# UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 |
| Net assets in USD |  | 12 051 189.42 | 8 029 527.95 |
| Class P-acc 1 | LU1821947436 |  |  |
| Shares outstanding |  | 67 245.9050 | 58 896.3740 |
| Net asset value per share in USD |  | 107.48 | 104.00 |
| Issue and redemption price per share in USD 2 |  | 107.48 | 104.00 |
| Class (EUR hedged) P-acc 1 | LU1821947519 |  |  |
| Shares outstanding |  | 42 378.6130 | 16 878.5160 |
| Net asset value per share in EUR |  | 103.23 | 101.25 |
| Issue and redemption price per share in EUR 2 |  | 103.23 | 101.25 |
| 1  First NAV: 4.7.2018 2  See note 1 |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Luxembourg	53.88
United States	23.88
Ireland	20.59
Economic Breakdown as a % of net assets	
Investment funds	74.47
Countries & central governments	23.88
UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
USD
Investments in securities, cost	11 325 197.59
| Investments in securities, unrealized appreciation (depreciation) | 	527 658.21	 |
| --- | --- |
| Total investments in securities (Note 1) | 11 852 855.80 |
| Cash at banks, deposits on demand and deposit accounts | 222 678.71 |
| Interest receivable on securities | 14 193.91 |
| Other receivables | 19 102.85 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -23 374.09 |
| Total Assets | 12 085 457.18 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -26 670.53 |
| Provisions for flat fee (Note 2) | -6 076.00 |
| Provisions for taxe d’abonnement (Note 3) | -453.11 |
| Provisions for other commissions and fees (Note 2) | 	-1 068.12	 |
| Total provisions | -7 597.23 |
| Total Liabilities | -34 267.76 |
|  |  |
| Net assets at the end of the period | 12 051 189.42 |
| Statement of Operations | USD |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 1 073.58 |
| Interest on securities | 26 668.91 |
| Income on securities lending (Note 12) | 1 073.55 |
| Other income (Note 4) | 7 879.76 |
| Total income | 36 695.80 |
|  |  |
| Expenses |  |
| Cost on securities lending (Note 12) | -429.42 |
| Flat fee (Note 2) | -69 640.50 |
| Taxe d’abonnement (Note 3) | -1 292.10 |
| Other commissions and fees (Note 2) | -1 076.76 |
| Interest on cash and bank overdraft | -14.59 |
| Total expenses | -72 453.37 |
|  |  |
| Net income (loss) on investments | -35 757.57 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 20 593.11 |
| Realized gain (loss) on forward foreign exchange contracts | -128 105.44 |
| Realized gain (loss) on foreign exchange | 70 366.31 |
| Total realized gain (loss) | -37 146.02 |
|  |  |
| Net realized gain (loss) of the period | -72 903.59 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 320 187.83 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -33 711.55 |
| Total changes in unrealized appreciation (depreciation) | 286 476.28 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 213 572.69 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD) Semi-Annual Report as of 30 November 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period | 8 029 527.95 |
| Subscriptions | 3 835 606.25 |
| Redemptions | 	-27 517.47	 |
| Total net subscriptions (redemptions) | 3 808 088.78 |
| Net income (loss) on investments | -35 757.57 |
| Total realized gain (loss) | -37 146.02 |
| Total changes in unrealized appreciation (depreciation) | 	286 476.28	 |
| Net increase (decrease) in net assets as a result of operations | 213 572.69 |
| Net assets at the end of the period | 12 051 189.42 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-30.11.2019 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 58 896.3740 |
| Number of shares issued | 8 349.5310 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 67 245.9050 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 16 878.5160 |
| Number of shares issued | 25 742.3180 |
| Number of shares redeemed | -242.2210 |
| Number of shares outstanding at the end of the period | 42 378.6130 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Semi-Annual Report as of 30 November 2019

## Statement of Investments in Securities and other Net Assets as of 30 November 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-28.02.21 | 577 000.00 | 572 920.43 | 4.75 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 352 000.00 | 349 181.25 | 2.90 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.09.21 | 211 000.00 | 209 005.39 | 1.73 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 395 000.00 | 397 607.59 | 3.30 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 278 000.00 | 278 966.46 | 2.32 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 329 000.00 | 330 747.81 | 2.74 |
| Total USD |  | 2 138 428.93 | 17.74 |
| Total Treasury notes, fixed rate |  | 2 138 428.93 | 17.74 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 24 000.00 | 50 039.18 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 18 000.00 | 27 197.71 | 0.22 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 38 000.00 | 42 116.07 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.125%/CPI LINKED 11-15.01.21 | 13 000.00 | 15 359.68 | 0.13 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.01.22 | 19 000.00 | 21 426.73 | 0.18 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 27 000.00 | 29 853.39 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 36 000.00 | 38 714.11 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 37 000.00 | 40 586.22 | 0.34 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 47 000.00 | 50 452.56 | 0.42 |
| Total USD |  | 315 745.65 | 2.62 |
| Total Treasury notes, floating rate |  | 315 745.65 | 2.62 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 454 174.58 | 20.36 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.37500% 13-31.01.20 | 261 000.00 | 260 871.52 | 2.16 |
| Total USD |  | 260 871.52 | 2.16 |
| Total Treasury notes, fixed rate |  | 260 871.52 | 2.16 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 14-15.01.24 | 31 000.00 | 34 651.50 | 0.29 |
| USD	AMERICA, UNITED STATES OF 0.250%/CPI LINKED 15-15.01.25 | 43 000.00 | 46 733.62 | 0.39 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 16-15.04.21 | 10 000.00 | 10 760.52 | 0.09 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 23 000.00 | 25 638.07 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 41 000.00 | 45 603.90 | 0.38 |
| Total USD |  | 163 387.61 | 1.36 |
| Total Treasury notes, floating rate | 163 387.61 | 1.36 |
| Total Transferable securities and money market instruments traded on another regulated market | 424 259.13 | 3.52 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	UBS (IRL) ETF PLC-MSCI USA UCITS-ACC-A-USD-ETF	73 356.00 | 1 251 453.36 | 10.38 |
| USD	UBS ETFS PLC-MSCI ACWI SF UCITS ETF HEDGED-USD-A-ACC	8 590.00 | 1 229 916.20 | 10.21 |
| Total Ireland | 2 481 369.56 | 20.59 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR)(USD HEDGED) F-ACC	2 905.00 | 335 556.55 | 2.78 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) F-ACC	7 831.00 | 863 680.99 | 7.17 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES (USD) F-ACC	26 697.00 | 563 840.64 | 4.68 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) F-ACC	1 569.00 | 507 806.85 | 4.21 |
| USD	UBS (LUX) BOND SICAV - USD INVESTMENT GRADE CORPORATES (USD) F-ACC	19.82 | 2 173 018.22 | 18.03 |
| USD	UBS (LUX) BOND SICAV - EMERG ECON CORPORATES (USD) F-ACC	2 931.00 | 332 463.33 | 2.76 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND - GLOBAL BONDS (USD) F-ACC	253.00 | 508 595.78 | 4.22 |
| CHF	UBS ETF - MSCI SWITZERLAND 20/35 UCITS A-CAP	15 858.00 | 360 686.79 | 2.99 |
| GBP	UBS ETF MSCI UNITED KINGDOM UCITS ETF (GBP)-A	7 790.00 | 243 041.92 | 2.02 |
| EUR	UBS ETF - MSCI EMU UCITS ETF (EUR) A-CAP	25 506.00 | 604 361.46 | 5.02 |
| Total Luxembourg | 6 493 052.53 | 53.88 |
| Total Investment funds, open end | 8 974 422.09 | 74.47 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 8 974 422.09 | 74.47 |
| Total investments in securities | 11 852 855.80 | 98.35 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD) Semi-Annual Report as of 30 November 2019
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| AUD | 150.00 | USD | 101.73 | 9.1.2020 | -0.16 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 122 143.93 | GBP | 96 300.00 | 9.1.2020 | -2 630.21 | -0.02 |
| USD | 2 833.34 | JPY | 305 000.00 | 9.1.2020 | 38.99 | 0.00 |
| HKD | 500.00 | USD | 63.79 | 9.1.2020 | 0.06 | 0.00 |
| USD | 2 534.33 | CAD | 3 350.00 | 9.1.2020 | 11.25 | 0.00 |
| USD | 302 000.66 | EUR | 272 550.00 | 9.1.2020 | 568.01 | 0.00 |
| USD | 178 704.81 | CHF | 177 050.00 | 9.1.2020 | 914.00 | 0.01 |
| USD | 3 887.66 | EUR | 3 500.00 | 9.1.2020 | 16.76 | 0.00 |
| USD | 4 544.87 | CHF | 4 500.00 | 9.1.2020 | 26.04 | 0.00 |
| USD | 6 133.48 | EUR | 5 500.00 | 9.1.2020 | 50.63 | 0.00 |
| USD | 2 629.96 | CAD | 3 450.00 | 15.1.2020 | 31.52 | 0.00 |
| HKD | 500.00 | USD | 63.82 | 15.1.2020 | 0.03 | 0.00 |
| USD | 122 842.29 | GBP | 95 100.00 | 15.1.2020 | -396.80 | 0.00 |
| AUD | 150.00 | USD | 104.05 | 15.1.2020 | -2.46 | 0.00 |
| USD | 2 814.57 | JPY | 305 000.00 | 15.1.2020 | 19.35 | 0.00 |
| USD | 183 367.51 | CHF | 180 650.00 | 15.1.2020 | 1 887.91 | 0.02 |
| USD | 314 730.34 | EUR | 281 450.00 | 15.1.2020 | 3 341.49 | 0.03 |
| USD | 8 909.92 | EUR | 8 000.00 | 15.1.2020 | 58.93 | 0.00 |
| USD | 8 906.61 | EUR | 8 000.00 | 9.1.2020 | 58.83 | 0.00 |
| EUR | 4 325 000.00 | USD | 4 811 553.85 | 14.1.2020 | -27 356.82 | -0.23 |
| USD | 4 403.82 | GBP | 3 400.00 | 9.1.2020 | -1.50 | 0.00 |
| USD | 4 404.55 | GBP | 3 400.00 | 15.1.2020 | -1.47 | 0.00 |
| USD | 6 525.63 | CHF | 6 500.00 | 15.1.2020 | -4.22 | 0.00 |
| USD | 6 522.95 | CHF | 6 500.00 | 9.1.2020 | -4.25 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -23 374.09 | -0.19 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 222 678.71 | 1.85 |
| Other assets and liabilities | -971.00 | -0.01 |
| Total net assets | 12 051 189.42 | 100.00 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Semi-Annual Report as of 30 November 2019

Translation (ENFR, 2019-11-30):
# UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 |
| Actif net en USD |  | 12 051 189.42 | 8 029 527.95 |
| Catégorie P-acc 1 | LU1821947436 |  |  |
| Actions en circulation |  | 67 245.9050 | 58 896.3740 |
| Valeur nette d’inventaire par action en USD |  | 107.48 | 104.00 |
| Prix d’émission et de rachat par action en USD 2 |  | 107.48 | 104.00 |
| Catégorie (EUR hedged) P-acc 1 | LU1821947519 |  |  |
| Actions en circulation |  | 42 378.6130 | 16 878.5160 |
| Valeur nette d’inventaire par action en EUR |  | 103.23 | 101.25 |
| Prix d’émission et de rachat par action en EUR 2 |  | 103.23 | 101.25 |
| 1  Première VNI 4.7.2018 2  Voir note 1 |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Luxembourg	53.88
Etats-Unis	23.88
Irlande	20.59
Répartition économique en % de l’actif net	
Fonds de placement	74.47
Gouvernements nationaux et centraux	23.88
UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Rapport semestriel au 30 novembre 2019

## Etat des actifs nets
Actif	30.11.2019
USD
Portefeuille-titres, cours d’achat	11 325 197.59
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	527 658.21	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 11 852 855.80 |
| Avoirs en banque, dépôts à vue et à terme | 222 678.71 |
| Intérêts à recevoir sur titres | 14 193.91 |
| Autres créances | 19 102.85 |
| Bénéfice/(perte) non réalisé(e) sur contrats de change à terme (note 1) | -23 374.09 |
| Total de l’Actif | 12 085 457.18 |
|  |  |
| Passif |  |
| Engagements sur achats de titres (note 1) | -26 670.53 |
| Provisions pour commission de gestion forfaitaire (note 2) | -6 076.00 |
| Provisions pour taxe d’abonnement (note 3) | -453.11 |
| Provisions pour autres commissions et frais (note 2) | 	-1 068.12	 |
| Total des Provisions pour frais | -7 597.23 |
| Total du Passif | -34 267.76 |
|  |  |
| Actif net à la fin de la période | 12 051 189.42 |
| Etat des opérations | USD |
| Revenus | 1.6.2019-30.11.2019 |
| Revenus d’intérêts sur liquidités | 1 073.58 |
| Intérêts sur titres | 26 668.91 |
| Revenus sur prêts de titres (note 12) | 1 073.55 |
| Autres revenus (note 4) | 7 879.76 |
| Total des Revenus | 36 695.80 |
|  |  |
| Charges |  |
| Frais sur prêts de titres (note 12) | -429.42 |
| Commission de gestion forfaitaire (note 2) | -69 640.50 |
| Taxe d’abonnement (note 3) | -1 292.10 |
| Autres commissions et frais (note 2) | -1 076.76 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -14.59 |
| Total des Charges | -72 453.37 |
|  |  |
| Revenus/pertes net(te)s de placements | -35 757.57 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 20 593.11 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -128 105.44 |
| Bénéfice/(perte) de change réalisé(e) | 70 366.31 |
| Total des Bénéfices/(pertes) réalisé(e)s | -37 146.02 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | -72 903.59 |
|  |  |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) |  |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | 320 187.83 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | -33 711.55 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 286 476.28 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 213 572.69 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD) Rapport semestriel au 30 novembre 2019
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2019-30.11.2019 |
| Actif net au début de la période | 8 029 527.95 |
| Souscriptions | 3 835 606.25 |
| Rachats | 	-27 517.47	 |
| Total des Entrées/(sorties) de capitaux | 3 808 088.78 |
| Revenus/pertes net(te)s de placements | -35 757.57 |
| Total des Bénéfices/(pertes) réalisé(e)s | -37 146.02 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	286 476.28	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 213 572.69 |
| Actif net à la fin de la période | 12 051 189.42 |
| Evolution des actions en circulation |  |
|  | 1.6.2019-30.11.2019 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 58 896.3740 |
| Nombre d’actions émises | 8 349.5310 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 67 245.9050 |
| Catégorie | (EUR hedged) P-acc |
| Nombre d’actions en circulation au début de la période | 16 878.5160 |
| Nombre d’actions émises | 25 742.3180 |
| Nombre d’actions rachetées | -242.2210 |
| Nombre d’actions en circulation à la fin de la période | 42 378.6130 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Rapport semestriel au 30 novembre 2019

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2019
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-28.02.21 | 577 000.00 | 572 920.43 | 4.75 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 352 000.00 | 349 181.25 | 2.90 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.09.21 | 211 000.00 | 209 005.39 | 1.73 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 395 000.00 | 397 607.59 | 3.30 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 278 000.00 | 278 966.46 | 2.32 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 329 000.00 | 330 747.81 | 2.74 |
| Total USD |  | 2 138 428.93 | 17.74 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 2 138 428.93 | 17.74 |
| Bons du Trésor à moyen terme, taux variable |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 24 000.00 | 50 039.18 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 18 000.00 | 27 197.71 | 0.22 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 38 000.00 | 42 116.07 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.125%/CPI LINKED 11-15.01.21 | 13 000.00 | 15 359.68 | 0.13 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.01.22 | 19 000.00 | 21 426.73 | 0.18 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 27 000.00 | 29 853.39 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 36 000.00 | 38 714.11 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 37 000.00 | 40 586.22 | 0.34 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 47 000.00 | 50 452.56 | 0.42 |
| Total USD |  | 315 745.65 | 2.62 |
| Total des Bons du Trésor à moyen terme, taux variable |  | 315 745.65 | 2.62 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 2 454 174.58 | 20.36 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.37500% 13-31.01.20 | 261 000.00 | 260 871.52 | 2.16 |
| Total USD |  | 260 871.52 | 2.16 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 260 871.52 | 2.16 |
| Bons du Trésor à moyen terme, taux variable |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 14-15.01.24 | 31 000.00 | 34 651.50 | 0.29 |
| USD	AMERICA, UNITED STATES OF 0.250%/CPI LINKED 15-15.01.25 | 43 000.00 | 46 733.62 | 0.39 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 16-15.04.21 | 10 000.00 | 10 760.52 | 0.09 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 23 000.00 | 25 638.07 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 41 000.00 | 45 603.90 | 0.38 |
| Total USD |  | 163 387.61 | 1.36 |
| Total des Bons du Trésor à moyen terme, taux variable |  | 163 387.61 | 1.36 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 424 259.13 | 3.52 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
| Irlande |  |
| --- | --- |
| USD | UBS (IRL) ETF PLC-MSCI USA UCITS-ACC-A-USD-ETF | 73 356.00 | 1 251 453.36 | 10.38 |
| USD | UBS ETFS PLC-MSCI ACWI SF UCITS ETF HEDGED-USD-A-ACC | 8 590.00 | 1 229 916.20 | 10.21 |
| Total Irlande |  | 2 481 369.56 | 20.59 |
| Luxembourg |  |  |  |
| USD	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR)(USD HEDGED) F-ACC | 2 905.00 | 335 556.55 | 2.78 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) F-ACC | 7 831.00 | 863 680.99 | 7.17 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES (USD) F-ACC | 26 697.00 | 563 840.64 | 4.68 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) F-ACC | 1 569.00 | 507 806.85 | 4.21 |
| USD	UBS (LUX) BOND SICAV - USD INVESTMENT GRADE CORPORATES (USD) F-ACC | 19.82 | 2 173 018.22 | 18.03 |
| USD	UBS (LUX) BOND SICAV - EMERG ECON CORPORATES (USD) F-ACC | 2 931.00 | 332 463.33 | 2.76 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND - GLOBAL BONDS (USD) F-ACC | 253.00 | 508 595.78 | 4.22 |
| CHF	UBS ETF - MSCI SWITZERLAND 20/35 UCITS A-CAP | 15 858.00 | 360 686.79 | 2.99 |
| GBP	UBS ETF MSCI UNITED KINGDOM UCITS ETF (GBP)-A | 7 790.00 | 243 041.92 | 2.02 |
| EUR	UBS ETF - MSCI EMU UCITS ETF (EUR) A-CAP | 25 506.00 | 604 361.46 | 5.02 |
| Total Luxembourg |  | 6 493 052.53 | 53.88 |
| Total des Fonds d’investissement, ouvert |  | 8 974 422.09 | 74.47 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée |  | 8 974 422.09 | 74.47 |
| Total du Portefeuille-titres |  | 11 852 855.80 | 98.35 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD) Rapport semestriel au 30 novembre 2019
| Dénomination	Nombre/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | contrats de | net |
|  | change à terme/ |  |
|  | swaps (note 1) |  |

Contrats de change à terme
Contrats de change à terme (achat/vente)
| AUD | 150.00 | USD | 101.73 | 9.1.2020 | -0.16 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 122 143.93 | GBP | 96 300.00 | 9.1.2020 | -2 630.21 | -0.02 |
| USD | 2 833.34 | JPY | 305 000.00 | 9.1.2020 | 38.99 | 0.00 |
| HKD | 500.00 | USD | 63.79 | 9.1.2020 | 0.06 | 0.00 |
| USD | 2 534.33 | CAD | 3 350.00 | 9.1.2020 | 11.25 | 0.00 |
| USD | 302 000.66 | EUR | 272 550.00 | 9.1.2020 | 568.01 | 0.00 |
| USD | 178 704.81 | CHF | 177 050.00 | 9.1.2020 | 914.00 | 0.01 |
| USD | 3 887.66 | EUR | 3 500.00 | 9.1.2020 | 16.76 | 0.00 |
| USD | 4 544.87 | CHF | 4 500.00 | 9.1.2020 | 26.04 | 0.00 |
| USD | 6 133.48 | EUR | 5 500.00 | 9.1.2020 | 50.63 | 0.00 |
| USD | 2 629.96 | CAD | 3 450.00 | 15.1.2020 | 31.52 | 0.00 |
| HKD | 500.00 | USD | 63.82 | 15.1.2020 | 0.03 | 0.00 |
| USD | 122 842.29 | GBP | 95 100.00 | 15.1.2020 | -396.80 | 0.00 |
| AUD | 150.00 | USD | 104.05 | 15.1.2020 | -2.46 | 0.00 |
| USD | 2 814.57 | JPY | 305 000.00 | 15.1.2020 | 19.35 | 0.00 |
| USD | 183 367.51 | CHF | 180 650.00 | 15.1.2020 | 1 887.91 | 0.02 |
| USD | 314 730.34 | EUR | 281 450.00 | 15.1.2020 | 3 341.49 | 0.03 |
| USD | 8 909.92 | EUR | 8 000.00 | 15.1.2020 | 58.93 | 0.00 |
| USD | 8 906.61 | EUR | 8 000.00 | 9.1.2020 | 58.83 | 0.00 |
| EUR | 4 325 000.00 | USD | 4 811 553.85 | 14.1.2020 | -27 356.82 | -0.23 |
| USD | 4 403.82 | GBP | 3 400.00 | 9.1.2020 | -1.50 | 0.00 |
| USD | 4 404.55 | GBP | 3 400.00 | 15.1.2020 | -1.47 | 0.00 |
| USD | 6 525.63 | CHF | 6 500.00 | 15.1.2020 | -4.22 | 0.00 |
| USD | 6 522.95 | CHF | 6 500.00 | 9.1.2020 | -4.25 | 0.00 |
| Total des Contrats de change à terme (achat/vente) | -23 374.09 | -0.19 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 222 678.71 | 1.85 |
| Autres actifs et passifs | -971.00 | -0.01 |
| Total de l’Actif net | 12 051 189.42 | 100.00 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive Classic (USD)
Rapport semestriel au 30 novembre 2019