r.c.s. luxembourg b 35 412 - fundstore · 2013. 3. 4. · unaudited semi-annual report as at 30th...

Unaudited semi-annual report as at 30th June 2012

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 respectively 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 ....................................................................................................................................................8

Consolidated statement of net assets.........................................................................................................11 Consolidated statement of operations and other changes in net assets ................................................12 UBAM - DYNAMIC US DOLLAR BOND ........................................................................................................14

Statement of net assets...............................................................................................................................14 Changes in number of shares outstanding ..................................................................................................14 Key figures...................................................................................................................................................15 Statement of investments and other net assets...........................................................................................16 Geographical and industrial classification of investments ...........................................................................18 Statement of operations and other changes in net assets...........................................................................19

UBAM - DYNAMIC EURO BOND...................................................................................................................20 Statement of net assets...............................................................................................................................20 Changes in number of shares outstanding ..................................................................................................20 Key figures...................................................................................................................................................21 Statement of investments and other net assets...........................................................................................22 Geographical and industrial classification of investments ...........................................................................24 Statement of operations and other changes in net assets...........................................................................25

UBAM - YIELD CURVE US DOLLAR BOND.................................................................................................26 Statement of net assets...............................................................................................................................26 Changes in number of shares outstanding ..................................................................................................26 Key figures...................................................................................................................................................27 Statement of investments and other net assets...........................................................................................28 Geographical and industrial classification of investments ...........................................................................29 Statement of operations and other changes in net assets...........................................................................30

UBAM - YIELD CURVE EURO BOND ...........................................................................................................31 Statement of net assets...............................................................................................................................31 Changes in number of shares outstanding ..................................................................................................31 Key figures...................................................................................................................................................32 Statement of investments and other net assets...........................................................................................33 Geographical and industrial classification of investments ...........................................................................35 Statement of operations and other changes in net assets...........................................................................36

UBAM - YIELD CURVE STERLING BOND ...................................................................................................37 Statement of net assets...............................................................................................................................37 Changes in number of shares outstanding ..................................................................................................37 Key figures...................................................................................................................................................37 Statement of investments and other net assets...........................................................................................38 Geographical and industrial classification of investments ...........................................................................39 Statement of operations and other changes in net assets...........................................................................40

UBAM - GLOBAL BOND (CHF).....................................................................................................................41 Statement of net assets...............................................................................................................................41 Changes in number of shares outstanding ..................................................................................................41 Key figures...................................................................................................................................................42 Statement of investments and other net assets...........................................................................................43 Geographical and industrial classification of investments ...........................................................................44 Statement of operations and other changes in net assets...........................................................................45

UBAM - CORPORATE US DOLLAR BOND..................................................................................................46 Statement of net assets...............................................................................................................................46 Changes in number of shares outstanding ..................................................................................................46 Key figures...................................................................................................................................................47 Statement of investments and other net assets...........................................................................................48 Geographical and industrial classification of investments ...........................................................................51 Statement of operations and other changes in net assets...........................................................................53

UBAM

Contents (continued)

UBAM - CORPORATE EURO BOND ............................................................................................................54 Statement of net assets...............................................................................................................................54 Changes in number of shares outstanding ..................................................................................................54 Key figures...................................................................................................................................................55 Statement of investments and other net assets...........................................................................................56 Geographical and industrial classification of investments ...........................................................................59 Statement of operations and other changes in net assets...........................................................................60

UBAM - ABSOLUTE RETURN (USD)............................................................................................................61 Changes in number of shares outstanding ..................................................................................................61 Key figures...................................................................................................................................................61 Statement of operations and other changes in net assets...........................................................................62

UBAM - ABSOLUTE RETURN (EURO).........................................................................................................63 Changes in number of shares outstanding ..................................................................................................63 Key figures...................................................................................................................................................63 Statement of operations and other changes in net assets...........................................................................64

UBAM - EMERGING MARKET BOND...........................................................................................................65 Statement of net assets...............................................................................................................................65 Changes in number of shares outstanding ..................................................................................................65 Key figures...................................................................................................................................................66 Statement of investments and other net assets...........................................................................................67 Geographical and industrial classification of investments ...........................................................................70 Statement of operations and other changes in net assets...........................................................................72

UBAM - LOCAL CURRENCY EMERGING MARKET BOND ........................................................................73 Statement of net assets...............................................................................................................................73 Changes in number of shares outstanding ..................................................................................................73 Key figures...................................................................................................................................................74 Statement of investments and other net assets...........................................................................................75 Geographical and industrial classification of investments ...........................................................................77 Statement of operations and other changes in net assets...........................................................................78

UBAM - EMERGING MARKET CORPORATE BOND...................................................................................79 Statement of net assets...............................................................................................................................79 Changes in number of shares outstanding ..................................................................................................79 Key figures...................................................................................................................................................80 Statement of investments and other net assets...........................................................................................82 Geographical and industrial classification of investments ...........................................................................86 Statement of operations and other changes in net assets...........................................................................88

UBAM - GLOBAL HIGH YIELD SOLUTION ..................................................................................................89 Statement of net assets...............................................................................................................................89 Changes in number of shares outstanding ..................................................................................................89 Key figures...................................................................................................................................................90 Statement of investments and other net assets...........................................................................................92 Geographical and industrial classification of investments ...........................................................................93 Statement of operations and other changes in net assets...........................................................................94

UBAM - EUROPEAN CONVERTIBLE BOND................................................................................................95 Statement of net assets...............................................................................................................................95 Changes in number of shares outstanding ..................................................................................................95 Key figures...................................................................................................................................................96 Statement of investments and other net assets...........................................................................................97 Geographical and industrial classification of investments ...........................................................................98 Statement of operations and other changes in net assets...........................................................................99

UBAM


UBAM - EURO 10-40 CONVERTIBLE BOND .............................................................................................100 Statement of net assets.............................................................................................................................100 Changes in number of shares outstanding ................................................................................................100 Key figures.................................................................................................................................................101 Statement of investments and other net assets.........................................................................................102 Geographical and industrial classification of investments .........................................................................103 Statement of operations and other changes in net assets.........................................................................104

UBAM - CALAMOS US EQUITY GROWTH ................................................................................................105 Statement of net assets.............................................................................................................................105 Changes in number of shares outstanding ................................................................................................105 Key figures.................................................................................................................................................106 Statement of investments and other net assets.........................................................................................107 Geographical and industrial classification of investments .........................................................................109 Statement of operations and other changes in net assets.........................................................................111

UBAM - NEUBERGER BERMAN US EQUITY VALUE ...............................................................................112 Statement of net assets.............................................................................................................................112 Changes in number of shares outstanding ................................................................................................112 Key figures.................................................................................................................................................113 Statement of investments and other net assets.........................................................................................114 Geographical and industrial classification of investments .........................................................................115 Statement of operations and other changes in net assets.........................................................................116

UBAM - DR. EHRHARDT GERMAN EQUITY..............................................................................................117 Statement of net assets.............................................................................................................................117 Changes in number of shares outstanding ................................................................................................117 Key figures.................................................................................................................................................117 Statement of investments and other net assets.........................................................................................118 Geographical and industrial classification of investments .........................................................................119 Statement of operations and other changes in net assets.........................................................................120

UBAM - EUROPE EQUITY...........................................................................................................................121 Statement of net assets.............................................................................................................................121 Changes in number of shares outstanding ................................................................................................121 Key figures.................................................................................................................................................122 Statement of investments and other net assets.........................................................................................123 Geographical and industrial classification of investments .........................................................................125 Statement of operations and other changes in net assets.........................................................................127

UBAM - SWISS EQUITY ..............................................................................................................................128 Statement of net assets.............................................................................................................................128 Changes in number of shares outstanding ................................................................................................128 Key figures.................................................................................................................................................129 Statement of investments and other net assets.........................................................................................130 Geographical and industrial classification of investments .........................................................................131 Statement of operations and other changes in net assets.........................................................................132

UBAM - IFDC JAPAN EQUITY ....................................................................................................................133 Statement of net assets.............................................................................................................................133 Changes in number of shares outstanding ................................................................................................133 Key figures.................................................................................................................................................134 Statement of investments and other net assets.........................................................................................135 Geographical and industrial classification of investments .........................................................................137 Statement of operations and other changes in net assets.........................................................................138

UBAM


UBAM - IFDC JAPAN OPPORTUNITIES EQUITY ......................................................................................139 Statement of net assets.............................................................................................................................139 Changes in number of shares outstanding ................................................................................................139 Key figures.................................................................................................................................................140 Statement of investments and other net assets.........................................................................................141 Geographical and industrial classification of investments .........................................................................142 Statement of operations and other changes in net assets.........................................................................143

UBAM - PCM GLOBAL EQUITY VALUE.....................................................................................................144 Statement of net assets.............................................................................................................................144 Changes in number of shares outstanding ................................................................................................144 Key figures.................................................................................................................................................144 Statement of investments and other net assets.........................................................................................145 Geographical and industrial classification of investments .........................................................................147 Statement of operations and other changes in net assets.........................................................................149

UBAM - VP VALUE CHINA EQUITY............................................................................................................150 Statement of net assets.............................................................................................................................150 Changes in number of shares outstanding ................................................................................................150 Key figures.................................................................................................................................................151 Statement of investments and other net assets.........................................................................................152 Geographical and industrial classification of investments .........................................................................154 Statement of operations and other changes in net assets.........................................................................155

UBAM - ASIA EQUITY .................................................................................................................................156 Statement of net assets.............................................................................................................................156 Changes in number of shares outstanding ................................................................................................156 Key figures.................................................................................................................................................157 Statement of investments and other net assets.........................................................................................158 Geographical and industrial classification of investments .........................................................................160 Statement of operations and other changes in net assets.........................................................................161

UBAM - EQUITY BRIC+ ...............................................................................................................................162 Statement of net assets.............................................................................................................................162 Changes in number of shares outstanding ................................................................................................162 Key figures.................................................................................................................................................163 Statement of investments and other net assets.........................................................................................164 Geographical and industrial classification of investments .........................................................................167 Statement of operations and other changes in net assets.........................................................................169

UBAM - TURKISH EQUITY..........................................................................................................................170 Statement of net assets.............................................................................................................................170 Changes in number of shares outstanding ................................................................................................170 Key figures.................................................................................................................................................171 Statement of investments and other net assets.........................................................................................172 Geographical and industrial classification of investments .........................................................................173 Statement of operations and other changes in net assets.........................................................................174

UBAM - RUSSIAN EQUITY..........................................................................................................................175 Statement of net assets.............................................................................................................................175 Changes in number of shares outstanding ................................................................................................175 Key figures.................................................................................................................................................176 Statement of investments and other net assets.........................................................................................177 Geographical and industrial classification of investments .........................................................................178 Statement of operations and other changes in net assets.........................................................................179

UBAM


UBAM - EUROPE EQUITY DIVIDEND+ ......................................................................................................180 Statement of net assets.............................................................................................................................180 Changes in number of shares outstanding ................................................................................................180 Key figures.................................................................................................................................................181 Statement of investments and other net assets.........................................................................................183 Geographical and industrial classification of investments .........................................................................184 Statement of operations and other changes in net assets.........................................................................185

UBAM - SQUARE.........................................................................................................................................186 Statement of net assets.............................................................................................................................186 Changes in number of shares outstanding ................................................................................................186 Key figures.................................................................................................................................................186 Statement of investments and other net assets.........................................................................................188 Geographical and industrial classification of investments .........................................................................189 Statement of operations and other changes in net assets.........................................................................190

UBAM - CUBE ..............................................................................................................................................191 Statement of net assets.............................................................................................................................191 Changes in number of shares outstanding ................................................................................................191 Key figures.................................................................................................................................................191 Statement of investments and other net assets.........................................................................................192 Geographical and industrial classification of investments .........................................................................193 Statement of operations and other changes in net assets.........................................................................194

Notes to the financial statements ..............................................................................................................195

UBAM

Organisation

REGISTERED OFFICE 18, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS Mrs. Emmy LABOVITCH Managing Director

Union Bancaire Privée, UBP SA Geneva, Switzerland Chairman of the Board of Directors

Mr. Pierre BERGER

Managing Director UBP Gestion Institutionnelle SA Geneva, Switzerland Director

Mr. Daniel VAN HOVE

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

MANAGERS APPOINTED BY THE BOARD Mr. Pierre BERGER Mr. Daniel VAN HOVE

INVESTMENT MANAGERS Union Bancaire Privée, UBP SA 96-98 rue du Rhône CH-1211 Geneva 1 Switzerland Union Bancaire Privée, UBP S.A., London Branch 26 St James's Square Londres SW1Y 4JH United Kingdom Union Bancaire Privée, UBP SA, Zurich Branch Bahnhofstrasse 1 CH-8022 Zurich Switzerland

UBAM

Organisation (continued)

INVESTMENT ADVISER UBAM International Services 18, boulevard Royal L-2449, Luxembourg Grand Duchy of Luxembourg DOMICILIARY AGENT, ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT AND CUSTODIAN BANK Union Bancaire Privée (Luxembourg) S.A. 18, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg GENERAL DISTRIBUTOR Union Bancaire Privée, UBP SA 96-98 rue du Rhône CH-1211 Geneva 1 Switzerland CABINET DE REVISION AGREE Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISER Elvinger, Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg INFORMATION ON THE MAIN REPRESENTATIVE OFFICES ABROAD The information documents concerning the SICAV, ie the articles of incorporation, the complete prospectus and the Key Investor Information Documents (KIIDs), the annual and semi-annual reports and the statement of changes in investments for the period referring to this report are available free of charge at the office of the SICAV, 18, boulevard Royal, L-2449 Luxembourg and at the office of the following financial intermediaries:

UBAM

Organisation (continued)

- Representing for Switzerland and general distributor Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Geneva 1 Tél: + 41 (0) 58 819 21 11 Payment services, execution place and jurisdiction place are established, for the shares distributed in Switzerland, in the place here-above mentioned. Supplementary information concerning the distribution of the different types and classes of shares of the SICAV in Switzerland are specified in the complete prospectus and the Key Investor Information Documents (KIIDs). Announcements in Switzerland concerning the SICAV are published in the "Feuille Officielle Suisse du Commerce" and in the Swiss Fund Data (www.swissfunddata.ch) (Switzerland). The subscription and redemption prices of the shares of the different sub-funds are daily published in the Swiss Fund Data at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby warned that transactions made on the SICAV’s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the SICAV’s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding, selling and redemption of shares, in the light of their place of residence. Additional information for Swiss investors in accordance with the guide lines on transparency with regard to management fees as of 7th June 2005 of the SFA: Trailer fees for the commercialisation of the SICAV to distributors and investment managers are taken directly from the management and advisory fees. Rebates from the management and advisory fees are granted to institutional investors who, from a commercial perspective are holding shares of the SICAV for third parties. - Paying agent and information place in Germany SAL. OPPENHEIM JR. & CIE. AG & Co.*, 4, Unter Sachsenhausen, D-50667 Cologne - Paying agent in Austria ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, Graben 21, A-1010 Vienna - Financial agent in Belgium CACEIS BELGIUM FUND ADMINISTRATION SERVICE & TECHNOLOGY NETWORK BELGIUM (FASTNET)** Avenue du Port, 86 C b320, B-1000 Brussels - Official distributor agent in Spain ALLFUNDS BANKS S.A., Nuria 57, E-28034 Madrid The information documents concerning the SICAV can be obtained by the shareholders from the distributor agent or from UBP GESTION INSTITUCIONAL S.A., Avenida Diagonal 520, 2°2aB, E-08006 Barcelona. - Correspondant bank in France CACEIS BANK, 1-3, Place Valhubert, F-75206 Paris Cedex 13 The correspondent is also in charge of the subscriptions / redemptions processing and of the dividend payments of the shares of the SICAV. - Paying agent in Italy State Street Bank S.p.A., Via Ferrante Aporti 10, I-20125 Milan - Official distributor agent in Portugal BEST - Banco Electronico de Serviço Total, S.A., Praça Marquês de Pombal, no. 3 - 3°, 1250-161 Lisbon - Representative in United Kingdom UNION BANCAIRE PRIVEE, 26 St James's Square, GB-London SW1Y4JH - Distributor agent in Singapore UNION BANCAIRE PRIVEE (Singapore) Ltd, 6 Battery Road # 15-01, SG-Singapore 049909 - Distributor agent in Sweden Carnegie Investment Bank AB, Gustav Adolfs Torg 18, SE Stockholm 103 38 * Formerly SAL. OPPENHEIM JR. & CIE. KGaA ** Formerly FUND ADMINISTRATION SERVICE & TECHNOLOGY NETWORK BELGIUM (FASTNET)

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

11Page

3,689,937,291.58Assets3,448,168,796.62Securities portfolio at market value 2Note

843,309.10Options contracts at market value 2, 12Note25,151,701.03Deposits on futures contracts

144,176,164.22Cash at banks29,693,656.12Other liquid assets

9,468.95Interest receivable on bank accounts437,306.73Interest receivable on swap contracts

21,859,626.16Interest receivable on bonds and other debt securities2,965,759.31Receivable on sales of securities9,110,542.65Receivable on issues of shares2,893,238.59Dividends receivable2,364,610.74Unrealised gain on forward foreign exchange contracts 2, 9Note

351,071.69Unrealised gain on futures contracts 2, 10Note249,805.75Unrealised gain on swap contracts 2, 11Note

141.49Receivable on treasury transactions 2Note1,640,343.35Receivable on swap contracts

21,749.08Other receivables

55,338,605.24Liabilities2,938,622.72Short option contracts at market value 2, 12Note8,989,493.76Bank liabilities1,806,961.84Other liquid liabilities2,396,041.86Payable on purchases of securities

13,079,979.99Payable on redemptions of shares104,843.62Unrealised loss on forward foreign exchange contracts 2, 9Note

1,290,862.47Unrealised loss on futures contracts 2, 10Note14,559,493.56Unrealised loss on swap contracts 2, 11Note

5,493.35Payable on treasury transactions 2Note10,166,812.07Interest paid on bank liabilities and expenses payable

3,634,598,686.34Net assets at the end of the period

UBAM

Financial Statements as at 30/06/2012

Expressed in EUR

Statement of net assets as at 30/06/2012

Consolidated


12Page

67,969,358.02Income20,603,550.94Dividends, net37,046,014.88Interest on bonds and other debt securities, net

112,715.22Interest on bank accounts20,399.65Bank interest on time deposits

9,840,787.21Interest on swap contracts345,890.12Other income

30,055,976.22Expenses10,808,235.33Advisory fees 4Note5,491,278.91Management fees 3Note3,169,363.40Custodian fees

595,410.42Subscription duty ("taxe d'abonnement") 6Note1,893,898.78Central administration costs

52,445.44Performance fees 5Note108,273.48Audit fees250,861.78Interest paid on bank liabilities182,049.54Legal fees

5,106,451.89Transaction fees1,449,744.27Other administration costs 7, 8Note

86,932.10Banking charges and other fees615,773.56Interest paid on swap contracts245,257.32Other expenses

37,913,381.80Net investment income

Net realised gain/(loss) on:17,613,132.03- securities portfolio 2Note5,849,703.66- options 2Note

-15,773,172.32- forward foreign exchange contracts 2Note8,592,424.55- financial futures 2Note1,654,309.86- swap contracts 2Note

-18,250,553.50- foreign exchange 2Note

37,599,226.08Realised result

Net variation of the unrealised gain/(loss) on:127,463,366.51- securities portfolio

-1,100,186.94- options11,939,719.10- forward foreign exchange contracts-2,857,497.44- futures contracts9,723,869.88- swap contracts

182,768,497.19Result of operations

-7,920,953.28Dividends paid 16Note855,973,193.92Subscriptions capitalisation shares56,487,434.96Subscriptions distribution shares

-888,293,576.52Redemptions capitalisation shares-88,180,763.50Redemptions distribution shares

110,833,832.77Total changes in net assets

52,444,724.35Revaluation difference

EUR

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012

UBAMConsolidated

Expressed in


13Page

3,471,320,129.22Total net assets at the beginning of the period

3,634,598,686.34Total net assets at the end of the period

EUR

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012

UBAMConsolidated

Expressed in


14Page

180,417,547.74Assets158,756,929.55Securities portfolio at market value 2Note

290,000.00Deposits on futures contracts20,161,987.59Cash at banks

369,373.55Other liquid assets14,678.10Interest receivable on swap contracts

456,528.82Interest receivable on bonds and other debt securities145,033.00Receivable on issues of shares17,718.13Unrealised gain on forward foreign exchange contracts 2, 9Note5,062.50Unrealised gain on futures contracts 2, 10Note

200,236.50Receivable on swap contracts

774,092.84Liabilities203,046.20Payable on redemptions of shares374,140.38Unrealised loss on swap contracts 2, 11Note196,906.26Interest paid on bank liabilities and expenses payable

179,643,454.90Net assets at the end of the period


Expressed in USD


UBAM - DYNAMIC US DOLLAR BOND

A sharesCapitalisation shares 684,418.540 142,304.694 121,371.584 705,351.650

Distribution shares 32,473.000 5,095.000 1,365.000 36,203.000

AH CHF sharesCapitalisation shares 1,989.880 455.000 156.892 2,287.988

I sharesCapitalisation shares 46,906.116 82,390.000 15,287.000 114,009.116

IH CHF sharesCapitalisation shares 0.000 25,000.000 0.000 25,000.000

IH GBP sharesDistribution shares 4,855.189 0.000 0.000 4,855.189

R sharesCapitalisation shares 11,306.231 2,693.545 1,024.312 12,975.464

Changes in number of shares outstanding from 01/01/2012 to 30/06/2012

Shares issued Shares redeemedShares

outstanding as at30/06/2012

Sharesoutstanding as at

01/01/2012


15Page

Key figures relating to the last 3 years


A shares

Capitalisation shares705,351.650

204.72684,418.540

200.79814,501.553

202.21Number of shares outstandingNet asset value per share

Distribution shares36,203.000

134.251.22

32,473.000132.870.96

43,355.182134.761.34

Number of shares outstandingNet asset value per shareDividend per share

USD USD USD

AH CHF shares


216.331,989.880

212.78599.880215.97

Number of shares outstandingNet asset value per share

CHF CHF CHF

I shares


207.2746,906.116

203.05326,562.500


USD USD USD

IH CHF shares


100.090.0000.00

0.0000.00


CHF CHF CHF

IH GBP shares


130.231.19

4,855.189128.640.00

0.0000.000.00


GBP GBP GBP

R shares


199.8411,306.231

196.6913,028.504


USD USD USD

Total net assets 179,643,454.90 154,910,520.82 239,888,195.42

31/12/201031/12/201130/06/2012Period/Year ending as at:

USD


16Page

ABN AMRO BANK 3.00 11-14 31/01S2,961,000 2,973,791.52 1.66USD 2,975,508.90

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 151,369,170.55 84.26152,121,132.61

Bonds 13,248,241.58 7.3713,649,171.55

COMCAST CORP 10.625 92-12 15/07S1,990,000 1,995,572.89 1.11USD 2,371,164.60COMMONWEALTH BANK OF AUSTRALIA REG S FL.R 10-13 19/03Q1,500,000 1,499,676.75 0.83USD 1,502,250.00LLOYDS TBS FL.R 11.14 24/01Q1,945,000 1,947,704.42 1.08USD 1,932,338.05RABOBANK N.REGS 2178A 2.50 10-13 12/12A2,000,000 2,034,040.00 1.13USD 2,035,000.00SABMILLER HLDGS 1.85 12-15 15/01S500,000 507,410.00 0.28USD 499,970.00SOCIETE GENERAL REGS FL.R 11-14 11/04Q1,000,000 964,340.00 0.54USD 1,000,000.00SWISS RE TREASURY US EMTN 4.125 09-13 17/09A200,000 206,826.00 0.12USD 199,310.00XEROX CORP 8.25 09-14 15/05S1,000,000 1,118,880.00 0.62USD 1,133,630.00

ABN AMRO BANK REG S FL.R 11-14 30/01Q1,000,000 1,000,040.00 0.56USD 1,021,000.00Floating rate bonds 138,120,928.97 76.89138,471,961.06

ACHMEA HYPHOTEEKBANK FL.R 09-14 03/11A3,000,000 2,981,370.60 1.66USD 3,000,000.00BANK OF AMERICA L FL.R 11-14 30/01Q6,000,000 5,919,807.60 3.30USD 5,896,130.00BHP BILLITON FINANCE FL.R 12-14 18/02Q1,000,000 1,002,480.00 0.56USD 1,000,000.00BNG REG S S 864 FL.R 10-13 03/05Q2,000,000 1,996,232.50 1.11USD 1,999,066.00BP CAPITAL MARKETS FL.R 11-13 06/12Q3,000,000 3,019,333.20 1.68USD 3,000,000.00BRFKREDIT B REGS FL.R 10-13 15/04Q3,000,000 2,991,867.60 1.67USD 3,000,000.00CATERPILLAR FIN SERV FL.R 11-14 01/04Q2,000,000 2,007,951.60 1.12USD 2,000,000.00CITIGROUP INC FL.R 04-14 05/11Q1,000,000 957,147.40 0.53USD 954,260.00CITIGROUP INC FL.R 11-14 13/01Q5,000,000 4,977,400.00 2.77USD 4,950,700.00COMMONWEALTH BANK AUSTRALIA FL.R 11-14 17/03Q2,000,000 1,999,573.60 1.11USD 2,000,000.00CREDIT AGRICOLE LDN FL.R 11-14 21/01Q3,000,000 2,931,600.00 1.63USD 3,014,430.00CREDIT SUISSE NEW YORK FL.R 11-14 14/01Q3,500,000 3,497,368.35 1.95USD 3,523,166.11CREDIT SUISSE (USA) FL.R 06-13 12/04Q2,000,000 1,997,369.30 1.11USD 1,987,800.00DAIMLER FINANCE REGS FL.R 12-14 10/04Q5,000,000 4,996,940.25 2.78USD 5,000,000.00DANSKE BANK REGS FL.R 11-14 14/04Q3,000,000 2,920,610.10 1.63USD 3,000,000.00DEXIA CREDIT LOCAL NEW YORK BRANCH REGS FL.R 10-13 05/03Q4,000,000 3,926,880.00 2.19USD 4,000,000.00ERSTE ABWICKLUNGSANSTALT EMTN FL.R 11-12 01/10Q2,000,000 1,997,826.70 1.11USD 1,999,100.00FMS WERTMANAGEMENT FL.R 12-14 01/04Q9,000,000 9,004,590.00 5.02USD 9,000,800.00GENERAL ELECTRIC CAP FL.R 04-14 15/09Q3,000,000 2,964,090.00 1.65USD 2,956,650.00GENERAL ELECTRIC CAPITAL CORP MTN FL.R 11-14 07/04Q1,052,000 1,051,362.12 0.59USD 1,037,903.20GOLDMAN SACHS GROUP INC FL.R 11-14 07/02Q1,500,000 1,472,715.00 0.82USD 1,475,116.67HEWLETT PACKARD FL.R 11-13 24/05Q2,000,000 1,995,204.70 1.11USD 1,981,880.00HEWLETT PACKARD FL.R 11-14 30/05Q2,000,000 1,980,004.70 1.10USD 1,954,720.00HSBC BANK REG S FL.R 09-13 28/02Q2,000,000 2,005,540.00 1.12USD 1,996,840.00ING BANK REGS FL.R 11-13 15/03Q4,500,000 4,499,595.00 2.50USD 4,507,700.00JP MORGAN CHASE & CO TR 198 SER H FL.R 11-14 24/01Q2,000,000 2,005,964.40 1.12USD 1,993,000.00KFW REG S FL.R 09-14 05/08Q7,500,000 7,510,800.00 4.19USD 7,515,969.99KOMMUNALBANKEN REGS FL.R 11-14 10/03Q3,000,000 2,997,240.00 1.67USD 2,989,200.00KRED.ANST.WIEDERAUFB. FL.R 12-15 13/03Q5,000,000 4,998,000.00 2.78USD 4,999,000.00METLIFE INSTITUTIONAL FUNDING II FL.R 11-14 04/04Q2,000,000 2,001,636.60 1.11USD 2,008,020.00METROPOLITAN LIFE 43 FL.R 11-14 10/01Q3,000,000 3,007,980.00 1.67USD 3,000,000.00MORGAN STANLEY FL.R 11-14 24/01Q1,000,000 962,768.75 0.54USD 1,005,132.50MORGAN STANLEY EMTN FL.R 10-13 14/05Q4,000,000 3,993,951.40 2.22USD 4,130,040.00MORGAN STANLEY SER F FL.R 11-13 29/04Q1,000,000 985,014.70 0.55USD 1,000,000.00NATIONAL AUSTRALIA BANK REG S FL.R 10-13 08/01Q1,525,000 1,528,576.59 0.85USD 1,527,035.29NATIONAL AUSTRALIA BK FL.R 11-14 15/07Q2,000,000 2,010,020.00 1.12USD 2,007,400.00NIBC BANK REG S FL.R 09-1 02/12Q4,890,000 4,846,737.93 2.70USD 4,894,725.00STANDARD CHARTERED FL.R 11-14 12/05Q2,500,000 2,478,535.25 1.38USD 2,499,590.00SVENSKA HANDELSBANKEN AB TR 3 REG S FL.R 09-12 14/09Q2,000,000 2,001,324.40 1.11USD 2,020,748.00SWEDISH EXPORT CREDIT CORP FL.R 09-14 14/08Q6,000,000 6,034,200.00 3.36USD 6,000,000.00TEVA PHARMA FINANCE FL.R 11-13 11/08Q1,000,000 1,006,721.30 0.56USD 1,000,000.00VERIZON COMMUNICATION FL.R 11-14 28/03Q3,500,000 3,527,784.40 1.96USD 3,500,000.00VOLKSWAGEN INTL FIN FL.R 11-14 01/04Q3,000,000 2,990,850.00 1.66USD 3,006,000.00VOLKSWAGEN INTL FIN FL.R 12-14 21/03Q2,000,000 1,999,564.30 1.11USD 2,000,000.00WESTPAC BANKING REGS FL.R 11-14 31/03Q2,000,000 2,000,551.50 1.11USD 2,003,517.00XEROX CORP FL.R 11-14 16/05Q1,130,000 1,122,530.93 0.62USD 1,115,321.30XEROX CORP FL.R 12-13 13/09Q2,000,000 2,015,276.20 1.12USD 2,000,000.00

ANZ BANKING 144A FL.R 11-14 10/01Q2,000,000 1,997,904.60 1.11USD 2,005,200.00

Other transferable securities 7,387,759.00 4.117,478,595.00

Floating rate bonds 7,387,759.00 4.117,478,595.00

HSBC 144A FL.R 11-14 17/01Q2,000,000 1,999,095.70 1.11USD 2,004,760.00INTESA SAN PAOLO 144A FL.R 11-14 24/02Q2,000,000 1,901,250.00 1.06USD 1,965,000.00NAT.AUST.BK NY FL.R 12-14 14/02Q1,000,000 1,001,275.60 0.56USD 1,000,000.00

Statement of investments and other net assets as at 30/06/2012USDExpressed in


Number/nom. value Description Currency % of total

net assetsMarket valueCost


17Page

RCI BANQUE SA 144A FL.R 11-14 11/04Q500,000 488,233.10 0.27USD 503,635.00

Total investments in securities 158,756,929.55 88.37159,599,727.61

Cash at banks/(bank liabilities) 20,161,987.59 11.22

Other net assets/(liabilities) 724,537.76 0.41

Total 179,643,454.90 100.00





18Page

United States of America 34.62The Netherlands 14.09Germany 13.10Australia 6.69United Kingdom 6.37Sweden 4.47Denmark 3.30France 2.44Norway 1.67Italy 1.06The Netherlands Antilles 0.56

88.37

(by domicile of the issuer) % of net assets

Geographical classification of investments


Banks and credit institutions 45.61Holding and finance companies 27.32State 6.13Electronics and semiconductors 2.36Office supplies and computing 2.21Communications 1.96Graphic art and publishing 1.11Miscellaneous sectors 1.11Pharmaceuticals and cosmetics 0.56

88.37

% of net assets

Industrial classification of investments


19Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in USD


1,596,660.13Income1,211,645.78Interest on bonds and other debt securities, net

81.19Interest on bank accounts132.04Bank interest on time deposits

379,997.82Interest on swap contracts4,803.30Other income

554,177.43Expenses153,315.83Advisory fees 4Note80,927.33Management fees 3Note84,754.53Custodian fees37,723.20Subscription duty ("taxe d'abonnement") 6Note83,792.77Central administration costs3,640.26Audit fees

101.83Interest paid on bank liabilities6,909.33Legal fees2,025.05Transaction fees

37,717.78Other administration costs 7, 8Note1,134.88Banking charges and other fees

56,387.94Interest paid on swap contracts5,746.70Other expenses

1,042,482.70Net investment incomeNet realised gain/(loss) on:

-75,576.00- securities portfolio 2Note-22,815.80- options 2Note-1,362.69- forward foreign exchange contracts 2Note

112,108.99- financial futures 2Note154,950.34- swap contracts 2Note-32,658.27- foreign exchange 2Note

1,177,129.27Realised resultNet variation of the unrealised gain/(loss) on:

1,758,255.77- securities portfolio-16,759.08- forward foreign exchange contracts

4,031.25- futures contracts86,112.67- swap contracts

3,008,769.88Result of operations-53,447.94Dividends paid 16Note

49,355,226.70Subscriptions capitalisation shares688,571.45Subscriptions distribution shares

-28,082,959.66Redemptions capitalisation shares-183,226.35Redemptions distribution shares


154,910,520.82Total net assets at the beginning of the period

179,643,454.90Total net assets at the end of the period


20Page


167,435.48Deposits on futures contracts18,977,174.70Cash at banks

341,159.97Other liquid assets22,294.76Interest receivable on swap contracts

673,113.77Interest receivable on bonds and other debt securities258,643.81Receivable on issues of shares23,870.00Unrealised gain on futures contracts 2, 10Note


922,512.61Liabilities46,631.20Payable on redemptions of shares1,963.32Unrealised loss on forward foreign exchange contracts 2, 9Note

646,621.92Unrealised loss on swap contracts 2, 11Note227,296.17Interest paid on bank liabilities and expenses payable



Expressed in EUR


UBAM - DYNAMIC EURO BOND


Distribution shares 38,163.752 845.000 15,812.752 23,196.000



IH CHF sharesCapitalisation shares 0.000 25,000.000 0.000 25,000.000

R sharesCapitalisation shares 0.000 1.000 0.000 1.000





01/01/2012


21Page



A shares


247.28377,289.356

242.35401,005.360



167.352.37

38,163.752166.331.35

17,242.891167.792.25


EUR EUR EUR

AH CHF shares


317.2715,042.177

311.540.0000.00


CHF CHF CHF

I shares


250.30206,296.956

245.02130,112.000


EUR EUR EUR

IH CHF shares


99.970.0000.00

0.0000.00


CHF CHF CHF

R shares

Capitalisation shares1.000247.15

0.0000.00

0.0000.00


EUR EUR EUR

Total net assets 240,684,419.26 152,191,219.58 131,968,805.99


EUR


22Page

BANQUE PSA FINANCE 3.25 10-12 26/11A750,000 755,550.00 0.31EUR 753,415.00


Bonds 18,002,295.00 7.4818,184,540.00

BANQUE PSA FINANCE 3.625 10-13 17/09A3,000,000 3,031,380.00 1.26EUR 3,031,600.00BANQUE PSA FINANCE 6.00 12-14 16/07A1,000,000 1,036,700.00 0.43EUR 1,041,980.00BBVA SENIOR FINANCE 3.00 12-13 22/08A2,000,000 1,946,220.00 0.81EUR 1,995,820.00DAIMLER 1.75 12-15 21/05A1,500,000 1,519,545.00 0.63EUR 1,494,105.00ENEL-SOCIETA EMTN 4.25 03-13 12/06A1,500,000 1,521,720.00 0.63EUR 1,541,925.00RCI 3.25 11-14 17/01A1,000,000 1,010,700.00 0.42EUR 1,008,600.00RCI BANQUE EMTN 4.00 10-13 11/07A4,000,000 4,075,720.00 1.70EUR 4,063,295.00REPSOL INTERNATIONAL FINANCE BV 6.50 09-14 27/03A3,000,000 3,104,760.00 1.29EUR 3,253,800.00

ABBEY NATL TREASURY FL.R 11-12 04/10Q1,500,000 1,499,295.00 0.62EUR 1,499,350.00Floating rate bonds 198,863,814.30 82.62198,883,543.27

ABN AMRO BANK FL.R 11-14 10/01Q2,500,000 2,534,775.00 1.05EUR 2,533,125.00ABN AMRO BANK NV FL.R 10-13 15/01Q2,000,000 2,009,320.00 0.83EUR 2,008,744.44BANK OF AMERICA CORP FL.R 06-13 12/09Q1,500,000 1,468,065.00 0.61EUR 1,460,997.00BANK OF AMERICA CORP EMTN FL.R 07-14 05/02Q4,000,000 3,880,120.00 1.61EUR 3,873,797.50BBVA SENIOR FINANCE SA FL.R 10-13 22/01Q4,000,000 3,912,480.00 1.63EUR 3,934,530.00BEI FL.R 10-14 15/01Q12,500,000 12,501,125.00 5.19EUR 12,492,640.00BFCM FL.R 06-14 27/02Q2,000,000 1,975,520.00 0.82EUR 1,940,915.00BFCM FL.R 10-13 25/03Q3,000,000 3,001,800.00 1.25EUR 2,993,060.00BFCM FL.R 11-13 24/01Q1,000,000 1,002,810.00 0.42EUR 1,002,900.00BPCE FL.R 10-13 29/10Q1,150,000 1,151,771.00 0.48EUR 1,152,563.95CITIGROUP INC EMTN -35- FL.R 06-13 28/06Q2,000,000 1,987,000.00 0.83EUR 1,956,297.50DAIMLERCHRYSLER NA FL.R 11-13 17/04Q2,000,000 2,010,880.00 0.84EUR 2,001,960.00DANSKE BANK FL.R 12-14 13/03Q5,000,000 4,968,300.00 2.06EUR 4,990,100.00EAA EMTN FL.R 12-16 15/08Q5,000,000 4,979,350.00 2.07EUR 4,988,450.00ENEL SPA EMTN -34- FL.R 07-14 20/06Q2,500,000 2,350,675.00 0.98EUR 2,424,940.00ENI SPA FL.R 09-15 29/06S2,000,000 1,963,200.00 0.82EUR 1,990,600.00FMS WERTMANAGEMENT FL.R 12-15 02/02Q5,300,000 5,310,335.00 2.21EUR 5,300,300.00GE CAPITAL EURO FUND FL.R 04-14 28/07Q6,000,000 5,939,340.00 2.47EUR 5,959,160.00GE CAPITAL EUROP FUND FL.R 06-16 22/02Q1,000,000 962,710.00 0.40EUR 967,570.00GE CAPITAL EUROPEAN FUNDING EMTN FL.R 07-14 03/04Q5,000,000 4,962,450.00 2.06EUR 4,921,502.00GOLDMAN SACHS GROUP INC FL.R 06-14 15/11Q2,000,000 1,907,540.00 0.79EUR 1,911,775.00GOLDMAN SACHS GROUP INC FL.R 06-13 04/02Q5,000,000 4,968,750.00 2.06EUR 4,866,164.58HBOS PLC EMTN FL.R 06-13 24/10Q5,000,000 4,944,250.00 2.05EUR 4,901,625.00HSBC BANK EMTN FL.R 09-13 08/04Q2,000,000 2,007,160.00 0.83EUR 2,003,000.00HSBC FINANCE EMTN FL.R 06-13 28/10Q5,465,000 5,417,235.90 2.25EUR 5,369,702.90ING BANK EMTN FL.R 11-13 28/03Q6,000,000 6,009,780.00 2.50EUR 5,997,000.00INTESA SAN PAOLO FL.R 11-14 12/05A1,000,000 937,330.00 0.39EUR 976,000.00INTESA SANPAOLO FL.R 06-13 11/04A4,000,000 3,904,960.00 1.62EUR 3,920,815.00INTESA SANPAOLO EMTN FL.R 07-14 19/03Q3,500,000 3,244,885.00 1.35EUR 3,331,980.00JP MORGAN CHASE & CO EMTN FL.R 07-14 30/01Q4,000,000 3,957,880.00 1.64EUR 3,926,800.00JP MORGAN CHASE EMTN FL.R 05-15 02/03Q4,000,000 3,917,640.00 1.63EUR 3,929,320.00KBC IFIMA EMTN FL.R 07-12 26/01Q3,000,000 3,000,540.00 1.25EUR 2,965,800.00KRED.ANST.WIEDERAUFB.FL.R 09-15 12/08Q8,000,000 8,029,920.00 3.34EUR 8,009,600.00KRED.WIEDERAUFBAU FL.R 11-17 26/01A13,000,000 13,040,690.00 5.42EUR 13,037,300.00LLOYDS TSB EMTN FL.R 10-13 25/03Q2,000,000 2,010,000.00 0.84EUR 2,002,600.00MERRILL LYNCH & CO EMTN FL.R 06-13 09/08Q2,500,000 2,454,800.00 1.02EUR 2,451,530.00MORGAN STANLEY FL.R 07-14 02/05Q2,000,000 1,907,020.00 0.79EUR 1,890,975.00MORGAN STANLEY EMTN FL.R 06-13 01/03Q1,500,000 1,483,695.00 0.62EUR 1,447,340.00MORGAN STANLEY GMTN FL.R 06-13 29/11Q5,000,000 4,822,500.00 2.00EUR 4,852,603.69NORDEA BANK AB FL.R 11-13 11/02Q4,000,000 4,010,920.00 1.67EUR 3,996,040.00NORDEA BANK AB EMTN FL.R 12-14 10/01Q3,000,000 3,028,800.00 1.26EUR 3,021,290.00RCI BANQUE SA EMTN FL.R 11-12 12/11Q1,000,000 990,262.40 0.41EUR 1,000,000.00ROYAL BANK OF SCOTLAND FL.R 11-13 18/05Q6,000,000 6,014,160.00 2.50EUR 5,989,825.93SAMPO BANK PLC FL.R 06-13 17/10Q1,200,000 1,189,128.00 0.49EUR 1,186,580.00SANTANDER INTL FL.R 10-13 18/01Q2,000,000 1,957,380.00 0.81EUR 1,965,740.00SANTANDER INTL DEBT FL.R 10-13 27/10Q3,150,000 3,016,849.50 1.25EUR 3,144,078.00SANTANDER INTL EMTN FL.R 11-13 19/04Q2,500,000 2,440,175.00 1.01EUR 2,498,117.28SEB FL.R 11-13 21/10Q1,000,000 1,010,490.00 0.42EUR 999,610.00STMICROELCTRONICS F. FL.R 06-13 17/03Q500,000 499,625.00 0.21EUR 500,000.00TELECOM ITALIA SPA FL.R 05-12 06/12Q4,500,000 4,473,675.00 1.86EUR 4,425,921.00TELECOM ITALIA SPA FL.R 07-13 19/07Q3,000,000 2,943,810.00 1.22EUR 2,978,430.00UNICREDIT ITALIA EMTN FL.R 07-14 05/02Q3,500,000 3,273,865.00 1.36EUR 3,333,590.00UNICREDIT S 134 FL.R 05-143 09/01Q2,000,000 1,972,620.00 0.82EUR 1,976,440.00UNICREDIT SPA FL.R 10-12 14/09Q1,000,000 998,680.00 0.41EUR 993,500.00

Statement of investments and other net assets as at 30/06/2012EURExpressed in





23Page

UNICREDIT SPA SER 428 FL.R 11-12 18/07Q1,000,000 1,000,140.00 0.42EUR 997,080.00VOLKSWAGEN BANK EMTN FL.R 11-12 12/10Q1,750,000 1,750,507.50 0.73EUR 1,749,212.50VOLKSWAGEN BANK GMBH FL.R 11-13 13/05Q2,000,000 1,999,880.00 0.83EUR 1,998,020.00VOLKSWAGEN LEASING FL.R 11-13 03-06Q1,000,000 1,000,870.00 0.42EUR 999,000.00VOLVO TREASURY REGS FL.R 11-12 19/11Q2,000,000 2,001,740.00 0.83EUR 1,997,800.00WELLS FARGO & CO FL.R 07-14 23/02Q4,000,000 3,980,280.00 1.65EUR 3,949,275.003 CIF FL.R 10-13 18/03Q1,000,000 972,060.00 0.40EUR 998,560.00

BMW FINANCE FL.R 11-13 27/05Q4,000,000 4,012,052.00 1.67EUR 3,998,000.00






Total 240,684,419.26 100.00





24Page

United States of America 17.50Germany 15.65Italy 11.88The Netherlands 9.64France 7.90United Kingdom 6.84Spain 5.51Luxembourg 5.19Ireland 4.93Sweden 4.18Denmark 2.06Finland 0.49

91.77




Banks and credit institutions 52.09Holding and finance companies 24.07Supranational 5.19State 4.28Communications 3.08Utilities 1.61Petroleum 0.82Road vehicles 0.63

91.77

% of net assets



25Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in EUR





643,666.91Expenses133,215.97Advisory fees 4Note106,626.09Management fees 3Note118,177.98Custodian fees33,580.13Subscription duty ("taxe d'abonnement") 6Note

110,791.36Central administration costs5,691.02Audit fees





123,240.95- securities portfolio 2Note-21,499.85- options 2Note114,189.18- forward foreign exchange contracts 2Note16,437.19- financial futures 2Note

230,306.05- swap contracts 2Note-2,442.67- foreign exchange 2Note



29,710.00- futures contracts-354,749.54- swap contracts








26Page


4,466,399.48Cash at banks1,722,677.01Other liquid assets

0.05Interest receivable on bank accounts7,429.96Interest receivable on swap contracts

1,446,527.95Interest receivable on bonds and other debt securities18,085.79Receivable on issues of shares91,164.07Unrealised gain on futures contracts 2, 10Note


4,813,837.36Liabilities4,221,949.02Payable on redemptions of shares




Expressed in USD


UBAM - YIELD CURVE US DOLLAR BOND


Distribution shares 3,528.023 702.670 505.596 3,725.097







01/01/2012


27Page



A shares

Capitalisation shares48,796.6102,474.38

60,568.2882,433.73

70,227.7042,244.16


Distribution shares3,725.0972,182.32

53.28

3,528.0232,199.76

46.73

2,001.0962,075.24

20.07


USD USD USD

I shares


16,642.0082,519.73

16,902.5592,313.15


USD USD USD

R shares

Capitalisation shares13.901

2,405.2415.442

2,371.6513.901

2,197.87Number of shares outstandingNet asset value per share

USD USD USD

Total net assets 184,248,437.59 197,137,444.42 200,883,555.53


USD


28Page

BNP PARIBAS 608 2.125 09-12 21/12S1,500,000 1,506,105.00 0.82USD 1,499,655.00


Bonds 170,673,269.52 92.63158,279,316.18

EGYPT 4.45 05-15 15/09S3,000,000 3,360,564.90 1.82USD 3,017,061.60FANNIE MAE 1.00 10-13 23/09S3,000,000 3,025,680.00 1.64USD 2,994,750.00FEDERAL HOME LOAN 1.875 10-13 21/06S5,000,000 5,078,250.00 2.76USD 5,120,600.00GENERAL ELECTRIC CAPITAL CORP 3.50 09-12 13/08S1,000,000 1,003,170.00 0.54USD 998,360.00GOLDMAN SACHS GROUP INC TR 579 3.625 09-12 01/08S4,000,000 4,007,986.00 2.18USD 4,007,520.00HEWLETT PACKARD 1.25 10-13 13/09S2,000,000 2,003,500.00 1.09USD 1,998,420.00ITALY 2.125 09-12 05/10S5,000,000 4,989,250.00 2.71USD 5,012,500.00JP MORGAN CHASE 4.65 09-14 01/06A2,000,000 2,107,160.00 1.14USD 2,137,760.00MERRILL LYNCH & CO -676- 6.15 08-13 25/04S1,000,000 1,032,350.00 0.56USD 1,000,393.33METLIFE INC 2.375 10-14 06/02S1,000,000 1,020,370.00 0.55USD 998,670.00NATIONAL AUSTRALIA BANK 31 REGS 1.70 10-13 10/12S1,000,000 1,007,210.00 0.55USD 999,300.00PHILIP MORRIS 6.875 08-14 17/03S500,000 552,760.00 0.30USD 578,000.00RABOBANK NEDERLAND NV REGS 2023A 3.00 09-12 18/09A3,000,000 3,014,262.15 1.64USD 3,089,700.00SHELL INTL FINANCE 1.875 10-13 25/03S250,000 252,735.00 0.14USD 249,702.50UNITED STATES -B2022- 2.00 12-22 15/02S3,000,000 3,104,531.25 1.68USD 2,953,007.79US TREASURY BONDS 11.25 85-15 15/02S4,000,000 5,130,625.00 2.78USD 5,891,250.00US TREASURY BONDS 3.50 09-39 15/02S1,500,000 1,738,359.38 0.94USD 1,230,234.37US TREASURY BONDS 4.50 06-36 15/02S6,000,000 8,071,406.28 4.38USD 6,062,994.81US TREASURY BONDS 4.50 08-38 15/05S2,500,000 3,388,085.95 1.84USD 3,209,959.75US TREASURY BONDS 5.00 07-37 15/05S700,000 1,011,664.07 0.55USD 1,034,277.34US TREASURY BONDS 5.25 99-29 15/02S1,900,000 2,684,343.75 1.46USD 1,912,468.75US TREASURY BONDS 6.00 96-26 15/02S1,100,000 1,614,679.69 0.88USD 1,571,625.00US TREASURY BONDS 6.125 97-27 15/11S2,000,000 3,025,937.50 1.64USD 2,383,281.24US TREASURY BONDS 6.25 93-23 15/08S4,000,000 5,815,937.52 3.16USD 4,710,624.99US TREASURY BONDS 7.25 86-16 15/05S2,200,000 2,760,398.43 1.50USD 2,978,250.00US TREASURY BONDS 7.50 94-24 15/11S1,900,000 3,074,289.07 1.67USD 2,536,425.77US TREASURY BONDS 8.00 91-21 15/11S1,300,000 2,043,031.25 1.11USD 2,010,531.25US TREASURY BONDS 8.125 89-19 15/08S1,600,000 2,376,000.00 1.29USD 2,405,000.00US TREASURY BONDS 8.75 90-20 15/05S4,600,000 7,204,031.25 3.91USD 6,618,968.75US TREASURY BONDS Series 2039 4.375 09-39 15/11S5,000,000 6,670,703.15 3.62USD 4,696,093.75US TREASURY NOTES Series AE-2012 1.375 09-12 15/11S8,300,000 8,337,609.37 4.52USD 8,434,550.80US TREASURY NOTES Series B-2019 2.75 09-19 15/02S5,000,000 5,554,296.90 3.01USD 5,003,789.07US TREASURY NOTES Series C-2018 3.875 08-18 15/05S4,400,000 5,154,703.14 2.80USD 4,697,921.86US TREASURY NOTES Series E-2017 4.75 07-17 15/08S5,000,000 6,001,562.50 3.26USD 5,453,710.90US TREASURY NOTES Series F-2016 4.625 06-16 15/11S5,000,000 5,855,664.05 3.18USD 5,213,432.62US TREASURY NOTES Series F-2019 3.375 09-19 15/11S5,000,000 5,789,453.15 3.14USD 5,200,781.25US TREASURY NOTES Series H-2015 2.375 10-15 28/02S8,000,000 8,420,937.52 4.56USD 8,074,374.96US TREASURY NOTES Series J-2016 2.625 09-16 30/04S7,000,000 7,550,976.58 4.10USD 6,962,812.50US TREASURY NOTES Series J-2017 3.25 10-17 31/03S7,000,000 7,828,242.17 4.25USD 7,153,945.33US TREASURY NOTES Series Q-2014 2.375 09-14 31/08S10,000,000 10,438,281.30 5.66USD 10,175,000.00US TREASURY NOTES Series W-2013 1.375 10-13 15/03S5,000,000 5,041,406.25 2.74USD 5,003,710.90ZURICH FINANCE 3.25 09-13 30/09A1,000,000 1,024,760.00 0.56USD 997,900.00

BANK OF AMERICA FL.R 07-12 11/09Q2,000,000 1,996,763.10 1.08USD 1,972,460.00Floating rate bonds 6,677,813.51 3.626,631,561.90

CITIGROUP INC FL.R 10-13 13/08Q3,000,000 3,015,158.40 1.63USD 3,004,800.00CREDIT SUISSE (USA) FL.R 06-13 12/04Q1,000,000 998,684.65 0.54USD 991,360.00ING BANK REGS FL.R 11-13 15/03Q250,000 249,977.50 0.14USD 249,925.00RBS S1 FL.R 10-13 23/08Q415,000 417,229.86 0.23USD 413,016.90

NESTLE HOLDINGS REGS 1.375 12-17 21/06A1,000,000 995,590.00 0.54USD 998,570.00


Bonds 1,499,727.90 0.811,497,160.00

NY LIFE GLB FDG 144A 2.25 09-12 14/12S500,000 504,137.90 0.27USD 498,590.00

FIN F DANISH IND 144A FL.R 09-12 17/08Q2,250,000 2,250,933.75 1.23USD 2,251,800.00Floating rate bonds 2,250,933.75 1.232,251,800.00



Other net assets/(liabilities) -1,319,706.57 -0.71

Total 184,248,437.59 100.00





29Page

United States of America 88.45Italy 2.71The Netherlands 1.92Egypt 1.82Denmark 1.23France 0.82Luxembourg 0.56Australia 0.55United Kingdom 0.23

98.29




Countries and central government 78.16Banks and credit institutions 13.94Holding and finance companies 4.25Office supplies and computing 1.09Insurance 0.55Tobacco and alcoholic drinks 0.30

98.29

% of net assets



30Page












706,060.85- securities portfolio 2Note-28,726.68- options 2Note

9,554.29- forward foreign exchange contracts 2Note938,451.74- financial futures 2Note542,329.23- swap contracts 2Note-14,718.63- foreign exchange 2Note


-205,549.21- securities portfolio-52,920.88- forward foreign exchange contracts17,273.44- futures contracts

-491,013.67- swap contracts


30,568,169.72Subscriptions capitalisation shares1,538,886.97Subscriptions distribution shares


-12,889,006.83Total changes in net assets




31Page


0.06Cash at banks1,525,662.58Other liquid assets

5,028.34Interest receivable on swap contracts1,535,166.50Interest receivable on bonds and other debt securities


910,933.47Liabilities113,814.61Bank liabilities

1,381.54Payable on redemptions of shares506,560.00Unrealised loss on futures contracts 2, 10Note165,586.03Unrealised loss on swap contracts 2, 11Note123,591.29Interest paid on bank liabilities and expenses payable



Expressed in EUR


UBAM - YIELD CURVE EURO BOND




R sharesCapitalisation shares 8,660.536 0.000 8,660.536 0.000





01/01/2012


32Page



A shares


801.0556,039.046

770.30123,680.758



81.682.72

13,089.02581.192.51

6,565.25881.431.10


EUR EUR EUR

I shares


131.80305,915.784

126.47318,768.386


EUR EUR EUR

R shares


8,660.536763.67

9,608.607745.73


EUR EUR EUR

Total net assets 86,287,310.75 89,532,266.52 139,260,309.99


EUR


33Page

AUSTRIA 3.90 04-20 15/07A700,000 789,600.00 0.92EUR 732,983.92


Bonds 84,037,716.00 97.3985,516,156.86

AUSTRIA 4.00 05-16 15/09A600,000 670,920.00 0.78EUR 620,260.71AUSTRIA 4.15 06-37 15/03A250,000 290,062.50 0.34EUR 235,700.00AUSTRIA 4.30 03-14 15/07A1,000,000 1,078,800.00 1.25EUR 1,092,635.91AUSTRIA 4.65 03-18 15/01A500,000 580,575.00 0.67EUR 533,558.46AUSTRIA 6.25 97-27 15/07A500,000 702,990.00 0.81EUR 616,998.33BELGIUM OLO -31- 5.50 98-28 28/03A600,000 733,098.00 0.85EUR 687,870.00BELGIUM OLO -44- 5.00 04-35 28/03A500,000 589,240.00 0.68EUR 594,750.00BELGIUM OLO -54- 4.00 08-14 28/03A1,700,000 1,796,186.00 2.08EUR 1,858,015.00BELGIUM OLO -55- 4.00 09-19 28/03A500,000 545,290.00 0.63EUR 539,295.00BELGIUM OLO -58- 3.75 10-20 28/09A1,200,000 1,277,784.00 1.48EUR 1,290,525.33BELGIUM OLO -59- 2.75 10-16 28/03A1,300,000 1,357,616.00 1.57EUR 1,332,591.00BTPS 4.25 08-13 15/04S3,000,000 3,027,600.00 3.50EUR 3,053,400.00FRANCE OAT 3.75 05-21 25/04A2,000,000 2,195,600.00 2.54EUR 2,146,622.78FRANCE OAT 3.75 06-17 25/04A2,100,000 2,324,742.00 2.69EUR 2,246,340.00FRANCE OAT 3.75 08-19 25/10A1,200,000 1,326,996.00 1.54EUR 1,274,950.00FRANCE OAT 4.00 04-14 25/04U5,360,000 5,710,812.00 6.61EUR 5,675,327.00FRANCE OAT 4.00 04-14 25/10A600,000 647,892.00 0.75EUR 656,140.00FRANCE OAT 4.00 04-55 25/04A500,000 540,900.00 0.63EUR 526,050.00FRANCE OAT 4.00 06-38 25/10A350,000 377,202.00 0.44EUR 359,679.27FRANCE OAT 4.25 03-19 25/04A2,000,000 2,278,100.00 2.64EUR 2,166,924.85FRANCE OAT 4.25 06-23 25/10A1,000,000 1,134,930.00 1.32EUR 1,145,825.00FRANCE OAT 4.75 04-35 25/04A240,000 286,656.00 0.33EUR 276,684.00FRANCE OAT 5.00 01-16 25/10A1,750,000 2,023,437.50 2.35EUR 1,822,642.08FRANCE OAT 5.75 00-32 25/10A1,200,000 1,604,640.00 1.86EUR 1,449,719.08FRANCE OAT 8.50 92-23 25/04A1,350,000 2,066,647.50 2.40EUR 1,968,656.51IMPERIAL TOBACCO FINANCE PLC 4.375 06-13 22/11A1,000,000 1,040,420.00 1.21EUR 1,044,910.00IRELAND TREASURY BOND 4.60 99-16 18/04A500,000 491,640.00 0.57EUR 521,970.00IRELAND TREASURY BOND 5.40 09-25 13/03A300,000 278,001.00 0.32EUR 300,523.00IRELAND TREASURY BOND 5.90 09-19 18/10A800,000 784,680.00 0.91EUR 845,266.66ITALY BTP 2.00 09-12 15/12S3,000,000 2,992,140.00 3.46EUR 2,982,340.00ITALY BTP 2.50 09-12 01/07S2,500,000 2,500,175.00 2.90EUR 2,526,750.00ITALY BTP 3.75 05-15 01/08S1,400,000 1,380,022.00 1.60EUR 1,445,004.00ITALY BTP 3.75 06-16 01/08S1,500,000 1,452,570.00 1.68EUR 1,522,165.00ITALY BTP 3.75 06-21 01/08S1,000,000 877,070.00 1.02EUR 863,669.00ITALY BTP 3.75 08-13 15/12S2,500,000 2,518,450.00 2.92EUR 2,605,250.00ITALY BTP 4.00 05-37 01/02S600,000 462,180.00 0.54EUR 522,600.00ITALY BTP 4.25 04-14 01/08S1,000,000 1,010,050.00 1.17EUR 986,900.00ITALY BTP 4.25 09-20 01/03S1,000,000 927,950.00 1.08EUR 913,680.00ITALY BTP 4.50 07-18 01/08S500,000 485,950.00 0.56EUR 526,750.00ITALY BTP 4.50 08-18 01/08S900,000 868,050.00 1.01EUR 947,006.12ITALY BTP 4.50 08-19 01/03S1,800,000 1,717,776.00 1.99EUR 1,882,525.71ITALY BTP 4.50 09-19 01/09S500,000 468,725.00 0.54EUR 452,105.00ITALY BTP 4.75 02-13 01/02S2,000,000 2,020,740.00 2.34EUR 2,146,520.00ITALY BTP 5.00 03-34 01/08S1,250,000 1,076,150.00 1.25EUR 1,270,250.00ITALY BTP 5.00 07-39 01/08S300,000 254,595.00 0.30EUR 310,271.54ITALY BTP 5.00 09-25 01/03S1,000,000 919,020.00 1.07EUR 1,006,720.00ITALY BTP 5.25 02-17 01/08S900,000 908,955.00 1.05EUR 1,008,338.68ITALY BTP 5.25 98-29 01/11S1,100,000 1,007,655.00 1.17EUR 1,122,460.00ITALY BTP 6.00 00-31 01/05S700,000 683,851.00 0.79EUR 803,157.77ITALY BTP 9.00 93-23 01/11S600,000 739,842.00 0.86EUR 885,376.87NATIONAL GRID EMTN 4.125 06-13 21/03A1,500,000 1,533,195.00 1.78EUR 1,572,900.00NETHERLANDS 3.50 10-20 15/07A800,000 899,600.00 1.04EUR 856,480.00NETHERLANDS 4.00 09-19 15/07A1,600,000 1,846,432.00 2.14EUR 1,739,137.23NETHERLANDS 4.50 07-17 15/07A2,200,000 2,551,890.00 2.95EUR 2,515,040.00NETHERLANDS 7.50 93-23 15/01A400,000 601,520.00 0.70EUR 549,060.00PROCTER GAMBLE 3.375 05-12 07/12A1,500,000 1,519,335.00 1.76EUR 1,528,860.00SPAIN 3.15 05-16 31/01A1,500,000 1,402,905.00 1.63EUR 1,468,706.80SPAIN 3.80 06-17 31/01A920,000 856,087.60 0.99EUR 924,546.78SPAIN 4.10 08-18 30/07A900,000 821,493.00 0.95EUR 907,722.86SPAIN 4.20 03-13 30/07A2,000,000 2,003,700.00 2.32EUR 2,091,054.55SPAIN 4.20 05-37 31/01A400,000 277,500.00 0.32EUR 388,920.00SPAIN 4.25 08-14 31/01A1,700,000 1,703,060.00 1.97EUR 1,803,037.00SPAIN 4.60 09-19 30/07A900,000 832,032.00 0.96EUR 949,513.59SPAIN 4.65 10-25 30/07A500,000 412,750.00 0.48EUR 482,750.00






34Page

SPAIN 4.80 08-24 31/01A500,000 429,960.00 0.50EUR 524,787.00SPAIN 4.90 07-40 30/07A370,000 280,781.90 0.33EUR 381,814.97SPAIN 5.75 01-32 30/07A320,000 281,136.00 0.33EUR 361,600.00SPAIN 6.00 98-29 31/01A500,000 459,065.00 0.53EUR 568,350.00UBS AG LONDON EMTN 4.625 09-12 06/07A1,500,000 1,500,300.00 1.74EUR 1,555,222.50


Cash at banks/(bank liabilities) -113,814.55 -0.13

Other net assets/(liabilities) 2,363,409.30 2.74

Total 86,287,310.75 100.00





35Page

Italy 32.80France 26.10Spain 11.31Belgium 7.29The Netherlands 6.83Austria 4.77United Kingdom 4.73Ireland 1.80United States of America 1.76

97.39




Countries and central government 90.90Utilities 1.78Miscellaneous consumer goods 1.76Banks and credit institutions 1.74Holding and finance companies 1.21

97.39

% of net assets



36Page











-162,569.76- securities portfolio 2Note-12,550.38- options 2Note

6,710.07- forward foreign exchange contracts 2Note1,542,308.39- financial futures 2Note

243,198.75- swap contracts 2Note4,009.66- foreign exchange 2Note



-899,020.00- futures contracts-164,548.31- swap contracts


6,731,341.74Subscriptions capitalisation shares-13,308,207.57Redemptions capitalisation shares





37Page


44,646.87Cash at banks21,517.47Other liquid assets

258.94Interest receivable on swap contracts96,924.09Interest receivable on bonds and other debt securities12,766.35Receivable on swap contracts

34,494.73Liabilities1,640.00Unrealised loss on futures contracts 2, 10Note




Expressed in GBP


UBAM - YIELD CURVE STERLING BOND


Distribution shares 3,049.000 0.000 1,015.000 2,034.000

I sharesCapitalisation shares 3.000 0.000 0.000 3.000





01/01/2012


A shares


283.0737,251.443

278.3542,647.522



157.135.24

3,049.000159.844.20

3,070.000142.621.97


GBP GBP GBP

I shares


3.000279.71

0.0000.00


GBP GBP GBP

Total net assets 10,707,241.69 10,857,197.24 10,718,463.60


GBP


38Page

CADBURY SCHWEPPES 5.375 09-14 11/12S50,000 54,177.50 0.51GBP 51,367.50


Bonds 10,565,622.70 98.689,191,384.07

COUNCIL OF EUROPE REGS 3.375 09-14 08/12A150,000 158,112.00 1.48GBP 149,707.50FRANCE TELECOM EMTN 5.00 09-16 12/05A50,000 54,424.00 0.51GBP 49,569.50IMPERIAL TOBACCO FINANCE PLC EMTN 7.75 09-19 24/06A50,000 63,041.50 0.59GBP 49,650.00NETWORK RAIL INFRA 4.75 05-14 22/01A250,000 306,765.00 2.87GBP 248,610.00UK TREASURY STOCK 3.75 09-19 07/09S450,000 526,513.50 4.92GBP 475,426.59UK TREASURY STOCK 4.00 06-16 07/09S400,000 455,620.00 4.26GBP 422,600.50UK TREASURY STOCK 4.00 09-60 22/01S200,000 242,560.00 2.27GBP 183,562.30UK TREASURY STOCK 4.25 00-32 07/06S250,000 308,987.50 2.89GBP 243,294.50UK TREASURY STOCK 4.25 03-36 07/03S200,000 246,834.00 2.31GBP 188,526.00UK TREASURY STOCK 4.25 05-55 07/12S200,000 252,100.00 2.35GBP 210,428.89UK TREASURY STOCK 4.25 06-27 07/12S400,000 497,352.00 4.65GBP 389,140.00UK TREASURY STOCK 4.25 06-46 07/12S245,000 304,804.50 2.85GBP 248,739.62UK TREASURY STOCK 4.25 08-49 07/12S230,000 286,695.00 2.68GBP 239,432.75UK TREASURY STOCK 4.25 09-39 07/09S265,000 326,792.70 3.05GBP 295,434.22UK TREASURY STOCK 4.25 10-40 07/12S200,000 246,586.00 2.30GBP 206,913.00UK TREASURY STOCK 4.50 07-42 07/12S280,000 361,051.60 3.37GBP 278,503.50UK TREASURY STOCK 4.50 08-19 07/03S350,000 425,600.00 3.97GBP 388,625.40UK TREASURY STOCK 4.75 03-15 07/09S750,000 852,997.50 7.96GBP 800,540.35UK TREASURY STOCK 4.75 04-38 07/12S230,000 306,291.00 2.86GBP 240,744.20UK TREASURY STOCK 4.75 05-20 07/03S600,000 747,630.00 6.97GBP 671,831.20UK TREASURY STOCK 4.75 07-30 07/12S350,000 460,313.00 4.30GBP 369,622.50UK TREASURY STOCK 5.00 01-25 07/03S300,000 397,905.00 3.72GBP 320,460.00UK TREASURY STOCK 5.00 02-14 07/09S700,000 772,030.00 7.20GBP 774,250.93UK TREASURY STOCK 5.00 07-18 07/03S350,000 428,662.50 4.00GBP 388,605.00UK TREASURY STOCK 6.00 98-28 07/12S430,000 642,123.30 6.00GBP 509,071.60UK TREASURY STOCK 8.00 96-21 07/06S110,000 169,238.30 1.58GBP 156,283.97UK TREASURY STOCK 8.75 92-17 25/08S450,000 630,306.00 5.89GBP 605,658.50VODAFONE GROUP EMTN 5.375 09-17 05/12A35,000 40,109.30 0.37GBP 34,784.05


Cash at banks/(bank liabilities) 44,646.87 0.42


Total 10,707,241.69 100.00

Statement of investments and other net assets as at 30/06/2012GBPExpressed in




39Page

United Kingdom 96.18France 1.99United States of America 0.51

98.68




Countries and central government 92.35Holding and finance companies 3.46Supranational 1.48Communications 0.88Foods and non alcoholic drinks 0.51

98.68

% of net assets



40Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in GBP


210,647.32Income206,144.94Interest on bonds and other debt securities, net


3,713.31Interest on swap contracts597.74Other income

54,875.26Expenses18,608.42Advisory fees 4Note7,975.23Management fees 3Note5,566.81Custodian fees2,609.97Subscription duty ("taxe d'abonnement") 6Note5,547.84Central administration costs

321.98Audit fees1.78Interest paid on bank liabilities

2,251.16Legal fees163.03Transaction fees

8,087.56Other administration costs 7, 8Note68.89Banking charges and other fees

3,017.99Interest paid on swap contracts654.60Other expenses

155,772.06Net investment incomeNet realised gain/(loss) on:

1,375.41- securities portfolio 2Note14,253.87- financial futures 2Note10,762.85- swap contracts 2Note

-966.31- foreign exchange 2Note

181,197.88Realised resultNet variation of the unrealised gain/(loss) on:

6,750.41- securities portfolio-1,610.00- futures contracts

-12,130.30- swap contracts

174,207.99Result of operations-11,155.96Dividends paid 16Note436,984.11Subscriptions capitalisation shares

-589,183.22Redemptions capitalisation shares-160,808.47Redemptions distribution shares

-149,955.55Total changes in net assets




41Page

35,794,347.13Assets31,777,574.77Securities portfolio at market value 2Note2,229,511.23Cash at banks

768,057.05Other liquid assets2.32Interest receivable on bank accounts

964.30Interest receivable on swap contracts405,709.75Interest receivable on bonds and other debt securities497,710.80Receivable on issues of shares76,912.33Unrealised gain on futures contracts 2, 10Note37,904.58Receivable on swap contracts

224,069.00Liabilities117,126.58Unrealised loss on forward foreign exchange contracts 2, 9Note39,477.15Unrealised loss on swap contracts 2, 11Note67,465.27Interest paid on bank liabilities and expenses payable



Expressed in CHF


UBAM - GLOBAL BOND (CHF)

A sharesCapitalisation shares 24,895.279 546.566 1,362.693 24,079.152


AH EUR sharesCapitalisation shares 1.004 0.000 0.000 1.004

I sharesCapitalisation shares 315.000 0.000 105.000 210.000





01/01/2012


42Page



A shares


24,895.2791,399.75

29,670.1481,384.27



119.672.00

4,070.000118.072.03

2,435.000118.810.47


CHF CHF CHF

AH EUR shares

Capitalisation shares1.004

1,172.321.004

1,134.681.004

1,108.06Number of shares outstandingNet asset value per share

EUR EUR EUR

I shares

Capitalisation shares210.0001,496.44

315.0001,448.54

1,363.3001,426.06


CHF CHF CHF

Total net assets 35,570,278.13 35,785,437.21 43,306,298.43


CHF


43Page

CANADA 8.00 92-23 01/06S600,000 896,680.41 2.52CAD 770,205.79


Bonds 30,825,684.34 86.6632,186,283.84

Canadian Dollar 896,680.41 2.52770,205.79

ANHEUSER BUSCH INBEV 4.00 10-18 26/04A150,000 200,890.54 0.56EUR 217,063.29Euro 15,771,122.12 44.3417,247,815.38

BARCLAYS BANK PLC EMTN 4.875 09-19 13/08A200,000 270,787.26 0.76EUR 305,955.68BELGIUM OLO -31- 5.50 98-28 28/03A80,000 117,408.09 0.33EUR 131,062.63BELGIUM OLO -43- 4.25 04-14 28/09A250,000 322,403.68 0.91EUR 365,892.07BELGIUM OLO -44- 5.00 04-35 28/03A50,000 70,776.56 0.20EUR 78,743.70BELGIUM OLO -58- 3.75 10-20 28/09A120,000 153,481.02 0.43EUR 167,802.89BELGIUM OLO -59- 2.75 10-16 28/03A200,000 250,876.99 0.71EUR 272,003.68FRANCE OAT 0.00 94-25 25/10U1,140,615 879,873.33 2.47EUR 581,508.79GERMANY 0.00 -12 04/07U2,072,268 2,489,104.77 7.00EUR 2,231,253.67GERMANY 3.00 10-20 04/07A1,000,000 1,361,587.61 3.83EUR 1,234,579.88GERMANY 3.25 05-15 04/07A650,000 851,467.61 2.39EUR 981,835.40GERMANY 4.25 03-14 04/01A350,000 446,950.92 1.26EUR 551,020.29GERMANY 6.25 94-24 04/01A800,000 1,408,583.80 3.96EUR 1,284,243.42IRELAND TREASURY BOND 5.40 09-25 13/03A150,000 166,960.45 0.47EUR 227,473.64IRELAND TREASURY BOND 5.90 09-19 18/10A100,000 117,814.80 0.33EUR 149,175.49ITALY BTP 3.75 05-15 01/08S250,000 296,002.39 0.83EUR 392,953.00ITALY BTP 4.50 07-18 01/08S1,000,000 1,167,397.68 3.28EUR 1,590,449.62ITALY BTP 5.00 03-34 01/08S100,000 103,409.41 0.29EUR 156,477.15ITALY BTP 5.25 98-29 01/11S100,000 110,031.35 0.31EUR 163,118.90ITALY BTP 6.00 00-31 01/05S450,000 528,047.76 1.48EUR 780,730.96NATIONAL AUSTRALIA BANK 4.75 09-16 15/07A300,000 398,647.51 1.12EUR 453,113.93PORTUGAL 4.75 09-19 14/06A200,000 173,962.56 0.49EUR 255,166.39RABOBANK NEDERLAND NV EMTN 4.375 09-14 22/01A1,000,000 1,261,267.55 3.55EUR 1,491,794.88SFEF EMTN 3.125 09-14 30/06A1,500,000 1,888,784.36 5.31EUR 2,252,562.98SPAIN 3.00 10-15 30/04A450,000 515,329.38 1.45EUR 639,985.74SPAIN 4.10 08-18 30/07A200,000 219,274.74 0.62EUR 291,847.31

DEVELOPMENT BANK OF JAPAN 1.05 03-23 20/06S230,000,000 2,771,169.67 7.79JPY 2,048,376.78Japanese Yen 7,577,596.45 21.306,887,980.20

KREDITANSTALT FUER WIEDERAUFBAU 2.60 07-37 20/06S45,000,000 613,053.27 1.72JPY 469,113.74LANDWIRTSCHAFTLICHE RENTENBANK 1.375 01-13 25/04A350,000,000 4,193,373.51 11.79JPY 4,370,489.68

POLAND -1019- 5.50 08-19 25/10A1,000,000 293,480.83 0.83PLN 368,376.83New Polish Zloty 293,480.83 0.83368,376.83

BEI EMTN 4.75 03-18 15/10A500,000 844,434.73 2.37GBP 1,087,284.54Pound Sterling 1,646,958.66 4.631,929,633.36

UK TREASURY STOCK 4.75 04-38 07/12S350,000 691,941.68 1.95GBP 730,881.77VODAFONE GROUP EMTN 5.375 09-17 05/12A65,000 110,582.25 0.31GBP 111,467.05

EUROFIMA BALE 5.125 02-12 02/08A1,000,000 949,855.47 2.67USD 1,340,284.42US Dollar 4,639,845.87 13.044,982,272.28

GOLDMAN SACHS GROUP INC TR 579 3.625 09-12 01/08S500,000 474,192.54 1.33USD 539,541.61KREDITANSTALT FUER WIEDERAUFBAU 4.875 09-19 17/06S500,000 573,126.63 1.61USD 540,390.26SFEF REGD NT REG-S 3.375 09-14 05/05S500,000 492,613.00 1.38USD 577,107.92US TREASURY BONDS 0.875 12-17 30/04S500,000 477,111.33 1.34USD 464,449.98US TREASURY BONDS 1.25 12-19 30/04S500,000 478,904.49 1.35USD 461,687.98US TREASURY BONDS 4.50 06-36 15/02S700,000 891,280.72 2.51USD 779,653.62US TREASURY BONDS 6.25 93-23 15/08S220,000 302,761.69 0.85USD 279,156.49

SWEDISH EXPORT CREDIT CORP FL.R 09-14 14/08Q1,000,000 951,890.43 2.68USD 1,066,000.00

Floating rate bonds 951,890.43 2.681,066,000.00

US Dollar 951,890.43 2.681,066,000.00




Total 35,570,278.13 100.00

Statement of investments and other net assets as at 30/06/2012CHFExpressed in




44Page

Germany 33.56France 9.16Japan 7.79United States of America 7.38Italy 6.19The Netherlands 3.55Belgium 3.14United Kingdom 3.02Sweden 2.68Switzerland 2.67Canada 2.52Luxembourg 2.37Spain 2.07Australia 1.12Poland 0.83Ireland 0.80Portugal 0.49

89.34




Countries and central government 44.39Banks and credit institutions 29.67Holding and finance companies 9.37Supranational 5.04Tobacco and alcoholic drinks 0.56Communications 0.31

89.34

% of net assets



45Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in CHF











-737,035.31- securities portfolio 2Note-5,101.02- options 2Note

-438,582.35- forward foreign exchange contracts 2Note-3,509.45- futures contracts 2Note49,464.20- swap contracts 2Note

-20,162.85- foreign exchange 2Note

-871,997.79Realised resultNet variation of the unrealised gain/(loss) on:

1,621,111.65- securities portfolio433,364.77- forward foreign exchange contracts-81,051.15- futures contracts-39,477.15- swap contracts


786,571.55Subscriptions capitalisation shares24,342.60Subscriptions distribution shares

-2,079,675.56Redemptions capitalisation shares





46Page


2,079,000.00Deposits on futures contracts11,441,479.40Cash at banks2,759,700.75Other liquid assets


268,615.75Receivable on issues of shares97,955.96Unrealised gain on forward foreign exchange contracts 2, 9Note99,929.69Unrealised gain on futures contracts 2, 10Note


3,999,006.63Liabilities13,993.06Other liquid liabilities

1,119,108.33Payable on purchases of securities1,130,194.91Payable on redemptions of shares1,049,728.49Unrealised loss on swap contracts 2, 11Note

685,981.84Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - CORPORATE US DOLLAR BOND

A sharesCapitalisation shares 1,715,881.348 168,309.300 430,450.195 1,453,740.453


AH EUR sharesCapitalisation shares 96,514.033 5,633.982 3,173.105 98,974.910


IH EUR sharesCapitalisation shares 2,500.000 7,217.886 0.000 9,717.886






01/01/2012


47Page



A shares

Capitalisation shares1,453,740.453

164.561,715,881.348

156.921,601,158.937



119.395.19

84,565.168118.844.88

13,375.000118.581.07


USD USD USD

AH EUR shares


122.2996,514.033

116.770.0000.00


EUR EUR EUR

I shares


173.09660,857.000

164.78463,070.026


USD USD USD

IH EUR shares


128.632,500.000

122.620.0000.00


EUR EUR EUR

R shares


161.806,358.652

154.838,945.906


USD USD USD

Total net assets 427,296,275.65 404,220,748.11 316,307,450.51


USD


48Page

ABBOTT LABORATORIES 5.875 06-16 15/05S2,000,000 2,363,657.20 0.55USD 2,355,920.00


Bonds 386,462,590.33 90.44372,384,366.94

ABN AMRO REG S 4.25 12-17 02/02S500,000 510,145.00 0.12USD 499,510.00ALCOA INC 5.55 07-17 01/02S2,000,000 2,186,440.00 0.51USD 1,962,500.00ALTRIA GROUP INC 9.25 09-19 06/08S2,650,000 3,682,380.77 0.86USD 3,237,249.00ALTRIA GROUP INC 9.70 08-18 10/11S2,000,000 2,768,600.00 0.65USD 2,462,970.00AMERICA MOVIL SAB 2.375 11-16 08/09S4,000,000 4,103,600.00 0.96USD 4,026,360.00AMERICAN EXPRESS CO 8.125 09-19 20/05S2,000,000 2,663,660.00 0.62USD 2,412,205.00AMERICAN EXPRESS D 76 2.375 12-17 24/03S5,000,000 5,126,150.00 1.20USD 4,986,450.00AMERICAN INTL GROUP 4.25 03-13 15/05S1,500,000 1,530,800.92 0.36USD 1,498,000.00AMERICAN INTL GROUP 4.875 12-22 01/06S1,000,000 1,023,220.00 0.24USD 1,022,570.00AMERICAN INTL GROUP 5.05 06-15 01/10S3,200,000 3,396,416.00 0.79USD 3,351,488.00AMGEN 2.30 11-16 15/06S2,000,000 2,057,320.00 0.48USD 2,052,020.00AMGEN 5.70 09-19 01/02S2,000,000 2,357,460.00 0.55USD 2,269,000.00ANADARKO PETROLEUM 5.95 06-16 15/09S1,000,000 1,134,780.00 0.27USD 1,153,300.00ANGLO AMER CAPITAL 2.625 12-17 03/04S2,000,000 2,004,896.00 0.47USD 1,995,620.00ANHEUSER BUSCH INBEV 7.75 11-19 15/01S3,000,000 3,962,970.00 0.93USD 3,732,640.00ARCELORMITTAL 3.75 12-15 25/02S250,000 253,420.00 0.06USD 249,462.50ARCELORMITTAL 5.375 08-13 01/06S2,000,000 2,060,720.00 0.48USD 1,853,900.00ARCELORMITTAL 9.85 09-19 01/06S700,000 833,021.00 0.19USD 895,252.65AT&T INC 5.60 08-18 15/05S2,700,000 3,237,759.00 0.76USD 3,023,872.00AT&T INC 5.625 04-16 15/06S1,000,000 1,161,100.00 0.27USD 1,106,690.00AT&T INC 5.80 09-19 15/02S3,000,000 3,658,980.00 0.86USD 3,194,640.00AVON PRODUCTS 6.50 09-19 01/03S1,000,000 1,090,350.00 0.26USD 987,460.00BANK AMERICA FUNDING 4.90 08-13 01/05S3,000,000 3,070,560.00 0.72USD 3,124,510.00BANK OF AMERICA 5.875 10-21 05/01S2,500,000 2,729,500.00 0.64USD 2,629,750.00BANK OF AMERICA CORP 4.50 10-15 01/04S2,000,000 2,065,360.00 0.48USD 2,092,460.00BANK OF AMERICA CORP 4.875 03-13 15/01S500,000 508,335.00 0.12USD 505,115.39BANK OF AMERICA CORP 6.50 09-16 01/08S2,000,000 2,196,260.00 0.51USD 2,247,440.00BANK OF AMERICA CORP 5.65 08-18 01/05S1,150,000 1,229,683.50 0.29USD 1,108,475.00BANK OF AMERICA EMTN 3.625 11-16 17/03S5,000,000 5,031,150.00 1.18USD 4,864,930.00BANK OF MONTREAL 2.50 12-17 11/01S500,000 516,855.00 0.12USD 498,975.00BARCLAYS BANK PLC 3.90 10-15 07/04S5,234,000 5,425,198.02 1.27USD 5,224,448.62BARCLAYS BANK PLC 6.75 09-19 22/05S700,000 818,307.00 0.19USD 770,763.00BARCLAYS BANK PLC 5.20 09-14 10/07S2,000,000 2,109,300.00 0.49USD 2,024,940.00BARRICK GOLD 2.90 11-16 30/05S2,000,000 2,101,760.00 0.49USD 2,087,860.00BARRICK GOLD 3.85 12-22 01/04S1,000,000 1,035,320.00 0.24USD 1,029,570.00BARRICK GOLD 6.95 09-19 01/04S2,500,000 3,121,300.50 0.73USD 2,770,085.71BAT INTERNATIONAL FINANCE PLC REG S 9.50 08-18 15/11S2,000,000 2,745,805.70 0.64USD 2,594,000.00BEAR STEARNS 5.70 02-14 15/11S5,000,000 5,410,450.00 1.27USD 5,539,050.00BHP BILLITON FINANCE 6.50 09-19 01/04S2,500,000 3,186,525.00 0.75USD 3,060,230.00BNY MELLON 3.55 11-21 23/09S2,000,000 2,126,740.00 0.50USD 1,955,380.00BRITISH TELECOM 5.95 07-18 15/01S4,000,000 4,685,520.00 1.10USD 4,685,320.00CATERPILLAR FIN SERV 5.45 08-18 15/04S500,000 596,942.22 0.14USD 491,845.00CITIGROUP 3.953 11-16 15/06S2,000,000 2,049,300.00 0.48USD 2,007,200.00CITIGROUP 4.50 11-22 14/01S3,000,000 3,100,140.00 0.73USD 3,030,690.00CITIGROUP INC 4.75 10-15 19/05S3,000,000 3,148,920.00 0.74USD 3,170,380.00CITIGROUP INC 5.625 02-12 27/08S1,000,000 1,005,619.10 0.24USD 962,950.00CITIGROUP INC 6.01 09-15 15/01S2,000,000 2,149,400.00 0.50USD 2,146,000.00CITIGROUP INC 6.125 08-18 15/05S2,000,000 2,233,140.00 0.52USD 2,032,941.82CITIGROUP INC 6.50 08-13 19/08S1,000,000 1,047,910.00 0.25USD 971,537.50CITIGROUP INC 5.50 09-14 15/10S1,000,000 1,058,760.00 0.25USD 1,023,750.00COMCAST CABLE COM. 6.50 06-17 15/01S3,000,000 3,576,859.50 0.84USD 3,514,130.00COMCAST CORP 5.70 08-18 15/05S800,000 944,080.00 0.22USD 798,295.00COMCAST CORP 6.50 03-15 15/01S3,500,000 3,953,907.82 0.93USD 3,962,135.00COMMONWEALTH BANK OF AUSTRALIA REG S 5.00 09-19 15/10S2,000,000 2,202,540.00 0.52USD 2,008,400.00CREDIT AGRICOLE 9.75 09-XX 26/12S750,000 694,687.50 0.16USD 772,500.00CREDIT SUISSE NEW YORK SUB TR.1 5.50 09-14 01/05S1,000,000 1,061,100.00 0.25USD 1,061,480.00CRH AMERICA 5.30 03-13 15/10S750,000 781,364.25 0.18USD 737,625.00CS NY 3.50 10-15 23/03S3,000,000 3,109,950.00 0.73USD 3,065,100.00CVS CAREMARK 5.75 07-17 01/06S3,000,000 3,550,560.00 0.83USD 3,392,800.00DELL INC 5.875 09-19 15/06S1,275,000 1,500,897.17 0.35USD 1,379,524.50DEUTSCHE BANK LONDON 3.875 09-14 18/08S2,000,000 2,082,940.00 0.49USD 1,992,180.00DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.75 08-18 20/08S1,000,000 1,207,210.00 0.28USD 995,000.00DEUTSCHE TELEKOM INTL 3.125 11-16 11/04S3,000,000 3,114,992.10 0.73USD 2,992,200.00DIAGEO CAPITAL 2.875 12-22 11/05S500,000 514,145.00 0.12USD 498,190.00






49Page

DIRECT TV 3.80 12-22 15/03S2,000,000 2,022,760.00 0.47USD 2,016,780.00DOW CHEMICAL 2.50 10-16 15/02S500,000 514,260.00 0.12USD 499,250.00GAZ CAPITAL REG S 6.212 06-16 22/11S4,000,000 4,360,000.00 1.02USD 4,284,375.00GAZ CAPITAL REG S 9.25 09-19 23/04S1,000,000 1,249,610.00 0.29USD 1,000,000.00GENERAL ELECTRIC CAPITAL CORP 5.625 07-17 15/09S3,500,000 4,021,745.00 0.94USD 3,537,500.00GENERAL ELECTRIC CAPITAL CORP TR 811 5.625 08-18 01/05S2,500,000 2,873,850.00 0.67USD 2,697,775.00GOLDMAN SACHS GROUP 5.125 05-15 01/15S3,000,000 3,136,290.00 0.73USD 3,123,060.00GOLDMAN SACHS GROUP 5.15 04-14 15/01S3,000,000 3,118,920.00 0.73USD 3,119,670.00GOLDMAN SACHS GROUP 5.75 12-22 24/01S2,000,000 2,111,200.00 0.49USD 2,049,100.00GOLDMAN SACHS GROUP INC 6.00 09-14 01/05S2,000,000 2,113,700.00 0.49USD 2,085,252.42GOLDMAN SACHS GROUP INC 5.25 03-13 15/10S2,511,000 2,611,214.01 0.61USD 2,554,714.00GOLDMAN SACHS GROUP INC 5.50 02-14 15/11S500,000 529,480.00 0.12USD 435,000.00GOLDMAN SACHS GROUP INC 6.15 08-18 01/04S1,700,000 1,842,936.00 0.43USD 1,687,390.00GOLDMAN SACHS GROUP INC 7.50 09-19 15/02S1,000,000 1,141,640.00 0.27USD 1,161,286.66HEWLETT PACKARD 4.65 11-21 09/12S3,000,000 3,154,590.00 0.74USD 3,197,250.00HOLCIM US FINANCE 6.00 09-19 30/12S1,620,000 1,713,693.19 0.40USD 1,689,737.88HSBC BANK PLC 144A 3.10 11-16 24/05S2,000,000 2,067,800.00 0.48USD 1,993,400.00HSBC BANK REG S 3.50 10-15 28/06S4,000,000 4,193,360.00 0.98USD 4,087,120.00HSBC BANK USA 4.625 04-14 01/04S750,000 781,807.50 0.18USD 731,550.00HSBC FINANCE 5.25 06-14 15/01S1,000,000 1,045,954.05 0.24USD 1,075,900.00HSBC HOLDINGS PLC 5.25 02-12 12/12S500,000 509,308.43 0.12USD 535,500.00HUTCHISON WHAMPOA 3.50 12-17 13/01S2,000,000 2,077,300.00 0.49USD 1,990,380.00ING BANK REG-S 2.00 10-13 18/10S2,700,000 2,682,270.05 0.63USD 2,695,005.00ING BANK 144A 4.00 11-16 15/03S3,000,000 3,039,885.75 0.71USD 3,101,400.00INTL PAPER CO 4.75 11-22 15/02S1,250,000 1,367,675.00 0.32USD 1,350,697.50IPIC GMTN EMTN 3.75 11-17 01/03S5,000,000 5,209,500.00 1.22USD 5,001,100.00JP MORGAN CHASE 4.50 12-22 24/01S2,000,000 2,156,040.00 0.50USD 2,076,740.00JP MORGAN CHASE 7.25 08-18 01/02S3,000,000 3,586,560.00 0.84USD 3,462,080.00JP MORGAN CHASE & CO 5.25 03-15 01/05S1,000,000 1,080,156.90 0.25USD 1,076,260.00JPMORGAN CHASE 3.15 11-16 05/07S3,000,000 3,089,310.00 0.72USD 2,981,580.00JPMORGAN CHASE AND CO 4.40 10-20 22/07S1,000,000 1,058,420.00 0.25USD 1,005,300.00KEPCO REGS 5.50 09-14 21/07S1,000,000 1,065,960.00 0.25USD 1,073,290.00KOR HYDRO NUCL REG S 6.25 09-14 17/04S3,000,000 3,232,470.00 0.76USD 3,210,780.00KOREA NATL OIL REGS 3.125 12-17 03/04S2,000,000 2,042,680.00 0.48USD 2,048,000.00KOREA REGS 4.25 10-20 02/11S1,000,000 1,053,920.00 0.25USD 1,042,400.00KRAFT FOODS 4.125 10-16 09/02S3,000,000 3,270,000.00 0.77USD 3,227,500.00KRAFT FOODS 6.125 07-18 01/02S2,500,000 3,004,025.00 0.70USD 2,740,430.00KRAFT FOODS INC 5.375 10-20 10/02S1,000,000 1,186,040.00 0.28USD 1,109,795.00LLOYDS TBS BANK REGS 4.375 10-15 12/01S2,500,000 2,561,872.50 0.60USD 2,480,250.00LORILLARD TOBACCO 8.125 09-19 23/06S3,000,000 3,723,210.00 0.87USD 3,530,240.00MERRILL LYNCH & CO 6.05 06-16 16/05S2,495,000 2,585,835.09 0.61USD 2,388,850.00MERRILL LYNCH & CO 6.875 08-18 25/04S900,000 1,007,037.00 0.24USD 851,965.00MERRILL LYNCH & CO -667- 5.45 08-13 05/02S1,000,000 1,020,810.00 0.24USD 966,705.00MERRILL LYNCH & CO -676- 6.15 08-13 25/04S1,950,000 2,013,082.50 0.47USD 2,073,505.00METLIFE INC 6.75 09-16 01/06S2,000,000 2,345,180.00 0.55USD 1,995,260.00METLIFE INC SER B 7.717 09-19 15/02S1,030,000 1,304,495.00 0.31USD 1,241,315.00MORGAN STANLEY 5.50 11-21 28/07S1,000,000 985,250.00 0.23USD 983,660.00MORGAN STANLEY 6.00 09-14 13/05S6,000,000 6,219,120.00 1.47USD 6,375,420.00MORGAN STANLEY 6.625 08-18 01/04S1,100,000 1,154,197.00 0.27USD 1,067,450.00MORGAN STANLEY 7.30 09-19 13/05S1,000,000 1,083,520.00 0.25USD 1,082,517.50MORGAN STANLEY MTN 6.00 08-15 28/04S6,000,000 6,214,380.00 1.45USD 6,217,620.00MOTIVA ENTERPRISES 5.75 10-20 15/01S2,000,000 2,369,918.60 0.55USD 2,344,430.00M.S.(GAZPROM) REGS 9.625 03-13 01/03S3,400,000 3,573,672.00 0.84USD 3,901,300.00NISSAN MOTOR REG S 3.25 10-13 30/01S2,000,000 2,020,600.00 0.47USD 2,011,377.50NOMURA HOLDINGS INC 4.125 11-16 19/01S1,500,000 1,530,795.00 0.36USD 1,489,365.00NORDEA BANK 3.70 09-14 13/11S1,000,000 1,041,167.25 0.24USD 1,043,500.00NORDEA BANK 9 REGS 4.875 10-20 27/01S2,000,000 2,186,923.00 0.51USD 2,034,460.00PEMEX 8.00 09-19 03/05S3,500,000 4,478,215.00 1.05USD 4,417,150.00PETROBRAS INTL FIN CO 5.875 07-18 01/03S2,000,000 2,223,700.00 0.52USD 2,176,360.00PETROBRAS INTL FIN CO 2.875 12-15 06/02S250,000 253,790.00 0.06USD 248,747.50PETROBRAS INTL FIN CO 3.875 11-16 27/01S4,000,000 4,148,120.00 0.97USD 4,103,450.00PHILIP MORRIS 5.65 08-18 16/05S4,000,000 4,837,720.00 1.13USD 4,280,000.00POTASH SASKATCHEWAN 5.625 10-40 01/12S250,000 311,549.51 0.07USD 246,505.00PRUDENTIAL FINANCIAL 4.50 10-20 15/11S1,000,000 1,059,990.00 0.25USD 1,037,620.00PRUDENTIAL FINANCIAL INC 3.875 10-15 14/01S2,000,000 2,094,200.00 0.49USD 2,006,202.50PRUDENTIAL FINANCIAL INC SER D TR 31 7.375 09-19 15/06S500,000 610,235.00 0.14USD 507,670.00PRUDENTIAL FINANCIAL TR 27 6.00 07-17 01/12S300,000 345,060.00 0.08USD 216,000.00RAS LAFFAN REGS 6.75 09-19 30/09S500,000 603,005.00 0.14USD 521,750.00REED ELSEVIER CAPITAL INC 7.75 09-14 15/01S1,000,000 1,094,579.90 0.26USD 1,116,430.00






50Page

REYNOLDS AMERICAN 7.625 06-16 01/06S1,500,000 1,807,830.00 0.42USD 1,554,530.00RIO TINTO FIN USA 2.25 11-16 20/09S1,000,000 1,034,530.00 0.24USD 1,019,380.00RIO TINTO FINANCE USA LTD 9.00 09-19 01/05S1,000,000 1,370,850.00 0.32USD 1,114,670.00RIO TINTO FINANCE USA LTD 6.50 08-18 15/07S2,000,000 2,469,940.00 0.58USD 2,237,080.00ROCKWELL COLLINS 5.25 09-19 15/07S500,000 590,822.33 0.14USD 497,355.00ROYAL BANK OF SCOTLAND 3.95 10-15 21/09S2,000,000 2,037,140.00 0.48USD 1,998,710.00ROYAL BANK OF SCOTLAND 4.875 10-15 16/03S1,000,000 1,034,740.00 0.24USD 1,023,140.00ROYAL BK SCOTLAND 68 4.875 09-14 25/08S3,000,000 3,078,030.00 0.72USD 3,101,040.00RWE AG 7.00 12-72 12/10S3,000,000 3,026,070.00 0.71USD 3,026,310.00SABMILLER HLDGS 2.45 12-17 15/01S5,000,000 5,153,650.00 1.21USD 4,996,750.00SANTANDER US DEBT SA REGS 2.991 10-13 10/13S4,900,000 4,708,804.70 1.10USD 4,836,250.00SINGTEL GROUP TREAS 2.375 12-17 08/09S2,000,000 2,046,940.00 0.48USD 1,995,900.00SOCIETE GENERALE 8.75 09-XX 07/04S750,000 676,672.50 0.16USD 760,714.29STANDARD CHARTERED REGS 6.40 07-17 26/09S1,000,000 1,109,630.00 0.26USD 1,073,780.00SUMITOMO BANK 4.85 12-22 01/03S4,000,000 4,327,480.00 1.01USD 3,999,170.00SUMITOMO MITSUI 1.90 12-15 12/01S1,000,000 1,014,460.00 0.24USD 998,960.00SWISS RE TREASURY US EMTN 4.125 09-13 17/09A200,000 206,826.00 0.05USD 199,310.00TELECOM ITALIA CAPITAL 5.25 04-13 15/11S3,500,000 3,523,765.00 0.82USD 3,513,590.00TELEFONICA EMISIONES 6.421 06-16 20/06S500,000 479,855.00 0.11USD 520,000.00TI CAPITAL 6.175 09-14 18/06S1,000,000 1,023,370.00 0.24USD 1,025,000.00TIME WARNER CABLE INC 6.75 08-18 01/04S1,500,000 1,830,465.00 0.43USD 1,650,580.00TIME WARNER CABLE INC 8.25 09-19 01/04S2,000,000 2,614,640.00 0.61USD 2,442,285.00UBS AG STAMFORD 5.875 06-16 15/07A3,000,000 3,159,270.00 0.74USD 3,152,700.00UBS AG STAMFORD -108- 5.875 07-17 20/12S2,500,000 2,793,400.00 0.65USD 2,348,500.00UBS AG STAMFORD-DPNT- 5.75 08-18 25/04S1,500,000 1,664,415.00 0.39USD 1,589,100.00US BANCORP 2.20 11-16 15/11S2,000,000 2,065,060.00 0.48USD 1,994,880.00VALE OVERSEAS GTD 6.25 06-17 23/01S2,000,000 2,274,780.00 0.53USD 2,250,600.00VERIZON COMMUNICATION 8.75 08-18 01/11S1,000,000 1,374,540.00 0.32USD 1,175,000.00VERIZON WIRELESS 8.50 08-18 15/11S3,000,000 4,107,360.00 0.96USD 3,796,690.00VODAFONE GROUP 5.625 07-17 27/02S700,000 819,070.00 0.19USD 689,808.00WELLS FARGO FL.R 11-16 15/06S2,000,000 2,133,480.00 0.50USD 2,090,980.00WELLS FARGO & CO 5.125 04-16 15/09S600,000 668,196.00 0.16USD 572,676.00WELLS FARGO & CO 5.625 06-16 15/10S1,000,000 1,127,240.00 0.26USD 965,840.00WELLS FARGO & CO 5.625 07-17 11/12S500,000 583,860.00 0.14USD 461,750.00WELLS FARGO & CO 4.60 11-21 01/04S500,000 559,245.00 0.13USD 498,965.00WELLS FARGO BANK NA 4.80 04-14 01/11S2,000,000 2,137,100.00 0.50USD 2,037,918.00WELLS FARGO BANK NA 5.75 06-16 16/05S1,500,000 1,701,255.60 0.40USD 1,591,065.00WESTPAC BANKING 3.00 10-15 04/08S4,000,000 4,151,720.00 0.97USD 3,981,600.00WOORI BANK REG S 7.00 09-15 02/02S1,000,000 1,112,000.00 0.26USD 1,032,104.00XEROX CORP 8.25 09-14 15/05S4,000,000 4,475,520.00 1.05USD 4,588,120.00XSTRATA CANADA 2.85 11-14 10/11S2,000,000 2,029,650.70 0.47USD 2,008,707.50XSTRATA FIN REGS 4.95 11-21 15/11S2,000,000 2,074,217.00 0.49USD 2,112,200.00

CITIGROUP INC FL.R 10-13 13/08Q3,500,000 3,517,684.80 0.82USD 3,505,600.00Floating rate bonds 15,381,008.50 3.6014,569,743.65

CREDIT SUISSE GUERNSEY FL.R 07-15/05S2,000,000 1,914,560.00 0.45USD 1,802,000.00DOW CHEMICAL FL.R 09-19 15/05S2,300,000 3,059,161.00 0.72USD 2,529,038.00HSBC CAPITAL FUNDING FL.R 03-27/12S1,000,000 976,640.00 0.23USD 911,875.00JP MORGAN CHASE FL.R 06-16 31/03M2,000,000 1,841,229.90 0.43USD 1,831,000.00NATIONAL AUSTRALIA BANK LTD NEW YORK REG S SUBFL.R 09-24/09S500,000 535,625.00 0.13USD 504,200.00RABOBANK NEDERLAND FL.R 11-XX 29/06S1,500,000 1,510,470.00 0.35USD 1,497,750.00RABOBANK NEDERLAND NV FL.R 11-49 31/12S2,010,000 2,025,637.80 0.47USD 1,988,280.65

ANGLO AMERICAN CAPITAL PLC 9.375 09-14 08/04S 144A2,987,000 3,359,120.46 0.79USD 3,599,728.50


Bonds 7,158,640.46 1.687,112,018.50

COX COMM. -144A- 9.375 08-19 15/01S2,000,000 2,693,560.00 0.63USD 2,469,380.00STANDARD CHARTERED 6.40 07-17 26/09S 144A1,000,000 1,105,960.00 0.26USD 1,042,910.00




Total 427,296,275.65 100.00





51Page

United States of America 58.63United Kingdom 9.77Cayman Islands 3.79Luxembourg 3.50Australia 3.38The Netherlands 3.29Canada 2.61Mexico 2.01South Korea 2.00Japan 1.61Germany 1.55Spain 1.21Sweden 0.75Singapore 0.48Guernsey 0.45France 0.32Jersey Island 0.23Qatar 0.14

95.72




52Page

Banks and credit institutions 39.37Holding and finance companies 24.78Communications 7.20Tobacco and alcoholic drinks 4.86Insurance 2.25Graphic art and publishing 1.99Petroleum 1.94Foods and non alcoholic drinks 1.75Precious metals and stones 1.46Pharmaceuticals and cosmetics 1.38Utilities 1.21Office supplies and computing 1.09Electronics and semiconductors 1.05Biotechnology 1.03Chemicals 0.91Miscellaneous services 0.76Coal mining and steel industry 0.73Miscellaneous sectors 0.73Non-ferrous metals 0.51Paper and forest products 0.32Miscellaneous consumer goods 0.26Aerospace industry 0.14

95.72

% of net assets




53Page






1,881,685.67Expenses577,486.05Advisory fees 4Note343,876.65Management fees 3Note215,087.65Custodian fees73,413.74Subscription duty ("taxe d'abonnement") 6Note






1,473,990.86- securities portfolio 2Note-60,083.80- options 2Note

-556,513.51- forward foreign exchange contracts 2Note1,707,071.53- financial futures 2Note

527,162.06- swap contracts 2Note-271,058.34- foreign exchange 2Note


7,957,582.65- securities portfolio317,372.50- forward foreign exchange contracts

-520,084.38- futures contracts53,892.52- swap contracts








54Page


677,000.00Deposits on futures contracts3,658,605.08Cash at banks2,390,704.42Other liquid assets


13,279.21Receivable on issues of shares217,742.71Receivable on swap contracts

2,142,971.31Liabilities710,412.48Payable on redemptions of shares

161.24Unrealised loss on forward foreign exchange contracts 2, 9Note713,885.00Unrealised loss on futures contracts 2, 10Note379,898.96Unrealised loss on swap contracts 2, 11Note338,613.63Interest paid on bank liabilities and expenses payable



Expressed in EUR


UBAM - CORPORATE EURO BOND


Distribution shares 19,579.707 5,239.057 656.025 24,162.739



R sharesCapitalisation shares 5,728.707 793.351 2,598.999 3,923.059





01/01/2012


55Page



A shares


158.34832,776.082

150.57951,913.988



100.574.34

19,579.70799.773.92

12,408.000101.431.28


EUR EUR EUR

AH CHF shares


235.452,065.000

224.351,013.000


CHF CHF CHF

I shares


166.64310,601.668

158.19259,439.668


EUR EUR EUR

R shares


149.485,728.707

142.6314,451.263


EUR EUR EUR

Total net assets 194,712,431.71 177,676,712.77 183,564,906.94


EUR


56Page

ABN AMRO 3.375 11-14 21/01A3,000,000 3,078,180.00 1.57EUR 3,010,830.00


Bonds 159,764,300.15 82.06157,387,750.79

AMERICA MOVIL 3.75 10-17 28/06A2,000,000 2,158,620.00 1.11EUR 2,009,800.00AMERICAN HONDA FIN. 3.875 09-14 16/09A400,000 423,636.00 0.22EUR 397,844.00ANHEUSER BUSCH 4.00 11-21 02/06A1,000,000 1,120,080.00 0.58EUR 1,009,300.00AON FIN SERVICES 6.25 09-14 01/07A1,000,000 1,075,100.00 0.55EUR 1,076,000.00ARCELORMITTAL SA 8.25 09-13 03/06A1,000,000 1,052,690.00 0.54EUR 1,091,140.00ARCELORMITTAL SA 9.375 09-16 03/06A250,000 291,857.50 0.15EUR 288,025.00ASSICURAZ GENERALI 5.125 09-24 16/09A1,000,000 939,430.00 0.48EUR 953,600.00BANK OF AMERICA CORP 4.625 10-17 07/08A1,000,000 1,030,140.00 0.53EUR 1,019,830.00BANK OF AMERICA CORP EMTN 7.00 09-16 15/06A500,000 560,630.00 0.29EUR 528,575.00BANQUE PSA FINANCE 3.25 10-12 26/11A500,000 503,700.00 0.26EUR 499,810.00BARCLAYS BANK PLC REG-S SUB 6.00 08-18 23/01A500,000 490,625.00 0.25EUR 495,230.00BARCLAYS BANKS 3.50 10-15 18/03A2,000,000 2,087,540.00 1.07EUR 1,960,000.00BAT INTERNATIONAL FINANCE PLC 5.375 07-17 29/06A1,000,000 1,158,580.00 0.60EUR 1,056,550.00BAT INTERNATIONAL FINANCE PLC 5.875 08-15 12/03A2,000,000 2,232,560.00 1.15EUR 2,234,286.67BBVA SENIOR FINANCE 3.00 12-13 22/08A1,000,000 973,110.00 0.50EUR 998,610.00BBVA SENIOR FINANCE SA 4.875 09-14 23/01A1,500,000 1,479,660.00 0.76EUR 1,515,330.00BNP PARIBAS 7.781 08-XX 02/07A500,000 453,220.00 0.23EUR 512,500.00BP CAPITAL MKTS PLC 3.83 10-17 06/10A2,000,000 2,180,140.00 1.12EUR 2,075,000.00BPCE 2.875 10-15 22/09A1,000,000 1,020,500.00 0.52EUR 1,015,300.00BPCE 4.50 12-22 10/02A1,000,000 1,038,440.00 0.53EUR 1,053,200.00BRITISH TELECOMMUNICATIONS PLC EMTN 5.25 07-14 23/06A1,000,000 1,074,490.00 0.55EUR 1,071,200.00CARLSBERG BREWER 6.00 09-14 28/05A2,000,000 2,174,240.00 1.12EUR 2,078,450.00CIE DE SAINT GOBAIN 6.00 09-13 20/05A750,000 781,470.00 0.40EUR 749,010.00CIE SAINT GOBAIN EMTN 3.50 11-15 30/09A1,000,000 1,042,120.00 0.54EUR 1,000,310.00CITIGROUP INC 7.375 09-19 04/09A1,500,000 1,764,495.00 0.91EUR 1,665,787.50CITIGROUP INC -63- 7.375 09-14 16/06A1,000,000 1,092,630.00 0.56EUR 1,076,577.00COMMERZBANK EMTN 3.625 12-17 10/07A500,000 518,670.00 0.27EUR 499,380.00CREDIT AGRICOLE 3.00 10-15 20/07A1,000,000 1,008,500.00 0.52EUR 1,004,300.00CREDIT SUISSE 4.75 09-19 05/08A1,000,000 1,122,240.00 0.58EUR 992,300.00CREDIT SUISSE LDN 3.875 10-17 25/01A1,000,000 1,072,750.00 0.55EUR 1,041,650.00CRH FINANCE EMTN 7.375 09-14 28/05A1,200,000 1,321,464.00 0.68EUR 1,303,647.00DEUTSCHE BANK EMTN 5.125 07-17 31/08A2,000,000 2,282,700.00 1.17EUR 2,186,720.00DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 4.25 10-22 13/07A1,500,000 1,668,240.00 0.86EUR 1,488,840.00DONG ENERGY A/S 4.875 09-21 16/12A250,000 291,720.00 0.15EUR 249,532.50DONG ENERGY A/S 4.875 09-14 07/05A500,000 533,265.00 0.27EUR 499,435.00EDF EMTN TR1 4.50 09-14 17/07A1,000,000 1,064,800.00 0.55EUR 1,058,800.00EDF SA -80- 5.125 09-15 23/01A2,000,000 2,190,020.00 1.12EUR 2,222,800.00ENBW INTERNATIONAL FINANCE BV 4.25 06-16 19/10A1,000,000 1,106,860.00 0.57EUR 990,360.00ENEL 3.50 10-16 26/02A1,000,000 979,400.00 0.50EUR 969,500.00ENEL FINANCE INTERNATIONAL SA 5.00 09-22 14/09A1,000,000 917,190.00 0.47EUR 1,057,050.00ENI SPA 4.25 12-20 03/02A1,500,000 1,524,795.00 0.78EUR 1,536,450.00ENI SPA -5- 5.00 09-16 28/01A1,000,000 1,079,230.00 0.55EUR 1,080,400.00FRANCE TELECOM EMTN 8.125 03-33 28/01A500,000 719,570.00 0.37EUR 739,500.00GAS NATURAL CAPITAL 5.375 11-19 24/05A1,000,000 895,400.00 0.46EUR 1,051,670.00GAZ CAPITAL -GARPROM- 5.364 07-14 31/10A1,200,000 1,275,012.00 0.65EUR 1,189,875.00GAZ CAPITAL-REGS 5.875 05-15 01/06A1,000,000 1,084,590.00 0.56EUR 943,750.00GE CAPITAL EURO FUND 5.25 08-15 18/05A2,000,000 2,188,060.00 1.12EUR 1,995,060.00GLENCORE FINANCE 5.25 06-13 11/10A500,000 523,375.00 0.27EUR 508,200.00GLENCORE FINANCE 5.25 10-17 22/03A1,000,000 1,064,500.00 0.55EUR 1,065,000.00GOLDMAN SACHS GROUP 5.125 07-14 16/10A1,500,000 1,569,990.00 0.81EUR 1,562,700.00GOLDMAN SACHS GROUP INC 4.50 11-12 09/05A1,000,000 1,031,930.00 0.53EUR 998,160.00GOLDMAN SASCHS 5.375 08-13 15/02A1,000,000 1,019,640.00 0.52EUR 1,028,000.00HOLCIM FINANCE 9.00 09-14 26/03U2,000,000 2,250,020.00 1.16EUR 2,396,290.00IBERDROLA FINANZAS 5.125 08-13 09/05A1,950,000 1,986,523.50 1.02EUR 2,098,980.00IMPERIAL TOBACCO FIN 4.50 11-18 05/07A2,000,000 2,182,600.00 1.12EUR 2,199,000.00IMPERIAL TOBACCO FINANCE PLC 4.375 06-13 22/11A2,000,000 2,080,840.00 1.07EUR 2,089,660.00IMPERIAL TOBACCO FINANCE PLC 7.25 08-14 15/09A2,000,000 2,242,740.00 1.15EUR 2,224,200.00ING GROEP NV 5.625 08-13 03/09A2,000,000 2,086,420.00 1.07EUR 2,118,400.00INTESA SAN PAOLO 4.00 10-18 08/11A500,000 457,225.00 0.23EUR 497,650.00INTESA SAN PAOLO 4.125 11-16 14/01A2,200,000 2,140,622.00 1.10EUR 2,139,720.00INTESA SAN PAOLO BK 4.00 12-13 08/08A1,000,000 997,330.00 0.51EUR 1,003,400.00INTESA SANPAOLO 5.375 08-13 19/12A2,350,000 2,386,002.00 1.23EUR 2,509,620.00INTESA SANPAOLO SPA 3.375 10-15 19/01A2,000,000 1,944,140.00 1.00EUR 1,965,000.00JP MORGAN CHASE 4.375 07-14 30/01A3,000,000 3,132,150.00 1.60EUR 3,103,810.00






57Page

KBC IFIMA 3.625 12-14 07/03A1,000,000 1,010,320.00 0.52EUR 999,410.00KONINKLIJKE KPN NV 4.75 07-14 29/05A1,500,000 1,590,270.00 0.82EUR 1,429,200.00KONINKLIJKE KPN NV 6.50 08-16 15/01A1,500,000 1,717,020.00 0.88EUR 1,710,578.00KRAFT FOODS INC 6.25 08-15 20/03A2,000,000 2,251,980.00 1.16EUR 2,243,480.00LANXESS FINANCE BV-1- 7.75 09-14 09/04A1,800,000 1,998,306.00 1.03EUR 1,992,392.00LLOYDS BANK 4.625 12-17 02/02A1,000,000 1,056,530.00 0.54EUR 994,830.00LLOYDS TBS 3.75 10-15 07/09A1,000,000 1,042,380.00 0.54EUR 981,300.00LLOYDS TSB BANK EMTN 6.375 09-16 17/06A2,000,000 2,238,540.00 1.15EUR 2,072,600.00MERRILL LYNCH EMTN 4.625 03-13 02/10A1,500,000 1,534,230.00 0.79EUR 1,532,920.00MERRILL LYNCH EMTN 4.875 07-14 30/05A1,000,000 1,032,280.00 0.53EUR 980,453.00METRO AG 5.75 09-14 14/07A500,000 540,630.00 0.28EUR 499,470.00MORGAN STANLEY 4.50 09-10 29/10A1,000,000 1,022,910.00 0.53EUR 1,021,000.00MORGAN STANLEY 4.50 11-16 23/02A1,000,000 1,002,420.00 0.51EUR 996,635.00MORGAN STANLEY EMTN 3.75 06-13 01/03A2,000,000 2,015,740.00 1.04EUR 2,025,000.00MORGAN STANLEY SER G 6.50 08-18 28/12A500,000 532,515.00 0.27EUR 502,838.33MUNICH RE 6.25 12-42 26/05A1,000,000 995,520.00 0.51EUR 993,800.00NATIONAL AUSTRALIA BANK 4.75 09-16 15/07A1,000,000 1,106,294.00 0.57EUR 998,370.00NATIXIS EMTN 4.375 03-13 20/06A800,000 811,840.00 0.42EUR 813,600.00NOMURA EUROPE FINANCE NV EMTN 5.125 09-14 09/12A2,000,000 2,104,580.00 1.08EUR 2,076,300.00OLIVETTI FINANCE NV 6.875 03-13 24/01A3,000,000 3,074,400.00 1.58EUR 3,202,200.00PEMEX 5.50 09-17 09/01A2,000,000 2,213,880.00 1.14EUR 2,067,000.00PERNOD RICARD 5.00 11-17 15/03A1,000,000 1,099,350.00 0.56EUR 1,103,500.00PERNOD RICARD 7.00 09-15 15/01A1,000,000 1,120,860.00 0.58EUR 1,102,410.00PETROBRAS INTL FIN 4.875 11-18 07/03A1,000,000 1,065,660.00 0.55EUR 1,071,250.00RABOBANK 3.875 11-16 20/04A4,000,000 4,275,480.00 2.19EUR 4,200,920.00RCI 3.25 11-14 17/01A2,000,000 2,021,400.00 1.04EUR 2,028,300.00RCI BANQUE EMTN 4.00 10-13 11/07A500,000 509,465.00 0.26EUR 512,250.00REPSOL INTERNATIONAL FINANCE BV 6.50 09-14 27/03A2,000,000 2,069,840.00 1.06EUR 2,077,340.00REPSOL INTERNATIONAL FINANCE BV 5.00 03-13 22/07A400,000 404,676.00 0.21EUR 394,000.00REPSOL INTL FINANCE 4.875 12-19 19/02A1,500,000 1,358,025.00 0.70EUR 1,507,170.00ROYAL BANK OF SCOTLAND PLC 4.875 10-15 15/07A3,000,000 3,172,500.00 1.62EUR 3,037,730.00ROYAL BANK OF SCOTLAND PLC 5.25 08-13 15/05A2,000,000 2,055,520.00 1.06EUR 2,086,200.00ROYAL BK SCOTLAND PLC 4.75 11-16 18/05A1,500,000 1,582,965.00 0.81EUR 1,504,500.00SABMILLER PLC 4.50 09-15 20/01A750,000 808,770.00 0.42EUR 746,175.00SANTANDER INTL EMTN 4.50 11-15 18/05A1,000,000 963,420.00 0.49EUR 995,420.00SES GLOBAL AMERICAS HOLDING 4.875 09-14 09/07A500,000 534,390.00 0.27EUR 497,165.00STANDARD CHARTERED 5.875 07-17 26/09A750,000 813,240.00 0.42EUR 737,400.00SWISS RE TREASURY US EMTN 7.00 09-14 19/05A2,000,000 2,204,280.00 1.13EUR 2,260,854.00TDC 3.75 12-22 02/03A1,200,000 1,251,252.00 0.64EUR 1,202,994.00TELECOM ITALIA 5.125 11-16 25/01A1,000,000 999,450.00 0.51EUR 1,013,000.00TELEFONICA EMISIONES 4.375 06-16 02/02A55,000 51,322.15 0.03EUR 50,039.91TELEFONICA EMISIONES 5.496 09-16 01/04A1,000,000 965,110.00 0.50EUR 1,032,140.00TELEFONICA EMISIONES 5.431 09-14 03/02A2,000,000 1,998,600.00 1.03EUR 2,093,400.00UBS AG LONDON 5.625 09-14 19/05A1,500,000 1,609,740.00 0.83EUR 1,581,459.37UBS LONDON EMTN 3.50 10-15 15/07A1,000,000 1,047,820.00 0.54EUR 993,830.00UNICREDIT SPA SER 373 5.25 09-14 14/01A2,000,000 2,021,140.00 1.04EUR 2,071,712.51VATTENFALL TREASURY 4.25 09-14 19/05A300,000 317,313.00 0.16EUR 298,650.00VODAFONE GROUP EMTN 4.75 06-16 14/06A1,000,000 1,126,310.00 0.58EUR 946,600.00VOLKSWAGEN LEASING 2.75 11-15 13/07A1,000,000 1,034,680.00 0.53EUR 994,440.00WACHOVIA CORP -SUB- 4.375 06-18 27/11A2,000,000 2,077,280.00 1.07EUR 2,072,400.00WELLS FARGO & CO 4.125 06-16 03/11A1,000,000 1,093,450.00 0.56EUR 990,220.00

ALLIANZ FINANCE II FL.R 11-41 08/07A500,000 454,100.00 0.23EUR 492,000.00Floating rate bonds 24,692,699.49 12.6825,306,583.80

ALLIANZ FINANCE II FL.R 02-25 13/01A2,000,000 2,094,860.00 1.07EUR 2,164,250.00AVIVA PLC FL.R 08-38 22/05A500,000 439,115.00 0.23EUR 511,000.00AVIVA PLC SUB FL.R 03-23 02/10A1,000,000 966,790.00 0.50EUR 1,013,750.00AXA FL.R 10-40 16/04A500,000 402,075.00 0.21EUR 495,130.00BANK OF AMERICA CORP FL.R 04-19 06/05A1,500,000 1,277,055.00 0.66EUR 1,496,715.00BARCLAYS BANK PLC SUB FL.R 04- 15/12A1,000,000 560,250.00 0.29EUR 805,000.00BNP PARIBAS SA FL.R 03/A500,000 464,990.00 0.24EUR 445,083.33BNP PARIBAS SA FL.R 08- 11/09A500,000 490,005.00 0.25EUR 537,150.00CITIGROUP INC FL.R 04-19 10/02Q150,000 130,669.50 0.07EUR 136,785.00CITIGROUP INC EMTN SUB FL.R 07-17 31/05A1,000,000 820,000.00 0.42EUR 855,000.00CLOVERIE PLC SUB FL.R 09-39 24/07A500,000 539,625.00 0.28EUR 536,430.00CREDIT SUISSE FINANCE FL.R 05-20 14/09A2,000,000 1,889,520.00 0.97EUR 1,881,110.00CREDIT SUISSE GR FIN. FL.R 06-18 23/01A1,000,000 978,660.00 0.50EUR 997,080.00ELM BV/SWISS REA. FL.R 06- 25/11S350,000 302,673.00 0.16EUR 234,500.00ENBW INTL FINANCE FL.R 11-72 02/04A1,000,000 1,021,800.00 0.52EUR 1,020,000.00






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HANNOVER FINANCE EMTN FL.R 04-24 26/02A837,000 847,939.59 0.44EUR 801,041.35HSBC CAPITAL FUNDING FL.R 03- 31/12A840,000 785,828.40 0.40EUR 813,009.06HSBC CAPITAL FUNDING SUB FL.R 04- 29/12A1,000,000 907,150.00 0.47EUR 889,437.50HSBC HOLDINGS PLC FL.R 05-20 29/06A300,000 296,637.00 0.15EUR 274,119.23ING BANK EMTN FL.R 08-23 29/05A500,000 460,150.00 0.24EUR 498,175.00JP MORGAN CHASE & CO FL.R 06-18 31/03A300,000 273,762.00 0.14EUR 274,380.00JP MORGAN CHASE BANK NA FL.R 06-21 30/11A1,000,000 941,170.00 0.48EUR 914,333.33RWE FL.R 10- 28/09A1,500,000 1,444,410.00 0.74EUR 1,495,155.00SUEZ ENVIRONNEMENT COMPANY FL.R 10- 21/09A500,000 476,765.00 0.24EUR 500,000.00UBS JERSEY BRANCH FL.R 04-19 16/09A3,500,000 3,388,665.00 1.73EUR 3,233,500.00VATTENFALL TREASURY FL.R 05- 29/06A1,500,000 1,536,270.00 0.79EUR 1,486,200.00ZURICH FINANCE EMTN FL.R 05-25 15/06A500,000 501,765.00 0.26EUR 506,250.00

GE CAP EUR FD 2.875 12-19 18/06A1,500,000 1,505,940.00 0.77EUR 1,504,650.00


Bonds 1,505,940.00 0.771,504,650.00




Total 194,712,431.71 100.00





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United Kingdom 19.41United States of America 17.07The Netherlands 14.73France 8.08Italy 7.42Luxembourg 6.45Spain 4.79Germany 4.02Ireland 3.36Jersey Island 2.60Mexico 2.25Denmark 2.18Sweden 0.95Belgium 0.58Australia 0.57Cayman Islands 0.55Guernsey 0.50

95.51




Banks and credit institutions 36.55Holding and finance companies 34.05Communications 7.29Utilities 4.62Tobacco and alcoholic drinks 3.26Insurance 3.23Petroleum 2.89Foods and non alcoholic drinks 1.16Building materials and trade 0.94Coal mining and steel industry 0.69Miscellaneous services 0.55Retail trade, department stores 0.28

95.51

% of net assets



60Page











1,082,089.05- securities portfolio 2Note-25,100.76- options 2Note21,960.36- forward foreign exchange contracts 2Note

2,371,299.55- financial futures 2Note233,572.74- swap contracts 2Note




-1,456,955.00- futures contracts144,008.63- swap contracts








61Page

AP sharesCapitalisation shares 8,050.853 0.000 8,050.853 0.000





01/01/2012

UBAM - ABSOLUTE RETURN (USD)


AP shares


8,050.85392.69

13,921.00094.87


USD USD USD

IP shares


0.0000.00

248,087.65796.32


USD USD USD

Total net assets 0.00 746,209.83 25,216,604.03


USD


62Page


UBAM - ABSOLUTE RETURN (USD)

496.67Income496.67Interest on bonds and other debt securities, net

304.11Expenses92.28Advisory fees 4Note46.10Management fees 3Note2.79Custodian fees

29.32Central administration costs1.72Audit fees1.51Legal fees

164.48Other administration costs 7, 8Note-34.09Other expenses

192.56Net investment incomeNet realised gain/(loss) on:

-1,778.12- securities portfolio 2Note-6.17- foreign exchange 2Note


1,686.55- securities portfolio

94.82Result of operations-746,304.65Redemptions capitalisation shares


746,209.83Total net assets at the beginning of the period

0.00Total net assets at the end of the period


63Page

AP sharesCapitalisation shares 1,361.000 0.000 1,361.000 0.000

IP sharesCapitalisation shares 6,229.000 0.000 6,229.000 0.000





01/01/2012

UBAM - ABSOLUTE RETURN (EURO)


AP shares


1,361.00097.44

12,608.00098.47


EUR EUR EUR

IP shares


6,229.00099.37

184,252.07599.95


EUR EUR EUR

Total net assets 0.00 751,588.14 19,657,993.28


EUR


64Page


UBAM - ABSOLUTE RETURN (EURO)

674.68Income663.48Interest on bonds and other debt securities, net11.20Interest on bank accounts

230.73Expenses33.15Advisory fees 4Note31.46Management fees 3Note3.41Custodian fees

18.00Central administration costs9.99Audit fees1.54Legal fees

133.18Other administration costs 7, 8Note

443.95Net investment incomeNet realised gain/(loss) on:

-13,510.87- securities portfolio 2Note-0.02- foreign exchange 2Note



-360.34Result of operations-751,227.80Redemptions capitalisation shares


751,588.14Total net assets at the beginning of the period

0.00Total net assets at the end of the period


65Page


4,735,671.18Cash at banks113,467.41Other liquid assets

3,602,556.80Interest receivable on bonds and other debt securities742,372.92Receivable on sales of securities29,998.00Receivable on issues of shares

213,072.46Unrealised gain on forward foreign exchange contracts 2, 9Note

811,371.04Liabilities811,371.04Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - EMERGING MARKET BOND





I sharesCapitalisation shares 11,510.000 44,345.352 365.000 55,490.352







01/01/2012


66Page



A shares


150.71855,331.409

143.13895,580.684



115.035.74

15,717.023114.745.39

13,332.000118.611.97


USD USD USD

AH EUR shares


110.76264,996.475

105.31313,064.945



83.054.15

10,165.85982.943.90

2,592.00085.611.44


EUR EUR EUR

I shares


159.2511,510.000

150.54142,446.319


USD USD USD

IH EUR shares


117.6216,996.633

111.3138,040.266


EUR EUR EUR

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 187,514,900.17 165,740,291.39 198,609,898.58


USD


67Page

HUNGARY 6.00 11-19 11/01A1,000,000 1,171,840.77 0.62EUR 1,478,665.67


Bonds 174,649,437.44 93.14168,154,011.88

Euro 6,694,187.98 3.576,963,986.40

MOL HUNGARIAN OIL 5.875 10-17 20/04A1,000,000 1,186,688.65 0.63EUR 1,253,690.78POLOGNE (REP OF) 3.75 10-17 29/03A1,750,000 2,364,792.19 1.27EUR 2,197,777.67REPUBLIC OF LITHUANIA 4.85 07-18 07/02A1,500,000 1,970,866.37 1.05EUR 2,033,852.28

AES ITABO REG S 9.50 10-20 12/11S2,000,000 2,088,750.00 1.11USD 2,000,000.00US Dollar 167,955,249.46 89.57161,190,025.48

AFRIQUE DU SUD 6.875 09-19 27/05S1,000,000 1,232,450.00 0.66USD 1,022,658.50ALLIANCE OIL CO REG-S 9.875 10-15 11/03S3,000,000 3,087,540.00 1.65USD 3,000,000.00ALROA FINANCE REG S 7.75 10-20 03/11S1,000,000 1,049,180.00 0.56USD 1,000,000.00ARGENTINA REGD NOTES 8.75 10-17 02/06S2,000,000 1,727,240.00 0.92USD 1,730,000.00ARGENTINA REPU DIS 8.28 05-33 31/12S5,068,478 3,367,496.53 1.80USD 3,112,760.91BAHRAIN 5.50 10-20 31/03S1,000,000 1,001,180.00 0.53USD 978,290.00BANCO ESTADO DI RIO 7.375 12-22 02/02S1,500,000 1,548,915.00 0.83USD 1,486,965.00BANCOLOMBIA 6.125 10-20 26/07S500,000 529,975.00 0.28USD 492,090.00BANK OF CELIO REGS 6.875 12-17 03/05S800,000 803,904.00 0.43USD 800,000.00BELARUS (REP OF) EMTN 8.75 10-15 03/08S4,000,000 3,926,560.00 2.09USD 4,065,934.12BERAU CAPITAL 7.25 12-17 13/03S500,000 486,955.00 0.26USD 500,000.00BES INVEST REGS EMTN 5.625 10-15 25/03S500,000 463,870.00 0.25USD 494,650.00BRAZIL 4.875 10-21 22/01S2,750,000 3,180,100.00 1.70USD 2,902,786.95BRAZIL 7.125 06-37 20/01S2,500,000 3,609,450.00 1.92USD 2,747,500.00BUENOS AIRES REG S 10.875 11-21 26/01S500,000 281,855.00 0.15USD 489,580.00CEMEX FINANCE EUR REGS9.50 09-16 14/12S750,000 739,410.00 0.39USD 750,000.00CITIC PACIFIC 6.625 11-21 15/04S1,000,000 985,780.00 0.53USD 1,000,000.00CITY OF BUENOS REG S 12.50 10-15 06/04S2,000,000 1,762,240.00 0.94USD 2,000,000.00COLBUN SA REG S 6.00 10-20 21/01S1,750,000 1,897,472.50 1.01USD 1,732,027.50COLOMBIA 6.125 09-41 18/01S3,000,000 3,936,300.00 2.10USD 3,532,140.00COLOMBIA 7.375 06-37 18/09S500,000 744,275.00 0.40USD 510,647.97COMISION FED DE ELEC 5.75 12-42 14/02S1,500,000 1,590,915.00 0.85USD 1,474,950.00CROATIA 6.375 11-21 24/03S1,000,000 982,320.00 0.52USD 1,007,500.00CROATIA 6.625 10-20 14/07S1,500,000 1,495,515.00 0.80USD 1,486,530.00DEV B PHILIPPINES 5.50 11-21 25/03S2,000,000 2,137,380.00 1.14USD 1,998,480.00DOMINICAN REPUBLIC 7.50 10-21 06/05S2,500,000 2,683,150.00 1.43USD 2,567,487.55EGE HAINA FIN REG-S 9.50 07-17 26/04S500,000 517,500.00 0.28USD 372,375.00EGYPT REG-S 5.75 10-20 29/04S750,000 723,217.50 0.39USD 750,000.00EGYPT REG-S 6.875 10-40 30/04S900,000 785,196.00 0.42USD 886,066.20EL SALVADOR REP REG S 7.625 11-41 01/02S1,500,000 1,584,060.00 0.84USD 1,500,000.00EL SALVADOR REP REG-S 7.65 05-35 15/06S1,000,000 1,057,180.00 0.56USD 875,650.35EMPRESA DE ENERGIA 6.125 11-21 10/11S1,500,000 1,592,400.00 0.85USD 1,500,000.00EMPRESAS ICA REG S 8.90 11-21 04/02S1,000,000 952,590.00 0.51USD 982,950.00ENDENOR REGS 9.75 10-22 25/10S1,000,000 370,000.00 0.20USD 1,000,000.00ENERGY DEVELOP 6.50 11-21 20/01S1,500,000 1,584,120.00 0.84USD 1,500,000.00ESKOM HOLDINGS 5.75 11-21 26/01S1,500,000 1,643,175.00 0.88USD 1,489,095.00EVRAZ GROUP REGS 7.40 12-17 24/04S400,000 394,264.00 0.21USD 400,000.00FINANCING OF INFRASTR 7.40 11-18 20/04S2,000,000 1,601,240.00 0.85USD 2,000,000.00GEORGIA 6.875 11-21 12/04S500,000 538,235.00 0.29USD 491,165.00GEORGIAN RAILWAY 9.875 10-15 22/07S2,500,000 2,769,225.00 1.48USD 2,561,678.85GRUPOSURA FINANCE 5.75 06-16 13/04S750,000 788,887.50 0.42USD 745,155.00HALYK BANK REG S 7.25 11-21 28/01S2,000,000 1,995,140.00 1.06USD 1,965,260.00INDO ENERGY 7.00 11-18 07/05S400,000 392,640.00 0.21USD 400,000.00INDONESIE 3.75 12-22 25/04S1,100,000 1,096,029.00 0.58USD 1,090,936.00INDONESIE 5.25 12-42 17/01S1,750,000 1,827,472.50 0.97USD 1,831,130.00INDONESIE 6.625 07-37 17/02S1,600,000 1,977,216.00 1.05USD 1,426,546.31INDOSAT PALAPA CO BV 7.375 10-20 29/07S750,000 812,415.00 0.43USD 746,085.00INTERBANK PERU 8.50 10-70 23/04S500,000 533,865.00 0.28USD 500,000.00JAMAICA (GOV.OF) 8.00 07-39 15/03S2,500,000 2,300,000.00 1.23USD 1,984,090.91JAMAICA (GOV.OF) 8.50 06-36 28/02S300,000 297,000.00 0.16USD 250,206.50JORDANIE 3.875 10-15 12/11S500,000 488,710.00 0.26USD 494,405.00KOKS FINANCE REGS 7.75 11-16 23/06S1,000,000 882,390.00 0.47USD 1,000,000.00KUWAIT PROJECTS EMTN 9.375 10-20 15/07S500,000 553,660.00 0.30USD 496,020.00LEBANON EMTN 8.25 06-21 12/04S1,000,000 1,164,410.00 0.62USD 1,049,378.24LEBANON SER 1 6.375 10-20 09/03S1,500,000 1,562,565.00 0.83USD 1,500,000.00LEBANON SER 56 REGS 5.15 10-18 12/11S2,000,000 1,986,860.00 1.06USD 2,000,000.00LITHUANIA 6.125 11-21 09/03S1,500,000 1,661,670.00 0.89USD 1,478,126.67LUKOIL INT REG S 6.125 10-20 09/11S1,000,000 1,049,970.00 0.56USD 1,024,400.93






68Page

MAJAPAHIT HOLD.REGS 8.00 09-19 07/08S500,000 601,285.00 0.32USD 498,300.00MERCANT. BRASIL REG S 9.625 10-20 16/07S500,000 471,995.00 0.25USD 498,750.00METINVEST REG S 10.25 10-15 20/05S1,000,000 985,590.00 0.53USD 990,460.00MEXIQUE MTN 26 4.75 12-44 08/03S1,750,000 1,878,992.50 1.00USD 1,724,782.50NEUQUEN 7.875 11-21 26/04Q1,750,000 1,417,500.00 0.76USD 1,739,902.50NEUQUEN 8.656 06-14 18/10Q543,515 541,618.13 0.29USD 523,638.87PANAMA 5.20 09-20 30/01S4,000,000 4,683,720.00 2.50USD 3,991,840.00PANAMA CANAL RAILWAY REG S 7.00 07-26 01/11S902,000 852,026.58 0.45USD 694,483.62PERTAMINA REG S 6.50 11-41 27/05S500,000 525,190.00 0.28USD 491,900.00PERTAMINA REGS 4.875 12-22 03/05S2,400,000 2,407,008.00 1.28USD 2,385,936.00PERU 7.125 09-19 30/03S1,000,000 1,297,720.00 0.69USD 1,035,687.50PERUSAHAAN PERSEROAN 5.50 11-21 22/11S1,250,000 1,309,275.00 0.70USD 1,238,175.00PETROBRAS INTL FIN 6.75 11-41 27/01S750,000 882,525.00 0.47USD 834,060.00PETROTEMEX REGS 9.50 09-14 19/08S500,000 548,985.00 0.29USD 512,500.00PHILIPPINES 5.00 12-37 13/01S2,000,000 2,179,260.00 1.16USD 2,000,000.00PHILIPPINES 6.375 07-32 15/01S1,000,000 1,263,120.00 0.67USD 955,581.09PHILIPPINES 6.50 09-20 20/01S1,000,000 1,245,540.00 0.66USD 1,062,500.00POLAND 5.00 11-22 23/03S1,250,000 1,368,287.50 0.73USD 1,232,562.50PROVINC.CORDOBA REGS 12.375 10-17 17/08S4,000,000 2,420,000.00 1.29USD 4,047,500.00PSB FINANCE 11.25 10-16 08/07S500,000 524,975.00 0.28USD 500,000.00PSB FINANCE 6.20 11-14 25/04S1,000,000 978,370.00 0.52USD 1,000,000.00PT ADARO INDONESIA 7.625 09-19 22/10S1,500,000 1,595,250.00 0.85USD 1,487,115.00REBUBLIC NAMIBIA 5.50 11-21 03/11S2,500,000 2,606,200.00 1.39USD 2,452,975.00ROMANIA 6.75 12-22 07/02S2,000,000 2,095,800.00 1.12USD 1,982,140.00ROYAL CAPITAL BV 8.375 11-XX 05/11S1,000,000 1,023,770.00 0.55USD 1,000,000.00RSHB CAPITAL 6.00 11-21 03/06S1,000,000 987,090.00 0.53USD 1,000,000.00RUSSIA REG-S STEP UP 7.50 00-30 31/03S2,012,500 2,416,710.63 1.29USD 2,111,862.39RZD CAPITAL 5.70 12-22 05/04S500,000 523,225.00 0.28USD 500,000.00SERBIA REGD FL.R 05-24 01/11S1,666,667 1,609,400.59 0.86USD 1,533,083.31SINO FOREST REGS (DEFAULT) 10-17 21/10S1,000,000 249,380.00 0.13USD 1,000,000.00STATE OIL 5.45 12-17 09/02S500,000 514,505.00 0.27USD 500,000.00TAM CAPITAL INC 8.375 11-21 03/06S500,000 524,250.00 0.28USD 495,845.00TGI INTERNATIONAL 5.70 12-22 20/03S500,000 522,540.00 0.28USD 500,000.00TURKEY 11.875 00-30 15/01S2,750,000 4,877,262.50 2.61USD 4,092,746.04TURKEY 5.625 10-21 30/03S4,500,000 4,916,205.00 2.63USD 4,536,904.09TURKEY 6.00 11-41 14/01S1,200,000 1,266,396.00 0.68USD 1,241,784.00TURKEY 6.25 12-22 26/09S3,500,000 3,969,665.00 2.12USD 3,637,760.00TURKEY 7.375 05-25 05/02S3,300,000 4,091,109.00 2.18USD 3,423,136.17UKRAINE REGS 6.25 11-16 17/06S3,000,000 2,702,970.00 1.44USD 3,000,000.00UKRAINE REGS 7.75 10-20 23/09S500,000 453,185.00 0.24USD 500,000.00UKREXIMBANK 8.375 10-15 27/04S1,750,000 1,584,292.50 0.84USD 1,750,000.00URUGUAY 6.875 09-25 28/09S500,000 665,700.00 0.36USD 500,000.00URUGUAY 7.625 06-36 21/03S1,750,000 2,538,375.00 1.35USD 1,732,841.94UTD MEXICAN STS TR20 6.05 07-40 11/01S800,000 1,025,080.00 0.55USD 975,600.00VALE OVERSEAS 4.375 12-22 11/01S500,000 511,075.00 0.27USD 506,725.00VEB FINANCE REG S 6.902 10-20 09/07S1,000,000 1,086,260.00 0.58USD 1,000,000.00VENEZUELA 8.50 04-14 08/10S2,000,000 1,984,540.00 1.06USD 1,964,375.00VENEZUELA 10.75 04-13 19/09S1,000,000 1,032,850.00 0.55USD 1,012,500.00VIMPELCON 6.254 11-17 01/03S1,000,000 960,030.00 0.51USD 1,000,000.00VIMPELCON 7.504 11-22 01/03S1,000,000 941,000.00 0.50USD 1,000,000.00VIMPELCON 7.748 11-21 02/02S1,500,000 1,449,240.00 0.77USD 1,500,000.00VIRGOLINO REGS 10.50 11-18 28/01S500,000 447,150.00 0.24USD 500,000.00VIRGOLINO REGS 11.75 12-22 02/09S500,000 446,310.00 0.24USD 492,830.00VTB CAPITAL SA 6.551 10-20 13/10S500,000 503,465.00 0.27USD 500,000.00VTB CAPITAL SA REG S 6.875 08-18 29/05S1,500,000 1,572,405.00 0.84USD 1,401,681.00YUKSEL INSAAT REG-S 9.50 10-15 10 11S1,250,000 1,056,100.00 0.56USD 1,225,862.50

BANCO BRAZIL REGS SUB 8.50 09-XX 31/12S1,500,000 1,731,345.00 0.92USD 1,500,000.00


US Dollar 1,731,345.00 0.921,500,000.00

GEORG RAILWAY REGS 7.75 12-22 11/07S2,500,000 2,508,350.00 1.34USD 2,499,950.00


Bonds 2,508,350.00 1.342,499,950.00

US Dollar 2,508,350.00 1.342,499,950.00








69Page


Total 187,514,900.17 100.00





70Page

Turkey 10.78Argentina 6.35Indonesia 5.97Philippines 5.02Brazil 4.95Cayman Islands 4.39Luxembourg 3.21Mexico 3.20The Netherlands 3.06Panama 2.95Colombia 2.78Ukraine 2.53Lebanon 2.51Ireland 2.10Belarus 2.09Poland 2.00Lithuania 1.94Georgia 1.77Uruguay 1.71United States of America 1.66Bermuda 1.65Venezuela 1.61South Africa 1.54Dominican Republic 1.43El Salvador 1.40Namibia 1.39Jamaica 1.39Georgia 1.34Croatia 1.32Other 11.36

95.40




71Page

Countries and central government 55.80Holding and finance companies 10.44Banks and credit institutions 6.55Utilities 5.74Petroleum 4.11Transportation 3.10Cantons, Federal States, Provinces 2.49Coal mining and steel industry 1.85Miscellaneous sectors 1.60Building materials and trade 1.07Communications 1.01Cities, Municipal Authorities 0.94Miscellaneous services 0.29Aerospace industry 0.28Paper and forest products 0.13

95.40

% of net assets




72Page




49.69Interest on bank accounts7,252.76Other income

1,855,035.62Expenses971,354.27Advisory fees 4Note353,219.62Management fees 3Note235,710.39Custodian fees44,561.34Subscription duty ("taxe d'abonnement") 6Note94,592.89Central administration costs5,487.84Audit fees

315.34Interest paid on bank liabilities7,859.54Legal fees

129,480.07Other administration costs 7, 8Note3,629.14Banking charges and other fees8,825.18Other expenses


1,601,930.15- securities portfolio 2Note-1,343,798.40- forward foreign exchange contracts 2Note











73Page


6,920,991.52Cash at banks11,966.94Interest receivable on bank accounts

4,078,081.09Interest receivable on bonds and other debt securities503,908.58Unrealised gain on forward foreign exchange contracts 2, 9Note


1,851,062.54Liabilities264.09Bank liabilities

762,906.83Other liquid liabilities234,104.66Payable on redemptions of shares853,786.96Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - LOCAL CURRENCY EMERGING MARKET BOND





AH CHF sharesCapitalisation shares 0.000 6,090.688 0.000 6,090.688


Distribution shares 0.000 80,000.000 0.000 80,000.000

IH EUR sharesCapitalisation shares 232,108.000 4,781.000 90,828.000 146,061.000


IH CHF sharesCapitalisation shares 170,438.761 5,062.000 5,023.000 170,477.761






01/01/2012


74Page



A shares


124.76709,517.338

118.641,209,928.743



100.223.96

18,029.99699.033.99

39,941.619108.501.64


USD USD USD

AH EUR shares


93.64429,144.322

89.48418,539.039



77.112.60

18,522.40576.143.12

16,569.75983.541.89


EUR EUR EUR

AH CHF shares


112.600.0000.00

0.0000.00


CHF CHF CHF

I shares


132.44358,325.691

125.36191,123.658



132.450.0000.00

0.0000.00


USD USD USD

IH EUR shares


99.42232,108.000

94.56127,769.791



96.173.23

50,000.00094.560.00

0.0000.000.00


EUR EUR EUR

IH CHF shares


112.90170,438.761

107.530.0000.00


CHF CHF CHF

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 249,715,403.43 236,789,873.38 253,089,674.24


USD


75Page

AGENTINA BONOS 2.00 04-14 15/03M1,316,143 194,168.57 0.08ARS 349,909.89


Bonds 234,433,830.32 93.88237,639,295.95

Argentine Peso 194,168.57 0.08349,909.89

BANCO BRASIL REG S TR13 9.75 07-17 18/07S7,000,000 3,821,106.33 1.53BRL 3,822,511.47Brazilian Real 19,979,759.21 8.0019,039,271.69

BRAZIL 8.50 12-24 05/01S20,000,000 10,894,557.68 4.36BRL 10,669,388.85BRAZIL 10.25 07-28 10/01S8,500,000 5,264,095.20 2.11BRL 4,547,371.37

COLOMBIA 7.75 10-21 14/04A1,877,000,000 1,315,529.91 0.53COP 1,073,859.14Columbian Peso 1,315,529.91 0.531,073,859.14

HUNGARY -B- 6.75 06-17 24/02A1,100,000,000 4,725,499.73 1.89HUF 4,436,401.74Hungarian Forint 9,536,327.42 3.829,096,307.91

HUNGARY -C- 5.50 05-16 12/02A1,150,000,000 4,810,827.69 1.93HUF 4,659,906.17

INDONESIA SER FR27 9.50 04-15 15/06S135,000,000,000 16,093,362.18 6.44IDR 15,671,910.51Indonesian Rupiah 30,208,625.58 12.1029,853,197.31

INDONESIA SER FR53 8.25 10-21 15/07S20,000,000,000 2,439,309.64 0.98IDR 2,570,930.94INDONESIA SER FR55 7.375 10-16 15/09S102,000,000,000 11,675,953.76 4.68IDR 11,610,355.86

MALAYSIA GVT 3.741 09-15 27/02S20,000,000 6,412,058.68 2.57MYR 6,669,929.05Malaysian Ringgit 25,655,682.40 10.2726,880,552.11

MALAYSIA 0210 4.012 10-17 15/09S25,000,000 8,153,713.56 3.26MYR 8,484,542.11MALAYSIA 0303 3.702 03-13 25/02S10,000,000 3,164,429.40 1.27MYR 3,350,071.38MALAYSIA 0507 3.70 07-13 15/05S25,000,000 7,925,480.76 3.17MYR 8,376,009.57

DEPFA BANK 0.00 05-15 15/09U90,000,000 4,524,833.25 1.81MXN 2,357,240.55Mexican Peso 31,404,902.71 12.5827,954,224.02

MEXICAN BONOS MI10 9.50 04-14 18/12S22,000,000 1,823,787.11 0.73MXN 2,083,159.41MEXICAN STATES 8.00 05-15 17/12S25,000,000 2,054,199.81 0.82MXN 2,276,817.84MEXICO 8.00 03-23 07/12S28,000,000 2,534,031.75 1.01MXN 2,196,411.26MEXICO 10.00 04-24 05/12S148,500,000 15,561,746.17 6.24MXN 13,692,019.27MEXICO 7.25 06-16 15/12S60,000,000 4,906,304.62 1.97MXN 5,348,575.69

POLAND 0415 5.50 09-15 25/04A15,000,000 4,602,973.08 1.84PLN 5,311,034.38New Polish Zloty 21,338,135.47 8.5422,804,603.51

POLAND 0416 5.00 10-16 25/04A30,000,000 9,093,579.85 3.64PLN 8,580,103.42POLAND -414- 5.75 08-14 25/04A25,000,000 7,641,582.54 3.06PLN 8,913,465.71

ROMANIA 10YR 6.75 07-17 11/06A20,000,000 5,792,504.42 2.32RON 6,509,214.08New Romanian Leu 5,792,504.42 2.326,509,214.08

PERU REGS 7.84 05-20 01/08S8,000,000 3,569,900.78 1.43PEN 3,280,586.24Peruvian Nuevo Sol 3,569,900.78 1.433,280,586.24

PHILIPPINES 4.95 10-21 15/01S100,000,000 2,473,737.87 0.99PHP 2,381,444.99Philippine Peso 2,473,737.87 0.992,381,444.99

RSHB CAPITAL 7.50 10-13 25/03S75,000,000 2,320,094.68 0.93RUB 2,499,361.77Russian Ruble 17,802,159.41 7.1319,599,101.84

RUSSIA 6.90 10-16 03/08S165,000,000 4,929,934.14 1.97RUB 5,434,004.17RUSSIA 7.50 11-18 15/03S259,000,000 7,799,186.80 3.13RUB 8,560,932.45RUSSIAN FEDERAT REGS 7.85 11-18 10/03S85,000,000 2,752,943.79 1.10RUB 3,104,803.45

AFRIQUE DU SUD R207 7.25 05-20 15/01S33,000,000 4,066,594.27 1.63ZAR 4,123,252.56South African Rand 16,638,234.14 6.6616,799,798.63

SOUTH AFRICA 6.75 06-21 31/03S35,000,000 4,146,496.27 1.66ZAR 4,218,684.74SOUTH AFRICA 8.00 04-18 21/12S65,000,000 8,425,143.60 3.37ZAR 8,457,861.33

MINISTRY OF FINANCE 3.625 09-15 22/05S250,000,000 7,955,915.05 3.18THB 8,224,032.83Thai Bath 18,864,504.82 7.5519,575,151.01

MINISTRY OF FINANCE 3.125 10-15 11/12S250,000,000 7,845,713.60 3.14THB 8,186,457.71THAILAND GOVT 2.80 10-17 10/10S100,000,000 3,062,876.17 1.23THB 3,164,660.47

INTL FIN CORP 949 REG11.25 09-12 17/07A11,273,000 6,237,961.02 2.50TRY 6,196,305.25Turkish Pound 26,214,607.20 10.5027,942,200.11

KFW REGS 11.25 09-12 16/07A5,329,000 2,948,647.34 1.18TRY 2,917,171.53TURKEY 10.00 10-13 09/01Q20,000,000 11,119,937.63 4.45TRY 12,434,172.95TURKEY 10.00 10-15 17/06S5,000,000 2,867,588.03 1.15TRY 2,855,768.16TURKEY 10.50 09-20 15/01S5,000,000 3,040,473.18 1.22TRY 3,538,782.22

BIZ FINANCE PLC 11.00 11-14 03/02S35,800,000 3,445,050.41 1.38UAH 4,499,873.47Ukrainian hryvnia 3,445,050.41 1.384,499,873.47

TURKEY 8.00 10-17 25/10S10,000,000 5,611,441.82 2.25TRY 6,465,107.47


Turkish Pound 5,611,441.82 2.256,465,107.47






76Page




Total 249,715,403.43 100.00





77Page

Indonesia 12.10Mexico 10.77Malaysia 10.27Turkey 9.07Poland 8.54Thailand 7.55South Africa 6.66Brazil 6.47Russia 6.20Hungary 3.82United States of America 2.50Romania 2.32Ireland 1.81Cayman Islands 1.53Peru 1.43United Kingdom 1.38Germany 1.18Philippines 0.99Luxembourg 0.93Colombia 0.53Argentina 0.08

96.13




Countries and central government 86.80Holding and finance companies 4.12Banks and credit institutions 2.71Supranational 2.50

96.13

% of net assets



78Page




113,876.73Interest on bank accounts2,698.22Other income

2,326,845.21Expenses1,034,096.06Advisory fees 4Note

376,034.93Management fees 3Note311,171.88Custodian fees39,776.22Subscription duty ("taxe d'abonnement") 6Note


131,135.35Interest paid on bank liabilities9,381.49Legal fees

167,092.26Transaction fees103,740.01Other administration costs 7, 8Note

3,894.61Banking charges and other fees17,989.84Other expenses


2,703,407.15- securities portfolio 2Note-2,593,693.41- forward foreign exchange contracts 2Note-5,401,165.47- foreign exchange 2Note


7,349,268.78- securities portfolio1,450,695.81- forward foreign exchange contracts








79Page


428,236.30Cash at banks710,478.62Other liquid assets

2,452,725.82Interest receivable on bonds and other debt securities528,216.67Receivable on sales of securities

8,118,780.00Receivable on issues of shares155,373.98Unrealised gain on forward foreign exchange contracts 2, 9Note46,625.00Unrealised gain on futures contracts 2, 10Note


1,384,949.48Payable on purchases of securities29,032.96Payable on redemptions of shares




Expressed in USD


UBAM - EMERGING MARKET CORPORATE BOND





AP sharesCapitalisation shares 8,570.000 950.000 1,500.000 8,020.000

APH EUR sharesCapitalisation shares 10,244.291 0.000 800.000 9,444.291

APH CHF sharesCapitalisation shares 34,657.000 4,750.000 1,670.000 37,737.000


IH EUR sharesCapitalisation shares 169,739.183 0.000 93,997.915 75,741.268

IH CHF sharesCapitalisation shares 415.351 0.000 0.000 415.351





01/01/2012


80Page

IP sharesCapitalisation shares 7,970.000 0.000 0.000 7,970.000

IPH EUR sharesCapitalisation shares 36,522.752 7,068.412 5,164.875 38,426.289






01/01/2012



A shares


113.54625,158.151

107.08492,042.202



105.495.33

17,111.289104.532.61

73,692.000106.070.00


USD USD USD

AH EUR shares


113.4872,819.000

107.1457,308.500


EUR EUR EUR

AH CHF shares


123.393,590.000

116.675,368.000


CHF CHF CHF

AP shares


113.488,570.000

107.268,570.000


USD USD USD

APH EUR shares


113.5110,244.291

107.3610,080.000


EUR EUR EUR

APH CHF shares


111.7134,657.000

105.8033,457.000


CHF CHF CHF

Total net assets 151,536,223.38 139,030,164.14 109,453,824.63


USD


81Page



I shares


115.29218,121.215

108.23260,194.890


USD USD USD

IH EUR shares


114.98169,739.183

108.053,050.000


EUR EUR EUR

IH CHF shares


415.351117.19

3,500.000116.97


CHF CHF CHF

IP shares


114.507,970.000

108.017,500.000


USD USD USD

IPH EUR shares


114.5336,522.752

108.1136,049.632


EUR EUR EUR

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 151,536,223.38 139,030,164.14 109,453,824.63


USD


82Page

ABU DHAB NAT ENERGY 6.25 09-19 16/09S750,000 858,622.50 0.57USD 780,412.50


Bonds 127,881,192.30 84.38126,833,165.89

AEROPUERTOS ARG REGS 10.75 10-20 01/12Q940,000 776,064.00 0.51USD 978,775.00AES ITABO REG S 9.50 10-20 12/11S1,000,000 1,044,375.00 0.69USD 1,000,000.00AFREXIMBANK 5.75 11-16 27/07S1,000,000 1,043,420.00 0.69USD 1,000,000.00AJECORP REGS 6.50 12-22 14/05S500,000 514,960.00 0.34USD 500,000.00AKBANK REG-S 5.125 10-15 22/07S750,000 764,827.50 0.50USD 745,732.50AKBANK REG-S 6.50 11-18 09/03S750,000 787,822.50 0.52USD 747,420.00ALFA BOND 7.75 11-21 28/04S500,000 490,485.00 0.32USD 500,000.00ALLIANCE OIL CO REG-S 9.875 10-15 11/03S750,000 771,885.00 0.51USD 777,187.50ALROA FINANCE REG S 7.75 10-20 03/11S1,000,000 1,049,180.00 0.69USD 1,000,000.00AMERICA MOVIL 5.00 10-20 30/03S500,000 568,235.00 0.37USD 570,865.00AMERICA MOVIL 6.125 10-40 30/03S500,000 614,515.00 0.41USD 598,750.00AUTOMOTORES REGS 8.25 11-21 24/05S750,000 781,875.00 0.52USD 750,000.00AZERBAIJAN RAILWAYS 8.25 11-16 18/02S500,000 527,195.00 0.35USD 523,750.00BANCO BMG EMTN 6.50 11-14 14/03S750,000 688,702.50 0.45USD 743,107.50BANCO BRADESCO 5.75 12-22 01/03S300,000 304,848.00 0.20USD 304,950.00BANCO DAYCOVAL REG S 6.25 11-16 28/01S1,000,000 1,017,460.00 0.67USD 992,220.00BANCO DE BOGOTA 5.00 11-17 15/01S500,000 525,100.00 0.35USD 494,470.00BANCO DE GALICIA 8.75 11-18 04/05S400,000 288,464.00 0.19USD 400,000.00BANCO ESTADO DI RIO 7.375 12-22 02/02S300,000 309,783.00 0.20USD 316,500.00BANCO VOTORANTIM REGS 5.25 11-16 11/02S500,000 513,645.00 0.34USD 494,170.00BANCO VOTORANTIM SUB REGS 7.375 10-20 21/01S500,000 531,445.00 0.35USD 512,830.00BANCOLOMBIA 5.95 11-21 03/06S750,000 805,387.50 0.53USD 798,750.00BANCOLOMBIA 6.125 10-20 26/07S1,000,000 1,059,950.00 0.70USD 1,022,090.00BANCORMER MULTI-REGS 7.25 10/20 22/04S250,000 256,950.00 0.17USD 258,125.00BANK CHINA HK 5.55 10-20 11/02S500,000 543,270.00 0.36USD 506,195.00BANK OF CELIO REGS 6.875 12-17 03/05S500,000 502,440.00 0.33USD 500,000.00BBK REG S S3 4.50 10-15 28/10S1,000,000 997,910.00 0.66USD 989,120.00BCO LATINOAMER REGS 3.75 12-17 04/04S500,000 501,145.00 0.33USD 496,355.00BERAU CAPITAL 7.25 12-17 13/03S500,000 486,955.00 0.32USD 500,000.00BERAU CAPITAL 12.50 10-15 08/07S500,000 552,515.00 0.36USD 517,500.00BOM CAPITAL 6.699 10-15 11/03S1,000,000 1,036,420.00 0.68USD 1,011,833.33BRASIL TELECOM REGS 5.75 12-22 10/02S500,000 511,330.00 0.34USD 517,500.00BRASKEM FIN I. REG-S 7.00 10-20 07/05S1,200,000 1,318,788.00 0.87USD 1,210,380.00BUMI INVESTMENT 10.75 10-17 06/10A1,000,000 989,350.00 0.65USD 1,000,000.00CELULOSA ARAUCO CONST 7.25 09-19 29/07S250,000 295,905.00 0.20USD 297,475.00CENCOSUD SA 5.50 11-21 20/01S500,000 523,400.00 0.35USD 524,000.00CHINA ORIENTAL REGS 8.00 10-15 18/08S800,000 700,024.00 0.46USD 800,000.00CHINA RESOURCES POWER FL.R 11-XX 09/05S1,000,000 981,743.60 0.65USD 1,000,000.00CHINA RESOURCES REGS 4.50 12-22 05/04S1,000,000 1,034,150.00 0.68USD 979,500.00CITIC PACIFIC 6.625 11-21 15/04S1,200,000 1,182,936.00 0.78USD 1,200,000.00CN FORESTRY REG S 10.25 10-15 17/11S300,000 172,500.00 0.11USD 304,285.72CNOOC FIN.2012 REGS 3.875 12-22 02/05S500,000 522,635.00 0.34USD 499,345.00CNOOC FIN.2012 REGS 5.00 12-42 02/05S500,000 545,805.00 0.36USD 496,160.00CNPC GENERAL REGS 2.75 12-17 19/04S500,000 506,820.00 0.33USD 499,955.00CNPC GENERAL REGS 3.95 12-22 19/04S500,000 522,520.00 0.34USD 499,385.00CNS RESOURCES REG S 6.50 10-20 21/07S1,300,000 1,411,813.00 0.93USD 1,318,165.33COMISION FED DE ELEC 5.75 12-42 14/02S300,000 318,183.00 0.21USD 294,990.00COMMERCIAL BK QATAR 7.50 09-19 18/11S500,000 598,900.00 0.40USD 545,000.00CORP LINDLEY SA 6.75 11-21 23/11S1,750,000 1,898,680.00 1.26USD 1,750,000.00CORPORACION GEO SA 8.875 12-22 27/03S500,000 517,245.00 0.34USD 500,000.00CREDIT BK MOSCOW 8.25 11-14 05/08S1,000,000 977,659.50 0.65USD 1,000,000.00CREDITO DEL PERU REG-S5.375 10-20 16/09S500,000 519,150.00 0.34USD 512,500.00DEV B KAZAKHSTAN REGS 5.50 10-15 20/12S500,000 522,820.00 0.35USD 495,275.00DIGICEL REGS 8.25 09-17 01/09S250,000 255,757.50 0.17USD 256,875.00DIGICEL REGS 7.00 12-20 15/02S500,000 484,065.00 0.32USD 500,000.00DOLPHIN ENERGY REGS 5.50 12-21 15/12S500,000 556,775.00 0.37USD 527,500.00DP WORLD REG S 6.85 07-37 02/07S250,000 246,017.50 0.16USD 239,375.00DTEK FINANCE REG-S 9.50 10-15 28/04S500,000 486,235.00 0.32USD 445,000.00DUBAI ELECTRICITY 8.50 10-15 22/04S1,000,000 1,113,290.00 0.73USD 1,041,875.00DUBAI ELECTRICITY REGS 7.375 10-20 21/10S1,500,000 1,643,505.00 1.09USD 1,500,000.00E.CL REGS 5.625 10-21 15/01S750,000 818,677.50 0.54USD 738,240.00EILEME 2 AB REGS 11.625 12-20 31/01S500,000 515,375.00 0.34USD 515,000.00ELEKTRA REGS 7.25 11-18 06/08S1,250,000 1,218,775.00 0.80USD 1,233,200.00ELETROBRAS REG S 6.875 09-19 30/07S300,000 350,358.00 0.23USD 349,800.00






83Page

EMIRATES NBD EMTN 4.625 12-17 28/03S400,000 406,424.00 0.27USD 407,980.00EMPRESA DE ENERGIA 6.125 11-21 10/11S750,000 796,200.00 0.53USD 750,000.00EMPRESA NACIONAL 6.25 09-19 08/07S500,000 573,345.00 0.38USD 534,250.00EMPRESAS ICA REG S 8.90 11-21 04/02S750,000 714,442.50 0.47USD 737,212.50ENAP REGS 5.25 10-20 10/08S1,000,000 1,084,520.00 0.72USD 995,930.00ENDENOR REGS 9.75 10-22 25/10S1,200,000 444,000.00 0.29USD 1,252,500.00ENERGY DEVELOP 6.50 11-21 20/01S750,000 792,060.00 0.52USD 750,000.00ESKOM HOLDINGS 5.75 11-21 26/01S1,500,000 1,643,175.00 1.09USD 1,489,095.00EVRAZ GROUP REGS 6.75 11-18 27/04S500,000 477,040.00 0.31USD 500,000.00EVRAZ GROUP REGS 7.40 12-17 24/04S600,000 591,396.00 0.39USD 600,000.00FIBRIA OVERSEAS 6.75 11-21 03/03S1,300,000 1,307,787.00 0.86USD 1,288,391.00FIBRIA REG-S 7.50 10-20 04/05S1,000,000 1,044,750.00 0.69USD 1,054,375.00FINANSBANK REGS 5.50 11-16 11/05S250,000 241,522.50 0.16USD 241,875.00FIRST GULB BANK 3.797 11-16 02/08S1,000,000 1,029,580.00 0.68USD 1,000,000.00FITA INTL LTD 7.00 10-20 10/02S1,000,000 1,055,440.00 0.70USD 1,052,354.00FUBON BANK HONG KONG 6.125 10-20 30/11S250,000 272,442.50 0.18USD 249,800.00FUFENG GROUP LTD REGS 7.625 11-16 13/04S500,000 430,855.00 0.28USD 500,000.00GAZ CAPITAL REG S 5.999 11-21 23/01S1,000,000 1,067,700.00 0.70USD 1,000,000.00GEORGIAN OIL GAS REGS 6.875 12-17 16/05S200,000 196,358.00 0.13USD 197,928.00GEORGIAN RAILWAY 9.875 10-15 22/07S1,500,000 1,661,535.00 1.11USD 1,492,755.00GLOBO COMMUNIC REGS 4.875 12-22 11/04S500,000 520,835.00 0.34USD 495,130.00GOLD FIELDS ORO REG-S 4.875 10-20 07/10S500,000 480,715.00 0.32USD 477,500.00GRUPO AVAL LTD 5.25 12-17 01/02S800,000 842,224.00 0.56USD 836,125.00GRUPO TELEVISA S.A. 6.625 10-40 15/01S500,000 618,657.50 0.41USD 601,250.00GRUPOSURA FINANCE 5.75 06-16 13/04S500,000 525,925.00 0.35USD 496,770.00HALYK BANK REG S 7.25 11-21 28/01S800,000 798,056.00 0.53USD 786,104.00HANA BANK REGS EMTN 3.50 12-17 25/10S300,000 308,706.00 0.20USD 310,059.00HIDILI INDUSTRY REGS 8.625 10-15 04/11S500,000 407,655.00 0.27USD 511,562.50HSBK EUROPE BV 7.25 07-17 03/05S500,000 499,785.00 0.33USD 502,500.00HYVA GLOBAL REGS 8.625 11-16 24/03S500,000 427,970.00 0.28USD 500,000.00ICICI BANK REG S 5.00 10-15 15/01S500,000 504,445.00 0.33USD 511,800.00ICICI BANK -2-REGS 4.75 11-16 25/11S250,000 248,210.00 0.16USD 249,162.50INDIAN OIL 5.625 11-21 02/08S1,800,000 1,838,844.00 1.22USD 1,785,906.00INDIAN OVERSEAS 5.00 11-16 19/10S750,000 759,052.50 0.50USD 746,085.00INDOSAT PALAPA CO BV 7.375 10-20 29/07S750,000 812,415.00 0.54USD 746,085.00INKIA ENERGY REGS 8.375 11-21 04/04S1,000,000 1,044,650.00 0.69USD 991,690.00INVERSIONES REG S 4.75 11-18 19/01S1,000,000 1,047,110.00 0.69USD 995,240.00IPIC GMTN EMTN 3.75 11-17 01/03S500,000 520,950.00 0.34USD 498,172.50ISRAEL ELECTRIC REG S 6.70 12-17 10/02S500,000 520,915.00 0.34USD 500,000.00ISRAEL ELECTRIC REG S 7.25 08-19 15/01S1,000,000 1,030,340.00 0.68USD 1,065,425.00ITAU UNIBANCO HLDG 6.20 10-20 15/04S800,000 851,232.00 0.56USD 840,000.00IXE BANCO SA REG S 9.25 10-20 14/10S1,000,000 1,145,000.00 0.76USD 992,500.00JBS FINANCE II REGS 8.25 10-18 29/01S1,100,000 1,069,882.00 0.71USD 1,084,974.00KAZAK.TEMIR.ZHOL 6.375 10-20 06/10S500,000 547,730.00 0.36USD 500,000.00KAZMUNAIGAZ FIN REG-S 7.00 10-20 05/05S500,000 568,270.00 0.38USD 501,250.00KEB 4.875 10-16 14/01S500,000 535,030.00 0.35USD 496,600.00KOREA NATL OIL REGS 3.125 12-17 03/04S400,000 408,536.00 0.27USD 409,344.00KUWAIT PROJECTS CO 8.875 09-16 17/10S300,000 334,773.00 0.22USD 334,950.00KUWAIT PROJECTS EMTN 9.375 10-20 15/07S1,250,000 1,384,150.00 0.91USD 1,296,530.00LISTRINDO CAP BV R 6.95 12-19 21/02S250,000 256,680.00 0.17USD 250,000.00LUKOIL INT REG S 6.125 10-20 09/11S1,000,000 1,049,970.00 0.69USD 1,024,400.93LUKOIL INTL FIN 7.25 09-19 05/11S800,000 902,632.00 0.60USD 851,340.00MAGNESITA FIN REGS 8.625 12-XX 05/04Q500,000 497,725.00 0.33USD 500,000.00MAJAPAHIT HOLD.REGS 7.75 09-20 20/01S500,000 597,410.00 0.39USD 551,000.00MERCANT. BRASIL REG S 9.625 10-20 16/07S500,000 471,995.00 0.31USD 498,750.00METALLOINVEST FIN 6.50 11-16 21/07S250,000 247,445.00 0.16USD 250,000.00METINVEST REG S 10.25 10-15 20/05S500,000 492,795.00 0.33USD 537,500.00MIE HOLDINGS REGS 9.75 11-16 12/05S500,000 487,210.00 0.32USD 500,000.00MTS INTL FDG 8.625 10-20 22/06S300,000 344,466.00 0.23USD 323,310.00NAFTOGAZ UKRAINY 9.50 09-14 30/09S500,000 480,630.00 0.32USD 480,000.00NOBLE GROUP LTD 6.75 09-20 19/01S500,000 484,725.00 0.32USD 490,000.00NOMOS CAP REG S 6.50 10-13 21/10S800,000 817,560.00 0.54USD 800,000.00ODEBRECHT FINANCE 6.00 11-23 05/04S700,000 739,592.00 0.49USD 734,125.00OGX AUSTRIA REGS 8.375 12-22 01/04S750,000 653,587.50 0.43USD 750,000.00OGX PETROLEO E GAS 8.50 11-18 01/06S1,000,000 894,510.00 0.59USD 1,000,000.00OLAM INTL LTD 7.50 10-20 12/08S1,000,000 982,230.00 0.65USD 1,012,000.00PACIFIC RUB REG S 7.25 11-21 12/12S1,000,000 1,093,930.30 0.72USD 1,000,000.00PACNET REG S 9.25 10-15 09/11S500,000 482,195.00 0.32USD 500,000.00PCCW-HKT CAP NO04 4.25 10-16 24/02S200,000 206,876.00 0.14USD 206,856.00






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PEMEX 5.50 10-21 21/01S1,000,000 1,134,290.00 0.75USD 990,110.00PERTAMINA REG S 6.50 11-41 27/05S500,000 525,190.00 0.35USD 491,900.00PERTAMINA REGS 4.875 12-22 03/05S300,000 300,876.00 0.20USD 298,242.00PERTAMINA REGS 6.00 12-42 03/05S250,000 248,002.50 0.16USD 246,577.50PERUSAHAAN PERSEROAN 5.50 11-21 22/11S1,600,000 1,675,872.00 1.12USD 1,584,864.00PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S500,000 616,245.00 0.41USD 571,250.00PETROBRAS INTL FIN 5.375 11-21 27/01S400,000 432,036.00 0.29USD 430,160.00PETROTEMEX REGS 9.50 09-14 19/08S500,000 548,985.00 0.36USD 545,000.00PSB FINANCE 6.20 11-14 25/04S750,000 733,777.50 0.48USD 750,000.00PT ADARO INDONESIA 7.625 09-19 22/10S1,000,000 1,063,500.00 0.70USD 1,065,000.00QUADRA FNX MINING LTD 7.75 11-19 15/06S1,500,000 1,564,421.40 1.03USD 1,500,000.00RELIANCE HLDGS REGS 5.40 12-22 14/02S400,000 404,152.00 0.27USD 396,896.00ROYAL CAPITAL BV 8.375 11-XX 05/11S1,600,000 1,638,032.00 1.08USD 1,600,000.00SABLE INTL FINANCE 8.75 12-20 01/02S200,000 216,000.00 0.14USD 200,000.00SINO FOREST REGS (DEFAULT) 10-17 21/10S500,000 124,690.00 0.08USD 500,000.00SINOPEC GR OVER REGS 3.90 12-22 17/05S500,000 522,065.00 0.34USD 498,485.00SISTEMA INTL REGS 6.95 12-19 17/05S1,500,000 1,486,905.00 0.98USD 1,500,000.00SOUTHERN COPPER CORP 6.75 10-40 16/04S400,000 429,780.00 0.28USD 442,556.00STANDARD BANK SUB 8.125 09-19 02/12S1,500,000 1,641,435.00 1.08USD 1,580,000.00STATE BANK OF INDIA REG S 4.50 10-15 27/07S200,000 204,258.00 0.13USD 199,416.00STATS CHIPPAC REG S 7.50 10-15 12/08S1,000,000 1,075,000.00 0.71USD 1,018,750.00STEEL CAPITAL 6.70 10-17 25/10S500,000 505,510.00 0.33USD 500,000.00TAM CAPITAL INC 8.375 11-21 03/06S500,000 524,250.00 0.35USD 495,845.00TELEMAR N L REGS 5.50 10-20 23/10S1,000,000 1,023,670.00 0.68USD 999,910.00TELEMOVIL FIN REG-S 8.00 10-17 01/10S1,500,000 1,548,015.00 1.02USD 1,513,090.00TEXHONG TEXTILE REG S 7.625 11-16 19/01S250,000 203,202.50 0.13USD 252,718.75TGI INTERNATIONAL 5.70 12-22 20/03S500,000 522,540.00 0.34USD 500,000.00TNK-BP FINANCE REG S 7.25 10-20 02/02S500,000 565,770.00 0.37USD 510,000.00TNK-BP FINANCE REG.S 7.875 07-18 13/03S500,000 574,435.00 0.38USD 569,375.00TURK GARANTI BANK 6.25 11-21 20/04S500,000 510,385.00 0.34USD 495,430.00TURKIYE IS BANK REG-S 5.10 11-16 01/02S500,000 506,220.00 0.33USD 495,660.00TV AZTECA EMTN 7.50 11-18 25/05S500,000 506,270.00 0.33USD 493,345.00UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S500,000 524,075.00 0.35USD 546,250.00UKREXIMBANK 8.375 10-15 27/04S1,400,000 1,267,434.00 0.84USD 1,430,275.33URBI DESARROLLOS 9.75 12-22 03/02S200,000 210,936.00 0.14USD 196,884.00VALE OVERSEAS 4.375 12-22 11/01S500,000 511,075.00 0.34USD 506,725.00VEB LEASING 5.125 11-16 27/05A500,000 497,055.00 0.33USD 500,000.00VIMPELCON 7.504 11-22 01/03S600,000 564,600.00 0.37USD 600,000.00VIMPELCON 7.748 11-21 02/02S800,000 772,928.00 0.51USD 800,000.00VIRGOLINO REGS 10.50 11-18 28/01S500,000 447,150.00 0.30USD 500,000.00VIRGOLINO REGS 11.75 12-22 02/09S500,000 446,310.00 0.29USD 492,830.00VOLCAN CIA MINERA 5.375 12-22 02/02S500,000 520,600.00 0.34USD 500,000.00VOTO VOTORANTIM REGS 6.625 09-19 25/09S500,000 546,145.00 0.36USD 508,000.00VTB CAPITAL SA 6.551 10-20 13/10S500,000 503,465.00 0.33USD 500,000.00WHARF FINANCE 4.625 12-17 08/02S800,000 834,288.00 0.55USD 811,501.00YAPI 5.187 10-15 13/10S500,000 505,360.00 0.33USD 500,000.00YUKSEL INSAAT REG-S 9.50 10-15 10 11S600,000 506,928.00 0.33USD 588,414.00ZHAIKMUNAI REGS 10.50 10-15 19/10S1,250,000 1,253,225.00 0.83USD 1,279,375.00

BALLARPUR INDUSTRIES FL.R 11-XX 11/08S1,800,000 1,441,908.00 0.96USD 1,800,000.00Floating rate bonds 3,660,325.50 2.424,011,875.00

BHIRA INVESTMENT FL.R 11-71 27/04S1,000,000 968,920.00 0.64USD 1,000,000.00CONTINENTAL REG S FL.R 10-40 07/10S500,000 518,775.00 0.34USD 500,000.00ICICI BANK -SUB- FL.R 07-22 30/04S250,000 225,287.50 0.15USD 236,875.00WOORI BANK REGS FL.R 07-37 025/05S500,000 505,435.00 0.33USD 475,000.00

DP WORLD SUKUK REG S 6.25 07-17 02/07S1,000,000 1,080,640.00 0.71USD 939,750.00Sukuk 1,606,940.00 1.061,439,750.00

SIB SUKUK 4.715 11-16 25/05S500,000 526,300.00 0.35USD 500,000.00

GEORG RAILWAY REGS 7.75 12-22 11/07S750,000 752,505.00 0.50USD 749,985.00


Bonds 1,481,443.00 0.981,448,029.00

SINOPEC GR OVER REGS 4.875 12-42 17-05S200,000 212,308.00 0.14USD 199,344.00TENCENT HOLDINGS 4.625 11-16 12/12S500,000 516,630.00 0.34USD 498,700.00

UBAM FCP EM INVESTMENT GRADE CORPORATE BOND -I- CAP61,000 6,545,300.00 4.32USD 6,459,290.00

Open-ended investment funds 6,545,300.00 4.326,459,290.00

Investment funds (UCITS) 6,545,300.00 4.326,459,290.00






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Total 151,536,223.38 100.00





86Page

Cayman Islands 14.53Luxembourg 6.92The Netherlands 5.68Mexico 5.52Brazil 5.06France 4.32United Arab Emirates 3.54Ireland 3.42British Virgin Islands 3.29Hong Kong 3.22Bermuda 2.86Indonesia 2.85Chile 2.71Singapore 2.37Turkey 2.18United Kingdom 2.05India 2.03Canada 1.83Kazakstan 1.71Peru 1.60Philippines 1.60Colombia 1.58United States of America 1.43South Korea 1.15Georgia 1.11South Africa 1.09Israel 1.02Argentina 0.99Egypt 0.69Other 4.81

93.16




87Page

Holding and finance companies 32.56Banks and credit institutions 14.40Miscellaneous sectors 7.63Petroleum 7.03Utilities 5.36Coal mining and steel industry 4.13Communications 4.06Miscellaneous services 2.89Transportation 2.48Building materials and trade 2.01Miscellaneous consumer goods 1.26Foods and non alcoholic drinks 1.22Electronics and semiconductors 1.14Real estate companies 1.04Electrical engineering and electronics 1.02Road vehicles 0.80Supranational 0.69Machine and apparatus construction 0.68Miscellaneous trading companies 0.65Non-ferrous metals 0.62Paper and forest products 0.39Aerospace industry 0.35Internet and Internet services 0.34Biotechnology 0.28Textiles and garments 0.13

93.16

% of net assets




88Page





1,354,826.63Expenses649,526.89Advisory fees 4Note244,728.02Management fees 3Note192,079.55Custodian fees29,200.51Subscription duty ("taxe d'abonnement") 6Note76,905.20Central administration costs63,554.13Performance fees 5Note4,427.55Audit fees2,975.54Interest paid on bank liabilities7,151.82Legal fees

609.08Transaction fees75,202.26Other administration costs 7, 8Note2,154.44Banking charges and other fees6,311.64Other expenses


-243,988.65- securities portfolio 2Note-1,207,932.42- forward foreign exchange contracts 2Note

319,585.20- financial futures 2Note-522,569.87- foreign exchange 2Note


4,849,045.73- securities portfolio555,273.16- forward foreign exchange contracts46,625.00- futures contracts








89Page

347,827,212.00Assets284,905,534.63Securities portfolio at market value 2Note20,638,095.00Deposits on futures contracts37,632,402.44Cash at banks1,259,369.30Other liquid assets

1.21Interest receivable on bank accounts446,613.50Interest receivable on swap contracts

1,166,455.25Interest receivable on bonds and other debt securities454,823.95Receivable on issues of shares924,225.62Unrealised gain on forward foreign exchange contracts 2, 9Note399,691.10Receivable on swap contracts


5,256.50Payable on redemptions of shares44,515.63Unrealised loss on futures contracts 2, 10Note

15,215,217.47Unrealised loss on swap contracts 2, 11Note401,720.00Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - GLOBAL HIGH YIELD SOLUTION

A sharesCapitalisation shares 1,390,511.292 89,295.000 502,832.882 976,973.410




AH CHF sharesCapitalisation shares 44,480.000 20,915.000 12,166.000 53,229.000



Distribution shares 733.000 0.000 0.000 733.000

IH CHF sharesCapitalisation shares 4,715.000 350.000 500.000 4,565.000

IH GBP sharesDistribution shares 3,294.000 4,640.000 1,024.000 6,910.000





01/01/2012


90Page






01/01/2012



A shares


106.651,390,511.292

99.80681,030.000



97.457.00

36,433.90297.872.08

481,149.000101.660.00


USD USD USD

AH EUR shares


105.98404,491.063

99.49202,685.000



98.747.12

754,373.35399.490.00

0.0000.000.00


EUR EUR EUR

AH CHF shares


104.4944,480.000

98.2526,726.000


CHF CHF CHF

I shares


106.98382,354.000

100.02339,340.000


USD USD USD

IH EUR shares


106.31129,934.000

99.7013,485.000


Distribution shares733.00097.457.02

733.00098.091.70

965.000101.670.00


EUR EUR EUR

Total net assets 331,184,747.40 353,600,531.50 186,899,687.56


USD


91Page



IH CHF shares


104.814,715.000

98.463,000.000


CHF CHF CHF

IH GBP shares


97.707.01

3,294.00097.902.08

4,533.000101.680.00


GBP GBP GBP

R shares


106.157,715.000

99.496,560.000


USD USD USD

Total net assets 331,184,747.40 353,600,531.50 186,899,687.56


USD


92Page

CADES EMTN 5.00 06-13 15/01A5,000,000 5,113,100.00 1.54USD 5,259,700.00


Bonds 168,782,049.78 50.97170,518,110.01

FANNIE MAE 1.75 10-13 07/05S3,000,000 3,038,160.00 0.92USD 3,063,840.00FEDERAL HOME LOAN 1.875 10-13 21/06S5,000,000 5,078,250.00 1.53USD 5,120,950.00FIN-DANISH I. 5 REG S 1.75 09-12 06/12S6,000,000 6,029,460.00 1.82USD 6,100,900.95GENERAL ELECTRIC 5.00 03-13 01/02S5,000,000 5,127,550.00 1.55USD 5,234,550.00KRED WIEDERAUFBAU 1.875 10-13 14/01S10,000,000 10,082,400.00 3.04USD 10,172,500.00NATIONWIDE BUILDING REGS 2.50 09-12 17/08S10,000,000 10,026,000.00 3.03USD 10,270,500.00RABOBANK NEDERLAND NV REGS 2023A 3.00 09-12 18/09A5,000,000 5,023,770.25 1.52USD 5,149,500.00US TREASURY NOTES 0.125 11-13 30/09S30,000,000 29,947,265.70 9.04USD 29,945,312.50US TREASURY NOTES 1.375 10-13 15/01S10,000,000 10,064,453.10 3.04USD 10,150,390.60US TREASURY NOTES Series AB-2012 1.75 09-12 15/08S18,500,000 18,537,578.13 5.60USD 18,898,906.16US TREASURY NOTES Series AC-2012 1.375 09-12 15/09S10,000,000 10,026,171.90 3.03USD 10,132,812.50US TREASURY NOTES Series AE-2012 1.375 09-12 15/11S20,000,000 20,090,625.00 6.07USD 20,235,546.80US TREASURY NOTES Series J-2014 1.75 09-14 31/03S20,000,000 20,498,437.60 6.19USD 20,610,044.30US TREASURY NOTES Series Y-2013 1.375 10-13 15/05S10,000,000 10,098,828.10 3.05USD 10,172,656.20

ACHMEA HYPHOTEEKBANK FL.R 09-14 03/11A9,000,000 8,944,111.80 2.70USD 8,997,380.00Floating rate bonds 106,051,875.35 32.02106,974,472.22

BNG REG S S 864 FL.R 10-13 03/05Q10,000,000 9,981,162.50 3.01USD 10,001,200.00EKSPORTFINANS FL.R 10-13 07/10Q10,000,000 9,550,000.00 2.88USD 10,000,200.00ERSTE ABWICKLUNGSANSTALT EMTN FL.R 11-12 01/10Q10,000,000 9,989,133.50 3.02USD 10,008,875.00FIN FOR DANISH REGS FL.R 10-13 13/06Q5,000,000 4,958,284.75 1.50USD 5,027,000.00FMS WERTMANAGEMENT FL.R 12-14 01/04Q11,000,000 11,005,610.00 3.32USD 11,002,200.00INTER-AM.DEV.BK FL.R 09-14 20/05Q10,000,000 10,096,500.00 3.05USD 10,142,300.00KFW REG S FL.R 09-14 05/08Q10,500,000 10,515,120.00 3.18USD 10,542,681.22KOMMUNINVEST FL.R 11-14 11/04Q10,000,000 9,985,200.00 3.01USD 10,000,000.00LANDWIRTSCHAFTLICHE RENTENBANK REGS FL.R 11-14 28/01Q5,000,000 5,000,700.00 1.51USD 5,010,350.00NWB 1152 REG S 2.00 09-12 20/10A10,000,000 10,043,900.00 3.03USD 10,223,760.00SWEDISH EXPORT CREDIT CORP REGS FL.R 09-12 30/07Q5,980,000 5,982,152.80 1.81USD 6,018,526.00

WESTPAC BK 11 -144A- 1.90 09-12 14/12S10,000,000 10,071,609.50 3.04USD 10,190,475.00


Bonds 10,071,609.50 3.0410,190,475.00




Total 331,184,747.40 100.00





93Page

United States of America 43.07Germany 14.07The Netherlands 10.26Sweden 4.82Denmark 3.32Australia 3.04United Kingdom 3.03Norway 2.88France 1.54

86.03




Countries and central government 36.02Banks and credit institutions 31.79State 6.34Holding and finance companies 5.82Supranational 3.05Cities, Municipal Authorities 3.01

86.03

% of net assets



94Page




366.45Interest on bank accounts11,266.28Bank interest on time deposits

10,040,298.71Interest on swap contracts22,347.50Other income

1,322,902.46Expenses382,477.41Advisory fees 4Note256,900.26Management fees 3Note178,590.27Custodian fees70,242.09Subscription duty ("taxe d'abonnement") 6Note

180,706.31Central administration costs10,609.23Audit fees1,332.16Interest paid on bank liabilities

14,224.01Legal fees7,205.47Transaction fees1,594.81Other administration costs 7, 8Note4,380.17Banking charges and other fees



-1,275,902.91- securities portfolio 2Note-7,054,148.38- forward foreign exchange contracts 2Note

113,578.14- financial futures 2Note-457,339.68- swap contracts 2Note



755,940.52- securities portfolio5,291,353.04- forward foreign exchange contracts-142,484.38- futures contracts

13,594,651.25- swap contracts

18,909,215.40Result of operations-7,347,126.61Dividends paid 16Note57,911,015.11Subscriptions capitalisation shares7,286,092.98Subscriptions distribution shares






95Page


92,874.00Options contracts at market value 2, 12Note8,064.44Cash at banks

414,525.08Other liquid assets11.26Interest receivable on bank accounts

126,597.21Interest receivable on bonds and other debt securities71,860.00Unrealised gain on futures contracts 2, 10Note

109,420.04Liabilities63,373.59Bank liabilities5,207.02Unrealised loss on forward foreign exchange contracts 2, 9Note




Expressed in EUR


UBAM - EUROPEAN CONVERTIBLE BOND



AH USD sharesCapitalisation shares 0.000 2,431.195 0.000 2,431.195

I sharesCapitalisation shares 105,000.000 0.000 0.000 105,000.000






01/01/2012


96Page



A shares


96.0127,479.299

90.7444,488.240



94.681.33

3,696.00090.730.00

0.0000.000.00


EUR EUR EUR

AH USD shares


126.070.0000.00

0.0000.00


USD USD USD

I shares


96.91105,000.000

91.36161,000.000


EUR EUR EUR

R shares


0.0000.00

0.0000.00


EUR EUR EUR

Total net assets 14,394,529.44 12,421,149.08 20,670,096.87


EUR


97Page

FRANCE BTAN 0.75 10-12 20/09A1,500,000 1,502,550.00 10.44EUR 1,502,550.00


Bonds 1,502,550.00 10.441,502,550.00

Euro 1,502,550.00 10.441,502,550.00

AABAR INV REGS CV 4.00 11-16 27/05S600,000 571,704.00 3.97EUR 581,958.33

Convertible bonds 12,287,467.49 85.3612,624,076.31

Euro 8,326,858.24 57.858,892,236.90

ABENGOA CV REGS 6.875 09-14 24/07S100,000 89,840.00 0.62EUR 101,125.00AIR FRANCE KLM SA CV 4.97 09-15 01/04A29,000 310,851.00 2.16EUR 416,301.12ALCATEL CV 5.00 09-15 01/01S106,568 286,362.86 1.99EUR 398,432.67ARCELORMITTAL SA CV REGS 7.25 09-14 01/04S12,700 278,358.84 1.93EUR 471,888.63CGG VERITAS (SHS) 1.75 11-16 01/11S2,590 77,836.59 0.54EUR 72,002.00COFINIMMO SA CV 3.125 11-16 28/04A127,094 124,643.63 0.87EUR 126,024.06EURAZEO CV(DANONE) 6.25 09-14 10/06A3,100 168,434.73 1.17EUR 178,160.74GECINA SA CV 2.125 10-16 01/01A3,600 401,300.77 2.79EUR 395,463.52HUNGARIAN STATE CV 4.40 09-14 25/09A300,000 272,679.00 1.89EUR 330,750.00IMMOFINANZ AG CV 4.25 11-18 08/03S28,000 104,854.15 0.73EUR 112,068.99INDUSTRIVAERDEN CV 2.50 10-15 27/02S550,000 617,534.50 4.30EUR 620,629.88INGENICO CV 2.75 11-17 01/01A7,000 333,339.44 2.32EUR 288,541.99INTL POWER CV REG-S 4.75 08-15 05/06S300,000 331,659.00 2.30EUR 312,047.73KFW CV 1.50 09-14 30/07A700,000 803,817.00 5.59EUR 778,810.00KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A1,300,000 1,332,188.00 9.26EUR 1,357,145.00MISARTE CV 3.25 10-16 01/01A1,900 285,279.10 1.98EUR 269,941.09NEXANS SA CV 2.50 12-19 01/01A682 43,679.23 0.30EUR 49,608.68PARPUBLICA SGPS SA CV 5.25 10-17 28/09A400,000 306,220.00 2.13EUR 398,880.00PESCANOVA CV 8.75 12-19 17/02S100,000 94,260.00 0.65EUR 99,500.00PORTUGAL TEL. CV 4.125 07-14 28/08S300,000 285,486.00 1.98EUR 302,256.00PUBLICIS GROUPE CV 3.125 09-14 30/07S7,700 275,523.65 1.91EUR 303,622.05SGL CARBON CV 2.75 12-18 25/01S100,000 96,904.00 0.67EUR 96,125.00SGL CARBON CV 3.50 09-16 30/06A100,000 116,648.00 0.81EUR 115,000.00STEINHOFF FIN H REGS 4.50 11-18 31/03S450,000 409,788.00 2.85EUR 429,196.15TECHNIP SA CV 0.25 11-17 01/01A1,017 109,209.06 0.76EUR 97,723.53UNIBAIL-RODAMCO CV 3.50 09-15 01/01A1,000 198,457.69 1.38EUR 189,034.74

DERWENT LONDON CAP CV 2.75 11-16 15/07S200,000 265,541.96 1.84GBP 244,300.38Pound Sterling 764,940.07 5.31741,986.81

TUI AG CV 4.90 10-17 27/04S300,000 326,058.59 2.27GBP 322,015.83WPP CV 5.75 09-14 19/05S100,000 173,339.52 1.20GBP 175,670.60

IMMARSAT CV 1.75 07-17 16/11S300,000 283,553.84 1.97USD 256,086.57US Dollar 3,195,669.18 22.202,989,852.60

LUKOIL INTL CV (SHS) 2.625 10-15 16/06S500,000 413,837.12 2.87USD 382,506.92QIAGEN FINANCE CV 3.25 06-26 16/05S200,000 178,617.08 1.24USD 198,059.13SEADRILL LTD CV 3.375 10-17 27/10S500,000 484,720.85 3.37USD 393,613.10SHIRE PLC CV 2.75 07-14 09/05S650,000 581,237.93 4.05USD 501,214.86SIEMENS FIN CV 1.05 12-17 16/08S750,000 568,748.27 3.95USD 563,608.69SIEMENS FIN. CV 1.65 12-19 16/08S500,000 376,253.89 2.61USD 376,910.72VEDANTA RES II CV 4.00 10-17 30/03S400,000 308,700.20 2.14USD 317,852.61

DJ EURO STOXX 50 SEP 2200 24.09.12 CALL69 92,874.00 0.65EUR 53,475.00

Derivative instruments 92,874.00 0.6553,475.00

Options 92,874.00 0.6553,475.00

Euro 92,874.00 0.6553,475.00


Cash at banks/(bank liabilities) -55,309.15 -0.38


Total 14,394,529.44 100.00





98Page

France 27.74Germany 16.98Jersey Island 11.53The Netherlands 11.41Sweden 4.30United Kingdom 4.24United Arab Emirates 3.97Austria 3.58Bermuda 3.37Luxembourg 3.17Portugal 2.13Hungary 1.89Spain 1.27Belgium 0.87

96.45




Holding and finance companies 31.05Banks and credit institutions 14.85Countries and central government 10.44Petroleum 8.64Real estate companies 4.90Miscellaneous services 4.05Biotechnology 4.05Communications 3.96Coal mining and steel industry 3.41Electronics and semiconductors 2.32Hotels and restaurants 2.27Transportation 2.16Graphic art and publishing 1.91Unit trusts 0.87Agriculture and fishery 0.65Building materials and trade 0.62Electrical engineering and electronics 0.30

96.45

% of net assets



99Page




342.43Interest on bank accounts692.12Other income



2,807.20Legal fees1,414.94Transaction fees3,448.54Other administration costs 7, 8Note

87.84Banking charges and other fees534.08Other expenses


-261,377.53- securities portfolio 2Note56,983.00- options 2Note

-191,027.31- forward foreign exchange contracts 2Note22,520.00- financial futures 2Note99,696.31- foreign exchange 2Note


802,266.50- securities portfolio15,869.00- options30,158.74- forward foreign exchange contracts23,900.00- futures contracts

712,455.39Result of operations-5,899.88Dividends paid 16Note


-377,280.51Redemptions capitalisation shares





100Page


146,440.00Options contracts at market value 2, 12Note340,396.99Cash at banks129,688.98Other liquid assets

24.17Interest receivable on bank accounts730,380.18Interest receivable on bonds and other debt securities34,845.59Receivable on issues of shares2,871.69Unrealised gain on forward foreign exchange contracts 2, 9Note

263,602.23Liabilities91,162.22Payable on redemptions of shares




Expressed in EUR


UBAM - EURO 10-40 CONVERTIBLE BOND



AH CHF sharesCapitalisation shares 19,875.000 16,264.535 3,700.000 32,439.535


IH GBP sharesDistribution shares 17,780.938 5,476.451 0.000 23,257.389






01/01/2012


101Page



A shares


101.59245,074.975

95.14148,251.459



98.861.63

4,123.88394.091.13

151.883100.480.00


EUR EUR EUR

AH CHF shares


100.1619,875.000

93.9913,700.000


CHF CHF CHF

I shares


102.5451,076.301

95.7940,135.000


EUR EUR EUR

IH GBP shares


88.091.45

17,780.93883.520.00

0.0000.000.00


GBP GBP GBP

R shares


0.0000.00

0.0000.00


EUR EUR EUR

Total net assets 74,282,696.17 31,912,658.24 20,054,189.35


EUR


102Page

FRANCE BTAN 0.75 10-12 20/09A8,900,000 8,915,130.00 12.00EUR 8,915,130.00


Bonds 11,689,727.65 15.7411,552,806.93

Euro 11,689,727.65 15.7411,552,806.93

MICHELIN FRANCE-ML-CV 0.00 07-17 01/01U23,050 2,774,597.65 3.74EUR 2,637,676.93

AABAR INV REGS CV 4.00 11-16 27/05S4,200,000 4,001,928.00 5.39EUR 3,953,595.00

Convertible bonds 61,471,923.15 82.7561,028,962.06

Euro 45,885,095.53 61.7746,064,018.76

ABENGOA CV 4.50 10-17 03/02S200,000 156,554.00 0.21EUR 180,500.00ABENGOA CV REGS 6.875 09-14 24/07S1,000,000 898,400.00 1.21EUR 1,017,940.00AIR FRANCE KLM SA CV 4.97 09-15 01/04A142,000 1,522,098.02 2.05EUR 1,590,444.27ALCATEL CV 5.00 09-15 01/01S580,000 1,558,539.67 2.10EUR 1,667,078.71AXA SA CV SUB 3.75 00-17 01/01A14,800 3,515,203.44 4.73EUR 3,457,744.44CELESIO CV 3.75 09-14 29/10A1,000,000 1,009,490.00 1.36EUR 956,350.00CELESIO FINANCE CV 2.50 11-18 07/04A700,000 647,402.00 0.87EUR 647,125.00COFINIMMO SA CV 3.125 11-16 28/04A1,480,820 1,452,269.79 1.96EUR 1,450,677.11GECINA SA CV 2.125 10-16 01/01A23,500 2,619,602.26 3.53EUR 2,549,252.88HUNGARIAN STATE CV 4.40 09-14 25/09A1,200,000 1,090,716.00 1.47EUR 1,215,100.00IMMOFINANZ AG CV 4.25 11-18 08/03S760,000 2,846,041.13 3.83EUR 2,788,697.34INDUSTRIVAERDEN CV 1.875 11-17 27/02S3,700,000 3,669,660.00 4.94EUR 3,616,765.00INGENICO CV 2.75 11-17 01/01A18,000 857,158.56 1.15EUR 781,944.86INTL POWER CV REG-S 4.75 08-15 05/06S1,150,000 1,271,359.50 1.71EUR 1,209,134.39KFW CV 1.50 09-14 30/07A900,000 1,033,479.00 1.39EUR 1,019,275.00KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A6,700,000 6,865,892.00 9.24EUR 6,917,459.41MISARTE CV 3.25 10-16 01/01A7,200 1,081,057.63 1.46EUR 1,059,613.11NEXANS SA CV 2.50 12-19 01/01A2,310 147,945.80 0.20EUR 168,029.40PARPUBLICA SGPS SA CV 5.25 10-17 28/09A1,200,000 918,660.00 1.24EUR 1,052,336.36PESCANOVA CV 8.75 12-19 17/02S1,000,000 942,600.00 1.27EUR 1,009,375.00PESCANOVA REG S CV 5.125 11-17 20/04S200,000 174,426.00 0.23EUR 193,650.00PORTUGAL TEL. CV 4.125 07-14 28/08S1,500,000 1,427,430.00 1.92EUR 1,410,088.89RALLYE (CASINO) CV 3.25 03-13 01/07A5,477 524,341.74 0.71EUR 512,327.66SGL CARBON CV 2.75 12-18 25/01S600,000 581,424.00 0.78EUR 576,450.00STEINHOFF FIN H REGS 4.50 11-18 31/03S2,400,000 2,185,536.00 2.94EUR 2,204,518.75VILMORIN ET CIE CV 4.50 08-15 01/07A3,302 523,504.99 0.70EUR 521,621.18WERELDHAVE 4.375 10-14 16/09S2,300,000 2,362,376.00 3.18EUR 2,336,925.00

CABLE & WIRELESS CV 5.75 09-14 24/11S1,200,000 1,607,994.07 2.16GBP 1,416,141.67Pound Sterling 4,107,167.22 5.533,798,777.18

DERWENT LONDON CAP CV 2.75 11-16 15/07S900,000 1,194,938.82 1.61GBP 1,120,019.96TUI AG CV 4.90 10-17 27/04S1,200,000 1,304,234.33 1.76GBP 1,262,615.55

DIALOG SEMICONDUCTOR 0.00 12-17 12/04S400,000 324,015.61 0.44USD 318,121.82US Dollar 11,479,660.40 15.4511,166,166.12

IMMARSAT CV 1.75 07-17 16/11S800,000 756,143.58 1.02USD 711,138.73LUKOIL INTL CV (SHS) 2.625 10-15 16/06S1,800,000 1,489,813.64 2.01USD 1,421,748.29SEADRILL LTD CV 3.375 10-17 27/10S300,000 290,832.52 0.39USD 239,294.86SHIRE PLC CV 2.75 07-14 09/05S1,200,000 1,073,054.65 1.44USD 1,042,277.62SIEMENS FIN CV 1.05 12-17 16/08S2,750,000 2,085,410.35 2.80USD 2,068,567.00SIEMENS FIN. CV 1.65 12-19 16/08S5,000,000 3,762,538.91 5.06USD 3,757,138.72VEDANTA RES II CV 4.00 10-17 30/03S2,200,000 1,697,851.14 2.29USD 1,607,879.08

DJ EURO STOXX 50 SEP 2250 24.09.12 CALL140 146,440.00 0.20EUR 121,100.00


Options 146,440.00 0.20121,100.00

Euro 146,440.00 0.20121,100.00




Total 74,282,696.17 100.00





103Page

France 32.37The Netherlands 17.20Germany 11.61Jersey Island 7.05Austria 6.77United Arab Emirates 5.39United Kingdom 5.38Sweden 4.94Spain 2.92Belgium 1.96Hungary 1.47Portugal 1.24Bermuda 0.39

98.69




Holding and finance companies 28.94Countries and central government 12.00Banks and credit institutions 10.63Real estate companies 7.36Petroleum 5.78Communications 5.28Unit trusts 5.14Insurance 4.73Tires and rubber 3.74Miscellaneous services 2.94Transportation 2.05Hotels and restaurants 1.76Electronics and semiconductors 1.59Agriculture and fishery 1.50Biotechnology 1.44Building materials and trade 1.42Coal mining and steel industry 0.78Retail trade, department stores 0.71Foods and non alcoholic drinks 0.70Electrical engineering and electronics 0.20

98.69

% of net assets



104Page




610.29Interest on bank accounts4,707.64Bank interest on time deposits1,148.78Other income

351,832.44Expenses166,683.56Advisory fees 4Note54,082.33Management fees 3Note44,603.46Custodian fees12,501.28Subscription duty ("taxe d'abonnement") 6Note28,253.83Central administration costs1,566.84Audit fees2,073.63Interest paid on bank liabilities3,832.37Legal fees2,950.44Transaction fees


4,891.15Other expenses


-168,240.76- securities portfolio 2Note87,178.80- options 2Note

-394,166.54- forward foreign exchange contracts 2Note145,618.87- foreign exchange 2Note


2,373,778.46- securities portfolio25,340.00- options24,872.26- forward foreign exchange contracts








105Page


766,500.00Options contracts at market value 2, 12Note4,508,154.82Cash at banks4,002,290.91Other liquid assets

119,570.10Receivable on issues of shares138,758.14Dividends receivable48,063.55Unrealised gain on forward foreign exchange contracts 2, 9Note

1,043,707.01Liabilities95,044.90Payable on redemptions of shares




Expressed in USD


UBAM - CALAMOS US EQUITY GROWTH


AH EUR sharesCapitalisation shares 284.192 1,391.000 284.192 1,391.000



IH CHF sharesCapitalisation shares 252.000 623.000 64.000 811.000

R sharesCapitalisation shares 1,548.345 466.322 11.000 2,003.667





01/01/2012


106Page



A shares


266.02595,742.977

248.05475,209.740


USD USD USD

AH EUR shares


195.42284.192183.59

0.0000.00


EUR EUR EUR

I shares


280.55418,860.691

260.65306,958.754


USD USD USD

IH EUR shares


197.391,720.000

184.751,250.000


EUR EUR EUR

IH CHF shares


252.000231.71

0.0000.00


CHF CHF CHF

R shares


248.041,548.345

232.452,617.160


USD USD USD

Total net assets 226,115,060.68 257,854,606.33 216,202,683.38


USD


107Page

ABB ADR REPR 1 SH.111,600 1,821,312.00 0.81USD 1,805,330.88


Shares 216,170,612.67 95.60194,521,403.31

ACCENTURE - SHS CLASS A56,500 3,395,085.00 1.50USD 3,318,413.62AGRIUM29,150 2,578,900.50 1.14USD 2,414,679.72AMAZON.COM INC26,480 6,046,708.00 2.67USD 3,953,566.84AMBEV PRF ADR REP 1 SHS72,400 2,775,092.00 1.23USD 2,064,111.11AMERICAN EXPRESS CO COM.29,850 1,737,568.50 0.77USD 1,549,972.94AMGEN INC41,050 2,998,292.00 1.33USD 2,796,394.70APACHE CORP27,000 2,373,030.00 1.05USD 2,911,631.88APPLE INC18,337 10,708,808.00 4.73USD 4,615,399.12ASML HOLDING NV REGISTERED SHS43,000 2,211,060.00 0.98USD 1,711,809.39AUTODESK INC84,600 2,960,154.00 1.31USD 2,668,106.66BARRICK GOLD117,350 4,408,839.50 1.95USD 5,279,789.55CERNER CORP29,000 2,397,140.00 1.06USD 2,382,740.50CHECK POINT SOFTWARE TECHNOLOGIES52,425 2,599,755.75 1.15USD 2,573,805.00CITRIX SYSTEMS27,300 2,291,562.00 1.01USD 1,792,119.42CLIFF NATURAL RESOURCES23,950 1,180,495.50 0.52USD 1,779,021.37CNOOC ADR REPR.100 SHS7,750 1,559,687.50 0.69USD 1,785,612.69COACH INC32,875 1,922,530.00 0.85USD 1,393,049.64COCA-COLA CO37,950 2,967,310.50 1.31USD 2,784,459.20COGNIZANT TECHNOLOGY SOLUTIONS -A-49,800 2,988,000.00 1.32USD 3,520,940.45COMMVAULT SYSTEMS48,300 2,394,231.00 1.06USD 2,405,429.12CUBIST PHARMACEUTICALS INC71,300 2,702,983.00 1.20USD 2,795,305.62DIRECTV -A-29,700 1,449,954.00 0.64USD 1,567,317.40DOVER CORP41,961 2,249,529.21 0.99USD 2,411,891.44EATON CORP68,000 2,694,840.00 1.19USD 2,859,949.50EBAY93,850 3,942,638.50 1.74USD 3,807,038.76EDWARDS LIFESCIENCES CORP13,250 1,368,725.00 0.61USD 1,170,724.68EMC CORP178,818 4,583,105.34 2.03USD 4,523,096.24EXPEDIA WI31,000 1,490,170.00 0.66USD 1,486,236.10FACEBOOK -A-55,000 1,711,600.00 0.76USD 2,207,231.49FLUOR CORP WHEN ISSUED57,900 2,856,786.00 1.26USD 3,284,699.75FORTINET64,050 1,487,241.00 0.66USD 1,599,449.69FRANKLIN RESOURCES INC13,400 1,487,266.00 0.66USD 1,434,236.52F5 NETWORKS13,250 1,319,170.00 0.58USD 1,452,766.74GOLDCORP64,000 2,405,120.00 1.06USD 3,066,754.82GOOGLE INC15,320 8,886,672.40 3.92USD 8,312,505.37HARMAN INTL INDS35,500 1,405,800.00 0.62USD 1,705,407.77HELMERICH PAINE73,644 3,202,041.12 1.42USD 4,154,583.90HERBALIFE LTD26,400 1,275,912.00 0.56USD 1,083,904.25INFORMATICA CORP32,500 1,376,700.00 0.61USD 1,745,562.28INTEL CORP80,400 2,142,660.00 0.95USD 1,678,448.92INTERCONTINENTAL EXCHANGE INC13,850 1,883,323.00 0.83USD 1,378,029.52INTUIT21,275 1,262,671.25 0.56USD 1,078,174.48INTUITIVE SURGICAL14,300 7,919,197.00 3.50USD 5,011,631.53JOHNSON AND JOHNSON44,100 2,979,396.00 1.32USD 2,881,082.46LAM RESEARCH CORP51,850 1,956,819.00 0.87USD 2,235,471.27MASTERCARD INC -A-8,265 3,554,859.15 1.57USD 2,753,445.22MEAD JOHNSON NUTRITION CO53,843 4,334,899.93 1.92USD 3,809,041.30MICHAEL KORS HOLDINGS LTD38,500 1,610,840.00 0.71USD 1,667,393.91MONSTER BEVERAGE CORP22,050 1,569,960.00 0.69USD 560,562.13NATIONAL OILWELL VARCO INC66,325 4,273,983.00 1.89USD 4,146,005.69NOVO-NORDISK A/S -B- ADR38,925 5,657,359.50 2.50USD 3,881,600.68NUANCE COMMUNICATIONS INC57,500 1,369,650.00 0.61USD 1,440,583.27OCCIDENTAL PETROLEUM CORP27,500 2,358,675.00 1.04USD 2,686,524.50ORACLE CORP234,300 6,958,710.00 3.08USD 6,441,958.10PANERA BREAD CO -A-10,500 1,464,120.00 0.65USD 1,574,171.12PARKER-HANNIFIN CORP19,225 1,478,018.00 0.65USD 1,441,281.45PRICELINE.COM INC10,550 7,010,686.00 3.10USD 3,577,581.36QUALCOMM INC130,625 7,273,200.00 3.22USD 6,462,840.67RIO TINTO PLC ADR REPR.1 SH39,500 1,888,495.00 0.84USD 2,213,903.78SALESFORCE COM.INC27,700 3,829,802.00 1.69USD 3,324,348.41SAP AG ADR REPR. 1TH PREF SHS43,500 2,582,160.00 1.14USD 2,458,467.00SCHLUMBERGER LTD49,150 3,190,326.50 1.41USD 3,841,091.51SOLARWINDS84,950 3,700,422.00 1.64USD 2,163,243.85STARBUCKS CORP56,550 3,015,246.00 1.33USD 1,514,132.42






108Page

SUPERIOR ENERGY SERVICES INC53,392 1,080,120.16 0.48USD 1,849,890.49T ROWE PRICE GROUP INC37,025 2,331,094.00 1.03USD 2,121,723.46TERADATA - SHS WHEN ISSUED31,200 2,246,712.00 0.99USD 1,802,328.89TIBCO SOFTWARE INC51,400 1,537,888.00 0.68USD 1,685,683.25TIM PARTICIPACOES SA REPR 5 SHS49,241 1,352,157.86 0.60USD 1,437,323.17TJX COS INC47,700 2,047,761.00 0.91USD 1,546,698.73TRIPADVISOR INC WHEN ISSUED45,000 2,011,050.00 0.89USD 1,842,205.80WMWARE35,900 3,268,336.00 1.45USD 3,204,839.06YAMANA GOLD183,000 2,818,200.00 1.25USD 2,634,649.79

KOMATSU LTD ADR REPR 1 SH59,250 1,404,817.50 0.62USD 1,574,545.54


Shares 1,404,817.50 0.621,574,545.54

APPLE JAN 535 19.01.13 PUT210 766,500.00 0.34USD 908,599.51


Options 766,500.00 0.34908,599.51




Total 226,115,060.68 100.00





109Page

United States of America 76.42Canada 5.40Denmark 2.50Brazil 1.83Ireland 1.50The Netherlands Antilles 1.41Israel 1.15Germany 1.14The Netherlands 0.98United Kingdom 0.84Switzerland 0.81British Virgin Islands 0.71Hong Kong 0.69Japan 0.62Cayman Islands 0.56

96.56




110Page

Internet and Internet services 31.54Petroleum 7.98Pharmaceuticals and cosmetics 7.93Office supplies and computing 6.76Foods and non alcoholic drinks 4.57Precious metals and stones 4.26Communications 3.82Electronics and semiconductors 3.42Retail trade, department stores 3.36Miscellaneous services 2.53Biotechnology 2.53Banks and credit institutions 2.34Machine and apparatus construction 2.26Building materials and trade 1.78Holding and finance companies 1.64Healthcare and social services 1.62Hotels and restaurants 1.33Tobacco and alcoholic drinks 1.23Road vehicles 1.19Chemicals 1.14Textiles and garments 0.85Non-ferrous metals 0.84Various capital goods 0.83Electrical engineering and electronics 0.81

96.56

% of net assets




111Page



1,398,180.87Income1,376,836.93Dividends, net


2,463,771.67Expenses1,141,205.49Advisory fees 4Note

507,812.04Management fees 3Note260,091.87Custodian fees41,755.27Subscription duty ("taxe d'abonnement") 6Note

132,547.50Central administration costs7,762.12Audit fees1,854.66Interest paid on bank liabilities9,670.46Legal fees


3,910.70Banking charges and other fees20,661.57Other expenses

-1,065,590.80Net investment incomeNet realised gain/(loss) on:

7,212,613.39- securities portfolio 2Note-390,248.30- options 2Note-551,342.96- forward foreign exchange contracts 2Note-320,308.95- foreign exchange 2Note


13,015,987.06- securities portfolio-186,775.51- options

58,602.81- forward foreign exchange contracts

17,772,936.74Result of operations67,754,064.06Subscriptions capitalisation shares






112Page

865,561,660.28Assets850,676,595.53Securities portfolio at market value 2Note11,425,489.48Cash at banks2,493,107.34Receivable on sales of securities

160,486.69Receivable on issues of shares681,390.00Dividends receivable124,591.24Unrealised gain on forward foreign exchange contracts 2, 9Note


9,016,125.30Payable on redemptions of shares6,951.69Payable on treasury transactions 2Note

2,938,738.69Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - NEUBERGER BERMAN US EQUITY VALUE






IH GBP sharesDistribution shares 1,998.630 0.000 90.000 1,908.630






01/01/2012


113Page



A shares


678.89458,648.025

637.57663,954.119


USD USD USD

AH EUR shares


456.163,601.185

430.502,496.967


EUR EUR EUR

I shares


722.73918,231.006

676.261,216,047.477


Distribution shares178.000722.76

178.000676.29

178.000706.16


USD USD USD

IH EUR shares


497.0554,845.187

467.3980,991.079


EUR EUR EUR

IH GBP shares


361.430.00

1,998.630339.090.00

392.038357.963.74


GBP GBP GBP

R shares


625.4211,200.896

590.2810,947.344


USD USD USD

Total net assets 853,532,313.38 956,455,271.48 1,366,659,297.98


USD


114Page

SEADRILL LTD700,000 24,858,495.53 2.91NOK 12,937,867.52


Shares 850,676,595.53 99.67676,012,197.83

Norwegian Krone 24,858,495.53 2.9112,937,867.52

ABBOTT LABORATORIES LTD200,000 12,894,000.00 1.51USD 9,043,326.15US Dollar 825,818,100.00 96.76663,074,330.31

ACCENTURE - SHS CLASS A320,000 19,228,800.00 2.25USD 12,216,724.62AMERICAN EXPRESS CO COM.440,000 25,612,400.00 3.00USD 20,146,908.90AMGEN INC200,000 14,608,000.00 1.71USD 11,326,137.14ANADARKO PETROLEUM CORP300,000 19,860,000.00 2.33USD 14,887,251.91AON800,000 37,424,000.00 4.38USD 31,186,486.47APPLE INC100,000 58,400,000.00 6.85USD 35,099,644.55BARRICK GOLD250,000 9,392,500.00 1.10USD 12,750,386.56CABOT OIL AND GAS CORP -A-720,000 28,368,000.00 3.32USD 24,262,164.70CISCO SYSTEMS INC1,000,000 17,170,000.00 2.01USD 18,937,361.50COMCAST CORP SPECIAL CLASS A920,000 28,888,000.00 3.38USD 14,783,675.76COVENTRY HEALTH CARE INC440,000 13,987,600.00 1.64USD 13,471,284.00DISCOVERY COMM -C-500,000 25,045,000.00 2.93USD 17,653,947.30EI DU PONT DE NEMOURS & CO320,000 16,182,400.00 1.90USD 16,384,901.00ENSCO -A-540,000 25,363,800.00 2.97USD 26,495,349.45EOG RESOURCES INC320,000 28,835,200.00 3.38USD 28,850,191.30FEDEX CORP300,000 27,483,000.00 3.22USD 25,708,794.00GOLAR LNG LTD500,000 18,850,000.00 2.21USD 16,681,327.80GOOGLE INC30,000 17,402,100.00 2.04USD 17,427,431.20IBM CORP250,000 48,895,000.00 5.74USD 23,196,580.42INTEL CORP850,000 22,652,500.00 2.65USD 19,706,845.00JPMORGAN CHASE CO150,000 5,359,500.00 0.63USD 6,082,523.99M&T BANK CORPORATION200,000 16,514,000.00 1.93USD 16,692,669.31OCCIDENTAL PETROLEUM CORP320,000 27,446,400.00 3.22USD 17,824,705.47ORACLE CORP650,000 19,305,000.00 2.26USD 13,340,116.69PACIFIC DRILLING3,000,000 25,530,000.00 2.99USD 26,742,910.13PACKAGING CORP OF AMERICA500,000 14,120,000.00 1.65USD 10,976,706.55PFIZER INC750,000 17,250,000.00 2.02USD 16,201,630.00PIONER NATURAL RESOURCES COMPANY320,000 28,227,200.00 3.31USD 14,037,614.64QUALCOMM INC270,000 15,033,600.00 1.76USD 15,206,240.00REINSURNCE GR AMER210,000 11,174,100.00 1.31USD 7,935,985.57ROWAN COMPANIES CLASS A600,000 19,398,000.00 2.27USD 19,590,242.00TRAVELERS COS INC/THE750,000 47,880,000.00 5.62USD 33,324,339.45UNUM SHS440,000 8,417,200.00 0.99USD 9,488,676.36VIACOM -B-400,000 18,808,000.00 2.20USD 18,678,022.97WELLS FARGO AND CO500,000 16,720,000.00 1.96USD 16,495,161.00WHITING PETROLEUM CORP440,000 18,092,800.00 2.12USD 10,240,066.45



Other net assets/(liabilities) -8,569,771.63 -1.01

Total 853,532,313.38 100.00





115Page

United States of America 78.59United Kingdom 9.62Bermuda 5.12Luxembourg 2.99Ireland 2.25Canada 1.10

99.67




Petroleum 25.83Office supplies and computing 14.60Insurance 7.92Banks and credit institutions 7.52Miscellaneous sectors 7.37Communications 6.89Transportation 5.43Internet and Internet services 4.30Pharmaceuticals and cosmetics 3.53Graphic art and publishing 3.38Electronics and semiconductors 2.65Miscellaneous services 2.25Chemicals 1.90Biotechnology 1.71Packaging industries 1.65Healthcare and social services 1.64Precious metals and stones 1.10

99.67

% of net assets



116Page





9,624,782.75Expenses3,554,434.50Advisory fees 4Note1,860,607.01Management fees 3Note

951,372.42Custodian fees100,426.76Subscription duty ("taxe d'abonnement") 6Note485,655.98Central administration costs27,421.35Audit fees


2,240,858.11Transaction fees294,279.01Other administration costs 7, 8Note17,903.47Banking charges and other fees58,941.52Other expenses

-3,188,288.90Net investment incomeNet realised gain/(loss) on:

101,461,572.75- securities portfolio 2Note-923,540.57- forward foreign exchange contracts 2Note



-25,693,452.75- securities portfolio915,133.78- forward foreign exchange contracts







117Page


14,240,027.75Other liquid assets3,977.31Receivable on issues of shares






Expressed in EUR


UBAM - DR. EHRHARDT GERMAN EQUITY



R sharesCapitalisation shares 5,576.846 0.000 759.578 4,817.268





01/01/2012


A shares


49,877.3531,017.20

60,186.3211,191.75


EUR EUR EUR

I shares


26,068.2551,069.02

53,109.0971,243.20


EUR EUR EUR

R shares


5,576.846956.34

7,874.6491,131.64


EUR EUR EUR

Total net assets 85,902,484.79 83,936,017.27 146,663,374.47


EUR


118Page

ADIDAS NAMEN AKT16,600 937,236.00 1.09EUR 971,280.82


Shares 66,014,244.40 76.8556,304,448.85

ALLIANZ SE REG SHS6,558 518,803.38 0.60EUR 543,491.27AUDI AG4,219 2,244,225.33 2.61EUR 2,519,519.42AXEL SPRINGER VERLAG AG NAMEN AKT55,300 1,873,287.50 2.18EUR 1,864,396.68BEIERSDORF AG35,000 1,790,250.00 2.08EUR 1,846,572.50BILFINGER BERGER AG101,500 6,516,300.00 7.60EUR 5,038,042.41CONTINENTAL AG4,100 269,042.00 0.31EUR 281,667.10DEUTSCHE EUROSHOP AG REG SHS6,500 181,772.50 0.21EUR 186,320.55DEUTSCHE POST AG REG SHS150,000 2,091,000.00 2.43EUR 1,854,324.51DEUTSCHE TELEKOM AG REG SHS154,000 1,332,716.00 1.55EUR 1,308,963.70DEUTSCHE WOHNEN AG84,426 1,120,755.15 1.30EUR 977,300.91DYCKERHOFF AG VORZUG OHNE STIMMRECHT24,072 698,088.00 0.81EUR 989,912.86FREENET AG REG SHS40,000 458,600.00 0.53EUR 497,218.00FRESENIUS AG47,354 3,872,610.12 4.51EUR 3,206,382.88FRESENIUS MEDICAL CARE AG & CO KGAA56,400 3,148,812.00 3.67EUR 2,911,487.18GEA GROUP AG120,000 2,516,400.00 2.93EUR 2,483,624.26GERRESHEIMER AG14,000 519,260.00 0.60EUR 488,594.40GFK SE68,020 2,659,582.00 3.10EUR 2,077,831.66GILDEMEISTER1,563 19,389.02 0.02EUR 19,974.30GRENKELEASING AG7,000 304,850.00 0.35EUR 307,486.67HANNOVER RUECKVERSICHERUNG AG REG SHS49,300 2,311,677.00 2.69EUR 1,851,690.43HENKEL AG & CO KGAA24,300 1,272,591.00 1.48EUR 1,238,733.39HENKEL KGAA24,000 1,050,720.00 1.22EUR 1,112,084.32KABEL DEUTSCHLAND HOLDING AG19,700 967,762.50 1.13EUR 947,909.05LINDE AG5,640 691,746.00 0.81EUR 692,065.20METRO AG20,000 460,100.00 0.54EUR 487,350.00MTU AERO ENGINES HOLDING AG29,500 1,709,230.00 1.99EUR 1,819,320.58MUENCHENER RUECKVERSICHERUNGS AG REG SHS8,100 900,315.00 1.05EUR 867,351.65PATRIZIA IMMOBILIEN-NAMEN AKT-11,155 49,082.00 0.06EUR 50,340.29RENK AG38,250 2,593,158.75 3.02EUR 1,230,039.71RHEINMETALL AG58,800 2,275,560.00 2.65EUR 2,485,173.84RHOEN KLINIKUM AG14,000 264,320.00 0.31EUR 265,207.60SAP AG62,500 2,909,062.50 3.39EUR 2,851,734.28SARTORIUS VORZ.OHNE STIMMRECHT.13,200 690,360.00 0.80EUR 473,386.21SCHALTBAU5,100 399,330.00 0.46EUR 383,904.74SCHULER AG12,000 244,800.00 0.28EUR 199,165.20STO AG VORZUG OHNE STIMMRECHT50,000 5,725,000.00 6.67EUR 1,806,479.71SUEDZUCKER MANNH./OCHS169,000 4,721,860.00 5.51EUR 3,777,990.71SYMRISE AG42,500 1,019,575.00 1.19EUR 957,991.20VILLEROY BOCH VORZUG STIMMRECHTSLOS65,416 438,287.20 0.51EUR 511,883.67VTG AG47,000 570,110.00 0.66EUR 657,253.82WUERTEMBERG.METALWARENFABRIK VORZUG53,755 1,676,618.45 1.95EUR 1,263,001.17

SPORTHOUSE.DE -N48,884 0.00 0.00EUR 0.00

Other transferable securities 0.00 0.000.00

Shares 0.00 0.000.00




Total 85,902,484.79 100.00





119Page

Germany 76.85

76.85




Building materials and trade 16.89Pharmaceuticals and cosmetics 10.26Road vehicles 8.28Machine and apparatus construction 5.98Foods and non alcoholic drinks 5.51Insurance 4.34Internet and Internet services 4.27Miscellaneous services 3.10Transportation 3.09Miscellaneous consumer goods 2.70Graphic art and publishing 2.18Chemicals 2.00Aerospace industry 1.99Communications 1.55Holding and finance companies 1.13Textiles and garments 1.09Various capital goods 0.60Retail trade, department stores 0.54Electrical engineering and electronics 0.46Healthcare and social services 0.31Tires and rubber 0.31Real estate companies 0.27

76.85

% of net assets



120Page




5,546.46Interest on bonds and other debt securities, net414.44Interest on bank accounts

2,319.16Bank interest on time deposits55,654.02Other income



596,934.23Transaction fees57,105.58Other administration costs 7, 8Note1,192.34Banking charges and other fees



2,929,271.85- securities portfolio 2Note2,314,329.87- financial futures 2Note

65,661.83- foreign exchange 2Note









121Page


4,896,789.46Cash at banks71,008.68Receivable on issues of shares

276,565.76Dividends receivable2,136.00Other receivables

4,942,590.01Liabilities4,136,526.54Bank liabilities

260,448.03Payable on purchases of securities86,731.41Payable on redemptions of shares




Expressed in EUR


UBAM - EUROPE EQUITY


Distribution shares 0.000 35,521.381 1,823.360 33,698.021

A CHF sharesCapitalisation shares 0.000 189.772 0.000 189.772








01/01/2012


122Page



A shares


254.87196,276.407

240.75181,231.564



254.870.0000.00

0.0000.00


EUR EUR EUR

A CHF shares


0.0000.00

0.0000.00


CHF CHF CHF

I shares


262.86186,970.478

247.38224,885.478



262.850.0000.00

0.0000.00


EUR EUR EUR

R shares


397.210228.27

3,370.355251.54


EUR EUR EUR

Total net assets 121,965,035.53 93,596,910.29 108,763,283.43


EUR


123Page

NOVO-NORDISK -B-23,091 2,635,430.60 2.16DKK 1,942,489.77


Shares 121,661,125.64 99.75113,153,273.00

Danish Krone 2,635,430.60 2.161,942,489.77

ACCOR SA81,573 2,013,221.64 1.65EUR 2,131,009.87Euro 50,867,062.39 41.7149,910,495.25

ALLIANZ SE REG SHS20,906 1,653,873.66 1.36EUR 1,815,419.74ANHEUSER-BUSCH INBEV NV51,036 3,128,506.80 2.57EUR 2,736,652.38ARKEMA SA15,477 797,839.35 0.65EUR 1,038,398.61ASML HOLDING NV32,801 1,314,172.07 1.08EUR 1,144,559.64AXA SA122,276 1,281,452.48 1.05EUR 1,381,955.39BASF - NAMEN AKT37,901 2,073,184.70 1.70EUR 2,189,548.86BMW AG26,811 1,526,350.23 1.25EUR 1,559,694.38BNP PARIBAS SA56,159 1,703,583.27 1.40EUR 1,689,883.99CONTINENTAL AG9,174 601,997.88 0.49EUR 638,135.18DEUTSCHE BANK AG REG SHS64,454 1,836,939.00 1.51EUR 1,899,308.38DUERR AG19,948 969,472.80 0.79EUR 879,566.53EDENRED SA48,885 1,092,335.33 0.90EUR 949,899.29ENI SPA215,623 3,618,153.94 2.97EUR 3,615,350.33FRESENIUS AG30,058 2,458,143.24 2.02EUR 2,343,421.52GERRESHEIMER AG33,369 1,237,656.21 1.01EUR 1,191,111.38INTESA SANPAOLO SPA1,837,437 2,054,254.57 1.68EUR 2,597,554.74KONINKLIJKE VOPAK32,583 1,647,070.65 1.35EUR 1,172,986.38LANXESS AG17,709 880,491.48 0.72EUR 851,443.20LINDE AG14,182 1,739,422.30 1.43EUR 1,549,647.84LVMH MOET HENNESSY LOUIS VUITTON SA18,798 2,252,940.30 1.85EUR 2,284,093.19OUTOTEC OYJ32,816 1,178,422.56 0.97EUR 1,131,041.84PUBLICIS GROUPE35,685 1,286,444.25 1.05EUR 1,437,845.81REMY COINTREAU SA16,825 1,456,708.50 1.19EUR 895,416.39RYANAIR HOLDING ORD.244,035 976,140.00 0.80EUR 976,392.67SKY DEUTSCHLAND AG775,624 2,220,611.51 1.82EUR 1,630,749.53TELECOM ITALIA SPA1,324,733 1,033,954.11 0.85EUR 1,124,461.55TOTAL SA112,054 3,977,917.00 3.26EUR 3,879,151.60VALEO SA33,687 1,094,490.63 0.90EUR 1,310,087.75VOLKSWAGEN VORZ.AKT7,042 877,433.20 0.72EUR 943,164.85WOLTERS KLUWER NV70,541 883,878.73 0.72EUR 922,542.44

ARM HOLDINGS PLC153,931 961,712.04 0.79GBP 1,066,496.24Pound Sterling 47,953,135.84 39.3243,897,921.70

ASSOCIATED BRITISH FOODS PLC74,468 1,179,928.02 0.97GBP 1,174,092.45BARRATT DEVELOPMENTS PLC542,404 932,497.79 0.76GBP 807,342.67BG GROUP PLC242,436 3,895,276.23 3.20GBP 3,532,115.06BP PLC651,465 3,397,425.00 2.79GBP 3,690,776.79BRITISH AMERICAN TOBACCO PLC86,533 3,466,774.44 2.84GBP 2,669,431.66BURBERRY GROUP PLC101,045 1,654,735.20 1.36GBP 1,390,314.28CRODA INT'L PLC56,228 1,572,660.54 1.29GBP 1,134,188.01DIAGEO PLC182,018 3,693,901.32 3.03GBP 3,104,404.19FIRST QUANTUM MINERALS69,579 969,599.84 0.79GBP 1,114,925.46JUPITER PLC445,874 1,185,911.32 0.97GBP 1,101,875.07LLOYD TOMPSON GROUP PLC192,498 1,665,413.42 1.37GBP 1,448,191.71LONDON MINING PLACING408,849 987,887.53 0.81GBP 1,495,678.47PEARSON PLC135,129 2,114,365.52 1.73GBP 1,660,516.43PENNON GROUP PLC298,502 2,811,253.54 2.30GBP 2,532,999.49PERSIMMON PLC119,088 896,361.29 0.73GBP 754,732.82PRUDENTIAL PLC267,980 2,444,311.46 2.00GBP 2,146,651.51RIO TINTO PLC66,324 2,474,751.65 2.03GBP 2,415,733.20SHIRE119,103 2,696,782.80 2.21GBP 2,354,188.91STANDARD CHARTERED PLC136,354 2,333,235.85 1.91GBP 2,446,173.02VODAFONE GROUP PLC2,069,211 4,584,180.84 3.77GBP 4,192,707.79WEIR GROUP PLC40,343 762,882.09 0.63GBP 758,673.71WOLSELEY PLC43,273 1,271,288.11 1.04GBP 905,712.76

SVENSKA HANDELSBANK -A- FREE49,147 1,271,947.59 1.04SEK 1,154,631.61Swedish Krone 5,604,063.76 4.594,318,128.65

SWEDBANK -A-85,606 1,061,340.44 0.87SEK 841,934.62SWEDISH MATCH102,800 3,270,775.73 2.68SEK 2,321,562.42

KUONI REISEN HOLDING -B- NAMEN-AKT.2,856 689,539.19 0.57CHF 759,870.13Swiss Franc 14,601,433.05 11.9713,084,237.63






124Page

NESTLE SA REG SHS120,722 5,683,577.49 4.65CHF 5,191,911.06NOVARTIS AG REG SHS96,834 4,264,678.52 3.50CHF 3,817,232.42ROCHE HOLDING AG GENUSSSCHEIN29,101 3,963,637.85 3.25CHF 3,315,224.02



Other net assets/(liabilities) -456,353.03 -0.37

Total 121,965,035.53 100.00





125Page

United Kingdom 35.28Germany 14.82France 13.90Switzerland 11.97Italy 5.50Sweden 4.59Jersey Island 3.25The Netherlands 3.15Belgium 2.57Denmark 2.16Finland 0.97Ireland 0.80Canada 0.79

99.75




126Page

Tobacco and alcoholic drinks 12.31Petroleum 12.22Pharmaceuticals and cosmetics 10.93Banks and credit institutions 8.41Chemicals 5.79Insurance 5.78Foods and non alcoholic drinks 5.62Graphic art and publishing 5.32Communications 4.62Textiles and garments 3.21Non-ferrous metals 3.00Road vehicles 2.87Transportation 2.72Building materials and trade 2.53Utilities 2.30Biotechnology 2.21Electronics and semiconductors 1.87Holding and finance companies 1.87Hotels and restaurants 1.65Coal mining and steel industry 1.60Machine and apparatus construction 1.42Various capital goods 1.01Tires and rubber 0.49

99.75

% of net assets




127Page










-835,826.53- securities portfolio 2Note-46,431.44- forward foreign exchange contracts 2Note

1,156,461.36- foreign exchange 2Note


5,180,231.58- securities portfolio

6,246,121.10Result of operations57,958,138.48Subscriptions capitalisation shares10,890,319.61Subscriptions distribution shares






128Page


3,806,157.91Cash at banks67,035.36Receivable on issues of shares

138.40Unrealised gain on forward foreign exchange contracts 2, 9Note





Expressed in CHF


UBAM - SWISS EQUITY


AH EUR sharesCapitalisation shares 5,150.331 6.000 1,563.000 3,593.331

AH USD sharesCapitalisation shares 820.000 0.000 820.000 0.000








01/01/2012


129Page


UBAM - SWISS EQUITY

A shares


159.75502,805.041

148.16753,875.841


CHF CHF CHF

AH EUR shares


106.545,150.331

98.903,617.331


EUR EUR EUR

AH USD shares


820.000155.02

0.0000.00


USD USD USD

I shares


165.06215,252.500

152.80129,301.000


CHF CHF CHF

IH EUR shares


106.862,681.000

99.020.0000.00


EUR EUR EUR

R shares


618.615144.97

25.709169.20


CHF CHF CHF

Total net assets 113,758,118.03 108,536,632.61 151,562,743.16


CHF


130Page

BEIERSDORF AG19,000 1,167,337.63 1.03EUR 1,162,468.79


Shares 109,441,772.11 96.21105,218,674.02

Euro 3,436,293.04 3.023,311,347.40

HENKEL AG & CO KGAA36,070 2,268,955.41 1.99EUR 2,148,878.61

DIAGEO PLC94,700 2,308,437.80 2.03GBP 2,215,025.77Pound Sterling 2,308,437.80 2.032,215,025.77

ABB LTD REG SHS158,167 2,443,680.15 2.15CHF 3,181,349.93Swiss Franc 98,394,657.65 86.5094,875,188.34

ADECCO REG.SHS16,500 693,000.00 0.61CHF 641,483.70ARYZTA47,600 2,241,960.00 1.97CHF 2,198,434.55AUSTRIAMICROSYSTEMS AG29,192 1,853,692.00 1.63CHF 1,253,488.10BUCHER INDUSTRIES NAMEN AKT6,990 1,058,286.00 0.93CHF 1,050,875.03CALIDA HOLDING -NAMEN94,840 2,413,678.00 2.12CHF 2,385,735.90CICOREL TECHNOLOGIES ACT. NOM.32,104 919,779.60 0.81CHF 1,406,118.84CLARIANT NAMEN AKT210,040 1,958,623.00 1.72CHF 2,379,806.34COMPAGNIE FINANCIERE RICHEMONT SA91,160 4,726,646.00 4.15CHF 4,372,393.21DAETWYLER HOLDING AG10,000 676,000.00 0.59CHF 859,044.44DUFRY GROUP9,900 1,133,550.00 1.00CHF 1,148,505.95FLUGHAFEN ZUERICH NAMEN-AKT1,300 432,900.00 0.38CHF 428,306.35FORBO HOLDING NOM.3,880 2,099,080.00 1.85CHF 2,525,132.15GALENICA AG NAMEN AKT2,330 1,403,825.00 1.23CHF 1,219,838.62GEBERIT AG23,110 4,314,637.00 3.79CHF 4,573,045.07INFINICON HOLDING AG NAM.AKT10,100 1,949,300.00 1.71CHF 1,314,002.03KOMAX HOLDING NAMEN20,120 1,444,616.00 1.27CHF 1,681,203.18NESTLE SA REG SHS194,630 11,006,326.50 9.68CHF 9,792,190.60NOVARTIS AG REG SHS201,866 10,678,711.40 9.39CHF 10,160,043.62PARTNERS GROUP HLDG NAMEN AKT14,216 2,396,817.60 2.11CHF 1,901,313.06ROCHE HOLDING AG GENUSSSCHEIN67,489 11,041,200.40 9.70CHF 10,305,436.25SCHINDLER HOLDING SA16,500 1,745,700.00 1.53CHF 1,859,127.45SGS SA REG SHS2,325 4,126,875.00 3.63CHF 3,841,691.85SULZER AG NOM20,570 2,303,840.00 2.03CHF 2,553,289.00SWISS RE NAMEN AKT85,000 5,061,750.00 4.45CHF 3,647,892.77SYNGENTA NAMEN19,230 6,217,059.00 5.47CHF 5,617,517.27THE SWATCH GROUP REG5,045 1,884,307.50 1.66CHF 1,790,146.38THE SWATCH GROUP REG30,000 1,972,500.00 1.73CHF 2,262,750.00VZ HOLDING AG20,150 1,810,477.50 1.59CHF 2,037,018.30ZEHNDER GROUP AG19,050 1,078,230.00 0.95CHF 1,065,633.50ZURICH INSURANCE GROUP NAMEN AKT24,860 5,307,610.00 4.67CHF 5,422,374.90

AMERICAN EXPRESS CO COM.38,400 2,115,667.12 1.86USD 2,003,155.80US Dollar 5,302,383.62 4.664,817,112.51

MASTERCARD INC -A-3,890 1,583,607.88 1.39USD 1,314,426.25VISA INC -A-13,700 1,603,108.62 1.41USD 1,499,530.46

FLUGHAFEN ZUERICH NAMEN-AKT(BLOCKED UBP)2,500 832,500.00 0.73CHF 823,666.07

Other transferable securities 832,500.00 0.73823,666.07

Shares 832,500.00 0.73823,666.07

Swiss Franc 832,500.00 0.73823,666.07




Total 113,758,118.03 100.00

Statement of investments and other net assets as at 30/06/2012CHFExpressed in

UBAM - SWISS EQUITY



131Page

Switzerland 85.60United States of America 4.66Germany 3.02United Kingdom 2.03Austria 1.63

96.94



UBAM - SWISS EQUITY

Pharmaceuticals and cosmetics 21.35Foods and non alcoholic drinks 11.65Holding and finance companies 10.29Insurance 9.12Chemicals 7.19Machine and apparatus construction 5.78Banks and credit institutions 4.66Miscellaneous services 4.24Electronics and semiconductors 4.15Building materials and trade 3.79Watch industry 3.39Electrical engineering and electronics 2.15Textiles and garments 2.12Tobacco and alcoholic drinks 2.03Miscellaneous consumer goods 1.99Transportation 1.11Retail trade, department stores 1.00Road vehicles 0.93

96.94

% of net assets



132Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in CHF

UBAM - SWISS EQUITY



928,207.13Expenses274,387.52Advisory fees 4Note219,858.26Management fees 3Note113,412.72Custodian fees21,031.76Subscription duty ("taxe d'abonnement") 6Note57,380.77Central administration costs3,291.98Audit fees1,419.68Interest paid on bank liabilities5,694.43Legal fees




4,962,205.16- securities portfolio 2Note-29,496.89- forward foreign exchange contracts 2Note248,072.32- foreign exchange 2Note









133Page

19,469,324,060Assets19,162,109,464Securities portfolio at market value 2Note

202,930,384Cash at banks3,134,992Receivable on issues of shares

30,146,973Dividends receivable71,002,247Unrealised gain on forward foreign exchange contracts 2, 9Note

89,590,442Liabilities9,541Bank liabilities

10,868,533Other liquid liabilities8,023,266Payable on redemptions of shares

70,689,102Interest paid on bank liabilities and expenses payable

19,379,733,618Net assets at the end of the period


Expressed in JPY


UBAM - IFDC JAPAN EQUITY

A sharesCapitalisation shares 8,552,930.863 2,943,493.138 1,656,775.111 9,839,648.890


AH EUR sharesCapitalisation shares 1,559,546.997 687,377.000 463,519.411 1,783,404.586

Distribution shares 15,345,560.656 38,911.016 14,837,281.132 547,190.540

AH USD sharesCapitalisation shares 0.000 222,809.000 9,055.000 213,754.000

I sharesCapitalisation shares 14,872,077.454 557,396.010 4,493,218.441 10,936,255.023

IH EUR sharesCapitalisation shares 5,780,226.793 4,740,189.000 3,571,367.868 6,949,047.925






01/01/2012


134Page



A shares


6528,552,930.863

61912,413,412.740

755Number of shares outstandingNet asset value per share


6530.000

010,589.000


JPY JPY JPY

AH EUR shares


5.431,559,546.997

5.202,442,045.044



5.280.03

15,345,560.6565.080.00

14,211,956.2756.210.16


EUR EUR EUR

AH USD shares


8.420.0000.00

0.0000.00


USD USD USD

I shares


69514,872,077.454

65722,917,682.439


JPY JPY JPY

IH EUR shares


5.465,780,226.793

5.2113,010,391.937


EUR EUR EUR

R shares


428230,928.274

408301,766.590


JPY JPY JPY

Total net assets 19,379,733,618 26,771,906,143 48,042,169,249


JPY


135Page

AEON CO LTD180,000 178,560,000 0.92JPY 448,863,183

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 19,162,109,464 98.8830,209,025,822

Shares 18,915,011,964 97.6029,967,963,249

AIDA ENGINEERING LTD225,000 111,825,000 0.58JPY 167,388,126ASTELLAS PHARMA165,000 571,725,000 2.95JPY 630,272,100COMSYS HOLDINGS CORP315,000 294,210,000 1.52JPY 270,489,503CSK CORP70,000 80,850,000 0.42JPY 141,133,845DAIICHI SANKYO CO LTD250,000 334,750,000 1.73JPY 545,821,901DAIWA HOUSE RESIDENTIAL INV CORP350 194,950,000 1.01JPY 153,093,376DENSO CORP60,000 161,580,000 0.83JPY 227,289,510EAST JAPAN RAILWAY CO125,000 625,000,000 3.23JPY 735,729,562FUJIFILM HOLDINGS CORP250,000 374,500,000 1.93JPY 777,059,789FUJITSU LTD890,000 337,310,000 1.74JPY 527,100,299HITACHI HIGH-TECHNOLOGIES225,000 439,200,000 2.27JPY 579,516,261HITACHI KOKUSAI ELECTRIC INC335,000 209,040,000 1.08JPY 324,276,272HONDA MOTOR CO LTD60,000 164,940,000 0.85JPY 215,711,310HOYA CORP200,000 349,400,000 1.80JPY 560,721,407INDUSTRIAL AND INFRASTRUCTURE FD400 206,000,000 1.06JPY 172,854,000ITOCHU CORP225,000 187,200,000 0.97JPY 177,547,872JAPAN LOGISTICS FD200 141,400,000 0.73JPY 138,154,513JTEKT CORP135,000 110,160,000 0.57JPY 282,137,682KDDI CORP950 487,350,000 2.51JPY 586,263,505KIRIN HOLDINGS CO LTD250,000 234,000,000 1.21JPY 240,267,723KOBE STEEL565,000 53,675,000 0.28JPY 166,203,497KONICA MINOLTA HOLDINGS INC500,000 311,500,000 1.61JPY 495,672,608LAWSON INC20,000 111,600,000 0.58JPY 79,986,549MATSUMOTO HOLDINGS90,000 158,940,000 0.82JPY 227,587,628MITSUBISHI ELECTRIC CORP1,600,000 1,056,000,000 5.44JPY 1,196,257,305MITSUBISHI HEAVY INDUSTRIES LTD735,000 236,670,000 1.22JPY 232,815,795MITSUBISHI UFJ FINANCIAL GROUP INC1,845,000 697,410,000 3.60JPY 1,528,482,795MITSUI FUDOSAN CO LTD150,000 229,500,000 1.18JPY 183,145,673MITSUI OSK LINES LTD140,000 39,760,000 0.21JPY 102,151,316MIZUHO FINANCIAL GROUP INC1,375,000 184,250,000 0.95JPY 886,173,642MORI SEIKI CO LTD90,000 61,830,000 0.32JPY 150,347,591MS&AD INSURANCE GROUP HOLDING50,000 69,150,000 0.36JPY 120,084,375MURATA MANUFACTURING CO LTD20,000 83,100,000 0.43JPY 112,663,058NINTENDO CO LTD27,900 258,075,000 1.33JPY 707,490,746NIPPON ELECTRIC GLASS CO LTD115,000 54,050,000 0.28JPY 175,821,909NIPPON EXPRESS500,000 164,000,000 0.85JPY 158,973,462NIPPON KAYAKU CO LTD300,000 224,100,000 1.16JPY 239,552,545NIPPON TELEGRAPH AND TELEPHONE CORP230,000 851,000,000 4.39JPY 861,434,756NIPPON YUSEN KK260,000 54,340,000 0.28JPY 168,347,285NKSJ HOLDINGS50 84,200 0.00JPY 202,221NOMURA HOLDINGS INC275,000 80,850,000 0.42JPY 563,596,501NOMURA REAL ESTATE HOLDINGS INC70,000 101,290,000 0.52JPY 234,145,257NS SOLUTIONS CORP60,000 81,480,000 0.42JPY 135,855,459NTN CORP385,000 95,480,000 0.49JPY 291,738,052NTT DOCOMO INC1,550 205,685,000 1.06JPY 209,031,853ONWARD HOLDINGS200,000 120,400,000 0.62JPY 191,323,501PANASONIC CORP750,000 482,250,000 2.49JPY 942,596,750PREMIER INVESTMENT CO550 153,945,000 0.79JPY 134,932,316RICOH CO LTD500,000 333,000,000 1.72JPY 691,740,204SECOM CO LTD65,000 236,925,000 1.22JPY 279,389,880SEKISUI HOUSE LTD340,000 254,320,000 1.31JPY 358,247,612SEVEN & I HOLDINGS CO LTD130,000 311,610,000 1.61JPY 303,464,501SHARP CORP470,000 188,940,000 0.97JPY 561,308,298SHIMADZU CORPORATION135,000 92,475,000 0.48JPY 84,329,971SHIN-ETSU CHEM. CO LTD245,000 1,068,200,000 5.50JPY 1,328,143,923SHINKO ELECTRIC INDUSTRIES CO LTD125,000 78,500,000 0.41JPY 215,849,343SHOWA DENKO KK1,400,000 215,600,000 1.11JPY 418,935,038SUMITOMO CORP320,000 354,560,000 1.83JPY 382,423,679SUMITOMO METAL INDUSTRIES LTD2,000,000 260,000,000 1.34JPY 535,774,814SUMITOMO MITSUI FINANCIAL GROUP INC395,000 1,031,740,000 5.32JPY 2,198,265,520SUMITOMO MITSUI TRUST - SHS900,499 212,517,764 1.10JPY 479,648,026SUZUKI MOTOR CORP160,000 259,360,000 1.34JPY 354,161,204TAKASHIMAYA CO LTD155,000 94,550,000 0.49JPY 215,663,022TOKUYAMA CORP800,000 156,000,000 0.80JPY 386,544,792

Statement of investments and other net assets as at 30/06/2012JPYExpressed in





136Page

TOSHIBA CORP2,000,000 600,000,000 3.10JPY 903,302,136TOYOTA INDUSTRIES CORP50,000 113,100,000 0.58JPY 160,651,372TOYOTA MOTOR CORP245,000 781,550,000 4.03JPY 1,513,197,895UNITED URBAN INVESTMENT CORP3,000 257,700,000 1.33JPY 198,615,835

FRONTIER REAL ESTATE INVESTMENT CORP225 144,000,000 0.75JPY 152,941,203Closed-end investment funds 247,097,500 1.28241,062,573

JAPAN RETAIL FUND INVESTMENT CORP815 103,097,500 0.53JPY 88,121,370

Total investments in securities 19,162,109,464 98.8830,209,025,822

Cash at banks/(bank liabilities) 202,920,843 1.05

Other net assets/(liabilities) 14,703,311 0.07

Total 19,379,733,618 100.00





137Page

Japan 98.88

98.88




Holding and finance companies 24.24Electronics and semiconductors 10.99Communications 7.96Electrical engineering and electronics 7.71Road vehicles 7.63Chemicals 7.41Real estate companies 7.38Office supplies and computing 4.84Transportation 4.57Pharmaceuticals and cosmetics 4.11Machine and apparatus construction 3.18Miscellaneous trading companies 2.80Coal mining and steel industry 1.62Building materials and trade 1.31Miscellaneous services 1.22Retail trade, department stores 1.07Internet and Internet services 0.84

98.88

% of net assets



138Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in JPY


251,103,229Income248,069,223Dividends, net

304Interest on bank accounts3,033,702Other income

230,013,780Expenses81,620,296Advisory fees 4Note40,419,119Management fees 3Note20,236,954Custodian fees2,632,280Subscription duty ("taxe d'abonnement") 6Note

10,523,423Central administration costs576,769Audit fees61,742Interest paid on bank liabilities

1,057,707Legal fees61,523,964Transaction fees8,290,746Other administration costs 7, 8Note

394,801Banking charges and other fees2,675,979Other expenses

21,089,449Net investment incomeNet realised gain/(loss) on:

-7,459,996,810- securities portfolio 2Note-369,762,724- forward foreign exchange contracts 2Note-306,083,742- foreign exchange 2Note

-8,114,753,827Realised resultNet variation of the unrealised gain/(loss) on:

8,286,211,936- securities portfolio448,917,831- forward foreign exchange contracts

620,375,940Result of operations-2,010,582Dividends paid 16Note

5,874,697,978Subscriptions capitalisation shares39,570,391Subscriptions distribution shares

-6,490,598,558Redemptions capitalisation shares-7,434,207,694Redemptions distribution shares

-7,392,172,525Total changes in net assets

26,771,906,143Total net assets at the beginning of the period

19,379,733,618Total net assets at the end of the period


139Page

2,248,016,999Assets2,176,059,300Securities portfolio at market value 2Note

61,591,010Cash at banks8,648,604Dividends receivable1,718,085Unrealised gain on forward foreign exchange contracts 2, 9Note

8,925,250Liabilities8,925,250Interest paid on bank liabilities and expenses payable

2,239,091,749Net assets at the end of the period


Expressed in JPY


UBAM - IFDC JAPAN OPPORTUNITIES EQUITY

AP sharesCapitalisation shares 83,491.737 104,612.000 13,792.000 174,311.737

APH EUR sharesCapitalisation shares 0.000 5,671.555 4,611.837 1,059.718

APH CHF sharesCapitalisation shares 0.000 7,092.849 4,100.000 2,992.849

APH USD sharesCapitalisation shares 0.000 24,451.000 0.000 24,451.000

IP sharesCapitalisation shares 69,765.000 101,070.000 51,000.000 119,835.000






01/01/2012


140Page



AP shares


6,82583,491.737

6,33336,718.418

6,711Number of shares outstandingNet asset value per share

JPY JPY JPY

APH EUR shares


61.950.0000.00

0.0000.00


EUR EUR EUR

APH CHF shares


81.520.0000.00

0.0000.00


CHF CHF CHF

APH USD shares


88.670.0000.00

0.0000.00


USD USD USD

IP shares


7,08169,765.000

6,546118,950.000

6,886Number of shares outstandingNet asset value per share

JPY JPY JPY

R shares

Capitalisation shares79.0706,503

98.6746,062

2,137.3476,486


JPY JPY JPY

Total net assets 2,239,091,749 986,052,954 1,079,383,781


JPY


141Page

ADEKA145,000 99,905,000 4.46JPY 132,244,650

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 2,176,059,300 97.182,426,583,750

Shares 2,112,809,300 94.362,366,142,383

AIDA ENGINEERING LTD75,000 37,275,000 1.66JPY 49,882,490ASAHI ORGANIC CHEMICALS195,000 39,000,000 1.74JPY 42,054,127COMPUTER ENGINEERING AND CONSULTING LTD100,000 43,100,000 1.92JPY 112,120,234COMSYS HOLDINGS CORP175,000 163,450,000 7.30JPY 150,909,942DAIWA HOUSE INDUSTRY CO LTD40,000 45,080,000 2.01JPY 44,862,425DAIWA HOUSE RESIDENTIAL INV CORP65 36,205,000 1.62JPY 28,573,207FUJIFILM HOLDINGS CORP40,000 59,920,000 2.68JPY 72,084,506GODO STEEL LTD150,000 26,850,000 1.20JPY 55,886,329HARUYAMA TRADING CO LTD55,000 28,105,000 1.26JPY 26,005,499INDUSTRIAL AND INFRASTRUCTURE FD130 66,950,000 2.99JPY 50,039,320JUPITER TELECOMMUNICATIONS CO LTD1,883 153,464,500 6.85JPY 143,517,459KIRIN HOLDINGS CO LTD100,000 93,600,000 4.18JPY 95,226,980MINISTOP CO LTD95,000 131,575,000 5.88JPY 139,869,629MIYACHI CORP30,000 17,130,000 0.77JPY 27,270,525NIPPON EXPRESS325,000 106,600,000 4.76JPY 103,810,085NIPPON PAPER GROUP50,000 63,200,000 2.82JPY 93,134,211NIPPON TELEGRAPH AND TELEPHONE CORP50,000 185,000,000 8.27JPY 188,355,478NOF CORP230,000 91,310,000 4.08JPY 97,226,671NORITAKE CO LTD165,000 34,320,000 1.53JPY 51,202,920ONWARD HOLDINGS115,000 69,230,000 3.09JPY 67,582,154PANAHOME CORP285,000 142,500,000 6.36JPY 154,277,780PREMIER INVESTMENT CO202 56,539,800 2.53JPY 49,922,878RYOSAN COMPANY LTD.30,000 46,770,000 2.09JPY 63,642,408SHIN-ETSU POLYMER115,000 42,205,000 1.88JPY 83,639,152TOKYO OHKA KOGYO CO LTD20,000 35,240,000 1.57JPY 45,083,362TORII PHARMACEUTICAL CO LTD50,000 87,100,000 3.89JPY 75,188,609TSUKISHIMA KIKAI CO LTD92,000 63,940,000 2.86JPY 86,014,629UNITED URBAN INVESTMENT CORP550 47,245,000 2.11JPY 36,514,724

JAPAN RETAIL FUND INVESTMENT CORP500 63,250,000 2.82JPY 60,441,367Closed-end investment funds 63,250,000 2.8260,441,367

Total investments in securities 2,176,059,300 97.182,426,583,750

Cash at banks/(bank liabilities) 61,591,010 2.75

Other net assets/(liabilities) 1,441,439 0.07

Total 2,239,091,749 100.00





142Page

Japan 97.18

97.18




Holding and finance companies 17.25Communications 15.12Chemicals 13.73Real estate companies 12.07Building materials and trade 8.37Retail trade, department stores 5.88Machine and apparatus construction 5.29Transportation 4.76Pharmaceuticals and cosmetics 3.89Paper and forest products 2.82Electronics and semiconductors 2.09Internet and Internet services 1.92Miscellaneous consumer goods 1.53Textiles and garments 1.26Coal mining and steel industry 1.20

97.18

% of net assets



143Page

Statement of operations and other changes in net assets from 01/01/2012 to 30/06/2012Expressed in JPY


30,216,007Income30,018,456Dividends, net

22Interest on bank accounts197,529Other income

28,812,767Expenses9,117,959Advisory fees 4Note4,098,585Management fees 3Note2,232,203Custodian fees

393,817Subscription duty ("taxe d'abonnement") 6Note1,068,077Central administration costs

239,510Performance fees 5Note63,251Audit fees

34Interest paid on bank liabilities439,431Legal fees

9,813,260Transaction fees1,204,414Other administration costs 7, 8Note

13,578Banking charges and other fees128,648Other expenses

1,403,240Net investment incomeNet realised gain/(loss) on:

81,317,320- securities portfolio 2Note-2,139,858- forward foreign exchange contracts 2Note1,833,375- foreign exchange 2Note

82,414,077Realised resultNet variation of the unrealised gain/(loss) on:

49,272,901- securities portfolio1,718,085- forward foreign exchange contracts

133,405,063Result of operations1,616,504,807Subscriptions capitalisation shares-496,871,075Redemptions capitalisation shares

1,253,038,795Total changes in net assets

986,052,954Total net assets at the beginning of the period

2,239,091,749Total net assets at the end of the period


144Page


382,652.15Cash at banks18,421.84Dividends receivable




Expressed in USD


UBAM - PCM GLOBAL EQUITY VALUE

A sharesCapitalisation shares 56,079.817 121.000 3,995.570 52,205.247







01/01/2012


A shares


81.5056,079.817

75.1463,364.216


USD USD USD

I shares


84.92113,575.674

78.00114,320.958


USD USD USD

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 13,153,194.94 13,073,279.68 14,973,403.43


USD


145Page

METHANEX CORP6,484 180,375.52 1.37CAD 134,211.00


Shares 12,585,552.74 95.6814,580,438.27

Canadian Dollar 180,375.52 1.37134,211.00

BASF - NAMEN AKT2,290 158,965.01 1.21EUR 166,594.76Euro 2,784,907.49 21.173,460,931.54

CHRISTIAN DIOR SA1,297 178,174.94 1.35EUR 144,753.52CRH PLC7,532 144,428.70 1.10EUR 253,321.42DEUTSCHE TELEKOM AG REG SHS15,300 168,030.09 1.28EUR 226,831.10ETABLISSEMENTS MAUREL ET PROM SA9,600 138,763.00 1.05EUR 201,913.30HANNOVER RUECKVERSICHERUNG AG REG SHS3,000 178,517.26 1.36EUR 134,778.75IMERYS SA3,791 192,871.73 1.47EUR 261,073.71KONE -B-3,298 199,347.12 1.51EUR 91,112.21KONECRANES OYJ5,742 150,692.78 1.15EUR 171,034.51LOTTOMATICA SPA11,100 214,114.12 1.62EUR 199,660.98MUENCHENER RUECKVERSICHERUNGS AG REG SHS1,300 183,371.38 1.39EUR 221,036.97SMURFIT KAPPA PLC20,300 136,537.09 1.04EUR 316,857.22SOLVAY1,451 143,223.43 1.09EUR 221,395.54SYMRISE AG5,800 176,578.16 1.34EUR 101,429.95TRANSGENE NOM.4,288 40,268.48 0.31EUR 82,717.63TREVI FINANZIARIA INDUSTRIALE14,178 78,699.59 0.60EUR 191,513.89WINCOR NIXDORF AG4,517 160,389.72 1.22EUR 254,318.67YIT OYJ8,359 141,934.89 1.08EUR 220,587.41

GUANGDONG INVEST -RC-185,000 133,082.78 1.01HKD 102,160.86Hong Kong Dollar 133,082.78 1.01102,160.86

ASAHI GROUP HD8,800 188,484.68 1.43JPY 137,916.47Japanese Yen 963,798.99 7.331,087,277.82

KDDI CORP30 192,881.22 1.47JPY 213,895.95MEIJI HLDGS4,112 188,361.35 1.43JPY 245,919.21NICHIREI CORP43,000 210,715.52 1.61JPY 184,421.72SHOWA DENKO KK95,000 183,356.22 1.39JPY 305,124.47

DNB17,026 168,843.76 1.28NOK 221,110.15Norwegian Krone 168,843.76 1.28221,110.15

BARRATT DEVELOPMENTS PLC103,349 225,481.00 1.72GBP 348,260.69Pound Sterling 1,047,991.44 7.971,984,417.61

BBA GROUP PLC18,945 60,617.96 0.46GBP 60,170.57BELLWAY PLC16,259 212,939.80 1.62GBP 375,269.94GREENCORE GROUP PLC134,902 159,750.37 1.21GBP 341,017.60PERSIMMON PLC18,769 179,281.29 1.36GBP 484,683.27TAYLOR WIMPEY PLC280,113 209,921.02 1.60GBP 375,015.54

SASOL LTD4,234 177,259.66 1.35ZAR 145,204.62South African Rand 177,259.66 1.35145,204.62

DUNI AB24,300 198,908.86 1.51SEK 190,417.68Swedish Krone 587,639.81 4.47571,147.44

INVESTOR -B- FREE9,529 181,816.18 1.38SEK 230,301.39SVENSKA HANDELSBANK -A- FREE6,300 206,914.77 1.58SEK 150,428.37

NOVARTIS AG REG SHS3,320 185,556.10 1.41CHF 137,031.94Swiss Franc 185,556.10 1.41137,031.94

THAI OIL-FOREIGN REG85,600 154,300.92 1.17THB 201,903.16Thai Bath 154,300.92 1.17201,903.16

ALLETE CO4,634 193,701.20 1.47USD 176,662.25US Dollar 6,201,796.27 47.156,535,042.13

AMERIS BANCORP17,977 226,510.20 1.72USD 350,741.98ASTORIA FINANCIAL15,236 149,312.80 1.14USD 361,638.44BHP BILLITON -ADR-2,385 155,740.50 1.18USD 101,005.15BROOKLINE BANCORP INC5,300 46,905.00 0.36USD 48,029.66BROOKS-PRI AUTOMATION12,000 113,280.00 0.86USD 95,688.45CARTER S INC3,000 157,800.00 1.20USD 70,028.49CHUBB CORP2,300 167,486.00 1.27USD 113,357.97COLONY BANK13,303 62,923.19 0.48USD 252,900.54FOREST LABORATORIES INC5,500 192,445.00 1.46USD 175,392.80FRONTIER COMMUNICATIONS44,704 171,216.32 1.30USD 294,821.09GENERAL DYNAMICS CORP2,798 184,556.08 1.40USD 217,880.09HEWLETT-PACKARD CO6,374 128,181.14 0.97USD 255,023.76HJ HEINZ CO3,100 168,578.00 1.28USD 125,481.04INDEPENDENT BANK9,311 271,974.31 2.07USD 228,588.18






146Page

INFOSYS TECHNOLOGIES ADR REPR.1 SHS3,089 139,190.34 1.06USD 141,779.83INTERNATIONAL BANCSHARES CORP11,220 219,014.40 1.67USD 278,563.14J.M. SMUCKER CO SHS/WHEN ISSUED2,051 154,891.52 1.18USD 87,412.70MAC-GRAY CORP.13,041 183,747.69 1.40USD 170,176.47MARATHON OIL CORP6,462 165,233.34 1.26USD 202,340.73MARATHON PETROLEUM CORP4,381 196,794.52 1.50USD 176,162.50MICROSOFT CORP5,500 168,245.00 1.28USD 161,369.45NEXTERA ENERGY3,968 273,038.08 2.08USD 234,422.64PEOPLES BANCORP INC4,900 107,702.00 0.82USD 65,533.49PRAXAIR INC1,675 182,122.75 1.38USD 114,969.58QUEST DIAGNOSTICS3,852 230,734.80 1.75USD 204,982.89QUESTCOR PHARMACEUTICAL INC6,709 357,187.16 2.72USD 62,143.76SOUTHWEST BANCORP INC OKLAOMA10,042 94,495.22 0.72USD 272,348.30TEVA PHARMA IND.ADR4,533 178,781.52 1.36USD 225,045.81THE WESTERN UNION COMPANY WHEN ISSUED9,800 165,032.00 1.25USD 162,402.66UNITEDHEALTH GROUP INC2,888 168,948.00 1.28USD 144,381.77UNIVEST CORP PA8,000 132,240.00 1.01USD 159,876.05VERIZON COMMUNICATIONS INC4,250 188,870.00 1.44USD 141,972.58WEBSTER FINANCIAL CORP8,219 178,023.54 1.35USD 328,804.90WELLPOINT INC2,435 155,328.65 1.18USD 168,476.15XEROX CORP21,800 171,566.00 1.30USD 164,636.84

ANGLO-IRISH BANK34,565 0.04 0.00EUR 631,476.41


Shares 210,474.04 1.60762,424.71

Euro 0.04 0.00631,476.41

SAMSUNG ELEC.GDR REP.0.5 VGT HS -144A-396 210,474.00 1.60USD 130,948.30US Dollar 210,474.00 1.60130,948.30




Total 13,153,194.94 100.00





147Page

United States of America 43.55Germany 7.80Japan 7.33United Kingdom 6.76Sweden 4.47France 4.18Finland 3.74Ireland 3.35Italy 2.22South Korea 1.60Switzerland 1.41Canada 1.37Israel 1.36South Africa 1.35Norway 1.28Australia 1.18Thailand 1.17Belgium 1.09India 1.06Hong Kong 1.01

97.28




148Page

Banks and credit institutions 15.09Building materials and trade 10.55Pharmaceuticals and cosmetics 8.70Chemicals 7.78Holding and finance companies 6.99Petroleum 6.33Communications 5.49Insurance 4.02Electronics and semiconductors 3.76Foods and non alcoholic drinks 3.67Utilities 3.55Miscellaneous consumer goods 2.91Healthcare and social services 2.46Internet and Internet services 2.34Hotels and restaurants 1.62Machine and apparatus construction 1.51Tobacco and alcoholic drinks 1.43Aerospace industry 1.40Textiles and garments 1.35Electrical engineering and electronics 1.22Coal mining and steel industry 1.18Road vehicles 1.15Paper and forest products 1.04Office supplies and computing 0.97Transportation 0.46Biotechnology 0.31

97.28

% of net assets




149Page



211,994.23Income207,782.76Dividends, net





78.19Banking charges and other fees3,029.11Other expenses


-598,175.60- securities portfolio 2Note-185,464.31- foreign exchange 2Note





79,915.26Total changes in net assets




150Page


912,603.74Other liquid assets217,402.98Dividends receivable

38.98Receivable on treasury transactions 2Note

328,203.94Liabilities210,499.14Bank liabilities18,692.62Unrealised loss on futures contracts 2, 10Note99,012.18Interest paid on bank liabilities and expenses payable



Expressed in USD


UBAM - VP VALUE CHINA EQUITY


AP EUR sharesCapitalisation shares 500.000 0.000 500.000 0.000

IP sharesCapitalisation shares 297,723.646 0.000 38,950.000 258,773.646






01/01/2012


151Page



AP shares


60.76148,029.995

64.57265,714.192


USD USD USD

AP EUR shares


500.00049.52

0.0000.00


EUR EUR EUR

IP shares


61.54297,723.646

65.16353,773.646


USD USD USD

R shares


57.0314,818.678

60.9115,644.164


USD USD USD

Total net assets 24,808,288.96 29,892,092.89 52,932,194.09


USD


152Page

AGILE PROPERTY HOLDING LTD206,000 263,713.54 1.06HKD 259,402.68


Shares 21,954,497.39 88.5026,084,148.67

Hong Kong Dollar 19,932,997.59 80.3523,729,710.32

ANHUI GUJIND DISTILLERY -B-28,749 100,736.80 0.41HKD 99,757.36ANTON OILFIELD SERVICES792,000 129,671.60 0.52HKD 114,961.12ASIAN CITRUS HLDGS233,000 130,665.56 0.53HKD 187,798.71AVICHINA INDUSTRY AND TECHNOLOGY CO LTD52,000 17,094.62 0.07HKD 23,657.42BANK OF COMMUNICATIONS -H-572,000 382,718.40 1.54HKD 441,272.38BAOXIN AUTO GRP7,000 3,997.77 0.02HKD 3,905.23BEIJING JINGKELONG CO -H-404,000 298,436.50 1.20HKD 487,982.34BRILLIANCE CHINA AUTOMOTIVE HOLDINGS1,378,000 1,197,360.88 4.83HKD 831,903.77CHINA BLUECHEMICAL SHS.H-564,000 319,924.67 1.29HKD 382,622.53CHINA COMMUNICATION SERCICES CORP -H-413,757 203,762.69 0.82HKD 181,367.37CHINA LIFE INSURANCE CO LTD117,000 301,066.44 1.21HKD 315,439.17CHINA L&P HLDGS61,500 521,298.92 2.10HKD 513,384.98CHINA MERCHANTS PROPERTY DEVELOPMENT-B17,100 33,177.87 0.13HKD 33,650.33CHINA MINSHENG BANKING CORPORATION -H-556,500 492,876.21 1.99HKD 525,926.58CHINA PACIFIC INSURANCE (GROUP) CO LTD98,200 315,229.45 1.27HKD 351,656.13CHINA POWER INTERNATIONAL DEV. -RC-166,000 43,443.03 0.18HKD 42,634.74CHINA SHENHUA ENERGY CO LTD-SHS.-H-324,500 1,131,612.99 4.56HKD 1,395,619.32CHINA SHINEWAY PHARMACEUTICAL GROUP LTD57,000 81,860.80 0.33HKD 79,468.30CHONGQING RURAL -H-367,000 147,143.95 0.59HKD 254,051.76CHRISTINE INTL HOLDINGS LTD852,000 151,577.46 0.61HKD 162,619.72CITIC SECURITIES CO -H-16,500 34,587.60 0.14HKD 27,676.20CN TAIPING INSURANCE HOLDINGS CO82,600 133,534.52 0.54HKD 164,079.69CN ZHENG TONG1,101,000 579,113.16 2.33HKD 961,057.71COUNTRY GARDEN HOLDINGS151,000 58,984.18 0.24HKD 61,792.23ENN ENERGY HOLDINGS LTD70,000 244,558.79 0.99HKD 205,136.23EVERGRANDE REAL ESTATE GROUP LTD1,571,000 795,947.98 3.21HKD 891,427.56FUSHAN INTL ENERGY492,000 126,221.73 0.51HKD 206,226.62GOME ELECTRICAL APP2,656,000 349,256.26 1.41HKD 1,047,735.64GUANGDONG ELECTRIC POWER DEV.-B-528,900 268,649.32 1.08HKD 256,813.82HAITONG INTL SECS GRP LTD356,000 129,883.02 0.52HKD 135,019.07HAITONG SECURITIES CO LTD -H-304,400 423,037.98 1.71HKD 418,185.65HILONG HOLDINGS649,000 149,766.15 0.60HKD 156,552.67HUTCHISON WHAMPOA53,000 454,373.99 1.83HKD 466,966.37INDUS.AND COMMERCIAL BANK OF CHINA -H-664,780 367,664.07 1.48HKD 510,370.13JIANG LING MOTOR -B-16,700 39,269.67 0.16HKD 39,282.94KINGBOARD CHEMICAL HOLDINGS LTD320,000 615,509.49 2.48HKD 1,748,258.72KINGBOARD LAMINATES123,000 45,033.88 0.18HKD 64,110.30KWG PROPERTY HOLDING LTD113,500 71,259.17 0.29HKD 67,333.11LENOVO GROUP LTD -RC-132,000 111,292.94 0.45HKD 110,515.74NWS HOLDINGS LTD100,667 145,871.14 0.59HKD 155,349.53PCCW LTD884,000 323,658.16 1.30HKD 295,191.86PETROCHINA CO LTD -H-1,792,000 2,298,672.17 9.26HKD 2,327,555.37ROYALE FURNITURE706,629 123,892.87 0.50HKD 205,619.61SANY HEAVY EQUIPMENT INTERNATIONAL HLG153,000 81,659.69 0.33HKD 107,511.55SHANGHAI PHARMACEUTICAL LTD -H-48,900 60,960.89 0.25HKD 58,632.48SHENZHEN HEALTH MINERAL WATER -B-73,121 171,565.30 0.69HKD 189,974.02SHENZHEN VANKE -B-959,880 1,257,264.36 5.06HKD 1,118,107.32SHENZHOU INTERNATIONAL GROUP372,000 642,633.99 2.59HKD 525,354.29SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD163,000 58,838.50 0.24HKD 57,683.25SINO-OCEAN LAND -RC-120,000 59,251.04 0.24HKD 57,864.92SINOREF HLDGS2,888,000 143,342.14 0.58HKD 407,497.94SJM HOLDINGS LTD81,000 149,117.69 0.60HKD 163,571.26SKYWORTH DIGITAL HOLDINGS LTD708,000 312,158.61 1.26HKD 331,964.71SPRINGLAND INTL693,000 388,631.90 1.57HKD 534,141.25SUN HUNG KAI300,000 149,287.87 0.60HKD 154,039.86SUN HUNG KAI PROPERTIES LTD11,000 129,260.34 0.52HKD 168,879.01SUNNY OPTI TECH SHS138,000 46,611.85 0.19HKD 46,249.28TECHTRONIC INDUSTRIES CO LTD386,000 484,190.31 1.95HKD 468,219.25TSINGTAO BREWERY -H-42,000 238,512.51 0.96HKD 245,435.59WEST CHINA CEMENT LTD1,412,000 273,049.83 1.10HKD 318,772.52WONDERFUL SKY FINANCIAL GROUP HOLDINGS132,000 13,273.47 0.05HKD 23,620.32XTEP INTERNATIONAL HOLDINGS610,500 212,503.16 0.86HKD 459,342.15YASHILI INTL823,000 126,259.12 0.51HKD 151,694.03






153Page

YT CHANGYU PIO WINE -B-54,067 364,543.97 1.47HKD 442,113.47ZHONGSHENG GROUP171,000 206,121.68 0.83HKD 285,530.80ZHUZHOU CSR TIMES - SHS -H-18,000 48,615.25 0.20HKD 44,396.30ZTE CORPORATION -H-82,000 157,935.73 0.64HKD 157,776.04

ACER INC277,000 285,481.08 1.15TWD 319,393.42New Taiwan Dollar 1,518,394.21 6.121,658,786.47

CLEVO145,000 208,147.95 0.84TWD 278,401.15FAR EASTONE TELECOMMUNICATION CO LTD81,000 175,362.26 0.71TWD 172,735.82UNI PRESIDENT ENTERPRISES CORP299,000 476,239.03 1.92TWD 444,687.45WPG HOLDING320,000 373,163.89 1.50TWD 443,568.63

YANLORD LAND GROUP LTD26,000 25,141.82 0.10SGD 23,719.62Singapore Dollar 25,141.82 0.1023,719.62

LAO PENG XIANG -B-31,971 61,704.03 0.25USD 55,961.49US Dollar 477,963.77 1.93671,932.26

SHANGHAI FRIENDSHIP OVS CHINESE CO -B-211,420 257,298.14 1.04USD 457,666.53ZHEJIANG SOUTHEAST ELECTRIC POWER -B-298,800 158,961.60 0.64USD 158,304.24




Total 24,808,288.96 100.00





154Page

China 40.11Cayman Islands 20.63Hong Kong 11.06Bermuda 9.38Taiwan 6.12Jersey Island 1.10Singapore 0.10

88.50




Real estate companies 10.72Petroleum 9.78Road vehicles 5.91Banks and credit institutions 5.60Electronics and semiconductors 5.49Coal mining and steel industry 4.89Utilities 4.81Textiles and garments 4.49Communications 3.47Electrical engineering and electronics 3.21Foods and non alcoholic drinks 3.12Holding and finance companies 3.09Insurance 3.02Office supplies and computing 2.95Tobacco and alcoholic drinks 2.84Miscellaneous trading companies 2.33Miscellaneous services 1.76Miscellaneous consumer goods 1.70Retail trade, department stores 1.57Machine and apparatus construction 1.38Chemicals 1.29Hotels and restaurants 1.21Building materials and trade 1.10Pharmaceuticals and cosmetics 0.82Transportation 0.72Agriculture and fishery 0.53Precious metals and stones 0.51Photographics and optics 0.19

88.50

% of net assets



155Page






15,577.65Central administration costs905.14Audit fees




-78,566.09Net investment incomeNet realised gain/(loss) on:

-1,334,068.20- securities portfolio 2Note-38,750.00- options 2Note

-158,989.02- futures contracts 2Note35,558.51- foreign exchange 2Note

-1,574,814.80Realised resultNet variation of the unrealised gain/(loss) on:

169,856.65- securities portfolio32,427.25- options-7,059.46- futures contracts

-1,379,590.36Result of operations203,526.56Subscriptions capitalisation shares






156Page



112,813.41Liabilities108.00Other liquid liabilities

6,030.50Payable on redemptions of shares19.65Payable on treasury transactions 2Note




Expressed in USD


UBAM - ASIA EQUITY


A EUR sharesCapitalisation shares 7,580.000 0.000 1,600.000 5,980.000







01/01/2012


157Page


UBAM - ASIA EQUITY

A shares


17.50948,088.477

15.671,169,022.858


USD USD USD

A EUR shares


13.797,580.000

12.070.0000.00


EUR EUR EUR

IP shares


17.78177,740.000

15.820.0000.00


USD USD USD

R shares


16.0345,674.198

14.4257,425.855


USD USD USD

Total net assets 20,765,612.85 18,442,738.89 29,435,536.02


USD


158Page

BOER POWER HOLDINGS LTD2,000,500 665,386.85 3.20HKD 824,569.25


Shares 19,403,178.54 93.4422,037,582.51

Hong Kong Dollar 6,729,106.54 32.408,168,507.43

CHINA AUTOMATION GROUP LTD2,480,500 588,400.46 2.83HKD 1,451,354.87CHINA PACIFIC INSURANCE (GROUP) CO LTD152,000 487,931.53 2.35HKD 484,142.29CHONGQING RURAL -H-500,000 200,468.59 0.97HKD 206,566.44CIMC ENRIG HOLDINGS LTD681,800 363,892.66 1.75HKD 252,262.15DIGITAL CHINA HOLDINGS235,000 409,600.53 1.97HKD 363,763.52EMBRY HOLDINGS LTD1,428,400 672,138.32 3.24HKD 1,004,189.62GOODBABY INTL1,000,000 290,067.10 1.40HKD 347,113.58HANGZHOU STEAM TURBINE CO LTD -B-620,044 634,686.07 3.06HKD 785,865.43HUNAN NONFERROUS METALS CORP.LTD -H-1,221,700 371,699.97 1.79HKD 444,073.85NEW WORLD DEPARTMENT STORE CHINA LTD1,302,500 700,212.31 3.37HKD 865,200.24SITC INTERNATIONAL HOLDINGS CO LTD1,361,000 357,935.06 1.72HKD 397,437.55STELLA INTERNATIONAL HOLDINGS LTD80,000 196,987.79 0.95HKD 187,122.32SUNNY OPTI TECH SHS2,338,000 789,699.30 3.80HKD 554,846.32

BHARTI AIRTEL LTD(DEMATERIALISED)30,000 163,902.59 0.79INR 175,656.05Indian Rupee 1,240,936.36 5.981,145,756.48

IL FS TRANSPORTATION NETWORKS38,263 126,127.09 0.61INR 144,765.65INFRASTRUCTURE DEVL FIN. DEMATERIALISED150,000 365,765.24 1.76INR 324,947.77MCX INDIA12,000 227,943.07 1.10INR 193,496.32PRESTIGE ESTATES PROJECTS LTD170,828 357,198.37 1.72INR 306,890.69

HARUM ENERGY573,000 347,735.13 1.67IDR 526,459.51Indonesian Rupiah 838,188.28 4.041,262,442.67

TIMAH TBK3,338,100 490,453.15 2.37IDR 735,983.16

ASIA PACIFIC SYSTEMS INC36,586 428,037.16 2.06KRW 452,757.98Korean Won 2,603,800.35 12.532,995,916.82

DSHM20,463 435,040.83 2.10KRW 448,886.23HYUNDAI HEAVY INDUSTRIES CO LTD3,096 696,049.19 3.34KRW 839,804.58KOREA ELECTRIC POWER CORP17,110 383,176.73 1.85KRW 348,845.96LG CHEM740 188,658.48 0.91KRW 185,585.92MELFAS30,425 472,837.96 2.27KRW 720,036.15

FLEXIUM INTERCONNECT97,000 389,493.15 1.88TWD 324,073.55New Taiwan Dollar 1,903,367.71 9.172,091,590.76

FORMOSA LABORATORIES INC278,000 586,976.89 2.83TWD 731,917.70SPRINGSOFT INC175,000 230,425.02 1.11TWD 240,019.02TA CHONG BANK2,262,400 696,472.65 3.35TWD 795,580.49

ENERGY DEVELOPMENT1,899,400 271,825.70 1.31PHP 248,106.86Philippine Peso 1,481,445.93 7.131,243,921.45

GT CAPITAL41,450 496,789.82 2.39PHP 480,352.63METROBANK AND TRUST141,130 309,825.99 1.49PHP 218,731.51VISTA LAND AND LIFESCAPES4,043,000 403,004.42 1.94PHP 296,730.45

EZRA HOLDINGS LTD782,000 657,421.03 3.17SGD 743,215.87Singapore Dollar 1,494,686.96 7.201,748,286.01

OLAM INTERNATIONAL LTD586,000 837,265.93 4.03SGD 1,005,070.14

MINOR INTL -UNITS- NON-VOTING DEPOS.REC.698,940 308,096.81 1.48THB 232,597.65Thai Bath 964,771.51 4.65936,203.68

SIAM CEMENT UNITS N.VTING DEPOS REC66,000 656,674.70 3.17THB 703,606.03

ASIAINFO HOLDINGS7,800 91,962.00 0.44USD 108,646.10US Dollar 2,146,874.90 10.342,444,957.21

HOLLYSYS AUTOMATION TECHNOLOGIES36,000 306,720.00 1.48USD 343,106.20ISOFTSTONE HLDG -ADR- REP 10 SHS65,195 371,611.50 1.79USD 526,371.21RDA MICROELECTRONICS INC80,300 806,212.00 3.88USD 745,667.96SHANGHAI BAOSIGHT -B-492,122 570,369.40 2.75USD 721,165.74

MS ASIA (BHARTI AIRTEL) 28.07.14 WAR30,717 168,593.33 0.81USD 242,321.74


Warrants, Rights 1,270,617.94 6.121,442,720.22

US Dollar 1,270,617.94 6.121,442,720.22

MS ASIA (CESC LTD) 04.10.16 WAR93,667 488,304.80 2.36USD 464,986.59UBS LDN (SHS) 05.04.13 WAR67,187 357,764.06 1.72USD 451,337.80UBS LONDON (IL AND FS) 28.03.13 WAR77,258 255,955.75 1.23USD 284,074.09



UBAM - ASIA EQUITY




159Page



Total 20,765,612.85 100.00


UBAM - ASIA EQUITY



160Page

Cayman Islands 31.10China 12.80South Korea 12.53Taiwan 7.29Singapore 7.20Philippines 7.13India 5.98Thailand 4.65Indonesia 4.04United Kingdom 2.95Bermuda 1.97British Virgin Islands 1.48United States of America 0.44

99.56



UBAM - ASIA EQUITY

Holding and finance companies 11.84Banks and credit institutions 8.76Machine and apparatus construction 8.29Electronics and semiconductors 7.86Non-ferrous metals 6.91Electrical engineering and electronics 6.44Miscellaneous trading companies 6.00Transportation 5.50Internet and Internet services 5.06Building materials and trade 4.89Textiles and garments 4.19Photographics and optics 3.80Retail trade, department stores 3.37Utilities 3.16Healthcare and social services 2.83Insurance 2.35Office supplies and computing 2.06Coal mining and steel industry 1.67Hotels and restaurants 1.48Miscellaneous consumer goods 1.40Chemicals 0.91Communications 0.79

99.56

% of net assets



161Page


UBAM - ASIA EQUITY

274,358.71Income260,439.91Dividends, net13,918.80Other income


11,383.36Central administration costs656.88Audit fees270.23Interest paid on bank liabilities




-150,423.68- securities portfolio 2Note-86,789.39- foreign exchange 2Note









162Page


8,866,131.43Cash at banks822,592.40Other liquid assets

0.96Interest receivable on bank accounts1,297,924.87Dividends receivable

140.58Receivable on treasury transactions 2Note

4,646,555.98Liabilities3,969,553.08Bank liabilities

18.52Other liquid liabilities132,926.15Payable on redemptions of shares23,582.75Unrealised loss on futures contracts 2, 10Note




Expressed in USD


UBAM - EQUITY BRIC+



AP EUR sharesCapitalisation shares 11,288.000 23,078.717 4,571.303 29,795.414

AP CHF sharesCapitalisation shares 0.000 850.000 0.000 850.000

IP sharesCapitalisation shares 570,321.249 169,381.438 33,490.000 706,212.687

IP EUR sharesCapitalisation shares 4,920.000 850.000 1,420.000 4,350.000






01/01/2012


163Page


UBAM - EQUITY BRIC+

AP shares


69.69640,077.256

68.151,099,331.601



63.850.28

4,715.00062.680.39

12,862.00084.901.49


USD USD USD

AP EUR shares


54.9011,288.000

52.490.0000.00


EUR EUR EUR

AP CHF shares


0.0000.00

0.0000.00


CHF CHF CHF

IP shares


70.96570,321.249

69.14788,840.135


USD USD USD

IP EUR shares


55.464,920.000

52.830.0000.00


EUR EUR EUR

R shares


68.9540,713.787

67.7059,558.345


USD USD USD

Total net assets 107,899,088.47 87,214,231.99 180,683,624.15


USD


164Page

ALLIANSCE SHOPPING173,100 1,483,636.62 1.38BRL 1,572,209.47


Shares 101,301,176.21 93.88113,236,905.31

Brazilian Real 27,082,823.56 25.0929,600,782.87

BRADESPAR PFD SHS38,500 628,302.37 0.58BRL 939,579.80CESP PREFERD SHS -B-13,300 241,825.49 0.22BRL 235,566.64CONCESSOES RODOVIARIAS225,600 1,825,196.61 1.69BRL 1,711,082.12CONTAX PARTICIPACOES SA132,750 1,453,487.08 1.35BRL 1,641,936.10COSAN CERT DEP BRAS REPR 1 SHS -A-19,100 244,612.30 0.23BRL 281,740.12COSAN SA INDUSTRIA119,200 1,830,131.12 1.69BRL 2,168,157.90DURATEX157,454 829,222.99 0.77BRL 1,003,580.41EMBRAER235,600 1,559,430.84 1.45BRL 1,859,026.30ENERGIAS DO BRAZIL165,300 1,055,626.16 0.98BRL 1,122,180.33EQUATORIAL ENERGIA SA139,500 1,036,692.22 0.96BRL 965,561.01GUARARAPES CONFECCOES SA28,600 1,331,920.37 1.23BRL 1,256,812.68IOCHPE MAXION73,200 848,616.19 0.79BRL 851,220.31ITAUSA INVESTIMENTOS ITAU SA-PREF177,729 748,447.94 0.69BRL 1,027,031.27ITAUUNIBANCO HOLDING SA31,600 397,810.39 0.37BRL 596,359.94ITAUUNIBANCO PFD SHS35,400 496,158.67 0.46BRL 479,881.29MAHLE-METAL LEVE SA9,700 97,747.81 0.09BRL 87,783.92PETROLEO BRASILEIRO -PETROBRAS- PREF.167,400 1,513,570.64 1.40BRL 1,901,225.04QGEP PARTICIPAOES35,150 127,647.90 0.12BRL 350,327.61RANDON PARTICIPACOES PREF.-4-127,200 567,170.97 0.53BRL 556,227.38REDECARD SHS109,300 1,778,852.38 1.65BRL 1,790,578.89RODOBENS NEG IMOB58,500 318,520.90 0.30BRL 460,978.37TELEF BRASIL PFD SHS64,300 1,592,177.92 1.48BRL 1,845,999.32ULTRAPAR110,900 2,483,443.90 2.29BRL 1,825,166.10VALE DO RIO DOCE130,400 2,592,573.78 2.39BRL 3,070,570.55

ANHUI GUJIND DISTILLERY -B-32,700 114,581.14 0.11HKD 113,452.49Hong Kong Dollar 22,941,960.91 21.2626,614,914.58

BANK OF COMMUNICATIONS -H-626,000 418,849.15 0.39HKD 481,876.88BOC HONG KONG (HOLDINGS) LTD197,500 600,890.11 0.56HKD 557,189.36BOSIDENG INTERNATIONAL HOLDINGS LTD1,306,000 335,051.99 0.31HKD 396,743.28BRILLIANCE CHINA AUTOMOTIVE HOLDINGS1,552,000 1,348,551.59 1.25HKD 1,041,348.44CHINA BLUECHEMICAL SHS.H-652,000 369,842.00 0.34HKD 424,618.98CHINA COMMUNICATION SERCICES CORP -H-319,293 157,242.06 0.15HKD 139,919.65CHINA LIFE INSURANCE CO LTD230,000 591,840.02 0.55HKD 616,702.47CHINA L&P HLDGS69,000 584,871.96 0.54HKD 574,206.00CHINA MINSHENG BANKING CORPORATION -H-790,500 700,123.35 0.65HKD 730,523.00CHINA PACIFIC INSURANCE (GROUP) CO LTD143,200 459,682.87 0.43HKD 572,700.01CHINA PETROLEUM AND CHEMICAL -H-314,000 278,505.67 0.26HKD 259,301.55CHINA SHENHUA ENERGY CO LTD-SHS.-H-363,000 1,265,872.15 1.17HKD 1,625,745.89CHONGQING RURAL -H-406,000 162,780.50 0.15HKD 249,682.64CHRISTINE INTL HOLDINGS LTD198,000 35,225.75 0.03HKD 40,855.59CITIC SECURITIES CO -H-17,000 35,635.71 0.03HKD 31,304.93CN TAIPING INSURANCE HOLDINGS CO116,800 188,823.63 0.18HKD 230,168.14CN ZHENG TONG1,095,000 575,957.23 0.53HKD 919,667.64ENN ENERGY HOLDINGS LTD124,000 433,218.43 0.40HKD 397,933.66EVERGRANDE REAL ESTATE GROUP LTD1,755,000 889,171.68 0.82HKD 1,045,389.82FUSHAN INTL ENERGY1,180,000 302,726.92 0.28HKD 472,750.06GOME ELECTRICAL APP2,962,000 389,494.36 0.36HKD 1,117,582.02GUANGDONG ELECTRIC POWER DEV.-B-583,100 296,179.65 0.27HKD 283,131.29HAITONG SECURITIES CO LTD -H-421,200 585,360.05 0.54HKD 562,256.55HILONG HOLDINGS615,000 141,920.16 0.13HKD 123,096.78HSBC HOLDINGS PLC (USD 0.5)67,200 593,871.77 0.55HKD 599,814.69HUANENG RENEWABLES CORPORATION LTD-H-1,308,000 214,154.60 0.20HKD 334,709.75HUTCHISON WHAMPOA168,000 1,440,279.83 1.34HKD 1,652,131.72INDUS.AND COMMERCIAL BANK OF CHINA -H-1,414,170 782,122.65 0.72HKD 993,493.67KINGBOARD CHEMICAL HOLDINGS LTD303,000 582,810.55 0.54HKD 1,376,236.44KINGBOARD LAMINATES31,500 11,533.07 0.01HKD 29,798.44NWS HOLDINGS LTD75,579 109,517.47 0.10HKD 117,675.70PCCW LTD989,000 362,101.72 0.34HKD 340,435.90PETROCHINA CO LTD -H-2,014,000 2,583,440.71 2.40HKD 2,561,654.64SANY HEAVY EQUIPMENT INTERNATIONAL HLG169,000 90,199.26 0.08HKD 118,646.61SHENZHEN VANKE -B-1,126,117 1,475,003.92 1.38HKD 1,333,006.11SHENZHOU INTERNATIONAL GROUP359,000 620,176.35 0.57HKD 638,379.57SJM HOLDINGS LTD108,000 198,823.59 0.18HKD 218,355.70


UBAM - EQUITY BRIC+




165Page

SPRINGLAND INTL723,000 405,455.79 0.38HKD 561,844.41SUN HUNG KAI PROPERTIES LTD26,000 305,524.45 0.28HKD 384,876.05TECHTRONIC INDUSTRIES CO LTD430,500 540,010.18 0.50HKD 537,621.19TSINGTAO BREWERY -H-48,000 272,585.72 0.25HKD 288,921.38WING HANG BANK LTD21,500 207,465.66 0.19HKD 204,308.80XTEP INTERNATIONAL HOLDINGS556,000 193,532.77 0.18HKD 487,405.35YT CHANGYU PIO WINE -B-44,590 300,645.78 0.28HKD 348,205.39ZHONGSHENG GROUP160,500 193,465.09 0.18HKD 282,812.20ZTE CORPORATION -H-102,200 196,841.85 0.18HKD 196,433.75

ALLAHABAD BANK DEMATERIALISED162,742 436,184.16 0.40INR 627,874.15Indian Rupee 25,697,616.00 23.8228,867,115.36

AMBUJA CEMENTS -SHS-74,210 231,328.95 0.21INR 200,787.08ASHOK LEYLAND -DEMATERIALISED-559,760 249,628.82 0.23INR 328,520.41BAJAJ AUTO LTD13,810 389,022.31 0.36INR 425,779.04BANK OF BARODA DEMATERIALISED34,160 448,390.19 0.42INR 598,835.46BHARTI AIRTEL LTD(DEMATERIALISED)113,450 619,824.94 0.57INR 826,799.37CADILA HEALTHCARE LTD ( DEMATERIALISED)30,840 425,441.25 0.39INR 456,514.57CIPLA SHS DEMATERIALISED52,429 297,240.11 0.28INR 337,912.05COAL INDIA82,070 509,749.77 0.47INR 515,760.79COX AND KINGS LTD107,630 253,485.20 0.23INR 409,990.54CUMMINS INDIA DEMATERIALISED40,404 325,236.49 0.30INR 434,246.75DISH TV INDIA225,534 257,303.07 0.24INR 299,475.83DIVI'S LABORATORIES LTD23,030 422,838.84 0.39INR 371,168.32DLF SHS111,790 397,526.76 0.37INR 468,461.95DR REDDY'S LABORATORIES LTD24,331 718,207.96 0.67INR 790,676.38EXIDE INDUSTRIES LTD (DEMAT)148,476 363,378.66 0.34INR 430,923.56GODREJ PROPERTIES LTD46,321 437,450.80 0.41INR 518,889.11HCL TECHNOLOGIES DEMATERIALISED67,442 575,494.65 0.53INR 604,359.53HDFC BANK LTD129,690 1,308,978.35 1.22INR 1,159,847.65HINDALCO INDUSTRIES LTD202,770 435,428.05 0.40INR 528,645.15HINDUSTAN ZINC LTD171,500 378,875.74 0.35INR 430,624.48HOUSING DEVELOPMENT FINANCE CORP97,490 1,140,511.76 1.06INR 1,263,033.79ICICI BANK DEMATERIALISED78,324 1,261,797.16 1.17INR 1,474,392.20INFOSYS TECHNOLOGIES DEMATERALISED26,565 1,193,819.36 1.11INR 1,416,557.89INFRASTRUCTURE DEVL FIN. DEMATERIALISED179,961 438,823.18 0.41INR 743,244.54IRB INFRASTRUCTURE DEVELOPERS181,825 414,223.02 0.38INR 701,279.11ITC DEMATERIALISED272,222 1,262,259.91 1.17INR 1,018,469.20JINDAL STL & POWER50,140 422,375.77 0.39INR 392,648.66LARSEN & TOUBRO LTD DEMATERIALISED41,830 1,047,192.25 0.97INR 1,322,616.91LUPIN LTD35,960 345,946.37 0.32INR 298,009.89MAHINDRA&MAHINDRA52,855 669,503.04 0.62INR 621,408.37MARUTI UDYOG LTD20,180 422,773.48 0.39INR 396,755.23MCX INDIA17,340 329,377.73 0.31INR 424,866.98OIL AND NATURAL GAS CORP46,360 236,511.99 0.22INR 264,873.63PANTALOON RETAIL INDIA DEMATERIALISED74,300 242,055.54 0.22INR 268,217.13PETRONET LNG114,360 293,094.25 0.27INR 353,835.42POWER GRID INDIA293,960 597,817.88 0.55INR 590,836.75RELIANCE INDUSTRIES DEMATERAILISED57,084 754,355.39 0.70INR 1,125,035.98RURAL ELECTRIFICATI119,100 409,122.99 0.38INR 571,144.21SHIRAM TRANSPORT FIN DEMATERIALISED38,423 364,720.91 0.34INR 435,655.26SOUTH INDIAN BANK LTD512,260 221,106.24 0.20INR 241,979.53STATE BANK OF INDIA (DEMATERIALISED)26,040 1,006,901.86 0.93INR 1,251,755.55TATA CONSULT.SERVICES SVS DEMATERIALISED37,162 850,230.17 0.79INR 683,081.95TATA MOTORS48,870 212,206.19 0.20INR 200,904.58TATA MOTORS -A-148,540 352,228.85 0.33INR 359,950.54TATA STEEL DEMATERIALISED47,310 374,048.56 0.35INR 404,536.33UNION BANK OF INDIA DEMATERIALISED127,460 477,333.01 0.44INR 457,568.27YES BANK DEMATERIALISED86,140 523,612.76 0.49INR 474,116.88ZEE ENTERTAINMENT - DEMATERIALISED134,130 352,651.31 0.33INR 344,248.41

ACER INC278,000 286,511.70 0.27TWD 370,456.22New Taiwan Dollar 1,766,351.45 1.641,818,060.47

ASUSTEK COMPUTER7,000 63,593.79 0.06TWD 61,740.24FAR EASTONE TELECOMMUNICATION CO LTD237,000 513,097.00 0.48TWD 480,421.59MEDIA TEK INCORPORATION49,000 447,615.97 0.41TWD 488,829.89UNI PRESIDENT ENTERPRISES CORP286,000 455,532.99 0.42TWD 416,612.53

BANK OF GEORGIA HOLDINGS PLC43,260 726,695.58 0.67GBP 623,809.30Pound Sterling 1,391,057.87 1.291,476,737.64

HIGHLAND GOLD MINING400,542 664,362.29 0.62GBP 852,928.34


UBAM - EQUITY BRIC+




166Page

ALLIANCE OIL COMPANY LTD SWE DEP.REC.33,232 302,353.88 0.28SEK 294,258.81Swedish Krone 302,353.88 0.28294,258.81

BASHNEFT PREF96,618 3,503,001.53 3.24USD 2,097,306.62US Dollar 22,119,012.54 20.5024,565,035.58

DIXY GROUP (SHS)102,694 1,001,410.27 0.93USD 1,357,693.96GAZPROM20,816 98,828.12 0.09USD 99,446.16GAZPROM ADR REPR. 2 SHS181,166 1,708,395.38 1.58USD 1,881,506.54GLOBALTRANS INV -GDR- REP 1 SH REG -S50,000 900,000.00 0.83USD 894,903.51IDGC SOUTH211,940,000 339,104.00 0.31USD 1,082,184.89INTEGRA GROUP HOLDING GDR REPR 1/20 REG308,273 387,807.43 0.36USD 921,758.18KUZBASSKAYA TOPLIVNAYA BRD64,112 286,875.56 0.27USD 501,244.73LENENERGO PREF390,847 205,155.59 0.19USD 510,155.00LUKOIL HOLDING ADR REPR.1SHS12,000 669,000.00 0.62USD 589,770.04M VIDEO COMPANY89,753 615,032.43 0.57USD 463,595.60MAGNIT SHS10,408 1,251,767.04 1.16USD 1,283,573.39MECHEL OJSC94,740 450,905.56 0.42USD 1,507,076.40MHP - GDR- REG S86,221 991,541.50 0.92USD 1,109,515.54MOBILE TELESYSTEMS ADR REPR.2 SHS451 7,757.20 0.01USD 7,923.90MOBILE TELESYSTEMS OJSC7,374 53,470.35 0.05USD 52,070.52MRIYA AGRO HLDG REPR. (SHS REGS)142,186 791,951.85 0.73USD 1,009,191.90R.G.I. INTERNATIONAL LTD445,543 724,007.38 0.67USD 1,040,882.35SBERBANK300,000 798,000.00 0.74USD 1,005,450.00SOLLERS JSC40,000 488,808.00 0.45USD 688,200.00SURGUTNEFTEGAZ PREF SHS2,356,075 1,355,685.56 1.26USD 901,409.45TERRITORIAL GENERATION COMPANY NO 93,279,748,823 163,987.44 0.15USD 341,185.52TGK-51,828,189,100 201,100.80 0.19USD 762,327.80TNK BP HOLDING74,221 171,391.13 0.16USD 231,012.71TNK-BP HOLDING -ACT PREF1,042,915 2,174,269.19 2.02USD 1,108,538.62TRANSNEFT PREF.SHS949 1,383,518.91 1.28USD 994,480.08VIMPELCOM ADR REPR 1SH WHEN ISSUED157,862 1,280,260.82 1.19USD 1,995,056.76X5 RETAIL GROUP GDR REPR SHS REG-S5,098 115,979.50 0.11USD 127,575.41

HOUSING DEV FIN(SHS) 23.08.12 WAR284,900 257,678.00 0.24INR 273,602.96

Warrants, Rights 257,678.00 0.24273,602.96

Indian Rupee 257,678.00 0.24273,602.96




Total 107,899,088.47 100.00


UBAM - EQUITY BRIC+



167Page

Brazil 24.86India 24.06Russia 15.69China 10.45Cayman Islands 4.52Hong Kong 4.39Bermuda 3.41Taiwan 1.64Cyprus 1.56United Kingdom 1.22Luxembourg 0.92Guernsey 0.67Jersey Island 0.62The Netherlands 0.11

94.12



UBAM - EQUITY BRIC+

168Page

Banks and credit institutions 12.84Petroleum 12.10Holding and finance companies 8.27Utilities 6.53Coal mining and steel industry 5.89Communications 4.45Real estate companies 4.23Road vehicles 3.90Chemicals 3.65Miscellaneous services 3.51Transportation 3.07Miscellaneous sectors 2.79Textiles and garments 2.51Foods and non alcoholic drinks 2.51Internet and Internet services 2.43Building materials and trade 2.33Tobacco and alcoholic drinks 1.81Machine and apparatus construction 1.76Pharmaceuticals and cosmetics 1.73Aerospace industry 1.45Insurance 1.16Electrical engineering and electronics 0.91Electronics and semiconductors 0.82Non-ferrous metals 0.75Miscellaneous trading companies 0.53Retail trade, department stores 0.49Hotels and restaurants 0.44Office supplies and computing 0.42Photographics and optics 0.33Other 0.51

94.12

% of net assets


UBAM - EQUITY BRIC+


169Page


UBAM - EQUITY BRIC+





500,011.96Transaction fees58,381.89Other administration costs 7, 8Note45,463.67Banking charges and other fees13,136.46Other expenses


1,099,560.10- securities portfolio 2Note-33,480.00- options 2Note

2,038.36- forward foreign exchange contracts 2Note-99,242.19- futures contracts 2Note



36,449.40- securities portfolio28,017.04- options

-14,634.16- futures contracts

-1,632,960.38Result of operations-1,481.76Dividends paid 16Note







170Page


232.42Receivable on issues of shares




Expressed in USD


UBAM - TURKISH EQUITY


A EUR sharesCapitalisation shares 30,287.558 10,166.000 12,786.000 27,667.558



I EUR sharesCapitalisation shares 21,150.000 0.000 0.000 21,150.000


IP EUR sharesCapitalisation shares 6,900.000 23,672.000 29,236.000 1,336.000






01/01/2012


171Page



A shares


101.2063,922.056

77.5033,428.085


USD USD USD

A EUR shares


101.9030,287.558

76.2826,243.589


Distribution shares341.990101.110.73

310.99076.290.00

347.990108.570.00


EUR EUR EUR

I shares


102.75426,343.000

78.39267,262.000


USD USD USD

I EUR shares


104.1321,150.000

77.670.0000.00


EUR EUR EUR

IP shares


103.491,200.000

78.761,200.000


USD USD USD

IP EUR shares


104.696,900.000

77.86136,037.136


EUR EUR EUR

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 47,622,918.12 44,329,820.78 58,389,278.67


USD


172Page

AKBANK774,000 2,832,883.84 5.95TRY 2,795,777.90


Shares 45,278,984.80 95.0844,072,049.50

AKFEN HOLDING241,500 1,244,408.20 2.61TRY 1,363,086.81ALBARAKA TURK KATILIM BANKASI317,254 194,697.29 0.41TRY 262,610.49ANADOLU EFES BIRACILIK VE MALT SANAYI104,000 1,331,110.63 2.80TRY 1,353,430.02ANADOLU HAYAT SIGORTA A.S45,100 103,479.53 0.22TRY 110,799.44ANEL ELEKTRIK850,000 1,033,883.07 2.17TRY 1,040,381.91ARCELIK153,000 773,156.56 1.62TRY 665,588.19ASELSAN AS82,079 508,252.94 1.07TRY 394,230.98ASYA KATILIM BANK-SHS B-465,000 465,330.31 0.98TRY 973,508.83BAGFAS BANDIRMA3,000 286,944.02 0.60TRY 279,477.05BIM BIRLESIK MAGAZALAR23,500 967,952.29 2.03TRY 732,547.50DOGAN SIRKETLER GRUBU HOLDINGS830,000 367,111.42 0.77TRY 269,071.39DOGUS OTOMOTIV SERVIS77,000 236,698.41 0.50TRY 242,472.57ECZACIBASI ILAC SHS280,000 292,583.38 0.61TRY 279,438.81EMLAK KONUT REIT535,000 656,653.97 1.38TRY 689,794.49ENKA INSAAT VE SANAY A.S390,880 1,048,129.64 2.20TRY 810,491.90EREGLI DEMIR VE CELIK471,000 523,415.74 1.10TRY 403,064.14FORD OTOMOTIV20,000 181,344.20 0.38TRY 177,930.41HACI OMER SABANCI HOLDING AS193,340 812,391.04 1.71TRY 726,559.06IS FINANSAL KIRALAMA A.S1,015,530 494,089.07 1.04TRY 586,741.00IS GAYRIMENKUL YATIRIM1,040,000 655,492.92 1.38TRY 620,301.33KARDEMIR KARABUK -SHS- -D-460,000 254,324.18 0.53TRY 209,955.49KOC HOLDING AS -B-385,350 1,470,057.33 3.09TRY 1,394,368.48KOZA ALTIN55,608 1,076,056.65 2.26TRY 867,626.99KOZA ANADOLU METAL MADENCILIK490,000 1,048,423.78 2.20TRY 686,854.42MARDIN CIMENTO70,000 215,954.40 0.45TRY 289,674.69MUTLU AKU117,731 371,018.45 0.78TRY 386,597.20PINAR ENTEGRE ET73,110 218,273.17 0.46TRY 297,640.27SELCUK ECZA DEPOSU246,536 243,985.04 0.51TRY 373,158.59TAV HAVALIMALARI HOLDING AS136,000 730,861.34 1.53TRY 679,710.32TEKFEN HOLDING AS167,000 611,229.46 1.28TRY 608,235.43TOFAS TURK OTOMOBIL FABRIKASI AS80,714 345,397.86 0.73TRY 326,144.22TRAKYA CAM SANAYII701,000 941,790.07 1.98TRY 1,154,678.89TUPRAS TURKIYE PETROL RAFINELERI80,000 1,711,712.29 3.59TRY 1,737,339.75TURCAS PETROL AS159,000 216,252.95 0.45TRY 174,360.85TURK HAVA YOLLARI AO374,000 657,549.63 1.38TRY 561,437.93TURK SISE CAM120,000 196,382.50 0.41TRY 233,085.82TURK TELEKOM589,000 2,403,263.96 5.05TRY 2,399,694.26TURK TRAKTOR VE ZIR31,049 523,573.04 1.10TRY 530,663.63TURKCELL ILETISIM HIZMET486,000 2,461,283.04 5.17TRY 2,326,330.74TURKIYE GARANTI BANKASI AS (NAMEN-AKT)1,176,000 4,616,315.54 9.69TRY 4,745,967.34TURKIYE HALK BANKA -SHS-234,000 1,830,636.48 3.84TRY 1,543,431.67TURKIYE IS BANKASI AS1,083,000 2,874,084.35 6.04TRY 2,760,399.57TURKIYE SINAI KALK920,191 936,107.28 1.97TRY 790,606.98TURKIYE VAKIFLAR BANKASI TAO683,000 1,419,836.59 2.98TRY 1,244,971.38YAPI KREDI SIGORTA62,597 610,840.81 1.28TRY 624,030.52YAPI VE KREDI BANKASI AS919,000 1,885,034.21 3.96TRY 1,898,263.38YAZICILAR59,850 398,731.93 0.84TRY 449,516.47




Total 47,622,918.12 100.00





173Page

Turkey 95.08

95.08




Banks and credit institutions 35.82Holding and finance companies 12.72Communications 11.29Building materials and trade 4.63Petroleum 4.04Transportation 2.91Tobacco and alcoholic drinks 2.80Foods and non alcoholic drinks 2.49Precious metals and stones 2.26Retail trade, department stores 2.20Electrical engineering and electronics 2.17Miscellaneous consumer goods 2.03Coal mining and steel industry 1.63Road vehicles 1.61Miscellaneous sectors 1.61Insurance 1.50Real estate companies 1.38Machine and apparatus construction 0.78Pharmaceuticals and cosmetics 0.61Chemicals 0.60

95.08

% of net assets



174Page











709,292.27- securities portfolio 2Note28,755.75- forward foreign exchange contracts 2Note




13,500,439.99Result of operations-307.97Dividends paid 16Note







175Page



387,857.12Liabilities206,117.60Payable on purchases of securities73,142.04Payable on redemptions of shares




Expressed in USD


UBAM - RUSSIAN EQUITY



A EUR sharesCapitalisation shares 10,585.000 2,516.000 2,469.000 10,632.000







01/01/2012


176Page



A shares


83.5261,872.343

85.8539,860.588



83.520.0000.00

0.0000.00


USD USD USD

A EUR shares


63.5910,585.000

63.8610,000.000


EUR EUR EUR

I shares


84.58255,790.000

86.59250,000.000


USD USD USD

R shares


0.0000.00

0.0000.00


USD USD USD

Total net assets 17,818,064.84 28,336,909.73 34,874,483.50


USD


177Page

BANK OF GEORGIA HOLDINGS PLC11,622 195,230.14 1.10GBP 183,380.76


Shares 16,959,243.04 95.1820,648,962.54

Pound Sterling 908,529.99 5.101,823,384.09

EURASIAN NATURAL RESOURCES CORPORATION35,000 228,040.02 1.28GBP 416,504.06PETRONEFT RESOURCES PLC1,266,000 136,515.81 0.77GBP 699,244.82PETROPAVLOVSK PLC48,803 348,744.02 1.95GBP 524,254.45

URALKALIY28,029 214,817.88 1.21RUB 138,553.94Russian Ruble 214,817.88 1.21138,553.94

AEROFLOT136,000 182,430.40 1.02USD 201,029.00US Dollar 15,835,895.17 88.8718,687,024.51

AK SBEREGATELNY BANK SBERBANK24,600 47,490.30 0.27USD 51,824.86AKRON OJSC4,451 159,728.14 0.90USD 210,471.62AO TATNEFT26,000 144,627.60 0.81USD 171,467.40AVANG INV -GDR- REC REP 1/10TH REG-S11,967 119,071.65 0.67USD 179,489.48CHERKIZOVO GROUP-GDR REP. 0.066 REG SHS18,005 191,753.25 1.08USD 215,389.00ETALON GRP GDR REPR 1SHS REG S42,000 228,900.00 1.28USD 201,583.06FSK EES76,491,700 458,950.20 2.58USD 767,660.57GAZPROM ADR REPR. 2 SHS161,896 1,526,679.28 8.56USD 1,874,206.16GAZPROM NEFT ADR REPR 5 SHS6,518 149,588.10 0.84USD 155,597.48GROUP LSR -GDR- REPR SHS REG -S42,000 180,138.00 1.01USD 177,609.60HMS HYDRAULIC GDR REPR SHS REGS32,000 154,560.00 0.87USD 146,217.36INTER RAO UES - SHS200,000,000 172,000.00 0.97USD 197,100.00JSFC SISTEMA GDR REPR.SHS REG-S23,000 429,180.00 2.41USD 411,754.99LUKOIL HOLDING ADR REPR.1SHS28,400 1,583,300.00 8.88USD 1,679,424.50M VIDEO COMPANY13,000 89,082.50 0.50USD 75,140.00MAGNIT GDR3,655 109,942.40 0.62USD 93,474.81MAGNIT SHS3,100 372,836.07 2.09USD 398,095.61MECHEL OJSC ADR REPR.1 SHS11,000 70,950.00 0.40USD 177,424.15MMC NORILSK NICKEL ADR REPR.1/10SHS40,881 675,354.12 3.79USD 812,475.77MOBILE TELESYSTEMS ADR REPR.2 SHS66,393 1,141,959.60 6.40USD 1,187,180.47MOSTOTREST OAO17,000 91,422.60 0.51USD 85,850.00NOVATEK14,000 141,146.60 0.79USD 142,422.00NOVATEK GDR REPR 1/100 SHS REG-S5,062 536,572.00 3.01USD 666,589.80NOVOLIPETSK STEEL - GDR - REPR SHS REG S12,109 197,255.61 1.11USD 301,788.72NOVOROSS PORT SHS GDR REPR SHS REG-S26,522 166,955.99 0.94USD 177,787.63ROSNEFT OIL-GDR-76,000 475,760.00 2.67USD 527,425.12ROSTELECOM82,000 295,478.80 1.66USD 444,969.94RUSHYDRO ADR REPR 100 SHS274,100 654,824.90 3.68USD 1,142,117.02SBERBANK522,000 1,388,520.00 7.78USD 1,590,873.05SEVERSTAL GDR REPR SHS REG-S SER -OCT06-45,515 533,890.95 3.00USD 674,844.16SURGUTNEFTEGAZ JSC ADR -REPR.10SHS63,000 521,010.00 2.92USD 563,240.36SURGUTNEFTEGAZ PREF SHS270,000 155,358.00 0.87USD 178,925.95TATNEFT -ADR-REPR 6 SHS REG-S12,000 402,600.00 2.26USD 396,637.27TATNEFT PREF.SHS67,000 174,481.40 0.98USD 170,515.00TMK GDR REPR 4 SHS REG-S8,736 104,832.00 0.59USD 156,619.55TRANSCONTAINER REP 1/10 SH REG-S18,000 207,000.00 1.16USD 186,587.10TRANSNEFT PREF.SHS195 284,284.71 1.60USD 333,337.80URALKALIY GDR REPR.5SHS REG-S16,000 612,480.00 3.44USD 589,772.59VNESHTORGBANK-GDR-REPR 2000 SHS REG-S150,000 529,500.00 2.97USD 789,747.47WGC-42,400,000 174,000.00 0.98USD 182,358.09

MOTOR SICH1,000 252,645.91 1.42USD 264,722.00


Shares 252,645.91 1.42264,722.00

US Dollar 252,645.91 1.42264,722.00




Total 17,818,064.84 100.00





178Page

Russia 87.26United Kingdom 5.20Ukraine 1.42Guernsey 1.28Ireland 0.77Cyprus 0.67

96.60




Petroleum 29.56Banks and credit institutions 12.12Communications 10.47Coal mining and steel industry 7.74Utilities 6.26Transportation 5.23Chemicals 4.65Miscellaneous services 4.20Holding and finance companies 3.80Non-ferrous metals 3.79Foods and non alcoholic drinks 2.71Miscellaneous sectors 2.15Machine and apparatus construction 2.01Building materials and trade 1.01Pharmaceuticals and cosmetics 0.90

96.60

% of net assets



179Page











-1,670,122.03- securities portfolio 2Note-24,755.30- forward foreign exchange contracts 2Note64,569.98- foreign exchange 2Note









180Page

83,890,475.63Assets66,187,581.31Securities portfolio at market value 2Note6,177,881.75Deposits on futures contracts

10,373,435.58Cash at banks887,027.06Receivable on issues of shares263,987.50Dividends receivable

562.43Unrealised gain on forward foreign exchange contracts 2, 9Note

4,632,643.19Liabilities2,938,622.72Short option contracts at market value 2, 12Note1,381,633.17Bank liabilities




Expressed in EUR


UBAM - EUROPE EQUITY DIVIDEND+



A CHF sharesCapitalisation shares 4,802.000 6,539.000 40.000 11,301.000


A USD sharesCapitalisation shares 53,467.000 32,746.000 4,055.000 82,158.000


A SEK sharesCapitalisation shares 0.000 445.000 0.000 445.000



I CHF sharesDistribution shares 1,000.000 0.000 0.000 1,000.000

I USD sharesDistribution shares 10,000.000 500.000 0.000 10,500.000

I GBP sharesCapitalisation shares 0.000 720.947 0.000 720.947






01/01/2012


181Page






01/01/2012



A shares


102.7885,538.369

100.560.0000.00



100.232.57

4,800.000100.560.00

0.0000.000.00


EUR EUR EUR

A CHF shares


100.884,802.000

99.750.0000.00



98.412.50

0.0000.000.00

0.0000.000.00


CHF CHF CHF

A USD shares


100.3653,467.000

100.430.0000.00



100.340.0000.00

0.0000.00


USD USD USD

A SEK shares

Capitalisation shares445.0001,004.06

0.0000.00

0.0000.00


SEK SEK SEK

Total net assets 79,257,832.44 36,811,110.62 0.00


EUR


182Page



I shares


103.21111,700.000

100.610.0000.00



100.662.57

110,350.000100.600.00

0.0000.000.00


EUR EUR EUR

I CHF shares


98.762.55

1,000.00099.780.00

0.0000.000.00


CHF CHF CHF

I USD shares


98.272.63

10,000.000100.470.00

0.0000.000.00


USD USD USD

I GBP shares


0.0000.00

0.0000.00



83.510.0000.00

0.0000.00


GBP GBP GBP

R shares


0.0000.00

0.0000.00


EUR EUR EUR

Total net assets 79,257,832.44 36,811,110.62 0.00


EUR


183Page

BASF - NAMEN AKT61,500 3,364,050.00 4.24EUR 3,799,084.71


Shares 66,187,581.31 83.5166,143,247.98

Euro 37,240,813.30 46.9938,985,608.11

DEUTSCHE BOERSE AG REG SHS98,800 4,201,964.00 5.30EUR 4,644,713.65ENI SPA227,000 3,809,060.00 4.81EUR 3,677,672.40REED ELSEVIER NV449,300 4,049,091.60 5.11EUR 4,071,808.84ROYAL DUTCH SHELL PLC135,940 3,616,683.70 4.56EUR 3,623,572.88SANOFI AVENTIS60,600 3,620,244.00 4.57EUR 3,444,485.82SIEMENS AG REG SHS50,900 3,366,526.00 4.25EUR 3,785,450.52TOTAL SA100,700 3,574,850.00 4.51EUR 4,007,632.42UNILEVER NV140,000 3,693,900.00 4.66EUR 3,658,102.00WOLTERS KLUWER NV314,800 3,944,444.00 4.98EUR 4,273,084.87

BHP BILLITON PLC172,000 3,839,228.77 4.84GBP 3,741,470.38Pound Sterling 28,946,768.01 36.5227,157,639.87

BRITISH AMERICAN TOBACCO PLC93,000 3,725,862.07 4.70GBP 3,548,000.53DIAGEO PLC163,000 3,307,947.10 4.17GBP 2,806,021.91GLAXOSMITHKLINE PLC181,000 3,237,016.44 4.08GBP 3,115,883.69IMPERIAL TOBACCO GROUP PLC124,000 3,762,452.11 4.75GBP 3,470,470.74PEARSON PLC254,000 3,974,341.86 5.02GBP 3,636,007.97RECKITT BENCKISER GROUP PLC89,000 3,701,458.41 4.67GBP 3,641,624.94VODAFONE GROUP PLC1,534,000 3,398,461.25 4.29GBP 3,198,159.71

BASF (OTC) JUL 57.70 18.07.12 CALL-615 -46,131.15 -0.06EUR -70,725.00

Derivative instruments -2,938,622.72 -3.71-1,522,427.12

Options -2,938,622.72 -3.71-1,522,427.12

Euro -1,879,781.33 -2.37-773,300.10

DEUT.BOERSE(OTC) JUL 37.5 05.07.12 CALL-799 -402,288.51 -0.51EUR -85,493.00DEUT.BOERSE(OTC) JUL 38.1 05.07.12 CALL-189 -83,895.21 -0.11EUR -21,168.00ENI OTC FLEX JUL 16.35 20.07.12 CALL-227 -154,882.10 -0.20EUR -85,806.00REED ELSEVIE(OTC)JUL 8.45 11.07.12 CALL-1,809 -105,265.71 -0.13EUR -31,838.40REED ELSEVIE(OTC)JUL 8.87 30.07.12 CALL-2,684 -77,352.88 -0.10EUR -52,150.12ROYAL DUTCH (OTC)JUL 24.70 03.07.12 CALL-1,344 -256,341.12 -0.32EUR -76,608.00SANOFI-AVEN(FLEX)JUL 56.70 17.07.12 CALL-606 -192,332.28 -0.24EUR -74,235.00SIEMENS (FLEX) JUL 66.65 13.07.12 CALL-509 -58,621.53 -0.07EUR -65,569.38TOTAL (OTC) JUL 35.20 10.07.12 CALL-1,007 -67,317.95 -0.08EUR -65,455.00UNILEVER (OTC) JUL 24.70 04.07.12 CALL-1,400 -236,390.00 -0.30EUR -72,856.00WOLTERS KL(FLEX) JUL 11.80 12.07.12 CALL-1,239 -93,346.26 -0.12EUR -25,771.20WOLTERS KL(OTC) JUL 12.05 02.07.12 CALL-1,527 -73,891.53 -0.09EUR -36,648.00WOLTERS KLU(OTC) JUL 11.70 02.07.12 CALL-382 -31,725.10 -0.04EUR -8,977.00

STATOIL (OTCFLEX)JUL 137 23.07.12 PUT-1,944 -87,616.32 -0.11NOK -110,811.05Norwegian Krone -87,616.32 -0.11-110,811.05

BHP BILLITON OTC JUL 17.70 26.07.12 CALL-146 -158,775.68 -0.20GBP -84,714.25Pound Sterling -902,949.83 -1.14-465,237.01

BHP BILLITON(OTC)JUL 17.80 26.07.12 CALL-26 -26,459.52 -0.03GBP -16,177.85BRITISH AMER(OTC)JUL 31.50 10.07.12 CALL-93 -119,528.74 -0.15GBP -70,908.75DIAGEO (OTC FLEX)JUL 16.00 16.07.12 CALL-163 -102,985.54 -0.13GBP -65,987.79IMPERIAL TOBA(OTC)JUL 23.9 25.07.12 CALL-124 -113,685.82 -0.14GBP -82,196.24PEARSON (OTC) JUL 11.40 06.07.12 CALL-103 -160,680.51 -0.21GBP -33,841.68PEARSON OTC FLEX JUL 12.04 23.07.12 CALL-151 -128,343.47 -0.16GBP -39,345.47RECKITT (OTC) JUL 33.60 27.07.12 CALL-15 -13,998.89 -0.02GBP -12,438.25VODAFONE (FLEX) JUL 1.77 19.07.12 CALL-1,534 -78,491.66 -0.10GBP -59,626.73

NESTLE FLEX JUL 55.9 13.07.12 PUT-682 -28,957.25 -0.04CHF -45,996.67Swiss Franc -68,275.24 -0.09-173,078.96

NESTLE (OTC) JUL 54.4 13.07.12 PUT-126 -1,468.59 0.00CHF -11,857.09NOVARTIS (OTC) JUL 51.80 24.07.12 PUT-813 -34,248.68 -0.05CHF -52,124.06ROCHE HLDG(OTC) JUL 154.0 09.07.12 PUT-250 -3,600.72 0.00CHF -63,101.14




Total 79,257,832.44 100.00





184Page

United Kingdom 41.08The Netherlands 14.75Germany 13.79France 8.84Italy 4.81Luxembourg -3.47

79.80




Graphic art and publishing 15.11Petroleum 13.88Tobacco and alcoholic drinks 13.62Pharmaceuticals and cosmetics 8.65Holding and finance companies 5.30Coal mining and steel industry 4.84Miscellaneous consumer goods 4.67Foods and non alcoholic drinks 4.66Communications 4.29Various capital goods 4.25Chemicals 4.24Other -3.71

79.80

% of net assets



185Page




394.87Interest on bank accounts



981.87Interest paid on bank liabilities182.02Legal fees




-3,683,173.87- securities portfolio 2Note6,221,328.87- options 2Note

-19,215.97- forward foreign exchange contracts 2Note-9,041.14- foreign exchange 2Note


-757,829.66- securities portfolio-1,041,848.08- options

1,236.24- forward foreign exchange contracts


34,374,421.61Subscriptions capitalisation shares16,365,903.39Subscriptions distribution shares-7,859,999.04Redemptions capitalisation shares-1,098,165.41Redemptions distribution shares





186Page


165,728.92Cash at banks25,163.38Interest receivable on bonds and other debt securities

166,537.17Unrealised gain on swap contracts 2, 11Note

178,559.04Liabilities165,996.61Other liquid liabilities12,562.43Interest paid on bank liabilities and expenses payable



Expressed in EUR


UBAM - SQUARE

I sharesCapitalisation shares 21,000.000 0.000 0.000 21,000.000





01/01/2012


A shares


0.0000.00

132,311.18799.84


EUR EUR EUR

AH CHF shares


0.0000.00

32,303.00099.65


CHF CHF CHF

AP shares


0.0000.00

50,905.00099.97


Distribution shares0.0000.00

0.0000.00

200.00099.94


EUR EUR EUR

Total net assets 2,042,944.29 2,051,027.64 78,100,349.87


EUR


187Page


UBAM - SQUARE

APH CHF shares


0.0000.00

11,340.00099.80


CHF CHF CHF

I shares


97.2821,000.000

97.67561,000.000


EUR EUR EUR

IP shares


0.0000.00

1,760.00099.91


EUR EUR EUR

Total net assets 2,042,944.29 2,051,027.64 78,100,349.87


EUR


188Page

FRANCE BTF -12 04/10U400,000 399,813.57 19.57EUR 399,813.57


Bonds 1,864,073.86 91.241,879,129.36

FRANCE BTF -12 07/02U400,000 399,335.79 19.55EUR 399,335.79FRANCE BTF -13 30/05U300,000 299,553.00 14.66EUR 299,553.00GERMANY 3.75 03-13 04/07A200,000 207,390.00 10.15EUR 211,028.00GERMANY 4.50 03-13 04/01A350,000 357,927.50 17.52EUR 365,071.00GERMANY 5.00 02-12 04/07A200,000 200,054.00 9.79EUR 204,328.00




Total 2,042,944.29 100.00


UBAM - SQUARE



189Page

France 53.78Germany 37.46

91.24



UBAM - SQUARE

Countries and central government 91.24

91.24

% of net assets



190Page


UBAM - SQUARE



14,966.65Expenses5,583.71Advisory fees 4Note2,603.56Custodian fees

101.74Subscription duty ("taxe d'abonnement") 6Note1,057.36Central administration costs



270.33Other administration costs 7, 8Note12.70Banking charges and other fees

318.74Other expenses


191,572.83- swap contracts 2Note394.27- foreign exchange 2Note


-15,055.50- securities portfolio-191,942.21- swap contracts

-8,083.35Result of operations





191Page


138,472.34Cash at banks20,478.13Interest receivable on bonds and other debt securities83,268.58Unrealised gain on swap contracts 2, 11Note

94,422.07Liabilities82,776.09Other liquid liabilities11,645.98Interest paid on bank liabilities and expenses payable



Expressed in EUR


UBAM - CUBE

AP sharesCapitalisation shares 75.000 0.000 0.000 75.000






01/01/2012


AP shares


75.00093.99

25,698.336100.00


EUR EUR EUR

IP shares


94.0621,500.000

94.62161,000.000


EUR EUR EUR

Total net assets 2,029,359.99 2,041,335.53 18,693,613.73


EUR


192Page

FRANCE BTF -12 04/10U300,000 299,860.17 14.78EUR 299,860.17


Bonds 1,881,563.01 92.721,887,020.01

FRANCE BTF -12 07/02U300,000 299,501.84 14.76EUR 299,501.84FRANCE BTF -13 30/05U300,000 299,553.00 14.76EUR 299,553.00GERMANY 3.75 03-13 04/07A300,000 311,085.00 15.33EUR 316,542.00GERMANY 4.50 03-13 04/01A350,000 365,071.00 17.99EUR 365,071.00GERMANY 5.00 02-12 04/07A300,000 306,492.00 15.10EUR 306,492.00




Total 2,029,359.99 100.00


UBAM - CUBE



193Page

Germany 48.42France 44.30

92.72



UBAM - CUBE

Countries and central government 92.72

92.72

% of net assets



194Page


UBAM - CUBE



14,037.34Expenses4,750.03Advisory fees 4Note2,588.37Custodian fees

102.50Subscription duty ("taxe d'abonnement") 6Note1,051.47Central administration costs



277.57Other administration costs 7, 8Note12.63Banking charges and other fees

192.79Other expenses


96,707.11- swap contracts 2Note216.96- foreign exchange 2Note


-5,457.00- securities portfolio-96,911.53- swap contracts

-11,975.54Result of operations




UBAM

Notes to the financial statements as at 30th June 2012

Note 1 - General Information UBAM (hereinafter the "SICAV") is a variable capital investment company incorporated in Luxembourg on 6th December 1990 in accordance with the legislation of the Grand Duchy of Luxembourg, subject to Part I of the law of 17th December 2010 (the "2010 Law").

On 19th December 2011, The Extraordinary General Meeting of shareholders amended the articles of incorporation mainly with the aim of bringing the SICAV into conformity with the law of 2010 on undertakings for collective investment. The SICAV complies with article 27 of the 2010 Law so the SICAV has the status of a self managed SICAV. The objective of the SICAV is to offer its shareholders the possibility to invest in an investment vehicle oriented towards the growth of capital invested in various transferable securities. The SICAV offers investors a choice between various sub-funds, each having different investment objectives. Each sub-fund constitutes a distinct set of assets, represented by different classes of shares. The SICAV thus constitutes a company with multiple sub-funds. The Board of Directors may at any time and in conformity with the articles of incorporation, issue classes of shares falling within other sub-funds, whose investment aims differ from those of already existing sub-funds. At the date of the report, the following sub-funds are active:

- UBAM - DYNAMIC US DOLLAR BOND expressed in USD - UBAM - DYNAMIC EURO BOND expressed in EUR - UBAM - YIELD CURVE US DOLLAR BOND expressed in USD - UBAM - YIELD CURVE EURO BOND expressed in EUR - UBAM - YIELD CURVE STERLING BOND expressed in GBP - UBAM - GLOBAL BOND (CHF) expressed in CHF - UBAM - CORPORATE US DOLLAR BOND expressed in USD - UBAM - CORPORATE EURO BOND expressed in EUR - UBAM - EMERGING MARKET BOND expressed in USD - UBAM - LOCAL CURRENCY EMERGING MARKET BOND expressed in USD - UBAM - EMERGING MARKET CORPORATE BOND expressed in USD - UBAM - GLOBAL HIGH YIELD SOLUTION expressed in USD - UBAM - EUROPEAN CONVERTIBLE BOND expressed in EUR - UBAM - EURO 10-40 CONVERTIBLE BOND expressed in EUR - UBAM - CALAMOS US EQUITY GROWTH expressed in USD - UBAM - NEUBERGER BERMAN US EQUITY VALUE expressed in USD - UBAM - DR. EHRHARDT GERMAN EQUITY expressed in EUR - UBAM - EUROPE EQUITY expressed in EUR - UBAM - SWISS EQUITY expressed in CHF - UBAM - IFDC JAPAN EQUITY expressed in JPY - UBAM - IFDC JAPAN OPPORTUNITES EQUITY expressed in JPY - UBAM - PCM GLOBAL EQUITY VALUE expressed in USD - UBAM - VP VALUE CHINA EQUITY expressed in USD - UBAM - ASIA EQUITY expressed in USD - UBAM - EQUITY BRIC+ expressed in USD - UBAM - TURKISH EQUITY expressed in USD - UBAM - RUSSIAN EQUITY expressed in USD - UBAM - EUROPE EQUITY DIVIDEND+ expressed in EUR - UBAM - SQUARE expressed in EUR - UBAM - CUBE expressed in EUR

UBAM

Notes to the financial statements (continued) as at 30th June 2012

During the period following events have occured:

- The sub-fund UBAM - ABSOLUTE RETURN (USD) has been liquidated with effect from 27th January 2012 for Type A shares and with effect from 28th December 2011 for Type I shares.

- The sub-fund UBAM - ABSOLUTE RETURN (EURO) has been liquidated with effect from 12th January 2012 for Type A shares and with effect from 19th January 2012 for Type I shares.

At the date of the report, the Types of shares which can be issued are shown in the table below. The Types of shares which include the letter “P” in their name bear a performance fee. Classes in currencies other than the base currency of each sub-fund will be offered in EUR/CHF/USD/SEK/GBP. Depending on the sub-funds, the currency risk for the shares denominated in EUR/CHF/USD/SEK/GBP against the base currency of the sub-fund may or may not be hedged. The hedged shares will be covered largely by hedging transactions. All the costs ans risks resulting from hedging transactions against the EUR/CHF/USD/SEK/GBP will be borne by the shares denominated in these currencies respectively. The shares, hedged against currency risk, are denominated with the letter “H”. The table below lists the Types of shares available by sub-fund

UBAM


Sub-fund

currency EUR CHF USD SEK GBP

Bond sub-funds A A

PI I

PR Z A A

PA

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I

I P

I

H

I P H

A

A P

A

H

A P H

I

I P

I

H

I P H

A

AP

A

H

APH

I IP

I

H

IPH

UBAM - DYNAMIC US DOLLAR BOND USD

UBAM - DYNAMIC EURO BOND EUR

UBAM - YIELD CURVE US DOLLAR BOND USD

UBAM - YIELD CURVE EURO BOND EUR

UBAM - YIELD CURVE STERLING BOND GBP

UBAM - GLOBAL BOND (CHF) CHF

UBAM - CORPORATE US DOLLAR BOND USD

UBAM - CORPORATE EURO BOND EUR

UBAM - EMERGING MARKET BOND USD

UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD

UBAM - EMERGING MARKET CORPORATE BOND USD

UBAM - GLOBAL HIGH YIELD SOLUTION USD

Convertible Bond sub-funds A A

PI I

PR Z A A

PA

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I

I P

I

H

I P H

A

A P

A

H

A P H

I

I P

I

H

I P H

A

AP

A

H

APH

I IP

I

H

IPH

UBAM - EUROPEAN CONVERTIBLE BOND EUR

UBAM - EURO 10-40 CONVERTIBLE BOND EUR

Equity sub-funds A A

PI I

PR Z A A

PA

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I

I P

I

H

I P H

A

A P

A

H

A P H

I

I P

I

H

I P H

A

AP

A

H

APH

I IP

I

H

IPH

UBAM - CALAMOS US EQUITY GROWTH USD

UBAM - NEUBERGER BERMAN US EQUITY VALUE USD

UBAM - DR. EHRHARDT GERMAN EQUITY EUR

UBAM - EUROPE EQUITY EUR

UBAM - SWISS EQUITY CHF

UBAM - IFDC JAPAN EQUITY JPY

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY

UBAM - PCM GLOBAL EQUITY VALUE USD

UBAM - VP VALUE CHINA EQUITY USD

UBAM - ASIA EQUITY USD

UBAM - EQUITY BRIC+ USD

UBAM - TURKISH EQUITY USD

UBAM - RUSSIAN EQUITY USD

UBAM - EUROPE EQUITY DIVIDEND+ EUR

Others sub-funds A A

PI I

PR Z A A

PA

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I IP

I

H

IPH

A AP

A

H

APH

I

I P

I

H

I P H

A

A P

A

H

A P H

I

I P

I

H

I P H

A

AP

A

H

APH

I IP

I

H

IPH

UBAM - SQUARE EUR

UBAM - CUBE EUR

= capitalization and distribution shares available

UBAM


Note 2 - Principal accounting methods a) Presentation of the financial statements The financial statements of the SICAV are prepared in accordance with the Luxembourg regulations relating to undertakings for collective investments. b) Valuation of securities The valuation of any security and/or money market instrument traded or listed on a stock exchange is based on the last known price unless such price is not representative. The valuation of any security traded on another regulated market is based on the last available price. Where securities held in the portfolio are not traded or listed on a stock exchange or another regulated market, or where the price determined in respect of securities listed or traded on a stock exchange or another regulated market is not representative of the real value of those securities, such securities are valued on the basis of probable sales estimated with caution and in good faith. Certificates of deposit, "commercial paper", and treasury bills and fixed income securities with less than a year to accrue are valued at acquisition cost. The difference between the acquisition cost and the redemption price is amortised by the straight-line method in the currency of the sub-fund over the residual life of the security and posted as interest. Premiums received on the sale of options are recognised as liabilities and premiums paid on the purchase of options are carried as assets under the heading of transferable securities. Option contracts outstanding on the reporting date are valued at the last known price on the stock exchanges or regulated markets for that purpose. Realised and unrealised gain and loss are recorded in the statement of net assets and in the statement of operations and other changes in net assets. c) Net realised profits (losses) on sales of securities of each sub-fund The net realised profits (losses) on sales of securities are determined on the basis of the average cost of the securities sold. d) Acquisition cost of portfolio securities In each sub-fund, the cost of acquiring securities denominated in another currency than the currency of the sub-fund is converted into this currency at the exchange rate on the date of purchase. The cost of acquiring the SICAV securities portfolio is equal to the sum of the acquisition costs of the securities portfolio of each sub-fund, converted into EUR at the exchange rate prevailing at the date of the report. e) Futures contracts Futures contracts are posted off-balance sheet and valued at their last known price on the stock exchanges or regulated markets for that purpose. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets.

UBAM


f) Swap contracts Swap contracts are posted off-balance sheet and valued at their last known price on the stock exchanges or regulated markets for that purpose. Realised and unrealised gains or losses are recorded in the statement of net assets and in the statement of operations and other changes in net assets. Valuation of CDS (Credit Default Swaps) contracts is essentially depending on the issuer’s credit risk, this being defined via a spread listed in basis points. The valuation of swaps on commodity futures is based on performance (positive or negative) between the purchase price and ongoing evaluation of the underlying The interests to be received and to be paid on swap contracts are accrued for each Net asset value calculation according to their rate, the coupons payments frequency and the maturity date of the contracts. g) Forward foreign exchange contracts Forward foreign exchange contracts that have not matured on the valuation date are valued on the basis of the forward rates applicable on that date. Resulting unrealised gains and losses are recorded in the statement of net assets and in the statement of operations and other changes in net assets. h) Conversion of foreign currencies Bank balances, other net assets and the valuation price of the securities in portfolio expressed in currencies other than the currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and charges expressed in currencies other than the currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains and losses are recorded in the statement of operations and other changes in net assets. i) Consolidation

The various items appearing in the consolidated financial statements of the SICAV are equal to the sum of the corresponding items in the financial statements of each sub-fund and are drawn up in EUR.

At the date of the report. the consolidation rates prevailing are the following: 1 EUR = 1.20115 CHF Swiss Franc 0.80910 GBP Pound Sterling 101.25755 JPY Japanease Yen 1.26905 USD US Dollar

j) Income

Dividends are accounted at the ex-date. Interests are accounted on a prorata temporis basis.

k) Receivable / payable on treasury transactions

The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans and foreign exchange transactions not yet recorded under the caption "Cash at banks". The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans and foreign exchange transactions not yet recorded under the caption "Cash at banks".

UBAM


For a sub-fund possessing amounts "Receivable on treasury transactions" and amounts "Payable on treasury transactions" at the date of the report, only the net amount is disclosed in the statement of net assets. Note 3 - Management fee In order to manage its discretion the SICAV, the Board of Directors has entrusted: Union Bancaire Privée, UBP SA, London Branch, for the sub-funds UBAM - ABSOLUTE RETURN (USD) (1), UBAM - ABSOLUTE RETURN (EURO) (2), UBAM - EUROPE EQUITY, UBAM - TURKISH EQUITY, UBAM - RUSSIAN EQUITY and UBAM - EUROPE EQUITY DIVIDEND+. Union Bancaire Privée, UBP SA, Zürich branch, for the sub-funds UBAM - EMERGING MARKET BOND, UBAM - LOCAL CURRENCY EMERGING MARKET BOND and UBAM - EMERGING MARKET CORPORATE BOND. Union Bancaire Privée, UBP SA, Genève, for all other sub-funds. In consideration of its services, the manager perceives an annual management fee payable quarterly and based on the average net assets of each Type of shares of the various sub-funds managed during the relevant quarter, in accordance with the table below.

A (in %)

AP (in %)

I (in %)

IP (in %)

R (in %)

Bonds sub-funds

UBAM - DYNAMIC US DOLLAR BOND 0.10 0.10 0.15

UBAM - DYNAMIC EURO BOND 0.10 0.10 0.15

UBAM - YIELD CURVE US DOLLAR BOND 0.15 0.15 0.15

UBAM - YIELD CURVE EURO BOND 0.15 0.15 0.15

UBAM - YIELD CURVE STERLING BOND 0.15 0.15 0.15

UBAM - GLOBAL BOND (CHF) 0.15 0.15 0.15

UBAM - CORPORATE US DOLLAR BOND 0.15 0.20 0.15

UBAM - CORPORATE EURO BOND 0.15 0.20 0.15

UBAM - ABSOLUTE RETURN (USD) (1) 0.20 0.20 0.20

UBAM - ABSOLUTE RETURN (EURO) (2) 0.20 0.20 0.20

UBAM - EMERGING MARKET BOND 0.40 0.20 0.40

UBAM - LOCAL CURRENCY EMERGING MARKET BOND 0.40 0.20 0.40

UBAM - EMERGING MARKET CORPORATE BOND 0.40 0.35 0.20 0.20 0.40

UBAM - GLOBAL HIGH YIELD SOLUTION 0.15 0.15 0.15

Convertible bond sub-funds

UBAM - EUROPEAN CONVERTIBLE BOND 0.30 0.30 0.30

UBAM - EURO 10-40 CONVERTIBLE BOND 0.20 0.20 0.20

Equity sub-funds

UBAM - CALAMOS US EQUITY GROWTH 0.40 0.40 0.40

UBAM - NEUBERGER BERMAN US EQUITY VALUE 0.40 0.40 0.40

UBAM - DR. EHRHARDT GERMAN EQUITY 0.40 0.40 0.40

UBAM - EUROPE EQUITY 0.40 0.40 0.40

UBAM - SWISS EQUITY 0.40 0.40 0.40

UBAM - IFDC JAPAN EQUITY 0.40 0.40 0.40

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 0.40 0.40 0.40

UBAM


A (in %)

AP (in %)

I (in %)

IP (in %)

R (in %)

UBAM - PCM GLOBAL EQUITY VALUE 0.40 0.40 0.40

UBAM - VP VALUE CHINA EQUITY 0.40 0.40 0.40

UBAM - ASIA EQUITY 0.65 0.65 0.25 0.65

UBAM - EQUITY BRIC+ 0.75 0.75 0.75

UBAM - TURKISH EQUITY 0.65 0.65 0.65 0.50 0.65

UBAM - RUSSIAN EQUITY 0.65 0.65 0.65

UBAM - EUROPE EQUITY DIVIDEND+ 0.40 0.40 0.40

Other sub-funds

UBAM - SQUARE 0.00 0.00 0.00 0.00 0.00

UBAM - CUBE 0.00 0.00 (1) This sub-fund has been liquidated with effect from 27th January 2012 for Type A shares and with effect from 28th December 2011 for Type I shares (see Note 18). (2) This sub-fund has been liquidated with effect from 12th January 2012 for Type A shares and with effect from 19th January 2012 for Type I shares (see Note 18). No management fee is levied for Type Z shares. Note 4 - Advisory fee The Board of Directors has entrusted UBAM International Services to act as investment adviser to the SICAV in the choice of its investments and its investment policy. In consideration of its services, the investment adviser receives an annual fee payable quarterly and calculated on the average net assets of each Type of shares of each sub-fund of the SICAV during the relevant quarter in accordance with the following table:

A (in %)

AP (in %)

I (in %)

IP (in %)

R (in %)

Bond sub-funds

UBAM - DYNAMIC US DOLLAR BOND 0.20 0.05 0.75

UBAM - DYNAMIC EURO BOND 0.20 0.05 0.75

UBAM - YIELD CURVE US DOLLAR BOND 0.35 0.10 0.85

UBAM - YIELD CURVE EURO BOND 0.35 0.10 0.85

UBAM - YIELD CURVE STERLING BOND 0.35 0.10 0.85

UBAM - GLOBAL BOND (CHF) 0.35 0.10 0.85

UBAM - CORPORATE US DOLLAR BOND 0.35 0.15 1.05

UBAM - CORPORATE EURO BOND 0.35 0.15 1.05

UBAM - ABSOLUTE RETURN (USD) (1) 0.40 0.15 0.90

UBAM - ABSOLUTE RETURN (EURO) (2) 0.40 0.15 0.90

UBAM - EMERGING MARKET BOND 1.10 0.55 1.60

UBAM - LOCAL CURRENCY EMERGING MARKET BOND 1.10 0.55 1.60

UBAM - EMERGING MARKET CORPORATE BOND 1.10 0.475 0.55 0.30 1.60

UBAM - GLOBAL HIGH YIELD SOLUTION 0.25 0.10 0.55


UBAM - EUROPEAN CONVERTIBLE BOND 0.90 0.60 1.70

UBAM - EURO 10-40 CONVERTIBLE BOND 0.70 0.40 1.60

Equity sub-funds

UBAM - CALAMOS US EQUITY GROWTH 1.10 0.60 2.10

UBAM


A (in %)

AP (in %)

I (in %)

IP (in %)

R (in %)

UBAM - NEUBERGER BERMAN US EQUITY VALUE 1.10 0.60 2.10

UBAM - DR. EHRHARDT GERMAN EQUITY 1.10 0.60 2.10

UBAM - EUROPE EQUITY 1.10 0.60 2.10

UBAM - SWISS EQUITY 0.60 0.25 2.10

UBAM - IFDC JAPAN EQUITY 1.10 0.60 2.10

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 1.10 0.60 2.10

UBAM - PCM GLOBAL EQUITY VALUE 1.10 0.60 2.10

UBAM - VP VALUE CHINA EQUITY 1.10 0.60 2.10

UBAM - ASIA EQUITY 1.10 0.65 0.50 2.10

UBAM - EQUITY BRIC+ 1.00 0.50 1.80

UBAM - TURKISH EQUITY 1.10 0.65 0.60 0.25 1.85

UBAM - RUSSIAN EQUITY 1.10 0.60 1.85

UBAM - EUROPE EQUITY DIVIDEND+ 1.10 0.60 1.60

Other sub-funds

UBAM - SQUARE 0.90 0.40 0.55 0.30 1.60

UBAM - CUBE 0.60 0.47 (1) This sub-fund has been liquidated with effect from 27th January 2012 for Type A shares and with effect from 28th December 2011 for Type I shares (see Note 18). (2) This sub-fund has been liquidated with effect from 12th January 2012 for Type A shares and with effect from 19th January 2012 for Type I shares (see Note 18). No advisory fee is levied for Type Z shares. Note 5 - Performance fee

The fee will be equivalent to a percentage of the highest net return of the sub-fund and, respectively, of the class with respect to a reference index or a fixed rate of return. If this difference is negative or equal to zero, no performance fees will be paid by the sub-fund. The performance fee is payable annually in arrears at the end of each 12-month period (financial year), and is equivalent to a percentage of the net-asset-value earnings, when this is greater than the reference net asset value, the minimum return-rate, or the high-water mark of the benchmark index. The performance fee is calculated on the basis of the net asset value after all charges and management fees (but not the performance fee) have been deducted, and is modified to take into account subscriptions and redemptions. Performance’s

percentage Benchmark index or Minimum return rate per

annum (Hurdle) Bond sub-funds

UBAM - ABSOLUTE RETURN (USD) (AP / IP) (1) 20% Citigroup USD 3 month Euro Deposit + 1% p.a.

UBAM - ABSOLUTE RETURN (EURO) (AP / IP) (2) 20% Citigroup EUR 3 month Euro Deposit + 1% p.a. UBAM - EMERGING MARKET CORPORATE BOND (AP / IP only) 20% Hurdle 7%

Equity sub-funds UBAM - IFDC JAPAN OPPORTUNITIES EQUITY (AP / IP) 15% Hurdle 10%

UBAM - VP VALUE CHINA EQUITY (AP / IP) 15% Hurdle 0%

UBAM - ASIA EQUITY (AP / IP only) 15% Hurdle 10%

UBAM


Performance’s percentage

Benchmark index or Minimum return rate per annum (Hurdle)

UBAM - TURKISH EQUITY (AP / IP only) 20% MSCI Turkey 10/40 NR

Other sub-funds

UBAM - SQUARE (AP / IP only) 10% EONIA

UBAM - CUBE (AP / IP) 15% EONIA

(1) This sub-fund has been liquidated with effect from 27th January 2012 for Type A shares and with effect from 28th December 2011 for Type I shares (see Note 18). (2) This sub-fund has been liquidated with effect from 12th January 2012 for Type A shares and with effect from 19th January 2012 for Type I shares (see Note 18). The manager may receive a performance fee for the sub-fund UBAM - EQUITY BRIC+ as follows: The performance fee is calculated on the basis of the net asset value for each sub-portfolio (hereafter technical NAV per sub-portfolio). The performance fee applied to each share class corresponds to the sum of the performance fees calculated for each sub-portfolio. Investors' attention is drawn to the fact that performance fees are changed and paid separately for each sub-portfolio due to multi-management. Consequently, performance fees may be due at class level, even if the class’performance is negative or lower than the minimum return rate over the calculation period. At the level of each sub-portfolio, the performance fee is payable annually in arrears at the end of each 12-month period (financial year), and is equivalent to a percentage of the technical NAV performance, when this technical NAV is greater than the benchmark technical NAV (defined below) and the minimum return rate. The performance fee is calculated on the basis of the technical NAV deducting any costs, debt and management fees (but not the performance fee) and is adjusted to take in order subscriptions, redemptions and any reallocations between sub-portfolios into consideration. No performance fee will be received if the technical NAV, before receiving this performance fee, proves to be lower than the benchmark technical NAV for the calculation period in question. The benchmark technical NAV corresponds to the highest of the two following values:

- the last technical NAV after deduction of the performance fee over the previous calculation

period; or - the last benchmark technical NAV.

The applicable percentages are the following:

Performance’s percentage

Minimum return rate per annum (Hurdle)

UBAM - EQUITY BRIC+ (AP / IP) 15% 10%

Note 6 - Subscription Duty ("taxe d’abonnement") The SICAV is subject in Luxembourg to an annual tax of 0.05%, for Types A et R shares, payable quarterly on the basis of the net assets of the SICAV as calculated at the end of the relevant quarter. The Types I and Z shares benefit from a reduced "taxe d‟abonnement" of 0.01% of the net asset value which is dedicated to that Type of shares.

UBAM


The net assets invested in collective investment undertakings subject to the "taxe d‟abonnement" stipulated by Article 175 (a) of the Law of 2010 are exempt from the "taxe d‟abonnement". Note 7 - General distributor fee According to the general distribution agreement dated 1st December 2003, Union Bancaire Privée, UBP SA, Geneva has been appointed as General Distributor of the shares of the SICAV. As remuneration for its services as general distributor, Union Bancaire Privée, UBP SA, Genève receives an annual fee of 0.10% payable quarterly, calculated on the average net assets of Types A and R shares for the SICAV’s various sub-funds during the relevant quarter (except for the sub-funds UBAM - SWISS EQUITY and UBAM - GLOBAL HIGH YIELD SOLUTION for which no fee is scheduled). No fee is currently foreseen for the Types I and Z shares. These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs". Note 8 - Marketing fee According to the agreement dated 1st December 2003, Union Bancaire Privée, UBP SA, Genève, is appointed as Marketing Agent. Union Bancaire Privée, UBP SA is responsible for the marketing and the promotion of the SICAV throughout Europe, as well as the coordination of the marketing activities between the local distributors.

In remuneration for its services as marketing agent, Union Bancaire Privée, UBP SA receives an annual fee payable quarterly and calculated on the average net assets of Types A and R shares for the SICAV’s various sub-funds during the relevant quarter (except for the sub-funds UBAM - SWISS EQUITY and UBAM - GLOBAL HIGH YIELD SOLUTION for which no fee is foreseen), in accordance with the following table. No fee is currently foreseen for the Types I and Z shares. These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs". Types A and R

shares (in %)

Bond sub-funds

UBAM - DYNAMIC US DOLLAR BOND 0.05 (3)

UBAM - DYNAMIC EURO BOND 0.05 (3)

UBAM - YIELD CURVE US DOLLAR BOND 0.05

UBAM - YIELD CURVE EURO BOND 0.05

UBAM - YIELD CURVE STERLING BOND 0.05

UBAM - GLOBAL BOND (CHF) 0.05

UBAM - CORPORATE US DOLLAR BOND 0.05

UBAM - CORPORATE EURO BOND 0.05

UBAM - ABSOLUTE RETURN (USD) (1) 0.05

UBAM - ABSOLUTE RETURN (EURO) (2) 0.05

UBAM - EMERGING MARKET BOND 0.05

UBAM - LOCAL CURRENCY EMERGING MARKET BOND 0.05

UBAM - EMERGING MARKET CORPORATE BOND 0.05


UBAM - EUROPEAN CONVERTIBLE BOND 0.05

UBAM - EURO 10-40 CONVERTIBLE BOND 0.05

UBAM


Types A and R shares (in %)

Equity sub-funds

UBAM - CALAMOS US EQUITY GROWTH 0.10

UBAM - NEUBERGER BERMAN US EQUITY VALUE 0.10

UBAM - DR. EHRHARDT GERMAN EQUITY 0.10

UBAM - EUROPE EQUITY 0.10

UBAM - IFDC JAPAN EQUITY 0.10

UBAM - IFDC JAPAN OPPORTUNITIES EQUITY 0.10

UBAM - PCM GLOBAL EQUITY VALUE 0.10

UBAM - VP VALUE CHINA EQUITY 0.10

UBAM - ASIA EQUITY 0.10

UBAM - EQUITY BRIC+ 0.10

UBAM - TURKISH EQUITY 0.10

UBAM - RUSSIAN EQUITY 0.10

UBAM - EUROPE EQUITY DIVIDEND+ 0.10

Other sub-funds

UBAM - SQUARE -

UBAM - CUBE 0.10

(1) This sub-fund has been liquidated with effect from 27th January 2012 for Type A shares and with effect from 28th December 2011 for Type I shares (see Note 18). (2) This sub-fund has been liquidated with effect from 12th January 2012 for Type A shares and with effect from 19th January 2012 for Type I shares (see Note 18). (3) No fee is currently foreseen for the Type A shares. Note 9 - Forward foreign exchange contracts As at 30th June 2012, the following forward foreign exchange contracts are outstanding: UBAM - DYNAMIC US DOLLAR BOND

Unrealized result Currency Purchases Currency Sales

Maturity (in USD)

Forward foreign exchange contracts linked to AH CHF and IH CHF USD 100,382.90 CHF 97,000.00 05/07/2012 -2,105.19 CHF 2,895,000.00 USD 3,044,164.04 17/07/2012 15,504.30 CHF 100,000.00 USD 103,530.39 17/07/2012 2,157.64 15,556.75Forward foreign exchange contracts linked to IH GBP GBP 631,000.00 USD 987,515.00 17/07/2012 2,161.38 2,161.38



Maturity (in EUR)

Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 7,381,000.00 EUR 6,148,271.55 17/07/2012 -1,963.32 -1,963.32

UBAM




Maturity (in CHF)

Forward foreign exchange contracts EUR 240,660.10 PLN 1,050,000.02 26/07/2012 -7,856.40 CHF 1,765,960.00 GBP 1,190,000.00 26/07/2012 393.56 CHF 912,912.00 CAD 988,000.00 26/07/2012 -3,415.85 CHF 6,053,600.00 USD 6,440,000.00 26/07/2012 -38,525.53 CHF 16,332,000.00 EUR 13,610,000.00 26/07/2012 -9,696.61 CHF 7,605,185.50 JPY 646,150,000.00 26/07/2012 -58,026.08 -117,126.91Forward foreign exchange contracts linked to AH EUR EUR 1,170.00 CHF 1,404.70 17/07/2012 0.33 0.33 UBAM - CORPORATE US DOLLAR BOND


Maturity (in USD)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 13,243,000.00 USD 16,710,017.40 03/07/2012 97,865.76 EUR 4,000.00 USD 4,986.00 17/07/2012 90.20 97,955.96 UBAM - CORPORATE EURO BOND


Maturity (in EUR)

Forward foreign exchange contracts linked to AH CHF CHF 577,000.00 EUR 480,633.07 17/07/2012 -153.47 CHF 61,000.00 EUR 50,803.70 17/07/2012 -7.77 -161.24 UBAM - EMERGING MARKET BOND


Maturity (in USD)

Forward foreign exchange contracts USD 6,676,423.60 EUR 5,287,000.00 18/07/2012 -33,832.70 -33,832.70Forward foreign exchange contracts linked to AH EUR and IH EUR USD 116,813.80 EUR 94,000.00 05/07/2012 -2,478.74 EUR 39,436,000.00 USD 49,803,724.40 18/07/2012 248,446.78 EUR 5,000.00 USD 6,237.50 02/07/2012 107.75 EUR 421,000.00 USD 533,449.10 05/07/2012 829.37 246,905.16 UBAM - LOCAL CURRENCY EMERGING MARKET BOND


Maturity (in USD)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 65,344,000.00 USD 82,522,937.60 18/07/2012 411,667.17 411,667.17Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 19,556,000.00 USD 20,576,599.33 18/07/2012 92,241.41 92,241.41

UBAM




Maturity (in USD)

Forward foreign exchange contracts linked to AH EUR, APH EUR, IH EUR and IPH EUR EUR 21,138,000.00 USD 26,695,180.20 18/07/2012 133,169.39 EUR 5,000.00 USD 6,270.00 02/07/2012 75.25 EUR 155,000.00 USD 196,400.50 09/07/2012 311.55 133,556.19Forward foreign exchange contracts linked to AH CHF, APH CHF and IH CHF USD 206,975.06 CHF 200,000.00 05/07/2012 -4,340.80 CHF 4,520,000.00 USD 4,755,892.26 18/07/2012 21,319.86 CHF 224,000.00 USD 231,908.07 18/07/2012 4,838.73 21,817.79 UBAM - GLOBAL HIGH YIELD SOLUTION


Maturity (in USD)

Forward foreign exchange contracts EUR 6,890,000.00 USD 8,801,286.00 26/07/2012 -55,946.80 EUR 966,494.85 USD 1,200,000.00 26/07/2012 26,752.58 USD 2,400,000.00 EUR 1,936,420.85 26/07/2012 -57,849.74 -87,043.96Forward foreign exchange contracts linked to AH CHF and IH CHF CHF 5,558,000.00 USD 5,844,374.34 17/07/2012 29,766.13 USD 517,437.65 CHF 500,000.00 05/07/2012 -10,852.01 CHF 400,000.00 USD 414,121.54 17/07/2012 8,630.56 27,544.68Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 132,873,000.00 USD 167,659,151.40 17/07/2012 981,931.42 EUR 133,000.00 USD 165,917.50 02/07/2012 2,866.15 USD 198,145.80 EUR 159,000.00 03/07/2012 -3,633.15 EUR 321,000.00 USD 406,739.10 05/07/2012 632.37 981,796.79Forward foreign exchange contracts linked to IH GBP GBP 628,000.00 USD 982,820.00 17/07/2012 2,151.10 GBP 40,000.00 USD 62,960.00 17/07/2012 -222.99 1,928.11 UBAM - EUROPEAN CONVERTIBLE BOND


Maturity (in EUR)

Forward foreign exchange contracts EUR 3,350,125.94 USD 4,256,000.00 20/07/2012 -3,115.05 EUR 772,946.86 GBP 624,000.00 20/07/2012 1,850.54 USD 254,000.00 EUR 204,327.89 20/07/2012 -4,204.98 -5,469.49Forward foreign exchange contracts linked to AH USD USD 284,000.00 EUR 223,569.24 20/07/2012 190.24 EUR 16,853.93 USD 21,000.00 03/07/2012 306.12 USD 16,000.00 EUR 12,840.06 20/07/2012 -233.89 262.47

UBAM




Maturity (in EUR)

Forward foreign exchange contracts EUR 10,913,098.24 USD 13,864,000.00 20/07/2012 -10,147.32 EUR 4,138,486.31 GBP 3,341,000.00 20/07/2012 9908.1 EUR 16,652.79 CHF 20,000.00 03/07/2012 2.08 EUR 488,413.26 USD 607,000.00 20/07/2012 10,168.14 9,931.00Forward foreign exchange contracts linked to AH CHF CHF 3,191,000.00 EUR 2,658,059.14 20/07/2012 -722.45 -722.45Forward foreign exchange contracts linked to IH GBP GBP 2,032,000.00 EUR 2,517,343.90 20/07/2012 -6,336.86 -6,336.86 UBAM - CALAMOS US EQUITY GROWTH


Maturity (in USD)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 6,961,000.00 USD 8,783,389.80 17/07/2012 51,441.79 EUR 227,000.00 USD 288,471.60 17/07/2012 -365.47 USD 305,854.00 EUR 244,000.00 17/07/2012 -3,827.93 47,248.39Forward foreign exchange contracts linked to IH CHF CHF 197,000.00 USD 207,281.14 17/07/2012 924.27 CHF 6,000.00 USD 6,354.59 17/07/2012 -13.31 USD 7,302.32 CHF 7,000.00 17/07/2012 -95.80 815.16



Maturity (in USD)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 18,291,000.00 USD 23,079,583.80 17/07/2012 135,170.48 USD 1,143,465.60 EUR 912,000.00 17/07/2012 -14,035.68 EUR 53,000.00 USD 66,101.60 03/07/2012 1,158.05 122,292.85Forward foreign exchange contracts linked to IH GBP GBP 671,000.00 USD 1,050,115.00 17/07/2012 2,298.39 2,298.39 UBAM - SWISS EQUITY


Maturity (in CHF)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 754,000.00 CHF 905,327.80 17/07/2012 138.40 138.40

UBAM




Maturity (in JPY)

Forward foreign exchange contracts linked to AH EUR and IH EUR EUR 17,000 JPY 1,722,610 05/07/2012 -1,254 EUR 47,900,000 JPY 4,780,420,000 17/07/2012 69,373,136 EUR 1,910,000 JPY 192,948,200 17/07/2012 436,036 JPY 5,938,200 EUR 60,000 02/07/2012 -137,253 EUR 139,000 JPY 13,834,670 03/07/2012 240,129 69,910,794Forward foreign exchange contracts linked to AH USD USD 1,701,000 JPY 134,549,100 17/07/2012 1,146,381 USD 69,000 JPY 5,559,330 17/07/2012 -54,928 1,091,453 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY


Maturity (in JPY)

Forward foreign exchange contracts linked to APH CHF CHF 231,000 JPY 19,174,898 17/07/2012 301,059 CHF 8,000 JPY 672,665 17/07/2012 1,827 302,886Forward foreign exchange contracts linked to APH USD USD 2,050,000 JPY 162,155,000 17/07/2012 1,381,588 USD 71,000 JPY 5,720,470 17/07/2012 -56,520 1,325,068Forward foreign exchange contracts linked to APH EUR EUR 62,000 JPY 6,187,600 17/07/2012 89,794 EUR 2,000 JPY 202,160 17/07/2012 337 90,131



Maturity (in EUR)

Forward foreign exchange contracts EUR 56,179.78 GBP 45,000.00 03/07/2012 562.43 562.43

Note 10 - Futures contracts As at 30th June 2012, the following futures contracts are outstanding: UBAM - DYNAMIC US DOLLAR BOND

Market value

Unrealised result

Number of

contracts

Denomination Currency

(in USD)

(in USD) Purchase 7 US 5 YEARS NOTE 09/12 CBOT USD 867,781.25 1,312.50

Sale 48 US 2 YEARS NOTE 09/12 CBOT USD -10,569,000.00 3,750.00 5,062.50

UBAM



Market value

Unrealised result

Number of contracts


(in EUR)

(in EUR) Sale 96 EURO SCHATZ FUTURE 09/12 EUX EUR -10,607,520.00 26,880.00 Sale 7 EURO BOBL FUTURE 09/12 EUX EUR -881,230.00 -3,010.00

23,870.00


Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Purchase 102 US 5 YEARS NOTE 09/12 CBOT USD 12,644,812.50 17,171.88Purchase 64 US 2 YEARS NOTE 09/12 CBOT USD 14,092,000.00 -5,000.00Purchase 112 US 10 YEARS NOTE 09/12 CBOT USD 14,938,000.00 17,328.13

Sale 27 US TREASURY BOND 09/12 CBOT USD -3,995,156.25 58,132.81Purchase 11 US ULTRA BD 30YR 09/12 CBOT USD 1,835,281.25 3,531.25 91,164.07


Market value

Unrealised result

Number of

contracts


(in EUR)

(in EUR) Sale 12 EURO SCHATZ FUTURE 09/12 EUX EUR 1,325,940.00 3,360.00

Purchase 58 EURO BOBL FUTURE 09/12 EUX EUR 7,301,620.00 -37,580.00Purchase 26 EURO BUND FUTURE 09/12 EUX EUR 3,663,400.00 -97,240.00Purchase 31 EURO BUXL FUTURE 09/12 EUX EUR 4,059,140.00 -375,100.00 -506,560.00


Market value

Unrealised result

Number of

contracts


(in GBP)

(in GBP) Purchase 1 LONG GILT FUTURE 09/12 LIFFE GPB 119,110.00 -1,390.00Purchase 5 SHORT GILT FUTURE 09/12 LIFFE GPB 520,150.00 -250.00 -1,640.00

UBAM



Market value

Unrealised result

Number of

contracts


(in CHF)

(in CHF) Purchase 31 10YR MINI JG 09/12 SIMEX JPY 5,284,310.05 11,031.96

Sale 2 CAN 10YR BOND (MSE) 09/12 ME CAD -257,080.92 -2,488.18Sale 14 EURO SCHATZ FUTURE 09/12 EUX EUR -1,858,094.97 4,708.51

Purchase 16 US 5 YEARS NOTE 09/12 CBOT USD 1,877,373.65 2,839.49Purchase 4 LONG GILT FUTURE 09/12 LIFFE GBP 707,299.35 4,750.56

Sale 2 EURO BOBL FUTURE 09/12 EUX EUR -302,425.55 -1,032.99Sale 16 EURO BUND FUTURE 09/12 EUX EUR -2,707,872.56 70,723.71

Purchase 9 US 2 YEARS NOTE 09/12 CBOT USD 1,875,658.12 -665.51Purchase 21 US 10 YEARS NOTE 09/12 CBOT USD 2,651,015.33 3,431.05Purchase 2 EURO BUXL FUTURE 09/12 EUX EUR 314,557.16 -29,067.83Purchase 7 US TREASURY BOND 09/12 CBOT USD 980,362.20 5,538.47Purchase 3 US ULTRA BD 30YR 09/12 CBOT USD 473,750.53 7,143.09 76,912.33


Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Sale 213 US 5 YEARS NOTE 09/12 CBOT USD -26,405,343.75 -29,554.69

Purchase 69 US 2 YEARS NOTE 09/12 CBOT USD 15,192,937.50 -5,812.50Purchase 121 US 10 YEARS NOTE 09/12 CBOT USD 16,138,375.00 6,203.13Purchase 173 US TREASURY BOND 09/12 CBOT USD 25,598,593.75 131,609.38

Sale 1 US ULTRA BD 30YR 09/12 CBOT USD -166,843.75 -2,515.63 99,929.69


Market value

Unrealised result

Number of

contracts


(in EUR)

(in EUR) Sale 172 EURO SCHATZ FUTURE 09/12 EUX EUR -19,005,140.00 42,175.00

Purchase 107 EURO BOBL FUTURE 09/12 EUX EUR 13,470,230.00 1,620.00Purchase 167 EURO BUND FUTURE 09/12 EUX EUR 23,530,300.00 -624,580.00Purchase 11 EURO BUXL FUTURE 09/12 EUX EUR 1,440,340.00 -133,100.00 -713,885.00


Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Purchase 10 US 5 YEARS NOTE 09/12 CBOT USD 1,239,687.50 2,031.25Purchase 28 US TREASURY BOND 09/12 CBOT USD 4,143,125.00 19,906.25Purchase 10 US ULTRA BD 30YR 09/12 CBOT USD 1,668,437.50 24,687.50 46,625.00

UBAM



Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Purchase 578 US 2 YEARS NOTE 09/12 CBOT USD 127,268,375.00 -44,515.63

-44,515.63


Market value

Unrealised result

Number of

contracts


(in EUR)

(in EUR) Purchase 8 DAX INDEX GERMANY 09/12 DTB EUR 1,282,300.00 59,900.00Purchase 13 DJ EURO STOXX 50 09/12 DTB EUR 307,580.00 11,960.00 71,860.00


Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Sale 3 HANG SENG INDEX 06/12 HKFE HKD -370,899.13 -14,670.36Sale 2 HANG SENG INDEX 07/12 HKFE HKD -250,734.00 -4,022.26

-18,692.62

UBAM - EQUITY BRIC+

Market value

Unrealised result

Number of

contracts


(in USD)

(in USD) Sale 4 HANG SENG INDEX 06/12 HKFE HKD -494,532.17 -19,560.49Sale 2 HANG SENG INDEX 07/12 HKFE HKD -250,734.00 -4,022.26

-23,582.75

Note 11 - Swaps contracts The SICAV may enter into swaps contracts relating to any type of financial instrument or index (including "Total Return Swaps", “Interest Rate Swaps” and "Credit Default Swaps", "Inflation Swaps" or "Credit Spread Swaps" or "Swap contracts on futures on commodities"). As at 30th June 2012, the following Credit Default Swaps contracts are outstanding:

UBAM



Underlying Unrealised result

Protection

Counterparty Maturity Currency Nominal

(in USD)

Sale TELECOM ITALIA S EUR MM SN BNP PARIBAS LONDON BRANCH 20/12/2012 USD 4,000,000 -39,474.25

Sale GOLDMAN SACHS GP USD XR SN BNP PARIBAS LONDON BRANCH 20/12/2012 USD 3,000,000 -6,270.16

Sale GEN ELEC CAP COR USD XR SN GOLDMAN SACHS INTERN. 20/12/2012 USD 4,000,000 9,758.35

Sale SWISS REINS CO LTD EUR MM SN GOLDMAN SACHS INTERN. 20/12/2012 USD 3,500,000 8,390.10

Sale ZURICH INS CO LTD EUR MM SN BNP PARIBAS LONDON BRANCH 20/12/2012 USD 3,500,000 7,375.61

Sale TELEFONICA S A EUR MM SN GOLDMAN SACHS INTERN. 20/12/2012 USD 2,000,000 -21,813.13

Sale AXA EUR MM SN GOLDMAN SACHS INTERN. 20/12/2012 USD 2,000,000 -11,568.72

Sale HANNOVER RUCK AG EUR MM SN ROYAL BANK OF SCOTLAND PLC LDN 20/03/2013 USD 2,000,000 5,849.78

Sale ENEL S P A EUR MM SN BARCLAYS BANK PLC LONDON 20/03/2013 USD 2,000,000 -32,904.33

Sale TELEFONICA S A EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 2,000,000 -36,709.81

Sale GOLDMAN SACHS GP USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 700,000 -2,583.17

Sale TELECOM ITALIA S EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 1,000,000 -17,101.79

Sale ALCOA INC USD XR SN UBS AG LONDON BRANCH 20/03/2013 USD 1,500,000 1,771.37

Sale GLENCORE FIN EUR USD MM SN NOMURA INT PLC 20/06/2013 USD 1,500,000 -11,985.19

Sale GLENCORE INTL AG EUR MM SN GOLDMAN SACHS INTERN. 20/03/2013 USD 1,500,000 -9,311.96

Sale ASS GENERALI SPA EUR MM SN GOLDMAN SACHS INTERN. 20/03/2013 USD 1,600,000 -23,954.36

Sale ALCOA INC USD XR SN GOLDMAN SACHS INTERN. 20/06/2013 USD 1,700,000 1,868.06

Sale CDX NA HY S18 V2 MKT BARCLAYS BANK PLC LONDON 20/06/2017 USD 1,584,000 -55,232.62

Purchase CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 1,584,000 55,232.62

Sale KPN NV EUR MM SN NOMURA INT PLC 20/06/2013 USD 2,000,000 8,169.71

Sale KPN NV EUR MM SN NOMURA INT PLC 20/06/2013 USD 1,000,000 4,084.86

Sale ITRAXX EUROPE S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 5,000,000 -190,260.49 -356,669.52



Protection


(in EUR)

Sale SOCIETE GENERALE EUR MM SN GOLDMAN SACHS INTERN. 20/06/2013 EUR 2,000,000 -17,131.40

Sale COMMERZBANK AG EUR MM SN UBS AG LONDON BRANCH 20/06/2013 EUR 1,500,000 -10,897.87

Sale SWISS REINS CO LTD EUR MM SN UBS AG LONDON BRANCH 20/12/2012 EUR 2,000,000 4,789.63

Sale ZURICH INS CO LTD EUR MM SN BNP PARIBAS LONDON BRANCH 20/12/2012 EUR 2,000,000 4,210.17

Sale TELEFONICA S A EUR MM SN GOLDMAN SACHS INTERN. 20/12/2012 EUR 2,000,000 -21,806.42

Sale AXA EUR MM SN GOLDMAN SACHS INTERN. 20/12/2012 EUR 2,000,000 -11,566.40

Sale GEN ELEC CAP COR USD XR SN UBS AG LONDON BRANCH 20/06/2013 EUR 2,000,000 8,342.21

Sale DAIMLER AG EUR MM SN NOMURA INT PLC 20/06/2013 EUR 1,500,000 7,007.11

Sale HANNOVER RUCK AG EUR MM SN ROYAL BANK OF SCOTLAND PLC LDN 20/03/2013 EUR 2,000,000 5,842.75

Sale ENEL S P A EUR MM SN MORGAN STANLEY & CO INTERN PLC 20/03/2013 EUR 2,000,000 -32,884.50

Sale AXA EUR MM SN UBS AG LONDON BRANCH 20/03/2013 EUR 2,000,000 -18,500.66

Sale TELEFONICA S A EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 EUR 2,000,000 -36,686.88

Sale ALCOA INC USD XR SN ROYAL BANK OF SCOTLAND PLC LDN 20/03/2013 EUR 2,000,000 2,357.50

Sale GOLDMAN SACHS GP USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 EUR 1,000,000 -3,689.16

Sale GLENCORE FIN EUR USD MM SN NOMURA INT PLC 20/06/2013 EUR 2,000,000 -15,963.05

Sale SOCIETE GENERALE EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 EUR 2,000,000 -12,097.69

Sale GLENCORE INTL AG EUR MM SN UBS AG LONDON BRANCH 20/03/2013 EUR 2,000,000 -12,410.14

Sale ASS GENERALI SPA EUR MM SN MORGAN STANLEY & CO INTERN PLC 20/03/2013 EUR 2,100,000 -31,422.24

UBAM



Protection


(in EUR)

Sale ASS GENERALI SPA EUR MM SN NOMURA INT PLC 20/06/2013 EUR 2,000,000 -40,755.69

Sale REP ITALY USD CR SN MORGAN STANLEY & CO INTERN PLC 20/03/2013 USD 4,000,000 -44,154.37

Sale REP ITALY USD CR SN UBS AG LONDON BRANCH 20/12/2012 USD 4,000,000 -25,343.76

Sale ALCOA INC USD XR SN GOLDMAN SACHS INTERN. 20/06/2013 EUR 2,500,000 2,741.29




Sale KPN NV EUR MM SN NOMURA INT PLC 20/06/2013 EUR 4,000,000 16,319.15

Sale NOMURA SECS CO LTD JPY SN GOLDMAN SACHS INTERN. 20/03/2013 EUR 2,000,000 -10,452.93

Sale NOMURA SECS CO LTD JPY SN GOLDMAN SACHS INTERN. 20/06/2013 EUR 2,000,000 -15,566.91

Sale KPN NV EUR MM SN NOMURA INT PLC 20/06/2013 EUR 1,000,000 4,079.79

Sale UBS AG EUR MM SN GOLDMAN SACHS INTERN. 20/12/2013 EUR 5,000,000 -11,505.68




Protection


(in USD)

Sale SOCIETE GENERALE EUR MM SN GOLDMAN SACHS INTERN. 20/06/2013 USD 2,000,000 -17,143.13

Sale GOLDMAN SACHS GP USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 2,000,000 -7,380.46

Sale AXA EUR MM SN GOLDMAN SACHS INTERN. 20/06/2013 USD 2,000,000 -25,690.85







Protection


(in EUR)



Sale CITIGROUP INC USD XR SN GOLDMAN SACHS INTERN. 20/03/2013 EUR 1,300,000 -1,030.97


Sale BK OF AMERICA CO USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 EUR 1,300,000 -2,143.74

Sale REP ITALY USD CR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 2,000,000 -22,077.18

Sale AXA EUR MM SN MORGAN STANLEY & CO INTERN PLC 20/06/2013 EUR 1,000,000 -12,835.94





UBAM




Protection


(in GBP)

Sale CDX NA HY S18 V2 MKT BARCLAYS BANK PLC LONDON 20/06/2017 USD 198,000 -4,401.79

Purchase CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 198,000 4,401.79

Sale ITRAXX EUROPE S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 500,000 -12,130.30 -12,130.30



Protection


(in CHF)

Sale CDX NA HY S18 V2 MKT BARCLAYS BANK PLC LONDON 20/06/2017 USD 396,000 -13,069.36

Purchase CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 396,000 13,069.36




Protection


(in USD)

Sale SWISS REINS CO LTD EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/09/2015 EUR 2,000,000 6,002.23

Sale GEN ELEC CAP COR USD XR SN NOMURA INT PLC 20/12/2012 USD 4,000,000 9,758.35

Sale SOCIETE GENERALE EUR MM SN GOLDMAN SACHS INTERN. 20/06/2013 USD 5,000,000 -42,857.84

Sale BAY MOTOREN WERK EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/09/2016 USD 2,000,000 -7,125.20

Sale ANGLO AMERN PLC EUR MM SN NOMURA INT PLC 20/09/2016 USD 1,300,000 -24,585.30

Sale VOLKSWAGEN AG EUR MM SN BARCLAYS BANK PLC LONDON 20/09/2016 USD 2,000,000 -27,287.65

Sale DAIMLER AG EUR MM SN BARCLAYS BANK PLC LONDON 20/12/2016 USD 2,500,000 -37,281.32

Sale BAY MOTOREN WERK EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/12/2016 USD 2,000,000 -11,781.03

Sale ANADARKO PETE CO USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/12/2016 USD 4,000,000 -165,588.61

Sale ZURICH INS CO LTD EUR MM SN NOMURA INT PLC 20/12/2016 USD 4,000,000 -29,271.71

Sale HEWLETT PACKARD USD XR SN BARCLAYS BANK PLC LONDON 20/12/2016 USD 5,000,000 -146,472.34

Sale GOLDMAN SACHS GP USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 USD 4,100,000 -15,129.96

Sale ASS GENERALI SPA EUR MM SN GOLDMAN SACHS INTERN. 20/03/2013 USD 4,400,000 -65,874.47




Sale ITRAXX EUROPE S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 12,000,000 -456,625.29 -1,009,504.92

UBAM




Protection


(in EUR)

Sale GEN ELEC CAP COR USD XR SN BNP PARIBAS LONDON BRANCH 20/12/2012 EUR 4,000,000 9,748.84

Sale GEN ELEC CAP COR USD XR SN BNP PARIBAS LONDON BRANCH 20/12/2013 EUR 2,000,000 5,015.82


Sale COMMERZBANK AG EUR MM SN UBS AG LONDON BRANCH 20/06/2013 EUR 1,500,000 -10,897.87

Sale ANGLO AMERN PLC EUR MM SN NOMURA INT PLC 20/09/2016 EUR 1,000,000 -18,697.74

Sale BAY MOTOREN WERK EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/09/2016 EUR 1,300,000 -4,512.16

Sale BARRICK GOLD USD XR SN (TK ABX) GOLDMAN SACHS INTERN. 20/09/2016 EUR 1,000,000 -13,513.50

Sale VOLKSWAGEN AG EUR MM SN BARCLAYS BANK PLC LONDON 20/09/2016 EUR 1,000,000 -13,484.22

Sale DAIMLER AG EUR MM SN BARCLAYS BANK PLC LONDON 20/12/2016 EUR 1,500,000 -22,086.28

Sale BAY MOTOREN WERK EUR MM SN JPMORGAN CHASE BANK, N.A. (EU) 20/12/2016 EUR 1,000,000 -5,765.85

Sale INTESA SANPAOLO EUR SN GOLDMAN SACHS INTERN. 20/03/2014 EUR 1,000,000 -16,375.89

Sale BCO SANTANDER SA EUR SN GOLDMAN SACHS INTERN. 20/03/2013 EUR 2,000,000 -4,366.76

Sale CITIGROUP INC USD XR SN GOLDMAN SACHS INTERN. 20/03/2013 EUR 2,900,000 -2,299.85


Sale BK OF AMERICA CO USD XR SN JPMORGAN CHASE BANK, N.A. (EU) 20/03/2013 EUR 1,900,000 -3,133.14

Sale ASS GENERALI SPA EUR MM SN MORGAN STANLEY & CO INTERN PLC 20/03/2013 EUR 1,900,000 -28,429.63







Protection


(in USD)

Sale ITRAXX XOVER S17 V1 MKT GOLDMAN SACHS INTERN. 20/06/2017 EUR 1,500,000 -114,197.73

Sale ITRAXX XOVER S17 V1 MKT GOLDMAN SACHS INTERN. 20/06/2017 EUR 42,000,000 -3,197,535.93

Sale ITRAXX XOVER S17 V1 MKT NOMURA INT PLC 20/06/2017 EUR 13,000,000 -989,713.47

Sale ITRAXX XOVER S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 30,500,000 -2,322,020.15

Sale CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 85,635,000 -2,986,013.71



Sale CDX NA HY S18 V2 MKT JPMORGAN CHASE BANK US 20/06/2017 USD 67,320,000 -2,347,386.50

Sale CDX NA HY S18 V2 MKT GOLDMAN SACHS INTERN. 20/06/2017 USD 31,680,000 -1,104,652.47



Sale CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 1,980,000 -69,040.78

Sale CDX NA HY S18 V2 MKT GOLDMAN SACHS INTERN. 20/06/2017 USD 1,485,000 -51,780.58



Sale ITRAXX XOVER S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 1,000,000 -76,131.78

Sale CDX NA HY S18 V2 MKT NOMURA INT PLC 20/06/2017 USD 4,000,000 -139,476.30

Sale ITRAXX XOVER S17 V1 MKT BARCLAYS BANK PLC LONDON 20/06/2017 EUR 5,000,000 -380,659.06 -15,215,217.47

UBAM


The purchase of protection through Credit Default Swaps enables the SICAV to hedge the risk of default by an issuer, on payment of a premium. A payment default by the issuer may be offset by settlement either in cash or in kind. In the case of settlement in cash, the buyer of a Credit Default Swap for hedging purposes receives from the seller a sum equivalent to the difference between the face value and the redemption amount which is still recoverable. In the case of settlement in kind, the buyer of a Credit Default Swap for hedging purposes receives from the seller the entire face value, in exchange for which he hands over the defaulted security to the seller; alternatively the buyer and seller exchange securities selected from a basket whose composition is decided in detail when the Credit Default Swap contract is signed. Events of default are set out in the Credit Default Swap contract, as are the arrangements for the delivery of bonds and debt securities. The SICAV may, if necessary, re-sell the Credit Default Swap acquired for hedging purposes, or reproduce the credit risk by buying call options. As at 30th June 2012, the following swaps contracts on futures on commodities are outstanding: UBAM - SQUARE

Unrealised result

Notional Currency Underlying Counterparty Maturity

(in EUR)

6,720,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 232,993.183,360,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 -68,044.603,360,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 1,588.59

166,537.17 UBAM - CUBE

Unrealised result

Notional Currency Underlying Counterparty Maturity

(in EUR)

3,360,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 116,496.591,680,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 -34,022.301,680,000 USD Futures on Sugar MORGAN STANLEY & CO INTERN PLC 27/09/2012 794.29

83,268.58 As at 30th June 2012, the following Interest Rate Swaps contracts are outstanding: UBAM - DYNAMIC US DOLLAR BOND

Unrealised result Nominal Currency Counterparty Maturity Flows paid Flows received (in USD)

4,300,000 EUR NOMURA INT PLC 22/06/2017 1.363% Euribor 6 Months -17,470.86

-17,470.86 UBAM - DYNAMIC EURO BOND

Unrealised result Nominal Currency Counterparty Maturity Flows paid Flows received (in EUR)


-22,411.17

UBAM





-18,283.44




-8,324.18


Unrealised result Nominal Currency Counterparty Maturity Flows paid Flows received (in CHF)

900,000 EUR NOMURA INT PLC 22/06/2017 1.363% Euribor 6 Months -3,461.04

-3,461.04




-40,223.57 UBAM - CORPORATE EURO BOND



-18,569.25 Note 12 - Options As at 30th June 2012, the SICAV is engaged in the following options contracts: UBAM - EUROPEAN CONVERTIBLE BOND

Currency Quantity Denomination Commitment (in EUR)

Options Index options

EUR 69.00 DJ EURO SOTXX 50 CALL 09/12 1,518,000.00 1,518,000.00

UBAM




Options Index options

EUR 140.00 DJ EURO SOTXX 50 CALL 09/12 3,150,000.00 3,150,000.00


Currency Quantity Denomination Commitment (in USD)

Options Equity options

USD 210.00 APPLE PUT 01/13 11,235,000.00 11,235,000.00



Options issued Equity options

GBP 163.00 DIAGEO (OTC FLEX) CALL 16, 07/12 3,223,334.57EUR 227.00 ENI (OTC FLEX) CALL 16,35 07/12 3,711,450.00EUR 189.00 DEUTSCHE BOERSE (OTC) CALL 38,1 07/12 720,090.00GBP 15.00 RECKITT CALL 33,6 07/12 622,914.35EUR 1,527.00 WOLTERS KLUWE (OTC) CALL 12,05 07/12 1,840,035.00EUR 615.00 BASF (OTC) CALL 57,7 07/12 3,548,550.00CHF 813.00 NOVARTIS (OTC) PUT 51,8 07/12 3,506,090.00EUR 1,400.00 UNILEVER (OTC) CALL 24,7 07/12 3,458,000.00EUR 799.00 DEUTSCHE BOERSE (OTC) CALL 37,5 07/12 2,996,250.00EUR 1,239.00 WOLTERS KLUWE (FLEX) CALL 11,8 07/12 1,462,020.00NOK 1,944.00 STATOIL PUT 137, 07/12 3,530,422.33GBP 1,534.00 VODAFONE (FLEX) CALL 1,77 07/12 3,355,802.74EUR 606.00 SANOFI-AVENTIS (FLEX) CALL 56,7 07/12 3,436,020.00GBP 151.00 PEARSON (OTC FLEX) CALL 12,04 07/12 2,246,990.48EUR 2,684.00 REED ELSEVIER (OTC) CALL 8,87 07/12 2,380,708.00EUR 509.00 SIEMENS (FLEX) CALL 66,65 07/12 3,392,485.00GBP 26.00 BHP BILLITON (OTC) CALL 17,8 07/12 571,993.57GBP 93.00 BRITISH AMERICAN TOB CALL 31,5 07/12 3,620,689.66CHF 682.00 NESTLE (FLEX) PUT 55,9 07/12 3,173,941.64GBP 146.00 BHP BILLITON (OTC) CALL 17,7 07/12 3,193,919.17GBP 103.00 PEARSON PLC (OTC) CALL 11,4 07/12 1,451,242.12EUR 1,809.00 REED ELSEVIER (OTC) CALL 8,45 07/12 1,528,605.00EUR 382.00 WOLTERS KLUWE (OTC) CALL 11,7 07/12 446,940.00CHF 250.00 ROCHE HOLDING (OTC) PUT 154, 07/12 3,205,261.62EUR 1,344.00 ROYAL DUTCH (OTC) CALL 24,7 07/12 3,319,680.00CHF 126.00 NESTLE (OTC) PUT 54,4 07/12 570,653.12GBP 124.00 IMPERIAL TOBA (OTC) CALL 23,9 07/12 3,662,835.25EUR 1,007.00 TOTAL (OTC) CALL 35,2 07/12 3,544,640.00 71,721,563.62

UBAM


Note 13 - Total expense ratio ("TER") and portfolio turnover rate ("PTR") The TER and the PTR are calculated for the last 12 months preceding the date of this report. Transaction fees are not taken into account in the calculation of the TER. The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y

X = Securities purchases Y = Securities sales

Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions M = average net assets

If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the last 12 months preceding indicated reference date.

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UBAM

Notes to the financial statements as at 30th June 2012

PTR As at 30th June 2012, the PTR calculated for each sub-funds is:

Currency Portfolio Turnover Ratio Bonds sub-funds UBAM - DYNAMIC US DOLLAR BOND USD 22.53%UBAM - DYNAMIC EURO BOND EUR -35.46%UBAM - YIELD CURVE US DOLLAR BOND USD -14.30%UBAM - YIELD CURVE EURO BOND EUR 30.85%UBAM - YIELD CURVE STERLING BOND GBP -23.86%UBAM - GLOBAL BOND (CHF) CHF 21.19%UBAM - CORPORATE US DOLLAR BOND USD -32.10%UBAM - CORPORATE EURO BOND EUR 49.04%UBAM - EMERGING MARKET BOND USD 40.29%UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD 7.24%UBAM - EMERGING MARKET CORPORATE BOND USD -22.09%UBAM - GLOBAL HIGH YIELD SOLUTION USD -25.14%Convertible bond sub-funds UBAM - EUROPEAN CONVERTIBLE BOND EUR 30.18%UBAM - EURO 10–40 CONVERTIBLE BOND EUR 26.31%Equity sub-funds UBAM - CALAMOS US EQUITY GROWTH USD 54.33%UBAM - NEUBERGER BERMAN US EQUITY VALUE USD 35.48%UBAM - DR. EHRHARDT GERMAN EQUITY EUR 460.57%UBAM - EUROPE EQUITY EUR 99.50%UBAM - SWISS EQUITY CHF 100.38%UBAM - IFDC JAPAN EQUITY JPY -38.08%UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY 1.18%UBAM - PCM GLOBAL EQUITY VALUE USD -31.86%UBAM - VP VALUE CHINA EQUITY USD 173.05%UBAM - ASIA EQUITY USD 255.44%UBAM - EQUITY BRIC+ USD 125.98%UBAM - TURKISH EQUITY USD 94.92%UBAM - RUSSIAN EQUITY USD 87.04%UBAM - EUROPE EQUITY DIVIDEND+ EUR 241.69%Other sub-funds UBAM - SQUARE EUR 451.53%UBAM - CUBE EUR 417.78% Note 14 - Changes of the investment portfolio Details of changes in the securities portfolio for the period referring to this report are available on request - free of charge - at the SICAV's registered office, and at the office of the financial intermediaries as described in the Organisation chapter of this report. Note 15 - Share security The assets of each fund are pledged in favour of Union Bancaire Privée (Luxembourg) S.A. in the case of any bank overdrafts.

UBAM


Note 16 - Dividends During the period, the SICAV distributed the following dividends:

- ‘Ex-dividend’ date: 19th April 2012 - Payment date: 26th April 2012

DIVIDEND

Type of distribution

shares Currency Amount

Number of shares outstanding at dividend date

Bond sub-funds

UBAM - DYNAMIC US DOLLAR BOND A USD 1.22 36,203.000

UBAM - DYNAMIC US DOLLAR BOND IH GBP 1.19 4,855.189

DIVIDEND




UBAM - DYNAMIC EURO BOND A EUR 2.37 25,496.000

UBAM - YIELD CURVE US DOLLAR BOND A USD 53.28 4,036.733

UBAM - YIELD CURVE EURO BOND A EUR 2.72 13,089.025

DIVIDEND




UBAM - YIELD CURVE STERLING BOND A GBP 5.24 2,129.000

UBAM - GLOBAL BOND (CHF) A CHF 2.00 4,174.000

UBAM - CORPORATE US DOLLAR BOND A USD 5.19 62,238.800

UBAM - CORPORATE EURO BOND A EUR 4.34 22,832.682

UBAM - EMERGING MARKET BOND A USD 5.74 15,809.023

UBAM - EMERGING MARKET BOND AH EUR 4.15 10,165.859

UBAM - LOCAL CURRENCY EMERGING MARKET BOND A USD 3.96 19,949.996

UBAM - LOCAL CURRENCY EMERGING MARKET BOND AH EUR 2.60 21,140.405

UBAM - LOCAL CURRENCY EMERGING MARKET BOND IH EUR 3.23 138,400.000

UBAM - EMERGING MARKET CORPORATE BOND A USD 5.33 18,077.289

UBAM - GLOBAL HIGH YIELD SOLUTION A USD 7.00 29,333.902

UBAM - GLOBAL HIGH YIELD SOLUTION AH EUR 7.12 754,982.902

UBAM - GLOBAL HIGH YIELD SOLUTION IH EUR 7.02 733.000

UBAM - GLOBAL HIGH YIELD SOLUTION IH GBP 7.01 6,220.000


UBAM - EUROPEAN CONVERTIBLE BOND A EUR 1.33 4,436.000

UBAM - EURO 10-40 CONVERTIBLE BOND A EUR 1.63 4,353.883

UBAM - EURO 10-40 CONVERTIBLE BOND IH GBP 1.45 23,257.389

Equity sub-funds

UBAM - IFDC JAPAN EQUITY AH EUR 0.03 625,329.135

UBAM - EQUITY BRIC+ A USD 0.28 5,292.000

UBAM - TURKISH EQUITY A EUR 0.73 320.990

UBAM


- ‘Ex-dividend’ date: 2nd April 2012 - Payment date: 5th April 2012

DIVIDEND




Equity sub-funds

UBAM - EUROPE EQUITY DIVIDEND+ A EUR 2.57 29,045.000

UBAM - EUROPE EQUITY DIVIDEND+ I EUR 2.57 179,823.152

UBAM - EUROPE EQUITY DIVIDEND+ A CHF 2.50 19,779.000

UBAM - EUROPE EQUITY DIVIDEND+ I CHF 2.55 1,000.000

UBAM - EUROPE EQUITY DIVIDEND+ I USD 2.63 10,500.000

The class of share A USD being launched on 29th March 2012, no dividend has been paid. Note 17 - Securities lending As at 30th June 2012, the SICAV had concluded the following securities lending agreements: Currency Market value Bond sub-funds UBAM - DYNAMIC US DOLLAR BOND USD 43,800,196.41 UBAM - DYNAMIC EURO BOND EUR 119,566,288.20 UBAM - YIELD CURVE US DOLLAR BOND USD 141,685,950.83 UBAM - YIELD CURVE EURO BOND EUR 45,715,164.40 UBAM - YIELD CURVE STERLING BOND GBP 357,899.00 UBAM - GLOBAL BOND (CHF) CHF 17,185,563.70 UBAM - CORPORATE US DOLLAR BOND USD 48,769,381.14 UBAM - CORPORATE EURO BOND EUR 108,931,777.03 UBAM - EMERGING MARKET BOND USD 73,674,267.27 UBAM - LOCAL CURRENCY EMERGING MARKET BOND USD 10,963,496.11 UBAM - EMERGING MARKET CORPORATE BOND USD 50,037,740.64 UBAM - GLOBAL HIGH YIELD SOLUTION USD 193,101,837.98 Equity sub-funds UBAM - CALAMOS US EQUITY GROWTH USD 76,518,269.98 UBAM - NEUBERGER BERMAN US EQUITY VALUE USD 134,707,807.52 UBAM - DR. EHRHARDT GERMAN EQUITY EUR 41,061,488.29 UBAM - EUROPE EQUITY EUR 56,187,804.42 UBAM - SWISS EQUITY CHF 30,945,581.31 UBAM - IFDC JAPAN EQUITY JPY 2,708,694,681 UBAM - IFDC JAPAN OPPORTUNITIES EQUITY JPY 219,211,809 UBAM - PCM GLOBAL EQUITY VALUE USD 3,569,694.58 UBAM - VP VALUE CHINA EQUITY USD 2,915,319.98 UBAM - ASIA EQUITY USD 2,302,780.77 UBAM - EQUITY BRIC+ USD 5,515,404.69 UBAM - RUSSIAN EQUITY USD 4,436,176.91 Other sub-funds UBAM - SQUARE EUR 1,190,193.00 UBAM - CUBE EUR 1,202,720.00

UBAM


Note 18 - Events The Board of Directors of the SICAV decided to merge, with effect from 27th January 2012, the sub-funds UBAM - ABSOLUTE RETURN (USD) and UBAM - ABSOLUTE RETURN (EURO). However, noting the total redemption of the shares of sub-funds UBAM - ABSOLUTE RETURN (USD) and UBAM - ABSOLUTE RETURN (EURO), the Board of Directors of the SICAV decided on 8th February 2012 to liquidate the above-mentioned sub-funds by setting the calculation date of the last net asset values as follows:

- UBAM - ABSOLUTE RETURN (EURO): 12th January 2012 for Type A shares and 19th January 2012 for Type I shares

- UBAM - ABSOLUTE RETURN (USD): 27th January 2012 for Type A shares and 28th December 2011 for Type I shares.

The Board of Directors of the SICAV amended, with effect from 1st January 2012, the effective rate of the following commissions:

- management and advisory fees for Type A shares of the sub-fund UBAM - EMERGING MARKET CORPORATE BOND. These rates are increased to 0.40% and 1.10% per annum, respectively, calculated on the average net assets during the relevant quarter.

- advisory fees of Type I shares of sub-funds UBAM - EUROPEAN CONVERTIBLE BOND and UBAM - EURO 10-40 CONVERTIBLE BOND. These rates are decreased to 0.60% and 0.40% per annum, respectively, calculated on the average net assets during the relevant quarter.

The Board of Directors of the SICAV took the decision to merge a sub-fund of the SICAV UBP MULTIFUNDS II, namely UBP MULTIFUNDS II - RUSSIAN EQUITY, by absorption into the sub-fund UBAM - RUSSIAN EQUITY with effect from 31st January 2012. On 14th February 2012, the Board of Directors, decided by a circular resolution to merge a sub-fund of SICAV UBP MULTIFUNDS, namely UBP MULTIFUNDS - EUROPE EQUITY (EUR), by absorption into the sub-fund UBAM - EUROPE EQUITY with effect from 26th March 2012. Note 19 - Subsequent events Since 5th July 2012, UBAM - EUROPEAN CONVERTIBLE BOND and UBAM - EURO 10-40 CONVERTIBLE BOND act as feeders of respectively UBAM CONVERTIBLES EUROPE and UBAM CONVERTIBLE EURO 10-40, the master sub-funds, which are sub-funds of UBAM CONVERTIBLES, a French domiciled UCITS. As of this date, UBAM - EUROPEAN CONVERTIBLE BOND and UBAM - EURO 10-40 CONVERTIBLE BOND will no longer be authorised for distribution in Switzerland. On 6th August 2012, the Board of Directors, decided by a circular resolution to liquidate the sub-funds UBAM - SQUARE and UBAM - CUBE with effect on 10th August 2012 Note 20 - Other Event Following a request of the CSSF, the Board of Directors evaluated in detail the eligibility of certain management operations carried out within the sub-funds UBAM - SQUARE and UBAM - CUBE involving financial derivatives whose underlyings are commodities. Depending on the conclusions of the analysis conducted in accordance with CSSF Circular 2002/77, the Board of Directors of the SICAV will make the necessary arrangements for the compensation of the sub-funds, and therefore the investors concerned. The methodology used to conduct this analysis will be subject to review by the auditor and the results will be submitted for consideration by the CSSF pursuant to prevailing regulations.