# UBS (Lux) Emerging Economies Fund – Global Short Term (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| Net assets in USD |  | 119 241 948.88 | 110 017 888.42 | 110 410 714.97 |
| Class (EUR hedged) F-acc 1 | LU0942711853 |  |  |  |
| Units outstanding |  | - | 4 459.0000 | 23 212.0000 |
| Net asset value per unit in EUR |  | - | 93.02 | 92.44 |
| Issue and redemption price per unit in EUR 2 |  | - | 93.02 | 92.44 |
| Class I-B-acc 3 | LU0540970182 |  |  |  |
| Units outstanding |  | - | 14 629.6300 | 36 108.5370 |
| Net asset value per unit in USD |  | - | 105.07 | 101.09 |
| Issue and redemption price per unit in USD 2 |  | - | 105.07 | 101.09 |
| Class (EUR hedged) I-B-acc 4 | LU1706618342 |  |  |  |
| Units outstanding |  | 49 950.5940 | - | 34 631.0940 |
| Net asset value per unit in EUR |  | 100.40 | - | 93.99 |
| Issue and redemption price per unit in EUR 2 |  | 100.40 | - | 93.99 |
| Class I-X-acc | LU0760909399 |  |  |  |
| Units outstanding |  | 332 110.1880 | 211 110.7640 | 81 418.4360 |
| Net asset value per unit in USD |  | 102.82 | 100.30 | 96.38 |
| Issue and redemption price per unit in USD 2 |  | 102.82 | 100.30 | 96.38 |
| Class (CHF hedged) I-X-acc 5 | LU1921469844 |  |  |  |
| Units outstanding |  | 34 155.0000 | 34 155.0000 | - |
| Net asset value per unit in CHF |  | 99.39 | 99.54 | - |
| Issue and redemption price per unit in CHF 2 |  | 99.39 | 99.54 | - |
| Class (EUR hedged) I-X-acc | LU1822788078 |  |  |  |
| Units outstanding |  | 86 475.5850 | 82 332.7120 | 64 750.0000 |
| Net asset value per unit in EUR |  | 96.20 | 96.11 | 95.21 |
| Issue and redemption price per unit in EUR 2 |  | 96.20 | 96.11 | 95.21 |
| Class (EUR hedged) K-X-acc 6 | LU1856011298 |  |  |  |
| Units outstanding |  | 18 057.6090 | 38 640.7410 | - |
| Net asset value per unit in EUR |  | 101.14 | 101.06 | - |
| Issue and redemption price per unit in EUR 2 |  | 101.14 | 101.06 | - |
| Class P-acc | LU0055660707 |  |  |  |
| Units outstanding |  | 4 038.6710 | 4 714.6860 | 7 763.3140 |
| Net asset value per unit in USD |  | 2 739.69 | 2 706.02 | 2 632.55 |
| Issue and redemption price per unit in USD 2 |  | 2 739.69 | 2 706.02 | 2 632.55 |
| Class (CHF hedged) P-acc | LU0776291733 |  |  |  |
| Units outstanding |  | 18 778.7490 | 21 636.9570 | 67 519.5350 |
| Net asset value per unit in CHF |  | 84.37 | 85.60 | 86.20 |
| Issue and redemption price per unit in CHF 2 |  | 84.37 | 85.60 | 86.20 |
| Class (EUR hedged) P-acc | LU0509218169 |  |  |  |
| Units outstanding |  | 57 672.0270 | 71 441.2360 | 103 369.9480 |
| Net asset value per unit in EUR |  | 93.67 | 94.79 | 95.08 |
| Issue and redemption price per unit in EUR 2 |  | 93.67 | 94.79 | 95.08 |
| Class P-dist | LU0512596619 |  |  |  |
| Units outstanding |  | 18 078.0380 | 17 791.0040 | 30 845.2170 |
| Net asset value per unit in USD |  | 72.24 | 73.81 | 73.49 |
| Issue and redemption price per unit in USD 2 |  | 72.24 | 73.81 | 73.49 |
| Class (CHF hedged) P-dist | LU0509218326 |  |  |  |
| Units outstanding |  | 59 595.5630 | 82 008.2330 | 99 315.3950 |
| Net asset value per unit in CHF |  | 60.79 | 63.86 | 65.87 |
| Issue and redemption price per unit in CHF 2 |  | 60.79 | 63.86 | 65.87 |
| Class (EUR hedged) P-dist | LU0509218086 |  |  |  |
| Units outstanding |  | 68 330.9870 | 73 735.2490 | 88 536.7990 |
| Net asset value per unit in EUR |  | 64.35 | 67.51 | 69.38 |
| Issue and redemption price per unit in EUR 2 |  | 64.35 | 67.51 | 69.38 |
| Class Q-acc | LU0633979975 |  |  |  |
| Units outstanding |  | 225 710.7750 | 252 675.2500 | 172 409.0500 |
| Net asset value per unit in USD |  | 99.24 | 97.48 | 94.32 |
| Issue and redemption price per unit in USD 2 |  | 99.24 | 97.48 | 94.32 |
| Class (CHF hedged) Q-acc | LU1240778008 |  |  |  |
| Units outstanding |  | 30 677.9790 | 34 808.8150 | 43 190.0850 |
| Net asset value per unit in CHF |  | 99.75 | 100.64 | 100.81 |
| Issue and redemption price per unit in CHF 2 |  | 99.75 | 100.64 | 100.81 |
| Class (EUR hedged) Q-acc | LU0633997878 |  |  |  |
| Units outstanding |  | 20 133.6900 | 25 158.7730 | 47 452.7550 |
| Net asset value per unit in EUR |  | 80.49 | 80.99 | 80.80 |
| Issue and redemption price per unit in EUR 2 |  | 80.49 | 80.99 | 80.80 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class Q-dist | LU1240778693 |  |  |  |
| Units outstanding |  | 11 440.3760 | 11 163.7070 | 11 474.9550 |
| Net asset value per unit in USD |  | 93.79 | 95.82 | 95.44 |
| Issue and redemption price per unit in USD 2 |  | 93.79 | 95.82 | 95.44 |
| Class (CHF hedged) Q-dist | LU1240778180 |  |  |  |
| Units outstanding |  | 40 090.5810 | 44 267.0870 | 44 872.3680 |
| Net asset value per unit in CHF |  | 81.55 | 85.67 | 88.39 |
| Issue and redemption price per unit in CHF 2 |  | 81.55 | 85.67 | 88.39 |
| Class (EUR hedged) Q-dist | LU1240778263 |  |  |  |
| Units outstanding | 8 852.4900 | 9 415.8750 | 9 256.5350 |
| Net asset value per unit in EUR | 83.25 | 87.35 | 89.84 |
| Issue and redemption price per unit in EUR 2 | 83.25 | 87.35 | 89.84 |
| 1  The unit class (EUR hedged) F-acc was in circulation until 13.1.2020. 2  See note 1 3  The unit class I-B-acc was in circulation until 21.1.2020. 4  For the period from 27.10.2017 to 19.2.2019 the unit class (EUR hedged) I-B-acc was in circulation - reactivated 23.7.2020 5  First NAV: 14.12.2018 6  First NAV: 2.11.2018 |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2019/2020 | 2018/2019 | 2017/2018 |
| Class (EUR hedged) F-acc 1 | EUR | - | 0.6% | - |
| Class I-B-acc 2 | USD | - | 3.9% | -4.9% |
| Class (EUR hedged) I-B-acc 3 | EUR | - | - | - |
| Class I-X-acc | USD | 2.5% | 4.1% | -4.8% |
| Class (CHF hedged) I-X-acc | CHF | -0.2% | - | - |
| Class (EUR hedged) I-X-acc | EUR | 0.1% | 0.9% | - |
| Class (EUR hedged) K-X-acc | EUR | 0.1% | - | - |
| Class P-acc | USD | 1.2% | 2.8% | -6.0% |
| Class (CHF hedged) P-acc | CHF | -1.4% | -0.7% | -8.8% |
| Class (EUR hedged) P-acc | EUR | -1.2% | -0.3% | -8.5% |
| Class P-dist | USD | 1.2% | 2.8% | -6.0% |
| Class (CHF hedged) P-dist | CHF | -1.4% | -0.7% | -8.8% |
| Class (EUR hedged) P-dist | EUR | -1.2% | -0.3% | -8.5% |
| Class Q-acc | USD | 1.8% | 3.4% | -5.5% |
| Class (CHF hedged) Q-acc | CHF | -0.9% | -0.2% | -8.3% |
| Class (EUR hedged) Q-acc | EUR | -0.6% | 0.2% | -8.0% |
| Class Q-dist | USD | 1.8% | 3.4% | -5.5% |
| Class (CHF hedged) Q-dist | CHF | -0.9% | -0.2% | -8.3% |
| Class (EUR hedged) Q-dist | EUR | -0.6% | 0.2% | -8.0% |

1 
The unit class (EUR hedged) F-acc was in circulation until 13.1.2020. Due to this fact, there is no data for the calculation of the performance available.
2 
The unit class I-B-acc was in circulation until 21.1.2020. Due to this fact, there is no data for the calculation of the performance available.
3 
For the period from 27.10.2017 to 19.2.2019 the unit class (EUR hedged) I-B-acc was in circulation - reactivated 23.7.2020. 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 units. The performance data were not audited.
The subfund has no benchmark.
UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020

### Report of the Portfolio Manager
In the reporting year, from 1 September 2019 to 31 August 2020, emerging market local currency money market instrument yields declined. Emerging market currencies were mixed relative to the US dollar during the reporting period with some appreciating and some depreciating. Volatility in emerging markets has been elevated given the slump in global growth resulting from the Covid-19 pandemic.
The subfund performed well within the reporting year but in some cases fees or currency hedging detracted and led to negative returns (CHF hedged) I-X-acc, (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-acc, (CHF hedged) Q-dist, (EUR hedged) P-acc, (EUR hedged) P-dist, (EUR hedged) Q-acc, and (EUR hedged) Q-dist. By the end of the reporting period, the subfund had moved consistently with the changes in the market over the said period. The high return offered by emerging market short-term debt instruments was the primary driver of positive performance during the financial year. The sub- fund followed a diversified approach, investing across a range of emerging market countries and currencies. In particular, investments in Poland, Peru and Mexico all contributed to the performance of the subfund during the reporting year.

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Mexico | 14.86 |
| --- | --- |
| United States | 13.02 |
| Brazil | 10.79 |
| Malaysia | 9.77 |
| Russian Federation (CIS) | 7.02 |
| Poland | 6.10 |
| South Africa | 5.14 |
| Thailand | 4.82 |
| China | 3.75 |
| Hungary | 2.03 |
| Colombia | 1.94 |
| Turkey | 1.87 |
| Czech Republic | 1.42 |
| Peru | 1.40 |
| Cayman Islands | 1.39 |
| Indonesia | 1.14 |
| United Kingdom | 0.92 |
| Chile | 0.87 |
| Serbia | 0.72 |
| Ukraine | 0.71 |
| Nigeria | 0.51 |
| Philippines | 0.38 |
| Costa Rica | 0.32 |
| Dominican Republic | 0.26 |
| Egypt | 0.25 |
| Kenya | 0.24 |
| Argentina | 0.22 |
| Romania | 0.20 |
| India | 0.20 |
| Luxembourg | 0.10 |
| Lebanon | 0.03 |
| Total | 92.39 |

Economic Breakdown as a % of net assets	
Countries & central governments	83.84
Finance & holding companies	2.90
Petroleum	1.52
Miscellaneous services	1.11
Traffic & transportation	1.02
Banks & credit institutions	0.97
Non-ferrous metals	0.46
Supranational organisations	0.44
Mining, coal & steel	0.13
Total	92.39
UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020

### Statement of Net Assets
Assets	31.8.2020
USD
Investments in securities, cost	118 471 917.31
Investments in securities, unrealized appreciation (depreciation)	8 303 446.01
Total investments in securities (Note 1)	110 168 471.30
Cash at banks, deposits on demand and deposit accounts	5 910 574.27*
Receivable on securities sales (Note 1)	979.65
Receivable on subscriptions	2.74
Interest receivable on securities	1 237 236.81
Interest receivable on liquid assets	2 039.35
Other receivables	41 690.36
Total Assets	119 338 434.95
Liabilities
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	1 977 440.47
Bank overdraft	-16.51
Payable on redemptions	-46 634.90
Provisions for flat fee (Note 2)	-25 935.45
Provisions for taxe d’abonnement (Note 3)	-6 414.91
Provisions for other commissions and fees (Note 2)		-17 484.30		 Total provisions			-49 834.66
Total Liabilities	-96 486.07
Net assets at the end of the financial year	119 241 948.88

### Statement of Operations
Income	1.9.2019-31.8.2020
USD
Interest on liquid assets	37 015.13
Interest on securities	4 318 555.90
Income on securities lending	11 317.17
Total income	4 543 456.81
Expenses
Other income (Note 1)	176 568.61
Flat fee (Note 2)	-617 595.03
Taxe d’abonnement (Note 3)	-37 809.57
Cost on securities lending	-4 526.87
Other commissions and fees (Note 2)	-16 365.44
Total expenses	-687 108.34
Net income (loss) on investments	3 856 348.47
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-10 811.43
Realized gain (loss) on market-priced securities without options	-3 187 948.96
Realized gain (loss) on yield-evaluated securities and money market instruments	731 892.67
Realized gain (loss) on forward foreign exchange contracts	4 327 117.95
Total realized gain (loss)	1 974 421.87
Net realized gain (loss) of the financial year	5 830 770.34
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	103 360.21
Unrealized appreciation (depreciation) on market-priced securities without options	-1 525 046.32
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	-1 552 139.47
Total changes in unrealized appreciation (depreciation)	-649 585.99
Net increase (decrease) in net assets as a result of operations	5 181 184.35
Unrealized appreciation (depreciation) on forward foreign exchange contracts	2 427 599.80
* As at 31 August 2020, cash amounts serve as collateral for the counterparty Morgan Stanley for an amount of USD 130 000.00.
UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.9.2019-31.8.2020 |
| Net assets at the beginning of the financial year | 110 017 888.42 |
| Subscriptions | 33 888 432.60 |
| Redemptions | 	-29 185 999.26	 |
| Total net subscriptions (redemptions) | 4 702 433.34 |
| Dividend paid | -659 557.23 |
| Net income (loss) on investments | 3 856 348.47 |
| Total realized gain (loss) | 1 974 421.87 |
| Total changes in unrealized appreciation (depreciation) | 	-649 585.99	 |
| Net increase (decrease) in net assets as a result of operations | 5 181 184.35 |
| Net assets at the end of the financial year | 119 241 948.88 |
| Development of the outstanding units |  |
|  | 1.9.2019-31.8.2020 |
| Class | (EUR hedged) F-acc |
| Number of units outstanding at the beginning of the financial year | 4 459.0000 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -4 459.0000 |
| Number of units outstanding at the end of the financial year | 0.0000 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the financial year | 14 629.6300 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -14 629.6300 |
| Number of units outstanding at the end of the financial year | 0.0000 |
| Class | (EUR hedged) I-B-acc |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 49 950.5940 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 49 950.5940 |
| Class | I-X-acc |
| Number of units outstanding at the beginning of the financial year | 211 110.7640 |
| Number of units issued | 132 799.4240 |
| Number of units redeemed | -11 800.0000 |
| Number of units outstanding at the end of the financial year | 332 110.1880 |
| Class | (CHF hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 34 155.0000 |
| Number of units issued | 0.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 34 155.0000 |
| Class | (EUR hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 82 332.7120 |
| Number of units issued | 4 142.8730 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 86 475.5850 |
| Class | (EUR hedged) K-X-acc |
| Number of units outstanding at the beginning of the financial year | 38 640.7410 |
| Number of units issued | 37 779.3080 |
| Number of units redeemed | -58 362.4400 |
| Number of units outstanding at the end of the financial year | 18 057.6090 |
| Class | P-acc |
| Number of units outstanding at the beginning of the financial year | 4 714.6860 |
| Number of units issued | 92.4440 |
| Number of units redeemed | -768.4590 |
| Number of units outstanding at the end of the financial year | 4 038.6710 |
| Class | (CHF hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 21 636.9570 |
| Number of units issued | 3 000.0000 |
| Number of units redeemed | -5 858.2080 |
| Number of units outstanding at the end of the financial year | 18 778.7490 |
| Class | (EUR hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 71 441.2360 |
| Number of units issued | 8 311.2610 |
| Number of units redeemed | -22 080.4700 |
| Number of units outstanding at the end of the financial year | 57 672.0270 |
| Class | P-dist |
| Number of units outstanding at the beginning of the financial year | 17 791.0040 |
| Number of units issued | 301.1230 |
| Number of units redeemed | -14.0890 |
| Number of units outstanding at the end of the financial year | 18 078.0380 |
| Class | (CHF hedged) P-dist |
| Number of units outstanding at the beginning of the financial year | 82 008.2330 |
| Number of units issued | 1 484.4890 |
| Number of units redeemed | -23 897.1590 |
| Number of units outstanding at the end of the financial year | 59 595.5630 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
| Class | (EUR hedged) P-dist |
| --- | --- |
| Number of units outstanding at the beginning of the financial year | 73 735.2490 |
| Number of units issued | 39.1510 |
| Number of units redeemed | -5 443.4130 |
| Number of units outstanding at the end of the financial year | 68 330.9870 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the financial year | 252 675.2500 |
| Number of units issued | 24 145.3410 |
| Number of units redeemed | -51 109.8160 |
| Number of units outstanding at the end of the financial year | 225 710.7750 |
| Class | (CHF hedged) Q-acc |
| Number of units outstanding at the beginning of the financial year | 34 808.8150 |
| Number of units issued | 50.0000 |
| Number of units redeemed | -4 180.8360 |
| Number of units outstanding at the end of the financial year | 30 677.9790 |
| Class | (EUR hedged) Q-acc |
| Number of units outstanding at the beginning of the financial year | 25 158.7730 |
| Number of units issued | 63 678.0150 |
| Number of units redeemed | -68 703.0980 |
| Number of units outstanding at the end of the financial year | 20 133.6900 |
| Class | Q-dist |
| Number of units outstanding at the beginning of the financial year | 11 163.7070 |
| Number of units issued | 375.0000 |
| Number of units redeemed | -98.3310 |
| Number of units outstanding at the end of the financial year | 11 440.3760 |
| Class | (CHF hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year | 44 267.0870 |
| Number of units issued | 977.6380 |
| Number of units redeemed | -5 154.1440 |
| Number of units outstanding at the end of the financial year | 40 090.5810 |
| Class | (EUR hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year | 9 415.8750 |
| Number of units issued | 885.0400 |
| Number of units redeemed | -1 448.4250 |
| Number of units outstanding at the end of the financial year | 8 852.4900 |

| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Emerging Economies Fund – Global Short Term (USD) | Ex-Date | Pay-Date | Currency | Amount per unit |
| P-dist | 4.11.2019 | 7.11.2019 | USD | 2.54 |
| (CHF hedged) P-dist | 4.11.2019 | 7.11.2019 | CHF | 2.25 |
| (EUR hedged) P-dist | 4.11.2019 | 7.11.2019 | EUR | 2.46 |
| Q-dist | 4.11.2019 | 7.11.2019 | USD | 3.82 |
| (CHF hedged) Q-dist | 4.11.2019 | 7.11.2019 | CHF | 3.49 |
| (EUR hedged) Q-dist | 4.11.2019 | 7.11.2019 | EUR | 3.68 |
| 1  See note 4 |  |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020

### Statement of Investments in Securities and other Net Assets as of 31 August 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |
| Treasury bills, zero coupon |  |  |
| BRL |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 07.07.17-01.07.21	15 000.00 | 2 682 175.71 | 2.25 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 04.01.18-01.01.22	7 800.00 | 1 367 569.91 | 1.15 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 05.04.19-01.07.23	8 770.00 | 1 400 639.04 | 1.17 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 03.01.20-01.01.24	9 000.00 | 1 381 889.82 | 1.16 |
| Total BRL | 6 832 274.48 | 5.73 |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 26.03.20-24.09.20	3 000 000.00 | 2 999 827.50 | 2.52 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 30.04.20-29.10.20	3 000 000.00 | 2 999 504.58 | 2.51 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 12.09.19-10.09.20	3 000 000.00 | 2 999 933.43 | 2.52 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 10.10.19-08.10.20	3 000 000.00 | 2 999 703.24 | 2.51 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 05.03.20-03.09.20	3 000 000.00 | 2 999 986.26 | 2.52 |
| Total USD | 14 998 955.01 | 12.58 |
| Total Treasury bills, zero coupon | 21 831 229.49 | 18.31 |
| Notes, fixed rate |  |  |
| USD |  |  |
| USD	BANCO DO BRASIL SA-REG-S-SUB 5.37500% 10-15.01.21	500 000.00 | 506 406.25 | 0.43 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 12-08.02.22	800 000.00 | 834 250.00 | 0.70 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23	400 000.00 | 382 250.00 | 0.32 |
| USD	EGYPT, REPUBLIC OF-REG-S 4.55000% 19-20.11.23	300 000.00 | 301 125.00 | 0.25 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.75000% 11-06.12.21	1 000 000.00 | 1 036 875.00 | 0.87 |
| USD	GRUPO AVAL LTD-REG-S 4.75000% 12-26.09.22	500 000.00 | 513 840.00 | 0.43 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23	500 000.00 | 553 750.00 | 0.46 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24	280 000.00 | 287 700.00 | 0.24 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.75000% 11-28.01.21	600 000.00 | 605 250.00 | 0.51 |
| USD	OLEODUCTO CENTRAL SA-REG-S 4.00000% 14-07.05.21	1 300 000.00 | 1 319 500.00 | 1.11 |
| USD	PETROLEOS MEXICANOS 5.37500% 18-13.03.22	500 000.00 | 507 968.75 | 0.43 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 7.25000% 11-28.09.21	809 000.00 | 858 804.06 | 0.72 |
| USD	TRANSNET SOC LTD-REG-S 4.00000% 12-26.07.22	700 000.00 | 695 843.75 | 0.58 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21	300 000.00 | 311 250.00 | 0.26 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23	500 000.00 | 531 593.75 | 0.45 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24	200 000.00 | 153 902.00 | 0.13 |
| USD	YPF SA-REG-S 8.50000% 19-27.06.29	350 000.00 | 267 312.50 | 0.22 |
| Total USD | 9 667 621.06 | 8.11 |
| Total Notes, fixed rate | 9 667 621.06 | 8.11 |
| Notes, zero coupon |  |  |
| USD |  |  |
| USD	SPRC EM SPC PANAMA METRO LINE2 SP-REG-S 0.00000% 17-05.12.22	1 000 000.00 | 616 286.37 | 0.52 |
| Total USD | 616 286.37 | 0.52 |
| Total Notes, zero coupon | 616 286.37 | 0.52 |
| Notes, floating rate |  |  |
| BRL |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF FLR/SELIC 15-01.03.21	2 465.00 | 4 803 036.13 | 4.03 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC FLR/SELIC 15-01.09.21	370.00 | 720 905.36 | 0.60 |
| Total BRL | 5 523 941.49 | 4.63 |
| Total Notes, floating rate | 5 523 941.49 | 4.63 |
| Medium term notes, fixed rate |  |  |
| IDR |  |  |
| IDR	INTER-AMERICAN DEVELOPMENT BANK 5.80000% 17-28.09.20	7 700 000 000.00 | 523 633.60 | 0.44 |
| Total IDR | 523 633.60 | 0.44 |
| USD |  |  |
| USD	LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20	200 000.00 | 36 500.00 | 0.03 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23	250 000.00 | 237 187.50 | 0.20 |
| Total USD | 273 687.50 | 0.23 |
| Total Medium term notes, fixed rate | 797 321.10 | 0.67 |
| Medium term notes, floating rate |  |  |
| USD |  |  |
| USD	INDUST & COM BK OF CHINA-REG-S 3M LIBOR+77BP 17-14.12.20	650 000.00 | 650 171.99 | 0.55 |
| Total USD | 650 171.99 | 0.55 |
| Total Medium term notes, floating rate | 650 171.99 | 0.55 |
| Bonds, fixed rate |  |  |
| CNY |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 18-18.10.23	10 000 000.00 | 1 478 338.58 | 1.24 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.69000% 19-07.03.22	10 400 000.00 | 1 517 280.71 | 1.27 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24	10 000 000.00 | 1 471 935.43 | 1.24 |
| Total CNY | 4 467 554.72 | 3.75 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| CZK |  |  |  |  |
| CZK | CZECH REPUBLIC 0.75000% 18-23.02.21 | 3 700 000.00 | 168 844.50 | 0.14 |
| CZK | CZECH REPUBLIC 4.70000% 07-12.09.22 | 4 800 000.00 | 238 710.47 | 0.20 |
| CZK | CZECH REPUBLIC-REG-S 3.75000% 05-12.09.20 | 28 200 000.00 | 1 280 951.81 | 1.08 |
| Total CZK |  |  | 1 688 506.78 | 1.42 |
| HUF |  |  |  |  |
| HUF | HUNGARY, REPUBLIC OF 6.00000% 06-24.11.23 | 148 000 000.00 | 574 016.36 | 0.48 |
| HUF | HUNGARY, REPUBLIC OF 7.00000% 11-24.06.22 | 327 700 000.00 | 1 232 464.25 | 1.04 |
| HUF | HUNGARY, REPUBLIC OF 0.50000% 18-21.04.21 | 181 200 000.00 | 610 863.28 | 0.51 |
| Total HUF |  |  | 2 417 343.89 | 2.03 |
| IDR |  |  |  |  |
| IDR | INDONESIA, REPUBLIC OF 11.00000% 05-15.11.20 | 9 700 000 000.00 | 675 420.46 | 0.56 |
| IDR | INDONESIA, REPUBLIC OF 7.00000% 11-15.05.22 | 1 800 000 000.00 | 128 611.29 | 0.11 |
| Total IDR |  |  | 804 031.75 | 0.67 |
| MXN |  |  |  |  |
| MXN | MEXICO, UNITED MEXICAN STATES 10.00000% 05-05.12.24 | 100 000.00 | 544 201.78 | 0.46 |
| MXN | MEXICO, UNITED MEXICAN STATES 6.75000% 19-09.03.23 | 1 312 000.00 | 6 291 137.72 | 5.27 |
| MXN | MEXICO, UNITED MEXICAN STATES 7.25000% 18-09.12.21 | 824 500.00 | 3 896 201.39 | 3.27 |
| MXN | MEXICO, UNITED STATES OF 6.50000% 10-10.06.21 | 597 700.00 | 2 772 698.79 | 2.32 |
| MXN | MEXICO, UNITED STATES OF 6.50000% 12-09.06.22 | 784 700.00 | 3 706 942.03 | 3.11 |
| Total MXN |  | 17 211 181.71 | 14.43 |
| PLN |  |  |  |  |
| PLN | POLAND, REPUBLIC OF 4.00000% 12-25.10.23 | 1 000 000.00 | 304 111.98 | 0.26 |
| PLN | POLAND, REPUBLIC OF 2.00000% 15-25.04.21 | 5 375 000.00 | 1 484 481.95 | 1.24 |
| PLN | POLAND, REPUBLIC OF 2.25000% 16-25.04.22 | 19 450 000.00 | 5 488 923.56 | 4.60 |
| Total PLN |  |  | 7 277 517.49 | 6.10 |
| RON |  |  |  |  |
| RON | ROMANIA 3.25000% 15-22.03.21 | 980 000.00 | 243 044.36 | 0.20 |
| Total RON |  |  | 243 044.36 | 0.20 |
| RUB |  |  |  |  |
| RUB | RUSSIA, FEDERATION OF 7.60000% 11-14.04.21 | 44 600 000.00 | 614 772.51 | 0.52 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-25.01.23 | 97 450 000.00 | 1 382 733.24 | 1.16 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-16.08.23 | 124 200 000.00 | 1 780 050.22 | 1.49 |
| Total RUB |  |  | 3 777 555.97 | 3.17 |
| THB |  |  |  |  |
| THB | THAILAND, KINGDOM OF 3.65000% 10-17.12.21 | 110 050 000.00 | 3 674 153.05 | 3.08 |
| THB | THAILAND, KINGDOM OF 1.87500% 16-17.06.22 | 58 000 000.00 | 1 905 534.58 | 1.60 |
| THB | THAILAND, KINGDOM OF 2.40000% 18-17.12.23 | 5 000 000.00 | 169 541.73 | 0.14 |
| Total THB |  |  | 5 749 229.36 | 4.82 |
| TRY |  |  |  |  |
| TRY | TURKEY, REPUBLIC OF 10.70000% 16-17.02.21 | 4 800 000.00 | 646 881.37 | 0.54 |
| TRY | TURKEY, REPUBLIC OF 13.80000% 19-20.10.21 | 8 600 000.00 | 1 175 867.99 | 0.99 |
| Total TRY |  |  | 1 822 749.36 | 1.53 |
| USD |  |  |  |  |
| USD | DOMINICAN REPUBLIC-REG-S 7.50000% 10-06.05.21 | 900 000.00 | 309 937.50 | 0.26 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.90800% 16-31.05.23 | 500 000.00 | 526 562.50 | 0.44 |
| USD | EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 800 000.00 | 830 500.00 | 0.70 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.37500% 19-19.07.22 | 300 000.00 | 296 437.50 | 0.25 |
| USD | TURKEY, REPUBLIC OF 5.62500% 10-30.03.21 | 400 000.00 | 403 250.00 | 0.34 |
| Total USD |  |  | 2 366 687.50 | 1.99 |
| ZAR |  |  |  |  |
| ZAR | SOUTH AFRICA, REPUBLIC OF 6.75000% 06-31.03.21 | 68 800 000.00 | 4 130 531.69 | 3.46 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 | 20 480 000.00 | 1 297 894.47 | 1.09 |
| Total ZAR |  |  | 5 428 426.16 | 4.55 |
| Total Bonds, fixed rate | 53 253 829.05 | 44.66 |
| Bonds, zero coupon |  |  |
| USD |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35	200 000.00 | 125 427.06 | 0.10 |
| Total USD | 125 427.06 | 0.10 |
| Total Bonds, zero coupon | 125 427.06 | 0.10 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 92 465 827.61 | 77.55 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Notes, fixed rate |  |  |
| COP |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 10-14.04.21	3 650 000 000.00 | 997 966.08 | 0.84 |
| Total COP | 997 966.08 | 0.84 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| PHP |  |  |  |  |
| PHP | PHILIPPINES, REPUBLIC OF THE 4.95000% 10-15.01.21 | 22 000 000.00 | 456 076.31 | 0.38 |
| Total PHP |  |  | 456 076.31 | 0.38 |
| Total Notes, fixed rate |  | 1 454 042.39 | 1.22 |
| Bonds, fixed rate |  |  |  |
| MYR |  |  |  |
| MYR	MALAYSIA 3.41800% 12-15.08.22 | 13 500 000.00 | 3 341 281.59 | 2.80 |
| MYR	MALAYSIA 3.47800% 19-14.06.24 | 1 000 000.00 | 252 130.60 | 0.21 |
| MYR	MALAYSIA 3.62000% 16-30.11.21 | 4 080 000.00 | 1 001 426.72 | 0.84 |
| MYR	MALAYSIA 3.65900% 15-15.10.20 | 10 400 000.00 | 2 498 790.07 | 2.09 |
| MYR	MALAYSIA 3.88200% 17-10.03.22 | 15 350 000.00 | 3 801 497.24 | 3.19 |
| MYR	MALAYSIA 4.16000% 11-15.07.21 | 3 100 000.00 | 759 283.29 | 0.64 |
| Total MYR |  | 11 654 409.51 | 9.77 |
| RUB |  |  |  |
| RUB	RUSSIA, FEDERATION OF 7.60000% 12-20.07.22 | 33 000 000.00 | 469 814.83 | 0.39 |
| RUB	RUSSIA, FEDERATION OF 7.50000% 15-18.08.21 | 168 200 000.00 | 2 340 518.66 | 1.96 |
| RUB	RUSSIA, FEDERATION OF 7.00000% 17-15.12.21 | 128 000 000.00 | 1 783 810.45 | 1.50 |
| Total RUB |  | 4 594 143.94 | 3.85 |
| Total Bonds, fixed rate |  | 16 248 553.45 | 13.62 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 17 702 595.84 | 14.84 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Euro Certificates of Deposit, fixed rate
USD
| USD | CORNHILL FENICIAPAR-ECD *DEFAULT* 8.82500% 14.08.97-14.08.98 | 875 448.00 | 8.75 | 0.00 |
| --- | --- | --- | --- | --- |
| Total USD | 8.75 | 0.00 |
| Total Euro Certificates of Deposit, fixed rate |  | 8.75 | 0.00 |
| Euro Certificates of Deposit, zero coupon |  |  |  |
| USD |  |  |  |
| USD	SHARP DO BRAZIL SA-DEF ECD*DEFAULT* 0.000% 16.06.99-08.11.99 | 3 847 752.00 | 38.48 | 0.00 |
| Total USD |  | 38.48 | 0.00 |
| Total Euro Certificates of Deposit, zero coupon |  | 38.48 | 0.00 |
| Other bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CONSTRAN SA CONSTRUCOES E COMERCIO-DEF STEP-UP 98-26.08.03 | 6 234 150.00 | 0.62 | 0.00 |
| Total USD |  | 0.62 | 0.00 |
| Total Other bonds, fixed rate |  | 0.62 | 0.00 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 47.85 | 0.00 |
| Total investments in securities |  | 110 168 471.30 | 92.39 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| PHP | 72 500 000.00 | USD | 1 448 696.17 | 17.9.2020 | 47 036.20 | 0.04 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 141 560.64 | RUB | 9 845 500.00 | 17.9.2020 | 8 830.14 | 0.01 |
| COP | 200 000 000.00 | USD | 54 032.88 | 17.9.2020 | -757.10 | 0.00 |
| IDR | 50 573 300 000.00 | USD | 3 492 631.22 | 17.9.2020 | -26 036.48 | -0.02 |
| USD | 6 368 291.25 | MYR | 27 113 000.00 | 17.9.2020 | -145 342.40 | -0.12 |
| INR | 663 680 000.00 | USD | 8 687 706.99 | 17.9.2020 | 351 010.28 | 0.30 |
| KRW | 12 998 000 000.00 | USD | 10 897 962.61 | 17.9.2020 | 54 576.39 | 0.05 |
| TWD | 193 300 000.00 | USD | 6 619 863.01 | 17.9.2020 | -36 343.58 | -0.03 |
| CNY | 53 630 000.00 | USD | 7 559 909.78 | 17.9.2020 | 258 816.02 | 0.22 |
| USD | 1 440 140.85 | CNY | 10 225 000.00 | 17.9.2020 | -50 563.45 | -0.04 |
| CLP | 1 320 500 000.00 | USD | 1 683 130.46 | 17.9.2020 | 19 458.17 | 0.02 |
| PEN | 3 294 650.00 | USD | 953 533.80 | 17.9.2020 | -24 571.39 | -0.02 |
| USD | 6 653 074.15 | BRL | 33 610 000.00 | 17.9.2020 | 529 346.38 | 0.44 |
| USD | 2 664 919.10 | ZAR | 46 370 000.00 | 17.9.2020 | -67 178.63 | -0.06 |
| USD | 600 924.50 | BRL | 3 120 000.00 | 17.9.2020 | 32 461.82 | 0.03 |
| USD | 559 743.52 | ZAR | 9 690 000.00 | 17.9.2020 | -11 186.54 | -0.01 |
| USD | 587 876.58 | MXN | 13 400 000.00 | 17.9.2020 | -23 259.10 | -0.02 |
| INR | 8 010 000.00 | USD | 104 443.75 | 17.9.2020 | 4 645.16 | 0.00 |
| IDR | 1 290 000 000.00 | USD | 88 636.64 | 17.9.2020 | -212.37 | 0.00 |
| USD | 85 978.84 | KRW | 104 000 000.00 | 17.9.2020 | -1 654.95 | 0.00 |
| USD | 64 518.77 | TWD | 1 890 000.00 | 17.9.2020 | 148.09 | 0.00 |
| USD | 508 027.41 | THB | 15 790 000.00 | 17.9.2020 | 714.63 | 0.00 |
| ILS | 5 045 000.00 | USD | 1 455 376.48 | 17.9.2020 | 50 048.06 | 0.04 |
| USD | 640 568.87 | PLN | 2 500 000.00 | 17.9.2020 | -40 959.06 | -0.03 |
| HUF | 309 900 000.00 | USD | 1 015 264.35 | 17.9.2020 | 28 957.94 | 0.03 |
| USD | 1 088 885.64 | HKD | 8 445 000.00 | 17.9.2020 | -622.10 | 0.00 |
| SGD | 11 510 000.00 | USD | 8 281 969.77 | 17.9.2020 | 183 778.45 | 0.15 |
| USD | 5 239 266.69 | MXN | 117 370 000.00 | 17.9.2020 | -113 643.32 | -0.10 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| TRY | 10 900 000.00 | USD | 1 539 563.68 | 17.9.2020 | -64 353.88 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| RON | 7 086 000.00 | USD | 1 654 228.82 | 17.9.2020 | 96 018.42 | 0.08 |
| CZK | 65 370 000.00 | USD | 2 794 731.52 | 17.9.2020 | 180 776.67 | 0.15 |
| USD | 64 326.74 | MXN | 1 450 000.00 | 17.9.2020 | -1 803.61 | 0.00 |
| USD | 61 411.61 | RUB | 4 320 000.00 | 17.9.2020 | 3 172.23 | 0.00 |
| INR | 7 530 000.00 | USD | 98 508.63 | 17.9.2020 | 4 043.11 | 0.00 |
| BRL | 312 000.00 | USD | 59 638.73 | 17.9.2020 | -2 792.46 | 0.00 |
| RUB | 7 430 000.00 | USD | 106 366.38 | 17.9.2020 | -6 200.05 | -0.01 |
| TWD | 2 310 000.00 | USD | 79 058.96 | 17.9.2020 | -383.69 | 0.00 |
| KRW | 145 000 000.00 | USD | 119 921.03 | 17.9.2020 | 2 260.70 | 0.00 |
| THB | 1 880 000.00 | USD | 60 725.48 | 17.9.2020 | -323.45 | 0.00 |
| RON | 255 000.00 | USD | 58 919.38 | 17.9.2020 | 4 065.81 | 0.00 |
| SGD | 80 800.00 | USD | 58 023.61 | 17.9.2020 | 1 405.80 | 0.00 |
| MXN | 2 340 000.00 | USD | 103 112.18 | 17.9.2020 | 3 608.53 | 0.00 |
| CNY | 940 000.00 | USD | 132 700.89 | 17.9.2020 | 4 341.85 | 0.00 |
| TRY | 672 000.00 | USD | 95 437.60 | 17.9.2020 | -4 488.89 | 0.00 |
| THB | 13 910 000.00 | USD | 450 438.78 | 17.9.2020 | -3 528.03 | 0.00 |
| HUF | 22 700 000.00 | USD | 71 545.75 | 17.9.2020 | 4 942.94 | 0.00 |
| BRL | 1 880 000.00 | USD | 350 093.11 | 17.9.2020 | -7 557.91 | -0.01 |
| USD | 61 367.63 | CZK | 1 450 000.00 | 17.9.2020 | -4 633.39 | 0.00 |
| ILS | 200 000.00 | USD | 58 047.32 | 17.9.2020 | 1 632.54 | 0.00 |
| USD | 403 520.65 | IDR | 5 960 000 000.00 | 17.9.2020 | -5 013.19 | 0.00 |
| USD | 170 027.97 | THB | 5 270 000.00 | 17.9.2020 | 709.52 | 0.00 |
| USD | 99 430.88 | PLN | 395 000.00 | 17.9.2020 | -8 250.53 | -0.01 |
| SGD | 166 000.00 | USD | 119 125.87 | 17.9.2020 | 2 969.20 | 0.00 |
| TRY | 1 850 000.00 | USD | 264 298.06 | 17.9.2020 | -13 918.42 | -0.01 |
| CNY | 1 860 000.00 | USD | 262 245.16 | 17.9.2020 | 8 924.52 | 0.01 |
| USD | 65 896.01 | COP | 247 000 000.00 | 17.9.2020 | 100.42 | 0.00 |
| PEN | 285 000.00 | USD | 80 474.38 | 17.9.2020 | -115.53 | 0.00 |
| MYR | 500 000.00 | USD | 116 441.55 | 17.9.2020 | 3 678.57 | 0.00 |
| INR | 6 750 000.00 | USD | 88 718.90 | 17.9.2020 | 3 209.95 | 0.00 |
| USD | 506 087.77 | RUB | 36 100 000.00 | 17.9.2020 | 19 411.51 | 0.02 |
| KRW | 279 000 000.00 | USD | 232 391.55 | 17.9.2020 | 2 702.96 | 0.00 |
| USD | 89 172.41 | TWD | 2 600 000.00 | 17.9.2020 | 620.16 | 0.00 |
| USD | 54 693.99 | HKD | 424 000.00 | 17.9.2020 | -7.17 | 0.00 |
| INR | 16 500 000.00 | USD | 219 549.19 | 17.9.2020 | 5 165.79 | 0.00 |
| TWD | 5 480 000.00 | USD | 187 928.67 | 17.9.2020 | -1 287.77 | 0.00 |
| SGD | 286 000.00 | USD | 205 393.08 | 17.9.2020 | 4 963.48 | 0.00 |
| KRW | 374 000 000.00 | USD | 313 732.07 | 17.9.2020 | 1 412.54 | 0.00 |
| PHP | 4 090 000.00 | USD | 82 723.19 | 17.9.2020 | 1 656.75 | 0.00 |
| IDR | 1 080 000 000.00 | USD | 73 906.80 | 17.9.2020 | 122.82 | 0.00 |
| ILS | 134 000.00 | USD | 38 905.74 | 17.9.2020 | 1 079.77 | 0.00 |
| CLP | 29 400 000.00 | USD | 37 205.77 | 17.9.2020 | 701.16 | 0.00 |
| RON | 201 000.00 | USD | 46 654.34 | 17.9.2020 | 2 992.81 | 0.00 |
| HUF | 13 100 000.00 | USD | 41 701.05 | 17.9.2020 | 2 440.00 | 0.00 |
| SGD | 305 000.00 | USD | 219 377.74 | 17.9.2020 | 4 953.56 | 0.01 |
| TWD | 4 510 000.00 | USD | 154 151.14 | 17.9.2020 | -547.04 | 0.00 |
| THB | 3 570 000.00 | USD | 114 099.06 | 17.9.2020 | 600.54 | 0.00 |
| COP | 182 000 000.00 | USD | 50 025.98 | 17.9.2020 | -1 545.02 | 0.00 |
| USD | 644 620.40 | BRL | 3 460 000.00 | 17.9.2020 | 14 209.87 | 0.01 |
| INR | 19 100 000.00 | USD | 252 388.44 | 17.9.2020 | 7 736.17 | 0.01 |
| PEN | 178 000.00 | USD | 50 838.26 | 17.9.2020 | -649.22 | 0.00 |
| PHP | 2 720 000.00 | USD | 54 790.11 | 17.9.2020 | 1 325.64 | 0.00 |
| KRW | 357 000 000.00 | USD | 297 623.51 | 17.9.2020 | 3 196.34 | 0.00 |
| USD | 399 800.81 | CNY | 2 810 000.00 | 17.9.2020 | -9 869.51 | -0.01 |
| RON | 208 000.00 | USD | 48 420.91 | 17.9.2020 | 2 955.24 | 0.00 |
| CZK | 2 480 000.00 | USD | 105 304.01 | 17.9.2020 | 7 580.50 | 0.01 |
| USD | 94 866.07 | BRL | 510 000.00 | 17.9.2020 | 1 944.29 | 0.00 |
| USD | 65 042.30 | IDR | 961 000 000.00 | 17.9.2020 | -830.36 | 0.00 |
| USD | 198 255.35 | INR | 15 000 000.00 | 17.9.2020 | -6 030.99 | -0.01 |
| USD | 110 111.05 | MYR | 471 000.00 | 17.9.2020 | -3 042.10 | 0.00 |
| USD | 142 657.34 | RUB | 10 200 000.00 | 17.9.2020 | 5 147.70 | 0.01 |
| USD | 219 487.86 | KRW | 264 000 000.00 | 17.9.2020 | -2 967.16 | 0.00 |
| USD | 118 551.42 | TWD | 3 470 000.00 | 17.9.2020 | 368.22 | 0.00 |
| USD | 85 122.18 | CZK | 1 990 000.00 | 17.9.2020 | -5 458.53 | 0.00 |
| USD | 58 641.43 | HUF | 18 200 000.00 | 17.9.2020 | -2 684.31 | 0.00 |
| USD | 161 137.52 | SGD | 224 000.00 | 17.9.2020 | -3 617.27 | 0.00 |
| USD | 108 871.86 | PLN | 427 000.00 | 17.9.2020 | -7 533.11 | -0.01 |
| USD | 224 963.45 | MXN | 5 080 000.00 | 17.9.2020 | -6 720.82 | -0.01 |
| USD | 94 330.66 | THB | 2 980 000.00 | 17.9.2020 | -1 412.98 | 0.00 |
| USD | 87 990.93 | TRY | 619 000.00 | 17.9.2020 | 4 215.25 | 0.00 |
| USD | 216 820.72 | CNY | 1 520 000.00 | 17.9.2020 | -4 780.31 | 0.00 |
| MXN | 14 600 000.00 | USD | 648 410.68 | 17.9.2020 | 17 453.56 | 0.02 |
| PLN | 2 380 000.00 | USD | 627 142.13 | 17.9.2020 | 21 672.46 | 0.02 |
| SGD | 80 100.00 | USD | 57 857.79 | 17.9.2020 | 1 056.76 | 0.00 |
| KRW | 91 800 000.00 | USD | 76 538.27 | 17.9.2020 | 815.41 | 0.00 |
| USD | 520 945.45 | TRY | 3 710 000.00 | 17.9.2020 | 18 832.76 | 0.02 |
| MYR | 213 000.00 | USD | 50 035.24 | 17.9.2020 | 1 135.93 | 0.00 |
| INR | 48 100 000.00 | USD | 639 330.10 | 17.9.2020 | 15 748.10 | 0.01 |
| EUR | 2 480 000.00 | USD | 2 927 266.51 | 17.9.2020 | 39 654.35 | 0.03 |
| RUB | 3 760 000.00 | USD | 50 968.68 | 17.9.2020 | -278.85 | 0.00 |
| USD | 67 259.70 | SGD | 92 600.00 | 17.9.2020 | -848.75 | 0.00 |
| USD | 56 679.53 | MYR | 239 000.00 | 17.9.2020 | -737.89 | 0.00 |
| RUB | 41 600 000.00 | USD | 562 694.44 | 17.9.2020 | -1 870.83 | 0.00 |
| USD | 50 623.58 | ZAR | 884 000.00 | 17.9.2020 | -1 461.27 | 0.00 |
| USD | 58 834.11 | MXN | 1 350 000.00 | 17.9.2020 | -2 735.53 | 0.00 |
| USD | 49 683.54 | KRW | 59 400 000.00 | 17.9.2020 | -368.84 | 0.00 |
| ZAR | 10 400 000.00 | USD | 589 816.78 | 17.9.2020 | 22 946.14 | 0.02 |
| USD | 57 684.88 | INR | 4 330 000.00 | 17.9.2020 | -1 285.78 | 0.00 |
| USD | 53 666.36 | PLN | 199 000.00 | 17.9.2020 | -583.26 | 0.00 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| CHF | 14 722 600.00 | USD | 16 135 558.60 | 24.9.2020 | 225 320.20 | 0.19 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 26 500 200.00 | USD | 31 364 073.21 | 24.9.2020 | 344 232.13 | 0.29 |
| TRY | 691 000.00 | USD | 93 447.64 | 17.9.2020 | 72.54 | 0.00 |
| USD | 53 110.26 | IDR | 786 000 000.00 | 17.9.2020 | -766.85 | 0.00 |
| RUB | 11 000 000.00 | USD | 148 012.00 | 17.9.2020 | 282.71 | 0.00 |
| MYR | 287 000.00 | USD | 68 545.50 | 17.9.2020 | 403.45 | 0.00 |
| USD | 1 068 793.62 | RUB | 80 400 000.00 | 17.9.2020 | -15 105.87 | -0.01 |
| CZK | 1 290 000.00 | USD | 58 276.69 | 17.9.2020 | 441.46 | 0.00 |
| SGD | 155 000.00 | USD | 112 927.08 | 17.9.2020 | 1 077.35 | 0.00 |
| MXN | 2 770 000.00 | USD | 125 468.78 | 17.9.2020 | 863.00 | 0.00 |
| PLN | 286 000.00 | USD | 76 460.73 | 17.9.2020 | 1 506.06 | 0.00 |
| BRL | 564 000.00 | USD | 100 248.84 | 17.9.2020 | 2 511.72 | 0.00 |
| IDR | 980 000 000.00 | USD | 66 193.85 | 17.9.2020 | 981.18 | 0.00 |
| KRW | 131 000 000.00 | USD | 109 899.33 | 17.9.2020 | 485.55 | 0.00 |
| MYR | 180 000.00 | USD | 43 062.20 | 17.9.2020 | 181.04 | 0.00 |
| INR | 9 250 000.00 | USD | 123 131.40 | 17.9.2020 | 2 845.18 | 0.00 |
| TWD | 2 380 000.00 | USD | 81 007.49 | 17.9.2020 | 51.88 | 0.00 |
| HUF | 13 100 000.00 | USD | 43 997.23 | 17.9.2020 | 143.82 | 0.00 |
| CNY | 978 000.00 | USD | 141 166.28 | 17.9.2020 | 1 416.49 | 0.00 |
| BRL | 3 230 000.00 | USD | 577 290.84 | 17.9.2020 | 11 213.79 | 0.01 |
| USD | 593 969.19 | ZAR | 10 100 000.00 | 17.9.2020 | -1 117.87 | 0.00 |
| MXN | 13 100 000.00 | USD | 593 728.95 | 17.9.2020 | 3 724.58 | 0.00 |
| USD | 179 044.84 | CHF | 162 000.00 | 24.9.2020 | -981.95 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 1 977 440.47 | 1.66 |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 5 910 574.27* | 4.96 |
| Bank overdraft and other short-term liabilities | -16.51 | 0.00 |
| Other assets and liabilities | 1 185 479.35 | 0.99 |
| Total net assets | 119 241 948.88 | 100.00 |
| * As at 31 August 2020, cash amounts serve as collateral for the counterparty Morgan Stanley for an amount of USD 130 000.00. |  |  |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Annual report and audited financial statements as of 31 August 2020

Translation (ENFR, 2020-08-31):
# UBS (Lux) Emerging Economies Fund – Global Short Term (USD)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| Actif net en USD |  | 119 241 948.88 | 110 017 888.42 | 110 410 714.97 |
| Catégorie (EUR hedged) F-acc 1 | LU0942711853 |  |  |  |
| Parts en circulation |  | - | 4 459.0000 | 23 212.0000 |
| Valeur nette d’inventaire par part en EUR |  | - | 93.02 | 92.44 |
| Prix d’émission et de rachat par part en EUR 2 |  | - | 93.02 | 92.44 |
| Catégorie I-B-acc 3 | LU0540970182 |  |  |  |
| Parts en circulation |  | - | 14 629.6300 | 36 108.5370 |
| Valeur nette d’inventaire par part en USD |  | - | 105.07 | 101.09 |
| Prix d’émission et de rachat par part en USD 2 |  | - | 105.07 | 101.09 |
| Catégorie (EUR hedged) I-B-acc 4 | LU1706618342 |  |  |  |
| Parts en circulation |  | 49 950.5940 | - | 34 631.0940 |
| Valeur nette d’inventaire par part en EUR |  | 100.40 | - | 93.99 |
| Prix d’émission et de rachat par part en EUR 2 |  | 100.40 | - | 93.99 |
| Catégorie I-X-acc | LU0760909399 |  |  |  |
| Parts en circulation |  | 332 110.1880 | 211 110.7640 | 81 418.4360 |
| Valeur nette d’inventaire par part en USD |  | 102.82 | 100.30 | 96.38 |
| Prix d’émission et de rachat par part en USD 2 |  | 102.82 | 100.30 | 96.38 |
| Catégorie (CHF hedged) I-X-acc 5 | LU1921469844 |  |  |  |
| Parts en circulation |  | 34 155.0000 | 34 155.0000 | - |
| Valeur nette d’inventaire par part en CHF |  | 99.39 | 99.54 | - |
| Prix d’émission et de rachat par part en CHF 2 |  | 99.39 | 99.54 | - |
| Catégorie (EUR hedged) I-X-acc | LU1822788078 |  |  |  |
| Parts en circulation |  | 86 475.5850 | 82 332.7120 | 64 750.0000 |
| Valeur nette d’inventaire par part en EUR |  | 96.20 | 96.11 | 95.21 |
| Prix d’émission et de rachat par part en EUR 2 |  | 96.20 | 96.11 | 95.21 |
| Catégorie (EUR hedged) K-X-acc 6 | LU1856011298 |  |  |  |
| Parts en circulation |  | 18 057.6090 | 38 640.7410 | - |
| Valeur nette d’inventaire par part en EUR |  | 101.14 | 101.06 | - |
| Prix d’émission et de rachat par part en EUR 2 |  | 101.14 | 101.06 | - |
| Catégorie P-acc | LU0055660707 |  |  |  |
| Parts en circulation |  | 4 038.6710 | 4 714.6860 | 7 763.3140 |
| Valeur nette d’inventaire par part en USD |  | 2 739.69 | 2 706.02 | 2 632.55 |
| Prix d’émission et de rachat par part en USD 2 |  | 2 739.69 | 2 706.02 | 2 632.55 |
| Catégorie (CHF hedged) P-acc | LU0776291733 |  |  |  |
| Parts en circulation |  | 18 778.7490 | 21 636.9570 | 67 519.5350 |
| Valeur nette d’inventaire par part en CHF |  | 84.37 | 85.60 | 86.20 |
| Prix d’émission et de rachat par part en CHF 2 |  | 84.37 | 85.60 | 86.20 |
| Catégorie (EUR hedged) P-acc | LU0509218169 |  |  |  |
| Parts en circulation |  | 57 672.0270 | 71 441.2360 | 103 369.9480 |
| Valeur nette d’inventaire par part en EUR |  | 93.67 | 94.79 | 95.08 |
| Prix d’émission et de rachat par part en EUR 2 |  | 93.67 | 94.79 | 95.08 |
| Catégorie P-dist | LU0512596619 |  |  |  |
| Parts en circulation |  | 18 078.0380 | 17 791.0040 | 30 845.2170 |
| Valeur nette d’inventaire par part en USD |  | 72.24 | 73.81 | 73.49 |
| Prix d’émission et de rachat par part en USD 2 |  | 72.24 | 73.81 | 73.49 |
| Catégorie (CHF hedged) P-dist | LU0509218326 |  |  |  |
| Parts en circulation |  | 59 595.5630 | 82 008.2330 | 99 315.3950 |
| Valeur nette d’inventaire par part en CHF |  | 60.79 | 63.86 | 65.87 |
| Prix d’émission et de rachat par part en CHF 2 |  | 60.79 | 63.86 | 65.87 |
| Catégorie (EUR hedged) P-dist | LU0509218086 |  |  |  |
| Parts en circulation |  | 68 330.9870 | 73 735.2490 | 88 536.7990 |
| Valeur nette d’inventaire par part en EUR |  | 64.35 | 67.51 | 69.38 |
| Prix d’émission et de rachat par part en EUR 2 |  | 64.35 | 67.51 | 69.38 |
| Catégorie Q-acc | LU0633979975 |  |  |  |
| Parts en circulation |  | 225 710.7750 | 252 675.2500 | 172 409.0500 |
| Valeur nette d’inventaire par part en USD |  | 99.24 | 97.48 | 94.32 |
| Prix d’émission et de rachat par part en USD 2 |  | 99.24 | 97.48 | 94.32 |
| Catégorie (CHF hedged) Q-acc | LU1240778008 |  |  |  |
| Parts en circulation |  | 30 677.9790 | 34 808.8150 | 43 190.0850 |
| Valeur nette d’inventaire par part en CHF |  | 99.75 | 100.64 | 100.81 |
| Prix d’émission et de rachat par part en CHF 2 |  | 99.75 | 100.64 | 100.81 |
| Catégorie (EUR hedged) Q-acc | LU0633997878 |  |  |  |
| Parts en circulation |  | 20 133.6900 | 25 158.7730 | 47 452.7550 |
| Valeur nette d’inventaire par part en EUR |  | 80.49 | 80.99 | 80.80 |
| Prix d’émission et de rachat par part en EUR 2 |  | 80.49 | 80.99 | 80.80 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie Q-dist | LU1240778693 |  |  |  |
| Parts en circulation |  | 11 440.3760 | 11 163.7070 | 11 474.9550 |
| Valeur nette d’inventaire par part en USD |  | 93.79 | 95.82 | 95.44 |
| Prix d’émission et de rachat par part en USD 2 |  | 93.79 | 95.82 | 95.44 |
| Catégorie (CHF hedged) Q-dist | LU1240778180 |  |  |  |
| Parts en circulation |  | 40 090.5810 | 44 267.0870 | 44 872.3680 |
| Valeur nette d’inventaire par part en CHF |  | 81.55 | 85.67 | 88.39 |
| Prix d’émission et de rachat par part en CHF 2 |  | 81.55 | 85.67 | 88.39 |
| Catégorie (EUR hedged) Q-dist | LU1240778263 |  |  |  |
| Parts en circulation |  | 8 852.4900 | 9 415.8750 | 9 256.5350 |
| Valeur nette d’inventaire par part en EUR |  | 83.25 | 87.35 | 89.84 |
| Prix d’émission et de rachat par part en EUR 2 |  | 83.25 | 87.35 | 89.84 |
| 1  La catégorie de parts (EUR hedged) F-acc était en circulation jusqu’au 2  Voir note 1 3  La catégorie de parts I-B-acc était en circulation jusqu’au 21.1.2020. | 13.1.2020. |  |  |  |

4 
La catégorie d’actions (EUR hedged) I-B-acc était en circulation pour la période allant du 27.10.2017 au 19.2.2019 - réactivée le 23.7.2020.
5 
Première VNI 14.12.2018
6 
Première VNI 2.11.2018
| Performance |  |
| --- | --- |
|  | Devise | 2019/2020 | 2018/2019 | 2017/2018 |
| Catégorie (EUR hedged) F-acc 1 | EUR | - | 0.6% | - |
| Catégorie I-B-acc 2 | USD | - | 3.9% | -4.9% |
| Catégorie (EUR hedged) I-B-acc 3 | EUR | - | - | - |
| Catégorie I-X-acc | USD | 2.5% | 4.1% | -4.8% |
| Catégorie (CHF hedged) I-X-acc | CHF | -0.2% | - | - |
| Catégorie (EUR hedged) I-X-acc | EUR | 0.1% | 0.9% | - |
| Catégorie (EUR hedged) K-X-acc | EUR | 0.1% | - | - |
| Catégorie P-acc | USD | 1.2% | 2.8% | -6.0% |
| Catégorie (CHF hedged) P-acc | CHF | -1.4% | -0.7% | -8.8% |
| Catégorie (EUR hedged) P-acc | EUR | -1.2% | -0.3% | -8.5% |
| Catégorie P-dist | USD | 1.2% | 2.8% | -6.0% |
| Catégorie (CHF hedged) P-dist | CHF | -1.4% | -0.7% | -8.8% |
| Catégorie (EUR hedged) P-dist | EUR | -1.2% | -0.3% | -8.5% |
| Catégorie Q-acc | USD | 1.8% | 3.4% | -5.5% |
| Catégorie (CHF hedged) Q-acc | CHF | -0.9% | -0.2% | -8.3% |
| Catégorie (EUR hedged) Q-acc | EUR | -0.6% | 0.2% | -8.0% |
| Catégorie Q-dist | USD | 1.8% | 3.4% | -5.5% |
| Catégorie (CHF hedged) Q-dist | CHF | -0.9% | -0.2% | -8.3% |
| Catégorie (EUR hedged) Q-dist | EUR | -0.6% | 0.2% | -8.0% |

1 
La catégorie de parts (EUR hedged) F-acc était en circulation jusqu’au 13.1.2020. Dès lors, aucune donnée n’est disponible pour calculer la performance.
2 
La catégorie de parts I-B-acc était en circulation jusqu’au 21.1.2020. Dès lors, aucune donnée n’est disponible pour calculer la performance.
3 
La catégorie d’actions (EUR hedged) I-B-acc était en circulation pour la période allant du 27.10.2017 au 19.2.2019 - réactivée le 23.7.2020. Dès lors, aucune donnée n’est disponible pour calculer la performance.
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.
UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020

### Rapport du Gestionnaire de portefeuille
Au cours de l’exercice allant du 1
er 
septembre 2019 au 31 août 2020, les rendements des instruments du mar- ché monétaire en devises locales des marchés émergents ont diminué. Les devises des marchés émergents ont eu des résultats mitigés par rapport au dollar américain au cours de la période considérée, avec des fluctuations à la hausse et à la baisse. La volatilité des marchés émergents a été élevée en raison du ralentissement de la croissance mondiale lié à la pandémie de Covid-19.
Le compartiment s’est bien comporté au cours de l’exer- cice, mais dans certains cas, les frais ou la couverture de change ont nui à la performance et ont conduit à des rendements négatifs (CHF hedged) I-X-acc, (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-acc, (CHF hedged) Q-dist, (EUR hedged) P-acc, (EUR hedged) P-dist, (EUR hedged) Q-acc, et (EUR hedged) Q-dist. À la fin de la période de référence, l’évolution du compar- timent était en phase avec les évolutions du marché au cours de ladite période. Le rendement élevé offert par les titres de créance à court terme des marchés émergents a été le principal facteur de performance positive au cours de l’exercice. Le compartiment a adopté une approche diversifiée en investissant dans divers pays et devises des marchés émergents. En particulier, les investissements en Pologne, au Pérou et au Mexique ont tous contribué à la performance du compartiment au cours de l’exercice.

### Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Mexique | 14.86 |
| --- | --- |
| Etats-Unis | 13.02 |
| Brésil | 10.79 |
| Malaisie | 9.77 |
| Fédération russe (CEI) | 7.02 |
| Pologne | 6.10 |
| Afrique du Sud | 5.14 |
| Thaïlande | 4.82 |
| Chine | 3.75 |
| Hongrie | 2.03 |
| Colombie | 1.94 |
| Turquie | 1.87 |
| République tchèque | 1.42 |
| Pérou | 1.40 |
| Iles Caïmans | 1.39 |
| Indonésie | 1.14 |
| Grande-Bretagne | 0.92 |
| Chili | 0.87 |
| Serbie | 0.72 |
| Ukraine | 0.71 |
| Nigéria | 0.51 |
| Philippines | 0.38 |
| Costa Rica | 0.32 |
| République dominicaine | 0.26 |
| Egypte | 0.25 |
| Kenya | 0.24 |
| Argentine | 0.22 |
| Roumanie | 0.20 |
| Inde | 0.20 |
| Luxembourg | 0.10 |
| Liban | 0.03 |
| Total | 92.39 |

Répartition économique en % de l’actif net	
| Gouvernements nationaux et centraux | 83.84 |
| --- | --- |
| Etablissements financiers et sociétés de participation | 2.90 |
| Pétrole | 1.52 |
| Services divers | 1.11 |
| Trafic et transport | 1.02 |
| Banques & instituts de crédit | 0.97 |
| Métaux non ferreux | 0.46 |
| Organisations supranationales | 0.44 |
| Industrie minière, charbon et acier | 0.13 |
| Total | 92.39 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020

### Etat des actifs nets
Actif	31.8.2020
USD
Portefeuille-titres, cours d’achat	118 471 917.31
Portefeuille-titres, plus-/(moins)-value non réalisée	8 303 446.01
Total du Portefeuille-titres (note 1)	110 168 471.30
Avoirs en banque, dépôts à vue et à terme	5 910 574.27*
Créances sur achats de titres (note 1)	979.65
Créances sur souscriptions	2.74
Intérêts à recevoir sur titres	1 237 236.81
Intérêts à recevoir sur liquidités	2 039.35
Autres créances	41 690.36
Total de l’Actif	119 338 434.95
Passif
Bénéfice/(perte) non réalisé(e) sur contrats de change à terme (note 1)	1 977 440.47
Crédit en compte courant	-16.51
Engagements sur rachats	-46 634.90
Provisions pour commission de gestion forfaitaire (note 2)	-25 935.45
Provisions pour taxe d’abonnement (note 3)	-6 414.91
Provisions pour autres commissions et frais (note 2)		-17 484.30		 Total des Provisions pour frais			-49 834.66
Total du Passif	-96 486.07
Actif net à la fin de l’exercice	119 241 948.88

### Etat des opérations
Revenus	1.9.2019-31.8.2020
USD
Revenus d’intérêts sur liquidités	37 015.13
Intérêts sur titres	4 318 555.90
Revenus sur prêts de titres	11 317.17
Total des Revenus	4 543 456.81
Charges
Autres revenus (note 1)	176 568.61
Commission de gestion forfaitaire (note 2)	-617 595.03
Taxe d’abonnement (note 3)	-37 809.57
Frais sur prêts de titres	-4 526.87
Autres commissions et frais (note 2)	-16 365.44
Total des Charges	-687 108.34
Revenus/pertes net(te)s de placements	3 856 348.47
Bénéfices/(pertes) réalisé(e)s (note 1)
Charges d’intérêts sur liquidités et crédit en compte courant	-10 811.43
Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options	-3 187 948.96
Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements	731 892.67
Bénéfice/(perte) réalisé(e) sur contrats de change à terme	4 327 117.95
Total des Bénéfices/(pertes) réalisé(e)s	1 974 421.87
Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice	5 830 770.34
Fluctuations de la plus-/(moins)-value non réalisée (note 1)
Bénéfice/(perte) de change réalisé(e)	103 360.21
Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options	-1 525 046.32
Plus-/(moins)-value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements	-1 552 139.47
Total des Fluctuations de la plus-/(moins)-value non réalisée	-649 585.99
Augmentation/(diminution) nette de l’actif net issue de l’activité	5 181 184.35
Plus-/(moins)-value non réalisée sur contrats de change à terme	2 427 599.80
* Au 31 août 2020, des avoirs en banque ont été utilisés à titre de garanties à hauteur de 130 000.00 USD en faveur de Morgan Stanley.
UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.9.2019-31.8.2020 |
| Actif net au début de l’exercice | 110 017 888.42 |
| Souscriptions | 33 888 432.60 |
| Rachats | 	-29 185 999.26	 |
| Total des Entrées/(sorties) de capitaux | 4 702 433.34 |
| Dividendes versés | -659 557.23 |
| Revenus/pertes net(te)s de placements | 3 856 348.47 |
| Total des Bénéfices/(pertes) réalisé(e)s | 1 974 421.87 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	-649 585.99	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 5 181 184.35 |
| Actif net à la fin de l’exercice | 119 241 948.88 |
| Evolution des parts en circulation |  |
|  | 1.9.2019-31.8.2020 |
| Catégorie | (EUR hedged) F-acc |
| Nombre de parts en circulation au début de l’exercice | 4 459.0000 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | -4 459.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | I-B-acc |
| Nombre de parts en circulation au début de l’exercice | 14 629.6300 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | -14 629.6300 |
| Nombre de parts en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre de parts en circulation au début de l’exercice | 0.0000 |
| Nombre de parts émises | 49 950.5940 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 49 950.5940 |
| Catégorie | I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 211 110.7640 |
| Nombre de parts émises | 132 799.4240 |
| Nombre de parts rachetées | -11 800.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 332 110.1880 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 34 155.0000 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 34 155.0000 |
| Catégorie | (EUR hedged) I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 82 332.7120 |
| Nombre de parts émises | 4 142.8730 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 86 475.5850 |
| Catégorie | (EUR hedged) K-X-acc |
| Nombre de parts en circulation au début de l’exercice | 38 640.7410 |
| Nombre de parts émises | 37 779.3080 |
| Nombre de parts rachetées | -58 362.4400 |
| Nombre de parts en circulation à la fin de l’exercice | 18 057.6090 |
| Catégorie | P-acc |
| Nombre de parts en circulation au début de l’exercice | 4 714.6860 |
| Nombre de parts émises | 92.4440 |
| Nombre de parts rachetées | -768.4590 |
| Nombre de parts en circulation à la fin de l’exercice | 4 038.6710 |
| Catégorie | (CHF hedged) P-acc |
| Nombre de parts en circulation au début de l’exercice | 21 636.9570 |
| Nombre de parts émises | 3 000.0000 |
| Nombre de parts rachetées | -5 858.2080 |
| Nombre de parts en circulation à la fin de l’exercice | 18 778.7490 |
| Catégorie | (EUR hedged) P-acc |
| Nombre de parts en circulation au début de l’exercice | 71 441.2360 |
| Nombre de parts émises | 8 311.2610 |
| Nombre de parts rachetées | -22 080.4700 |
| Nombre de parts en circulation à la fin de l’exercice | 57 672.0270 |
| Catégorie | P-dist |
| Nombre de parts en circulation au début de l’exercice | 17 791.0040 |
| Nombre de parts émises | 301.1230 |
| Nombre de parts rachetées | -14.0890 |
| Nombre de parts en circulation à la fin de l’exercice | 18 078.0380 |
| Catégorie | (CHF hedged) P-dist |
| Nombre de parts en circulation au début de l’exercice | 82 008.2330 |
| Nombre de parts émises | 1 484.4890 |
| Nombre de parts rachetées | -23 897.1590 |
| Nombre de parts en circulation à la fin de l’exercice | 59 595.5630 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
| Catégorie | (EUR hedged) P-dist |
| --- | --- |
| Nombre de parts en circulation au début de l’exercice | 73 735.2490 |
| Nombre de parts émises | 39.1510 |
| Nombre de parts rachetées | -5 443.4130 |
| Nombre de parts en circulation à la fin de l’exercice | 68 330.9870 |
| Catégorie | Q-acc |
| Nombre de parts en circulation au début de l’exercice | 252 675.2500 |
| Nombre de parts émises | 24 145.3410 |
| Nombre de parts rachetées | -51 109.8160 |
| Nombre de parts en circulation à la fin de l’exercice | 225 710.7750 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre de parts en circulation au début de l’exercice | 34 808.8150 |
| Nombre de parts émises | 50.0000 |
| Nombre de parts rachetées | -4 180.8360 |
| Nombre de parts en circulation à la fin de l’exercice | 30 677.9790 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre de parts en circulation au début de l’exercice | 25 158.7730 |
| Nombre de parts émises | 63 678.0150 |
| Nombre de parts rachetées | -68 703.0980 |
| Nombre de parts en circulation à la fin de l’exercice | 20 133.6900 |
| Catégorie | Q-dist |
| Nombre de parts en circulation au début de l’exercice | 11 163.7070 |
| Nombre de parts émises | 375.0000 |
| Nombre de parts rachetées | -98.3310 |
| Nombre de parts en circulation à la fin de l’exercice | 11 440.3760 |
| Catégorie | (CHF hedged) Q-dist |
| Nombre de parts en circulation au début de l’exercice | 44 267.0870 |
| Nombre de parts émises | 977.6380 |
| Nombre de parts rachetées | -5 154.1440 |
| Nombre de parts en circulation à la fin de l’exercice | 40 090.5810 |
| Catégorie | (EUR hedged) Q-dist |
| Nombre de parts en circulation au début de l’exercice | 9 415.8750 |
| Nombre de parts émises | 885.0400 |
| Nombre de parts rachetées | -1 448.4250 |
| Nombre de parts en circulation à la fin de l’exercice | 8 852.4900 |

| Distribution annuelle 1 |  |
| --- | --- |
| UBS (Lux) Emerging Economies Fund – Global Short Term (USD) | Date de détachement | Date de versement | Devise | Montant par part |
| P-dist | 4.11.2019 | 7.11.2019 | USD | 2.54 |
| (CHF hedged) P-dist | 4.11.2019 | 7.11.2019 | CHF | 2.25 |
| (EUR hedged) P-dist | 4.11.2019 | 7.11.2019 | EUR | 2.46 |
| Q-dist | 4.11.2019 | 7.11.2019 | USD | 3.82 |
| (CHF hedged) Q-dist | 4.11.2019 | 7.11.2019 | CHF | 3.49 |
| (EUR hedged) Q-dist | 4.11.2019 | 7.11.2019 | EUR | 3.68 |
| 1  Voir note 4 |  |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020

### Etat du portefeuille-titres et autres actifs nets au 31 août 2020
| 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 |  |  |  |
| Bons du trésor à court terme, coupon zéro |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 07.07.17-01.07.21 | 15 000.00 | 2 682 175.71 | 2.25 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 04.01.18-01.01.22 | 7 800.00 | 1 367 569.91 | 1.15 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 05.04.19-01.07.23 | 8 770.00 | 1 400 639.04 | 1.17 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 03.01.20-01.01.24 | 9 000.00 | 1 381 889.82 | 1.16 |
| Total BRL |  | 6 832 274.48 | 5.73 |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 26.03.20-24.09.20 | 3 000 000.00 | 2 999 827.50 | 2.52 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 30.04.20-29.10.20 | 3 000 000.00 | 2 999 504.58 | 2.51 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 12.09.19-10.09.20 | 3 000 000.00 | 2 999 933.43 | 2.52 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 10.10.19-08.10.20 | 3 000 000.00 | 2 999 703.24 | 2.51 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 05.03.20-03.09.20 | 3 000 000.00 | 2 999 986.26 | 2.52 |
| Total USD |  | 14 998 955.01 | 12.58 |
| Total des Bons du trésor à court terme, coupon zéro |  | 21 831 229.49 | 18.31 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANCO DO BRASIL SA-REG-S-SUB 5.37500% 10-15.01.21 | 500 000.00 | 506 406.25 | 0.43 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 12-08.02.22 | 800 000.00 | 834 250.00 | 0.70 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 400 000.00 | 382 250.00 | 0.32 |
| USD	EGYPT, REPUBLIC OF-REG-S 4.55000% 19-20.11.23 | 300 000.00 | 301 125.00 | 0.25 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.75000% 11-06.12.21 | 1 000 000.00 | 1 036 875.00 | 0.87 |
| USD	GRUPO AVAL LTD-REG-S 4.75000% 12-26.09.22 | 500 000.00 | 513 840.00 | 0.43 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 500 000.00 | 553 750.00 | 0.46 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 280 000.00 | 287 700.00 | 0.24 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.75000% 11-28.01.21 | 600 000.00 | 605 250.00 | 0.51 |
| USD	OLEODUCTO CENTRAL SA-REG-S 4.00000% 14-07.05.21 | 1 300 000.00 | 1 319 500.00 | 1.11 |
| USD	PETROLEOS MEXICANOS 5.37500% 18-13.03.22 | 500 000.00 | 507 968.75 | 0.43 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 7.25000% 11-28.09.21 | 809 000.00 | 858 804.06 | 0.72 |
| USD	TRANSNET SOC LTD-REG-S 4.00000% 12-26.07.22 | 700 000.00 | 695 843.75 | 0.58 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 300 000.00 | 311 250.00 | 0.26 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 500 000.00 | 531 593.75 | 0.45 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 200 000.00 | 153 902.00 | 0.13 |
| USD	YPF SA-REG-S 8.50000% 19-27.06.29 | 350 000.00 | 267 312.50 | 0.22 |
| Total USD |  | 9 667 621.06 | 8.11 |
| Total des Billets, taux fixe |  | 9 667 621.06 | 8.11 |
| Billets, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	SPRC EM SPC PANAMA METRO LINE2 SP-REG-S 0.00000% 17-05.12.22 | 1 000 000.00 | 616 286.37 | 0.52 |
| Total USD |  | 616 286.37 | 0.52 |
| Total des Billets, coupon zéro |  | 616 286.37 | 0.52 |
| Billets, taux variable |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF FLR/SELIC 15-01.03.21 | 2 465.00 | 4 803 036.13 | 4.03 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC FLR/SELIC 15-01.09.21 | 370.00 | 720 905.36 | 0.60 |
| Total BRL |  | 5 523 941.49 | 4.63 |
| Total des Billets, taux variable |  | 5 523 941.49 | 4.63 |
| Medium-Term Notes, taux fixe |  |  |  |
| IDR |  |  |  |
| IDR	INTER-AMERICAN DEVELOPMENT BANK 5.80000% 17-28.09.20 | 7 700 000 000.00 | 523 633.60 | 0.44 |
| Total IDR |  | 523 633.60 | 0.44 |
| USD |  |  |  |
| USD	LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 200 000.00 | 36 500.00 | 0.03 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 250 000.00 | 237 187.50 | 0.20 |
| Total USD |  | 273 687.50 | 0.23 |
| Total des Medium-Term Notes, taux fixe |  | 797 321.10 | 0.67 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	INDUST & COM BK OF CHINA-REG-S 3M LIBOR+77BP 17-14.12.20 | 650 000.00 | 650 171.99 | 0.55 |
| Total USD |  | 650 171.99 | 0.55 |
| Total des Medium-Term Notes, taux variable |  | 650 171.99 | 0.55 |
| Obligations, taux fixe |  |  |  |
| CNY |  |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 18-18.10.23 | 10 000 000.00 | 1 478 338.58 | 1.24 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.69000% 19-07.03.22 | 10 400 000.00 | 1 517 280.71 | 1.27 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 10 000 000.00 | 1 471 935.43 | 1.24 |
| Total CNY |  | 4 467 554.72 | 3.75 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
|  | 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) |  |
| CZK |  |  |  |  |
| CZK | CZECH REPUBLIC 0.75000% 18-23.02.21 | 3 700 000.00 | 168 844.50 | 0.14 |
| CZK | CZECH REPUBLIC 4.70000% 07-12.09.22 | 4 800 000.00 | 238 710.47 | 0.20 |
| CZK | CZECH REPUBLIC-REG-S 3.75000% 05-12.09.20 | 28 200 000.00 | 1 280 951.81 | 1.08 |
| Total CZK |  |  | 1 688 506.78 | 1.42 |
| HUF |  |  |  |  |
| HUF | HUNGARY, REPUBLIC OF 6.00000% 06-24.11.23 | 148 000 000.00 | 574 016.36 | 0.48 |
| HUF | HUNGARY, REPUBLIC OF 7.00000% 11-24.06.22 | 327 700 000.00 | 1 232 464.25 | 1.04 |
| HUF | HUNGARY, REPUBLIC OF 0.50000% 18-21.04.21 | 181 200 000.00 | 610 863.28 | 0.51 |
| Total HUF |  |  | 2 417 343.89 | 2.03 |
| IDR |  |  |  |  |
| IDR | INDONESIA, REPUBLIC OF 11.00000% 05-15.11.20 | 9 700 000 000.00 | 675 420.46 | 0.56 |
| IDR | INDONESIA, REPUBLIC OF 7.00000% 11-15.05.22 | 1 800 000 000.00 | 128 611.29 | 0.11 |
| Total IDR |  |  | 804 031.75 | 0.67 |
| MXN |  |  |  |  |
| MXN | MEXICO, UNITED MEXICAN STATES 10.00000% 05-05.12.24 | 100 000.00 | 544 201.78 | 0.46 |
| MXN | MEXICO, UNITED MEXICAN STATES 6.75000% 19-09.03.23 | 1 312 000.00 | 6 291 137.72 | 5.27 |
| MXN | MEXICO, UNITED MEXICAN STATES 7.25000% 18-09.12.21 | 824 500.00 | 3 896 201.39 | 3.27 |
| MXN | MEXICO, UNITED STATES OF 6.50000% 10-10.06.21 | 597 700.00 | 2 772 698.79 | 2.32 |
| MXN | MEXICO, UNITED STATES OF 6.50000% 12-09.06.22 | 784 700.00 | 3 706 942.03 | 3.11 |
| Total MXN |  | 17 211 181.71 | 14.43 |
| PLN |  |  |  |  |
| PLN | POLAND, REPUBLIC OF 4.00000% 12-25.10.23 | 1 000 000.00 | 304 111.98 | 0.26 |
| PLN | POLAND, REPUBLIC OF 2.00000% 15-25.04.21 | 5 375 000.00 | 1 484 481.95 | 1.24 |
| PLN | POLAND, REPUBLIC OF 2.25000% 16-25.04.22 | 19 450 000.00 | 5 488 923.56 | 4.60 |
| Total PLN |  |  | 7 277 517.49 | 6.10 |
| RON |  |  |  |  |
| RON | ROMANIA 3.25000% 15-22.03.21 | 980 000.00 | 243 044.36 | 0.20 |
| Total RON |  |  | 243 044.36 | 0.20 |
| RUB |  |  |  |  |
| RUB | RUSSIA, FEDERATION OF 7.60000% 11-14.04.21 | 44 600 000.00 | 614 772.51 | 0.52 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-25.01.23 | 97 450 000.00 | 1 382 733.24 | 1.16 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-16.08.23 | 124 200 000.00 | 1 780 050.22 | 1.49 |
| Total RUB |  |  | 3 777 555.97 | 3.17 |
| THB |  |  |  |  |
| THB | THAILAND, KINGDOM OF 3.65000% 10-17.12.21 | 110 050 000.00 | 3 674 153.05 | 3.08 |
| THB | THAILAND, KINGDOM OF 1.87500% 16-17.06.22 | 58 000 000.00 | 1 905 534.58 | 1.60 |
| THB | THAILAND, KINGDOM OF 2.40000% 18-17.12.23 | 5 000 000.00 | 169 541.73 | 0.14 |
| Total THB |  |  | 5 749 229.36 | 4.82 |
| TRY |  |  |  |  |
| TRY | TURKEY, REPUBLIC OF 10.70000% 16-17.02.21 | 4 800 000.00 | 646 881.37 | 0.54 |
| TRY | TURKEY, REPUBLIC OF 13.80000% 19-20.10.21 | 8 600 000.00 | 1 175 867.99 | 0.99 |
| Total TRY |  |  | 1 822 749.36 | 1.53 |
| USD |  |  |  |  |
| USD | DOMINICAN REPUBLIC-REG-S 7.50000% 10-06.05.21 | 900 000.00 | 309 937.50 | 0.26 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.90800% 16-31.05.23 | 500 000.00 | 526 562.50 | 0.44 |
| USD | EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 800 000.00 | 830 500.00 | 0.70 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.37500% 19-19.07.22 | 300 000.00 | 296 437.50 | 0.25 |
| USD | TURKEY, REPUBLIC OF 5.62500% 10-30.03.21 | 400 000.00 | 403 250.00 | 0.34 |
| Total USD |  |  | 2 366 687.50 | 1.99 |
| ZAR |  |  |  |  |
| ZAR | SOUTH AFRICA, REPUBLIC OF 6.75000% 06-31.03.21 | 68 800 000.00 | 4 130 531.69 | 3.46 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 | 20 480 000.00 | 1 297 894.47 | 1.09 |
| Total ZAR |  |  | 5 428 426.16 | 4.55 |
| Total des Obligations, taux fixe |  | 53 253 829.05 | 44.66 |
| Obligations, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 200 000.00 | 125 427.06 | 0.10 |
| Total USD |  | 125 427.06 | 0.10 |
| Total des Obligations, coupon zéro |  | 125 427.06 | 0.10 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 92 465 827.61 | 77.55 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 10-14.04.21 | 3 650 000 000.00 | 997 966.08 | 0.84 |
| Total COP |  | 997 966.08 | 0.84 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
|  | 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) |  |
| PHP |  |  |  |  |
| PHP | PHILIPPINES, REPUBLIC OF THE 4.95000% 10-15.01.21 | 22 000 000.00 | 456 076.31 | 0.38 |
| Total PHP |  |  | 456 076.31 | 0.38 |
| Total des Billets, taux fixe |  | 1 454 042.39 | 1.22 |
| Obligations, taux fixe |  |  |  |
| MYR |  |  |  |
| MYR	MALAYSIA 3.41800% 12-15.08.22 | 13 500 000.00 | 3 341 281.59 | 2.80 |
| MYR	MALAYSIA 3.47800% 19-14.06.24 | 1 000 000.00 | 252 130.60 | 0.21 |
| MYR	MALAYSIA 3.62000% 16-30.11.21 | 4 080 000.00 | 1 001 426.72 | 0.84 |
| MYR	MALAYSIA 3.65900% 15-15.10.20 | 10 400 000.00 | 2 498 790.07 | 2.09 |
| MYR	MALAYSIA 3.88200% 17-10.03.22 | 15 350 000.00 | 3 801 497.24 | 3.19 |
| MYR	MALAYSIA 4.16000% 11-15.07.21 | 3 100 000.00 | 759 283.29 | 0.64 |
| Total MYR |  | 11 654 409.51 | 9.77 |
| RUB |  |  |  |
| RUB	RUSSIA, FEDERATION OF 7.60000% 12-20.07.22 | 33 000 000.00 | 469 814.83 | 0.39 |
| RUB	RUSSIA, FEDERATION OF 7.50000% 15-18.08.21 | 168 200 000.00 | 2 340 518.66 | 1.96 |
| RUB	RUSSIA, FEDERATION OF 7.00000% 17-15.12.21 | 128 000 000.00 | 1 783 810.45 | 1.50 |
| Total RUB |  | 4 594 143.94 | 3.85 |
| Total des Obligations, taux fixe |  | 16 248 553.45 | 13.62 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 17 702 595.84 | 14.84 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Certificats de dépôt en euros, taux fixe
USD
| USD | CORNHILL FENICIAPAR-ECD *DEFAULT* 8.82500% 14.08.97-14.08.98 | 875 448.00 | 8.75 | 0.00 |
| --- | --- | --- | --- | --- |
| Total USD | 8.75 | 0.00 |
| Total des Certificats de dépôt en euros, taux fixe |  | 8.75 | 0.00 |
| Certificats de dépôt en euros, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	SHARP DO BRAZIL SA-DEF ECD*DEFAULT* 0.000% 16.06.99-08.11.99 | 3 847 752.00 | 38.48 | 0.00 |
| Total USD |  | 38.48 | 0.00 |
| Total des Certificats de dépôt en euros, coupon zéro |  | 38.48 | 0.00 |
| Autres obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	CONSTRAN SA CONSTRUCOES E COMERCIO-DEF STEP-UP 98-26.08.03 | 6 234 150.00 | 0.62 | 0.00 |
| Total USD |  | 0.62 | 0.00 |
| Total des Autres obligations, taux fixe |  | 0.62 | 0.00 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 47.85 | 0.00 |
| Total du Portefeuille-titres |  | 110 168 471.30 | 92.39 |
| Contrats de change à terme Contrats de change à terme (achat/vente) |  |  |  |

| PHP | 72 500 000.00 | USD | 1 448 696.17 | 17.9.2020 | 47 036.20 | 0.04 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 141 560.64 | RUB | 9 845 500.00 | 17.9.2020 | 8 830.14 | 0.01 |
| COP | 200 000 000.00 | USD | 54 032.88 | 17.9.2020 | -757.10 | 0.00 |
| IDR | 50 573 300 000.00 | USD | 3 492 631.22 | 17.9.2020 | -26 036.48 | -0.02 |
| USD | 6 368 291.25 | MYR | 27 113 000.00 | 17.9.2020 | -145 342.40 | -0.12 |
| INR | 663 680 000.00 | USD | 8 687 706.99 | 17.9.2020 | 351 010.28 | 0.30 |
| KRW | 12 998 000 000.00 | USD | 10 897 962.61 | 17.9.2020 | 54 576.39 | 0.05 |
| TWD | 193 300 000.00 | USD | 6 619 863.01 | 17.9.2020 | -36 343.58 | -0.03 |
| CNY | 53 630 000.00 | USD | 7 559 909.78 | 17.9.2020 | 258 816.02 | 0.22 |
| USD | 1 440 140.85 | CNY | 10 225 000.00 | 17.9.2020 | -50 563.45 | -0.04 |
| CLP | 1 320 500 000.00 | USD | 1 683 130.46 | 17.9.2020 | 19 458.17 | 0.02 |
| PEN | 3 294 650.00 | USD | 953 533.80 | 17.9.2020 | -24 571.39 | -0.02 |
| USD | 6 653 074.15 | BRL | 33 610 000.00 | 17.9.2020 | 529 346.38 | 0.44 |
| USD | 2 664 919.10 | ZAR | 46 370 000.00 | 17.9.2020 | -67 178.63 | -0.06 |
| USD | 600 924.50 | BRL | 3 120 000.00 | 17.9.2020 | 32 461.82 | 0.03 |
| USD | 559 743.52 | ZAR | 9 690 000.00 | 17.9.2020 | -11 186.54 | -0.01 |
| USD | 587 876.58 | MXN | 13 400 000.00 | 17.9.2020 | -23 259.10 | -0.02 |
| INR | 8 010 000.00 | USD | 104 443.75 | 17.9.2020 | 4 645.16 | 0.00 |
| IDR | 1 290 000 000.00 | USD | 88 636.64 | 17.9.2020 | -212.37 | 0.00 |
| USD | 85 978.84 | KRW | 104 000 000.00 | 17.9.2020 | -1 654.95 | 0.00 |
| USD | 64 518.77 | TWD | 1 890 000.00 | 17.9.2020 | 148.09 | 0.00 |
| USD | 508 027.41 | THB | 15 790 000.00 | 17.9.2020 | 714.63 | 0.00 |
| ILS | 5 045 000.00 | USD | 1 455 376.48 | 17.9.2020 | 50 048.06 | 0.04 |
| USD | 640 568.87 | PLN | 2 500 000.00 | 17.9.2020 | -40 959.06 | -0.03 |
| HUF | 309 900 000.00 | USD | 1 015 264.35 | 17.9.2020 | 28 957.94 | 0.03 |
| USD | 1 088 885.64 | HKD | 8 445 000.00 | 17.9.2020 | -622.10 | 0.00 |
| SGD | 11 510 000.00 | USD | 8 281 969.77 | 17.9.2020 | 183 778.45 | 0.15 |
| USD | 5 239 266.69 | MXN | 117 370 000.00 | 17.9.2020 | -113 643.32 | -0.10 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
| 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) |  |

Contrats de change à terme (suite)
Contrats de change à terme (achat/vente)
| TRY | 10 900 000.00 | USD | 1 539 563.68 | 17.9.2020 | -64 353.88 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| RON | 7 086 000.00 | USD | 1 654 228.82 | 17.9.2020 | 96 018.42 | 0.08 |
| CZK | 65 370 000.00 | USD | 2 794 731.52 | 17.9.2020 | 180 776.67 | 0.15 |
| USD | 64 326.74 | MXN | 1 450 000.00 | 17.9.2020 | -1 803.61 | 0.00 |
| USD | 61 411.61 | RUB | 4 320 000.00 | 17.9.2020 | 3 172.23 | 0.00 |
| INR | 7 530 000.00 | USD | 98 508.63 | 17.9.2020 | 4 043.11 | 0.00 |
| BRL | 312 000.00 | USD | 59 638.73 | 17.9.2020 | -2 792.46 | 0.00 |
| RUB | 7 430 000.00 | USD | 106 366.38 | 17.9.2020 | -6 200.05 | -0.01 |
| TWD | 2 310 000.00 | USD | 79 058.96 | 17.9.2020 | -383.69 | 0.00 |
| KRW | 145 000 000.00 | USD | 119 921.03 | 17.9.2020 | 2 260.70 | 0.00 |
| THB | 1 880 000.00 | USD | 60 725.48 | 17.9.2020 | -323.45 | 0.00 |
| RON | 255 000.00 | USD | 58 919.38 | 17.9.2020 | 4 065.81 | 0.00 |
| SGD | 80 800.00 | USD | 58 023.61 | 17.9.2020 | 1 405.80 | 0.00 |
| MXN | 2 340 000.00 | USD | 103 112.18 | 17.9.2020 | 3 608.53 | 0.00 |
| CNY | 940 000.00 | USD | 132 700.89 | 17.9.2020 | 4 341.85 | 0.00 |
| TRY | 672 000.00 | USD | 95 437.60 | 17.9.2020 | -4 488.89 | 0.00 |
| THB | 13 910 000.00 | USD | 450 438.78 | 17.9.2020 | -3 528.03 | 0.00 |
| HUF | 22 700 000.00 | USD | 71 545.75 | 17.9.2020 | 4 942.94 | 0.00 |
| BRL | 1 880 000.00 | USD | 350 093.11 | 17.9.2020 | -7 557.91 | -0.01 |
| USD | 61 367.63 | CZK | 1 450 000.00 | 17.9.2020 | -4 633.39 | 0.00 |
| ILS | 200 000.00 | USD | 58 047.32 | 17.9.2020 | 1 632.54 | 0.00 |
| USD | 403 520.65 | IDR | 5 960 000 000.00 | 17.9.2020 | -5 013.19 | 0.00 |
| USD | 170 027.97 | THB | 5 270 000.00 | 17.9.2020 | 709.52 | 0.00 |
| USD | 99 430.88 | PLN | 395 000.00 | 17.9.2020 | -8 250.53 | -0.01 |
| SGD | 166 000.00 | USD | 119 125.87 | 17.9.2020 | 2 969.20 | 0.00 |
| TRY | 1 850 000.00 | USD | 264 298.06 | 17.9.2020 | -13 918.42 | -0.01 |
| CNY | 1 860 000.00 | USD | 262 245.16 | 17.9.2020 | 8 924.52 | 0.01 |
| USD | 65 896.01 | COP | 247 000 000.00 | 17.9.2020 | 100.42 | 0.00 |
| PEN | 285 000.00 | USD | 80 474.38 | 17.9.2020 | -115.53 | 0.00 |
| MYR | 500 000.00 | USD | 116 441.55 | 17.9.2020 | 3 678.57 | 0.00 |
| INR | 6 750 000.00 | USD | 88 718.90 | 17.9.2020 | 3 209.95 | 0.00 |
| USD | 506 087.77 | RUB | 36 100 000.00 | 17.9.2020 | 19 411.51 | 0.02 |
| KRW | 279 000 000.00 | USD | 232 391.55 | 17.9.2020 | 2 702.96 | 0.00 |
| USD | 89 172.41 | TWD | 2 600 000.00 | 17.9.2020 | 620.16 | 0.00 |
| USD | 54 693.99 | HKD | 424 000.00 | 17.9.2020 | -7.17 | 0.00 |
| INR | 16 500 000.00 | USD | 219 549.19 | 17.9.2020 | 5 165.79 | 0.00 |
| TWD | 5 480 000.00 | USD | 187 928.67 | 17.9.2020 | -1 287.77 | 0.00 |
| SGD | 286 000.00 | USD | 205 393.08 | 17.9.2020 | 4 963.48 | 0.00 |
| KRW | 374 000 000.00 | USD | 313 732.07 | 17.9.2020 | 1 412.54 | 0.00 |
| PHP | 4 090 000.00 | USD | 82 723.19 | 17.9.2020 | 1 656.75 | 0.00 |
| IDR | 1 080 000 000.00 | USD | 73 906.80 | 17.9.2020 | 122.82 | 0.00 |
| ILS | 134 000.00 | USD | 38 905.74 | 17.9.2020 | 1 079.77 | 0.00 |
| CLP | 29 400 000.00 | USD | 37 205.77 | 17.9.2020 | 701.16 | 0.00 |
| RON | 201 000.00 | USD | 46 654.34 | 17.9.2020 | 2 992.81 | 0.00 |
| HUF | 13 100 000.00 | USD | 41 701.05 | 17.9.2020 | 2 440.00 | 0.00 |
| SGD | 305 000.00 | USD | 219 377.74 | 17.9.2020 | 4 953.56 | 0.01 |
| TWD | 4 510 000.00 | USD | 154 151.14 | 17.9.2020 | -547.04 | 0.00 |
| THB | 3 570 000.00 | USD | 114 099.06 | 17.9.2020 | 600.54 | 0.00 |
| COP | 182 000 000.00 | USD | 50 025.98 | 17.9.2020 | -1 545.02 | 0.00 |
| USD | 644 620.40 | BRL | 3 460 000.00 | 17.9.2020 | 14 209.87 | 0.01 |
| INR | 19 100 000.00 | USD | 252 388.44 | 17.9.2020 | 7 736.17 | 0.01 |
| PEN | 178 000.00 | USD | 50 838.26 | 17.9.2020 | -649.22 | 0.00 |
| PHP | 2 720 000.00 | USD | 54 790.11 | 17.9.2020 | 1 325.64 | 0.00 |
| KRW | 357 000 000.00 | USD | 297 623.51 | 17.9.2020 | 3 196.34 | 0.00 |
| USD | 399 800.81 | CNY | 2 810 000.00 | 17.9.2020 | -9 869.51 | -0.01 |
| RON | 208 000.00 | USD | 48 420.91 | 17.9.2020 | 2 955.24 | 0.00 |
| CZK | 2 480 000.00 | USD | 105 304.01 | 17.9.2020 | 7 580.50 | 0.01 |
| USD | 94 866.07 | BRL | 510 000.00 | 17.9.2020 | 1 944.29 | 0.00 |
| USD | 65 042.30 | IDR | 961 000 000.00 | 17.9.2020 | -830.36 | 0.00 |
| USD | 198 255.35 | INR | 15 000 000.00 | 17.9.2020 | -6 030.99 | -0.01 |
| USD | 110 111.05 | MYR | 471 000.00 | 17.9.2020 | -3 042.10 | 0.00 |
| USD | 142 657.34 | RUB | 10 200 000.00 | 17.9.2020 | 5 147.70 | 0.01 |
| USD | 219 487.86 | KRW | 264 000 000.00 | 17.9.2020 | -2 967.16 | 0.00 |
| USD | 118 551.42 | TWD | 3 470 000.00 | 17.9.2020 | 368.22 | 0.00 |
| USD | 85 122.18 | CZK | 1 990 000.00 | 17.9.2020 | -5 458.53 | 0.00 |
| USD | 58 641.43 | HUF | 18 200 000.00 | 17.9.2020 | -2 684.31 | 0.00 |
| USD | 161 137.52 | SGD | 224 000.00 | 17.9.2020 | -3 617.27 | 0.00 |
| USD | 108 871.86 | PLN | 427 000.00 | 17.9.2020 | -7 533.11 | -0.01 |
| USD | 224 963.45 | MXN | 5 080 000.00 | 17.9.2020 | -6 720.82 | -0.01 |
| USD | 94 330.66 | THB | 2 980 000.00 | 17.9.2020 | -1 412.98 | 0.00 |
| USD | 87 990.93 | TRY | 619 000.00 | 17.9.2020 | 4 215.25 | 0.00 |
| USD | 216 820.72 | CNY | 1 520 000.00 | 17.9.2020 | -4 780.31 | 0.00 |
| MXN | 14 600 000.00 | USD | 648 410.68 | 17.9.2020 | 17 453.56 | 0.02 |
| PLN | 2 380 000.00 | USD | 627 142.13 | 17.9.2020 | 21 672.46 | 0.02 |
| SGD | 80 100.00 | USD | 57 857.79 | 17.9.2020 | 1 056.76 | 0.00 |
| KRW | 91 800 000.00 | USD | 76 538.27 | 17.9.2020 | 815.41 | 0.00 |
| USD | 520 945.45 | TRY | 3 710 000.00 | 17.9.2020 | 18 832.76 | 0.02 |
| MYR | 213 000.00 | USD | 50 035.24 | 17.9.2020 | 1 135.93 | 0.00 |
| INR | 48 100 000.00 | USD | 639 330.10 | 17.9.2020 | 15 748.10 | 0.01 |
| EUR | 2 480 000.00 | USD | 2 927 266.51 | 17.9.2020 | 39 654.35 | 0.03 |
| RUB | 3 760 000.00 | USD | 50 968.68 | 17.9.2020 | -278.85 | 0.00 |
| USD | 67 259.70 | SGD | 92 600.00 | 17.9.2020 | -848.75 | 0.00 |
| USD | 56 679.53 | MYR | 239 000.00 | 17.9.2020 | -737.89 | 0.00 |
| RUB | 41 600 000.00 | USD | 562 694.44 | 17.9.2020 | -1 870.83 | 0.00 |
| USD | 50 623.58 | ZAR | 884 000.00 | 17.9.2020 | -1 461.27 | 0.00 |
| USD | 58 834.11 | MXN | 1 350 000.00 | 17.9.2020 | -2 735.53 | 0.00 |
| USD | 49 683.54 | KRW | 59 400 000.00 | 17.9.2020 | -368.84 | 0.00 |
| ZAR | 10 400 000.00 | USD | 589 816.78 | 17.9.2020 | 22 946.14 | 0.02 |
| USD | 57 684.88 | INR | 4 330 000.00 | 17.9.2020 | -1 285.78 | 0.00 |
| USD | 53 666.36 | PLN | 199 000.00 | 17.9.2020 | -583.26 | 0.00 |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020
| 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) |  |

Contrats de change à terme (suite)
Contrats de change à terme (achat/vente)
| CHF | 14 722 600.00 | USD | 16 135 558.60 | 24.9.2020 | 225 320.20 | 0.19 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 26 500 200.00 | USD | 31 364 073.21 | 24.9.2020 | 344 232.13 | 0.29 |
| TRY | 691 000.00 | USD | 93 447.64 | 17.9.2020 | 72.54 | 0.00 |
| USD | 53 110.26 | IDR | 786 000 000.00 | 17.9.2020 | -766.85 | 0.00 |
| RUB | 11 000 000.00 | USD | 148 012.00 | 17.9.2020 | 282.71 | 0.00 |
| MYR | 287 000.00 | USD | 68 545.50 | 17.9.2020 | 403.45 | 0.00 |
| USD | 1 068 793.62 | RUB | 80 400 000.00 | 17.9.2020 | -15 105.87 | -0.01 |
| CZK | 1 290 000.00 | USD | 58 276.69 | 17.9.2020 | 441.46 | 0.00 |
| SGD | 155 000.00 | USD | 112 927.08 | 17.9.2020 | 1 077.35 | 0.00 |
| MXN | 2 770 000.00 | USD | 125 468.78 | 17.9.2020 | 863.00 | 0.00 |
| PLN | 286 000.00 | USD | 76 460.73 | 17.9.2020 | 1 506.06 | 0.00 |
| BRL | 564 000.00 | USD | 100 248.84 | 17.9.2020 | 2 511.72 | 0.00 |
| IDR | 980 000 000.00 | USD | 66 193.85 | 17.9.2020 | 981.18 | 0.00 |
| KRW | 131 000 000.00 | USD | 109 899.33 | 17.9.2020 | 485.55 | 0.00 |
| MYR | 180 000.00 | USD | 43 062.20 | 17.9.2020 | 181.04 | 0.00 |
| INR | 9 250 000.00 | USD | 123 131.40 | 17.9.2020 | 2 845.18 | 0.00 |
| TWD | 2 380 000.00 | USD | 81 007.49 | 17.9.2020 | 51.88 | 0.00 |
| HUF | 13 100 000.00 | USD | 43 997.23 | 17.9.2020 | 143.82 | 0.00 |
| CNY | 978 000.00 | USD | 141 166.28 | 17.9.2020 | 1 416.49 | 0.00 |
| BRL | 3 230 000.00 | USD | 577 290.84 | 17.9.2020 | 11 213.79 | 0.01 |
| USD | 593 969.19 | ZAR | 10 100 000.00 | 17.9.2020 | -1 117.87 | 0.00 |
| MXN | 13 100 000.00 | USD | 593 728.95 | 17.9.2020 | 3 724.58 | 0.00 |
| USD | 179 044.84 | CHF | 162 000.00 | 24.9.2020 | -981.95 | 0.00 |
| Total des Contrats de change à terme (achat/vente) | 1 977 440.47 | 1.66 |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 5 910 574.27* | 4.96 |
| Crédit en compte courant et autres engagements à court terme | -16.51 | 0.00 |
| Autres actifs et passifs | 1 185 479.35 | 0.99 |
| Total de l’Actif net | 119 241 948.88 | 100.00 |
| * Au 31 août 2020, des avoirs en banque ont été utilisés à titre de garanties à hauteur de 130 000.00 USD en faveur de Morgan Stanley. |  |  |

UBS (Lux) Emerging Economies Fund – Global Short Term (USD) Rapport annuel et états financiers révisés au 31 août 2020