GAM Star Fund p.l.c. Unaudited Half-Yearly Report 31 December 2018 No notification pursuant to Section 310 Capital Investment Code (Kapitalanlagegesetzbuch) has been filed with respect to the followingunds F and the Shares in such Funds may therefore not be distributed to investors in Germany: – GAM Star Balanced – GAM Star Cautious – GAM Star China Bond – GAM Star Defensive – GAM Star Dynamic Growth – GAM Star Flexible Allocation EUR – GAM Star Flexible Allocation Plus EUR – GAM Star Flexible Allocation USD – GAM Star Global Income – GAM Star Growth – GAM Star UK Equity Income – GAM Systematic Alternative Risk Premia Ex-A Any continuing authorisation pursuant to Sec. 355 (4) of the German Capital Investment Code (Kapitalanlagegesetzbuch) for activities that did not qualify as public marketing under the German Investment Act (Investmentgesetz) remains unaffected. Copies of the Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association and the most recent audited annual and the unaudited semi-annual reports may be obtained in paper form free of charge at the registered office of the Information Agent in the Federal Republic of Germany. Net Asset Value per Share of a Fund, the issue and redemption prices (and if applicable the conversion prices) may be obtained free of charge from the Information Agent in the Federal Republic of Germany. No notification has been filed with respect to the following Funds in Austria and the Shares in such Funds may therefore not be publicly distributed to investors in Austria: – GAM Star Absolute Return Bond – GAM Star Absolute Return Bond Defender – GAM Star Absolute Return Bond Plus – GAM Star Alpha Spectrum – GAM Star Balanced – GAM Star Cautious – GAM Star China Bond – GAM Star China Focus – GAM Star Defensive – GAM Star Dynamic Growth – GAM Star Flexible Allocation EUR – GAM Star Flexible Allocation Plus EUR – GAM Star Flexible Allocation USD – GAM Star Global Diversified – GAM Star Global Income – GAM Star Growth – GAM Star North American Growth – GAM Star UK Diversified – GAM Star UK Equity Income – GAM Systematic Alternative Risk Premia Ex-A GAM Star Fund p.l.c. is an open-ended umbrella investment company incorporated with limited liability with variable capital under the laws of Ireland. It is an umbrella fund with segregated liability between Funds. Directors of the Company Delegate Investment Managers Depositary and Securities Lending Agent Andrew Bates* Cantab Capital Partners LLP State Street Custodial Services (Ireland) David Dillon** City House Limited Andrew Hanges* 126-130 Hill Road 78 Sir John Rogerson's Quay Daniel O' Donovan** Cambridge CB2 1RE Dublin 2, Ireland Deborah Reidy** United Kingdom Delegate Administrator *Non-executive Director GAMCO Asset Management Inc. State Street Fund Services (Ireland) **Independent non-executive Director One Corporate Center Limited Rye, N.Y. 10580-1433, USA 78 Sir John Rogerson's Quay Manager, Registrar, Transfer Agent Dublin 2, Ireland and Global Distributor Wellington Management International GAM Fund Management Limited Limited Independent Auditors George’s Court Cardinal Place, 80 Victoria Street PricewaterhouseCoopers 54-62 Townsend Street London SW1E 5JL, United Kingdom Chartered Accountants and Registered Dublin 2, Ireland Auditors ATLANTICOMNIUM SA One Spencer Dock Secretary 24 Route de Malagnou North Wall Quay Amy Carroll Case Postale 330 Dublin 1, Ireland c/o GAM Fund Management Limited CH-1211 Geneva 17, Switzerland 54-62 Townsend Street Legal Advisers to the Company Fermat Capital Management LLC Dublin 2, Ireland and the Manager as to Irish Law 615 Riverside Avenue and the Irish Listing Sponsor Registered Address of the Company Westport CT 06880 Dillon Eustace George’s Court USA 33 Sir John Rogerson’s Quay 54-62 Townsend Street Wadhwani Assets Management LLP Dublin 2, Ireland Dublin 2, Ireland 40 Berkeley Square Co-Investment Managers London W1J 5AL GAM International Management Limited United Kingdom 8 Finsbury Circus GAM Capital Management London, EC2M 7GB (Switzerland) AG United Kingdom Hardstrasse 201 CH-8037 GAM Hong Kong Limited Zurich Suite 2302, 23/F Lee Garden One Switzerland 33 Hysan Avenue Causeway Bay Hong Kong GAM USA Inc One Rockefeller Plaza 21st Floor New York NY 10020 USA Table of Contents General Information 2 GAM Star Tactical Opportunities 256 Investment Objectives 3 GAM Star Target Return 261 GAM Star Absolute Return Bond 8 GAM Star Target Return Plus 266 GAM Star Absolute Return Bond Defender 11 GAM Star Technology 271 GAM Star Absolute Return Bond Plus 14 GAM Star US All Cap Equity 275 GAM Star Absolute Return Macro 17 GAM Star Worldwide Equity 279 GAM Star Alpha Spectrum 21 Balance Sheet 283 GAM Star Alpha Technology 25 Notes to the Unaudited Half-Yearly Report 295 GAM Star Asian Equity 30 Contact Information 362 GAM Star Asia-Pacific Equity 34 GAM Star Balanced 38 GAM Star Capital Appreciation US Equity 42 GAM Star Cat Bond 48 GAM Star Cautious 55 GAM Star China Equity 59 GAM Star Composite Global Equity 63 GAM Star Continental European Equity 66 GAM Star Credit Opportunities (EUR) 70 GAM Star Credit Opportunities (GBP) 80 GAM Star Credit Opportunities (USD) 87 GAM Star Defensive 98 GAM Star Discretionary FX 102 GAM Star Dynamic Global Bond 107 GAM Star Dynamic Growth 111 GAM Star Emerging Equity 115 GAM Star Emerging Market Rates 122 GAM Star European Equity 127 GAM Star Flexible Global Portfolio 131 GAM Star GAMCO US Equity 135 GAM Star Global Quality 136 GAM Star Global Rates 137 GAM Star Global Selector 146 GAM Star Growth 150 GAM Star India Equity 154 GAM Star Interest Trend 155 GAM Star Japan Leaders 160 GAM Star Keynes Quantitative Strategies 164 GAM Star MBS Total Return 165 GAM Systematic Alternative Risk Premia 178 GAM Systematic Core Macro 184 GAM Systematic Global Equity Market Neutral 191 1 GAM Star Fund p.l.c. General Information Principal Activities Application for shares GAM Star Fund p.l.c. (the “Company”) on 28 February 1998 was All applications should be made directly to the Manager or via the incorporated and registered under the laws of Ireland as an German information and distribution agent of the Company, the investment company with variable capital and is authorised by the Austrian paying agent of the Company, or via the Swiss representative Central Bank of Ireland (“the Central Bank”) as an Undertaking for of the Company. Shares will be purchased on the relevant Dealing Collective Investment in Transferable Securities ("UCITS") under the Day and a contract note will be sent to the purchaser. Prospective European Communities (Undertakings for Collective Investment shareholders should note that the price of shares may go down as in Transferable Securities) Regulations, 2011 (as amended) (the well as up. "UCITS Regulations"). Redemption of shares It is an umbrella type company, in that shares may be issued in relation to different funds (the “Funds”) from time to time. A separate Requests for redemption of shares and requests for the switch portfolio of assets will be maintained for each Fund and will be of shares can be submitted via the German paying agent of the invested in accordance with the investment objective and policies Company, the Austrian paying agent of the Company, the Swiss applicable to such a Fund as set out in "Investments Objectives". representative of the Company or directly to the Manager. This should Segregated liability exists between Funds. be done in writing by post, by facsimile, by email or by telephone. Certain Funds are authorised for sale in Austria, Bahrain, Belgium, Publication of Prices Bulgaria, Chile, Denmark, Finland, France, Germany, Gibraltar, Prices are available from GAM Fund Management Limited, on Iceland, Ireland, Israel, Italy, Japan, Lebanon, Liechtenstein, www.gam.com and the Irish Stock Exchange. Luxembourg, the Netherlands, Norway, Peru, Portugal, Singapore, Spain, Switzerland, Sweden, Taiwan, United Arab Emirates and the Reports United Kingdom. Annual and half-yearly reports are made available to all shareholders. Directors This half-yearly report as required by UCITS Regulations is The Directors of the Company during the period ended 31 December unaudited. We note that the statutory auditor's report in the audited 2018 were: year end financial statements as at 30 June 2018 was unqualified. Andrew Bates Purchases and Sales David Dillon Please contact the Manager or other local GAM Contacts (as per the Andrew Hanges Contact Information) to obtain a complete list of all purchases and Daniel O' Donovan sales for any Fund free of charge. Deborah Reidy Prospectus Significant events during the period Further details concerning the Funds are contained in the On 1 August 2018, the Board of Directors of the Company (the Prospectus, the Key Investor Information Documents of the “Board”) suspended the calculation of the net asset value and all Company and the Articles of Incorporation. Copies of these, as well subscriptions and redemptions relating to the following Funds with as copies of the annual and half–yearly reports, are available on effect from 31 July 2018, in order to protect the interests of the application to the Manager, to the UK facilities agent, the German shareholders after receiving exceptionally large redemption requests: and Austrian information agent as well as to the Swiss representative – GAM Star Dynamic Global Bond free of charge. – GAM Star Absolute Return Bond – GAM Star Absolute Return Bond Plus Place of performance and forum in Switzerland – GAM Star Absolute Return Bond Defender