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UNAUDITED HALF-YEAR REPORT

AS AT 30 JUNE 2017

CONVERTIBLES EUROPE RESPONSABLE French Collective Investment Fund

CONVERTIBLES EUROPE RESPONSABLE Half-year report

Subscriptions are only valid if made on the basis of the current prospectus, the Key Investor Information Document (KIID), accompanied by the latest annual report and the most recent half-yearly report, if the latter was published after the annual report.

No party may provide information other than that appearing in this prospectus, or in the other documents referred to in the prospectus and which is available to the public.


Information concerning investments and management

LEGAL FORM Fonds Commun de Placement (FCP) – French collective investment fund.

CLASSIFICATION Diversified.

ALLOCATION OF DISTRIBUTABLE INCOME

Units Allocation of distributable income

AC (EUR) Accumulation of net income and net realised gains

AHC (CHF) Accumulation of net income and net realised gains

AHC (SEK) Accumulation of net income and net realised gains

AHD (SEK) Distribution and/or carried forward and/or accumulation of net income and net

realised gains

ZC (EUR) Accumulation of net income and net realised gains

ZD (EUR) Distribution and/or carried forward and/or accumulation of net income and net

realised gains

MANAGEMENT OBJECTIVE The management objective is to enable the investor to benefit from the specific risk/return ratio of convertible bonds from the Eurozone meeting environmental or socially responsible criteria. The convertible bonds have an asymmetric risk/return profile: all things being equal, for a given change in the underlying shares, upside participation is greater than downside participation. A convertible bond usually has a lower yield than a normal bond issued by the same issuer. However, a decline in the price of the underlying share will result in the value of the convertible bond decreasing to a lesser extent. The Fund will therefore benefit more from increases in European equity markets than it will suffer from declines, all things being equal. This special risk/return ratio may be altered by fluctuations in interest rates, credit spreads and implied volatility. Besides this asymmetric behaviour of convertibles, the aim is also to benefit from a portfolio with an average SRI rating higher than its benchmark as assessed by LA BANQUE POSTALE ASSET MANAGEMENT.

BENCHMARK The Fund is not linked to any benchmark index or financial market index.

Management policy is based on a fundamental and discretionary management of asset allocation and the selection of convertible bonds or equivalent securities, which makes comparison with any specific benchmark index inappropriate.

However, for information purposes, the Fund's performance can be measured against the Thomson Reuters Global Convertibles Indices Europe Hedged (EUR) (Ticker UCBIFX20 Index), coupons and/or dividends reinvested.

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The Thomson Reuters Global Convertibles Indices Europe Hedged (EUR) index is a European convertible bonds index.

The performance of the Thomson Reuters Global Convertibles Indices Europe Hedged (EUR) index includes coupons and/or dividends generated by the convertible bonds that make up the indicator.

INVESTMENT STRATEGY

1. Strategies used

The management policy is based on a fundamental and discretionary management of asset allocation and on a selection of convertible or equivalent bonds meeting environmental or socially responsible criteria.

The management company relies on the external expertise and SRI methodology developed by LA BANQUE POSTALE ASSET MANAGEMENT regarding extra-financial analysis to select European convertible bonds that meet environmental, social and governance (ESG) criteria, according to a « best in class » approach.

The management company's investment process has six stages:

1- The SRI filter via the SRI methodology of LA BANQUE POSTALE ASSET MANAGEMENT:

The Fund's "Best-In-Class" management approach is to select within each business sector those companies most committed to sustainable development. This rating is produced in-house by LA BANQUE POSTALE ASSET MANAGEMENT which relies on analyses provided by specialised agencies such as VigeoEiris and MSCI ESG Research. The SRI rating evaluates companies based on their ESG (Environmental, Social and Governance) practices, according to LA BANQUE POSTALE ASSET MANAGEMENT SRI methodology which weights the specific challenges facing each sector, according to the ESG criteria retained. Companies with an SRI rating placing them in the third and fourth quartiles will be excluded from the investment universe. An exclusion approach will be added to the « Best-In-Class » approach, in order to avoid investments in businesses in sectors such as prostitution, unsafe atomic energy, the production of anti-personnel mines, etc. In addition, in order to identify more precisely the companies concerned by this exclusion, LA BANQUE POSTALE ASSET MANAGEMENT uses Oekom Research analyses. From this investment universe, the management company will at different stages:

2- Filter the universe in terms of liquidity and issue size to eliminate less liquid securities. Liquidity changes according to market conditions.

3- Evaluate the credit quality of the issuer and estimate the implied volatility of the convertible, exchangeable or indexed bond, or bond redeemable in international equities, in order to position the relative cost of each convertible bond in its universe and in relation to the other available implied volatilities (options, etc.);

4- Analyse the underlying stock and its earnings prospects;

5- Consolidate individual data and portfolio construction;

6- In accordance with the managers’ expectations, perform positioning and overall management of the exposures to equities, interest rates and credit.

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The Fund's exposure to equity risk will depend on:

- on the one hand, the characteristics of convertible bonds, exchangeable bonds, redeemable bonds, etc., available on the market, - on the other, expectations of the management company concerning market fluctuations.

Thus, the equity exposure of the portfolio may vary in significant proportions over time; the equity exposure measuring the change of the convertible bond compared with a 1% change in the underlying share. For example, when the underlying equity increases by 1% and the convertible by 0.45% then the equity sensitivity of the convertible will be 45% (0.45%/1%). The equity sensitivity of the sub-fund is mostly balanced by the delta weighting of each line.

The Fund’s sensitivity to interest-rate risk will depend on:

- on the one hand, the characteristics of convertible bonds, exchangeable bonds, redeemable bonds, etc., available on the market, - on the other, our expectations concerning market fluctuations. Thus, sensitivity may change significantly over time.

The Fund’s sensitivity to credit risk will depend on:

- the characteristics of convertible bonds, exchangeable bonds, redeemable bonds, etc., available on the market. "Credit spreads", i.e. the difference between the yield at maturity from the security and the swap rate for an equivalent period, may change significantly over time. - positions taken on the credit derivatives market.

The management company may take positions on French and foreign regulated futures markets in order to expose and/or hedge the portfolio to/against the investment zone indices or to the underlying securities in order to pursue the management objective and take advantage of market variations. The Fund may be exposed up to 100% to the equity markets (due to the nature of convertible bonds and the investment process) with an average exposure of between 10% and 60% inclusive. Exchange rate risk will be systematically hedged. The hedging may include indirect exchange risk (the case of a security denominated in a currency whose underlying risk is in another currency). The objective of the hedging is to have a residual direct exposure which is less than 10%. For all units denominated in a currency other than EUR, the exchange rate risks of the unit’s currency shall be systematically hedged with respect to the fund’s benchmark currency. However, due to the technical difficulties in carrying out such hedging units denominated in currencies other than the EUR may possibly be exposed to a minor exchange rate risk due to changes in liability (subscriptions/redemptions) or assets (change in the value of hedged assets). All the costs and risks resulting from exchange rate hedging operations shall be at the charge respectively of the units denominated in currencies other than the EUR. The overall sensitivity range of the Fund shall be between 0 and 6.

2. Assets

The Fund will invest in rated or unrated assets, according to the analyses of the management company, where the underlying security and/or the issuer is a company having its registered office in a member country of the OECD or listed on a European market, with a predominant weighting in European countries. Thus, the Fund may be exposed to "High Yield" securities.

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Convertible bonds:

The Fund invests at all times at least two thirds of its total assets in: - convertible bonds and/or, - exchangeable bonds and/or, - bonds redeemable in shares and/or, - bonds with subscription warrants and/or, - bonds indexed on shares and/or, - French “titres participatifs” (securities without voting rights but which provide an income of which one part is guaranteed and the other variable, depending on parameters linked to the company) and/or, - equivalent securities.

Debt securities and money market instruments and bonds:

The Fund may also be exposed to negotiable debt securities, borrowings, whatever their maturity or the issuer's rating (private or public), up to a maximum of 33% of its assets both as a performance driver and for cash management.

Equities:

The Fund may invest up to 10% of its assets in European equity market capitalisation of all sizes; these shares can only be the result of the conversion or exchange of a convertible bond or equivalent security. Their presence in the portfolio may not exceed one month.

Investment in units or shares in other UCITS, AIFs (Alternative Investment Fund) and/or foreign investment funds:

In order to achieve its management objective or to manage its cash flow, the Fund may invest up to 10% of its assets in shares of French or European UCITS or AIFs of any classification, which respect the four criteria set out in article R.214-13 of the French Monetary and Financial Code. These UCITS and AIFs may be managed by UBI or other management entities. When the Fund invests in units of UCITS and/or AIFs managed directly or indirectly by UBI or by a company to which it is linked through common management or control, or through a direct or indirect shareholding of more than 10% of the capital or votes, no subscription or redemption fee may be charged to the Fund for investment in these UCITS or AIFs, with the exception of the commissions retained by the UCITS or AIFs. For investments made by the Fund in a UCITS or AIF or eligible investment funds linked to UBI as described above, there will not be any duplication of the management fees invoiced by UBI and the UCITS or the AIF or any other eligible investment fund concerned. Accordingly, the manager shall invest in units/shares of Group UCITS, AIFs or other eligible investment funds without incurring management fees. In default of this, the assets invested in Group UCITS and/or AIFs or other eligible investment funds shall be deducted from the base of management fees charged by the management company.

Securities’ Markets and Stock Exchanges:

You are reminded that the Fund may invest in any eligible financial security or money market instrument traded on a regulated market or other regulated market situated in an EU state or a state which is party to the European Economic Area agreement, or officially listed on a stock market of a third country to the European Union or European Economic Area, or traded on another market of a third country according to the conditions laid down in Article R.214-11 of the Monetary and Financial Code.

Accordingly, the management company does not exclude any stock or securities market in Europe, the Middle East, Africa, Americas, Asia, Pacific. The securities in the portfolio may therefore by issued under any law, including securities issued under the regulations known as REG S or 144A, in respect of the investment strategy of the above fund.

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3. Derivative instruments

The Fund may take positions in forward financial instruments traded on regulated markets in France and abroad, and conduct over-the-counter transactions on financial instruments, including interest-rate or currency swaps, without seeking overexposure.

In this context, the manager may take positions in order to expose and/or hedge the portfolio to/against the indices of the investment zone or the underlying securities in order to pursue the management objective, take advantage of market variations and generally to manage the portfolio’s exposure to the equity, bond and interest-rate markets (see investment process above). These transactions will be limited to a maximum exposure of 100% of the assets.

Markets invested in: - French and foreign regulated futures markets, - organised markets, - over-the-counter markets.

Risks to which the manger seeks exposure: - interest rates, - equities and similar securities, - market indices, - foreign exchange, - credit.

Instruments used for both exposure and hedging: - interest-rate swaps, - currency swaps, - forward foreign exchange contracts, - futures, - options, - Credit Default Swaps.

The Fund will not use any Total Return Swaps (TRS).

4. Securities with embedded derivatives (up to 100% of net assets)

The Fund may use securities such as convertible bonds and similar securities with embedded derivatives of the type mentioned in paragraph “2. Assets”, up to the limit of 100% of net assets. The strategy of using securities with embedded derivatives is the same as that described for the use of derivative instruments.

5. Deposits

The Fund may make cash deposits in order to optimise its cash management.

6. Cash borrowings

It is not the aim of the Fund to borrow cash, but it may find itself in a debtor liability position owing to transactions linked to its cash flow (ongoing investments and divestments, subscription/redemption transactions, etc.), within a limit of 10% of the net assets.

7. Sale and repurchase agreements

It is not the aim of the Fund to use these types of transactions.

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FINANCIAL GUARANTEES The Fund does not generally receive financial guarantees. Due to the standardisation of a number of OTC markets following the implementation of the Dodd-Frank regulations in the US and EMIR in Europe, margin and guarantee deposit calls will pass through a central counterparty (CCP). The collateral delivered to the clearing house shall generally be in cash. The management company may also, in certain conditions, put financial guarantee contracts, commonly referred to as 'collateral agreements' in place with the majority of its counterparties. However some counterparties may not have such a contract. The financial guarantees authorised by these contracts are sums of cash in Euros or foreign currency as well as in some cases, financial securities.

RISK PROFILE Your money will be invested mainly in financial instruments selected by the management company. These instruments are subject to the fluctuations and risks of the market.

The prices of convertible bonds are subject to a number of influences:

- the general level of interest rates - Interest-rate risk - the price of the underlying share - Equity risk - the level of the issuer’s credit risk - Credit risk - the volatility of the conversion option - Volatility risk

The level of these risks varies greatly over time. Furthermore, the general level of the markets has a significant influence on all these parameters.

Interest-rate risk:

Due to its composition, the Fund may be subject to interest rate risk. This risk results from the fact that in

general debt securities and bonds fall in price when interest rates rise. The investor in bonds or other fixed income securities may suffer negative performances following fluctuations in the level of interest rates. Equity risk: Your investment may be subject to a maximum 100% exposure to the equity market, because of the inherent nature of convertibles and our investment process. A fall in the equity markets can cause a fall in the net asset value of the Fund. Credit risk: Credit risk is the potential risk of decline in the credit rating of the issuer which will have a negative impact on the price of the security and therefore on the net asset value of the Fund. Credit risk also results when the issuer of a bond is not able to repay the loan and to make interest payments on the dates provided for in the contract. Volatility risk: Given an investment strategy consisting mainly of investments in convertible bonds, the net asset value of the Fund is liable to vary with changes in the value of the conversion option (i.e. the possibility of converting the bond into a share). These risks mean that the performance of the Fund does not depend solely on market trends; it is therefore possible that the value of the assets may fall at a time when equity markets are rising. Capital loss risk: The Fund carries no guarantee or protection, and the capital initially invested may not be returned.

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Risk associated with investment in high yield securities:

There is a credit risk which applies to securities labelled “Speculative” which present a higher probability of

default than those of “Investment Grade”. They offer higher levels of yield in compensation, but may, in the case of a downgrade in the rating, reduce significantly the net asset value of the Fund. Risk associated with stock selection according to ESG criteria: This selection may lead to not selecting particular stocks and be a source of deviance from the benchmark. Liquidity risk: This risk corresponds to the potential difficulty in selling assets due to a lack of sufficient volume in the market. It may occur due to a sharp rise in risk aversion or disruption in the markets. This risk may affect convertible bonds and equivalent securities which are mainly traded on over-the-counter markets. Counterparty risk: Counterparty risk represents the risk of failure of a counterparty (particularly a banking establishment) leading to a default in payment. Any such default in payment by a counterparty may lead to a fall in the net asset value. Risk associated with the use of derivatives: The Fund is exposed to the risk of derivative products, mainly due to the possibility of the Fund being hedged or exposed to various markets via futures. The use of derivative products may therefore increase or reduce the sensitivity of the Fund to either upwards or downwards market movements. Residual exchange-rate risk: The Fund may invest in securities denominated in currencies other than the EUR, which are systematically hedged against exchange rate risk. A residual risk may remain due to the fluctuation of securities denominated in other currencies.

SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE Subscribers concerned

Units Subscribers concerned

AC (EUR) All subscribers

AHC (CHF) All subscribers

AHC (SEK) All subscribers

AHD (SEK) All subscribers

ZC (EUR)

Reserved to mutual funds, AIFs, investment funds or institutional investors which have entered into a specific remuneration agreement with Union

Bancaire Privée, UBP SA or any other member of the Group

ZD (EUR)

Reserved to mutual funds, AIFs, investment funds or institutional investors which have entered into a specific remuneration agreement with Union

Bancaire Privée, UBP SA or any other member of the Group

The attention of subscribers is drawn to the information relating to non-authorised investors mentioned in the general characteristics.

Typical investor profile:

The Fund is aimed at customers who want to benefit from the performance of European convertible bonds selected on the basis of ESG criteria.

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AC units (EUR) are aimed at subscribers who wish to invest in Euros (EUR). AHC units (CHF) are aimed at subscribers who wish to invest in Swiss Francs (CHF). AHC (SEK) and AHD (SEK) units are aimed at subscribers who wish to invest in Swedish Krona (SEK). Z units are reserved to mutual funds, AIFs, investment funds or institutional investors which have entered into a specific remuneration agreement with Union Bancaire Privée, UBP SA or any other member of the Group The amount it is reasonable to invest in this Fund depends on the personal situation of each individual investor. To determine a reasonable amount, personal wealth, current needs and the recommended three-year duration of the investment need to be taken into account; however, attention must also be paid to the willingness to take risks, because of the inherent volatility of the equity markets, and the dynamic strategy of the Fund. It is also recommended that investments be sufficiently diversified so as not to expose them solely to the risks of a single UCI.

Recommended investment horizon: 3 years

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CONVERTIBLES EUROPE RESPONSABLE

Half-year report

Statement of net assets (EUR)

Asset statement items Amount at period end *

a) Financial securities 220 835 311.01

b) Bank balances 26 559 673.85

c) Other assets held by the Fund 109 491 696.46

d) Total assets held by the Fund (lines a+b+c) 356 886 681.32

e) Liabilities -117 766 138.93

f) Net asset value (lines d+e = net assets of the Fund) 239 120 542.39

* The amounts are signed off

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Half-year report

Number of shares in circulation and Net Asset Value

per unit

Unit Type of unit Net assets per unit Number of units in

circulation

Net asset

value

CONVERTIBLES EUROPE RESPONSABLE AC (EUR)

CONVERTIBLES EUROPE RESPONSABLE ZC (EUR)

AC (EUR) 218 233 881.84 172 926.3451 1 262.00

ZC (EUR) 20 886 660.55 20 623.0000 1 012.78

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Half-year report

Securities portfolio items

Securities portfolio items Percentage

Net assets Total assets

a) Eligible financial securities and money market instruments admitted to trading on a regulated market according to Article L. 422-1 of the French Monetary and Financial Code (Code Monétaire et Financier)

b) Eligible financial securities and money market instruments admitted to trading on another regulated market, operating regularly, recognised, open to the public and with its registered office in a European Union Member State or in another State party to the Agreement on the European Economic Area.

89.65 60.07

c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third-party country or traded on another market in a third-party country, regulated, operating regularly, recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the French securities regulator (Autorité des Marchés Financiers, AMF) or that the choice of this stock exchange or market is permitted under the relevant laws, the regulatory framework or the bylaws of the undertaking for collective investment in transferable securities.

2.70 1.81

d) Newly-issued financial securities as specified in Section 4° of Article R. 214-11 of the French Monetary and Financial Code (Code Monétaire et Financier).

e) Other assets: Assets specified in section II of Article R. 214-11 of the French Monetary and Financial Code.

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Half-year report

Breakdown of assets - a), b), c), d) of the securities portfolio,

by currency

Securities Currency In total (EUR) Percentage

net assets *

Percentage

total assets **

US Dollar 25.57 17.13

APERAM 0.625% 08-07-21 CV USD 8 603 071.62 3.59 2.41

T 0.5% 02-12-22 EMTN USD 7 911 076.06 3.30 2.22

SIEM FINA 1.65% 16-08-19 USD 7 644 150.89 3.20 2.14

SIEM FINA 1.05% 16-08-17 USD 7 362 298.46 3.08 2.06

QGEN 0 3/8 03/19/19 USD 6 467 632.75 2.70 1.81

BASF 0.925% 09-03-23 EMTN USD 6 263 263.48 2.62 1.75

VALE ELEC ET ZCP 16-06-21 EMTN USD 5 778 811.78 2.42 1.62

STMI 1.0% 03-07-21 CV USD 3 774 091.40 1.58 1.06

STMICROELECTRONICS NV ZCP 03-07-22 USD 3 001 128.64 1.26 0.84

STMICROELECTRONICS NV 0.25% 03-07-24 USD 2 619 813.21 1.10 0.73

CARREFOUR ZCP 14-06-23 USD 1 714 773.92 0.72 0.48

SUB-TOTAL USD 61 140 112.21

Euro 55.25 37.02

TELECOM ITALIA SPA EX OLIVETTI 1.125% 26-03- EUR 9 958 770.65 4.17 2.79

PARPUBLICA 5.25% 10-17 CV EUR 8 893 585.15 3.72 2.49

AFFP 2.03 02/23 CV EUR 7 867 090.00 3.29 2.20

PRYSMIAN 1.25% 03/18 CV EUR 7 166 328.91 3.00 2.01

TELE ZCP 09-03-21 EMTN EUR 7 098 722.00 2.97 1.99

DEUTSCHE POST AG 0.6% 06/12/2019 EUR 6 911 011.84 2.89 1.94

SNAM ZCP 20-03-22 EUR 5 984 150.00 2.50 1.68

UNIBAIL RODAMCO ZCP 01/01/22 EUR 5 759 277.00 2.41 1.61

VEOL ENVI ZCP 15-03-21 EUR 5 651 170.00 2.36 1.58

UBISOFT ZCP 27-09-21 EUR 5 568 576.00 2.33 1.56

HANI FINA DEUT ZCP 12-05-20 CV EUR 4 551 492.00 1.90 1.28

CA ZCP 03-10-19 EUR 4 530 660.00 1.89 1.27

RALLYE 1% 02/10/20 EUR 4 202 040.00 1.76 1.18

INGENICO ZCP 26/06/22 CV EUR 4 171 675.00 1.74 1.17

ADIDAS AG 0.25% 14/06/2019 CV EUR 4 129 013.97 1.73 1.16

NEXANS 2.5% 01/01/19 CV EUR 3 912 650.00 1.64 1.10

FONC DES REG 0.875% 01/04/19 ORA EUR 3 898 600.00 1.63 1.09

BENI STABILI 0.875% 31-01-21 EUR 3 671 828.55 1.54 1.03

SYMRISE AG 0.2375% 20-06-24 EUR 3 588 623.84 1.50 1.01

TECHNIP 0.875% 25-01-21 EUR 3 408 209.29 1.43 0.95

WEND INVE 1.875% 10-04-20 EUR 3 143 389.32 1.31 0.88

VINCI 3.375% 30/03/2020 EUR 2 853 101.45 1.19 0.80

WERELDHAVE NV 1.0% 22/05/2019 CV EUR 2 533 121.20 1.06 0.71

NH HOTELES SA 4% 11/18 CV EUR 2 403 371.30 1.01 0.67

SUEZ ZCP 27-02-20 CV EUR 2 308 625.00 0.97 0.65

UNIB RODA SE ZCP 01-07-21 CV EUR 2 281 950.00 0.95 0.64

RALLYE 5.25% 01-02-22 CV EUR 2 269 775.08 0.95 0.64

COFINIMMO SA 0.1875% 15-09-21 EUR 1 279 125.00 0.53 0.36

NEX 0.125% 01-01-23 CV EUR 1 174 938.00 0.49 0.33

WENDEL SA 5.875% 17/09/2019 SERIE EMTN EUR 939 494.47 0.39 0.26

SUB-TOTAL EUR 132 110 365.02

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Half-year report


by currency

Securities Currency In total (EUR) Percentage

net assets *

Percentage

total assets **

Swiss franc 1.82 1.22

SLHNVX 0 12/02/20 CHF 4 357 537.05 1.82 1.22

SUB-TOTAL CHF 4 357 537.05

Sterling pound 9.71 6.51

ORANGE 0.375% 27-06-21 GBP 6 612 168.33 2.76 1.85

VOD 0 11/26/20 GBP 5 617 970.50 2.35 1.57

BRITISH LAND INT'L 1.5% 10/09/2017 SERIE GBP 5 381 903.07 2.25 1.51

INTU JERSEY 2 LIMITED 2.875% 01-11-22 GBP 2 105 961.36 0.88 0.59

CAPITAL SHOPPING CENTER 2.5% 04/10/18 CV GBP 1 758 496.55 0.74 0.49

GREA PORT 1.0% 10-09-18 CV GBP 1 750 796.92 0.73 0.49

SUB-TOTAL GBP 23 227 296.73

* See line f) in the statement of assets

** See line d) in the statement of assets

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Half-year report


by issuer’s country of residence

Country Percentage

net assets *

Percentage

total assets **

France 35.95 24.09

Netherlands 13.97 9.36

Italy 11.20 7.50

Germany 10.64 7.13

Jersey 4.60 3.08

Spain 3.97 2.66

Portugal 3.72 2.49

Luxembourg 3.60 2.41

United Kingdom 2.35 1.57

Switzerland 1.82 1.22

Belgium 0.53 0.36

TOTAL 92.35 61.88

OTHER ASSETS HELD (b+c in the statement of assets) 38.12

TOTAL ASSETS 100.00

OTHER ASSETS HELD (b+c+e in the statement of assets) 7.65

TOTAL NET ASSETS 100.00

* See line f) in the statement of assets

** See line d) in the statement of assets

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Half-year report

Breakdown of other assets by type *

Type of assets Percentage

net assets **

Percentage total

assets ***

Debt securities

Traded on a regulated or similar market

Transferable debt securities

Other debt securities

Not traded on a regulated or similar market

Undertakings for collective investment

UCITS Retail funds and AIFs aimed at non-professional and equivalent investors from other countries

Other Funds aimed at non-professional and equivalent investors from the EU member states

Professional retail and other equivalent Funds from other EU member states and listed securitization vehicles

Other professional or equivalent investment funds from other EU member states and unlisted securitization vehicles

Other non-European funds

Other

TOTAL

* This section concerns eligible financial securities or money market instruments not included in the terms specified in section I of Article R.214-11 of the French Monetary and Financial Code

** See line f) in the statement of assets

*** See line d) in the statement of assets

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Half-year report

Movements in the securities portfolio during the period

Securities portfolio items Movements (amount)

Purchases in EUR Sales in EUR

a) Eligible financial securities and money market instruments admitted to trading on a regulated market according to Article L. 422-1 of the French Monetary and Financial Code (Code Monétaire et Financier)

b) Eligible financial securities and money market instruments admitted to trading on another regulated market, operating regularly, recognised, open to the public and with its registered office in a European Union Member State or in another State party to the Agreement on the European Economic Area.

142 239 482.41 120 171 670.63

c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third-party country or traded on another market in a third-party country, regulated, operating regularly, recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the French securities regulator (Autorité des Marchés Financiers, AMF) or that the choice of this stock exchange or market is permitted under the relevant laws, the regulatory framework or the bylaws of the undertaking for collective investment in transferable securities.

4 430 145.83 11 447 418.78

d) Newly-issued financial securities as specified in Section 4° of Article R. 214-11 of the French Monetary and Financial Code (Code Monétaire et Financier).

e) Other assets: Assets specified in section II of Article R. 214-11 of the French Monetary and Financial Code.

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Transparency of securities financing transactions and the reuse of financial instruments – SFTR Regulation (EU) – in the fund’s accounting currency (EUR)

The Fund did not carry out any securities financing transactions during the period

19

Currency


Half-year report

Detailed inventory of financial instruments (in EUR)

Name of security Qty Nbr or

nominal Current value

% Net

Assets

Bonds and similar securities

Bonds and similar securities traded on a regulated market

or similar

GERMANY

ADIDAS AG 0.25% 14/06/2019 CV EUR 2 000 000 4 129 013.97 1.73

BASF 0.925% 09-03-23 EMTN USD 7 000 000 6 263 263.48 2.62

DEUTSCHE POST AG 0.6% 06/12/2019 EUR 4 300 000 6 911 011.84 2.89

HANI FINA DEUT ZCP 12-05-20 CV EUR 4 400 000 4 551 492.00 1.90

SYMRISE AG 0.2375% 20-06-24 EUR 3 500 000 3 588 623.84 1.50

TOTAL GERMANY 25 443 405.13 10.64

BELGIUM

COFINIMMO SA 0.1875% 15-09-21 EUR 9 000 1 279 125.00 0.53

TOTAL BELGIUM 1 279 125.00 0.53

SPAIN

NH HOTELES SA 4% 11/18 CV EUR 2 000 000 2 403 371.30 1.01

TELE ZCP 09-03-21 EMTN EUR 7 100 000 7 098 722.00 2.96

TOTAL SPAIN 9 502 093.30 3.97

FRANCE

AFFP 2.03 02/23 CV EUR 595 000 7 867 090.00 3.29

CA ZCP 03-10-19 EUR 60 000 4 530 660.00 1.89

CARREFOUR ZCP 14-06-23 USD 2 000 000 1 714 773.92 0.72

FONC DES REG 0.875% 01/04/19 ORA EUR 40 000 3 898 600.00 1.63

INGENICO ZCP 26/06/22 CV EUR 25 000 4 171 675.00 1.74

NEX 0.125% 01-01-23 CV EUR 17 000 1 174 938.00 0.49

NEXANS 2.5% 01/01/19 CV EUR 50 000 3 912 650.00 1.64

ORANGE 0.375% 27-06-21 GBP 5 800 000 6 612 168.33 2.77

RALLYE 1% 02/10/20 EUR 40 000 4 202 040.00 1.76

RALLYE 5.25% 01-02-22 CV EUR 2 000 000 2 269 775.08 0.95

SUEZ ZCP 27-02-20 CV EUR 115 000 2 308 625.00 0.97

T 0.5% 02-12-22 EMTN USD 9 000 000 7 911 076.06 3.31

TECHNIP 0.875% 25-01-21 EUR 2 900 000 3 408 209.29 1.43

UBISOFT ZCP 27-09-21 EUR 78 000 5 568 576.00 2.33

UNIB RODA SE ZCP 01-07-21 CV EUR 7 500 2 281 950.00 0.95

UNIBAIL RODAMCO ZCP 01/01/22 EUR 17 000 5 759 277.00 2.41

VALE ELEC ET ZCP 16-06-21 EMTN USD 6 000 000 5 778 811.78 2.42

VEOL ENVI ZCP 15-03-21 EUR 190 000 5 651 170.00 2.36

VINCI 3.375% 30/03/2020 EUR 2 600 000 2 853 101.45 1.19

WEND INVE 1.875% 10-04-20 EUR 3 000 000 3 143 389.32 1.31

20

Currency


Half-year report




% Net

Assets

WENDEL SA 5.875% 17/09/2019 SERIE EMTN EUR 800 000 939 494.47 0.39

TOTAL FRANCE 85 958 050.70 35.95

ITALY

BENI STABILI 0.875% 31-01-21 EUR 3 600 000 3 671 828.55 1.54

PRYSMIAN 1.25% 03/18 CV EUR 6 000 000 7 166 328.91 3.00

SNAM ZCP 20-03-22 EUR 5 800 000 5 984 150.00 2.50

TELECOM ITALIA SPA EX OLIVETTI 1.125% 26-03-22 EUR 10 000 000 9 958 770.65 4.16

TOTAL ITALY 26 781 078.11 11.20

JERSEY

BRITISH LAND INT'L 1.5% 10/09/2017 SERIE EMTN GBP 4 700 000 5 381 903.07 2.25

CAPITAL SHOPPING CENTER 2.5% 04/10/18 CV GBP 1 500 000 1 758 496.55 0.74

GREA PORT 1.0% 10-09-18 CV GBP 1 500 000 1 750 796.92 0.73

INTU JERSEY 2 LIMITED 2.875% 01-11-22 GBP 1 900 000 2 105 961.36 0.88

TOTAL JERSEY 10 997 157.90 4.60

LUXEMBOURG

APERAM 0.625% 08-07-21 CV USD 7 800 000 8 603 071.62 3.60

TOTAL LUXEMBOURG 8 603 071.62 3.60

NETHERLANDS

QGEN 0 3/8 03/19/19 USD 6 000 000 6 467 632.75 2.70

SIEM FINA 1.05% 16-08-17 USD 7 000 000 7 362 298.46 3.08

SIEM FINA 1.65% 16-08-19 USD 7 000 000 7 644 150.89 3.19

STMI 1.0% 03-07-21 CV USD 3 400 000 3 774 091.40 1.58

STMICROELECTRONICS NV ZCP 03-07-22 USD 3 400 000 3 001 128.64 1.26

STMICROELECTRONICS NV 0.25% 03-07-24 USD 3 000 000 2 619 813.21 1.10

WERELDHAVE NV 1.0% 22/05/2019 CV EUR 2 500 000 2 533 121.20 1.06

TOTAL NETHERLANDS 33 402 236.55 13.97

PORTUGAL

PARPUBLICA 5.25% 10-17 CV EUR 8 400 000 8 893 585.15 3.72

TOTAL PORTUGAL 8 893 585.15 3.72

UNITED KINGDOM

VOD 0 11/26/20 GBP 5 000 000 5 617 970.50 2.35

TOTAL UNITED KINGDOM 5 617 970.50 2.35

SWITZERLAND

SLHNVX 0 12/02/20 CHF 3 400 000 4 357 537.05 1.82

TOTAL SWITZERLAND 4 357 537.05 1.82

TOTAL Bonds & similar sec traded on reg markets or similar 220 835 311.01 92.35

TOTAL Bonds and similar securities 220 835 311.01 92.35

21

Currency


Half-year report




% Net

Assets

Derivative financial instruments

Futures

Futures on regulated or similar markets

XEUR FESX DJ 0917 EUR 235 -317 250.00 -0.13

TOTAL Futures on regulated markets -317 250.00 -0.13

TOTAL Futures -317 250.00 -0.13

Options

Options on regulated or similar

markets

MICHELIN CAT.B 12/2018 CALL 0000 EUR 220 208 780.00 0.09

SAINT-GOBAIN 06/2019 CALL 0000 EUR 1 255 504 510.00 0.21

VINCI (EX SGE) 12/2021 CALL 0000 EUR 500 458 000.00 0.19

TOTAL Options on regulated markets

1 171 290.00 0.49

TOTAL Options 1 171 290.00 0.49

TOTAL Derivative financial instruments 854 040.00 0.36

Margin calls

Margin calls C.A.Indo in Euro EUR 317 250 317 250.00 0.13

TOTAL Margin calls 317 250.00 0.13

Receivables 108 003 156.46 45.17

Payables -117 448 888.93 -49.12

Financial accounts 26 559 673.85 11.11

Net assets 239 120 542.39 100.00

CONVERTIBLES EUROPE RESPONSABLE AC (EUR)

CONVERTIBLES EUROPE RESPONSABLE ZC (EUR)

EUR

EUR

172 926.3451 1 262.00

20 623.0000 1 012.78

22


General information

Custodian: Caceis Bank - 1-3 place Valhubert - 75013 -Paris

Itemised half-yearly asset statements are available within eight weeks of the end of the period. These may be obtained on request from the management company:

Union Bancaire Gestion Institutionnelle (France) SAS - 116 Avenue des Champs Elysées - 75008 - Paris

23

Additional information for investors in the Federal Republic of Germany

CACEIS Bank S.A., German Branch, Lilienthalallee 34 – 36, D-80939 Munich has undertaken the function of Information Agent in the Federal Republic of Germany (the “German Information Agent”). The Fund does not issue printed individual certificates. Applications for the redemption and conversion of units may be sent to the Management Company of the Fund: Union Bancaire Gestion Institutionnelle, 127 avenue des Champs Elysées, 75008 Paris, France. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be facilitated through Union Bancaire Gestion Institutionnelle, 127 avenue des Champs Elysées, 75008 Paris, France. The prospectus, the key investor information documents, the Management Regulations of the company, the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours. The issue, redemption and conversion prices of the units and the notices to shareholders are also available free of charge from the German Information Agent. The issue, redemption and conversion prices of the units will be published on the fund website www.ubp.com. The shareholder notices will be sent by post to investors in the Federal Republic of Germany.

The statement of changes in the composition of the investment portfolio is also free of charge upon request available at the office of the German Information Agent.

http://www.ubp.com/

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