# UBS (Lux) Strategy Fund – Fixed Income (EUR)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.1.2021 | 31.1.2020 | 31.1.2019 |
| Net assets in EUR |  | 104 502 502.48 | 115 343 740.93 | 118 607 661.57 |
| Class N-acc | LU0167295236 |  |  |  |
| Units outstanding |  | 41 308.1000 | 45 696.9660 | 55 113.2340 |
| Net asset value per unit in EUR |  | 13.16 | 13.05 | 12.76 |
| Issue and redemption price per unit in EUR 1 |  | 13.16 | 13.05 | 12.79 |
| Class P-acc | LU0039703029 |  |  |  |
| Units outstanding |  | 32 722.9090 | 35 448.1300 | 38 324.7640 |
| Net asset value per unit in EUR |  | 2 633.13 | 2 600.44 | 2 530.41 |
| Issue and redemption price per unit in EUR 1 |  | 2 633.13 | 2 600.44 | 2 535.72 |
| Class P-dist | LU0039343651 |  |  |  |
| Units outstanding |  | 11 033.8390 | 14 157.7970 | 15 890.6080 |
| Net asset value per unit in EUR |  | 1 040.06 | 1 043.80 | 1 031.94 |
| Issue and redemption price per unit in EUR 1 |  | 1 040.06 | 1 043.80 | 1 034.11 |
| Class Q-acc | LU1240799855 |  |  |  |
| Units outstanding |  | 40 700.0650 | 43 839.1430 | 34 052.8040 |
| Net asset value per unit in EUR |  | 106.86 | 105.08 | 101.81 |
| Issue and redemption price per unit in EUR 1 |  | 106.86 | 105.08 | 102.02 |
| Class Q-dist | LU1240799939 |  |  |  |
| Units outstanding |  | 20 172.0610 | 32 387.6620 | 10 936.1270 |
| Net asset value per unit in EUR |  | 97.68 | 98.25 | 97.14 |
| Issue and redemption price per unit in EUR 1 |  | 97.68 | 98.25 | 97.34 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class N-acc | EUR | 0.8% | 2.0% | -1.5% |
| Class P-acc | EUR | 1.3% | 2.6% | -1.1% |
| Class P-dist | EUR | 1.3% | 2.5% | -1.1% |
| Class Q-acc | EUR | 1.7% | 3.0% | -0.7% |
| Class Q-dist | EUR | 1.7% | 3.0% | -0.7% |
| Historical performance is no indicator of current or future performance. |  |  |  |  |

The performance data does not take account of any commissions and costs charged when subscribing and redeeming units. The performance data were not audited.
The subfund has no benchmark.

## Report of the Portfolio Manager
In Quarter 1 Covid-19 plunged the global economy into the deepest recession in decades. Subsequent govern- ment aid packages stabilized economic activity and supported a strong recovery across the global financial markets.
Several break-through announcements in the phar- maceutical sector further improved the investor senti- ment towards the year-end whereas scepticism about the implementation of vaccination programmes some- what diminished hopes of a quick normalization in 2021.
Due to its defensive nature the strategy weathered the challenging beginning of 2020 well. The subsequent countermove help to recoup the losses.
Over the financial year, from 1 February 2020 to
31 January 2021 the subfund generated a positive performance.

## Structure of the Securities Portfolio
Classification by Currency as a % of net assets	
EUR	58.01
Total	96.82
USD	38.81
Classification by Instrument as a % of net assets	
| Investment funds, open end | 51.09 |
| --- | --- |
| Bonds, fixed rate | 22.32 |
| Medium term notes, fixed rate | 12.93 |
| Treasury notes, floating rate | 2.87 |
| Bonds, zero coupon | 2.67 |
| Treasury notes, fixed rate | 1.97 |
| Notes, fixed rate | 1.36 |
| Medium term notes, zero coupon | 1.11 |
| Bonds, floating rate | 0.50 |
| Total | 96.82 |

UBS (Lux) Strategy Fund – Fixed Income (EUR)
Annual report and audited financial statements as of 31 January 2021

## Statement of Net Assets
Assets	31.1.2021
EUR
Investments in securities, cost	97 389 188.90
| Investments in securities, unrealized appreciation (depreciation) | 	3 791 848.29	 |
| --- | --- |
| Total investments in securities (Note 1) | 101 181 037.19 |
| Cash at banks, deposits on demand and deposit accounts | 2 894 282.41 |
| Other liquid assets (Margins) | 173 398.97 |
| Receivable on securities sales (Note 1) | 255 051.80 |
| Receivable on subscriptions | 21 370.81 |
| Interest receivable on securities | 245 962.34 |
| Interest receivable on liquid assets | 336.84 |
| Other receivables | 36 800.99 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 108 916.49 |
| Total Assets | 104 917 157.84 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -73 619.33 |
| Bank overdraft | -0.61 |
| Payable on redemptions | -276 812.20 |
| Provisions for flat fee (Note 2) | -42 354.39 |
| Provisions for taxe d’abonnement (Note 3) | -2 058.88 |
| Provisions for other commissions and fees (Note 2) | 	-19 809.95	 |
| Total provisions | -64 223.22 |
| Total Liabilities | -414 655.36 |
|  |  |
| Net assets at the end of the financial year | 104 502 502.48 |
| Statement of Operations | EUR |
| Income | 1.2.2020-31.1.2021 |
| Interest on liquid assets | 2 130.79 |
| Interest on securities | 712 543.16 |
| Dividends | 197 180.48 |
| Interest received on swaps (Note 1) | 6 970.80 |
| Income on securities lending (Note 15) | 25 644.55 |
| Other income (Note 4) | 172 529.16 |
| Total income | 1 116 998.94 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -2 053.11 |
| Flat fee (Note 2) | -1 153 226.74 |
| Taxe d’abonnement (Note 3) | -26 463.29 |
| Cost on securities lending (Note 15) | -10 257.82 |
| Other commissions and fees (Note 2) | -13 478.93 |
| Interest on cash and bank overdraft | -13 600.78 |
| Total expenses | -1 219 080.67 |
|  |  |
| Net income (loss) on investments | -102 081.73 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 920 546.63 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -24 261.88 |
| Realized gain (loss) on financial futures | -13 021.33 |
| Realized gain (loss) on forward foreign exchange contracts | 3 376 118.94 |
| Realized gain (loss) on swaps | 38 320.96 |
| Realized gain (loss) on foreign exchange | -739 954.43 |
| Total realized gain (loss) | 3 557 748.89 |
|  |  |
| Net realized gain (loss) of the financial year | 3 455 667.16 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -2 301 464.13 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 1 217.41 |
| Unrealized appreciation (depreciation) on financial futures | -73 619.33 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 391 888.85 |
| Total changes in unrealized appreciation (depreciation) | -1 981 977.20 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 1 473 689.96 |

UBS (Lux) Strategy Fund – Fixed Income (EUR) Annual report and audited financial statements as of 31 January 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.2.2020-31.1.2021 |
| Net assets at the beginning of the financial year |  | 115 343 740.93 |
| Subscriptions |  | 24 786 547.08 |
| Redemptions |  | 	-36 818 417.14	 |
| Total net subscriptions (redemptions) |  | -12 031 870.06 |
| Dividend paid |  | -283 058.35 |
| Net income (loss) on investments |  | -102 081.73 |
| Total realized gain (loss) |  | 3 557 748.89 |
| Total changes in unrealized appreciation (depreciation) |  | 	-1 981 977.20	 |
| Net increase (decrease) in net assets as a result of operations |  | 1 473 689.96 |
| Net assets at the end of the financial year |  | 104 502 502.48 |
| Development of the outstanding units |  |  |
|  |  | 1.2.2020-31.1.2021 |
| Class |  | N-acc |
| Number of units outstanding at the beginning of the financial year |  | 45 696.9660 |
| Number of units issued |  | 7 199.7490 |
| Number of units redeemed |  | -11 588.6150 |
| Number of units outstanding at the end of the financial year |  | 41 308.1000 |
| Class |  | P-acc |
| Number of units outstanding at the beginning of the financial year |  | 35 448.1300 |
| Number of units issued |  | 9 201.8790 |
| Number of units redeemed |  | -11 927.1000 |
| Number of units outstanding at the end of the financial year |  | 32 722.9090 |
| Class |  | P-dist |
| Number of units outstanding at the beginning of the financial year |  | 14 157.7970 |
| Number of units issued |  | 50.0540 |
| Number of units redeemed |  | -3 174.0120 |
| Number of units outstanding at the end of the financial year |  | 11 033.8390 |
| Class |  | Q-acc |
| Number of units outstanding at the beginning of the financial year |  | 43 839.1430 |
| Number of units issued |  | 8 863.8910 |
| Number of units redeemed |  | -12 002.9690 |
| Number of units outstanding at the end of the financial year |  | 40 700.0650 |
| Class |  | Q-dist |
| Number of units outstanding at the beginning of the financial year |  | 32 387.6620 |
| Number of units issued |  | 5 252.6840 |
| Number of units redeemed |  | -17 468.2850 |
| Number of units outstanding at the end of the financial year |  | 20 172.0610 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Strategy Fund – Fixed Income (EUR)	Ex-Date | Pay-Date | Currency	Amount per unit |
| P-dist	1.4.2020 | 6.4.2020 | EUR	15.74 |
| Q-dist	1.4.2020 | 6.4.2020 | EUR	2.08 |
| 1  See note 5 |  |  |

UBS (Lux) Strategy Fund – Fixed Income (EUR)
Annual report and audited financial statements as of 31 January 2021

## Statement of Investments in Securities and other Net Assets as of 31 January 2021
| Description | Quantity/ | Valuation in EUR | 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 |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 325 000.00 | 328 412.50 | 0.31 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 750 000.00 | 750 000.00 | 0.72 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 208 000.00 | 213 491.20 | 0.20 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 135 000.00 | 139 009.50 | 0.13 |
| Total EUR |  | 1 430 913.20 | 1.36 |
| Total Notes, fixed rate |  | 1 430 913.20 | 1.36 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 750 000.00 | 795 052.50 | 0.76 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S- 2.62500% 13-06.11.23 | 400 000.00 | 427 708.00 | 0.41 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 750 000.00 | 782 880.00 | 0.75 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.20000% 17-16.09.22 | 500 000.00 | 505 930.00 | 0.48 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 400 000.00 | 402 870.40 | 0.39 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 500 000.00 | 510 250.00 | 0.49 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 400 000.00 | 404 320.00 | 0.39 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 650 000.00 | 655 517.20 | 0.63 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 800 000.00 | 834 872.00 | 0.80 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 300 000.00 | 310 117.20 | 0.30 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 600 000.00 | 609 750.00 | 0.58 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.12500% 19-14.08.23 | 400 000.00 | 409 904.00 | 0.39 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 530 000.00 | 543 048.60 | 0.52 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 800 000.00 | 882 216.00 | 0.84 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 800 000.00 | 819 012.80 | 0.78 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 250 000.00 | 255 172.50 | 0.24 |
| EUR	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.25000% 14-17.09.21 | 700 000.00 | 707 128.80 | 0.68 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 900 000.00 | 947 178.00 | 0.91 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 700 000.00 | 732 086.60 | 0.70 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 586 000.00 | 593 216.01 | 0.57 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 900 000.00 | 921 564.00 | 0.88 |
| EUR	UBS AG/LONDON-REG-S 0.75000% 20-21.04.23 | 450 000.00 | 459 945.00 | 0.44 |
| Total EUR |  | 13 509 739.61 | 12.93 |
| Total Medium term notes, fixed rate |  | 13 509 739.61 | 12.93 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.00000% 16-19.07.21 | 500 000.00 | 500 674.00 | 0.48 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 300 000.00 | 303 330.60 | 0.29 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 355 000.00 | 357 834.32 | 0.34 |
| Total EUR |  | 1 161 838.92 | 1.11 |
| Total Medium term notes, zero coupon |  | 1 161 838.92 | 1.11 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 300 000.00 | 319 956.00 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 500 000.00 | 512 238.00 | 0.49 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 300 000.00 | 326 218.20 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 700 000.00 | 730 889.88 | 0.70 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 900 000.00 | 978 658.20 | 0.94 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 400 000.00 | 408 332.00 | 0.39 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 200 000.00 | 207 434.40 | 0.20 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 200 000.00 | 207 818.00 | 0.20 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 500 000.00 | 525 501.00 | 0.50 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 500 000.00 | 609 303.00 | 0.58 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 900 000.00 | 1 102 009.68 | 1.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 800 000.00 | 1 015 124.80 | 0.97 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 1 460 000.00 | 1 595 937.68 | 1.53 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 1 500 000.00 | 1 574 877.00 | 1.51 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 500 000.00 | 529 606.00 | 0.51 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 550 000.00 | 599 885.00 | 0.57 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 600 000.00 | 645 510.00 | 0.62 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 400 000.00 | 420 856.00 | 0.40 |
| EUR	GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 1 000 000.00 | 1 063 840.00 | 1.02 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 700 000.00 | 745 128.37 | 0.71 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 500 000.00 | 530 219.75 | 0.51 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 800 000.00 | 858 560.00 | 0.82 |
| EUR	GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 1 100 000.00 | 1 557 292.00 | 1.49 |
| EUR	GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 1 000 000.00 | 1 621 466.00 | 1.55 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 0.37500% 19-31.01.23 | 400 000.00 | 404 728.00 | 0.39 |
| EUR	JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 650 000.00 | 669 474.00 | 0.64 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 600 000.00 | 629 678.40 | 0.60 |
| EUR	NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 860 000.00 | 935 766.00 | 0.90 |
| EUR	NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 500 000.00 | 547 746.00 | 0.52 |
| EUR	NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 500 000.00 | 530 956.00 | 0.51 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 600 000.00 | 609 360.00 | 0.58 |
| EUR	STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 300 000.00 | 312 740.40 | 0.30 |
| Total EUR |  | 23 327 109.76 | 22.32 |
| Total Bonds, fixed rate |  | 23 327 109.76 | 22.32 |

UBS (Lux) Strategy Fund – Fixed Income (EUR) Annual report and audited financial statements as of 31 January 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 560 000.00 | 568 288.00 | 0.54 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 250 000.00 | 256 750.00 | 0.25 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 300 000.00 | 308 640.00 | 0.30 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 1 000 000.00 | 1 041 936.50 | 1.00 |
| EUR	TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 600 000.00 | 608 322.00 | 0.58 |
| Total EUR |  | 2 783 936.50 | 2.67 |
| Total Bonds, zero coupon |  | 2 783 936.50 | 2.67 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 500 000.00 | 518 910.00 | 0.50 |
| Total EUR |  | 518 910.00 | 0.50 |
| Total Bonds, floating rate |  | 518 910.00 | 0.50 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 225 000.00 | 262 123.71 | 0.25 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 295 000.00 | 267 242.45 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 250 000.00 | 226 549.00 | 0.22 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 120 000.00 | 109 546.05 | 0.10 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 245 000.00 | 217 362.44 | 0.21 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 330 000.00 | 273 027.88 | 0.26 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 200 000.00 | 168 107.97 | 0.16 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 125 000.00 | 106 233.02 | 0.10 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 180 000.00 | 159 451.78 | 0.15 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 125 000.00 | 109 769.84 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 200 000.00 | 163 780.20 | 0.16 |
| Total USD |  | 2 063 194.34 | 1.97 |
| Total Treasury notes, fixed rate |  | 2 063 194.34 | 1.97 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 230 000.00 | 221 914.09 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 335 000.00 | 328 455.62 | 0.31 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 310 000.00 | 414 502.12 | 0.40 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 300 000.00 | 300 056.64 | 0.29 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 315 000.00 | 319 330.99 | 0.31 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 350 000.00 | 349 174.74 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 345 000.00 | 345 106.28 | 0.33 |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 180 000.00 | 339 303.84 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 410 000.00 | 382 167.96 | 0.37 |
| Total USD |  | 3 000 012.28 | 2.87 |
| Total Treasury notes, floating rate | 3 000 012.28 | 2.87 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 47 795 654.61 | 45.73 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC	15 716.00 | 2 182 166.60 | 2.09 |
| EUR	UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC	1 234.00 | 15 706 475.40 | 15.03 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A	135.00 | 1 267 117.62 | 1.21 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC	76.00 | 819 581.40 | 0.78 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC	178.50 | 3 121 917.27 | 2.99 |
| USD	UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS	48 571.00 | 4 469 699.40 | 4.28 |
| USD	UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC	1 845.28 | 18 685 957.28 | 17.88 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC	595.00 | 7 132 467.61 | 6.83 |
| Total Luxembourg | 53 385 382.58 | 51.09 |
| Total Investment funds, open end | 53 385 382.58 | 51.09 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 53 385 382.58 | 51.09 |
| Total investments in securities | 101 181 037.19 | 96.82 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO BTP ITALY GOVERMENT FUTURE 08.03.21 | 14.00 | -2 240.00 | 0.00 |
| USD	US LONG BOND FUTURE 22.03.21 | 15.00 | -71 379.33 | -0.07 |
| Total Financial Futures on bonds |  | -73 619.33 | -0.07 |
| Total Derivative instruments listed on an official stock exchange |  | -73 619.33 | -0.07 |
| Total Derivative instruments |  | -73 619.33 | -0.07 |
| UBS (Lux) Strategy Fund – Fixed Income (EUR) |  |  |  |
| Annual report and audited financial statements as of 31 January 2021 |  |  |  |

| Description	Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| EUR | 22 050 616.85 | USD | 26 221 577.03 | 4.2.2021 | 468 894.33 | 0.45 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 620 000.00 | EUR | 388 041.80 | 4.2.2021 | -3 529.33 | 0.00 |
| EUR | 388 090.67 | AUD | 630 000.00 | 4.2.2021 | -9 753.72 | -0.01 |
| GBP | 11 365.31 | EUR | 12 645.31 | 4.2.2021 | 200.12 | 0.00 |
| USD | 1 030 000.00 | EUR | 866 239.94 | 4.2.2021 | -18 496.34 | -0.02 |
| USD | 440 000.00 | EUR | 369 894.92 | 4.2.2021 | -7 752.02 | -0.01 |
| USD | 200 000.00 | EUR | 168 250.46 | 4.2.2021 | -3 640.05 | 0.00 |
| CAD | 330 000.00 | JPY | 26 885 628.00 | 4.2.2021 | 1 252.96 | 0.00 |
| NOK | 3 360 000.00 | USD | 380 633.89 | 4.2.2021 | 10 053.07 | 0.01 |
| AUD | 510 000.00 | JPY | 39 988 252.00 | 4.2.2021 | 7 691.14 | 0.01 |
| EUR | 267 377.68 | USD | 325 000.00 | 4.2.2021 | -114.23 | 0.00 |
| EUR | 20 454 890.57 | USD | 25 290 809.21 | 19.3.2021 | -341 439.98 | -0.33 |
| EUR | 532 732.88 | JPY | 67 667 837.00 | 19.3.2021 | 1 014.43 | 0.00 |
| NOK | 3 370 000.00 | EUR | 324 294.59 | 19.3.2021 | -333.46 | 0.00 |
| CAD | 330 000.00 | EUR | 210 997.85 | 19.3.2021 | 1 444.01 | 0.00 |
| EUR | 12 674.02 | GBP | 11 466.03 | 19.3.2021 | -276.11 | 0.00 |
| SGD | 610 000.00 | EUR | 374 865.57 | 19.3.2021 | 3 088.42 | 0.00 |
| EUR | 69 554.53 | AUD | 110 000.00 | 19.3.2021 | 137.05 | 0.00 |
| EUR | 27 973.87 | SGD | 45 000.00 | 4.2.2021 | 65.71 | 0.00 |
| EUR | 32 418.71 | CAD | 50 000.00 | 19.3.2021 | 230.55 | 0.00 |
| EUR | 27 947.78 | SGD | 45 000.00 | 19.3.2021 | 65.93 | 0.00 |
| EUR | 32 444.97 | CAD | 50 000.00 | 4.2.2021 | 230.07 | 0.00 |
| INR | 67 100 000.00 | USD | 910 003.25 | 26.3.2021 | 3 353.79 | 0.00 |
| IDR | 13 207 010 000.00 | USD | 932 830.20 | 26.3.2021 | 3 817.35 | 0.01 |
| RUB | 37 400 000.00 | USD | 503 679.96 | 26.3.2021 | -8 998.43 | -0.01 |
| USD | 946 344.98 | TWD | 26 280 000.00 | 26.3.2021 | 1 744.14 | 0.00 |
| EUR | 52 502.03 | GBP | 46 500.00 | 19.3.2021 | -16.66 | 0.00 |
| EUR | 52 539.52 | GBP | 46 500.00 | 4.2.2021 | -16.25 | 0.00 |
| Total Forward Foreign Exchange contracts | 108 916.49 | 0.10 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 3 067 681.38 | 2.94 |
| Bank overdraft and other short-term liabilities | -0.61 | 0.00 |
| Other assets and liabilities | 218 487.36 | 0.21 |
| Total net assets | 104 502 502.48 | 100.00 |

UBS (Lux) Strategy Fund – Fixed Income (EUR) Annual report and audited financial statements as of 31 January 2021

Translation (ENFR, 2021-01-31):
# UBS (Lux) Strategy Fund – Fixed Income (EUR)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.1.2021 | 31.1.2020 | 31.1.2019 |
| Actif net en EUR |  | 104 502 502.48 | 115 343 740.93 | 118 607 661.57 |
| Catégorie N-acc | LU0167295236 |  |  |  |
| Parts en circulation |  | 41 308.1000 | 45 696.9660 | 55 113.2340 |
| Valeur nette d’inventaire par part en EUR |  | 13.16 | 13.05 | 12.76 |
| Prix d’émission et de rachat par part en EUR 1 |  | 13.16 | 13.05 | 12.79 |
| Catégorie P-acc | LU0039703029 |  |  |  |
| Parts en circulation |  | 32 722.9090 | 35 448.1300 | 38 324.7640 |
| Valeur nette d’inventaire par part en EUR |  | 2 633.13 | 2 600.44 | 2 530.41 |
| Prix d’émission et de rachat par part en EUR 1 |  | 2 633.13 | 2 600.44 | 2 535.72 |
| Catégorie P-dist | LU0039343651 |  |  |  |
| Parts en circulation |  | 11 033.8390 | 14 157.7970 | 15 890.6080 |
| Valeur nette d’inventaire par part en EUR |  | 1 040.06 | 1 043.80 | 1 031.94 |
| Prix d’émission et de rachat par part en EUR 1 |  | 1 040.06 | 1 043.80 | 1 034.11 |
| Catégorie Q-acc | LU1240799855 |  |  |  |
| Parts en circulation |  | 40 700.0650 | 43 839.1430 | 34 052.8040 |
| Valeur nette d’inventaire par part en EUR |  | 106.86 | 105.08 | 101.81 |
| Prix d’émission et de rachat par part en EUR 1 |  | 106.86 | 105.08 | 102.02 |
| Catégorie Q-dist | LU1240799939 |  |  |  |
| Parts en circulation |  | 20 172.0610 | 32 387.6620 | 10 936.1270 |
| Valeur nette d’inventaire par part en EUR |  | 97.68 | 98.25 | 97.14 |
| Prix d’émission et de rachat par part en EUR 1 |  | 97.68 | 98.25 | 97.34 |
| 1  Voir note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Devise | 2020/2021 | 2019/2020 | 2018/2019 |
| Catégorie N-acc | EUR | 0.8% | 2.0% | -1.5% |
| Catégorie P-acc | EUR | 1.3% | 2.6% | -1.1% |
| Catégorie P-dist | EUR | 1.3% | 2.5% | -1.1% |
| Catégorie Q-acc | EUR | 1.7% | 3.0% | -0.7% |
| Catégorie Q-dist | EUR | 1.7% | 3.0% | -0.7% |
| La performance historique n’est pas un indicateur de la performance actuelle ou future. |  |  |  |  |

Les données de performance ne tiennent pas compte des commissions et des frais prélevés lors de l’émission et du rachat des parts. Les données de performance ne sont pas auditées.
Le compartiment n’a pas d’indice de référence.

## Rapport du Gestionnaire de portefeuille
Au premier trimestre, le Covid-19 a fait plonger l’écono- mie mondiale dans la plus forte récession des dernières décennies. Les plans d’aide successifs des gouvernements ont stabilisé l’activité économique et ont contribué à une solide reprise sur l’ensemble des marchés financiers in- ternationaux.
Plusieurs annonces d’avancées dans le secteur pharma- ceutique ont encore amélioré l’opinion des investisseurs vers la fin de l’année, même si le scepticisme vis-à-vis de la mise en œuvre des programmes de vaccination a quelque peu réduit l’espoir de voir une normalisation ra- pide de la situation en 2021.
En raison de sa nature défensive, la stratégie a bien ré- sisté aux débuts difficiles de 2020. La réaction ultérieure a permis de récupérer les pertes.
Au cours de l’exercice allant du 1
er 
février 2020 au 31 janvier 2021, le compartiment a affiché une perfor- mance positive.

## Structure du portefeuille-titres
Répartition selon les devises en % de l’actif net	
EUR	58.01
Total	96.82
USD	38.81
Répartition selon les instruments de placement en % de l’actif net	
Fonds d’investissement, ouvert	51.09
Obligations, taux fixe	22.32
Medium-Term Notes, taux fixe	12.93
Bons du Trésor à moyen terme, taux variable	2.87
Obligations, coupon zéro	2.67
Bons du Trésor à moyen terme, taux fixe	1.97
Billets, taux fixe	1.36
Medium-Term Notes, coupon zéro	1.11
Obligations, taux variable	0.50
Total	96.82
UBS (Lux) Strategy Fund – Fixed Income (EUR) Rapport annuel et états financiers révisés au 31 janvier 2021

## Etat des actifs nets
Actif	31.1.2021
EUR
Portefeuille-titres, cours d’achat	97 389 188.90
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	3 791 848.29	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 101 181 037.19 |
| Avoirs en banque, dépôts à vue et à terme | 2 894 282.41 |
| Autres liquidités (marges) | 173 398.97 |
| Créances sur achats de titres (note 1) | 255 051.80 |
| Créances sur souscriptions | 21 370.81 |
| Intérêts à recevoir sur titres | 245 962.34 |
| Intérêts à recevoir sur liquidités | 336.84 |
| Autres créances | 36 800.99 |
| Bénéfice non réalisé(e) sur contrats de change à terme (note 1) | 108 916.49 |
| Total de l’Actif | 104 917 157.84 |
|  |  |
| Passif |  |
| Perte non réalisé(e) sur contrats financiers à terme (note 1) | -73 619.33 |
| Crédit en compte courant | -0.61 |
| Engagements sur rachats | -276 812.20 |
| Provisions pour commission de gestion forfaitaire (note 2) | -42 354.39 |
| Provisions pour taxe d’abonnement (note 3) | -2 058.88 |
| Provisions pour autres commissions et frais (note 2) | 	-19 809.95	 |
| Total des Provisions pour frais | -64 223.22 |
| Total du Passif | -414 655.36 |
|  |  |
| Actif net à la fin de l’exercice | 104 502 502.48 |
| Etat des opérations | EUR |
| Revenus | 1.2.2020-31.1.2021 |
| Revenus d’intérêts sur liquidités | 2 130.79 |
| Intérêts sur titres | 712 543.16 |
| Dividendes | 197 180.48 |
| Revenus d’intérêts sur swaps (note 1) | 6 970.80 |
| Revenus sur prêts de titres (note 15) | 25 644.55 |
| Autres revenus (note 4) | 172 529.16 |
| Total des Revenus | 1 116 998.94 |
|  |  |
| Charges |  |
| Charges d’intérêts sur swaps (note 1) | -2 053.11 |
| Commission de gestion forfaitaire (note 2) | -1 153 226.74 |
| Taxe d’abonnement (note 3) | -26 463.29 |
| Frais sur prêts de titres (note 15) | -10 257.82 |
| Autres commissions et frais (note 2) | -13 478.93 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -13 600.78 |
| Total des Charges | -1 219 080.67 |
|  |  |
| Revenus/pertes net(te)s de placements | -102 081.73 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 920 546.63 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements | -24 261.88 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -13 021.33 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | 3 376 118.94 |
| Bénéfice/(perte) réalisé(e) sur swaps | 38 320.96 |
| Bénéfice/(perte) de change réalisé(e) | -739 954.43 |
| Total des Bénéfices/(pertes) réalisé(e)s | 3 557 748.89 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 3 455 667.16 |
|  |  |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) |  |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | -2 301 464.13 |
| Plus-/(moins)-value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements | 1 217.41 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | -73 619.33 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 391 888.85 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | -1 981 977.20 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 1 473 689.96 |

UBS (Lux) Strategy Fund – Fixed Income (EUR)
Rapport annuel et états financiers révisés au 31 janvier 2021
| Fluctuations de l’actif net |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.2.2020-31.1.2021 |
| Actif net au début de l’exercice |  | 115 343 740.93 |
| Souscriptions |  | 24 786 547.08 |
| Rachats |  | 	-36 818 417.14	 |
| Total des Entrées/(sorties) de capitaux |  | -12 031 870.06 |
| Dividendes versés |  | -283 058.35 |
| Revenus/pertes net(te)s de placements |  | -102 081.73 |
| Total des Bénéfices/(pertes) réalisé(e)s |  | 3 557 748.89 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée |  | 	-1 981 977.20	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité |  | 1 473 689.96 |
| Actif net à la fin de l’exercice |  | 104 502 502.48 |
| Evolution des parts en circulation |  |  |
|  |  | 1.2.2020-31.1.2021 |
| Catégorie |  | N-acc |
| Nombre de parts en circulation au début de l’exercice |  | 45 696.9660 |
| Nombre de parts émises |  | 7 199.7490 |
| Nombre de parts rachetées |  | -11 588.6150 |
| Nombre de parts en circulation à la fin de l’exercice |  | 41 308.1000 |
| Catégorie |  | P-acc |
| Nombre de parts en circulation au début de l’exercice |  | 35 448.1300 |
| Nombre de parts émises |  | 9 201.8790 |
| Nombre de parts rachetées |  | -11 927.1000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 32 722.9090 |
| Catégorie |  | P-dist |
| Nombre de parts en circulation au début de l’exercice |  | 14 157.7970 |
| Nombre de parts émises |  | 50.0540 |
| Nombre de parts rachetées |  | -3 174.0120 |
| Nombre de parts en circulation à la fin de l’exercice |  | 11 033.8390 |
| Catégorie |  | Q-acc |
| Nombre de parts en circulation au début de l’exercice |  | 43 839.1430 |
| Nombre de parts émises |  | 8 863.8910 |
| Nombre de parts rachetées |  | -12 002.9690 |
| Nombre de parts en circulation à la fin de l’exercice |  | 40 700.0650 |
| Catégorie |  | Q-dist |
| Nombre de parts en circulation au début de l’exercice |  | 32 387.6620 |
| Nombre de parts émises |  | 5 252.6840 |
| Nombre de parts rachetées |  | -17 468.2850 |
| Nombre de parts en circulation à la fin de l’exercice |  | 20 172.0610 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Strategy Fund – Fixed Income (EUR)	Date de détachement | Date de versement | Devise	Montant par part |
| P-dist	1.4.2020 | 6.4.2020 | EUR	15.74 |
| Q-dist	1.4.2020 | 6.4.2020 | EUR	2.08 |
| 1  Voir note 5 |  |  |

UBS (Lux) Strategy Fund – Fixed Income (EUR) Rapport annuel et états financiers révisés au 31 janvier 2021

## Etat du portefeuille-titres et autres actifs nets au 31 janvier 2021
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 325 000.00 | 328 412.50 | 0.31 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 750 000.00 | 750 000.00 | 0.72 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 208 000.00 | 213 491.20 | 0.20 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 135 000.00 | 139 009.50 | 0.13 |
| Total EUR |  | 1 430 913.20 | 1.36 |
| Total des Billets, taux fixe |  | 1 430 913.20 | 1.36 |
| Medium-Term Notes, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 750 000.00 | 795 052.50 | 0.76 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S- 2.62500% 13-06.11.23 | 400 000.00 | 427 708.00 | 0.41 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 750 000.00 | 782 880.00 | 0.75 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.20000% 17-16.09.22 | 500 000.00 | 505 930.00 | 0.48 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 400 000.00 | 402 870.40 | 0.39 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 500 000.00 | 510 250.00 | 0.49 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 400 000.00 | 404 320.00 | 0.39 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 650 000.00 | 655 517.20 | 0.63 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 800 000.00 | 834 872.00 | 0.80 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 300 000.00 | 310 117.20 | 0.30 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 600 000.00 | 609 750.00 | 0.58 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.12500% 19-14.08.23 | 400 000.00 | 409 904.00 | 0.39 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 530 000.00 | 543 048.60 | 0.52 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 800 000.00 | 882 216.00 | 0.84 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 800 000.00 | 819 012.80 | 0.78 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 250 000.00 | 255 172.50 | 0.24 |
| EUR	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.25000% 14-17.09.21 | 700 000.00 | 707 128.80 | 0.68 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 900 000.00 | 947 178.00 | 0.91 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 700 000.00 | 732 086.60 | 0.70 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 586 000.00 | 593 216.01 | 0.57 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 900 000.00 | 921 564.00 | 0.88 |
| EUR	UBS AG/LONDON-REG-S 0.75000% 20-21.04.23 | 450 000.00 | 459 945.00 | 0.44 |
| Total EUR |  | 13 509 739.61 | 12.93 |
| Total des Medium-Term Notes, taux fixe |  | 13 509 739.61 | 12.93 |
| Medium-Term Notes, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.00000% 16-19.07.21 | 500 000.00 | 500 674.00 | 0.48 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 300 000.00 | 303 330.60 | 0.29 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 355 000.00 | 357 834.32 | 0.34 |
| Total EUR |  | 1 161 838.92 | 1.11 |
| Total des Medium-Term Notes, coupon zéro |  | 1 161 838.92 | 1.11 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 300 000.00 | 319 956.00 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 500 000.00 | 512 238.00 | 0.49 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 300 000.00 | 326 218.20 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 700 000.00 | 730 889.88 | 0.70 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 900 000.00 | 978 658.20 | 0.94 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 400 000.00 | 408 332.00 | 0.39 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 200 000.00 | 207 434.40 | 0.20 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 200 000.00 | 207 818.00 | 0.20 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 500 000.00 | 525 501.00 | 0.50 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 500 000.00 | 609 303.00 | 0.58 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 900 000.00 | 1 102 009.68 | 1.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 800 000.00 | 1 015 124.80 | 0.97 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 1 460 000.00 | 1 595 937.68 | 1.53 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 1 500 000.00 | 1 574 877.00 | 1.51 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 500 000.00 | 529 606.00 | 0.51 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 550 000.00 | 599 885.00 | 0.57 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 600 000.00 | 645 510.00 | 0.62 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 400 000.00 | 420 856.00 | 0.40 |
| EUR	GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 1 000 000.00 | 1 063 840.00 | 1.02 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 700 000.00 | 745 128.37 | 0.71 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 500 000.00 | 530 219.75 | 0.51 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 800 000.00 | 858 560.00 | 0.82 |
| EUR	GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 1 100 000.00 | 1 557 292.00 | 1.49 |
| EUR	GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 1 000 000.00 | 1 621 466.00 | 1.55 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 0.37500% 19-31.01.23 | 400 000.00 | 404 728.00 | 0.39 |
| EUR	JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 650 000.00 | 669 474.00 | 0.64 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 600 000.00 | 629 678.40 | 0.60 |
| EUR	NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 860 000.00 | 935 766.00 | 0.90 |
| EUR	NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 500 000.00 | 547 746.00 | 0.52 |
| EUR	NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 500 000.00 | 530 956.00 | 0.51 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 600 000.00 | 609 360.00 | 0.58 |
| EUR	STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 300 000.00 | 312 740.40 | 0.30 |
| Total EUR |  | 23 327 109.76 | 22.32 |
| Total des Obligations, taux fixe |  | 23 327 109.76 | 22.32 |

UBS (Lux) Strategy Fund – Fixed Income (EUR)
Rapport annuel et états financiers révisés au 31 janvier 2021
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |

Obligations, coupon zéro
| EUR |  |
| --- | --- |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 560 000.00 | 568 288.00 | 0.54 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 250 000.00 | 256 750.00 | 0.25 |
| EUR | GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 300 000.00 | 308 640.00 | 0.30 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 1 000 000.00 | 1 041 936.50 | 1.00 |
| EUR | TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 600 000.00 | 608 322.00 | 0.58 |
| Total EUR |  |  | 2 783 936.50 | 2.67 |
| Total des Obligations, coupon zéro |  | 2 783 936.50 | 2.67 |
| Obligations, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 500 000.00 | 518 910.00 | 0.50 |
| Total EUR |  | 518 910.00 | 0.50 |
| Total des Obligations, taux variable |  | 518 910.00 | 0.50 |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 225 000.00 | 262 123.71 | 0.25 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 295 000.00 | 267 242.45 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 250 000.00 | 226 549.00 | 0.22 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 120 000.00 | 109 546.05 | 0.10 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 245 000.00 | 217 362.44 | 0.21 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 330 000.00 | 273 027.88 | 0.26 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 200 000.00 | 168 107.97 | 0.16 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 125 000.00 | 106 233.02 | 0.10 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 180 000.00 | 159 451.78 | 0.15 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 125 000.00 | 109 769.84 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 200 000.00 | 163 780.20 | 0.16 |
| Total USD |  | 2 063 194.34 | 1.97 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 2 063 194.34 | 1.97 |
| Bons du Trésor à moyen terme, taux variable |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 230 000.00 | 221 914.09 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 335 000.00 | 328 455.62 | 0.31 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 310 000.00 | 414 502.12 | 0.40 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 300 000.00 | 300 056.64 | 0.29 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 315 000.00 | 319 330.99 | 0.31 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 350 000.00 | 349 174.74 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 345 000.00 | 345 106.28 | 0.33 |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 180 000.00 | 339 303.84 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 410 000.00 | 382 167.96 | 0.37 |
| Total USD |  | 3 000 012.28 | 2.87 |
| Total des Bons du Trésor à moyen terme, taux variable |  | 3 000 012.28 | 2.87 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 47 795 654.61 | 45.73 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
Luxembourg
| EUR | UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 15 716.00 | 2 182 166.60 | 2.09 |
| --- | --- | --- | --- | --- |
| EUR | UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC | 1 234.00 | 15 706 475.40 | 15.03 |
| USD | UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A | 135.00 | 1 267 117.62 | 1.21 |
| USD | UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC | 76.00 | 819 581.40 | 0.78 |
| USD | UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 178.50 | 3 121 917.27 | 2.99 |
| USD | UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS | 48 571.00 | 4 469 699.40 | 4.28 |
| USD | UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC | 1 845.28 | 18 685 957.28 | 17.88 |
| USD | UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC | 595.00 | 7 132 467.61 | 6.83 |
| Total Luxembourg | 53 385 382.58 | 51.09 |
| Total des Fonds d’investissement, ouvert | 53 385 382.58 | 51.09 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 53 385 382.58 | 51.09 |
| Total du Portefeuille-titres | 101 181 037.19 | 96.82 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés négociés sur une bourse officielle |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| EUR	EURO BTP ITALY GOVERMENT FUTURE 08.03.21 | 14.00 | -2 240.00 | 0.00 |
| USD	US LONG BOND FUTURE 22.03.21 | 15.00 | -71 379.33 | -0.07 |
| Total des Contrats financiers à terme sur obligations |  | -73 619.33 | -0.07 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -73 619.33 | -0.07 |
| Total des Instruments dérivés |  | -73 619.33 | -0.07 |

UBS (Lux) Strategy Fund – Fixed Income (EUR) Rapport annuel et états financiers révisés au 31 janvier 2021
| Dénomination	Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | contrats de | net |
|  | change à terme/ |  |
|  | swaps (note 1) |  |

Contrats de change à terme
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| EUR | 22 050 616.85 | USD | 26 221 577.03 | 4.2.2021 | 468 894.33 | 0.45 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 620 000.00 | EUR | 388 041.80 | 4.2.2021 | -3 529.33 | 0.00 |
| EUR | 388 090.67 | AUD | 630 000.00 | 4.2.2021 | -9 753.72 | -0.01 |
| GBP | 11 365.31 | EUR | 12 645.31 | 4.2.2021 | 200.12 | 0.00 |
| USD | 1 030 000.00 | EUR | 866 239.94 | 4.2.2021 | -18 496.34 | -0.02 |
| USD | 440 000.00 | EUR | 369 894.92 | 4.2.2021 | -7 752.02 | -0.01 |
| USD | 200 000.00 | EUR | 168 250.46 | 4.2.2021 | -3 640.05 | 0.00 |
| CAD | 330 000.00 | JPY | 26 885 628.00 | 4.2.2021 | 1 252.96 | 0.00 |
| NOK | 3 360 000.00 | USD | 380 633.89 | 4.2.2021 | 10 053.07 | 0.01 |
| AUD | 510 000.00 | JPY | 39 988 252.00 | 4.2.2021 | 7 691.14 | 0.01 |
| EUR | 267 377.68 | USD | 325 000.00 | 4.2.2021 | -114.23 | 0.00 |
| EUR | 20 454 890.57 | USD | 25 290 809.21 | 19.3.2021 | -341 439.98 | -0.33 |
| EUR | 532 732.88 | JPY | 67 667 837.00 | 19.3.2021 | 1 014.43 | 0.00 |
| NOK | 3 370 000.00 | EUR | 324 294.59 | 19.3.2021 | -333.46 | 0.00 |
| CAD | 330 000.00 | EUR | 210 997.85 | 19.3.2021 | 1 444.01 | 0.00 |
| EUR | 12 674.02 | GBP | 11 466.03 | 19.3.2021 | -276.11 | 0.00 |
| SGD | 610 000.00 | EUR | 374 865.57 | 19.3.2021 | 3 088.42 | 0.00 |
| EUR | 69 554.53 | AUD | 110 000.00 | 19.3.2021 | 137.05 | 0.00 |
| EUR | 27 973.87 | SGD | 45 000.00 | 4.2.2021 | 65.71 | 0.00 |
| EUR | 32 418.71 | CAD | 50 000.00 | 19.3.2021 | 230.55 | 0.00 |
| EUR | 27 947.78 | SGD | 45 000.00 | 19.3.2021 | 65.93 | 0.00 |
| EUR | 32 444.97 | CAD | 50 000.00 | 4.2.2021 | 230.07 | 0.00 |
| INR | 67 100 000.00 | USD | 910 003.25 | 26.3.2021 | 3 353.79 | 0.00 |
| IDR | 13 207 010 000.00 | USD | 932 830.20 | 26.3.2021 | 3 817.35 | 0.01 |
| RUB | 37 400 000.00 | USD | 503 679.96 | 26.3.2021 | -8 998.43 | -0.01 |
| USD | 946 344.98 | TWD | 26 280 000.00 | 26.3.2021 | 1 744.14 | 0.00 |
| EUR | 52 502.03 | GBP | 46 500.00 | 19.3.2021 | -16.66 | 0.00 |
| EUR | 52 539.52 | GBP | 46 500.00 | 4.2.2021 | -16.25 | 0.00 |
| Total des Contrats de change à terme | 108 916.49 | 0.10 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 3 067 681.38 | 2.94 |
| Crédit en compte courant et autres engagements à court terme | -0.61 | 0.00 |
| Autres actifs et passifs | 218 487.36 | 0.21 |
| Total de l’Actif net | 104 502 502.48 | 100.00 |

UBS (Lux) Strategy Fund – Fixed Income (EUR)
Rapport annuel et états financiers révisés au 31 janvier 2021