.WIEDERAUFB.FL.R 09-15 12/08Q 3,003,600.00 3,003,810.00 886.08 0.58 10,000,000 KRED.WIEDERAUFBAU FL.R 12-19 11/09Q 9,979,080.00 9,997,700.00 1,416.67 1.92 13,000,000 KRED.WIEDERAUFBAU FL.R 11-17 26/01A 13,037,300.00 13,015,860.00 5,200.00 2.50 6,460,000 MERRILL LYNCH FL.R 04-14 22/07Q 6,381,759.43 6,465,814.00 8,466.19 1.24 11,200,000 MONDELEZ INTL FL.R 13-15 11/06Q 11,200,000.00 11,238,640.00 4,697.78 2.16 14,000,000 MORGAN STANLEY FL.R 06-16 13/04Q 13,831,527.60 13,875,960.00 18,775.17 2.67 4,000,000 PACCAR FIN EUROPE FL.R 13-16 24/06Q 4,000,000.00 4,001,400.00 522.67 0.77 4,000,000 SOCIETE GENERALE FL.R 13-15 14/01Q 4,006,150.00 4,009,000.00 5,867.33 0.77 12,000,000 SOCIETE GENERALE REGS FL.R 13-16 18/01Q 12,068,400.00 12,080,160.00 22,816.67 2.32 1,500,000 TELEFONICA EMIS 19 FL.R 09-15 02/06A 1,525,240.00 1,522,755.00 2,486.75 0.29 4,000,000 UNICREDIT SPA EMTN FL.R 13-16 22/01Q 3,999,952.00 4,009,200.00 13,408.89 0.77 3,000,000 UNICREDITO ITAL.EMTN FL.R 05-15 18/02Q 2,946,510.00 2,973,120.00 1,404.67 0.57 700,000 VINCI FL.R 13-16 18/04Q 700,000.00 704,921.00 1,158.31 0.14 1,000,000 VOLKSWAGEN BANK REGS FL.R 13-16 09/05Q 999,100.00 1,002,650.00 872.22 0.19 8,000,000 VOLKSWAGEN LEASING FL.R 13-15 19/02Q 8,000,000.00 7,998,800.00 4,368.00 1.54 2,000,000 VW BANK FL.R 13-15 14/01Q 2,000,000.00 2,001,507.30 2,500.33 0.39
Derivative instruments 93,525.33 2,258.37 0.00 0.00 Options 93,525.33 2,258.37 0.00 0.00 US Dollar 93,525.33 2,258.37 0.00 0.00 109,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 61,893.00 1,283.84 0.00 0.00 -28,500,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -9,037.27 -0.21 0.00 0.00 28,500,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 56,745.70 987.40 0.00 0.00 -109,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -16,076.10 -12.66 0.00 0.00
Total investments in securities 496,501,843.03 494,613,759.41 95.15
Cash at banks/(bank liabilities) 18,726,131.32 3.60
Other net assets/(liabilities) 6,473,567.54 1.25
Total 519,813,458.27 100.00
The accompanying notes are an integral part of these financial statements. Page 61 UBAM - DYNAMIC EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 19.25 United States of America 16.89 The Netherlands 10.61 United Kingdom 9.30 Germany 9.21 Italy 8.95 Luxembourg 8.31 Spain 8.00 Ireland 4.34 Denmark 0.29
95.15
Industrial classification of investments
% of net assets Banks and credit institutions 43.55 Holding and finance companies 31.96 Communications 3.17 Supranational 2.71 Tobacco and alcoholic drinks 2.56 Countries and central government 2.55 Utilities 2.27 Foods and non alcoholic drinks 2.16 Insurance 1.20 Road vehicles 1.07 State 1.02 Petroleum 0.58 Building materials and trade 0.35 Healthcare and social services -
95.15
Page 62 UBAM - DYNAMIC EURO BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 8,125,887.03 Interest on bonds and other debt securities, net Note 2 6,519,150.85 Interest on bank accounts 73.93 Bank interest on time deposits 148.45 Interest received on swap contracts 1,592,526.52 Other income 13,987.28 Expenses 2,141,151.57 Advisory fees Note 4 312,281.37 Management fees Note 3 527,144.69 Custodian fees 383,832.95 Subscription duty ("taxe d'abonnement") Note 6 120,846.33 Central administration costs 375,064.07 Audit fees 19,643.60 Interest paid on bank liabilities 948.50 Legal fees 12,495.62 Transaction fees Note 2 23,059.41 Other administration costs Note 7, 8 108,349.11 Banking charges and other fees 11,222.00 Interest paid on swap contracts 180,694.93 Other expenses 65,568.99 Net investment income 5,984,735.46 Net realised gain/(loss) on: - securities portfolio Note 2 1,206,889.93 - options Note 2 -119,816.58 - forward foreign exchange contracts Note 2 -2,776.21 - futures contracts Note 2 -421,781.27 - swap contracts Note 2 -1,381,448.71 - foreign exchange Note 2 42,455.94 Realised result 5,308,258.56 Net variation of the unrealised gain/(loss) on: - securities portfolio -3,065,960.39 - options -83,929.69 - forward foreign exchange contracts -75,917.70 - futures contracts 338,328.91 - swap contracts 1,255,015.96 Result of operations 3,675,795.65 Dividends paid Note 15 -315,103.84 Subscriptions capitalisation shares 324,711,917.32 Subscriptions distribution shares 60,904,194.21 Redemptions capitalisation shares -182,377,808.14 Redemptions distribution shares -4,942,860.46 Total changes in net assets 201,656,134.74
Total net assets at the beginning of the year 318,157,323.53
Total net assets at the end of the year 519,813,458.27
The accompanying notes are an integral part of these financial statements. Page 63 UBAM - DYNAMIC US DOLLAR BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 434,264,364.67 Securities portfolio at market value Note 2 406,987,756.14 Options contracts at market value Note 2, 12 1,995.42 Deposits on futures and options contracts 250,668.53 Cash at banks 23,671,374.14 Interest receivable on swap contracts 52,537.76 Interest receivable on bonds and other debt securities 1,457,183.11 Receivable on issues of shares 130,974.12 Unrealised gain on forward foreign exchange contracts Note 2, 9 55,268.32 Unrealised gain on futures contracts Note 2, 10 244,245.58 Unrealised gain on swap contracts Note 2, 11 1,385,304.08 Other receivables 27,057.47 Liabilities 586,465.83 Short option contracts at market value Note 2, 12 11.38 Payable on redemptions of shares 53,732.75 Interest payable on bank liabilities and expenses payable 532,721.70 Net assets at the end of the year 433,677,898.84
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 717,732.319 855,057.933 210,670.390 1,362,119.862 Distribution shares 31,206.000 31,787.000 10,924.000 52,069.000
AH CHF shares Capitalisation shares 2,287.988 3,399.000 2,215.000 3,471.988
AH GBP shares Capitalisation shares 0.000 13,310.000 0.000 13,310.000
I shares Capitalisation shares 123,750.259 583,319.168 165,785.389 541,284.038
IH CHF shares Capitalisation shares 40,000.000 76,644.766 0.000 116,644.766
IH GBP shares Capitalisation shares 0.000 10,017.214 0.000 10,017.214 Distribution shares 4,855.189 6,970.829 0.000 11,826.018
R shares Capitalisation shares 16,801.339 743.685 5,423.015 12,122.009
The accompanying notes are an integral part of these financial statements. Page 64 UBAM - DYNAMIC US DOLLAR BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 433,677,898.84 188,862,024.65 154,910,520.82
A shares USD USD USD Capitalisation shares Number of shares outstanding 1,362,119.862 717,732.319 684,418.540 Net asset value per share 210.61 207.78 200.79 Distribution shares Number of shares outstanding 52,069.000 31,206.000 32,473.000 Net asset value per share 136.48 136.25 132.87 Dividend per share 1.62 1.22 0.96
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 3,471.988 2,287.988 1,989.880 Net asset value per share 220.74 218.79 212.78
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 13,310.000 - - Net asset value per share 101.15 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 541,284.038 123,750.259 46,906.116 Net asset value per share 214.02 210.62 203.05
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 116,644.766 40,000.000 - Net asset value per share 102.50 101.35 -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 10,017.214 - - Net asset value per share 134.76 - - Distribution shares Number of shares outstanding 11,826.018 4,855.189 4,855.189 Net asset value per share 133.17 132.38 128.64 Dividend per share 1.57 1.19 -
R shares USD USD USD Capitalisation shares Number of shares outstanding 12,122.009 16,801.339 11,306.231 Net asset value per share 203.45 202.11 196.69
The accompanying notes are an integral part of these financial statements. Page 65 UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 394,771,608.79 395,246,749.14 1,336,691.57 91.14 dealt in on another regulated market Bonds 73,875,623.36 73,047,875.59 1,002,204.29 16.84 US Dollar 73,875,623.36 73,047,875.59 1,002,204.29 16.84 1,500,000 ABU DHABI COMM REGS 4.75 09-14 08/10S 1,575,000.00 1,544,880.00 16,625.00 0.36 1,507,000 BANK OF AMERICA SUB. 5.25 03-15 01/12S 1,619,254.86 1,617,011.00 6,373.35 0.37 8,000,000 BK TOKYO-MITSUBISHI 2.45 10-15 11/09S 8,231,200.00 8,210,480.00 59,344.44 1.89 3,000,000 CITIGROUP 5.30 05-16 07/01S 3,289,890.00 3,242,760.00 76,408.33 0.75 2,900,000 DEUTSCHE BK 144A SUB 5.375 03-15 02/03S 3,045,000.00 3,039,780.00 55,855.21 0.70 2,000,000 DIRECT TV 3.50 11-16 01/03S 2,122,400.00 2,100,480.00 23,138.89 0.48 1,500,000 ENEL FINANCE INTL 3.875 09-14 07/10S 1,548,050.00 1,532,580.00 13,401.04 0.35 3,000,000 FORD MOTOR CREDIT 2.50 12-16 15/01S 3,034,180.00 3,080,490.00 34,375.00 0.71 4,000,000 FORD MOTOR CREDIT 5.625 10-15 15/09S 4,344,400.00 4,308,560.00 65,625.00 0.99 5,000,000 GAZ CAPITAL REGS 8.125 09-14 31/07S 5,436,650.00 5,208,450.00 169,270.83 1.20 1,000,000 INTESA SAN PAOLO 3.125 13-16 15/01S 1,010,200.00 1,032,081.00 14,322.92 0.24 1,200,000 INTESA SAN PAOLO 3.125 13-16 15/01S 1,207,320.00 1,224,936.00 17,187.50 0.28 2,000,000 KOR HYDRO NUCL REG S 6.25 09-14 17/04S 2,128,270.00 2,046,960.00 4,513.89 0.47 5,000,000 KOREA GAS CORP REGS 6.00 09-14 15/07S 5,295,000.00 5,134,350.00 137,500.00 1.18 4,000,000 LLOYDS BANK 9.875 11-21 16/12A 4,800,000.00 4,780,880.00 15,361.11 1.10 3,000,000 LLOYDS BANK TSB 4.875 11-16 21/01S 3,315,870.00 3,231,510.00 64,593.75 0.75 2,000,000 NISSAN MOTOR REGS 1.00 13-16 15/03S 1,996,760.00 1,991,580.00 5,833.33 0.46 2,000,000 NISSAN MOTOR 144A 1.00 13-16 15/03S 1,989,500.00 1,992,240.00 5,833.33 0.46 2,000,000 NOMURA HOLDING 5.00 10-15 04/03S 2,104,660.00 2,090,880.00 32,222.22 0.48 626,000 NOMURA HOLDINGS INC 4.125 11-16 19/01S 658,708.50 659,641.24 11,548.40 0.15 500,000 SABMILLER HLDGS 1.85 12-15 15/01S 499,970.00 506,161.35 4,239.58 0.12 3,500,000 SOCIETE GEN.REG-S 3.10 10-15 14/09S 3,640,000.00 3,633,455.00 31,947.22 0.84 2,000,000 TELEFONICA EMIS SA 3.729 10-15 27/04S 2,063,170.00 2,066,280.00 13,051.50 0.48 1,000,000 TELEFONICA EMIS SA 3.992 11-16 16/02S 1,031,080.00 1,050,390.00 14,859.11 0.24 4,000,000 TELEFONICA EMIS SA 4.949 09-15 15/01S 4,201,410.00 4,158,360.00 90,731.67 0.96 500,000 TI CAPITAL 6.175 09-14 18/06S 528,750.00 510,560.00 1,029.17 0.12 1,000,000 XEROX CORP 8.25 09-14 15/05S 1,133,630.00 1,026,660.00 10,312.50 0.24 2,000,000 XSTRATA FINANCE REGS 1.80 12-15 23/10S 2,025,300.00 2,025,480.00 6,700.00 0.47 Floating rate bonds 320,895,985.43 322,198,873.55 334,487.28 74.30 US Dollar 320,895,985.43 322,198,873.55 334,487.28 74.30 1,000,000 ABBVIE INC FL.R 13-15 06/11Q 1,000,000.00 1,010,190.00 1,497.15 0.23 10,000,000 ABN AMRO REGS FL.R 13-16 28/10Q 10,000,000.00 10,028,900.00 17,839.64 2.31 3,000,000 ACHMEA HYPHOTEEKBANK FL.R 09-14 03/11A 3,000,000.00 2,994,044.55 2,762.67 0.69 5,000,000 AMERICAN EXPRESS FL.R 12-15 13/11Q 5,000,000.00 5,025,144.50 4,595.00 1.16 5,000,000 AMERICAN EXPRESS FL.R 13-16 29/07Q 5,000,000.00 5,026,500.00 6,534.94 1.16 4,000,000 AMERICAN HONDA FIN FL.R 13-16 07/10Q 4,000,000.00 4,020,120.00 6,775.02 0.93 3,000,000 AMERICAN HONDA FIN FL.R 13-16 26/05Q 3,000,000.00 3,008,932.50 1,783.83 0.69 4,500,000 BANK OF AMERICA FL.R 06-16 14/10Q 4,354,050.00 4,466,162.70 4,905.23 1.03 3,500,000 BANK OF AMERICA FL.R 13-16 22/03Q 3,502,805.00 3,525,585.00 828.99 0.81 18,000,000 BANK OF MONTREAL FL.R 13-15 24/09Q 18,000,000.00 18,021,780.00 1,744.23 4.17 6,000,000 BANK OF TOKYO MITSUB FL.R 13-16 09/09Q 6,021,300.00 6,030,534.30 2,980.60 1.39 10,000,000 BFCM REGS FL.R 13-16 28/10Q 10,000,000.00 10,035,600.00 19,064.68 2.31 5,000,000 BNG REGS FL.R 13-16 18/07Q 5,001,750.00 5,006,100.00 4,276.07 1.15 7,459,000 BNP PARIBAS FL.R 11-14 20/12Q 7,728,754.40 7,641,074.19 6,826.25 1.76 9,500,000 BPCE TR 2 FL.R 13-16 25/04Q 9,567,380.00 9,623,623.03 26,314.85 2.22 500,000 CAMPBELL SOUP CO FL.R 12-14 01/0QS 500,000.00 500,529.15 451.58 0.12 5,000,000 CITIGROUP INC FL.R 04-14 05/11Q 4,922,371.43 4,996,000.00 4,026.94 1.15 2,000,000 CITIGROUP INC FL.R 06-16 09/06A 1,958,540.00 1,966,741.20 625.29 0.45 5,000,000 COMMONW.BK AUST REGS FL.R 13-16 20/09Q 5,000,000.00 5,002,661.50 1,034.86 1.15 6,000,000 CREDIT AGRICOLE FL.R 13-16 17/04Q 6,000,000.00 6,072,120.00 17,545.00 1.40 6,500,000 CREDIT AGRICOLE -10-REGS FL.R 13-16 03/10Q 6,506,555.00 6,528,145.00 17,213.98 1.51 2,000,000 DAIMLER FIN REGS FL.R 13/15 09/01Q 2,000,000.00 2,005,281.70 3,888.78 0.46 1,500,000 DAIMLER FIN REGS FL.R 13-16 01/08Q 1,500,000.00 1,506,855.00 2,304.75 0.35 5,000,000 DAIMLER FINANCE REGS FL.R 12-14 10/04Q 5,000,000.00 5,007,040.50 11,657.67 1.15 3,000,000 DANSKE BANK REGS FL.R 11-14 14/04Q 3,000,000.00 3,006,585.00 8,300.60 0.69 3,000,000 DEVON ENERGY FL.R 13-16 15/12Q 3,000,000.00 3,008,364.45 718.99 0.69 1,500,000 ENBRIDGE FL.R 13-16 01/10Q 1,500,000.00 1,501,435.80 5,806.31 0.35 2,800,000 EXP-IMP BANK KOREA FL.R 13-16 17/09Q 2,812,585.00 2,811,396.00 1,191.08 0.65 10,000,000 FMS WERTMANAGEMENT FL.R 13-16 27/09Q 9,997,000.00 10,002,200.00 317.61 2.31 5,200,000 FMS WERTMANAGEMENT FL.R 12-14 01/04Q 5,200,462.22 5,203,328.00 6,550.53 1.20 1,000,000 GECC FL.R 13-16 08/01Q 1,000,000.00 1,005,448.20 1,966.65 0.23 500,000 GECC FL.R 12-15 11/12Q 500,000.00 503,885.97 234.06 0.12
The accompanying notes are an integral part of these financial statements. Page 66 UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,000,000 GECC EMTN -A-TR788 FL.R 07-16 11/05Q 988,840.00 996,919.90 598.07 0.23 5,000,000 GECC MTN TR 899 FL.R 13-16 12/07Q 5,000,000.00 5,039,120.75 9,556.56 1.16 1,000,000 GENERAL ELECTRIC CAP FL.R 04-14 15/09Q 985,550.00 1,001,670.00 209.52 0.23 1,250,000 GLENCORE FUNDING LLC FL.R 13-16 27/05Q 1,250,000.00 1,245,737.50 1,599.41 0.29 10,958,000 GOLDMAN SACHS GR MTNB FL.R 05-15 22/07Q 10,797,523.58 10,929,618.78 13,648.34 2.53 3,000,000 HANA BANK REGS FL.R 13-16 09/11Q 3,000,000.00 3,011,670.00 6,022.79 0.69 4,000,000 HEWLETT PACKARD FL.R 11-14 30/05Q 3,937,120.00 3,999,227.60 2,267.02 0.92 6,000,000 ING BANK NV REGS FL.R 13-16 07/03Q 6,004,500.00 6,059,880.00 0.00 1.40 2,000,000 ING REGS FL.R 12-15 25/09Q 2,033,600.00 2,042,391.80 419.08 0.47 5,000,000 JFM FL.R 13-14 28/11Q 5,000,000.00 4,999,275.00 1,811.56 1.15 8,000,000 JP MORGAN CHASE FL.R 06-16 13/06Q 7,918,480.00 7,944,320.00 2,295.40 1.83 8,000,000 JP MORGAN CHASE FL.R 13-16 26/02Q 8,021,600.00 8,025,040.00 6,662.44 1.85 2,500,000 KOOKMIN BANK FL.R 13-16 11/10Q 2,500,000.00 2,518,125.00 8,412.75 0.58 5,000,000 KRED.ANST.WIEDERAUFB. FL.R 12-15 13/03Q 4,999,000.00 5,004,500.00 784.63 1.15 5,000,000 KROGER CO FL.R 13-16 17/10Q 5,000,000.00 5,003,428.50 893.56 1.15 1,075,000 MERRILL LYNCH EMTN FL.R 04-15 15/01Q 1,058,982.50 1,074,946.25 1,617.79 0.25 10,500,000 MORGAN STANLEY FL.R 05-15 15/10Q 10,295,690.00 10,470,180.00 16,250.85 2.42 4,890,000 NIBC BANK REG S FL.R 09-1 02/12Q 4,894,725.00 4,902,560.21 2,438.74 1.13 6,000,000 NISSAN MOTOR REGS FL.R 13-16 26/09Q 6,000,000.00 6,015,469.80 630.57 1.39 8,000,000 NOMURA HOLDINGS FL.R 13-16 13/09Q 8,092,080.00 8,005,177.60 6,775.40 1.85 5,000,000 NORDEA BANK FL.R 13-16 13/05Q 5,000,000.00 5,013,900.00 4,564.55 1.16 10,000,000 NORTH RHINE WESTFALE FL.R 13-15 06/03Q 10,000,800.00 10,009,100.00 2,582.29 2.31 5,000,000 NRW BANK EMTN FL.R 13-17 16/10Q 5,000,000.00 5,010,075.00 5,127.89 1.16 10,000,000 NWB REGS FL.R 13-16 18/10Q 10,000,000.00 10,015,700.00 7,558.07 2.31 1,000,000 RABOBANL NL FL.R 13-16 18/03Q 1,000,000.00 1,003,870.00 240.95 0.23 5,000,000 RIO TINTO FIN USA FL.R 13-15 19/06Q 5,000,000.00 5,001,782.25 1,323.92 1.15 5,000,000 SOCIETE GENERAL REGS FL.R 11-14 11/04Q 4,958,320.00 5,012,800.00 16,961.06 1.16 4,500,000 SUMITOMO MITSUI REGS FL.R 13-16 16/09Q 4,500,000.00 4,525,740.00 1,791.74 1.04 2,000,000 VERIZON COMMUNICATION FL.R 11-14 28/03Q 2,000,000.00 2,001,840.00 142.81 0.46 1,000,000 VERIZON COMMUNICATION FL.R 13-16 15/09Q 1,000,000.00 1,029,430.00 738.69 0.24 3,000,000 VW INTL FINANCE REGS FL.R 12-14 20/11Q 3,000,000.00 3,010,260.00 2,791.17 0.69 3,000,000 VW INTL FINANCE REGS FL.R 13-15 18/11Q 3,000,000.00 3,004,005.00 1,932.06 0.69 3,000,000 VW INTL FINANCE REGS FL.R 13-16 18/11Q 3,000,000.00 3,008,340.00 2,307.89 0.69 5,000,000 WELLS FARGO CO FL.R 13-16 20/07Q 5,000,000.00 5,020,450.00 7,720.50 1.16 2,000,000 WELLS FARGO CO FL.R 06-15 28/10Q 1,961,200.00 1,998,120.00 1,557.69 0.46 2,000,000 WELLS FARGO MTN FL.R 12-15 26/06Q 2,009,100.00 2,020,400.00 259.08 0.47 1,130,000 XEROX CORP FL.R 11-14 16/05Q 1,115,321.30 1,131,494.37 1,428.61 0.26
Other transferable securities 11,602,406.43 11,741,007.00 120,491.54 2.71 Bonds 8,126,890.00 8,231,520.00 111,166.67 1.90 US Dollar 8,126,890.00 8,231,520.00 111,166.67 1.90 8,000,000 INTESA SANPAOLO 144A 3.625 10-15 12/05S 8,126,890.00 8,231,520.00 111,166.67 1.90 Floating rate bonds 3,475,516.43 3,509,487.00 9,324.87 0.81 US Dollar 3,475,516.43 3,509,487.00 9,324.87 0.81 2,000,000 INTESA SAN PAOLO 144A FL.R 11-14 24/02Q 1,970,751.43 2,004,840.00 5,275.20 0.46 1,000,000 NBCUNIVERSAL ENTERP. 0.817 13-16 15/04Q 1,001,130.00 1,003,697.00 1,669.62 0.23 500,000 RCI BANQUE SA 144A FL.R 11-14 11/04Q 503,635.00 500,950.00 2,380.05 0.12
Derivative instruments 80,850.00 1,984.04 0.00 0.00 Options 80,850.00 1,984.04 0.00 0.00 US Dollar 80,850.00 1,984.04 0.00 0.00 70,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 53,900.00 1,136.10 0.00 0.00 -18,000,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -7,650.00 -0.18 0.00 0.00 18,000,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 48,600.00 859.32 0.00 0.00 -70,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -14,000.00 -11.20 0.00 0.00
Total investments in securities 406,454,865.22 406,989,740.18 93.85
Cash at banks/(bank liabilities) 23,671,374.14 5.46
Other net assets/(liabilities) 3,016,784.52 0.69
Total 433,677,898.84 100.00
The accompanying notes are an integral part of these financial statements. Page 67 UBAM - DYNAMIC US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 33.54 The Netherlands 12.11 France 9.92 Germany 8.13 Japan 7.95 Canada 4.99 United Kingdom 4.40 South Korea 3.57 Italy 2.88 Spain 1.68 Luxembourg 1.32 Sweden 1.16 Australia 1.15 Denmark 0.69 Cayman Islands 0.36
93.85
Industrial classification of investments
% of net assets Banks and credit institutions 53.42 Holding and finance companies 24.59 State 3.51 Communications 2.38 Cantons, Federal States, Provinces 2.31 Utilities 1.53 Miscellaneous sectors 1.51 Retail trade, department stores 1.15 Office supplies and computing 0.92 Miscellaneous services 0.70 Petroleum 0.69 Electronics and semiconductors 0.50 Coal mining and steel industry 0.29 Pharmaceuticals and cosmetics 0.23 Foods and non alcoholic drinks 0.12 Healthcare and social services -
93.85
Page 68 UBAM - DYNAMIC US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 5,339,704.35 Interest on bonds and other debt securities, net Note 2 4,359,149.91 Interest on bank accounts 49.73 Bank interest on time deposits 107.57 Interest received on swap contracts 966,479.15 Other income 13,917.99 Expenses 1,854,050.90 Advisory fees Note 4 324,664.20 Management fees Note 3 454,115.45 Custodian fees 299,887.46 Subscription duty ("taxe d'abonnement") Note 6 131,522.06 Central administration costs 287,586.31 Audit fees 15,254.27 Interest paid on bank liabilities 946.01 Legal fees 7,999.59 Transaction fees Note 2 15,705.95 Other administration costs Note 7, 8 126,071.94 Banking charges and other fees 7,363.26 Interest paid on swap contracts 153,729.32 Other expenses 29,205.08 Net investment income 3,485,653.45 Net realised gain/(loss) on: - securities portfolio Note 2 511,527.07 - options Note 2 -132,396.64 - forward foreign exchange contracts Note 2 791,025.70 - futures contracts Note 2 -369,973.33 - swap contracts Note 2 -990,877.11 - foreign exchange Note 2 -55,529.89 Realised result 3,239,429.25 Net variation of the unrealised gain/(loss) on: - securities portfolio 64,531.13 - options -74,870.69 - forward foreign exchange contracts -111,844.61 - futures contracts 247,354.96 - swap contracts 1,310,332.28 Result of operations 4,674,932.32 Dividends paid Note 15 -76,744.63 Subscriptions capitalisation shares 316,904,895.95 Subscriptions distribution shares 5,817,411.56 Redemptions capitalisation shares -81,017,875.74 Redemptions distribution shares -1,486,745.27 Total changes in net assets 244,815,874.19
Total net assets at the beginning of the year 188,862,024.65
Total net assets at the end of the year 433,677,898.84
The accompanying notes are an integral part of these financial statements. Page 69 UBAM - EMERGING MARKET BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 170,095,942.28 Securities portfolio at market value Note 2 155,290,922.62 Deposits on futures and options contracts 34,384.52 Cash at banks 10,743,339.66 Interest receivable on bonds and other debt securities 3,072,408.45 Receivable on issues of shares 4,635.00 Unrealised gain on forward foreign exchange contracts Note 2, 9 48,353.34 Unrealised gain on futures contracts Note 2, 10 810,710.95 Other receivables 91,187.74 Liabilities 960,247.79 Other liquid liabilities 105,605.24 Payable on redemptions of shares 146,775.00 Interest payable on bank liabilities and expenses payable 707,867.55 Net assets at the end of the year 169,135,694.49
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 841,110.923 90,065.833 497,744.670 433,432.086 Distribution shares 22,731.023 130.000 2,830.000 20,031.023
AH EUR shares Capitalisation shares 371,052.602 83,506.084 334,496.239 120,062.447 Distribution shares 6,085.279 1,361.000 1,200.000 6,246.279
AH CHF shares Capitalisation shares 100.000 1,148.273 88.273 1,160.000
AS shares Capitalisation shares 0.000 269,331.542 2,353.120 266,978.422
AHS EUR shares Capitalisation shares 0.000 265,179.088 17,554.644 247,624.444
I shares Capitalisation shares 60,042.000 37,590.000 24,918.000 72,714.000
IH EUR shares Capitalisation shares 32,160.000 47,430.343 40,719.343 38,871.000
R shares Capitalisation shares 1.000 0.000 0.000 1.000
The accompanying notes are an integral part of these financial statements. Page 70 UBAM - EMERGING MARKET BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 169,135,694.49 219,261,975.18 165,740,291.39
A shares USD USD USD Capitalisation shares Number of shares outstanding 433,432.086 841,110.923 855,331.409 Net asset value per share 154.43 166.34 143.13 Distribution shares Number of shares outstanding 20,031.023 22,731.023 15,717.023 Net asset value per share 112.90 126.97 114.74 Dividend per share 5.33 5.74 5.39
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 120,062.447 371,052.602 264,996.475 Net asset value per share 112.75 121.82 105.31 Distribution shares Number of shares outstanding 6,246.279 6,085.279 10,165.859 Net asset value per share 80.97 91.35 82.94 Dividend per share 3.84 4.15 3.90
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,160.000 100.000 - Net asset value per share 148.57 161.07 -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 266,978.422 - - Net asset value per share 101.75 - -
AHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 247,624.444 - - Net asset value per share 101.67 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 72,714.000 60,042.000 11,510.000 Net asset value per share 165.51 176.61 150.54
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 38,871.000 32,160.000 16,996.633 Net asset value per share 121.44 129.99 111.31
R shares USD USD USD Capitalisation shares Number of shares outstanding 1.000 1.000 - Net asset value per share 153.95 166.15 -
The accompanying notes are an integral part of these financial statements. Page 71 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 159,314,655.57 155,290,922.62 3,072,408.45 91.81 dealt in on another regulated market Bonds 155,631,055.57 151,811,067.62 3,007,915.56 89.75 Euro 2,495,591.81 2,654,479.44 125,090.01 1.57 1,000,000 HUNGARY 6.00 11-19 11/01A 1,478,665.67 1,514,435.95 80,185.36 0.90 750,000 REPUBLIC OF LITHUANIA 4.85 07-18 07/02A 1,016,926.14 1,140,043.49 44,904.65 0.67 US Dollar 153,135,463.76 149,156,588.18 2,882,825.55 88.18 1,000,000 AES ITABO REG S 9.50 10-20 12/11S 1,000,000.00 1,071,490.00 12,666.67 0.63 1,000,000 AFRIQUE DU SUD 6.875 09-19 27/05S 1,022,658.50 1,145,950.00 6,302.08 0.68 500,000 ALLIANCE OIL REGS 7.00 13-20 04/05S 496,600.00 486,905.00 5,444.44 0.29 2,000,000 ALPEK REGS 4.50 12-22 20/11S 1,994,260.00 1,912,940.00 10,000.00 1.13 1,000,000 ARGENTINA REGD NOTES 8.75 10-17 02/06S 865,000.00 914,080.00 6,805.56 0.54 2,076,991 ARGENTINA REPU DIS 8.28 05-33 31/12S 1,304,997.46 1,575,916.85 0.00 0.93 500,000 ARMENIA 6.00 13-20 30/09S 493,000.00 496,420.00 7,500.00 0.29 500,000 BAHREIN REGS 6.125 13-23 01/08S 497,235.00 516,915.00 12,675.35 0.31 1,000,000 BANCO BRASIL CAYMAN 3.875 12-22 10/10S 989,780.00 872,090.00 8,611.11 0.52 1,500,000 BANCO ESTADO DI RIO 7.375 12-22 02/02S 1,486,965.00 1,483,920.00 45,479.17 0.88 300,000 BANCO NACIONAL REGS 4.875 13-18 01/11S 297,993.00 295,806.00 2,396.88 0.17 500,000 BANCO NACIONAL REGS 6.25 13-23 01/11S 495,360.00 486,810.00 5,121.53 0.29 1,000,000 BANK OF CEYLON 5.325 13-18 16/04S 1,000,000.00 954,410.00 10,945.83 0.56 750,000 BANK OF GEOGIA REGS 7.75 12-17 05/07S 797,250.00 786,607.50 28,255.21 0.47 750,000 BANK OF KAZAKHSTAN 4.125 12-22 10/12S 737,865.00 674,407.50 1,718.75 0.40 1,000,000 BBVA REGS 5.00 12-22 26/08S 987,500.00 997,610.00 17,222.22 0.59 2,000,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 2,032,967.06 2,036,440.00 71,458.33 1.20 500,000 BERAU CAPITAL 7.25 12-17 13/03S 500,000.00 496,085.00 10,774.31 0.29 1,500,000 BRAZIL 4.25 13-25 07/01S 1,492,815.00 1,426,125.00 10,447.92 0.84 1,000,000 BRAZIL 4.875 10-21 22/01S 1,055,558.89 1,058,030.00 21,395.83 0.63 2,000,000 BRAZIL 7.125 06-37 20/01S 2,198,000.00 2,290,000.00 63,333.33 1.35 1,000,000 CAIXA ECO REGS 3.50 12-22 07/11S 995,480.00 816,000.00 5,152.78 0.48 2,000,000 CODELCO INC REGS 4.25 12-42 17/07S 1,950,940.00 1,606,260.00 38,486.11 0.95 500,000 CODELCO INC REGS 7.50 09-19 15/01S 601,207.75 597,595.00 17,187.50 0.35 1,000,000 COLBUN SA REG S 6.00 10-20 21/01S 989,730.00 1,081,840.00 26,500.00 0.64 1,250,000 COLOMBIA 6.125 09-41 18/01S 1,471,725.00 1,347,225.00 34,453.13 0.80 500,000 COLOMBIA 7.375 06-37 18/09S 510,647.97 618,140.00 10,447.92 0.37 1,000,000 COMIS FEDER ELEC REGS 4.875 11-21 26/05S 1,036,500.00 1,034,950.00 4,604.17 0.61 1,500,000 COMISION FED DE ELEC 5.75 12-42 14/02S 1,474,950.00 1,409,850.00 32,583.33 0.83 500,000 COSTA RICA REGS 5.625 13-43 30/04S 500,000.00 425,630.00 4,687.50 0.25 500,000 CROATIA 5.50 13-23 04/04S 495,270.00 486,335.00 6,569.44 0.29 1,000,000 CROATIA 6.375 11-21 24/03S 1,007,500.00 1,051,240.00 17,000.00 0.62 1,000,000 CROATIA 6.625 10-20 14/07S 991,020.00 1,071,280.00 30,548.61 0.63 2,000,000 DEV B PHILIPPINES 5.50 11-21 25/03S 1,998,480.00 2,126,200.00 29,027.78 1.26 1,500,000 DOMINICAN REPUBLIC 7.50 10-21 06/05S 1,540,492.53 1,633,080.00 16,875.00 0.97 500,000 ECOPETROL 7.625 09-19 23/07S 591,875.00 595,360.00 16,626.74 0.35 750,000 EGYPT REG-S 5.75 10-20 29/04S 750,000.00 717,015.00 7,307.29 0.42 900,000 EGYPT REG-S 6.875 10-40 30/04S 886,066.20 758,151.00 10,312.50 0.45 1,000,000 EL SALVADOR REGS 5.875 12-25 30/01S 999,840.00 949,470.00 24,479.17 0.56 1,500,000 EL SALVADOR REP REG S 7.625 11-41 01/02S 1,500,000.00 1,449,885.00 47,338.54 0.86 173,344 EMERALD PLANT HLDGS 6.00 13-20 30/01S 1,004,183.55 121,444.81 0.00 0.07 1,500,000 EMPRESA DE ENERGIA 6.125 11-21 10/11S 1,500,000.00 1,600,080.00 12,760.42 0.95 500,000 EMPRESAS ICA REG S 8.90 11-21 04/02S 491,475.00 494,590.00 18,047.22 0.29 500,000 ENAP REGS 4.75 11-21 06/12S 498,500.00 499,925.00 1,583.33 0.30 1,500,000 ENERGY DEVELOP 6.50 11-21 20/01S 1,500,000.00 1,546,485.00 43,333.33 0.91 1,500,000 ESKOM HOLDINGS 5.75 11-21 26/01S 1,489,095.00 1,494,060.00 36,895.83 0.88 1,000,000 FINANCING OF INFRASTR 7.40 11-18 20/04S 1,000,000.00 897,860.00 14,388.89 0.53 500,000 GEORG RAILWAY REGS 7.75 12-22 11/07S 499,990.00 523,200.00 18,190.97 0.31 1,000,000 GHANA REGS 7.875 13-23 07/08S 991,510.00 965,560.00 31,281.25 0.57 500,000 GUATEMALA(REP OF)REG S4.875 13-28 13/02S 493,460.00 457,145.00 9,276.04 0.27 2,000,000 HALYK BANK REG S 7.25 11-21 28/01S 1,965,260.00 2,130,940.00 61,222.22 1.26 750,000 HUNGARY 5.75 13-23 22/11S 739,927.50 753,547.50 4,552.08 0.45 400,000 INDO ENERGY 7.00 11-18 07/05S 400,000.00 405,616.00 4,277.78 0.24 250,000 INDO ENERGY REGS 6.375 13-23 24/01S 250,000.00 207,147.50 6,906.25 0.12 750,000 INDONESIE 3.75 12-22 25/04S 743,820.00 676,785.00 5,078.13 0.40 1,500,000 INDONESIE 5.25 12-42 17/01S 1,569,540.00 1,288,350.00 35,656.25 0.76 1,000,000 INDONESIE 6.625 07-37 17/02S 891,591.44 1,014,020.00 24,475.69 0.60 750,000 INDOSAT PALAPA CO BV 7.375 10-20 29/07S 746,085.00 816,795.00 23,200.52 0.48 750,000 INTERBANK PEROU REG S 5.75 10-20 07/10S 765,625.00 763,935.00 9,942.71 0.45
The accompanying notes are an integral part of these financial statements. Page 72 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 2,500,000 JAMAICA (GOV.OF) 8.00 07-39 15/03S 1,984,090.91 2,105,575.00 58,333.33 1.24 300,000 JAMAICA (GOV.OF) 8.50 06-36 28/02S 250,206.50 283,995.00 8,641.67 0.17 1,500,000 KASAK TEMIR REGS 6.95 12-42 10/07S 1,720,843.63 1,496,625.00 49,229.17 0.88 1,000,000 KAZMUNAIGAZ REGS 4.40 13-23 30/04S 996,000.00 929,490.00 7,333.33 0.55 750,000 KAZMUNAIGAZ REGS 5.75 13-43 30/04S 744,697.50 656,377.50 7,187.50 0.39 1,000,000 KOKS FINANCE REGS 7.75 11-16 23/06S 1,000,000.00 920,230.00 1,506.94 0.54 1,000,000 LEBANON EMTN 8.25 06-21 12/04S 1,049,378.24 1,120,040.00 17,875.00 0.66 1,500,000 LEBANON SER 1 6.375 10-20 09/03S 1,500,000.00 1,538,040.00 29,604.45 0.91 1,000,000 LEBANON SER 56 REGS 5.15 10-18 12/11S 1,000,000.00 989,500.00 6,866.67 0.59 1,000,000 LITHUANIA 6.125 11-21 09/03S 985,417.78 1,137,210.00 18,885.42 0.67 500,000 MAJAPAHIT HOLD.REGS 8.00 09-19 07/08S 498,300.00 558,775.00 15,888.89 0.33 2,000,000 MEXICAN STATES 5.95 08-19 19/03S 2,437,500.00 2,310,000.00 33,386.11 1.37 3,000,000 MEXIQUE MTN 26 4.75 12-44 08/03S 3,204,933.45 2,726,250.00 44,333.33 1.61 800,000 MONGOLIE EMTN REGS 2 5.125 12-22 05/12S 800,000.00 667,776.00 2,847.22 0.39 455,000 NEUQUEN 7.875 11-21 26/04Q 452,374.65 461,583.85 6,370.00 0.27 218,285 NEUQUEN 8.656 06-14 18/10Q 210,302.41 223,742.12 3,778.95 0.13 1,000,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 1,000,000.00 1,085,780.00 8,555.56 0.64 2,000,000 PANAMA 5.20 09-20 30/01S 1,995,920.00 2,185,520.00 43,333.33 1.29 431,000 PANAMA CANAL RAILWAY REG S 7.00 07-26 01/11S 331,843.07 427,767.50 4,944.53 0.25 1,000,000 PANAMA (REP.) 4.30 13-53 29/04S 1,000,000.00 767,980.00 7,286.11 0.45 2,000,000 PEMEX 5.50 10-21 21/01S 2,299,000.00 2,155,900.00 48,583.33 1.27 1,250,000 PEMEX 8.00 09-19 03/05S 1,523,125.00 1,518,225.00 15,833.33 0.90 500,000 PERTAMINA REG S 6.50 11-41 27/05S 491,900.00 440,105.00 2,979.17 0.26 1,750,000 PERTAMINA REGS 4.875 12-22 03/05S 1,739,745.00 1,606,675.00 13,507.81 0.95 1,000,000 PERU 7.125 09-19 30/03S 1,035,687.50 1,211,430.00 17,812.50 0.72 1,250,000 PERUSAHAAN PERSEROAN 5.50 11-21 22/11S 1,238,175.00 1,205,325.00 7,256.94 0.71 750,000 PETROBRAS INTL FIN 6.75 11-41 27/01S 834,060.00 697,710.00 21,515.63 0.41 1,000,000 PETRONAS CAP 5.25 09-19 12/08S 1,116,060.00 1,097,370.00 20,125.00 0.65 1,500,000 PHILIPPINES 5.00 12-37 13/01S 1,500,000.00 1,563,150.00 34,791.67 0.92 1,000,000 PHILIPPINES 6.375 07-32 15/01S 955,581.09 1,174,710.00 29,218.75 0.69 500,000 POLAND 5.00 11-22 23/03S 493,025.00 535,235.00 6,736.11 0.32 1,500,000 POLAND 6.375 09-19 15/07S 1,863,750.00 1,754,475.00 43,828.13 1.04 1,000,000 POWER SECTOR REG-S 7.25 09-19 27/05S 1,200,000.00 1,191,320.00 6,645.83 0.70 1,500,000 PT ADARO INDONESIA 7.625 09-19 22/10S 1,487,115.00 1,592,985.00 21,604.17 0.94 900,000 PT BK NEGARA REGS 5.25 12-42 24/10S 886,626.00 678,366.00 8,662.50 0.40 1,000,000 ROMANIA 6.75 12-22 07/02S 991,070.00 1,138,600.00 26,812.50 0.67 750,000 RSHB CAP REGS 5.298 12-17 27/12S 787,500.00 776,250.00 331.13 0.46 1,000,000 RSHB CAPITAL 6.00 11-21 03/06S 1,000,000.00 1,026,760.00 4,500.00 0.61 5,005,000 RUSSIA REG-S STEP UP 7.50 00-30 31/03S 5,932,708.38 5,840,985.15 93,843.75 3.46 2,700,000 SERBIA REGS 7.25 11-21 28/09S 2,975,148.00 2,857,194.00 50,025.00 1.70 1,000,000 SIBUR SEC REGS 3.914 13-18 31/01S 1,000,000.00 973,840.00 16,308.33 0.58 362,000 SINO FOREST GTD ESCROW 10-17 21/10S 0.01 0.00 0.00 0.00 638,000 SINO FOREST GTD ESCROW 6.25 10-17 21/10S 0.00 0.00 0.00 0.00 500,000 SRI LANKA 5.875 12-22 25/07S 500,000.00 470,860.00 12,647.57 0.28 500,000 STATE OIL REGS 4.75 13-23 13/03S 500,000.00 471,950.00 7,059.03 0.28 500,000 TGI INTERNATIONAL 5.70 12-22 20/03S 511,500.00 532,920.00 7,916.67 0.32 750,000 TRINITAD TOBAGO REGS 4.375 13-24 16/01S 750,000.00 771,105.00 1,276.04 0.46 2,750,000 TURKEY 11.875 00-30 15/01S 4,092,746.04 4,143,645.00 149,674.48 2.46 2,500,000 TURKEY 5.625 10-21 30/03S 2,520,502.27 2,535,900.00 35,156.25 1.50 1,200,000 TURKEY 6.00 11-41 14/01S 1,241,784.00 1,069,008.00 33,200.00 0.63 2,000,000 TURKEY 6.25 12-22 26/09S 2,078,720.00 2,076,500.00 32,638.89 1.23 2,000,000 TURKEY 7.375 05-25 05/02S 2,074,627.98 2,178,860.00 59,409.72 1.29 2,000,000 UKRAINE REGS 6.25 11-16 17/06S 2,000,000.00 1,883,580.00 4,513.89 1.11 500,000 UKRAINE REGS 7.50 13-23 17/04S 500,000.00 452,360.00 7,604.17 0.27 1,500,000 UKRAINE REGS 9.25 12-17 24/07S 1,500,000.00 1,495,005.00 60,125.00 0.88 1,750,000 UKREXIMBANK 8.375 10-15 27/04S 1,750,000.00 1,680,490.00 25,648.44 0.99 717,336 URUGUAY 4.125 12-45 20/11S 500,000.00 555,935.40 3,287.79 0.33 800,000 UTD MEXICAN STS TR20 6.05 07-40 11/01S 975,600.00 874,200.00 22,721.11 0.52 1,000,000 VEB FINANCE REG S 6.902 10-20 09/07S 1,000,000.00 1,105,280.00 32,784.50 0.65 2,000,000 VENEZUELA 8.50 04-14 08/10S 1,964,375.00 1,962,500.00 38,722.22 1.16 6,500,000 VENEZUELA 9.25 97-27 15/09S 6,443,125.00 5,086,250.00 175,364.58 3.02 3,000,000 VENEZUELA REGS 12.75 10-22 23/08S 3,457,500.00 2,782,590.00 134,937.50 1.65 1,000,000 VIMPELCON 7.748 11-21 02/02S 1,000,000.00 1,086,100.00 31,852.89 0.64 750,000 VTB CAP REGS SUB 6.95 12-22 17/10S 750,000.00 771,765.00 10,569.79 0.46 500,000 VTB CAPITAL SA 6.551 10-20 13/10S 500,000.00 531,420.00 7,005.93 0.31 1,500,000 VTB CAPITAL SA REG S 6.875 08-18 29/05S 1,401,681.00 1,639,485.00 9,166.67 0.97 250,000 YPF REGS 8.875 13-18 19/12S 248,762.50 261,295.00 677.95 0.15
The accompanying notes are an integral part of these financial statements. Page 73 UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 800,000 ZAMBIA REGS 5.375 12-22 20/09S 784,864.00 696,768.00 11,944.44 0.41 Floating rate bonds 3,683,600.00 3,479,855.00 64,492.89 2.06 US Dollar 3,683,600.00 3,479,855.00 64,492.89 2.06 1,500,000 BANCO BRAZIL REGS SUB FL.R 09-XX 31/12S 1,500,000.00 1,621,755.00 24,791.67 0.96 2,000,000 BRAZIL MINAS SPE REGS FL.R 13-28 15/02S 2,183,600.00 1,858,100.00 39,701.22 1.10
Total investments in securities 159,314,655.57 155,290,922.62 91.81
Cash at banks/(bank liabilities) 10,743,339.66 6.35
Other net assets/(liabilities) 3,101,432.21 1.84
Total 169,135,694.49 100.00
The accompanying notes are an integral part of these financial statements. Page 74 UBAM - EMERGING MARKET BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Mexico 8.53 Turkey 7.11 Venezuela 5.83 Indonesia 5.31 Brazil 5.28 Philippines 4.48 Russia 3.75 Luxembourg 2.81 Ukraine 2.79 The Netherlands 2.69 Cayman Islands 2.59 Ireland 2.41 Chile 2.24 Lebanon 2.16 Argentina 2.02 Panama 1.99 Colombia 1.84 Peru 1.76 Serbia 1.70 Kazakstan 1.66 South Africa 1.56 Croatia 1.54 El Salvador 1.42 Jamaica 1.41 Poland 1.36 Hungary 1.35 Lithuania 1.34 Belarus 1.20 United Kingdom 0.99 Dominican Republic 0.97 United States of America 0.95 Undefined 0.94 Other 7.83
91.81
Page 75 UBAM - EMERGING MARKET BOND
Industrial classification of investments
% of net assets Countries and central government 53.68 Banks and credit institutions 10.03 Utilities 7.26 Holding and finance companies 6.89 Petroleum 5.16 Coal mining and steel industry 2.53 Miscellaneous sectors 2.29 Chemicals 1.13 Miscellaneous services 0.88 Electronics and semiconductors 0.64 Transportation 0.63 Cantons, Federal States, Provinces 0.40 Building materials and trade 0.29
91.81
Page 76 UBAM - EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 11,112,557.58 Interest on bonds and other debt securities, net Note 2 11,077,586.27 Other income 34,971.31 Expenses 3,525,144.75 Advisory fees Note 4 1,423,141.91 Management fees Note 3 1,093,174.84 Custodian fees 442,514.90 Subscription duty ("taxe d'abonnement") Note 6 78,332.24 Central administration costs 178,644.92 Audit fees 8,775.61 Interest paid on bank liabilities 152.37 Legal fees 7,475.24 Transaction fees Note 2 3,035.90 Other administration costs Note 7, 8 245,898.74 Banking charges and other fees 14,882.81 Other expenses 29,115.27 Net investment income 7,587,412.83 Net realised gain/(loss) on: - securities portfolio Note 2 1,884,805.87 - forward foreign exchange contracts Note 2 5,012,540.72 - futures contracts Note 2 -50,609.37 - foreign exchange Note 2 -1,224,001.49 Realised result 13,210,148.56 Net variation of the unrealised gain/(loss) on: - securities portfolio -23,627,975.20 - forward foreign exchange contracts -1,504,822.99 - futures contracts 810,710.95 Result of operations -11,111,938.68 Dividends paid Note 15 -154,462.83 Subscriptions capitalisation shares 105,390,801.54 Subscriptions distribution shares 172,259.84 Redemptions capitalisation shares -143,968,112.31 Redemptions distribution shares -454,828.25 Total changes in net assets -50,126,280.69
Total net assets at the beginning of the year 219,261,975.18
Total net assets at the end of the year 169,135,694.49
The accompanying notes are an integral part of these financial statements. Page 77 UBAM - EMERGING MARKET CORPORATE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 229,219,518.84 Securities portfolio at market value Note 2 219,338,933.87 Deposits on futures and options contracts 467,487.14 Cash at banks 5,555,557.62 Interest receivable on bonds and other debt securities 3,525,085.78 Receivable on issues of shares 252,588.00 Unrealised gain on forward foreign exchange contracts Note 2, 9 60,703.65 Other receivables 19,162.78 Liabilities 1,140,870.00 Other liquid liabilities 14,777.80 Payable on redemptions of shares 180,420.00 Unrealised loss on futures contracts Note 2, 10 144,992.19 Interest payable on bank liabilities and expenses payable 800,680.01 Net assets at the end of the year 228,078,648.84
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 772,406.710 335,318.182 251,601.469 856,123.423 Distribution shares 47,607.289 8,085.000 1,165.000 54,527.289
AH EUR shares Capitalisation shares 82,692.913 123,379.274 129,047.018 77,025.169 Distribution shares 16,622.000 5,227.476 6,000.000 15,849.476
AH CHF shares Capitalisation shares 4,604.000 7,460.000 2,774.000 9,290.000
AS shares Capitalisation shares 0.000 18,858.000 0.000 18,858.000
AP shares Capitalisation shares 9,520.000 0.000 1,000.000 8,520.000
APH EUR shares Capitalisation shares 3,744.291 0.000 1,674.291 2,070.000
APH CHF shares Capitalisation shares 36,357.000 41.000 3,461.000 32,937.000
I shares Capitalisation shares 190,744.850 76,174.000 179,342.850 87,576.000 Distribution shares 22,000.000 47,000.000 22,000.000 47,000.000
The accompanying notes are an integral part of these financial statements. Page 78 UBAM - EMERGING MARKET CORPORATE BOND Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
IH EUR shares Capitalisation shares 71,955.268 383,473.717 13,853.717 441,575.268
IH CHF shares Capitalisation shares 415.351 0.000 0.000 415.351
IHS EUR shares Capitalisation shares 0.000 10,000.000 0.000 10,000.000
IP shares Capitalisation shares 8,370.000 400.000 3,220.000 5,550.000
IPH EUR shares Capitalisation shares 35,132.581 3,700.000 30,454.626 8,377.955
R shares Capitalisation shares 1.000 3,310.986 2,079.022 1,232.964
RH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 228,078,648.84 168,995,769.00 139,030,164.14
A shares USD USD USD Capitalisation shares Number of shares outstanding 856,123.423 772,406.710 625,158.151 Net asset value per share 120.15 122.95 107.08 Distribution shares Number of shares outstanding 54,527.289 47,607.289 17,111.289 Net asset value per share 106.99 114.23 104.53 Dividend per share 4.80 5.33 2.61
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 77,025.169 82,692.913 72,819.000 Net asset value per share 119.53 122.68 107.14 Distribution shares Number of shares outstanding 15,849.476 16,622.000 - Net asset value per share 114.57 122.67 - Dividend per share 5.15 - -
The accompanying notes are an integral part of these financial statements. Page 79 UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 228,078,648.84 168,995,769.00 139,030,164.14
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 9,290.000 4,604.000 3,590.000 Net asset value per share 129.52 133.12 116.67
AS shares USD USD USD Capitalisation shares Number of shares outstanding 18,858.000 - - Net asset value per share 122.22 - -
AP shares USD USD USD Capitalisation shares Number of shares outstanding 8,520.000 9,520.000 8,570.000 Net asset value per share 120.08 122.05 107.26
APH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,070.000 3,744.291 10,244.291 Net asset value per share 119.56 121.89 107.36
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 32,937.000 36,357.000 34,657.000 Net asset value per share 117.31 119.76 105.80
I shares USD USD USD Capitalisation shares Number of shares outstanding 87,576.000 190,744.850 218,121.215 Net asset value per share 123.73 125.44 108.23 Distribution shares Number of shares outstanding 47,000.000 22,000.000 - Net asset value per share 118.62 125.44 - Dividend per share 5.27 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 441,575.268 71,955.268 169,739.183 Net asset value per share 122.82 124.89 108.05
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 415.351 415.351 415.351 Net asset value per share 132.57 134.98 117.19
IHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10,000.000 - - Net asset value per share 101.17 - -
The accompanying notes are an integral part of these financial statements. Page 80 UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 228,078,648.84 168,995,769.00 139,030,164.14
IP shares USD USD USD Capitalisation shares Number of shares outstanding 5,550.000 8,370.000 7,970.000 Net asset value per share 122.03 123.41 108.01
IPH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8,377.955 35,132.581 36,522.752 Net asset value per share 121.47 123.23 108.11
R shares USD USD USD Capitalisation shares Number of shares outstanding 1,232.964 1.000 - Net asset value per share 119.40 122.81 -
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 103.01 - -
The accompanying notes are an integral part of these financial statements. Page 81 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 223,554,484.77 219,338,933.87 3,525,085.78 96.17 dealt in on another regulated market Bonds 211,276,089.77 207,038,003.87 3,350,412.05 90.78 Euro 3,282,823.22 3,494,903.54 26,259.61 1.53 200,000 BULGARIAN ENERGY REGS 4.25 13-18 07/11A 269,050.73 270,028.60 1,732.81 0.12 750,000 EP ENERGY AS REGS 5.875 12-19 01/11S 984,979.05 1,131,879.13 9,950.66 0.50 500,000 EP ENERGY REGS 4.375 13-18 01/05S 681,343.44 714,108.81 4,940.05 0.31 1,000,000 VIVACOM REGS 6.625 13-18 15/11A 1,347,450.00 1,378,887.00 9,636.09 0.60 US Dollar 207,993,266.55 203,543,100.33 3,324,152.44 89.25 1,000,000 ABU DHABI NAT ENERGY 3.625 12-23 12/01S 1,037,500.00 929,430.00 16,916.67 0.41 1,000,000 ABU DHABI NAT ENERGY 6.50 06-36 27/10S 1,326,250.00 1,152,380.00 11,375.00 0.51 1,000,000 ABU DHABI NAT.EN.REGS 5.875 06-16 27/10S 1,114,500.00 1,115,630.00 10,281.25 0.49 700,000 ADCB FINANCE CAYMAN 4.50 13-23 06/03S 693,889.00 680,869.00 9,975.00 0.30 500,000 AEROPUERTOS ARG REGS 9.25 12-19 13/11S 545,625.00 495,715.00 6,038.19 0.22 500,000 AES ITABO REG S 9.50 10-20 12/11S 500,000.00 535,745.00 6,333.33 0.23 1,000,000 AFRICAN EXPORT IMPORT 3.875 13-18 04/06 996,500.00 994,530.00 2,798.61 0.44 400,000 AGILE PROPERTY 9.875 12-17 20/03S 457,000.00 444,340.00 10,972.22 0.19 400,000 AGILE PROPERTY HLDG 8.875 10-17 28/04S 432,400.00 423,096.00 6,113.89 0.19 500,000 AJECORP REGS 6.50 12-22 14/05S 500,000.00 502,875.00 4,152.78 0.22 250,000 AK FIN KIRALAMA 4.125 13-18 17/04S 248,605.00 237,252.50 2,091.15 0.10 500,000 AKBANK REG-S 6.50 11-18 09/03S 498,280.00 527,210.00 10,020.83 0.23 375,000 AKBANK TAS REGS 5.00 12-22 24/10S 371,253.75 333,120.00 3,437.50 0.15 750,000 ALFA BOND 7.75 11-21 28/04S 789,886.36 804,540.00 10,010.42 0.35 800,000 ALFA BOND ISS REGS 7.50 12-19 26/09S 843,875.00 854,976.00 15,666.67 0.37 500,000 ALFA MTN ISSUANCE 8.00 10-15 18/03S 531,875.00 534,045.00 11,333.33 0.23 750,000 ALLIANCE OIL CO REG-S 9.875 10-15 11/03S 777,187.50 791,400.00 22,424.48 0.35 500,000 ALLIANCE OIL REGS 7.00 13-20 04/05S 496,600.00 486,905.00 5,444.44 0.21 500,000 ALLIANZ GL.GRP EMTN 6.50 10-17 18/08S 530,000.00 530,200.00 11,916.67 0.23 1,000,000 ALPEK REGS 4.50 12-22 20/11S 997,130.00 956,470.00 5,000.00 0.42 1,250,000 ALROA FINANCE REG S 7.75 10-20 03/11S 1,384,540.00 1,390,275.00 15,338.54 0.61 500,000 ALTICE FINCO REGS 9.875 12-20 15/12S 559,062.50 563,155.00 2,057.29 0.25 500,000 AMERICA MOVIL 5.00 10-20 30/03S 570,865.00 545,605.00 6,250.00 0.24 1,000,000 AMERICA MOVIL 6.125 10-40 30/03S 1,255,505.00 1,069,800.00 15,312.50 0.47 500,000 ANGLO ASHANTI HLDG 5.125 12-22 01/08S 496,990.00 432,450.00 10,605.90 0.19 800,000 ANGLOGOLD ASH 8.50 13-20 30/07S 836,680.00 829,448.00 28,333.33 0.36 400,000 ARCELIK AS REGS 5.00 13-23 03/04S 413,400.00 346,940.00 4,833.33 0.15 1,200,000 ARMENIA 6.00 13-20 30/09S 1,184,280.00 1,191,408.00 18,000.00 0.52 500,000 AZERBAIJAN RAILWAYS 8.25 11-16 18/02S 523,750.00 525,000.00 15,125.00 0.23 1,150,000 BAHRAIN MUMTALAKAT 5.00 10-15 30/06S 1,181,250.00 1,189,226.50 0.00 0.52 300,000 BANCO BRADESCO 5.75 12-22 01/03S 321,750.00 295,269.00 5,702.08 0.13 500,000 BANCO CREDITO REGS 4.00 13-23 11/02S 496,375.00 465,965.00 7,722.22 0.20 300,000 BANCO ESTADO DI RIO 7.375 12-22 02/02S 316,500.00 296,784.00 9,095.83 0.13 500,000 BANCO NACIONAL REGS 6.25 13-23 01/11S 495,360.00 486,810.00 5,121.53 0.21 500,000 BANCO VOTORANTIM SUB REGS 7.375 10-20 21/01S 512,830.00 525,275.00 16,286.46 0.23 750,000 BANCOLOMBIA 5.95 11-21 03/06S 798,750.00 784,537.50 3,346.88 0.34 500,000 BANCOLOMBIA 6.125 10-20 26/07S 511,045.00 518,920.00 13,100.69 0.23 1,000,000 BANCOLOMBIA SUB 5.125 12-22 11/09S 975,855.00 942,410.00 15,517.36 0.41 500,000 BANGKOK BK HK REGS 3.875 12-22 27/09S 473,590.00 466,945.00 5,005.21 0.20 600,000 BANGKOK BK PUB REGS 4.80 10-20 18/10S 629,040.00 622,782.00 5,760.00 0.27 1,000,000 BANK CHINA HK 5.55 10-20 11/02S 1,049,360.00 1,075,200.00 21,429.17 0.47 750,000 BANK OF CEYLON 5.325 13-18 16/04S 750,000.00 715,807.50 8,209.38 0.31 250,000 BANK OF EAST ASIA SUB 6.125 10-20 16/07S 275,775.00 273,647.50 6,975.69 0.12 550,000 BANK OF GEOGIA REGS 7.75 12-17 05/07S 579,260.00 576,845.50 20,720.49 0.25 1,000,000 BATELCO INT 4.25 13-20 01/05S 999,900.00 930,260.00 6,965.28 0.41 1,000,000 BBVA BANCOMER REGS 6.75 12-22 30/09S 1,098,900.00 1,066,170.00 16,875.00 0.47 1,000,000 BBVA BANCOMER SA TEXA 6.50 11-21 10/03S 1,126,400.00 1,059,090.00 19,861.11 0.46 1,000,000 BBVA REGS 5.00 12-22 26/08S 1,010,000.00 997,610.00 17,222.22 0.44 750,000 BCO BOGOTA REGS SUB 5.375 13-23 19/02S 767,500.00 735,277.50 14,669.27 0.32 500,000 BCO LATINOAMER REGS 3.75 12-17 04/04S 496,355.00 510,854.47 4,479.17 0.22 1,000,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 1,013,000.00 1,018,220.00 35,729.17 0.45 500,000 BERAU CAPITAL 7.25 12-17 13/03S 500,000.00 496,085.00 10,774.31 0.22 500,000 BERAU CAPITAL 12.50 10-15 08/07S 517,500.00 529,875.00 29,861.11 0.23 1,000,000 BFF INTERNATIONAL LTD 7.25 10-20 28/01S 1,105,000.00 1,103,310.00 30,611.11 0.48 1,000,000 BHARAT PETROLEUM 4.625 12-22 25/10S 1,008,665.00 902,200.00 8,350.69 0.40 1,000,000 BHARTI AIRTEL REGS 5.125 13-23 11/03S 1,006,500.00 926,430.00 15,517.36 0.41 250,000 BRASKEM AMERICA REGS 7.125 11-41 22/07S 280,950.00 226,177.50 7,817.71 0.10
The accompanying notes are an integral part of these financial statements. Page 82 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,000,000 BRASKEM FIN I. REG-S 7.00 10-20 07/05S 1,008,650.00 1,065,860.00 10,305.56 0.47 1,000,000 BURGAN FINANCE REGS 7.875 10-20 29/09S 1,181,250.00 1,092,780.00 19,906.25 0.48 500,000 BW GROUP REG S 6.625 07-17 28/06S 536,250.00 519,675.00 184.03 0.23 500,000 CBOM FINANCE REGS 7.70 13-18 01/02S 519,250.00 502,820.00 15,934.72 0.22 250,000 CELULOSA ARAUCO CONST 7.25 09-19 29/07S 297,475.00 291,130.00 7,602.43 0.13 1,000,000 CEMEX FIN EUROP REGS 9.375 12-22 12/10S 1,107,500.00 1,131,550.00 20,312.50 0.50 400,000 CEMEX REGS 7.25 13-21 15/01S 400,000.00 414,376.00 7,088.89 0.18 1,300,000 CEMEX REGS 9.00 11-18 11/01A 1,438,625.00 1,433,055.00 54,925.00 0.63 1,000,000 CENCOSUD REGS 4.875 12-23 20/01S 1,019,800.00 933,570.00 21,666.67 0.41 1,000,000 CENCOSUD SA 5.50 11-21 20/01S 1,057,700.00 1,003,330.00 24,444.44 0.44 200,000 CHINA OIL GAS REGS 5.25 13-18 25/04S 200,000.00 200,472.00 1,895.83 0.09 800,000 CHINA ORIENTAL REGS 8.00 10-15 18/08S 800,000.00 821,624.00 23,466.67 0.36 500,000 CHINA RAILWAY RES 3.85 13-23 05/02S 498,930.00 460,470.00 7,753.47 0.20 500,000 CITI BANK INTL 6.875 10-20 24/06S 546,160.00 544,875.00 572.92 0.24 600,000 CITI PACIFIC REGS 4 6.80 12-23 17/01S 601,200.00 555,120.00 18,473.33 0.24 600,000 CITIC PACIFIC 6.625 11-21 15/04S 600,000.00 584,652.00 8,281.25 0.26 500,000 CITIC PACIFIC 6.875 12-18 21/01S 530,250.00 523,445.00 15,182.29 0.23 1,000,000 CITIC TELECOM REGS 6.10 13-25 05/03S 1,000,000.00 912,350.00 19,486.11 0.40 500,000 CNS RESOURCES REG S 6.50 10-20 21/07S 525,532.66 508,160.00 14,354.17 0.22 1,000,000 COLOMBIA REGS 5.375 12-22 27/09S 1,000,000.00 934,610.00 13,885.42 0.41 750,000 COMMERCIAL BK QATAR 7.50 09-19 18/11S 882,187.50 882,682.50 6,562.50 0.39 1,250,000 CORP LINDLEY SA 6.75 11-21 23/11S 1,250,000.00 1,329,425.00 8,671.88 0.58 500,000 CORPGROUP BANKING SA 6.75 13-23 15/03S 515,625.00 484,555.00 9,843.75 0.21 500,000 COSAN LUXEMBOURG REGS 5.00 13-23 14/03S 494,195.00 435,185.00 7,361.11 0.19 500,000 COUNTRY GARDEN REG S 11.125 11-18 23/02S 581,875.00 559,435.00 19,623.26 0.25 500,000 COUNTRY GARDEN REGS 7.50 13-23 10/01S 514,445.00 481,635.00 17,708.33 0.21 650,000 CREDIT BK MOSCOW 8.25 11-14 05/08S 661,681.43 659,594.00 21,598.96 0.29 500,000 CREDITO DEL PERU REG-S5.375 10-20 16/09S 512,500.00 522,790.00 7,763.89 0.23 1,000,000 DAVIVIENDA SUB REGS 5.875 12-22 09/07S 1,071,200.00 969,680.00 27,906.25 0.43 250,000 DIGICEL REGS 8.25 09-17 01/09S 256,875.00 261,250.00 6,817.71 0.11 500,000 DIGICEL REGS 6.00 13-21 15/04S 500,000.00 485,170.00 6,250.00 0.21 1,000,000 DIGICEL REGS 8.25 12-20 30/09S 1,066,195.00 1,041,230.00 20,625.00 0.46 800,000 DOLPHIN ENERGY REGS 5.50 12-21 15/12S 862,750.00 872,520.00 1,833.33 0.38 1,800,000 DP WORLD REG S 6.85 07-37 02/07S 1,948,250.00 1,780,614.00 60,965.00 0.79 500,000 DTEK FINANCE REG-S 9.50 10-15 28/04S 481,750.00 509,995.00 8,180.56 0.22 1,250,000 DUBAI ELECTRICITY REGS 7.375 10-20 21/10S 1,331,739.12 1,459,500.00 17,669.27 0.64 1,000,000 DYNAMIC TALENT REGS 4.75 12-17 01/08S 1,015,215.00 1,012,240.00 19,659.72 0.44 250,000 E.CL REGS 5.625 10-21 15/01S 246,080.00 265,210.00 6,445.31 0.12 1,500,000 ECOPETROL 7.625 09-19 23/07S 1,777,050.00 1,786,080.00 49,880.21 0.79 1,000,000 EDC REGS 4.875 13-20 17/04S 1,000,000.00 973,040.00 9,885.42 0.43 800,000 EILEME 2 AB REGS 11.625 12-20 31/01S 864,500.00 980,000.00 38,750.00 0.43 1,250,000 ELEKTRA REGS 7.25 11-18 06/08S 1,233,200.00 1,283,587.50 36,250.00 0.56 86,676 EMERALD PLANT HLDGS 6.00 13-20 30/01S 502,091.86 60,725.21 0.00 0.03 1,250,000 EMPRESA DE ENERGIA 6.125 11-21 10/11S 1,287,350.00 1,333,400.00 10,633.68 0.58 500,000 ENN ENERGY HOLDINGS 6.00 11-21 13/05S 532,945.00 535,865.00 3,916.67 0.23 500,000 ESAL GMBH REGS 6.25 13-23 05/02S 443,000.00 449,935.00 12,586.81 0.20 500,000 EVRAZ GROUP REGS 9.50 08-15 24/04S 551,250.00 548,890.00 8,708.33 0.24 500,000 EXIMBANK REGS 5.50 12-18 12/02S 494,395.00 516,465.00 10,541.67 0.23 1,500,000 FIBRIA OVERSEAS 6.75 11-21 03/03S 1,648,750.00 1,644,570.00 32,906.25 0.72 750,000 FIBRIA REG-S 7.50 10-20 04/05S 828,750.00 822,720.00 8,750.00 0.36 900,000 FILINVEST DEVL REGS 4.25 13-20 02/04S 900,000.00 827,568.00 9,350.00 0.36 500,000 FINANSBANK 5.15 12-17 01/11S 495,125.00 486,535.00 4,220.14 0.21 750,000 FINANSBANK REGS 5.50 11-16 11/05S 750,000.00 752,542.50 5,614.58 0.33 1,000,000 FITA INTL LTD 7.00 10-20 10/02S 1,052,354.00 1,114,990.00 27,222.22 0.49 500,000 FOMENTO ECONOMICO 4.375 13-43 10/05S 408,165.00 417,105.00 3,038.19 0.18 250,000 FRANSHION DEVLT 6.75 11-21 15/04S 270,875.00 258,420.00 3,515.63 0.11 500,000 FRANSHION INVESTMENT 4.70 12-17 26/10S 498,500.00 510,765.00 4,177.78 0.22 250,000 FUBON BANK HONG KONG 6.125 10-20 30/11S 249,800.00 272,742.50 1,276.04 0.12 500,000 GAJAH TUNGGAL 7.75 13-18 06/02S 515,000.00 493,655.00 15,500.00 0.22 1,000,000 GAZ CAPITAL REGS 6.212 06-16 22/11S 1,092,360.00 1,105,240.00 6,557.11 0.48 750,000 GEOPARK LATIN AMER 7.50 13-20 11/02S 744,990.00 761,145.00 21,718.75 0.33 500,000 GEORG RAILWAY REGS 7.75 12-22 11/07S 528,700.00 523,200.00 18,190.97 0.23 550,000 GEORGIAN OIL GAS REGS 6.875 12-17 16/05S 575,565.10 571,664.50 4,621.53 0.25 1,000,000 GOLD FIELDS ORO REG-S 4.875 10-20 07/10S 969,560.00 824,570.00 11,239.58 0.36 750,000 GPB EUROBOND FINANCE 7.25 12-19 03/05S 800,550.00 807,915.00 8,609.38 0.35 500,000 GPN CAPITAL SA 4.375 12-22 19/09S 500,000.00 460,060.00 6,137.15 0.20 1,200,000 GRUPO AVAL LTD 4.75 12-22 26/09S 1,197,270.00 1,115,544.00 14,883.33 0.49
The accompanying notes are an integral part of these financial statements. Page 83 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 800,000 GRUPO AVAL LTD 5.25 12-17 01/02S 836,125.00 844,616.00 17,383.33 0.37 2,000,000 GRUPO IDESA REGS 7.875 13-20 18/12S 1,986,800.00 2,024,380.00 5,250.00 0.90 500,000 GRUPO TELEVISA S.A. 6.625 10-40 15/01S 601,250.00 532,385.00 15,182.29 0.23 500,000 GRUPOSURA FINANCE 5.75 06-16 13/04S 496,770.00 517,705.00 3,325.00 0.23 500,000 GS CALTEX CORP 5.50 07-17 24/04S 542,450.00 543,870.00 5,041.67 0.24 750,000 GS CALTEX REGS 3.25 13-18 01/10S 746,610.00 752,497.50 6,026.04 0.33 250,000 GTB FINANCE BV REGS 7.50 11-16 19/05S 270,000.00 264,155.00 2,135.42 0.12 500,000 GTL TRADE FINANCE INC 7.25 07-17 20/10S 558,750.00 563,345.00 7,048.61 0.25 800,000 HALYK BANK REG S 7.25 11-21 28/01S 786,104.00 852,376.00 24,488.89 0.37 500,000 HANA BANK 4.25 11-17 14/06S 524,425.00 529,675.00 944.44 0.23 1,000,000 HENGDELI HOLDINGS LTD 6.25 13-18 29/01S 1,000,000.00 1,032,340.00 26,215.28 0.45 750,000 HKCG FINANCE LTD 6.25 08-18 07/08S 871,485.00 858,652.50 18,619.79 0.38 500,000 HOWES CAPITAL REG S 4.75 12-17 10/04S 529,110.00 525,140.00 5,277.78 0.23 650,000 HSBK EUROPE BV 7.25 07-17 03/05S 715,975.00 704,710.50 7,461.46 0.31 500,000 HUNGARY 5.75 13-23 22/11S 493,285.00 502,365.00 3,034.72 0.22 400,000 HYPERMARCAS REGS 6.50 11-21 20/04S 433,000.00 423,800.00 5,055.56 0.19 500,000 HYUNDAI CAP REGS 4.00 11-17 08/06S 518,600.00 526,595.00 1,222.22 0.23 1,000,000 ICICI BANK REGS 5.75 10-20 16/11S 1,061,400.00 1,030,960.00 7,027.78 0.45 1,000,000 INDIAN OIL 5.625 11-21 02/08S 992,170.00 994,000.00 23,125.00 0.44 750,000 INDO ENERGY REGS 6.375 13-23 24/01S 750,000.00 621,442.50 20,718.75 0.27 1,250,000 INDOSAT PALAPA CO BV 7.375 10-20 29/07S 1,363,750.00 1,361,325.00 38,667.53 0.60 500,000 INDUSTRIAL SR TR REGS 5.50 12-22 01/11S 516,250.00 461,895.00 4,506.94 0.20 500,000 INKIA ENERGY REGS 8.375 11-21 04/04S 495,845.00 543,575.00 10,003.47 0.24 750,000 INTEGAS FINANCE BV 6.375 07-17 14/05S 824,250.00 811,507.50 6,109.38 0.36 500,000 INVERSIONES CMPC 6.125 09-19 05/11S 577,000.00 554,250.00 4,678.82 0.24 800,000 INVERSIONES REGS 4.50 12-22 25/04S 816,000.00 768,896.00 6,500.00 0.34 900,000 ISBANK 6.00 12-22 24/10S 894,488.62 811,458.00 9,900.00 0.36 1,000,000 ISRAEL ELECTRIC REG S 6.70 12-17 10/02S 1,039,000.00 1,090,170.00 26,055.56 0.48 1,500,000 ISRAEL ELECTRIC REG S 7.25 08-19 15/01S 1,621,675.00 1,675,005.00 49,843.75 0.74 1,000,000 ISRAEL ELECTRIC REGS 5.625 13-18 21/06S 1,000,000.00 1,060,210.00 1,406.25 0.46 400,000 ITAU UNIBANCO REGS 5.50 12-22 06/08S 422,200.00 381,932.00 8,800.00 0.17 1,000,000 IXE BANCO SA REG S 9.25 10-20 14/10S 992,500.00 1,183,087.70 19,527.78 0.52 500,000 JBS FINANCE II REGS 8.25 10-18 29/01S 493,170.00 528,195.00 17,302.08 0.23 1,000,000 JBS S.A. 10.50 06-16 04/08S 1,131,500.00 1,121,460.00 42,583.33 0.49 400,000 KASAK TEMIR REGS 6.95 12-42 10/07S 400,000.00 399,100.00 13,127.78 0.17 500,000 KAZMUNAIGAZ 9.125 08-18 02/07S 616,850.00 607,130.00 22,559.03 0.27 1,000,000 KAZMUNAIGAZ FIN REG-S 7.00 10-20 05/05S 1,157,390.00 1,125,300.00 10,694.44 0.49 300,000 KUWAIT PROJECTS CO 8.875 09-16 17/10S 334,950.00 344,883.00 5,398.96 0.15 1,550,000 KUWAIT PROJECTS EMTN 9.375 10-20 15/07S 1,688,030.00 1,877,267.00 66,601.56 0.83 1,000,000 LI & FUNG 5.25 10-20 13/05S 1,057,875.00 1,040,520.00 6,854.17 0.46 750,000 LI & FUNG 6.00 12-XX 25/05S 750,000.00 756,915.00 4,375.00 0.33 500,000 LIFESTYLE INTL EMTN 5.25 12-17 26/01S 535,200.00 532,390.00 11,229.17 0.23 500,000 LISTRINDO CAP BV R 6.95 12-19 21/02S 558,000.00 523,170.00 12,452.08 0.23 1,000,000 LONGFOR PROPERTIES 6.75 13-23 29/01S 1,000,000.00 923,580.00 28,312.50 0.40 500,000 MAF GLOBAL SEC 5.25 12-19 05/07S 535,000.00 526,275.00 12,760.42 0.23 1,000,000 MAGNESITA FIN REGS 8.625 12-XX 05/04Q 1,036,333.33 960,410.00 20,364.58 0.42 1,000,000 MCE FINANCE REGS 5.00 13-21 15/02S 993,750.00 969,670.00 18,750.00 0.43 750,000 METALLOINVEST FIN 5.625 13-20 17/04S 754,375.00 732,217.50 8,554.69 0.32 250,000 METALLOINVEST FIN 6.50 11-16 21/07S 250,000.00 264,650.00 7,177.08 0.12 500,000 METINVEST REGS 8.75 11-18 14/02S 486,250.00 475,060.00 16,527.78 0.21 1,000,000 MEXICHEM REGS 4.875 12-22 19/09S 1,054,950.00 980,310.00 13,677.08 0.43 500,000 MIE HOLDINGS REGS 9.75 11-16 12/05S 500,000.00 532,300.00 6,500.00 0.23 200,000 MILLICOM INT CEL REGS 6.625 13-21 15/10S 200,000.00 207,822.00 2,723.61 0.09 500,000 MILLICOM INTL CEL REGS4.75 13-20 22/05S 496,330.00 481,625.00 2,506.94 0.21 1,500,000 MOL GROUP FINANCE 6.25 12-19 26/09S 1,548,520.00 1,542,150.00 24,479.17 0.68 750,000 MTS INTL FDG 8.625 10-20 22/06S 880,867.50 887,077.50 1,437.50 0.39 500,000 MYRIAD INTL HLD REGS 6.00 13-20 18/07S 538,750.00 536,980.00 13,500.00 0.24 700,000 MYRIAD INTL HLD REGS 6.375 10-17 28/07S 775,180.00 778,582.00 18,841.67 0.34 1,000,000 NATL AGRI.COOP. TR3 3.50 11-17 08/02S 1,019,970.00 1,037,710.00 13,805.56 0.45 500,000 NOBLE GROUP LTD 6.75 09-20 19/01S 490,000.00 528,510.00 14,156.25 0.23 500,000 NOMOS CAPITAL REGS 7.25 13-18 25/04S 500,000.00 499,910.00 6,545.14 0.22 1,000,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 1,000,000.00 1,085,780.00 8,555.56 0.48 500,000 NOVATEK FIN REGS 4.422 12-22 13/12S 500,000.00 460,995.00 1,044.08 0.20 500,000 ODEBRECH FIN REGS 7.50 10-XX 14/09Q 493,750.00 480,165.00 1,666.67 0.21 700,000 ODEBRECHT FINANCE 6.00 11-23 05/04S 734,125.00 703,248.00 9,916.67 0.31 250,000 OLAM INTL LTD 5.75 12-17 20/09S 250,000.00 237,982.50 3,993.06 0.10 1,000,000 OLAM INTL LTD 7.50 10-20 12/08S 1,012,000.00 942,280.00 28,750.00 0.41
The accompanying notes are an integral part of these financial statements. Page 84 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,500,000 PACIFIC RUB REG S 7.25 11-21 12/12S 1,554,850.00 1,597,602.45 5,437.50 0.70 750,000 PACIFIC RUB REGS 5.125 13-23 28/03S 735,000.00 690,435.00 9,822.92 0.30 2,000,000 PACIFIC RUB REGS 5.375 13-19 26/01S 1,999,700.00 2,022,580.00 10,152.78 0.90 1,000,000 PARKSON RETAIL GP 4.50 13-18 03/05S 991,625.00 940,100.00 7,125.00 0.41 500,000 PERTAMINA REG S 6.50 11-41 27/05S 491,900.00 440,105.00 2,979.17 0.19 500,000 PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S 571,250.00 630,880.00 18,416.67 0.28 700,000 PHOSAGRO BD FND REGS 4.204 13-18 13/02S 692,930.00 697,816.00 11,198.99 0.31 900,000 PKO FINANCE AB 4.63 12-22 26/09S 904,290.00 898,389.00 10,880.50 0.39 1,250,000 POLYUS GOLD INT REGS 5.625 13-20 29/04S 1,287,500.00 1,212,037.50 11,914.06 0.53 900,000 PT ADARO INDONESIA 7.625 09-19 22/10S 992,250.00 955,791.00 12,962.50 0.42 500,000 PTT GLB CHEM REGS 4.25 12-22 19/02S 495,540.00 469,685.00 5,961.81 0.21 500,000 PTTEP CANADA REGS 5.692 10-15 19/07S 532,145.00 533,630.00 6,719.72 0.23 1,000,000 PTTEP CDA INTL REGS 6.35 12-42 12/06S 1,043,970.00 1,016,980.00 3,175.00 0.45 1,500,000 QGOG CONST SA REGS 6.25 12-19 09/11S 1,479,180.00 1,437,000.00 13,281.25 0.63 500,000 QTEL INTL FIN 3.875 13-28 31/01S 494,170.00 425,770.00 8,072.92 0.19 500,000 QTEL INTL FIN 4.75 10-21 16/02S 531,500.00 525,805.00 8,840.28 0.23 600,000 QUADRA FNX MINING LTD 7.75 11-19 15/06S 600,000.00 635,250.00 1,937.50 0.28 400,000 RELIANCE HLDGS REGS 5.40 12-22 14/02S 396,896.00 406,372.00 8,160.00 0.18 500,000 RHB BANK BERHAD 3.25 12-17 11/05S 505,225.00 505,675.00 2,211.81 0.22 300,000 ROSNEFT INTL REGS 4.199 12-22 06/03S 302,272.50 276,099.00 3,989.05 0.12 750,000 ROSY UNICORN 6.50 12-17 09/02S 818,220.00 818,032.50 19,093.75 0.36 1,200,000 ROYAL CAPITAL BV 8.375 11-XX 05/11S 1,200,000.00 1,258,644.00 15,354.17 0.55 1,000,000 SAMARCO MINERACAO SA 4.125 12-22 01/11S 993,200.00 900,180.00 6,760.42 0.39 1,500,000 SAN MIGUEL 4.875 13-23 26/04S 1,491,210.00 1,239,900.00 13,000.00 0.54 1,000,000 SANTANDER BR REGS 4.125 12-22 09/11S 986,000.00 947,730.00 5,843.75 0.42 500,000 SANTANDER CAP REGS SUB 5.95 13-24 30/01S 496,175.00 506,305.00 247.92 0.22 1,000,000 SASOL FIN INTL 4.50 12-22 14/11S 1,000,800.00 941,190.00 5,750.00 0.41 200,000 SHIMAO PPTY 6.625 13-20 14/01S 199,500.00 195,056.00 6,109.72 0.09 500,000 SHINHAN FIN GRP S04 FL.R 12-17 27/07S 529,415.00 535,005.00 9,296.88 0.23 500,000 SHK PROP REG S 3.50 11-16 02/11S 530,100.00 523,905.00 2,819.44 0.23 1,000,000 SIAM COMMERCIAL 3.375 12-17 19/09S 1,016,200.00 1,018,900.00 9,468.75 0.45 1,000,000 SIBUR SEC REGS 3.914 13-18 31/01S 1,000,000.00 973,840.00 16,308.33 0.43 500,000 SINO FOREST GTD ESCROW 6.25 10-17 21/10S 0.00 0.00 0.00 0.00 1,000,000 SISTEMA INTL REGS 6.95 12-19 17/05S 1,000,000.00 1,065,480.00 8,301.39 0.47 300,000 SOHO CHINA REGS 5.75 12-17 07/11S 295,500.00 303,120.00 2,539.58 0.13 1,500,000 SOUTHERN COPPER CORP 6.75 10-40 16/04S 1,540,351.66 1,453,095.00 20,812.50 0.64 1,200,000 SOUTHERN COPPER CORP 7.50 05-35 27/07S 1,518,790.00 1,254,120.00 38,250.00 0.55 500,000 ST ENGG FIN REGS 4.80 09-19 16/07S 557,900.00 551,030.00 10,933.33 0.24 1,500,000 STANDARD BANK SUB 8.125 09-19 02/12S 1,580,000.00 1,705,575.00 9,479.17 0.76 500,000 STATE OIL 5.45 12-17 09/02S 526,125.00 532,550.00 10,672.92 0.23 1,600,000 STATS CHIPPAC 4.50 13-18 20/03S 1,600,000.00 1,598,016.00 20,000.00 0.70 500,000 STUDIO CITY FIN REGS 8.50 12-20 01/12S 557,250.00 556,085.00 3,423.61 0.24 1,000,000 SUZANO TRADING REG S 5.875 10-21 23/01S 1,004,500.00 979,930.00 25,621.53 0.43 500,000 SWIRE PACIFIC EMTN 5.50 09-19 19/08S 557,395.00 555,935.00 10,006.94 0.24 500,000 TELEFONICA CHILE REGS 3.875 12-22 12/10S 499,505.00 459,810.00 4,197.92 0.20 500,000 TELEMAR N L REGS 5.50 10-20 23/10S 499,955.00 476,960.00 5,118.06 0.21 1,500,000 TELEMOVIL FIN REG-S 8.00 10-17 01/10S 1,513,090.00 1,599,180.00 29,666.67 0.70 700,000 TENEDORA NEMAK REGS 5.50 13-23 28/02S 708,250.00 688,373.00 13,047.22 0.30 500,000 TEVA PHARMAC.FINANCE 6.15 06-36 01/02S 577,125.00 550,785.00 12,727.08 0.24 500,000 TGI INTERNATIONAL 5.70 12-22 20/03S 500,000.00 532,920.00 7,916.67 0.23 500,000 TMK CAPITAL 7.75 11-18 27/01S 532,965.00 524,125.00 16,468.75 0.23 500,000 TNK-BP FINANCE REG S 7.25 10-20 02/02S 575,000.00 567,460.00 14,902.78 0.25 500,000 TRANSCAPITALINV 8.70 08-18 08/07S 592,500.00 611,430.00 17,279.17 0.27 200,000 TULLOW OIL PLC REGS 6.00 13-20 01/11S 200,000.00 204,218.00 1,800.00 0.09 900,000 TUPRAS REGS 4.125 12-18 02/05S 896,213.74 844,641.00 5,981.25 0.37 900,000 TURK GARANTI BK REGS 5.25 12-22 13/09S 844,835.00 807,507.00 14,043.75 0.35 1,000,000 TURK SISE CAM REGS 4.25 13-20 09/05S 992,650.00 881,400.00 6,020.83 0.39 500,000 TURK VAK BANK REGS 3.75 13-18 15/04S 501,489.00 469,125.00 3,906.25 0.21 1,000,000 TURK VAK BANK TAO 6.00 12-22 01/11S 1,050,900.00 873,440.00 9,833.33 0.38 500,000 TURKIYE FINANS REGS 3.95 13-18 02/05S 500,000.00 477,145.00 3,181.94 0.21 400,000 TURKIYE HALK BANKA 4.875 12-17 19/07S 397,812.00 395,696.00 8,720.83 0.17 1,000,000 TURKIYE IS BANKASI 3.75 13-18 10/10S 1,010,415.00 935,490.00 8,333.33 0.41 500,000 TV AZTECA EMTN 7.50 11-18 25/05S 493,345.00 512,845.00 3,645.83 0.22 750,000 UKREXIMBANK 8.375 10-15 27/04S 766,218.92 720,210.00 10,992.19 0.32 500,000 VALE EMTN 5.625 12-42 11/09S 495,990.00 451,685.00 8,515.63 0.20 400,000 VALE OVERSEAS GTD 6.875 06-36 21/11S 493,620.00 413,508.00 2,979.17 0.18 1,000,000 VEDANTA RES REGS 6.00 13-19 31/01S 979,950.00 972,230.00 4,500.00 0.43
The accompanying notes are an integral part of these financial statements. Page 85 UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,000,000 VEDANTA RES REGS 8.25 11-21 07/06S 1,165,000.00 1,008,100.00 5,270.83 0.44 1,000,000 VEDANTA RESOURCES 9.50 08-18 18/07S 1,144,375.00 1,113,860.00 42,750.00 0.49 500,000 VENEZUELA 8.50 04-14 08/10S 516,100.00 490,625.00 9,680.56 0.22 1,000,000 VIMPELCON 7.504 11-22 01/03S 1,058,125.00 1,048,260.00 24,805.88 0.46 500,000 VOLCAN CIA MINERA 5.375 12-22 02/02S 500,000.00 460,235.00 11,048.61 0.20 500,000 VOTO VOTORANTIM REGS 6.625 09-19 25/09S 508,000.00 554,915.00 8,741.32 0.24 500,000 VOTORANTIM CIMENTOS 7.25 11-41 05/04S 568,900.00 476,640.00 8,559.03 0.21 400,000 VPB FDG 9.00 13-16 14/11S 400,000.00 397,750.00 4,600.00 0.17 750,000 VTB CAPITAL SA REG S 6.875 08-18 29/05S 823,125.00 819,742.50 4,583.33 0.36 500,000 WISEYEAR HLDG 5.00 12-17 15/02S 532,645.00 529,910.00 9,375.00 0.23 400,000 WOORI BANK REGS 5.875 11-21 13/04S 443,076.00 439,992.00 5,026.39 0.19 500,000 YANCOAL INT REGS 5.73 12-22 16/05S 515,250.00 470,195.00 3,501.67 0.21 500,000 YAPI 4.00 13-20 22/01S 463,000.00 446,870.00 8,777.78 0.20 1,000,000 YAPI KREDI BK REGS 5.50 12-22 06/12S 1,000,000.00 847,370.00 3,666.67 0.37 750,000 ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S 763,437.50 787,125.00 6,976.56 0.35 350,000 ZOOMLION HK SPV REGS 6.125 12-22 20/12S 335,125.00 321,394.50 595.49 0.14 Floating rate bonds 6,342,320.00 6,321,370.00 96,809.08 2.77 US Dollar 6,342,320.00 6,321,370.00 96,809.08 2.77 500,000 BALLARPUR INDUSTRIES FL.R 11-XX 11/08S 500,000.00 346,250.00 18,822.92 0.15 500,000 BANK O EAST ASIA REGS FL.R 09-59 05/11S 576,875.00 572,710.00 6,493.06 0.25 500,000 BHIRA INVESTMENT FL.R 11-71 27/04S 500,000.00 500,440.00 7,437.50 0.22 1,000,000 CHINA RESOURCES POWER FL.R 11-XX 09/05S 1,000,000.00 1,045,540.00 10,270.83 0.46 500,000 CONTINENTAL REG S FL.R 10-40 07/10S 500,000.00 527,360.00 8,501.74 0.23 1,000,000 EMIRATES NBD PJSC FL.R 13-23 28/03S 992,945.00 994,490.00 12,458.33 0.44 500,000 HUTCHISON WHAMPOA FL.R 10-XX 28/10S 534,375.00 530,570.00 5,166.67 0.23 250,000 ICICI BANK -SUB- FL.R 07-22 30/04S 236,875.00 241,295.00 2,656.25 0.11 500,000 PETRON SUB FL.R 13-XX 06/08S 487,500.00 494,805.00 15,000.00 0.22 1,000,000 WOORI BANK REGS FL.R 07-37 025/05S 1,013,750.00 1,067,910.00 10,001.78 0.46 Sukuk 5,936,075.00 5,979,560.00 77,864.65 2.62 US Dollar 5,936,075.00 5,979,560.00 77,864.65 2.62 750,000 CBB INTL SUKUK 6.273 11-18 22/11S 835,875.00 851,002.50 4,966.13 0.37 1,250,000 DIB SUKUK REGS 4.752 12-17 30/05S 1,318,625.00 1,317,462.50 4,950.00 0.58 500,000 EIB SUKUK CO 4.147 12-18 11/01S 500,000.00 519,045.00 9,733.93 0.23 1,500,000 EMAAR SUKUK LTD 8.50 11-16 03/08S 1,714,075.00 1,699,815.00 52,062.50 0.75 750,000 JAFZ SUKUK REGS 7.00 12-19 19/06S 840,000.00 855,247.50 1,604.17 0.37 750,000 SIB SUKUK REGS 2.95 13-18 16/04S 727,500.00 736,987.50 4,547.92 0.32
Total investments in securities 223,554,484.77 219,338,933.87 96.17
Cash at banks/(bank liabilities) 5,555,557.62 2.44
Other net assets/(liabilities) 3,184,157.35 1.39
Total 228,078,648.84 100.00
The accompanying notes are an integral part of these financial statements. Page 86 UBAM - EMERGING MARKET CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Cayman Islands 14.47 Mexico 6.55 Luxembourg 5.64 The Netherlands 5.05 Hong Kong 4.84 Turkey 4.59 Ireland 4.56 United Arab Emirates 4.03 Bermuda 4.00 United States of America 3.62 Colombia 3.16 British Virgin Islands 3.15 Canada 2.86 Chile 2.62 United Kingdom 2.53 South Korea 2.13 Brazil 2.05 Singapore 1.68 Israel 1.68 Philippines 1.31 Peru 1.22 Indonesia 1.05 Jersey Island 1.01 Isle of Man 0.96 India 0.95 Sweden 0.82 Czech Republic 0.81 Georgia 0.73 Kazakstan 0.73 Bulgaria 0.72 Undefined 0.52 Armenia 0.52 Undefined 0.49 Other 5.12
96.17
Page 87 UBAM - EMERGING MARKET CORPORATE BOND
Industrial classification of investments
% of net assets Holding and finance companies 33.13 Banks and credit institutions 14.95 Petroleum 8.51 Miscellaneous sectors 5.99 Communications 4.08 Coal mining and steel industry 3.73 Utilities 3.62 Real estate companies 2.22 Miscellaneous services 2.13 Electrical engineering and electronics 1.97 Transportation 1.67 Building materials and trade 1.64 Countries and central government 1.41 Non-ferrous metals 1.39 Miscellaneous consumer goods 1.31 Miscellaneous trading companies 1.30 Paper and forest products 1.29 Electronics and semiconductors 1.18 Foods and non alcoholic drinks 0.93 Precious metals and stones 0.92 Tobacco and alcoholic drinks 0.72 Pharmaceuticals and cosmetics 0.58 Agriculture and fishery 0.45 Chemicals 0.42 Retail trade, department stores 0.41 Tires and rubber 0.22
96.17
Page 88 UBAM - EMERGING MARKET CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 11,841,186.04 Interest on bonds and other debt securities, net Note 2 11,779,730.05 Interest on bank accounts 2.02 Other income 61,453.97 Expenses 3,505,743.70 Advisory fees Note 4 1,306,947.58 Management fees Note 3 1,140,898.44 Custodian fees 513,543.99 Subscription duty ("taxe d'abonnement") Note 6 66,943.56 Central administration costs 202,019.65 Performance fees Note 5 599.86 Audit fees 10,481.07 Interest paid on bank liabilities 195.73 Legal fees 7,147.88 Transaction fees Note 2 4,403.10 Other administration costs Note 7, 8 209,701.70 Banking charges and other fees 16,229.41 Other expenses 26,631.73 Net investment income 8,335,442.34 Net realised gain/(loss) on: - securities portfolio Note 2 -1,119,357.02 - forward foreign exchange contracts Note 2 5,582,516.27 - futures contracts Note 2 116,304.70 - foreign exchange Note 2 -1,921,530.88 Realised result 10,993,375.41 Net variation of the unrealised gain/(loss) on: - securities portfolio -11,677,847.95 - forward foreign exchange contracts -951,133.87 - futures contracts -152,726.56 Result of operations -1,788,332.97 Dividends paid Note 15 -498,748.13 Subscriptions capitalisation shares 139,547,005.30 Subscriptions distribution shares 7,256,592.25 Redemptions capitalisation shares -81,829,586.76 Redemptions distribution shares -3,604,049.85 Total changes in net assets 59,082,879.84
Total net assets at the beginning of the year 168,995,769.00
Total net assets at the end of the year 228,078,648.84
The accompanying notes are an integral part of these financial statements. Page 89 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 105,685,814.59 Securities portfolio at market value Note 2 85,528,720.45 Cash at banks 18,156,673.00 Interest receivable on swap contracts 13,377.06 Interest receivable on bonds and other debt securities 1,177,085.31 Unrealised gain on forward foreign exchange contracts Note 2, 9 43,622.99 Unrealised gain on swap contracts Note 2, 11 766,335.78 Liabilities 452,522.89 Interest payable on bank liabilities and expenses payable 452,522.89 Net assets at the end of the year 105,233,291.70
Changes in number of shares outstanding from 19/08/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 19/08/2013 31/12/2013
A shares Capitalisation shares 0.000 644,529.000 133,020.340 511,508.660 Distribution shares 0.000 22,520.000 2,840.000 19,680.000
AH EUR shares Capitalisation shares 0.000 229,181.281 12,552.500 216,628.781
AH CHF shares Capitalisation shares 0.000 1,110.000 0.000 1,110.000
IH EUR shares Capitalisation shares 0.000 137,388.000 0.000 137,388.000
IH CHF shares Capitalisation shares 0.000 200.000 0.000 200.000
The accompanying notes are an integral part of these financial statements. Page 90 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 105,233,291.70 - -
A shares USD USD USD Capitalisation shares Number of shares outstanding 511,508.660 - - Net asset value per share 103.11 - - Distribution shares Number of shares outstanding 19,680.000 - - Net asset value per share 103.25 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 216,628.781 - - Net asset value per share 102.94 - -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,110.000 - - Net asset value per share 102.31 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 137,388.000 - - Net asset value per share 103.42 - -
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 91 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 75,742,548.73 76,143,896.66 1,177,085.31 72.36 dealt in on another regulated market Bonds 75,256,348.73 75,669,126.66 1,174,210.31 71.91 Euro 3,272,836.18 3,417,851.34 40,124.19 3.25 350,000 AGROKOR DD REGS 9.125 12-20 01/02S 523,061.00 540,870.18 18,214.54 0.51 350,000 BULGARIAN ENERGY REGS 4.25 13-18 07/11A 466,162.65 472,550.04 3,032.43 0.45 400,000 CABLE COMM SYS REGS 7.50 13-20 01/11S 549,741.63 568,156.34 6,430.44 0.54 400,000 CIECH GROUP FINANCING 9.50 12-19 30/11S 580,933.66 632,115.27 6,545.26 0.60 350,000 TELEMAR NORTE LESTE 5.125 10-17 15/12S 475,402.37 514,716.00 1,083.48 0.49 500,000 VIVACOM REGS 6.625 13-18 15/11A 677,534.87 689,443.51 4,818.04 0.66 US Dollar 71,983,512.55 72,251,275.32 1,134,086.12 68.66 350,000 ACCESS FINANCE REGS 7.25 12-17 25/07S 352,467.50 350,574.00 10,925.35 0.33 350,000 AEROPUERTOS ARG REGS 9.25 12-19 13/11S 364,451.50 347,000.50 4,226.74 0.33 350,000 AES ITABO REG S 9.50 10-20 12/11S 367,720.50 375,021.50 4,433.33 0.36 350,000 AFRICAN BANK LTD 8.125 12-17 24/02S 361,578.00 358,253.00 9,953.13 0.34 550,000 AGILE PROPERTY 9.875 12-17 20/03S 589,710.00 610,967.50 15,086.81 0.58 350,000 AGROKOR REGS 8.875 12-20 01/02S 374,832.50 377,170.50 12,856.42 0.36 350,000 AJECORP REGS 6.50 12-22 14/05S 357,626.50 352,012.50 2,906.94 0.33 600,000 AK FIN KIRALAMA 4.125 13-18 17/04S 576,375.00 569,406.00 5,018.75 0.54 500,000 ALFA BOND ISS REGS 7.50 12-19 26/09S 533,125.00 534,360.00 9,791.67 0.51 500,000 ALFA BOND ISS REGS 7.875 10-17 25/09S 551,200.00 557,445.00 10,390.63 0.53 325,000 ALLIANCE OIL CO REG-S 9.875 10-15 11/03S 350,142.00 342,940.00 9,717.27 0.33 500,000 ALLIANZ GL.GRP EMTN 6.50 10-17 18/08S 531,875.00 530,200.00 11,916.67 0.50 700,000 ALTICE FINCO REGS 9.875 12-20 15/12S 767,151.00 788,417.00 2,880.21 0.75 500,000 ANDRADE GUT REGS 4.00 13-18 30/04S 468,450.00 477,315.00 3,333.33 0.45 350,000 AZERBAIJAN RAILWAYS 8.25 11-16 18/02S 370,343.75 367,500.00 10,587.50 0.35 400,000 BANCO NACIONAL REGS 4.875 13-18 01/11S 398,102.00 394,408.00 3,195.83 0.37 350,000 BANK OF CELIO REGS 6.875 12-17 03/05S 363,723.50 354,581.50 3,809.90 0.34 750,000 BANK OF GEOGIA REGS 7.75 12-17 05/07S 795,232.50 786,607.50 28,255.21 0.75 700,000 BANK RAKYAT INDO 2.95 13-18 28/03S 659,750.00 658,301.00 5,277.22 0.63 1,200,000 BANK V.NED.GEM. 1.375 12-15 23/03A 1,217,261.60 1,214,892.00 4,445.83 1.14 500,000 BBK REG S S3 4.50 10-15 28/10S 506,900.00 514,475.00 3,875.00 0.49 350,000 BC LUXCO REGS 7.375 13-20 29/01S 335,125.00 329,000.00 10,826.91 0.31 350,000 BELARUS (REP OF) EMTN 8.75 10-15 03/08S 350,073.50 356,377.00 12,505.21 0.34 500,000 BES INVEST REGS EMTN 5.625 10-15 25/03S 507,815.00 510,740.00 7,421.88 0.49 700,000 BK NEGARA INDO REGS 4.125 12-17 27/04S 705,215.00 702,219.00 5,053.13 0.67 350,000 CABCORP REGS 6.75 12-22 09/02S 377,019.69 360,500.00 9,253.13 0.34 1,200,000 CADES 1.75 12-15 24/02S 1,222,492.00 1,218,756.00 7,350.00 1.15 700,000 CBOM FINANCE REGS 7.70 13-18 01/02S 729,393.00 703,948.00 22,308.61 0.67 550,000 CEMEX REGS 9.50 12-18 15/06S 618,727.50 625,498.50 2,177.08 0.59 500,000 CHINA OIL GAS REGS 5.25 13-18 25/04S 500,000.00 501,180.00 4,739.58 0.48 500,000 CHINA SHANSHUI CEMENT 8.50 11-16 25/05S 501,945.00 523,265.00 4,131.94 0.50 500,000 CITIC PACIFIC 6.875 12-18 21/01S 512,927.00 523,445.00 15,182.29 0.50 350,000 CORPORATION PESQ REG-S9.00 10-17 10/02S 354,144.00 350,126.00 12,250.00 0.33 350,000 COUNTRY GARDEN 10.50 10-15 11/08S 390,085.50 384,188.00 14,189.58 0.37 350,000 DIGICEL REGS 8.25 12-20 30/09S 376,085.50 364,430.50 7,218.75 0.35 350,000 DTEK FINANCE REG-S 9.50 10-15 28/04S 361,427.50 356,996.50 5,726.39 0.34 400,000 ELEKTRA REGS 7.25 11-18 06/08S 410,036.00 410,748.00 11,600.00 0.39 650,000 EUROCHEM MIN REGS 5.125 12-17 12/12S 647,738.00 655,154.50 1,665.63 0.62 1,200,000 EUROP INVEST BK 2.875 10-15 15/01S 1,240,304.00 1,232,004.00 15,812.50 1.16 350,000 EVERGRANDE REAL EST 13.00 10-15 27/01S 372,011.50 375,308.50 19,337.50 0.36 350,000 EVRAZ GROUP REGS 7.40 12-17 24/04S 354,812.50 365,218.00 4,748.33 0.35 350,000 EXIMBANK REGS 5.50 12-18 12/02S 351,781.50 361,525.50 7,379.17 0.34 300,000 FESCO REGS 8.00 13-18 02/05S 280,308.00 268,875.00 3,866.67 0.26 350,000 FIBRIA REG-S 7.50 10-20 04/05S 379,487.50 383,936.00 4,083.33 0.36 550,000 FINANSBANK REGS 5.50 11-16 11/05S 547,965.00 551,864.50 4,117.36 0.52 350,000 FOSUN INTL 7.50 11-16 12/05S 359,100.00 365,729.00 3,500.00 0.35 700,000 FRANSHION INVESTMENT 4.70 12-17 26/10S 698,180.00 715,071.00 5,848.89 0.68 550,000 GAJAH TUNGGAL 7.75 13-18 06/02S 545,715.50 543,020.50 17,050.00 0.52 500,000 GAZ CAPITAL REGS 6.212 06-16 22/11S 551,745.00 552,620.00 3,278.56 0.53 350,000 GEOPARK LATIN AMER 7.50 13-20 11/02S 358,813.00 355,201.00 10,135.42 0.34 550,000 GEORGIAN OIL GAS REGS 6.875 12-17 16/05S 571,494.00 571,664.50 4,621.53 0.54 350,000 GOLD FIELDS ORO REG-S 4.875 10-20 07/10S 282,919.00 288,599.50 3,933.85 0.27 350,000 GRUPO AVAL LTD 5.25 12-17 01/02S 362,950.00 369,519.50 7,605.21 0.35 350,000 GRUPO CEMENTOS REGS 8.125 13-20 08/02S 358,925.00 369,862.50 11,217.01 0.35 550,000 GRUPO PAPELERO 8.875 10-20 07/04S 539,352.00 541,711.50 11,525.17 0.51
(*) Note 2i
The accompanying notes are an integral part of these financial statements. Page 92 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 350,000 GRUPO POSADAS REGS 7.875 12-17 30/11S 360,479.00 352,086.00 2,296.88 0.33 700,000 GTB FINANCE BV REGS 7.50 11-16 19/05S 739,915.00 739,634.00 5,979.17 0.70 350,000 GTL TRADE FINANCE INC 7.25 07-17 20/10S 387,100.00 394,341.50 4,934.03 0.37 325,000 HCFB 9.375 12-20 24/04S 340,778.75 325,659.75 5,585.94 0.31 600,000 HENGDELI HOLDINGS LTD 6.25 13-18 29/01S 588,416.00 619,404.00 15,729.17 0.59 550,000 HEP REGS 6.00 12-17 09/11S 564,652.00 562,171.50 4,675.00 0.53 350,000 HSBK EUROPE BV 7.25 07-17 03/05S 371,584.50 379,459.50 4,017.71 0.36 350,000 HYPERMARCAS REGS 6.50 11-21 20/04S 359,716.00 370,825.00 4,423.61 0.35 500,000 ICICI BANK REGS 4.70 12-18 21/02S 512,000.00 511,510.00 8,420.83 0.49 350,000 ICICI BANK -2-REGS 4.75 11-16 25/11S 359,628.50 365,029.00 1,616.32 0.35 500,000 IDBI EMTN 4.375 12-18 26/03S 490,480.00 486,895.00 5,711.81 0.46 350,000 INKIA ENERGY REGS 8.375 11-21 04/04S 375,910.50 380,502.50 7,002.43 0.36 700,000 INTEGAS FINANCE BV 6.375 07-17 14/05S 758,375.00 757,407.00 5,702.08 0.72 350,000 INTERCORP RETAIL REGS 8.875 11-18 14/11S 384,975.50 374,069.50 3,969.10 0.36 550,000 JBS S.A. 10.50 06-16 04/08S 603,663.50 616,803.00 23,420.83 0.59 350,000 JORDANIE 3.875 10-15 12/11S 348,068.00 352,016.00 1,808.33 0.33 325,000 KAISA GROUP HLDG LTD 12.875 12-17 18/09S 361,065.25 373,421.75 11,855.73 0.35 350,000 KAZAK TEMIR ZHOLY REGS7.00 06-16 11/05S 389,661.56 385,822.50 3,221.92 0.37 800,000 KFW 2.625 10-15 03/03S 825,412.50 821,720.00 6,825.00 0.78 350,000 LANDW RENTENBANK 3.125 10-15 15/07S 366,632.00 364,759.50 5,013.02 0.35 800,000 LANDW RENTENBANK 886 4.00 08-15 02/02A 840,288.00 831,704.00 29,155.56 0.79 350,000 LISTRINDO CAP BV R 6.95 12-19 21/02S 367,675.00 366,219.00 8,716.46 0.35 720,000 LONGFOR PROPERT EMTN 6.875 12-19 18/10S 725,439.50 751,082.40 9,900.00 0.71 350,000 LONKINGS HLDGS REGS 8.50 11-16 03/06S 344,158.50 367,437.00 2,231.25 0.35 500,000 MAF GLOBAL SEC 5.25 12-19 05/07S 523,695.00 526,275.00 12,760.42 0.50 400,000 MAJAPAHIT HOLD.REGS 7.25 07-17 28/06S 443,937.50 439,296.00 161.11 0.42 325,000 MARFRIG HLDGS REGS 9.875 13-17 24/07S 328,136.25 321,704.50 13,907.29 0.31 700,000 METALLOINVEST FIN 6.50 11-16 21/07S 734,370.00 741,020.00 20,095.83 0.70 350,000 METINVEST REG S 10.25 10-15 20/05S 367,346.00 355,705.00 3,986.11 0.34 550,000 MIE HOLDINGS REGS 9.75 11-16 12/05S 574,585.00 585,530.00 7,150.00 0.56 350,000 MONGOLIE REGS 4.125 12-18 05/01S 322,805.00 319,854.50 7,018.23 0.30 350,000 NATIONAL SAVINGS REGS 8.875 13-18 18/09S 369,950.00 373,362.50 8,801.04 0.35 500,000 NITROGENMUVEK ZRT 7.875 13-20 21/05S 467,295.00 472,850.00 4,265.63 0.45 325,000 NOMOS CAP REGS SUB 10.00 12-19 26/04S 341,575.00 342,111.25 5,777.78 0.33 600,000 NORTHERN LIGHTS REGS 7.00 12-19 16/08Q 651,420.00 651,468.00 5,133.33 0.62 325,000 OJCS RASPAD 7.75 12-17 27/04S 328,467.75 334,792.25 4,407.81 0.32 350,000 OLAM INTL LTD 5.75 12-17 20/09S 332,500.00 333,175.50 5,590.28 0.32 500,000 PACIFIC RUB REGS 5.375 13-19 26/01S 499,925.00 505,645.00 2,538.19 0.48 300,000 PARKSON RETAIL GP 4.50 13-18 03/05S 278,418.75 282,030.00 2,137.50 0.27 500,000 PHOSAGRO BD FND REGS 4.204 13-18 13/02S 488,500.00 498,440.00 7,999.28 0.47 500,000 POLY REAL ESTATE FIN 4.50 13-18 06/08S 497,160.00 493,715.00 9,061.64 0.47 325,000 PSB FINANCE REGS 6 8.50 12-17 25/04S 348,777.00 349,644.75 4,987.85 0.33 325,000 QGOG CONST SA REGS 6.25 12-19 09/11S 305,123.00 311,350.00 2,877.60 0.30 400,000 QUADRA FNX MINING LTD 7.75 11-19 15/06S 411,760.00 423,500.00 1,291.67 0.40 350,000 REARDEN G HOLDINGS REGS 7.875 10-20 30/03S 360,083.50 364,931.00 6,890.63 0.35 350,000 ROAD KING INFRA REGS 9.875 12-17 18/09S 379,592.50 390,649.00 9,792.71 0.37 350,000 ROSY UNICORN 6.50 12-17 09/02S 377,604.50 381,748.50 8,910.42 0.36 600,000 RUSSIAN STANDARD REGS 9.25 12-17 11/07S 636,642.25 622,638.00 26,054.17 0.59 550,000 SABLE INTL FINANCE 8.75 12-20 01/02S 616,176.00 620,262.50 19,918.40 0.59 350,000 SERBIA REGS 5.25 12-17 21/11S 342,083.00 352,929.50 1,990.63 0.34 350,000 SHIMAO PPTY REGS 9.65 10-17 03/08S 381,762.50 377,342.00 13,791.46 0.36 325,000 SISTEMA INTL REGS 6.95 12-19 17/05S 338,221.00 346,281.00 2,697.95 0.33 500,000 STANDARD BANK SUB 8.125 09-19 02/12S 564,995.00 568,525.00 3,159.72 0.54 500,000 STATE OIL 5.45 12-17 09/02S 526,875.00 532,550.00 10,672.92 0.51 800,000 STATS CHIPPAC 4.50 13-18 20/03S 789,240.00 799,008.00 10,000.00 0.76 800,000 SUN HUNG KAI PROP 6.375 12-17 26/09S 803,832.00 818,416.00 13,316.67 0.78 300,000 SUNAC CHINA 9.375 13-18 05/04S 296,712.00 309,615.00 6,640.63 0.29 300,000 SUNAC CHINA REGS 12.50 12-17 16/10S 331,542.00 339,144.00 7,708.33 0.32 325,000 TAM CAPITAL INC-REGS 9.50 09-20 29/01S 332,757.75 346,957.00 12,950.35 0.33 500,000 TBG GLOBAL REGS 4.625 13-18 03/04S 480,500.00 485,470.00 5,588.54 0.46 300,000 TCS FINANCE LTD 10.75 12-15 18/09S 325,038.00 314,037.00 9,137.50 0.30 325,000 TMK CAPITAL 7.75 11-18 27/01S 344,656.00 340,681.25 10,704.69 0.32 500,000 TNK-BP FINANCE REG.S 7.875 07-18 13/03S 583,125.00 579,350.00 11,703.13 0.55 500,000 TRANSCAPITALINV 8.70 08-18 08/07S 612,500.00 611,430.00 17,279.17 0.58 400,000 TUPRAS REGS 4.125 12-18 02/05S 376,072.00 375,396.00 2,658.33 0.36 500,000 TURK EXIMBANK 5.375 11-16 04/11S 518,000.00 515,485.00 4,180.56 0.49 500,000 TURK GARANTI REGS 4.00 12-17 13/09S 487,500.00 492,390.00 5,944.44 0.47
(*) Note 2i
The accompanying notes are an integral part of these financial statements. Page 93 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 600,000 TURKIYE FINANS REGS 3.95 13-18 02/05S 577,795.00 572,574.00 3,818.33 0.54 500,000 TURKIYE HALK BANKA 4.875 12-17 19/07S 503,090.00 494,620.00 10,901.04 0.47 500,000 TURKIYE IS BANK REG-S 5.10 11-16 01/02S 504,200.00 514,585.00 10,554.17 0.49 350,000 TV AZTECA EMTN 7.50 11-18 25/05S 372,123.50 358,991.50 2,552.08 0.34 550,000 UKREXIMBANK 8.375 10-15 27/04S 538,136.50 528,154.00 8,060.94 0.50 700,000 UNITED STATES -W2015- 0.25 12-15 15/02S 699,781.25 700,546.88 656.25 0.67 700,000 US TREAS AQ 2014 0.25 12-14 31/08S 700,683.57 700,656.25 589.78 0.67 350,000 US TREAS N/B 0.25 11-14 15/12S 350,164.06 350,300.78 38.46 0.33 700,000 US TREAS N/B AN-2014 0.25 12-14 30/06S 700,697.25 700,574.22 4.64 0.67 700,000 US TREAS N/B Z-2015 0.25 12-15 15/05S 699,576.14 700,464.84 222.38 0.67 700,000 USA T NOTES 0.50 11-14 15/10S 702,488.26 702,023.45 740.38 0.67 700,000 USA T NOTES 0.625 11-14 15/07S 702,939.42 701,968.75 2,053.82 0.67 500,000 USIMINAS REG-S 7.25 08-18 18/01S 547,500.00 546,325.00 16,312.50 0.52 400,000 VEDANTA RESOURCES 6.75 11-16 07/06S 409,112.00 416,088.00 1,725.00 0.40 700,000 VEDANTA RESOURCES 9.50 08-18 18/07S 765,282.00 779,702.00 29,925.00 0.74 600,000 VPB FDG 9.00 13-16 14/11S 600,000.00 596,625.00 6,900.00 0.57 800,000 VTB CAPITAL SA REG S 6.875 08-18 29/05S 869,200.00 874,392.00 4,888.89 0.83 325,000 WEST CHINA CEM REG S 7.50 11-16 25/01S 315,610.75 336,423.75 10,494.79 0.32 350,000 YANCOAL INT REGS 4.461 12-17 16/05S 340,270.00 347,382.00 1,908.32 0.33 350,000 YANLORD LAND REG S 9.50 10-17 04/05S 370,188.00 372,893.50 5,172.22 0.35 500,000 YAPI 5.187 10-15 13/10S 507,450.00 513,305.00 5,547.74 0.49 500,000 YUEXIU PROPERTY CO 3.25 13-18 24/01S 469,740.00 466,145.00 7,041.67 0.44 600,000 ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S 636,023.50 629,700.00 5,581.25 0.60 Sukuk 486,200.00 474,770.00 2,875.00 0.45 US Dollar 486,200.00 474,770.00 2,875.00 0.45 500,000 DAR AL ARKAN SUKUK 5.75 13-18 24/05S 486,200.00 474,770.00 2,875.00 0.45
Open-ended investment funds 8,742,267.18 9,384,823.79 0.00 8.92 Investment funds (UCITS) 8,742,267.18 9,384,823.79 0.00 8.92 US Dollar 8,742,267.18 9,384,823.79 0.00 8.92 82,417 UBAM - GLOBAL HIGH YIELD SOLUTION -Z- USD (*) 8,742,267.18 9,384,823.79 0.00 8.92
Total investments in securities 84,484,815.91 85,528,720.45 81.28
Cash at banks/(bank liabilities) 18,156,673.00 17.25
Other net assets/(liabilities) 1,547,898.25 1.47
Total 105,233,291.70 100.00
(*) Note 2i
The accompanying notes are an integral part of these financial statements. Page 94 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 17.13 Cayman Islands 9.47 The Netherlands 6.75 Ireland 4.98 United States of America 4.35 Turkey 3.88 British Virgin Islands 3.28 Mexico 2.51 Germany 2.27 United Kingdom 2.18 Hong Kong 1.99 Brazil 1.92 Singapore 1.89 Indonesia 1.82 Bermuda 1.52 Croatia 1.40 United Arab Emirates 1.30 Georgia 1.29 France 1.15 Bulgaria 1.11 Canada 0.88 Hungary 0.79 Kazakstan 0.72 Sri Lanka 0.69 Russia 0.62 Sweden 0.60 Azerbaidjan 0.51 Bahrain 0.49 Australia 0.45 Other 3.34
81.28
Page 95 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND
Industrial classification of investments
% of net assets Holding and finance companies 19.24 Banks and credit institutions 14.66 Unit trusts 8.92 Countries and central government 5.66 Real estate companies 4.24 Petroleum 4.10 Miscellaneous sectors 3.91 Coal mining and steel industry 2.91 Building materials and trade 2.51 Communications 2.03 Foods and non alcoholic drinks 1.77 Miscellaneous services 1.49 Electronics and semiconductors 1.38 Utilities 1.25 Supranational 1.16 State 1.15 Chemicals 1.07 Miscellaneous consumer goods 0.86 Transportation 0.70 Tires and rubber 0.52 Electrical engineering and electronics 0.48 Machine and apparatus construction 0.35 Hotels and restaurants 0.33 Miscellaneous trading companies 0.32 Retail trade, department stores 0.27
81.28
Page 96 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of operations and other changes in net assets from 19/08/2013 to 31/12/2013 Expressed in USD
Income 2,367,927.42 Interest on bonds and other debt securities, net Note 2 1,972,311.03 Interest received on swap contracts 395,616.39 Expenses 744,289.58 Advisory fees Note 4 104,349.67 Management fees Note 3 416,689.38 Custodian fees 71,191.23 Subscription duty ("taxe d'abonnement") Note 6 19,436.78 Central administration costs 48,728.23 Audit fees 4,604.62 Interest paid on bank liabilities 309.92 Legal fees 633.49 Transaction fees Note 2 21,004.20 Other administration costs Note 7, 8 49,875.97 Banking charges and other fees 1,380.78 Other expenses 6,085.31 Net investment income 1,623,637.84 Net realised gain/(loss) on: - securities portfolio Note 2 -106,674.17 - forward foreign exchange contracts Note 2 1,363,105.07 - swap contracts Note 2 -45,811.13 - foreign exchange Note 2 -127,104.29 Realised result 2,707,153.32 Net variation of the unrealised gain/(loss) on: - securities portfolio 1,043,904.54 - forward foreign exchange contracts 43,622.99 - swap contracts 766,335.78 Result of operations 4,561,016.63 Subscriptions capitalisation shares 114,065,156.16 Subscriptions distribution shares 2,274,986.20 Redemptions capitalisation shares -15,376,846.49 Redemptions distribution shares -291,020.80 Total changes in net assets 105,233,291.70
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 105,233,291.70
The accompanying notes are an integral part of these financial statements. Page 97 UBAM - GLOBAL BOND (CHF) Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in CHF
Assets 33,291,418.33 Securities portfolio at market value Note 2 30,513,533.28 Deposits on futures and options contracts 516,009.05 Cash at banks 966,076.27 Interest receivable on swap contracts 2,979.15 Interest receivable on bonds and other debt securities 583,576.06 Unrealised gain on forward foreign exchange contracts Note 2, 9 639,376.38 Unrealised gain on swap contracts Note 2, 11 39,868.14 Other receivables 30,000.00 Liabilities 443,023.07 Other liquid liabilities 211,840.20 Unrealised loss on futures contracts Note 2, 10 152,342.74 Interest payable on bank liabilities and expenses payable 78,840.13 Net assets at the end of the year 32,848,395.26
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 23,539.662 1,004.000 2,753.011 21,790.651 Distribution shares 11,354.000 200.000 630.000 10,924.000
AH EUR shares Capitalisation shares 1.004 8.000 1.004 8.000
I shares Capitalisation shares 0.000 170.666 170.666 0.000
The accompanying notes are an integral part of these financial statements. Page 98 UBAM - GLOBAL BOND (CHF) Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 CHF CHF CHF
Total net assets 32,848,395.26 36,109,169.03 35,785,437.21
A shares CHF CHF CHF Capitalisation shares Number of shares outstanding 21,790.651 23,539.662 24,895.279 Net asset value per share 1,448.64 1,474.91 1,399.75 Distribution shares Number of shares outstanding 10,924.000 11,354.000 4,070.000 Net asset value per share 116.25 122.32 118.07 Dividend per share 4.00 2.00 2.03
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 8.000 1.004 1.004 Net asset value per share 1,184.15 1,200.60 1,134.68
I shares CHF CHF CHF Capitalisation shares Number of shares outstanding - - 315.000 Net asset value per share - - 1,448.54
The accompanying notes are an integral part of these financial statements. Page 99 UBAM - GLOBAL BOND (CHF) Statement of investments and other net assets as at 31/12/2013 Expressed in CHF Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 32,704,429.61 30,060,219.68 582,371.71 91.51 dealt in on another regulated market Bonds 28,079,148.49 25,678,088.88 578,156.37 78.17 Australian Dollar 1,431,747.67 1,200,627.18 17,968.10 3.66 1,500,000 FMS WERTMANAGEMENT 3.50 12-15 27/07S 1,431,747.67 1,200,627.18 17,968.10 3.66 Canadian Dollar 770,205.79 723,602.91 3,302.38 2.20 600,000 CANADA 8.00 92-23 01/06S 770,205.79 723,602.91 3,302.38 2.20 Euro 15,836,530.67 14,691,300.44 529,018.73 44.72 80,000 BELGIUM OLO -31- 5.50 98-28 28/03A 131,062.63 125,927.48 4,106.93 0.38 50,000 BELGIUM OLO -44- 5.00 04-35 28/03A 78,743.70 76,702.82 2,333.49 0.23 120,000 BELGIUM OLO -58- 3.75 10-20 28/09A 167,802.89 165,101.32 1,420.23 0.50 200,000 BELGIUM OLO -59- 2.75 10-16 28/03A 272,003.68 257,820.69 5,133.67 0.78 1,140,615 FRANCE OAT 0.00 94-25 25/10U 581,508.79 809,634.37 182,415.07 2.46 1,000,000 GERMANY 3.00 10-20 04/07A 1,234,579.88 1,357,486.35 18,130.68 4.13 550,000 GERMANY 3.25 05-15 04/07A 830,783.80 705,088.11 10,802.87 2.15 800,000 GERMANY 6.25 94-24 04/01A 1,284,243.42 1,364,618.76 60,603.49 4.15 2,000,000 GERMANY -07- 4.00 07-18 04/01A 2,864,065.82 2,774,311.41 96,965.59 8.45 150,000 IRELAND TREASURY BOND 5.40 09-25 13/03A 227,473.64 209,450.21 7,968.43 0.64 100,000 IRELAND TREASURY BOND 5.90 09-19 18/10A 149,175.49 143,959.49 1,465.89 0.44 250,000 ITALY BTP 3.75 05-15 01/08S 392,953.00 318,384.90 4,745.48 0.97 1,000,000 ITALY BTP 4.50 07-18 01/02S 1,590,449.62 1,324,924.81 22,778.32 4.03 100,000 ITALY BTP 5.00 03-34 01/08S 156,477.15 127,586.80 2,530.93 0.39 100,000 ITALY BTP 5.25 98-29 01/11S 163,118.90 132,586.85 1,066.39 0.40 450,000 ITALY BTP 6.00 00-31 01/05S 780,730.96 642,567.64 5,484.28 1.96 200,000 PORTUGAL 4.75 09-19 14/06A 255,166.39 237,411.21 6,379.32 0.72 1,000,000 RABOBANK NEDERLAND NV EMTN 4.375 09-14 22/01A 1,491,794.88 1,227,693.65 50,383.99 3.74 1,500,000 SFEF EMTN 3.125 09-14 30/06A 2,252,562.98 1,864,316.38 28,958.74 5.68 450,000 SPAIN 3.00 10-15 30/04A 639,985.74 564,467.75 11,105.04 1.72 200,000 SPAIN 4.10 08-18 30/07A 291,847.31 261,259.44 4,239.90 0.80 Japanese Yen 6,155,634.23 5,648,363.88 5,255.17 17.20 50,000,000 ASIAN DEVELOP BANK 2.35 04-27 21/06S 573,153.79 497,673.52 272.40 1.52 150,000,000 BK NED GEMEENTEN 1.85 06-16 07/11A 1,511,752.71 1,330,693.45 3,473.92 4.05 230,000,000 DEVELOPMENT BANK OF JAPAN 1.05 03-23 20/06S 2,048,376.78 2,004,220.92 615.85 6.10 150,000,000 JAPAN FIN.MUNICIPAL 1.90 08-18 22/06S 1,553,237.21 1,364,107.76 594.64 4.15 45,000,000 KREDITANSTALT FUER WIEDERAUFBAU 2.60 07-37 20/06S 469,113.74 451,668.23 298.36 1.38 New Polish Zloty 92,094.21 79,913.62 743.92 0.24 250,000 POLAND -1019- 5.50 08-19 25/10A 92,094.21 79,913.62 743.92 0.24 Pound Sterling 730,881.77 613,795.80 1,614.58 1.87 350,000 UK TREASURY STOCK 4.75 04-38 07/12S 730,881.77 613,795.80 1,614.58 1.87 US Dollar 3,062,054.15 2,720,485.05 20,253.49 8.28 500,000 METROPOLITAN LIFE 5.125 09-14 10/06S 499,998.16 453,344.42 1,266.11 1.38 500,000 SFEF REGD NT REG-S 3.375 09-14 05/05S 577,107.92 449,315.91 2,292.90 1.37 500,000 US TREASURY BONDS 0.875 12-17 30/04S 464,449.98 443,379.40 666.41 1.35 500,000 US TREASURY BONDS 1.25 12-19 30/04S 461,687.98 430,681.94 936.66 1.31 700,000 US TREASURY BONDS 4.50 06-36 15/02S 779,653.62 692,447.03 10,505.62 2.10 220,000 US TREASURY BONDS 6.25 93-23 15/08S 279,156.49 251,316.35 4,585.79 0.77 Floating rate bonds 4,625,281.12 4,382,130.80 4,215.34 13.34 Euro 1,802,867.77 1,839,334.57 1,773.81 5.60 500,000 CITIGROUP INC EMTN FL.R 07-14 05/03Q 587,949.55 612,731.62 167.72 1.87 1,000,000 MERRILL LYNCH FL.R 04-14 22/07Q 1,214,918.22 1,226,602.95 1,606.09 3.73 US Dollar 2,822,413.35 2,542,796.23 2,441.53 7.74 350,000 GOLDMAN SACHS GROUP INC FL.R 11-14 07/02Q 340,806.30 311,504.86 577.90 0.95 1,500,000 NORTH RHINE W FL.R 10-14 03/09Q 1,415,607.05 1,337,808.97 715.00 4.07 1,000,000 SWEDISH EXPORT CREDIT CORP FL.R 09-14 14/08Q 1,066,000.00 893,482.40 1,148.63 2.72
Other transferable securities 520,120.80 453,313.60 1,204.35 1.38 Bonds 520,120.80 453,313.60 1,204.35 1.38 US Dollar 520,120.80 453,313.60 1,204.35 1.38 500,000 SHB 144A 4.875 09-14 10/06A 520,120.80 453,313.60 1,204.35 1.38
Total investments in securities 33,224,550.41 30,513,533.28 92.89
Cash at banks/(bank liabilities) 966,076.27 2.94
Other net assets/(liabilities) 1,368,785.71 4.17
The accompanying notes are an integral part of these financial statements. Page 100 UBAM - GLOBAL BOND (CHF) Statement of investments and other net assets as at 31/12/2013 Expressed in CHF Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Total 32,848,395.26 100.00
The accompanying notes are an integral part of these financial statements. Page 101 UBAM - GLOBAL BOND (CHF)
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 27.99 United States of America 13.46 Japan 10.25 France 9.51 The Netherlands 7.79 Italy 7.75 Sweden 4.10 Spain 2.52 Canada 2.20 Belgium 1.89 United Kingdom 1.87 Philippines 1.52 Ireland 1.08 Portugal 0.72 Poland 0.24
92.89
Industrial classification of investments
% of net assets Countries and central government 45.14 Banks and credit institutions 27.35 Holding and finance companies 11.15 Cantons, Federal States, Provinces 4.07 State 3.66 Supranational 1.52
92.89
Page 102 UBAM - GLOBAL BOND (CHF) Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in CHF
Income 1,089,003.50 Interest on bonds and other debt securities, net Note 2 1,043,820.39 Interest on bank accounts 278.85 Interest received on swap contracts 41,615.82 Other income 3,288.44 Expenses 339,096.34 Advisory fees Note 4 90,616.87 Management fees Note 3 81,047.35 Custodian fees 34,684.53 Subscription duty ("taxe d'abonnement") Note 6 17,219.75 Central administration costs 34,589.91 Audit fees 1,714.15 Interest paid on bank liabilities 469.84 Legal fees 2,637.13 Transaction fees Note 2 3,400.25 Other administration costs Note 7, 8 55,052.95 Banking charges and other fees 579.46 Interest paid on swap contracts 12,648.01 Other expenses 4,436.14 Net investment income 749,907.16 Net realised gain/(loss) on: - securities portfolio Note 2 -46,917.51 - options Note 2 -3,136.05 - forward foreign exchange contracts Note 2 1,746,306.88 - futures contracts Note 2 -298,847.80 - swap contracts Note 2 -4,751.03 - foreign exchange Note 2 -1,450,312.57 Realised result 692,249.08 Net variation of the unrealised gain/(loss) on: - securities portfolio -1,334,155.25 - options 1,262.48 - forward foreign exchange contracts 102,912.42 - futures contracts -96,506.28 - swap contracts 38,448.36 Result of operations -595,789.19 Dividends paid Note 15 -45,416.00 Subscriptions capitalisation shares 1,717,139.18 Subscriptions distribution shares 23,344.00 Redemptions capitalisation shares -4,286,492.96 Redemptions distribution shares -73,558.80 Total changes in net assets -3,260,773.77
Total net assets at the beginning of the year 36,109,169.03
Total net assets at the end of the year 32,848,395.26
The accompanying notes are an integral part of these financial statements. Page 103 UBAM - GLOBAL HIGH YIELD SOLUTION Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 1,349,066,103.39 Securities portfolio at market value Note 2 1,043,596,822.35 Deposits on futures and options contracts 218,712.38 Cash at banks 99,285,450.57 Other liquid assets 93,852,052.45 Interest receivable on swap contracts 1,841,893.66 Interest receivable on bonds and other debt securities 1,932,393.40 Receivable on issues of shares 159,104.74 Unrealised gain on forward foreign exchange contracts Note 2, 9 2,403,640.32 Unrealised gain on futures contracts Note 2, 10 157,375.00 Unrealised gain on swap contracts Note 2, 11 105,618,555.78 Other receivables 102.74 Liabilities 95,577,393.68 Other liquid liabilities 93,933,716.35 Payable on redemptions of shares 436,025.43 Payable on swap contracts 84,159.00 Interest payable on bank liabilities and expenses payable 1,123,492.90 Net assets at the end of the year 1,253,488,709.71
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 837,103.945 1,459,114.086 218,022.770 2,078,195.261 Distribution shares 86,020.902 75,171.946 8,165.000 153,027.848
AH EUR shares Capitalisation shares 320,369.169 807,828.874 166,120.946 962,077.097 Distribution shares 838,045.993 266,832.722 974,045.062 130,833.653
AH CHF shares Capitalisation shares 68,448.000 125,530.725 23,312.211 170,666.514 Distribution shares 6,638.000 4,724.000 130.000 11,232.000
AH GBP shares Capitalisation shares 0.000 18,441.000 0.000 18,441.000
I shares Capitalisation shares 483,341.752 1,715,667.677 440,193.031 1,758,816.398 Distribution shares 0.000 11,310.000 0.000 11,310.000
IH EUR shares Capitalisation shares 912,816.772 1,970,110.358 901,648.998 1,981,278.132 Distribution shares 733.000 60,338.958 2,088.000 58,983.958
The accompanying notes are an integral part of these financial statements. Page 104 UBAM - GLOBAL HIGH YIELD SOLUTION Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
IH CHF shares Capitalisation shares 4,565.000 608,285.388 47,374.000 565,476.388
IH GBP shares Capitalisation shares 0.000 688.000 0.000 688.000 Distribution shares 8,376.000 51,528.000 1,706.000 58,198.000
R shares Capitalisation shares 6,097.000 5,429.735 2,467.614 9,059.121
RH EUR shares Capitalisation shares 0.000 896.726 0.000 896.726
Z shares Capitalisation shares 0.000 178,041.000 95,000.000 83,041.000
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 1,253,488,709.71 482,932,244.92 353,600,531.50
A shares USD USD USD Capitalisation shares Number of shares outstanding 2,078,195.261 837,103.945 1,390,511.292 Net asset value per share 135.81 116.65 99.80 Distribution shares Number of shares outstanding 153,027.848 86,020.902 36,433.902 Net asset value per share 116.47 106.58 97.87 Dividend per share 6.93 7.00 2.08
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 962,077.097 320,369.169 404,491.063 Net asset value per share 133.80 115.53 99.49 Distribution shares Number of shares outstanding 130,833.653 838,045.993 754,373.353 Net asset value per share 117.04 107.64 99.49 Dividend per share 7.00 7.12 -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 170,666.514 68,448.000 44,480.000 Net asset value per share 131.61 113.83 98.25 Distribution shares Number of shares outstanding 11,232.000 6,638.000 - Net asset value per share 123.51 113.83 - Dividend per share 7.40 - -
The accompanying notes are an integral part of these financial statements. Page 105 UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 1,253,488,709.71 482,932,244.92 353,600,531.50
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 18,441.000 - - Net asset value per share 106.71 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 1,758,816.398 483,341.752 382,354.000 Net asset value per share 136.64 117.13 100.02 Distribution shares Number of shares outstanding 11,310.000 - - Net asset value per share 107.36 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,981,278.132 912,816.772 129,934.000 Net asset value per share 134.61 116.00 99.70 Distribution shares Number of shares outstanding 58,983.958 733.000 733.000 Net asset value per share 115.80 106.33 98.09 Dividend per share 6.91 7.02 1.70
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 565,476.388 4,565.000 4,715.000 Net asset value per share 132.41 114.30 98.46
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 688.000 - - Net asset value per share 106.76 - - Distribution shares Number of shares outstanding 58,198.000 8,376.000 3,294.000 Net asset value per share 117.06 106.90 97.90 Dividend per share 6.95 7.01 2.08
R shares USD USD USD Capitalisation shares Number of shares outstanding 9,059.121 6,097.000 7,715.000 Net asset value per share 134.57 115.93 99.49
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 896.726 - - Net asset value per share 110.05 - -
The accompanying notes are an integral part of these financial statements. Page 106 UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 1,253,488,709.71 482,932,244.92 353,600,531.50
Z shares USD USD USD Capitalisation shares Number of shares outstanding 83,041.000 - - Net asset value per share 114.09 - -
The accompanying notes are an integral part of these financial statements. Page 107 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 1,038,871,286.99 1,036,641,962.51 1,923,006.43 82.71 dealt in on another regulated market Bonds 671,910,224.37 669,548,176.20 1,733,323.83 53.42 US Dollar 671,910,224.37 669,548,176.20 1,733,323.83 53.42 20,000,000 ACHMEA HYPOTHEEK 144A 3.20 09-14 03/11S 20,649,200.00 20,478,000.00 101,333.33 1.63 5,000,000 BEI 3.00 09-14 08/04S 5,204,250.00 5,035,900.00 34,166.67 0.40 2,000,000 BELGIUM KINGDOM 2.75 10-15 03/05A 2,068,940.00 2,054,280.00 45,069.44 0.16 6,000,000 BNG REGS 1003 1.00 11-14 17/11S 6,052,040.00 6,036,000.00 7,166.67 0.48 10,000,000 CADES REGS 1.25 11-14 11/07S 10,138,000.00 10,050,000.00 58,680.56 0.80 6,500,000 COMMONW BK AUSTR.REGS 2.90 09-14 17/09S 6,667,440.00 6,617,975.00 53,931.94 0.53 15,000,000 EUROP INVEST BK 2.875 10-15 15/01S 15,702,900.00 15,400,050.00 197,656.25 1.23 2,000,000 GENERAL ELECTRIC 0.85 12-15 09/10S 1,999,460.00 2,011,200.00 3,825.00 0.16 15,000,000 KFW 2.625 10-15 03/03S 15,675,750.00 15,407,250.00 127,968.75 1.23 5,000,000 LANDW RENTENBANK 5.00 06-16 08/11S 5,613,450.00 5,581,700.00 36,111.11 0.45 5,000,000 NEDERLAND 1.00 12-17 24/02S 4,972,100.00 5,007,150.00 17,500.00 0.40 4,000,000 NESTLE HOLDINGS 1.25 12-18 16/01A 4,005,000.00 3,925,160.00 47,777.78 0.31 20,000,000 NWB 3.00 10-15 17/03A 21,016,000.00 20,632,400.00 471,666.67 1.65 7,000,000 SWEDEN 1.00 13-16 15/11S 6,996,500.00 7,041,230.00 8,750.00 0.56 6,000,000 SWEDISCH EXP CREDIT 1.75 10-15 20/10S 6,132,000.00 6,133,680.00 20,416.67 0.49 7,000,000 TEMASEK FINANCIAL 4.50 05-15 21/09S 7,728,050.00 7,460,810.00 86,625.00 0.60 40,000,000 UNITED STATES -W2015- 0.25 12-15 15/02S 39,988,183.50 40,031,250.00 37,500.00 3.19 40,000,000 US TREAS AN 2015 0.375 13-15 30/06S 40,071,874.80 40,085,937.60 0.00 3.20 30,000,000 US TREAS AQ 2014 0.25 12-14 31/08S 30,031,640.70 30,028,125.00 25,276.24 2.40 40,000,000 US TREAS N/B 0.25 11-14 15/12S 39,992,285.07 40,034,375.20 4,395.60 3.19 80,000,000 US TREAS N/B AN-2014 0.25 12-14 30/06S 80,076,171.60 80,065,624.80 530.39 6.39 40,000,000 US TREAS N/B AP 0.25 13-15 31/07S 40,004,687.20 40,000,000.00 41,917.81 3.19 80,000,000 US TREAS N/B Z-2015 0.25 12-15 15/05S 79,951,562.40 80,053,124.80 25,414.36 6.39 30,000,000 US TREASURY NOTES Series J-2014 1.75 09-14 31/03S 30,750,278.60 30,120,703.20 132,328.77 2.40 80,000,000 USA T NOTES 0.25 12-14 31/05S 80,066,796.70 80,056,250.40 16,986.30 6.39 40,000,000 USA T NOTES 0.50 11-14 15/10S 40,192,773.25 40,115,625.20 42,307.69 3.20 30,000,000 USA T NOTES 0.625 11-14 15/07S 30,162,890.55 30,084,375.00 88,020.83 2.40 Floating rate bonds 366,961,062.62 367,093,786.31 189,682.60 29.29 US Dollar 366,961,062.62 367,093,786.31 189,682.60 29.29 9,000,000 ACHMEA HYPHOTEEKBANK FL.R 09-14 03/11A 8,997,380.00 8,982,133.65 8,288.00 0.72 30,000,000 BNG REGS FL.R 13-15 07/05Q 30,000,000.00 29,984,547.00 12,706.75 2.39 20,000,000 BNG REGS FL.R 13-16 18/07Q 20,000,000.00 20,024,400.00 17,104.28 1.60 10,000,000 FMS REGS FL.R 12-15 30/06Q 10,040,100.00 10,033,300.00 10,557.56 0.80 10,000,000 FMS WERTMANAGEMENT FL.R 13-16 27/09Q 9,997,000.00 10,002,200.00 317.61 0.80 38,000,000 FMS WERTMANAGEMENT FL.R 13-15 26/01Q 38,055,562.60 38,046,740.00 1,091.23 3.03 11,000,000 FMS WERTMANAGEMENT FL.R 12-14 01/04Q 11,002,200.00 11,007,040.00 13,856.90 0.88 30,000,000 INTER AMERCIAN DEV BK FL.R 13-15 23/10M 30,000,000.00 29,995,950.00 1,230.00 2.39 20,000,000 JFM FL.R 13-14 28/11Q 20,000,000.00 19,997,100.00 7,246.22 1.60 10,500,000 KFW REG S FL.R 09-14 05/08Q 10,542,681.22 10,509,450.00 6,169.92 0.84 6,330,000 KOMMUNALBANKEN REGS FL.R 13-16 18/03Q 6,333,354.90 6,334,684.20 737.98 0.51 7,000,000 KOMMUNALBK 4054 REGS FL.R 12-15 01/04Q 7,016,800.00 7,017,570.00 7,933.30 0.56 14,000,000 KOMMUNEKREDIT FL.R 13-16 23/05Q 14,000,000.00 14,010,080.00 4,866.40 1.12 10,000,000 KOMMUNINVEST FL.R 11-14 11/04Q 10,000,000.00 10,004,100.00 8,901.00 0.80 5,000,000 LANDWIRTSCHAFTLICHE RENTENBANK REGS FL.R 11-14 28/01Q 5,010,350.00 5,000,450.00 3,272.00 0.40 20,000,000 LDKR BAD W FOERD REGS FL.R 13-15 14/09Q 20,000,000.00 20,032,800.00 3,023.75 1.60 7,000,000 NORTH RHINE W FL.R 10-14 03/09Q 7,028,770.00 7,019,740.00 3,751.77 0.56 10,000,000 NORTH RHINE W FL.R 13-17 28/04Q 10,012,300.00 10,033,250.00 9,566.22 0.80 10,000,000 NORTH RHINE WESTFALE FL.R 13-15 06/03Q 10,000,800.00 10,009,100.00 2,582.29 0.80 40,000,000 NRW BANK EMTN FL.R 13-17 16/10Q 40,000,000.00 40,080,600.00 41,023.11 3.19 10,000,000 NWB EMTN REGS FL.R 13-15 12/06Q 10,000,000.00 10,002,600.00 1,593.10 0.80 30,000,000 NWB REGS FL.R 13-16 18/10Q 30,000,000.00 30,047,100.00 22,674.21 2.39 3,915,000 SWEDBANK MTGE S2 T1 FL.R 11-14 28/03Q 3,925,413.90 3,916,876.46 75.78 0.31 5,000,000 SWEDISH EXPORT CREDIT FL.R 13-17 12/06Q 4,998,350.00 5,001,975.00 1,113.22 0.40
Other transferable securities 6,970,374.80 6,954,859.84 9,386.97 0.55 Bonds 3,963,744.80 3,951,685.84 4,691.78 0.31 US Dollar 3,963,744.80 3,951,685.84 4,691.78 0.31 3,928,000 BNG 144A 1.00 11-14 17/11S 3,963,744.80 3,951,685.84 4,691.78 0.31 Floating rate bonds 3,006,630.00 3,003,174.00 4,695.19 0.24 US Dollar 3,006,630.00 3,003,174.00 4,695.19 0.24 3,000,000 NORDEA EIENDOMS 144A FL.R 11-14 07/04Q 3,006,630.00 3,003,174.00 4,695.19 0.24
The accompanying notes are an integral part of these financial statements. Page 108 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Total investments in securities 1,045,841,661.79 1,043,596,822.35 83.26
Cash at banks/(bank liabilities) 99,285,450.57 7.92
Other net assets/(liabilities) 110,606,436.79 8.82
Total 1,253,488,709.71 100.00
The accompanying notes are an integral part of these financial statements. Page 109 UBAM - GLOBAL HIGH YIELD SOLUTION
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 45.20 Germany 15.38 The Netherlands 12.37 Sweden 2.56 Luxembourg 1.63 Japan 1.60 Norway 1.31 Denmark 1.12 France 0.80 Singapore 0.60 Australia 0.53 Belgium 0.16
83.26
Industrial classification of investments
% of net assets Countries and central government 43.46 Banks and credit institutions 21.81 State 7.43 Supranational 4.02 Holding and finance companies 3.58 Cantons, Federal States, Provinces 2.16 Cities, Municipal Authorities 0.80
83.26
Page 110 UBAM - GLOBAL HIGH YIELD SOLUTION Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 50,369,703.66 Interest on bonds and other debt securities, net Note 2 5,618,595.34 Interest on bank accounts 1,354.02 Bank interest on time deposits 365.18 Interest received on swap contracts 44,722,069.96 Other income 27,319.16 Expenses 5,234,238.28 Advisory fees Note 4 859,051.19 Management fees Note 3 1,539,655.10 Custodian fees 790,068.26 Subscription duty ("taxe d'abonnement") Note 6 244,683.53 Central administration costs 732,698.94 Audit fees 40,604.47 Interest paid on bank liabilities 328.23 Legal fees 15,221.48 Transaction fees Note 2 16,190.15 Other administration costs Note 7, 8 28,475.22 Banking charges and other fees 27,011.12 Interest paid on swap contracts 784,581.49 Other expenses 155,669.10 Net investment income 45,135,465.38 Net realised gain/(loss) on: - securities portfolio Note 2 -1,908,944.67 - options Note 2 -127,373.45 - forward foreign exchange contracts Note 2 31,983,520.23 - futures contracts Note 2 -121,115.75 - swap contracts Note 2 -32,720,161.33 - foreign exchange Note 2 -1,991,678.87 Realised result 40,249,711.54 Net variation of the unrealised gain/(loss) on: - securities portfolio -612,991.27 - forward foreign exchange contracts -5,361,542.36 - futures contracts 123,312.50 - swap contracts 103,234,411.99 Result of operations 137,632,902.40 Dividends paid Note 15 -9,356,168.60 Subscriptions capitalisation shares 995,831,844.21 Subscriptions distribution shares 66,374,471.17 Redemptions capitalisation shares -278,746,284.48 Redemptions distribution shares -141,180,299.91 Total changes in net assets 770,556,464.79
Total net assets at the beginning of the year 482,932,244.92
Total net assets at the end of the year 1,253,488,709.71
The accompanying notes are an integral part of these financial statements. Page 111 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 174,976,262.63 Securities portfolio at market value Note 2 163,708,868.09 Cash at banks 4,968,389.78 Interest receivable on bonds and other debt securities 6,194,506.21 Unrealised gain on forward foreign exchange contracts Note 2, 9 4,467.29 Other receivables 100,031.26 Liabilities 3,066,728.59 Bank liabilities 2,204,971.70 Payable on redemptions of shares 100,654.10 Interest payable on bank liabilities and expenses payable 761,102.79 Net assets at the end of the year 171,909,534.04
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 612,812.240 72,017.362 324,984.231 359,845.371 Distribution shares 48,850.823 9,207.312 33,252.426 24,805.709
AH EUR shares Capitalisation shares 364,894.788 243,954.114 267,795.686 341,053.216 Distribution shares 18,947.405 1,191.000 7,168.000 12,970.405
AH CHF shares Capitalisation shares 6,640.688 8,800.000 14,530.688 910.000
I shares Capitalisation shares 338,380.409 162,294.073 310,679.728 189,994.754 Distribution shares 161,000.000 7,780.000 80,000.000 88,780.000
IH EUR shares Capitalisation shares 136,760.000 13,631.552 115,656.339 34,735.213 Distribution shares 260,400.000 66,000.000 0.000 326,400.000
IH CHF shares Capitalisation shares 168,185.761 22,141.000 180,147.000 10,179.761
R shares Capitalisation shares 382.839 425.688 0.000 808.527
RH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 112 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 171,909,534.04 286,250,816.50 236,789,873.38
A shares USD USD USD Capitalisation shares Number of shares outstanding 359,845.371 612,812.240 709,517.338 Net asset value per share 121.18 133.63 118.64 Distribution shares Number of shares outstanding 24,805.709 48,850.823 18,029.996 Net asset value per share 93.04 107.35 99.03 Dividend per share 4.83 3.96 3.99
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 341,053.216 364,894.788 429,144.322 Net asset value per share 90.17 99.95 89.48 Distribution shares Number of shares outstanding 12,970.405 18,947.405 18,522.405 Net asset value per share 70.97 82.31 76.14 Dividend per share 3.70 2.60 3.12
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 910.000 6,640.688 - Net asset value per share 108.27 120.10 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 189,994.754 338,380.409 358,325.691 Net asset value per share 130.47 142.54 125.36 Distribution shares Number of shares outstanding 88,780.000 161,000.000 - Net asset value per share 124.72 142.54 - Dividend per share 6.41 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 34,735.213 136,760.000 232,108.000 Net asset value per share 97.10 106.63 94.56 Distribution shares Number of shares outstanding 326,400.000 260,400.000 50,000.000 Net asset value per share 89.77 103.14 94.56 Dividend per share 4.64 3.23 -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 10,179.761 168,185.761 170,438.761 Net asset value per share 110.05 120.99 107.53
The accompanying notes are an integral part of these financial statements. Page 113 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 171,909,534.04 286,250,816.50 236,789,873.38
R shares USD USD USD Capitalisation shares Number of shares outstanding 808.527 382.839 - Net asset value per share 120.21 133.24 -
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 97.95 - -
The accompanying notes are an integral part of these financial statements. Page 114 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 172,781,237.03 159,560,246.53 6,071,634.60 92.82 dealt in on another regulated market Bonds 166,316,129.56 154,885,270.14 6,013,919.42 90.10 Brazilian Real 17,207,921.99 16,135,803.40 111,581.33 9.39 6,000,000 BANCO BRASIL REG S TR13 9.75 07-17 18/07S 3,270,593.81 2,449,906.47 111,581.33 1.43 9,500 BRAZIL NTN F 10.00 10-15 01/01S (Note 2.j) 4,180,371.53 4,199,356.83 0.00 2.44 22,500 BRAZIL NTN-F 10.00 07-17 01/01S (Note 2.j) 9,756,956.65 9,486,540.10 0.00 5.52 Columbian Peso 5,647,512.65 5,373,295.61 182,072.38 3.13 3,400,000,000 COLOMBIA 7.75 10-21 14/04A 1,985,030.94 1,946,763.81 97,526.16 1.13 4,500,000,000 COLOMBIA (CLEAN) 12.00 05-15 22/10A 2,699,800.35 2,618,524.62 53,603.33 1.53 1,750,000,000 COLOMBIA (REP OF) 4.375 12-23 21/03A 962,681.36 808,007.18 30,942.89 0.47 Hungarian Forint 8,597,240.30 10,117,246.64 460,176.03 5.89 200,000,000 HUNGARY -A- 7.00 11-22 24/06A 958,583.85 997,235.49 33,803.07 0.58 900,000,000 HUNGARY -B- 6.75 06-17 24/02A 3,629,783.24 4,486,265.59 239,321.91 2.61 800,000,000 HUNGARY -C- 5.50 05-16 12/02A 3,241,673.86 3,849,604.70 180,045.81 2.24 150,000,000 HUNGARY GVT BOND 20/A 7.50 04-20 12/11A 767,199.35 784,140.86 7,005.24 0.46 Indonesian Rupiah 13,443,491.90 10,796,382.10 322,865.17 6.28 10,000,000,000 INDONESIA 5.625 12-23 15/05S 759,583.10 676,556.54 5,873.28 0.39 20,000,000,000 INDONESIA 6.25 11-17 15/04S 1,918,489.48 1,568,314.22 21,727.43 0.91 62,000,000,000 INDONESIA FR0054 9.50 10-31 15/07S 6,099,709.30 5,321,399.00 222,260.99 3.10 10,000,000,000 INDONESIA -FR0061- 7.00 11-22 15/05S 933,896.82 753,746.29 7,308.97 0.44 10,000,000,000 INDONESIA SER FR27 9.50 04-15 15/06S 1,160,882.26 844,633.64 3,431.24 0.49 20,000,000,000 INDONESIA SER FR53 8.25 10-21 15/07S 2,570,930.94 1,631,732.41 62,263.26 0.95 Malaysian Ringgit 17,365,447.95 15,850,704.26 187,406.74 9.22 13,000,000 MALAYSIA GVT 3.741 09-15 27/02S 4,335,453.88 3,993,766.78 50,836.85 2.31 2,000,000 MALAYSIA S 0112 3.418 12-22 15/08S 612,260.60 577,142.59 7,826.33 0.34 5,000,000 MALAYSIA S 0311 4.392 11-26 15/04S 1,762,395.86 1,522,155.27 14,182.30 0.89 5,000,000 MALAYSIA S 0412 4.127 12-32 15/04S 1,573,269.43 1,448,458.71 13,326.58 0.84 5,000,000 MALAYSIA S 09/0002 4.378 09-19 29/11S 1,730,486.19 1,556,000.15 5,907.61 0.91 3,000,000 MALAYSIA S 11/0001 4.16 11-21 15/07S 1,028,276.98 916,875.83 17,497.59 0.53 7,000,000 MALAYSIA 0210 4.012 10-17 15/09S 2,375,671.79 2,162,243.80 25,906.52 1.26 4,000,000 MALAYSIA 0612 3.492 12-20 31/03S 1,258,615.54 1,185,364.58 10,837.73 0.69 8,000,000 MALAYSIAN GOV'T 4.24 03-18 07/02S 2,689,017.68 2,488,696.55 41,085.23 1.45 Mexican Peso 16,363,203.96 17,031,958.85 3,219,484.03 9.90 90,000,000 DEPFA BANK 0.00 05-15 15/09U 2,357,240.55 3,078,323.12 3,188,516.69 1.78 25,000,000 MEXICAN BONOS 6.25 11-16 16/06S 2,005,422.86 2,005,438.27 3,976.70 1.17 30,000,000 MEXICAN BONOS 6.50 11-22 09/06S 2,582,610.76 2,318,132.57 4,962.92 1.35 28,000,000 MEXICO 8.00 03-23 07/12S 2,196,411.26 2,383,641.54 5,700.99 1.39 30,000,000 MEXICO 10.00 04-24 05/12S 2,766,064.50 2,932,648.54 7,635.26 1.70 10,000,000 MEXICO 7.25 06-16 15/12S 891,429.28 822,561.44 1,845.19 0.48 30,000,000 MEXICO BONOS 5.00 12-17 15/06S 2,338,073.01 2,308,008.22 3,817.63 1.34 14,000,000 MEXICO BONOS 8.50 09-38 18/11S 1,225,951.74 1,183,205.15 3,028.65 0.69 New Polish Zloty 15,227,705.33 16,782,492.46 338,769.93 9.75 4,000,000 POLAND PS0418 3.75 12-18 25/04A 1,275,120.32 1,336,663.53 34,048.49 0.78 7,000,000 POLAND S1020 5.25 09-20 25/10A 2,343,702.63 2,490,762.52 22,363.23 1.45 20,000,000 POLAND 0416 5.00 10-16 25/04A 5,853,290.64 6,910,993.08 226,989.92 4.01 10,000,000 POLAND -1017- 5.25 06-17 25/10A 3,401,796.24 3,528,140.58 31,947.47 2.05 7,000,000 POLAND -1019- 5.50 08-19 25/10A 2,353,795.50 2,515,932.75 23,420.82 1.46 New Romanian Leu 2,277,447.12 2,381,542.10 35,107.38 1.39 5,000,000 ROMANIA GOBVT BD 5.80 11-15 26/10A 1,525,272.76 1,602,792.92 16,186.70 0.94 2,400,000 ROMANIA GOVT 05YR 5.90 11-17 26/07A 752,174.36 778,749.18 18,920.68 0.45 Peruvian Nuevo Sol 2,543,833.58 2,384,758.75 63,635.00 1.39 1,500,000 PERU BONO SOBERANO 6.90 07-37 12/08S 577,897.73 533,874.81 14,186.41 0.31 3,000,000 PERU REGS 7.84 05-20 01/08S 1,296,245.76 1,221,125.36 32,222.87 0.71 1,500,000 PERU (REP OF) 6.95 08-31 12/08S 669,690.09 629,758.58 17,225.72 0.37 Philippine Peso 1,190,722.49 1,201,453.58 25,559.07 0.70 50,000,000 PHILIPPINES 4.95 10-21 15/01S 1,190,722.49 1,201,453.58 25,559.07 0.70 Russian Ruble 16,620,937.24 15,241,430.79 346,020.39 8.87 45,000,000 RUSSIA 6.88 10-15 15/07S 1,485,374.20 1,382,825.23 42,591.64 0.80 35,000,000 RUSSIA 6.90 10-16 03/08S 1,127,796.70 1,073,773.27 29,397.44 0.62 150,000,000 RUSSIA 7.50 11-18 15/03S 4,958,068.99 4,669,581.74 96,611.58 2.73 50,000,000 RUSSIA (FED OF) 7.60 11-21 14/04S 1,727,557.56 1,537,111.85 21,861.11 0.89 60,000,000 RUSSIA FEDERATION 7.60 12-22 20/07S 2,079,401.80 1,834,363.44 58,549.75 1.07 7,500,000 RUSSIA GOVT BD 25080 7.40 12-17 19/04S 253,803.26 232,531.89 3,192.87 0.14 50,000,000 RUSSIA GOVT BOND 7.40 11-17 14/06S 1,629,305.70 1,549,816.96 4,010.37 0.90
The accompanying notes are an integral part of these financial statements. Page 115 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 55,000,000 RUSSIA 25077 7.35 11-16 20/01S 1,891,642.28 1,704,664.75 53,927.40 0.99 40,000,000 RUSSIA 6207 8.15 12-27 03/02S 1,467,986.75 1,256,761.66 35,878.23 0.73 South African Rand 19,426,598.84 15,564,723.52 281,743.58 9.05 13,000,000 SOUTH AFRICA 6.25 06-36 31/03S 992,127.02 912,107.17 19,553.13 0.53 4,000,000 SOUTH AFRICA 6.50 10-41 28/02S 306,093.29 281,748.25 8,297.33 0.16 30,000,000 SOUTH AFRICA 6.75 06-21 31/03S 3,595,519.98 2,722,234.88 48,732.41 1.58 30,000,000 SOUTH AFRICA 7.00 10-31 28/02S 2,701,653.34 2,404,698.09 67,016.88 1.40 46,000,000 SOUTH AFRICA 8.00 04-18 21/12S 5,969,886.17 4,539,282.73 9,626.16 2.65 10,000,000 SOUTH AFRICA R186 10.50 98-26 21/12S 1,477,995.80 1,124,716.85 2,746.59 0.65 8,000,000 SOUTH AFRICA R207 7.25 05-20 15/01S 999,576.38 755,191.04 25,640.10 0.44 26,500,000 SOUTH AFRICA 157 13.50 91-16 15/09S 3,383,746.86 2,824,744.51 100,130.98 1.64 Thai Bath 13,708,688.81 12,748,217.95 34,296.27 7.42 25,000,000 MINISTRY FIN.THAILAND 3.875 09-19 13/06S 852,381.77 777,587.36 1,453.87 0.45 75,000,000 MINISTRY OF FINANCE 3.125 10-15 11/12S 2,455,937.31 2,306,514.36 3,908.24 1.34 85,000,000 THAILAND GOVT 2.80 10-17 10/10S 2,689,961.40 2,548,682.85 16,271.62 1.49 75,000,000 THAILAND GOVT 3.25 11-17 16/06S 2,492,050.88 2,304,574.31 3,048.43 1.34 15,000,000 THAILAND GOVT 3.58 12-27 17/12S 455,347.03 430,166.21 626.82 0.25 65,000,000 THAILAND GOVT 3.625 10-23 16/06S 2,043,959.50 1,935,976.93 2,946.81 1.13 55,000,000 THAILAND GOVT 3.65 10-21 17/12S 1,846,294.74 1,657,131.60 2,343.28 0.96 25,000,000 THAILAND GOVT 4.125 09-16 18/11S 872,756.18 787,584.33 3,697.20 0.46 Turkish Pound 16,695,377.40 13,275,260.13 405,202.12 7.72 3,000,000 TURKEY 8.50 12-22 14/09S 1,527,061.86 1,265,191.29 31,541.87 0.74 2,800,000 TURKEY 9.00 12-17 08/03S 1,460,264.07 1,268,084.49 35,669.67 0.74 5,000,000 TURKEY 10.00 10-15 17/06S 2,855,768.16 2,329,203.27 8,288.75 1.35 5,900,000 TURKEY 10.50 09-20 15/01S 4,152,416.08 2,805,881.35 126,397.01 1.63 4,000,000 TURKEY (REPU OF ) 7.10 13-23 08/03A 1,742,783.39 1,528,223.58 37,976.20 0.89 5,000,000 TURKEY (REPU OF ) 9.00 11-16 27/01A 2,921,168.69 2,283,566.39 87,796.96 1.33 4,000,000 TURKEY (REPU OF ) 9.50 12-22 12/01S 2,035,915.15 1,795,109.76 77,531.66 1.04 Floating rate bonds 6,465,107.47 4,674,976.39 57,715.18 2.72 Turkish Pound 6,465,107.47 4,674,976.39 57,715.18 2.72 10,000,000 TURKEY FL.R 10-17 25/10S 6,465,107.47 4,674,976.39 57,715.18 2.72
Other transferable securities 4,582,523.51 4,148,621.56 122,871.61 2.41 Bonds 4,582,523.51 4,148,621.56 122,871.61 2.41 Naira Di Nigeria 4,582,523.51 4,148,621.56 122,871.61 2.41 200,000,000 NIGERIA 15.10 12-17 27/04S 1,447,596.69 1,315,598.66 33,623.52 0.77 200,000,000 NIGERIA REGS 16.00 12-19 29/06S 1,550,418.48 1,389,584.28 1,096.23 0.81 200,000,000 NIGERIA REGS 16.39 12-22 27/01S 1,584,508.34 1,443,438.62 88,151.86 0.83
Total investments in securities 177,363,760.54 163,708,868.09 95.23
Cash at banks/(bank liabilities) 2,763,418.08 1.61
Other net assets/(liabilities) 5,437,247.87 3.16
Total 171,909,534.04 100.00
The accompanying notes are an integral part of these financial statements. Page 116 UBAM - LOCAL CURRENCY EMERGING MARKET BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Turkey 10.44 Poland 9.75 Malaysia 9.22 South Africa 9.05 Russia 8.87 Mexico 8.12 Brazil 7.96 Thailand 7.42 Indonesia 6.28 Hungary 5.89 Colombia 3.13 Nigeria 2.41 Ireland 1.78 Cayman Islands 1.43 Romania 1.39 Peru 1.39 Philippines 0.70
95.23
Industrial classification of investments
% of net assets Countries and central government 92.02 Holding and finance companies 1.78 Banks and credit institutions 1.43
95.23
Page 117 UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 18,832,266.00 Interest on bonds and other debt securities, net Note 2 18,723,357.37 Interest on bank accounts 48,454.61 Bank interest on time deposits 68.13 Interest received on swap contracts 48,637.79 Other income 11,748.10 Expenses 4,524,104.03 Advisory fees Note 4 1,794,426.11 Management fees Note 3 1,294,125.20 Custodian fees 686,363.70 Subscription duty ("taxe d'abonnement") Note 6 78,730.48 Central administration costs 277,600.33 Audit fees 13,231.45 Interest paid on bank liabilities 5,250.04 Legal fees 10,019.88 Transaction fees Note 2 19,226.81 Other administration costs Note 7, 8 215,317.95 Banking charges and other fees 10,823.79 Interest paid on swap contracts 49,747.36 Other expenses 69,240.93 Net investment income 14,308,161.97 Net realised gain/(loss) on: - securities portfolio Note 2 925,879.04 - forward foreign exchange contracts Note 2 12,151,837.02 - foreign exchange Note 2 -20,803,612.58 Realised result 6,582,265.45 Net variation of the unrealised gain/(loss) on: - securities portfolio -24,852,841.59 - forward foreign exchange contracts -3,579,035.62 Result of operations -21,849,611.76 Dividends paid Note 15 -2,847,743.46 Subscriptions capitalisation shares 69,713,091.85 Subscriptions distribution shares 9,888,768.68 Redemptions capitalisation shares -154,963,547.65 Redemptions distribution shares -14,282,240.12 Total changes in net assets -114,341,282.46
Total net assets at the beginning of the year 286,250,816.50
Total net assets at the end of the year 171,909,534.04
The accompanying notes are an integral part of these financial statements. Page 118 UBAM - UNCONSTRAINED BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 199,577,459.46 Securities portfolio at market value Note 2 181,417,328.63 Options contracts at market value Note 2, 12 1,741.19 Deposits on futures and options contracts 217,482.54 Cash at banks 13,838,355.68 Interest receivable on swap contracts 15,373.63 Interest receivable on bonds and other debt securities 1,848,290.77 Unrealised gain on forward foreign exchange contracts Note 2, 9 1,518,944.11 Unrealised gain on futures contracts Note 2, 10 376,357.32 Unrealised gain on swap contracts Note 2, 11 340,137.72 Other receivables 3,447.87 Liabilities 591,342.34 Short option contracts at market value Note 2, 12 9.91 Other liquid liabilities 93,359.07 Payable on redemptions of shares 12,111.11 Interest payable on bank liabilities and expenses payable 485,862.25 Net assets at the end of the year 198,986,117.12
Changes in number of shares outstanding from 19/06/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 19/06/2013 31/12/2013
AP shares Capitalisation shares 0.000 1,002,929.816 48,566.000 954,363.816 Distribution shares 0.000 1,545.000 0.000 1,545.000
APH CHF shares Capitalisation shares 0.000 78,583.000 365.000 78,218.000
APH USD shares Capitalisation shares 0.000 655,022.724 20,782.000 634,240.724
APH GBP shares Capitalisation shares 0.000 32,416.000 332.000 32,084.000 Distribution shares 0.000 6,310.000 420.000 5,890.000
IP shares Capitalisation shares 0.000 358,362.522 27,742.126 330,620.396
IPH CHF shares Capitalisation shares 0.000 109,745.000 0.000 109,745.000
IPH USD shares Capitalisation shares 0.000 31,484.000 1,050.033 30,433.967
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 119 UBAM - UNCONSTRAINED BOND Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 198,986,117.12 - -
AP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 954,363.816 - - Net asset value per share 101.08 - - Distribution shares Number of shares outstanding 1,545.000 - - Net asset value per share 100.71 - -
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 78,218.000 - - Net asset value per share 100.92 - -
APH USD shares USD USD USD Capitalisation shares Number of shares outstanding 634,240.724 - - Net asset value per share 101.12 - -
APH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 32,084.000 - - Net asset value per share 101.19 - - Distribution shares Number of shares outstanding 5,890.000 - - Net asset value per share 101.19 - -
IP shares EUR EUR EUR Capitalisation shares Number of shares outstanding 330,620.396 - - Net asset value per share 101.24 - -
IPH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 109,745.000 - - Net asset value per share 101.07 - -
IPH USD shares USD USD USD Capitalisation shares Number of shares outstanding 30,433.967 - - Net asset value per share 101.28 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 101.03 - -
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 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 181,783,994.95 179,550,533.75 1,823,079.71 90.23 dealt in on another regulated market Bonds 87,174,561.69 86,412,300.41 1,300,799.33 43.43 Euro 61,378,168.89 61,249,992.99 1,029,970.33 30.78 1,000,000 ALLIANZ FINANCE II 4.00 06-16 23/11A 1,098,490.00 1,088,260.00 4,164.38 0.55 2,000,000 ALLIED IRISH REGS 2.875 13-16 28/11A 1,996,400.00 1,995,260.00 5,198.63 1.00 1,000,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 1,072,900.00 1,069,380.00 29,845.89 0.54 2,500,000 BANCO SABADELL 2.50 13-16 05/12A 2,494,375.00 2,507,700.00 4,452.05 1.26 1,000,000 BANQUE PSA FINANCE 3.625 10-14 29/04A 1,006,000.00 1,007,210.00 24,431.51 0.51 300,000 BANQUE PSA FINANCE 3.875 11-15 14/01A 308,334.00 305,994.00 11,179.11 0.15 1,500,000 BANQUE PSA FINANCE 4.00 11-15 24/06A 1,543,280.00 1,543,350.00 31,232.88 0.78 1,000,000 BBVA SENIOR 3.625 12-14 03/10A 1,024,120.00 1,019,880.00 8,839.04 0.51 1,500,000 CNCEP PERP 6.117 07-XX 30/10A 1,578,350.00 1,590,810.00 15,837.16 0.80 2,275,000 FCE BANK EMTN 2.875 12-17 03/10A 2,368,555.25 2,368,752.75 15,948.37 1.19 500,000 GAZ CAPITAL -GARPROM- 5.364 07-14 31/10A 524,450.00 517,065.00 4,482.25 0.26 500,000 GAZ CAPITAL-REGS 5.875 05-15 01/06A 533,575.00 531,265.00 17,142.12 0.27 2,000,000 GAZPROM REGD REG-S 5.03 06-14 25/02A 2,050,000.00 2,012,920.00 85,165.48 1.01 2,000,000 HBOS PLC SUB. 4.875 03-15 20/03A 2,079,300.00 2,078,020.00 76,397.26 1.04 1,250,000 HEIDELBERGCEMENT FL.R 10-15 03/08Q 1,351,125.00 1,348,512.50 33,390.41 0.68 1,250,000 HEIDELBERGCEMENT EMTN 7.50 09-14 31/10S 1,322,375.00 1,313,962.50 15,625.00 0.66 1,000,000 HEIDELBERGCEMENT REGS 3.25 13-21 21/10S 993,370.00 990,720.00 1,625.00 0.50 1,000,000 ITALY BOT (12MESI) -14 14/08U 989,692.80 991,112.33 3,907.67 0.50 7,000,000 ITALY BOT (12MESI) 13-14 12/09U 6,906,425.54 6,933,269.08 28,020.92 3.49 2,000,000 KPN EMTN 4.00 05-15 22/06A 2,111,520.00 2,088,080.00 42,082.19 1.05 2,500,000 LAFARGE EMTN 5.00 04-14 16/07A 2,566,700.00 2,546,675.00 57,534.25 1.28 2,000,000 MORGAN STANLEY 4.00 05-15 17/11A 2,118,420.00 2,107,820.00 9,643.84 1.06 2,500,000 NATIONAL GRID 3.25 11-15 03/06A 2,607,992.00 2,587,300.00 46,969.18 1.30 2,000,000 NATIONWIDE BUILDING 4.125 13-23 20/03A 2,055,360.00 2,079,260.00 64,643.84 1.04 1,000,000 PERNOD RICARD 7.00 09-15 15/01A 1,090,920.00 1,063,170.00 67,123.29 0.53 500,000 RABOBANK EMTN 6.875 10-20 19/03A 567,250.00 566,935.00 27,029.11 0.28 1,000,000 RCI BANQUE EMTN 4.375 10-15 27/01A 1,042,000.00 1,035,170.00 40,513.70 0.52 1,500,000 ROYAL BK SCOTLAND SUB 4.875 03-15 22/04A 1,558,780.00 1,563,000.00 50,686.64 0.79 1,000,000 SPAIN 4.00 12-15 30/07A 1,035,030.00 1,041,480.00 16,876.71 0.52 2,000,000 SPAIN 4.40 04-15 31/01A 2,082,270.00 2,070,800.00 80,526.03 1.04 6,000,000 SPAIN T-BILL 13-14 19/09U 5,918,199.30 5,938,197.83 22,922.17 2.99 2,000,000 TELECOM ITALIA 4.625 12-15 15/06A 2,079,000.00 2,073,980.00 50,431.51 1.04 600,000 VODAFONE GROUP EMTN 4.75 06-16 14/06A 656,580.00 656,142.00 15,616.44 0.33 1,500,000 VOLKSWAGEN LEASING 1.50 12-15 15/09A 1,522,820.00 1,518,870.00 6,595.89 0.76 1,000,000 ZURICH FINANCE USA 6.50 09-15 14/10A 1,124,210.00 1,099,670.00 13,890.41 0.55 Pound Sterling 4,153,533.37 4,270,030.05 36,150.30 2.15 1,500,000 DAIMLER EMTN 1.375 12-15 10/12A 1,740,880.35 1,807,770.43 1,426.25 0.91 2,000,000 VODAFONE GROUP EMTN 4.625 05-14 08/09A 2,412,653.02 2,462,259.62 34,724.05 1.24 US Dollar 21,642,859.43 20,892,277.37 234,678.70 10.50 2,000,000 ANADARKO PETROLEUM 5.95 06-16 15/09S 1,720,625.73 1,618,491.24 25,188.38 0.81 2,000,000 ANGLO AMERICAN CAPITAL PLC 9.375 09-14 08/04S 144A 1,636,447.73 1,482,114.73 30,994.11 0.74 450,000 BARCLAYS BANK 7.625 12-22 21/11S 351,446.75 348,488.34 2,697.62 0.18 2,000,000 BBVA US SENIOR 4.664 12-15 09/10S 1,556,577.35 1,527,123.63 15,231.32 0.77 95,000 BNP PARIBAS EMTN REGS 4.80 05-15 24/06S 76,799.47 72,698.99 55.15 0.04 1,250,000 BPCE SUB REGS 5.70 13-23 22/10S 924,149.29 939,375.52 9,766.92 0.47 1,000,000 DANSKE BANK REGS 1 3.75 10-15 01/04S 796,647.62 750,368.30 6,727.99 0.38 1,000,000 GENERAL MOTORS 144A 3.50 13-18 02/10S 741,152.49 743,633.66 6,561.68 0.37 500,000 HYUNDAI CAP REGS 1.875 13-16 09/08S 375,453.62 365,238.22 2,664.74 0.18 1,000,000 INTESA SAN PAOLO 3.125 13-16 15/01S 744,858.26 740,796.11 10,394.37 0.37 1,000,000 JAPAN TOBACCO REGS 2.10 13-18 23/07S 760,350.14 723,799.85 6,646.34 0.36 1,000,000 KOREA WESTERN POWER 2.875 13-18 10/10S 730,686.88 723,538.59 4,636.52 0.36 1,150,000 LLOYDS BANK 9.875 11-21 16/12A 1,011,599.61 997,498.46 3,204.99 0.50 1,000,000 M UFG LEASE FIN 1.875 13-16 17/10S 733,629.98 732,595.52 2,759.23 0.37 1,000,000 NOMURA HOLDINGS INC 4.125 11-16 19/01S 791,552.27 764,715.70 13,387.95 0.38 2,000,000 ROYAL BK OF SCOTLAND 5.00 02-14 01/10S 1,524,226.13 1,485,554.63 17,941.30 0.75 1,000,000 SANTANDER UK REGS SUB 5.00 13-23 07/11S 733,218.09 731,710.15 5,342.07 0.37 3,100,000 SOCIETE GEN.REG-S 3.10 10-15 14/09S 2,438,055.23 2,335,500.56 20,534.93 1.17 1,000,000 TELEFONICA EMIS SA 3.729 10-15 27/04S 807,054.59 749,765.96 4,735.84 0.38 1,000,000 TELEFONICA EMIS SA 4.949 09-15 15/01S 817,847.65 754,446.83 16,461.35 0.38 1,000,000 UBS AG STAMFORD 5.875 06-16 15/07A 836,916.82 806,945.10 19,541.41 0.41 1,000,000 UNICREDIT F REGS SUB 6.00 07-17 31/10S 793,179.04 771,065.71 7,257.16 0.39 1,000,000 WM WRIGLEY JR 144A 1.40 13-16 21/10S 740,384.69 726,811.57 1,947.33 0.37
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 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Floating rate bonds 94,609,433.26 93,138,233.34 522,280.38 46.80 Australian Dollar 5,366,043.35 5,046,864.04 13,368.45 2.54 4,000,000 BANK OF TOKYO MITSUB FL.R 13-17 19/09Q 2,801,414.71 2,608,414.49 3,170.52 1.31 3,750,000 RBC MTN FL.R 13-16 09/08Q 2,564,628.64 2,438,449.55 10,197.93 1.23 Euro 33,208,439.00 33,354,454.50 401,563.72 16.76 1,000,000 ABN AMRO FL.R 13-16 01/08Q 1,000,000.00 1,002,730.00 1,346.67 0.50 600,000 ALLIANDER SUB FL.R 13-XX 27/11A 596,604.00 609,978.00 1,816.44 0.31 1,000,000 ALLIANZ SE FL.R 13-XX 24/10A 999,530.00 1,025,920.00 8,849.32 0.52 1,000,000 BANCA INTESA FL.R 04-14 01/10Q 989,600.00 994,880.00 1,071.78 0.50 1,000,000 BNP PAR FL.R 13-15 13/11Q 999,600.00 999,960.00 690.67 0.50 1,000,000 CARREFOUR BANQUE FL.R 13-16 16/04Q 1,003,800.00 1,013,160.00 2,273.67 0.51 500,000 CREDIT AGRICOLE SUB. FL.R 05- 09/11A 501,850.00 502,160.00 3,111.64 0.25 150,000 ELM BV/SWISS REA. FL.R 06- 25/11S 151,500.00 157,636.50 777.01 0.08 500,000 ENEL FL.R 07-15 14/01S 499,285.00 500,735.00 2,616.03 0.25 3,000,000 FORTIS BANQUE -SUB FL.R 04-XX 31/12A 3,031,300.00 3,031,740.00 24,708.90 1.53 1,000,000 GENERAL ELECTRIC SUB FL.R 07-67 15/09A 1,062,500.00 1,065,290.00 16,123.29 0.54 750,000 GENERALI FINANCE FL.R 06-XX 16/06A 741,562.50 753,727.50 21,632.18 0.38 2,000,000 GOLDMAN SACHS GROUP FL.R 06-16 23/05Q 1,972,110.00 1,983,020.00 1,134.00 1.00 1,000,000 GOLDMAN SACHS GROUP FL.R 07-15 18/05Q 993,400.00 997,700.00 677.25 0.50 1,000,000 HANNOVER FINANCE SUB FL.R 05-XX 01/06A 1,028,625.00 1,031,160.00 29,178.08 0.52 1,750,000 IMPERIAL TOBACCO FIN FL.R 09-16 17/02A 2,063,547.50 2,014,057.50 127,288.53 1.01 500,000 ING GROEP NV FL.R 06-16 11/04Q 495,000.00 496,760.00 481.50 0.25 1,000,000 JP MORGAN CHASE & CO FL.R 13-16 03/05Q 997,630.00 998,160.00 918.33 0.50 1,000,000 JPMORGAN CHASE SUB. FL.R 04-19 12/11A 1,015,000.00 1,017,680.00 5,873.29 0.51 3,000,000 MORGAN STANLEY FL.R 06-16 13/04Q 2,945,980.00 2,973,420.00 4,023.25 1.49 500,000 MUNICH RE SUB FL.R 07-XX 29/06A 528,850.00 541,820.00 15,958.00 0.27 2,000,000 RWE FL.R 10- 28/09A 2,037,500.00 2,051,740.00 23,821.92 1.03 1,000,000 SOCIETE GENERALE FL.R 05-49 29/01A 998,500.00 1,003,840.00 38,971.07 0.50 1,000,000 SOLVAY FIN SUB FL.R 13-XX 12/05A 1,000,000.00 1,026,960.00 5,637.01 0.52 2,000,000 TELEFONICA EMIS 19 FL.R 09-15 02/06A 2,033,760.00 2,030,340.00 3,315.67 1.02 1,000,000 UBS JERSEY BRANCH FL.R 04-19 16/09A 1,024,000.00 1,023,960.00 13,068.49 0.51 1,500,000 UBS PREFERRED FUNDING (JERSEY) LTD EMTN FL.R 05- 29/04A 1,512,000.00 1,514,880.00 45,731.51 0.76 1,000,000 UNICREDITO ITAL.EMTN FL.R 05-15 18/02Q 985,405.00 991,040.00 468.22 0.50 Swiss Franc 1,218,224.64 1,263,402.69 23,663.81 0.63 1,500,000 CREDIT SUISSE GROUP FL.R 13-XX 04/09A 1,218,224.64 1,263,402.69 23,663.81 0.63 US Dollar 54,816,726.27 53,473,512.11 83,684.40 26.87 5,000,000 ABN AMRO REGS FL.R 13-16 28/10Q 3,627,788.86 3,639,065.28 6,473.25 1.83 1,000,000 BANK OF TOKYO MITSUB FL.R 13-16 09/09Q 760,051.68 729,408.94 360.51 0.37 5,000,000 BFCM REGS FL.R 13-16 28/10Q 3,630,159.37 3,641,496.43 6,917.77 1.83 7,500,000 BPCE TR 2 FL.R 13-16 25/04Q 5,604,635.68 5,513,695.80 15,076.66 2.76 2,000,000 CITIGROUP FL.R 13-16 25/07Q 1,516,825.99 1,467,252.07 3,237.08 0.74 4,000,000 CITIGROUP INC FL.R 06-16 09/06A 2,931,814.07 2,854,590.08 907.57 1.43 5,000,000 COMMONW.BK AUST REGS FL.R 13-16 20/09Q 3,744,617.11 3,630,510.18 751.01 1.82 3,000,000 CREDIT AGRICOLE FL.R 13-16 17/04Q 2,248,439.29 2,203,316.52 6,366.34 1.11 2,500,000 CREDIT AGRICOLE -10-REGS FL.R 13-16 03/10Q 1,851,129.92 1,822,145.22 4,804.79 0.92 300,000 CS GROUP REGS FL.R 13-XX 11/12S 221,296.06 230,141.87 861.79 0.12 1,500,000 DAIMLER FIN REGS FL.R 13-16 01/08Q 1,133,230.08 1,093,548.39 1,672.59 0.55 1,500,000 ENBRIDGE FL.R 13-16 01/10Q 1,110,494.17 1,089,615.59 4,213.73 0.55 250,000 ENEL 144A SUB FL.R 13-73 24/09S 185,763.78 197,768.42 4,233.34 0.10 5,000,000 GECC MTN TR 899 FL.R 13-16 12/07Q 3,910,527.14 3,656,969.23 6,935.35 1.83 750,000 GLENCORE FUNDING LLC FL.R 13-16 27/05Q 557,051.21 542,430.79 696.43 0.27 1,000,000 HANA BANK REGS FL.R 13-16 09/11Q 740,165.06 728,538.77 1,456.95 0.37 4,000,000 JP MORGAN CHASE FL.R 06-16 31/03M 2,984,297.30 2,902,921.44 0.00 1.46 2,500,000 KOOKMIN BANK FL.R 13-16 11/10Q 1,853,409.07 1,827,442.94 6,105.27 0.92 2,000,000 NISSAN MOTOR REGS FL.R 13-16 26/09Q 1,476,832.19 1,455,173.70 152.54 0.73 4,500,000 NOMURA HOLDINGS FL.R 13-16 13/09Q 3,420,550.50 3,267,834.39 2,765.82 1.64 200,000 RWE FL.R 12-72 12/10S 161,590.63 159,197.35 2,201.34 0.08 3,000,000 SHB FL.R 13-16 23/09Q 2,215,248.29 2,182,176.42 346.33 1.10 700,000 SOCIETE GENERAL REGS FL.R 13-XX 18/12S 508,571.20 512,141.23 1,333.50 0.26 2,000,000 SUMITOMO MITSUI BANK FL.R 13-16 19/07Q 1,533,624.72 1,454,736.61 2,610.78 0.73 3,500,000 SUMITOMO MITSUI REGS FL.R 13-16 16/09Q 2,640,911.49 2,554,533.90 1,011.34 1.28 3,600,000 TORONTO DOMINION BK FL.R 13-16 09/09Q 2,744,111.59 2,622,713.45 1,120.16 1.32 2,000,000 VERIZON COMMUNICATION FL.R 13-16 15/09Q 1,503,589.82 1,494,147.10 1,072.16 0.75
The accompanying notes are an integral part of these financial statements. Page 122 UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Other transferable securities 1,890,146.38 1,866,794.88 25,211.06 0.94 Bonds 1,890,146.38 1,866,794.88 25,211.06 0.94 US Dollar 1,890,146.38 1,866,794.88 25,211.06 0.94 2,500,000 INTESA SANPAOLO 144A 3.625 10-15 12/05S 1,890,146.38 1,866,794.88 25,211.06 0.94
Derivative instruments 71,713.81 1,731.28 0.00 0.00 Options 71,713.81 1,731.28 0.00 0.00 US Dollar 71,713.81 1,731.28 0.00 0.00 84,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 47,697.36 989.38 0.00 0.00 -21,700,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -6,801.00 -0.16 0.00 0.00 21,700,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 43,206.37 751.81 0.00 0.00 -84,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -12,388.92 -9.75 0.00 0.00
Total investments in securities 183,745,855.14 181,419,059.91 91.17
Cash at banks/(bank liabilities) 13,838,355.68 6.95
Other net assets/(liabilities) 3,728,701.53 1.88
Total 198,986,117.12 100.00
The accompanying notes are an integral part of these financial statements. Page 123 UBAM - UNCONSTRAINED BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 18.66 France 14.30 United Kingdom 10.29 Spain 8.10 Italy 7.69 The Netherlands 5.23 Japan 5.13 Luxembourg 4.29 Germany 3.57 Australia 3.13 Canada 3.10 South Korea 1.65 Belgium 1.53 Jersey Island 1.27 Sweden 1.10 Ireland 1.00 Switzerland 0.75 Denmark 0.38
91.17
Industrial classification of investments
% of net assets Banks and credit institutions 44.29 Holding and finance companies 20.47 Countries and central government 8.54 Communications 6.19 Utilities 3.62 Insurance 1.88 Road vehicles 1.28 Building materials and trade 1.28 Miscellaneous sectors 0.92 Tobacco and alcoholic drinks 0.89 Petroleum 0.81 Foods and non alcoholic drinks 0.37 Electrical engineering and electronics 0.36 Coal mining and steel industry 0.27 Healthcare and social services -
91.17
Page 124 UBAM - UNCONSTRAINED BOND Statement of operations and other changes in net assets from 19/06/2013 to 31/12/2013 Expressed in EUR
Income 1,800,894.04 Interest on bonds and other debt securities, net Note 2 1,621,389.65 Interest on bank accounts 1,361.43 Interest received on swap contracts 178,142.96 Expenses 857,752.82 Advisory fees Note 4 104,851.87 Management fees Note 3 239,539.71 Custodian fees 81,207.80 Subscription duty ("taxe d'abonnement") Note 6 47,867.88 Central administration costs 78,099.40 Performance fees Note 5 181,559.66 Audit fees 7,623.35 Interest paid on bank liabilities 351.88 Legal fees 2,450.12 Transaction fees Note 2 12,084.86 Other administration costs Note 7, 8 32,534.27 Banking charges and other fees 2,548.40 Interest paid on swap contracts 61,065.10 Other expenses 5,968.52 Net investment income 943,141.22 Net realised gain/(loss) on: - securities portfolio Note 2 129,830.02 - options Note 2 -37,422.00 - forward foreign exchange contracts Note 2 365,693.03 - futures contracts Note 2 -278,610.96 - swap contracts Note 2 -118,633.38 - foreign exchange Note 2 -526,428.55 Realised result 477,569.38 Net variation of the unrealised gain/(loss) on: - securities portfolio -2,256,812.70 - options -69,982.53 - forward foreign exchange contracts 1,518,944.11 - futures contracts 376,357.32 - swap contracts 340,137.72 Result of operations 386,213.30 Subscriptions capitalisation shares 207,117,515.25 Subscriptions distribution shares 902,169.40 Redemptions capitalisation shares -9,371,300.23 Redemptions distribution shares -48,480.60 Total changes in net assets 198,986,117.12
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 198,986,117.12
The accompanying notes are an integral part of these financial statements. Page 125 UBAM - YIELD CURVE EURO BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 105,082,813.81 Securities portfolio at market value Note 2 101,881,300.34 Options contracts at market value Note 2, 12 267.45 Deposits on futures and options contracts 824,700.85 Cash at banks 266,243.83 Interest receivable on swap contracts 7,628.51 Interest receivable on bonds and other debt securities 1,978,808.24 Unrealised gain on swap contracts Note 2, 11 123,864.59 Liabilities 392,639.77 Short option contracts at market value Note 2, 12 1.53 Payable on redemptions of shares 70,171.76 Unrealised loss on futures contracts Note 2, 10 120,904.50 Interest payable on bank liabilities and expenses payable 201,561.98 Net assets at the end of the year 104,690,174.04
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 46,713.660 30,537.609 12,023.760 65,227.509 Distribution shares 12,563.025 3,400.000 6,228.482 9,734.543
I shares Capitalisation shares 352,757.963 47,087.375 73,120.012 326,725.326
R shares Capitalisation shares 1.000 114.195 0.000 115.195
The accompanying notes are an integral part of these financial statements. Page 126 UBAM - YIELD CURVE EURO BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 104,690,174.04 90,731,463.52 89,532,266.52
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 65,227.509 46,713.660 56,039.046 Net asset value per share 869.39 854.61 770.30 Distribution shares Number of shares outstanding 9,734.543 12,563.025 13,089.025 Net asset value per share 85.76 87.14 81.19 Dividend per share 2.89 2.72 2.51
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 326,725.326 352,757.963 305,915.784 Net asset value per share 144.00 140.93 126.47
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 115.195 1.000 8,660.536 Net asset value per share 864.46 853.39 763.67
The accompanying notes are an integral part of these financial statements. Page 127 UBAM - YIELD CURVE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 100,070,410.43 101,881,300.34 1,978,808.24 97.32 dealt in on another regulated market Bonds 95,441,790.43 97,254,030.34 1,902,574.98 92.90 Euro 95,441,790.43 97,254,030.34 1,902,574.98 92.90 1,000,000 ALLIED IRISH REGS 2.875 13-16 28/11A 999,400.00 997,630.00 2,599.32 0.95 1,000,000 AMERICAN INTL GROUP 4.375 06-16 26/04A 1,078,000.00 1,069,380.00 29,845.89 1.02 350,000 AUSTRIA 1.75 13-23 20/10A 341,442.50 334,442.50 4,329.45 0.32 1,000,000 AUSTRIA 3.90 04-20 15/07A 1,089,533.92 1,143,580.00 18,057.53 1.09 450,000 AUSTRIA 4.15 06-37 15/03A 481,600.00 539,775.00 14,888.84 0.52 500,000 AUSTRIA 4.65 03-18 15/01A 533,558.46 574,900.00 22,294.52 0.55 500,000 AUSTRIA 6.25 97-27 15/07A 616,998.33 704,075.00 14,469.18 0.67 850,000 BELGIUM OLO -31- 5.50 98-28 28/03A 1,019,687.00 1,091,782.50 35,606.85 1.04 500,000 BELGIUM OLO -44- 5.00 04-35 28/03A 594,750.00 625,890.00 19,041.10 0.60 2,365,000 BELGIUM OLO -55- 4.00 09-19 28/03A 2,681,965.03 2,675,122.45 72,051.51 2.56 1,200,000 BELGIUM OLO -58- 3.75 10-20 28/09A 1,290,525.33 1,347,216.00 11,589.04 1.29 1,000,000 FCE BANK EMTN 2.875 12-17 03/10A 1,051,530.00 1,041,210.00 7,010.27 0.99 700,000 FRANCE OAT 2.25 11-22 25/10A 706,643.00 701,155.00 2,891.10 0.67 2,100,000 FRANCE OAT 3.75 05-21 25/04A 2,285,461.74 2,374,008.00 53,938.36 2.27 3,300,000 FRANCE OAT 3.75 06-17 25/04A 3,622,249.46 3,633,465.00 84,760.27 3.47 1,950,000 FRANCE OAT 3.75 08-19 25/10A 2,138,339.50 2,200,087.50 13,422.95 2.10 470,000 FRANCE OAT 4.00 04-55 25/04A 494,487.00 523,218.10 12,876.71 0.50 1,205,000 FRANCE OAT 4.00 06-38 25/10A 1,358,997.42 1,342,707.40 8,847.67 1.28 2,800,000 FRANCE OAT 4.25 03-19 25/04A 3,151,739.40 3,219,244.00 81,506.85 3.08 582,000 FRANCE OAT 4.25 06-23 25/10A 666,870.15 673,886.16 4,540.40 0.64 1,000,000 FRANCE OAT 4.75 04-35 25/04A 1,261,184.80 1,233,300.00 32,534.25 1.18 1,100,000 FRANCE OAT 5.75 00-32 25/10A 1,328,909.16 1,510,168.00 11,610.27 1.44 1,150,000 FRANCE OAT 8.50 92-23 25/04A 1,677,003.69 1,748,839.50 66,952.05 1.67 1,250,000 FRANCE OAT 3.50 10-26 25/04A 1,370,565.00 1,344,162.50 29,965.75 1.28 1,000,000 GOLDMAN SACHS GROUP 4.00 05-15 02/02A 1,053,650.00 1,032,880.00 36,383.56 0.99 500,000 IRELAND TREASURY BOND 4.60 99-16 18/04A 521,970.00 541,815.00 16,194.52 0.52 400,000 IRELAND TREASURY BOND 5.40 09-25 13/03A 414,183.00 455,760.00 17,339.18 0.44 900,000 IRELAND TREASURY BOND 5.90 09-19 18/10A 977,666.66 1,057,230.00 10,765.48 1.01 2,500,000 ITALY BOT (12MESI) 13-14 12/09U 2,466,580.55 2,476,167.53 10,007.47 2.37 1,000,000 ITALY BTP 3.00 10-15 15/04S 1,028,440.00 1,025,000.00 6,346.15 0.98 1,400,000 ITALY BTP 3.75 05-15 01/08S 1,445,004.00 1,454,880.00 21,684.78 1.39 3,200,000 ITALY BTP 3.75 06-16 01/08S 3,302,725.00 3,369,376.00 49,565.22 3.22 1,500,000 ITALY BTP 3.75 06-21 01/08S 1,302,544.00 1,536,645.00 23,233.70 1.47 600,000 ITALY BTP 4.00 05-37 01/02S 522,600.00 553,188.00 9,913.04 0.53 500,000 ITALY BTP 4.00 06-17 01/02S 513,905.00 530,750.00 8,260.87 0.51 6,000,000 ITALY BTP 4.25 04-14 01/08S 6,217,220.00 6,115,500.00 105,326.09 5.83 1,600,000 ITALY BTP 4.25 04-15 01/02S 1,668,186.00 1,656,448.00 28,086.96 1.58 450,000 ITALY BTP 4.25 09-19 01/09S 432,367.50 481,342.50 6,392.61 0.46 1,200,000 ITALY BTP 4.25 09-20 01/03S 1,138,783.74 1,276,176.00 17,046.96 1.22 1,400,000 ITALY BTP 4.50 08-18 01/08S 1,486,481.12 1,518,902.00 26,021.74 1.45 1,731,000 ITALY BTP 4.50 08-19 01/03S 1,844,602.17 1,873,340.13 26,036.73 1.79 1,885,000 ITALY BTP 4.75 08-23 01/08S 2,020,720.00 2,017,176.20 36,982.88 1.93 800,000 ITALY BTP 5.00 03-34 01/08S 812,960.00 832,880.00 16,521.74 0.80 500,000 ITALY BTP 5.00 07-39 01/08S 515,861.54 517,765.00 10,326.09 0.49 1,300,000 ITALY BTP 5.00 09-25 01/03S 1,318,651.00 1,397,409.00 21,726.52 1.33 2,219,000 ITALY BTP 5.25 02-17 01/08S 2,458,842.98 2,449,287.82 48,118.53 2.34 2,153,000 ITALY BTP 5.25 98-29 01/11S 2,278,113.69 2,329,330.70 18,734.67 2.22 700,000 ITALY BTP 6.00 00-31 01/05S 803,157.77 815,626.00 6,961.33 0.78 709,000 ITALY BTP 6.00 11-14 15/11S 746,435.20 739,827.32 5,405.64 0.71 650,000 ITALY BTP 9.00 93-23 01/11S 954,051.87 916,922.50 9,616.44 0.88 175,000 ITALY BTPS 5.00 11-22 01/03S 184,147.25 191,485.00 2,924.72 0.18 900,000 MORGAN STANLEY 4.50 09-14 29/10A 943,236.00 927,990.00 6,990.41 0.89 800,000 NETHERLANDS 3.50 10-20 15/07A 856,480.00 897,064.00 12,964.38 0.86 693,000 NETHERLANDS 4.00 05-37 15/01A 874,678.55 825,363.00 26,580.82 0.79 1,400,000 NETHERLANDS 4.00 09-19 15/07A 1,521,745.08 1,601,922.00 25,928.77 1.53 2,200,000 NETHERLANDS 4.50 07-17 15/07A 2,515,040.00 2,488,970.00 45,838.36 2.38 400,000 NETHERLANDS 7.50 93-23 15/01A 549,060.00 577,872.00 28,767.12 0.55 309,000 NETHERLANDS GOVERN. 3.75 06-23 15/01A 357,852.90 350,909.67 11,111.30 0.34 2,000,000 SPAIN 2.75 12-15 31/03A 2,035,425.00 2,038,940.00 41,438.36 1.95 2,800,000 SPAIN 3.15 05-16 31/01A 2,812,126.80 2,890,160.00 80,709.04 2.76 920,000 SPAIN 3.80 06-17 31/01A 924,546.78 967,978.00 31,990.79 0.92 800,000 SPAIN 4.00 10-20 30/04A 807,246.50 831,864.00 21,479.45 0.79
The accompanying notes are an integral part of these financial statements. Page 128 UBAM - YIELD CURVE EURO BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 1,617,000 SPAIN 4.10 08-18 30/07A 1,672,869.41 1,723,608.81 27,971.88 1.65 769,000 SPAIN 4.20 05-37 31/01A 712,969.14 699,367.05 29,554.88 0.67 2,300,000 SPAIN 4.40 04-15 31/01A 2,386,755.00 2,381,420.00 92,604.93 2.27 700,000 SPAIN 4.60 09-19 30/07A 738,510.57 758,191.00 13,585.75 0.72 500,000 SPAIN 4.65 10-25 30/07A 482,750.00 514,690.00 9,809.59 0.49 500,000 SPAIN 4.80 08-24 31/01A 524,787.00 526,165.00 21,961.64 0.50 370,000 SPAIN 4.90 07-40 30/07A 381,814.97 369,241.50 7,649.37 0.35 420,000 SPAIN 5.75 01-32 30/07A 473,170.00 474,663.00 10,189.32 0.45 820,000 SPAIN 5.85 11-22 31/01A 894,035.80 932,791.00 43,895.84 0.89 200,000 SPAIN 6.00 98-29 31/01A 227,340.00 229,656.00 10,980.82 0.22 1,800,000 SPAIN BTS 4.75 98-14 30/07A 1,878,786.00 1,838,880.00 36,073.97 1.76 520,000 SPANISH GOV'T 5.90 11-26 30/07A 599,274.00 593,970.00 12,944.44 0.57 Floating rate bonds 4,628,620.00 4,627,270.00 76,233.26 4.42 Euro 4,628,620.00 4,627,270.00 76,233.26 4.42 1,000,000 GOLDMAN SACHS GROUP FL.R 06-16 23/05Q 982,430.00 991,510.00 567.00 0.95 1,000,000 IMPERIAL TOBACCO FIN FL.R 09-16 17/02A 1,164,200.00 1,150,890.00 72,736.30 1.10 1,000,000 JP MORGAN CHASE & CO FL.R 13-16 03/05Q 998,490.00 998,160.00 918.33 0.95 1,500,000 MORGAN STANLEY FL.R 06-16 13/04Q 1,483,500.00 1,486,710.00 2,011.63 1.42
Derivative instruments 11,000.70 265.92 0.00 0.00 Options 11,000.70 265.92 0.00 0.00 US Dollar 11,000.70 265.92 0.00 0.00 13,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 7,381.73 153.12 0.00 0.00 -3,300,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -1,034.25 -0.02 0.00 0.00 3,300,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 6,570.55 114.33 0.00 0.00 -13,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -1,917.33 -1.51 0.00 0.00
Total investments in securities 100,081,411.13 101,881,566.26 97.32
Cash at banks/(bank liabilities) 266,243.83 0.25
Other net assets/(liabilities) 2,542,363.95 2.43
Total 104,690,174.04 100.00
The accompanying notes are an integral part of these financial statements. Page 129 UBAM - YIELD CURVE EURO BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets Italy 34.46 France 19.58 Spain 16.96 The Netherlands 6.45 United States of America 6.22 Belgium 5.49 Austria 3.15 Ireland 2.92 United Kingdom 2.09 Luxembourg -
97.32
Industrial classification of investments
% of net assets Countries and central government 88.06 Banks and credit institutions 4.83 Holding and finance companies 3.41 Insurance 1.02 Healthcare and social services -
97.32
Page 130 UBAM - YIELD CURVE EURO BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 3,663,721.83 Interest on bonds and other debt securities, net Note 2 3,421,717.83 Interest on bank accounts 11.38 Interest received on swap contracts 236,006.26 Other income 5,986.36 Expenses 672,689.05 Advisory fees Note 4 137,508.75 Management fees Note 3 192,416.55 Custodian fees 90,465.39 Subscription duty ("taxe d'abonnement") Note 6 26,158.13 Central administration costs 90,511.55 Audit fees 4,700.78 Interest paid on bank liabilities 1,660.40 Legal fees 3,918.03 Transaction fees Note 2 7,606.16 Other administration costs Note 7, 8 67,662.16 Banking charges and other fees 4,575.41 Interest paid on swap contracts 37,201.95 Other expenses 8,303.79 Net investment income 2,991,032.78 Net realised gain/(loss) on: - securities portfolio Note 2 -290,859.44 - options Note 2 -17,463.65 - forward foreign exchange contracts Note 2 -4,218.53 - futures contracts Note 2 -308,012.10 - swap contracts Note 2 -90,986.82 - foreign exchange Note 2 -7,202.56 Realised result 2,272,289.68 Net variation of the unrealised gain/(loss) on: - securities portfolio -488,214.60 - options -8,638.42 - futures contracts -279,604.50 - swap contracts 87,186.29 Result of operations 1,583,018.45 Dividends paid Note 15 -39,688.44 Subscriptions capitalisation shares 33,423,725.71 Subscriptions distribution shares 297,126.00 Redemptions capitalisation shares -20,772,478.18 Redemptions distribution shares -532,993.02 Total changes in net assets 13,958,710.52
Total net assets at the beginning of the year 90,731,463.52
Total net assets at the end of the year 104,690,174.04
The accompanying notes are an integral part of these financial statements. Page 131 UBAM - YIELD CURVE STERLING BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in GBP
Assets 15,222,802.98 Securities portfolio at market value Note 2 14,668,011.47 Deposits on futures and options contracts 79,463.29 Cash at banks 343,113.77 Interest receivable on swap contracts 519.33 Interest receivable on bonds and other debt securities 131,695.12 Liabilities 59,847.34 Payable on redemptions of shares 5,187.06 Unrealised loss on futures contracts Note 2, 10 20,932.87 Unrealised loss on swap contracts Note 2, 11 1,337.27 Interest payable on bank liabilities and expenses payable 32,390.14 Net assets at the end of the year 15,162,955.64
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 36,683.427 29,666.942 10,626.994 55,723.375 Distribution shares 1,524.000 0.000 509.000 1,015.000
I shares Capitalisation shares 323.000 2,613.219 2,933.219 3.000
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 GBP GBP GBP
Total net assets 15,162,955.64 10,756,606.88 10,857,197.24
A shares GBP GBP GBP Capitalisation shares Number of shares outstanding 55,723.375 36,683.427 37,251.443 Net asset value per share 269.45 284.15 278.35 Distribution shares Number of shares outstanding 1,015.000 1,524.000 3,049.000 Net asset value per share 145.24 157.74 159.84 Dividend per share 4.64 5.24 4.20
I shares GBP GBP GBP Capitalisation shares Number of shares outstanding 3.000 323.000 3.000 Net asset value per share 273.63 287.08 279.71
The accompanying notes are an integral part of these financial statements. Page 132 UBAM - YIELD CURVE STERLING BOND Statement of investments and other net assets as at 31/12/2013 Expressed in GBP Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 14,651,544.73 14,668,011.47 131,695.12 96.74 dealt in on another regulated market Bonds 14,599,913.53 14,617,285.22 131,209.19 96.41 Pound Sterling 14,599,913.53 14,617,285.22 131,209.19 96.41 50,000 CADBURY SCHWEPPES 5.375 09-14 11/12S 51,367.50 51,857.00 147.66 0.34 150,000 COUNCIL OF EUROPE REGS 3.375 09-14 08/12A 149,707.50 153,901.50 319.01 1.01 50,000 FRANCE TELECOM EMTN 5.00 09-16 12/05A 49,569.50 53,524.00 1,595.89 0.35 50,000 IMPERIAL TOBACCO FINANCE PLC EMTN 7.75 09-19 24/06A 49,650.00 60,529.00 2,017.12 0.40 1,016,000 UK TREASURY STOCK 1.00 12-17 07/09S 1,010,635.52 998,423.20 3,227.62 6.59 96,000 UK TREASURY STOCK 1.75 12-17 22/01S 98,592.00 97,612.80 739.57 0.64 1,050,000 UK TREASURY STOCK 1.75 12-22 07/09S 990,385.95 961,306.50 5,837.36 6.35 750,200 UK TREASURY STOCK 2.25 09-14 07/03S 755,233.84 752,825.70 5,362.27 4.96 88,000 UK TREASURY STOCK 3.25 12-44 22/01S 84,142.96 81,420.24 1,259.02 0.54 498,000 UK TREASURY STOCK 3.50 13-65 22/07S 506,092.50 487,930.44 8,977.64 3.22 766,000 UK TREASURY STOCK 3.75 09-19 07/09S 839,203.47 829,332.88 9,125.35 5.47 98,700 UK TREASURY STOCK 3.75 11-52 22/07S 104,740.44 101,700.48 1,642.75 0.67 350,000 UK TREASURY STOCK 4.00 06-16 07/09S 369,775.44 378,455.00 4,447.51 2.50 200,000 UK TREASURY STOCK 4.00 09-60 22/01S 187,662.82 219,806.00 3,521.74 1.45 742,000 UK TREASURY STOCK 4.25 00-32 07/06S 805,537.70 816,778.76 2,079.23 5.39 368,000 UK TREASURY STOCK 4.25 03-36 07/03S 383,007.00 405,142.24 4,968.51 2.67 225,000 UK TREASURY STOCK 4.25 05-55 07/12S 258,148.50 258,502.50 630.49 1.70 419,000 UK TREASURY STOCK 4.25 06-27 07/12S 460,172.69 459,341.32 1,174.12 3.03 407,000 UK TREASURY STOCK 4.25 06-46 07/12S 450,496.70 456,255.14 1,140.49 3.01 263,000 UK TREASURY STOCK 4.25 08-49 07/12S 287,486.59 297,986.89 736.98 1.97 536,000 UK TREASURY STOCK 4.25 09-39 07/09S 607,670.85 592,992.88 7,236.74 3.91 200,000 UK TREASURY STOCK 4.25 10-40 07/12S 206,913.00 221,596.00 560.44 1.46 287,235 UK TREASURY STOCK 4.50 07-42 07/12S 287,171.25 332,905.08 852.24 2.20 203,000 UK TREASURY STOCK 4.50 08-19 07/03S 227,689.82 227,384.36 2,902.00 1.50 462,400 UK TREASURY STOCK 4.50 09-34 07/09S 545,932.56 525,901.39 6,610.28 3.47 730,000 UK TREASURY STOCK 4.75 03-15 07/09S 779,192.61 780,968.60 11,015.54 5.15 180,000 UK TREASURY STOCK 4.75 04-38 07/12S 198,115.81 214,308.00 563.74 1.41 834,000 UK TREASURY STOCK 4.75 05-20 07/03S 949,190.27 951,760.80 12,584.88 6.28 96,000 UK TREASURY STOCK 4.75 07-30 07/12S 105,497.03 111,814.08 300.66 0.74 30,000 UK TREASURY STOCK 5.00 01-25 07/03S 35,841.70 35,141.40 476.52 0.23 203,000 UK TREASURY STOCK 5.00 02-14 07/09S 210,921.06 209,374.20 3,224.45 1.38 520,000 UK TREASURY STOCK 5.00 07-18 07/03S 586,697.09 590,096.00 8,259.67 3.89 225,000 UK TREASURY STOCK 6.00 98-28 07/12S 266,374.68 293,355.00 890.11 1.93 460,000 UK TREASURY STOCK 8.00 96-21 07/06S 695,076.21 629,349.00 2,426.37 4.15 310,000 UK TREASURY STOCK 8.75 92-17 25/08S 417,231.41 390,407.80 9,434.78 2.57 46,000 UNITED KINGDOM 1.25 13-18 22/07S 45,580.48 44,789.28 253.13 0.30 408,000 UNITED KINGDOM 2.00 10-16 22/01S 420,652.08 418,334.64 3,592.17 2.76 79,000 UNITED KINGDOM 3.75 11-21 07/09S 87,772.95 85,168.32 941.13 0.56 35,000 VODAFONE GROUP EMTN 5.375 09-17 05/12A 34,784.05 39,006.80 134.01 0.26 Floating rate bonds 51,631.20 50,726.25 485.93 0.33 Pound Sterling 51,631.20 50,726.25 485.93 0.33 15,000 NATL GRID ELECT FL.R 01-20 27/07S 26,457.00 25,873.95 175.22 0.17 15,000 NATL GRID ELECT FL.R 02-18 08/07S 25,174.20 24,852.30 310.71 0.16
Total investments in securities 14,651,544.73 14,668,011.47 96.74
Cash at banks/(bank liabilities) 343,113.77 2.26
Other net assets/(liabilities) 151,830.40 1.00
Total 15,162,955.64 100.00
The accompanying notes are an integral part of these financial statements. Page 133 UBAM - YIELD CURVE STERLING BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 95.04 France 1.36 United States of America 0.34
96.74
Industrial classification of investments
% of net assets Countries and central government 94.05 Supranational 1.01 Communications 0.61 Holding and finance companies 0.40 Foods and non alcoholic drinks 0.34 Electrical engineering and electronics 0.33
96.74
Page 134 UBAM - YIELD CURVE STERLING BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in GBP
Income 431,561.29 Interest on bonds and other debt securities, net Note 2 427,176.81 Interest on bank accounts 326.91 Interest received on swap contracts 3,573.66 Other income 483.91 Expenses 109,191.95 Advisory fees Note 4 26,046.94 Management fees Note 3 28,465.45 Custodian fees 11,014.45 Subscription duty ("taxe d'abonnement") Note 6 5,658.68 Central administration costs 11,019.15 Audit fees 573.75 Interest paid on bank liabilities 49.20 Legal fees 1,591.97 Transaction fees Note 2 671.34 Other administration costs Note 7, 8 18,431.61 Banking charges and other fees 291.26 Interest paid on swap contracts 3,565.93 Other expenses 1,812.22 Net investment income 322,369.34 Net realised gain/(loss) on: - securities portfolio Note 2 133,179.89 - futures contracts Note 2 -22,792.76 - swap contracts Note 2 2,860.12 - foreign exchange Note 2 1,159.20 Realised result 436,775.79 Net variation of the unrealised gain/(loss) on: - securities portfolio -1,095,164.37 - futures contracts -20,472.87 - swap contracts -1,337.27 Result of operations -680,198.72 Dividends paid Note 15 -4,709.60 Subscriptions capitalisation shares 8,926,323.72 Redemptions capitalisation shares -3,755,785.96 Redemptions distribution shares -79,280.68 Total changes in net assets 4,406,348.76
Total net assets at the beginning of the year 10,756,606.88
Total net assets at the end of the year 15,162,955.64
The accompanying notes are an integral part of these financial statements. Page 135 UBAM - YIELD CURVE US DOLLAR BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 174,047,604.88 Securities portfolio at market value Note 2 170,695,640.46 Options contracts at market value Note 2, 12 460.19 Deposits on futures and options contracts 522,996.56 Cash at banks 1,146,119.81 Interest receivable on swap contracts 19,055.06 Interest receivable on bonds and other debt securities 1,346,913.50 Receivable on issues of shares 2,660.22 Unrealised gain on swap contracts Note 2, 11 313,759.08 Liabilities 1,093,829.05 Short option contracts at market value Note 2, 12 2.60 Payable on redemptions of shares 477,322.94 Unrealised loss on forward foreign exchange contracts Note 2, 9 8,325.27 Unrealised loss on futures contracts Note 2, 10 204,729.22 Interest payable on bank liabilities and expenses payable 403,449.02 Net assets at the end of the year 172,953,775.83
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 47,293.209 22,264.961 18,687.066 50,871.104 Distribution shares 3,332.585 956.223 969.830 3,318.978
I shares Capitalisation shares 22,905.972 7,768.398 14,048.038 16,626.332
R shares Capitalisation shares 2.000 1,897.388 575.594 1,323.794
The accompanying notes are an integral part of these financial statements. Page 136 UBAM - YIELD CURVE US DOLLAR BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 172,953,775.83 183,984,195.22 197,137,444.42
A shares USD USD USD Capitalisation shares Number of shares outstanding 50,871.104 47,293.209 60,568.288 Net asset value per share 2,389.73 2,484.47 2,433.73 Distribution shares Number of shares outstanding 3,318.978 3,332.585 3,528.023 Net asset value per share 2,058.35 2,191.22 2,199.76 Dividend per share 51.42 53.28 46.73
I shares USD USD USD Capitalisation shares Number of shares outstanding 16,626.332 22,905.972 16,642.008 Net asset value per share 2,496.00 2,583.54 2,519.73
R shares USD USD USD Capitalisation shares Number of shares outstanding 1,323.794 2.000 15.442 Net asset value per share 2,307.48 2,410.96 2,371.65
The accompanying notes are an integral part of these financial statements. Page 137 UBAM - YIELD CURVE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets Transferable securities admitted to official stock exchange listing and/or 166,146,497.96 167,634,780.11 1,314,138.50 96.92 dealt in on another regulated market Bonds 158,823,851.96 160,287,069.11 1,299,572.42 92.67 US Dollar 158,823,851.96 160,287,069.11 1,299,572.42 92.67 250,000 BANK OF NEW YORK 0.70 12-15 23/10S 249,742.50 250,525.00 325.69 0.14 1,000,000 BBVA US SENIOR 4.664 12-15 09/10S 1,052,830.00 1,052,150.00 10,494.00 0.61 2,000,000 CITIGROUP 5.30 05-16 07/01S 2,193,260.00 2,161,840.00 50,938.89 1.25 2,100,000 DANSKE BANK REGS 3.875 11-16 14/04S 2,229,342.00 2,216,256.00 17,179.17 1.28 1,000,000 DEUTSCHE BANK AG 3.25 11-16 11/01S 1,061,270.00 1,046,460.00 15,256.94 0.61 3,000,000 EGYPT 4.45 05-15 15/09S 3,017,061.60 3,207,075.00 38,937.50 1.85 1,250,000 EXP IMP BANK KOREA 1.25 12-15 20/11S 1,244,450.00 1,254,550.00 1,736.11 0.73 1,000,000 GENERAL ELECTRIC 655 4.75 04-14 15/09S 1,074,600.00 1,030,110.00 13,854.17 0.60 2,000,000 GOLDMAN SACHS GROUP 3.3 12-15 05/03S 2,070,080.00 2,062,680.00 10,450.00 1.19 1,000,000 HYUNDAI CAPITAL SERV 4.375 11-16 27/07S 1,070,770.00 1,066,370.00 18,593.75 0.62 2,000,000 JP MORGAN CHASE 4.65 09-14 01/06A 2,137,760.00 2,034,000.00 7,491.67 1.18 1,486,000 LLOYDS TBS BANK REGS 4.375 10-15 12/01S 1,547,758.16 1,540,253.86 30,339.17 0.89 500,000 M UFG LEASE FIN 1.875 13-16 17/10S 498,740.00 504,740.00 1,901.04 0.29 1,500,000 MERRILL LYNCH & CO 6.05 06-16 16/05S 1,647,540.00 1,650,330.00 11,091.67 0.95 1,000,000 METLIFE INC 2.375 10-14 06/02S 998,670.00 1,001,660.00 9,500.00 0.58 2,000,000 NATL AUS BK NEW YORK 0.90 13-16 20/01S 1,995,880.00 2,002,100.00 8,000.00 1.16 2,000,000 NOMURA HOLDINGS 2.00 13-16 13/09S 2,018,080.00 2,017,100.00 11,888.89 1.17 2,000,000 ROYAL BANK OF SCOTLAND 4.875 10-15 16/03S 2,106,800.00 2,092,080.00 28,166.67 1.21 2,000,000 SHB 1 REG S 4.875 09-14 10/06S 2,130,000.00 2,038,960.00 5,416.67 1.18 2,000,000 SOCIETE GENERALE 3.50 10-16 15/01S 2,101,220.00 2,095,720.00 32,083.33 1.21 2,000,000 STANDARD CHARTERED 5.50 09-14 18/11S 2,167,060.00 2,083,420.00 12,833.33 1.20 3,000,000 UNITED STATES -B2022- 2.00 12-22 15/02S 2,953,007.79 2,846,133.00 22,500.00 1.65 8,441,000 US TREAS S 2019 1.00 12-19 30/11S 8,103,360.00 7,929,264.38 7,188.76 4.58 1,500,000 US TREASURY BONDS 3.50 09-39 15/02S 1,230,234.37 1,412,403.00 19,687.50 0.82 6,000,000 US TREASURY BONDS 4.50 06-36 15/02S 6,062,994.81 6,673,596.00 101,250.00 3.86 2,500,000 US TREASURY BONDS 4.50 08-38 15/05S 3,209,959.75 2,771,192.50 14,295.58 1.60 700,000 US TREASURY BONDS 5.00 07-37 15/05S 1,034,277.34 832,671.70 4,447.51 0.48 1,900,000 US TREASURY BONDS 5.25 99-29 15/02S 1,912,468.75 2,287,347.30 37,406.25 1.32 1,100,000 US TREASURY BONDS 6.00 96-26 15/02S 1,571,625.00 1,403,960.80 24,750.00 0.81 2,000,000 US TREASURY BONDS 6.125 97-27 15/11S 2,383,281.24 2,602,812.00 15,566.30 1.50 4,000,000 US TREASURY BONDS 6.25 93-23 15/08S 4,710,624.99 5,137,812.00 93,750.00 2.97 2,200,000 US TREASURY BONDS 7.25 86-16 15/05S 2,978,250.00 2,548,476.56 20,267.96 1.47 1,900,000 US TREASURY BONDS 7.50 94-24 15/11S 2,536,425.77 2,683,898.20 18,107.73 1.55 1,300,000 US TREASURY BONDS 8.00 91-21 15/11S 2,010,531.25 1,805,679.20 13,215.47 1.04 1,600,000 US TREASURY BONDS 8.125 89-19 15/08S 2,405,000.00 2,132,187.20 48,750.00 1.23 4,600,000 US TREASURY BONDS 8.75 90-20 15/05S 6,618,968.75 6,419,695.60 51,146.41 3.71 5,000,000 US TREASURY BONDS Series 2039 4.375 09-39 15/11S 4,696,093.75 5,432,030.00 27,796.96 3.14 2,635,000 US TREASURY N/B 2.75 12-42 15/11S 2,205,990.38 2,083,091.35 9,207.94 1.20 3,212,000 US TREASURY N/B 4.25 09-39 15/05S 3,603,964.38 3,424,419.20 17,346.57 1.98 7,078,000 US TREASURY NOTES 3.75 08-18 15/11S 7,915,745.00 7,766,448.75 33,450.82 4.49 5,000,000 US TREASURY NOTES Series B-2019 2.75 09-19 15/02S 5,003,789.07 5,238,085.95 51,562.50 3.03 4,400,000 US TREASURY NOTES Series C-2018 3.875 08-18 15/05S 4,697,921.86 4,849,453.13 21,665.75 2.80 5,000,000 US TREASURY NOTES Series E-2017 4.75 07-17 15/08S 5,453,710.90 5,648,828.15 89,062.50 3.27 5,000,000 US TREASURY NOTES Series F-2016 4.625 06-16 15/11S 5,213,432.62 5,550,585.95 29,385.36 3.21 5,000,000 US TREASURY NOTES Series F-2019 3.375 09-19 15/11S 5,200,781.25 5,378,905.00 21,443.37 3.11 7,000,000 US TREASURY NOTES Series J-2016 2.625 09-16 30/04S 6,962,812.50 7,344,257.83 31,212.33 4.25 7,000,000 US TREASURY NOTES Series J-2017 3.25 10-17 31/03S 7,153,945.33 7,523,908.00 57,817.68 4.35 6,595,000 USA TREASURY NOTES 1.75 12-22 15/05S 6,292,042.19 6,097,281.94 14,665.68 3.53 8,650,000 USA TREASURY NOTES 2.125 11-16 29/02S 9,000,054.68 8,965,589.88 62,949.49 5.19 1,077,000 WESTPAC BANKING 1.125 12-15 25/09S 1,089,643.98 1,088,674.68 3,197.34 0.63 Floating rate bonds 7,322,646.00 7,347,711.00 14,566.08 4.25 US Dollar 7,322,646.00 7,347,711.00 14,566.08 4.25 2,000,000 ABN AMRO REGS FL.R 13-16 28/10Q 2,000,000.00 2,005,780.00 3,567.93 1.16 2,000,000 BFCM REGS FL.R 13-16 28/10Q 2,000,000.00 2,007,120.00 3,812.94 1.16 2,000,000 CREDIT AGRICOLE -10-REGS FL.R 13-16 03/10Q 2,000,000.00 2,008,660.00 5,296.61 1.16 320,000 DANSKE BANK REGS FL.R 11-14 14/04Q 314,496.00 320,702.40 885.40 0.19 1,000,000 ING BANK FL.R 11-14 09/06S 1,008,150.00 1,005,448.60 1,003.20 0.58
Other transferable securities 3,061,830.00 3,060,860.35 32,775.00 1.77 Bonds 3,061,830.00 3,060,860.35 32,775.00 1.77 US Dollar 3,061,830.00 3,060,860.35 32,775.00 1.77 1,000,000 DAIMLER FINANCE 1.95 11-14 28/03S 1,014,230.00 1,002,980.35 4,983.33 0.58
The accompanying notes are an integral part of these financial statements. Page 138 UBAM - YIELD CURVE US DOLLAR BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets 2,000,000 INTESA SANPAOLO 144A 3.625 10-15 12/05S 2,047,600.00 2,057,880.00 27,791.67 1.19
Derivative instruments 18,654.00 457.59 0.00 0.00 Options 18,654.00 457.59 0.00 0.00 US Dollar 18,654.00 457.59 0.00 0.00 16,000,000 XNAHY2115 OTC JAN 0.800 15.01.14 CALL 12,320.00 259.68 0.00 0.00 -4,200,000 XNAHY2115 OTC JAN 100.0 15.01.14 CALL -1,806.00 -0.04 0.00 0.00 4,200,000 XNAHY2115 OTC JAN 104.0 15.01.14 PUT 11,340.00 200.51 0.00 0.00 -16,000,000 XNAIG2115 OTC JAN 0.950 15.01.14 CALL -3,200.00 -2.56 0.00 0.00
Total investments in securities 169,226,981.96 170,696,098.05 98.69
Cash at banks/(bank liabilities) 1,146,119.81 0.66
Other net assets/(liabilities) 1,111,557.97 0.65
Total 172,953,775.83 100.00
The accompanying notes are an integral part of these financial statements. Page 139 UBAM - YIELD CURVE US DOLLAR BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 80.38 United Kingdom 3.91 France 3.53 Egypt 1.85 The Netherlands 1.74 Denmark 1.47 Japan 1.46 South Korea 1.35 Italy 1.19 Sweden 1.18 Australia 0.63 Luxembourg -
98.69
Industrial classification of investments
% of net assets Countries and central government 73.99 Banks and credit institutions 19.99 Holding and finance companies 2.97 Miscellaneous sectors 1.16 Insurance 0.58 Healthcare and social services -
98.69
Page 140 UBAM - YIELD CURVE US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 5,961,992.88 Interest on bonds and other debt securities, net Note 2 5,469,631.54 Interest on bank accounts 12.02 Interest received on swap contracts 486,095.39 Other income 6,253.93 Expenses 1,406,696.05 Advisory fees Note 4 336,746.15 Management fees Note 3 370,179.13 Custodian fees 162,535.20 Subscription duty ("taxe d'abonnement") Note 6 61,888.64 Central administration costs 163,510.10 Audit fees 8,188.17 Interest paid on bank liabilities 244.83 Legal fees 6,682.25 Transaction fees Note 2 15,243.48 Other administration costs Note 7, 8 177,433.26 Banking charges and other fees 3,707.40 Interest paid on swap contracts 71,087.13 Other expenses 29,250.31 Net investment income 4,555,296.83 Net realised gain/(loss) on: - securities portfolio Note 2 -1,247,964.66 - options Note 2 -42,352.86 - forward foreign exchange contracts Note 2 -3,019.83 - futures contracts Note 2 -437,470.48 - swap contracts Note 2 -113,430.41 - foreign exchange Note 2 12,816.53 Realised result 2,723,875.12 Net variation of the unrealised gain/(loss) on: - securities portfolio -9,416,908.28 - options -14,201.14 - forward foreign exchange contracts -8,325.27 - futures contracts -122,112.32 - swap contracts 261,692.66 Result of operations -6,575,979.23 Dividends paid Note 15 -192,311.62 Subscriptions capitalisation shares 78,282,391.19 Subscriptions distribution shares 2,048,373.94 Redemptions capitalisation shares -82,552,831.51 Redemptions distribution shares -2,040,062.16 Total changes in net assets -11,030,419.39
Total net assets at the beginning of the year 183,984,195.22
Total net assets at the end of the year 172,953,775.83
The accompanying notes are an integral part of these financial statements. Page 141 UBAM - EM INVESTMENT GRADE CORPORATE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 8,532,070.09 Securities portfolio at market value Note 2 7,735,341.90 Cash at banks 141,562.02 Receivable on issues of shares 575,052.22 Unrealised gain on forward foreign exchange contracts Note 2, 9 574.88 Unrealised gain on futures contracts Note 2, 10 79,539.07 Liabilities 22,878.41 Other liquid liabilities 11,268.50 Interest payable on bank liabilities and expenses payable 11,609.91 Net assets at the end of the year 8,509,191.68
Changes in number of shares outstanding from 30/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 30/01/2013 31/12/2013
A shares Capitalisation shares 0.000 1,600.000 1,200.000 400.000 Distribution shares 0.000 3,750.000 3,750.000 0.000
AS shares Capitalisation shares 0.000 43,140.840 597.000 42,543.840
I shares Capitalisation shares 0.000 17,394.000 141.000 17,253.000
IS shares Capitalisation shares 0.000 17,124.810 0.000 17,124.810
IHS EUR shares Capitalisation shares 0.000 15,020.000 10,000.000 5,020.000
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 142 UBAM - EM INVESTMENT GRADE CORPORATE BOND Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 8,509,191.68 - -
A shares USD USD USD Capitalisation shares Number of shares outstanding 400.000 - - Net asset value per share 96.26 - - Distribution shares Number of shares outstanding - - - Net asset value per share - - -
AS shares USD USD USD Capitalisation shares Number of shares outstanding 42,543.840 - - Net asset value per share 101.43 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 17,253.000 - - Net asset value per share 100.04 - -
IS shares USD USD USD Capitalisation shares Number of shares outstanding 17,124.810 - - Net asset value per share 100.86 - -
IHS EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 5,020.000 - - Net asset value per share 101.42 - -
R shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 102.77 - -
The accompanying notes are an integral part of these financial statements. Page 143 UBAM - EM INVESTMENT GRADE CORPORATE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Open-ended investment funds 7,727,986.43 7,735,341.90 0.00 90.91 Investment funds (UCITS) 7,727,986.43 7,735,341.90 0.00 90.91 US Dollar 7,727,986.43 7,735,341.90 0.00 90.91 79,040 UBAM FCP EM INVESTMENT GRADE CORPORATE BOND -Z- CAP * 7,726,685.29 7,734,064.00 0.00 90.89 13 UBAM FCP EM INVESTMENT GRADE CORPORATE BOND -Z- DIS * 1,301.14 1,277.90 0.00 0.02
Total investments in securities 7,727,986.43 7,735,341.90 90.91
Cash at banks/(bank liabilities) 141,562.02 1.66
Other net assets/(liabilities) 632,287.76 7.43
Total 8,509,191.68 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 144 UBAM - EM INVESTMENT GRADE CORPORATE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 90.91
90.91
Industrial classification of investments
% of net assets Unit trusts 90.91
90.91
Page 145 UBAM - EM INVESTMENT GRADE CORPORATE BOND Statement of operations and other changes in net assets from 30/01/2013 to 31/12/2013 Expressed in USD
Income 4.84 Interest on bank accounts 4.84 Expenses 21,851.42 Advisory fees Note 4 2,880.17 Management fees Note 3 9,641.03 Custodian fees 2,406.79 Subscription duty ("taxe d'abonnement") Note 6 827.44 Central administration costs 1,311.51 Audit fees 308.77 Interest paid on bank liabilities 140.11 Legal fees 409.39 Transaction fees Note 2 540.84 Other administration costs Note 7, 8 1,123.27 Banking charges and other fees 104.39 Other expenses 2,157.71 Net investment income -21,846.58 Net realised gain/(loss) on: - securities portfolio Note 2 -18,802.34 - forward foreign exchange contracts Note 2 14,227.70 - futures contracts Note 2 3,132.79 - foreign exchange Note 2 -31,245.83 Realised result -54,534.26 Net variation of the unrealised gain/(loss) on: - securities portfolio 7,355.47 - forward foreign exchange contracts 574.88 - futures contracts 79,539.07 Result of operations 32,935.16 Subscriptions capitalisation shares 9,991,814.13 Subscriptions distribution shares 373,132.50 Redemptions capitalisation shares -1,533,047.61 Redemptions distribution shares -355,642.50 Total changes in net assets 8,509,191.68
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 8,509,191.68
The accompanying notes are an integral part of these financial statements. Page 146 UBAM - EUROPEAN CONVERTIBLE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 30,305,527.25 Securities portfolio at market value Note 2 30,144,196.65 Cash at banks 161,330.60 Liabilities 127,835.49 Unrealised loss on forward foreign exchange contracts Note 2, 9 15,736.69 Interest payable on bank liabilities and expenses payable 112,098.80 Net assets at the end of the year 30,177,691.76
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 39,591.080 111,837.927 19,568.080 131,860.927 Distribution shares 3,996.000 1,262.000 2,357.000 2,901.000
AH CHF shares Capitalisation shares 0.000 58,402.169 7,288.669 51,113.500
AH USD shares Capitalisation shares 2,431.195 28,482.000 0.000 30,913.195
I shares Capitalisation shares 33,901.000 171,118.520 157,521.097 47,498.423
R shares Capitalisation shares 1.000 908.390 0.000 909.390
The accompanying notes are an integral part of these financial statements. Page 147 UBAM - EUROPEAN CONVERTIBLE BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 30,177,691.76 8,417,573.63 12,421,149.08
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 131,860.927 39,591.080 27,479.299 Net asset value per share 118.74 104.73 90.74 Distribution shares Number of shares outstanding 2,901.000 3,996.000 3,696.000 Net asset value per share 114.73 103.28 90.73 Dividend per share 2.07 1.33 -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 51,113.500 - - Net asset value per share 115.28 - -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 30,913.195 2,431.195 - Net asset value per share 156.74 137.87 -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 47,498.423 33,901.000 105,000.000 Net asset value per share 121.15 106.31 91.36
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 909.390 1.000 - Net asset value per share 118.98 105.37 -
The accompanying notes are an integral part of these financial statements. Page 148 UBAM - EUROPEAN CONVERTIBLE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Open-ended investment funds 27,555,595.74 30,144,196.65 0.00 99.89 Investment funds (UCITS) 27,555,595.74 30,144,196.65 0.00 99.89 Euro 27,555,595.74 30,144,196.65 0.00 99.89 23,315 UBAM CONVERTIBLE SICAV - UBAM CONVERTIBLES EUROPE -ZC- * 27,555,595.74 30,144,196.65 0.00 99.89
Total investments in securities 27,555,595.74 30,144,196.65 99.89
Cash at banks/(bank liabilities) 161,330.60 0.53
Other net assets/(liabilities) -127,835.49 -0.42
Total 30,177,691.76 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 149 UBAM - EUROPEAN CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.89
99.89
Industrial classification of investments
% of net assets Unit trusts 99.89
99.89
Page 150 UBAM - EUROPEAN CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 54.33 Interest on bank accounts 11.71 Other income 42.62 Expenses 322,524.15 Advisory fees Note 4 97,529.29 Management fees Note 3 128,863.18 Custodian fees 32,992.15 Subscription duty ("taxe d'abonnement") Note 6 9,484.52 Central administration costs 20,518.39 Audit fees 1,354.00 Interest paid on bank liabilities 114.15 Legal fees 1,946.81 Transaction fees Note 2 265.20 Other administration costs Note 7, 8 25,236.59 Banking charges and other fees 447.26 Other expenses 3,772.61 Net investment income -322,469.82 Net realised gain/(loss) on: - securities portfolio Note 2 1,070,419.69 - forward foreign exchange contracts Note 2 -234,192.27 - foreign exchange Note 2 134,866.78 Realised result 648,624.38 Net variation of the unrealised gain/(loss) on: - securities portfolio 2,250,667.14 - forward foreign exchange contracts -15,571.67 Result of operations 2,883,719.85 Dividends paid Note 15 -9,010.71 Subscriptions capitalisation shares 40,049,679.58 Subscriptions distribution shares 135,946.14 Redemptions capitalisation shares -21,050,141.95 Redemptions distribution shares -250,074.78 Total changes in net assets 21,760,118.13
Total net assets at the beginning of the year 8,417,573.63
Total net assets at the end of the year 30,177,691.76
The accompanying notes are an integral part of these financial statements. Page 151 UBAM - EURO 10-40 CONVERTIBLE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 446,529,563.24 Securities portfolio at market value Note 2 446,444,105.59 Cash at banks 4,990.65 Receivable on issues of shares 80,467.00 Liabilities 3,222,358.48 Bank liabilities 2,083,675.34 Payable on redemptions of shares 210,021.60 Unrealised loss on forward foreign exchange contracts Note 2, 9 29,461.48 Interest payable on bank liabilities and expenses payable 899,200.06 Net assets at the end of the year 443,307,204.76
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 693,995.514 791,282.256 168,585.916 1,316,691.854 Distribution shares 35,687.411 1,054,375.420 15,711.327 1,074,351.504
AH CHF shares Capitalisation shares 44,870.535 44,057.465 19,879.000 69,049.000
AH USD shares Capitalisation shares 0.000 33,945.000 0.000 33,945.000
AH GBP shares Capitalisation shares 0.000 3,100.000 0.000 3,100.000
I shares Capitalisation shares 726,854.377 1,202,329.350 1,004,523.045 924,660.682 Distribution shares 22,638.000 128,549.815 580.000 150,607.815
IH CHF shares Capitalisation shares 61,880.000 86,133.000 53,060.000 94,953.000
IH USD shares Capitalisation shares 4,023.000 78,307.880 2,008.000 80,322.880 Distribution shares 1,490.000 1,500.000 0.000 2,990.000
IH GBP shares Distribution shares 32,367.389 5,520.000 11,730.000 26,157.389
R shares Capitalisation shares 822.389 6,289.864 821.389 6,290.864
The accompanying notes are an integral part of these financial statements. Page 152 UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 443,307,204.76 178,167,326.85 31,912,658.24
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,316,691.854 693,995.514 245,074.975 Net asset value per share 120.20 110.41 95.14 Distribution shares Number of shares outstanding 1,074,351.504 35,687.411 4,123.883 Net asset value per share 115.53 107.43 94.09 Dividend per share 1.29 1.63 1.13
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 69,049.000 44,870.535 19,875.000 Net asset value per share 118.00 108.66 93.99
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 33,945.000 - - Net asset value per share 104.39 - -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 3,100.000 - - Net asset value per share 104.56 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 924,660.682 726,854.377 51,076.301 Net asset value per share 122.22 111.72 95.79 Distribution shares Number of shares outstanding 150,607.815 22,638.000 - Net asset value per share 120.75 111.71 - Dividend per share 1.34 - -
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 94,953.000 61,880.000 - Net asset value per share 118.71 108.77 -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 80,322.880 4,023.000 - Net asset value per share 113.98 104.07 - Distribution shares Number of shares outstanding 2,990.000 1,490.000 - Net asset value per share 112.61 104.07 - Dividend per share 1.25 - -
The accompanying notes are an integral part of these financial statements. Page 153 UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 443,307,204.76 178,167,326.85 31,912,658.24
IH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 26,157.389 32,367.389 17,780.938 Net asset value per share 104.25 96.07 83.52 Dividend per share 1.15 1.45 -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 6,290.864 822.389 - Net asset value per share 119.49 110.76 -
The accompanying notes are an integral part of these financial statements. Page 154 UBAM - EURO 10-40 CONVERTIBLE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Open-ended investment funds 414,075,297.54 446,444,105.59 0.00 100.71 Investment funds (UCITS) 414,075,297.54 446,444,105.59 0.00 100.71 Euro 414,075,297.54 446,444,105.59 0.00 100.71 366,247 UBAM CONVERTIBLE SICAV - UBAM CONVERTIBLES EURO 10-40 -ZC- * 414,075,297.54 446,444,105.59 0.00 100.71
Total investments in securities 414,075,297.54 446,444,105.59 100.71
Cash at banks/(bank liabilities) -2,078,684.69 -0.47
Other net assets/(liabilities) -1,058,216.14 -0.24
Total 443,307,204.76 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 155 UBAM - EURO 10-40 CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 100.71
100.71
Industrial classification of investments
% of net assets Unit trusts 100.71
100.71
Page 156 UBAM - EURO 10-40 CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 74.59 Interest on bank accounts 22.23 Other income 52.36 Expenses 3,128,561.80 Advisory fees Note 4 993,085.32 Management fees Note 3 1,040,021.77 Custodian fees 421,858.13 Subscription duty ("taxe d'abonnement") Note 6 100,882.23 Central administration costs 269,726.27 Audit fees 15,166.92 Interest paid on bank liabilities 437.06 Legal fees 7,112.87 Transaction fees Note 2 2,764.43 Other administration costs Note 7, 8 223,172.75 Banking charges and other fees 6,865.03 Other expenses 47,469.02 Net investment income -3,128,487.21 Net realised gain/(loss) on: - securities portfolio Note 2 5,180,998.13 - forward foreign exchange contracts Note 2 -660,235.16 - foreign exchange Note 2 203,992.48 Realised result 1,596,268.24 Net variation of the unrealised gain/(loss) on: - securities portfolio 22,636,394.29 - forward foreign exchange contracts -79,403.91 Result of operations 24,153,258.62 Dividends paid Note 15 -166,658.54 Subscriptions capitalisation shares 253,056,986.35 Subscriptions distribution shares 135,577,950.56 Redemptions capitalisation shares -144,311,919.43 Redemptions distribution shares -3,169,739.65 Total changes in net assets 265,139,877.91
Total net assets at the beginning of the year 178,167,326.85
Total net assets at the end of the year 443,307,204.76
The accompanying notes are an integral part of these financial statements. Page 157 UBAM - GLOBAL CONVERTIBLE BOND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 27,412,766.09 Securities portfolio at market value Note 2 27,290,744.13 Cash at banks 122,021.96 Liabilities 106,195.37 Unrealised loss on forward foreign exchange contracts Note 2, 9 11,197.24 Interest payable on bank liabilities and expenses payable 94,998.13 Net assets at the end of the year 27,306,570.72
Changes in number of shares outstanding from 23/08/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 23/08/2013 31/12/2013
A shares Capitalisation shares 0.000 135,180.000 0.000 135,180.000
AH CHF shares Capitalisation shares 0.000 14,250.000 0.000 14,250.000
AH USD shares Capitalisation shares 0.000 96,194.000 0.000 96,194.000
AH GBP shares Capitalisation shares 0.000 10,620.000 0.000 10,620.000
I shares Capitalisation shares 0.000 27,794.000 0.000 27,794.000
The accompanying notes are an integral part of these financial statements. Page 158 UBAM - GLOBAL CONVERTIBLE BOND Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 27,306,570.72 - -
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 135,180.000 - - Net asset value per share 106.49 - -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 14,250.000 - - Net asset value per share 106.36 - -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 96,194.000 - - Net asset value per share 106.54 - -
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 10,620.000 - - Net asset value per share 106.50 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 27,794.000 - - Net asset value per share 103.53 - -
The accompanying notes are an integral part of these financial statements. Page 159 UBAM - GLOBAL CONVERTIBLE BOND Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ Unaudited Accrued % of total Description Cost Market value nom. value Interest net assets
Open-ended investment funds 25,614,590.44 27,290,744.13 0.00 99.94 Investment funds (UCITS) 25,614,590.44 27,290,744.13 0.00 99.94 Euro 25,614,590.44 27,290,744.13 0.00 99.94 25,449 UBAM CONVERTIBLE SICAV - UBAM CONVERTIBLES GLOBAL -ZC- EUR * 25,614,590.44 27,290,744.13 0.00 99.94
Total investments in securities 25,614,590.44 27,290,744.13 99.94
Cash at banks/(bank liabilities) 122,021.96 0.45
Other net assets/(liabilities) -106,195.37 -0.39
Total 27,306,570.72 100.00
* see Note 16
The accompanying notes are an integral part of these financial statements. Page 160 UBAM - GLOBAL CONVERTIBLE BOND
Geographical classification of investments
(by domicile of the issuer) % of net assets France 99.94
99.94
Industrial classification of investments
% of net assets Unit trusts 99.94
99.94
Page 161 UBAM - GLOBAL CONVERTIBLE BOND Statement of operations and other changes in net assets from 23/08/2013 to 31/12/2013 Expressed in EUR
Income 0.96 Interest on bank accounts 0.96 Expenses 149,078.42 Advisory fees Note 4 19,660.42 Management fees Note 3 83,024.87 Custodian fees 13,453.95 Subscription duty ("taxe d'abonnement") Note 6 5,923.77 Central administration costs 10,246.84 Audit fees 1,071.19 Legal fees 352.70 Transaction fees Note 2 950.00 Other administration costs Note 7, 8 12,906.92 Banking charges and other fees 349.41 Other expenses 1,138.35 Net investment income -149,077.46 Net realised gain/(loss) on: - securities portfolio Note 2 4,978.82 - forward foreign exchange contracts Note 2 -348,942.54 - foreign exchange Note 2 206,180.05 Realised result -286,861.13 Net variation of the unrealised gain/(loss) on: - securities portfolio 1,676,153.69 - forward foreign exchange contracts -11,197.24 Result of operations 1,378,095.32 Subscriptions capitalisation shares 25,928,475.40 Total changes in net assets 27,306,570.72
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 27,306,570.72
The accompanying notes are an integral part of these financial statements. Page 162 UBAM - 30 GLOBAL LEADERS EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 124,378,008.57 Securities portfolio at market value Note 2 121,101,122.28 Cash at banks 3,018,861.94 Receivable on issues of shares 26,337.31 Dividends receivable 129,769.73 Unrealised gain on forward foreign exchange contracts Note 2, 9 99,100.63 Other receivables 2,816.68 Liabilities 530,969.00 Payable on redemptions of shares 53,414.07 Interest payable on bank liabilities and expenses payable 477,554.93 Net assets at the end of the year 123,847,039.57
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 0.000 125,693.831 13,640.000 112,053.831 Distribution shares 0.000 16,205.000 0.000 16,205.000
AH shares Capitalisation shares 0.000 248,267.000 44,687.000 203,580.000
AH CHF shares Capitalisation shares 0.000 106,515.000 3,494.000 103,021.000
A USD shares Capitalisation shares 0.000 66,377.608 460.000 65,917.608
AH USD shares Capitalisation shares 48,271.247 371,073.433 36,300.116 383,044.564
AH GBP shares Capitalisation shares 0.000 14,265.000 0.000 14,265.000
I shares Capitalisation shares 0.000 3,430.773 0.000 3,430.773
IH shares Capitalisation shares 0.000 30,357.000 0.000 30,357.000
I USD shares Capitalisation shares 0.000 534,206.998 25,713.000 508,493.998
IH USD shares Capitalisation shares 81,828.270 30,125.721 106,933.503 5,020.488
The accompanying notes are an integral part of these financial statements. Page 163 UBAM - 30 GLOBAL LEADERS EQUITY Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
R shares Capitalisation shares 1.000 84,655.224 16,122.190 68,534.034
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR USD USD
Total net assets 123,847,039.57 11,823,651.08 13,073,279.68
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 112,053.831 - - Net asset value per share 76.51 - - Distribution shares Number of shares outstanding 16,205.000 - - Net asset value per share 76.51 - -
AH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 203,580.000 - - Net asset value per share 77.93 - -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 103,021.000 - - Net asset value per share 96.68 - -
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 65,917.608 - - Net asset value per share 114.33 - -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 383,044.564 48,271.247 56,079.817 Net asset value per share 103.99 88.34 75.14
AH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 14,265.000 - - Net asset value per share 110.59 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 3,430.773 - - Net asset value per share 76.95 - -
The accompanying notes are an integral part of these financial statements. Page 164 UBAM - 30 GLOBAL LEADERS EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR USD USD
Total net assets 123,847,039.57 11,823,651.08 13,073,279.68
IH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 30,357.000 - - Net asset value per share 80.07 - -
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 508,493.998 - - Net asset value per share 116.72 - -
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 5,020.488 81,828.270 113,575.674 Net asset value per share 109.58 92.38 78.00
R shares EUR USD USD Capitalisation shares Number of shares outstanding 68,534.034 1.000 - Net asset value per share 110.95 88.56 -
The accompanying notes are an integral part of these financial statements. Page 165 UBAM - 30 GLOBAL LEADERS EQUITY Statement of investments and other net assets as at 31/12/2013 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 106,936,899.89 117,436,038.64 94.82 another regulated market Shares 106,936,899.89 117,436,038.64 94.82 Danish Krone 3,956,876.58 4,073,210.24 3.29 30,571 NOVO-NORDISK -B- DKK 3,956,876.58 4,073,210.24 3.29 Euro 15,527,204.86 16,060,978.67 12.97 39,283 AIR LIQUIDE SA EUR 3,765,077.52 4,038,292.40 3.26 53,632 ANHEUSER-BUSCH INBEV NV EUR 3,881,187.15 4,143,608.32 3.35 103,397 LUXOTTICA GROUP SPA EUR 3,973,388.61 4,027,313.15 3.25 29,048 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 3,907,551.58 3,851,764.80 3.11 Pound Sterling 8,154,469.89 7,951,745.00 6.42 180,031 BHP BILLITON PLC GBP 4,127,707.03 4,044,206.00 3.26 490,802 HSBC HOLDINGS PLC GBP 4,026,762.86 3,907,539.00 3.16 Swiss Franc 15,091,649.85 16,058,480.34 12.97 214,072 ABB LTD REG SHS CHF 3,605,494.50 4,101,518.20 3.31 73,883 NESTLE SA REG SHS CHF 3,909,363.43 3,936,809.38 3.18 69,286 NOVARTIS AG REG SHS CHF 3,722,979.01 4,025,428.97 3.25 19,645 ROCHE HOLDING AG GENUSSSCHEIN CHF 3,853,812.91 3,994,723.79 3.23 US Dollar 64,206,698.71 73,291,624.39 59.17 70,682 ACCENTURE - SHS CLASS A USD 3,968,343.21 4,217,478.17 3.41 65,112 AON USD 3,554,282.67 3,964,037.65 3.20 18,087 BLACKROCK INC USD 3,491,038.57 4,153,991.72 3.35 44,063 CHEVRON CORP USD 3,937,760.20 3,994,273.62 3.23 83,206 COLGATE-PALMOLIVE CO USD 3,657,711.04 3,937,634.36 3.18 72,127 DANAHER CORP USD 3,401,554.59 4,040,933.56 3.26 5,247 GOOGLE INC USD 3,460,045.51 4,267,473.69 3.45 7,197 MASTERCARD INC -A- USD 2,989,027.71 4,363,587.66 3.52 56,237 MCDONALD'S CORP USD 4,110,841.79 3,959,995.73 3.20 141,509 MICROSOFT CORP USD 3,167,423.29 3,843,885.39 3.10 68,173 NIKE INC USD 3,042,119.75 3,890,652.58 3.14 57,664 OCCIDENTAL PETROLEUM CORP USD 3,755,875.08 3,979,713.63 3.21 64,059 PROCTER AND GAMBLE CO USD 3,745,158.09 3,784,638.91 3.06 61,929 SCHLUMBERGER LTD USD 3,671,264.36 4,049,800.20 3.27 49,394 UNITED TECHNOLOGIES CORP USD 3,863,614.80 4,079,275.16 3.29 26,913 VISA INC -A- USD 3,656,329.89 4,349,204.86 3.51 76,483 WALT DISNEY CO USD 3,422,996.52 4,240,575.64 3.42 41,014 3M CO USD 3,311,311.64 4,174,471.86 3.37
Other transferable securities 3,804,451.10 3,665,083.64 2.96 Shares 3,804,451.10 3,665,083.64 2.96 US Dollar 3,804,451.10 3,665,083.64 2.96 7,734 SAMSUNG ELEC.GDR REP.0.5 VGT HS -144A- USD 3,804,451.10 3,665,083.64 2.96
Total investments in securities 110,741,350.99 121,101,122.28 97.78
Cash at banks/(bank liabilities) 3,018,861.94 2.44
Other net assets/(liabilities) -272,944.65 -0.22
Total 123,847,039.57 100.00
The accompanying notes are an integral part of these financial statements. Page 166 UBAM - 30 GLOBAL LEADERS EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 49.29 Switzerland 12.97 United Kingdom 9.62 France 6.37 Ireland 3.41 Belgium 3.35 Denmark 3.29 The Netherlands Antilles 3.27 Italy 3.25 South Korea 2.96
97.78
Industrial classification of investments
% of net assets Banks and credit institutions 13.54 Pharmaceuticals and cosmetics 9.77 Petroleum 9.71 Holding and finance companies 6.79 Internet and Internet services 6.55 Textiles and garments 6.25 Miscellaneous consumer goods 6.24 Miscellaneous services 3.41 Tobacco and alcoholic drinks 3.35 Electrical engineering and electronics 3.31 Aerospace industry 3.29 Chemicals 3.26 Coal mining and steel industry 3.26 Machine and apparatus construction 3.26 Photographics and optics 3.25 Insurance 3.20 Hotels and restaurants 3.20 Foods and non alcoholic drinks 3.18 Electronics and semiconductors 2.96
97.78
Page 167 UBAM - 30 GLOBAL LEADERS EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 1,376,277.45 Dividends, net Note 2 1,356,950.62 Interest on bonds and other debt securities, net Note 2 232.23 Interest on bank accounts 124.01 Other income 18,970.59 Expenses 2,097,317.14 Advisory fees Note 4 378,582.00 Management fees Note 3 698,809.07 Custodian fees 164,057.29 Subscription duty ("taxe d'abonnement") Note 6 30,352.90 Central administration costs 77,621.07 Audit fees 4,244.59 Interest paid on bank liabilities 646.62 Legal fees 2,614.13 Transaction fees Note 2 614,883.02 Other administration costs Note 7, 8 97,987.17 Banking charges and other fees 1,958.10 Other expenses 25,561.18 Net investment income -721,039.69 Net realised gain/(loss) on: - securities portfolio Note 2 -2,143,226.37 - forward foreign exchange contracts Note 2 154,140.52 - foreign exchange Note 2 -197,845.38 Realised result -2,907,970.92 Net variation of the unrealised gain/(loss) on: - securities portfolio 11,163,193.90 - forward foreign exchange contracts 98,045.83 Result of operations 8,353,268.81 Subscriptions capitalisation shares 124,172,625.15 Subscriptions distribution shares 1,142,789.25 Redemptions capitalisation shares -18,713,946.94 Total changes in net assets 114,954,736.27
Total net assets at the beginning of the year 8,892,303.30
Total net assets at the end of the year 123,847,039.57
The accompanying notes are an integral part of these financial statements. Page 168 UBAM - ASIA EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 27,152,935.54 Securities portfolio at market value Note 2 26,229,916.07 Cash at banks 921,442.66 Dividends receivable 1,576.81 Liabilities 177,765.36 Payable on treasury transactions Note 2 244.56 Interest payable on bank liabilities and expenses payable 177,520.80 Net assets at the end of the year 26,975,170.18
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 799,891.870 214,973.249 248,856.392 766,008.727
A EUR shares Capitalisation shares 8,080.000 24,093.000 14,430.000 17,743.000
AP shares Capitalisation shares 0.000 417,366.658 58,597.923 358,768.735
IP shares Capitalisation shares 137,250.000 148,407.107 285,397.153 259.954
R shares Capitalisation shares 40,100.266 65,443.222 17,997.101 87,546.387
The accompanying notes are an integral part of these financial statements. Page 169 UBAM - ASIA EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 26,975,170.18 20,199,522.62 18,442,738.89
A shares USD USD USD Capitalisation shares Number of shares outstanding 766,008.727 799,891.870 948,088.477 Net asset value per share 22.08 20.51 15.67
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 17,743.000 8,080.000 7,580.000 Net asset value per share 16.02 15.55 12.07
AP shares USD USD USD Capitalisation shares Number of shares outstanding 358,768.735 - - Net asset value per share 22.07 - -
IP shares USD USD USD Capitalisation shares Number of shares outstanding 259.954 137,250.000 177,740.000 Net asset value per share 22.86 20.97 15.82
R shares USD USD USD Capitalisation shares Number of shares outstanding 87,546.387 40,100.266 45,674.198 Net asset value per share 19.92 18.69 14.42
The accompanying notes are an integral part of these financial statements. Page 170 UBAM - ASIA EQUITY Statement of investments and other net assets as at 31/12/2013 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 24,038,906.41 26,229,916.07 97.24 another regulated market Shares 24,038,906.41 26,229,916.07 97.24 Hong Kong Dollar 8,592,665.77 9,374,233.21 34.75 794,000 AGRICULTURAL BANK OF CHINA -H- HKD 325,670.27 390,151.12 1.45 1,024,500 BOER POWER HOLDINGS LTD HKD 533,228.71 940,761.08 3.49 3,252,500 CHINA AUTOMATION GROUP LTD HKD 1,235,597.74 738,273.63 2.74 562,000 CHINA HUIRONG FINANCIAL HOLDINGS LTD HKD 122,190.36 121,767.95 0.45 480,000 CHINA PETROLEUM AND CHEMICAL -H- HKD 398,830.85 391,861.26 1.45 811,000 CN MACHINERY -H- HKD 529,410.85 655,806.60 2.43 1,189,400 EMBRY HOLDINGS LTD HKD 817,284.54 823,738.96 3.05 942,000 FAR EAST HORIZON LTD HKD 636,505.85 805,474.54 2.99 224,800 HAITONG SECURITIES CO LTD -H- HKD 350,739.77 391,396.97 1.45 1,439,000 HUISHANG BANK CORPORATION LTD HKD 664,381.09 656,978.93 2.44 1,251,000 LI NING CO HKD 699,826.45 987,406.81 3.65 1,295,500 NEW WORLD DEPARTMENT STORE CHINA LTD HKD 860,550.41 728,469.36 2.70 55,000 PING AN INS (GRP) CO -H- HKD 419,114.83 492,631.67 1.83 174,000 SHANGAI FOSUN PHARMACEUTICAL H HKD 313,423.91 523,990.63 1.94 347,000 SUNNY OPTI TECH SHS HKD 356,035.67 337,433.51 1.25 195,400 ZTE CORPORATION -H- HKD 329,874.47 388,090.19 1.44 Indian Rupee 2,473,441.88 2,305,375.19 8.55 1,117,459 BALLARPUR INDUSTRIES INR 390,811.38 237,565.04 0.88 35,373 MCX INDIA INR 389,603.99 273,954.17 1.02 125,000 OIL AND NATURAL GAS CORP INR 595,446.65 583,825.05 2.16 343,684 PRESTIGE ESTATES PROJECTS LTD INR 789,187.97 902,618.44 3.35 50,000 SUN TV NETWORK INR 308,391.89 307,412.49 1.14 Indonesian Rupiah 749,048.87 564,276.85 2.09 361,500 BANK RAKYAT INDONESIA IDR 266,971.30 215,355.20 0.80 6,849,000 PT TIPHONE MOBILE INDONESIA TBK IDR 482,077.57 348,921.65 1.29 Korean Won 4,787,950.96 5,363,973.68 19.88 752 AMOREPACIFIC CORP KRW 631,206.34 712,559.86 2.64 13,511 DSHM KRW 337,762.24 243,245.38 0.90 6,750 HANA FINANCIAL GROUP INC KRW 267,251.69 280,783.64 1.04 3,367 HYUNDAI HEAVY INDUSTRIES CO LTD KRW 859,239.62 819,935.61 3.04 3,727 HYUNDAI MOTOR CO LTD KRW 749,876.19 835,206.85 3.10 14,223 KGINICIS CO LTD KRW 282,985.25 223,718.97 0.83 739 NAVER KRW 289,508.16 506,974.97 1.88 15,190 SHINHAN FINANCIAL GROUP KRW 644,019.38 680,804.51 2.52 30,420 SK HYNIX INC KRW 726,102.09 1,060,743.89 3.93 Malaysian Ringgit 1,146,156.74 1,239,329.16 4.59 695,000 MEDIA PRIMA BHD MYR 587,711.63 555,918.23 2.06 550,000 QL RESOURCES MYR 558,445.11 683,410.93 2.53 New Taiwan Dollar 2,681,666.92 3,003,941.88 11.14 3,430,000 CHINA DEVELOPMENT BANK FINANCIAL HDG CO TWD 952,290.85 1,035,785.21 3.85 399,092 FORMOSA LABORATORIES INC TWD 765,010.21 903,878.12 3.35 132,000 NOVATEK ELECTRONICS TWD 501,904.45 540,339.65 2.00 1,439,189 TA CHONG BANK TWD 462,461.41 523,938.90 1.94 Philippine Peso 222,272.76 207,007.32 0.77 375,000 CONCEPCION INDUSTRIAL CORP PHP 222,272.76 207,007.32 0.77 Singapore Dollar 1,123,237.93 922,176.29 3.42 544,000 OLAM INTERNATIONAL LTD SGD 851,416.27 661,365.31 2.45 74,000 SEMBCORP MARINE LTD SGD 271,821.66 260,810.98 0.97 Thai Bath 832,333.82 785,003.68 2.91 806,100 CHAROEN POKPHAND N.VTG DEP.RECEIPT THB 832,333.82 785,003.68 2.91 US Dollar 1,430,130.76 2,464,598.81 9.14 44,300 HOLLYSYS AUTOMATION TECHNOLOGIES USD 449,083.17 838,599.00 3.11 74,613 RDA MICROELECTRONICS INC USD 700,124.54 1,334,080.44 4.95 208,365 SHANGHAI FRIENDSHIP OVS CHINESE CO -B- USD 280,923.05 291,919.37 1.08
Total investments in securities 24,038,906.41 26,229,916.07 97.24
Cash at banks/(bank liabilities) 921,442.66 3.42
Other net assets/(liabilities) -176,188.55 -0.66
The accompanying notes are an integral part of these financial statements. Page 171 UBAM - ASIA EQUITY Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Total 26,975,170.18 100.00
The accompanying notes are an integral part of these financial statements. Page 172 UBAM - ASIA EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Cayman Islands 22.28 South Korea 19.88 China 15.51 Taiwan 11.14 India 8.55 Malaysia 4.59 Singapore 3.42 British Virgin Islands 3.11 Hong Kong 2.99 Thailand 2.91 Indonesia 2.09 Philippines 0.77
97.24
Industrial classification of investments
% of net assets Holding and finance companies 14.98 Machine and apparatus construction 9.93 Electronics and semiconductors 9.78 Banks and credit institutions 6.63 Retail trade, department stores 6.35 Internet and Internet services 5.45 Communications 4.79 Pharmaceuticals and cosmetics 4.58 Textiles and garments 4.13 Petroleum 3.61 Building materials and trade 3.35 Healthcare and social services 3.35 Road vehicles 3.10 Foods and non alcoholic drinks 2.91 Electrical engineering and electronics 2.77 Miscellaneous services 2.59 Agriculture and fishery 2.53 Miscellaneous trading companies 2.45 Insurance 1.83 Photographics and optics 1.25 Paper and forest products 0.88
97.24
Page 173 UBAM - ASIA EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 528,941.98 Dividends, net Note 2 465,305.30 Interest on bank accounts 30.56 Other income 63,606.12 Expenses 869,778.09 Advisory fees Note 4 186,147.40 Management fees Note 3 223,028.85 Custodian fees 65,815.65 Subscription duty ("taxe d'abonnement") Note 6 11,637.15 Central administration costs 26,560.11 Performance fees Note 5 34,155.58 Audit fees 1,287.33 Interest paid on bank liabilities 380.40 Legal fees 5,545.77 Transaction fees Note 2 249,555.40 Other administration costs Note 7, 8 54,326.72 Banking charges and other fees 1,928.31 Other expenses 9,409.42 Net investment income -340,836.11 Net realised gain/(loss) on: - securities portfolio Note 2 1,255,734.81 - forward foreign exchange contracts Note 2 -2,112.16 - foreign exchange Note 2 -531,800.60 Realised result 380,985.94 Net variation of the unrealised gain/(loss) on: - securities portfolio 1,491,609.52 Result of operations 1,872,595.46 Subscriptions capitalisation shares 17,729,626.78 Redemptions capitalisation shares -12,826,574.68 Total changes in net assets 6,775,647.56
Total net assets at the beginning of the year 20,199,522.62
Total net assets at the end of the year 26,975,170.18
The accompanying notes are an integral part of these financial statements. Page 174 UBAM - ASIA EQUITY HIGH DIVIDEND Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 48,025,194.77 Securities portfolio at market value Note 2 45,957,309.12 Cash at banks 1,962,007.18 Formation expenses, net Note 2 8,706.29 Dividends receivable 28,802.21 Other receivables 68,369.97 Liabilities 297,294.54 Bank liabilities 7.82 Payable on redemptions of shares 1,027.68 Interest payable on bank liabilities and expenses payable 296,259.04 Net assets at the end of the year 47,727,900.23
Changes in number of shares outstanding from 05/09/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 05/09/2013 31/12/2013
A shares Capitalisation shares 0.000 226,061.705 16,415.635 209,646.070 Distribution shares 0.000 3,702.880 570.000 3,132.880
I shares Capitalisation shares 0.000 22,710.000 3,000.000 19,710.000 Distribution shares 0.000 68,352.000 0.000 68,352.000
I EUR shares Capitalisation shares 0.000 9,010.000 0.000 9,010.000
The accompanying notes are an integral part of these financial statements. Page 175 UBAM - ASIA EQUITY HIGH DIVIDEND Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 47,727,900.23 - -
A shares USD USD USD Capitalisation shares Number of shares outstanding 209,646.070 - - Net asset value per share 172.17 - - Distribution shares Number of shares outstanding 3,132.880 - - Net asset value per share 104.37 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 19,710.000 - - Net asset value per share 106.24 - - Distribution shares Number of shares outstanding 68,352.000 - - Net asset value per share 116.45 - -
I EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 9,010.000 - - Net asset value per share 100.83 - -
The accompanying notes are an integral part of these financial statements. Page 176 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of investments and other net assets as at 31/12/2013 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 45,776,063.62 45,443,719.12 95.21 another regulated market Shares 45,776,063.62 45,443,719.12 95.21 Hong Kong Dollar 22,529,740.94 22,370,122.74 46.87 2,830,000 AGRICULTURAL BANK OF CHINA -H- HKD 1,355,235.86 1,390,589.02 2.91 2,196,000 BANK OF CHINA LTD -H- HKD 1,008,888.61 1,011,085.63 2.12 2,190,000 CHINA COMMUNICATION SERCICES CORP -H- HKD 1,353,135.63 1,355,728.54 2.84 1,535,000 CHINA CONSTRUCTION BANK CORPORATION -H- HKD 1,189,131.20 1,158,114.85 2.43 488,000 CHINA EVERBRIGHT LTD HKD 702,335.55 771,609.70 1.62 116,000 CHINA MOBILE LTD HKD 1,226,229.39 1,202,822.17 2.52 2,789,400 CHINA PETROLEUM AND CHEMICAL -H- HKD 2,273,440.62 2,277,203.76 4.77 156,500 CHINA SHENHUA ENERGY CO LTD-SHS.-H- HKD 494,335.44 493,492.54 1.03 380,000 CNOOC LTD -RC- HKD 760,811.88 706,701.87 1.48 1,288,000 FAR EAST CONSORTIUM INTERNATIONAL LTD HKD 417,752.09 483,388.41 1.01 877,000 FAR EAST HORIZON LTD HKD 616,663.81 749,895.08 1.57 3,252,000 FRANSHION PROPERTIES -RC- HKD 1,137,724.72 1,132,404.76 2.37 1,036,000 HUANENG POWER INTL INC -H- HKD 1,074,274.39 936,623.73 1.96 1,878,000 HUISHANG BANK CORPORATION LTD HKD 863,632.58 857,405.44 1.80 3,420,000 INDUS.AND COMMERCIAL BANK OF CHINA -H- HKD 2,377,731.32 2,311,238.58 4.84 1,312,000 NEW WORLD DEPARTMENT STORE CHINA LTD HKD 775,787.35 737,747.44 1.55 1,393,000 PCCW LTD HKD 626,688.17 623,401.69 1.31 1,498,000 PETROCHINA CO LTD -H- HKD 1,707,109.35 1,642,170.04 3.44 75,000 POWER ASSETS HOLDINGS HKD 632,338.17 596,323.23 1.25 1,148,000 SITC INTERNATIONAL HOLDINGS CO LTD HKD 485,215.84 504,874.75 1.06 1,423,000 SPRING REIT UNITS HKD 699,346.83 581,770.30 1.22 857,000 TRAVELSKY TECHNOLOGY -H- HKD 751,932.14 845,531.21 1.77 Indonesian Rupiah 1,159,390.09 1,104,041.81 2.31 1,000,000 PERUSAHAAN GAS NEGA -B- IDR 400,571.27 367,707.17 0.77 4,168,000 TELKOM INDONESIA -B- IDR 758,818.82 736,334.64 1.54 Korean Won 989,660.87 1,031,288.73 2.16 3,867 SK INNOVATION KRW 508,597.83 518,482.52 1.09 2,353 SK TELEKOM KRW 481,063.04 512,806.21 1.07 Malaysian Ringgit 3,669,636.93 3,626,955.15 7.60 239,500 BURSA MALAYSIA BHD MYR 590,999.55 601,769.51 1.26 382,647 MALAYAN BANKING BHD MYR 1,172,066.71 1,161,206.67 2.44 1,122,900 MEDIA PRIMA BHD MYR 935,783.21 898,187.89 1.88 113,000 PUBLIC BANK BHD FOREIGN MYR 653,927.20 674,105.43 1.41 169,700 TOP GLOVE CORPORATION BHD MYR 316,860.26 291,685.65 0.61 New Taiwan Dollar 5,185,578.68 5,418,139.78 11.35 333,000 CHENG UEI PRECISION INDUSTRY CO TWD 676,443.61 668,156.96 1.40 3,733,000 CHINA DEVELOPMENT BANK FINANCIAL HDG CO TWD 1,085,044.41 1,127,284.61 2.36 1,698,000 CHINATRUST FINANCIAL HLDGS TWD 1,083,458.82 1,159,405.02 2.43 276,000 LUMAX INTERNATIONAL TWD 675,097.74 663,989.66 1.39 280,000 NOVATEK ELECTRONICS TWD 1,065,761.41 1,146,175.02 2.40 570,000 TECO EL.MACHINERY TWD 599,772.69 653,128.51 1.37 Philippine Peso 58,431.71 52,639.00 0.11 525,000 SPC POWER CORP PHP 58,431.71 52,639.00 0.11 Singapore Dollar 7,343,263.81 7,306,192.18 15.31 560,000 CAPITACOMMERCIAL REAL ESTATE INV TRUST SGD 635,799.49 643,117.25 1.35 99,000 DBS GROUP HOLDINGS SGD 1,312,841.30 1,340,804.43 2.81 126,000 KEPPEL CORPORATION LTD SGD 1,084,734.49 1,116,695.50 2.34 184,000 OVERSEA-CHINESE BANKING CORPORATION LTD SGD 1,535,278.04 1,486,456.24 3.11 269,000 SEMBCORP MARINE LTD SGD 946,455.86 948,083.14 1.99 441,000 SINGAPORE TELECOM - SH BOARD LOT 1000 SGD 1,341,817.00 1,278,361.87 2.68 145,000 STARHUB SGD 486,337.63 492,673.75 1.03 Thai Bath 1,844,557.06 1,514,782.13 3.17 102,700 ADVANCED INFO SERVICE -F- THB 805,211.36 623,513.90 1.31 52,800 PTT PUBLIC COMPANY LTD LIMITED THB 532,120.23 459,549.98 0.96 252,200 THAI OIL-FOREIGN REG THB 507,225.47 431,718.25 0.90 US Dollar 2,995,803.53 3,019,557.60 6.33 23,000 CHUNGHWA TELECOM -ADR- 10 SHS WHEN ISSUE USD 722,883.10 712,080.00 1.49 713,403 SHANGHAI FRIENDSHIP OVS CHINESE CO -B- USD 896,460.43 999,477.60 2.09 75,000 TAIWAN SEMICON ADR (REPR 5 SHS) USD 1,376,460.00 1,308,000.00 2.75
The accompanying notes are an integral part of these financial statements. Page 177 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Other transferable securities 495,650.22 513,590.00 1.08 Warrants, Rights 495,650.22 513,590.00 1.08 US Dollar 495,650.22 513,590.00 1.08 110,000 UBS AG (OIL AND NATURAL GAS)20.12.15 WAR USD 495,650.22 513,590.00 1.08
Total investments in securities 46,271,713.84 45,957,309.12 96.29
Cash at banks/(bank liabilities) 1,961,999.36 4.11
Other net assets/(liabilities) -191,408.25 -0.40
Total 47,727,900.23 100.00
The accompanying notes are an integral part of these financial statements. Page 178 UBAM - ASIA EQUITY HIGH DIVIDEND
Geographical classification of investments
(by domicile of the issuer) % of net assets China 32.00 Taiwan 15.59 Singapore 15.31 Hong Kong 13.34 Malaysia 7.60 Cayman Islands 3.62 Thailand 3.17 Indonesia 2.31 South Korea 2.16 United Kingdom 1.08 Philippines 0.11
96.29
Industrial classification of investments
% of net assets Banks and credit institutions 26.21 Communications 17.67 Petroleum 12.32 Holding and finance companies 12.02 Electrical engineering and electronics 6.94 Real estate companies 5.95 Electronics and semiconductors 4.14 Utilities 3.32 Textiles and garments 2.09 Machine and apparatus construction 1.99 Retail trade, department stores 1.55 Transportation 1.06 Coal mining and steel industry 1.03
96.29
Page 179 UBAM - ASIA EQUITY HIGH DIVIDEND Statement of operations and other changes in net assets from 05/09/2013 to 31/12/2013 Expressed in USD
Income 110,446.35 Dividends, net Note 2 110,395.40 Interest on bank accounts 50.95 Expenses 376,211.63 Management fees Note 3 153,351.95 Custodian fees 26,162.27 Subscription duty ("taxe d'abonnement") Note 6 5,130.38 Central administration costs 11,344.10 Audit fees 2,006.68 Interest paid on bank liabilities 946.68 Legal fees 2,626.86 Transaction fees Note 2 158,134.49 Other administration costs Note 7, 8 14,158.18 Banking charges and other fees 625.43 Other expenses 1,724.61 Net investment income -265,765.28 Net realised gain/(loss) on: - securities portfolio Note 2 -325,400.66 - forward foreign exchange contracts Note 2 194.48 - foreign exchange Note 2 -80,259.54 Realised result -671,231.00 Net variation of the unrealised gain/(loss) on: - securities portfolio -314,404.72 Result of operations -985,635.72 Subscriptions capitalisation shares 43,722,256.63 Subscriptions distribution shares 8,211,072.12 Redemptions capitalisation shares -3,159,156.20 Redemptions distribution shares -60,636.60 Total changes in net assets 47,727,900.23
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 47,727,900.23
The accompanying notes are an integral part of these financial statements. Page 180 UBAM - DR. EHRHARDT GERMAN EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 83,423,076.24 Securities portfolio at market value Note 2 82,457,641.86 Deposits on futures and options contracts 291,185.81 Cash at banks 483,518.99 Unrealised gain on futures contracts Note 2, 10 55,687.50 Other receivables 135,042.08 Liabilities 382,683.70 Payable on redemptions of shares 44,790.93 Interest payable on bank liabilities and expenses payable 337,892.77 Net assets at the end of the year 83,040,392.54
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 40,929.279 3,845.089 13,000.553 31,773.815
I shares Capitalisation shares 15,020.469 10,433.379 4,959.312 20,494.536
R shares Capitalisation shares 4,142.185 103.376 1,436.440 2,809.121
The accompanying notes are an integral part of these financial statements. Page 181 UBAM - DR. EHRHARDT GERMAN EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 83,040,392.54 74,405,354.12 83,936,017.27
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 31,773.815 40,929.279 49,877.353 Net asset value per share 1,476.99 1,226.03 1,017.20
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 20,494.536 15,020.469 26,068.255 Net asset value per share 1,575.40 1,298.09 1,069.02
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,809.121 4,142.185 5,576.846 Net asset value per share 1,361.11 1,141.19 956.34
The accompanying notes are an integral part of these financial statements. Page 182 UBAM - DR. EHRHARDT GERMAN EQUITY Statement of investments and other net assets as at 31/12/2013 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 67,885,027.96 82,457,641.86 99.30 another regulated market Shares 67,885,027.96 82,457,641.86 99.30 Euro 67,885,027.96 82,457,641.86 99.30 4,600 ADIDAS NAMEN AKT EUR 419,317.14 426,144.00 0.51 30,700 ALLIANZ SE REG SHS EUR 3,730,577.15 4,001,745.00 4.82 4,219 AUDI AG EUR 2,519,519.42 2,698,193.95 3.25 60,000 AXEL SPRINGER VERLAG AG NAMEN AKT EUR 2,614,525.07 2,802,000.00 3.37 24,700 BAYER AG REG SHS EUR 1,854,573.91 2,518,165.00 3.03 11,700 BEIERSDORF AG EUR 867,589.49 861,588.00 1.04 70,000 BILFINGER SE EUR 3,822,885.57 5,707,100.00 6.87 3,500 BIOTEST VORZUG EUR 246,048.95 266,000.00 0.32 9,400 BMW AG EUR 786,606.56 801,068.00 0.96 16,440 CANCOM IT SYSTEME EUR 474,283.04 506,352.00 0.61 150,000 COMMERZBK EUR 1,691,610.00 1,756,500.00 2.12 8,400 CONTINENTAL AG EUR 1,200,576.12 1,338,960.00 1.61 47,000 DAIMLER AG REG SHS EUR 2,474,470.97 2,956,300.00 3.56 40,000 DEUTSCHE BOERSE AG REG SHS EUR 2,256,325.47 2,408,000.00 2.90 256,000 DEUTSCHE POST AG REG SHS EUR 4,389,426.21 6,784,000.00 8.17 430,000 DEUTSCHE TELEKOM AG REG SHS EUR 4,728,787.57 5,344,900.00 6.44 60,544 DIC ASSET AG EUR 460,165.05 405,039.36 0.49 28,700 EUROPEAN AERONAUTIC DEFENSE AND SPACE EUR 1,408,827.87 1,601,747.00 1.93 32,000 FRESENIUS AG EUR 2,678,821.77 3,571,200.00 4.30 7,200 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 352,344.24 372,456.00 0.45 62,211 GAGFAH REG.SHS EUR 613,791.47 665,657.70 0.80 11,900 GEA GROUP AG EUR 283,591.15 411,740.00 0.50 17,200 GERRESHEIMER AG EUR 856,755.05 874,276.00 1.05 21,400 GRAMMER EUR 765,604.31 741,617.00 0.89 3,500 GRENKELEASING AG EUR 184,774.13 238,000.00 0.29 32,500 HANNOVER RUECKVERSICHERUNG AG REG SHS EUR 1,915,791.61 2,027,350.00 2.44 173,000 INFINEON TECHNOLOGIES REG SHS EUR 1,296,538.70 1,342,480.00 1.62 5,500 KION GROUP EUR 170,210.70 168,987.50 0.20 17,000 LINDE AG EUR 2,528,757.00 2,584,850.00 3.11 194,900 METRO AG EUR 5,543,722.92 6,860,480.00 8.26 81,100 PROSIEBENSAT.1 NAMEN-AKT EUR 2,624,133.71 2,919,600.00 3.52 96,000 QSC N EUR 338,869.91 412,320.00 0.50 35,635 RENK AG EUR 1,145,946.80 2,975,878.85 3.58 54,000 RHEINMETALL AG EUR 2,403,690.52 2,421,630.00 2.92 42,400 SAP AG EUR 2,531,209.39 2,641,944.00 3.18 14,300 SCHALTBAU EUR 601,182.12 657,871.50 0.79 3,800 SHW EUR 160,222.56 176,567.00 0.21 13,100 SIEMENS AG REG SHS EUR 1,245,932.77 1,300,699.00 1.57 52,000 SKY DEUTSCHLAND AG EUR 343,397.60 416,000.00 0.50 20,700 STO AG VORZUG OHNE STIMMRECHT EUR 984,830.51 2,856,600.00 3.44 43,000 TALANX AG NAM AKT EUR 852,686.06 1,059,950.00 1.28 110,000 TUI AG REG SHS EUR 1,291,175.80 1,317,250.00 1.59 9,000 WIRECARD AG EUR 224,931.60 258,435.00 0.31
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 EUR 0.00 0.00 0.00
Total investments in securities 67,885,027.96 82,457,641.86 99.30
Cash at banks/(bank liabilities) 483,518.99 0.58
Other net assets/(liabilities) 99,231.69 0.12
Total 83,040,392.54 100.00
The accompanying notes are an integral part of these financial statements. Page 183 UBAM - DR. EHRHARDT GERMAN EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Germany 96.57 The Netherlands 1.93 Luxembourg 0.80
99.30
Industrial classification of investments
% of net assets Road vehicles 15.37 Insurance 8.54 Retail trade, department stores 8.26 Transportation 8.17 Graphic art and publishing 7.39 Miscellaneous services 6.87 Communications 6.44 Chemicals 6.14 Pharmaceuticals and cosmetics 5.79 Internet and Internet services 4.89 Building materials and trade 3.44 Holding and finance companies 2.90 Various capital goods 2.62 Banks and credit institutions 2.12 Aerospace industry 1.93 Electronics and semiconductors 1.62 Tires and rubber 1.61 Hotels and restaurants 1.59 Real estate companies 1.29 Electrical engineering and electronics 0.79 Machine and apparatus construction 0.70 Textiles and garments 0.51 Biotechnology 0.32
99.30
Page 184 UBAM - DR. EHRHARDT GERMAN EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 2,272,949.81 Dividends, net Note 2 2,195,403.12 Interest on bank accounts 25.99 Bank interest on time deposits 219.99 Other income 77,300.71 Expenses 2,259,581.54 Advisory fees Note 4 550,917.90 Management fees Note 3 495,893.91 Custodian fees 150,801.85 Subscription duty ("taxe d'abonnement") Note 6 27,615.50 Central administration costs 74,979.02 Audit fees 3,783.73 Interest paid on bank liabilities 669.20 Legal fees 3,820.69 Transaction fees Note 2 817,799.26 Other administration costs Note 7, 8 108,906.68 Banking charges and other fees 4,178.49 Other expenses 20,215.31 Net investment income 13,368.27 Net realised gain/(loss) on: - securities portfolio Note 2 8,567,570.22 - futures contracts Note 2 2,170,564.43 - foreign exchange Note 2 -19,585.44 Realised result 10,731,917.48 Net variation of the unrealised gain/(loss) on: - securities portfolio 3,011,428.35 - futures contracts 117,767.50 Result of operations 13,861,113.33 Subscriptions capitalisation shares 21,227,588.24 Redemptions capitalisation shares -26,453,663.15 Total changes in net assets 8,635,038.42
Total net assets at the beginning of the year 74,405,354.12
Total net assets at the end of the year 83,040,392.54
The accompanying notes are an integral part of these financial statements. Page 185 UBAM - EQUITY BRIC+ Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 68,229,905.08 Securities portfolio at market value Note 2 65,360,611.25 Cash at banks 2,803,686.04 Receivable on issues of shares 81.05 Dividends receivable 65,393.05 Receivable on treasury transactions Note 2 133.69 Liabilities 897,629.34 Bank liabilities 454,810.39 Payable on redemptions of shares 102,411.51 Interest payable on bank liabilities and expenses payable 340,407.44 Net assets at the end of the year 67,332,275.74
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
AP shares Capitalisation shares 671,425.697 120,646.516 391,492.733 400,579.480 Distribution shares 4,773.000 4,743.000 2,139.000 7,377.000
AP EUR shares Capitalisation shares 30,769.000 19,196.704 23,034.000 26,931.704
AP CHF shares Capitalisation shares 1,400.000 255.000 850.000 805.000
IP shares Capitalisation shares 758,995.579 217,753.721 700,508.561 276,240.739
IP EUR shares Capitalisation shares 6,785.000 13,105.000 6,540.000 13,350.000
RP shares Capitalisation shares 49,255.358 9,205.972 26,326.294 32,135.036
Z shares Capitalisation shares 0.000 50,000.000 0.000 50,000.000
The accompanying notes are an integral part of these financial statements. Page 186 UBAM - EQUITY BRIC+ Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 67,332,275.74 124,866,044.12 87,214,231.99
AP shares USD USD USD Capitalisation shares Number of shares outstanding 400,579.480 671,425.697 640,077.256 Net asset value per share 81.36 81.13 68.15 Distribution shares Number of shares outstanding 7,377.000 4,773.000 4,715.000 Net asset value per share 74.54 74.33 62.68 Dividend per share - 0.28 0.39
AP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 26,931.704 30,769.000 11,288.000 Net asset value per share 59.03 61.52 52.49
AP CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 805.000 1,400.000 - Net asset value per share 72.35 74.25 -
IP shares USD USD USD Capitalisation shares Number of shares outstanding 276,240.739 758,995.579 570,321.249 Net asset value per share 83.77 82.92 69.14
IP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 13,350.000 6,785.000 4,920.000 Net asset value per share 60.30 62.38 52.83
RP shares USD USD USD Capitalisation shares Number of shares outstanding 32,135.036 49,255.358 40,713.787 Net asset value per share 79.54 79.94 67.70
Z shares USD USD USD Capitalisation shares Number of shares outstanding 50,000.000 - - Net asset value per share 102.54 - -
The accompanying notes are an integral part of these financial statements. Page 187 UBAM - EQUITY BRIC+ Statement of investments and other net assets as at 31/12/2013 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 61,457,500.46 65,360,611.25 97.07 another regulated market Shares 61,457,500.46 65,360,611.25 97.07 Brazilian Real 14,775,951.03 13,901,699.94 20.65 90,400 ALLIANSCE SHOPPING BRL 843,969.36 701,201.26 1.04 100,500 AMBEV SA BRL 905,243.12 737,797.40 1.10 79,200 ANHANGUERA EDUCACIONAL PARTICIPACOES SA BRL 476,774.92 500,189.56 0.74 7,700 ARTERIS SA BRL 59,391.27 62,174.01 0.09 62,550 AX PART - UNITS CONS OF 1 SH - 4 PFD SHS BRL 773,658.03 530,249.76 0.79 64,100 BANCO DO BRASIL SA BRL 750,772.44 662,935.12 0.98 18,500 COSAN CERT DEP BRAS REPR 1 SHS -A- BRL 270,928.71 258,766.97 0.38 73,000 COSAN SA INDUSTRIA BRL 1,309,829.31 1,224,677.73 1.83 119,200 EQUATORIAL ENERGIA SA BRL 928,135.37 1,169,635.17 1.75 71,000 ESTACIO PART BRL 549,845.27 614,220.80 0.91 12,700 GUARARAPES CONFECCOES SA BRL 558,095.14 565,218.27 0.84 71,300 IOCHPE MAXION BRL 852,691.85 790,286.19 1.17 80,408 ITAUSA INVESTIMENTOS ITAU SA-PREF BRL 376,415.59 303,327.95 0.45 24,890 ITAUUNIBANCO PFD SHS BRL 372,070.04 330,739.15 0.49 38,230 LOCALIZA RENT A CAR SA BRL 648,664.87 539,275.62 0.80 76,500 MAHLE-METAL LEVE SA BRL 939,732.24 888,454.45 1.32 106,400 PETROLEO BRASILEIRO BRL 908,889.41 721,129.50 1.07 41,000 PETROLEO BRASILEIRO -PETROBRAS- PREF. BRL 297,507.82 296,821.18 0.44 77,100 QUALICORP SA BRL 565,419.30 735,292.38 1.09 41,100 SIERRABRASIL BRL 575,321.82 317,578.91 0.47 3,100 TEGMA GESTAO -SHS- BRL 53,180.89 23,651.43 0.04 14,500 TELEF BRASIL PFD SHS BRL 394,232.38 275,524.30 0.41 30,800 ULTRAPAR BRL 564,387.09 730,422.22 1.08 153,100 USIMINAS PREF. -A- BRL 800,794.79 922,130.61 1.37 Hong Kong Dollar 13,669,503.48 15,589,415.20 23.15 360,000 AGRICULTURAL BANK OF CHINA -H- HKD 147,659.07 176,894.72 0.26 1,004,000 AVICHINA INDUSTRY AND TECHNOLOGY CO LTD HKD 510,464.92 583,979.55 0.87 861,000 BOER POWER HOLDINGS LTD HKD 581,394.92 790,624.98 1.17 330,000 BRILLIANCE CHINA AUTO HLDGS HKD 390,091.10 537,958.04 0.80 1,439,000 CHINA AGRI-INDUSTRIES LTD -RC- HKD 720,952.41 718,222.73 1.07 2,696,000 CHINA AUTOMATION GROUP LTD HKD 603,496.82 611,955.64 0.91 560,000 CHINA BLUECHEMICAL SHS.H- HKD 347,192.52 350,281.46 0.52 539,293 CHINA COMMUNICATION SERCICES CORP -H- HKD 346,668.58 333,851.56 0.50 320,000 CHINA EVERBRIGHT LTD HKD 503,443.08 505,973.57 0.75 1,606,000 CHINA HUIRONG FINANCIAL HOLDINGS LTD HKD 398,791.40 347,970.32 0.52 449,500 CHINA MINSHENG BANKING CORPORATION -H- HKD 460,127.35 499,137.54 0.74 477,000 CHINA MODERN DAIRY HOLDINGS LTD HKD 182,517.23 258,377.72 0.38 678,000 CHINA PETROLEUM AND CHEMICAL -H- HKD 563,348.57 553,504.03 0.82 370,000 CHINA UNICO HK HKD 524,212.49 553,537.56 0.82 50,000 CN CINDA AM -H- HKD 23,084.97 31,210.65 0.05 914,000 CN MACHINERY -H- HKD 627,188.25 739,096.46 1.10 763,000 FAR EAST HORIZON LTD HKD 494,076.63 652,417.27 0.97 2,338,000 FRANSHION PROPERTIES -RC- HKD 751,441.08 814,133.56 1.22 743,000 GOODBABY INTL HKD 312,171.32 412,045.01 0.61 984,000 GUODIAN TECH -H- HKD 287,096.65 251,274.07 0.37 419,200 HAITONG SECURITIES CO LTD -H- HKD 561,374.46 729,864.81 1.08 940,000 HUISHANG BANK CORPORATION LTD HKD 432,191.32 429,159.27 0.64 941,500 LI NING CO HKD 537,832.58 743,120.31 1.10 598,000 PETROCHINA CO LTD -H- HKD 762,229.26 655,552.53 0.97 52,000 PING AN INS (GRP) CO -H- HKD 399,689.55 465,760.85 0.69 239,500 SHANGAI FOSUN PHARMACEUTICAL H HKD 424,522.42 721,239.97 1.07 854,000 SITC INTERNATIONAL HOLDINGS CO LTD HKD 314,351.34 375,577.56 0.56 417,000 SUNNY OPTI TECH SHS HKD 428,403.17 405,503.67 0.60 544,000 TRAVELSKY TECHNOLOGY -H- HKD 362,323.95 536,719.93 0.80 111,000 WEICHAI POWER -H- HKD 374,719.81 447,363.33 0.66 179,800 ZTE CORPORATION -H- HKD 296,446.26 357,106.53 0.53 Indian Rupee 15,898,236.10 17,121,445.35 25.43 11,330 BAJAJ AUTO LTD INR 334,295.51 350,010.99 0.52 7,030 BAJAJ FINANCE INR 151,576.64 179,713.64 0.27 27,672 BATA INDIA DEMATERIALISED INR 394,954.20 471,414.90 0.70 32,370 BHARAT PETROLEUM CORP DEMATERIALISED INR 179,725.66 182,063.25 0.27 34,380 BHARTI AIRTEL LTD(DEMATERIALISED) INR 178,045.83 183,558.23 0.27
The accompanying notes are an integral part of these financial statements. Page 188 UBAM - EQUITY BRIC+ Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets 20,780 CADILA HEALTHCARE LTD ( DEMATERIALISED) INR 304,857.56 272,150.63 0.40 18,000 COLGATE-PALMOLIVE (INDIA) LTD INR 361,750.55 393,829.10 0.58 248,839 DISH TV INDIA INR 285,723.66 243,991.35 0.36 14,400 DIVI'S LABORATORIES LTD INR 211,577.37 284,333.35 0.42 8,714 DR REDDY'S LABORATORIES LTD INR 283,175.95 357,069.01 0.53 102,216 EXIDE INDUSTRIES LTD (DEMAT) INR 272,030.48 203,423.96 0.30 195,210 FEDERAL BANK LTD INR 320,089.11 265,255.84 0.39 42,149 GLENMARK PHARMACEUTICALS INR 342,086.26 363,774.03 0.54 44,102 HCL TECHNOLOGIES DEMATERIALISED INR 419,142.22 900,185.56 1.34 82,320 HDFC BANK LTD INR 764,895.67 886,149.38 1.32 8,830 HERO HONDA MOTORS LTD DEMATERIALISED INR 272,422.70 296,255.73 0.44 68,410 HOUSING DEVELOPMENT FINANCE CORP INR 900,092.61 878,861.93 1.31 61,104 ICICI BANK DEMATERIALISED INR 1,179,385.97 1,085,409.71 1.61 22,870 INDIA RAYON-SHS DEMATERIALISED INR 442,565.44 459,470.50 0.68 16,805 INFOSYS TECHNOLOGIES DEMATERALISED INR 820,485.57 946,994.52 1.41 73,671 INFRASTRUCTURE DEVL FIN. DEMATERIALISED INR 304,263.53 130,536.60 0.19 198,402 ITC DEMATERIALISED INR 768,995.66 1,032,344.70 1.53 33,100 LARSEN & TOUBRO LTD DEMATERIALISED INR 631,288.02 572,714.80 0.85 76,870 LIC HOUSING FINANCE LTD INR 355,844.21 272,471.86 0.40 30,670 LUPIN LTD INR 288,377.27 450,294.39 0.67 34,981 MAHINDRA&MAHINDRA INR 449,953.81 533,975.57 0.79 64,397 MARICO LTD DEMATERIALISED INR 215,722.39 225,605.52 0.34 13,630 MARUTI SUZUKI INR 279,931.12 388,682.50 0.58 47,522 MCLEOD RUSSEL INDIA (DEMAT) INR 311,249.13 247,079.05 0.37 2,760 NESTLE INDIA DEMATERAILISED INR 225,679.67 236,008.88 0.35 52,290 OBEROI REALTY LTD INR 271,034.77 197,899.74 0.29 58,680 OIL AND NATURAL GAS CORP INR 362,918.21 274,070.83 0.41 72,959 PRESTIGE ESTATES PROJECTS LTD INR 230,256.46 191,612.47 0.28 34,513 SHIRAM TRANSPORT FIN DEMATERIALISED INR 375,580.50 375,288.06 0.56 2,599 SHREE CEMENTS LTD INR 213,308.78 182,448.91 0.27 37,515 SOBHA DEVELOPERS SHS DEMATERALISED INR 269,545.09 189,318.68 0.28 9,670 STATE BANK OF INDIA (DEMATERIALISED) INR 277,271.25 276,162.87 0.41 27,200 SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL INR 265,200.02 249,529.37 0.37 34,292 TATA CONSULT.SERVICES SVS DEMATERIALISED INR 749,127.65 1,204,170.01 1.80 20,500 TATA MOTORS INR 94,735.03 124,746.58 0.19 69,230 TATA MOTORS -A- INR 167,762.06 215,507.82 0.32 93,540 TITAN INDUSTRIES LTD INR 371,312.51 347,060.53 0.52 New Taiwan Dollar 884,053.19 940,662.08 1.40 3,115,000 CHINA DEVELOPMENT BANK FINANCIAL HDG CO TWD 884,053.19 940,662.08 1.40 Pound Sterling 433,294.55 441,747.25 0.66 47,000 DRAGON OIL PLC GBP 433,294.55 441,747.25 0.66 US Dollar 15,796,462.11 17,365,641.43 25.78 335,000 AEROFLOT USD 549,060.99 854,853.00 1.27 484,000 AK SBEREGATELNY BANK SBERBANK USD 1,117,063.64 1,179,362.80 1.76 14,588 AKRON OJSC USD 603,179.15 499,236.37 0.74 53,394 DIXY GROUP (SHS) USD 673,130.71 661,653.11 0.98 104,166 GAZPROM ADR REPR. 2 SHS USD 920,681.13 890,619.30 1.32 40,000 GAZPROM NEFT ADR REPR 5 SHS USD 733,797.24 904,000.00 1.34 410,000 GK PIK USD 811,185.00 892,570.00 1.33 34,220 GLOBAL PORTS INVEST GDR REPR 3 SHS REG-S USD 395,241.00 478,395.60 0.71 55,801 GLOBALTRANS INV -GDR- REP 1 SH REG -S USD 853,349.83 887,235.90 1.32 203,695 GROUP LSR OJSC -GDR- REPR SHS REG -S USD 833,902.63 852,667.27 1.27 127,553 HMS HYDRAULIC GDR REPR SHS REGS USD 369,547.25 318,882.50 0.47 41,000 HOLLYSYS AUTOMATION TECHNOLOGIES USD 501,934.30 776,130.00 1.15 44,174,633 IDGC CENTER USD 755,119.34 291,552.58 0.43 126,310,000 IDGC SOUTH USD 644,950.33 126,310.00 0.19 49,142 KCELL GDR REPR SHS REGS USD 533,079.64 840,328.20 1.25 13,700 LUKOIL HOLDING ADR REPR.1SHS USD 827,770.90 855,565.00 1.27 54,301 M VIDEO COMPANY USD 332,077.19 494,334.58 0.73 2,950 MAGNIT SHS USD 377,805.66 827,983.29 1.23 51,331 MHP - GDR- REG S USD 681,517.88 875,193.55 1.30 28,000 MMC NORILSK NICKEL ADR REPR.1/10SHS USD 402,838.85 465,360.00 0.69 21,210 MOBILE TELESYSTEMS ADR REPR.2 SHS USD 421,182.28 458,772.30 0.68 114,167 MOSTOTREST OAO USD 481,434.08 464,123.11 0.69 28,000 SBERBANK USD 93,842.00 86,147.60 0.13 141,419 SHANGHAI FRIENDSHIP OVS CHINESE CO -B- USD 190,402.08 198,128.02 0.29
The accompanying notes are an integral part of these financial statements. Page 189 UBAM - EQUITY BRIC+ Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets 17,659 SOLLERS JSC USD 290,184.22 459,324.72 0.68 57,000 SURGUTNEFTEGAZ JSC ADR -REPR.10SHS USD 464,444.87 492,480.00 0.73 497,075 SURGUTNEFTEGAZ PREF SHS USD 190,175.65 391,695.10 0.58 227,810 TATNEFT PREF.SHS USD 747,564.27 842,737.53 1.25
Other transferable securities 0.00 0.00 0.00 Shares 0.00 0.00 0.00 Indian Rupee 0.00 0.00 0.00 933 MARICO KAYA INR 0.00 0.00 0.00
Total investments in securities 61,457,500.46 65,360,611.25 97.07
Cash at banks/(bank liabilities) 2,348,875.65 3.49
Other net assets/(liabilities) -377,211.16 -0.56
Total 67,332,275.74 100.00
The accompanying notes are an integral part of these financial statements. Page 190 UBAM - EQUITY BRIC+
Geographical classification of investments
(by domicile of the issuer) % of net assets India 25.43 Brazil 20.27 Russia 19.29 China 11.96 Cayman Islands 5.85 Hong Kong 4.83 Cyprus 2.03 Taiwan 1.40 Luxembourg 1.30 Kazakstan 1.25 Bermuda 1.18 British Virgin Islands 1.15 Ireland 0.66 United Kingdom 0.47
97.07
Page 191 UBAM - EQUITY BRIC+
Industrial classification of investments
% of net assets Petroleum 11.84 Banks and credit institutions 9.82 Holding and finance companies 8.94 Machine and apparatus construction 6.10 Road vehicles 5.61 Internet and Internet services 5.46 Pharmaceuticals and cosmetics 4.65 Communications 4.46 Transportation 3.97 Miscellaneous services 3.74 Miscellaneous sectors 3.39 Foods and non alcoholic drinks 3.28 Building materials and trade 2.95 Utilities 2.82 Tobacco and alcoholic drinks 2.63 Agriculture and fishery 2.37 Chemicals 2.27 Real estate companies 1.98 Textiles and garments 1.83 Insurance 1.78 Coal mining and steel industry 1.37 Retail trade, department stores 1.10 Miscellaneous consumer goods 0.99 Miscellaneous trading companies 0.89 Electrical engineering and electronics 0.80 Healthcare and social services 0.74 Non-ferrous metals 0.69 Photographics and optics 0.60
97.07
Page 192 UBAM - EQUITY BRIC+ Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 2,420,154.57 Dividends, net Note 2 2,391,851.97 Interest on bank accounts 1,278.95 Other income 27,023.65 Expenses 3,136,860.69 Advisory fees Note 4 625,903.37 Management fees Note 3 856,423.43 Custodian fees 207,010.56 Subscription duty ("taxe d'abonnement") Note 6 29,798.04 Central administration costs 98,374.46 Performance fees Note 5 9,099.92 Audit fees 4,814.46 Interest paid on bank liabilities 2,211.08 Legal fees 5,443.91 Transaction fees Note 2 1,066,661.23 Other administration costs Note 7, 8 114,051.84 Banking charges and other fees 87,179.68 Other expenses 29,888.71 Net investment income -716,706.12 Net realised gain/(loss) on: - securities portfolio Note 2 6,027,928.32 - futures contracts Note 2 -39,401.53 - foreign exchange Note 2 -4,618,308.02 Realised result 653,512.65 Net variation of the unrealised gain/(loss) on: - securities portfolio -3,159,752.10 Result of operations -2,506,239.45 Subscriptions capitalisation shares 36,814,166.79 Subscriptions distribution shares 341,664.32 Redemptions capitalisation shares -92,027,141.82 Redemptions distribution shares -156,218.22 Total changes in net assets -57,533,768.38
Total net assets at the beginning of the year 124,866,044.12
Total net assets at the end of the year 67,332,275.74
The accompanying notes are an integral part of these financial statements. Page 193 UBAM - EUROPE EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 244,783,998.52 Securities portfolio at market value Note 2 236,775,021.68 Cash at banks 7,594,576.07 Receivable on issues of shares 98,085.86 Dividends receivable 301,251.21 Receivable on treasury transactions Note 2 15,063.70 Liabilities 6,900,470.09 Bank liabilities 5,930,897.53 Interest payable on bank liabilities and expenses payable 969,572.56 Net assets at the end of the year 237,883,528.43
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 406,552.559 236,821.161 116,630.689 526,743.031 Distribution shares 34,147.256 7,515.000 7,207.569 34,454.687
A CHF shares Capitalisation shares 5,135.000 1,706.000 2,133.000 4,708.000
A USD shares Capitalisation shares 0.000 8,252.700 0.000 8,252.700
A GBP shares Capitalisation shares 0.000 16,658.098 4,258.359 12,399.739
I shares Capitalisation shares 90,255.789 75,631.170 86,712.538 79,174.421 Distribution shares 9,391.141 0.000 304.419 9,086.722
R shares Capitalisation shares 323.970 1,645.802 20.369 1,949.403
The accompanying notes are an integral part of these financial statements. Page 194 UBAM - EUROPE EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 237,883,528.43 154,621,793.18 93,596,910.29
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 526,743.031 406,552.559 196,276.407 Net asset value per share 350.53 281.49 240.75 Distribution shares Number of shares outstanding 34,454.687 34,147.256 - Net asset value per share 349.42 281.49 - Dividend per share 0.92 - -
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 4,708.000 5,135.000 - Net asset value per share 429.52 339.65 -
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 8,252.700 - - Net asset value per share 482.91 - -
A GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 12,399.739 - - Net asset value per share 252.79 - -
I shares EUR EUR EUR Capitalisation shares Number of shares outstanding 79,174.421 90,255.789 186,970.478 Net asset value per share 365.59 291.41 247.38 Distribution shares Number of shares outstanding 9,086.722 9,391.141 - Net asset value per share 364.42 291.40 - Dividend per share 0.95 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 1,949.403 323.970 397.210 Net asset value per share 328.24 264.91 228.27
The accompanying notes are an integral part of these financial statements. Page 195 UBAM - EUROPE EQUITY Statement of investments and other net assets as at 31/12/2013 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 197,579,693.62 236,774,682.53 99.53 another regulated market Shares 197,579,693.62 236,774,682.53 99.53 Euro 109,110,791.58 129,273,161.58 54.34 57,396 ANHEUSER-BUSCH INBEV NV EUR 3,822,876.14 4,434,414.96 1.86 36,912 ASML HLDG EUR 1,973,965.02 2,511,492.48 1.06 189,774 AXA SA EUR 2,530,663.40 3,827,741.58 1.61 50,000 AXEL SPRINGER VERLAG AG NAMEN AKT EUR 2,041,698.77 2,335,000.00 0.98 634,516 BANCO POPULAR ESPANOL EUR 2,229,144.29 2,782,352.66 1.17 604,428 BANKINTER REG.SHS EUR 2,355,449.05 3,014,282.44 1.27 64,781 BASF - NAMEN AKT EUR 4,919,369.09 5,019,879.69 2.11 35,919 BMW AG EUR 2,376,818.49 3,061,017.18 1.29 98,000 BNP PARIBAS SA EUR 3,628,011.53 5,551,700.00 2.33 134,804 CARREFOUR SA EUR 2,775,444.95 3,883,703.24 1.63 79,912 CIE DE SAINT-GOBAIN SA EUR 2,871,236.41 3,194,482.20 1.34 290,280 CREDIT AGRICOLE SA EUR 2,259,709.33 2,701,055.40 1.14 175,000 DEUTSCHE POST AG REG SHS EUR 3,296,112.14 4,637,500.00 1.95 311,161 DIA EUR 1,884,955.32 2,022,546.50 0.85 111,568 EDF SA EUR 2,932,621.98 2,865,624.08 1.20 331,402 ENI SPA EUR 5,758,414.42 5,796,220.98 2.44 20,175 EULER HERMES SA EUR 1,278,767.57 2,019,517.50 0.85 162,083 GAS NATURAL SDG EUR 2,528,317.79 3,030,141.69 1.27 34,503 GERRESHEIMER AG EUR 1,239,839.71 1,753,787.49 0.74 49,046 GRIFOLS SA -B- EUR 1,183,874.64 1,269,555.71 0.53 280,048 HELLENIC TELECOMMUNICATIONS ORGANISATION EUR 2,558,860.50 2,708,064.16 1.14 482,010 ING GROEP NV EUR 4,367,758.74 4,868,301.00 2.05 1,793,489 INTESA SANPAOLO SPA NON CONV EUR 2,689,833.63 2,623,874.41 1.10 89,377 JC DECAUX SA EUR 2,359,691.52 2,678,628.69 1.13 24,674 L'OREAL SA EUR 2,896,108.33 3,150,869.80 1.32 593,260 MAPFRE REG-SHS EUR 1,333,776.28 1,846,818.38 0.78 29,178 MUENCHENER RUECKVERSICHERUNGS AG REG SHS EUR 4,311,295.64 4,672,856.70 1.96 3,000,000 PROMOTORE DE INFORMACIONES SA EUR 1,284,162.55 1,200,000.00 0.50 190,000 ROYAL DUTCH SHELL PLC EUR 4,749,472.24 4,921,950.00 2.07 131,064 ROYAL PHILIPS ELECTRONICS NV EUR 2,463,927.91 3,492,200.28 1.47 30,000 RTL GROUP EUR 1,883,656.16 2,788,500.00 1.17 72,943 SAMPO OYJ -A- EUR 2,357,950.32 2,605,523.96 1.10 50,834 SIEMENS AG REG SHS EUR 4,782,871.97 5,047,307.86 2.12 188,275 TELECINCO EUR 1,565,316.45 1,579,438.98 0.66 176,341 TOTAL SA EUR 6,990,064.32 7,852,464.73 3.31 57,360 VALEO SA EUR 2,749,868.60 4,613,464.80 1.94 60,000 VINCI SA EUR 2,380,773.90 2,863,200.00 1.20 19,827 VOLKSWAGEN VORZ.AKT EUR 3,498,112.48 4,047,682.05 1.70 Pound Sterling 53,271,895.70 64,570,800.87 27.14 22,154 ASOS PLC GBP 1,564,818.77 1,630,662.21 0.69 88,539 ASSOCIATED BRITISH FOODS PLC GBP 1,466,459.77 2,601,897.30 1.09 140,000 BABCOCK INTERNATIONAL GROUP PLC GBP 1,949,662.59 2,280,048.08 0.96 394,665 BARRATT DEVELOPMENTS PLC GBP 601,497.05 1,655,505.83 0.70 1,193,878 BT GROUP PLC GBP 4,109,583.72 5,444,198.47 2.29 310,000 COUNTRYWIDE GBP 1,995,779.16 2,216,947.12 0.93 180,582 DIAGEO PLC GBP 3,763,315.42 4,340,913.46 1.82 5,356,155 DSG INTERNATIONAL GBP 2,904,959.32 3,122,921.62 1.31 347,755 GREENE KING PLC GBP 3,031,044.98 3,680,267.76 1.55 516,936 INTL CONS AIRLINES GROUP GBP 1,773,888.00 2,493,967.67 1.05 515,545 LONDON MINING PLACING GBP 1,767,350.31 697,101.12 0.29 78,754 NEXT PLC GBP 4,517,025.46 5,158,765.63 2.17 210,599 PRUDENTIAL PLC GBP 2,218,200.74 3,391,858.89 1.43 906,856 REGUS GBP 2,076,303.05 2,367,417.34 1.00 183,832 RIO TINTO PLC GBP 6,963,189.38 7,533,355.82 3.16 188,241 SHIRE GBP 4,539,938.72 6,452,684.28 2.71 1,542,941 TAYLOR WIMPEY PLC GBP 1,804,701.43 2,067,763.49 0.87 2,609,926 VODAFONE GROUP PLC GBP 6,224,177.83 7,434,524.78 3.12 Swedish Krone 10,358,237.09 13,537,646.89 5.69 72,820 ASSA ABLOY -B- SEK 2,036,182.21 2,795,958.87 1.18 136,208 SVENSKA CELLULOSA SCA AB-SHS-B- SEK 2,589,660.97 3,047,365.42 1.28 91,377 SVENSKA HANDELSBANK -A- FREE SEK 2,451,065.57 3,262,726.78 1.37 216,683 SWEDBANK -A- SEK 3,281,328.34 4,431,595.82 1.86
The accompanying notes are an integral part of these financial statements. Page 196 UBAM - EUROPE EQUITY Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets
Swiss Franc 24,838,769.25 29,393,073.19 12.36 160,316 NESTLE SA REG SHS CHF 8,292,844.80 8,542,337.66 3.59 177,679 NOVARTIS AG REG SHS CHF 8,806,787.05 10,322,925.17 4.34 51,773 ROCHE HOLDING AG GENUSSSCHEIN CHF 7,739,137.40 10,527,810.36 4.43
Other transferable securities 333.45 339.15 0.00 Shares 333.45 339.15 0.00 Pound Sterling 333.45 339.15 0.00 282,166 ROLLS ROYCE HLD -C- ENTITLEMENT JAN 2014 GBP 333.45 339.15 0.00
Total investments in securities 197,580,027.07 236,775,021.68 99.53
Cash at banks/(bank liabilities) 1,663,678.54 0.70
Other net assets/(liabilities) -555,171.79 -0.23
Total 237,883,528.43 100.00
The accompanying notes are an integral part of these financial statements. Page 197 UBAM - EUROPE EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 22.38 France 19.00 Germany 12.85 Switzerland 12.36 Spain 8.08 The Netherlands 6.65 Sweden 5.69 Jersey Island 3.71 Italy 3.54 Belgium 1.86 Luxembourg 1.17 Greece 1.14 Finland 1.10
99.53
Page 198 UBAM - EUROPE EQUITY
Industrial classification of investments
% of net assets Banks and credit institutions 12.29 Pharmaceuticals and cosmetics 10.09 Communications 8.38 Petroleum 7.82 Insurance 7.73 Retail trade, department stores 6.65 Road vehicles 4.93 Foods and non alcoholic drinks 4.68 Building materials and trade 4.11 Tobacco and alcoholic drinks 3.68 Biotechnology 3.24 Non-ferrous metals 3.16 Various capital goods 2.86 Graphic art and publishing 2.61 Electronics and semiconductors 2.53 Utilities 2.47 Machine and apparatus construction 2.14 Chemicals 2.11 Transportation 1.95 Real estate companies 1.93 Holding and finance companies 1.55 Paper and forest products 1.28 Aerospace industry 1.05 Coal mining and steel industry 0.29
99.53
Page 199 UBAM - EUROPE EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 4,524,819.70 Dividends, net Note 2 4,402,767.06 Interest on bank accounts 4,016.80 Other income 118,035.84 Expenses 4,673,025.14 Advisory fees Note 4 1,231,244.42 Management fees Note 3 1,240,300.55 Custodian fees 349,471.12 Subscription duty ("taxe d'abonnement") Note 6 81,867.68 Central administration costs 172,176.48 Audit fees 8,909.33 Interest paid on bank liabilities 101,878.97 Legal fees 5,990.96 Transaction fees Note 2 1,135,832.56 Other administration costs Note 7, 8 311,149.90 Banking charges and other fees 6,483.25 Other expenses 27,719.92 Net investment income -148,205.44 Net realised gain/(loss) on: - securities portfolio Note 2 19,895,311.64 - forward foreign exchange contracts Note 2 -22.43 - foreign exchange Note 2 -1,561,523.66 Realised result 18,185,560.11 Net variation of the unrealised gain/(loss) on: - securities portfolio 20,841,211.30 Result of operations 39,026,771.41 Dividends paid Note 15 -39,452.53 Subscriptions capitalisation shares 108,596,060.60 Subscriptions distribution shares 2,336,601.35 Redemptions capitalisation shares -64,251,283.52 Redemptions distribution shares -2,406,962.06 Total changes in net assets 83,261,735.25
Total net assets at the beginning of the year 154,621,793.18
Total net assets at the end of the year 237,883,528.43
The accompanying notes are an integral part of these financial statements. Page 200 UBAM - EUROPE EQUITY DIVIDEND+ Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in EUR
Assets 97,617,449.63 Securities portfolio at market value Note 2 79,023,750.79 Deposits on futures and options contracts 6,881,858.05 Cash at banks 11,574,573.18 Receivable on issues of shares 15,115.18 Dividends receivable 58,461.53 Other receivables 63,690.90 Liabilities 3,914,862.06 Short option contracts at market value Note 2, 12 2,932,199.53 Payable on redemptions of shares 614,049.72 Unrealised loss on forward foreign exchange contracts Note 2, 9 22,055.53 Interest payable on bank liabilities and expenses payable 346,557.28 Net assets at the end of the year 93,702,587.57
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 287,858.983 117,864.426 232,537.709 173,185.700 Distribution shares 58,043.226 31,921.000 65,897.508 24,066.718
A CHF shares Capitalisation shares 14,327.000 3,445.000 12,147.000 5,625.000 Distribution shares 9,015.000 0.000 2,345.000 6,670.000
A USD shares Capitalisation shares 81,019.001 45,679.775 67,799.027 58,899.749 Distribution shares 6,815.301 0.000 0.000 6,815.301
A SEK shares Capitalisation shares 572.000 0.000 387.000 185.000
AH shares Capitalisation shares 0.000 8,961.293 3,270.000 5,691.293
AH CHF shares Capitalisation shares 18,157.000 3,404.000 13,921.000 7,640.000 Distribution shares 14,581.255 1,880.000 2,161.255 14,300.000
AH USD shares Capitalisation shares 13,708.000 4,860.000 813.000 17,755.000 Distribution shares 0.000 10,740.000 750.000 9,990.000
AH SEK shares Capitalisation shares 0.000 18,456.080 9,291.000 9,165.080
The accompanying notes are an integral part of these financial statements. Page 201 UBAM - EUROPE EQUITY DIVIDEND+ Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
AH GBP shares Distribution shares 0.000 3,520.000 3,520.000 0.000
I shares Capitalisation shares 437,459.853 78,011.674 371,891.130 143,580.397 Distribution shares 275,931.424 317,581.218 251,512.011 342,000.631
I CHF shares Capitalisation shares 20,000.000 0.000 0.000 20,000.000 Distribution shares 1,000.000 520.000 500.000 1,020.000
I USD shares Capitalisation shares 0.000 145.000 0.000 145.000 Distribution shares 2,500.000 0.000 0.000 2,500.000
I GBP shares Capitalisation shares 720.947 126.984 119.189 728.742 Distribution shares 6,439.902 21,896.406 4,185.957 24,150.351
IH shares Capitalisation shares 0.000 27,595.126 9,893.814 17,701.312
IH USD shares Distribution shares 500.000 203.476 250.000 453.476
IH GBP shares Capitalisation shares 480.019 0.000 0.000 480.019 Distribution shares 3,920.196 35,438.605 0.000 39,358.801
R shares Capitalisation shares 233.000 4,616.649 2,014.223 2,835.426 Distribution shares 600.570 247.145 240.012 607.703
Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 93,702,587.57 128,143,611.06 36,811,110.62
A shares EUR EUR EUR Capitalisation shares Number of shares outstanding 173,185.700 287,858.983 85,538.369 Net asset value per share 112.15 107.37 100.56 Distribution shares Number of shares outstanding 24,066.718 58,043.226 4,800.000 Net asset value per share 94.04 99.59 100.56 Dividend per share 9.59 7.58 -
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
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 93,702,587.57 128,143,611.06 36,811,110.62
A CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 5,625.000 14,327.000 4,802.000 Net asset value per share 112.32 105.89 99.75 Distribution shares Number of shares outstanding 6,670.000 9,015.000 - Net asset value per share 94.23 98.24 - Dividend per share 9.56 7.44 -
A USD shares USD USD USD Capitalisation shares Number of shares outstanding 58,899.749 81,019.001 53,467.000 Net asset value per share 118.90 108.92 100.43 Distribution shares Number of shares outstanding 6,815.301 6,815.301 - Net asset value per share 102.26 103.62 - Dividend per share 9.94 5.00 -
A SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 185.000 572.000 - Net asset value per share 1,107.06 1,027.04 -
AH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 5,691.293 - - Net asset value per share 104.33 - -
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 7,640.000 18,157.000 - Net asset value per share 111.38 105.23 - Distribution shares Number of shares outstanding 14,300.000 14,581.255 - Net asset value per share 96.25 100.58 - Dividend per share 9.82 - -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 17,755.000 13,708.000 - Net asset value per share 109.08 103.15 - Distribution shares Number of shares outstanding 9,990.000 - - Net asset value per share 96.40 - - Dividend per share 7.31 - -
The accompanying notes are an integral part of these financial statements. Page 203 UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 93,702,587.57 128,143,611.06 36,811,110.62
AH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 9,165.080 - - Net asset value per share 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 143,580.397 437,459.853 111,700.000 Net asset value per share 113.88 108.23 100.61 Distribution shares Number of shares outstanding 342,000.631 275,931.424 110,350.000 Net asset value per share 95.50 100.39 100.60 Dividend per share 9.69 7.61 -
I CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 20,000.000 20,000.000 - Net asset value per share 106.79 99.95 - Distribution shares Number of shares outstanding 1,020.000 1,000.000 1,000.000 Net asset value per share 95.62 98.95 99.78 Dividend per share 9.64 7.52 -
I USD shares USD USD USD Capitalisation shares Number of shares outstanding 145.000 - - Net asset value per share 111.62 - - Distribution shares Number of shares outstanding 2,500.000 2,500.000 10,000.000 Net asset value per share 101.27 101.87 100.47 Dividend per share 9.80 7.53 -
I GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 728.742 720.947 - Net asset value per share 94.75 87.78 - Distribution shares Number of shares outstanding 24,150.351 6,439.902 - Net asset value per share 81.47 83.50 - Dividend per share 8.32 4.13 -
The accompanying notes are an integral part of these financial statements. Page 204 UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 EUR EUR EUR
Total net assets 93,702,587.57 128,143,611.06 36,811,110.62
IH shares EUR EUR EUR Capitalisation shares Number of shares outstanding 17,701.312 - - Net asset value per share 115.01 - -
IH USD shares USD USD USD Distribution shares Number of shares outstanding 453.476 500.000 - Net asset value per share 100.51 104.35 - Dividend per share 10.20 - -
IH GBP shares GBP GBP GBP Capitalisation shares Number of shares outstanding 480.019 480.019 - Net asset value per share 88.78 83.07 - Distribution shares Number of shares outstanding 39,358.801 3,920.196 - Net asset value per share 80.27 83.07 - Dividend per share 8.14 - -
R shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,835.426 233.000 - Net asset value per share 112.14 107.91 - Distribution shares Number of shares outstanding 607.703 600.570 - Net asset value per share 98.26 104.59 - Dividend per share 10.06 2.65 -
The accompanying notes are an integral part of these financial statements. Page 205 UBAM - EUROPE EQUITY DIVIDEND+ Statement of investments and other net assets as at 31/12/2013 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 70,668,391.81 79,023,746.84 84.34 another regulated market Shares 70,668,391.81 79,023,746.84 84.34 Euro 46,141,863.16 51,758,338.19 55.24 55,600 BASF - NAMEN AKT EUR 4,084,975.34 4,308,444.00 4.60 68,600 DEUTSCHE BOERSE AG REG SHS EUR 3,423,379.82 4,129,720.00 4.41 169,800 DEUTSCHE POST AG REG SHS EUR 3,055,567.98 4,499,700.00 4.80 236,000 ENI SPA EUR 4,164,314.40 4,127,640.00 4.41 276,200 REED ELSEVIER NV EUR 3,528,940.86 4,253,480.00 4.54 201,449 ROYAL DUTCH SHELL -A- EUR 5,140,402.55 5,199,398.69 5.54 157,000 ROYAL PHILIPS ELECTRONICS NV EUR 3,805,727.10 4,183,265.00 4.46 55,400 SANOFI AVENTIS EUR 4,272,154.38 4,272,448.00 4.56 40,200 SIEMENS AG REG SHS EUR 3,301,528.16 3,991,458.00 4.26 90,800 TOTAL SA EUR 3,544,906.80 4,043,324.00 4.32 155,800 UNILEVER NV EUR 4,836,452.66 4,561,045.00 4.87 201,900 WOLTERS KLUWER NV EUR 2,983,513.11 4,188,415.50 4.47 Pound Sterling 24,526,528.65 27,265,408.65 29.10 190,000 BHP BILLITON PLC GBP 4,425,500.10 4,268,149.04 4.55 118,000 BRITISH AMERICAN TOBACCO PLC GBP 4,564,024.34 4,592,355.77 4.90 178,000 DIAGEO PLC GBP 3,473,674.59 4,278,846.15 4.57 256,000 GLAXOSMITHKLINE PLC GBP 4,434,781.97 4,958,461.54 5.29 290,000 PEARSON PLC GBP 4,198,658.95 4,674,158.65 4.99 78,000 RECKITT BENCKISER GROUP PLC GBP 3,429,888.70 4,493,437.50 4.80
Other transferable securities 0.01 3.95 0.00 Warrants, Rights 0.01 3.95 0.00 Euro 0.01 3.95 0.00 12 ROYAL DUTCH SHELL RIGHT EUR 0.01 3.95 0.00
Derivative instruments -2,062,108.15 -2,932,199.53 -3.13 Options -2,062,108.15 -2,932,199.53 -3.13 Euro -1,140,841.52 -2,028,982.25 -2.16 -278 BASF - NAMEN AKT JAN 74.50 31.01.14 CALL EUR -52,152.80 -97,608.58 -0.10 -278 BASF - NAMEN AKT JAN 77.45 16.01.14 CALL EUR -47,704.80 -31,066.50 -0.03 -343 DEUTSCHE BOERSE JAN 55.34 07.01.14 CALL EUR -39,204.90 -166,783.75 -0.17 -343 DEUTSCHE BOERSE JAN 55.98 22.01.14 CALL EUR -39,788.00 -147,260.19 -0.16 -849 DEUTSCHE POST JAN 24.78 30.01.14 CALL EUR -67,920.00 -157,014.06 -0.17 -849 DEUTSCHE POST JAN 25.89 13.01.14 CALL EUR -57,732.00 -66,374.82 -0.07 -118 ENI SPA JAN 17.13 20.01.14 CALL EUR -48,970.00 -60,026.60 -0.06 -118 ENI SPA JAN 17.96 06.01.14 CALL EUR -50,622.00 -3,009.00 0.00 -1,381 REED ELSEVIER FEB 14.87 04.02.14 CALL EUR -48,887.40 -95,523.77 -0.10 -1,381 REED ELSEVIER JAN 15.18 23.01.14 CALL EUR -51,718.45 -57,850.09 -0.06 -962 ROYAL DUTCH SHELL JAN 24.68 27.01.14 CALL EUR -47,619.00 -126,849.32 -0.14 -962 ROYAL DUTCH SHELL JAN 24.85 09.01.14 CALL EUR -38,749.36 -103,463.10 -0.11 -785 ROYAL PHILIPS ELECTRONICS JAN 24.84 28.01.14 CALL EUR -56,520.00 -153,129.95 -0.16 -785 ROYAL PHILIPS ELECTRONICS JAN 26.12 10.01.14 CALL EUR -51,496.00 -54,651.70 -0.06 -277 SANOFI AVENTIS FEB 75.38 03.02.14 CALL EUR -51,522.00 -80,230.28 -0.09 -277 SANOFI AVENTIS JAN 75.82 16.01.14 CALL EUR -47,367.00 -55,028.82 -0.06 -201 SIEMENS AG RE JAN 94.00 24.01.14 CALL EUR -46,230.00 -112,499.70 -0.12 -201 SIEMENS AG RE JAN 97.85 08.01.14 CALL EUR -38,169.90 -39,203.04 -0.04 -454 TOTAL XFRA_DE JAN 41.81 23.01.14 CALL EUR -38,408.40 -127,878.18 -0.14 -454 TOTAL XFRA_DE JAN 44.20 13.01.14 CALL EUR -38,363.00 -31,748.22 -0.03 -779 UNILEVER NV FEB 27.78 03.02.14 CALL EUR -54,008.07 -128,254.56 -0.14 -779 UNILEVER NV JAN 28.58 17.01.14 CALL EUR -46,740.00 -65,420.42 -0.07 -673 WOLTERS KLUWER JAN 20.27 20.01.14 CALL EUR -27,310.34 -42,695.12 -0.05 -673 WOLTERS KLUWER JAN 20.72 03.01.14 CALL EUR -26,718.10 -9,664.28 -0.01 -673 WOLTERS KLUWER JAN 20.74 10.01.14 CALL EUR -26,920.00 -15,748.20 -0.02 Norwegian Krone -70,013.81 -1,170.36 0.00 -1,223 STATOIL ASA X JAN 140.0 03.01.14 PUT NOK -33,883.47 0.00 0.00 -1,223 STATOIL ASA X JAN 140.0 17.01.14 PUT NOK -36,130.34 -1,170.36 0.00 Pound Sterling -609,840.86 -707,573.32 -0.76 -95 BHP BILLITON JAN 17.99 29.01.14 CALL GBP -61,307.02 -100,332.33 -0.11 -95 BHP BILLITON JAN 18.73 14.01.14 CALL GBP -61,455.12 -31,194.71 -0.03 -59 BRITISH AMERICAN TOBACCO JAN 31.68 24.01.14 CALL GBP -46,566.97 -64,935.46 -0.07 -10 BRITISH AMERICAN TOBACCO JAN 32.60 09.01.14 CALL GBP -7,598.66 -2,510.82 0.00 -49 BRITISH AMERICAN TOBACCO JAN 32.82 09.01.14 CALL GBP -37,808.36 -7,744.59 -0.01
The accompanying notes are an integral part of these financial statements. Page 206 UBAM - EUROPE EQUITY DIVIDEND+ Statement of investments and other net assets as at 31/12/2013 Expressed in EUR Number/ % of total Description Currency Cost Market value nom. value net assets -89 DIAGEO PLC JAN 19.14 29.01.14 CALL GBP -47,985.54 -100,338.94 -0.11 -89 DIAGEO PLC JAN 19.60 14.01.14 CALL GBP -40,152.79 -51,121.51 -0.05 -128 GLAXOSMITHKLINE IOTC JAN 16.05 21.01.14 CALL GBP -43,977.06 -35,092.31 -0.04 -128 GLAXOSMITHKLINE JAN 16.40 06.01.14 CALL GBP -43,759.37 -2,415.38 0.00 -145 PEARSON PLC FEB 13.04 04.02.14 CALL GBP -60,817.08 -91,130.41 -0.10 -145 PEARSON PLC JAN 12.92 21.01.14 CALL GBP -53,719.75 -97,578.73 -0.10 -39 RECKITT BENCKISER GROUP JAN 45.92 31.01.14 CALL GBP -54,927.94 -107,175.00 -0.12 -39 RECKITT BENCKISER GROUP JAN 48.60 15.01.14 CALL GBP -49,765.20 -16,003.13 -0.02 Swiss Franc -241,411.96 -194,473.60 -0.21 -402 NESTLE SA REG JAN 64.20 27.01.14 PUT CHF -42,883.06 -23,946.14 -0.03 -402 NESTLE SA REG JAN 66.90 08.01.14 PUT CHF -34,246.32 -56,453.86 -0.06 -397 NOVARTIS JAN 68.50 28.01.14 PUT CHF -45,445.62 -11,662.18 -0.01 -336 NOVARTIS AG R JAN 71.20 15.01.14 PUT CHF -33,260.57 -23,112.85 -0.02 -61 NOVARTIS AG R JAN 71.50 15.01.14 PUT CHF -5,756.16 -4,997.47 -0.01 -105 ROCHE HOLDING JAN 243.2 22.01.14 PUT CHF -41,489.41 -19,294.98 -0.02 -105 ROCHE HOLDING JAN 254.8 07.01.14 PUT CHF -38,330.82 -55,006.12 -0.06
Total investments in securities 68,606,283.67 76,091,551.26 81.21
Cash at banks/(bank liabilities) 11,574,573.18 12.35
Other net assets/(liabilities) 6,036,463.13 6.44
Total 93,702,587.57 100.00
The accompanying notes are an integral part of these financial statements. Page 207 UBAM - EUROPE EQUITY DIVIDEND+
Geographical classification of investments
(by domicile of the issuer) % of net assets United Kingdom 28.96 The Netherlands 23.88 Germany 17.90 France 8.88 Italy 4.41 Luxembourg -2.82
81.21
Industrial classification of investments
% of net assets Petroleum 14.27 Graphic art and publishing 14.00 Pharmaceuticals and cosmetics 9.85 Tobacco and alcoholic drinks 9.47 Foods and non alcoholic drinks 4.87 Miscellaneous consumer goods 4.80 Transportation 4.80 Chemicals 4.60 Coal mining and steel industry 4.55 Electronics and semiconductors 4.46 Various capital goods 4.26 Holding and finance companies 4.20 Other -2.92
81.21
Page 208 UBAM - EUROPE EQUITY DIVIDEND+ Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in EUR
Income 4,085,640.99 Dividends, net Note 2 4,084,084.83 Interest on bonds and other debt securities, net Note 2 682.87 Interest on bank accounts 870.29 Bank interest on time deposits 3.00 Expenses 2,791,273.63 Advisory fees Note 4 786,961.12 Management fees Note 3 688,139.26 Custodian fees 294,009.57 Subscription duty ("taxe d'abonnement") Note 6 28,186.79 Central administration costs 124,878.07 Audit fees 6,174.42 Interest paid on bank liabilities 5,460.93 Legal fees 5,013.56 Transaction fees Note 2 690,917.97 Other administration costs Note 7, 8 99,378.70 Banking charges and other fees 27,939.67 Other expenses 34,213.57 Net investment income 1,294,367.36 Net realised gain/(loss) on: - securities portfolio Note 2 -21,314,173.34 - options Note 2 19,362,548.67 - forward foreign exchange contracts Note 2 -120,442.93 - foreign exchange Note 2 -1,288,073.79 Realised result -2,065,774.03 Net variation of the unrealised gain/(loss) on: - securities portfolio 6,688,250.26 - options -934,902.72 - forward foreign exchange contracts -20,160.38 Result of operations 3,667,413.13 Dividends paid Note 15 -5,073,781.13 Subscriptions capitalisation shares 32,671,878.79 Subscriptions distribution shares 40,659,276.97 Redemptions capitalisation shares -75,375,688.15 Redemptions distribution shares -30,990,123.10 Total changes in net assets -34,441,023.49
Total net assets at the beginning of the year 128,143,611.06
Total net assets at the end of the year 93,702,587.57
The accompanying notes are an integral part of these financial statements. Page 209 UBAM - GCM MIDCAP US EQUITY GROWTH Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 120,458,845.47 Securities portfolio at market value Note 2 117,985,789.02 Cash at banks 2,293,335.37 Receivable on issues of shares 63,115.67 Dividends receivable 7,147.11 Unrealised gain on forward foreign exchange contracts Note 2, 9 109,458.30 Liabilities 539,757.07 Payable on redemptions of shares 92,530.51 Interest payable on bank liabilities and expenses payable 447,226.56 Net assets at the end of the year 119,919,088.40
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 340,242.947 68,908.686 252,088.760 157,062.873 Distribution shares 1,850.000 1,535.000 0.000 3,385.000
AH EUR shares Capitalisation shares 731.000 36,088.000 165.000 36,654.000
AH CHF shares Capitalisation shares 0.000 1,500.000 0.000 1,500.000
I shares Capitalisation shares 257,091.739 121,076.501 239,758.872 138,409.368
IH EUR shares Capitalisation shares 14,112.835 2,605.000 16,694.835 23.000
IH CHF shares Capitalisation shares 1,739.000 3,501.000 4,400.000 840.000
R shares Capitalisation shares 2,003.667 527.886 963.601 1,567.952
The accompanying notes are an integral part of these financial statements. Page 210 UBAM - GCM MIDCAP US EQUITY GROWTH Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 119,919,088.40 171,539,749.31 257,854,606.33
A shares USD USD USD Capitalisation shares Number of shares outstanding 157,062.873 340,242.947 595,742.977 Net asset value per share 344.25 271.29 248.05 Distribution shares Number of shares outstanding 3,385.000 1,850.000 - Net asset value per share 344.23 271.28 -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 36,654.000 731.000 284.192 Net asset value per share 248.38 197.73 183.59
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,500.000 - - Net asset value per share 312.20 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 138,409.368 257,091.739 418,860.691 Net asset value per share 367.13 287.18 260.65
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 23.000 14,112.835 1,720.000 Net asset value per share 253.82 200.47 184.75
IH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 840.000 1,739.000 252.000 Net asset value per share 312.27 251.03 231.71
R shares USD USD USD Capitalisation shares Number of shares outstanding 1,567.952 2,003.667 1,548.345 Net asset value per share 316.19 251.67 232.45
The accompanying notes are an integral part of these financial statements. Page 211 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 31/12/2013 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 112,069,520.90 117,985,789.02 98.39 another regulated market Shares 112,069,520.90 117,985,789.02 98.39 US Dollar 112,069,520.90 117,985,789.02 98.39 12,552 AFFILIATED MANAGERS GROUP USD 2,502,580.78 2,722,277.76 2.27 35,514 ALIGN TECHNOLOGY INC USD 2,079,885.58 2,029,625.10 1.69 48,059 AMETEK INC USD 2,326,217.87 2,531,267.53 2.11 28,922 AMPHENOL -A- USD 2,325,902.66 2,579,263.96 2.15 26,814 ANSYS INC USD 2,342,811.32 2,338,180.80 1.95 11,305 BARD INC USD 1,563,930.77 1,514,191.70 1.26 31,932 BEACON ROOFING SUPPLY INC USD 1,141,895.29 1,286,220.96 1.07 30,631 BROWN AND BROWN INC USD 966,778.93 961,507.09 0.80 27,983 CATAMARAN CORP USD 1,325,905.12 1,328,632.84 1.11 50,516 CERNER CORP USD 2,328,392.05 2,815,761.84 2.35 16,477 CHART INDUSTRIES INC USD 1,642,276.65 1,575,860.28 1.31 4,529 CHIPOTLE MEXICAN GRILL -A- USD 2,406,149.39 2,412,960.62 2.01 29,005 CHURCH AND DWIGHT USD 1,887,749.51 1,922,451.40 1.60 16,166 CITRIX SYSTEMS USD 939,439.77 1,022,499.50 0.85 30,544 COGNIZANT TECHNOLOGY SOLUTIONS -A- USD 2,685,982.05 3,084,333.12 2.57 16,726 COMMVAULT SYSTEMS USD 1,011,720.19 1,252,442.88 1.04 19,820 CONCHO RES USD 2,201,666.39 2,140,560.00 1.79 52,724 COPART INC USD 1,736,783.34 1,932,334.60 1.61 9,993 COSTAR GROUP INC USD 1,730,738.05 1,844,507.94 1.54 41,837 DICK'S SPORTING GOOD INC USD 2,266,938.30 2,430,729.70 2.03 48,322 DSW -A- USD 2,151,525.14 2,064,799.06 1.72 66,688 EAST WEST BANCORP INC USD 2,239,781.70 2,332,079.36 1.94 8,479 FACTSET RESEARCH SYSTEMS INC USD 929,295.37 920,649.82 0.77 29,869 FASTENAL CO USD 1,493,417.72 1,419,076.19 1.18 42,541 FISERV INC USD 2,239,530.09 2,512,046.05 2.09 16,575 GENESEE&WYOMING -A- USD 1,644,294.47 1,592,028.75 1.33 14,281 HAIN CELESTIAL GROUP INC USD 1,185,242.98 1,296,429.18 1.08 28,555 IDEX CORP USD 2,016,087.50 2,108,786.75 1.76 18,602 IHS INC -A- USD 2,043,124.66 2,226,659.40 1.86 11,100 INTERCONEXCH GR INC WI USD 2,157,903.30 2,496,612.00 2.08 29,596 INTUIT USD 2,112,755.92 2,258,766.72 1.88 22,787 J.B. HUNT TRANSPORT SERVICES INC USD 1,713,606.54 1,761,435.10 1.47 17,449 J.M. SMUCKER CO SHS/WHEN ISSUED USD 1,920,637.42 1,808,065.38 1.51 105,909 LKQ CORP USD 3,436,837.22 3,484,406.10 2.92 37,882 MICROS SYSTEMS INC USD 2,051,952.72 2,173,290.34 1.81 5,476 MIDDLEBY CORP USD 1,243,102.76 1,314,075.72 1.10 21,471 O REILLY AUTO USD 2,687,362.36 2,763,532.41 2.30 36,473 OASIS PETROLEUM INC USD 1,952,726.69 1,713,136.81 1.43 13,665 OCEANEERING INTERNATIONAL INC USD 1,161,934.75 1,077,895.20 0.90 17,357 PALL CORP USD 1,427,880.66 1,481,419.95 1.24 9,491 PANERA BREAD CO -A- USD 1,563,515.42 1,676,964.79 1.40 35,093 PAREXEL INTERNATIONAL USD 1,578,845.46 1,585,501.74 1.32 16,318 PERRIGO COMPANY PLC USD 2,342,569.23 2,504,160.28 2.09 22,141 POLARIS INDUSTRIES INC USD 2,738,108.97 3,224,615.24 2.69 21,903 RANGE RESOURCES CORP USD 1,662,696.35 1,846,641.93 1.54 26,966 RAYMOND JAMES FINANCIAL INC USD 1,397,391.60 1,407,355.54 1.17 38,038 RED HAT USD 1,674,106.76 2,131,649.52 1.78 11,881 ROPER INDUSTRIES INC USD 1,507,754.78 1,647,657.08 1.37 15,836 SIGMA-ALDRICH CORP USD 1,351,097.03 1,488,742.36 1.24 23,189 SIGNATURE BANK USD 2,362,680.86 2,490,962.38 2.08 20,516 SIRONA DENTAL SYSTEMS USD 1,470,086.51 1,440,223.20 1.20 18,396 STERICYCLE INC USD 2,141,466.43 2,137,063.32 1.78 43,409 TRACTOR SUPPLY CO USD 3,095,213.77 3,367,670.22 2.82 66,033 TRIMBLE NAVIGATION LTD USD 2,180,829.24 2,291,345.10 1.91 13,441 TYLER TECHNOLOGIES INC USD 1,296,164.95 1,372,729.33 1.14 12,487 ULTA SALON COSMETICS AND FRAGRANCE INC USD 1,625,222.02 1,205,245.24 1.01 32,054 UNDER ARMOUR INC -A- USD 2,449,865.64 2,798,314.20 2.33 29,723 VARIAN MEDICAL SYTEMS USD 2,173,152.10 2,309,179.87 1.93 34,051 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP USD 2,236,009.80 2,528,967.77 2.11
Total investments in securities 112,069,520.90 117,985,789.02 98.39
The accompanying notes are an integral part of these financial statements. Page 212 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Cash at banks/(bank liabilities) 2,293,335.37 1.91
Other net assets/(liabilities) -360,035.99 -0.30
Total 119,919,088.40 100.00
The accompanying notes are an integral part of these financial statements. Page 213 UBAM - GCM MIDCAP US EQUITY GROWTH
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 95.19 Ireland 2.09 Canada 1.11
98.39
Industrial classification of investments
% of net assets Internet and Internet services 18.85 Pharmaceuticals and cosmetics 10.50 Machine and apparatus construction 8.97 Retail trade, department stores 8.90 Road vehicles 7.22 Holding and finance companies 6.65 Foods and non alcoholic drinks 6.00 Petroleum 5.66 Banks and credit institutions 5.19 Electronics and semiconductors 4.06 Transportation 2.80 Miscellaneous consumer goods 2.70 Healthcare and social services 2.35 Electrical engineering and electronics 2.11 Environmental services and recycling 1.78 Real estate companies 1.54 Chemicals 1.24 Building materials and trade 1.07 Insurance 0.80
98.39
Page 214 UBAM - GCM MIDCAP US EQUITY GROWTH Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 1,038,353.65 Dividends, net Note 2 1,034,263.94 Interest on bank accounts 16.92 Other income 4,072.79 Expenses 3,061,716.80 Advisory fees Note 4 1,044,017.57 Management fees Note 3 839,435.20 Custodian fees 290,344.92 Subscription duty ("taxe d'abonnement") Note 6 48,618.67 Central administration costs 148,112.52 Audit fees 7,344.39 Interest paid on bank liabilities 18,003.59 Legal fees 6,704.43 Transaction fees Note 2 432,607.33 Other administration costs Note 7, 8 172,811.41 Banking charges and other fees 12,133.57 Other expenses 41,583.20 Net investment income -2,023,363.15 Net realised gain/(loss) on: - securities portfolio Note 2 56,586,034.19 - options Note 2 -71,298.35 - forward foreign exchange contracts Note 2 389,954.61 - foreign exchange Note 2 -26,201.45 Realised result 54,855,125.85 Net variation of the unrealised gain/(loss) on: - securities portfolio -20,761,478.23 - forward foreign exchange contracts -25,674.21 Result of operations 34,067,973.41 Subscriptions capitalisation shares 76,262,210.46 Subscriptions distribution shares 434,642.55 Redemptions capitalisation shares -162,385,487.33 Total changes in net assets -51,620,660.91
Total net assets at the beginning of the year 171,539,749.31
Total net assets at the end of the year 119,919,088.40
The accompanying notes are an integral part of these financial statements. Page 215 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in JPY
Assets 6,552,320,912 Securities portfolio at market value Note 2 6,102,873,400 Cash at banks 344,938,426 Dividends receivable 11,789,917 Unrealised gain on forward foreign exchange contracts Note 2, 9 92,719,169 Liabilities 59,120,379 Interest payable on bank liabilities and expenses payable 59,120,379 Net assets at the end of the year 6,493,200,533
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
AP shares Capitalisation shares 215,239.737 166,667.000 357,734.761 24,171.976
APH EUR shares Capitalisation shares 3,929.718 31,288.802 19,736.951 15,481.569
APH CHF shares Capitalisation shares 14,092.849 9,530.000 3,152.849 20,470.000
APH USD shares Capitalisation shares 2,191.000 13,511.000 6,836.000 8,866.000
IP shares Capitalisation shares 354,399.000 99,082.000 145,719.000 307,762.000
IPH EUR shares Capitalisation shares 0.000 100,096.000 605.000 99,491.000
IPH USD shares Capitalisation shares 0.000 58,648.000 1,442.000 57,206.000
R shares Capitalisation shares 100.765 0.000 65.265 35.500
RH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 216 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 JPY JPY JPY
Total net assets 6,493,200,533 4,544,598,696 986,052,954
AP shares JPY JPY JPY Capitalisation shares Number of shares outstanding 24,171.976 215,239.737 83,491.737 Net asset value per share 10,431 7,491 6,333
APH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 15,481.569 3,929.718 - Net asset value per share 90.15 67.74 -
APH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 20,470.000 14,092.849 - Net asset value per share 117.70 88.81 -
APH USD shares USD USD USD Capitalisation shares Number of shares outstanding 8,866.000 2,191.000 - Net asset value per share 128.02 96.59 -
IP shares JPY JPY JPY Capitalisation shares Number of shares outstanding 307,762.000 354,399.000 69,765.000 Net asset value per share 10,943 7,801 6,546
IPH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 99,491.000 - - Net asset value per share 110.93 - -
IPH USD shares USD USD USD Capitalisation shares Number of shares outstanding 57,206.000 - - Net asset value per share 111.10 - -
R shares JPY JPY JPY Capitalisation shares Number of shares outstanding 35.500 100.765 98.674 Net asset value per share 9,786 7,101 6,062
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 113.85 - -
The accompanying notes are an integral part of these financial statements. Page 217 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Statement of investments and other net assets as at 31/12/2013 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 5,311,700,312 6,102,873,400 93.99 another regulated market Shares 5,311,700,312 6,102,873,400 93.99 Japanese Yen 5,311,700,312 6,102,873,400 93.99 100,000 AEON DELIGHT CO LTD JPY 181,601,468 201,700,000 3.11 90,000 AIN PHARMACIEZ JPY 375,025,581 465,300,000 7.17 115,000 CANON INC JPY 419,704,981 382,950,000 5.90 107,200 COCOKARA FINE JPY 308,019,615 297,158,400 4.58 115 COMFORIA RESIDENTIAL REIT JPY 71,656,405 85,330,000 1.31 100,000 COMSYS HOLDINGS CORP JPY 102,359,998 165,200,000 2.54 140,000 DAIWA HOUSE INDUSTRY CO LTD JPY 249,132,275 284,900,000 4.39 2,500 HEIWA REAL ESTATE REIT INC JPY 180,845,840 202,500,000 3.12 375,000 INPEX JPY 462,863,016 505,500,000 7.78 50 JAPAN LOGISTICS FD JPY 42,958,152 55,750,000 0.86 110,000 KOMERI CO LTD JPY 275,789,981 295,900,000 4.56 50,000 KYOCERA CORP JPY 199,754,221 262,500,000 4.04 90,000 MAX CO LTD JPY 103,464,513 103,950,000 1.60 115,000 MINISTOP CO LTD JPY 168,826,848 188,945,000 2.91 225,000 MITSUBISHI CORP JPY 426,783,419 453,825,000 6.99 200,000 MITSUI AND CO LTD JPY 275,668,422 293,000,000 4.51 50,000 NIPPON TELEGRAPH AND TELEPHONE CORP JPY 188,960,218 283,000,000 4.36 95,000 NIPPON TELEVISION HOLDINGS JPY 145,987,283 180,405,000 2.78 300,000 NTT DOCOMO INC JPY 376,896,093 517,500,000 7.96 165,000 PANAHOME CORP JPY 89,846,550 127,875,000 1.97 750 PREMIER INVESTMENT CO JPY 286,397,517 305,250,000 4.70 80,000 SHIMACHU CO LTD JPY 144,334,094 199,120,000 3.07 60,000 TOKYO OHKA KOGYO CO LTD JPY 116,633,838 134,940,000 2.08 25,000 TOWA PHARMACEUTICAL CO LTD JPY 118,189,984 110,375,000 1.70
Total investments in securities 5,311,700,312 6,102,873,400 93.99
Cash at banks/(bank liabilities) 344,938,426 5.31
Other net assets/(liabilities) 45,388,707 0.70
Total 6,493,200,533 100.00
The accompanying notes are an integral part of these financial statements. Page 218 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Japan 93.99
93.99
Industrial classification of investments
% of net assets Communications 15.10 Holding and finance companies 14.90 Miscellaneous trading companies 11.50 Retail trade, department stores 10.54 Real estate companies 9.99 Electronics and semiconductors 9.94 Pharmaceuticals and cosmetics 8.87 Building materials and trade 6.36 Miscellaneous services 3.11 Chemicals 2.08 Machine and apparatus construction 1.60
93.99
Page 219 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in JPY
Income 154,251,581 Dividends, net Note 2 153,362,963 Other income 888,618 Expenses 225,219,245 Advisory fees Note 4 42,743,267 Management fees Note 3 40,774,536 Custodian fees 14,181,829 Subscription duty ("taxe d'abonnement") Note 6 1,865,226 Central administration costs 6,979,715 Performance fees Note 5 35,959,261 Audit fees 358,070 Legal fees 381,214 Transaction fees Note 2 74,248,553 Other administration costs Note 7, 8 6,163,051 Banking charges and other fees 325,308 Other expenses 1,239,215 Net investment income -70,967,664 Net realised gain/(loss) on: - securities portfolio Note 2 1,296,911,443 - forward foreign exchange contracts Note 2 170,060,750 - foreign exchange Note 2 12,527,914 Realised result 1,408,532,443 Net variation of the unrealised gain/(loss) on: - securities portfolio 758,430,104 - forward foreign exchange contracts 88,388,924 Result of operations 2,255,351,471 Subscriptions capitalisation shares 4,831,258,227 Redemptions capitalisation shares -5,138,007,861 Total changes in net assets 1,948,601,837
Total net assets at the beginning of the year 4,544,598,696
Total net assets at the end of the year 6,493,200,533
The accompanying notes are an integral part of these financial statements. Page 220 UBAM - NEUBERGER BERMAN US EQUITY VALUE Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 825,038,063.09 Securities portfolio at market value Note 2 820,589,450.00 Cash at banks 3,810,963.21 Receivable on issues of shares 109,720.84 Dividends receivable 265,583.79 Unrealised gain on forward foreign exchange contracts Note 2, 9 262,056.98 Other receivables 288.27 Liabilities 3,388,986.73 Payable on redemptions of shares 294,852.15 Interest payable on bank liabilities and expenses payable 3,094,134.58 Net assets at the end of the year 821,649,076.36
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 340,547.290 133,425.380 96,924.921 377,047.749 Distribution shares 1,225.000 1,475.000 885.000 1,815.000
AH EUR shares Capitalisation shares 2,495.932 2,258.350 283.000 4,471.282
AH CHF shares Capitalisation shares 60.000 1,165.000 20.000 1,205.000
I shares Capitalisation shares 686,123.540 142,691.868 427,356.800 401,458.608 Distribution shares 5,508.000 72.000 0.000 5,580.000
IH EUR shares Capitalisation shares 25,990.524 11,983.765 10,110.500 27,863.789
IH GBP shares Distribution shares 1,798.630 360.000 1,986.310 172.320
R shares Capitalisation shares 7,607.825 2,317.670 3,231.527 6,693.968
RH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 221 UBAM - NEUBERGER BERMAN US EQUITY VALUE Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 821,649,076.36 829,259,905.79 956,455,271.48
A shares USD USD USD Capitalisation shares Number of shares outstanding 377,047.749 340,547.290 458,648.025 Net asset value per share 959.18 742.64 637.57 Distribution shares Number of shares outstanding 1,815.000 1,225.000 - Net asset value per share 959.13 742.58 -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,471.282 2,495.932 3,601.185 Net asset value per share 634.12 495.76 430.50
AH CHF shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,205.000 60.000 - Net asset value per share 915.85 716.97 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 401,458.608 686,123.540 918,231.006 Net asset value per share 1,032.59 793.56 676.26 Distribution shares Number of shares outstanding 5,580.000 5,508.000 178.000 Net asset value per share 1,032.62 793.59 676.29
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 27,863.789 25,990.524 54,845.187 Net asset value per share 698.75 542.24 467.39
IH GBP shares GBP GBP GBP Distribution shares Number of shares outstanding 172.320 1,798.630 1,998.630 Net asset value per share 513.85 395.67 339.09
R shares USD USD USD Capitalisation shares Number of shares outstanding 6,693.968 7,607.825 11,200.896 Net asset value per share 870.45 680.69 590.28
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 115.53 - -
The accompanying notes are an integral part of these financial statements. Page 222 UBAM - NEUBERGER BERMAN US EQUITY VALUE Statement of investments and other net assets as at 31/12/2013 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 547,585,839.76 820,589,450.00 99.87 another regulated market Shares 547,585,839.76 820,589,450.00 99.87 US Dollar 547,585,839.76 820,589,450.00 99.87 200,000 ACCENTURE - SHS CLASS A USD 7,635,452.90 16,444,000.00 2.00 180,000 AETNA INC USD 11,428,549.00 12,346,200.00 1.50 1,000,000 AMERICAN AIRLINES USD 18,296,932.50 25,250,000.00 3.07 210,000 AMERICAN EXPRESS CO COM. USD 10,412,026.69 19,053,300.00 2.32 180,000 ANADARKO PETROLEUM CORP USD 10,043,671.92 14,277,600.00 1.74 340,000 ANTERO RESOURCES USD 18,634,886.10 21,569,600.00 2.63 420,000 AON USD 16,741,772.30 35,233,800.00 4.29 20,000 APPLE INC USD 7,019,928.90 11,222,200.00 1.37 180,000 ASHLAND INC USD 14,783,252.96 17,467,200.00 2.13 230,000 BERKSHIRE HATHAWAY -B- USD 19,886,009.00 27,268,800.00 3.32 750,000 CABOT OIL AND GAS CORP -A- USD 12,636,544.12 29,070,000.00 3.54 1,000,000 CISCO SYSTEMS INC USD 19,657,998.05 22,450,000.00 2.73 1,400,000 DELTA AIR LINES USD 23,607,741.50 38,458,000.00 4.68 850,000 EMC CORP USD 20,625,342.79 21,377,500.00 2.60 140,000 ENSCO -A- USD 6,869,164.66 8,005,200.00 0.97 200,000 EOG RESOURCES INC USD 18,031,369.54 33,568,000.00 4.09 20,000 GOOGLE INC USD 13,424,986.18 22,414,200.00 2.73 150,000 HALLIBURTON USD 8,191,715.96 7,612,500.00 0.93 85,000 IBM CORP USD 9,687,228.13 15,943,450.00 1.94 540,000 INTERNATIONAL PAPER CO USD 19,872,341.67 26,476,200.00 3.22 350,000 JPMORGAN CHASE CO USD 15,171,379.57 20,468,000.00 2.49 100,000 LENNAR CORP -A- USD 3,419,100.00 3,956,000.00 0.48 420,000 LINCOLN NATIONAL CORP USD 20,924,750.00 21,680,400.00 2.64 820,000 MICROSOFT CORP USD 26,470,731.00 30,692,600.00 3.74 120,000 M&T BANK CORPORATION USD 10,115,177.34 13,970,400.00 1.70 370,000 OCCIDENTAL PETROLEUM CORP USD 26,251,780.93 35,187,000.00 4.28 200,000 ORACLE CORP USD 4,104,651.30 7,652,000.00 0.93 1,000,000 PACIFIC DRILLING USD 8,914,303.35 11,460,000.00 1.39 320,000 PACKAGING CORP OF AMERICA USD 7,025,092.20 20,249,600.00 2.46 400,000 PFIZER INC USD 8,871,157.81 12,252,000.00 1.49 170,000 PIONEER NATURAL RESOURCES COMPANY USD 8,748,651.69 31,291,900.00 3.81 210,000 PNC FINANCIAL SERVICES GROUP INC USD 15,147,526.80 16,291,800.00 1.98 230,000 PULTEGROUP USD 5,076,366.52 4,685,100.00 0.57 270,000 QUALCOMM INC USD 15,400,972.43 20,047,500.00 2.44 400,000 SEADRILL LTD USD 7,393,067.15 16,432,000.00 2.00 370,000 TRAVELERS COS INC/THE USD 16,440,007.46 33,499,800.00 4.08 400,000 UNITED CONTINENTAL HOLDINGS INC USD 12,945,475.61 15,132,000.00 1.84 100,000 UNITEDHEALTH GROUP INC USD 7,077,640.00 7,530,000.00 0.92 340,000 VIACOM -B- USD 16,024,596.64 29,695,600.00 3.61 400,000 WELLS FARGO AND CO USD 13,411,193.07 18,160,000.00 2.21 400,000 WHITING PETROLEUM CORP USD 11,165,304.02 24,748,000.00 3.01
Total investments in securities 547,585,839.76 820,589,450.00 99.87
Cash at banks/(bank liabilities) 3,810,963.21 0.46
Other net assets/(liabilities) -2,751,336.85 -0.33
Total 821,649,076.36 100.00
The accompanying notes are an integral part of these financial statements. Page 223 UBAM - NEUBERGER BERMAN US EQUITY VALUE
Geographical classification of investments
(by domicile of the issuer) % of net assets United States of America 89.22 United Kingdom 5.26 Bermuda 2.00 Ireland 2.00 Luxembourg 1.39
99.87
Industrial classification of investments
% of net assets Petroleum 30.52 Insurance 11.01 Banks and credit institutions 10.70 Office supplies and computing 8.64 Holding and finance companies 8.23 Internet and Internet services 7.40 Communications 6.05 Transportation 4.68 Paper and forest products 3.22 Packaging industries 2.46 Healthcare and social services 2.42 Miscellaneous services 2.00 Pharmaceuticals and cosmetics 1.49 Building materials and trade 1.05
99.87
Page 224 UBAM - NEUBERGER BERMAN US EQUITY VALUE Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 9,389,571.81 Dividends, net Note 2 9,379,947.93 Interest on bank accounts 91.64 Other income 9,532.24 Expenses 16,245,060.69 Advisory fees Note 4 4,705,887.20 Management fees Note 3 4,861,811.81 Custodian fees 1,605,264.63 Subscription duty ("taxe d'abonnement") Note 6 205,708.33 Central administration costs 807,148.81 Audit fees 40,166.21 Interest paid on bank liabilities 933.29 Legal fees 30,404.37 Transaction fees Note 2 3,191,063.54 Other administration costs Note 7, 8 623,872.35 Banking charges and other fees 39,549.61 Other expenses 133,250.54 Net investment income -6,855,488.88 Net realised gain/(loss) on: - securities portfolio Note 2 127,864,413.78 - forward foreign exchange contracts Note 2 1,797,567.83 - foreign exchange Note 2 -1,215,317.38 Realised result 121,591,175.35 Net variation of the unrealised gain/(loss) on: - securities portfolio 84,415,268.74 - forward foreign exchange contracts -444,269.04 Result of operations 205,562,175.05 Subscriptions capitalisation shares 263,093,181.31 Subscriptions distribution shares 1,502,366.83 Redemptions capitalisation shares -475,438,791.48 Redemptions distribution shares -2,329,761.14 Total changes in net assets -7,610,829.43
Total net assets at the beginning of the year 829,259,905.79
Total net assets at the end of the year 821,649,076.36
The accompanying notes are an integral part of these financial statements. Page 225 UBAM - RUSSIAN EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 17,501,860.26 Securities portfolio at market value Note 2 17,250,637.89 Cash at banks 245,610.69 Dividends receivable 5,611.68 Liabilities 237,714.12 Bank liabilities 708.56 Payable on redemptions of shares 135,694.27 Interest payable on bank liabilities and expenses payable 101,311.29 Net assets at the end of the year 17,264,146.14
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 65,701.633 11,647.210 26,347.731 51,001.112 Distribution shares 132,555.549 980.654 23,402.867 110,133.336
A EUR shares Capitalisation shares 11,812.000 2,900.000 2,239.000 12,473.000
I shares Capitalisation shares 5,790.000 25,903.000 31,693.000 0.000
R shares Capitalisation shares 1.000 0.000 0.000 1.000
The accompanying notes are an integral part of these financial statements. Page 226 UBAM - RUSSIAN EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 17,264,146.14 20,579,304.60 28,336,909.73
A shares USD USD USD Capitalisation shares Number of shares outstanding 51,001.112 65,701.633 61,872.343 Net asset value per share 99.69 95.47 85.85 Distribution shares Number of shares outstanding 110,133.336 132,555.549 - Net asset value per share 99.68 95.47 -
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 12,473.000 11,812.000 10,585.000 Net asset value per share 69.90 69.97 63.86
I shares USD USD USD Capitalisation shares Number of shares outstanding - 5,790.000 255,790.000 Net asset value per share - 97.04 86.59
R shares USD USD USD Capitalisation shares Number of shares outstanding 1.000 1.000 - Net asset value per share 100.94 96.19 -
The accompanying notes are an integral part of these financial statements. Page 227 UBAM - RUSSIAN EQUITY Statement of investments and other net assets as at 31/12/2013 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 16,399,302.76 17,250,637.89 99.92 another regulated market Shares 16,399,302.76 17,250,637.89 99.92 Pound Sterling 246,817.16 372,347.76 2.16 5,122 BANK OF GEORGIA HOLDINGS PLC GBP 82,132.00 203,167.96 1.18 18,000 DRAGON OIL PLC GBP 164,685.16 169,179.80 0.98 US Dollar 16,152,485.60 16,878,290.13 97.76 208,000 AEROFLOT USD 312,896.42 530,774.40 3.07 324,000 AK SBEREGATELNY BANK SBERBANK USD 781,993.89 789,490.80 4.57 8,872 AKRON OJSC USD 342,142.46 303,621.13 1.76 23,647 AVANG INV -GDR- REC REP 1/10TH REG-S USD 270,232.56 277,852.25 1.61 151,196 GAZPROM ADR REPR. 2 SHS USD 1,585,875.75 1,306,745.40 7.57 23,449 GAZPROM NEFT ADR REPR 5 SHS USD 528,105.52 529,947.40 3.07 85,000 GK PIK USD 168,172.50 185,045.00 1.07 90,000 GK PIK - GDR - RECEIPT REPR 1 SH RGS-S USD 172,710.00 208,800.00 1.21 12,676 GLOBAL PORTS INVEST GDR REPR 3 SHS REG-S USD 146,407.80 177,210.48 1.03 32,776 GLOBALTRANS INV -GDR- REP 1 SH REG -S USD 483,818.80 521,138.40 3.02 125,593 GROUP LSR OJSC -GDR- REPR SHS REG -S USD 535,016.02 525,732.30 3.05 144,000 HMS HYDRAULIC GDR REPR SHS REGS USD 569,920.26 360,000.00 2.09 25,000,000 IDGC CENTER USD 258,720.00 165,000.00 0.96 15,004 KCELL GDR REPR SHS REGS USD 182,701.73 256,568.40 1.49 24,300 LUKOIL HOLDING ADR REPR.1SHS USD 1,489,282.48 1,517,535.00 8.79 20,000 M VIDEO COMPANY USD 160,687.27 182,072.00 1.05 1,500 MAGNIT GDR USD 83,057.71 99,300.00 0.58 5,200 MAGNIT SHS USD 958,046.25 1,459,495.96 8.45 8,500 MEGAFON SPDR REPR SHS REGS USD 210,977.45 284,750.00 1.65 52,381 MMC NORILSK NICKEL ADR REPR.1/10SHS USD 842,684.75 870,572.22 5.04 27,893 MOBILE TELESYSTEMS ADR REPR.2 SHS USD 523,186.15 603,325.59 3.49 124,483 MOSTOTREST OAO USD 572,563.97 506,060.74 2.93 14,000 NOVATEK USD 142,422.00 170,375.80 0.99 900 NOVATEK GDR REPR 1/100 SHS REG-S USD 109,665.61 123,210.00 0.71 52,000 PHOSAGRO GDR REPR SHS REG S USD 569,217.86 508,820.00 2.95 34,600 ROSNEFT OIL-GDR- USD 235,300.35 263,479.00 1.53 164,881 ROSTELECOM USD 463,155.11 374,708.56 2.17 58,000 SBERBANK ADR 4 SHS USD 722,656.20 729,640.00 4.23 64,800 SEVERSTAL GDR REPR SHS REG-S SER -OCT06- USD 609,684.65 640,224.00 3.71 7,730 SOLLERS JSC USD 109,238.60 201,063.48 1.16 40,040 SURGUTNEFTEGAZ JSC ADR -REPR.10SHS USD 327,683.54 345,945.60 2.00 640,000 SURGUTNEFTEGAZ PREF SHS USD 445,280.35 504,320.00 2.92 140,228 TATNEFT PREF.SHS USD 426,391.09 518,745.44 3.00 900,000,000 TERRITORIAL GENERATION COMPANY NO 1 USD 166,500.00 180,000.00 1.04 95 TRANSNEFT PREF.SHS USD 184,663.23 250,310.78 1.45 78,000 VNESHTORGBANK-GDR-REPR 2000 SHS REG-S USD 277,355.38 233,610.00 1.35 2,400,000 WGC-4 USD 184,071.89 172,800.00 1.00
Total investments in securities 16,399,302.76 17,250,637.89 99.92
Cash at banks/(bank liabilities) 244,902.13 1.42
Other net assets/(liabilities) -231,393.88 -1.34
Total 17,264,146.14 100.00
The accompanying notes are an integral part of these financial statements. Page 228 UBAM - RUSSIAN EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Russia 88.52 Cyprus 5.66 United Kingdom 3.27 Kazakstan 1.49 Ireland 0.98
99.92
Industrial classification of investments
% of net assets Petroleum 30.89 Banks and credit institutions 11.33 Transportation 10.47 Foods and non alcoholic drinks 9.03 Communications 7.15 Holding and finance companies 5.63 Non-ferrous metals 5.04 Coal mining and steel industry 3.71 Building materials and trade 3.05 Chemicals 2.95 Miscellaneous services 2.09 Miscellaneous sectors 2.05 Utilities 2.00 Pharmaceuticals and cosmetics 1.76 Agriculture and fishery 1.61 Machine and apparatus construction 1.16
99.92
Page 229 UBAM - RUSSIAN EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 757,071.03 Dividends, net Note 2 754,545.70 Interest on bank accounts 630.88 Other income 1,894.45 Expenses 510,336.30 Advisory fees Note 4 152,693.88 Management fees Note 3 169,245.20 Custodian fees 46,065.63 Subscription duty ("taxe d'abonnement") Note 6 8,908.78 Central administration costs 18,634.43 Audit fees 914.99 Interest paid on bank liabilities 117.30 Legal fees 229.73 Transaction fees Note 2 69,011.49 Other administration costs Note 7, 8 41,016.78 Banking charges and other fees 290.09 Other expenses 3,208.00 Net investment income 246,734.73 Net realised gain/(loss) on: - securities portfolio Note 2 -397,937.74 - forward foreign exchange contracts Note 2 -957.51 - foreign exchange Note 2 -236,651.84 Realised result -388,812.36 Net variation of the unrealised gain/(loss) on: - securities portfolio 908,352.47 - forward foreign exchange contracts -620.96 Result of operations 518,919.15 Subscriptions capitalisation shares 4,027,988.46 Subscriptions distribution shares 96,934.65 Redemptions capitalisation shares -5,754,978.16 Redemptions distribution shares -2,204,022.56 Total changes in net assets -3,315,158.46
Total net assets at the beginning of the year 20,579,304.60
Total net assets at the end of the year 17,264,146.14
The accompanying notes are an integral part of these financial statements. Page 230 UBAM - SNAM JAPAN EQUITY VALUE Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in JPY
Assets 44,539,258,020 Securities portfolio at market value Note 2 42,110,684,000 Cash at banks 1,316,221,252 Receivable on issues of shares 297,972,993 Dividends receivable 39,082,014 Unrealised gain on forward foreign exchange contracts Note 2, 9 775,297,761 Liabilities 145,795,002 Payable on redemptions of shares 13,680,079 Interest payable on bank liabilities and expenses payable 132,114,923 Net assets at the end of the year 44,393,463,018
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 8,405,337.508 4,143,547.016 5,199,043.102 7,349,841.422 Distribution shares 24,450.000 47,700.000 6,960.000 65,190.000
AH EUR shares Capitalisation shares 1,724,132.968 2,118,072.209 1,683,566.738 2,158,638.439 Distribution shares 498,353.775 316,632.000 125,781.285 689,204.490
AH USD shares Capitalisation shares 529,117.000 3,373,080.670 623,205.071 3,278,992.599
AH SEK shares Capitalisation shares 0.000 15,432.333 1,020.000 14,412.333
I shares Capitalisation shares 9,903,186.218 10,550,667.116 10,768,584.938 9,685,268.396
IH EUR shares Capitalisation shares 7,797,982.696 10,682,829.814 8,439,799.507 10,041,013.003
IH USD shares Capitalisation shares 0.000 1,273,665.482 159,890.000 1,113,775.482
R shares Capitalisation shares 176,586.559 5,733.224 74,318.792 108,000.991
RH EUR shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 231 UBAM - SNAM JAPAN EQUITY VALUE Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 JPY JPY JPY
Total net assets 44,393,463,018 21,058,682,950 26,771,906,143
A shares JPY JPY JPY Capitalisation shares Number of shares outstanding 7,349,841.422 8,405,337.508 8,552,930.863 Net asset value per share 1,130 720 619 Distribution shares Number of shares outstanding 65,190.000 24,450.000 - Net asset value per share 1,127 720 - Dividend per share 3.00 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 2,158,638.439 1,724,132.968 1,559,546.997 Net asset value per share 9.17 5.96 5.20 Distribution shares Number of shares outstanding 689,204.490 498,353.775 15,345,560.656 Net asset value per share 8.91 5.80 5.08 Dividend per share - 0.03 -
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 3,278,992.599 529,117.000 - Net asset value per share 14.24 9.26 -
AH SEK shares SEK SEK SEK Capitalisation shares Number of shares outstanding 14,412.333 - - Net asset value per share 1,032.49 - -
I shares JPY JPY JPY Capitalisation shares Number of shares outstanding 9,685,268.396 9,903,186.218 14,872,077.454 Net asset value per share 1,218 770 657
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10,041,013.003 7,797,982.696 5,780,226.793 Net asset value per share 9.33 6.02 5.21
IH USD shares USD USD USD Capitalisation shares Number of shares outstanding 1,113,775.482 - - Net asset value per share 14.31 - -
R shares JPY JPY JPY Capitalisation shares Number of shares outstanding 108,000.991 176,586.559 230,928.274 Net asset value per share 730 470 408
The accompanying notes are an integral part of these financial statements. Page 232 UBAM - SNAM JAPAN EQUITY VALUE Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 JPY JPY JPY
Total net assets 44,393,463,018 21,058,682,950 26,771,906,143
RH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 119.88 - -
The accompanying notes are an integral part of these financial statements. Page 233 UBAM - SNAM JAPAN EQUITY VALUE Statement of investments and other net assets as at 31/12/2013 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 37,736,341,063 42,110,684,000 94.86 another regulated market Shares 37,736,341,063 42,110,684,000 94.86 Japanese Yen 37,736,341,063 42,110,684,000 94.86 580,000 CANON INC JPY 1,933,586,098 1,931,400,000 4.36 102,000 CAWACHI LTD JPY 196,262,360 201,858,000 0.45 80,000 COCOKARA FINE JPY 227,366,460 221,760,000 0.50 82,200 COSEL JPY 96,329,010 100,366,200 0.23 340,000 DAI NIPPON PRINTING CO LTD JPY 286,098,500 379,440,000 0.85 832,000 DAI-ICHI LIFE INSURANCE CO LT JPY 1,283,632,100 1,461,824,000 3.29 320,000 DAISEKI CO LTD JPY 539,848,882 658,560,000 1.48 155,000 DOUTOR NICHIRES JPY 209,419,032 272,025,000 0.61 1,590,000 EDION CORP JPY 743,272,472 977,850,000 2.20 1,100 EPS CO LTD JPY 115,612,650 151,800,000 0.34 48,000 EXEDY CORP JPY 116,133,675 147,600,000 0.33 2,113,000 FUJITSU LTD JPY 889,939,477 1,149,472,000 2.59 1,150,000 GUNZE JPY 282,974,694 303,600,000 0.68 260,000 HANWA CO LTD JPY 99,593,103 146,380,000 0.33 260,000 HITACHI KOKI CO LTD JPY 203,936,112 200,460,000 0.45 52,000 HOKUTO JPY 91,052,020 102,700,000 0.23 68,300 HONDA MOTOR CO LTD JPY 258,629,833 295,739,000 0.67 339,100 HOSIDEN CORP JPY 177,020,851 192,608,800 0.43 570,000 IDEMITSU KOSAN JPY 1,223,886,151 1,364,010,000 3.07 1,380,000 INPEX JPY 1,572,412,977 1,860,240,000 4.19 600,000 JFE HOLDINGS INC JPY 1,378,807,191 1,501,200,000 3.38 3,100,000 JX HOLDINGS INC JPY 1,578,029,679 1,677,100,000 3.78 806,900 KOMATSU LTD JPY 1,804,953,011 1,724,345,300 3.88 144,000 K'S HOLDINGS SHS JPY 413,748,992 437,760,000 0.99 790,600 KURARAY CO LTD JPY 928,115,205 990,621,800 2.23 1,030,000 MITSUI AND CO LTD JPY 1,396,148,732 1,508,950,000 3.40 2,451,000 MITSUI CHEMICALS JPY 596,318,881 622,554,000 1.40 1,675,000 MITSUI MINING & SMELTING CO LTD JPY 422,412,981 541,025,000 1.22 428,400 MITSUMI ELECTRIC CO LTD JPY 292,358,715 375,706,800 0.85 44,000 NAFCO CO LTD JPY 77,283,190 69,960,000 0.16 170,000 NAGASE CO LTD JPY 208,031,024 216,580,000 0.49 1,600,000 NET ONE SYSTEMS CO JPY 1,184,270,956 1,104,000,000 2.49 65,000 NIDEC CORP JPY 420,637,529 669,500,000 1.51 67,600 NINTENDO CO LTD JPY 679,553,538 947,076,000 2.13 1,310,000 NIPPON ELECTRIC GLASS CO LTD JPY 743,949,163 723,120,000 1.63 345,000 NIPPON TELEGRAPH AND TELEPHONE CORP JPY 1,506,286,348 1,952,700,000 4.41 490,000 NISHI NIPPON CITY BANK JPY 123,774,695 138,670,000 0.31 560,000 NISSHIN STEEL HOLDINGS CO LTD JPY 536,028,860 705,040,000 1.59 20,800 NITORI JPY 166,022,150 207,376,000 0.47 130,000 OKINAWA ELECTRIC POWER CO LTD JPY 473,295,280 460,200,000 1.04 1,880,000 RESONA HOLDINGS INC JPY 889,948,756 1,007,680,000 2.27 518,000 SAIZERIYA CO LTD JPY 650,687,292 667,184,000 1.50 1,250,000 SANKYU INC JPY 417,553,821 512,500,000 1.15 285,600 SHIMACHU CO LTD JPY 683,565,079 710,858,400 1.60 465,000 SONY FINANCIAL HOLDINGS JPY 702,579,748 890,010,000 2.00 1,370,000 SUMITOMO CORP JPY 1,734,857,795 1,809,770,000 4.08 268,400 TACHI-S CO LTD JPY 356,880,680 390,522,000 0.88 649,000 TOKAI CARBON CO LTD JPY 181,029,300 238,183,000 0.54 300,000 TOKAI RUBBER INDUSTRIES LTD JPY 263,398,091 308,400,000 0.69 39,000 TOKIO MARINE HOLDINGS INC JPY 114,428,930 137,085,000 0.31 2,740,000 TOKYO STEEL MFG CO LTD SHS JPY 1,163,099,827 1,493,300,000 3.36 350,000 TOPPAN FORMS CO LTD JPY 297,928,642 337,750,000 0.76 915,000 TOPY IND LTD JPY 195,788,405 178,425,000 0.40 63,500 TOWA PHARMACEUTICAL CO LTD JPY 280,807,840 280,352,500 0.63 551,900 TSUMURA AND CO JPY 1,486,583,224 1,538,697,200 3.47 155,000 VALOR CO LTD JPY 217,696,900 215,605,000 0.49 354,200 XEBIO CO LTD JPY 693,508,176 715,484,000 1.61 5,430,000 YAMADA DENKI CO LTD JPY 1,822,237,080 1,867,920,000 4.21 260,000 YODOGAWA STEEL WORKS LTD JPY 106,728,900 117,780,000 0.27
Total investments in securities 37,736,341,063 42,110,684,000 94.86
The accompanying notes are an integral part of these financial statements. Page 234 UBAM - SNAM JAPAN EQUITY VALUE Statement of investments and other net assets as at 31/12/2013 Expressed in JPY Number/ % of total Description Currency Cost Market value nom. value net assets
Cash at banks/(bank liabilities) 1,316,221,252 2.96
Other net assets/(liabilities) 966,557,766 2.18
Total 44,393,463,018 100.00
The accompanying notes are an integral part of these financial statements. Page 235 UBAM - SNAM JAPAN EQUITY VALUE
Geographical classification of investments
(by domicile of the issuer) % of net assets Japan 94.86
94.86
Industrial classification of investments
% of net assets Holding and finance companies 18.50 Electronics and semiconductors 10.06 Retail trade, department stores 8.52 Miscellaneous trading companies 8.30 Coal mining and steel industry 5.22 Machine and apparatus construction 4.73 Communications 4.41 Chemicals 4.17 Pharmaceuticals and cosmetics 4.10 Insurance 3.29 Electrical engineering and electronics 3.28 Petroleum 3.07 Office supplies and computing 2.59 Internet and Internet services 2.49 Road vehicles 1.88 Graphic art and publishing 1.61 Hotels and restaurants 1.50 Environmental services and recycling 1.48 Non-ferrous metals 1.22 Transportation 1.15 Utilities 1.04 Tires and rubber 0.69 Textiles and garments 0.68 Healthcare and social services 0.34 Banks and credit institutions 0.31 Agriculture and fishery 0.23
94.86
Page 236 UBAM - SNAM JAPAN EQUITY VALUE Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in JPY
Income 476,836,841 Dividends, net Note 2 474,437,262 Interest on bank accounts 25 Other income 2,399,554 Expenses 700,936,244 Advisory fees Note 4 143,279,477 Management fees Note 3 189,312,044 Custodian fees 59,802,603 Subscription duty ("taxe d'abonnement") Note 6 7,606,409 Central administration costs 29,163,269 Audit fees 1,525,605 Interest paid on bank liabilities 1,090 Legal fees 962,812 Transaction fees Note 2 238,903,893 Other administration costs Note 7, 8 21,821,935 Banking charges and other fees 1,960,507 Other expenses 6,596,600 Net investment income -224,099,403 Net realised gain/(loss) on: - securities portfolio Note 2 857,983,731 - forward foreign exchange contracts Note 2 2,986,244,059 - foreign exchange Note 2 -145,525,956 Realised result 3,474,602,431 Net variation of the unrealised gain/(loss) on: - securities portfolio 11,805,522,557 - forward foreign exchange contracts 306,486,797 Result of operations 15,586,611,785 Dividends paid Note 15 -146,250 Subscriptions capitalisation shares 33,534,377,970 Subscriptions distribution shares 320,631,109 Redemptions capitalisation shares -25,977,808,844 Redemptions distribution shares -128,885,702 Total changes in net assets 23,334,780,068
Total net assets at the beginning of the year 21,058,682,950
Total net assets at the end of the year 44,393,463,018
The accompanying notes are an integral part of these financial statements. Page 237 UBAM - SWISS EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in CHF
Assets 307,950,692.45 Securities portfolio at market value Note 2 301,356,485.61 Cash at banks 6,535,711.12 Receivable on issues of shares 50,530.43 Unrealised gain on forward foreign exchange contracts Note 2, 9 7,485.51 Other receivables 479.78 Liabilities 880,449.20 Bank liabilities 1,251.22 Payable on redemptions of shares 128,865.21 Interest payable on bank liabilities and expenses payable 750,332.77 Net assets at the end of the year 307,070,243.25
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 668,175.587 404,362.814 282,467.547 790,070.854 Distribution shares 0.000 13,679.914 3,220.000 10,459.914
AH EUR shares Capitalisation shares 4,225.074 105,816.712 38,912.980 71,128.806
AH USD shares Capitalisation shares 0.000 11,291.079 923.000 10,368.079
I shares Capitalisation shares 188,892.080 425,850.470 175,864.460 438,878.090 Distribution shares 0.000 2,885.000 0.000 2,885.000
IH EUR shares Capitalisation shares 0.000 26,717.231 4,876.696 21,840.535
R shares Capitalisation shares 311.241 1,479.056 371.647 1,418.650
The accompanying notes are an integral part of these financial statements. Page 238 UBAM - SWISS EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 CHF CHF CHF
Total net assets 307,070,243.25 156,281,230.89 108,536,632.61
A shares CHF CHF CHF Capitalisation shares Number of shares outstanding 790,070.854 668,175.587 502,805.041 Net asset value per share 229.12 180.16 148.16 Distribution shares Number of shares outstanding 10,459.914 - - Net asset value per share 229.12 - -
AH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 71,128.806 4,225.074 5,150.331 Net asset value per share 151.93 120.05 98.90
AH USD shares USD USD USD Capitalisation shares Number of shares outstanding 10,368.079 - 820.000 Net asset value per share 202.36 - 155.02
I shares CHF CHF CHF Capitalisation shares Number of shares outstanding 438,878.090 188,892.080 215,252.500 Net asset value per share 238.15 186.53 152.80 Distribution shares Number of shares outstanding 2,885.000 - - Net asset value per share 238.14 - -
IH EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 21,840.535 - 2,681.000 Net asset value per share 113.01 - 99.02
R shares CHF CHF CHF Capitalisation shares Number of shares outstanding 1,418.650 311.241 618.615 Net asset value per share 219.17 174.08 144.97
The accompanying notes are an integral part of these financial statements. Page 239 UBAM - SWISS EQUITY Statement of investments and other net assets as at 31/12/2013 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 242,087,814.26 301,356,485.61 98.14 another regulated market Shares 242,087,814.26 301,356,485.61 98.14 Euro 13,264,250.20 15,122,757.10 4.92 30,755 CONTINENTAL AG EUR 5,072,994.30 6,007,826.25 1.95 42,204 HENKEL AG & CO KGAA EUR 3,463,180.30 4,360,597.68 1.42 107,989 STADA ARZNEIMITTEL AG REG SHS EUR 4,728,075.60 4,754,333.17 1.55 Swiss Franc 218,535,531.89 269,874,508.11 87.89 974,820 ABB LTD REG SHS CHF 19,944,382.98 22,888,773.60 7.44 92,895 ACTELION LTD NAMEN CHF 5,568,938.71 6,999,638.25 2.28 110,361 ADECCO REG.SHS CHF 6,551,001.95 7,791,486.60 2.54 241,051 ASCOM HOLDING AG REG. CHF 3,164,845.85 3,615,765.00 1.18 13,040 AUTONEUM HOLDING AG CHF 1,462,667.98 1,781,264.00 0.58 41,013 BALOISE HOLDING REG.SHS CHF 4,289,136.99 4,659,076.80 1.52 28,732 BB BIOTECH NAM.AKT CHF 3,747,236.80 4,045,465.60 1.32 17,571 BUCHER INDUSTRIES NAMEN AKT CHF 3,560,573.72 4,550,889.00 1.48 90,221 CALIDA HOLDING -NAMEN CHF 2,263,171.77 2,539,721.15 0.83 35,518 CICOREL TECHNOLOGIES ACT. NOM. CHF 1,511,963.84 1,225,371.00 0.40 203,533 CIE FINANCIERE RICHEMONT NAMEN AKT CHF 14,720,340.37 18,073,730.40 5.89 500,770 CLARIANT NAMEN AKT CHF 6,460,768.90 8,167,558.70 2.66 147,411 CREDIT SUISSE GROUP AG REG SHS CHF 4,245,921.07 4,019,897.97 1.31 23,785 DAETWYLER HOLDING AG CHF 2,170,813.62 2,946,961.50 0.96 40,309 DUFRY GROUP CHF 5,477,285.74 6,312,389.40 2.06 472,923 GAM HOLDING AG CHF 7,823,170.90 8,205,214.05 2.67 24,209 GE MONEY BANK AG CHF 1,261,204.00 1,417,436.95 0.46 26,792 GEBERIT AG CHF 5,744,638.72 7,247,236.00 2.36 10,657 GEORG FISCHER REG. CHF 5,020,886.20 6,687,267.50 2.18 65,518 IMPLENIA AG CHF 2,709,940.78 4,261,945.90 1.39 13,033 INFINICON HOLDING AG NAM.AKT CHF 1,998,407.07 4,480,093.75 1.46 24,808 KOMAX HOLDING NAMEN CHF 2,640,076.54 3,356,522.40 1.09 72,992 LEONTEQ AG CHF 3,495,331.91 7,810,144.00 2.54 49,574 LONZA GROUP NOM. CHF 3,758,719.76 4,193,960.40 1.37 191,111 NESTLE SA REG SHS CHF 10,142,608.25 12,479,548.30 4.06 224,439 NOVARTIS AG REG SHS CHF 13,130,208.02 15,980,056.80 5.20 283,381 OC OERLIKON CORP NAMEN-AKT. CHF 3,369,005.63 3,783,136.35 1.23 33,908 PARTNERS GROUP HLDG NAMEN AKT CHF 6,137,721.54 8,066,713.20 2.63 82,332 ROCHE HOLDING AG GENUSSSCHEIN CHF 14,801,730.43 20,517,134.40 6.68 2,407 SIKA CHF 5,365,389.61 7,632,597.00 2.49 56,829 SWISS LIFE HOLDING N-NAMEN REGISTERED CHF 8,898,855.66 10,524,730.80 3.43 188,564 SWISS RE NAMEN AKT CHF 12,175,671.39 15,471,676.20 5.04 982,599 SWISSLOG HOLDING AG REG.SHS CHF 1,176,832.00 1,120,162.86 0.36 19,632 THE SWATCH GROUP CHF 9,598,406.03 11,573,064.00 3.77 45,933 THE SWATCH GROUP REG CHF 3,756,478.97 4,611,673.20 1.50 493,569 UBS SA REG SHS CHF 8,836,660.82 8,351,187.48 2.72 14,934 VZ HOLDING AG CHF 1,554,537.37 2,485,017.60 0.81 US Dollar 10,288,032.17 16,359,220.40 5.33 64,526 AMERICAN EXPRESS CO COM. USD 3,837,443.86 5,206,735.44 1.70 8,010 MASTERCARD INC -A- USD 3,204,526.85 5,951,658.91 1.94 26,261 VISA INC -A- USD 3,246,061.46 5,200,826.05 1.69
Total investments in securities 242,087,814.26 301,356,485.61 98.14
Cash at banks/(bank liabilities) 6,534,459.90 2.13
Other net assets/(liabilities) -820,702.26 -0.27
Total 307,070,243.25 100.00
The accompanying notes are an integral part of these financial statements. Page 240 UBAM - SWISS EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Switzerland 87.89 United States of America 5.33 Germany 4.92
98.14
Industrial classification of investments
% of net assets Pharmaceuticals and cosmetics 15.71 Holding and finance companies 12.83 Banks and credit institutions 12.49 Insurance 9.99 Electrical engineering and electronics 7.44 Chemicals 6.52 Watch industry 5.27 Foods and non alcoholic drinks 4.06 Building materials and trade 3.75 Machine and apparatus construction 3.27 Electronics and semiconductors 3.09 Miscellaneous services 2.54 Road vehicles 2.06 Retail trade, department stores 2.06 Tires and rubber 1.95 Miscellaneous consumer goods 1.42 Biotechnology 1.32 Communications 1.18 Textiles and garments 0.83 Internet and Internet services 0.36
98.14
Page 241 UBAM - SWISS EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in CHF
Income 4,989,419.06 Dividends, net Note 2 4,963,153.49 Interest on bank accounts 422.62 Other income 25,842.95 Expenses 3,730,809.42 Advisory fees Note 4 845,563.34 Management fees Note 3 1,290,474.21 Custodian fees 488,253.89 Subscription duty ("taxe d'abonnement") Note 6 97,430.73 Central administration costs 237,932.97 Audit fees 12,286.17 Interest paid on bank liabilities 3,175.20 Legal fees 7,765.48 Transaction fees Note 2 653,343.41 Other administration costs Note 7, 8 10,754.94 Banking charges and other fees 13,057.48 Other expenses 70,771.60 Net investment income 1,258,609.64 Net realised gain/(loss) on: - securities portfolio Note 2 10,877,793.87 - forward foreign exchange contracts Note 2 -164,652.34 - foreign exchange Note 2 -224,832.45 Realised result 11,746,918.72 Net variation of the unrealised gain/(loss) on: - securities portfolio 40,838,929.46 - forward foreign exchange contracts 6,499.56 Result of operations 52,592,347.74 Subscriptions capitalisation shares 199,911,857.48 Subscriptions distribution shares 3,239,076.28 Redemptions capitalisation shares -104,238,196.54 Redemptions distribution shares -716,072.60 Total changes in net assets 150,789,012.36
Total net assets at the beginning of the year 156,281,230.89
Total net assets at the end of the year 307,070,243.25
The accompanying notes are an integral part of these financial statements. Page 242 UBAM - TURKISH EQUITY Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 15,013,534.38 Securities portfolio at market value Note 2 14,543,504.92 Cash at banks 470,029.46 Liabilities 376,208.93 Bank liabilities 295,543.00 Payable on redemptions of shares 245.24 Interest payable on bank liabilities and expenses payable 80,420.69 Net assets at the end of the year 14,637,325.45
Changes in number of shares outstanding from 01/01/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 31/12/2013
A shares Capitalisation shares 85,394.903 55,917.076 89,732.947 51,579.032
A EUR shares Capitalisation shares 22,657.558 29,133.310 19,039.053 32,751.815 Distribution shares 389.990 970.000 501.000 858.990
I shares Capitalisation shares 318,071.000 27,000.878 337,365.000 7,706.878
I EUR shares Capitalisation shares 21,150.000 20,207.000 10,807.000 30,550.000
IP shares Capitalisation shares 1,200.000 6,029.711 2,726.711 4,503.000
IP EUR shares Capitalisation shares 875.273 15,440.000 11,500.000 4,815.273
R shares Capitalisation shares 1.000 71.010 0.000 72.010
The accompanying notes are an integral part of these financial statements. Page 243 UBAM - TURKISH EQUITY Key figures relating to the last 3 years
Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 14,637,325.45 59,856,077.45 44,329,820.78
A shares USD USD USD Capitalisation shares Number of shares outstanding 51,579.032 85,394.903 63,922.056 Net asset value per share 95.15 127.60 77.50
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 32,751.815 22,657.558 30,287.558 Net asset value per share 88.23 123.68 76.28 Distribution shares Number of shares outstanding 858.990 389.990 310.990 Net asset value per share 87.55 122.72 76.29 Dividend per share - 0.73 -
I shares USD USD USD Capitalisation shares Number of shares outstanding 7,706.878 318,071.000 426,343.000 Net asset value per share 97.69 130.04 78.39
I EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 30,550.000 21,150.000 21,150.000 Net asset value per share 91.17 126.86 77.67
IP shares USD USD USD Capitalisation shares Number of shares outstanding 4,503.000 1,200.000 1,200.000 Net asset value per share 97.41 129.07 78.76
IP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 4,815.273 875.273 6,900.000 Net asset value per share 91.63 127.02 77.86
R shares USD USD USD Capitalisation shares Number of shares outstanding 72.010 1.000 - Net asset value per share 94.22 127.15 -
The accompanying notes are an integral part of these financial statements. Page 244 UBAM - TURKISH EQUITY Statement of investments and other net assets as at 31/12/2013 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 17,267,176.12 14,543,504.92 99.36 another regulated market Shares 17,267,176.12 14,543,504.92 99.36 Turkish Pound 17,267,176.12 14,543,504.92 99.36 22,000 ADANA CIMENTO -A- TRY 48,685.48 36,965.64 0.25 261,000 AKBANK TRY 1,050,950.16 813,923.72 5.56 194,000 AKFEN HOLDING TRY 559,451.95 383,759.42 2.62 225,000 AKSIGORTA AS TRY 314,986.01 279,616.10 1.91 23,000 ALARKO HOLDING TRY 61,664.14 49,993.45 0.34 354,000 ALBARAKA TURK KATILIM BANKASI TRY 293,044.06 253,742.01 1.73 29,000 ANADOLU EFES BIRACILIK VE MALT SANAYI TRY 389,581.44 313,826.31 2.14 175,000 ARENA BILGISAYAR AS TRY 275,735.10 165,349.35 1.13 8,200 BIM BIRLESIK MAGAZALAR TRY 143,765.67 165,642.58 1.13 350,000 BIMEKS BIL ISLEM TRY 331,952.46 303,004.71 2.07 6,000 BIZIM TOPTAM SATIS MAGAZALARI TRY 65,270.28 66,046.65 0.45 16,000 COCA COLA ICECEK SANAYI A.S TRY 351,125.65 385,388.48 2.63 111,000 DOGAN SIRKETLER GRUBU HOLDINGS TRY 39,706.49 37,198.37 0.25 14,200 DOGUS OTOMOTIV SERVIS TRY 44,715.73 44,282.44 0.30 150,000 ECZACIBASI ILAC SHS TRY 155,106.91 147,313.35 1.01 575,000 EMLAK KONUT REIT TRY 789,228.87 562,024.87 3.84 90,000 ENKA INSAAT VE SANAY A.S TRY 192,080.79 252,178.12 1.72 382,330 EREGLI DEMIR VE CELIK TRY 443,586.19 459,120.28 3.14 8,705 FORD OTOMOTIV TRY 82,403.83 91,973.57 0.63 146,000 HACI OMER SABANCI HOLDING AS TRY 717,302.12 587,130.97 4.01 915,610 HEKTAS TICARET AS TRY 835,945.51 703,174.10 4.80 122,500 KOC HOLDING AS -B- TRY 527,352.19 501,749.74 3.43 52,000 PINAR ENTEGRE ET TRY 211,698.73 181,523.56 1.24 56,550 SELCUK ECZA DEPOSU TRY 85,594.47 48,956.90 0.33 14,000 TAV HAVALIMALARI HOLDING AS TRY 77,024.65 100,675.76 0.69 170,000 TEKFEN HOLDING AS TRY 539,065.53 396,419.53 2.71 49,000 TOFAS TURK OTOMOBIL FABRIKASI AS TRY 309,415.96 305,611.20 2.09 340,000 TRAKYA CAM SANAYII TRY 430,712.74 401,958.32 2.75 21,400 TUPRAS TURKIYE PETROL RAFINELERI TRY 488,485.79 427,306.46 2.92 264,000 TURK HAVA YOLLARI AO TRY 732,496.42 791,331.02 5.41 74,350 TURK TELEKOM TRY 288,770.91 206,250.79 1.41 127,000 TURKCELL ILETISIM HIZMET TRY 690,890.28 670,915.73 4.58 415,000 TURKIYE GARANTI BANKASI AS (NAMEN-AKT) TRY 1,693,064.96 1,344,391.41 9.19 100,000 TURKIYE HALK BANKA -SHS- TRY 813,182.25 565,515.71 3.86 408,000 TURKIYE IS BANKASI AS TRY 1,260,859.14 883,042.30 6.04 1,015,000 TURKIYE SINAI KALK TRY 968,088.49 864,540.86 5.91 180,000 TURKIYE VAKIFLAR BANKASI TAO TRY 421,131.65 320,040.00 2.19 214,000 YAPI VE KREDI BANKASI AS TRY 490,478.09 370,531.48 2.53 7,000 YAZICILAR TRY 52,575.03 61,089.66 0.42
Total investments in securities 17,267,176.12 14,543,504.92 99.36
Cash at banks/(bank liabilities) 174,486.46 1.19
Other net assets/(liabilities) -80,665.93 -0.55
Total 14,637,325.45 100.00
The accompanying notes are an integral part of these financial statements. Page 245 UBAM - TURKISH EQUITY
Geographical classification of investments
(by domicile of the issuer) % of net assets Turkey 99.36
99.36
Industrial classification of investments
% of net assets Banks and credit institutions 37.01 Holding and finance companies 13.78 Transportation 6.10 Communications 5.99 Foods and non alcoholic drinks 5.00 Chemicals 4.80 Building materials and trade 4.72 Real estate companies 3.84 Coal mining and steel industry 3.14 Road vehicles 3.02 Petroleum 2.92 Tobacco and alcoholic drinks 2.14 Internet and Internet services 2.07 Insurance 1.91 Office supplies and computing 1.13 Pharmaceuticals and cosmetics 1.01 Retail trade, department stores 0.45 Miscellaneous sectors 0.33
99.36
Page 246 UBAM - TURKISH EQUITY Statement of operations and other changes in net assets from 01/01/2013 to 31/12/2013 Expressed in USD
Income 508,436.05 Dividends, net Note 2 501,036.56 Interest on bank accounts 2,659.59 Other income 4,739.90 Expenses 673,342.00 Advisory fees Note 4 170,399.81 Management fees Note 3 195,550.15 Custodian fees 44,279.69 Subscription duty ("taxe d'abonnement") Note 6 7,077.83 Central administration costs 24,353.26 Audit fees 1,097.50 Interest paid on bank liabilities 16,646.35 Legal fees 3,179.56 Transaction fees Note 2 161,608.88 Other administration costs Note 7, 8 32,424.40 Banking charges and other fees 7,658.03 Other expenses 9,066.54 Net investment income -164,905.95 Net realised gain/(loss) on: - securities portfolio Note 2 12,703,612.12 - forward foreign exchange contracts Note 2 60,050.56 - foreign exchange Note 2 -2,093,332.96 Realised result 10,505,423.77 Net variation of the unrealised gain/(loss) on: - securities portfolio -13,484,208.53 - forward foreign exchange contracts -1,444.63 Result of operations -2,980,229.39 Subscriptions capitalisation shares 21,941,499.67 Subscriptions distribution shares 153,855.43 Redemptions capitalisation shares -64,263,508.45 Redemptions distribution shares -70,369.26 Total changes in net assets -45,218,752.00
Total net assets at the beginning of the year 59,856,077.45
Total net assets at the end of the year 14,637,325.45
The accompanying notes are an integral part of these financial statements. Page 247 UBAM - VP VALUE CHINA EQUITY (merged) Changes in number of shares outstanding from 01/01/2013 to 26/04/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2013 26/04/2013
AP shares Capitalisation shares 124,855.759 7,289.949 132,145.708 0.000
IP shares Capitalisation shares 58,060.000 10,000.000 68,060.000 0.000
R shares Capitalisation shares 13,146.011 1,379.048 14,525.059 0.000
Key figures relating to the last 3 years
Period/Year ending as at: 26/04/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets - 13,915,782.62 29,892,092.89
AP shares USD USD USD Capitalisation shares Number of shares outstanding - 124,855.759 148,029.995 Net asset value per share - 70.94 64.57
AP EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding - - 500.000 Net asset value per share - - 49.52
IP shares USD USD USD Capitalisation shares Number of shares outstanding - 58,060.000 297,723.646 Net asset value per share - 72.12 65.16
R shares USD USD USD Capitalisation shares Number of shares outstanding - 13,146.011 14,818.678 Net asset value per share - 66.25 60.91
The accompanying notes are an integral part of these financial statements. Page 248 UBAM - VP VALUE CHINA EQUITY (merged) Statement of operations and other changes in net assets from 01/01/2013 to 26/04/2013 Expressed in USD
Income 22,954.84 Dividends, net Note 2 12,445.83 Interest on bank accounts 78.05 Other income 10,430.96 Expenses 319,446.42 Advisory fees Note 4 43,277.71 Management fees Note 3 16,280.57 Custodian fees 10,270.70 Subscription duty ("taxe d'abonnement") Note 6 1,671.56 Central administration costs 4,083.09 Audit fees 161.61 Interest paid on bank liabilities 152.48 Legal fees 342.14 Transaction fees Note 2 219,956.88 Other administration costs Note 7, 8 9,049.69 Banking charges and other fees 2.37 Other expenses 14,197.62 Net investment income -296,491.58 Net realised gain/(loss) on: - securities portfolio Note 2 1,170,609.37 - foreign exchange Note 2 -40,345.39 Realised result 833,772.40 Net variation of the unrealised gain/(loss) on: - securities portfolio -655,886.81 Result of operations 177,885.59 Subscriptions capitalisation shares 1,376,718.09 Redemptions capitalisation shares -15,470,386.30 Total changes in net assets -13,915,782.62
Total net assets at the beginning of the period 13,915,782.62
Total net assets at the end of the period 0.00
The accompanying notes are an integral part of these financial statements. Page 249 UBAM - MULTIFUNDS EMERGING MARKETS Financial Statements as at 31/12/2013 Statement of net assets as at 31/12/2013 Expressed in USD
Assets 53,109,332.23 Securities portfolio at market value Note 2 52,598,079.80 Cash at banks 464,093.69 Dividends receivable 25,330.97 Other receivables 21,827.77 Liabilities 498,275.77 Bank liabilities 125,237.53 Payable on redemptions of shares 104,678.69 Interest payable on bank liabilities and expenses payable 268,359.55 Net assets at the end of the year 52,611,056.46
Changes in number of shares outstanding from 05/02/2013 to 31/12/2013
Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 05/02/2013 31/12/2013
A shares Capitalisation shares 0.000 32,198.837 4,375.044 27,823.793 Distribution shares 0.000 76,694.947 17,316.729 59,378.218
A EUR shares Capitalisation shares 0.000 104,128.613 3,928.319 100,200.294
I shares Capitalisation shares 0.000 309,150.000 248,935.000 60,215.000 Distribution shares 0.000 10,254.146 3,726.024 6,528.122
R shares Capitalisation shares 0.000 10.000 0.000 10.000
The accompanying notes are an integral part of these financial statements. Page 250 UBAM - MULTIFUNDS EMERGING MARKETS Key figures relating to the last 3 years
Period/Year ending as at: 31/12/2013 31/12/2012 31/12/2011 USD USD USD
Total net assets 52,611,056.46 - -
A shares USD USD USD Capitalisation shares Number of shares outstanding 27,823.793 - - Net asset value per share 364.41 - - Distribution shares Number of shares outstanding 59,378.218 - - Net asset value per share 364.48 - -
A EUR shares EUR EUR EUR Capitalisation shares Number of shares outstanding 100,200.294 - - Net asset value per share 89.55 - -
I shares USD USD USD Capitalisation shares Number of shares outstanding 60,215.000 - - Net asset value per share 96.63 - - Distribution shares Number of shares outstanding 6,528.122 - - Net asset value per share 405.21 - -
R shares USD USD USD Capitalisation shares Number of shares outstanding 10.000 - - Net asset value per share 107.88 - -
The accompanying notes are an integral part of these financial statements. Page 251 UBAM - MULTIFUNDS EMERGING MARKETS Statement of investments and other net assets as at 31/12/2013 Expressed in USD Number/ % of total Description Currency Cost Market value nom. value net assets
Open-ended investment funds 51,988,639.44 52,598,079.80 99.98 Investment funds (UCITS) 51,988,639.44 52,598,079.80 99.98 Pound Sterling 3,692,747.15 3,769,255.86 7.16 537,000 FIRST STATE ASIA PACIFIC LEADERS FD -B- GBP 3,692,747.15 3,769,255.86 7.16 US Dollar 48,295,892.29 48,828,823.94 92.82 56,400 ABERDEEN GLOBAL EME MKT SMR CIE -I2- USD 1,161,356.50 1,101,210.00 2.09 375,000 CORONATION GLB OPP GLB EME MKT -B- CAP USD 4,008,191.25 4,284,862.50 8.14 26,000 FIRST STATE GLB UMB CHINA GROWTH -I- USD 2,993,328.75 3,293,940.00 6.26 130,700 FRANKLIN TEMPLETON INVESTMENT FUNDS - ASIAN GROWTH GLB.CERT -A- USD 4,556,461.83 4,252,978.00 8.08 CAP 360,000 GAM STAR FD PLC CHN EQ -INS- USD CAP USD 4,784,731.30 4,843,548.00 9.22 55,300 JPMF KOREA EQ -C- USD -CAP- USD 5,272,378.00 5,688,711.00 10.82 95,000 JPMF LATIN AMERICA EQ. -A (ACC) USD-CAP USD 2,991,591.32 2,704,650.00 5.14 8,539 JPMORGAN FD JF ASEAN EQUITY -C- USD CAP USD 1,191,050.22 1,074,889.32 2.04 75,000 LG FRONTIER MKT -B- USD 1,132,627.50 1,340,805.00 2.55 380,700 MACQUARIE ASIA NEW STAR -C- CAP USD 3,930,472.76 4,298,712.12 8.17 12,500 MFS MERIDIAN LATIN AME EQ -I1- USD 2,985,319.45 2,648,375.00 5.03 290,000 OLD MUT GLB ACADIAN EME MKT EQ -INST- USD 4,223,142.66 4,080,300.00 7.76 17,400 PCM RUSSIAN PROSPERITY -A- CAP USD 1,616,533.00 1,730,082.00 3.29 170,000 REN ASSET MGR GLB FD SUB-SAHARAN -C- USD 2,131,800.00 2,232,100.00 4.24 187,900 SISF TAIWAN EQ -C- CAPITALISATION USD 2,773,499.00 2,854,201.00 5.43 29,000 TRADITIONAL FD PLC EASTERN EUROPEAN FD USD 2,543,408.75 2,399,460.00 4.56
Total investments in securities 51,988,639.44 52,598,079.80 99.98
Cash at banks/(bank liabilities) 338,856.16 0.64
Other net assets/(liabilities) -325,879.50 -0.62
Total 52,611,056.46 100.00
The accompanying notes are an integral part of these financial statements. Page 252 UBAM - MULTIFUNDS EMERGING MARKETS
Geographical classification of investments
(by domicile of the issuer) % of net assets Luxembourg 54.33 Ireland 38.49 United Kingdom 7.16
99.98
Industrial classification of investments
% of net assets Unit trusts 99.98
99.98
Page 253 UBAM - MULTIFUNDS EMERGING MARKETS Statement of operations and other changes in net assets from 05/02/2013 to 31/12/2013 Expressed in USD
Income 63,290.82 Dividends, net Note 2 33,784.50 Interest on bank accounts 60.69 Other income 29,445.63 Expenses 897,308.54 Advisory fees Note 4 259,739.74 Management fees Note 3 323,979.06 Custodian fees 47,580.52 Subscription duty ("taxe d'abonnement") Note 6 7,414.80 Central administration costs 48,320.02 Audit fees 2,216.07 Interest paid on bank liabilities 11,101.52 Legal fees 2,687.85 Transaction fees Note 2 137,109.20 Other administration costs Note 7, 8 52,532.03 Banking charges and other fees 736.67 Other expenses 3,891.06 Net investment income -834,017.72 Net realised gain/(loss) on: - securities portfolio Note 2 -2,747,603.97 - forward foreign exchange contracts Note 2 6,728.17 - foreign exchange Note 2 51,803.83 Realised result -3,523,089.69 Net variation of the unrealised gain/(loss) on: - securities portfolio 609,440.36 Result of operations -2,913,649.33 Subscriptions capitalisation shares 55,597,149.92 Subscriptions distribution shares 33,430,829.55 Redemptions capitalisation shares -25,813,231.36 Redemptions distribution shares -7,690,042.32 Total changes in net assets 52,611,056.46
Total net assets at the beginning of the period 0.00
Total net assets at the end of the period 52,611,056.46
The accompanying notes are an integral part of these financial statements. Page 254 UBAM
Notes to the financial statements as at 31st December 2013
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 SICAV complied with article 27 of the 2010 Law and had the status of a self-managed SICAV until 31st August 2013, on 1st September UBP Asset Management (Europe) S.A. was appointed as the Management Company of the SICAV.
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 the 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 (3) 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 (2)(3) expressed in USD - UBAM - GLOBAL BOND (CHF) expressed in CHF - UBAM - GLOBAL HIGH YIELD SOLUTION expressed in USD - UBAM - LOCAL CURRENCY EMERGING MARKET BOND expressed in USD - UBAM - UNCONSTRAINED BOND (2) expressed in EUR - UBAM - YIELD CURVE EURO BOND (3) expressed in EUR - UBAM - YIELD CURVE STERLING BOND (3) expressed in GBP - UBAM - YIELD CURVE US DOLLAR BOND (3) expressed in USD - UBAM - EM INVESTMENT GRADE CORPORATE BOND (2) expressed in USD - UBAM - EUROPEAN CONVERTIBLE BOND expressed in EUR - UBAM - EURO 10-40 CONVERTIBLE BOND expressed in EUR - UBAM - GLOBAL CONVERTIBLE BOND (2) expressed in EUR - UBAM - 30 GLOBAL LEADERS EQUITY (formerly UBAM - PCM GLOBAL EQUITY VALUE) (1)(3) expressed in EUR - UBAM - ASIA EQUITY (3) expressed in USD - UBAM - ASIA EQUITY HIGH DIVIDEND (2)(3) expressed in USD - UBAM - DR. EHRHARDT GERMAN EQUITY expressed in EUR - UBAM - EQUITY BRIC+ expressed in USD - UBAM - EUROPE EQUITY (3) expressed in EUR - UBAM - EUROPE EQUITY DIVIDEND+ (3) expressed in EUR - UBAM - GCM MIDCAP US EQUITY GROWTH (formerly UBAM - CALAMOS US EQUITY GROWTH) (1) expressed in USD - UBAM - IFDC JAPAN OPPORTUNITIES EQUITY expressed in JPY - UBAM - NEUBERGER BERMAN US EQUITY VALUE (3) expressed in USD - UBAM - RUSSIAN EQUITY expressed in USD - UBAM - SNAM JAPAN EQUITY VALUE (formerly UBAM - IFDC JAPAN EQUITY) (1) expressed in JPY - UBAM - SWISS EQUITY (3) expressed in CHF - UBAM - TURKISH EQUITY expressed in USD - UBAM - MULTIFUNDS EMERGING MARKETS (2)(3) expressed in USD (1) This sub-fund’s denomination has been changed during the year, please refer to Note 17 for more details. (2) This sub-fund has been launched during the year, please refer to Note 17 for more details. (3) This sub-fund has been subject to a merger or a contribution-in-kind during the year, please refer to Note 17 for more details.
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Notes to the financial statements as at 31st December 2013 (continued)
The sub-fund UBAM - VP VALUE CHINA EQUITY has been absorbed during the year. Please refer to Note 17 for more details.
Types of shares
Within each sub-fund, shareholders may be offered various Types of shares:
- Type A shares; - 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; - 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; • others investors having received a specific approval given by the SICAV’s Board of Directors. - 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-funds, 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 - EUROPE EQUITY DIVIDEND+ and UBAM - 30 GLOBAL LEADERS EQUITY, 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.
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 exchange rate movements. The Duration hedged shares are denominated with the letter “S”.
In 2013, 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 INVESTMENTGRADE CORPORATE BOND.
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Notes to the financial statements as at 31st December 2013 (continued)
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 investments 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.
Where securities held in the portfolio are not traded or listed on a stock exchange or another regulated market, or where 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 closing date 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.
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 closing date. 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, feeded 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.
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Notes to the financial statements as at 31st December 2013 (continued)
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 gains and losses are recorded in the statement of net assets and in the statement of operations and other changes in net assets. h) Conversion of foreign currencies
Bank balances, other net assets 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 closing date. 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 closing date, the exchange rates prevailing are the following:
1 EUR = 1.22550 CHF Swiss Franc 0.83200 GBP Pound Sterling 144.82945 JPY Japanese Yen 1.37795 USD US Dollar
As at 31st December 2013, the total of cross-sub-funds’ investments amounts to EUR 6,810,714.31 and therefore total consolidated NAV at the level of the SICAV at year-end without cross-investments would amount to EUR 5,727,818,991.55 j) Income
Dividends are accounted at the ex-date. Interests are accounted on a prorata temporis basis and include amortization on zero coupon bonds. As at 31st December 2013, 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 maturities of time deposits, new borrowings and foreign exchange transactions not yet recorded under the caption "Cash at banks".
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".
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Notes to the financial statements as at 31st December 2013 (continued)
For a sub-fund possessing amounts "Receivable on treasury transactions" and amounts "Payable on treasury transactions" at the closing date, only the net amount is disclosed in the statement of net assets. l) Formation expenses
Expenses in connection with the incorporation of the Fund 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. n) Revaluation difference
Opening net assets are maintained at the closing exchange rate of the previous year. Exchange differences arising in aggregate are included in the consolidated statement of operations and other changes in net assets for the year under "Revaluation difference".
Note 3 - Management fee
In order to manage the SICAV’s sub-funds on a discretionary basis, the Board of Directors had appointed Union Bancaire Privée, UBP SA using the resources of its London and Zürich branches until 31st August 2013.
In consideration of its services, the manager perceived 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 R RP
(in %) (in %) (in %) (in %) (in %) (in %) Bond sub-funds UBAM - CORPORATE EURO BOND 0.15 0.20 0.15 UBAM - CORPORATE US DOLLAR BOND (2) 0.15 0.20 0.15 UBAM - DYNAMIC EURO BOND (2) 0.10 0.10 0.15 UBAM - DYNAMIC US DOLLAR BOND 0.10 0.10 0.15 UBAM - EMERGING MARKET BOND 0.40 0.20 0.40 UBAM - EMERGING MARKET CORPORATE BOND 0.40 0.35 0.20 0.20 0.40 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND(2) 0.40 0.20 0.40* UBAM - GLOBAL BOND (CHF) 0.15 0.15 0.15* UBAM - GLOBAL HIGH YIELD SOLUTION 0.15 0.15 0.15 UBAM - LOCAL CURRENCY EMERGING MARKET BOND 0.40 0.20 0.40 UBAM - UNCONSTRAINED BOND (2) 0.15 0.15 0.15 UBAM - YIELD CURVE EURO BOND (2) 0.15 0.15 0.15 UBAM - YIELD CURVE STERLING BOND (2) 0.15 0.15 0.15* UBAM - YIELD CURVE US DOLLAR BOND (2) 0.15 0.15 0.15 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND(1)(2) 0.40 0.30 0.40 Feeder convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND (1) 0.30 0.30 0.30 UBAM - EURO 10-40 CONVERTIBLE BOND (1) 0.20 0.20 0.20
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Notes to the financial statements as at 31st December 2013 (continued)
A AP I IP R RP
(in %) (in %) (in %) (in %) (in %) (in %) UBAM - GLOBAL CONVERTIBLE BOND (1)(2) 0.30 0.30 0.30* Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY (2) 0.40 0.40* 0.40 0.40* 0.40 UBAM - ASIA EQUITY (2) 0.65 0.65 0.25 0.65 UBAM - DR. EHRHARDT GERMAN EQUITY 0.40 0.40 0.40 UBAM - EQUITY BRIC+ 0.75 0.75 0.75 UBAM - EUROPE EQUITY (2) 0.40 0.40 0.40 UBAM - EUROPE EQUITY DIVIDEND+ (2) 0.40 0.40 0.40 UBAM - GCM MIDCAP US EQUITY GROWTH (2) 0.40 0.40 0.40 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 0.40 0.40 0.40 UBAM - NEUBERGER BERMAN US EQUITY VALUE (2) 0.40 0.40 0.40 UBAM - RUSSIAN EQUITY 0.65 0.65 0.65 UBAM - SNAM JAPAN EQUITY VALUE (2) 0.40 0.40 0.40 UBAM - SWISS EQUITY (2) 0.40 0.40 0.40 UBAM - TURKISH EQUITY 0.65 0.65* 0.65 0.50 0.65 UBAM - VP VALUE CHINA EQUITY (2) 0.40 0.40 0.40 Fund of funds sub-fund UBAM - MULTIFUNDS EMERGING MARKETS (2) 0.40 0.40 0.40 * This type of shares has not been active during the year, the annual management fee presented is the maximum annual management fee set out in the prospectus.
(1) This sub-fund being part of a master-feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" chapter of the prospectus dated June 2013, in order to obtain complete information about aggregate fees. (2) Please refer to Note 17 for more details on events concerning these sub-funds.
No management fee is levied for Type Z shares.
Since 1st September 2013, UBP Asset Management (Europe), 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
(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 (2) 0.50 0.35 0.35* 1.20 UBAM - DYNAMIC EURO BOND (2) 0.30 0.15 0.15* 0.90 UBAM - DYNAMIC US DOLLAR BOND 0.30 0.15 0.15* 0.90 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 CORPORATE BOND(2) 1.50 0.75 0.75* 2.00* UBAM - GLOBAL BOND (CHF) 0.50 0.25 0.25* 1.00* 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 - UNCONSTRAINED BOND (2) 0.50 0.25 0.25* 1.00 UBAM - YIELD CURVE EURO BOND (2) 0.50 0.25 0.25* 1.00 UBAM - YIELD CURVE STERLING BOND (2) 0.50 0.25 0.25* 1.00*
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Notes to the financial statements as at 31st December 2013 (continued)
A AP I IP U UP R RP
(in %) (in %) (in %) (in %) (in %) (in %) (in %) (in %) UBAM - YIELD CURVE US DOLLAR BOND (2) 0.50 0.25 0.25* 1.00 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND(1)(2) 1.30 0.55 0.55* 1.80 Feeder convertible bond sub-funds 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)(2) 1.20 0.90 0.90* 2.00* Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY (2) 1.50 1.00* 1.00 0.625* 1.00* 0.625* 2.50 UBAM - ASIA EQUITY (2) 1.75 1.30 0.75 0.75* 2.75 UBAM - ASIA EQUITY HIGH DIVIDEND (2) 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 (2) 1.50 1.00 1.00* 2.00 UBAM - EUROPE EQUITY DIVIDEND+ (2) 1.50 1.00 1.00* 2.00 UBAM - GCM MIDCAP US EQUITY GROWTH (2) 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 (2) 1.50 1.00 1.00* 2.50 UBAM - RUSSIAN EQUITY 1.75 1.25 1.25* 2.50 UBAM - SNAM JAPAN EQUITY VALUE (2) 1.50 1.00 1.00* 2.50 UBAM - SWISS EQUITY (2) 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 Fund of funds sub-fund UBAM - MULTIFUNDS EMERGING MARKETS (2) 1.60 0.80 0.80* 2.20
* This type of shares has not been active during the year, 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" chapter of the prospectus dated September 2013, in order to obtain complete information about aggregate fees. (2) Please refer to Note 17 for more details on events concerning these sub-funds.
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 31st December 2013, the annual maximum management fees of the underlying investments are the following:
Management UCITS or UCIS in which the sub-funds have Sub-fund: fees invested: (in %) UBAM - EM HIGH YIELD SHORT DURATION UBAM - GLOBAL HIGH YIELD SOLUTION -ZC-USD 0.00 CORPORATE BOND
For Master-Feeder structure, please refer to Note 16.
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Notes to the financial statements as at 31st December 2013 (continued)
Note 4 - Advisory fee
The Board of Directors has entrusted UBAM International Services to act as investment adviser to the SICAV in the choice of its investments and its investment policy until 31st August 2013.
In consideration of its services, the investment adviser received an annual fee payable quarterly and calculated on the average net assets of each Type of shares of each sub-fund of the SICAV during the relevant quarter in accordance with the following table:
A AP I IP R RP
(in %) (in %) (in %) (in %) (in %) (in %) Bond sub-funds UBAM - CORPORATE EURO BOND 0.35 0.15 1.05 UBAM - CORPORATE US DOLLAR BOND (2) 0.35 0.15 1.05 UBAM - DYNAMIC EURO BOND (2) 0.20 0.05 0.75 UBAM - DYNAMIC US DOLLAR BOND 0.20 0.05 0.75 UBAM - EMERGING MARKET BOND 1.10 0.55 1.60 UBAM - EMERGING MARKET CORPORATE BOND 1.10 0.475 0.55 0.30 1.60 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND(2) 1.10 0.55 1.60 UBAM - GLOBAL BOND (CHF) 0.35 0.10* 0.85* UBAM - GLOBAL HIGH YIELD SOLUTION 0.25 0.10 0.55 UBAM - LOCAL CURRENCY EMERGING MARKET BOND 1.10 0.55 1.60 UBAM - UNCONSTRAINED BOND (2) 0.35 0.10 0.85 UBAM - YIELD CURVE EURO BOND (2) 0.35 0.10 0.85 UBAM - YIELD CURVE STERLING BOND (2) 0.35 0.10 0.85* UBAM - YIELD CURVE US DOLLAR BOND (2) 0.35 0.10 0.85 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND(1)(2) 0.90 0.25* 1.40 Feeder convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND (1) 0.90 0.60 1.70 UBAM - EURO 10-40 CONVERTIBLE BOND (1) 0.70 0.40 1.60 UBAM - GLOBAL CONVERTIBLE BOND (1)(2) 0.90 0.60 1.70 Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY (2) 1.10 0.60* 0.60 0.225* 2.10 UBAM - ASIA EQUITY (2) 1.10 0.65 0.50 2.10 UBAM - DR. EHRHARDT GERMAN EQUITY 1.10 0.60 2.10 UBAM - EQUITY BRIC+ 1.00 0.50 1.80 UBAM - EUROPE EQUITY (2) 1.10 0.60 1.60 UBAM - EUROPE EQUITY DIVIDEND+ (2) 1.10 0.60 1.60 UBAM - GCM MIDCAP US EQUITY GROWTH (2) 1.10 0.60 2.10 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 1.10 0.60 2.10 UBAM - NEUBERGER BERMAN US EQUITY VALUE (2) 1.10 0.60 2.10 UBAM - RUSSIAN EQUITY 1.10 0.60 1.85 UBAM - SNAM JAPAN EQUITY VALUE (2) 1.10 0.60 2.10 UBAM - SWISS EQUITY (2) 0.60 0.25 1.60 UBAM - TURKISH EQUITY 1.10 0.65* 0.60 0.25 1.85 UBAM - VP VALUE CHINA EQUITY (2) 1.10 0.60 2.10
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Notes to the financial statements as at 31st December 2013 (continued)
A AP I IP R RP
(in %) (in %) (in %) (in %) (in %) (in %) Fund of funds sub-fund UBAM - MULTIFUNDS EMERGING MARKETS (2) 1.20 0.40 1.80 * This type of shares has not been active during the period, the annual advisory fee presented is the maximum annual advisory fee set out in the prospectus.
(1) This sub-fund being part of a master-feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" chapter of the prospectus dated June 2013, in order to obtain complete information about aggregate fees. (2) Please refer to Note 17 for more details on events concerning these sub-funds.
No advisory fee is levied for Type Z shares.
Note 5 - Performance fees
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-months 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 - 30 GLOBAL LEADERS EQUITY (1) 10% MSCI AC World Net Return UBAM - ASIA EQUITY (1) 15% Hurdle 10% UBAM - ASIA EQUITY HIGH DIVIDEND (1) 15% Hurdle 10% UBAM - EMERGING MARKET CORPORATE BOND 20% Hurdle 7% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 15% Hurdle 10% UBAM - TURKISH EQUITY 20% MSCI Turkey 10/40 IMI Daily Net TR USD UBAM - UNCONSTRAINED BOND (1) 20% Eonia +1%
* Only applicable for share classes having a letter “P” in their denomination (AP or IP) (1) Please refer to Note 17 for more details on events concerning these sub-funds.
The manager 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 NAV 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 NAV performance, when this technical NAV is greater than the benchmark technical NAV (defined below) and the minimum return rate.
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Notes to the financial statements as at 31st December 2013 (continued)
The performance fee is calculated on the basis of the technical NAV 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 NAV, before receiving this performance fee, proves to be lower than the benchmark technical NAV 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 year, performance fees paid 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 599.86 UBAM - UNCONSTRAINED BOND (AP / IP only) (1) EUR 181,559.66 UBAM - ASIA EQUITY (AP / IP only) (1) USD 34,155.58 UBAM - EQUITY BRIC+ (AP / IP / RP only) USD 9,099.92 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY (AP / IP only) JPY 35,959,261
(1) Please refer to Note 17 for more details on events concerning these sub-funds
No performance has been recorded for the other sub-funds subject to a performance fee.
Note 6 - Subscription Duty ("taxe d’abonnement")
The SICAV is subject in Luxembourg to an annual tax of 0.05%, for Types A, U and R 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 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 7 - General distributor fee
As of 1st September 2013, 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 and R shares for the SICAV’s various sub-funds during the relevant quarter (except Type A
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Notes to the financial statements as at 31st December 2013 (continued) and R shares of the sub-funds UBAM - DYNAMIC EURO BOND, UBAM - DYNAMIC US DOLLAR BOND and 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, I+ and Z shares. These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs".
Note 8 - 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 and R shares for the SICAV’s various sub-funds during the relevant quarter (except for the sub-funds UBAM - GLOBAL HIGH YIELD SOLUTION and 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, I+ 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 (3) 0.05 UBAM - DYNAMIC EURO BOND (3) 0.05 (2) UBAM - DYNAMIC US DOLLAR BOND 0.05 (2) UBAM - EMERGING MARKET BOND 0.05 UBAM - EMERGING MARKET CORPORATE BOND 0.05 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (3) 0.05 UBAM - GLOBAL BOND (CHF) 0.05 UBAM - GLOBAL HIGH YIELD SOLUTION 0.00 UBAM - LOCAL CURRENCY EMERGING MARKET BOND 0.05 UBAM - UNCONSTRAINED BOND (3) 0.00 UBAM - YIELD CURVE EURO BOND (3) 0.05 UBAM - YIELD CURVE STERLING BOND (3) 0.05 UBAM - YIELD CURVE US DOLLAR BOND (3) 0.05 Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND (1)(3) 0.05 Feeder convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND (1) 0.05 UBAM - EURO 10-40 CONVERTIBLE BOND (1) 0.05 UBAM - GLOBAL CONVERTIBLE BOND (1)(3) 0.05 Equity sub-funds UBAM - 30 GLOBAL LEADERS EQUITY (3) 0.10 UBAM - ASIA EQUITY (3) 0.10 Page 265
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Notes to the financial statements as at 31st December 2013 (continued)
Types A, U and R shares (in %) UBAM - ASIA EQUITY HIGH DIVIDEND (3) 0.10 UBAM - DR. EHRHARDT GERMAN EQUITY 0.10 UBAM - EQUITY BRIC+ 0.10 UBAM - EUROPE EQUITY (3) 0.10 UBAM - EUROPE EQUITY DIVIDEND+ (3) 0.10 UBAM - GCM MIDCAP US EQUITY GROWTH (3) 0.10 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 0.10 UBAM - NEUBERGER BERMAN US EQUITY VALUE (3) 0.10 UBAM - RUSSIAN EQUITY 0.10 UBAM - SNAM JAPAN EQUITY VALUE (3) 0.10 UBAM - SWISS EQUITY 0.00 UBAM - TURKISH EQUITY 0.10 UBAM - VP VALUE CHINA EQUITY (3) 0.10 Fund of funds sub-fund UBAM - MULTIFUNDS EMERGING MARKET (3) 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" chapter of the prospectus dated September 2013, in order to obtain complete information about aggregate fees. (2) No fee is currently foreseen for the Type A shares. (3) Please refer to Note 17 for more details on events concerning these sub-funds.
Note 9 - Forward foreign exchange contracts
As at 31st December 2013, the following forward foreign exchange contracts are outstanding:
The counterparty of all the forward foreign exchange contracts below is UBP Asset Management (Europe) S.A., Luxembourg.
UBAM - CORPORATE EURO BOND Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forw ard foreign exchange contracts linked to AH CHF CHF 1,455,000.00 EUR 1,189,794.75 15/01/2014 -2,394.33 -2,394.33 Forw ard foreign exchange contracts linked to IH GBP GBP 6,166,000.00 EUR 7,366,786.14 15/01/2014 43,728.85 43,728.85
UBAM - CORPORATE US DOLLAR BOND Currency PurchasesCurrency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 1,269,000.00 EUR 940,000.00 23/01/2014 -26,260.91 -26,260.91 Forw ard foreign exchange contracts linked to AH EUR and IH EUR EUR 2,200,000.00 USD 3,017,080.00 15/01/2014 14,392.13 USD 91,930.70 EUR 67,000.00 15/01/2014 -391.41 EUR 33,000.00 USD 45,526.80 03/01/2014 -54.47 13,946.25 Forw ard foreign exchange contracts linked to AH CHF CHF 67,000.00 USD 75,154.23 15/01/2014 188.25 188.25
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - DYNAMIC EURO BOND CurrencyPur c has es CurrencySales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 29,659,000.00 EUR 24,253,005.15 15/01/2014 -48,806.54 CHF 5,131,000.00 EUR 4,205,048.35 15/01/2014 -17,727.70 CHF 25,657,000.00 EUR 21,030,327.87 15/01/2014 -92,092.47 CHF 2,090,000.00 EUR 1,713,536.12 15/01/2014 -7,923.15 CHF 2,101,000.00 EUR 1,714,262.40 15/01/2014 327.48 EUR 66,960.64 CHF 82,000.00 06/01/2014 46.93 -166,175.45 Forw ard foreign exchange contracts linked to AH GBP and IH GBP GBP 5,749,000.00 EUR 6,868,578.26 15/01/2014 40,771.51 GBP 2,775,000.00 EUR 3,288,694.00 15/01/2014 46,398.29 87,169.80
UBAM - DYNAMIC US DOLLAR BOND Currency Pur c has es Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 1,026,000.00 EUR 760,000.00 23/01/2014 -21,232.23 -21,232.23 Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 7,727,000.00 USD 8,667,414.47 15/01/2014 21,709.92 CHF 4,904,000.00 USD 5,542,495.48 15/01/2014 -27,875.84 -6,165.92 Forw ard foreign exchange contracts linked to AH GBP and IH GBP GBP 3,400,000.00 USD 5,570,220.00 15/01/2014 60,380.12 GBP 246,000.00 USD 401,595.00 15/01/2014 5,795.48 GBP 301,000.00 USD 488,763.80 15/01/2014 9,709.92 GBP 322,000.00 USD 526,470.00 15/01/2014 6,780.95 82,666.47
UBAM - EMERGING MARKET BOND Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 2,741,009.70 EUR 1,991,000.00 17/01/2014 -2,470.10 -2,470.10 Forw ard foreign exchange contracts linked to AH EUR, IH EUR and AHS EUR EUR 44,507,000.00 USD 61,277,237.60 17/01/2014 50,765.81 USD 31,730.80 EUR 23,000.00 03/01/2014 37.96 USD 265,075.20 EUR 192,000.00 06/01/2014 509.28 51,313.05 Forw ard foreign exchange contracts linked to AH CHF CHF 171,000.00 USD 192,784.67 17/01/2014 -489.61 -489.61
UBAM - EMERGING MARKET CORPORATE BOND Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 3,496,818.00 EUR 2,540,000.00 17/01/2014 -3,151.21 -3,151.21 Forw ard foreign exchange contracts linked to AH EUR, APH EUR, IH EUR, IPH EUR, RH EUR and IHS EUR EUR 68,535,000.00 USD 94,358,988.00 17/01/2014 78,172.76 EUR 72,000.00 USD 98,517.60 02/01/2014 694.80 USD 67,134.90 EUR 49,000.00 03/01/2014 -384.62 78,482.94 Forw ard foreign exchange contracts linked to AH CHF, APH CHF and IH CHF CHF 5,109,000.00 USD 5,759,864.71 17/01/2014 -14,628.08 -14,628.08
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Currency Pur c has es Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 5,161,248.30 EUR 3,749,000.00 17/01/2014 -4,651.14 EUR 448,000.00 USD 617,344.00 17/01/2014 -26.60 EUR 660,000.00 USD 901,560.00 17/01/2014 7,880.81 3,203.07 Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 134,000.00 USD 151,071.03 17/01/2014 -383.67 -383.67 Forw ard foreign exchange contracts linked to AH EUR and IH EUR EUR 35,773,000.00 USD 49,252,266.40 17/01/2014 40,803.59 40,803.59
UBAM - GLOBAL BOND (CHF) Currency Purchases Currency Sales Maturity Unrealised result (in CHF) Forw ard foreign exchange contracts CHF 17,121,600.00 EUR 13,920,000.00 23/01/2014 65,666.43 CHF 6,153,805.00 USD 6,755,000.00 23/01/2014 147,176.02 CHF 701,148.00 GBP 476,000.00 23/01/2014 227.51 CHF 784,467.00 CAD 909,000.00 23/01/2014 24,100.07 CHF 78,840.15 PLN 270,000.50 23/01/2014 -624.95 CHF 1,267,275.00 AUD 1,525,000.00 23/01/2014 55,778.41 CHF 6,116,643.00 JPY 681,900,000.00 23/01/2014 347,029.46 639,352.95 Forw ard foreign exchange contracts linked to AH EUR EUR 9,500.00 CHF 11,617.55 15/01/2014 23.43 23.43
UBAM - GLOBAL HIGH YIELD SOLUTION Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 2,699,800.00 EUR 2,000,000.00 23/01/2014 -56,074.29 USD 25,650,000.00 EUR 19,000,000.00 23/01/2014 -530,805.69 USD 2,720,000.00 EUR 2,000,000.00 23/01/2014 -35,874.09 USD 7,448,448.00 EUR 5,440,000.00 23/01/2014 -47,529.06 -670,283.13 Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 90,819,000.00 USD 101,872,125.62 15/01/2014 255,166.67 CHF 2,848,000.00 USD 3,218,806.51 15/01/2014 -16,188.90 CHF 3,122,000.00 USD 3,517,350.16 15/01/2014 -6,615.55 USD 51,883.60 CHF 46,000.00 06/01/2014 159.63 232,521.85 Forw ard foreign exchange contracts linked to AH EUR, IH EUR and RH EUR EUR 383,378,000.00 USD 525,764,589.20 15/01/2014 2,508,011.07 EUR 14,712,000.00 USD 20,242,240.80 15/01/2014 30,040.07 EUR 12,412,000.00 USD 16,960,998.00 15/01/2014 142,016.56 EUR 86,000.00 USD 118,645.60 03/01/2014 -141.95 USD 1,118,286.00 EUR 810,000.00 06/01/2014 2,148.53 2,682,074.28 Forw ard foreign exchange contracts linked to AH GBP and IH GBP GBP 8,204,000.00 USD 13,440,613.20 15/01/2014 145693.68 GBP 276,000.00 USD 449,880.00 15/01/2014 7192.25 GBP 322,000.00 USD 526,920.80 15/01/2014 6,330.15 GBP 18,000.00 USD 29,700.00 03/01/2014 111.24 159,327.32
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - LOCAL CURRENCY EMERGING MARKET BOND Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts linked to AH EUR, IH EUR and RH EUR EUR 68,810,000.00 USD 94,737,608.00 17/01/2014 78,486.43 USD 7,276,246.30 EUR 5,303,000.00 17/01/2014 -30,973.05 EUR 10,000.00 USD 13,796.00 03/01/2014 -16.51 EUR 5,000.00 USD 6,903.50 06/01/2014 -13.76 47,483.11 Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 19,877,000.00 USD 22,409,244.64 17/01/2014 -56,911.79 USD 8,741,863.08 CHF 7,789,000.00 17/01/2014 -17,118.51 USD 12,156,708.00 CHF 10,783,000.00 17/01/2014 30,870.38 USD 82,234.99 CHF 73,000.00 17/01/2014 144.10 -43,015.82
UBAM - UNCONSTRAINED BOND Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forw ard foreign exchange contracts EUR 817,175.54 USD 1,100,000.00 23/01/2014 18,880.45 EUR 5,271,338.78 AUD 7,800,000.00 23/01/2014 214,068.98 EUR 4,368,641.53 GBP 3,650,000.00 23/01/2014 -17,860.83 EUR 1,268,602.10 CHF 1,560,000.00 23/01/2014 -4,571.90 EUR 73,978,590.21 USD 99,859,999.99 23/01/2014 1,507,912.09 EUR 720,535.25 USD 980,000.00 23/01/2014 9,326.97 EUR 1,178,506.98 USD 1,600,000.00 23/01/2014 17,350.58 EUR 276,978.02 USD 380,000.00 23/01/2014 1,203.40 EUR 452,828.82 USD 623,500.00 23/01/2014 340.75 EUR 921,331.87 USD 1,259,000.00 23/01/2014 7,646.98 EUR 28,993.91 USD 40,000.00 03/01/2014 -34.73 GBP 11,000.00 EUR 13,159.47 03/01/2014 61.61 1,754,324.35 Forw ard foreign exchange contracts linked to APH USD and IPH USD USD 64,418,000.00 EUR 46,975,862.32 15/01/2014 -226,430.32 USD 2,024,000.00 EUR 1,475,111.14 15/01/2014 -6,253.83 EUR 37,640.25 USD 52,000.00 06/01/2014 -97.04 -232,781.19 Forw ard foreign exchange contracts linked to APH GBP GBP 3,785,000.00 EUR 4,522,102.75 15/01/2014 26,842.96 26,842.96 Forw ard foreign exchange contracts linked to APH CHF and IPH CHF CHF 17,199,000.00 EUR 14,064,109.90 15/01/2014 -28,302.49 CHF 1,770,000.00 EUR 1,445,606.01 15/01/2014 -1,139.52 -29,442.01
UBAM - YIELD CURVE US DOLLAR BOND Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts USD 402,300.00 EUR 298,000.00 23/01/2014 -8,325.27 -8,325.27
UBAM - EM INVESTMENT GRADE CORPORATE BOND Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts linked to IHS EUR EUR 504,000.00 USD 693,907.20 17/01/2014 574.88 574.88
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - EUROPEAN CONVERTIBLE BOND Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forw ard foreign exchange contracts linked to AH USD USD 4,686,000.00 EUR 3,408,495.78 16/01/2014 -7,770.24 USD 158,000.00 EUR 114,368.44 16/01/2014 295.37 -7,474.87 Forw ard foreign exchange contracts linked to AH CHF CHF 5,724,000.00 EUR 4,679,529.10 16/01/2014 -8,232.06 CHF 52,000.00 EUR 42,462.85 06/01/2014 -29.76 -8,261.82
UBAM - EURO 10-40 CONVERTIBLE BOND Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 18,564,000.00 EUR 15,176,586.00 16/01/2014 -26,698.12 CHF 573,000.00 EUR 469,095.37 16/01/2014 -1,476.01 -28,174.13 Forw ard foreign exchange contracts linked to AH GBP and IH GBP GBP 3,008,000.00 EUR 3,595,075.89 16/01/2014 20,023.61 20,023.61 Forward foreign exchange contracts linked to AH USD and IH USD USD 12,852,000.00 EUR 9,348,268.84 16/01/2014 -21,310.96 -21,310.96
UBAM - GLOBAL CONVERTIBLE BOND CurrencyPurchases Currency Sales Maturity Unrealised result (in EUR) Forw ard foreign exchange contracts linked to AH CHF CHF 1,491,000.00 EUR 1,218,933.94 16/01/2014 -2,144.30 -2,144.30 Forw ard foreign exchange contracts linked to AH USD USD 9,994,000.00 EUR 7,269,421.01 16/01/2014 -16,571.88 -16,571.88 Forw ard foreign exchange contracts linked to AH GBP GBP 1,083,000.00 EUR 1,294,370.74 16/01/2014 7,209.30 GBP 37,000.00 EUR 44,158.01 16/01/2014 309.64 7,518.94
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - 30 GLOBAL LEADERS EQUITY Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to AH USD and IH USD USD 5,085,000.00 EUR 3,762,486.13 24/01/2014 -72,184.78 USD 3,817,000.00 CHF 3,475,760.20 24/01/2014 -66,625.85 USD 3,817,000.00 GBP 2,357,482.55 24/01/2014 -63,084.72 USD 1,271,000.00 DKK 7,015,284.50 24/01/2014 -18,107.59 USD 347,000.00 GBP 212,544.41 24/01/2014 -3,604.94 USD 347,000.00 CHF 314,555.50 24/01/2014 -4,895.98 USD 116,000.00 DKK 636,376.00 24/01/2014 -1,131.73 USD 461,000.00 EUR 339,220.01 24/01/2014 -4,661.72 EUR 262,164.12 USD 361,000.00 24/01/2014 178.12 GBP 166,086.58 USD 272,000.00 24/01/2014 2,201.88 CHF 241,100.80 USD 272,000.00 24/01/2014 -623.53 DKK 492,519.30 USD 91,000.00 24/01/2014 -11.15 -232,551.99 Forw ard foreign exchange contracts linked to AH and IH EUR 10,971,000.00 USD 14,834,986.20 24/01/2014 204,907.58 EUR 1,734,000.00 CHF 2,133,860.40 24/01/2014 -7,537.17 EUR 1,734,000.00 GBP 1,448,757.00 24/01/2014 -7,079.54 EUR 578,000.00 DKK 4,310,724.00 24/01/2014 82.47 190,373.34 Forw ard foreign exchange contracts linked to AH CHF CHF 1,236,000.00 EUR 1,004,959.75 24/01/2014 3,794.95 CHF 5,870,000.00 USD 6,451,258.38 24/01/2014 108,941.13 CHF 928,000.00 GBP 630,220.71 24/01/2014 -0.76 CHF 309,000.00 DKK 1,874,203.92 24/01/2014 923.23 113,658.55 Forw ard foreign exchange contracts linked to AH GBP GBP 984,000.00 USD 1,592,899.20 24/01/2014 26,541.92 GBP 207,000.00 EUR 247,815.16 24/01/2014 952.08 GBP 52,000.00 DKK 464,620.00 24/01/2014 202.91 GBP 156,000.00 CHF 229,803.60 24/01/2014 -76.18 27,620.73
UBAM - EUROPE EQUITY DIVIDEND+ Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to AH USD and IH USD USD 901,000.00 GBP 556,378.91 22/01/2014 -14,775.16 USD 1,945,000.00 EUR 1,438,609.47 22/01/2014 -27,079.56 -41,854.72 Forw ard foreign exchange contracts linked to AH CHF CHF 1,472,000.00 EUR 1,196,261.68 22/01/2014 5,082.92 CHF 682,000.00 GBP 462,372.88 22/01/2014 927.33 6,010.25 Forw ard foreign exchange contracts linked to IH GBP GBP 2,086,000.00 EUR 2,497,306.36 22/01/2014 9,622.72 9,622.72 Forw ard foreign exchange contracts linked to AH and IH EUR 875,000.00 GBP 730,537.50 22/01/2014 -2,951.28 GBP 54,424.50 EUR 65,000.00 22/01/2014 406.69 -2,544.59 Forw ard foreign exchange contracts linked to AH SEK SEK 10,585,000.00 EUR 1,187,924.36 22/01/2014 7,733.34 SEK 4,902,000.00 GBP 459,117.73 22/01/2014 1,957.04 EUR 370,741.03 SEK 3,297,000.00 22/01/2014 -1,681.16 GBP 143,846.26 SEK 1,527,000.00 22/01/2014 386.32 EUR 46,628.65 SEK 417,000.00 22/01/2014 -474.88 GBP 17,965.52 SEK 193,000.00 22/01/2014 -210.17 EUR 42,056.60 SEK 373,000.00 22/01/2014 -76.66 GBP 16,217.48 SEK 173,000.00 22/01/2014 -51.74 EUR 34,932.57 SEK 316,000.00 22/01/2014 -762.32 GBP 13,632.12 SEK 146,000.00 22/01/2014 -108.96 6,710.81
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - GCM MIDCAP US EQUITY GROWTH Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts linked to AH EUR and IH EUR EUR 8,704,000.00 USD 11,891,404.80 14/01/2014 102,206.72 EUR 283,000.00 USD 387,879.80 14/01/2014 2,077.93 104,284.65 Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 452,000.00 USD 504,464.29 14/01/2014 3,812.27 CHF 269,000.00 USD 301,130.64 14/01/2014 1,361.38 5,173.65
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Currency Purchases Currency Sales Maturity Unrealised result (in JPY) Forw ard foreign exchange contracts CHF 84,000 JPY 9,903,325 14/01/2014 24,160 24,160 Forw ard foreign exchange contracts linked to APH CHF CHF 2,194,000 JPY 249,886,105 14/01/2014 9,410,348 CHF 131,000 JPY 15,176,089 14/01/2014 306,060 9,716,408 Forw ard foreign exchange contracts linked to APH USD and IPH USD USD 7,111,000 JPY 726,246,430 14/01/2014 21,112,094 USD 283,000 JPY 29,740,470 14/01/2014 2,529 21,114,623 Forw ard foreign exchange contracts linked to APH EUR, IPH EUR and RH EUR EUR 11,745,000 JPY 1,638,897,300 14/01/2014 62,016,993 JPY 2,604,600 EUR 18,000 06/01/2014 -2,275 JPY 7,109,900 EUR 49,000 06/01/2014 13,407 EUR 530,000 JPY 76,918,900 14/01/2014 -164,147 61,863,978
UBAM - NEUBERGER BERMAN US EQUITY VALUE Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forw ard foreign exchange contracts linked to AH EUR, IH EUR and RH EUR EUR 21,865,000.00 USD 29,871,963.00 14/01/2014 256,749.77 USD 916,696.40 EUR 668,000.00 14/01/2014 -3,769.21 USD 172,487.50 EUR 125,000.00 03/01/2014 243.83 EUR 840,000.00 USD 1,159,368.00 14/01/2014 -1,896.30 251,328.09 Forw ard foreign exchange contracts linked to IH GBP GBP 86,000.00 USD 140,635.80 14/01/2014 1,786.13 1,786.13 Forw ard foreign exchange contracts linked to AH CHF CHF 1,029,000.00 USD 1,148,437.50 14/01/2014 8,678.82 CHF 41,000.00 USD 45,840.79 14/01/2014 263.94 8,942.76
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - SNAM JAPAN EQUITY VALUE Currency Purchases Currency Sales Maturity Unrealised result (in JPY) Forw ard foreign exchange contracts linked to AH EUR, IH EUR and RH EUR EUR 109,551,000 JPY 15,286,746,540 14/01/2014 578,460,924 EUR 4,290,000 JPY 609,308,700 14/01/2014 11,970,339 JPY 20,981,500 EUR 145,000 06/01/2014 -18,328 EUR 32,000 JPY 4,645,760 06/01/2014 -11,315 EUR 4,225,000 JPY 613,174,250 14/01/2014 -1,308,530 589,093,090 Forward foreign exchange contracts linked to AH USD and IH USD USD 54,712,000 JPY 5,583,906,720 14/01/2014 166,266,192 USD 3,300,000 JPY 340,032,000 14/01/2014 6,794,484 USD 2,750,000 JPY 286,247,500 14/01/2014 2,774,570 JPY 7,354,200 USD 70,000 06/01/2014 -3,009 175,832,237 Forw ard foreign exchange contracts linked to AH SEK SEK 14,969,000 JPY 234,115,160 14/01/2014 10,788,066 JPY 12,379,060 SEK 782,000 14/01/2014 -415,108 SEK 518,000 JPY 8,474,480 14/01/2014 359 JPY 4,580,800 SEK 280,000 07/01/2014 -883 10,372,434
UBAM - SWISS EQUITY Currency Purchases Currency Sales Maturity Unrealised result (in CHF) Forw ard foreign exchange contracts linked to AH EUR and IH EUR EUR 10,977,000.00 CHF 13,431,457.20 14/01/2014 19,497.90 CHF 565,739.70 EUR 463,000.00 14/01/2014 -1,609.66 EUR 2,331,000.00 CHF 2,854,309.50 14/01/2014 2,042.54 CHF 105,221.00 EUR 86,000.00 03/01/2014 -171.11 CHF 24,494.00 EUR 20,000.00 06/01/2014 -15.18 EUR 438,000.00 CHF 536,550.00 14/01/2014 164.80 19,909.29 Forw ard foreign exchange contracts linked to AH USD USD 1,869,000.00 CHF 1,673,502.60 14/01/2014 -11,438.90 USD 154,000.00 CHF 138,107.20 14/01/2014 -1,158.13 USD 76,000.00 CHF 67,412.00 14/01/2014 173.25 -12,423.78
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Notes to the financial statements as at 31st December 2013 (continued)
Note 10 - Futures contracts
As at 31st December 2013, the following futures contracts are outstanding:
All futures are traded with the broker Morgan Stanley and Co. International PLC., excepted the sub-fund UBAM - DR. EHRHARDT GERMAN EQUITY for which the broker is UBP Europe S.A..
UBAM - CORPORATE EURO BOND
Number of Denomination Currency Commitment Unrealised result contracts (in EUR) (in EUR) Sale 13 EURO BOBL FUTURE 03/14 EUX EUR -1,617,590.00 16,640.00 Sale 87 EURO BOBL FUTURE 03/14 EUX EUR -10,825,410.00 111,360.00 Sale 88 EURO BOBL FUTURE 03/14 EUX EUR -10,949,840.00 56,222.00 Sale 10 EURO BUND FUTURE 03/14 EUX EUR -1,391,700.00 20,500.00 Purchase 64 EURO BUND FUTURE 03/14 EUX EUR 8,906,880.00 -134,400.00 Sale 66 EURO BUND FUTURE 03/14 EUX EUR -9,185,220.00 135,300.00 Sale 3 EURO BUXL FUTURE 03/14 EUX EUR -366,060.00 5,460.00 Purchase 23 EURO BUXL FUTURE 03/14 EUX EUR 2,806,460.00 -45,080.00 Sale 14 EURO SCHATZ FUTURE 03/14 EUX EUR -1,544,200.00 3,080.00 Purchase 226 EURO SCHATZ FUTURE 03/14 EUX EUR 24,927,800.00 -33,075.00 Sale 88 EURO SCHATZ FUTURE 03/14 EUX EUR -9,706,400.00 19,360.00 Sale 99 US 10 YEARS NOTE 03/14 CBOT USD -8,840,408.31 152,785.84 Sale 149 US 2 YEARS NOTE 03/14 CBOT USD -23,768,687.18 47,307.59 Purchase 49 US 5 YEARS NOTE 03/14 CBOT USD 4,242,760.99 -59,452.00 296,008.43
UBAM - CORPORATE US DOLLAR BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Purchase 29 EURO BOBL FUTURE 03/14 EUX EUR 4,972,291.24 -50,749.90 Purchase 13 EURO BUND FUTURE 03/14 EUX EUR 2,493,000.92 -37,618.04 Purchase 140 EURO SCHATZ FUTURE 03/14 EUX EUR 21,278,303.90 -42,440.86 Sale 95 US 10 YEARS NOTE 03/14 CBOT USD -11,689,453.13 167,796.88 Sale 85 US 10 YEARS NOTE 03/14 CBOT USD -10,458,984.38 192,968.75 Sale 12 US 10 YEARS NOTE 03/14 CBOT USD -1,476,562.50 27,937.50 Sale 63 US 2 YEARS NOTE 03/14 CBOT USD -13,848,187.50 27,562.50 Sale 38 US 2 YEARS NOTE 03/14 CBOT USD -8,352,875.00 14,843.75 Sale 5 US 2 YEARS NOTE 03/14 CBOT USD -1,099,062.50 1,953.13 Sale 173 US 5 YEARS NOTE 03/14 CBOT USD -20,641,062.50 264,312.50 Sale 67 US 5 YEARS NOTE 03/14 CBOT USD -7,993,937.50 98,671.88 Sale 10 US 5 YEARS NOTE 03/14 CBOT USD -1,193,125.00 15,625.00 Sale 23 US TREASURY BOND 03/14 CBOT USD -2,951,187.50 50,492.19 Purchase 82 US TREASURY BOND 03/14 CBOT USD 10,521,625.00 -225,125.00 Sale 3 US TREASURY BOND 03/14 CBOT USD -384,937.50 6,585.94 Sale 2 US ULTRA BOND 30 YEARS 03/14 CBOT USD -272,500.00 5,968.75 518,784.97
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UBAM - DYNAMIC EURO BOND
Number of Denomination Currency Commitment Unrealised result contracts (in EUR) (in EUR) Purchase 16 EURO BOBL FUTURE 03/14 EUX EUR 1,990,880.00 -20,320.00 Purchase 13 EURO BUND FUTURE 03/14 EUX EUR 1,809,210.00 -27,300.00 Sale 691 EURO SCHATZ FUTURE 03/14 EUX EUR -76,217,300.00 103,310.00 Sale 169 US 10 YEARS NOTE 03/14 CBOT USD -15,091,202.06 250,984.25 Sale 299 US 2 YEARS NOTE 03/14 CBOT USD -47,696,895.75 94,932.69 Purchase 72 US 5 YEARS NOTE 03/14 CBOT USD 6,234,261.04 -87,358.03 314,248.91
UBAM - DYNAMIC US DOLLAR BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Purchase 15 EURO BOBL FUTURE 03/14 EUX EUR 2,571,874.78 -26,249.95 Purchase 8 EURO BUND FUTURE 03/14 EUX EUR 1,534,154.41 -23,149.56 Purchase 74 EURO SCHATZ FUTURE 03/14 EUX EUR 11,247,103.49 -22,433.03 Sale 101 US 10 YEARS NOTE 03/14 CBOT USD -12,427,734.38 204,156.25 Sale 419 US 2 YEARS NOTE 03/14 CBOT USD -92,101,437.50 170,437.50 Purchase 35 US 5 YEARS NOTE 03/14 CBOT USD 4,175,937.50 -58,515.63 244,245.58
UBAM - EMERGING MARKET BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Sale 86 US 10 YEARS NOTE 03/14 CBOT USD -10,582,031.25 225,125.00 Sale 67 US 10 YEARS NOTE 03/14 CBOT USD -8,244,140.63 169,953.13 Sale 13 US 2 YEARS NOTE 03/14 CBOT USD -2,857,562.50 5,031.25 Sale 9 US 2 YEARS NOTE 03/14 CBOT USD -1,978,312.50 3,375.00 Sale 56 US 5 YEARS NOTE 03/14 CBOT USD -6,681,500.00 84,195.31 Sale 69 US 5 YEARS NOTE 03/14 CBOT USD -8,232,562.50 114,242.19 Sale 24 US TREASURY BOND 03/14 CBOT USD -3,079,500.00 63,406.25 Sale 31 US TREASURY BOND 03/14 CBOT USD -3,977,687.50 88,828.13 Sale 10 US ULTRA BOND 30 YEARS 03/14 CBOT USD -1,362,500.00 32,734.38 Sale 8 US ULTRA BOND 30 YEARS 03/14 CBOT USD -1,090,000.00 23,820.31 810,710.95
UBAM - EMERGING MARKET CORPORATE BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Purchase 83 US 10 YEARS NOTE 03/14 CBOT USD 10,212,890.63 -194,531.25 Sale 4 US 10 YEARS NOTE 03/14 CBOT USD -492,187.50 10,937.50 Sale 6 US 10 YEARS NOTE 03/14 CBOT USD -738,281.25 16,406.25 Sale 5 US 5 YEARS NOTE 03/14 CBOT USD -596,562.50 8,750.00 Sale 7 US 5 YEARS NOTE 03/14 CBOT USD -835,187.50 11,070.31 Sale 1 US TREASURY BOND 03/14 CBOT USD -128,312.50 2,375.00 -144,992.19
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - GLOBAL BOND (CHF)
Number of Denomination Currency Commitment Unrealised result contracts (in CHF) (in CHF) Purchase 23 10 YEARS MINI JG 03/14 SIMEX JPY 2,788,300.20 -19,707.25 Sale 2 CAN 10 YEARS BOND (MSE) 03/14 ME CAD -212,178.37 2,812.53 Sale 1 EURO BOBL FUTURE 03/14 EUX EUR -152,488.97 772.07 Sale 8 EURO BUND FUTURE 03/14 EUX EUR -1,364,422.68 20,686.44 Purchase 2 EURO BUXL FUTURE 03/14 EUX EUR 299,071.02 -4,803.96 Purchase 17 EURO SCHATZ FUTURE 03/14 EUX EUR 2,297,935.05 -4,583.37 Purchase 8 LONG GILT FUTURE 03/14 LIFFE GBP 1,255,666.15 -30,755.34 Purchase 19 US 10 YEARS NOTE 03/14 CBOT USD 2,079,237.25 -54,640.34 Sale 11 US 2 YEARS NOTE 03/14 CBOT USD -2,150,428.10 4,280.07 Purchase 24 US 5 YEARS NOTE 03/14 CBOT USD 2,546,695.63 -35,685.76 Purchase 7 US TREASURY BOND 03/14 CBOT USD 798,816.20 -17,412.10 Purchase 5 US ULTRA BOND 30 YEARS 03/14 CBOT USD 605,879.66 -13,305.73 -152,342.74
UBAM - GLOBAL HIGH YIELD SOLUTION
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Sale 54 US 2 YEARS NOTE 03/14 CBOT USD -11,869,875.00 23,625.00 Sale 80 US 5 YEARS NOTE 03/14 CBOT USD -9,545,000.00 133,750.00 157,375.00
UBAM - UNCONSTRAINED BOND
Number of Denomination Currency Commitment Unrealised result contracts (in EUR) (in EUR) Sale 59 EURO BOBL FUTURE 03/14 EUX EUR -7,341,370.00 66,780.00 Sale 7 EURO BUND FUTURE 03/14 EUX EUR -974,190.00 14,770.00 Sale 100 EURO SCHATZ FUTURE 03/14 EUX EUR -11,030,000.00 9,940.00 Sale 16 SHORT GILT FUTURE 03/14 LIFFE GBP -1,985,576.92 4,230.77 Sale 120 US 10 YEARS NOTE 03/14 CBOT USD -10,715,646.43 176,530.35 Sale 206 US 2 YEARS NOTE 03/14 CBOT USD -32,861,406.44 65,405.13 Sale 25 US 5 YEARS NOTE 03/14 CBOT USD -2,164,673.97 27,100.95 Sale 6 US TREASURY BOND 03/14 CBOT USD -558,710.40 11,600.12 376,357.32
UBAM - YIELD CURVE EURO BOND
Number of Denomination Currency Commitment Unrealised result contracts (in EUR) (in EUR) Purchase 24 EURO BOBL FUTURE 03/14 EUX EUR 2,986,320.00 -30,480.00 Purchase 42 EURO BUND FUTURE 03/14 EUX EUR 5,845,140.00 -88,200.00 Purchase 28 EURO BUXL FUTURE 03/14 EUX EUR 3,416,560.00 -54,880.00 Purchase 118 EURO SCHATZ FUTURE 03/14 EUX EUR 13,015,400.00 -21,685.00 Sale 44 US 10 YEARS NOTE 03/14 CBOT USD -3,929,070.36 67,718.35 Sale 82 US 2 YEARS NOTE 03/14 CBOT USD -13,080,754.02 26,035.05 Purchase 16 US 5 YEARS NOTE 03/14 CBOT USD 1,385,391.34 -19,412.90 -120,904.50
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UBAM - YIELD CURVE STERLING BOND
Number of Denomination Currency Commitment Unrealised result contracts (in GBP) (in GBP) Purchase 4 EURO BOBL FUTURE 03/14 EUX EUR 414,103.04 -4,226.56 Purchase 7 EURO SCHATZ FUTURE 03/14 EUX EUR 642,387.20 -1,281.28 Purchase 11 LONG GILT FUTURE 03/14 LIFFE GBP 1,172,160.00 -27,350.00 Sale 9 US 10 YEARS NOTE 03/14 CBOT USD -668,656.34 12,000.44 Sale 15 US 2 YEARS NOTE 03/14 CBOT USD -1,990,826.95 3,962.41 Purchase 4 US 5 YEARS NOTE 03/14 CBOT USD 288,161.40 -4,037.88 -20,932.87
UBAM - YIELD CURVE US DOLLAR BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Purchase 12 EURO BOBL FUTURE 03/14 EUX EUR 2,057,499.82 -20,999.96 Purchase 6 EURO BUND FUTURE 03/14 EUX EUR 1,150,615.81 -17,362.17 Purchase 61 EURO SCHATZ FUTURE 03/14 EUX EUR 9,271,260.99 -18,492.09 Sale 28 US 10 YEARS NOTE 03/14 CBOT USD -3,445,312.50 38,843.75 Sale 124 US 2 YEARS NOTE 03/14 CBOT USD -27,256,750.00 54,250.00 Purchase 180 US 5 YEARS NOTE 03/14 CBOT USD 21,476,250.00 -300,609.38 Sale 14 US TREASURY BOND 03/14 CBOT USD -1,796,375.00 35,390.63 Sale 13 US ULTRA BOND 30 YEARS 03/14 CBOT USD -1,771,250.00 24,250.00 -204,729.22
UBAM - EM INVESTMENT GRADE CORPORATE BOND
Number of Denomination Currency Commitment Unrealised result contracts (in USD) (in USD) Sale 6 US 10 YEARS NOTE 03/14 CBOT USD -738,281.25 14,171.88 Sale 13 US 10 YEARS NOTE 03/14 CBOT USD -1,599,609.38 29,125.00 Sale 4 US 10 YEARS NOTE 03/14 CBOT USD -492,187.50 10,937.50 Sale 1 US 2 YEARS NOTE 03/14 CBOT USD -219,812.50 437.50 Sale 4 US 5 YEARS NOTE 03/14 CBOT USD -477,250.00 6,312.50 Sale 11 US 5 YEARS NOTE 03/14 CBOT USD -1,312,437.50 13,468.75 Sale 2 US TREASURY BOND 03/14 CBOT USD -256,625.00 5,085.94 79,539.07
UBAM - DR. EHRHARDT GERMAN EQUITY
Number of Denomination Currency Commitment Unrealised result contracts (in EUR) (in EUR) Purchase 11 DAX INDEX GERMANY 03/14 DTB EUR 2,641,512.50 55,687.50 55,687.50
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Notes to the financial statements as at 31st December 2013 (continued)
Note 11 - 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” and "Credit Default Swaps", "Inflation Swaps" or "Credit Spread Swaps").
Please refer to “Unaudited information - 3) Collateral” for detailed collateral information.
As at 31st December 2013, the following Credit Default Swaps contracts are outstanding:
UBAM - CORPORATE EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale INTESA SANPAOLO EUR SN MM M GOLDMAN SACHS INTERN. 20/03/2014 EUR 1,000,000 6,273.52 Sale SOCIETE GENERALE EUR SU MM M JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 EUR 2,000,000 45,540.07 Sale CR AGRICOLE SA EUR SU MM M JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 EUR 2,000,000 45,775.79 Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 6,400,000 26,226.45 Sale KDOM SPAIN USD CR SN B GOLDMAN SACHS INTERN. 20/03/2014 EUR 3,200,000 4,284.78 Sale UBS AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,000,000 63,173.36 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,000,000 60,353.25 Sale SWISS REINS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,000,000 15,101.33 Sale ALLIANZ SE EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,000,000 16,185.01 Sale ZURICH INS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 1,500,000 16,072.42 Sale HANNOVER RUCK AG EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 1,500,000 14,170.19 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 1,300,000 4,895.04 Sale NORDEA BK AB EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 1,500,000 14,460.92 Sale MUNICH RE EUR MM SU JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,000,000 16,073.63 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 2,100,000 12,405.34 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 2,100,000 24,497.17 Sale STANDARD CHARTER EUR MM SU M100 GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,000,000 6,642.95 Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2015 USD 6,500,000 23,488.14 Sale KDOM SPAIN USD CR SN B MORGAN STANLEY & CO INTERN PLC 20/12/2015 USD 3,500,000 10,632.35 Sale HA NNOV ER RUCK A G EUR MM SN M100 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2017 EUR 2,000,000 41,715.98 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 1,700,000 104,657.68 572,625.37
UBAM - CORPORATE US DOLLAR BOND Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale SWISS REINS CO LTD EUR MM SN B JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000 41,159.21 Sale BAY MOTOREN WERK EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2016 USD 2,000,000 46,892.94 Sale ANGLO AMERN PLC EUR MM SN M100 NOMURA INT PLC 20/09/2016 USD 1,300,000 11,417.35 Sale ANADARKO PETE CO USD XR SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2016 USD 4,000,000 55,228.59 Sale VOLKSWAGEN AG EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/09/2016 USD 2,000,000 46,507.20 Sale SOCIETE GENERALE EUR SU MM M JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 USD 4,000,000 91,114.29 Sale CR AGRICOLE SA EUR SU MM M JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 USD 4,000,000 91,585.82 Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2014 USD 14,900,000 61,112.44 Sale KDOM SPAIN USD CR SN B GOLDMAN SACHS INTERN. 20/03/2014 USD 7,400,000 9,910.04 Sale UBS AG EUR SU MM M BARCLAYS BANK PLC LONDON 20/06/2018 USD 2,000,000 187,583.83 Sale UBS AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,900,000 165,394.51 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,900,000 158,011.17 Sale SWISS REINS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,900,000 39,536.87 Sale ALLIANZ SE EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,900,000 42,374.06 Sale ZURICH INS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 2,800,000 41,341.02 Sale HANNOVER RUCK AG EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 2,800,000 36,448.16 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 2,400,000 12,452.58 Sale NORDEA BK AB EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 2,800,000 37,195.97 Sale ANGLO AMERN PLC EUR MM SN M100 BARCLAYS BANK PLC LONDON 20/06/2018 USD 2,000,000 -24,104.12 Sale MUNICH RE EUR MM SU JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 1,900,000 42,082.45 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 6,500,000 52,909.82 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 6,500,000 104,482.55 Sale STANDARD CHARTER EUR MM SU M100 GOLDMAN SACHS INTERN. 20/06/2016 EUR 1,900,000 17,391.94 Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2015 USD 9,600,000 47,801.34 Sale KDOM SPAIN USD CR SN B MORGAN STANLEY & CO INTERN PLC 20/12/2015 USD 7,500,000 31,394.66 Sale INTESA SA NPA OLO EUR SN MM M CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2014 USD 2,000,000 55,238.82 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 1,600,000 135,729.94 1,638,193.45
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - DYNAMIC EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale BARCLAYS BK PLC EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 EUR 7,000,000 30,807.05 Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 9,600,000 39,339.68 Sale KDOM SPAIN USD CR SN B GOLDMAN SACHS INTERN. 20/03/2014 EUR 4,800,000 6,427.16 Sale BARRICK GOLD USD XR SN (TK ABX) BARCLAYS BANK PLC LONDON 20/06/2015 EUR 3,500,000 29,742.42 Sale SOCIETE GENERALE EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 2,000,000 80,615.41 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 3,100,000 36,162.51 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 3,100,000 18,312.64 Sale REP ITALY USD CR SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2014 USD 13,000,000 38,694.85 Sale ROYAL BK SCOT GP EUR MM SN M100 NOMURA INT PLC 20/06/2015 EUR 3,000,000 31,395.18 Sale FORD MTR CR CO L USD SN XR M BARCLAYS BANK PLC LONDON 20/09/2015 EUR 2,000,000 157,979.52 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/12/2015 EUR 3,000,000 38,561.87 Sale BARCLAYS BK PLC EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2015 EUR 5,000,000 72,240.90 Sale INTESA SANPAOLO EUR SN MM M GOLDMAN SACHS INTERN. 20/06/2014 EUR 5,000,000 67,815.29 Sale BCO SANTANDER SA EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 2,000,000 80,689.48 Sale BCO SANTANDER SA EUR SN MM M NOMURA INT PLC 20/06/2014 EUR 3,000,000 41,595.02 Sale BCO SANTANDER SA EUR SN MM M GOLDMAN SACHS INTERN. 20/09/2014 EUR 1,000,000 21,096.18 Sale BCO SANTANDER SA EUR SN MM M BNP PARIBAS LONDON BRANCH 20/03/2015 EUR 4,000,000 137,199.99 Sale ASS GENERALI SPA EUR SU MM M BNP PARIBAS LONDON BRANCH 20/12/2016 EUR 5,000,000 282,613.91 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 2,700,000 166,221.06 Sale UNICREDIT SPA EUR SN MM M JPMORGAN CHASE BANK, N.A. (EU) 20/03/2014 EUR 3,000,000 18,670.16 Sale UNICREDIT SPA EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 5,000,000 191,208.36 1,587,388.64
UBAM - DYNAMIC US DOLLAR BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2014 USD 5,700,000 23,378.58 Sale KDOM SPAIN USD CR SN B GOLDMAN SACHS INTERN. 20/03/2014 USD 2,900,000 3,883.67 Sale ENEL S P A EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2014 USD 4,000,000 17,642.43 Sale GLENCORE FIN USD MM SN NOMURA INT PLC 20/09/2015 USD 2,000,000 20,920.21 Sale BARRICK GOLD USD XR SN (TK ABX) BARCLAYS BANK PLC LONDON 20/06/2015 USD 2,500,000 21,270.24 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 3,300,000 26,861.90 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 3,300,000 53,045.01 Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/12/2014 USD 5,000,000 25,706.51 Sale KDOM SPAIN USD CR SN B MORGAN STANLEY & CO INTERN PLC 20/12/2014 USD 5,000,000 24,833.33 Sale BCO BILBAO VIZCA EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 5,000,000 273,912.92 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/12/2015 EUR 2,000,000 35,424.25 Sale BARCLAYS BK PLC EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2015 EUR 5,000,000 99,544.35 Sale BCO SANTANDER SA EUR SN MM M BNP PARIBAS LONDON BRANCH 20/03/2015 EUR 3,000,000 141,791.05 Sale UNICREDIT SPA EUR SN MM M CITIGROUP GLOBA L MA RKETS LTD LDN 20/03/2015 USD 3,000,000 98,766.81 Sale INTESA SA NPA OLO EUR SN MM M CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2014 USD 1,000,000 27,619.40 Sale ASS GENERALI SPA EUR SU MM M BNP PARIBAS LONDON BRANCH 20/12/2016 EUR 3,000,000 233,656.69 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 1,600,000 135,729.94 Sale UNICREDIT SPA EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 3,000,000 158,085.33 1,422,072.62
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 1,000,000 128,674.19 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 3,000,000 254,493.70 Sale CDX NA HY S21 V1 MKT BARCLAYS BANK PLC LONDON 20/12/2018 USD 3,000,000 254,493.70 766,335.78
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - GLOBAL BOND (CHF)
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in CHF) Sale UBS AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 100,000 7,741.87 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 100,000 7,396.27 Sale SWISS REINS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 100,000 1,850.68 Sale ALLIANZ SE EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 100,000 1,983.48 Sale ZURICH INS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 200,000 2,626.24 Sale HANNOVER RUCK AG EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 200,000 2,315.42 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 100,000 461.46 Sale NORDEA BK AB EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 200,000 2,362.92 Sale MUNICH RE EUR MM SU JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 100,000 1,969.83 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 800,000 11,436.68 Sale STANDARD CHARTER EUR MM SU M100 GOLDMAN SACHS INTERN. 20/06/2016 EUR 100,000 814.10 Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2015 USD 800,000 3,542.73 44,501.68
UBAM - GLOBAL HIGH YIELD SOLUTION
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale ITRAXX XOVER S20 V1 JPMORGAN CHASE BANK, N.A. (EU) 20/12/2018 EUR 84,500,000 10,872,965.46 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 11,900,000 1,531,222.40 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 40,000,000 5,146,965.94 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 500,000 64,337.05 Sale ITRAXX XOVER S20 V1 NOMURA INT PLC 20/12/2018 EUR 1,500,000 193,011.21 Sale ITRAXX XOVER S20 V1 MORGAN STANLEY & CO INTERN PLC 20/12/2018 EUR 500,000 64,337.05 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 22,800,000 2,933,770.59 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 8,000,000 1,029,393.15 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,500,000 193,011.21 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,500,000 193,011.21 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 8,500,000 1,093,730.28 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,000,000 84,831.25 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 28,000,000 2,375,274.41 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 50,000,000 4,241,561.38 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY UK GROUP 20/12/2018 USD 2,000,000 169,662.48 Sale CDX NA HY S21 V1 MKT JPMORGAN CHASE BANK, N.A. (EU) 20/12/2018 USD 1,000,000 84,831.25 Sale CDX NA HY S21 V1 MKT BARCLAYS BANK PLC LONDON 20/12/2018 USD 100,000,000 8,483,122.82 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 50,000,000 4,241,561.38 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 1,000,000 84,831.25 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 3,000,000 254,493.70 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 7,000,000 900,718.99 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,500,000 212,078.04 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 12,500,000 1,060,390.33 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,000,000 84,831.25 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,000,000 169,662.48 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 194,000,000 16,457,258.20 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 3,000,000 386,022.46 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 6,500,000 551,403.01 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 500,000 64,337.05 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,500,000 127,246.83 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,500,000 212,078.04 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 500,000 64,337.05 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,000,000 169,662.48 Sale ITRAXX XOVER S20 V1 MORGAN STANLEY & CO INTERN PLC 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 1,500,000 127,246.83 Sale CDX NA HY S21 V1 MKT UBS AG LONDON BRANCH 20/12/2018 USD 20,000,000 1,696,624.59 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 22,000,000 1,866,287.03 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 21,500,000 2,766,494.14 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,000,000 169,662.48 Sale ITRAXX XOVER S20 V1 NOMURA INT PLC 20/12/2018 EUR 1,000,000 128,674.19
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UBAM
Notes to the financial statements as at 31st December 2013 (continued)
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 2,000,000 257,348.34 Sale CDX NA HY S21 V1 MKT JPMORGAN CHASE BANK, N.A. (EU) 20/12/2018 USD 83,000,000 7,040,991.95 Sale CDX NA HY S21 V1 MKT JPMORGAN CHASE BANK, N.A. (EU) 20/12/2018 USD 20,000,000 1,696,624.59 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 6,000,000 508,987.35 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 500,000 64,337.05 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 1,500,000 193,011.21 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 3,500,000 296,909.27 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,000,000 84,831.25 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 1,000,000 84,831.25 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 1,750,000 225,179.79 Sale ITRAXX XOVER S20 V1 MORGAN STANLEY & CO INTERN PLC 20/12/2018 EUR 1,500,000 193,011.21 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 MORGAN STANLEY & CO INTERN PLC 20/12/2018 EUR 2,000,000 257,348.34 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 3,000,000 254,493.70 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 3,500,000 450,359.49 Sale ITRAXX XOVER S20 V1 NOMURA INT PLC 20/12/2018 EUR 2,000,000 257,348.34 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 2,000,000 169,662.48 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 2,500,000 321,685.33 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 6,000,000 508,987.35 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,500,000 193,011.21 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 5,000,000 424,156.12 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 5,000,000 424,156.12 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 4,500,000 381,740.53 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 1,000,000 84,831.25 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 5,000,000 643,370.71 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 15,000,000 1,272,468.40 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 1,500,000 127,246.83 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 1,500,000 193,011.21 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 4,000,000 339,324.93 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 2,500,000 321,685.33 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 7,000,000 593,818.57 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 1,500,000 127,246.83 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 1,500,000 193,011.21 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 4,500,000 381,740.53 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 3,500,000 296,909.27 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 2,000,000 169,662.48 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 4,000,000 339,324.93 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 2,000,000 257,348.34 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 6,000,000 508,987.35 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,000,000 84,846.09 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 3,000,000 254,493.70 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 5,000,000 424,156.12 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 1,500,000 127,246.83 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 5,000,000 643,370.71 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 12,000,000 1,017,974.75 Sale ITRAXX XOVER S20 V1 BNP PARIBAS LONDON BRANCH 20/12/2018 EUR 2,000,000 257,348.34 Sale CDX NA HY S21 V1 MKT NOMURA INT PLC 20/12/2018 USD 6,000,000 508,987.35 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 3,000,000 386,022.46 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 8,000,000 678,649.80 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 56,200,000 4,767,515.03 Sale ITRAXX XOVER S20 V1 BARCLAYS BANK PLC LONDON 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 2,000,000 169,662.48 Sale ITRAXX XOVER S20 V1 MORGAN STANLEY & CO INTERN PLC 20/12/2018 EUR 2,500,000 321,685.33 Sale ITRA XX XOV ER S20 V 1 CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 EUR 2,500,000 321,685.33 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 8,500,000 721,065.46 Sale CDX NA HY S21 V1 MKT BNP PARIBAS LONDON BRANCH 20/12/2018 USD 6,000,000 508,987.35 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 1,000,000 128,674.19 Sale CDX NA HY S21 V1 MKT BARCLAYS BANK PLC LONDON 20/12/2018 USD 3,000,000 254,493.70 Sale ITRAXX XOVER S20 V1 GOLDMAN SACHS INTERN. 20/12/2018 EUR 500,000 64,337.05 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 1,000,000 84,831.25 105,618,555.78 Page 281
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - UNCONSTRAINED BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale REP ITA LY USD CR SN M100 CITIGROUP GLOBA L MA RKETS LTD LDN 20/09/2014 USD 2,000,000 5,953.06 Sale A RCELORMITTA L EUR MM SN M100 CITIGROUP GLOBA L MA RKETS LTD LDN 20/09/2015 EUR 1,000,000 6,840.43 Sale A RCELORMITTA L EUR MM SN M100 CITIGROUP GLOBA L MA RKETS LTD LDN 20/09/2014 EUR 1,000,000 4,935.80 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 1,000,000 5,907.30 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 1,000,000 11,665.33 Sale REP ITALY USD CR SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2014 USD 5,000,000 14,882.64 Sale DANSKE BK A S EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000 25,477.83 Sale LLOYDS TSB BK PL EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000 27,652.07 Sale CREDIT MUTUEL EUR MM SN M100 JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000 22,429.41 Sale STANDARD CHARTER EUR MM SU M100 NOMURA INT PLC 20/06/2015 EUR 1,000,000 7,487.34 Sale BCO SANTANDER SA EUR SN MM M GOLDMAN SACHS INTERN. 20/09/2014 EUR 1,000,000 21,096.18 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 1,400,000 86,188.68 Sale CDX NA HY S21 V 1 MKT CITIGROUP GLOBA L MA RKETS LTD LDN 20/12/2018 USD 600,000 36,938.01 Sale UNICREDIT SPA EUR SN MM M NOMURA INT PLC 20/06/2015 EUR 2,000,000 76,483.35 353,937.43
UBAM - YIELD CURVE EURO BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in EUR) Sale UBS AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 400,000 25,269.33 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 400,000 24,141.29 Sale SWISS REINS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 400,000 6,040.52 Sale ALLIANZ SE EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 400,000 6,473.99 Sale ZURICH INS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 600,000 6,428.97 Sale HANNOVER RUCK AG EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 600,000 5,668.08 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 500,000 1,882.73 Sale NORDEA BK AB EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 600,000 5,784.37 Sale MUNICH RE EUR MM SU JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 400,000 6,429.44 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 800,000 4,725.85 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 800,000 9,332.26 Sale STANDARD CHARTER EUR MM SU M100 GOLDMAN SACHS INTERN. 20/06/2016 EUR 400,000 2,657.16 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 500,000 30,781.66 135,615.65
UBAM - YIELD CURVE US DOLLAR BOND
Unrealised result Protection Underlying Counterparty Maturity Currency Nominal* (in USD) Sale REP ITALY USD CR SN M100 GOLDMAN SACHS INTERN. 20/09/2014 USD 5,400,000 22,148.13 Sale KDOM SPAIN USD CR SN B GOLDMAN SACHS INTERN. 20/03/2014 USD 2,700,000 3,615.82 Sale DEUTSCHE BK AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 600,000 49,898.27 Sale SWISS REINS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 600,000 12,485.35 Sale ALLIANZ SE EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2016 EUR 600,000 13,381.31 Sale ZURICH INS CO LTD EUR MM SU B JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 900,000 13,288.18 Sale HANNOVER RUCK AG EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 900,000 11,715.48 Sale BK OF AMERICA CO USD XR SU M100 BARCLAYS BANK PLC LONDON 20/06/2016 USD 700,000 3,631.98 Sale NORDEA BK AB EUR MM SU M100 JPMORGAN CHASE BANK, N.A. (EU) 20/06/2015 EUR 900,000 11,955.84 Sale MUNICH RE EUR MM SU JPMORGA N CHA SE BA NK, N.A . (EU) 20/06/2016 EUR 600,000 13,289.22 Sale ROYAL BK SCOT GP EUR MM SN M100 GOLDMAN SACHS INTERN. 20/09/2014 EUR 2,000,000 16,279.95 Sale ROYAL BK SCOT GP EUR MM SN M100 MORGAN STANLEY & CO INTERN PLC 20/09/2015 EUR 2,000,000 32,148.48 Sale STANDARD CHARTER EUR MM SU M100 GOLDMAN SACHS INTERN. 20/06/2016 EUR 600,000 5,492.21 Sale UBS AG EUR SU MM M GOLDMAN SACHS INTERN. 20/06/2016 EUR 600,000 52,229.86 Sale REP ITALY USD CR SN M100 BARCLAYS BANK PLC LONDON 20/03/2015 USD 3,100,000 15,435.84 Sale CDX NA HY S21 V1 MKT MORGAN STANLEY & CO INTERN PLC 20/12/2018 USD 700,000 59,381.83 336,377.75
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Notes to the financial statements as at 31st December 2013 (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 31st December 2013, the following Interest Rate Swaps contracts are outstanding:
UBAM - CORPORATE EURO BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in EUR) 8,100,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 2,686.45 20,600,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -32,584.50 -29,898.05
UBAM - CORPORATE US DOLLAR BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in USD) 14,700,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 6,718.05 37,200,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -81,081.21 -74,363.16
UBAM - DYNAMIC EURO BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in EUR) 12,200,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 4,046.24 31,200,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -49,351.27 -45,305.03
UBAM - DYNAMIC US DOLLAR BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in USD) 7,300,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 3,336.15 18,400,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -40,104.69 -36,768.54
UBAM - GLOBAL BOND (CHF) Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in CHF) 1,000,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 406.45 2,600,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -5,039.99 -4,633.54
UBAM - UNCONSTRAINED BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in EUR) 3,700,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 1,227.12 9,500,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -15,026.83 -13,799.71
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - YIELD CURVE EURO BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in EUR) 3,200,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 1,061.29 8,100,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -12,812.35 -11,751.06
UBAM - YIELD CURVE STERLING BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in GBP) 400,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 110.38 1,100,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -1,447.65 -1,337.27
UBAM - YIELD CURVE US DOLLAR BOND Unrealised Flows Flows Nominal* Currency Counterparty Maturity result paid received (in USD) 4,400,000.00 USD NOMURA INT PLC 05/07/2018 1.54% USD LIBOR 3 MONTHS 2,010.84 11,300,000.00 USD NOMURA INT PLC 05/07/2015 0.52% USD LIBOR 3 MONTHS -24,629.51 -22,618.67 *Nominal corresponds to the underlying exposure.
Note 12 - Options
As at 31st December 2013, the SICAV is engaged in the following options contracts:
Please refer to “Unaudited information - 3) Collateral” for detailed collateral information.
UBAM - CORPORATE EURO BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in EUR) Options Swaptions USD 14,400,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 1,881,055.19 USD 56,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 20,726,441.45 22,607,496.64 Options issued Swaptions USD 14,400,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 56,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - CORPORATE US DOLLAR BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in USD) Options Swaptions USD 19,900,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 3,582,000.00 USD 77,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 39,270,000.00 42,852,000.00 Options issued Swaptions USD 19,900,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 77,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
UBAM - DYNAMIC EURO BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in EUR) Options Swaptions USD 28,500,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 3,722,921.73 USD 109,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 40,342,537.83 44,065,459.56 Options issued Swaptions USD 28,500,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 109,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
UBAM - DYNAMIC US DOLLAR BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in USD) Options Swaptions USD 18,000,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 3,240,000.00 USD 70,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 35,700,000.00 38,940,000.00 Options issued Swaptions USD 18,000,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 70,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
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Notes to the financial statements as at 31st December 2013 (continued)
UBAM - UNCONSTRAINED BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in EUR) Options Swaptions USD 21,700,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 2,834,645.67 USD 84,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 31,089,662.18 33,924,307.85 Options issued Swaptions USD 21,700,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 84,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
UBAM - YIELD CURVE EURO BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in EUR) Options Swaptions USD 3,300,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 431,075.15 USD 13,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 4,811,495.34 5,242,570.49 Options issued Swaptions USD 3,300,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 13,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
UBAM - YIELD CURVE US DOLLAR BOND
The counterparties of the OTC options are Goldman Sachs International and JP Morgan Chase Bank US.
Currency Quantity Denomination Delta Commitment (in USD) Options Swaptions USD 4,200,000.00 XNAHY2115 OTC PUT 104 01/14 0.18% 756,000.00 USD 16,000,000.00 XNAHY2115 OTC CALL 80 01/14 0.51% 8,160,000.00 8,916,000.00 Options issued Swaptions USD 4,200,000.00 XNAHY2115 OTC CALL 100 01/14 0% - USD 16,000,000.00 XNAIG2115 OTC CALL 95 01/14 0% - -
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Notes to the financial statements as at 31st December 2013 (continued)
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 GBP 128.00 GLAXOSMITHKLINE (FLEX) CALL 16.40 01/14 2,523,076.92 EUR 118.00 ENI SPA OTC CALL 17.96 01/14 2,119,280.00 NOK 1,223.00 STATOIL OTC PUT 140. 01/14 2,048,122.87 EUR 673.00 WOLTERS KLUWER OTC CALL 20.72 01/14 1,394,456.00 CHF 105.00 ROCHE HLDG OTC PUT 254.80 01/14 2,183,108.94 EUR 343.00 DEUTSCHE BOERSE OTC CALL 55.34 01/14 1,898,162.00 CHF 402.00 NESTLE SA OTC PUT 66.90 01/14 2,194,516.52 EUR 201.00 SIEMENS AG OTC CALL 97.85 01/14 1,966,785.00 GBP 49.00 BRITISH AMERICAN OTC CALL 32.82 01/14 1,932,908.65 EUR 962.00 ROYAL DUTCH OTC CALL 24.85 01/14 2,390,570.00 EUR 454.00 TOTAL OTC CALL 44.20 01/14 2,006,680.00 EUR 785.00 ROYAL PHILIPS OTC CALL 26.12 01/14 2,050,420.00 EUR 849.00 DEUTSCHE POST OTC CALL 25.89 01/14 2,198,061.00 CHF 336.00 NOVARTIS AG OTC PUT 71.20 01/14 1,952,117.50 GBP 95.00 BHP BILLITON OTC CALL 18.73 01/14 2,138,641.83 GBP 89.00 DIAGEO PLC OTC CALL 19.60 01/14 2,096,634.62 GBP 10.00 BRITISH AMERICAN OTC CALL 32.60 01/14 391,826.92 CHF 61.00 NOVARTIS AG OTC PUT 71.50 01/14 355,895.55 GBP 39.00 RECKITT BENCK OTC CALL 48.6 01/14 2,278,125.00 EUR 673.00 WOLTERS KLUWE OTC CALL 20.74 01/14 1,395,802.00 EUR 278.00 BASF NAMEN OTC CALL 77.45 01/14 2,153,110.00 EUR 277.00 SANOFI-AVENTIS OTC CALL 75.82 01/14 2,100,214.00 EUR 779.00 UNILEVER OTC CALL 28.58 01/14 2,226,382.00 EUR 118.00 ENI SPA OTC CALL 17.13 01/14 2,021,340.00 GBP 145.00 PEARSON PLC OTC CALL 12.92 01/14 2,251,682.69 NOK 1,223.00 STATOIL OTC PUT 140. 01/14 2,048,122.87 EUR 1,381.00 REED ELSEVIER OTC CALL 15.18 01/14 2,096,358.00 GBP 128.00 GLAXOSMITHKLINE OTC CALL 16.05 01/14 2,469,230.77 CHF 105.00 ROCHE HLDG OTC PUT 243.2 01/14 2,083,720.93 EUR 343.00 DEUTSCHE BOERSE OTC CALL 55.98 01/14 1,920,114.00 EUR 673.00 WOLTERS KLUWE OTC CALL 20.27 01/14 1,364,171.00 EUR 454.00 TOTAL OTC CALL 41.81 01/14 1,898,174.00 GBP 59.00 BRITISH AMERICAN OTC CALL 31.68 01/14 2,246,538.46 EUR 201.00 SIEMENS AG OTC CALL 94.00 01/14 1,889,400.00 EUR 962.00 ROYAL DUTCH OTC CALL 24.68 01/14 2,374,216.00 CHF 402.00 NESTLE SA OTC PUT 64.20 01/14 2,105,948.59 CHF 397.00 NOVARTIS OTC PUT 68.50 01/14 2,219,053.45 EUR 785.00 ROYAL PHILIPS OTC CALL 24.84 01/14 1,949,940.00 GBP 89.00 DIAGEO PLC OTC CALL 19.14 01/14 2,047,427.88 GBP 95.00 BHP BILLITON OTC CALL 17.99 01/14 2,054,146.63 EUR 849.00 DEUTSCHE POST OTC CALL 24.78 01/14 2,103,822.00 GBP 39.00 RECKITT BENCK OTC CALL 45.92 01/14 2,152,500.00 EUR 278.00 BASF NAMEN OTC CALL 74.50 01/14 2,071,100.00 EUR 779.00 UNILEVER OTC CALL 27.78 02/14 2,164,062.00 GBP 145.00 PEARSON PLC OTC CALL 13.04 02/14 2,272,596.15 EUR 277.00 SANOFI-AVENTIS OTC CALL 75.38 02/14 2,088,026.00 EUR 1,381.00 REED ELSEVIER OTC CALL 14.87 02/14 2,053,547.00 93,940,135.74
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Notes to the financial statements as at 31st December 2013 (continued)
Note 13 - Total expense ratio ("TER") and portfolio turnover rate ("PTR")
The TER and the PTR are calculated for the last 12 months preceding the closing date.
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 last 12 months preceding 31st December 2013.
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Notes to the financial statements as at 31st December 2013 (continued)
TER
As at 31st December 2013, 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 0.92 LU0943504927 AS C 0.96* LU0132673327 I C 0.58 LU0132673590 I D 0.59* LU0782384613 IH GBP C 0.59* LU0943505577 IS C 0.61* LU0862299863 U C -** LU0132659920 R C 1.62
UBAM - CORPORATE US DOLLAR BOND LU0146923718 A C 0.92 LU0146926141 A D 0.92 LU0352160062 AH EUR C 0.90 LU0447826263 AH CHF C 0.93 LU0943506468 AS C 0.97* LU0146925176 I C 0.58 LU0146927388 I D 0.59* LU0192064839 IH EUR C 0.57 LU0943506971 IS C 0.60* LU0146924799 R C 1.61
UBAM - DYNAMIC EURO BOND LU0029761706 A C 0.63 LU0103636592 A D 0.64 LU0447824136 AH CHF C 0.66 LU0782382328 AH GBP C 0.66* LU0132662635 I C 0.39 LU0447824482 IH CHF C 0.40 LU0782382831 IH GBP C 0.39* LU0573557435 IH GBP D -** LU0132636399 R C -***
UBAM - DYNAMIC US DOLLAR BOND LU0029761532 A C 0.63 LU0103636329 A D 0.63 LU0447823757 AH CHF C 0.63 LU0782382088 AH GBP C 0.64* LU0132661827 I C 0.39 LU0447823914 IH CHF C 0.39 LU0782382245 IH GBP C 0.39* LU0573557518 IH GBP D 0.39 LU0132635235 R C 1.32
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - EMERGING MARKET BOND LU0244149497 A C 2.07 LU0244149653 A D 2.08 LU0352160815 AH EUR C 2.06 LU0352161037 AH EUR D 2.08 LU0447828558 AH CHF C 2.09 LU0943513324 AS C -** LU0943513597 AHS EUR C -** LU0244149901 I C 1.14 LU0371556324 IH EUR C 1.14 LU0371557215 R C -***
UBAM - EMERGING MARKET CORPORATE BOND LU0520928416 A C 2.08 LU0520928507 A D 2.08 LU0520929653 AH EUR C 2.07 LU0520929737 AH EUR D 2.07 LU0520930404 AH CHF C 2.08 LU0943514561 AS C -** LU0520928689 AP C 1.40 LU0520929810 APH EUR C 1.40 Ratio of performance fee (in % of average net assets) 0.01 LU0520930669 APH CHF C 1.40 LU0520928846 I C 1.14 LU0520928929 I D 1.15 LU0520930073 IH EUR C 1.16 LU0520930826 IH CHF C 1.15 LU0943515618 IHS EUR C -** LU0520929141 IP C 0.89 LU0520930230 IPH EUR C 0.90 Ratio of performance fee (in % of average net assets) 0.01 LU0520929497 R C 2.57 LU0943516343 RH EUR C 2.53*
UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND LU0943508167 A C 2.08* LU0943508324 A D 2.11* LU0943508597 AH EUR C 2.10* LU0943508910 AH CHF C 2.12* LU0943510148 IH EUR C 1.14* LU0943510494 IH CHF C 1.13*
UBAM - GLOBAL BOND (CHF) LU0068133486 A C 0.93 LU0103636758 A D 0.93 LU0352159569 AH EUR C 0.88
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - GLOBAL HIGH YIELD SOLUTION LU0569862351 A C 0.69 LU0569862435 A D 0.68 LU0569862609 AH EUR C 0.69 LU0569863086 AH EUR D 0.65 LU0569862518 AH CHF C 0.69 LU0569862948 AH CHF D 0.68 LU0782386402 AH GBP C 0.77* LU0569863243 I C 0.49 LU0569863326 I D 0.52* LU0569863755 IH EUR C 0.49 LU0569864134 IH EUR D 0.49 LU0569863599 IH CHF C 0.49 LU0782386667 IH GBP C 0.49* LU0569864217 IH GBP D 0.49 LU0569864480 R C 0.99 LU0940719098 RH EUR C -*** LU0894501013 Z C 0.23*
UBAM - LOCAL CURRENCY EMERGING MARKET BOND LU0244150230 A C 2.07 LU0244150313 A D 2.06 LU0352161110 AH EUR C 2.08 LU0352161383 AH EUR D 2.07 LU0447828988 AH CHF C 2.05 LU0244150669 I C 1.13 LU0244150826 I D 1.13 LU0371559690 IH EUR C 1.13 LU0371559930 IH EUR D 1.14 LU0447829101 IH CHF C 1.12 LU0371560276 R C 2.58 LU0940719411 RH EUR C 2.49*
UBAM - UNCONSTRAINED BOND LU0940720344 AP C 1.12* Ratio of performance fee (in % of average net assets) 0.24* LU0940720427 AP D 1.10* Ratio of performance fee (in % of average net assets) 0.25* LU0940720690 APH CHF C 1.02* Ratio of performance fee (in % of average net assets) 0.16* LU0940720856 APH USD C 1.11* Ratio of performance fee (in % of average net assets) 0.24* LU0940721235 APH GBP C 1.15* Ratio of performance fee (in % of average net assets) 0.29* LU0940721318 APH GBP D 1.20* Ratio of performance fee (in % of average net assets) 0.31* LU0940721409 IP C 0.85* Ratio of performance fee (in % of average net assets) 0.34* LU0940721664 IPH CHF C 0.79* Ratio of performance fee (in % of average net assets) 0.26* LU0940721821 IPH USD C 0.95* Ratio of performance fee (in % of average net assets) 0.42* LU0940722639 R C 1.21*
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - YIELD CURVE EURO BOND LU0100809085 A C 0.93 LU0103634621 A D 0.93 LU0132663286 I C 0.49 LU0132637017 R C 1.43
UBAM - YIELD CURVE STERLING BOND LU0051100765 A C 0.96 LU0103635602 A D 0.95 LU0132664094 I C 0.52
UBAM - YIELD CURVE US DOLLAR BOND LU0068133569 A C 0.93 LU0181360743 A D 0.92 LU0181361394 I C 0.48 LU0181361048 R C 1.43
UBAM - EM INVESTMENT GRADE CORPORATE BOND LU0862302675 A C 1.95* LU0943512359 AS C -** LU0862303640 I C -** LU0943512789 IS C -** LU0943512946 IHS EUR C -** LU0862305348 R C 2.14*
UBAM - EUROPEAN CONVERTIBLE BOND LU0500228894 A C 1.73 LU0500229199 A D 1.72 LU0500229603 AH CHF C 1.72* LU0570471275 AH USD C 1.72 LU0500229272 I C 1.22 LU0500229439 R C 2.69
UBAM - EURO 10-40 CONVERTIBLE BOND LU0500231252 A C 1.39 LU0500231336 A D 1.57 LU0500231922 AH CHF C 1.38 LU0570469378 AH USD C 1.44* LU0782395908 AH GBP C 1.45* LU0500231500 I C 0.89 LU0500231682 I D 0.91 LU0500232144 IH CHF C 0.89 LU0570469881 IH USD C 0.91 LU0570470038 IH USD D 0.89 LU0500232573 IH GBP D 0.89 LU0500231765 R C 2.31
UBAM - GLOBAL CONVERTIBLE BOND LU0940716078 A C 1.71* LU0940716235 AH CHF C 1.71* LU0940716409 AH USD C 1.72* LU0940716821 AH GBP C 1.77* LU0940717126 I C -**
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - 30 GLOBAL LEADERS EQUITY LU0573559563 A C 2.12* LU0573559647 A D 2.10* LU0877608710 AH C 2.12* LU0573560223 AH CHF C 2.12* LU0943495910 A USD C 2.14* LU0277301916 AH USD C 2.11 LU0782401482 AH GBP C 2.14* LU0573560066 I C 1.36* LU0877610377 IH C 1.36* LU0878192136 I USD C 1.35* LU0277302211 IH USD C 1.27 LU0277302054 R C 2.90*
UBAM - ASIA EQUITY LU0034172394 A C 2.45 LU0352163322 A EUR C 2.45 LU0717716103 AP C 2.64* Ratio of performance fee (in % of average net assets) 0.63* LU0132667436 IP C 1.22 LU0132641472 R C 3.45
UBAM - ASIA EQUITY HIGH DIVIDEND LU0943497023 A C -** LU0943496991 A D -** LU0943500180 I C 1.77* LU0943500347 I D 1.77* LU0943500420 I EUR C 1.77*
UBAM - DR.EHRHARDT GERMAN EQUITY LU0087798301 A C 2.08 LU0181358846 I C 1.35 LU0181358762 R C 3.08
UBAM - EQUITY BRIC+ LU0306285940 AP C 2.42 Ratio of performance fee (in % of average net assets) 0.00 LU0306286088 AP D 2.44 Ratio of performance fee (in % of average net assets) 0.01 LU0573558169 AP EUR C 2.43 Ratio of performance fee (in % of average net assets) 0.00 LU0573558672 AP CHF C 2.43 Ratio of performance fee (in % of average net assets) 0.02 LU0306286161 IP C 1.69 Ratio of performance fee (in % of average net assets) 0.02 LU0573558326 IP EUR C 1.68 Ratio of performance fee (in % of average net assets) 0.00 LU0306286328 RP C 3.22 Ratio of performance fee (in % of average net assets) 0.00 LU0926479949 Z C 0.44*
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - EUROPE EQUITY LU0045842449 A C 2.09 LU0367305108 A D 2.08 LU0447830703 A CHF C 2.08 LU0570470202 A USD C 2.13* LU0782398670 A GBP C -** LU0132667782 I C 1.35 LU0371558619 I D 1.34 LU0132641985 R C 2.59
UBAM - EUROPE EQUITY DIVIDEND+ LU0717718067 A C 2.13 LU0717718224 A D 2.11 LU0717720980 A CHF C 2.13 LU0717721103 A CHF D 2.13 LU0717721871 A USD C 2.13 LU0717722093 A USD D 2.13 LU0717722689 A SEK C 2.11 LU0782407331 AH C 2.14* LU0782407760 AH CHF C 2.14* LU0782407927 AH CHF D 2.13 LU0782408149 AH USD C 2.14 LU0782408495 AH USD D 2.15* LU0782408651 AH SEK C 2.13* LU0717719891 I C 1.39 LU0717720394 I D 1.39 LU0717721368 I CHF C 1.39* LU0717721525 I CHF D 1.39 LU0717722259 I USD C 1.40* LU0717722416 I USD D 1.38 LU0717723570 I GBP C 1.40 LU0717723810 I GBP D 1.40 LU0782410046 IH C 1.40* LU0782411283 IH USD D 1.39 LU0782411952 IH GBP C 1.39 LU0782412174 IH GBP D 1.40 LU0717720550 R C 2.65 LU0717720717 R D 2.62
UBAM - GCM MIDCAP US EQUITY GROWTH LU0034171404 A C 2.07 LU0367304804 A D 2.09 LU0352161466 AH EUR C 2.25 LU0447829366 AH CHF C -** LU0132666891 I C 1.34 LU0192065307 IH EUR C 1.33 LU0447829523 IH CHF C 1.07 LU0132641126 R C 3.08
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Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - IFDC JAPAN OPPORTUNITIES EQUITY LU0306284893 AP C 2.09 LU0352162944 APH EUR C 4.50 Ratio of performance fee (in % of average net assets) 2.42 LU0447831776 APH CHF C 5.26 Ratio of performance fee (in % of average net assets) 3.17 LU0570475268 APH USD C 4.38 Ratio of performance fee (in % of average net assets) 2.30 LU0306285197 IP C 1.35 LU0306285353 IPH EUR C 4.44* Ratio of performance fee (in % of average net assets) 3.07* LU0570475771 IPH USD C 4.33* Ratio of performance fee (in % of average net assets) 2.96* LU0306285783 R C 3.09 LU0940719254 RH EUR C 2.99*
UBAM - NEUBERGER BERMAN US EQUITY VALUE LU0045841987 A C 2.08 LU0367304986 A D 2.07* LU0352161623 AH EUR C 2.09 LU0447829879 AH CHF C 2.14 LU0181362285 I C 1.33 LU0371560516 I D 1.34 LU0192065562 IH EUR C 1.34 LU0362553587 IH GBP D 1.32 LU0181361980 R C 3.07 LU0940719767 RH EUR C 2.98*
UBAM - RUSSIAN EQUITY LU0541091996 A C 2.39 LU0541092028 A D 2.39 LU0573556031 A EUR C 2.39 LU0541092531 R C -***
UBAM - SNAM JAPAN EQUITY VALUE LU0052780409 A C 2.06 LU0367305363 A D 2.04 LU0352162357 AH EUR C 2.08 LU0352162431 AH EUR D 2.05 LU0570474295 AH USD C 2.14 LU0570474022 AH SEK C -** LU0132667519 I C 1.32 LU0192065992 IH EUR C 1.31 LU0570474881 IH USD C 1.41* LU0132641639 R C 3.05 LU0940720005 RH EUR C 2.98*
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UBAM
Notes to the financial statements as at 31st December 2013 (continued)
Sub-Fund and Codes ISIN Class of share TER in %
UBAM - SWISS EQUITY LU0073503921 A C 1.39 LU0367305280 A D 1.49* LU0352162191 AH EUR C 1.40 LU0570480771 AH USD C 1.40* LU0132668087 I C 1.00 LU0371561910 I D 1.01* LU0192065646 IH EUR C 1.00* LU0132643411 R C 2.44
UBAM - TURKISH EQUITY LU0500236210 A C 2.37 LU0500237457 A EUR C 2.37 LU0500237531 A EUR D 2.39 LU0500236640 I C 1.50 LU0500237887 I EUR C 1.66 LU0500236996 IP C 1.16 LU0500238000 IP EUR C 1.24 LU0500237291 R C -***
UBAM - MULTIFUNDS EMERGING MARKETS LU0782412331 A C 2.14* LU0782412505 A D 2.05* LU0782412760 A EUR C -** LU0782414899 I C 1.02* LU0782415193 I D 1.03* LU0782417306 R C 2.44*
* : annualized -** : TER not calculated as unrepresentative -*** : TER not calculated as unrepresentative due to the reduced size of the relevant share class
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UBAM
Notes to the financial statements as at 31st December 2013 (continued)
Portfolio Turnover Ratio “PTR”
As at 31st December 2013, the PTR calculated for each sub-funds is:
Currency Portfolio Turnover Ratio Bond sub-funds UBAM - CORPORATE EURO BOND EUR 34.48% UBAM - CORPORATE US DOLLAR BOND (2) USD 17.52% UBAM - DYNAMIC EURO BOND (2) EUR 95.47% UBAM - DYNAMIC US DOLLAR BOND USD 100.96% UBAM - EMERGING MARKET BOND USD -54.89% UBAM - EMERGING MARKET CORPORATE BOND USD 20.84% (2) UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND USD 13.06% UBAM - GLOBAL BOND (CHF) CHF 44.15% UBAM - GLOBAL HIGH YIELD SOLUTION USD -47.33% UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD 22.62% (2) UBAM - UNCONSTRAINED BOND EUR 209.26% (2) UBAM - YIELD CURVE EURO BOND EUR 49.39% (2) UBAM - YIELD CURVE STERLING BOND GBP -73.86% (2) UBAM - YIELD CURVE US DOLLAR BOND USD -28.10% Feeder bond sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND (1)(2) USD -117.25% Feeder convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND (1) EUR -27.94% UBAM - EURO 10-40 CONVERTIBLE BOND (1) EUR -48.72% UBAM - GLOBAL CONVERTIBLE BOND (1)(2) EUR -0.33% Equity sub-funds (2) UBAM - 30 GLOBAL LEADERS EQUITY EUR 32.04% (2) UBAM - ASIA EQUITY USD 147.81% (2) UBAM - ASIA EQUITY HIGH DIVIDEND USD 76.02% UBAM - DR. EHRHARDT GERMAN EQUITY EUR 293.63% UBAM - EQUITY BRIC+ USD 102.66% (2) UBAM - EUROPE EQUITY EUR 129.64% (2) UBAM - EUROPE EQUITY DIVIDEND+ EUR 184.20% (2) UBAM - GCM MIDCAP US EQUITY GROWTH USD 188.22% UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY 94.86% (2) UBAM - NEUBERGER BERMAN US EQUITY VALUE USD 14.17% UBAM - RUSSIAN EQUITY USD 124.74% (2) UBAM - SNAM JAPAN EQUITY VALUE JPY 105.69% (2) UBAM - SWISS EQUITY CHF 15.87% UBAM - TURKISH EQUITY USD -1.73% Fund of funds sub-fund UBAM - MULTIFUNDS EMERGING MARKETS (2) USD 176.52%
(1) This sub-fund acts as Feeder in a master-feeder structure, please refer to Note 16 and "AGGREGATE CHARGES WITHIN MASTER-FEEDER STRUCTURES" chapter of the prospectus dated September 2013, in order to obtain complete information about aggregate fees. (2) Please refer to Note 17 for more details on events concerning these sub-funds.
Note 14 - Changes of the investment portfolio
Details of changes in the securities portfolio for the year 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.
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Notes to the financial statements as at 31st December 2013 (continued)
Note 15 - Dividends
During the year, the SICAV distributed the following dividends: - ‘Ex-dividend’ date: 19th April 2013 - Payment date: 26th April 2013 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount dividend date Bond sub-funds UBAM - CORPORATE EURO BOND A EUR 4.29 26,799.803 UBAM - CORPORATE US DOLLAR BOND A USD 5.07 94,007.494 UBAM - DYNAMIC EURO BOND A EUR 2.12 148,633.887 UBAM - DYNAMIC US DOLLAR BOND A USD 1.62 36,888.000 UBAM - DYNAMIC US DOLLAR BOND IH GBP 1.57 7,091.189 UBAM - EMERGING MARKET BOND A USD 5.33 22,471.023 UBAM - EMERGING MARKET BOND AH EUR 3.84 6,906.279 UBAM - EMERGING MARKET CORPORATE BOND A USD 4.80 55,692.289 UBAM - EMERGING MARKET CORPORATE BOND I USD 5.27 22,000.000 UBAM - EMERGING MARKET CORPORATE BOND AH EUR 5.15 17,142.000 UBAM - GLOBAL BOND (CHF) A CHF 4.00 11,354.000 UBAM - GLOBAL HIGH YIELD SOLUTION A USD 6.93 98,450.902 UBAM - GLOBAL HIGH YIELD SOLUTION AH CHF 7.40 7,747.000 UBAM - GLOBAL HIGH YIELD SOLUTION AH EUR 7.00 913,634.091 UBAM - GLOBAL HIGH YIELD SOLUTION IH EUR 6.91 14,338.958 UBAM - GLOBAL HIGH YIELD SOLUTION IH GBP 6.95 10,986.000 UBAM - LOCAL CURRENCY EMERGING MARKET BOND A USD 4.83 50,142.715 UBAM - LOCAL CURRENCY EMERGING MARKET BOND I USD 6.41 146,000.000 UBAM - LOCAL CURRENCY EMERGING MARKET BOND AH EUR 3.70 18,411.405 UBAM - LOCAL CURRENCY EMERGING MARKET BOND IH EUR 4.64 260,400.000 UBAM - YIELD CURVE EURO BOND A EUR 2.89 13,733.025 UBAM - YIELD CURVE STERLING BOND A GBP 4.64 1,015.000 UBAM - YIELD CURVE US DOLLAR BOND A USD 51.42 3,740.016 Feeder convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND A EUR 2.07 4,353.000 UBAM - EURO 10-40 CONVERTIBLE BOND A EUR 1.29 65,480.411 UBAM - EURO 10-40 CONVERTIBLE BOND IH GBP 1.15 35,087.389 UBAM - EURO 10-40 CONVERTIBLE BOND IH USD 1.25 1,790.000 UBAM - EURO 10-40 CONVERTIBLE BOND I EUR 1.34 24,938.000 Equity sub-funds UBAM - EUROPE EQUITY A EUR 0.92 33,500.148 UBAM - EUROPE EQUITY I EUR 0.95 9,086.723 UBAM - SNAM JAPAN EQUITY VALUE A JPY 3.00 48,750.000
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UBAM
Notes to the financial statements as at 31st December 2013 (continued)
- ‘Ex-dividend’ date: 2nd January 2013 - Payment date: 7th January 2013 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount dividend date Equity sub-fund UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.49 58,043.226 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.51 275,974.424 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.61 600.570 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.46 9,015.000 UBAM - EUROPE EQUITY DIVIDEND+ I CHF 2.47 1,000.000 UBAM - EUROPE EQUITY DIVIDEND+ A USD 2.59 6,815.301 UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.55 2,500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 2.09 6,593.099 UBAM - EUROPE EQUITY DIVIDEND+ IH USD 2.61 500.000 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.51 14,581.255 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 2.08 3,920.196
- ‘Ex-dividend’ date: 2nd April 2013 - Payment date: 5th April 2013 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount dividend date Equity sub-fund UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.44 63,033.507 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.46 423,154.851 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.56 360.558 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.42 9,015.000 UBAM - EUROPE EQUITY DIVIDEND+ I CHF 2.44 1,520.000 UBAM - EUROPE EQUITY DIVIDEND+ A USD 2.47 6,815.301 UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.43 2,500.000 UBAM - EUROPE EQUITY DIVIDEND+ AH USD 2.51 9,990.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 2.13 17,406.338 UBAM - EUROPE EQUITY DIVIDEND+ IH USD 2.60 500.000 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.50 16,241.255 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 2.07 5,283.468
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UBAM
Notes to the financial statements as at 31st December 2013 (continued)
- ‘Ex-dividend’ date: 1st July 2013 - Payment date: 4th July 2013 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount dividend date Equity sub-fund UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.31 66,495.526 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.34 469,841.052 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.43 607.703 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.33 8,515.000 UBAM - EUROPE EQUITY DIVIDEND+ I CHF 2.35 1,520.000 UBAM - EUROPE EQUITY DIVIDEND+ A USD 2.37 6,815.301 UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.34 2,500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 2.06 26,389.382 UBAM - EUROPE EQUITY DIVIDEND+ AH USD 2.39 9,990.000 UBAM - EUROPE EQUITY DIVIDEND+ IH USD 2.48 500.000 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.40 15,391.255 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 1.99 36,851.721
- ‘Ex-dividend’ date: 1st October 2013 - Payment date: 4th October 2013 Type of DIVIDEND Number of shares distribution outstanding at shares Currency Amount dividend date Equity sub-fund UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.35 49,444.646 UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.38 395,738.502 UBAM - EUROPE EQUITY DIVIDEND+ R EUR 2.46 607.703 UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.35 7,490.000 UBAM - EUROPE EQUITY DIVIDEND+ I CHF 2.38 1,020.000 UBAM - EUROPE EQUITY DIVIDEND+ A USD 2.51 6,815.301 UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.48 2,500.000 UBAM - EUROPE EQUITY DIVIDEND+ I GBP 2.04 26,072.353 UBAM - EUROPE EQUITY DIVIDEND+ IH USD 2.51 600.775 UBAM - EUROPE EQUITY DIVIDEND+ AH CHF 2.41 15,281.255 UBAM - EUROPE EQUITY DIVIDEND+ IH GBP 2.00 38,169.070 UBAM - EUROPE EQUITY DIVIDEND+ AH USD 2.41 10,740.000 UBAM - EUROPE EQUITY DIVIDEND+ AH GBP 2.52 3,520.000
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Notes to the financial statements as at 31st December 2013 (continued)
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 closing date, 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 three sub-funds 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 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 Feeder sub-funds are investing in Type Z shares of their respective Master sub-funds. The % of ownership is as follows: % of Z Feeder sub-funds Master sub-funds shares UBAM - EM INVESTMENT GRADE CORPORATE UBAM FCP - EM INVESTMENT GRADE 100.00 BOND CORPORATE BOND UBAM - EUROPEAN CONVERTIBLE BOND UBAM CONVERTIBLES EUROPE 99.81 UBAM - EURO 10-40 CONVERTIBLE BOND UBAM CONVERTIBLES EURO 10-40 100.55 UBAM - GLOBAL CONVERTIBLE BOND UBAM CONVERTIBLES GLOBAL 100.00
A redemption of 2,008.00 shares is recorded in the net asset value as at 3rd January 2014 in the Feeder sub-fund UBAM - EURO 10-40 CONVERTIBLE BOND whereas it is already recorded in the net asset value as at 31st December 2013 in the Master sub-fund UBAM CONVERTIBLES EURO 10-40.
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 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. 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 an operating and management fee covering all the expenses invoiced directly to the Master sub- funds, with the exception of transaction charges.
As at 31st December 2013, the maximum operating and management 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 0.20% CORPORATE BOND GRADE CORPORATE BOND 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%
The operating and management fee, as described by the UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND and UBAM CONVERTIBLES prospectuses, may be increased by performance fees, transaction fees and by a part of the income from sale and repurchase agreements. Page 301
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Notes to the financial statements as at 31st December 2013 (continued)
As at 31st December 2013, the total fees of the Feeder and Master sub-funds are as follows:
Feeder sub-funds Total fees Currency % NAV UBAM - EM INVESTMENT GRADE CORPORATE BOND 21,851.42 USD 0.26 UBAM - EUROPEAN CONVERTIBLE BOND 322,524.15 EUR 1.07 UBAM - EURO 10-40 CONVERTIBLE BOND 3,128,561.80 EUR 0.71 UBAM - GLOBAL CONVERTIBLE BOND 149,078.42 EUR 0.55
Master sub-funds Total fees Currency % NAV UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND 2,088,216.59 USD 0.63 UBAM CONVERTIBLES EUROPE 6,750,437.17 EUR 0.99 UBAM CONVERTIBLES EURO 10-40 10,598,190.12 EUR 0.57 UBAM CONVERTIBLES GLOBAL 467,495.92 EUR 0.48
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.
Note 17 - Events
By decision of the Board of Directors and with effect on 17th January 2013, the investment policy of the sub-fund UBAM - PCM GLOBAL EQUITY VALUE has been modified and consequently the sub-fund has been renamed into UBAM - 30 GLOBAL LEADERS EQUITY. The sub-fund’s base currency has been changed from USD to EUR. All modifications in relation with this sub-fund are reported in the prospectus dated June 2013.
Following this change of base currency, A shares and I shares presented in the annual report 2012 have been renamed respectively AH USD shares and IH USD shares.
The sub-fund UBAM - EM INVESTMENT GRADE CORPORATE BOND acting as Feeder sub-fund of the “Master UCITS” UBAM FCP - EM INVESTMENT GRADE CORPORATE BOND, a FCP authorized and regulated by the French Autorités des Marchés Financiers has been launched with an initial subscription period from 14th January 2013 to 18th January 2013 and with effect on 30th January 2013.
On 1st February 2013, the SICAV NEWTON LUXEMBOURG (the absorbed sub-funds) was merged by absorption with four sub-funds (the absorbing sub-funds) of UBAM.
The allocation of NEWTON LUXEMBOURG assets and liabilities is as follows:
NEWTON LUXEMBOURG UBAM Absorbed sub-funds Absorbing sub-funds NEWTON LUXEMBOURG International UBAM - 30 GLOBAL LEADERS EQUITY NEWTON LUXEMBOURG Cash UBAM - DYNAMIC EURO BOND NEWTON LUXEMBOURG Security Monde UBAM - YIELD CURVE US DOLLAR BOND NEWTON LUXEMBOURG Balanced Monde UBAM - EUROPE EQUITY DIVIDEND+
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Notes to the financial statements as at 31st December 2013 (continued)
The detail of the merger was as follows :
Number of shares Number of Absorbed sub-fund before merger Merger ratio Absorbing sub-fund shares issued UBAM - 30 GLOBAL NEWTON LUXEMBOURG LEADERS EQUITY International 7,093.6100 10.8290221073 RC EUR 76,816.860 UBAM - DYNAMIC NEWTON LUXEMBOURG EURO BOND Cash 65.2290 5.3000485729 AC EUR 345.717 UBAM - YIELD NEWTON LUXEMBOURG CURVE US DOLLAR Security Monde 2,418.6280 0.7864429812 BOND RC USD 1,902.113 UBAM - EUROPE NEWTON LUXEMBOURG EQUITY DIVIDEND+ Balanced Monde 3,226.3760 12.5359105753 AC USD 40,445.561
By circular resolution dated 28th December 2012, the Board of Directors decided to launch a new sub- fund of the SICAV, namely UBAM - MULTIFUNDS EMERGING MARKETS, by absorption of a sub- fund of the SICAV UBP MULTIFUNDS II, namely UBP MULTIFUNDS II - EMERGING MARKETS EQUITY (USD) with effect on 5th February 2013.
As of 20th February 2013, UBAM - CORPORATE US DOLLAR BOND (ID USD shares) acts as Master sub-fund of UBI - CORPORATE US DOLLAR BOND - BH and UBI - CORPORATE US DOLLAR BOND - A, two Feeder funds authorized and regulated by the French Autorité des Marchés Financiers.
By circular resolution dated 19th March 2013, the Board of Directors decided to merge the sub-fund UBAM - VP VALUE CHINA EQUITY (the absorbed sub-fund) with the sub-fund UBAM - ASIA EQUITY (the absorbing sub-fund) with effect on 26th April 2013.
As of 25th April 2013, the Board of Directors decided to change the name of the UBAM - IFDC JAPAN EQUITY sub-fund to UBAM - SNAM JAPAN EQUITY VALUE with effect from 20th May 2013, following a change of the sub-manager.
The sub-fund UBAM - UNCONSTRAINED BOND was launched on 19th June 2013.
The sub-fund UBP OPPORTUNITIES - EM HIGH YIELD SHORT DURATION CORPORATE BOND (the absorbed sub-fund) has been contributed-in-kind into the new sub-fund UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND (the absorbing sub-fund) with effect on 19th August 2013.
In exchange of the contribution in kind of USD 80,942,907.70, UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND issued:
Number of shares Class of Share issued IH C CHF 200.000 AH C EUR 175,626.413 A C 564,375.000 A D 11,520.000
The sub-fund UBAM - GLOBAL CONVERTIBLE BOND was launched on 23th August 2013. This is a feeder sub-fund of UBAM CONVERTIBLES GLOBAL.
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Notes to the financial statements as at 31st December 2013 (continued)
By circular resolution dated 31st August 2013, the Board of Directors decided to appoint UBP Asset Management (Europe) S.A. as its management company (the “Management Company”) as of 1st September 2013. The Management Company is wholly owned by Union Bancaire Privée, UBP SA, Geneva. The Management Company will delegate with the approval of the Board of Directors the investment management, central administration and general distribution functions to the former delegates of UBAM. The advisory fee payable to UBAM International Services has been merged with the management fee payable to the Management Company in consideration of its services with effect on 1st September 2013.
The sub-fund UBP OPPORTUNITIES - ASIA HIGH DIVIDEND (the absorbed sub-fund) has been contributed-in-kind into the new sub-fund UBAM - ASIA EQUITY HIGH DIVIDEND (the absorbing sub- fund) with effect on 5th September 2013.
In exchange of the contribution in kind of USD 11,368,007.46, UBAM - ASIA EQUITY HIGH DIVIDEND issued:
Number of shares Class of Share issued I C EUR 9,010.000 I C 22,310.000 I D 68,352.000
Certain sub-funds of Lloyds TSB International Portfolio (the absorbed sub-funds) have been merged with existing sub-funds of UBAM (the absorbing sub-funds) with effect on 31st October 2013 as follows: Number of shares before Number of Absorbed sub-fund merger Merger ratio Absorbing sub-fund shares issued LIP - GLOBAL EMERGING UBAM - MULTIFUNDS MARKETS EQUITY FUND EMERGING MARKETS 26,983.187 1.0212227576 AC 27,555.845 LIP - GLOBAL EMERGING UBAM - MULTIFUNDS MARKETS EQUITY FUND EMERGING MARKETS 104,128.613 1.0000000000 AC EUR 104,128.613 UBAM - YIELD CURVE LIP - EURO BOND FUND EURO BOND 72,215.876 0.4025773846 AC 29,072.478 LIP - STERLING BOND UBAM - YIELD CURVE FUND STERLING BOND 18,087.858 1.4821466017 AC 26,808.857 LIP - US DOLLAR BOND UBAM - YIELD CURVE FUND US DOLLAR BOND 158,402.124 0.1294202830 AC 20,500.448 UBAM - NEUBERGER LIP - NORTH AMERICA BERMAN US EQUITY EQUITY FUND VALUE 192,072.313 0.3331113361 AC 63,981.465 UBAM - SWISS LIP - SWISS EQUITY FUND EQUITY 61,448.585 0.8598607725 AC 52,837.228 UBAM - SWISS LIP - SWISS EQUITY FUND EQUITY 260.000 0.6150550670 AD 159.914 UBAM - EUROPE LIP - UK EQUITY FUND EQUITY 16,208.098 1.0000000000 AC GBP 16,208.098 LIP - WORLD EQUITY UBAM - 30 GLOBAL FUND LEADERS EQUITY 37,729.594 3.1069746435 AHC USD 117,224.892 UBAM - ASIA EQUITY LIP - ASIA PACIFIC FUND HIGH DIVIDEND 225,704.893 1.0000000000 AC 225,704.893 Page 304
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Notes to the financial statements as at 31st December 2013 (continued)
Number of shares before Number of Absorbed sub-fund merger Merger ratio Absorbing sub-fund shares issued UBAM - ASIA EQUITY LIP - ASIA PACIFIC FUND HIGH DIVIDEND 3,702.880 1.0000000000 AD 3,702.880
The Board of Directors of the SICAV decided to change the name of the sub-fund UBAM - CALAMOS US EQUITY GROWTH in UBAM - GCM MIDCAP US EQUITY GROWTH with effect on 1st November 2013 following a change of the sub-manager.
Note 18 - Subsequent events
All the sub-funds of UBP International Portfolio and UBP Global Multifund Allocation (the absorbed sub-funds) will be merged into sub-funds of UBAM (the absorbing sub-funds) during the year 2014.
A new sub-fund of the SICAV has been launched, namely UBAM - EUROPEAN OPPORTUNITIES EQUITY with effect on 27st March 2014.
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Unaudited information
1) Global exposure calculation method
Sub-funds Global VaR Leverage* Observation Period exposure Average Min. Max. Model used / Average Frequency for VaR and method parameters level Leverage UBAM - CORPORATE US DOLLAR BOND Absolute VaR 8.52% 7.49% 11.25% 49.44% Daily UBAM - CORPORATE EURO BOND Absolute VaR 4.85% 3.41% 10.43% 50.44% Daily UBAM - DYNAMIC US DOLLAR BOND Absolute VaR 1.20% 0.44% 2.03% 48.21% Daily UBAM - DYNAMIC EURO BOND Absolute VaR 1.13% 0.39% 1.96% 50.79% Daily UBAM - EMERGING MARKET BOND Absolute VaR 12.28% 11.20% 13.48% 2.02% Daily UBAM - EMERGING MARKET CORPORATE BOND Absolute VaR 12.97% 10.08% 14.54% 6.61% Daily UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Absolute VaR 8.33% 6.74% 11.96% 16.40% Daily UBAM - GLOBAL BOND (CHF) Absolute VaR 4.21% 2.73% 5.85% 165.91% Daily Factor push / 99% UBAM - GLOBAL HIGH YIELD SOLUTION Absolute VaR 12.53% 8.84% 14.06% 104.31% Daily confidence interval, 20 January 1st, 2013 to UBAM - LOCAL CURRENCY EMERGING MARKET BOND Absolute VaR 14.33% 12.95% 16.17% 1.63% Daily days holding period, 9 December 31th, 2013 UBAM - UNCONSTRAINED BOND Absolute VaR 2.96% 0.40% 5.56% 111.56% Daily years historical period UBAM - YIELD CURVE EURO BOND Absolute VaR 2.96% 2.04% 3.71% 52.96% Daily UBAM - YIELD CURVE STERLING BOND Absolute VaR 3.67% 2.91% 4.35% 20.44% Daily UBAM - YIELD CURVE US DOLLAR BOND Absolute VaR 4.43% 3.42% 4.97% 58.30% Daily UBAM - EM INVESTMENT GRADE CORPORATE BOND Absolute VaR 13.11% 5.89% 17.52% 0.00% Daily UBAM - EUROPEAN CONVERTIBLE BOND Absolute VaR 13.33% 8.19% 19.34% 0.02% Daily UBAM - EURO 10-40 CONVERTIBLE BOND Absolute VaR 8.56% 6.59% 14.38% 0.00% Daily UBAM - GLOBAL CONVERTIBLE BOND Absolute VaR 11.58% 10.46% 13.11% 0.00% Daily UBAM - EUROPE EQUITY DIVIDEND+ Absolute VaR 13.00% 7.77% 19.81% 97.80% Daily UBAM . 30 GLOBAL LEADERS EQUITY (formerly UBAM - PCM GLOBAL EQUITY VALUE) Commitment ------UBAM - ASIA EQUITY Commitment ------UBAM - ASIA EQUITY HIGH DIVIDEND Commitment ------UBAM - DR EHRHARDT GERMAN EQUITY Commitment ------UBAM - EQUITY BRIC+ Commitment ------UBAM - EUROPE EQUITY Commitment ------UBAM - GCM MIDCAP US EQUITY GROWTH (formerly UBAM - CALAMOS US EQUITY GROWTH) Commitment ------January 1st, 2013 to UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Commitment ------December 31th, 2013 UBAM - NEUBERGER BERMAN US EQUITY VALUE Commitment ------UBAM - RUSSIAN EQUITY Commitment ------UBAM - SNAM JAPAN EQUITY VALUE (formerly UBAM - IFDC JAPAN EQUITY) Commitment ------UBAM - SWISS EQUITY Commitment ------UBAM - TURKISH EQUITY Commitment ------UBAM - MULTIFUNDS EMERGING MARKETS Commitment ------
* The method for determining the leverage is expressed as the sum of the absolute value of the notionals of the financial derivative instruments held in each Sub- fund's portfolio divided by its total net assets.
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Unaudited information (continued)
2) Securities lending
As at 31st December 2013, the value of securities lent is the following:
Currency Counterparty Market value lent Collateral amount received Type of collateral Bond sub-funds UBAM - CORPORATE EURO BOND EUR CREDIT SUISSE SECURITIES (EUROPE) LIMITED 9 842 871.77 10 827 786.44 GOLDMAN SACHS INTERNATIONAL LONDON 4 546 951.89 4 785 638.25 ING BANK 6 237 353.10 6 574 321.65 MORGAN STANLEY & CO INTERNATIONAL PLC 7 669 306.37 8 061 104.84 ROYAL BANK OF SCOTLAND PLC 958 196.94 1 027 816.24 29 254 680.07 31 276 667.42 Securities
UBAM - CORPORATE US DOLLAR BOND USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 5 501 090.19 6 051 548.50 GOLDMAN SACHS INTERNATIONAL LONDON 749 267.73 788 599.37 ING BANK 556 402.40 586 461.50 J.P. MORGAN SECURITIES PLC 1 997 959.44 2 100 261.70 MORGAN STANLEY & CO INTERNATIONAL PLC 3 701 691.09 3 890 796.83 NOMURA INTERNATIONAL PLC 7 243 165.86 7 757 542.63 19 749 576.71 21 175 210.53 Securities
UBAM - DYNAMIC EURO BOND EUR GOLDMAN SACHS INTERNATIONAL LONDON 198 743.59 209 176.38 ING BANK 9 090 366.37 9 581 466.94 MORGAN STANLEY & CO INTERNATIONAL PLC 499 539.14 525 058.87 9 788 649.10 10 315 702.19 Securities
UBAM - DYNAMIC US DOLLAR BOND USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 1 000 492.54 1 100 605.22 ING BANK 1 003 626.38 1 057 846.32 NOMURA INTERNATIONAL PLC 1 001 558.85 1 072 684.96 3 005 677.77 3 231 136.50 Securities
UBAM - EMERGING MARKET BOND USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 14 689 628.30 16 159 523.72 GOLDMAN SACHS INTERNATIONAL LONDON 357 816.58 376 599.61 MORGAN STANLEY & CO INTERNATIONAL PLC 3 234 378.23 3 399 610.68 18 281 823.10 19 935 734.01 Securities
UBAM - EMERGING MARKET CORPORATE BOND USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 15 114 352.42 16 626 747.25 GOLDMAN SACHS INTERNATIONAL LONDON 3 680 170.79 3 873 355.66 ING BANK 1 604 818.03 1 691 516.80 MORGAN STANLEY & CO INTERNATIONAL PLC 10 691 113.78 11 237 283.35 NOMURA INTERNATIONAL PLC 2 665 103.69 2 854 367.23 UBS AG LONDON 184 973.49 655 301.68 33 940 532.21 36 938 571.98 Securities
UBAM - GLOBAL BOND (CHF) CHF NOMURA INTERNATIONAL PLC 2 843 329.41 3 045 250.53 2 843 329.41 3 045 250.53 Securities
UBAM - GLOBAL HIGH YIELD SOLUTION USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 23 992 817.85 26 393 623.00 23 992 817.85 26 393 623.00 Securities
UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD CREDIT SUISSE SECURITIES (EUROPE) LIMITED 4 536 594.19 4 990 806.52 4 536 594.19 4 990 806.52 Securities
UBAM - YIELD CURVE US DOLLAR BOND USD NOMURA INTERNATIONAL PLC 1 308 808.16 1 401 753.78 1 308 808.16 1 401 753.78 Securities Equity sub-funds UBAM - ASIA EQUITY USD BNP PARIBAS ARBITRAGE 167 321.67 177 238.13 DEUTSCHE BANK A.G. LONDON 545 703.48 577 396.82 J.P. MORGAN SECURITIES PLC 101 058.54 107 808.13 MORGAN STANLEY & CO INTERNATIONAL PLC 648 415.69 682 875.57 1 462 499.37 1 545 318.66 Securities
UBAM - DR. EHRHARDT GERMAN EQUITY EUR DEUTSCHE BANK A.G. LONDON 85 308.40 90 262.82 85 308.40 90 262.82 Securities
UBAM - EQUITY BRIC+ USD BNP PARIBAS ARBITRAGE 448 496.56 475 076.95 J.P. MORGAN SECURITIES PLC 182 262.76 194 435.90 MORGAN STANLEY & CO INTERNATIONAL PLC 120 995.34 127 426.19 UBS AG LONDON 468 195.80 491 603.99 1 219 950.45 1 288 543.02 Securities
UBAM - EUROPE EQUITY EUR CREDIT SUISSE SECURITIES (EUROPE) LIMITED 4 273 728.48 4 561 624.76 GOLDMAN SACHS INTERNATIONAL LONDON 1 579 376.77 1 662 766.25 MORGAN STANLEY & CO INTERNATIONAL PLC 679 000.00 715 085.96 UBS AG LONDON 310 400.00 339 707.13 6 842 505.25 7 279 184.10 Securities
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Unaudited information (continued)
Currency Counterparty Market value lent Collateral amount received Type of collateral UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY BNP PARIBAS ARBITRAGE 342 559 165.87 362 871 403.54 MORGAN STANLEY & CO INTERNATIONAL PLC 1 639 627.24 1 726 817.46 UBS AG LONDON 24 269 476.46 25 483 541.19 368 468 269.57 390 081 762.19 Securities
UBAM - SNAM JAPAN EQUITY VALUE JPY BNP PARIBAS ARBITRAGE 1 436 753 006.37 1 521 946 074.30 CREDIT SUISSE SECURITIES (EUROPE) LIMITED 285 301 178.82 304 529 398.47 DEUTSCHE BANK A.G. LONDON 769 702 850.94 814 428 980.31 GOLDMAN SACHS INTERNATIONAL LONDON 254 693 673.07 268 149 284.85 MORGAN STANLEY & CO INTERNATIONAL PLC 205 867 393.01 216 814 878.79 NOMURA INTERNATIONAL PLC 303 188 681.84 319 424 402.08 UBS AG LONDON 68 913 328.22 72 360 673.20 3 324 420 112.26 3 517 653 691.99 Securities
UBAM - SWISS EQUITY CHF MORGAN STANLEY & CO INTERNATIONAL PLC 723 394.99 761 840.31 723 394.99 761 840.31 Securities
Securities lending income is accounted on a cash basis so therefore income from December 2012 to November 213 for the year ended 31st December 2013. Securities lending income generated by the SICAV for the year under review is as follows and is recorded under “Other income” in the statement of operations and other changes in net assets:
Sub-Fund Total gross amount of securities Total net amount of securities lending income (in the sub-fund lending income (in the sub-fund currency) currency) UBAM - CORPORATE EURO BOND 25,901.21 17,961.13 UBAM - CORPORATE US DOLLAR BOND 49,212.45 35,419.58 UBAM - DYNAMIC EURO BOND 21,422.34 13,986.64 UBAM - DYNAMIC US DOLLAR BOND 19,633.65 13,917.98 UBAM - EMERGING MARKET BOND 49,772.64 34,970.96 UBAM - EMERGING MARKET CORPORATE 85,266.83 61,157.10 BOND
UBAM - GLOBAL BOND (CHF) 5,170.79 3,181.09 UBAM - GLOBAL HIGH YIELD SOLUTION 43,043.90 26,633.52 UBAM - LOCAL CURRENCY EMERGING 15,677.47 11,696.10 MARKET BOND
UBAM - YIELD CURVE EURO BOND 11,888.89 5,986.36 UBAM - YIELD CURVE STERLING BOND 967.82 483.91 UBAM - YIELD CURVE US DOLLAR BOND 12,227.93 6,253.93 UBAM - 30 GLOBAL LEADERS EQUITY 24,138.68 17,671.48 UBAM - ASIA EQUITY 88,387.33 61,312.07 UBAM - DR. EHRHARDT GERMAN EQUITY 115,980.88 77,300.70 UBAM - EQUITY BRIC+ 41,401.57 27,023.65 UBAM - EUROPE EQUITY 169,634.29 118,035.84 UBAM - GCM MIDCAP US EQUITY 8,145.58 4,072.79 GROWTH UBAM - IFDC JAPAN OPPORTUNITIES 1,130,408.67 814,756.00 EQUITY UBAM - NEUBERGER BERMAN US EQUITY 19,064.48 9,532.24 VALUE
UBAM - RUSSIAN EQUITY 3,649.20 1,824.60 UBAM - SNAM JAPAN EQUITY VALUE 3,852,211.33 2,473,416.00 UBAM - SWISS EQUITY 37,629.89 25,841.92 UBAM - TURKISH EQUITY 8,224.82 4,739.90 UBAM - VP VALUE CHINA EQUITY (merged) 21,235.55 10,711.18
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Unaudited information (continued)
3) Collateral
As at 31st December 2013, the Sub-Fund UBAM - GLOBAL HIGH YIELD SOLUTION received cash collateral for derivative operations for a total amount of USD 93,852,052.45 detailed as follows:
Counterparty Type of collateral Currency Collateral Amount Received BARCLAYS BANK PLC LONDON Cash EUR 11,745,195.46 BNP PARIBAS LONDON BRANCH Cash EUR 13,500,000.00 CITIGROUP GLOBAL MARKETS LTD LDI Cash EUR 11,104,886.93 GOLDMAN SACHS INTERN. Cash USD 2,852,737.20 JPMORGAN CHASE BANK, N.A. (EU) Cash EUR 10,022,256.37 JPMORGAN CHASE BANK, N.A. (EU) Cash USD 5,611,420.82 NOMURA INT PLC Cash EUR 15,230,000.00 UBS AG LONDON BRANCH Cash EUR 365,000.00
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