# UBS (Lux) Strategy SICAV
– Systematic Allocation Portfolio Defensive (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in USD |  | 1 187 843 431.51 | 1 087 131 873.23 | 922 334 114.59 |
| Class K-1-acc | LU1622990858 |  |  |  |
| Shares outstanding |  | 3.9000 | 4.5000 | 2.0000 |
| Net asset value per share in USD |  | 5 463 106.56 | 5 272 284.33 | 5 085 305.72 |
| Issue and redemption price per share in USD 1 |  | 5 463 106.56 | 5 282 828.90 | 5 085 305.72 |
| Class (CHF hedged) K-1-acc 2 | LU1622991070 |  |  |  |
| Shares outstanding |  | 0.2000 | - | - |
| Net asset value per share in CHF |  | 5 029 189.75 | - | - |
| Issue and redemption price per share in CHF 1 |  | 5 029 189.75 | - | - |
| Class (EUR hedged) K-1-acc | LU1622990932 |  |  |  |
| Shares outstanding |  | 1.2000 | 0.8000 | 0.8000 |
| Net asset value per share in EUR |  | 3 096 164.38 | 3 028 310.04 | 3 007 798.84 |
| Issue and redemption price per share in EUR 1 |  | 3 096 164.38 | 3 034 366.66 | 3 007 798.84 |
| Class (EUR hedged) K-X-acc | LU1675059452 |  |  |  |
| Shares outstanding |  | 97 177.2680 | 97 177.2680 | 97 177.2680 |
| Net asset value per share in EUR |  | 103.89 | 101.16 | 99.58 |
| Issue and redemption price per share in EUR 1 |  | 103.89 | 101.36 | 99.58 |
| Class P-4%-mdist | LU1599185995 |  |  |  |
| Shares outstanding |  | 1 508 055.2180 | 1 487 647.4150 | 1 343 570.0780 |
| Net asset value per share in USD |  | 99.43 | 98.09 | 98.84 |
| Issue and redemption price per share in USD 1 |  | 99.43 | 98.29 | 98.84 |
| Class (HKD) P-4%-mdist | LU1647379343 |  |  |  |
| Shares outstanding |  | 371 614.3560 | 396 435.4180 | 314 488.2810 |
| Net asset value per share in HKD |  | 992.14 | 980.48 | 988.89 |
| Issue and redemption price per share in HKD 1 |  | 992.14 | 982.44 | 988.89 |
| Class P-acc | LU1599185649 |  |  |  |
| Shares outstanding |  | 3 305 422.5350 | 3 109 847.0700 | 2 735 914.9920 |
| Net asset value per share in USD |  | 109.41 | 105.81 | 102.49 |
| Issue and redemption price per share in USD 1 |  | 109.41 | 106.02 | 102.49 |
| Class (CHF hedged) P-acc | LU1599186027 |  |  |  |
| Shares outstanding |  | 1 294 349.1960 | 1 234 744.5730 | 838 924.0190 |
| Net asset value per share in CHF |  | 101.58 | 99.79 | 99.92 |
| Issue and redemption price per share in CHF 1 |  | 101.58 | 99.99 | 99.92 |
| Class (EUR hedged) P-acc | LU1599186530 |  |  |  |
| Shares outstanding |  | 1 658 141.1560 | 1 500 380.0560 | 1 291 511.1050 |
| Net asset value per share in EUR |  | 102.62 | 100.58 | 100.32 |
| Issue and redemption price per share in EUR 1 |  | 102.62 | 100.78 | 100.32 |
| Class (GBP hedged) P-acc | LU1616912249 |  |  |  |
| Shares outstanding |  | 94 526.9960 | 86 928.3810 | 75 508.3240 |
| Net asset value per share in GBP |  | 105.14 | 102.43 | 100.99 |
| Issue and redemption price per share in GBP 1 |  | 105.14 | 102.63 | 100.99 |
| Class (SGD hedged) P-acc | LU1599186704 |  |  |  |
| Shares outstanding |  | 185 655.5580 | 233 599.3200 | 179 284.1640 |
| Net asset value per share in SGD |  | 107.79 | 104.49 | 101.90 |
| Issue and redemption price per share in SGD 1 |  | 107.79 | 104.70 | 101.90 |
| Class (SGD hedged) P-mdist | LU1637863462 |  |  |  |
| Shares outstanding |  | 127 827.5270 | 144 058.7600 | 153 896.8190 |
| Net asset value per share in SGD |  | 101.38 | 99.46 | 99.75 |
| Issue and redemption price per share in SGD 1 |  | 101.38 | 99.66 | 99.75 |
| Class Q-4%-mdist 3 | LU1891428200 |  |  |  |
| Shares outstanding |  | 115 450.2710 | 58 760.4920 | - |
| Net asset value per share in USD |  | 104.48 | 102.72 | - |
| Issue and redemption price per share in USD 1 |  | 104.48 | 102.93 | - |
| Class Q-acc | LU1599185722 |  |  |  |
| Shares outstanding |  | 657 679.1800 | 532 963.4070 | 330 736.7880 |
| Net asset value per share in USD |  | 111.17 | 107.17 | 103.14 |
| Issue and redemption price per share in USD 1 |  | 111.17 | 107.38 | 103.14 |
| Class (CHF hedged) Q-acc | LU1599186373 |  |  |  |
| Shares outstanding |  | 345 834.1880 | 357 201.8680 | 302 962.0460 |
| Net asset value per share in CHF |  | 103.21 | 101.08 | 100.56 |
| Issue and redemption price per share in CHF 1 |  | 103.21 | 101.28 | 100.56 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Semi-Annual Report as of 30 November 2019
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (EUR hedged) Q-acc | LU1599186613 |  |  |  |
| Shares outstanding |  | 893 334.3730 | 814 208.9740 | 841 185.0910 |
| Net asset value per share in EUR |  | 104.28 | 101.88 | 100.97 |
| Issue and redemption price per share in EUR 1 |  | 104.28 | 102.08 | 100.97 |
| Class (GBP hedged) Q-acc | LU1616912322 |  |  |  |
| Shares outstanding |  | 33 394.7750 | 21 692.1930 | 23 337.7420 |
| Net asset value per share in GBP |  | 106.29 | 103.23 | 101.13 |
| Issue and redemption price per share in GBP 1 |  | 106.29 | 103.44 | 101.13 |
| Class (SEK hedged) Q-acc | LU1599186886 |  |  |  |
| Shares outstanding |  | 12 639.9170 | 11 805.6020 | 77 310.0900 |
| Net asset value per share in SEK |  | 713.16 | 697.68 | 690.19 |
| Issue and redemption price per share in SEK 1 |  | 713.16 | 699.08 | 690.19 |
| Class (SGD hedged) Q-mdist 4 | LU2038507948 |  |  |  |
| Shares outstanding |  | 85 700.1860 | - | - |
| Net asset value per share in SGD |  | 101.04 | - | - |
| Issue and redemption price per share in SGD 1 |  | 101.04 | - | - |
| 1  See note 1 2  First NAV: 4.11.2019 3  First NAV: 5.11.2018 4  First NAV: 19.8.2019 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Luxembourg	41.16
United States	18.66
Ireland	12.50
Switzerland	3.22
Canada	3.12
Germany	3.10
France	2.73
United Kingdom	2.03
The Netherlands	1.84
South Korea	1.28
Australia	1.00
Supranationals	0.99
Philippines	0.95
Qatar	0.57
Japan	0.48
Spain	0.47
United Arab Emirates	0.40
Finland	0.37
Singapore	0.36
Italy	0.35
Norway	0.31
Belgium	0.24
Sweden	0.22
Kuwait	0.22
Jersey	0.18
Denmark	0.15
New Zealand	0.12
Austria	0.11
Cayman Islands	0.10
British Virgin Islands	0.08
Portugal	0.03
South Africa	0.01
Isle of Man	0.01
Total	97.36
Economic Breakdown as a % of net assets	
Investment funds	48.39
Finance & holding companies	8.51
Countries & central governments	7.70
Banks & credit institutions	7.62
Supranational organisations	5.06
Pharmaceuticals, cosmetics & medical products	2.46
Computer hardware & network equipment providers	2.13
Cantons, federal states	1.98
Petroleum	1.93
Internet, software & IT services	1.70
Food & soft drinks	0.99
Retail trade, department stores	0.73
Insurance	0.72
Tobacco & alcohol	0.62
Energy & water supply	0.61
Mortgage & funding institutions	0.59
Chemicals	0.57
Miscellaneous consumer goods	0.54
Public, non-profit institutions	0.51
Miscellaneous services	0.46
Telecommunications	0.43
Building industry & materials	0.34
Electronics & semiconductors	0.29
Textiles, garments & leather goods	0.28
Traffic & transportation	0.27
Vehicles	0.24
Biotechnology	0.21
Aerospace industry	0.21
Electrical devices & components	0.20
Real Estate	0.14
Mechanical engineering & industrial equipment	0.14
Watches & jewellery	0.12
Various capital goods	0.11
Lodging, catering & leisure	0.10
Graphic design, publishing & media	0.10
Non-ferrous metals	0.10
Mining, coal & steel	0.08
Forestry, paper & pulp products	0.06
Rubber & tyres	0.04
Miscellaneous trading companies	0.03
Miscellaneous unclassified companies	0.02
Healthcare & social services	0.02
Precious metals & stones	0.01
Total	97.36
UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
USD
Investments in securities, cost	1 099 555 291.45
| Investments in securities, unrealized appreciation (depreciation) | 	56 981 543.82	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 156 536 835.27 |
| Cash at banks, deposits on demand and deposit accounts | 24 553 719.37 |
| Other liquid assets (Margins) | 2 610 797.85 |
| Receivable on subscriptions | 1 501 176.39 |
| Interest receivable on securities | 2 253 655.68 |
| Receivable on dividends | 136 356.67 |
| Other receivables | 98 855.95 |
| Unrealized gain (loss) on financial futures (Note 1) | 4 204 816.70 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 762 905.37 |
| Total Assets | 1 192 659 119.25 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -2 623 049.17 |
| Payable on redemptions | -1 525 881.86 |
| Provisions for flat fee (Note 2) | -532 493.01 |
| Provisions for taxe d’abonnement (Note 3) | -57 226.48 |
| Provisions for other commissions and fees (Note 2) | 	-77 037.22	 |
| Total provisions | -666 756.71 |
| Total Liabilities | -4 815 687.74 |
|  |  |
| Net assets at the end of the period | 1 187 843 431.51 |
| Statement of Operations | USD |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 225 426.28 |
| Interest on securities | 4 620 559.67 |
| Dividends | 928 824.20 |
| Income on securities lending (Note 12) | 100 184.92 |
| Other income (Note 4) | 334 111.04 |
| Total income | 6 209 106.11 |
|  |  |
| Expenses |  |
| Cost on securities lending (Note 12) | -40 073.97 |
| Flat fee (Note 2) | -6 959 814.32 |
| Taxe d’abonnement (Note 3) | -182 397.38 |
| Other commissions and fees (Note 2) | -121 438.59 |
| Interest on cash and bank overdraft | -12 177.34 |
| Total expenses | -7 315 901.60 |
|  |  |
| Net income (loss) on investments | -1 106 795.49 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 19 565 142.75 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 6 852.65 |
| Realized gain (loss) on financial futures | -18 556 834.55 |
| Realized gain (loss) on forward foreign exchange contracts | -5 336 134.00 |
| Realized gain (loss) on foreign exchange | 1 421 387.05 |
| Total realized gain (loss) | -2 899 586.10 |
|  |  |
| Net realized gain (loss) of the period | -4 006 381.59 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 30 494 249.98 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 27 393.55 |
| Unrealized appreciation (depreciation) on financial futures | 6 300 504.44 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -2 268 255.47 |
| Total changes in unrealized appreciation (depreciation) | 34 553 892.50 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 30 547 510.91 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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 | 1 087 131 873.23 |
| Subscriptions | 267 890 054.84 |
| Redemptions | 	-193 210 236.35	 |
| Total net subscriptions (redemptions) | 74 679 818.49 |
| Dividend paid | -4 515 771.12 |
| Net income (loss) on investments | -1 106 795.49 |
| Total realized gain (loss) | -2 899 586.10 |
| Total changes in unrealized appreciation (depreciation) | 	34 553 892.50	 |
| Net increase (decrease) in net assets as a result of operations | 30 547 510.91 |
| Net assets at the end of the period | 1 187 843 431.51 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-30.11.2019 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 4.5000 |
| Number of shares issued | 0.4000 |
| Number of shares redeemed | -1.0000 |
| Number of shares outstanding at the end of the period | 3.9000 |
| Class | (CHF hedged) K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 0.2000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 0.2000 |
| Class | (EUR hedged) K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.8000 |
| Number of shares issued | 0.4000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 1.2000 |
| Class | (EUR hedged) K-X-acc |
| Number of shares outstanding at the beginning of the period | 97 177.2680 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 97 177.2680 |
| Class | P-4%-mdist |
| Number of shares outstanding at the beginning of the period | 1 487 647.4150 |
| Number of shares issued | 504 832.8570 |
| Number of shares redeemed | -484 425.0540 |
| Number of shares outstanding at the end of the period | 1 508 055.2180 |
| Class | (HKD) P-4%-mdist |
| Number of shares outstanding at the beginning of the period | 396 435.4180 |
| Number of shares issued | 30 548.6730 |
| Number of shares redeemed | -55 369.7350 |
| Number of shares outstanding at the end of the period | 371 614.3560 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 3 109 847.0700 |
| Number of shares issued | 585 237.0790 |
| Number of shares redeemed | -389 661.6140 |
| Number of shares outstanding at the end of the period | 3 305 422.5350 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 1 234 744.5730 |
| Number of shares issued | 146 075.6180 |
| Number of shares redeemed | -86 470.9950 |
| Number of shares outstanding at the end of the period | 1 294 349.1960 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 1 500 380.0560 |
| Number of shares issued | 431 016.7820 |
| Number of shares redeemed | -273 255.6820 |
| Number of shares outstanding at the end of the period | 1 658 141.1560 |
| Class | (GBP hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 86 928.3810 |
| Number of shares issued | 10 146.1920 |
| Number of shares redeemed | -2 547.5770 |
| Number of shares outstanding at the end of the period | 94 526.9960 |
| Class | (SGD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 233 599.3200 |
| Number of shares issued | 31 455.6710 |
| Number of shares redeemed | -79 399.4330 |
| Number of shares outstanding at the end of the period | 185 655.5580 |
| Class | (SGD hedged) P-mdist |
| Number of shares outstanding at the beginning of the period | 144 058.7600 |
| Number of shares issued | 30 643.9820 |
| Number of shares redeemed | -46 875.2150 |
| Number of shares outstanding at the end of the period | 127 827.5270 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Semi-Annual Report as of 30 November 2019
| Class |  |  |  | Q-4%-mdist |
| --- | --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the period |  |  |  | 58 760.4920 |
| Number of shares issued |  |  |  | 60 549.7790 |
| Number of shares redeemed |  |  |  | -3 860.0000 |
| Number of shares outstanding at the end of the period |  |  |  | 115 450.2710 |
| Class |  |  |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  |  |  | 532 963.4070 |
| Number of shares issued |  |  |  | 312 684.2500 |
| Number of shares redeemed |  |  |  | -187 968.4770 |
| Number of shares outstanding at the end of the period |  |  |  | 657 679.1800 |
| Class |  |  |  | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period |  |  |  | 357 201.8680 |
| Number of shares issued |  |  |  | 26 551.0440 |
| Number of shares redeemed |  |  |  | -37 918.7240 |
| Number of shares outstanding at the end of the period |  |  |  | 345 834.1880 |
| Class |  |  |  | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period |  |  |  | 814 208.9740 |
| Number of shares issued |  |  |  | 208 457.6880 |
| Number of shares redeemed |  |  |  | -129 332.2890 |
| Number of shares outstanding at the end of the period |  |  |  | 893 334.3730 |
| Class |  |  |  | (GBP hedged) Q-acc |
| Number of shares outstanding at the beginning of the period |  |  |  | 21 692.1930 |
| Number of shares issued |  |  |  | 18 809.5820 |
| Number of shares redeemed |  |  |  | -7 107.0000 |
| Number of shares outstanding at the end of the period |  |  |  | 33 394.7750 |
| Class |  |  |  | (SEK hedged) Q-acc |
| Number of shares outstanding at the beginning of the period |  |  |  | 11 805.6020 |
| Number of shares issued |  |  |  | 876.3150 |
| Number of shares redeemed |  |  |  | -42.0000 |
| Number of shares outstanding at the end of the period |  |  |  | 12 639.9170 |
| Class |  |  |  | (SGD hedged) Q-mdist |
| Number of shares outstanding at the beginning of the period |  |  |  | 0.0000 |
| Number of shares issued |  |  |  | 85 700.1860 |
| Number of shares redeemed |  |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  |  | 85 700.1860 |
| Monthly Distribution 1 |  |  |  |  |
| UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-4%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.32 |
| P-4%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.33 |
| P-4%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.33 |
| P-4%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.33 |
| P-4%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.33 |
| P-4%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.33 |
| (HKD) P-4%-mdist | 11.6.2019 | 14.6.2019 | HKD | 3.27 |
| (HKD) P-4%-mdist | 10.7.2019 | 15.7.2019 | HKD | 3.32 |
| (HKD) P-4%-mdist | 12.8.2019 | 16.8.2019 | HKD | 3.32 |
| (HKD) P-4%-mdist | 10.9.2019 | 13.9.2019 | HKD | 3.31 |
| (HKD) P-4%-mdist | 10.10.2019 | 15.10.2019 | HKD | 3.29 |
| (HKD) P-4%-mdist | 11.11.2019 | 14.11.2019 | HKD | 3.29 |
| (SGD hedged) P-mdist | 17.6.2019 | 20.6.2019 | SGD | 0.25 |
| (SGD hedged) P-mdist | 15.7.2019 | 18.7.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 16.8.2019 | 21.8.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 16.9.2019 | 19.9.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.10.2019 | 18.10.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.11.2019 | 20.11.2019 | SGD | 0.19 |
| Q-4%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.34 |
| Q-4%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.34 |
| Q-4%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.34 |
| Q-4%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.34 |
| Q-4%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.34 |
| Q-4%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.34 |
| (SGD hedged) Q-mdist | 15.10.2019 | 18.10.2019 | SGD | 0.28 |
| (SGD hedged) Q-mdist | 15.11.2019 | 20.11.2019 | SGD | 0.19 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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 |  |  |  |
| Bearer shares |  |  |  |
| Austria |  |  |  |
| EUR	ANDRITZ AG NPV(BR) | 1 106.00 | 43 169.44 | 0.00 |
| EUR	ERSTE GROUP BK AG NPV | 4 168.00 | 149 358.20 | 0.01 |
| EUR	OMV AG NPV(VAR) | 2 083.00 | 118 832.08 | 0.01 |
| EUR	RAIFFEISEN BK INTL NPV (REGD) | 1 858.00 | 43 656.32 | 0.00 |
| EUR	VERBUND AG CLASS’A’NPV | 1 002.00 | 52 124.71 | 0.01 |
| EUR	VOESTALPINE AG NPV | 1 855.00 | 49 190.02 | 0.01 |
| Total Austria |  | 456 330.77 | 0.04 |
| Belgium |  |  |  |
| EUR	ANHEUSER-BUSCH IN NPV | 10 404.00 | 824 453.14 | 0.07 |
| EUR	COLRUYT SA NPV | 870.00 | 45 085.31 | 0.00 |
| EUR	GALAPAGOS NV NPV | 269.00 | 53 046.80 | 0.00 |
| EUR	GPE BRUXELLES LAM NPV | 1 098.00 | 111 501.31 | 0.01 |
| EUR	PROXIMUS SA NPV | 2 156.00 | 65 087.89 | 0.01 |
| EUR	SOLVAY SA NPV | 1 054.00 | 120 862.60 | 0.01 |
| EUR	UMICORE NPV | 2 599.00 | 111 703.33 | 0.01 |
| Total Belgium |  | 1 331 740.38 | 0.11 |
| Finland |  |  |  |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 4 712.00 | 295 205.54 | 0.02 |
| EUR	METSO OYJ NPV | 1 372.00 | 52 644.30 | 0.00 |
| EUR	WARTSILA OYJ ABP SER’B’EUR3.50 | 6 144.00 | 61 890.68 | 0.01 |
| Total Finland |  | 409 740.52 | 0.03 |
| France |  |  |  |
| EUR	ACCOR EUR3 | 2 571.00 | 110 074.69 | 0.01 |
| EUR	ADP EUR3 | 405.00 | 79 263.16 | 0.01 |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 6 582.00 | 893 012.39 | 0.08 |
| EUR	AIRBUS EUR1 | 8 008.00 | 1 177 871.41 | 0.10 |
| EUR	ALSTOM EUR7.00 | 2 189.00 | 95 529.95 | 0.01 |
| EUR	AMUNDI EUR2.5 (AIW) | 769.00 | 58 250.69 | 0.01 |
| EUR	ARKEMA EUR10 | 982.00 | 101 843.77 | 0.01 |
| EUR	ATOS SE EUR1 | 1 378.00 | 117 114.03 | 0.01 |
| EUR	AXA EUR2.29 | 26 912.00 | 732 778.96 | 0.06 |
| EUR	BIOMERIEUX NPV (POST SPLIT) | 565.00 | 51 114.61 | 0.00 |
| EUR	BNP PARIBAS EUR2 | 15 559.00 | 874 408.36 | 0.07 |
| EUR	BOLLORE EUR0.16 | 12 078.00 | 51 670.75 | 0.00 |
| EUR	BOUYGUES EUR1 | 3 074.00 | 125 678.67 | 0.01 |
| EUR	BUREAU VERITAS EUR0.12 | 4 280.00 | 112 126.48 | 0.01 |
| EUR	CAPGEMINI EUR8 | 2 243.00 | 265 490.70 | 0.02 |
| EUR	CARREFOUR EUR2.50 | 7 818.00 | 129 129.50 | 0.01 |
| EUR	CASINO GUICH-PERR EUR1.53 | 871.00 | 38 356.96 | 0.00 |
| EUR	CIE DE ST-GOBAIN EUR4 | 6 640.00 | 269 056.45 | 0.02 |
| EUR	CNP ASSURANCES EUR1 | 2 290.00 | 45 247.18 | 0.00 |
| EUR	COVIVIO EUR3 | 662.00 | 73 284.09 | 0.01 |
| EUR	CREDIT AGRICOLE SA EUR3 | 15 954.00 | 218 390.78 | 0.02 |
| EUR	DANONE EUR0.25 | 8 571.00 | 706 132.74 | 0.06 |
| EUR	DASSAULT AVIATION EUR8 | 30.00 | 40 851.33 | 0.00 |
| EUR	DASSAULT SYSTEMES EUR0.50 | 1 823.00 | 287 435.69 | 0.02 |
| EUR	EDENRED EUR2 | 3 424.00 | 170 077.37 | 0.01 |
| EUR	EDF EUR0.5 | 8 517.00 | 87 560.23 | 0.01 |
| EUR	EIFFAGE EUR4 | 1 119.00 | 122 270.51 | 0.01 |
| EUR	ENGIE EUR1 | 24 814.00 | 392 888.40 | 0.03 |
| EUR	ESSILORLUXOTTICA EUR0.18 | 3 938.00 | 612 227.47 | 0.05 |
| EUR	EURAZEO NPV | 535.00 | 36 484.76 | 0.00 |
| EUR	EUTELSAT COMMUNICA EUR1 | 2 663.00 | 43 720.37 | 0.00 |
| EUR	FAURECIA EUR7 | 977.00 | 51 858.34 | 0.00 |
| EUR	GETLINK SE EUR0.40 | 6 494.00 | 109 623.95 | 0.01 |
| EUR	HERMES INTL NPV | 441.00 | 330 647.69 | 0.03 |
| EUR	ICADE NPV | 366.00 | 36 662.66 | 0.00 |
| EUR	ILIAD NPV | 372.00 | 47 394.82 | 0.00 |
| EUR	INGENICO GROUP EUR1 | 794.00 | 84 797.48 | 0.01 |
| EUR	IPSEN EUR1 | 538.00 | 60 802.88 | 0.01 |
| EUR	JC DECAUX SA NPV | 885.00 | 25 370.83 | 0.00 |
| EUR	KERING EUR4 | 1 051.00 | 633 533.78 | 0.05 |
| EUR	KLEPIERRE EUR1.40 | 2 786.00 | 100 049.95 | 0.01 |
| EUR	L’OREAL EUR0.20 | 3 470.00 | 989 791.89 | 0.08 |
| EUR	LEGRAND SA EUR4 | 3 611.00 | 285 393.10 | 0.02 |
| EUR	LVMH MOET HENNESSY EUR0.30 | 3 823.00 | 1 716 867.17 | 0.14 |
| EUR	NATIXIS EUR1.6 | 13 219.00 | 55 284.00 | 0.01 |
| EUR	ORANGE EUR4 | 27 506.00 | 454 921.73 | 0.04 |
| EUR	PERNOD RICARD EUR1.55 | 2 945.00 | 541 301.07 | 0.05 |
| EUR	PEUGEOT SA EUR1 | 8 198.00 | 198 137.40 | 0.02 |
| EUR	PUBLICIS GROUPE SA EUR0.40 | 2 939.00 | 129 427.22 | 0.01 |
| EUR	REMY COINTREAU EUR1.60 | 333.00 | 42 921.68 | 0.00 |
| EUR	RENAULT SA EUR3.81 | 2 694.00 | 129 078.92 | 0.01 |
| EUR	SAFRAN EUR0.20 | 4 539.00 | 742 947.92 | 0.06 |
| EUR	SANOFI EUR2 | 15 457.00 | 1 440 294.48 | 0.12 |
| EUR	SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 425.00 | 67 525.98 | 0.01 |
| EUR	SCHNEIDER ELECTRIC EUR8 | 7 613.00 | 735 322.62 | 0.06 |
| EUR	SCOR SE EUR7.876972 (POST CONS) | 2 265.00 | 97 373.20 | 0.01 |
| EUR	SEB SA EUR1 | 318.00 | 49 438.38 | 0.00 |
| EUR	SOC GENERALE EUR1.25 | 10 620.00 | 334 426.52 | 0.03 |
| EUR	SODEXO EUR4 | 1 231.00 | 143 602.40 | 0.01 |
| EUR	SUEZ EUR4 | 5 224.00 | 77 385.36 | 0.01 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
|  |  |  |  |  |
| EUR | TELEPERFORMANCE EUR2.50 | 797.00 | 188 936.02 | 0.02 |
| EUR | THALES EUR3 | 1 492.00 | 146 280.44 | 0.01 |
| EUR | TOTAL EUR2.5 | 32 871.00 | 1 726 643.42 | 0.15 |
| EUR | UBISOFT ENTERTAIN EUR0.31 | 1 171.00 | 71 142.07 | 0.01 |
| EUR | UNIBAIL-RODAMCO-WE NPV(1 ORD UNIBAIL-R & 1CLS) | 1 926.00 | 301 339.92 | 0.03 |
| EUR | VALEO EUR1 (POST SUBD) | 3 364.00 | 132 639.08 | 0.01 |
| EUR | VEOLIA ENVIRONNEME EUR5 | 7 484.00 | 191 773.19 | 0.02 |
| EUR | VINCI EUR2.50 | 7 075.00 | 772 132.59 | 0.07 |
| EUR | VIVENDI SA EUR5.50 | 12 574.00 | 345 493.18 | 0.03 |
| EUR | WENDEL EUR4 | 410.00 | 55 287.67 | 0.01 |
| EUR | WORLDLINE EUR0.68 | 1 097.00 | 71 061.19 | 0.01 |
| Total France | 21 834 254.64 | 1.84 |
| Germany |  |  |  |  |
| EUR | BAYERISCHE MOTOREN WERKE AG EUR1 | 4 573.00 | 369 592.51 | 0.03 |
| EUR | BEIERSDORF AG NPV | 1 431.00 | 167 012.31 | 0.01 |
| EUR | CARL ZEISS MEDITEC NPV | 549.00 | 67 191.34 | 0.01 |
| EUR | COMMERZBANK AG NPV | 14 146.00 | 82 057.82 | 0.01 |
| EUR | CONTINENTAL AG ORD NPV | 1 451.00 | 189 744.89 | 0.02 |
| EUR | COVESTRO AG NPV | 2 460.00 | 115 276.83 | 0.01 |
| EUR | DEUTSCHE WOHNEN AG NPV (BR) | 5 022.00 | 196 295.77 | 0.02 |
| EUR | FRAPORT AG NPV | 600.00 | 51 151.81 | 0.00 |
| EUR | FRESENIUS MED CARE NPV | 3 014.00 | 221 194.61 | 0.02 |
| EUR | FRESENIUS SE & CO. KGAA NPV | 5 763.00 | 315 426.65 | 0.03 |
| EUR | GEA GROUP AG NPV | 2 331.00 | 74 971.58 | 0.01 |
| EUR | HEIDELBERGCEMENT NPV | 1 968.00 | 145 601.42 | 0.01 |
| EUR | HENKEL AG & CO KGAA | 1 443.00 | 139 694.35 | 0.01 |
| EUR | HOCHTIEF AG NPV | 340.00 | 41 799.57 | 0.00 |
| EUR | KION GROUP AG NPV | 900.00 | 59 758.71 | 0.00 |
| EUR | KNORR BREMSE AG NPV | 687.00 | 66 870.88 | 0.01 |
| EUR | LANXESS AG NPV | 1 240.00 | 82 717.05 | 0.01 |
| EUR | MERCK KGAA NPV | 1 817.00 | 212 362.97 | 0.02 |
| EUR | METRO AG (NEW) NPV | 2 588.00 | 41 732.86 | 0.00 |
| EUR | PUMA SE NPV | 1 200.00 | 90 236.78 | 0.01 |
| EUR | RWE AG (NEU) NPV | 7 766.00 | 230 424.72 | 0.02 |
| EUR | SAP AG ORD NPV | 13 531.00 | 1 842 232.77 | 0.15 |
| EUR | SYMRISE AG NPV (BR) | 1 737.00 | 168 615.63 | 0.01 |
| EUR | THYSSENKRUPP AG NPV | 5 298.00 | 66 477.13 | 0.00 |
| EUR | VOLKSWAGEN AG ORD NPV | 463.00 | 88 393.73 | 0.01 |
| EUR | WIRECARD AG NPV | 1 614.00 | 213 195.65 | 0.02 |
| EUR | ZALANDO SE NPV | 1 804.00 | 77 773.43 | 0.01 |
| Total Germany	5 417 803.77	0.46 |
| Ireland |  |  |  |  |
| EUR | AIB GROUP PLC ORD EUR0.625 | 9 801.00 | 32 095.55 | 0.00 |
| EUR | BANK OF IRELAND GR EUR1 | 12 159.00 | 61 133.70 | 0.01 |
| GBP | DCC ORD EUR0.25 | 1 054.00 | 90 090.10 | 0.01 |
| EUR | FLUTTER ENTERTAINM ORD EUR0.09 | 1 074.00 | 123 156.01 | 0.01 |
| EUR | KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 2 109.00 | 270 674.63 | 0.02 |
| Total Ireland |  | 577 149.99 | 0.05 |
| Italy |  |  |  |
| EUR	ASSIC GENERALI SPA EUR1 | 14 946.00 | 305 364.39 | 0.02 |
| EUR	FINECOBANK SPA EUR0.33 | 8 852.00 | 109 900.02 | 0.01 |
| EUR	LEONARDO SPA EUR4.40 | 6 073.00 | 71 079.00 | 0.01 |
| EUR	POSTE ITALIANE SPA NPV | 7 256.00 | 84 724.93 | 0.01 |
| EUR	TELECOM ITALIA SPA DI RISP EUR0.55 | 87 982.00 | 54 228.01 | 0.00 |
| EUR	TELECOM ITALIA SPA EUR0.55 | 131 310.00 | 82 265.36 | 0.01 |
| Total Italy |  | 707 561.71 | 0.06 |
| Jersey |  |  |  |
| GBP	GLENCORE XSTRATA ORD USD0.01 | 119 785.00 | 377 903.29 | 0.03 |
| Total Jersey |  | 377 903.29 | 0.03 |
| Luxembourg |  |  |  |
| EUR	AROUNDTOWN SA EUR0.01 | 13 034.00 | 113 274.50 | 0.01 |
| EUR	EUROFINS SCIENTIFI EUR0.10 | 160.00 | 84 079.87 | 0.01 |
| Total Luxembourg |  | 197 354.37 | 0.02 |
| The Netherlands |  |  |  |
| USD	AERCAP HOLDINGS EUR0.01 | 1 839.00 | 113 668.59 | 0.01 |
| EUR	AKZO NOBEL NV EUR0.50(POST REV SPLIT) | 3 162.00 | 303 039.73 | 0.03 |
| EUR	ALTICE EUROPE N.V. EUR0.01 (COMMON SHARES A) | 6 572.00 | 39 144.44 | 0.00 |
| EUR	EXOR NV EUR0.01 | 1 484.00 | 113 621.78 | 0.01 |
| EUR	HEINEKEN HOLDING EUR1.6 | 1 632.00 | 156 551.56 | 0.01 |
| EUR	HEINEKEN NV EUR1.60 | 3 540.00 | 367 057.30 | 0.03 |
| EUR	ING GROEP N.V. EUR0.01 | 53 934.00 | 621 079.92 | 0.05 |
| EUR	KON KPN NV EUR0.04 | 50 832.00 | 156 708.43 | 0.01 |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 16 368.00 | 422 037.44 | 0.04 |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 12 790.00 | 594 339.49 | 0.05 |
| USD	NXP SEMICONDUCTORS EUR0.20 | 3 967.00 | 458 505.86 | 0.04 |
| EUR	QIAGEN NV EUR0.01 | 3 060.00 | 131 111.93 | 0.01 |
| EUR	RANDSTAD N.V. EUR0.10 | 1 713.00 | 99 839.53 | 0.01 |
| GBP	ROYAL DUTCH SHELL ‘B’SHS EUR0.07 (UK LIST) | 40 889.00 | 1 158 024.84 | 0.10 |
| EUR	STMICROELECTRONICS EUR1.04 | 9 458.00 | 232 553.11 | 0.02 |
| EUR	VOPAK(KON) EUR0.50 | 1 052.00 | 56 129.26 | 0.00 |
| EUR	WOLTERS KLUWER EUR0.12 | 3 794.00 | 272 581.51 | 0.02 |
| Total The Netherlands |  | 5 295 994.72 | 0.44 |
| Spain |  |  |  |
| EUR	ACS ACTIVIDADES CO EUR0.5 | 3 704.00 | 144 288.79 | 0.01 |
| EUR	AENA SME S.A. EUR10 | 958.00 | 176 083.68 | 0.02 |
| EUR	AMADEUS IT GROUP EUR0.01 | 6 072.00 | 484 047.57 | 0.04 |
| EUR	BANKIA S.A. EUR1 (POST CONS) | 19 902.00 | 38 588.43 | 0.00 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
|  |  |  |  |  |
| EUR | BCO DE SABADELL EUR0.125 | 79 098.00 | 87 823.95 | 0.01 |
| EUR | CAIXABANK SA EUR1 | 50 578.00 | 149 400.60 | 0.01 |
| EUR | CELLNEX TELECOM SA EUR0.25 | 3 464.00 | 148 956.85 | 0.01 |
| EUR | ENAGAS SA EUR1.50 | 3 216.00 | 80 174.19 | 0.01 |
| EUR | ENDESA SA EUR1.2 | 4 499.00 | 122 427.54 | 0.01 |
| EUR | FERROVIAL SA EUR0.2 | 6 616.00 | 196 594.90 | 0.02 |
| EUR | GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 4 161.00 | 142 271.36 | 0.01 |
| EUR | IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 82 820.00 | 815 281.14 | 0.07 |
| EUR | INDITEX EUR0.03 (POST SUBD) | 15 124.00 | 471 255.92 | 0.04 |
| EUR | NATURGY ENERGY GRO EUR1 | 3 937.00 | 102 446.10 | 0.01 |
| EUR | RED ELECTRICA CORP EUR0.5 | 6 044.00 | 118 288.03 | 0.01 |
| EUR | REPSOL SA EUR1 | 19 679.00 | 310 065.35 | 0.03 |
| EUR | SIEMENS GAMESA RENEWABLE ENERGY | 3 366.00 | 53 758.94 | 0.00 |
| EUR | TELEFONICA SA EUR1 | 63 200.00 | 484 445.39 | 0.04 |
| Total Spain |  | 4 126 198.73 | 0.35 |
| Switzerland |  |  |  |
| CHF	PARGESA HLDGS SA CHF20(BR) | 1 156.00 | 91 267.72 | 0.01 |
| CHF	SWATCH GROUP CHF2.25(BR) | 838.00 | 234 792.62 | 0.02 |
| CHF	SWISS RE AG CHF0.10 | 8 652.00 | 937 621.05 | 0.08 |
| CHF	VIFOR PHARMA AG CHF0.01 | 1 321.00 | 235 687.50 | 0.02 |
| Total Switzerland |  | 1 499 368.89 | 0.13 |
| United Kingdom |  |  |  |
| GBP	3I GROUP ORD GBP0.738636 | 10 377.00 | 143 756.58 | 0.01 |
| GBP	ASTRAZENECA ORD USD0.25 | 14 324.00 | 1 381 825.25 | 0.12 |
| GBP	AVIVA ORD GBP0.25 | 41 825.00 | 218 458.37 | 0.02 |
| GBP	BAE SYSTEMS ORD GBP0.025 | 34 262.00 | 254 118.82 | 0.02 |
| GBP	BARRATT DEVEL ORD GBP0.10 | 10 848.00 | 93 564.62 | 0.01 |
| GBP	BRIT AMER TOBACCO ORD GBP0.25 | 25 053.00 | 991 625.30 | 0.08 |
| GBP	BRITISH LAND CO PLC REIT | 9 758.00 | 72 652.08 | 0.01 |
| GBP	BT GROUP ORD GBP0.05 | 91 142.00 | 225 834.26 | 0.02 |
| GBP	BUNZL ORD GBP0.32142857 | 3 586.00 | 98 475.16 | 0.01 |
| USD	COCA-COLA EUROPEAN ORD EUR0.01 | 3 194.00 | 161 169.24 | 0.01 |
| GBP	EVRAZ PLC ORD USD1 | 5 142.00 | 24 635.96 | 0.00 |
| GBP	HALMA ORD GBP0.10 | 4 285.00 | 116 728.16 | 0.01 |
| GBP	INFORMA PLC (GB) ORD GBP0.001 | 14 462.00 | 148 044.01 | 0.01 |
| GBP	ITV ORD GBP0.10 | 41 769.00 | 78 394.92 | 0.01 |
| GBP	JOHNSON MATTHEY ORD GBP1.109245 | 2 071.00 | 76 989.82 | 0.01 |
| GBP	KINGFISHER ORD GBP0.157142857 | 22 511.00 | 61 118.64 | 0.00 |
| GBP	LAND SECURITIES GP ORD GBP0.106666666 | 7 996.00 | 99 125.64 | 0.01 |
| GBP	LLOYDS BANKING GP ORD GBP0.1 | 778 296.00 | 615 612.87 | 0.05 |
| GBP	MARKS & SPENCER GP ORD GBP0.25 | 21 294.00 | 53 531.36 | 0.00 |
| GBP	MEGGITT ORD GBP0.05 | 8 583.00 | 71 386.57 | 0.01 |
| GBP	MELROSE INDUST PLC ORD GBP0.0685714 | 52 925.00 | 157 180.69 | 0.01 |
| GBP	NATIONAL GRID ORD GBP0.12431289 | 37 370.00 | 430 064.03 | 0.04 |
| GBP	OCADO GROUP PLC ORD GBP0.02 | 4 803.00 | 82 318.02 | 0.01 |
| GBP	RECKITT BENCK GRP ORD GBP0.10 | 7 739.00 | 607 230.65 | 0.05 |
| GBP	RELX PLC GBP0.1444 | 20 620.00 | 499 566.00 | 0.04 |
| EUR	RELX PLC GBP0.1444 | 732.00 | 17 740.13 | 0.00 |
| GBP	RENTOKIL INITIAL ORD GBP0.01 | 19 121.00 | 110 037.18 | 0.01 |
| GBP	ROLLS-ROYCE HLDGS ORD GBP0.20 | 18 129.00 | 166 869.21 | 0.01 |
| GBP	SAGE GROUP GBP0.01051948 | 11 614.00 | 113 241.18 | 0.01 |
| GBP	SEVERN TRENT ORD GBP0.9789 | 2 577.00 | 74 767.03 | 0.01 |
| GBP	SMITHS GROUP ORD GBP0.375 | 4 242.00 | 91 139.52 | 0.01 |
| GBP	SPIRAX-SARCO ENG ORD GBP0.269230769 | 882.00 | 101 822.38 | 0.01 |
| GBP	SSE PLC ORD GBP0.50 | 11 070.00 | 186 147.59 | 0.01 |
| GBP	ST JAMES’S PLACE ORD GBP0.15 | 5 660.00 | 79 691.37 | 0.01 |
| EUR	UNILEVER EUR0.16 | 19 984.00 | 1 185 448.48 | 0.10 |
| GBP	UNITED UTILITIES G ORD GBP0.05 | 7 330.00 | 80 913.88 | 0.01 |
| GBP	WEIR GROUP ORD GBP0.125 | 2 717.00 | 49 044.01 | 0.00 |
| GBP	WHITBREAD ORD GBP0.76797385 | 1 524.00 | 90 699.24 | 0.01 |
| GBP	WPP PLC ORD GBP0.10 | 13 438.00 | 173 907.44 | 0.01 |
| Total United Kingdom |  | 9 284 875.66 | 0.78 |
| Total Bearer shares |  | 51 516 277.44 | 4.34 |
| Participation certificates |  |  |  |
| Switzerland |  |  |  |
| CHF	LINDT & SPRUENGLI PTG CERT CHF10 | 31.00 | 236 528.74 | 0.02 |
| CHF	SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) | 1 162.00 | 289 875.02 | 0.02 |
| Total Switzerland |  | 526 403.76 | 0.04 |
| Total Participation certificates |  | 526 403.76 | 0.04 |
| Other shares |  |  |  |
| Switzerland |  |  |  |
| CHF	ROCHE HLDGS AG GENUSSCHEINE NPV | 20 114.00 | 6 203 166.86 | 0.52 |
| Total Switzerland |  | 6 203 166.86 | 0.52 |
| Total Other shares |  | 6 203 166.86 | 0.52 |
| Preference shares |  |  |  |
| Germany |  |  |  |
| EUR	BAYERISCHE MOTORENWERKE AG EUR1 | 639.00 | 39 455.44 | 0.01 |
| EUR	FUCHS PETROLUB SE NON-VTG PRF NPV | 870.00 | 37 603.07 | 0.00 |
| EUR	HENKEL AG&CO. KGAA NON-VTG PRF NPV | 2 508.00 | 265 138.96 | 0.02 |
| EUR	PORSCHE AUTO HL SE NON VTG PRF NPV | 2 136.00 | 158 219.22 | 0.01 |
| EUR	SARTORIUS AG NON VTG PRF NPV | 490.00 | 103 354.42 | 0.01 |
| EUR	VOLKSWAGEN AG NON VTG PRF NPV | 2 571.00 | 497 448.00 | 0.04 |
| Total Germany |  | 1 101 219.11 | 0.09 |
| Total Preference shares |  | 1 101 219.11 | 0.09 |
| UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
| Registered shares |  |  |  |
| Australia |  |  |  |
| GBP	BHP GROUP PLC ORD USD0.50 | 22 766.00 | 503 557.74 | 0.04 |
| Total Australia |  | 503 557.74 | 0.04 |
| Belgium |  |  |  |
| EUR	AGEAS NPV | 2 428.00 | 145 849.11 | 0.01 |
| EUR	KBC GROUP NV NPV | 3 458.00 | 252 177.99 | 0.02 |
| EUR	TELENET GRP HLDG NPV | 778.00 | 35 136.42 | 0.01 |
| EUR	UCB NPV | 1 785.00 | 144 776.45 | 0.01 |
| Total Belgium |  | 577 939.97 | 0.05 |
| Canada |  |  |  |
| CAD	BARRICK GOLD CORP COM NPV | 1.00 | 16.70 | 0.00 |
| Total Canada |  | 16.70 | 0.00 |
| Finland |  |  |  |
| EUR	ELISA CORPORATION EUR0.50 | 2 010.00 | 107 509.12 | 0.01 |
| EUR	FORTUM OYJ EUR3.40 | 6 209.00 | 146 436.87 | 0.01 |
| EUR	NESTE OIL OYJ NPV | 5 701.00 | 192 852.11 | 0.02 |
| EUR	NOKIA OYJ NPV | 78 310.00 | 277 295.71 | 0.02 |
| EUR	NOKIAN RENKAAT OYJ NPV | 1 932.00 | 52 318.28 | 0.00 |
| EUR	ORION CORP SER’B’NPV | 1 307.00 | 56 923.38 | 0.01 |
| EUR	SAMPO OYJ SER’A’NPV | 6 236.00 | 252 342.36 | 0.02 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 7 891.00 | 106 147.52 | 0.01 |
| EUR	UPM-KYMMENE CORP NPV | 7 462.00 | 249 460.87 | 0.02 |
| Total Finland |  | 1 441 286.22 | 0.12 |
| France |  |  |  |
| EUR	BOLLORE EUR0.16 (RFD 01/01/2020) | 70.00 | 294.06 | 0.00 |
| EUR	GECINA EUR7.50 | 628.00 | 108 573.46 | 0.01 |
| EUR	MICHELIN (CGDE) EUR2 | 2 374.00 | 285 053.63 | 0.02 |
| Total France |  | 393 921.15 | 0.03 |
| Germany |  |  |  |
| EUR	ADIDAS AG NPV (REGD) | 2 505.00 | 780 959.18 | 0.07 |
| EUR	ALLIANZ SE NPV(REGD)(VINKULIERT) | 5 844.00 | 1 400 515.24 | 0.12 |
| EUR	AXEL SPRINGER SE NPV (ASD 02/08/19 TRAVIATA) | 639.00 | 44 035.09 | 0.00 |
| EUR	BASF SE NPV | 12 749.00 | 958 971.77 | 0.08 |
| EUR	BAYER AG NPV (REGD) | 12 932.00 | 979 581.15 | 0.08 |
| EUR	BRENNTAG AG | 2 225.00 | 118 763.53 | 0.01 |
| EUR	DAIMLER AG ORD NPV(REGD) | 12 360.00 | 697 760.56 | 0.06 |
| EUR	DELIVERY HERO SE NPV | 1 593.00 | 84 309.21 | 0.01 |
| EUR	DEUTSCHE BANK AG NPV(REGD) | 27 699.00 | 199 859.77 | 0.02 |
| EUR	DEUTSCHE BOERSE AG NPV(REGD) | 2 644.00 | 405 951.96 | 0.03 |
| EUR	DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) | 3 456.00 | 65 618.28 | 0.01 |
| EUR	DEUTSCHE POST AG NPV(REGD) | 13 430.00 | 501 099.95 | 0.04 |
| EUR	DEUTSCHE TELEKOM NPV(REGD) | 45 901.00 | 771 100.71 | 0.06 |
| EUR	E.ON SE NPV | 30 041.00 | 314 604.22 | 0.03 |
| EUR	EVONIK INDUSTRIES NPV | 2 449.00 | 71 125.04 | 0.01 |
| EUR	HANNOVER RUECKVERS ORD NPV(REGD) | 828.00 | 153 832.55 | 0.01 |
| EUR	INFINEON TECHNOLOG AG NPV (REGD) | 17 309.00 | 370 018.10 | 0.03 |
| EUR	MTU AERO ENGINES H NPV (REGD) | 730.00 | 197 924.42 | 0.02 |
| EUR	MUENCHENER RUECKVE NPV(REGD) | 2 006.00 | 576 399.15 | 0.05 |
| EUR	SIEMENS AG NPV(REGD) | 10 598.00 | 1 368 588.75 | 0.11 |
| EUR	SIEMENS HEALTHINEE NPV | 2 097.00 | 101 780.94 | 0.01 |
| EUR	TELEFONICA DEUTSCH NPV | 13 761.00 | 42 044.05 | 0.00 |
| GBP	TUI AG NPV (REGD) | 5 038.00 | 69 304.60 | 0.01 |
| EUR	UNIPER SE NPV | 2 823.00 | 91 200.35 | 0.01 |
| EUR	UNITED INTERNET AG NPV(REGD) | 1 763.00 | 59 774.43 | 0.00 |
| EUR	VONOVIA SE NPV | 6 932.00 | 361 448.03 | 0.03 |
| Total Germany |  | 10 786 571.03 | 0.91 |
| Ireland |  |  |  |
| EUR	CRH ORD EUR0.32 | 11 057.00 | 423 409.00 | 0.03 |
| GBP	EXPERIAN ORD USD0.10 | 10 047.00 | 333 082.21 | 0.03 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 1 897.00 | 102 322.65 | 0.01 |
| EUR	SMURFIT KAPPA GRP ORD EUR0.001 | 2 904.00 | 103 102.80 | 0.01 |
| Total Ireland |  | 961 916.66 | 0.08 |
| Isle of Man |  |  |  |
| GBP	GVC HLDGS PLC ORD EUR0.01 | 6 427.00 | 70 796.27 | 0.01 |
| Total Isle of Man |  | 70 796.27 | 0.01 |
| Italy |  |  |  |
| EUR	ATLANTIA SPA EUR1 | 6 845.00 | 151 851.62 | 0.01 |
| EUR	DAVIDE DE CAMPARI EUR0.05 (POST SUBD) | 7 969.00 | 72 797.15 | 0.01 |
| EUR	ENEL EUR1 | 111 139.00 | 840 147.00 | 0.07 |
| EUR	ENI SPA EUR1 | 35 050.00 | 529 993.03 | 0.05 |
| EUR	FERRARI NV EUR0.01(NEW) | 1 705.00 | 288 381.72 | 0.02 |
| EUR	INTESA SANPAOLO NPV | 200 425.00 | 508 384.28 | 0.04 |
| EUR	MEDIOBANCA SPA EUR0.5 | 8 635.00 | 96 637.65 | 0.01 |
| EUR	MONCLER SPA NPV | 2 493.00 | 109 319.05 | 0.01 |
| EUR	PIRELLI & C SPA NPV | 5 939.00 | 33 723.96 | 0.00 |
| EUR	PRYSMIAN SPA EUR0.10 | 3 386.00 | 77 244.12 | 0.01 |
| EUR	RECORDATI EUR0.125 | 1 505.00 | 63 173.85 | 0.01 |
| EUR	SNAM EUR1 | 28 654.00 | 142 551.68 | 0.01 |
| EUR	TERNA SPA ORD EUR0.22 | 18 611.00 | 119 634.45 | 0.01 |
| EUR	UNICREDIT SPA NPV (POST REV SPLIT) | 27 676.00 | 383 336.43 | 0.03 |
| Total Italy |  | 3 417 175.99 | 0.29 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
| Luxembourg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 9 023.00 | 154 484.34 | 0.01 |
| EUR	TENARIS S.A. USD1 | 6 757.00 | 71 909.98 | 0.01 |
| Total Luxembourg |  | 226 394.32 | 0.02 |
| The Netherlands |  |  |  |
| EUR	ADYEN NV EUR0.01 | 145.00 | 111 306.37 | 0.01 |
| EUR	AEGON NV EUR0.12 | 24 131.00 | 108 875.19 | 0.01 |
| EUR	ASML HOLDING NV EUR0.09 | 5 854.00 | 1 594 291.24 | 0.13 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 14 158.00 | 151 860.02 | 0.01 |
| EUR	FIAT CHRYSLER AUTO EUR0.01 | 15 121.00 | 223 743.80 | 0.02 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 2 492.00 | 319 555.09 | 0.03 |
| EUR	NN GROUP N.V. EUR0.12 | 4 333.00 | 166 450.39 | 0.01 |
| EUR	PROSUS N.V. EUR0.05 | 6 804.00 | 464 154.33 | 0.04 |
| GBP	ROYAL DUTCH SHELL PLC ‘A’SHS EUR0.07 | 47 516.00 | 1 358 923.63 | 0.12 |
| Total The Netherlands |  | 4 499 160.06 | 0.38 |
| Portugal |  |  |  |
| EUR	EDP ENERGIAS PORTU EUR1(REGD) | 36 495.00 | 147 678.56 | 0.01 |
| EUR	GALP ENERGIA EUR1-B | 7 114.00 | 115 893.57 | 0.01 |
| EUR	JERONIMO MARTINS EUR5 | 3 477.00 | 55 570.07 | 0.01 |
| Total Portugal |  | 319 142.20 | 0.03 |
| South Africa |  |  |  |
| GBP	MONDI ORD EUR0.20 | 5 104.00 | 110 616.91 | 0.01 |
| Total South Africa |  | 110 616.91 | 0.01 |
| Spain |  |  |  |
| EUR	BANCO SANTANDER SA EUR0.50(REGD) | 229 582.00 | 895 345.96 | 0.07 |
| EUR	BANKINTER SA EUR0.3(REGD) | 9 843.00 | 68 894.15 | 0.01 |
| EUR	BBVA(BILB-VIZ-ARG) EUR0.49 | 91 407.00 | 481 905.19 | 0.04 |
| EUR	MAPFRE SA EUR0.10 | 16 549.00 | 46 693.89 | 0.00 |
| Total Spain |  | 1 492 839.19 | 0.12 |
| Switzerland |  |  |  |
| CHF	ABB LTD CHF0.12 (REGD) | 52 675.00 | 1 152 751.54 | 0.10 |
| CHF	ADECCO GROUP AG CHF0.1 (REGD) | 4 522.00 | 279 731.87 | 0.02 |
| CHF	ALCON AG CHF0.04 | 11 769.00 | 650 189.11 | 0.06 |
| CHF	BALOISE-HLDGS CHF0.1(REGD) | 1 382.00 | 240 347.83 | 0.02 |
| CHF	BARRY CALLEBAUT AG CHF0.02 (REGD) | 63.00 | 126 712.36 | 0.01 |
| CHF	CLARIANT CHF4.00(REGD) | 5 596.00 | 115 688.56 | 0.01 |
| GBP	COCA-COLA HBC AG ORD CHF6.70 | 2 182.00 | 72 790.13 | 0.01 |
| CHF	CREDIT SUISSE GRP CHF0.04(REGD) | 72 158.00 | 946 245.65 | 0.08 |
| CHF	DUFRY AG CHF5 (REGD) | 1 214.00 | 118 539.17 | 0.01 |
| CHF	EMS-CHEMIE HLDG AG CHF0.01(REGD)(POST RECON) | 233.00 | 144 670.54 | 0.01 |
| CHF	GEBERIT CHF0.10(REGD) | 1 062.00 | 570 452.39 | 0.05 |
| CHF	GIVAUDAN AG CHF10 | 260.00 | 764 637.01 | 0.07 |
| CHF	JULIUS BAER GRUPPE CHF0.02 (REGD) | 6 337.00 | 298 540.01 | 0.03 |
| CHF	KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) | 1 514.00 | 246 336.52 | 0.02 |
| CHF	LAFARGEHOLCIM LTD CHF2 (REGD) | 13 964.00 | 720 452.13 | 0.06 |
| CHF	LINDT & SPRUENGLI CHF100(REGD) | 3.00 | 256 066.44 | 0.02 |
| CHF	LONZA GROUP AG CHF1(REGD) | 2 138.00 | 726 537.05 | 0.06 |
| CHF	NESTLE SA CHF0.10(REGD) | 86 723.00 | 9 018 115.93 | 0.76 |
| CHF	NOVARTIS AG CHF0.50(REGD) | 61 496.00 | 5 665 004.01 | 0.48 |
| CHF	PARTNERS GROUP HLG CHF0.01 (REGD) | 535.00 | 451 405.41 | 0.04 |
| CHF	RICHEMONT(CIE FIN) CHF1.00 (REG) SER ‘A’ | 14 935.00 | 1 138 189.42 | 0.10 |
| CHF	SCHINDLER-HLDG AG CHF0.1(REGD)(POST-SUBD) | 589.00 | 140 980.44 | 0.01 |
| CHF	SGS LTD CHF1(REGD) | 151.00 | 393 157.55 | 0.03 |
| CHF	SIKA AG CHF0.01 (REG) | 3 642.00 | 634 302.40 | 0.05 |
| CHF	SONOVA HOLDING AG CHF0.05 (REGD) | 1 591.00 | 363 461.55 | 0.03 |
| CHF	STRAUMANN HLDG CHF0.1(REGD) | 290.00 | 279 161.45 | 0.02 |
| CHF	SWATCH GROUP CHF0.45(REGD) | 1 707.00 | 91 042.28 | 0.01 |
| CHF	SWISS LIFE HLDG CHF5.1(REGD) | 969.00 | 480 742.68 | 0.04 |
| CHF	SWISS PRIME SITE CHF15.3 (REGD) | 2 200.00 | 232 471.11 | 0.02 |
| CHF	SWISSCOM AG CHF1(REGD) | 744.00 | 385 344.87 | 0.03 |
| CHF	TEMENOS AG CHF5 (REGD) | 1 874.00 | 284 470.71 | 0.02 |
| CHF	UBS GROUP CHF0.10 (REGD) | 110 330.00 | 1 338 069.34 | 0.11 |
| CHF	ZURICH INSURANCE GRP CHF0.10 | 4 327.00 | 1 698 586.18 | 0.14 |
| Total Switzerland |  | 30 025 193.64 | 2.53 |
| United Arab Emirates |  |  |  |
| GBP	NMC HEALTH PLC ORD GBP0.1 | 924.00 | 29 987.42 | 0.00 |
| Total United Arab Emirates |  | 29 987.42 | 0.00 |
| United Kingdom |  |  |  |
| GBP	ADMIRAL GROUP ORD GBP0.001 | 2 252.00 | 62 337.39 | 0.00 |
| GBP	ANGLO AMERICAN USD0.54945 | 11 599.00 | 304 042.01 | 0.03 |
| GBP	ANTOFAGASTA ORD GBP0.05 | 4 479.00 | 50 288.33 | 0.00 |
| GBP	ASHTEAD GROUP ORD GBP0.10 | 5 125.00 | 155 785.91 | 0.01 |
| GBP	ASSOCD BRIT FOODS ORD GBP0.0568 | 3 790.00 | 125 941.76 | 0.01 |
| GBP	AUTO TRADER GROUP ORD GBP0.01 | 9 948.00 | 72 316.69 | 0.01 |
| GBP	BARCLAYS ORD GBP0.25 | 190 666.00 | 423 063.05 | 0.04 |
| GBP	BERKELEY GP HLDGS ORD GBP0.05 | 1 334.00 | 79 132.76 | 0.01 |
| GBP	BP ORD USD0.25 | 221 919.00 | 1 378 424.79 | 0.12 |
| GBP	BURBERRY GROUP ORD GBP0.0005 | 4 360.00 | 118 658.45 | 0.01 |
| GBP	CARNIVAL PLC ORD USD1.66 | 1 798.00 | 75 655.44 | 0.01 |
| GBP	CENTRICA ORD GBP0.061728395 | 60 506.00 | 62 783.79 | 0.00 |
| GBP	COMPASS GROUP ORD GBP0.1105 | 17 348.00 | 425 118.94 | 0.04 |
| GBP	CRODA INTL ORD GBP0.10609756 | 1 323.00 | 85 222.76 | 0.01 |
| GBP	DIAGEO ORD GBP0.28 101/108 | 26 026.00 | 1 065 485.57 | 0.09 |
| GBP	DIRECT LINE INSURA ORD GBP 0.109090909 | 14 872.00 | 58 749.59 | 0.00 |
| GBP	EASYJET ORD GBP0.27285714 | 1 373.00 | 23 762.55 | 0.00 |
| GBP	FERGUSON PLC (NEW) ORD GBP0.10 | 2 599.00 | 225 980.63 | 0.02 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
|  |  |  |  |  |
| GBP | G4S ORD GBP0.25 | 18 703.00 | 50 586.16 | 0.00 |
| GBP | GLAXOSMITHKLINE ORD GBP0.25 | 54 477.00 | 1 235 973.63 | 0.10 |
| GBP | HARGREAVES LANSDOW ORD GBP0.004 (WI) | 3 032.00 | 72 751.10 | 0.01 |
| GBP | HSBC HLDGS ORD USD0.50(UK REG) | 221 073.00 | 1 647 975.53 | 0.14 |
| GBP | IMPERIAL BRANDS PL GBP0.10 | 10 245.00 | 225 706.49 | 0.02 |
| GBP | INTERCONTL HOTELS ORD GBP0.208521303 | 1 822.00 | 118 002.82 | 0.01 |
| GBP | INTERTEK GROUP ORD GBP0.01 | 1 728.00 | 123 291.87 | 0.01 |
| GBP | LEGAL & GENERAL GP ORD GBP0.025 | 64 465.00 | 234 229.81 | 0.02 |
| GBP | LONDON STOCK EXCH ORD GBP0.06918604 | 3 517.00 | 312 623.74 | 0.03 |
| GBP | M&G PLC ORD GBP0.05 | 23 395.00 | 71 416.98 | 0.01 |
| GBP | MICRO FOCUS INTL ORD GBP0.10 | 3 706.00 | 54 303.16 | 0.00 |
| GBP | MORRISON(W)SUPRMKT ORD GBP0.10 | 24 366.00 | 62 499.05 | 0.00 |
| GBP | NEXT ORD GBP0.10 | 1 480.00 | 129 373.80 | 0.01 |
| GBP | PEARSON ORD GBP0.25 | 8 321.00 | 69 594.94 | 0.01 |
| GBP | PERSIMMON ORD GBP0.10 | 3 474.00 | 114 946.77 | 0.01 |
| GBP | PRUDENTIAL ORD GBP0.05 | 28 889.00 | 514 369.45 | 0.04 |
| GBP | RIO TINTO ORD GBP0.10 | 12 436.00 | 675 851.86 | 0.06 |
| GBP | ROYAL BK SCOT GRP ORD GBP1 (POST CONS) | 52 607.00 | 153 922.66 | 0.01 |
| GBP | RSA INSURANCE GRP ORD GBP1.00 | 10 956.00 | 78 142.12 | 0.01 |
| GBP | SAINSBURY(J) ORD GBP0.28571428 | 20 723.00 | 57 443.55 | 0.00 |
| GBP | SCHRODERS VTG SHS GBP1 | 1 465.00 | 62 515.31 | 0.00 |
| GBP | SMITH & NEPHEW ORD USD0.20 | 9 802.00 | 219 471.53 | 0.02 |
| GBP | STANDARD CHARTERED ORD USD0.50 | 30 218.00 | 272 592.62 | 0.02 |
| GBP | STD LIFE ABERDEEN ORD GBP0.1396825396 | 26 771.00 | 109 737.05 | 0.01 |
| GBP | TAYLOR WIMPEY ORD GBP0.01 | 35 009.00 | 78 907.61 | 0.01 |
| GBP | TESCO ORD GBP0.05 | 107 997.00 | 320 458.31 | 0.03 |
| GBP | UNILEVER PLC ORD GBP0.031111 | 12 082.00 | 715 452.91 | 0.06 |
| GBP | VODAFONE GROUP ORD USD0.2095238(POST CONS) | 291 071.00 | 577 400.92 | 0.05 |
| Total United Kingdom |  | 13 152 292.16 | 1.11 |
| Total Registered shares |  | 68 008 807.63 | 5.73 |
| Depository receipts |  |  |  |
| Luxembourg |  |  |  |
| EUR	SES S.A. FDR EACH REP 1 ‘A’ NPV | 5 068.00 | 67 307.18 | 0.00 |
| Total Luxembourg |  | 67 307.18 | 0.00 |
| The Netherlands |  |  |  |
| EUR	ABN AMRO BANK N.V. DR EACH REP SHS | 6 021.00 | 102 834.31 | 0.01 |
| Total The Netherlands |  | 102 834.31 | 0.01 |
| Total Depository receipts |  | 170 141.49 | 0.01 |
| Certificates on investment funds |  |  |  |
| Ireland |  |  |  |
| USD	STAR COMPASS PLC/UBS DYNMC DIVERSIFIED LTD NOTE DUE 31.03.21 | 33 350 000.00 | 47 340 325.00 | 3.98 |
| Total Ireland |  | 47 340 325.00 | 3.98 |
| Total Certificates on investment funds |  | 47 340 325.00 | 3.98 |
| Investment funds, closed end |  |  |  |
| United Kingdom |  |  |  |
| GBP	SEGRO PLC REIT | 11 802.00 | 136 477.03 | 0.01 |
| Total United Kingdom |  | 136 477.03 | 0.01 |
| Total Investment funds, closed end |  | 136 477.03 | 0.01 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	3M CO 2.25000% 16-19.09.26 | 1 150 000.00 | 1 156 071.31 | 0.10 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 4 475 000.00 | 4 681 968.75 | 0.39 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 2 800 000.00 | 3 059 292.60 | 0.26 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 3 150 000.00 | 3 140 667.59 | 0.26 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 1 900 000.00 | 1 973 458.75 | 0.17 |
| USD	APPLE INC 2.00000% 15-06.05.20 | 4 475 000.00 | 4 477 938.73 | 0.38 |
| USD	APPLE INC 2.40000% 13-03.05.23 | 4 075 000.00 | 4 137 146.20 | 0.35 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 3 075 000.00 | 3 122 677.26 | 0.26 |
| USD	APPLE INC 2.85000% 16-23.02.23 | 4 250 000.00 | 4 362 829.85 | 0.37 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 2 350 000.00 | 2 493 098.55 | 0.21 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 4 000 000.00 | 4 246 116.00 | 0.36 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 2 000 000.00 | 2 073 489.20 | 0.17 |
| USD	BANK OF NOVA SCOTIA 2.00000% 19-15.11.22 | 1 410 000.00 | 1 408 149.63 | 0.12 |
| USD	BAYER US FINANCE II LLC-REG-S 3.87500% 18-15.12.23 | 1 400 000.00 | 1 468 894.42 | 0.12 |
| USD	BERKSHIRE HATHAWAY INC 2.20000% 16-15.03.21 | 1 750 000.00 | 1 758 820.00 | 0.15 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 1 075 000.00 | 1 132 588.50 | 0.09 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.75000% 19-27.09.24 | 750 000.00 | 749 060.25 | 0.06 |
| USD	CHEVRON CORP 2.41900% 15-17.11.20 | 2 300 000.00 | 2 312 895.41 | 0.19 |
| USD	CHEVRON CORP 3.19100% 13-24.06.23 | 4 950 000.00 | 5 154 048.40 | 0.43 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.90000% 18-16.03.28 | 1 000 000.00 | 1 105 810.00 | 0.09 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.35000% 19-04.06.24 | 500 000.00 | 524 070.00 | 0.04 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 3 400 000.00 | 3 565 954.00 | 0.30 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 800 000.00 | 797 949.09 | 0.07 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 2.50000% 18-25.01.21 | 1 500 000.00 | 1 509 815.40 | 0.13 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 2 000 000.00 | 2 202 932.80 | 0.19 |
| USD	EUROPEAN INVESTMENT BANK 2.00000% 16-15.03.21 | 3 500 000.00 | 3 511 447.81 | 0.30 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 16-16.12.19 | 4 550 000.00 | 4 548 953.50 | 0.38 |
| USD	EUROPEAN INVESTMENT BANK 2.37500% 17-24.05.27 | 2 000 000.00 | 2 080 539.80 | 0.17 |
| USD	EXPORT DEVELOPMENT CANADA 2.00000% 17-17.05.22 | 800 000.00 | 806 506.00 | 0.07 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.50000% 15-10.05.21 | 800 000.00 | 804 250.00 | 0.07 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
|  |  |  |  |  |
| USD | EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 1 200 000.00 | 1 268 250.00 | 0.11 |
| USD | EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 2 775 000.00 | 2 817 492.18 | 0.24 |
| USD | EXXON MOBIL CORP 3.04300% 16-01.03.26 | 4 350 000.00 | 4 580 846.24 | 0.39 |
| USD | HSBC BANK PLC-REG-S 4.12500% 10-12.08.20 | 500 000.00 | 507 366.15 | 0.04 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 900 000.00 | 934 065.54 | 0.08 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 2 450 000.00 | 2 532 081.61 | 0.21 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.00000% 19-23.07.26 | 2 300 000.00 | 2 332 737.97 | 0.20 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 2.85000% 19-13.05.22 | 2 400 000.00 | 2 445 904.08 | 0.21 |
| USD | INTL BK FOR RECONS & DEV WORLD BK 1.75000% 19-23.10.29 | 1 900 000.00 | 1 881 764.73 | 0.16 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 17-13.12.21 | 4 400 000.00 | 4 438 617.48 | 0.37 |
| USD | JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 2 075 000.00 | 2 114 054.20 | 0.18 |
| USD | JOHNSON & JOHNSON 2.90000% 17-15.01.28 | 1 000 000.00 | 1 050 719.70 | 0.09 |
| USD | JOHNSON & JOHNSON 3.37500% 13-05.12.23 | 975 000.00 | 1 034 948.56 | 0.09 |
| USD | KOREA DEVELOPMENT BANK 2.75000% 17-19.03.23 | 1 650 000.00 | 1 680 937.50 | 0.14 |
| USD | KOREA EAST-WEST POWER CO LTD-REG-S 3.87500% 18-19.07.23 | 2 360 000.00 | 2 487 587.50 | 0.21 |
| USD | KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.00000% 12-19.09.22 | 1 150 000.00 | 1 174 437.50 | 0.10 |
| USD | KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.12500% 17-25.07.27 | 1 575 000.00 | 1 638 984.37 | 0.14 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 2.12500% 13-17.01.23 | 3 625 000.00 | 3 674 966.64 | 0.31 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 1 075 000.00 | 1 090 993.53 | 0.09 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 16-15.03.21 | 5 000 000.00 | 4 994 548.36 | 0.42 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 2 400 000.00 | 2 574 750.00 | 0.22 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 15-13.01.25 | 3 200 000.00 | 3 241 486.40 | 0.27 |
| USD | MANITOBA, PROVINCE OF 2.12500% 17-04.05.22 | 4 900 000.00 | 4 937 473.72 | 0.42 |
| USD | MICROSOFT CORP 2.65000% 15-03.11.22 | 2 950 000.00 | 3 021 336.31 | 0.25 |
| USD | MICROSOFT CORP 2.87500% 17-06.02.24 | 3 575 000.00 | 3 711 588.95 | 0.31 |
| USD | MICROSOFT CORP 3.30000% 17-06.02.27 | 5 475 000.00 | 5 895 678.74 | 0.50 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 16-12.07.26 | 2 300 000.00 | 2 306 532.00 | 0.19 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 3.00000% 18-10.01.28 | 950 000.00 | 990 875.36 | 0.08 |
| USD | NORDEA BANK AB-REG-S 4.87500% 10-27.01.20 | 900 000.00 | 903 927.60 | 0.08 |
| USD | NORDIC INVESTMENT BANK 2.25000% 14-30.09.21 | 750 000.00 | 755 756.55 | 0.06 |
| USD | NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 3 400 000.00 | 3 452 476.28 | 0.29 |
| USD | NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 2 600 000.00 | 2 749 808.10 | 0.23 |
| USD | QATAR, STATE OF-REG-S 2.37500% 16-02.06.21 | 4 250 000.00 | 4 265 937.50 | 0.36 |
| USD | QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 2 400 000.00 | 2 508 750.00 | 0.21 |
| USD | QUEBEC, PROVINCE OF 2.50000% 16-20.04.26 | 2 725 000.00 | 2 811 655.27 | 0.24 |
| USD | ROCHE HOLDINGS INC-REG-S 3.00000% 15-10.11.25 | 2 675 000.00 | 2 815 618.33 | 0.24 |
| USD | ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 2 000 000.00 | 2 221 261.00 | 0.19 |
| USD | SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 1 200 000.00 | 1 208 287.32 | 0.10 |
| USD | SHELL INTERNATIONAL FINANCE BV 1.87500% 16-10.05.21 | 900 000.00 | 900 438.48 | 0.08 |
| USD | SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 1 675 000.00 | 1 735 364.82 | 0.15 |
| USD | SINOPEC GROUP OVERSEAS DEV 2013-REG-S 4.37500% 13-17.10.23 | 250 000.00 | 266 705.00 | 0.02 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 2.50000% 15-28.04.20 | 650 000.00 | 650 213.26 | 0.05 |
| USD | TOTAL CAPITAL INTERNATIONAL SA 3.70000% 13-15.01.24 | 1 150 000.00 | 1 222 342.36 | 0.10 |
| USD | WALMART INC 2.55000% 13-11.04.23 | 2 675 000.00 | 2 728 946.46 | 0.23 |
| USD | WALMART INC 3.70000% 18-26.06.28 | 3 000 000.00 | 3 316 926.60 | 0.28 |
| USD | WELLS FARGO CO 3.50000% 12-08.03.22 | 1 200 000.00 | 1 237 138.80 | 0.10 |
| USD | WESTPAC BANKING CORP 2.85000% 16-13.05.26 | 5 000 000.00 | 5 107 100.00 | 0.43 |
| USD | WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 1 000 000.00 | 1 054 550.00 | 0.09 |
| Total USD |  |  | 187 641 668.85 | 15.80 |
| Total Notes, fixed rate |  | 187 641 668.85 | 15.80 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 1 725 000.00 | 1 745 407.79 | 0.15 |
| USD	ASB FINANCE LTD-REG-S 2.12500% 16-01.09.21 | 1 400 000.00 | 1 399 860.00 | 0.12 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 1 550 000.00 | 1 633 747.12 | 0.14 |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 17-16.02.22 | 4 500 000.00 | 4 531 410.00 | 0.38 |
| USD	ASIAN DEVELOPMENT BANK 2.50000% 17-02.11.27 | 2 900 000.00 | 3 038 931.75 | 0.26 |
| USD	AUSTRALIA & NZ BANKING GRP-REG-S 5.10000% 10-13.01.20 | 1 000 000.00 | 1 003 412.00 | 0.08 |
| USD	BANK OF AMERICA CORP 3.24800% 16-21.10.27 | 1 800 000.00 | 1 876 644.00 | 0.16 |
| USD	BANK OF MONTREAL 1.90000% 16-27.08.21 | 1 100 000.00 | 1 099 109.53 | 0.09 |
| USD	BELGIUM, KINGDOM OF-REG-S 1.62500% 17-15.01.20 | 900 000.00 | 899 703.00 | 0.08 |
| USD	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 3.37500% 14-20.03.24 | 1 350 000.00 | 1 437 463.80 | 0.12 |
| USD	CLIFFORD CAPITAL PTE LTD-REG-S 1.73300% 19-10.09.24 | 1 750 000.00 | 1 729 122.50 | 0.15 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 625 000.00 | 654 800.00 | 0.05 |
| USD	CPPIB CAPITAL INC-REG-S 2.75000% 17-02.11.27 | 3 125 000.00 | 3 295 420.30 | 0.28 |
| USD	FINNVERA OYJ-REG-S 1.87500% 17-05.10.20 | 800 000.00 | 800 120.00 | 0.07 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.26100% 17-26.09.22 | 1 800 000.00 | 1 803 600.00 | 0.15 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.62500% 17-12.05.20 | 1 875 000.00 | 1 874 119.75 | 0.16 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 1 000 000.00 | 1 019 485.90 | 0.09 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 3 195 000.00 | 3 355 609.13 | 0.28 |
| USD	JAPAN TOBACCO INC-REG-S 2.80000% 16-13.04.26 | 1 400 000.00 | 1 412 852.00 | 0.12 |
| USD	KOMMUNEKREDIT-REG-S 1.62500% 16-01.06.21 | 1 825 000.00 | 1 819 849.85 | 0.15 |
| USD	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 1.37500% 16-21.07.21 | 875 000.00 | 869 316.00 | 0.07 |
| USD	MDGH - GMTN BV-REG-S 3.00000% 17-19.04.24 | 2 000 000.00 | 2 048 125.00 | 0.17 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 1.87500% 17-18.09.20 | 825 000.00 | 825 057.75 | 0.07 |
| USD	NEDERLANDSE WATERSCHAPSBK NV-REG-S 3.00000% 18-21.12.21 | 825 000.00 | 845 303.25 | 0.07 |
| USD	NESTLE HOLDINGS INC-REG-S 1.87500% 16-09.03.21 | 1 600 000.00 | 1 599 801.60 | 0.13 |
| USD	NESTLE HOLDINGS INC-REG-S 2.37500% 17-18.01.22 | 950 000.00 | 959 307.72 | 0.08 |
| USD	NESTLE HOLDINGS INC-REG-S 3.12500% 18-22.03.23 | 1 330 000.00 | 1 378 624.80 | 0.12 |
| USD	NISSAN MOTOR ACCEPTANCE CORP-REG-S 2.60000% 17-28.09.22 | 400 000.00 | 402 157.88 | 0.03 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 700 000.00 | 712 490.80 | 0.06 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 1 000 000.00 | 1 050 820.00 | 0.09 |
| USD	SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 1 186 000.00 | 1 206 744.20 | 0.10 |
| USD	SVENSK EXPORTKREDIT AB 1.75000% 16-10.03.21 | 800 000.00 | 799 662.84 | 0.07 |
| USD	TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 3 350 000.00 | 3 370 635.66 | 0.28 |
| USD	TOYOTA MOTOR CREDIT CORP 2.60000% 17-11.01.22 | 1 225 000.00 | 1 242 606.80 | 0.10 |
| USD	TOYOTA MOTOR FINANCE NL BV-REG-S 2.76400% 19-26.04.21 | 1 600 000.00 | 1 613 258.24 | 0.14 |
| Total USD |  | 55 354 580.96 | 4.66 |
| Total Medium term notes, fixed rate |  | 55 354 580.96 | 4.66 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 1.62500% 15-21.01.20 | 1 250 000.00 | 1 249 517.50 | 0.10 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.62500% 14-28.04.21 | 1 400 000.00 | 1 415 992.20 | 0.12 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.37500% 16-16.03.26 | 1 000 000.00 | 1 029 796.00 | 0.09 |
| USD | BANK OF NOVA SCOTIA 1.85000% 15-14.04.20 | 1 375 000.00 | 1 374 388.33 | 0.12 |
| USD | CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 1.87500% 15-12.02.22 | 1 400 000.00 | 1 403 645.60 | 0.12 |
| USD | CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 2 275 000.00 | 2 299 899.20 | 0.19 |
| USD | CENTRAL JAPAN RAILWAY CO-REG-S 3.40000% 18-06.09.23 | 1 400 000.00 | 1 451 240.00 | 0.12 |
| USD | DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 1 520 000.00 | 1 554 534.40 | 0.13 |
| USD | DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 1 450 000.00 | 1 467 777.00 | 0.12 |
| USD | EUROPEAN INVESTMENT BANK 1.87500% 15-10.02.25 | 3 250 000.00 | 3 283 732.08 | 0.28 |
| USD | FAB SUKUK CO LTD-REG-S 3.87500% 19-22.01.24 | 1 100 000.00 | 1 155 343.75 | 0.10 |
| USD | FMS WERTMANAGEMENT 2.00000% 17-01.08.22 | 1 375 000.00 | 1 386 079.20 | 0.12 |
| USD | ING BANK NV-REG-S 2.62500% 12-05.12.22 | 1 200 000.00 | 1 225 200.00 | 0.10 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 3.87500% 10-14.02.20 | 1 500 000.00 | 1 505 590.50 | 0.13 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 2 000 000.00 | 2 037 221.60 | 0.17 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 14-25.11.24 | 1 825 000.00 | 1 893 193.50 | 0.16 |
| USD | INTL BK FOR RECONSTR & DEVT 2.50000% 15-29.07.25 | 3 500 000.00 | 3 645 540.85 | 0.31 |
| USD | KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 1 550 000.00 | 1 613 453.12 | 0.14 |
| USD | KOREA, REPUBLIC OF 3.87500% 13-11.09.23 | 1 600 000.00 | 1 711 000.00 | 0.14 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 2.50000% 14-20.11.24 | 3 450 000.00 | 3 581 123.45 | 0.30 |
| USD | MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 1 500 000.00 | 1 516 875.00 | 0.13 |
| USD | MORGAN STANLEY 5.50000% 10-24.07.20 | 1 253 000.00 | 1 281 299.38 | 0.11 |
| USD | NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 450 000.00 | 475 845.89 | 0.04 |
| USD | OESTERREICHISCHE KONTROLLBANK AG 2.37500% 14-01.10.21 | 900 000.00 | 910 145.07 | 0.08 |
| USD | ONTARIO, PROVINCE OF 3.20000% 14-16.05.24 | 3 500 000.00 | 3 702 930.00 | 0.31 |
| USD | ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 2 800 000.00 | 2 886 842.84 | 0.24 |
| USD | ROYAL BANK OF CANADA 2.10000% 15-14.10.20 | 1 125 000.00 | 1 126 045.01 | 0.09 |
| Total USD |  |  | 48 184 251.47 | 4.06 |
| Total Bonds, fixed rate |  | 48 184 251.47 | 4.06 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 4 700 000.00 | 5 037 995.80 | 0.42 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 1 900 000.00 | 1 895 175.79 | 0.16 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 3 350 000.00 | 3 468 165.89 | 0.29 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 9 350 000.00 | 9 392 001.13 | 0.79 |
| USD	AMERICA, UNITED STATES OF 1.50000% 17-15.05.20 | 7 200 000.00 | 7 194 656.23 | 0.61 |
| Total USD |  | 26 987 994.84 | 2.27 |
| Total Treasury notes, fixed rate |  | 26 987 994.84 | 2.27 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 2 750 000.00 | 5 733 656.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 2 780 000.00 | 4 200 534.21 | 0.35 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 3 200 000.00 | 3 546 616.50 | 0.30 |
| USD	AMERICA, UNITED STATES OF 1.125%/CPI LINKED 11-15.01.21 | 1 000 000.00 | 1 181 514.14 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.01.22 | 2 400 000.00 | 2 706 533.95 | 0.23 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 1 895 000.00 | 2 095 266.15 | 0.18 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 4 395 000.00 | 4 726 347.97 | 0.40 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 3 815 000.00 | 4 184 768.30 | 0.35 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 3 950 000.00 | 4 240 162.55 | 0.36 |
| Total USD |  | 32 615 399.77 | 2.75 |
| Total Treasury notes, floating rate |  | 32 615 399.77 | 2.75 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 525 786 714.21 | 44.26 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 06.12.18-05.12.19 | 2 500 000.00 | 2 499 706.40 | 0.21 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 11.07.19-09.01.20 | 2 500 000.00 | 2 495 865.75 | 0.21 |
| Total USD |  | 4 995 572.15 | 0.42 |
| Total Treasury bills, zero coupon |  | 4 995 572.15 | 0.42 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALTRIA GROUP INC 2.85000% 12-09.08.22 | 1 600 000.00 | 1 623 031.04 | 0.14 |
| USD	FANNIE MAE 2.12500% 16-24.04.26 | 1 625 000.00 | 1 658 346.95 | 0.14 |
| USD	HSBC HOLDINGS PLC 4.87500% 11-14.01.22 | 1 025 000.00 | 1 082 590.14 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.45000% 15-23.11.20 | 850 000.00 | 854 471.94 | 0.07 |
| USD	NATIONAL AUSTRALIA BANK LTD NEW YORK 2.87500% 18-12.04.23 | 2 000 000.00 | 2 044 790.60 | 0.17 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 17-28.09.20 | 800 000.00 | 800 484.88 | 0.07 |
| USD	PROCTER & GAMBLE CO 2.30000% 12-06.02.22 | 3 025 000.00 | 3 066 489.69 | 0.26 |
| USD	SANOFI 4.00000% 11-29.03.21 | 2 500 000.00 | 2 571 300.00 | 0.21 |
| Total USD |  | 13 701 505.24 | 1.15 |
| Total Notes, fixed rate |  | 13 701 505.24 | 1.15 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	JPMORGAN CHASE BANK NA 3.086%/VAR 18-26.04.21 | 1 500 000.00 | 1 505 706.15 | 0.13 |
| Total USD |  | 1 505 706.15 | 0.13 |
| Total Notes, floating rate |  | 1 505 706.15 | 0.13 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	FREDDIE MAC 2.37500% 12-13.01.22 | 5 225 000.00 | 5 302 547.88 | 0.45 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.85000% 14-08.07.24 | 1 000 000.00 | 1 058 474.80 | 0.09 |
| USD	GUARDIAN LIFE GLOBAL FUNDING-REG-S 2.00000% 16-26.04.21 | 1 400 000.00 | 1 400 618.66 | 0.12 |
| USD	MACQUARIE GROUP LTD-REG-S 6.25000% 11-14.01.21 | 1 200 000.00 | 1 250 556.00 | 0.10 |
| Total USD |  | 9 012 197.34 | 0.76 |
| Total Medium term notes, fixed rate |  | 9 012 197.34 | 0.76 |
| Medium term notes, zero coupon |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 00-01.05.30 | 1 400 000.00 | 1 099 006.08 | 0.09 |
| Total USD |  | 1 099 006.08 | 0.09 |
| Total Medium term notes, zero coupon |  | 1 099 006.08 | 0.09 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.62500% 19-17.10.22 | 750 000.00 | 744 450.00 | 0.06 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 2.00000% 12-09.09.22 | 2 175 000.00 | 2 194 170.66 | 0.18 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 1 600 000.00 | 1 642 653.12 | 0.14 |
| Total USD |  | 4 581 273.78 | 0.38 |
| Total Bonds, fixed rate |  | 4 581 273.78 | 0.38 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 14-15.01.24 | 2 740 000.00 | 3 062 744.99 | 0.26 |
| USD	AMERICA, UNITED STATES OF 0.250%/CPI LINKED 15-15.01.25 | 4 100 000.00 | 4 455 996.22 | 0.38 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 16-15.04.21 | 2 250 000.00 | 2 421 117.04 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 2 233 000.00 | 2 489 122.12 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 2 252 000.00 | 2 504 877.20 | 0.21 |
| Total USD |  | 14 933 857.57 | 1.26 |
| Total Treasury notes, floating rate |  | 14 933 857.57 | 1.26 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 49 829 118.31 | 4.19 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Preference shares
United Kingdom
| GBP | ROLLS ROYCE HLDGS NON CUM RED PREF GBP0.001 C | 895 344.00 | 1 158.12 | 0.00 |
| --- | --- | --- | --- | --- |
| Total United Kingdom |  | 1 158.12 | 0.00 |
| Total Preference shares |  | 1 158.12 | 0.00 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.95000% 18-11.01.25 | 1 100 000.00 | 1 130 727.73 | 0.10 |
| USD	SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 1 000 000.00 | 998 890.40 | 0.08 |
| Total USD |  | 2 129 618.13 | 0.18 |
| Total Notes, fixed rate |  | 2 129 618.13 | 0.18 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	HSBC BANK CANADA-REG-S 3.30000% 18-28.11.21 | 1 300 000.00 | 1 334 305.83 | 0.11 |
| USD	HSBC BANK CANADA-REG-S 1.65000% 19-10.09.22 | 1 200 000.00 | 1 191 774.36 | 0.10 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.75000% 17-22.06.24 | 800 000.00 | 815 727.76 | 0.07 |
| USD	SWEDBANK AB-REG-S 2.80000% 17-14.03.22 | 800 000.00 | 808 103.04 | 0.07 |
| Total USD |  | 4 149 910.99 | 0.35 |
| Total Bonds, fixed rate |  | 4 149 910.99 | 0.35 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 6 280 687.24 | 0.53 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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) |  |

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 | 1 766 801.00 | 30 141 625.06 | 2.54 |
| USD | UBS ETFS PLC - MSCI USA TRN INDEX SF (USD) A-ACC | 821 545.00 | 69 461 629.75 | 5.85 |
| Total Ireland |  | 99 603 254.81 | 8.39 |
| Luxembourg |  |  |  |
| USD	AQR UCITS FUNDS - GLOBAL RISK PARITY UCITS FUND-A2-CAP | 202 803.57 | 24 212 718.22 | 2.04 |
| EUR	DB PLATINUM IV UBS MULTI-STRATEGY ALTERNATIVES-I0C-E-CAP | 4 238.06 | 46 904 247.41 | 3.95 |
| USD	INVESCO FUNDS SICAV BAL RISK ALLOCATION-PI1-USD HDG-CAP | 2 058 593.31 | 24 353 158.86 | 2.05 |
| USD	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) (USD HEDGED) F-ACC | 208 136.00 | 24 041 789.36 | 2.02 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) F-ACC | 261 472.00 | 28 837 746.88 | 2.43 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES (USD) F-ACC | 897 058.00 | 18 945 864.96 | 1.60 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) F-ACC | 110 115.00 | 35 638 719.75 | 3.00 |
| USD	UBS (LUX) BOND SICAV USD - INVEST GRADE CORP USD F ACC | 1 938.70 | 212 554 073.50 | 17.89 |
| USD	UBS (LUX) BOND SICAV - EMERG ECON CORPORATES (USD) F-ACC | 210 716.00 | 23 901 515.88 | 2.01 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND - GLOBAL BONDS (USD) F-ACC | 17 683.00 | 35 547 427.58 | 2.99 |
| USD	UBS (LUX) MONEY MARKET FUND - USD U-X-ACC | 9.00 | 99 798.30 | 0.01 |
| Total Luxembourg |  | 475 037 060.70 | 39.99 |
| Total Investment funds, open end |  | 574 640 315.51 | 48.38 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 574 640 315.51 | 48.38 |
| Total investments in securities |  | 1 156 536 835.27 | 97.36 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | -228.00 | 146 062.50 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | -359.00 | 75 726.74 | 0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | -302.00 | 132 125.00 | 0.01 |
| USD	US LONG BOND FUTURE 20.03.20 | -31.00 | 31 000.00 | 0.00 |
| Total Financial Futures on bonds |  | 384 914.24 | 0.03 |
| Financial Futures on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 20.12.19 | 192.00 | 166 272.08 | 0.01 |
| CHF	SWISS MARKET INDEX FUTURE 20.12.19 | 7.00 | 18 937.31 | 0.00 |
| GBP	FTSE 100 INDEX FUTURE 20.12.19 | 46.00 | 30 090.78 | 0.00 |
| SGD	MSCI SINGAPORE INDEX FUTURE 30.12.19 | 18.00 | -2 764.27 | 0.00 |
| USD	S&P500 EMINI FUTURE 20.12.19 | 585.00 | 3 416 360.17 | 0.29 |
| JPY	TOPIX INDX FUTURE 12.12.19 | 60.00 | 224 159.35 | 0.02 |
| USD	MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.19 | 267.00 | -176 835.44 | -0.01 |
| AUD	SPI 200 INDEX FUTURE 19.12.19 | 22.00 | 41 444.91 | 0.00 |
| CAD	S&P/TSX 60 INDEX FUTURE 19.12.19 | 25.00 | 137 605.33 | 0.01 |
| HKD	HANG SENG INDEX FUTURE 30.12.19 | 7.00 | -35 367.76 | 0.00 |
| Total Financial Futures on Indices |  | 3 819 902.46 | 0.32 |
| Total Derivative instruments listed on an official stock exchange |  | 4 204 816.70 | 0.35 |
| Total Derivative instruments |  | 4 204 816.70 | 0.35 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| USD | 18 100 460.58 | CHF | 17 940 000.00 | 9.1.2020 | 85 395.89 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 11 885 845.00 | GBP | 9 370 000.00 | 9.1.2020 | -254 692.08 | -0.02 |
| USD | 608 471.41 | JPY | 65 500 000.00 | 9.1.2020 | 8 372.52 | 0.00 |
| HKD | 1 650 000.00 | USD | 210 496.88 | 9.1.2020 | 200.85 | 0.00 |
| USD | 121 042.57 | CAD | 160 000.00 | 9.1.2020 | 537.14 | 0.00 |
| USD | 73 058.88 | SGD | 100 000.00 | 9.1.2020 | -97.26 | 0.00 |
| USD | 203 460.00 | AUD | 300 000.00 | 9.1.2020 | 315.22 | 0.00 |
| USD | 52 533 366.91 | EUR | 47 424 000.00 | 9.1.2020 | 83 753.94 | 0.01 |
| USD | 836 354.18 | EUR | 750 000.00 | 9.1.2020 | 6 875.23 | 0.00 |
| USD | 606 223.00 | CHF | 600 000.00 | 9.1.2020 | 3 712.48 | 0.00 |
| USD | 76 660.84 | CAD | 100 000.00 | 9.1.2020 | 1 344.94 | 0.00 |
| USD | 15 584 751.33 | GBP | 12 067 000.00 | 15.1.2020 | -52 747.32 | -0.01 |
| USD | 244 701.00 | CAD | 321 000.00 | 15.1.2020 | 2 933.45 | 0.00 |
| USD | 73 767.47 | SGD | 100 000.00 | 15.1.2020 | 606.30 | 0.00 |
| USD | 1 065 759.53 | HKD | 8 350 000.00 | 15.1.2020 | -477.47 | 0.00 |
| USD | 291 327.12 | AUD | 420 000.00 | 15.1.2020 | 6 884.03 | 0.00 |
| USD | 21 011 022.21 | CHF | 20 698 000.00 | 15.1.2020 | 217 971.16 | 0.02 |
| USD | 742 861.15 | JPY | 80 500 000.00 | 15.1.2020 | 5 107.60 | 0.00 |
| USD | 65 891 239.89 | EUR | 58 918 000.00 | 15.1.2020 | 705 920.87 | 0.06 |
| USD | 834 785.93 | EUR | 750 000.00 | 9.1.2020 | 5 306.98 | 0.00 |
| USD | 835 097.93 | EUR | 750 000.00 | 15.1.2020 | 5 317.74 | 0.00 |
| GBP | 13 391 500.00 | USD | 17 281 307.58 | 16.1.2020 | 73 060.72 | 0.01 |
| SEK | 9 004 500.00 | USD | 939 307.75 | 16.1.2020 | 4 180.45 | 0.00 |
| CHF | 165 636 700.00 | USD | 166 733 808.46 | 16.1.2020 | -325 187.36 | -0.03 |
| EUR | 273 933 200.00 | USD | 302 855 067.26 | 16.1.2020 | 235 735.40 | 0.02 |
| SGD | 40 855 700.00 | USD | 29 942 322.35 | 16.1.2020 | -51 473.00 | -0.01 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (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 (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 3 636 155.78 | EUR | 3 290 600.00 | 16.1.2020 | -4 697.52 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 428 100.00 | USD | 313 651.42 | 16.1.2020 | -444.88 | 0.00 |
| EUR | 2 500 000.00 | USD | 2 762 610.00 | 15.1.2020 | 3 323.97 | 0.00 |
| EUR | 2 500 000.00 | USD | 2 761 572.50 | 9.1.2020 | 3 357.33 | 0.00 |
| USD | 5 507 165.00 | EUR | 5 000 000.00 | 2.12.2019 | -5 835.00 | 0.00 |
| SGD | 298 900.00 | USD | 219 119.64 | 16.1.2020 | -438.41 | 0.00 |
| USD | 742 239.94 | CHF | 738 600.00 | 16.1.2020 | 197.82 | 0.00 |
| USD | 135 912.35 | SGD | 185 600.00 | 16.1.2020 | 123.67 | 0.00 |
| USD | 331 488.30 | EUR | 300 000.00 | 9.1.2020 | -303.28 | 0.00 |
| USD | 331 610.70 | EUR | 300 000.00 | 15.1.2020 | -301.38 | 0.00 |
| USD | 602 041.16 | CHF | 600 000.00 | 9.1.2020 | -469.36 | 0.00 |
| USD | 602 289.36 | CHF | 600 000.00 | 15.1.2020 | -466.01 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 762 905.37 | 0.06 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 27 164 517.22 | 2.29 |
| Other assets and liabilities | -825 643.05 | -0.06 |
| Total net assets | 1 187 843 431.51 | 100.00 |

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

Translation (ENDE, 2019-11-30):
# UBS (Lux) Strategy SICAV
– Systematic Allocation Portfolio Defensive (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Nettovermögen in USD |  | 1 187 843 431.51 | 1 087 131 873.23 | 922 334 114.59 |
| Klasse K-1-acc | LU1622990858 |  |  |  |
| Aktien im Umlauf |  | 3.9000 | 4.5000 | 2.0000 |
| Nettoinventarwert pro Aktie in USD |  | 5 463 106.56 | 5 272 284.33 | 5 085 305.72 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 5 463 106.56 | 5 282 828.90 | 5 085 305.72 |
| Klasse (CHF hedged) K-1-acc 2 | LU1622991070 |  |  |  |
| Aktien im Umlauf |  | 0.2000 | - | - |
| Nettoinventarwert pro Aktie in CHF |  | 5 029 189.75 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 5 029 189.75 | - | - |
| Klasse (EUR hedged) K-1-acc | LU1622990932 |  |  |  |
| Aktien im Umlauf |  | 1.2000 | 0.8000 | 0.8000 |
| Nettoinventarwert pro Aktie in EUR |  | 3 096 164.38 | 3 028 310.04 | 3 007 798.84 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 3 096 164.38 | 3 034 366.66 | 3 007 798.84 |
| Klasse (EUR hedged) K-X-acc | LU1675059452 |  |  |  |
| Aktien im Umlauf |  | 97 177.2680 | 97 177.2680 | 97 177.2680 |
| Nettoinventarwert pro Aktie in EUR |  | 103.89 | 101.16 | 99.58 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 103.89 | 101.36 | 99.58 |
| Klasse P-4%-mdist | LU1599185995 |  |  |  |
| Aktien im Umlauf |  | 1 508 055.2180 | 1 487 647.4150 | 1 343 570.0780 |
| Nettoinventarwert pro Aktie in USD |  | 99.43 | 98.09 | 98.84 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 99.43 | 98.29 | 98.84 |
| Klasse (HKD) P-4%-mdist | LU1647379343 |  |  |  |
| Aktien im Umlauf |  | 371 614.3560 | 396 435.4180 | 314 488.2810 |
| Nettoinventarwert pro Aktie in HKD |  | 992.14 | 980.48 | 988.89 |
| Ausgabe- und Rücknahmepreis pro Aktie in HKD 1 |  | 992.14 | 982.44 | 988.89 |
| Klasse P-acc | LU1599185649 |  |  |  |
| Aktien im Umlauf |  | 3 305 422.5350 | 3 109 847.0700 | 2 735 914.9920 |
| Nettoinventarwert pro Aktie in USD |  | 109.41 | 105.81 | 102.49 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 109.41 | 106.02 | 102.49 |
| Klasse (CHF hedged) P-acc | LU1599186027 |  |  |  |
| Aktien im Umlauf |  | 1 294 349.1960 | 1 234 744.5730 | 838 924.0190 |
| Nettoinventarwert pro Aktie in CHF |  | 101.58 | 99.79 | 99.92 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 101.58 | 99.99 | 99.92 |
| Klasse (EUR hedged) P-acc | LU1599186530 |  |  |  |
| Aktien im Umlauf |  | 1 658 141.1560 | 1 500 380.0560 | 1 291 511.1050 |
| Nettoinventarwert pro Aktie in EUR |  | 102.62 | 100.58 | 100.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 102.62 | 100.78 | 100.32 |
| Klasse (GBP hedged) P-acc | LU1616912249 |  |  |  |
| Aktien im Umlauf |  | 94 526.9960 | 86 928.3810 | 75 508.3240 |
| Nettoinventarwert pro Aktie in GBP |  | 105.14 | 102.43 | 100.99 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 105.14 | 102.63 | 100.99 |
| Klasse (SGD hedged) P-acc | LU1599186704 |  |  |  |
| Aktien im Umlauf |  | 185 655.5580 | 233 599.3200 | 179 284.1640 |
| Nettoinventarwert pro Aktie in SGD |  | 107.79 | 104.49 | 101.90 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 107.79 | 104.70 | 101.90 |
| Klasse (SGD hedged) P-mdist | LU1637863462 |  |  |  |
| Aktien im Umlauf |  | 127 827.5270 | 144 058.7600 | 153 896.8190 |
| Nettoinventarwert pro Aktie in SGD |  | 101.38 | 99.46 | 99.75 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 101.38 | 99.66 | 99.75 |
| Klasse Q-4%-mdist 3 | LU1891428200 |  |  |  |
| Aktien im Umlauf |  | 115 450.2710 | 58 760.4920 | - |
| Nettoinventarwert pro Aktie in USD |  | 104.48 | 102.72 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 104.48 | 102.93 | - |
| Klasse Q-acc | LU1599185722 |  |  |  |
| Aktien im Umlauf |  | 657 679.1800 | 532 963.4070 | 330 736.7880 |
| Nettoinventarwert pro Aktie in USD |  | 111.17 | 107.17 | 103.14 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 111.17 | 107.38 | 103.14 |
| Klasse (CHF hedged) Q-acc | LU1599186373 |  |  |  |
| Aktien im Umlauf |  | 345 834.1880 | 357 201.8680 | 302 962.0460 |
| Nettoinventarwert pro Aktie in CHF |  | 103.21 | 101.08 | 100.56 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 103.21 | 101.28 | 100.56 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Klasse (EUR hedged) Q-acc | LU1599186613 |  |  |  |
| Aktien im Umlauf |  | 893 334.3730 | 814 208.9740 | 841 185.0910 |
| Nettoinventarwert pro Aktie in EUR |  | 104.28 | 101.88 | 100.97 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 104.28 | 102.08 | 100.97 |
| Klasse (GBP hedged) Q-acc | LU1616912322 |  |  |  |
| Aktien im Umlauf |  | 33 394.7750 | 21 692.1930 | 23 337.7420 |
| Nettoinventarwert pro Aktie in GBP |  | 106.29 | 103.23 | 101.13 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 106.29 | 103.44 | 101.13 |
| Klasse (SEK hedged) Q-acc | LU1599186886 |  |  |  |
| Aktien im Umlauf |  | 12 639.9170 | 11 805.6020 | 77 310.0900 |
| Nettoinventarwert pro Aktie in SEK |  | 713.16 | 697.68 | 690.19 |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 1 |  | 713.16 | 699.08 | 690.19 |
| Klasse (SGD hedged) Q-mdist 4 | LU2038507948 |  |  |  |
| Aktien im Umlauf |  | 85 700.1860 | - | - |
| Nettoinventarwert pro Aktie in SGD |  | 101.04 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 101.04 | - | - |
| 1  Siehe Erläuterung 1 2  Erste NAV 4.11.2019 3  Erste NAV 5.11.2018 4  Erste NAV 19.8.2019 |  |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Luxemburg	41.16
Vereinigte Staaten	18.66
Irland	12.50
Schweiz	3.22
Kanada	3.12
Deutschland	3.10
Frankreich	2.73
Grossbritannien	2.03
Niederlande	1.84
Südkorea	1.28
Australien	1.00
Supranational	0.99
Philippinen	0.95
Katar	0.57
Japan	0.48
Spanien	0.47
Vereinigte Arabische Emirate	0.40
Finnland	0.37
Singapur	0.36
Italien	0.35
Norwegen	0.31
Belgien	0.24
Schweden	0.22
Kuwait	0.22
Jersey	0.18
Dänemark	0.15
Neuseeland	0.12
Österreich	0.11
Cayman-Inseln	0.10
Britische Jungferninseln	0.08
Portugal	0.03
Südafrika	0.01
Isle of Man	0.01
Total	97.36
Wirtschaftliche Aufteilung in % des Nettovermögens	
Anlagefonds	48.39
Finanz- & Beteiligungsgesellschaften	8.51
Länder- & Zentralregierungen	7.70
Banken & Kreditinstitute	7.62
Supranationale Organisationen	5.06
Pharmazeutik, Kosmetik & medizinische Produkte	2.46
Computer & Netzwerkausrüster	2.13
Kantone, Bundesstaaten	1.98
Erdöl	1.93
Internet, Software & IT-Dienste	1.70
Nahrungsmittel & Softdrinks	0.99
Detailhandel, Warenhäuser	0.73
Versicherungen	0.72
Tabak & alkoholische Getränke	0.62
Energie- & Wasserversorgung	0.61
Pfandbriefinstitute & Refinanzierungsgesellschaften	0.59
Chemie	0.57
Diverse Konsumgüter	0.54
Öffentlich-rechtliche Körperschaften	0.51
Diverse Dienstleistungen	0.46
Telekommunikation	0.43
Baugewerbe & Baumaterial	0.34
Elektronik & Halbleiter	0.29
Textilien, Kleidung & Lederwaren	0.28
Verkehr & Transport	0.27
Fahrzeuge	0.24
Biotechnologie	0.21
Flugzeug- & Raumfahrtindustrie	0.21
Elektrische Geräte & Komponenten	0.20
Immobilien	0.14
Maschinen & Apparate	0.14
Uhren & Schmuck	0.12
Diverse Investitionsgüter	0.11
Gastgewerbe & Freizeit	0.10
Grafisches Gewerbe, Verlage & Medien	0.10
Nichteisenmetalle	0.10
Bergbau, Kohle & Stahl	0.08
Forstwirtschaft, Holz & Papier	0.06
Gummi & Reifen	0.04
Diverse Handelsfirmen	0.03
Diverse nicht klassierte Gesellschaften	0.02
Gesundheits- & Sozialwesen	0.02
Edelmetalle und -steine	0.01
Total	97.36
UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019

## Nettovermögensaufstellung
Aktiva	30.11.2019
USD
Wertpapierbestand, Einstandswert	1 099 555 291.45
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	56 981 543.82	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 1 156 536 835.27 |
| Bankguthaben, Sicht- und Fristgelder | 24 553 719.37 |
| Andere liquide Mittel (Margins) | 2 610 797.85 |
| Forderungen aus Zeichnungen | 1 501 176.39 |
| Zinsforderungen aus Wertpapieren | 2 253 655.68 |
| Forderungen aus Dividenden | 136 356.67 |
| Sonstige Forderungen | 98 855.95 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | 4 204 816.70 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 762 905.37 |
| Total Aktiva | 1 192 659 119.25 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -2 623 049.17 |
| Verbindlichkeiten aus Rücknahmen | -1 525 881.86 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -532 493.01 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -57 226.48 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-77 037.22	 |
| Total Rückstellungen für Aufwendungen | -666 756.71 |
| Total Passiva | -4 815 687.74 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 1 187 843 431.51 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.6.2019-30.11.2019 |
| Zinsertrag auf liquide Mittel | 225 426.28 |
| Zinsen auf Wertpapiere | 4 620 559.67 |
| Dividenden | 928 824.20 |
| Erträge aus Securities Lending (Erläuterung 12) | 100 184.92 |
| Sonstige Erträge (Erläuterung 4) | 334 111.04 |
| Total Erträge | 6 209 106.11 |
|  |  |
| Aufwendungen |  |
| Kosten aus Securities Lending (Erläuterung 12) | -40 073.97 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -6 959 814.32 |
| Abonnementsabgabe (Erläuterung 3) | -182 397.38 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -121 438.59 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -12 177.34 |
| Total Aufwendungen | -7 315 901.60 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -1 106 795.49 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 19 565 142.75 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | 6 852.65 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -18 556 834.55 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -5 336 134.00 |
| Realisierter Währungsgewinn (-verlust) | 1 421 387.05 |
| Total der realisierten Gewinne (Verluste) | -2 899 586.10 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | -4 006 381.59 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 30 494 249.98 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 27 393.55 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 6 300 504.44 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -2 268 255.47 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 34 553 892.50 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 30 547 510.91 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.6.2019-30.11.2019 |
| Nettovermögen zu Beginn der Berichtsperiode | 1 087 131 873.23 |
| Zeichnungen | 267 890 054.84 |
| Rücknahmen | 	-193 210 236.35	 |
| Total Mittelzufluss (-abfluss) | 74 679 818.49 |
| Ausbezahlte Dividende | -4 515 771.12 |
| Nettoerträge (-verluste) aus Anlagen | -1 106 795.49 |
| Total der realisierten Gewinne (Verluste) | -2 899 586.10 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	34 553 892.50	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 30 547 510.91 |
| Nettovermögen am Ende der Berichtsperiode | 1 187 843 431.51 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.6.2019-30.11.2019 |
| Klasse | K-1-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 4.5000 |
| Anzahl der ausgegebenen Aktien | 0.4000 |
| Anzahl der zurückgegebenen Aktien | -1.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 3.9000 |
| Klasse | (CHF hedged) K-1-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 0.2000 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.2000 |
| Klasse | (EUR hedged) K-1-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.8000 |
| Anzahl der ausgegebenen Aktien | 0.4000 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1.2000 |
| Klasse | (EUR hedged) K-X-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 97 177.2680 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 97 177.2680 |
| Klasse | P-4%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 1 487 647.4150 |
| Anzahl der ausgegebenen Aktien | 504 832.8570 |
| Anzahl der zurückgegebenen Aktien | -484 425.0540 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 508 055.2180 |
| Klasse | (HKD) P-4%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 396 435.4180 |
| Anzahl der ausgegebenen Aktien | 30 548.6730 |
| Anzahl der zurückgegebenen Aktien | -55 369.7350 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 371 614.3560 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 3 109 847.0700 |
| Anzahl der ausgegebenen Aktien | 585 237.0790 |
| Anzahl der zurückgegebenen Aktien | -389 661.6140 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 3 305 422.5350 |
| Klasse | (CHF hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 1 234 744.5730 |
| Anzahl der ausgegebenen Aktien | 146 075.6180 |
| Anzahl der zurückgegebenen Aktien | -86 470.9950 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 294 349.1960 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 1 500 380.0560 |
| Anzahl der ausgegebenen Aktien | 431 016.7820 |
| Anzahl der zurückgegebenen Aktien | -273 255.6820 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 658 141.1560 |
| Klasse | (GBP hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 86 928.3810 |
| Anzahl der ausgegebenen Aktien | 10 146.1920 |
| Anzahl der zurückgegebenen Aktien | -2 547.5770 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 94 526.9960 |
| Klasse | (SGD hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 233 599.3200 |
| Anzahl der ausgegebenen Aktien | 31 455.6710 |
| Anzahl der zurückgegebenen Aktien | -79 399.4330 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 185 655.5580 |
| Klasse | (SGD hedged) P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 144 058.7600 |
| Anzahl der ausgegebenen Aktien | 30 643.9820 |
| Anzahl der zurückgegebenen Aktien | -46 875.2150 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 127 827.5270 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019
| Klasse | Q-4%-mdist |
| --- | --- |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 58 760.4920 |
| Anzahl der ausgegebenen Aktien | 60 549.7790 |
| Anzahl der zurückgegebenen Aktien | -3 860.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 115 450.2710 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 532 963.4070 |
| Anzahl der ausgegebenen Aktien | 312 684.2500 |
| Anzahl der zurückgegebenen Aktien | -187 968.4770 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 657 679.1800 |
| Klasse | (CHF hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 357 201.8680 |
| Anzahl der ausgegebenen Aktien | 26 551.0440 |
| Anzahl der zurückgegebenen Aktien | -37 918.7240 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 345 834.1880 |
| Klasse | (EUR hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 814 208.9740 |
| Anzahl der ausgegebenen Aktien | 208 457.6880 |
| Anzahl der zurückgegebenen Aktien | -129 332.2890 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 893 334.3730 |
| Klasse | (GBP hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 21 692.1930 |
| Anzahl der ausgegebenen Aktien | 18 809.5820 |
| Anzahl der zurückgegebenen Aktien | -7 107.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 33 394.7750 |
| Klasse | (SEK hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 11 805.6020 |
| Anzahl der ausgegebenen Aktien | 876.3150 |
| Anzahl der zurückgegebenen Aktien | -42.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 12 639.9170 |
| Klasse | (SGD hedged) Q-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 85 700.1860 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 85 700.1860 |

| Monatliche Ausschüttung 1 |  |
| --- | --- |
| UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| P-4%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.32 |
| P-4%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.33 |
| P-4%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.33 |
| P-4%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.33 |
| P-4%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.33 |
| P-4%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.33 |
| (HKD) P-4%-mdist | 11.6.2019 | 14.6.2019 | HKD | 3.27 |
| (HKD) P-4%-mdist | 10.7.2019 | 15.7.2019 | HKD | 3.32 |
| (HKD) P-4%-mdist | 12.8.2019 | 16.8.2019 | HKD | 3.32 |
| (HKD) P-4%-mdist | 10.9.2019 | 13.9.2019 | HKD | 3.31 |
| (HKD) P-4%-mdist | 10.10.2019 | 15.10.2019 | HKD | 3.29 |
| (HKD) P-4%-mdist | 11.11.2019 | 14.11.2019 | HKD | 3.29 |
| (SGD hedged) P-mdist | 17.6.2019 | 20.6.2019 | SGD | 0.25 |
| (SGD hedged) P-mdist | 15.7.2019 | 18.7.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 16.8.2019 | 21.8.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 16.9.2019 | 19.9.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.10.2019 | 18.10.2019 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.11.2019 | 20.11.2019 | SGD | 0.19 |
| Q-4%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.34 |
| Q-4%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.34 |
| Q-4%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.34 |
| Q-4%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.34 |
| Q-4%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.34 |
| Q-4%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.34 |
| (SGD hedged) Q-mdist | 15.10.2019 | 18.10.2019 | SGD | 0.28 |
| (SGD hedged) Q-mdist | 15.11.2019 | 20.11.2019 | SGD | 0.19 |
| 1  Siehe Erläuterung 5 |  |  |  |  |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. November 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Inhaberaktien |  |  |  |
| Österreich |  |  |  |
| EUR	ANDRITZ AG NPV(BR) | 1 106.00 | 43 169.44 | 0.00 |
| EUR	ERSTE GROUP BK AG NPV | 4 168.00 | 149 358.20 | 0.01 |
| EUR	OMV AG NPV(VAR) | 2 083.00 | 118 832.08 | 0.01 |
| EUR	RAIFFEISEN BK INTL NPV (REGD) | 1 858.00 | 43 656.32 | 0.00 |
| EUR	VERBUND AG CLASS’A’NPV | 1 002.00 | 52 124.71 | 0.01 |
| EUR	VOESTALPINE AG NPV | 1 855.00 | 49 190.02 | 0.01 |
| Total Österreich |  | 456 330.77 | 0.04 |
| Belgien |  |  |  |
| EUR	ANHEUSER-BUSCH IN NPV | 10 404.00 | 824 453.14 | 0.07 |
| EUR	COLRUYT SA NPV | 870.00 | 45 085.31 | 0.00 |
| EUR	GALAPAGOS NV NPV | 269.00 | 53 046.80 | 0.00 |
| EUR	GPE BRUXELLES LAM NPV | 1 098.00 | 111 501.31 | 0.01 |
| EUR	PROXIMUS SA NPV | 2 156.00 | 65 087.89 | 0.01 |
| EUR	SOLVAY SA NPV | 1 054.00 | 120 862.60 | 0.01 |
| EUR	UMICORE NPV | 2 599.00 | 111 703.33 | 0.01 |
| Total Belgien |  | 1 331 740.38 | 0.11 |
| Finnland |  |  |  |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 4 712.00 | 295 205.54 | 0.02 |
| EUR	METSO OYJ NPV | 1 372.00 | 52 644.30 | 0.00 |
| EUR	WARTSILA OYJ ABP SER’B’EUR3.50 | 6 144.00 | 61 890.68 | 0.01 |
| Total Finnland |  | 409 740.52 | 0.03 |
| Frankreich |  |  |  |
| EUR	ACCOR EUR3 | 2 571.00 | 110 074.69 | 0.01 |
| EUR	ADP EUR3 | 405.00 | 79 263.16 | 0.01 |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 6 582.00 | 893 012.39 | 0.08 |
| EUR	AIRBUS EUR1 | 8 008.00 | 1 177 871.41 | 0.10 |
| EUR	ALSTOM EUR7.00 | 2 189.00 | 95 529.95 | 0.01 |
| EUR	AMUNDI EUR2.5 (AIW) | 769.00 | 58 250.69 | 0.01 |
| EUR	ARKEMA EUR10 | 982.00 | 101 843.77 | 0.01 |
| EUR	ATOS SE EUR1 | 1 378.00 | 117 114.03 | 0.01 |
| EUR	AXA EUR2.29 | 26 912.00 | 732 778.96 | 0.06 |
| EUR	BIOMERIEUX NPV (POST SPLIT) | 565.00 | 51 114.61 | 0.00 |
| EUR	BNP PARIBAS EUR2 | 15 559.00 | 874 408.36 | 0.07 |
| EUR	BOLLORE EUR0.16 | 12 078.00 | 51 670.75 | 0.00 |
| EUR	BOUYGUES EUR1 | 3 074.00 | 125 678.67 | 0.01 |
| EUR	BUREAU VERITAS EUR0.12 | 4 280.00 | 112 126.48 | 0.01 |
| EUR	CAPGEMINI EUR8 | 2 243.00 | 265 490.70 | 0.02 |
| EUR	CARREFOUR EUR2.50 | 7 818.00 | 129 129.50 | 0.01 |
| EUR	CASINO GUICH-PERR EUR1.53 | 871.00 | 38 356.96 | 0.00 |
| EUR	CIE DE ST-GOBAIN EUR4 | 6 640.00 | 269 056.45 | 0.02 |
| EUR	CNP ASSURANCES EUR1 | 2 290.00 | 45 247.18 | 0.00 |
| EUR	COVIVIO EUR3 | 662.00 | 73 284.09 | 0.01 |
| EUR	CREDIT AGRICOLE SA EUR3 | 15 954.00 | 218 390.78 | 0.02 |
| EUR	DANONE EUR0.25 | 8 571.00 | 706 132.74 | 0.06 |
| EUR	DASSAULT AVIATION EUR8 | 30.00 | 40 851.33 | 0.00 |
| EUR	DASSAULT SYSTEMES EUR0.50 | 1 823.00 | 287 435.69 | 0.02 |
| EUR	EDENRED EUR2 | 3 424.00 | 170 077.37 | 0.01 |
| EUR	EDF EUR0.5 | 8 517.00 | 87 560.23 | 0.01 |
| EUR	EIFFAGE EUR4 | 1 119.00 | 122 270.51 | 0.01 |
| EUR	ENGIE EUR1 | 24 814.00 | 392 888.40 | 0.03 |
| EUR	ESSILORLUXOTTICA EUR0.18 | 3 938.00 | 612 227.47 | 0.05 |
| EUR	EURAZEO NPV | 535.00 | 36 484.76 | 0.00 |
| EUR	EUTELSAT COMMUNICA EUR1 | 2 663.00 | 43 720.37 | 0.00 |
| EUR	FAURECIA EUR7 | 977.00 | 51 858.34 | 0.00 |
| EUR	GETLINK SE EUR0.40 | 6 494.00 | 109 623.95 | 0.01 |
| EUR	HERMES INTL NPV | 441.00 | 330 647.69 | 0.03 |
| EUR	ICADE NPV | 366.00 | 36 662.66 | 0.00 |
| EUR	ILIAD NPV | 372.00 | 47 394.82 | 0.00 |
| EUR	INGENICO GROUP EUR1 | 794.00 | 84 797.48 | 0.01 |
| EUR	IPSEN EUR1 | 538.00 | 60 802.88 | 0.01 |
| EUR	JC DECAUX SA NPV | 885.00 | 25 370.83 | 0.00 |
| EUR	KERING EUR4 | 1 051.00 | 633 533.78 | 0.05 |
| EUR	KLEPIERRE EUR1.40 | 2 786.00 | 100 049.95 | 0.01 |
| EUR	L’OREAL EUR0.20 | 3 470.00 | 989 791.89 | 0.08 |
| EUR	LEGRAND SA EUR4 | 3 611.00 | 285 393.10 | 0.02 |
| EUR	LVMH MOET HENNESSY EUR0.30 | 3 823.00 | 1 716 867.17 | 0.14 |
| EUR	NATIXIS EUR1.6 | 13 219.00 | 55 284.00 | 0.01 |
| EUR	ORANGE EUR4 | 27 506.00 | 454 921.73 | 0.04 |
| EUR	PERNOD RICARD EUR1.55 | 2 945.00 | 541 301.07 | 0.05 |
| EUR	PEUGEOT SA EUR1 | 8 198.00 | 198 137.40 | 0.02 |
| EUR	PUBLICIS GROUPE SA EUR0.40 | 2 939.00 | 129 427.22 | 0.01 |
| EUR	REMY COINTREAU EUR1.60 | 333.00 | 42 921.68 | 0.00 |
| EUR	RENAULT SA EUR3.81 | 2 694.00 | 129 078.92 | 0.01 |
| EUR	SAFRAN EUR0.20 | 4 539.00 | 742 947.92 | 0.06 |
| EUR	SANOFI EUR2 | 15 457.00 | 1 440 294.48 | 0.12 |
| EUR	SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 425.00 | 67 525.98 | 0.01 |
| EUR	SCHNEIDER ELECTRIC EUR8 | 7 613.00 | 735 322.62 | 0.06 |
| EUR	SCOR SE EUR7.876972 (POST CONS) | 2 265.00 | 97 373.20 | 0.01 |
| EUR	SEB SA EUR1 | 318.00 | 49 438.38 | 0.00 |
| EUR	SOC GENERALE EUR1.25 | 10 620.00 | 334 426.52 | 0.03 |
| EUR	SODEXO EUR4 | 1 231.00 | 143 602.40 | 0.01 |
| EUR	SUEZ EUR4 | 5 224.00 | 77 385.36 | 0.01 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | TELEPERFORMANCE EUR2.50 | 797.00 | 188 936.02 | 0.02 |
| EUR | THALES EUR3 | 1 492.00 | 146 280.44 | 0.01 |
| EUR | TOTAL EUR2.5 | 32 871.00 | 1 726 643.42 | 0.15 |
| EUR | UBISOFT ENTERTAIN EUR0.31 | 1 171.00 | 71 142.07 | 0.01 |
| EUR | UNIBAIL-RODAMCO-WE NPV(1 ORD UNIBAIL-R & 1CLS) | 1 926.00 | 301 339.92 | 0.03 |
| EUR | VALEO EUR1 (POST SUBD) | 3 364.00 | 132 639.08 | 0.01 |
| EUR | VEOLIA ENVIRONNEME EUR5 | 7 484.00 | 191 773.19 | 0.02 |
| EUR | VINCI EUR2.50 | 7 075.00 | 772 132.59 | 0.07 |
| EUR | VIVENDI SA EUR5.50 | 12 574.00 | 345 493.18 | 0.03 |
| EUR | WENDEL EUR4 | 410.00 | 55 287.67 | 0.01 |
| EUR | WORLDLINE EUR0.68 | 1 097.00 | 71 061.19 | 0.01 |
| Total Frankreich |  | 21 834 254.64 | 1.84 |
| Deutschland |  |  |  |
| EUR	BAYERISCHE MOTOREN WERKE AG EUR1 | 4 573.00 | 369 592.51 | 0.03 |
| EUR	BEIERSDORF AG NPV | 1 431.00 | 167 012.31 | 0.01 |
| EUR	CARL ZEISS MEDITEC NPV | 549.00 | 67 191.34 | 0.01 |
| EUR	COMMERZBANK AG NPV | 14 146.00 | 82 057.82 | 0.01 |
| EUR	CONTINENTAL AG ORD NPV | 1 451.00 | 189 744.89 | 0.02 |
| EUR	COVESTRO AG NPV | 2 460.00 | 115 276.83 | 0.01 |
| EUR	DEUTSCHE WOHNEN AG NPV (BR) | 5 022.00 | 196 295.77 | 0.02 |
| EUR	FRAPORT AG NPV | 600.00 | 51 151.81 | 0.00 |
| EUR	FRESENIUS MED CARE NPV | 3 014.00 | 221 194.61 | 0.02 |
| EUR	FRESENIUS SE & CO. KGAA NPV | 5 763.00 | 315 426.65 | 0.03 |
| EUR	GEA GROUP AG NPV | 2 331.00 | 74 971.58 | 0.01 |
| EUR	HEIDELBERGCEMENT NPV | 1 968.00 | 145 601.42 | 0.01 |
| EUR	HENKEL AG & CO KGAA | 1 443.00 | 139 694.35 | 0.01 |
| EUR	HOCHTIEF AG NPV | 340.00 | 41 799.57 | 0.00 |
| EUR	KION GROUP AG NPV | 900.00 | 59 758.71 | 0.00 |
| EUR	KNORR BREMSE AG NPV | 687.00 | 66 870.88 | 0.01 |
| EUR	LANXESS AG NPV | 1 240.00 | 82 717.05 | 0.01 |
| EUR	MERCK KGAA NPV | 1 817.00 | 212 362.97 | 0.02 |
| EUR	METRO AG (NEW) NPV | 2 588.00 | 41 732.86 | 0.00 |
| EUR	PUMA SE NPV | 1 200.00 | 90 236.78 | 0.01 |
| EUR	RWE AG (NEU) NPV | 7 766.00 | 230 424.72 | 0.02 |
| EUR	SAP AG ORD NPV | 13 531.00 | 1 842 232.77 | 0.15 |
| EUR	SYMRISE AG NPV (BR) | 1 737.00 | 168 615.63 | 0.01 |
| EUR	THYSSENKRUPP AG NPV | 5 298.00 | 66 477.13 | 0.00 |
| EUR	VOLKSWAGEN AG ORD NPV | 463.00 | 88 393.73 | 0.01 |
| EUR	WIRECARD AG NPV | 1 614.00 | 213 195.65 | 0.02 |
| EUR	ZALANDO SE NPV | 1 804.00 | 77 773.43 | 0.01 |
| Total Deutschland |  | 5 417 803.77 | 0.46 |
| Irland |  |  |  |
| EUR	AIB GROUP PLC ORD EUR0.625 | 9 801.00 | 32 095.55 | 0.00 |
| EUR	BANK OF IRELAND GR EUR1 | 12 159.00 | 61 133.70 | 0.01 |
| GBP	DCC ORD EUR0.25 | 1 054.00 | 90 090.10 | 0.01 |
| EUR	FLUTTER ENTERTAINM ORD EUR0.09 | 1 074.00 | 123 156.01 | 0.01 |
| EUR	KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 2 109.00 | 270 674.63 | 0.02 |
| Total Irland |  | 577 149.99 | 0.05 |
| Italien |  |  |  |
| EUR	ASSIC GENERALI SPA EUR1 | 14 946.00 | 305 364.39 | 0.02 |
| EUR	FINECOBANK SPA EUR0.33 | 8 852.00 | 109 900.02 | 0.01 |
| EUR	LEONARDO SPA EUR4.40 | 6 073.00 | 71 079.00 | 0.01 |
| EUR	POSTE ITALIANE SPA NPV | 7 256.00 | 84 724.93 | 0.01 |
| EUR	TELECOM ITALIA SPA DI RISP EUR0.55 | 87 982.00 | 54 228.01 | 0.00 |
| EUR	TELECOM ITALIA SPA EUR0.55 | 131 310.00 | 82 265.36 | 0.01 |
| Total Italien |  | 707 561.71 | 0.06 |
| Jersey |  |  |  |
| GBP	GLENCORE XSTRATA ORD USD0.01 | 119 785.00 | 377 903.29 | 0.03 |
| Total Jersey |  | 377 903.29 | 0.03 |
| Luxemburg |  |  |  |
| EUR	AROUNDTOWN SA EUR0.01 | 13 034.00 | 113 274.50 | 0.01 |
| EUR	EUROFINS SCIENTIFI EUR0.10 | 160.00 | 84 079.87 | 0.01 |
| Total Luxemburg |  | 197 354.37 | 0.02 |
| Niederlande |  |  |  |
| USD	AERCAP HOLDINGS EUR0.01 | 1 839.00 | 113 668.59 | 0.01 |
| EUR	AKZO NOBEL NV EUR0.50(POST REV SPLIT) | 3 162.00 | 303 039.73 | 0.03 |
| EUR	ALTICE EUROPE N.V. EUR0.01 (COMMON SHARES A) | 6 572.00 | 39 144.44 | 0.00 |
| EUR	EXOR NV EUR0.01 | 1 484.00 | 113 621.78 | 0.01 |
| EUR	HEINEKEN HOLDING EUR1.6 | 1 632.00 | 156 551.56 | 0.01 |
| EUR	HEINEKEN NV EUR1.60 | 3 540.00 | 367 057.30 | 0.03 |
| EUR	ING GROEP N.V. EUR0.01 | 53 934.00 | 621 079.92 | 0.05 |
| EUR	KON KPN NV EUR0.04 | 50 832.00 | 156 708.43 | 0.01 |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 16 368.00 | 422 037.44 | 0.04 |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 12 790.00 | 594 339.49 | 0.05 |
| USD	NXP SEMICONDUCTORS EUR0.20 | 3 967.00 | 458 505.86 | 0.04 |
| EUR	QIAGEN NV EUR0.01 | 3 060.00 | 131 111.93 | 0.01 |
| EUR	RANDSTAD N.V. EUR0.10 | 1 713.00 | 99 839.53 | 0.01 |
| GBP	ROYAL DUTCH SHELL ‘B’SHS EUR0.07 (UK LIST) | 40 889.00 | 1 158 024.84 | 0.10 |
| EUR	STMICROELECTRONICS EUR1.04 | 9 458.00 | 232 553.11 | 0.02 |
| EUR	VOPAK(KON) EUR0.50 | 1 052.00 | 56 129.26 | 0.00 |
| EUR	WOLTERS KLUWER EUR0.12 | 3 794.00 | 272 581.51 | 0.02 |
| Total Niederlande |  | 5 295 994.72 | 0.44 |
| Spanien |  |  |  |
| EUR	ACS ACTIVIDADES CO EUR0.5 | 3 704.00 | 144 288.79 | 0.01 |
| EUR	AENA SME S.A. EUR10 | 958.00 | 176 083.68 | 0.02 |
| EUR	AMADEUS IT GROUP EUR0.01 | 6 072.00 | 484 047.57 | 0.04 |
| EUR	BANKIA S.A. EUR1 (POST CONS) | 19 902.00 | 38 588.43 | 0.00 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | BCO DE SABADELL EUR0.125 | 79 098.00 | 87 823.95 | 0.01 |
| EUR | CAIXABANK SA EUR1 | 50 578.00 | 149 400.60 | 0.01 |
| EUR | CELLNEX TELECOM SA EUR0.25 | 3 464.00 | 148 956.85 | 0.01 |
| EUR | ENAGAS SA EUR1.50 | 3 216.00 | 80 174.19 | 0.01 |
| EUR | ENDESA SA EUR1.2 | 4 499.00 | 122 427.54 | 0.01 |
| EUR | FERROVIAL SA EUR0.2 | 6 616.00 | 196 594.90 | 0.02 |
| EUR | GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 4 161.00 | 142 271.36 | 0.01 |
| EUR | IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 82 820.00 | 815 281.14 | 0.07 |
| EUR | INDITEX EUR0.03 (POST SUBD) | 15 124.00 | 471 255.92 | 0.04 |
| EUR | NATURGY ENERGY GRO EUR1 | 3 937.00 | 102 446.10 | 0.01 |
| EUR | RED ELECTRICA CORP EUR0.5 | 6 044.00 | 118 288.03 | 0.01 |
| EUR | REPSOL SA EUR1 | 19 679.00 | 310 065.35 | 0.03 |
| EUR | SIEMENS GAMESA RENEWABLE ENERGY | 3 366.00 | 53 758.94 | 0.00 |
| EUR | TELEFONICA SA EUR1 | 63 200.00 | 484 445.39 | 0.04 |
| Total Spanien	4 126 198.73	0.35 |
| Schweiz |  |  |  |  |
| CHF | PARGESA HLDGS SA CHF20(BR) | 1 156.00 | 91 267.72 | 0.01 |
| CHF | SWATCH GROUP CHF2.25(BR) | 838.00 | 234 792.62 | 0.02 |
| CHF | SWISS RE AG CHF0.10 | 8 652.00 | 937 621.05 | 0.08 |
| CHF | VIFOR PHARMA AG CHF0.01 | 1 321.00 | 235 687.50 | 0.02 |
| Total Schweiz |  | 1 499 368.89 | 0.13 |
| Grossbritannien |  |  |  |
| GBP	3I GROUP ORD GBP0.738636 | 10 377.00 | 143 756.58 | 0.01 |
| GBP	ASTRAZENECA ORD USD0.25 | 14 324.00 | 1 381 825.25 | 0.12 |
| GBP	AVIVA ORD GBP0.25 | 41 825.00 | 218 458.37 | 0.02 |
| GBP	BAE SYSTEMS ORD GBP0.025 | 34 262.00 | 254 118.82 | 0.02 |
| GBP	BARRATT DEVEL ORD GBP0.10 | 10 848.00 | 93 564.62 | 0.01 |
| GBP	BRIT AMER TOBACCO ORD GBP0.25 | 25 053.00 | 991 625.30 | 0.08 |
| GBP	BRITISH LAND CO PLC REIT | 9 758.00 | 72 652.08 | 0.01 |
| GBP	BT GROUP ORD GBP0.05 | 91 142.00 | 225 834.26 | 0.02 |
| GBP	BUNZL ORD GBP0.32142857 | 3 586.00 | 98 475.16 | 0.01 |
| USD	COCA-COLA EUROPEAN ORD EUR0.01 | 3 194.00 | 161 169.24 | 0.01 |
| GBP	EVRAZ PLC ORD USD1 | 5 142.00 | 24 635.96 | 0.00 |
| GBP	HALMA ORD GBP0.10 | 4 285.00 | 116 728.16 | 0.01 |
| GBP	INFORMA PLC (GB) ORD GBP0.001 | 14 462.00 | 148 044.01 | 0.01 |
| GBP	ITV ORD GBP0.10 | 41 769.00 | 78 394.92 | 0.01 |
| GBP	JOHNSON MATTHEY ORD GBP1.109245 | 2 071.00 | 76 989.82 | 0.01 |
| GBP	KINGFISHER ORD GBP0.157142857 | 22 511.00 | 61 118.64 | 0.00 |
| GBP	LAND SECURITIES GP ORD GBP0.106666666 | 7 996.00 | 99 125.64 | 0.01 |
| GBP	LLOYDS BANKING GP ORD GBP0.1 | 778 296.00 | 615 612.87 | 0.05 |
| GBP	MARKS & SPENCER GP ORD GBP0.25 | 21 294.00 | 53 531.36 | 0.00 |
| GBP	MEGGITT ORD GBP0.05 | 8 583.00 | 71 386.57 | 0.01 |
| GBP	MELROSE INDUST PLC ORD GBP0.0685714 | 52 925.00 | 157 180.69 | 0.01 |
| GBP	NATIONAL GRID ORD GBP0.12431289 | 37 370.00 | 430 064.03 | 0.04 |
| GBP	OCADO GROUP PLC ORD GBP0.02 | 4 803.00 | 82 318.02 | 0.01 |
| GBP	RECKITT BENCK GRP ORD GBP0.10 | 7 739.00 | 607 230.65 | 0.05 |
| GBP	RELX PLC GBP0.1444 | 20 620.00 | 499 566.00 | 0.04 |
| EUR	RELX PLC GBP0.1444 | 732.00 | 17 740.13 | 0.00 |
| GBP	RENTOKIL INITIAL ORD GBP0.01 | 19 121.00 | 110 037.18 | 0.01 |
| GBP	ROLLS-ROYCE HLDGS ORD GBP0.20 | 18 129.00 | 166 869.21 | 0.01 |
| GBP	SAGE GROUP GBP0.01051948 | 11 614.00 | 113 241.18 | 0.01 |
| GBP	SEVERN TRENT ORD GBP0.9789 | 2 577.00 | 74 767.03 | 0.01 |
| GBP	SMITHS GROUP ORD GBP0.375 | 4 242.00 | 91 139.52 | 0.01 |
| GBP	SPIRAX-SARCO ENG ORD GBP0.269230769 | 882.00 | 101 822.38 | 0.01 |
| GBP	SSE PLC ORD GBP0.50 | 11 070.00 | 186 147.59 | 0.01 |
| GBP	ST JAMES’S PLACE ORD GBP0.15 | 5 660.00 | 79 691.37 | 0.01 |
| EUR	UNILEVER EUR0.16 | 19 984.00 | 1 185 448.48 | 0.10 |
| GBP	UNITED UTILITIES G ORD GBP0.05 | 7 330.00 | 80 913.88 | 0.01 |
| GBP	WEIR GROUP ORD GBP0.125 | 2 717.00 | 49 044.01 | 0.00 |
| GBP	WHITBREAD ORD GBP0.76797385 | 1 524.00 | 90 699.24 | 0.01 |
| GBP	WPP PLC ORD GBP0.10 | 13 438.00 | 173 907.44 | 0.01 |
| Total Grossbritannien |  | 9 284 875.66 | 0.78 |
| Total Inhaberaktien |  | 51 516 277.44 | 4.34 |
| Partizipationsscheine |  |  |  |
| Schweiz |  |  |  |
| CHF	LINDT & SPRUENGLI PTG CERT CHF10 | 31.00 | 236 528.74 | 0.02 |
| CHF	SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) | 1 162.00 | 289 875.02 | 0.02 |
| Total Schweiz |  | 526 403.76 | 0.04 |
| Total Partizipationsscheine |  | 526 403.76 | 0.04 |
| Weitere Aktien |  |  |  |
| Schweiz |  |  |  |
| CHF	ROCHE HLDGS AG GENUSSCHEINE NPV | 20 114.00 | 6 203 166.86 | 0.52 |
| Total Schweiz |  | 6 203 166.86 | 0.52 |
| Total Weitere Aktien |  | 6 203 166.86 | 0.52 |
| Vorzugsaktien |  |  |  |
| Deutschland |  |  |  |
| EUR	BAYERISCHE MOTORENWERKE AG EUR1 | 639.00 | 39 455.44 | 0.01 |
| EUR	FUCHS PETROLUB SE NON-VTG PRF NPV | 870.00 | 37 603.07 | 0.00 |
| EUR	HENKEL AG&CO. KGAA NON-VTG PRF NPV | 2 508.00 | 265 138.96 | 0.02 |
| EUR	PORSCHE AUTO HL SE NON VTG PRF NPV | 2 136.00 | 158 219.22 | 0.01 |
| EUR	SARTORIUS AG NON VTG PRF NPV | 490.00 | 103 354.42 | 0.01 |
| EUR	VOLKSWAGEN AG NON VTG PRF NPV | 2 571.00 | 497 448.00 | 0.04 |
| Total Deutschland |  | 1 101 219.11 | 0.09 |
| Total Vorzugsaktien |  | 1 101 219.11 | 0.09 |
| UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019 |  |  |  |

| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Namensaktien |  |  |  |
| Australien |  |  |  |
| GBP	BHP GROUP PLC ORD USD0.50 | 22 766.00 | 503 557.74 | 0.04 |
| Total Australien |  | 503 557.74 | 0.04 |
| Belgien |  |  |  |
| EUR	AGEAS NPV | 2 428.00 | 145 849.11 | 0.01 |
| EUR	KBC GROUP NV NPV | 3 458.00 | 252 177.99 | 0.02 |
| EUR	TELENET GRP HLDG NPV | 778.00 | 35 136.42 | 0.01 |
| EUR	UCB NPV | 1 785.00 | 144 776.45 | 0.01 |
| Total Belgien |  | 577 939.97 | 0.05 |
| Kanada |  |  |  |
| CAD	BARRICK GOLD CORP COM NPV | 1.00 | 16.70 | 0.00 |
| Total Kanada |  | 16.70 | 0.00 |
| Finnland |  |  |  |
| EUR	ELISA CORPORATION EUR0.50 | 2 010.00 | 107 509.12 | 0.01 |
| EUR	FORTUM OYJ EUR3.40 | 6 209.00 | 146 436.87 | 0.01 |
| EUR	NESTE OIL OYJ NPV | 5 701.00 | 192 852.11 | 0.02 |
| EUR	NOKIA OYJ NPV | 78 310.00 | 277 295.71 | 0.02 |
| EUR	NOKIAN RENKAAT OYJ NPV | 1 932.00 | 52 318.28 | 0.00 |
| EUR	ORION CORP SER’B’NPV | 1 307.00 | 56 923.38 | 0.01 |
| EUR	SAMPO OYJ SER’A’NPV | 6 236.00 | 252 342.36 | 0.02 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 7 891.00 | 106 147.52 | 0.01 |
| EUR	UPM-KYMMENE CORP NPV | 7 462.00 | 249 460.87 | 0.02 |
| Total Finnland |  | 1 441 286.22 | 0.12 |
| Frankreich |  |  |  |
| EUR	BOLLORE EUR0.16 (RFD 01/01/2020) | 70.00 | 294.06 | 0.00 |
| EUR	GECINA EUR7.50 | 628.00 | 108 573.46 | 0.01 |
| EUR	MICHELIN (CGDE) EUR2 | 2 374.00 | 285 053.63 | 0.02 |
| Total Frankreich |  | 393 921.15 | 0.03 |
| Deutschland |  |  |  |
| EUR	ADIDAS AG NPV (REGD) | 2 505.00 | 780 959.18 | 0.07 |
| EUR	ALLIANZ SE NPV(REGD)(VINKULIERT) | 5 844.00 | 1 400 515.24 | 0.12 |
| EUR	AXEL SPRINGER SE NPV (ASD 02/08/19 TRAVIATA) | 639.00 | 44 035.09 | 0.00 |
| EUR	BASF SE NPV | 12 749.00 | 958 971.77 | 0.08 |
| EUR	BAYER AG NPV (REGD) | 12 932.00 | 979 581.15 | 0.08 |
| EUR	BRENNTAG AG | 2 225.00 | 118 763.53 | 0.01 |
| EUR	DAIMLER AG ORD NPV(REGD) | 12 360.00 | 697 760.56 | 0.06 |
| EUR	DELIVERY HERO SE NPV | 1 593.00 | 84 309.21 | 0.01 |
| EUR	DEUTSCHE BANK AG NPV(REGD) | 27 699.00 | 199 859.77 | 0.02 |
| EUR	DEUTSCHE BOERSE AG NPV(REGD) | 2 644.00 | 405 951.96 | 0.03 |
| EUR	DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) | 3 456.00 | 65 618.28 | 0.01 |
| EUR	DEUTSCHE POST AG NPV(REGD) | 13 430.00 | 501 099.95 | 0.04 |
| EUR	DEUTSCHE TELEKOM NPV(REGD) | 45 901.00 | 771 100.71 | 0.06 |
| EUR	E.ON SE NPV | 30 041.00 | 314 604.22 | 0.03 |
| EUR	EVONIK INDUSTRIES NPV | 2 449.00 | 71 125.04 | 0.01 |
| EUR	HANNOVER RUECKVERS ORD NPV(REGD) | 828.00 | 153 832.55 | 0.01 |
| EUR	INFINEON TECHNOLOG AG NPV (REGD) | 17 309.00 | 370 018.10 | 0.03 |
| EUR	MTU AERO ENGINES H NPV (REGD) | 730.00 | 197 924.42 | 0.02 |
| EUR	MUENCHENER RUECKVE NPV(REGD) | 2 006.00 | 576 399.15 | 0.05 |
| EUR	SIEMENS AG NPV(REGD) | 10 598.00 | 1 368 588.75 | 0.11 |
| EUR	SIEMENS HEALTHINEE NPV | 2 097.00 | 101 780.94 | 0.01 |
| EUR	TELEFONICA DEUTSCH NPV | 13 761.00 | 42 044.05 | 0.00 |
| GBP	TUI AG NPV (REGD) | 5 038.00 | 69 304.60 | 0.01 |
| EUR	UNIPER SE NPV | 2 823.00 | 91 200.35 | 0.01 |
| EUR	UNITED INTERNET AG NPV(REGD) | 1 763.00 | 59 774.43 | 0.00 |
| EUR	VONOVIA SE NPV | 6 932.00 | 361 448.03 | 0.03 |
| Total Deutschland |  | 10 786 571.03 | 0.91 |
| Irland |  |  |  |
| EUR	CRH ORD EUR0.32 | 11 057.00 | 423 409.00 | 0.03 |
| GBP	EXPERIAN ORD USD0.10 | 10 047.00 | 333 082.21 | 0.03 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 1 897.00 | 102 322.65 | 0.01 |
| EUR	SMURFIT KAPPA GRP ORD EUR0.001 | 2 904.00 | 103 102.80 | 0.01 |
| Total Irland |  | 961 916.66 | 0.08 |
| Isle of Man |  |  |  |
| GBP	GVC HLDGS PLC ORD EUR0.01 | 6 427.00 | 70 796.27 | 0.01 |
| Total Isle of Man |  | 70 796.27 | 0.01 |
| Italien |  |  |  |
| EUR	ATLANTIA SPA EUR1 | 6 845.00 | 151 851.62 | 0.01 |
| EUR	DAVIDE DE CAMPARI EUR0.05 (POST SUBD) | 7 969.00 | 72 797.15 | 0.01 |
| EUR	ENEL EUR1 | 111 139.00 | 840 147.00 | 0.07 |
| EUR	ENI SPA EUR1 | 35 050.00 | 529 993.03 | 0.05 |
| EUR	FERRARI NV EUR0.01(NEW) | 1 705.00 | 288 381.72 | 0.02 |
| EUR	INTESA SANPAOLO NPV | 200 425.00 | 508 384.28 | 0.04 |
| EUR	MEDIOBANCA SPA EUR0.5 | 8 635.00 | 96 637.65 | 0.01 |
| EUR	MONCLER SPA NPV | 2 493.00 | 109 319.05 | 0.01 |
| EUR	PIRELLI & C SPA NPV | 5 939.00 | 33 723.96 | 0.00 |
| EUR	PRYSMIAN SPA EUR0.10 | 3 386.00 | 77 244.12 | 0.01 |
| EUR	RECORDATI EUR0.125 | 1 505.00 | 63 173.85 | 0.01 |
| EUR	SNAM EUR1 | 28 654.00 | 142 551.68 | 0.01 |
| EUR	TERNA SPA ORD EUR0.22 | 18 611.00 | 119 634.45 | 0.01 |
| EUR	UNICREDIT SPA NPV (POST REV SPLIT) | 27 676.00 | 383 336.43 | 0.03 |
| Total Italien |  | 3 417 175.99 | 0.29 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |
| Luxemburg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 9 023.00 | 154 484.34 | 0.01 |
| EUR	TENARIS S.A. USD1 | 6 757.00 | 71 909.98 | 0.01 |
| Total Luxemburg |  | 226 394.32 | 0.02 |
| Niederlande |  |  |  |
| EUR	ADYEN NV EUR0.01 | 145.00 | 111 306.37 | 0.01 |
| EUR	AEGON NV EUR0.12 | 24 131.00 | 108 875.19 | 0.01 |
| EUR	ASML HOLDING NV EUR0.09 | 5 854.00 | 1 594 291.24 | 0.13 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 14 158.00 | 151 860.02 | 0.01 |
| EUR	FIAT CHRYSLER AUTO EUR0.01 | 15 121.00 | 223 743.80 | 0.02 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 2 492.00 | 319 555.09 | 0.03 |
| EUR	NN GROUP N.V. EUR0.12 | 4 333.00 | 166 450.39 | 0.01 |
| EUR	PROSUS N.V. EUR0.05 | 6 804.00 | 464 154.33 | 0.04 |
| GBP	ROYAL DUTCH SHELL PLC ‘A’SHS EUR0.07 | 47 516.00 | 1 358 923.63 | 0.12 |
| Total Niederlande |  | 4 499 160.06 | 0.38 |
| Portugal |  |  |  |
| EUR	EDP ENERGIAS PORTU EUR1(REGD) | 36 495.00 | 147 678.56 | 0.01 |
| EUR	GALP ENERGIA EUR1-B | 7 114.00 | 115 893.57 | 0.01 |
| EUR	JERONIMO MARTINS EUR5 | 3 477.00 | 55 570.07 | 0.01 |
| Total Portugal |  | 319 142.20 | 0.03 |
| Südafrika |  |  |  |
| GBP	MONDI ORD EUR0.20 | 5 104.00 | 110 616.91 | 0.01 |
| Total Südafrika |  | 110 616.91 | 0.01 |
| Spanien |  |  |  |
| EUR	BANCO SANTANDER SA EUR0.50(REGD) | 229 582.00 | 895 345.96 | 0.07 |
| EUR	BANKINTER SA EUR0.3(REGD) | 9 843.00 | 68 894.15 | 0.01 |
| EUR	BBVA(BILB-VIZ-ARG) EUR0.49 | 91 407.00 | 481 905.19 | 0.04 |
| EUR	MAPFRE SA EUR0.10 | 16 549.00 | 46 693.89 | 0.00 |
| Total Spanien |  | 1 492 839.19 | 0.12 |
| Schweiz |  |  |  |
| CHF	ABB LTD CHF0.12 (REGD) | 52 675.00 | 1 152 751.54 | 0.10 |
| CHF	ADECCO GROUP AG CHF0.1 (REGD) | 4 522.00 | 279 731.87 | 0.02 |
| CHF	ALCON AG CHF0.04 | 11 769.00 | 650 189.11 | 0.06 |
| CHF	BALOISE-HLDGS CHF0.1(REGD) | 1 382.00 | 240 347.83 | 0.02 |
| CHF	BARRY CALLEBAUT AG CHF0.02 (REGD) | 63.00 | 126 712.36 | 0.01 |
| CHF	CLARIANT CHF4.00(REGD) | 5 596.00 | 115 688.56 | 0.01 |
| GBP	COCA-COLA HBC AG ORD CHF6.70 | 2 182.00 | 72 790.13 | 0.01 |
| CHF	CREDIT SUISSE GRP CHF0.04(REGD) | 72 158.00 | 946 245.65 | 0.08 |
| CHF	DUFRY AG CHF5 (REGD) | 1 214.00 | 118 539.17 | 0.01 |
| CHF	EMS-CHEMIE HLDG AG CHF0.01(REGD)(POST RECON) | 233.00 | 144 670.54 | 0.01 |
| CHF	GEBERIT CHF0.10(REGD) | 1 062.00 | 570 452.39 | 0.05 |
| CHF	GIVAUDAN AG CHF10 | 260.00 | 764 637.01 | 0.07 |
| CHF	JULIUS BAER GRUPPE CHF0.02 (REGD) | 6 337.00 | 298 540.01 | 0.03 |
| CHF	KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) | 1 514.00 | 246 336.52 | 0.02 |
| CHF	LAFARGEHOLCIM LTD CHF2 (REGD) | 13 964.00 | 720 452.13 | 0.06 |
| CHF	LINDT & SPRUENGLI CHF100(REGD) | 3.00 | 256 066.44 | 0.02 |
| CHF	LONZA GROUP AG CHF1(REGD) | 2 138.00 | 726 537.05 | 0.06 |
| CHF	NESTLE SA CHF0.10(REGD) | 86 723.00 | 9 018 115.93 | 0.76 |
| CHF	NOVARTIS AG CHF0.50(REGD) | 61 496.00 | 5 665 004.01 | 0.48 |
| CHF	PARTNERS GROUP HLG CHF0.01 (REGD) | 535.00 | 451 405.41 | 0.04 |
| CHF	RICHEMONT(CIE FIN) CHF1.00 (REG) SER ‘A’ | 14 935.00 | 1 138 189.42 | 0.10 |
| CHF	SCHINDLER-HLDG AG CHF0.1(REGD)(POST-SUBD) | 589.00 | 140 980.44 | 0.01 |
| CHF	SGS LTD CHF1(REGD) | 151.00 | 393 157.55 | 0.03 |
| CHF	SIKA AG CHF0.01 (REG) | 3 642.00 | 634 302.40 | 0.05 |
| CHF	SONOVA HOLDING AG CHF0.05 (REGD) | 1 591.00 | 363 461.55 | 0.03 |
| CHF	STRAUMANN HLDG CHF0.1(REGD) | 290.00 | 279 161.45 | 0.02 |
| CHF	SWATCH GROUP CHF0.45(REGD) | 1 707.00 | 91 042.28 | 0.01 |
| CHF	SWISS LIFE HLDG CHF5.1(REGD) | 969.00 | 480 742.68 | 0.04 |
| CHF	SWISS PRIME SITE CHF15.3 (REGD) | 2 200.00 | 232 471.11 | 0.02 |
| CHF	SWISSCOM AG CHF1(REGD) | 744.00 | 385 344.87 | 0.03 |
| CHF	TEMENOS AG CHF5 (REGD) | 1 874.00 | 284 470.71 | 0.02 |
| CHF	UBS GROUP CHF0.10 (REGD) | 110 330.00 | 1 338 069.34 | 0.11 |
| CHF	ZURICH INSURANCE GRP CHF0.10 | 4 327.00 | 1 698 586.18 | 0.14 |
| Total Schweiz |  | 30 025 193.64 | 2.53 |
| Vereinigte Arabische Emirate |  |  |  |
| GBP	NMC HEALTH PLC ORD GBP0.1 | 924.00 | 29 987.42 | 0.00 |
| Total Vereinigte Arabische Emirate |  | 29 987.42 | 0.00 |
| Grossbritannien |  |  |  |
| GBP	ADMIRAL GROUP ORD GBP0.001 | 2 252.00 | 62 337.39 | 0.00 |
| GBP	ANGLO AMERICAN USD0.54945 | 11 599.00 | 304 042.01 | 0.03 |
| GBP	ANTOFAGASTA ORD GBP0.05 | 4 479.00 | 50 288.33 | 0.00 |
| GBP	ASHTEAD GROUP ORD GBP0.10 | 5 125.00 | 155 785.91 | 0.01 |
| GBP	ASSOCD BRIT FOODS ORD GBP0.0568 | 3 790.00 | 125 941.76 | 0.01 |
| GBP	AUTO TRADER GROUP ORD GBP0.01 | 9 948.00 | 72 316.69 | 0.01 |
| GBP	BARCLAYS ORD GBP0.25 | 190 666.00 | 423 063.05 | 0.04 |
| GBP	BERKELEY GP HLDGS ORD GBP0.05 | 1 334.00 | 79 132.76 | 0.01 |
| GBP	BP ORD USD0.25 | 221 919.00 | 1 378 424.79 | 0.12 |
| GBP	BURBERRY GROUP ORD GBP0.0005 | 4 360.00 | 118 658.45 | 0.01 |
| GBP	CARNIVAL PLC ORD USD1.66 | 1 798.00 | 75 655.44 | 0.01 |
| GBP	CENTRICA ORD GBP0.061728395 | 60 506.00 | 62 783.79 | 0.00 |
| GBP	COMPASS GROUP ORD GBP0.1105 | 17 348.00 | 425 118.94 | 0.04 |
| GBP	CRODA INTL ORD GBP0.10609756 | 1 323.00 | 85 222.76 | 0.01 |
| GBP	DIAGEO ORD GBP0.28 101/108 | 26 026.00 | 1 065 485.57 | 0.09 |
| GBP	DIRECT LINE INSURA ORD GBP 0.109090909 | 14 872.00 | 58 749.59 | 0.00 |
| GBP	EASYJET ORD GBP0.27285714 | 1 373.00 | 23 762.55 | 0.00 |
| GBP	FERGUSON PLC (NEW) ORD GBP0.10 | 2 599.00 | 225 980.63 | 0.02 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| GBP | G4S ORD GBP0.25 | 18 703.00 | 50 586.16 | 0.00 |
| GBP | GLAXOSMITHKLINE ORD GBP0.25 | 54 477.00 | 1 235 973.63 | 0.10 |
| GBP | HARGREAVES LANSDOW ORD GBP0.004 (WI) | 3 032.00 | 72 751.10 | 0.01 |
| GBP | HSBC HLDGS ORD USD0.50(UK REG) | 221 073.00 | 1 647 975.53 | 0.14 |
| GBP | IMPERIAL BRANDS PL GBP0.10 | 10 245.00 | 225 706.49 | 0.02 |
| GBP | INTERCONTL HOTELS ORD GBP0.208521303 | 1 822.00 | 118 002.82 | 0.01 |
| GBP | INTERTEK GROUP ORD GBP0.01 | 1 728.00 | 123 291.87 | 0.01 |
| GBP | LEGAL & GENERAL GP ORD GBP0.025 | 64 465.00 | 234 229.81 | 0.02 |
| GBP | LONDON STOCK EXCH ORD GBP0.06918604 | 3 517.00 | 312 623.74 | 0.03 |
| GBP | M&G PLC ORD GBP0.05 | 23 395.00 | 71 416.98 | 0.01 |
| GBP | MICRO FOCUS INTL ORD GBP0.10 | 3 706.00 | 54 303.16 | 0.00 |
| GBP | MORRISON(W)SUPRMKT ORD GBP0.10 | 24 366.00 | 62 499.05 | 0.00 |
| GBP | NEXT ORD GBP0.10 | 1 480.00 | 129 373.80 | 0.01 |
| GBP | PEARSON ORD GBP0.25 | 8 321.00 | 69 594.94 | 0.01 |
| GBP | PERSIMMON ORD GBP0.10 | 3 474.00 | 114 946.77 | 0.01 |
| GBP | PRUDENTIAL ORD GBP0.05 | 28 889.00 | 514 369.45 | 0.04 |
| GBP | RIO TINTO ORD GBP0.10 | 12 436.00 | 675 851.86 | 0.06 |
| GBP | ROYAL BK SCOT GRP ORD GBP1 (POST CONS) | 52 607.00 | 153 922.66 | 0.01 |
| GBP | RSA INSURANCE GRP ORD GBP1.00 | 10 956.00 | 78 142.12 | 0.01 |
| GBP | SAINSBURY(J) ORD GBP0.28571428 | 20 723.00 | 57 443.55 | 0.00 |
| GBP | SCHRODERS VTG SHS GBP1 | 1 465.00 | 62 515.31 | 0.00 |
| GBP | SMITH & NEPHEW ORD USD0.20 | 9 802.00 | 219 471.53 | 0.02 |
| GBP | STANDARD CHARTERED ORD USD0.50 | 30 218.00 | 272 592.62 | 0.02 |
| GBP | STD LIFE ABERDEEN ORD GBP0.1396825396 | 26 771.00 | 109 737.05 | 0.01 |
| GBP | TAYLOR WIMPEY ORD GBP0.01 | 35 009.00 | 78 907.61 | 0.01 |
| GBP | TESCO ORD GBP0.05 | 107 997.00 | 320 458.31 | 0.03 |
| GBP | UNILEVER PLC ORD GBP0.031111 | 12 082.00 | 715 452.91 | 0.06 |
| GBP | VODAFONE GROUP ORD USD0.2095238(POST CONS) | 291 071.00 | 577 400.92 | 0.05 |
| Total Grossbritannien |  | 13 152 292.16 | 1.11 |
| Total Namensaktien |  | 68 008 807.63 | 5.73 |
| Depository Receipts |  |  |  |
| Luxemburg |  |  |  |
| EUR	SES S.A. FDR EACH REP 1 ‘A’ NPV | 5 068.00 | 67 307.18 | 0.00 |
| Total Luxemburg |  | 67 307.18 | 0.00 |
| Niederlande |  |  |  |
| EUR	ABN AMRO BANK N.V. DR EACH REP SHS | 6 021.00 | 102 834.31 | 0.01 |
| Total Niederlande |  | 102 834.31 | 0.01 |
| Total Depository Receipts |  | 170 141.49 | 0.01 |
| Zertifikate auf Anlagefonds |  |  |  |
| Irland |  |  |  |
| USD	STAR COMPASS PLC/UBS DYNMC DIVERSIFIED LTD NOTE DUE 31.03.21 | 33 350 000.00 | 47 340 325.00 | 3.98 |
| Total Irland |  | 47 340 325.00 | 3.98 |
| Total Zertifikate auf Anlagefonds |  | 47 340 325.00 | 3.98 |
| Investment Fonds, closed end |  |  |  |
| Grossbritannien |  |  |  |
| GBP	SEGRO PLC REIT | 11 802.00 | 136 477.03 | 0.01 |
| Total Grossbritannien |  | 136 477.03 | 0.01 |
| Total Investment Fonds, closed end |  | 136 477.03 | 0.01 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	3M CO 2.25000% 16-19.09.26 | 1 150 000.00 | 1 156 071.31 | 0.10 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 4 475 000.00 | 4 681 968.75 | 0.39 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 2 800 000.00 | 3 059 292.60 | 0.26 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 3 150 000.00 | 3 140 667.59 | 0.26 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 1 900 000.00 | 1 973 458.75 | 0.17 |
| USD	APPLE INC 2.00000% 15-06.05.20 | 4 475 000.00 | 4 477 938.73 | 0.38 |
| USD	APPLE INC 2.40000% 13-03.05.23 | 4 075 000.00 | 4 137 146.20 | 0.35 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 3 075 000.00 | 3 122 677.26 | 0.26 |
| USD	APPLE INC 2.85000% 16-23.02.23 | 4 250 000.00 | 4 362 829.85 | 0.37 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 2 350 000.00 | 2 493 098.55 | 0.21 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 4 000 000.00 | 4 246 116.00 | 0.36 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 2 000 000.00 | 2 073 489.20 | 0.17 |
| USD	BANK OF NOVA SCOTIA 2.00000% 19-15.11.22 | 1 410 000.00 | 1 408 149.63 | 0.12 |
| USD	BAYER US FINANCE II LLC-REG-S 3.87500% 18-15.12.23 | 1 400 000.00 | 1 468 894.42 | 0.12 |
| USD	BERKSHIRE HATHAWAY INC 2.20000% 16-15.03.21 | 1 750 000.00 | 1 758 820.00 | 0.15 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 1 075 000.00 | 1 132 588.50 | 0.09 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.75000% 19-27.09.24 | 750 000.00 | 749 060.25 | 0.06 |
| USD	CHEVRON CORP 2.41900% 15-17.11.20 | 2 300 000.00 | 2 312 895.41 | 0.19 |
| USD	CHEVRON CORP 3.19100% 13-24.06.23 | 4 950 000.00 | 5 154 048.40 | 0.43 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.90000% 18-16.03.28 | 1 000 000.00 | 1 105 810.00 | 0.09 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.35000% 19-04.06.24 | 500 000.00 | 524 070.00 | 0.04 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 3 400 000.00 | 3 565 954.00 | 0.30 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 800 000.00 | 797 949.09 | 0.07 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 2.50000% 18-25.01.21 | 1 500 000.00 | 1 509 815.40 | 0.13 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 2 000 000.00 | 2 202 932.80 | 0.19 |
| USD	EUROPEAN INVESTMENT BANK 2.00000% 16-15.03.21 | 3 500 000.00 | 3 511 447.81 | 0.30 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 16-16.12.19 | 4 550 000.00 | 4 548 953.50 | 0.38 |
| USD	EUROPEAN INVESTMENT BANK 2.37500% 17-24.05.27 | 2 000 000.00 | 2 080 539.80 | 0.17 |
| USD	EXPORT DEVELOPMENT CANADA 2.00000% 17-17.05.22 | 800 000.00 | 806 506.00 | 0.07 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.50000% 15-10.05.21 | 800 000.00 | 804 250.00 | 0.07 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 1 200 000.00 | 1 268 250.00 | 0.11 |
| USD | EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 2 775 000.00 | 2 817 492.18 | 0.24 |
| USD | EXXON MOBIL CORP 3.04300% 16-01.03.26 | 4 350 000.00 | 4 580 846.24 | 0.39 |
| USD | HSBC BANK PLC-REG-S 4.12500% 10-12.08.20 | 500 000.00 | 507 366.15 | 0.04 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 900 000.00 | 934 065.54 | 0.08 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 2 450 000.00 | 2 532 081.61 | 0.21 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.00000% 19-23.07.26 | 2 300 000.00 | 2 332 737.97 | 0.20 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 2.85000% 19-13.05.22 | 2 400 000.00 | 2 445 904.08 | 0.21 |
| USD | INTL BK FOR RECONS & DEV WORLD BK 1.75000% 19-23.10.29 | 1 900 000.00 | 1 881 764.73 | 0.16 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 17-13.12.21 | 4 400 000.00 | 4 438 617.48 | 0.37 |
| USD | JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 2 075 000.00 | 2 114 054.20 | 0.18 |
| USD | JOHNSON & JOHNSON 2.90000% 17-15.01.28 | 1 000 000.00 | 1 050 719.70 | 0.09 |
| USD | JOHNSON & JOHNSON 3.37500% 13-05.12.23 | 975 000.00 | 1 034 948.56 | 0.09 |
| USD | KOREA DEVELOPMENT BANK 2.75000% 17-19.03.23 | 1 650 000.00 | 1 680 937.50 | 0.14 |
| USD | KOREA EAST-WEST POWER CO LTD-REG-S 3.87500% 18-19.07.23 | 2 360 000.00 | 2 487 587.50 | 0.21 |
| USD | KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.00000% 12-19.09.22 | 1 150 000.00 | 1 174 437.50 | 0.10 |
| USD | KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.12500% 17-25.07.27 | 1 575 000.00 | 1 638 984.37 | 0.14 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 2.12500% 13-17.01.23 | 3 625 000.00 | 3 674 966.64 | 0.31 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 1 075 000.00 | 1 090 993.53 | 0.09 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 16-15.03.21 | 5 000 000.00 | 4 994 548.36 | 0.42 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 2 400 000.00 | 2 574 750.00 | 0.22 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 15-13.01.25 | 3 200 000.00 | 3 241 486.40 | 0.27 |
| USD | MANITOBA, PROVINCE OF 2.12500% 17-04.05.22 | 4 900 000.00 | 4 937 473.72 | 0.42 |
| USD | MICROSOFT CORP 2.65000% 15-03.11.22 | 2 950 000.00 | 3 021 336.31 | 0.25 |
| USD | MICROSOFT CORP 2.87500% 17-06.02.24 | 3 575 000.00 | 3 711 588.95 | 0.31 |
| USD | MICROSOFT CORP 3.30000% 17-06.02.27 | 5 475 000.00 | 5 895 678.74 | 0.50 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 16-12.07.26 | 2 300 000.00 | 2 306 532.00 | 0.19 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 3.00000% 18-10.01.28 | 950 000.00 | 990 875.36 | 0.08 |
| USD | NORDEA BANK AB-REG-S 4.87500% 10-27.01.20 | 900 000.00 | 903 927.60 | 0.08 |
| USD | NORDIC INVESTMENT BANK 2.25000% 14-30.09.21 | 750 000.00 | 755 756.55 | 0.06 |
| USD | NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 3 400 000.00 | 3 452 476.28 | 0.29 |
| USD | NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 2 600 000.00 | 2 749 808.10 | 0.23 |
| USD | QATAR, STATE OF-REG-S 2.37500% 16-02.06.21 | 4 250 000.00 | 4 265 937.50 | 0.36 |
| USD | QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 2 400 000.00 | 2 508 750.00 | 0.21 |
| USD | QUEBEC, PROVINCE OF 2.50000% 16-20.04.26 | 2 725 000.00 | 2 811 655.27 | 0.24 |
| USD | ROCHE HOLDINGS INC-REG-S 3.00000% 15-10.11.25 | 2 675 000.00 | 2 815 618.33 | 0.24 |
| USD | ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 2 000 000.00 | 2 221 261.00 | 0.19 |
| USD | SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 1 200 000.00 | 1 208 287.32 | 0.10 |
| USD | SHELL INTERNATIONAL FINANCE BV 1.87500% 16-10.05.21 | 900 000.00 | 900 438.48 | 0.08 |
| USD | SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 1 675 000.00 | 1 735 364.82 | 0.15 |
| USD | SINOPEC GROUP OVERSEAS DEV 2013-REG-S 4.37500% 13-17.10.23 | 250 000.00 | 266 705.00 | 0.02 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 2.50000% 15-28.04.20 | 650 000.00 | 650 213.26 | 0.05 |
| USD | TOTAL CAPITAL INTERNATIONAL SA 3.70000% 13-15.01.24 | 1 150 000.00 | 1 222 342.36 | 0.10 |
| USD | WALMART INC 2.55000% 13-11.04.23 | 2 675 000.00 | 2 728 946.46 | 0.23 |
| USD | WALMART INC 3.70000% 18-26.06.28 | 3 000 000.00 | 3 316 926.60 | 0.28 |
| USD | WELLS FARGO CO 3.50000% 12-08.03.22 | 1 200 000.00 | 1 237 138.80 | 0.10 |
| USD | WESTPAC BANKING CORP 2.85000% 16-13.05.26 | 5 000 000.00 | 5 107 100.00 | 0.43 |
| USD | WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 1 000 000.00 | 1 054 550.00 | 0.09 |
| Total USD |  |  | 187 641 668.85 | 15.80 |
| Total Notes, fester Zins |  | 187 641 668.85 | 15.80 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 1 725 000.00 | 1 745 407.79 | 0.15 |
| USD	ASB FINANCE LTD-REG-S 2.12500% 16-01.09.21 | 1 400 000.00 | 1 399 860.00 | 0.12 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 1 550 000.00 | 1 633 747.12 | 0.14 |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 17-16.02.22 | 4 500 000.00 | 4 531 410.00 | 0.38 |
| USD	ASIAN DEVELOPMENT BANK 2.50000% 17-02.11.27 | 2 900 000.00 | 3 038 931.75 | 0.26 |
| USD	AUSTRALIA & NZ BANKING GRP-REG-S 5.10000% 10-13.01.20 | 1 000 000.00 | 1 003 412.00 | 0.08 |
| USD	BANK OF AMERICA CORP 3.24800% 16-21.10.27 | 1 800 000.00 | 1 876 644.00 | 0.16 |
| USD	BANK OF MONTREAL 1.90000% 16-27.08.21 | 1 100 000.00 | 1 099 109.53 | 0.09 |
| USD	BELGIUM, KINGDOM OF-REG-S 1.62500% 17-15.01.20 | 900 000.00 | 899 703.00 | 0.08 |
| USD	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 3.37500% 14-20.03.24 | 1 350 000.00 | 1 437 463.80 | 0.12 |
| USD	CLIFFORD CAPITAL PTE LTD-REG-S 1.73300% 19-10.09.24 | 1 750 000.00 | 1 729 122.50 | 0.15 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 625 000.00 | 654 800.00 | 0.05 |
| USD	CPPIB CAPITAL INC-REG-S 2.75000% 17-02.11.27 | 3 125 000.00 | 3 295 420.30 | 0.28 |
| USD	FINNVERA OYJ-REG-S 1.87500% 17-05.10.20 | 800 000.00 | 800 120.00 | 0.07 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.26100% 17-26.09.22 | 1 800 000.00 | 1 803 600.00 | 0.15 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.62500% 17-12.05.20 | 1 875 000.00 | 1 874 119.75 | 0.16 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 1 000 000.00 | 1 019 485.90 | 0.09 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 3 195 000.00 | 3 355 609.13 | 0.28 |
| USD	JAPAN TOBACCO INC-REG-S 2.80000% 16-13.04.26 | 1 400 000.00 | 1 412 852.00 | 0.12 |
| USD	KOMMUNEKREDIT-REG-S 1.62500% 16-01.06.21 | 1 825 000.00 | 1 819 849.85 | 0.15 |
| USD	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 1.37500% 16-21.07.21 | 875 000.00 | 869 316.00 | 0.07 |
| USD	MDGH - GMTN BV-REG-S 3.00000% 17-19.04.24 | 2 000 000.00 | 2 048 125.00 | 0.17 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 1.87500% 17-18.09.20 | 825 000.00 | 825 057.75 | 0.07 |
| USD	NEDERLANDSE WATERSCHAPSBK NV-REG-S 3.00000% 18-21.12.21 | 825 000.00 | 845 303.25 | 0.07 |
| USD	NESTLE HOLDINGS INC-REG-S 1.87500% 16-09.03.21 | 1 600 000.00 | 1 599 801.60 | 0.13 |
| USD	NESTLE HOLDINGS INC-REG-S 2.37500% 17-18.01.22 | 950 000.00 | 959 307.72 | 0.08 |
| USD	NESTLE HOLDINGS INC-REG-S 3.12500% 18-22.03.23 | 1 330 000.00 | 1 378 624.80 | 0.12 |
| USD	NISSAN MOTOR ACCEPTANCE CORP-REG-S 2.60000% 17-28.09.22 | 400 000.00 | 402 157.88 | 0.03 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 700 000.00 | 712 490.80 | 0.06 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 1 000 000.00 | 1 050 820.00 | 0.09 |
| USD	SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 1 186 000.00 | 1 206 744.20 | 0.10 |
| USD	SVENSK EXPORTKREDIT AB 1.75000% 16-10.03.21 | 800 000.00 | 799 662.84 | 0.07 |
| USD	TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 3 350 000.00 | 3 370 635.66 | 0.28 |
| USD	TOYOTA MOTOR CREDIT CORP 2.60000% 17-11.01.22 | 1 225 000.00 | 1 242 606.80 | 0.10 |
| USD	TOYOTA MOTOR FINANCE NL BV-REG-S 2.76400% 19-26.04.21 | 1 600 000.00 | 1 613 258.24 | 0.14 |
| Total USD |  | 55 354 580.96 | 4.66 |
| Total Medium-Term Notes, fester Zins |  | 55 354 580.96 | 4.66 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 1.62500% 15-21.01.20 | 1 250 000.00 | 1 249 517.50 | 0.10 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.62500% 14-28.04.21 | 1 400 000.00 | 1 415 992.20 | 0.12 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.37500% 16-16.03.26 | 1 000 000.00 | 1 029 796.00 | 0.09 |
| USD	BANK OF NOVA SCOTIA 1.85000% 15-14.04.20 | 1 375 000.00 | 1 374 388.33 | 0.12 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 1.87500% 15-12.02.22 | 1 400 000.00 | 1 403 645.60 | 0.12 |
| USD	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 2 275 000.00 | 2 299 899.20 | 0.19 |
| USD	CENTRAL JAPAN RAILWAY CO-REG-S 3.40000% 18-06.09.23 | 1 400 000.00 | 1 451 240.00 | 0.12 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 1 520 000.00 | 1 554 534.40 | 0.13 |
| USD	DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 1 450 000.00 | 1 467 777.00 | 0.12 |
| USD	EUROPEAN INVESTMENT BANK 1.87500% 15-10.02.25 | 3 250 000.00 | 3 283 732.08 | 0.28 |
| USD	FAB SUKUK CO LTD-REG-S 3.87500% 19-22.01.24 | 1 100 000.00 | 1 155 343.75 | 0.10 |
| USD	FMS WERTMANAGEMENT 2.00000% 17-01.08.22 | 1 375 000.00 | 1 386 079.20 | 0.12 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 1 200 000.00 | 1 225 200.00 | 0.10 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 3.87500% 10-14.02.20 | 1 500 000.00 | 1 505 590.50 | 0.13 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 2 000 000.00 | 2 037 221.60 | 0.17 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 14-25.11.24 | 1 825 000.00 | 1 893 193.50 | 0.16 |
| USD	INTL BK FOR RECONSTR & DEVT 2.50000% 15-29.07.25 | 3 500 000.00 | 3 645 540.85 | 0.31 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 1 550 000.00 | 1 613 453.12 | 0.14 |
| USD	KOREA, REPUBLIC OF 3.87500% 13-11.09.23 | 1 600 000.00 | 1 711 000.00 | 0.14 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.50000% 14-20.11.24 | 3 450 000.00 | 3 581 123.45 | 0.30 |
| USD	MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 1 500 000.00 | 1 516 875.00 | 0.13 |
| USD	MORGAN STANLEY 5.50000% 10-24.07.20 | 1 253 000.00 | 1 281 299.38 | 0.11 |
| USD	NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 450 000.00 | 475 845.89 | 0.04 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 2.37500% 14-01.10.21 | 900 000.00 | 910 145.07 | 0.08 |
| USD	ONTARIO, PROVINCE OF 3.20000% 14-16.05.24 | 3 500 000.00 | 3 702 930.00 | 0.31 |
| USD	ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 2 800 000.00 | 2 886 842.84 | 0.24 |
| USD	ROYAL BANK OF CANADA 2.10000% 15-14.10.20 | 1 125 000.00 | 1 126 045.01 | 0.09 |
| Total USD |  | 48 184 251.47 | 4.06 |
| Total Anleihen, fester Zins |  | 48 184 251.47 | 4.06 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 4 700 000.00 | 5 037 995.80 | 0.42 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 1 900 000.00 | 1 895 175.79 | 0.16 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 3 350 000.00 | 3 468 165.89 | 0.29 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 9 350 000.00 | 9 392 001.13 | 0.79 |
| USD	AMERICA, UNITED STATES OF 1.50000% 17-15.05.20 | 7 200 000.00 | 7 194 656.23 | 0.61 |
| Total USD |  | 26 987 994.84 | 2.27 |
| Total Treasury-Notes, fester Zins |  | 26 987 994.84 | 2.27 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 2 750 000.00 | 5 733 656.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 2 780 000.00 | 4 200 534.21 | 0.35 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 3 200 000.00 | 3 546 616.50 | 0.30 |
| USD	AMERICA, UNITED STATES OF 1.125%/CPI LINKED 11-15.01.21 | 1 000 000.00 | 1 181 514.14 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.01.22 | 2 400 000.00 | 2 706 533.95 | 0.23 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 1 895 000.00 | 2 095 266.15 | 0.18 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 4 395 000.00 | 4 726 347.97 | 0.40 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 3 815 000.00 | 4 184 768.30 | 0.35 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 3 950 000.00 | 4 240 162.55 | 0.36 |
| Total USD |  | 32 615 399.77 | 2.75 |
| Total Treasury-Notes, variabler Zins | 32 615 399.77 | 2.75 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 525 786 714.21 | 44.26 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Treasury-Bills, Nullcoupon |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 06.12.18-05.12.19	2 500 000.00 | 2 499 706.40 | 0.21 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 11.07.19-09.01.20	2 500 000.00 | 2 495 865.75 | 0.21 |
| Total USD | 4 995 572.15 | 0.42 |
| Total Treasury-Bills, Nullcoupon | 4 995 572.15 | 0.42 |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	ALTRIA GROUP INC 2.85000% 12-09.08.22	1 600 000.00 | 1 623 031.04 | 0.14 |
| USD	FANNIE MAE 2.12500% 16-24.04.26	1 625 000.00 | 1 658 346.95 | 0.14 |
| USD	HSBC HOLDINGS PLC 4.87500% 11-14.01.22	1 025 000.00 | 1 082 590.14 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.45000% 15-23.11.20	850 000.00 | 854 471.94 | 0.07 |
| USD	NATIONAL AUSTRALIA BANK LTD NEW YORK 2.87500% 18-12.04.23	2 000 000.00 | 2 044 790.60 | 0.17 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 17-28.09.20	800 000.00 | 800 484.88 | 0.07 |
| USD	PROCTER & GAMBLE CO 2.30000% 12-06.02.22	3 025 000.00 | 3 066 489.69 | 0.26 |
| USD	SANOFI 4.00000% 11-29.03.21	2 500 000.00 | 2 571 300.00 | 0.21 |
| Total USD | 13 701 505.24 | 1.15 |
| Total Notes, fester Zins | 13 701 505.24 | 1.15 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	JPMORGAN CHASE BANK NA 3.086%/VAR 18-26.04.21 | 1 500 000.00 | 1 505 706.15 | 0.13 |
| Total USD |  | 1 505 706.15 | 0.13 |
| Total Notes, variabler Zins |  | 1 505 706.15 | 0.13 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	FREDDIE MAC 2.37500% 12-13.01.22 | 5 225 000.00 | 5 302 547.88 | 0.45 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.85000% 14-08.07.24 | 1 000 000.00 | 1 058 474.80 | 0.09 |
| USD	GUARDIAN LIFE GLOBAL FUNDING-REG-S 2.00000% 16-26.04.21 | 1 400 000.00 | 1 400 618.66 | 0.12 |
| USD	MACQUARIE GROUP LTD-REG-S 6.25000% 11-14.01.21 | 1 200 000.00 | 1 250 556.00 | 0.10 |
| Total USD |  | 9 012 197.34 | 0.76 |
| Total Medium-Term Notes, fester Zins |  | 9 012 197.34 | 0.76 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 00-01.05.30 | 1 400 000.00 | 1 099 006.08 | 0.09 |
| Total USD |  | 1 099 006.08 | 0.09 |
| Total Medium-Term Notes, Nullcoupon |  | 1 099 006.08 | 0.09 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.62500% 19-17.10.22 | 750 000.00 | 744 450.00 | 0.06 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 2.00000% 12-09.09.22 | 2 175 000.00 | 2 194 170.66 | 0.18 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 1 600 000.00 | 1 642 653.12 | 0.14 |
| Total USD |  | 4 581 273.78 | 0.38 |
| Total Anleihen, fester Zins |  | 4 581 273.78 | 0.38 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 14-15.01.24 | 2 740 000.00 | 3 062 744.99 | 0.26 |
| USD	AMERICA, UNITED STATES OF 0.250%/CPI LINKED 15-15.01.25 | 4 100 000.00 | 4 455 996.22 | 0.38 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 16-15.04.21 | 2 250 000.00 | 2 421 117.04 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 2 233 000.00 | 2 489 122.12 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 2 252 000.00 | 2 504 877.20 | 0.21 |
| Total USD |  | 14 933 857.57 | 1.26 |
| Total Treasury-Notes, variabler Zins |  | 14 933 857.57 | 1.26 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 49 829 118.31 | 4.19 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Vorzugsaktien
Grossbritannien
| GBP | ROLLS ROYCE HLDGS NON CUM RED PREF GBP0.001 C | 895 344.00 | 1 158.12 | 0.00 |
| --- | --- | --- | --- | --- |
| Total Grossbritannien |  | 1 158.12 | 0.00 |
| Total Vorzugsaktien |  | 1 158.12 | 0.00 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.95000% 18-11.01.25 | 1 100 000.00 | 1 130 727.73 | 0.10 |
| USD	SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 1 000 000.00 | 998 890.40 | 0.08 |
| Total USD |  | 2 129 618.13 | 0.18 |
| Total Notes, fester Zins |  | 2 129 618.13 | 0.18 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	HSBC BANK CANADA-REG-S 3.30000% 18-28.11.21 | 1 300 000.00 | 1 334 305.83 | 0.11 |
| USD	HSBC BANK CANADA-REG-S 1.65000% 19-10.09.22 | 1 200 000.00 | 1 191 774.36 | 0.10 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.75000% 17-22.06.24 | 800 000.00 | 815 727.76 | 0.07 |
| USD	SWEDBANK AB-REG-S 2.80000% 17-14.03.22 | 800 000.00 | 808 103.04 | 0.07 |
| Total USD |  | 4 149 910.99 | 0.35 |
| Total Anleihen, fester Zins |  | 4 149 910.99 | 0.35 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 6 280 687.24 | 0.53 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | UBS (IRL) ETF PLC - MSCI USA UCITS-ACC-A-USD-ETF | 1 766 801.00 | 30 141 625.06 | 2.54 |
| USD | UBS ETFS PLC - MSCI USA TRN INDEX SF (USD) A-ACC | 821 545.00 | 69 461 629.75 | 5.85 |
| Total Irland |  | 99 603 254.81 | 8.39 |
| Luxemburg |  |  |  |
| USD	AQR UCITS FUNDS - GLOBAL RISK PARITY UCITS FUND-A2-CAP | 202 803.57 | 24 212 718.22 | 2.04 |
| EUR	DB PLATINUM IV UBS MULTI-STRATEGY ALTERNATIVES-I0C-E-CAP | 4 238.06 | 46 904 247.41 | 3.95 |
| USD	INVESCO FUNDS SICAV BAL RISK ALLOCATION-PI1-USD HDG-CAP | 2 058 593.31 | 24 353 158.86 | 2.05 |
| USD	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) (USD HEDGED) F-ACC | 208 136.00 | 24 041 789.36 | 2.02 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) F-ACC | 261 472.00 | 28 837 746.88 | 2.43 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES (USD) F-ACC | 897 058.00 | 18 945 864.96 | 1.60 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) F-ACC | 110 115.00 | 35 638 719.75 | 3.00 |
| USD	UBS (LUX) BOND SICAV USD - INVEST GRADE CORP USD F ACC | 1 938.70 | 212 554 073.50 | 17.89 |
| USD	UBS (LUX) BOND SICAV - EMERG ECON CORPORATES (USD) F-ACC | 210 716.00 | 23 901 515.88 | 2.01 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND - GLOBAL BONDS (USD) F-ACC | 17 683.00 | 35 547 427.58 | 2.99 |
| USD	UBS (LUX) MONEY MARKET FUND - USD U-X-ACC | 9.00 | 99 798.30 | 0.01 |
| Total Luxemburg | 475 037 060.70 | 39.99 |
| Total Investment Fonds, open end | 574 640 315.51 | 48.38 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 574 640 315.51 | 48.38 |
| Total des Wertpapierbestandes | 1 156 536 835.27 | 97.36 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |
| Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | -228.00 | 146 062.50 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | -359.00 | 75 726.74 | 0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | -302.00 | 132 125.00 | 0.01 |
| USD	US LONG BOND FUTURE 20.03.20 | -31.00 | 31 000.00 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | 384 914.24 | 0.03 |
| Finanzterminkontrakte auf Indizes |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 20.12.19 | 192.00 | 166 272.08 | 0.01 |
| CHF	SWISS MARKET INDEX FUTURE 20.12.19 | 7.00 | 18 937.31 | 0.00 |
| GBP	FTSE 100 INDEX FUTURE 20.12.19 | 46.00 | 30 090.78 | 0.00 |
| SGD	MSCI SINGAPORE INDEX FUTURE 30.12.19 | 18.00 | -2 764.27 | 0.00 |
| USD	S&P500 EMINI FUTURE 20.12.19 | 585.00 | 3 416 360.17 | 0.29 |
| JPY	TOPIX INDX FUTURE 12.12.19 | 60.00 | 224 159.35 | 0.02 |
| USD	MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.19 | 267.00 | -176 835.44 | -0.01 |
| AUD	SPI 200 INDEX FUTURE 19.12.19 | 22.00 | 41 444.91 | 0.00 |
| CAD	S&P/TSX 60 INDEX FUTURE 19.12.19 | 25.00 | 137 605.33 | 0.01 |
| HKD	HANG SENG INDEX FUTURE 30.12.19 | 7.00 | -35 367.76 | 0.00 |
| Total Finanzterminkontrakte auf Indizes |  | 3 819 902.46 | 0.32 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 4 204 816.70 | 0.35 |
| Total Derivative Instrumente |  | 4 204 816.70 | 0.35 |
| Devisenterminkontrakte |  |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| USD | 18 100 460.58 | CHF | 17 940 000.00 | 9.1.2020 | 85 395.89 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 11 885 845.00 | GBP | 9 370 000.00 | 9.1.2020 | -254 692.08 | -0.02 |
| USD | 608 471.41 | JPY | 65 500 000.00 | 9.1.2020 | 8 372.52 | 0.00 |
| HKD | 1 650 000.00 | USD | 210 496.88 | 9.1.2020 | 200.85 | 0.00 |
| USD | 121 042.57 | CAD | 160 000.00 | 9.1.2020 | 537.14 | 0.00 |
| USD | 73 058.88 | SGD | 100 000.00 | 9.1.2020 | -97.26 | 0.00 |
| USD | 203 460.00 | AUD | 300 000.00 | 9.1.2020 | 315.22 | 0.00 |
| USD | 52 533 366.91 | EUR | 47 424 000.00 | 9.1.2020 | 83 753.94 | 0.01 |
| USD | 836 354.18 | EUR | 750 000.00 | 9.1.2020 | 6 875.23 | 0.00 |
| USD | 606 223.00 | CHF | 600 000.00 | 9.1.2020 | 3 712.48 | 0.00 |
| USD | 76 660.84 | CAD | 100 000.00 | 9.1.2020 | 1 344.94 | 0.00 |
| USD | 15 584 751.33 | GBP | 12 067 000.00 | 15.1.2020 | -52 747.32 | -0.01 |
| USD | 244 701.00 | CAD | 321 000.00 | 15.1.2020 | 2 933.45 | 0.00 |
| USD | 73 767.47 | SGD | 100 000.00 | 15.1.2020 | 606.30 | 0.00 |
| USD | 1 065 759.53 | HKD | 8 350 000.00 | 15.1.2020 | -477.47 | 0.00 |
| USD | 291 327.12 | AUD | 420 000.00 | 15.1.2020 | 6 884.03 | 0.00 |
| USD | 21 011 022.21 | CHF | 20 698 000.00 | 15.1.2020 | 217 971.16 | 0.02 |
| USD | 742 861.15 | JPY | 80 500 000.00 | 15.1.2020 | 5 107.60 | 0.00 |
| USD | 65 891 239.89 | EUR | 58 918 000.00 | 15.1.2020 | 705 920.87 | 0.06 |
| USD | 834 785.93 | EUR | 750 000.00 | 9.1.2020 | 5 306.98 | 0.00 |
| USD | 835 097.93 | EUR | 750 000.00 | 15.1.2020 | 5 317.74 | 0.00 |
| GBP | 13 391 500.00 | USD | 17 281 307.58 | 16.1.2020 | 73 060.72 | 0.01 |
| SEK | 9 004 500.00 | USD | 939 307.75 | 16.1.2020 | 4 180.45 | 0.00 |
| CHF | 165 636 700.00 | USD | 166 733 808.46 | 16.1.2020 | -325 187.36 | -0.03 |
| EUR | 273 933 200.00 | USD | 302 855 067.26 | 16.1.2020 | 235 735.40 | 0.02 |
| SGD | 40 855 700.00 | USD | 29 942 322.35 | 16.1.2020 | -51 473.00 | -0.01 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD)
Halbjahresbericht per 30. November 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte (Fortsetzung)
Devisenterminkontrakte (Kauf/Verkauf)
| USD | 3 636 155.78 | EUR | 3 290 600.00 | 16.1.2020 | -4 697.52 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 428 100.00 | USD | 313 651.42 | 16.1.2020 | -444.88 | 0.00 |
| EUR | 2 500 000.00 | USD | 2 762 610.00 | 15.1.2020 | 3 323.97 | 0.00 |
| EUR | 2 500 000.00 | USD | 2 761 572.50 | 9.1.2020 | 3 357.33 | 0.00 |
| USD | 5 507 165.00 | EUR | 5 000 000.00 | 2.12.2019 | -5 835.00 | 0.00 |
| SGD | 298 900.00 | USD | 219 119.64 | 16.1.2020 | -438.41 | 0.00 |
| USD | 742 239.94 | CHF | 738 600.00 | 16.1.2020 | 197.82 | 0.00 |
| USD | 135 912.35 | SGD | 185 600.00 | 16.1.2020 | 123.67 | 0.00 |
| USD | 331 488.30 | EUR | 300 000.00 | 9.1.2020 | -303.28 | 0.00 |
| USD | 331 610.70 | EUR | 300 000.00 | 15.1.2020 | -301.38 | 0.00 |
| USD | 602 041.16 | CHF | 600 000.00 | 9.1.2020 | -469.36 | 0.00 |
| USD | 602 289.36 | CHF | 600 000.00 | 15.1.2020 | -466.01 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 762 905.37 | 0.06 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 27 164 517.22 | 2.29 |
| Andere Aktiva und Passiva | -825 643.05 | -0.06 |
| Total des Nettovermögens | 1 187 843 431.51 | 100.00 |

UBS (Lux) Strategy SICAV – Systematic Allocation Portfolio Defensive (USD) Halbjahresbericht per 30. November 2019