# UBS (Lux) Strategy Fund – Yield (EUR)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.1.2021 | 31.1.2020 | 31.1.2019 |
| Net assets in EUR |  | 860 256 959.93 | 962 022 205.90 | 1 049 078 539.52 |
| Class K-1-acc | LU0939687355 |  |  |  |
| Units outstanding |  | 6.4000 | 4.7000 | 5.0000 |
| Net asset value per unit in EUR |  | 3 812 138.39 | 3 691 754.43 | 3 480 563.68 |
| Issue and redemption price per unit in EUR 1 |  | 3 812 138.39 | 3 691 754.43 | 3 480 563.68 |
| Class N-acc | LU0167295319 |  |  |  |
| Units outstanding |  | 2 860 261.3940 | 3 271 630.0970 | 4 051 392.8360 |
| Net asset value per unit in EUR |  | 15.96 | 15.58 | 14.80 |
| Issue and redemption price per unit in EUR 1 |  | 15.96 | 15.58 | 14.80 |
| Class P-acc | LU0033040782 |  |  |  |
| Units outstanding |  | 178 771.7750 | 207 847.8530 | 240 562.6980 |
| Net asset value per unit in EUR |  | 3 547.79 | 3 454.19 | 3 274.22 |
| Issue and redemption price per unit in EUR 1 |  | 3 547.79 | 3 454.19 | 3 274.22 |
| Class P-dist | LU0033040600 |  |  |  |
| Units outstanding |  | 52 791.9910 | 61 542.7050 | 69 213.2190 |
| Net asset value per unit in EUR |  | 1 586.29 | 1 564.79 | 1 502.16 |
| Issue and redemption price per unit in EUR 1 |  | 1 586.29 | 1 564.79 | 1 502.16 |
| Class Q-acc | LU0941351842 |  |  |  |
| Units outstanding |  | 480 231.3500 | 542 390.3300 | 581 403.7670 |
| Net asset value per unit in EUR |  | 125.53 | 121.51 | 114.50 |
| Issue and redemption price per unit in EUR 1 |  | 125.53 | 121.51 | 114.50 |
| Class Q-dist | LU1240800455 |  |  |  |
| Units outstanding |  | 112 682.8150 | 129 763.4080 | 134 784.0290 |
| Net asset value per unit in EUR |  | 105.92 | 104.49 | 100.31 |
| Issue and redemption price per unit in EUR 1 |  | 105.92 | 104.49 | 100.31 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class K-1-acc | EUR | 3.3% | 6.1% | -3.9% |
| Class N-acc | EUR | 2.4% | 5.3% | -4.6% |
| Class P-acc | EUR | 2.7% | 5.5% | -4.4% |
| Class P-dist | EUR | 2.7% | 5.5% | -4.4% |
| Class Q-acc | EUR | 3.3% | 6.1% | -3.8% |
| Class Q-dist | EUR | 3.3% | 6.1% | -3.8% |

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) Strategy Fund – Yield (EUR)
Annual report and audited financial statements as of 31 January 2021

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

## Structure of the Securities Portfolio
Classification by Currency as a % of net assets	
USD	59.86
Total	98.30
EUR	38.44
Classification by Instrument as a % of net assets	
| Investment funds, open end | 77.72 |
| --- | --- |
| Treasury notes, fixed rate | 6.81 |
| Bonds, fixed rate | 5.99 |
| Medium term notes, fixed rate | 4.11 |
| Treasury notes, floating rate | 1.95 |
| Bonds, zero coupon | 0.84 |
| Notes, fixed rate | 0.43 |
| Medium term notes, zero coupon | 0.29 |
| Bonds, floating rate | 0.16 |
| Total | 98.30 |

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

## Statement of Net Assets
Assets	31.1.2021
EUR
Investments in securities, cost	736 279 882.05
| Investments in securities, unrealized appreciation (depreciation) | 	109 361 345.16	 |
| --- | --- |
| Total investments in securities (Note 1) | 845 641 227.21 |
| Cash at banks, deposits on demand and deposit accounts | 7 522 691.27 |
| Other liquid assets (Margins) | 5 973 383.23 |
| Receivable on subscriptions | 530 229.83 |
| Interest receivable on securities | 1 142 402.31 |
| Interest receivable on liquid assets | 3 677.52 |
| Other receivables | 1 920.94 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 1 504 093.36 |
| Total Assets | 862 319 625.67 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -827 445.50 |
| Interest payable on bank overdraft | -53.34 |
| Payable on redemptions | -650 098.16 |
| Provisions for flat fee (Note 2) | -461 997.56 |
| Provisions for taxe d’abonnement (Note 3) | -8 734.88 |
| Provisions for other commissions and fees (Note 2) | 	-114 336.30	 |
| Total provisions | -585 068.74 |
| Total Liabilities | -2 062 665.74 |
|  |  |
| Net assets at the end of the financial year | 860 256 959.93 |
| Statement of Operations | EUR |
| Income | 1.2.2020-31.1.2021 |
| Interest on liquid assets | 13 947.51 |
| Interest on securities | 2 855 552.23 |
| Dividends | 1 545 381.78 |
| Interest received on swaps (Note 1) | 56 372.18 |
| Income on securities lending (Note 15) | 112 064.28 |
| Other income (Note 4) | 103 088.51 |
| Total income | 4 686 406.49 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -16 799.66 |
| Flat fee (Note 2) | -12 011 174.29 |
| Taxe d’abonnement (Note 3) | -109 563.93 |
| Cost on securities lending (Note 15) | -44 825.71 |
| Other commissions and fees (Note 2) | -110 457.43 |
| Interest on cash and bank overdraft | -76 526.10 |
| Total expenses | -12 369 347.12 |
|  |  |
| Net income (loss) on investments | -7 682 940.63 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 42 121 483.74 |
| Realized gain (loss) on options | 4 830 697.57 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -48 628.89 |
| Realized gain (loss) on financial futures | -12 017 302.41 |
| Realized gain (loss) on forward foreign exchange contracts | 32 357 217.60 |
| Realized gain (loss) on swaps | 313 741.02 |
| Realized gain (loss) on foreign exchange | -7 887 719.79 |
| Total realized gain (loss) | 59 669 488.84 |
|  |  |
| Net realized gain (loss) of the financial year | 51 986 548.21 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -39 141 301.50 |
| Unrealized appreciation (depreciation) on options | -72 812.00 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -5 101.60 |
| Unrealized appreciation (depreciation) on financial futures | 830 187.15 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 3 916 753.09 |
| Total changes in unrealized appreciation (depreciation) | -34 472 274.86 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 17 514 273.35 |

UBS (Lux) Strategy Fund – Yield (EUR)
Annual report and audited financial statements as of 31 January 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.2.2020-31.1.2021 |
| Net assets at the beginning of the financial year |  | 962 022 205.90 |
| Subscriptions |  | 39 910 239.04 |
| Redemptions |  | 	-157 923 162.29	 |
| Total net subscriptions (redemptions) |  | -118 012 923.25 |
| Dividend paid |  | -1 266 596.07 |
| Net income (loss) on investments |  | -7 682 940.63 |
| Total realized gain (loss) |  | 59 669 488.84 |
| Total changes in unrealized appreciation (depreciation) |  | 	-34 472 274.86	 |
| Net increase (decrease) in net assets as a result of operations |  | 17 514 273.35 |
| Net assets at the end of the financial year |  | 860 256 959.93 |
| Development of the outstanding units |  |  |
|  |  | 1.2.2020-31.1.2021 |
| Class |  | K-1-acc |
| Number of units outstanding at the beginning of the financial year |  | 4.7000 |
| Number of units issued |  | 1.8000 |
| Number of units redeemed |  | -0.1000 |
| Number of units outstanding at the end of the financial year |  | 6.4000 |
| Class |  | N-acc |
| Number of units outstanding at the beginning of the financial year |  | 3 271 630.0970 |
| Number of units issued |  | 37 126.8070 |
| Number of units redeemed |  | -448 495.5100 |
| Number of units outstanding at the end of the financial year |  | 2 860 261.3940 |
| Class |  | P-acc |
| Number of units outstanding at the beginning of the financial year |  | 207 847.8530 |
| Number of units issued |  | 8 090.8390 |
| Number of units redeemed |  | -37 166.9170 |
| Number of units outstanding at the end of the financial year |  | 178 771.7750 |
| Class |  | P-dist |
| Number of units outstanding at the beginning of the financial year |  | 61 542.7050 |
| Number of units issued |  | 929.4130 |
| Number of units redeemed |  | -9 680.1270 |
| Number of units outstanding at the end of the financial year |  | 52 791.9910 |
| Class |  | Q-acc |
| Number of units outstanding at the beginning of the financial year |  | 542 390.3300 |
| Number of units issued |  | 34 714.0200 |
| Number of units redeemed |  | -96 873.0000 |
| Number of units outstanding at the end of the financial year |  | 480 231.3500 |
| Class |  | Q-dist |
| Number of units outstanding at the beginning of the financial year |  | 129 763.4080 |
| Number of units issued |  | 1 135.0000 |
| Number of units redeemed |  | -18 215.5930 |
| Number of units outstanding at the end of the financial year |  | 112 682.8150 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Strategy Fund – Yield (EUR)	Ex-Date | Pay-Date | Currency	Amount per unit |
| P-dist	1.4.2020 | 6.4.2020 | EUR	17.70 |
| Q-dist	1.4.2020 | 6.4.2020 | EUR	1.70 |
| 1  See note 5 |  |  |

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

## Statement of Investments in Securities and other Net Assets as of 31 January 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 1 150 000.00 | 1 162 075.00 | 0.13 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 1 700 000.00 | 1 700 000.00 | 0.20 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 468 000.00 | 480 355.20 | 0.06 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 325 000.00 | 334 652.50 | 0.04 |
| Total EUR |  | 3 677 082.70 | 0.43 |
| Total Notes, fixed rate |  | 3 677 082.70 | 0.43 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 1 000 000.00 | 1 060 070.00 | 0.12 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 3 000 000.00 | 3 131 520.00 | 0.36 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.20000% 17-16.09.22 | 2 400 000.00 | 2 428 464.00 | 0.28 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 800 000.00 | 805 740.80 | 0.09 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 1 000 000.00 | 1 020 500.00 | 0.12 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 1 000 000.00 | 1 010 800.00 | 0.12 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 1 575 000.00 | 1 588 368.60 | 0.19 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 2 900 000.00 | 3 026 411.00 | 0.35 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 700 000.00 | 723 606.80 | 0.08 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 800 000.00 | 1 829 250.00 | 0.21 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 1 050 000.00 | 1 075 851.00 | 0.13 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 2 100 000.00 | 2 315 817.00 | 0.27 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 1 800 000.00 | 1 842 778.80 | 0.21 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 750 000.00 | 765 517.50 | 0.09 |
| EUR	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.25000% 14-17.09.21 | 1 700 000.00 | 1 717 312.80 | 0.20 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 3 000 000.00 | 3 157 260.00 | 0.37 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 1 433 000.00 | 1 498 685.86 | 0.18 |
| EUR	NORDEA MORTGAGE BANK PLC-REG-S 4.00000% 11-10.02.21 | 1 400 000.00 | 1 401 400.00 | 0.16 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 1 342 000.00 | 1 358 525.39 | 0.16 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 2 450 000.00 | 2 508 702.00 | 0.29 |
| EUR	UBS AG/LONDON-REG-S 0.75000% 20-21.04.23 | 1 050 000.00 | 1 073 205.00 | 0.13 |
| Total EUR |  | 35 339 786.55 | 4.11 |
| Total Medium term notes, fixed rate |  | 35 339 786.55 | 4.11 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.00000% 16-19.07.21 | 1 000 000.00 | 1 001 348.00 | 0.12 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 700 000.00 | 707 771.40 | 0.08 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 818 000.00 | 824 530.91 | 0.09 |
| Total EUR |  | 2 533 650.31 | 0.29 |
| Total Medium term notes, zero coupon |  | 2 533 650.31 | 0.29 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 1 000 000.00 | 1 066 520.00 | 0.12 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 16-20.10.26 | 500 000.00 | 539 306.00 | 0.06 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 1 000 000.00 | 1 024 476.00 | 0.12 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 2 000 000.00 | 2 088 256.80 | 0.24 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 1 200 000.00 | 1 315 728.00 | 0.15 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 038 960.00 | 0.24 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 1 000 000.00 | 1 087 398.00 | 0.13 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 1 000 000.00 | 1 020 830.00 | 0.12 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 1 000 000.00 | 1 037 172.00 | 0.12 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 1 000 000.00 | 1 039 090.00 | 0.12 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 1 500 000.00 | 1 576 503.00 | 0.18 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 1 700 000.00 | 2 071 630.20 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 1 600 000.00 | 1 959 128.32 | 0.23 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 2 000 000.00 | 2 186 216.00 | 0.26 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 2 000 000.00 | 2 099 836.00 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 1 200 000.00 | 1 271 054.40 | 0.15 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 1 900 000.00 | 2 072 330.00 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 1 950 000.00 | 2 097 907.50 | 0.24 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 1 500 000.00 | 1 578 210.00 | 0.18 |
| EUR	GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 1 300 000.00 | 1 382 992.00 | 0.16 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 1 000 000.00 | 1 064 469.10 | 0.12 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 1 200 000.00 | 1 272 527.40 | 0.15 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 2 700 000.00 | 2 897 640.00 | 0.34 |
| EUR	GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 1 900 000.00 | 2 689 868.00 | 0.31 |
| EUR	GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 1 600 000.00 | 2 594 345.60 | 0.30 |
| EUR	JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 1 300 000.00 | 1 338 948.00 | 0.16 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 800 000.00 | 839 571.20 | 0.10 |
| EUR	NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 1 750 000.00 | 1 904 175.00 | 0.22 |
| EUR	NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 1 300 000.00 | 1 424 139.60 | 0.17 |
| EUR	NETHERLANDS, KINGDOM OF THE 0.25000% 15-15.07.25 | 1 000 000.00 | 1 042 800.00 | 0.12 |
| EUR	NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 1 620 000.00 | 1 720 297.44 | 0.20 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 1 400 000.00 | 1 421 840.00 | 0.17 |
| EUR	STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 700 000.00 | 729 727.60 | 0.09 |
| Total EUR |  | 51 493 893.16 | 5.99 |
| Total Bonds, fixed rate |  | 51 493 893.16 | 5.99 |

UBS (Lux) Strategy Fund – Yield (EUR)
Annual report and audited financial statements as of 31 January 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 1 700 000.00 | 1 725 160.00 | 0.20 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 600 000.00 | 616 200.00 | 0.07 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 1 000 000.00 | 1 024 797.50 | 0.12 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 800 000.00 | 823 040.00 | 0.10 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 1 200 000.00 | 1 250 323.80 | 0.14 |
| EUR	TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 1 780 000.00 | 1 804 688.60 | 0.21 |
| Total EUR |  | 7 244 209.90 | 0.84 |
| Total Bonds, zero coupon |  | 7 244 209.90 | 0.84 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 1 300 000.00 | 1 349 166.00 | 0.16 |
| Total EUR |  | 1 349 166.00 | 0.16 |
| Total Bonds, floating rate |  | 1 349 166.00 | 0.16 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 9 880 000.00 | 11 510 143.56 | 1.34 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 12 935 000.00 | 11 717 902.00 | 1.36 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 12 970 000.00 | 11 753 361.91 | 1.37 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 1 300 000.00 | 1 186 748.91 | 0.14 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 2 655 000.00 | 2 355 499.13 | 0.27 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 3 600 000.00 | 2 978 485.89 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 2 820 000.00 | 2 370 322.41 | 0.27 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 1 395 000.00 | 1 185 560.54 | 0.14 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 8 005 000.00 | 7 091 175.05 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 5 280 000.00 | 4 636 677.91 | 0.54 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 2 190 000.00 | 1 793 393.16 | 0.21 |
| Total USD |  | 58 579 270.47 | 6.81 |
| Total Treasury notes, fixed rate |  | 58 579 270.47 | 6.81 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 1 780 000.00 | 1 717 422.11 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 2 350 000.00 | 2 190 474.88 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 1 760 000.00 | 1 725 617.61 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 2 170 000.00 | 2 170 409.70 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 1 600 000.00 | 1 596 227.39 | 0.19 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 1 800 000.00 | 1 824 748.56 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 1 600 000.00 | 1 600 492.92 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 1 605 000.00 | 2 146 051.28 | 0.25 |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 970 000.00 | 1 828 470.67 | 0.21 |
| Total USD |  | 16 799 915.12 | 1.95 |
| Total Treasury notes, floating rate |  | 16 799 915.12 | 1.95 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 177 016 974.21 | 20.58 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Registered shares
| Portugal |  |
| --- | --- |
| EUR | BANCO ESPIRITO SAN NPV | 4 806.00 | 0.05 | 0.00 |
| Total Portugal | 0.05 | 0.00 |
| Total Registered shares | 0.05 | 0.00 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 0.05 | 0.00 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	ISHARES MSCI USA ESG SCREENED UCITS ETF UNHEGDED USD-CAP	1 104 928.00 | 6 624 656.80 | 0.77 |
| USD	ISHRS III PLC-MSCI WORLD SML CAP UCITS ETF-UNHDG USD-ACC	3 428 000.00 | 18 605 837.52 | 2.16 |
| Total Ireland | 25 230 494.32 | 2.93 |
| Luxembourg |  |  |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC	129 300.00 | 17 953 305.00 | 2.09 |
| EUR	UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC	8 877.00 | 112 987 343.70 | 13.13 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC	1 492.00 | 26 094 096.30 | 3.03 |
| USD	UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS	397 887.00 | 36 615 167.17 | 4.26 |
| USD	UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC	11 813.39 | 119 626 640.24 | 13.91 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC	4 870.00 | 58 378 348.34 | 6.79 |
| EUR	UBS (LUX) EQUITY FUND - EURO COUNTRIES OPPORT U-X-ACC	3 877.49 | 98 104 372.84 | 11.40 |
| USD	UBS (LUX) EQUITY FUND - GLOBAL SUSTAINABLE (USD) U-X-ACC	3 084.00 | 34 271 797.22 | 3.98 |
| USD	UBS (LUX) EQUITY SICAV - GLB EM OPP(USD)-U-X-ACC	706.00 | 23 602 441.80 | 2.74 |
| USD	UBS (LUX) EQUITY SICAV-GLOBAL QUANTITATIVE (USD) U-X-ACC	2 438.46 | 34 653 655.58 | 4.03 |

UBS (Lux) Strategy Fund – Yield (EUR) Annual report and audited financial statements as of 31 January 2021
|  | Description | Quantity/ Nominal | Valuation in EUR Unrealized gain (loss) on Futures/ Forward Exchange Contracts/ Swaps (Note 1) | as a % of net assets |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| USD | UBS (LUX) EQUITY SICAV - GLOBAL OPPORTUNITY (USD) U-X-ACC | 3 717.00 | 33 944 632.83 | 3.95 |
| USD | UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD | 1 358.00 | 33 888 879.38 | 3.94 |
| USD | UBS (LUX) INSTITUTION SICAV-EQUITIES GLB (EX USA) PASSIVE XA | 143 196.00 | 13 270 588.23 | 1.54 |
| Total Luxembourg |  | 643 391 268.63 | 74.79 |
| Total Investment funds, open end |  | 668 621 762.95 | 77.72 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 668 621 762.95 | 77.72 |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Options on indices, classic-styled |  |  |  |
| EUR |  |  |  |
| EUR	EURO STOXX 50 INDEX PUT 3100.00000 19.03.21 | -498.00 | -191 232.00 | -0.02 |
| EUR	EURO STOXX 50 INDEX CALL 4000.00000 19.03.21 | -498.00 | -2 490.00 | 0.00 |
| EUR	EURO STOXX 50 INDEX CALL 3650.00000 19.03.21 | 498.00 | 196 212.00 | 0.02 |
| Total EUR |  | 2 490.00 | 0.00 |
| Total Options on indices, classic-styled |  | 2 490.00 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | 2 490.00 | 0.00 |
| Total investments in securities |  | 845 641 227.21 | 98.30 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US LONG BOND FUTURE 22.03.21 | 119.00 | -566 276.03 | -0.07 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.21 | -336.00 | 2 160.81 | 0.00 |
| Total Financial Futures on bonds |  | -564 115.22 | -0.07 |
| Financial Futures on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 19.03.21 | -294.00 | 251 280.00 | 0.03 |
| CHF	SWISS MARKET INDEX FUTURE 19.03.21 | 124.00 | 234 054.26 | 0.03 |
| GBP	FTSE 100 INDEX FUTURE 19.03.21 | 255.00 | -471 266.78 | -0.05 |
| SEK	OMX 30 INDEX FUTURE 19.02.21 | -93.00 | 12 258.44 | 0.00 |
| USD	S&P500 EMINI FUTURE 19.03.21 | -23.00 | 49 248.91 | 0.01 |
| USD	MINI MSCI EMERGING MARKETS INDEX FUTURE 19.03.21 | 231.00 | -100 765.50 | -0.01 |
| JPY	NIKKEI 225 (OSE) INDEX FUTURE 11.03.21 | -55.00 | -392 628.72 | -0.05 |
| AUD	SPI 200 INDEX FUTURES 18.03.21 | -36.00 | 35 807.95 | 0.00 |
| CAD	S&P/TSX 60 INDEX FUTURE 18.03.21 | -35.00 | 21 740.05 | 0.00 |
| HKD	HANG SENG INDEX FUTURE 25.02.21 | -12.00 | 96 941.11 | 0.01 |
| Total Financial Futures on Indices |  | -263 330.28 | -0.03 |
| Total Derivative instruments listed on an official stock exchange |  | -827 445.50 | -0.10 |
| Total Derivative instruments |  | -827 445.50 | -0.10 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| USD | 1 200 000.00 | EUR | 1 011 254.42 | 4.2.2021 | -23 591.97 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| GBP | 13 996 677.33 | EUR | 15 579 526.01 | 4.2.2021 | 239 959.96 | 0.03 |
| EUR | 5 306 176.08 | CHF | 5 729 958.08 | 4.2.2021 | 4 290.50 | 0.00 |
| EUR | 5 842 061.55 | JPY | 723 486 160.00 | 4.2.2021 | 154 265.35 | 0.02 |
| EUR | 199 353 809.46 | USD | 237 062 360.00 | 4.2.2021 | 4 239 150.00 | 0.49 |
| EUR | 1 094 368.69 | DKK | 8 150 000.00 | 4.2.2021 | -1 400.02 | 0.00 |
| EUR | 586 471.47 | CAD | 911 967.83 | 4.2.2021 | -1 107.58 | 0.00 |
| EUR | 5 031 702.01 | AUD | 8 168 122.88 | 4.2.2021 | -126 459.63 | -0.01 |
| SGD | 5 500 000.00 | EUR | 3 442 306.32 | 4.2.2021 | -31 308.61 | 0.00 |
| EUR | 1 074 470.77 | SEK | 10 988 732.95 | 4.2.2021 | -11 246.84 | 0.00 |
| EUR | 474 246.16 | NOK | 5 096 210.82 | 4.2.2021 | -16 163.77 | 0.00 |
| EUR | 50 152.24 | ILS | 200 000.00 | 4.2.2021 | -108.56 | 0.00 |
| EUR | 2 816 213.31 | HKD | 25 963 000.00 | 4.2.2021 | 60 313.82 | 0.01 |
| EUR | 28 984.67 | NZD | 50 000.00 | 4.2.2021 | -674.01 | 0.00 |
| GBP | 470 000.00 | EUR | 526 150.82 | 4.2.2021 | 5 058.00 | 0.00 |
| GBP | 500 000.00 | EUR | 557 809.10 | 4.2.2021 | 7 306.66 | 0.00 |
| USD | 650 000.00 | EUR | 546 435.68 | 4.2.2021 | -11 451.85 | 0.00 |
| CHF | 420 000.00 | EUR | 388 838.48 | 4.2.2021 | -215.75 | 0.00 |
| GBP | 190 000.00 | EUR | 213 061.81 | 4.2.2021 | 1 682.18 | 0.00 |
| JPY | 16 000 000.00 | EUR | 128 943.04 | 4.2.2021 | -3 156.61 | 0.00 |
| EUR | 522 787.92 | JPY | 65 000 000.00 | 4.2.2021 | 11 780.56 | 0.00 |
| EUR | 224 786.93 | CAD | 350 000.00 | 4.2.2021 | -717.37 | 0.00 |
| USD | 200 000.00 | EUR | 166 590.87 | 4.2.2021 | -1 980.46 | 0.00 |
| GBP | 200 000.00 | EUR | 221 796.13 | 4.2.2021 | 4 250.18 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 231 524.06 | 4.2.2021 | 3 054.00 | 0.00 |
| CAD | 2 690 000.00 | JPY | 219 158 604.00 | 4.2.2021 | 10 213.48 | 0.00 |
| NOK | 27 800 000.00 | USD | 3 149 292.32 | 4.2.2021 | 83 177.22 | 0.01 |
| AUD | 4 230 000.00 | JPY | 331 667 266.00 | 4.2.2021 | 63 791.25 | 0.01 |
| SEK | 4 750 000.00 | EUR | 465 040.35 | 4.2.2021 | 4 272.96 | 0.00 |
| EUR | 7 815 655.19 | USD | 9 500 000.00 | 4.2.2021 | -3 339.21 | 0.00 |
| JPY | 80 000 000.00 | EUR | 633 144.31 | 4.2.2021 | -4 212.17 | 0.00 |
| EUR | 9 308 761.86 | GBP | 8 480 000.00 | 4.2.2021 | -275 601.48 | -0.03 |
| USD | 700 000.00 | EUR | 574 925.53 | 4.2.2021 | 1 210.90 | 0.00 |
| USD | 4 900 000.00 | EUR | 4 019 091.50 | 4.2.2021 | 13 863.51 | 0.00 |

UBS (Lux) Strategy Fund – Yield (EUR)
Annual report and audited financial statements as of 31 January 2021
| Description	Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 1 150 000.00 | EUR | 938 459.88 | 4.2.2021 | 8 049.97 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 6 100 000.00 | EUR | 4 974 721.48 | 4.2.2021 | 45 895.98 | 0.01 |
| USD | 260 000.00 | EUR | 212 526.13 | 4.2.2021 | 1 467.40 | 0.00 |
| GBP | 650 000.00 | EUR | 708 068.72 | 4.2.2021 | 26 581.77 | 0.00 |
| JPY | 22 000 000.00 | EUR | 173 805.46 | 4.2.2021 | -849.12 | 0.00 |
| USD | 210 000.00 | EUR | 171 480.51 | 4.2.2021 | 1 360.42 | 0.00 |
| CAD | 200 000.00 | EUR | 127 471.03 | 4.2.2021 | 1 388.57 | 0.00 |
| GBP | 195 000.00 | EUR | 215 226.09 | 4.2.2021 | 5 169.06 | 0.00 |
| JPY | 16 500 000.00 | EUR | 130 886.94 | 4.2.2021 | -1 169.69 | 0.00 |
| EUR | 157 824.67 | JPY | 20 000 000.00 | 4.2.2021 | 591.64 | 0.00 |
| GBP | 6 695 560.85 | EUR | 7 403 580.01 | 19.3.2021 | 158 614.86 | 0.02 |
| EUR | 9 667 544.63 | JPY | 1 227 351 829.00 | 19.3.2021 | 23 293.59 | 0.00 |
| EUR | 189 178 486.23 | USD | 233 903 818.01 | 19.3.2021 | -3 157 831.55 | -0.37 |
| SGD | 3 683 000.00 | EUR | 2 263 327.70 | 19.3.2021 | 18 646.98 | 0.00 |
| EUR | 394 763.31 | CHF | 426 674.00 | 19.3.2021 | -150.48 | 0.00 |
| EUR | 929 813.16 | CAD | 1 454 225.00 | 19.3.2021 | -6 363.39 | 0.00 |
| EUR | 1 097 674.06 | AUD | 1 735 963.84 | 19.3.2021 | 2 162.77 | 0.00 |
| EUR | 59 121.15 | NZD | 100 000.00 | 19.3.2021 | -141.38 | 0.00 |
| NOK | 22 645 062.19 | EUR | 2 179 130.92 | 19.3.2021 | -2 240.73 | 0.00 |
| EUR | 591 258.62 | SEK | 5 953 177.30 | 19.3.2021 | 3 346.84 | 0.00 |
| EUR | 1 098 449.70 | DKK | 8 172 000.00 | 19.3.2021 | -115.57 | 0.00 |
| EUR | 50 847.79 | ILS | 200 000.00 | 19.3.2021 | 588.56 | 0.00 |
| EUR | 2 721 981.30 | HKD | 26 089 660.00 | 19.3.2021 | -44 976.69 | -0.01 |
| EUR | 64 540.04 | SEK | 650 000.00 | 19.3.2021 | 348.66 | 0.00 |
| EUR | 64 573.67 | SEK | 650 000.00 | 4.2.2021 | 351.85 | 0.00 |
| EUR | 512 461.49 | JPY | 65 000 000.00 | 19.3.2021 | 1 706.30 | 0.00 |
| EUR | 512 714.13 | JPY | 65 000 000.00 | 4.2.2021 | 1 706.77 | 0.00 |
| EUR | 47 763.51 | HKD | 450 000.00 | 19.3.2021 | 38.43 | 0.00 |
| EUR | 113 475.70 | SEK | 1 150 000.00 | 19.3.2021 | -93.66 | 0.00 |
| EUR | 113 533.89 | SEK | 1 150 000.00 | 4.2.2021 | -89.33 | 0.00 |
| EUR | 47 803.06 | HKD | 450 000.00 | 4.2.2021 | 36.82 | 0.00 |
| EUR | 250 947.86 | CHF | 270 000.00 | 19.3.2021 | 1 045.77 | 0.00 |
| EUR | 250 876.35 | CHF | 270 000.00 | 4.2.2021 | 1 047.45 | 0.00 |
| EUR | 2 563 063.56 | USD | 3 100 000.00 | 4.2.2021 | 11 602.23 | 0.00 |
| EUR | 1 088 827.69 | GBP | 970 000.00 | 19.3.2021 | -6 723.41 | 0.00 |
| EUR | 1 089 605.32 | GBP | 970 000.00 | 4.2.2021 | -6 719.26 | 0.00 |
| EUR | 2 560 667.80 | USD | 3 100 000.00 | 19.3.2021 | 11 574.80 | 0.00 |
| HKD | 3 100 000.00 | EUR | 330 634.93 | 4.2.2021 | -1 578.64 | 0.00 |
| HKD | 3 100 000.00 | EUR | 330 354.07 | 19.3.2021 | -1 581.30 | 0.00 |
| EUR | 716 724.80 | JPY | 90 000 000.00 | 4.2.2021 | 9 176.15 | 0.00 |
| EUR | 716 367.33 | JPY | 90 000 000.00 | 19.3.2021 | 9 167.83 | 0.00 |
| EUR | 282 309.10 | DKK | 2 100 000.00 | 4.2.2021 | -36.21 | 0.00 |
| EUR | 282 284.47 | DKK | 2 100 000.00 | 19.3.2021 | -19.38 | 0.00 |
| INR | 522 550 000.00 | USD | 7 086 769.01 | 26.3.2021 | 26 118.05 | 0.00 |
| IDR | 102 864 960 000.00 | USD | 7 265 500.78 | 26.3.2021 | 29 732.10 | 0.00 |
| RUB | 309 180 000.00 | USD | 4 163 844.13 | 26.3.2021 | -74 388.66 | -0.01 |
| USD | 7 371 263.95 | TWD | 204 700 000.00 | 26.3.2021 | 13 585.44 | 0.00 |
| EUR | 58 261.00 | HKD | 550 000.00 | 19.3.2021 | -69.65 | 0.00 |
| EUR | 58 310.71 | HKD | 550 000.00 | 4.2.2021 | -70.24 | 0.00 |
| Total Forward Foreign Exchange contracts | 1 504 093.36 | 0.17 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 13 496 074.50 | 1.57 |
| Other assets and liabilities | 443 010.36 | 0.06 |
| Total net assets | 860 256 959.93 | 100.00 |

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

Translation (ENFR, 2021-01-31):
# UBS (Lux) Strategy Fund – Yield (EUR)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.1.2021 | 31.1.2020 | 31.1.2019 |
| Actif net en EUR |  | 860 256 959.93 | 962 022 205.90 | 1 049 078 539.52 |
| Catégorie K-1-acc | LU0939687355 |  |  |  |
| Parts en circulation |  | 6.4000 | 4.7000 | 5.0000 |
| Valeur nette d’inventaire par part en EUR |  | 3 812 138.39 | 3 691 754.43 | 3 480 563.68 |
| Prix d’émission et de rachat par part en EUR 1 |  | 3 812 138.39 | 3 691 754.43 | 3 480 563.68 |
| Catégorie N-acc | LU0167295319 |  |  |  |
| Parts en circulation |  | 2 860 261.3940 | 3 271 630.0970 | 4 051 392.8360 |
| Valeur nette d’inventaire par part en EUR |  | 15.96 | 15.58 | 14.80 |
| Prix d’émission et de rachat par part en EUR 1 |  | 15.96 | 15.58 | 14.80 |
| Catégorie P-acc | LU0033040782 |  |  |  |
| Parts en circulation |  | 178 771.7750 | 207 847.8530 | 240 562.6980 |
| Valeur nette d’inventaire par part en EUR |  | 3 547.79 | 3 454.19 | 3 274.22 |
| Prix d’émission et de rachat par part en EUR 1 |  | 3 547.79 | 3 454.19 | 3 274.22 |
| Catégorie P-dist | LU0033040600 |  |  |  |
| Parts en circulation |  | 52 791.9910 | 61 542.7050 | 69 213.2190 |
| Valeur nette d’inventaire par part en EUR |  | 1 586.29 | 1 564.79 | 1 502.16 |
| Prix d’émission et de rachat par part en EUR 1 |  | 1 586.29 | 1 564.79 | 1 502.16 |
| Catégorie Q-acc | LU0941351842 |  |  |  |
| Parts en circulation |  | 480 231.3500 | 542 390.3300 | 581 403.7670 |
| Valeur nette d’inventaire par part en EUR |  | 125.53 | 121.51 | 114.50 |
| Prix d’émission et de rachat par part en EUR 1 |  | 125.53 | 121.51 | 114.50 |
| Catégorie Q-dist | LU1240800455 |  |  |  |
| Parts en circulation |  | 112 682.8150 | 129 763.4080 | 134 784.0290 |
| Valeur nette d’inventaire par part en EUR |  | 105.92 | 104.49 | 100.31 |
| Prix d’émission et de rachat par part en EUR 1 |  | 105.92 | 104.49 | 100.31 |
| 1  Voir note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Devise | 2020/2021 | 2019/2020 | 2018/2019 |
| Catégorie K-1-acc | EUR | 3.3% | 6.1% | -3.9% |
| Catégorie N-acc | EUR | 2.4% | 5.3% | -4.6% |
| Catégorie P-acc | EUR | 2.7% | 5.5% | -4.4% |
| Catégorie P-dist | EUR | 2.7% | 5.5% | -4.4% |
| Catégorie Q-acc | EUR | 3.3% | 6.1% | -3.8% |
| Catégorie Q-dist | EUR | 3.3% | 6.1% | -3.8% |

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) Strategy Fund – Yield (EUR) Rapport annuel et états financiers révisés au 31 janvier 2021

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

## Structure du portefeuille-titres
Répartition selon les devises en % de l’actif net	
USD	59.86
Total	98.30
EUR	38.44
Répartition selon les instruments de placement en % de l’actif net	
Fonds d’investissement, ouvert	77.72
Bons du Trésor à moyen terme, taux fixe	6.81
Obligations, taux fixe	5.99
Medium-Term Notes, taux fixe	4.11
Bons du Trésor à moyen terme, taux variable	1.95
Obligations, coupon zéro	0.84
Billets, taux fixe	0.43
Medium-Term Notes, coupon zéro	0.29
Obligations, taux variable	0.16
Total	98.30
UBS (Lux) Strategy Fund – Yield (EUR)
Rapport annuel et états financiers révisés au 31 janvier 2021

## Etat des actifs nets
Actif	31.1.2021
EUR
Portefeuille-titres, cours d’achat	736 279 882.05
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	109 361 345.16	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 845 641 227.21 |
| Avoirs en banque, dépôts à vue et à terme | 7 522 691.27 |
| Autres liquidités (marges) | 5 973 383.23 |
| Créances sur souscriptions | 530 229.83 |
| Intérêts à recevoir sur titres | 1 142 402.31 |
| Intérêts à recevoir sur liquidités | 3 677.52 |
| Autres créances | 1 920.94 |
| Bénéfice non réalisé(e) sur contrats de change à terme (note 1) | 1 504 093.36 |
| Total de l’Actif | 862 319 625.67 |
|  |  |
| Passif |  |
| Perte non réalisé(e) sur contrats financiers à terme (note 1) | -827 445.50 |
| Intérêts à payer sur crédit en compte courant | -53.34 |
| Engagements sur rachats | -650 098.16 |
| Provisions pour commission de gestion forfaitaire (note 2) | -461 997.56 |
| Provisions pour taxe d’abonnement (note 3) | -8 734.88 |
| Provisions pour autres commissions et frais (note 2) | 	-114 336.30	 |
| Total des Provisions pour frais | -585 068.74 |
| Total du Passif | -2 062 665.74 |
|  |  |
| Actif net à la fin de l’exercice | 860 256 959.93 |
| Etat des opérations | EUR |
| Revenus | 1.2.2020-31.1.2021 |
| Revenus d’intérêts sur liquidités | 13 947.51 |
| Intérêts sur titres | 2 855 552.23 |
| Dividendes | 1 545 381.78 |
| Revenus d’intérêts sur swaps (note 1) | 56 372.18 |
| Revenus sur prêts de titres (note 15) | 112 064.28 |
| Autres revenus (note 4) | 103 088.51 |
| Total des Revenus | 4 686 406.49 |
|  |  |
| Charges |  |
| Charges d’intérêts sur swaps (note 1) | -16 799.66 |
| Commission de gestion forfaitaire (note 2) | -12 011 174.29 |
| Taxe d’abonnement (note 3) | -109 563.93 |
| Frais sur prêts de titres (note 15) | -44 825.71 |
| Autres commissions et frais (note 2) | -110 457.43 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -76 526.10 |
| Total des Charges | -12 369 347.12 |
|  |  |
| Revenus/pertes net(te)s de placements | -7 682 940.63 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 42 121 483.74 |
| Bénéfice/perte réalisé(e) sur options | 4 830 697.57 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements | -48 628.89 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -12 017 302.41 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | 32 357 217.60 |
| Bénéfice/(perte) réalisé(e) sur swaps | 313 741.02 |
| Bénéfice/(perte) de change réalisé(e) | -7 887 719.79 |
| Total des Bénéfices/(pertes) réalisé(e)s | 59 669 488.84 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 51 986 548.21 |
|  |  |
| 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 | -39 141 301.50 |
| Plus-/(moins)-value non réalisée sur options | -72 812.00 |
| Plus-/(moins)-value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements | -5 101.60 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | 830 187.15 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 3 916 753.09 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | -34 472 274.86 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 17 514 273.35 |

UBS (Lux) Strategy Fund – Yield (EUR) Rapport annuel et états financiers révisés au 31 janvier 2021
| Fluctuations de l’actif net |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.2.2020-31.1.2021 |
| Actif net au début de l’exercice |  | 962 022 205.90 |
| Souscriptions |  | 39 910 239.04 |
| Rachats |  | 	-157 923 162.29	 |
| Total des Entrées/(sorties) de capitaux |  | -118 012 923.25 |
| Dividendes versés |  | -1 266 596.07 |
| Revenus/pertes net(te)s de placements |  | -7 682 940.63 |
| Total des Bénéfices/(pertes) réalisé(e)s |  | 59 669 488.84 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée |  | 	-34 472 274.86	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité |  | 17 514 273.35 |
| Actif net à la fin de l’exercice |  | 860 256 959.93 |
| Evolution des parts en circulation |  |  |
|  |  | 1.2.2020-31.1.2021 |
| Catégorie |  | K-1-acc |
| Nombre de parts en circulation au début de l’exercice |  | 4.7000 |
| Nombre de parts émises |  | 1.8000 |
| Nombre de parts rachetées |  | -0.1000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 6.4000 |
| Catégorie |  | N-acc |
| Nombre de parts en circulation au début de l’exercice |  | 3 271 630.0970 |
| Nombre de parts émises |  | 37 126.8070 |
| Nombre de parts rachetées |  | -448 495.5100 |
| Nombre de parts en circulation à la fin de l’exercice |  | 2 860 261.3940 |
| Catégorie |  | P-acc |
| Nombre de parts en circulation au début de l’exercice |  | 207 847.8530 |
| Nombre de parts émises |  | 8 090.8390 |
| Nombre de parts rachetées |  | -37 166.9170 |
| Nombre de parts en circulation à la fin de l’exercice |  | 178 771.7750 |
| Catégorie |  | P-dist |
| Nombre de parts en circulation au début de l’exercice |  | 61 542.7050 |
| Nombre de parts émises |  | 929.4130 |
| Nombre de parts rachetées |  | -9 680.1270 |
| Nombre de parts en circulation à la fin de l’exercice |  | 52 791.9910 |
| Catégorie |  | Q-acc |
| Nombre de parts en circulation au début de l’exercice |  | 542 390.3300 |
| Nombre de parts émises |  | 34 714.0200 |
| Nombre de parts rachetées |  | -96 873.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 480 231.3500 |
| Catégorie |  | Q-dist |
| Nombre de parts en circulation au début de l’exercice |  | 129 763.4080 |
| Nombre de parts émises |  | 1 135.0000 |
| Nombre de parts rachetées |  | -18 215.5930 |
| Nombre de parts en circulation à la fin de l’exercice |  | 112 682.8150 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Strategy Fund – Yield (EUR)	Date de détachement | Date de versement | Devise	Montant par part |
| P-dist	1.4.2020 | 6.4.2020 | EUR	17.70 |
| Q-dist	1.4.2020 | 6.4.2020 | EUR	1.70 |
| 1  Voir note 5 |  |  |

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

## Etat du portefeuille-titres et autres actifs nets au 31 janvier 2021
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 1 150 000.00 | 1 162 075.00 | 0.13 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 1 700 000.00 | 1 700 000.00 | 0.20 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 468 000.00 | 480 355.20 | 0.06 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 325 000.00 | 334 652.50 | 0.04 |
| Total EUR |  | 3 677 082.70 | 0.43 |
| Total des Billets, taux fixe |  | 3 677 082.70 | 0.43 |
| Medium-Term Notes, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 1 000 000.00 | 1 060 070.00 | 0.12 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 3 000 000.00 | 3 131 520.00 | 0.36 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.20000% 17-16.09.22 | 2 400 000.00 | 2 428 464.00 | 0.28 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 800 000.00 | 805 740.80 | 0.09 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 1 000 000.00 | 1 020 500.00 | 0.12 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 1 000 000.00 | 1 010 800.00 | 0.12 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 1 575 000.00 | 1 588 368.60 | 0.19 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 2 900 000.00 | 3 026 411.00 | 0.35 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 700 000.00 | 723 606.80 | 0.08 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 800 000.00 | 1 829 250.00 | 0.21 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 1 050 000.00 | 1 075 851.00 | 0.13 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 2 100 000.00 | 2 315 817.00 | 0.27 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 1 800 000.00 | 1 842 778.80 | 0.21 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 750 000.00 | 765 517.50 | 0.09 |
| EUR	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.25000% 14-17.09.21 | 1 700 000.00 | 1 717 312.80 | 0.20 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 3 000 000.00 | 3 157 260.00 | 0.37 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 1 433 000.00 | 1 498 685.86 | 0.18 |
| EUR	NORDEA MORTGAGE BANK PLC-REG-S 4.00000% 11-10.02.21 | 1 400 000.00 | 1 401 400.00 | 0.16 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 1 342 000.00 | 1 358 525.39 | 0.16 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 2 450 000.00 | 2 508 702.00 | 0.29 |
| EUR	UBS AG/LONDON-REG-S 0.75000% 20-21.04.23 | 1 050 000.00 | 1 073 205.00 | 0.13 |
| Total EUR |  | 35 339 786.55 | 4.11 |
| Total des Medium-Term Notes, taux fixe |  | 35 339 786.55 | 4.11 |
| Medium-Term Notes, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.00000% 16-19.07.21 | 1 000 000.00 | 1 001 348.00 | 0.12 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 700 000.00 | 707 771.40 | 0.08 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 818 000.00 | 824 530.91 | 0.09 |
| Total EUR |  | 2 533 650.31 | 0.29 |
| Total des Medium-Term Notes, coupon zéro |  | 2 533 650.31 | 0.29 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 1 000 000.00 | 1 066 520.00 | 0.12 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 16-20.10.26 | 500 000.00 | 539 306.00 | 0.06 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 1 000 000.00 | 1 024 476.00 | 0.12 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 2 000 000.00 | 2 088 256.80 | 0.24 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 1 200 000.00 | 1 315 728.00 | 0.15 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 038 960.00 | 0.24 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 1 000 000.00 | 1 087 398.00 | 0.13 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 1 000 000.00 | 1 020 830.00 | 0.12 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 1 000 000.00 | 1 037 172.00 | 0.12 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 1 000 000.00 | 1 039 090.00 | 0.12 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 1 500 000.00 | 1 576 503.00 | 0.18 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 1 700 000.00 | 2 071 630.20 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 1 600 000.00 | 1 959 128.32 | 0.23 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 2 000 000.00 | 2 186 216.00 | 0.26 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 2 000 000.00 | 2 099 836.00 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 1 200 000.00 | 1 271 054.40 | 0.15 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 1 900 000.00 | 2 072 330.00 | 0.24 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 1 950 000.00 | 2 097 907.50 | 0.24 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 1 500 000.00 | 1 578 210.00 | 0.18 |
| EUR	GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 1 300 000.00 | 1 382 992.00 | 0.16 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 1 000 000.00 | 1 064 469.10 | 0.12 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 1 200 000.00 | 1 272 527.40 | 0.15 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 2 700 000.00 | 2 897 640.00 | 0.34 |
| EUR	GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 1 900 000.00 | 2 689 868.00 | 0.31 |
| EUR	GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 1 600 000.00 | 2 594 345.60 | 0.30 |
| EUR	JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 1 300 000.00 | 1 338 948.00 | 0.16 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 800 000.00 | 839 571.20 | 0.10 |
| EUR	NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 1 750 000.00 | 1 904 175.00 | 0.22 |
| EUR	NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 1 300 000.00 | 1 424 139.60 | 0.17 |
| EUR	NETHERLANDS, KINGDOM OF THE 0.25000% 15-15.07.25 | 1 000 000.00 | 1 042 800.00 | 0.12 |
| EUR	NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 1 620 000.00 | 1 720 297.44 | 0.20 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 1 400 000.00 | 1 421 840.00 | 0.17 |
| EUR	STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 700 000.00 | 729 727.60 | 0.09 |
| Total EUR |  | 51 493 893.16 | 5.99 |
| Total des Obligations, taux fixe |  | 51 493 893.16 | 5.99 |

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

Obligations, coupon zéro
| EUR |  |
| --- | --- |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 1 700 000.00 | 1 725 160.00 | 0.20 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 600 000.00 | 616 200.00 | 0.07 |
| EUR | GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 1 000 000.00 | 1 024 797.50 | 0.12 |
| EUR | GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 800 000.00 | 823 040.00 | 0.10 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 1 200 000.00 | 1 250 323.80 | 0.14 |
| EUR | TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 1 780 000.00 | 1 804 688.60 | 0.21 |
| Total EUR |  |  | 7 244 209.90 | 0.84 |
| Total des Obligations, coupon zéro |  | 7 244 209.90 | 0.84 |
| Obligations, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 1 300 000.00 | 1 349 166.00 | 0.16 |
| Total EUR |  | 1 349 166.00 | 0.16 |
| Total des Obligations, taux variable |  | 1 349 166.00 | 0.16 |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 9 880 000.00 | 11 510 143.56 | 1.34 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 12 935 000.00 | 11 717 902.00 | 1.36 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 12 970 000.00 | 11 753 361.91 | 1.37 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 1 300 000.00 | 1 186 748.91 | 0.14 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 2 655 000.00 | 2 355 499.13 | 0.27 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 3 600 000.00 | 2 978 485.89 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 2 820 000.00 | 2 370 322.41 | 0.27 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 1 395 000.00 | 1 185 560.54 | 0.14 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 8 005 000.00 | 7 091 175.05 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 5 280 000.00 | 4 636 677.91 | 0.54 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 2 190 000.00 | 1 793 393.16 | 0.21 |
| Total USD |  | 58 579 270.47 | 6.81 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 58 579 270.47 | 6.81 |
| Bons du Trésor à moyen terme, taux variable |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 1 780 000.00 | 1 717 422.11 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 2 350 000.00 | 2 190 474.88 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 1 760 000.00 | 1 725 617.61 | 0.20 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 2 170 000.00 | 2 170 409.70 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 1 600 000.00 | 1 596 227.39 | 0.19 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 1 800 000.00 | 1 824 748.56 | 0.21 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 1 600 000.00 | 1 600 492.92 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 1 605 000.00 | 2 146 051.28 | 0.25 |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 970 000.00 | 1 828 470.67 | 0.21 |
| Total USD |  | 16 799 915.12 | 1.95 |
| Total des Bons du Trésor à moyen terme, taux variable |  | 16 799 915.12 | 1.95 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 177 016 974.21 | 20.58 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Actions nominatives
| Portugal |  |
| --- | --- |
| EUR | BANCO ESPIRITO SAN NPV | 4 806.00 | 0.05 | 0.00 |
| Total Portugal | 0.05 | 0.00 |
| Total des Actions nominatives | 0.05 | 0.00 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 0.05 | 0.00 |
| OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que | modifiée |  |
| Fonds d’investissement, ouvert |  |  |
| Irlande |  |  |
| USD	ISHARES MSCI USA ESG SCREENED UCITS ETF UNHEGDED USD-CAP	1 104 928.00 | 6 624 656.80 | 0.77 |
| USD	ISHRS III PLC-MSCI WORLD SML CAP UCITS ETF-UNHDG USD-ACC	3 428 000.00 | 18 605 837.52 | 2.16 |
| Total Irlande | 25 230 494.32 | 2.93 |
| Luxembourg |  |  |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC	129 300.00 | 17 953 305.00 | 2.09 |
| EUR	UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC	8 877.00 | 112 987 343.70 | 13.13 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC	1 492.00 | 26 094 096.30 | 3.03 |
| USD	UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS	397 887.00 | 36 615 167.17 | 4.26 |
| USD	UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC	11 813.39 | 119 626 640.24 | 13.91 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC	4 870.00 | 58 378 348.34 | 6.79 |
| EUR	UBS (LUX) EQUITY FUND - EURO COUNTRIES OPPORT U-X-ACC	3 877.49 | 98 104 372.84 | 11.40 |
| USD	UBS (LUX) EQUITY FUND - GLOBAL SUSTAINABLE (USD) U-X-ACC	3 084.00 | 34 271 797.22 | 3.98 |
| USD	UBS (LUX) EQUITY SICAV - GLB EM OPP(USD)-U-X-ACC	706.00 | 23 602 441.80 | 2.74 |
| USD	UBS (LUX) EQUITY SICAV-GLOBAL QUANTITATIVE (USD) U-X-ACC	2 438.46 | 34 653 655.58 | 4.03 |

UBS (Lux) Strategy Fund – Yield (EUR)
Rapport annuel et états financiers révisés au 31 janvier 2021
|  | Dénomination | Nombre/ Nominal | Evaluation en EUR Bénéfice/(perte) non réalisé(e) sur futures/ contrats de change à terme/ swaps (note 1) | en % de l’actif net |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| USD | UBS (LUX) EQUITY SICAV - GLOBAL OPPORTUNITY (USD) U-X-ACC | 3 717.00 | 33 944 632.83 | 3.95 |
| USD | UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD | 1 358.00 | 33 888 879.38 | 3.94 |
| USD | UBS (LUX) INSTITUTION SICAV-EQUITIES GLB (EX USA) PASSIVE XA	143 196.00 | 13 270 588.23 | 1.54 |
| Total Luxembourg |  | 643 391 268.63 | 74.79 |
| Total des Fonds d’investissement, ouvert |  | 668 621 762.95 | 77.72 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 668 621 762.95 | 77.72 |
| Instruments dérivés négociés sur une bourse officielle |  |  |  |
| Options sur indices boursiers, classic-styled |  |  |  |
| EUR |  |  |  |
| EUR	EURO STOXX 50 INDEX PUT 3100.00000 19.03.21 | -498.00 | -191 232.00 | -0.02 |
| EUR	EURO STOXX 50 INDEX CALL 4000.00000 19.03.21 | -498.00 | -2 490.00 | 0.00 |
| EUR	EURO STOXX 50 INDEX CALL 3650.00000 19.03.21 | 498.00 | 196 212.00 | 0.02 |
| Total EUR |  | 2 490.00 | 0.00 |
| Total des Options sur indices boursiers, classic-styled |  | 2 490.00 | 0.00 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | 2 490.00 | 0.00 |
| Total du Portefeuille-titres |  | 845 641 227.21 | 98.30 |
| Instruments dérivés |  |  |  |
| Instruments dérivés négociés sur une bourse officielle |  |  |  |
| Contrats financiers à terme sur obligations |  |  |  |
|  |  |  |  |
| USD	US LONG BOND FUTURE 22.03.21 | 119.00 | -566 276.03 | -0.07 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.21 | -336.00 | 2 160.81 | 0.00 |
| Total des Contrats financiers à terme sur obligations |  | -564 115.22 | -0.07 |
| Contrats financiers à terme sur indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 19.03.21 | -294.00 | 251 280.00 | 0.03 |
| CHF	SWISS MARKET INDEX FUTURE 19.03.21 | 124.00 | 234 054.26 | 0.03 |
| GBP	FTSE 100 INDEX FUTURE 19.03.21 | 255.00 | -471 266.78 | -0.05 |
| SEK	OMX 30 INDEX FUTURE 19.02.21 | -93.00 | 12 258.44 | 0.00 |
| USD	S&P500 EMINI FUTURE 19.03.21 | -23.00 | 49 248.91 | 0.01 |
| USD	MINI MSCI EMERGING MARKETS INDEX FUTURE 19.03.21 | 231.00 | -100 765.50 | -0.01 |
| JPY	NIKKEI 225 (OSE) INDEX FUTURE 11.03.21 | -55.00 | -392 628.72 | -0.05 |
| AUD	SPI 200 INDEX FUTURES 18.03.21 | -36.00 | 35 807.95 | 0.00 |
| CAD	S&P/TSX 60 INDEX FUTURE 18.03.21 | -35.00 | 21 740.05 | 0.00 |
| HKD	HANG SENG INDEX FUTURE 25.02.21 | -12.00 | 96 941.11 | 0.01 |
| Total des Contrats financiers à terme sur indices |  | -263 330.28 | -0.03 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -827 445.50 | -0.10 |
| Total des Instruments dérivés |  | -827 445.50 | -0.10 |
| Contrats de change à terme |  |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| USD | 1 200 000.00 | EUR | 1 011 254.42 | 4.2.2021 | -23 591.97 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| GBP | 13 996 677.33 | EUR | 15 579 526.01 | 4.2.2021 | 239 959.96 | 0.03 |
| EUR | 5 306 176.08 | CHF | 5 729 958.08 | 4.2.2021 | 4 290.50 | 0.00 |
| EUR | 5 842 061.55 | JPY | 723 486 160.00 | 4.2.2021 | 154 265.35 | 0.02 |
| EUR | 199 353 809.46 | USD | 237 062 360.00 | 4.2.2021 | 4 239 150.00 | 0.49 |
| EUR | 1 094 368.69 | DKK | 8 150 000.00 | 4.2.2021 | -1 400.02 | 0.00 |
| EUR | 586 471.47 | CAD | 911 967.83 | 4.2.2021 | -1 107.58 | 0.00 |
| EUR | 5 031 702.01 | AUD | 8 168 122.88 | 4.2.2021 | -126 459.63 | -0.01 |
| SGD | 5 500 000.00 | EUR | 3 442 306.32 | 4.2.2021 | -31 308.61 | 0.00 |
| EUR | 1 074 470.77 | SEK | 10 988 732.95 | 4.2.2021 | -11 246.84 | 0.00 |
| EUR | 474 246.16 | NOK | 5 096 210.82 | 4.2.2021 | -16 163.77 | 0.00 |
| EUR | 50 152.24 | ILS | 200 000.00 | 4.2.2021 | -108.56 | 0.00 |
| EUR | 2 816 213.31 | HKD | 25 963 000.00 | 4.2.2021 | 60 313.82 | 0.01 |
| EUR | 28 984.67 | NZD | 50 000.00 | 4.2.2021 | -674.01 | 0.00 |
| GBP | 470 000.00 | EUR | 526 150.82 | 4.2.2021 | 5 058.00 | 0.00 |
| GBP | 500 000.00 | EUR | 557 809.10 | 4.2.2021 | 7 306.66 | 0.00 |
| USD | 650 000.00 | EUR | 546 435.68 | 4.2.2021 | -11 451.85 | 0.00 |
| CHF | 420 000.00 | EUR | 388 838.48 | 4.2.2021 | -215.75 | 0.00 |
| GBP | 190 000.00 | EUR | 213 061.81 | 4.2.2021 | 1 682.18 | 0.00 |
| JPY | 16 000 000.00 | EUR | 128 943.04 | 4.2.2021 | -3 156.61 | 0.00 |
| EUR | 522 787.92 | JPY | 65 000 000.00 | 4.2.2021 | 11 780.56 | 0.00 |
| EUR | 224 786.93 | CAD | 350 000.00 | 4.2.2021 | -717.37 | 0.00 |
| USD | 200 000.00 | EUR | 166 590.87 | 4.2.2021 | -1 980.46 | 0.00 |
| GBP | 200 000.00 | EUR | 221 796.13 | 4.2.2021 | 4 250.18 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 231 524.06 | 4.2.2021 | 3 054.00 | 0.00 |
| CAD | 2 690 000.00 | JPY | 219 158 604.00 | 4.2.2021 | 10 213.48 | 0.00 |
| NOK | 27 800 000.00 | USD | 3 149 292.32 | 4.2.2021 | 83 177.22 | 0.01 |
| AUD | 4 230 000.00 | JPY | 331 667 266.00 | 4.2.2021 | 63 791.25 | 0.01 |
| SEK | 4 750 000.00 | EUR | 465 040.35 | 4.2.2021 | 4 272.96 | 0.00 |
| EUR | 7 815 655.19 | USD | 9 500 000.00 | 4.2.2021 | -3 339.21 | 0.00 |
| JPY | 80 000 000.00 | EUR | 633 144.31 | 4.2.2021 | -4 212.17 | 0.00 |
| EUR | 9 308 761.86 | GBP | 8 480 000.00 | 4.2.2021 | -275 601.48 | -0.03 |
| USD | 700 000.00 | EUR | 574 925.53 | 4.2.2021 | 1 210.90 | 0.00 |
| USD | 4 900 000.00 | EUR | 4 019 091.50 | 4.2.2021 | 13 863.51 | 0.00 |

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

Contrats de change à terme (suite)
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| USD | 1 150 000.00 | EUR | 938 459.88 | 4.2.2021 | 8 049.97 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 6 100 000.00 | EUR | 4 974 721.48 | 4.2.2021 | 45 895.98 | 0.01 |
| USD | 260 000.00 | EUR | 212 526.13 | 4.2.2021 | 1 467.40 | 0.00 |
| GBP | 650 000.00 | EUR | 708 068.72 | 4.2.2021 | 26 581.77 | 0.00 |
| JPY | 22 000 000.00 | EUR | 173 805.46 | 4.2.2021 | -849.12 | 0.00 |
| USD | 210 000.00 | EUR | 171 480.51 | 4.2.2021 | 1 360.42 | 0.00 |
| CAD | 200 000.00 | EUR | 127 471.03 | 4.2.2021 | 1 388.57 | 0.00 |
| GBP | 195 000.00 | EUR | 215 226.09 | 4.2.2021 | 5 169.06 | 0.00 |
| JPY | 16 500 000.00 | EUR | 130 886.94 | 4.2.2021 | -1 169.69 | 0.00 |
| EUR | 157 824.67 | JPY | 20 000 000.00 | 4.2.2021 | 591.64 | 0.00 |
| GBP | 6 695 560.85 | EUR | 7 403 580.01 | 19.3.2021 | 158 614.86 | 0.02 |
| EUR | 9 667 544.63 | JPY | 1 227 351 829.00 | 19.3.2021 | 23 293.59 | 0.00 |
| EUR | 189 178 486.23 | USD | 233 903 818.01 | 19.3.2021 | -3 157 831.55 | -0.37 |
| SGD | 3 683 000.00 | EUR | 2 263 327.70 | 19.3.2021 | 18 646.98 | 0.00 |
| EUR | 394 763.31 | CHF | 426 674.00 | 19.3.2021 | -150.48 | 0.00 |
| EUR | 929 813.16 | CAD | 1 454 225.00 | 19.3.2021 | -6 363.39 | 0.00 |
| EUR | 1 097 674.06 | AUD | 1 735 963.84 | 19.3.2021 | 2 162.77 | 0.00 |
| EUR | 59 121.15 | NZD | 100 000.00 | 19.3.2021 | -141.38 | 0.00 |
| NOK | 22 645 062.19 | EUR | 2 179 130.92 | 19.3.2021 | -2 240.73 | 0.00 |
| EUR | 591 258.62 | SEK | 5 953 177.30 | 19.3.2021 | 3 346.84 | 0.00 |
| EUR | 1 098 449.70 | DKK | 8 172 000.00 | 19.3.2021 | -115.57 | 0.00 |
| EUR | 50 847.79 | ILS | 200 000.00 | 19.3.2021 | 588.56 | 0.00 |
| EUR | 2 721 981.30 | HKD | 26 089 660.00 | 19.3.2021 | -44 976.69 | -0.01 |
| EUR | 64 540.04 | SEK | 650 000.00 | 19.3.2021 | 348.66 | 0.00 |
| EUR | 64 573.67 | SEK | 650 000.00 | 4.2.2021 | 351.85 | 0.00 |
| EUR | 512 461.49 | JPY | 65 000 000.00 | 19.3.2021 | 1 706.30 | 0.00 |
| EUR | 512 714.13 | JPY | 65 000 000.00 | 4.2.2021 | 1 706.77 | 0.00 |
| EUR | 47 763.51 | HKD | 450 000.00 | 19.3.2021 | 38.43 | 0.00 |
| EUR | 113 475.70 | SEK | 1 150 000.00 | 19.3.2021 | -93.66 | 0.00 |
| EUR | 113 533.89 | SEK | 1 150 000.00 | 4.2.2021 | -89.33 | 0.00 |
| EUR | 47 803.06 | HKD | 450 000.00 | 4.2.2021 | 36.82 | 0.00 |
| EUR | 250 947.86 | CHF | 270 000.00 | 19.3.2021 | 1 045.77 | 0.00 |
| EUR | 250 876.35 | CHF | 270 000.00 | 4.2.2021 | 1 047.45 | 0.00 |
| EUR | 2 563 063.56 | USD | 3 100 000.00 | 4.2.2021 | 11 602.23 | 0.00 |
| EUR | 1 088 827.69 | GBP | 970 000.00 | 19.3.2021 | -6 723.41 | 0.00 |
| EUR | 1 089 605.32 | GBP | 970 000.00 | 4.2.2021 | -6 719.26 | 0.00 |
| EUR | 2 560 667.80 | USD | 3 100 000.00 | 19.3.2021 | 11 574.80 | 0.00 |
| HKD | 3 100 000.00 | EUR | 330 634.93 | 4.2.2021 | -1 578.64 | 0.00 |
| HKD | 3 100 000.00 | EUR | 330 354.07 | 19.3.2021 | -1 581.30 | 0.00 |
| EUR | 716 724.80 | JPY | 90 000 000.00 | 4.2.2021 | 9 176.15 | 0.00 |
| EUR | 716 367.33 | JPY | 90 000 000.00 | 19.3.2021 | 9 167.83 | 0.00 |
| EUR | 282 309.10 | DKK | 2 100 000.00 | 4.2.2021 | -36.21 | 0.00 |
| EUR | 282 284.47 | DKK | 2 100 000.00 | 19.3.2021 | -19.38 | 0.00 |
| INR | 522 550 000.00 | USD | 7 086 769.01 | 26.3.2021 | 26 118.05 | 0.00 |
| IDR | 102 864 960 000.00 | USD | 7 265 500.78 | 26.3.2021 | 29 732.10 | 0.00 |
| RUB | 309 180 000.00 | USD | 4 163 844.13 | 26.3.2021 | -74 388.66 | -0.01 |
| USD | 7 371 263.95 | TWD | 204 700 000.00 | 26.3.2021 | 13 585.44 | 0.00 |
| EUR | 58 261.00 | HKD | 550 000.00 | 19.3.2021 | -69.65 | 0.00 |
| EUR | 58 310.71 | HKD | 550 000.00 | 4.2.2021 | -70.24 | 0.00 |
| Total des Contrats de change à terme | 1 504 093.36 | 0.17 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 13 496 074.50 | 1.57 |
| Autres actifs et passifs | 443 010.36 | 0.06 |
| Total de l’Actif net | 860 256 959.93 | 100.00 |

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