Semi-annual report, including Unaudited Financial Statements as at 30th June 2019 U ACCESS Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 189 490 No subscription can be received on the basis of these financial statements. 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 including audited financial statements and the most recent semi-annual report including unaudited financial statements, if published thereafter. U ACCESS Contents Organisation ..................................................................................................................................................... 4 Combined statement of net assets ................................................................................................................... 8 Combined statement of operations and other changes in net assets ............................................................... 9 U ACCESS - BEST SELECTION CHINA A .................................................................................................... 10 U ACCESS - DYNAMIC CHINA (launched as at 9th April 2019)..................................................................... 19 U ACCESS - GLOBAL CREDIT 2020............................................................................................................. 27 U ACCESS - GLOBAL CREDIT 2021............................................................................................................. 33 U ACCESS - GLOBAL CREDIT 2022............................................................................................................. 40 U ACCESS - GLOBAL CREDIT 2023 (launched as at 25th February 2019)................................................... 47 U ACCESS - GLOBAL LIQUID CREDIT STRATEGY .................................................................................... 54 U ACCESS - INCOME PARTNERS ASIA HIGH YIELD 2022 (launched as at 12th June 2019)..................... 58 U ACCESS - OPTIMUM CHINA A EQUITY ................................................................................................... 64 Notes to the financial statements - Schedule of derivative instruments.......................................................... 72 General Information ........................................................................................................................................ 77 Page 3 U ACCESS Organisation REGISTERED OFFICE 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS Mr. Rémy PORTES Managing Director Union Bancaire Privée, UBP SA 96-98 rue du Rhône, CH-1211 Genève 1 Switzerland Chairman of the Board of Directors Mr. Pierre BERGER Managing Director Union Bancaire Privée, UBP SA 96-98 rue du Rhône, CH-1211 Genève 1 Switzerland Director Mrs. Sandrine HARMEL Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Director Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Director Mr. Daniel VAN HOVE Managing Director Orionis Management S.A. 370, route de Longwy, L-1940 Luxembourg Grand Duchy of Luxembourg Director MANAGEMENT COMPANY AND UBP Asset Management (Europe) S.A. DOMICILIARY AGENT 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg Page 4 U ACCESS Organisation (continued) MANAGEMENT COMPANY’S BOARD OF DIRECTORS Mr. Laurent NICOLAÏ de GORHEZ Senior Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Chairman of the Board of Directors Mr. André GIGON Independent Director Chemin de Grange-Canal 48, CH-1224 Chêne Bougeries Switzerland Member Mr. Nicolas FALLER Executive Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Member Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Member Mrs. Isabelle ASSERAY Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Member Mr. Dominique LEPREVOTS Senior Managing Director Union Bancaire Gestion Institutionnelle (France) SAS 116, avenue des Champs Elysées, F-75008 Paris France Member Mr. Nicolas DELRUE Senior Managing Director Union Bancaire Gestion Institutionnelle (France) SAS 116, avenue des Champs Elysées, F-75008 Paris France Member Page 5 U ACCESS Organisation (continued) MANAGEMENT COMPANY’S CONDUCTING OFFICERS Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg Mrs. 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 Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Mr. Dominique LEPREVOTS Senior Managing Director Union Bancaire Gestion Institutionnelle (France) SAS 116, avenue des Champs Elysées, 75008 Paris France Mr. Audry DECAE Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg (since 11th April 2019) INVESTMENT MANAGERS Sub-fund Management delegated to: U ACCESS - BEST SELECTION CHINA A Union Bancaire Gestion Institutionnelle (France) SAS U ACCESS - DYNAMIC CHINA (launched as at Sub-investment manager: UBP Investment 09/04/2019) Management (Shanghai) Ltd U ACCESS - OPTIMUM CHINA A EQUITY People’s Republic of China U ACCESS - INCOME PARTNERS ASIA HIGH Union Bancaire Privée, UBP SA Zürich Branch YIELD 2022 (launched as at 12/06/2019) Zürich, Switzerland ALL OTHER SUB-FUNDS Union Bancaire Privée, UBP SA Geneva, Switzerland INVESTMENT ADVISER For U ACCESS - INCOME PARTNERS ASIA HIGH YIELD 2022 only (launched as at 12/06/2019): Income Partners Asset Management (HK) Ltd Suites 3313-3313, Two International Finance 8 Finance Street Central Hong Kong DEPOSITARY BANK BNP Paribas Securities Services, Luxembourg Branch 60 avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Page 6 U ACCESS Organisation (continued) ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT BY DELEGATION CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg GENERAL DISTRIBUTOR, MARKETING AGENT, 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 20, boulevard de Kockelscheuer L-1821 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, including audited financial statements and semi-annual reports and unaudited financial statements and the statement of changes in investments for the year referring to this report are available free of charge at the registered office of the SICAV, 287-289, route d’Arlon, L-1150 Luxembourg and at the office of the following financial intermediaries: - General distributor, marketing agent, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, P.O. Box 1320, 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). The Articles of Incorporation, the prospectus, the KIIDs (for Switzerland) and the annual and half- yearly reports can be obtained free of charge at the representative’s premises in Switzerland. Information in Switzerland concerning the SICAV are published on the electronic platform Swiss Fund Data (www.swissfunddata.ch). The subscription and redemption prices of the shares of the different sub-funds are daily published on this electronic platform at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby informed 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 Guidelines on Duties Regarding the Charging and Use of Fees and Cost of 22nd May 2014 of the Swiss Funds & Asset Management Association (SFAMA): Retrocessions for the commercialisation of the SICAV to distributors and investment managers are taken directly from the management fees. Rebates from the management fees are granted to direct investors who meet certain conditions and request to be paid such rebate as set forth in the relevant section of the prospectus. Page 7 U ACCESS Combined Financial Statements as at 30/06/2019 Statement of net assets as at 30/06/2019 Expressed in USD Assets 995,624,904.24 Securities portfolio at market value 867,629,400.43 Other