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Bluebay Funds Société D’Investissement À Capital Variable BlueBay Funds Société d’Investissement à Capital Variable Semi-Annual Report including Unaudited Financial Statements for the period ended 31 December 2017 R.C.S. No. B 88 020 Table of Contents Page Management and Administration 3 Summary of Investment Objectives of the Sub-Funds 5 Schedule of Investments and other Net Assets BlueBay Funds - BlueBay Emerging Market Bond Fund 13 BlueBay Funds - BlueBay High Yield Bond Fund 20 BlueBay Funds - BlueBay Investment Grade Bond Fund 25 BlueBay Funds - BlueBay Emerging Market Local Currency Bond Fund 30 BlueBay Funds - BlueBay Emerging Market Select Bond Fund 34 BlueBay Funds - BlueBay Emerging Market Corporate Bond Fund 41 BlueBay Funds - BlueBay Global Convertible Bond Fund 49 BlueBay Funds - BlueBay High Yield Corporate Bond Fund 55 BlueBay Funds - BlueBay Emerging Market Absolute Return Bond Fund 60 BlueBay Funds - BlueBay Investment Grade Euro Government Bond Fund 63 BlueBay Funds - BlueBay Investment Grade Euro Aggregate Bond Fund 67 BlueBay Funds - BlueBay Global High Yield Bond Fund 72 BlueBay Funds - BlueBay Emerging Market Investment Grade Corporate Bond Fund 80 BlueBay Funds - BlueBay Investment Grade Absolute Return Bond Fund 86 BlueBay Funds - BlueBay Emerging Market High Yield Corporate Bond Fund 91 BlueBay Funds - BlueBay Global Investment Grade Convertible Bond Fund 96 BlueBay Funds - BlueBay Global Investment Grade Corporate Bond Fund 100 BlueBay Funds - BlueBay Total Return Credit Fund 106 BlueBay Funds - BlueBay Emerging Market Local Currency Corporate Bond Fund 120 BlueBay Funds - BlueBay Financial Capital Bond Fund 124 BlueBay Funds - BlueBay Investment Grade Global Aggregate Bond Fund 126 BlueBay Funds - BlueBay Emerging Market Aggregate Bond Fund 132 BlueBay Funds - BlueBay Global Sovereign Opportunities Fund 140 BlueBay Funds - BlueBay Global High Yield ESG Bond Fund 142 BlueBay Funds - BlueBay Global Income Fund (launched on 3 November 2017) 149 Combined Statement of Net Assets 153 Combined Statement of Operations and Changes in Net Assets 162 Statistical Information Total Expense Ratios 180 Notes to the Financial Statements 197 Appendices 309 Copies of the combined semi-annual report including unaudited combined financial statements for the period ended 31 December 2017 may be obtained at the registered office of BlueBay Funds Management Company S.A. (the “Management Company”) at 4 Boulevard Royal, L–2449 Luxembourg, Grand Duchy of Luxembourg. Notices to Shareholders are published in one daily Luxembourg newspaper and in the Mémorial C, Recueil des Sociétés et Associations, if required. The Articles of Incorporation of the Société d’Investissement à Capital Variable (“SICAV”) have been lodged at the offices of the Chief Registrar of the District Court of Luxembourg (“Greffier en chef du Tribunal d’Arrondissement de et à Luxembourg”) where they are available for inspection and copies can be obtained upon request. The Net Asset Value of each of the Sub–Funds of the SICAV’s shares is quoted in the Financial Times. The issue and redemption prices are available from the registered office or from BlueBay Asset Management LLP, 77 Grosvenor Street, London, W1K 3JR, United Kingdom. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the most recent published combined annual report including audited combined financial statements, or the most recent combined semi-annual report, if published thereafter. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, investors are not certain to make a profit on their investments and may lose money. BlueBay Funds Société d’Investissement à Capital Variable Management and Administration Management Company Legal Advisor BlueBay Funds Management Company S.A. Arendt & Medernach S.A. (until 21 December 2017) 41A, avenue J.F. Kennedy 24, rue Beaumont L-2082 Luxembourg L-1219 Luxembourg Grand Duchy of Luxembourg Grand Duchy of Luxembourg Conducting Persons of the Management Company (since 22 December 2017) Royal Grace Building Terrence Alfred Farrelly 4 Boulevard Royal Royal Grace Building L-2449 Luxembourg 4 Boulevard Royal Grand Duchy of Luxembourg L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S. No. B 88 445 Alain Picherit Investment Manager, Advisor and Global Royal Grace Building Distributor 4 Boulevard Royal BlueBay Asset Management LLP L-2449 Luxembourg 77 Grosvenor Street Grand Duchy of Luxembourg London, W1K 3JR United Kingdom Lucien Orlovius O- Consult Sub-Investment Manager and Advisor* 64 Kings Avenue BlueBay Asset Management USA LLC Bromley Kent, BR1 4HL Four Stamford Plaza, United Kingdom 107 Elm Street, Suite 512 Stamford, Connecticut Board of Directors of the SICAV USA Henry Kelly Depositary, Administrative Agent , Domiciliary 4, rue Jean-Pierre Lanter Agent, Paying Agent, Registrar, Transfer Agent L-5943 Itzig and Listing Agent Grand Duchy of Luxembourg Brown Brothers Harriman (Luxembourg) S.C.A. 80 route D'Esch Nicholas Williams L-1470 Luxembourg 17 Lord Reith Place Grand Duchy of Luxembourg Beaconsfield, HP9 2GE United Kingdom Auditors of the SICAV PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg Auditors of the Management Company PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg *BlueBay Asset Management USA LLC acts as sub-investment manager and advisor for BlueBay funds - BlueBay Global High Yield Bond Fund, BlueBay funds - BlueBay Global Investment Grade Corporate Bond Fund, BlueBay funds - BlueBay High Yield Bond Fund, BlueBay funds - BlueBay High Yield Corporate Bond Fund, BlueBay funds - BlueBay Investment Grade Absolute Return Bond Fund, BlueBay funds - BlueBay Investment Grade Bond Fund, BlueBay funds - BlueBay Investment Grade Euro Aggregate Bond Fund, BlueBay funds - BlueBay Investment Grade Euro Government Bond Fund and BlueBay funds - BlueBay Total Return Credit Fund. 3 BlueBay Funds Société d’Investissement à Capital Variable Management and Administration (continued) Board of Directors of the SICAV (continued) Craig Tennier 77 Grosvenor Street London, W1K 3JR United Kingdom Luigi Passamonti Zelinkagasse 14 Top 6B A-1010 Wien Austria William Jones 24, rue Beaumont L-1219 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Management Company Terrence Alfred Farrelly Royal Grace Building 4 Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg Craig Tennier 77 Grosvenor Street London, W1K 3JR United Kingdom Francis Kass 41A, avenue J.F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg 4 BlueBay Funds Société d’Investissement à Capital Variable Summary of Investment Objectives of the Sub-Funds The primary investment objective of each of the Sub–Funds is to achieve over the medium term a high level of total return consisting of income and capital appreciation. Each Sub–Fund will seek to achieve its objective, in accordance with the specific investment policies established for the Sub–Fund by the Board of Directors of the SICAV, by investing primarily in fixed income transferable securities that are considered by the Investment Manager and Advisor to have the potential to provide a higher level of total return. The following is a summary of the investment objectives of BlueBay Funds: BlueBay Funds – BlueBay Emerging Market Bond Fund, BlueBay Funds – BlueBay High Yield Bond Fund, BlueBay Funds – BlueBay Investment Grade Bond Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Bond Fund, BlueBay Funds – BlueBay Emerging Market Select Bond Fund, BlueBay Funds – BlueBay Emerging Market Corporate Bond Fund, BlueBay Funds – BlueBay Global Convertible Bond Fund, BlueBay Funds – BlueBay High Yield Corporate Bond Fund, BlueBay Funds – BlueBay Emerging Market Absolute Return Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Government Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Aggregate Bond Fund, BlueBay Funds – BlueBay Global High Yield Bond Fund, BlueBay Funds – BlueBay Emerging Market Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Investment Grade Absolute Return Bond Fund, BlueBay Funds – BlueBay Emerging Market High Yield Corporate Bond Fund, BlueBay Funds – BlueBay Emerging Market Convertible Bond Fund (liquidated on 3 February 2017), BlueBay Funds – BlueBay Global Investment Grade Convertible Bond Fund, BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Total Return Credit Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Corporate Bond Fund, BlueBay Funds – BlueBay Financial Capital Bond Fund, BlueBay Funds – BlueBay Investment Grade Global Aggregate Bond Fund, BlueBay Funds - BlueBay Emerging Market Aggregate Bond Fund, BlueBay Funds - BlueBay Global Sovereign Opportunities Fund, BlueBay Funds - BlueBay Global High Yield ESG Bond Fund and BlueBay Funds - BlueBay Global Income Fund (launched on 3 November 2017), (each a “Sub–Fund” collectively the “Sub–Funds”). Full details of the investment objectives, guidelines and restrictions are given in the BlueBay Funds’ Prospectus. 1. BlueBay Funds – BlueBay Emerging Market Bond Fund The investment objective of the Sub–Fund is to achieve a total rate of return in excess of the JP Morgan Emerging
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