# UBS (Lux) SICAV 1
– Medium Term USD Corporate Bonds (USD)
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 30.9.2019 | 30.9.2018 | 30.9.2017 |
| Net assets in USD |  | 220 995 279.36 | 137 540 876.94 | 181 859 230.39 |
| Class F-acc | LU1008479229 |  |  |  |
| Shares outstanding |  | 889 872.8810 | 972 812.3170 | 1 346 438.8940 |
| Net asset value per share in USD |  | 115.70 | 108.43 | 108.22 |
| Issue and redemption price per share in USD 1 |  | 115.70 | 108.43 | 108.22 |
| Class (CHF hedged) F-acc | LU1008479575 |  |  |  |
| Shares outstanding |  | 587 230.0000 | 221 870.0000 | 223 870.0000 |
| Net asset value per share in CHF |  | 103.24 | 100.08 | 102.88 |
| Issue and redemption price per share in CHF 1 |  | 103.24 | 100.08 | 102.88 |
| Class (SGD hedged) F-acc 2 | LU1008479906 |  |  |  |
| Shares outstanding |  | - | 2 576.0000 | 4 993.0000 |
| Net asset value per share in SGD |  | - | 108.40 | 108.82 |
| Issue and redemption price per share in SGD 1 |  | - | 108.40 | 108.82 |
| Class F-UKdist | LU1008479492 |  |  |  |
| Shares outstanding |  | 326 780.0000 | 49 030.0000 | 59 730.0310 |
| Net asset value per share in USD |  | 99.17 | 96.06 | 99.29 |
| Issue and redemption price per share in USD 1 |  | 99.17 | 96.06 | 99.29 |
| Class (CHF hedged) F-UKdist | LU1008479658 |  |  |  |
| Shares outstanding |  | 9 400.0000 | 9 400.0000 | 13 505.0030 |
| Net asset value per share in CHF |  | 88.17 | 88.39 | 94.05 |
| Issue and redemption price per share in CHF 1 |  | 88.17 | 88.39 | 94.05 |
| Class (GBP hedged) F-UKdist | LU1008479815 |  |  |  |
| Shares outstanding |  | 23 498.9770 | 29 121.9370 | 35 656.4800 |
| Net asset value per share in GBP |  | 95.07 | 93.78 | 98.26 |
| Issue and redemption price per share in GBP 1 |  | 95.07 | 93.78 | 98.26 |
| Class U-X-acc 3 | LU2007311660 |  |  |  |
| Shares outstanding |  | 2 093.9720 | - | - |
| Net asset value per share in USD |  | 10 148.68 | - | - |
| Issue and redemption price per share in USD 1 |  | 10 148.68 | - | - |
| 1  See note 1 2  The share class (SGD hedged) F-acc was in circulation until 29.1.2019 3  First NAV: 20.6.2019 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class F-acc | USD | 6.7% | 0.2% | 2.3% |
| Class (CHF hedged) F-acc | CHF | 3.2% | -2.7% | -0.0% |
| Class (SGD hedged) F-acc 1 | SGD | - | -0.4% | 1.8% |
| Class F-UKdist | USD | 6.7% | 0.2% | 2.3% |
| Class (CHF hedged) F-UKdist | CHF | 3.2% | -2.7% | 0.0% |
| Class (GBP hedged) F-UKdist | GBP | 4.9% | -1.3% | 1.3% |
| Class U-X-acc 2 | USD | - | - | - |

1 
The share class (SGD hedged) F-acc was in circulation until 29.1.2019. Due to this fact, there is no data for the calculation of the performance available.
2 
Due to the recent launch, there is no data for the calculation of the performance available.
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 shares. The performance data were not audited.
The subfund has no benchmark.
UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Annual Report as of 30 September 2019

### Report of the Portfolio Manager
In the reporting year, from 1 October 2018 to 30 September 2019, US Treasury yields declined, particu- larly later in the reporting year, as global growth slowed and the Fed reversed course on interest rates. The Fed increased its overnight funding rate once during the reporting year in December 2018. However, early in 2019, the Fed began to shift course and ultimately reduced rates twice near the end of the reporting year. US Trea- sury yields declined significantly as a result. US investment grade corporate credit spreads finished the reporting year slightly wider, with most of the spread widening taking place in Q4 2018, before tightening for much of 2019. Corporate fundamentals have remained stable with earn- ings trending positively, while demand for credit remains positive given expectations for declining Treasury yields and accommodative monetary policy globally.
The subfund delivered a positive performance during the reporting year. The decline in US Treasury yields had a positive impact on performance more than offsetting the negative impact from modestly wider corporate credit spreads during the reporting year. The subfund has fol- lowed a diversified approach, investing across a range of industries and issuers in the corporate bond market. The option-adjusted duration of the subfund at the end of the reporting year was lower than a year prior con- sistent with changes in the market. Both duration and spread management contributed positively relative to the performance of the US corporate bond market.
UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Annual Report as of 30 September 2019

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	75.73
| Canada | 4.80 |
| --- | --- |
| United Kingdom | 3.57 |
| The Netherlands | 3.09 |
| Australia | 2.31 |
| Japan | 1.95 |
| Ireland | 1.63 |
| Guernsey | 1.38 |
| Spain | 0.97 |
| Saudi Arabia | 0.91 |
| France | 0.70 |
| China | 0.47 |
| Finland | 0.46 |
| South Korea | 0.46 |
| Luxembourg | 0.35 |
| Mexico | 0.23 |
| Total | 99.01 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 27.58 |
| --- | --- |
| Finance & holding companies | 24.47 |
| Telecommunications | 5.28 |
| Petroleum | 4.96 |
| Pharmaceuticals, cosmetics & medical products | 4.70 |
| Energy & water supply | 3.89 |
| Computer hardware & network equipment providers | 3.38 |
| Insurance | 3.31 |
| Tobacco & alcohol | 2.14 |
| Healthcare & social services | 1.89 |
| Graphic design, publishing & media | 1.81 |
| Mining, coal & steel | 1.53 |
| Lodging, catering & leisure | 1.42 |
| Traffic & transportation | 1.39 |
| Vehicles | 1.36 |
| Internet, software & IT services | 1.32 |
| Retail trade, department stores | 1.15 |
| Building industry & materials | 1.09 |
| Chemicals | 1.02 |
| Food & soft drinks | 0.92 |
| Biotechnology | 0.92 |
| Electronics & semiconductors | 0.74 |
| Real Estate | 0.62 |
| Miscellaneous unclassified companies | 0.52 |
| Aerospace industry | 0.48 |
| Agriculture & fishery | 0.46 |
| Electrical devices & components | 0.36 |
| Miscellaneous services | 0.30 |
| Total | 99.01 |


### Statement of Net Assets
Assets	30.9.2019
USD
Investments in securities, cost	214 767 810.40
| Investments in securities, unrealized appreciation (depreciation) | 	4 047 660.29	 |
| --- | --- |
| Total investments in securities (Note 1) | 218 815 470.69 |
| Cash at banks, deposits on demand and deposit accounts | 1 128 724.05 |
| Other liquid assets (Margins) | 27 577.80 |
| Receivable on subscriptions | 90 772.60 |
| Interest receivable on securities | 1 820 812.68 |
| Other receivables | 42 660.93 |
| Unrealized gain (loss) on financial futures (Note 1) | -25 234.40 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -240 966.50 |
| Total Assets | 221 659 817.85 |
|  |  |
| Liabilities |  |
| Bank overdraft | -9.55 |
| Payable on redemptions | -607 144.76 |
| Provisions for flat fee (Note 2) | -20 795.84 |
| Provisions for taxe d’abonnement (Note 3) | -5 584.89 |
| Provisions for other commissions and fees (Note 2) | 	-31 003.45	 |
| Total provisions | -57 384.18 |
| Total Liabilities | -664 538.49 |
|  |  |
| Net assets at the end of the financial year | 220 995 279.36 |
| Statement of Operations | USD |
| Income | 1.10.2018-30.9.2019 |
| Interest on liquid assets | 79 556.49 |
| Interest on securities | 5 874 526.52 |
| Income on securities lending (Note 14) | 6 971.87 |
| Other income (Note 4) | 278 262.31 |
| Total income | 6 239 317.19 |
|  |  |
| Expenses |  |
| Cost on securities lending (Note 14) | -2 788.75 |
| Flat fee (Note 2) | -442 489.23 |
| Taxe d’abonnement (Note 3) | -19 462.26 |
| Other commissions and fees (Note 2) | -53 485.97 |
| Interest on cash and bank overdraft | -920.73 |
| Total expenses | -519 146.94 |
|  |  |
| Net income (loss) on investments | 5 720 170.25 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -227 520.42 |
| Realized gain (loss) on financial futures | -12 469.00 |
| Realized gain (loss) on forward foreign exchange contracts | -2 091 101.74 |
| Realized gain (loss) on foreign exchange | 87 792.97 |
| Total realized gain (loss) | -2 243 298.19 |
|  |  |
| Net realized gain (loss) of the financial year | 3 476 872.06 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 6 781 273.87 |
| Unrealized appreciation (depreciation) on financial futures | -19 687.60 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 46 846.86 |
| Total changes in unrealized appreciation (depreciation) | 6 808 433.13 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 10 285 305.19 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Annual Report as of 30 September 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.10.2018-30.9.2019 |
| Net assets at the beginning of the financial year |  | 137 540 876.94 |
| Subscriptions |  | 134 254 988.43 |
| Redemptions |  | 	-60 785 819.51	 |
| Total net subscriptions (redemptions) |  | 73 469 168.92 |
| Dividend paid |  | -300 071.69 |
| Net income (loss) on investments |  | 5 720 170.25 |
| Total realized gain (loss) |  | -2 243 298.19 |
| Total changes in unrealized appreciation (depreciation) |  | 	6 808 433.13	 |
| Net increase (decrease) in net assets as a result of operations |  | 10 285 305.19 |
| Net assets at the end of the financial year |  | 220 995 279.36 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.10.2018-30.9.2019 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 972 812.3170 |
| Number of shares issued |  | 364 309.5100 |
| Number of shares redeemed |  | -447 248.9460 |
| Number of shares outstanding at the end of the financial year |  | 889 872.8810 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 221 870.0000 |
| Number of shares issued |  | 373 000.0000 |
| Number of shares redeemed |  | -7 640.0000 |
| Number of shares outstanding at the end of the financial year |  | 587 230.0000 |
| Class |  | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 2 576.0000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -2 576.0000 |
| Number of shares outstanding at the end of the financial year |  | 0.0000 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 49 030.0000 |
| Number of shares issued |  | 368 330.0000 |
| Number of shares redeemed |  | -90 580.0000 |
| Number of shares outstanding at the end of the financial year |  | 326 780.0000 |
| Class |  | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 9 400.0000 |
| Number of shares issued |  | 100.0000 |
| Number of shares redeemed |  | -100.0000 |
| Number of shares outstanding at the end of the financial year |  | 9 400.0000 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 29 121.9370 |
| Number of shares issued |  | 1 351.0000 |
| Number of shares redeemed |  | -6 973.9600 |
| Number of shares outstanding at the end of the financial year |  | 23 498.9770 |
| Class |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  | 0.0000 |
| Number of shares issued |  | 2 093.9720 |
| Number of shares redeemed |  | 0.0000 |
| Number of shares outstanding at the end of the financial year |  | 2 093.9720 |
| Distribution 1 |  |  |
| UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	15.10.2018 | 18.10.2018 | USD	3.11 |
| (CHF hedged) F-UKdist	15.10.2018 | 18.10.2018 | CHF	2.91 |
| (GBP hedged) F-UKdist	15.10.2018 | 18.10.2018 | GBP	3.16 |
| 1  See note 5 |  |  |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Annual Report as of 30 September 2019

### Statement of Investments in Securities and other Net Assets as of 30 September 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 Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 2.30000% 16-14.05.21 | 1 500 000.00 | 1 502 890.65 | 0.68 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 5.00000% 15-01.10.21 | 2 000 000.00 | 2 102 810.00 | 0.95 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 650 000.00 | 657 072.00 | 0.30 |
| USD	ALLERGAN FUNDING SCS 3.45000% 15-15.03.22 | 750 000.00 | 768 585.75 | 0.35 |
| USD	ALTRIA GROUP INC 3.49000% 19-14.02.22 | 1 500 000.00 | 1 538 858.10 | 0.70 |
| USD	AMERICA MOVIL SAB DE CV 5.00000% 10-30.03.20 | 500 000.00 | 505 625.00 | 0.23 |
| USD	AMGEN INC 2.70000% 15-01.05.22 | 2 000 000.00 | 2 029 684.80 | 0.92 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15000% 19-23.01.25 | 2 000 000.00 | 2 184 392.60 | 0.99 |
| USD	ANTHEM INC 3.70000% 11-15.08.21 | 1 500 000.00 | 1 536 244.95 | 0.70 |
| USD	AON PLC 2.80000% 15-15.03.21 | 2 000 000.00 | 2 014 891.60 | 0.91 |
| USD	APPLE INC 2.40000% 17-13.01.23 | 2 000 000.00 | 2 032 509.20 | 0.92 |
| USD	AT&T INC 2.62500% 12-01.12.22 | 2 000 000.00 | 2 021 783.60 | 0.91 |
| USD	AT&T INC 3.40000% 15-15.05.25 | 2 000 000.00 | 2 086 689.40 | 0.94 |
| USD	BAIDU INC 2.87500% 17-06.07.22 | 392 000.00 | 393 736.56 | 0.18 |
| USD	BANK OF NOVA SCOTIA-SUB 4.50000% 15-16.12.25 | 5 000 000.00 | 5 438 662.00 | 2.46 |
| USD	CIGNA CORP 3.75000% 19-15.07.23 | 1 000 000.00 | 1 047 176.30 | 0.47 |
| USD	COMCAST CORP 3.70000% 18-15.04.24 | 2 000 000.00 | 2 132 628.60 | 0.97 |
| USD	CONSTELLATION BRANDS INC 2.70000% 17-09.05.22 | 1 000 000.00 | 1 012 608.30 | 0.46 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 3.45000% 16-16.04.21 | 3 000 000.00 | 3 049 422.00 | 1.38 |
| USD	CVS HEALTH CORP 3.70000% 18-09.03.23 | 2 000 000.00 | 2 081 876.00 | 0.94 |
| USD	DTE ENERGY CO 3.30000% 15-15.06.22 | 2 955 000.00 | 3 028 178.50 | 1.37 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 3.50000% 18-01.02.22 | 1 000 000.00 | 1 032 570.80 | 0.47 |
| USD	EXELON CORP 2.85000% 15-15.06.20 | 1 000 000.00 | 1 004 182.30 | 0.45 |
| USD	FIFTH THIRD BANCORP 3.65000% 19-25.01.24 | 1 500 000.00 | 1 581 179.70 | 0.72 |
| USD	GE CAPITAL INTL FUNDING CO 2.34200% 16-15.11.20 | 1 500 000.00 | 1 496 381.34 | 0.68 |
| USD	GENERAL MILLS INC 3.20000% 18-16.04.21 | 1 000 000.00 | 1 015 330.20 | 0.46 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.20000% 16-01.03.21 | 4 500 000.00 | 4 596 901.20 | 2.08 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.20000% 18-23.02.23 | 2 000 000.00 | 2 053 506.80 | 0.93 |
| USD	GOLDMAN SACHS GROUP INC 2.35000% 16-15.11.21 | 3 000 000.00 | 3 003 150.00 | 1.36 |
| USD	HCA INC 4.75000% 12-01.05.23 | 1 000 000.00 | 1 071 137.60 | 0.48 |
| USD	HEWLETT-PACKARD CO 3.75000% 10-01.12.20 | 314 000.00 | 319 152.27 | 0.14 |
| USD	HSBC HOLDINGS PLC 2.95000% 16-25.05.21 | 3 500 000.00 | 3 536 047.55 | 1.60 |
| USD	INDIANA MICHIGAN POWER CO 3.20000% 13-15.03.23 | 2 000 000.00 | 2 066 430.60 | 0.93 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 3.00000% 19-15.05.24 | 2 000 000.00 | 2 073 612.80 | 0.94 |
| USD	JOHN DEERE CAPITAL CORP 3.65000% 18-12.10.23 | 1 000 000.00 | 1 065 401.20 | 0.48 |
| USD	JPMORGAN CHASE & CO 3.20000% 13-25.01.23 | 2 500 000.00 | 2 581 846.00 | 1.17 |
| USD	JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 2 000 000.00 | 2 128 049.00 | 0.96 |
| USD	KIA MOTORS CORP-144A 3.00000% 17-25.04.23 | 1 000 000.00 | 1 007 812.50 | 0.46 |
| USD	KINDER MORGAN ENERGY PARTNERS LP 3.45000% 12-15.02.23 | 1 000 000.00 | 1 030 265.70 | 0.47 |
| USD	LLOYDS BANKING GROUP PLC 3.00000% 17-11.01.22 | 1 000 000.00 | 1 010 251.50 | 0.46 |
| USD	MARATHON PETROLEUM CORP 3.40000% 15-15.12.20 | 2 500 000.00 | 2 527 597.25 | 1.14 |
| USD	MGM RESORTS INTL 7.75000% 12-15.03.22 | 1 000 000.00 | 1 118 760.00 | 0.51 |
| USD	MITSUBISHI UFJ FINANCIAL GROUP INC 3.21800% 19-07.03.22 | 3 000 000.00 | 3 060 480.00 | 1.38 |
| USD	MIZUHO FINANCIAL GROUP INC 2.60100% 17-11.09.22 | 1 250 000.00 | 1 255 712.50 | 0.57 |
| USD	MORGAN STANLEY-SUB 4.87500% 12-01.11.22 | 4 000 000.00 | 4 289 797.60 | 1.94 |
| USD	NOBLE ENERGY INC 3.90000% 14-15.11.24 | 500 000.00 | 524 156.65 | 0.24 |
| USD	NOKIA OYJ 3.37500% 17-12.06.22 | 1 000 000.00 | 1 015 000.00 | 0.46 |
| USD	ORACLE CORP 2.40000% 16-15.09.23 | 1 500 000.00 | 1 518 527.70 | 0.69 |
| USD	PNC BANK NATIONAL ASSOCIATION 3.30000% 14-30.10.24 | 2 000 000.00 | 2 099 237.40 | 0.95 |
| USD	QUALCOMM INC 3.00000% 15-20.05.22 | 750 000.00 | 768 841.80 | 0.35 |
| USD	SANTANDER UK GROUP HOLD PLC 2.87500% 16-05.08.21 | 560 000.00 | 562 000.32 | 0.25 |
| USD	SHERWIN-WILLIAMS CO 2.75000% 17-01.06.22 | 900 000.00 | 912 151.98 | 0.41 |
| USD	SOUTHERN CO 2.35000% 16-01.07.21 | 2 500 000.00 | 2 507 818.00 | 1.13 |
| USD	SOUTHWEST AIRLINES CO 2.75000% 17-16.11.22 | 500 000.00 | 506 828.75 | 0.23 |
| USD	STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 1 000 000.00 | 1 047 500.00 | 0.47 |
| USD	SUNTRUST BANKS INC 2.90000% 16-03.03.21 | 712 000.00 | 719 422.46 | 0.33 |
| USD	SYNGENTA FINANCE NV-144A 3.93300% 18-23.04.21 | 500 000.00 | 509 159.20 | 0.23 |
| USD	TELEFONICA EMISIONES SA 4.57000% 13-27.04.23 | 2 000 000.00 | 2 155 694.80 | 0.98 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 2.20000% 16-21.07.21 | 1 250 000.00 | 1 144 531.25 | 0.52 |
| USD	TOTAL CAPITAL CANADA LTD 2.75000% 13-15.07.23 | 1 065 000.00 | 1 094 445.12 | 0.50 |
| USD	UNITED TECHNOLOGIES CORP 3.65000% 18-16.08.23 | 1 000 000.00 | 1 058 231.70 | 0.48 |
| USD	UNITEDHEALTH GROUP INC 3.50000% 18-15.06.23 | 1 500 000.00 | 1 572 907.95 | 0.71 |
| USD	VEREIT OPERATING PARTNERSHIP LP 4.12500% 16-01.06.21 | 1 000 000.00 | 1 026 235.20 | 0.46 |
| USD	VERIZON COMMUNICATIONS INC 3.37600% 18-15.02.25 | 2 000 000.00 | 2 109 734.20 | 0.95 |
| USD	VMWARE INC 2.95000% 17-21.08.22 | 1 000 000.00 | 1 014 006.30 | 0.46 |
| USD	WALGREENS BOOTS ALLIANCE INC 3.80000% 14-18.11.24 | 1 000 000.00 | 1 054 583.70 | 0.48 |
| USD	WALT DISNEY CO 1.75000% 19-30.08.24 | 2 000 000.00 | 1 977 646.40 | 0.89 |
| USD	WELLS FARGO & CO 2.10000% 16-26.07.21 | 2 000 000.00 | 1 997 982.88 | 0.90 |
| USD	WELLS FARGO & CO-SUB 4.12500% 13-15.08.23 | 3 500 000.00 | 3 714 290.30 | 1.68 |
| USD	WESTPAC BANKING CORP 2.10000% 16-13.05.21 | 2 500 000.00 | 2 497 750.00 | 1.13 |
| USD	WESTPAC BANKING CORP 3.30000% 19-26.02.24 | 1 000 000.00 | 1 045 540.00 | 0.47 |
| Total USD |  | 121 246 106.38 | 54.86 |
| Total Notes, fixed rate |  | 121 246 106.38 | 54.86 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	CITIGROUP INC 2.876%/VAR 17-24.07.23 | 1 000 000.00 | 1 012 740.40 | 0.46 |
| Total USD |  | 1 012 740.40 | 0.46 |
| Total Notes, floating rate |  | 1 012 740.40 | 0.46 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Annual Report as of 30 September 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | DEUTSCHE BANK AG/NEW YORK NY 3.12500% 18-13.01.21 | 3 000 000.00 | 3 005 471.10 | 1.36 |
| USD | SAUDI ARABIAN OIL CO-144A 2.87500% 19-16.04.24 | 2 000 000.00 | 2 022 000.00 | 0.91 |
| USD | SOCIETE GENERALE-144A 3.25000% 17-12.01.22 | 500 000.00 | 508 533.95 | 0.23 |
| Total USD |  |  | 5 536 005.05 | 2.50 |
| Total Medium term notes, fixed rate |  | 5 536 005.05 | 2.50 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 2.80000% 18-15.02.21 | 1 000 000.00 | 1 009 521.10 | 0.46 |
| USD	HCP INC 4.00000% 15-01.12.22 | 333 000.00 | 348 672.21 | 0.16 |
| USD	JPMORGAN CHASE & CO 3.87500% 14-01.02.24 | 2 000 000.00 | 2 130 939.60 | 0.96 |
| USD	PNC BANK NATIONAL ASSOCIATION-SUB 2.70000% 12-01.11.22 | 3 000 000.00 | 3 043 432.80 | 1.38 |
| USD	WILLIAMS COS INC/THE 3.60000% 15-15.03.22 | 475 000.00 | 487 910.74 | 0.22 |
| Total USD |  | 7 020 476.45 | 3.18 |
| Total Bonds, fixed rate |  | 7 020 476.45 | 3.18 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 134 815 328.28 | 61.00 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 2.90000% 13-06.11.22 | 2 000 000.00 | 2 038 341.60 | 0.92 |
| USD	ADT CORP 3.50000% 13-15.07.22 | 1 000 000.00 | 1 003 750.00 | 0.45 |
| USD	ALLERGAN FINANCE LLC 3.25000% 12-01.10.22 | 1 480 000.00 | 1 511 627.60 | 0.68 |
| USD	AMAZON.COM INC 2.40000% 18-22.02.23 | 1 500 000.00 | 1 524 604.65 | 0.69 |
| USD	AMERICAN EXPRESS CO 2.50000% 17-01.08.22 | 2 000 000.00 | 2 020 077.00 | 0.91 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 3.75000% 17-10.04.22 | 750 000.00 | 770 103.75 | 0.35 |
| USD	AXA EQUITABLE HOLDINGS INC 3.90000% 19-20.04.23 | 500 000.00 | 521 868.60 | 0.24 |
| USD	BROADCOM INC-144A 3.62500% 19-15.10.24 | 1 500 000.00 | 1 525 115.55 | 0.69 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.75000% 15-15.02.26 | 2 000 000.00 | 2 114 000.00 | 0.96 |
| USD	CCO LLC/CAPITAL 4.46400% 16-23.07.22 | 750 000.00 | 789 615.68 | 0.36 |
| USD	CF INDUSTRIES INC 7.12500% 10-01.05.20 | 446 000.00 | 458 265.00 | 0.21 |
| USD	CF INDUSTRIES INC-144A 3.40000% 16-01.12.21 | 750 000.00 | 763 034.70 | 0.34 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.20000% 16-30.10.21 | 2 000 000.00 | 1 995 177.88 | 0.90 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 4.42000% 16-15.06.21 | 2 500 000.00 | 2 577 769.25 | 1.17 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 6.02000% 16-15.06.26 | 700 000.00 | 787 205.16 | 0.36 |
| USD	DEUTSCHE TELEKOM INTL FINANCE BV-144A 2.82000% 17-19.01.22 | 2 000 000.00 | 2 023 662.00 | 0.91 |
| USD	DUKE ENERGY CORP 3.05000% 12-15.08.22 | 3 704 000.00 | 3 791 890.73 | 1.71 |
| USD	ELANCO ANIMAL HEALTH INC 4.27200% 19-28.08.23 | 2 000 000.00 | 2 099 560.20 | 0.95 |
| USD	ENBRIDGE ENERGY PARTNERS LP 4.20000% 11-15.09.21 | 470 000.00 | 484 095.07 | 0.22 |
| USD	ENEL FINANCE INTERNATIONAL NV-144A 2.87500% 17-25.05.22 | 1 500 000.00 | 1 519 829.25 | 0.69 |
| USD	ERAC USA FINANCE LLC-144A 2.70000% 16-01.11.23 | 1 000 000.00 | 1 012 586.00 | 0.46 |
| USD	GENERAL MILLS INC 3.15000% 11-15.12.21 | 1 000 000.00 | 1 020 254.10 | 0.46 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 000 000.00 | 1 048 953.10 | 0.47 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 1 000 000.00 | 1 019 608.60 | 0.46 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.20 | 1 500 000.00 | 1 519 316.25 | 0.69 |
| USD	KEYBANK NA/CLEVELAND OH 2.30000% 17-14.09.22 | 2 000 000.00 | 2 010 554.60 | 0.91 |
| USD	KROGER CO 2.80000% 17-01.08.22 | 1 000 000.00 | 1 017 511.80 | 0.46 |
| USD	LENNAR CORP 2.95000% 18-29.11.20 | 500 000.00 | 500 625.00 | 0.23 |
| USD	LEVEL 3 FINANCING INC 5.62500% 15-01.02.23 | 1 000 000.00 | 1 012 500.00 | 0.46 |
| USD	LINCOLN NATIONAL CORP 4.00000% 13-01.09.23 | 2 000 000.00 | 2 118 571.00 | 0.96 |
| USD	MARATHON OIL CORP 2.80000% 12-01.11.22 | 2 000 000.00 | 2 012 409.80 | 0.91 |
| USD	MASSMUTUAL GLOBAL FUNDING II-144A 2.50000% 12-17.10.22 | 500 000.00 | 505 864.75 | 0.23 |
| USD	MORGAN STANLEY 3.70000% 14-23.10.24 | 2 960 000.00 | 3 134 257.57 | 1.42 |
| USD	NOVA CHEMICALS CORP-144A 4.87500% 17-01.06.24 | 1 000 000.00 | 1 029 600.00 | 0.47 |
| USD	OCCIDENTAL PETROLEUM CORP 4.85000% 19-15.03.21 | 796 000.00 | 823 167.48 | 0.37 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 3.85000% 13-15.10.23 | 1 110 000.00 | 1 149 715.24 | 0.52 |
| USD	STEEL DYNAMICS INC 5.25000% 13-15.04.23 | 1 256 000.00 | 1 277 980.00 | 0.58 |
| USD	SUNCORP-METWAY LTD-144A 2.80000% 17-04.05.22 | 500 000.00 | 505 175.00 | 0.23 |
| USD	SUNOCO LOGISTICS PARTNERS OPERATIONS LP 3.45000% 13-15.01.23 | 1 000 000.00 | 1 021 756.70 | 0.46 |
| USD	UNION PACIFIC CORP 2.95000% 12-15.01.23 | 2 000 000.00 | 2 048 488.40 | 0.93 |
| USD	VITERRA INC-144A 5.95000% 10-01.08.20 | 1 000 000.00 | 1 027 890.00 | 0.46 |
| USD	WILLIAMS COS INC/THE 4.00000% 11-15.11.21 | 250 000.00 | 256 290.50 | 0.12 |
| Total USD |  | 57 392 669.56 | 25.97 |
| Total Notes, fixed rate |  | 57 392 669.56 | 25.97 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 2.738%/VAR 18-23.01.22 | 1 000 000.00 | 1 005 661.90 | 0.46 |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 2 000 000.00 | 2 042 535.00 | 0.92 |
| Total USD |  | 3 048 196.90 | 1.38 |
| Total Notes, floating rate |  | 3 048 196.90 | 1.38 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.30000% 13-11.01.23 | 2 000 000.00 | 2 066 335.80 | 0.94 |
| USD	BANK OF MONTREAL 2.50000% 19-28.06.24 | 2 000 000.00 | 2 018 404.00 | 0.91 |
| USD	MACQUARIE GROUP LTD-144A 6.25000% 11-14.01.21 | 1 000 000.00 | 1 048 780.40 | 0.47 |
| USD	WELLS FARGO & CO-SUB 3.45000% 13-13.02.23 | 2 000 000.00 | 2 065 409.00 | 0.94 |
| Total USD |  | 7 198 929.20 | 3.26 |
| Total Medium term notes, fixed rate |  | 7 198 929.20 | 3.26 |
| UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) |  |  |  |
| Annual Report as of 30 September 2019 |  |  |  |

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

Medium term notes, floating rate
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA CORP 2.369%/VAR 17-21.07.21 | 2 500 000.00 | 2 503 943.75 | 1.13 |
| Total USD |  |  | 2 503 943.75 | 1.13 |
| Total Medium term notes, floating rate |  | 2 503 943.75 | 1.13 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS 5.00000% 11-15.01.21 | 1 000 000.00 | 1 037 058.00 | 0.47 |
| USD	CAPITAL ONE BANK USA NA-SUB 3.37500% 13-15.02.23 | 2 000 000.00 | 2 060 956.20 | 0.93 |
| USD	CONTINENTAL RESOURCES INC 4.50000% 13-15.04.23 | 1 500 000.00 | 1 557 236.70 | 0.71 |
| USD	ENERGY TRANSFER OPERATING LP 4.25000% 19-15.03.23 | 1 500 000.00 | 1 567 144.80 | 0.71 |
| USD	METLIFE INC 4.36800% 13-15.09.23 | 1 500 000.00 | 1 622 055.90 | 0.73 |
| Total USD |  | 7 844 451.60 | 3.55 |
| Total Bonds, fixed rate |  | 7 844 451.60 | 3.55 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 77 988 191.01 | 35.29 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | FOX CORP-144A 4.03000% 19-25.01.24 | 1 750 000.00 | 1 860 721.10 | 0.84 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 3.35000% 19-01.09.24 | 2 000 000.00 | 2 011 400.00 | 0.91 |
| USD | MPLX LP-144A 3.50000% 19-01.12.22 | 500 000.00 | 514 190.10 | 0.23 |
| USD | NXP BV / NXP FUNDING LLC-144A 4.87500% 18-01.03.24 | 1 500 000.00 | 1 625 640.15 | 0.74 |
| USD | T-MOBILE USA INC *ESCROW* 4.00000% 17-15.04.22 | 500 000.00 | 0.05 | 0.00 |
| Total USD |  |  | 6 011 951.40 | 2.72 |
| Total Notes, fixed rate |  | 6 011 951.40 | 2.72 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 6 011 951.40 | 2.72 |
| Total investments in securities |  | 218 815 470.69 | 99.01 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | -50.00 | -25 234.40 | -0.01 |
| Total Financial Futures on bonds |  | -25 234.40 | -0.01 |
| Total Derivative instruments listed on an official stock exchange |  | -25 234.40 | -0.01 |
| Total Derivative instruments |  | -25 234.40 | -0.01 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| GBP | 2 190 500.00 | USD | 2 705 012.74 | 31.10.2019 | -2 190.15 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 59 985 000.00 | USD | 60 552 987.02 | 31.10.2019 | -238 776.35 | -0.11 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -240 966.50 | -0.11 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 156 301.85 | 0.52 |
| Bank overdraft and other short-term liabilities | -9.55 | 0.00 |
| Other assets and liabilities | 1 289 717.27 | 0.59 |
| Total net assets | 220 995 279.36 | 100.00 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Annual Report as of 30 September 2019

Translation (ENFR, 2019-09-30):
# UBS (Lux) SICAV 1
– Medium Term USD Corporate Bonds (USD)
| Comparaison sur trois ans |  |
| --- | --- |
| Date | ISIN | 30.9.2019 | 30.9.2018 | 30.9.2017 |
| Actif net en USD |  | 220 995 279.36 | 137 540 876.94 | 181 859 230.39 |
| Catégorie F-acc | LU1008479229 |  |  |  |
| Actions en circulation |  | 889 872.8810 | 972 812.3170 | 1 346 438.8940 |
| Valeur nette d’inventaire par action en USD |  | 115.70 | 108.43 | 108.22 |
| Prix d’émission et de rachat par action en USD 1 |  | 115.70 | 108.43 | 108.22 |
| Catégorie (CHF hedged) F-acc | LU1008479575 |  |  |  |
| Actions en circulation |  | 587 230.0000 | 221 870.0000 | 223 870.0000 |
| Valeur nette d’inventaire par action en CHF |  | 103.24 | 100.08 | 102.88 |
| Prix d’émission et de rachat par action en CHF 1 |  | 103.24 | 100.08 | 102.88 |
| Catégorie (SGD hedged) F-acc 2 | LU1008479906 |  |  |  |
| Actions en circulation |  | - | 2 576.0000 | 4 993.0000 |
| Valeur nette d’inventaire par action en SGD |  | - | 108.40 | 108.82 |
| Prix d’émission et de rachat par action en SGD 1 |  | - | 108.40 | 108.82 |
| Catégorie F-UKdist | LU1008479492 |  |  |  |
| Actions en circulation |  | 326 780.0000 | 49 030.0000 | 59 730.0310 |
| Valeur nette d’inventaire par action en USD |  | 99.17 | 96.06 | 99.29 |
| Prix d’émission et de rachat par action en USD 1 |  | 99.17 | 96.06 | 99.29 |
| Catégorie (CHF hedged) F-UKdist | LU1008479658 |  |  |  |
| Actions en circulation |  | 9 400.0000 | 9 400.0000 | 13 505.0030 |
| Valeur nette d’inventaire par action en CHF |  | 88.17 | 88.39 | 94.05 |
| Prix d’émission et de rachat par action en CHF 1 |  | 88.17 | 88.39 | 94.05 |
| Catégorie (GBP hedged) F-UKdist | LU1008479815 |  |  |  |
| Actions en circulation |  | 23 498.9770 | 29 121.9370 | 35 656.4800 |
| Valeur nette d’inventaire par action en GBP |  | 95.07 | 93.78 | 98.26 |
| Prix d’émission et de rachat par action en GBP 1 |  | 95.07 | 93.78 | 98.26 |
| Catégorie U-X-acc 3 | LU2007311660 |  |  |  |

| 2 093.9720 | - | - |
| --- | --- | --- |
| 10 148.68 | - | - |
| SD 1	 10 148.68	-	- |

Actions en circulation
Valeur nette d’inventaire par action en USD Prix d’émission et de rachat par action en U
| 1  Voir note 1 2  La catégorie d’actions (SGD hedged) F-acc était en circulation jusqu’au 29.1.2019 3  Première VNI 20.6.2019 |  |
| --- | --- |
| Performance |
|  | Devise | 2018/2019 | 2017/2018 | 2016/2017 |
| Catégorie F-acc | USD | 6.7% | 0.2% | 2.3% |
| Catégorie (CHF hedged) F-acc | CHF | 3.2% | -2.7% | -0.0% |
| Catégorie (SGD hedged) F-acc 1 | SGD | - | -0.4% | 1.8% |
| Catégorie F-UKdist | USD | 6.7% | 0.2% | 2.3% |
| Catégorie (CHF hedged) F-UKdist | CHF | 3.2% | -2.7% | 0.0% |
| Catégorie (GBP hedged) F-UKdist | GBP | 4.9% | -1.3% | 1.3% |
| Catégorie U-X-acc 2 | USD | - | - | - |

1 
La catégorie d’actions (SGD hedged) F-acc était en circulation jusqu’au 29.1.2019. Dès lors, aucune donnée n’est disponible pour calculer la performance.
2 
Aucune donnée n’est disponible pour calculer la performance du fonds vu son lancement récent.
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 actions. Les données de performance ne sont pas auditées.
Le compartiment n’a pas d’indice de référence.
UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Rapport annuel au 30 septembre 2019

### Rapport du Gestionnaire de portefeuille
Au cours de l’exercice sous revue, du 1
er 
octobre 2018 au 30 septembre 2019, les rendements des bons du Trésor américain ont diminué, en particulier en fin d’exercice, en raison du ralentissement de la croissance mondiale et du changement de politique de la Réserve fédérale (Fed) en matière de taux d’intérêt. Cette dernière a augmenté son taux de financement au jour le jour une fois au cours de la période, en décembre 2018. Cependant, début 2019, la Fed a commencé à changer de cap pour fina- lement réduire les taux deux fois vers la fin de l’exercice sous revue. En conséquence, les rendements des bons du Trésor américain ont considérablement diminué. Les écarts de crédit des obligations d’entreprises américaines de premier ordre se sont légèrement accrus sur l’exercice, l’essentiel de la progression intervenant au quatrième tri- mestre 2018, avant de se resserrer pendant une grande partie de 2019. Les fondamentaux des entreprises sont restés stables avec une tendance positive des bénéfices, tandis que la demande de crédit restait favorable, compte tenu des attentes de baisse des rendements des bons du Trésor et de politique monétaire accommodante au niveau mondial.
Le compartiment a enregistré une performance positive au cours de l’exercice sous revue. La baisse des rendements des bons du Trésor américain a stimulé la performance, ce qui a plus que compensé l’impact négatif de la légère aug- mentation des écarts de crédit des entreprises au cours de la période. Le compartiment a adopté une approche diver- sifiée en investissant dans une grande variété de secteurs et d’émetteurs sur le marché des obligations d’entreprises. La duration du compartiment ajustée des options à la fin de l’exercice sous revue s’est avérée inférieure à celle de l’exercice précédent, conformément à l’évolution du mar- ché. La gestion de la duration et celle des écarts ont toutes deux contribué positivement, par rapport à la performance du marché des obligations d’entreprises américaines.

### Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	75.73
| Canada | 4.80 |
| --- | --- |
| Grande-Bretagne | 3.57 |
| Pays-Bas | 3.09 |
| Australie | 2.31 |
| Japon | 1.95 |
| Irlande | 1.63 |
| Guernesey | 1.38 |
| Espagne | 0.97 |
| Arabie saoudite | 0.91 |
| France | 0.70 |
| Chine | 0.47 |
| Finlande | 0.46 |
| Corée du Sud | 0.46 |
| Luxembourg | 0.35 |
| Mexique | 0.23 |
| Total | 99.01 |

Répartition économique en % de l’actif net	
| Banques & instituts de crédit | 27.58 |
| --- | --- |
| Etablissements financiers et sociétés de participation | 24.47 |
| Télécommunications | 5.28 |
| Pétrole | 4.96 |
| Produits pharmaceutiques, cosmétiques & médicaux | 4.70 |
| Distribution d’énergie & d’eau | 3.89 |
| Equipement informatique et de réseau | 3.38 |
| Assurances | 3.31 |
| Tabac et boissons alcoolisées | 2.14 |
| Soins de santé & services sociaux | 1.89 |
| Industrie graphique, édition et médias | 1.81 |
| Industrie minière, charbon et acier | 1.53 |
| Restauration et loisirs | 1.42 |
| Trafic et transport | 1.39 |
| Véhicules | 1.36 |
| Internet, logiciels et services informatiques | 1.32 |
| Commerce de détail, centres commerciaux | 1.15 |
| Bâtiment et matériaux de construction | 1.09 |
| Chimie | 1.02 |
| Alimentation & softs | 0.92 |
| Biotechnologie | 0.92 |
| Electronique et semi-conducteurs | 0.74 |
| Immobilier | 0.62 |
| Diverses sociétés non classées | 0.52 |
| Industrie aéronautique et spatiale | 0.48 |
| Agriculture et pêche | 0.46 |
| Appareils et composants électriques | 0.36 |
| Services divers | 0.30 |
| Total | 99.01 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Rapport annuel au 30 septembre 2019

### Etat des actifs nets
Actif	30.9.2019
USD
Portefeuille-titres, cours d’achat	214 767 810.40
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	4 047 660.29	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 218 815 470.69 |
| Avoirs en banque, dépôts à vue et à terme | 1 128 724.05 |
| Autres liquidités (marges) | 27 577.80 |
| Créances sur souscriptions | 90 772.60 |
| Intérêts à recevoir sur titres | 1 820 812.68 |
| Autres créances | 42 660.93 |
| Bénéfice/(perte) non réalisé(e) sur contrats financiers à terme (note 1) | -25 234.40 |
| Bénéfice/(perte) non réalisé(e) sur contrats de change à terme (note 1) | -240 966.50 |
| Total de l’Actif | 221 659 817.85 |
|  |  |
| Passif |  |
| Crédit en compte courant | -9.55 |
| Engagements sur rachats | -607 144.76 |
| Provisions pour commission de gestion forfaitaire (note 2) | -20 795.84 |
| Provisions pour taxe d’abonnement (note 3) | -5 584.89 |
| Provisions pour autres commissions et frais (note 2) | 	-31 003.45	 |
| Total des Provisions pour frais | -57 384.18 |
| Total du Passif | -664 538.49 |
|  |  |
| Actif net à la fin de l’exercice | 220 995 279.36 |
| Etat des opérations | USD |
| Revenus | 1.10.2018-30.9.2019 |
| Revenus d’intérêts sur liquidités | 79 556.49 |
| Intérêts sur titres | 5 874 526.52 |
| Revenus sur prêts de titres (note 14) | 6 971.87 |
| Autres revenus (note 4) | 278 262.31 |
| Total des Revenus | 6 239 317.19 |
|  |  |
| Charges |  |
| Frais sur prêts de titres (note 14) | -2 788.75 |
| Commission de gestion forfaitaire (note 2) | -442 489.23 |
| Taxe d’abonnement (note 3) | -19 462.26 |
| Autres commissions et frais (note 2) | -53 485.97 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -920.73 |
| Total des Charges | -519 146.94 |
|  |  |
| Revenus/pertes net(te)s de placements | 5 720 170.25 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -227 520.42 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -12 469.00 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -2 091 101.74 |
| Bénéfice/(perte) de change réalisé(e) | 87 792.97 |
| Total des Bénéfices/(pertes) réalisé(e)s | -2 243 298.19 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 3 476 872.06 |
|  |  |
| 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 | 6 781 273.87 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | -19 687.60 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 46 846.86 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 6 808 433.13 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 10 285 305.19 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Rapport annuel au 30 septembre 2019
| Fluctuations de l’actif net |  |
| --- | --- |
|  |  | USD |
|  |  | 1.10.2018-30.9.2019 |
| Actif net au début de l’exercice |  | 137 540 876.94 |
| Souscriptions |  | 134 254 988.43 |
| Rachats |  | 	-60 785 819.51	 |
| Total des Entrées/(sorties) de capitaux |  | 73 469 168.92 |
| Dividendes versés |  | -300 071.69 |
| Revenus/pertes net(te)s de placements |  | 5 720 170.25 |
| Total des Bénéfices/(pertes) réalisé(e)s |  | -2 243 298.19 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée |  | 	6 808 433.13	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité |  | 10 285 305.19 |
| Actif net à la fin de l’exercice |  | 220 995 279.36 |
| Evolution des actions en circulation |  |  |
|  |  | 1.10.2018-30.9.2019 |
| Catégorie |  | F-acc |
| Nombre d’actions en circulation au début de l’exercice |  | 972 812.3170 |
| Nombre d’actions émises |  | 364 309.5100 |
| Nombre d’actions rachetées |  | -447 248.9460 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 889 872.8810 |
| Catégorie |  | (CHF hedged) F-acc |
| Nombre d’actions en circulation au début de l’exercice |  | 221 870.0000 |
| Nombre d’actions émises |  | 373 000.0000 |
| Nombre d’actions rachetées |  | -7 640.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 587 230.0000 |
| Catégorie |  | (SGD hedged) F-acc |
| Nombre d’actions en circulation au début de l’exercice |  | 2 576.0000 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -2 576.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 0.0000 |
| Catégorie |  | F-UKdist |
| Nombre d’actions en circulation au début de l’exercice |  | 49 030.0000 |
| Nombre d’actions émises |  | 368 330.0000 |
| Nombre d’actions rachetées |  | -90 580.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 326 780.0000 |
| Catégorie |  | (CHF hedged) F-UKdist |
| Nombre d’actions en circulation au début de l’exercice |  | 9 400.0000 |
| Nombre d’actions émises |  | 100.0000 |
| Nombre d’actions rachetées |  | -100.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 9 400.0000 |
| Catégorie |  | (GBP hedged) F-UKdist |
| Nombre d’actions en circulation au début de l’exercice |  | 29 121.9370 |
| Nombre d’actions émises |  | 1 351.0000 |
| Nombre d’actions rachetées |  | -6 973.9600 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 23 498.9770 |
| Catégorie |  | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice |  | 0.0000 |
| Nombre d’actions émises |  | 2 093.9720 |
| Nombre d’actions rachetées |  | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  | 2 093.9720 |
| Distribution 1 |  |  |
| UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)	Date de détachement | Date de versement | Devise	Montant par action |
| F-UKdist	15.10.2018 | 18.10.2018 | USD	3.11 |
| (CHF hedged) F-UKdist	15.10.2018 | 18.10.2018 | CHF	2.91 |
| (GBP hedged) F-UKdist	15.10.2018 | 18.10.2018 | GBP	3.16 |
| 1  Voir note 5 |  |  |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Rapport annuel au 30 septembre 2019

### Etat du portefeuille-titres et autres actifs nets au 30 septembre 2019
| Dénomination | Quantité/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 2.30000% 16-14.05.21 | 1 500 000.00 | 1 502 890.65 | 0.68 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 5.00000% 15-01.10.21 | 2 000 000.00 | 2 102 810.00 | 0.95 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 650 000.00 | 657 072.00 | 0.30 |
| USD	ALLERGAN FUNDING SCS 3.45000% 15-15.03.22 | 750 000.00 | 768 585.75 | 0.35 |
| USD	ALTRIA GROUP INC 3.49000% 19-14.02.22 | 1 500 000.00 | 1 538 858.10 | 0.70 |
| USD	AMERICA MOVIL SAB DE CV 5.00000% 10-30.03.20 | 500 000.00 | 505 625.00 | 0.23 |
| USD	AMGEN INC 2.70000% 15-01.05.22 | 2 000 000.00 | 2 029 684.80 | 0.92 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15000% 19-23.01.25 | 2 000 000.00 | 2 184 392.60 | 0.99 |
| USD	ANTHEM INC 3.70000% 11-15.08.21 | 1 500 000.00 | 1 536 244.95 | 0.70 |
| USD	AON PLC 2.80000% 15-15.03.21 | 2 000 000.00 | 2 014 891.60 | 0.91 |
| USD	APPLE INC 2.40000% 17-13.01.23 | 2 000 000.00 | 2 032 509.20 | 0.92 |
| USD	AT&T INC 2.62500% 12-01.12.22 | 2 000 000.00 | 2 021 783.60 | 0.91 |
| USD	AT&T INC 3.40000% 15-15.05.25 | 2 000 000.00 | 2 086 689.40 | 0.94 |
| USD	BAIDU INC 2.87500% 17-06.07.22 | 392 000.00 | 393 736.56 | 0.18 |
| USD	BANK OF NOVA SCOTIA-SUB 4.50000% 15-16.12.25 | 5 000 000.00 | 5 438 662.00 | 2.46 |
| USD	CIGNA CORP 3.75000% 19-15.07.23 | 1 000 000.00 | 1 047 176.30 | 0.47 |
| USD	COMCAST CORP 3.70000% 18-15.04.24 | 2 000 000.00 | 2 132 628.60 | 0.97 |
| USD	CONSTELLATION BRANDS INC 2.70000% 17-09.05.22 | 1 000 000.00 | 1 012 608.30 | 0.46 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 3.45000% 16-16.04.21 | 3 000 000.00 | 3 049 422.00 | 1.38 |
| USD	CVS HEALTH CORP 3.70000% 18-09.03.23 | 2 000 000.00 | 2 081 876.00 | 0.94 |
| USD	DTE ENERGY CO 3.30000% 15-15.06.22 | 2 955 000.00 | 3 028 178.50 | 1.37 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 3.50000% 18-01.02.22 | 1 000 000.00 | 1 032 570.80 | 0.47 |
| USD	EXELON CORP 2.85000% 15-15.06.20 | 1 000 000.00 | 1 004 182.30 | 0.45 |
| USD	FIFTH THIRD BANCORP 3.65000% 19-25.01.24 | 1 500 000.00 | 1 581 179.70 | 0.72 |
| USD	GE CAPITAL INTL FUNDING CO 2.34200% 16-15.11.20 | 1 500 000.00 | 1 496 381.34 | 0.68 |
| USD	GENERAL MILLS INC 3.20000% 18-16.04.21 | 1 000 000.00 | 1 015 330.20 | 0.46 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.20000% 16-01.03.21 | 4 500 000.00 | 4 596 901.20 | 2.08 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.20000% 18-23.02.23 | 2 000 000.00 | 2 053 506.80 | 0.93 |
| USD	GOLDMAN SACHS GROUP INC 2.35000% 16-15.11.21 | 3 000 000.00 | 3 003 150.00 | 1.36 |
| USD	HCA INC 4.75000% 12-01.05.23 | 1 000 000.00 | 1 071 137.60 | 0.48 |
| USD	HEWLETT-PACKARD CO 3.75000% 10-01.12.20 | 314 000.00 | 319 152.27 | 0.14 |
| USD	HSBC HOLDINGS PLC 2.95000% 16-25.05.21 | 3 500 000.00 | 3 536 047.55 | 1.60 |
| USD	INDIANA MICHIGAN POWER CO 3.20000% 13-15.03.23 | 2 000 000.00 | 2 066 430.60 | 0.93 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 3.00000% 19-15.05.24 | 2 000 000.00 | 2 073 612.80 | 0.94 |
| USD	JOHN DEERE CAPITAL CORP 3.65000% 18-12.10.23 | 1 000 000.00 | 1 065 401.20 | 0.48 |
| USD	JPMORGAN CHASE & CO 3.20000% 13-25.01.23 | 2 500 000.00 | 2 581 846.00 | 1.17 |
| USD	JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 2 000 000.00 | 2 128 049.00 | 0.96 |
| USD	KIA MOTORS CORP-144A 3.00000% 17-25.04.23 | 1 000 000.00 | 1 007 812.50 | 0.46 |
| USD	KINDER MORGAN ENERGY PARTNERS LP 3.45000% 12-15.02.23 | 1 000 000.00 | 1 030 265.70 | 0.47 |
| USD	LLOYDS BANKING GROUP PLC 3.00000% 17-11.01.22 | 1 000 000.00 | 1 010 251.50 | 0.46 |
| USD	MARATHON PETROLEUM CORP 3.40000% 15-15.12.20 | 2 500 000.00 | 2 527 597.25 | 1.14 |
| USD	MGM RESORTS INTL 7.75000% 12-15.03.22 | 1 000 000.00 | 1 118 760.00 | 0.51 |
| USD	MITSUBISHI UFJ FINANCIAL GROUP INC 3.21800% 19-07.03.22 | 3 000 000.00 | 3 060 480.00 | 1.38 |
| USD	MIZUHO FINANCIAL GROUP INC 2.60100% 17-11.09.22 | 1 250 000.00 | 1 255 712.50 | 0.57 |
| USD	MORGAN STANLEY-SUB 4.87500% 12-01.11.22 | 4 000 000.00 | 4 289 797.60 | 1.94 |
| USD	NOBLE ENERGY INC 3.90000% 14-15.11.24 | 500 000.00 | 524 156.65 | 0.24 |
| USD	NOKIA OYJ 3.37500% 17-12.06.22 | 1 000 000.00 | 1 015 000.00 | 0.46 |
| USD	ORACLE CORP 2.40000% 16-15.09.23 | 1 500 000.00 | 1 518 527.70 | 0.69 |
| USD	PNC BANK NATIONAL ASSOCIATION 3.30000% 14-30.10.24 | 2 000 000.00 | 2 099 237.40 | 0.95 |
| USD	QUALCOMM INC 3.00000% 15-20.05.22 | 750 000.00 | 768 841.80 | 0.35 |
| USD	SANTANDER UK GROUP HOLD PLC 2.87500% 16-05.08.21 | 560 000.00 | 562 000.32 | 0.25 |
| USD	SHERWIN-WILLIAMS CO 2.75000% 17-01.06.22 | 900 000.00 | 912 151.98 | 0.41 |
| USD	SOUTHERN CO 2.35000% 16-01.07.21 | 2 500 000.00 | 2 507 818.00 | 1.13 |
| USD	SOUTHWEST AIRLINES CO 2.75000% 17-16.11.22 | 500 000.00 | 506 828.75 | 0.23 |
| USD	STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 1 000 000.00 | 1 047 500.00 | 0.47 |
| USD	SUNTRUST BANKS INC 2.90000% 16-03.03.21 | 712 000.00 | 719 422.46 | 0.33 |
| USD	SYNGENTA FINANCE NV-144A 3.93300% 18-23.04.21 | 500 000.00 | 509 159.20 | 0.23 |
| USD	TELEFONICA EMISIONES SA 4.57000% 13-27.04.23 | 2 000 000.00 | 2 155 694.80 | 0.98 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 2.20000% 16-21.07.21 | 1 250 000.00 | 1 144 531.25 | 0.52 |
| USD	TOTAL CAPITAL CANADA LTD 2.75000% 13-15.07.23 | 1 065 000.00 | 1 094 445.12 | 0.50 |
| USD	UNITED TECHNOLOGIES CORP 3.65000% 18-16.08.23 | 1 000 000.00 | 1 058 231.70 | 0.48 |
| USD	UNITEDHEALTH GROUP INC 3.50000% 18-15.06.23 | 1 500 000.00 | 1 572 907.95 | 0.71 |
| USD	VEREIT OPERATING PARTNERSHIP LP 4.12500% 16-01.06.21 | 1 000 000.00 | 1 026 235.20 | 0.46 |
| USD	VERIZON COMMUNICATIONS INC 3.37600% 18-15.02.25 | 2 000 000.00 | 2 109 734.20 | 0.95 |
| USD	VMWARE INC 2.95000% 17-21.08.22 | 1 000 000.00 | 1 014 006.30 | 0.46 |
| USD	WALGREENS BOOTS ALLIANCE INC 3.80000% 14-18.11.24 | 1 000 000.00 | 1 054 583.70 | 0.48 |
| USD	WALT DISNEY CO 1.75000% 19-30.08.24 | 2 000 000.00 | 1 977 646.40 | 0.89 |
| USD	WELLS FARGO & CO 2.10000% 16-26.07.21 | 2 000 000.00 | 1 997 982.88 | 0.90 |
| USD	WELLS FARGO & CO-SUB 4.12500% 13-15.08.23 | 3 500 000.00 | 3 714 290.30 | 1.68 |
| USD	WESTPAC BANKING CORP 2.10000% 16-13.05.21 | 2 500 000.00 | 2 497 750.00 | 1.13 |
| USD	WESTPAC BANKING CORP 3.30000% 19-26.02.24 | 1 000 000.00 | 1 045 540.00 | 0.47 |
| Total USD |  | 121 246 106.38 | 54.86 |
| Total des Billets, taux fixe |  | 121 246 106.38 | 54.86 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CITIGROUP INC 2.876%/VAR 17-24.07.23 | 1 000 000.00 | 1 012 740.40 | 0.46 |
| Total USD |  | 1 012 740.40 | 0.46 |
| Total des Billets, taux variable |  | 1 012 740.40 | 0.46 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Rapport annuel au 30 septembre 2019
| Dénomination | Quantité/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	DEUTSCHE BANK AG/NEW YORK NY 3.12500% 18-13.01.21 | 3 000 000.00 | 3 005 471.10 | 1.36 |
| USD	SAUDI ARABIAN OIL CO-144A 2.87500% 19-16.04.24 | 2 000 000.00 | 2 022 000.00 | 0.91 |
| USD	SOCIETE GENERALE-144A 3.25000% 17-12.01.22 | 500 000.00 | 508 533.95 | 0.23 |
| Total USD |  | 5 536 005.05 | 2.50 |
| Total des Medium-Term Notes, taux fixe |  | 5 536 005.05 | 2.50 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 2.80000% 18-15.02.21 | 1 000 000.00 | 1 009 521.10 | 0.46 |
| USD	HCP INC 4.00000% 15-01.12.22 | 333 000.00 | 348 672.21 | 0.16 |
| USD	JPMORGAN CHASE & CO 3.87500% 14-01.02.24 | 2 000 000.00 | 2 130 939.60 | 0.96 |
| USD	PNC BANK NATIONAL ASSOCIATION-SUB 2.70000% 12-01.11.22 | 3 000 000.00 | 3 043 432.80 | 1.38 |
| USD	WILLIAMS COS INC/THE 3.60000% 15-15.03.22 | 475 000.00 | 487 910.74 | 0.22 |
| Total USD |  | 7 020 476.45 | 3.18 |
| Total des Obligations, taux fixe |  | 7 020 476.45 | 3.18 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 134 815 328.28 | 61.00 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 2.90000% 13-06.11.22 | 2 000 000.00 | 2 038 341.60 | 0.92 |
| USD	ADT CORP 3.50000% 13-15.07.22 | 1 000 000.00 | 1 003 750.00 | 0.45 |
| USD	ALLERGAN FINANCE LLC 3.25000% 12-01.10.22 | 1 480 000.00 | 1 511 627.60 | 0.68 |
| USD	AMAZON.COM INC 2.40000% 18-22.02.23 | 1 500 000.00 | 1 524 604.65 | 0.69 |
| USD	AMERICAN EXPRESS CO 2.50000% 17-01.08.22 | 2 000 000.00 | 2 020 077.00 | 0.91 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 3.75000% 17-10.04.22 | 750 000.00 | 770 103.75 | 0.35 |
| USD	AXA EQUITABLE HOLDINGS INC 3.90000% 19-20.04.23 | 500 000.00 | 521 868.60 | 0.24 |
| USD	BROADCOM INC-144A 3.62500% 19-15.10.24 | 1 500 000.00 | 1 525 115.55 | 0.69 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.75000% 15-15.02.26 | 2 000 000.00 | 2 114 000.00 | 0.96 |
| USD	CCO LLC/CAPITAL 4.46400% 16-23.07.22 | 750 000.00 | 789 615.68 | 0.36 |
| USD	CF INDUSTRIES INC 7.12500% 10-01.05.20 | 446 000.00 | 458 265.00 | 0.21 |
| USD	CF INDUSTRIES INC-144A 3.40000% 16-01.12.21 | 750 000.00 | 763 034.70 | 0.34 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.20000% 16-30.10.21 | 2 000 000.00 | 1 995 177.88 | 0.90 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 4.42000% 16-15.06.21 | 2 500 000.00 | 2 577 769.25 | 1.17 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 6.02000% 16-15.06.26 | 700 000.00 | 787 205.16 | 0.36 |
| USD	DEUTSCHE TELEKOM INTL FINANCE BV-144A 2.82000% 17-19.01.22 | 2 000 000.00 | 2 023 662.00 | 0.91 |
| USD	DUKE ENERGY CORP 3.05000% 12-15.08.22 | 3 704 000.00 | 3 791 890.73 | 1.71 |
| USD	ELANCO ANIMAL HEALTH INC 4.27200% 19-28.08.23 | 2 000 000.00 | 2 099 560.20 | 0.95 |
| USD	ENBRIDGE ENERGY PARTNERS LP 4.20000% 11-15.09.21 | 470 000.00 | 484 095.07 | 0.22 |
| USD	ENEL FINANCE INTERNATIONAL NV-144A 2.87500% 17-25.05.22 | 1 500 000.00 | 1 519 829.25 | 0.69 |
| USD	ERAC USA FINANCE LLC-144A 2.70000% 16-01.11.23 | 1 000 000.00 | 1 012 586.00 | 0.46 |
| USD	GENERAL MILLS INC 3.15000% 11-15.12.21 | 1 000 000.00 | 1 020 254.10 | 0.46 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 000 000.00 | 1 048 953.10 | 0.47 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 1 000 000.00 | 1 019 608.60 | 0.46 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.20 | 1 500 000.00 | 1 519 316.25 | 0.69 |
| USD	KEYBANK NA/CLEVELAND OH 2.30000% 17-14.09.22 | 2 000 000.00 | 2 010 554.60 | 0.91 |
| USD	KROGER CO 2.80000% 17-01.08.22 | 1 000 000.00 | 1 017 511.80 | 0.46 |
| USD	LENNAR CORP 2.95000% 18-29.11.20 | 500 000.00 | 500 625.00 | 0.23 |
| USD	LEVEL 3 FINANCING INC 5.62500% 15-01.02.23 | 1 000 000.00 | 1 012 500.00 | 0.46 |
| USD	LINCOLN NATIONAL CORP 4.00000% 13-01.09.23 | 2 000 000.00 | 2 118 571.00 | 0.96 |
| USD	MARATHON OIL CORP 2.80000% 12-01.11.22 | 2 000 000.00 | 2 012 409.80 | 0.91 |
| USD	MASSMUTUAL GLOBAL FUNDING II-144A 2.50000% 12-17.10.22 | 500 000.00 | 505 864.75 | 0.23 |
| USD	MORGAN STANLEY 3.70000% 14-23.10.24 | 2 960 000.00 | 3 134 257.57 | 1.42 |
| USD	NOVA CHEMICALS CORP-144A 4.87500% 17-01.06.24 | 1 000 000.00 | 1 029 600.00 | 0.47 |
| USD	OCCIDENTAL PETROLEUM CORP 4.85000% 19-15.03.21 | 796 000.00 | 823 167.48 | 0.37 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 3.85000% 13-15.10.23 | 1 110 000.00 | 1 149 715.24 | 0.52 |
| USD	STEEL DYNAMICS INC 5.25000% 13-15.04.23 | 1 256 000.00 | 1 277 980.00 | 0.58 |
| USD	SUNCORP-METWAY LTD-144A 2.80000% 17-04.05.22 | 500 000.00 | 505 175.00 | 0.23 |
| USD	SUNOCO LOGISTICS PARTNERS OPERATIONS LP 3.45000% 13-15.01.23 | 1 000 000.00 | 1 021 756.70 | 0.46 |
| USD	UNION PACIFIC CORP 2.95000% 12-15.01.23 | 2 000 000.00 | 2 048 488.40 | 0.93 |
| USD	VITERRA INC-144A 5.95000% 10-01.08.20 | 1 000 000.00 | 1 027 890.00 | 0.46 |
| USD	WILLIAMS COS INC/THE 4.00000% 11-15.11.21 | 250 000.00 | 256 290.50 | 0.12 |
| Total USD |  | 57 392 669.56 | 25.97 |
| Total des Billets, taux fixe |  | 57 392 669.56 | 25.97 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 2.738%/VAR 18-23.01.22 | 1 000 000.00 | 1 005 661.90 | 0.46 |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 2 000 000.00 | 2 042 535.00 | 0.92 |
| Total USD |  | 3 048 196.90 | 1.38 |
| Total des Billets, taux variable |  | 3 048 196.90 | 1.38 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.30000% 13-11.01.23 | 2 000 000.00 | 2 066 335.80 | 0.94 |
| USD	BANK OF MONTREAL 2.50000% 19-28.06.24 | 2 000 000.00 | 2 018 404.00 | 0.91 |
| USD	MACQUARIE GROUP LTD-144A 6.25000% 11-14.01.21 | 1 000 000.00 | 1 048 780.40 | 0.47 |
| USD	WELLS FARGO & CO-SUB 3.45000% 13-13.02.23 | 2 000 000.00 | 2 065 409.00 | 0.94 |
| Total USD |  | 7 198 929.20 | 3.26 |
| Total des Medium-Term Notes, taux fixe |  | 7 198 929.20 | 3.26 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD)
Rapport annuel au 30 septembre 2019
| Dénomination	Quantité/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Plus- (Moins-) value non- | des |
|  | réalisée sur Futures/ | actifs |
|  | Contrats de | nets |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |

Medium-Term Notes, taux variable
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA CORP 2.369%/VAR 17-21.07.21 | 2 500 000.00 | 2 503 943.75 | 1.13 |
| Total USD |  |  | 2 503 943.75 | 1.13 |
| Total des Medium-Term Notes, taux variable |  | 2 503 943.75 | 1.13 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS 5.00000% 11-15.01.21 | 1 000 000.00 | 1 037 058.00 | 0.47 |
| USD	CAPITAL ONE BANK USA NA-SUB 3.37500% 13-15.02.23 | 2 000 000.00 | 2 060 956.20 | 0.93 |
| USD	CONTINENTAL RESOURCES INC 4.50000% 13-15.04.23 | 1 500 000.00 | 1 557 236.70 | 0.71 |
| USD	ENERGY TRANSFER OPERATING LP 4.25000% 19-15.03.23 | 1 500 000.00 | 1 567 144.80 | 0.71 |
| USD	METLIFE INC 4.36800% 13-15.09.23 | 1 500 000.00 | 1 622 055.90 | 0.73 |
| Total USD |  | 7 844 451.60 | 3.55 |
| Total des Obligations, taux fixe |  | 7 844 451.60 | 3.55 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 77 988 191.01 | 35.29 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | FOX CORP-144A 4.03000% 19-25.01.24 | 1 750 000.00 | 1 860 721.10 | 0.84 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 3.35000% 19-01.09.24 | 2 000 000.00 | 2 011 400.00 | 0.91 |
| USD | MPLX LP-144A 3.50000% 19-01.12.22 | 500 000.00 | 514 190.10 | 0.23 |
| USD | NXP BV / NXP FUNDING LLC-144A 4.87500% 18-01.03.24 | 1 500 000.00 | 1 625 640.15 | 0.74 |
| USD | T-MOBILE USA INC *ESCROW* 4.00000% 17-15.04.22 | 500 000.00 | 0.05 | 0.00 |
| Total USD |  |  | 6 011 951.40 | 2.72 |
| Total des Billets, taux fixe |  | 6 011 951.40 | 2.72 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 6 011 951.40 | 2.72 |
| Total du Portefeuille-titres |  | 218 815 470.69 | 99.01 |
| Instruments dérivés |  |  |  |
| Instruments dérivés négociés sur une bourse officielle Contrats financiers à terme sur obligations |  |  |  |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | -50.00 | -25 234.40 | -0.01 |
| Total des Contrats financiers à terme sur obligations |  | -25 234.40 | -0.01 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -25 234.40 | -0.01 |
| Total des Instruments dérivés |  | -25 234.40 | -0.01 |
| Contrats de change à terme Contrats de change à terme (achat/vente) |  |  |  |

| GBP | 2 190 500.00 | USD | 2 705 012.74 | 31.10.2019 | -2 190.15 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 59 985 000.00 | USD | 60 552 987.02 | 31.10.2019 | -238 776.35 | -0.11 |
| Total des Contrats de change à terme (achat/vente) | -240 966.50 | -0.11 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 1 156 301.85 | 0.52 |
| Crédit en compte courant et autres engagements à court terme | -9.55 | 0.00 |
| Autres actifs et passifs | 1 289 717.27 | 0.59 |
| Total de l’Actif net | 220 995 279.36 | 100.00 |

UBS (Lux) SICAV 1 – Medium Term USD Corporate Bonds (USD) Rapport annuel au 30 septembre 2019