[PDF] UBAM Variable Capital Investment Company Luxembourg

1 Semiannual report, including Unaudited Financial Statements as at 30th June 2016 UBAM Variable Capital Investment Comp...

Semi-annual report, including Unaudited Financial Statements as at 30th June 2016

UBAM Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 35 412

No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

UBAM

Contents Organisation ....................................................................................................................................................5 Combined statement of net assets................................................................................................................9 Combined statement of operations and other changes in net assets .....................................................10 UBAM - CORPORATE EURO BOND ............................................................................................................12 UBAM - CORPORATE US DOLLAR BOND..................................................................................................22 UBAM - DYNAMIC EURO BOND...................................................................................................................36 UBAM - DYNAMIC US DOLLAR BOND ........................................................................................................44 UBAM - EMERGING MARKET BOND...........................................................................................................53 UBAM - EMERGING MARKET CORPORATE BOND ...................................................................................62 UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND ..........................................................74 UBAM - EURO BOND ....................................................................................................................................81 UBAM - GLOBAL AGGREGATE BOND .......................................................................................................88 UBAM - GLOBAL CREDIT OPPORTUNITIES ..............................................................................................94 UBAM - GLOBAL HIGH YIELD SOLUTION ................................................................................................102 UBAM - LOCAL CURRENCY EMERGING MARKET BOND ......................................................................112 UBAM - STERLING BOND ..........................................................................................................................119 UBAM - UNCONSTRAINED BOND .............................................................................................................123 UBAM - US DOLLAR BOND........................................................................................................................132 UBAM - EM INVESTMENT GRADE CORPORATE BOND .........................................................................139 UBAM - EUROPEAN CONVERTIBLE BOND..............................................................................................149 UBAM - EURO 10-40 CONVERTIBLE BOND .............................................................................................155 UBAM - GLOBAL CONVERTIBLE BOND...................................................................................................162 UBAM - GLOBAL 10-40 CONVERTIBLE BOND.........................................................................................167 UBAM - SRI EUROPEAN CONVERTIBLE BOND.......................................................................................172 UBAM - 30 GLOBAL LEADERS EQUITY....................................................................................................177 UBAM - ADAMS SMALL CAP EQUITY.......................................................................................................183 UBAM - ASIA EQUITY .................................................................................................................................190 UBAM - DR. EHRHARDT GERMAN EQUITY..............................................................................................196 UBAM - EUROPE EQUITY...........................................................................................................................202 UBAM - EUROPE EQUITY DIVIDEND+ ......................................................................................................210 UBAM - EUROPE EQUITY FLEX.................................................................................................................218 UBAM - EUROPEAN OPPORTUNITIES EQUITY .......................................................................................225 UBAM - GCM MIDCAP US EQUITY GROWTH ...........................................................................................230 UBAM - GLOBAL EMERGING EQUITY ......................................................................................................236 UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH ...............................................................................244 UBAM - GLOBAL EQUITY INCOME ...........................................................................................................250 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY ......................................................................................255 UBAM - AJO US EQUITY VALUE ...............................................................................................................261 UBAM - RUSSIAN EQUITY..........................................................................................................................268 Page 3

UBAM

Contents (continued) UBAM - SNAM JAPAN EQUITY VALUE .....................................................................................................273 UBAM - SWISS EQUITY ..............................................................................................................................281 UBAM - SWISS SMALL AND MID CAP EQUITY ........................................................................................288 UBAM - TURKISH EQUITY ..........................................................................................................................293 UBAM - EURO EQUITY INCOME ................................................................................................................298 UBAM - MULTIFUNDS ALLOCATION 30 ...................................................................................................303 UBAM - MULTIFUNDS ALLOCATION 50 ...................................................................................................308 UBAM - MULTIFUNDS ALLOCATION 70 ...................................................................................................313 UBAM - MULTIFUNDS ALTERNATIVE.......................................................................................................318 UBAM - ASYMMETRY 50 EUR....................................................................................................................324 UBAM - ASYMMETRY 50 USD....................................................................................................................330 Notes to the financial statements ..............................................................................................................335

Page 4

UBAM

Organisation REGISTERED OFFICE 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS OF THE SICAV Mr. Pierre BERGER

Managing Director UBP Gestion Institutionnelle SA Geneva, Switzerland Chairman of the Board of Directors

Mr. Daniel VAN HOVE

Managing Director Orionis Management S.A. Luxembourg, Grand Duchy of Luxembourg Director

Mr. Christian ASSEL

Managing Director UBP Asset Management (Europe) S.A. Luxembourg, Grand Duchy of Luxembourg Director

MANAGEMENT COMPANY UBP Asset Management (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg MANAGEMENT COMPANY’S BOARD OF DIRECTORS Mr. André GIGON

Senior Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland Chairman of the Board of Directors

Mr. Ian CRAMB

Executive Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Genève 1 Switzerland

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

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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 Mr. Christian ASSEL

Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Ms. Isabelle ASSERAY

Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Mr. Pierre BERGER

Managing Director UBP Gestion Institutionnelle SA 8, rue Robert-Estienne, CH-1211 Genève 1 Switzerland

Sub-fund

Management delegated to:

UBAM - GLOBAL 10-40 CONVERTIBLE BOND UBAM - EUROPEAN CONVERTIBLE BOND UBAM - EURO 10-40 CONVERTIBLE BOND UBAM - GLOBAL CONVERTIBLE BOND UBAM - SRI EUROPEAN CONVERTIBLE BOND

Union Bancaire Gestion Institutionnelle (France) SAS Paris, France

UBAM - ADAMS SMALL CAP EQUITY

Adams Funds Advisers LLC Baltimore, United States of America UBP Asset Management Asia Limited Hong Kong

UBAM - ASIA EQUITY

DJE Kapital AG Pullach, Germany Geneva Capital Management Ltd Milwaukee, United States of America IFDC Limited London, United Kingdom AJO LP Philadelphia, United States of America (former Manager :Neuberger Berman LLC, NewYork, United States of America) Sompo Japan Nipponkoa Asset Management Co, Ltd Tokyo, Japan Union Bancaire Privée, UBP SA Geneva, Switzerland (using the resources of its London and Zurich branches)

UBAM - DR. EHRHARDT GERMAN EQUITY UBAM - GCM MIDCAP US EQUITY GROWTH UBAM - IFDC JAPAN OPPORTUNITIES EQUITY UBAM - AJO US EQUITY VALUE (formerly UBAM NEUBERGER BERMAN US EQUITY VALUE) UBAM - SNAM JAPAN EQUITY VALUE ALL OTHERS SUB-FUNDS

Page 6

UBAM

Organisation (continued) CUSTODIAN BANK Union Bancaire Privée (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT BY DELEGATION CACEIS Bank Luxembourg 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg GENERAL DISTRIBUTOR, REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND Union Bancaire Privée, UBP SA 96-98 rue du Rhône P.O. Box 1320 CH-1211 Genève 1 Switzerland CABINET DE REVISION AGREE Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg INFORMATION ON THE MAIN REPRESENTATIVE OFFICES ABROAD The information documents concerning the SICAV, including the articles of incorporation, the prospectus and the Key Investor Information Documents (KIIDs), the annual reports and audited financial statements and semi-annual unaudited reports and the statement of changes in investments for the period referring to this report are available free of charge at the registered office of the SICAV, 287-289 route d’Arlon, L-1150 Luxembourg and at the office of the following financial intermediaries:

Page 7

UBAM

Organisation (continued) - General distributor, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, P.O. Box 1320, CH-1211 Genève 1 Tel: + 41 (0) 58 819 21 11 Payment services, execution place and jurisdiction place are established, for the shares distributed in Switzerland, in the place here-above mentioned. Supplementary information concerning the distribution of the different types and classes of shares of the SICAV in Switzerland are specified in the prospectus and the Key Investor Information Documents (KIIDs). Information in Switzerland concerning the SICAV are published on the electronic platform Swiss Fund Data (www.swissfunddata.ch). The subscription and redemption prices of the shares of the different sub-funds are published daily on the said electronic platform at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby informed that transactions made in the SICAV’s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the SICAV’s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding, selling and redemption of shares, in the light of their place of residence. Additional information for Swiss investors in accordance with the Guidelines on Duties Regarding the Charging and Use of Fees and Cost of 22 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 and advisory fees. Rebates from the management and advisory 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. - Paying agent and information place in Germany SAL. OPPENHEIM JR. & CIE. AG & Co., 4, Unter Sachsenhausen, D-50667 Cologne - Paying agent in Austria ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, Graben 21, A-1010 Vienna - Financial agent in Belgium CACEIS BELGIUM FUND ADMINISTRATION SERVICE & TECHNOLOGY NETWORK BELGIUM (FASTNET) Avenue du Port, 86 C b320, B-1000 Brussels - Official distributor agent in Spain ALLFUNDS BANKS S.A., Nuria 57, E-28034 Madrid The information documents concerning the SICAV can be obtained by the shareholders from the distributor agent or from UBP GESTION INSTITUCIONAL S.A., Avenida Diagonal 520, 2°2aB, E-08006 Barcelona. - Correspondent bank in France CACEIS BANK, 1-3, Place Valhubert, F-75206 Paris Cedex 13 The correspondent is also in charge of the subscriptions / redemptions processing and of the dividend payments of the shares of the SICAV. - Paying agents in Italy Allfunds Bank S.A, via Santa Margherita 7, I-20121 Milan State Street Bank S.p.A, Via Ferrante Aporti 10, I-20125 Milan - Official distributor agent in Portugal BEST - Banco Electronico de Serviço Total, S.A., Praça Marquês de Pombal, no. 3 - 3°, 1250-161 Lisbon - Representative in United Kingdom UNION BANCAIRE PRIVEE, UBP SA, 26 St James's Square, GB-London SW1Y4JH - Distributor agent in Singapore UNION BANCAIRE PRIVEE (Singapore) Ltd, OUE Bayfront, 50 Collyer Quay #08-03, SG-Singapore 049321 - Distributor agent in Sweden MFEX Mutual Funds Exchange AB, Linnégatan 9-11, SE Stockholm 114 47 (formerly Carnegie Investment Bank AB, Gustav Adolfs Torg 18, SE Stockholm 103 38 )

Page 8

UBAM Combined

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

12,236,408,338.93

Securities portfolio at market value Options contracts at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Formation expenses, net Receivable on sales of securities Receivable on issues of shares Dividends receivable Unrealised gain on forward foreign exchange contracts Unrealised gain on futures contracts Unrealised gain on swap contracts Receivable on treasury transactions Receivable on swap contracts Other receivables

Note 2 Note 2, 11

Note 2 Note 2

Note 2, 8 Note 2, 9 Note 2, 10 Note 2

Liabilities

11,464,903,916.75 65,105.82 17,801,873.44 406,183,763.54 19,840,692.23 5,422,025.36 41,966,523.75 10,069.68 34,453,272.91 96,410,750.14 2,216,172.50 4,213,499.61 1,520,215.76 139,593,759.58 517.21 1,306,137.81 500,042.84 410,338,182.53

Short option contracts at market value Bank liabilities Other liquid liabilities Payable on purchases of securities Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Unrealised loss on swap contracts Payable on treasury transactions Payable on swap contracts Interest payable on bank liabilities and expenses payable

Note 2, 11

Note 2, 8 Note 2, 9 Note 2, 10 Note 2

Net assets at the end of the period

3,225,582.91 20,742,834.92 119,611,051.63 134,144,520.28 9,473,786.05 93,088,773.08 2,426,349.51 2,581,843.98 15,321.56 2,136,124.44 22,891,994.17 11,826,070,156.40

The accompanying notes are an integral part of these financial statements.

Page 9

UBAM Combined Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

241,731,240.73

Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Bank interest on time deposits Interest received on swap contracts Other income

Note 2 Note 2

Note 2

Expenses

56,228,500.55 69,624,502.40 164,093.49 21.40 115,686,318.65 27,804.24 76,158,469.11

Amortisation of formation expenses Management fees Custodian fees Subscription duty ("taxe d'abonnement") Central administration costs Performance fees Audit fees Interest paid on bank liabilities Legal fees Transaction fees Other administration costs Banking charges and other fees Interest paid on swap contracts Other expenses

Note 3 Note 5 Note 4

Note 2 Note 6, 7 Note 2

Net investment income

21,538.13 36,357,503.14 9,309,916.88 1,857,288.43 6,098,504.69 119,553.23 124,521.46 127,321.44 202,204.38 7,987,921.63 3,142,446.68 26,228.15 10,217,476.52 566,044.35 165,572,771.62

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-122,600,891.80 3,935,535.66 -16,577,076.10 -5,151,546.95 12,557,742.10 -3,487,220.07 34,249,314.46

Net variation of the unrealised gain/(loss) on: - securities portfolio - option contracts - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2 Note 2

Result of operations

-240,019,056.32 1,153,084.99 -73,092,208.75 -1,270,677.11 5,351,517.39 -273,628,025.34

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-72,670,083.66 3,740,974,759.45 585,974,230.34 -3,987,148,746.47 -369,647,525.82 -376,145,391.50

Revaluation difference

Note 2

The accompanying notes are an integral part of these financial statements.

Page 10

-42,438,809.11

UBAM Combined Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Total net assets at the beginning of the period

12,244,654,357.01

Net assets at the end of the period

11,826,070,156.40

The accompanying notes are an integral part of these financial statements.

Page 11

UBAM - CORPORATE EURO BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

185,014,254.74

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Unrealised gain on futures contracts Receivable on swap contracts Other receivables

Note 2

162,029,054.17 24,629.59 19,753,418.54 1,035,517.53 3,367.54 1,797,500.69 330,968.72 34,545.96 5,252.00

Note 2 Note 2, 9

Liabilities

4,931,576.19

Other liquid liabilities Payable on purchases of securities Unrealised loss on forward foreign exchange contracts Unrealised loss on swap contracts Payable on swap contracts Interest payable on bank liabilities and expenses payable

306,094.06 3,703,787.78 408,191.00 188,116.71 16,776.00 308,610.64

Note 2, 8 Note 2, 10

Net assets at the end of the period

180,082,678.55

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares Distribution shares

AH USD shares

Capitalisation shares

AS shares

Capitalisation shares

I shares

Capitalisation shares Distribution shares

IH CHF shares

Capitalisation shares

IH GBP shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

655,834.175

98,719.002

146,488.768

608,064.409

47,088.852

43,959.000

21,531.236

69,516.616

12,961.000

2,050.000

1,645.000

13,366.000

0.000

3,012.000

0.000

3,012.000

8,212.000

2,570.374

4,595.000

6,187.374

35,685.094

2,190.000

9,368.536

28,506.558

227,513.636

78,666.759

147,583.829

158,596.566

163.000

0.000

163.000

0.000

14,463.230

45,860.000

900.000

59,423.230

75,512.000

0.000

350.000

75,162.000

The accompanying notes are an integral part of these financial statements.

Page 12

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - CORPORATE EURO BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

IS shares

Capitalisation shares

U shares

Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

22,710.000

0.000

22,710.000

0.000

4,590.000

3,176.000

0.000

7,766.000

3,553.189

911.258

490.724

3,973.723

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

AS shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

180,082,678.55

193,321,334.53

232,648,255.25

EUR

608,064.409 190.28

655,834.175 183.37

796,713.434 185.65

69,516.616 106.87 2.41

47,088.852 105.33 2.86

70,279.852 109.46 3.61

CHF

13,366.000 276.77

12,961.000 267.51

6,666.000 274.07

3,012.000 104.07

USD

6,187.374 108.96

8,212.000 104.47

7,768.000 105.39

EUR

28,506.558 99.77

35,685.094 99.94

38,265.000 102.27

The accompanying notes are an integral part of these financial statements.

Page 13

UBAM - CORPORATE EURO BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

IS shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

180,082,678.55

193,321,334.53

232,648,255.25

EUR

158,596.566 203.00

227,513.636 195.29

250,427.982 197.05

163.000 183.93 4.98

24,938.000 190.48 6.25

CHF

59,423.230 101.46

14,463.230 97.90

GBP

75,162.000 116.63

75,512.000 111.75

67,087.000 111.95

EUR

22,710.000 100.71

61,556.250 102.65

EUR

137.000 196.67

7,766.000 101.31 2.44

4,590.000 99.93 -

EUR

3,973.723 174.65

3,553.189 168.90

4,755.932 172.20

The accompanying notes are an integral part of these financial statements.

Page 14

UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

1,250,000 500,000 650,000 400,000 200,000 2,000,000 500,000 800,000 235,000 500,000 300,000 1,400,000 950,000 300,000 500,000 350,000 250,000 400,000 1,300,000 1,000,000 1,800,000 700,000 250,000 250,000 500,000 1,000,000 900,000 1,000,000 1,200,000 1,150,000 900,000 500,000 450,000 400,000 500,000 200,000 500,000 600,000 500,000 1,000,000 750,000 400,000 200,000 500,000 500,000 300,000 600,000 1,400,000 1,500,000 1,540,000 350,000 500,000 600,000 750,000 500,000 600,000 1,000,000 600,000 500,000 200,000 300,000 1,000,000

Market value

Unaudited accrued Interest

% of total net assets

155,645,951.35

159,487,611.17

1,795,386.98

88.56

112,049,897.55

115,844,335.92

1,106,688.32

64.32

112,049,897.55 1,247,000.00 497,495.00 822,688.02 398,948.00 217,378.00 1,996,400.00 501,130.66 888,000.00 233,496.00 567,735.14 291,174.67 1,437,800.21 1,103,025.71 300,489.00 505,965.00 357,525.00 249,365.00 419,372.75 1,324,092.47 1,077,070.00 1,809,094.81 695,756.15 260,660.00 248,972.50 532,320.00 1,127,000.00 949,050.00 997,900.00 1,196,438.00 1,158,120.03 878,348.69 518,250.00 442,058.01 400,000.00 504,800.00 208,686.78 499,340.00 675,073.50 497,700.00 1,006,585.00 789,427.50 443,112.38 208,292.63 605,500.00 502,915.30 301,350.75 664,914.98 1,593,382.83 1,747,785.66 1,545,005.00 351,793.40 505,200.00 596,358.97 747,240.00 499,210.00 604,126.00 1,062,430.55 757,398.33 486,145.00 330,950.00 415,869.00 1,057,000.00

115,844,335.92 1,294,587.50 563,920.00 818,382.50 408,168.00 227,104.00 2,020,820.00 525,625.00 887,256.00 241,396.70 580,500.00 306,519.00 1,477,532.00 1,226,222.00 309,111.00 586,060.00 364,525.00 299,928.00 428,948.00 1,365,676.00 1,085,330.00 1,840,374.00 697,431.00 302,855.00 250,642.50 545,380.00 1,125,280.00 974,205.00 1,015,690.00 1,219,209.60 1,175,955.50 916,821.00 580,125.00 461,304.00 416,940.00 586,400.00 215,512.00 515,610.00 696,216.00 513,600.00 1,040,210.00 818,940.00 451,264.00 205,384.00 598,805.00 511,730.00 301,452.00 675,540.00 1,609,734.00 1,736,625.00 1,546,237.00 370,629.00 547,020.00 616,548.00 801,450.00 568,750.00 685,434.00 1,053,990.00 922,230.00 522,890.00 346,132.00 442,158.00 1,083,000.00

1,106,688.32 11,475.41 4,234.97 45,786.69 139.73 4,862.70 33,777.32 2,299.66 23,213.11 523.92 3,365.75 466.85 5,350.68 38,311.48 3,186.07 4,946.92 403.22 4,752.73 76.71 16,738.39 23,155.74 5,054.79 4,463.70 2,482.88 1,559.94 6,215.85 27,540.98 3,411.99 2,904.11 3,193.15 1,828.23 1,094.18 10,918.72 1,840.76 1,790.54 5,034.54 1,273.46 5,922.13 2,719.07 207.19 9,279.37 1,903.25 246.58 2,169.86 11,253.42 1,695.21 2,265.41 1,600.68 4,648.77 4,587.33 1,265.75 5,857.24 9,730.19 616.44 4,877.05 1,333.90 5,063.01 11,762.30 11,987.70 2,476.09 12,015.71 416.10 9,171.23

64.32 0.72 0.31 0.45 0.23 0.13 1.11 0.29 0.49 0.13 0.32 0.17 0.82 0.68 0.17 0.33 0.20 0.17 0.24 0.76 0.60 1.01 0.39 0.17 0.14 0.30 0.62 0.54 0.56 0.68 0.65 0.51 0.32 0.26 0.23 0.33 0.12 0.29 0.39 0.29 0.58 0.45 0.25 0.11 0.33 0.28 0.17 0.38 0.89 0.95 0.86 0.21 0.30 0.34 0.45 0.32 0.38 0.59 0.51 0.29 0.19 0.25 0.60

Cost

Euro

ABBEY NAT TREAS 2.00 14-19 14/01A ABERTIS INFRAESTRUCT. 2.50 14-25 27/02A ABN AMRO EMTN 7.125 12-22 06/07A AIR LIQUIDE FIN 0.75 16-24 13/06A AKZO NOBEL EMTN 2.625 12-22 27/07A ALLIED IRISH REGS 2.875 13-16 28/11A ALSTRIA OFFICE REIT 2.125 16-23 12/04A AMERICA MOVIL SAB 3.00 12-21 12/07A ANHEUSER BUSCH 0.875 16-22 17/03A ANHEUSER BUSH INBEV 2.70 04-26 31/03A ANHEUSER-BU INB REGS 0.80 15-23 20/04A ANHEUSER-BUSCH INB 1.50 16-25 17/03A ASSICURAZ GENERALI 5.125 09-24 16/09A AT T 1.30 15-23 05/09A AT T 3.375 14-34 15/03A AT&T INC 1.45 14-22 01/06A ATT T 3.55 12-32 17/12A AUTOSTRADE 1.75 15-26 26/06A BANK OF AMERICA 1.625 15-22 14/09A BANK OF AMERICA 2.50 13-20 27/07A BANK OF IRELAND 1.25 15-20 09/04A BANQUE FED CRED MU 2.375 16-26 24/03A BAT HOLDINGS BV 3.125 14-29 06/03A BAT INTL FIN 0.875 15-23 13/10A BERTELSMANN 1.75 14-24 14/10A BFCM EMTN 4.00 10-20 22/10A BHARTI AIRTEL 3.375 14-21 20/05A BK IRELAND (GOV&CO) 2.00 14-17 08/05A BK TOKYO-MITSUBISHI 0.875 15-22 11/03A BMW FINANCE REGS 0.75 16-24 15/04A BMW US CAP LLC REGS 0.625 15-22 20/04A BNP PARIBAS 2.875 13-23 26/09A BP CAPITAL MARKETS 1.109 15-23 16/02A BP CAPITAL MARKETS 1.373 16-22 03/03A BP CAPITAL MKTS 2.972 14-26 27/02A BP CAPITAL PLC 1.953 16-25 03/03A BRITISH SKY BROADCAST 1.50 14-21 15/09A CASINO GUICHARD 4.726 11-21 26/05A CHRISTIAN DIOR 1.375 14-19 19/06A CITIGROUP 1.375 14-21 27/10A CITIGROUP EMTN 2.375 14-24 22/05A CITYCON 3.75 13-20 24/06A COMMERZBANK AG 4.00 16-26 23/03A COMMERZBANK AG 7.75 11-21 16/03A COOP RABOBANK 1.25 16-26 23/03A CREDIT AGRICOLE 2.625 15-27 17/03A CREDIT AGRICOLE LDN 2.375 14-24 20/05A CREDIT AGRICOLE SA 3.03 14-24 21/02Q CREDIT AGRICOLE 302 5.875 09-19 11/06A CREDIT SUISSE AG 0.375 16-19 11/04A CRH FINANCE GERMANY 1.75 14-21 16/07A CRH FINLAND SERVICES 2.75 13-20 15/10A DAIMLER 0.75 16-23 11/05A DAIMLER AG 1.40 16-24 12/01A DIAGEO FINANCE PLC 2.375 14-26 20/05A EDF SA 2.75 12-23 10/03A EDP FINANCE EMTN 2.625 14-22 18/01A ELECT.DE FRANCE EMTN 5.625 03-33 21/02A ENAGAS FIN REGS 1.25 15-25 06/02A ENBW INTL FIN. EMTN 6.125 09-39 07/07A ENEL SOCIETA -EMTN- 5.625 07-27 21/06A ENERGA FINANCE AB 3.25 13-20 19/03A

The accompanying notes are an integral part of these financial statements.

Page 15

UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

700,000 300,000 500,000 400,000 500,000 250,000 1,100,000 200,000 500,000 800,000 1,550,000 400,000 275,000 500,000 900,000 1,000,000 1,500,000 600,000 400,000 700,000 300,000 200,000 1,500,000 1,000,000 500,000 800,000 900,000 150,000 300,000 850,000 1,000,000 500,000 1,000,000 1,300,000 200,000 700,000 700,000 300,000 650,000 300,000 500,000 1,000,000 300,000 600,000 1,000,000 500,000 900,000 1,400,000 100,000 2,000,000 500,000 500,000 300,000 300,000 200,000 300,000 670,000 1,100,000 300,000 400,000 500,000 900,000 400,000 800,000 350,000 500,000 1,000,000

ENGIE 1.00 15-26 13/03A ENI 1.50 15-26 02/02A ENI 1.75 15-24 18/01A ENI 3.625 14-29 29/01A EUTELSAT 2.625 13-20 13/01A FCE BANK EMTN REGS 1.875 14-21 24/06A FCE BANK PLC 1.66 16-21 11/02A FCE BANK PLC 1.615 16-23 11/05A FEDEX CORP 1.00 16-23 11/01A GAS NATURAL 3.875 13-23 17/01A GENERAL MOTORS 1.875 14-19 15/10A GENERAL MOTORS FIN 1.168 16-20 18/05A GLENCORE FINANCE 1.625 14-22 18/01A GLENCORE FINANCE 5.25 10-17 22/03A GLENCORE FINANCE EURO 1.25 15-21 17/03A GOLDMAN SACHS GR EMTN 3.25 13-23 01/02A GOLDMAN SACHS GROUP 2.625 13-20 19/08A GOLDMAN SACHS REGS 1.375 15-22 26/07A HEINEKEN NV 2.875 12-25 04/08A HJ HEINZ CO 2.00 15-23 30/06A HOLCIM FINANCE 1.375 16-23 26/05A HOLCIM FINANCE REGS 3.00 14-24 22/01A HSBC HOLDINGS SUB 6.00 09-10 10/06A HUTCHISON WHAMPOA 3.625 12-22 06/06A IBERDROLA SA 2.50 14-22 24/10A ILLINOIS TOOL WORKS 1.25 15-23 22/05A IMPERIAL TABACCO 2.25 14-21 26/02A IMPERIAL TABACCO 3.375 14-26 26/02A INTESA SAN PAOLO 1.125 15-22 04/03A INTESA SAN PAOLO 4.00 13-23 30/11A INTESA SAN PAOLO SPA 4.375 12-19 15/10A IPIC GMTN REG 2.375 12-18 30/05A JPMORGAN CHASE 1.375 14-21 16/09A JPMORGAN CHASE 1.50 15-22 26/10A JPMORGAN CHASE & C 1.50 16-26 29/10A KBC GROEP 1.00 16-21 26/04A KERING 0.875 15-22 28/03A KINDER MORGAN INC/DEL 1.50 15-22 16/03M KPN 4.25 12-22 01/03A KPN 5.625 09-24 30/09A KRAFT HEINZ FOODS 1.50 16-24 24/05A MC DONALD S CORP 1.00 16-23 15/11A MC DONALD S REGD 2.375 12-24 27/11A MERCIALYS SA 1.787 14-23 31/03A MET LIFE GLOBAL FDG 2.375 13-23 11/01A MONDELEZ INTL 2.375 13-21 26/01A MORGAN STANLEY 1.75 15-25 30/01A MORGAN STANLEY 2.375 14-21 31/03A MORGAN STANLEY EMTN 5.375 10-20 10/08A NOMURA EUR.FIN.EMTN 1.875 13-18 29/05A NORDEA BANK EMTN 4.00 10-21 29/03A NORDEA BANK EMTN 4.50 10-20 26/03A OMV AG 3.50 12-27 27/09A ORANGE EMTN 8.125 03-33 28/01A PEMEX 3.75 16-19 15/03A PEMEX 5.125 16-23 15/03A PEMEX PROJECT REG S 5.50 05-25 24/02A PERNOD RICARD 1.875 15-23 28/09A PHILIP MORRIS INTL 2.875 12-24 30/05A PHILIP MORRIS INTL 2.875 14-26 03/03A PPG INDUSTRIES INC 0.875 15-22 13/03A PROLOGIS 3.375 14-24 20/02A PUBLICIS GROUP 1.125 14-21 16/12A RCI BANQUE SA 2.875 13-18 22/01A RENAULT SA 3.125 14-21 05/03A REPSOL INTL FINANCE 4.875 12-19 19/02A ROYAL BK OF SCOT SUB 4.35 06-17 23/01A

Cost

Market value

Unaudited accrued Interest

% of total net assets

664,300.00 297,804.00 510,250.00 446,143.67 536,755.00 251,475.00 1,131,119.11 202,672.78 501,105.00 903,761.00 1,590,900.66 404,356.80 275,772.96 532,500.00 829,800.12 1,049,100.00 1,622,110.00 610,962.87 434,372.00 734,741.90 305,895.32 229,812.52 1,797,750.00 1,073,700.00 536,325.00 793,912.00 968,355.00 151,428.00 298,917.00 892,927.32 1,125,916.50 498,943.33 1,004,560.00 1,317,587.38 199,228.79 698,687.00 694,946.00 285,360.62 778,160.08 391,965.84 511,885.93 1,004,830.96 332,388.21 604,655.06 1,113,700.00 529,250.00 912,446.06 1,498,955.36 119,577.00 1,985,290.00 528,000.00 574,400.00 361,032.00 443,700.00 203,740.00 309,750.44 706,850.84 1,153,136.42 347,508.05 395,932.00 500,825.00 984,510.00 405,156.00 826,900.80 391,562.50 548,315.00 1,029,379.25

724,360.00 312,891.00 537,290.00 501,252.00 532,175.00 261,695.00 1,138,060.00 204,600.00 506,710.00 964,072.00 1,612,976.50 406,716.00 250,789.00 516,360.00 833,607.00 1,136,210.00 1,621,740.00 616,032.00 473,312.00 748,132.00 309,693.00 229,272.00 1,712,865.00 1,154,060.00 562,665.00 834,328.00 962,757.00 175,464.00 299,499.00 999,362.00 1,117,680.00 521,070.00 1,045,470.00 1,366,560.00 205,564.00 713,510.00 714,273.00 288,930.00 782,814.50 407,289.00 517,775.00 1,020,830.00 335,013.00 621,306.00 1,096,180.00 540,851.50 922,896.00 1,513,358.00 119,577.00 2,063,700.00 569,065.00 564,535.00 371,844.00 577,029.00 209,214.00 318,741.00 738,239.50 1,194,413.00 346,050.00 465,073.20 512,305.00 1,038,627.00 413,212.00 835,424.00 392,063.00 559,580.00 1,018,490.00

2,090.41 1,831.97 3,920.77 6,061.48 6,060.45 77.05 6,984.70 442.47 1,095.89 13,975.41 20,566.09 550.40 2,002.39 7,191.78 3,267.00 13,319.67 33,995.90 7,663.93 10,400.27 0.00 395.55 2,688.00 4,931.51 2,383.56 8,538.25 1,068.49 6,915.98 1,729.00 1,091.10 22,666.67 30,959.70 10,901.64 10,819.67 13,213.11 509.59 1,246.58 1,577.40 1,306.85 9,157.88 12,633.20 739.73 1,589.04 4,204.92 2,673.16 11,096.31 5,061.48 6,540.98 8,523.62 4,772.88 3,287.67 5,095.89 5,917.81 7,946.72 10,256.15 2,198.63 4,507.19 12,786.75 15,553.28 827.00 3,749.32 1,306.51 10,871.93 2,422.13 10,054.64 3,505.99 8,790.98 18,897.54

0.40 0.17 0.30 0.28 0.30 0.15 0.63 0.11 0.28 0.54 0.90 0.23 0.14 0.29 0.46 0.63 0.90 0.34 0.26 0.42 0.17 0.13 0.94 0.64 0.31 0.46 0.53 0.10 0.17 0.55 0.62 0.29 0.58 0.76 0.11 0.40 0.40 0.16 0.43 0.23 0.29 0.57 0.19 0.35 0.61 0.30 0.51 0.84 0.07 1.14 0.32 0.31 0.21 0.32 0.12 0.18 0.41 0.66 0.19 0.26 0.28 0.58 0.23 0.46 0.22 0.31 0.57

The accompanying notes are an integral part of these financial statements.

Page 16

UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

200,000 150,000 1,400,000 800,000 1,100,000 500,000 300,000 500,000 750,000 500,000 750,000 700,000 500,000 1,000,000 700,000 400,000 100,000 300,000 700,000 750,000 1,584,000 300,000 1,000,000 300,000 500,000 1,300,000 1,500,000 450,000 500,000 100,000 100,000 500,000 500,000

RTE EDF TRANSPORT 2.75 14-29 20/06A RWE AG EMTN 5.75 03-33 14/02A SANTANDER CONSUM FIN 0.90 15-20 18/02A SANTANDER CONSUMER 1.10 15-18 29/07A SANTANDER INTL DEB 1.375 15-22 14/12A SES GLOBAL AMERICAS 1.875 13-18 24/10A SNAM REGS 1.375 15-23 19/11A SOLVAY SA 1.625 15-22 02/12A SPAREBANK 1 SR BANK 2.125 14-21 14/04A SPAREBANK 1 SR BK 2.125 13-20 03/02A STANDARD CHARTERED 5.875 07-17 26/09A STATOIL ASA 1.25 15-27 17/02A SUMITOMO MITSUI BK 2.75 13-23 24/07A TELEFONICA EMIS 2.736 13-19 29/05A TELEFONICA EMISIONES 3.987 13-23 23/01A TESCO EMTN 2.125 13-20 12/11A TEVA PHARMA FINANCE 2.875 12-19 15/04A THEVA PHARMAC 1.25 15-23 31/03A TOTAL CAPITAL CANADA 2.125 14-29 18/09A UBS JERSEY BRANCH 2.125 16-24 04/03A UNICREDIT 1.50 14-19 19/06A VEOLIA ENVIRONNEMENT 4.625 12-27 30/03A VERIZON COMM 1.625 14-24 01/03A VERIZON COMMUNICATION 2.375 14-15 17/02A VOLKSWAGEN LEAS REGS 2.625 14-24 15/01A VONOVIA FINANCE BV 2.25 15-23 15/12A VW LEASING GMBH 2.375 12-22 06/09A WALGREENS BOOTS 2.125 14-26 20/11A WHIRLPOOL 0.625 15-20 12/03A WPP FINANCE DEUTSCHLA 1.625 15-30 23/03A WPP FINANCE SA EMTN 2.25 14-26 22/09A XSTRATA FINANCE EMTN 5.25 07-17 13/06A XSTRATA FINANCE REGS 2.375 12-18 19/11A

Floating rate bonds 300,000 350,000 500,000 500,000 750,000 600,000 500,000 500,000 1,300,000 500,000 1,000,000 300,000 750,000 900,000 1,250,000 300,000 1,900,000 1,000,000 1,500,000 500,000 700,000 750,000 1,500,000 2,000,000 750,000 300,000 700,000 800,000 600,000 500,000 300,000

Euro

ACHMEA BV FL.R 15-49 31/12A ALLIANDER SUB FL.R 13-XX 27/11A ALLIANZ FL.R 12-42 17/10A ALLIANZ SE FL.R 13-XX 24/10A AMERICAN INTL GROUP FL.R 07-67 15/03A ASSICURAZ GENERALI FL.R 12-42 12/12A AVIVA PLC FL.R 08-38 22/05A AVIVA SUB FL.R 14-44 03/07A AXA FL.R 10-40 16/04A AXA SA FL.R 14-XX 07/11A BARCLAYS BANK EMTN FL.R 05-XX 15/03A BAYER SUB FL.R 14-74 01/07A BAYER SUB FL.R 14-75 01/07A BBVA FL.R 14-24 11/04A BNP PARIBAS FL.R 14-26 20/03A BPCE FL.R 14-26 08/07A BPCE GP FL.R 07-XX 30/10A CITIGROUP INC EMTN SUB FL.R 07-17 31/05A CITIGROUP INC EMTN VAR FL.R 05-17 30/11Q CLOVERIE PLC SUB FL.R 09-39 24/07A CLOVERIE PLC SWISS RE FL.R 12-42 01/09A CNP ASSURANCES FL.R 10-40 14/09A COMMONW.BK AUSTRALIA FL.R 15-27 22/04A DANSKE BANK SUB FL.R 07-XX 15/05A DONG ENERGY A/S FL.R 13-13 08/07A DONG ENERGY SUB FL.R 15-15 06/11A EDF SA FL.R 14-XX 22/01A ELECT.DE FRANCE FL.R 13-XX 29/01A ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A ENBW ENERGIE FL.R 14-76 02/04A ENGIE FL.R 13-18 10/07A

Cost

Market value

Unaudited accrued Interest

% of total net assets

197,826.00 207,931.50 1,366,666.00 809,120.00 1,128,776.55 495,860.00 302,721.52 513,965.42 795,825.00 498,380.00 737,400.00 679,399.00 494,780.00 995,625.00 777,280.00 404,380.00 108,588.00 301,791.00 736,687.00 777,383.05 1,630,649.69 359,265.00 998,660.00 321,777.85 532,575.01 1,394,177.83 1,508,400.00 447,766.64 498,910.00 99,749.00 98,575.00 572,275.00 500,961.66

238,346.00 211,417.50 1,401,162.00 812,760.00 1,124,079.00 519,895.00 316,869.00 528,805.00 804,900.00 528,510.00 795,495.00 723,156.00 567,725.00 1,075,230.00 839,328.00 402,460.00 107,055.00 300,285.00 810,278.00 789,060.00 1,623,409.92 410,901.00 1,058,120.00 331,878.00 552,015.00 1,438,268.00 1,629,930.00 458,604.00 503,360.00 100,293.00 109,337.00 519,885.00 510,710.00

150.68 3,228.48 4,578.69 8,102.73 8,223.70 6,403.69 2,524.59 4,684.08 3,362.16 4,296.45 33,468.24 3,203.55 12,848.36 2,398.68 12,157.62 5,364.75 598.63 934.93 11,623.63 5,152.40 716.05 3,497.26 5,386.99 2,608.61 5,988.73 15,823.77 29,006.15 5,826.33 941.78 440.75 1,733.61 1,222.60 8,032.79

0.13 0.12 0.78 0.45 0.62 0.29 0.18 0.29 0.45 0.29 0.44 0.40 0.32 0.60 0.47 0.22 0.06 0.17 0.45 0.44 0.90 0.23 0.59 0.18 0.31 0.80 0.91 0.25 0.28 0.06 0.06 0.29 0.28

43,596,053.80

43,643,275.25

688,698.66

24.24

43,596,053.80 324,750.00 361,375.00 584,684.00 548,250.30 788,437.50 776,423.07 511,000.00 503,125.00 1,388,205.12 506,100.83 1,027,500.00 330,375.00 769,675.00 930,304.31 1,274,930.93 301,932.00 2,037,110.50 855,000.00 1,498,500.00 536,430.00 806,067.00 795,000.00 1,423,022.73 2,091,280.00 805,312.50 296,940.74 675,875.88 823,625.00 629,480.00 477,000.00 314,100.00

43,643,275.25 263,583.00 367,496.50 580,995.00 535,605.00 751,076.25 697,902.00 539,035.00 482,100.00 1,438,151.00 495,240.00 946,650.00 305,640.00 756,412.50 918,324.00 1,282,437.50 305,268.00 2,006,856.00 999,440.00 1,500,360.00 581,330.00 875,882.00 815,010.00 1,443,435.00 2,046,640.00 790,065.00 295,041.00 663,341.00 792,096.00 618,180.00 483,800.00 313,956.00

688,698.66 5,120.90 6,713.11 19,748.98 16,222.68 10,718.32 25,536.89 3,672.95 19,216.19 14,023.97 12,705.96 13,924.66 11,219.26 22,438.52 6,904.11 10,042.81 8,069.67 77,482.00 0.00 1,262.50 35,040.98 38,392.42 35,655.74 5,671.23 12,295.23 35,763.32 5,827.87 12,622.95 14,213.11 7,595.69 4,419.52 11,307.38

24.24 0.15 0.20 0.32 0.30 0.42 0.39 0.30 0.27 0.80 0.28 0.53 0.17 0.42 0.51 0.71 0.17 1.11 0.55 0.83 0.32 0.49 0.45 0.80 1.15 0.44 0.16 0.37 0.44 0.34 0.27 0.17

The accompanying notes are an integral part of these financial statements.

Page 17

UBAM - CORPORATE EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Cost

Market value

Unaudited accrued Interest

% of total net assets

518,500.77 690,375.38 808,080.00 1,376,375.14 498,175.00 791,677.15 553,250.00 597,102.00 321,450.00 300,750.93 993,800.00 483,961.76 402,500.00 318,000.00 795,840.00 1,372,500.00 888,008.81 500,000.00 301,650.00 1,296,884.67 247,812.55 731,400.00 103,150.25 1,685,625.00 150,825.00 1,628,921.98 247,625.00

528,810.00 720,377.00 803,250.00 1,390,311.00 545,640.00 801,832.50 520,890.00 584,304.00 307,950.00 305,571.00 1,207,160.00 479,002.50 417,188.00 314,748.00 820,024.00 1,294,200.00 902,853.00 508,915.00 302,805.00 1,296,225.00 239,977.50 726,427.50 103,942.00 1,624,200.00 123,340.50 1,630,944.00 251,040.00

1,486.30 1,610.96 31,892.08 25,325.14 2,684.93 9,359.63 4,715.75 3,421.23 5,560.45 388.36 5,993.15 628.77 14,918.03 5,016.39 1,808.22 2,098.51 17,750.00 2,818.51 1,890.41 15,148.63 419.52 5,763.32 452.08 5,290.52 1,269.86 16,272.00 886.99

0.29 0.40 0.45 0.77 0.30 0.45 0.29 0.32 0.17 0.17 0.67 0.27 0.23 0.17 0.46 0.72 0.50 0.28 0.17 0.72 0.13 0.40 0.06 0.90 0.07 0.91 0.14

2,488,900.50

2,541,443.00

2,113.71

1.41

2,488,900.50

2,541,443.00

2,113.71

1.41

2,488,900.50 298,867.50 1,488,345.00 199,638.00 502,050.00

2,541,443.00 333,519.00 1,504,185.00 201,564.00 502,175.00

2,113.71 949.32 945.21 219.18 0.00

1.41 0.19 0.83 0.11 0.28

158,134,851.85

162,029,054.17

89.97

Cash at banks/(bank liabilities)

19,753,418.54

10.97

Other net assets/(liabilities)

-1,699,794.16

-0.94

180,082,678.55

100.00

Description

500,000 700,000 700,000 1,300,000 500,000 750,000 500,000 600,000 300,000 300,000 1,000,000 450,000 400,000 300,000 800,000 1,200,000 900,000 500,000 300,000 1,250,000 250,000 750,000 100,000 1,500,000 150,000 1,600,000 250,000

ENGIE FL.R 14-XX 02/06A ENGIE SUB FL.R 14-XX 02/06A HANNOVER FINANCE FL.R 10-40 14/09A IBERDROLA INTL FL.R 13-XX 27/02A ING BANK EMTN FL.R 08-23 29/05A ING BANK NV FL.R 14-26 25/02A ING VERZEKERINGEN FL.R 02-27 07/05A KBC GROEP EMTN FL.R 15-27 11/03A MERCK KGAA FL.R 14-74 12/12A MERCK KGAA SUB FL.R 14-74 12/12A MUNICH RE FL.R 12-42 26/05A NGG FINANCE PLC FL.R 13-76 18/06A ORANGE EMTN SUB REGS FL.R 14-XX 01/10A ORANGE SA SUB FL.R 14-XX 07/02A SEB FL.R 14-26 28/05A SEB REGS FL.R 07-XX 21/12A SOCIETE GEN SUB FL.R 14-26 16/09A SOLVAY FIN SUB FL.R 13-XX 12/05A SUEZ FL.R 15-XX 30/03A SVENSKA HANDELSB SUB FL.R 14-24 15/01A SWISS LIFE AG FL.R 15-XX 16/06A TOTAL SA FL.R 15-XX 26/02A TOTAL SA FL.R 16-49 18/05A UBS CAPITAL FL.R 07-XX 29/12A VATTENFALL AB FL.R 15-77 19/03A VW INTL FIN SUB FL.R 14-XX 24/03A ZURICH INSURANCE CO FL.R 16-46 01/10A

Other transferable securities Bonds 300,000 1,500,000 200,000 500,000

Euro

AT T 2.75 15-23 19/05A CREDIT SUISSE LONDON 1.00 16-23 07/06A FEDEX CORP 0.50 16-20 09/04A MOLSON COORS 1.25 16-24 15/07A

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 18

UBAM - CORPORATE EURO BOND

Geographical classification of investments (by domicile of the issuer) United States of America France The Netherlands United Kingdom Germany Italy Spain Ireland Sweden Belgium Denmark Luxembourg Jersey Island Mexico Norway Canada Japan Cayman Islands Australia Finland United Arab Emirates The Netherlands Antilles Austria

% of net assets 16.78 15.90 11.65 9.71 5.74 4.73 4.03 3.49 3.33 2.45 1.75 1.64 1.40 1.20 1.14 1.03 1.00 0.93 0.80 0.55 0.28 0.23 0.21 89.97

Page 19

UBAM - CORPORATE EURO BOND

Industrial classification of investments % of net assets 36.07 20.96 5.36 5.17 4.58 3.29 3.09 2.27 1.16 1.08 1.01 1.01 0.94 0.79 0.76 0.53 0.46 0.40 0.30 0.29 0.28 0.17

Banks and credit institutions Holding and finance companies Communications Insurance Utilities Petroleum Tobacco and alcoholic drinks Real estate companies Chemicals Electrical engineering and electronics Road vehicles Foods and non alcoholic drinks Transportation Retail trade, department stores Hotels and restaurants Graphic art and publishing Machine and apparatus construction Pharmaceuticals and cosmetics Building materials and trade Textiles and garments Miscellaneous consumer goods Miscellaneous services

89.97

Page 20

UBAM - CORPORATE EURO BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

2,553,863.77

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

2,406,082.52 396.30 146,928.31 456.64 805,055.97

Management fees Custodian fees Subscription duty ("taxe d'abonnement") Central administration costs Audit fees Interest paid on bank liabilities Legal fees Transaction fees Other administration costs Banking charges and other fees Interest paid on swap contracts Other expenses

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

418,952.16 93,175.58 35,871.75 93,047.52 1,850.05 4,664.67 3,538.11 5,493.27 103,609.93 570.00 38,436.31 5,846.62 1,748,807.80

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

1,962,127.12 25,976.05 -1,278,017.44 706,377.40 259,095.06 -24,937.14 3,399,428.85

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

1,681,866.50 107,969.07 404,283.72 -347,191.89 5,246,356.25

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-168,657.31 39,538,938.77 5,281,892.11 -60,832,227.78 -2,304,958.02

Total changes in net assets

-13,238,655.98

Total net assets at the beginning of the period

193,321,334.53

Total net assets at the end of the period

180,082,678.55

The accompanying notes are an integral part of these financial statements.

Page 21

UBAM - CORPORATE US DOLLAR BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

1,271,391,802.50

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Unrealised gain on futures contracts Other receivables

Note 2

1,163,825,384.70 3,380,461.04 91,427,096.07 664,706.45 22,389.19 11,102,289.69 512,900.36 378,073.33 78,501.67

Note 2

Note 2, 9

Liabilities

42,603,713.50

Bank liabilities Other liquid liabilities Payable on purchases of securities Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Unrealised loss on swap contracts Payable on swap contracts Interest payable on bank liabilities and expenses payable

57,382.40 136,912.72 36,919,585.74 32,635.23 3,089,214.62 523,562.63 186,114.30 1,658,305.86

Note 2, 8 Note 2, 10

Net assets at the end of the period

1,228,788,089.00

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

1,847,790.526

787,603.728

191,808.090

2,443,586.164

306,663.300

207,140.441

77,711.356

436,092.385

270,712.904

277,941.152

73,758.734

474,895.322

0.000

22,048.783

0.000

22,048.783

20,082.802

21,381.000

6,268.000

35,195.802

4,447.000

4,509.129

437.000

8,519.129

77,796.000

7,224.000

12,415.000

72,605.000

Capitalisation shares

834,567.023

1,305,922.522

187,868.506

1,952,621.039

Distribution shares

263,823.630

44,366.000

15,320.000

292,869.630

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares

AS shares

Capitalisation shares

I shares

The accompanying notes are an integral part of these financial statements.

Page 22

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - CORPORATE US DOLLAR BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

IH EUR shares

Capitalisation shares Distribution shares

IH CHF shares

Capitalisation shares

IH ILS shares

Capitalisation shares

IS shares

Capitalisation shares

U shares

Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

220,268.365

795,391.231

186,812.580

828,847.016

0.000

158,165.000

45.000

158,120.000

307,697.000

92,547.000

7,503.000

392,741.000

309,871.000

22,593.603

40,164.000

292,300.603

12,675.000

0.000

12,675.000

5,630.000

3,054.000

0.000

8,684.000

8,862.786

109.933

556.989

8,415.730

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

1,228,788,089.00

679,362,509.21

451,688,389.05

USD

2,443,586.164 188.37

1,847,790.526 179.75

1,418,677.904 179.14

436,092.385 117.64 3.83

306,663.300 115.98 4.51

93,810.311 120.01 4.66

EUR

474,895.322 137.43

270,712.904 131.92

12,955.206 131.97

22,048.783 102.49

CHF

35,195.802 175.78

20,082.802 169.13

1,290.000 171.71

The accompanying notes are an integral part of these financial statements.

Page 23

UBAM - CORPORATE US DOLLAR BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

AS shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH ILS shares Capitalisation shares Number of shares outstanding Net asset value per share

IS shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

USD

1,228,788,089.00

679,362,509.21

451,688,389.05

GBP

8,519.129 103.84

4,447.000 99.09

USD

72,605.000 102.52

77,796.000 101.39

89,655.000 101.84

USD

1,952,621.039 200.85

834,567.023 191.34

651,952.645 190.03

292,869.630 99.13 3.37

263,823.630 97.70 3.79

417,873.091 100.74 3.90

EUR

828,847.016 146.49

220,268.365 140.38

5,173.192 139.94

158,120.000 101.12

CHF

392,741.000 103.41

307,697.000 99.32

2,325.000 100.49

ILS

292,300.603 104.27

309,871.000 99.89

USD

12,675.000 103.30

12,675.000 102.21

60,019.044 102.25

USD

8,684.000 101.25 3.45

5,630.000 99.91 -

The accompanying notes are an integral part of these financial statements.

Page 24

UBAM - CORPORATE US DOLLAR BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

1,228,788,089.00

679,362,509.21

451,688,389.05

USD

8,415.730 180.10

8,862.786 172.46

9,427.889 173.07

The accompanying notes are an integral part of these financial statements.

Page 25

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

6,000,000 3,100,000 1,100,000 2,525,000 2,800,000 3,000,000 5,000,000 4,000,000 5,000,000 5,300,000 3,000,000 2,500,000 2,000,000 1,000,000 3,000,000 2,500,000 1,500,000 8,650,000 1,100,000 2,000,000 2,000,000 4,550,000 2,100,000 7,900,000 5,000,000 5,000,000 4,570,000 500,000 3,300,000 5,000,000 5,200,000 1,500,000 6,400,000 5,900,000 3,200,000 1,200,000 857,000 300,000 500,000 2,700,000 1,750,000 2,000,000 3,000,000 2,750,000 4,945,000 5,200,000 2,600,000 1,750,000 1,150,000 1,500,000 1,750,000 2,300,000 5,000,000 2,000,000 2,200,000 628,000 700,000 2,000,000 2,000,000 1,500,000 2,000,000 1,000,000

Market value

Unaudited accrued Interest

% of total net assets

1,122,146,038.92

1,144,114,922.25

10,812,870.66

93.11

1,061,538,327.49

1,084,237,625.60

10,200,302.24

88.24

1,061,538,327.49 5,998,020.00 3,052,375.01 1,102,090.00 2,523,459.75 2,868,830.00 2,995,230.00 5,054,700.28 4,018,164.00 5,213,680.56 5,848,952.02 3,677,487.68 2,844,750.00 2,412,205.00 1,019,380.50 2,999,250.00 2,707,372.00 1,478,080.00 9,608,644.58 1,107,579.65 2,269,000.00 1,998,240.00 4,644,643.88 2,097,756.50 8,031,617.34 5,038,800.44 4,987,400.00 5,747,963.64 481,050.00 3,098,820.53 5,116,300.35 5,295,701.00 1,531,490.00 6,341,160.71 5,895,179.00 3,193,501.11 1,247,251.09 867,969.60 281,250.00 538,212.50 2,657,610.00 1,780,058.00 2,022,840.67 3,420,342.00 2,923,452.50 5,018,928.20 5,278,416.00 2,668,142.13 1,769,852.50 1,108,475.00 1,916,100.00 1,711,932.00 2,403,888.20 5,104,950.65 2,240,000.00 2,187,988.42 614,246.80 676,648.11 2,594,000.00 1,991,160.00 1,582,500.00 2,090,876.92 1,026,470.00

1,084,237,625.60 6,147,900.00 3,167,270.00 1,157,288.00 2,543,281.00 2,934,764.00 3,072,180.00 5,068,300.00 4,037,880.00 5,201,050.00 6,054,243.00 3,699,960.00 2,770,350.00 2,350,880.00 1,022,030.00 3,151,140.00 2,785,050.00 1,514,115.00 9,618,194.50 1,184,414.00 2,218,200.00 2,067,420.00 4,835,467.00 2,097,123.00 8,324,151.00 5,084,900.00 5,185,050.00 5,287,033.00 495,260.00 3,401,211.00 5,145,550.00 5,447,052.00 1,600,860.00 6,534,080.00 6,045,494.00 3,277,280.00 1,272,552.00 903,919.89 274,515.00 529,460.00 2,720,466.00 1,812,195.00 2,073,800.00 3,475,470.00 3,166,845.00 5,062,048.15 5,286,008.00 2,781,246.00 1,815,345.00 1,232,386.00 1,736,385.00 1,785,997.50 2,428,708.00 5,138,850.00 2,100,420.00 2,173,512.00 663,419.20 756,000.00 2,368,320.00 2,044,200.00 1,515,210.00 2,165,100.00 1,068,360.00

10,200,302.24 19,166.67 13,485.00 5,060.00 3,282.50 26,880.00 12,500.00 35,250.00 51,250.00 71,805.56 38,461.81 111,000.00 31,250.00 18,055.56 8,437.50 37,968.75 9,817.71 6,609.38 150,201.85 4,209.03 47,183.33 18,229.17 63,137.57 13,321.88 112,245.83 40,902.78 57,048.61 162,330.21 6,015.63 22,343.75 15,750.00 73,320.00 16,625.00 0.00 1,100.00 13,600.00 10,513.33 10,284.00 2,583.33 13,166.67 11,643.75 27,110.42 13,805.56 74,100.00 78,537.33 58,927.92 27,300.00 25,711.11 25,316.67 10,648.68 9,213.54 13,248.96 33,460.75 34,819.44 8,738.89 3,865.28 4,219.81 2,566.67 23,750.00 11,666.67 25,348.96 3,111.67 3,750.00

88.24 0.50 0.26 0.09 0.21 0.24 0.25 0.41 0.33 0.42 0.49 0.30 0.23 0.19 0.08 0.26 0.23 0.12 0.78 0.10 0.18 0.17 0.39 0.17 0.68 0.41 0.42 0.43 0.04 0.28 0.42 0.44 0.13 0.53 0.49 0.27 0.10 0.07 0.02 0.04 0.22 0.15 0.17 0.28 0.26 0.41 0.43 0.23 0.15 0.10 0.14 0.15 0.20 0.42 0.17 0.18 0.05 0.06 0.19 0.17 0.12 0.18 0.09

Cost

US Dollar

ABBVIE 2.50 15-20 14/05S ABBVIE 2.90 13-22 06/11S ABBVIE 3.60 15-25 14/05S ABN AMRO BANK 1.80 15-18 04/06S ABN AMRO BANK 4.80 16-26 18/04S ABN AMRO BANK REGS 2.50 13-18 30/10S ACTAVIS FUNDING 2.35 15-18 12/03S AKBANK REGS 5.125 15-25 31/03S ALLIANZ SE 5.50 12-XX 26/09S ALTRIA GROUP INC 4.75 11-21 05/05S ALTRIA GROUP INC 9.25 09-19 06/08S AMERICA MOVIL 5.00 10-20 30/03S AMERICAN EXPRESS CO 8.125 09-19 20/05S AMERICAN EXPRESS CRED 2.25 14-19 15/08S AMERICAN INTL GROUP 3.375 13-20 15/08S AMERICAN INTL GROUP 4.875 12-22 01/06S AMERICAN TOWER 3.375 16-26 15/10S AMERICAN TOWER 5.05 10-20 01/09S AMGEN 3.625 14-24 22/05S AMGEN 5.70 09-19 01/02S AMPHENOL 3.125 14-21 15/09S ANADARKO PETROLEUM 4.85 16-21 15/03S ANGLO AMER CAPITAL 2.625 12-17 03/04S ANHEUSER BUSCH 3.30 16-23 01/02S ANHEUSER BUSCH COS 1.90 16-19 01/02S ANHEUSER BUSCH COS 2.65 16-21 01/02S ANHEUSER BUSCH INBEV 7.75 11-19 15/01S APACHE CORP 2.625 12-23 15/01S APACHE CORP 3.25 12-22 15/04S APPLE 2.10 14-19 06/05S AT T 3.60 16-23 17/02S AT T 3.80 16-22 15/03S AT T INC 2.45 15-20 30/06S AT T INC 3.00 15-22 30/06S AT T INC 3.40 15-25 15/05S BAE SYSTEMS 144A 3.80 14-24 07/10S BAKER HUGHES INC 3.20 11-21 15/08S BANCO BRASIL CAYMAN 3.875 12-22 10/10S BANCO DO BRAZIL 6.00 10-20 22/01S BANK OF AMERICA 2.25 15-20 21/04S BANK OF AMERICA 3.30 13-23 11/01S BANK OF AMERICA 3.50 16-26 19/04S BANK OF AMERICA 5.70 12-22 24/01S BANK OF AMERICA 5.875 10-21 05/01S BANK OF AMERICA CORP 2.60 13-19 15/01S BANK OF AMERICA CORP 2.625 16-21 19/04S BANK OF AMERICA CORP 4.00 14-24 01/04S BANK OF AMERICA CORP 4.20 14-24 26/08S BANK OF AMERICA CORP 5.65 08-18 01/05S BANK OF AMERICA CORP 7.625 09-19 01/06S BANK OF AMERICA SUB 3.95 15-25 21/04S BANK OF AMERICA SUB 4.45 16-26 03/03S BANK OF NEW YORK M 2.30 14-19 11/09S BARCLAYS BANK 6.05 07-17 04/12S BARCLAYS PLC 2.875 15-20 08/06S BARRICK GOLD CORP 4.10 13-23 01/05S BARRICK NA FINANCE 4.40 11-21 30/05S BAT INTERNATIONAL FINANCE PLC REG S 9.50 08-18 15/11S BBVA 3.00 15-20 20/10S BCO DO BRASIL CAYMAN 3.875 11-17 23/01S BECTION DICKINSON 3.734 14-24 15/12S BERKSHIRE HATHAWAY 3.00 12-22 15/05S

The accompanying notes are an integral part of these financial statements.

Page 26

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,500,000 4,500,000 5,000,000 2,600,000 2,000,000 6,000,000 2,600,000 2,900,000 5,000,000 2,000,000 12,000,000 1,400,000 750,000 5,000,000 2,500,000 1,400,000 2,300,000 1,270,000 1,700,000 1,000,000 1,500,000 1,500,000 2,400,000 500,000 760,000 2,000,000 5,200,000 4,600,000 3,600,000 4,000,000 1,000,000 4,730,000 2,638,000 3,200,000 1,400,000 2,800,000 600,000 2,200,000 2,150,000 650,000 1,400,000 2,500,000 3,000,000 800,000 2,000,000 5,600,000 2,000,000 1,000,000 1,000,000 3,600,000 3,400,000 1,150,000 2,000,000 7,200,000 1,800,000 1,600,000 2,000,000 6,700,000 5,000,000 1,600,000 2,000,000 4,500,000 5,000,000 1,000,000 500,000 4,000,000 1,300,000

Cost

BERKSHIRE HATHAWAY 3.75 13-23 15/11S BFCM 2.50 16-21 13/04S BFCM REGS 2.50 13-18 29/10S BFCM TR7 REGS 2.00 16-19 12/04S BG ENERGY CAPITAL 4.00 11-21 15/10S BHARTI AIRTEL REGS 5.125 13-23 11/03S BHP BILLITON 3.25 11-21 21/11S BHP BILLITON 3.85 13-23 30/09S BK TOKYO-MITSUBISH 2.35 14-19 08/09S BK TOKYO-MITSUBISHI 2.30 14-19 10/03S BNP PARIBAS EMTN 512 2.45 14-19 17/03S BNP PARIBAS 144A SUB 4.375 15-25 28/09S BNP PARIBAS 714 5.00 11-21 15/01S BNY MELLON 2.60 15-20 17/08S BNY MELLON 3.55 11-21 23/09S BPCE 4.00 14-24 15/04S BPCE SUB REGS 5.70 13-23 22/10S BRASKEM SA REG-S 7.25 08-18 05/06S BRITISH SKY BROADCAST 3.75 14-24 16/09S BRITISH TELECOM 2.35 14-19 14/02S BURLINGTON NORTHERN 3.75 14-24 01/04S CA LONDON 3.875 14-24 15/04S CANADIAN NATURAL RES. 3.45 11-21 15/11S CAPITAL ONE FINANCIAL 4.20 15-25 29/10S CAPITAL ONE FINL 3.20 15-25 05/02S CATERPILLAR 3.90 11-21 27/05S CELGENE 3.55 15-22 15/08S CELGENE CORP 3.625 14-24 15/05S CIMAREX ENERGY CO 4.375 14-24 01/06S CITIGROUP 2.15 15-18 30/07S CITIGROUP 2.40 15-20 18/02S CITIGROUP 2.50 14-19 29/07S CITIGROUP 2.55 14-19 08/04S CITIGROUP 3.75 14-24 16/06S CITIGROUP 4.05 13-22 30/07S CITIGROUP 4.50 11-22 14/01S CITIGROUP INC 4.60 16-26 09/03S CITIGROUP INC 3.40 16-26 01/05S CITIGROUP SUB 5.50 13-25 13/09S CITIZENS FIN GRP INC 4.30 15-25 03/12S COMMERZBANK AG 8.125 13-23 19/09S COMMONW BK AUSTRALIA 4.50 15-25 09/12S COMMONWEALTH BANK OF AUSTRALIA REG S 5.00 09-19 15/10S CONOCOPHILIPS 4.95 16-26 15/03S CONOCOPHILLIPS 3.35 14-24 15/11S CONOCOPHILLIPS 4.20 16-21 15/03S CREDIT AGRICOLE LDN 2.50 14-19 15/04S CREDIT AGRICOLE LDN 2.75 15-20 10/06S CREDIT AGRICOLE REGS 2.375 16-21 01/07S CREDIT SUISSE LONDON 3.625 14-24 09/09S CRH AMERICA INC RE 3.875 15-25 18/05 CS GR FUNDING 2.75 15-20 26/03S CS GR FUNDING 3.45 16-21 16/04S CS NY MTN SUB TR.6 4.375 10-20 05/08S CSX 3.40 14-24 01/08S CVS CAREMARK 4.00 13-23 05/12S CVS HEALTH CORP 3.50 15-22 20/07S DAIMLER FINANCE 2.125 16-20 06/04S DAIMLER FINANCE 2.25 12-19 31/07S DAIMLER FINANCE 2.45 15-20 18/05S DAIMLER FINANCE REGS 1.875 13-18 11/01S DANSKE BANK REGS 2.80 16-21 10/03S DEUTSCHE BANK AG 1.875 15-18 13/02S DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.75 08-18 20/08S DIAGEO CAPITAL 2.875 12-22 11/05S DISCOVER BANK 3.10 15-20 04/06S DOMINION GAS HLDGS 2.80 15-20 15/11S

1,555,350.00 4,508,190.00 4,981,350.00 2,597,218.00 2,096,800.00 6,478,107.18 2,516,800.39 3,000,888.48 5,077,500.33 1,996,800.00 12,222,449.14 1,391,194.36 849,672.95 4,997,650.00 2,485,265.00 1,461,334.56 2,438,659.00 1,421,130.00 1,705,794.00 999,020.00 1,570,200.00 1,607,910.71 2,304,975.08 499,960.00 734,281.82 2,091,700.00 5,383,016.56 4,669,355.16 3,658,372.59 4,008,970.78 990,430.00 4,778,617.70 2,676,936.91 3,280,084.00 1,434,258.50 3,023,344.00 615,864.00 2,255,022.89 2,349,835.94 657,111.72 1,591,268.56 2,466,950.50 3,111,560.44 878,408.00 1,795,460.56 5,828,219.00 2,041,360.56 1,020,330.00 998,690.94 3,740,508.00 3,425,970.31 1,147,297.14 2,002,100.68 7,894,784.10 1,859,832.00 1,716,656.78 2,044,120.00 6,782,276.26 5,096,000.50 1,605,808.00 2,005,800.00 4,560,300.00 4,994,050.00 995,000.00 498,190.00 4,051,360.12 1,295,619.00

The accompanying notes are an integral part of these financial statements.

Page 27

Market value

Unaudited accrued Interest

% of total net assets

1,641,463.50 4,595,580.00 5,109,500.00 2,624,830.00 2,171,650.00 6,520,620.00 2,755,558.00 3,155,664.00 5,083,350.00 2,030,900.00 12,258,480.00 1,427,258.00 843,112.50 5,190,000.00 2,714,850.00 1,533,700.00 2,479,331.00 1,355,013.80 1,772,462.50 1,022,240.00 1,668,345.00 1,630,635.00 2,429,232.00 515,460.00 769,325.20 2,211,480.00 5,476,536.00 4,829,632.00 3,783,560.40 4,048,720.00 1,012,460.00 4,828,998.90 2,699,702.82 3,387,936.00 1,487,122.00 3,098,900.00 637,002.00 2,262,920.00 2,419,352.00 686,504.00 1,633,058.00 2,615,200.00 3,317,100.00 910,760.00 2,067,240.00 6,064,856.00 2,048,260.00 1,034,660.00 1,011,120.00 3,724,416.00 3,616,410.00 1,140,190.50 2,024,280.00 7,801,056.00 1,938,870.00 1,775,232.00 2,155,900.00 6,794,202.00 5,126,700.00 1,642,768.00 2,019,720.00 4,677,345.00 4,978,850.00 1,116,020.00 525,995.00 4,098,600.00 1,346,800.00

7,031.25 24,062.50 21,180.56 11,122.22 16,666.67 93,402.71 9,154.17 27,912.50 36,555.56 14,055.56 84,116.67 15,652.78 17,187.50 48,027.78 23,913.19 11,666.67 24,763.33 6,394.10 18,416.67 8,877.78 13,906.25 12,109.38 10,350.00 3,558.33 9,795.56 7,150.00 71,058.25 20,843.75 12,808.19 35,833.33 8,800.00 49,599.31 15,322.38 4,666.67 23,625.00 58,100.00 8,510.00 12,258.00 35,146.53 2,096.25 31,913.19 6,562.50 31,250.00 12,320.00 8,375.00 73,173.33 10,416.67 1,527.78 4,156.25 40,237.50 15,370.83 8,257.64 13,800.00 126,875.00 25,330.00 4,444.44 31,111.11 35,198.00 46,875.00 4,573.33 17,604.17 38,500.00 35,677.08 24,375.00 1,956.60 8,955.56 4,550.00

0.13 0.37 0.42 0.21 0.18 0.53 0.22 0.26 0.41 0.17 1.00 0.12 0.07 0.42 0.22 0.12 0.20 0.11 0.14 0.08 0.14 0.13 0.20 0.04 0.06 0.18 0.45 0.39 0.31 0.33 0.08 0.39 0.22 0.28 0.12 0.25 0.05 0.18 0.20 0.06 0.13 0.21 0.27 0.07 0.17 0.49 0.17 0.08 0.08 0.30 0.29 0.09 0.16 0.63 0.16 0.14 0.18 0.55 0.42 0.13 0.16 0.38 0.41 0.09 0.04 0.33 0.11

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,000,000 1,000,000 5,700,000 1,000,000 7,300,000 3,500,000 1,400,000 500,000 10,000,000 400,000 1,500,000 4,300,000 250,000 3,700,000 2,700,000 1,600,000 808,000 1,000,000 6,100,000 1,300,000 1,000,000 1,900,000 3,000,000 3,800,000 1,000,000 2,200,000 2,550,000 1,500,000 2,200,000 1,900,000 5,000,000 2,000,000 2,236,000 1,622,000 573,000 859,000 3,700,000 2,000,000 1,400,000 2,550,000 1,000,000 800,000 3,250,000 2,500,000 3,500,000 1,500,000 500,000 4,000,000 5,900,000 1,400,000 4,450,000 1,200,000 4,400,000 3,700,000 4,000,000 4,000,000 2,900,000 5,000,000 3,600,000 3,400,000 2,640,000 1,200,000 4,100,000 800,000 5,350,000 4,800,000 3,000,000

Cost

DOW CHEMICAL 3.00 12-22 15/11S DR PEPPER SNAPPLE 3.40 15-25 15/11S DUKE ENERGY 3.05 12-22 15/08S EASTMAN CHEMICAL 3.60 12-22 15/08S EBAY 3.80 16-22 09/03S ECOPETROL SA 5.375 15-26 26/06S EDF REGS 3.625 15-25 13/10S EI DU PONT DE NEMOURS 2.80 13-23 15/02S EKSPORTFINANS 5.50 07-17 26/06S ELETROBRAS 5.75 11-21 27/10S ENERGY TRANSFER 4.65 11-21 01/06S ENERGY TRANSFER PART 4.15 13-20 01/10S ENLINK MIDSTREAM PART 4.40 14-24 01/04S ENTERPRISE PRODUCTS 2.55 14-19 15/10S ENTERPRISE PRODUCTS 3.35 13-23 15/03S ENTERPRISE PRODUCTS 3.75 14-25 15/02S EQT CORP 6.50 08-18 01/04S EQT CORP 8.125 09-19 01/06S EXELON CORP 3.40 16-26 15/04S EXPORT IMP BK KOREA 1.75 16-19 26/05S FEDEX 2.625 12-22 01/08S FLOWSERVE 3.50 12-22 15/09S FORD MOTOR CREDIT 2.375 13-18 16/01S FORD MOTOR CREDIT 2.551 15-18 05/10S FORD MOTOR CREDIT 2.875 13-18 01/10S FORD MOTOR CREDIT 3.336 16-21 18/03S FORD MOTOR CREDIT 4.375 13-23 06/08S FORD MOTOR CREDIT 4.389 16-26 08/01S FORD MOTOR CREDIT 5.75 11-21 01/02S FORD MOTOR CREDIT 3.664 14-24 08/09S FOREST LABORATO 144A 5.00 13-21 15/12S GAZ CAPITAL REGS 6.212 06-16 22/11S GE CAP INTL REGS 3.373 15-25 15/11S GE CAPITAL INT REGS 2.342 15-20 15/11S GECC 839 4.625 11-21 07/01S GENERAL ELECTRIC CAP 3.10 13-23 09/01S GENERAL MOTORS 3.15 15-20 15/01S GENERAL MOTORS 4.20 16-21 01/03S GENERAL MOTORS 4.375 14-21 25/09S GENERAL MOTORS FIN 3.20 15-20 13/07S GENERAL MOTORS FIN 3.70 16-23 09/05S GENERAL MOTORS FIN 5.25 16-26 01/03S GFB REGS 4.375 14-24 10/04S GILEAD SCIENCES 3.25 15-22 01/09S GLENCORE FUNDING LLC 3.125 14-19 29/04S GLENCORE FUNDING REGS 2.50 13-19 15/01S GLENCORE FUNDING REGS 4.625 14-24 29/04S GOLDMAN SACHS 2.55 14-19 23/10S GOLDMAN SACHS 5.25 11-21 27/07S GOLDMAN SACHS GROUP 2.60 15-20 23/04S GOLDMAN SACHS GROUP 3.625 13-23 22/01S GOLDMAN SACHS GROUP 4.00 14-24 03/03S GOLDMAN SACHS GROUP 5.75 12-22 24/01S GOLDMAN SACHS GROUP INC 6.15 08-18 01/04S GOLDMAN SACHS GROUP INC 7.50 09-19 15/02S HARVEST OPERAT REGS 2.125 13-18 14/05S HEWLETT PACKARD REGS 3.60 15-20 15/10S HEWLETT PACKARD 144A 2.85 15-18 05/10S HEWLETT PACKARD 144A 3.60 15-20 15/10S HEWLETT PACKARD 144A 4.40 15-22 15/10S HJ HEINZ CO 2.80 15-20 02/07S HJ HEINZ CO FL.R 15-25 15/07S HJ HEINZ 144A 3.50 15-22 15/07S HOME DEPOT INC 3.75 13-24 15/02S HSBC HOLDINGS PLC 5.10 11-21 05/04S HUSKY ENERGY 3.95 12-22 15/04S HUTCH WHAMPOA REGS 3.25 12-22 08/11S

982,660.00 994,030.00 5,749,869.98 1,034,060.00 7,562,611.31 3,244,318.86 1,378,608.90 493,730.00 10,437,500.77 446,800.00 1,553,415.33 4,218,390.09 238,437.50 3,588,688.09 2,739,987.76 1,646,368.67 824,160.33 1,053,350.75 6,216,201.44 1,298,258.00 991,570.00 1,877,865.00 2,994,410.00 3,809,956.00 1,011,330.00 2,269,630.47 2,738,243.94 1,611,570.26 2,474,312.66 1,968,268.84 5,532,900.20 2,142,187.50 2,117,720.17 1,612,381.48 647,438.43 849,659.80 3,690,459.00 2,069,640.34 1,465,314.66 2,547,864.00 988,900.67 876,776.33 3,365,565.94 2,496,475.00 3,235,750.42 1,415,331.45 433,750.19 4,056,320.00 6,588,929.50 1,402,534.00 4,580,936.28 1,225,956.67 4,778,380.67 4,057,790.00 4,618,797.83 3,961,240.67 3,023,714.00 4,993,600.00 3,618,736.00 3,531,298.44 2,654,706.80 1,285,344.00 4,165,420.55 847,680.00 6,081,928.00 4,626,881.42 2,999,930.00

The accompanying notes are an integral part of these financial statements.

Page 28

Market value

Unaudited accrued Interest

% of total net assets

1,030,890.00 1,067,610.00 5,938,545.00 1,054,550.00 7,756,761.00 3,409,490.00 1,466,766.00 514,855.00 10,343,200.00 369,668.00 1,552,020.00 4,369,875.00 233,865.00 3,807,189.00 2,782,431.00 1,684,656.00 842,341.21 1,102,448.50 6,392,678.00 1,311,037.00 1,027,240.00 1,961,522.00 3,038,790.00 3,871,022.00 1,026,540.00 2,288,550.00 2,776,669.50 1,640,835.00 2,506,174.00 1,979,914.00 5,609,750.00 2,038,140.00 2,433,505.88 1,671,488.84 650,956.65 919,258.85 3,761,716.00 2,098,700.00 1,479,954.00 2,595,415.50 1,005,560.00 870,640.00 3,388,125.00 2,671,275.00 3,422,125.00 1,447,935.00 471,405.00 4,094,480.00 6,685,172.00 1,427,888.00 4,682,557.00 1,290,084.00 5,110,908.00 3,988,526.00 4,575,080.00 4,044,840.00 3,026,353.00 5,121,150.00 3,757,608.00 3,649,832.00 2,745,309.60 1,312,788.00 4,365,229.00 897,216.00 5,903,190.00 4,964,544.00 3,174,360.00

3,750.00 4,250.00 65,193.75 13,500.00 85,531.67 2,090.28 10,854.86 5,250.00 6,111.11 4,025.00 5,618.75 44,116.81 2,719.44 19,656.25 26,381.25 22,500.00 12,984.11 6,545.14 47,958.89 2,148.61 10,864.58 19,395.83 32,458.33 22,888.14 7,107.64 20,794.40 44,625.00 31,454.50 52,356.94 21,658.31 10,416.67 13,114.22 9,427.54 4,748.41 12,735.32 12,648.78 53,418.75 27,766.67 16,163.19 37,853.33 5,241.67 13,883.33 31,597.22 26,857.64 18,532.99 17,187.50 3,918.40 18,983.33 131,643.75 6,774.44 70,798.26 15,600.00 109,633.33 56,255.42 112,500.00 10,861.11 23,490.00 33,645.83 27,000.00 31,166.67 36,549.33 21,725.00 65,770.83 11,250.00 64,422.92 39,500.00 14,083.33

0.08 0.09 0.48 0.09 0.63 0.28 0.12 0.04 0.84 0.03 0.13 0.36 0.02 0.31 0.23 0.14 0.07 0.09 0.52 0.11 0.08 0.16 0.25 0.32 0.08 0.19 0.23 0.13 0.20 0.16 0.46 0.17 0.20 0.14 0.05 0.07 0.31 0.17 0.12 0.21 0.08 0.07 0.28 0.22 0.28 0.12 0.04 0.33 0.54 0.12 0.38 0.10 0.42 0.32 0.37 0.33 0.25 0.42 0.31 0.30 0.22 0.11 0.36 0.07 0.48 0.40 0.26

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,300,000 6,000,000 2,000,000 3,000,000 5,600,000 5,800,000 2,000,000 7,500,000 2,000,000 1,700,000 1,855,000 1,000,000 2,000,000 3,700,000 2,200,000 4,250,000 3,150,000 1,250,000 5,000,000 1,400,000 1,500,000 5,000,000 3,250,000 1,000,000 500,000 3,100,000 4,700,000 5,500,000 4,100,000 3,000,000 1,000,000 2,000,000 2,500,000 500,000 2,500,000 550,000 1,000,000 4,100,000 1,000,000 900,000 1,000,000 1,000,000 674,000 750,000 6,900,000 1,600,000 2,400,000 2,700,000 750,000 900,000 3,030,000 200,000 2,000,000 3,000,000 14,010,000 2,000,000 1,900,000 2,100,000 1,250,000 7,400,000 1,300,000 2,000,000 1,000,000 3,500,000 1,500,000 1,000,000 2,000,000

Cost

HYUNDAI CAP AM REG 3.00 15-20 30/10S IMPERIAL TOBACCO FIN 3.75 15-22 21/07S IMPERIAL TOBACCO REGS 3.50 13-23 11/02S ING BANK REGS 5.80 13-23 25/09S ING REGS FL.R 16-19 22/03Q INGERSOLL RAND 4.25 14-23 15/06S INTESA SAN PAOLO 2.375 14-17 13/01S INTESA SAN PAOLO 3.875 13-18 16/01S INTESA SAN PAOLO 3.875 13-19 15/01S INTESA SANPAOLO SPA 5.25 14-24 12/01S INTL PAPER CO 4.75 11-22 15/02S JOHN DEERE CAP 3.35 14-24 12/06S JP MORGAN CHASE 1.85 16-19 22/03S JP MORGAN CHASE 3.25 12-22 23/09S JP MORGAN CHASE 3.30 16-26 01/04S JP MORGAN CHASE 4.50 12-22 24/01S JP MORGAN CHASE 6.30 09-19 23/04S JP MORGAN CHASE 4.40 10-20 22/07S JPMORGAN CHASE 2.75 15-20 23/06S JPMORGAN CHASE 3.20 16-26 15/06S JPMORGAN CHASE CO 3.90 15-25 15/07S JPMORGAN CHASE AND CO 2.35 14-19 28/01S JPMORGAN CHASE SUB 3.875 14-24 10/09S KERR MCGEE CORP 6.95 04-24 01/07S KEYSIGHT TECHNOLOGIES 4.55 15-24 30/10S KINDER MORGAN ENERGY 3.50 14-21 01/03S KINDER MORGAN ENERGY 3.95 12-22 01/09S KINDER MORGAN INC 3.05 14-19 01/12S KOC HLDG REGS 5.25 16-23 15/03S KOREA GAS CORP REGS 2.875 13-18 29/07S KOREA WESTERN POWER 2.875 13-18 10/10S KRAFT FOODS 5.375 12-20 10/02S KROGER 2.95 14-21 01/11S KROGER 3.50 16-26 01/02S LLOYDS BANK 2.30 13-18 27/11S LLOYDS BANK GRP REGS 4.582 15-25 10/12S LLOYDS TSB REGS 6.50 10-20 14/09S LOWE S COM 2.50 16-26 15/04S LUKOIL INT REG S 6.125 10-20 09/11S MACQUARIE 2.85 16-21 15/01S MACQUARIE BANK REGS 2.85 15-20 29/07S MACYS RETAIL HLDG 3.625 14-24 01/06S MARATHON OIL 2.70 15-20 01/06S MARATHON OIL 3.85 15-25 01/06S MCDONALD S 3.70 15-26 30/01S MCKESSON CORP 3.796 14-24 15/03S MEAD JOHNSON NUTRI 3.00 15-20 15/11S MEDTRONIC INC 3.15 15-22 15/0S MEDTRONIC INC 3.50 15-25 15/0S MERRILL LYNCH & CO 6.875 08-18 25/04S METLIFE INC SER B 7.717 09-19 15/02S MEXICHEM REGS 4.875 12-22 19/09S MITSUBISHI CORP 2.875 13-18 18/07S MITSUBISHI UFJ 2.00 13-18 28/02S MITSUBISHI UFJ 2.45 14-19 16/10S MIZUHO BANK REGS 2.40 15-20 26/03S MIZUHO CORP BANK REGS 2.95 12-22 17/10S MIZUHO FIN GROUP REGS 3.477 16-26 12/04S MIZUHO FINANCE 4.20 12-22 18/07S MOLEX ELECTRONICS TEC 2.878 15-20 15/04S MORGAN STANLEY 2.80 15-20 16/06S MORGAN STANLEY 3.70 14-24 23/10S MORGAN STANLEY 3.75 13-23 25/02S MORGAN STANLEY 4.00 15-25 23/07S MORGAN STANLEY 5.50 10-20 26/01S MORGAN STANLEY 5.50 11-21 28/07S MORGAN STANLEY 7.30 09-19 13/05S

1,298,804.00 6,175,401.01 2,047,216.00 3,263,168.89 5,600,000.00 6,307,641.50 2,007,000.00 7,715,398.59 2,068,280.50 1,858,049.00 2,036,771.45 1,010,810.00 2,013,500.22 3,751,076.00 2,197,382.00 4,650,165.00 3,660,741.00 1,281,140.00 5,135,150.06 1,440,166.89 1,530,020.17 5,079,500.40 3,242,345.35 1,216,950.00 499,830.00 3,113,578.67 4,423,974.83 5,445,376.93 4,236,890.50 3,009,300.00 993,040.00 2,262,940.00 2,534,838.43 498,815.00 2,506,100.00 555,010.58 1,147,370.33 4,074,170.00 1,062,500.00 917,010.25 1,004,990.00 996,580.00 584,695.70 615,465.92 7,158,231.73 1,683,520.00 2,413,104.00 2,734,209.00 760,268.33 851,965.00 3,707,505.97 198,052.00 1,989,760.00 2,987,820.00 14,132,979.12 2,011,400.00 1,894,048.00 2,124,612.15 1,244,959.37 7,392,438.59 1,308,905.00 2,001,300.00 1,042,110.00 3,598,795.33 1,699,375.00 983,660.00 2,231,357.61

The accompanying notes are an integral part of these financial statements.

Page 29

Market value

Unaudited accrued Interest

% of total net assets

1,348,399.00 6,355,740.00 2,073,540.00 3,312,570.00 5,636,456.00 6,447,744.00 2,007,220.00 7,694,925.00 2,059,460.00 1,825,443.00 2,073,166.55 1,079,753.50 2,021,120.00 3,883,890.00 2,284,634.00 4,730,760.00 3,544,317.00 1,366,725.00 5,163,350.00 1,442,798.00 1,624,485.00 5,123,250.00 3,380,292.50 1,161,160.00 512,617.50 3,116,058.00 4,783,707.00 5,591,850.00 4,257,891.00 3,080,520.00 1,027,280.00 2,255,140.00 2,629,625.00 541,720.00 2,517,850.00 552,838.00 1,116,080.00 4,193,316.00 1,093,900.00 922,095.00 1,025,390.00 994,230.00 636,384.06 689,047.50 7,490,088.00 1,740,000.00 2,509,152.00 2,887,974.00 822,135.00 982,854.00 3,514,315.20 211,396.00 2,058,842.00 3,019,380.00 14,292,161.40 2,032,980.00 1,960,078.00 2,225,223.00 1,349,337.50 7,429,304.00 1,332,773.00 2,102,640.00 1,063,570.00 3,755,850.00 1,673,325.00 1,145,310.00 2,299,520.00

6,500.00 99,375.00 27,027.78 45,916.67 2,183.13 12,748.92 22,034.72 132,395.83 35,520.83 41,650.00 33,042.19 1,675.00 9,969.44 32,400.69 19,561.67 82,875.00 36,933.75 24,138.89 2,673.61 3,608.00 26,812.50 49,611.11 38,480.90 34,556.94 3,791.67 36,166.00 61,367.64 13,513.19 62,781.25 36,177.08 6,388.89 41,805.56 12,086.81 8,020.83 5,270.83 1,400.06 19,138.89 19,930.56 8,677.08 11,756.25 11,954.17 2,920.14 1,465.95 2,326.04 144,453.67 17,714.67 9,000.00 24,806.25 7,656.25 11,171.88 87,684.41 2,735.42 25,875.00 20,333.33 70,555.92 12,533.33 11,365.69 15,820.35 23,625.00 44,369.17 1,415.56 13,772.22 13,020.83 61,055.56 35,291.67 23,222.22 19,061.11

0.11 0.52 0.17 0.27 0.46 0.52 0.16 0.63 0.17 0.15 0.17 0.09 0.16 0.32 0.19 0.38 0.29 0.11 0.42 0.12 0.13 0.42 0.28 0.09 0.04 0.25 0.39 0.46 0.35 0.25 0.08 0.18 0.21 0.04 0.20 0.04 0.09 0.34 0.09 0.08 0.08 0.08 0.05 0.06 0.61 0.14 0.20 0.24 0.07 0.08 0.29 0.02 0.17 0.25 1.16 0.17 0.16 0.18 0.11 0.60 0.11 0.17 0.09 0.31 0.14 0.09 0.19

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

7,000,000 2,600,000 3,000,000 3,800,000 500,000 10,000,000 3,000,000 7,200,000 4,700,000 2,000,000 2,000,000 3,611,000 3,863,000 1,500,000 2,300,000 2,000,000 500,000 3,000,000 910,000 2,000,000 9,000,000 300,000 6,400,000 3,500,000 500,000 1,500,000 1,000,000 2,600,000 1,000,000 1,400,000 4,200,000 3,600,000 1,000,000 500,000 300,000 1,200,000 2,600,000 3,000,000 6,000,000 900,000 3,650,000 3,000,000 2,300,000 1,300,000 500,000 4,000,000 500,000 4,000,000 1,000,000 3,200,000 1,500,000 400,000 750,000 2,500,000 1,800,000 1,500,000 6,000,000 500,000 2,100,000 5,900,000 800,000 1,000,000 2,100,000 1,500,000 6,300,000 1,400,000 4,301,000

Cost

MORGAN STANLEY EMTN 2.50 15-20 27/01S MORGAN STANLEY -F- 2.50 16-21 21/04S MOTIVA ENTERPRISES 5.75 10-20 15/01S MS EMTN SUB SERIE -F- 4.875 12-22 01/11S MURPHY OIL 2.50 12-17 01/12S NATIONAL BK AUSTRALIA 2.25 16-21 16/03S NBC UNIVERSAL 4.375 11-21 01/04S NEWELL RUBBERMAID 3.15 16-21 01/04S NEWELL RUBBERMAID 3.85 16-23 01/04S NISSAN MOTOR REGS 2.35 14-19 04/03S NOMURA HOLDING 6.70 10-20 04/03S NORDEA BANK REGS 4.25 12-22 21/09S NORDEA BANK 9 REGS 4.875 10-20 27/01S NORFOLK SOUTHERN 3.85 13-24 15/01S NORTHROP GRUMMAN 3.25 13-23 01/08S OMNICOM GROUP 3.625 12-22 01/05S ORACLE CORP 3.40 14-24 08/07S ORANGE 4.125 11-21 14/09S PACIFIC GAS & ELEC 3.50 15-25 15/06S PEMEX 3.50 16-20 23/07S PEMEX REGS 6.375 09-19 03/05S PENTAIR FINANCE 3.625 15-20 15/09S PERNOD RICARD REGS 5.75 11-21 07/04S PERRIGO FINANCE UN 3.50 16-21 15/03S PHILIP MORRIS 2.625 13-23 06/03S PHILIP MORRIS 3.60 13-23 15/11S PIONEER NAT RES CO 7.50 09-20 15/01S PNC BANK NA 2.45 15-20 05/11S PRIDE INTL 8.50 09-19 15/06S PROLOGIS 3.35 13-21 01/02S PROLOGIS 3.75 15-25 01/11S PRUDENTIAL FINANCIAL 3.50 14-24 15/05S PRUDENTIAL FINANCIAL 4.50 10-20 15/11S PRUDENTIAL FINANCIAL INC SER D TR 31 7.375 09-19 15/06S PRUDENTIAL FINANCIAL TR 27 6.00 07-17 01/12S QTEL INTL REGS 3.25 12-23 21/02S RABOBANK 3.95 12-22 09/11S RAS LAFFAN REGS 6.75 09-19 30/09S RELIANCE HLDGS REGS 5.40 12-22 14/02S RELIANCE INDUSTRIES L 4.125 15-25 28/01S REYNOLDS AMERICAN 4.45 15-25 12/06S REYNOLDS AMERICAN 8.125 15-19 23/06S REYNOLDS AMERICAN 4.00 15-22 12/06S RIO TINTO FIN USA LTD 3.50 12-22 22/03S RIO TINTO FINANCE USA 2.875 12-22 21/08S RIO TINTO FINANCE USA LTD 9.00 09-19 01/05S ROCKWELL COLLINS 5.25 09-19 15/07S ROYAL BANK OF CANADA 1.875 15-20 05/02S SABMILLER HOLDINGS 3.75 12-22 15/01S SANTANDER UK 2.875 15-20 16/10S SCHLUMBERGER INVEST 2.40 12-22 01/08S SES REGS 3.60 13-23 04/04S SHELL INTERNATIONA 3.25 15-25 11/05S SHELL INTL FINANCE 2.375 12-22 21/08S SINOPEC GR OVER REGS 3.90 12-22 17/05S SINOPEC GR OVER REGS 4.375 14-24 10/04S SINOPEC GRP OVER REGS 2.75 14-19 10/04S SK TELECOM REGS 2.125 12-18 01/05S SOCIETE GENERALE 5.00 14-24 17/01S SOLVAY FINANCE AMER 3.40 15-20 03/12S SOLVAY FINANCE 144A 4.45 15-25 03/12S SOUTHERN CO 1.55 16-18 01/07S SOUTHERN CO 2.95 16-23 01/07S SOUTHERN CO 3.25 16-26 01/07S STATE GRID REGS 2.75 14-19 07/05S STATOIL ASA 2.45 12-23 17/01S STATOILHYDRO ASA 5.25 09-19 15/04S

7,077,360.10 2,615,418.89 3,435,530.61 4,035,773.09 499,930.00 9,993,400.00 3,302,610.00 7,350,468.00 4,894,078.57 1,999,060.00 2,317,945.00 3,793,303.83 4,170,358.79 1,583,700.00 2,360,938.50 2,089,552.42 498,180.00 3,240,702.80 921,757.62 1,973,880.22 9,274,041.07 299,673.00 7,290,131.21 3,603,638.78 469,235.00 1,571,925.00 1,195,360.00 2,598,284.00 1,191,330.00 1,422,442.11 4,275,068.83 3,660,422.67 1,037,620.00 507,670.00 216,000.00 1,188,442.00 2,655,978.62 3,370,500.50 6,579,100.00 918,234.88 3,922,037.76 3,530,240.00 2,408,205.12 1,318,265.17 474,850.00 4,882,460.00 497,355.00 3,999,440.00 1,072,600.00 3,190,777.00 1,405,860.00 416,600.00 732,277.96 2,369,500.83 1,875,060.00 1,577,400.00 6,103,811.84 497,115.00 2,101,904.78 5,905,613.57 821,624.78 999,290.00 2,122,407.75 1,565,205.50 6,445,089.00 1,303,260.43 4,838,138.29

The accompanying notes are an integral part of these financial statements.

Page 30

Market value

Unaudited accrued Interest

% of total net assets

7,148,960.00 2,630,498.00 3,286,293.00 4,167,004.00 497,885.00 10,247,300.00 3,363,750.00 7,514,496.00 4,987,734.00 2,045,020.00 2,322,120.00 3,866,658.80 4,279,431.40 1,643,400.00 2,468,084.00 2,129,040.00 541,625.00 3,317,130.00 991,972.80 1,998,220.00 9,782,370.00 307,536.00 7,391,808.00 3,633,840.00 519,420.00 1,656,000.00 1,170,940.00 2,683,278.00 1,033,610.00 1,481,242.00 4,507,272.00 3,763,368.00 1,104,215.00 580,614.75 321,258.45 1,216,356.00 2,696,304.00 3,431,040.00 6,717,600.00 932,571.00 4,098,110.50 3,561,000.00 2,508,909.00 1,368,029.00 510,170.00 4,811,680.00 559,725.00 4,061,080.00 1,072,460.50 3,191,424.00 1,521,180.00 404,530.00 788,752.50 2,559,375.00 1,913,742.00 1,629,495.00 6,135,720.00 505,410.00 2,200,107.00 6,163,671.00 856,368.00 1,006,880.00 2,179,674.00 1,559,955.00 6,489,756.00 1,417,374.00 4,737,938.59

74,375.00 12,458.33 79,062.50 30,360.42 1,006.94 65,000.00 32,447.92 58,380.00 45,237.50 15,144.44 43,177.78 42,203.56 80,036.53 26,468.75 30,938.19 11,881.94 8,122.22 36,437.50 1,327.08 30,527.78 232,687.50 3,141.67 84,844.44 37,430.56 4,156.25 6,750.00 34,375.00 9,731.94 3,541.67 19,411.39 25,812.50 15,750.00 5,625.00 1,536.46 1,450.00 13,975.00 14,549.17 50,625.00 122,400.00 15,675.00 8,121.25 4,739.58 4,600.00 12,386.11 5,151.04 59,000.00 12,031.25 30,208.33 17,187.50 18,911.11 14,900.00 3,440.00 3,317.71 21,276.04 8,385.00 14,583.33 36,666.67 1,741.32 47,541.67 15,045.00 2,670.00 1,550.00 6,195.00 5,687.00 25,506.25 15,530.28 47,042.19

0.58 0.21 0.27 0.34 0.04 0.83 0.27 0.61 0.41 0.17 0.19 0.31 0.35 0.13 0.20 0.17 0.04 0.27 0.08 0.16 0.80 0.03 0.60 0.30 0.04 0.13 0.10 0.22 0.08 0.12 0.37 0.31 0.09 0.05 0.03 0.10 0.22 0.28 0.55 0.08 0.33 0.29 0.20 0.11 0.04 0.39 0.05 0.33 0.09 0.26 0.12 0.03 0.06 0.21 0.16 0.13 0.50 0.04 0.18 0.50 0.07 0.08 0.18 0.13 0.53 0.12 0.39

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,700,000 3,400,000 2,000,000 1,500,000 2,707,000 1,000,000 5,700,000 2,800,000 500,000 1,500,000 500,000 1,250,000 5,000,000 2,000,000 2,500,000 5,000,000 1,000,000 750,000 5,800,000 3,700,000 4,100,000 1,500,000 1,000,000 2,000,000 1,200,000 4,100,000 800,000 7,300,000 5,100,000 250,000 500,000 2,300,000 3,700,000 5,000,000 1,200,000 500,000 4,000,000 1,000,000 4,391,000 4,400,000 3,900,000 3,300,000 2,500,000 1,000,000 750,000 750,000 1,000,000 2,000,000 1,000,000 800,000

STRYKER 3.375 15-25 01/11S SUMITOMO BANK 2.45 15-20 20/10S SUMITOMO BANK 4.85 12-22 01/03S SUMITOMO MITSUI 3.40 14-24 11/07S SUNCOR ENERGY INC 6.10 08-18 01/06S TELEFONICA EMISIONES SA 4.57 13-23 27/04S TESCO PLC 5.50 07-17 15/11S TIME WARNER 5.00 09-20 01/02S TIME WARNER 8.75 08-19 14/02S TIME WARNER CABLE INC 6.75 08-18 01/04S TIME WARNER CABLE INC 8.25 09-19 01/04S TIME WARNER INC 3.55 14-24 01/06S TORONTO DOMINION BANK 1.75 15-18 23/07S TORONTO DOMINION BK 2.125 16-21 07/04S TOTAL CAPITAL 3.75 14-24 10/04S TOYOTA MOTOR CREDIT 1.40 16-19 20/05S TRANSCANADA PIPELINES 2.50 12-22 01/08S TRANSCANADA PIPELINES 7.125 09-19 15/01S UBS AG STAMFORD CT 2.375 14-19 14/08S UBS GROUP FDG REGS 3.00 16-21 15/04S UBS GROUP REGS 2.95 15-20 24/09S UNITED TECH CORP 6.125 08-19 01/02S UNITED TECHNOLOGIES 3.10 12-22 01/06S UNITEDHEALTH GROUP 2.875 14-21 15/12A UNITEDHEALTH GROUP 3.10 16-26 15/03S VERIZON COM 2.45 12-22 01/11S VERIZON COMMUNICATION 4.15 14-24 15/03S VERIZON COMMUNICATION 4.50 13-20 15/09S VERIZON COMMUNICATION 5.15 13-23 15/09S VODAFONE GROUP 2.50 12-22 26/09S VODAFONE GROUP 2.95 13-23 19/02S WALGREENS BOOTS 3.30 14-21 18/11S WALGREENS BOOTS 3.80 14-24 18/11S WALLGREENS BOOTS 1.75 16-18 30/05S WATSON PHARMACEUTICAL 3.25 12-22 01/10S WELLS FARGO & CO 4.60 11-21 01/04S WELLS FARGO & COMP 3.00 16-26 22/04S WELLS FARGO BANK 3.50 12-22 08/03S WELLS FARGO CO 2.15 13-19 15/01S WELLS FARGO CO 4.125 13-23 15/08S WELLS FARGO COMPANY 3.30 14-24 09/09S WILLIAMS PARTNERS 4.00 12-21 15/11S WM WRIGLEY JR REGS 2.90 13-19 21/10S WOORI BANK 4.75 14-24 30/04S WOORI BANK REGS 5.875 11-21 13/04S WPP FINANCE 3.625 12-22 07/09S WPP FINANCE 2010 3.75 14-24 19/09S XCEL ENERGY 4.70 10-20 15/05S XEROX 4.50 11-21 15/05S 21ST CENTURY FOX 3.00 12-22 15/09S

Floating rate bonds 1,500,000 3,555,000 1,500,000 1,350,000 1,500,000 3,000,000 5,540,000 2,000,000 1,600,000 2,900,000 4,100,000 2,600,000 1,500,000 4,000,000

US Dollar

ANZ BKING GROUP EMTN FL.R 12-22 08/08S AXA - BONDS 2006 FL.R 06-49 14/12S BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S BARCLAYS BANK REGS FL.R 06-XX 15/06S BPCE REG S FL.R 09-XX 29/06S CREDIT AGRICOLE REGS FL.R 09-XX 13/10S CREDIT SUISSE GUERNSEY FL.R 07-15/05S DOMINION RESOURCES FL.R 14-54 01/10S EDF SA REGS FL.R 13-XX 29/01S GENERAL ELECTRIC CO FL.R 16-XX XX.XXS GENERAL MOTORS FIN FL.R 15-19 15/01Q HUTCH WHAM REGS FL.R 12-XX 07/05S LLOYDS BANK FL.R 11-21 16/12A METLIFE 3.048 12-22 15/12Q

Cost

Market value

Unaudited accrued Interest

% of total net assets

1,702,843.25 3,382,830.00 1,999,585.00 1,513,875.00 2,810,056.41 1,059,375.00 6,130,899.27 2,992,712.32 583,840.33 1,650,580.00 610,571.25 1,283,300.50 5,040,750.28 1,996,600.00 2,529,250.68 4,993,000.00 938,030.00 915,384.00 5,917,044.67 3,721,512.47 4,080,632.10 1,873,800.00 1,024,200.00 1,997,840.00 1,199,052.00 3,904,410.44 840,064.33 7,881,300.00 5,808,686.79 246,747.50 473,660.00 2,300,414.51 3,751,919.00 5,022,394.56 1,194,578.40 498,965.00 3,982,102.33 1,045,290.00 4,453,221.48 4,582,665.33 3,901,365.51 3,435,917.00 2,534,830.00 1,046,512.00 870,025.00 753,352.50 1,036,915.30 2,214,560.00 1,054,420.00 802,853.34

1,796,968.00 3,481,090.00 2,221,360.00 1,594,995.00 2,927,214.45 1,112,530.00 5,956,443.00 3,046,568.00 583,855.00 1,644,960.00 581,145.00 1,329,075.00 5,056,750.00 2,035,340.00 2,752,350.00 5,036,200.00 1,012,357.50 846,185.62 5,931,718.00 3,771,891.00 4,178,843.00 1,686,420.00 1,067,010.00 2,111,700.00 1,257,144.00 4,151,209.00 884,560.00 8,108,986.00 5,956,341.00 246,612.50 503,760.00 2,412,217.00 3,920,076.00 5,040,250.00 1,231,788.00 559,475.00 4,092,080.00 1,075,210.00 4,488,875.39 4,740,076.00 4,106,154.00 3,245,715.00 2,599,766.25 1,056,630.00 864,337.50 794,452.50 1,056,830.00 2,213,582.00 1,011,340.00 837,112.00

9,403.13 16,197.22 32,063.89 23,941.67 13,301.90 7,997.50 39,187.50 57,944.44 16,527.78 50,343.75 10,197.92 3,574.65 38,159.72 9,798.61 20,833.33 7,777.78 10,347.22 24,492.19 52,038.89 26,208.33 32,253.33 38,026.04 2,497.22 2,395.83 12,916.67 16,462.64 9,683.33 95,812.50 76,606.25 1,631.94 5,367.36 8,855.00 16,403.33 7,048.61 9,641.67 5,686.11 22,666.67 10,888.89 43,269.65 68,062.50 39,682.50 16,500.00 13,895.83 7,916.67 9,424.48 8,533.85 10,520.83 11,750.00 5,625.00 7,000.00

0.15 0.28 0.18 0.13 0.24 0.09 0.48 0.25 0.05 0.13 0.05 0.11 0.41 0.17 0.22 0.41 0.08 0.07 0.48 0.31 0.34 0.14 0.09 0.17 0.10 0.34 0.07 0.66 0.48 0.02 0.04 0.20 0.32 0.41 0.10 0.05 0.33 0.09 0.37 0.39 0.33 0.26 0.21 0.09 0.07 0.06 0.09 0.18 0.08 0.07

60,607,711.43

59,877,296.65

612,568.42

4.87

60,607,711.43 1,497,750.00 3,669,786.16 1,666,925.00 1,427,437.50 1,951,875.00 3,530,357.14 5,514,800.06 2,000,000.00 1,609,000.58 2,809,275.67 4,100,000.00 2,774,200.00 1,780,125.00 4,136,320.00

59,877,296.65 1,526,640.00 3,710,246.85 1,542,135.00 1,340,523.00 1,857,120.00 3,366,960.00 5,627,088.80 2,009,260.00 1,536,000.00 3,086,325.00 4,217,875.00 2,690,844.00 1,550,670.00 4,121,316.00

612,568.42 20,412.50 10,211.54 4,646.25 3,333.38 46,875.00 53,739.58 40,580.50 28,430.56 35,233.33 6,041.67 23,269.16 22,966.67 79,822.92 5,080.00

4.87 0.12 0.30 0.13 0.11 0.15 0.27 0.46 0.16 0.13 0.25 0.34 0.22 0.13 0.34

The accompanying notes are an integral part of these financial statements.

Page 31

UBAM - CORPORATE US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

500,000 800,000 2,000,000 5,000,000 2,100,000 9,900,000

NATIONAL AUSTRALIA BANK LTD NEW YORK REG S SUB FL.R 09-24/09S NIPPON LIFE INSUR FL.R 16-46 20/01S PRUDENTIAL FINANCIAL 5.875 12-42 15/09S RABOBANK NED. SUB FL.R 09-XX 29/12S RWE FL.R 12-72 12/10S SOCIETE GENERALE FL.R 07-XX 05/04S

Other transferable securities Bonds 900,000 1,000,000 7,000,000 1,000,000 1,300,000 3,500,000 250,000 1,300,000

Market value

Unaudited accrued Interest

% of total net assets

504,200.00 849,600.11 2,104,750.00 6,328,725.56 2,125,583.65 10,227,000.00

506,065.00 842,968.00 2,163,080.00 6,050,150.00 2,141,643.00 9,990,387.00

10,666.67 16,711.11 34,270.83 0.00 31,850.00 138,426.75

0.04 0.07 0.18 0.49 0.17 0.81

19,308,858.42

19,710,462.45

289,419.03

1.60

16,989,651.29

17,382,488.45

256,419.03

1.41

16,989,651.29 983,250.60 1,006,270.00 7,338,937.00 1,234,690.00 1,298,531.33 3,565,775.00 249,872.50 1,312,324.86

17,382,488.45 983,970.00 1,045,440.00 7,540,820.00 1,165,780.20 1,317,992.00 3,734,767.75 256,759.50 1,336,959.00

256,419.03 19,386.00 15,608.42 136,276.00 42,968.75 3,900.00 32,156.25 3,541.67 2,581.94

1.41 0.08 0.09 0.61 0.09 0.11 0.30 0.02 0.11

2,319,207.13

2,327,974.00

33,000.00

0.19

2,319,207.13 2,319,207.13

2,327,974.00 2,327,974.00

33,000.00 33,000.00

0.19 0.19

1,141,454,897.34

1,163,825,384.70

94.71

91,369,713.67

7.44

-26,407,009.37

-2.15

1,228,788,089.00

100.00

Cost

US Dollar

CHARTER COMM OPER 4.908 16-25 23/07S CHARTER COMM -144A- 3.579 15-20 23/07S CHARTER COMM -144A- 4.464 15-22 23/07S COX COMM. -144A- 9.375 08-19 15/01S KRAFT HEINZ FOODS 3.00 16-26 01/06S MEDTRONIC 144A 3.15 14-22 15/03S METROPOLITAN LIFE 144A 3.00 12 23 10/01S PERNOD RICARD 144A 3.25 16-26 08/06S

Floating rate bonds US Dollar

2,200,000 CLOVERIE PLC ZURIC FL.R 16-46 24/06S

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 32

UBAM - CORPORATE US DOLLAR BOND

Geographical classification of investments (by domicile of the issuer) United States of America France United Kingdom Japan The Netherlands Australia Canada Norway British Virgin Islands Mexico Italy Luxembourg Cayman Islands Ireland Germany Guernsey Turkey Sweden Jersey Island South Korea Denmark Colombia Qatar Spain Bermuda India Brazil

% of net assets 59.90 5.67 4.69 3.52 3.12 2.46 2.28 1.35 1.32 1.21 1.11 0.90 0.88 0.83 0.72 0.71 0.68 0.66 0.65 0.64 0.38 0.28 0.28 0.26 0.10 0.08 0.03 94.71

Page 33

UBAM - CORPORATE US DOLLAR BOND

Industrial classification of investments % of net assets 34.06 21.45 6.17 5.36 2.92 2.81 2.65 2.57 1.85 1.70 1.48 1.39 1.34 1.27 1.26 1.02 0.86 0.84 0.61 0.58 0.51 0.44 0.34 0.28 0.27 0.25 0.17 0.17 0.05 0.04

Banks and credit institutions Holding and finance companies Petroleum Communications Tobacco and alcoholic drinks Pharmaceuticals and cosmetics Utilities Insurance Retail trade, department stores Office supplies and computing Foods and non alcoholic drinks Real estate companies Biotechnology Electrical engineering and electronics Road vehicles Miscellaneous consumer goods Chemicals Building materials and trade Hotels and restaurants Aerospace industry Transportation Coal mining and steel industry Machine and apparatus construction Graphic art and publishing Healthcare and social services Electronics and semiconductors Miscellaneous trading companies Paper and forest products Precious metals and stones Internet and Internet services

94.71

Page 34

UBAM - CORPORATE US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

17,470,784.21

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

16,896,375.75 22,644.11 551,562.15 202.20 4,004,865.61

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

2,034,333.31 507,343.76 164,071.40 480,704.78 10,941.12 1,791.37 8,945.34 72,528.48 383,401.73 1,371.32 317,058.55 22,374.45 13,465,918.60

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-506,945.73 158,265.62 3,544,739.75 -755,101.54 -87,315.79 37,554.45 15,857,115.36

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

33,910,747.73 -4,073,560.75 409,385.84 -989,930.69 45,113,757.49

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-2,416,414.37 585,799,410.46 49,147,399.10 -117,588,334.68 -10,630,238.21

Total changes in net assets

549,425,579.79

Total net assets at the beginning of the period

679,362,509.21

Total net assets at the end of the period

1,228,788,089.00

The accompanying notes are an integral part of these financial statements.

Page 35

UBAM - DYNAMIC EURO BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

500,915,631.27

Securities portfolio at market value Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Unrealised gain on forward foreign exchange contracts

Note 2

474,038,260.45 23,628,228.28 346,560.63 38,345.63 2,709,049.35 155,186.93

Note 2 Note 2, 8

Liabilities

657,583.12

Unrealised loss on futures contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

Note 2, 9 Note 2, 10

108,205.00 102,736.11 446,642.01

Net assets at the end of the period

500,258,048.15

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

Capitalisation shares

625,011.931

117,276.816

218,925.045

523,363.702

Distribution shares

614,648.590

12,584.000

363,146.444

264,086.146

16,145.535

1,470.300

2,470.000

15,145.835

26,348.000

0.000

10,295.000

16,053.000

Capitalisation shares

893,468.570

44,162.125

216,842.352

720,788.343

Distribution shares

881,037.197

4,745.624

28,199.000

857,583.821

165,346.311

400.000

23,664.887

142,081.424

7,530.000

70.000

0.000

7,600.000

12,173.282

3,720.000

250.075

15,643.207

10.000

1,507.992

0.000

1,517.992

1,960.000

0.000

1,950.000

10.000

0.000

10.000

A shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares

I shares

IH CHF shares

Capitalisation shares

IH GBP shares

Capitalisation shares

U shares

Capitalisation shares Distribution shares

UH CHF shares

Capitalisation shares Distribution shares

The accompanying notes are an integral part of these financial statements.

Page 36

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - DYNAMIC EURO BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

Capitalisation shares

10.000

0.000

10.000

Distribution shares

10.000

0.000

10.000

0.000

10.000

160,242.067

6,913.905

43,303.305

123,852.667

UH USD shares

UH GBP shares

Capitalisation shares

R shares

Capitalisation shares

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

500,258,048.15

645,413,258.17

586,312,915.61

EUR

523,363.702 254.44

625,011.931 254.52

736,202.177 255.49

264,086.146 162.67 1.88

614,648.590 164.59 2.77

513,334.015 167.99 2.73

CHF

15,145.835 319.44

16,145.535 320.39

31,114.019 325.10

GBP

16,053.000 102.15

26,348.000 101.73

31,767.000 101.24

EUR

720,788.343 260.04

893,468.570 259.81

635,142.060 260.18

857,583.821 97.18 1.27

881,037.197 98.36 1.65

684,401.000 100.14 -

The accompanying notes are an integral part of these financial statements.

Page 37

UBAM - DYNAMIC EURO BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

500,258,048.15

645,413,258.17

586,312,915.61

CHF

142,081.424 101.62

165,346.311 101.80

431,644.914 103.06

GBP

7,600.000 103.53

7,530.000 102.98

22,045.000 102.24

26,770.000 99.66 1.61

EUR

15,643.207 99.46

12,173.282 99.47

1,517.992 98.33 1.28

10.000 99.61 -

CHF

10.000 98.74

1,960.000 98.87

10.000 97.49 1.28

10.000 98.91 -

USD

10.000 100.62

10.000 100.00

10.000 98.64 1.28

10.000 99.51 -

GBP

10.000 100.48

10.000 100.00

The accompanying notes are an integral part of these financial statements.

Page 38

UBAM - DYNAMIC EURO BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

500,258,048.15

645,413,258.17

586,312,915.61

EUR

123,852.667 249.68

160,242.067 250.00

88,685.454 251.47

The accompanying notes are an integral part of these financial statements.

Page 39

UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

2,000,000 700,000 2,000,000 5,000,000 1,000,000 6,550,000 2,000,000 3,000,000 2,500,000 3,490,000 9,500,000 2,900,000 3,274,000 4,000,000 3,000,000 8,000,000 2,800,000 2,000,000 5,000,000 300,000 5,000,000 1,000,000 3,500,000 3,000,000 5,000,000 5,000,000 7,650,000 2,500,000 5,000,000 2,493,000 3,000,000 1,500,000 700,000

Euro

ACHMEA BV 0.875 15-18 17/09A ADECCO INT FIN EMTN 2.75 13-19 15/11A ADECCO INT FINANCIAL 4.75 11-18 13/04A AMERICA MOVIL 1.00 14-18 04/06A AUTO.PARIS RHIN RHONE 5.125 12-18 18/01A BAYERISCHE LDBK EMTN 5.75 07-17 23/10A BBVA SENIOR FIN EMTN 3.75 13-18 17/01A BHARTI AIRTEL 4.00 13-18 10/12A CRH FINANCE 5.00 12-19 25/01A EDP FINANCE 5.75 12-17 21/09A EDP FINANCE EMTN 4.75 09-16 26/09A FGA CAPITAL IRE EMTN 2.875 14-18 26/01A FORTIS BANK 5.757 07-17 04/10A GAS NATURAL CAPITAL 4.125 10-18 26/01A GAS NATURAL CAPITAL 4.375 09-16 02/11A GENERAL MOTORS 0.85 15-18 23/02A GLENCORE FINANCE 4.625 12-18 03/04A HUTCHISON WHAMPOA 2.50 12-17 06/06A IPIC GMTN REG 2.375 12-18 30/05A KBC GROEP 1.00 16-21 26/04A KOREA GAS CORP 2.375 13-19 15/04A KPN GMTN 4.75 06-17 17/01A KPN NV 7.50 09-19 04/02A MET LIFE GLOBAL FDG 2.375 12-19 30/09U MEXICAN STATES 4.25 10-17 14/07A MORGAN STANLEY GRP 5.50 07-17 02/10A NOMURA EUR.FIN.EMTN 1.875 13-18 29/05A PEMEX 3.75 16-19 15/03A PEMEX 5.50 09-17 09/01A PEMEX PROJ FDG MSTR 6.375 04-16 05/08A SOCIETE GENERALE 6.125 08-18 20/08A SOLVAY SA EMTN 4.625 03-18 27/06A VATTENFALL TREAS EMTN 5.00 03-18 18/06A

Floating rate bonds 5,000,000 14,900,000 6,000,000 3,500,000 7,500,000 4,071,000 9,650,000 8,250,000 11,000,000 2,000,000 6,000,000 3,000,000 7,000,000 8,000,000 6,068,000 2,100,000 8,517,000 500,000 3,000,000 2,750,000 9,000,000 506,000 3,880,000 5,500,000 6,000,000 1,700,000 2,968,000

Market value

Unaudited accrued Interest

% of total net assets

465,295,350.15

464,003,780.45

2,707,794.16

92.75

121,890,748.31

120,132,398.52

2,569,219.03

24.01

121,890,748.31 2,020,060.52 754,964.72 2,225,600.00 5,078,531.38 1,102,450.18 7,036,657.04 2,133,900.82 3,222,900.00 2,829,250.25 3,758,893.72 10,074,750.00 3,017,160.43 3,727,701.42 4,297,061.01 3,256,020.00 7,981,231.10 2,973,600.71 2,057,600.92 5,193,001.26 298,188.00 5,279,001.03 1,083,211.51 4,251,548.30 3,210,870.84 5,270,000.67 5,445,760.64 7,889,176.48 2,587,500.10 5,153,000.99 2,741,810.19 3,515,400.00 1,647,440.18 776,503.90

120,132,398.52 2,032,700.00 755,965.00 2,171,100.00 5,084,700.00 1,079,540.00 6,977,125.50 2,111,740.00 3,219,960.00 2,814,425.00 3,727,808.60 9,597,755.00 3,004,574.00 3,500,397.10 4,259,080.00 3,043,290.00 8,076,960.00 2,961,336.00 2,046,380.00 5,210,700.00 305,790.00 5,281,300.00 1,025,790.00 4,172,665.00 3,210,480.00 5,218,300.00 5,342,150.00 7,893,652.50 2,615,175.00 5,123,200.00 2,504,816.82 3,356,280.00 1,638,180.00 769,083.00

2,569,219.03 13,722.68 11,991.80 20,301.37 3,561.64 22,964.48 258,286.54 33,811.48 66,905.00 53,620.22 155,166.73 342,752.73 35,536.89 139,045.71 69,877.05 86,424.18 23,781.42 31,576.00 3,287.67 109,016.39 534.25 24,726.03 21,413.93 105,430.33 53,534.00 204,371.58 204,371.58 12,575.34 27,482.88 129,986.34 143,296.41 158,145.49 570.21 1,150.68

24.01 0.41 0.15 0.43 1.02 0.22 1.39 0.42 0.64 0.56 0.75 1.93 0.60 0.70 0.85 0.61 1.61 0.59 0.41 1.04 0.06 1.06 0.21 0.83 0.64 1.04 1.07 1.58 0.52 1.02 0.50 0.67 0.33 0.15

343,404,601.84

343,871,381.93

138,575.13

68.74

343,404,601.84 5,016,050.00 15,045,951.92 5,997,395.40 3,500,000.00 7,515,090.00 4,081,023.35 9,623,790.20 8,220,358.16 11,000,000.00 2,000,000.00 6,045,112.47 2,908,200.78 7,078,050.00 8,000,000.00 6,070,752.00 2,079,414.08 8,512,748.38 500,000.00 3,005,251.34 2,750,000.00 9,000,000.00 535,840.08 3,888,186.12 5,499,626.00 6,000,528.93 1,700,000.00 2,975,212.51

343,871,381.93 5,005,425.00 14,999,085.00 5,989,350.00 3,537,205.00 7,512,300.00 4,088,464.59 9,634,849.50 8,216,010.00 11,014,190.00 2,000,980.00 6,056,160.00 2,952,570.00 7,057,190.00 8,000,000.00 6,073,279.16 2,098,824.00 8,519,044.08 500,680.00 3,004,470.00 2,749,175.00 9,017,910.00 530,191.86 3,894,006.80 5,503,685.00 6,000,000.00 1,704,879.00 2,975,716.80

138,575.13 1,333.33 4,350.80 1,741.50 616.78 2,075.63 863.05 762.48 256.21 708.89 313.50 760.00 514.50 2,423.17 0.00 9,834.21 0.00 7,168.48 38.96 325.50 847.00 0.00 5,395.98 5,106.19 3,038.75 1,819.00 1,148.44 112.12

68.74 1.00 3.00 1.20 0.71 1.50 0.82 1.93 1.64 2.20 0.40 1.21 0.59 1.41 1.60 1.21 0.42 1.70 0.10 0.60 0.55 1.80 0.11 0.78 1.10 1.20 0.34 0.59

Cost

Euro

ABBEY NAT TREA SER FL.R 15-17 11/08Q ABN AMRO BANK FL.R 13-17 05/12Q ACHMEA BANK NV FL.R 15-18 18/05Q ANHEUSER-BUSCH INB FL.R 16-20 17/03Q AQUARIUS INVT EMTN FL.R 14-17 20/05Q AT T FL.R 14-19 04/06Q BANK OF AMERICA FL.R 07-17 23/05M BANK OF AMERICA-SUB- FL.R 06-18 28/03Q BANK OF NOVA SCOTIA FL.R 15-18 10/09Q BFCM FL.R 16-20 03/06Q BFCM REGS EMTN FL.R 14-19 20/03Q BHP BILLITON FIN FL.R 15-20 28/04Q BPCE SA EMTN FL.R 13-18 28/05Q CANADIAN IMPERIAL FL.R 15-17 08/09Q CITIGROUP INC FL.R 04-19 10/02Q CITIGROUP INC EMTN SUB FL.R 07-17 31/05A CITIGROUP INC EMTN VAR FL.R 05-17 30/11Q CREDIT SUISSE FL.R 14-17 15/12Q DANSKE BANK FL.R 14-18 19/11Q DEUTSCHE TEL INT FIN FL.R 16-20 03/04Q DH EUROPE FINANCE FL.R 15-17 30/06Q ENEL FL.R 12-18 20/02S FCA CAPITAL IRELAND P FL.R 15-17 17/10Q FCE BANK PLC FL.R 14-16 15/11Q FCE BANK PLC FL.R 15-18 10/02Q FEDEX CORP FL.R 16-19 11/04Q GE CAPITAL EURO FUNDI FL.R 14-18 19/06Q

The accompanying notes are an integral part of these financial statements.

Page 40

UBAM - DYNAMIC EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

5,000,000 6,000,000 2,000,000 10,000,000 10,000,000 2,900,000 6,000,000 6,000,000 2,000,000 5,000,000 6,000,000 5,500,000 3,500,000 2,700,000 1,798,000 3,000,000 4,000,000 6,000,000 3,000,000 10,000,000 8,000,000 10,800,000 3,500,000 4,000,000 6,000,000 8,000,000 13,800,000 20,000,000 2,200,000 4,000,000 6,600,000 5,500,000 2,000,000

GOLDMAN SACHS GROUP FL.R 15-17 27/07Q GOLDMAN SACHS GROUP FL.R 15-18 11/09Q GOLDMAN SACHS GROUPFL.R 16-19 29/04Q HBOS EMTN FL.R 04-16 01/09Q HBOS EMTN FL.R 07-17 21/03Q ING FL.R 15-17 14/08Q ING REGS 151 FL.R 15-18 20/08S INTESA SANPAOLO SPA FL.R 07-17 18/05Q JOHN DEERE BANK SA FL.R 16-20 21/04Q JP MORGAN CHASE FL.R 14-19 07/05Q JP MORGAN CHASE CO FL.R 16-18 14/06Q LEASEPLAN CORP FL.R 14-17 28/04Q MACQUARIE FL.R 15-17 27/10Q MORGAN STANLEY FL.R 14-19 19/11Q NAT.AUST.BK FL.R 15-18 16/01Q NATIONAL AUSTRALIA BK FL.R 14-19 25/03Q NATIONAL BANK CANADA FL.R 15-17 09/09Q NEDERLANDSE GASUNIE FL.R 15-18 16/10Q RCI BANQUE FL.R 15-18 16/07Q ROYAL BANK OF CANADA FL.R 15-18 22/10Q SANTANDER CONS.SUB FL.R 06-16 28/09Q SANTANDER ISSUAN.EMTN FL.R 07-17 23/03Q SEB FL.R 16-20 26/05U SOCIETE AUT PARIS RHINFL.R 14-19 31/03Q SOCIETE GENERALE FL.R 15-18 22/07Q SOLVAY SA FL.R 15-17 01/12Q TELEFONICA EMIS SA FL.R 14-17 10/04Q UNICREDIT FL.R 14-17 10/04Q VOLVO TREASURY AB FL.R 16-18 20/06Q VOLVO TREASURY AB FL.R 14-16 05/09Q VOLVO TREASURY AB FL.R 14-17 11/09Q VONOVIA FINANCE BV FL.R 15-17 15/12Q WELLS FARGO REGS 56 FL.R 14-19 24/04Q

Other transferable securities Bonds Euro

3,000,000 RCI BANQUE SA

Market value

Unaudited accrued Interest

% of total net assets

5,000,000.00 5,999,238.17 2,000,000.00 9,983,000.00 9,997,000.00 2,928,855.00 6,016,042.17 5,941,285.71 2,000,000.00 5,019,450.55 6,000,000.00 5,504,241.70 3,500,000.04 2,685,907.18 1,799,977.80 3,002,190.00 4,000,000.00 6,000,000.00 3,003,648.75 10,000,000.00 7,949,000.00 10,702,000.00 3,518,375.00 4,028,440.33 6,000,000.00 8,006,500.64 13,839,200.00 20,104,890.91 2,200,000.00 3,999,061.54 6,621,663.12 5,504,750.83 2,001,300.68

5,013,400.00 6,024,600.00 1,998,640.00 9,993,600.00 9,990,400.00 2,915,834.00 6,021,780.00 5,993,100.00 1,999,040.00 5,026,700.00 6,000,180.00 5,502,200.00 3,501,207.50 2,709,477.00 1,799,042.84 3,010,380.00 4,002,160.00 6,010,200.00 3,010,830.00 10,037,200.00 8,000,510.80 10,783,908.00 3,523,100.00 4,033,240.00 6,018,960.00 8,050,640.00 13,836,570.00 20,077,800.00 2,195,919.00 4,000,960.00 6,601,782.00 5,549,940.00 2,002,440.00

2,666.67 1,099.33 1,546.56 4,341.94 1,087.50 1,638.50 1,660.50 0.00 385.00 2,491.67 0.00 1,905.75 1,555.56 1,395.45 105.73 57.75 44.33 1,447.83 2,056.25 3,469.17 252.89 1,016.40 1,163.75 0.00 2,081.50 3,602.44 15,425.33 31,244.44 119.78 261.33 585.93 1,574.38 737.00

1.00 1.20 0.40 2.00 2.00 0.58 1.20 1.20 0.40 1.00 1.20 1.10 0.70 0.54 0.36 0.60 0.80 1.20 0.60 2.01 1.60 2.16 0.70 0.81 1.20 1.61 2.77 4.02 0.44 0.80 1.32 1.11 0.40

10,001,171.40

10,034,480.00

1,255.19

2.01

3,001,171.40

3,014,070.00

616.44

0.60

3,001,171.40 3,001,171.40

3,014,070.00 3,014,070.00

616.44 616.44

0.60 0.60

7,000,000.00

7,020,410.00

638.75

1.41

7,000,000.00 2,000,000.00 5,000,000.00

7,020,410.00 2,003,960.00 5,016,450.00

638.75 0.00 638.75

1.41 0.40 1.01

475,296,521.55

474,038,260.45

94.76

23,628,228.28

4.72

2,591,559.42

0.52

500,258,048.15

100.00

Cost

0.375 19-19 10/07A

Floating rate bonds Euro

2,000,000 AIR LIQUIDE FINANCE FL.R 16-18 13/06Q 5,000,000 DAIMLER FL.R 16-18 09/03Q

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 41

UBAM - DYNAMIC EURO BOND

Geographical classification of investments (by domicile of the issuer) The Netherlands United States of America Spain France United Kingdom Canada Italy Mexico Luxembourg Sweden Belgium Ireland Germany Australia Cayman Islands South Korea Denmark

% of net assets 19.04 15.51 8.41 7.52 7.40 6.61 5.33 4.10 3.57 3.41 3.41 2.69 2.40 2.25 1.45 1.06 0.60 94.76

Industrial classification of investments % of net assets 52.98 23.61 5.65 3.24 1.94 1.37 1.32 1.11 1.04 1.01 0.78 0.71

Banks and credit institutions Holding and finance companies Communications Petroleum Chemicals Transportation Utilities Real estate companies Countries and central government Road vehicles Healthcare and social services Tobacco and alcoholic drinks

94.76

Page 42

UBAM - DYNAMIC EURO BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

3,939,719.89

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

3,182,439.27 138.35 757,137.07 5.20 1,505,128.49

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

655,212.84 289,846.79 76,592.48 296,809.93 5,549.44 1,162.71 7,344.06 19,558.76 91,676.84 630.00 27,175.48 33,569.16 2,434,591.40

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-3,999,565.38 73,225.31 -903,247.86 -17,623.56 -199,586.28 -17,335.58 -2,629,541.95

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

2,902,501.44 489,008.19 -308,360.00 -846,655.40 -393,047.72

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-2,117,584.58 43,844,445.47 2,675,811.37 -127,153,800.58 -62,011,033.98 -145,155,210.02

Total net assets at the beginning of the period

645,413,258.17

Total net assets at the end of the period

500,258,048.15

The accompanying notes are an integral part of these financial statements.

Page 43

UBAM - DYNAMIC US DOLLAR BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

670,094,227.63

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Unrealised gain on swap contracts Other receivables

Note 2

630,205,977.05 33.60 33,960,765.78 1,073,244.49 33,065.09 2,637,503.54 2,145,020.09 2,540.19 36,077.80

Note 2

Note 2, 10

Liabilities

4,695,743.85

Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Payable on treasury transactions Interest payable on bank liabilities and expenses payable

924,509.87 2,414,115.12 725,218.75 745.42 631,154.69

Note 2, 8 Note 2, 9 Note 2

Net assets at the end of the period

665,398,483.78

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

A EUR shares

Capitalisation shares

AH EUR shares

Capitalisation shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares

I shares

Capitalisation shares

I EUR shares

Capitalisation shares

IH EUR shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

1,859,502.116

316,567.330

575,597.399

1,600,472.047

59,476.084

25,235.000

14,678.587

70,032.497

191,202.619

110,304.163

58,618.678

242,888.104

2,526.022

30,453.428

11,156.438

21,823.012

6,318.988

590.000

181.000

6,727.988

20,887.749

8,308.000

3,061.000

26,134.749

591,642.113

234,513.420

174,447.219

651,708.314

11,618.378

42,130.508

23,336.007

30,412.879

955,232.902

11,655.000

835.000

966,052.902

The accompanying notes are an integral part of these financial statements.

Page 44

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - DYNAMIC US DOLLAR BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

141,020.000

73,900.000

175,090.000

39,830.000

12,610.000

2,725.000

600.000

14,735.000

1,610.000

695.000

210.000

2,095.000

Capitalisation shares

26,890.804

20,191.407

941.129

46,141.082

Distribution shares

12,283.410

8,723.000

1,583.000

19,423.410

Capitalisation shares

10.000

550.320

0.000

560.320

Distribution shares

10.000

0.000

10.000

2,088.000

0.000

100.000

1,988.000

10.000

0.000

10.000

15.000

1,053.406

0.000

1,068.406

63,812.171

14,888.565

5,988.509

72,712.227

IH CHF shares

Capitalisation shares

IH GBP shares

Capitalisation shares Distribution shares

U shares

UH EUR shares

UH CHF shares

Capitalisation shares Distribution shares

UH GBP shares

Capitalisation shares

R shares

Capitalisation shares

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

A EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

665,398,483.78

693,720,734.39

452,521,311.40

USD

1,600,472.047 212.29

1,859,502.116 211.18

1,581,253.770 211.09

70,032.497 132.29 1.79

59,476.084 133.38 1.80

89,671.264 135.12 1.67

EUR

242,888.104 103.24

191,202.619 105.03

The accompanying notes are an integral part of these financial statements.

Page 45

UBAM - DYNAMIC US DOLLAR BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

I EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

USD

665,398,483.78

693,720,734.39

452,521,311.40

EUR

21,823.012 99.46

2,526.022 99.47

CHF

6,727.988 216.02

6,318.988 216.60

4,937.988 220.40

GBP

26,134.749 102.46

20,887.749 102.02

6,530.000 101.78

USD

651,708.314 217.02

591,642.113 215.62

395,966.178 215.02

EUR

30,412.879 102.49

11,618.378 104.14

EUR

966,052.902 99.87

955,232.902 99.74

CHF

39,830.000 100.92

141,020.000 101.06

124,460.357 102.59

GBP

14,735.000 137.32

12,610.000 136.57

17,667.214 135.91

2,095.000 130.32 1.96

1,610.000 131.55 1.77

2,760.000 132.69 1.62

The accompanying notes are an integral part of these financial statements.

Page 46

UBAM - DYNAMIC US DOLLAR BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

665,398,483.78

693,720,734.39

452,521,311.40

USD

46,141.082 100.50

26,890.804 99.95

19,423.410 99.00 1.49

12,283.410 99.94 -

EUR

560.320 99.80

10.000 99.72

10.000 98.39 1.49

10.000 99.71 -

CHF

1,988.000 98.65

2,088.000 98.89

10.000 96.87 1.47

10.000 98.54 -

GBP

1,068.406 100.42

15.000 99.98

USD

72,712.227 203.28

63,812.171 202.42

10,720.429 202.75

The accompanying notes are an integral part of these financial statements.

Page 47

UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

4,000,000 2,000,000 620,000 1,000,000 2,476,000 2,000,000 1,000,000 3,000,000 1,300,000 2,000,000 4,000,000 8,350,000 5,400,000 7,513,000 2,000,000 3,000,000 1,000,000 5,000,000 710,000 6,005,000 2,200,000 8,000,000 3,000,000 1,216,000 5,000,000 200,000 2,000,000 2,750,000 3,000,000 2,000,000 6,000,000 2,250,000 1,585,000 4,500,000 2,000,000 5,000,000 4,200,000 4,500,000 2,000,000 1,537,000 6,782,000 4,000,000 4,311,000 2,500,000 2,000,000 7,000,000 5,000,000 8,164,000 3,500,000 6,200,000 1,309,000

US Dollar

ABBVIE 1.80 15-18 14/05S ABBVIE INC 1.75 13-17 06/11S ACTAVIS FUNDING 2.35 15-18 12/03S ALTRIA GROUP INC 9.70 08-18 10/11S AMERICAN HONDA 7.625 08-18 01/10S AT T INC 5.50 08-18 01/02S AT T INC 1.70 12-17 01/06S BECTON DICKINSON CO 1.45 15-17 15/05S BFCM TR7 REGS 2.00 16-19 12/04S CREDIT AGRICOLE LONDON FL.R 16-21 01/07Q CREDIT SUISSE NY 2.30 14-19 28/05S DT ANNINGTON FINANCE 3.20 13-17 02/10S EBAY 2.50 16-18 09/03S ENEL FINANCE INTL 6.25 07-17 15/09S EXPORT IMP BK KOREA 2.875 13-18 17/09S GENERAL MOTORS 3.00 14-17 25/09S HEWLETT PACKARD REGS 2.85 15-18 05/10S HUTCH WHAM REGS 1.625 14-17 31/10S HUTCHISON WHAMPOA 3.50 12-17 13/01S IMPERIAL TABACCO 2.05 15-18 20/07S ING REGS FL.R 16-19 22/03Q INTESA SAN PAOLO 3.875 13-18 16/01S INTESA SAN PAOLO 3.875 13-19 15/01S KINDER MORGAN ENERGY 6.00 10-18 15/01S KOOKMIN BANK REGS 1.625 14-17 14/07S KOREA GAS CORP REGS 2.25 12-17 25/07S KOREA NATL OIL REGS 3.125 12-17 03/04S KRAFT HEINZ FOODS 2.00 15-18 02/07S LAFARGE SA 6.50 06-16 15/07S MACQUARIE GROUP LTD 4.875 10-17 10/08S MERRILL LYNCH & CO 6.875 08-18 25/04S METROPOLITAN LIFE144A 1.95 15-18 03/12S MIZUHO BANK REGS 1.70 14-17 25/09S NOMURA HOLDINGS A 2.75 14-19 19/03S ORANGE 2.75 14-19 06/02S PEMEX PROJ 5.75 07-18 01/03S PRUDENTIAL FINANCIAL INC SER D TR 31 7.375 09-19 15/06S RCI BANQUE REGS 3.50 13-18 03/04S SINOPEC GR OVER REGS 2.50 13-18 17/10S SOCIETE GENERAL 2.625 13-18 01/10S SOUTHERN POWER 1.85 15-17 12/01S SWEDBANK REGS 1.75 13-18 12/03S TELEFONICA EMIS SA 3.192 13-18 27/04S TESCO PLC 2.70 11-17 05/01S TESCO PLC 5.50 07-17 15/11S TIME WARNER CABLE INC 6.75 08-18 01/04S UBS AG STAMFORD 5.875 06-16 15/07A UNICREDIT F REGS SUB 6.00 07-17 31/10S WALGREENS BOOTS 1.75 14-17 17/11S WALLGREENS BOOTS 1.75 16-18 30/05S XSTRATA FINANCE REGS 2.70 12-17 25/10S

Floating rate bonds 3,405,000 980,000 375,000 5,700,000 3,500,000 1,000,000 5,715,000 11,216,000 5,600,000

Market value

Unaudited accrued Interest

% of total net assets

631,958,262.71

630,205,977.05

2,637,503.54

94.71

182,858,162.32

181,613,638.87

1,848,815.58

27.29

182,858,162.32 3,990,240.00 2,008,360.00 623,410.00 1,218,340.56 2,871,665.16 2,173,600.44 1,004,650.00 3,005,010.67 1,298,609.00 2,008,780.86 4,058,800.67 8,501,628.33 5,487,385.34 8,347,146.10 2,051,400.39 3,068,760.00 1,018,860.17 4,996,015.50 747,388.60 6,008,661.94 2,200,000.00 8,272,000.00 3,107,040.50 1,279,414.73 4,985,900.00 201,800.50 2,038,001.72 2,776,922.50 3,101,100.67 2,092,000.17 6,588,516.75 2,249,547.10 1,584,208.24 4,576,950.50 2,056,980.11 5,270,000.17 4,877,040.33 4,612,500.50 2,024,000.56 1,564,188.59 6,788,797.07 3,997,400.56 4,420,499.14 2,531,105.00 2,150,800.00 7,738,310.50 5,452,734.36 8,811,566.50 3,505,635.07 6,205,486.50 1,309,000.25

181,613,638.87 4,030,760.00 2,012,600.00 628,469.20 1,192,430.00 2,817,787.04 2,129,400.00 1,004,750.00 3,010,290.00 1,312,415.00 2,002,140.00 4,065,480.00 8,522,222.92 5,503,896.00 7,944,546.72 2,061,840.00 3,043,440.00 1,024,370.00 5,025,400.00 719,151.90 6,065,170.10 2,214,322.00 8,207,920.00 3,089,190.00 1,279,675.84 5,016,850.00 201,912.00 2,027,400.00 2,785,172.50 3,007,500.00 2,068,400.00 6,552,360.00 2,283,255.00 1,590,832.80 4,605,030.00 2,067,700.00 5,241,150.00 4,877,163.90 4,646,655.00 2,032,320.00 1,574,333.73 6,838,087.14 4,027,400.00 4,432,397.76 2,509,625.00 2,089,980.00 7,676,480.00 5,006,550.00 8,462,557.48 3,524,955.00 6,249,910.00 1,309,994.84

1,848,815.58 9,200.00 5,250.00 4,371.00 13,472.22 46,674.32 45,527.78 1,369.44 5,437.50 5,561.11 6,449.24 8,177.78 65,315.56 41,625.00 136,955.73 16,451.39 23,750.00 6,729.17 13,541.67 11,527.64 54,712.22 857.66 141,222.22 53,281.25 34,453.00 37,465.28 1,937.50 15,104.17 27,194.44 89,375.00 37,916.67 74,479.17 3,290.63 7,110.49 34,718.75 22,000.00 95,034.72 17,208.00 38,062.50 10,138.89 9,974.49 10,107.06 21,000.00 24,081.25 32,812.50 13,750.00 234,937.50 134,635.42 81,640.00 7,315.97 8,740.28 6,872.00

27.29 0.61 0.30 0.09 0.18 0.42 0.32 0.15 0.45 0.20 0.30 0.61 1.29 0.83 1.19 0.31 0.46 0.15 0.76 0.11 0.91 0.33 1.23 0.46 0.19 0.75 0.03 0.30 0.42 0.45 0.31 0.98 0.34 0.24 0.69 0.31 0.79 0.73 0.70 0.31 0.24 1.03 0.61 0.67 0.38 0.31 1.15 0.75 1.28 0.53 0.94 0.20

449,100,100.39

448,592,338.18

788,687.96

67.42

449,100,100.39 3,417,830.35 980,705.58 375,536.69 5,700,000.00 3,507,490.36 1,000,000.00 5,680,328.40 11,352,398.37 5,598,848.00

448,592,338.18 3,422,459.14 980,863.87 375,303.75 5,673,552.00 3,517,115.00 1,001,600.00 5,714,134.18 11,267,481.44 5,600,112.00

788,687.96 2,791.42 1,222.10 293.26 12,254.64 5,211.37 1,720.13 6,981.92 4,278.28 8,265.35

67.42 0.51 0.15 0.06 0.85 0.53 0.15 0.86 1.70 0.84

Cost

US Dollar

ACTAVIS FUNDING SCS FL.R 15-18 12/03Q ACTIVIS FUNDING FL.R 15-16 01/09Q AMERICA MOVIL SAB FL.R 13-16 12/09Q AMERICAN EXPRESS CRED FL.R 15-18 31/07Q AT T FL.R 13-18 27/11Q AUST & NZ BANKING FL.R 15-18 16/11Q BANK OF AMERICA FL.R 06-16 15/08Q BANK OF AMERICA CORP FL.R 13-18 22/03Q BARCLAYS BANK FL.R 14-17 20/02Q

The accompanying notes are an integral part of these financial statements.

Page 48

UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

4,000,000 8,000,000 5,000,000 2,000,000 9,000,000 6,500,000 3,000,000 2,000,000 4,000,000 4,000,000 14,000,000 500,000 5,500,000 8,000,000 6,000,000 7,000,000 6,000,000 2,500,000 3,000,000 1,500,000 2,000,000 5,000,000 2,800,000 2,333,000 2,813,000 4,000,000 2,000,000 300,000 2,000,000 2,574,000 5,000,000 4,000,000 5,700,000 4,250,000 6,105,000 5,108,000 10,745,000 10,000,000 2,000,000 5,250,000 4,500,000 8,500,000 8,280,000 7,318,000 7,000,000 4,947,000 5,000,000 7,000,000 2,000,000 3,500,000 5,400,000 3,300,000 1,200,000 11,000,000 5,109,000 7,000,000 7,000,000 4,000,000 8,500,000 4,250,000 5,000,000 9,000,000 4,000,000 5,200,000 2,600,000 10,410,000 977,000

Cost

BERKSHIRE HATHAWAY FL.R 16-18 07/03Q BFCM FL.R 14-17 20/01Q BFCM REGS FL.R 13-16 28/10Q BPCE SA FL.R 14-17 17/06Q BPCE TR.6 FL.R 14-17 10/02Q CAPITAL ONE NA FL.R 15-18 05/02Q CATERPILLAR FINANCE FL.R 16-18 23/02Q CITIGROUP FL.R 16-21 30/03Q CITIGROUP INC FL.R 15-18 27/04Q CITIGROUP INC FL.R 15-18 30/07Q CREDIT AGRICOLE 144A FL.R 14-17 12/06Q CS NY FL.R 14-17 26/05Q CS NY FL.R 15-18 29/01Q CWTH BANK AUSTRALIA FL.R 15-18 02/11Q DAIMLER FL.R 15-17 03/08Q DB LONDON -A- TR 471 FL.R 14-17 13/02Q DEUTSCHE BANK AG FL.R 15-18 13/02Q EBAY FL.R 14-17 28/07Q EDF SA REGS FL.R 14-17 20/01Q ENBRIDGE FL.R 13-16 01/10Q ENBRIDGE FL.R 14-17 02/06Q EXP IMP BANK KOREA FL.R 16-19 26/05Q EXP-IMP BANK KOREA FL.R 13-16 17/09Q EXP-IMP BK KOREA FL.R 14-17 14/01Q FORD MOTOR CRED FL.R 15-18 15/06Q FORD MOTOR CREDIT FL.R 14-17 06/12Q FORD MOTOR CREDIT FL.R 14-17 08/09Q GENERAL ELEC CAP C FL.R 06-18 07/08Q GENERAL MOTORS FL.R 15-18 10/04Q GENERAL MOTORS FIN FL.R 15-19 15/01Q GOLDMAN SACH GROUP FL.R 13-18 15/11Q GOLDMAN SACHS FL.R 13-18 30/04Q GOLDMAN SACHS GROUP FL.R 15-17 22/05Q GOLDMAN SACHS GRP FL.R 14-17 15/12Q HANA BANK REGS FL.R 13-16 09/11Q HBOS EMTN FL.R 07-17 06/09Q HBOS PLC FL.R 06-16 30/09Q HEWLETT PACKARD FL.R 15-17 05/10Q HOME DEPOT INC FL.R 15-17 15/09Q HYUNDAI CAP REGS FL.R 14-17 18/03Q ING BANK TR.6 REGS FL.R 15-18 17/08Q ING REGS FL.R 15-18 16/03Q JP MORGAN CHASE FL.R 13-18 25/01Q JP MORGAN CHASE FL.R 14-19 28/01Q KOOKMIN BANK FL.R 13-16 11/10Q KOOKMIN BANK TR2 REGS FL.R 14-17 27/01Q KOREA DEV BANK FL.R 14-17 22/01Q KROGER CO FL.R 13-16 17/10Q LOWE S COM FL.R 15/18 14/09Q MACQUARIE BANK LTD FL.R 14-17 27/10Q MIZUHO BANK LTD FL.R 14-17 25/09Q MIZUHO BANK REGS FL.R 15-18 20/10Q MIZUHO BANK REGS FL.R 15-18 26/03Q MORGAN STANLEY FL.R 13-18 25/04Q MORGAN STANLEY FL.R 14-19 24/01Q NAT.AUST.BK REGS FL.R 15-18 23/07Q NATIONAL BANK CANADA FL.R 15-18 14/12Q NISSAN MOTOR REGS FL.R 14-17 03/03Q NOMURA HOLDINGS FL.R 13-16 13/09Q NORDEA BANK REGS 13 FL.R 15-18 17/09Q RBC FL.R 15-18 10/12Q RBS FL.R 14-17 31/03Q ROYAL BANK CANADA FL.R 16-19 15/04Q SANTANDER UK FL.R 15-18 24/08Q SINOPEC GR REGS FL.R 14-17 10/04Q SOCIETE GENERALE FL.R 13-18 01/10Q STATOILHYDRO ASA FL.R 13-18 15/05Q

4,000,000.00 8,000,000.00 5,000,000.00 1,998,640.47 9,020,980.00 6,475,170.52 3,000,000.00 2,026,000.40 4,000,000.00 4,000,880.27 14,012,455.00 498,800.43 5,503,009.87 8,000,000.00 6,000,000.00 7,000,000.00 6,002,452.50 2,485,350.53 3,000,000.00 1,500,000.00 2,000,000.00 5,004,710.00 2,812,585.00 2,336,615.22 2,808,715.16 3,993,281.87 1,996,373.33 297,273.54 2,015,520.00 2,574,000.00 5,027,920.72 4,061,935.17 5,700,000.00 4,253,230.00 6,138,147.45 5,083,860.90 10,712,157.86 10,000,000.00 2,000,000.00 5,252,463.12 4,506,492.47 8,506,193.05 8,332,214.72 7,291,844.02 7,069,654.37 4,957,718.49 5,006,660.00 7,005,100.00 2,000,000.00 3,500,000.00 5,399,252.00 3,302,661.95 1,192,424.22 11,254,549.17 5,108,460.73 7,000,000.00 7,000,000.00 4,000,000.00 8,625,590.77 4,250,000.00 5,000,000.00 9,026,128.13 4,000,000.00 5,210,828.58 2,601,560.00 10,475,107.37 971,478.62

The accompanying notes are an integral part of these financial statements.

Page 49

Market value

Unaudited accrued Interest

% of total net assets

4,022,994.00 8,019,600.00 5,008,300.00 2,002,980.00 9,032,202.00 6,492,850.00 3,020,932.50 2,012,540.00 3,985,360.00 4,001,980.00 14,000,840.00 499,510.00 5,486,690.00 8,020,400.00 6,014,781.00 6,986,770.00 5,943,000.00 2,490,228.75 2,996,766.00 1,495,083.00 1,947,898.00 5,005,500.00 2,802,520.00 2,335,612.96 2,812,154.69 3,981,960.00 1,995,176.00 299,548.50 2,006,250.00 2,648,002.50 5,007,350.00 4,021,440.00 5,703,876.00 4,242,817.50 6,117,393.15 5,079,037.64 10,728,775.05 10,032,360.00 2,008,059.00 5,250,630.00 4,493,880.00 8,470,930.00 8,325,126.00 7,308,998.86 7,014,490.00 4,955,508.84 5,002,800.00 7,006,034.00 2,020,100.00 3,495,555.00 5,383,800.00 3,323,166.00 1,196,100.00 11,072,710.00 5,088,564.00 6,995,590.00 7,037,429.00 4,005,200.00 8,515,699.50 4,260,370.00 5,000,550.00 8,980,560.00 4,004,360.00 5,165,836.00 2,598,570.00 10,491,609.19 971,001.22

3,148.83 23,419.74 12,988.06 929.03 18,495.00 13,274.88 4,287.35 0.00 9,414.04 10,459.74 7,940.28 561.60 12,582.43 18,070.27 13,017.13 11,541.60 10,452.80 3,650.28 6,474.90 4,781.63 1,766.80 6,636.88 1,523.09 6,884.24 1,819.66 3,333.60 1,443.02 390.78 8,839.11 14,608.49 10,788.13 12,664.19 7,965.47 2,572.14 15,492.05 4,699.70 0.00 56,595.17 852.08 2,109.63 7,741.80 3,982.53 23,348.36 16,191.90 29,225.78 13,269.83 12,075.96 16,506.01 1,116.09 7,876.40 490.55 11,873.48 128.01 32,264.65 13,938.29 16,125.33 4,652.98 3,693.90 8,453.45 2,296.48 3,772.22 0.00 0.00 8,077.06 8,139.73 44,375.23 1,044.20

0.60 1.21 0.75 0.30 1.36 0.98 0.45 0.30 0.60 0.60 2.11 0.08 0.82 1.21 0.90 1.05 0.89 0.37 0.45 0.22 0.29 0.75 0.42 0.35 0.42 0.60 0.30 0.05 0.30 0.40 0.75 0.60 0.86 0.64 0.92 0.76 1.62 1.51 0.30 0.79 0.68 1.27 1.25 1.10 1.05 0.74 0.75 1.05 0.30 0.53 0.81 0.50 0.18 1.67 0.76 1.05 1.06 0.60 1.28 0.64 0.75 1.35 0.60 0.78 0.39 1.59 0.15

UBAM - DYNAMIC US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

6,500,000 8,500,000 4,500,000 5,000,000 3,000,000 3,000,000 2,000,000 4,000,000 4,500,000 2,000,000 2,600,000 2,505,000 4,530,000 6,500,000 7,000,000 7,000,000

SUMITOMO BANK FL.R 15-18 16/01Q SUMITOMO MITSUI BK FL.R 15-18 23/07Q SUMITOMO MITSUI REGS FL.R 13-16 16/09Q SUNCORP-METWAY FL.R 14-17 28/03Q TOKYO MITSUBISHI REGS FL.R 15-18 14/09Q TOKYO-MITSUBISHI REGS FL.R 15-18 05/03Q TORONTO DOMINION BANK FL.R 15-18 23/07Q TORONTO DOMINION BK FL.R 16-19 22/01Q UBS AG STAMFORD FL.R 15-18 26/03Q UNITEDHEALTH GROUP FL.R 15-17 17/01Q VERIZON COMM FL.R 14-17 09/06Q VERIZON COMMUNICATION FL.R 13-16 15/09Q VERIZON COMMUNICATION FL.R 13-18 14/09Q WELLS FARGO BANK N FL.R 16-18 22/01Q WELLS FARGO CO FL.R 16-19 24/05Q WESTPAC BANKING FL.R 15-18 23/11Q

Total investments in securities

Cost

Market value

Unaudited accrued Interest

% of total net assets

6,505,232.50 8,500,000.00 4,500,000.00 5,021,700.00 3,000,000.00 2,992,200.00 2,000,000.00 4,000,000.00 4,497,690.84 2,000,000.00 2,600,000.00 2,521,099.07 4,654,836.29 6,507,755.95 7,000,000.00 7,000,000.00

6,480,565.00 8,473,990.00 4,504,410.00 5,004,577.50 3,006,390.00 2,986,380.00 1,999,580.00 4,019,080.00 4,496,535.00 2,002,301.00 2,601,095.90 2,511,563.10 4,645,469.70 6,530,208.75 7,006,300.00 7,026,565.00

15,986.04 21,475.39 2,334.07 367.67 2,234.13 2,460.20 4,319.70 11,309.10 502.54 4,391.56 1,602.51 2,277.98 4,843.27 17,131.45 7,000.47 10,299.37

0.97 1.27 0.68 0.75 0.45 0.45 0.30 0.60 0.68 0.30 0.39 0.38 0.70 0.98 1.05 1.06

631,958,262.71

630,205,977.05

94.71

33,960,765.78

5.10

1,231,740.95

0.19

665,398,483.78

100.00

Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 50

UBAM - DYNAMIC US DOLLAR BOND

Geographical classification of investments (by domicile of the issuer) United States of America France United Kingdom Japan South Korea Australia The Netherlands Canada Luxembourg Italy Sweden Cayman Islands Mexico British Virgin Islands Spain Norway

% of net assets 38.93 9.67 9.19 7.52 7.16 5.06 4.76 4.02 2.22 1.69 1.25 0.87 0.85 0.70 0.67 0.15 94.71

Industrial classification of investments % of net assets 56.36 19.55 4.66 3.54 2.02 1.66 1.36 1.29 1.24 0.90 0.73 0.45 0.42 0.30 0.18 0.05

Banks and credit institutions Holding and finance companies Communications Retail trade, department stores Utilities Office supplies and computing Pharmaceuticals and cosmetics Real estate companies Petroleum Road vehicles Insurance Building materials and trade Foods and non alcoholic drinks Healthcare and social services Tobacco and alcoholic drinks Electrical engineering and electronics

94.71

Page 51

UBAM - DYNAMIC US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

6,786,829.03

Interest on bonds and other debt securities, net Interest on bank accounts Bank interest on time deposits Interest received on swap contracts

Note 2

Expenses

6,163,458.40 16,379.51 23.77 606,967.35 1,827,621.00

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

809,065.50 336,989.16 114,291.14 339,012.31 6,709.90 8,959.08 9,806.03 8,341.05 118,089.76 154.81 34,817.32 41,384.94 4,959,208.03

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-1,997,478.76 93,839.46 4,805,249.84 -373,277.62 -243,693.32 313,980.91 7,557,828.54

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

2,606,335.32 -3,453,822.53 -909,421.88 -528,408.98 5,272,510.47

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-164,825.65 154,593,706.46 4,354,813.30 -190,238,043.08 -2,140,412.11

Total changes in net assets

-28,322,250.61

Total net assets at the beginning of the period

693,720,734.39

Total net assets at the end of the period

665,398,483.78

The accompanying notes are an integral part of these financial statements.

Page 52

UBAM - EMERGING MARKET BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

75,629,359.70

Securities portfolio at market value Options contracts at market value Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Receivable on swap contracts Other receivables

Note 2 Note 2, 11

64,634,477.00 52,351.10 9,175,547.46 419,629.17 7,027.78 872,158.51 23,113.20 422,055.48 23,000.00

Note 2

Liabilities

973,230.56

Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

Note 2, 8 Note 2, 9 Note 2, 10

232,343.96 14,962.59 444,069.39 281,854.62

Net assets at the end of the period

74,656,129.14

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares

AS shares

Capitalisation shares

AHS EUR shares

Capitalisation shares

I shares

Capitalisation shares

IH EUR shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

235,373.914

21,750.495

23,726.190

233,398.219

17,135.159

2,293.000

533.000

18,895.159

56,892.219

5,588.908

5,915.259

56,565.868

3,554.104

0.000

405.748

3,148.356

1,159.000

600.000

0.000

1,759.000

550.000

0.000

150.000

400.000

36,483.000

1,000.000

11,225.000

26,258.000

12,364.000

0.000

1,743.000

10,621.000

14,234.000

47,614.572

20,187.236

41,661.336

72,695.000

32,785.000

0.000

105,480.000

The accompanying notes are an integral part of these financial statements.

Page 53

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EMERGING MARKET BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

1.000

0.000

Shares redeemed

Shares outstanding as at 30/06/2016

0.000

1.000

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

AS shares Capitalisation shares Number of shares outstanding Net asset value per share

AHS EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

74,656,129.14

61,501,590.10

199,136,224.31

USD

233,398.219 163.90

235,373.914 152.19

477,810.068 158.53

18,895.159 106.14 4.15

17,135.159 102.52 4.45

21,071.791 111.14 4.82

EUR

56,565.868 118.16

56,892.219 110.39

170,801.602 115.70

3,148.356 75.15 2.96

3,554.104 73.04 3.19

8,079.493 79.67 3.46

CHF

1,759.000 153.95

1,159.000 144.15

5,071.000 151.94

GBP

400.000 98.82

550.000 91.87

5,220.000 95.46

USD

26,258.000 95.69

36,483.000 93.37

389,584.724 98.01

EUR

10,621.000 94.01

12,364.000 92.24

255,566.848 97.79

The accompanying notes are an integral part of these financial statements.

Page 54

UBAM - EMERGING MARKET BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

Z shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

74,656,129.14

61,501,590.10

199,136,224.31

USD

41,661.336 179.83

14,234.000 166.21

28,299.000 171.51

EUR

105,480.000 130.26

72,695.000 121.13

77,104.000 125.79

USD

1.000 162.43

1.000 150.97

1.000 157.71

USD

100,000.000 97.90

The accompanying notes are an integral part of these financial statements.

Page 55

UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

400,000 400,000 750,000 750,000 400,000 500,000 300,000 300,000 750,000 300,000 750,000 400,000 600,000 600,000 500,000 500,000 400,000 500,000 2,000,000 500,000 250,000 300,000 500,000 250,000 600,000 250,000 300,000 750,000 300,000 600,000 500,000 300,000 750,000 300,000 500,000 1,000,000 750,000 500,000 500,000 2,000,000 500,000 300,000 250,000 300,000 900,000 500,000 300,000 500,000 300,000 250,000 200,000 500,000 500,000 500,000 350,000 500,000 500,000 300,000 500,000 300,000 500,000 500,000

Market value

Unaudited accrued Interest

% of total net assets

61,548,825.39

62,962,577.00

861,285.45

84.34

60,177,216.08

61,572,589.00

850,133.37

82.48

60,177,216.08 392,000.05 383,700.00 770,400.00 768,000.00 390,272.00 517,450.00 301,968.00 300,000.00 780,243.17 312,637.50 729,250.96 352,500.16 553,440.25 589,476.00 516,890.00 487,735.00 396,072.00 589,116.67 2,135,475.61 540,655.34 260,437.50 311,070.00 533,620.00 278,646.25 574,200.00 247,675.00 299,952.00 742,560.00 281,940.00 611,250.00 491,812.50 318,321.02 761,025.25 282,498.26 469,700.71 952,689.33 741,495.00 507,250.83 549,409.04 2,238,316.58 550,871.25 319,170.00 222,897.86 264,270.00 1,045,050.25 499,800.00 300,000.00 487,245.00 302,250.00 258,075.00 203,238.78 508,125.00 510,950.00 518,750.00 358,540.00 552,500.38 529,950.00 269,400.00 536,250.24 291,795.00 529,375.00 499,435.00

61,572,589.00 413,552.00 415,280.00 799,335.00 814,185.00 409,912.00 509,780.00 304,500.00 301,221.00 782,767.50 350,913.00 763,200.00 393,512.00 585,432.00 595,416.00 542,015.00 463,000.00 417,072.00 582,365.00 2,186,900.00 547,175.00 255,422.50 314,130.00 516,930.00 258,337.50 528,000.00 220,125.00 270,000.00 725,805.00 281,250.00 630,390.00 433,860.00 332,619.00 761,760.00 260,223.00 496,885.00 986,250.00 782,400.00 529,855.00 560,325.00 2,280,880.00 570,325.00 312,021.00 310,090.00 230,481.00 1,072,071.00 526,960.00 321,375.00 491,125.00 298,812.00 232,590.00 212,624.00 485,435.00 489,135.00 493,750.00 339,930.50 630,995.00 528,750.00 248,526.00 534,015.00 301,143.00 534,750.00 503,195.00

850,133.37 7,256.94 2,000.00 9,739.58 10,625.00 7,467.78 6,729.17 3,072.92 3,283.75 28,714.58 6,346.67 19,753.13 8,169.44 5,614.58 8,150.00 5,437.50 9,621.53 833.33 13,781.25 34,000.00 12,833.33 5,843.75 3,525.00 14,556.25 4,161.46 1,325.00 775.17 7,343.75 2,515.63 1,048.96 11,066.67 1,593.75 4,468.75 15,406.00 10,968.75 5,619.79 12,274.31 6,989.58 15,305.56 7,092.01 12,138.89 8,057.29 2,895.83 6,118.92 7,975.00 1,546.88 5,812.50 9,975.00 3,666.67 293.75 286.46 5,138.19 12,750.00 4,066.67 2,906.25 2,053.33 218.75 9,631.94 1,067.71 13,189.00 7,175.00 5,078.13 755.21

82.48 0.55 0.56 1.07 1.09 0.55 0.68 0.41 0.40 1.05 0.47 1.02 0.53 0.78 0.80 0.73 0.62 0.56 0.78 2.92 0.73 0.34 0.42 0.69 0.35 0.71 0.29 0.36 0.97 0.38 0.84 0.58 0.45 1.02 0.35 0.67 1.32 1.05 0.71 0.75 3.05 0.76 0.42 0.42 0.31 1.44 0.71 0.43 0.66 0.40 0.31 0.28 0.65 0.66 0.66 0.46 0.85 0.71 0.33 0.72 0.40 0.72 0.67

Cost

US Dollar

ALFA S.A. 6.875 14-44 25/03S ALPEK REGS 4.50 12-22 20/11S ARGENTINA REGS 6.875 16-21 22/04A ARGENTINA (REP OF)REGS 7.50 16-26 22/04S ARMENIA 7.15 15-25 26/03S AZERBAIDJAN (REP) REGS 4.75 14-24 18/03S BANCO NACIONAL REGS 6.25 13-23 01/11S BANK OF CEYLON 5.325 13-18 16/04S BELARUS (REP OF) REG S8.95 11-18 26/01S BOLIVIA REGS 5.95 13-23 22/08S BRASKEM FIN LTD 6.45 14-24 03/02S BRAZIL 4.25 13-25 07/01S CEMEX SAB DE CV 6.125 15-25 05/05S CNDCC REGS 3.00 12-22 17/07S CNOOC CURTIS REGS 4.50 13-23 03/10S CODELCO INC REGS 4.25 12-42 17/07S COLOMBIA 5.00 15-45 15/06S COLOMBIA 6.125 09-41 18/01S CROATIA 6.375 11-21 24/03S CROATIA REGS 6.00 13-24 26/01S DOMINICAN REPUBLIC 5.50 15-25 27/01S DOMINICAN REPUBLIC REGS 5.875 13-24 18/04S DOMINICAN REPUBLIC REGS 6.85 15-45 27/01S ECOPETROL 5.875 13-23 18/09S ECUADOR REG S 7.95 14-24 20/06S EGYPT 5.875 15-25 11/06S EL SALVADOR REGS 5.875 12-25 30/01S ELDORADO INT FIN REGS 8.625 16-21 16/06S ETHIOPIA (FED REP) 6.625 14-24 11/12S EXPORT-IMPORT IND REGS 4.00 13-23 14/01S GABON REGS 6.375 13-24 12/12S GEORGIA 6.875 11-21 12/04S GHANA 8.50 07-17 04/10A GHANA REGS 8.125 14-26 18/01S GOLD FIELDS ORO REG-S 4.875 10-20 07/10S GPN CAPITAL SA 4.375 12-22 19/09S GRUPO INVERSION REGS 5.50 16-26 29/04S HALYK BANK REG S 7.25 11-21 28/01S HUNGARY 5.375 14-24 25/03S HUNGARY 5.75 13-23 22/11S HUNGARY 6.375 11-21 29/03S ICE REG S 6.95 11-21 10/11S INDONESIA 6.625 07-37 17/02S IRAQ 5.80 06-28 15/01S ISRAEL ELECTRIC REGS 6.875 13-23 21/06S JAMAICA (GOVT OF) 6.75 15-28 28/04S JAMAICA (GOVT OF) 7.875 15-45 28/07S KAZMUNAIGAZ REGS 4.40 13-23 30/04S KENYA 5.875 14-19 24/06S KENYA REGS 6.875 14-24 24/06S KINGDOM OF JORDAN 6.125 15-26 29/01S LEBANESE REPUBLIC 6.00 12-23 27/01S LEBANESE REPUBLIC 6.10 10-22 04/10S LEBANESE REPUBLIC 6.75 12-27 29/11S LEBANESE REPUBLIC 61 6.60 11-26 27/11S MAJAPAHIT HOLD.REGS 7.875 07-37 29/06S METRO REGS 4.75 14-24 04/02S MONGOLIA EMTN REGS 2 5.125 12-22 05/12S NATIONAL SAVINGS REGS 8.875 13-18 18/09S NIGERIA REGS 5.125 13-18 12/07S OCP SA 5.625 14-24 25/04S OMAN GO9V INTL REGS 3.625 16-21 15/06S

The accompanying notes are an integral part of these financial statements.

Page 56

UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

750,000 250,000 500,000 200,000 300,000 300,000 500,000 500,000 500,000 500,000 400,000 250,000 500,000 500,000 300,000 600,000 250,000 500,000 500,000 500,000 250,000 250,000 800,000 500,000 500,000 250,000 1,300,000 500,000 250,000 750,000 1,200,000 600,000 200,000 800,000 500,000 500,000 250,000 500,000 300,000 500,000 500,000 200,000 500,000 500,000 600,000 500,000 900,000 500,000 1,000,000 300,000 600,000 400,000

PAKISTAN 7.25 14-19 15/04S PAKISTAN 8.255 14-24 15/04S PANAMA (REP.) 4.30 13-53 29/04S PANAMA (REP.) 8.875 97-27 30/09S PANAMA (REP.) 4.00 14-24 22/09S PARAGUAY 4.625 13-23 25/01S PEMEX 4.50 16-26 23/01S PEMEX 4.875 12-22 24/01S PEMEX PROJECT 6.50 11-41 02/06S PEMEX REGS 32 5.50 16-19 04/02S PEROU (REP OF) 4.125 15-27 25/08S PERTAMINA REGS 4.875 12-22 03/05S PERTAMINA REGS 6.45 14-44 30/05S PERU 5.625 10-50 18/11S PERU 8.75 03-33 21/11S PERUSAHAAN PERSEROAN 5.50 11-21 22/11S PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S PETROLEOS MEXICANOS 4.875 13-24 18/01S PETRONAS CAPITAL LTD 3.50 15-25 18/03S PHILIPPINES 5.00 12-37 13/01S PHILIPPINES 5.50 11-26 30/03S PHILIPPINES 6.375 09-34 23/10S PKO FINANCE AB 4.63 12-22 26/09S POLAND 4.00 14-24 22/01S PT PELABUHAN INDO II 4.25 15-25 05/05S PWR SECTOR REG S 7.39 09-24 02/12S REBUBLIC NAMIBIA 5.50 11-21 03/11S REPUBLIC OF PANAMA 3.75 15-25 16/03S ROMANIA 6.75 12-22 07/02S ROMANIA REGS 4.875 14-24 22/01S RUSSIA REG -S5.00 10-20 29/04S SAN MIGUEL 4.875 13-23 26/04S SENEGAL (REP OF) 8.75 11-21 13/06S SERBIA REGS 7.25 11-21 28/09S SINOPEC GR OVER REGS 4.375 14-24 10/04S SINOPEC GR OVER REGS 4.875 12-42 17-05S SOUTH AFRICA 5.875 13-25 16/09S SRI LANKA 5.875 12-22 25/07S SRI LANKA REGS 6.00 14-19 14/01S SRI LANKA REGS 6.25 11-21 27/07S STATE BANK OF INDIA 4.875 14-24 17/04S TURKEY 11.875 00-30 15/01S TURKEY 6.25 12-22 26/09S TURKEY 6.625 14-45 17/02S URUGUAY 4.375 15-27 27/10S URUGUAY 4.50 13-24 14/08S URUGUAY 5.10 14-50 18/06S UTD MEXICAN STS TR20 6.05 07-40 11/01S VEB FINANCE REG S 6.902 10-20 09/07S VIETNAM REGS 4.80 14-24 19/11S YPF SOCIEDAD ANONI 8.50 16-21 23/03S ZAMBIA 8.50 14-24 14/04S

Floating rate bonds US Dollar

600,000 BANCO INTL PERU REGS FL.R 14-29 19/03S 800,000 IVORY COAST REGS FL.R 10-32 31/12S

Other transferable securities Bonds 800,000 450,000 638,000 362,000 400,000

US Dollar

GUATEMALA REGS 4.50 16-26 03/05S PERUSAHAAN PEN 3.40 16-21 29/03S SINO FOREST GTD ESCROW 6.25 10-17 21/10S (DEFAULTED) SINO FOREST GTD ESCROW 6.25 10-17 21/10S (DEFAULTED) VALE OVERSEAS 5.875 16-21 10/06S

Cost

Market value

Unaudited accrued Interest

% of total net assets

791,250.17 262,987.50 500,000.00 286,998.00 301,950.00 308,250.00 515,900.00 502,875.50 563,480.00 500,000.00 399,064.00 248,535.00 519,250.00 561,250.00 464,320.80 608,975.25 294,975.00 537,450.00 495,625.00 500,000.00 305,030.28 314,900.96 832,721.05 515,421.67 494,980.00 322,362.50 1,368,250.89 494,285.00 296,375.00 784,580.62 1,248,000.33 574,320.00 215,378.22 891,476.75 498,835.00 518,910.66 280,416.66 508,031.82 289,500.00 514,250.00 499,725.00 297,654.25 519,680.00 588,905.02 603,200.55 531,443.75 875,633.33 601,148.75 1,054,120.11 311,912.50 628,440.67 415,097.78

790,312.50 264,637.50 510,835.00 293,000.00 320,625.00 313,050.00 481,850.00 511,375.00 507,055.00 526,970.00 442,000.00 263,395.00 532,315.00 624,015.00 473,034.00 653,700.00 273,750.00 506,495.00 526,165.00 646,730.00 317,410.00 363,930.00 837,904.00 541,600.00 500,720.00 339,420.00 1,377,935.00 528,015.00 296,562.50 830,250.00 1,296,504.00 600,468.00 218,500.00 917,992.00 540,372.00 572,030.00 278,532.50 485,190.00 306,654.00 503,900.00 557,410.00 350,110.00 566,750.00 609,625.00 636,150.00 543,750.00 897,750.00 631,515.00 1,088,780.00 309,177.00 640,500.00 354,796.00

11,479.00 4,296.88 3,643.06 4,486.81 3,266.67 5,973.96 9,812.50 10,562.50 2,527.78 11,152.78 5,729.17 1,929.69 2,687.50 3,281.25 2,843.75 3,483.33 9,208.33 10,968.75 4,958.33 11,597.22 3,437.50 2,966.15 9,671.56 8,777.78 3,246.53 1,436.94 11,320.83 5,416.67 6,703.13 16,046.88 10,166.67 5,200.00 2,284.72 14,822.22 4,861.11 2,911.46 4,243.06 12,647.57 8,300.00 13,281.25 4,942.71 10,885.42 8,159.72 12,237.85 4,593.75 8,500.00 1,530.00 14,200.69 32,784.50 1,640.00 13,741.67 7,177.78

1.06 0.35 0.68 0.39 0.43 0.42 0.65 0.68 0.68 0.71 0.59 0.35 0.71 0.84 0.63 0.88 0.37 0.68 0.70 0.87 0.43 0.49 1.12 0.73 0.67 0.45 1.84 0.71 0.40 1.11 1.74 0.80 0.29 1.23 0.72 0.77 0.37 0.65 0.41 0.67 0.75 0.47 0.76 0.82 0.85 0.73 1.20 0.85 1.46 0.41 0.86 0.48

1,371,609.31

1,389,988.00

11,152.08

1.86

1,371,609.31 617,700.42 753,908.89

1,389,988.00 640,596.00 749,392.00

11,152.08 11,152.08 0.00

1.86 0.86 1.00

1,643,648.02

1,671,900.00

10,873.06

2.24

1,643,648.02

1,671,900.00

10,873.06

2.24

1,643,648.02 793,648.00 450,000.00 0.01 0.01 400,000.00

1,671,900.00 815,000.00 454,932.00 0.00 0.00 401,968.00

10,873.06 5,700.00 3,867.50 0.00 0.00 1,305.56

2.24 1.09 0.61 0.00 0.00 0.54

The accompanying notes are an integral part of these financial statements.

Page 57

UBAM - EMERGING MARKET BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Market value

Unaudited accrued Interest

% of total net assets

55,062.00

52,351.10

0.00

0.07

55,062.00

52,351.10

0.00

0.07

55,062.00 28,952.00 26,110.00

52,351.10 34,933.81 17,417.29

0.00 0.00 0.00

0.07 0.05 0.02

63,247,535.41

64,686,828.10

86.65

9,175,547.46

12.29

793,753.58

1.06

74,656,129.14

100.00

Cost

Derivative instruments Options US Dollar

1,400,000 USD(C)/HUF(P)OTC JUL 278.0 25.07.16 CALL 1,400,000 USD(C)/PLN(P)OTC JUL 3.950 19.07.16 CALL

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 58

UBAM - EMERGING MARKET BOND

Geographical classification of investments (by domicile of the issuer) Mexico Hungary Croatia Indonesia Philippines Argentina Peru Sri Lanka Uruguay Luxembourg Lebanese Republic Panama British Virgin Islands Chile Turkey Namibia Russia Colombia Cayman Islands Romania Ireland Dominican Republic Israel Pakistan Ghana Serbia Jamaica Sweden Guatemala Other

% of net assets 6.14 4.56 3.65 3.64 3.04 3.02 2.92 2.85 2.78 2.43 2.43 2.21 2.16 2.13 2.05 1.84 1.74 1.69 1.56 1.51 1.46 1.45 1.44 1.41 1.37 1.23 1.14 1.12 1.09 20.59 86.65

Page 59

UBAM - EMERGING MARKET BOND

Industrial classification of investments % of net assets 52.88 13.08 6.70 4.69 1.86 1.42 1.38 1.33 1.28 0.80 0.78 0.38 0.07

Countries and central government Holding and finance companies Petroleum Banks and credit institutions Electrical engineering and electronics Coal mining and steel industry Transportation Utilities Chemicals Tobacco and alcoholic drinks Building materials and trade Healthcare and social services Miscellaneous sectors

86.65

Page 60

UBAM - EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

1,882,222.61

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

1,866,846.68 2,497.70 12,861.11 17.12 666,947.42

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

445,610.24 89,582.95 14,045.04 35,470.42 3,406.84 359.79 3,010.42 6,432.05 41,368.07 1,246.04 22,475.00 3,940.56 1,215,275.19

Net realised gain/(loss) on: - securities portfolio - option contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-1,209,082.13 -41,790.00 205,215.75 -578,865.94 341,782.74 -17,199.83 -84,664.22

Net variation of the unrealised gain/(loss) on: - securities portfolio - option contracts - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2 Note 2

Result of operations

5,965,972.85 -2,710.90 -47,012.32 3,388.96 -444,069.39 5,390,904.98

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-86,629.52 16,935,742.22 242,070.60 -9,240,466.98 -87,082.26

Total changes in net assets

13,154,539.04

Total net assets at the beginning of the period

61,501,590.10

Total net assets at the end of the period

74,656,129.14

The accompanying notes are an integral part of these financial statements.

Page 61

UBAM - EMERGING MARKET CORPORATE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

183,786,413.47

Securities portfolio at market value Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Receivable on swap contracts

Note 2

172,630,417.16 7,921,108.09 625,173.07 5,805.56 2,153,723.23 101,531.84 348,654.52

Note 2

Liabilities

2,283,943.37

Bank liabilities Payable on purchases of securities Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

112,182.62 550,337.50 313,575.85 333,498.46 366,839.91 607,509.03

Note 2, 8 Note 2, 9 Note 2, 10

Net assets at the end of the period

181,502,470.10

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

AS shares

Capitalisation shares

AHS EUR shares

Capitalisation shares

AHS CHF shares

Capitalisation shares

AP shares

Capitalisation shares

APH EUR shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

711,170.148

28,938.426

304,971.707

435,136.867

58,334.289

3,930.000

13,780.000

48,484.289

46,845.000

7,768.000

9,167.000

45,446.000

5,107.000

0.000

770.000

4,337.000

5,240.000

3,960.000

2,000.000

7,200.000

30,255.000

3,750.000

440.000

33,565.000

12,079.000

3,660.000

0.000

15,739.000

22,910.000

0.000

22,910.000

6,400.000

2,485.000

100.000

8,785.000

10,350.000

0.000

10,350.000

The accompanying notes are an integral part of these financial statements.

Page 62

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EMERGING MARKET CORPORATE BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

APH CHF shares

Capitalisation shares

I shares

Capitalisation shares Distribution shares

IH EUR shares

Capitalisation shares

IH GBP shares

Capitalisation shares

IHS EUR shares

Capitalisation shares

IP shares

Capitalisation shares

IPH EUR shares

Capitalisation shares

R shares

Capitalisation shares

Z shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

34,000.000

0.000

5,600.000

28,400.000

89,557.561

103,281.596

40,234.351

152,604.806

0.000

36,600.000

0.000

36,600.000

643,078.549

215,501.356

414,990.333

443,589.572

0.000

270.000

0.000

270.000

14,400.000

0.000

14,400.000

4,816.000

0.000

3,416.000

1,400.000

438.000

0.000

438.000

1.000

0.000

1.000

26,925.915

0.000

26,925.915

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

USD

181,502,470.10

219,774,456.33

267,470,691.40

USD

435,136.867 131.53

711,170.148 123.14

868,953.200 124.87

48,484.289 104.40 3.57

58,334.289 101.16 4.27

58,432.289 106.72 4.46

The accompanying notes are an integral part of these financial statements.

Page 63

UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AS shares Capitalisation shares Number of shares outstanding Net asset value per share

AHS EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AHS CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AP shares Capitalisation shares Number of shares outstanding Net asset value per share

APH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

APH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

181,502,470.10

219,774,456.33

267,470,691.40

EUR

45,446.000 129.25

46,845.000 121.81

60,916.169 124.04

4,337.000 110.41 3.80

5,107.000 107.70 4.56

5,777.000 114.11 4.77

CHF

7,200.000 138.53

5,240.000 130.84

4,430.000 134.17

USD

33,565.000 122.50

30,255.000 119.34

55,740.000 122.03

EUR

15,739.000 99.93

12,079.000 97.97

14,064.000 100.97

CHF

22,910.000 93.85

22,910.000 92.37

21,410.000 95.65

USD

8,785.000 132.91

6,400.000 124.72

7,537.000 125.62

EUR

10,350.000 130.78

10,350.000 123.20

2,375.000 124.86

CHF

28,400.000 127.40

34,000.000 120.10

31,400.000 122.34

The accompanying notes are an integral part of these financial statements.

Page 64

UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

IHS EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share

IPH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

RH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

181,502,470.10

219,774,456.33

267,470,691.40

USD

152,604.806 138.65

89,557.561 129.23

73,255.000 129.81

36,600.000 101.97 -

45,000.000 119.45 4.94

EUR

443,589.572 135.94

643,078.549 127.51

684,721.797 128.65

CHF

415.351 138.62

GBP

270.000 101.88

EUR

14,400.000 103.15

14,400.000 100.46

10,000.000 102.33

USD

1,400.000 136.63

4,816.000 128.08

4,150.000 128.33

EUR

438.000 134.28

438.000 126.36

590.000 127.45

USD

1.000 129.13

1.000 121.19

784.399 123.48

EUR

10.000 106.49

The accompanying notes are an integral part of these financial statements.

Page 65

UBAM - EMERGING MARKET CORPORATE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets Z shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

181,502,470.10

219,774,456.33

267,470,691.40

USD

26,925.915 105.78

26,925.915 98.21

30,000.000 97.91

The accompanying notes are an integral part of these financial statements.

Page 66

UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

300,000 1,000,000 600,000 1,000,000 750,000 500,000 200,000 500,000 1,500,000 500,000 500,000 300,000 600,000 500,000 500,000 500,000 500,000 500,000 800,000 600,000 500,000 500,000 250,000 300,000 600,000 600,000 300,000 750,000 400,000 750,000 500,000 1,000,000 250,000 700,000 750,000 250,000 250,000 1,000,000 800,000 500,000 500,000 1,000,000 1,000,000 200,000 250,000 200,000 1,000,000 1,000,000 500,000 500,000 2,000,000 750,000 500,000 200,000 200,000 700,000 300,000 1,500,000 1,500,000 750,000 500,000 1,100,000

Market value

Unaudited accrued Interest

% of total net assets

166,614,920.23

169,930,191.16

2,139,636.42

93.62

151,931,644.98

155,155,236.16

1,969,865.91

85.48

151,931,644.98 311,400.00 996,000.00 795,750.00 983,685.00 789,886.36 527,125.00 218,000.00 495,175.05 1,610,124.33 525,000.00 516,300.00 331,185.00 718,114.00 479,750.00 483,166.66 499,900.00 489,375.00 548,333.34 784,931.20 586,503.75 535,342.50 497,940.00 275,775.00 315,000.00 583,887.00 655,810.00 337,920.00 779,062.50 406,240.00 730,312.50 504,332.50 989,000.00 280,950.00 690,830.86 738,165.00 242,423.42 250,000.00 1,120,333.33 791,920.00 503,725.00 528,850.00 997,100.00 1,050,680.00 199,572.00 273,080.00 200,400.00 992,350.00 1,027,660.00 499,250.00 500,416.66 2,158,587.63 794,814.37 515,625.00 199,500.00 188,570.00 774,200.57 313,240.00 1,495,920.00 1,531,980.00 859,477.50 502,437.50 1,201,979.16

155,155,236.16 284,775.00 1,036,410.00 771,390.00 1,009,470.00 855,757.50 534,210.00 206,776.00 506,875.00 1,715,775.00 497,500.00 493,125.00 331,191.00 735,840.00 508,750.00 495,440.00 526,250.00 502,500.00 546,515.00 819,560.00 649,944.00 550,550.00 533,100.00 282,267.50 336,375.00 593,646.00 670,560.00 328,200.00 816,757.50 405,436.00 798,292.50 539,595.00 1,080,131.25 235,937.50 703,703.00 751,402.50 243,145.00 255,237.50 1,101,230.00 761,896.00 514,050.00 539,350.00 1,017,964.25 1,111,140.00 209,514.00 282,665.00 242,084.00 1,046,120.00 1,067,020.00 521,065.00 473,545.00 2,099,900.00 738,750.00 470,300.00 215,750.00 205,688.00 784,000.00 310,653.00 1,288,125.00 1,252,500.00 853,590.00 510,570.00 1,211,584.00

1,969,865.91 7,437.50 16,916.67 6,825.00 12,812.50 10,010.42 6,927.08 3,628.47 1,111.11 18,406.25 14,895.83 8,189.24 3,750.00 9,187.50 10,605.90 6,041.67 7,722.22 1,375.00 2,231.25 12,413.89 6,006.25 10,714.58 3,263.89 6,975.69 6,979.17 4,179.17 10,125.00 5,958.33 12,916.67 7,823.61 7,880.21 4,175.35 15,517.36 7,817.71 8,385.42 3,760.42 1,042.36 677.08 20,312.50 21,406.67 10,833.33 12,222.22 7,909.72 7,187.50 3,101.39 286.46 6,157.78 6,111.11 7,083.33 10,625.00 6,942.71 36,875.00 20,625.00 9,843.75 4,625.00 855.56 10,869.44 8,371.88 18,750.00 30,937.50 1,718.75 1,895.83 37,256.39

85.48 0.16 0.57 0.43 0.56 0.47 0.29 0.11 0.28 0.95 0.27 0.27 0.18 0.41 0.28 0.27 0.29 0.28 0.30 0.45 0.36 0.30 0.29 0.16 0.19 0.33 0.37 0.18 0.45 0.22 0.44 0.30 0.60 0.13 0.39 0.41 0.13 0.14 0.61 0.42 0.28 0.30 0.56 0.61 0.12 0.16 0.13 0.58 0.59 0.29 0.26 1.16 0.41 0.26 0.12 0.11 0.43 0.17 0.71 0.69 0.47 0.28 0.67

Cost

US Dollar

ABJA INVESTMENT 5.95 14-24 31/07S ABU DHABI NAT ENERGY 3.625 12-23 12/01S ABU DHABI NAT ENERGY 6.50 06-36 27/10S AKBANK REGS 5.125 15-25 31/03S ALFA BOND 7.75 11-21 28/04S ALFA REGS 5.25 14-24 25/03S ALFA S.A. 6.875 14-44 25/03S ALIBA GROUP 2.50 15-19 28/11S ALROA FINANCE REG S 7.75 10-20 03/11S ALTICE FINANCE REGS 6.50 13-22 15/01S ALTICE FINANCING REGS 6.625 15-23 15/02S AMERICA MOVIL 5.00 10-20 30/03S AMERICA MOVIL 6.125 10-40 30/03S ANGLO ASHANTI HLDG 5.125 12-22 01/08S ARCELIK AS REGS 5.00 13-23 03/04S BANCO CREDITO REGS 4.00 13-23 11/02S BANCO INBURSA 4.125 14-24 06/06S BANCOLOMBIA 5.95 11-21 03/06S BANCOLOMBIA SUB 5.125 12-22 11/09S BANGKOK BK HK REGS 3.875 12-22 27/09S BANK CHINA HK 5.55 10-20 11/02S BANK OF CHINA 5.00 14-24 13/11S BANK OF EAST ASIA SUB 6.125 10-20 16/07S BANK OF INDIA 6.25 11-21 16/02S BATELCO INT 4.25 13-20 01/05S BBVA BANCOMER REGS 6.75 12-22 30/09S BBVA BANCOMER SA TEXA 6.50 11-21 10/03S BBVA REGS 5.00 12-22 26/08S BCO BOGOTA REGS SUB 5.375 13-23 19/02S BCO CREDITO DEL PERU 4.25 13-23 01/04S BHARAT PETROLEUM 4.625 12-22 25/10S BHARTI AIRTEL REGS 5.125 13-23 11/03S BRASKEM AMERICA REGS 7.125 11-41 22/07S BRASKEM SA REGS 5.75 11-21 15/04S BRF REGS 4.75 14-24 22/05S BRF SA REGS 3.95 13-23 22/05S CABLEVISION 6.50 16-21 15/06S CEMEX FIN EUROP REGS 9.375 12-22 12/10S CEMEX REGS 5.70 14-25 11/01S CENCOSUD REGS 4.875 12-23 20/01S CENCOSUD SA 5.50 11-21 20/01S CHINA CINDA FIN REGS 4.25 15-25 23/04S CHINA CINDA FINANCE 5.625 14-24 14/05S CHINA RAILWAY RES 3.85 13-23 05/02S CITI BANK INTL 6.875 10-20 24/06S CITI PACIFIC REGS 4 6.80 12-23 17/01S CN CLEAN ENERGY 4.00 15-25 05/11S CNOOC FIN 2014 4.25 14-24 30/04S COLBUN REGS 4.50 14-24 10/07S COLOMBIA REGS 5.375 12-22 27/09S COLUMBUS INTL INC 7.375 14-21 30/03S COMCEL TRUST REGS 6.875 14-24 06/02S CORPGROUP BANKING SA 6.75 13-23 15/03S COUNTRY GARDEN 7.50 15-20 09/03S CRCC YUXIANG LTD 3.50 13-23 16/05S CREDITO DEL PERU REG-S5.375 10-20 16/09S DAVIVIENDA SUB REGS 5.875 12-22 09/07S DIGICEL REGS 6.00 13-21 15/04S DIGICEL REGS 8.25 12-20 30/09S DOLPHIN ENERGY REGS 5.50 12-21 15/12S DP WORLD LTD 3.25 15-20 18/05S DP WORLD REG S 6.85 07-37 02/07S

The accompanying notes are an integral part of these financial statements.

Page 67

UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,500,000 1,100,000 1,000,000 300,000 500,000 500,000 250,000 900,000 885,000 200,000 700,000 1,000,000 250,000 800,000 500,000 500,000 500,000 500,000 1,000,000 1,500,000 1,500,000 300,000 800,000 1,000,000 1,500,000 500,000 500,000 750,000 600,000 600,000 400,000 1,500,000 1,500,000 300,000 400,000 400,000 500,000 1,000,000 1,400,000 1,500,000 1,000,000 600,000 1,000,000 1,000,000 300,000 1,000,000 500,000 1,000,000 400,000 1,000,000 1,500,000 1,000,000 500,000 750,000 500,000 1,500,000 300,000 750,000 1,000,000 1,500,000 750,000 700,000 500,000 100,000 1,000,000 800,000 1,200,000

ECOPETROL 5.875 14-45 28/05S ECOPETROL SA 5.375 15-26 26/06S ELDORADO INT FIN REGS 8.625 16-21 16/06S EMPRESA ELEC GUACOLD 4.56 15-25 30/04S ENN ENERGY HOLDINGS 6.00 11-21 13/05S EUROCHEM MIN REGS 5.125 12-17 12/12S FIBRIA 5.25 14-24 12/05S FILINVEST DEVL REGS 4.25 13-20 02/04S FLEXTRONICS INTL L 4.625 13-20 15/02S FOMENTO ECONOMICO 4.375 13-43 10/05S FORMOSSA GROUP 3.375 15-25 22/04S FRANSHION BRILLIANT 5.75 14-19 19/03S FRANSHION DEVLT 6.75 11-21 15/04S FRESNILLO REG S 5.50 13-23 13/11S GAZ CAPITAL 6.51 07-22 07/03S GAZ CAPITAL REG S 9.25 09-19 23/04S GERDAU TRADE REGS 5.75 10-21 30/01S GLOBAL LOGISTIC PROP 3.875 15-25 04/06 GOLD FIELDS ORO REG-S 4.875 10-20 07/10S GPN CAPITAL REGS 6.00 13-23 27/11S GPN CAPITAL SA 4.375 12-22 19/09S GRUOP TELEVISA 5.00 14-45 13/05S GRUPO AVAL LTD 4.75 12-22 26/09S GTL TRADE REGS 5.893 14-24 29/04S HALYK BANK REG S 7.25 11-21 28/01S HLP FINANCE 4.75 12-22 25/16S HUTCHISON WHAMPOA 3.625 14-24 31/10S ICICI BANK REGS 5.75 10-20 16/11S INDIAN OIL 5.625 11-21 02/08S INDIAN OIL REGS 5.75 13-23 01/08S INDUSTRIAL SR TR REGS 5.50 12-22 01/11S INTERBANK PEROU REG S 5.75 10-20 07/10S INTL BK AZERBAIJAN 5.625 14-19 11/06S INVERSIONES CMPC 4.375 13-23 15/05S INVERSIONES CMPC 4.75 14-24 15/09S IOI INVESTMENT 4.375 12-22 27/06S ISBANK 6.00 12-22 24/10S ISRAEL CHEMICAL REGS 4.50 14-24 02/12S ISRAEL ELECTRIC CORP 5.00 14-24 12/11S ISRAEL ELECTRIC REG S 7.25 08-19 15/01S ISRAEL ELECTRIC REGS 6.875 13-23 21/06S ITAU CORP REGS 3.875 14-19 22/09S JGSH PHILIPPINES 4.375 13-23 23/01S KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S KLABIN FIN REGS 5.25 14-24 16/07S KOR HYDRO NUCL REG S 3.00 12-22 19/09S KUNLUN ENERGY 3.75 15-25 13/05S KUWAIT PROJECTS CO 5.00 16-23 15/03S LATAM AIR GRP REGS 7.25 15-20 09/06S LENOVO GROUP 4.70 14-19 08/05S LONGFOR PROPERTIES 6.75 13-23 29/01S LUKOIL INTL FIN 7.25 09-19 05/11S MAG GLB SEC REGS 4.75 14-24 07/05S MARFRIG HOLDINGS REGS 6.875 14-19 24/06S MCE FINANCE REGS 5.00 13-21 15/02S METALLOINVEST FIN 5.625 13-20 17/04S MEXICHEM REGS 5.875 14-44 17/09S MILLICOM INT CEL REGS 6.625 13-21 15/10S MINERVA LUXE REGS 7.75 13-23 31/01S MMC NORILSK 6.625 15-22 14/10S MTN MAURITIUS INV REGS4.755 14-24 11/11S MYRIAD INTL HOLDIN 5.50 15-25 21/07S NATIONAL SAVINGS REGS 8.875 13-18 18/09S NEXEN INC 5.875 05-35 10/03S NTPC LTD 4.375 14-24 26/11S OCBC SUB REGS 4.25 14-24 19/06S OCP REGS 4.50 15-25 22/10S

Cost

Market value

Unaudited accrued Interest

% of total net assets

1,405,020.00 1,069,640.00 990,080.00 300,133.66 532,945.00 498,700.00 246,875.50 900,000.00 911,550.00 193,890.00 672,756.00 1,039,500.00 270,875.00 825,883.48 518,962.50 555,345.00 476,250.28 492,210.00 898,500.63 1,464,530.87 1,371,748.53 296,025.00 789,821.67 1,024,500.00 1,574,188.05 497,970.00 514,485.00 814,020.00 595,302.00 610,512.00 402,701.82 1,645,638.08 1,480,625.88 303,000.00 421,700.00 384,632.00 499,662.87 1,008,000.00 1,431,785.25 1,702,000.56 1,093,000.00 625,200.42 970,750.00 1,071,466.67 297,600.00 993,403.78 495,065.00 1,040,000.78 400,000.00 1,038,620.00 1,509,000.00 1,064,900.00 505,720.00 751,417.17 501,666.66 1,491,758.58 297,450.00 802,431.00 1,051,000.00 1,510,725.00 754,600.00 701,582.00 537,025.50 108,840.00 1,054,900.00 817,952.00 1,157,550.00

1,298,910.00 1,071,554.00 967,740.00 279,363.00 568,665.00 516,165.00 256,652.50 924,156.00 927,455.66 211,033.00 712,950.00 1,078,570.00 287,027.50 863,368.00 555,785.00 578,730.00 481,250.00 512,260.00 993,770.00 1,605,000.00 1,479,375.00 287,274.00 783,064.00 882,500.00 1,589,565.00 542,905.00 531,700.00 841,095.00 672,000.00 679,128.00 394,548.00 1,665,690.00 1,474,845.00 307,125.00 418,824.00 415,676.00 510,060.00 1,027,000.00 1,514,142.00 1,667,280.00 1,191,190.00 626,412.00 1,038,220.00 1,048,750.00 297,279.00 1,057,150.00 515,755.00 1,051,250.00 388,748.00 1,055,110.00 1,619,190.00 1,125,880.00 527,380.00 756,000.00 498,245.00 1,571,520.00 274,800.00 773,197.50 1,025,030.00 1,668,990.00 728,752.50 728,875.00 534,015.00 120,064.50 1,063,200.00 848,432.00 1,186,500.00

7,833.33 656.94 3,354.17 2,280.00 3,916.67 1,281.25 1,750.00 9,350.00 15,349.22 1,215.28 4,462.50 16,131.94 3,515.63 5,744.44 10,217.08 8,607.64 11,979.17 1,399.31 11,239.58 8,250.00 18,411.46 1,958.33 9,922.22 9,985.36 45,916.67 329.86 3,020.83 5,270.83 13,875.00 14,279.17 3,605.56 19,885.42 4,453.13 1,640.63 5,541.67 145.83 5,500.00 3,500.00 9,333.33 49,843.75 1,718.75 6,329.17 19,079.86 14,845.89 7,175.00 8,416.67 2,447.92 14,583.33 1,691.67 6,788.89 42,468.75 11,076.39 3,496.53 859.38 9,375.00 17,109.38 5,042.71 10,351.56 32,291.67 20,979.17 4,854.06 17,004.17 13,312.00 1,795.14 4,131.94 1,038.89 10,200.00

0.72 0.59 0.53 0.15 0.31 0.28 0.14 0.51 0.51 0.12 0.39 0.59 0.16 0.48 0.31 0.32 0.27 0.28 0.55 0.88 0.82 0.16 0.43 0.49 0.88 0.30 0.29 0.46 0.37 0.37 0.22 0.92 0.81 0.17 0.23 0.23 0.28 0.57 0.83 0.92 0.66 0.35 0.57 0.58 0.16 0.58 0.28 0.58 0.21 0.58 0.89 0.62 0.29 0.42 0.27 0.87 0.15 0.43 0.56 0.92 0.40 0.40 0.29 0.07 0.59 0.47 0.65

The accompanying notes are an integral part of these financial statements.

Page 68

UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

1,750,000 750,000 300,000 1,000,000 1,000,000 1,100,000 2,000,000 1,000,000 800,000 1,500,000 1,200,000 500,000 1,000,000 1,000,000 800,000 500,000 500,000 500,000 1,000,000 1,000,000 1,000,000 500,000 500,000 450,000 1,500,000 1,000,000 500,000 1,300,000 400,000 400,000 375,000 600,000 1,250,000 200,000 350,000 200,000 1,500,000 500,000 1,000,000 1,000,000 500,000 900,000 500,000 400,000 500,000 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 500,000 750,000 800,000 950,000 600,000 2,000,000 1,000,000 400,000 1,000,000 2,000,000 500,000 1,750,000 1,300,000 1,000,000

OCP SA 5.625 14-24 25/04S ONCG VIDESH REGS 4.625 14-24 15/07S PCCW-HKTC CAPITAL REGS3.75 13-23 08/03S PERTAMINA REGS 4.30 13-23 20/05S PERTAMINA REGS 4.875 12-22 03/05S PERUSAHAAN GAS REG S 5.125 14-24 16/05S PERUSAHAAN PERSEROAN 5.50 11-21 22/11S PETROBRAS GLB FIN 4.375 13-23 20/05S PETROBRAS GLOBAL FIN 8.375 16-21 23/05S PETROBRAS INTL FIN 5.375 11-21 27/01S PKO FINANCE AB 4.63 12-22 26/09S POWER GRID INDIA 3.875 13-23 17/01S PROVEN HONOUR CAP 4.125 15-25 19/05S PROVEN HONOUR CAP 4.125 16-26 06/05S PTT GLB CHEM REGS 4.25 12-22 19/02S PTT PCL REGS 4.50 12-42 25/10S PTT REGS 3.375 12-22 25/10S PTTEP CANADA REGS 5.692 10-15 19/07S QTEL INTL FIN 4.75 10-21 16/02S QTEL INTL REGS 3.25 12-23 21/02S RELIANCE HLDGS REGS 5.40 12-22 14/02S RIZAL COMMERCIAL BANK 3.45 15-21 02/02S SABLE INTL FIN.REGS 6.875 15-22 01/08S SACI FALABELLA REGS 3.75 13-23 30/04S SAN MIGUEL 4.875 13-23 26/04S SASOL FIN INTL 4.50 12-22 14/11S SINGTEL GROUP TREASURY4.50 11-21 08/09S SM INVESTMENTS 4.25 12-19 17/10S SOUTHERN COPPER 5.25 12-42 08/11S SOUTHERN COPPER CORP 5.875 15-45 23/04S STANDARD BANK SUB 8.125 09-19 02/12S STATE BANK OF INDIA 4.875 14-24 17/04S SUAM FINANCE BV REGS 4.875 14-24 17/04S SUN HUNG CAP MKT 3.625 13-23 16/01S SUZANO TRADING REG S 5.875 10-21 23/01S SWIRE PACIFIC REGS 36 4.50 13-23 09/10S TATA MOTORS LTD 4.625 14-20 30/04S TELEFONICA CHILE REGS 3.875 12-22 12/10S TENCENT HLDG REGS TR2 3.375 12-18 05/03S TENEDORA NEMAK REGS 5.50 13-23 28/02S TEVA PHARMA FINANCE 2.95 12-22 18/02S TEVA PHARMAC.FINANCE 6.15 06-36 01/02S TGI INTERNATIONAL 5.70 12-22 20/03S THAI OIL REGS 3.625 13-23 23/01S THAI OIL REGS 4.875 13-43 23/01S TRANSNET REG S EMTN 4.00 12-22 26/07S TURK SISE CAM REGS 4.25 13-20 09/05S TURK TELEKOM REGS 4.875 14-24 19/06S TURK VAK BANK TAO 6.00 12-22 01/11S TURKCELL ILETISIM 5.75 15-25 15/10S TURKIYE IS BANKASI 5.00 14-21 25/06S TURKIYE IS BANKASI 5.375 16-21 06/10S UNACEM 5.875 14-21 30/10S URALKALIY REGS 3.723 13-18 30/04S VALE OVERSEAS 4.375 12-22 11/01S VALE OVERSEAS GTD 6.875 06-36 21/11S VEB FINANCE REG S 6.902 10-20 09/07S VIMPELCON 7.504 11-22 01/03S VOTORANTIM CIMENTOS 7.25 11-41 05/04S VTR FINANCE REGS 6.875 14-24 15/01S WOORI BANK 4.75 14-24 30/04S WYNN MACAU REGS 5.25 13-21 15/10S YPF REGS 8.125 15-25 28/07A YPF SOCIEDAD ANONI 8.50 16-21 23/03S ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S

Cost

Market value

Unaudited accrued Interest

% of total net assets

1,800,692.12 745,905.00 276,343.50 1,006,300.00 1,025,000.00 1,108,347.78 2,120,050.00 926,400.00 792,016.00 1,357,950.00 1,245,635.29 507,750.00 990,060.00 997,160.00 798,308.00 389,450.00 461,095.00 532,145.00 1,098,232.82 971,950.00 1,086,053.16 500,000.00 513,750.00 444,515.62 1,473,975.00 1,006,250.00 554,365.00 1,327,250.00 350,000.00 364,696.00 395,000.00 599,670.00 1,258,815.88 194,712.00 360,850.00 203,504.00 1,513,875.00 484,063.75 1,026,780.75 1,029,663.75 479,030.92 1,021,307.25 517,270.00 377,779.38 414,260.00 471,875.00 992,650.00 991,650.00 1,033,766.67 985,090.00 1,011,180.00 497,700.00 755,100.00 745,226.66 914,220.19 662,524.78 2,095,201.11 1,058,125.00 434,060.00 1,027,500.00 2,018,795.00 480,583.33 1,765,312.50 1,354,400.89 988,500.00

1,871,625.00 805,211.25 320,478.00 1,021,350.00 1,053,580.00 1,163,349.00 2,179,000.00 812,800.00 825,680.00 1,380,870.00 1,256,856.00 519,200.00 1,038,646.50 1,041,760.00 872,872.00 518,930.00 523,210.00 574,125.00 1,102,800.00 1,013,630.00 1,115,220.00 516,925.00 505,312.50 461,124.00 1,501,170.00 1,003,340.00 563,990.00 1,364,337.00 357,820.00 377,120.00 422,831.25 668,892.00 1,303,125.00 212,988.00 363,678.00 224,810.00 1,540,065.00 518,190.00 1,036,960.00 1,037,880.00 508,875.00 1,086,903.00 521,840.00 414,820.00 540,370.00 476,845.00 1,006,890.00 999,170.00 1,013,240.00 1,022,450.00 1,011,250.00 514,062.50 765,720.00 801,952.00 887,727.50 554,814.00 2,177,560.00 1,101,600.00 363,500.00 996,980.00 2,113,260.00 486,250.00 1,855,157.50 1,387,750.00 878,920.00

17,773.44 15,898.44 3,500.00 4,777.78 7,718.75 6,890.28 11,611.11 4,861.11 6,886.11 34,265.63 14,507.33 8,772.57 4,697.92 6,187.50 9,538.89 4,062.50 3,046.88 6,719.72 17,680.56 11,645.83 20,400.00 2,779.17 14,227.43 2,812.50 13,000.00 5,750.00 7,000.00 11,203.47 3,033.33 4,373.61 2,369.79 5,931.25 12,356.77 3,302.78 8,967.53 2,025.00 11,562.50 4,197.92 5,437.50 18,638.89 491.67 22,908.75 7,916.67 6,323.61 10,630.21 8,555.56 6,020.83 1,489.58 9,833.33 11,979.17 694.44 6,270.83 7,343.75 4,964.00 19,511.28 4,468.75 65,569.00 24,805.88 6,847.22 31,510.42 15,833.33 5,468.75 60,034.72 29,773.61 9,302.08

1.03 0.44 0.18 0.56 0.58 0.64 1.20 0.45 0.45 0.76 0.69 0.29 0.57 0.57 0.48 0.29 0.29 0.32 0.61 0.56 0.61 0.28 0.28 0.25 0.83 0.55 0.31 0.75 0.20 0.21 0.23 0.37 0.72 0.12 0.20 0.12 0.85 0.29 0.57 0.57 0.28 0.60 0.29 0.23 0.30 0.26 0.55 0.55 0.56 0.56 0.56 0.28 0.42 0.44 0.49 0.31 1.20 0.61 0.20 0.55 1.16 0.27 1.02 0.76 0.48

The accompanying notes are an integral part of these financial statements.

Page 69

UBAM - EMERGING MARKET CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Market value

Unaudited accrued Interest

% of total net assets

14,683,275.25

14,774,955.00

169,770.51

8.14

14,683,275.25 506,430.00 501,240.00 503,575.00 496,235.00 506,850.00 1,030,000.00 1,044,070.00 750,000.00 2,702,000.00 512,000.00 1,030,800.00 1,537,000.00 1,017,400.00 503,087.50 1,028,837.75 1,013,750.00

14,774,955.00 516,815.00 493,335.00 513,010.00 507,085.00 515,615.00 1,032,070.00 1,044,400.00 783,615.00 2,619,050.00 508,660.00 1,043,620.00 1,597,620.00 1,004,830.00 527,470.00 1,034,930.00 1,032,830.00

169,770.51 5,437.50 9,062.50 7,673.61 2,529.51 3,128.47 12,458.33 577.78 4,375.00 30,182.29 6,468.75 8,333.33 45,000.00 1,625.00 12,395.83 10,520.83 10,001.78

8.14 0.28 0.27 0.28 0.28 0.28 0.57 0.58 0.43 1.45 0.28 0.57 0.89 0.55 0.29 0.57 0.57

2,693,640.00

2,700,226.00

14,086.81

1.49

2,693,640.00

2,700,226.00

14,086.81

1.49

2,693,640.00 2,143,640.00 550,000.00

2,700,226.00 2,147,520.00 552,706.00

14,086.81 12,291.67 1,795.14

1.49 1.19 0.30

169,308,560.23

172,630,417.16

95.11

Cash at banks/(bank liabilities)

7,808,925.47

4.30

Other net assets/(liabilities)

1,063,127.47

0.59

181,502,470.10

100.00

Description

Cost

Floating rate bonds 500,000 500,000 500,000 500,000 500,000 1,000,000 1,000,000 750,000 2,500,000 500,000 1,000,000 1,500,000 1,000,000 500,000 1,000,000 1,000,000

US Dollar

BK OF COMMUNICAT SUB FL.R 14-24 03/10S BURGAN TIER SUB FL.R 14-XX 30/03S CHINA CONST ASIA FL.R 14-24 20/08S CHINA CONST BANK FL.R 15-25 13/05S CLP POWER HK FIN FL.R 14-XX 07/11S EMIRATES NBD PJSC FL.R 13-23 28/03S KRUNG THAI BK EMTN FL.R 14-24 26/12S LI & FUNG FL.R 12-XX 25/05S MAJID FUTTAIM HLDG FL.R 13-18 29/10S NBK TIER 1 FNC SUB FL.R 15-XX 09/04S OCBC REGS FL.R 14-24 15/10S PETRON SUB FL.R 13-XX 06/08S PTT EXPLOR. PROD REGS FL.R 14-XX 18/06S SANTANDER CAP REGS SUB FL.R 13-24 30/01S UOB SUB FL.R 14-24 19/09S WOORI BANK REGS FL.R 07-37 025/05S

Other transferable securities Bonds US Dollar

2,000,000 B COMMUNIC REGS 144A 7.375 14-21 15/02S 550,000 VALE OVERSEAS 5.875 16-21 10/06S

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 70

UBAM - EMERGING MARKET CORPORATE BOND

Geographical classification of investments (by domicile of the issuer) Cayman Islands Luxembourg British Virgin Islands The Netherlands Turkey Israel Ireland United Arab Emirates Mexico Bermuda Hong Kong India Chile Colombia Indonesia Singapore Philippines United States of America South Korea Thailand Argentina Morocco Kazakhstan Panama Peru United Kingdom Barbados The Netherlands Antilles China Other

% of net assets 10.42 5.78 5.70 5.34 4.17 4.17 3.90 3.54 3.53 3.28 3.24 3.21 3.07 3.00 2.98 2.87 2.75 2.36 2.31 2.14 1.92 1.68 1.46 1.35 1.31 1.27 1.16 1.00 0.97 5.23 95.11

Page 71

UBAM - EMERGING MARKET CORPORATE BOND

Industrial classification of investments % of net assets 29.01 17.75 12.34 8.05 3.95 3.66 2.55 2.53 2.41 1.76 1.65 1.42 0.95 0.89 0.86 0.83 0.82 0.68 0.60 0.58 0.54 0.43 0.42 0.27 0.16

Holding and finance companies Banks and credit institutions Petroleum Communications Utilities Electrical engineering and electronics Real estate companies Chemicals Transportation Internet and Internet services Building materials and trade Road vehicles Tobacco and alcoholic drinks Non-ferrous metals Miscellaneous services Retail trade, department stores Miscellaneous consumer goods Pharmaceuticals and cosmetics Paper and forest products Office supplies and computing Agriculture and fishery Miscellaneous trading companies Foods and non alcoholic drinks Hotels and restaurants Coal mining and steel industry

95.11

Page 72

UBAM - EMERGING MARKET CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

5,310,944.37

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

5,290,458.32 3,838.12 16,642.14 5.79 1,564,146.37

Management fees Custodian fees Subscription duty ("taxe d'abonnement") Central administration costs Performance fees Audit fees Interest paid on bank liabilities Legal fees Transaction fees Other administration costs Banking charges and other fees Interest paid on swap contracts Other expenses

Note 3 Note 5 Note 4

Note 2 Note 6, 7 Note 2

Net investment income

1,054,460.96 247,721.05 26,884.75 101,660.05 18,025.72 1,901.25 2,522.61 4,711.12 11,836.34 73,940.07 1,525.53 11,312.50 7,644.42 3,746,798.00

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-2,029,383.10 2,202,964.65 -814,131.54 348,654.52 -580,853.61 2,874,048.92

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

12,405,648.38 1,094,050.09 -355,029.72 -366,367.97 15,652,349.70

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-179,843.37 51,608,375.81 4,075,266.80 -107,933,666.27 -1,494,468.90

Total changes in net assets

-38,271,986.23

Total net assets at the beginning of the period

219,774,456.33

Total net assets at the end of the period

181,502,470.10

The accompanying notes are an integral part of these financial statements.

Page 73

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

59,343,528.45

Securities portfolio at market value Cash at banks Interest receivable on swap contracts Interest receivable on bonds and other debt securities Unrealised gain on swap contracts Receivable on treasury transactions

Note 2

57,413,082.50 761,516.34 16,048.92 623,468.09 529,107.50 305.10

Note 2 Note 2, 10 Note 2

Liabilities

1,009,131.70

Bank liabilities Unrealised loss on forward foreign exchange contracts Payable on swap contracts Interest payable on bank liabilities and expenses payable

450,092.11 68,800.92 254,136.47 236,102.20

Note 2, 8

Net assets at the end of the period

58,334,396.75

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares

AH CHF shares

Capitalisation shares

I shares

Capitalisation shares

IH EUR shares

Capitalisation shares Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

331,136.585

9,797.000

41,157.690

299,775.895

52,159.908

5,016.000

2,855.000

54,320.908

69,097.000

1,800.000

6,065.000

64,832.000

3,458.000

0.000

400.000

3,058.000

13,908.000

0.000

229.000

13,679.000

109,620.909

15,753.590

84,122.526

41,251.973

59,000.000

405.000

0.000

59,405.000

10.000

0.000

10.000

The accompanying notes are an integral part of these financial statements.

Page 74

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

58,334,396.75

68,031,427.11

105,340,945.10

USD

299,775.895 107.66

331,136.585 104.14

397,776.000 103.20

54,320.908 97.21 4.19

52,159.908 98.16 4.58

52,212.000 101.78 1.57

EUR

64,832.000 106.48

69,097.000 103.61

311,814.125 103.06

CHF

3,058.000 104.31

3,458.000 101.73

9,358.000 101.96

USD

13,679.000 106.48

13,908.000 102.52

16,479.000 100.64

EUR

41,251.973 109.52

109,620.909 106.06

94,938.000 104.52

59,405.000 95.57 4.89

59,000.000 97.37 4.52

45,000.000 100.39 -

USD

10.000 102.51

10.000 99.36

The accompanying notes are an integral part of these financial statements.

Page 75

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

500,000 900,000 500,000 700,000 500,000 850,000 850,000 800,000 600,000 900,000 2,500,000 800,000 950,000 900,000 800,000 850,000 750,000 500,000 900,000 700,000 500,000 600,000 750,000 800,000 600,000 500,000 800,000 800,000 700,000 750,000 250,000 1,000,000 500,000 750,000 670,000 500,000 500,000 700,000 700,000 700,000 500,000 600,000 2,000,000 500,000 700,000 650,000 700,000 700,000 500,000 850,000 324,000 500,000 700,000 800,000 843,000 1,000,000 500,000 400,000 700,000 900,000 750,000 2,000,000

Market value

Unaudited accrued Interest

% of total net assets

56,301,015.27

56,554,074.50

618,713.56

96.95

54,657,567.27

54,932,778.50

609,034.56

94.17

54,657,567.27 506,875.00 873,315.00 551,200.00 717,500.00 507,397.06 892,675.00 891,416.05 849,969.14 580,986.67 929,250.00 2,509,042.00 856,000.00 959,150.00 986,250.00 857,120.00 902,548.56 742,560.00 499,250.00 924,210.00 749,700.00 532,250.00 600,000.00 761,025.00 730,800.00 626,382.35 497,355.00 854,791.60 793,222.86 713,790.00 824,775.00 255,350.00 1,113,122.00 500,000.00 800,275.00 679,110.27 539,250.00 490,000.00 714,000.00 692,090.00 741,440.00 461,249.42 652,937.50 2,009,441.00 467,295.00 687,680.00 710,913.48 651,067.37 738,733.33 488,500.00 928,396.31 351,108.67 478,812.50 684,355.00 909,876.00 812,443.43 1,007,500.00 494,404.76 409,000.00 676,282.00 920,016.00 690,000.00 2,007,500.00

54,932,778.50 522,610.00 911,610.00 533,920.00 721,644.00 513,675.00 896,622.50 870,306.50 830,848.00 592,356.00 949,158.00 2,504,200.00 850,896.00 963,452.00 951,507.00 861,904.00 877,506.00 725,805.00 516,165.00 958,770.00 754,999.00 520,005.00 629,772.00 761,760.00 795,016.00 609,372.00 508,865.00 826,560.00 786,584.00 739,060.00 831,960.00 249,010.00 1,014,830.00 485,935.00 779,617.50 701,818.30 546,950.00 500,595.00 733,376.00 721,651.00 744,688.00 488,025.00 640,818.00 2,004,560.00 513,720.00 736,190.00 655,694.00 650,734.00 726,390.00 512,470.00 889,338.00 337,527.00 525,775.00 713,699.00 902,040.00 848,530.08 1,001,520.00 508,735.00 419,876.00 710,640.00 926,838.00 751,830.00 2,003,828.12

609,034.56 6,944.44 7,528.13 10,390.63 9,625.00 10,062.50 29,927.08 9,252.60 30,138.89 3,745.83 5,156.25 8,263.89 2,888.89 9,005.21 16,593.75 5,775.00 18,947.92 2,515.63 1,281.25 9,375.00 11,292.36 2,050.00 7,350.00 15,406.25 8,991.67 1,575.00 4,722.22 9,183.33 2,375.00 10,392.12 33,838.54 244.79 7,222.22 2,114.58 18,678.13 9,212.50 4,338.54 572.92 7,984.38 9,661.46 6,690.83 10,026.04 15,087.50 7,000.00 4,265.63 6,569.79 5,561.11 4,987.50 16,078.13 7,999.28 23,782.29 7,465.50 15,274.31 11,415.83 5,055.56 3,336.88 1,250.00 5,588.54 3,941.67 4,652.08 8,668.75 4,653.75 6,881.87

94.17 0.90 1.56 0.92 1.24 0.88 1.54 1.49 1.42 1.02 1.63 4.28 1.46 1.65 1.63 1.48 1.50 1.24 0.88 1.64 1.29 0.89 1.08 1.31 1.36 1.04 0.87 1.42 1.35 1.27 1.43 0.43 1.74 0.83 1.34 1.20 0.94 0.86 1.26 1.24 1.28 0.84 1.10 3.43 0.88 1.26 1.12 1.12 1.25 0.88 1.52 0.58 0.90 1.22 1.55 1.45 1.72 0.87 0.72 1.22 1.59 1.29 3.43

Cost

US Dollar

AGROMERCANTIL SENIOR 6.25 14-19 10/04S AK FIN KIRALAMA 4.125 13-18 17/04S ALFA BOND ISS REGS 7.875 10-17 25/09S BAHRAIN 5.50 10-20 31/03S BANCO DE COSTA RICA 5.25 13-18 12/08S BANCO REGIONAL REGS 8.125 14-19 24/01S BANK OF CELIO REGS 6.875 12-17 03/05S BANK OF GEOGIA REGS 7.75 12-17 05/07S BCO GNB SUDAMMER REGS 3.875 13-18 02/05S BMCE REGS 6.25 13-18 27/11S CANADA 0.875 12-17 14/02S CEMEX REGS 6.50 13-19 10/12S CHINA OIL GAS REGS 5.25 13-18 25/04S COLUMBUS INTL INC 7.375 14-21 30/03S COUNTRY GARDEN REGS 7.875 14-19 27/05S CREDITO REAL REGS 7.50 14-19 13/03S ELDORADO INT FIN REGS 8.625 16-21 16/06S EUROCHEM MIN REGS 5.125 12-17 12/12S FINANSBANK REGS 6.25 14-19 30/04S FRANSHION BRILLIANT 5.75 14-19 19/03S GABONESE REPUBLIC 8.20 07-17 12/12S GEELY AUTOMOBILE REGS 5.25 14-19 06/10S GHANA 8.50 07-17 04/10A GOLD FIELDS ORO REG-S 4.875 10-20 07/10S GRUPO IDESA REGS 7.875 13-20 18/12S HIKMA PHARMCEUTICALS 4.25 15-20 10/04S HSBK EUROPE BV 7.25 07-17 03/05S INTL BK AZERBAIJAN 5.625 14-19 11/06S KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S KAZMUNAIGAZ 9.125 08-18 02/07S KENYA 5.875 14-19 24/06S LANDW RENTENBANK 5.00 06-16 08/11S LATAM AIR GRP REGS 7.25 15-20 09/06S LISTRINDO CAP BV R 6.95 12-19 21/02S LONGFOR PROPERT EMTN 6.875 12-19 18/10S LUKOIL INT REG S 6.125 10-20 09/11S MARFRIG HOLDINGS REGS 6.875 14-19 24/06S METALLOINVEST FIN 5.625 13-20 17/04S MILLICOM INT CEL REGS 6.625 13-21 15/10S MMC FINANCE REGS 5.55 13-20 28/10S MONGOLIA REGS 4.125 12-18 05/01S NATIONAL SAVINGS REGS 8.875 13-18 18/09S NETHERLANDS 1.00 12-17 24/02S NITROGENMUVEK ZRT 7.875 13-20 21/05S NORD GOLD NV 6.375 13-18 07/05S NORTHERN LIGHTS REGS 7.00 12-19 16/08Q PARKSON RETAIL GP 4.50 13-18 03/05S PETROBRAS INTL 7.875 09-19 15/03S PHOSAGRO BD FND REGS 4.204 13-18 13/02S ROAD KING INFRA REGS 9.875 12-17 18/09S SERVICIOS COR 9.875 11-21 06/04S SHIMAO PPTY 6.625 13-20 14/01S SIBUR SEC REGS 3.94 13-18 31/01S STANDARD BANK SUB 8.125 09-19 02/12S SUN HUNG KAI REGS 4.75 16-21 31/05S SWEDEN 1.00 13-16 15/11S TBG GLOBAL REGS 4.625 13-18 03/04S TF VARLIK KIRA REGS 5.375 14-19 24/04S TUPRAS REGS 4.125 12-18 02/05S TURKIYE GARANTI BANK 4.75 14-19 17/10S URALKALIY REGS 3.723 13-18 30/04S US TREASURY NOTES Series AH-2017 0.75 14-17 15/01S

The accompanying notes are an integral part of these financial statements.

Page 76

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Cost

Market value

Unaudited accrued Interest

% of total net assets

794,400.00 763,000.00 869,200.00 1,994,765.62 733,250.00 787,520.00 732,476.32

828,304.00 816,048.00 858,032.00 2,000,312.50 750,771.00 703,136.00 712,019.00

13,125.00 3,660.80 4,888.89 1,666.67 16,031.94 7,441.67 11,362.85

1.42 1.40 1.47 3.43 1.29 1.21 1.22

1,643,448.00

1,621,296.00

9,679.00

2.78

1,643,448.00 828,000.00 815,448.00

1,621,296.00 819,728.00 801,568.00

9,679.00 5,152.78 4,526.22

2.78 1.41 1.37

858,725.00

859,008.00

4,916.67

1.47

858,725.00

859,008.00

4,916.67

1.47

858,725.00 858,725.00

859,008.00 859,008.00

4,916.67 4,916.67

1.47 1.47

57,159,740.27

57,413,082.50

98.42

Cash at banks/(bank liabilities)

311,424.23

0.53

Other net assets/(liabilities)

609,890.02

1.05

58,334,396.75

100.00

Description

800,000 800,000 800,000 2,000,000 700,000 800,000 700,000

VALE OVERSEAS 5.625 09-19 15/09S VEB FINANCE REGS 4.224 13-18 21/11S VTB CAPITAL SA REG S 6.875 08-18 29/05S WI TREASURY SEC. 0.50 15-17 30/04S YPF SOCIEDAD ANONI 8.50 16-21 23/03S ZHAIKMUNAI INTL REGS 7.125 12-19 13/11S ZOOMLION HK SPV REGS 6.875 12-17 05/04S

Floating rate bonds US Dollar

800,000 BANK BARODA SUB REGS FL.R 07-22 25/05S 800,000 CANARA BANK -REGS- FL.R 06-21 28/11S

Other transferable securities Bonds US Dollar

800,000 B COMMUNIC REGS 144A 7.375 14-21 15/02S

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 77

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND

Geographical classification of investments (by domicile of the issuer) The Netherlands Ireland United States of America Turkey Cayman Islands British Virgin Islands United Kingdom Mexico Canada Luxembourg Sri Lanka Germany Sweden Bermuda Barbados Morocco Paraguay Hong Kong Israel Micronesian Islands Georgia Ghana Argentina Kazakhstan Austria Bahrain Colombia Gabon Russia Other

% of net assets 12.83 8.25 8.08 6.73 6.62 5.62 5.20 4.58 4.28 4.06 2.59 1.74 1.72 1.65 1.63 1.63 1.54 1.48 1.47 1.43 1.42 1.31 1.29 1.27 1.24 1.24 1.02 0.89 0.88 4.73 98.42

Page 78

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND

Industrial classification of investments % of net assets 24.12 22.35 21.00 7.44 3.97 3.62 2.94 2.87 1.76 1.65 1.47 1.26 1.12 1.12 0.87 0.86

Banks and credit institutions Holding and finance companies Countries and central government Petroleum Real estate companies Transportation Building materials and trade Communications Chemicals Electrical engineering and electronics Internet and Internet services Precious metals and stones Electronics and semiconductors Retail trade, department stores Pharmaceuticals and cosmetics Foods and non alcoholic drinks

98.42

Page 79

UBAM - EM HIGH YIELD SHORT DURATION CORPORATE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

1,788,285.69

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

1,536,741.05 671.27 250,558.92 314.45 562,769.89

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

394,614.29 75,356.49 12,099.53 30,590.00 598.30 363.66 3,372.48 4,966.73 36,598.31 1,869.44 2,340.66 1,225,515.80

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

-1,024,423.99 173,734.15 -560,271.22 46,656.37 -138,788.89

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - swap contracts

Note 2 Note 2 Note 2

Result of operations

2,273,027.91 231,371.04 -87,828.02 2,277,782.04

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-566,906.21 3,087,810.58 545,743.08 -14,768,636.05 -272,823.80

Total changes in net assets

-9,697,030.36

Total net assets at the beginning of the period

68,031,427.11

Total net assets at the end of the period

58,334,396.75

The accompanying notes are an integral part of these financial statements.

Page 80

UBAM - EURO BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

52,129,801.20

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on sales of securities Unrealised gain on futures contracts

Note 2

50,603,605.00 77,508.68 1,563.15 272,149.19 1,375.20 633,130.72 328,919.26 211,550.00

Note 2

Note 2, 9

Liabilities

706,024.88

Bank liabilities Other liquid liabilities Payable on purchases of securities Unrealised loss on forward foreign exchange contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

307,388.25 33,339.63 245,797.63 3,054.06 26,525.11 89,920.20

Note 2, 8 Note 2, 10

Net assets at the end of the period

51,423,776.32

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

I shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

39,800.234

2,734.028

3,673.048

38,861.214

9,503.586

15,655.000

2,770.000

22,388.586

154,793.219

48,068.713

160,950.551

41,911.381

1,184.358

449.857

17.397

1,616.818

The accompanying notes are an integral part of these financial statements.

Page 81

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EURO BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

51,423,776.32

66,674,293.52

122,866,659.33

EUR

38,861.214 1,038.92

39,800.234 984.65

50,363.283 979.55

22,388.586 94.19 2.25

9,503.586 91.48 2.65

11,055.953 93.56 2.86

EUR

41,911.381 173.98

154,793.219 164.53

436,411.896 162.96

EUR

1,616.818 1,020.14

1,184.358 969.28

1,426.677 969.07

The accompanying notes are an integral part of these financial statements.

Page 82

UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

55,000 20,000 130,000 120,000 25,000 130,000 40,000 220,000 55,000 265,000 95,000 160,000 55,000 600,000 600,000 300,000 900,000 35,000 110,000 80,000 250,000 95,000 385,000 85,000 270,000 330,000 130,000 190,000 190,000 190,000 350,000 200,000 300,000 500,000 350,000 300,000 350,000 750,000 400,000 355,000 290,000 680,000 255,000 250,000 125,000 260,000 135,000 330,000 510,000 590,000 165,000 570,000 190,000 255,000 60,000 280,000 740,000 165,000 330,000 460,000 250,000 715,000

Market value

Unaudited accrued Interest

% of total net assets

48,474,426.43

50,603,605.00

633,495.31

98.41

47,974,426.43

50,103,170.00

632,684.98

97.44

47,974,426.43 59,080.60 20,638.58 134,741.92 150,861.30 37,773.39 156,227.16 84,924.80 253,037.81 69,576.39 297,559.22 132,276.80 234,911.06 67,762.97 631,410.61 598,008.00 305,813.28 977,082.42 49,947.12 136,962.18 136,643.20 333,844.51 131,519.18 444,215.95 143,150.01 345,287.56 359,826.42 167,398.58 189,770.99 205,727.58 209,779.00 376,513.47 203,718.34 299,901.00 503,345.55 429,286.24 342,048.87 396,025.15 873,892.83 464,440.00 420,464.14 292,001.17 689,970.19 264,446.68 259,075.00 139,121.60 275,892.27 157,656.07 397,089.75 613,205.83 696,792.21 213,926.18 680,606.11 222,577.67 367,681.21 114,985.53 317,891.38 805,362.40 271,917.52 491,234.06 727,531.49 365,124.13 1,139,567.86

50,103,170.00 60,944.40 23,466.16 149,178.90 157,369.92 39,931.30 156,457.60 79,905.20 259,204.00 92,636.50 286,287.45 139,179.75 266,344.00 67,817.75 625,356.00 629,538.00 320,793.00 966,366.00 53,543.00 137,156.80 137,910.40 401,332.50 168,832.10 433,848.80 150,813.80 347,889.60 387,486.00 182,919.10 202,716.70 232,204.70 205,186.70 376,355.00 204,886.00 305,544.00 506,480.00 427,983.50 342,558.00 390,439.00 868,312.50 521,720.00 423,614.40 301,484.00 700,060.00 264,486.00 261,100.00 143,437.50 301,288.00 160,056.00 423,363.60 650,760.00 703,870.00 262,671.75 758,014.50 365,930.50 426,125.40 118,614.00 317,926.00 786,901.20 302,920.20 573,276.00 760,886.00 457,020.00 1,142,927.50

632,684.98 673.21 104.92 1,578.83 299.84 21.58 3,592.76 647.87 8,228.36 669.12 5,622.56 1,350.69 9,590.16 390.50 16,811.48 2,963.01 4,633.20 8,340.41 360.55 3,525.41 65.75 3,541.10 1,223.29 3,966.03 930.34 8,653.28 162.74 85.48 41.64 79.12 1,957.26 7,459.02 692.62 217.81 227.12 21,157.79 7,556.35 6,113.01 2,293.66 10,879.78 1,925.75 143.01 670.68 1,518.85 246.58 1,302.94 3,979.92 299.59 813.70 9,541.60 13,045.29 528.90 3,607.40 1,374.25 6,939.34 433.97 2,151.78 21,396.31 1,342.60 2,865.04 4,574.79 9,779.71 10,989.45

97.44 0.12 0.05 0.29 0.31 0.08 0.30 0.16 0.50 0.18 0.56 0.27 0.52 0.13 1.22 1.22 0.62 1.89 0.10 0.27 0.27 0.78 0.33 0.84 0.29 0.68 0.75 0.36 0.39 0.45 0.40 0.73 0.40 0.59 0.98 0.83 0.67 0.76 1.70 1.01 0.82 0.59 1.36 0.51 0.51 0.28 0.59 0.31 0.82 1.27 1.37 0.51 1.47 0.71 0.83 0.23 0.62 1.54 0.59 1.11 1.48 0.89 2.23

Cost

Euro

AUSTRIA 1.20 15-25 20/10A AUSTRIA 1.50 16-47 20/02A AUSTRIA 1.75 13-23 20/10A AUSTRIA 2.40 13-34 23/05A AUSTRIA 3.15 12-44 20/06A AUSTRIA 3.50 05-21 15/09A AUSTRIA 3.80 12-62 26/01A AUSTRIA 3.90 04-20 15/07A AUSTRIA 4.15 06-37 15/03A AUSTRIA 4.65 03-18 15/01A AUSTRIA 4.85 09-26 15/03A AUSTRIA 6.25 97-27 15/07A AUSTRIA REP OF 3.65 11-22 20/04A BANCO POPULAR ESP 3.50 13-17 11/09A BANK OF IRELAND 1.75 14-19 19/03A BCO POP ESPANOL 2.125 14-19 08/10A BCO POPULAR ESPANOL 4.125 10-18 09/04A BELGIQUE OLO 4.00 12-32 28/03A BELGIQUE OLO 4.25 11-21 28/09A BELGIUM 3.75 13-45 22/06A BELGIUM OLO -315.50 98-28 28/03A BELGIUM OLO -445.00 04-35 28/03A BELGIUM OLO -554.00 09-19 28/03A BELGIUM OLO -604.25 10-41 28/03A BELGIUM OLO -654.25 12-22 28/09A BELGIUM OLO -682.25 13-23 22/06A BELGIUM OLO -733.00 14-34 22/06A BELGIUM OLO -751.00 15-31 22/06A BELGIUM 144A/REGS OLO 1.90 15-38 22/06A BELGIUM -52-LINEAIRE 4.00 08-18 28/03A BNP PARIBAS 2.50 12-19 23/08A BPCE SFH 0.375 15-20 28/07A CIE DE FIN.FONCIER 0.25 16-22 16/03A CIE FIN FONCIER 0.125 15-20 18/02A CITIGROUP INC 7.375 09-19 04/09A CM-CIC COVERED BONDS 3.125 10-20 09/09A COMMERZBANK 6.375 11-19 22/03A CREDIT AGRICOLE 302 5.875 09-19 11/06A FINLAND 2.75 12-28 04/07A FRANCE 3.00 11-22 25/04U FRANCE OAT 0.50 15-25 25/05A FRANCE OAT 1.00 12-18 25/05A FRANCE OAT 1.00 12-18 25/11A FRANCE OAT 1.00 13-19 25/05A FRANCE OAT 1.75 13-24 25/11A FRANCE OAT 2.25 11-22 25/10A FRANCE OAT 2.25 13-24 25/05A FRANCE OAT 2.50 13-30 25/05A FRANCE OAT 2.75 12-27 25/10A FRANCE OAT 3.25 10-21 25/10A FRANCE OAT 3.25 12-45 25/05A FRANCE OAT 3.50 10-26 25/04A FRANCE OAT 4.00 04-55 25/04A FRANCE OAT 4.00 06-38 25/10A FRANCE OAT 4.00 09-60 25/04A FRANCE OAT 4.25 03-19 25/04A FRANCE OAT 4.25 06-17 25/10A FRANCE OAT 4.50 09-41 25/04A FRANCE OAT 4.75 04-35 25/04A FRANCE OAT 5.50 98-29 25/04A FRANCE OAT 5.75 00-32 25/10A FRANCE OAT 8.50 92-23 25/04A

The accompanying notes are an integral part of these financial statements.

Page 83

UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

100,000 400,000 35,000 45,000 125,000 120,000 130,000 140,000 210,000 15,000 300,000 220,000 150,000 545,000 165,000 425,000 640,000 290,000 320,000 160,000 135,000 435,000 185,000 655,000 285,000 725,000 40,000 245,000 90,000 240,000 190,000 400,000 160,000 300,000 1,569,000 173,000 120,000 270,000 130,000 235,000 430,000 250,000 255,000 350,000 400,000 350,000 135,000 180,000 240,000 180,000 110,000 100,000 175,000 114,000 120,000 125,000 115,000 120,000 95,000 35,000 1,150,000 200,000 500,000 640,000 545,000 275,000 145,000

HJ HEINZ CO 2.00 15-23 30/06A IPIC GMTN REG 2.375 12-18 30/05A IRELAND 2.40 14-30 15/05A IRELAND TREASURY BOND REGS 2.00 15-45 18/02A IRELAND TREASURY BOND 3.40 14-24 18/03A IRELAND TREASURY BOND 4.50 07-18 18/10A IRELAND TREASURY BOND 5.00 10-20 18/10A IRELAND TREASURY BOND 5.40 09-25 13/03A IRELAND TREASURY BOND 5.90 09-19 18/10A IRLANDE 1.00 16-26 15/05A ITALY 3.50 13-18 01/12S ITALY 3.50 14-30 01/03S ITALY BOT 1.65 15-32 01/03S ITALY BOT 3.75 13-21 01/05S ITALY BOT 4.75 13-28 01/09S ITALY BTP 1.35 15-22 15/04S ITALY BTP 1.50 14-19 01/08S ITALY BTP 1.50 15-25 01/06S ITALY BTP 2.15 14-21 15/12S ITALY BTP 2.70 16-47 01/03S ITALY BTP 3.25 14-46 01/09S ITALY BTP 3.75 06-21 01/08S ITALY BTP 4.00 05-37 01/02S ITALY BTP 4.25 09-19 01/09S ITALY BTP 4.25 09-20 01/03S ITALY BTP 4.50 08-18 01/08S ITALY BTP 4.50 13-24 01/03S ITALY BTP 4.75 08-23 01/08S ITALY BTP 4.75 13-44 01/09S ITALY BTP 5.00 03-34 01/08S ITALY BTP 5.00 07-39 01/08S ITALY BTP 5.00 09-25 01/03S ITALY BTP 5.00 09-40 01/09S ITALY BTP 5.00 11-22 01/03S ITALY BTP 5.25 02-17 01/08S ITALY BTP 5.25 98-29 01/11S ITALY BTP 5.75 02-33 01/02S ITALY BTP 6.00 00-31 01/05S ITALY BTP 6.50 97-27 01/11S ITALY BTP 7.25 96-26 01/11S ITALY BTP 9.00 93-23 01/11S ITALY BTPS 4.50 10-26 01/03S ITALY BTPS 4.75 11-21 01/09S JPM CHASE 1.875 12-19 21/11A KBC BANK 1.25 13-20 28/05A MERRILL LYNCH EMTN 4.625 06-18 14/09A NEDERLAND 0.00 15-18 15/04A NETHERLANDS 0.25 15-25 15/07A NETHERLANDS 2.00 14-24 15/07A NETHERLANDS 2.25 12-22 15/07A NETHERLANDS 2.50 12-33 15/01A NETHERLANDS 2.75 14-47 15/01A NETHERLANDS 3.50 10-20 15/07A NETHERLANDS 3.75 06-23 15/01A NETHERLANDS 3.75 10-42 15/01A NETHERLANDS 4.00 05-37 15/01A NETHERLANDS 5.50 98-28 15/01A NETHERLANDS 7.50 93-23 15/01A NETHERLANDS 1.75 13-23 15/07A NETHERLANDS GOVT 3.25 11-21 15/07A NIBC BANK NV 1.75 13-18 10/08A NORDEA BANK FINLAN 0.125 15-20 17/06A SOCIETE GENERALE SFH 1.625 13-21 01/05A SPAIN 0.50 14-17 31/10A SPAIN 1.40 14-20 31/01A SPAIN 1.60 15-25 30/04A SPAIN 1.95 15-30 30/07A

Cost

Market value

Unaudited accrued Interest

% of total net assets

104,960.02 417,200.14 37,727.43 47,674.80 151,738.18 135,880.40 162,474.49 163,707.57 236,027.23 15,180.97 328,446.30 254,584.40 148,979.75 634,247.32 221,310.27 432,847.20 665,874.26 285,947.85 341,532.30 165,892.48 172,197.02 505,263.68 189,005.63 724,494.29 309,499.38 797,782.59 50,242.49 287,559.72 126,506.72 243,888.00 253,432.45 443,462.54 229,687.79 336,093.75 1,744,121.14 223,040.47 183,266.22 369,235.82 192,881.05 364,603.04 660,056.92 321,930.15 308,616.62 369,845.00 420,800.30 380,866.87 136,391.85 177,163.29 279,137.73 204,506.89 134,651.92 156,560.00 193,721.87 138,480.09 202,878.76 186,636.57 183,003.93 178,593.16 107,346.08 41,361.93 1,217,275.00 201,300.47 540,750.95 645,376.00 564,169.00 280,312.90 144,463.50

106,876.00 416,856.00 42,256.55 53,173.35 154,593.75 133,476.00 159,273.40 198,919.00 252,898.80 15,706.50 325,995.00 273,620.60 150,897.00 635,077.60 225,642.45 445,910.00 669,939.20 300,158.70 350,320.00 175,476.80 165,784.05 510,407.25 249,250.50 743,018.90 328,984.05 794,418.75 50,628.00 313,612.25 138,026.70 356,868.00 293,033.20 530,020.00 246,692.80 376,104.00 1,660,708.05 250,408.85 189,435.60 426,222.00 199,306.90 369,984.00 680,530.90 325,342.50 312,540.75 370,034.00 422,756.00 380,208.50 136,679.36 184,683.60 282,048.00 209,192.40 150,064.64 163,580.00 204,041.25 145,036.50 218,025.96 216,382.50 186,708.25 182,409.60 108,732.25 41,644.05 1,200,784.00 202,856.00 541,980.00 646,003.20 573,067.50 289,671.25 153,523.10

0.00 8,825.00 105.86 327.05 1,210.96 3,777.05 4,546.45 2,257.64 8,666.23 18.90 831.97 2,531.79 818.24 3,332.20 2,577.00 1,194.66 3,956.04 345.62 281.97 1,432.11 1,442.63 6,722.18 3,049.45 9,153.09 3,982.64 13,444.37 591.85 4,795.67 1,405.64 4,945.05 3,914.84 6,576.09 2,630.43 4,932.07 33,944.71 1,480.84 2,843.41 2,641.30 1,377.72 2,777.85 6,309.78 3,699.05 3,982.64 3,980.53 452.05 12,826.16 0.00 431.56 4,615.46 3,884.02 1,254.78 1,254.78 5,873.98 1,950.61 2,053.28 2,281.42 2,886.00 4,106.56 1,594.36 1,090.88 14,626.37 8.90 3,929.30 2,124.59 3,147.90 735.34 2,595.74

0.21 0.81 0.08 0.10 0.30 0.26 0.31 0.39 0.49 0.03 0.63 0.53 0.29 1.23 0.44 0.87 1.30 0.58 0.68 0.34 0.32 0.99 0.48 1.44 0.64 1.55 0.10 0.61 0.27 0.69 0.57 1.03 0.48 0.73 3.24 0.49 0.37 0.83 0.39 0.72 1.32 0.63 0.61 0.72 0.82 0.74 0.27 0.36 0.55 0.41 0.29 0.32 0.40 0.28 0.42 0.42 0.36 0.35 0.21 0.08 2.35 0.39 1.05 1.26 1.11 0.56 0.30

The accompanying notes are an integral part of these financial statements.

Page 84

UBAM - EURO BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

90,000 600,000 35,000 522,000 269,000 130,000 220,000 195,000 120,000 445,000 120,000 130,000 45,000 285,000 100,000 180,000 290,000 165,000 195,000 315,000 600,000

SPAIN 1.95 16-26 30/04A SPAIN 4.00 10-20 30/04A SPAIN 4.00 14-64 31/10A SPAIN 4.10 08-18 30/07A SPAIN 4.20 05-37 31/01A SPAIN 4.40 13-23 31/10A SPAIN 4.60 09-19 30/07A SPAIN 4.65 10-25 30/07A SPAIN 4.70 09-41 30/07A SPAIN 4.80 08-24 31/01A SPAIN 4.90 07-40 30/07A SPAIN 5.15 13-28 31/10A SPAIN 5.15 13-44 31/10A SPAIN 5.40 13-23 31/01A SPAIN 5.50 11-21 30/04A SPAIN 5.75 01-32 30/07A SPAIN 5.85 11-22 31/01A SPAIN 5.90 11-26 30/07A SPAIN 6.00 98-29 31/01A SPAIN STRIP 2.75 14-24 31/10A WACHOVIA CORP -SUB- 4.375 06-18 27/11A

Floating rate bonds Euro

500,000 CITIGROUP INC

Market value

Unaudited accrued Interest

% of total net assets

93,115.20 668,599.59 54,963.88 569,451.69 305,227.82 158,963.24 252,074.67 200,288.40 167,487.96 521,140.91 152,789.34 172,355.42 76,662.45 363,303.14 124,802.27 266,452.73 343,111.50 214,718.34 292,052.35 340,962.14 682,158.00

96,565.50 691,968.00 51,425.48 568,551.96 374,415.72 163,978.10 251,570.00 255,966.75 181,851.60 577,654.50 185,316.00 185,390.40 73,479.60 375,245.25 125,835.00 286,331.40 379,531.70 238,507.50 298,847.25 360,675.00 657,930.00

293.30 4,010.96 929.51 19,647.74 4,661.20 3,797.70 9,290.49 8,324.26 5,177.70 8,812.46 5,398.03 4,445.04 1,538.67 6,349.43 919.18 9,501.64 6,999.22 8,937.05 4,827.05 5,768.84 15,491.80

0.19 1.35 0.10 1.11 0.73 0.32 0.49 0.50 0.35 1.12 0.36 0.36 0.14 0.73 0.24 0.56 0.74 0.46 0.58 0.70 1.28

500,000.00

500,435.00

810.33

0.97

500,000.00 500,000.00

500,435.00 500,435.00

810.33 810.33

0.97 0.97

48,474,426.43

50,603,605.00

98.41

-305,825.10

-0.59

1,125,996.42

2.19

51,423,776.32

100.00

Cost

FL.R 04-19 10/02Q

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 85

UBAM - EURO BOND

Geographical classification of investments (by domicile of the issuer) France Italy Spain The Netherlands Belgium United States of America Austria Ireland Finland Cayman Islands Germany

% of net assets 26.76 25.39 18.09 7.07 6.73 4.75 3.47 3.18 1.40 0.81 0.76 98.41

Industrial classification of investments % of net assets 77.46 19.93 0.81 0.21

Countries and central government Banks and credit institutions Holding and finance companies Foods and non alcoholic drinks

98.41

Page 86

UBAM - EURO BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

813,092.01

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

789,305.44 18.04 23,762.34 6.19 235,775.26

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

121,910.90 26,618.62 11,098.07 27,170.66 506.06 490.54 2,441.34 1,292.80 33,577.28 550.00 8,016.97 2,102.02 577,316.75

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

516,235.81 8,940.61 320,536.66 -14,078.65 -10,809.49 1,398,141.69

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

1,274,201.48 1,291.47 298,955.00 -6,124.17 2,966,465.47

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-34,721.07 11,285,753.30 1,445,057.62 -30,658,859.38 -254,213.14 -15,250,517.20

Total net assets at the beginning of the period

66,674,293.52

Total net assets at the end of the period

51,423,776.32

The accompanying notes are an integral part of these financial statements.

Page 87

UBAM - GLOBAL AGGREGATE BOND*

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

29,075,266.58

Note 2

24,337,245.46 249,561.36 3,405,447.37 626,725.63 3,148.90 238,164.79 118,844.97 5,853.34 77,942.77 12,331.99

Note 2 Note 2, 9 Note 2, 10

Liabilities

790,773.52

Other liquid liabilities Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Payable on treasury transactions Payable on swap contracts Interest payable on bank liabilities and expenses payable

539,999.65 27,868.54 94,100.16 10,936.85 63,568.23 54,300.09

Note 2, 8 Note 2

Net assets at the end of the period

28,284,493.06

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

AH shares

Capitalisation shares

AH EUR shares

Capitalisation shares

AH CHF shares

Capitalisation shares Distribution shares

IH shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

0.000

100.000

0.000

100.000

8.000

595.563

0.000

603.563

16,158.136

913.013

1,106.572

15,964.577

7,148.000

2,381.931

240.000

9,289.931

0.000

100.000

0.000

100.000

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 88

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL AGGREGATE BOND* Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AH shares Capitalisation shares Number of shares outstanding Net asset value per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

28,284,493.06

25,541,750.44

33,208,484.72

USD

100.000 108.00

EUR

603.563 1,333.09

8.000 1,271.50

8.000 1,271.72

CHF

15,964.577 1,599.12

16,158.136 1,529.18

20,401.454 1,551.02

9,289.931 122.06 1.92

7,148.000 118.61 2.17

10,958.000 122.45 1.92

USD

100.000 108.20

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 89

UBAM - GLOBAL AGGREGATE BOND* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

Canadian Dollar

400,000 CANADA 100,000 100,000 80,000 50,000 120,000 60,000 500,000 200,000 100,000 200,000 350,000 500,000 50,000 100,000 250,000 230,000 100,000 300,000 120,000 700,000 700,000 500,000 200,000 270,000 350,000 300,000 400,000 115,000 100,000 100,000 30,000 200,000 100,000 200,000 110,000 70,000 200,000 100,000 275,000 180,000 75,000 100,000 50,000,000 10,000,000 150,000,000 150,000,000 45,000,000

8.00 92-23 01/06S

Euro

AUSTRIA 1.75 13-23 20/10A AUSTRIA 4.85 09-26 15/03A BELGIUM OLO -315.50 98-28 28/03A BELGIUM OLO -445.00 04-35 28/03A BELGIUM OLO -583.75 10-20 28/09A BELGIUM OLO -682.25 13-23 22/06A BFCM 2.875 12-17 21/06A BNP PARIBAS 2.50 12-19 23/08A CIE DE FIN.FONCIER 0.25 16-22 16/03A CITIGROUP INC 7.375 09-19 04/09A CREDIT AGRICOLE 302 5.875 09-19 11/06A FCE BANK 1.75 13-18 21/05A FINLAND 2.75 12-28 04/07A FRANCE 3.00 11-22 25/04U FRANCE OAT 0.50 15-25 25/05A FRANCE OAT 2.50 13-30 25/05A FRANCE OAT 3.75 05-21 25/04A FRANCE OAT 4.25 03-19 25/04A FRANCE OAT 4.50 09-41 25/04A GERMANY 3.00 10-20 04/07A GERMANY 6.25 94-24 04/01A INTESA SAN PAOLO 5.00 12-17 28/02A IRELAND TREASURY BOND 5.90 09-19 18/10A ITALY BTP 1.50 15-25 01/06S ITALY BTP 2.15 14-21 15/12S ITALY BTP 4.25 09-20 01/03S ITALY BTP 4.50 07-18 01/02S ITALY BTP 5.00 03-34 01/08S ITALY BTP 5.00 09-40 01/09S ITALY BTP 5.25 98-29 01/11S ITALY BTP 6.00 00-31 01/05S JPM CHASE 1.875 12-19 21/11A MERCK & CO 1.125 14-21 15/10A MERRILL LYNCH EMTN 4.625 06-18 14/09A NETHERLANDS 0.25 15-25 15/07A NETHERLANDS 4.00 05-37 15/01A PORTUGAL 4.75 09-19 14/06A SPAIN 4.00 10-20 30/04A SPAIN 4.10 08-18 30/07A SPAIN 4.80 08-24 31/01A SPAIN 4.90 07-40 30/07A SPAIN 6.00 98-29 31/01A

Japanese Yen

ASIAN DEVELOP BANK 2.35 04-27 21/06S BEI EMTN 1.90 06-26 26/01S BK NED GEMEENTEN 1.85 06-16 07/11A JAPAN FIN.MUNICIPAL 1.90 08-18 22/06S KREDITANSTALT FUER WIEDERAUFBAU 2.60 07-37 20/06S

New Polish Zloty

250,000 POLAND -1019-

5.50 08-19 25/10A

Pound Sterling

300,000 UK TREASURY STOCK 650,000 UK TREASURY STOCK 190,000 UK TREASURY STOCK 500,000 200,000 500,000 40,000

Market value

Unaudited accrued Interest

% of total net assets

24,924,695.90

24,337,245.46

238,183.49

86.04

24,303,760.63

23,782,598.12

238,131.21

84.08

530,236.65 530,236.65

458,406.24 458,406.24

1,781.22 1,781.22

1.62 1.62

12,266,928.62 123,050.89 156,350.67 135,342.16 81,314.88 173,282.08 76,044.48 663,678.54 244,292.54 109,798.75 278,533.67 463,545.71 642,825.52 67,765.45 130,314.83 275,608.97 302,280.64 148,524.82 421,850.08 215,471.23 892,424.45 1,160,487.16 688,790.55 288,344.94 300,916.82 417,298.31 382,278.52 656,952.74 185,055.85 159,783.57 168,445.15 53,748.25 239,966.49 125,055.27 247,117.63 119,809.66 121,472.13 263,498.22 142,284.73 406,785.76 261,917.43 110,868.18 163,750.90

11,760,006.08 127,484.84 162,759.73 142,675.31 98,717.91 157,703.80 78,268.65 571,356.03 238,920.91 113,148.04 271,696.16 450,170.83 572,661.40 72,450.60 132,567.44 288,735.90 327,809.80 133,463.98 378,428.46 244,748.50 892,137.28 1,173,286.51 573,383.52 267,578.97 310,463.98 425,674.38 384,720.88 476,730.86 189,971.61 171,289.61 160,804.46 52,612.37 234,908.15 116,484.22 241,367.22 125,384.26 134,618.48 245,426.63 128,123.64 332,756.75 259,582.36 128,673.01 170,258.64

157,860.11 1,349.23 1,579.53 1,258.87 715.27 3,769.94 32.87 393.78 4,735.20 80.65 13,431.56 1,189.14 1,065.29 1,510.86 602.66 136.97 630.04 753.31 2,561.27 1,084.78 23,074.98 23,638.04 9,333.80 9,169.28 357.48 342.62 4,657.39 8,240.56 2,632.41 1,826.42 950.95 326.04 2,526.96 884.44 8,142.41 292.99 1,419.35 462.64 742.66 11,499.24 3,960.08 3,748.09 2,750.06

41.58 0.45 0.58 0.50 0.35 0.56 0.28 2.02 0.84 0.40 0.96 1.59 2.02 0.26 0.47 1.02 1.16 0.47 1.34 0.87 3.15 4.14 2.03 0.95 1.10 1.50 1.36 1.69 0.67 0.61 0.57 0.19 0.83 0.41 0.85 0.44 0.48 0.87 0.45 1.18 0.92 0.45 0.60

4,344,603.63 591,868.72 103,233.75 1,561,115.29 1,603,954.37 484,431.50

4,435,845.06 629,746.83 118,171.33 1,472,131.29 1,520,644.76 695,150.85

19,434.85 282.42 789.39 17,441.69 608.89 312.46

15.68 2.23 0.42 5.20 5.37 2.46

95,101.32 95,101.32

70,491.14 70,491.14

2,361.42 2,361.42

0.25 0.25

2,038,355.56 557,590.00 1,073,353.12 407,412.44

1,915,739.66 539,411.97 973,818.09 402,509.60

14,049.60 1,071.09 12,219.22 759.29

6.77 1.91 3.44 1.42

5,028,534.85 499,135.00 199,762.00 498,590.00 41,606.42

5,142,109.94 500,510.00 199,154.00 501,685.00 57,728.12

42,644.01 1,671.88 1,427.08 3,746.53 672.53

18.18 1.77 0.70 1.77 0.20

Cost

4.25 06-27 07/12S 4.50 08-19 07/03S 4.75 04-38 07/12S

US Dollar

COMMONW.BK AUSTRAL. 1.125 14-17 13/03S DEUTSCHE BANK AG 1.875 15-18 13/02S KOOKMIN BANK REGS 1.625 14-17 14/07S US TREASURY BONDS 4.50 06-36 15/02S

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 90

UBAM - GLOBAL AGGREGATE BOND* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

820,000 1,400,000 800,000 50,000

US TREASURY BONDS 6.25 93-23 15/08S US TREASURY BONDS 8.00 91-21 15/11S US TREASURY NOTES Series Y-2017 0.875 12-17 30/04S USA TREASURY BOND 4.375 08-38 15/02S

Floating rate bonds Euro

500,000 SANTANDER ISSUAN.EMTN FL.R 07-17 23/03Q

Total investments in securities

Cost

Market value

Unaudited accrued Interest

% of total net assets

1,040,829.16 1,880,813.41 800,562.50 67,236.36

1,100,657.82 1,908,375.00 802,562.50 71,437.50

19,148.35 14,000.00 1,160.33 817.31

3.89 6.76 2.84 0.25

620,935.27

554,647.34

52.28

1.96

620,935.27 620,935.27

554,647.34 554,647.34

52.28 52.28

1.96 1.96

24,924,695.90

24,337,245.46

86.04

3,405,447.37

12.04

541,800.23

1.92

28,284,493.06

100.00

Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 91

UBAM - GLOBAL AGGREGATE BOND*

Geographical classification of investments (by domicile of the issuer) United States of America France Germany Italy United Kingdom The Netherlands Spain Japan Philippines South Korea Belgium Canada Austria Ireland Portugal Luxembourg Finland Poland

% of net assets 18.76 10.18 9.75 9.72 9.49 6.12 5.56 5.37 2.23 1.77 1.69 1.62 1.03 0.95 0.87 0.42 0.26 0.25 86.04

Industrial classification of investments % of net assets 52.21 30.77 2.65 0.41

Countries and central government Banks and credit institutions Supranational Pharmaceuticals and cosmetics

86.04

* Please refer to Note 18

Page 92

UBAM - GLOBAL AGGREGATE BOND* Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

201,497.41

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

194,870.70 55.32 6,547.38 24.01 141,417.65

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

68,642.88 14,172.88 7,171.25 14,031.60 286.91 1,274.53 2,349.36 2,335.27 23,050.41 7,256.36 846.20 60,079.76

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

1,729,958.93 -494,143.20 329,824.62 36,176.15 -1,302,780.51 359,115.75

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

1,486,536.03 -77,562.07 116,488.28 4,313.01 1,888,891.00

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-15,880.04 2,353,236.93 292,826.81 -1,747,955.38 -28,376.70 2,742,742.62

Total net assets at the beginning of the period

25,541,750.44

Total net assets at the end of the period

28,284,493.06

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 93

UBAM - GLOBAL CREDIT OPPORTUNITIES

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

146,199,562.87

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on sales of securities Receivable on issues of shares Unrealised gain on forward foreign exchange contracts

Note 2

119,655,002.90 1,469,499.97 17,430,517.89 794,499.71 4,923.22 1,658,959.31 5,064,150.00 88,443.42 33,566.45

Note 2

Note 2, 8

Liabilities

1,441,299.94

Other liquid liabilities Payable on purchases of securities Unrealised loss on futures contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

133,286.02 149,625.00 454,301.95 369,392.78 334,694.19

Note 2, 9 Note 2, 10

Net assets at the end of the period

144,758,262.93

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

AP shares

Capitalisation shares

AH GBP shares

Distribution shares

APH CHF shares

Capitalisation shares

APH USD shares

Capitalisation shares

APH GBP shares

Capitalisation shares

IP shares

Capitalisation shares

IPH USD shares

Capitalisation shares Distribution shares

U shares

Distribution shares

Shares outstanding as at 01/01/2016

Shares issued

567,740.442

402,377.967

83,928.517

886,189.892

0.000

300.000

0.000

300.000

10,784.000

3,848.000

5,833.000

8,799.000

379,927.533

23,539.000

81,602.533

321,864.000

13,267.319

2,238.000

4,960.319

10,545.000

20,114.548

12,865.295

5,426.659

27,553.184

16,732.000

2,019.000

155.000

18,596.000

1,020.000

0.000

1,020.000

3,530.000

8,885.000

5,267.000

7,148.000

The accompanying notes are an integral part of these financial statements.

Page 94

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL CREDIT OPPORTUNITIES Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

UH GBP shares

Capitalisation shares

UPH GBP shares

Capitalisation shares Distribution shares

R shares

Capitalisation shares

Z shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

0.000

10.000

0.000

10.000

15.000

0.000

10.000

5.000

10,123.000

6,928.000

1,168.000

15,883.000

10.000

0.000

10.000

185,081.072

0.000

185,081.072

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AP shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Distribution shares Number of shares outstanding Net asset value per share

APH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

APH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

APH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

144,758,262.93

118,271,295.12

90,209,896.34

EUR

886,189.892 99.30

567,740.442 99.67

501,227.113 99.99

GBP

300.000 100.39

CHF

8,799.000 97.96

10,784.000 98.60

3,410.000 99.98

USD

321,864.000 100.05

379,927.533 99.99

276,660.000 100.03

GBP

10,545.000 100.33

13,267.319 100.31

4,650.000 100.04

The accompanying notes are an integral part of these financial statements.

Page 95

UBAM - GLOBAL CREDIT OPPORTUNITIES Key figures relating to the last 3 years Period/Year ended as at:

Total net assets IP shares Capitalisation shares Number of shares outstanding Net asset value per share

IPH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U shares Distribution shares Number of shares outstanding Net asset value per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

UPH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

Z shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

144,758,262.93

118,271,295.12

90,209,896.34

EUR

27,553.184 100.06

20,114.548 100.19

163,300.000 100.06

USD

18,596.000 100.34

16,732.000 100.06

1,020.000 97.23 3.17

1,020.000 100.08 -

EUR

7,148.000 99.75

3,530.000 100.12

GBP

10.000 101.30

GBP

5.000 100.74

15.000 100.57

15,883.000 97.21 3.18

10,123.000 100.21 -

EUR

10.000 98.44

10.000 99.06

10.000 99.90

EUR

185,081.072 100.34

185,081.072 100.22

The accompanying notes are an integral part of these financial statements.

Page 96

UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

Unaudited accrued Interest

% of total net assets

119,720,994.42

118,952,720.56

1,656,540.66

82.17

52,400,645.71

52,656,150.83

567,488.13

36.38

Euro

33,755,135.33 595,536.00 1,563,000.51 1,367,600.68 1,015,850.25 1,611,000.23 706,909.43 1,131,207.45 798,648.00 805,163.49 1,934,100.29 866,560.67 395,852.00 1,814,096.00 1,364,584.25 207,230.58 3,169,905.65 496,980.00 1,291,368.71 1,020,952.55 734,720.49 1,471,400.23 5,601,517.30 1,688,950.57 2,102,000.00

33,836,550.50 630,750.00 1,554,855.00 1,354,938.00 1,050,520.00 1,597,815.00 731,010.00 1,144,231.00 803,240.00 810,765.00 1,945,072.50 869,384.00 401,964.00 1,724,744.00 1,389,388.00 205,566.00 3,200,192.00 509,650.00 1,297,164.00 1,046,070.00 724,794.00 1,480,595.00 5,578,515.00 1,748,348.00 2,036,980.00

435,990.54 2,759.59 308.22 36,424.86 12,875.68 59,149.59 2,282.19 10,207.31 657.53 18,678.07 7,623.00 13,989.07 665.75 25,375.00 0.00 1,121.92 4,065.00 890.41 7,105.48 10,993.15 10,260.27 7,170.55 162,518.85 3,073.97 37,795.08

23.38 0.44 1.07 0.94 0.73 1.10 0.50 0.79 0.55 0.56 1.34 0.60 0.28 1.19 0.96 0.14 2.22 0.35 0.90 0.72 0.50 1.02 3.86 1.21 1.41

US Dollar

18,645,510.38 1,139,550.37 2,016,938.83 699,503.32 926,709.75 810,319.87 571,315.13 351,363.18 1,783,882.62 4,499,640.03 911,473.02 1,361,436.81 225,339.14 1,210,639.08 2,137,399.23

18,819,600.33 1,123,589.72 1,968,153.38 727,492.69 932,535.21 860,806.51 613,797.20 366,216.30 1,833,907.92 4,529,951.85 941,068.45 1,383,586.12 241,730.05 1,209,343.35 2,087,421.58

131,497.59 15,512.25 48,307.01 2,400.35 3,150.46 9,491.88 376.31 2,033.79 10,843.32 1,754.55 3,375.49 8,776.27 355.39 22,035.20 3,085.32

13.00 0.78 1.36 0.50 0.64 0.59 0.42 0.25 1.27 3.13 0.65 0.96 0.17 0.84 1.44

67,320,348.71

66,296,569.73

1,089,052.53

45.79

47,306,594.70 702,796.65 1,104,452.74 879,897.90 433,295.00 4,300,000.00 1,727,500.03 309,144.52 1,789,500.00 2,718,906.98 337,012.78 654,875.12 2,770,290.15 1,073,750.00 1,012,950.06 941,420.88 2,147,914.29 477,000.13 1,027,500.01 1,800,000.00 985,000.89 1,100,000.00

46,413,015.48 653,520.00 1,051,506.75 833,841.33 423,591.00 4,302,107.00 1,675,965.00 287,706.00 1,743,996.00 2,640,600.00 311,922.60 640,555.50 2,711,798.00 1,053,420.00 1,016,730.00 947,630.00 2,060,600.00 483,800.00 1,046,520.00 1,805,166.00 986,760.00 1,104,510.00

806,476.29 10,937.50 15,005.65 47,333.52 12,565.57 674.03 116,077.21 652.66 18,233.41 101,950.00 408.02 8,679.99 16,291.18 47,684.43 21,530.00 18,032.79 25,318.96 4,419.52 37,691.26 1,216.00 25,358.61 201.54

32.06 0.45 0.73 0.58 0.29 2.98 1.16 0.20 1.20 1.82 0.22 0.44 1.88 0.73 0.70 0.65 1.42 0.33 0.72 1.25 0.68 0.76

600,000 1,500,000 1,300,000 1,000,000 1,500,000 700,000 1,100,000 800,000 750,000 2,100,000 800,000 400,000 1,400,000 1,300,000 200,000 3,100,000 500,000 1,200,000 1,000,000 700,000 1,450,000 5,300,000 1,700,000 2,000,000

ALSTRIA OFFICE REIT 2.125 16-23 12/04A AMERICA MOVIL 3.75 10-17 28/06A BANCO POPULAR ESP 3.50 13-17 11/09A BANK OF AMERICA 1.625 15-22 14/09A BAYERISCHE LDBK EMTN 5.75 07-17 23/10A BCO POPULAR ESPANOL 1.00 16-22 03/10A CITIGROUP 1.375 14-21 27/10A CREDIT SUISSE AG 0.375 16-19 11/04A GAZ CAPITAL 6.605 07-18 13/02A GLENCORE FINANCE EURO 1.25 15-21 17/03A GOLDMAN SACHS GROUP 2.50 14-21 18/10A HEIDELBERGCEMENT 2.25 16-24 03/06A HEIDELBERGCEMENT 7.50 10-20 03/04S HJ HEINZ CO 2.00 15-23 30/06A INTESA SAN PAOLO 3.25 12-17 28/04A ITALY BTP 1.60 16-26 01/06S KBC GROEP 1.00 16-21 26/04A MORGAN STANLEY 2.375 14-21 31/03A PEMEX 3.75 16-19 15/03A PERNOD RICARD 5.00 11-17 15/03A PEUGEOT SA 2.375 16-23 14/04A PORTUGAL 4.35 07-17 16/10A PROLOGIS 1.375 15-21 13/05A ROYAL BK OF SCOT SUB 4.35 06-17 23/01A

1,200,000 2,100,000 800,000 1,000,000 900,000 700,000 400,000 2,000,000 5,000,000 1,000,000 1,500,000 262,000 1,200,000 2,300,000

ALLIANZ SE 5.50 12-XX 26/09S BBVA REGS 5.75 07-17 20/07S BK OF NOVA SCOTIA 1.875 16-21 26/04A DOMINION GAS HLDGS 2.80 15-20 15/11S EBAY 3.80 16-22 09/03S ECOPETROL SA 5.375 15-26 26/06S EXELON CORP 2.45 16-21 15/04S FORD MOTOR CREDIT 2.551 15-18 05/10S ING REGS FL.R 16-19 22/03Q MEAD JOHNSON NUTRI 3.00 15-20 15/11S NATIONAL BK AUSTRALIA 2.25 16-21 16/03S PRUDENTIAL FINANCIAL 7.75 11-XX 23/06Q RELIANCE HLDGS REGS 5.40 12-22 14/02S SOUTHERN POWER 1.85 15-17 12/01S

Floating rate bonds 700,000 1,050,000 833,000 420,000 4,300,000 1,500,000 300,000 1,700,000 2,500,000 330,000 650,000 2,650,000 1,000,000 1,000,000 1,000,000 2,000,000 500,000 1,000,000 1,800,000 1,000,000 1,100,000

Market value

Cost

Euro

ABN AMRO FL.R 15-XX 22/03S AMERICAN INTL GROUP FL.R 07-67 15/03A AXA EMTN PERP. SUB FL.R 06-XX 06/07A BAYER SUB FL.R 14-75 01/07A BFCM FL.R 16-20 03/06Q BNP PARIBAS FL.R 08-XX 02/07A BNP PARIBAS SUB FL.R 15-XX 17/06S BNP PARIBAS SUB FL.R 07-XX 13/04A BPCE GP FL.R 07-XX 30/10A CASA TIER 1 EUR FL.R 14-49 08/04Q DANSKE BANK A/S FL.R 14-XX 06/04S DANSKE BANK SUB FL.R 07-XX 15/05A DONG ENERGY A/S FL.R 13-13 08/07A DT ANNINGTON FI SUB FL.R 14-XX 17/12A EDF SA FL.R 14-XX 22/01A ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A ENBW ENERGIE FL.R 14-76 02/04A ENGIE FL.R 13-18 10/07A FEDEX CORP FL.R 16-19 11/04Q GAS NAT FENOSA REGS FL.R 14-XX 30/11A GOLDMAN SACHS GROUP FL.R 15-18 11/09Q

The accompanying notes are an integral part of these financial statements.

Page 97

UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

1,000,000 1,500,000 650,000 1,000,000 1,500,000 400,000 1,000,000 910,000 900,000 2,500,000 330,000 1,000,000 300,000 1,000,000 2,000,000 520,000 500,000 1,000,000

IBERDROLA INTL FL.R 13-XX 27/02A KBC GROEP SUB FL.R 14-XX 19/03Q MERCK KGAA SUB FL.R 14-74 12/12A MUNICH RE FL.R 12-42 26/05A NATIXIS PERPETUAL FL.R 07-49 18/10A ORANGE EMTN FL.R 14-XX 01/10A ORANGE SA SUB FL.R 14-XX 07/02A RABOBANK NEDERLAND FL.R 15-XX 31/12S SES FL.R 16-XX 02/01A SOCIETE GENERALE FL.R 07-17 19/12A SOCIETE GENERALE REGS FL.R 14-XX 07/04S SOLVAY FIN SUB FL.R 13-XX 12/05A SUEZ FL.R 15-XX 30/03A TELE EUR REGS SUB FL.R 14-XX 31/03A UBS CAPITAL FL.R 07-XX 29/12A UBS GROUP SUB FL.R 15-XX 19/02A VATTENFALL AB FL.R 15-77 19/03A VW INTL FIN SUB FL.R 14-XX 24/03A

Pound Sterling

800,000 RABOBK.CAP FD IV REGS FL.R 04-XX 31/12A

Swiss Franc

600,000 SWISS LIFE AG 1,500,000 1,500,000 600,000 867,000 300,000 200,000 3,120,000 1,450,000 2,450,000 300,000 750,000 1,100,000 820,000 500,000 1,200,000 950,000 650,000 520,000 1,200,000

FL.R 16-46 24/09A

US Dollar

AXA - BONDS 2006 FL.R 06-49 14/12S BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S BBVA FL.R 13-XX 09/05Q BBVA INTL PRED SA FL.R 07-XX 18/04S BNP PAR FL.R 15-XX 19/08S CLOVERIE PLC (SWISS R FL.R 14-44 11/09A CREDIT AGRICOLE REGS FL.R 09-XX 13/10S CREDIT AGRICOLE SUB FL.R 14-XX 23/12Q CREDIT SUISSE GUERNSEY FL.R 07-15/05S DEMETER (SWISS RE) FL.R 15-50 15/08A DOMINION RESOURCES FL.R 14-54 01/10S GENERAL ELECTRIC CO FL.R 16-XX XX.XXS ING GROEP SUB FL.R 15-XX 30/04S ING GROUP CV SUB FL.R 15-XX 16/10S LLOYDS BANK FL.R 11-21 16/12A NORDEA BK REGS SUB FL.R 14-XX 23/03S SOCIETE GENERALE SUB FL.R 13-XX 31/12S UBS GROUP REGS FL.R 15-XX 19/02A UBS GROUP SUB FL.R 16-XX 16/03A

Other transferable securities Bonds Euro

150,000 MOLSON COORS

1.25 16-24 15/07A

Floating rate bonds US Dollar

600,000 DEMETER INVEST BV

FL.R 16-52 15/08A

Total investments in securities

Cost

Market value

Unaudited accrued Interest

% of total net assets

1,058,750.64 1,480,600.82 648,581.45 1,216,820.79 1,642,500.00 422,737.00 1,054,220.39 901,758.52 896,994.00 2,782,542.33 338,662.52 1,031,126.24 300,375.00 1,017,500.78 2,250,000.00 540,637.88 411,500.97 1,018,077.24

1,069,470.00 1,423,290.00 662,070.50 1,207,160.00 1,583,460.00 416,340.00 1,049,160.00 870,697.10 894,546.00 2,688,800.00 312,955.50 1,017,830.00 302,805.00 1,011,010.00 2,165,600.00 525,101.20 411,135.00 1,019,340.00

19,480.87 2,522.08 841.44 5,993.15 66,171.80 11,934.43 16,721.31 137.12 2,280.82 92,746.31 5,112.30 5,637.01 1,890.41 12,465.75 7,054.03 10,783.61 4,273.00 10,169.00

0.74 0.98 0.46 0.83 1.09 0.29 0.72 0.60 0.62 1.87 0.22 0.70 0.21 0.70 1.50 0.36 0.28 0.70

1,072,591.46 1,072,591.46

990,371.22 990,371.22

26,595.94 26,595.94

0.68 0.68

553,888.76 553,888.76

598,275.89 598,275.89

6,467.71 6,467.71

0.41 0.41

18,387,273.79 1,417,860.13 1,334,903.02 577,731.51 709,294.44 273,315.83 172,516.36 3,266,657.30 1,227,512.29 2,183,124.95 269,070.61 677,115.01 915,241.84 743,562.67 420,535.94 1,184,500.34 857,858.41 620,999.68 487,617.21 1,047,856.25

18,294,907.14 1,409,158.82 1,388,122.78 540,445.56 776,187.22 264,659.97 177,775.78 3,151,931.59 1,190,371.75 2,239,987.40 279,911.79 678,223.59 1,053,760.30 691,156.03 412,579.32 1,116,644.32 816,669.07 581,153.07 466,481.12 1,059,687.66

249,512.59 3,878.37 4,182.23 6,886.00 9,238.53 7,246.99 6,503.44 50,307.55 1,681.34 16,153.97 9,790.79 9,596.71 2,062.80 9,103.32 6,013.38 57,480.83 12,672.46 4,156.54 12,135.63 20,421.71

12.64 0.97 0.96 0.37 0.54 0.18 0.12 2.19 0.82 1.55 0.19 0.47 0.73 0.48 0.29 0.77 0.56 0.40 0.32 0.73

695,912.60

702,282.34

2,418.65

0.49

149,625.00

150,651.75

0.00

0.10

149,625.00 149,625.00

150,651.75 150,651.75

0.00 0.00

0.10 0.10

546,287.60

551,630.59

2,418.65

0.39

546,287.60 546,287.60

551,630.59 551,630.59

2,418.65 2,418.65

0.39 0.39

120,416,907.02

119,655,002.90

82.66

17,430,517.89

12.04

7,672,742.14

5.30

144,758,262.93

100.00

Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 98

UBAM - GLOBAL CREDIT OPPORTUNITIES

Geographical classification of investments (by domicile of the issuer) France United States of America The Netherlands Germany Portugal United Kingdom Luxembourg Spain Denmark Italy Switzerland Mexico Guernsey Jersey Island Belgium Australia Sweden Canada Colombia Ireland

% of net assets 20.71 15.59 10.47 4.51 3.86 3.86 3.71 3.71 3.05 2.36 1.82 1.79 1.55 1.50 1.33 0.96 0.84 0.50 0.42 0.12 82.66

Page 99

UBAM - GLOBAL CREDIT OPPORTUNITIES

Industrial classification of investments % of net assets 39.00 12.73 6.08 4.47 4.14 3.40 2.35 1.87 1.61 1.47 1.25 1.12 1.02 0.60 0.59 0.46 0.29 0.21

Banks and credit institutions Holding and finance companies Countries and central government Insurance Utilities Communications Real estate companies Petroleum Foods and non alcoholic drinks Electrical engineering and electronics Transportation Building materials and trade Road vehicles Tobacco and alcoholic drinks Retail trade, department stores Pharmaceuticals and cosmetics Chemicals Miscellaneous services

82.66

Page 100

UBAM - GLOBAL CREDIT OPPORTUNITIES Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

2,552,435.80

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

2,318,190.58 807.73 233,432.53 4.96 880,664.38

Note 3 Note 5 Note 4

Note 2 Note 6, 7 Note 2

Net investment income

470,020.63 71,391.54 31,465.11 70,354.54 5,027.04 1,472.04 5,247.05 3,101.39 10,037.22 89,204.79 118,397.78 4,945.25 1,671,771.42

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-1,669,294.57 82,654.85 -267,565.40 -178,337.29 1,346,664.45 205,006.99 1,190,900.45

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

-1,378,613.53 383,190.53 -559,713.16 -840,092.24 -1,204,327.95

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-58,522.48 43,944,149.97 1,803,953.69 -17,325,164.99 -673,120.43 26,486,967.81

Total net assets at the beginning of the period

118,271,295.12

Total net assets at the end of the period

144,758,262.93

The accompanying notes are an integral part of these financial statements.

Page 101

UBAM - GLOBAL HIGH YIELD SOLUTION

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

4,325,733,525.59

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Unrealised gain on swap contracts Receivable on swap contracts Other receivables

Note 2

3,980,166,743.95 13,464,725.26 65,038,188.88 182,612.15 5,866,557.40 12,770,453.51 92,904,782.78 154,544,189.44 564,022.22 231,250.00

Note 2

Note 2, 10

Liabilities

343,994,066.13

Bank liabilities Other liquid liabilities Payable on purchases of securities Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Payable on swap contracts Interest payable on bank liabilities and expenses payable

15,752,084.59 130,988,944.16 101,447,931.77 7,350,066.46 82,518,253.60 7,093.75 1,850,671.20 4,079,020.60

Note 2, 8 Note 2, 9

Net assets at the end of the period

3,981,739,459.46

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares Distribution shares

AH GBP shares

Capitalisation shares Distribution shares

I shares

Capitalisation shares Distribution shares

Shares outstanding as at 01/01/2016

Shares issued

4,658,185.051

1,623,011.283

821,382.409

5,459,813.925

814,375.823

437,357.112

361,844.141

889,888.794

1,341,577.574

375,608.357

425,691.616

1,291,494.315

176,198.261

152,803.915

34,488.748

294,513.428

295,539.211

57,341.520

77,044.264

275,836.467

52,023.244

36,916.307

12,091.000

76,848.551

70,077.879

15,626.721

30,976.151

54,728.449

0.000

8,945.917

0.000

8,945.917

7,068,011.758

4,409,618.959

6,258,904.416

5,218,726.301

462,553.474

399,019.442

321,207.818

540,365.098

The accompanying notes are an integral part of these financial statements.

Page 102

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL HIGH YIELD SOLUTION Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

4,415,496.997

2,269,463.893

3,021,172.966

3,663,787.924

229,537.975

238,501.811

76,402.294

391,637.492

1,878,678.398

1,770,203.110

2,935,275.272

713,606.236

84,240.182

48,453.396

6,159.000

126,534.578

31,729.343

8,803.265

4,001.854

36,530.754

256,849.409

68,463.487

199,182.889

126,130.007

1,281,174.490

292,661.570

133,563.750

1,440,272.310

Capitalisation shares

37,693.634

221,956.808

18,254.572

241,395.870

Distribution shares

47,925.252

323,923.267

140,040.928

231,807.591

Capitalisation shares

962,478.902

129,401.563

87,088.543

1,004,791.922

Distribution shares

668,440.136

38,234.097

48,036.000

658,638.233

13,819.827

36,910.951

15.754

50,715.024

7,330.148

10,018.958

107.503

17,241.603

15.000

1,831.111

0.000

1,846.111

2,432,021.823

637,535.338

458,298.455

2,611,258.706

Capitalisation shares

33,758.492

25,909.638

6,845.675

52,822.455

Distribution shares

78,736.839

313,386.769

40,442.891

351,680.717

14,923.325

2,920.911

3,271.406

14,572.830

45,243.747

18,000.216

8,941.842

54,302.121

9,419.494

191.670

1,557.037

8,054.127

0.000

9,940.000

0.000

9,940.000

0.000

1,150.000

0.000

1,150.000

1,850,775.935

355,685.995

113,276.850

2,093,185.080

357,167.967

0.000

171,500.000

185,667.967

IH EUR shares

Capitalisation shares Distribution shares

IH CHF shares

Capitalisation shares Distribution shares

IH SEK shares

Capitalisation shares

IH GBP shares

Capitalisation shares Distribution shares

U shares

UH EUR shares

UH CHF shares

Capitalisation shares Distribution shares

UH GBP shares

Capitalisation shares Distribution shares

R shares

RH EUR shares

Capitalisation shares

V shares

Distribution shares

VH EUR shares

Capitalisation shares Distribution shares

VH GBP shares

Capitalisation shares Distribution shares

Z shares

Capitalisation shares

The accompanying notes are an integral part of these financial statements.

Page 103

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years 30/06/2016

31/12/2015

30/06/2014

USD

3,981,739,459.46

4,231,656,691.07

1,607,354,974.56

USD

5,459,813.925 149.13

4,658,185.051 143.81

3,427,267.344 141.63

889,888.794 108.65 5.58

814,375.823 110.17 5.93

340,393.074 114.25 7.04

EUR

1,291,494.315 145.23

1,341,577.574 140.83

1,125,966.159 139.29

294,513.428 107.89 5.58

176,198.261 110.04 5.95

148,582.343 114.61 7.08

CHF

275,836.467 140.49

295,539.211 136.58

177,563.801 136.82

76,848.551 111.90 5.80

52,023.244 114.43 6.27

29,212.920 120.76 7.47

GBP

54,728.449 116.98

70,077.879 113.25

44,479.183 111.40

8,945.917 101.11

USD

5,218,726.301 150.76

7,068,011.758 145.24

3,553,477.082 142.77

540,365.098 100.49 5.32

462,553.474 101.95 5.48

10,243.000 105.53 6.49

Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

The accompanying notes are an integral part of these financial statements.

Page 104

UBAM - GLOBAL HIGH YIELD SOLUTION Key figures relating to the last 3 years 30/06/2016

31/12/2015

30/06/2014

USD

3,981,739,459.46

4,231,656,691.07

1,607,354,974.56

EUR

3,663,787.924 146.80

4,415,496.997 142.22

1,358,743.354 140.40

391,637.492 107.11 5.70

229,537.975 109.30 5.90

82,456.763 113.62 7.00

CHF

713,606.236 142.01

1,878,678.398 137.93

355,459.983 137.91

126,534.578 92.97 4.96

84,240.182 95.12 5.20

3,091.000 100.19 -

SEK

36,530.754 1,059.92

31,729.343 1,028.60

150.000 1,017.58

GBP

126,130.007 117.60

256,849.409 113.74

23,586.000 111.67

1,440,272.310 109.37 5.81

1,281,174.490 111.41 5.98

45,047.000 115.18 7.08

USD

241,395.870 102.21

37,693.634 98.50

231,807.591 96.86 5.13

47,925.252 98.29 -

EUR

1,004,791.922 103.96

962,478.902 100.74

1.000 99.49

658,638.233 93.64 4.99

668,440.136 95.58 5.16

1.000 99.43 -

Period/Year ended as at:

Total net assets IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH SEK shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

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 30/06/2016

31/12/2015

30/06/2014

USD

3,981,739,459.46

4,231,656,691.07

1,607,354,974.56

CHF

50,715.024 103.55

13,819.827 100.60

17,241.603 98.29 5.25

7,330.148 100.59 -

GBP

1,846.111 102.28

15.000 98.95

2,611,258.706 98.52 5.24

2,432,021.823 100.38 -

USD

52,822.455 146.67

33,758.492 141.65

16,537.648 139.92

351,680.717 98.80 4.77

78,736.839 100.05 -

EUR

14,572.830 118.54

14,923.325 115.12

11,624.418 114.20

USD

54,302.121 103.53

45,243.747 99.71

EUR

8,054.127 102.84

9,419.494 99.60

9,940.000 101.37

Period/Year ended as at:

Total net assets UH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

RH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

V shares Distribution shares Number of shares outstanding Net asset value per share

VH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

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 30/06/2016

31/12/2015

30/06/2014

USD

3,981,739,459.46

4,231,656,691.07

1,607,354,974.56

GBP

1,150.000 100.26

2,093,185.080 97.84 5.20

1,850,775.935 99.64 -

USD

185,667.967 126.67

357,167.967 121.88

172,124.000 119.51

Period/Year ended as at:

Total net assets VH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

Z shares Capitalisation shares Number of shares outstanding Net asset value per share

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 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

25,000,000 25,000,000 25,000,000 10,000,000 10,000,000 25,000,000 9,990,000 20,000,000 10,000,000 20,000,000 20,000,000 9,000,000 19,000,000 5,000,000 13,500,000 5,000,000 25,000,000 20,000,000 7,000,000 50,000,000 45,000,000 50,000,000 50,000,000 50,000,000 55,000,000 50,000,000 40,000,000 65,000,000 50,000,000 105,000,000 35,000,000 50,000,000 50,000,000 40,000,000 30,000,000 50,000,000 50,000,000 40,000,000 20,000,000 40,000,000 35,300,000 40,000,000 60,000,000 154,900,000 75,000,000 50,000,000 31,400,000 90,000,000 35,000,000 40,000,000 91,000,000 40,000,000 45,000,000 50,000,000 50,000,000 75,000,000 45,000,000 95,000,000 50,000,000 45,000,000 69,700,000 50,000,000

Market value

Unaudited accrued Interest

% of total net assets

3,973,913,796.55

3,980,166,743.95

12,770,453.51

99.96

3,923,903,146.55

3,930,126,143.95

12,690,180.27

98.70

3,923,903,146.55 24,900,513.21 25,023,750.00 24,820,750.75 10,021,000.10 10,638,000.00 24,897,500.00 9,981,561.00 20,018,000.00 10,714,000.40 20,076,000.00 19,968,000.00 8,971,110.00 18,955,730.00 5,613,450.00 13,499,270.00 4,972,100.00 24,952,500.00 20,062,000.00 6,996,500.00 50,855,469.50 45,733,008.60 50,339,844.33 50,525,390.50 50,087,890.50 54,914,062.50 50,230,469.00 42,956,250.00 70,692,968.85 50,712,890.50 105,027,734.70 35,363,234.45 49,830,078.00 50,606,445.25 40,046,875.60 30,049,218.75 49,683,594.75 49,771,381.48 40,146,875.00 19,955,040.92 40,032,812.40 35,330,220.98 40,148,437.60 60,097,969.62 154,771,475.79 74,726,952.75 50,000,390.45 31,457,648.52 90,111,718.90 35,150,390.80 40,104,688.00 91,612,187.43 40,123,437.60 44,855,859.60 50,242,188.04 49,968,750.52 75,267,774.21 45,079,493.15 94,895,117.20 49,777,344.00 45,083,202.90 69,897,889.17 50,030,664.20

3,930,126,143.95 25,252,500.00 25,104,000.00 25,169,000.00 10,076,900.00 10,145,500.00 25,080,000.00 9,987,102.90 20,003,600.00 10,604,200.00 20,011,400.00 20,101,000.00 9,121,410.00 19,033,440.00 5,074,150.00 13,557,780.00 5,011,400.00 25,208,000.00 20,115,600.00 7,010,640.00 51,095,703.00 45,961,523.55 50,804,687.50 50,718,750.00 50,445,312.50 55,068,750.00 50,146,484.50 42,954,687.60 69,778,515.95 50,052,734.50 105,262,500.00 35,542,773.35 49,992,187.50 50,800,781.50 40,571,875.20 30,033,984.30 50,048,828.00 50,144,531.50 40,076,562.40 20,095,312.60 40,050,000.00 35,542,687.50 40,084,375.20 60,431,250.00 155,402,215.23 75,222,656.25 50,162,109.50 31,645,312.50 90,326,952.90 35,366,406.25 40,018,750.00 91,117,304.46 40,151,562.40 45,254,882.70 50,195,312.50 50,414,062.50 75,418,945.50 45,379,687.50 95,397,100.00 50,283,203.00 45,198,632.70 70,146,515.63 50,019,531.50

12,690,180.27 309,375.00 31,250.00 52,951.39 57,673.61 347,083.33 107,812.50 26,015.63 37,500.00 127,604.17 42,291.67 102,500.00 61,875.00 35,559.03 36,111.11 59,296.88 17,500.00 296,006.94 113,888.89 8,750.00 249,324.32 280,013.74 103,600.54 78,767.12 146,174.86 86,407.10 147,836.54 187,500.00 971,428.57 311,126.37 0.00 0.00 103,142.08 285,199.18 82,880.43 0.00 26,324.73 0.00 137,637.36 79,849.73 92,896.17 131,169.40 87,704.92 174,456.52 281,443.99 116,803.28 54,687.50 39,464.48 32,274.59 16,137.30 92,896.17 231,518.34 160,576.92 180,649.04 162,568.31 185,792.35 218,070.65 131,917.81 172,609.29 91,095.89 49,623.29 28,565.57 83,108.11

98.70 0.63 0.63 0.63 0.25 0.25 0.63 0.25 0.50 0.27 0.50 0.50 0.23 0.48 0.13 0.34 0.13 0.63 0.51 0.18 1.28 1.15 1.28 1.27 1.27 1.38 1.26 1.08 1.75 1.26 2.64 0.89 1.26 1.28 1.02 0.75 1.26 1.26 1.01 0.50 1.01 0.89 1.01 1.52 3.90 1.89 1.26 0.79 2.27 0.89 1.01 2.29 1.01 1.14 1.26 1.27 1.89 1.14 2.40 1.26 1.14 1.76 1.26

Cost

US Dollar

AFD REGS S.68 1.375 15-18 06/08A BIRD 1.00 15-17 15/11S BNG 1.25 15-18 29/10S CADES 1.375 13-18 29/01S CADES 5.25 06-16 02/11A EAA 1.125 15-18 12/02S FMS WERTMANAGEMENT 0.625 14-17 30/01S INTER-AM.DEV.BK 483 0.625 14-16 12/09S KFW 4.375 08-18 15/03S KOMMUNALBANKEN AS 0.875 13-16 03/10S KOMMUNEKREDIT REGS 1.125 15-18 16/01A KOMMUNEKREDIT REGS 1.50 16-19 15/01A KRED.ANST.WIEDERAUFB. 0.875 16-18 19/04S LANDW RENTENBANK 5.00 06-16 08/11S LDBK BADEN WUERTT 1.375 15-18 05/03A NETHERLANDS 1.00 12-17 24/02S NRW.BANK 1.375 15-18 20/08Q NWB REGS 1401 1.25 15-18 16/01S SWEDEN 1.00 13-16 15/11S US TREAS N/B V-2019 1.50 14-19 28/02S US TREAS U-2019 1.50 14-19 31/01S US TREASURY BONDS 1.25 12-19 30/04S US TREASURY N/B 1.25 15-18 15/11S US TREASURY NOTE 1.00 16-19 15/03S US TREASURY NOTES 0.625 12-17 30/09S US TREASURY NOTES 0.875 12-17 28/02S US TREASURY NOTES 3.75 08-18 15/11S US TREASURY NOTES 4.00 08-18 15/08S US TREASURY NOTES Series AA-2016 1.50 11-16 31/07S US TREASURY NOTES Series AA-2017 0.75 12-17 30/06S US TREASURY NOTES Series AA-2018 1.375 13-18 30/06S US TREASURY NOTES Series AB-2017 0.50 12-17 31/07S US TREASURY NOTES Series AB-2018 1.375 13-18 31/07S US TREASURY NOTES Series AE-2018 1.25 13-18 31/10S US TREASURY NOTES Series AF-2017 0.625 14-16 31/12S US TREASURY NOTES Series AF-2017 0.625 12-17 30/11S US TREASURY NOTES Series AG-2017 0.75 12-17 31/12S US TREASURY NOTES Series AH-2017 0.75 14-17 15/01S US TREASURY NOTES Series AH-2018 0.875 15-18 15/01S US TREASURY NOTES Series AJ-2017 0.625 14-17 15/02S US TREASURY NOTES Series AJ-2018 1.00 15-18 15/02S US TREASURY NOTES Series AK-2017 0.75 14-17 15/03S US TREASURY NOTES Series AK-2018 1.00 15-18 15/03S US TREASURY NOTES Series AL-2017 0.875 14-17 15/04S US TREASURY NOTES Series AL-2018 0.75 15-18 15/04S US TREASURY NOTES Series AM-2017 0.875 14-17 15/05S US TREASURY NOTES Series AM-2018 1.00 15-18 15/05S US TREASURY NOTES Series AN-2017 0.875 14-17 15/06S US TREASURY NOTES Series AN-2018 1.125 15-18 15/06S US TREASURY NOTES Series AP-2016 0.625 13-16 15/08S US TREASURY NOTES Series AP-2016 0.875 13-16 15/09S US TREASURY NOTES Series AP-2017 0.875 14-17 15/07S US TREASURY NOTES Series AP-2018 0.875 15-18 15/07S US TREASURY NOTES Series AQ-2017 0.875 14-17 15/08S US TREASURY NOTES Series AQ-2018 1.00 15-18 15/08S US TREASURY NOTES Series AR-2017 1.00 14-17 15/09S US TREASURY NOTES Series AR-2018 1.00 15-18 15/09S US TREASURY NOTES Series AS-2017 0.875 14-17 15/10S US TREASURY NOTES Series AS-2018 0.875 15-18 15/10S US TREASURY NOTES Series AT-2017 0.875 14-17 15/11S US TREASURY NOTES Series AU-2017 1.00 14-17 15/12S US TREASURY NOTES Series BE-2016 0.50 14-16 31/08S

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 30/06/2016 Expressed in USD Number/ nom. value

Description

90,000,000 25,000,000 40,000,000 50,000,000 45,000,000 50,000,000 40,000,000 25,000,000 45,000,000 80,000,000 50,000,000 68,000,000 50,000,000 50,000,000 10,000,000 45,000,000 50,000,000 50,000,000 50,000,000 30,000,000 30,000,000 25,000,000 50,000,000 40,000,000 50,000,000 50,000,000 25,000,000 40,000,000

Market value

Unaudited accrued Interest

% of total net assets

90,134,552.62 24,979,003.87 42,312,500.00 52,579,298.40 47,237,695.20 52,154,297.00 41,296,874.80 25,818,033.92 45,736,328.10 81,495,118.14 51,308,985.09 68,338,874.43 50,174,804.75 49,980,468.90 9,980,469.50 44,759,180.25 49,978,515.50 50,224,610.00 50,136,719.50 30,130,079.10 30,285,937.50 25,087,239.83 50,697,266.00 40,596,876.00 51,125,000.59 50,238,282.18 25,017,578.25 40,721,484.66

90,063,281.70 25,006,836.00 41,046,875.20 52,736,328.00 46,457,226.45 51,041,015.50 40,787,500.00 25,857,422.00 45,870,117.30 81,331,250.40 51,191,406.50 68,193,906.08 50,160,156.50 50,404,297.00 10,027,343.80 45,107,226.45 50,148,437.50 50,259,765.50 50,115,234.50 30,351,562.50 30,454,687.50 25,364,257.75 50,933,594.00 40,842,187.60 51,154,297.00 50,263,672.00 25,442,382.75 41,020,312.40

113,114.75 15,667.81 691,208.79 513,736.26 487,346.31 406,250.00 0.00 232,069.67 223,777.17 377,049.18 94,769.02 246,826.92 72,520.38 40,983.61 12,432.07 125,409.84 93,237.70 54,687.00 82,880.43 153,995.90 155,563.19 25,614.75 232,314.56 0.00 65,524.00 19,125.00 28,176.23 161,612.02

2.26 0.63 1.03 1.32 1.17 1.28 1.02 0.65 1.15 2.04 1.29 1.71 1.26 1.27 0.25 1.13 1.26 1.26 1.26 0.76 0.76 0.64 1.28 1.03 1.28 1.26 0.64 1.03

50,010,650.00

50,040,600.00

80,273.24

1.26

50,010,650.00 10,012,300.00 35,000,000.00 4,998,350.00

50,040,600.00 10,013,400.00 35,024,850.00 5,002,350.00

80,273.24 16,351.13 61,948.10 1,974.01

1.26 0.25 0.88 0.13

3,973,913,796.55

3,980,166,743.95

99.96

49,286,104.29

1.24

-47,713,388.78

-1.20

3,981,739,459.46

100.00

Cost

US TREASURY NOTES Series BF-2016 0.50 14-16 30/09S US TREASURY NOTES Series BG-2016 0.375 14-16 31/10S US TREASURY NOTES Series B-2017 4.625 07-17 15/02S US TREASURY NOTES Series B-2019 2.75 09-19 15/02S US TREASURY NOTES Series G-2018 2.625 11-18 31/01S US TREASURY NOTES Series J-2017 3.25 10-17 31/03S US TREASURY NOTES Series M-2017 2.50 10-17 30/06S US TREASURY NOTES Series N-2018 2.25 11-18 31/07S US TREASURY NOTES Series P-2018 1.50 11-18 31/08S US TREASURY NOTES Series Q-2017 1.875 10-17 30/09S US TREASURY NOTES Series S-2017 2.25 10-17 30/11S US TREASURY NOTES Series U-2017 0.875 12-17 31/01S US TREASURY NOTES Series Y-2017 0.875 12-17 30/04S US TREASURY NOTES Series Z-2018 1.00 13-18 31/05S USA T NOTES 0.75 12-17 31/10S USA T NOTES 0.75 16-19 15/02S USA T NOTES 0.750 13-18 31/03S USA T NOTES 0.875 16-19 15/05S USA T NOTES 1.00 11-16 31/10S USA T NOTES 1.125 16-19 15/01S USA T NOTES 1.25 12-19 31/01S USA T NOTES 1.25 13-18 30/11S USA T NOTES 1.375 12-19 28/02S USA T NOTES 1.50 13-18 31/12S USA T-NOTES 1.50 14-19 31/05S USA TREASURY NOTES 0.875 15-19 15/06S USA TREASURY NOTES 1.375 11-18 30/11S USA TREASURY NOTES 1.625 14-19 31/03S

Floating rate bonds US Dollar

10,000,000 NORTH RHINE W FL.R 13-17 28/04Q 35,000,000 NRW BANK EMTN FL.R 13-17 16/10Q 5,000,000 SWEDISH EXPORT CREDIT FL.R 13-17 12/06Q

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

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) United States of America Germany The Netherlands France Denmark Norway Sweden

% of net assets 92.16 3.86 1.27 1.13 0.73 0.50 0.31 99.96

Industrial classification of investments % of net assets 91.34 5.13 2.11 1.13 0.25

Countries and central government Banks and credit institutions State Supranational Cantons, Federal States, Provinces

99.96

Page 110

UBAM - GLOBAL HIGH YIELD SOLUTION Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

149,147,762.61

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

23,816,283.43 85,936.20 125,245,410.92 132.06 23,103,781.06

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

6,001,853.47 3,242,196.24 624,277.66 2,148,271.42 41,423.86 33,113.15 39,760.92 305,857.22 17,707.00 2,287.06 10,513,453.68 133,579.38 126,043,981.55

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-496,900.05 486,530.99 23,695,751.17 -1,492,921.84 11,258,947.16 -2,958,177.57 156,537,211.41

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

23,987,315.69 -68,960,846.90 12,046.88 12,501,849.90 124,077,576.98

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-66,682,441.67 1,617,790,030.98 403,097,315.76 -2,114,680,159.78 -213,519,553.88 -249,917,231.61

Total net assets at the beginning of the period

4,231,656,691.07

Total net assets at the end of the period

3,981,739,459.46

The accompanying notes are an integral part of these financial statements.

Page 111

UBAM - LOCAL CURRENCY EMERGING MARKET BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

25,278,703.90

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Other receivables

Note 2

24,464,276.76 320,926.15 421,571.25 71,929.74

Liabilities

243,763.04

Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

Note 2, 8

136,795.36 106,967.68

Net assets at the end of the period

25,034,940.86

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

I shares

Capitalisation shares

IH EUR shares

Capitalisation shares

IH CHF shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

158,331.964

774.000

23,569.334

135,536.630

8,315.031

0.000

3,783.031

4,532.000

88,230.003

3,505.000

10,749.300

80,985.703

7,239.893

31.000

84.000

7,186.893

4,000.000

4.000

0.000

4,004.000

64,381.016

4,677.608

48,042.624

21,016.000

12,676.268

0.000

10,875.268

1,801.000

5,565.761

0.000

98.000

5,467.761

1.000

6.573

1.000

The accompanying notes are an integral part of these financial statements.

Page 112

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - LOCAL CURRENCY EMERGING MARKET BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

25,034,940.86

30,588,129.43

61,571,842.21

USD

135,536.630 103.64

158,331.964 92.95

331,186.256 111.60

4,532.000 70.33 2.42

8,315.031 65.29 3.79

12,939.758 82.29 3.74

EUR

80,985.703 75.52

88,230.003 68.37

142,954.239 82.84

7,186.893 52.51 1.82

7,239.893 49.22 2.88

11,085.405 62.60 2.86

CHF

4,004.000 89.24

4,000.000 80.93

4,150.000 99.17

USD

21,016.000 114.24

64,381.016 101.98

37,701.000 121.31

5.13

1,670.000 111.46 5.02

EUR

1,801.000 83.26

12,676.268 75.02

22,919.571 90.04

CHF

5,467.761 92.88

5,565.761 83.83

6,357.761 101.76

USD

1.000 101.33

1.000 91.06

486.000 110.17

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 Period/Year ended as at:

Total net assets RH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

25,034,940.86

30,588,129.43

61,571,842.21

EUR

10.000 89.62

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 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

% of total net assets

30,931,589.47

24,464,276.76

421,571.25

97.72

30,931,589.47

24,464,276.76

421,571.25

97.72

3,257,071.02 542,138.87 766,400.59 329,063.75 281,761.51 720,987.39 616,718.91

2,936,711.42 664,972.07 524,650.26 256,162.56 260,429.94 739,309.88 491,186.71

0.00 0.00 0.00 0.00 0.00 0.00 0.00

11.73 2.66 2.10 1.02 1.04 2.95 1.96

Columbian Peso

2,628,366.85 604,704.52 481,512.95 647,084.95 895,064.43

1,659,604.98 399,161.17 301,557.20 393,547.56 565,339.05

77,304.45 32,209.91 3,560.04 35,334.09 6,200.41

6.63 1.59 1.20 1.57 2.27

Hungarian Forint

1,401,268.11 127,010.83 335,750.02 307,379.77 319,163.11 110,309.76 201,654.62

1,224,878.62 111,143.99 301,761.37 264,172.24 259,927.99 105,362.96 182,510.07

19,634.69 3,285.05 11,661.23 242.98 244.42 79.55 4,121.46

4.89 0.44 1.20 1.06 1.04 0.42 0.73

Indonesian Rupiah

3,022,617.86 531,708.17 335,735.66 272,387.81 934,632.88 140,084.52 170,138.29 254,039.44 192,819.82 191,071.27

2,624,485.47 478,580.11 264,304.62 249,900.16 830,104.03 111,354.77 160,778.04 239,148.52 118,167.64 172,147.58

57,458.00 3,725.17 3,437.92 2,319.06 31,338.43 993.38 3,706.23 5,559.35 4,297.10 2,081.36

10.48 1.91 1.06 1.00 3.31 0.44 0.64 0.96 0.47 0.69

Malaysian Ringgit

2,806,527.21 229,024.07 504,190.81 180,074.69 397,969.39 352,479.17 314,653.88 346,097.23 205,655.39 276,382.58

2,337,380.95 250,737.65 380,798.27 174,846.14 318,078.03 258,561.04 244,070.17 256,646.12 153,776.33 299,867.20

23,716.64 1,884.64 6,240.96 1,656.34 4,117.99 2,262.18 2,125.69 944.30 2,840.49 1,644.05

9.34 1.00 1.53 0.70 1.27 1.03 0.97 1.03 0.61 1.20

Mexican Peso

2,791,223.09 461,010.75 268,346.16 142,357.76 258,261.08 104,961.21 54,604.77 174,432.13 339,627.96 402,138.98 262,703.95 322,778.34

2,021,822.27 346,764.68 216,537.74 113,327.06 169,956.45 72,653.99 43,181.31 125,860.91 222,666.33 280,814.16 201,778.88 228,280.76

5,391.45 1,053.94 400.50 274.03 411.04 189.71 114.35 326.72 680.85 770.43 537.51 632.37

8.08 1.40 0.86 0.45 0.68 0.29 0.17 0.50 0.89 1.12 0.81 0.91

New Polish Zloty

3,087,661.21 302,811.72 333,849.43 149,570.04 382,536.10 315,643.26 514,987.38 526,588.96 561,674.32

2,550,801.81 298,289.66 276,393.27 118,748.38 314,308.30 271,506.72 396,406.88 422,946.84 452,201.76

66,673.28 821.63 6,869.60 3,950.02 2,054.08 8,566.20 13,525.57 14,168.54 16,717.64

10.19 1.19 1.10 0.47 1.26 1.08 1.58 1.69 1.82

728,825.90 64,015.77

597,025.57 55,422.70

14,704.77 479.87

2.38 0.22

BRAZIL BRAZIL -DYBRAZIL -DYBRAZIL LFT BRAZIL LTN BRAZIL-DY-

1,000,000,000 1,000,000,000 1,000,000,000 1,650,000,000

COLOMBIA COLOMBIA COLOMBIA B COLOMBIA B

7,000,000,000 3,500,000,000 3,700,000,000 9,500,000,000 1,500,000,000 2,000,000,000 3,000,000,000 1,500,000,000 2,000,000,000

Unaudited accrued Interest

Brazilian Real

2,850 1,800 900 1,000 3,000 1,750

26,000,000 70,000,000 60,000,000 65,000,000 25,000,000 50,000,000

Market value

Cost

0.00 15-19 01/01U 10.00 10-17 28/04S (Note 2.j) 10.00 10-23 01/01S (Note 2.j) 0.00 14-18 01/01U 0.00 14-18 01/07U 10.00 14-25 01/01S (Note 2.j) 10.00 08-24 24/07A 6.00 12-28 28/04A 11.00 05-20 24/07A 7.00 12-22 04/05A

HUNGARY 6.00 07-23 24/11A HUNGARY 20/A 7.50 04-20 12/11A HUNGARY A 7.00 11-22 24/06A HUNGARY -A6.50 08-19 24/06A HUNGARY -B5.50 13-25 24/06A HUNGARY -B6.75 06-17 24/02A INDONESIA 5.625 12-23 15/05S INDONESIA 6.25 11-17 15/04S INDONESIA 6.625 12-33 15/05S INDONESIA FR0054 9.50 10-31 15/07S INDONESIA -FR0061- 7.00 11-22 15/05S INDONESIA FR0068 8.375 13-34 15/03S INDONESIA FR70 8.375 13-24 15/03S INDONESIA SER FR53 8.25 10-21 15/07S INDONESIA S.-FR0031- 11.00 05-20 15/11S

1,000,000 1,500,000 700,000 1,300,000 1,000,000 1,000,000 1,000,000 600,000 1,200,000

MALAYSIA 3.659 15-20 15/10S MALAYSIA 4.24 03-18 07/02S MALAYSIA GOVERNMEN FL.R 15-22 30/09S MALAYSIA S 0112 3.418 12-22 15/08S MALAYSIA S 0311 4.392 11-26 15/04S MALAYSIA S 0412 4.127 12-32 15/04S MALAYSIA S 09/0002 4.378 09-19 29/11S MALAYSIA S 11/0001 4.16 11-21 15/07S MALAYSIA 12/005 3.314 12-17 31/10S

5,000,000 4,000,000 2,000,000 3,000,000 1,200,000 700,000 2,000,000 3,800,000 4,300,000 3,000,000 3,000,000

MEXICO 10.00 04-24 05/12S MEXICO 4.75 13-18 14/06S MEXICO 6.50 11-21 10/06S MEXICO 6.50 11-22 09/06S MEXICO 7.50 06-27 03/06S MEXICO 7.75 11-31 29/04S MEXICO 7.75 11-42 13/11S MEXICO 8.50 08-18 13/12S MEXICO 8.50 09-29 31/05S MEXICO 8.50 09-38 18/11S MEXICO -M 30- 10.00 06-36 20/11S

1,200,000 1,000,000 400,000 1,200,000 950,000 1,500,000 1,500,000 1,500,000

POLAND 1.50 POLAND 4.00 POLAND 5.75 POLAND PS0418 POLAND S1020 POLAND -1017POLAND -1019POLAND -922-

15-20 25/04A 12-23 25/10A 10-21 25/10A 3.75 12-18 25/04A 5.25 09-20 25/10A 5.25 06-17 25/10A 5.50 08-19 25/10A 5.75 01-22 23/09A

New Romanian Leu

200,000 ROMANIA

5.75 13-20 29/04A

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 30/06/2016 Expressed in USD Number/ nom. value

Market value

Unaudited accrued Interest

% of total net assets

337,343.02 327,467.11

282,743.95 258,858.92

760.86 13,464.04

1.13 1.03

573,594.78 437,264.92 136,329.86

480,799.22 357,698.86 123,100.36

12,304.53 9,627.59 2,676.94

1.92 1.43 0.49

Russian Ruble

2,014,517.12 164,235.98 219,900.23 203,211.58 247,064.83 490,028.83 179,206.57 311,910.27 109,677.89 89,280.94

1,571,953.90 164,470.81 234,246.67 126,032.29 143,998.98 307,266.08 227,603.48 135,904.11 156,732.72 75,698.76

34,468.42 4,329.17 6,569.93 3,718.07 4,354.22 952.16 3,471.54 4,459.22 4,684.05 1,930.06

6.28 0.66 0.94 0.50 0.58 1.22 0.91 0.54 0.63 0.30

South African Rand

3,854,717.29 381,587.31 258,267.71 239,701.33 540,330.66 584,010.60 421,600.42 769,947.51 284,430.61 374,841.14

2,368,772.84 245,951.02 170,891.91 128,497.20 336,094.49 308,138.86 281,240.23 494,035.90 204,415.39 199,507.84

47,636.17 5,378.44 5,234.85 2,291.95 9,664.35 604.47 9,060.33 1,149.11 7,457.60 6,795.07

9.46 0.98 0.68 0.51 1.34 1.23 1.12 1.98 0.82 0.80

Thai Bath

1,784,719.55 335,109.87 252,916.94 30,356.47 314,455.31 662,107.54 189,773.42

1,746,534.73 303,392.01 264,755.72 32,500.75 317,578.12 625,566.03 202,742.10

2,284.95 513.60 432.24 36.29 395.68 739.90 167.24

6.98 1.21 1.06 0.13 1.27 2.50 0.81

2,980,479.48 391,432.98 334,460.33 211,011.15 237,350.73 70,985.67 267,443.64 228,343.86 419,744.11 147,695.86 186,899.91 203,591.51 281,519.73

2,343,504.98 302,632.42 252,361.99 200,044.03 172,926.31 51,089.72 207,709.78 244,102.63 309,524.08 139,501.13 173,802.63 142,779.70 147,030.56

59,993.90 7,218.90 5,628.28 5,948.20 315.44 1,199.30 8,211.61 2,516.71 6,431.43 3,865.13 6,345.21 5,849.00 6,464.69

9.36 1.21 1.01 0.80 0.69 0.20 0.83 0.98 1.23 0.56 0.69 0.57 0.59

30,931,589.47

24,464,276.76

97.72

Cash at banks/(bank liabilities)

320,926.15

1.28

Other net assets/(liabilities)

249,737.95

1.00

25,034,940.86

100.00

Description

Cost

1,000,000 ROMANIA 1,000,000 ROMANIA 05YR

5.90 11-21 11/06A 5.90 11-17 26/07A

Peruvian Nuevo Sol

1,000,000 PERU 6.95 08-31 12/08S 400,000 PERU REGS 5.70 14-24 12/08S 11,000,000 15,000,000 8,600,000 10,000,000 20,000,000 15,000,000 9,000,000 10,000,000 5,000,000 5,000,000 3,500,000 2,000,000 6,000,000 4,500,000 4,500,000 6,500,000 3,300,000 3,000,000 10,000,000 8,000,000 1,000,000 10,000,000 20,000,000 5,500,000 900,000 800,000 600,000 500,000 150,000 600,000 700,000 900,000 400,000 500,000 400,000 400,000

RUSSIA 6.20 RUSSIA 6.90 RUSSIA 7.00 RUSSIA 7.05 RUSSIA 7.40 RUSSIA 7.60 RUSSIA 7.60 RUSSIA 6207 RUSSIA 6208

13-18 31/01S 10-16 03/08S 13-23 25/01S 13-28 19/01S 11-17 14/06S 11-21 14/04S 12-22 20/07S 8.15 12-27 03/02S 7.50 12-19 27/02S

SOUTH AFRICA 6.25 06-36 31/03S SOUTH AFRICA 6.50 10-41 28/02S SOUTH AFRICA 6.75 06-21 31/03S SOUTH AFRICA 7.00 10-31 28/02S SOUTH AFRICA 8.00 04-18 21/12S SOUTH AFRICA 8.75 12-48 28/02S SOUTH AFRICA R186 10.50 98-26 21/12S SOUTH AFRICA R2030 8.00 13-30 31/01S SOUTH AFRICA R207 7.25 05-20 15/01S MINISTRY FIN.THAILAND 3.875 09-19 13/06S MINISTRY OF FINANCE 3.85 10-25 12/12S THAILAND GOVT 3.58 12-27 17/12S THAILAND GOVT 3.625 10-23 16/06S THAILAND GOVT 3.65 10-21 17/12S THAILAND GOVT 4.875 09-29 22/06S

Turkish Lira

TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY TURKEY

6.30 13-18 14/02S 7.10 13-23 08/03A 7.40 15-20 05/02S 8.30 13-18 20/06S 8.50 12-22 14/09S 8.50 14-19 10/07Q 8.80 13-18 14/11S 8.80 13-23 27/09S 9.00 12-17 08/03S 9.00 14-24 24/07S 9.50 12-22 12/01S 10.50 09-20 15/01S

Total investments in securities

Total

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) Brazil Indonesia Poland South Africa Turkey Malaysia Mexico Thailand Colombia Russia Hungary Romania Peru

% of net assets 11.73 10.48 10.19 9.46 9.36 9.34 8.08 6.98 6.63 6.28 4.89 2.38 1.92 97.72

Industrial classification of investments % of net assets 97.72

Countries and central government

97.72

Page 117

UBAM - LOCAL CURRENCY EMERGING MARKET BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

1,004,718.47

Interest on bonds and other debt securities, net Interest on bank accounts Other income

Note 2

Expenses

999,859.28 1,869.54 2,989.65 266,528.46

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

183,449.60 34,392.94 5,929.67 13,767.46 257.30 786.91 2,813.81 108.99 20,696.14 1,202.32 3,123.32 738,190.01

Net realised gain/(loss) on: - securities portfolio - option contracts - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

-95,097.98 -23,418.00 -290,087.23 -3,734,837.22 -3,405,250.42

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

6,541,439.31 -22,262.39 3,113,926.50

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-25,743.72 889,957.18 1,610.32 -9,269,151.55 -263,787.30

Total changes in net assets

-5,553,188.57

Total net assets at the beginning of the period

30,588,129.43

Total net assets at the end of the period

25,034,940.86

The accompanying notes are an integral part of these financial statements.

Page 118

UBAM - STERLING BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in GBP

Assets

17,050,066.19

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Unrealised gain on futures contracts

Note 2

16,825,142.21 81,996.90 113,177.08 29,750.00

Note 2, 9

Liabilities

36,825.49

Other liquid liabilities Interest payable on bank liabilities and expenses payable

5,252.74 31,572.75

Net assets at the end of the period

17,013,240.70

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

I shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

45,065.278

9,361.000

7,331.889

47,094.389

285.000

5,341.000

0.000

5,626.000

4,238.124

6,229.857

10,467.981

0.000

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

GBP

17,013,240.70

15,077,429.00

17,481,363.36

GBP

47,094.389 340.89

45,065.278 304.28

45,077.268 306.09

5,626.000 170.53 3.22

285.000 155.34 4.01

1,085.000 160.22 4.30

GBP

4,238.124 311.66

11,245.530 312.12

The accompanying notes are an integral part of these financial statements.

Page 119

UBAM - STERLING BOND Statement of investments and other net assets as at 30/06/2016 Expressed in GBP Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

50,000 771,000 256,000 346,000 260,000 1,150,000 985,000 320,000 185,000 215,000 160,000 335,000 200,000 330,000 444,000 173,700 315,000 287,000 502,000 378,000 290,000 377,000 300,000 294,000 341,000 275,000 317,000 455,000 437,400 210,000 284,000 363,000 260,000 285,000 365,000 240,000 120,000 35,000

Pound Sterling

IMPERIAL TOBACCO FINANCE PLC EMTN 7.75 09-19 24/06A UK TREASURY STOCK 1.00 12-17 07/09S UK TREASURY STOCK 1.25 13-18 22/07S UK TREASURY STOCK 1.75 12-17 22/01S UK TREASURY STOCK 1.75 12-22 07/09S UK TREASURY STOCK 1.75 13-19 22/07S UK TREASURY STOCK 2.00 14-20 22/07S UK TREASURY STOCK 2.00 15-25 07/09S UK TREASURY STOCK 2.25 13-23 07/09S UK TREASURY STOCK 2.50 15-65 22/07S UK TREASURY STOCK 2.75 14-24 07/09S UK TREASURY STOCK 3.25 12-44 22/01S UK TREASURY STOCK 3.50 13-65 22/07S UK TREASURY STOCK 3.50 14-45 22/01S UK TREASURY STOCK 3.75 11-21 07/09S UK TREASURY STOCK 3.75 11-52 22/07S UK TREASURY STOCK 4.00 09-22 07/03S UK TREASURY STOCK 4.00 09-60 22/01S UK TREASURY STOCK 4.25 00-32 07/06S UK TREASURY STOCK 4.25 03-36 07/03S UK TREASURY STOCK 4.25 05-55 07/12S UK TREASURY STOCK 4.25 06-27 07/12S UK TREASURY STOCK 4.25 06-46 07/12S UK TREASURY STOCK 4.25 08-49 07/12S UK TREASURY STOCK 4.25 09-39 07/09S UK TREASURY STOCK 4.25 10-40 07/12S UK TREASURY STOCK 4.50 07-42 07/12S UK TREASURY STOCK 4.50 08-19 07/03S UK TREASURY STOCK 4.50 09-34 07/09S UK TREASURY STOCK 4.75 04-38 07/12S UK TREASURY STOCK 4.75 05-20 07/03S UK TREASURY STOCK 4.75 07-30 07/12S UK TREASURY STOCK 5.00 01-25 07/03S UK TREASURY STOCK 5.00 07-18 07/03S UK TREASURY STOCK 6.00 98-28 07/12S UK TREASURY STOCK 8.00 96-21 07/06S UK TREASURY STOCK 8.75 92-17 25/08S VODAFONE GROUP EMTN 5.375 09-17 05/12A

Floating rate bonds Pound Sterling

15,000 NATL GRID ELECT 15,000 NATL GRID ELECT

Market value

Unaudited accrued Interest

% of total net assets

14,978,743.30

16,825,142.21

113,177.08

98.89

14,927,112.10

16,774,664.21

112,660.77

98.59

14,927,112.10 49,650.00 770,887.33 258,779.07 352,084.57 261,413.48 1,188,618.20 1,031,828.63 330,208.67 196,987.17 230,398.26 173,468.08 375,395.79 205,699.66 398,276.09 496,080.51 234,095.51 363,900.18 325,130.52 553,565.24 452,167.19 412,591.60 467,872.49 348,283.78 403,953.36 444,400.39 341,896.03 360,810.39 513,774.34 568,768.64 300,520.02 325,883.10 486,434.55 336,380.87 320,096.10 532,940.75 340,134.69 138,952.80 34,784.05

16,774,664.21 58,856.00 778,887.33 262,100.48 349,069.02 279,695.00 1,205,752.00 1,053,684.05 352,016.00 205,818.05 291,933.45 185,040.00 448,990.45 346,300.00 464,531.10 521,691.12 278,939.62 379,159.20 520,755.76 705,801.96 549,434.34 529,229.70 507,076.31 483,870.00 495,957.42 510,811.18 417,802.00 508,794.51 509,927.60 645,068.77 332,793.30 331,825.60 527,722.14 352,333.80 309,025.50 574,338.45 330,468.00 132,072.00 37,093.00

112,660.77 63.70 2,409.38 1,406.59 2,661.54 1,421.88 8,846.15 8,659.34 2,010.93 1,300.78 2,349.73 1,375.00 4,785.71 3,076.92 5,076.92 5,203.13 2,863.19 3,937.50 5,046.15 1,340.72 5,020.31 774.52 1,006.88 801.23 785.20 4,528.91 734.46 896.43 6,398.44 6,150.94 626.84 4,215.63 1,083.55 4,062.50 4,453.13 1,376.23 1,206.56 3,634.62 1,069.13

98.59 0.35 4.57 1.54 2.05 1.64 7.08 6.18 2.07 1.21 1.72 1.09 2.64 2.04 2.73 3.07 1.64 2.23 3.06 4.14 3.23 3.11 2.98 2.84 2.92 3.00 2.46 2.99 3.00 3.79 1.96 1.95 3.10 2.07 1.82 3.38 1.94 0.78 0.22

51,631.20

50,478.00

516.31

0.30

51,631.20 26,457.00 25,174.20

50,478.00 26,528.70 23,949.30

516.31 363.15 153.16

0.30 0.16 0.14

14,978,743.30

16,825,142.21

98.89

81,996.90

0.48

106,101.59

0.62

17,013,240.70

100.00

Cost

FL.R 01-20 27/07S FL.R 02-18 08/07S

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 120

UBAM - STERLING BOND

Geographical classification of investments (by domicile of the issuer) United Kingdom

% of net assets 98.89 98.89

Industrial classification of investments % of net assets 98.02 0.35 0.30 0.22

Countries and central government Holding and finance companies Electrical engineering and electronics Communications

98.89

Page 121

UBAM - STERLING BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in GBP

Income

238,286.23

Interest on bonds and other debt securities, net Interest on bank accounts Other income

Note 2

Expenses

238,051.65 230.64 3.94 76,572.52

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

40,003.27 8,521.55 4,065.86 8,444.18 170.95 34.92 1,613.93 130.89 12,680.57 906.40 161,713.71

Net realised gain/(loss) on: - securities portfolio - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

247,759.06 33,925.66 -0.11 150.17 443,548.49

Net variation of the unrealised gain/(loss) on: - securities portfolio - futures contracts

Note 2 Note 2

Result of operations

1,402,578.43 36,550.00 1,882,676.92

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares

Note 14

Total changes in net assets

-11,933.32 4,997,769.50 853,243.00 -5,785,944.40 1,935,811.70

Total net assets at the beginning of the period

15,077,429.00

Total net assets at the end of the period

17,013,240.70

The accompanying notes are an integral part of these financial statements.

Page 122

UBAM - UNCONSTRAINED BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

413,288,682.85

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on sales of securities Receivable on issues of shares Unrealised gain on forward foreign exchange contracts

Note 2

325,193,537.76 158,168.75 58,662,544.20 2,912,213.54 10,527.61 4,998,075.12 19,209,950.00 519,933.99 1,623,731.88

Note 2

Note 2, 8

Liabilities

2,256,507.42

Bank liabilities Other liquid liabilities Payable on purchases of securities Payable on redemptions of shares Unrealised loss on futures contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

113,198.06 394,111.08 249,375.00 280,906.53 236,125.28 480,187.53 502,603.94

Note 2, 9 Note 2, 10

Net assets at the end of the period

411,032,175.43

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

AP shares

Capitalisation shares Distribution shares

APH CHF shares

Capitalisation shares

APH USD shares

Capitalisation shares

APH GBP shares

Capitalisation shares Distribution shares

IP shares

Capitalisation shares

IPH CHF shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

0.000

1,000.000

0.000

1,000.000

728,250.031

13,747.942

336,005.474

405,992.499

4,420.138

0.000

1,690.138

2,730.000

75,565.211

2,200.000

27,916.350

49,848.861

771,131.340

24,646.014

331,345.000

464,432.354

32,880.588

3,556.000

18,314.588

18,122.000

5,265.000

5,510.000

150.000

10,625.000

1,778,767.596

707,938.198

342,341.554

2,144,364.240

822,285.721

21,594.000

69,997.000

773,882.721

The accompanying notes are an integral part of these financial statements.

Page 123

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - UNCONSTRAINED BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

IPH USD shares

Capitalisation shares

UH GBP shares

Capitalisation shares

UPH GBP shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

339,725.377

8,897.000

86,671.539

261,950.838

0.000

10.000

0.000

10.000

15.000

148.000

10.000

153.000

10.000

0.000

10.000

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

AP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

APH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

APH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

411,032,175.43

451,071,411.43

319,031,379.36

EUR

1,000.000 100.00

EUR

405,992.499 102.18

728,250.031 101.97

1,018,119.941 102.03

2,730.000 96.15 2.28

4,420.138 98.23 2.58

2,635.000 100.87 0.77

CHF

49,848.861 100.39

75,565.211 100.45

78,498.000 101.59

USD

464,432.354 102.83

771,131.340 102.21

894,704.762 102.02

The accompanying notes are an integral part of these financial statements.

Page 124

UBAM - UNCONSTRAINED BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets APH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share

IPH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IPH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

UPH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

411,032,175.43

451,071,411.43

319,031,379.36

GBP

18,122.000 103.78

32,880.588 103.20

39,896.000 102.48

10,625.000 98.01 2.31

5,265.000 99.72 2.60

4,090.000 101.71 0.77

EUR

2,144,364.240 103.11

1,778,767.596 102.74

575,121.081 102.50

CHF

773,882.721 101.34

822,285.721 101.24

596,115.000 102.04

USD

261,950.838 103.75

339,725.377 102.99

206,266.397 102.48

GBP

10.000 101.03

GBP

153.000 101.05

15.000 100.31

EUR

10.000 101.12

10.000 101.13

10.000 101.59

The accompanying notes are an integral part of these financial statements.

Page 125

UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

2,000,000 7,347,000 1,000,000 4,350,000 5,200,000 1,100,000 6,000,000 2,100,000 1,600,000 3,200,000 1,000,000 1,700,000 3,000,000 1,750,000 1,500,000 1,500,000 3,000,000 1,600,000 600,000 3,500,000 1,400,000 2,000,000 400,000 3,100,000 4,400,000 800,000 4,700,000 4,740,000 2,647,000 900,000 2,000,000 5,000,000 2,700,000 550,000 11,900,000 2,000,000 5,000,000 2,000,000 1,600,000 1,750,000 5,250,000

Euro

ALLIED IRISH BANKS 2.75 14-19 16/04A ALLIED IRISH REGS 2.875 13-16 28/11A ALSTRIA OFFICE REIT 2.125 16-23 12/04A AMERICA MOVIL 3.75 10-17 28/06A BANCO POPULAR ESP 3.50 13-17 11/09A BANK OF AMERICA CORP 1.375 14-21 10/09A BAYERISCHE LDBK EMTN 5.75 07-17 23/10A BCO POPULAR ESPANOL 1.00 16-22 03/10A CITIGROUP 1.375 14-21 27/10A CREDIT SUISSE AG 0.375 16-19 11/04A CRH FINANCE 5.00 12-19 25/01A FCE BANK EMTN 1.625 13-16 09/09A FINANCEMENT FONCIER 0.625 14-21 12/11A FINMECCANICA FINANCE 5.75 03-18 12/12A GAZ CAPITAL 6.605 07-18 13/02A GAZPROM OAO REG-S 3.755 12-17 15/03A GLENCORE FINANCE EURO 1.25 15-21 17/03A GOLDMAN SACHS GROUP 2.50 14-21 18/10A HEIDELBERGCEMENT 2.25 16-24 03/06A HEIDELBERGCEMENT FIN 8.00 09-17 31/01S HJ HEINZ CO 2.00 15-23 30/06A HUTCHISON WHAMPOA 2.50 12-17 06/06A INTESA SAN PAOLO 3.25 12-17 28/04A IPIC GMTN REG 2.375 12-18 30/05A ITALY BTP 1.60 16-26 01/06S KBC GROEP 1.00 16-21 26/04A KOREA GAS CORP 2.375 13-19 15/04A MERRILL LYNCH EMTN 4.625 06-18 14/09A MORGAN STANLEY 2.25 13-18 12/03S MORGAN STANLEY 2.375 14-21 31/03A PEMEX 3.75 16-19 15/03A PEMEX 5.50 09-17 09/01A PERNOD RICARD 5.00 11-17 15/03A PEUGEOT SA 2.375 16-23 14/04A PORTUGAL 4.35 07-17 16/10A PROLOGIS 1.375 15-21 13/05A ROYAL BK OF SCOT SUB 4.35 06-17 23/01A TELEFONICA EMIS SA 4.797 12-18 21/02A TESCO 5.875 08-16 12/09A TESCO EMTN 1.25 13-17 13/11A UNICREDITO SPA -219- 5.75 07-17 26/09A

Pound Sterling

3,400,000 IMPERIAL TOBACCO 1,200,000 286,000 1,250,000 6,400,000 1,200,000 2,000,000 1,300,000 1,000,000 3,000,000 500,000 600,000 4,250,000 1,600,000 1,800,000 500,000 5,200,000 8,591,000 1,000,000

Market value

Unaudited accrued Interest

% of total net assets

319,003,800.81

318,131,038.60

4,970,045.43

77.40

184,721,789.68

184,269,571.99

2,881,830.05

44.83

123,903,756.35 2,101,000.74 7,530,186.30 996,028.51 4,532,700.08 5,467,401.24 1,130,789.54 6,435,600.66 2,120,727.28 1,645,392.66 3,195,012.19 1,165,290.00 1,720,757.00 3,067,050.00 1,979,518.01 1,610,775.52 1,525,500.00 2,763,000.41 1,733,120.34 593,778.00 4,006,165.00 1,469,552.44 2,099,620.00 414,460.16 3,233,300.81 4,499,220.60 795,168.00 4,961,270.10 5,250,408.65 2,786,685.97 968,526.54 2,033,229.34 5,411,405.32 2,982,716.00 550,000.00 12,576,991.36 1,987,000.42 5,263,370.00 2,160,645.38 1,683,802.22 1,762,680.73 5,693,908.83

122,638,225.39 2,109,460.00 7,423,482.27 1,051,250.00 4,509,079.50 5,419,752.00 1,144,198.00 6,391,260.00 2,193,030.00 1,664,336.00 3,212,960.00 1,125,770.00 1,705,083.00 3,117,870.00 1,954,680.00 1,621,530.00 1,527,000.00 2,778,690.00 1,738,768.00 602,946.00 3,652,320.00 1,496,264.00 2,046,380.00 411,132.00 3,230,634.00 4,542,208.00 815,440.00 4,964,422.00 5,149,109.40 2,744,303.72 972,873.00 2,092,140.00 5,123,200.00 2,795,634.00 561,605.00 12,525,345.00 2,056,880.00 5,092,450.00 2,156,800.00 1,616,048.00 1,762,040.00 5,539,852.50

2,191,584.82 11,301.37 124,080.99 4,599.32 893.84 145,699.45 12,149.59 236,598.36 6,846.58 14,846.99 2,630.14 21,448.09 22,266.05 11,834.02 55,261.27 37,356.15 16,511.71 10,890.00 27,978.14 998.63 116,666.67 0.00 3,287.67 2,243.84 68,394.00 5,770.00 1,424.66 23,242.47 173,702.87 17,948.84 5,329.11 21,986.30 129,986.34 39,575.34 2,719.86 364,900.82 3,616.44 94,487.70 34,077.05 74,994.54 13,746.58 229,293.03

29.84 0.51 1.81 0.26 1.10 1.32 0.28 1.55 0.53 0.40 0.78 0.27 0.41 0.76 0.48 0.39 0.37 0.68 0.42 0.15 0.89 0.36 0.50 0.10 0.79 1.11 0.20 1.21 1.25 0.67 0.24 0.51 1.25 0.68 0.14 3.04 0.50 1.24 0.52 0.39 0.43 1.35

4,343,719.59 4,343,719.59

4,157,528.42 4,157,528.42

135,870.65 135,870.65

1.01 1.01

56,474,313.74 1,109,858.40 255,210.34 1,143,107.67 6,146,859.82 1,049,254.98 1,853,419.50 1,170,462.71 816,164.47 2,978,733.39 428,639.15 527,044.77 3,790,750.56 1,488,742.37 1,644,135.17 375,453.62 4,679,625.63 7,885,215.37 733,629.98

57,473,818.18 1,123,589.72 271,531.76 1,215,176.20 5,998,181.74 1,091,239.03 1,865,070.44 1,243,387.19 876,853.14 2,793,068.99 465,673.53 549,324.45 3,897,054.33 1,511,283.13 1,691,168.82 450,416.31 4,711,149.91 7,934,002.51 901,570.73

554,374.58 15,512.25 3,089.25 4,125.60 147,221.35 3,600.52 6,300.91 13,710.49 537.58 1,650.24 1,685.87 3,050.70 23,042.06 19,994.90 12,151.76 3,305.17 1,824.74 136,509.30 3,422.37

13.98 0.27 0.07 0.30 1.46 0.27 0.45 0.30 0.21 0.68 0.11 0.13 0.95 0.37 0.41 0.11 1.15 1.92 0.22

Cost

5.50 06-16 22/11A

US Dollar

ALLIANZ SE 5.50 12-XX 26/09S BAKER HUGHES INC 3.20 11-21 15/08S BARRICK NA FINANCE 4.40 11-21 30/05S BBVA REGS 5.75 07-17 20/07S BK OF NOVA SCOTIA 1.875 16-21 26/04A DOMINION GAS HLDGS 2.80 15-20 15/11S EBAY 3.80 16-22 09/03S ECOPETROL SA 5.375 15-26 26/06S EKSPORTFINANS 5.50 07-17 26/06S ENERGY TRANSFER 4.65 11-21 01/06S EXELON CORP 2.45 16-21 15/04S FORD MOTOR CREDIT 2.551 15-18 05/10S GENERAL MOTORS 4.20 16-21 01/03S HEWLETT PACKARD 144A 3.60 15-20 15/10S HYUNDAI CAP REGS 1.875 13-16 09/08S ING REGS FL.R 16-19 22/03Q INTESA SAN PAOLO 3.875 13-18 16/01S M UFG LEASE FIN 1.875 13-16 17/10S

The accompanying notes are an integral part of these financial statements.

Page 126

UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

1,000,000 2,000,000 150,000 5,000,000 1,600,000 350,000 700,000 1,600,000 4,900,000 1,000,000 1,000,000 1,000,000

MARATHON OIL 6.00 07-17 01/10S MITSUBISHI UFJ REGS 1.60 14-17 16/10S MOLEX ELECTRONICS TEC 2.878 15-20 15/04S NATIONAL BK AUSTRALIA 2.25 16-21 16/03S NEWELL RUBBERMAID 3.15 16-21 01/04S PERNOD RICARD REGS 5.75 11-21 07/04S PRUDENTIAL FINANCIAL 7.75 11-XX 23/06Q RELIANCE HLDGS REGS 5.40 12-22 14/02S SOUTHERN POWER 1.85 15-17 12/01S TIME WARNER 5.00 09-20 01/02S UBS AG STAMFORD 5.875 06-16 15/07A WALGREENS BOOTS 3.30 14-21 18/11S

Floating rate bonds Australian Dollar

4,000,000 BANK OF TOKYO MITSUB FL.R 13-17 19/09Q 1,450,000 1,800,000 500,000 5,000,000 1,000,000 6,200,000 2,000,000 3,000,000 767,000 4,000,000 2,000,000 7,670,000 3,000,000 500,000 3,000,000 2,400,000 5,940,000 1,000,000 1,000,000 1,000,000 4,350,000 900,000 1,000,000 1,050,000 2,500,000 500,000 1,000,000 1,000,000 4,000,000 2,100,000 1,000,000 5,000,000 1,950,000 5,000,000 500,000 5,200,000 2,600,000 1,400,000

Euro

AMERICAN INTL GROUP FL.R 07-67 15/03A ARCELORMITTAL FL.R 10-17 18/11A AXA FL.R 10-40 16/04A BANK OF AMERICA FL.R 07-17 23/05M BAYER SUB FL.R 14-75 01/07A BFCM FL.R 16-20 03/06Q BNP PARIBAS FL.R 08-XX 02/07A BNP PARIBAS SUB FL.R 07-XX 13/04A BPCE FL.R 09-XX 30/09S BPCE GP FL.R 07-XX 30/10A CITIGROUP INC FL.R 04-19 10/02Q CITIGROUP INC EMTN SUB FL.R 07-17 31/05A CITIGROUP INC EMTN VAR FL.R 05-17 30/11Q CLOVERIE PLC SUB FL.R 09-39 24/07A CNP ASSURANCES SA FL.R 06-XX 22/12A CREDIT AGRICOLE FL.R 08/A DANSKE BANK SUB FL.R 07-XX 15/05A DONG ENERGY A/S FL.R 13-13 08/07A DT ANNINGTON FI SUB FL.R 14-XX 17/12A EDF SA FL.R 14-XX 22/01A ELM BV/SWISS LIFE-EMTN-FL.R 07-XX 12/04A ENBW ENERGIE FL.R 14-76 02/04A ENGIE FL.R 13-18 10/07A FCA CAPITAL IRELAND P FL.R 15-17 17/10Q FEDEX CORP FL.R 16-19 11/04Q HANNOVER FINANCE FL.R 10-40 14/09A IBERDROLA INTL FL.R 13-XX 27/02A LEASEPLAN CORP FL.R 14-17 28/04Q MUNICH RE SUB FL.R 07-XX 29/06A NATIXIS PERPETUAL FL.R 07-49 18/10A ORANGE EMTN FL.R 14-XX 01/10A RBS FL.R 12-22 16/03A SANTANDER CONS.SUB FL.R 06-16 28/09Q SOCIETE GENERALE FL.R 07-17 19/12A TOTAL SA FL.R 15-XX 26/02A UBS CAPITAL FL.R 07-XX 29/12A VOLVO TREASURY AB FL.R 16-18 20/06Q VW INTL FIN SUB FL.R 14-XX 24/03A

Pound Sterling

1,000,000 BARCLAYS BANK PLC FL.R 02-XX 19/04A 100,000 NATIONAL CAP TR 1 REG FL.R 03-XX 17/06S

Swiss Franc

500,000 SWISS LIFE AG 2,500,000 2,858,000 5,200,000 700,000 1,500,000 2,500,000

FL.R 16-46 24/09A

US Dollar

BARCLAYS BANK PLC REGS SUB FL.R 07-25/09S CREDIT AGRICOLE REGS FL.R 09-XX 13/10S CREDIT SUISSE GUERNSEY FL.R 07-15/05S DOMINION RESOURCES FL.R 14-54 01/10S ENBRIDGE FL.R 13-16 01/10Q HYUNDAI CAP REGS FL.R 14-17 18/03Q

Cost

Market value

Unaudited accrued Interest

% of total net assets

914,498.80 1,572,200.59 131,405.01 4,538,122.70 1,460,744.14 353,124.17 567,528.79 1,614,185.45 4,553,589.66 953,105.07 836,916.82 902,584.64

933,264.32 1,806,147.89 135,554.25 4,611,953.74 1,503,117.16 363,868.31 645,843.65 1,612,457.81 4,447,115.53 979,396.01 901,309.69 944,047.89

18,902.74 5,920.86 809.56 29,254.24 11,341.64 4,176.54 949.51 29,380.26 6,573.08 18,627.70 24,237.89 3,465.50

0.23 0.44 0.03 1.12 0.37 0.09 0.16 0.39 1.08 0.24 0.22 0.23

134,282,011.13

133,861,466.61

2,088,215.38

32.57

2,801,414.71 2,801,414.71

2,687,962.47 2,687,962.47

2,273.31 2,273.31

0.65 0.65

99,181,845.10 1,524,312.50 1,933,200.02 552,850.75 4,942,000.00 1,033,750.00 6,200,000.00 2,350,500.00 3,132,000.53 1,032,535.40 4,344,977.89 1,999,646.40 7,639,613.83 3,000,500.78 590,000.93 3,070,563.76 2,707,500.86 6,246,727.40 1,073,750.00 1,012,900.05 916,377.84 4,638,865.00 919,125.00 1,061,130.00 1,053,885.30 2,500,000.00 584,050.32 1,077,500.40 998,740.00 4,306,396.47 2,300,400.43 1,056,200.68 5,590,775.86 1,937,325.00 5,597,062.50 484,950.10 5,746,421.38 2,600,000.00 1,425,307.72

97,512,818.78 1,452,080.75 1,918,422.00 553,135.00 4,992,150.00 1,008,550.00 6,203,038.00 2,234,620.00 3,077,640.00 1,014,940.42 4,224,960.00 2,001,740.00 7,665,704.80 3,000,720.00 581,330.00 3,029,820.00 2,661,240.00 6,078,520.80 1,053,420.00 1,016,730.00 947,630.00 4,481,805.00 870,840.00 1,046,520.00 1,053,790.50 2,507,175.00 573,750.00 1,069,470.00 1,000,400.00 4,160,360.00 2,216,844.00 1,040,850.00 5,309,800.00 1,950,124.51 5,377,600.00 484,285.00 5,630,560.00 2,595,177.00 1,427,076.00

1,487,423.96 20,722.09 65,299.18 5,393.84 395.07 29,918.03 971.85 154,769.62 32,176.60 71,775.27 163,120.00 3,241.33 0.00 2,525.00 35,040.98 74,364.75 49,065.21 36,516.84 47,684.43 21,530.00 18,032.79 55,068.74 7,955.14 37,691.26 1,381.83 1,688.89 22,780.05 19,480.87 346.50 11,376.00 92,640.52 29,890.03 152,465.75 61.64 185,492.62 3,842.21 18,340.47 141.56 14,237.00

23.73 0.35 0.47 0.13 1.21 0.25 1.51 0.54 0.75 0.25 1.03 0.49 1.87 0.73 0.14 0.74 0.65 1.48 0.26 0.25 0.23 1.09 0.21 0.25 0.26 0.61 0.14 0.26 0.24 1.01 0.54 0.25 1.29 0.47 1.31 0.12 1.37 0.63 0.35

1,484,168.15 1,340,320.13 143,848.02

1,346,499.01 1,224,402.86 122,096.15

15,372.07 15,131.87 240.20

0.33 0.30 0.03

461,573.97 461,573.97

498,563.25 498,563.25

5,389.75 5,389.75

0.12 0.12

30,353,009.20 2,241,013.07 3,014,911.51 4,228,068.34 569,131.55 1,110,494.17 1,802,906.28

31,815,623.10 2,313,537.96 2,887,250.16 4,754,258.97 633,008.69 1,345,769.84 2,250,596.34

577,756.29 6,970.39 46,083.00 34,285.97 8,956.92 4,304.09 904.25

7.74 0.56 0.70 1.16 0.15 0.33 0.55

The accompanying notes are an integral part of these financial statements.

Page 127

UBAM - UNCONSTRAINED BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Cost

Market value

Unaudited accrued Interest

% of total net assets

8,796,912.86 923,497.47 1,317,137.42 4,534,635.04 1,814,301.49

8,650,271.29 1,109,287.09 1,606,714.08 4,448,231.26 1,816,697.42

445,284.86 2,914.94 2,879.72 0.00 25,172.15

2.11 0.27 0.39 1.08 0.44

6,994,814.23

7,062,499.16

27,721.66

1.72

6,994,814.23

7,062,499.16

27,721.66

1.72

5,253,480.60 249,375.00 5,004,105.60

5,274,537.50 251,087.50 5,023,450.00

1,027.40 0.00 1,027.40

1.29 0.06 1.23

1,741,333.63 1,741,333.63

1,787,961.66 1,787,961.66

26,694.26 26,694.26

0.43 0.43

325,998,615.04

325,193,537.76

79.12

Cash at banks/(bank liabilities)

58,549,346.14

14.24

Other net assets/(liabilities)

27,289,291.53

6.64

411,032,175.43

100.00

Description

9,296,000 1,250,000 1,800,000 4,084,000 2,000,000

LLOYDS BANK FL.R 11-21 16/12A MITSUBISHI UF LEASE FL.R 14-19 23/07Q MITSUBISHI UFJ FL.R 14-19 20/02Q RABOBANK NED. SUB FL.R 09-XX 29/12S SOCIETE GENERALE FL.R 07-XX 05/04S

Other transferable securities Bonds Euro

250,000 MOLSON COORS 5,000,000 RCI BANQUE SA

1.25 16-24 15/07A 0.375 19-19 10/07A

US Dollar

1,900,000 CHARTER COMM -144A- 3.579 15-20 23/07S

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 128

UBAM - UNCONSTRAINED BOND

Geographical classification of investments (by domicile of the issuer) United States of America France United Kingdom Italy The Netherlands Spain Germany Luxembourg Portugal Mexico Ireland Australia South Korea Denmark Jersey Island Japan Cayman Islands Guernsey Norway Sweden Canada Colombia Belgium Switzerland

% of net assets 16.04 12.34 8.68 4.96 4.69 4.30 3.70 3.20 3.04 2.86 2.46 1.77 1.76 1.74 1.37 1.32 1.29 1.16 0.68 0.63 0.60 0.21 0.20 0.12 79.12

Page 129

UBAM - UNCONSTRAINED BOND

Industrial classification of investments % of net assets 45.01 11.72 4.15 3.59 2.78 2.65 2.11 1.01 0.83 0.69 0.69 0.61 0.54 0.48 0.47 0.41 0.37 0.36 0.26 0.25 0.14

Banks and credit institutions Holding and finance companies Countries and central government Utilities Insurance Petroleum Communications Real estate companies Tobacco and alcoholic drinks Electrical engineering and electronics Retail trade, department stores Transportation Building materials and trade Aerospace industry Coal mining and steel industry Office supplies and computing Miscellaneous consumer goods Foods and non alcoholic drinks Healthcare and social services Chemicals Road vehicles

79.12

Page 130

UBAM - UNCONSTRAINED BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

6,596,691.37

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

6,145,777.32 3,082.20 447,742.52 89.33 1,480,303.67

Note 3 Note 5 Note 4

Note 2 Note 6, 7 Note 2

Net investment income

674,401.60 214,939.29 41,226.51 215,599.48 73,236.74 4,263.55 4,756.07 5,295.72 36,694.01 33,725.81 905.00 159,621.10 15,638.79 5,116,387.70

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-2,928,384.80 117,291.17 -1,761,135.68 -857,875.59 1,001,682.54 2,257,958.07 2,945,923.41

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

-6,200,300.90 3,344,294.90 -458,750.08 -1,563,230.14 -1,932,062.81

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-35,567.87 80,153,904.76 707,836.10 -118,751,216.60 -182,129.58

Total changes in net assets

-40,039,236.00

Total net assets at the beginning of the period

451,071,411.43

Total net assets at the end of the period

411,032,175.43

The accompanying notes are an integral part of these financial statements.

Page 131

UBAM - US DOLLAR BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

358,613,096.79

Securities portfolio at market value Other liquid assets Cash at banks Deposits on futures and option contracts Interest receivable on swap contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Unrealised gain on futures contracts Other receivables

Note 2

351,970,171.51 760,481.34 3,143,152.63 170,709.66 4,522.23 1,758,242.07 178,207.98 549,484.37 78,125.00

Note 2

Note 2, 9

Liabilities

1,161,193.90

Other liquid liabilities Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Unrealised loss on swap contracts Interest payable on bank liabilities and expenses payable

246,016.51 1,114.55 82,810.15 237,395.42 593,857.27

Note 2, 8 Note 2, 10

Net assets at the end of the period

357,451,902.89

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares

AH GBP shares

Capitalisation shares

I shares

Capitalisation shares Distribution shares

U shares

Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

46,846.016

63,576.485

7,783.837

102,638.664

396.692

3,006.000

20.788

3,381.904

0.000

37,779.000

4,170.000

33,609.000

915.000

340.000

0.000

1,255.000

19,841.920

27,017.028

22,551.496

24,307.452

2,500.000

43,815.000

39,591.000

6,724.000

18,089.000

23,849.000

5,282.000

36,656.000

968.332

0.000

7.792

960.540

The accompanying notes are an integral part of these financial statements.

Page 132

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - US DOLLAR BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U shares Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

357,451,902.89

175,350,146.88

180,022,052.56

USD

102,638.664 2,645.16

46,846.016 2,509.53

40,737.318 2,519.72

3,381.904 2,117.29 42.65

396.692 2,050.47 52.69

588.106 2,110.86 57.94

EUR

33,609.000 102.82

GBP

1,255.000 105.40

915.000 99.87

USD

24,307.452 2,793.42

19,841.920 2,644.27

27,788.953 2,643.31

6,724.000 103.11 2.33

2,500.000 99.87 -

USD

36,656.000 102.65 2.32

18,089.000 99.53 -

USD

960.540 2,522.51

968.332 2,399.07

1,106.748 2,420.82

The accompanying notes are an integral part of these financial statements.

Page 133

UBAM - US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

1,000,000 250,000 500,000 1,000,000 250,000 600,000 850,000 800,000 1,100,000 450,000 950,000 1,000,000 750,000 500,000 1,500,000 400,000 500,000 400,000 450,000 450,000 500,000 1,000,000 750,000 500,000 1,000,000 500,000 1,000,000 500,000 1,000,000 1,000,000 2,500,000 350,000 2,000,000 2,000,000 1,500,000 500,000 250,000 3,000,000 3,000,000 2,250,000 5,635,000 3,350,000 1,500,000 550,000 3,212,000 2,600,000 1,000,000 700,000 1,050,000 350,000 1,100,000 1,000,000 4,000,000 500,000 900,000 1,400,000 3,625,000 1,600,000 2,300,000 3,600,000 7,000,000 3,000,000

Market value

Unaudited accrued Interest

% of total net assets

337,292,265.63

349,918,453.51

1,756,808.74

97.90

330,930,492.99

343,533,015.91

1,745,235.61

96.11

330,930,492.99 999,390.00 249,893.33 498,780.00 1,091,550.00 250,817.50 599,598.00 861,755.50 795,720.00 1,098,284.00 451,359.75 952,706.50 998,270.00 759,547.58 498,135.28 1,498,215.00 398,652.00 507,955.00 370,000.94 512,451.00 493,141.50 499,685.00 1,070,770.00 770,512.50 496,270.00 997,180.00 498,740.00 1,168,710.00 499,640.00 999,300.00 1,132,284.00 2,498,350.00 407,529.50 2,018,080.00 1,999,720.00 1,499,130.00 499,015.00 251,173.32 2,973,164.52 3,041,484.70 2,215,337.29 5,305,013.81 3,712,463.86 1,230,234.37 654,156.25 3,603,964.38 3,203,408.86 1,283,983.90 1,034,277.34 1,085,902.68 478,597.66 1,571,625.00 1,191,640.62 4,710,624.99 735,546.88 1,282,394.53 1,868,945.30 5,190,660.01 2,405,000.00 3,153,549.38 3,381,187.50 7,181,563.19 3,097,383.82

343,533,015.91 1,007,240.00 256,287.50 499,820.00 1,077,290.00 255,917.50 608,124.00 868,615.00 808,208.00 1,125,014.00 457,051.50 972,220.50 1,001,020.00 768,097.50 500,820.00 1,493,655.00 414,400.00 509,620.00 389,656.00 514,696.50 501,903.00 501,985.00 1,001,970.00 769,492.50 507,565.00 1,003,370.00 500,800.00 1,117,370.00 507,390.00 1,020,140.00 1,115,550.00 2,561,825.00 406,371.00 2,003,140.00 2,030,540.00 1,512,405.00 507,595.00 255,677.50 3,013,828.14 3,065,742.18 2,350,722.67 6,216,989.85 3,864,800.80 1,897,734.38 731,843.75 4,500,313.13 3,752,328.13 1,453,750.00 1,078,273.44 1,487,308.60 520,050.78 1,552,031.25 1,478,515.63 5,369,062.52 787,226.57 1,322,578.13 2,085,015.63 4,941,328.13 1,966,062.49 2,990,898.45 5,129,437.50 7,336,875.00 3,164,062.50

1,745,235.61 1,300.00 442.36 390.63 7,000.00 2,979.17 560.00 3,600.69 2,666.67 8,277.50 3,585.94 5,517.92 3,343.75 3,906.25 1,487.50 10,703.13 1,400.00 3,854.17 238.89 12,656.25 7,054.69 0.00 18,593.75 13,239.58 4,906.25 7,493.06 1,901.04 8,593.75 731.25 5,036.11 23,527.78 16,250.00 7,556.11 11,888.89 15,104.17 2,235.42 5,281.25 2,243.06 10,889.42 14,959.46 21,016.48 19,370.31 12,562.50 19,615.38 7,962.91 17,063.75 43,714.29 5,625.00 4,375.00 20,596.15 7,028.85 24,659.34 7,656.25 93,406.59 3,906.25 23,118.13 13,125.00 36,250.00 48,571.43 25,156.25 19,687.50 57,759.56 16,024.59

96.11 0.28 0.07 0.14 0.30 0.07 0.17 0.24 0.23 0.31 0.13 0.27 0.28 0.21 0.14 0.42 0.12 0.14 0.11 0.14 0.14 0.14 0.28 0.22 0.14 0.28 0.14 0.31 0.14 0.29 0.31 0.72 0.11 0.56 0.57 0.42 0.14 0.07 0.84 0.86 0.66 1.74 1.08 0.53 0.20 1.26 1.05 0.41 0.30 0.42 0.15 0.43 0.41 1.50 0.22 0.37 0.58 1.38 0.55 0.84 1.44 2.05 0.89

Cost

US Dollar

ABN AMRO BANK 1.80 15-18 04/06S ABN AMRO BANK 2.45 15-20 04/06S AMERICAN EXPRESS -E- 1.125 14-17 05/06S AT T INC 5.60 08-18 15/05S BANK OF AMERICA CORP 2.60 13-19 15/01S BANQUE NATL CANADA 2.10 15-18 14/12S BFCM REGS 2.50 13-18 29/10S BK OF NOVA SCOTIA 1.875 16-21 26/04A BNY MELLON 2.15 15-20 24/02S CELGENE 2.125 15-18 15/08S CITIGROUP 2.55 14-19 08/04S COMMONW.BK AUSTRAL. 1.125 14-17 13/03S CREDIT AGRICOLE LDN 2.50 14-19 15/04S CS NY 1.70 15-18 27/04S DEUTSCHE BANK AG 1.875 15-18 13/02S DOMINION GAS HLDGS 2.80 15-20 15/11S EBAY 2.50 16-18 09/03S ECOPETROL SA 5.375 15-26 26/06S GOLDMAN SACHS GROUP INC 7.50 09-19 15/02S GOLDMAN SACHS 580 5.375 10-20 15/03S HJ HEINZ 144A 1.60 15-17 30/06S HYUNDAI CAPITAL SERV 4.375 11-16 27/07S INTESA SAN PAOLO 3.875 13-18 16/01S JPMORGAN CHASE CO 2.25 15-20 23/01S KOOKMIN BANK REGS 1.625 14-17 14/07S M UFG LEASE FIN 1.875 13-16 17/10S MERRILL LYNCH 6.875 98-18 15/11S METROPOLITAN LIFE144A 1.95 15-18 03/12S MITSUBISHI UFJ 2.45 14-19 16/10S MORGAN STANLEY 5.50 10-20 26/01S NATIONAL BK AUSTRALIA 2.25 16-21 16/03S NOMURA HOLDING 6.70 10-20 04/03S NOMURA HOLDINGS 2.00 13-16 13/09S ROYAL BANK OF CANADA 1.875 15-20 05/02S SOUTHERN POWER 1.85 15-17 12/01S SUMITOMO MITSUI 2.25 14-15 11/01S UBS AG STAMFORD CT 2.375 14-19 14/08S US T-NOTES N-2019 0.875 12-19 31/07S US TREAS N/B V-2019 1.50 14-19 28/02S US TREASURY BONDS 2.50 15-45 15/02S US TREASURY BONDS 2.75 12-42 15/11S US TREASURY BONDS 3.00 14-44 15/11S US TREASURY BONDS 3.50 09-39 15/02S US TREASURY BONDS 3.875 10-40 15/08S US TREASURY BONDS 4.25 09-39 15/05S US TREASURY BONDS 4.50 06-36 15/02S US TREASURY BONDS 4.50 08-38 15/05S US TREASURY BONDS 5.00 07-37 15/05S US TREASURY BONDS 5.25 99-29 15/02S US TREASURY BONDS 5.375 01-31 15/02S US TREASURY BONDS 6.00 96-26 15/02S US TREASURY BONDS 6.125 97-27 15/11S US TREASURY BONDS 6.25 93-23 15/08S US TREASURY BONDS 6.25 99-30 15/05S US TREASURY BONDS 6.875 95-25 15/08S US TREASURY BONDS 7.50 94-24 15/11S US TREASURY BONDS 8.00 91-21 15/11S US TREASURY BONDS 8.125 89-19 15/08S US TREASURY BONDS 8.75 90-20 15/05S US TREASURY BONDS Series 2039 4.375 09-39 15/11S US TREASURY N/B 2.00 15-22 31/07S US TREASURY NOTE 2.125 14-21 30/09S

The accompanying notes are an integral part of these financial statements.

Page 134

UBAM - US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

2,500,000 2,500,000 5,000,000 3,000,000 1,500,000 4,000,000 6,100,000 1,200,000 5,000,000 5,000,000 3,000,000 3,500,000 4,000,000 5,000,000 8,000,000 10,500,000 3,000,000 8,300,000 2,400,000 3,000,000 2,600,000 8,300,000 6,595,000 1,900,000 7,200,000 1,700,000 5,000,000 5,000,000 2,000,000 5,000,000 4,841,000 4,000,000 6,450,000 2,500,000 6,000,000 2,450,000 5,000,000 5,000,000 3,000,000 3,700,000 2,500,000 4,700,000 3,000,000 3,000,000 1,950,000 2,800,000 2,500,000 1,000,000 650,000 1,000,000 2,500,000 2,500,000 700,000 1,000,000 3,000,000 3,300,000 2,000,000 4,400,000 2,500,000 1,950,000 1,000,000 500,000 2,500,000

US TREASURY NOTE 3.125 14-44 15/08S US TREASURY NOTES 2.125 11-21 15/08S US TREASURY NOTES 2.125 15-22 31/12S US TREASURY NOTES 2.25 14-21 31/07S US TREASURY NOTES 4.625 10-40 15/02S US TREASURY NOTES 1.25 15-20 31/01S US TREASURY NOTES 2.00 13-20 30/11S US TREASURY NOTES 4.00 08-18 15/08S US TREASURY NOTES Series AA-2018 1.375 13-18 30/06S US TREASURY NOTES Series AB-2018 1.375 13-18 31/07S US TREASURY NOTES Series AE-2018 1.25 13-18 31/10S US TREASURY NOTES Series AG-2017 0.75 12-17 31/12S US TREASURY NOTES Series AG-2019 1.625 14-19 31/12S US TREASURY NOTES Series AJ-2018 1.00 15-18 15/02S US TREASURY NOTES Series AK-2018 1.00 15-18 15/03S US TREASURY NOTES Series AN-2018 1.125 15-18 15/06S US TREASURY NOTES Series AP-2018 0.875 15-18 15/07S US TREASURY NOTES Series AU-2017 1.00 14-17 15/12S US TREASURY NOTES Series B-2019 2.75 09-19 15/02S US TREASURY NOTES Series B-2022 2.00 12-22 15/02S US TREASURY NOTES Series C-2015 2.125 15-25 15/05 US TREASURY NOTES Series C-2018 3.875 08-18 15/05S US TREASURY NOTES Series C-2022 1.75 12-22 15/05S US TREASURY NOTES Series C-2024 2.50 14-24 15/05S US TREASURY NOTES Series E-2020 2.625 10-20 15/08S US TREASURY NOTES Series E-2024 2.375 14-24 15/08S US TREASURY NOTES Series F-2019 3.375 09-19 15/11S US TREASURY NOTES Series F-2025 2.00 15-22 30/11S US TREASURY NOTES Series K-2021 2.25 14-21 30/04S US TREASURY NOTES Series P-2018 1.50 11-18 31/08S US TREASURY NOTES Series S-2019 1.00 12-19 30/11S US TREASURY NOTES Series T-2021 2.125 14-21 31/12S US TREASURY NOTES Series Z-2020 1.50 15-20 31/05S USA T BOND 2.875 15-16 15/08S USA T NOTES 0.750 13-18 31/03S USA T NOTES 0.875 13-18 31/01S USA T NOTES 1.00 15-17 31/12S USA T NOTES 1.125 13-20 30/04S USA T NOTES 1.375 11-18 31/12S USA T NOTES 1.375 13-20 31/01S USA T NOTES 1.625 15-22 30/04S USA T NOTES 1.750 13-23 15/05S USA T NOTES 1.875 15-22 31/10S USA T NOTES 2.00 14-21 31/05S USA T NOTES 2.25 14-24 15/11S USA T NOTES 2.875 13-43 15/05S USA T-NOTES 1.00 12-19 31/08S USA TREASURY 6.50 96-26 15/11S USA TREASURY BOND 4.375 08-38 15/02S USA TREASURY BOND 6.375 97-27 15/08S USA TREASURY BONDS 3.375 14-44 15/05S USA TREASURY BONDS 3.75 13-43 15/11S USA TREASURY BONDS 4.75 07-37 15/02S USA TREASURY BONDS 6.125 99-29 15/08S USA TREASURY BONDS 8,75 90-20 15/08S USA TREASURY N/B 2.125 15-22 30/06S USA TREASURY NOTES 1.75 15-22 28/02S USA TREASURY NOTES 2.00 14-21 28/02S USA TREASURY NOTES 3.125 11-21 15/05S USA TREASURY NOTES 4.25 10-40 15/11S USA TREASURY NOTES 5.50 98-28 15/08S VERIZON COMM 1.35 14-17 09/06S WI TREASURY SEC. 3.00 15-45 15/05

Floating rate bonds US Dollar

1,500,000 CS NY

Market value

Unaudited accrued Interest

% of total net assets

2,852,832.03 2,584,863.80 5,201,367.74 3,120,937.50 2,039,941.41 3,972,656.24 6,289,563.40 1,308,093.74 5,051,367.20 5,048,828.15 3,022,148.55 3,479,574.23 4,037,968.76 5,020,469.03 8,030,429.76 10,586,748.67 2,997,187.50 8,307,457.03 2,460,240.63 2,953,007.79 2,660,891.63 8,851,878.17 6,292,042.19 1,945,050.90 7,623,859.39 1,741,320.36 5,200,781.25 4,994,882.80 2,050,546.92 5,085,546.90 4,647,360.00 4,075,312.52 6,451,845.72 2,548,632.90 5,996,718.72 2,453,354.12 5,017,773.45 5,026,953.15 3,032,109.75 3,720,089.93 2,519,336.40 4,750,671.99 3,036,679.68 3,084,375.00 2,005,148.44 2,869,125.45 2,509,667.98 1,435,234.67 855,867.19 1,442,617.19 2,814,258.60 3,018,848.60 966,382.82 1,463,203.29 3,981,679.68 3,397,453.92 2,018,828.12 4,528,797.69 2,701,074.23 2,518,243.14 1,376,367.71 499,750.00 2,569,824.23

2,952,343.75 2,636,718.75 5,276,171.90 3,181,406.25 2,210,156.25 4,060,937.52 6,378,312.50 1,288,218.75 5,077,539.05 5,080,078.15 3,042,890.64 3,510,117.21 4,112,500.00 5,034,375.00 8,057,500.00 10,609,921.87 3,016,992.18 8,353,171.87 2,531,343.74 3,145,312.50 2,750,718.75 8,819,398.47 6,821,703.13 2,066,398.45 7,702,312.54 1,832,281.25 5,437,500.00 5,238,281.25 2,118,125.00 5,096,679.70 4,875,794.69 4,221,250.00 6,604,699.25 2,815,429.70 6,017,812.50 2,462,058.60 5,032,812.50 5,052,343.75 3,054,375.00 3,773,421.87 2,585,742.20 4,853,484.38 3,120,703.14 3,143,671.89 2,083,300.79 3,157,656.26 2,520,898.45 1,483,828.13 928,687.50 1,497,421.88 3,090,429.70 3,307,812.50 1,043,437.50 1,532,500.00 3,958,359.39 3,483,304.70 2,068,906.26 4,606,250.00 2,752,734.37 2,737,617.18 1,432,109.38 501,150.00 2,883,984.38

29,189.56 19,848.90 0.00 27,848.36 25,920.33 20,741.76 10,361.64 17,934.07 0.00 28,519.92 6,216.03 0.00 0.00 18,579.23 23,260.87 4,841.19 12,043.27 3,401.64 24,659.34 22,417.58 6,906.25 40,203.13 14,426.56 5,937.50 70,615.38 15,085.16 21,093.75 8,219.18 7,500.00 24,864.13 3,968.03 0.00 8,150.14 26,854.40 11,188.52 8,893.03 0.00 9,375.00 0.00 21,104.74 6,770.83 10,281.25 9,375.00 5,054.35 5,484.38 10,062.50 8,424.66 8,125.00 10,625.00 23,818.68 10,546.88 11,718.75 12,423.08 22,884.62 98,076.92 0.00 11,730.77 29,573.77 9,765.63 10,359.38 20,549.45 393.75 9,375.00

0.83 0.74 1.48 0.89 0.62 1.14 1.78 0.36 1.42 1.42 0.85 0.98 1.15 1.41 2.25 2.98 0.84 2.34 0.71 0.88 0.77 2.47 1.91 0.58 2.15 0.51 1.52 1.47 0.59 1.43 1.36 1.18 1.85 0.79 1.68 0.69 1.41 1.41 0.85 1.06 0.72 1.36 0.87 0.88 0.58 0.88 0.71 0.42 0.26 0.42 0.86 0.93 0.29 0.43 1.11 0.97 0.58 1.29 0.77 0.77 0.40 0.14 0.81

6,361,772.64

6,385,437.60

11,573.13

1.79

6,361,772.64 1,500,000.00

6,385,437.60 1,496,370.00

11,573.13 3,431.57

1.79 0.42

Cost

FL.R 15-18 29/01Q

The accompanying notes are an integral part of these financial statements.

Page 135

UBAM - US DOLLAR BOND Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Cost

Market value

Unaudited accrued Interest

% of total net assets

855,381.80 1,000,000.00 500,000.00 1,500,000.00 1,006,390.84

860,352.60 1,028,750.00 498,500.00 1,498,845.00 1,002,620.00

1,343.84 5,675.41 45.42 167.51 909.38

0.24 0.29 0.14 0.42 0.28

1,997,740.00

2,051,718.00

1,433.33

0.57

1,997,740.00

2,051,718.00

1,433.33

0.57

1,997,740.00 1,997,740.00

2,051,718.00 2,051,718.00

1,433.33 1,433.33

0.57 0.57

339,290,005.63

351,970,171.51

98.47

Cash at banks/(bank liabilities)

3,143,152.63

0.88

Other net assets/(liabilities)

2,338,578.75

0.65

357,451,902.89

100.00

Description

860,000 1,000,000 500,000 1,500,000 1,000,000

FORD MOTOR CREDIT FL.R 14-16 08/11Q GENERAL MOTORS FIN FL.R 15-19 15/01Q MIZUHO BANK LTD FL.R 14-17 25/09Q UBS AG STAMFORD FL.R 15-18 26/03Q VERIZON COMMUNICATION FL.R 13-16 15/09Q

Other transferable securities Bonds US Dollar

2,000,000 NEW YORK LIFE GLB 144A 2.15 14-19 18/06S

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 136

UBAM - US DOLLAR BOND

Geographical classification of investments (by domicile of the issuer) United States of America Japan Canada Australia United Kingdom South Korea The Netherlands France Italy Colombia

% of net assets 93.29 1.38 0.97 0.72 0.63 0.56 0.35 0.24 0.22 0.11 98.47

Industrial classification of investments % of net assets 87.22 6.83 2.76 0.72 0.42 0.14 0.14 0.13 0.11

Countries and central government Banks and credit institutions Holding and finance companies Communications Utilities Foods and non alcoholic drinks Retail trade, department stores Biotechnology Petroleum

98.47

Page 137

UBAM - US DOLLAR BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

3,638,595.17

Interest on bonds and other debt securities, net Interest on bank accounts Interest received on swap contracts Other income

Note 2 Note 2

Expenses

3,592,636.31 2,145.95 43,646.78 166.13 1,367,042.92

Note 3 Note 5

Note 2 Note 6, 7 Note 2

Net investment income

696,286.93 163,800.68 73,787.20 158,561.38 3,489.12 750.85 4,369.20 13,930.67 185,604.12 81.82 54,069.41 12,311.54 2,271,552.25

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-198,462.69 73,945.26 353,503.90 197,377.04 -1,419.77 2,696,495.99

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - swap contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

11,205,875.15 -70,999.81 553,386.25 -141,210.12 14,243,547.46

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-305,425.69 241,123,508.10 13,227,310.12 -81,562,529.32 -4,624,654.66

Total changes in net assets

182,101,756.01

Total net assets at the beginning of the period

175,350,146.88

Total net assets at the end of the period

357,451,902.89

The accompanying notes are an integral part of these financial statements.

Page 138

UBAM - EM INVESTMENT GRADE CORPORATE BOND*

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

87,461,352.07

Securities portfolio at market value Cash at banks Deposits on futures and option contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Other receivables

Note 2

81,346,684.19 5,035,882.59 99,593.29 788,154.67 182,506.08 8,531.25

Liabilities

1,467,720.84

Bank liabilities Payable on purchases of securities Unrealised loss on forward foreign exchange contracts Unrealised loss on futures contracts Interest payable on bank liabilities and expenses payable

844.14 995,899.31 280,093.38 32,443.76 158,440.25

Note 2, 8 Note 2, 9

Net assets at the end of the period

85,993,631.23

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares

AS shares

Capitalisation shares

I shares

Capitalisation shares

IH EUR shares

Capitalisation shares Distribution shares

IH CHF shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

13,399.000

499,231.000

32,168.000

480,462.000

5,233.000

20,958.000

2,618.000

23,573.000

0.000

35,388.000

640.000

34,748.000

2,000.000

11,237.000

0.000

13,237.000

0.000

1,484.000

0.000

1,484.000

0.000

2,175.000

0.000

2,175.000

19,639.566

397.000

6,807.000

13,229.566

75,199.419

14,974.000

15,408.419

74,765.000

8,633.145

74,977.134

0.560

83,609.719

0.000

20,502.000

621.000

19,881.000

420.000

2,800.000

0.000

3,220.000

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 139

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

IS shares

Capitalisation shares

IHS EUR shares

Capitalisation shares

UH GBP shares

Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

25,350.000

0.000

2,000.000

23,350.000

28,504.000

0.000

28,504.000

0.000

20,662.000

0.000

20,662.000

10.000

0.000

10.000

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

85,993,631.23

18,622,969.72

30,777,714.46

USD

480,462.000 105.74

13,399.000 100.04

9,620.000 101.83

23,573.000 98.75 3.19

5,233.000 96.49 4.30

6,284.000 102.42 -

EUR

34,748.000 101.52

13,237.000 97.11 3.16

2,000.000 95.42 -

CHF

1,484.000 100.99

GBP

2,175.000 101.25

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 140

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AS shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IS shares Capitalisation shares Number of shares outstanding Net asset value per share

IHS EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

UH GBP shares Distribution shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

85,993,631.23

18,622,969.72

30,777,714.46

USD

13,229.566 100.87

19,639.566 99.65

32,458.566 102.12

USD

74,765.000 112.48

75,199.419 105.94

22,103.419 106.84

EUR

83,609.719 102.94

8,633.145 97.47

19,881.000 101.18

CHF

3,220.000 101.84

420.000 96.72

USD

23,350.000 102.38

25,350.000 100.81

147,999.000 102.64

EUR

28,504.000 101.25

66,248.000 103.36

GBP

20,662.000 101.34

USD

10.000 112.25

10.000 106.31

10.000 108.47

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 141

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Bonds

440,000 270,000 480,000 200,000 210,000 300,000 200,000 200,000 410,000 150,000 280,000 200,000 400,000 200,000 100,000 340,000 630,000 200,000 130,000 200,000 210,000 270,000 200,000 360,000 270,000 350,000 410,000 140,000 200,000 570,000 200,000 380,000 140,000 410,000 210,000 270,000 340,000 220,000 340,000 200,000 200,000 410,000 270,000 200,000 340,000 200,000 270,000 200,000 200,000 300,000 200,000 200,000 200,000 200,000 270,000 270,000 200,000 260,000 100,000 230,000 140,000 400,000

Market value

Unaudited accrued Interest

% of total net assets

79,635,768.52

80,466,957.69

780,496.48

93.58

74,927,130.57

75,738,543.89

740,404.63

88.08

74,927,130.57 435,644.61 327,402.00 494,928.00 199,820.33 207,659.17 305,655.88 203,049.44 209,520.00 405,428.53 151,553.00 296,128.67 201,892.78 401,040.00 206,500.00 110,161.33 404,457.66 656,954.01 207,020.00 138,138.61 205,770.78 211,596.60 274,083.15 206,020.22 357,786.75 279,477.94 375,410.08 438,200.30 153,874.00 200,020.50 625,093.60 213,868.33 397,370.02 156,511.78 385,371.63 206,608.50 299,727.13 372,334.61 237,622.22 354,484.44 214,725.56 205,558.69 441,553.99 273,186.63 181,980.58 336,209.50 197,770.61 288,927.75 199,320.11 220,020.22 333,817.67 208,335.22 216,020.00 225,520.08 240,186.44 282,127.18 268,542.50 203,603.11 269,776.50 114,385.67 227,381.49 154,014.93 405,346.67

75,738,543.89 456,020.40 347,125.50 499,161.60 200,942.00 211,669.50 307,839.00 205,534.00 217,068.00 413,882.70 153,847.50 299,157.60 202,750.00 412,064.00 207,640.00 110,814.00 416,874.00 659,364.30 208,740.00 138,932.30 206,184.00 213,876.60 278,110.80 209,446.00 361,800.00 282,900.60 382,725.00 444,128.40 155,253.00 201,000.00 627,627.00 213,730.00 405,156.00 158,069.80 402,738.90 206,761.80 301,752.00 373,371.00 239,582.20 361,892.60 215,838.00 208,890.00 445,575.70 277,438.50 189,878.00 343,801.20 200,374.00 291,249.00 204,382.00 222,398.00 336,648.00 209,544.60 218,552.00 226,668.00 242,084.00 288,095.40 275,119.20 205,966.00 270,953.80 114,862.00 229,399.70 156,191.00 406,496.00

740,404.63 7,443.33 3,071.25 6,840.00 1,604.17 840.00 2,223.96 1,937.78 2,600.00 5,253.13 1,375.00 3,879.17 444.44 1,280.00 1,000.00 1,250.00 5,206.25 7,501.73 3,725.00 2,898.82 2,750.00 5,323.65 840.00 3,088.89 990.00 2,906.25 1,561.88 4,104.27 1,344.00 1,737.50 12,214.63 4,252.08 2,480.56 3,906.39 939.58 433.00 4,556.25 6,752.78 3,788.89 3,572.36 1,670.14 494.44 6,362.12 1,830.94 6,254.17 4,072.92 1,002.78 6,600.00 1,581.94 1,555.56 2,291.67 3,101.39 2,125.00 229.17 6,157.78 1,912.50 1,443.75 1,397.78 5,525.00 875.00 2,367.08 2,173.89 1,424.94

88.08 0.53 0.40 0.58 0.23 0.25 0.36 0.24 0.25 0.48 0.18 0.35 0.24 0.48 0.24 0.13 0.48 0.77 0.24 0.16 0.24 0.25 0.32 0.24 0.42 0.33 0.45 0.52 0.18 0.23 0.73 0.25 0.47 0.18 0.47 0.24 0.35 0.43 0.28 0.42 0.25 0.24 0.52 0.32 0.22 0.40 0.23 0.34 0.24 0.26 0.39 0.24 0.25 0.26 0.28 0.34 0.32 0.24 0.32 0.13 0.27 0.18 0.47

Cost

US Dollar

ABU DHABI NAT ENERGY 3.625 12-23 12/01S ABU DHABI NAT ENERGY 6.50 06-36 27/10S ADCB FINANCE CAYMAN 4.50 13-23 06/03S ADCB FINANCE CAYMAN L 2.625 15-20 10/03S AFREXIMBANK 4.00 16-21 24/05S AFRICA FINANCE CORP 4.375 15-20 29/04S AIA GR REGS 3.20 15-25 11/03S AIA GROUP 4.50 16-46 16/03S AKBANK REGS 5.125 15-25 31/03S AKBANK TAS REGS 5.00 12-22 24/10S ALFA REGS 5.25 14-24 25/03S ALIBA GROUP 2.50 15-19 28/11S ALIBABA GROUP 3.60 15-24 28/11S ALPEK REGS 4.50 12-22 20/11S AMERICA MOVIL 5.00 10-20 30/03S AMERICA MOVIL 6.125 10-40 30/03S ANGLO ASH HOLDINGS 5.375 10-20 15/04S ARAUCO 4.50 14-24 01/08S ARAUCO 4.75 12-22 11/01S BAHRAIN 5.50 10-20 31/03S BAHRAIN REGS 6.125 13-23 01/08S BAIDU 3.50 12-22 28/11S BANCO CREDITO REGS 4.00 13-23 11/02S BANCO INBURSA 4.125 14-24 06/06S BANCO SANTANDER REGS 3.875 12-22 20/09S BANCOLOMBIA 5.95 11-21 03/06S BANGKOK BK HK REGS 3.875 12-22 27/09S BANGKOK BK PUB REGS 4.80 10-20 18/10S BANK ABU DHABI REGS 2.25 15-20 11/02S BANK CHINA HK 5.55 10-20 11/02S BANK OF BARODA REGS 4.875 14-19 23/07S BANK OF CHINA 5.00 14-24 13/11S BANK OF EAST ASIA SUB 6.125 10-20 16/07S BANK OF KAZAKHSTAN 4.125 12-22 10/12S BANK OF SHARJAH 3.374 15-20 08/06S BBVA BANCOMER REGS 6.75 12-22 30/09S BBVA BANCOMER SA TEXA 6.50 11-21 10/03S BBVA REGS 5.00 12-22 26/08S BCO CREDITO DEL PERU 4.25 13-23 01/04S BHARAT PETROLEUM 4.625 12-22 25/10S BHARTI AIRTEL REGS 4.45 15-25 10/06S BHARTI AIRTEL REGS 5.125 13-23 11/03S BOC AVIATION REGS 3.875 16-26 27/04S BRASKEM AMERICA REGS 7.125 11-41 22/07S BRASKEM SA REGS 5.75 11-21 15/04S BRF REGS 4.75 14-24 22/05S CENCOSUD SA 5.50 11-21 20/01S CHINA CINDA FIN REGS 4.25 15-25 23/04S CHINA MERCHANTS FIN 5.00 12-22 04/05S CHINA OVERSEA FIN 5.50 10-20 10/11S CHINA RAILWAY RES 3.85 13-23 05/02S CHINA RESOURCES REGS 4.50 12-22 05/04S CITI BANK INTL 6.875 10-20 24/06S CITI PACIFIC REGS 4 6.80 12-23 17/01S CNOOC FIN 2014 4.25 14-24 30/04S CNOOC FIN 2015 3.50 15-25 05/05S CNPC GEN CAP REGS 3.40 13-23 16/04S COLBUN REGS 4.50 14-24 10/07S COMMERCIAL BK QATAR 7.50 09-19 18/11S COSL FIN BVI REGS 3.25 12-22 06/09S CREDITO DEL PERU REG-S5.375 10-20 16/09S CSCEC FIN CYM 2.95 15-20 19/11S

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 142

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

270,000 200,000 270,000 740,000 660,000 700,000 110,000 340,000 270,000 210,000 270,000 140,000 150,000 480,000 200,000 200,000 200,000 140,000 210,000 540,000 410,000 200,000 270,000 150,000 270,000 270,000 280,000 200,000 200,000 410,000 270,000 130,000 270,000 270,000 200,000 300,000 200,000 800,000 210,000 210,000 310,000 950,000 1,110,000 820,000 570,000 200,000 900,000 400,000 200,000 340,000 650,000 470,000 280,000 200,000 270,000 410,000 340,000 410,000 350,000 810,000 310,000 200,000 270,000 740,000 330,000 270,000 340,000

DBS BANK REGS 3.625 12-22 21/09S DOLPHIN ENERGY REGS 5.50 12-21 15/12S DP WORLD LTD 3.25 15-20 18/05S DP WORLD REG S 6.85 07-37 02/07S ECOPETROL 5.875 14-45 28/05S ECOPETROL SA 5.375 15-26 26/06S EMBRAER NETHERLANDS 5.05 15-25 15/06S EMIRATES NBD 3.25 14-19 19/11S ENN ENERGY HOLDINGS 6.00 11-21 13/05S EXPORT-IMPORT IND REGS 4.00 13-23 14/01S FIBRIA 5.25 14-24 12/05S FLEXTRONICS INTL L 4.625 13-20 15/02S FOMENTO ECONOMICO 4.375 13-43 10/05S FORMOSSA GROUP 3.375 15-25 22/04S FRANSHION BRILLIANT 5.75 14-19 19/03S FRANSHION DEVLT 6.75 11-21 15/04S FRESNILLO REG S 5.50 13-23 13/11S GAZ CAPITAL 6.51 07-22 07/03S GERDAU TRADE REGS 5.75 10-21 30/01S GLOBAL LOGISTIC PROP 3.875 15-25 04/06 GPN CAPITAL REGS 6.00 13-23 27/11S GRUOP TELEVISA 5.00 14-45 13/05S GRUPO INVERSION REGS 5.50 16-26 29/04S GTL TRADE REGS 5.893 14-24 29/04S HANA BANK REGS SUB 4.375 14-24 30/09S HONGKONG LAND FINANCE 4.50 10-25 07/10S HONGKONG LAND FINANCE 4.50 12-22 01/06S HUARONG FINANCE 5.50 15-25 16/01S HUARONG FINANCE II 4.50 15-20 16/01S HUTCHISON WHAMPOA 3.625 14-24 31/10S HYUNDAI CAP AM REG 3.00 15-20 30/10S HYUNDAI CAP REGS 2.55 14-19 06/02S ICBC B REGS 4.875 15-25 21/09S ICICI BANK REGS 5.75 10-20 16/11S ICICI BANK TR5 REGS 4.80 13-19 22/05S INDIAN OIL 5.625 11-21 02/08S INDIAN OIL REGS 5.75 13-23 01/08S INTERBANK PEROU REG S 5.75 10-20 07/10S INVERSIONES CMPC 4.375 13-23 15/05S INVERSIONES CMPC 4.75 14-24 15/09S IOI INVESTMENT 4.375 12-22 27/06S ISRAEL CHEMICAL REGS 4.50 14-24 02/12S ISRAEL ELECTRIC CORP 5.00 14-24 12/11S ISRAEL ELECTRIC REG S 7.25 08-19 15/01S ISRAEL ELECTRIC REGS 6.875 13-23 21/06S ITAU CORP REGS 3.875 14-19 22/09S KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S KAZMUNAIGAZ FIN. REGS 6.375 10-21 09/04S KLABIN FIN REGS 5.25 14-24 16/07S KOC HLDG REGS 3.50 13-20 24/04S KOC HLDG REGS 5.25 16-23 15/03S KOR HYDRO NUCL REG S 3.00 12-22 19/09S KOREA HYDRO 4.75 11-21 13/07S KUNLUN ENERGY 3.75 15-25 13/05S KUWAIT PROJ REGS 4.80 14-19 05/02S KUWAIT PROJECTS CO 5.00 16-23 15/03S KUWAIT PROJECTS EMTN 9.375 10-20 15/07S LUKOIL INT REG S 6.125 10-20 09/11S LUKOIL INTL FIN REGS 4.563 13-23 24/04S MAG GLB SEC REGS 4.75 14-24 07/05S MEXICHEM REGS 4.875 12-22 19/09S MEXICHEM REGS 5.875 14-44 17/09S MMC FINANCE REGS 5.55 13-20 28/10S MMC NORILSK 6.625 15-22 14/10S MTN MAURITIUS INV REGS4.755 14-24 11/11S MYRIAD INTL HLD REGS 6.00 13-20 18/07S MYRIAD INTL HOLDIN 5.50 15-25 21/07S

Cost

Market value

Unaudited accrued Interest

% of total net assets

275,697.63 224,770.67 273,402.50 796,114.41 554,466.79 664,240.65 108,361.92 347,259.19 304,028.10 219,274.98 275,427.13 145,964.42 154,900.40 483,439.20 214,395.56 228,645.00 216,020.44 152,719.82 195,321.88 550,854.63 429,004.17 188,573.22 275,994.00 127,515.17 286,902.06 303,777.50 312,701.20 213,895.44 210,365.00 430,243.85 277,293.20 131,886.93 279,337.48 301,890.58 213,548.33 335,280.13 225,255.89 889,636.26 215,796.50 218,946.50 317,781.13 972,558.50 1,193,931.83 910,794.50 678,327.58 208,520.64 941,440.30 431,408.83 198,020.83 338,334.44 670,853.75 493,547.33 315,759.69 202,820.67 285,214.50 427,978.89 422,059.46 445,404.45 348,285.95 845,461.63 327,081.33 182,020.39 287,239.50 813,229.28 305,283.86 296,183.25 351,509.33

275,956.20 227,624.00 275,707.80 815,065.60 573,540.00 681,898.00 108,991.30 349,992.60 307,079.10 220,636.50 277,184.70 148,125.60 157,662.00 488,880.00 215,714.00 229,622.00 215,842.00 155,619.80 203,032.20 553,240.80 440,877.10 191,968.00 281,664.00 133,278.00 289,591.20 309,020.40 315,940.80 219,464.00 211,950.00 435,994.00 280,052.10 132,614.30 285,246.90 302,794.20 213,258.00 336,000.00 226,380.00 888,368.00 216,447.00 219,882.60 322,447.74 975,650.00 1,200,498.30 911,446.40 678,978.30 208,804.00 950,220.00 437,816.00 198,186.00 340,928.20 675,031.50 496,860.50 317,814.00 206,302.00 285,284.70 429,327.40 423,463.20 448,499.00 355,526.50 854,355.60 327,663.80 184,136.00 287,236.80 823,368.40 320,651.10 296,179.20 355,371.40

2,691.56 458.33 1,023.75 21,733.44 3,446.67 418.06 231.46 1,258.47 2,115.00 3,873.33 1,890.00 2,428.13 911.46 3,060.00 3,226.39 2,812.50 1,436.11 2,860.78 5,031.25 1,511.25 2,255.00 1,305.56 2,516.25 1,497.80 2,953.13 2,801.25 1,015.00 5,011.11 4,100.00 2,477.08 1,350.00 1,326.00 3,619.69 1,897.50 1,173.00 6,937.50 4,759.72 11,084.08 1,148.44 2,909.38 113.02 3,325.00 7,608.00 27,247.92 1,266.06 2,109.72 13,776.36 5,737.50 4,783.33 2,181.67 9,989.00 3,955.83 6,169.72 979.17 5,220.00 5,979.17 14,609.38 3,557.60 2,927.93 5,795.76 4,239.90 3,361.81 2,580.75 10,386.50 2,135.79 7,290.00 8,259.17

0.32 0.26 0.32 0.95 0.67 0.79 0.13 0.41 0.36 0.26 0.32 0.17 0.18 0.57 0.25 0.27 0.25 0.18 0.24 0.64 0.51 0.22 0.33 0.15 0.34 0.36 0.37 0.26 0.25 0.51 0.33 0.15 0.33 0.35 0.25 0.39 0.26 1.03 0.25 0.26 0.37 1.13 1.41 1.06 0.79 0.24 1.10 0.51 0.23 0.40 0.78 0.58 0.37 0.24 0.33 0.50 0.49 0.52 0.41 0.99 0.38 0.21 0.33 0.96 0.37 0.34 0.41

* Please refer to Note 18 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 30/06/2016 Expressed in USD Number/ nom. value

Description

60,000 110,000 270,000 200,000 540,000 540,000 750,000 210,000 240,000 240,000 790,000 340,000 270,000 200,000 740,000 610,000 410,000 270,000 200,000 470,000 270,000 330,000 260,000 270,000 380,000 650,000 200,000 410,000 270,000 200,000 210,000 620,000 350,000 270,000 200,000 200,000 200,000 210,000 250,000 270,000 200,000 270,000 270,000 200,000 220,000 260,000 270,000 410,000 400,000 810,000 230,000 200,000 200,000 400,000 200,000 350,000 270,000 270,000 270,000 9,300,000 310,000 310,000 640,000 910,000 540,000 200,000

NEXEN INC 5.875 05-35 10/03S NEXEN INC 6.40 07-37 15/05S NTPC LTD 4.375 14-24 26/11S NTPC LTD 4.75 12-22 03/10S OCBC SUB REGS 4.25 14-24 19/06S OCP REGS 4.50 15-25 22/10S OCP SA 5.625 14-24 25/04S OIL INDIA LTD 5.375 14-24 17/04S OMAN GO9V INTL REGS 3.625 16-21 15/06S ONCG VIDESH REGS 4.625 14-24 15/07S ORLEODUCTO CENTR REGS 4.00 14-21 07/05S PCCW-HKTC CAPITAL 3.625 15-25 02/04S PCCW-HKTC CAPITAL REGS3.75 13-23 08/03S PERTAMINA REG S 5.25 11-21 23/05S PERUSAHAAN GAS REG S 5.125 14-24 16/05S PERUSAHAAN PERSEROAN 5.50 11-21 22/11S PKO FINANCE AB 4.63 12-22 26/09S POSCO REG-S 4.25 10-02 28/10S POWER GRID INDIA 3.875 13-23 17/01S PTT GLB CHEM REGS 4.25 12-22 19/02S PTT PCL REGS 4.50 12-42 25/10S PTT REGS 3.375 12-22 25/10S PTTEP CANADA REGS 5.692 10-15 19/07S QNB FINANCE LTD 2.875 13-20 29/04S QTEL INTL FIN 4.75 10-21 16/02S QTEL INTL REGS 3.25 12-23 21/02S RAKFUNDING CAYMAN 3.25 14-19 24/06S RELIANCE HLDGS REGS 5.40 12-22 14/02S RELIANCE INDUSTRIES L 4.125 15-25 28/01S SACI FALABELLA REGS 3.75 13-23 30/04S SANTANDER BR REGS 4.125 12-22 09/11S SASOL FIN INTL 4.50 12-22 14/11S SHK PROP 4.50 12-22 14/02S SIAM COMMERCIAL REGS 3.50 14-19 07/04S SIGMA ALIMENTOS RE 4.125 16-26 02/05S SINGTEL GROUP TREASURY4.50 11-21 08/09S SINO OCEAN 6.00 14-24 30/07S SOUTHERN COPPER 5.25 12-42 08/11S SOUTHERN COPPER CORP 5.875 15-45 23/04S STATE BANK OF INDIA 4.875 14-24 17/04S STATE BK INDIA REGS 3.622 14-19 17/04S SUAM FINANCE BV REGS 4.875 14-24 17/04S SWIRE PACIFIC 4.50 12-22 28/02S SWIRE PACIFIC MTN 4.375 12-22 18/06S SWIRE PACIFIC REGS 36 4.50 13-23 09/10S TELEFONICA CHILE REGS 3.875 12-22 12/10S TENCENT HLDG REGS TR2 3.375 12-18 05/03S TEVA PHARMA FINANCE 2.95 12-22 18/02S TEVA PHARMAC.FINANCE 6.15 06-36 01/02S TGI INTERNATIONAL 5.70 12-22 20/03S THAI OIL REGS 3.625 13-23 23/01S THAI OIL REGS 4.875 13-43 23/01S THE LINK 3.60 14-24 03/09S TURK GARANTI BK REGS 5.25 12-22 13/09S TURK TELEKOM REGS 3.75 14-19 19/06S TURK TELEKOM REGS 4.875 14-24 19/06S TURKCELL ILETISIM 5.75 15-25 15/10S TURKIYE GARANTI BANK 4.75 14-19 17/10S TURKIYE IS BANKASI 5.00 14-21 25/06S US TREASURY NOTES Series AK-2018 1.00 15-18 15/03S VALE OVERSEAS 4.375 12-22 11/01S VALE OVERSEAS GTD 6.875 06-36 21/11S VEB FINANCE REG S 6.902 10-20 09/07S VEB FINANCE REGS 4.224 13-18 21/11S WOORI BANK 4.75 14-24 30/04S YAPI 4.00 13-20 22/01S

Cost

Market value

Unaudited accrued Interest

% of total net assets

68,989.06 134,211.33 284,125.61 217,300.67 570,097.40 525,879.00 793,200.06 229,283.67 239,728.80 253,018.80 769,879.89 354,041.12 285,996.53 210,761.67 773,929.99 659,471.31 426,441.60 289,760.83 206,020.94 508,578.49 273,002.40 341,515.60 293,592.97 275,765.44 413,288.56 644,378.32 201,827.11 455,395.70 275,781.51 204,020.50 215,009.38 615,412.38 390,521.50 279,644.90 199,645.92 224,018.00 213,020.00 177,021.98 223,739.49 298,008.70 207,336.36 274,752.25 299,398.35 222,830.25 242,712.80 267,176.21 279,554.51 411,271.12 473,960.67 844,632.25 235,363.17 205,054.33 208,902.00 413,721.00 202,770.83 346,534.15 271,040.13 277,452.88 270,365.00 9,337,418.69 284,665.94 263,328.58 694,945.59 927,192.14 564,705.75 198,020.22

71,625.00 139,235.80 287,064.00 220,578.00 572,691.60 529,767.00 796,995.00 231,758.10 241,533.60 256,264.80 771,356.00 358,679.60 288,430.20 214,748.00 782,616.60 664,595.00 429,425.80 292,574.70 207,680.00 512,812.30 280,222.20 345,318.60 298,545.00 276,847.20 419,064.00 658,859.50 201,996.00 459,036.00 279,771.30 204,944.00 217,102.20 622,070.80 392,542.50 280,854.00 202,314.00 225,777.20 215,118.00 186,925.20 236,600.00 301,001.40 207,614.00 279,844.20 303,299.10 223,488.00 247,291.00 269,458.80 279,979.20 417,277.50 486,408.00 845,380.80 238,521.50 216,148.00 210,870.00 415,460.00 203,414.00 349,709.50 276,061.50 278,051.40 274,671.00 9,366,843.75 291,043.50 286,653.90 696,819.20 928,254.60 570,580.20 199,874.00

1,077.08 880.00 1,115.63 2,295.83 701.25 4,590.00 7,617.19 2,288.85 362.50 5,087.50 4,984.78 3,012.78 3,150.00 1,079.17 4,635.28 3,541.39 4,956.67 1,976.25 3,509.03 5,604.10 2,193.75 2,010.94 3,494.26 1,315.31 6,718.61 7,569.79 108.33 8,364.00 4,702.50 1,250.00 1,227.19 3,565.00 5,950.00 2,178.75 1,329.17 2,800.00 5,000.00 1,592.50 2,733.51 2,669.06 1,468.92 2,669.06 4,117.50 291.67 2,227.50 2,182.92 1,468.13 403.17 10,181.67 13,299.33 3,636.08 4,252.08 2,340.00 6,386.83 229.17 521.35 3,234.38 2,600.63 187.50 27,040.76 6,366.84 2,308.85 21,000.63 4,457.16 4,275.00 3,511.11

0.08 0.16 0.33 0.26 0.67 0.62 0.93 0.27 0.28 0.30 0.90 0.42 0.34 0.25 0.91 0.77 0.50 0.34 0.24 0.60 0.33 0.40 0.35 0.32 0.49 0.77 0.23 0.53 0.33 0.24 0.25 0.72 0.46 0.33 0.24 0.26 0.25 0.22 0.28 0.35 0.24 0.33 0.35 0.26 0.29 0.31 0.33 0.49 0.57 0.98 0.28 0.25 0.25 0.48 0.24 0.41 0.32 0.32 0.32 10.90 0.34 0.33 0.81 1.08 0.66 0.23

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 144

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Floating rate bonds 270,000 200,000 200,000 200,000 340,000 500,000 770,000 310,000 200,000 540,000 540,000 540,000

US Dollar

BK OF COMMUNICAT SUB FL.R 14-24 03/10S CHINA CONST ASIA FL.R 14-24 20/08S CHINA CONST BANK FL.R 15-25 13/05S CHINA LIFE INSURANCE FL.R 15-75 03/07S CLP POWER HK FIN FL.R 14-XX 07/11S DP WORLD CRESCENT FL.R 16-23 31/05S EMIRATES NBD PJSC FL.R 13-23 28/03S LI & FUNG FL.R 12-XX 25/05S NBK TIER 1 FNC SUB FL.R 15-XX 09/04S OCBC REGS FL.R 14-24 15/10S PTT EXPLOR. PROD REGS FL.R 14-XX 18/06S UOB SUB FL.R 14-24 19/09S

Other transferable securities Bonds US Dollar

270,000 OVPH LTD 5.875 16-49 01/03S 590,000 VALE OVERSEAS 5.875 16-21 10/06S

Total investments in securities

Cost

Market value

Unaudited accrued Interest

% of total net assets

4,708,637.95

4,728,413.80

40,091.85

5.50

4,708,637.95 278,047.85 204,447.61 201,540.72 200,020.67 350,234.44 498,500.44 795,228.09 322,818.83 202,520.72 560,952.00 537,354.38 556,972.20

4,728,413.80 279,080.10 205,204.00 202,834.00 200,416.60 350,618.20 503,090.00 794,693.90 323,950.00 203,464.00 563,554.80 542,608.20 558,900.00

40,091.85 2,936.25 3,069.44 1,011.81 3,933.33 2,127.36 1,628.33 9,930.75 1,808.33 2,587.50 4,500.00 877.50 5,681.25

5.50 0.32 0.24 0.24 0.23 0.41 0.59 0.91 0.38 0.24 0.66 0.63 0.65

875,304.76

879,726.50

7,658.19

1.02

875,304.76

879,726.50

7,658.19

1.02

875,304.76 284,804.23 590,500.53

879,726.50 286,823.70 592,902.80

7,658.19 5,243.44 2,414.75

1.02 0.33 0.69

80,511,073.28

81,346,684.19

94.60

5,035,038.45

5.86

-388,091.41

-0.45

85,993,631.23

100.00

Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 145

UBAM - EM INVESTMENT GRADE CORPORATE BOND*

Geographical classification of investments (by domicile of the issuer) United States of America Cayman Islands Israel United Arab Emirates Turkey Mexico Colombia Singapore Hong Kong India British Virgin Islands Ireland Chile Thailand The Netherlands South Korea Bermuda Indonesia China Kazakhstan Morocco Isle of Man Panama United Kingdom Canada Luxembourg The Netherlands Antilles Peru Micronesian Islands Other

% of net assets 13.85 12.66 4.39 4.25 4.16 3.88 3.79 3.69 3.49 3.38 3.34 3.18 2.93 2.82 2.33 2.29 2.26 1.93 1.83 1.57 1.55 1.49 1.21 1.09 0.93 0.92 0.82 0.70 0.51 3.36 94.60

Page 146

UBAM - EM INVESTMENT GRADE CORPORATE BOND*

Industrial classification of investments % of net assets 26.88 17.94 11.67 9.05 4.02 3.95 3.59 3.25 3.03 1.67 1.33 1.24 1.16 0.91 0.75 0.72 0.65 0.59 0.58 0.38 0.34 0.25 0.24 0.23 0.18

Holding and finance companies Banks and credit institutions Countries and central government Petroleum Electrical engineering and electronics Communications Transportation Chemicals Utilities Miscellaneous services Building materials and trade Pharmaceuticals and cosmetics Real estate companies Paper and forest products Non-ferrous metals Insurance Internet and Internet services Miscellaneous sectors Retail trade, department stores Miscellaneous trading companies Coal mining and steel industry Machine and apparatus construction Foods and non alcoholic drinks Agriculture and fishery Tobacco and alcoholic drinks

94.60

Page 147

UBAM - EM INVESTMENT GRADE CORPORATE BOND* Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

226,425.82

Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts

Note 2 Note 2

Expenses

43,443.00 181,931.92 1,050.90 231,604.30

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

147,033.38 29,221.15 9,431.81 18,338.61 539.09 1,064.45 3,017.67 1,425.49 19,600.89 1,931.76 -5,178.48

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

1,072,566.89 -98,177.29 -190,464.94 -212,411.98 566,334.20

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts

Note 2 Note 2 Note 2

Result of operations

719,478.19 -233,388.33 -46,928.13 1,005,495.93

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-45,369.79 67,175,082.19 8,620,707.02 -9,063,672.43 -321,581.41

Total changes in net assets

67,370,661.51

Total net assets at the beginning of the period

18,622,969.72

Total net assets at the end of the period

85,993,631.23

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 148

UBAM - EUROPEAN CONVERTIBLE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

22,145,947.80

Securities portfolio at market value Cash at banks Unrealised gain on forward foreign exchange contracts

Note 2

21,852,362.12 213,370.21 80,215.47

Note 2, 8

Liabilities

56,918.67

Interest payable on bank liabilities and expenses payable

56,918.67

Net assets at the end of the period

22,089,029.13

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

Capitalisation shares

82,908.505

947.000

10,083.251

73,772.254

Distribution shares

11,722.000

0.000

397.000

11,325.000

24,375.039

0.000

280.000

24,095.039

36,830.195

1,570.000

2,460.000

35,940.195

37,062.589

3,235.681

15,095.053

25,203.217

8,142.458

1,290.012

0.000

9,432.470

Capitalisation shares

10.000

0.000

10.000

Distribution shares

10.000

0.000

10.000

12,492.000

180.000

12,322.000

Capitalisation shares

10.000

1,369.126

0.000

1,379.126

Distribution shares

10.000

0.000

10.000

758.067

0.000

107.067

651.000

A shares

AH CHF shares

Capitalisation shares

AH USD shares

Capitalisation shares

I shares

Capitalisation shares

IH CHF shares

Capitalisation shares

U shares

UH CHF shares

Capitalisation shares

UH USD shares

R shares

Capitalisation shares

The accompanying notes are an integral part of these financial statements.

Page 149

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EUROPEAN CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

22,089,029.13

25,242,909.56

15,669,965.42

EUR

73,772.254 114.55

82,908.505 123.00

92,178.642 119.93

11,325.000 107.23 1.19

11,722.000 116.37 1.15

3,611.000 114.53 1.38

CHF

24,095.039 109.57

24,375.039 117.96

2,617.000 116.09

USD

35,940.195 151.40

36,830.195 161.71

13,493.195 158.09

EUR

25,203.217 118.29

37,062.589 126.73

16,972.664 122.96

CHF

9,432.470 94.56

8,142.458 101.58

492.651 99.46

EUR

10.000 89.59

10.000 95.96

10.000 88.27 1.27

10.000 95.86 -

CHF

12,322.000 95.36

10.000 102.55

The accompanying notes are an integral part of these financial statements.

Page 150

UBAM - EUROPEAN CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets UH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

22,089,029.13

25,242,909.56

15,669,965.42

USD

1,379.126 96.40

10.000 102.82

10.000 94.82 1.35

10.000 102.63 -

EUR

651.000 112.55

758.067 121.24

491.725 119.15

The accompanying notes are an integral part of these financial statements.

Page 151

UBAM - EUROPEAN CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Open-ended investment funds Investment funds (UCITS) Euro

16,741 UBAM - CONVERTIBLES EUROPE -ZC- *

EUR

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 16 The accompanying notes are an integral part of these financial statements.

Page 152

Market value

% of total net assets

22,961,293.44

21,852,362.12

98.93

22,961,293.44

21,852,362.12

98.93

22,961,293.44 22,961,293.44

21,852,362.12 21,852,362.12

98.93 98.93

22,961,293.44

21,852,362.12

98.93

213,370.21

0.97

23,296.80

0.11

22,089,029.13

100.00

Cost

UBAM - EUROPEAN CONVERTIBLE BOND

Geographical classification of investments (by domicile of the issuer) France

% of net assets 98.93 98.93

Industrial classification of investments % of net assets 98.93

Investment funds

98.93

Page 153

UBAM - EUROPEAN CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

12.60

Interest on bank accounts Other income

7.40 5.20

Expenses

163,018.46

Management fees Custodian fees Subscription duty ("taxe d'abonnement") Central administration costs Audit fees Legal fees Transaction fees Other administration costs Banking charges and other fees Other expenses

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

108,644.37 17,330.92 4,847.29 11,700.55 228.95 2,463.53 87.25 16,493.12 5.45 1,217.03 -163,005.86

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-164,609.98 -81,828.47 -2,551.51 -411,995.82

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-1,343,830.93 11,129.77 -1,744,696.98

Dividends paid Subscriptions capitalisation shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-13,846.53 2,038,712.71 -3,389,915.54 -44,134.09

Total changes in net assets

-3,153,880.43

Total net assets at the beginning of the period

25,242,909.56

Total net assets at the end of the period

22,089,029.13

The accompanying notes are an integral part of these financial statements.

Page 154

UBAM - EURO 10-40 CONVERTIBLE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

540,225,448.03

Securities portfolio at market value Cash at banks Receivable on issues of shares

Note 2

536,255,952.96 3,828,312.72 141,182.35

Liabilities

1,678,631.65

Bank liabilities Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

509,925.25 116,910.44 1,051,795.96

Note 2, 8

Net assets at the end of the period

538,546,816.38

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

Capitalisation shares

1,144,570.464

108,210.573

419,939.891

832,841.146

Distribution shares

1,887,036.541

121,100.881

407,791.632

1,600,345.790

134,527.584

6,763.000

30,410.584

110,880.000

298,255.971

15,524.000

62,828.217

250,951.754

324,197.352

140,861.528

40,414.798

424,644.082

5,090.000

0.000

5,090.000

Capitalisation shares

886,125.860

146,592.032

477,058.999

555,658.893

Distribution shares

201,859.683

31,028.621

19,138.823

213,749.481

286,527.899

17,817.000

49,868.207

254,476.692

120,174.152

127,572.739

68,393.018

179,353.873

45,301.000

2,900.000

24,993.000

23,208.000

354,231.000

8,390.000

0.000

362,621.000

650.000

0.000

50.000

600.000

20,541.000

0.000

4,018.000

16,523.000

A shares

AH CHF shares

Capitalisation shares

AH USD shares

Capitalisation shares

AH SEK shares

Capitalisation shares

AH GBP shares

Capitalisation shares

I shares

IH CHF shares

Capitalisation shares

IH USD shares

Capitalisation shares Distribution shares

IH SEK shares

Capitalisation shares

IH GBP shares

Capitalisation shares Distribution shares

The accompanying notes are an integral part of these financial statements.

Page 155

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EURO 10-40 CONVERTIBLE BOND Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

U shares

Capitalisation shares Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

4,911.266

1,034.233

1,015.000

4,930.499

10.000

0.000

10.000

57,364.857

922.588

21,576.989

36,710.456

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

AH SEK shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

538,546,816.38

688,348,986.26

636,599,363.31

EUR

832,841.146 119.50

1,144,570.464 126.07

1,302,479.269 123.35

1,600,345.790 110.12 1.96

1,887,036.541 118.21 1.64

1,318,013.010 117.19 1.39

CHF

110,880.000 115.80

134,527.584 122.52

67,416.000 120.69

USD

250,951.754 104.18

298,255.971 109.46

265,716.209 106.97

SEK

424,644.082 909.08

324,197.352 961.32

GBP

5,090.000 104.62

5,090.000 110.09

5,340.000 107.39

The accompanying notes are an integral part of these financial statements.

Page 156

UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH SEK shares Capitalisation shares Number of shares outstanding Net asset value per share

IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

538,546,816.38

688,348,986.26

636,599,363.31

EUR

555,658.893 122.99

886,125.860 129.47

1,138,452.863 126.05

213,749.481 116.14 2.45

201,859.683 124.80 1.72

362,079.412 123.10 1.45

CHF

254,476.692 117.91

286,527.899 124.48

131,636.674 122.01

USD

179,353.873 115.15

120,174.152 120.71

114,240.366 117.38

23,208.000 108.75 2.28

45,301.000 116.37 1.60

8,210.000 114.64 1.35

SEK

362,621.000 965.12

354,231.000 1,018.34

660,438.000 994.35

GBP

600.000 97.86

650.000 102.75

600.000 99.73

16,523.000 100.92 2.12

20,541.000 108.15 1.49

3,724.000 106.36 1.25

EUR

4,930.499 94.90

4,911.266 99.99

4,234.266 97.53

10.000 93.10 1.96

10.000 100.18 1.39

10.000 99.04 -

The accompanying notes are an integral part of these financial statements.

Page 157

UBAM - EURO 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

538,546,816.38

688,348,986.26

636,599,363.31

EUR

36,710.456 116.21

57,364.857 123.06

56,482.582 121.51

The accompanying notes are an integral part of these financial statements.

Page 158

UBAM - EURO 10-40 CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Open-ended investment funds Investment funds (UCITS) Euro

427,882 UBAM - CONVERTIBLES EURO 10-40 -ZC- *

EUR

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 16 The accompanying notes are an integral part of these financial statements.

Page 159

Market value

% of total net assets

534,165,877.56

536,255,952.96

99.57

534,165,877.56

536,255,952.96

99.57

534,165,877.56 534,165,877.56

536,255,952.96 536,255,952.96

99.57 99.57

534,165,877.56

536,255,952.96

99.57

3,318,387.47

0.62

-1,027,524.05

-0.19

538,546,816.38

100.00

Cost

UBAM - EURO 10-40 CONVERTIBLE BOND

Geographical classification of investments (by domicile of the issuer) France

% of net assets 99.57 99.57

Industrial classification of investments % of net assets 99.57

Investment funds

99.57

Page 160

UBAM - EURO 10-40 CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

152.55

Interest on bank accounts Other income

147.35 5.20

Expenses

3,227,965.13

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

1,996,271.40 436,249.97 104,080.12 296,992.23 5,582.72 979.74 8,078.05 1,799.46 304,484.61 73,446.83 -3,227,812.58

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

1,747,375.85 -1,559,816.26 253,323.46 -2,786,929.53

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-32,986,490.99 -2,110,707.59 -37,884,128.11

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-3,985,324.43 63,745,902.59 17,638,611.81 -138,013,817.83 -51,303,413.91 -149,802,169.88

Total net assets at the beginning of the period

688,348,986.26

Total net assets at the end of the period

538,546,816.38

The accompanying notes are an integral part of these financial statements.

Page 161

UBAM - GLOBAL CONVERTIBLE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

71,281,244.37

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Receivable on issues of shares Unrealised gain on forward foreign exchange contracts

Note 2

70,502,073.36 343,068.58 3.60 4,638.25 431,460.58

Note 2, 8

Liabilities

186,672.63

Bank liabilities Payable on redemptions of shares Payable on treasury transactions Interest payable on bank liabilities and expenses payable

27,741.96 4,173.92 6.57 154,750.18

Note 2

Net assets at the end of the period

71,094,571.74

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

AH CHF shares

Capitalisation shares

AH USD shares

Capitalisation shares

AH GBP shares

Capitalisation shares

I shares

Capitalisation shares Distribution shares

IH CHF shares

Capitalisation shares

IH USD shares

Capitalisation shares

UH GBP shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

110,326.382

2,747.063

9,559.343

103,514.102

11,448.000

1,600.000

630.000

12,418.000

289,800.184

17,796.000

57,593.155

250,003.029

13,044.000

1,422.000

6,277.000

8,189.000

44,227.000

172,994.233

32,496.141

184,725.092

0.000

404.834

0.000

404.834

45,461.000

14,056.000

26,203.000

33,314.000

0.000

90,859.000

2,360.000

88,499.000

126,492.000

0.000

126,048.000

444.000

10.000

0.000

10.000

The accompanying notes are an integral part of these financial statements.

Page 162

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

UH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

71,094,571.74

73,327,126.46

42,797,271.77

EUR

103,514.102 112.07

110,326.382 117.00

130,327.000 112.65

CHF

12,418.000 110.41

11,448.000 115.65

15,840.000 112.18

USD

250,003.029 112.34

289,800.184 116.74

230,385.000 112.50

GBP

8,189.000 112.39

13,044.000 117.14

10,440.000 112.76

EUR

184,725.092 110.27

44,227.000 114.87

22,077.000 110.07

404.834 100.34

CHF

33,314.000 101.02

45,461.000 105.57

15,000.000 101.93

USD

88,499.000 103.81

GBP

444.000 92.30

126,492.000 96.08

EUR

10.000 93.62

10.000 97.98

The accompanying notes are an integral part of these financial statements.

Page 163

UBAM - GLOBAL CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Market value

% of total net assets

70,052,993.89

70,502,073.36

99.17

70,052,993.89

70,502,073.36

99.17

70,052,993.89 70,052,993.89

70,502,073.36 70,502,073.36

99.17 99.17

70,052,993.89

70,502,073.36

99.17

Cash at banks/(bank liabilities)

315,326.62

0.44

Other net assets/(liabilities)

277,171.76

0.39

71,094,571.74

100.00

Description

Currency

Open-ended investment funds Investment funds (UCITS) Euro

59,964 UBAM - CONVERTIBLES GLOBAL -ZC- EUR *

EUR

Total investments in securities

Total

* Please refer to Note 16 The accompanying notes are an integral part of these financial statements.

Page 164

Cost

UBAM - GLOBAL CONVERTIBLE BOND

Geographical classification of investments (by domicile of the issuer) France

% of net assets 99.17 99.17

Industrial classification of investments % of net assets 99.17

Investment funds

99.17

Page 165

UBAM - GLOBAL CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

117.57

Interest on bank accounts Other income

40.14 77.43

Expenses

445,266.89

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

299,468.61 52,360.38 11,661.71 34,973.48 721.63 34.80 2,857.59 5,266.47 34,969.50 2,952.72 -445,149.32

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-171,884.38 -1,371,260.56 186,191.93 -1,802,102.33

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-2,303,975.20 32,196.21 -4,073,881.32

Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares

31,028,108.72 40,483.40 -29,227,265.52

Total changes in net assets

-2,232,554.72

Total net assets at the beginning of the period

73,327,126.46

Total net assets at the end of the period

71,094,571.74

The accompanying notes are an integral part of these financial statements.

Page 166

UBAM - GLOBAL 10-40 CONVERTIBLE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

93,640,401.03

Securities portfolio at market value Cash at banks Receivable on issues of shares Unrealised gain on forward foreign exchange contracts

Note 2

92,722,255.60 674,125.48 19,572.36 224,447.59

Note 2, 8

Liabilities

165,682.18

Interest payable on bank liabilities and expenses payable

165,682.18

Net assets at the end of the period

93,474,718.85

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

AH USD shares

Capitalisation shares Distribution shares

AH GBP shares

Capitalisation shares

I shares

Capitalisation shares

IH CHF shares

Capitalisation shares

IH USD shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

283,907.435

34,361.000

57,504.953

260,763.482

750.000

100.000

0.000

850.000

96,849.000

11,432.000

0.000

108,281.000

127,526.229

7,912.000

45,848.000

89,590.229

4,880.000

977.000

0.000

5,857.000

8,344.000

251.000

1,014.000

7,581.000

126,226.880

295,681.961

54,335.166

367,573.675

38,507.000

13,542.000

22,041.000

30,008.000

51,969.785

81,608.000

3,352.854

130,224.931

10.000

0.000

10.000

The accompanying notes are an integral part of these financial statements.

Page 167

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL 10-40 CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

IH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

93,474,718.85

72,688,295.30

50,463,583.23

EUR

260,763.482 99.60

283,907.435 103.40

361,458.359 101.33

850.000 95.33 0.46

750.000 99.45 -

CHF

108,281.000 98.56

96,849.000 102.64

20,650.000 101.30

USD

89,590.229 100.33

127,526.229 103.65

128,869.000 101.30

5,857.000 99.32 0.47

4,880.000 103.09 0.20

1,950.000 100.96 -

GBP

7,581.000 100.34

8,344.000 103.86

8,780.000 101.39

EUR

367,573.675 93.63

126,226.880 96.99

CHF

30,008.000 92.93

38,507.000 96.56

USD

130,224.931 94.17

51,969.785 97.08

EUR

10.000 92.75

10.000 96.54

The accompanying notes are an integral part of these financial statements.

Page 168

UBAM - GLOBAL 10-40 CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Open-ended investment funds Investment funds (UCITS) Euro

90,922 UBAM - CONVERTIBLES GLOBAL 10-40 -ZC-EUR*

EUR

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 16 The accompanying notes are an integral part of these financial statements.

Page 169

Market value

% of total net assets

93,756,831.95

92,722,255.60

99.20

93,756,831.95

92,722,255.60

99.20

93,756,831.95 93,756,831.95

92,722,255.60 92,722,255.60

99.20 99.20

93,756,831.95

92,722,255.60

99.20

674,125.48

0.72

78,337.77

0.08

93,474,718.85

100.00

Cost

UBAM - GLOBAL 10-40 CONVERTIBLE BOND

Geographical classification of investments (by domicile of the issuer) France

% of net assets 99.20 99.20

Industrial classification of investments % of net assets 99.20

Investment funds

99.20

Page 170

UBAM - GLOBAL 10-40 CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

26.73

Interest on bank accounts

26.73

Expenses

466,321.00

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

296,680.70 68,098.73 13,581.65 44,370.72 942.78 90.94 1,368.80 1,198.82 37,239.38 2,748.48 -466,294.27

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-229,693.14 -316,572.22 21,083.16 -991,476.47

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-1,759,989.98 -81,603.45 -2,833,069.90

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares

Note 14

-2,833.91 40,865,878.28 100,156.21 -17,343,707.13

Total changes in net assets

20,786,423.55

Total net assets at the beginning of the period

72,688,295.30

Total net assets at the end of the period

93,474,718.85

The accompanying notes are an integral part of these financial statements.

Page 171

UBAM - SRI EUROPEAN CONVERTIBLE BOND

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

24,417,809.07

Securities portfolio at market value Cash at banks Receivable on issues of shares

Note 2

24,334,263.42 70,597.05 12,948.60

Liabilities

63,263.78

Interest payable on bank liabilities and expenses payable

63,263.78

Net assets at the end of the period

24,354,545.29

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

I shares

Capitalisation shares

U shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

310.000

0.000

310.000

319,645.993

10,506.000

71,763.495

258,388.498

10.000

0.000

10.000

0.000

3,500.000

0.000

3,500.000

The accompanying notes are an integral part of these financial statements.

Page 172

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - SRI EUROPEAN CONVERTIBLE BOND Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

24,354,545.29

31,445,693.89

EUR

310.000 94.00

310.000 98.32

258,388.498 92.78 1.20

319,645.993 98.28 -

EUR

10.000 94.45

10.000 98.52

EUR

3,500.000 100.01

The accompanying notes are an integral part of these financial statements.

Page 173

UBAM - SRI EUROPEAN CONVERTIBLE BOND Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Open-ended investment funds Investment funds (UCITS) Euro

25,502 CONVERTIBLES EUROPE RESPONSABLE -ZC EUR- *

EUR

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

* Please refer to Note 16 The accompanying notes are an integral part of these financial statements.

Page 174

Market value

% of total net assets

24,702,627.63

24,334,263.42

99.92

24,702,627.63

24,334,263.42

99.92

24,702,627.63 24,702,627.63

24,334,263.42 24,334,263.42

99.92 99.92

24,702,627.63

24,334,263.42

99.92

70,597.05

0.29

-50,315.18

-0.21

24,354,545.29

100.00

Cost

UBAM - SRI EUROPEAN CONVERTIBLE BOND

Geographical classification of investments (by domicile of the issuer) France

% of net assets 99.92 99.92

Industrial classification of investments % of net assets 99.92

Holding and finance companies

99.92

Page 175

UBAM - SRI EUROPEAN CONVERTIBLE BOND Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Expenses

191,350.41

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

118,765.22 20,947.85 6,677.81 14,325.97 270.73 128.60 489.11 22,392.41 6.20 7,346.51 -191,350.41

Net realised gain/(loss) on: - securities portfolio

Note 2

Realised result

-37,685.54 -229,035.95

Net variation of the unrealised gain/(loss) on: - securities portfolio

Note 2

Result of operations

-1,088,671.00 -1,317,706.95

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions distribution shares

Note 14

-345,379.80 353,930.00 997,219.90 -6,779,211.75

Total changes in net assets

-7,091,148.60

Total net assets at the beginning of the period

31,445,693.89

Total net assets at the end of the period

24,354,545.29

The accompanying notes are an integral part of these financial statements.

Page 176

UBAM - 30 GLOBAL LEADERS EQUITY*

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

214,092,178.31

Securities portfolio at market value Cash at banks Receivable on issues of shares Dividends receivable Receivable on treasury transactions

Note 2

208,203,327.02 1,999,389.48 3,815,378.00 73,814.31 269.50

Note 2

Liabilities

950,286.92

Payable on redemptions of shares Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

33,327.00 45,430.65 871,529.27

Note 2, 8

Net assets at the end of the period

213,141,891.39

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH shares

Capitalisation shares

A EUR shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares

AH CHF shares

Capitalisation shares

AH GBP shares

Capitalisation shares Distribution shares

I shares

Capitalisation shares

IH shares

Capitalisation shares

IH EUR shares

Capitalisation shares

IH CHF shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

278,801.064

82,331.000

18,838.060

342,294.004

51,864.000

6,388.000

460.000

57,792.000

328,790.533

203,334.000

59,852.813

472,271.720

176,155.000

17,509.000

75,835.000

117,829.000

8,170.000

14,345.000

3,440.000

19,075.000

137,697.000

29,007.000

36,543.000

130,161.000

133,282.000

794.000

2,952.000

131,124.000

29,087.000

14,670.000

8,925.000

34,832.000

0.000

5,015.000

0.000

5,015.000

131,741.000

50,342.000

8,164.000

173,919.000

196,066.332

39,195.000

57,942.000

177,319.332

27,680.000

131,935.000

92,585.000

67,030.000

57,000.000

0.000

57,000.000

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 177

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - 30 GLOBAL LEADERS EQUITY* Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

R EUR shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

52,258.559

5,686.868

Shares redeemed

2,712.993

Shares outstanding as at 30/06/2016

55,232.434

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH shares Capitalisation shares Number of shares outstanding Net asset value per share

A EUR shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

EUR

213,141,891.39

173,332,906.66

123,007,744.55

USD

342,294.004 118.92

278,801.064 120.56

148,778.000 117.62

57,792.000 104.67 0.86

51,864.000 106.97 -

16,592.000 104.36 -

USD

472,271.720 114.35

328,790.533 116.11

335,363.175 111.15

EUR

117,829.000 98.72

176,155.000 102.35

123,018.000 89.64

19,075.000 97.91 0.82

8,170.000 102.36 -

10,695.000 89.64 -

EUR

130,161.000 86.09

137,697.000 87.96

171,389.742 83.61

CHF

131,124.000 105.17

133,282.000 107.64

117,693.000 103.55

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 178

UBAM - 30 GLOBAL LEADERS EQUITY* Key figures relating to the last 3 years Period/Year ended as at:

Total net assets AH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH shares Capitalisation shares Number of shares outstanding Net asset value per share

IH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

R EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

EUR

213,141,891.39

173,332,906.66

123,007,744.55

GBP

34,832.000 121.17

29,087.000 123.76

21,064.000 118.22

5,015.000 103.87

USD

173,919.000 123.69

131,741.000 124.93

240,483.000 120.98

USD

177,319.332 122.74

196,066.332 124.18

28,771.488 117.99

EUR

67,030.000 90.10

27,680.000 91.72

23,005.000 86.54

CHF

57,000.000 100.65

57,000.000 102.64

EUR

55,232.434 139.62

52,258.559 145.48

60,701.867 128.69

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 179

UBAM - 30 GLOBAL LEADERS EQUITY* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Market value

% of total net assets

181,114,080.35

208,203,327.02

97.68

181,114,080.35

208,203,327.02

97.68

EUR EUR EUR EUR EUR

30,377,922.88 5,520,371.14 5,869,159.61 7,130,786.00 5,532,091.26 6,325,514.87

33,116,964.77 5,536,822.78 7,862,771.73 7,868,623.33 5,485,625.27 6,363,121.66

15.54 2.60 3.69 3.69 2.57 2.99

GBP GBP

13,223,609.79 6,028,953.76 7,194,656.03

13,304,823.64 5,282,685.84 8,022,137.80

6.24 2.48 3.76

CHF CHF

12,804,466.32 5,732,781.01 7,071,685.31

14,672,455.12 6,937,756.70 7,734,698.42

6.88 3.25 3.63

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

124,708,081.36 6,893,698.11 6,377,665.72 4,025,720.80 1,784,879.36 6,523,385.55 6,228,691.33 6,487,470.02 6,020,802.58 5,532,467.26 5,544,246.13 6,959,188.74 5,285,743.82 5,793,773.20 5,819,955.55 5,591,621.46 2,109,202.18 6,857,639.36 7,478,324.34 6,327,815.57 6,305,525.38 5,406,048.90 5,354,216.00

147,109,083.49 5,992,298.47 8,666,345.13 5,057,174.70 2,835,225.90 8,690,884.95 7,358,571.99 7,679,924.40 8,531,874.00 5,635,455.16 6,579,931.26 8,175,658.92 7,142,615.62 5,458,982.34 7,588,564.80 5,982,479.75 2,132,629.44 7,295,309.28 8,070,060.16 6,219,760.05 7,850,078.63 6,625,642.06 7,539,616.48

69.02 2.81 4.07 2.37 1.33 4.08 3.45 3.60 4.00 2.64 3.09 3.84 3.35 2.56 3.56 2.81 1.00 3.42 3.79 2.92 3.68 3.11 3.54

181,114,080.35

208,203,327.02

97.68

Cash at banks/(bank liabilities)

1,999,389.48

0.94

Other net assets/(liabilities)

2,939,174.89

1.38

213,141,891.39

100.00

Description

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

52,986 60,183 41,179 113,148 42,115

Euro

AIR LIQUIDE SA ANHEUSER-BUSCH INBEV NV L'OREAL SA LUXOTTICA GROUP SPA LVMH

Pound Sterling

314,378 PRUDENTIAL PLC 80,120 RECKITT BENCKISER GROUP PLC

Swiss Franc

89,938 NESTLE SA REG SHS 29,423 ROCHE HOLDING AG GENUSSSCHEIN 152,437 76,497 7,307 4,030 79,565 21,483 104,917 84,474 179,017 74,721 67,938 139,586 58,254 137,474 44,005 26,968 127,719 54,616 60,651 105,839 67,733 43,054

US Dollar

ABBOTT LABORATORIES LTD ACCENTURE - SHS CLASS A ALPHABET -CALPHABET INC AON BLACKROCK INC COLGATE-PALMOLIVE CO DANAHER CORP GENERAL ELECTRIC CO MASTERCARD INC -AMCDONALD'S CORP MICROSOFT CORP MOODY S CORP NIKE INC RAYTHEON CO SCHLUMBERGER LTD STARBUCKS CORP THERMO FISHER SCIEN SHS UNITED TECHNOLOGIES CORP VISA INC -AWALT DISNEY CO 3M CO

Total investments in securities

Total

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 180

Cost

UBAM - 30 GLOBAL LEADERS EQUITY*

Geographical classification of investments (by domicile of the issuer) United States of America United Kingdom France Switzerland Ireland Belgium Italy The Netherlands Antilles

% of net assets 59.87 10.32 9.28 6.88 4.07 3.69 2.57 1.00 97.68

Industrial classification of investments % of net assets 10.90 10.13 7.75 7.26 7.05 6.56 6.55 6.01 5.73 4.00 3.79 3.69 3.25 3.11 3.09 2.64 2.60 2.57 1.00

Miscellaneous consumer goods Pharmaceuticals and cosmetics Miscellaneous services Hotels and restaurants Internet and Internet services Insurance Textiles and garments Holding and finance companies Aerospace industry Machine and apparatus construction Electronics and semiconductors Tobacco and alcoholic drinks Foods and non alcoholic drinks Graphic art and publishing Banks and credit institutions Electrical engineering and electronics Chemicals Photographics and optics Petroleum

97.68

* Please refer to Note 18

Page 181

UBAM - 30 GLOBAL LEADERS EQUITY* Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

1,952,661.27

Dividends, net Interest on bank accounts

Note 2

Expenses

1,949,607.31 3,053.96 2,030,216.59

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

1,357,063.83 201,882.74 38,967.65 99,473.56 2,105.91 404.88 4,032.16 174,374.47 144,119.25 7,792.14 -77,555.32

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-282,864.01 -56,320.99 10,323,126.83 9,906,386.51

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-17,165,235.64 -129,215.11 -7,388,064.24

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-56,680.43 64,709,954.03 2,963,809.42 -39,638,500.78 -411,484.95 20,179,033.05

Total net assets at the beginning of the period

192,962,858.34

Total net assets at the end of the period

213,141,891.39

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 182

UBAM - ADAMS US SMALL CAP EQUITY*

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

47,097,531.59

Securities portfolio at market value Interest receivable on bonds and other debt securities Receivable on issues of shares Dividends receivable

Note 2

46,166,022.50 5.40 880,143.76 51,359.93

Liabilities

367,001.67

Bank liabilities Payable on redemptions of shares Interest payable on bank liabilities and expenses payable

44,044.00 234.71 322,722.96

Net assets at the end of the period

46,730,529.92

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

I shares

Capitalisation shares

I+ shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

9,664.000

15,306.000

0.000

24,970.000

9,736.000

18,513.000

1,500.000

26,749.000

0.000

63,075.720

47,639.798

15,435.922

537,866.805

57,857.370

202,277.941

393,446.234

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 183

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - ADAMS US SMALL CAP EQUITY* Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

I+ shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

46,730,529.92

55,040,931.56

USD

24,970.000 101.50

9,664.000 98.97

USD

26,749.000 102.05

9,736.000 99.12

USD

15,435.922 117.10

USD

393,446.234 100.80

537,866.805 98.76

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 184

UBAM - ADAMS US SMALL CAP EQUITY* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

12,700 7,400 21,600 17,400 10,300 2,100 8,700 56,700 5,100 15,300 2,600 9,000 8,100 16,900 7,700 17,400 10,100 6,800 8,000 6,500 11,300 11,700 5,700 20,000 16,800 9,100 23,500 17,900 22,700 8,800 13,200 6,300 14,000 10,400 11,200 20,900 6,900 9,900 7,200 22,300 8,800 5,800 14,700 9,700 4,200 10,300 10,600 21,100 8,500 10,500 7,700 14,300 8,300 7,500 8,600 10,400 10,700 3,900 5,500 7,900 9,500 8,100

US Dollar

ACADIA REALTY TRUST SHS.BENEF.INTEREST ADVANCED ENERGY INDUSTRIES INC AEGION AIRCASTLE LTD ALBANY INTERNATIONAL CORP. CL. A ALLEGIANT TRAVEL AMERICAN STATES WATER CO AMKOR TECHNOLOGY AMSURG CORP AMTRUST FIANCIAL SERVICES ANACOR PHARMACEUTICALS ANIKA THERAPEUTICS APOGEE ENTERPRISES INC APPLIED GENETIC TECHNOLOGIES AZZ INC BENCHMARK ELECTRONICS INC BERRY PLASTICS GROUP INC BIOSPECIFICS TECHNOLOGIES BURLINGTON STORES INC CAL-MAINE FOODS CAPITAL BANK FINANCIAL -ACATHAY GENERAL BANCORP CEB INC CENTRAL GARDEN AND PET -A- NON VOTING CENTRAL PACIFIC FINANCE CIRRUS LOGIC INC COLLECTORS UNIVERSE CONSOLIDATED COMMUNICATIONS HOLDINGS CROSS COUNTRY HEALTHCARE INC CSG SYSTEM INTL CUBESMART CURTISS-WRIGHT CUSTOMERS BANC CYRUSONE INC DCT INDUSTRIAL TRUST INC DEAN FOODS CO DELUXE CORP DUPONT FABROS TECHNOLOGIY EMERGENT BIOSOLUTIONS INC EMPIRE STATE REALTY TRUST INC ENANTA PHARM ENDURANCE SPECIALITY ETHAN ALLEN INTERIORS INC EXLSERVICE HOLDING FAIR ISAAC CORP FEDERAL AGRICULTURAL MORTGAGE -CFIRST FINANCIAL CORP (INDIANA) FORUM ENERGY TECHNOLOGIES INC GENTHERM INC GRANITE CONSTRUCTION INC GREAT SOUTHERN BANCORP INC GREAT WESTERN BANCORP INC H B FULLER CO HESKA HIGHWOOD PROPERTIES INC HORACE MAIN EDUCATORS CORP HUB GROUP -AICU MEDICAL INC IDACORP INC INDEPENDENT BANK INGLES MARKETS -AINTERDIGITAL

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 185

Market value

% of total net assets

44,186,623.46

46,166,022.50

98.79

44,186,623.46

46,166,022.50

98.79

44,186,623.46 411,583.67 212,024.67 419,740.92 375,830.85 367,981.38 422,825.66 362,820.54 307,888.40 383,836.71 444,803.02 269,483.32 321,491.02 384,748.62 310,264.06 415,569.91 390,763.13 355,621.25 305,215.44 402,301.60 363,228.89 355,259.91 352,852.17 399,433.05 334,324.38 358,017.36 282,139.24 396,679.45 372,156.44 315,494.21 298,443.33 372,853.92 424,189.50 360,490.09 368,928.00 406,235.74 361,660.19 407,799.18 303,650.48 235,721.73 392,931.78 296,973.69 363,582.75 407,000.00 414,627.22 385,149.82 308,332.25 361,280.10 267,303.45 397,842.55 418,865.62 353,454.22 372,553.07 309,086.71 230,315.17 365,099.23 351,704.94 414,045.24 406,956.43 377,294.46 363,567.87 420,242.02 406,561.42

46,166,022.50 451,104.00 280,904.00 421,416.00 340,344.00 411,279.00 318,150.00 381,234.00 326,025.00 395,454.00 374,850.00 257,920.00 482,850.00 375,435.00 238,797.00 461,846.00 368,010.00 392,385.00 271,592.00 533,680.00 288,080.00 325,440.00 329,940.00 351,576.00 434,200.00 396,480.00 352,989.00 464,125.00 487,596.00 315,984.00 354,728.00 407,616.00 530,775.00 351,820.00 578,864.00 538,048.00 378,081.00 457,953.00 470,646.00 202,464.00 423,477.00 194,040.00 389,528.00 485,688.00 508,377.00 474,642.00 358,646.00 388,172.00 365,241.00 291,125.00 478,275.00 284,669.00 451,022.00 365,117.00 278,775.00 454,080.00 351,416.00 410,559.00 439,725.00 447,425.00 361,030.00 354,350.00 451,008.00

98.79 0.97 0.60 0.90 0.73 0.88 0.68 0.82 0.70 0.85 0.80 0.55 1.03 0.80 0.51 0.99 0.79 0.84 0.58 1.14 0.62 0.70 0.71 0.75 0.93 0.85 0.76 0.99 1.04 0.68 0.76 0.87 1.14 0.75 1.23 1.14 0.81 0.98 1.01 0.43 0.91 0.42 0.83 1.04 1.09 1.02 0.77 0.83 0.78 0.62 1.02 0.61 0.97 0.78 0.60 0.97 0.75 0.88 0.94 0.96 0.77 0.76 0.97

Cost

UBAM - ADAMS US SMALL CAP EQUITY* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Market value

% of total net assets

404,827.62 341,089.20 378,181.89 313,355.71 247,037.58 401,364.57 380,913.55 413,820.82 380,385.86 328,697.19 471,659.34 402,191.59 274,537.39 214,943.87 371,798.45 419,263.23 363,400.38 265,562.28 438,101.91 381,755.64 348,250.62 431,133.15 366,189.18 297,615.79 284,687.71 499,070.66 373,132.65 389,459.99 388,112.52 381,761.01 384,277.25 334,316.51 233,539.37 355,581.44 383,027.13 349,334.89 353,924.97 363,110.12 466,051.67 392,675.71 307,636.91 250,670.80 409,426.22 382,455.29 415,619.09 416,441.20 365,310.57 412,164.82 207,804.47 405,061.62 343,559.23 444,887.26 374,532.73 305,990.00 351,762.00 363,797.95 405,427.94 365,348.65 368,168.30 403,296.56

472,560.00 370,681.00 267,176.00 197,457.00 310,102.00 270,066.00 367,894.00 489,712.00 371,954.00 436,200.00 513,675.00 530,401.50 340,174.00 186,660.00 465,558.00 435,296.00 361,400.00 222,705.00 397,319.00 512,743.00 317,720.00 322,095.00 370,992.00 443,784.00 217,288.00 420,000.00 299,925.00 421,980.00 368,196.00 377,000.00 343,125.00 352,400.00 265,920.00 391,867.00 439,360.00 343,700.00 310,851.00 330,012.00 424,710.00 458,451.00 318,725.00 241,125.00 382,208.00 371,132.00 431,100.00 430,430.00 337,430.00 402,168.00 313,389.00 432,222.00 316,417.00 539,097.00 349,107.00 389,337.00 329,315.00 450,576.00 332,254.00 204,237.00 424,740.00 324,837.00

1.01 0.79 0.57 0.42 0.66 0.58 0.79 1.05 0.80 0.93 1.10 1.14 0.73 0.40 1.00 0.93 0.77 0.48 0.85 1.10 0.68 0.69 0.79 0.95 0.46 0.90 0.64 0.90 0.79 0.81 0.73 0.75 0.57 0.84 0.94 0.74 0.67 0.71 0.91 0.98 0.68 0.52 0.82 0.79 0.92 0.92 0.72 0.86 0.67 0.92 0.68 1.14 0.75 0.83 0.70 0.96 0.71 0.44 0.91 0.70

44,186,623.46

46,166,022.50

98.79

Cash at banks/(bank liabilities)

-44,044.00

-0.09

Other net assets/(liabilities)

608,551.42

1.30

Description

5,500 4,100 18,200 8,300 2,600 3,800 5,800 12,700 5,800 3,000 7,500 10,100 7,900 6,100 6,200 24,400 10,400 4,900 16,900 7,700 9,400 54,500 5,900 16,400 69,200 16,000 21,500 26,000 18,300 10,000 30,500 10,000 4,800 8,900 16,000 17,500 26,100 61,800 19,800 17,100 5,500 37,500 12,800 8,200 6,000 14,000 20,500 31,200 7,300 57,400 17,300 3,900 21,300 6,700 9,700 4,200 16,900 9,900 6,000 22,700

Currency

JACK IN THE BOX INC KAISER ALUMINUM CORP KIRKLANDS LANNETT INC LIGAND PHARMACEUTICALS INC LITHIA MTRS LOGMELN INC LYDALL INC MANHATTAN ASSOCIATES INC MARKETAXESS HOLDING INC MARRIOTT VACATIONS WORLDWIDE WHEN ISSUED MASIMO MKS INSTRUMENTS MYRIAD GNETICS INC NATIONAL HEALTH INVESTORS INC NAUTILUS INC NELNET INC -ANEUROCRINE BIOSCIENCES NEUSTAR -AONE GAS WI OPUS BANK ORASURE TECHNOLOGIES PAREXEL INTERNATIONAL PARSLEY ENERGY INC -APDL BIOPHARMA PEBBLEBROOK - SHS OF BENEFIT INTEREST PENN NATL GAMING PENNYMAC PERRY ELLIS INTERNATIONAL INC PIPER JAFFRAY COS ( WHEN ISSUED) POLYCOM POLYGONE CORP PRESTIGE BRANDS HOLDINGS INC PRIVATEBANCORP PROGRESS SOFTWARE CORP PROVIDENT FINANCIAL SERVICES INC QUALITY SYSTEMS INC RADNET INC RLJ LODGING TRUST ( BENEF INTEREST) SANMINA CORP SEACOR HOLDING INC SIGMA DESIGN INC SINCLAIR BROADCAST GROUP -ASYNTEL TECH DATA CORP TETREA TECH INC TIME INC WHEN ISSUED TRAVELPORT WORLDWIDE LTD TRINSEO REG.SHS TTM TECHNOLOGIES INC UNITED COMMUNITY BANKS INC VAIL RESORTS INC VASCO DATA SEC INTL WEBMD HEALTH CORP -AWEBSTER FINANCIAL CORP WELLCARE HEALTH PLANS INC WEST CORPORATION WESTERN REFINING INC WGL HOLDINGS INC ZUMIEZ INC

Total investments in securities

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 186

Cost

UBAM - ADAMS US SMALL CAP EQUITY* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Total

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 187

Cost

Market value

% of total net assets

46,730,529.92

100.00

UBAM - ADAMS US SMALL CAP EQUITY*

Geographical classification of investments (by domicile of the issuer) United States of America Bermuda Luxembourg

% of net assets 95.70 2.42 0.67 98.79

Industrial classification of investments % of net assets 10.81 9.86 8.25 7.13 6.52 6.13 4.82 4.80 4.08 3.47 3.17 3.15 2.97 2.72 2.49 2.20 1.93 1.78 1.70 1.58 1.43 1.20 1.14 1.04 0.99 0.93 0.92 0.79 0.79

Real estate companies Banks and credit institutions Holding and finance companies Pharmaceuticals and cosmetics Internet and Internet services Electronics and semiconductors Hotels and restaurants Healthcare and social services Communications Utilities Retail trade, department stores Transportation Biotechnology Building materials and trade Petroleum Chemicals Paper and forest products Electrical engineering and electronics Graphic art and publishing Insurance Foods and non alcoholic drinks Road vehicles Aerospace industry Various capital goods Miscellaneous services Miscellaneous consumer goods Environmental services and recycling Non-ferrous metals Textiles and garments

98.79

Page 188

UBAM - ADAMS US SMALL CAP EQUITY* Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

293,789.52

Dividends, net Interest on bank accounts Other income

Note 2

Expenses

293,052.82 12.54 724.16 906,695.81

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

605,108.69 52,607.23 12,451.04 26,720.05 515.03 21.76 3,102.31 154,440.37 49,491.10 11.07 2,227.16 -612,906.29

Net realised gain/(loss) on: - securities portfolio - foreign exchange

Note 2 Note 2

Realised result

-626,002.23 -18.52 -1,238,927.04

Net variation of the unrealised gain/(loss) on: - securities portfolio

Note 2

Result of operations

2,701,977.67 1,463,050.63

Subscriptions capitalisation shares Redemptions capitalisation shares

15,609,354.65 -25,382,806.92

Total changes in net assets

-8,310,401.64

Total net assets at the beginning of the period

55,040,931.56

Total net assets at the end of the period

46,730,529.92

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 189

UBAM - ASIA EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

34,062,407.89

Securities portfolio at market value Cash at banks Dividends receivable

Note 2

31,943,049.87 2,060,871.39 58,486.63

Liabilities

174,858.55

Interest payable on bank liabilities and expenses payable

174,858.55

Net assets at the end of the period

33,887,549.34

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

1,402,749.294

83,967.000

287,928.941

1,198,787.353

7,716.880

1,150.000

1,900.880

6,966.000

124,073.673

2,685.000

66,709.760

60,048.913

177,212.417

3,193.683

6,240.732

174,165.368

Capitalisation shares

91,871.056

48,616.195

54,141.363

86,345.888

Distribution shares

20,698.220

0.000

1,040.000

19,658.220

9,010.000

0.000

9,010.000

0.000

1,500.000

0.000

1,500.000

29,076.233

0.000

0.332

29,075.901

A shares

Capitalisation shares Distribution shares

A EUR shares

Capitalisation shares

AP shares

Capitalisation shares

IP shares

IP EUR shares

Capitalisation shares

UP shares

Capitalisation shares

R shares

Capitalisation shares

The accompanying notes are an integral part of these financial statements.

Page 190

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - ASIA EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

A EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AP shares Capitalisation shares Number of shares outstanding Net asset value per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IP EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

UP shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

33,887,549.34

44,148,353.18

29,696,452.14

USD

1,198,787.353 20.13

1,402,749.294 21.83

899,990.204 23.25

6,966.000 85.84 1.55

7,716.880 94.71 -

EUR

60,048.913 18.11

124,073.673 20.08

54,964.377 19.21

USD

174,165.368 20.33

177,212.417 21.99

241,417.053 23.33

USD

86,345.888 21.38

91,871.056 23.04

38,745.231 24.31

19,658.220 97.86 1.76

20,698.220 107.31 -

EUR

9,010.000 118.53

USD

1,500.000 81.95

1,500.000 88.42

USD

29,075.901 17.71

29,076.233 19.30

44,434.401 20.76

The accompanying notes are an integral part of these financial statements.

Page 191

UBAM - ASIA EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Market value

% of total net assets

33,617,905.15

31,943,049.87

94.26

33,465,385.15

31,805,724.87

93.85

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

13,470,954.33 1,281,281.46 926,222.99 1,043,703.16 1,107,740.60 442,990.47 680,205.67 1,097,543.30 342,854.32 1,235,951.19 601,331.09 629,289.13 312,738.86 1,529,813.54 699,653.70 344,018.67 575,702.30 229,121.52 390,792.36

12,526,195.54 1,255,637.62 1,075,541.18 1,042,156.10 780,282.96 420,048.85 566,463.72 972,550.12 353,404.99 1,088,688.98 395,563.01 604,927.47 339,883.39 1,320,579.99 785,000.70 323,841.79 685,908.86 158,791.85 356,923.96

36.95 3.70 3.17 3.08 2.30 1.24 1.67 2.87 1.04 3.21 1.17 1.79 1.00 3.89 2.32 0.96 2.02 0.47 1.05

INR INR INR INR

3,219,370.31 1,075,677.15 956,795.41 513,164.08 673,733.67

3,428,163.69 1,243,058.25 1,042,076.78 576,842.50 566,186.16

10.12 3.67 3.08 1.70 1.67

IDR IDR

1,032,705.54 310,261.14 722,444.40

1,110,236.47 369,347.19 740,889.28

3.28 1.09 2.19

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

7,462,954.62 604,567.40 1,005,186.32 1,108,738.29 199,312.90 1,186,249.30 211,820.25 374,510.58 751,411.03 631,554.81 1,389,603.74

6,643,898.18 623,974.41 917,740.92 711,898.17 191,583.08 794,048.61 189,260.73 471,936.40 847,636.31 531,579.57 1,364,239.98

19.60 1.84 2.71 2.10 0.57 2.34 0.56 1.39 2.50 1.57 4.02

MYR

449,685.65 449,685.65

650,377.53 650,377.53

1.92 1.92

TWD TWD TWD TWD TWD TWD

3,762,822.56 509,739.36 1,287,743.58 851,691.75 598,309.01 208,349.17 306,989.69

3,241,167.71 442,224.32 1,235,775.58 591,718.36 501,100.27 227,068.33 243,280.85

9.56 1.30 3.64 1.75 1.48 0.67 0.72

PHP PHP PHP

1,501,703.17 784,029.47 153,818.57 563,855.13

1,740,211.04 803,765.59 177,777.85 758,667.60

5.14 2.38 0.52 2.24

SGD SGD

1,577,396.34 670,224.33 907,172.01

1,517,267.95 716,349.71 800,918.24

4.48 2.11 2.37

THB

987,792.63 987,792.63

948,206.76 948,206.76

2.80 2.80

152,520.00

137,325.00

0.41

152,520.00 152,520.00

137,325.00 137,325.00

0.41 0.41

33,617,905.15

31,943,049.87

94.26

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

1,814,000 560,000 330,000 2,124,000 1,314,000 430,000 1,500,000 285,000 10,300,000 478,000 650,000 160,000 300,000 1,500,000 27,000 165,000 970,000 65,000 105,000 450,000 210,000 105,000

Hong Kong Dollar

AVICHINA INDUSTRY AND TECHNOLOGY CO LTD CHINA EVERBRIGHT LTD CHINA OVERSEAS LAND INVESTMENT LTD -RCCHINA POWER INTERNATIONAL DEV. -RCCHINA RESOURCES CEMENT CHINA STATE CONSTRUCTION INTL HLDG LTD CN MACHINERY -HCNOOC LTD -RCEAGLE RIDE INV GREAT WALL MOTOR CO-HHUA HONG SEMICONDUCTOR UNITARY 144A/REGS HUATAI SECURITIES CO LTD PING AN INS (GRP) CO -HSITC INTERNATIONAL HOLDINGS CO LTD SUN HUNG KAI PROPERTIES LTD TECHTRONIC INDUSTRIES CO LTD ZHONG AO HOME UNITARY 144A/REGS ZHUZHOU CRRC -H-

Indian Rupee

GLENMARK PHARMACEUTICALS NTPC DS - SHS - DEMATERIALISED PRESTIGE ESTATES PROJECTS LTD SUN TV NETWORK

Indonesian Rupiah

8,000,000 ARWANA CITRAMULIA 2,510,000 PP TBK 1,850 6,200 80,000 3,250 6,750 10,000 9,000 3,450 650 48,500

Korean Won

CJ CHEILJEDANG COSMAX INC CRUCIALTEC HOTEL SHILLA HYUNDAI MOTOR CO LTD JS CORP INC KOREA ELECTRIC POWER CORP LOTTE CHEMICAL CORPORATION ORION CORPORATION SK HYNIX INC

Malaysian Ringgit

600,000 QL RESOURCES 1,836,000 1,601,000 465,000 265,000 25,000 120,000

New Taiwan Dollar

CHINA DEVELOPMENT BANK FINANCIAL HDG CO CHINA LIFE INSURANCE CHIPBOND TECHNOLOGY CORP NAN YA PLASTICS CORP NIEN MADE ENTERPRISE CO LTD SUPERIOR PLATIN

Philippine Peso

3,785,300 D L INDUSTRIES 1,200,000 METRO PACIFIC INVESTMENTS CORP 186,000 SECURITY BANK CORP

Singapore Dollar

61,177 DBS GROUP HOLDINGS 688,800 FIRST RESSOURCES

Thai Bath

1,400,000 SINO THAI ENGINEERING AND CONST. FOREIGN

Warrants, Rights US Dollar

50,000 MS ASIA PRODUCTS

26.10.17 WAR

USD

Total investments in securities

The accompanying notes are an integral part of these financial statements.

Page 192

Cost

UBAM - ASIA EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 193

Cost

Market value

% of total net assets

2,060,871.39

6.08

-116,371.92

-0.34

33,887,549.34

100.00

UBAM - ASIA EQUITY

Geographical classification of investments (by domicile of the issuer) South Korea Hong Kong China India Taiwan Cayman Islands Philippines Singapore Indonesia Thailand Malaysia

% of net assets 19.60 14.36 13.68 10.12 9.56 9.32 5.14 4.48 3.28 2.80 1.92 94.26

Industrial classification of investments % of net assets 11.96 9.60 9.09 7.53 7.21 6.38 6.36 5.10 4.51 4.35 4.13 3.92 3.41 2.32 1.92 1.67 1.39 1.04 0.72 0.57 0.56 0.52

Electronics and semiconductors Building materials and trade Holding and finance companies Insurance Road vehicles Pharmaceuticals and cosmetics Chemicals Electrical engineering and electronics Real estate companies Banks and credit institutions Miscellaneous trading companies Machine and apparatus construction Foods and non alcoholic drinks Transportation Agriculture and fishery Communications Utilities Petroleum Miscellaneous consumer goods Hotels and restaurants Textiles and garments Healthcare and social services

94.26

Page 194

UBAM - ASIA EQUITY Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

830,767.45

Dividends, net Interest on bank accounts

Note 2

Expenses

829,651.21 1,116.24 514,851.51

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

297,023.51 46,509.30 8,374.60 18,941.52 368.82 15.77 3,076.65 96,812.36 37,402.17 6,326.81 315,915.94

Net realised gain/(loss) on: - securities portfolio - foreign exchange

Note 2 Note 2

Realised result

-878,188.74 -418,499.23 -980,772.03

Net variation of the unrealised gain/(loss) on: - securities portfolio

Note 2

Result of operations

-2,584,194.92 -3,564,966.95

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-46,170.77 2,866,043.04 97,874.50 -9,354,436.55 -259,147.11 -10,260,803.84

Total net assets at the beginning of the period

44,148,353.18

Total net assets at the end of the period

33,887,549.34

The accompanying notes are an integral part of these financial statements.

Page 195

UBAM - DR. EHRHARDT GERMAN EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

28,074,062.57

Securities portfolio at market value Cash at banks Deposits on futures and option contracts Receivable on issues of shares Dividends receivable Unrealised gain on forward foreign exchange contracts

Note 2

27,254,468.55 536,171.69 257,296.62 17,999.18 5,520.83 2,605.70

Note 2, 8

Liabilities

156,965.73

Payable on redemptions of shares Interest payable on bank liabilities and expenses payable

12,999.09 143,966.64

Net assets at the end of the period

27,917,096.84

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

AH USD shares

Capitalisation shares

I shares

Capitalisation shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

20,200.568

596.705

3,968.292

16,828.981

1,338.000

0.000

1,338.000

1,121.236

282.000

642.616

760.620

1,701.656

181.000

315.263

1,567.393

The accompanying notes are an integral part of these financial statements.

Page 196

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - DR. EHRHARDT GERMAN EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

27,917,096.84

37,213,214.16

36,507,584.46

EUR

16,828.981 1,458.07

20,200.568 1,615.47

23,621.672 1,409.51

USD

1,338.000 99.73

1,338.000 110.25

1,000.000 97.68

EUR

760.620 1,584.35

1,121.236 1,748.92

561.859 1,514.69

EUR

1,567.393 1,310.51

1,701.656 1,459.24

1,773.661 1,286.00

The accompanying notes are an integral part of these financial statements.

Page 197

UBAM - DR. EHRHARDT GERMAN EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

10,900 4,000 6,400 8,400 3,200 20,000 10,500 10,200 10,200 21,800 3,100 11,000 3,500 13,000 47,000 21,000 2,650 54,500 92,200 13,800 43,000 17,000 10,600 9,000 8,200 5,400 460 17,500 1,100 27,000 13,500 4,324 36,500 14,400 7,800 19,000 11,850 1,300 3,600 5,700 1,800 1,700 2,200 500 19,480 6,700 65,000 10,100 5,000 62,000 14,000 3,900 19,600 25,000 3,200 44,000 15,000 24,200 2,500 20,164 950 4,200

Euro

AAREAL BANK AG ADIDAS NAMEN AKT ADLER REAL ESTATE AG ADO PROPERTIES ALLIANZ SE REG SHS ALSTRIA OFFICE REIT AG AURUBIS AXEL SPRINGER NAMEN AKT VINKULIERT BASF - NAMEN AKT BAYER AG REG SHS BIJOU BRIGITTE MODISCHE ACCESOIRES AG BRAAS MONIER BUILDING GROUP S.A. CARL ZEISS MEDITEC AG CELESIO NAMEN AKT COMMERZBK DEUTSCHE BANK AG REG SHS DEUTSCHE EUROSHOP AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS DEUTSCHE WOHNEN AG DEUTZ E.ON AG REG SHS EVONIK INDUSTRIES AG FRESENIUS AG FRESENIUS MEDICAL CARE AG & CO KGAA GRANDE CITY PROPERTIES S.A. GRENKELEASING NAMENS-AKT. HAMBORNER AG HANNOVER RUECKVERSICHERUNG AG REG SHS HBV REAL ESTATE BK HEIDELBERGCEMENT AG HOCHTIEF AG INFINEON TECHNOLOGIES REG SHS JUNGHEINRICH VORZ.STIMMRECHTSLOS KOENIG AND BAUER AK. LANXESS AG LEG IMMOBILIEN - NAMEN AKT LINDE AG MAN SE MTU AERO ENGINES HOLDING AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS NEMETSCHEK PROSIEBENSAT.1 NAMEN-AKT RENK AG RHEINMETALL AG RHOEN KLINIKUM AG RWE AG SAP AG SIEMENS AG REG SHS SINNERSCHRADER SIXT AKTIENGESELLSCHAFT STO AG VORZUG OHNE STIMMRECHT STRABAG SE SUEDZUCKER MANNH./OCHS SURTECO SE TAG IMMOBILIEN THYSSENKRUPP AG VILLEROY BOCH VORZUG STIMMRECHTSLOS VOLKSWAGEN VORZ.AKT VONOVIA SE WACKER CHEMIE AG WASHTEC AG

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

The accompanying notes are an integral part of these financial statements.

Page 198

Market value

% of total net assets

26,101,373.34

27,254,468.55

97.63

26,101,373.34

27,254,468.55

97.63

26,101,373.34 329,706.05 313,432.41 0.00 215,016.27 456,006.40 242,585.00 491,060.58 500,468.77 661,721.72 1,953,942.29 182,900.00 262,746.70 76,445.95 327,425.49 299,573.30 347,552.10 107,623.96 1,316,275.75 1,442,653.25 328,052.99 166,113.30 150,745.80 268,774.66 307,684.77 544,505.42 113,113.80 75,116.21 166,885.25 80,279.71 249,569.80 917,542.34 330,519.59 466,657.00 337,924.80 343,344.30 826,553.50 841,319.11 171,727.40 328,851.36 456,100.91 303,939.00 70,073.50 100,385.34 16,078.95 1,103,133.16 169,113.36 875,942.35 695,556.49 419,986.00 261,656.83 660,328.90 409,911.73 487,635.19 444,940.80 67,257.28 512,518.20 268,647.00 328,163.57 296,810.00 591,508.18 77,336.65 123,952.39

27,254,468.55 308,088.50 513,800.00 72,960.00 290,388.00 408,960.00 242,800.00 428,715.00 480,675.00 700,128.00 1,962,000.00 184,992.50 231,770.00 127,522.50 330,200.00 273,728.00 258,825.00 108,901.75 1,372,037.50 1,408,816.00 421,245.00 159,014.00 153,442.00 283,444.00 592,380.00 639,846.00 99,711.00 72,220.00 170,257.50 103,191.00 238,950.00 910,845.00 500,286.80 473,587.50 389,016.00 356,421.00 746,320.00 994,096.50 162,955.00 330,804.00 477,603.00 270,450.00 82,450.00 86,273.00 47,499.50 1,036,336.00 176,411.00 922,350.00 678,316.00 459,050.00 299,460.00 643,650.00 401,700.00 531,160.00 494,375.00 65,600.00 518,760.00 270,150.00 326,579.00 270,750.00 660,371.00 74,537.00 131,880.00

97.63 1.10 1.84 0.26 1.04 1.46 0.87 1.54 1.72 2.51 7.04 0.66 0.83 0.46 1.18 0.98 0.93 0.39 4.91 5.06 1.51 0.57 0.55 1.02 2.12 2.29 0.36 0.26 0.61 0.37 0.86 3.26 1.79 1.70 1.39 1.28 2.67 3.56 0.58 1.18 1.71 0.97 0.30 0.31 0.17 3.71 0.63 3.30 2.43 1.64 1.07 2.31 1.44 1.90 1.77 0.23 1.86 0.97 1.17 0.97 2.37 0.27 0.47

Cost

UBAM - DR. EHRHARDT GERMAN EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Market value

% of total net assets

166,370.00 163,910.52 323,852.06 163,847.88

162,000.00 188,136.00 347,248.00 128,034.00

0.58 0.67 1.24 0.46

0.00

0.00 0.00

26,101,373.34

27,254,468.55

97.63

Cash at banks/(bank liabilities)

536,171.69

1.92

Other net assets/(liabilities)

126,456.60

0.45

27,917,096.84

100.00

Description

50,000 3,600 8,800 5,400

Currency

WCM BETEILIGUNG - KAPITALHERABSETZUNG WINCOR NIXDORF AG WIRECARD AG ZALANDO SE

EUR EUR EUR EUR

Other transferable securities Shares Euro

48,884 SPORTHOUSE.DE -N (DEFAULTED)

EUR

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 199

Cost

UBAM - DR. EHRHARDT GERMAN EQUITY

Geographical classification of investments (by domicile of the issuer) Germany Luxembourg Austria

% of net assets 93.50 2.23 1.90 97.63

Industrial classification of investments % of net assets 14.09 12.83 10.39 7.22 6.05 6.03 5.30 5.06 3.85 3.71 3.01 2.80 2.31 2.30 2.03 1.77 1.71 1.70 1.54 1.44 0.97 0.66 0.63 0.23

Chemicals Real estate companies Building materials and trade Transportation Pharmaceuticals and cosmetics Road vehicles Internet and Internet services Communications Utilities Machine and apparatus construction Banks and credit institutions Insurance Electrical engineering and electronics Textiles and garments Graphic art and publishing Foods and non alcoholic drinks Aerospace industry Electronics and semiconductors Non-ferrous metals Holding and finance companies Coal mining and steel industry Miscellaneous trading companies Healthcare and social services Various capital goods

97.63

Page 200

UBAM - DR. EHRHARDT GERMAN EQUITY Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

521,495.38

Dividends, net Interest on bonds and other debt securities, net

Note 2 Note 2

Expenses

518,674.38 2,821.00 552,732.28

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

247,289.99 32,087.03 7,406.25 16,420.79 314.61 5,363.09 2,572.30 201,053.58 34,359.51 550.00 5,315.13 -31,236.90

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

-217,539.05 -4,275.05 -570,644.97 -5.87 -823,701.84

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - futures contracts

Note 2 Note 2 Note 2

Result of operations

-2,578,259.00 1,728.58 -44,325.00 -3,444,557.26

Subscriptions capitalisation shares Redemptions capitalisation shares

1,545,751.05 -7,397,311.11

Total changes in net assets

-9,296,117.32

Total net assets at the beginning of the period

37,213,214.16

Total net assets at the end of the period

27,917,096.84

The accompanying notes are an integral part of these financial statements.

Page 201

UBAM - EUROPE EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

724,543,990.36

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Receivable on issues of shares Dividends receivable Unrealised gain on forward foreign exchange contracts

Note 2

720,317,458.38 2,812,697.87 0.35 135,932.66 650,166.36 627,734.74

Note 2, 8

Liabilities

4,576,588.90

Bank liabilities Payable on redemptions of shares Interest payable on bank liabilities and expenses payable

1,902,105.37 65,475.27 2,609,008.26

Net assets at the end of the period

719,967,401.46

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

A CHF shares

Capitalisation shares

A USD shares

Capitalisation shares

AH USD shares

Capitalisation shares

A GBP shares

Capitalisation shares

I shares

Capitalisation shares Distribution shares

I USD shares

Capitalisation shares

IH USD shares

Capitalisation shares

U shares

Distribution shares

U GBP sahres

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

686,301.778

91,412.405

302,038.028

475,676.155

38,658.222

15,867.000

10,207.958

44,317.264

5,914.000

379.000

1,161.000

5,132.000

25,327.000

765.000

3,099.000

22,993.000

419,328.988

56,562.000

111,032.328

364,858.660

11,636.032

199.000

1,190.000

10,645.032

1,189,214.435

229,767.749

249,701.382

1,169,280.802

66,733.462

6,210.000

267.000

72,676.462

1,271.002

102.000

21.000

1,352.002

28,680.740

2,605.000

4,895.000

26,390.740

21,453.000

24,610.000

31,382.000

14,681.000

1,500.000

0.000

1,500.000

The accompanying notes are an integral part of these financial statements.

Page 202

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EUROPE EQUITY Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

3,901.304

403.460

Shares redeemed

815.786

Shares outstanding as at 30/06/2016

3,488.978

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

A CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

A USD shares Capitalisation shares Number of shares outstanding Net asset value per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

A GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

719,967,401.46

917,534,372.93

508,682,076.77

EUR

475,676.155 367.49

686,301.778 417.91

566,277.501 383.41

44,317.264 358.09 7.43

38,658.222 415.28 1.44

34,583.022 382.21 -

CHF

5,132.000 397.68

5,914.000 454.38

4,856.000 460.94

USD

22,993.000 408.19

25,327.000 453.90

63,341.700 463.81

USD

364,858.660 80.30

419,328.988 91.22

GBP

10,645.032 264.72

11,636.032 267.00

11,212.934 257.92

EUR

1,169,280.802 390.42

1,189,214.435 442.36

602,919.974 402.86

72,676.462 380.44 7.87

66,733.462 439.55 1.52

10,156.462 401.57 -

The accompanying notes are an integral part of these financial statements.

Page 203

UBAM - EUROPE EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I USD shares Capitalisation shares Number of shares outstanding Net asset value per share

IH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Distribution shares Number of shares outstanding Net asset value per share Dividend per share

U GBP sahres Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

719,967,401.46

917,534,372.93

508,682,076.77

USD

1,352.002 415.67

1,271.002 460.52

1,827.000 467.15

USD

26,390.740 79.39

28,680.740 89.86

EUR

14,681.000 87.53 1.81

21,453.000 101.12 -

GBP

1,500.000 96.29

1,500.000 96.77

EUR

3,488.978 339.84

3,901.304 387.43

2,259.481 357.24

The accompanying notes are an integral part of these financial statements.

Page 204

UBAM - EUROPE EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Market value

% of total net assets

730,111,649.83

720,317,458.38

100.05

730,111,649.83

720,317,458.38

100.05

DKK

20,157,377.15 20,157,377.15

19,239,343.42 19,239,343.42

2.67 2.67

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

420,039,978.13 14,963,646.67 20,872,292.16 347,041.50 11,740,305.02 5,674,981.24 10,377,096.09 17,737,719.95 6,022,296.21 9,688,809.14 9,838,171.26 13,210,755.76 21,674,954.37 13,121,714.42 6,248,977.82 11,189,733.37 13,605,967.06 18,818,967.42 6,294,675.91 7,402,385.29 10,539,342.20 16,795,518.37 8,711,126.06 12,424,360.17 6,990,539.77 13,111,887.61 16,492,350.15 6,730,520.90 4,897,016.81 750,353.50 12,244,936.56 9,007,778.91 9,184,093.98 7,570,726.35 8,095,420.49 5,700,165.89 353,219.33 25,626,074.90 20,670,491.39 5,313,564.13

429,097,002.64 16,522,910.30 21,877,128.00 346,151.65 9,759,953.19 4,068,172.39 9,742,953.75 17,920,050.72 6,631,309.40 10,044,242.00 9,710,000.98 14,805,097.60 22,106,438.64 14,079,208.70 5,487,178.13 9,881,547.78 16,871,412.51 22,357,162.50 8,861,358.68 8,371,275.03 10,885,236.03 14,037,940.37 6,198,956.83 9,932,156.64 7,207,951.38 12,301,788.40 19,639,648.00 6,578,772.84 4,565,042.44 619,772.58 12,165,481.88 10,061,550.38 11,195,112.23 6,688,880.85 7,611,062.03 5,779,544.43 328,153.00 25,681,697.46 22,192,644.21 5,982,058.71

59.60 2.29 3.04 0.05 1.36 0.57 1.35 2.49 0.92 1.40 1.35 2.06 3.07 1.96 0.76 1.37 2.34 3.11 1.23 1.16 1.51 1.95 0.86 1.38 1.00 1.71 2.73 0.91 0.63 0.09 1.69 1.40 1.55 0.93 1.06 0.80 0.05 3.56 3.08 0.83

NOK

6,319,633.78 6,319,633.78

6,543,395.29 6,543,395.29

0.91 0.91

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

204,331,833.75 5,254,973.34 10,351,699.87 14,052,910.09 3,588,280.70 4,709,940.08 12,225,969.47 5,288,961.51 11,453,157.59 9,941,155.95 2,018,574.60 8,217,218.10 7,512,674.71 18,761,817.09 22,862,907.24 5,962,216.95 27,976,044.15 25,011,978.95 9,141,353.36

183,839,714.08 5,068,442.99 9,061,650.12 13,155,840.42 3,694,345.73 4,520,029.40 11,852,163.59 4,374,518.02 8,015,975.02 8,394,613.32 1,883,161.53 7,357,521.21 4,985,441.31 14,985,124.97 24,577,798.93 6,886,546.07 22,170,438.29 23,702,579.09 9,153,524.07

25.53 0.70 1.26 1.83 0.51 0.63 1.65 0.61 1.11 1.17 0.26 1.02 0.69 2.08 3.41 0.96 3.08 3.29 1.27

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

Danish Krone

399,712 NOVO NORDISK 830,297 186,030 17,797 548,158 21,990,121 1,689,139 261,073 166,011 386,317 132,037 968,920 1,522,482 118,462 190,958 566,765 216,217 1,788,573 121,123 101,139 363,933 1,529,354 3,876,771 226,142 165,948 265,640 114,184 312,828 322,846 163,961 830,125 644,558 144,509 282,410 208,351 574,222 17,738 592,017 529,531 149,067

Euro

AHOLD ANHEUSER-BUSCH INBEV NV ASR AXA SA BANK OF IRELAND (GOV&CO) BANKINTER REG.SHS BASF - NAMEN AKT COVESTRO AG CRH PLC DEUTSCHE BOERSE AG REG SHS DEUTSCHE TELEKOM AG REG SHS ENI SPA ESSILOR INTERNATIONAL SA FAURECIA FERROVIAL SA FRESENIUS MEDICAL CARE AG & CO KGAA GALP ENERGIA SA REG SHS -BHEINEKEN HOLDING HEINEKEN NV INDITEX SHARE FROM SPLIT ING GROEP NV INTESA SANPAOLO SPA NON CONV KBC GROUPE SA KION GROUP LEGRAND SA L'OREAL SA METSO CORP MONCLER SPA NH HOTELES SA ORANGE REED ELSEVIER NV REMY COINTREAU SALZGITTER AG SAMPO OYJ -ATELECINCO TITAN CEMENT REG.* TOTAL SA UNILEVER NV VALEO SA

640,316 XXL 904,667 665,843 244,754 1,478,895 179,989 472,070 1,136,076 613,414 894,403 367,285 2,038,156 180,137 990,723 272,702 1,980,299 803,171 424,435 1,389,413

Norwegian Krone Pound Sterling

ANTOfa*gASTA PLC ARM HOLDINGS PLC ASTRAZENECA PLC CAIRN ENERGY PLC CRANSWICK DIAGEO PLC DIXONS CARPHONE PLC EASYJET PLC GREENE KING PLC JUST EAT PLC NEW RIVER RETAIL LIMITED GBP PROVIDENT FINANCIAL PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC REGUS RIO TINTO PLC SHIRE 3I GROUP PLC

The accompanying notes are an integral part of these financial statements.

Page 205

Cost

UBAM - EUROPE EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Currency

Swedish Krone

834,090 ASSA ABLOY -B- NEW I 1,257,986 SANDVIK AB 576,024 SHB -A-

Swiss Franc

420,686 ABB LTD REG SHS 415,007 CLARIANT NAMEN AKT 126,665 ROCHE HOLDING AG GENUSSSCHEIN

US Dollar

115,472 LIVANOVA

Market value

% of total net assets

SEK SEK SEK

29,714,873.62 11,437,406.55 11,693,712.61 6,583,754.46

32,672,965.89 15,250,260.44 11,192,938.04 6,229,767.41

4.54 2.12 1.55 0.87

CHF CHF CHF

43,067,582.71 7,784,267.14 7,835,371.17 27,447,944.40

43,704,137.33 7,431,873.16 6,300,069.31 29,972,194.86

6.07 1.03 0.88 4.16

USD

6,480,370.69 6,480,370.69

5,220,899.73 5,220,899.73

0.73 0.73

730,111,649.83

720,317,458.38

100.05

910,592.50

0.13

-1,260,649.42

-0.18

719,967,401.46

100.00

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 206

Cost

UBAM - EUROPE EQUITY

Geographical classification of investments (by domicile of the issuer) United Kingdom France The Netherlands Germany Switzerland Spain Italy Sweden Belgium Jersey Island Portugal Denmark Finland Ireland Guernsey Norway Greece

% of net assets 20.99 16.15 11.16 11.09 6.07 5.12 4.56 4.54 4.42 4.25 3.11 2.67 1.97 1.97 1.02 0.91 0.05 100.05

Page 207

UBAM - EUROPE EQUITY

Industrial classification of investments % of net assets 15.69 10.25 8.63 7.67 6.49 5.58 5.16 4.71 4.55 4.29 3.79 3.78 3.29 2.74 2.48 1.98 1.59 1.45 1.40 1.26 0.93 0.89 0.73 0.63 0.09

Pharmaceuticals and cosmetics Petroleum Tobacco and alcoholic drinks Banks and credit institutions Miscellaneous consumer goods Machine and apparatus construction Communications Retail trade, department stores Insurance Chemicals Holding and finance companies Non-ferrous metals Biotechnology Electrical engineering and electronics Transportation Real estate companies Road vehicles Building materials and trade Graphic art and publishing Electronics and semiconductors Coal mining and steel industry Foods and non alcoholic drinks Healthcare and social services Textiles and garments Hotels and restaurants

100.05

Page 208

UBAM - EUROPE EQUITY Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

16,116,912.28

Dividends, net Interest on bank accounts

Note 2

Expenses

16,116,533.32 378.96 8,833,118.58

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

4,690,974.07 801,566.99 89,794.55 405,741.34 7,797.48 1,007.37 8,759.01 2,505,230.40 301,711.61 570.00 19,965.76 7,283,793.70

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-42,095,863.24 -1,124,178.84 -4,190,984.92 -40,127,233.30

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-68,881,488.19 379,336.05 -108,629,385.44

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-972,831.87 132,829,492.70 10,678,577.87 -224,652,441.05 -6,820,383.68 -197,566,971.47

Total net assets at the beginning of the period

917,534,372.93

Total net assets at the end of the period

719,967,401.46

The accompanying notes are an integral part of these financial statements.

Page 209

UBAM - EUROPE EQUITY DIVIDEND+

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

72,584,352.46

Securities portfolio at market value Cash at banks Deposits on futures and option contracts Interest receivable on bonds and other debt securities Receivable on issues of shares Dividends receivable Unrealised gain on forward foreign exchange contracts

Note 2

60,139,319.94 8,567,467.05 3,646,978.35 0.04 25,166.55 190,180.91 15,239.62

Note 2, 8

Liabilities

3,104,111.96

Short option contracts at market value Unrealised loss on futures contracts Interest payable on bank liabilities and expenses payable

Note 2, 11 Note 2, 9

2,538,028.00 276,265.00 289,818.96

Net assets at the end of the period

69,480,240.50

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

133,140.660

333,535.336

35,645.437

431,030.559

10,269.769

24,753.000

370.070

34,652.699

Capitalisation shares

4,125.000

0.000

1,500.000

2,625.000

Distribution shares

4,775.000

0.000

4,775.000

28,039.092

0.000

4,545.444

23,493.648

5,511.917

0.000

1,520.000

3,991.917

2,297.000

850.000

0.000

3,147.000

5,487.000

1,013.000

1,050.000

5,450.000

700.000

0.000

700.000

8,474.000

7,331.000

7,050.000

8,755.000

21.000

0.000

21.000

0.000

Capitalisation shares

47,168.489

20,063.000

4,204.000

63,027.489

Distribution shares

59,633.806

3,191.393

45,963.784

16,861.415

A shares

Capitalisation shares Distribution shares

A CHF shares

A USD shares

Capitalisation shares Distribution shares

AH shares

Capitalisation shares

AH CHF shares

Capitalisation shares Distribution shares

AH USD shares

Capitalisation shares

AH SEK shares

Capitalisation shares

I shares

The accompanying notes are an integral part of these financial statements.

Page 210

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EUROPE EQUITY DIVIDEND+ Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

20,000.000

0.000

20,000.000

Capitalisation shares

145.000

0.000

145.000

Distribution shares

500.000

0.000

500.000

0.000

3,718.278

0.000

845.245

2,873.033

140.000

0.000

140.000

0.000

640.000

0.000

640.000

431.434

0.000

431.434

4,637.734

2,400.000

1,251.398

5,786.336

0.000

19,033.000

2,777.000

16,256.000

0.000

200.000

0.000

200.000

2,940.602

0.000

662.000

2,278.602

312.172

0.000

312.172

I CHF shares

Capitalisation shares

I USD shares

I GBP shares

Distribution shares

IH shares

Capitalisation shares

IH USD shares

Capitalisation shares

IH GBP shares

Capitalisation shares Distribution shares

UD shares

Distribution shares

UD GBP shares

Distribution shares

R shares

Capitalisation shares Distribution shares

Shares redeemed

Shares outstanding as at 30/06/2016

Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

69,480,240.50

34,662,427.08

70,410,516.28

EUR

431,030.559 113.70

133,140.660 114.76

267,387.250 111.87

34,652.699 74.72 3.07

10,269.769 78.57 8.41

12,296.519 84.78 9.27

The accompanying notes are an integral part of these financial statements.

Page 211

UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

A USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH SEK shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

69,480,240.50

34,662,427.08

70,410,516.28

CHF

2,625.000 100.58

4,125.000 101.98

5,125.000 109.93

4,775.000 66.08 2.73

4,775.000 69.80 7.57

6,495.000 83.35 9.22

USD

23,493.648 97.20

28,039.092 95.92

54,308.918 104.16

3,991.917 65.41 2.69

5,511.917 67.26 7.51

9,339.301 80.92 9.86

EUR

3,147.000 105.16

2,297.000 103.63

1,197.000 101.95

CHF

5,450.000 109.10

5,487.000 107.85

4,629.000 108.57

700.000 73.92 2.99

700.000 76.12 8.23

1,965.000 84.81 9.42

USD

8,755.000 107.18

8,474.000 105.73

8,160.000 105.72

2.41

SEK

21.000 1,027.87

132.000 1,026.38

The accompanying notes are an integral part of these financial statements.

Page 212

UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years Period/Year ended as at:

Total net assets I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I CHF shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

I GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

IH shares Capitalisation shares Number of shares outstanding Net asset value per share

IH USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

69,480,240.50

34,662,427.08

70,410,516.28

EUR

63,027.489 117.61

47,168.489 118.27

70,743.739 114.45

16,861.415 77.31 3.16

59,633.806 80.97 8.63

174,897.372 86.73 9.44

CHF

20,000.000 97.40

20,000.000 98.41

20,000.000 105.29

2.39

USD

145.000 92.93

145.000 91.38

145.000 98.50

1.35

500.000 67.61 7.52

500.000 80.74 9.79

GBP

603.742 88.81

2,873.033 65.87 2.48

3,718.278 61.19 6.53

12,796.391 69.00 7.84

EUR

140.000 118.12

140.000 115.97

4,040.000 113.21

USD

640.000 100.43

7.46

The accompanying notes are an integral part of these financial statements.

Page 213

UBAM - EUROPE EQUITY DIVIDEND+ Key figures relating to the last 3 years Period/Year ended as at:

Total net assets IH GBP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UD shares Distribution shares Number of shares outstanding Net asset value per share Dividend per share

UD GBP shares Distribution shares Number of shares outstanding Net asset value per share Dividend per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

30/06/2016

31/12/2015

30/06/2014

EUR

69,480,240.50

34,662,427.08

70,410,516.28

GBP

431.434 90.25

431.434 88.34

2,226.278 87.04

5,786.336 63.94 2.57

4,637.734 65.19 6.96

49,168.894 71.10 7.87

EUR

16,256.000 101.90 -

GBP

200.000 106.31 -

EUR

2,278.602 112.28

2,940.602 113.60

2,741.307 111.30

312.172 77.10 3.18

312.172 81.27 8.74

504.740 88.14 9.67

The accompanying notes are an integral part of these financial statements.

Page 214

UBAM - EUROPE EQUITY DIVIDEND+ Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Market value

% of total net assets

60,366,272.45

60,139,319.94

86.55

60,366,272.45

60,139,319.94

86.55

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

38,016,704.12 2,109,370.50 2,184,045.36 2,128,002.55 2,404,773.81 1,895,662.40 1,859,654.03 2,680,183.63 2,079,938.67 2,858,902.01 2,220,688.09 1,909,807.91 2,703,914.85 2,147,580.87 1,863,591.09 2,770,820.62 1,896,728.54 2,303,039.19

38,134,885.28 2,107,947.30 1,955,084.40 2,112,464.64 1,868,222.64 2,088,903.70 2,133,833.00 2,663,670.72 1,797,440.75 2,628,066.50 2,286,127.72 2,457,575.96 2,888,363.60 1,825,075.33 1,948,391.82 2,929,060.98 1,836,722.65 2,607,933.57

54.88 3.03 2.81 3.04 2.69 3.01 3.07 3.83 2.59 3.78 3.29 3.54 4.16 2.63 2.80 4.22 2.64 3.75

GBP GBP GBP GBP GBP GBP

13,524,656.10 2,304,346.96 2,260,483.32 2,306,058.51 1,727,852.65 2,294,822.67 2,631,091.99

13,478,295.66 2,377,472.80 2,680,739.34 1,857,375.73 1,943,742.78 2,262,918.31 2,356,046.70

19.40 3.42 3.86 2.67 2.80 3.26 3.39

SEK

2,054,650.78 2,054,650.78

1,784,115.91 1,784,115.91

2.57 2.57

CHF CHF CHF CHF

6,770,261.45 1,616,746.88 1,685,713.97 1,745,439.03 1,722,361.57

6,742,023.09 1,669,575.67 1,707,936.29 1,761,441.74 1,603,069.39

9.70 2.40 2.46 2.53 2.31

-2,404,892.00

-2,538,028.00

-3.65

-2,404,892.00

-2,538,028.00

-3.65

-2,404,892.00 -2,404,892.00

-2,538,028.00 -2,538,028.00

-3.65 -3.65

57,961,380.45

57,601,291.94

82.90

Cash at banks/(bank liabilities)

8,567,467.05

12.33

Other net assets/(liabilities)

3,311,481.51

4.77

69,480,240.50

100.00

Description

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

Euro

105,927 15,298 30,776 34,907 28,405 84,760 174,324 11,963 179,329 28,516 157,436 117,080 49,961 21,222 67,521 7,861 62,227

AHOLD ALLIANZ SE REG SHS BASF - NAMEN AKT DAIMLER AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS MUENCHENER RUECKVERSICHERUNGS AG REG SHS ORANGE RED ELECTRICA CORPORACION SA REED ELSEVIER NV ROYAL DUTCH SHELL PLC SAMPO OYJ -ASIEMENS AG REG SHS TOTAL SA UNIBAIL-RODAMCO SE UNILEVER NV

44,231 46,001 376,481 77,419 81,979 860,089

ASTRAZENECA PLC BRITISH AMERICAN TOBACCO PLC BT GROUP PLC DIAGEO PLC RIO TINTO PLC VODAFONE GROUP

Pound Sterling

Swedish Krone

164,965 SHB -A24,045 23,063 7,444 20,472

Swiss Franc

NESTLE SA REG SHS NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SWISS RE NAMEN AKT

Derivative instruments Options Euro

-1,858 DJ EUR STOXX 50 AUG 2800 22.08.16 CALL

EUR

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 215

Cost

UBAM - EUROPE EQUITY DIVIDEND+

Geographical classification of investments (by domicile of the issuer) Germany United Kingdom The Netherlands France Switzerland Spain Finland Sweden

% of net assets 20.19 19.40 14.48 10.64 9.70 3.29 2.63 2.57 82.90

Industrial classification of investments % of net assets 13.67 10.34 8.41 8.38 6.66 3.75 3.54 3.29 3.26 3.07 3.04 3.03 2.80 2.69 2.64 2.57 2.40 -0.64

Communications Insurance Pharmaceuticals and cosmetics Petroleum Tobacco and alcoholic drinks Miscellaneous consumer goods Graphic art and publishing Utilities Non-ferrous metals Transportation Chemicals Retail trade, department stores Electrical engineering and electronics Road vehicles Real estate companies Banks and credit institutions Foods and non alcoholic drinks Holding and finance companies

82.90

Page 216

UBAM - EUROPE EQUITY DIVIDEND+ Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

1,490,043.97

Dividends, net Interest on bank accounts

Note 2

Expenses

1,490,014.47 29.50 656,912.73

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

354,176.73 69,414.94 14,377.84 26,322.06 677.54 14,602.68 2,793.15 125,043.15 43,272.27 2,520.00 3,712.37 833,131.24

Net realised gain/(loss) on: - securities portfolio - options contracts - forward foreign exchange contracts - futures contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2 Note 2

Realised result

-1,849,287.14 3,262,377.00 -49,141.97 -10,267.15 -53,966.03 2,132,845.95

Net variation of the unrealised gain/(loss) on: - securities portfolio - option contracts - forward foreign exchange contracts - futures contracts

Note 2 Note 2 Note 2 Note 2

Result of operations

-1,676,935.41 -156,334.00 31,633.07 -211,945.00 119,264.61

Dividends paid Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

-241,591.42 40,618,304.17 4,216,402.26 -5,808,741.88 -4,085,824.32

Total changes in net assets

34,817,813.42

Total net assets at the beginning of the period

34,662,427.08

Total net assets at the end of the period

69,480,240.50

The accompanying notes are an integral part of these financial statements.

Page 217

UBAM - EUROPE EQUITY FLEX

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

23,852,155.75

Securities portfolio at market value Options contracts at market value Cash at banks Deposits on futures and option contracts Interest receivable on bonds and other debt securities Dividends receivable

Note 2 Note 2, 11

20,789,798.21 17,983.00 1,448,942.30 1,579,110.58 0.02 16,321.64

Liabilities

354,045.74

Short option contracts at market value Bank liabilities Payable on purchases of securities Unrealised loss on futures contracts Interest payable on bank liabilities and expenses payable

Note 2, 11

70,853.00 51,545.18 1.00 174,030.00 57,616.56

Note 2, 9

Net assets at the end of the period

23,498,110.01

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

IP shares

Capitalisation shares

R shares

Capitalisation shares

Z shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

159,181.000

9,023.000

102,150.000

66,054.000

62,770.000

39,099.042

12,250.000

89,619.042

10.000

0.000

10.000

105,765.000

0.000

19,569.000

86,196.000

The accompanying notes are an integral part of these financial statements.

Page 218

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EUROPE EQUITY FLEX Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

Z shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

23,498,110.01

35,182,273.21

5,347,383.66

EUR

66,054.000 101.00

159,181.000 111.94

395.000 104.84

EUR

89,619.042 103.02

62,770.000 113.56

10.000 105.19

EUR

10.000 84.30

10.000 93.62

EUR

86,196.000 88.10

105,765.000 96.76

49,980.000 106.14

The accompanying notes are an integral part of these financial statements.

Page 219

UBAM - EUROPE EQUITY FLEX Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Market value

% of total net assets

21,918,108.73

20,789,798.21

88.47

21,918,108.73

20,789,798.21

88.47

DKK

569,214.56 569,214.56

544,336.26 544,336.26

2.32 2.32

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

12,591,933.36 440,434.65 604,553.22 10,003.50 356,328.21 164,120.78 325,955.69 503,021.08 79.67 176,859.34 285,869.80 264,840.77 437,832.60 621,389.32 362,959.98 174,486.59 311,717.13 453,523.29 537,095.82 211,752.83 222,018.89 304,828.94 548,551.35 294,028.05 361,619.04 214,416.20 382,374.48 528,969.01 190,654.30 137,594.51 21,367.30 361,887.89 266,243.31 262,605.70 229,098.86 268,411.55 182,549.78 9,697.94 747,893.54 623,080.36 191,218.09

12,317,904.63 473,739.40 634,216.80 9,977.85 277,117.02 117,651.31 277,267.76 517,888.80 57.08 191,975.67 291,174.00 259,963.90 424,203.36 640,854.72 389,352.60 156,433.34 277,896.47 477,309.51 636,100.00 245,817.60 239,370.84 314,683.11 400,048.36 175,818.05 283,240.08 218,217.44 346,815.59 570,008.00 186,830.52 128,136.68 17,648.82 359,501.81 287,957.67 318,556.64 189,243.15 225,463.16 163,787.75 9,009.50 744,487.56 668,045.40 172,037.31

52.41 2.02 2.69 0.04 1.18 0.50 1.18 2.19 0.00 0.82 1.24 1.11 1.81 2.72 1.66 0.67 1.18 2.02 2.70 1.05 1.02 1.34 1.70 0.75 1.21 0.93 1.48 2.42 0.80 0.55 0.08 1.53 1.23 1.36 0.81 0.96 0.70 0.04 3.16 2.83 0.73

NOK

186,265.19 186,265.19

193,098.40 193,098.40

0.82 0.82

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

6,123,751.35 149,098.64 269,136.86 410,484.06 103,889.43 128,258.05 395,576.14 188,577.16 331,407.16 294,159.14 57,723.71 253,957.73 222,233.23 573,388.46 725,314.35 206,066.77 802,919.13 762,023.17

5,386,088.67 144,299.31 244,531.71 373,893.89 107,096.17 125,338.03 380,844.94 122,289.63 231,927.42 238,800.79 53,851.49 213,030.50 147,235.43 422,408.27 786,537.87 208,644.75 643,689.14 687,172.91

22.92 0.61 1.04 1.59 0.46 0.53 1.62 0.52 0.99 1.02 0.23 0.91 0.63 1.80 3.34 0.89 2.74 2.92

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

Danish Krone

11,309 NOVO NORDISK 23,806 5,393 513 15,564 635,953 48,070 7,545 1 4,806 11,199 3,535 27,762 44,136 3,276 5,444 15,939 6,117 50,888 3,360 2,892 10,521 43,583 109,955 6,449 5,024 7,489 3,314 8,884 9,062 4,669 24,531 18,447 4,112 7,990 6,172 16,273 487 17,162 15,940 4,287

Euro

AHOLD ANHEUSER-BUSCH INBEV NV ASR AXA SA BANK OF IRELAND (GOV&CO) BANKINTER REG.SHS BASF - NAMEN AKT BMW VORZUG - STIMMRECHTSLOS COVESTRO AG CRH PLC DEUTSCHE BOERSE AG REG SHS DEUTSCHE TELEKOM AG REG SHS ENI SPA ESSILOR INTERNATIONAL SA FAURECIA FERROVIAL SA FRESENIUS MEDICAL CARE AG & CO KGAA GALP ENERGIA SA REG SHS -BHEINEKEN HOLDING HEINEKEN NV INDITEX SHARE FROM SPLIT ING GROEP NV INTESA SANPAOLO SPA NON CONV KBC GROUPE SA KION GROUP LEGRAND SA L'OREAL SA METSO CORP MONCLER SPA NH HOTELES SA ORANGE REED ELSEVIER NV REMY COINTREAU SALZGITTER AG SAMPO OYJ -ATELECINCO TITAN CEMENT REG.* TOTAL SA UNILEVER NV VALEO SA

18,896 XXL 25,756 17,968 6,956 42,872 4,991 15,169 31,759 17,748 25,443 10,503 59,013 5,320 27,927 8,727 59,998 23,319 12,305

Norwegian Krone Pound Sterling

The accompanying notes are an integral part of these financial statements.

Page 220

Cost

UBAM - EUROPE EQUITY FLEX Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Market value

% of total net assets

249,538.16

254,496.42

1.08

SEK SEK SEK

955,578.43 415,846.24 352,872.36 186,859.83

946,247.03 435,920.24 334,635.20 175,691.59

4.03 1.86 1.42 0.75

CHF CHF CHF

1,311,590.44 221,230.77 207,795.21 882,564.46

1,256,671.21 211,215.67 176,565.95 868,889.59

5.35 0.90 0.75 3.70

USD

179,775.40 179,775.40

145,452.01 145,452.01

0.62 0.62

-56,409.00

-52,870.00

-0.22

-56,409.00

-52,870.00

-0.22

-56,409.00 -14,715.00 -21,462.00 -21,340.00 -9,180.00 10,288.00

-52,870.00 -13,932.00 -37,877.00 -8,595.00 -10,449.00 17,983.00

-0.22 -0.06 -0.16 -0.04 -0.04 0.08

21,861,699.73

20,736,928.21

88.25

Cash at banks/(bank liabilities)

1,397,397.12

5.95

Other net assets/(liabilities)

1,363,784.68

5.80

23,498,110.01

100.00

Description

Currency

38,630 3I GROUP PLC

GBP

Swedish Krone

23,842 ASSA ABLOY -B- NEW I 37,610 SANDVIK AB 16,245 SHB -A-

Swiss Franc

11,956 ABB LTD REG SHS 11,631 CLARIANT NAMEN AKT 3,672 ROCHE HOLDING AG GENUSSSCHEIN

US Dollar

3,217 LIVANOVA

Derivative instruments Options -27 -49 -45 -27 49

Euro

DJ EUR STOXX 50 AUG 2700 22.08.16 PUT DJ EURO STOXX 50 JUL 2900 18.07.16 PUT DJ EURO STOXX 50 AUG 2500 22.08.16 PUT DJ EURO STOXX 50 AUG 3000 22.08.16 CALL DJ EURO STOXX 50 JUL 2900 18.07.16 CALL

EUR EUR EUR EUR EUR

Total investments in securities

Total

The accompanying notes are an integral part of these financial statements.

Page 221

Cost

UBAM - EUROPE EQUITY FLEX

Geographical classification of investments (by domicile of the issuer) United Kingdom France The Netherlands Germany Switzerland Spain Sweden Italy Belgium Jersey Island Portugal Denmark Finland Ireland Guernsey Norway Greece

% of net assets 18.82 14.19 9.89 9.47 5.35 4.48 4.03 4.02 3.90 3.81 2.70 2.32 1.76 1.74 0.91 0.82 0.04 88.25

Page 222

UBAM - EUROPE EQUITY FLEX

Industrial classification of investments % of net assets 13.71 9.04 7.74 6.72 6.17 5.01 4.56 4.18 3.98 3.76 3.35 2.99 2.92 2.38 2.17 1.80 1.40 1.28 1.23 1.04 0.81 0.76 0.62 0.55 0.08

Pharmaceuticals and cosmetics Petroleum Tobacco and alcoholic drinks Banks and credit institutions Miscellaneous consumer goods Machine and apparatus construction Communications Retail trade, department stores Insurance Chemicals Non-ferrous metals Holding and finance companies Biotechnology Electrical engineering and electronics Transportation Real estate companies Road vehicles Building materials and trade Graphic art and publishing Electronics and semiconductors Coal mining and steel industry Foods and non alcoholic drinks Healthcare and social services Textiles and garments Hotels and restaurants

88.25

Page 223

UBAM - EUROPE EQUITY FLEX Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

461,581.90

Dividends, net Interest on bank accounts Other income

Note 2

Expenses

458,123.94 151.68 3,306.28 317,904.42

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

109,033.82 33,103.77 2,608.41 13,455.58 874.06 5,568.59 2,399.83 136,652.57 12,201.98 2,005.81 143,677.48

Net realised gain/(loss) on: - securities portfolio - options contracts - futures contracts - foreign exchange

Note 2 Note 2 Note 2 Note 2

Realised result

-2,917,951.73 124,760.00 447,266.00 -562,539.20 -2,764,787.45

Net variation of the unrealised gain/(loss) on: - securities portfolio - option contracts - futures contracts

Note 2 Note 2 Note 2

Result of operations

-675,213.68 3,727.00 -49,040.00 -3,485,314.13

Subscriptions capitalisation shares Redemptions capitalisation shares

5,083,730.46 -13,282,579.53

Total changes in net assets

-11,684,163.20

Total net assets at the beginning of the period

35,182,273.21

Total net assets at the end of the period

23,498,110.01

The accompanying notes are an integral part of these financial statements.

Page 224

UBAM - EUROPEAN OPPORTUNITIES EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

3,157,855.90

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Dividends receivable

Note 2

2,864,041.90 283,852.58 0.01 9,961.41

Liabilities

17,138.25

Interest payable on bank liabilities and expenses payable

17,138.25

Net assets at the end of the period

3,140,717.65

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

A CHF shares

Capitalisation shares

I shares

Capitalisation shares

UP GBP shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

41,907.000

1,330.000

9,460.000

33,777.000

1,075.000

0.000

1,000.000

75.000

4,550.000

0.000

4,550.000

375.000

0.000

375.000

The accompanying notes are an integral part of these financial statements.

Page 225

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - EUROPEAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

A CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

UP GBP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

3,140,717.65

4,681,273.76

6,450,883.78

EUR

33,777.000 80.79

41,907.000 97.99

59,320.000 83.81

CHF

75.000 68.77

1,075.000 83.73

1,500.000 79.18

EUR

4,550.000 80.20

4,550.000 96.92

16,255.922 82.27

GBP

375.000 93.52

375.000 100.11

375.000 89.42

The accompanying notes are an integral part of these financial statements.

Page 226

UBAM - EUROPEAN OPPORTUNITIES EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Cost

Market value

% of total net assets

3,071,076.65

2,864,041.90

91.19

3,071,076.65

2,864,041.90

91.19

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

2,799,567.19 77,392.08 14,679.98 110,490.72 64,550.89 84,067.82 86,074.06 105,489.17 57,325.93 46,178.51 74,818.26 123,785.21 96,211.43 66,647.28 14,706.70 29,375.61 55,196.84 113,919.06 54,331.67 18,467.27 58,383.62 99,717.22 96,734.18 69,730.82 67,512.03 67,930.99 136,246.54 93,017.08 93,299.24 57,463.97 128,301.76 97,182.85 156.23 101,674.13 103,370.37 110,771.05 124,366.62

2,544,653.47 59,102.43 10,082.88 127,285.30 62,988.45 75,262.88 80,810.22 67,819.15 45,698.00 74,305.17 74,070.97 115,139.25 77,800.50 75,293.34 7,526.75 37,383.00 44,973.84 141,975.00 51,884.68 16,293.38 32,138.74 103,149.92 82,061.00 51,982.84 46,435.67 93,794.40 110,371.68 94,697.67 107,690.00 46,305.00 71,675.92 105,663.20 272.73 116,005.99 62,828.90 93,684.00 80,200.62

81.03 1.88 0.32 4.05 2.01 2.40 2.57 2.16 1.46 2.37 2.36 3.67 2.48 2.40 0.24 1.19 1.43 4.53 1.65 0.52 1.02 3.28 2.61 1.66 1.48 2.99 3.51 3.02 3.43 1.47 2.28 3.36 0.01 3.69 2.00 2.98 2.55

NOK

62,104.64 62,104.64

93,629.21 93,629.21

2.98 2.98

GBP GBP

145,785.52 66,693.00 79,092.52

157,455.33 81,294.75 76,160.58

5.01 2.59 2.42

CHF CHF

63,619.30 50,852.47 12,766.83

68,303.89 50,688.35 17,615.54

2.17 1.61 0.56

3,071,076.65

2,864,041.90

91.19

283,852.58

9.04

-7,176.83

-0.23

3,140,717.65

100.00

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

9,579 6,224 5,690 1,195 6,556 13,172 366,590 1,825 10,313 10,412 31,545 28,250 1,649 13,685 1,020 4,964 11,358 18,610 1,942 5,167 74,262 11,723 371,306 27,283 22,332 35,240 9,798 11,000 12,250 45,422 5,380 339 1,447 89,119 5,064 7,886

Euro

AEGEAN AIRLINES SHS ALPHA BANK AE ATLANTIA SPA AURELIUS AG AXIARE PATRIMONIO BANCA MEDIOLANUM BANK OF IRELAND (GOV&CO) BOLSAS Y MERCADOS ESPANOLES SA CORTICEIRA AMORIN SA CTT-CORREIOS DE PORTUGAL S.A. DALATA HOTEL GROUP PLC EDP-ENERGIAS REG.SHS EI TOWERS EUROBANK ERGASIAS FE NEW FINMECCANICA SPA GALP ENERGIA SA REG SHS -BGEOX SPA GR SARANTIS REG. GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS* GREEN REIT GRIVALIA PROPERTIES* INDEPENDENT NEW AND MEDIA PLC INTESA SANPAOLO SPA IRISH CONTL GROUP UNITS MEDIASET SPA MELIA HOTELS MOTOR OIL HELLAS CORINTH REFIN.REG SHS* NH HOTELES SA PIAGGIO AND C SPA PRYSMIAN SPA RCS MEDIAGROUP RED ELECTRICA CORPORACION SA SONAE SGPS - REG SHS TITAN CEMENT REG.* TUI AG REG SHS

Norwegian Krone

33,737 HEXAGON COMPOSITES

Pound Sterling

12,000 GVC HOLDINGS PLC 30,154 SOPHOS GROUP PLC

Swiss Franc

650 SULZER AG NOM 309 VAT GROUP SA

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 227

UBAM - EUROPEAN OPPORTUNITIES EQUITY

Geographical classification of investments (by domicile of the issuer) Italy Ireland Portugal Greece Spain Germany Norway Isle of Man United Kingdom Switzerland The Netherlands

% of net assets 22.74 13.76 13.74 13.00 12.04 4.56 2.98 2.59 2.42 2.17 1.19 91.19

Industrial classification of investments % of net assets 14.25 11.73 9.40 7.96 7.69 6.77 6.17 5.35 5.01 3.89 3.31 3.17 1.67 1.65 1.46 1.19 0.52

Communications Hotels and restaurants Transportation Petroleum Real estate companies Banks and credit institutions Utilities Building materials and trade Internet and Internet services Machine and apparatus construction Aerospace industry Holding and finance companies Graphic art and publishing Textiles and garments Miscellaneous trading companies Road vehicles Chemicals

91.19

Page 228

UBAM - EUROPEAN OPPORTUNITIES EQUITY Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

64,227.88

Dividends, net Interest on bank accounts Other income

Note 2

Expenses

63,271.72 5.89 950.27 50,974.50

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

30,005.47 3,549.73 745.16 1,829.62 138.43 15.84 2,097.96 6,773.56 5,371.64 447.09 13,253.38

Net realised gain/(loss) on: - securities portfolio - foreign exchange

Note 2 Note 2

Realised result

-320,256.83 -458.56 -307,462.01

Net variation of the unrealised gain/(loss) on: - securities portfolio

Note 2

Result of operations

-475,033.89 -782,495.90

Subscriptions capitalisation shares Redemptions capitalisation shares

116,161.40 -874,221.61

Total changes in net assets

-1,540,556.11

Total net assets at the beginning of the period

4,681,273.76

Total net assets at the end of the period

3,140,717.65

The accompanying notes are an integral part of these financial statements.

Page 229

UBAM - GCM MIDCAP US EQUITY GROWTH

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

40,683,564.12

Securities portfolio at market value Cash at banks Dividends receivable

Note 2

39,924,902.46 751,310.37 7,351.29

Liabilities

219,808.48

Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

Note 2, 8

37,894.79 181,913.69

Net assets at the end of the period

40,463,755.64

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares Distribution shares

AH EUR shares

Capitalisation shares

AH CHF shares

Capitalisation shares

I shares

Capitalisation shares

IH CHF shares

Capitalisation shares

U shares

Distribution shares

R shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

93,275.061

12,057.573

18,541.711

86,790.923

4,956.000

16.000

0.000

4,972.000

5,214.000

200.000

575.000

4,839.000

1,620.000

0.000

120.000

1,500.000

14,293.730

1,236.370

5,234.525

10,295.575

840.000

0.000

840.000

0.000

1,330.000

3,094.000

0.000

4,424.000

586.198

0.000

156.792

429.406

The accompanying notes are an integral part of these financial statements.

Page 230

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GCM MIDCAP US EQUITY GROWTH Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

AH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

U shares Distribution shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

40,463,755.64

43,809,554.68

63,519,763.13

USD

86,790.923 368.67

93,275.061 362.46

107,802.795 355.63

4,972.000 368.62

4,956.000 362.41

4,760.000 355.59

EUR

4,839.000 262.11

5,214.000 259.47

6,176.000 255.56

CHF

1,500.000 327.48

1,620.000 324.74

1,500.000 321.07

USD

10,295.575 400.51

14,293.730 392.31

53,720.710 382.08

CHF

840.000 329.66

840.000 323.52

USD

4,424.000 102.96

1,330.000 100.98

USD

429.406 330.28

586.198 326.33

914.581 323.39

The accompanying notes are an integral part of these financial statements.

Page 231

UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

1,974 2,980 3,818 8,303 17,594 8,156 4,342 8,582 13,466 8,786 15,525 10,772 14,286 4,199 13,738 3,889 13,665 20,283 12,414 10,792 6,830 9,231 13,091 2,265 8,685 6,142 3,376 9,002 9,184 5,224 7,342 30,871 16,381 6,283 7,716 4,514 3,888 10,674 5,010 14,338 10,969 3,685 5,880 3,430 8,324 3,677 13,203 6,316 11,174 10,143 7,398 11,105 1,767 5,751 9,869

US Dollar

ABIOMED INC ACUITY BRANDS AFFILIATED MANAGERS GROUP ALIGN TECHNOLOGY INC AMPHENOL -AANSYS INC BARD INC BEACON ROOFING SUPPLY INC BROADRIDGE FINANCIAL SOL -W/I CARTER S INC CERNER CORP CHURCH AND DWIGHT CO COGNIZANT TECHNOLOGY SOLUTIONS -ACOOPER COMPANIES INC COPART INC COSTAR GROUP INC DENTSPLY SIRONA INC EAST WEST BANCORP INC FASTENAL CO FISERV INC FORTUNE BRANDS HOME AND SECURITY W.ISS GARTNER GROUP INC -AHAIN CELESTIAL GROUP INC HENRY SCHEIN INC IDEX CORP IDEXX LABS CORP INTERCONEXCH GR INC WI INTUIT J.B. HUNT TRANSPORT SERVICES INC J.M. SMUCKER CO SHS/WHEN ISSUED J2 GLOBAL INC LKQ CORP MANHATTAN ASSOCIATES INC MAXIMUS INC MIDDLEBY CORP O REILLY AUTO PANERA BREAD CO -APAREXEL INTERNATIONAL PERRIGO COMPANY PLC RAYMOND JAMES FINANCIAL INC RED HAT ROPER TECHNOLOGIES SIGNATURE BANK SNAP ON INC STERIS PLC THE ULTIMATE SOFTWARE GROUP INC TRACTOR SUPPLY CO TYLER TECHNOLOGIES INC UNDER ARMOUR INC -AUNDER ARMOUR WHEN ISSUED VARIAN MEDICAL SYTEMS VERISK ANALYTICS INC WASTCO WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP WILLIAMS-SONOMA

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities)

The accompanying notes are an integral part of these financial statements.

Page 232

Market value

% of total net assets

34,129,495.29

39,924,902.46

98.67

34,129,495.29

39,924,902.46

98.67

34,129,495.29 200,956.75 585,307.12 765,447.49 493,464.53 792,825.38 714,805.83 677,974.19 281,597.08 729,449.66 795,504.74 830,455.96 775,109.42 696,799.37 700,807.88 471,444.90 699,714.67 612,275.60 733,855.52 579,976.08 674,460.71 400,512.57 764,274.85 653,081.87 398,479.86 631,494.46 411,293.27 691,617.24 726,204.13 727,362.41 565,592.49 567,223.93 952,427.16 705,794.98 410,839.52 694,303.08 709,864.97 697,639.66 546,078.88 764,633.02 794,856.82 648,516.40 535,580.65 672,858.07 551,427.70 609,268.15 580,709.52 1,003,024.87 661,538.40 316,885.10 288,773.49 571,280.23 725,394.20 240,576.52 426,670.91 671,183.03

39,924,902.46 215,738.46 738,920.80 537,459.86 668,806.65 1,008,664.02 740,157.00 1,021,064.72 390,223.54 877,983.20 935,445.42 909,765.00 1,108,331.08 817,730.64 720,422.43 673,299.38 850,368.74 847,776.60 693,272.94 551,057.46 1,173,414.16 395,935.10 899,191.71 651,277.25 400,452.00 713,038.50 570,346.12 864,120.96 1,004,713.22 743,261.12 796,189.84 463,794.14 978,610.70 1,050,513.53 347,889.71 889,269.00 1,223,745.40 824,022.72 671,181.12 454,256.70 706,863.40 796,349.40 628,513.60 734,529.60 541,322.60 572,275.00 773,236.33 1,203,849.54 1,052,940.36 448,412.62 369,205.20 608,337.54 900,393.40 248,599.23 403,892.73 514,470.97

98.67 0.53 1.83 1.33 1.65 2.49 1.83 2.52 0.96 2.17 2.31 2.25 2.74 2.02 1.78 1.66 2.10 2.10 1.71 1.36 2.90 0.98 2.22 1.61 0.99 1.76 1.41 2.14 2.48 1.84 1.97 1.15 2.42 2.60 0.86 2.20 3.02 2.04 1.66 1.12 1.75 1.97 1.55 1.82 1.34 1.41 1.91 2.98 2.60 1.11 0.91 1.50 2.23 0.61 1.00 1.27

34,129,495.29

39,924,902.46

98.67

751,310.37

1.86

-212,457.19

-0.53

Cost

UBAM - GCM MIDCAP US EQUITY GROWTH Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Total

The accompanying notes are an integral part of these financial statements.

Page 233

Cost

Market value

% of total net assets

40,463,755.64

100.00

UBAM - GCM MIDCAP US EQUITY GROWTH

Geographical classification of investments (by domicile of the issuer) United States of America United Kingdom Ireland

% of net assets 96.14 1.41 1.12 98.67

Industrial classification of investments % of net assets 22.76 15.26 13.95 7.01 6.27 5.62 5.28 4.94 4.08 2.55 2.49 2.25 2.10 1.84 1.41 0.86

Internet and Internet services Pharmaceuticals and cosmetics Holding and finance companies Machine and apparatus construction Retail trade, department stores Foods and non alcoholic drinks Banks and credit institutions Miscellaneous consumer goods Road vehicles Building materials and trade Electronics and semiconductors Healthcare and social services Real estate companies Transportation Biotechnology Miscellaneous services

98.67

Page 234

UBAM - GCM MIDCAP US EQUITY GROWTH Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

83,792.12

Dividends, net Interest on bank accounts

Note 2

Expenses

83,760.33 31.79 428,180.38

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

292,560.88 41,253.45 9,495.30 20,713.56 418.52 2,854.41 14,568.51 40,493.53 1,212.27 4,609.95 -344,388.26

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-747,991.23 62,466.24 433.79 -1,029,479.46

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

1,671,167.37 -15,708.47 625,979.44

Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares

4,698,866.02 316,865.14 -8,987,509.64

Total changes in net assets

-3,345,799.04

Total net assets at the beginning of the period

43,809,554.68

Total net assets at the end of the period

40,463,755.64

The accompanying notes are an integral part of these financial statements.

Page 235

UBAM - GLOBAL EMERGING EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

40,262,144.24

Note 2

38,897,114.74 1,117,568.75 9.46 110.91 132.26 246,069.59 1,138.53

Liabilities

238,993.97

Bank liabilities Interest payable on bank liabilities and expenses payable

39,618.24 199,375.73

Net assets at the end of the period

40,023,150.27

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

Capitalisation shares

20,597.925

5,927.000

6,618.057

19,906.868

Distribution shares

37,520.454

1,585.000

8,448.993

30,656.461

79,043.246

8,196.000

19,314.257

67,924.989

185,553.428

604.299

22,855.450

163,302.277

2,631.000

11.000

0.000

2,642.000

4,967.563

0.000

460.000

4,507.563

300.000

0.000

300.000

Capitalisation shares

4,650.000

28,546.844

0.000

33,196.844

Distribution shares

4,357.248

180.000

700.008

3,837.240

20,145.000

0.000

2,950.000

17,195.000

950.000

0.000

475.000

12,221.535

0.000

1,063.765

11,157.770

A shares

A EUR shares

Capitalisation shares

AP shares

Capitalisation shares Distribution shares

AP EUR shares

Capitalisation shares

AP CHF shares

Capitalisation shares

I shares

IP shares

Capitalisation shares

IP EUR shares

Capitalisation shares

RP shares

Capitalisation shares

The accompanying notes are an integral part of these financial statements.

Page 236

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL EMERGING EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

A EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AP shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

AP EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AP CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

40,023,150.27

40,270,004.80

42,519,727.27

USD

19,906.868 301.92

20,597.925 281.69

23,580.704 339.13

30,656.461 301.99

37,520.454 281.75

46,099.036 339.20

EUR

67,924.989 92.03

79,043.246 87.81

88,836.051 94.90

USD

163,302.277 68.93

185,553.428 64.35

2,642.000 63.15

2,631.000 58.96

EUR

4,507.563 62.15

4,967.563 59.23

CHF

300.000 67.32

300.000 64.46

USD

33,196.844 81.99

4,650.000 76.21

73,250.000 90.85

3,837.240 343.78

4,357.248 319.57

5,326.269 380.96

USD

17,195.000 72.22

20,145.000 67.25

The accompanying notes are an integral part of these financial statements.

Page 237

UBAM - GLOBAL EMERGING EQUITY Key figures relating to the last 3 years Period/Year ended as at:

Total net assets IP EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

R shares Capitalisation shares Number of shares outstanding Net asset value per share

RP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

40,023,150.27

40,270,004.80

42,519,727.27

EUR

475.000 64.66

950.000 61.41

USD

10.000 100.00

USD

11,157.770 66.13

12,221.535 61.92

The accompanying notes are an integral part of these financial statements.

Page 238

UBAM - GLOBAL EMERGING EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Market value

% of total net assets

34,339,583.00

35,795,823.33

89.44

34,339,583.00

35,795,823.33

89.44

BRL BRL BRL BRL BRL

1,202,762.90 271,218.07 360,469.42 36,777.60 302,213.41 232,084.40

1,417,016.28 310,603.42 358,347.82 43,542.80 386,144.80 318,377.44

3.54 0.78 0.90 0.11 0.95 0.80

CLP

312,057.31 312,057.31

311,736.59 311,736.59

0.78 0.78

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

5,810,212.59 533,552.72 278,088.27 506,742.04 1,287,931.23 347,527.22 271,089.77 356,070.72 432,332.14 473,241.73 393,529.67 377,392.15 552,714.93

5,723,469.71 488,084.82 311,834.76 458,374.67 1,190,581.81 323,064.52 216,263.18 326,524.20 447,646.32 519,384.30 443,897.91 289,595.65 708,217.57

14.29 1.22 0.78 1.15 2.96 0.81 0.54 0.82 1.12 1.30 1.11 0.72 1.76

INR INR

852,289.14 404,652.35 447,636.79

907,688.73 432,488.67 475,200.06

2.27 1.08 1.19

IDR IDR IDR IDR IDR IDR

2,299,067.50 513,792.13 327,738.78 386,497.72 297,344.97 393,645.51 380,048.39

2,547,466.64 572,678.88 304,356.66 410,060.53 332,680.17 577,307.07 350,383.33

6.36 1.43 0.76 1.02 0.83 1.44 0.88

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

5,119,518.68 162,686.64 196,452.72 224,153.81 216,729.64 290,861.94 388,750.79 174,410.56 276,763.52 228,471.47 417,453.29 325,839.38 293,824.11 781,668.46 394,156.85 389,422.50 357,873.00

5,293,253.09 171,335.66 140,178.44 263,824.25 239,845.00 302,719.07 405,615.27 177,106.72 302,219.53 142,668.56 490,604.10 408,131.22 277,175.30 831,358.16 409,790.29 396,164.04 334,517.48

13.23 0.43 0.35 0.66 0.60 0.76 1.01 0.44 0.76 0.36 1.23 1.02 0.69 2.07 1.02 0.99 0.84

MYR MYR MYR MYR MYR

2,380,216.50 332,671.68 363,246.95 625,999.44 477,854.22 580,444.21

2,407,603.87 336,344.90 346,409.13 650,755.06 414,125.29 659,969.49

6.02 0.84 0.87 1.63 1.03 1.65

MXN MXN MXN MXN MXN

1,639,373.05 309,792.61 393.33 355,736.72 605,542.66 367,907.73

1,703,156.87 300,479.77 454.61 381,810.71 615,712.06 404,699.72

4.26 0.75 0.00 0.95 1.55 1.01

PLN

1,048,853.86 362,470.52

911,174.39 355,614.57

2.28 0.89

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

35,400 60,297 15,000 162,992 75,000

Brazilian Real

BB SEGURIDADE BRASKEM SA PREF SHS -ACYRELA COMMERCIAL PROPERTIES ITAUSA INVESTIMENTOS ITAU SA-PREF KROTON EDUCACIONAL SA

Chilean Peso

35,450 EMPRESAS COPEC SA 1,338,000 288,000 755,000 1,804,000 708,000 428,000 1,162,000 361,000 1,236,000 93,200 477,000 31,200

Hong Kong Dollar

AGRICULTURAL BANK OF CHINA -HBEIJING CAP. INTERNATIONAL AIRPORT -HCHINA CITIC BANK CORPORATION -HCHINA CONSTRUCTION BANK CORPORATION -HCHINA EVERBRIGHT BANK CO LTD CHONGQING RURAL -HCN JINMAO HOLDINGS CNOOC LTD -RCCOUNTRY GARDEN HOLDINGS SINOPHARM GROUP CO LTD SJM HOLDINGS LTD TENCENT HLDG

Indian Rupee

8,632 DR REDDY'S LABORATORIES LTD 87,062 ITC DEMATERIALISED 1,455,100 238,300 747,300 2,872,900 1,916,500 312,800 799 20,008 2,908 2,219 2,703 1,854 18,296 8,348 2,536 9,356 3,444 5,012 672 399 14,084 1,788

Indonesian Rupiah

BANK NEGARA INDONESIA INDOCEMENT TUNGGAL PRAKARSA INDOFOOD SUKSES MAKMUR TBK KALBE FARMA TELKOM INDONESIA -BUNITED TRACTORS

Korean Won

AMOREPACIFIC CORP PFD SHS NON.VTG BNK FINANCIAL GROUP INC COWAY HYOSUNG CORP HYUNDAI DEPARTMENT STORE SHS HYUNDAI MOBIS INDUSTRIAL BANK OF KOREA KANGWON LAND KEPCO PLANT SERVICE ENGINEERING CO LTD KOREA ELECTRIC POWER CORP KT & G CORP-SHS. LG CORP SAMSUNG ELECTRONICS CO LTD SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG SK HYNIX INC SK TELEKOM

Malaysian Ringgit

305,400 26,500 322,300 223,800 188,700

AMMB HOLDING BHD BRITISH AMERICAN TOBACCO (M) BHD MALAYAN BANKING BHD MISC TENAGA NASIONAL BHD

176,100 64 46,456 263,621 39,753

ALFA SAB DE CV -AARCA CONTINENT COCA COLA FEMSA -L- (KOFL) GMEXICO -BGRUPO AEROPORTUARIO DEL PACIFICO SAB-B-

Mexican Peso

New Polish Zloty

64,033 CYFROWY POLSAT SA

The accompanying notes are an integral part of these financial statements.

Page 239

Cost

UBAM - GLOBAL EMERGING EQUITY Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

74,246 ENERGA 52,380 POWSZECHNY ZAKLAD UBEZPIECZEN 43,000 944,000 218,000 264,000 136,000 37,000 138,000 144,000 184,000 567,000 149,000

New Taiwan Dollar

CATCHER TECHNOLOGY CHINATRUST FINANCIAL HLDGS HON HAI PRECISION INDUSTRY CO LTD LITE-ON TECHNOLOGY CORP PEGATRON PHISON ELECTRONICS RADIANT OPTO-ELECTRONICS CORP RUENTEX INDUSTRIES LTD TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TECO EL.MACHINERY ZHEN DING TEH

Philippine Peso

977,200 ALLIANCE GLOBAL GROUP 2,247,300 ENERGY DEVELOPMENT 12,120 PHILIPPINE LONG DISTANCE TEL. 10,320 2,737 109,640 314,556 37,149

Russian Ruble

BASHNEFT PREF SHS RUB MAGNIT JSC MOBILE TELESYSTEMS NOVOLIPETSK STEEL TATNEFT PREF.SHS

Singapore Dollar

748,600 THAI BEVERAGE PUBLIC CO LTD 30,117 27,763 48,344 138,078 78,869 86,080 91,954

South African Rand

HYPROP INVESTMENT LIMITED IMPERIAL HOLDINGS LTD LIBERTY HOLDINGS LIFE HEALTHCARE GROUP HOLDINGS LIMITED NETCARE LTD RMB HOLDINGS LTD SAPPI LTD

Thai Bath

284,700 PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD 113,900 SIAM COMMERCIAL BANK PUBLIC CO LTD 620,600 THAI UNION GRP

Turkish Lira

103,146 EREGLI DEMIR VE CELIK 50,304 TAV HAVALIMALARI HOLDING AS 205,822 TURKIYE IS BANKASI AS 41,200 31,000 12,200 8,127 20,273 17,481 16,261

US Dollar

AMERICA MOVIL SHS -L- ADR REPR.20 SHS BRF ADR REPR 1 SHS CERVECERIAS ADR REPR 2 SHS CHILE SP ADR.REPR.600 SER WHEN ISSUED ITAU ADR REPR 1500 SHS PHOSAGRO GDR REPR SHS REG S SOQUIMICH SPONSORED ADR REPR 1 -B- PREF

Pound Sterling

15,000 ISHARES III PLC MSCI GCC CTRY EX SAUDI

178,053.16 377,506.66

0.44 0.95

TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD

4,083,494.80 303,514.68 412,836.64 494,333.15 263,905.57 308,736.78 260,062.27 275,576.28 223,709.52 778,181.80 438,558.61 324,079.50

4,432,135.04 316,578.20 493,083.91 557,518.61 360,903.79 285,836.40 317,709.66 214,749.29 216,051.25 926,872.76 476,322.70 266,508.47

11.07 0.79 1.23 1.39 0.90 0.71 0.79 0.54 0.54 2.32 1.19 0.67

PHP PHP PHP

1,196,776.72 379,824.13 296,575.47 520,377.12

1,124,941.32 307,403.49 263,671.84 553,865.99

2.81 0.77 0.66 1.38

RUB RUB RUB RUB RUB

1,526,303.75 261,708.76 373,645.13 419,975.79 360,262.25 110,711.82

1,621,888.98 307,204.71 386,142.69 417,173.29 408,721.90 102,646.39

4.05 0.77 0.96 1.04 1.02 0.26

SGD

359,406.02 359,406.02

506,141.46 506,141.46

1.26 1.26

ZAR ZAR ZAR ZAR ZAR ZAR ZAR

2,037,148.23 188,683.83 235,792.05 411,923.37 360,005.09 161,075.22 289,517.93 390,150.74

2,219,679.71 267,115.07 283,374.29 399,428.38 341,306.08 167,916.51 330,625.05 429,914.33

5.55 0.67 0.71 1.00 0.85 0.42 0.83 1.07

THB THB THB

1,169,969.48 434,083.13 426,475.32 309,411.03

1,319,116.52 480,036.07 450,543.34 388,537.11

3.30 1.20 1.13 0.97

TRY TRY TRY

748,666.05 134,872.96 265,328.07 348,465.02

687,695.47 145,627.32 215,690.01 326,378.14

1.72 0.36 0.54 0.82

USD USD USD USD USD USD USD

2,553,466.42 502,767.72 450,445.50 271,301.46 497,690.95 265,523.65 265,297.77 300,439.37

2,661,658.66 505,112.00 431,830.00 284,748.00 521,265.78 258,886.21 257,844.75 401,971.92

6.65 1.26 1.08 0.71 1.31 0.65 0.64 1.00

3,064,651.13

3,101,291.41

7.75

3,064,651.13

3,101,291.41

7.75

EUR

2,523,549.60 2,523,549.60

2,581,041.16 2,581,041.16

6.45 6.45

GBP

541,101.53 541,101.53

520,250.25 520,250.25

1.30 1.30

37,404,234.13

38,897,114.74

97.19

1,077,950.51

2.69

48,085.02

0.12

40,023,150.27

100.00

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 240

% of total net assets

188,446.23 497,937.11

Investment funds (UCITS) Euro

Market value

PLN PLN

Open-ended investment funds

170,328 LYXOR ETF MSCI INDIA FCP PARTS A CAP/DIS

Cost

UBAM - GLOBAL EMERGING EQUITY

Geographical classification of investments (by domicile of the issuer) South Korea Taiwan China France Indonesia Malaysia South Africa Mexico Thailand Russia Brazil Chile Hong Kong Philippines Cayman Islands Poland India Turkey Ireland

% of net assets 13.23 9.69 8.57 6.45 6.36 6.02 5.55 5.52 5.27 4.69 4.62 4.45 3.96 2.81 2.43 2.28 2.27 1.72 1.30 97.19

Page 241

UBAM - GLOBAL EMERGING EQUITY

Industrial classification of investments % of net assets 14.93 8.18 7.75 6.85 5.73 5.05 5.03 4.39 4.07 3.98 3.56 3.45 2.93 2.93 2.90 2.05 1.89 1.76 1.65 1.64 1.48 1.14 1.07 0.90 0.76 0.76 0.36 -

Banks and credit institutions Electronics and semiconductors Investment funds Communications Electrical engineering and electronics Tobacco and alcoholic drinks Petroleum Holding and finance companies Transportation Utilities Insurance Pharmaceuticals and cosmetics Coal mining and steel industry Foods and non alcoholic drinks Real estate companies Agriculture and fishery Road vehicles Internet and Internet services Healthcare and social services Chemicals Hotels and restaurants Textiles and garments Paper and forest products Office supplies and computing Retail trade, department stores Building materials and trade Miscellaneous services Packaging industries

97.19

Page 242

UBAM - GLOBAL EMERGING EQUITY Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

708,489.99

Dividends, net Interest on bank accounts Other income

Note 2

Expenses

702,753.30 1,880.68 3,856.01 521,536.90

Note 3 Note 5 Note 4

Note 2 Note 6, 7

Net investment income

272,121.97 40,908.98 9,352.84 20,287.52 27,723.63 412.90 3,233.18 5,950.62 96,987.59 38,984.47 1,202.56 4,370.64 186,953.09

Net realised gain/(loss) on: - securities portfolio - futures contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-509,426.95 -171,579.60 -325,773.77 -819,827.23

Net variation of the unrealised gain/(loss) on: - securities portfolio - futures contracts

Note 2 Note 2

Result of operations

3,684,765.64 -17,040.00 2,847,898.41

Subscriptions capitalisation shares Subscriptions distribution shares Redemptions capitalisation shares Redemptions distribution shares

4,496,084.12 520,139.81 -5,507,994.59 -2,602,982.28

Total changes in net assets

-246,854.53

Total net assets at the beginning of the period

40,270,004.80

Total net assets at the end of the period

40,023,150.27

The accompanying notes are an integral part of these financial statements.

Page 243

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH*

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in USD

Assets

14,425,033.08

Securities portfolio at market value Cash at banks Interest receivable on bonds and other debt securities Dividends receivable

Note 2

13,935,465.57 478,401.24 0.53 11,165.74

Liabilities

62,368.71

Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

Note 2, 8

5,672.10 56,696.61

Net assets at the end of the period

14,362,664.37

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

A shares

Capitalisation shares

A EUR shares

Capitalisation shares

AP shares

Capitalisation shares

APH EUR shares

Capitalisation shares

I shares

Capitalisation shares

IP shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

93,082.418

3,135.000

29,215.739

67,001.679

11,980.000

0.000

5,392.000

6,588.000

42,246.000

110.000

10,223.000

32,133.000

6,322.000

0.000

250.000

6,072.000

41,837.000

30.000

15,900.000

25,967.000

33,740.000

0.000

16,542.000

17,198.000

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 244

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH* Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share

A EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

AP shares Capitalisation shares Number of shares outstanding Net asset value per share

APH EUR shares Capitalisation shares Number of shares outstanding Net asset value per share

I shares Capitalisation shares Number of shares outstanding Net asset value per share

IP shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

USD

14,362,664.37

22,666,382.38

USD

67,001.679 91.26

93,082.418 97.55

EUR

6,588.000 93.59

11,980.000 102.31

USD

32,133.000 91.87

42,246.000 97.97

EUR

6,072.000 92.22

6,322.000 99.23

USD

25,967.000 92.23

41,837.000 98.23

USD

17,198.000 92.69

33,740.000 98.54

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 245

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Market value

% of total net assets

13,675,522.84

13,607,115.19

94.74

13,675,522.84

13,607,115.19

94.74

DKK DKK

486,023.34 165,745.90 320,277.44

466,905.43 138,632.40 328,273.03

3.25 0.97 2.28

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

3,342,903.11 305,497.26 311,747.36 174,955.95 262,206.68 94,575.16 365,498.05 349,534.34 354,242.43 252,795.88 342,750.73 284,937.33 244,161.94

3,094,216.20 255,137.00 321,262.74 140,498.62 190,563.03 79,276.39 386,168.61 334,052.78 358,472.46 207,918.10 291,760.87 282,121.82 246,983.78

21.54 1.78 2.24 0.98 1.33 0.55 2.68 2.33 2.49 1.45 2.03 1.96 1.72

HKD HKD

763,210.28 445,312.99 317,897.29

912,556.22 328,117.40 584,438.82

6.35 2.28 4.07

NOK NOK

318,736.20 242,239.57 76,496.63

246,792.09 175,905.15 70,886.94

1.72 1.23 0.49

GBP GBP GBP

622,460.77 187,244.98 134,307.96 300,907.83

524,540.43 151,042.41 84,712.41 288,785.61

3.65 1.05 0.59 2.01

CHF CHF

369,199.14 186,936.73 182,262.41

413,963.09 198,314.28 215,648.81

2.88 1.38 1.50

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

7,772,990.00 275,628.70 501,600.71 344,863.64 314,289.40 362,156.07 312,661.02 339,959.70 560,300.23 227,440.44 142,042.10 114,230.91 292,613.99 351,204.90 451,395.60 241,052.40 329,928.45 570,192.12 477,771.49 336,611.95 297,820.53 410,259.40 291,949.64 227,016.61

7,948,141.73 180,043.92 586,900.80 451,556.22 351,283.68 432,834.57 194,423.28 345,069.27 467,013.05 262,489.80 154,066.88 124,466.58 318,155.52 400,946.60 476,345.10 230,820.46 423,378.02 558,652.64 350,849.36 360,071.82 342,051.67 448,357.65 253,353.80 235,011.04

55.35 1.25 4.10 3.14 2.45 3.01 1.35 2.40 3.25 1.83 1.07 0.87 2.22 2.79 3.32 1.61 2.95 3.89 2.44 2.51 2.38 3.12 1.76 1.64

313,339.73

328,350.38

2.29

313,339.73

328,350.38

2.29

313,339.73 313,339.73

328,350.38 328,350.38

2.29 2.29

13,988,862.57

13,935,465.57

97.03

478,401.24

3.33

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

Danish Krone

5,293 DANSKE BANK 6,139 NOVO NORDISK 1,797 2,459 747 3,205 4,273 3,173 2,861 1,876 7,361 6,697 2,766 5,634

Euro

ALLIANZ SE REG SHS ANHEUSER-BUSCH INBEV NV CONTINENTAL AG DAIMLER AG REG SHS EDAG ENGINEERING GRP HENKEL AG & CO KGAA INGENICO GROUP L'OREAL SA NORDEX AG NACH KAPITALHERABSETZUNG PROSIEBENSAT.1 NAMEN-AKT SIEMENS AG REG SHS WIRECARD AG

Hong Kong Dollar

376,000 PAX GLOBAL TECH 167,000 SUNNY OPTI TECH SHS 14,816 DNB 6,244 XXL

Norwegian Krone

Pound Sterling

27,558 BT GROUP PLC 35,264 ITV PLC 39,457 3I GROUP PLC

Swiss Franc

525 GEBERIT AG 343 GURIT HEBERLEIN 1,542 848 631 3,216 10,017 804 3,241 4,735 1,587 2,768 1,142 2,784 3,140 3,927 6,274 1,706 6,344 8,114 3,357 4,429 6,045 2,590 1,342

US Dollar

ALEXION PHARMACEUTICALS ALPHABET -CAMAZON.COM INC AON AT AND T INC BIOGEN IDEC INC CARTER S INC CELGENE CORP CONSTELLATION BRANDS INC -ACYRUSONE INC DIGITAL REALTY TRUST INC FACEBOOK -AHOME DEPOT INC JOHNSON AND JOHNSON KROGER CO LOCKHEED MARTIN CORP MASTERCARD INC -AMYLAN NV S&P GLOBAL TJX COS INC VISA INC -AWALT DISNEY CO 3M CO

Open-ended investment funds Investment funds (UCITS) Euro

10,053 DB X-TRACKERS MSCI BRA TRN IDX -1C- CAP

EUR

Total investments in securities Cash at banks/(bank liabilities) * Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 246

Cost

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH* Statement of investments and other net assets as at 30/06/2016 Expressed in USD Number/ nom. value

Description

Currency

Other net assets/(liabilities) Total

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 247

Cost

Market value

% of total net assets

-51,202.44

-0.36

14,362,664.37

100.00

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH*

Geographical classification of investments (by domicile of the issuer) United States of America Germany United Kingdom France Cayman Islands Switzerland Denmark The Netherlands Luxembourg Bermuda Belgium Norway

% of net assets 50.46 13.93 6.10 4.82 4.07 3.43 3.25 2.44 2.29 2.28 2.24 1.72 97.03

Industrial classification of investments % of net assets 10.41 8.09 8.04 6.85 6.30 6.09 5.85 4.65 4.61 4.32 4.23 4.07 4.07 3.12 2.95 2.29 1.96 1.94 1.88 1.50 1.45 1.38 0.98

Retail trade, department stores Pharmaceuticals and cosmetics Internet and Internet services Holding and finance companies Graphic art and publishing Banks and credit institutions Biotechnology Communications Electronics and semiconductors Miscellaneous consumer goods Insurance Photographics and optics Tobacco and alcoholic drinks Miscellaneous services Aerospace industry Investment funds Electrical engineering and electronics Real estate companies Road vehicles Chemicals Utilities Building materials and trade Tires and rubber

97.03 * Please refer to Note 18

Page 248

UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH* Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in USD

Income

150,448.90

Dividends, net Interest on bank accounts

Note 2

Expenses

150,411.66 37.24 185,888.69

Note 3 Note 5

Note 2 Note 6, 7

Net investment loss

102,750.69 17,436.91 2,990.78 8,995.78 159.16 330.58 2,911.19 35,613.00 13,849.01 851.59 -35,439.79

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-1,239,955.32 38,716.41 -139,663.56 -1,376,342.26

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

-66,511.66 -22,110.94 -1,464,964.86

Subscriptions capitalisation shares Redemptions capitalisation shares

296,369.15 -7,135,122.30

Total changes in net assets

-8,303,718.01

Total net assets at the beginning of the period

22,666,382.38

Total net assets at the end of the period

14,362,664.37

* Please refer to Note 18 The accompanying notes are an integral part of these financial statements.

Page 249

UBAM - GLOBAL EQUITY INCOME

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in EUR

Assets

2,496,592.25

Securities portfolio at market value Cash at banks Dividends receivable Unrealised gain on forward foreign exchange contracts

Note 2

2,301,414.77 163,699.82 7,530.76 23,946.90

Note 2, 8

Liabilities

11,233.72

Interest payable on bank liabilities and expenses payable

11,233.72

Net assets at the end of the period

2,485,358.53

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016 Shares outstanding as at 01/01/2016

Shares issued

700.000

0.000

700.000

2,795.000

0.000

2,795.000

1,871.285

350.000

400.000

1,821.285

Capitalisation shares

8,700.000

0.000

8,700.000

Distribution shares

1,612.000

0.000

1,612.000

0.000

13,908.000

950.000

3,600.000

11,258.000

A shares

Capitalisation shares Distribution shares

AH CHF shares

Capitalisation shares

A USD shares

AH USD shares

Capitalisation shares

The accompanying notes are an integral part of these financial statements.

Page 250

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - GLOBAL EQUITY INCOME Key figures relating to the last 3 years Period/Year ended as at:

Total net assets A shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH CHF shares Capitalisation shares Number of shares outstanding Net asset value per share

A USD shares Capitalisation shares Number of shares outstanding Net asset value per share Distribution shares Number of shares outstanding Net asset value per share Dividend per share

AH USD shares Capitalisation shares Number of shares outstanding Net asset value per share

IH SEK shares Capitalisation shares Number of shares outstanding Net asset value per share

30/06/2016

31/12/2015

30/06/2014

EUR

2,485,358.53

2,859,503.13

1,776,681.21

EUR

700.000 112.37

700.000 109.69

700.000 99.98

2,795.000 113.79 0.65

2,795.000 111.74 -

3,235.000 101.84 -

CHF

1,821.285 102.74

1,871.285 100.62

USD

8,700.000 98.26

8,700.000 93.79

4,115.000 95.23

1,612.000 90.80 -

1,700.000 92.19 -

USD

11,258.000 113.11

13,908.000 110.23

10,895.000 101.48

SEK

92.000 1,046.63

The accompanying notes are an integral part of these financial statements.

Page 251

UBAM - GLOBAL EQUITY INCOME Statement of investments and other net assets as at 30/06/2016 Expressed in EUR Number/ nom. value

Description

Cost

Market value

% of total net assets

2,126,895.07

2,301,414.77

92.60

2,126,895.07

2,301,414.77

92.60

AUD

50,870.28 50,870.28

55,626.09 55,626.09

2.24 2.24

EUR EUR EUR EUR EUR EUR

547,779.41 92,366.04 83,935.06 88,657.28 63,088.74 91,196.87 128,535.42

535,727.04 77,191.20 88,958.40 91,144.09 62,386.34 96,925.53 119,121.48

21.56 3.11 3.58 3.67 2.51 3.90 4.79

GBP GBP

180,476.04 106,120.98 74,355.06

205,524.59 127,215.80 78,308.79

8.27 5.12 3.15

CHF CHF CHF CHF CHF CHF

519,895.20 73,265.47 104,167.52 90,754.82 95,146.07 76,704.31 79,857.01

520,642.94 82,802.60 111,721.66 81,979.16 94,413.66 76,582.74 73,143.12

20.95 3.33 4.50 3.30 3.80 3.08 2.94

USD USD USD USD USD USD USD USD USD USD

827,874.14 88,561.23 102,864.98 63,320.83 88,538.26 80,851.10 77,710.72 93,717.76 76,227.07 93,364.34 62,717.85

983,894.11 128,863.55 125,746.37 82,740.00 97,994.97 101,358.26 92,371.21 104,991.13 75,140.10 100,658.86 74,029.66

39.58 5.18 5.06 3.33 3.94 4.08 3.72 4.22 3.02 4.05 2.98

2,126,895.07

2,301,414.77

92.60

163,699.82

6.59

20,243.94

0.81

2,485,358.53

100.00

Currency

Transferable securities admitted to official stock exchange listing and/or dealt in on another regulated market Shares

Australian Dollar

14,927 TELSTRA CORP 604 2,586 3,338 4,257 1,209 2,746

Euro

ALLIANZ SE REG SHS ELISA CORPORATION -AENAGAS ORANGE RED ELECTRICA CORPORACION SA TOTAL SA

Pound Sterling

2,183 BRITISH AMERICAN TOBACCO PLC 4,056 GLAXOSMITHKLINE PLC

Swiss Franc

1,315 1,609 1,107 399 978 164

GE MONEY BANK AG NESTLE SA REG SHS NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SWISS RE NAMEN AKT SWISSCOM SHS NOM

2,076 3,233 3,830 1,269 3,577 846 470 1,449 3,176 1,525

ALTRIA GROUP AT AND T INC CENTERPOINT ENERGY DUKE ENERGY CORP GENERAL ELECTRIC CO JOHNSON AND JOHNSON LOCKHEED MARTIN CORP MERCK AND CO PFIZER INC REYNOLDS AMERICAN

US Dollar

Total investments in securities Cash at banks/(bank liabilities) Other net assets/(liabilities) Total

The accompanying notes are an integral part of these financial statements.

Page 252

UBAM - GLOBAL EQUITY INCOME

Geographical classification of investments (by domicile of the issuer) United States of America Switzerland United Kingdom Spain France Finland Germany Australia

% of net assets 39.58 20.95 8.27 7.57 7.30 3.58 3.11 2.24 92.60

Industrial classification of investments % of net assets 21.04 16.33 13.28 10.90 6.19 4.79 4.50 4.22 4.08 3.94 3.33

Pharmaceuticals and cosmetics Communications Tobacco and alcoholic drinks Utilities Insurance Petroleum Foods and non alcoholic drinks Aerospace industry Electrical engineering and electronics Holding and finance companies Banks and credit institutions

92.60

Page 253

UBAM - GLOBAL EQUITY INCOME Statement of operations and other changes in net assets from 01/01/2016 to 30/06/2016 Expressed in EUR

Income

56,600.92

Dividends, net Interest on bank accounts

Note 2

Expenses

56,584.34 16.58 39,562.13

Note 3 Note 5

Note 2 Note 6, 7

Net investment income

18,688.80 2,532.73 620.23 1,276.58 23.81 84.76 2,163.67 9,270.53 4,699.23 201.79 17,038.79

Net realised gain/(loss) on: - securities portfolio - forward foreign exchange contracts - foreign exchange

Note 2 Note 2 Note 2

Realised result

-31,330.90 -40,892.10 -1,290.16 -56,474.37

Net variation of the unrealised gain/(loss) on: - securities portfolio - forward foreign exchange contracts

Note 2 Note 2

Result of operations

51,050.87 15,081.11 9,657.61

Dividends paid Subscriptions capitalisation shares Redemptions capitalisation shares Redemptions distribution shares

Note 14

Total changes in net assets

-1,816.75 120,515.37 -372,298.00 -130,202.83 -374,144.60

Total net assets at the beginning of the period

2,859,503.13

Total net assets at the end of the period

2,485,358.53

The accompanying notes are an integral part of these financial statements.

Page 254

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY

Financial Statements as at 30/06/2016 Statement of net assets as at 30/06/2016 Expressed in JPY

Assets

5,337,994,676

Securities portfolio at market value Cash at banks Dividends receivable

Note 2

5,254,053,000 76,481,266 7,460,410

Liabilities

115,274,072

Bank liabilities Unrealised loss on forward foreign exchange contracts Interest payable on bank liabilities and expenses payable

8,630,948 89,054,296 17,588,828

Note 2, 8

Net assets at the end of the period

5,222,720,604

Changes in number of shares outstanding from 01/01/2016 to 30/06/2016

AP shares

Capitalisation shares

APH EUR shares

Capitalisation shares

APH CHF shares

Capitalisation shares

APH USD shares

Capitalisation shares

APH GBP shares

Capitalisation shares

IP shares

Capitalisation shares

IPH EUR shares

Capitalisation shares

IPH USD shares

Capitalisation shares

UP shares

Capitalisation shares

R shares

Capitalisation shares

RH EUR shares

Capitalisation shares

Shares outstanding as at 01/01/2016

Shares issued

13,059.000

682.000

5,475.000

8,266.000

13,526.718

3,600.000

10,733.000

6,393.718

22,536.000

1,000.000

3,820.000

19,716.000

12,940.284

4,972.000

9,351.399

8,560.885

4,234.301

0.000

195.244

4,039.057

236,580.000

0.000

9,580.000

227,000.000

127,329.801

8,647.305

31,964.370

104,012.736

47,172.649

6,397.514

14,721.220

38,848.943

2,484.000

0.000

2,134.000

350.000

70.129

9.813

4.090

75.852

0.000

24.750

0.000

24.750

The accompanying notes are an integral part of these financial statements.

Page 255

Shares redeemed

Shares outstanding as at 30/06/2016

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY Key figures relating to the last 3 years Period/Year ended as at: